Federal Reserve Bulletin, 1940-05

FEDERAL RESERVE BULLETIN MAY 1940 Review of the Month—International Developments and United States Foreign Trade Trend of Member Bank Earnings and Profits Deposits by Classes of Depositors^ 1937 From the Board's Correspondence—Ownership of the Monetary Gold Stock Cheap Money and the Federal Reserve System 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—International Developments and United States Foreign Trade 377-384 Cheap Money and the Federal Reserve System, by E. A. Goldenweiser. . 385-389 From a Legal Standpoint: Executive Order and Regulation on Transfers of Danish and Norwegian Property 390-393 Financial Transactions Under Neutrality Act of 1939 393 Operation of Common Trust Funds as Investment Trusts for other than Strictly Fiduciary Purposes 393-394 Trend of Member Bank Earnings and Profits, by Roland I. Robinson . . 395-400 Deposits by Classes of Depositors, 1937, by Haskell Wald . . . 401-403 From the Board's Correspondence: Ownership of the Monetary Gold Stock... . 404-405 Current Events . 405 Foreign Banking Laws and Reports: French Financial Measures . 406-407 British Mobilization of United States Dollar Securities... . 408-409 Annual Report of the Bank of Canada . 410-412 Annual Report of the National Bank of Belgium . . 413-416 National Summary of Business Conditions 417-418 Financial, Industrial, Commercial Statistics, United States (See p. 419 for list of tables.) 419-466 International Financial Statistics (See p. U67 for list of tables.) . . . 467-485 Federal Reserve Publications 486 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 487 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . 488 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 MAY 1940 No. 5 sntetnational tPevelopmentl and United Stated *Tote!gn Itada Foreign trade of the United States and the The export balance is now the principal movement of gold and capital have been known factor of growth in the stock of greatly influenced in recent monetary gold in the United States. The Impact of war m o n t hs by t he gtate of w ar reported net movement of capital has come to in Europe. Exports have risen above thea virtual halt. Although the reported inflow 1937-38 peak, as shown in the chart below, of funds from neutral countries without rigid and important changes have occurred in the exchange controls has continued, the belligcomposition and geographical distribution of erents have been making such substantial export trade. Imports have also increased drafts upon their balances and security holdbut have not reached the 1937 level. Since ings in the United States that the reported the outbreak of war the export excess has figures of foreign assets here show little averaged about $115,000,000 a month, and increase. It is probable, however, that unwas around $140,000,000 in February and reported capital has continued to flow into March, compared with an average of about the United States since the outbreak of war. $100,000,000 a month in the corresponding During the seven months ending March the period of 1937-38. United States acquired foreign gold at the rate of about $250,000,000 a month, more than twice the average export surplus during FOREIGN TRADE OF THE UNITED STATES the period. A partial shift from a credit to a S OF DOLLARS MILLIONS OF 0LLAR3 cash basis in American export trade and advance payments by belligerent governments for aircraft and other goods which have been ordered but not yet exported may account for a part of the difference, but the figures seem to indicate that foreign flight funds are still finding their way into this country in ways which escape the reporting system. The factors that have brought about the 150 sharp rise in exports from the low levels that had prevailed from the 100 Increased United middle of 1938 to the au- Mates exports -mo^ I I tumn of 1939 are largely related to the outbreak of war in Europe. Of considerable importance has been the increased demand of belligerent countries for -50 certain products needed in the active prosecu- 1937 1938 1939 '40 General imports and exports, including re-exports tion of the war and not available in sufficient 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month quantities from domestic sources. Most neu- ports, reflecting mainly short stocks abroad, tral countries have also tended to buy more increased manufacturing activity, and the heavily in the United States. Interferences operation of the United States export subsidy, with customary European sources of supply, were up sharply from the exceptionally low resulting from shipping and other distribu- levels of 1938-39 and were about 17 per cent tional difficulties, and from a reduced volume larger than in the 1937-38 period. Certain of goods available for export in countries manufactured foods—meat products and where home requirements have been in- canned fruits and vegetables in particular— creased, together with accumulation of inven- also increased from the level of the previous tories, have influenced this movement. On two years, but restrictions have recently been the other hand, decreased demand for some placed by belligerents on imports of these United States exports, particularly agricul- commodities from the United States. Other tural commodities, has resulted from the pro- agricultural commodities as a group have dehibition of certain types of imports by the clined about 40 per cent over the past two belligerent countries and from the shift of years. Much of this drop is accounted for by purchases formerly made in the United States to markets in which payment does not have EXPORTS OF UNITED STATES MERCHANDISE1 to be made in dollars or other international September-February currencies. A further factor affecting American exports adversely has been the complete [In millions of dollars] cessation of direct shipments to Germany Change from— owing to the blockade. Commodity or group Total 1939-40 The accompanying table shows United 1938-39 1937-38 States exports by major commodity groups Agricultural commodities: and leading commodities for the six months C M o e t a to t n products and lard 2 3 6 0 2 + + 1 4 6 3 + + 3 6 8 ending February 1940 and for the corre- Canned fruits and vegetables 20 + 3 + 6 sponding periods a year and two years ago. Total, above commodities 312 +152 + 50 Preliminary figures for March indicated no T W o h b e a a c t co - - 7 1 0 6 - - 7 3 9 9 substantial change in the situation revealed C Fr o e r s n h fruits and vegetables - - 1 3 0 q by the figures for the first six war months. Total, above commodities 76 -133 Total exports in March, at $352,000,000, were All other agricultural commodities- 104 + 29 + 13 Total, agricultural 492 + 82 - 70 somewhat larger than in February and only Non-agricultural commodities: slightly below the January-December level. Aircraft and parts 93 + 62 + 69 Iron and steel 206 + 40 Exports of cotton and certain other agri- Machine tools 71 + 21 + 31 Copper + 24 + 28 cultural commodities were smaller than in Industrial chemicals and specialties + 23 + 24 February, but shipments of industrial goods, Lubricating oil + 26 + 19 Aluminum + 11 + 14 particularly machine tools, tractors, and com- Cotton manufactures + 10 + 11 Coal + 12 + 10 mercial motor vehicles, were larger. Rubber manufactures + 9 Agricultural commodities.—Owing mainly Total, above commodities 649 +295 +255 to the high level of cotton shipments, agri- Autos, parts, and accessories Machinery, other than machine cultural exports, as indicated in the table, tools 188 + 21 - 18 Crude petroleum 41 - 12 have been running larger than a year ago Total, above commodities 353 + 9 - 87 but have not regained the peak established All other non-agricultural comin 1937-38, when a number of commodities modities . 456 +104 + 58 re-entered the export market following a Total, non-agriculturaL. 1,458 +408 +226 series of small harvests caused by drought. Total exports 1,950 +490 +156 In the six months ending February cotton exi Excluding re-exports. 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month tobacco, shipments of which have been cur- with a year ago but are not now significantly tailed by British restrictions. Owing partly above their 1937-38 level, while exports to but not entirely to conditions growing out of other British and French countries, Canada the war, exports of wheat and other crude excepted, are lower than in this earlier period. foodstuffs such as corn and fresh fruits and With the blockade, direct exports to Germany vegetables have also declined. The effects of and its occupied territories have ceased. the war and related developments on agri- Trade with neutrals, on the other hand, has cultural exports have thus been mixed and, expanded generally and, as a rule, substanon the whole, not favorable. tially, with the largest percentage gains shown IS on-agricultural commodities.—The situation is quite different with respect to non- UNITED STATES EXPORTS BY GROUPS OF COUNTRIES 1 agricultural exports, which have surpassed September-February the relatively high level attained two years [In millions of dollars] ago under the joint impetus, at that time, of increased armament expenditure and active Country or group of countries 1939-40 1938-39 1937-38 business throughout the world. With the Nations engaged in hostilities principal exceptions of Automobiles, crude Germany 2 74 98 United Kingdom and France 472 346 460 petroleum, and certain types of machinery, Canada. _ _ _ 294 198 234 Other British and French countries. __ 178 145 194 leading industrial exports have been larger Other nations 3 __ 247 175 173 than in each of the two preceding years. Total. 1,191 938 1,159 Arms and munitions have shown almost no Neut S r c a a l n n d a i t n io a n v s ia : n countries 4 - 106 58 60 advance from their low pre-war' level. The Other leading European neutrals 5 188 122 158 Latin America __ __ _______ 385 257 325 most spectacular increase since 1937-38 has Other nations - 127 102 117 occurred in aircraft. Otherwise the increases Total 806 539 660 have been principally in goods which are Total 1,997 1,477 1,819 either to be processed further or are used in 1 Including re-exports. the process of manufacturing other goods; 2 Including occupied regions: Austria, Czecho-Slovakia, Danzig, Poland. these include iron and steel, machine tools, 3 U. S. S. R., Finland, Japan, China, Kwantung. Russo-Finnish hostilities did not begin until the end of November 1939. Japanese- Chinese hostilities were in progress during all three periods; copper, aluminum, and industrial chemicals. 4 Denmark, Norway, Sweden. Shipments of lubricating oil and chemical 5 Belgium, Italy, the Netherlands, Spain, Switzerland. specialties have also increased. Textiles, rubin shipments to Scandinavian countries. Figber manufactures, leather goods, and other ures covering trade with the Scandinavian products nearer the stage of individual concountries since the extension of warfare to sumption in some cases showed large percentthat area are not yet available, but a sharp age increases but have not contributed matedrop in our exports to them is to be expected. rially to the increase in the total dollar value While exports to the warring nations as a of exports. group during the six months ending February Shifts in the geographical distribution of 1940 were about the same as in the corre- United States exports are shown in the table sponding period of 1937-38, exports to neutral below. The course of trade with countries were more than 20 per cent larger. Exports by countries directly involved in The individual situations in particular belcountries ligerent countries, and the economic and miliconflict has been mixed. Exports tary policies pursued by their to Canada and to countries engaged in hostili- Trade with the governments, have been the ties in the Orient and in the Baltic region rose belligerents . ' . „ sharply in the period September 1939-Feb- predominant influences on ruary 1940. Shipments to the United King- United States export trade, both with these dom and France have increased as compared countries and with neutrals, during the past MAY 1940 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month half year. The policies adopted by British position of the enemy or to strengthen that and French countries have been of the of friendly countries. Export licenses and greatest significance. The German economy blockade controls have been set up to retain has for some years been virtually on a mili- vital materials for the Allied countries and to tary footing and the most recent changes cut them off from the enemy. This has not have not been of a fundamental character. only brought a stop to direct trade between The Allied blockade of Germany has had more this country and Germany but has also effect on her direct trade with the United affected our trade with neutral countries. States than any changes in German economic Under the blockade German exports to cerpolicy growing out of the war. Japan and tain markets have been cut off; and in an China, which have been engaged in hostilities attempt to limit transit trade with Germany, since 1936, have not recently taken economic neutrals have in some instances been allowed measures which have affected their trade to import certain goods only in amounts conwith the United States. Announcement by sidered adequate for their own needs, as in the United States in July 1939 that the trade the case of American lubricating oil exports treaty with Japan would cease to be effective to Belgium, Denmark, and the Netherlands. on January 26, 1940, is believed to have been With the same end* in view the British and responsible to some extent for the increase French governments have engaged in comin exports to that country during the period petitive buying, particularly in the Balkan from September 1939 through January 1940. area, of certain commodities which might The principal increase in exports to China otherwise be sold to Germany, or have was in raw cotton, owing partly to a decline attempted to aid friendly powers by buying in cotton production in that country. Hos- their products. Demand has thus been tilities between Finland and the U. S. S. R. shifted from customary channels. British were in progress during only half the period purchases of Turkish tobacco instead of September 1939-February 1940, and United American come under this heading. States trade with both countries is compara- Internal controls.—A second category comtively small. There was a sharp increase, prises measures primarily of an internal charhowever, in exports of copper to the U.S.S.R. acter designed to bring all available producand aircraft to Finland. tive resources into use without serious price Trade with England, France, and their inflation; to assure that these resources are allies has reflected the fact that these coun- properly allocated for the production of goods tries were suddenly confronted —war materials, capital equipment, com- Allied control with the immense task of fash- modities for civilian consumption, and exmeasures ioning their peace-time econo- portable products—which are most essential mies into organizations capable of meeting or which, for strategic or economic reasons, the vastly different and more exhaustive de- should be produced at home rather than purmands of war-time. The attainment of this chased abroad; and to reduce to a minimum objective has necessitated the fabrication of all consumption not considered vital to the a complex web of restrictive and coercive war effort. measures which, directly and indirectly, have Thus the British Government has taken influenced the trade of the United States with steps by means of subsidies, rationing, and these and other countries. These measures direct control to increase the domestic profall into three main but not entirely distinct duction of cereals and certain other agricategories. cultural products and to reduce or limit Economic warfare.—One category includesconsumption of various types of meat, dairy, measures designed to weaken the economic and other food products. Through increased 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month taxes, direct rationing, and other methods the outbreak of war owing mainly to serious the home consumption of such goods as petro- dislocations in the consumers' service trades, leum products, tobacco, tea, spirits, various and seasonal factors led to some subsequent luxuries, and, most recently, of textiles, has increase, especially in building. During also been restricted. In the industrial field March, however, there was a sharp renumerous control agencies have been established to provide for priority of government CHAN6ES IN BRITISH UNEMPLOYMENT CUMULATIVE FROM AUGUST, 1939 and export orders, to allocate supplies of raw materials, and to control prices in such lines as iron and steel, machine tools, nonferrous metals, and textiles. The degree and rigidity of control varies according to the nature and strategic importance of the industry. A further line of control over industrial requirements has been established by closing the capital market to private borrowers except as authorized by the Treasury. In the field of labor the British Government, without using the formal executive powers which it has been granted, has sought trade union cooperation in the matter of filling shortages of skilled labor in the most active industries. In France similar steps have been taken to assure coordination of output with national requirements. In that country, however, the relatively smaller surplus labor supply and the general military mobili- SEPT. OCT. NOV. zation have led to the imposition of direct 1939 Changes in Total unemployment include persons not classified government control over labor and wage by industries and hence not included in the industrial groupings. Figures for latter grouped as follows: Building—contracting, pubrates in vital industries. lic works, building materials, and related industries; Service trades—distribution, government, utilities, transportation, hotel One effect of the control system is to clear s a e g r r v ic ic u e l:t u e r n e, t e c rt l a o i t n h m ing en , t h , o e u t s c e . ; f u F r o n o is d h i a n n g d s , m a i p sc p e li l a la n n c e e o s, u s e tc in . d ; u T s e tr x i t e i s le — s the path for the great volume of government —textile manufacturing, bleaching, dyeing, and related operations ; Heavy industry—machinery, metals, vehicles, shipbuilding, orders; another is to prevent the additional chemicals, coal and metal mining, etc. March figures preliminary. income created by such spending from being duction in the number of unemployed. used to buy goods in competition with the In that month total unemployment was government. As a result of the conflicting the lowest since 1929, notwithstanding influences arising out of the war effort a increases since last August in the volume number of industries are working at or near of unemployment in certain lines, as shown full capacity and in some cases are expand- in the chart. In the engineering and vehicle ing, while some business and manufacturing industries registered unemployment has virlines are less active than before the war. tually disappeared and it is reported that Much information on industrial developments untrained labor has been pressed into service. in France and England is no longer available. Local labor shortages are said to exist in cot- In both countries, however, recorded unem- ton and woolen manufacturing, and unemployment has fallen to the lowest level in ployment in shipbuilding, which was high recent ysars. In the United Kingdom there at the outbreak of war, has been reduced was a sharp increase in unemployment at sharply. The current consumption of raw MAY 1940 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month wool is reported to be larger than at any time Trade control.—Imports into most of the in the history of the British industry. In countries in the sterling area have been subgeneral the various metal working, mechani- jected to almost complete control. The imcal, and textile trades appear to be active. portation of goods in the luxury or semi- Machinery and materials for use in these luxury class has generally been prohibited. industries, together with aircraft, have con- Certain commodities, such as fresh fruits tributed most heavily to the increase in im- and tobacco, may no longer be purchased from ports by England and France from the the United States although they may be ac- United States. A similar but relatively quired from other countries, particularly larger expansion has occurred in imports those in the sterling group. Purchases of by Canada, where industrial activity has the more essential food and industrial prodexpanded sharply. Imports into the non-in- ucts have been placed under government dustrial parts of the Empire from the United monopoly or its equivalent. The importation States have increased but little. of nearly all other goods is permitted only External controls.—The third category of under license. The British Government has also negotiated special purchase contracts measures taken by the British and French covering non-ferrous metals, wool, wheat, governments includes those designed to conmeats, and other products with such countrol international trade and financial transtries as Canada, South Africa, Rhodesia, actions. They are aimed specifically at Australia, New Zealand, Argentina, Chile, eliminating unessential imports, stimulating Cuba, and Uruguay, which were willing to exports, and in general conserving and mosell large quantities on favorable terms. Bibilizing the means of payment for foreign lateral clearing agreements have been congoods that are vital to the war effort. cluded, renewed, or extended with Norway, In this connection it may be pointed out Spain, Sweden, Argentina, Uruguay, and certhat through coordination of their external tain other countries. These agreements procontrol measures British and French counvide, in general, that goods sold by those tries, with the exception of Canada, Newcountries to the United Kingdom shall be paid foundland, and Hong Kong, have gone some for in sterling, which may then be used only distance in the direction of creating a unified to buy goods from the control area or to meet economic area with sterling as a common financial obligations in sterling. These clearinternational currency. Many of the restricing agreements may result in the diversion to tions which apply to other nations have been the British market of certain purchases forremoved from commercial and financial transmerly made elsewhere by the foreign counactions between these countries, which comtries adhering to such agreements; but they prise what may be called the sterling control may also lead to increased exports to the area. While lack of foreign exchange forces United Kingdom by these countries without curtailment of commerce with other nations, an appreciable reduction in their imports trade between the sterling countries is being from third parties. expanded as rapidly as possible. Canada, In addition to these measures special efforts Newfoundland, and Hong Kong, owing to have been made to stimulate exports. While special circumstances affecting their interthe primary concern is with current needs, national economic relationships, have taken the character of the efforts that are being independent measures and thus lie outside made is to some extent shaped by the desire the sterling area. The Canadian dollar, for to recover for the export industries markets example, fluctuates independently of sterling lost during the last twenty or thirty years. and the Canadian Government has imposed Export Councils have been created in almost no trade restrictions. both England and France to facilitate the 382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month output and foreign distribution of goods immediately after the outbreak of war. which can be produced in excess of curtailed These restrictions were primarily designed domestic requirements, and certain priorities to put a stop to the export of capital by resiand facilities have been granted producers dents of the sterling control area. Under the of such goods. In April restrictions were control, residents of this area could buy forplaced on the domestic consumption of tex-eign exchange only under license and then tiles in the United Kingdom to increase the only from authorized dealers. Nonresidents exportable surplus of these goods. Earlier of the sterling control area were not generally in the month the Chancellor of the Exchequer permitted to buy foreign exchange in London announced the formation, with government for the purpose of transferring their funds capital, of a trading company called the Eng- abroad, but were privileged to sell sterling lish Commercial Corporation, Ltd. This con- to other foreigners in markets abroad. Two cern, which is expected to continue in exist- markets for sterling were thus created: the ence after the war, will arrange for the sale official London market in which dealings were of British goods in exchange for the products generally confined to those between British of foreign countries, and its initial activities residents, on the one hand, and the exchange will be concentrated in the Balkan area. control authorities, on the other; and the free markets in New York and certain European centers where dealings took place ex- STERLING EXCHANGE RATES clusively between foreigners. Offerings of U.S.CENTS AUGUST1939-APRIL 194O u. sterling in these free markets have been 1 460 derived mainly from sterling assets held by nonresidents at the outbreak of war in the 440 1 form of banking funds, securities, and other investments; from sterling payments for cer- 420 - tain imports by countries in the sterling control area; and from certain other types of / OFFICIAL RATE current sterling income. 400 p The principal demand for free sterling comes from foreign purchasers of goods from 380 \ FR - E N E Y R . ATEL the sterling control area and from nonresi- 1 dents who have other sterling obligations to 360 \ meet. Until March 1940 it was permissible to pay for nearly all British exports in free 340 OCT. FEB. MAR. sterling, although it is not certain that this 1939 1940 was always done; then, in that month, it Free rate: certified noon buying rates in New York for cable transfers. Official rate: mid-point of official buying and selling was announced that tin, rubber, jute and its rates for dollars in London ; buying rate was $4.06, Sept. 5-13, 1939; $4.04, Sept. 14, 1939-Jan. 7, 1940; $4.03% since Jan. 8, products, whiskey, and furs—commodities in 1940; selling rate was $4.02, Sept. 5, 1939-Jan. 7, 1940; $4.02% since Jan. 8, 1940. which the British Empire has a strong trad- Exchange control.—The decline of sterlinging position—would be deprived of the free from $4.68 just before the war to about $4.00 sterling privilege when sold in the United in the official market and to a still lower States and certain other countries. Similar figure in the free market—currently about restrictions were placed on exports of some $3.50—may be said to be another form of other commodities from various parts of the external control favorable to British exports. Empire. This curtailed the demand for free The two markets for sterling—the official sterling and was the principal factor leading and the free—came into being as a result of to a sharp decline in the New York rate during March from above $3.90 to about $3.50. the establishment of exchange restrictions MAY 1940 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month The advantage which the decline in sterling Many of the types of economic control since August 1939 might otherwise have measures described above are now found, conferred on British exporters is limited by United States with varyin£ degrees of severity, several factors. Material, labor, and trans- trade with in nearly all foreign countries. portation costs have risen substantially in neutrals Foreign exchange control is most terms of sterling in recent months. Precise prevalent, but many countries have subjected measurement of the extent of the rise is not imports and exports to direct regulation. possible, but there is evidence that it has been Constriction of their economic activity by appreciable; indexes of wholesale commodity factors beyond their control has also comprices and the cost of living have risen about pelled many neutrals to adopt rationing, price 30 per cent and 15 per cent, respectively, sincefixing, and the regulation of industry. These last August. It should be noted that price measures have not been without effect on advances for some commodities, particularly American export trade, although other incertain metals and foods, have been limited by fluences have probably been more important. government price fixing. The export of Brit- Restrictions on the private use of gasoline ish goods is also hampered by the heavy de- in the neutral countries of Europe, for exammands made on British industry by the gov- ple, have curbed exports of automobiles to this ernment, which seriously limit the volume of area while simultaneous increases in shipexports that can be sold competitively in for- ments of petroleum products have no doubt eign markets, and by shipping difficulties, reflected an attempt to build up reserves of which interfere with the ability of British these essential commodities and possibly purmanufacturers to make delivery on foreign chases for re-export. Owing perhaps to these orders. Moreover, the significance of the same factors, as well as to those mentioned recent decline in the free rate is lessened by on an earlier page, the largest increase in the fact that free sterling is used for only a exports to European neutrals has been in part of the commercial and financial trans- raw cotton. Certain of these countries have actions between the sterling area and the also taken increased quantities of rubber rest of the world. Trade with countries with goods and metals and manufactures, particuwhich clearing or payments agreements have larly iron and steel. The recent extension of been concluded usually gives rise to no supply active warfare to the Scandinavian area may of or demand for free sterling, while even in be expected in coming months to result in retrade with other countries a considerable duced exports by the United States to these proportion of exports and imports are dealt countries; it may also lead to increased purwith on a foreign currency or an official ster- chases here by other countries of machinery, ling basis. The further extension of British metals, and possibly some of the other goods trade agreements and exchange restrictions which they customarily bought in Scandimay confine still more closely the range of navia, such as wood, pulp, paper, meat, and free sterling transactions. Also, the decline dairy products. in sterling has exerted less of an influence Increased exports to Latin America appear on British purchases in non-sterling coun- for the most part to have resulted from purtries than the various external and internal chases in the United States of goods formerly control measures to which allusion has al- acquired in Europe. The principal increases ready been made. The sterling exchange rate have occurred in metals and manufactures is thus only one of many factors by which the and in machinery and vehicles. These coun- British foreign trade balance is being ad- tries have also taken somewhat larger quanjusted to meet the exigencies of war, and it tities of finished textiles, chemicals, petroleum is not the most important of these factors. products, wood, and paper. 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(?keap Money and the radatat E. A. GOLDENWEISER Director, Division of Research and Statistics F OR the past ten years, with brief interrup- years. Rates on long-term loans for small tions, money rates have gradually de- business enterprises and on consumer loans clined and at the present time are at an ex- have shown little decline. traordinarily low level. This movement of The course of different types of money rates has given rise to a great deal of discus- rates over the past ten years is shown on the sion of the so-called easy money policy pur- chart, and selected rates on various classes of sued by the Government, and particularly by loans for 1929, 1934, and 1939 are given in the Federal Reserve System. It is proposed a table at the end of this article. in this article to point out some of the principal causes of the prolonged decline in money MONEY RATES rates, with special reference to the extent and timing of the influence of Federal Reserve policy, and to indicate in general terms some of the resulting problems in their broad economic setting. It may be stated at the outset that economic forces outside the sphere of influence of monetary or other Governmental authorities have exerted a powerful influence toward a decline in money rates and that Federal Reserve policy, which, in the early years of the depression, had been directed toward easing credit conditions and combating a disastrous deflation, has for many years had little if any part in the continued decline in rates. VT\| V V TREASURY NOTES ' ' Among the causes of this decline the principal one has been the huge inflow of gold brought about for the most part by disturbed economic and financial conditions in foreign countries. 1933 1935 1939 Level of Money Rates Commercial loans of city banks: averages of prevailin ? rates charged by banks in 19 large cities ; monthly series discontinued, February 1939. Treasury bills : averages of daily dealers' quota- At the present time rates for short-term tions on 3-mo. bills, 1934-39; average rate on new 3-mo. bills, money in the open market are close to zero 1931-33 ; averages of daily yields on 3-6 mo. Treasury notes and certificates, 1929-30. Other series are averages of daily figures: and rates on high-grade bonds, Government yields on Moody's Aaa corporate bonds and on 3-5 year Treasury notes. and corporate, are at record low levels. Rates charged to commercial customers by banks Federal Reserve Policy: 1929 to 1933 in the larger cities have also declined considerably, and interest and other costs of mort- A review of Federal Reserve policy during gages on farms and on urban homes have been the past decade shows that after the collapse somewhat reduced. Many bank loans, how- of the speculative boom in the early autumn ever, particularly in smaller cities and inof 1929 the Federal Reserve System reversed country districts, are still made at or near the the policy of restraint that had characterized rates that have been customary for many its actions in the preceding two years. Dis- 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. MAY 1940 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cheap Money and the Federal Reserve System count rates and bill rates were reduced from ing to ease an extremely tight money conthe high levels reached in 1929 and the Sys- dition. tem also bought United States Government The chart shows for the period from 1929 securities in the open market. At first this to 1933 the amount of United States securiwas for the purpose of helping member banks ties and of acceptances held by the Federal to carry the load of brokers' loans, which had Reserve Banks, the public's demand for curbeen transferred to them by private lenders rency and for gold, which absorbed funds reduring the crisis in the stock market, and, leased through open-market operations, and later on, for the purpose of helping the banks the net effects on the member banks' reserve to reduce their heavy indebtedness to the position. Reserve Banks and to meet demands for cur- The chart brings out graphically the rency and for gold. sequence of events during the period covered. This was a period of extreme deflation; Security holdings of the Reserve Banks were money was far from easy. The policy pur- increased by $350,000,000 from September sued by the System in its efforts to relieve the to December 1929, and were further increased critical situation is better described, not as gradually by $230,000,000 from the beginan easy money policy, but as a policy of help- ing of 1930 to the autumn of 1931. Additional funds were also supplied by gold imports. The System's policy of easing was tem- OPEN-MARKET PURCHASES AND DISPOSITION OF FUNDS porarily interrupted in the autumn of 1931. •F DOLLARS CHANGES IN MEMBER BANK RESERVE POSITION After suspension of gold payments in England, gold exports from this country assumed unprecedented proportions and Reserve Bank discounts for member banks and holdings of acceptances increased sharply. With gold moving out of the country at the rate of a hundred million dollars a week, the System raised its rates on discounts and acceptances, with the consequence that the Federal Reserve Bank holdings of acceptances were rapidly liquidated, and banks were obliged further to increase their borrowings at the Reserve Banks. As acceptance holdings of the Reserve Banks declined, however, bills were acquired in large volume by foreign central banks, which otherwise would have been inclined to withdraw their balances in gold, so that the tightening effect of System policy at this period may not have been as great as would appear from Federal Reserve figures taken by themselves. After the passage of the Glass-Steagall Act early in February 1932, the System was in better position to enlarge its portfolio and from February to August of that year, while the deflationary cycle was still in progress, it purchased $1,100,000,000 of United States securities. In 1933, $600,000,000 more was added, so that by the autumn of that year there were $2,400,000,000 of United States 1929 1930 1932 1933 Government securities of different kinds in the System's open-market account. Funds Monthly averages of daily figures. In the top section of the chart the curve below the zero line shows total member bank bor- placed at the disposal of member banks rowings from the Federal Reserve Banks over and above total excess reserves, and above the zero line—excess reserves over and through purchases by the Reserve Banks in above total borrowings. In the middle section cumulative additions the open market enabled member banks to to member bank funds caused by changes in gold stock and currency in circulation are shown above the zero line and cumulative meet an increased demand of the public for reductions—below the zero line. 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cheap Money and the Federal Reserve System currency, largely for hoarding, as well as a Since the autumn of 1933, with business demand for gold for export, and at the same recovery still incomplete and no evidence of time to reduce the volume of their indebted- speculative expansion of credit, the System ness to the Reserve Banks. In 1932 and 1933 has had no occasion for taking active measmember banks also began gradually to ac- ures to reduce member bank reserves, and, cumulate excess reserves, which at the endon the other hand, with these reserves growof the period were in substantial volume. ing rapidly, principally as the result of gold SOURCES OF MEMBER BANK RESERVES MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 16 16 12 12 GOLD STOCK .^ A r. 8 MEMBEF\ BANK 8 FRESERVE BALANCES 4 RESERVE BANK HOLDINGS OF U. S. GOV'T SECURITIES 0 1932 1933 1934 1935 1936 1937 1938 1939 Federal Reserve Policy After 1933 imports, the System has not been called upon to act for the purpose of further adding to Toward the end of 1933 member banks had these reserves. repaid most of their borrowings to the Re- During this period, however, the System serve Banks, currency and gold withdrawals had stopped, and the banks had a considerable took steps with a view to placing itself in a amount of excess reserves. Since that time better position to counteract excessive credit large-scale gold imports, which began after expansion in case it should develop at some the reestablishment of a fixed price for gold future time on the basis of the ever-growing in January 1934, account for most of the con- volume of reserves. For this purpose the tinuous increase in member bank reserves. Board in 1936 and 1937 increased the per- The fact that member bank reserves, which centages of reserves that member banks were had been increased in 1932 and 1933 largely required to carry against their deposits. Reby open-market purchases by the Reserve serve requirements were doubled in these two Banks, have since grown almost entirely as years, but were later reduced by about onethe result of gold imports is brought out byeighth in 1938, when a rapid business decline the chart. was under way. In aggregate dollar amounts MAY 1940 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cheap Money and the Federal Reserve System the net result of action by the Board has been Housing Administration of home mortgage that excess reserves, which are now in excess loans conforming to specified standards has of $6,000,000,000, are nevertheless smaller by also increased home-mortgage lending by nearly $3,000,000,000 than they otherwise banks and other investors on more liberal would have been. Against the background terms and encouraged the construction and of the great and constantly growing volume modernization of homes by owners. About of reserves, however, the steps taken to re- $2,000,000,000 of funds have been made availduce excess reserves must be viewed as pre- able by private lenders to borrowers on incautionary measures taken with reference to sured home mortgages. Farmers and their future developments, and not designed im- cooperative organizations have secured shortmediately to restrain or restrict credit expan- term and intermediate-term funds at lower sion. No occasion for such restraint was ap- rates through production credit associations parent in current conditions. At the present and banks for cooperatives and their financtime, full utilization of the Board's power to ing agency, the Federal Intermediate Credit raise reserve requirements and the disposal Banks. of the System's entire portfolio of U. S. Importance of Other Factors Government securities would still leave the member banks with excess reserves of nearly It is apparent, therefore, that the Federal $3,000,000,000. Reserve System and other Governmental agencies, in their efforts to combat the depres- New Phase of Federal Reserve Policy sion, have pursued policies during the past decade, and particularly during the first half A more recent phase of Federal Reserve of the decade, that have tended to reduce the policy, first pursued in 1937 and followed on cost of money to borrowers. Other factors, a much larger scale in 1939, has had to do not readily susceptible of control, however, with the System's endeavors, through open- have greatly accelerated and intensified the market operations, to exert an influence decline in money rates and may have been of toward maintaining orderly conditions in the far greater import than policies pursued by capital market. This policy, which is inde- the Government. The tremendous inflow of pendent of longer-term trends in money rates, gold, which resulted from world-wide ecois discussed in the Board's recently issued An- nomic and political conditions, has increased nual Report for 1939. member bank reserves and deposits. Bank deposits have been further increased by large Influence of Other Governmental Agencies bank investments in Government obligations. Activities of the Government in several It should perhaps be mentioned, however, other fields, besides the strictly monetary that, contrary to popular belief, deficit financfield, have contributed to the reduction in ing by the Government does not increase the cost of money, particularly of mort- member bank reserves. To the extent that gage money. The taking over of about Government obligations are purchased by $2,000,000,000 of farm mortgages and other others than banks, the result is merely a transindebtedness at reduced rates by the Federal fer of deposits from individuals to the Govland banks and the Federal Farm Mortgage ernment. To the extent that they are pur- Corporation and of about $3,000,000,000 of chased by banks, the result is an increase of home mortgage loans at reduced rates by the deposit liabilities, which has the effect of Home Owners' Loan Corporation has been increasing required reserves and consequently an important factor in reducing the rates that diminishing excess reserves. farmers and urban residents have had to pay While the supply of bank funds has been for long-term mortgage loans obtained not increasing at a rapid rate, the demand of busionly from the Government agencies them- ness enterprises for bank credit for current selves but also from other lenders. These operations and for long-term funds for imactivities of the Government were undertaken provement and expansion of plant and equipfor the double purpose of easing the heavy ment, has not increased to the same extent. burden of debt charges for borrowers and This has reflected many complex factors, inof protecting the lenders—banks, insurance cluding the great growth of liquid resources companies, and others—by taking over frozen of corporations, which enables them to meet assets out of their holdings in a period of not only current financial requirements but extreme deflation. Insurance by the Federal also many capital needs without applying 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cheap Money and the Federal Reserve System either to banks or to the capital market for These problems are a part of the necessary funds. readjustment of the country's economy to In final analysis, prevailing low money fundamentally changed conditions. After a rates represent the effect of a vastly increased long era of active demand for capital with supply of current and investment funds with- abundant opportunity for investment, this out a corresponding growth in the demand country is confronted, for the present at least, for such funds. with the problem of finding adequate and satisfactory outlets for the ever-mounting Problems Raised by Cheap Money volume of investment funds. This is no longer a debtor country with a constant short- There are, of course, two sides to the probage of capital, but a creditor country with lem of money rates: the borrower's and the abundant funds seeking investment. Capilender's. From the point of view of the tal has lost much of its scarcity value and borrower the decline in rates has enabled may have to be content with more moderate many debtors to refund long-term debt at returns. This change in fundamental conlower interest rates, with a consequent easditions has far-reaching implications, not ing of many debt burdens, especially for farm only for investors but particularly for those and home owners and certain corporate borwho are responsible for formulating policies rowers. It has also reduced the cost of borto be pursued by the Government and by prirowing for business purposes. vate enterprise. At the same time it has raised difficult problems for many classes of lenders. For INTEREST RATES, 1929,1934, AND 1939 the banks it has increased the difficulty of [Annual averages; per cent per annum] making sufficient earnings on the capital invested in the business. To meet this situa- 1929 1934 1939 tion, many banks have expanded their field of operation into bond investments, other Open-market short-term rates: longer-term credit, personal loans, install- U Pr . im S. e T c r o e m as m u e ry rc b ia i l l l p s a ( p n e e r w ( 4 is - s 6 u m es o ) . „ ) _ - 14 5 . . 4 8 2 5 0 1 . . 2 0 6 2 0 0. . 0 5 2 9 ment financing and in other directions. Bank U. S. Treasury notes (3-5 yr.) _ 2.12 0.59 expenses incurred in paying interest on High-grade bond yields: deposits have been greatly reduced and serv- U M . u S n . i c T i r p e a a l sury 4 3 . .6 2 0 7 4 3. . 1 0 2 3 2 2 . . 3 7 6 6 ice charges have been generally imposed. Corporate (Moody's Aaa). 4.73 4.00 3.01 Availability of United States Government Bank loan rates: Commercial loans of city banks: obligations as a medium for investment, both New York City 5.76 2.45 2.07 at long and at short term, and the consequent 7 Other Northern and Eastern cities... 5.82 3.71 2.87 11 Southern and Western cities 5.93 4.32 3.51 opportunity for banks to place some of their Loans of country national banks: Northern and Eastern States 6.1 5.5 2 5.2 funds in excess of current commercial de- Southern and Western States 7.1 6.5 2 6.2 mands in Government securities, has helped Lower-grade corporate bond yields the banks to make reasonably adequate re- (Moody's Baa): Industrial 6.02 5.15 4.25 turns on their capital, notwithstanding the Railroad.- 5.93 6.33 6.14 small amounts of commercial loans and the Public utility 5.76 7.49 4.50 reduced rates of return that have prevailed Farm loan rates:3 Short- and intermediate-term: generally both on loans and on investments. Production credit associations 5.00 4.50 A study of bank profits in recent years ap- B C a o n m k m s o fo d r i t c y o o C p r e e r d a i t t i v C e o s rporation 3.00 4 - .0 4 0 . 5 . 5 3 0 . - 0 4 0 .00 pears elsewhere in this issue of the BULLETIN. M F or e t d g e a r g a e l s l : and banks— 5. 50-6.00 4.50 3.50 Other types of lenders for whom low money Federal Farm Mortgage Corporation. 5.00 4.00 rates have created serious problems are in- Large life insurance companies 4 5 5.63 5.26 2 4.65 surance companies, endowed institutions, Urban real estate mortgage rates:3 HOLC (home mortgages) 4.50 trust funds and others whose income is Insured by FHA (home mortgages). 6 4.50 Large life insurance companies 4 24.50 derived largely from fixed-interest rate obligations. The operations of many of these 1 Average yield on 3-6 month Treasury certificates. institutions were planned on the basis of 2 Figure for 1938. For banks, available data indicate little change in 1939. higher returns on money than are now avail- 3 Interest rates in effect at end of year. able on eligible investments. In many in- 4 Hearings before the Temporary National Economic Committee, 76th Cong., Third Sess., Part 10-A, Feb. 12, 1940. Average contract rate stances this presents a serious situation on new mortgages after deduction of any payments out of interest for commissions for acquisition of mortgages; for farm mortgages as reported which calls for revision of basic plans and by 12 companies, and for urban real estate mortgages, by 24 companies. programs. 5 Figure for 1932, earlier figures not available. • Maximum rate, excluding insurance premium of y2 of one per cent. MAY 1940 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttont a JLeg aL Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Executive Order and Regulation on Transfers of Danish and Executive Order No. 6560, dated January 15, 1934, Norwegian Property regulating transactions in foreign exchange, transfers of credit, and the export of coin and currency The Executive Order of April 10,1940, and by adding the following sections after section 8 the Treasury Regulations issued thereunder thereof: on the same day provide that transfers "Section 9. Notwithstanding any of the provisions of sections 1 to 8, inclusive, of this Order, of credit, foreign exchange transactions, the all of the following are prohibited, except as export or earmarking of coin, bullion, or cur- specifically authorized in regulations or licenses issued by the Secretary of the Treasury purrency, and other similar operations by per- suant to this Order, if involving property in sons or institutions in the United States which which Norway or Denmark or any national thereof has at any time on or since April 8, involve Danish or Norwegian property, shall 1940, had any interest of any nature whatsoever, be subject to license by the Secretary of the direct or indirect: Treasury. Applications for licenses must be "A. All transfers of credit between any banking institutions within the United made to the Federal Reserve Banks. States; and all transfers of credit between any banking institution within the United The Regulations also require the filing of States and any banking institution outside reports by persons and institutions in the the United States (including any principal, agent, home office, branch, or correspondent United States with respect to all Danish and outside of the United States, of a banking Norwegian property situated in the United institution within the United States); "B. All payments by any banking institu- States. Such reports must be made on forms tion within the United States; prescribed by the Secretary of the Treasury "C. All transactions in foreign exchange by any person within the United States; and obtainable from any Federal Reserve "D. The export or withdrawal from the Bank, mint or assay office and the Secretary United States, or the earmarking of gold or silver coin or bullion or currency by any of the Treasury, and must be filed not later person within the United States; and than May 15, 1940. "E. Any transaction for the purpose or which has the effect of evading or avoiding The texts of the Executive Order and acthe foregoing prohibitions. companying Regulations of April 10 are as "Section 10. Additional Reports. follows: "A. Reports under oath shall be filed, on such forms, at such time or times and from EXECUTIVE ORDER NO. 8389 time to time, and by such persons, as pro- AMENDMENT OF EXECUTIVE ORDER NO. 6560, DATED vided in regulations prescribed by the Sec- JANUARY 15, 1934,1 REGULATING TRANSACTIONS IN retary of the Treasury, with respect to all property of any nature whatsoever of which FOREIGN EXCHANGE, TRANSFERS OF CREDIT, AND Norway or Denmark or any national thereof THE EXPORT OF COIN AND CURRENCY. is or was the owner, or in which Norway By virtue of the authority vested in me by section or Denmark or any national thereof has or 5(b) of the Act of October 6, 1917 (40 Stat. 411), as had an interest of any nature whatsoever, amended by section 2 of the Act of March 9, 1933 2 direct or indirect, and with respect to any (48 Stat. 1), and by virtue of all other authority acquisition, transfer, disposition, or any vested in me, I FRANKLIN D. ROOSEVELT, PRESIDENT other dealing in such property. of the UNITED STATES OF AMERICA, do hereby amend "B. The Secretary of the Treasury may 1 See BULLETIN for February 1934, pp. 78-79. require the furnishing under oath of addi- * See BULLETIN for March 1933, p. 115. tional and supplemental information, includ- C93 FZDSRAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Front a Legal Standpoint ing the production of any books of account, this Order, and except as so modified are hereby contracts, letters or other papers with res- continued in full force and effect. The Secrepect to the matters concerning which reports tary of the Treasury is authorized and emare required to be filed under this section. powered to prescribe from time to time regulations to carry out the purposes of sections 9 to "Section 11. Additional Definitions. In addi- 11, inclusive, of this Order as amended, and to tion to the definitions contained in Section 7, the provide in such regulations or by rulings made following definitions are prescribed: pursuant thereto, the conditions under which "A. The terms 'Norway' and 'Denmark', licenses may be granted by such agencies as the respectively mean the State and the Govern- Secretary of the Treasury may designate." ment of Norway and Denmark on April 8, „ FRANKLIN D. ROOSEVELT. 