Federal Reserve Bulletin, 1940-09

FEDERAL RESERVE BULLETIN SEPTEMBER 1940 Review of the Month—Banking Developments in 1940 Gold Reserves of Central Banks and Governments From the Board's Correspondence—The Gold Stock Annual Report of the German Reichsbank Measurement of Production 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—Banking Developments in 1940 905-911 Measurement of Production, by Woodlief Thomas and Maxwell R. Conklin 912-923 Gold Reserves of Central Banks and Governments (See p. 1000-1007 for tables.) 925-934 From a Legal Standpoint: Legislation Prohibiting Possession of Property Stolen from a Bank 935 Executive Order Prohibiting Dealings in Certain Foreign Securities 935 General Ruling and General Licenses Issued by the Secretary of the Treasury 936-938 From the Board's Correspondence: The Gold Stock 939-940 Current Events 941 Foreign Banking Laws and Reports: Annual Report of the German Reichsbank 942-949 National Summary of Business Conditions 950-951 Financial, Industrial, Commercial Statistics, United States (See p. 953 for list of tables.) 953-997 Changes in Number of Banks and Branches in United States 993 Condition of all Member Banks 994-995 Major Divisions of Production Index Expressed as Points in Total 924, 996-997 International Financial Statistics (See p. 999 for list of tables.) 999-1023 Federal Reserve Publications 1024 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1025 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . . . 1026 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 SEPTEMBER 194O No. 9 Hanking. 'PeveLopmantl In 1940 Deposits in banks and currency in circula- sharply following the commencement of hostion have continued to expand rapidly since tilities in Europe. In the year before the war the beginning of this year. The the recorded inward movement of capital Summary of th has been due almost en- averaged $150,000,000 a month and thus acgrow developments ° . ., . counted for more than half of the foreign gold tirely to acquisitions of foreign acquired by the United States. The excess of gold, which have amounted recently to an merchandise exports averaged about $70,000,average of over $100,000,000 a week. Invest- 000 a month, offset to a small extent by net ment holdings of banks have increased moder- payments for services to foreign countries. ately while loans, which increased by a sub- Transactions that have not been identified but stantial amount in the latter half of 1939, have which are believed to include a substantial shown little further change. At the present volume of unrecorded capital transfers actime the banks and the money market have counted for the remainder of the movement. more funds than at any previous time and are After the war began, the recorded capital in a position easily to meet such requirements movement declined to less than $25,000,000 for credit as may arise out of the national a month, but owing to an increase in the defense program as well as from increased monthly excess of merchandise exports to activity of commerce, industry, and agricul- over $100,000,000 and a rise in the volume of ture. unidentified transactions, the gold flow was The past few months of intensified war maintained at close to the pre-war rate. activity in Europe have been marked by a With the intensification of warfare in greatly increased flow of Europe early in May the movement both of Recent gold and go j d to the United States. capital and of gold to the United States was capital movements ° ,, accelerated. The character of the capital In the year preceding the movement also underwent a change. The outbreak of war sales of foreign gold to moderate inflow of capital during the first this country averaged nearly $300,000,000 a eight war months reflected largely the net efmonth, and this rate was substantially mainfect of continued transfer of privately owned tained during the first eight months of war. foreign funds from non-belligerent countries Early in May, however, the gold movement to the United States and the offsetting withincreased sharply. Subsequently the rate of drawal of balances and sale of securities acquisition rose to nearly double that of the previously acquired here by individuals in the two previous periods. As a result, the mone- United Kingdom, France, and Canada. There tary gold stock of the United States increased was little change in the volume of foreign by $4,300,000,000 during the year ending official funds held with the Federal Reserve August 1940, as compared with an increase Banks. But since the end of April, with the of $3,500,000,000 during the preceding twelve tightening of exchange controls and political months. changes in Europe, the capital inflow has The recent acceleration in the gold move- been concentrated in official balances. From ment is attributable in part to an increase in the capital inflow, which had diminished905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month the beginning of May to the latter part of the volume of retail trade likewise increased, August foreign bank deposits at the Reserve but relief payments have been smaller than a Banks increased by $500,000,000, and there year ago. was also an increase in other official funds here. In the same period the amount of gold MONEY IN CIRCULATION BILLIONS OF OOLLARS BiLLIO/NS OF DOLLARS under earmark for foreign account also rose J by $400,000,000 after showing a relatively small increase during the first eight months of the war. L TC)TAL MON The increase in official balances in the United States, however, accounts for only a part of the increased acquisition of gold by y this country since the end of April, and the COINS AND BILLS OF UNDER $ 50 export surplus was somewhat smaller during ^ ,, this period than in previous months. It appears, therefore, that unidentified transactions have become even more important than before as a factor in bringing gold to the United States. BLLS OF The amount of currency in circulation has $50 AND OVER — —• • - » ^- ' continued to rise rapidly this year and by the / end of August amounted Increase in to about $8,000,000,000, currency circulation representing an increase 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 of $900,000,000 in the past year. Since 1934 Currency outside the Treasury and Federal Reserve Banks. End of month. Latest figures July 31, 1940. the demand for currency has increased each year, as shown by the chart. The increased There has been a continued increase in the demand for currency has reflected in part an amount of large-denomination currency held increase in business activity and in part the by the public. The total amount of currency holding of savings in the form of currency. in denominations of $50 or more outside the The factors responsible for the increase in Federal Reserve Banks and the Treasury inrecent years are completely different from creased by $400,000,000, or by 21 per cent, those causing the large currency withdrawals between July 1939 and 1940. Though part of in the 1930-33 period. These occurred dur- this growth may have been in response to business needs, the hoarding of currency by ing a business recession and were largely due individuals has probably increased. Hoardto banking difficulties, which are no longer a ing of currency involves little or no loss of factor. income under present conditions because of The nature of the growing demand for curthe non-payment of interest on demand derency is partly indicated by the increase in posits, the refusal of many banks to accept circulation of various denominations. Curlarge time or savings deposits, and the low rency in denominations of $20 or less inrate of interest on short-term investments. creased by $430,000,000, or by 8 per cent, in Foreigners are also probably holding substanthe twelve months ending July 1940. During tial amounts of currency in this country. the same period factory payrolls, an impor- Shipments to Europe of American dollars tant source of demand for currency, rose have been relatively small during the past considerably and payrolls in other lines and year. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month On the accompanying chart are two curves serves held by the banks there is also a large that show how rapidly the country's supply but undetermined amount of deposits held by of funds has been increas- business firms and individuals in excess of Further growth in ne curve shows the current working needs. The total volume of ing O available funds ° bank deposits as well as currency held by the volume of excess reserves public, including active as well as inactive held by member banks of the Federal Reserve deposits and currency, reached a record high System, which hold the basic reserves for all level of over $67,000,000,000 this June. As banks in the United States, and the other shown in the chart, this figure exceeds the precurve represents the total volume of deposits depression peak levels of 1928-1929 by about and currency in circulation, excluding inter- $12,000,000,000. bank deposits and vault cash held by banks. That a considerable part of the volume of By mid-July excess reserves had risen to deposits of the general public is held idle nearly $7,000,000,000, constituting about awaiting investment or other profitable use half of the total reserves of member banks. is indicated by the unusually low turnover or EXCESS RESERVES AND BANK DEPOSITS rate of use of existing deposits, as measured by the volume of checks drawn against them. f It is estimated that during the first half of 1940 turnover of deposits in the country's 4 EXCESS FESERV if commercial banks, excluding interbank de- 2 I posits, averaged about 13 times a year com- O pared with about 21 times a year during the 2 ORROWEJ is early 1920's, prior to the rapid increase in 70 turnover caused by the security market boom 60 in the latter part of that decade. The largest TO"AL DE'OSITSAND CURRENCY . y * • • , decrease in turnover has occurred at New 50 -\ York City banks, which have also shown the largest growth in deposits as compared with pre-depression years. This year the rate of 1932 1934 1936 1938 •1940 turnover of deposits has declined further to Reserves are monthly averages of daily figures. Borrowed reserves are bills discounted by member banks at Federal Re- a new low level at New York City banks, but serve Banks. Excess reserves before 1931 and borrowed reserves after 1933 were negligible. Deposits and currency are estimates has shown little change at banks outside New for call dates, and exclude interbank deposits, items in process of collection, and cash in bank vaults. Deposits are for all York City. commercial and savings banks in the United States and the Postal Savings System. About half of the increase in member bank Between the middle of July and the beginning deposits and in excess reserves of member of August, excess reserves declined by nearly Distribution of bailkS durin^ the first half of $650,000,000 mainly because of a transfer of reserve funds the year was in New York funds to the Treasury's deposits with the and deposits Federal Reserve Banks as a result of the y It is largely in New York City banks that the Government's sale of new issues of direct and funds arising from gold imports are first deguaranteed securities. As these funds are posited and increase reserves. To the extent expended by the Treasury they will once more that these funds are spent or transferred by be added to bank reserves. Some reduction the holders, they ordinarily result in increases in Treasury balances, coupled with further in deposits and reserves in other parts of the gold imports, added to reserves in August country, but until the outbreak of the war and by the end of that month excess reserves there was a steady accumulation of inactive amounted to about $6,500,000,000. foreign balances in American banks, mostly In addition to the large volume of idle rein New York. This year foreign governments SEPTEMBER 1940 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month have been an important factor in distributing FACTORS OF GAINS AND LOSSES OF RESERVE FUNDS deposits and bank reserves over the whole BY BANKS IN NEW YORK F. R DISTRICT BILLIONS OF DOLLARS WEEKLY BILLIONS OF DOLLARS country by spending funds over a wide area 6 I 1 1 6 on goods needed for the prosecution of war. At times the Treasury, by borrowing heavily from banks and other investors in New York GOLD IMPORTSI City and spending the proceeds in other parts of the country, is an important influence in this process of redistributing funds throughout the country. In addition, there are the vast number of financial transactions underlying the country's regular commercial, agricultural, and financial business, which cause a constant shifting of funds. Banks themselves account for a considerable amount of this shifting by depositing funds with correspondent banks and by lending and investing funds that are expended elsewhere. OTHER TRANSACTIONS CHANGES IN CONDITION OF MEMBER BANKS DECEMBER 30, 1939-JUNE 29, 1940 1939 1940 Weekly gains and losses cumulative from December 28, 1938, [In millions of dollars] to August 21, 1940. Curves above zero line represent funds gained, below zero line funds lost. Figures of interbank balances represent balances of out-of-town banks with banks in Deposits Loans and New York City. investments Ex- funds from an increase in balances held for e T i x n i c o n t l e t u g a r d - l - I b n a t n e k r- se c r r e e v s - e s s b f D a ro n u m k e s Loans G s U e o c .S v u . ' r t - Other c o o th u e n r t e b d a n fo k r s . lit T tl r e a n n s e f t e m rs o v b e y m th en e t T i r n e a e s it u h r e y r a d c i - bank ities rection, indicating that Treasury receipts and expenditures in that region, including public- All member banks+2,109 +280 +1,655 +237 +7 +393 +110 debt transactions, were approximately in bal- New York City.— +1,248 +253 +794 -9 -282 +715 +57 ance, notwithstanding the fact that New York Reserve city banks* +643 +58 +709 +149 +70 -192 +110 City banks substantially increased their hold- North and East- +157 +61 +310 +44 -117 +24 Central and West1 +397 +40 +311 +30 +75 -15 +74 ings of Government obligations in the period. South +89 -43 +88 +120 -49 -61 +12 During the past year there have been sub- Country banks +218 -30 +152 +97 +219 -129 -57 stantial transfers of funds out of the New North and East.. +77 +3 +112 +43 +78 -70 -43 Central and West +71 -7 +25 +33 +85 -40 -16 York district through a variety of commercial South +70 -26 +15 +20 +56 -19 +2 and financial transactions, which are shown i Include central reserve city banks in Chicago. on the chart as a residual item including all NOTE.—North and East include Boston, New York, Philadelphia, and Cleveland Federal Reserve districts; Central and West include transactions other than gold movements, Chicago, Minneapolis, Kansas City, and San Francisco districts; South includes Richmond, Atlanta, St. Louis, and Dallas districts. For Treasury operations, and interbank deposits. boundaries of Federal Reserve districts see map on page 1027. In the past year payments by banks and other The accompanying chart shows the princi- investors in New York for Government sepal factors accounting for movements of curities purchased from outside holders probfunds in and out of the New York Federal ably accounted for a part of these transfers Reserve district as compiled by the Federal of funds from the New York district. Reserve Bank of New York. Since the begin- As a net result of these transactions some ning of 1939 the gold inflow has brought about of the deposits and reserve funds originally $5,500,000,000 into the banks of the district, placed in New York banks moved to other and New York City banks have also gained localities. As shown in the table, the largest 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month increases outside of New York in deposits and which are made mostly by New York City reserves in dollar amounts during the first banks, declined sharply to the lowest levels half of this year occurred at reserve city- on record, following a fall in stock prices banks outside the Southern Federal Reserve in May. There were further moderate indistricts. The percentage increases were al- creases at all classes of banks in loans to most as large in the Southern cities as in the commercial and industrial borrowers, which others, and in addition the Southern banks had risen markedly in the latter half of 1939, also enlarged their balances with correspond- when rapid expansion in business activity ents. Country banks, reflecting seasonal brought a growing need for working capital factors, generally showed smaller increases by business enterprises, partly for the acthan city banks in deposits and reserves. quisition of larger inventories. The proportion of excess reserves to re- Largely in response to the usual seasonal quired reserves has for some time been lower demands country banks increased their loans for reserve city banks than for country banks to farmers during the six months ending or for those in New York City. In the first with June. The increase shown and the half of 1940 these differences were narrowed amount of such loans outstanding were both somewhat, though the lowest proportions con- about the same as a year ago. Real estate tinue to be found at city banks in some of the loans increased at reserve city and country Southern and Western districts and the high- banks, continuing a growth that has proest proportions at city banks in the Northern gressed steadily during the past five years, and Eastern districts. amounting in all to a rise of 37 per cent. The Funds deposited by banks with their cor- increase has been principally in loans on urrespondents have increased further this year, ban residential property. but not as rapidly as during 1939. Domestic A part of the recent increase in loans at interbank deposits at member banks, which reserve city and country banks has been in hold practically all of the interbank deposits the unclassified category of "other" loans, in the country, increased by about $335,000,- and may reflect a growth in personal loans, 000 in the first half of this year as compared a type of business that banks have been culwith an increase of about $2,000,000,000 in tivating on an increasing scale. In the first 1939. At the end of June they were at a new half of this year these "other" loans rose by high level of $9,000,000,000, or about $3,400,- 000,000 larger than at the close of 1937. CHANGES IN LOANS OF MEMBER BANKS Notwithstanding the growth in reserves, DECEMBER 30, 1939-JUNE 29, 1940 reserve city banks showed declines, though [In millions of dollars] small, in total loans and investments, while at Change since December 30, 1939 New York City banks there was an increase. Out- Country banks increased their loans but de- stand- New c a r n e d a s i e n d v e t s h tm eir e n s t e s c d u e ri c t l y in e h d o l a d t i n c g o s u . nt T ry o t b a a l n l k o s a n in s Ju 1 n in 9 e 4 g 2 0 9, m b e a A m n l k l b s er r c e Y e c s n o i e t t r r y r k v a e l b r O e a c s n t i e h t k r y e v s r e l b C a t o r n u y k n s banks the Northern and Eastern districts but increased in other regions. Total loans 13,969 +7 +70 +219 Total loans of all member banks showed Commercial and industrial loans 5,538 +152 +32 +84 +36 little change in the first half of 1940, a decline A Re g a r l i c e u s l t t a u t r e a l l o lo an a s ns 3,0 7 6 3 9 6 +1 + 1 7 2 + -2 4 + -4 4 4 0 + + 5 6 2 7 of about $280,000,000 at New Open-market paper 450 -5 -15 -1 +11 Brokers' loans 447 -343 -291 -49 -3 Changes in ork City banks being approx- Loans to others on se- Y curities -33 -17 -15 bank loans . J e>^ rv L O o th a e n r s l t o o a b n a s nks 3,02 4 0 2 + - 1 1 3 4 2 - + 11 1 + - 5 2 8 + - 7 1 3 imately matched by increases elsewhere, principally at country banks. 1 Includes Chicago central reserve city banks. 2 Less than $500,000. Loans to brokers and dealers in securities, 909 SEPTEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month $58,000,000 at reserve city banks, including August approximately offset the decline re- Chicago, and by $73,000,000 at country banks, ported in the first half of the year. It is not following increases of about $85,000,000 at known to what extent country banks or other each of these classes of banks in the year investors may have purchased the new issues. 1939. As shown in the table, during the first half Member bank holdings of Government of 1940 member banks increased their holdobligations, direct and guaranteed, increased ings of direct Governments maturing within by nearly $400,000,000 in 10 years by $650,000,000, and decreased their Increase in bank the first half of 1940, not- longer bonds by $230,000,000. New York investments withstanding a decrease of City banks purchased bills, notes, and intermediate-term bonds, while reserve city banks $400,000,000 in the total outstanding supply sold both intermediate and long bonds. Counof publicly-offered obligations, other than try banks also reduced their holdings of United States Savings bonds. In this period long-term bonds. There was a tendency dur- New York City banks added $700,000,000 of ing this period, therefore, for member banks such obligations to their holdings, while other generally to shorten the average maturity of member banks reduced theirs by over their holdings of Government securities, $300,000,000, and those of other investors which was accomplished at New York City as a whole also decreased. Among member banks by purchases of short maturities and banks, decreases occurred at both reserve at reserve city and country banks by sales city and country banks in all regions, as of long maturities. shown in the table on page 908. In the half- Since the outstanding amount of »the year member banks added somewhat to their shorter maturities declined during this period holdings of State and local government obliwhile member banks were adding to their gations, while there was a further decrease, holdings, other investors reduced their holdat country banks, in corporate securities. ings of such obligations by nearly $1,000,- Since June the outstanding amount of 000,000. Little information is available on United States Government securities has the source of these sales; while a small part been increased through the issuance of $670,may be accounted for by mutual savings 000,000 of Treasury bonds and $290,000,000 banks and life insurance companies, the bulk of Commodity Credit Corporation notes. As a result of these two issues the publicly- CHANGES IN HOLDINGS OP UNITED STATES offered debt, other than Savings bonds, has GOVERNMENT SECURITIES shown a net increase for the year to date of DECEMBER 30, 1939-JUNE 29, 1940 about $540,000,000. In July and August re- [In millions of dollars] porting member banks in leading cities in- Amount Member Change since Dec. 30,1939 creased their holdings of Government bonds out- bank standb T y re a a s b u o r u y t b $ o 1 n 8 d 0 ,0 is 0 s 0 u , e 0 , 0 0 a , n d r e t f h le e c i t r i n h g o l t d h in e gs n e o w f Ju 1 i n n 9 e g 4 2 , 0 9, h J o u 1 l n d 9 e 4 i n 2 0 g 9 s , A s m t o i a n u n o g t d u - - nt M b h i e a o n m n l g d k s b - er O h i o n th l g d e s - r guaranteed securities by $170,000,000, re- Treasury bills 1,302 797 —153 +235 -388 flecting the new Commodity Credit Corpora- Treasury notes 6,383 2,543 +180 +319 -139 Treasury bonds mation issue. About two-thirds of the increase turing: Within 5 years 1,379 682 -353 -91 -262 in bonds and half of that in guaranteeds In 5-10 years 8,135 3,202 0 +184 -184 After 10 years 17,040 4,376 +27 -231 +258 occurred at New York City banks, making a Guaranteed obligatotal growth for the year to date of about tions maturing: Within 5 years 2,687 2,051 -128 -31 -97 $900,000,000 in the Government security After 5 years 2,810 1,070 +4 +8 -4 holdings of these banks. At banks in other Total 39, 737 14, 722 -422 +393 -815* leading cities the increase during July and * Includes a decrease of $18,000,000 in Federal Eeserve Bank holdings. 910 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month of the sales came from individuals and other BUDGET RECEIPTS AND EXPENDITURES, investors. Since member banks reduced FISCAL YEARS 1939-40 AND 1940-41 their holdings of long-term bonds while the [In millions of dollars] amount outstanding showed little change, i 1940-41 1939-40 holdings of such bonds by other investors (Estimated) (Actual) increased. It seems likely that most of this Expenditures: increase is accounted for by purchases by National defense ___ 5,000 1,559 Allother 7,058 2 7,439 mutual savings banks and life insurance Total (excluding debt retirement) 12,058 2 8,998 companies. Net receipts ._ ___ 6,367 2 5, 386 The Secretary of the Treasury recently Net deficit 5,691 3,612 presented to Congress a revised Budget sum- 1 Revised Budget Summary, August 5,1940. mary for the fiscal year 1941 2 To make the actual figures for 1939-40 comparable with the estimates for 1940-41 net transfers to the Federal Old-age and Survivors Insurance Revised budget based upon most of the appro-Trust Fund have been deducted from both receipts and expenditures. summary . . priations and tax legislation Administration, for aids to agriculture, and approved or pending as of August 5, 1940. for unemployment relief. This summary showed large increases in both Total receipts were estimated at nearly receipts and expenditures as compared with $6,400,000,000, an increase of about $1,000,the January Budget estimates and with the 000,000 over the fiscal year 1940. This exactual results of the fiscal year 1940. pected gain in receipts is due largely to the As shown in the following table the esti- increased taxes provided by the Revenue Act mated increase in expenditures to a total of of 1940, but also reflects the anticipated slightly over $12,000,000,000 reflects the larger tax receipts derived from the higher sharp expansion of outlays for national de- level of incomes for the year to which the fense. As of August 5 national defense ap- collections apply as compared with the year propriations and authorizations approved and previous. The estimate of receipts made no pending before Congress totaled nearly $15,- allowance for the proposed excess profits 000,000,000, exclusive of costs that may betax. involved under legislation authorizing the To meet the prospective deficit of $5,700,- President to order the National Guard into 000,000, the Treasury will have net receipts active service and the pending bill providing in the old-age insurance and unemployment for selective compulsory military training. trust funds and other trust accounts, from Exclusive of these items it is estimated the scheduled repayment of capital by certain that $5,000,000,000 will be actually spent Government corporations, and from the sale within the current fiscal year. National de- of U. S. Savings bonds. Based upon past fense expenditures amounted to $1,560,000,- experience and announced plans the total 000 in fiscal year 1940 and were running at receipts from these sources may amount to an annual rate of about $2,400,000,000 in about $2,700,000,000. This would leave August of this year. In the revised summary roughly $3,000,000,000 to be raised by the non-military expenditures are estimated at open-market sale of direct obligations, of about $400,000,000 less than such outlays in which $630,000,000 has already been obtained the previous fiscal year, largely reflecting de- by the issue of 214 per cent Treasury bonds clines in expenditures for the Public Works in July. SEPTEMBER 1940 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Meafuitement ofi /"toduction by WOODLIEP THOMAS AND MAXWELL R. CONKLIN Division of Research and Statistics M lEASUREMENT by index numbers of searching questions of economic analysis current fluctuations in total industrial and of logic. Fundamental questions that output was first attempted less than twenty arise are: What is production? Why measyears ago. During and shortly after the ure production? How measure it, or, more World War various attempts were made to particularly, how measure changes in the measure annual changes in the physical physical volume of output of the economy as volume of production. Such measures were a whole or of any of its major branches? needed because of the paramount importance These questions are closely interrelated and' of production during the war and because of one cannot be answered without considering the difficulty of interpreting value figures at the others; any definition of production and a time of wide fluctuations in prices. In the any attempt to find a measure that fits that early 1920s both the Harvard University definition must be formulated with reference Committee on Economic Research and the to the purpose for which the concept is to be research staff of the Federal Reserve Board, used. Answers to these questions, furtherworking independently, began to experiment more, have to be modified in practice by the with the construction of monthly production character and comprehensiveness of availindexes.1 The Harvard indexes were first able data and by the techniques that have published late in 1921 and the Federal Re- been developed by experience in the field of serve indexes were completed a short time measuring production. later. Early in 1927 a new Federal Reserve index of industrial production was published, What is production? and in August 1940 a major revision of this Broadly conceived, production is the creaindex was presented in the Federal Reserve tion of utilities of any sort; these utilities BULLETIN. In that BULLETIN the principal may be material or they may be intangible. changes in data included in the index and in They may represent changes in the number methods of computation were described and of physical units or in the economic value, or the differences in movement between the re- quality, of the units produced. The more vised and the former indexes were indicated.2 common use of the term production limits it The purpose of this article is to discuss some to the output of material goods in quantitative of the major theoretical and practical prob- terms—the growing of crops, the extraction lems involved in attempting to measure the of minerals, the processes of manufacture, course of production for industry as a whole; the construction of buildings. The broader to explain how these problems were met in economic concept of production, however, compiling the Federal Reserve index; and to covers services as well as commodities; these indicate why this index is necessarily limited include the distribution of goods through in scope and, therefore, should not be con- transportation and trade, the providing of sidered as a comprehensive measure of gen- amusement, education, professional services, eral business activity. and the like, and also those activities, such as Construction of an adequate measure of finance and government, which are designed productive output involves difficult problems to facilitate the production and distribution of finding suitable data and of selecting of goods and services. proper statistical methods. It also presents Why measure production? 1 For further discussion of historical development of indexes of business activity and of industrial production, see article on Measures of production are important tools "General Indexes of Business Activity" by Frank R. Garfield in Federal Reserve BULLETIN for June 1940. for the analysis of economic and social prob- 2 Reprints of that article and also of this one will be supplied lems and help to provide the basis for busion request. 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. 912 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production ness decisions and for governmental policies. uct expressed in value terms.1 Production Over long periods of time they are indicators indexes were devised for a more specific of broad changes in economic well-being; and narrowly defined objective—namely the they show the results of application of human measurement of changes in the physical voleffort and technology to material resources; ume of commodity output. when broken down into component parts, Measurement of total output of the ecothey reflect shifts in patterns of living; and nomy or of any of its major components is their short-term movements provide guides complex because almost every final product in the analysis of current business conditions. is a composite result of several stages of For some purposes simple measures of the economic activity. Manufacturing, for exoutput of individual products are needed. ample, takes raw or partly finished materials This type of measure expressed in physical and processes them by the use of labor and volume units is most useful in handling machines. The resulting goods are the prodproblems concerned with specific products of uct not only of the factory, but also of mine, definite types and grades—in connection with farm, and forest, and of commerce and transbuying and selling, as an indication of pro- portation, not to mention finance and govductivity in particular industries, and to ernment. The total final value cannot be show how much of any product is available assigned entirely to manufacturing. As a for commerce and for use. consequence an aggregate of totals for each For most purposes of economic analysis branch of the economy, with products valued it is necessary to have much broader and at sale or transfer prices at the completion more comprehensive measures which take of each stage, would include a considerable into account many aspects of human wants amount of duplication. A total of ultimate and their fulfillment. For a complete picture values of finished products would be free of of the national economy a composite measure duplication, but such data are not available of all economic activities is needed. It is also for all goods and services, and were they desirable to have information about the vari- available it would be difficult to break down ous sections of the economy, as an explana- the ultimate value of product into parts that tion of changes in total output and an indica- measure the contribution o^ each stage of tion of shifts that occur among the parts, as production and consumption. well as because of the special significance of Estimates of total national income repreeach part. For analysis of current business sent an attempt to eliminate as many of these developments and prospects* information is duplications as possible and to obtain apneeded regarding activity in those branches proximate measures of net value of all goods of the economy that are particularly sensiand services produced or performed by the' tive to short-term influences and reflect varianation's economic system. These estimates, tions in market conditions. which provide the most comprehensive available measures of output, are generally arrived How is production measured? at by first aggregating all payments made to individuals by business enterprises for serv- The simplest measure of production is the ices rendered to obtain a figure which measoutput of any single commodity expressed in ures total "income paid out" and then adding physical units. In practice actual data of to this total the sum of all business savings, this type are available for only a limited obtaining a result that represents the value number of the thousands of products of innumerable grades and kinds that are pro- of "income produced." A more direct method duced within the economy. The products for of estimating income produced would be to which such data are available, however, are measure the net value of all goods and servimportant ones and in many cases are the ices produced, by deducting from the gross basic materials used in making other prod- income of all business enterprises allowances ucts. for depreciation and obsolescence, as well as To obtain measures of production covering payments made to other business enterprises a variety of economic activities involves for materials and services. For many the complex problem of combining into com- branches of the economy, however, suitable posites the heterogeneous array of data that data are not yet available for making estimeasure the individual activities. In recent 1 See Simon Kuznets, National Income and Capital Formation, years considerable progress has been made 1919-1935, published by the National Bureau of Economic Rein obtaining measures of total national prod- search, 1937, and National Income in the United States, Department of Commerce. 