1940, and any political subdivisions, agencies m w THE WHITE HOUSE, and instrumentalities thereof, including territories, dependencies and possessions, and all April 10, 191*0, 6 P. M., E. S. T. persons acting or purporting to act directly or indirectly for the benefit or on behalf of REGULATIONS the foregoing. The terms 'Norway' and 'Den- Relating to transactions in foreign exmark', respectively, shall also include any change, transfers of credit, payments, and and all other governments (including polit- the export or withdrawal of coin, bullion and ical subdivisions, agencies, and instrumen- currency; and to reports of foreign property talities thereof and persons acting or pur- interests in the United States.* porting to act directly or indirectly for the Section 130.1. Authority for regulations. These benefit or on behalf thereof) to the extent regulations are prescribed and issued under authority and only to the extent that such govern- of Section 5(b) of the Act of October 6, 1917 (40 ments exercise or claim to exercise de jure Stat. 411) as amended by Section 2 of the Act of or de facto sovereignty over the area which, March 9, 1933 (48 Stat. 1), and Executive Order on April 8, 1940, constituted Norway or No. 6560, dated January 15, 1934, as amended.* Denmark. Section 130.2. Definitions, "B. The term 'national' of Norway or Denmark shall include any person who has (a) The term "Order" shall refer to Execubeen or whom there is reasonable cause to tive Order No. 6560, of January 15, 1934, as believe has been domiciled in, or a subject, amended. citizen or resident of Norway or Denmark (b) The term "regulations" shall refer to at any time since April 8, 1940, but shall these regulations. not include any individual domiciled and (c) The terms "property" and "property inresiding in the United States on April 8, terest" or "property interests" shall include, but 1940, and shall also include any partnership, not by way of limitation, money, checks, drafts, association, or other organization, including bullion, bank deposits, savings accounts, any any corporation organized under the laws of, debts, indebtedness or obligations, financial secuor which on April 8, 1940, had its principal rities commonly dealt in by bankers, brokers, and place of business in Norway or Denmark or investment houses, notes, debentures, stocks, which on or after such date has been con- bonds, coupons, bankers' acceptances, mortgages, trolled by, or a substantial part of the stock, pledges, liens or other right in the nature of shares, bonds, debentures, or other securities security, warehouse receipts, bills of lading, trust of which has been owned or controlled by, receipts, bills of sale, other evidences of title or directly or indirectly, one or more persons, ownership, goods, wares, merchandise, chattels, who have been, or whom there is reasonable stocks on hand, ships, goods on ships, real estate cause to believe have been, domiciled in, or mortgages, vendors' sales agreements, land conthe subjects, citizens or residents of Norway tracts, real estate and any interest therein, leaseor Denmark at any time on or since April holds, ground rents, options, negotiable, instru- 8, 1940, and all persons acting or purport- ments, trade acceptances, royalties, book acing to act directly or indirectly for the counts, accounts payable, judgments, patents, benefit or on behalf of the foregoing. trademarks, copyrights, insurance policies, safe "C. The term 'banking institution' as used deposit boxes and their contents, annuities, et in section 9 includes any person engaged cetera. primarily or incidentally in the business (d) Safe deposit boxes shall be deemed to be of banking, of granting or transferring in the "custody" not only of all persons having credits, or of purchasing or selling foreign access thereto but also of the lessors of such boxes exchange or procuring purchasers and sell- whether or not such lessors have access to such ers thereof, as principal or agent, or any boxes. The foregoing shall not in any way be person holding credits for others as a direct regarded as a limitation upon the meaning of or incidental part of his business, or brok- the term "custody". ers; and, each principal, agent, home office, (e) For the meaning of other terms reference branch or correspondent of any person so should be made to the definitions contained in the engaged shall be regarded as a separate Order.* 'banking institution.' Section 130.3. Licenses to engage in foreign ex- "Section 12. Additional Regulations. The change transactions, et cetera. Applications for li- Regulations of November 12, 1934, are hereby modified insofar as they are inconsistent with * Sections 130.1 to 130.6 :—Sec. 5 (b), 40 Stat. 415 and 966 ; sec. 2, 48 Stat. 1 ; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934; Exthe provisions of sections 9 to 11, inclusive, of Order 8389, April 10, 1940. MAY 1940 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint censes to engage in foreign exchange transactions, (1) Every person in the United States transfers of credit, payments, or the export or with- directly or indirectly holding, or having title drawal from the United States or the earmarking of to, or custody, control, or possession of such gold or silver coin or bullion or currency, involving property including, without any limitation property in which Norway or Denmark or any national whatsoever of the foregoing, every partnerthereof has at any time on or since April 8, 1940, had ship, association, or corporation organized any interest of any nature whatsoever, direct or in- under the laws of the United States or any direct, shall be filed in duplicate with the Federal state or territory of the United States, or Reserve bank of the district in which the applicant having its principal place of business in the resides or has his principal place of business or prin- United States, in the shares of whose stock cipal office or agency, or with the Federal Reserve or in whose debentures, notes, bonds, cou- Bank of New York if the applicant has no legal resi- pons, or other obligations or securities Nordence or principal place of business or principal office way or Denmark or any national thereof has or agency in a Federal Reserve district. Application at any time on or since April 8, 1940, had forms may be obtained from any Federal Reserve any interest of any nature whatsoever, direct bank, mint or assay office, or the Secretary of the or indirect; and Treasury, Washington, D. C. Applications shall be (2) Every agent or representative in the executed under oath before an officer authorized to United States for Norway or Denmark or administer oaths, or if executed outside of the United any national thereof having any information States, before a diplomatic or consular officer of the with respect to any such property. United States. The applicant shall furnish such further information as shall be requested of him by the Provided, That no report on Form TFR-100 need Secretary of the Treasury or the Federal Reserve be filed where the total value of all property bank at which the application is filed. Licenses will interests to be reported is less than $250. be issued by the Secretary of the Treasury, acting (b) The date as of which all reports on Form directly or through any agencies that he may desig- TFR-100 are required to be made is April 8,1940. nate* and by the Federal Reserve banks acting in ac- (c) At the close of every business day in which cordance with such rules, regulations, and instructhere shall occur any acquisition, transfer, distions as the Secretary of the Treasury may from time position, or any other dealing in any of the propto time prescribe, in such cases or classes of cases as erty interests designated in paragraph (a) above, the Secretary of the Treasury may determine in rules, a report, or reports, on Form TFR-200, duly exeregulations, and instructions prescribed by him. The cuted under oath, containing the information Federal Reserve bank at which an application is filed called for in such Form shall be filed by every will advise the applicant of the granting or denial of person, agent, et cetera, referred to in paragraph the license. When the transaction authorized by the (a) above, provided, however, that such reports license has been completed the license should be refor the ten day period from the date of publicaturned by the licensee to the Federal Reserve bank at tion of these regulations in the Federal Register, which the application was filed, except in the case of may be filed at any time within such ten day licenses for the export or withdrawal of currency or period. gold or silver coin or bullion, in which case the license, after having been cancelled by the collector of cus- (d) Neither filing nor the failure to file a retoms or the postmaster through whom the exportation port or reports required to be filed on Form TFRor withdrawal was made, shall be sent by such col- 100, nor the absence of a duty to file such report lector of customs or postmaster to the Federal Re- or reports shall in any way affect the duty to file serve bank at which the application was filed. Appro- a report or reports on Form TFR-200, and vice priate forms for applications and licenses will be pre- versa. scribed by the Secretary of the Treasury. Licensees (e) Reports shall be executed and filed in tripmay be required to file reports upon the consummation licate with the Federal Reserve bank of the disof the transactions. The decision of the Secretary of trict in which the party filing the report resides the Treasury with respect to the approval or dis- or has his principal place of business or principal approval of an application shall be final.* office or agency, or if such party has no legal residence or principal place of business or principal office or agency in a Federal Reserve district, Section 130.4. Reports of Property Interests of then with the Federal Reserve Bank of New Norway and Denmark and Nationals Thereof. York. A report shall be deemed to have been filed when it is received by the proper Federal (a) Within ten days from the publication of these regulations in the Federal Register,3 re- Reserve bank or when it is properly addressed and mailed and bears a postmark dated prior to ports shall be filed on Form TFR-100, duly exemidnight of the date upon \yhich the report is cuted under oath, containing the information due. At the close of each business day the Fedcalled for in such Form, with respect to all properal Reserve bank shall forward two executed erty situated in the United States on the date as copies of every report filed on that day to the of which the report is made in which Norway or Secretary of the Treasury. Denmark or any national thereof has at any time on or since April 8, 1940, had any interest of any (f) (1) All spaces in the report must be propnature whatsoever direct or indirect. Such reerly filled in. Reports found not to be in ports shall be filed by: proper form, or lacking in essential details, * Sections 130.1 to 130.6 :—Sec. 5 (b), 40 Stat. 415 and 966 ; sec. 2, shall not be deemed to have been filed in 48 Stat. 1; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. compliance with the Order. Or 3 d P e e r r 8 io 3 d 8 9, e A xt p en ri d l e 1 d 0 , t 1 o 9 4 M 0. ay 15, 1940, by the Secretary of the (2) Where space in the report form does Treasury. not permit full answers to questions, the in- 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint formation required may be set forth in sup- tion, is quoted in full on page 1054 of the Fedplementary papers incorporated by reference eral Reserve BULLETIN for December 1939. in the report and submitted therewith. Supplementary documents and papers must be referred to in the principal statement in Operation of Common Trust Funds as Investment Trusts for chronological or other appropriate order and Other Than Strictly Fiduciary Purposes be described in such manner that they can be identified. Section 17 of the Board's Regulation F, Trust Powers of National Banks, provides in (g) A separate report under oath must be filed by each person required to file a report except part as follows: that persons holding property jointly may file a joint report. "The purpose of this section is to permit the (h) Upon a written request made to the Secre- use of Common Trust Funds, as defined in sectary of the Treasury by a party required to file tion 169 of the Internal Revenue Code, for the a report, setting forth reasons why the report investment of funds held for true fiduciary purcannot be filed on or before the date such report poses; and the operation of such Common Trust is due, the Secretary of the Treasury, in his dis- Funds as investment trusts for other than cretion, may grant such an extension of time for strictly fiduciary purposes is hereby prohibited. making the report as under the circumstances No bank administering a Common Trust Fund shall appear to be required. shall issue any document evidencing a direct or (i) Report Forms TFR-100 and TFR-200 may indirect interest in such Common Trust Fund be obtained from any Federal Reserve bank, mint in any form which purports to be negotiable or or assay office and the Secretary of the Treasury, assignable. The trust investment committee of Washington, D. C* a bank operating a Common Trust Fund shall not permit any funds of any trust to be invested Section 130.5. Penalties. Section 5(b) of the Act in a Common Trust Fund if it has reason to of October 6, 1917, as amended by Section 2 of the believe that such trust was not created or is Act of March 9, 1933, provides in part: not being used for bona fide fiduciary purposes." " * * * Whoever willfully violates any of the In amending Regulation F to permit the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, operation of Common Trust Funds, the Board upon conviction, be fined not more than $10,000, intended that a Common Trust Fund should or, if a natural person, may be imprisoned for not more than ten years, or both> and any offi- be used merely to aid in the administration of cer, director, or agent of any corporation who trusts by a trust institution through the comknowingly participates in such violation may be punished by a like fine, imprisonment, or both. mingled investment of funds of various trusts. As used in this subdivision the term 'person' While the operation of a Common Trust Fund means an individual, partnership, association, or corporation." * might thus enable a trust institution to accept small trusts which it otherwise would be un- Section 130.6. Modification or Revocation. These regulations and any Forms or instructions issued willing to handle, it was contemplated that hereunder may be modified or revoked at any time.* trust guise or form should not be used to en- H. MORGENTHAU, JR. able a trust institution to operate a Common Secretary of the Treasury. Trust Fund as an investment trust attracting APPROVED: April 10, 1940. money seeking investment alone and to em- FRANKLIN D. ROOSEVELT. bark upon what would be in effect the sale of Financial Transactions under Neutrality Act of 1939 participations in a Common Trust Fund to The President of the United States on April the public as investments. In dealing with 25, 1940, issued a proclamation under au- this matter, it appeared desirable to use thority of section 1 (a) of the Neutrality Act largely general language, omitting certain of 1939 (Pub. Res. No. 54, 76th Cong.), ap- exact, arbitrary restrictions which might unproved November 4, 1939, proclaiming that duly hamper the use of Common Trust Funds a state of war exists between Germany and for proper purposes, and, accordingly, the Norway. Section 7 of the Neutrality Act of 1939, with respect to financial transactions by above-quoted provisions were incorporated in persons within the United States relating to the regulation. By adopting this approach, countries named in the Presidential proclama- the Board placed reliance upon the exercise of sound judgment and good faith on the part * Sections 130.1 to 130.6 :—Sec. 5 (b), 40 Stat. 415 and 966 ; sec. 2, 48 Stat. 1; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. of trust institutions and their trust invest- Order 8389, April 10, 1940. MAY 1940 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint ment committees in carrying out the broad fee of 6 per cent of the income of the trust, intent and purposes of such provisions. In and a termination fee of 2 per cent of the then determining whether a particular trust is cash value of the trust assets, the bank was to created and used for "bona fide fiduciary pur- receive the first year a fee of 2 per cent of the poses", it is necessary to consider, in the light stated principal sum and each year thereafter of such intent and purposes, not only the a fee of $5. Among other things, the trust terms of the trust instrument but also other agreement form referred to the fact that facts and circumstances concerning the crea- "other trust estates have been or are being tion and use of the trust. The regulation for- established under participating trust agreebids the investment of funds of a trust in a ments respectively, substantially similar to Common Trust Fund if the trust investment this instrument". In the application form, committee "has reason to believe" that the the person desiring to create such a trust trust does not conform. applied for the execution of a Participating In a recent ruling, the Board had occasion Trust Agreement, such "participation" to be to consider the application of the above- in a stated principal sum. Such application quoted provisions of the regulation to the form recited that there was paid therewith facts of a particular case. In that instance, a stated sum, consisting of an acceptance a national bank proposed to create a Fund as fee of $10 and the first of 120 equal deposits, a part of a plan under which the bank would and also that the bank would be empowered solicit the public (through paid solicitors or to invest the net deposits of the applicant agents of the bank, newspaper advertise- in a Common Trust Fund to be held and ments, circulars, etc.) to create uniform re- managed by the bank as Collective Trustee vocable trusts designed specifically to partici- pursuant to a Collective Trust Plan of a specipate in the Fund. With this in view, the bank fied date. The bank's representative receivhad prepared an application and receipt form ing the application was to give a receipt for and a so-called "Participating Trust Agree- the money but there was to be no binding ment" form. Under such trust agreement agreement until the application was accepted form, the creator of a trust was to deposit by the bank and a Participating Trust Agreewith the bank, as trustee, a stated principal ment was executed by the bank and the applisum in 120 equal monthly deposits and the cant. bank was directed to invest such deposits, less These facts indicate broadly the nature of authorized deductions, in participations in the bank's plan with respect to the creation the Fund. The trust was to terminate upon and operation of the proposed Fund; and in revocation, death of the creator, notice deliv- view of such facts and other details of the ered to the creator after continued default in plan, the Board expressed the opinion that the making deposits, or the expiration of 10 years Fund could not be considered to be one oper- (i.e., the expiration of the period during ated in conformity with the Board's Regulawhich the deposits were to be made). In ad- tion F and particularly those provisions of the dition to an acceptance fee of $10, an annual regulation quoted above. 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I tend ofi Memltet Sank £atnlna5 an ROLAND I. ROBINSON Division of Research and Statistics Member bank profits in 1939 were slightly banking profits remained close to a level of 9 above the average for the preceding five per cent of total capital accounts. years. Net profits of all member banks in During the depression of the early 1930's that year amounted to 350 million dollars, interest income of member banks declined, or 6.3 per cent of total capital accounts. De- but the principal effect of the depression on tailed figures of member bank earnings and bank profits was caused by the necessity of profits for the year 1939 are shown in the large charge-offs for actual or expected losses. tables on pages 460-465. These charge-offs were largest in the years Member bank profits in relation to capital 1931-1934. The annual net losses of member accounts by years for the past two decades banks during these years averaged 4 per cent are shown on Chart 1. At the beginning of of total capital accounts. Official earnings this period money rates were high and bank- and dividends reports do not disclose the full extent of the losses, since many banks suspended and in most suspensions only a part of the losses had been booked and reported. MEMBER BANK PROFITS Many of the banks which remained open and AS A PERCENTAGE OF TOTAL CAPITAL ACCOUNTS were licensed following the banking holiday CALENDAR YEARS delayed much of their charging off of assets PER CENT PERCENT 12 12 into 1933, 1934, and even later. Net profits rose sharply in 1936, owing primarily to substantial profits obtained on "A securities sold; they declined somewhat in 1937 and 1938, and rose slightly in 1939. In general, profits in recent years have been between two-thirds and three-fourths of the I average for the 1920's, the decrease being 4 the net result of several changes, principally reduced total earnings offset to a considerable extent by reduced expenses. Net charge-offs, representing the difference between losses 0 charged off and the sum of recoveries and \ profits on securities sold, have been much V smaller since 1935 than in the 1931-1934 period and slightly smaller than in the 1920's; -4 -4 total charge-offs have been larger than a decade ago, but have been offset to a greater extent by recoveries of losses previously charged off and profits on securities sold. -8 -8 In Chart 2 the important items of bank 1930 1940 earnings are shown—total current earnings, ing profits likewise. Larger charge-offs in net current earnings, and net profits, ex- 1921 reduced profits somewhat. In the sub-pressed in dollar aggregates for all member sequent years of the 1920's the amounts of banks for the years 1927-1939. The differbanking profits increased at about the same ences between total earnings and net earnings rate as banking capital, and during 1925-1929 represent expenses, including interest paid 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. MAY 1940 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trend of Member Bank Earnings and Profits on deposits, and the differences between net of Federal and local Government securities earnings and net profits represent net charge- on which the yields are lower than on other offs. As shown on this chart, the total earn- kinds of securities held by banks. Banks ings of member banks are now around 1,300have developed new sources of income—most millions of dollars annually, compared with notably service charges. an average of about 2,200 millions during the Another important change in the earnings late 1920's. Expenses have also declined position of member banks, which has offset greatly, and net earnings have decreased pro- a great deal of the decline in total earnings, has been a big decrease in the amount of CHART 2 interest paid on deposits. The Banking Act MEMBER BANK EARNINGS AND PROFITS of 1933 prohibited the payment of interest on demand deposits by member banks and BILLIOtS OF DOLLARS BILLIONS OF DO it gave the Board of Governors power to set 2.4 maximum rates on time deposits. Such / \ regulation, combined with the voluntary ac- \ tion of bankers in further reducing interest 2.0 / \ rates, resulted in a substantial decrease in \ TOTAL EARNINGS interest costs. , Some of these factors tend to reduce net 1.6 \ 1.6 earnings, others to increase them, but the net result is a moderate decline. \ Decrease in Rates of Interest Received 1.2 Since the chief source of bank earnings is interest, the volume of total earnings depends largely on the amount of loans and invest- .8 ments held by banks and on the rates received on such assets. The current volume of member bank loans and investments is not much below that of a decade ago. The rates of .4 *^XJ<ET EARNINGS interest received, however, have declined sub- \ \ stantially. In 1939 member banks received NET PROFITS in the aggregate an interest income of 3.1 per \ Q vV / cent on their earning assets, and in the 1935- 1939 period this return averaged around 3.2 per cent annually, whereas in 1927-1929 the comparable average was 5.5 per cent. -4 A large part of this decline has been due 1930 1940 to decreases in the rates of interest reportionately less than total earnings. Be- ceived by banks on their loans and in the cause of the somewhat irregular character yields obtained from investment securities of losses, recoveries, and other non-current purchased by them. Much of the decline, items, such as profits from sales of securities, however, has been due to a shift of bank holdnet profits have fluctuated more from year to ings from loans to investments, particularly year than net current earnings. in the securities of Federal and local Govern- Many of the factors underlying the earn- ments. The rates prevailing on investments ings situation of member banks have changed are below those received by banks on their a great deal in recent years. Interest rates loans. have declined considerably. Loan holdings, The interest income from loans received by on which banks typically earn higher rates, member banks at present averages slightly have decreased and this decrease has not more than 4 per cent, compared with about been fully offset by larger investment hold- 5% per cent in the 1927-1929 period. This ings. Yields on investment holdings are change is reflected on Chart 3. This decline smaller, not only because of a decline in the in the rates on loans, while considerable, is level of interest rates, but also because bank much less than the decline in open-market holdings of investments consist more largely money rates. 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trend of Member Bank Earnings and Profits A curve of the rate of net return on loans held by banks have been acquired over a is also shown on Chart 3. The net return is number of years, many of them in earlier computed by deducting charge-offs from the periods when yields were higher. In addiinterest income and by adding recoveries. tion, the practice followed by many banks of Because the charge-offs and recoveries booked charging off the premium on securities in any one year do not usually relate to the bought above par at the time of purchase loans made in the same year, the significance and subsequently booking the full amount of coupon as interest income results in a larger computed rate of interest income. The net return on investments, similar to INCOME FROM LOANS AS A PERCENTAGE OF TOTAL LOANS the figure computed for loans, is shown on CALENDAR Y|ARS Chart 4. Because of the frequent practice of charging off premiums, and because of the practice of carrying securities purchased below par at cost until they are sold or until maturity and reporting any gain as "profits on securities sold/' the significance of the fig- INCOME FROM SECURITIES AS A PERCENTAGE OF TOTAL SECURITIES CALENDAR YEARS PER CENT PER CENT b 6 INTEREST S^_ INCOME 1930 AL NET S \RETURN \ of the net return figure for any given year is limited. Over a longer period of time, how- GROSS CHARGE-OFFS , ever, the general relationship of net return \ to gross interest income is of greater significance. Except for the interval during and following the depression, when large charge- n s ""***"*—""REC O O N V E S R E I C E U S R A IT N E D S P S R O O L F D ITS offs were made, the difference between in- 1935 1940 terest income and net return, that is, the ure of interest income from investments is net amount of charge-offs per year on loans, somewhat less than that of the similar figure appears to have averaged about !/2 of 1 per for loans. Although year-to-year changes cent. may be somewhat random, longer-term levels The rate of interest income from investof the net return figure are more significant. ments was 2.3 per cent in; 1939. The decline Except for the period during and immediately to this level from earlier rates of between 4 following the depression, the gross interest and 5 per cent is relatively greater than the income and the net return on securities have decline in rates on loans. As shown on Chart been about the same. In other words, over 4, the rate on investments at present is only a period of time and except for the worst slightly more than one-half the rate of the depression period, losses on securities have late 1920's. At that time banks received been offset by recoveries and by profits from about 1 per cent less on investments than on sales above cost. loans. At present the difference is almost 2 per cent. New Sources of Income Although the rates of income on investments have decreased considerably, the rates Attempting to offset the loss of gross inat which banks are now booking interest come, banks have cultivated several new from investments appear to be in excess ofsources of revenue. One of the most imporprevailing market yields on the types of tant is service charges. These charges, which securities now generally held by banks. This usually are on smaller deposit accounts or is to be expected, because the securities now on the number of check and deposit transac- MAY 1940 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trend of Member Bank Earnings and Profits tions in excess of a specified number, have dollar amounts are only about one-fifth to onebeen made by some banks for many years. fourth of their former levels. Recently, however, the rates at which these charges are made have been increased by Charge-Offs, Recoveries, and Non-Current some banks and service charges have been Profits adopted by other banks which formerly did not impose them. Such charges produced The long-term levels of banking profits are 54 million dollars of revenue in 1939, com- dependent to a very great extent on the pared with 39 million in 1936 and 21 million amounts of losses which must be charged off. in 1933. The 1939 amount is about 4 per cent The influence of these charge-offs, however, of total earnings and nearly 14 per cent of net of subsequent recoveries, and of non-current earnings. profits, such as from sales of securities, in A great many banks are supplementing any one year is likely to be erratic. Furthertheir income from traditional sources by more, since some of the charge-offs are of an making personal loans, and there has been estimated character, they may be excessive an increase in the amounts lent on real in some periods and produce larger recoveries estate. Although the amounts of these new in subsequent periods. If a security is sold loans may not bulk large in the aggregate, for less than it cost or if a loan is comthe income they produce is proportionately promised for less than its book value, the loss more important because of the higher rates is final and unrecoverable. Part of the losses they bear. It may be noted on Chart 3 that reported by banks are of this character but the rate of interest income on loans has re- many of them are estimates of losses on loans mained approximately constant for the past and depreciation on securities still owned. five years. During the same period the cus- Such reported losses are frequently recovertomer commercial loan rate is reported to able. In some years such as 1936 recoveries have declined. It may be conjectured that have been very large. A very large part of a decline in the rates of income on commercial the charge-offs made in any year are on loans loans held by member banks has been offset made or securities purchased in previous by the injection of a growing proportion of years, and likewise with recoveries. In other these new types of loans on which the interest words the charge-offs, recoveries, and nonrates are higher. current profits of a given year are likely to be the result of lending, investing, and charge-off policies of prior periods. The Decline in Interest Costs charge-off figures for a single year are made With the exception of interest paid on de- all the less significant by the frequent posits, most bank expenses have been rela- banking practice of charging off greater tively stable over a long period. Salaries amounts or of making more ample provision and wages increased during the 1920's, de- of valuation reserves in those years in which clined during the depression, and have since profits are otherwise ample. recovered a part of this loss. Taxes declined As a result of the wide variations in chargeduring the depression, and after subsequent offs, recoveries, and non-current profits, the increases are still somewhat below the levels influence of these transactions on the net of the 1920's. The so-called "other" expenses profits of any one year cannot appropriately decreased in 1930-1933 and rose in subse- be singled out for separate analysis. Over a quent years, reflecting to a considerable ex- period of time, however, their influence in tent the addition of FDIC assessments. determining the levels of banking profits can Interest costs, however, are much lower be appraised more accurately. The estimated than in former periods. In 1939 the interest and optional nature of the charges tends to paid by member banks on time and savings be cancelled out. deposits amounted to about 1.4 per cent of Charge-offs on all classes of assets, includsuch deposits, compared with an average of ing loans, securities, banking house and equipbetween 3 and 3^ per cent in the late 1920's. ment, and other assets, are currently being Furthermore, about 300 million dollars of made at substantially higher rates than interest on all classes of demand deposits in the 1920's. Recoveries are also larger was paid out annually in the late 1920's, an than in the 1920's and banks have been reamount equal to about 1*4 Per cent of such ceiving large profits from the sale of securideposits. Current interest costs in aggregate ties above cost. The gross charge-offs and 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trend of Member Bank Earnings and Profits recoveries on loans are shown on Chart 3, and Reserve districts had profits amounting to the gross charge-offs and recoveries and more than 9 per cent of total capital acprofits on securities are shown on Chart 4. counts. At the other extreme, member banks The larger current charge-offs reflect further in the New York and Philadelphia districts write-offs on assets held since the depression had profits amounting to only about 41/2 per and also more conservative valuation prac- cent of total capital accounts. In the Kansas tices by banks. Part of the charge-offs on City and Dallas districts the high profits securities are really the writing off of prem- rates appear to have resulted largely from iums on securities purchased above par. the higher rates received on loans, and that Some banks write off premiums directly at in the Chicago district was due in part to the time of purchase and others write them net non-current profits. off more rapidly than required for amortiza- The accompanying table shows some of the tion purposes. Since many banks follow these significant earnings ratios of central reserve practices and since most of the securities pur- city, reserve city, and country banks, by Fedchased by banks are now quoted at premiums, eral Reserve districts. Although the net the amount of such "losses" may be sub- profits of member banks as a proportion of stantial. total capital accounts vary widely among dis- The large security profits ensue from the tricts, as shown on the foregoing chart, the rising prices of securities during the past differences between reserve city and country several years. Part of the large recoveries banks in most districts are only moderate. may result from charge-offs made as far Central reserve and reserve city banks paid back as the banking holiday, but it would seem out a larger part of their net profits in divireasonable that by now a substantial portion dends than did country banks. of them are from the more recent charge-offs, The interest income on loans in 1939 at which, as noted above, have been greater in central reserve city banks amounted to 2.6 recent years than during the period preceding per cent, at reserve city banks it was 4.2 per the depression. cent, and at country banks 5.4 per cent. In Since gross recoveries and profits on secu- other ,words, the rate of interest income on rities offset a large part of the gross charge- loans at country banks was twice as great offs, net charge-offs at present are moderate. as it was at central reserve city banks, with reserve city banks about halfway between. Geographic Variations Within the reserve city and the country clas- The profitability of banks varies widely sifications there are great regional variations. among Federal Reserve districts. In 1939, as At reserve city banks, for example, the rate shown on Chart 5, member banks in thegoes from 3.0 per cent in the Boston Fed- Chicago, Kansas City, and Dallas Federal eral Reserve district to 4.5 per cent in the Dallas district. The reserve city rate reported in the San Francisco district, 5.0 MEMBER BANK PROFITS per cent, is still higher, but it is not com- AS A PERCENTAGE OF TOTAL CAPITAL ACCOUNTS parable to those in the other districts be- FEDERAL RESERVE DISTRICTS -1939 cause of the large branch banking systems in that district with many country branches c) 2> *\ PER CENT i> (5 10 classified as reserve city banks. There are similar variations among Federal Reserve ALL MEMBER BANKS BOSTON districts in the rates received by country NEW YORK mm banks, but at higher levels, ranging from 4.7 PHILADELPHIA = • per cent in the Boston district to 7.2 per CLEVELAND cent in the Kansas City district. RICHMOND A tabulation of average rates received on ATLANTA CHICAGO loans by groups of banks in previous years, ST. LOUIS shown in the table on page 389 of this BUL- MINNEAPOLIS LETIN, indicates that most of the decline in KANSAS CITY loan rates during the past decade occurred at DALLAS city banks; at country banks in Southern and SAN FRANCISCO Western states the decline was relatively C) 2 A\ i ! 10 small. MAY 1940 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trend of Member Bank Earnings and Profits As would be expected, the rate of income on than central reserve city and reserye city securities varies only moderately among Fed- banks. Banks in these cities are required by eral Reserve districts. There are, however, law and tradition to hold larger cash reserves. substantial differences in rates earned among The proportions of loans to total assets and central reserve city, reserve city, and country of securities to total assets show considerable banks. A considerable part of this variation is variations among the several Federal Reserve presumably due to the greater proportion of districts. short-term issues held by central reserve city The proportion of time and savings deand reserve city banks, and a part is due to the posits to total deposits is larger for country relatively larger amounts of corporate secu- banks than for reserve city banks; for both rities held by country banks in some districts. of these classes the proportions are much Country banks as a group have a larger larger than that for central reserve city proportion of total assets in loans than cen- banks. Except at central reserve city banks tral reserve city and reserve city banks and the average rate of interest paid on time deabout the same proportion in investments. posits varies only moderately among districts. In other words, country banks employ a some- It is slightly higher at country than at rewhat larger proportion of their total assets serve city banks. SELECTED EARNINGS AND CONDITION RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS AND BY RESERVE CLASSIFICATION, YEAR 1939 [Ratios of aggregates expressed as percentages] tr d A i is c l - l ts B t o o s n - Y N o e r w k P p d h e h i l- i l a a- C la le n v d e R m i 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 i l a n i - p s - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Interest on Loans to Loans: Central reserve city banks 2.6 2.6 3.0 Reserve city banks 4.2 3.0 4.4 3.9 4.1 4.1 4.0 3.3 3.6 4.1 4.5 5.0 Country banks 5.4 4.7 4.9 5.1 5.6 5.4 5.7 5.3 5.5 5.8 7.2 7.0 6.0 All member banks 4.2 3.9 3.1 4.6 4.6 4.9 4.8 4.0 4.2 4.8 5.4 5.7 5.2 Interest on Securities to Securities: Central reserve city banks 1.7 1.7 2.0 Reserve city banks 2.4 2.3 2.6 3.0 2.5 2.2 2.4 2.0 2.3 2.4 2.1 2.2 2.3 Country banks 2.9 2.8 2.6 3.4 3.2 2.9 3.0 2.7 3.0 2.9 3.0 3.0 2.9 All member banks 2.3 2.6 1.9 3.2 2.7 2.5 2.7 2.2 2.6 2.7 2.4 2.5 2.4 Loans to Total Assets: Central reserve city banks._ 19.9 20.7 16.3 Reserve city banks 27.4 29.9 30.7 21.1 22.9 21.1 31.7 19.8 28.0 27.2 22.7 27.2 36.4 Country banks 30.6 32.0 28.9 30.8 30.3 37.1 29.6 26.5 31.8 26.7 31.3 31.1 37.7 All member banks 25.6 31.0 22.3 26.2 25.5 28.9 30.8 19.8 29.4 25.8 28.9 36.6 Securities to Total Assets: Central reserve city banks 38.1 36.9 43.6 Reserve city banks 36.5 25.3 39.1 38.8 42.6 41.4 28.6 43.7 34.4 32.7 31.4 26.6 37.1 Country banks 36.9 37.4 41.9 40.6 39.5 27.0 30.6 40.2 .34.2 40.9 28.7 25.4 29.8 All member banks 37.2 31.8 37.8 39.7 41.5 34.3 29.5 42.8 34.3 37.2 30.4 26.1 36.2 Total Earnings to Total Assets: Central reserve city banks 1.7 1.7 1.8 Reserve city banks 2.6 2.1 3.2 2.6 2.5 2.3 2.6 2.1 2.2 2.3 2.1 2.3 3.2 Country banks 3.4 3.2 3.2 3.5 3.5 3.3 3.2 3.1 3.3 3.5 3.8 3.5 3.9 All member banks 2.5 2.7 2.0 3.1 2.9 2.8 2.9 2.2 2.6 3.0 2.7 2.8 3.3 Net Earnings to Total Assets: Central reserve city banks Reserve city banks .9 .7 .7 .7 .7 Country banks 1.0 1.1 1.0 1.0 1.0 1.3 1.2 All member banks 1.0 .9 Net Profits to Total Assets: Central reserve city banks Reserve city banks .7 .7 .7 Country banks 1.0 1.1 .9 All member banks .5 .9 .7 .9 .7 Net Profits to Total Capital Accounts: Central reserve city banks 5.6 4.7 10.6 Reserve city banks 7.0 5.3 4.8 6.0 6.2 8.5 9.0 7.9 9.0 9.1 8.3 Country banks 6.5 5.2 4.9 4.0 6.3 7.4 8.6 8.8 7.9 7.4 9.9 9.3 9.2 All member banks 6.3 5.3 4.7 4.3 6.1 6.9 8.5 9.7 7.9 7.2 9.4 9.2 8.4 Dividends to Total Capital Accounts: Central reserve city banks 4.7 3.6 Reserve city banks 3. 4.0 3.2 5.1 2.6 4.2 3.9 2.3 4.2 3.2 3.0 4.0 5.5 Country banks * 2.8 2.9 2.3 2.5 2.2 3.3 3.3 2.3 3.3 3.2 4.7 4.3 3.7 All member banks 3.8 3.4 4.2 3.5 2.5 3.7 3.6 2.9 3.8 3.2 3.7 4.1 5.2 Interest on Time Deposits to Time Deposits: Central reserve city banks .5 1.2 Reserve city banks 1.3 1.1 1.3 1.3 1.3 1.4 1.1 1.2 1.2 1.0 1.2 1.4 Country banks 1.5 1.6 1.3 1.6 1.7 1.9 1.7 1.4 1.6 1.4 1.7 1.5 1.7 All member banks 1.4 1.5 1.0 1.5 1.5 1.7 1.6 1.2 1.4 1.4 1.3 1.4 1.5 Time Deposits to Total Deposits: Central reserve city banks 7.3 5. Reserve city banks ___ 28.1 7.9 42.6 16.5 31.0 22.1 19.7 30.8 17.6 18.9 13.6 15.3 47.9 Country banks 44.2 39.4 51.3 57.3 52.6 39.7 30.6 45.1 39.6 46.6 25.4 16.4 44.5 All member banks... 25. 27.7 13.8 37.1 38.6 30.6 24.6 27.0 25.9 34.2 17.7 15.8 47.4 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1937 by HASKELL WALD Division of Research and Statistics T HE recent publication of data compiled panying chart, total estimated demand defrom corporation income tax returns for posits, after being adjusted for transit items, the year 1937 has made it possible to estimate amounted to $23,370,000,000 on December 31, the distribution of demand deposits by eco-1937. This total was $1,400,000,000 less than nomic classes of depositors as of December at the end of the preceding year and marked 31, 1937. The information contained in this a reversal in the upward trend in demand report represents a continuation of the study deposit holdings since 1933. Business enter- DISTRIBUTION OF DEMAND DEPOSITS BY GLASSES OF DEPOSITORS ESTIMATED FIGURES FOR END-OF-YEAR DATES AMOUNTS OF DEPOSIT HOLDINGS PER CENT OF TOTAL BILLIONS OF DOLLARS 28 PUBLIC BODIES UNCLASSIFIED 1933 published in the Federal Reserve BULLETIN prises, financial groups, and public bodies for October 1939. For a description of theshared in this decline, but there was a conmethods employed in building up these esti- tinued increase in the deposit holdings of the mates and for a discussion of some factors unclassified remainder, comprising mainly affecting the comparability and limiting the consumer balances, large balances of individaccuracy of the figures, the reader is referred uals, and balances of nonprofit organizations to the earlier report. and some unincorporated groups for which As shown in Table 1 and in the accom- no estimates could be made. Because of this, 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. MAY 1940 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits by Classes of Depositors, 1937 the amount of deposits in the unclassified percentage increase was experienced by the category increased from 27 per cent of the finance group. It should be noted, however, adjusted total on December 31, 1936 to 29 that the major part of this increase occurred per cent on December 31, 1937, while the between the end of 1933 and the end of 1935 percentage holdings of business and public and that this can be partly explained by the bodies declined by a small amount, and the abolition of the privilege of filing consoliper cent of the adjusted total held by the dated income tax returns in 1934. This finance group remained about the same. Themeant that certain holding companies were right-hand side of the chart illustrates the listed under business categories in 1933 and Table 1 DISTRIBUTION OF DEMAND DEPOSITS BY ECONOMIC CLASSES OF DEPOSITORS [In millions of dollars] Amounts of deposits Increase or decrease (—) Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1933-35 1935-36- 1936-37 1933-37 1933 1935 1936 1937 Total demand deposits * 17,470 26,600 29, 970 28, 020 9,130 3,370 -1,950 10, 550 Less items in transit2 2 400 4 740 5 200 4 650 2,340 460 -550 2,250 Total demand deposits adjusted for transit items 15,070 21,860 24,770 23, 370 6,790 2,910 -1, 400 8,300 Business—total 6,120 7,640 8,480 7,740 1,520 840 -740 1,620 Corporations engaged in: Manufacturing, mining, and construction _ 2,800 3,450 3,690 3,450 650 240 -240 650 Transportation and other public utilities _ 980 1,080 1,340 1,000 100 260 -340 20 Trade, service, and miscellaneous 1,120 1,500 1 680 1,590 380 180 -90 470 Noncorporate enterprises 3 .. __ 1,220 1,610 1,770 1,700 390 160 -70 480 Finance—total _ 2,390 4,960 '5, 370 5,110 2,570 410 -260 2,720 Corporations engaged in: Insurance 560 920 950 . 890 360 30 -60 330 Other finance . 820 1,740 1,570 1,500 920 -170 -70 680 Domestic noncorporate and foreign: Security brokers __ __ 200 200 '300 280 100 -20 80 Banks' trust departments . 440 1,060 1,240 1,030 620 180 -210 590 Foreign banks _._ __ 130 440 530 630 310 90 100 500 Other foreigners 4 240 600 780 780 360 180 540 Public bodies—total... 2,690 4,130 4,160 3,640 1,440 30 -520 950 U. S. Treasury 1 020 1 460 1 240 970 440 —220 —270 -50 Other public bodies .. 1,670 2,670 2,920 2, 670 1,000 250 -250 1,000 Unclassified—balances of individuals, nonprofit organizations, etc.5.. 3, 870 5,130 »-6, 760 6,880 1,260 1,630 120 3,010 r Revised. 1 Total demand deposits are partly estimated and exclude domestic interbank deposits. 2 Includes amount reported as in process of collection by banks and estimated amount of items in transit between depositors. Method of estimation explained in Federal Reserve BULLETIN, October 1939, p 872. 3 Excludes professional service, agriculture, finance, transportation, and public utilities. 4 Includes foreign bank deposits with nonmember banks. 5 Accounts of individuals with balances of $100,000 and over, as reported by the 98 largest member banks, amounted to $280,000,000 on December 31, 1933 and $430,000,000 on December 31, 1935. No similar information is available for 1936 or for 1937. changes in the percentage distribution of the under finance in subsequent years, the result deposit holdings. being an understatement of the increase in The shift in the demand deposit holdings business balances and an overstatement of of the various classes of depositors between the increase in financial deposits. The in- December 31, 1933, and December 31, 1937, crease in financial deposit balances between is shown in Table 2 in terms of index num- December 31, 1935, and December 31, 1937, bers based upon the amount of deposit hold- was essentially due to the increased holdings ings on December 31, 1933. At the end of of foreign banks and individuals. 1937, total demand deposits excluding items The largest absolute amount of increase in in transit were 55 per cent above the total deposits between the end of 1933 and the end amount of deposit holdings at the end of 1933. of 1937 was in the unclassified category. During this four-year period the greatest The deposits of this class increased steadily 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits by Classes of Depositors, 1937 throughout this period and at the end of 1937 amounted to $3,010,000,000 more than at the end of 1933. Business deposits were 26 per cent higher on December 31, 1937, than on December 31, 1933, but since this rate of growth was considerably below the rate of increase of the deposit holdings of the other groups, the per cent of the total deposits held by business enterprises declined from 41 per cent to 33 per cent between these two dates. The deposit holdings of public bodies declined by one-eighth between December 31, 1936, and December 31, 1937, but still remained 35 per cent above their 1933 level. It appears that the decline in demand deposits of State and local governments during 1937 reflected principally a shifting of public funds from demand to time deposits. Although the United States Treasury's bank deposits were 5 per cent less at the end of 1937 than four Table 2 ESTIMATED CHANGE IN DEMAND DEPOSIT HOLDINGS BY CLASSES OP DEPOSITORS, DECEMBER 31, 1933 TO DECEMBER 31, 1937 [Index'numbers, 1933=100] Dec. 31, 1933 Total demand deposits 1 100 Items in transit2 100 Total demand deposits adjusted for transit items 100 Business—total 1 100 Corporations engaged in: Manufacturing, mining, and construction 100 Transportation and other public utilities 100 Trade, service, and miscellaneous. .. 100 Noncorporate enterprises3 100 Finance—total 100 Corporations engaged in: Insurance 100 Other finance 100 Domestic noncorporate and foreign: Security brokers 100 Banks' trust departments 100 Foreign banks 100 Other foreigners 4 100 Public bodies—total U. S. Treasury Other public bodies Unclassified—balances of individuals, nonprofit organizations, etc III years earlier, the amounts of demand deposits held by other public bodies had increased substantially. Continuing the table on time deposits presented in the previous report, Table 3 summarizes the estimated time deposit holdings of the several classes of depositors. It appears that total time deposits increased $860,000,000 during 1937, and that this increase occurred in the holdings of public bodies and the unclassified group. Business and financial enterprises held an estimated $100,000,000 less in time deposits on December 31, 1937 than on December 31, 1936. In contrast to the 55 per cent increase in the amount of demand deposits between the end of 1933 and the end of 1937, titfie deposits increased only 20 per cent between these two dates. This more rapid growth in demand deposits has in part resulted from the decline in the rate of interest paid on time deposits. Large time accounts in most leading cities no longer receive any interest. Table 3 DISTRIBUTION OF TIME DEPOSITS BY ECONOMIC CLASSES OF DEPOSITORS Dec. Dec. Dec. [In millions'of dollars] 31, 31, 31, 1935 1936 1937 Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1933 1935 1936 1937 152 172 160 198 217 194 Total time deposits 1 '21, 790 '24,230 25,400 26,260 145 164 155 Business enterprises—total 610 680 610 125 139 126 Corporate 940 510 570 500 Noncorporate (excluding 123 132 123 professional service, agriculture, finance, transpor- 110 137 102 tation, and public utilities) 140 100 110 134 150 142 132 145 139 Financial enterprises—total 400 470 410 208 225 Corporate 200 290 290 270 Domestic noncorporate and 164 170 159 foreign 200 180 150 140 212 191 183 Public bodies—total 410 350 590 100 150 140 241 282 234 Unclassified (balances of indi- 339 408 485 viduals, nonprofit organiza- 250 325 325 tions, and those unincorporated enterprises for which no 154 155 135 separate estimates could be 143 122 95 made) '19, 960 '22, 740 23,930 24, 650 160 175 160 ' Revised. 100 133 175 178 i Total time deposits are partly estimated and include deposits with mutual savings banks and with the Postal Savings System. Postal Savings redeposits with banks and domestic interbank deposits are For footnotes see Table 1. excluded. MAY 1940 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttam the £oatd*5 (Zottelviondence i J 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 Boardfs 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. ofi the Monetary (fold Utoclt A BOUT a year ago Senator Glass forwarded held in the Treasury is vested in the United to the Board of Governors an inquiry from States. The great bulk of this gold has Senator Bankhead regarding the ownership been indirectly added to the money supply of gold in the possession of the Treasury. The of the country through the issuance of gold Board's reply, dated April 24, 1939, was re- certificates against it. In the following printed on pages 7418 and 7419 of Volume 84, paragraphs there is a brief discussion of Part 7, of the Congressional Record of the several phases of this question. Seventy-Sixth Congress, First Session, under "1. Of the $15,500,000,000 of gold which date of June 19, 1939. the Treasury holds, $12,700,000,000 is Some of the figures, of course, have changed pledged as security against an equal during the intervening year. As of April 24, amount of outstanding gold certificates 1940, the Treasury held $18,700,000,000 in (including credits payable in such certifigold, of which $16,400,000,000 was pledged cates). Under existing law this gold canagainst an equal amount of outstanding gold not be used for any other purpose so long certificates and gold certificate credits. The as the certificates are outstanding. In addidifference between these two figures, amount- tion, $156,000,000 is held by the Treasury ing to $2,300,000,000, consists of several pursuant to law as a reserve against United items, including approximately $2,100,000,000 States notes. in gold that has not been put to active use. "2. All but a small amount of the gold The increase in the country's monetary certificates now outstanding have been gold stock during the year ending April 24, issued by the Treasury to obtain gold or 1940 amounted to $2,995,000,000, making a credits from the Federal Reserve banks. total increase of $11,690,000,000 since Jan- The Federal Reserve banks acquired uary 31,1934, when gold was revalued. Mem- $3,600,000,000 of new gold certificates in ber bank reserve balances now amount to ap- exchange for their gold reserves which proximately $12,885,000,000, of which more they transferred to the Treasury in Janthan $10,000,000,000 has been acquired since uary 1934. The remaining gold certifi- January 31, 1934. Of the total volume of cates which they hold have been issued member bank reserve balances, upwards of largely for gold purchased by the Treasury $6,000,000,000 is in excess of requirements. since that time. The gold is paid for by drafts on the Treasury's account with the "Honorable Carter Glass, Federal Reserve banks. Having acquired United States Senate, the gold, the Treasury then replenishes its Washington, D. C. account at these banks by issuing gold "Dear Senator Glass: certificates to them. The results of the "In reply to the questions raised in Sena- operation are that (1) the Treasury has tor Bankhead's letter of March 21, which acquired the gold, (2) the Federal Reserve you enclosed with your letter of March 30, banks have acquired gold certificates, (3) the Board wishes to state that title to gold the Treasury's balances at the Reserve 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence banks have been maintained, (4) an equiv- der of the unused gold, about $700,000,000, alent amount of reserve funds has been is in the General Fund of the Treasury. To paid out and added to member bank re- the extent that the Treasury puts this serves, and (5) deposits held by the public $2,500,000,000 to use in the form of gold and available for payments either by check certificates, additional funds will be disor in currency have increased. In brief, bursed and member bank reserves will be the effect of the gold inflow on the banking further increased. and credit situation has been the same as "5. Since the existing supply of currency would have been that of an inflow of gold and deposits in the hands of the public is under the automatic gold standard. considerably greater than in 1929 and is "3. Since January 31, 1934, more than not being actively used, since the commer- $8,000,000,000 of gold has been purchased cial banks have an unprecedented volume in this manner and member bank reserves of excess reserves readily available for a have increased from about $2,000,000,000 further expansion of currency and deposits, to $9,000,000,000. This increase in mem- and since the Federal Reserve System ber bank reserves presents a serious poten- stands ready to supply additional funds tial problem from the point of view of whenever such action will serve the public control of an inflationary situation if one welfare, the Board believes that additional should develop. issues of Treasury currency to the public, "4. About $2,500,000,000 of gold in the whether related to the gold stock now held Treasury has not yet been put to active use or not, can serve no useful monetary purand is therefore at the free disposition pose at this time and would make the probof the Treasury. The Stabilization Fund lem of excessive bank reserves in the future holds $1,800,000,000 of this gold, repre- more difficult to handle." senting a portion of the profit realized Sincerely yours, when the gold content of the dollar was reduced, and the price of gold was raised M. S. ECCLES, from $20.67 an ounce to $35. The remain- Chairman. Annual Report for 1939 Meeting of Chairmen of the Federal Reserve Banks The Annual Report of the Board of Gover- The Spring meeting of the Chairmen of the nors for 1939 was presented to Congress on Federal Reserve Banks was held on April April 20, 1940. As in 1939, the Annual Re- 12-14, 1940. The meeting was attended by port this year was issued in one edition. Pre- all Chairmen and by members of the Board viously, a brief edition of the Report, contain- of Governors. ing the text and the records of policy actions, was published considerably in advance of the complete edition, which included a large number of statistical tables and some other appen- Election of Class B Director dix material. This additional material is now The Federal Reserve Bank of Cleveland on made available in the Federal Reserve Bul- April 12 announced the election of Thomas E. LETIN and in other publications and releases Millsop, President, Weirton Steel Company, of the Board. Weirton, West Virginia, as a Class B director Copies of the Annual Report may be ob- of the Bank for the unexpired portion of the tained upon request. term ending December 31, 1942. MAY 1940 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oteian Hankina Jlaw* and ial rinancia eadutel On February 29, 1940, a convention was By virtue of the law.of December 8, 1939, modifyconcluded between the Bank of France and ing article 36 of the law of July 11, 1938; The Council of Ministers concurring: the State providing for: Decrees: (1) Revaluation of the Bank's gold re- ARTICLE 1. The convention entered into on Febserves on the basis of 23.34 milligrams gold ruary 29, 1940, between the Minister of Finance and 0.900 fine per franc, the Governor of the Bank of France, the text of which is annexed to the present decree, is approved. (2) Application of the "gold profit" of ap- ART. 2. For the duration of hostilities, the Exproximately 17,300,000,000 francs thus reachange Stabilization Fund, established by article 3 of lized by the Bank, supplemented by certain the law of October 1, 1936,3 shall be authorized to other funds drawn from the Exchange Stabi- invest its liquid franc assets temporarily in threelization Fund, to the repayment in full of month Treasury bills. ART. 3. The President of the Council, Minister of advances of approximately 20,500,000,000 National Defense, of War, and of Foreign Affairs, francs made by the Bank to the Treasury and the Minister of Finance, each insofar as he is conunder the convention of November 12, 1938,1 cerned, are charged with the execution of the present (3) Cession by the Bank to the State, for decree, which shall be submitted for ratification to account of the Stabilization Fund, of 30,000,-the Chambers in conformity with the provisions of the law of December 8, 1939. 000,000 francs in gold valued on the new basis, against delivery to the Bank of an Done at Paris, February 29, 1940. equal face amount of negotiable three-month ALBERT LEBRUN. Treasury bills, and By the President of the Republic: The President of the Council, (4) Opening of a fresh credit at the Bank Minister of National Defense, in favor of the State authorizing temporary of War, and of Foreign Affairs, advances to the Treasury of 20,000,000,000 EDOUARD DALADIER. The Minister of Finance, francs in addition to the 25,000,000,000 PAUL REYNAUD. francs already authorized under the convention of September 29, 1938.2 Convention Between the Minister of Finance and the A Presidential decree issued on the same Governor of the Bank of France day approved this convention, and authorized Between the undersigned, M. Paul Reynaud, Minthe Exchange Stabilization Fund to invest its ister of Finance, acting on behalf of the State, and M. Pierre Fournier, Governor of the Bank of France, liquid franc assets temporarily in three- duly authorized by decision of the general council of month Treasury bills. The texts of the decree the Bank of France, under date of February 29, 1940, it has been agreed as follows: and of the convention are given in translation below. I. REVALUATION OF GOLD RESERVE—REIMBURSEMENT OF PRE-WAR ADVANCES TO THE STATE Decree Approving a Convention Entered Into Between the ARTICLE 1. The Bank shall proceed to revalue its State and the Bank of France gold reserve and its available foreign exchange hold- The President of the French Republic, ings under conditions set forth in article 1 of the On the report of the President of the Council, Min- convention of September 25, 1936,8 on the basis of a weight of 23.34 milligrams gold 0.900 fine per franc. ister of National Defense, of War, and of Foreign Affairs, and of the Minister of Finance, 3 See BULLETIN for November 1936, pp. 878-880. 1 See BULLETIN for January 1939, p. 30. 2 See BULLETIN for November 1939, pp. 976-977. 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports ART. 2. The increment resulting from the revalu- note circulation serving as the basis for calculation ation provided for in the preceding article shall be of royalties and of stamp tax as provided by the laws applied in conformity with the provisions of article and conventions now in effect. 8 of the convention of November 12, 1938,1 to the ART. 8. The State shall pay to the Bank, as reimdefinitive repayment in due measure of the tem- bursement for expenses incurred in connection with porary advances granted to the Treasury by the the transactions mentioned in the preceding articles, Bank of France in application of article 3 of the a commission equal to 0.3 percent per annum of the above-mentioned convention.1 nominal amount of the negotiable bills delivered to it. The balance not so repaid shall be made up from This commission shall be paid, quarterly and in adliquid assets of the Exchange Stabilization Fund. vance, at the time of the delivery of the negotiable bills and their successive renewals. II. TRANSFER OF GOLD BY THE BANK OF FRANCE TO THE STATE AND DELIVERY IN RETURN OF NEGOTIABLE III. NEW ADVANCES TO THE STATE TREASURY BILLS ART. 9. The Bank of France agrees to grant to ART. 3. The Bank of France shall transfer to the the State, upon request by the Minister of Finance, State, for account of the Exchange Stabilization and in addition to the advances provided in article 1 Fund, gold drawn from its reserve to an amount of of the convention of September 29, 1938,2 temporary 30,000,000,000 francs, on the basis of a weight of advances up to 20,000,000,000 francs. 23.34 milligrams gold 0.900 fine per franc. ART. 10. In return for the advances granted in ART. 4. In return for the transfer provided for in application of article 9 of the present convention, nonarticle 3 of the present convention, the Bank of interest-bearing three-month Treasury bills shall be France shall receive in the nominal amount of 30,delivered, renewable until repayment of the above- 000,000,000 francs three-month Treasury bills bearing mentioned advances. interest at the prevailing rate for ordinary Treasury ART. 11. The Bank of France shall receive as rebills with a maturity of 75 to 105 days and negotiable imbursement for expenditures incurred by it in on the market. supplying the advances mentioned in article 9 of the ART. 5. The Bank of France shall enter on a present convention, a commission of 0.5 percent per special line on the assets side of its balance sheet the annum of the actual amount of these advances. nominal amount of negotiable bills which it shall ART. 12. The provisions set forth in article 8 of have received in execution of the provision of article the convention of November 12, 1938,1 regarding re- 4 of the present convention. payment of advances granted in accordance with On the liabilities side of its balance sheet the article 3 of the said convention, shall apply also to Bank shall show under the heading "Interest account" the definitive repayment of the advances provided (compte annexe d'interets), an account designated for in article 1 of the convention of September 29, to receive the necessary funds for interest service 1938,2 and in article 9 of the present convention. due to purchasers of these bills in case they are ART. 13. The amount of the advances granted, in placed on the market. execution of article 9 of the present convention, shall The conditions for the administration of the two not be included in the figure of the productive note above-mentioned accounts shall be agreed upon in an circulation serving as the basis for calculation of the exchange of letters between the Minister of Finance royalties and of stamp tax as provided by the laws and the Governor of the Bank of France. and conventions now in effect. ART. 6. In case of retrocession of the gold by the ART. 14. The present convention is exempt from State to the Bank the amount of negotiable bills re- stamp and registration taxes. ferred to in the preceding articles shall be correspondingly reduced. Done at Paris, in duplicate, February 29, 1940. If the amount of such negotiable bills held in port- Read and approved: folio by the Bank is less than the amount of the gold The Minister of Finance, returned, a new convention shall specify the terms of the transaction. PAUL REYNAUD. ART. 7. The amount of negotiable bills received Read and approved: by the Bank in execution of the present convention The Governor of the Bank of France, shall not be included in the figure of the productive PIERRE FOURNIER. 1 See BULLETIN for January 1939, p. 30. 2 See BULLETIN for November 1939, pp. 976-977. MAY 1940 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports UtitUk A(Mi}atbn af United StaUi VoUat Secatitie* On April 14, the British Treasury issued lentral Hanover Bank and Trust Company an order marking the second stage of its Ihemical Bank and Trust Company program for mobilizing the United States ihesapeake and Ohio Railway Company dollar securities in the hands of British in- !hicago Pneumatic Tool Company vestors. This program was initiated on Feb- Chrysler Corporation ruary 18 with an order requisitioning the Jliffs Corporation holdings of British residents in 60 Ameri- Consolidated Gas Electric Light and Power Company can stocks.1 The present order instructs Brit- of Baltimore ish holders of over 100 securities denomi- Consolidated Oil Corporation nated in United States dollars (in one case, Continental Illinois National Bank and Trust Comonly with optional payment in dollars) to pany deliver them forthwith to the Bank of Eng- Continental Insurance Company (New York) land as agent of the British Treasury; pay- Deere and Company ment is to be effected on April 29 in the ster- Eagle-Picher Lead Company ling equivalent (at the official buying rate for Electric Auto-Lite Company dollars of $4.03^ to the pound) of the clos- Fairbanks, Morse and Company ing market prices of the securities in New First National Stores, Inc. York on April 13. Flintkote Company Official British pronouncements in connec- General Electric Company (New York) tion with the present order contained the General Foods Corporation following statement: "Certainly it does not General Refractories Company follow simply because a second order has been Guaranty Trust Company (New York) made that all the stocks acquired by the Treas- Hecla Mining Company ury under the first order have already been Household Finance Corporation sold; less still is it to be inferred, merely Humble Oil and Refining Company because a longer list of securities is now being International Business Machines Corporation called up, that the whole of the dollar pro- International Harvester Company ceeds realized by any such sales have already Jones and Laughlin Steel Corporation been used up in purchases of United States Kroger Grocery and Baking Company war materials." Orders with respect to additional United States dollar securities will no Lambert Company doubt be announced from time to time. Lone Star Cement Corporation In contrast to the previous mobilization May Department Stores Company order, the present list of affected securities National City Bank of New York contains a considerable number of preferred National Lead Company stocks and bonds, the latter including several New York Central Railroad Company issues by foreign obligors. The complete list Omnibus Corporation is produced below: Otis Elevator Company Pacific Gas and Electric Company Common Stocks Packard Motor Car Company Philip Morris and Company, Ltd., Inc. Air Reduction Company, Inc. Pullman, Inc. Alpha Portland Cement Company Schenley Distillers Corporation American Car and Foundry Company Starrett (L. S.) Company American Cyanamid Company (Class B) Tide Water Associated Oil Company American Fork and Hoe Company United Carbon Company Baldwin Locomotive Works (voting trust certificates) United Shoe Machinery Corporation Bethlehem Steel Corporation United States Rubber Company Bohn Aluminum and Brass Corporation United States Steel Corporation Borden Company Wesson Oil and Snowdrift Company, Inc. Bristol-Myers Company Western Union Telegraph Company Case (J. I.) Company Wilson and Company, Inc. Celotex Corporation Worthington Pump and Machinery Corporation Yale and Towne Manufacturing Company 1 See BULLETIN for March 1940, pp. 206-207. Youngstown Steel Door Company 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports British Mobilization of United States Securities Preferred Stocks Radio Corporation of America, $3.50 cumulative con- American Car and Foundry Company, 7% non- vertible first preferred stock cumulative preferred stock Union Pacific Railroad Company, 4% non-cumulative preferred stock American Superpower Corporation, $6 cumulative first preferred stock Virginia Railway Company, 6% cumulative preferred Armour and Company (Illinois), $6 cumulative con- stock vertible prior preferred stock Bonds Bethlehem Steel Corporation, 7% cumulative preferred stock Atchison, Topeka, and Santa Fe Railway Company, Buffalo, Niagara, and Eastern Power Corporation, Adjustment 4% Gold Bonds due 1995 (bearer $5 cumulative first preferred stock and $1.60 cumu- and registered, stamped and unstamped), and Genlative preferred stock eral Mortgage 4% Gold Bonds due 1995 (bearer Central Power and Light Company, 1% cumulative and registered) preferred stock Baltimore and Ohio Railroad Company, First Mort- Chartered Investors Inc., $5 cumulative preferred gage 4% Gold Bonds due 1948 stock Central Pacific Railway Company, First Mortgage Chicago Pneumatic Tool Company, $2.50 prior cumu- Refunding 4% Gold Bonds due 1949 (bearer and lative convertible preferred stock registered) Cleveland-Cliffs Iron Company, $5 cumulative pre- Consolidated Cities Light, Power, and Traction Comferred stock pany, First Lien 5% Gold Bonds due 1962 Continental Gas and Electric Corporation, 7% cumu- Cuba, External Secured Sinking Fund 4V % Bonds lative prior preference stock 2 due 1977 Crane Company, 5% cumulative convertible preferred Electric Power and Light Corporation, 5% Gold stock Debentures due 2030 Engineers Public Service Company, $5.50 cumulative Illinois Central Railroad Company, 4%% Gold Bonds preferred stock due 1966 Georgia Power Company, $6 cumulative preferred International Railways of Central America, First stock Mortgage 5% Gold Bonds due 1972 (sterling issue Houdaille-Hershey Corporation, $2.50 cumulative convertible preference stock (Class A) and dollar issue—both issues payable in sterling Jersey Central Power and Light Company, 5%% or in dollars at fixed rate of $4.86%) cumulative preferred stock Japan, External Sinking Fund 6V 2 % Bonds due 1954 Massachusetts Utilities Associates, 5% cumulative (dollar issue) convertible participating preferred stock Kansas City Southern Railway Company, Refunding Midland Steel Products Company, 8% cumulative and Improvement 5% Gold Bonds due 1950 (bearer first preferred stock and registered) Mississippi Power and Light Company, $6 cumula- Kansas City Terminal Railway Company, First Morttive first preferred stock gage 4% Gold Bonds due 1960 New York, Chicago, and St. Louis Railroad Com- New York Central and Hudson River Railroad Company, 6% cumulative preferred stock (Series A) pany, Refunding and Improvement Gold 4%% Ohio Edison Company, $7 cumulative preferred stock Bonds due 2013 (Series A) Philadelphia Company, 6% cumulative preferred Northern Pacific Railway Company, Prior Lien 4% stock Gold Bonds due 1997 (bearer and registered) Prudential Investors Inc., $6 cumulative preferred Southern Railway Company, Development and Genstock eral Mortgage 4% Gold Bonds due 1956 (Series A) Public Service Corporation of New Jersey, 6% cumu- Union Pacific Railroad Company, First Lien and Relative preferred stock funding 4% Gold Bonds due 2008 MAY 1940 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports Annual JQapott oj) tka Hank ofi (2anada The fifth annual report of the Bank of Much the largest part of the increase in Canada, for the calendar year 1939, was sub-active note circulation took place during the mitted to the Minister of Finance of the latter part of the year, when normal seasonal Dominion on February 10, 19%0, by the Gov-expansion was considerably exceeded. The ernor of the Bank, Mr. Graham Ford Towers.large wheat crop and higher farm income un- The text of the report, with the omission of doubtedly contributed to this rise, as also brief sections relating to security issues and would rising business activity, increasing markets in Canada in recent years and to the payrolls and stimulation of retail trade durinternal operations and personnel of the ing the last few months of 1939. In addition, Bank, is given herewith.1 it is probable that some of the increase was In dealing with the statement of accounts required to replace United States bills which for the year 1939,1 propose to show the major were returned to that country because of the changes on the year in the form of a table premium on U. S. funds. indicating the effect of these changes on the Reserves.—Gold coin and bullion held by chartered banks' cash reserves, to comment the Bank at the year end were valued at $225,on certain of the individual items, and then to 677,000, an increase of $39,765,000. The adrefer to the reasons underlying the policy dition of 603,431 ounces to our stock of gold which has been followed. accounts for $21,152,000 of this increase. The remainder is attributable to the change in [In millions of dollars] the premium on U. S. dollars, since our gold stock under the Exchange Fund Act of 1935 Changes Changes producing producing is valued at market price in Canadian funds. a decrease in an increase in chartered chartered The premium was 31/32 of 1 per cent on banks' cash banks' cash December 31, 1938 and 10 per cent at the end of 1939. Increase in gold coin and bullion 39.8 Increase in sterling and U. S. A. dollars. 36.0 During the last three years, we have in- [ncrease in Dominion and Provincial Government securities ._ 46.3 creased our gold and foreign exchange hold- Increase in active circulation 43.8 ings from time to time, partly because of a Increase in Dominion Government balances 29 6 desire to maintain a liquid reserve appro- Increase in "Other deposits" 14.8 Increase in "Rest fund" .5 priate to our growing note and deposit liabili- Other net changes 3.3 ties, and partly because of the prospect that 92.0 122.1 we would stand in need of such additional Deduct 92.0 foreign resources as could conveniently be Increase in chartered banks' cash reserves accumulated-, if war broke out. It was the (Notes of and deposits with Bank of Canada) 30.1 latter consideration which prompted the increase in our gold holdings during the first Notes in circulation.—Our note issue at the four months of 1939. Sterling and U. S. dolend of December was $232,779,000, up $57,lar exchange holdings of the Bank as at De- 520,000 from the previous year. Of this incember 30 last were $64,325,000, an increase crease $13,736,000 was held by the chartered of $35,970,000 over the preceding year. banks. The remainder, $43,784,000, repre- Investments.—^The remainder of the insented larger holdings on the part of the gencrease in our assets during 1939 was in holderal public. A decline of $3,696,000 in the ings of Dominion and Provincial Governnote issues of the chartered banks offset to ment securities, which on December 30 were that extent the increase in the public's hold- $231,773,000. This represented an increase ings of Bank of Canada notes, leaving the net of $46,257,000 for the year, of which $37,increase in active note circulation $40,088,000 276,000 was in securities maturing in less on the year. On the basis of daily averages, than two years, and $8,981,000 in securities the increase was $11,600,000 or 5.7 per cent of a maturity longer than two years. On the as compared with 2.6 per cent between 1937 basis of the Wednesday figures published in and 1938, and 10 per cent between 1936 and our weekly statement, total investments aver- 1937. aged only $4,500,000 more in 1939 than in 1 For previous reports see BULLETIN for May 1939, June, 1938, the year 1938. April 1937 and 1936. 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports Bank Rate.-—Bank Rate has remained un- and after exchange control was instituted in changed throughout the year at 2^ per cent. the United Kingdom early in September, the As in previous years, there has been very official buying and selling rates on New York little need for banks to borrow. established a middle rate of $4.03. Chartered banks9 cash reserves.—As I have The Canadian dollar was also stable during indicated in the table (see p. 410) our trans- the earlier period, the premium on U. S. actions during the year had the effect of in- dollars remaining less than one per cent. creasing the cash reserves of the chartered Foreign purchases of Canadian securities banks by $30,100,000. During 1939, the continued in considerable volume, and our banks' Canadian dollar deposits rose by $352,- current account balance of payments re- 000,000, and at the year-end their ratio of mained strong. It is, therefore, not surpriscash to deposits was 10.1 per cent, as com- ing that the Canadian dollar held at only a pared with 10.3 per cent at the end of 1938. small discount in New York, in spite of the The increase in deposits, and the need for position of sterling. additional cash resources, were related to In the last days of August, however, it certain major developments to which I am dropped sharply, and by the time Canada had referring below. declared war, the premium on U. S. funds Most of the increase In the assets and liabil- was l1/^ per cent. By the end of the followities of the banks took place during the last ing week, the premium had risen to about 11 four months of the year, and was caused by per cent, with an appreciable outflow of capian expansion of loans to finance the 1939 tal coming into evidence. On September 16, wheat crop—the second largest on record— the Dominion Government established forand by the purchase of $200,000,000 of secu- eign exchange control. Since that time, the rities from the Dominion Government. The premium on U. S. funds in Canada has been securities took the form of 2 per cent obliga- 10 per cent buying and 11 per cent selling. tions, which mature on October 16, 1941, but The corresponding rates on sterling have are callable by the Dominion Government on been $4.43 and $4.47. or after October 16, 1940, on thirty days' Balance of payments.—Preliminary calcunotice. lations of Canada's balance of international This short-term financing conformed to the payments in 1939, made by the Dominion programme outlined in the Budget Speech at Bureau of Statistics, indicate that the net the Emergency Session of Parliament. While surplus on current account was appreciably it was recognized that Canada's war expen- greater than the revised 1938 figure of $189,diture as a whole should be met by taxation 000,000. Exports of merchandise other than and borrowing of savings, it was thought de- gold rose by $85,000,000, and net non-monesirable that, in the initial stage, financing by tary gold exports by $25,000,000. A $65,the Dominion Government should take a 000,000 increase in imports left the favourform which would not in any way hamper able trade balance about $45,000,000 greater the process of adjustment necessitated by than in 1938, and our net receipts on tourist war. I am referring to this subject again in account showed little change. On the other the last section of my report. hand it is estimated that net interest and divi- Securities.—Apart from the Dominion's dend payments to non-residents were slightly October Loan, the amount of new government higher, and that net payments on account of issues in the latter part of 1939 was appre- freight and other service items also rose. ciably below recent levels. New corporate During the first part of the year it appeared financing, however, continued to be in some- probable that an even stronger total current what greater volume than in 1937 or 1938. account position would be shown, for the It is estimated by the Dominion Bureau of whole of the net rise in imports took place Statistics that net repatriations of Canadian in the last four months. securities have totalled about $650,000,000 The small increase in net interest and divsince 1932, some $400,000,000 of the total idend payments, which has been mentioned having occurred since 1935. above, deserves further comment. Chiefly Foreign exchange.—Despite the pressure of as a result of repatriation, net interest paysubstantial capital movements, the sterling- ments to non-residents followed the trend of U. S. dollar rate remained steady during the recent years, and recorded a further decline. first part of 1939, in the neighborhood of This is after allowing for the effect of the $4.68. Late in August, the rate fell sharply, premium on U. S. funds in the latter part of MAY 1940 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports the year, as all items in the balance of pay- tion which is not required by underlying conments are expressed in terms of Canadian ditions, and may ease the process of adjustdollars. The increase in net dividend pay- ment to the new situation. This was the case ments to non-residents which has taken place in the latter part of 1939. But, as was pointed since the depth of the depression has, of out in the Budget Speech of last September, course, been closely associated with, and in its credit expansion should be confined to this effect upon the balance of payments offset by, initial phase. expanding mineral exports. If production for war purposes is expanded General.—Last spring, I was present at the in any given period by more than the amount meetings of the Banking and Commerce Com- by which production of all kinds can be mittee of the House of Commons, when cer- physically increased, then it must encroach tain aspects of monetary and fiscal policy upon the volume of goods and services which were discussed at length. By order of the can be made available for other purposes. Committee, certain memoranda and tables To the extent that Government expenditure is which were presented in this connection have not financed by taxes or loans which correbeen published in the form of a booklet. spondingly reduce private expenditure, it is At that time, discussion centered upon the necessarily financed by an increase in the problems of depression, and I had occasion effective money supply. Beyond a certain to emphasize the special limitations which are point, this latter method curtails real private imposed upon monetary policy in Canada by expenditure in terms of goods and services the character of the Canadian economy. More just as surely as if private spending had been than one-third of the total real income of reduced directly by tax or loan. It does so by Canadians in terms of goods and services is means of an inflationary rise in prices. earned directly from sales to other countries. Recollecting the effect of developments of In the absence of structural changes, which this character during and after the war of lessen our dependence on export trade, it is 1914-18, various countries have expressed clear that no amount of internal monetary the intention of doing everything possible to stimulus can fully offset the effect upon Can- avoid a repetition of inflation during the ada of a low level of foreign demand for present struggle. The success of such an effort Canadian goods and services. in any country where it is made will, no War, on the other hand, gives rise to such doubt, largely depend upon the degree of a demand for goods and services of certain public understanding and acceptance of the types, that monetary action to stimulate pro- fact that the direct form of sacrifice is more duction becomes unnecessary. It is true that, equitable, and in the long run less costly, in the initial period of shock and transition, than any other method of dealing with the credit expansion may help to prevent liquida- financial problems of a war. BALANCE SHEET OF THE BANK OF CANADA AS OF DECEMBER 30, 1939 AND DECEMBER 31, 1938 [In thousands of dollars] Dec. 30, Dec. 31, Dec. 30, Dec. 31, 1939 1938 Liabilities 1939 1938 Reserve—at market value: Capital: Gold coin and bullion 225,677 185, 912 Authorized, issued and paid up: Sterling and U. S. A. dollars 64,325 28, 354 100,000 shares, par value $50 each 5,000 5,000 Funds of other countries on a gold standard. _. 2 0) 290,002 214,268 Rest fund 2,450 1,904 Subsidiary coin 90 220 Notes in circulation 232, 779 175, 260 Investments—at not exceeding market values: Deposits: Dominion and Provincial Government short- Dominion Government 47,363 17,783 term securities : 181,897 144, 621 Chartered banks 216, 996 200,646 Other Dominion and Provincial Government Other 17, 852 3,086 securities 49,876 40, 895 282, 211 221, 515 231, 773 185,516 Bank premises (land, buildings and equipment) Dividend declared—payable Jan. 2, 1940 (Jan. 3, at cost less amounts written off 1,635 1,648 1939) 113 85 Other assets 3,731 3,284 Other liabilities 4,679 1,172 Total assets . 527,231 404,936 Total liabilities 527,231 404,936 i $46.89. 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports -QnnuaL JQepott ofi the A/ationaL Hank, ofi The annual report of the National Bank of 1939, bears witness to this by emphasizing Belgium for the year ending December 25, the manifold guarantees which have been 1939, was presented to the general meeting taken against improper financing of the needs of shareholders on February 26, 19 UO. Sec- of the Government. It must, however, be tions from the address of the Governor of emphasized that, technically, the interventhe Bank, M. Georges Janssen, are given tions of the Bank in the market do not reherewith.1 quire specific limitations: in particular there This report completes and in some meas- is no reason to impose on operations in public ure synthesizes elements which have already bills restrictions from which discounts, loans been presented by the Bank's publications and advances are exempt. The nature and regarding its own activity and the economic the volume of the Bank's interventions in the development of Belgium. The report will ac- market cannot be determined in advance: cordingly be limited to essential facts in the they are always dictated by circumstances. field of credit, currency and exchange. It is They may aim at one time at influencing the appropriate to recall first the revision of the rate of interest or at rendering the discount Bank's statutes which was the subject of rate effective, at another at causing expanyour deliberations at the meeting of Sep- sion or contraction of credit, at another at tember 23, 1939.2 safeguarding the internal credit basis by in- Reform of the Statutes.—In 1937 the legis- fluencing international capital movements. lative body placed the Bank in a position to None of these techniques essential to the adpurchase, to discount, and to sell public bills, ministration of money and credit admits of in order to facilitate the accomplishment of any restriction other than that which exists its regulatory tasks and to adapt this func- in the obligation to ensure the maintenance tion to the modifications which had taken of the legal minimum reserve. However, a place in banking structure and technique. limited but still most valuable contribution to It seemed prudent, however, to establish nar- the organization of our money market has row limits to the new operations which the been made. It has already produced results Bank was thus authorized to perform. Cir- by no means negligible. cumstances were to bring about a rapid On the occasion of this reform, the allocaextension of this reform. The modifications tion of the profits of operations in public bills in the organic law in 1939 permitted the sup- was determined by agreement with the pression of the former dual limits—500,- Treasury. 000,000 francs for short-term public securi- Another fundamental modification has ties, one billion for long-term securities— been introduced in the Bank's statutes: it and the raising of the authorized total to has been granted the maximum of liberty five billion francs, this figure being suscepcompatible with its terms of incorporation tible of some further increase as a result of for the investment of its own funds. the amortization of securities held by the The Bank has had the satisfaction of being Bank under the terms of the laws of Decemrepresented again on the board of the Bank ber 27, 1930, and July 19, 1932. of the Belgian Congo. This has assured a The consideration which had influenced continuance of the cooperation which the ties the legislative body in 1937, namely, the de- linking the colony with the mother country sire to avoid the possibility that the Bank's have rendered indispensable, both in the monnew powers might be diverted from their real etary and in the economic sphere. purpose to the profit of the Treasury, was Monetary developments.—At the beginstill uppermost in 1939. The report to the ning of 1939, monetary developments showed King preceding the decree of August 24, a dual tendency: a return flow of capital from abroad and an expansion of the circu- 1 The report, available in French, contains in addition sections dealing with the capital market, the position of the commercial lation. While the latter was to continue banks, the general economic situation, industry, foreign trade, throughout the year and even to increase employment, prices, and government expenditure, as well as tables showing the operations of the Bank in detail. For earlier from the end of August, the direction of the reports, see BULLETIN for April 1939 and 1938, March 1937, April 1936 and 1932, etc. capital flow was to change several times. 2 See BULLETIN for February 1940, pages 101-105, especially The political difficulties at home early in footnote p. 105. MAY 1940 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports 1939 and the intensification of international variation in the different means of payment anxieties created a strong demand for for- existing in the country, specifically an ineign exchange beginning at the end of Feb- crease in hoarding and a decrease of deposits ruary. The resulting gold losses by the Bank in banks. did not stop until April 22, the date when the The movement of the monetary circulation internal political troubles were settled. Dur- thus defined similarly reflects the repercusing this period the Bank made use of the sions of the monetary crises of the beginning technical measures of defense to as great an of the year and of the international political extent as seemed likely to hasten the solution crisis of the second half year. During the of the crisis. A reversal in the movement in first period the total circulation increased the month of May marked the beginning of from 42,593,000,000 francs at the beginning an inflow of gold which steadily increased of July 1938 to 44,810,000,000 francs at the so that by the end of August, at the very beginning of February 1939, largely because moment when the menace of an international of the fact that the total of bank notes rose conflict became acute, the Bank had restored from 20,452,000,000 francs on June 23, 1938, its metallic reserves. to 22,182,000,000 francs on February 9,1939. The outbreak of hostilities did not imme- It fell then to 41,958,000,000 francs at the diately interrupt the movement of capital beginning of May, this time in response to towards Belgium. No losses of gold occurred the drop in demand deposits in the banks, for until the end of September; they continued the note circulation, after a negligible conuntil the end of November. They resulted traction in the middle of March, reached alike from the developments op the exchange 22,438,000,000 francs on May 4, or 256,000,market and from the dispositions required 000 francs more than on February 9. to finance our foreign commerce. Since then From May on, at the same time that the the Bank's reserves have remained almost ease in the exchange market was increasing, intact. As to the circulation, it rose consid- the total circulation again began an upward erably from the middle of August until the trend. At the beginning of September it rose beginning of September; after a slight fall- to 46,750,000,000 francs. This expansion is ing off during the second half of October, explained by the increase of demand deposits it continued to mount slowly but uninter- in the banks up to and through August and, ruptedly. from the end of July, by the rise in the fiduci- To sum up: since the events of September ary circulation which increased from 22,696,the monetary situation has changed pri- 000,000 francs on July 18 to 27,435,000,000 marily in response to the desire for liquidity. francs on September 7. Thereafter the total The trend which has just been described circulation increased more moderately; it appears more concretely in a comparison of reached about 48,000,000,000 francs at the certain figures. beginning of January 1940; there was' no It should be noted in advance that the further change in demand deposits in the monetary circulation of a country is not to banks, but the issue of notes rose from 27,be estimated solely according to the volume 435,000,000 francs on September 7 to 27,of notes appearing on the balance sheets of 994,000,000 francs on December 28. the bank of issue. Actually, the monetary The trend toward liquidity which this decirculation comprises also the balances in velopment reflects then manifested itself in current account at the Bank, the postal check- a considerable hoarding of notes. Net deing accounts, demand deposits in the banks posits in postal checking accounts which were and finally the subsidiary currency, notes reported, at the beginning of January 1940, and tokens, issued for account of the Treas- at 4,319,000,000 francs, representing an inury. The total movements of the monetary crease of 513,000,000 francs since the begincirculation so composed show fluctuations far ning of January 1939, were affected only temsmaller than those of the note circulation of porarily in the course of recent months. Dethe Bank. Whereas, from December 29, 1938, mand deposits in the banks, on the contrary, to December 28, 1939, the latter increased by were very sensitive to this movement; from 6,005,000,000 francs, or 27.3 per cent, the December 31, 1938, to the same date in 1939, total monetary circulation increased by only they underwent a decrease of about a billion. about 10 per cent. Accordingly it follows, It may be noted in passing and without as is obvious, that the expansion of the note stopping to interpret this comparison, that circulation reflects for the most part only a the total circulation, however large its ex- 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports pansion, remained well below the maximum permanent from the end of August, a phefigure on July 1937 of 50,440,000,000 francs, nomenon common to the majority of counwhich is some 2,500,000,000 more than at the tries. After having reached a figure of beginning of January 1940. 3,777,000,000 francs on September 7, mainly At the end of 1939, the Bank's assets of in satisfying private requirements, the volgold and exchange, discounts, and advances, ume of credit furnished by the Bank destood as follows compared with December creased to 3,076,000,000 francs on September 25, 1938: 28, later to rise to 6,040,000,000 francs on December 28. This last increase had its [In millions of francs] origin, to the extent of 3,525,000,000 francs, in the acquisition of public short-term securi- Gold and exchange Ad- ties, including 500,000,000 francs represent- Position on Total r M e m le se u g in r m a v i l - e Ex- m b D t i i e l o c l s - s - b e F i i o g ll r n s - v s p e a u t c o i n b e u n c l s r e i i c s - Total s in to g O r e v g e o i r t l s d t h r t e e u s r p e n e r e r v i d e o s d o . v o e f r t h t e o y t e h a e r T th r e e a B s a u n ry k 's t o ra r t e e - s showed a slight reduction. It was only dur- December 25, ing the crisis of the early part of the year, on 1938 21,714 11,848 1,021 194 22,939 December 25, April 17, that the rates were raised to any 21,131 11,545 9,586 4,829 1,042 27,020 extent; specifically they were increased from Difference -583 +1,679 -2,262 +3, +8 +848 +4,081 2y per cent to 4 per cent for the discount of 2 accepted bills, and from 4 per cent to 5% per It is apparent from the comparison of 1939 cent for advances on public securities. As with the preceding year, that the changes the crisis eased the Bank correspondingly occurring in the statement are principally reduced its rates in successive stages on May attributable to the expansion of domestic 11 and July 6. credit supplied by the Bank, whereas during Since the latter date the discount rate on the preceding year the reduction of gold hold- acceptances and warrants has been 2*4 per ings had constituted the principal element. cent. Furthermore, with a view to facilitat- Gold movements.—The decrease in the ing the operations of the money market, ad- Bank's gold holdings, which reached 583,- vances on public securities maturing in 120 000,000 francs in the space of a year, resulted days maximum are granted up to 95 per cent from several movements which partially off- of the nominal value of the security while in set each other. Net sales of gold to the mar- addition the rate for these operations has ket represented 1,159,000,000 francs. In been reduced to 21/2 per cent. Also, in order view of the wide fluctuations of the exchanges to encourage export trade, the Bank has inin 1939 and the insecurity resulting from the augurated a special rate of iy per cent 2 international conflict, this figure is not high. for trade acceptances, documentary drafts It excludes sales and purchases of gold to and and bankers' acceptances representing sales from the Bank by the Treasury. On Decem- abroad of goods manufactured in Belgium. ber 25, 1939, the Treasury's gold holdings Exchange market.—The development of the were 506,000,000 francs against 1,286,000,- belga in relation to the principal foreign cur- 000 francs on December 25, 1938. rencies is marked by two periods: one extend- The Treasury's operations on foreign mar- ing from January to August, the other followkets were limited to the renewal of short-term ing the outbreak of hostilities in Europe. loans placed in 1938 in the Netherlands and In the course of the first eight months of in Switzerland. The Netherlands' share was the year, spot exchange at Brussels fluctuated raised from 35,000,000 guilders to 41,000,000 within a narrow range, with the exception of guilders, while the Swiss share was reduced the guilder which continued to be weak. from 25,000,000 to 15,000,000 Swiss francs. Beginning at the end of August, however, Discounts and advances.—The expansion events produced a divergent trend of the of the credit provided by the Bank reached a pound sterling and the French franc, on the peak on May 4,1939: bills and advances then one hand, and of the guilder, the Swiss franc totaled 3,743,000,000 francs. By August 3 and the Swedish krona on the other. this figure had dropped to 1,165,000,000 The pound sterling, which had remained francs, an amount comparable to the mini- practically at the parity of 27.50 belgas— mum of the year 1937. Expansion was re- England having reestablished de facto stasumed and showed a tendency to become bility after the beginning of the year—fell MAY 1940 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports to 21.40 belgas on September 15. The setting The quotations then rose rapidly until April, up of an exchange control in England involv- to return progressively to a level which, at ing the limitation of transactions to certified the end of August, was lower than that at commercial operations, and the official fixing the beginning of the year. of the price of gold and of the sterling rates Forward exchanges were greatly affected on the dollar did not at once succeed in stay- by the outbreak of hostilities. With the exing the fall of the pound sterling on foreign ception of the pound, quotations were susmarkets; however the quotation later re- pended in the forward market from August turned nearly to parity with the official rates 25 to the second half of September. The in London and remained approximately at premium on the dollar at ninety days, around that point until the end of the year, still \y% per cent per annum in August, rose in manifesting a slightly weak tendency. September to an average of 4!/2 per cent; In France, exchange was subject to control this rate was held until November, then was from the beginning of the war. Moving in exceeded at the end of the year. The foragreement with the pound sterling, on the ward pound and French franc were at a disbasis of a parity of about 176.50 French count from the end of August. In Decemfrancs to the pound, the French franc main- ber the quotations of the principal forward tained on our market a trend parallel to that exchanges firmed, with the exception of the of the British exchange. This solidarity was French franc, on which the discount inconfirmed upon the conclusion of the Anglo- creased. French agreement uniting the resources of During the first nine months the Bank the two empires. remained in close contact with the forward The extent of the fluctuations of the dollar exchange market. Its interventions, motibears witness to the obstacles placed by the vated by the desire to enlarge and to stabilize war in the path of international exchange this market, were directed to maintaining relations, particularly by the rise in freight the exchange rates in line with money rates rates and insurance which widens the spread on the domestic market. These interventions, between the gold points. From an average fairly considerable during the first three of 5.88 belgas at the beginning of August, months of the year, were practically disconthe dollar rose to a maximum of 6.15 belgas tinued after August 18, rates having become on November 13. The reaction which set in stabilized by this time at a satisfactory level. on the exchange market on this date brought Furthermore, interventions of this nature the dollar back to 5.99 belgas at the end of have no justification except under conditions the year. of freedom of exchange, which ceased to exist In the forward exchange market, the trend for the principal currencies after the third was favorable to the belga until February. quarter of 1939. BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM AS OF DECEMBER 25,1939 AND 1938 [In thousands of francs] 1938 Liabilities 1939 1938 Gold and exchange: Bank notes in circulation 27,897,867 22,017,822 Legal minimum reserve 11,545,539 9,866,262 Current accounts: Excess reserves 1 9,586,000 11,847,765 Treasury 19,784 572,618 Belgian bills 4,829,142 1,021, 477 Organizations created by a special law 240, 308 902,995 Foreign bills 18,497 10, 431 Banks 377, 637 906,972 Subsidiary coin 208,548 276,407 Clearing I" I_I 94,173 115,332 Advances on Belgian public securities 1,042,130 194, 541 Private 234,080 149,914 Government debt: Treasury bonds (law of Dec. 27, 1939 or 965, 981 2, 647,832 Dec. 27, 1930) 500,000 500,000 Treasury certificates (law of July 19,1932).. 