913 SEPTEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production mates of gross income or for eliminating of the first problems in compiling a producduplications. tion index is that of obtaining a sufficient These estimates of national income are amount of data expressed in quantitative expressed in value terms, and while such terms. In many cases the available series figures are extremely useful, there are many must be partially estimated or adjusted to purposes for which measures of changes in allow for known defects, and in the case of terms of dollars are not satisfactory. Many monthly index numbers adjustments for difgoods and services are produced and con- ferences in numbers of working days and for sumed without passing through the market customary seasonal variations are also desirat all and, therefore, have no values assigned able. The next task in compiling a producto them. The use of income figures to meas- tion index is to combine into a single figure ure changes in production over a period of the various individual series that are extime has a serious limitation because prices pressed in a heterogeneous array of units, at fluctuate, and consequently changes in value the same time taking into account the approof output do not accurately measure changes priate relationships among the products as in the quantity of goods produced. Attempts to their importance. These problems and are often made to allow for price changes by the manner in which they are handled in adjusting the value figures by an index of constructing the revised Federal Reserve inprices. While this procedure may generally dex of industrial production are discussed in give a nearer approximation of quantitative greater detail in subsequent paragraphs of changes, its results are sometimes incorrect this article. and misleading, in part because changes in Significance of industrial production prices of all goods and services that enter the total cannot be accurately measured and in Measures of various sorts are available or part because price indexes as computed canhave been compiled in the past relating to not always reflect important shifts in the manufacturing, mining, agriculture, conrelative importance of different goods. Ordistruction, public utilities, transportation, narily the price indexes used for deflating a wholesale and retail trade, finance, and to value series are not adapted to that particuother parts of the national product. Not all lar purpose. The lack of well-defined physiof these are in terms of physical volume; cal units which prevents the inclusion of some are in value terms, and still others on many products in a production index genother bases. Some figures are weekly; others erally means that price data satisfactory for are monthly, quarterly, annual, or for longer a price index are also not available. It canperiods. The reliability of these measures • not always be assumed that either prices or varies greatly and more data will need to be output of such products move in the same obtained and more analytical work done bemanner as prices or output of products for fore a reasonably complete understanding of which data exist. Another difficulty in dedevelopments in all the major divisions of the flating value figures by prices is that for economy will be available. individual industries or groups, total values The magnitude of the problem of compiling and prices include the contributions of prean index of production to measure changes vious stages of output and it is difficult to in physical volume of output varies among adjust for only that part of the price that the different branches of the economy. In reflects the share of the particular industry some lines, such as professional services, it which is being measured. would be practically impossible to express In order to avoid the difficulties inherent output in physical volume terms, and in many in value figures, production indexes have been others satisfactory data are not available. compiled by combining into a composite fig- For some fields of activity the usefulness and ure data that measure changes in the output significance of the measures are greater than of various commodities. To make the results for others; in the analysis of short-term flucfree from the influence of price variations, tuations, for example, some lines of activity data used in compiling production indexes are recognized to be much more sensitive must be expressed in units that indicate than others to variations in market conphysical quantities. Partly because of the ditions. difficulty of measuring in physical units The Federal Reserve index of industrial changes in the output of many commodities, production has been limited in its scope to particularly of the more complex types, one manufactures and minerals; it does not in- 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production elude production of other goods or the pro- such factors only after a lapse of time, and vision of services and other noncommodity its year-to-year fluctuations reflect primarily utilities. Changes in the output of manu- changes in growing conditions. factures and minerals are especially signifi- Physical volume of construction activity cant because they account for a large part of is subject to broader long-term swings than variations in the total of all economic activity manufacturing and mining, and is an imporand also because of the great extent to which tant element in business cycle analysis. It they both affect and reflect other activities. is not included in the index, however, partly About one-fourth of all gainfully occupied because its production process covers a long workers in this country are directly engaged period of time and is difficult to measure on in manufacturing and mining and a large a monthly basis, but also because current part of the remainder is employed in activi- statistics of building activity are generally ties that handle the materials or products of expressed in value terms and satisfactory these major branches of industry. Output of physical volume data are not available. Elecmanufactures and minerals is particularly tric power production, which is of increasing important from the standpoint of the analysis importance and for which current statistics of short-term movements. For one thing a are available, should be included in any comconsiderable amount of monthly data are prehensive index of economic output but is available for these industries. Their pro- not in current practice ordinarily classified duction generally shows somewhat wider as manufacturing. There are still many imchanges than output of other goods and ac- portant economic fields not covered by sepacounts directly or indirectly for a large part rate indexes. Both the analytical work and of the short-term variations in total economic the task of collection of data needed to fill activity, especially as measured in physical these gaps should be encouraged in every way. volume units. This is illustrated in the Separate indexes, each limited in scope to accompanying chart, which shows monthly some homogeneous field of activity such as fluctuations in employment in manufacturing manufacturing and mining, serve a useful and mining since 1929, compared with em- purpose. A current index of the physical ployment in other nonagricultural pursuits. volume of all production, broadly conceived, would be of considerable value, were it pos- NONAGRICULTURAL EMPLOYMENT sible to compile a satisfactory one. Com- FOR SEASONAL Vi posite indexes that are neither homogeneous MONTHLY nor comprehensive, however, are likely to be misleading if used as measures of total eco- 35 nomic activity. In making use of the index of industrial production its definite and lim- 30 ited scope should be recognized and it should not be considered a measure of general busi- 25 ness activity. 20 Limitations of data The reliability of an index in measuring the course of production depends most of all upon the accuracy of the data from which it is compiled and the extent to which the various lines of production are covered. The Bureau of the Census compiles fairly com- 1930 1940 plete statistics for manufacturing industries Output of agricultural products has not every other year, including total value of been included in the Federal Reserve index product and value added by manufacture for primarily because the production process of each industry, value of output for a large agriculture is to a large extent an annual one number of individual products, and physical and can hardly be measured on a monthly volume of output for a somewhat smaller basis. While prices of farm products and, number. The physical volume data, though therefore, the total value of their output are limited, cover a large proportion of the more particularly sensitive to market factors, the important commodities. The Bureau of physical volume of output is influenced by Mines compiles yearly data on production of SEPTEMBER 1940 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production minerals in both value and physical volume In industries for which satisfactory physical terms. volume statistics are lacking estimates of Monthly figures on production may be ob- productive activity are derived from available tained from a variety of sources. They are statistics of employment and of hours worked, limited to a small proportion of the innumer- with adjustments for estimated long-time able products of industry, but they are avail- changes in output per man-hour. This proceable for a considerable number of important dure is a new departure, as previous indexes industrial products. Most of the monthly of production have been compiled principally data are reported in physical volume units, from physical volume statistics of output or although in some cases where volume data consumption of materials, and, therefore, cannot be reported value figures are avail- have been limited in scope to the point of not able. For some industries where no data are being representative of actual developments. currently reported as to output of finished Although the derived estimates of progoods, it is possible to obtain a rough measure ductive activity are difficult to make, both as of production by using available figures of to the past and in compiling current figures, deliveries or consumption of principal raw and are probably more subject to error than materials or number of hours worked. The are most physical volume series, this proceavailable statistical series of production vary dure makes possible the inclusion of a numconsiderably in completeness and accuracy ber of important industries which would and many of them have not always been re- otherwise not be represented in the index. ported continuously on a comparable basis. The possible errors introduced are much less Adjustments and estimates are frequently than those that would result from the comnecessary to improve the accuracy of the fig- plete omission of data for such important ures and to make some of the series con- industries. The net result is that the index sistently comparable. is more representative of actual conditions. One important difficulty encountered in Largely as the result of the inclusion of assembling data for a production index is important industries formerly omitted, that most of the available physical volume notably certain food products, liquors, and statistics relate to relatively simple products chemicals, and the improvement of figures in the early stages of manufacture. Products for paper and printing industries, the revised in the more advanced stages—e. g., clothing, Federal Reserve index is now about 10 per furniture, machinery—are more complex cent above its 1929 level, whereas the old and in many cases no standardized units are index has shown no growth at all in the available for measuring output. A further period. The revised index also shows a more limitation is the fact that development of rapid growth in the 1920s. Inclusion of new industries may sometimes proceed at the new data mentioned and the addition of some length before any current production series for industries producing the more statistics for them are reported. Another elaborate products of manufacture, parproblem is that of allowing for changes in ticularly machinery, has improved the accuquality of products. These qualitative racy of the index in measuring short-term changes, most of which cannot be measured, movements. In addition to making possible account for major gains in our national well- the computation of a more accurate index of production in general, the data also furnish being. These various defects and limitations much better measures for a number of of data tend to give a downward bias to an individual industries and major industrial index compiled from available figures on groups than have heretofore been available. physical volume of output. Production in- Since, unfortunately, no method has been dexes have, therefore, understated the longfound to make allowances for qualitative time growth in production. Furthermore, changes in various commodities, the index output of the basic products covered by curmust continue to be an understatement of the rent statistics generally shows broader swings growth in total utilities provided by industry. over short periods of time than that of more advanced products, with the result that monthly indexes tend to overstate short-term Unit of measurement fluctuations in industrial production as a whole. One important problem in the computation In the revised Federal Reserve index of of a production index, as previously menindustrial production an attempt is made tioned, is the selection of a common unit to include data for all important industries. of measurement. Production of individual 916 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production products is expressed in a heterogeneous depends primarily on the purpose of the array of units—tons of steel, pounds of meat index. In many cases, such as the measureand wool, bales of cotton, feet of lumber, ment of the physical volume of industrial number of automobiles and cigarettes, and production, the final results would generally for the purposes of the revised index, hours .not be significantly different if any one of of work and hours of machinery activity. several formulas were used. As a practical The combination of these different units into matter, however, the aggregative method used a single composite is the basic technical prob- in the old Federal Reserve index and its lem of index number construction. adaptation in the new index have the advan- Since the essential purpose of a production tage of providing ease in construction and index is to compare aggregate output at one convenience in analysis. The figures resulttime with that at another, i. e., to measure ing from the computation of the total index relative changes, one way of computing an readily show the exact contribution of each index is to average the rates of change shown component series in each month in terms of for the individual products included. The points in the total index. Furthermore, monthly figures for each series are reduced having basic records of this type makes it to relatives in terms of the monthly average easy to obtain a composite for any group of for a selected base period as 100, and all the products or industries for which such a comrelatives for each month are averaged. This posite is desired. type of index is called an average of relatives. Problems of weighting Another method is to convert all physical volume figures into values by the use of un- In combining measures of the output of changing unit-values, add the values for each various products into a single index allowmonth, then reduce the aggregates to rela- ance must be made for the relative imtives in terms of the base period as 100. This portance of each. The production of one is called the aggregative method. or 1,000 cigarettes does not have the same The two methods become identical if the importance to the economy as a ton of steel, relatives are averaged arithmetically and nor would a 10 per cent growth in cigarette are weighted by value figures that refer to or production be the same as a 10 per cent are adapted to the comparison base of the increase in steel output. relatives. The old Federal Reserve index Basis of weights.—Relative importance, was compiled by the so-called aggregative however, is not a definite and precise crimethod while the new index is a weighted terion. It may be a matter of subj ective j udgarithmetic average of relatives. The differ- ment. For some purposes the amount of ence between the two indexes, however, rests labor employed may offer a significant measentirely on differences in series included and ure, but it is not a satisfactory guide for all in value figures used for weights, the two purposes, because the amount of machinery methods being merely different expressions used in production varies considerably and of the same formula.1 quite differently from the use of labor. In The decision as to which of the many for- compiling an index of fuel production, potenmulas available is best for a particular index tial heat units might provide the best weights. But these are special purpose weights. In our money economy, where 1 The algebraic formula for a weighted arithmetic average of relatives is most products must come upon the market vf w—"I and that for a relative of aggregates is ^PwQx; whereW== Pwq° directly or indirectly and be exchanged at a a d n u d c , t i S on W o f e q a u p a r l o s d u u n c i t t y in ; q a xg i a v n e d n q poe r r i e o p d r e a s n e d n t i n t h th e e p c h o y m si p c a a r l is v o o n lu -b m a e s e o p f e p r r io o d - price which represents the balance between r o e u s t p p e u c t t i i v n e l t y h ; e a w nd ei g p hwt - r b e a p s r e e s p e e n r t i s o d t . h e T v h a e lu t e w ( o o r e q v u al a u ti e o a n d s d a e r d e ) i d p e e n r t u ic n a i l t . of the costs of production and the market's In the formula used in compiling the revised Federal Reserve index judgment of economic utility, value figures provide the best measures of relative im- W=' -, as explained in the section below describing the computa- Sp37qo portance for purposes of broad economic tion of weights. The subscript (o) refers to the base period, which is analysis. the average for 1935-39. The above equation for the arithmetic average of relatives becomes In the case of manufactured products, however, total value of the finished product 2p37qo qoj includes the value of raw materials, which which is equivalent to > the aggregative formula. For the period are not the product of the manufacturing process but of an earlier stage of produc- 1923 to 1929 W= and the aggregative equation for that period tion. In meat packing, for example, the would be proportion of value added by manufacture SEPTEMBER 1940 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production to total value is small relative to the miscellaneous industries, accounting for similar proportion for printing and pub- about 3 per cent of the total, it can be said lishing. Also, in some manufacturing indus- that all industrial production is included on tries and groups, especially steel and prod- a group basis. ucts, total value of product includes a con- Within several of the individual groups, siderable amount of duplication resulting however, it is not possible to obtain such from the use of semimanufactures in making complete coverage and, accordingly, the finished products. The productive output methods used in assigning weights had to be of a factory is not measured by the total varied somewhat. value of its products, but only by the net Weights for industries and individual value added to the raw material by the series.—It has been pointed out that the process carried on in the factory. The stream products for which suitable production staof goods emerging from a factory represents tistics are available give an arbitrary and its output, but only part of it represents the more or less haphazard selection of data for contribution made by the factory to the inclusion in the index. The combination of nation's total output. In measuring total products within the groups, with each indioutput for any group of manufacturing in- vidual series weighted according to its own dustries only the portion contributed by the figure for value added by manufacture, factory should be considered. Otherwise, would not necessarily offer a representative there would be a vast amount of duplication cross-section of output in that group, parand also industries that make relatively ticularly inasmuch as value-added figures simple changes in the raw material they are not available specifically for many of the take in would be heavily overweighted in series. Many of the products for which figcomparison with industries that put mateures are available, however, show changes in rials through more elaborate transformation. production that are related to and somewhat The amount of value added by manufac- similar to changes in products for which ture, reported in the Census of Manufac- figures are not available. This is particutures, largely eliminates such duplications larly true of the important semifinished or overweighting and seems to be the best commodities, like steel and the textile fibers, available measure of relative importance for that provide materials for and directly reflect individual industries or groups of industries. output of more advanced products. An in- This amount is the total value of the proddustry making complex products for which uct minus cost of materials, fuels, and consuitable statistics are not available may be tainers ; it includes the cost of labor, other represented in the index by some basic raw operating and distributing costs incurred material or semifinished product or even by by the manufacturer, and profits. For minsome related industry that is likely to behave ing, which is an extractive industry and does in a similar manner. In computing weights not involve much duplication, total values for individual series within the groups, are used as the basis of weighting. therefore, the products included are in many Weighting of major groups.—It may be instances assigned weights which represent said that a production index is built up by not only their own values but also values for a process of integration. The total index is the industry of which they are a part and for made up of a combination of indexes for other products within the group of related manufactures and minerals, the former industries. The index for each industry is weighted by total value added by manufacbased on those of its products for which ture for all manufacturing industries and figures are available or on principal raw the latter by total value of all mineral prodmaterials consumed or on man-hours worked ucts. The index of manufactures in turn is —in other words, on the best available quana combination of indexes for each of 16 titative measure of the industry's output. major groups of industries represented in Where more than one product is available the index, each weighted by the total value each one is weighted according to its relative added for that group, including industries importance to the others, generally as indinot directly represented by production series cated by total value, since value added figures in the index as well as those so represented. are ordinarily not available for individual The mining index is a combination of indexes products. for two groups of related minerals, each weighted by the total value of all minerals Computation of weights.—In computing in that group. With the exception of a few the weights used in the Board's index of 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production manufactures, the total value added for all RELATIVE IMPORTANCE OP INDUSTRIAL GROUPS AND manufacturing industries in 1937 was dis- OF SELECTED INDUSTRIES tributed among the 16 groups represented in Per cent of total 1935-39, with 1923 and 1937 weights proportion to the value added for each group, and these derived group totals were then 1923 1937 subdivided among industries and finally Series weights weights among individual products in a similar manner. Thus each individual series was assigned Industrial production 100. 00 100.00 a figure for value added by manufacture for Manufactures __ 85.38 84.80 all industries or parts of industries that that Durable manufactures _ 34.53 37.93 product is presumed to represent. The Iron and steel _.. __ __ _ 8.76 11.00 value-added figure for each series was then Machinery production 9.48 10.81 Transportation equipment 5.61 5.92 divided by the corresponding relative for Automobile production 4.53 4.79 Nonferrous metals and products 2.65 2.81 that series on the 1935-1939 comparison Lumber and products 4.37 4.39 base to obtain a hypothetical value-added Ston L e u , m cl b ay er , a p n r d o d g u l c as ti s o n p . roducts 2.68 3.66 2.90 3.00 figure for 1935-1939. A similar procedure Nondurable manufactures 50.85 46.87 was followed with the mining series, using the value of minerals. The derived 1935- Text C ile o s tt o a n n d c o p n ro su d m uc p t t s i — on 5.93 14.08 4.78 11.22 1939 figures for each series were then ex- Rayon deliveries 2.60 2.06 Silk deliveries 1.57 1.00 pressed as a percentage of the total of all Wool textiles 3.98 3.38 Leather and products 2.57 2.28 such values. These percentages represent Shoe production 1.73 1.36 the estimated relative importance of each Manufactured food products .„ 9.61 10.92 Manufactured dairy products 1.11 1.07 series in the 1935-1939 base period and are Meat packing .78 1.15 Alcoholic beverages 1.84 1.84 the weights actually applied to the relatives Tobacco products .84 1.24 for each product or industry. These meas- Paper and products _ _ 3.24 3.13 Paper production 1.72 2.16 ures of relative importance for the major Paperboard container production 1.04 .64 Printing and publishing 6.58 6.44 groups and for selected industries are shown Newsprint consumption 3.29 3.22 in the accompanying table; they were shown Petro P l r e i u n m tin g a n p d a p c e o r a l p p ro ro d d u u c c ti t o s n 3.29 3.24 3.22 2.14 for each series in the table at the end of Petroleum refining 2.77 1.86 Production of chemicals __ 6.65 6.27 article describing the computation of the Rubber products 2.20 1.39 index published in the August BULLETIN. Minerals 14.62 15.20 The multiplication of the individual Fuels 12.77 13.01 monthly relatives by the corresponding Bituminous coal production . 3.99 3.44 Anthracite production 1.04 .87 weight gives a figure which is the number of Crude petroleum production 7.74 8.70 points contributed in each month by the par- Metals 1.85 2.19 ticular series to the total index of industrial production and the sum of all these figures is Allowance for shifts in relative importhe total index.1 The chart on page 924 and tance.—The method of weighting used in the tables on pages 996-997 show monthly compiling the Federal Reserve production fluctuations in the total index, in durable and index in effect reconstructs the industrial nondurable manufactures, and in minerals, structure of the period to which weights with the three component series expressed as apply—the years 1923 and 1937. The use of points in the total index. these same weights for other years builds up a structure which differs somewhat from that 1 The algebraic formula used is set forth in footnote 1 on which actually existed but measures average page 917. The principles involved in this method are exactly changes in volume of production independent the same as in the method used in the old Federal Reserve index, but in the old index the details of computation were of price changes. The implicit assumption somewhat different. Instead of adjusting the value added figures so that they showed relative importance in the base in this method is correct only if prices (or period, the value added figures in the weight year (1923) were rather values added per unit) of every proddivided by the actual physical quantities for each product in that year to obtain a unit-value weight factor. This factor (with uct show no change or change by the same some further adjustment because the quantity figures were on a daily average basis) was multiplied by each monthly quantity proportion. Although it can be readily figure for the series, thus with one step converting that quantity shown that this is not the case, the differences into a value figure and weighting it according to its assigned importance relative to the other products. Addition of these are likely to be small. Short-term changes derived value figures for a given month gave aggregates by in the relative importance of different indusseparate industries and groups and for industry as a whole, and when these monthly aggregates were divided by the monthly tries are due mostly to changes in quantities average aggregate for the base period index numbers were obtained. The change from this procedure in compiling the new of goods produced and only to a smaller index was made as was stated above for convenience in compila- extent to variations in unit values. The tion and to facilitate analysis. SEPTEMBER 1940 919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production changes in quantities are fully reflected in analysis to select a base period which is comthe index. For this reason the assumptions paratively recent and familiar and which is involved in the use of fixed weights do not not characterized by extreme variations. A seriously affect the results over short periods base selected to cover a number of years of of time. different movements may average out some Where the index covers an extended period of the variations likely to be reflected in too of time, however, it is desirable to make some short a base period. adjustments in weights. Thus in the past When the Federal Reserve index of industwenty years there have been important trial production was compiled in 1926, the shifts in industrial processes that need to be base period selected was the last three years taken into account. As a result of improved available—1923, 1924, and 1925—the only methods of production, the importance of years of the period then covered not greatly each pair of shoes, for example, was much less influenced by the extreme war and post-war relative to other products in 1937 than it was developments. For several years a later in 1923. The relative importance of each base period has been desirable, but until repound of meat produced, however, has in- cently the wide fluctuations in production creased considerably. To allow for such accompanying business depression and recovchanges three sets of weights were used in ery made difficult the selection from the past compiling the Board's new index: (1) From decade of a satisfactory base period. The 1929 to 1937 weights were based on 1937, period adopted as a base for the revised pro- (2) from 1923 to 1929 on 1923, and (3) from duction index—the five years 1935-1939— 1919 to 1923 the previous index, compiled seems to meet the principal requirements for with the use of both 1919 and 1923 weights, a satisfactory base better than any other was used without revision.1 These different available period. Various Federal Governsets of indexes were chained together in the ment departments and agencies compiling overlapping years 1923 and 1929 to give a and using index numbers, acting through the continuous series of figures. The measures Central Statistical Board, recently agreed of relative importance of the various major upon the adoption of the 1935-1939 period as industrial groups and of a number of the an uniform base for all index numbers conmore important industries in the base period, structed by them, unless for some special reaas indicated by the 1923 and 1937 weights, are son a different base were preferred. The reashown in the table. The effect of the shift of sons for adopting this period are set forth in weights in 1929 upon the relative importance a statement issued by the Central Statistical of durable and nondurable manufactures is Board.1 illustrated in the chart shown at the end of this article by the breaks in the curves Long-time adjustments at the end of 1929. In some indexes of production or of general business activity that have been com- Selection of a base period piled, attempt has been made to eliminate all Since index numbers are primarily con- elements of long-time growth and the indexes ceived as measurements of average changes are expressed as percentages of so-called in a composite of data, it is customary to "normal" rather than of some fixed base express them in terms of relatives to some period. The purpose of this sort of adjustcomparison base period as 100. The base ment is to provide an index which is a more period selected will generally have little precise measure of so-called cyclical moveeffect upon the relative movements of the ments. Adjustment for long-time trend was total index, but is of significance for other developed from experience with past periods reasons. when the growth of industry was so great Any base period selected is likely to have as to conceal other variations, which after attributed to it a quality of normality. Partly adjustment for trend were revealed as sigbecause of this tendency on the part of public nificant developments. The computed trend users of the index, but primarily to facilitate is the composite result of a number of faccomparisons between the various components tors, the chief of which are growth of popuof the index, which may over a long period of lation, increasing resort to factory and mine for goods used by business and by inditime show wide divergencies from the base, viduals, a general improvement in economic it is desirable in an index used for current 1 Weights for other Census years were also examined, but the 1 See page 760 of the FEDERAL RESERVE BULLETIN for August differences between years were too small or too ephemeral to or page 8 of reprint of article describing the computation of the justify the additional work involved in using other sets of weights. index. 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production well-being; in some cases it is the result in sentation is less precise over the years. In part of defects of data. these cases adjustments of level are neces- These elements of growth are significant sary therefore, to improve the accuracy of economic factors and attempts to measure the figures as indicators of broad changes in and study them are necessary for some pur- the volume of production. For this purpose poses, but to eliminate the growth elements comprehensive annual or biennial statistics from production statistics before combining from the Census of Manufactures are used. them into a composite measure of output not Where monthly production figures are availonly impairs the usefulness of the resulting able, they are adjusted so that their levels figure for many purposes but also may be of are made to agree with the more comprehendoubtful validity on technical grounds. The sive Census data. In some industries where computation of any measure of "normal" physical production figures are available in growth is necessarily arbitrary and cannot the Census but are not available currently take into consideration variations in all the on a satisfactory basis, statistics of current factors affecting the situation. There is no productive activity have been estimated by convincing evidence that enonomic behavior using Labor Department data of man-hours conforms to mathematical formulas. Even worked, adjusted to the general level of though a representative trend line may be physical production as indicated by Census computed for past performance, it must be data. projected for current use and there is no This adjustment is obtained by relating assurance that it is accurate for the current physical production in each Census year to period; in fact there have been many in- estimated man-hours in the corresponding stances when such adjustments proved to be year, the figures derived being an estimate misleading. A technical defect of using data of output per man-hour. Monthly estimates adjusted for trend in compiling an index of of productivity have been interpolated from production is that it removes from the indi- these biennial relationships assuming, in the vidual series the principal element that ac- absence of reliable information concerning counts for its changing importance in the short-term changes in output per man-hour, industrial structure. Unless appropriate that productivity shows only gradual shifts. allowance is made for continuous changes in For some industries no satisfactory physical weights, a rapidly growing industry and a production figures are available either on a declining industry will bear the same relation monthly basis or in the Census of Manufacto each other at the end of a period of change tures. In a few of these cases it has been as at the beginning. In some cases such allow- possible to estimate the level of physical proance has been made, but in others it has not. duction from value figures and related information published in the Census reports and The Federal Reserve index of industrial thus to derive a productivity measure to be production has been compiled with the aim applied to the man-hour series. In some of providing a reasonably accurate guide to other industries where there seemed to be changes in the total volume of output and to no good basis for estimating production, shifts in the pattern of industry, as well as to general estimates of productivity for indusmeasure short-time variations in industrial try as a whole were applied to the specific activity. These developments are significant man-hours series. These adjustments are from the standpoint of economic well-being discussed in somewhat more detail in the and for purposes of analyzing current article describing the construction of the changes in business conditions. For this index published in the August BULLETIN. reason long-time trend adjustments (which distort existing relationships) have been Short-time adjustments avoided; instead in many cases special adjustments have been applied to the raw data In analyzing short-time fluctuations in where necessary to make the figures conform productive activity, there appear recurrent more closely to the true pattern of growth, movements of some considerable importance, i. e., trend has been put into rather than which have sufficient regularity in timing taken from the data. and amount to make them susceptible to Most of the current monthly figures used measurement. Being measured, they can in the index appear to depict with reasonable then be eliminated from the figures to give accuracy the long-term course of output in an index free of these elements. The most the industries which they represent, but in obvious example is the influence of variaa number of important industries, the repre- tions among the different months in number SEPTEMBER 1940 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production of working days. Reduction of monthly adjust national income figures for price figures to average daily output adjusts in changes by use of available price indexes, large part for this influence. Complete ad- the differences are generally narrowed, but justment is not possible because of variations at times are large enough to be important in the importance of different days of the for some purposes. It is practically imposweek and other immeasurable factors. sible to make a precise correction of value A less precise but often more important figures for the influence of price changes, element of short-term variation is that especially in times of large fluctuations in which reflects customary seasonal patterns commodity prices such as have occurred since of demand and supply. These patterns are 1919. Under such conditions the production the result in part of weather and in part of index is presumably a more accurate measure various established customs, habits, and of physical-volume changes than value figures business practices. They recur with some deflated by general price indexes. regularity but in practically all cases change Comprehensive indexes of manufacturing with the passage of time and occasionally output based upon annual figures have been are suddenly and drastically altered by compiled by various persons from data furspecial developments. There is, for example, a nished by the t/iennial Census of Manufacpronounced seasonal variation in automobile tures. Some of these indexes as constructed production, related to the dates selected by in the past have been derived almost wholly producers for the introduction of new models from data representing physical output, as well as to buying habits of automobile own- without adjustment for industries for which ers and other seasonal influences. A varia- suitable data are lacking.1 tion of a week or more by a major producer Series included in the new Federal Reserve in his new-model inaugural date may sub- index, as explained, are adjusted where stantially alter the seasonal pattern of the necessary and possible to conform in general entire industry for two or three months. level to physical volume figures reported by The task of measuring and eliminating sea- the Census. In addition, the index covers sonal variations requires, therefore, not only many industries for which such Census data statistical measurements of typical past per- are not available and should, therefore, be formance but at times special adjustment for more accurate than any other published insudden changes in these patterns. In most dexes. A new index, recently compiled from other lines where there are pronounced sea- Census data by Solomon Fabricant of the sonal patterns they are less susceptible to National Bureau of Economic Research but as sudden and arbitrary change. yet unpublished, is much more comprehensive The Federal Reserve index of production in scope than previous Census indexes and is is compiled and published in two. forms— adjusted to allow for industries for which both are on a daily average basis but one is physical volume production data are not adjusted for seasonal variation and the other available. is not. Figures both with and without sea- These various index numbers compiled sonal adjustment are made available for the from totals for Census years generally show total index and for all groups, industries, from one Census year to the next the same and products. Each set is significant for direction of movement as the Federal Redifferent purposes. serve index, and they all agree fairly closely in magnitude of movement. In broad trends Comparison with other measures over a period of years larger differences appear. The revised Federal Reserve index There are no precise guides or tests by shows a more rapid growth during the past which to measure the accuracy of the Federal two decades than appeared in published Reserve index of industrial production. Census indexes, which had in turn shown Comparison between the index and annual more growth than the old Federal Reserve estimates of national income produced in index. The following table compares the manufacturing and mining with respect to year-to-year changes and growth over a long 1 See particularly Growth of Manufactures, Census Monograph No. VIII, by Edmund E. Day and Woodlief Thomas, 1928, and period shows general agreement in direction "Index of Manufacturing Production Derived from Census Data," 1935, by V. S. Kolesnikoff in Journal of the American Statistiof movement and some similarity in amount. cal Association, December 1937, pp. 713-4; and Biennial Census Substantial differences appear to result from of Manufacturers: 1937, Part I, Bureau of the Census. 1939, pp. 12, 17. See also Recent Economic Tendencies, by F. C. Mills, the effect of price changes on the national in- National Bureau of Economic Research, 1932, and note reference in text above to the new unpublished index compiled by Solomon come figures. When an attempt is made to Fabricant of the National Bureau of Economic Research. 922 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Measurement of Production Federal Reserve indexes of industrial pro- data, compiled by the Bureau of Labor Staduction and of manufactures for the biennial tistics. These various indexes show marked census years with the new index of manufac- similarity in direction of movement, but diftures of the National Bureau of Economic ferences in degree. Owing principally to Research; each of the indexes is expressed the inclusion of payments in other and more in terms of 1929 as 100. The National Bureau stable lines than manufacturing and mining, index shows slightly more growth than the the national income figures customarily move new Federal Reserve index of manufactures within a much narrower range over short from 1923 to 1937, and much more growth periods than the production index. This is from 1919 to 1923, when the old Federal Re- illustrated for recent years by the chart on serve index was linked on to the new one. page 745 of the August BULLETIN. Industrial There are also some differences in biennial production also, as might be expected, fluctuchanges, varying in direction, which may re- ates somewhat more widely than number of flect the effect of variations in data and meth-persons employed in the same industries, but ods used. agrees more closely with total payrolls, which are affected by changes in working time. Differences between the index of production PRODUCTION INDEXES, FEDERAL RESERVE AND and those of employment and payrolls also NATIONAL BUREAU OP ECONOMIC RESEARCH reflect variations in the relative importance of different industries making up these Percent change from Indexes, 1929=100 previous biennial census totals. The proportion of output of some inyear dustries to total industrial production may differ considerably from the corresponding In tr d i u al s- Production of In tr d i u a s l - Production of employment proportions. At times, generally produc- manufactures produc- manufactures over long periods, differences between protion tion duction and employment and payrolls reflect variations in productivity, in working hours, Federal Federal National Federal Federal National Reserve Reserve Bureau Reserve Reserve Bureau and in wage rates. In general it would appear that the revised 1919 65 65 61 1921 53 51 54 -18 -22 +11 Federal Reserve index of industrial produc- 1 19 9 2 2 5 3 8 8 0 2 8 7 2 8 8 7 2 7 + + 5 1 3 + + 5 3 5 + + 4 3 6 tion provides a reasonably accurate indica- 1927 87 86 87 + 6 + 5 + 6 tion of both long-time and short-time changes 1929 100 100 100 +15 +16 +15 1931 68 67 72 -32 -33 -28 in total industrial output and shifts in the 1 19 9 3 3 5 3 6 7 3 9 6 7 2 9 8 6 3 3 + - 25 7 + - 27 7 + -1 3 3 2 industrial structure. When due regard is 1937 103 103 103 +30 +30 +24 given to its scope and purpose, the index 1939 98 98 - 5 should serve as a dependable guide for economic analysis. Although the new index is On the whole, it would appear that, not- similar in direction and timing of movements withstanding the elements of growth added to the production index previously compiled to the revised Federal Reserve index, it still by the Board, it affords a somewhat more understates the growth of industrial produc- accurate indication of current developments, tion. The understatement is probably con- particularly in periods of rapid change, and siderable in relation to the growth that would gives a better perspective of changes in the be shown by a production index that measured volume of output from decade to decade. changes in quality as well as in quantity of Perhaps the most important result of the reviproducts, but there has not yet been devised sion, however, is the greater assurance that an index that would make this test possible. the new index gives to the Board, to other With respect to short-time movements the agencies of the Government, and to the public production index may be compared with that the basic index of industrial output has monthly figures of national income pay- been carefully reviewed and that necessary ments, compiled by the Department of Com- adjustments to changes in our industrial merce, and with employment and payrolls structure have been made. SEPTEMBER 1940 923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAJOR DIVISIONS OF PRODUCTION INDEX EXPRESSED AS POINTS IN THE TOTAL The Federal Reserve index of industrial trial structure in each month and the extent production is shown in the following chart to which each major division is responsible in terms of the contribution made to total for changes in the total. industrial output by each of three major di- In the chart below weights derived from visions—durable manufactures, nondurable Census data for 1923 were used through 1929, manufactures, and minerals. The figures while for the period since 1929 weights deare expressed as points in the total index, rived from Census data for 1937 were used. with the 1935-1939 average as 100; they At the end of 1929 when the change in weights are given by months for the period since became effective the lines for the major divi- January 1919 in tables on pages 996-997 of sions show a break; the curve for nondurable this BULLETIN. manufactures is lowered and that for durable These data serve a purpose not served by commodities is raised. This shift reflects group indexes expressed in terms of their chiefly the reduced importance per unit of own 1935-1939 averages as 100. They show output of textiles and leather products and not only the relative movements of the groups the increased importance per unit of output but also the broad composition of the indus- of iron and steel and machinery. INDEX OF INDUSTRIAL PRODUCTION ADJUSTED FOR SEASONAL VARIATION, 1935-1939 AVERAGE FOR TOTAL* OtNTS IN TOTAL INK) MONTHLY 140 130 110 40 1922 1924 1926 1928 1930 1932 1934 1936 1938 924 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(fold)0> Canttal jSanlc5 and TABLES of central gold reserves for most should be separately stated, even if accurate of the countries of the world, constructed figures for other types of gold holdings could on an annual basis for the years 1913 to 1927, be shown. Where countries have not had inand on a monthly basis from June 1928 to stitutions performing all the recognized cen- April 1940, are published in this issue of the tral banking functions during the entire BULLETIN, pages 1000-1007. In the BULLETIN period covered by the tables the gold reserves for July 1931, pages 394-400, there were pub- of government owned banks or of banks havlished tables of central gold reserves for all ing issue privileges in the countries concerned countries for which satisfactory figures were have been shown in the tables in order to then available, on an annual basis for 1913- make the compilation as representative as 1927 and on a monthly basis for June 1928- possible. Hence the institutions listed in the May 1931. These tables were repeated in the tabular statements are not all central banks BULLETIN for May 1932, pages 311-318, and in the strict sense. June 1933, pages 368-372, additional coun- In recent years, fresh difficulties have tries being included and the whole series be- arisen in the compilation of comprehensive ing extended to March 1932 and April 1933, figures for official gold holdings as a result respectively. In the BULLETIN for July 1936, of the concealment of reserves held by expages 544-547, figures for the period since change funds or in unreported government 1913 were presented for three additional or central bank accounts. One important countries and for the Bank for International gold-holding country, the U. S. S. R., has Settlements in Switzerland. The tables on rendered no reports since September 1935; the following pages once more contain the the elimination from the tables of the Ruscomplete series from 1913 for all countries sian holdings has resulted in a serious gap for which satisfactory information has been in the reported totals since that time. Other obtainable; two further countries, Iran and similar defects have since developed. The Venezuela, have been added. Also certain elimination from the tables of the figures for revisions and corrections have been effected Austria and Danzig after their incorporation in the figures previously published; these are by Germany, and of the figures for Poland indicated by footnotes to the affected figures after the establishment of a new Polish Cenin the tables, except in the case of the Neth- tral Bank without gold reserves, was not erlands and Switzerland where the series compensated in the totals by any correspondhave been completely revised on the basis of ing increases in Germany's reported holdamended information concerning the valua- ings. In several other instances, reports are tion of gold reserves in these countries. not currently available, but the last official reports have been carried forward pending Scope of the data the receipt of the missing data. The sources and nature of the data from Some countries beside Germany have apwhich the figures have been derived are sum- parently failed to include all of their gold in marized in a tabular statement on the fol- their regular reports, while in others, gold lowing pages. The figures represent physical has been transferred to—or has been indegold, in the form of coin or bullion, held pendently accumulated by—special governeither at home or abroad by central banks ment agencies the existence of which is and governments. They do not include gold known but which operate in a greater or less in circulation or in hoards—that is, gold degree of secrecy. These government funds, held by ordinary commercial banks, business created in most cases for the purpose of staconcerns, and private individuals. The prin- bilizing the exchange value of their respeccipal reason for excluding such gold is that tive currencies, were initiated on a large satisfactory figures are not available; but it scale with the establishment of the British is also considered that gold in the hands of Exchange Equalization Account in 1932, and central authorities represents in general the have reached their ultimate development in effective gold reserves of the world and this same fund, which since September 1939 925 SEPTEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments has held virtually the whole of the United changes in the ownership or custody of the Kingdom's gold reserves. gold reserves of particular countries which Many government funds have never re- have similarly affected the comparability of ported their gold holdings, but within the the series for those countries. last two or three years the three leading ex- August 1914—German Reichsbank acquired change funds—the British Exchange Equal- after the outbreak of war certain special ization Account, the United States Exchange gold reserves not previously included in Stabilization Fund (Special A/c No. 1), and reported German holdings amounting to $48,800,000 (at $20.67 an ounce). the French Exchange Stabilization Fund— February 1934—Reported United States gold have rendered certain reports on a delayed holdings increased by transfer to Treasury basis; the French fund reported monthly, of $141,100,000 in gold held by Reconstrucand the others at quarterly or semi-annual tion Finance Corporation, and by inclusion intervals. The British and French funds, for first time in Treasury report of approximately $52,200,000 in gold coin purhowever, discontinued this practice followchased before February 1934 under section ing the outbreak of war in September 1939. 734, title 31, U. S. Code (dollar values at The fragmentary evidence concerning the $35 an ounce). holdings of these funds is presented in the April 1934—Gold reported by United States first section of the table below; the second Treasury as held for account of Exchange Stabilization Fund reduced by $200,000,000, section is devoted to the semi-annual reports reflecting transfer to Fund's Special A/c on a delayed basis of the gold holdings of the No. 1; gold holdings of this account not Belgian Treasury, available since December subsequently reported until June 1938 (see 1931. None of this information has been in- special reports of the account in table on this page. corporated in the general gold reserve tables March 1935—Bank of Canada upon commencing on pages 1000-1007. operations acquired from Canadian Chartered Banks $31,900,000 in gold not previously included in central gold reserves. GOVERNMENT GOLD RESERVES SPECIALLY REPORTED April 1935—$130,700,000 in gold transferred by [In millions of dollars] National Bank of Belgium to Belgian Government representing revaluation increment. End of month 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 End of month Belgium July B 1 a 9 n 3 k 8 — of $ 9 J 7 a , p 9 a 0 n 0 ,0 t 0 o 0 s e i c n r e g t o J l a d p a t n ra e n se sf e e r x r c e h d a n b g y e fund. 1937—Mar. 1934 1931—Dec i 4 January 1939—$1,648,000,000 in gold trans- Sept 1,395 ferred to British Exchange Equalization Ac- 1932—June 12 count by Bank of England. 1938—Mar 1,489 Dec 12 June 144 1933—June 19 March 1939—$26,300,000 in gold transferred to Sept 759 Dec 10 Bank of England by E. E. A. Oct i 103 1934—June.. - 15 April 1939—$139,300,000 in gold transferred by Nov. 130 Dec 31 Dec 80 331 1935—June... •103 French Exchange Stabilization Fund to Dec '93 Bank of France. 1939—Jan. 381 1936—June 103 July 1939—$94,300,000 in gold transferred to Feb 465 Dec 93 Mar 154 1,732 559 1937—June 115 Bank of England by E. E. A. Apr 455 Dec 81 August 1939—$139,300,000 in gold transferred J M u a n y e 85 477 1938— D Ju e n c e 4 6 4 2 to Bank of France by E. S. F. Sept 164 1939—June 17 September 1939—$1,162,400,000 in gold trans- Dec 156 Dec 17 ferred to E. E. A. by Bank of England. 1940—Mar 145 March 1940—$709,200,000 in gold transferred to E. S. F. by Bank of France. ^Revised, There is reason to believe that other imi First report. portant transfers of a similar nature have Further light has been cast from time to occurred, not only in the course of the operatime upon the operations of certain exchange tions of the exchange funds mentioned above, funds by announcements of gold transfers but ajso in connection with the formation and between them and their respective central activities of exchange funds in other counbanks; such transfers usually are reflected in tries, notably the Netherlands and Switzerabrupt changes in the reported figures for land. the countries concerned. In order to facili- Effect of currency revaluation tate interpretation of the reported figures, When the gold content of the United States there are noted below in chronological order dollar was reduced early in 1934, the par rate some of the more important recorded trans- of conversion into dollars of all foreign curfers, together with certain other reported rencies was automatically increased by 69.31 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments per cent. The new parity did not become ef- the practice of some central banking institufective until after close of business on Janu- tions of consistently reporting on the same ary 31, 1934, but for purposes of comparison day of the week, with the result that the the January 1934 figures of central gold re- calendar date of their year-end report differs serves are given in terms of both the old from one year to the next, and falls on Deand the new parity in the tables. In addi- cember 31 only by chance. tion to the general change effected by re- Similarly, the other month-end figures revaluation of the dollar, conversion rates have late to the last day of the month for most been altered by the revaluation of official gold countries. In the remaining countries, the reserves in a large number of countries in figures relate to the last report date in the terms of their local currency. Such revalua- month, or, in one case, to the first day of tions do not affect the dollar value of the gold the following month; the countries concerned reserves concerned, as the change in terms of and the days for which their reports have the local currency is exactly offset by the been issued may be summarized as follows: altered dollar value of the local currency for gold valuation purposes (see list of con- Monday—Australia, Latvia (beginning March 1931), New Zealand, Netherlands1 version rates in tabular section). It should Wednesday—Latvia (through February 1931), be noted that these official conversion rates Portugal, United Kingdom applicable to gold reserves may differ widely Thursday—Belgium,2 France (beginning May from the rates at which the currencies con- 1937), Turkey (through May 1935) Friday—Chile, France (through April 1937), cerned are bought and sold on the exchange India (beginning April 1935), South Africa market. Saturday—Brazil,3 Japan (beginning June 1939), Java, Rumania, Spain, Turkey (begin- Dates to which figures apply ning June 1935) About the twentieth of each month4—Iran (be- In the case of most of the countries inginning October 1935) cluded in the tables, the year-end figures are First day of the succeeding month—U. S. S. R. as of December 31 during the entire period. 1 Report sometimes made as of Tuesday or Wednesday. There appears below a tabulation of excep- 2 Report sometimes made as of Wednesday. tions to this rule, most of which are due to 3 Caixa de Estabilisagao only. 4 Final day of the Mohammedan calendar month. YEAR-END REPORT ]DATES OTHER THAN DECEMBER 31I D— December. J.—January. 0.—October. Year t A ra u l s ia - g B iu el m - Brazil* I B n is r d i h i t a - FranceGreece3 I ( r s P i a a e n ) r 4 - Japan Java Latvia N la e e n r t d - h s - N l Z a e e n a w d - A So fr u ic th a Spain T k u ey r- U K d n i o i n m t g e - d U ( S R . . u R S s . - . sia) 1913 D.26 J. 13 D.27 (5) J. 1 1914 D.24 J. 13 J. 2 D.24 (5) D.30 J. 1 1915 D.30 J. 13 J. 1 (5) D.29 J. 1 1916 D.28 J. 13 D.30 D.30 (5) D.27 J. 1 1917 D.27 J. 13 D.29 D.29 (5) D.26 0. 16 1918 D.26 J. 13 D.28 D.28 (5) D 28 D 25 1919 D.26 J. 13 D.27 D.27 (5) D 27 1920 D.30 J. 13 D.25 D.27 (5) D.29 1921 D.30 J. 13 D.27 (8) D.28 1922 D.29 J. 13 D.30 D.28 D.27 (5) D.30 D.27 J. 1 1923 D.28 D.29 (5) D.29 D.26 J. 1 1924 D.26 D.27 J. 1 D.29 (5) D.27 J. 1 1925 D.26 J. 1 D.28 (6) D.26 D.30 J. 1 1926 D.29 D.30 D.25 J. 1 D.27 (5) D.29 J. 1 1927 D.29 D.30 J. 1 D.27 (5) D.30 D.28 J. 1 1928 D.27 D.29 D.28 D.29 J. 1 D 28 D 29 D.26 J. 1 1929 D.26 D.28 D.27 D.28 J. 1 D.30 D.30 D.27 D.28 D.25 J. 1 1930 D.29 D.26 D.27 J. 1 D.29 D.29 D.24 D.27 J. 1 1931 D 28 D 30 D.30 D.26 D.28 D.28 D.28 D 26 D.30 J. 1 1932 D.26 D.29 D.30 D.26 D.27 D.26 D.30 D.29 D 28 1933 D.25 D.28 D.29 D.30 D.25 D.27 D.25 D.29 D.30 D.28 D.27 J. 1 1934 D.27 D.28 D.29 D.28 D.29 D.27 D.26 J. 1 1935 D.30 D.26 D.27 D.27 D.22 D.28 D.30 D.30 D.30 D.27 D.28 D.28 D.25 1936 D.28 D.30 D.25 D.30 D.21 D.26 D.28 D.28 D.28 D.26 D.30 1937 D 27 D.29 D.30 D. 21 D.25 D.27 D.27 D.27 D 29 1938 D.29 D.30 D.29 D.21 D.26 D.27 D.26 D.30 D 28 1939 D.25 D.28 D.29 D.28 D.30 D.30 D.25 D.27 D.25 D.29 D.30 D.27 1 January dates relate to following year. 2 Caixa de Estabilisacao only. 3 Figures for Greece through 1922 reported as of Dec. 31, Julian calendar. < Figures for Iran beginning 1935 reported as of last day of Mohammedan calendar months. 6 Annual average, 1913; fourth quarter average, 1914-27. SEPTEMBER 1940 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, 1913-APRIL 1940 DESCRIPTION OF DATA Rate of conversion Country Institution Source into U. S. dollars CJnited States- 1913, United States Treasury; 1913-Apr. 1940, United States 1913, Gold coin and bullion of 1914-Jan. 1934,United States Treasury, Circulation State- United States Treasury; Treasury and Federal Re- ment of U. S. money (State- 1914-Jan. 1934, Gold coin serve Banks; Feb. 1934-Apr. ment figures for 1914-1926 re- and bullion—total held in 1940, United States Treas- vised). Treasury and by Federal ury. Reserve Banks and agents; Feb. 1934-Apr. 1940, Gold coin and bullion held by United States Treasury, including gold held for account of Stabilization Fund. Albania . Banca Nazionale d'Albania... 1925, League of Nations, 1925, Gold; 1926, Oro in cassa, 1925-Jan. 1934, 1 franc= Monthly Bulletin of Statis- Oro presso corrispondenti, $0.1930; Feb. 1934-Mar.l940, tics; 1926, annual report; Oro in verghe; 1927-Mar. 1 franc=$0.3267. 1927-Mar. 1940, current bal- 1932, Oro in cassa, Oro ance sheet. presso corrispondenti; April 1932-Mar. 1940, Oro. Algeria. Banque de L'Algerie. 1913-1929, Letter from Banque 1913-1929, Or de"tenu par la 1913-May 1928, 1 franc= de L' Algerie; 1930-Apr. 1940, Banque; 1930-Apr. 1940, Or- $0.1930; June 1928-Jan. 1934, current balance sheet. lingots et monnaies. 1 franc=$0.0392; Feb. 1934- Apr. 1940, 1 franc=$0.0663. Argentina 1913-Apr. 1935, Caja de Con- 1913-1929, Memoria de la Caja 1913-1929, Garantia de la 1913-Jan. 1934,1 peso=$0.9648; version. de conversion; 1930-Apr. emision fiduciara; 1930-Apr. Feb. 1934-Apr. 1935, 1 peso 1935, Banco de la Nacion 1935, Garantia metalica. =$1.6334; May 1935-Apr. Argentina, Revista Econom- 1940, 1 peso=$0.3293 (letter ica. gives figures in fine ounces, converted at rate of 1 ounce =$35). Also, 1913-Apr. 1935, Banco 1913-1927, annual report; June 1913-Apr. 1935, Caja oro. de la Nacion Argentina. 1928-Apr. 1935, current balance sheet. May 1935-Apr. 1940, Banco May 1935-Apr. 1940, current From balance sheet: May Central de la Republiea balance sheet, and May 1935-May 1938, Gold at Argentina. 1935-Mar. 1940, letter from home, Gold at home-exten- Banco Central de la Re- sion of exchange fund; publica Argentina. June 1938-Apr. 1940, Gold at home. From letter, gold included in: May 1935-May 1938, "Gold abroad and foreign exchange"; June 1938-Mar. 1940, "Gold at home—extension of exchange fund", "Gold abroad and foreign exchange". Australia 1913-1919, Commonwealth 1913-1919, letter from Com- 1913-1919, Gold. 1913-June 1932, 1 Australian Treasury: State Note-issu- monwealth Bank. pound=$4.8665; July 1932ing Department. Jan. 1934, figures reported in dollars; Feb. 1934-Apr. 1940, 1920-Apr. 1940, Common- Issue dep't.: 1920-1927, annual 1920-June 1932, Issue dep't.— figures reported in fine wealth Bank of Australia. report; June-Nov. 1928, Gold coin and bullion, and ounces converted at rate of Australasian Insurance and Banking dep't.—Gold in- 1 ounce=$35. Banking Record; Dec. 1928, cluded in "Coin, bullion, annual report; 1929-1931, and cash balances"; July current balance sheet. 1932-Apr. 1940, Issue and Banking dep't.: 1920-1931, let- Banking dep'ts.—Gold. ter from Commonwealth Bank. Issue and Banking dep'ts.: 1932-Apr. 1940, letter from Commonwealth Bank. Austria.. Oesterreichische Nationalbank 1923-1927, annual report; June 1923-Mar. 1938, Gold gemunzt 1923-1924, 1 gold krone= 1928-Mar. 1938, current bal- und ungemunzt. $0.2026; 1925-Jan. 1934, 1 ance sheet. schilling=$0.1407; Feb., Mar. 1934, 1 schilling=$0.2382; Apr. 1934-Nov. 1935, 1 schilling=$0.1875; Dec. 1935- Nov. 1936, 1 schilling= $0.1887; Dec. 1936-Mar. 1938, 1 schilling=$0.1883. Austria- Oesterreichische-Ungarische 1913-1921, annual report; 1922, 1913-1922, Gold gemunzt und 1913-1922,1 gold krone=$0.2026. Hungary Bank current balance sheet. ungemunzt. Belgian Congo Banque du Congo Beige 1927-Apr. 1932, letter from 1927-Jan. 1940, Lingots et 1927-Jan. 1934,1 Belgian franc= Banque du Congo Beige; monnaies d'or. $0.0278; Feb. 1934-Mar. 1935, May 1932-Jan. 1940, cur- 1 Belgian franc=$0.0471; Apr. rent balance sheet. 1935-Jan. 1940, 1 Belgian franc=$0.0339. Belgium Banque Nationale de Belgique 1913, annual report; 1914-1918, 1913, Encaisse: or; 1914-1918, 1913-1925, lfranc=$0.1930; 1926letter from National Bank Gold; 1919-Dec. 1939, En- Jan. 1934, 1 belga=$0.1390; of Belgium; 1919-1927, an- caisse: or. Feb. 1934-Apr. 1935,1 belga= nual report; June 1928-Dec. $0.2354; Mar. 1935-Mar. 1936, 1939, current balance sheet. 1 belga=$0.1766; Apr. 1936- Dec. 1939, 1 belga=$0.1695. 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments Gold Reserves of Central Banks and Governments, 19 IS—April 1940, Continued Description of Data—Continued Rate of conversion Country Institution into U. S. dollars Bolivia. 1913-June 1929, Banco de la 1913-1927, June and Dec. 1928, 1913-June 1929, Encaje en oro. 1913-June 1928, 1 boliviano= Nacion Boliviana. June 1929, semi-annual re- $0.3893; July 1928-Sept. port. 1931, 1 boliviano=$0.3650; Oct. 1931-Nov. 1932, 1 July 1929-Apr. 1940, Banco July 1929-1930, annual report; July 1929-1931, Gold coins, boliviano = $0.3125; Dec. Central de Bolivia. 1931-Apr. 1940, letter from Gold bars; Oct. 1931-Apr. 1932-Jan. 1934,1 boliviano= Banco Central de Bolivia. 1940, Gold coins, Gold bars, $0.1923; Feb.-July 1934, and Gold abroad. 1 boliviano=$0.2500 (gold abroad reported in pounds sterling, converted at rate of 1 pound=$8.2397); Aug. 1934-Apr. 1940, gold at home reported in ounces converted at $35 an ounce, and gold abroad reported in pounds, dollars, and ounces, converted at $8.2397, $1.6931,and $35 respectively. Brazil. 1913-1922, Caixa de Amor- 1913-1922, League of Nations, 1913-1922, Government guar- 1913-1926, 1 milreis=$0.5464; tizagao. Memorandum on Currency antee fund. 1927-Nov. 1930, 1 milreis= (1913-1923). $0.1196 (Oct.-Dec. 1930, figuras in letter given in 1923-Apr. 1940, Banco do 1923-1927, annual report; June 1923-1926, Ouro em deposito pounds sterling, converted Brasil. 1928-Nov. 1930, current bal- na Caixa de Amortizacao, at rate of 1 pound= $4.8665); ance sheet; 1931-1933, letter Ouro em deposito era nossos 1931-Apr. 1940, original figfrom Banco do Brasil; Jan. cofres; 1927-Nov. 1930, Ouro ures in fine grams converted 1934-Apr. 1940, current bal- em deposito na Caixa de 1931-Jan. 1934 at rate of 1 ance sheet. Amortizacao; 1931-1933, Gold gram=$0.6646, and Feb. owned by the Bank; Jan. 1934-Apr. 1940 at rate of 1 -Aug. 1934, Gold acquired gram=$1.1253. by Bank of Brazil by order and for account of Federal Government; Sept. 1934- June 1935, Tesouro Nacional —Conta compra de ouro; July 1935-Apr. 1940, Ouro depqsitado pelo Tesouro Nacional. Also, 1927-1930, Caixa de Es- 1927-Sept. 1930, Wileman's 1927-1930, Gold. tabilisacao. Brazilian Review; Oct.- Dec. 1930, letter from Banco do Brasil. British India.. 1913-Mar. 1935, Government: 1913-1931, London Economist; 1913-Mar. 1935, Gold: In 1913-1919, 1 rupee=$0.3244; Gold standard reserve. 1932-Mar. 1935, current bal- India, In England. 1920-1926, 1 rupee=$0.4866; ance sheet. 