195,317 222,037 Capital 200,000 200,000 Public securities: Reserves: Purchased under the convention of July Statutory 107,129 103, 727 27, 1932, implementing the law of July Special 310,855 303,247 19, 1932 549,990 549,990 Temporary accounts 18, 746 8,126 Purchased under the statutes 856, 481 602, 257 Unpaid dividends for second half year 26,062 22,011 Bank premises, furniture and fixtures 160,000 160,000 Temporary accounts 34,996 51,600 Total assets 29, 526, 641 25,302, 765 Total liabilities 29, 526, 641 25,302, 765 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonat Summaty ofi jSu5ine55 @onditionA Compiled April 16 and released for publication April 18 I NDUSTRIAL activity continued to decline ume, and dealers' stocks of new cars declined during March but at a somewhat slower somewhat from the high level reached earrate than in the preceding two months, and lier. In the machinery industries activity in the first half of April there was little further decrease. Wholesale prices of basic commodities decreased somewhat in the lat- INCOME PAYMENTS BILLIONS OF DOLLARS BILLIONS OF DOLLARS ter half of March but recovered by the mid- 7 ' \ 7 dle of April. Distribution of commodities to domestic consumers continued in large vol- r V ume, and exports were at the high levels 6 reached last December. ^/ 5 5 Production The Board's index of industrial production, which is adjusted for usual seasonal varia- 4 4 tions and for the number of working days, was 103 in March compared with 109 in February. The decline reflected chiefly a 3 3 1934 1935 1936 1937 1938 1940 further reduction in output of steel and con- United States Department of Commerce estimates of the siderable decreases in activity at cotton and amount of income payments to individuals, adjusted for seasonal variation. By months, January 1934 to March 1940. woolen textile mills. showed some decline from the high rate of INDUSTRIAL PRODUCTION other recent months, while at aircraft fac- PER CENT PERCENT tories and shipyards activity continued at 140 140 peak levels. Output of lumber and plate glass 130 130 / advanced seasonally in March. 120 k A 120 In the woolen textile industry, where ac- /"\A \ 11 0 / / I 110 tivity had been declining from the high level \ / \ reached last November, there was a further 10 0 Jif J \ 1 1 /•> v 100 sharp reduction in March. Activity^ at cot- 90 K J ^* 1 V j J \j 90 t b o u n t t r e e x m ti a le in e m d ill a s t a a ls o s o d m e e c w lin h e a d t h co ig n h s e id r er l a e b v l e y l j 80 \ J 80 than prevailed a year ago. Shoe production 70 v 70 likewise declined considerably in March. At silk mills activity remained at an excep- 60 60 tionally low level, while rayon production 1934 1935 1936 1937 1938 1939 1940 Index of physical volume of production, adjusted for seasonal was large. variation, 1923-1925 average = 100. Mineral production was maintained in Steel ingot production declined from an large volume in March. There was some average of 69 per cent of capacity in Febru- further reduction in output of bituminous ary to an average of 64 per cent in March. coal, but output of anthracite increased, fol- In the first half of April output was at around lowing a sharp decline in February. Crude 61 per cent of capacity. Automobile produc- petroleum production continued at record tion in March and the first half of April was levels. maintained at the high rate prevailing during Value of construction contracts awarded, January and February but did not show the as reported by the F. W. Dodge Corporation, increase customary at this season. Retail increased considerably in March, as is usual sales of automobiles continued in large vol- at this season. The increase was principally MAY 1940 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions in awards for private work, which in March flow was accelerated, acquisitions in this approximately equalled those in the corre- period amounting to $145,000,000. sponding period last year. Public awards increased somewhat, following declines in Jan- Commodity Prices uary and February, but were in smaller volume than a year ago. Private residential Prices of a number of basic agricultural building rose by about the usual seasonal and industrial commodities, which had deamount. clined in the latter part of March, advanced during the second week in April. Prices of Distribution certain finished steel products, on the other hand, were reduced, and prices of most other Sales of general merchandise at departcommodities showed little change. ment and variety stores and by mail-order houses increased by about the usual seasonal amount from February to March, with allow- Government Security Market ance for the earlier date of Easter this year. Prices of Treasury bonds moved sharply In the first week of April sales at department upward during March and the first few days of April to a new high level since last summer. FACTORY EMPLOYMENT On April 9, however, on receipt of news of the 1 PE 2 R 0 CENT PER C 11 E 2 N 0 T expansion of war activities in Europe, a decline of about one point occurred in long- 110 110 term bonds. Subsequently the market rer covered part of the loss. The yield on the 100 / J 100 1960-65 Treasury bonds was 2.31 per cent J \ on April 15, compared with a low of 2.26 per 90 90 cent on April 2. V 80 80 Bank Credit Reflecting continued heavy gold imports, 70 excess reserves of member banks increased during the four weeks ending April 10 to a 1934 1935 1936 1937 1938 1939 1940 record high level of $5,950,000,000. Total Monthly index of number employed at factories, adjusted for loans and investments at banks in 101 leadseasonal variation, 1923-1925 average = 100. stores were at a higher level than in March. EXCESS RESERVES OF MEMBER BANKS Freight-car loadings showed little change BILLIONS OF DOLLARS BILLIONS OF DOLLARS from February to March, although a rise is usual between these months. Shipments of miscellaneous freight showed considerably less than the usual seasonal increase, and there was some further decline in loadings of coal. Foreign Trade Exports of United States merchandise in March continued near the high level reached last December. Agricultural exports, principally cotton, decreased from February to March, while there were substantial in- 1934 1940 Wednesday figures partly estimated, January 3, 1934, to April creases in shipments of commercial vehicles 12, 1940. and in metal working, agricultural, and other types of machinery. ing cities, which had shown little net change During March, the country's monetary during March, increased in the first two weeks gold stock increased by $256,000,000. In theof April, reflecting purchases of United States first two weeks of April the rate of gold in- Government obligations. 418 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 421 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements 422 Federal Reserve Bank statistics 423-427 Reserve position of member banks; deposits in larger and smaller centers.... 428 Money in circulation 429 Gold stock and gold movements; bank suspensions; bank debits 430 All banks in the United States, number, deposits, loans and investments. . . 431 Condition of all member banks . 432-433 Weekly reporting member banks . . 434-437 Commercial paper, bankers' acceptances, and brokers' balances... 438 Money rates and bond yields 439 Security markets 440 Treasury finance . 441-442 Governmental corporations and credit agencies; Postal Savings System 443-444 Production, employment, and trade . 445-453 Wholesale prices 454 Statistics for Federal Reserve chart book . 455-456 Number of banks and branches in United States, 1933-1939 456 Group banking December 31, 1938-1939. Number, branches, and deposits, by states 457-459 Earnings and expenses of member banks . 460-465 Condition of insured commercial banks in United States and Possessions. . . 466 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. MAY 1940 419 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 20 20 18 18 / 16 16 14 / 14 GOLD S>TOCK J 12 10 10 ( MONfLY IN C1RCULATION , ' 4 •* TREASURY CASH .„ ^ j *"••... .' Swsst I DCOCD\;C DAM1/ CREDIT -AT?LSURY DEPOSlTS rv ,, " F. R. BANKS 1934 1935 1936 1937 1938 1939 1940 14 14 12 12 10 10 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 1939 1940 Latest figures for April 17. See page 421. 420 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 ll - t s ed b B ou il g ls ht s U m G e e c r . e o u n S n v r - . t - i- R c O B e re s t a h e d n r e i k v t r ] e Total s G to o c ld k T s r t e c o u r i a u n n e u r n a r y g c t d - - s y - - M i c n t u i o o c l n a n ir e - - y T h c i u r n o a e r g l s y a d h s s - - T d R F B e r w e e e p a d s a i o e n e t s s h r r k u i v a s t r e l s y b m p N e o r e o s m n i d t - e s - - R F c O e e o a d s t u c h e e n - r e r t v r a s e l r T es o e t r a v l e ba E la x n ce c s e s s 2 ties Monthly averages of daily figures: 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 Mar 2,567 2,590 15,014 2,832 6,764 2,720 1,155 519 256 9,021 3,432 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 2,361 600 732 248 12, 215 5,626 Mar 2,476 2,539 18,310 2,986 '7,488 2,362 612 759 252 12,362 5,734 End of month figures: 1939-Jan. 31..... 2,574 2,607 14,682 2,816 6,653 2,776 747 458 255 9,215 3,644 Feb. 28..... 2,564 2,598 14,874 2,824 6,731 2,740 1,148 488 254 5,387 Mar. 31___. 2,564 2,587 15, 258 2,839 6,817 2,691 1,229 533 257 9,157 3,559 1940—Jan. 31 2,477 2,503 17,931 2,971 7,376 2,359 549 723 248 12,150 5,559 Feb. 29 2,477 2,547 18,177 2,981 7,455 2,372 562 740 247 12,328 5,692 Mar. 3O.._. 2,475 2,529 18,433 2,990 7,511 2,371 702 691 255 12,423 5,828 Wednesday figures: 1939—June 7 2,564 2,576 15,987 2,864 2,571 935 253 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 16,136 2,880 7,100 2,577 820 678 257 10,151 4,292 July 12 2,535 2,569 16,174 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 2,893 7,002 2,506 742 257 10,436 4,485 Aug. 2 2,453 2,476 16, 248 2,895 7,054 2,370 662 257 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 7,091 776 565 256 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 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 45 2,837 16,958 2,920 7,309 2,250 469 776 239 11,672 5,359 Oct. ll._._ 2,765 2,810 16,973 2,924 7,346 404 742 238 11,739 5,399 Oct. 18 2,748 2,817 16, 997 2,927 7,330 2,216 349 241 11,907 5,509 Oct. 25 2,736 2,771 17,039 2,929 7,302 2,230 240 11,950 5,534 Nov. l..._ 2,721 2,765 17,099 2,932 7,352 2,250 790 241 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 F F e e b b . . 2 2 8 1 . . . . . . . . 2 2 , , 4 4 7 7 7 7 4 5 0 4 2 2, , 5 5 3 2 7 3 1 18 8 , , 1 1 6 0 6 8 2 2 , , 9 9 7 8 7 0 7 7 , , 4 4 5 3 0 9 2 2 , , 3 3 5 7 8 4 5 5 9 6 6 1 7 7 1 4 6 4 2 2 4 4 8 8 1 1 2 2 , , 2 3 4 1 1 8 5 5 , , 6 6 8 2 9 9 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 Mar. 27.- 2,475 32 2,510 18, 413 2,990 7,471 2,382 700 256 12, 294 5,679 Apr. 3 2,467 42 2,512 18,470 2,991 7,521 2,372 692 737 256 12,395 5,815 Apr. 10.__- 2,467 31 2,500 18, 523 2,993 7,509 2,353 590 733 256 12, 575 5,949 Apr. 17..._ 2,467 45 2,514 18, 631 2 992 7,536 2,313 513 762 257 12, 757 6,048 »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. MAY 1940 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per oent 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 Secured by direct and Federal Reserve Act 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 April effect April effect April effect April effect April effect 27 beginning- 27 beginning- 27 beginning- 27 beginning— 27 beginning- Boston Sept. 1, 1939 Sept.1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr.29, 1938 New York Aug. 27, 1937 Aug.27, 1037 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 St. Louis Sept. 21, 1939 Sept.2, 1937 Sept. 2, 1937 Sept. 16, 1939 Feb.23, 1935 Minneapolis—. Aug. 24, 1937 Aug.24, 1937 Aug. 24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.... Sept. 16, 1939 Sept.3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr.16, 1938 Dallas.. Sept. 16, 1939 Aug.31, 1937 Aug. 31, 1937 Sept. 16, 1939 Apr.16, 1938 San Francisco. Sept. 3, 1937 Sept.3, 1937 8ept.17, 1937 Sept. 1, 1939 Oct.19, 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect April 27, 1940, on advances and commitments under Sec. 13b of the Federal Reserve Act. [Per cent per annum except as indicated by footnote 3] Maturity e A R ff p a e r c te i t l i 2 o n 7 n In g i e n f n fe in c g t — 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 i.. Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 16-30 days— —do or com- tion for to make 81-45 days... ...do mercial or- which On re- advances 46-60 days— ...do. ganizations institu- maining 81-90 days— ...do. tion is portion 81-120 days.. ...do obligated 121-180 days. ...do Boston 3 i This rate also applies to acceptances bought under repurchase agree- New York 4-6 3 4-5 1-2 ments, which agreements are always for a period of 15 days or less. Philadelphia 4-6 0) 2^ NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland. _. 91/ 4 1 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 Chicago 5-6 5-6 1-2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 0) 3K 4 (3) 1 Minneapolis 6 4V4-5 1 Kansas City. .. 4-6 4 4 (3) 2 Dallas 5-6 4 6-6 1 San Francisco . 5-6 3-4 4-5 1 Authorized rate one per cent above prevailing discount rate. 1 Same as to borrower but not less than 4 per cent. MAXIMUM RATES ON TIME DEPOSITS * 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: * Less than 90 days Central reserve city. Reserve city 15 Country 12 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... banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by » See footnote to table on p. 428 for explanation of method of comlower maximum rates established by State authority. puting net demand deposits. 422 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 Apr. 17 Apr. 10 Apr. 3 Mar. 27 Mar. 20 Mar. 13 Mar. ( Mar. Feb. Mar. Assets Gold certificates on hand and due from U. S. Treasury 16, 288, 976 16,161,07416,101,619 16,047,618 15,997,622 15, 932,62115,868,62116,067,62115,803,620 12, 543,719 Redemption fund—F. R. notes 9,275 8,672 8,123 8, 239 8,334 9,360 9,572 8,239 '99, 557733 99,660033 Other cash 387, 927 385,310 375,463 372,262 361, 786 362, 538 356,186 375,025 367,646 397,829 Total reserves. 16,686,17816, 555, 056 16,485, 205 16,428,119 16,367, 742 16,304, 519 16,234, 379 16,450,885 16,180,839 12, 951,151 Bills discounted: For member banks 1,453 1,083 1,741 1,080 956 979 967 2,688 1,385 4,060 For nonmember banks, etc.. 1,010 1,010 1,010 1,010 1,010 2,010 2,010 1,010 5,510 Total bills discounted 2,463 2,093 2,751 2,090 2,989 2,977 6,895 4,060 Bills bought: Payable in foreign currencies.. 561 Industrial advances 9,852 9,875 10,138 10,483 10,498 10,423 10,404 10,350 10, 701 14,015 U. S. Government securities, direct and guaranteed: Bonds 1,337,495 1,337,495 1,337,495 1,342,045 1,342,045 1,344,045 1,344,045 1,342,045 1,344,045 911,090 Notes 1,129,225 1,129, 225 1,129,225 1,133,225 1,133,225 1,133,225 1,133,225 1,133,225 1,133, 225 1,176,109 Bills _.._ 476,816 Total U. S. Government securities, direct and guaranteed 2,466,720 2,466, 720 2,466, 720 2,475, 270 2,475,270 2, 477, 270 2,477,270 2,475,270 2,477,270 2, 564,015 Other Reserve Bank credit.___ 34,859 21,457 32,174 21, 770 32, 446 33, 769 24,689 39,811 51,781 4,221 Total Reserve Bank credit outstanding 2, 513,894 2, 500,145 2, 511, 783 2, 509,613 2, 520,180 2, 524,451 2, 515,340 2, 529,129 2, 546,647 2,586,872 Liabilities F. R. notes in actual circulation.. 4,931,115 4,923,425 4,934,636 4,899,117 4,895,048 4,881, 754 4,889,28: 4,930,814 4,872,238 Deposits: Member bank—reserve account._. 12,757,39112, 574,72712, 395,460 12,294,002 12,256,250 12,438, 58012,367,08612,422, 522 12,328,164 9,156, 698 U. S. Treasurer—general account.. 512,521 590,460 692,077 699,877 707,493 526,387 535,988 702,219 562,475 1, 228,940 Foreign bank 384, 229 372,802 384,335 395,073 390, 780 364,406 353, 533 362,383 365,686 294,304 Other deposits 377, 569 360,319 352,536 412,821 399,786 389,876 377,032 328,180 373,980 239,042 Total deposits.. 14,031, 71013,898, 30813,824,40813,801, 773 13,754,309 13, 719, 249 13,633,639 13,815,30134, 630,30510,918,984 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 87.9 87.8 87.8 87.7 87.6 87.8 87.5 84.7 p Revised. MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i t d h 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 > 1 m y to o e n ar ths 1 y to ear 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Mar. 27 2,090 645 21 140 1,123 108 53 Apr. 3 2,751 600 773 1,130 100 129 19 Apr. 10 2,093 523 233 928 229 161 19 Apr. 17 2,463 858 105 1,139 142 201 18 Industrial advances: Mar. 27 10,483 1,574 121 294 273 1,740 1,922 2,050 2,509 Apr. 3 . 10,138 1,247 196 149 793 1,425 1,772 2,059 2,497 Apr. 10 9,875 1,242 227 188 781 1,412 1,494 2,079 2,452. Apr. 17 9,852 1,426 61 271 1,432 1,445 2,085 2,443 U. S. Government securities, direct and guar anteed: Mar. 27 2,475,270 224, 796 248,417 735, 708 1, 266,349 Apr. 3 2,466, 720 224, 796 248,417 731, 708 1, 261, 799 Apr. 10 2,466, 720 224,796 248, 417 731, 708 1, 261, 799 Apr. 17 2,466,720 224, 796 248,417 731, 708 1,261, 799 MAY 1940 423 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 r i a s a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Mar. 13 .5,932,621 900,816 ', 914, 531852,693 992,308420,834314,582 407, 559 267, 699165,880 235,987 Mar. 20 .5,997,622 909,456 r, 932,407875,221 999,168425, 762309,995 414,095388,326269,408159,179 236,541 878,064 Mar. 27 .6,047,618 910,447 ', 953, 355870,263 009,049417, 203309, 739 468,388376,876264, 3853-5' 4,— 722338,287 874, 903 Apr. 3 \ 101, 619 894,979 1,063,950 901,031 998, 523 407,539316,246 428,165362,016264,438356, 947231, 982 875,803 Apr. 10 .6,161,074 880,382S,049, 302 894,192 001,131421,419330,953 469,309369, 505257, 555363,098226,822 897,406 Apr. 17 ^6,288, 976 888, 9411,078, 757 897, 744 016,433412,124324,915 519,445371, <" 250,827558,055 228,870 941,396 Redemption fund — Federal Reserve notes: Mar. 13 9,360 584 1,346 527 1,177 752 1,076 650 361 290 1,089 Mar. 20 536 1,155 527 800 604 722 1,007 634 642 348 290 1,069 Mar. 27 8,239 537 1,155 441 800 605 722 1,007 634 642 348 279 1,069 Apr. 3 8,123 485 943 441 735 690 931 617 634 333 279 1,051 Apr. 10 8,672 485 943 1,000 735 690 931 617 634 333 269 1,051 Apr. 17 9,275 422 1,678 1,000 658 1,206 652 846 597 626 308 258 1,024 Other cash: Mar. 13 362, 538 31,339 93, 366 29, 582 25,434 20,335 18, 398 49,226 15,037 9,360 17,798 15, 729 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 Mar. 27 372,262 32,200 29,908 26, 684 21,208 19, 795 50,075 15,886 9,917 19, 247 16,007 38, 249 Apr. 3 375,463 31,845 99, 294 31, 568 27,065 24,047 20,480 46, 981 16, 391 9,460 18,918 15,148 34,266 Apr. 10 385,310 32,012 108,405 31,625 28,494 21,973 18, 885 50,002 17,115 9,704 17,024 16, 771 33,300 Apr. 17 387,927 30,184 106, 700 31,036 29,412 24,365 21,102 47,430 17,843 10,035 19,318 16,445 34,057 Total reserves: Mar. 13 6,304, 519 932, 739 8,009,243 882,8021,018, 602 442,346333, 7322,457,861 409,319277,709384,039 252,006 904,121 Mar. 20 6, 367,742 994411,,117766 8,023,903 903,8581,,0 25,. 312 448,, 629330,600' 446622,440033 440055, 224477279,916379,683 251,, 4'4"1 915, 574 Mar. 27 6,428,119 994433,, 1"84 8,047, 596 900, 6121,036, 533 439,016 330,256, 519,470393,396274,944374:,, 318 25^4,,573 914,221 Apr. 3 .6,485,205 9—2 7,309 8,164,187 933,0401,026,323 432, "5"73037,416 , 476,077379, 024274,532 176,198 247,409 911,120 Apr. 10 .6, 555,056 991122,, 879 8,,1 58.,650 926, 8171,030, 360 444,376350, 528 ,520, 242387, 223377 267,893380,455 243,862 931, 757 Apr. 17.. .6,686,178 919, 547 8,187,135 929, 780 046, 503 437,695346,669 , 567,721389; 909 261,488 377, 681245, 573 976,477 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Mar. 13 25 105 55 13 35 10 54 4 43 Mar. 20 334 55 35 45 13 15 50 54 14 28 Mar. 27 478 150 145 25 13 15 19 54 4 28 Apr. 3 1,076 80 4; 55 23 10 36 754 35 38 Apr. 10 366 25 45 55 23 10 36 30 35 38 Apr. 17 632 47 55 125 23 175 35 30 35 Other bills discounted: Mar. 13 2,620 879 250 233 163 122 263 79 199 177 211 Mar. 20 1,632 477 141 13, 121 87 141 136 146 137 Mar. 27 1,612 467 140 127 121 87 135 140 157 136 Apr. 3 1, 67,r 510 133 122 129 136 120 134 153 136 Apr. 10 1,727 501 110 130 113 136 128 145 227 135 Apr. 17 1,83: 522 98 128 113 149 128 181 265 135 Total bills discounted: Mar. 13 2,989 25 305 246 198 132 317 199 181 254 Mar. 20 1,966 55 51! 186 148 136 137 195 47 136 160 165 Mar. 27 2,090 150 612 165 140 136 106 189 47 140 161 164 Apr. 3 2,751 80 555 188 145 139 172 874 22 134 188 174 Apr. 10 2,093 25 546 165 153 123 172 197 22 175 262 173 Apr. 17 2,463 4! 57' 223 151 288 184 197 22 211 300 173 Industrial advances: Mar. 13 10,423 1,412 2,048 3,10: 326 919 800 338 183 118 481 691 Mar. 20 10,498 1,411 2,048 3,211 316 909 800 336 183 118 480 Mar. 27 10,483 1,410 2,048 3,209 301 902 80 338 183 116 483 Apr. 3 10,138 1,223 2,041 3,042 309 916 803 338 179 116 483 Apr. 10 9,875 1,238 2,041 2,745 312 915 803 337 197 116 483 Apr. 17 9,852 1,234 2,040 2,742 314 915 33' 186 11 482 687 U. S. Government securities, direct and guaranteed: Bonds: 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 l,342,04,r 95,983 407,496 110,049 136,881 68,047 54,420 144, 66660,199 39, 720 62,820 51,129 110,635 Mar. 27 1,342,04. 95,983 407,496 110,049 136,881 68,047 54,420 144, 66660,199 39, 720 62,820 51,129 110,635 Apr. 3 1, 337,49, 97, 529 400,969 106,802 136, 77868,248 56,495 146,385 61, 325 40, 271 61, 738 51,517 109,438 Apr. 10 1, 337,49£ 97, 529 400,969 106,802 136,778 68,248 56,495 146,385 61,325 40, 271 61, 738 51, 517 109,438 Apr. 17 1,337,49£ 97, 529 400,969 106,802 136,778 56,495 146,385 61,325 40,271 61,738 51,517 109,438 Notes: Mar. 13 1,133,22£ 81,047 344,156 92, 934 115, 58157,447 45,945 122,148 50,818 33, 533 53,031 43,167 93,418 Mar. 20 1,133,22E 81,04f 344,089 92, 927 115, 58157,459 45,952 122,156 50,832 33, 541 53,044 43,173 93,422 Mar. 27 1,133, 221 81,04' 344,089 92,927 115, 58157,459 45, 952 122,156 50,832 33, 541 53,044 43,173 93,422 Apr. 3 1,129, 22f 82,343 338, 532 90,170 115,478 57, 62247, 700 123, 59051, 775 34,000 52,123 43,495 92,397 Apr. 10 1,129, 22t 82,343 338, 532 90,170 115, 47857, 62247, 700 123, 59051, 775 34, 000 52,123 43,495 92,397 Apr. 17 1,129,221 82, 343 338,532 90,170 115,478 57,622 47,700 123, 59051, 775 34,000 52,123 43,495 92, 397 Total U. S. Government securities, direct and guaranteed: Mar. 13 2,477,27C 177,170 752, 337 203,155 252, 665125, 582 100,440 267,020 111, 09173, 304 115,92894,363 204,215 Mar. 20 2,475,27C 177,032 751, 585 202,976 252,462 125; 5036 100,372 266,822 111,031 73, 26:115,864 94,302 204,057 Mar. 27 2,475,27C 177,032 751, 585 202,976 252,462 125i,, 506100,372 266, 822 111, 03173, 261115,864 94,302 204,057 Apr. 3 2,466, 72C 179,872 739, 501 196,972 252, 256125,870104,195 269, 97)5 113,100 74, 271113,861 95,012 201,835 Apr. 10 2,466, 72C 179,872 739,501 196,972 252, 256125,870104,195 269,975113,100 74, 271113,861 95,012 201,835 Apr. 17 2,466, 72C 179,872 739, 50' 196, 972 252, 256125,870104,1 269,975113,100 74, 27^113, 86: 95,012 201,835 424 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 i l l i - 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 - Asset s—C ontinued Total bills and securities: Mar. 13 2,490,682 178,607 755,369 206, 567 253, 237126, 699101, 372 267, 675 111,,170 73, 556 116,245 95,025 205,160 Mar. 20 2,487,734 178,498 754,145 206,373 252,926126, 551101,309 267,353 111!,120 73,491 116,118 94,942 204, 908 Mar. 27 2,487,843 178, 592 754,245 206,350 252; 903 126; 544 101,285 267,349 111,111 73,491 116,120 94,946 204,907 Apr. 3 2, 479,609 181,175 742,097 200,202 252, 710126,925 105,170 271,187113,180 74,472 114, 111 95,683 202,697 Apr. 10 2,478,688 181,135 742,088 199,882 252, 721126,908 105,170 270, 509 1131,,180 74,490 114,152 95, 757 202,696 Apr. 17 2,479,035 181,153 742,118 199,937 252, 721127,073 105,182 270,509 1131,,190 74,479 114,184 95, 794 202,695 Due from foreign banks: Mar. 13 47 3 18 5 4 6 1 1 4 Mar. 10 47 3 18 5 4 6 1 1 4 Mar. 27 47 3 18 5 4 6 1 1 4 Apr. 3 47 3 18 5 4 6 1 1 4 Apr. 10 47 3 18 5 4 6 1 1 4 Apr. 17_._ 47 3 18 5 4 6 1 1 4 Federal Reserve notes of other banks: Mar. 13 18,484 547 1,102 950 1,549 2,063 2,557 2,104 2,194 1,720 1,280 1,722 Mar. 20 17, 604 545 1,325 887 1,408 1,865 2,422 2,091 710 1,581 450 1,290 Mar. 27 19,691 457 1,651 1,222 1,712 2,854 2,985 2,465 1,053 738 1,642 704 2,208 Apr. 3 17,998 543 1,229 855 1,619 3,108 1,994 2,684 1,800 963 930 558 1,715 Apr. 10 22,146 691 912 1,574 3,911 2,648 3,046 2,819 1,229 1,241 693 1,773 Apr. 17 19,461 575 1,319 816 1,614 4,357 2,247 2,345 1,696 1,101 1,532 385 1,474 Uncollected items: 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, 577 55, 719 81,988 64, 542 34, 607 99,002 30,853 17,045 30,642 28, 547 41,037 Mar. 27 743,276 57, 709 248,117 54,812 76, 927 61, 664 25, 523 87, 299 16,073 29,360 22,660 34, 243 Apr. 3 636, 668 64,093 153,147 50,020 71, 742 53,652 23,880 94,226 29,331 16, 61127,650 22, 697 29,619 Apr. 10 592, 220 56,283 141, 270 45,053 64, 535 50, 203 26,010 84,652 28,420 16,190 27,161 21, 937 30, 506 Apr. 17 763,669 70,814 195, 229 54,667 91,470 64,762 32,617 104,692 32,480 18, 751 32, 519 27,650 38,018 Bank premises: Mar. 13 41, 703 4,551 5,523 2,532 2,027 3,379 2,246 1,391 3,213 1,165 2,938 Mar. 20 41, 2,880 9,858 4,551 5,510 2,532 2,024 3,379 2,248 1,391 3,213 1,165 Mar. 27 41,671 2,880 9,858 4,541 5,510 2,528 2,023 3,373 2,250 1,391 3,213 1,166 Apr. 3 41,612 2,875 9,840 4,541 5,510 2,526 2,023 3,373 2,250 1,389 3,197 1,159 2,929 Apr. 10 41, 612 2,875 9,840 4,541 5,510 2,526 2,023 3,373 2,250 1,389 3,197 1,159 2,929 Apr. 17 41,625 2,875 9,840 4,541 5,510 2,526 2,023 3,373 2,263 1,389 3,197 1,159 2,929 Other assets: Mar. 13 69,540 4,453 19,603 8,409 7,348 3,913 2,628 6,819 2,845 2,001 2,997 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 5,089 Mar. 27 58,005 3,836 17,010 4,739 6,461 3,507 2,297 5,902 2,438 1,746 2,589 2,377 5,103 Apr. 3 58, 257 3,948 16, 765 4,643 6,550 3,406 2,430 6,043 2,533 1,793 2,595 2,401 5,150 Apr. 10 59, 572 4,005 17,080 5,150 6,623 3,478 2,439 6,118 2,562 1,816 2,623 2,459 5,219 Apr. 17 58.082 16, 695 4,650 6,526 3,399 2,416 6,009 2,520 1,787 2,572 2,444 5,138 Total assets: Mar. 13 19,637,142 186, 769 8,973,8851,155,477 1,365, 592 635,831 472,837 2,837,,983558, 360 372,917539,842 378,613 1., 159,036 M M a a r r . . 2 2 7 0 1 1 9 9 , , 6 7 9 7 2 8 , , 9 3 6 2 52 1 1 8 9 6 5 , , 6 3 6 5 1 9 8 9 , ,0 9 7 7 8 4 , , 4 4 9 3 5 7 1 1 , , 1 1 7 7 2 6 , , 2 1 8 1 1 2:1 1 , , 3 3 ~7 8 ~3 0 , , 0 ~5 5 *2 0 3 6 6 3 4 6 7 , , 1 5 1 1 5 8 4 —4 6 7 4 3 , ,— 3 8 7 3 1 12 2, , 8 8 8 4 5 0 , , 3 8 7 6 7 4 5 5 5 3 3 9 , , 9 1 9 3 0 8 3 3 7 6 4 8 , , 2 3 7 8 7 3 5 5 3 2 3 7 , , 7 2 9 4 4 3 3 3 7 7 , 6 8 , ,4 8 2 7 7 41 1 , , 1 1 7 6 0 3 , , 8 6 4 2 0 4 Apr. 3 19, 719,396 179, 946 9,087, 283 1,193, 3016,364,458 622,189 472,915 2,853, 596 528', 119 369; 760 526482 369,908 1.;, 153,234 Apr. 10 19, 749,341 157,8719,070,555 1,182,360:1, 361,327 631,404 488,820 2,887,946 536,469 363,007 528; 830 365', 86.8 ,l j174,884 Apr. 17 20,048,097 178,893 9,152,354 1,194,396 1,404,348 639,814 491,156 2,954,655 542,059 358, 995 531, 686 373,006. 1,, 226, 735 Liabilities Federal Reserve notes in actual circulation: Mar. 13 4,881,754 403,1721,253,452 345,781 453,405220, 518 158, 671 191,922140,496182,875 80,227 381,437 Mar. 20 4,895,048 403,1201,265,109 346,071 452, 729 219,959 158,850 1,0,7047,4; 142 192,111541,177 182,273 80,089 379,414 Mar. 27 4,899,117 404,334422 11,, 271,969 345,609 452,853218,961157,658 1,,0 74,. 567 192., 227140,598 18"1 , 57—779,442 379,314 Apr. 3 4,934,636 406,2621, 286,053 345,609 451,425219,002222 159, 550 1,082,489 193,163 141,762183,279 80,401 385,621 Apr. 10 4,923,425 405,3721,274,239 345,614 453,836218,107159,8691,0.8.1., 8_6.4.1 93,030H44ii,882288183,042 79, 668 386,956 Apr. 17 4, 931,115 405,4441,287,810 344,729 450, 501 216,478159,5 "84 1., 084,201093,083141,634182,672 79,439 385, 541 Deposits: Member bank—reserve account: Mar. 13 12,438, 580 614, 586 6i,, 890, 517619,762 708,334 299,990 224,484 1,488,450 272,386171,184 277,470 219,730 651,687 Mar. 20 12, 256,250 616, •'" •», 827,831613,327 695, 575 287,626 220, 792 1,452,288 261,431159,927 263, 580 207, 625 650,124 Mar. 27 12,294,002 609, 6036,826,869 614,046 709, 309 278, 300 222,208 1, 511,932 252,691657,110000 265,839 208,988 637,112 Apr. 3 12, 395,460 598,3426,921, 548 714,963 281, 526 232,975 1,480,736 246,278159, 38—7 258,970 208,923 633,173 Apr. 10 12, 574,727 605,703\ 991, 538 667,764 727,483 296, 685 239,645 1, 525,061 250,953150, "7142061, 532 208, 98f 648, 635 Apr. 17 12, 757,391 621,877 7,013,37J 675,05" 755, 574 287, 585 235,063 1, 590,182 255,721648,250265,006 208,44! 701, 253 U. S. Treasurer—general account: Mar. 13 526,387 45,665 119, 613 42,134 44,340 24, 711 26, 203 87,198 33,93' 24,260 29,071 28, 201 21,054 Mar. 20 707,493 49, 559 150,811 66, 555 66,195 42,414 27,315 120,795 40, 279 36,670 35, 699 39, 329 31,872 Mar. 27 699,877 56,489 154, 585 57,862 65, 59844,793 26,616 114,107 34,333 33,653 30,338 39, 711 41, 792 Apr. 3 692,077 54,068 212,838 51,222 50,190 34,21" 24,695 102,039 29,169 32,009 33,807 33,492 34,336 Apr. 10 590,460 33,121 143,074 38,013 39, 356 31, 705 30,683 100,737 33, 590 33,902 35,091 30,819 40,369 Apr. 17 512, 521 24,400 120,396 33,299 30,238 30,887 32,161 80,908 30,607 30,992 30,715 32,930 34,988 Foreign bank: 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, 5r 8,445 11,133 11, 51r 28,086 Mar. 27 395,073 28, 688 137,861 39,074 37,080 17,145 13, 955 47,845 11,961 8,772 11,563 11, 961 29,168 Apr. 3 384,335 27, 361 139,005 37, 269 35,367 16,353 13, 310 45, 635 11,409 8,366 11,028 11,409 27,823 Apr. 10 372,802 26,841 131,245 36, 706 34,833 16,106 13,109 44,946 11, 237 8,240 10,862 11, 236 27,441 Apr. 17 384, 229 27,360 137, 541 37,492 35, 580 16,451 13, 390 45,909 11,477 8,4r 11,095 11,477 28,040 *Less than $500. MAY 1940 425 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 i l i - l a a- C l l a e 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 i a t n s y - Dallas F c S r is a a c n n o - Liabilities—Continued Deposits—Continued: Other deposits: Mar. 13 389,876 5,823 299, 774 24,634 11, 456 2,586 7,192 3,972 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 Mar. 27 412,821 7,137 326, 979 23,034 8,415 2,275 6,873 3,471 7,1 5,488 594 2,177 18,684 Apr. 3 352, 536 6,734 270,002 18,906 8,599 3,650 6,778 3,002 7,412 5,151 477 2,558 19,267 Apr. 10 360,319 7,003 276, 776 17,928 8,454 3,521 7,585 3,461 8,121 4,834 1,399 2,307 18, 930 Apr. 17 377, 569 6,594 288,397 17,548 9,817 10, 702 6,847 3,397 7,917 5,234 1,740 2,007 17,369 Total deposits: Mar. 13 13, 719, 249 692,482 7',, 436, 950722, 599 798,358 343,113 270,7611, 623, 786 325,063 208, 710317, 537 261,469 718,421 Mar. 20 13,754, 309 700, ', 431,892741,683 8.0.8_,, 7.2 0 3.48 ,,8.72 268, ,5 46 l,622,823 320,372 210,2063i1 0,. 726 260,818 729, 336 Mar. 27 13,801, 773 701, ', 446,294734,016 820,402 342, 513 269, 652 1, 677, 355 306, 684 205,013 308,334 262,837 726, 756 Apr. 3 13,824,408 686,505 7',, 543,393766,036 "",119 335,741 227777,, 775588 1,631,412 294, 268 204,913 304, 282 256, 382 714, 599 Apr. 10 13, 898, 308 672, 668 7',, 542, 633760,411 810,, 126 348,0172 9219,10,20222 1,674, 205 303,901 197, 716 308,884 253, 350735, 375 Apr. 17 14,031, 710 680i,, 231 '7,, 559, 709763,396 831,209 345, 625 287,4611, 720,396 305, 727 192,893 308,556 254,857 781,650 Deferred availability items: 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. 20 688, 636 67, 244 154, 758 55, 272 78,651 63,316 33, 543 98, 211 30, 561 13, 613 30,171 26, 641 36, 655 Mar. 27 721, 553 55, 681 237, 339 59, 536 73,292 59, 24724,133 88,663 29,260 13,471 26,670 22,198 32,063. Apr. 3 6i)4, 541 62, 374 134, 923 48, 551 70,377 52,017 22,671 94,403 29, 702 13, 78126,449 21, 770 27, 52a Apr. 10 570,810 55,055 130,573 42,735 63, 755 49,848 24,968 86, 501 28, 525 14,147 26, 212 21, 472 27,019 Apr. 17 728,857 68,410 181, 710 53,100 89,027 62,279 31,151 104,669 32, 221 15,152 29, 786 27, 334 34,018 Other liabilities, including accrued dividends: Mar. 13 6,452 311 887 1,315 402 117 134 452 154 252 130 212 Mar. 20 3,334 315 873 386 349 93 125 430 73 139 238 120 193 Mar. 27- 4,371 332 1,026 383 412 121 145 473 87 155 262 739 236 Apr. 3 3,568 411 911 342 404 118 137 423 93 148 261 129 191 Apr. 10 4,415 364 1,070 823 465 133 156 484 116 162 263 148 231 Apr. 17 3,902 378 1,048 456 114 149 476 124 154 259 142 216 Total liabilities: Mar. 13 19, 285, 900 162,438 8,852,2011,122,805 1,332,560 620,578 460,077 2, 793, 251547, 506 363, 779 529,456 367,424 1,133,825 Mar. 20 19,341,327 170,994 8,852,632 1,143,412 1,340,449 632,240 461,064 2,795,605643,121 365,135 523,408 367, 668 1,145, 598 Mar. 27 19, 426,814 162,272 8,956, 628 1,139,544 1,346,959 620,842 451,588 2,841,058528,258 359, 237 516,843 365,216 1,138,369 Apr. 3 19, 367,153 155, 552 8,965, 280 1,160,538 1,331,325 606,898 460,116 2,808, 727 517^ 226 360; 605414•, 2"7^1358,682 1,127,934 A A p p r r . . 1 1 7 0 1 19 9 , , 3 6 9 9 6 5 , , 9 5 5 8 8 4 1 1 3 5 3 4 , , 4 4 5 6 9 3 8 9 , , 9 0 4 3 8 0 , , 5 2 1 7 5 7 1 1 , , 1 1 4 6 9 1 , , 5 6 8 1 3 1 1 1 , , 3 3 7 2 1 8 , , 1 1 9 8 3 2 6 6 2 1 4 6 , , 4 1 9 0 6 5 4 4 7 7 8 6 , , 3 0 4 1 5 5 2 2 , , 9 8 0 4 9 3 , , 7 0 4 5 1 4 5 5 3 2 1 5 , , 1 5 5 7 5 2 3 3 4 5 9 3 , , 8 8 3 5 3 3 5 5 2 1 1 8 , , 2 4 7 0 3 1 336514,, 673782 11,,124091,,548215 Capital Accounts Capital paid in: 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 4,1011 10,710 Mar. 27 136,132 9,341 51,106 11,906 14,011 5,271 4,632 13, 611 4,114 2,953 4,376 4,1011 10, 710 Apr. 3 136,145 9,341 51,108 11,906 14,011 5,271 4,631 13, 615 4,117 2,953 4,377 4,103 10, 712 Apr. 10 1 136,127 9,341 51,094 11,905 14,012 5,271 4,631 13,618 4,117 2,949 4,377 4,105 10, 707 Apr. 17 136,132 9,341 51,075 11, 905 14,011 5,276 4,632 13, 629 4,121 2,950 4,378 4,107 10,707 Surplus (section 7): 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 Mar. 27 151, 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 Apr. 3 151, 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 Apr. 10 151, 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 Apr. 17 151, 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): Mar. 13 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 2,121 Mar. 20.. 26,839 2,874 7,109 4,r~~ 1,007 3,246 713 1,429 538 1,001 1,142 2,121 A A M A p p p a r r r r . . . . 3 1 1 2 7 0 7 2 2 2 2 6 6 6 6 , , , , 8 8 8 8 3 3 3 3 9 9 9 9 2 2 2 2 , , , , 8 8 8 8 7 7 7 7 4 4 4 4 7 7 7 7 , , , , 1 1 1 1 0 0 0 0 9 9 9 9 4 4 4 , , , 3 3 3 9 9 9 3 3 3 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 7 7 7 7 3 3 3 3 , , , , 2 2 2 2 4 4 4 4 6 6 6 6 7 7 7 7 1 1 1 1 3 3 3 3 1 1 1 1 , , , , 4 4 4 4 2 2 2 2 9 9 9 9 5 5 5 5 3 3 3 3 8 8 8 8 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 , , , , 1 1 1 1 4 4 4 4 2 2 2 2 , , , , 2 2 2 2 6 6 6 6 6 6 6 6 2 2 2 2 , , , , 1 1 1 1 2 2 2 2 1 1 1 1 Other capital accounts: 4r~ Mar. 13 36, 581 1,711 10,143 2,172 3,692 1,489 1,6 6,892 1,497 2,027 1,256 1,854 2,156 Mar. 20.. 36, 939 1,745 10, 264 2,204 3,734 1,514 1,€ 6,929 1,508 2,036 1,255 1,865 2,187 Mar. 27 37,147 1,769 10, 326 2,240 3,750 1,509 1,713 6,942 1,519 2,040 1,269 1,870 2,200 Apr. 3 37, 539 1,774 10,460 2,271 3,792 1,527 1,730 7,001 1,529 2,050 1,279 1,883 2,243 Apr. 10 37, 697 1,792 10,511 2,281 3,803 1,535 1,736 7,021 1,533 2,052 1,297 1,885 2,251 Apr. 17 37,822 1,810 10,567 2,289 3,814 1,549 1,741 7,032 1,536 2,059 1,280 1,887 2,258 Total liabilities and capital accounts: M M a a r r . . 2 1 0 3 . __ 1 1 9 9 , , 6 6 9 3 2 7 , , 9 1 3 4 2 2 1 1 , , 1 1 9 8 5 6 , , 3 7 5 6 9 9 8 8 , , 9 9 7 7 4 3 , ,8 4 8 3 5 7 1 1 1 7 5 6 5 , , 1 4 1 7 2 7 1 1 , , 3 3 6 7 5 3 , , 5 552 9 2 2 33 6 64 3 7 5 7, , 8 55 3 11 1 88 4 4 7 7 2 3 , , 8 8 3 3 7 1 2,837, 983 558, 360 372, 917 539,842 378, 6131 ,11,7105,98,40036 Mar. 27 19, 778, 6521,186, 6619,078,495 172,281 ,380, 050 636,115 464, 371 1,163, 624 Apr. 3 19, 719, 396 179,946 9,087,283 193,306 1,364, 458 622; 189 472; 915 2,853^ 596 528', 119 369', 760 524,682 369,908 1,153,234 Apr. 10 19, 749, 3411,115577,', 8711 ,90'7,0, 555 1182,360 1,3 61,.327 631, 404 488,820 2,887, 946 536,469 363,007 528,830 365,868 1,174,884 Apr. 17 20,048,097 1,117788,,893 9,152,354 194,396 1,404,348 639,814 491 156 2,954,655 542,059 358, 995 531,686 373,006 1, 226, 735 Commitments to make industrial advances: Mar. 13 342 1,683 701 1,111 756 151 492 3,747 Mar. 20 9,080 342 1,674 711 1,115 755 151 485 3,750 Mar. 27 8,224 341 867 710 1,120 752 181 47, 3,682 Apr. 3 8,350 336 861 855 1,109 748 181 475 3,690 Apr. 10 8,790 336 860 1,145 1,105 748 181 475 3,846 Apr. 17 . 8,805 331 853 1,145 1,186 731 180 468 3,818 426 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, Date ( e la a s c t h W m e o d n n th e ) sday of Ap r p ec li e c i a v t e i d ons Ap c p o li n c s a i t d io er n a s t i u o n n der A a p p p p li r c o a v t e io d ns ( A s a t d m a o v n o u a d u t n i - n n c t e g ) s ! ( C s a t m o a m o m n e u o d n m t u i - t n n s i g t t - ) A ( b a p p m u c p l o t e r o m t o n e u v d - o n e t t « d ) d c e o r a x a a r n p w p w t p i , n r i l e e t i- t h d b c - , y . ( s P p " t a a a a o m n t r u i d t o o i t i - c u n n i n s g - t a ) Number Amount Number Amount Number Amount (amount) 1934—Dec. 26.. 4,386 146,972 2,955 984 49, 634 13,689 8,225 20,966 5,558 1,296 1936—June 26.. 6,326 237,581 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 31 *. 7,437 293,084 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24. 8,006 314,471 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30.. 8,247 328,998 1,245 2,280 139,829 25, 526 20,959 8,226 77,910 7,208 1937—Mar. 31.. 8,344 333,300 1,322 2,323 141, 545 23,059 18,611 7,898 85,210 6,767 June 30. 8,430 339, 509 1,263 2,361 145,758 23,019 16,331 1,470 97, 663 7,275 Bept. 29_. 8,474 341,842 800 2,381 146,724 21,415 14,880 537 102, 588 7,304 Dec. 29.. 8,534 350, 551 550 2,406 150,987 20,216 12,780 107,384 7,238 1938—Mar. 30_. 8,708 358,936 1,299 2,464 154,918 19,371 13,110 3,419 111, 193 7,825 June 29.. 8,976 369, 583 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28.. 9,102 378, 974 146 2,617 168,380 17,667 13,597 5,737 122,447 9,032 Dec. 28.. 9,188 387,490 247 2,653 175,013 17,345 14,161 1,946 128,839 12, 722 1939—Jan. 25... 9,203 389,176 999 2,660 175,651 16,811 13,004 1,293 132,009 12, 534 Feb. 21 *. 9,221 389, 554 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29.. 9,249 392, 230 344 2,683 177,895 15, 798 12, 647 1,975 135,004 12,471 Apr. 26.. 9,270 394,055 495 2,697 178,639 15,817 11, 749 2,134 136,696 12,243 May 31.. 9,296 394,970 400 2,713 179,332 15,305 11, 530 2,496 137,922 12,079 June 28.. 9,308 395,499 255 2,721 179, 778 15, 255 11,175 2,067 139,281 12,000 July 26... 9,330 399, 780 760 2,730 183,354 15,384 11,476 733 142,943 12,818 Aug. 30.. 9,355 401,228 532 2,743 184,152 14, 667 11,009 1,220 144,812 12,444 Sept. 27. 9,366 402, 305 370 2,752 185,234 14,454 10, 517 1,938 146,156 12,169 Oct. 25.. 9,388 402,944 70 2,763 186,034 14, 545 10,156 1,764 148,037 11,532 Nov. 29.. 9,401 404,226 92 2,772 187,257 14,051 9,643 2,548 149,911 11,104 Dec. 27.. 9,418 405. 225 41 2,781 188, 222 13. 683 9,220 2,659 151,679 10.981 1940—Jan. 31... 9,433 406,097 76 2,793 188,879 12,860 8,376 2,504 154,629 10,505 F M eb a . r. 2 2 8 7 .. . . 9 9 t , 4 4 7 5 6 6 4 4 0 1 7 0 , ,1 3 9 9 2 2 1 3 9 2 9 2 2, , 8 8 1 0 4 5 1 1 9 8 2 0 , , 6 0 f 5 i 5 5 1 12 2 , , 7 9 2 9 3 7 8 8 , ,9 2 6 2 6 4 2 1 , ,4 4 5 7 4 1 1 15 5 8 5 , , 1 5 1 7 0 4 1 1 1 1 , , 0 1 6 3 4 7 Apr. 17 «. 9,486 411, 593 108 2,824 194,071 11,929 8,805 2,457 159, 776 11,104 i 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. 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 8 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $911,026 April 17, 1940. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total ton Y N o ew rk 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 a it 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: Mar. 27 5, 237,827419,195 1,368, 998 366, 903 480,968 234, 785 173,108. ,1 ,123, 542 204,887 145,689 ,129917, 89,046 439,409 Apr. 3 5, 251,335420, 991 L, 130, 190,828 88,234 440,030 Apr. 10 5,251,464421,813 1,127,147 204, 191, 68687, 701 i444,817 Apr. 17 5, 239, 294419,392 1,383,199 360,041 475,044 232,601 594 1,128,604 203,469 145,469 190,438 87, 111440,332 Held by Federal Reserve Bank: Mar. 27 338, 710 14,853 97,029 21,294 28,115 15,824 15,450 48,975 12,660 5,091 9,720 9,604 60,095 Apr. 3 316, 699 14, 729 92, 792 18,699 27,788 15, 56513, 590 48,079 12,017 3,649 7,549 7,833 54,409 Apr. 10 328,039 16,441 105,643 16,432 23,973 15, 57614,712 45, 283 11, 598 3,843 8,644 8,033 57,861 Apr. 17 308,179 13,948 95,389 15,312 24,543 16,123 14,010 44,404 10,386 3,835 7,766 7,672 54,791 In actual circulation: i Mar. 27 4,899,117404, 342 1,271,969 345,609 452,853 218,961157,658 1,074, 567192,227 140, 598 181, 57779,442 379,314 Apr. 3 4,934, 636406,262 1,286,053 345,609 451,425 219,022 159, 5501,082,489 193,163141, 762 183,27980,401 385,621 Apr. 10 4, 923,425405,372 11,,2 7"4~," 239 345,614 453,836 218,107159,869 1,081,864193,030 141,828 183,042 79, 668 386, 956 Apr. 17 4,931,115405,444 l.j, 287,810 344,729 450,501 216,471859, 5841,084,200 193,083 141, 634 182,67279,439 385, 541 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Mar. 27 5,343, 500440,0001,385,000 375,000 482,000 250,000 175,000 1,130,000 209,000 147,500 195,00091,000 464,000 Apr. 3 5, 363,500440,0001,395,000 375,000 482,000 250,000 175,000 1,140,000 209,000 147, 500 195,00091,000 464,000 Apr. 10 5,368,500440,000 1,395,000 375,000 482,000 250,000 180,000 1,140,000 209,000147, 500 195,00091,000 464,000 Apr. 17 5,375, 500440,000 1,405,000 375,000 479,000 250,000 180,000 1,140,000 209,000147, 500 195,00091,000 464,000 Eligible paper: Mar. 27 671 150 185 67 93 25 111 Apr. 3 _ 540 128 91 96 105 Apr. 10 - 471 25 120 67 80 139 Apr. 17 •_ 794 47 150 125 245 177 Total collateral: Mar. 27 5,344,171440,150 1,385,185 375,067 482,000 250,093 175,000 1,130,000 209,040 147, 525 195, 11191,000 464,000 Apr. 3 5,364, 040440,080 1,395,128 375,091 482,000 250,096 175,000 1,140,000 209,040 147, 500 195,10591,000 464,000 Apr. 16 5,368, 971440,025 1,395,120 375,067 482,000 250,080 180,0001,140,000 209,040 147, 500 195,139 91,000 464,000 Apr. 17 5, 376,294440,047I) 405', 150 375; 125 479; 000 250; 245 180,000 1,140,000 209,050 147, 500 195,177 91,000 464,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. MAY 1940 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, MARCH, 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 banks i New Chi- banks banks* posits posits 1 Re- Ex- York cago quired Held Total reserves held: All member banks .. 38,164 31,139 11,970 6,628 12,362 5,734 1939—March 9,021 4,472 681 2,475 1,393 April 9,624 4,889 794 2,544 1,397 Central reserve city banks: May 9,997 5,094 878 2,630 1,395 New York 14,493 13,809 771 3,180 6,428 3,248 June 10,085 5,049 893 2,728 1,415 Chicago.. 2,777 2,478 498 589 899 310 July 10,321 5,195 848 2,827 1,451 August__ 10,659 5,366 923 2,883 1,486 Reserve city banks: September 11,443 5,866 1,009 3,009 1,559 Boston district- 1,223 1,103 87 197 423 226 October. 11,862 5,958 1,112 3,203 1,588 New York district 226 176 161 39 69 30 November 11,688 5,759 1,115 3,229 1,585 Philadelphia district.. 1,373 1,133 231 210 428 219 December 11,473 5,623 1,141 3,141 1,568 Cleveland district 1,796 1,416 739 285 552 267 1940—January __. 11,985 940 3,319 1,628 Richmond district 812 613 215 118 195 77 February 12, 215 6,323 901 3,344 1,646 Atlanta district 798 537 179 103 135 32 March , 12,362 6,428 3,368 1,668 Chicago district _ 1,409 975 601 201 362 162 Week ending (Friday): St. Louis district 896 661 178 125 203 78 1940—Mar. 1 12, 314 6,429 897 3,339 1,649 Minneapolis district- 410 310 89 59 92 34 Mar. 8 12,365 6,447 896 3,346 1,676 Kansas City district- 1,068 689 158 128 200 72 Mar. 15 12, 450 6,434 902 3,430 1,684 Dallas district— 782 467 130 88 130 41 Mar. 22 12, 329 6,394 887 3,382 1,665 San Francisco district- 2,231 1,779 1,977 410 579 169 Mar. 29 12, 299 6,402 916 3,337 1,644 Apr. 5 12,409 6,507 891 3,343 1,668 Total 13,025 9,859 4,744 1,963 3,368 1,405 Apr. 12 12, 552 942 3,419 1,704 Excess reserves: Country banks: 1939—March _. 3,432 1,986 179 741 526 Boston district 900 642 561 105 187 82 April 3,926 2,302 299 794 631 New York district 1,426 981 1,397 188 402 215 May 4,212 2,465 858 520 Philadelphia district.. 684 432 878 96 182 87 June— 4,246 2,394 944 546 Cleveland district 640 409 699 84 153 69 July 4,402 2,604 305 1,013 581 Richmond district 598 339 365 59 97 38 August 4,607 2,587 363 1,046 611 Atlanta district 573 339 236 53 90 37 September 5,198 2,943 430 1,147 678 Chicago district 927 572 750 106 211 105 October 5,490 2,974 518 1,295 704 St. Louis district. 391 239 245 41 70 29 November 5,259 2,753 516 1,294 696 Minneapolis district- 334 204 279 38 67 29 December 5,011 2,611 540 1,188 671 Kansas City district- 473 282 158 42 69 27 1940—January 5,464 3,045 342 1,350 727 Dallas district 568 330 105 45 83 38 February 5,626 3,199 301 1,378 747 San Francisco district- 355 223 283 41 57 16 March 5,734 3,248 310 1,405 771 Week ending (Friday): Total 7,868 4,993 5,958 897 771 1940—Mar. 1 5,699 3,277 301 1,372 749 Mar. 8 5,737 3,275 300 1,387 775 Mar. 15 5,786 3,246 299 1,456 784 J Gross demand deposits minus demand balances with domestic banks Mar. 22 3,214 295 1,418 771 (except private banks and American branches of foreign banks) and Mar. 29 3,226 336 1,381 751 cash items in process of collection. Apr. 5 5,820 3,302 358 1,390 770 NOTE.—See table at foot of p. 422 for percentages of deposit required Apr. 12 5,899 3,278 367 1,447 807 to be held as reserves. p Preliminary. i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers \a meiuJT31 UiUUL (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time March Feb. March Feb. March Feb. March Feb. March Feb. March Feb. Boston 2,123 2,111 648 644 1,995 1,981 517 514 128 131 131 130 New York____ 16,145 15,844 2,329 2,279 i 1,353 i 1, 334 i 1,058 i 1,049 299 304 500 499 Philadelphia- 2,057 2,058 1,109 1,106 1,815 1,818 654 652 241 241 456 454 Cleveland 2,437 2,414 1,439 1,428 2,192 2,174 1,129 1,121 244 240 310 308 Richmond 1,409 1,392 580 574 1,210 1,196 377 373 200 196 203 200 Atlanta 1,371 1,349 415 412 1,187 1,167 326 322 184 182 89 89 Chicago 5,113 5,141 1,848 1,836 i 1,983 i 1, 957 i 1,045 i 1,036 354 350 305 303 St. Louis 1,287 1,301 424 424 1,049 1,062 304 304 238 239 119 119 Minneapolis.. 745 738 368 368 546 539 179 179 198 199 189 189 Kansas City__ 1,541 1,534 316 317 1,190 1,186 201 201 350 348 115 115 Dallas 1,350 1,355 235 234 1,038 1,040 188 187 312 316 47 47 San Francisco. 2,586 2,617 2,259 2,248 2,464 2,495 2,158 2,147 122 123 101 102 Total.- 38,164 37,856 11,970 11,869 118,023 U7,949 i 8,137 i 8,086 2,871 2,868 2,565 2,556 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 428 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 Keserve 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—February 6,731 74 41 1.327 350 150 246 4,320 27 195 March . _ _. . 6,817 74 41 L, 378 352 151 251 4,350 27 193 April . 6,905 73 42 L, 385 354 152 255 4,426 26 191 May 6,967 72 42 L,417 358 154 259 4,449 26 189 June 7,047 72 42 1,454 361 155 266 4,484 26 186 July 7,049 71 43 L, 446 362 156 264 4,496 25 184 August 7,171 71 43 .4fi/5 365 157 267 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 1 381 164 272 4,912 24 175 1940—January 7,376 69 44 1,469 1 372 163 265 4,796 23 173 February 7,455 68 45 1,500 1 373 163 271 4,839 23 171 March 7,511 68 45 1,508 1 375 164 260 4,896 23 170 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 currencyt Large denomination currency2 in cir- Un- End of month cula- assorttion i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed' 1939—February. 6,731 5,011 541 498 33 919 1,574 1,446 1,721 406 774 161 335 17 28 March 6,817 5,049 544 503 33 928 1,594 1,448 1,770 411 799 165 349 17 28 April 6,905 5,069 548 505 32 929 1,602 1,453 1,838 418 829 170 370 18 33 May 6,967 5,109 554 513 33 937 1,614 1,458 1,861 422 836 172 380 17 33 June 7,047 5,164 558 514 33 947 1,638 1,473 1,887 428 848 176 388 17 29 July 7,049 5,169 561 514 33 947 1,644 1,470 1,885 426 847 175 391 17 28 August 7,171 5,253 566 521 34 966 1,681 1,487 1,922 433 857 180 405 17 30 September 7,293 5,329 571 532 34 980 1,706 1,507 1,965 440 876 185 413 20 30 October 7,342 5,363 577 535 34 982 1,710 1,526 1,981 445 884 186 415 20 30 November 7,483 5,478 586 545 35 1,004 1,752 1,557 2,007 452 896 188 420 20 32 December 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940—January... 7,376 5,332 579 526 34 970 1,692 1,532 2,047 457 920 191 426 20 33 February 7,455 5,397 581 530 34 986 1,723 1,543 2,061 459 930 191 427 20 34 March 7,511 5,414 584 531 33 989 1,731 1,546 2,101 460 941 194 432 24 49 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks, a Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 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 1839—February.. 2,824 1,717 376 160 347 27 198 March 2,839 1,733 377 160 347 27 196 1939—March 27.3 .9 26.4 April 2,849 1,746 376 160 347 27 193 April 46.1 .3 45.8 May 2,862 1,759 377 161 347 26 191 May 3.8 .7 3.1 June 2,881 1,778 380 161 347 26 189 June 2.9 1.1 1.8 July 2,895 1,794 381 162 347 26 186 July 2.2 1.0 1.2 August 2,907 1,804 383 162 347 25 185 August.... 4.7 .9 3.8 September. 2,919 1,814 386 164 347 25 183 September .8 .1 .7 October 2,932 1,825 390 166 347 25 181 October... 1.8 .2 1.6 November. 2,947 1,835 394 167 347 25 179 November. 4.5 1.3 3.2 December.. 2,963 1,845 399 169 347 24 178 December. 6.6 .3 6.3 1940—January 2,971 1,855 400 169 347 24 175 1940—January.... 5.3 0) 5.3 February. __2,981 1,866 401 170 347 24 173 February.. 4.7 0) 4.7 March 2,990 1,876 401 171 347 23 172 March 1.4 0) 1.4 i Includes silver held against silver certificates amounting to $1,772, - i Less than $50,000. 000,000 on March 30, 1940 and $1,651,000,000 on March 31, 1939. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. MAY 1940 429 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 STATES' [In millions of dollars] [In thousands of dollars] Net Period T G e o n o t d a ld l o s f to p I a c e n c k r a c i c o o a t d u i t v n e t c s t g r t o I e o i o n t n a c l a - d s k l e im g N o p e l o d t rt l t m a g o h t c s a r a r e t s a i o r i a n o k n u r ( n i - s o g n - - s h r g ) i m d g p t D t i u o r o i e o o c l c s n d - - - - From or to— Im M - arch Ex- Im Fe - b 1 ru 94 a 0 r E y x- I J m an - .-Mar E . xports ports ports ports ports ports 1934 *_ 8,238 4, 202. 51,133.9 82.6 96.0 1935— 10,125 1, 887. ~\, 739.0 .2 110.7 Belgium 974 974 1936... 11,258 26.5 1,132. ., 116. 6 -85.9 131.6 France 35 40 134 1937._. 12, 760 1,227.9 1, 502. ., 585. 5 -200.4 143.9 Hungary 2,939 2,939 1938... 14, 512 1, 751. 51, 973. 6 -333. 5 148.6 Italy _. 11,760 5,566 19,579 1939... 17,644 3,132.03, 574. 2 -534.4 159.8 Netherlands _. 282 16,181 46,878 Norway 13,878 33,405 Sweden 65,991 32,448 115,041 1938—April 12,869 74.3 71.1 -1.2 10.6 Switzerland 28,907 13,932 44,047 May 12, 919 49.8 52.8 -53.9 11.5 United Kingdom 35,268 21,321 80,495 June.. 12,963 44.2 55.3 -15.5 9.6 U. S. S. R 5,570 5,570 July 13,017 54.5 63.8 -20.9 14.2 Canada.. 2497873" 15 46, 913 48 349,523 83 August 13,136 118.3 166.0 -28.8 14.7 Mexico 2,215 2,006 6,772 September 13, 760 623.8 520.9 -13.3 14.1 Central America 566 561 1,819 October 14,065 305.0 562.4 -110.2 13.5 Argentina _. November 14,312 247.5 177.8 -7.4 15.5 Chile 720 671 2,642 December 14,512 199.6 240.5 -62.4 13.3 Colombia 2,116 3 2,123 Ecuador 440 589 1,029 1939—J anuary _ 14,682 170.0 156.3 14.1 12.2 Peru 1,- 2,281 February 14,874 192.7 223.3 -48.6 10.5 Venezuela 334 433 1,292 March. __ 15, 258 383.8 365.4 10.7 11.1 Australia _. 7,409 4,241 17,805 April __ 15, 791 532.3 605.8 -114.8 13.1 British India 11,813 6,722 28,278 May... _. 15,957 166.2 429.4 -251. 6 12.6 China and Hong June 16,110 153.3 240.4 -104.8 10.7 Kong.. 3,102 1,008 9,562 July 16,238 128.0 278.6 -164.0 13.1 Japan 5,797 4,919 48, 396 August 16,646 407.6 259.9 152.1 14.1 Philippine Islands.. 4,139 1, 9,396 September 16,932 285.9 326.1 2.8 15.7 South Africa 24, 503 18, 872 63, 672 October __ 17,091 159.9 69.7 79.5 18.5 All other countries2.. 1,251 1,241 4,072 November 17, 358 267.1 168.0 90.9 14.8 December 17,644 285.1 451.2 -200.8 13.2 Total.. 459,845 18 201, 475 897, 733 93 1940—January 17,931 287.5 236.4 40.0 13.6 February 18,177 246.0 201.4 37.0 11.4 * Figures represent customs valuations which, with some exceptions, March 18, 433 256.0 459.8 -213. 4 P9. 2 are at rate of $35 a fine ounce. April 1-24 18, 708 275.3 207.7 64.8 »Includes all movements of unreported origin or destination. Back figures—See table, p. 469, and Annual Report for 1937 (tables p Preliminary. r Revised. 31 and 32). 1 Gold held under earmark at Federal Reserve Banks for foreign account on March 30, 1940, in millions of dollars: 1,299.5. * 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. 469, 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 SUSPENSIONSl [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 Na- State In- Not centers cities i centers * tional sured* insured 1929. 982,531 603,089 331,938 47,504 Number of banks suspended: 1935. 402, 718 184,006 190,165 28, 547 1 1 1 1 9 9 9 9 3 3 3 3 7 5 6 4 3 5 4 5 4 7 4 9 4 4 1 1 2 2 4 4 8 2 0 7 4 g 8 3 6 1 1 1 1 9 9 9 9 3 3 3 3 8 7 6 9 . . .. 4 4 4 4 6 0 6 2 9 5 1 3 , , , , 8 9 4 9 8 3 6 2 9 2 3 9 2 1 1 1 0 6 9 7 8 8 7 1 , , , , 9 8 3 7 3 3 8 7 6 6 2 8 2 2 2 2 3 0 1 1 5 4 8 9 , , , , 6 2 2 7 7 0 9 4 0 6 8 5 3 3 3 3 6 3 2 4 , , , , 4 2 4 2 2 8 0 5 1 3 0 2 1938 55 1 1 47 g 1 1 9 9 4 3 0 9 — .. Jan.-Mar . 42 5 4 3 25 5 10 1939— M F a e r b c r h uary- 2 3 9 7 , , 9 3 7 2 3 2 1 16 2 , , 3 2 8 7 0 4 ' 1 1 5 8 , , 2 2 0 1 1 1 2 2 , , 8 3 3 9 7 2 April 32, 822 13, 311 16,832 2,670 Deposits of suspended banks May 34, 656 14,165 17,763 2,728 (in thousands of dollars):J June 36,883 15, 312 18,676 2,895 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 4 7 5 9 8 6. 3 3 1 1 1 1 4 6 9 1 3 0 , , , , , , 9 7 3 0 0 9 3 2 0 1 1 9 7 3 6 2 5 8 5 7 1 , , , 3 3 3 5 1 7 4 4 3 0 3 9 1 0 6 7 24 1 , , 7 2 6 0 1 2 8 1 9 1 1 1 3 6 0 1 1 0 , , , , , , 9 5 7 1 7 2 1 8 6 5 2 0 2 9 3 6 1 7 3 2 1 4 , , , 0 4 9 9 4 5 4 3 8 3 8 9 4 9 5 9 0 2 J A N D S O u e u o e c l p c y g v t t o e u e e m b m s m t e b b b r e e e .. r r r . . 3 3 3 3 3 4 6 3 3 4 3 5 , , , , , , 8 2 3 6 4 5 3 4 1 6 9 4 0 5 4 6 4 7 1 1 1 1 1 1 3 2 7 3 5 3 , , , , , , 1 1 0 6 7 6 1 3 4 9 8 3 8 8 1 4 3 3 2 1 1 1 1 1 8 2 7 7 8 9 , , , , , , 3 4 6 6 0 5 9 8 8 3 2 2 6 3 6 6 9 6 2 2 2 3 2 3 , , , , , , 1 7 7 9 9 4 1 6 0 9 3 2 9 1 8 0 0 8 1940—Jan.-Mar 1,617 1,617 1940—January... 37,786 14,739 19, 978 3,069 February. . 32,197 12,138 17,344 2,715 i Represents banks which, during the periods shown, closed tem- March 37, 769 15,201 19, 537 3,031 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit i Comprises centers for which bank debit figures are available begin- Insurance Corporation loans). ning with 1919, except that one substitution was made in 1920 and one 1 Federal deposit insurance became operative January 1, 1934. in 1928. 