1927-Jan. 1934, 1 rupee= $0.3650; Feb. 1934-Apr. 1940, Also, 1913-Mar. 1935, Govern- 1913, League of Nations, 1913, Total currency reserve 1 rupee=$0.6180. ment: Paper currency re- Memorandum on Currency (less gold in gold standard serve. (1913-1923); 1914-1923, Mon- reserve); 1914-Mar. 1935, tagu & Co., Weekly Bullion Gold in India and outside Letter; 1924-Mar. 1935, In- India—from Indian Curdian Department of Com- rency Returns. mercial Intelligence and Statistics, Indian Trade Journal. Apr. 1935-Apr. 1940, Reserve Apr. 1935-Apr. 1940, current Apr. 1935-Apr. 1940, Gold coin Bank of India. balance sheet. and bullion: In India, Outside India. Bulgaria National Bank of Bulgaria 1913-1918, League of Nations, 1913-1918, Gold; 1919-1923, 1913-1926, 1 lev=$0.1930; 1927 Memorandum on Currency Especes: or; 1924-1927, En- -Jan. 1934, 1 lev=$0.0072; and Central Banks (1913- caisse mStallique: or; June- Feb. 1934-Apr. 1940, 1 lev. 1924); 1919-1927, annual re- Nov. 1928, Or; Dec. 1928-1934, =$0.0122. port; June 1928-Apr. 1940, Or monnaye et non monnayS; current balance sheet. 1935-Apr. 1940, Proportion de Tor et du montant net des devises^-or par rapport aux exigibilite"s a vue: or. Canada— 1913-Apr. 1940, Ministry of 1913-1919, Dominion Bureau 1913-Apr. 1940, Gold. 1913-Jan. 1934, 1 Canadian Finance. of Statistics, Canada Year- dollar=$1.0000; Feb. 1934book; 1920-Feb. 1935, Min- Apr. 1940, 1 Canadian dollar ister of Finance, Circulation =$1.6931 (Mar. 1935 to date, and Specie Statement; Mar. figures in letter from Bank of 1935-Apr. 1940, letter from Canada given in fine ounces, Minister of Finance. converted at $35 an ounce). Also, 1913-Feb. 1935, Chartered 1913, 1914, current balance 1913-Feb. 1935, gold included Banks. sheet; 1915-1920, Dominion in "Deposits in the central Bureau of Statistics, Canada gold reserves". Yearbook; 1921-Feb. 1935, current balance sheet. Also, Mar. 1935-Apr. 1940, Mar.-June 1935, current bal- Mar. 1935-Apr. 1940, Gold. Bank of Canada. ance sheet; July 1935-Apr. 1940, letter from Bank of Canada. 929 SEPTEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments Gold Reserves of Central Banks and Governments, 19 IS—April 19UO, Continued Description of Data—Continued Country Institution R i a n t t e o o U f . C S o . n d v o e l r la si r o s n Chile.. 1913-1925, Caja de Conversion. 1913-1925, Anuario Estadistico 1913-1925, Fondos de conver- 1913-Jan. 1934, 1 peso=$0.1217; de la Republica de Chile, sion—oro en areas fiscales. Feb. 1934-Apr. 1940, 1 peso= Vol. VI, Hacienda (1925). 1926-Apr. 1940, Banco Central 1926-1927, annual report; June 1926-1927, Oro en el pais; de Chile. 1928-1930, current balance June 1928-1930, Oro, Oro desheet; 1931-1933, current positado a la vista en el balance sheet, and letter exterior, Oro depositado a from Banco Central de plazo en el exterior; 1931- Chile; 1934-Apr. 1940, Bole- 1933, Oro en el pais—from tin Mensual Estadistica current balance sheet, and Bancaria, Superintendencia earmarked gold—from letter; de Bancos. 1934-1936, Oro especifico en el pais, Oro en custodia en el exterior; 1937-Apr. 1940, same plus Oro a la vista en el exterior. China. Central Bank of China.. May 1930-Oct. 1934, letter May 1930-July 1937, Gold coin Original figures in fine ounces: from Central Bank of and bullion at home and May 1930-Jan. 1934, con- China; Nov. 1934-July 1937, abroad in Issue and Bank- verted at $20.67 an ounce; special balance sheet; Aug. ing departments; Aug. Feb. 1934-Mar. 1939, con- 1937-Mar. 1939, letter from 1937-Mar. 1939, Gold. verted at $35 an ounce. Central Bank of China. Colombia Banco de la Republica- 1923-1927, Revista del Banco 1923-1927, Oro en caja—from 1923-Jan. 1934, 1 peso=$0.9733, de la Republica (March Revista, and Oro en cus- except that for earmarked 1932), and letter from Banco todia—from letter; 1928- gold in 1932-Jan. 1934, 1 peso de la Republica; 1928-1931, 1931, Oro en caja; 1932-Mar. =$0.9524; Feb. 1934-Mar. Revista only; 1932-Apr. 1935, Gold coin, Gold bul- 1935, 1 peso=$1.6480; Apr. 1940, current balance sheet. lion, Gold earmarked 1935-Oct. 1938, original figabroad; Apr. 1935-Apr. 1940, ures in fine ounces, con- Gold in the Bank vaults verted at rate of 1 ounce=$35; and abroad. Nov. 1938-Apr. 1940,1 peso= $0.5714. Czecho- 1919-1925, Office Bancaire du 1919-1925, letter from National 1919-1925, Gold. 1919-1930, original figures in slovakia Ministere des Finances. Bank of Czechoslovakia. fine grams, converted at rate (Beginning of 1 gram=$0.06646; 1931- Mar. 15, 1926-Mar. 1939, National Bank 1926-1930, letter from National 1926-1930, Gold; 1931-Mar. Jan. 1934, 1 koruna=$0.0296; 1939, of Czechoslovakia. Bank of Czechoslovakia; 1939, Gold cover. Feb. 1934-Sept. 1936, 1 ko- Protec- 1931-Mar. 1939, current bal- runa=$0.0418; Oct. 1936-Apr. torate of ance sheet. 1940, 1 koruna=$0.0351. Bohemia and Apr. 1939-Apr. 1940, National Apr. 1939-Apr. 1940, current Apr. 1939-Apr. 1940, Gold Moravia) Bank of Bohemia and Mo- balance sheet. ravia. Danzig. Bank of Danzig 1924-1927, annual report; June 1924^-1927, Goldbestand: Miin- 1924-Jan. 1934, 1 Danzig gul- 1928-Aug. 1939, current bal- zen; June 1928-Sept. 1931, den=$0.1947; Feb. 1934-Apr. ance sheet. Metallbestand; Oct. 1931- 1935, 1 Danzig gulden= July 1935, Gold in Barren $0.3296; May 1935-Aug. 1939, und Goldmiinzen; Aug. 1 Danzig gulden=$0.1S99. 1935 - Aug. 1939, Gold in Barren und Miinzen. Denmark 1913-May 1936, Nationalban- 1913-1918, annual report; 1919- 1913-Apr. 1940, Encaisse: or 1913-Jan. 1934, 1 krone= ken I Kj0benhaven. May 1936, current balance en monnaies et lingots. $0.2680; Feb. 1934-Apr. 1940, sheet. 1 krone=$0.4537. June 1936-Apr. 1940, Dan- June 1936-Apr. 1940, current marks Nationalbank. balance sheet. Ecuador.. Banco Central del Ecuador.. 1927-Mar. 1940, Banco Central 1927-Nov. 1933, Oro en bo- 1927-Jan. 1934,1 sucre=$0.2000; del Ecuador, Boletin Men- veda; Dec. 1933-1934, Oro en Feb. 1934-Nov. 1935, 1 Sucre sual. Also, Feb. 1932-Jan. boveda, Oro en transito; =$0.3386; Dec. 1935-May 1934, special report on gold 1935-Nov. 1936, Oro en bo- 1936, 1 sucre=$0.1129; June abroad. veda, Oro movilizable; Dec. 1936-Mar. 1940, 1 sucre= 1936-Nov. 1937, Oro en bo- $0.0966. veda, Oro movilizable y comprado, Oro en gaiantia; Dec. 1937-Mar. 1940, Oro acufiado en boveda, Oro en barras en boveda, Oro comprado, Oro en transito (since Dec. 1936, all items not always present). Also, Feb. 1932-Jan. 1934, Gold abroad —from special report. Egypt- National Bank of Egypt 1913-1927, letter from National 1913-Apr. 1940, Gold in Issue 1913-Jan. 1934, 1 Egyptian Bank; 1928-Apr. 1940, cur- and Banking departments. pound=$4.9431; Feb. 1934rent balance sheet except for Apr. 1940,1 Egyptian pound Dec. figures—latter derived =$8.3692. 1928-1935 from letter from National Bank, and 1936- 1939 from London Economist. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments Gold Reserves of Central Banks and Governments, 19 IS—April 1940, Continued Description of Data—Continued Country- Institution R i a n t t e o o U f . C S o . n d v o e l r la si r o s n El Salvador.__ 1920-June 1934, three banks 1920-June 1934, letter from 1920-June 1934, Gold coin. 1920-Apr. 1940, 1 colon= of issue. Banco Central de Reserva $0.5000. de El Salvador. July 1934-Apr. 1940, Banco July 1934-Apr. 1940, current July 1934-Apr. 1940, Gold. Central de Reserva de El balance sheet. Salvador. Estonia.. Bank of Estonia. 1921-1927, annual report; June 1921-1922, Deposits in foreign 1921-1922, 1 Estonian mark= 1928-Apr. 1940, current bal- banks (gold); 1924, Gold $0.00238; 1924-1927, 1 Estoance sheet. abroad; 1925-1927, Gold; nian mark=$0.00268; 1928- June 1928-Apr. 1940, Gold Jan. 1934, 1 kroon=$0.2680; coin and bullion. Feb. 1934-Feb. 1939, 1 kroon =$0.4537; Mar. 1939-Apr. 1940, 1 kroon=$0.3153. Finland. Bank of Finland- 1913, Annuaire Statistique de 1913, Or monnaye" ou brut 1913-Nov. 1925, 1 markka= Finlande; 1914-1927, annual et monnaie d'or russe ou $0.1930; Dec. 1925-Jan. 1934, report; June 1928-Oct. 1939, etrangere; 1914-Oct. 1939, 1 markka=$0.0252; Feb.1934current balance sheet. Also, Encaisse m§tallique: or. Nov. 1938,1 markka=$0.0426 1937-Mar. 1938, letter from Also, 1937-Mar. 1938, Lin- (1937-Mar. 1938, original fig- Bank of Finland regarding gots d'or deposes a l'Stranger ures for gold abroad in fine gold abroad. —from letter. ounces, converted at rate of 1 ounce=$35); Dec. 1938- Oct. 1939, 1 markka=$0.0234. France. Banque de France- 1913,1914, annual report; 1915- 1913-1914, Encaisse: or; 1915- 1913-May 1928, 1 franc= 1926, current balance sheet; 1926, Or en caisse; 1927, Or $0.1930; June 1928-Jan. 1934, 1927, current balance sheet, en caisse, and (from letter) 1 franc=$0.0392; Feb. 1934and omcial letter; June 1928 Gold abroad; June 1928- Sept. 1936, 1 franc=$0.0663; to Apr. 1940 current bal- Apr. 1940, Encaisse: or Oct. 1936-June 1937,1 franc= ance sheet. (monnaies et lingots). $0.0496; July 1937-Oct. 1938, 1 franc=$0.0435; Nov. 1938- Feb. 1940, 1 franc=$0.02785; Mar. 1940-Apr. 1940, 1 franc =$0.02364. Germany Reiehsbank.. 1913-1921, Die Reiehsbank 1913-1923, Gold; 1924-May 1913-1923, 1 mark=$0.2382; (1901-1925); 1922-May 1939, 1939, Goldbestand. 1924-Jan. 1934, 1 Reichsmark current balance sheet. =$0.2382; Feb. 1934-May 1939, 1 Reichsmark=$0.4033. Greece. 1913-1927, National Bank of 1913, League of Nations, 1913, Gold; 1914-1927, Especes 1913-Apr. 1928, 1 drachma= Greece. Memorandum on Central d'or. $0.1930; May 1928-Jan. 1934, Banks (1913, 1918-1923); 1 drachma=$0.0130; Feb. 1914-1927, annual report. 1934-Aug. 1936, original figures in Swiss francs, con- 1928-Apr. 1940, Bank of Greece- June 1928-Mar. 1932, current 1928-Mar. 1932, Or monnaye" verted at rate of 1 Swiss balance sheet; Apr. 1932- et en lingots; Apr. 1932- franc=$0.3267; Sept. 1936- Mar. 1933, letter from Bank Mar. 1933, Gold coin, Gold Apr. 1940, original figures in of Greece; Apr. 1933-Aug. bullion; Apr. 1933-Aug. fine ounces, converted at 1936, current balance sheet; 1936, Or monnaye" et en rate of 1 ounce=$35. Sept. 1936-Apr. 1940, special lingots; Sept. 1936-Apr. 1940, report from Bank of Greece. gold included in "Or et devises 6trangeres" in current balance sheet. Guatemala Banco Central de Guatemala-_ 1926, current balance sheet as 1926, Caja oro; 1927-1933, Oro 1926-Jan. 1934, 1 quetzals published in El Guatemal- nacional acufiado, Dollares $1.0000; Feb. 1934-Apr. 1940, teco; 1927-Apr. 1931, June acufiados, or variants of for gold at home, 1 quetzal= and December figures from these two headings (July $1.6931, and for gold in New semi-annual report, other 1928-July 1930, adjusted York, 1 quetzal=$1.0000. monthly figures from cur- figures derived from item rent balance sheet adjusted "Caja oro"); 1934-1936, Oro for inclusion of silver; May comprado, Oro nacional acu- 1931-1936, current balance fiado, Oro americano acusheet; 1937-Apr. 1940, Re- fiado, Oro en barras—Fedvista de la Economla Naci- eral Reserve Bank, N. Y. onal. (all items not always present); 1937-Apr. 1940, Oro acufiado, Oro en barras en New York. Hungary _ National Bank of Hungary. __ 1924, annual report; 1925-Apr. 1924-Apr. 1940, Gold coin and 1924, 1 korona=$0.2026; 1925- 1940, current balance sheet. bullion. Jan. 1934, 1 pengb=$0.1749; Feb. 1934-Dec. 1938, 1 pengo =$0.2961; Jan. 1939-Apr. 1940, 1 pengo=$0.1974. Iran Banque Mellie Iran. Mar. 1930-Sept. 1935, Bulle- Mar. 1930-Sept. 1935, Stocks Mar. 1930-Sept. 1935, original (Persia) tin de la Banque Mellie" d'or du Gouvernement figures in fine grams, con- Iran (Oct. 1935); Oct. 1935- Iranien ainsi que de la verted Mar. 1930-Jan. 1934 Nov. 1939, monthly Bulle- Banque Mellie Iran; Oct. at rate of 1 gram=$0.6646, tin de la Banque Mellie 1935-Nov. 1939, Encaisse and Feb. 1934-Sept. 1935 at Iran. metallique: or. 1 gram=$1.1253; Oct. 1935- Nov. 1939, 1 rial=$0.0824. SEPTEMBER 1940 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments Gold Reserves of Central Banks and Governments, 1913—April 1940, Continued Description of Data—Continued Rate of Conversion Country Institution into U. S. dollars Italy. 1913-1927, Italian Government. 1913-1927, letter from Banca 1913-1927, Gold. 1913-1926, 1 lira=$0.1930; 1927d'ltalia. Jan. 1934, 1 lira=$0.0526; Feb. 1934-Sept. 1936, 1 lira= Also, 1913-1925, Banco di 1913-1925, Annuario Statistico 1913-1925, Oro. $0.0891; Oct. 1936-Mar. 1940, Napoli, and Banco di Si- Italiano. 1 lira=$0.O526. cilia. Also, 1913-Apr. 1940, Banca 1913-1926, Annuario Statistico 1913-1926, Oro; 1927-Mar. 1940, d'ltalia. Italiano; 1927, annual re- Oro In port; June 1928-Oct. 1935, current balance sheet; Dec. 1935, Dec. 1936, annual report; Feb., Mar. 1937, letter from Bank of Italy; Dec. 1937, Mar. 1938, Dec. 1938, Mar. 1939, Dec. 1939, Mar. 1940, annual report. Japan. 1913-Apr. 1940, Bank of Japan 1913, letter from N. Y. agent 1913-May 1939, Gold stock at 1913-Jan. 1934, 1 yen=$0.4985; (including, 1913-1929, Gov- of Bank of Japan; 1914-1928, home; June 1939-Apr. 1940, Feb. 1934-July 1937, 1 yen= ernment account). Bank of Japan, Economic Gold coin and bullion. $0.8440; Aug. 1937-Apr. 1940, Statistics of Japan; 1929- 1 yen=$0.3263. May 1939, letter from N. Y. agent of Bank of Japan; June 1939-Apr. 1940, current balance sheet. Java. Javasche Bank- 1913-Apr. 1940, current bal- 1913-1917, 1924-Apr. 1940, Le- 1913-Jan. 1934, 1 guilder^ ance sheet. gal tender gold coin, Foreign $0.4020; Feb. 1934-Apr. 1940, gold coin, Foreign gold 1 guilder=$0.6806. bullion; 1918-1923, Goud: munt goud, munt materiaal. Latvia . 1921, Latvian Government 1921, League of Nations, 1921, Gold at home. 1913-Jan. 1934, 1 lat=$0.1930; Memorandum on Currency Feb. 1934-Sept. 1936, 1 lat= and Central Banks (1913- $0.3267; Oct.-Dec. 1936, 1924). 1 lat=$0.19743; 1937, 1 lat= $0.19603; 1938, 1 lat=$0.19895; 1922-Apr. 1940, Bank of Latvia 1922, current balance sheet; 1922, Gold in coin and bullion; 1939, 1 lat=$0.197l7; Jan.- (including Government ac- 1923-1927, annual report; 1923-1927, Gold specie, Gold Apr. 1940, 1 lat=$O. 19514. count). June 1928-Apr. 1940, current bullion; June 1928-Apr. 1940, balance sheet. Gold in coin and bullion. Lithuania Bank of Lithuania.. 1922-Apr. 1940, current bal- 1922-Jan. 1932, Gold reserve; 1922-Jan. 1934, 1 litas=$0.1000; ance sheet. Feb. 1932-Apr. 1940, Gold. Feb. 1934-Apr. 1940, 1 litas= $0.1693. Mexico- Banco de Mexico.. 1925-June 1931, annual re- 1925-1926, Efectivo en oro, 1925-1932. 1 peso=$0.4985; 1933port; July 1931-1932, letter Monedas extranjeras—oro; Apr. 1940, original figures in from Banco de Mexico; 1933, 1927-June 1931, Efectivo en fine grams, converted 1933- Boletln, Numero 1, Banco oro; July 1931-1932, Existen- Jan. 1934 at rate of 1 gram= de Mexico; 1934-Apr. 1940, cias en oro; 1933, Oro en el $0.6646, and Feb. 1934-Apr. letter from Banco de Mexico. Banco de Mexico; 1934- 1940 at 1 gram=$1.1253. Apr. 1940, Gold holdings. Morocco Banque d'Etat du Maroc 1922-Jan. 1935, letter from 1922-Mar. 1940, Encaisse: or. 1922-May 1928, 1 franc= Banque d'Etat du Maroc; $0.1930; June 1928-Jan. 1934, Feb. 1935-Mar. 1940, current 1 franc=$0.0392; Feb. 1934balance sheet. 1936, 1 franc=$0.0663; 1937- Mar. 1940, original figures in fine grams, converted at rate of 1 gram=$1.1253. Netherlands. __ Netherlands Bank. 1913-1927, annual report; June 1913-Apr. 1940, Gold coin, 1913-Jan. 1934, 1 guilder= 1928-Apr. 1940, current bal- Gold bullion. $0.4034; Feb. 1934-Mar. 1940, ance sheet. 1 guilder=$0.6830; Apr. 1940, 1 guilder=$0.5601. New Zealand- 1913-July 1934, six banks of 1913-1929, Dominion of New 1913-July 1934, Metal reserves: 1913-Jan. 1934, 1 New Zealand issue. Zealand, Monthly Abstract Coin, Bullion. pound=$4.8665; Feb. 1934of Statistics; 1930-July 1934, Apr. 1940, 1 New Zealand current balance sheet. pound=$8.2397. Aug. 1934-Apr, 1940, Reserve Aug. 1934-Apr. 1940, current Aug. 1934-Apr. 1940, Gold. Bank of New Zealand. balance sheet. Norway Norges Bank 1913-1927, annual report; June 1913-1927, Gullbeholdning i 1913-Jan. 1934,1 krone=$0.2680; 1928-Feb. 1940, current bal- bankens kjeldere; June 1928- Feb. 1934-Feb. 1940, 1 krone ance sheet. Aug. 1931, Gullbeholdning =$0.4537. (Encaisse: or en monnaies et lingots); Sept. 1931-Apr. 1933, Encaisse: or conserve dans les caves de la Banque, Or sous dossier a Banque etrangere (entierement disponible); May 1933-Feb. 1940, Encaisse: or formant la base des emissions de billets de banque, Placements provisoires en or. 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments Gold Reserves of Central Banks and Governments, 19 IS—April 19 UO, Continued Description of Data—Continued Country Institution R i a n t t e o o U f . C S o . n d v o e l r la si r o s n Peru. 1914-1921, Junta de Vigilancia. 1914-1916, 1918-1921, Peruvian 1914-1921, Visible stock of 1914-Jan. 1930, 1 Peruvian Bureau of Statistics, Sta- gold. pound=$4.8665; Feb. 1930tistical Abstract of Peru; Apr. 1931,1 sol=$0.4000; May 1917, letter from Banco de 1931-Jan. 1934, 1 sol=$0.2800; Reserva del P§ru. Feb. 1934-Mar. 1940, 1 soJ= $0.4740. 1922-Aug. 1931, Banco de Re- 1922-27, annual report; June 1922-1930, Garantla en oro en serva del Peru. 1928-Aug. 1931, current bal- Lima, Oro moyilizado, Oro ance sheet. en garantia de imposiciones a la vista (in addition, in 1922 and 1923, Deposito de oro en garantfa de certificados). Sept. 1931-Apr. 1940, Banco Sept. 1931-Mar. 1933, current 1931-Mar. 1933, Oro, Oro en Central de Reserva del balance sheet; Apr. 1933- custodia en bancos de ex- Peru. Mar. 1940, Boletin Mensual terior; Apr. 1933-Mar. 1940, de Banco Central de Re- Encaje: Existencia visible serva del P6ru. de oro en el Instituto Emisor. Poland. 1919-1923, National Loan 1919-1921, League of Nations, 1919-1921, Gold; 1922, 1923, 1913-1923, 1 Polish mark= Bureau. Memorandum on Central Encaisse metallique: or. $0.2382; 1924-1926, 1 zloty= Banks (1913, 1918-1923); $0.1930; 1927-Jan. 1934,1 zloty -1922, 1923, annual report. =$0.1122; Feb. 1934-July 1939, 1 zloty=$0.1899. 1924-Nov. 1939, Bank PolskL. 1924-1927, annual report; June 1924-1926, Encaisse: or; 1927- 1928-July 1939, current bal- Feb. 1933, Or en caisse, Or a ance sheet. l'etranger; Feb. 1933-July 1939, Encaisse: or. Portugal.. Banco de Portugal.. 1913-1927, annual report; June 1913-1927, Ouro amoedado e 1913-June 1931, 1 escudo= 1928-Apr. 1940, current bal- em barra; June 1928-Nov. $1.0805; July 1931-Jan. 1934, ance sheet. 1931, Caixa ouro; Dec. 1931- 1 escudo=$0.0422; Feb. 1934- Apr. 1940, Or en caisse, Or Apr. 1940, 1 escudo=$0.0748. depose en Banque. Rumania National Bank of Rumania.__ 1913, letter from National 1913, Or dans le pays; 1914, 1913-Jan. 1929, 1 leu=$0.1930; Bank of Rumania; 1914- 1915, Or; 1916-1927, Or mon- Feb. 1929-Jan. 1934, 1 leu= 1927, annual report; June naye, Lingots d'or, Or de- $0.0060; Feb. 1934-Oct. 1936, 1928-Apr. 1940, current bal- pose a l'etranger (and vari- 1 leu=$0.0101; Nov. 1936ance sheet. ants of these three head- Apr. 1940, 1 leu=$0.0073. ings); June 1928-Jan. 1929, Encaisse metallique:Or monnaies,Or lingots,Or en depot a l'etranger; Feb. 1929,. Encaisse: or; Mar. 1929-June 1937, Or en Roumanie, Or libre a l'etranger; July 1937- Apr. 1940, Encaisse: or. South Africa 1913-1924, Joint Stock Banks 1913-1920, Report on Resump- 1913-1919, Gold coin and 1913-Jan. 1934, 1 South African of South Africa. tion of Gold Payments bullion; 1920, Gold coin and pound=$4.8665; Feb. 1934- (1925); 1920, 1921, Union of bullion, Gold certificates; Apr. 1940, 1 South African South Africa, Official Year- 1921-1924, Gold certificates. pound=$8.2397. book; 1922, 1923, League of Nations, Memorandum on Currency (1913-1923); 1924, Union of South Africa, Official Yearbook. 1921-Apr. 1940, South African 1921-Apr. 1940, current bal- 1921-1925, Gold certificates, Reserve Bank. ance sheet. Gold coin and bullion; 1926-Apr. 1940, Gold coin and bullion. Spain. Banco de Espana.. 1913-1917, League of Nations, 1913-1917, Gold of the Bank, 1913-Jan. 1934, 1 peseta= Memorandum on Currency Gold of the Treasury; 1918- $0.1930; Feb. 1934-Apr. 1938, (1913-1923); 1918-July 1936, July 1936, Oro en caja del 1 peseta=$0.3267. current balance sheet; April Tesoro, Oro en caja del 1938, U. S. consular report. Banco; Apr. 1938, Gold: In custody of the Treasury, In the Bank. Sweden. Sveriges Riksbank. 1913-1927, annual report; June 1913-1933, Encaisse metalli- 1913-Jan. 1934, 1 krone= 1928-Apr. 1940, current bal- que: or; 1934-Apr. 1940, $0.2680; Feb. 1934-Apr. 1940, ance sheet. L'encaisse metallique, Or 1 krone=$0.4537. depose a l'etranger et non compris dans l'encaisse metallique. Switzerland ... Banque Nationale Suisse 1913-1927, annual report; June 1913-1927, Or; June 1928-Mar. 1913-Jan. 1934, 1 franc=$0.1938; 1928-Apr. 1940, current bal- 1930, Encaisse metallique: Feb. 1934-Aug. 1936, 1 franc ance sheet. or; Apr. 1930-June 1938, =$0.3281; Sept. 1936-Apr. Encaisse: or—En Suisse, A 1940, 1 franc=$0.2426. l'etranger; July 1938-Apr. 1940, Encaisse: or. SEPTEMBER 1940 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments Gold Reserves of Central Banks and Governments, 1913—April 191*0, Continued Description of Data—Continued Country Institution Source Items R i a n t t e o o U f . C S o . n d v o e l r la si r o s n Thailand Kingdom of Thailand (before Oct. 1931-Jan. 1934, letter Oct. 1931-Apr. 1933, Govern- Oct. 1931-Apr. 1933, figures (Siam) June 1939, Kingdom of Siam). from Ministry of Finance; ment gold reserves; June reported in terms of U. S. f F ro e m b. M 19 i 3 n 4 i T s A tr p y r il o f 1 9 E 3 c 5 o , n l o e m tte ic r l 1 i 9 o 3 n 9 . -Mar. 1940, Gold bul- d F o re ll n a c rs h , f p r o an u c n s d , s c s o te n r v li e n r g te , d a n a d t Affairs; May 1935-Mar. 1940, rate of 1 pound=$4.8665, 1 letter from Central Service franc=$0.0392; June, July of Statistics. 1939, 1 baht=$0.4287; Aug. 1939, 1 baht=$0.4229; Sept. 1939, 1 baht=$0.3809; Oct. 1939-Mar. 1940, 1 baht= $0.3788. Turkey. Central Bank of the Republic 1932-Apr. 1940, current bal- 1932-Apr. 1940, Encaisse: or, 1932-Apr. 1940, original figures of Turkey. ance sheet. Correspondants a l'Stranger in grams, converted 1932-Jan. —or (in addition, 1932- 1934 at rate of 1 gram= Feb. 1933, Correspondants $0.6646, and Feb. 1934-Apr. dans le pays—or). 1940 at 1 gram=$1.1253. United King- 1913-Apr. 1940, Bank of Eng- 1913-1924, London Economist; 1913-Apr. 1940, Gold in Issue 1913-Jan. 1934, 1 pound= dom land. 1925-Apr. 1940, current bal- department. $4.8665; Feb. 1934-Feb. 1939, ance sheet. 1 pound=$8.2397; Mar., Apr. 1939, 1 pound=$4.7138; May Also, 1914-1924, Government 1914-1924, London Economist. 1914-1924, Gold coin and bull- 1939, 1 pound=$4.7165; June, currency note account. ion in currency note ac- July 1939, 1 pound=$4.7138; count. Aug. 1939, 1 pound=$4.4164; Sept. 1939-Apr. 1940,1 pound =$4.1667. Uruguay Banco de la Reptiblica 1913-1927, annual report; June 1913-1927, Oro: Casa Central, 1913-Jan. 1934, 1 peso=$1.0342; Oriental del Uruguay. 1928-Apr. 1940, current bal- Agendas, y Sucursales; (less, Feb. 1934-Feb. 1938,1 peso= ance sheet (in addition, in 1914 only, Oro en custodia $1.7511; Mar. 1938-Apr. 1940, Sept.-Dec. 1935, letter from de la Legation Argentina); 1 peso=$0.6583. Banco de la Republica). June 1928-1930, En efectivo oro sellado, En efectivo oro sellado por Certincados de Depositos en Circulation; 1931-Aug. 1935, En efectivo oro sellado, Oro en el exterior; Sept.-Dec. 1935, Issue dep't.: En moneda de oro (Sept.), Existencia en oro (Oct.-Dec.)—from balance sheet; Banking dep't.: Goldfrom letter; Jan.-Aug. 1936, Issue dep't.: Existencia en oro, Banking dep't.: Encaje oro; Sept. 1936-Apr. 1940, same plus Banking dep't.: Cuentas de orden—Oro en custodia. U.S. S.R 1913-1917, State Bank of 1913-1915, annual report; 1916, 1913,1914, Cash: gold, Gold in 1913-1917, 1 ruble=$0.5146; (Russia) Russia. 1917, current balance sheet. bars, coin, and held against 1922-Jan. 1934, 1 chervonetz certificates, Gold in the =$5.1460; Feb. 1934-Sept. mint; 1915, same plus Gold 1935, 1 chervonetz=$8.7123. in transit; 1916, 1917, Or (lingots, monnaies, et bons de 1'Administration des Mines). 1922-Sept. 1935, State Bank of 1922-Sept. 1935, current bal- 1922-Sept. 1935, Gold in coin the U. S. S. R. ance sheet of the Issue de- and bars. partment. Venezuela 1913-Feb. 1938, six banks of 1913-1927, letter from Fiscal 1913-Mar. 1939, Oro. 1913-Jan. 1934, 1 bolivar= issue; Mar. 1938-Apr. 1940, General de Bancos; June $0.1930; Feb. 1934-Mar. 1939, seven banks of issue. 1928-Mar. 1939, letter from 1 bolivar=$0.3267. Bank of Venezuela (1928- 1936, December figures from letter from Fiscal General de Bancos). Yugoslavia 1913-1919, National Bank of 1913-1919, League of Nations, 1913,1914, Gold at home; 1915- 1913-May 1931, 1 dinar= Serbia. Memorandum on Central 1918, Gold abroad; 1919, $0.1930; June 1931-Jan. 1934, Banks (1913, 1918-1923). Gold at home. 1 dinar=$0.0176; Feb. 1934- Apr. 1940, 1 dinar=$0.0298. 1920-Apr. 1940, National Bank 1920-1927, annual report; June 1920-1927, Couverture of the Kingdom of Yugo- 1928-Apr. 1940, current bal- lique: or; June 1928-May slavia (before Oct. 1929, ance sheet. 1931, Encaisse metallique: National Bank of the King- en or; June 1931-1934, Endom of the Serbs, Croats, caisse: or en caisse et a and Slovenes). l'etranger; 1935-Apr. 1940, Encaisse: or en caisse, Encaisse: or a l'Stranger. Bank for International Settlements (Switzer- July 1933-Apr. 1940, current July 1933-Apr. 1940, Gold in July 1933-Jan. 1934, 1 Swiss land). balance sheet. bars. franc=$0.1930; Feb. 1934- Apr. 1940, 1 Swiss frano= $0.3267. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom a Jlegal Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Legislation Prohibiting Possession of Property The texts of the Executive Order of April Stolen From a Bank 10, 1940, and previous amendments thereto There is set forth below the text of an Act are quoted in full in the May, June, July, and of Congress, approved June 29, 1940, pro-August issues of the 1940 Federal Reserve hibiting the receipt, possession, or disposi- BULLETIN. The text of the July 25th amendtion of money or property feloniously taken ment is as follows: from any member of the Federal Reserve System, an insured bank, or a bank organized EXECUTIVE ORDER NO. 8493 or operating under the laws of the United Amendment of Executive Order No. 8389 of States: April 10, 19%0, as Amended By virtue of the authority vested in me by section [Public—No. 685—76th Congress] 5(b) of the Act of October 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority [Chapter 455—3d Session] vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT [H. R. 8399] of the UNITED STATES OF AMERICA, do hereby amend Executive Order No. 8389 of April 10, 1940, as AN ACT amended, amending Executive Order No. 6560 of To prohibit the receipt, possession, or disposition of money or January 15, 1934, by adding the following sections property feloniously taken from a bank organized or operating under the laws of the United States or any member after section 12 thereof: of the Federal Reserve System. "Section 13 A. The following are prohibited Be it enacted by the Senate and House of Repre- except as specifically authorized by the Secretary sentatives of the United States of America in Con- of the Treasury by means of rulings, regulations, gress assembled, That section 2 of the Act of May instructions, licenses, or otherwise: 18, 1934, entitled "An Act to provide punishment "(1) The acquisition, disposition or transfer for certain offenses committed against banks orof, or other dealing in, or with respect to, any ganized or operating under laws of the United States security or evidence thereof on which there is or any member of the Federal Reserve System" stamped or imprinted, or to which there is affixed (48 Stat. 783; U. S. C, title 12, sec. 588b), as amended, be further amended by adding thereto the or otherwise attached, a tax stamp or other following subsection: stamp of a foreign country designated in this Order, or a notarial or similar seal which by its "(c) Whoever shall receive, possess, conceal, store, contents indicates that it was stamped, imbarter, sell, or dispose of any property or money or printed, affixed or attached within such foreign other thing of value knowing the same to have been country, or where the attendant circumstances taken from a bank in violation of subsection (a) of disclose or indicate that such a stamp or seal this section shall be fined not more than $5,000 or may, at any time, have been stamped, imprinted, imprisoned not more than ten years, or both." affixed or attached thereto. Approved, June 29, 1940. "(2) The acquisition by, or transfer to, any person within the United States of any interest Executive Order Prohibiting Dealings In Certain in any security or evidence thereof if the at- Foreign Securities tendant circumstances disclose or indicate that the security or evidence thereof is not physically The President of the United States on July situated within the United States. 25, 1940, issued an amendment to the Execu- "B. The Secretary of the Treasury may intive Order of April 10, 1940, as amended, vestigate, regulate, or prohibit under such rulprohibiting, except with the approval of the ings, regulations, or instructions as he may prescribe, by means of licenses or otherwise, the Secretary of the Treasury, dealings in securisending, mailing, importing or otherwise bringties bearing any foreign tax stamp or physi- ing, directly or indirectly, into the United cally situated, outside the United States, and States, from any foreign country, of any securauthorizing the Secretary of the Treasury to ities or evidences thereof or the receiving or holding in the United States of any securities or prohibit or regulate the importation of securievidences thereof so brought into the United ties from foreign countries. States. The provisions of General Ruling No. SEPTEMBER 1940 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint 5 of June 6, 1940, and all instructions issued the security shall be made or received, and retained pursuant thereto, are hereby continued in full by such Federal Reserve Bank, and in any case in fprce and effect, subject to amendment, modifica- which a security bears a stamp, seal or other mark tion or revocation pursuant to the provisions not lending itself to precise description, a photostat of this Order. of such mark shall be made at the expense of the "C. In the case of any transaction covered addressee and retained by such Federal Reserve by this section, an application for license may Bank. This requirement may be dispensed with in be filed in the manner indicated in the Regu- any case in which appropriate arrangements are enlations of April 10, 1940, as amended, issued tered into for furnishing such Federal Reserve Bank pursuant to this Order. with this description within a reasonable time after "D. The Regulations of November 12, 1934, such delivery. are hereby modified in so far as they are inconsistent with the provisions of this section. (3) Upon the delivery of any such security by a Federal Reserve Bank to any such institution, such "Section 14. The Secretary of the Treasury may institution shall execute such form of receipt as may require any person to furnish under oath, com- be prescribed by the Secretary of the Treasury. plete information relative to any transaction referred to in this Order, or with respect to any (4) Any institution to which any such security property in which any foreign country designated shall be delivered by a Federal Reserve Bank shall in this Order, or any national thereof, has any place such security in an account in such institution, interest, including the production of any books of from which payments, transfers, or withdrawals may account, contracts, letters, or other papers, in con- be made only in accordance with a license issued nection therewith, in the custody or control of such pursuant to Executive Order No. 8389, as amended. person, either before or after such transaction is In the event that any such security so held by such completed." institution is sold or otherwise dealt with under a FRANKLIN D. ROOSEVELT. license the proceeds therefrom shall be held by such THE WHITE HOUSE, institution under the same conditions as those under July 25, 19U0. which the security was held, and such proceeds shall be placed in an account in such institution in the same name in which the security sold or otherwise General Ruling and General Licenses Issued by the Secretary of dealt with was held, from which payments, transfers the Treasury or withdrawals may be made only in accordance Since the publication of certain General with a license issued pursuant to Executive Order No. 8389, as amended. Licenses on pages 774 and 775 of the August 1940 Federal Reserve BULLETIN, the follow- (5) Federal Reserve Banks shall release any seing General Ruling and General Licenses curity referred to in paragraph (1) hereof, or shall have been issued by the Secretary of the authorize the release of the contents of any account referred to in paragraph (4) hereof, if and when the Treasury under authority of the Executive Treasury Department is fully satisfied that no for- Order of April 10, 1940, as amended, and eign country designated in Executive Order No. Regulations issued pursuant thereto relating 8389, as amended, or any national thereof, has, at to transactions in foreign exchange, etc. any time, on or since the dates specified in such Order, as amended, had any interest of any nature whatsoever, direct or indirect, in such security or Treasury Department, Office of the Secretary, in such account. August 8, 1940 D. W. BELL, Acting Secretary of the Treasury. General Ruling No. 6 Supplementing General Ruling No. 5 under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pur- Treasury Department, Office of the Secretary, suant Thereto, Relating to Transactions in Foreign July 25, 1940 Exchange, Etc. General License No. 25 under Executive Order No. (1) The provisions of General Ruling No. 5 of 8389, April 10, 194-0, as Amended, and Regulations June 6, 1940, and all instructions issued pursuant Issued Pursuant Thereto Relating to Transactions thereto, are hereby continued in full force and effect, in Foreign Exchange, Etc* Provided, That any Federal Reserve Bank to whom securities or evidences thereof (hereinafter referred A general license is hereby granted under section to as securities) have been forwarded under such 13A (1) of Executive Order No. 8389, of April 10, General Ruling may, as fiscal agent of the United 1940, as amended, authorizing the acquisition, dis- States, deliver the securities, at any time, under ap- position or transfer of, or other dealing in, or with propriate arrangements with the addressee of the respect to, any security or evidence thereof, to which securities, to a bank or trust company incorporated Treasury Department Form TFEL-2 has been preunder the laws of the United States or of any state, viously attached or affixed by, or under the direction territory or district of the United States, or to a of, the Treasury Department; provided, that this private bank subject to supervision and examination general license shall not be deemed to authorize any under the banking laws of any state, or to any other *Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public banking institution authorized for that purpose by Resolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order the Treasury Department. 6560, Jan. 15, 1934 ; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order (2) Prior to such delivery by a Federal Reserve 8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940 and Bank of any such security a complete description of July 15, 1940. 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint transaction prohibited by reason of any provision "A general license is hereby granted authorizing (or ruling or regulation thereunder) of such Order banking institutions within the United States to other than section 13A (1). make all payments, transfers and withdrawals from D. W. BELL, accounts in the name of any of the following: the Acting Secretary of the Treasury. head offices in Java of the Javasche Bank, Nederlandsche Handel Maatschappij, Nederlandsch In- Treasury Department, Office of the Secretary, dische Handelsbank and Nederlandsch Indische Escompto Maatschappij, the branch offices in Kobe, August 2, 1940 Shanghai, Amoy, Hongkong, Manila, Singapore, General License No. 26 under Executive Order No. Bombay and Calcutta of the Nederlandsch Indische 8389, April 10, 191*0, as Amended, and RegulationsHandelsbank and the branch offices in Kobe, Djeddah, Shanghai, Hongkong, Singapore, Penang, Rangoon, issued Pursuant Thereto Relating to Transactions Calcutta and Bombay of the Nederlandsche Handel in Foreign Exchange, Etc.