1 Deposits of member banks and insured nonmember banks suspended a Centers (other than the 141 centers) for which bank debits are currentare as of dates of suspension, and deposits of noninsured nonmember ly reported. The number has changed very little since 1934 and has banks are based on the latest data available at the time the suspensions numbered 133 since 1936. were reported. Back figures.—See Annual Report for 1937 (Table 71), which also gives Back figures—See Annual Report for 1937 (table 76). a definition of bank debits. Figures for individual reporting cities and totals by Federal Reserve districts are available in mimeographed form. 430 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. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS IIn 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 a - l State M s b a a v u n i t n u k g a s s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a a - l State M s b a a v u n i t n u k g a s s l b n e o O r 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 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 16,499 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 4,946 Dec. 30_ 15,011 6,011 5,164 857 579 8,421 Dec. 30— 38,505 23,771 15,386 8,385 9,708 5,026 1934—June 30 15,835 6,375 5,417 958 678 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 6,350 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 1936—June 30 15,752 6,400 5,368 1,032 566 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 1037—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30— 53,287 35,440 22,926 12,514 10,213 7,635 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 34,745 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—June 30 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 Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1929—June 29 58,474 41,531 16,943 35, 711 25,658 10,052 9,556 5,892 3,664 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 2,573 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 193g_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. 312 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. 308 50,882 22,167 28,714 33,941 13,962 19,979 10,332 4,961 5,371 6,610 3,244 3,365 » 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 Eeport for 1937 (tables 48-49). MAY 1940 431 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] Loansi Investments * Com- Loans for U. S. Government obligations Obli- Total mer- purchasing gations loans cial, or carrying of Call date 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 p a e e r e t n - r b T r s o e o k c - urities 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 l O o t a h n e s r 4 Total Direct G a u n a - r- S p t a i o a c n t l a e i d l t s - s O i e t t i c h e u s e r r - » agri- ers To teed subcul- and thers* Total Bills* Notes Bonds divitural« deal- sions ers Total—All Member Banks 1929—Dec. 31..35,934 26,150 583 2,463 7,685 3,191 714 LI, 515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30- 24,786 12,858 595 953 3,752 2,372 330 4,857 1,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—Mar. 7... 31,521 .3, 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 June30_. 30, 721 492 701 2,614 2,613 120 6,397 .7,783 .0,215 316 3,653 6,246 2,128 2,143 3,296 Sept. 28.31, 627 2,937 484 713 2,590 2,661 126 6,364 .8,689 .0,713 313 3,707 6,693 2,298 2,317 3,361 Dec. 31.. 32,070 13,208 5,448 442 973 775 2,716 125 2,728 .8,863 .0,882 286 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 L9,048 .0, 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 L9,462 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 1,184 563 2,223 8,398 3,144 2,692 2,959 1940—Mar. 26** 34,,163 3939 20, 225 2,904 2,901 New York, City1 1929—Dec. 31. _ 8,774 6,683 195 1,257 2,145 322 2,595 2,091 1,112 58 166 889 222 758 1933—June 30- 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 638 987 926 478 680 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 3,086 1,456 126 668 209 124 77 427 5,322 2,939 68 831 2,040 1,086 582 714 June 30— 8,688 2,988 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 6,043 3,497 315 797 2,385 1,275 579 693 1940—Mar. 26** 9,594 3,211 6,383 726 686 City of Chicago 7 1929—Dec. 31.. 1,757 1,448 251 533 535 309 116 3 19 94 96 96 1933—June 30_. 1,287 677 61 251 237 610 384 206 82 97 87 138 1938—Mar. 7 1,997 614 38 113 423 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 59 1,507 1,040 185 234 621 135 154 179 Oct. 26.. 2,050 563 1,487 1,017 155 147 168 Dec. 30— 2,105 569 372 66 60 1,536 1,031 153 176 701 172 162 170 1940—Mar. 26** 2,223 565 1,658 175 164 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 30.. 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 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 6,298 3,940 69 1,268 2,603 718 732 908 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 6,688 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 3,339 972 890 860 1940—Mar. 26*12,156 5,307 6,849 928 852 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 1938-Mar. 7... 9,958 4,369 215 24 804 1,233 2,083 5,589 2,477 787 1,665 647 880 1,585 June 30. _ 9,752 4,388 173 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 1,770 596 903 1,509 Dec. 31.. 10,113 4,444 1,531 138 25 243 1,353 1,149 5,669 2,636 732 1,893 597 982 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 June 30.. 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 1,234 5,456 2,434 31 431 1,972 725 1,061 1,236 1940—Mar. 26P610,190 4,857 5,334 1,076 1,198 p Preliminary. 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only. * Not 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. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures, 6 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 432 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 ijusted2 ships, sub- cers' ern- ships, sub- ings4 eign Banks and divi- checks ment4 and divi- De- Time banks cor- sions etc3 cor- sions mand 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 4,8371933—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 6,424 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 10,011 712 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 6 5, 304 25,118 23,983 2,390 666 675 11,104 418 51 «8,243 H42 6757 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 S46 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 2,738 56 120 6,111 6,507 189 404 382 696 49 2,108 423 1,606 1937—Dec 31 2,941 59 95 6,336 6,429 185 327 360 694 67 2,173 334 12 1,596 1938—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 1,592 1939—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 6109 8,676 8,812 321 349 72 683 52 6 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 6237 1,747 1,632 195 27 60 469 21 3 6853 •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 1,795 1939—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 6 3,307 6116 671 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 2,2581929—Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1933—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 1,774 1938—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 i,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 i 1,367 350 1,963 6,183 5,087 1,176 114 137 5,557 153 46 438 25 2 5 1,818 1939—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 6 2,473 6,677 5,736 1,073 131 133 5,632 148 35 «515 626 62 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 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets". 2 Demand deposits other than interbank and TJ. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 6 Central reserve city banks. 6 Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). MAY 1940 433 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. £. 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 a k p p a 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 s i e t t c i h e u e s - r a c g u r l- i- a e n r d s ot T h o ers Total Bills Notes Bonds teed tural dealers Total-101 Cities 1939—March 21, 705 8,241 3,792 310 831 529 1,137 1,548 3,464 8,186 410 2,201 5,575 2,027 3,251 November. 22,966 8,573 4,354 314 613 501 1,187 1, 567 4,393 8,714 706 2,167 5, 841 2,338 3,341 December 23, 353 8,802 4,400 319 759 506 1,189 1,583 .4, 551 8,774 672 2,039 6,0G3 2,412 3,365 1940—January 23,157 8,587 4,331 320 651 496 1,184 1,556 .4, 570 8,833 658 1,757 6,418 2,410 3,327 February _.23,220 8,520 4,317 328 611 481 1,184 1,545 4, 700 8,862 642 1,746 6,474 2,419 3.419 March 23, 380 4,371 335 634 476 1,186 1,551 .4, 776 8,904 627 1,776 6,501 2,384 3,488 1940—Jan. 31.. 23,174 8,499 4,295 321 614 485 1,183 1,547 .4,675 8,877 648 1,747 6,482 2,414 3,384 Feb. 7... 23,199 8,507 4,314 321 483 1,183 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 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 1,543 4,680 8,830 623 1,743 6,464 2, 425 3, 425 Feb. 28.. 23,268 8,528 4,324 332 609 478 1,185 1,548 L4, 740 8,851 647 1,735 6,469 2,421 3, 468 Mar. 6... 23, 355 8,591 4,355 335 638 477 1,184 1,546 L4, 764 8,900 672 1,725 6,503 2,400 3,464 Mar. 13_. 23, 437 8,616 4,367 333 659 476 1,183 1, 550 L4, 821 8,943 673 1,780 6,490 2,387 3,491 Mar. 20.. 23, 398 8.606 4,379 338 628 473 1.185 1,553 14,792 8,941 645 1,796 6, 500 2, 369 3,482 Mar. 27.. 23, 329 8,603 4,383 335 609 478 1,192 1,557 L4, 726 8,830 516 1,802 6,512 2,379 3,517 Apr. 3... 23, 315 8,649 4,414 337 625 476 1,185 1,561 14, 666 8,848 509 1,821 6,518 2,380 3,438 Apr. 10.. 23,466 8,631 4,393 339 630 474 1,179 1,567 L4, 835 8,938 587 1,822 6, 529 2,379 3,518 Apr. 17_. 23, 589 8,653 4,430 331 619 474 1,183 1,569 14, 936 9,002 608 1,840 6,554 2,406 3,528 New York City 1939—March 7,904 2,932 1,364 120 675 190 109 397 4,972 2,743 91 802 1,850 1,053 1,176 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 March 9,000 2,964 1,676 115 485 160 114 369 6,036 3,466 182 789 2,495 1,249 1,321 1940—Jan. 31. 8,798 2,926 1,653 108 162 112 370 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 5,869 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 1,664 117 482 159 112 369 5,941 3,373 190 710 2,473 1,263 1,305 Mar. 13. 9,013 2,980 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, 684 115 485 159 113 369 6,066 3,520 185 830 2,505 1,236 1.310 Mar. 27.. 9,057 2,953 1,679 112 467 164 119 6,104 3,505 174 831 2,500 1,251 1,384 Apr. 3__ 9,025 2,976 1,693 112 481 162 118 366 6,049 3,543 176 * 867 2,500 1,241 1,265 Apr. 10. 9,084 2,956 1,670 112 489 160 119 364 6,128 3,574 175 873 2,526 1,234 1,320 Apr. 17. 9,165 2,967 1,691 110 479 159 119 367 6,198 3,619 165 892 2,562 1,258 1,321 Outside New York City 1939—March 13,801 5,309 2,428 190 156 339 1,028 1,151 8,492 5,443 319 1,399 3,725 974 2,075 November 14,119 5,601 2,666 200 130 330 1,073 1,191 8,518 5,202 178 1,326 3,698 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 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 8,808 5,494 455 1,024 4,015 1,151 2,163 March 14, 380 5,640 2,695 220 149 316 1,072 1,182 8,740 5,438 445 987 4,006 1,135 2,167 1940—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 X, 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 Mar. 27.. 14, 272 5,650 2,704 223 142 314 1,073 1,188 8,622 5,325 342 971 4,012 1,128 2,169 Apr. 3__. 14,290 5,673 2,721 225 144 314 1,067 1,195 8,617 5,305 333 954 4,018 1,139 2,173 Apr. 10.. 14, 382 5,675 2,723 227 141 314 1, 060 1,203 8,707 5,364 412 949 4,003 1,145 2,198 Apr. 17.. 14,424 5,686 2,739 221 140 315 1,064 1,202 8,738 5,383 443 948 3,992 1,148 2,207 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 65-67) and corresponding tables in previous Annual Reports. 434 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 w Fe it d h - Cash a w n i c t e h s m d a e n - d u v a id ls - , States Certi- u v a id ls - , States banks Bor- C i a ta p l - Date or month B s e R a e r r n e a v k - l e s va in ult b m a d e n o s k - ti s c j p u o s a t s d e i - d ts 1 s p p h n c a o a o e i n r p r r r d a t - - s - - , p s d s i i o u i c o v l b a n i i l - t - s - ch c o a e e e f n t c f r c d i s k . - ' s, m T G e J e r o . n n v S - t - 2 . s p p h n c a o a o n i e r p r r r d a t - - s - - , p s d s . i i o u _ i c o . v l b a n i i - l j t s - - P in s o a g s v s t - a * l m D a e n - d Time b F e a i o n g r k n - s ings co a u c- nts tions tions Total 101 Cities 7,427 410 2,580 16,032 15,638 1,327 560 625 4,976 224 17 6,395 116 587 1 3,6871939—March 9,803 484 a, 103 18, 742 18.392 1,465 448 523 6,062 181 17 7,847 122 720 1 3,721 November 9,630 632 3,063 18,862 18.673 1,316 501 558 5,043 207 17 7,838 122 740 1 3,713 December 10,065 484 3,087 18,946 18,690 1,247 465 566 5,057 202 17 7,955 124 740 3,7131940—January 10, 273 473 3,104 19, 210 18, 836 1,336 458 561 5,067 199 17 7,997 124 745 1 3,719 February 10, 394 468 3,184 19,344 18,945 1,371 440 560 5,133 193 18 8,144 124 736 1 3,721 March 10,268 458 3,067 19,199 18,843 1,332 503 561 5,047 205 17 7,906 123 738 1 3,717 Jan. 31 10,181 466 3,075 19,108 18, 596 1,317 396 563 5,054 198 16 7,995 124 741 1 3,719 Feb. 7 10,214 485 3.107 19,062 18,918 1,295 430 561 5,059 196 17 8,064 124 760 1 3,719 Feb. 14 10,306 462 3,128 19,256 18,902 1,300 591 561 5,071 201 17 7,967 124 745 1 3,720 Feb. 21 10, 390 480 3,104 19,414 18,929 1,432 416 559 5,085 201 16 7,960 125 732 3,719 Feb. 28 10,411 457 3,111 19,341 18,895 1,344 448 560 5,099 201 15 8,094 125 728 3,725 Mar. 6 10,477 476 3,181 19,507 19,158 1,345 416 560 5,142 198 16 8,142 126 730 1 3,719 Mar. 13 10,318 461 3.191 19,251 18,829 1,362 419 559 5,146 185 19 8,158 126 751 1 3,722 Mar. 20 10, 371 479 3,253 19, 276 18,898 1,435 478 560 5,147 188 21 8,180 119 735 1 3,718 Mar. 27 10, 437 452 3,299 19,175 18, 743 1,351 455 562 5,165 188 20 8,306 118 726 1 3,732 Apr. 3 10, 611 473 3,185 19,465 18,968 1,430 449 560 5,168 189 21 8,212 116 722 1 3,733 Apr. 10 10, 729 462 3,239 19, 655 19,288 1,400 457 559 5,128 182 20 8,348 116 717 1 3,734 Apr. 17 New York City 4,309 52 94 6,966 7,075 242 395 114 587 38 2,743 517 1,4831939—March 5,604 81 76 8,330 8,406 328 265 49 626 38 3,438 1 650 1,479 November 6,361 91 84 8,391 8,555 240 304 50 620 36 3,406 1 674 1,482 December 5,853 78 80 8.515 8,663 200 280 47 617 36 3,471 1 675 1,4871940—January 6,055 79 81 8 796 8 887 230 298 44 613 33 3,473 1 682 1,490 February 6,153 77 96 8,979 9,112 210 276 44 658 30 3,529 1 672 1,490 March 6,004 75 82 8,727 8,858 237 321 45 611 36 3,485 1 673 1,490 Jan. 31 6,989 76 77 8,719 8,763 223 239 44 610 30 3,497 1 678 1,491 Feb. 7 5,963 81 83 8,659 8,827 222 276 44 609 31 3,478 1 696 1,491 Feb. 14 6,088 78 83 8,821 8,938 201 432 44 615 36 3,469 1 682 1,490 Feb. 21 6,181 81 80 8,986 9,020 272 246 44 617 36 3,450 1 671 1,488 Feb. 28 6,198 75 80 8,977 9,061 215 285 44 619 31 3,502 1 665 1,492 Mar. 6 6,156 79 82 8,992 9,111 205 252 44 670 31 3,525 1 665 1,489 Mar. 13 6,124 75 85 8.908 9,027 194 252 44 672 28 3,567 1 686 1,489 Mar. 20 6,134 79 138 9,037 9,248 226 315 44 672 29 3,521 1 672 1,490 Mar. 27 6,201 76 131 9,054 9,126 216 271 46 683 27 3,576 1 664 1,494 Apr. 3 6,254 78 82 9,067 9,106 288 286 44 686 27 3,595 660 1,495 Apr. 10 6,246 81 83 9,106 9,205 238 265 45 637 27 3,680 655 1,495 Apr. 17 Outside New York City 3,118 358 2,486 9,066 8,563 1,085 165 511 4,389 186 17 3,652 116 70 1 2,2041939—March 4,29V 403 3,027 10,412 9,986 1,137 183 474 4,436 143 17 4,409 121 70 1 2,242 November 4,269 441 2,979 10,471 10,118 1,076 197 508 4,423 •171 17 4,432 121 66 1 2,231 December 4,212 406 3,007 10,431 10,027 1,047 185 519 4,440 166 17 4,484 123 65 2,2261940—January « 4,218 394 3,023 10,414 9,949 1,106 160 517 4,454 166 17 4,524 123 63 1 2,229 February 4,241 391 3,088 10, 365 9,833 1,161 164 516 4,475 163 18 4,615 123 64 1 2,231 March 4,254 383 2,985 10,472 9,985 1,095 182 516 4,436 169 17 4,421 122 65 1 2,227 Jan. 31 4,192 390 2,998 10,389 9,833 1,094 157 519 4,444 168 16 4,498 123 63 1 2,228 Feb. 7 4,251 404 3,024 10,403 13,091 1,073 154 517 4,450 165 17 4,586 123 64 1 2,228 Feb. 14 4,218 384 3,045 10,435 9,964 1,099 169 517 4,456 165 17 4,498 123 63 1 2,230 Feb. 21 4,209 399 3,024 10, 428 9,909 1,160 170 515 4,468 165 16 4,510 124 61 2,231 Feb. 28 4,213 382 3,031 10, 364 9,834 1,129 163 516 4,480 170 15 4,592 124 63 2,233 Mar. 6 4,321 397 3,099 10, 515 10,047 1,140 164 516 4,472 167 16 4,617 125 65 1 2,230 Mar. 13 4,194 386 3,106 10, 343 9,802 1,168 167 515 4,474 157 19 4,591 125 65 1 2,233 Mar. 20 4,237 400 3,115 10, 239 9,650 1,209 163 516 4,475 159 21 4,659 118 63 1 2,228 Mar. 27 4,236 376 3,168 10,121 9,617 1,135 184 516 4,482 161 20 4,730 117 62 1 2,238 Apr. 3 4,357 395 3,103 10, 398 9,862 1,142 163 516 4,482 162 21 4,617 116 62 1 2,238 Apr. 10 4,483 381 3,156 10, 549 10,083 1,162 192 514 4,491 155 20 4,668 116 62 1 2,239 Apr. 17 i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. • TJ. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MAY 1940 435 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. S. Government obligations Com- purchasing Total mer- or carrying d F i e st d r e ic ra t l a R n e d s e d r a v t e e lo an an d s c i i n a - l, Open securities Direct (1940) m v i e e n s n - t t - s Total t a d a c r g u u i n a s r l d - i - l - , p m k ap a e r e t - r k b a T r e n o o r d - s 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 u a e n a e r - d - O r s i e t t c h ie u e s - r tural dealers Boston (6 cities) March 27 1,178 619 300 21 19 81 130 559 386 11 38 337 49 124 April 3 1,192 621 300 22 19 81 130 571 397 14 38 345 49 125 April 10 1,186 624 302 22 19 80 131 562 387 15 38 334 49 126 April 17 1,194 626 305 22 19 81 131 568 392 14 38 340 49 127 New York (8 cities)* March 27 _ _9,874 3,308 1,793 119 472 219 204 458 6,566 3,744 184 868 2,692 1,325 1,497 April 3 9,857 3,331 1,808 119 486 216 203 455 6,526 3,797 186 903 2,708 1,317 1,412 April 10 9,913 3,300 1,784 119 494 212 196 453 6,613 3,835 185 909 2,741 1,312 1,466 April 17 10,002 3,311 1,805 117 484 211 196 456 6,691 3,888 175 928 2,785 1,336 1,467 Philadelphia (4 cities) March 27 __ 1,150 429 203 27 24 31 50 93 721 349 31 318 99 273 April 3 1,148 431 205 27 25 31 49 93 717 344 31 313 99 274 April 10 1,155 435 207 28 25 31 49 94 720 345 31 314 100 275 April 17 1,162 441 212 28 25 31 50 94 721 345 31 314 101 275 Cleveland (10 cities) March 27 1,932 703 275 21 25 173 198 1,229 820 6 157 657 125 284 April 3 1,935 704 275 21 25 172 200 1,231 822 12 157 653 126 283 April 10 1,935 707 277 21 25 172 201 1,228 817 12 157 648 126 285 April 17 1,934 708 277 21 26 173 200 1,226 814 11 156. 647 126 286 Richmond (12 cities) March 27 _ 701 117 3 15 41 74 435 317 153 164 52 April 3 682 119 3 15 41 75 414 295 139 156 52 67 April 10 682 119 3 15 41 76 413 290 137 153 54 69 April 17 684 271 124 3 15 41 77 413 290 137 153 54 69 Atlanta (8 cities) March 27 306 162 11 31 91 330 152 1 38 113 74 104 April 3 634 306 160 10 30 94 328 149 1 35 113 74 105 April 10 636 308 161 11 31 95 328 154 1 35 118 69 105 April 17 634 307 160 11 31 95 327 152 1 35 116 69 106 Chicago (12 cities)* March 27 3,286 919 546 73 115 113 2,367 1,599 247 288 1,064 262 506 April 3 3,280 928 553 74 114 113 2,352 1,578 231 289 1,058 266 508 April 10 _ . 3,344 928 554 75 114 112 2,416 1,622 281 289 1,052 275 519 April 17 3,369 562 75 114 111 2,433 1,637 300 290 1,047 276 520 St. Louis (5 cities) March 27 717 329 191 12 52 57 211 29 32 150 71 106 April 3 719 330 191 13 52 57 389 213 30 32 151 70 106 April 10 736 331 191 13 53 58 405 229 44 32 153 69 107 April 17 741 329 189 13 53 58 412 235 51 32 152 70 107 Minneapolis (8 cities) March 27 408 192 102 7 10 216 150 1 32 117 22 44 April 3 409 193 102 7 10 216 149 1 32 116 22 45 April 10 426 194 102 7 10 232 161 13 32 116 22 49 April 17 427 194 102 7 10 233 160 14 31 115 22 51 Kansas City (12 cities) March 27 687 301 178 10 29 181 17 66 98 67 138 April 3 303 180 10 29 385 181 16 66 99 67 137 April 10 304 180 10 29 385 181 18 64 99 66 138 April 17 306 181 10 29 182 21 64 97 66 138 Dallas (9 cities) March 27 531 270 178 13 23 50 261 153 19 42 92 50 58 April 3 531 269 177 13 22 50 262 153 18 42 93 50 59 April 10 530 270 178 13 22 50 260 151 18 41 92 50 59 April 17 525 265 176 13 22 49 260 151 19 41 91 50 59 San Francisco (7 cities) March 27 2,229 961 338 43 167 1,268 768 1 57 710 183 317 April 3 2,240 965 344 43 382 167 1,275 770 57 713 188 317 April 10 2,234 961 338 43 382 169 1,273 766 57 709 187 320 April 17 2,225 959 337 43 383 169 1,266 756 2 57 697 187 323 City of Chicago* March 27 2,170 560 386 64 14 49 1,610 1,127 247 160 720 140 343 April 3 2,153 565 389 64 14 50 1,588 1,108 231 160 717 136 344 April 10 2,214 567 391 64 14 50 1,647 1,153 280 160 713 142 352 April 17 2,244 575 400 64 14 49 1,669 1,173 300 160 713 142 354 * Separatef igures 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. 436 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 Re- Domestic serves Bal- De- Indi- Indi- banks B s w F e R a e e r e i n r a - t d v k h l - e s v C a i a n u s l h t m b a w a n d e o i n c s - t e k h ti s s c j m p u o d a s a e s d t - n e i - t d d s 1 s p p u v n h a c o a a i e o n i l d r r p r r d s a t - - - s , - - , S p s d s a i t i o u i c a o n b v l a t - n d i i e l t - s - s c C h c o f a e e e e i t f n e c c f r r . d i d s t k - i ' s - , m U G e . e r S o n n . v - t - 2 s p p u v n h a c o a a i o e n i r d l r p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n b v l a t - n d i i e l t - s - s P i s n o a g s v s t - a 2 l m D a e- nd Time b e F a i o n g r k n - s r B i o n o w g r s - - c C o i a a t u c p a - n - l ts d F i e s d tr e ic r (1 a t 9 l a 4 R n 0) d es d er a v te e tions tions Boston (6 cities) 507 142 176 1,211 1,151 102 17 13 234 3 1 329 22 1 246 March 27 494 141 185 1,204 1,159 96 17 13 234 3 1 346 21 1 247 April 3 501 143 186 1,215 1,160 98 14 13 234 3 1 338 21 1 247 April 10 516 141 177 1,218 1,174 95 17 13 234 3 1 346 21 1 247 April 17 New York (8 cities)* 6,297 98 268 9,714 9,737 445 327 64 1,040 38 4 3,598 17 673 1,613 March 27 6,366 93 267 9,656 9,615 347 289 66 1,052 36 4 3,657 17 666 1,616 April 3 6,438 97 216 9,677 9,604 426 299 64 1,055 36 4 3,674 16 661 1,617 April 10 6,432 99 226 9,740 9,708 391 289 65 1,006 36 4 3,760 16 657 1,617 April 17 Philadelphia (4 cities) 450 21 234 954 954 65 13 53 259 3 1 422 12 5 214 March 27 494 19 233 988 955 97 9 53 261 3 1 425 12 5 215 April 3 504 20 215 1,002 949 100 9 54 261 3 1 414 12 5 215 April 10 510 20 216 1,000 961 105 9 54 263 3 425 12 5 215 April 17 Cleveland (10 cities) 570 46 331 1,329 1,296 100 18 47 722 24 419 39 1 378 March 27 573 44 328 1,323 1,284 103 18 47 722 24 427 39 1 379 April 3 588 45 321 1,335 1,294 103 17 47 722 24 424 39 1 379 April 10 610 44 332 1,349 1,325 101 32 47 723 24 439 39 1 379 April 17 Richmond (12 cities) 176 23 236 494 480 50 11 33 198 3 1 305 6 1 94 March 27 178 20 264 491 475 52 12 33 198 3 1 314 6 97 April 3 190 22 261 508 488 56 11 33 198 3 1 310 6 1 96 April 10 185 21 265 499 488 54 12 33 198 3 1 316 6 97 April 17 Atlanta (8 cities) 132 15 224 412 381 75 4 43 184 5 2 299 4 1 93 March 27 137 13 227 409 380 73 5 44 184 5 2 307 3 1 93 April 3 143 14 230 416 392 70 5 44 184 5 2 312 3 1 94 April 10 140 13 238 413 393 69 6 43 185 5 2 315 3 2 94 April 17 Chicago (12 cities)* 1,253 64 527 2,356 2,226 273 35 128 947 12 7 1,329 10 9 390 March 27 1,225 59 549 2,328 2,220 263 48 128 948 12 7 1,337 10 9 393 April 3 1,262 62 536 2,498 2,375 264 38 127 950 12 7 1,256 10 9 393 April 10 1,318 61 550 2,609 2,495 270 37 128 952 12 7 1,235 10 9 393 April 17 St. Louis (5 cities) 180 13 210 480 479 44 6 15 187 3 2 353 1 95 March 27 171 11 216 470 474 40 5 15 188 3 2 359 1 96 April 3 177 13 197 482 485 42 6 15 188 3 2 354 1 95 April 10 181 11 191 476 482 42 5 15 188 3 2 359 1 96 April 17 Minneapolis (8 cities) 100 7 112 292 255 56 7 2 119 1 160 2 1 58 March 27 101 6 113 294 257 59 6 2 118 1 162 2 1 59 April 3 94 7 . 99 294 259 56 7 2 118 1 159 2 1 59 April 10 91 6 87 281 249 55 6 1 118 1 157 2 1 58 April 17 Kansas City (12 cities) 192 16 314 534 499 79 10 23 143 2 1 416 7 104 March 27 187 15 306 518 496 72 • 11 23 143 3 1 418 6 104 April 3 192 16 302 527 504 71 10 23 143 3 1 413 6 104 April 10 192 15 320 538 519 74 10 23 143 3 1 422 6 104 April 17 Dallas (9 cities) 133 12 289 472 446 51 9 31 127 9 1 262 1 87 March 27 132 11 289 470 442 54 10 31 127 9 263 1 87 April 3 132 12 292 473 449 51 9 31 127 9 1 262 1 87 April 10 133 10 306 478 464 49 9 30 127 9 1 266 1 87 April 17 San Francisco (7 cities) 381 22 332 1,028 994 95 21 108 987 86 288 21 21 .346 March 27 379 20 322 1,024 986 95 25 107 990 87 291 22 21 346 April 3 390 22 330 1,038 1,009 93 24 107 988 88 296 21 21 347 April 10 421 21 331 1,054 1,030 95 25 107 991 81 308 21 20 347 April 17 City of Chicago* 947 28 202 1,503 1,460 133 19 80 490 11 5 1,031 7 249 March 27 913 27 240 1,482 1,458 131 28 80 491 11 5 1,036 '7 251 April 3 954 28 235 1,651 1,609 132 24 79 492 11 5 965 7 252 April 10 996 29 240 1,746 1,714 132 22 79 492 11 5 945 8 252 April 17 • See note on preceding page. 1 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. MAY 1940 437 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 Based on Commercial Accepting banks Federal Reserve Goods stored in or End of month paper Total Banks (.shipped between st o a u n t d - - st o a u n t d - - For ac- Im- Exports Dollar points in ing l ing Total O bi w lls n bo B u il g ls ht o c w F o n u o n r a t c- c fo o c r o u e r n i r g t e n o - f Others U p i o n . r t S o t . s U fro .S m . ch e a x n - ge U.S. F c o o r u ei n g - n spond- tries ents 1938—December 187 270 212 121 91 « 58 95 60 3 57 56 1939—January 195 255 204 122 82 52 89 57 2 52 55 February .- 195 248 198 122 76 50 87 67 2 48 54 March 191 245 191 117 74 54 87 58 2 42 56 April 192 238 189 118 72 49 86 56 1 38 57 May 189 247 192 124 68 55 82 51 19 36 59 June >. 181 245 191 122 69 53 81 45 20 39 60 July 194 236 188 119 69 48 75 41 19 39 61 August _.„_>. 201 235 191 128 63 8 44 79 40 18 40 59 209 216 177 115 62 39 78 40 18 43 36 October 205 221 179 111 67 42 85 40 18 46 32 November 214 223 172 103 69 51 96 37 16 50 24 December 210 233 175 105 70 67 103 39 16 54 22 1940—January 219 229 179 111 68 50 101 38 16 51 23 February _ 226 233 188 123 65 45 95 44 15 51 27 March 233 230 184 121 63 46 90 47 14 49 30 1 As reported by dealers; includes some finance company paper sold in open market. > Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances cre C di u t s b to a m la e n r c s e ' s l Other credit balances Debit Debit End of month C b u a ( d s n l t e a e o n b t m ) c i t e i e s rs' a i b n n p a a v d l a c a e c r n s t t o r n c t u a m e e n d s r e t i s s n n i ' n g t a b in n a a v d l c a e f c n i s t o r r c t m u a m e n d s e t i s n n in g t C a b h a n a s a d n h n k d i o s n n r M o b w o o n e r d e - y * Free O (n th et e ) r m p t i a e r n r a n v t I d t n e n i a s e n t n r g - s d ' m t i r e n f a n v i I d r t n e m i s n a t n g - d a c c ( a c n p I o e n i u t 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 December 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—March. . - 953 27 84 174 699 225 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 March 886 15 78 186 615 247 70 21 7 270 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.—Bee BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 438 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 * on- Average rate on- [Per cen^ per annum] mo Y w n e e t a e h r k , , or m P c r e o i r m m ci - e ala P b c e r a c i r n e m s k p ' e - t- c S h ti e t a m o x n c - e g k e c S h c t e a o a x n c l - l g k e N U e . u w r S y . ' b rr il e l 9 a s 1 s - - y T A i U e u a r v l e . g r d e S a y e r . s o - - n 19 T c o i t t a ie l s N Y C e o it w r y k E e 7 N r c a n o o i s t t r t i a h e t e n h e s r d n - r 1 W 1 er c e n i S s t i o t a e e u n s r t d n hpaper, ances, loans, loan issues day 3-to-5 4 to 6 on on re- of- deal- year 1934 average 3.45 2.45 3.71 4.32 months yu yu new- fered ers' notes 1935 average 2.93 1.76 3.39 3.76 days days als within quo- 1936 average 2.68 1.72 3.04 3.40 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.__ .95 .43 1.25 1.00 .447 .28 1.40 1938 average-__ .81 .44 L.25 1.00 .053 .07 .83 Monthly figures 1939 average... .59 .44 L.25 1.00 .022 .05 .69 1938—January 2.60 1.70 2.92 3.28 February.. 2.49 1.70 2.65 3.21 1939—Mar.. .56 .44 L.25 1.00 .005 .03 .51 March 2.48 1.65 2.64 3.28 April.... .56 .44 L.25 1.00 .019 .03 .50 April 2.48 1.70 2.60 3.25 May .56 .44 L.25 1.00 .006 .03 .42 May 2.48 1.70 2.64 3.20 June .56 .44 L.25 1.00 .006 .03 .39 June 2.56 1.70 2.78 3.31 July .56 .44 L.25 1.00 .017 .04 .45 July 2.57 1.70 2.78 3.35 Aug .56 .44 L.25 1 00 046 05 48 August ___ 2.52 1.67 2.71 3.28 Sept .69 .44 L.25 1.00 .102 .14 1.07 September.. 2.53 1.70 2.74 3.26 Oct. .69 .44 L.25 1.00 .028 .05 .77 October 2.57 1.70 2.90 3.21 Nov .63 .44 L.25 1.00 .018 .05 .64 November 2.49 1.70 2.68 3.20 Dec. .56 .44 L.25 1.00 .012 .04 .51 December 2.60 1.70 2.95 3.23 1940—Jan .56 .44 .25 1 00 r 001 01 47 Feb .56 .44 l'.25 1.00 .004 .02 .46 1939—January 2.64 1.73 2.97 3.32 Mar .56 .44 1.25 1.00 (3) .02 .42 February.... 2.52 1.70 2.69 3.26 Week ending: Quarterly figures1 A M p a r r . . 6 30____ 7/18 1 l^ M i 1 1. . 0 0 0 0 (4) . . 0 0 2 2 . . 4 3 1 9 1 1 9 9 3 3 9 8 — — M Se p ar te c m h ber 2 2 . . 9 6 5 5 2 2 . . 0 1 0 3 2 3 . . 7 0 5 5 3 3 . 2 7 5 7 Apr. 13____ 7/H 1J€ 1.00 V .02 .45 June - 2.91 2.15 3.05 3 62 Apr. 20_-__ XHX 7/W 1M 1.00 .004 .02 .48 September 2.68 2.04 2.78 3 31 December 2.59 1.96 2.59 3.32 r Kevised. 1940—March 2.65 2.03 2.67 3.35 * Monthly figures are averages of weekly prevailing rates. » Series comprises 273-day bills to October 15, 1937, bills maturing i Averages for 1939 and quarterly figures are on revised basis and are about March 16,1938, from October 22, to December 10,1937, and 91-day therefore not strictly comparable with the earlier series of annual and bills thereafter. monthly figures. 8 Eate negative. 4 Rate negligible. 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 U. S. Year, month, or week T u r r e y a s J - M ip u a n l i a 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— 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 6.15 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 3.46 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 6.00 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 March 2.25 2.58 3.58 2.84 3.04 3.65 4.80 3.09 4.37 3.29 Week ending. Mar. 30. 2.22 2.54 3.57 2.83 3.02 3.64 4.80 3.08 4.37 3.27 Apr. 6 2.20 2.50 3.55 2.82 3.01 3.61 4 75 3.06 4.34 3.25 Apr. 13 2.24 2.61 3.54 2.82 2.99 3.60 4.74 3.05 4.33 3.24 Apr. 20 _ 2.27 2.58 3.55 2.83 3.00 3.60 4.75 3.06 4.34 3.24 i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * 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. * 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 TJ. S. Treasury bonds available on request. MAY 1940 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate3 Stock prices i Vol- Year, month, or date T U u r r . e y a S s 3 . - M ip u a n l i 3 c- Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c Year, d m a o te nth, or Pre- Common (index, 1926=100) u t m r i ( a n i e n d g - o s f ferred ' thou- Indus- Rail- Public sands of Number of issues.. 2-6 60 20 20 20 Total trial road utility shares) 1937 average ._ 101.7 110.3 93.4 90.1 100.4 1938 average 103.4 113.7 78.9 82.9 58.6 95.3 Number of issues. _ 20 420 348 40 1939 average 106.0 116.3 81.6 86.0 58.0 100.9 1937 average- 136.2 112 131 1,519 1939—JVlarch 106.0 117.9 83.1 87.1 60.9 101.3 135.6 83 99 1,100 April 106.6 116.4 79.4 83.8 54.5 99.7 1939 average 141.2 105 973 May 108.3 118.1 80.2 84.8 54.8 101.0 June 109.1 118.6 81.4 86.2 56.2 101.6 1939—March 142.3 92 108 30 July 108.9 118.3 81.6 86.3 56.4 102.1 April 140.4 96 25 964 August 108.2 116.5 81.0 85.8 55.5 101.7 May 141.8 97 25 548 September.. 101.9 107.1 80.9 85.0 59.0 98.6 June 143.9 86 101 26 507 October 102.6 110.7 82.9 86.4 61.6 100.5 July 143.7 101 26 821 November.. 104.6 117.5 83.0 87.0 60.2 101.8 August 142.3 101 25 r 706 December.. 106.1 119.9 82.1 86.8 58.0 101.6 September. _ 136.2 109 30 2,595 October 137.7 113 33 1,050 1940—January... 106.8 120.2 82.4 87.3 58.2 101.8 November. _ 140.7 111 32 907 February. 106.6 119.1 82.2 87.3 57.8 101.6 December.. 141.4 108 30 808 March 107.5 119.7 82.1 87.3 57.2 101.8 1940—January 143.0 109 30 678 Mar. 27.. 107.9 120.3 82.2 87.2 57.4 101.8 February... 142.9 107 29 654 Apr. 3__. 108.4 121.0 82.8 87.6 58.7 102.1 March 141.8 108 29 87 740 Apr. 10.. 107.6 118.9 82.7 87.6 58.5 101.9 Apr. 17.. 107.4 119.5 82.3 87.5 57.9 101.5 Mar. 27.__ 141.6 108 29 896 Apr. 3 141.7 110 30 1,346 Apr. 10. __ 142.1 110 29 1,277 1 Monthly data are averages of daily figures except for municipal bonds, Apr. 17.- 142.5 108 29 1,250 which are averages of Wednesday figures. a Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department. Prices expressed in i Standard Statistics Co. Monthly data are averages of Wednesday decimals. figures. * Prices derived from average yields, as computed by Standard Sta- » Average prices of industrial high-grade preferred stocks, adjusted to a tistics Co. $7 annual dividend basis. Back figures.—See Annual Report for 1937 (table 79). Figures for U. S. 8 Average daily volume of trading in stocks on the New York Stock Treasury bonds available on request. Exchange. Weekly figures are averages for the week ending Saturday. Bach 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 Total Y m e o a n r t o h r fu i a n r n n e g - d d ) - m e (^ a f i rQ e o \ g n fO\ s r 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 i g e e r e a s d n l - - i Total Co B n r a p o o n o t n d e r d s a s te Stocks e F ig o n r - « m T e a ( f i o d o e g n o r s t n d - a t - ) i l c Total S n m a p t i n a a c u d t i l - e - a c F e i g e e r e s a d n l - - i Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - ' 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 on 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 o 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—Mar 241 162 162 105 4 53 43 10 0 79 76 15 15 47 46 (3) 3 358 144 144 64 2 78 48 31 (3) 214 161 11 21 129 l%% 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 0 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 0 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 Mar 241 70 69 34 6 29 15 15 1 171 171 49 17 106 92 14 0 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 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). 440 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 Total Bonds s j e u A r s v t d e i - c d e c S u o s r c e i i - t a y l ot A h l e l r5 t M ur a e - d Other interest Total Notes Bills issues' issues4 aeDi bearing Pre- Treas- U.S. war ury2 savings 1932—June 19,487 19,161 •18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22,539 22,158 •21,782 753 13,417 4,548 954 92 284 66 315 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 32,989 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 1,154 868 1,601 644 141 447 1939—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 L, 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 39, 886 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 L, 307 829 2,722 938 133 406 September. 40,858 40,342 35,886 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 L,405 791 2,796 912 109 401 November. 41, 305 40,807 36,123 79 25, 218 2,140 7,232 L,454 791 2,981 911 98 400 December. 41,942 41,445 36,826 79 26,881 2,209 6,203 L, 455 789 3,021 809 99 398 1940—January... 42,110 41, 601 36,957 79 26,896 2,473 6,203 L, 307 787 3,049 807 114 395 February.. 42,365 41,839 37,097 79 26,897 2,610 6,203 L, 308 785 3,152 805 132 394 March 42, 540 41, 983 37,127 79 26, 908 2,707 6,125 L309 784 3,269 803 165 392 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 8 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 Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 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 GUARANTEEl OBLIGATIONS, BY AGENCIES x MARCH 314940 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- U.S. Maturing End of Total M F o a rt r g m age O L w o n a e n rs' s F tr i u n c a t n i c o e n m C o re d d it i y t H i o n u g s- Date maturing Bonds B c o a n ll d - s Month Co t r i p o o n ra- Co ti r o p n o r 2 a- Co t r i p o o n ra- Co t r i p o o n ra- Au i t t h y oror callable able 1 Total Bills Notes •0 g 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 1Q40 Tlpfnrp Tniv 1 1, 682 1,309 20 353 353 Dec... 4,662 1,422 2,988 252 July 1-Sept 30 1937—June- 4,665 1,422 2,987 255 Oct 1-Dec 31 737 737 Dec.__ 4,645 1,410 2,937 297 1941—Jan. 1-Mar. 31 677 677 545 1938—June.. 4,853 1,410 2,937 299 206 Apr. 1-June 30 504 504 July 1-Dec. 31 1,039 204 834 834 1938—Nov. . 4,993 1,388 2,888 511 206 Dec 4 992 1 388 2 888 509 206 1 11 9 99 4 44 2 34 _ ___ 1 1 1 , , , 2 0 5 1 0 9 4 1 5 1 1 1 , , , 2 0 0 1 5 0 4 0 1 545 2 1 , ,8 5 5 5 5 5 1939— F Ja e n b . . _ .. . 4 5, , 4 9 1 8 0 7 1 1 , , 3 3 8 8 1 3 2 2 , , 8 8 8 8 8 8 8 5 1 0 9 9 2 2 0 0 6 6 114 1945 2,835 718 175 1,941 1,755 Mar.. 5,410 1,381 2,888 819 206 114 1946 1,839 320 1,519 2,372 Apr... 5,410 1,380 2,888 819 206 114 1947 2,817 418 2,399 1,460 May_. 5,409 1,379 2,888 820 206 114 1948. __. 1,992 505 1,487 2,246 June__ 5,450 1,379 2,928 820 206 114 1949.... _ 1,657 839 819 2,278 July.. 5,480 1,379 2,958 820 206 114 1950 1,021 2 449 571 1,186 Aug... 5,583 1,379 2,858 820 409 114 1951 _ 1,223 1,223 3,500 Sept. . 5,455 1,279 2,830 820 409 114 1952 _ . _ 2,436 2,436 Oct... 5,448 1,279 2,823 820 409 114 1953 2 904 2,904 Nov... 5,707 1,269 2,817 1,096 407 114 1954 2,663 2,663 Dec— 5,703 1,269 2,813 1,096 407 114 1955 755 755 2,611 1940—Jan.... 5,699 1,269 2,809 1,096 407 114 1956 _ 489 489 982 Feb... 5,673 1,269 2,783 1,096 407 114 1958 919 Mar._ 5,661 1,269 2,770 1,096 407 114 1959 982 982 1960 2,611 2,611 1,485 1961 50 50 50 i Principal amount of obligations guaranteed as to interest and princi- 1963 919 919 pal. Excludes obligations held by U. S. Treasury and reflected in the 1965 1,485 1,485 public debt. The total includes guaranteed debentures of the Federal Housing Administrator, amounting to $4,069,000 on March 31, 1L940. Total 37,127 1,309 6,125 2,707 26, 986 26,986 * Excludes obligations guaranteed as to interest only. For Augrust 1939 and subsequent months includes matured bonds not presented ftir rfctirG* i Excludes U. S. savings bonds. Other bonds in the amount of $2,577,- ment amounting to $39,000,000 on March 31, 1940. 000,000 not callable prior to maturity are shown as of date of maturity. B onds that have been called are shown as maturing on date of call. 2 Includes unclassified U. S. savings bonds. MAY 1940 441 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 Receipts Expenditures» Trust I c n r c e r a e s a e s e d u o r r i n d g eac- period counts, etc.6 General Excess of re- of re- Period Total c ta o I x n m e - s e t s S a e o i x c t c e y u i s a r - l 3 l M a i r n n e n n i t e s v u a e c o e e l r e u - - l s - o A th l e l r Total e I d n s e t t e b o r t n - t V i a N e d o n n e e n a d s t - a - - e l o A th l e l r r c a e R e o n l r e i v y d e - - f f ( v n u R i o e n n e l t v d - g ) - s « f a T e t e c r t r r c c u a s t . n s s t t 5 s o ., - ( p c t + e u e e n i x r ) p e d o - ) t s i s r - ( p c t + e e u e n i x r ) p e d o - t s i s r - 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 erans' Adm.' Fiscal year ending: June 1937 5,294 2,163 253 2,181 697 8,442 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 9 months ending: March 1938 _._. 4,820 1,999 585 1,772 464 5,486 618 1,160 1,524 1,515 584 -666 +122 +587 +1,132 March 1939.. _ 4,390 1,749 561 1,697 383 6,729 592 1,219 2,001 2,325 524 -2, 339 +692 +1,174 +2, 820 March 1940... 4,437 1,574 630 1,790 444 7,085 657 1,444 2,528 1,825 587 -2, 648 +223 -325 +2,100 1939—March 737 506 183 45 870 120 136 297 68 -132 +52 +46 +127 April 268 40 155 42 785 66 133 258 266 55 -517 +93 -346 +78 May 397 43 124 187 42 744 10 136 279 262 50 -348 +9 -119 +219 June 613 356 25 192 39 951 272 140 223 252 56 -339 +95 -86 +158 July 308 42 36 187 43 807 15 145 259 220 167 -499 -113 -391 +222 August 420 119 217 46 822 18 152 254 321 66 -402 -44 -216 +230 September- 719 27 311 62 784 151 147 261 170 50 -65 +46 -53 -34 October 322 36 198 50 764 68 154 305 175 53 -442 -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 F M e a b r r c u h ary 4 9 4 3 4 4 6 6 6 3 5 1 3 7 0 8 1 1 5 9 4 2 4 4 9 6 6 95 6 6 8 14 1 6 9 1 1 6 8 9 4 2 2 9 7 9 6 2 1 1 6 0 8 1 1 3 0 5 -2 -2 2 2 4 + + 3 1 6 1 + + 1 6 6 7 4 + + 2 1 5 7 6 5 Details of trust accounts, etc. Details of general fund balance (end of 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 l o 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 n a 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 x A t c h e l e l s r s , Period ce R i e p - ts m v I e e n s n - t t - s m B p e f e a i n n y t e t - s - ce R i e p - ts 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 o c a - e n - C m C o C t o r r i o p e o d m d o n it i r - y t a- o A th l e l r d ( e c o + x i e t f p ) u i p r e r e o t n e s - s r - Total a g c I o t n i l v - d e m g c I o o r e n e n l n - d - t i S o e r i a g g n e - W in o g rk- Fiscal year ending: June 1937 267 267 294 293 1 8 329 8 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 763 560 191 89 8184 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 9 months ending: March 1938..- 511 449 528 445 77 8 35 31 8 34 +69 3,140 1,183 142 427 1,389 March 1939.- 449 343 635 313 328 8 516 136 8 228 +72 3,389 142 515 2,732 March 1940.__ 500 403 715 355 357 8 242 134 +77 2,514 143 577 1,794 1939—March 60 34 44 86 2 8 37 +14 142 515 2,732 April 55 50 34 41 8 60 5 8 27 +11 3,044 142 522 2,380 May 50 40 137 108 32 84 12 +23 2,924 142 528 2,254 June . 85 83 32 8 13 41 82 +11 2,838 142 536 2,160 July 65 45 58 8H 42 16 144 +13 2,447 142 544 1,761 August 66 51 154 129 41 29 96 +5 2,231 142 549 1,539 September.. 50 43 13 8 19 40 22 5 874 +10 2,178 142 554 1,481 October 53 43 54 7 24 15 19 4 +15 1,913 143 558 1,213 November. _ 53 43 144 142 29 8 297 27 8 19 +6 2,166 143 561 1,462 December 58 43 29 83 32 85 11 10 2,476 143 565 1,768 1940—January 10 79 28 58 820 86 8 11 +7 2,282 143 568 1,571 February.... 10 155 103 45 85 »3 84 +18 2,350 143 573 1,634 March 135 135 30 8 18 47 2 84 8 12 +7 2,514 143 577 1, 794 1 Excludes debt retirements. »Includes taxes under Social Security Act and on carriers and their employees. 8 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." * Includes revolving funds of Public Works Administration and Farm Credit Administration. 6 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. 8 Excess of credits. • 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. 442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 29, 1940 on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Recon- Home mortgage and Farm credit agencies Total struction housing agencies Ten- Finance nes- Ini A C P W s ra t d u a o r t o m n b a r i r p d o t l i k i i o n n o c s - - n O C H r L a w o o o t r n i m a p o e n o n e r - s' O m a g c g t o a i h e e g r n e s e t- - r U t S H 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 r e g r n m s e t - - p a C o b n A O F r d a r a d t a e n h r t m d c m k i e o o i s r . t r n - s m C C r C a o r o o t e r i d m p d o i o n i - t t y - Other t V A h l s i e a t e o u y y l e r - - - a a s c g n u ie e c r s - n e - Other F 1 2 9 e 8 4 b , . 0 J 1 3 a 9 1 4 n , 0 . F 1 2 9 e 8 3 b , . 9 Assets Loans and preferred stock: Loans to financial institutions __ 193 145 (i) 68 405 425 431 Preferred stock, etc. 476 203 35 75 1 791 807 860 Loans to railroads 479 30 509 504 508 Home and housing mortgage loans 2,027 212 126 2,365 2,376 2,327 Farm mortgage loans 2,580 2,580 2,588 2,710 Other agricultural loans 1 267 658 189 5 1,120 1,121 750 All other loans 2 464 0) 3 333 *320 1,118 1,100 923 Total loans and preferred stock 1,613 2,230 392 126 2,580 343 658 522 13 68 356 8,888 8,920 8, 509 Cash 25 171 60 16 70 58 1 18 47 13 494 474 486 U. S. Govt. direct obligations 48 4 38 3 93 171 404 4 765 770 731 Obligations of Government credit agencies: Fully guaranteed by U. S. 13 11 105 130 130 143 Other B 8 <*) C1) 34 43 40 42 Accounts and other receivables 21 8 6 2 207 4 27 0) 6 65 69 415 384 340 Business property 0) 3 0) 128 6 0) 8 310 1 95 552 553 465 Property held for sale 41 492 105 0) 4 1 644 652 708 Other assets. _> _. _« 2 1 0) 0) 8 2 0) 6 0) 12 117 148 140 227 Total assets other than interagency • 1,759 2,909 511 275 3,069 624 695 647 329 705 656 12,07812,06411, 650 Liabilities Bonds, notes, and debentures: Guaranteed by United States- 1,096 2,784 114 1,270 407 4 5,675 5,700 5,410 Other * 0) 134 »980 187 8 3 9 1, 321 1,340 1,369 Other liabilities (including reserves). 124 94 36 4 110 8 188 193 6 234 59 1,057 1,019 809 Total liabilities other than interagency • 1,220 2,879 170 118 2,360 195 595 193 15 241 68 8,053 8,059 7,588 Excess of assets over liabilities, excluding interagency transactions. 638 30 340 157 709 430 100 354 314 465 589 4,025 4,005 4,062 Privately owned interests 51 206 4 139 400 398 384 U. S. Government interests 538 30 289 157 503 426 100 354 314 325 589 3,625 3,607 3,678 1 Less than $500,000. 2 Includes $81,000,000 loans of Public Works Administration. 8 Includes $265,000,000 loans of Farm Security Administration. * Inncclluuddeess $$119966,,000000,,000000 llooaannss ooff RRuurraall EElleeccttrriiffiiccaattiioonn AAddmmiinniissttrraattiioonn,. 6 Exxcclluuddeess FFeeddeerraall lladn db kb anbkd bohndlds hbe ldF byd Fl eFde ral FMarmt Mortgage Corporation. 6 Incculuddeess,, hhoowweever, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finanoe CCorptioration. NOTE —For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Mar. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 29, Mar. 31, 1939 1939 1939 1939 1939 1940 1940 1940 Loans to financial institutions 196, 679 177,011 175,795 173,363 172,154 166, 799 162,852 159, 353 Loans on preferred stock of banks and insurance companies. 33, 626 33,162 33,127 33,094 33,029 32,319 29,994 29,840 Preferred stock, capital notes, and debentures 524,343 515,157 513,200 490,099 488,673 484,211 476,395 472,345 Loans to railroads (including receivers) 439, 560 438,835 436, 650 444,314 448,792 454,194 458,841 467,887 Loans for self-liquidating projects 186,978 85,264 89,872 79,440 65,873 66, 501 66, 753 Loans to industrial and commercial businesses 112,048 125,753 126,863 130,026 130,625 130,378 131,919 130,704 Loans to drainage, levee, and irrigation districts 82, 757 83,502 83,482 83,750 83,998 83,814 83,874 Other loans _ _ 27,067 23,847 23,274 4,046 4,081 4,093 4,180 4,260 Securities purchased from Public Works Administration... 131,090 124,476 126, 649 127, 290 120,808 117,876 117, 603 114,066 Total loans and investments, other than interagency. 1, 734,1481,607,006 1,608,911 1,579,050 1, 561,5991,539,557 1, 532,1601, 529,174 Preferred stock of Export-Import bank 45,000 45,000 45,000 45,000 45,000 45,000 74,000 74,000 Loans to Rural Electrification Administration 53,948 146,498 146,498 146,498 146,498 146,498 146,498 146,498 Capital stock of, and loans to R. F. C. Mortgage Co 53, 258 54,629 55,102 56,047 57,081 58,045 58,124 59,198 Capital stock of, and loans to Fed. Natl. Mtge. Assn 24, 215 46,500 50,323 54,538 58,729 63,233 65,806 68,616 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, 913, 569 1,907,932 1,914,133 1,889,433 1,877,207 1,860,632 1,884,888 1,885,786 NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. MAY 1940 443 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 mortgage loans Federal intermediate by- c a r n e d d i d t i b sc a o n u k n l t o s a f n o s r — to Loans to cooperatives by— End of month la F nd e d b e a ra n l ks Co B L m a a n n m d k is- p c p R r r c o o e e u r a d d g a l g u i t t i t u r o i c i o r n t c - a n i o a o l s l r n , - fi i n n O t a i s o t n t h n i c t e s i u n r , - 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 c a g t r o l i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p n a u e n c g a r y s n h - d t m F i e e n d d te e i r a r - a te l B in c a a c o t n l i o u k v p d s e e i s r f n , - o g r M A in t g g a u r r r i k A c a e u l c t l t - sioner a s c o n r c d e i d a b i t t i a o a n n s k s - s , c e o t x o i c v p e e e p s ra t - b cr a e n d k i s t C B e a n n tr k al in re g v o fu lv n - d for cooperatives » 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 30,982 1938—December. 1,982,224 752,851 168,392 33,545 148,037 11,081 171,489 920 87,496 23,723 1939—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, 677 728,489 182,643 177,792 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, 235 180,166 359 59,577 22, 592 July 1,934,013 712,823 189,044 40,657 187,844 10,003 179, 356 263 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 October1... 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, 655 165, 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 March 1,890,432 677, 717 174,152 36,326 173,840 7,888 176,045 1,754 69, 311 19, 763 * 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 SYSTEM1 LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets 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 a ti n s o b s n o a e s - r ssoc L ia o ti a o n n s s l m l i o t n b i e a o s a m n t n n i s s b t k u t e » o - r an ba c l e - s1 Total b i p n t a o o n r d s k y 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 - - a i r s - - f s e u e r t n e r c - v d .* 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 1 1 19 9 9 3 3 3 7 6 8 — — — D D D e e e c c c e e e m m m b b b e e e r r r . . . 2 2 2 , , , 1 7 3 6 6 9 8 5 7 , , , 0 6 9 9 4 2 8 7 0 1 1 1 , , , 3 3 2 6 2 1 8 8 2 1, 8 5 0 5 8 3 3 6 4 , , , 7 5 1 0 0 6 0 0 2 2 1 1 0 4 9 0 5 8 , , , 0 3 8 9 9 4 2 4 0 1 1 9 9 3 3 7 8 _ _ j ju u n n e e 1 1 , , 2 2 6 5 8 2 1 1 , , 3 2 0 9 7 0 1 13 1 6 5 1 1 , , 1 1 0 0 0 3 9 93 3 6 3 1 1 6 6 7 7 7 7 1 2 1939—February 1,263 1,304 81 1,144 978 166 79 1939—January... 2,149,038 1,370 1,040,770 178,852 March 1,266 1,309 80 1,153 986 167 76 February.. 2,134, 261 1,375 1,051,109 170, 614 April _ 1,264 1,306 76 1,154 988 166 76 March 2,117, 598 1,375 1,067,887 161,614 May 1,261 1,305 73 1,157 1,011 146 75 April 2,105,824 1,381 1,089,879 157,176 June 1,262 1,304 68 1,157 1,011 146 79 May 2,091,324 1,383 1,117,228 157,911 July 1,268 1,310 58 1,172 1,026 146 80 June 2,080, 512 1,386 1,136,289 168,962 August 1,271 1,314 56 1,174 1,028 146 84 July 2,067,844 1,385 1,157,536 161,537 September. _._ 1,267 1,307 55 1,182 1,036 146 70 August 2,059, 792 1,392 1,186,784 159,470 October _ . 1,270 1,311 54 1,182 1,036 146 75 September. 2,054,865 1,394 1,206,887 163,687 November 1,274 1,317 54 1,182 1,036 146 80 October ... 2,049,421 1,394 1,231,685 168,654 December 1,279 1,319 53 1,192 1,046 146 74 November. 2,043, 288 1,401 1,252, 559 168,822 1940—January 1,390 1,331 50 1,197 1,051 146 84 December.. 2,038,186 1,410 1, 271,161 181,313 February Pl 297 1940—January.... 2,031,341 1,403 1, 280,200 156, 788 March Pl, 301 February.. 2,026,614 1,407 1, 296,464 144, 515 March 2,021,951 1,413 1, 317, 975 137, 642 p Preliminary. i Outstanding principal, represented by certificates of deposit Does 'Federal Home Loan Bank Board estimates for all Federal savings not include accrued interest nor outstanding savings stamps. and loan associations. *Includes working cash with postmasters, 5-per cent reserve fund and > Excludes loans to other than member institutions which are negli- miscellaneous working funds> with the Treasurerof the United States, gible in amount. accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p.502. 444 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 (physical volume) i*Construction contracts awarded (value) > Fac- Factory em- tory Freight-car Department Year Total Manufac- Minerals Total Eesidential All other ployment 8 pay- loadings4 * store sales rolls3 (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjustedjustedjusted 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 98 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 U5 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 75 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 Feb 116 117 116 118 116 112 62 54 47 42 75 64 108 108 100 82 76 95 76 Mar 118 122 117 122 128 119 66 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 66 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 76 115 109 61 49 30 25 87 68 98 97 85 67 62 89 156 IQQfi 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 61 44 32 28 66 56 92 91 78 62 57 88 70 Mar 79 80 75 77 104 96 46 46 33 35 56 55 90 91 78 60 57 86 77 April... 77 78 73 76 100 91 52 69 37 43 65 73 88 89 75 67 55 83 86 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 58 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 63 52 77 84 88 89 77 62 63 83 65 6ept..._ 90 91 89 89 97 102 78 79 56 66 96 97 89 92 82 64 71 86 91 Oct 96 97 95 95 98 106 82 78 67 56 102 96 90 92 84 68 75 84 92 Nov 103 104 103 103 102 105 96 85 66 54 128 111 93 93 84 69 70 89 99 Dec 104 98 104 98 110 103 96 77 57 48 128 100 94 94 87 69 64 89 156 1QOQ Jan 101 100 100 99 110 105 86 70 55 46 111 90 95 92 84 69 63 88 69 Feb 99 99 97 '99 110 105 73 63 68 61 85 72 94 94 86 67 62 87 69 Mar 98 100 96 100 110 102 69 69 65 58 80 79 94 94 88 66 63 88 82 April... 92 95 92 96 95 88 67 76 58 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 68 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 97 Oct 121 124 121 122 121 132 76 72 68 66 82 77 101 104 102 80 89 90 99 Nov.... 124 124 124 123 124 127 83 74 61 69 101 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 75 104 101 98 78 72 92 '71 Feb. ... 109 110 108 109 120 115 63 54 56 50 68 58 102 101 98 73 68 89 71 Mar *>103 P106 *101 P105 P120 nil P62 *>62 P55 P58 P67 P66 P100 P101 P98 69 67 89 86 p Preliminary. r Revised. * Average per working day. * For indexes of groups and separate industries see pp. 446-447; 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. * 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. 835- 837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 448-451. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 453. 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. MAY 1940 445 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total 97 96 92 91 97 100 104 Ill 121 124 129 118 108 P101 Durable 84 80 76 71 82 88 92 103 123 130 141 122 103 P94 Nondurable 109 110 106 108 110 110 115 117 119 118 120 114 111 P107 Iron and Steel 88 83 79 73 89 100 105 121 157 167 173 143 111 96 Pig iron _ _ 73 75 66 55 73 81 91 101 119 125 126 119 102 91 Steel ingots 89 84 80 75 90 102 107 123 160 171 178 145 112 97 Transportation Equipment: Automobiles 100 91 87 73 81 87 89 85 78 90 127 128 127 110 12 14 14 16 15 15 19 23 24 20 18 19 Nonferrous Metals: Tin deliveries * 72 76 92 102 93 87 99 97 95 119 165 181 140 136 Zinc 87 90 91 89 90 91 93 98 110 117 121 114 116 115 Lead 73 69 71 82 70 68 71 71 70 83 78 87 78 82 Cement and Glass: Cement __ .. _. 