* Maatschappij. A general license is hereby granted under section "Banking institutions with the United States mak- 13A(2) of Executive Order No. 8389, of April 10, ing such payments, transfers or withdrawals shall 1940, as amended, authorizing the acquisition by, or file promptly with the appropriate Federal Reserve transfer td, any person within the United States of Bank weekly reports showing the details of the transany interest in any American Depositary Receipt actions during such period." or American Share physically situated within the D. W. BELL, United States representing any security or evidence Acting Secretary of the Treasury. thereof not physically situated within the United States which Receipt or Share was admitted to deal- Treasury Department, Office of the Secretary, ings on a national securities exchange on and prior to July 25, 1940; provided, however, that this gen- August 8, 1940 eral license shall not be deemed to authorize the issuance of American Depositary Receipts or Amer- Revocation of General License No. 17, as Amended, ican Shares against the deposit after July 25, 1940, under Executive Order No. 8389, April 10, 1940, of any security or evidence thereof not physically as Amended, and Regulations Issued Pursuant situated within the United States; and, provided Thereto, Relating to Transactions in Foreign Exthat this general license shall not be deemed to change, Etc.* authorize any transaction prohibited by reason of General License No. 17, as amended, is hereby any provision (or ruling or regulation thereunder) revoked. of such Order other than section 13A(2). D. W. BELL, D. W. BELL, Acting Secretary of the Treasury. Acting Secretary of the Treasury. Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary, August 8, 1940 August 8, 1940 General License No. 27 under Executive Order No. Amendment to General License No. 4 under Execu- 8389, April 10, 1940, as Amended, and Regulations tive Order No. 8389, April 10, 1940, as Amended, Issued Pursuant Thereto, Relating to Transactions and Regulations Issued Pursuant Thereto, Relat- in Foreign Exchange, Etc* ing to Transactions in Foreign Exchange, Etc.* A general license is hereby granted authorizing Paragraph (b)' of General License No. 4, as banking institutions within the United States to amended, is further amended to read as follows: present securities (including coupons) to the proper paying agents within the United States for redemp- "(b) This general license shall not be deemed to tion or collection for the account and pursuant to authorize the sale of any security registered or in- the authorization of nationals of any of the foreign scribed in the name of Norway, Denmark, the countries designated in Executive Order No. 8389, Netherlands, Belgium, Luxembourg, France, Latvia, as amended, and to perform such other acts, and to Estonia or Lithuania, or any national thereof, irre- effect such other transactions, as may be necessarily spective of the fact that at any time (whether prior incident to any such redemption or collection, proto, on, or subsequent to April 10, 1940) the regis- vided that: tered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise (a) the proceeds of the redemption or collection disposed of the security." are credited to an account in the name of the national for whose account the redemption or collection was D. W. BELL, Acting Secretary of the Treasury. made and in the banking institution within the United States which held the securities for such national; and Treasury Department, Office of the Secretary, (b) this general license shall not be deemed to August 8, 1940 authorize the presentation for redemption of any Amendment to General License No. 13 under Execu- security registered or inscribed in the name of any tive Order No. 8389, April 10, 1940, as Amended, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public and Regulations Issued Pursuant Thereto, Relat- Resolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order ing to Transactions in Foreign Exchange, Etc.* 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order General License No. 13 is hereby amended to read 8484, July 15, 1940 ; Ex. Order 8493, July 25, 1940; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940 and as follows: July 15, 1940. SEPTEMBER 1940 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint of the foreign countries designated in Executive in paragraph (4) of General Ruling No. 6, issued Order No. 8389, as amended, or any national thereof, under Executive Order No. 8389, as amended, to the irrespective of the fact that at any time (whether extent that heretofore such General Licenses have prior to, on, or subsequent to April 10, 1940) the not been applicable by reason of their specifying registered or inscribed owner thereof may have, or accounts of certain designated countries, or nationals appears to have, assigned, transferred or otherwise thereof: disposed of the security. General License No. 1 General License No. 2 Each banking institution making any presenta- General License No. 4 tions for redemption or collection herein authorized General License No. 5 is required to file promptly with the appropriate General License No. 11 Federal Reserve Bank weekly reports showing the General License No. 27 details of the transactions, including a description of the securities presented for redemption or collec- D. W. BELL, tion, the dates of presentations, the persons for Acting Secretary of the Treasury. whose account the presentations were made, and the amounts collected. Treasury Department, Office of the Secretary, D. W. BELL, Acting Secretary of the Treasury. August 14, 1940 General License No. 30 under Executive Order No. Treasury Department, Office of the Secretary, 8389, April 10, 1940, as Amended, and Regular August 8, 1940 tions Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* General License No. 28 under Executive Order No. 8389, April 10, 1940, as Amended, and Regula- A general license is hereby granted authorizing tions Issued Pursuant Thereto, Relating to Trans- any bank or trust company incorporated under the actions in Foreign Exchange, Etc.* laws of the United States or of any state, territory or district of the United States, or any private bank A general license is hereby granted authorizing subject to supervision and examination under the any individual who is a citizen of the United States banking laws of any state of the United States, and residing therein and who is a "national" of any acting as trustee of any trust administered in the of the foreign countries designated in Executive United States or as legal representative of any es- Order No. 8389, as amended, within the meaning of tate administered in the United States, in which such Executive Order, as amended, to engage in any trust or estate one or more persons who are nationals transaction which would not be prohibited under the of one of the foreign countries designated in Execuprovisions of such Executive Order, as amended, if tive Order No. 8389, as amended, have an interest, such resident citizen were not a "national" of any beneficial or otherwise, or are co-trustees or coof the foreign countries designated in such Execu- representatives, to engage in the following transactive Order, as amended. All banking institutions tions : within the United States are hereby authorized to (a) payments of distributive shares of principal engage in any transaction involving property in or income to all persons legally entitled thereto who which such resident citizen has an interest, to the are not nationals of any of the foreign countries same extent, and under the same circumstances, as designated in such Executive Order, as amended; if such resident citizen were not a "national" of and one of the foreign countries designated in such Executive Order, as amended. (b) other transactions arising in the administra- This general license shall not be deemed to affect tion of such trust or estate which might be engaged securities or evidences thereof delivered, or required in if no national of any of the foreign countries to be delivered, to a Federal Reserve Bank under designated in such Executive Order, as amended, the provisions of General Ruling No. 5, as supple- were a beneficiary, co-trustee or co-representative mented, or to authorize payments, transfers or with- of such trust or estate; drawals from accounts referred to in Paragraph (4) of General Ruling No. 6. provided, however, that this general license shall D. W. BELL, not be deemed to authorize such trustee or legal Acting Secretary of the Treasury. representative to engage in any transaction at the request, or upon the instructions, of any beneficiary, co-trustee or co-representative of such trust or estate Treasury Department, Office of the Secretary, or other person who is a national of any of the foreign countries designated in such Executive Order, August 9, 1940 as amended. General License No. 29 under Executive Order No. HERBERT E. GASTON, 8389, April 10, 1940, as Amended, and Regula- Acting Secretary of the Treasury. tion^ Issued Pursuant Thereto, Relating to Trans- *Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 45 Stat. 1; Public actions in Foreign Exchange, Etc.* Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order The provisions of the following General Licenses, 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order as amended, are hereby made applicable, as of the 8484, July 15, 1940; Ex. Order 8493, July 25, 1940 ; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940, and date hereof, to all accounts of the type referred to July 15, 1940. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

the jSoatd*5 (2otte5Y2ondence i *T*HE 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 Board's replies to the questions raised 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. n The following letter to a correspondent quotes the questions to which it furnishes the answers: I N your letter of July 30 you propound a "Sterilization. A while back the gold comnumber of questions which we repeat and ing into the United States was said to have answer in their order in the following para- been sterilized. What were the technical graphs. steps? It was said that funds from Treasury notes were used. Was it not open-mar~ "As I understand it, title in all the gold ket operations sale?" rests in the United States Government, not Sterilization was effected by not depositthe Federal Reserve; is this correct?" ing gold certificates for the replenishment of This is correct. Under the law, title to all the Treasury's balances as described in the monetary gold is vested in the United States. preceding answer. Replenishment of the "The mechanics of completing a purchase Treasury's balances made necessary by payof gold: In the June 19%0 issue of the Fed- ments for gold was at that time effected by eral Reserve Bulletin the steps taken are selling United States obligations. Accordgiven. It says that a check is issued by the ingly, during the period of sterilization, Treasury in payment for the gold. What is which, as you know, has since been disconthe source of the Treasury account—taxes, tinued, the net result was that the inflow of notes, i. e., borrowing or a general fund?" gold increased the Government debt and did The funds making up the balances which not increase bank reserves; for, as bank rethe Treasury maintains with the Federal serves were increased by the amount of the Reserve Banks and from which it makes its checks issued by the Treasury in payment current disbursements are built up by credits for gold, they were subsequently decreased originating in the receipt of taxes, fees, fines,by the amount of the sales of additional Govetc., and from the sale of Government obli- ernment securities issued, the proceeds of gations. Checks are drawn against these which were kept inactive. balances in payment for gold the same as would be done for other purchases or pay- "What is the procedure in the case of silver ments by the Government. The Treasury purchases?" subsequently recovers what it pays for gold The procedure in purchases of silver is by depositing gold certificates with the Fed- substantially the same as in purchases of eral Reserve Banks and receiving credit gold. The Treasury issues its check in paytherefor in its balance on the Federal Re- ment for the silver and subsequently moneserve Banks' books. This credit replenishes tizes the silver by the issuance of silver certhe Treasury's balance and offsets the debit tificates for which it receives credit on the occasioned by the gold's purchase. books of the Federal Reserve Banks. You also ask, in connection with the sec- 1 The article on gold to which reference is made in the corre- ond question, what steps are involved in purspondence quoted was published in the June 1940 issue of the BULLETIN. Reprints of this article and of one entitled "The Gold chasing gold from foreign sellers as distin- Problem Today", published in the January 1940 issue of the guished from domestic sellers. The answer BULLETIN, are available on request. SEPTEMBER 1940 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence is that there is no difference in method. A such circumstances relatively little would, as domestic producer of gold will ordinarily be a matter of fact, remain in circulation. Peoa mining company and its gold will probably ple prefer to use paper currency and deposits be delivered to the nearest mint or United transferable by check. The great bulk of States assay office. Foreign gold is mostly gold coin, accordingly, would be deposited in sold to the United States by foreign treas- banks and would find its way thence to the uries or central banks. Whether the gold Federal Reserve Banks or to the United comes from domestic or foreign sellers, the States Treasury. Under present procedure, effect, eventually if not immediately, is an gold is converted into bank deposits by someincrease in bank reserves and bank deposits. what different technical steps, but the ulti- In addition to the foregoing direct answers mate result is substantially the same. The to your questions, it might be well to point public is much impressed by the fact that out that the present procedure with respect private possession and circulation of moneto gold differs only in technical respects from tary gold is not permitted, but the practical what would be the case if gold were coined difference as distinguished from the psychoand permitted to go into circulation. Under logical is not great. In the June issue of the Federal Reserve BULLETIN there was an explanation dealing with ownership and utilization of the monetary gold stock. The following is an answer to an inquiry received regarding that statement: R ECEIPT is acknowledged of your letter transaction, but rather that it has no less to of July 7, in which you ask that we spend. The net result of the series of operaclarify a statement in the explanation regard- tions is that the Treasury has converted the ing the monetary gold stock published in the gold offered it into dollars, for the sellers of June issue of the Federal Reserve BULLETIN. the gold to spend, without altering its own Your question involves the sentence in the cash position in any way. Although the next to the last paragraph on page 531 read- Treasury retains it, the gold is as much in ing as follows: "The Treasury transfers use as if the Treasury had coined it for the these funds by check to those to whom it owners and let them put it into circulation. has payments to make—to farmers, Govern- To many inquirers the purchase of gold ment employees, suppliers, contractors, and seems to result merely in immobilizing so others." This, you say, seems to imply that much money. In seeking to meet that questhe same funds are spent twice—once for the gold and again for other payments. tion we wish to establish the fact that the The purpose of this sentence is to give Treasury, after paying for the gold and then emphasis to the fact that purchases of gold issuing certificates against it, is as fully able do not permanently reduce the Treasury's to make its disbursements as it would have available funds, since the Treasury's balance been had no gold transaction occurred. There is restored by issuance of gold certificates, has been no increase in the public debt and and the Treasury's use of its funds is un- at the same time the volume of monetary interrupted. The sentence is not meant to funds in the hands of the public has been inimply that the Treasury has more to spend creased by the full value of the purchased on farmers and others because of the gold gold. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Equipment in Washington Office of Federal Reserve expired portion of the term ending Decem- Leased Wire System ber 31, 1940. C. E. Daniel, Managing Director of the The new telegraph equipment shown in the Oklahoma City Branch of the Federal Reserve picture opposite page 905 was recently in- Bank of Kansas City since the Branch opened stalled in the Washington office of the Federal for business on August 2, 1920, resigned ef- Reserve Leased Wire System. It expedites fective August 31,1940. Mr. Daniel was sucthe handling of telegrams between the Board ceeded on September 1 by George H. Pipkin, of Governors and the Federal Reserve Banks, formerly Assistant Cashier of the Federal between the Treasury and the Federal Re- Reserve Bank of Kansas City. serve Banks as fiscal agents of the Treasury, and between the Federal Reserve Banks themselves. Admissions of State Banks to Membership in the The Washington office of the Federal Re- Federal Reserve System serve Leased Wire System is located in the The following State Banks have been ad- Federal Reserve Building. It is one of the mitted to membership in the Federal Reserve major points at which telegrams are relayed System during the period July 16, 1940 to from one Federal Reserve Bank to another. August 15, 1940, inclusive: Until recently this required that incoming relay telegrams be retransmitted by an oper- California ator. The new equipment performs the oper- Lodi—Farmers and Merchants Bank of Lodi, California ation automatically, as well as more expe- Colorado ditiously and accurately than before. Gunnison—The Gunnison Bank and Trust Com- Among other things, the Federal Reserve pany Leased Wire System handles all telegrams in Florida connection with the operation of the Inter- Bradenton—Manatee River Bank and Trust district Settlement Fund, through which Company Illinois transfers of funds are made for the Federal La Salle—La Salle State Bank Reserve Banks, for member and nonmember clearing banks of the Federal Reserve Sys- Indiana tem, and for the United States Treasury. A Brookville—People's Trust Company Carthage—State Bank of Carthage discussion of the Interdistrict Settlement Fairmount—The Fairmount State Bank Fund appeared in the August 1940 BULLETIN, Orleans—The Bank of Orleans pages 776-777. Warren—Exchange Bank Iowa Resignations and Appointments Gladbrook—State Bank The Board of Governors on August 15, Michigan 1940, accepted the resignation tendered by West Branch—The State Savings Bank of West Branch James C. Stone, tobacco dealer of Lexington, Missouri Kentucky, as a Class C director of the Fed- Cuba—Peoples Bank of Cuba eral Reserve Bank of Cleveland. Mr. Stone Ohio had served the Federal Reserve Bank as Freeport—The Freeport State Bank director since his appointment for the three- Lorain—The Lorain Banking Company year term beginning January 1, 1939. Shreve—The Farmers Bank The Federal Reserve Bank of Kansas City Texas on August 15 announced the election of M. A. West Columbia—The First Capitol State Bank Limbocker, President and Chairman of The Virginia Citizens National Bank of Emporia, Kansas, Rich Creek—The Farmers and Merchants Bank as a Class A director of the Bank for the unof Rich Creek SEPTEMBER 1940 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

r oteian Eanklln and. ]QiQV2ott5 -flnnuai /2ejaott ofi the Qatman The annual report of the German Reichsbank for organization accomplished in the preceding the year ending December 31, 1939, was submitted years, was rapidly and smoothly completed, on April 19,1940, to the general meeting of the shareenabling the economy to achieve the necesholders by the President of the Bank, Dr. Walther sary expansion of its productive capacity Funk. The greater part of the text of the report is given in translation below:* to meet the war-time needs. Nonetheless, the hastily adopted measures of economic The influence of political events in the policy represent political and administrative German economy in 1939 has more than achievements of the greatest significance. ever determined the course of trade and The solid structure of the German money commerce. During the first eight months and credit system was not endangered at any of the past year, economic activity was char- time during the year under review, so rich in acterized by the practically unchanged con- unforeseen events. Thanks to the discipline tinuation of the constructive achievement of the German people and thanks to their concarried out in the preceding years. The fidence in the National Socialist Government, increase in area and population, moreover, withdrawals at the banks even at the outhad disclosed new production and market- break of war, in spite of the exceptional ciring possibilities. Planned economic coor- cumstances, showed relatively small increase dination and sensible rationalization were and were soon succeeded by a considerable directed toward the goal of further increas- expansion of savings and other deposits. ing the productive capacity of the old Reich There was no need to consider emergency area and of bringing the newly acquired re- measures, such as raising the Reichsbank disgions up to the same high level of industrial count rate, closing the stock exchanges, procand technical efficiency. Production of goods lamation of a moratorium, or other stringent and new investments, sales, and consumption regulations. Certain legal relief measures all reached a new peak. The predominance of were provided, however, for the sections of the public authorities as the source of orders, our economy which were especially hard hit and the supremacy of capital goods produc- by the war. tion over the output of consumption goods, Currency and credit policy.—It proved even though the latter was also expanded, possible in the past year to pursue the same remained the outstanding features of the currency policy as in recent years, and even German economy. National income, savings to retain its principal outlines after the outand capital formation, and tax receipts also break of the war. Various measures of ecoincreased, thus contributing to the Reich's nomic policy, which had become effective over ability to push forward its great undertaking. a widening area since 1933, such as the super- At the outbreak of the war, all economic vision over wages and prices, control of activities were pursued even more inten- security issues and investment, regulation of sively than before, serving especially, of raw materials, foreign trade, and foreign excourse, the defense requirements and the change, contributed to the strength of the aims of the Four Year Plan. The transition German currency at home and abroad. The to war-time activity, thanks to the work of regulation of consumption in the most important departments of supply, which became 1 The report, available in German, contains in addition an introductory paragraph, a section on the Bank's activities in the necessary in connection with the war, took issue and exchange of securities on behalf of the Government, its place as a further link in the chain of these and a section relating to personnel matters. There are also tables and charts showing the operations of the Bank in detail. For measures. The limitation of the general earlier reports, see BULLETIN for September 1939, and for May, standard of living and the systematic restric- 1938, 1937, etc. For the German Reichsbank Law of 1939 and the German Credit Act of 1934, see BULLETIN for September tion of output of consumption goods have 1939, pp. 737-742, and January 1935, pp. 30-38, respectively. 942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports directed increasing attention to the impor- to the banks patronized by the grantees, printance, from the standpoint of currency policy, cipally the German Company for Public of skimming off and capturing the surplus Works, the German Industrial Bank, the purchasing power of the German economy. Luftfahrtkontor G.m.b.H. and the Reichs- The Reichsbank has been and remains active, Kredit-Gesellschaft. Further support to inin closest cooperation with the other inter- dustry was provided by the Decree of Septemested departments of the Reich, in making ber 19,1939 (Reichsgesetzblatt I, page 1851), available for the Reich's financial needs the by which it was made possible to give priority funds set free in the economic process, and to defense orders and thus to prevent liquidity in pioneering ways to protect the stability of difficulties in defense enterprises. It is a the currency while on the other hand ensur- testimonial to the efficiency of the German ing the unobstructed activity of the economic banks as a whole that the additional credit machine geared to maximum speed. needs of the economy called forth by the war Special currency measures of a technical could, in general, be covered within the framenature were required at the beginning of the work of the normal credit system, and that war only to the extent of a temporary sus- where, on the basis of the guarantees menpension of the legal provisions regarding the tioned above, exceptional measures at first Rentenbank note circulation and of the cor- appeared necessary, much smaller amounts responding Section 32 of the German Reichs- than originally estimated were actually rebank Law (Decree of September 4, 1939, quired. Reichsgesetzblatt I, page 1694), and the in- The financing methods chosen to meet the clusion of a provision in Section 1 of the Reich's requirements had to be altered in Decree regarding War Economy, which pro- the course of the past year in view of the vides penalties for unwarranted hoarding of situation created by the outbreak of war. currency. The first-named decree created the The issue of tax certificates which began in legal basis for a more extensive employment May 1939 in connection with the new finance of Rentenbank notes; this was necessary to plan and formed a temporary means of financsupply the need for currency of smaller ing the greater part of the Reich's expendidenominations, especially of small coin, which tures in excess of tax receipts, was brought is always intensified in war time and in this to an end by the Third Administrative case was multiplied by the recent extensions Decree of October 22, 1939 (Reichsgesetzof territory. blatt I, p. 2067). The right originally granted All measures of credit policy had to serve to business men of making mutual payments the same purpose as the currency policy. The for goods and services in tax certificates, credit policy had to be adjusted with the up to 40 per cent of the total account, was greatest care to the Reich's financing re- abolished by the Fourth Executive Decree of quirements, which were naturally greatly March 20, 1940 (Reichsgesetzblatt I, p. 518) increased by the war. The German credit for payments due from April 1,1940. Theresystem was thus subjected to an extraordi- upon the tax certificates finally disappeared nary test of its efficiency. The result demon- as payment media. In accordance with the strated that the Reich could place short and expanded financing requirements, the war medium term securities on the money market finance program was further extended in the in sufficient volume to cover its requirements, field of taxation by the War Economy Decree in so far as the war finance needs could not of September 4, 1939 (Reichsgesetzblatt I, be covered by tax receipts, without resort to page 1609), which created a systematic basis excessive borrowing from the central bank. for the most important questions of financial When, as a consequence of the war, credit policy. Through the introduction of the requirements of a special nature arose in war surtax on the income tax, through inprivate business, measures of credit assist- creases in various consumption taxes, and by ance were provided under guarantee in part the establishment of a war contribution from by the entire industrial community and in the provinces, communities, and other public part by the Reich, so that military supply and bodies, considerable new funds were furarmament industries as well as enterprises nished to the Reich budget. in foreign trade and other business could ob- The Reichsbank recognized the manifest tain necessary and justifiable financial sup- duty at the outbreak of the war of placing port. The chief administrative agencies for itself at the disposal of the Reich for the these interim measures were, in addition financing of the Reich's projects, not only in- SEPTEMBER 1940 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports directly through utilizing the latent possi- the output of consumption goods, reduction bilities of the German money market, but of inventories, and postponement of new inalso directly through contributing its own stallations not essential for war purposes, as credit resources. At the same time, because well as of many replacements and renewals. of the satisfactory development of the money The sale of non-interest bearing Treasury and credit situation described above, the notes of the Reich was increased throughout Reichsbank retained throughout sufficient the entire year under review—in part with liquidity to furnish credit support to private lengthened maturities. Especially active business, whether in the normal course of turnover prevailed in Treasury bills while credit operations, or through granting re- by contrast the circulation of Solawechsel discount facilities in connection with special (promissory notes) of the German Gold measures of assistance, or on other occasions Discount Bank, which had reached its peak outside the usual scope of the Bank's busi- on January 24, 1939, with a figure of RM ness. The volume of credit demand which the 1,893,000,000, declined from month to month Reichsbank satisfied is reflected in its bal- with narrow fluctuations. At the end of the ance sheet. The Bank's total investment in report year, the amount of Solawechsel in cirbills, lombards, and securities increased by culation was RM 637,000,000. Active demand RM 3,476,000,000 in 1939 to RM 12,- for private discounts ruled, with a continuous 619,000,000; note circulation increased cor- scarcity of bills offered. respondingly by RM 3,575,000,000 to RM 11,- The favorable money market situation was 798,000,000. The total volume of payment clearly reflected in the interest rate strucmedia rose by RM 4,114,000,000 to RM 14,- ture. The private discount rate, which since 502,000,000; at the year end RM 957,000,000 the middle of April 1937 had remained at the of the circulation consisted of Rentenbank level of 2% per cent, halfway between the notes. Although the situation indicated by money rate and the bill rate, was lowered Vs these figures calls for continuous and careful of 1 per cent in May and again in November attention, the causes of the expansion are of the report year, thus reaching 2% per cent. clearly apparent. The greater part of the At the beginning of 1940 and on April 1 of growth in cash circulation is to be ascribed this year, further reductions of % of 1 per to the fact that, for the Army authorities, a cent were made, establishing the present rate large reserve of cash and large cash payments of 2% per cent. In connection with the last are always necessary, and that the area of the two steps, a reduction of the discount rate German economy has considerably expanded for short—and medium-term non-interestas a result of accessions of territory. In the bearing Treasury certificates was also efrecently added areas, because of their pre- fected, similarly by Vs of 1 per cent each time. dominantly agricultural character and due to The monthly average rate for day-to-day the war situation, the rate of turnover of money, which temporarily fell to 2 per cent money is especially low. Moreover, experi- and lower, was without exception below— ence has shown the persistence in war time of sometimes considerably below—that of the a general inclination toward larger cash hold- corresponding month of the preceding year, ings, based on the most diverse grounds. and it never rose higher than 2.70 per cent. Money and capital market.—The money Expressed as an annual average, the rate at market during the first five months of the 2.48 per cent remained appreciably below year under review was predominantly liquid. the preceding year's average of 2.79 per cent. At the middle of the year certain indications In view of the market situation and the of credit strain appeared as a result of the progressively favorable development of inexpanding issue of tax certificates, of which terest rates, the Reichsbank has recently only the second category was eligible as col- lowered the discount rate and the lombard lateral for advances at the Reichsbank, and rate by !/2 of 1 per cent each to 3^ per cent of the intensified demand for bank credit on and 4*/2 per cent respectively, with effect from the part of business arising from expanding April 9 of the current year. This action, activity. In August, however, there occurred significant for the entire German economy, a noticeable easing, and soon after the out- which introduced the first change in the break of the war, at first as a consequence Reichsbank rates since September 22, 1932, of the necessary credit expansion, the market also facilitates the financial accomplishment again reached a high level of liquidity. This of the war objectives. development was supported by limitation of After the extensive demands on the capital 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports market by the Reich in the preceding years, of the trade and credit agreement, and of the the market had mainly to satisfy the capital economic agreement, with the Soviet Union requirements of the elements of industry has opened a wide breach in the blockade atoperating within the framework of the Four tempted by our enemies. By this means and Year Plan. During the report period, the by utilization of other possibilities, the Germarket also easily absorbed Treasury bonds man export trade has been kept at a level of the German State Railways, issues of the which assures the supply of important raw German Postal System as well as of various materials and food products. Where, as a communal groups, and considerable amounts result of changes in the German foreign trade of mortgage bonds: and industrial bonds and territory and of the abnormal conditions prestocks. At the same time the disposal of vailing, German foreign trade firms have enthe 4^ per cent long-term Reich loan direct countered difficulties in the maintenance or to the great reservoirs of capital made good adjustment of their businesses, assistance has progress. No new series of 4*/2 per cent been provided in the form of credit relief, redeemable Reich Treasury bonds was floatedeither by the Reichsbank alone or by this Bank in 1939, but on the other hand, the Reichs- jointly with the German Gold Discount Bank. bank disposed of a considerable volume of its In order to make possible the future liquidaown holdings in the market, as shown by the tion of obligations and claims in currencies of movement in the course of the year of the bal- enemy countries on a stable basis, domestic ance sheet item: "Securities eligible as note clearing rates were adopted after the official cover." In further satisfaction of the press- quotations for the currencies concerned had ing need for investment securities, the Reich had to be discontinued. A further problem made available to the market beginning was created by the foreign claims of German March 12, 1940, 4 per cent Treasury bonds exporters the collection of which was renwith maturity of about 5 years. The offer- dered impossible by war conditions, as well ing of these securities through the Reichs- as by the obligations of German importers bank met with a good reception. who could not discharge their indebtedness in Gold and exchange transactions.