80 90 81 76 79 82 76 78 87 91 96 80 71 87 Glass, plate 133 130 83 89 124 87 121 165 222 191 232 200 165 164 Coke: Byproduct ._ ._ 106 106 94 77 103 110 120 130 143 147 148 148 132 127 Beehive 6 6 2 2 6 5 6 7 23 29 26 17 11 10 Textiles 109 110 97 104 111 111 120 121 125 126 123 114 108 98 Cotton consumption 111 114 105 110 115 117 128 129 129 135 145 130 125 117 Wool _ 111 106 85 105 116 114 123 118 125 128 116 108 99 81 Consumption __ . 117 118 91 120 138 136 150 138 138 140 124 114 103 89 Machinery activity1 113 91 80 98 105 105 103 103 120 129 120 109 99 70 Carpet and rug loom activity K 87 84 78 73 70 64 79 84 94 92 85 86 86 78 Silk deliveries 97 108 88 76 84 84 87 107 120 96 72 74 63 66 Leather and Products2 125 116 115 110 115 118 105 109 115 121 120 116 P109 Tanning _ . _. _. 105 95 '96 '93 91 88 98 87 93 '98 95 99 93 Cattle hide leathers 104 93 91 01 '88 89 106 93 98 103 102 98 97 Calf and kip leathers. .. .. 118 103 101 89 91 69 73 71 73 '83 85 ••94 81 Goat and kid leathers 2 '94 '103 102 106 '102 87 103 '99 87 107 96 Boots and shoes . 139 140 128 128 121 133 131 117 119 126 138 133 '132 120 Food Products: Slaughtering and meat packing 83 89 90 94 87 89 92 100 99 100 99 100 100 99 Hogs_ _ _. 67 73 81 84 73 77 84 95 99 100 99 95 95 94 Cattle 100 106 99 104 103 102 100 102 95 94 95 102 105 103 Calves ___ 108 110 105 108 104 107 104 111 110 110 100 108 102 105 Sheep 157 156 135 142 143 145 139 146 144 154 147 158 145 139 Wheat flour 94 97 100 95 100 96 88 103 91 82 91 90 92 94 finger mailings 70 78 94 72 66 81 77 96 91 85 128 105 79 74 Tobacco Products 162 164 164 170 170 168 168 164 166 172 186 167 170 160 Cigars 77 78 77 76 76 73 76 76 75 74 79 83 77 75 Cigarettes « . __ _ 231 236 236 246 247 227 241 235 240 250 273 239 247 229 Manufactured tobacco 78 80 81 85 84 80 89 85 83 87 89 74 79 79 Paper and Printing: Newsprint production 61 62 63 65 63 63 63 65 63 64 65 64 68 69 Newsprint consumption 127 126 130 127 132 126 130 142 137 131 140 129 132 136 Petroleum Refining 201 202 209 211 215 212 218 221 232 228 221 214 217 Gasoline l 256 256 265 269 276 273 280 284 296 293 280 265 268 Kerosene 113 122 122 124 122 117 123 118 118 109 108 106 125 Fuel oil 1 138 140 143 143 144 139 140 148 155 150 150 162 159 Lubricating oil *.. - - 117 111 115 119 121 115 128 123 149 141 145 138 139 Rubber Tires and Tubes i» * '108 '113 '103 122 '125 '125 118 110 115 118 118 Tires, pneumatic i>2 '113 '118 '111 '108 '120 '118 127 '130 '130 122 115 120 123 124 Inner tubes 1.. __ _. __ _ '74 '77 73 '67 '76 '74 '81 '85 '89 84 72 76 78 80 Minerals—Total 110 no 95 98 104 106 91 114 121 124 120 125 120 Bituminous coal . 79 77 31 46 71 75 77 84 94 91 83 91 87 PSO Anthracite . _ 61 61 80 73 59 53 53 71 58 60 59 75 51 Petroleum, crude 169 173 174 175 170 174 127 174 181 187 189 189 190 P191 Iron ore . 65 67 74 78 97 128 155 Zinc 87 90 91 89 90 91 93 98 110 117 121 114 116 115 Lead 73 69 71 82 70 68 71 71 70 83 78 87 78 82 Silver „ 100 86 101 71 107 70 79 104 91 91 105 89 103 1 Without seasonal adjustment. v Preliminary. ' Revised. 2 Revised figures, Jan. 1939: leather and products, 125; goat and kid leathers, 96; Rubber tires and tubes, 110; tires, pneumatic, 114. 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. 446 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total '99 100 96 94 97 95 99 110 122 123 121 116 109 P105 Durable 84 86 84 78 85 83 85 99 123 125 129 117 104 P101 Nondurable 111 111 106 107 108 106 111 119 122 122 114 116 114 Iron and Steel 92 93 87 79 89 93 103 120 152 155 152 138 116 108 Pig iron 75 79 70 56 72 77 87 98 119 126 124 118 104 96 Steel ingots.. 93 95 89 81 90 95 105 122 156 158 155 139 117 109 Transportation Equipment: Automobiles 100 105 106 88 91 66 28 59 93 108 142 128 127 128 Locomotives 12 14 13 15 14 15 20 24 24 22 19 17 Nonferrous Metals: Tin deliveries 72 76 92 102 93 87 99 97 95 119 165 181 140 136 Zinc 93 96 94 90 87 84 87 93 106 117 123 121 124 122 Lead 75 70 70 80 71 65 68 67 72 86 79 88 81 83 Cement and Glass: Cement 48 65 79 88 98 100 98 98 99 90 75 49 43 63 Glass, plate 133 137 91 93 112 78 121 165 222 191 232 200 165 172 Coke: Byproduct 108 109 95 76 101 107 116 128 143 150 150 149 136 131 Beehive 7 6 2 2 5 4 4 7 22 30 29 20 14 12 Textiles . . 115 112 100 104 105 103 112 121 129 131 117 119 114 101 Cotton consumption 119 119 113 114 111 106 115 125 133 140 133 137 134 122 Wool . _ 116 106 84 100 109 106 118 122 132 135 116 110 104 82 Consumption. 128 122 88 111 124 121 139 145 151 153 125 118 112 91 Machinery activity 113 91 80 98 105 105 103 103 120 129 120 109 99 70 Carpet and rug loom activity 87 84 78 73 70 64 79 84 94 92 85 86 86 78 Silk deliveries 104 104 87 75 75 80 91 113 120 98 64 84 67 63 Leather and Products— 127 126 113 106 105 114 131 121 120 110 103 111 118 P112 Tanning 108 94 94 88 90 88 100 92 99 96 92 95 96 Cattle hide leathers 111 94 91 .87 86 86 104 97 101 102 99 99 103 Calf and kip leathers 108 91 91 85 88 81 88 82 '87 '79 73 '78 74 Goat and kid leathers * '100 '96 96 102 98 '100 91 107 97 94 99 Boots and shoes 140 147 126 117 115 130 151 140 133 120 109 121 '133 126 Food Products: Slaughtering and meat packing... 83 84 81 92 86 84 80 91 97 111 118 119 102 94 Hogs 74 74 72 81 76 69 64 71 84 110 129 127 106 94 Cattle 88 92 87 101 96 101 98 114 111 108 100 103 92 89 Calves 100 111 114 122 108 104 96 107 116 112 95 100 94 106 Sheep 147 142 127 139 140 145 140 170 158 152 144 160 136 126 Wheat flour.. 91 91 91 90 88 94 94 122 102 89 87 89 89 88 Sugar meltings 69 92 109 81 78 98 86 102 87 66 73 69 77 87 Tobacco Products. 147 156 151 172 186 171 180 181 179 175 151 158 155 152 Cigars _ 67 71 72 78 81 76 80 87 92 88 59 64 66 68 Cigarettes 211 224 215 248 272 249 261 259 252 247 224 234 225 218 Manufactured tobacco _ 79 81 78 85 86 80 91 93 86 85 73 75 80 80 Paper and Printing: Newsprint production _. 61 61 64 66 64 62 61 64 63 63 65 65 68 68 Newsprint consumption 125 131 139 131 131 112 116 139 146 140 144 124 131 142 Petroleum Refining. _ 202 201 208 211 215 211 217 221 233 229 222 214 217 Gasoline _ _ 256 256 265 269 276 273 280 284 296 293 280 265 268 Kerosene 115 119 121 119 113 108 116 121 124 117 117 108 128 Fuel oil— 138 140 143 143 144 139 140 148 155 150 150 162 159 Lubricating oil 117 111 115 119 121 115 128 123 149 141 145 138 139 Rubber Tires and Tubes] '108 '103 nu '•113 122 '125 '125 118 110 115 118 118 Tires, pneumatic1 '113 '•111 '108 '120 '118 127 '130 '130 122 115 120 123 124 Inner tubes ___ r77 73 '67 '76 '81 '85 '89 84 72 76 78 80 Minerals—Total 105 102 88 97 105 107 96 123 132 127 113 120 115 Pill Bituminous coal 84 77 26 40 63 68 75 90 104 102 88 101 92 P80 Anthracite ... _ _ 66 50 83 73 51 44 53 72 74 62 58 81 54 Petroleum, crude 166 171 174 177 173 178 129 179 183 185 184 181 186 P189 Iron ore 82 132 150 159 187 218 130 Zinc... _. 93 96 94 90 87 84 87 93 106 117 123 121 124 122 Lead 75 70 70 80 71 65 68 67 72 86 79 88 81 83 Silver 108 94 102 69 105 59 78 98 90 98 106 90 111 v Preliminary. ' Revised. i Revised figures, Jan., 1939: goat and kid leathers, 96; rubber tires and tubes, 110; tires, pneumatic, 114. NOTE .—Descriptive material and tables giving back figuresm ay 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. MAY 1940 447 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*=100j 1939 1940 Industry and group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total - 94.3 94.0 93.8 93.3 94.3 95.3 95.9 97.5 101.2 103.4 104.5 103.9 102.1 100.'3 Durable goods 84.2 83.7 83.9 82.9 83.9 84.7 85.3 88.9 94.6 97.3 100.0 99.7 97.4 95.7 Nondurable goods _ 103.9 103.8 103.3 103.3 104.2 105.3 105.9 105.7 107.6 109.2 108.9 107.8 106.6 104.7 Iron Steel Products 90.4 90.7 90.5 89.6 90.3 90.6 92.5 96.4 105.9 110.8 112.1 110.4 107.0 102.6 Blast furnaces steel works 94 94 95 94 96 96 97 101 115 122 124 122 117 110 Bolts, nuts, washers, rivets. 96 97 94 93 93 94 98 102 113 118 120 117 113 112 Cast-iron pipe. 73 73 73 73 71 72 73 74 77 79 79 75 78 76 Cutlery, edge tools 89 90 90 86 91 91 94 97 102 107 109 107 103 101 Forgings - 55 54 55 55 54 56 56 59 66 70 72 72 71 68 Hardware 87 87 84 80 72 70 78 95 99 106 106 104 101 98 Plumbers' supplies. 74 74 74 75 76 77 78 80 81 83 85 83 81 81 Stamped, enameled ware 143 147 144 142 147 147 157 159 162 166 166 160 161 159 Steam, hot-water heating 74 75 75 74 75 78 79 80 84 86 87 86 85 85 Stoves 84 85 84 85 86 89 88 86 90 91 93 93 91 91 Structural, ornamental _ 66 67 67 67 66 67 69 71 75 76 76 75 75 72 Tin cans, tinware 95 95 96 95 95 95 98 97 103 103 100 101 100 98 Tools 84 84 84 84 84 81 85 87 91 94 96 96 96 93 Wirework 152 151 148 142 135 128 121 149 164 171 176 172 162 . 156 Machinery . . ______ 94.0 94.8 94,9 94.4 95.4 96.1 97.3 99.8 105.7 110.6 112.9 113.4 113.6 113.1 Agricultural implftTnAnts 123 124 122 119 118 115 121 123 125 128 131 133 137 136 Cash registers, etc 131 131 127 126 128 127 125 127 126 127 129 127 128 128 Electrical machinery 85 86 87 86 87 87 88 92 97 100 103 103 102 102 Engines, turbines, etc. 91 91 91 93 95 95 97 99 108 116 124 133 134 129 Foundry, machine-shop products. 81 82 82 81 83 83 85 86 91 95 97 98 98 97 Machine tools 132 134 138 140 144 149 146 155 170 183 191 197 204 208 Radios, phonographs _ 129 130 124 121 122 131 126 129 145 160 153 143 143 145 Textile machinery 71 72 73 75 75 77 78 78 81 85 86 86 85 85 Typewriters. _. 128 129 129 126 126 122 119 122 123 125 125 123 119 115 Transportation Equipment 92.9 91.2 91.1 87.2 88.9 90.0 88.3 99.5 105.6 101.3 112.6 113.1 110.7 110.7 Aircraft.._ 966 968 1,075 1,169 1,267 1,385 1,414 1,512 1,605 1,767 1,905 2,050 2,062 2,074 Automobiles 98 97 96 89 89 90 88 102 108 100 112 111 107 107 Cars, electric-, steam-railroad 38 36 34 34 33 32 31 34 42 48 53 57 61 60 Locomotives 17 16 18 21 25 28 29 28 25 26 28 30 30 28 Shipbuilding 113 111 112 118 127 128 125 128 132 133 139 140 146 147 Nonferrous Metals, Products 93.4 93.4 93.2 92.8 92.8 94.6 96.2 99.2 107.0 110.1 111.3 111.7 107.5 106.5 Aluminum 135 140 143 142 145 153 157 152 166 172 170 173 170 168 Brass, bronze, copper 104 104 103 104 105 106 109 115 130 137 138 137 128 127 Clocks, watches 84 84 85 84 82 84 85 85 87 88 89 92 91 91 Jewelry 91 92 93 90 91 94 95 91 92 95 96 95 93 95 Lighting equipment 84 80 77 76 73 75 77 88 95 89 95 95 88 84 Silverware, plated ware 68 69 68 68 68 70 70 71 70 72 74 74 71 70 Smelting, refining . . 78 77 78 77 77 76 75 77 83 85 86 87 87 87 Lumber, Products 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 67.7 Furniture 85 85 85 84 85 86 86 87 89 93 93 94 91 90 Lumber, millwork 57 56 57 56 59 59 60 61 63 64 64 65 63 62 59 56 67 59 59 60 60 61 63 66 66 65 63 60 Stone, Clay, Olass Products 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 80.4 Brick, tile, terra cotta 59 58 58 55 57 58 57 59 61 64 65 66 61 60 Cement 66 66 67 63 66 67 67 66 68 70 71 68 66 65 Glass 95 95 97 96 98 98 99 100 106 109 109 111 103 105 Marble, granite, slate _ _ _ _ 48 53 53 52 50 51 50 48 49 49 50 46 48 45 Pottery . _ 86 85 84 84 87 88 87 86 90 93 94 95 93 91 Textiles, Products 101. 7 100. 9 •• 99.4 r 99.6 101.0 103.9 104. 6 103.4 106.0 107. 5 105.8 104.4 102.6 99.0 Fa D C C C b a o r y o i r t t e c p t t i s o o n e n n t g s , s , g . m o r fi u o n a g d l i l s s s h w in a g r e t s extiles ' 1 9 8 8 7 2 6 2 7 1 2 .6 1 8 8 9 7 2 5 0 7 1 2 .0 r 1 9 8 7 7 2 5 7 8 1 0.1 r 1 9 8 8 7 2 5 0 0 4 4 .9 r 1 9 8 7 7 2 6 9 1 3 0 .9 r 1 8 8 7 2 9 6 3 4 8 4.3 ' 1 9 8 7 2 9 1 4 6 9 5.2 r 1 9 9 8 7 2 1 6 8 3 9 .9 r 1 9 8 9 9 3 3 4 1 7 3 .7 r 1 9 9 9 8 3 6 2 5 9 2 .7 r 1 9 8 9 9 3 4 5 1 6 1 .9 r 1 9 8 8 9 2 8 5 4 5 7 .0 1 8 9 8 9 2 3 3 3 3 4 . 1 1 8 8 7 7 2 9 3 8 7 8.5 Hats, fur-felt 90 87 86 84 89 93 90 87 86 90 92 91 90 84 Hosiery 153 154 154 153 152 154 155 149 151 151 146 145 145 138 Knitted outerwear 68 70 67 68 72 75 80 75 76 75 68 62 68 65 Knitted underwear 71 70 70 73 74 77 79 78 79 80 79 80 77 77 Knitted cloth 134 134 133 128 138 138 140 140 148 155 146 142 134 132 Silk, rayon goods r 74 r 75 r 75 r 7Q »• 73 r 72 r 72 r 70 ' 75 r 77 r 74 r 71 66 65, Woolen, worsted goods 84 81 77 81 86 89 85 83 90 95 89 85 81 71 Wearing apparel 120.2 119.2 116.4 115.2 117.5 121.1 121.4 120.4 120.4 120.4 121.6 121.3 119.9 118.6 Clothing, men's 104 104 103 102 104 107 107 106 107 108 112 110 107 106 Clothing, women's 173 171 165 161 169 174 174 172 171 171 171 167 170 167 Corsets, allied garments 107 107 109 111 114 115 117 116 117 117 117 117 114 113 Men's furnishings 136 132 128 125 129 135 140 136 138 127 122 120 120 120 Millinery 84 84 81 80 74 73 77 80 80 74 75 79 83 83 Shirts, collars._ 123 121 119 120 120 123 121 121 121 123 123 132 125 122 Revised. 448 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Leather, Manufactures 99.0 99.2 97.7 93.7 97.1 98.7 97.4 96.8 97.4 99.1 96.9 97.3 95.4 • 93.8 Boots, shoes 98 98 97 92 96 98 96 95 96 98 96 96 94 93 ( Leather 87 86 85 84 86 87 87 87 88 88 86 87 85 83 Food, Products 125.7 127.3 127.0 128.4 129.4 127.9 129.7 128.1 126.9 129.6 131.4 •130.6 130.7 130.3 Baking 144 144 144 146 147 147 146 146 146 145 145 144 144 145 Beverages 275 270 270 272 275 269 269 269 271 279 285 280 278 275 Butter 94 94 95 96 95 95 96 95 95 97 97 '95 96 95 Canning, preserving. _ . 143 158 157 159 162 150 160 147 137 150 154 149 154 151 C onfectionery 83 82 81 81 80 82 86 82 82 86 86 85 86 83 Flour 77 78 77 80 81 81 79 82 80 77 79 80 80 80 Ice cream 78 78 78 77 77 75 75 76 78 79 79 78 79 79 Slaughtering, meat packing 96 96 96 98 100 101 101 102 103 106 108 108 109 110 Sugar, beet .*. 120 107 103 107 104 99 105 131 107 105 118 158 108 108 Sugar refining, cane 93 96 102 87 89 94 96 90 100 95 98 94 93 97 Tobacco Manufactures 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 64.4 Tobacco, snuff ,. 61 62 63 62 62 61 62 62 62 60 60 62 60 60 Cigars, cigarettes 65 62 65 65 66 66 66 65 64 63 65 65 63 65 Paper, Printing 111.1 111.4 111.5 111.5 111.1 111.8 112.0 112 8 115 0 115.7 116.4 r115 5 114.7 114.8 Boxes, paper 111 112 HI 111 111 113 115 116 121 122 121 121 118 116 Paper, pulp 106 106 106 107 106 106 107 109 114 115 115 114 113 113 Book, job printing 99 100 100 99 99 101 99 98 99 100 101 102 100 100 Newspaper, periodical printing.__ 114 114 114 115 114 114 115 116 116 115 116 114 116 117 Chemicals, Petroleum, and Coal Products - 112.9 113.4 114.2 114.4 113.1 113.7 111.9 116.4 119.9 121.3 121.9 121.4 120.4 119.7 Petroleum refining 119 119 118 119 120 121 122 122 122 123 122 122 122 123 Other than petroleum 111.4 112.2 113.3 113.4 111.4 111.9 109.4 115.2 119.4 120.8 121.8 121.3 120.0 119.1 Chemicals . _ 120 120 118 117 117 115 119 122 132 137 138 138 137 136 Cottonseed oil, cake, meal 88 96 103 110 88 85 81 92 98 91 91 92 85 81 Druggists' preparations 107 108 109 111 112 114 112 112 113 114 116 119 118 117 Explosives 86 86 86 87 90 92 93 98 102 104 106 104 108 109 Fertilizers _ 97 98 110 115 107 105 103 111 109 106 111 105 99 103 Paints, varnishes 118 120 121 119 120 122 125 123 125 126 126 127 124 124 Rayon, allied products 301 299 309 302 295 298 254 297 309 310 311 310 309 304 Soap _ _ _ . .. 80 79 78 79 80 84 87 87 87 86 87 86 84 81 Rubber Products 81.4 82.2 81.3 81.1 80.8 79.7 83.6 86.1 91.2 93.0 92.4 90.2 87.9 86.7 Rubber boots, shoes 60 60 60 61 59 47 58 58 60 61 61 59 57 56 Rubber tires, inner tubes 66 67 67 67 66 67 68 70 74 75 75 74 73 72 Rubber goods, other 133 134 131 129 131 134 138 144 154 159 157 152 145 142 «• Revised. NOTE.—Figures for March 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. MAY 1940 449 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 through1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group ]939 1940 1939 1940 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Total _ _ _______ 93.6 94.3 103.8 104.1 101.4 101.4 100.7 86.0 87.6 101.6 103.7 98.3 97.7 97.9 Durable goods 83.3 84.1 98.2 100.0 97.4 96.5 96.2 77.7 79 4 100.9 104.6 98 2 96 6 97 2 Nondurable goods 103.5 104.0 109.2 108.0 105.3 106.0 105.0 95.3 96.7 102.4 102.8 '98.4 99.0 98.8 Iron, Steel, Products . 90.0 91.3 111.1 111.4 108.3 106.7 103.4 81.7 83.6 114.7 115.3 106.3 101.0 96.4 Blast furnaces, steel works 95 96 122 123 121 117 112 86 87 127 129 119 110 102 Bolts, nuts, washers, rivets 97 97 118 120 117 114 112 105 102 142 142 124 126 119 Cast-iron pipe 71 72 77 78 74 76 75 59 59 74 72 65 68 59 Cutlery, edge tools _ __ 90 92 109 109 105 104 103 79 81 102 102 93 91 91 Forgings 55 54 70 73 72 72 69 57 56 84 88 86 '84 78 Hardware 88 87 106 106 104 101 99 82 85 119 117 109 101 103 Plumbers' supplies 75 75 83 84 82 82 82 65 63 78 78 71 71 71 Stamped, enameled ware 144 150 166 166 158 161 162 144 153 171 174 160 162 165 Steam, hot-water heating _. 74 75 87 86 83 84 85 61 60 80 80 74 76 75 Stoves 79 83 96 89 78 86 89 68 73 88 79 65 75 80 Structural, ornamental—. __ __ . 63 66 76 75 73 72 70 53 56 67 67 63 61 60 Tin cans, tinware 88 90 101 r95 94 93 93 87 94 105 100 97 93 99 Tools 84 85 95 97 96 96 94 82 82 97 102 98 96 93 Wirework _. . 152 153 173 176 172 162 158 149 154 200 204 189 175 177 Machinery _ ._ 93.5 94.6 111.0 113.1 112.4 113.1 112.9 90.8 93.4 117.1 122.1 119.1 119.3 121.0 Agricultural implements 127 131 125 131 135 141 144 141 146 141 152 156 164 168 Cash registers, etc. __ _ 131 131 127 128 126 128 128 121 121 129 132 129 131 134 Electrical machinery 84 86 100 103 102 102 102 87 90 110 114 112 112 113 Engines turbines etc 90 93 110 120 125 133 131 104 109 139 157 162 172 171 Foundry, machine-shop products. 81 82 95 97 97 98 97 73 74 94 99 95 94 95 Machine tools 132 136 184 192 197 205 211 142 146 238 256 259 271 281 Radio, phonographs 113 109 180 162 136 126 122 96 93 170 149 122 113 109 Textile machinery 72 72 84 86 86 86 86 66 68 82 86 84 81 82 Typewriters 126 129 128 127 123 118 115 121 134 126 122 111 110 111 Transportation Equipment 96.8 96.5 102.9 116.5 115.5 114.7 116.6 91.6 91.7 105.6 124.1 118.3 118.2 122.9 Aircraft 957 978 1,750 1,886 2,030 2,042 2,095 953 980 1,718 1,778 1,901 1,884 2 025 Automobiles 104 104 102 118 116 113 114 97 97 106 128 120 119 121 Cars, electric-, steam-railroad 37 36 47 52 53 59 61 31 31 40 47 47 54 58 Locomotives __ _ _ ._ _ 17 16 26 28 28 29 28 13 14 25 28 27 27 26 Shipbuilding 110 112 133 139 138 143 150 116 119 141 152 148 150 167 Nonferrous Metals, Products 93.1 93.8 113. 5 112.9 109. 8 107.1 107.1 85.3 86.2 115.4 116.5 108.7 103.4 104.8 Aluminum _ _ 136 143 174 170 170 171 171 148 156 196 197 193 195 196 Brass, bronze, copper 104 105 137 138 136 128 129 100 103 157 159 150 136 137 Clocks, watches ._. 84 84 93 93 91 91 91 84 82 100 97 93 95 96 Jewelry 89 89 107 99 89 91 92 73 73 91 87 73 69 75 Lighting equipment __ 83 82 93 98 93 88 86 69 64 78 85 74 71 74 Silverware, plated ware 68 69 76 77 72 71 70 60 64 75 76 61 59 60 Smelting, refining- 77 77 86 87 87 87 87 73 72 85 88 87 86 85 Lumber, Products 62.0 62.1 73.0 71.1 67.3 66.7 66.5 52.7 53.6 68.8 65.2 58.8 59.8 60.7 Furniture 83 83 97 95 90 89 88 70 70 86 86 75 76 77 Lumber, millwork 56 56 64 64 62 61 61 43 43 53 52 47 47 47 Lumber, sawmills _ 55 55 66 63 60 59 59 44 46 61 55 51 52 53 Stone, Clay, Glass Products 72.1 75.1 85.5 83.6 77.7 75.5 78.1 61.6 65.5 78.9 76.4 66.9 65.3 68.5 Brick, tile, terra cotta 52 53 65 63 57 53 55 39 40 54 52 43 40 42 Cement 55 61 70 66 58 55 60 48 54 67 63 51 48 55 Glass __ 95 96 109 109 106 103 106 98 100 121 119 113 108 113 Marble, granite, slate 43 51 50 49 39 43 43 29 37 39 35 24 29 30 Pottery _ __ 86 87 95 95 92 93 94 79 81 89 90 81 84 86 Textiles, Products 104. 5 104.8 107.7 105. 6 103. 5 105.5 102.8 '90.2 '91.3 '92.7 '91.6 '87.5 91.3 89.2 Fabrics _ ••94.0 100. 7 ••98.5 '95.9 95.5 90.6 82.5 '80.5 '91.6 89.5 84.8 84.2 78.3 Carpets, rugs 77 79 85 84 82 82 80 64 67 76 76 72 71 67 Cotton goods 88 88 97 97 96 96 92 76 76 91 92 89 87 83 Cotton small wares 84 84 93 91 88 85 81 80 80 90 87 81 75 76 Dyeing, finishing textiles 128 127 134 133 130 130 129 112 111 115 116 110 109 109 Hats, fur-felt 92 89 88 91 91 92 86 81 70 73 89 85 84 68 Hosiery 154 156 155 148 144 145 140 169 170 170 159 146 151 144 Knitted outerwear __ 68 71 78 65 59 68 65 56 56 64 50 47 57 53 Knitted underwear 71 72 81 79 75 77 79 63 64 75 72 66 69 72 Knitted cloth 135 136 154 144 137 134 134 109 108 131 116 112 107 107 Silk, rayon goods •77 •78 '75 '73 66 '59 '59 '64 '61 '57 54 52 Woolen, worsted goods 88 81 95 91 87 85 71 74 66 82 78 73 72 57 Wearing apparel 123.9 127.0 118.7 116.9 116.1 123.6 126.3 99.6 106.8 89.2 90.2 '87.5 99.7 105.3 Clothing, men's 107 109 105 105 106 110 112 83 89 76 80 80 86 88 Clothing, women's 180 186 168 165 162 176 181 139 147 116 117 113 134 141 Corsets, allied garments 108 110 117 116 115 116 116 114 117 122 119 112 118 119 Men's furnishings _ 137 136 137 129 112 121 124 122 120 139 126 95 112 115 Millinery 91 98 67 66 79 90 97 79 100 49 47 59 77 102 Shirts, collars 123 125 128 123 120 125 126 100 104 118 111 98 108 113 'Revised. 450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index Dumbers 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 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Leather, Manufactures 103.0 103.9 91.9 93.2 97.4 99.3 98.2 89.5 89.4 71.1 75.4 82.3 82.6 80.2 Boots, shoes. 102 104 89 91 96 98 98 88 88 65 70 79 80 78 Leather 88 87 88 87 87 87 84 87 85 87 87 86 83 81 Food, Products 114.2 115.4 129.8 126.0 119.5 118.8 118.7 110.0 111.8 125.3 124.4 117.1 115.6 117.2 Baking _ _ 142 143 147 145 141 142 143 130 131 137 134 131 132 135 Beverages 252 256 261 261 255 254 261 274 283 294 299 279 284 300 Butter 87 89 94 93 '89 89 90 75 75 79 78 75 76 78 Canning, preserving 84 92 121 101 91 91 88 76 80 101 89 81 78 76 Confectionery 81 81 98 96 83 84 82 77 76 96 100 81 78 Flour 77 78 78 79 79 79 80 69 72 71 72 73 74 73 Ice cream 66 68 69 68 66 67 70 56 58 58 57 56 57 59 Slaughtering, meat packing 96 94 108 112 112 109 108 99 98 113 122 119 111 112 Sugar, beet 44 42 287 192 68 40 42 51 47 283 '174 63 47 48 Sugar refining, cane _ . 92 95 94 95 90 92 96 74 89 77 76 77 79 Tobacco Manufactures. _ _ _ _ 63.7 60.9 66.4 65.8 59.0 61.7 63.7 52.7 53.3 62.9 62.3 52.9 54.0 58.0 Tobacco, snuff.. 63 62 61 61 64 62 61 63 66 68 67 68 70 67 Cigars, cigarettes 64 61 67 66 58 62 64 51 52 62 62 51 52 57 Paper, Printing 111.0 111.1 117.5 118.5 115.1 114.6 114.4 103.6 105.4 114.2 116.8 110.0 108.6 109.7 Boxes, paper.. 108 111 129 125 '117 115 114 115 119 145 137 119 122 Paper, pulp 106 106 115 115 114 113 113 105 106 125 123 118 117 115 Book, job printing __._ ____ 100 99 101 104 103 101 100 85 87 89 94 92 87 88 Newspaper, periodical printing... 114 114 117 119 114 115 117 105 107 109 115 106 108 110 Chemicals, Petroleum, and Coal Products. . ... ___. 113.4 116.0 122.6 122.3 121.0 120.7 122 5 118.9 120.6 133.1 133.4 131.0 131.1 132.1 Petroleum refining 118 117 124 122 122 121 121 133 132 138 138 134 134 136 Other than petroleum 112.4 115.7 122.3 122.3 120.9 120.7 122.8 114.8 117.3 131.6 132.0 130.3 130.1 131.0 Chemicals.. 118 119 138 138 136 135 135 132 133 162 162 160 158 158 Cottonseed oil, cake, meal 98 101 120 115 103 95 86 77 82 115 110 99 89 80 Druggists' preparations. 109 109 118 119 119 119 119 118 119 131 132 129 130 131 Explosives 84 85 106 108 104 106 108 97 96 128 129 121 128 129 Fertilizers 107 146 92 102 105 109 154 75 104 76 82 83 84 114 Paints, varnishes 117 120 125 124 124 123 124 118 123 132 131 129 129 130 Rayon, allied products ._ 306 304 313 312 314 313 309 288 287 310 314 320 321 316 Soap 80 81 89 85 84 84 83 95 96 104 102 100 100 99 Rubber Products 81.5 82.8 93.9 93.0 90.0 88.0 87.4 81.0 83.2 99.8 100.5 94.1 88.1 88.3 Rubber boots, shoes 59 60 62 63 59 57 56 58 57 67 66 56 53 56 Rubber tires, inner tubes 66 67 75 75 74 73 72 71 74 86 90 86 80 79 Rubber goods, other _ 134 136 161 157 150 145 145 125 128 163 155 145 135 138 ' Revised. NOTE.—Figures for March 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 1939 1940 1939 1940 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. Total 36.6 37.1 39.1 38.5 38.6 37.4 37.3 64.4 64.3 64.6 65.3 66.2 66.3 66.3 Durable goods 36.1 36.6 40.2 39.6 39.6 38.1 37.9 71.0 70.9 71.3 71.5 72.7 72.7 72.6 Iron, Steel, Products- 34.8 35.4 40.3 39.6 39.4 37.6 36.5 75.5 75.3 76.4 76.7 77.2 76.6 76.4 Machinery 36.6 37.6 40.6 40.9 41.3 40.4 40.1 72.4 72.5 72.1 72.3 73.2 73.5 73 7 Transportation Equipment 35.0 34.3 38.1 37.6 38.5 37.4 37.7 89.8 89.7 89.1 88.6 90.1 89.4 89.4 Nonferrous Metals, Products 37.3 38.3 41.4 41.0 40.9 39.2 38.4 66.7 66.6 69.1 69.0 70.3 70.1 69.6 Lumber, Products _ 37.9 38.5 40.9 39.7 38.6 36.9 37.9 49.0 48.7 50.2 51.4 51.3 51.2 51.3 Stone, Clay, Glass Products 35.1 35.7 39.2 37.9 37.5 35.1 35.4 65.1 64.9 65.4 65.7 66.0 66.4 66.2 Nondurable goods 37.0 37.5 38.2 37.6 37.7 36.9 36.8 59.2 59.1 59.0 59.9 60.5 60.7 60.8 Textiles, Products 35.0 36.1 36.7 36.1 35.9 34.8 35.1 48.4 48.8 48.6 49.3 49.7 49.9 50.5 Fabrics 36. 5 37 1 37 8 37 4 37 2 36 0 35 7 46 1 46 1 46 4 47. 7 47 9 48 1 48 4 Wearing apparel 32.3 34.4 34.5 33.7 33.5 rS2.5 34.0 52.7 53.8 52.7 52.5 53.3 '53.4 54.4 Leather, Manufactures. 38.1 39.2 35.3 33.8 35.7 37.2 36.7 52.5 52.2 53.2 53.9 53.7 53.4 53.7 Food, Products 40 0 39 8 40 5 40 1 40 5 39 7 39 5 62 8 63 2 60 8 62 5 63 3 64 1 63 9 Tobacco Manufactures 32.1 32.0 37.0 36.6 35 8 33 3 32 8 48.1 47.3 47.4 47.9 48.9 49 6 49 2 Paper. Printing 37.8 37.9 39.7 39.5 39.4 38.1 37.8 76.8 76.8 77.3 77.4 78.3 '78.3 78.3 Chemicals, Petroleum, and Coal Products _ 38 2 38.2 39.8 38.9 39.0 38 4 38.4 74.1 73.8 73.8 75.1 75.1 75 6 75 5 Petroleum refining 36.6 36.5 36.9 36.0 36.4 35.5 35.9 98.0 97.0 97.4 97.2 97.2 97.4 97.5 Other than petroleum refining. 38.8 38.8 40.8 39.8 39.8 39.4 39.2 65.3 65.4 65.7 67.4 67.5 68.0 68.0 Rubber Products. 36.0 35.9 39.2 38.0 38.1 36.6 35.3 77.0 76.1 76.9 76.8 77.6 77.6 77.7 'Revised. MAY 1940 451 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 Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Total Residential and public building utilities i Month Factories C ommercial Educational » Other i 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 70.8 299 8 116 6 18 5 20 4 9 7 29 2 105.5 DftRfiTTihftr 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 i 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 i 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 65 149 112 118 148 93 45 66 130 75 104 104 February 75 140 188 110 220 201 38 79 69 51 111 82 37 62 119 68 109 119 March 123 199 231 227 301 272 68 96 66 95 128 95 55 103 165 132 173 177 April 124 235 270 222 330 53 105 74 99 160 71 130 195 123 170 Say IT" I"""": 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 Mar. Feb. Mar. Federal Reserve 1940 1939 1940 1939 district Boston., 22,193 8,884 19,841 Mar. Feb. Mar. Mar. Feb. Mar. New York 55,207 30,936 72,648 Philadelphia 16,170 12, 739 18,136 Cleveland 28,004 18, 590 27,227 Boston 97 71 91 895 1,418 1,943 New York 399 380 473 3,383 5,425 4,883 Richmond 31, 542 29,605 Philadelphia . 76 67 94 734 541 3,121 Atlanta 24,225 23, 036 27, 742 Cleveland 78 53 76 1,432 940 1,658 Chicago 43,646 32, 405 44,054 Richmond 44 46 59 500 584 560 St. Louis 19, 287 15, 411 18, 696 Atlanta 55 55 47 680 622 377 Chicago 180 160 198 1,535 1,446 2,756 Minneapolis 5,473 3,353 7,890 St. Louis 27 26 44 130 288 412 Kansas City 12,486 9,012 9,460 Minneapolis 22 23 17 504 342 108 Dallas 13, 945 16,603 16,021 Kansas City 58 40 59 466 288 1,118 Dallas .. 22 23 35 167 200 368 Total (11 districts) 272,178 200, 574 300, 661 San Francisco 139 98 129 1,255 1,378 1,698 Total 1,197 1,042 1,322 11, 681 13,472 19,002 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. 452 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 1 Merchandise imports 2 Excess of exports Month 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 January 199 223 289 213 ••370 187 240 171 178 242 11 —18 118 35 »128 February . 182 233 262 219 347 193 278 163 158 200 —11 —45 99 61 147 March 195 257 275 268 P352 199 307 173 190 P217 —4 -51 102 77 P136 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 180 268 228 230 196 265 141 169 16 3 87 61 August 179 277 231 250 193 246 166 176 -14 31 65 '74 221 297 246 288 216 233 168 182 5 63 79 107 October 265 333 278 332 213 224 178 215 52 108 100 117 226 315 252 '292 196 223 176 '235 30 92 76 57 December _ _ _ 230 323 269 368 245 209 171 247 -15 115 98 121 Year 2,456 3,349 3,094 '3,176 2,423 3,084 1,960 2,318 33 265 1,134 '858 p Preliminary. r Revised. 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.—See 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) Mar. Nov. Dec. Jan. Feb. Mar. 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 __ 66 82 78 78 73 69 Coal _ 62 80 71 83 68 66 Coke 55 100 92 90 65 70 January 88 92 69 r71 67 '68 60 61 Grain and grain products- 73 88 87 73 75 75 February 87 89 69 71 68 71 65 68 Livestock 40 41 40 39 40 39 March 88 89 82 86 68 70 69 71 Forest products __ 36 51 51 47 44 43 Ore - 86 191 116 114 107 105 April 88 88 67 69 Miscellaneous 73 89 89 86 83 77 May - 85 87 66 68 Merchandise» 62 63 62 62 61 60 June 86 83 67 64 July 86 60 67 60 Without seasonal adjustment • August 89 69 67 65 September 91 97 68 71 Total 63 83 73 72 68 67 October 90 99 69 77 Coal _ 66 87 79 95 80 70 November 95 106 71 82 Coke - 57 100 101 106 88 73 December 96 168 68 64 Grain and grain products 67 83 75 66 69 69 Livestock 32 50 39 38 33 31 Year 90 68 Forest products 36 50 44 41 43 44 M M Or i e e s r c c e h l a la n n d e i o se u s * __ __ . 2 6 7 1 2 0 1 9 6 0 1 4 5 8 2 6 1 9 0 2 7 5 5 4 8 2 7 5 6 1 9 2 7 6 6 4 0 1 r B R a e s v e i d s ed o . n 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. 522-529 of BULLETIN for 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. MAY 1940 453 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 r i e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts F m li u g a e h te l 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 lsp c r C a a o l h l d l s e i u e m a c d n t i s d - 1i f n H u g r o n g u i o s s h o e- - ds l M an i e sc o e u l s - 1929.. 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930- 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931__ 73.0 64.8 74.6 75.0 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 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933.. 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934__ 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935- 80.0 78.8 83.7 77.9 89.6 70.9 73.6 86.4 85.3 79.0 80.6 68.3 1936- 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937._ 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938_. 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939— 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1939—February 76.9 67.2 71.6 80.2 91.9 66.1 73.0 94.3 75.8 85.2 73.5 March 76.7 65.8 70.2 80.4 91.8 66.6 73.1 94.3 89.8 76.0 85.2 74.1 April 76.2 63.7 68.6 80.5 90.9 66.9 73.4 94.0 89.6 75.6 85.4 74.4 May 76.2 63.7 68.2 80.6 91.6 67.5 73.9 93.5 89.5 75.6 85.5 74.2 June 75.6 62.4 67.6 80.2 92.3 67.3 73.0 93.2 89.5 75.2 85.6 73.8 July 75.4 62.6 67.5 80.2 92.5 67.6 72.8 93.2 89.7 74.5 85.6 73.4 August 75.0 61.0 67.2 80.1 92.7 67.8 72.6 93.2 89.6 74.2 85.6 73.3 September.. 79.1 68.7 75.1 82.1 98.5 71.7 72.8 94.8 90.9 76.6 86.6 76.6 October 79.4 67.1 73.3 83.8 104.6 75.5 73.9 95.8 92.8 77.6 87.8 77.6 November.. 79.2 67.3 72.3 84.0 104.0 76.4 74.1 96.0 93.0 77.4 88.4 77.0 December.. 79.2 67.6 71.9 83.9 103.7 78.0 72.8 96.0 93.0 77.7 88.5 77.4 1940—January... 79.4 69.1 71.7 83.9 103.6 77.9 72.7 95.8 93.4 77.7 87.9 77.7 February.. 78.7 68.7 71.1 83.2 102.4 75.4 72.4 95.3 93.2 77.5 '88.0 77.3 March 78.4 67.9 70.2 82.9 101.8 74.0 72.2 95.5 93.3 77.0 88.0 76.9 Week ending— 1940—January 6 79.5 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 March 30 77.9 68.1 69.8 82.8 102.0 72.5 72.3 95.5 93.1 77.2 89.5 76.6 April 6 77.6 67.0 69.7 82.7 101.6 71.9 72.5 95.4 93.2 76.9 89.4 76.6 April 13 78.0 68.0 70.8 82.7 102.1 71.9 72.6 95.4 92.8 76.9 89.7 76.6 April 20 78.5 71.9 82.6 102.5 71.6 72.4 95.3 92.8 77.4 89.7 76.8 1939 1940 1939 1940 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec Jan. Feb. Mar. Farm Products: Metals and Metal Products: Grains 54.5 71.6 73.5 72.8 73.4 Agricultural implements 93.2 93.3 93.4 93.4 93.4 Livestock and poultry 78.2 63.8 67.2 65.6 67.1 Farm machinery 94.5 94.6 94.6 94.6 94.7 Other farm products 61.0 68.4 68.6 68.9 66.3 Iron and steel 96.1 96.1 96.3 96.3 96.4 Foods: Motor vehicles _ 93.4 94.7 94.7 94.7 94.8 Dairy products 64.8 81.3 81.9 80.0 78.6 Nonferrous metals. 76.6 84.6 82.6 79.2 79.7 Cereal products 72.3 80.5 80.4 82.4 82.4 Plumbing and heating 79.3 79.3 79.3 79.1 81.0 Fruits and vegetables 63.2 63.0 60.3 58.7 58.7 Building Materials: Meats _ 82.5 69.1 69.9 68.4 69.2 Brick and tile 92.5 91.6 91.6 91.2 90.4 Other foods 61.9 66.5 65.8 66.3 63.0 Cement 91.5 91.3 91.4 91.4 91.2 Hides and Leather Products: Lumber 92.1 97.8 97.6 97.6 97.8 Shoes 101.2 107.5 107.8 108.2 108.4 Paint and paint materials. 81.5 85.5 87.2 86.8 87.2 Hides and skins 73.8 105.2 102.6 97.0 94.3 Plumbing and heating 79.3 79.3 79.3 79.1 81.0 Leather 82.7 95.2 96.0 94.2 93.5 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 95.6 100.0 100.0 100.0 100.0 Other building materials 92.7 93.2 92.9 92.7 Textile Products: Chemicals and Allied Products i Clothing 81.5 84.2 84.5 84.9 85.1 Chemicals i _. 84.8 85.3 85.3 85.3 85.1 Cotton goods 63.7 75.2 75.4 73.6 71.8 Drugs and Pharmaceuticals * 77.7 80.3 81.3 81.3 81.4 Hosiery and underwear 59.9 66.0 68.4 64.5 62.2 Fertilizer materials * 68.0 70.9 71.3 71.0 70.6 Silk 2 38.4 66.0 61.8 51.6 49.9 Mixed fertilizers1 73.3 73.9 73.9 74.2 73.9 Rayon K. _ 28.5 29.5 29.5 29.5 29.5 Oils and fats i 47.3 53.1 52.4 51.0 47.8 Woolen and worsted goods. 75.1 90.3 90.4 87.2 84.5 Housefurnishing Goods: Other textile products 64.3 84.2 81.3 76.8 74.9 Furnishings 89.7 94.4 94.0 94.2 94.2 Fuel and Lighting Material: Furniture 80.5 82.4 81.4 81.9 81.5 Anthracite 79.4 76.1 78.7 79.2 79.2 Miscellaneous: Bituminous coal 97.9 97.8 98.0 98.2 97.3 Auto tires and tubes 60.5 55.6 55.6 55.6 55.6 Coke.. 104.2 109.9 109.8 109.7 109.6 Cattle feed 84.1 91.7 93.0 93.7 95.2 Electricity 80 3 Paper and pulp. _ 81.3 89.0 89.8 89.5 89.0 Gas 82.2 80.4 78.6 81.6 Rubber, crude 34.1 42.4 39.6 38.7 38.3 Petroleum products 50.9 52.5 51.7 50.9 50.4 Other miscellaneous _. 81.3 86.6 87.4 85.8 *• Revised. 1 Monthly and annual series revised; weekly figures not comparable. 2 New series. Back figures.—Fov monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 454 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 1940 book book page M 2 a 0 r. M 2 a 7 r. Ap 3 r. A 1 p 0 r. A 1 p 7 r. page Jan. Feb. Mar, WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars j fl> ^ ^ _ ^ BUSINESS CONDITIONS 1928-25=100 CURRENCY Wholesale commodity prices:4 R T G M r e o o e s l n d a e B U s r e s v i . y u l t e r l S o s y i . n c B d k Q c a c i a s n i o s r c k h v c o u 't u c l n a r s e t t e i e d o c d i n u t— rit t i o e t s a .. l _ . . 3 3 , , 9 5 3 5 3 1 0 2 2 7 2 8 . . . . . ) 3 4 5 3 4 6 8 2 7 8 1 0 2 2 2 8 7 . . . . . ) 4 5 4 3 4 1 1 8 8 7 1 0 2 2 2 7 8 . . . . . ) 5 4 5 3 4 1 7 7 2 7 1 0 2 2 2 7 8 . . . . . ) 5 5 3 5 4 2 1 0 5 7 1 2 2 7 2 0 8 . . . . . ) 5 5 4 3 6 4 7 1 1 3 U E Fr n n a g i n t A l F F O e c a d o a l t n e l h r o . d m c S e d o r t s a m p . c . t r o e m o s m d o : u m d c i o t t i s d — e i s t ies... 31, 3 3 3 3 3 3 1 2 1 2 2 1 10 8 6 7 7 1 3 9 9 1 . . . . . 9 3 4 7 1 '10 8 6 7 7 3 3 8 8 1 . . . . . 7 2 7 7 1 1 8 7 6 7 0 2 8 7 0 4 . . . . . 9 4 9 2 5 T M R r e e e q m a u s b i u r e r e r y d b d r a e e n s p k e o r s v b i e a ts s l a • nces 1 6 2 . . . 6 2 7 6 6 1 1 6 2 . . . 6 2 7 9 2 0 1 6 2 . . . 5 4 6 0 8 9 1 6 2 . . . 6 5 5 8 3 9 1 6 2 . . . 7 5 7 6 1 1 I M nd an u G u st f e r a r i c m a t l u a p r n i r y n o g d u p c r ti o o d n u 6 c tion:6 3 3 5 2 1 8 19 0.5 P 10 8 9 0.7 Excess reserves—total *• 5.70 5.69 5.82 5.90 ?>6.02 Total. ___ 37 118 108 N R C C e h o e s w i u e c n r a Y t v g r e o o y * r c k b i t a y C n i k b t s y a n * » k • _ s » 3 1 . . . . 2 7 3 4 1 2 7 0 3 1 . . . . 2 3 7 3 3 8 5 4 3 1 . . . . 3 3 7 3 0 9 6 7 3 1 . . . . 2 4 8 3 8 5 1 7 P 3 1 . . . . 2 5 3 8 9 1 9 3 F F a a c c t t N D o o r r o u y y n r a d e p b m a u l y r p e a r 6 l o b o l l y l e s m 6 . _ e _ n t __ 4 3 3 4 3 7 7 3 '10 6 9 5 1 1 7 8 . .3 4 1 4 6 9 0 8 0 7 1 . . 7 4 *1 2 0 > 0 9 P . 7 4 . 4 7 9 REPORTING W E M E E K M L B Y ER BANKS D D Fr e e e p p ig a a h r r t t t m - m c e e ar n n t t l o s s a t t o o d r r i e e n g s s s a t o l 5 e _ c s _ k 6 s 6 4 4 4 7 7 5 ' 9 7 6 2 8 8 8 7 7 9 3 1 70 Total, 101 cities: Loans and investments. 14 23.40 23.32 23.32 23.47 23.59 In millions of dollars Investments 14 14.79 14.73 14.67 14.84 14.94 Construction contracts awarded:7 Loans 14 8.61 8.60 8.65 8.63 8.65 Total 41 307 258 T A i 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 . . 3 25 3 1 5 9 . . 3 28 4 1 5 9 . . 3 18 6 1 5 9 . . 3 47 6 1 5 9 . . 3 6 1 6 Exp R o O r e t t h s s i e d a r n en d ti i a m l ports: 4 4 1 1 2 9 1 7 0 1 1 5 0 5 3 * P > 1 1 0 5 2 2 New U D F Y o . o r m o S e r i . e k g Q s n t C i o c b v i a t b ' y t n a : k d n e k b p a b o la a s l n i a t c n s e c . s . e . . s . . 1 1 1 5 5 5 8. . . 2 7 5 8 5 8 8. . . 3 7 5 0 4 8 8 . . . 7 4 5 2 3 8 8. . . 3 5 7 3 8 2 8 . . .4 7 5 6 2 8 Inco E E G m x x e e c p n e p e o s a r r s a t y s l o m f i ( m i e e n n x p c t p o l s . o r : r t r e s t s -e xports). 4 4 4 9 9 9 ' 1 2 3 2 4 7 8 0 2 3 2 1 0 4 4 0 7 7 0 * P > 3 1 2 5 3 1 2 6 7 100 c U B O C it r o . t i o h m e S k e s . m r e G o r s e u s o e r ' t c c v s l u i i o ' a t d r a l i e o n t l i b s N o e l s a i e g n w s a ti Y o o n r s k . ^ . : 1 1 1 1 6 6 6 6 4 1 1 . . . . 7 3 4 6 6 1 8 9 4 1 1 . . . . 7 3 6 4 6 5 8 7 4 1 1 . . . . 7 6 2 4 8 9 7 8 4 1 1 . . . . 8 4 3 6 1 2 7 9 4 1 1 . . . . 6 3 8 4 9 2 8 8 Cash T T S O a o f o t a l h t t a r a a e r m l i l r e s u 5 s . i n n a a c n d o d j m u w s e t : a e g d e s 5 5 5 5 5 0 0 0 0 r 3 6 2 6 , , , , 8 0 2 0 0 9 8 6 5 5 0 7 3 6 2 5 , , , , 0 2 7 5 1 6 5 6 5 3 2 7 * P P P 5 5 3 2 , , , ,1 9 7 9 9 2 1 3 3 6 9 6 U C O o . t h m S e . m r G s e e o r c c v u i ' a t r l i o t l i b o e l s a i n g s a tions.. 1 1 1 7 7 7 2 6 2 . . . 5 7 1 5 0 7 2 2 6. . . 4 7 1 5 0 7 6 2 2 . . . 4 1 7 4 7 2 2 6 2 . . . 5 7 2 1 2 0 2 6 2 . . . 7 5 2 4 3 1 T L C i o r v o t e a p s l s 9 t 9 o ck and products9. 5 5 5 1 1 1 2 7 3 3 7 4 8 9 3 - ' ' 2 6 3 2 4 2 1 3 4 P P6 1 0 9 1 9 Government payments... 51 126 98 MONEY RATES AND SECURITY Averages of daily figures*; per cent MARKETS per annum F. R. Bank discount OTHER In billions of dollars rate,N.Y . 19 1.00 1.00 1.00 1.00 1.00 Central gold reserves: Commercial paper _> 19 .56 .56 .56 .56 .56 United States 8 17.93 18.18 18.43 Bankers'acceptances 19 .44 .44 .44 .44 .44 England 8 0) 0) 0) U U U . . . S S S . . . T T T r r r e e e a a a s s s u u u r r r y y y b n b o i o l t n l e s d s s 21, 2 2 2 1 1 5 2 . . . 2 4 0 4 3 2 2. . . 2 4 0 2 1 2 2. . . 2 3 0 0 9 2 2. . . 2 4 0 4 5 2 2 . . . 0 4 2 2 8 7 U. S N F . r e a t G n h c o e e v r l 't a nd in s terest-bearing 8 8 2.71 2.71 P P 2 . . 0 6 0 9 Corporate Aaa bonds 25 2.84 2.83 2.82 2.82 2.83 debt—total 20 41.60 41.84 41.98 Corporate Baa bonds 25 4.80 4.80 4.75 4.74 4.75 Bonds 20 29.45 29.59 29.69 Notes . 20 6.20 6.20 6.13 Wednesday figures; in unit indicated Bills 20 1.31 1.31 1.31 Stock prices, total4 27, 29 91 92 94 93 92 Special issues 20 4.64 4.74 Industrial 27 107 108 110 110 108 Railroad _. 27 29 29 30 29 29 QUARTERLY FIGURES* July- Oct.- Jan.- Public utility. 27 87 87 89 88 Sept. Dec. Mar. Volume of trading* (mill, 1939 1939 1940 shares) _ 29 63 .90 1.35 1.28 1.25 Brokers' loans (mill, dollars) 29 628 609 625 630 619 In millions of dollars BUSINESS CONDITIONS Figures for week*; in unit indicated Domestic corporation security issues, total 28 653 509 557 Wholesale commodity prices: * New 28 92 67 107 All commodities 33 77.9 77.9 77.6 78.0 78.5 Refunding 28 560 442 450 Farm products 33 67.5 68.1 67.0 68.0 69.6 Foods 33 69.9 69.8 69.7 70.8 71.9 Other commodities 33 82.9 82.8 82.7 82.7 82.6 Per cent per annum Steel plant operations (% of capacity)... „• 38 62.4 60.7 61.7 61.3 60.9 Customers' rates: Automobile production New York City 23 2.04 1.96 2.03 (thous. cars) 38 103.4 103.4 101.7 101.9 103.7 7 other Northern and Electric power production Eastern cities 23 2.78 2.59 2.67 (mill. kw. hrs.) 39 2,424 2,422 2,381 2,418 2,422 11 Southern and Western Total freight-car loadings cities 23 3.31 3.32 3.35 (thous. cars) 39 619.9 628.3 602.7 628.3 p 1 2 P A L r e v e s e l s r i a m t g h i e a n s n a o r $ y f 5 . d , 0 a 0 i 0 ly ,0 » 0 • f 0 i R g . e u v re is s e , d s . e e fo • o t E n s o t t i e m 3. ated. 6 7 6 T A P h o d r i j n e u e t s s - t e m i d n o n t f o o t r h t a s s l e m i a n s o d o v e n i x a n l g o v f a a m v r e i a r a n a t g u io e f n 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, 3 Figures are shown under the Wednesday date included in the weekly period. s Banking statistics for call report dates are shown in table 4 Index numbers, 1926=100. > 9 n S fo e l r l i o e w s i r n e g v is p e a d g e f . or the peried from January 1936 to November 939, inclusive. Back figures may be obtained from the Division >f Research and Statistics. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. MAY 1940 455 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 1937 1938 1939 book June Dec. Mar. June Sept. Dec. Mar. June Oct. Dec. page 30 31 7 30 28 31 29 30 2 All banks in the United States: Total deposits and currency.. 10 57.42 56.83 56.78 56.74 '57. 65 >59.12 •59.15 61.00 P63. 03 P64. 40 Time deposits 10 25.96 26.26 26.34 26.27 P26. 27 »26. 38 P26. 58 P26. 83 '26.91 P27.00 Demand deposits adjusted—_ 10 25.26 24.05 24.13 24.39 '25.10 '26.01 P26. 01 '27. 32 '29.10 P30.05 Currency outside banks 10 5.53 5.69 5.50 5.47 P5.50 P5.83 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 25.68 Time deposits 11 11.35 11.52 11.59 11.56 11.46 11.51 11.60 11.72 11.85 Interbank balances 11 5.30 5.44 5.62 6.10 6.09 6.51 6.82 7.10 8.51 Loans and investments 11 32.74 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.94 Investments, total 11 18.45 17.79 17.98 17.78 18.69 18.86 19.05 19.46 19.98 U. S. Government obligations, total.. 12 12.69 12.37 12.45 12. 34 13.01 13.22 13.35 13.78 14.33 Direct obligations 13 10.87 10.57 10.63 10. 22 10.71 10.88 10.69 10.95 11.18 Guaranteed obligations 13 1.82 1.80 1.83 2.13 2.30 2.34 2.66 2.83 3.14 Other securities, total 12 5.77 5.42 5.52 5.44 5.68 5.64 5.70 5.69 5.65 State and local government securities. 13 2.13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.69 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 Loan S s e , c t u L B o r t o i r a t o a y l k n s l e o r o a s' n n l s s o , e a t c n o u s t r a i l t i i e 2 s (ex ^ cluding brokers' loans) 2_ 1 1 1 1 1 2 3 3 1 4 2 4 1 . . . . 3 8 5 2 7 3 4 9 1 3 2 3 . . . . 7 7 9 9 0 5 6 5 1 3 2 3 . . . . 5 8 6 5 4 8 7 5 1 3 2 2 . . . . 7 3 6 9 0 2 1 4 1 3 2 2 . . . . 3 5 7 9 0 9 1 4 2 1 2 3 1 . . . . 7 9 2 7 8 7 1 5 1 1 3 . . . . 5 8 7 0 7 4 3 5 1 1 3 . . . . 4 7 7 1 7 3 4 4 1 1 3 . . . . 4 7 7 9 9 9 0 6 Real estate loans _._ 12, 13 2.51 2.55 2.56 2.61 2.66 2.72 2.75 2.83 2.96 Other loans, total 12 12 7.41 7.71 7.45 7.01 6.97 2 8.74 8.73 8.85 9.51 Commercial loans 2 13 6.66 7.00 6.75 6.40 6.36 2 5.45 5.53 5.57 6.12 Open-market paper 13 .64 .64 .61 .49 .48 .44 .42 .42 .45 Loans to banks 13 .12 .07 .10 .12 .13 .12 .10 .06 .06 All other loans 3 32.73 2.67 2.80 2.89 v 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. * 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 Member banks Nonmember banks Branches Other than mutual End of year figures savings and Total private banks National State Mutual Private2 In Outside savings head- head- Insured 1 Not office office insured 1 cities cities Number of Banking Offices 1933 6,275 1,817 9,141 704 103 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 8,098 931 <683 6 69 18, 663 Number of Banks (Head Offices) 1933 5,154 857 541 579 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 7,171 887 551 63 15,034 Number of Branches 1933 1,121 960 710 125 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 1,002 927 44 132 6 3,629 1,738 1,891 1 Federal deposit insurance did not become operative until January 1, 1934. 2 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. * 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. 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROUP BANKS1—NUMBER AND DEPOSITS OF BANKS IN 41 GROUPS, AND NUMBER OF BRANCHES OF GROUP BANKS, DECEMBER 31, 1939 Number of banks in groups Number of branches of group banks Number Deposits State and geographic of b a g n r k o s up Outside head-office city of b a g n ro k u s p division 2 Total N b a a ti n o k n s al m b S e a t m n a k t b e s er m b N e a m o n n k b - s er br o a a t p n i e c n r h g - es Total In o c f h i fi e t c y a e d- c H o o f e u f a i n c d e t - y c t o i C g u u o n o n ti u - e s s N c t o i o g u n u n c o t o i u e n s s - s d a o t n l h ( l d i o a n s u r o s - ) f ' New England ~ _- 31 16 8 7 13 82 57 19 3 3 1,138,840 Maine 3 3 2 3 2 1 10 093 New Hampshire 4 4 10,060 Massachusetts __ 21 11 7 3 10 65 53 12 989,423 Rhode Island 3 1 1 1 1 14 4 5 2 3 129,264 Middle Atlantic 70 35 18 17 18 91 73 12 6 1,700,546 New York 28 • 7 10 11 11 78 63 9 6 537,440 Pennsylvania.. 42 28 8 6 7 13 10 3 1,163,106 East North Central 33 28 3 2 5 30 25 4 1 440,114 Ohio- _ 17 13 3 1 1 13 11 2 119,071 Michigan __ _ __ 1 1 1 3 2 1 5,891 Wisconsin 15 14 1 3 14 14 315,152 West North Central 149 86 4 59 6 26 6 2 7 11 991,618 Minnesota 90 48 2 40 2 6 6 601, 774 Iowa- 5 4 1 58,168 Missouri _ _ _ 6 1 2 3 203,193 North Dakota 30 18 12 35,362 South Dakota 11 9 2 4 20 2 7 11 39,566 Nebraska 7 6 1 53,555 South Atlantic 50 30 2 18 2 12 3 9 420, 714 West Virginia 4 2 1 1 6,137 South Carolina - 1 1 1 3 1 2 20,686 Georgia 18 9 1 8 1 9 2 7 176,206 Florida.— 27 19 8 217,685 East South Central 20 14 3 3 3 22 21 1 203,782 Kentucky 6 3 3 1 8 8 56,291 Tennessee 14 11 3 2 14 13 1 147,491 West South Central 7 3 1 3 152,008 Texas __ 7 3 1 3 152,008 Mountain _____ 36 19 5 12 5 33 3 2 11 17 240,100 Montana 23 13 3 7 80, 266 Idaho 1 1 1 13 3 10 28,331 Wyoming 1 1 1,796 Arizona 2 1 1 1 3 1 1 1 21, 277 Utah 6 3 1 2 2 8 1 3 4 75,331 Nevada 3 2 1 1 9 1 1 4 3 33,099 Pacific 31 17 14 8 573 65 7 78 423 1,885,663 Washington 13 6 7 2 10 1 7 2 43, 521 Oregon 5 2 3 1 41 7 1 4 29 115, 716 California 13 9 4 5 522 58 5 67 392 1, 726, 426 Total United States . 427 248 44 135 60 869 253 47 105 464 7,173,385 f i The statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933 as amended; (2) a holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred stock in the subsidiary banks; and (3) what is regarded generally as a bank group even though there is technically no "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933. For further discussion of group banking and for back figures, see Federal Reserve BULLETIN for February 1938, pp. 92-101, June 1938, p. 450 and June 1939, p. 480. 2 Only those States are listed in which one or more group banks were reported. In some groups all of the banks were not in the same State. 3 Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $2,100,000,000. MAY 1940 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER OF BANKS IN OPERATION AND NUMBER OPERATING BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31,1938 AND 1939 Number of banks, December 31, 1939 Number of b a a d n d k i s t i m on a a i l n t o a ff i i n c i e n s g i branches or Nonmember December 31,1939 Total banks, other num- than mutual ber of savings and Nonmember State b D 1 a 3 9 n e 1 3 c k , 8 . s, Total b ti N a o n n a k - a s l b S a b t n e a r k te s su In r p e - d riva s N t u e i o n re n - d - b M s t i a n u a n g v u a k s - l - s b v P a a n r t i k - e s D t 1 o 9 e t 3 c a 8 . l , Total b ti N a o n n a k - a s l b m S a b t e n e a m r k te s - b t s h I a a n a n v p - n k i r n s i m g v , s a o u N t t a t e i h u o n n e n a - d r l - b s T t i a n a u V n v g f a n k - s l s b v P a a r n i t k - e s sured sured 915 922 322 42 137 61 356 4 118 120 30 21 27 11 31 IVtEiine 102 101 38 5 17 9 32 22 22 3 4 9 4 2 New Hampshire— 107 107 52 1 3 8 43 3 3 1 1 1 Vprmont 84 84 42 33 1 8 9 9 2 6 1 Massachusetts .._ 391 390 125 29 38 6 192 65 67 18 14 10 25 Tthode Island 35 35 12 2 2 10 9 12 12 3 2 1 5 1 Connecticut 196 205 53 5 44 27 72 4 7 7 3 1 1 1 1 1 Middle Atlantic 2,410 2,377 1,356 259 537 32 165 28 228 228 63 76 39 46 4 New York 894 885 437 126 171 8 134 9 126 127 28 42 17 39 1 New Jersev 408 390 226 51 79 9 24 1 53 52 17 21 11 3 Pennsylvania- .. 1,108 1,102 693 82 287 15 7 18 49 49 18 13 11 4 3 East North Central 3,127 3,093 883 360 1,734 77 11 28 200 207 29 34 140 3 1 Ohio 708 704 244 100 338 6 3 13 38 39 8 15 16 Indiana 518 511 125 23 327 17 4 15 38 40 6 3 30 1 Illinois 855 848 327 77 427 17 458 452 82 131 216 23 45 47 12 12 21 2 Wisconsin 588 578 105 29 426 14 4 79 81 3 4 73 1 West North Central._._ 3,434 3,391 793 166 1,997 432 1 2 143 149 8 134 7 Minnesota 686 681 191 18 438 33 1 2 2 2 Iowa 651 647 108 35 441 62 1 114 117 110 7 Missouri 641 633 86 56 445 46 North Dakota 175 167 50 107 10 13 14 14 South Dakota... _ 167 165 41 23 100 1 12 14 4 10 Nebraska 429 423 135 13 216 59 2 2 2 Kansas 685 675 182 21 250 221 1 South Atlantic 1,596 1,588 460 106 919 88 14 1 141 146 21 20 99 3 3 Delaware 48 46 15 4 23 2 2 7 7 2 4 1 Maryland 193 189 63 10 101 3 12 25 27 3 6 16 2 Dist. of Columbia- 22 22 9 5 8 11 11 5 3 3 Virginia 318 315 130 32 151 2 40 40 6 3 31 West Virginia 184 181 77 19 77 8 1 1 1 North Carolina 232 228 42 9 169 8 40 43 3 2 37 1 South Carolina 149 151 20 5 87 38 1 6 6 1 1 4 Georgia 284 285 52 18 197 18 10 10 3 3 3 1 Florida 166 171 52 4 106 9 1 1 1 East South Central __ 1 146 1,134 256 41 771 66 61 59 10 4 45 Kentucky 424 412 95 17 262 38 13 13 3 2 8 Tennessee 301 300 71 6 214 9 21 19 4 1 14 Alabama 216 217 66 16 127 8 3 3 2 1 Mississippi __ 205 205 24 2 168 11 24 24 1 23 West South Central 1 619 1,595 734 79 699 83 41 42 7 1 34 Arkansas _ _ 220 217 49 7 152 9 14 14 1 13 Louisiana 146 145 29 7 108 1 27 28 6 1 21 Oklahoma __ 398 393 211 9 161 12 Texas 855 840 445 56 278 61 Mountain. 489 488 211 85 181 11 21 21 10 1 10 Montana 114 111 43 25 43 Idaho _ __ 52 51 18 10 21 2 6 6 4 1 1 Wyoming 58 58 26 9 23 Colorado 144 145 78 13 46 8 New Mexico ._ 41 41 22 5 13 1 4 4 4 Arizona 12 12 5 2 5 4 4 2 2 Utah . .. 59 59 13 20 26 5 5 2 3 Nevada _ __ 9 11 6 1 4 2 2 2 Pacific _ 458 446 172 37 196 37 4 48 47 17 8 21 1 Washington 151 143 45 15 74 6 3 9 9 6 1 2 Oregon 77 75 27 7 37 3 1 4 4 2 2 California 230 228 100 15 85 28 35 34 9 7 17 1 Total United States.... 15,194 15,034 5,187 1,175 7,171 887 551 63 1,001 1,019 195 165 549 25 80 5 1 See following page for footnotes. 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER OF BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, 1938 AND 1939 Number of branches or additional offices Location of branches or adc December 31, 1939 offices, December 31, 1939i Nonmember State Dec. 31, banks, other than Outside head-office city t 1 o 9 t 3 a 8 l , Total b ti N a o n n a k a - s l b m S a b t e n a e m k t r e s - m a u n tu d a l p r s i a v v a i t n e gs M s b a a v u n i t n u k g a s s l P b r a iv n a k t s e h o c e f I f i a n i t c y d e - he I a n d- c I o n n- non I c n on- In Non- office tiguous tiguous sured insured county counties counties New England __ _ 282 287 81 84 51 23 48 146 90 48 3 Maine 59 59 4 26 22 5 2 5 29 25 New Hampshire . 3 3 1 1 1 3 Vermont. ._ ._ 21 21 2 10 9 13 8 Massachusetts _ __ _ 145 149 62 38 16 33 116 30 3 Rhode Island. . 40 40 8 19 1 10 2 19 14 4 3 Connecticut .. _ _ 14 15 4 1 2 7 1 6 4 5 Middle Atlantic 924 924 255 497 100 67 5 838 64 19 3 New York. __ 688 692 184 400 56 50 2 651 24 15 2 New Jersey 123 119 33 57 25 4 89 28 1 1 Pennsylvania __ 113 113 38 40 19 13 3 98 12 3 East North Central 510 522 112 195 209 5 1 295 191 34 2 Ohio 171 169 35 112 22 123 42 4 Indiana.__ __ __ _ 60 65 8 15 41 1 25 40 Illinois _______ Michigan. __ _ _ 158 162 55 62 41 4 129 24 7 2 Wisconsin... 121 126 14 6 105 1 18 85 23 West North Central 206 219 28 181 10 8 139 60 12 Minnesota 6 6 6 6 Iowa.. ._ _ 154 159 149 10 120 39 Missouri _ _ North Dakota 17 20 20 10 9 1 South Dakota __ 27 32 20 12 9 12 11 Nebraska _ _ 2 2 2 2 Kansas South Atlantic 368 385 78 72 213 5 17 128 94 99 64 Delaware 13 13 2 10 1 3 4 6 Maryland... __ _ _ 90 94 9 43 26 16 51 19 18 6 District of Columbia. _ 30 30 17 6 7 30 Virginia. _ 70 72 14 7 51 22 32 12 6 West Virginia 1 1 1 1 North Carolina 115 126 7 8 109 2 8 34 55 29 South Carolina.-. _ . 22 22 15 1 6 3 1 3 15 Georgia 25 25 16 5 3 1 11 3 4 7 Florida 2 2 2 1 1 East South Central 143 139 55 13 71 40 50 26 23 Kentucky. 28 28 18 2 8 20 6 2 Tennessee.. _ 51 49 17 10 22 17 16 7 9 Alabama _ _ _ 21 20 19 1 3 5 5 7 Mississippi... 43 42 1 41 23 12 7 West South Central 68 68 27 1 40 21 39 6 2 Arkansas 15 15 1 14 10 4 1 Louisiana.__ _ 53 53 26 1 26 21 29 2 1 Oklahoma Texas Mountain 85 86 56 13 17 3 17 33 33 Montana—_ _ _ _ Idaho 31 32 17 13 2 2 11 19 Wyoming-. _ _ _ Colorado. _ New Mexico 6 6 6 4 1 1 Arizona __ 26 26 21 5 1 7 12 6 Utah 12 12 8 4 1 2 5 4 Nevada... _ _ _. _ 10 10 10 1 2 4 3 Pacific 994 999 826 127 45 1 259 87 146 507 Washington.. _ 76 82 79 1 2 15 5 27 35 Oregon 65 66 64 2 11 3 6 46 California 853 851 683 126 41 1 233 79 113 426 Total United States 3,580 3,629 1,518 1,002 927 44 132 6 1,738 771 471 649 i Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U.S.R.S. which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Back figures.—See BULLETIN for June 1939, p. 479. MAY 1940 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF MEMBER BANKS All Member Banks, by Classes of Banks, Yea)rs Ended December 31, 1939 and 1938 Aggregate amounts (in thousands of dollars) Amounts per $100 of loans and investments i2 All National State All member National member State member member member member banks banks banks banks banks banks 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 Earnings: Interest and discount on loans 560,460 543,705 386,134 372, 203 174,326 171, 502 $1.71 $1.72 $1.82 $1.82 $1.50 $1.55 Interest and dividends on investments 444,145 448,136 297,084 304,819 147,061 143, 317 1.36 1.42 1.40 1.49 1.27 1.29 Collection charges, commissions, fees, etc. 31, 999 30,441 22, 093 20,828 9,906 9,613 .10 .10 .10 .10 .09 .09 Foreign department __ 11, 784 10,076 6,795 5,839 4,989 4,237 .04 .03 .03 .03 .04 .04 Trust department 91,009 89, 631 31,414 32,107 59, 595 57, 524 .28 .28 .15 .16 .51 .52 Service charges on deposit accounts. __ 54,441 50, 553 37,447 35,124 16,994 15,429 .17 . .16 .18 .17 .15 .14 Rent received 82,998 83, 976 51, 902 52, 700 31,096 31, 276 .25 .27 .25 .26 .27 .28 Other current earnings 19,020 17,836 13, 205 11,911 5,815 5,925 .06 .06 .06 .06 .05 .05 Total current earnings 1,295,856 1, 274, 354 846,07.4 835, 531 449, 782 438,823 3.96 4.04 4.00 4.08 3.88 3.96 Expenses: Interest on time and savings deposits. 