—The ex- foreign exchange to creditors in enemy counchange position is determined fundamentally tries. The Reichsbank undertook, by arrangby the status of German foreign trade. After ing hedging transactions between exporters the appearance of a temporary trade deficit and importers, to bring about an adjustment in the year 1938, it was possible to achieve a of the risks on both sides. surplus of exports in the year under review. The measures in the sphere of exchange The efforts of foreign trade circles and the control were directed chiefly toward improvepublic authorities concerned were effectively ments in the organization of the control. supported by the Reichsbank through a series Here the Reichsbank has always been deof measures such as lowering the interest rate, sirous of reducing to a minimum the adfar-reaching remission of fees and insurance ministrative burden weighing on business, charges, and other modifications in exchange and of effecting any possible relaxation. procedure and in the purchase of exchange Here and there some desirable improvements insurance drafts. in foreign trade policy occurred as, for ex- After the outbreak of war, the field of ample, when the requirements were eased operation of German foreign trade naturally regarding the sending abroad of called securiunderwent a change by reason of the suspen- ties, and when the use of foreign claims as sion of trade relations with enemy countries collateral for loans from foreign banks was and the restriction of trade with countries made possible. In the department of precious overseas. If our foreign trade nonetheless metal control, regulations of the Reich Deshowed satisfactory results in the last four partment of Precious Metals were issued months of 1939, this was largely due to the (Reichsanzeiger No. 214) requiring reports soundly based German foreign trade policy on holdings of silver and platinum and proof building up the exchange of goods with hibiting the disposal of such holdings, and countries which by reason of their geographic also regulating the requisition of gold. Other position and economic structure are the nat- necessary regulations were issued, including ural markets and sources of supply for Ger- measures for the resettlement of populations, many. The success of these efforts is ex- and for the treatment of enemy property in pressed chiefly in the trade with South- this country and financial relations with eastern Europe. Furthermore, the adoption enemy countries. (See Regulations regarding SEPTEMBER 1940 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports declaration of enemy property of November of amounts to the Conversion Office in favor 3, 1939, Reichsgesetzblatt I, p. 2141, and of of creditors who are regarded as enemies, March 5, 1940, Reichsgesetzblatt I, p. 483; special safeguarding orders were issued. and Regulations for the treatment of enemy The special credit granted to the Reich in property of January 15, 1940, Reichsgesetz- 1930 by international consortiums was outblatt I, p. 191). The fourth administrative standing in the amount of some $52,700,000 decree under the Exchange Control Law of at the beginning of the report year. In April November 6, 1939 (Reichsgesetzblatt I, p. 1939, the unamortized portion of the credit 2170) extended to the territory of the Reich was extended for another year until May 10, the prohibition on importation of zlotys, al- 1940. Transfer in foreign exchange of the ready effective in the occupied territories of Reichsmark sinking fund payments on the Poland. credit was not possible in the report year. Since the outbreak of war, payments with Under the terms of special agreements with neutral countries have been carried out in the foreign consortiums, however, it was posgeneral on the basis of existing agreements. sible to reduce the outstanding amount of the The far-reaching activities of the Reichs- credit by the end of the report year to about bank, pursued in collaboration with other $37,000,000 through disbursements of regisinterested departments, naturally extended tered marks. to the solution of the difficulties in this field The 9th German Credit Agreement (Standarising out of the war, whether of a funda- still) adopted in May 1939 was formally demental or of a technical nature. New clear- nounced at the beginning of September by the ing agreements were entered into with American Standstill Committee—also in the Afghanistan, the Protectorate of Bohemia name of the English Standstill Committee— and Moravia, and Slovakia. Payments be- and thereby also brought to an end so far as tween this country and the Soviet Union are the other foreign parties to the agreement made as provided in the original arrangement were concerned. However, on September 18, through the special accounts in German banks 1939, arrangements were concluded with the maintained by the Soviet Russian trade repre- Swiss banking creditors, and on October 3, sentative. With Yugoslavia an agreement 1939, with the Dutch and Belgian banking was reached respecting the former Serbian creditors, providing for the continuation of or other loans chargeable against Yugoslavia. the Agreement of 1939. In addition, on De- Payments to enemy countries are pro- cember 9, 1939, a new Agreement with the hibited on the basis of the above-mentioned United States of America, now the largest Decree of January 15, 1940. Furthermore, Standstill creditor, was successfully negoofficial approval is necessary for domestic tiated on the basis of the old Agreement. Reichsmark payments in favor of enemy citi- The adjustments in the Agreements with zens, whether made to special foreign ac- Switzerland and Holland thereby necessitated counts for domestic payments, to free ac- were effected by corresponding supplemencounts or blocked accounts, or for the liquida- tary agreements dated December 11, 1939, tion of approved private clearings. and February 8,1940, respectively. The final Existing restrictions on the transfer of result is that the Standstill is now restored foreign debt service had to be maintained in with all neutral countries under terms diffull effect. The announcements by the Man- fering only immaterially from those of the aging Board of the Reichsbank of September earlier Standstill Agreements. It was also 26, 1939 (Reichsanzeiger No. 225) and of possible to secure the release of attachments March 28,1940 (Reichsanzeiger No. 73), duly on German property which had been obtained observing the restrictions dictated by war- by foreign creditors, and at the same time to time conditions, govern the treatment of the secure a reduction of interest which reduced interest and dividends paid into the Conver- the burden on the German exchange reserves. sion Office for Foreign Debts in the second Through the framework of agreements thus half of 1939 and the first half of 1940, so erected with the participation of the Reichsfar as this is not already covered by special bank, short-term credits amounting to about agreements. Under this regime, obligations RM 240,000,000 were maintained for German of the Conversion Office are not issued to business, especially the merchandise trade. creditors who are of enemy nationality or Incorporation of territories into the Reich who have acquired their claims from enemies currency area—control in the occupied since September 1, 1939. For the payment areas.—The incorporation of new areas into 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports the Reich and the assumption of the adminis- payment (Gazette for the occupied territories tration in the parts of the former Republic of in Poland No. 3). The Reichsmark and Poland occupied by German troops, required the zloty were thereby made legal tender at prompt measures to reorganize the currency the ratio 1 zloty = 50 Reichspfennigs. In and credit system. The Reichsbank cooper- accordance with the Decree! for Reich Credit ated effectively in the accomplishment of Agencies (Reichskreditkassen) of September this task, and in particular made available 23, 1939 (Gazette for the occupied territories numerous members of its staff to administer in Poland No. 5) Reich Credit Agencies were it. In so far as districts reincorporated in set up in the occupied area, except in Upper the Reich and areas newly annexed to the Silesia, with the function of regulating pay- Reich were concerned, the introduction of ments and credit in place of a central bank. Reichsmark currently and of German ex- These Reich Credit Agencies were adminischange control was mandatory. tratively in close connection with the ex- For the currency reorganization in the perienced organization of the Reichsbank territory of the former Free City of Danzig, which indeed supplied the greater part of the the Reichsmark was made legal tender along necessary personnel of these institutions with the Danzig gulden by the Decree of from the ranks of its own staff. The central September 1, 1939 (Reichsgesetzblatt I, p. administration of the Reich Credit Agencies 1567), and the conversion rate of 1 gulden — was authorized to place at the Reich's dis- 70 Reichspfennigs was established. In ac- posal in the occupied area a loan of up to cordance with the Decree for the taking over RMl,000,000,000. It was empowered to of the Bank of Danzig by the Reichsbank issue Reich Credit Agency notes (Reichsdated September 5, 1939 (Reichsgesetzblatt kreditkassenscheine) for 20, 5, 2, and 1 I, p. 1621), the management was transferred Reichsmarks, and 50 Reichspfennigs, which to the Reichsbapk on that date; the latter were the exclusive legal tender in the occucarried out the liquidation of the Danzig cen- pied area except Upper Silesia. Only very tral bank for account of the Reich. By limited use was made of this authorization, authority of the First Administrative Decree however, since the political realignment of for the introduction of Reichsmark currency the occupied districts in pursuance of the into the territory of the former Free City Fiihrer's Proclamation of October 8, 1939, of Danzig, dated September 7, 1939 (Reichssoon altered the area of circulation of these gesetzblatt I, p. 1691), the gulden lost the notes. A temporary regime of exchange concharacter of legal tender on September 30, trol was set up by the Exchange Order for 1939; all payment media denominated in the occupied area of the former Polish Gov- Danzig currency, with the exception of subernment (exclusive of Upper Silesia) dated sidiary currency of 1 pfennig up to 1 gulden October 7, 1939 (Gazette for the occupied inclusive, were to be exchanged for Reichsterritories in Poland No. 9). mark issues by October 15, 1939. The ex- After the political reorganization of the change control law in effect in the Reich occupied Eastern territories effective October together with other laws and decrees con- 26, 1939, the assimilation of the currency nected therewith was introduced by a Decree system of the section allotted to the Reich, dated September 22 (Reichsgesetzblatt I, excepting the areas already subject to special p. 1865). Up to this time the Danzig exregulation, was accomplished by the Decree of change law had remained in effect, after some November 22, 1939 (Reichsgesetzblatt I, p. tightening up in certain particulars at the 2291). The zloty thereby ceased to be legal beginning of September. Under the terms of tender as of November 27, 1939, and the the law of September 1, 1939 (Reichsgesetz- Reichsmark became the sole legal means of blatt I, p. 1547), the German Reichsbank payment. The exchange into Reichsmarks of Law became effective in the area of the the zloty currency in circulation, except the former Free City of Danzig on January 1, small subsidiary currency, was made up to 1940, together with the body of Reich law. December 9, 1939, at the rate of 2 zlotys = 1 For the regulation of payments in the Reichsmark. In connection with these curportion of the former Republic of Poland rency changes, the Reich Credit Agencies occupied by German troops, the Army Com- situated in these districts were converted into mander issued a decree under date of Sep- Reichsbank branches at the beginning of Notember 11, 1939, concerning legal means of vember 1939. The Decree of November 17, SEPTEMBER 1940 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports 1939 (Reichsgesetzblatt I, p. 2255), made and Preussischer Staatsanzeiger (No. 246) the German exchange legislation applicable, on September 30, 1939, the President issued thus completing the currency assimilation of the Bank Statutes drawn up in accordance the Eastern territory acquired by the Reich. with Section 27 of the German Reichsbank For the occupied area of Upper Silesia, a Law. They contain provisions for the organisystem of currency had been set up in ad- zation of branches, the Advisory Council and vance by special decrees with a view to the the regional advisory councils, Reichsbank prompt restoration of the unity of the local shares, annual meeting, fiscal year, annual industrial district. This was put into effect balance sheet and report, and the audit of by the Reichsbank branches opened on Sep- accounts and distribution of profits. The tember 12, 1939, in Kattowitz and Konigs- organization of an auditing division of the hutte. Reichsbank as required under Section 21 of Since January 3, 1940, under the terms of the Statutes and the issue of an auditor's the Decree of December 21, 1939 (Reichs- report took place in the middle of November gesetzblatt I, p. 2), the German Reichsbank 1939. Law has been effective in the annexed East- The German Reichsbank Law of June 15, ern territories. 1939 has already been adequately discussed In the area under the General Government in its more important features in the preced- (of Poland), the Reich Credit Agencies con- ing year's annual report. tinued temporarily to act as banks of issue. Advisory Council of the Reichsbank—Re- A new Exchange Order for the occupied terrigional Advisory Councils.—At the beginning tories which remained Polish (Gazette of of July 1939 the President appointed the the Governor General No. 7), issued by the members of the Advisory Council to the Governor General with effect from November Reichsbank Managing Board, in accordance 20,1939, abolished all exchange control measwith Section 6 of the German Reichsbank ures previously issued for this area. Under Law, at the same time naming his permanent this Order, zloty currency continues in circurepresentative to preside over the Council lation in the General Government; all means and setting up an inner advisory committee. of payment denominated in other currencies Regional councils were also appointed for the are considered foreign. Only the notes of the more important independent branches of the Reich Credit Agencies which were already Reichsbank. issued retained until further notice the char- Under the Bank's Statutes the Advisory acter of legal tender along with the zloty Council and its committees are charged with currency. The Reich Credit Agencies ceased the duty of assisting the Managing Board the issue of their own notes and converted with advice on special matters if needed. their banking business to a zloty basis. To The members of the regional advisory counprovide for the clearing of obligations between the Reich and the General Govern- cils shall be available in an advisory capacity ment, the Clearing Institute of Krakau was at the request of the management of the established by Decree of November 20, 1939 branches. (Gazette No. 7). At a session of the Advisory Council at the The Decree for the Central Bank of Poland end of October 1939, six committees were apof December 15, 1939 (Gazette No. 14), pointed, viz., the General Committee, and the established the principle that in the General Credit, Capital Market, Stock Exchange, Cur- Government, the makeshift Reich Credit rency, and Foreign Trade committees. These Agencies should be replaced by a local bank committees have met several times for the of issue, which would issue new zloty notes in discussion of timely subjects, with profitable exchange for the notes of the former Bank results. Polski circulating in the General Govern- Commissioner for Note Issue.—The Office ment. The new institution began operations of the Commissioner for Note Issue, estabon April 8, 1940. Its sphere of activity, lished by the Bank Law of August 30, 1924, especially as regards the granting of credit, was abolished on June 16, 1939, the effective is adapted to the local conditions, and to the date of the German Reichsbank Law. character of the country with its predomi- Credit Supervisory Board.—The Credit nantly agricultural economy. Supervisory Board set up at the Reichsbank Statutes of the German Reichsbank.—By under Section 30 of the German Credit Act proclamation in the Deutscher Reichsanzeiger of December 5, 1934, was abolished by the 948 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports Decree for the amendment of that law dated Simplification of procedure.—In view of September 15, 1939 (Reichsgesetzblatt I, p.the necessity of bringing the Central Bank to 1953), with the stipulation that its functions the high standard of efficiency demanded by be transferred to the Reich Minister of Eco- modern management concepts, attention was nomics. The Reichsbank continues as before directed during the report year to the simto cooperate in the supervision of credit. plification of Reichsbank procedure. BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DECEMBER 30, 1939r AND DECEMBER 31, 1938 [ID thousands of Reichsmarks] Assets 1939 1938 Liabilities 1939 1938 Gold, not under lien (gold bars, domestic and Total bank note issue 23,868,820 18, 716, 777 foreign coins) : Credit balances of giro accounts 2,018,189 1,527,469 In the vaults of the bank (0 60,201 Non-interest-bearing deposits 27 27 With foreign banks of issue (0 10,572 Original capital 150,000 150,000 Legal reserve fund (including transfers from 70,773 70,773 net profits of the year).- 99,054 87,353 Reserve for pension and unemployment fund.. 100,000 100,000 Cash: Reserve for contingent liabilities 320,000 274,962 Reichsbank notes 12,069, 527 10,492,892 Subsidiary coin 349, 652 116,453 Reserves for: Rentenbank notes 115,401 16, 778 Printing of new notes 31,000 21,250 New buildings 55,000 58,260 12, 534, 580 10, 626,123 86,000 79, 510 Credit balances in foreign currencies 35, 211 i 29, 544 Foreign notes 2,728 2,336 Reserve for future payments of dividends 40,307 40,307 Foreign bills and checks 186, 610 165, 544 Silver... 13 31 Miscellaneous: Interest on bills due in 1940 and ,1939 re- Domestic bills and checks: spectively. _ 61,883 36, 620 Treasury bills of the Reich (0 120,690 Dividends due but not yet paid 387 322 Other domestic bills and checks ... CO 7,959,062 Do 1 l 9 l 2 a 6 r b T u r t e a n s o u t ry y e n t o p te re s s o e f n t te h d e 4 R _ e . ich due i _ n _ 141 11,200,866 8,079, 752 Liabilities in foreign currencies. __ Unpaid claim of the German Govern- Loans against collateral (lombards), viz.: ment—contra account __ 70,082 70,082 Loans against gold and silver (Sec. 13, 5a Other liabilities. 227,147 102,336 of the Reichsbank Law) Loans against bills and Treasury bills 359,499 209,511 (Sec. 13, 5b) 873 5,884 Loans against securities (Sec. 13, 5d) 20,397 19, 731 Net profits for the year less 10 per cent assigned Loans against goods (Sec. 13, 5e) 8,729 19, 246 to the legal reserve 105,311 36,607 30,000 44,861 Securities eligible for note cover 803, 721 565, 052 Other securities _ 418,209 298,820 Overdue and doubtful claims (3) (3) Land and buildings 30,000 30,000 Claims due on balance from the Reich. 91,410 92, 601 Miscellaneous: Bank notes no longer fit for circulation 1,358 1,238 Postponed claim on the German Government in virtue of Sec. 11,4, of the law of Aug. 30, 1924, for the liquidation of Rentenbank notes in circulation __. 70,082 70,082 Credit balances with post office accounts.. 39,072 48,168 Investments for pension and unemployment fund -. 99,995 100,000 Reichsmark claims on foreign correspondents 13,193 10,005 Revolving credit to the Reich. _ 985,400 208, 600 Claims against the Reich for sinking-fund purchases 11, 069 22,460 Foreign exchange authorized but not yet delivered 183,455 Government debt C taken over from the former Austrian National Bank 101,379 104,615 Claim arising from the liquidation of the Bank of Danzig 31,376 Claim arising from exchange of Czechoslovak currency „ 306,746 Claim against the Reich Credit Agencies for their notes cashed 10,302 Items in transit 179, 784 Other claims _ 200,076 161, 717 1,743,086 1,217,086 Total assets.. 27,147, 208 21,222, 524 Total liabilities.. 27,147,208 21, 222,524 i Not shown separately. • Of which the equivalent of 3,179,000 Reichsmarks was assigned as cover for the notes in circulation. 3 Entered at the nominal amount of 1 Reichsmark. 4 See Reichsbank report for 1926. SEPTEMBER 1940 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonal Summatu Compiled August 17 and released for publication August 19. V OLUME of industrial output was steady ber production declined sharply early in July during July and the first half of August, but has subsequently increased accompanyafter a rapid expansion in May and June. ing a considerable rise in new orders. Employment continued to increase. Reflect- In the automobile industry output declined ing mainly awards for national defense proj- sharply in July and the first half of August ects, construction contracts rose to the high- as plants were closed to prepare for the shift est level in ten years. Prices of basic com- to new model production. The decline was modities declined somewhat further. greater than at this season in other recent years, reflecting the fact that production had Production been at high levels during the first half of In July the Board's revised index of indus- 1940 and large stocks had accumulated. trial production stood at 121 per cent of the These stocks were reduced considerably in 1935-39 average, according to preliminary July as production was curtailed and retail data. This is the same as in June and 17 sales continued large. points above the level prevailing a year ago Textile production increased considerably before the outbreak of war. In most lines further in July, reflecting chiefly a marked activity was maintained at the levels reached rise in activity at woolen mills where output in June or increased further. is still below the levels of a year ago. Pro- Steel production in July was at about 85 duction of cotton and rayon textiles was mainper cent of capacity and in the first half of tained in July and was in larger volume than August there was an increase to about 90 per last summer, while activity at silk mills incent. Production of pig iron and coke and creased somewhat from the exceptionally low output of nonferrous metals were also in level reached in June. Shoe production inlarge volume. In the machinery, shipbuild- creased seasonally, while output of manufacing, and aircraft industries, where new orders tured foods, which in June had been unusually had been large during the first half of the large for that time of year, showed less than year and a considerable backlog of unfilled the customary increase in July. orders had accumulated, activity was main- Coal production has risen further and shiptained at high levels in July, although ordi- ments of iron ore down the Lakes have connarily there are declines at this season. Lum- CONSTRUCTION CONTRACTS AWARDED MILLIONS OF DOLLARS MILLIONS OF DOLLARS INDUSTRIAL PRODUCTION 5OOI 140 130 130 400 -400 A 120 } J \ V 120 300 110 J 110 rVV / \ 100 / \\ J 100 •\>AAV 90 / 90 80 80 100 -^^Y^V— 7 100 70 70 60 60 1934 1935 1936 1937 1938 1939 1940 1934 1935 1938 1939 1940 Three-month moving averages of F. W. Dodge data for value of contracts awarded in 37 Eastern States, adjusted for seasonal Index of physical volume of production, adjusted for seasonal variation. Latest figures based on data for June and July and variation, 1923-1925 average = 100. estimate for August. 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions tinued at near-capacity rates. Petroleum prices of commodities influenced by foreign production has been curtailed sharply, how- supplies, such as lead, rubber, cocoa, and cofever, reflecting partly a continued high level fee. Prices of steel scrap and zinc, on the of stocks of petroleum products. other hand, advanced somewhat in this pe- Value of new construction work under- riod. taken increased sharply in July, owing Agriculture mainly to a further rise in public construc- Prospects for most crops showed little tion, and was at the highest level in the past change in July, according to the Department decade, according to reports of the F. W.of Agriculture. Production this year is ex- Dodge Corporation and the Federal Reserve pected to approximate the 1929-38 average Bank of San Francisco. Awards for both and, considering carryovers, supplies of most residential and nonresidential private build- crops will be large. Conditions for wheat ing increased somewhat, although some de- and oats improved during July, while the cline is usual at this season. corn crop showed some deterioration. A cot- Increases were most pronounced in the At- ton crop of 11,429,000 bales was indicated lantic, Gulf, and Pacific Coast States, reflect- for this season as compared with 11,817,000 ing awards of additional contracts for naval bales last season. air station and shipyard construction. In the central portions of the country there were Bank Credit generally small increases, although in some Total loans and investments at reporting areas awards were lower. member banks in 101 leading cities increased substantially during the five weeks ending Distribution August 14, owing mainly to purchases of di- Distribution of commodities to consumers rect and guaranteed securities newly issued was sustained in July at about the levels pre- by the United States Government. Sale of vailing in the first half of the year. Sales at these securities caused a large increase in department stores declined more than sea- Treasury balances with the Federal Reserve sonally, while sales at variety stores showed Banks. As a result of this temporary devellittle change, although a decline is usual in opment, excess reserves declined by $450,- July. 000,000 in this period despite an increase of Total freight-car loadings increased sea- over $500,000,000 in monetary gold stock. sonally in July. Shipments of grain showed a considerable rise and loadings of coal and Government Security Market coke continued to advance, while shipments Prices of United States Government securof miscellaneous freight, which include most ities were relatively steady during July and manufactured products, declined by some- the early part of August but declined slightly what more than the usual seasonal amount. around the middle of August accompanying news of intensification of European warfare. Commodity Prices The yield on the 1960-65 bonds increased to Prices of basic commodities declined some- 2.39 per cent on August 14 compared with what further from the middle of July to the2.34 per cent on July 1 and 2.26 per cent on middle of August, with decreases chiefly in April 2 at the year's peak in prices. WHOLESALE PRICES MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF/)OLLA 50 50 1934 1935 1936 1937 1938 1939 1940 Index compiled by the United States Bureau of Labor Statistics 1934 1935 .1936 1937 1938 1939 1940 1926 = 100. By weeks, 1934 to week ending August 21, 1940. Wednesday figures, January 3, 1934, to August 21, 1940. SEPTEMBER 1940 951 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 955 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements 956 Federal Reserve Bank statistics 957-961 Reserve position of member banks; deposits in larger and smaller centers 962 Money in circulation '. . . 963 Gold stock and gold movements; bank suspensions; bank debits 964 All banks in the United States, number, deposits, loans and investments 965 Condition of all member banks 966-967 Weekly reporting member banks 968-971 Commercial paper, bankers' acceptances, and brokers' balances 972 Money rates and bond yields 973 Security markets 974 Treasury finance 975-976 Governmental corporations and credit agencies; Postal Savings System 977-978 Business Indexes 979-989 Wholesale prices 990 Statistics for Federal Reserve chart book 991-992 Crop report 992 Changes in number of banks and branches in United States 993 Condition of all member banks 994-995 Major divisions of production index expressed as points in total 996-997 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. SEPTEMBER 1940 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLION/ OF DOLLARS 20 20 18 / 18 • 16 16 14 / 14 GOLD £>TOCK y 12 12 10 10 MONf£Y IN CIRCULATION 4 -1 TREASURY ^ASH r^— y -: RESERVE BANK 1 , CREDIT iSURY DEPOSI 1934 1935 1936 1937 1938 1939 1940 14 14 12 12 10 10 MEMBER BANK 8 RESERVE BALANCES 8 4 1934 1935 1936 1937 1938 1939 1940 Latest figures for August 21. See page 955. 954 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 Treas- bank reserve Date co B d u i i n l s l t - s ed T T o J t . a l S s . ec G t w u M u i o n r i r i t v a i t h 5 n i - e - e g r s nm t a M u e f r t 5 n a i e t n - r g c o B re A t a h d n l e i l k t r i Total s G to o c ld k s T r t o e c u r i a u n n u e r n y g r a c t d - - y s - - M i c n t u i o o c l n a n i e - r y T h c i u r o n a e r l g s y a d h s - s - - u B s w F r e R e a y e r r i n e a v t d d k h - l e - e s - p m N o b d e o s e e m i n r - t - s - c O s F o e R e a t e u r r c h e a v d n - e - l e - t r s To b t a a l l ance E s xyears years Monthly averages of daily figures: 1939—May 2,564 1,734 830 2,582 15,878 2,856 6,919 2,663 926 557 255 9,997 4,212 June.. 2,563 1,733 830 2,591 16,028 2,870 2,568 682 258 10,085 4,246 July.... 2,527 1,697 830 2,569 16,182 2,887 7,051 2,534 780 695 257 10,321 4,402 1940—May.— 2,472 1,205 1,267 2,529 18,974 3,004 7,617 2,231 440 879 255 13,086 6,288 June 2,474 1,206 1,269 2,542 19, 560 3,010 7,752 2,194 1,026 259 13,596 6,696 July 2,450 1,202 1,247 2,515 20, 260 3,017 7,884 2,206 391 1,316 261 13,735 6,752 End of month figures: 1939—May 31__._ 2,564 1,734 2,573 15, 957 2,862 6,967 2,636 920 253 10,029 4,218 June 30 2,551 1,720 2,579 16,110 2,881 7,047 2,563 944 739 258 10,018 4,140 July 31... 2,488 1,658 830 2,486 16,238 2,895 7,049 2,360 752 693 257 10,507 4,553 1940—May 31.— 2,477 1,206 1,271 2,519 19, 209 3,008 7,710 2,198 365 973 253 13,237 6,385 June 29__.. 2,466 1,204 1,262 2,531 19,963 3,014 7,848 2,186 234 1,198 261 13,781 6,857 July 31__._ 2,448 1,202 1,246 2,484 20,463 3,024 7,883 2,250 1,382 262 13,498 6,514 Wednesday figures: 1939—Oct. 4 2,785 1,566 1,219 46 2,837 16,958 2,920 7,309 2,250 776 239 11,672 Oct. ll. 2,765 1,546 1,219 39 2,810 16,973 2,924 7,346 2,238 404 742 238 11,739 5,399 Oct. 18.... 2,748 1,530 1,219 63 2,817 16,997 2,927 7,330 2,216 349 241 11,907 5,509 Oct. 25 2,736 1,517 1,219 30 2,771 17,039 2,929 7,302 2,230 240 11,950 5,534 Nov. 1 2,721 1,502 1,219 38 2,765 17,099 2,932 7,352 2,250 349 790 241 11,814 5,376 Nov. 8 2,687 1,468 1,219 28 2,721 17,132 2,935 7,409 2,263 348 779 241 11,749 5,354 Nov. 15.... 2,649 1,439 1,210 60 2,715 17, 235 2,939 7,384 2,341 564 772 241 11,587 5,166 Nov. 22_... 1,403 1,191 44 2,645 17,257 2,942 7,434 2,357 466 727 241 11,619 5,171 Nov. 29___. 2,552 1,362 1,191 45 2,605 17,347 2,947 7,462 2,359 441 776 241 11,620 5,135 Dec. 6... 2,512 1,324 1,189 47 2,568 17,408 2,949 7,545 2,391 346 785 241 11,617 5,154 Dec. 13.. 2,512 1,324 1,189 23 2,543 17,464 2,954 7,564 2,398 753 719 240 11,288 4,849 Dec. 20- 2,496 1,324 1,173 140 2,645 17, 576 2,959 7,679 2,411 694 765 253 11,378 4,900 Dec. 27- 2,489 1,220 1,270 71 2,568 17,620 2,963 7,663 2,417 646 678 255 11,493 5,046 1940—Jan. 3___. 2,484 1,220 1,265 73 2,564 17,697 2,963 7,581 2,367 651 653 251 11,721 5,271 Jan. 10... 2,477 1,220 1,258 20 2,504 17,747 2,965 7,463 2,341 655 677 250 11,830 5,377 Jan. 17... 2,477 1,220 1,258 31 2,515 17,805 2,968 7,405 2,361 575 678 250 12,020 5,502 Jan. 24... 2,477 1,220 1,258 30 2,514 17,879 7,365 2,381 507 713 249 12,148 5,592 Jan. 31... 2,477 1,220 1,258 18 2,503 17,931 2,971 7,376 2,358 549 723 248 12,150 5,559 Feb. 7_... 2,477 1,218 1,259 33 2,518 17,998 2,973 7,403 2,365 632 743 249 12,097 5,523 Feb. 14... 2,477 1,215 1,263 46 2,530 18,063 2,977 7,411 2,385 642 733 249 12,151 5,580 Feb. 21... 2,477 1,209 1,268 40 2,523 18,108 2,977 7,450 2,358 596 716 248 12,241 5,629 Feb. 28... 2,477 1,209 1,268 54 2,537 18,166 2,980 7,439 2,374 561 744 248 12,318 5,689 Mar. 6... 2,477 1,209 1,268 35 2,515 18,220 2,984 7,481 2,358 536 731 246 12,367 5,733 Mar. 13.. 2,477 1,209 1,268 44 2,524 18,282 2,985 7,463 2,362 526 754 247 12,439 5,777 Mar. 20.. 2,475 1,209 1,266 42 2,520 18,360 2,989 7,484 2,374 707 791 256 12,256 5,594 Mar. 27.. 2,475 1,209 1,266 32 2,510 18,413 2,990 7,471 2,382 700 256 12,294 5; 679 Apr. 3.__. 2,467 1,205 1,262 42 2,512 18,470 2,991 7,521 2,372 737 256 12,395 5,815 Apr. 10... 2,467 1,205 1,262 31 2,500 18, 523 2,993 7,509 590 733 256 12,575 5,949 Apr. 17... 2,467 1,205 1,262 45 2,514 18,631 2,992 7,536 2,313 513 762 257 12,757 6,048 Apr. 24... 2,467 1,205 1,262 32 2,501 18, 708 2,997 7,520 2,305 470 773 256 12,883 6,116 May 1.... 2,467 1,205 1,262 30 2,500 18,771 3,000 7,570 2,293 490 793 256 12,870 6,107 May 8—. 2,467 1,205 1,262 38 2,507 18,835 3,004 7,589 512 802 256 12,877 6,131 May 15.. 2,474 1,205 1,269 41 2,518 18,949 3,004 7,598 2,223 425 878 254 13,094 6,300 May 22.. 2,477 1,206 1,271 41 2,520 19,071 3,007 7,613 2,204 370 935 254 13,223 6,373 May 29.. 2,477 1,206 1,271 31 2,511 19,162 3,007 7,685 2,200 378 950 253 13,215 6,362 June 5... 2,477 1,206 1,271 50 2,530 19, 281 3,008 7,718 2,205 949 252 13,387 6,533 June 12 .. 2,477 1,206 1,271 43 2,523 19,427 3,009 7,717 2,200 265 1,014 253 13,510 6,607 June 19.. 2,473 1,206 1,267 2,539 19,769 3,011 7,741 2,204 298 1,098 266 13,712 6,767 Jurie 26.. 2,473 1,206 1,267 2,511 19,871 3,012 7,780 2,186 301 1,139 266 13,723 6,801 July 3... 2,450 1,202 1,248 2,503 20,063 3,014 7,924 2,190 221 1,245 262 13,737 6,812 July 10.. 2,450 1,202 1,248 2,491 20,166 3,015 7,884 2,191 297 1,274 261 13,764 6,833 July 17.. 2,450 1,202 1,248 2,501 20,256 3,016 7,872 2,199 278 1,299 261 13,863 6,882 July 24.. 2,450 1,202 1,248 2,491 20,367 3,020 7,854 2,229 643 1,327 261 13,565 6,570 July 31.. 2,448 1,202 1,246 2,484 20,463 3,024 7,883 2,250 1,382 262 13,498 6,514 Aug. 7... 2,446 1,202 1,244 22 2,471 20, 568 3,025 7,929 2,276 923 1,386 263 13,286 6,325 Aug. 14.. 2,446 1,202 1,244 47 2,495 20,689 3,027 7,944 2,281 940 1,444 262 13,340 6,392 Aug. 21.. 2,446 1,202 1,244 44 2,492 20,800 3,030 7,976 2,291 1,486 261 13,419 6,417 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request 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. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. SEPTEMBER 1940 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10 (b) of the Secured by direct and Federal Reserve Act Federal Reserve Bank e l l i i g g a ib ti l o e n g s u o a f r a t n h t e e e U d . o S b . - All other To banks To others Rate In Rate In Rate In Rate In Rate In Aug. effect Aug. effect Aug. effect Aug. effect Aug. effect 31 beginning- 31 beginning- 31 beginning- 31 beginning— 31 beginning— Boston___ Sept.1, 1939 Sept. 1, 1939 Sept.2, 1937 Sept. 1, 1939 Apr.29, 1938 New York.