159,094 171,046 113,874 121, 908 45, 220 49,138 .49 .54 .54 .60 .39 .44 Salaries, officers 150,144 146, 491 100,447 98,188 49, 697 48,303 .46 .46 .47 .48 .43 .44 Salaries and wages, employees (other Fe t e h s a p n a i o d f f t i o ce d rs i ) rectors and members of 237, 788 233, 415 145, 721 142,989 92,067 90,426 .73 .74 .69 .70 .79 .82 executive, discount, and advisory In c te o r m es m t it a te n e d s discount on borrowed 7,538 7,234 5,316 5,096 2,222 2,138 .02 .02 .03 .02 .02 .02 money 165 287 100 209 65 78 Real estate taxes _ _ 34,875 34, 601 21,814 21,970 13,061 12, 631 .11 .11 .10 .11 .11 .11 Other taxes 50, 555 47, 691 32, 518 29, 926 18,037 17, 765 .15 .15 .15 .15 .16 .16 Other current expenses _ _ 254, 596 249, 271 159,992 155, 541 94, 604 93, 730 .78 .79 .76 .76 .82 .85 Total current expenses 894, 755 890,036 579, 782 575,827 314,973 314,209 2.73 2.82 2.74 2.81 2.72 2.84 Net current earnings 401,101 384,318 266,292 259, 704 134,809 124,614 1.22 1.22 1.26 1.27 1.16 1.12 Recoveries, profits on securities, etc.: Recoveries on loans ___ __ ___ 54,617 44, 928 39, 728 32,126 14,889 12,802 .17 .14 .19 .16 .13 .12 Recoveries on investments 56,103 53,926 33, 628 33, 424 22,475 20, 502 .17 .17 .16 .16 .19 .19 Profits on securities sold 189,741 152, 577 124,473 98, 395 65, 268 54,182 .58 .48 .59 .48 .56 .49 Allother 26,094 27, 780 12,479 17,361 13,615 10,419 .08 .09 .06 .08 .12 .09 Total 326, 555 279, 211 210, 308 181, 306 116, 247 97, 905 1.00 .89 .99 .89 1.00 .88 Losses and depreciation: On loans 108,137 121,903 66, 983 80,236 41,154 41, 667 33 .39 .32 .39 .36 .38 On investments _ 179, 566 181, 982 109,002 114, 900 70, 564 67,082 .55 .58 .51 .56 .61 .61 On banking house, furniture and fixtures 37,983 42,097 27,855 26,288 10,128 15,809 .12 .13 .13 .13 .09 .14 Allother 54,493 52,083 22,058 21,798 32,435 30, 285 .17 .17 .10 .11 .28 .27 Total losses and depreciation 380,179 398,065 225,898 243, 222 154, 281 154,843 1.16 1.26 1.07 1.19 1.33 1.40 Net profits 347,477 265,464 250, 702 197, 788 96, 775 67, 676 1.06 .84 1.18 .97 .84 .61 Cash dividends declared: On preferred stock 3 13,679 14,460 8,905 9,373 4,774 5,087 .04 .05 .04 .05 .04 .05 On common stock 193,347 183,825 121,941 112,991 71,406 70,834 .59 .58 .58 .55 .62 .64 Total 207,026 198, 285 130,846 122,364 76,180 75,921 .63 .63 .62 .60 .66 .69 Loans2 __ _ 13, 365, 66813, 317, 373 8, 647,106 8,495, 214 4, 718, 562 4,822,159 Investments 2 _ _ 19, 391, 23718, 220, 78912, 525, 72011,960, 883 6,865, 517 6, 259,906 Loans and investments 2 32, 756, 90531, 538,16221,172,82620,456,09711, 584,07911,082,065 Time deposits 2 11,684,83911, 528, 941 8,109, 440 8,027,179 3, 575, 399 3, 501, 762 Total deposits 2 46,134, 52541, 505, 48229, 602, 95926,895,82316, 531, 56614,609, 659 Total capital accounts 2 4_ _ _ _ 5, 487, 945 5, 384, 940 3, 373,156 3, 274, 664 2,114, 789 2,110, 276 Other ratios Net profits per $100 of total capital accounts. $6.33 $4.93 $7.43 $6.04 $4.58 $3.21 Interest and discount on loans per $100 ofloans 4 19 4 08 4 47 4 38 3 69 3 56 Gross losses on loans per $100 of loans .81 .92 .77 .94 .87 .86 Interest and dividends on investments pei* $100 of hvrestments 2.29 2.46 2.37 2.55 2.14 2. 29 Gross losses on investments per $100 of in\vestments. .93 1.00 .87 .96 1.03 1.07 Interest on time deposits per $100 of timedeposits. _. 1 36 1 48 1 40 1 52 1 26 1.40 Total deposits per $1 of total capital accounts_ 8.41 7.71 8.78 8.21 7.82 6.92 Loans and investments per $1 of total capital accounts . . 5.97 5.86 6.28 6.25 5.48 5.25 For footnotes see page 462. 460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Member Banks—Continued National and State Member Banks, by Six-Month Periods During 1939 [Dollar amounts in thousands] All member banks National member banks State member banks First half Second half First half Second half First half Second half 1939 1939 1939 Earnings: Interest and discount on loans : 272,309 288,151 187, 783 198, 351 84,526 89,800 Interest and dividends on investments 222, 945 221,200 150,133 146, 951 72,812 74,249 Collection charges, commissions, fees, etc 15,493 16, 506 10, 658 11,435 4,835 5,071 Foreign department 4,304 7,480 2,346 4,449 1,958 3,031 Trust department 42,095 48,914 14,821 16, 593 27,274 32,321 Service charges on deposit accounts 26, 785 27,656 18,407 19,040 8,378 8,616 Rent received 41, 279 41, 719 25,855 26, 047 15,424 15,672 Other current earnings 7,922 11,098 4,904 8,301 3,018 2,797 Total current earnings 633,132 662, 724 414,907 431,167 218, 225 231, 557 Expenses: Interest on time and savings deposits 82,124 76, 970 58, 643 55, 231 23,481 21,739 Salaries, officers 73,895 76,249 49, 379 51,068 24, 516 25,181 Salaries and wages, employees (other than officers) 116,282 121, 506 71,101 74,620 45,181 46,886 Fees paid to directors and members of executive, discount and advisory committees 3,858 2,589 2,727 1,091 1,131 Interest and discount on borrowed money 79 86 51 49 28 37 Real estate taxes .. 17,018 17,857 10, 675 11,139 6,343 6,718 Other taxes 26,257 24, 298 16, 666 15,852 9,591 8,446 Other current expenses 127,199 127,397 80,008 79,984 47,191 47,413 Total current expenses 446, 534 448,221 289,112 290, 670 157,422 157,551 Net current earnings . 214, 503 125, 795 140,497 60,803 74,006 Recoveries, profits on securities, etc.: Recoveries on loans 23,987 30, 630 17,013 22, 715 6,974 7,915 Recoveries on investments 25,838 30, 265 17,853 15, 775 7,985 14,490 Profits on securities sold 127, 287 62,454 84,114 40,359 43,173 22,095 All other 14,111 11,983 4,591 7,888 9,520 4,095 Total 191,223 135, 332 123, 571 86, 737 67, 652 48,595 Losses and depreciation: On loans 47, 767 60, 370 31, 506 35,477 16,261 24,893 On investments 94,141 85,425 58, 726 50,276 35,415 35,149 On banking house, furniture and fixtures 16,125 21,858 11, 555 16, 300 4,570 5,558 Allother : 28, 793 25, 700 9,405 12,653 19, 388 13,047 Total losses and depreciation 193, 353 111, 192 114,706 75,634 78,647 Net profits .. 190, 995 156, 482 138,174 112, 528 52,821 43,954 Cash dividends declared: On preferred stock i 6,766 6,913 4,187 4,718 2,579 2,195 96, 757 96, 590 61,977 59,964 34,780 On common stock Total 103, 523 103, 503 66,164 64,682 37,359 38,821 Loans2—. 13,132, 034 13, 524,436 8,490,267 8, 772, 582 4,641, 767 4, 751,854 Investments 2 19,124,263 19, 681, 916 12, 430,954 12, 621, 323 6, 693,309 7,060,593 Total deposits 2 44,300,962 47,880,997 28, 509,402 30,634,090 15, 791, 560 17,246,907 Total capital accounts 2 3 5,462, 514 5, 516,137 3, 352,152 3,397,038 2,110,362 2,119,099 Number of officers at end of period 34,386 34,172 25, 968 25, 617 8,418 8,555 Number of employees (full and part-time) at end of period 156, 710 158,140 98, 323 99,246 58,387 58,894 Number of banks at end of period 6,330 6,362 5,203 5,187 1,127 1,175 1 Includes interest on capital notes and debentures. 2 For the first half of 1939 these figures are averages of figures reported on December 31, 1938, Mar. 29, 1939, and June 30, 1939; for the last-half of 1939 they are averages of figures reported on June 30, 1939, October 2, 1939, and December 30, 1939. 3 The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital MAY 1940 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Member Banks—Continued All Member Banks by Districts, Years Ended December 31, 1939 and 1938 [In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 Earnings: Interest and discount on loans. 37,045 36, 355 129,932 131, 625 42,099 41, 501 49,485 48,854 29,029 27, 612 26,736 24,924 Interest and dividends on investments. _. ._ 25,182 25,067 131,693 130, 576 44,772 46,007 47, 726 47, 285 17,274 17,685 14,339 14,210 Collection charges, commissions, fees, etc. 921 845 7,317 7,226 1,086 1,019 1,753 1,506 1,352 1,287 2,455 2,277 Foreign department 854 809 8,686 6,837 305 314 270 285 36 31 179 193 Trust department.. 6,796 6,819 41, 529 39,880 8,827 9,168 7,062 7,154 2,833 2,678 2,086 1,775 Service charges on deposit accounts.- 4,063 3,845 12,930 11,846 2,501 2,317 4,289 3,850 2,457 2,327 2,530 2,427 Rent received 5,404 5,459 24,264 25,435 7, 511 7,134 8,197 8,417 3,330 3,276 3,984 3,910 Other current earnings. 1,277 1,307 8,424 6,755 782 932 1,411 • 1,468 434 465 397 531 Total current earnings. 81, 542 80,506 364, 775 360,180 107,883 108, 392 120,193 118,819 56, 745 55,361 52, 706 50, 247 Expenses: Interest on time and savings deposits 10,039 10, 663 23, 748 28,167 16, 557 18,474 20,707 23, 299 9,318 9,448 6,233 6,316 Salaries, officers . 10,099 9,960 39,109 38,852 10,800 10,732 11,895 11, 523 7,162 6,894 6,562 6,269 Salaries and wages, employees (other than officers) 14,419 14,197 76, 615 76,842 16, 816 16, 766 19, 679 19, 325 8, 955 8,644 8,441 7,999 Fees paid to directors and members of executive, discount and advisory committees- 705 696 1,814 1,751 1,159 1,147 635 611 409 391 345 312 Interest and discount on borrowed money. _ 10 20 30 56 21 40 10 22 10 17 6 28 Real estate taxes. _ _ _ 2,447 2,497 12,042 12,148 2,795 2,738 2,662 2,700 1,167 1,154 1,710 1,670 Other taxes 2,656 2,680 10, 244 10,258 5,149 4,754 7,168 6,940 2,579 2,444 2,087 1,884 Other current expenses- 15, 734 15, 203 82, 247 81, 740 18, 683 18,425 20,427 20, 230 9,889 9,439 10, 771 10,153 Total current expenses 56,109 55, 916 245,849 249,814 71,980 73,076 83,183 84, 650 39,489 38,431 36,155 34,631 Net current earnings 25,433 24,590 118,926 110,366 35,903 35,316 37,010 34,169 17, 256 16,930 16, 551 15, 616 Recoveries, profits on securities, etc.: Recoveries on loans 3,481 2,886 22,813 16,198 1,867 1,449 2,885 2,564 1,596 1,513 1,339 1,030 Recoveries on investments 3, 754 2,933 17,683 24,254 6,218 3,097 4,695 3,828 3,761 4,470 1,547 1,054 Profits on securities sold 9,676 9,745 65, 598 56,433 16, 630 10, 631 16,421 11, 685 6,940 5,197 5,788 4,295 All other ... 1,044 1,697 9,624 11,344 1,279 1,509 2,339 2,297 823 1,126 602 573 Total 17,955 17, 261 115, 718 108, 229 25, 994 16, 686 26, 340 20,374 13,120 12, 306 9,276 6,952 Losses and depreciation: On loans. _ 7,524 6,430 38,426 53,055 12,167 10, 625 6,386 6,363 2,908 2,677 2,965 2,935 On investments _ 10,028 11, 375 70,468 63, 224 18, 706 22,067 15,027 18,190 9,464 8,949 3,906 3,280 On banking house, furniture and fixtures 2,185 2,239 10,885 16, 722 3,053 2,705 3,755 3,127 1,616 1,778 1,799 1,825 All other 3,084 2,693 21, 602 21, 730 6,773 6,631 4,733 3,564 1,731 1,829 1,424 1,068 Total losses and depreciation 22,821 22, 737 141, 381 154, 731 40, 699 42,028 29, 901 31, 244 15, 719 15, 233 10,094 9,108 Net profits 20, 567 19,114 93, 263 63,864 21,198 9,974 33,449 23, 299 14, 657 14,003 15, 733 13, 460 Cash dividends declared: On preferred stock 3 1,068 1,087 3,244 3,475 829 846 1,817 1,726 483 595 841 891 On common stock- 12,074 11,700 81,105 76,088 16, 556 17,136 11,902 11,244 7,410 6,787 5,841 5,242 Total 13,142 12, 787 84,349 79, 563 17, 385 17,982 13, 719 12, 970 7,893 7,382 6,682 6,133 Loans2 943, 602 961,825 4,164,839 4, 395, 584 921,083 924, 9611,069, 9631,062,899 587, 538 561,069 556, 603 527,466 Investments 2 967,201 950,613 7,061, 592 6,336,600 1,399, 3631,383,3551, 742,8301, 673, 970 697,124 656,234 533,146 501,198 Loans and investments 2 1, 910,8031, 912,43811, 226, 43110, 732,1842, 320,4462,308, 3162,812, 7932, 736,8691,284, 6621, 217, 3031,089, 7491,028,664 Time deposits 2 651, 670 665, 230 2, 263, 263 2, 291, 3861,117,8501,117,0141, 399, 5131, 392, 592 553, 841 537, 656 397,484 386,094 Total deposits 2 _ 2,623,0842, 431, 33816, 353, 27014, 073, 8683,010,0122, 761, 5763, 629,8123, 352, 6381, 810,1591, 640, 7821, 616,8411,433, 502 Total capital accounts 2 4___ 391,180 386,175 1, 991, 331 2,000, 619 490, 561 492, 296 550,891 532,489 212, 772 205, 626 184,004 176, 505 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 Figures for loans, investments, deposits, and total capital accounts are averages of amounts from reports of condition for 5 call dates (December to December). 3 Includes interest on capital notes and debentures. 4 By "total capital accounts" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. Back figures—See BULLETIN for May 1939, pp. 374-8.. For summary figures for the country as a whole, see page 465 this BULLETIN. 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Member Banks—Continued All Member Banks, by Districts, Years Ended December 31, 1939 and 1938—Continued [In thousands of dollars] Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 Earnings: Interest and discount on loans. 56, 597 52, 525 22,132 20,870 15,313 14,184 27, 382 26,112 27, 047 25, 594 97, 663 93, 549 Interest and dividends on investments 65, 511 67,141 15, 766 15,176 11,889 12, 650 14,515 15, 279 10, 721 11, 253 44, 757 45,807 Collection charges, commissions, fees, etc 5,599 5,238 1,928 1,774 2,941 2,795 1,367 1,376 1,248 1,281 4,032 3,817 Foreign department . 377 597 43 37 52 57 9 12 35 37 938 867 Trust department 10,918 11,141 1,380 1,286 1,043 1,036 1,490 1, 508 614 555 6,431 6,631 Service charges on deposit accounts.. ... _ 8,307 7,734 1,792 1,722 1,502 1,424 3,731 3,631 2,571 2,410 7,768 7,020 Rent received 9,739 9, 760 2,350 2,216 1,698 1,702 4,070 4,037 3,958 3,916 8,493 8,714 Other current earnings. __ 1,533 1,513 1,048 1,062 683 767 704 788 341 375 1,986 1,873 Total current earnings. _ 158, 581 155, 649 46,439 44,143 35,121 34, 615 53, 268 52, 743 46, 535 45,421 172,068 168, 278 Expenses: Interest on time and savings deposits _ 21, 488 21, 566 5,993 6,364 5,053 5,452 4,183 4,293 3,112 3,242 32, 663 33, 762 Salaries, officers 17,934 17, 245 6,175 6,009 5,606 5,575 8,796 8,414 7,622 7,219 18,384 17, 799 Salaries and wages, employees, (other than Fe o e f s f i p ce a r i s d ) to directors and 30,804 30,095 7,333 7,094 5,519 5,319 8,301 8,143 6,969 6,598 33, 937 32,393 members of executive, discount and advisory In c te o r m es m t i a tt n e d e s discount on 665 579 306 290 425 445 323 300 286 263 466 449 borrowed money 22 27 17 16 2 22 13 10 26 7 20 Real estate taxes... 2,884 2,936 1,346 1,192 838 882 1,114 1,179 2,209 1,945 3,661 3,560 Other taxes. 6,329 5,554 2,114 1,611 1,374 1,690 2,242 2,107 1,992 2,045 6,621 5,724 Other current expenses. __ 31,416 30,449 8,903 8,660 6, 732 6,708 11,190 11,079 9,318 8,963 29,286 28,222 Total current expenses.. 111, 542 108, 451 32,187 31,236 25, 547 26,073 36,171 35, 528 31, 518 30,301 125,025 121,929 Net current earnings 47,039 47,198 14, 252 12, 907 9,574 8, 542 17,097 17, 215 15,017 15,120 47,043 46,349 Recoveries, profits on securities, etc.: Recoveries on loans 7,433 6,207 1,705 1,491 2,472 2,060 2,964 3,162 2,671 2,687 3,391 3,681 Recoveries on investments __ _ 5,270 4,676 3,084 1,849 1,508 1,430 3,517 2,458 2,272 2,128 2,794 1,749 Profits on securities sold— 28,114 21, 671 5,980 4,094 3,088 2,735 4,921 5,445 4,948 3,199 21,637 17,447 All other- 3,923 3,332 836 633 692 715 1,211 951 853 759 2,868 2,844 Total 44,740 35,886 11,605 8,067 7,760 6,940 12, 613 12,016 10, 744 8,773 30,690 25, 721 Losses and depreciation: On loans 6,934 6,332 2,657 2,609 2,186 2,334 3,048 3,204 3,615 3,768 19, 321 21, 571 On investments 19, 611 22, 232 7,263 6,605 4,580 4,883 5,949 5,574 4,201 3,582 10,363 12,021 On banking house, furniture and fixtures... 3,265 3,282 1,246 1,203 1,441 1,312 2,385 2,219 1,833 1,433 4, 520 4,252 All other 4,814 4,598 1,477 1,275 877 672 1,173 918 942 1,725 5,863 5,380 Total losses and depreciation 34,624 36,444 12, 643 11, 692 9,084 9,201 12, 555 11, 915 10, 591 10, 508 40,067 43,224 Net profits 57,155 46, 640 13,214 9,282 8,250 6,281 17,155 17, 316 15,170 13, 385 37, 666 28,846 Cash dividends declared: On preferred stock 3 2,583 2,653 464 425 306 394 323 417 405 479 1,316 1,472 On common stock . _ 14,485 11,413 5,864 5,413 3,373 3,452 6,477 6,099 6,416 6,445 21,844 22,806 Total 17,068 14,066 6,328 5,838 3,679 3,846 6,800 6,516 6,821 6,924 23,160 24, 278 Loans 2 1,406, 5691,338, 907 525,214 492,664 318, 625 297, 787 504, 566 470, 700 473,109 436, 9911,893, 9571,846, 520 Investments 2 3,042,4842,868,820 612, 613 593, 838 440, 943 446, 642 595, 771 600,821 427, 242 426,0761,870, 9281, 782,622 Loans and investments24,449,0534, 207, 7271,137,8271,086, 502 759, 568 744,4291,100,3371,071, 521 900, 351 863, 0673, 764,8853, 629,142 Time deposits 2 ... 1, 755,0221, 643, 900 416, 556 406, 629 362,180 364, 236 313, 681 311,892 231,223 220, 5802, 222, 5562,191, 732 Total deposits 2. 6, 498, 4265,885,1081, 608, 2171,469,4101,059,6271,004,2681, 771, 3351, 667,1161,466,4861, 342, 2124, 687, 2564,443, 664 Total capital accounts 24 591, 255 557,187 167, 217 161, 801 115,102 112, 815 182, 238 172,948 165,255 158,857 446,139 427, 622 For footnotes see page 462. MAY 1940 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Member Banks—Continued All Member Banks, by Districts, Years Ended December 31, 1939 and 1938—Continued Federal R(jserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 Amounts per $100 of loans and investments: i2 Interest earned $3.26 $3.21 $2.33 $2.44 $3.74 $3.79 $3.46 $3.51 $3.60 $3.72 $3.77 $3.80 All other current earnings 1.01 1.00 .92 .91 .91 .90 .82 .83 .81 .83 1.07 1.08 Total current earnings 4.27 4.21 3.25 3.36 4.65 4.70 4.27 4.34 4.42 4.55 4.84 4.88 Interest on time and savings deposits 53 56 .21 26 .71 .80 .74 .85 .73 .78 .57 .61 Salaries, officers .53 .52 .35 .36 .47 .46 .42 .42 .56 .57 .60 .61 Salaries employees 75 74 68 72 .72 .73 .70 .71 .70 .71 .77 .78 Fees paid to directors, etc. - .04 .04 .02 .02 .05 .05 .02 .02 .03 .03 .03 .03 Interest and discount on borrowed monev* Real estate taxes. _ _ .13 .13 .11 .11 .12 .12 .09 .10 .09 .09 .16 .16 Other taxes . 14 .14 .09 .10 .22 .21 .25 .25 .20 .20 .19 .18 Other current expenses .82 .79 .73 .76 .81 .80 .73 .74 .77 .78 .99 .99 Total current expenses 2.94 2.92 2.19 2.33 3.10 3.17 2.96 3.09 3.07 3.16 3.32 3.37 Net current earnings 1.33 1.29 1.06 1.03 1.55 1.53 1.32 1.25 1.34 1.39 1.52 1.52 Recoveries, profits on securities, etc. .94 .90 1.03 1.01 1.12 .72 .94 .74 1.02 1.01 .85 .68 Losses and depreciation 1.19 1.19 1.26 1.44 1.75 1.82 1.06 1.14 1.22 1.25 .93 ,89 Net profits 1.08 1.00 .83 .60 .91 .43 1.19 .85 1.14 1.15 1.44 1.31 Other ratios: • Net profits per $100 of total capital accounts 4 5.26 4.95 4.68 3.19 4.32 2.03 6.07 4.38 6.89 6.81 8.55 7.63 Interest and discount on loans per $100 of loans._. 3.93 3.78 3.12 2.99 4.57 4.49 4.62 4.60 4.94 4.92 4.80 4.73 Gross losses on loans per $100 of loans .80 .67 .92 1.21 1.32 1.15 .60 .60 .49 .48 .53 .56 Interest and dividends on investments per $100 of investments __ 2.60 2.64 1.86 2.06 3.20 3.33 2.74 2.82 2.48 2.69 2.69 2.84 Gross losses on investments per $100 of investments 1.04 1.20 1.00 1.00 1.34 1.60 .86 1.09 1.36 1.36 .73 .65 Interest on time deposits per $100 of time deposits. 1.54 1.60 1.05 1.23 1.48 1.65 1.48 1.67 1.68 1.76 1.57 1.64 Loans and investments per $1 of total capital accounts 4 4.88 4.95 5.64 5.36 4.73 4.69 5.11 5.14 6.04 5.92 5.92 5.83 Total deposits per $1 of total capital accounts 4 6.71 6.30 8.21 7.03 6.14 5.61 6.59 6.30 8.51 7.98 8.79 8.12 Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 Amounts per $100 of loans and investments: *2 Interest earned __ $2.74 $2.84 $3.33 $3.32 $3.58 $3.60 $3.81 $3.86 $4.19 $4.27 $3.78 $3.84 All other current earnings... .82 .86 .75 .75 1.04 1.05 1.03 1.06 .97 .99 .79 .80 Total current earnings 3.56 3.70 4.08 4.06 4.62 4.65 4.84 4.92 5.17 5.26 4.57 4.64 Interest on time and savings deposits .48 .51 .53 .59 .67 .73 .38 .40 .35 .38 .87 .93 Salaries, officers .40 .41 .54 .55 .74 .75 .80 .79 .85 .84 .49 .49 Salaries, employees ______ .69 .72 .64 .65 .73 .71 .75 .76 .77 .76 .90 .89 Fees paid to directors, etc. .01 .01 .03 .03 .06 .06 .03 .03 .03 .03 .01 .01 Interest and discount on borrowed money* Real estate taxes. .06 .07 .12 .11 .11 .12 .10 .11 .25 .23 .10 .10 Other taxes _ _ .14 .13 .19 .15 .18 .23 .20 .20 .22 .24 .18 .16 Other current expenses .71 .72 .78 .80 .89 .90 1.02 1.03 1.03 1.04 .78 .78 Total current expenses 2.51 2.58 2.83 2.87 3.36 3.50 3.29 3.32 3.50 3.51 3.32 3.36 Net current earnings 1.06 1.12 1.25 1.19 1.26 1.15 1.55 1.61 1.67 1.75 1.25 1.28 Recoveries, profits on securities, etc. 1.01 .85 1.02 .74 1.02 .93 1.15 1.12 1.19 1.02 .82 .71 Losses and depreciation .78 .87 1.11 1.08 1.20 1.24 1.14 1.11 1.18 1.22 1.06 1.19 Netprofits 1.28 1.11 1.16 .85 1.09 .84 1.56 1.62 1.68 1.55 1.00 .79 Other ratios: 12 Net profits per $100 of total capital accounts 4 9.67 8.37 7.90 5.74 7.17 5.57 9.41 10.01 9.18 8.43 8.44 6.75 Interest and discount on loans per $100 of loans.__ 4.02 3.92 4.21 4.24 4.81 4.76 5.43 5.55 5.72 5.86 5.16 5.07 Gross losses on loans per $100 of loans .49 .47 .51 .53 .69 .78 .60 .68 .76 .86 1.02 1.17 Interest and dividends on investments per $100 of investments 2.15 2.34 2.57 2.56 2.70 2.83 2.44 2.54 2.51 2.64 2.39 2.57 Gross losses on investments per $100 of investments .64 .77 1.19 1.11 1.04 1.09 1.00 .93 .98 .84 .55 .67 Interest on time deposits per $100 of time deposits. 1.22 1.31 1.44 1.57 1.40 1.50 1.33 1.38 1.35 1.47 1.47 1.54 Loans and investments per $1 of total capital accounts 4 7 52 7 55 6 80 6 72 6 60 6 60 6 04 6 20 5 45 5 43 8 44 8 49 Total deposits per $1 of total capital accounts 4___ 10.99 10.56 9.62 9.08 9.21 8.90 9.72 9.64 8.87 8.45 10.51 10.39 * Less than .01 in every case. For other footnotes see page 462. 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Member Banks—Continued: Years Ended December si, 1927-1939 S [Amounts in thousands of dollars] Item 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 Earnings: Interest and discounts on loans 1,254, 289 1, 374,130 1, 562, 769 1, 349, 364 1,072,927 851,007 604,297 540,014 498,419 513, 399 552,563 543, 705 560,460 Interest and dividends on investments 458,401 498,420 472, 868 472, 351 480,296 457, 712 426, 391 473, 791 467, 217 487,101 480,810 448,136 444,145 Collection charges, commissions, fees, etc._. 41,127 44,662 61, 299 50, 328 1 38, 389 27, 943 24,487 27,810 28,825 31,397 32,451 30,441 31, 999 Foreign department 32, 352 22, 913 26, 209 25,011 [25,727 22,531 21, 791 17,975 12, 282 12,165 11, 829 10,076 11, 784 Trust department 52, 971 65, 956 77,589 80, 280 75,041 64,822 59, 658 70,994 77, 703 .88, 297 96, 302 89, 631 91,009 I S R O n e e t t r h e n v e r t i e r c r s e e c t c u c o e r h i r n a v e r e n b g d a t e l s e a a n o r c n n e i s d n e g w p s i o t s h i t o s ther banks. _____ 1 ( 0 0 3 3 ) 6 8 , , 3 11 1 2 8 1 0 0 3 5 ) ) 3 4 , , 1 76 7 5 8 1 0 0 3 6 ) ) 4 3 , , 2 9 6 9 4 5 1 0 C 3 ) 4 1 5 ) 4 , , 7 7 8 9 9 9 1 0 0 2 2 ) ) 8 0 , , 6 3 8 6 2 2 1 0 0 1 1 ) ) 6 2 , , 8 7 4 5 4 9 0 2 7 ) 0 1 7 , , , 7 9 5 0 6 7 5 1 4 0 8 2 ) 3 2 7, , , 2 4 6 4 2 1 5 5 9 0 8 3 ) 4 5 1 , , , 6 8 6 8 8 3 1 8 4 7 1 3 8 9 1 9 , , , , 2 4 4 4 0 7 5 1 7 1 6 5 4 8 1 3 5 8 , , , 9 0 0 2 6 5 2 7 3 0 3 4 0 8 5 1 ) 3 0 7 , , , 9 5 8 7 5 3 6 3 6 0 8 5 1 ) 2 4 9 , , , 4 0 9 4 2 9 1 0 8 Total current earnings.. 2,013,570 2,194,024 2, 398,993 2,157, 922 1, 841,424 1, 553, 618 1, 236,864 1,243,873 1, 206, 649 1, 270,908 1, 321, 265 1, 274,354 1, 295, 856 Expenses: S Sa a l l a a r r i i e e s s — a o n f d fi c w er a s ges—others 420,128 440,000 463, 847 451, 776 412, 531 356, 557 306,021 327, 424 334,468 2 1 1 3 6 5 , ,5 2 0 1 1 3 2 1 2 4 9 2 , ,8 3 1 2 8 7 2 1 3 4 3 6 , ,4 4 9 1 1 5 2 1 3 5 7 0 , ,1 7 4 8 4 8 Fees paid to dirs. and comm. members (2) (2) 6,925 7,234 7,538 Interest on time deposits 405, 711 439, 384 444,636 450,865 387, 284 301,863 231, 765 227, 371 196,490 175,164 174,449 171,046 159, 094 Interest on interbank deposits 81,642 75, 352 68,131 72, 847 52, 935 34, 599 13,424 2,695 2,175 1,737 (3) (3) Int. on dem. dep (excl. interbank) 225,685 234, 926 246,493 225, 280 140,691 97,862 42,802 12,494 9,298 7,137 4,641 () () Interest and discount on borrowed money. _ 24,514 48,443 64, 265 22,001 19,136 38,814 15,178 3, 637 1,230 613 576 287 165 R O e th a e l r e s ta ta x t e e s taxes 109, 778 113, 759 112, 476 113, 418 86, 367 67,077 58,028 62, 278 63, 680 4 33 7 , , 1 9 7 7 5 0 3 5 4 2 , , 1 0 6 3 2 1 4 3 7 4 , , 6 60 9 1 1 3 50 4 , , 8 5 7 5 5 5 Other current expenses 248,246 261,947 283,872 268,148 236,435 246,612 192,082 212, 687 224, 654 247,897 255, 749 249,271 254, 596 Total current expenses.. 1, 515,704 1,613,811 1, 683, 720 1, 604, 335 1, 335,379 1,143, 384 859, 300 849,389 832, 515 872,114 902, 415 890,036 894, 755 Net current earnings 497,866 580,213 715, 273 553, 587 506,045 410,234 377, 564 394,484 374,134 398, 794 418,850 384,318 401,101 Recoveries, profits on securities, etc.: Recoveries on loans 26,010 26,502 25,204 23,402 28,000 24, 584 28,815 44, 389 71,901 94,247 75,503 44,928 54,617 P R r e o c f o it v s e r o ie n s s o ec n u i r n it v ie e s s t s m o e ld nts 10 1 6 0 , , 8 7 3 0 0 7 8 11 9 , , 9 4 7 7 4 5 7 1 5 9 , , 1 9 0 5 6 6 7 12 0 , , 8 3 5 3 2 4 7 13 0 , , 0 5 7 4 8 1 60,191 80,072 185, 591 277,027/ \ 2 1 3 6 0 0 , , 6 3 9 1 8 8 9 5 8 0 , , 3 9 2 5 6 0 15 5 2 3 , , 9 5 2 7 6 7 18 5 9 6 , , 1 7 0 4 3 1 Other recoveries, etc 14,289 12,898 16,448 11, 641 15,053 28, 334 15, 998 23,979 27,078 22,808 31, 389 27, 780 26,094 Total recoveries, prof, on sec, etc. 157,836 140,849 136, 714 118, 229 126, 672 113,109 124,885 253, 959 376,006 508,071 256,168 279, 211 326, 555 Losses, and depreciation On loans 123,745 119, 290 139, 588 194,725 295, 241 403, 272 425,442 451, 782 252,374 206, 548 104, 788 121,903 108,137 On investments 37,284 45, 293 95,465 109,028 264,170 304,961 344,053 320,496 198, 765 131,406 147,958 181,982 179, 566 On banking house and equipment- 27,172 31,832 33,171 36, 601 29,061 21, 370 35, 758 39,422 33, 586 38, 721 36,868 42,097 37,983 Other losses, etc 20,492 20,779 27, 249 24,960 31, 984 48, 627 53,026 61, 244 53, 537 64,873 48,844 52,083 54,493 Total losses and depreciation. 208,693 217,194 295,473 365, 314 620,456 778, 230 858, 279 872, 944 538, 262 441, 548 338,458 398,065 380,179 Net profits 447,009 503,868 556, 514 306, 502 12, 261 -254,887 -355,830 -224, 501 211,878 465, 317 336, 560 265,464 347,477 Cask dividends declared: O O n n p co re m fe m rr o e n d s s t t o o c c k k . 5 _ 7 298, 744 7 317, 713 7 387,393 7 366, 953 7 334,966 7 245,074 e7150,244 715 1 7 5 , ,1 5 2 3 4 5 1 2 6 5 1 , , 4 3 4 6 4 6 1 2 7 7 1 , , 4 2 2 4 0 3 1 1 8 7 3 , , 0 9 6 3 4 7 1 1 8 4 3 , , 4 8 6 2 0 5 1 1 9 3 3 , , 3 6 4 7 7 9 Total. 18,744 7 317, 713 7 387,393 7 366, 953 7 334,966 7 245,074 7150,804 7 172, 659 186, 810 198, 663 201,001 198,285 207,026 Loans 23,006,038 24,153, 677 25, 614, 655 25,018,222 21, 732, 289 16, 743,940 12, 916, 730 12,476, 572 11, 985,150 12, 543,829 13,825, 461 13, 317, 373 13, 365, 668 Investments 9, 749,932 10, 568, 202 10,112,473 10,377,190 11,699,502 11, 778, 580 12,069, 549 14,453,885 16, 913, 308 18,839,010 18, 678, 289 18,220,789 19,391, 237 Total assets 42,800,432 45, 596,198 47, 533,082 47,164, 240 43, 991,171 37,042, 289 33, 366, 549 37,176,100 41, 613, 260 45, 903, 763 47, 509, 755 47, 433, 628 52,128, 958 Total deposits 35,160,877 36, 658, 814 37, 294, 926 37, 093, 978 34, 722, 287 28, 954, 940 26, 771, 634 30, 718, 669 35, 694,475 40,129, 630 41, 582,127 41, 505,482 46,134, 525 Total capital accounts8.. 5,162,702 5, 622, 312 6,360, 306 6, 722, 782 6, 395,866 5,660,145 4,902, 319 5,049, 525 5,118,478 5, 209,486 5, 327, 456 5, 384,940 5,487,945 Number of banks 9,034 8,837 8,522 8,052 7,246 6,816 6,011 6,442 6,387 6,376 6,341 6,338 6,362 NOTE.—The number of banks shown is as of the end of each calendar year. Balance sheet figures (i. e., loans, investments, assets, deposits, and capital accounts) are averages of the amounts -_^ * »u ~n ^~*- ,•_ +i ~i~-^ —,* +v_ «_i _n ^4-~ i* -n ^ . * ^^ .._ ,000 4.1.„_ * averages of only June 30, October 25, and December 30. . . . _ -_ . - . .,.- r 5 Includes interest on capital notes and debentures. 6 Not available separately. For national member banks total dividends on preferred stock were only $558,000 in 1933, compared with $10,102,000 in 1934. 7 Revised to exclude stock dividends declared by national banks; may include some stock dividends declared by State bank members, 1927-1933, inclusive, s The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 30,1939 AND JUNE 30,1939 [Amounts in thousands of dollars] December 30,1939 June 30, 1939 National State Banks National State Banks banks banks not banks banks not All banks members members members All banks members members members Federal Federal Federal Federal Federal Federal Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks _ 13,535 5,187 1,175 7,173 13,569 5,203 1,127 7,239 Assets Loans, discounts, and overdrafts (including rediscounts) 16,866,021 9,021,748 4,940,072 2,904, 201 16,040,373 8, 553,015 4, 588,053 2,899,305 United States Government obligations, direct and fully guaranteed 15, 567,480 9,057,640 5, 270, 515 1, 239,325 15,038, 215 8,753, 637 5,023,424 1, 261,154 Other bonds, stocks and securities 6,860, 359 3,730,947 1, 919, 586 1, 209,826 6, 954,694 3, 774, 590 1, 910, 700 1, 269,404 Total loans and securities 21,810, 335 12,130,173 5,353, 352 38,033, 282 21,081, 242 11, 522,177 5, 429,863 Customers' liability on account of acceptances 109,891 55,843 51, 700 2,348 103, 674 51, 655 50,017 2,002 Total bank premises, furniture and fixtures, nnd other real estate 1, 656, 699 795, 885 546,871 313,943 1, 717, 218 819,113 566, 975 331,130 Reserve with Federal Reserve Banks 11, 603, 504 6,493, 792 5,109,712 10,010, 744 5, 640,067 4,370, 677 Coin and currency 1,067,155 611,339 229,876 225,940 917, 759 526,738 185,394 205,627 Balances with other banks 7, 343,873 4, 231,075 1, 299,090 1,813,708 6,186, 780 3, 637,085 1,080,055 1,469, 640 Cash items in process of collection 1,861,058 1,153, 289 654,081 53, 688 2,239,001 1, 256,694 926,378 55, 929 Income accrued but not yet collected 107, 291 57,872 42, 287 7,132 110, 572 60, 381 42, 214 7,977 Prepaid expenses 11, 620 5,712 4,599 1,309 10,973 4,644 4,414 1,915 Other assets 91, 575 42,232 35,186 14,157 95,856 41,343 40,866 13, 647 Total assets 63,146, 526 35, 257, 374 20,103, 575 7, 785, 577 59,425,859 33,118, 962 18, 789,167 7, 517, 730 Liabilities Demand deposits of individuals, partnerships, or corporations 27,196,842 14,921,445 9,682, 537 2, 592,860 24, 772,378 13, 625, 703 8,822,466 2, 324, 209 Time deposits of individuals, partnerships, or corporations _. 14,471,056 7,693, 612 3, 521,497 3, 255,947 14,298, 215 7, 641, 518 3,421,711 3, 234,986 Public funds of states and political subdivisions 3,413,160 2,076, 768 676, 739 659, 653 3, 657,639 2,284,499 688, 271 684,869 U. S. Gov't and postal savings deposits 859,402 584,827 209,069 65, 506 818,047 539,897 213, 239 64,911 Deposits of other banks; cash letters of credit; certified, officers', and travelers' checks outstanding 10,135,889 6, 282, 298 3, 691, 360 162, 231 8, 780,475 5,324,066 3, 311,884 144, 525 Bills payable, rediscounts, and other liabilities for borrowing money 13, 609 2,882 359 10,368 15, 550 3,540 1,122 10,888 Acceptances executed by or for account of reporting banks and outstanding 126,107 64,173 59, 582 2,352 122,169 57, 635 62, 529 2,005 Dividends declared but not yet payable 40,731 23, 668 14,300 2,763 37,451 22, 610 13, 222 1,619 Income collected but not yet earned 69,859 37, 694 18, 616 13, 549 64,479 35, 261 16, 619 12, 599 Expenses accrued and unpaid 76, 562 40,948 27, 742 7,872 86, 786 45, 906 32,545 8,335 Other liabilities 218, 939 131, 676 77,398 9,865 257, 630 156, 537 91,123 9,970 Total liabilities, excluding capital account 56, 622,156 31,859, 991 17, 979,199 6, 782,966 52,910, 819 29, 737,172 16, 674, 731 6,498, 916 Capital stock, notes, and debentures 2,914,004 1, 529,103 834,126 550, 775 2,954,886 1, 559,181 830,842 564,863 Surplus 2,442,853 1, 213, 857 952, 535 276,461 2, 381, 233 1,168, 553 943,016 269, 664 Undivided profits 789,340 445, 206 229, 528 114, 606 799,018 449,079 228, 954 120,985 Reserves for contingencies 318, 432 176,960 99, 653 41, 819 322, 503 173,816 102,871 45,816 All other capital accounts 59, 741 32, 257 8,534 18, 950 57,400 31,161 8,753 17,486 Total liabilities, including capital account 63,146, 526 35, 257,374 20,103, 575 7, 785, 577 59,425,859 33,118, 962 18, 789,167 7, 517, 730 466 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 468 Gold production 469 Gold movements 469-470 International capital transactions of the United States 471-475 Central banks 476-479 Bank for International Settlements 480 Money rates 480 Discount rates of central banks 481 Commercial banks 481-482 Foreign exchange rates 483 Price movements: Wholesale prices 484 Retail food prices and cost of living 485 Security prices 485 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. MAY 1940 467 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 t e e s d U K d n i o i n m t g ed - France g B iu el m - ' N la e e n r t d - h s - ti N on a- al B.I.S. t g 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 8 275 19 134 29 1935—December.... 21,604 10,125 1,648 4,395 611 438 454 444 17 275 19 189 29 1936—December... 22, 630 11, 258 2,584 2,995 632 490 655 501 25 275 20 188 29 1937—December.... 23, 964 12,760 2,689 2,564 597 930 648 469 32 274 24 184 1938—December... 25,468 14, 512 2,690 2,435 581 995 699 431 32 274 24 192 1939—March 24, 387 15, 258 1,066 2,435 518 909 640 428 33 274 24 210 30 April 24,944 15, 791 1,066 2,574 520 834 598 428 34 274 24 212 30 May 25,119 15,957 1,067 2,574 524 823 598 428 33 274 24 214 June 25,270 16,110 1,067 2,574 540 800 428 34 274 24 213 30 July 25,492 16, 238 1,162 2,574 573 769 427 34 274 24 212 30 August. 26,097 16,646 1,162 2,714 614 769 585 431 35 274 24 218 September... 25, 234 16,932 1 2,714 615 752 585 449 36 274 24 218 30 October 25, 303 17,091 1 2,714 611 754 ' 579 449 37 274 24 212 November. _. 25, 513 17, 358 1 2,714 608 700 559 453 38 274 24 213 30 December.. C25, 702 17, 644 1 2,714 609 690 547 466 c40 274 24 214 30 1940—January 25,909 17, 931 1 2,714 609 690 535 466 41 274 24 211 February P26, 197 18,177 1 2,714 609 690 525 P466 42 P274 P24 213 30 March 25, 733 18,433 1 P2, 000 P690 519 P466 P274 P24 211 P30 Other countries—Continued End of month lo C m o b - ia C v z s a e lo k c - i h a o- m D a e r n k - Egypt Qer- 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 a o n - d 1934—Dec. __ 112 60 55 40 518 394 61 96 1935—Dec... . 112 54 55 34 270 425 84 84 1936—Dec... _ 91 54 55 26 208 463 98 75 1937—Dec. ._ 92 53 55 24 210 261 82 83 1938—Dec. __ 83 53 55 27 193 164 94 85 1939—Mar.... 67 53 55 29 193 164 96 85 April... 66 53 55 29 193 164 107 84 May... 65 53 55 31 193 164 107 84 June 53 55 31 193 164 107 84 July.... 53 55 30 193 164 107 84 Aug 53 55 28 193 164 107 84 Sept.— 53 55 28 193 164 107 84 Oct 53 55 28 193 164 103 Nov. 53 55 28 193 164 103 Dec... 53 55 28 144 164 90 94 1940—Jan 53 55 28 144 164 90 84 Feb..... 53 P55 28 144 164 90 84 Mar P53 P28 144 P164 P90 Government gold reserves1 not included Other countries—Continued in previous figures for 52 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 e e- n T k u ey r- g U u r a u y - Y sl u av g i o a - O t c r o i t e u h s n e 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 o i i n m t g e - d France g B i e u l m - 1934—Dec. . 31 1934—Dec 104 184 740 159 22 161 1935—Dec. . 53 1935—Dec 109 212 735 185 24 168 1936—Dec. J *934 93 1936—Dec 68 114 203 718 240 26 183 1937—Dec. _ 81,395 81 1 1 9 9 3 3 8 7 — — D D e e c c 1 13 2 3 0 2 1 2 8 0 9 7 5 1 2 8 5 2 3 4 2 4 1 2 2 9 9 1 1 8 4 5 3 1938— Ju M n a e. r - . 444 1,489 62 1939— • J D A M J A O S N M u u e e p u c o a l n a p c t y r g y v e r t il 69 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 4 4 5 5 5 4 5 6 7 7 8 9 0 2 1 2 2 2 2 2 2 2 2 2 2 2 1 1 1 2 1 4 3 4 5 1 8 8 9 2 9 3 4 9 4 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 4 4 4 5 5 3 2 9 4 6 8 5 7 2 3 3 3 3 3 3 2 2 2 2 0 0 0 0 0 0 9 9 9 9 68 59 1 1 1 1 1 1 1 1 1 1 2 2 4 3 3 3 3 5 5 5 6 6 4 5 1 4 6 1 6 6 1939— N D S A O F M J M J u u J e o e c p a n e a a p v l t b r n y y e . r . t . c — — . . . . . . . . . _ — . . . _ . . . . . . "l5 8 8 4 0 " 5 " 1,7 7 3 8 5 2 9 3 3 4 1 4 4 5 3 8 3 7 6 5 5 1 1 0 7 5 5 9 17 1940— F Ja e n b P6 6 9 9 1 1 5 5 2 3 2 2 5 6 3 8 5 5 2 2 5 5 2 2 5 1 8 8 2 9 9 2 P1 1 5 4 3 0 D S e e c p . t. - _ 1 1 5 6 6 4 Mar *>69 P153 P268 525 P218 P92 P153 p Preliminary. 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. 1939 Fund and Rentes Fund; Belgium—Treasury. figure officially reported and carried forward. Gold in Swiss and Dutch Funds and in some e Figure for Aug. 1, 1936, officially reported and carried forward through Mar. 1938; Apr. 1938 other central reserves not reported. figure officially reported and carried forward. » Figure for Mar. 1937, first date reported. • These 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, * 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. 468 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 Other U o .S ut . s S i . d R e . Total A So fr u ic th a d R e h s o ia - 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 * Canada Mexico Co b l i o a m- Chile Au li s a tra- B In ri d ti i s a h $1=26-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gola=$£0.67 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 1931.. 426,424 386,293 224,863 11,183 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932.. 458,102 413,459 238,831 12,000 5,892 3,642 £0,626 62,833 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, 868 13,169 6,165 3,009 16,873 6,919 $1=16-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933_. 794,498 696, 218 385,474 22, 578 11,214 6,148 89,467 103, 224 22, 297 10, 438 5,094 28,568 11,715 1934.. 707,288 366,795 24, 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11,223 1935.. 882,533 751,979 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 31,240 11,468 1936.. 971,514 396, 768 28,053 16,295 7,386 152, 509 131,181 26,465 13, 632 9,018 40,118 11, 663 1937.. 1,041,576 892, 535 410, 710 28,296 20,784 8,018 168,169 143,367 29,691 15,478 9,544 46,982 11,607 1938.. 1,132,856 95T, 212 425,649 28, 632 24,670 8,470 178,143 165,379 32,306 18, 225 10,290 54,264 11, 284 1939.. 1, 204,954 1,018,319 448, 753 28,009 28, 515 8,759 195, 298 178, 225 32,300 19,951 11, 376 56,127 11,008 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. __ 80,919 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 4,301 912 May 98,545 83,476 37,970 2,355 2,323 779 15,227 15,133 1,794 1,614 4,649 936 June _ 99,511 83,602 37,065 2,369 2,277 756 14,520 15,287 3,216 1,551 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.. 106,867 89, 930 37,817 2,442 2,432 705 19,637 14,752 2,302 1,803 1,012 6,140 888 October 107,138 90,889 38,459 2,452 2,479 715 21, 693 15,144 1,832 1,677 1,111 4,392 934 November. 103, 527 87,372 38,600 2,425 2,497 686 17,421 14,818 2,333 1,873 934 4,881 903 December.. 101, 289 84,948 38, 534 P2, 330 2,589 709 15,845 15,151 1,209 1,367 1,044 5,246 925 1940—January... P103, 096 39, 777 P2, 382 P2, 647 739 '16,972 14,853 Pl, 314 1,958 P974 4,486 891 February.. P98, 236 P81, 983 38,575 P2, 275 P2, 647 728 13, 317 P14,853 Pl,314 Pl, 958 P974 P4,451 P891 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $S5 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. p Preliminary. r Revised. iIncludes 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 t o h r i e m o x r p p n o o e r r t t t s s U K d n i o i n m t g e - d 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 i e c x o - Co b l i o a m- P Is p h l i i a n l n i e p d - s A tra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o o A th u l e n l r - () tries^ 1934 i 1,131,994 499,870 260,223 8,902 94,348 30,270 16,944 12,038 1,029 12 1935 1,739,019 315,727 934,243 3 227,185 95,171 13,667 10,899 15,335 3,498 65 1936 1,116,584 174,093 573,671 3,351 71,006 2 72,648 39,966 11,911 21,513 23; 280 8 1937 1,585, 503 891,531-13,710 90,859 6,461 6 111,480 38,482 18,397 25,427 34,713 181 246,464 1938 _ 1,973, 5691, 208,728 81,135 15,488 163; 049 60,146 76,315 36,472 10,557 27,880 39,162 401 168,740 1939 3, 574,1511,826,403 3, 798 165,122 341,618 28,715 612,949 33,610 23,239 35, 636 74,250 22,862 165,605 1939 Jan 156,345 52,050 1,438 1,6 33,678 2 -67 10,842 2,342 2,089 2,754 6,585 33 37,819 Feb 223,281 165,377 1,400 29, 256 3,840 4,220 2,496 2,719 3,953 38 5,446 Mar 365,384 250,042 816 37,179 27,098 ""§,"227 6,852 3,822 4,234 3,326 4,303 10 11,410 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 May 429,404 302, 667 3 41,651 40,449 2,284 12.066 2,050 2,117 22,559944 55,229955 41 10, 931 June 240,430 128,196 2 55,081 5,644 17,191 3,280 2,107 3,843 5,677 50 14,093 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 6,365 Aug 259, 921 163, 738 2 22, 640 34,299 3,956 2,120 2,775 5,689 52 10, 931 4,460 Sept 326,074 162,450 1,482 120,837 653 2,102 3,947 5,474 11 16,425 5 8,541 Oct 69, 726 10,182 2,990 9,940 1,794 8,420 2,142 12,497 «15,870 Nov 167, 980 18, 556 28 8,781 5,113 2,990 65.067 3,445 2,117 2, 643 12, 505 10,449 9,487 16, 662 Dec 451,172 10,417 31, 526 191,,743 5,119 308, 773 3,972 2,116 2,646 6,472 9,885 20,101 7 22,812 C 1940 Jan 236, 391 23,906 30,415 16,601 1,208 52, 716 2,550 3,360 6,155 20, 297 37, 680 9,743 s 31,698 Feb 201,422 21,321 ' ~, 181 32,448 13,931 46,866 2,006 1,896 4,241 18,872 4,919 6,722 9 31,001 Mar 459,827 282 65,991 28,907 249,858 2,215 2,116 4,137 7,409 24, 503 5,797 11,81310 21,493 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 $4,503,000 from Argentina. 5 Includes $5,157,000 from Hong Kong. «Includes $6,363,000 from Italy; $4,087,000 from Hong Kong. * Includes $5,586,000 from Italy; $6,414,000 from Norway, s Includes $19,527,000 from Norway; $5,452,000 from Hong Kong. »Includes $5,566,000 from Italy; $13,878,000 from Norway; $5,570,000 from U. S. S. R. 10 Includes $11,760,000 from Italy. NOTE.—For gross import and export figures and for additional countries see table on p. 430# MAY 1940 469 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: Year or Total month net im- South ports Africa, Other All e o x r p n o e rt t s U S n ta i t t e e s d France m G a e n r y - * g B iu e m l- N la e n th d e s r- U.S.S.R. Au li s a tra- Rho- B In ri d ti i s a h B co ri u t n is - h S d w en e- e S r w la i n tz d - c o o th u e n r - () 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 1935 __. 369, 722 -435, 502 142,137 -4, 726 -17,476 10, 796 37,981 404, 295 181, 602 32,754 1936 1,169,931 -276,830 756,215 23,292-15,133 -21,215 26,723 488,814 128,421 28,067 1937 ,„_- 420,427 -834,009 541,187 46,147-21,993 -16,572 199,965 24,165 464,837 66,330 22,079 1938 -285,638 -1,050,395 33,173 348,000 -46,463 115, 540 27,831 333, 750 55,744 20, 761 1938—June- 89, 580 -20,811 -6,137 57 56,764-12,037 28,104 2,024 40,623 3,725 -7, 673 -5,407 July.. 24,119 -10,529 -997 47 23,212 -5,750 2,490 31,516 6,418 6,581 -11,429 -16,521 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 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 Oct._. -210,171 -308, 528 69, 604 4,077 33,982 535 705 6,530 4,204 -20, 792 -4,671 2,831 Nov.. -96, 508 -105,220 -66 6,005 -2,328 -5, 245 155 2,695 4,260 618 1,017 Dec... -66, 726 -97,371 758 2,057 9,990 "5,~649 528 7,358 1,815 531 1,511 1939—Jan.._ -36, 514 -50,814 -33 211 -253 5,672 5,671 304 1,374 -3,790 Feb... -148,005 -160,218 11 396 779 5,613 736 3,451 151 -1,101 —1 Mar.. -259,984 -306,839 -183 88 23,477 1,039 16,866 5,559 1,417 -1,148 -32 -3,845 Apr... -121,188 -357, 518 -1,431 29 176,451 19,164 12,656 4,805*-47,875 -437 73,394 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 June- —51, 591 -127,293 -412 -38 415 22,968 52, 636 2,388 911 -2 153 July.. -147,332 -182,145 -330 —1 196 8,856 38,423 3,078 697 -1,138 -575 AugA -318, 511 -223,370 2,691 1 -7,491 -11,275 "~55 49,120 4,"- e-114,284 -4, 966 -4,618 Germany Switzerland British India Net imports from or net exports (—) to: Increase in India: Year or Total Total Total month e n o x p e r p t o o n r i r t m e s ts t - 1 i e m o x r n p p e o n o t r e r 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 e m l- Italy N la e e n r t d - h s - m G a e n r y - 1 c o o A th u l e n l r - i e m o x r n p p e n o o t e r r t t t s s p t I G i r n o o o d n d l i u d i a n c- d I r I i n e n a - - n ea e r g d m I o n l f a d o r r k- p h ri o I v n ld at - e tries serves foreign ings • account 1934.. -90,920 -46,065 -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 -54,858 -181, 725 -13,940 25,542 342 -9,607 »2,812 -161,872 11,468 -150,398 1936.. -1,868 122, 278 -1,714 39,305 14, 531 51,299 4,600 -2,990 -121,066 11,663 -109,403 1937.. -3, 718 -56,946 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 76,620 -74,375 -1,067 11, 314 25,125 -32,745 -4,989 -54, 696 11, 284 12,078 -55,490 1939.. -220,229 -105,104 -13,431 -2,953 31,466 -18,039 -25,191 1,546 -79,495 11,009 50,913-119,396 1938—July.. 1,468 -8,837 16,128 -14,071 -6,041 -142 3,962 -8,893 222 954 -10,034 Aug... -1,338 10,464 -8,382 -1,283 -37 3,824 -6, 267 342 961 -6,121 Sept.. -36,626 9,024 15,940 418 117 -2 924 1,884 -10, 251 949 -8 Oct.._ -16,134 1,454 907 -616 -158 2,551 -56 3 959 1,909 -8,611 Nov... —10,129 913 13 33 -117 994 -265 31 5,690 -7,036 Dec... -3, 765 -5,690 -1,854 -139 -166 -2,884 -438 -209 4,479 -3,270 1939—Jan... 33 -3, 786 549 -149 1-2,294 -1,274 -7 940 11,423 -10,608 Feb... -11,940 -2,112 -21 -763 24 -213 556-1,581 -97 -15 863 7,749 -10,174 Mar... 9,999 -37,332 -10,786 1,547 -1,! -1, 509 -576 -8,327 -14,830 -860 938 4,812 -8, 984 Apr... 9,967 -162,645 -54, 266-104, 650 -4,805 -864 10,819-3,876 -2,431 -2, 573 912 5,197 -7,679 May.. -5,807 8,059 -2, 329 -5,419 -73 19, 585 -718 -1,138 -239 937 -5,104 June.. -284 -10,696 93 '269 6 -8 725 -3,116 -76 910 5^749 -6,888 July.. 7,765 -2,856 1,033 -1,153 2 10,800 355 -171 -244 936 942 -10,270 Aug... 5,275 2 4,334 -1,929 —91 2,815 1,234 -887 -204 923 2,512 -6,863 Sept.. -2, 730 -1,506 -1,030 -1 -25 89 -243 —11 6,096 -10,421 Oct.... -2,855 44 -541 -5 -4, 583 -1,463 1,617 2,965 4,563 -15,994 Nov.. -15,187 85 -907 -9 -6, 255 -1,473 -2, 743 -2 903 31 -6,819 Dec... -3, 989 -3, 473 304 -1,338 -44 -1,662 -709 121 2,812 925 -19, 592 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. 1 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. 1 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. 9 Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. » Includes net import of $26,555,000 from Czecho-Slovakia. NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. 470 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 n . d s S. f f o u r n ei d g s n balances in N. Y. 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—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 28 3, 779. 2 1,432. 7 216.3 1,216. 5 478.1 610.0 1, 210.9 47.6 ft 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 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- l 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 1,189. 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 Majr3 4, 523.7 2,019. 6 245.9 1, 773. 6 596.1 621.8 1,211.9 74,4 Majr 10 4, 544. 5 2,030.7 264.5 1, 766. 2 591.3 637.1 1,210. 2 75.3 MajT 17 4, 567. 6 2,042.8 292.8 1, 750.0 597.3 642.3 1,211. 8 73.4 Maj'24. 4, 570. 0 2,046. 3 299.1 1, 747. 3 596.0 644.1 1,209.3 74.2 Majr 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, 686C 5 607.5 664.5 1,199.3 74.0 July5 _ _ 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 4,635.1 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. Sept. 6 4,882. 3 2, 341. 5 409.0 1,932. 5 623.5 661.7 1,171.3 84.2 Sept. 13 4,940. 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 4, 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. 7 598.1 685.2 1,144. 4 74.6 Oct.18 __ 4,871. 2 2, 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 1,872.0 599.6 688.7 1,123. 7 79.8 Nov 8 4,825. 0 2, 341. 6 490.3 1,851.3 597.3 690.4 1,115. 9 79.9 Nov 15 4,862. 7 2, 362. 4 481.6 1,880. 8 618.8 693. 2 1,109. 2 79.2 Nov 22 4,822. 9 2, 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 1940—Jan.3 4, 880.4 2, 321. 8 433.5 1, 888. 3 650.4 725.7 1,102. 6 79.9 Jan. 10 — 4, 919. 8 2, 360. 2 445.2 1, 915. 0 644.5 731.7 1,102. 3 81.0 Jan. 17 4, 921. 9 2, 368.4 435.2 1,933. 2 636.1 733.7 1,100. 6 83.1 Jan.24 4,942. 3 2, 384. 2 456.1 1, 928. 2 640.1 736.1 1,099. 0 82.8 Jan.31 4,918. 0 2, 368. 5 449.6 1, 918. 9 626.1 738.0 1,098.1 87.3 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. MAY 1940 471 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 i o n i m t g e - d France N la e e n r t d - h s - S l z a w e n r i d - t- 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 Asia* ot A he ll r i 1935—Dec. 31_. 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 () 70.9 128.3 12.7 1936—Dec. 30.. 2,608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29_. 3.410.3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2.653.0 106.3 410.6 224.6 15.9 1938—Dec. 28.. 3, 779. 2 1.186.1 339.5 324.6 554.0 140.7 33.0 463.8 3,041. 7 157.2 389.5 156.8 34.1 1939—Apr. 26.. 4,479. 6 1,303.3 421.6 405.4 595.6 146.9 26.0 595.9 3,494. 7 216.8 480.6 231.4 56.2 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 28. '4,593. 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 '55.8 July 26- '4,613.4 1,312.9 441.9 407.6 607.0 150.1 30.9 616.9 3.567.1 248.8 512.3 224.1 '61.2 Aug. 30. "•4,863. 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 '76.9 Sept. 27. r4,955.4 1, 368.1 459.6 448.4 671.1 151.1 32.9 686.0 3,817. 2 260.9 528.0 276.4 '72.9 Oct. 25.. '4,882.0 1.301.4 430.9 446.8 686.5 159.1 48.0 710.3 3, 783.1 239.0 522.2 260.2 '77.5 Nov. 29. r4,875. 6 1,157. 2 453.1 457.8 719.1 162.9 55.8 725.3 3, 731. 2 263.2 504.0 287.3 '89.9 Dec. 27.. '4,893.0 1.117.3 442. 3 469.9 759.1 163.3 55.9 753.8 3, 761. 5 229.2 r 505. 9 299.4 '96.9 1940—Jan. 3___ 4.880.4 1.101.4 468.7 470.3 773.0 165.9 58.1 753.0 3,790. 5 228.4 483.4 290.9 87.4 Jan. 10.. 4.919.8 1.084.2 474.8 470.9 781.5 165.2 59.4 779.3 3,815. 3 221.2 500.5 297.8 85.0 Jan. 17- 4.921.9 1,074. 2 466.7 474.0 781.8 164.6 60.3 783.7 3,805.4 218.9 503.0 308.1 86.5 Jan. 24_. 4,942. 3 1,059.1 470.8 468.3 785.9 167.3 62.1 805.2 3,818.8 223.1 504.6 311.3 84.4 Jan. 31- 4,918.0 1.029.3 471.2 466.1 798.3 166.3 61.7 811.3 3,804.2 226.6 503.9 297.3 86.1 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, 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 z a w e n r i d - t- 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 Asia1 ot A he ll r i 1935—Dec. 31. 603.3 128.6 129.6 55.7 72.4 7.3 60.7 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 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 76.3 166.3 126.2 8.0 1938—Dec. 28. 1,432.7 366.7 158.8 84.4 203.7 3.8 203.0 135.1 134.0 132.7 20.4 1939—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 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 36.6 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 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. 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. 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. 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. 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. 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 1940—Jan. 3... 2.321.8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1, 655. 4 174.5 215.1 216.4 60.5 Jan. 10. _ 2, 360.2 362.7 261.5 191.5 368.7 -21.1 22.5 494.7 1,680. 5 162.7 231.0 227.2 58.8 Jan. 17- 2,368.4 365.9 252.9 194.8 367.4 -21.4 23.1 498.0 1, 680.7 162.5 230.7 234.5 60.0 Jan. 24_. 2,384.2 354.8 257.8 188.8 370.1 -21.1 25.1 517.2 1, 692. 6 165.6 232.9 235.0 58.2 Jan. 31- 2, 368. 5 332.3 258.5 186.3 381.8 -20.5 24.9 522.1 1,685. 4 166.8 231.2 226.2 58.9 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 z a w e n r i d - t- 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 Asiai ot A he ll r i 1935—Dec. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -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—Dec. 28 478.1 204.5 65.5 -6.9 2.6 140.3 13.9 33.0 453,0 30.6 -65.0 -7.2 1939—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 31 599.8 236.8 68.1 -.1 4.7 152.0 15.3 38.7 515.4 46.9 54.8 -13.0 -4.3 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 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. 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. 27 618.4 226.1 70.0 9.1 5.2 164.1 15.1 38.2 527.7 46.6 57.4 -6.4 -6.9 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. 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. 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 1940—Jan. 3 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 Jan. 10 644.5 250.6 74.1 12.4 3.1 178.1 13.9 28.5 560.8 56.8 54.1 -26.0 -1.1 Jan.17 636.1 241.3 74.0 11.4 3.5 178.0 14.0 28.4 550.7 55.1 55.8 -24.2 -1.2 Jan. 24 640.1 240.5 73.7 11.6 3.0 180.4 13.8 29.8 552.7 55.5 55.2 -21.8 -1.5 Jan. 31 626.1 236.0 73.5 11.4 3.0 178.9 13.5 30.3 546.7 56.2 55.8 -32.0 ' Revised; these revisions are supplementary to those in Tables 1, 4, and 9—pages 355, 358, and 363 respectively—in the April 1940 BULLETIN. 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other." a Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 472 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 1STet 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 e - d France N la e e n r t d - h s - S l z a w e n r i d - t- 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 Asiai ot A he ll r i 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—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—April 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 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 28 664.5 128.2 28.2 29.4 41.7 35.8 23.8 180.4 467.4 -26.5 176.0 37.1 10.4 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. 30 657.8 127.4 28.3 29.7 43.2 36.4 24.4 181.8 471.2 -41.5 178.8 38.8 10.5 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. 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. 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. 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 1940—Jan. 3 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 Jan.10 731.7 125.5 42.2 29.4 45.3 36.6 27.7 189.4 496.1 -2.7 184.1 42.9 11.3 Jan. 17 733.7 125.8 42.4 29.5 45.2 36.5 27.8 189.8 497.0 -1.8 184.2 43.0 11.3 Jan. 24 736.1 126.3 42.4 29.5 45.5 36.5 27.8 190.2 498.2 -.9 184.3 43.2 11.3 Jan. 31 738.0 126.2 42.5 29.6 46.0 36.5 27.8 190.6 499.1 -.2 184.5 43.2 11.3 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 e - d France N la e e n r t d - h s - S l z a w e n r i d - t- 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 Asia* ot A he ll r i 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 __ i 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 9.8 1938—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—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 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 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 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. 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. 27 1,164. 4 408.4 73.7 228.2 320.9 -27.4 -5.5 58.3 1,056. 7 8.9 26.1 58.5 14.1 Oct. 25 1,130. 6 369.8 72.9 227.0 329.1 -27.6 -5.4 59.4 1.025.1 5.3 27.0 59.2 13.9 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. 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 1940—Jan. 3—'__... 1,102. 6 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 56.5 14.3 Jan. 10 1,102. 3 326.1 76.8 228.1 346.4 -28.3 -4.9 61.0 1,005.2 -4.5 30.2 57.1 14.3 Jan. 17 1,100. 6 321.8 77.2 228.9 347.3 -28.3 -4.8 61.8 1,003. 9 -5.7 30.4 57.7 14.3 Jan. 24 1.099. 0 318.1 77.2 229.1 348.6 -28.3 -4.7 62.2 1,002.1 -5.9 30.4 57.8 14.5 Jan. 31 1.098.1 315.7 77.1 229.4 349.2 -28.3 -4.7 62.4 1,000.8 -5.9 30.6 58.2 14.5 TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES From th J ro 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 z a w e n r i d - t- 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 Asiai ot A h l e l r i 1935—Dec. 31 6.0 (3) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 (4) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 (3) .1 5.0 44.0 3.5 -.5 .5 1938—Dec. 28 47.6 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2.6 -.9 -1.0 W2 1939—Apr. 26 73.0 17.4 16.3 10.3 10.5 -.1 .3 7.5 62.2 9.1 .7 .6 .4 May 31 72.7 18.0 16.3 9.5 10.8 -.2 .2 7.3 61.9 8.7 .8 1.0 .4 June 28 74.0 18.1 16.8 9.6 11.9 -.3 .1 7.0 63.2 9.3 .8 .4 .3 July 26 82.3 20.0 17.5 12.2 12.7 -.2 .2 7.6 70.0 8.9 1.1 1.9 .5 Aug. 30 85.0 17.8 19.1 8.6 15.0 -.2 .2 7.4 68.0 11.9 1.9 3.0 .3 Sept. 27 83.1 24.2 18.4 9.4 15.3 -.1 .2 7.0 74.3 9.7 2.1 -3.6 .7 Oct. 25 78.5 20.7 19.0 9.0 16.1 -.1 .2 6.0 70.9 9.2 2.0 -5.2 1.5 Nov. 29 77.1 19.6 19.0 9.6 15.7 (3) .1 5.0 69.1 9.0 1.1 -4.0 1.8 Dec. 27 78.1 19.5 18.5 10.7 16.4 -.2 .1 5.2 70.2 8.9 1.1 -4.0 2.0 1940—Jan. 3 79.9 19.6 20.1 9.3 17.8 -.1 .2 5.1 72.0 7.6 1.6 -3.3 2.1 Jan. 10 81.0 19.3 20.2 9.4 18.0 .2 5.6 72.7 8.9 1.2 -3.5 1.8 Jan. 17 83.1 19.4 20.2 9.5 18.3 -.2 .2 5.7 73.1 8.8 2.0 -2.9 2.1 Jan. 24 82.8 19.5 19.7 9.4 18.7 -.1 .2 5.7 73.1 8.8 1.7 -2.8 1.9 Jan. 31 87.3 19.1 19.6 9.4 18.3 -.2 .2 5.8 72.2 9.7 1.7 1.7 2.0 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other." 2 For explanation see BULLETIN for May 1937, pp. 395-396. 3 Inflow less than $50,000. 4 Outflow less than $50,000. MAY 1940 473 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 ur t o h p er e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia i ot A he ll r i 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 12,162. 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 2. 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 1 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 3_ 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 1935—Mar. 27. 635.6 92.4 38.1 18.8 16.0 25.3 14.3 51.2 256.2 106.5 137.4 120. 5 15.0 June 26_. 839.0 153.2 98.4 43.9 35.4 25.3 16.9 55.1 428.4 132.4 145.7 115.7 16.8 Sept. 25. 922.9 162.4 84.1 51.2 50.7 27.4 16.5 68.1 460.6 144.3 155.4 144.9 17.7 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—Mar. 25- 1,177. 2 186.6 145.8 65.8 86.3 21.6 18.7 118.3 643.1 144.2 189.3 183.1 17.5 June 24.. 1,426. 2 270.5 157.8 102.8 128.3 20.6 25.3 123.1 828.2 160.6 207.4 208.2 21.7 Sept. 30. 1,459. 6 293.7 163.2 76.8 147.3 19.2 29.2 128.8 858.3 170.7 200.5 210.2 19.8 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—Mar. 31- 1, 682. 7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 June 30.. 2,173. 6 373.1 206.2 145.0 331.4 40.3 23.0 177.9 1, 296. 9 190.1 448.8 210.4 27.4 Sept. 29_ 2, 304. 8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1,475. 9 219.3 353.8 229.9 25.8 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—Jan. 26- 1, 663. 9 260.9 131.9 80.0 281.4 40.2 19.9 159.8 974.1 181.2 251.7 235.3 21.5 Feb. 23- 1, 580. 9 250.0 124.7 54.0 263.6 29.2 19.8 152.9 894.2 185.7 252.6 228.9 19.5 Mar. 30. 1, 521. 0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 Apr. 27- 1,468.8 240.1 118.1 47.3 224.3 26.9 15,2 123.7 795.6 186.5 262.3 206.2 18.2 J M un a e y 2 2 9 5. .. 1 1 , , 3 3 9 57 5 . . 8 4 2 21 1 7 3 .t4 2 1 10 0 2 8 . .7 2 4 4 8 8 . . 4 6 1 1 8 7 8 3. . 8 8 3 2 0 7 . . 2 3 1 1 8 7 . . 2 1 1 1 2 2 6 1 . . 3 9 7 70 3 9 2 . . 4 7 1 1 8 7 3 3 . . 5 5 2 2 6 6 0 1 . . 0 7 1 1 9 9 4 9 . . 4 8 1 18 9 . . 4 8 July 27- 1, 307. 0 221.3 101.8 45.1 165.9 23.9 15.9 106.3 680.1 173.7 251.4 179.5 22.4 Aug. 31. 1, 374. 4 238.1 126.6 44.6 176.2 21.7 17.8 109.4 734.5 184.6 254.2 175.0 26.2 Sept. 28- 1, 732. 4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 207.9 33.7 Oct. 26__ 1, 870.1 367.4 190.3 80.5 219.6 18.0 22.7 238.7 1,137. 3 226.5 259.9 212.7 33.7 Nov. 30. 1, 963. 3 379.5 198.3 94.9 215.5 18.9 20.9 234.5 1,162. 4 283.3 255.6 226.3 35.7 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. 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. 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. 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 April 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 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 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 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. 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. 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. 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. 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. 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 1940—Jan. 3__._ 2,948.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882. 6 274.6 336.0 382.4 72.5 Jan. 10.. 2,986. 4 434.9 293.6 205.5 382.3 8.6 41.3 541.6 1,907. 7 262.8 351.9 393.2 70.7 Jan. 17.. 2,994. 6 438.0 285.1 208.7 381.1 8.2 41.9 544.9 1, 907. 9 262.6 351.6 400.5 72.0 Jan. 24. _ 3,010. 4 426.9 290.0 202.7 383.8 8.6 43.8 564.1 1,919. 8 265.7 353.9 401.0 70.1 Jan. 31.. 2, 994. 7 404.5 290.6 200.3 395.5 9.1 43.7 569.0 1, 912. 6 266.9 352.2 392.1 70.9 Additional Detail Available from Jan. 3,19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B i e u l- m m D a e r n k - l F a i n n d - N w o a r y - S d w en e- Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a m a . n n d Z a - . Total China H K o o n n g g Japan I P s p h la i i n l n i e d p- s 1940—Jan. 3.. 407.1 159.2 28.1 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 323.9 165.4 71.4 58.0 29.1 Jan. 10. 427.5 161.5 29.7 20.4 58.3 157.6 260.7 60.6 35.8 26.3 39.9 62.3 35.8 330.9 166.8 73.3 61.2 29.6 Jan. 17. 427.1 162.0 28.0 19.5 64.2 153.4 257. 3 62.0 34.5 25.3 37.9 62.1 35.4 337.5 169.8 73.5 62.9 31.3 Jan. 24. 441.6 163.3 28.6 16.2 64.9 168.5 262.5 65.6 35.0 25.1 39.2 61.7 35.8 339.6 172.5 77.1 58.9 31.0 Jan.31. 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 332.1 171.9 72.2 58.0 30.0 1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other." 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis, rendered possible by a new reporting form, of the figures in the main table under the headings Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on August 12, 1936, January 5,1938, and October 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and April 1940, p. 362). 474 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 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 Asia i oth A e l r l i 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 2 827.1 201.3 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 3___ 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 1935—Mar. 27— 962.5 192.2 53.9 14.5 5.7 226.5 23.2 75.7 591.6 100.8 169.9 90.3 10.0 June 26 829.2 88.8 32.0 13.4 6.3 213.8 24.6 79.1 457.9 108.2 165.0 88.8 9.3 Sept. 25— 765.2 87.3 62.7 16.5 7.8 199.9 21.0 65.9 461.0 77.9 153.0 64.3 9.1 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—Mar. 25— 736.3 82.7 26.5 22.9 5.4 198.6 12.6 64.8 413.5 78.7 158.7 74.3 11.2 June 24.... 691.6 77.3 23.9 21.2 4.5 187.0 12.7 57.8 384.4 78.0 144.0 73.9 11.4 Sept. 30— 617.9 75.8 81.5 21.5 5.2 160.6 11.0 52.0 407.6 49.1 126.6 54.4 10.2 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—Mar. 31-_ 693.1 99.7 15.8 17.1 4.9 162.2 13.0 58.1 370.7 71.7 135.3 100.0 15.5 June 30.... 637.7 75.6 13.2 13.7 3.5 143.9 14.8 55.2 319.9 87.8 132.0 83.6 14.5 Sept. 29— 586.0 75.3 11. 1 19.1 4.2 132.0 16.8 52.8 311.3 82.5 107.0 71.7 13.5 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—Jan. 26 638.9 86.3 12.5 25.7 4.9 121.9 20.0 52.2 323.5 83.6 115.5 97.5 18.8 Feb. 23_._- 637.4 93.0 12.3 24.9 6.5 117.2 17.5 51.7 323.2 84.1 114.4 97.1 18.6 Mar. 30-_ 669.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 93.3 113.5 104.1 17.4 Apr. 27-.__ 644.5 106.0 10.5 22.0 5.3 110.3 16.4 49.9 320.4 92.7 114.7 101.2 15.5 May 25. _. 676.8 129.1 14.7 25.6 4.7 108.0 17.3 47.8 347.2 90.6 116.0 108.8 14.2 June 29 700.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 87.6 116.6 126.4 13.8 July 27— 666.0 145.5 16.9 25.8 4.6 99.9 14.7 47.5 354.8 92.6 96.6 108.0 13.9 Aug. 31-- 643.5 137.4 15.2 25.7 4.8 98.6 14.1 47.3 343.0 80.0 94.8 112.9 12.8 Sept. 28___ 626.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 84.0 94.2 113.6 12.4 Oct. 26— 607.8 100.0 13.9 20.5 3.9 96.7 15.7 47.4 298.1 85.8 92.9 117.4 13.7 Nov. 30.. _ 631.4 90.9 12.9 26.6 5.5 93.8 15.1 47.8 292.6 78.0 97.8 147.7 15.3 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. 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. 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. 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 April 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 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 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 26— 497.2 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. 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. 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. 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. 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. 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 1940—Jan. 3 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 Jan. 10— 514.6 41.5 4.6 6.2 5.0 53.1 13.3 51.2 175.0 39.5 111.9 178.6 9.6 Jan.17 523.0 50.8 4.8 7.3 4.5 53.2 13.2 51.4 185.1 41.2 110.2 176.8 9.7 Jan. 24.._. 519.0 51.6 5.0 7.1 5.1 50.8 13.4 50.0 183.0 40.7 110.7 174.4 10.0 Jan.31 533.0 56.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.6 9.1 Additional Detail Available from Jan. 3,19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Pan- Total g B i e u l m - m D a e r n k - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C a a m n . d Z a . Total China H K o o n n g g Japan I P s p h la i i n l n i e p d - s 1940—Jan. 3.. 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 1.9 102.1 26.4 Jan.10. 23.2 6.6 3.5 1.4 3.8 7.9 73.8 14.5 33.1 9.8 9.7 5.7 1.0 157.7 22.4 1.4 107.7 26.2 Jan.17. 23.4 6.7 3.9 1.2 4.1 7.5 71.4 13.5 30.0 9.7 11.3 5.8 1.0 155.2 22.4 1.4 104.8 26.5 Jan.24. 23.6 7.3 3.8 1.1 4.1 7.2 71.8 12.6 31.7 9.6 11.1 5.8 1.0 152.8 22.8 1.7 101.6 26.7 Jan.31. 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31.2 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other." 2 Last report date on old basis. 3 First report date on new basis. < The figures in this supplementary table represent a partial analysis, rendered possible by a new reporting form, of the figures in the main table under the headings Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on August 12, 1936 and October 18, 1939 (see BULLETIN for May 1937, p. 431 and April 1940, p. 363). MAY 1940 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (Fi p gu ou re n s d i s n s m te i r l l l i i n o g n ) s of Gold Other Cash reserves a c n o D d u i s n a - t d s - Securi- ci t r i c o u n la- Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 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 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 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—Dec. 28. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 18.0 1939—Jan. 25.. 2 126.4 400.0 .7 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 37.1 6.2 129.5 489.1 91.4 27.0 37.6 17.7 May 31. 226.2 300.0 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.. * 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. 6.1 580.0 .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 Mar. 27. .2 580.0 1.1 37.1 6.1 157.2 543.1 98.0 43.1 42.2 18.2 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances Note Other (Figures in millions of francs) Gold* eign to Short- Other circula- liabilich e a x n - ge m O ar p k e e n tT 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 - assets tion G m ov e e n r t n- Other ties ment* 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-. 21, 111 7,157 7,389 2,730 8,645 85,725 5,898 22,183 1,989 1932—Dec. 30_. 83,017 4,484 6,802 3,438 2,515 9,190 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- 1,328 5,800 9,712 673 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30-. 1,460 6,640 1,370 8,465 17,698 715 8,344 89,342 2,089 13,655 2,557 1937—Dec. 30.. 911 5,580 052 10,066 31,909 675 3,781 7,277 93,837 3,461 19,326 3,160 1938—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 3,389 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. w»2,266 756 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 20,677 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. 1(>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 1,968 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 8,298 25,473 336 3,576 17,100 144.379 2,004 14,790 3,006 Nov. 30.. 97,266 120 10,665 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 Mar. 28* 084,614 119 (») 1,870 5,005 20,550 320 3,476 (»> 156,032 1,153 14, 263 (") v Preliminary. i 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 BULLETIN for December 1939, p. 1140, and April 1939, p. 339. i 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. 4 On July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank of England. « On Sept. 6, 1939, £279,000,000 transferred fromfBank of England to Exchange Account. • By decree of Feb. 29, 1940 (see pp. 408-409), gold revalued on basis of 23.34 milligrams gold 0.900 fine per franc. Increment of about 17,000,000,000 francs supplemented by certain other funds was applied to the full repayment of advances to the Government granted under authority of the decree of Nov. 12,1938, in the amount of 20,473,000,000 francs. Gold also revalued in Oct. 1936, July 1937, and Nov. 1938. For further details see BULLETIN for Dec. 1939, p. 1140, and Dec. 1938, p. 1091. • 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). • 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 BULLETIN 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). io On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France; on Mar. 7,1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund. " Figures not yet available. NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 476 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 a i r l k l s io ) ns of f T o o re t i a g l n exchange i T c n h r c e e l c a u k s d u s in ) r , y g Se lo c a u n ri s ty E as li g n i o b 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 ti t b e h i s e li r reserves Gold* bills cover 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 1,157 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. 29. _ 77 11,825 37 172 367 2,380 11,877 1,559 1,422 Mar. 26? 77 11, 555 11, 526 p Preliminary. 1 Not shown separately on Reichsbank statement after June 15, 1939. 2 Figures not yet 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] Mar. Feb. Jan. Mar. date of month] Mar. Feb. Jan. Mar. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): of belgas): Gold — .— 7,567 7,573 Gold and foreign exchange 4,312 4,218 3,739 Foreign assets 63,849 18,188 Discounts 1,075 1,079 335 Loans and discounts 5,609 5,369 Loans 134 152 148 Other assets 7,170 4,793 Other assets. 504 497 468 Note circulation 25,881 11, 940 Note circulation 5,744 5,658 4,324 Other sight liabilities 43, 226 11, 348 Demand deposits—Treasury 2 23 Other liabilities 15,088 12, 636 Other 163 223 Central Bank of the Argentine Other liabilities ._ 124 124 122 Republic (millions of pesos): Central Bank of Bolivia (thousands Gold reported separately 1,224 1,224 1,224 of bolivianos): Other gold and foreign exchange. 165 172 67 Gold at home and abroad 60, 758 Negotiable Government bonds 268 273 288 Foreign exchange^ 43, 033 Other assets. 190 189 185 Loans and discounts _ _ 28, 788 Note circulation 1,170 1,165 1,129 Securities— G o vernment 405, 069 Deposits—Member bank 460 438 394 Other 4,429 Government 141 181 176 Other assets 44, 548 Other 4 3 2 Note circulation 288,042 Foreign exchange sold forward 17 16 17 Deposits 234, 657 Other liabilities 56 55 46 Other liabilities 63,926 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, 082 16,030 Foreign exchange 921 Securities 44,802 44, 784 40, 505 Loans and discounts 892 Banking department: Government debt 3,441 Coin, bullion, and cash 3,223 4,553 1,506 Other assets.. 1,283 London balances 32, 962 28, 467 19,073 Note circulation 2,958 Loans and discounts __ 35, 950 26,041 16,025 Deposits 3,469 Securities 42,472 52,476 54, 948 Other liabilities 2,117 Deposits 108, 276 103, 613 85, 494 Bank of Canada (thousands of Ca- Note circulation- 52, 025 52,025 47, 530 nadian dollars): Bank of Belgian Congo (millions of Gold 225, 772 225, 772 225, 772 202, 984 Belgian francs): Sterling and United States ex- Gold 166 change 60,719 57,467 61, 205 33, 335 Loans and discounts 379 Canadian Gov't securities: Other assets _ 551 2 years or less 93,361 159,096 178,946 132, 718 Note circulation 388 Over 2 years 104,664 53, 031 47, 265 27, 067 Deposits 582 Other assets 9,512 5,748 6,133 8,224 Other liabilities 126 Note circulation 221,163 208, 817 213, 070 160,144 Deposits—Chartered banks 202, 324 210, 526 220, 304 205, 642 Dominion Government 48,025 63, 787 57,154 20,494 Other 10, 580 4,728 15,445 6,609 Other liabilities 11, 935 13, 255 13, 348 11,441 i Less than 500,000 belgas. MAY 1940 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued [Figu d r C a es t e e n a t o s r f a o l m f b l o a a n s n t t k h r ] eport Mar. F 1 e 9 b 4 . 0 Jan. M 19 a 3 r 9 . [Figu d r C a es t e e n a t o s r f a o l m f b l o a a n s n t t k h r ] eport Mar. F 1 e 9 b 4 . 0 Jan. M 19 a 3 r 9 . Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold _ 146 146 145 Deposits 6,172 7,140 Discounts for member banks 60 98 92 Other liabilities 3,678 3,668 Loans to government 750 750 758 Bank of Estonia (thousands of Other loans and discounts. 317 312 216 krooni): Other assets 55 32 53 Gold 40, 931 40, 845 Note circulation . 928 917 852 Foreign exchange (net) 4,672 18,889 Deposits— Loans and discounts 49, 608 27, 336 Bank. 144 179 181 Other assets 35, 220 35, 657 Other 96 88 77 Note circulation 62, 462 53, 917 Other liabilities . __ 160 154 153 Demand deposits 35,114 40,124 Bank of the Republic of Colombia Other liabilities 32, 855 28, 686 (thousands of pesos): Bank of Finland (millions of mark- Gold 40,192 41,188 40,175 37, 461 kaa)" Foreign exchange .. . _. 4,569 5,784 7,963 5,952 Gold 1,128 Loans and discounts 18, 615 17, 318 18, 786 18, 203 Foreign assets 2,522 Government loans and securities- 37, 908 37, 453 37, 243 37,889 Loans and discounts 1,226 Other assets 32, 928 32,817 32, 663 30,802 Domestic securities 330 Note circulation 52, 576 52, 334 53,034 54,601 Other assets 138 Deposits .. __ _ _ 50, 945 52, 428 53, 697 41,050 Note circulation 2,283 Other liabilities 30, 691 29, 797 30,100 34, 655 D eposits—Treasury 122 National Bank of Czecho-Slovakia ' Other 746 (millions of koruny): Other liabilities 2,194 Gold 1,602 1,602 1,896 Bank of Greece (millions of drach- Foreign exchange 771 803 982 mas)* Discounts _ _. 415 333 2,392 Gold and foreign exchange (net) 3,780 3,828 3,606 Loans 699 825 884 Loans and discounts 12, 481 12, 863 9,028 Other assets . __ _ 7,164 6,562 2,886 Government obligations 4,207 4,207 4,229 Note circulation 5,713 5,912 6,038 Other assets 2,016 2,040 1,823 Demand deposits 1,592 1,676 867 Note circulation 8,890 8,914 6,846 Other liabilities 3,347 2, 538 2,135 Deposits 11, 701 11, 948 10,170 National Bank of Denmark (mil- Other liabilities 1,893 2,076 1,671 lions of kroner): National Bank of Hungary (mil- Gold 117 117 118 lions of pengo): Foreign exchange 7 8 116 Gold 124 124 124 124 Discounts 30 31 20 Foreign exchange reserve 67 75 77 87 Loans—To Government agencies 111 92 65 Discounts 565 599 607 506 Other 330 327 126 Loans—To Treasury 313 314 314 280 Securities 207 206 169 Other 16 23 22 12 Other assets 94 89 111 Other assets 308 309 340 370 Note circulation 593 586 436 Note circulation 961 968 954 888 Deposits 148 126 100 Demand deposits 113 155 187 179 Other liabilities 156 156 189 Certificates of indebtedness 94 94 94 99 Central Bank of Ecuador (thou- Other liabilities 226 228 248 213 sands of sucres): Reserve Bank of India (millions of Gold 34,698 rupees): Foreign exchange (net) 2,807 Issue department: Loans and discounts 55,436 Gold at home and abroad 444 444 Other assets 14 588 Sterling securities 1 075 595 Note circulation 63,015 Indian Gov't securities 383 323 Dp.Tnq.Tifi deposits 30 527 Rupee coin 608 710 Other liabilities 13, 987 Note circulation 2,378 1,891 National Bank of Egypt 2 (thou- Banking department: sands of pounds) : Notes of issue department __ 133 181 Gold 6,545 Balances abroad 172 144 Foreign exchange 2,220 Treasury bills discounted 72 26 Loans and discounts 6,124 Loans to Government 10 British, Egyptian, and other Investments 75 67 Government securities 25, 613 Other assets 8 8 Other assets 8,405 Deposits 364 319 Note circulation 20,095 Other liabilities 107 108 Deposits—Government 3,453 Bank of Japan (millions of yen): Other " 16 997 Gold 501 501 501 Other liabilities 8,362 Special foreign exchange fund 300 300 300 Central Reserve Bank of El Salva- Discounts 385 468 411 dor (thousands of colones): Loans—GnvPTTiTTipnt 3 3 3 Gold 13, 214 13, 207 Other 258 284 65 Foreign exchange 4,033 7,073 Government bonds 2,429 2,415 1,573 Loans and discounts 2,558 608 Other assets 416 391 381 Government debt and securities. 4,998 5,209 Note circulation 2,989 3,153 2,232 Other assets . 1,010 870 Deposits—Government 847 775 524 Note circulation 15, 963 16,159 Other 84 115 189 Other liabilities 373 319 288 1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939 2 Items for issue and banking departments consolidated. 478 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] Mar. Feb. Jan. Mar. date of month] Mar. Feb. Jan. Mar. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 133 133 117 Note circulation 2 072 Foreign bills 19 18 8 Other sight liabilities. _. 1,252 Loans and discounts .___ 72 74 63 Other liabilities 1,032 Other assets 101 95 106 National Bank of Rumania (mil- Note circulation 194 198 185 lions of lei): Deposits... 102 93 83 Gold 20,899 20,846 18, 351 Other liabilities 28 28 27 Special exchange accounts. 5,540 4,977 4,168 Bank of Latvia (millions of lats) : Loans and discounts 21, 867 21, 709 14, 849 Gold 71 93 Special loans 2 .. 1,086 1,223 1,637 Foreign exchange reserve 33 44 Government debt 10 093 10,066 10, 326 Loans and discounts .. 210 157 Other assets 14, 661 14, 465 12, 253 Other assets 54 57 Note circulation 48 095 47 749 38, 270 Note circulation 105 85 Demand deposits 10 741 10, 872 12, 491 Deposits 204 220 Other liabilities 15 310 14 666 10 823 Other liabilities 58 46 South African Reserve Bank (thou- Bank of Lithuania (millions of litu): sands of pounds): Gold 53 53 63 Gold 32 473 30, 678 26, 813 Foreign exchange 13 8 7 Foreign bills 7,995 7,995 7,592 Loans and discounts 160 160 123 Other bills and loans 190 24 144 Other assets _ . 62 61 33 Other assets _ _ 21 585 20,114 16, 015 Note circulation 167 166 164 Note circulation _ 17 700 18, 305 18, 577 Deposits 86 80 40 Deposits 40 201 36, 465 27, 972 Other liabilities 34 36 22 Other liabilities- 4 343 4,041 4,014 Netherlands Bank (millions of guil- Bank of Sweden (millions of ders) : kronor): Gold 1,014 1,014 1,335 Gold 481 569 731 Silver (including subsidiary coin) 11 12 25 Foreign assets (net) _. 485 406 660 Foreign bills 2 2 3 Domestic loans and investments. 745 600 191 Discounts . . . 46 21 10 Other assets 614 561 491 Loans 259 274 201 Note circulation 1 349 1,351 1,054 Other assets _ ... . ._ 82 85 69 Demand deposits.. _ 373 340 '851 Note circulation 1,114 1,109 978 Other liabilities 603 445 169 Deposits—Government 41 Swiss National Bank (millions of Other 247 245 573 francs): Other liabilities 51 51 49 Gold 2,145 2,172 2,211 2,645 Reserve Bank of New Zealand Foreign exchange 310 328 361 261 (thousands of pounds): Discounts. . . . 156 274 168 190 Gold 2,802 2,802 2,802 Loans 79 51 62 28 S terling exchange reserve 10, 843 8,726 4,660 Other assets 662 649 651 704 Advances to State or State un- Note circulation 2,013 1,991 1,967 1,765 dertakings 26, 529 24, 752 19, 431 Other sight liabilities 697 843 845 1,421 Investments .. 3,363 3,414 3,661 Other liabilities 642 641 641 642 Other assets 356 357 520 Central Bank of the Republic of Note circulation _. 18, 026 18, 314 15, 334 Turkey (thousands of pounds): Demand deposits 23, 511 19, 446 13, 888 Gold 114 965 36, 840 36, 877 Other liabilities _ 2,355 2,290 1,852 Foreign Exchange—Free 9 11 7 Bank of Norway (millions of In clearing accounts 31, 695 10,877 9,377 kroner): Loans and discounts _.. 237,850 229, 784 115, 268 Gold 186 186 210 Securities 199 726 200, 079 191,864 Foreign assets 99 102 199 Other assets 29., 347 36, 519 26, 531 Total domestic credits and Note circulation 302 042 297, 761 211, 351 securities 440 ••432 235 Deposits . . _. _. 162, 260 81, 333 52,114 Discounts 0) 259 89 Other liabilities 149, 288 135,015 116,457 Loans . __ . 0) 73 37 Bank of the Republic of Uruguay Securities 0) 101 109 (thousands of pesos): Other assets _ (0 67 49 Issue department: Note circulation 579 564 461 Gold and silver 86, 235 Demand deposits—Government 12 32 50 Note circulation._ _ ._ 95, 524 Other 94 79 110 Banking department: Other liabilities- (0 111 74 Gold . 20,062 Central Reserve Bank of Peru Notes and coin 44, 063 (thousands of soles): Loans and discounts.. 109, 406 Gold and foreign exchange 44, 074 Other assets 73,105 Discounts 27, 575 Deposits 86, 486 Government loans 90,511 Other liabilities . _ _ 160,150 Other assets 4,946 National Bank of the Kingdom of Note circulation _ 104, 630 Yugoslavia (millions of dinars): Deposits 47, 075 Gold 2,046 2,034 2,010 1,916 Other liabilities 15, 401 Foreign exchange 873 908 772 438 Bank of Portugal (millions of Loans and discounts _ _ 1,815 1,889 1,955 1,676 escudos): Government debt 3,073 3,073 3,073 2,229 Gold 919 National defense bills . 1,916 1,612 1,316 Other reserves (net) 518 Other assets 3,473 3,579 3,712 3,095 Non-reserve exchange 187 Note circulation 10,400 10,072 9,798 6,806 Loans and discounts 448 Other sight liabilities 1,874 2,112 2,120 1,808 Government debt 1,036 Other liabilities 922 911 920 739 Other assets 1,247 »• Revised. 1 Figures not yet available. 2 Agricultural and urban loans in process of liquidation. MAY 1940 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs 1] 1940 1939 1940 1939 Assets Liabilities Mar. 31 Feb. 29 Mar. 31 Mar. 31 Feb. 29 Mar. 31 Gold in bars 30,564 29, 276 38, 746 Demand deposits (gold) _ 12,947 12,192 9,665 Cash on hand and on current account with banks 34,820 22,190 23, 612 Short-term deposits (various curren- Sight funds at interest. 16,258 10, 397 32, 728 cies) : Central banks for own account 31,995 18,497 143, 515 Rediscountable bills and acceptances Other 2,950 6,261 (at cost) - 161,923 160,015 216, 917 2,785 Time funds at interest _ 17,371 8,598 32, 761 Long-term deposits: Special accounts.. 229, 644 255,157 Sundry bills and investments 206,639 222, 326 258, 734 229, 575 Other liabilities 191, 622 191,925 Other assets 2,357 2,102 3,026 192, 630 Total liabilities 454, 905 606, 523 Total assets 469, 932 454,905 606, 523 469, 932 i 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 s c 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 n w k a e n r c s e ' d P is r r i c a v o t a e u 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 i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—March. ___ 5.33 5.30 4.51 6.31 7.30 6.97 4.64 5.05 1930—March 2.78 2.55 3.20 5.12 6.35 5.57 2.50 2.61 1931—March 2.60 2.56 2.20 4.76 6.17 5.00 1.09 1.04 1932—March.. __ 2.59 2.28 2.40 6.10 7.10 7.76 1.22 1.06 1933—March .62 .46 .64 3.87 5.00 4.97 .64 1.11 1934—March.. __ .95 .84 .88 3.87 5.00 4.89 1.24 1.07 1935—March .57 .50 .72 3.38 3.60 3.94 .60 1.00 1936—March.. __ .56 .52 .75 3.00 3.07 2.99 1.11 1.68 1937—March .55 .51 .75 3.00 2.86 3.10 .19 1.00 1938—March .53 .50 .75 2.88 2.88 2.86 .13 .50 1939—March .70 .75 2.88 2.88 2.70 .29 .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 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 N D o ec v e e m m b b e e r r . . 1 1 . .9 2 6 3 1 1. . 2 1 4 8 1 1 . . 0 0 0 3 2 2 . . 6 6 3 5 0 0 ) ) 2 2 . . 3 1 9 9 2 1 . .7 25 5 2 2. . 7 4 5 1 1940—January... 1.10 1.09 1.02 2.50 0) 2.03 1.85 2.64 February.. 1.04 1.02 1.00 0) 1.58 2.50 March 1.03 1.02 0) 1.35 2.49 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h S w o t e l o m d c e k ) n - Japan (Tokyo) Month d P is r r c i 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 d P is r r c i 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 co il u ls nted ov m e C o rn a n l i e g l y ht 1929—February _. 3.31 3.97 3.39 6.00 5. 66-5. 84 2.92 1930—February.. 2.71 3.41 2.91 6.95 5.48 1931—February. . 1.00 2.31 1.77 5.50 5.48 1932—February. . 1.52 3.31 1.75 6.92 5. 84-6. 57 1933—February. . 1.50 2.78 1.89 4.25 5.48-5. 84 1934—February.. 1.50 2.05 2.59 3.00 5.29 1935—February _. 1.50 2.38 2.12 4.00 5.11 1936—February.. 2.37 1.45 3.81 5.00 5.11 1937—February.. 1.18 1.00 4.01 4.50 46K 4.75 1938— February. _ 1.00 1.52 3.00 5.00 4-6^ 4.56 1939—February. _ 1.00 1.98 1.96 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 8 November. 1.25 3.11 2.12 December. 1.25 3.11 2.12 3 () 1940—January... 1.25 2.94 2.12 February.. 1.25 1.95 i No figures available since August 1939. 3 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. 480 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] Date effective U K d n i o i n m t g e - d France m G C a e n r e y - ntra g l B i u b e m l a - nk N l o a f 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 t o r f a — l A R 2 p a 7 t r e . eff D ec a t t i e ve b C an e k n t o r f a — l A R 2 p a 7 t r e . ef D fec a t t i e ve J S I J n u u e 1 l l p e 9 y y t f 3 . f 7 1 6 e 9 c 0 t . . June . _ 3 . 0 _ , _ . 2 4 3 4 2 3 2 3.29 A B A B B e r o r lb i g l l t g i a e i v i s n n u i h a i t m a l i n n d a. i a _ 2 3 6 2 N J J M M a u o n a a l v y . r r . . . 2 2 2 8 5 1 5 1 . , , , , 1 1 1 1 1 9 9 9 9 9 3 4 4 3 3 5 0 0 2 6 J M J L L a a a i e v p t t x a v a h i n i c u a o ania- _ 3 3 5 6 3.29 J J F M A a u e p n a b l r y . r . . . 1 1 1 4 7 5 7 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 4 3 3 7 7 0 9 6 Sept. 25 . 5 Oct 2 3 J J O N D O O u a c e c c o n n t c t t v . e . . . . . 2 9 1 1 2 3 2 8 6 0 5 6 ,1 . 937 4 2 6 2 2 2H C B C C C z o h u a s e n l i l l o l g c o a e h m a v d r o a a b i - a k ia ia.. 3-4 3 6 *1 J J A D M a u e u n a l c g y . r . . . 1 1 1 1 1 6 8 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 6 6 5 3 5 N P N P N o e o e e la r r w t r t h n u w u e d . g a r .. y a l Z a l n e d a- s 4 3 3 -4^ A A S S M u e e u g p p a g . y t t . . . . 2 1 2 2 6 0 1 2 9 , , 1 , , , 1 9 1 1 1 9 3 9 9 9 3 9 3 3 3 9 2 9 7 July 7.. . 5 Aug. 4 4 M N M M S Se e o a a a p p v y y y t t . 1 3 1 2 1 3 3 0 0 3 8 ,1938 3 2 3 y 2 2 4 3 D E E E Fi c l s e n u t n S l a o a m a d n n l o v d a i r a r a d k — o .. r . 4 4 3 2 N D M O O e o c c a c t t v r . . . . . 3 3 1 0 0 1 3 0 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 9 4 2 9 5 R S S S S w w p o u a u m e i i t t d n z h a e e n n r A i l a a f n ri d c _ a 3 4 2 * D N M M M e o a a a c v r y y . . . 2 1 2 1 6 5 5 9 5 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 9 6 8 3 9 Oct. 27 __ 2K Nov. 25 J A J A M a u p u n a l r g y y . . 4 6 1 2 1 , 7 4 1 1 93 _ . 9 . _ 4 2 4 3 H I F G G t r a u r e a e l n r n y e m g c c a e e a r n y y... 4 2 6 J A J A M a a p u n n a r g . . y . . 2 1 9 4 4 9 8 , , , , , 1 1 1 1 1 9 9 9 9 9 4 3 3 3 3 0 5 9 7 6 T U U Y u . u n d r g i S o k t o m e . e s d S y l a K . v R i i n a . g . . . - . 4 4 2 5 J J F O u u e c l b l t y y . . 2 1 1 1 6 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 5 8 6 9 Aug 29 3 Sept. 28 3 Oct. 26 2 Jan. 25, 1940 2 Apr 9 In effect Apr. 27, c Corrected, 1940 2 2 3K 2 3 3.29 i Not officially confirmed. Changes since Mar. 28: Germany-April 9, down from 4 to 3K per cent. COMMERCIAL BANKS Liabilities (Figures in U m n i i l t l e io d n s K o in f g p d ou o n m d ^ s sterling) re C se a r s v h es M ca n o s l o h n l t o e i a c r y n t e d at B co il u ls n t d e i d s- Se t c ie u s ri- L cu o s a e t n r o s s m to Other Total D D e e m po a s n i d ts * Time lia O b t i h li e t r ies 10 London clearing banks 1930—December. 208 144 322 285 033 240 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 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,016 900 244 1934—December. 216 151 255 694 759 247 1,971 1,044 910 251 1935—December. 221 169 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 1938—December 235 150 244 606 940 250 2 172 254 1939—December. 264 167 323 580 981 280 2,350 245 11 London clearing banks 3 1936—December 244 195 322 660 890 249 2,316 1,288 1,012 245 1937—December 244 163 300 635 984 266 2,330 1.284 1,026 252 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 1,232 987 265 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 242 154 388 610 1,010 267 2,410 1,373 1,036 261 February 247 149 353 609 1,007 259 2,366 258 March" 249 142 336 611 1,014 273 2,363 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. MAY 1940 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks—Continued Assets Liabilities France (4 large b i a n n m ks il . lio E n n s d o f o f f r m an o c n s) th figures Cash D b u a e n f k ro s m B co il u ls n d te i d s- Loans Other Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li O ab 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 1,222 576 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 30,039 904 193 4,301 1936—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, 678 33,042 537 721 4,484 1939—January... 3,329 3,985 22,100 7,079 1,339 33,444 32,863 581 643 3,745 February _. 3,433 3,824 23,024 6,927 1,250 34, 243 33, 619 624 538 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 36, 368 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 P_ 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 37,835 588 631 4,455 December. 4,599 3,765 29, 546 7,546 2,440 42,443 41,872 571 844 4,609 Assets Liabilities Germany i (5 i l n a r m ge il l b io a n n s k s o . f r E ei n c d h s o m f a m rk o s n ) th figures Cash b f D a ro n u m k e s B c i o l u ls n t d e i d s- Loans Se ti c e u s ri- O as t s h e e ts r Total D D e e p m o a si n t d s Time o C b b f r t a r e a 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 7,416 482 880 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 683 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 2,037 874 983 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—No vember _. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—November.. 148 299 3,206 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—August 199 255 3,589 2,731 1,098 844 3,219 3,714 416 1,368 September- 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October 179 261 3,620 2,743 1,183 896 7,031 3,373 3,658 422 1,427 November.. 195 270 3,643 2,685 1,406 893 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 3,765 401 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 June2 214 306 4,108 2,988 1,080 7,793 3,793 3,999 1,342 Liabilities Security Deposits payable in Can- Canada Entirely in Canada loans ada excluding interbank f ( i 1 g 0 u r c e h s 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) Cash S l e o c a u n r s ity a O n lo d t a h n e d s r is- a a f n o f b d r d r r o e u o i m e n g a e d n t Se ti c e u s ri- Other ci N t r i c o o u t n l e a- Total d D e e p m os a i n ts d Time l O ia t t i b h e i s e li r counts banks 1930—December.. 207 205 1,275 171 604 602 2,115 689 1,426 816 1931—December.. 201 135 1,253 146 694 510 129 2,058 698 1,360 762 1932—December.. 211 103 1,104 156 778 439 115 1,916 538 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 1935— December.. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936— December.. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—December.. 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938—December.. 263 65 940 166 1,463 474 2,500 840 1.660 782 1939—February... 267 921 171 1,490 450 2,471 780 1,691 800 March 259 943 192 1,499 458 2,492 791 1,700 821 April 260 956 203 1,509 449 2,509 812 1,697 833 May 266 963 217 1,505 452 2,524 846 1,678 850 June 255 957 226 1,525 494 2,542 862 1,680 875 July 266 947 202 1,520 468 2,520 822 1,697 849 August 265 957 245 1,507 461 2,524 822 1,702 873 September.. 279 1,020 214 1,502 475 2,583 891 1,692 862 October 304 1,083 209 1,662 474 2,837 1,128 1,709 858 November- 295 1,102 157 1, 665 475 2,809 1,074 1,735 851 December.. 292 1,088 132 1,646 490 2,774 1,033 1,741 842 1940—January. _. 290 1,073 134 1,654 466 2,755 1,005 1,751 827 February 273 1,104 140 1,638 476 2,772 1,113 1,659 829 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. 482 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) Canada (dollar) Chile (peso) Argen- Aus- Bel- British Bul- China Coiom Czecho- Year or month tina tralia gium India garia (yuan- bia slovakia (pound) (belga) Official Free (rupee) (lev) Official Free Official Export Shang- (peso) (koruna) hai) 1933.. 72. 801 337.07 17.900 7.9630 31.816 1.0039 91. 959 7. 6787 28. 598 81.697 3. 8232 1934.. 33. 579 400. 95 23.287 8. 4268 37.879 1. 2852 101.006 10.1452 34.094 61. 780 4. 2424 1935.. 32. 659 388. 86 18. 424 8. 2947 36. 964 1. 2951 99. 493 5. 36. 571 56.011 4.1642 1936,_ 33.137 395. 94 16. 917 8. 5681 5. 8788 37. 523 1. 2958 99. 913 5.1240 29.751 57. 083 4.0078 1937.. 32. 959 393. 94 16. 876 8. 7190 6.1806 37. 326 1. 2846 100.004 5.1697 4.0000 29. 606 56. 726 3.4930 1938.. 32. 597 389. 55 16. 894 5. 8438 36. 592 1. 2424 99. 419 5.1716 4.0000 21. 360 55. 953 3. 4674 1939._ 30. 850 353.38 16. 852 6.0027 5.1248 33. 279 1.2111 96. 018 5.1727 4.0000 11. 879 57. 061 3. 4252 1939—March 31. 234 373. 27 16. 823 5. 8647 35.057 1. 2103 99. 583 5.1733 4.0000 16.016 56. 983 3. 4245 April 31. 207 372. 86 16. 838 5. 9941 5. 3759 34. 962 1. 2089 99. 483 5.1735 4.0000 16. 015 56. 982 May 31. 210 372. 89 17. 016 6.0586 5. 3931 34. 916 1. 2101 99. 620 5.1733 4. 0000 15. 987 57.009 June 31. 217 373.12 17. 008 6. 0586 5.1737 34. 924 1. 2077 99. 773 5.1737 4. 0000 13. 434 57.169 July 31.211 373. 03 16. 991 6. 0571 5.0555 34. 905 1. 2126 99. 835 5.1703 4.0000 10. 637 57.036 August 31.116 367. 32 16. 968 6. 0579 5. 0236 34. 407 1.2111 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 6.696 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 March 29. 773 299. 50 16. 980 6. 0574 5.0269 30.179 90. 909 82. 883 5.1650 4. 0000 6.409 57.130 Year or month ( m D k e a r n r o - n k e)p E o g u y n p d t ) ( k l F m a k i n a n a d r - ) - F (f r r a a n n c c e ) ( m m r G e a a i e 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 - o) ( 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 co ) ( N g l u e a t i n l h d d e e s r r - ) Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) 1933,. 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 21.429 1934.. 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 25. 316 1935.. 21.883 502.60 2.1627 6.6013 40. 258 .9386 48. 217 29. 602 8.2471 28.707 27.778 67.715 391. 26 24.627 1936.. 22.189 509. 68 2.1903 6.1141 40.297 .9289 31.711 29.558 7. 2916 29.022 27. 760 64.481 398.92 24.974 1937.. 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 24.840 1938.. 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 24. 566 1939- 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 23. 226 1939—March 20.912 480. 40 2.0597 2. 6488 40.098 29.049 19. 613 5.2601 27.300 20.026 53.092 374.78 23. 539 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 23. 515 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 23. 519 June 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 23. 524 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 23. 520 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 23.376 September.. 19. 317 432.04 1. 9000 2. 2651 39.864 .7575 24.863 5.1445 23. 459 19.023 53.182 319. 75 22. 655 October 19. 291 1. 8943 2. 2736 40.092 .7345 25. 030 5.0465 23. 510 20.151 53.115 320.81 22. 697 November.. 19. 294 1. 8964 2. 2246 40.127 .7244 24.491 17.602 5.0444 23.440 20.497 53.080 313. 96 22. 703 December.. 19.297 1. 8136 2. 2269 40.097 .7157 24. 482 17. 600 5.0452 23. 441 18.185 53.107 315.03 22. 701 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 22. 706 February. . 19. 310 1. 7078 2. 2459 40.117 .7176 24. 572 17. 605 5.0467 23. 438 16. 654 53.137 317.06 22. 709 March 19.311 1. 5252 2.1296 40.114 .7007 23. 247 17. 592 5. 0470 23. 438 16. 652 53.101 300. 72 22. 712 United Kingdom Uruguay (peso) Year or month 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 i a t e t s r 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 ) (pound) Con- Non-con- ( s Y d l i a u n v g a i o a r - ) Official Free trolled trolled 1933- 14.414 3. 9165 .7795 414. 98 10. 719 49. 232 22.032 24.836 60.440 423. 68 60.336 1. 7607 1934.. 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.. 18.882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80.312 490.18 80.251 2. 2837 1936.. 18.875 4. 5130 .7382 491. 65 12. 314 58. 258 25. 626 30.189 80. 357 497. 09 79.874 2. 2965 1937.. 18. 923 4. 4792 .7294 489. 62 6.053 57. 973 25. 487 22. 938 80.130 494. 40 79.072 2. 3060 18.860 4. 4267 .7325 484.16 5.600 56.917 25.197 22.871 80.109 488. 94 64. 370 2.3115 1939.. 18.835 4.0375 .7111 440.17 10.148 51. 736 23. 991 22. 525 80.243 443. 54 62. 011 36. 789 2. 2716 1939—March 18.860 4.2502 .7140 463. 74 54. 394 24.130 22.614 80. 361 468. 54 61. 652 2. 2781 April. IIIIII 18. 818 4.2448 .7056 462. 80 11.004 54. 273 24. Ill 22. 431 80. 279 468.05 61. 592 2. 2636 Mlaayy. 18.812 4.2460 .7056 463.11 11.023 54. 373 24.110 22. 480 80.290 468.13 61. 598 2. 2675 June.. 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 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 18.754 4. 2234 .7043 456.10 11.000 53. 996 24.002 22. 573 80.022 461. 07 35. 698 2.2729 September- 3. 6564 394. 57 10. 492 46. 712 23. 763 22. 576 79.500 399. 51 38.180 October 3. 6444 396.12 10.148 47.017 23. 792 22. 433 401. 05 39.022 November.. 3. 6067 .7088 397.15 10.039 46. 246 23. 798 22.428 392. 47 65.830 37.063 2. 2649 December.. 3.6044 .7055 397. 41 9.950 46.102 23. 796 22. 422 393.01 65. 830 36. 457 2.2657 1940—January... 3. 6259 397.86 9.950 46. 484 23. 806 22. 419 396. 39 65. 830 36. 360 2. 2595 February. 3. 6228 398. 00 9.950 46. 483 23. 807 22.418 396. 34 65.830 37.466 2.2560 March 3. 4985 398.00 9.814 46. 750 23.816 22. 417 403. 50 375. 91 65. 830 38. 839 2. 2485 r Revised on basis of quotations for April 1—May 14, heretofore not available. 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; Canada—official rate March 1-21, first reported in addition to free rate beginning March 22; 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-Mar. 31; Spain—Mar. 30-31; Turkey—Aug. 25-28 and beginning Sept. 2; United Kingdom—official rate Mar. 1-24, first reported in addition to free rate beginning March 25; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28; Yugoslavia—Aug. 26-Nov. 5. 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; Mar.—Finland, Germany, and Yugoslavia. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the bases of quotation, see BULLETIN for March 1938, p. 244; March 1939, p. 236; and Sept. 1939, p. 831. MAY 1940 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U St n a i t t e e s d Canada K U in n g i d te o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- Sw la it n z d er- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (1926-30= (July 1914 100) =100) 1926 100 100 i 124 695 134 237 106 144 1929 — -_ 95 96 627 137 95 220 100 141 1930 86 87 166 554 125 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—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 (3) 272 71 107 September . 79 78 106 (2) 107 (3) 288 75 117 October __ 79 79 111 (2) 107 (3) 293 81 120 November. _ 79 80 ••119 (>) 107 (3) 300 84 123 December... __ 79 82 rl22 (8) 108 (3) 314 85 125 1940—January 79 83 ••126 8 108 (3) 320 86 128 February _ _ 79 83 129 P108 (3) 317 88 130 March 78 83 130 2 (3) 312 () p Preliminary. ' Revised. 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 Kingdom United States (1926=100) France (1913=100) Germany (1913=100) (1930=100) Year or month Induspr 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 t l s - P s r io o n v s i- a p t f r n r i i n o d a i d l s s u r e h a c m e w t d s i- p tr I r i i n o s a d d h l u u e 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 85 100 166 526 579 113 113 120 150 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 •106 108 95 126 1939—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) 0) 108 0) 95 126 October 67 73 84 109 111 0) 0) 108 0) 96 126 November 67 72 84 '114 '121 0) (0 108 0) 97 126 December 68 72 84 '118 124 0) (0 108 0) 97 127 1940—January 69 72 84 123 127 0) 0) 108 0) 98 127 February 69 71 83 126 129 0) 0) P108 (0 P98 P127 March 68 70 83 125 131 0) 0) 0) p Preliminary. r Eevised. 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. 484 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- Year or States land France many lands erland Year or States land France month 1923- July July 1913- 1911- June month 1923- July 1925=1001914=1001914=1001914=1001913=1001914=100 1925=1001914=1001930=100 1926 . 109 161 554 146 161 160 1926 103 170 1929 105 154 611 156 162 156 1929 100 164 1930 100 145 614 146 150 152 1930 97 158 100 1931- 82 131 611 131 136 141 1931 89 148 97 1932 ... 68 126 536 116 119 125 1932 80 144 91 1933 66 120 491 113 120 117 1933 76 140 87 1934._ 74 122 481 118 124 115 1934 79 141 83 1935 - 81 125 423 120 118 114 1935 81 143 78 1936 . 82 130 470 122 120 120 1936 82 147 86 1937 85 139 601 122 127 130 1937 84 154 102 1938 . 79 141 702 122 130 130 1938 83 156 117 1939 77 141 123 132 1939 82 158 1939-February.. 77 138 744 122 129 1939-February_ 155 122 March 76 135 742 123 130 128 March 82 153 April 77 135 734 122 129 April 153 May „ 77 134 738 123 130 May 153 123 June 76 134 739 124 124 132 June. 82 153 July ___ 77 139 741 125 132 July 156 August 75 137 749 125 124 131 August— 155 September 79 138 (3) 122 128 133 September 83 155 October 78 154 122 133 136 October. _ 165 November 78 157 122 136 138 November 169 December. 77 157 (3) 123 137 138 December. 82 173 1940-January.... 77 157 (3) 124 139 1940-January 174 February. 78 161 C3) 140 February 177 March 77 161 (3) March 179 3333 Ger- Nether, Switzmany lands erland 1913- 1911- June 1914=1001913=1001914=100 142 168 162 154 168 161 C147 161 158 136 151 150 121 141 138 118 139 131 121 140 129 123 136 128 125 U32 130 125 137 137 126 139 137 126 138 126 136 126 138 136 126 136 126 137 127 136 137 127 138 127 137 137 126 139 138 126 143 140 126 144 142 (2) 126 146 142 (2) 127 144 (2) P127 145 (2) P145 p Preliminary. c Corrected. * Revised index from March 1936 (see BULLETIN for April 1937, p. 373). J No figures available since May 1939. • 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 (1926=100) Year or month United States England France Germany Nether- Nether, ( p av ri e c r e a ) g i 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 a ) ge lands * U St n a i t t e e s d 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 3 83 4 104 1 94.7 78.9 132.2 »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—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 September.. 80.9 106.9 98.9 79.6 92.4 72.0 8 92.8 92.1 October 82.9 109.5 98.9 80.3 95.3 74.9 92.3 87.7 November... 83.0 112.3 99.0 80.9 94.2 76.0 8 94.5 85.8 December 82.1 112.4 $ 99.0 77.2 91.8 75.7 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 99.6 91.5 77.1 103.1 March 82.1 119.8 91.5 77.8 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 8 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. » Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 New index. See note 2. 6 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. MAY 1940 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 City Digests of rulings of Board; compilation showing Wednesday: textual changes made in the Federal Reserve Act; Weekly Review of Periodicals digests of court decisions and opinions of the At- 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 Newvolving Federal Reserve Banks. Price $1.25 per York City and Chicago (Also a part of statecopy. 683 pages. ment of Condition of Reporting Member Banks in 101 Leading Cities released on following THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Monday) FUNCTIONS. Obtainable in cloth binding at 50 cents Friday: a copy and in paper cover without charge. 128 pages. 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 of the month (subscription price $2.00 per MONETARY MEASURES AND OBJECTIVES. Three stateannum, single copies 20 cents; outside of the ments by the Board on objectives of monetary policy, United States, Canada, Mexico, and the insular on proposals to maintain prices at fixed levels through possessions, annual subscription $2.60, single monetary action, and on legislative proposals relatcopies 25 cents) ing to monetary measures and objectives. 8 pages. Federal Reserve Inter-District Collection System July 1937, April 1939, and May 1939. (Par List)—including list of State bank members. Semi-annual issues, January-July, and THE HISTORY OF RESERVE REQUIREMENTS FOR monthly supplements—released about 7th of the BANKS IN THE UNITED STATES. Legislation, designamonth tion of reserve cities, and changes in the reserve posi- National Summary of Business Conditions—re- tion of banks. 20 pages. November 1938. leased about the 16th of the month SUPPLY AND USE OF MEMBER BANK RESERVE Business Indexes—released about the 16th of the FUNDS. Explanation of analysis of sources of memmonth ber bank reserve funds and uses to which such funds Bank Debits—released between the 6th and 12th of the month are put as indicated by Federal Reserve and Treas- Foreign Exchange Rates—released about the 1st ury statements. 31 pages. July 1935. of the month REVISED INDEXES OF FACTORY EMPLOYMENT. Bu- Money Rates—released about the 3rd of the month reau of Labor Statistics indexes adjusted for seasonal variation by Board of Governors. 32 pages, QUARTERLY October 1938; 10 pages, October 1939. Member Bank Call Report (3 or 4 times a year ANALYSES OF THE BANKING STRUCTURE—As of depending ^pon number of calls for condition December 31, 1935. Number, deposits, and loans and reports) List of Stocks Registered on National Securities investments of banks classified by size of bank and Exchanges. Issued annually in February with town and by other factors. 33 pages. quarterly supplements (subscription price 25 THE GOLD PROBLEM TODAY, by E. A. Goldenweiser— cents for the List and three supplements; five or reprint of article, 4 pages, January 1940. more copies on one order, 20 cents per copy; fifty THE PAR COLLECTION SYSTEM OF THE FEDERAL or more copies on one order, 15 cents per copy). RESERVE BANKS, by George B. Vest—8 pages, February 1940. ANNUALLY Bank Debits—released ordinarily in February THE BANKS AND IDLE MONEY, by Woodlief Thomas Annual Report (covers calendar year) —reprint of article, 9 pages, March 1940. 486 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. SZTMCZAK CHESTER C. DAVIS JOHN K. MCKBB 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. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PATJLGER, 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. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERALADVISORY COUNCIL 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 JOHN S. SINCLAIR President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District JOHN CROSBY CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary Kansas City District JOHN EVANS 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. ROTJBE, Manager of System Open Market Account WALTER LICHTENSTBIN, Secretary MAY 1940 487 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 L. Werner Knoke 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 * 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 * 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 * Clifford S. Young St. Louis William T. Nardin.... Oscar G. Johnston William McC. Martin. F. GuyHitt 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 3 Kansas City- Robert B. Caldwell... John J. Thomas _. George H. Hamilton Carroll A. Worthington__ James W. Helm« Harold G. Leedy Dallas James H. Merritt Jay Taylor Robert R. Gilbert Ethan B. Stroud... Robert B. Coleman William J. Evans Walter 0. Ford 1 San Francisco.. Raymond C. Force.._ St. George Holden William A. Day Ira Clerk Cecil E. Earhart * William M. Hale Richard B. West 1 Cashier. * 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: Omaha Branch _ _ Lloyd H. Earhart Baltimore Branch __ W. Robert Milford Dallas: 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 Detroit Branch _ Ralph H. Buss Seattle Branch Clarence R. Shaw St. Louis: Little Rock Branch Arthur F. Bailey Louisville Branch Charles A. Schacht Memphis Branch William H. Glasgow 488 FEDERAL RESERVE BULLETIN 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