— Aug.27, 1937 Aug.27, 1937 Oct.10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia- Sept.4, 1937 Sept. 4, 1937 Sept.4, 1937 Sept. 1, 1939 Sept 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond H 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 l Sept.1, 1939 Aug.21, 1937 Aug.21, 1937 Sept. 1, 1939 Oct.16, 1933 St. Louis l Sept.21, 1939 Sept.2, 1937 Sept.2, 1937 Sept. 16, 1939 Feb.23, 1935 Minneapolis.. VA Aug.24, 1937 Aug.24, 1937 Aug.24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City- l Sept.16, 1939 Sept.3, 1937 Sept.3, 1937 Sept. 16, 1939 Apr.16, 1938 Dallas l Sept.16, 1939 Aug.31, 1937 Aug.31, 1937 Sept. 16, 1939 Apr.16, 1938 San Francisco. Sept.3, 1937 Sept.3, 1937 Sept.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.—Bee 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 Aug. 31, 1940, on advances and commitments under Sec. 13b of the Federal Reserve Act Maturity e J R f u f a e l c y te t 3 i o n 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous [Per cent per annum except as indicated by footnote 3] 1-15 days i.__. Oct. 20, 1933 1 Advances to finan- 16-30 days ..._do- 1 ing institutions— 31-45 days 1 Advances 46-60 days _do_. 1 direct to Commit- 61-90 days-.. _do_. 1 Federal Reserve Bank industrial On por- ments 9 1 1 2 - 1 1 -1 2 8 0 0 d d a a y y s. s . - . 1 . . . . d d o o- .. 1 IK m ga o e n r r i c z c i a a o t l m io o - n r- s t i w i n o s h n t i i c t f u h o - r m O a n i n r i e n - g a to d v m an a c k e e s i This rate also applies to acceptances bought under repurchase agree- tion is portion ments, which agreements are always for a period of 15 days or less. obligated NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Boston _ 11 rates apply to purchases, if any, made by other Federal Reserve Banks. New York 4-6 Back figures.—See Annual Report for 1937 (table 41). Philadelphia- 4-6 0) Cleveland. Richmond 4-6 4-6 1-2 MEMBER BANK RESERVE REQUIREMENTS Atlanta. _ 4-5 4-5 1-2 [Per cent of deposits] Chicago. __ 5-6 1-2 St. Louis 1 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Minneapolis.— 6 Classes of deposits 1917- 1936- 1937- 1937- 1938- Kansas City_._ 4-6 4 2 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Dallas 5-6 4 5-6 1936 1937 1937 1938 after San Francisco.. 5-6 3-4 4-5 On net demand deposits :* * Authorized rate one per cent above prevailing discount rate. R C e e s n e t r r v al e r c e i s t e y rve city.. 1 1 9 5 3^ > 3 S M a i m n e im as u m to c b h o a r r r g o e w o e n r e b -h u a t lf n o o t f l o e n ss e t p h e a r n c e fo n u t. r per cent. On C o ti u m n e t r d y e posits: ioy2 12 Back figures.—See Annual Report for 1937 (table 40). All member banks. __ 5 MAXIMUM RATES ON TIME DEPOSITS i See footnote to table on p. 962 for explanation of method of computing net demand deposits. Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. MARGIN REQUIREMENTS1 [Per cent per annum] Prescribed by Board of Governors of the Federal Reserve System in accordance with Securities Exchange Act of 1934 Nov• 1,1933 Feb. 1, 1935 In effect [Per cent of market value] to to beginning Jan. 31,1935 Dec. 31, 1935 Jan. 1, 1936 Apr. 1, Nov. 1, 1936- 1937 Oct. 31, and Savings deposits.._ 3 VA 1937 after Postal savings deposits 3 2A Other time deposits pay- For extensions of credit by brokers and dealers on able in: listed securities, under Regulation T 55 40 6 months or more 3 2A 2H For short sales, under Regulation T 50 90 days to 6 months 3 23^2 2 For loans by banks on stocks, under Regulation U__. »55 40 Less than 90 days. _ 3 21/2 1 1 i Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a NOTE.—Maximum rates that may be paid by insured nonmember specified percentage of its market value at the time of the extension; banks as established by the Federal Deposit Insurance Corporation, the "margin requirements" shown above are the difference between effective February 1, 1936, are the same as those in effect for member the market value (100%) and the maximum loan value. banks. In some States the maximum rates established by the Board * Requirement under Regulation T was the margin "customarily and the Federal Deposit Insurance Corporation are superseded by required" by the broker. lower maximum rates established by State authority. 1 Regulation U became effective May 1, 1936. NOTB.-—Regulations T and U also provide special margin requirements or "omnibus" accounts and loans to brokers and dealers. 956 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 Aug. 21 Aug. 14 Aug. 7 July 31 July 24 July 17 July 10 July June July Assets Gold certificates on hand and due from U. S. Treasury _. 18,486,978 18,387,980 18,273,975 18,188,977 18,113,976 18,028,478 17,944,476 18,188,977 17,743,47613,869,218 Redemption fund—F. R. notes 11,826 11,951 12,853 12,852 12,853 10,353 10,862 12,852 10,862 9,101 Other cash 354,056 362,066 358,922 377,336 380,284 367,639 360,233 377,336 366,090 351,410 Total reserves. 18,852,86018, 761,997 18,645, 75018, 579,165 18, 507,113 18,406,470 18, 315, 57118,579,165 18,120,428 14,229,729 Bills discounted: For member banks _. 3,053 2,942 3,231 3,667 2,717 2,197 1,994 3,667 2,194 For nonmember banks, etc... 5 5 5 5 10 10 10 5 10 2,025 Total bills discounted.. 3,058 2,947 3,236 3,672 2,727 2,207 2,004 3,672 2,204 4,905 Bills bought: Payable in foreign currencies- 545 Industrial advances. 8,561 8,545 8,602 8,884 9,103 9,118 9,153 8,947 11,869 U. S. Government securities, direct and guaranteed: Bonds.. 1, 319,196 1, 319,196 1,319,196 1, 321,196 1,323,196 1,323,196 1,323,196 1,321,196 1,337,843 911,090 Notes ___ 1,126, 732 1,126, 732 1,126, 732 1,126, 732 1,126,732 1,126, 732 1,126, 732 1,126,732 1,128,433 1,176,109 Bills _ 401,020 Total U. S. Government securities, direct and guaranteed 2,445,928 2,445,928 2,445,928 2,447,928 2,449,928 2,449,928 2,449,928 2,447, 928 2,466,276 2,488,219 Other Reserve Bank credit 34,820 37,708 13,037 23,065 28,931 39,965 30,048 23,065 53, 904 -19,951 Total Reserve Bank credit outstanding 2,492, 367 2,495,128 2,470,803 2,483, 549 2,490,689 2, 501, 218 2,491,133 2,483,549 2, 531,331 2,485, 587 Liabilities F. R. notes in actual circulation 5,309,939 5,292,803 5,280,926 5,247,601 5,223,282 5,230,359 5, 232,463 5,247,601 5,198,920 4, 530,099 Deposits: Member bank—reserve account.__ 13,418, 71813,339,587 13!,, 285,86113,498,134 13, 564,56113,863,01913,764,343 13,498,134 13,781,177 10,506,799 U. S. Treasurer—general account-_ 889, 274 940,004 923, 394 694,083 642, 925 278, 395 297,428 694,083 233,772 752,382 Foreign bank _ 867,059 841,341 816,341 787,371 742,077 733, 601 765,082 787,371 680,828 281,057 Other deposits... 618,466 602, 924 570,013 594,991 585,358 564,920 508,748 594,991 517,339 411,705 Total deposits. _ 15, 793, 51715, 723,856 15, 595, 609 15,574, 579 15, 534,92115,439,935 15,335, 60115, 574, 579 15,213,116 11,951, 943 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 19.3 9.2 19.0 ;9.o 19.2 88.8 86.3 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y ' , s 60 61 d a to y s 90 m 91 o t o d n a t 6 h y s s 6 1 m t y o o e n a th r s 2 1 y t y e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: July 31 3,672 2,212 80 320 563 Aug. 7 3,236 1,719 107 446 523 437 Aug. 14. 2,947 1,405 161 415 575 387 Aug. 21 3,058 1,579 409 639 231 Industrial advances: Aug. 31 1,881 207 251 1,042 1,428 3,070 Aug. 7 1,602 1,575 102 320 161 1,062 1,557 2,519 Aug. 14 1,545 1,503 136 309 150 1,081 1,496 2,563 Aug. 21 1,561 1,545 200 243 297 943 1,497 2,557 U.'S. Government securities, direct and guaranteed: July 31 2, 447,928 105,974 186,967 732,267 1,245,500 Aug. 7 2, 445,928 105,974 129,940 732,267 1,243,500 Aug. 14__... 2,445,928 105,974 129,940 732,267 1,243,500 Aug. 21. 2, 445,928 104,774 129,940 733,467 1, 243, 500 SEPTEMBER 1940 957 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 i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Assets Gold certificates on hand and due from U.S. Treasury: July 17 18,028,4781,060,762 8,934,442 929,1431,,162,,58,08 4 49,288 ,335,6,73 2,,825,1,170 4365,,2577 276,0,0272 7 37,8,0078 234,303 1,023,615 July 24 18.113,9761,048, 5589,017,114 992288,666622 11,117766,662233 4 455441,91955 3 33311 ,5 55588 2 28,382323,8328 24 346386,3853 255 285 85,4 504 307 377476,456 254 224125,11 5111,009,893 July 31 18.188,9771,115,198 8,938,862 953,196 1,205,624 456,880 361,069 2,826,384 433, 540 261,827 382,061 242, 950 1, Oil, 386 Aug. 7. 18,273,9751,129,940 8,879,523 969,543 1,215,919 455, 582 372,276 2,855,307 440,352 283,190 389, 571 260,098 1,022,674 Aug. 14 _ 18,387,980 1,135,625 8,926,155 977,932 1, 234,774 468,350 365,796 2,853,093 447, 912 281,353 398,845 256,196 1,041,949 Aug. 21__. 18.486,9781,144,905 8,975,371 Redemption fund — Federal Reserve notes: July 17... 10,353 1,035 1,302 606 935 247 1,109 451 518 175 678 1,309 July 24 12,853 1,035 1,302 606 1,935 1,247 1,109 451 518 675 678 1,309 July 31 12,852 1,035 1,302 606 1,935 1,246 1,109 451 518 675 678 1,309 Aug. 7 12,853 1,1 1,035 1,302 606 1,935 1,247 1,109 451 518 675 678 1,309 Aug. 14. _ 11,951 1,900 1,679 1,160 478 1,112 1,184 942 417 503 649 659 1,268 Aug. 21_ 11,826 1,850 1,477 1,077 402 1,618 1,147 829 400 495 633 650 1,248 Other cash: July 17. 367,639 32,769 104,958 31,003 25,991 21,736 18,578 47, 526 17,361 6,377 18,077 14,601 28,662 July 24.. 380,284 33,406 106,688 32,131 25,551 24,596 20,433 47,199 17,360 7,445 19, 52713,918 32,030 July 31 377,336 31,503 104,395 32, 607 26,579 22,482 19,177 47,308 17,043 8,305 17,636 14,809 35,492 Aug. 7 358,922 30,985 100, 111 31, 732 24,531 23,845 18,750 42,097 15,449 7,786 17,507 13, 559 32, 570 Aug. 14 362,066 31,167 101,964 32,003 24,680 21,740 17,996 43,776 16, 589 8,356 16, 717 14,867 32,211 Aug. 21 354,056 31,485 95,222 31,706 23,131 24,080 20, 542 38,047 17, 645 8,104 19,027 12,987 32,080 Total reserves: July 17... _ 18,406,4701,095, 5199,040,435 961.,, 448. 1,, 1891,77 471,959 354,498 2,873,745 453,069 267,122 396,330 249, 582 1,053, 586 July 24 18, 507,1131,083,952 9,124,837 962,095 1,202,780 480,726 353,238 2,880, 690 454,646 266, 503 397,667 256, 747 1,043,232 July 31 18, 579,1651,148,689 9,044,292 987,105 1,232,809 481, 297 381,492 2,874,801451,034 270,650 400,372 258,437 1,048,187 Aug. 7 18, 645, 7501,162,913 8,980,6691,002,577 1,241,0'5"6" 4 8"1, 362 392,273" 2,898, 513 456,252 291,494 407,753 274,335 1,056,553 Aug. 14 18, 761,9971,168,692 9,029,798 1,011,095 1'.,2,5 92,5993,29 3429 14,9210,22 0328 43,8947,69 726, 829,78,9 78,1 1811 464,918 290,212 416,211 271, 722 1,075,428 Aug. 21 18,852,8601,178,240 9,072,070 1' , 000' 700 i; 258; 534 50i; 093 3~89",' 474 2,903J 963 478,' 400 29S, 997 419; 175 267; 995 I, m, 219 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: July 17 768 55 111 173 53 71 100 31 49 July 24 283 126 78 113 71 30 155 31 56 July 31— 1, 165 126 148 100 571 475 31 136 40 Aug. 7 1,237 485 91 138 50 61 80 111 151 40 Aug. 14 1,012 380 94 138 50 41 65 28 151 40 Aug. 21 1,119 440 113 60 56 65 36 161 70 Other bills discounted: July 17 1, 192 114 41 105 169 19 100 50 284 77 July 24 1,729 201 91 40 90 201 18 85 50 313 547 72 July 31 _— 1,781 204 86 44 90 208 18 85 83 301 573 68 Aug. 7 385 85 44 90 222 18 85 86 282 630 54 Aug. 14.. M35 331 58 39 90 213 10 110 78 274 682 38 Aug. 21 1,939 397 54 34 65 200 10 125 226 709 30 Total bills discounted: July 17 2,207 50 247 225 214 158 184 90 200 110 319 333 77 July 24 2,727 61 484 217 118 203 216 89 115 205 344 603 72 July 31. 3,672 106 369 212 192 190 222 589 85 558 332 709 108 Aug. 7. 3,236 33 870 176 182 140 237 79 85 166 393 781 94 Aug. 14 2,947 27 711 152 177 140 223 51 110 143 302 833 78 Aug. 21 3,058 24 837 148 147 125 209 66 125 145 262 870 100 Industrial advances: July 17 9,118 1,145 1,996 2,689 349 871 230 297 5 217 194 465 660 July 24 9,103 1,142 1,991 2,673 367 870 222 302 5 213 193 465 660 July 31 8,884 1,811 2,664 366 843 217 302 5 221 193 465 659 Aug. 7 8,602 1*136 1,810 2,425 364 842 212 275 5 217 193 464 659 Aug. 14 8,545 1,136 M~~ 2,422 374 790 209 272 5 220 193 464 652 Aug. 21_ 8,561 1,132 1,8 2,420 373 790 209 272 5 222 216 462 652 TJ. S. Government securities, direct and guaranteed: Bonds: July 17 1,323,196 96,517 405, 667. 105,011 135,697 66,228 48,524 140,398 61,227 38,930 62, 501 51, 559 110,937 July 24 1,323,196 96,517 405,667 105,011 135,697 66,228 48, 524 140,398 61,227 62, 501 51, 559 110,937 July 31 1,321,196 96,376 404,981 104,845 135,492 66,140 48,453 140,192 61,152 62,422 51,491 110,772 Aug. 7 1, 319,196 96,236 404,294 104,677 135,286 66,053 48,383 139, 987 61,076 62,345 51,423 110,607 Aug. 14... 1,319,196 96, 236 404,294 104,677 135,286 66,053 48,383 139,987 61,076 62,345 51,423 110,607 Aug. 21. „ 1,319,196 96, 236 404,294 104,677 135,286 66,053 48,383 139,987 61,076 62,345 51,423 110,607 Notes: July 17 1,126, 732 345,434 89,421 115, 549 56,395 41,320 119, 550 52,136 33,150 53,221 43,905 94,465 July 24 1,126, 732 82,186 345,434 89,421 115, 549 56,395 41,320 119, 550 52,136 33,150 53,221 43,905 94,465 July 31 1,126,732 82,190 345, 372 89,412 115, 549 56,406 41,322 119, 55752,151 33,157 53,236 43,913 94,467 Aug. 7 1,126, 732 82,194 345,311 89,406 115, 55056,416 41, 324 119, 562 52,166 33,165 53,249 43,920 94,469 Aug. 14 1,126, 732 82,194 345, 311 89,406 115, 55056,416 41,324 119, 562 52,166 33,165 53,249 43,920 94,469 Aug. 21 1,126,732 82,194 345,311 89,406 115, 55056,416 41,324 119, 562 52,166 33,165 53,249 43,920 94,469 Total U. S. Government securities direct and guaranteed: July 17 2, 449, 928 178, 703 751,101 194,432 251,246 122, 623 89,844 259,948 113,363 72,080 115,722 95,464 205,402 July 24 2, 449, 928 178, 703 751,101 194,432 251,246 122,623 89, 844 259,948 113,363 72,080 115, 722 95,464 205,402 July 31.— 2, 447, 928 178, 566 750,353 194,257 251,041 122, 546 89, 775 259, 749 113,303 72,037115,658 95,404 205,239 Aug. 7 _. 2,445, 928 178,430 749,605 194,083 250,836 122,469 89,707 259, 549 113, 24271,994115, 594 95,343 205,076 Aug. 14 2, 445, 928 178,430 749,605 194,083 250, 836 122,469 89,707 259, 549 113, 24271,994115, 594 95,343 205,076 Aug. 21 2,445,928 178,430 749,605 194,083 250,836 122,469 89,707 259, 549 113, 24271,994115, 594 95,343 205,076 958 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 Ne o w rk - P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d la A n t t ' a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets— Continued Total bills and securities: July 17 2,461,253 179,898 753,344 197,346 251,809123,652 90,258 260,335113, 568 72,407 116,235 96,262 206,139 July 24_ _ 2,461,758 179,906 753, 576 197,322 251,731123,696 90,282 260,338113,483 72,498116,259 96, 532 206,134 July31._ 2,460,484 179,810 752, 533 197,133 251, 599 123; 57990,214 260,640113,393 72,816116,183 96, 578 206,006 Aug. 7 2,457,766 179, 599 752,285 196,684 251,3821"2"3 ,4•5"1 90,156 259,903113,332 72,377 116,180 96, 588 205,829 Aug. 14 2,457,420 179, 593 752,124 196,657 251,387123,399 90,139 259,872 11_3,,_3_57 72,357116,089 96,640 205,806 Aug. 21 2,457,547 179,5.86 752,250 196,651 251,356123,384 90,125 259,887 113,372 72,36f116,072 96,675 205,828 Due from foreign banks: July 17._ 4; 18 5 4 July 24 __. 4' 18 5 4 July 31 4^ 18 5 4 Aug. 7_ 4; 18 5 4 Aug. 14 4: 18 4 Aug. 21.... 4: 18 4 Federal Reserve notes of other banks: July 17 23,608 1,108 2,043 1,130 1,461 3,069 1,976 3,434 2,281 795 1,848 539 3,924 July 24 21,193 624 2,208 1,085 1,510 2,487 2,148 2,554 1,453 1, 1,318 421 3,995 July 31 21,433 607 1,463 1,084 1,803 2,885 1,579 2,758 1,016 1,786 1,479 542 4,431 Aug. 7 22, 794 678 1,750 1,237 1,652 2,845 1,583 2,916 1,660 1,490 1,713 510 4,760 Aug. 14 21,679 781 1,934 1,304 1,431 2,808 1,961 3,041 1,693 1,087 1,912 455 3,272 Aug. 21 20,041 1,108 1,829 1,136 1,672 2,502 l~~ 1,951 1,755 1,189 2,193 376 2,439 Uncollected items: July 17 _ _. 790,313 77,397 213,249 55,893 92,686 62,750 26,667 107,357 33,153 19,174 34,352 27,383 40,252 July 24 654,894 62,472 157, 620 45, 243 78,282 52,757 32,351 90,813 30,227 18,158 26,974 23,005 36, 992 July 31 640,802 163,845 45, 733 77,883 52, 687 22,269 89,062 27,320 14,280 27,862 27, 591 33, 281 Aug. 7 _ 614,038 58,200 140,673 74, 983 59,350 20, 891 82,851 24,975 15,282 31, 584 21,973 34,392 Aug. 14 778,624 73,386 195,635 66, 673 97,490 62,123 26,126 106,943 31,820 18,874 32,091 25,625 41,838 Aug. 21 661,319 61,100 160,704 49, 520 75,263 56,924 23,657 92,509 27,279 18,766 23,310 42, 655 Bank premises: July 17 ___. 41,440 2,861 9,802 4,509 5,476 2,507 2,012 3,356 2,344 1,381 3,149 1,140 2,903 July 24 41,432 2,861 9,802 4,508 5,461 2,507 2,011 3,356 2,353 1,381 3,149 1,140 2,903 July 31 _._ 41,417 2,85: 9,785 4,508 5,462 2,500 2,009 3,351 2,391 1,379 3,149 1,133 Aug. 7 41,407 2,85: 9,785 4,508 5,462 2,500 2,009 3,351 2,396 1,379 3,133 1,134 Aug. 14 41,407 2,857 9,785 4,508 5,462 2,500 2,009 3,351 2,397 1,379 3,133 1,133 2,893 Aug. 21 41,395 2,857 9,785 4,508 5,449 2,500 2,008 3,351 2,398 1,379 3,133 1,134 Other assets: July 17 56, II 3,791 16,320 4,406 6,330 3,253 2,016 5,678 2,438 1, 2,546 2,589 5,060 July 24 57,153 3,931 16,733 4,439 6,412 3,298 2,051 5,774 2,473 1,713 2,584 2,623 5,122 July 31 57,854 3,853 16,827 4,669 6,491 3,297 2,058 5,881 2,534 1,742 2,647 2,659 5,196 Aug. 7_ 57, 523 3,964 16,763 4,511 6,455 3,292 2,046 5,797 2,515 1,745 2,634 2,628 5,173 Aug. 14 58,754 4,030 17,196 4,573 6,548 3,371 2,086 5,979 2,555 1,768 2,690 2,708 5,250 Aug. 21 59,326 4,090 17,334 4,645 6,603 3,369 2,142 6,008 2,602 1,796 2,698 2,751 5,288 Total assets: July 17 21,779,2451,360, 577 10,035, 211 .1,, 224,731', 546,943 667',,192477,429 3i,, 253, 916106,854 362, 566554,461?3 77,,496 , 311,868 July 24 21, 743, 5901,333, 749 10,064,794 .1, 214,6917, 546,180 66i5,,447733482,0833,343,532604,636361,643547,952 280,469 ,298,382 J A u u ly g . 3 7 1 2 2 1 1 , , 8 8 3 0 9 1 , , 3 2 2 0 5 21 1, , 4 3 0 9 8 4 , , 2 8 1 0 4 8 9 9 , , 9 9 8 0 8 1 , , 9 7 4 63 3 1 l . t " , , 2 2 4 5 0 8 , , 2 4 3 0 7 6 : 1, 1 , , 5 5 7 8 ,6 0 , , 0 9 5 9 1 4 6 6 6 7 6i 2 ,, , " 8 2' 0 4" 2 74 9 5 9 0 , 8 6 , 2 9 3 6 3 30, , 2 2 5 3 3 6 , , 4 3 9 3 9 76 5 9 0 57 1 9,7 , 1 |6 3 8 1 93 38 6 3 2 , , 6 7 5 6 3 7 5 5 5 6 1 2 , ,998397,169 , , 3 2 0 9 9 9 , , 9 6 9 0 8 4 Aug. 14 , 22,119,9281,429, 34210,006,4901,284,815 1, 622, 254 685,4055 f07,299 3, 277,003 616, 741385,677572,127398,28- , 334,491 Aug. 21 22,092,5351,426,98410,013,9901,257,165" 689, 774 509,299 3,267, 675625,80' 389,488 )72,904392,24: Liabilities Federal Reserve notes in actual circulation: July 17 5,230,359 427,832 1,396, 725 361,528 474, 540229,762 .67,4961,137, 523.97,462143,318 .91,247 81,779 421,147 July 24 ___ 5,223,282 428,399 1,392,823 361,037 447799,,333377 '22"7*,, 66.066,2391,136,878.97,011142,807 .90,799 81,712 418,580 July 31 5,247,601 428,922 1,406,292 363,282 447766,,887744 228, 569.68,208 i.;, 139,325.97,973142,923 .91,824 82,196 421,213 Aug. 7 _._ ___. 5,280,926 432,032 1,410,742 365 105 448833,, 550088 228,831.70, 663 ,:143,983 98,900143,925 .93,854 82,915 426,468 Aug. 14 5,292,803 431,255 1,414,373 367^ 365 4'8"4',9 "7^2231,324.71., , —659, 114,5,469 .98,672143,164 .93,171 82,357 429,022 Aug. 21 5,309,939 433, 796 1,418,624 367,293 232,147 .72!,, 157, 114,8,821 .98, 586144, 776 .92,766 83,162 430,847 Deposits: Member bank —reserve account: July 17 13,863,019 7,471,718 681,988 858,124 318,808 226,636 1,833,018323,030 .54,758 282,620218, 219 730,707 July 24 13, 564,561 723,961 7,391,410 659,834 836, 5 308, 797211,927 1,769,397312,169 .48,129 2272,078214,759 715,568 July 31 13,498,134 774,968 7,281, 537 669,016 845,980 330000,,774488 229,204 1,745,704 301,634.49,863 217,955 713,356 A A u u g g . . 7 14 1 13 3 , , 3 2 3 8 9 5 , , 8 5 6 8 1 7 7 75 6 8 5 , , 4 7 9 0 3 3 7 7, , 1 1 2 1 8 7 , , 8 3 0 2 6 8 6 6 5 4 0 6 , , 1 7 3 0 3 0 8 8 _ 3 2_ 5 7_ , , 4 7 9 3 9 1 2 3 2 30 99 01 22 1, ,, ,1 44 1 . 6 11 6 . 3 44 3 . 2 2_ 23 3_ 30 4 10 ., ; , , 2 7 -3 0 ~2 6 n 1 776589 2 ,1 3 7 6 6 2 3 9 0 0 0 , , 8 9 8 2 2 7 . 5 6 9 2 , , 2 3 5 2 3 5 2 2 7 6 6 91 , ;, 3 5 5 5 1 02 2 1 1 6 4 , ,8 1 2 9 1 4 6 72 9 4 4 , , 1 6 7 4 8 7 Aug. 21 13, 418, 718 766, 791 7,158,549 643,932 834,429 307,083 231,.040 776,375313,255 .61,045275,837212, 557 737,825 U. S. Treasurer—general account: July 17 278,395 8,242 113, 737 11,658 9,099 8,711 13,479 35,852 13,945 14,406 14,425 15,897 18,944 July 24 642,925 35,045 240,736 32,083 43, 795 28,167 28,191 105,235 26,395 24,155 24,528 27,412 27,183 July 31 694,083 44,152 245,194 29,603 60,005 33,311 32,160 115,114 28,749 24,471 28,226 24,951 28,147 Aug. 7 923,394 63,085 364,580 44,579 79,247 41,895 38,444 102,360 38,784 34,415 29,012 39,102 47,891 Aug. 14 940,004 74, 755 362,454 51,797 88,860 40,718 32,841 108,735 41, 502 31,186 35,493 37,522 34,141 Aug. 21 889,274 72,450 55,435 81,498 41,725 35,018 42,228 34, 576 38,254 34,865 34,733 Foreign bank: July 17 733,601 52,012 264,392 71,343 67,703 31,303 25,480 87,359 21,840 16,016 21,112 21,840 53,201 July 24 742,077 53,235 262,599 72,893 69,174 31,984 26,033 89,257 22,314 16,364 21,570 22,314 54,340 July 31 787,371 55,979 282,547 76,755 72,839 33,678 27,413 93,986 23,496 17,231 22,713 23,496 57,238 Aug. 7 816,341 58, 540 289,001 80,166 76,076 35,175 28,631 98,162 24,541 17,996 23,723 24,541 59,789 Aug. 14 841,341 60,268 299,428 82,365 78,162 36,140 29,416 100,855 25, 214 18,490 24,373 25,214 61,416 Aug. 21.. 867,059 61, 940 308,332 84,960 80,625 37,278 30,343 104,033 19,073 25,141 26,008 63,318 Other deposits: July 17— 564,920 9,220 471,421 10.732 15,091 2,176 5,107 7,973 5,879 7,685 1,865 2,534 25,237 July 24 585,358 6,797 511,714 10,890 7,722 1,616 5,155 6,039 5,J 1,417 2,000 21,812 July 31 594,991 V ~ 503,288 23,662 9,678 2,187 5,' 279 6,183 7,262 4,954 1,004 2,185 21,513 Aug. 7 570,013 468,202 33.733 6,942 1,528 4,845 11,290 7,312 4,842 1,516 1,994 20,971 Aug. 14 602,924 500,317 6,717 1,226 5,076 10,318 7,450 4,256 1,329 2,258 20,351 Aug. 21 618,466 7,777 529,482 24,095 7,165 1,145 4,908 9,622 6,950 4,304 1,156 1,839 20,023 * Less than $500. SEPTEMBER 1940 959 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 h d h e i i l l - a a - C la le n v d e- m R o ic n h d i A an t- ta Jhicago Lo S u t i . s n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Liabilities—Continued Deposits— Continued Total deposits: July 17 5,439,935 832,867 8, 321, 268 775, 721 950,017360,998270, 702,964,202364,694 .92, 865120,022258,490 828,089 July 24 .5, 534,921 819,038 8,406,459 775, 700 957,223370,564270,757 , 969,044366,917 .94, 238119, 593266,485 818, 903 July 31 .5, 574, 579 882,895 8, 312, 566 799,036 369,924294,056 ., 960,98$761,141 :96, 519120,112268, 587 820, 254 Aug. 7— 5, 595, 609 893, 956 8, 239, 111 808,611 989,764371,012306,152 , 980,048561, 519J16, 506323,801281,831 823, 298 Aug. 14 .5, 723,856 900,672 8,291,005 817, 542 009,470379,247298,039 ., 979,083475,093 !16, 257337, 546279,815 840,086 Aug. 21 5, 793, 517 908,958 8,326,222 808,422 003,717387,231301,309 ,978, 663388,441 340,388 275,269 855,899 Deferred availability items: July 17 750,395 74,977 193,823 54,265 88,672 60,932 26,183 106, 534 33,565 17,043 32, 518 25,779 36,104 July 24 626,010 61,296 141,855 44, 740 75,860 51,711 32,010 91,842 29, 537 15,221 26,846 20,790 34,302 July 31 617, 784 57,944 145,654 44,348 76,723 52,163 24,216 90,216 27,311 13.800 28, 992 24,632 31, 785 Aug. 7 601,048 57,020 127, 605 51,392 73,676 57,335 18,972 83,241 29,441 13,906 34, 553 20,874 33,033 Aug. 14 740,963 72,188 176,405 59,178 24,411 106, 305 31, 670 16.801 30, 600 24, 538 38, 572 Aug. 21 626, 546 58,964 144,266 48,088 74,092 54,728 22, 637 94,125 27,475 16, 266 22, 235 34, 722 Other liabilities, including accrued dividends: July 17_— 1,690 280 268 188 226 92 209 44 91 133 79 56 July 24 2,205 363 435 190 242 112 28! 52 121 151 103 102 July 31 2,303 384 323 519 219 100 234 84 103 137 83 79 Aug. 7 2,460 402 491 236 284 117 308 79 119 140 101 123 Aug. 14 2,891 408 674 235 345 133 372 108 137 163 121 109 Aug. 21 2,896 418 760 279 304 130 302 97 128 150 113 147 Total liabilities: July 17 !l, 422,379 , 335,9569,912,0841,191,7021, 513,455151, 716 464,4733,208,468595,765353,31' 543,920366,127 , 285,396 July 24 SI, 386,418 ,309,096 9,941, 5721,181, 6671, 512, 662349,984 469, ' "198; 049 593, 517352,38: 537,389369,090 , 271, 887 July 31 !l, 442,267 ,370,145 9,864,8351,207,1851, 542,318550,694 , i, 190,762586, 509353, 345541,065 175,498 ,273, 331 Aug. 7 - 21,480,043 , 383,4109, 777, 9491,225,3441,547,232157,238 , 580i, 207, 585089,939"174,456552, 348385,721 , 282, 922 Aug. 14 21, 760, 513 ,404, 5239,882,4571,251,7461, 588,478669,835 t95,9043, 231, 230605, 543376,359561,480386,831 ,307,789 Aug. 21 ~!1, 732,898 , 402,1369,889,8721,224,0821, 565,077174,174L94,242~ 221,911114, 599380,168562,252380,779 ,321,615 196, 233 Capital Accounts Capital paid in: July 17 137,449 9,335 51,076 11,897 14,04C 5,31' 4,648 13, 873 4,143 2,958 4,407 4,135 11,620 July 24 - 137,460 9,335 51,080 11,878 14,04 5,319 4,649 13,892 4,143 2,959 4,408 4,136 11,620 July 31 137,499 9,335 51,084 11,880 14,04 5,320 4,659 13,898 4,143 2,959 4,409 4,136 11,635 Aug. 7 137, 543 9,336 51,088 11.880 14,054 5,323 4,'"" 13,898 4,150 2,960 4,415 4,136 11,635 Surp A A l u u u g g s . . (s 2 1 e 4 1 ction 7): 1 1 3 3 7 7 , , 5 5 5 6 3 2 9 9 , , 3 3 3 3 3 3 5 5 1 1 , , 0 0 7 7 5 5 1 1 1 1 . , 8 8 8 8 1 0 1 1 4 4 , , 0 0 5 5 £ 7 5 5, , 3 3 3 2 0 5 4 4 , ,669 1 1 3 3 , , 9 9 0 1 6 0 4 4 , , 1 1 5 5 4 3 2 2 , , 9 9 6 6 0 0 4 4 , , 4 4 1 1 6 6 4 4 , , 1 1 3 3 ' 9 1 1 1 1 , , 6 6 4 3 3 7 July 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 July 24 151, 72C 10,405 53,326 14,198 14.322 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 July 31 151, 72C 10,405 53,326 14,198 14.323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Aug. 7 151, 72C 10,405 53,326 14,198 14,323 5,24' 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Aug. 14 . 151, 72C 10,405 53, 326 14,198 14,323 5,24' 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Aug. 21 151, 72C 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): July 17___ 26,839 2,874 7,109 4,392 1,00' 3,246 713 1,429 538 1,001 1,142 1,266 2,121 July 24 26,839 2,874 7,10! 4,39£ 1,00' 3,246 713 1,429 538 1,001 1,142 1,266 2,121 July 31 26,839 2,874 7,109 4,393 1,00' 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Aug. 7 26,83£ 2,874 7,109 4,393 1,00' 3,24f 713 1,429 538 1,001 1,142 1,266 2,121 Aug. 14 26,83S 2,874 7,109 4,393 1,00' 3,241 713 1,429 538 1,001 1,142 1,266 2,121 Aug. 21 26,83£ 2,87< 7,109 4,39c l0tt 3,246 1,429 538 1,001 1,142 1,266 2,121 Other capital accounts: July 17 40,85* 2,007 11, 61i 2,54' 4,11 1,66€ 1,870 7,317 1, 2,138 1,379 1,994 2,507 July 24 41,153 2,039 11, 707 2,56 4,14: l,67r 1,878 7,338 1,729 2,144 1,400 2,003 2,530 July 31 42,877 2,049 12,409 2,58 4,36! 1,74( 1,946 7,586 1,790 2,1.96 1,464 2,067 2,687 Aug. 7 43,180 2,189 12,47: 2,59 4,37? l,74f 1,950 7,606 1,795 2,198 1,480 2,072 2, 702 Aug. 14 _. 43, 30c 2,207 12, 523 2,59' 4,38< 1,75! 1,952 7,614 1,798 2,205 1,476 2,076 2,714 Aug. 21 43, 51 2,236 12,608 2,61: 4,41J 1,77 1,959 7,601 1,807 2,207 1,481 2,084 2,729 Total liabilities and capital accounts: July 17 21,779,24, 1, 360, 57710,035,21 1,224,73' 1, 546,94c667,195477,42£ 3, 253,911606,854362, 566554,461377, 4961,311,868 July 24 21, 743, 59(1, 333,74910,064, 7941,214,69' 1, 546,18C665,472482,0823,243, 532604,636361, 643547,952380,4691,298,382 July 31 21,801,202 1, 394,808 1,240, 237l,576,05H6 66,, 24' 499,622 3,236,499597, 689362, 653551,693386,9411,299,998 Aug. 7 21,839,3251,408, 2149,901,94; 1,258,406 1,580,994 672,805508,96C3,253,337 6"0~1 ;, _1.3383, 767562,,.9.938 397,1691, 309,604 Aug. 14 22,119, 9281,429,34210,006,49(1,284,8151,622,254 685,40*507, 29c3, 277,003 616i,, 7744:385, 677 572,127 398,2841,334,491 Aug. 21 22,092, 53,1,426,98410,013,99C 1,257,16J 1,598,881 689,77^509,29<3, 267, 675 6 2 r 5,807389,48*572,904 392,2421,348,326 Commitments to make industrial advances: July 17 8,61 758 1,13' ,36 67( 159 3,544 July 24 8,587 758 l,13i 1,16C 676 152 3,507 July 31... 8,582 756 1,136 1,161 696 152 3,460 Aug. 7 8,431 751 1,034 1,16 694 152 3,416 Aug. 14 . 8,37( 74! 1,034 1,12 690 152 3,397 Aug. 21. 8,24: 74: 1,034 ir 144 3,294 960 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 ac st h W m e o d n n th e ) sday of Ap re p c li e c i a v t e i d ons Ap c p o li n c s a i t d io e n ra s t i u o n n der A a p p p p li r c o a v ti e o d ns ( A s a t d m an v o o a d u u n i t n n c - t g e ) s ! ( C s a t m m o a o n m e o u d n u m t i - t n n s i t g t ) - A (a p b p m l c u e p o t o t r e m o u n d v n o - e 2 t t ) d d c o e a r x a r a n p p w w t p i , r n l i e e i t t d - h b c , - y . ( s a P p t m a a a o n t r u o i t d o i t u i - c n n n i s - t g ) 3 Number Amount Number Amount Number Amount (amount) 1934—Dec. 26_. 4,386 146,972 2,955 49,634 13, 589 8,225 20,966 5,558 1,296 1935—June 26- 6,325 237, 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 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 Sept. 29.. 8,474 341,842 800 2,381 146, 724 21,415 14,880 537 102, 588 7,304 Dec. 29- 350, 551 550 2,406 150,987 20,216 12, 780 3,369 107,384 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, 567 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, 510 Feb. 28__ 9,456 407, 392 32 2,805 190,055 12,997 1,454 155,574 11,064 Mar. 27.. 9,476 410,192 199 2,814 192, 665 12,723 8,224 2,471 158,110 11,137 Apr. 24.. 9,487 411,628 118 2,825 194,096 12,001 8,725 2,264 159,950 11,156 May29_. 9,504 413,178 45 2,832 195,404 11, 242 8,852 2,474 161,491 11,345 June 26 _. 9,512 413, 646 33 195, 739 10, 988 8,762 2,195 162, 612 11,182 July 31... 9,536 415, 599 76 2,853 197,439 10,907 8,582 1,991 164,949 11,010 Aug. 215. 9,540 416,078 75 2,856 197,904 10, 791 8,241 2,135 165,814 10,923 * 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. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $943,970 August 21, 1940. 4 Tuesday. 6 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 e r w k P p d h h e i i l 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 a s a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: July 31 I... 5,553,139450, 262 1,487,155 379, 790 499, 275 244,436 183,069 1,183,019 209,204 148,416 89,154 479,,389 Aug. 7 5, 579, 915447,973 1,495,436 386,372 504, 577 246,801 184,395 1,181,453 208,855 148, 728 90,332 483., 580 Aug. 14 _5, 588,093449,911 1,496,848 384,490 505,133 249, 525 184,818 1,180,807 209,831 149, 252 202,92389,649 484!,906 Aug. 21 5, 607, 570447,577 1,503,890 388,714 509,314 249,852 186,274 1*, 1"8"1, 2~8 7 208, 618 150,095 201,6"6789,809 490,,473 Held by Federal Reserve Bank: July 31 __ 305, 538 21,340 80,863 16, 50822,401 15,867 14,861 43,694 11,231 5,493 8,146 58,176 Aug. 7 15,941 84, 694 21, 26721,069 17,970 13,732 37,470 9,955 4,r~ 7,559 7,417 57,112 In a A A ct u u u g g al . . 2 1 c 1 i 4 rculation;i 2 29 9 5 7 , , 6 2 3 9 1 0 1 1 8 3 , , 7 6 8 5 1 6 8 85 2 , , 2 4 6 7 6 5 2 1 1 7 , , 4 1 2 2 1 5 2 2 2 0 , , 1 3 6 5 1 0 1 1 7 8 , , 2 7 0 0 1 5 1 1 3 4 , , 1 1 5 1 9 7 3 3 2 5 , , 4 3 6 3 6 8 1 1 0 1 , ,1 0 5 3 9 2 6 5, , 3 0 1 8 9 8 8 9 , , 9 7 0 5 1 2 6 7 , , 6 2 4 9 7 2 5 5 9 5 , , 8 6 8 2 4 6 July 31 5, 247, 601428,922 1,406, 292 363, 282 476,874 228, 569168, 208 1,139,325 197, 973 142,923 191,82482,196 421L, 213 Aug. 7 5, 280,926432,032 1, "" 170,663 1,143,983 198,900 143,925 193,854 82, 915 426>;, 468 Aug. 14 5, 292,803431,255'; , 171, 659 1,145,469198, 672 143,164 193,171 82,357 4291,,022 Aug. 21 5, 309,939433, 796 1,418,624 367, 293 486,964 232,147172,157 1,148,821198, 586 144,776 192,766 83,162 430,,847 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from TJ. S. Treasury: July 31 5,664, 500460,0001, 505,000 390,000 503,000 260,000190,000 1,200,000 219,000 150,500 205,000 93,000 489,000 Aug. 7 _ 5, 682,500460,000 1, 515,000 390,000 506,000 260,000190,000 1,200,000 219,000 150,500 205,000 93,000 494,000 Aug. 14 5, 685,000460,000 1, 515,000 390,000 508, 500 260,000 190', 0010,200,000 219,000150,500 205,000 93,000 494,000 Aug. 21 5,688,000460,0001, 515,000 390,000 511, 500 260,000 190,0001,200,000 219,000 150, 500 205,00093,000 494,000 Eligible paper: July 31 1,836 106 369 212 190 85 557 317 Aug. 7—_ -.- 1,834 33 871 162 140 85 159 Aug. 14 1,543 27 711 152 140 85 136 292 Aug. 21 1,625 24 837 148 125 100 138 253 Total collateral: July 31 5, 666,336460,106 1, 505,369 390,212 503,000 260,190 190,000 1,200,000 219,085 151,057 205,31793,000 489,000 Aug. 7 5,684,334460,033 1, 515,871 390,162 506,000 260,140 190,000 1,200,000 219,085 150, 659 205,384931,,0000 494,000 Aug. 14— 5, 686, 543460,027 1, 515,711 390,152 508, 500 260,140 190,000 1,200,000 219,085 150,636 205,29293{,,0000 494,000 Aug. 21 5,689, 625460,024 1, 515,837 390,148 511,500 260,125 190,000 1,200,000 219,100 150,638 205,253931,,0000 494,000 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. SEPTEMBER 1940 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JULY, 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] Classes of banks G d r e o - ss N de e - t Time F R ed e e se r B a rv a l n e R s k e s w se i r th ve m A em ll - Ce c n i t t r y a l b r a e n s k e s rve s R er e v - e C t o r u y nand districts m po d a s e n i - t d s p m o d s a e i n t - s d i po d s e i - ts Re- Ex- ba b n e k r s1 Y N o e r w k c C a h g i o - b c a i n ty ks banks1 quired Held cess Total reserves held: 1939—July 10,321 5,195 848 2,827 1,451 All member banks..39,955 32,820 12,045 6,983 13,735 6,752 August 10,659 5,366 923 2,883 1,486 Central reserve city banks: September 11,443 5,866 1,009 3,009 1,559 New York 15,374 14,738 774 3,392 6,979 3,588 October 11,862 5,958 1,112 3,203 1,588 Chicago . . . .. 3,070 2,730 505 646 1,168 522 November 11,688 5,759 1,115 3,229 [,585 December 11,473 5,623 1,141 3,141 1,568 Reserve city banks: 1940—January 11, 985 6,099 940 3,319 1,628 Boston district 1 327 1,196 85 214 536 322 February 12,215 6,323 901 3,344 ,646 New York district 232 182 151 39 59 20 March. 12,362 6,428 899 3,368 ,668 Philadelphia district.. 1,443 1,208 225 223 481 259 April 12, 703 6,548 972 3,476 ,706 Cleveland district 1,876 1,481 735 296 684 389 May 13,086 6,660 1,097 3,615 ,714 Richmond district 859 611 221 118 215 97 June 13, 596 6,941 1,182 3,716 ,757 Atlanta district 803 530 180 102 138 36 July 13, 735 6,979 1,168 3,837 ,751 Chicago district 1,466 1,040 609 212 390 178 Week ending (Friday): St. Louis district 898 674 174 127 248 121 1940—July 5 13,740 7,048 1,165 3,773 1,754 Minneapolis district 425 291 87 55 86 31 July 12 13, 751 7,015 1,149 3,825 1,762 Kansas City district- 1,075 693 158 129 206 77 July 19 13,886 7,015 1,198 3,879 1,793 Dallas district 778 459 129 87 139 53 July 26 13, 681 6,937 1,184 3,836 1,723 San Francisco district- 2,381 1,899 1,994 432 655 223 Aug. 2 13, 505 6,837 1,129 3,829 1,710 Aug. 9 13,326 6,676 1,136 3,766 1,747 Total 13, 564 10,263 4,747 2,033 3,837 1,803 Aug. 16 13,349 6,682 1,146 3,782 1,740 Excess reserves: Country banks: 1939—July 4,402 2,504 305 1,013 581 Boston district 957 674 561 109 211 102 August 4,607 2,587 363 1,046 611 New York district 1,405 1,000 1,414 191 423 233 September .. 5,198 2,943 430 1,147 678 Philadelphia district.. 696 448 880 98 188 91 October 5,490 2,974 518 1,295 704 Cleveland district 665 426 707 86 163 77 November 5,259 2,753 516 1,294 696 Richmond district.... 593 348 369 60 102 42 December 5,011 2,611 540 1,188 671 Atlanta district.. 548 325 241 51 89 38 1940—January 5,464 3,045 342 1,350 727 Chicago district 951 573 767 107 224 116 February 5,626 3,199 301 1,378 747 St. Louis district 400 243 246 41 72 31 March 5,734 3,248 310 1,405 771 Minneapolis district- 338 203 279 38 67 28 April 6,003 3,312 388 1,494 809 Kansas City district- 469 285 160 42 69 27 May 6,288 3,389 477 1,607 815 Dallas district 554 337 106 46 80 35 June 6,696 3,594 547 1,703 851 San Francisco district- 370 226 289 42 62 20 July 6,752 3,588 522 1,803 839 Week ending (Friday): Total . 7,946 5,088 6,019 912 1,751 839 1940—July 5 6,805 3,675 526 1,758 846 July 12 6,796 3,633 510 1,800 854 July 19 6,888 3,614 549 1,844 882 * Gross demand deposits minus demand balances with domestic banks July 26—. 6,669 3,535 531 1,794 809 (except private banks and American branches of foreign banks) and Aug. 2 6,497 3,445 480 1,779 793 cash items in process of collection. Aug. 9 6,345 3,316 484 1,720 824 NOTE.—See table at foot of p. 956 for percentages of deposits required Aug. 16 *>6,371 3,334 491 1,729 P817 to be held as reserves. p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMAUER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time July June July June July June July June July June July June Boston 2,283 2,220 646 645 2,146 2,088 516 515 137 132 130 130 New York 17,012 16,862 2,339 2,325 1 1,329 1 1,375 1 1,063 1 1,063 309 301 502 501 Philadelphia- _. 2,139 2,130 1,105 1,106 1,893 1,888 648 649 247 243 457 457 Cleveland 2,541 2,520 1,441 1,440 2,293 2,273 1,128 1,127 248 247 314 312 Richmond 1 452 1 448 590 585 1,256 1,250 385 380 196 198 205 205 Atlanta 1,351 1,388 421 421 1,183 1,211 330 330 . 169 178 91 Chicago 5,488 5,446 1,881 1,872 1 2,057 1 2,049 1 1,059 1 1,058 360 358 316 312 St. Louis 1 298 1 285 420 420 1,059 1 046 301 301 239 239 119 119 Minneapolis 762 761 366 367 566 563 177 177 196 198 189 190 Kansas City _ 1,544 1,505 318 317 1,201 1,166 202 202 343 339 116 116 Dallas 1 332 1 343 235 235 1,029 1,036 188 188 303 307 47 47 San Francisco.. 2,751 2,739 2,283 2,283 2,625 2,614 2,179 2,180 126 125 104 103 Total 39,955 39,648 12,045 12,016 118,637 118, 558 1 8,175 1 8,170 2,873 2,865 2,591 2,583 * Excluding central reserve city banks, for which figures for latest month are shown in table above. 962 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l lv la e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u c i i a l b o v r s i y e n id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l F n B e o d a t e n e r k s al t n b i N o o a n t n a e - k a s l 1939—June. 7,047 1,454 361 155 266 4,484 186 July 7,049 1,446 362 156 264 4,496 184 August 7,171 1,465 365 157 267 4,595 182 September. 7,293 1,488 369 159 269 4,688 180 October... 7,342 1,485 373 161 267 4,739 178 November. 7,483 1,530 379 163 269 4,826 177 December. 7,598 1,554 381 164 272 4,912 175 1940—January... 7,376 1,469 372 163 265 4,796 173 February.. 7,455 1,500 373 163 271 4,839 171 March 7,511 1,508 375 164 260 4,896 170 April 7,559 1,557 377 166 248 4,906 168 May 7,710 1,590 382 168 241 5,025 167 June 7,848 1,582 384 169 248 5,163 165 July 7,883 1,565 172 249 5,212 164 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] i T n o c t i a r l - Coin and small denomination currency 2 Large denomination currency2 Un- End of month cula- assortto ti t o a n l i Total Coin $1» $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed » 1939—June 7,047 5,164 558 514 947 1,638 1,473 1,887 428 848 176 388 July 7,049 5,169 561 514 947 1,644 1,470 1,885 426 847 175 391 August 7,171 5,253 566 521 1,681 1,487 1,922 433 857 180 405 September- 7,293 5,329 571 532 1,706 1,507 1,965 440 876 185 413 October 7,342 5,363 577 535 1,710 1,526 1,981 445 884 186 415 November. 7,483 5,478 586 545 1,004 1,752 1,557 2,007 452 896 188 420 December. 7,598 5,553 590 559 1,019 1,772 1,576 2,048 460 919 191 425 1940—January... 7,376 5,332 579 526 970 1,692 1,532 2,047 457 920 191 426 February.. 7,455 5,397 581 530 1,723 1,543 2,061 459 930 191 427 March 7,511 5,414 584 531 1,731 1,546 2,101 460 941 194 432 April 7,559 5,437 588 534 992 1,739 1,551 2,126 463 951 195 439 May 7,710 5,519 595 546 1,009 1,766 1,568 2,193 471 979 202 464 June 7,848 5,584 599 546 1,015 1,791 1,599 2,264 485 1,013 210 481 July 7,883 5,599 604 544 1,013 1,798 1,605 2,286 489 1,025 211 486 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 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] End of month Total d S s l b o i a i i o l l u l n v v n l l d a e e - 1 r r r s s S i c i s a l o u i v d r i b y e n - - r M c i o n i o n r U S n n t o a i t t t e e e s s d n s b F e R e o a e r r t n e a d v e - k l - e s t n b i N o o a n t a n e - a k s l 1937 Year or month m E S e u n h r 2 t i o s p 1 p - t . e 5 o R E e f u r c o r e 4 o m i 7 p p . e t 6 s m s N h e i e n p t t - s rec N e e ip 2 t 6 ts .1 1938 33.1 34.4 1.3 1939 110.2 9.8 100.4 1939—June 2,881 1,778 161 347 189 July 2,895 1,794 381 162 347 186 1939—July 2.2 1.0 1.2 August 2,907 1,804 383 162 347 185 August 4.7 .9 3.8 September. 2,919 1,814 386 164 347 183 September. .8 .1 .7 October 2,932 1,825 390 166 347 181 October. _. 1.8 .2 1.6 November. 2,947 1,835 394 167 347 179 November. 4.5 1.3 3.2 December.. 2,963 1,845 399 347 178 December. 6.6 .3 6.3 1940—January 2,971 1,855 400 169 347 175 1940—January... 5.3 0) 5.3 F M e a b r r c u h ary. _. 2 2, , 9 9 9 8 0 1 1 1 , , 8 8 6 7 6 6 4 4 0 0 1 1 1 17 7 1 0 3 34 4 7 7 1 1 7 7 3 2 F M e a b r r c u h ary.. 4 1 . . 7 4 8 4 1. .7 4 April 2,999 1,886 400 172 347 171 April 3.5 3.5 May 3,008 1,894 402 173 347 169 May_ 1.1 1.1 June 3,014 1,900 402 174 347 167 June .5 % .4 July 3,024 1,909 404 175 347 167 July .6 .5 1 Includes silver held against silver certificates amounting to $1,825,- 1 Less than $50,000. 000,000 on July 31, 1940 and $1,696,000,000 on July 31, 1939. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. SEPTEMBER 1940 963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In thousands of dollars] Period G en o d l d o f s t p o e c r k i o a d t c t g r o I e i o n n t a l a - d s l e im g N o p e l o d t rt m l t o g h s a a r N e s i r o a n k e u r i t ( - g o n - h r g ) m g p D t o r e i o o c l s d - - - From or to— July J 19 u 4 n 0 e Jan.-July Total I a n c a c c o t u iv n e t stock a t c r t a i n on s- s1 d ti u o c n - Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 2 8,238 4,202.51,133.9 82.6 92.9 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 6 8 9 7 5.... 1 1 1 1 1 4 1 2 7 0 , , , , , 7 5 6 2 1 6 1 4 5 2 0 2 4 8 5 " 1 "" ,2 2 2 6 7 7 . 5 9 3 1 1 1 1 , , , , , 1 8 5 1 7 3 8 0 3 5 2 7 2 2 1 . . . . . 0 2 5 5 5 3 1 1 1 1 , , , , , 7 1 9 5 5 3 1 7 8 7 9 6 3 5 4 . . . . . 0 6 6 5 2 - - - 3 5 2 - 3 8 3 0 3 5 4 0 . . . . . 9 4 4 2 5 1 1 1 1 1 3 4 1 4 6 1 3 0 8 1 . . . . . 9 6 7 6 7 H I N B F t r e a e u a l l t n g n y h g i c e u a e r m r l y ands 85 24 3 1 , , 6 6 7 0 1 3 1 24 4 6 1 1 3 3 1 , , , , 9 8 7 9 3 7 7 7 3 3 7 3 8 5 8 Norway 33,405 1938— N S D O A e o e c u p c v t g t o e e e u b m m m s e t b b r b e . e e . r r r _-_. 1 1 1 1 14 3 3 4 4 , , , , , 1 7 3 0 5 3 6 1 6 1 6 0 2 5 2 3 6 2 1 1 0 2 4 9 1 5 9 8 3 7 . . . . . 6 0 3 8 5 2 1 5 5 1 6 4 6 2 7 6 2 0 0 7 . . . . . 0 4 8 9 5 - - 1 - - 2 6 1 - 1 7 8 2 3 0 . . . . . 4 4 8 3 2 1 1 1 1 1 4 5 3 3 4 . . . . . 7 6 5 3 1 U U S S S P w w o p . n r a i e i S t t t i d u . z e n e g d e S . n . r a . l l K a R n in . d . g . dom _ 30 2 3 1 , , , 1 1 7 4 5 3 3 7 8 7 2 12 4 2 2 8 , , , , 3 1 1 0 7 1 3 0 7 1 8 3 6 1 9 1 5 8 8 0 5 5 7 , , , , , , 8 5 5 2 8 8 2 4 7 4 8 5 1 4 0 5 7 2 1939— J J A N D A M M F S O u u J e e e p u o c a a a l n p b c t y n r g v y r e o t i e r u c u e l e b u m a h m s m e a r t b r y r b b y e e e r r r 1 1 1 1 1 1 1 1 1 1 1 1 5 4 7 7 6 7 4 6 6 5 6 5 , , , , , , , , , , , , 6 3 9 8 1 6 9 2 0 7 6 2 4 5 3 7 1 4 5 3 9 9 8 5 4 8 2 4 0 6 7 8 1 1 2 8 -------- 4 2 2 2 3 1 5 1 1 1 1 1 0 8 6 8 8 2 6 9 5 3 7 5 7 5 7 5 8 6 2 0 3 3 9 2 . . . . . . . . . . . . 0 9 0 6 2 1 1 7 9 3 8 3 4 2 2 3 4 2 3 6 2 1 1 6 5 2 4 7 2 6 5 0 2 6 5 9 1 9 0 8 8 6 5 9 5 3 6 . . . . . . . . . . . . 7 2 0 4 4 4 9 1 6 8 3 3 - - - - - 1 2 1 1 2 - 1 4 6 0 1 0 5 9 7 1 1 5 8 4 0 1 4 4 2 0 9 0 4 2 . . . . . . . . . . 6 . . 0 8 6 8 8 8 9 5 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 4 2 3 2 0 8 0 4 3 1 . . . . . . . . . . . . 4 9 9 4 8 8 7 7 3 3 3 3 V A Y M B E B B P C C C C c e o r r o e e u h u a e a i u n l n n l r g i s x t i z o l a u i t e t a o v i e i s r m r c d z l d . s i . h a a o a u . o l a b l . l a r e i I i v a A a l n a . i d a m . ia er _ i . c _ _ a 17 2 6 5 5 1 2 , , , , , , 6 5 8 2 3 2 8 8 2 1 1 3 5 6 0 7 1 9 0 1 6 6 9 2 7 2 5 1 1 1 2 71 1 6 4 6 2 2 1 3 , , , , , , , 1 1 3 6 7 6 4 2 6 5 3 8 7 0 9 7 1 9 4 9 0 2 7 3 5 3 6 7 1 2 1,23 1 6 2 1, 3 3 1 5 1 1 4 8 8 2 2 8 7 6 6 7 4 6 , , 4 , , , , , , , , , 7 , 7 0 1 2 1 3 1 3 3 5 9 5 3 4 2 0 7 1 3 1 1 7 6 6 1 5 3 6 4 2 3 9 0 3 8 0 8 ~4,~ 1 7 4 8 7 l 1940— M A M J F J u e a p a a n b n r r y e i r u c l . u a h r a y ry __ _ . 1 1 1 1 1 1 9 8 7 8 8 9 , , , , , , 9 1 4 9 7 2 7 3 3 6 7 0 7 1 3 3 0 9 2 2 4 2 3 7 4 3 8 5 3 5 6 6 9 7 6 4 . . . . . . 0 0 0 5 9 21,1 2 4 2 2 4 6 3 5 4 0 3 3 6 1 9 9 5 . . . . . . 4 4 0 8 9 1 - - 2 - 4 3 1 3 4 3 6 6 3 7 0 7 7 . . . . . . 7 4 2 0 0 2 1 1 1 1 1 1 3 1 2 3 4 1 . . . . . . 4 6 0 1 1 0 J P S C A a h o h l K p l i u i o l a n o t i h n n p t a h g p A e i r n f a r e c n i o c d I u a s n l .. a t . H r n i o d e n s s . J g _ _ _ 3 2 1 , , ,5 4 8 5 8 3 8 5 1 2 2 9 2 3 3 1 3 , , , , 3 4 8 0 5 9 9 9 9 9 5 1 1 6 2 5 18 0 1 1 6 , , , , , 9 2 9 2 5 0 4 0 6 2 3 8 4 1 0 July 20,463 499.4 520.0 -55.1 16.0 Aug. 1-28P 20, 871 408.8 278.3 116.8 Total.. 519,983 1,164,224 1,249 3,270, 520 4,947 p Preliminary. 1 Figures represent customs valuations which, with some exceptions, 1 Gold held under earmark at Federal Reserve Banks for foreign ac- are at rate of $35 a fine ounce. count on July 31, 1940, in millions of dollars: 1,761.3. 2 Includes all movements of unreported origin or destination. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 Back figures.-—See table, p. 1008, and Annual Report for 1937 (tables a fine ounce thereafter. 31 and 32). NOTE.—Figures for domestic production of gold are those published in table, p. 1008, adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported BANK DEBITS by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29). [Debits to deposit accounts, except interbank accounts, at banks in principal cities.] [In millions of dollars] BANK SUSPENSIONS1 Total, 140 133 all New other other Member Nonmember Year and month report- York lead- report- Total, banks banks ing City ing ing all centers centers i centers * banks ti N on a- al State su I r n e - d2 in N su o r t ed 1929 982,531 603,089 331,938 47,504 1935 402, 718 184,006 190,165 28,547 1936 461,889 208,936 219,670 33,283 Number of banks suspended: 1937 469,463 197,836 235, 206 36,421 1934 57 1 8 48 1938 405,929 168, 778 204, 745 32,406 1935 ._ 34 4 22 8 1939 423,932 171,382 218,298 34,252 1936 44 1 40 3 1937.„ _ 59 4 2 47 6 1939—June _ 36,883 15,312 18,676 2,895 1938 55 1 1 47 6 July 33, 245 12,794 17,683 2,768 1939.— 42 4 3 25 10 August 33, 314 13,118 17,496 2,701 1940—Jan.-July 16 14 2 September 36, 594 15,138 18, 526 2,930 October 35,830 13, 683 19,029 3,119 De ( p in o s t i h t o s u o s f a s n u d s s p e o n f d d e o d ll b a a r n s) k : s 3 N D o ec v e e m m b b e e r r . . 4 3 3 4 , , 4 6 4 6 7 6 1 1 3 7 , ,6 0 3 4 3 1 2 1 2 8 , , 6 3 3 8 6 6 2 3 , , 9 4 9 2 0 8 1934 36, 937 40 1,912 34,985 1935 10,015 5,313 3,763 939 1940—January ___ 37,786 14,739 19,978 3,069 1936 11, 306 507 10,207 592 February— 32,197 12,138 17,344 2,715 1937. 19,723 7,379 1,708 10,156 480 March 37, 769 15,201 19,537 3,031 1938 13,012 36 211 11, 721 1,044 April 37,780 15, 519 19, 250 3,010 1939 34,998 1,341 24, 629 6,589 2,439 May - 37,257 14, 536 19, 659 3,063 1940—Jan.-July 4,819 4,631 188 June 35,005 13,110 18,850 3,045 July 35,947 13,612 19,233 3,103 * Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not 1 Comprises centers for which bank debit figures are available begininclude banks whose deposit liabilities were assumed by other banks at ning with 1919, except that one substitution was made in 1920 and one the time of closing (in some instances with the aid of Federal Deposit in 1928. Insurance Corporation loans). 2 Centers (other than the 141 centers) for which bank debits are current- 2 Federal deposit insurance became operative January 1, 1934. ly reported. The number has changed very little since 1934 and has 3 Deposits of member banks and insured nonmember banks suspended numbered 133 since 1936. are as of dates of suspension, and deposits of noninsured nonmember Back figures—For corresponding monthly totals for 1928-1937 see banks are based on the latest data available at the time the suspensions Annual Report for 1937 (Table 71), which also gives a definition of bank were reported. debits. Figures for individual reporting cities and totals by Federal Back figures—See Annual Report for 1937 (table 76). Reserve districts for recent years are available in mimeographed form. 964 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 DF INTERBANK DEPOSITS1 Nonmember [In millions of dollars] Member banks banks Member banks Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n u k g a s s l m n b o e e m n r - - Call date ba A n l k l s Total Na- State M sav u i t n u g a s l no O n t m he e r mbanks tional banks ber banks 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 15,499 Dec. 31___ 55,289 33,865 20, 290 13, 575 8,916 12,508 1933—June 30 14, 519 5,606 4,897 709 576 8,337 1933—June 30. __ 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38, 505 23,771 15,386 8,385 9,708 5,026 1934—June 30 15,835 6,375 5,417 958 578 8,882 1934—June 30... 41,870 26, 615 17,097 9,518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31— 44,770 28, 943 18, 519 10,424 9,828 6,000 1935—June 29 15, 994 6,410 5,425 985 571 9,013 1935—June 29.._ 45, 766 29,496 19,031 10,465 9,920 6,350 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 1937—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___ 54,054 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 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30. _. 58,344 39, 930 25,661 14,269 10, 613 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26... 59,017 40,579 25,911 14,667 310,544 3 7,895 June 29 4 6,398 5,164 1,234 June 294__ 42,039 26, 931 15,108 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s 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 2,571 1935—June 29 . . _. 44,416 20, 272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45,717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20,679 27, 778 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 49, 696 22, 514 27,182 32, 739 14,285 18, 454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22,198 26,368 31,752 13, 958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26,252 30, 721 12, 938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 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 Dec 30 50,885 22,169 28, 716 33,941 13,962 19,979 10, 314 4,961 5,353 6,630 3,246 3,384 1940—Mar. 26 _. 51,135 22,190 28,945 34,163 13,939 20, 224 310,226 4,922 5,304 36,746 3,329 3,417 June 29 4 34,451 13, 969 20,482 1 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. 2 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 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30,1939) which was formerly classified as a mutual savings bank, is included in the March 26, 1940 figures in "Other nonmember banks" column. 4 Figures of all banks not available. Back figures.—See Annual Report for 1937 (tables 48-49). SEPTEMBER 1940 965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Investments l Loans for U. S. Government obligations Obli- Call date m T l v o a i o e e a n n s t n n d - a t t s - l s Total i m t d a r c i i u i o n i n e a a s m d - r l - l - * - p O m k a p p a e e r t e n - r b o a p r T e s n o r u r o e d s k r c c c - u a h r r a r it s y • i t i i T e h n n s e o g g rs3 e l R o s e t a a a n t l s e L > o t a o a n n k s s l O o t a h n e s r 4 Total Total Bills 5N D o ir t e e c s t Bonds G t a e u n e a d - r- ; p d S a s a i o u t c i t o n i a v l b a o f d i t - i l t e n - - s s r O s i e t t i c h e u e s - r 1 deal- sions ers Total—All Member Banks 1929—Dec. 31. _35,934 26,150 583 2,463 t, 191 .1,515 9,784 3,863 520 3,094 1,393 4,528 1933—June 30__24,786 12,858 595 953 3,752 !,372 4,857 11,928 6,887 113 2,049 3,725 1,744 3,297 1938—June 30__30,721 12.938 492 701 2,614 2,613 6,397 17,783 2,343 316 3,653 6,246 2,128 2,143 3,296 Sept. 28. 31, 627 12,937 484 713 2,590 2,661 6,364 13,011 313 3,707 ,298 2,317 3,361 Dec. 31__ 32,070 13,208 4,737 442 973 775 2,716 2,728 18,863 L3,222 286 3,389 7,2 2,340 2,448 3,192 1939—Mar. 29..32,095 ^3,047 4,760 427 838 733 2,749 2,671 9,048 13,351 303 2,604 7,783 660 2,555 3,142 June 30. _32, 603 13,141 4,783 420 731 736 2,828 2,796 19,462 13,777 441 "720 7,786 831 2,554 3,131 Oct. 2«._ 33,075 13,470 19,605 L3,811 920 2,764 3,030 Dec. 30__33,941 13,962 5,386 730 455 790 700 ,957 56 2,888 19,979 L4,328 5632,223 3,144 2,692 2,959 1940—Mar. 26 • 34,163 13.939 20, 224 L4,421 3,107 2,905 2,898 June 29. 34,451 .3,969 5,538 736 450 447 3,069 42 3,020 20,482 .4,722 797 ,543 8,261 121 2,888 2,873 New York aty 1929—Dec. 31_. 8,774 6,683 195 1,257 2,145 2,595 2,091 1,112 166 222 758 1933—June 3O._ 7,133 3,424 364 758 1,044 937 3,709 2,551 987 926 478 680 1938—June 30 . 8,013 3,172 141 556 717 1,541 4,840 3,740 1,358 1,451 709 394 707 Sept. 28. 8,355 3,146 153 564 702 1,499 5,209 3,987 1,342 1,560 834 495 727 Dec. 31__ 8,335 3,262 1,456 138 787 220 436 5,072 3,857 1,142 1,663 894 517 698 1939—Mar. 29.. 8,408 3,086 1,451 126 668 209 427 5,322 4,025 831 2,040 1,086 582 714 June 30_. 8,688 2,988 1,474 128 555 215 440 5,700 4,483 2,284 1,123 480 736 Oct. 2 •__ 9,044 3,116 5,928 4,558 157 662 708 Dec. 30__ 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 1940—Mar. 26 • 9,594 3,211 4,972 1,286 726 June 29- 3,014 1,801 103 320 188 137 32 6,815 5,486 421 1,092 2,650 1,324 634 695 City of Chicago 7 1929—Dec. 31.. 1,757 1,448 251 533 535 309 116 3 19 94 1933—June 30.. 1,287 677 61 251 30 237 610 384 206 82 97 87 138 1938—June 30_. 1,806 525 29 109 361 1,281 981 12 313 535 122 140 159 Sept. 28. 1,889 522 31 111 351 1,367 1,047 1 310 611 126 144 175 Dec. 31_. 1,969 539 319 43 70 62 1,430 1,114 59 291 655 109 141 176 1939—Mar. 29.. 1,965 545 340 22 32 70 57 1,420 1,100 121 212 660 108 149 171 June 30.. 2,052 544 71 59 1,507 1,175 185 234 621 135 154 179 Oct. 2«_. 2,050 563 1,487 1,172 155 147 168 Dec. 30.. 2,105 569 365 41 13 1,536 1,203 153 176 701 172 162 170 1940—Mar. 26« 2,222 564 1,658 1,319 139 175 164 June 29.. 2,205 417 23 61 16 62 1,602 1,258 254 161 710 134 177 167 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—June 30. 11,150 4,853 163 95 998 1,201 26 2,369 4,658 69 1,268 2,603 718 732 908 Sept. 28. 11,426 4,870 156 96 992 1,217 22 2,387 6,556 4,831 47 1,290 2,752 743 775 950 Dec. 31_. 11,654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 57 1,224 2,997 740 808 866 1939—Mar. 29. 11,624 4,936 1,889 145 115 228 1,249 17 1,066 5,004 100 977 3,105 823 823 860 June 30.. 11,756 5,004 1,884 138 115 221 1,284 12 1,116 6,751 4,991 78 1,014 3,010 889 895 866 Oct. 2«__ 11,880 5,127 6,752 4,998 909 897 856 Dec. 30. . 12,272 5,329 2,100 221 155 119 2221,335 1,168 6,943 5,194 819 3,339 972 890 860 1940—Mar. 26 12,153 5,305 6,848 5,070 963 928 850 June 29.. 12,160 5,365 2,134 176 "156 87 2101,372 1,224 6,795 4,947 87 3,052 969 868 Country Banks 1929—Dec. 31. _13,375 201 291 2,231 1,462 45 4,705 4,439 1,267 171 999 627 2,549 1933—June 30. 7,873 4,275 35 25 1,117 1,055 2,005 1,469 299 1,106 581 1,549 1938—June 30 9,752 4,388 173 21 790 1,269 2,126 5,364 2,964 715 1,657 579 878 1,522 Sept. 28. 9,958 4,399 156 21 784 1,303 2,127 5,558 3,146 766 1,770 596 903 1,509 Dec. 31_. 10,113 4,444 1,048 138 25 243 1,353 1,149 5,1"" 3,233 732 1,893 597 982 1,453 1939—Mar. 29. 10,098 4,480 1,081 142 24 226 1,363 1,121 5,618 3,221 585 1,978 643 1,001 1,397 June 30. 10,109 4,605 1,095 140 229 1,402 1,180 5,504 3,127 563 1,870 683 1,025 1,351 Oct. 2 •_. 10,102 4,665 5,437 3,082 699 1,058 1,297 Dec. 30.. 10,224 4,768 1," 151 163 20 224 1~477 I," 234 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—Mar. 26 •10,194 4,860 5,334 3,060 719 1,076 1,197 June 29. 10,257 4,987 1,187 546 174 2081,544 3 1,308 5,270 3,f " 36 451 1,849 695 1,097 1,144 1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937. 8 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. 5 Includes Treasury certificates of indebtedness through 1934. 8 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 966 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 B s w F e R a e e r i n r e a t d v k - h l - e s v C a i a n u s l h t b m a w a n d e n i c o s t k e - h t s i s c i j m p u o s a d a t s d e e n i - - d t d s 2 s p p u v n h a c o a a i e o n i d r r l 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 - i d i e l t s - - s c C h c e a o f e e i e t f n e c f c r r i d d . t s k - s i ' - s m U G e e r . o n n v S - t - 4 . s p p u v n h a c o a a i e o n i d r r l p r r d s a t - - - s - , - , S p s d s a ii t i o n u c i a o n v l na b t n d i i i e l - t s - - s P i s n o a g s v s ta - 4 l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p n - l - ts Call date tions 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 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 8,004 712 4,084 20,893 19,816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—June 30 8,193 775 3,937 21,596 20,439 2,080 538 707 10,789 464 70 6,088 130 466 12 5,410 Sept. 28 8,694 746 4,240 22, 293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 9,112 111 4,403 2'2,364 20,845 2,467 533 775 10,940 461 68 6,816 133 629 7 5,467 1939—Mar. 29 10, Oil 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11, 617 774 6 5,304 25,118 23,983 2,390 666 675 11,104 418 51 88,243 6 142 «757 5 5,530 Oct. 2 11, 604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 12,279 862 6 5,634 26,461 24,965 2,499 558 725 11,368 411 52 6 8,717 6 145 « 737 2 5,562 1940—Mar. 26 13, 751 789 5,751 27,877 26, 397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 June 29 New York City 5 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 L, 582 1933—June 30 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 L, 587 1938—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 ,593 Dec. 31 4,582 63 156 7,605 7,677 260 272 135 655 53 2,731 553 L, 592 1939—Mar. 29 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 L, 586 June 30 5,929 85 6109 8,676 8,812 321 349 72 683 52 8 3, 568 6 670 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 6,386 84 « 163 9,562 9,652 219 260 68 742 35 6 3,629 8 672 1,601 1940—Mar. 26 7,072 88 119 10,235 10, 283 258 147 67 732 29 3,840 650 1,599 June 29 City of Chicago 5 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1929—Dec. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1933—June 30 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 1938—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 10 261 1939—Mar. 29 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 8237 1,747 1,632 195 27 60 469 21 3 6 853 6 14 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 8 195 1,544 1,503 133 18 80 482 11 5 3 997 37 253 1940—Mar. 26 1,187 39 242 1,898 1,782 199 17 79 489 • 15 5 949 7 260 June 29 Reserve City Banks 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1929—Dec. 31 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1933—June 30 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 32 1,753 1938—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 63,307 6 116 6 71 1,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 3,336 364 8 2,632 8,400 7,978 942 150 431 4,386 214 12 8 3, 525 8 115 856 1,833 1940—Mar. 26 3,759 334 2,679 8,774 8,372 956 147 " 422 4,422 219 18 3,526 105 44 1,873 June 29 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1929—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 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 1938—June 30 1,282 351 1,786 5,908 5,013 969 114 108 5,488 147 46 398 23 2 11 1,801 Sept. 28 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,367 350 1,963 6,183 5,087 1,176 114 137 5,557 153 46 438 25 2 5 1,818 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 6 26 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 1,648 389 6 2,645 6,954 5,832 1,205 131 147 5,757 151 35 8 566 «29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 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 U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec.31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 6 Central reserve city banks. 6 Partly estimated Back figures.—See Annual Report for 1937 (tables 52-58). SEPTEMBER 1940 967 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - l - , p O m k a p 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 s l 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 a u n a - r- s r O i e t t c i h e u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1939—July 22,046 8,146 312 648 532 1,163 1,539 13,900 10, 657 461 2,132 5,906 2,158 3,243 1940—March . 23, 380 8,604 4,371 335 634 476 1,186 1,551 14,776 11, 288 627 1,776 6,501 2,384 3,488 April 8,646 4,414 335 624 474 1,182 1,569 14,843 11, 339 575 1,839 6,527 3,504 May 23, 555 8,599 4,397 327 574 475 1,191 1,588 14,956 11,460 638 1,905 6,510 2,407 3,496 June _._ 23, 591 8,446 4,383 313 422 471 1,199 1,616 15.145 11,603 751 1,993 6,457 2,402 3,542 July 23,787 8,494 4,451 295 473 1,204 1,635 15, 293 11,728 777 2,081 6,455 2,415 3,565 June 5 23, 527 8,435 4,368 318 437 475 1,195 1,604 15,092 11, 564 1,928 6,537 2,401 3,528 June 12 23,661 4,377 317 444 472 1,198 1,619 15,192 11, 614 750 1,933 6,531 2,400 3,578 June 19.__ 23, 596 8,444 4,387 309 413 470 1,199 1,618 15,152 11, 626 785 2,058 2,400 3,526 June 26 23, 581 8,435 4,399 309 395 467 1,202 1,625 15.146 11, 610 771 2,054 6,379 2,406 3,536 July 3 23, 586 8,462 4,438 301 380 471 1,199 1,633 15,124 11, 607 757 2,063 6,382 2,405 3,517 July 10 .._ 23, 683 8,461 4,447 297 377 471 1,200 1,633 15, 222 11, 642 773 2,070 2,416 3,580 July 17 _. 23,743 8,517 4,464 298 408 474 1,205 1,633 15,226 11, 644 769 2,083 6,377 2,415 3,582 July 24 23,947 8,514 4,462 290 411 476 1,206 1,633 15,433 11,871 794 2,093 6,565 2,419 3,562 July 31 23, 978 8,517 4,441 291 419 474 1,210 1,642 15, 461 11,875 791 2,099 6,567 2,418 3,586 Aug. 7 24,101 8,492 4,446 291 472 1,211 1, 649 15, 609 12.005 738 2,111 6,587 2,569 3,604 Aug. 14 24,121 8,506 4,461 294 376 469 1,213 1,654 15, 615 12.006 733 2,114 6,580 2,579 3,609 Aug. 21 24,180 8,509 4,455 295 377 473 1,215 1,655 15, 671 11,994 735 2,116 6,560 2,583 3,677 New York City 1939—July 8,138 2,765 1,408 120 497 191 115 380 5,373 4,272 146 821 2,207 1,098 1,101 1940—March 9,000 2,964 1,676 115 485 160 114 369 6,036 4,715 182 789 2,495 1,249 1,321 April 9,108 2,965 1,686 111 482 160 119 366 6,143 4,838 170 888 2,527 1,253 1,305 May 9,172 2,905 1,673 108 433 160 120 371 6,267 4,995 242 950 2,528 1,275 1,272 June 9,263 2,763 1,671 101 298 159 122 377 6,500 5,207 396 989 2,540 1,282 1,293 July 9,400 2,778 1,710 90 281 167 122 378 6,622 5,285 392 1,035 2,570 1,288 1,337 June 5 9,228 2,760 1,656 104 312 159 121 376 6,468 5,173 365 2,560 1,279 1,295 June 12 9,307 2,777 1,668 103 312 159 122 378 6,530 5,207 398 971 2,559 1,279 1,323 June 19 9,241 2,764 1,672 294 160 122 376 6,477 5,207 409 1,000 2,519 1,279 1,270 June 26 _.. 9,277 2,753 1,688 276 159 122 377 6,524 5,238 414 1,014 2,521 1,289 1,286 July 3 9,273 2,768 1,712 262 166 122 377 6,505 5,216 1,015 2,542 1,290 1,289 July 10 9,379 2,764 1,714 265 166 122 377 6,615 5,264 411 1,023 2,543 1,287 1,351 July 17 9,400 2,786 1,711 287 169 122 378 6,614 5,261 403 1,034 2,538 1,286 1,353 July 24 9,458 2,786 1,713 169 123 377 6,672 5,336 389 1,051 2,608 1,288 1,336 July 31 9,489 2,788 1,698 167 123 381 6,701 5,348 1,052 2,618 1,289 1,353 Aug. 7 9,527 2,766 1,708 275 165 123 381 6,761 5,402 341 1,055 2,637 1,369 1,359 Aug. 14 9,520 2,754 1,703 270 164 124 383 6,766 5,404 329 1,061 2,640 1,374 1,362 Aug. 21 9,600 2,751 1,691 273 166 124 385 6,849 5,421 343 1,062 2,643 1,373 1,428 Outside New York City 1939—July 13, 908 5,381 2,480 192 151 341 1,048 1,159 8,527 6,385 315 1,311 1,060 2,142 1940—March 14, 380 5,640 2,695 220 149 316 1,072 1,182 8,740 6,573 445 987 4,006 1,135 2,167 April 14,381 5,681 2,728 224 142 314 1,063 1,203 8,700 6,501 405 951 4,000 1,145 2,199 May 14, 383 5,694 2,724 219 141 315 1,071 1,217 8,689 6,465 396 955 3,982 1,132 2,224 June 14,328 5,683 2,712 212 124 312 1,077 1,239 8,645 6,396 355 1,004 3,917 1,120 2,249 July 14, 387 5,716 2,741 205 118 1,082 1,257 8,671 6,443 385 1,046 3,885 1,127 2,228 June 5 14, 299 5,675 2,712 214 125 316 1,074 1,228 8,624 6,391 333 3,977 1,122 2,233 June 12 14, 354 5,692 2,709 214 132 313 1,076 1,241 8,662 6,407 352 962 3,972 1,121 2,255 June 19 14, 355 5,680 2,715 210 119 310 1,077 1,242 8,675 6,419 376 1,058 3,864 1,121 2,256 June 26__ 14, 304 5,682 2,711 210 119 1,080 1,248 8,622 6,372 357 1,040 3,858 1,117 2,250 July 3 14,313 5,694 2,726 205 118 305 1,077 1,256 8,619 6,391 388 1,048 3,840 1,115 2,228 July 10 14,304 5,697 2,733 206 112 305 1,078 1,256 8,607 6,378 362 1,047 3,840 1,129 2,229 July 17 14, 343 5,731 2,753 207 121 305 1,083 1,255 8,612 6,383 366 1,049 3,839 1,129 2,229 July 24 14,489 5,728 2,749 203 123 307 1,083 1,256 8,761 6,535 405 1,042 3,957 1,131 2,226 July 31 14, 489 5,729 2, 743 205 117 307 1,087 1,261 8,760 6,527 402 1,047 3,949 1,129 2,233 Aug. 7 14, 574 5,726 2,738 207 109 307 1,088 1,268 8,848 6,603 397 1,056 3,950 1, 200 2,245 Aug. 14 14,601 5,752 2,758 212 106 305 1,089 1,271 8,849 6,602 404 1,053 3,940 1,205 2,247 Aug. 21_ 14,580 5,758 2,764 212 104 307 1,091 1,270 8,822 6,573 392 1,054 3,917 1,210 2,249 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a R e e r n r i e a t v d - k h l e - s v C a i a n u s l h t b m w a d e n o i s t - k h ti s c j m p u o a s d a t e d s e n - i - d t d s . s p p u n h a c v o a a e o n i i r r l p d r r d s a t - - s - - , - , S p s d s a i t i o u i c o a n b v l a t n d - i i e l t - s - s c C h c o a e f e e e i t f n c c e f r r . i k d d s t - i S ' - j m U G e e . r o n n v S - t - 2 . s p p u v n h a c o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s a i t i o u i c o a 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 ! ] m D a e n - b d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a a t u c p a - n - l ts Date or month tions tions Total 101 Cities 8,645 448 2,765 17, 366 17,008 1,317 406 541 5,006 216 6,763 127 620 3,716 1939—July 10,394 468 3,184 19,344 18,945 1,371 440 560 5,133 193 8,144 124 736 3,721 1940—March 10,661 465 3,229 19, 515 19,058 1,403 461 561 5,147 186 8,295 117 725 3,735 April 11,032 474 3,240 19, 971 19,460 1,540 481 560 5,119 192 115 708 3,750 May 11,500 499 3,262 20, 524 20,034 1,494 402 561 5,127 183 8,361 113 688 3,773 June 11, 600 491 3,214 20,847 20,380 1,455 411 475 5,141 178 8,310 111 676 3,774 July 11,308 483 3,243 20,306 19,647 1,541 391 563 5,127 189 8,372 116 700 3,755 June 5 11,429 507 3,255 20,615 20,263 1,531 392 561 5,123 186 8,334 115 687 3,784 June 12 11, 595 499 3,279 20,495 20,023 1,438 411 561 5,125 178 8,424 110 687 3,783 June 19 11,669 506 3,272 20,681 20,202 1,467 416 559 5,132 179 8,313 112 678 3,773 June 26 11,636 478 3,277 20, 510 20,167 1,434 465 515 5,146 183 8,467 110 685 3,774 July 3 11,660 512 3,208 20,824 20,302 1,452 381 439 5,139 180 8,339 111 671 3,777 July 10 11, 729 491 3,262 20,932 20, 532 1,425 396 407 5,138 176 8,418 110 673 3,772 July 17 11, 526 498 3,181 20,984 20,401 1,465 423 509 5,139 174 8,196 112 676 3,773 July 24 11,449 478 3,140 20, 984 20,499 1,497 505 5,144 175 8,129 110 676 3,776 July 31 11, 212 488 3,113 20, 712 20,101 1,476 343 505 5,150 183 8,221 112 685 3,782 Aug. 7 11, 254 505 3,168 20, 789 20,369 1,427 373 506 5,154 180 8,280 112 690 3,781 Aug. 14 11, 348 490 3,173 20,956 20, 381 1,478 381 506 5,161 183 8,252 110 679 3,783 Aug. 21 New York City 4,995 7,660 7,773 225 231 589 2,928 540 1,479 L939—July 6,153 8,979 9,112 210 276 658 3,529 672 1,490 L940—March 6,259 9,087 9,154 246 282 661 3,640 663 1,496 April 6,384 9,203 9,306 267 292 634 3,727 650 1,502 May 6,622 9,524 9,653 213 224 647 3,724 634 1,500 June 6,657 9,716 9,770 225 657 3,717 622 1,489 July 6,470 9,415 9,462 218 205 647 3,682 642 1,504 June 5 6,545 9,518 9,776 204 222 644 635 1,500 June 12 6,745 9,541 9,621 215 223 646 3,787 1,501 June 19 6,729 9,621 9,753 216 247 649 3,739 1,494 June 26 6,721 9,563 253 268 657 3,782 630 1,487 July 3 6,719 9,776 9,756 314 209 655 3,700 616 1,489 July 10 6,663 9,710 9,776 272 193 656 3,735 620 1,489 July 17 6,635 9,776 9,779 280 248 658 3, "" 623 1,489 July 24 6,549 9,753 9,844 283 206 659 3,6 1,493 July 31 6,380 9,634 9,641 264 179 663 3,624 629 1,495 Aug. 7 6,394 9,620 9,683 255 205 667 3,630 634 1,494 Aug. 14 6,422 9,732 9,723 296 221 670 3,622 624 1,495 Aug. 21 Outside New York City 3,650 383 9,706 9,235 1,092 175 482 4,417 172 3,835 127 2,237 .939—July 4,241 391 3, L0,365 9,833 1,161 164 516 4,475 163 4,615 123 2,231 940—March 4,402 387 3,134 LO,428 9,904 1,157 179 516 4,486 159 4,655 117 2,239 April 4,648 395 3,153 10,768 L0,154 1,273 189 516 4,485 166 4,653 115 2,248 May 4,878 417 3,179 11,000 L0,381 1,281 178 518 4,480 159 4,637 113 2,273 June 4,943 410 3,132 LI, 131 L0, 610 1,175 186 442 4,484 15.1 4,593 111 2,285 July 4,838 402 3,157 L0,891 L0,185 1,323 186 519 4,480 164 116 2,251 June 5 4,884 424 3,175 LI, 097 [0,487 1,327 170 518 4,479 160 4,645 115 2,284 June 12 4,850 419 3,198 L0,954 L0,402 1,223 188 518 4,479 156 4,637 110 2,282 June 19 4,940 421 3,190 LI, 060 •0,449 1,251 169 515 4,483 157 4,574 112 2,279 June 26 4,915 395 3,195 L0, 947 W, 472 1,181 197 475 4,489 157 4,685 110 2,287 July 3 4,941 429 3,128 .1,048 .0, 546 1,138 172 410 4,484 154 4,639 111 2,288 July 10 5,066 409 3,175 1, 222 .0, 756 1,153 203 381 4,482 150 4,683 110 2,283 July 17 4,891 418 3,098 A, 208 0, 622 1,185 175 474 4,481 147 4,511 112 2,284 July 24 4,900 399 3,061 1, 231 0, 655 1,214 182 470 4,485 147 4,445 110 2,283 July 31 4,832 408 3,034 1, 078 L0,460 1,212 164 470 4,487 146 4,597 112 2,287 Aug. 7 4,860 420 3,089 .1,169 L0, 686 1,172 168 471 4,487 142 4,650 112 2,287 Aug. 14 4,926 410 3,093 .1, 224 0, 658 1,182 160 471 4,491 143 4,630 110 2,288 Aug. 21 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. SEPTEMBER 1940 969 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 Federal Reserve loans cial, securities distric (1 t 9 a 4 n 0 d ) date v a i e n n s d - t- Total t d r i u i n a s - l - , O m k p a e e r t n - To 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 Guar- D se t c h u e - r ments and paper bro- Total Bills Notes Bonds an- ities agri- kers To teed cul- and others tural dealers Boston (6 cities) July 31.. 1,168 293 13 18 80 137 562 433 338 48 129 Aug. 7. 1,177 609 296 13 18 80 137 568 439 7 40 338 54 129 Aug. 14 1,183 614 302 12 18 80 137 569 441 9 40 338 54 128 Aug. 21 1,187 615 303 12 19 80 136 572 444 9 43 338 54 128 New York (8 cities)* July 31 10, 361 3,136 1,814 307 218 201 476 7,225 5,720 402 1,111 2,850 1,357 1,505 Aug. 7 10,414 3,118 1,827 280 216 201 477 7,296 5,784 354 1,114 2,873 1,443 1, 512 Aug. 14. 10, 410 3,109 1,825 274 215 203 479 7,301 5,787 343 1,120 2,876 1,448 1,514 Aug. 21 [0,476 3,105 1,812 278 217 203 481 7,371 5,790 357 1,121 2,865 1,447 1,581 Philadelphia (4 cities) July 31 1,197 467 225 23 31 50 106 730 451 33 328 90 279 Aug. 7.. 1,203 471 228 21 30 51 107 732 453 33 328 92 279 Aug. 14 1,207 476 231 22 31 50 106 731 453 33 328 92 278 Aug. 21 1,208 478 232 22 32 50 106 730 454 33 328 276 Cleveland (10 cities) July 31 1,889 704 267 19 25 177 209 1,185 165 607 125 287 Aug. 7. 1,896 706 272 14 25 177 210 1,190 906 168 607 130 284 Aug. 14 1,902 712 278 14 25 177 210 1,190 906 168 607 130 284 Aug. 21 1,903 711 281 14 24 178 206 1,192 167 609 131 284 Richmond (12 cities) July 31 697 275 122 3 14 44 422 355 167 135 53 67 Aug. 7 716 274 122 3 14 44 442 373 173 134 69 Aug. 14 719 275 121 3 14 44 444 374 1 173 134 70 Aug. 21 719 277 124 3 14 44 442 373 1 173 133 69 Atlanta (8 cities) July 31 626 309 153 4 11 32 105 317 212 2 38 109 63 105 Aug. 7 632 311 152 5 11 32 106 321 215 2 38 109 66 106 Aug. 14 634 312 152 4 10 33 108 322 216 2 38 109 67 106 Aug. 21 632 311 150 4 11 33 109 321 215 2 38 108 67 106 Chicago (12 cities)* July 31 3,471 972 599 69 122 114 2,499 1,971 320 302 1,055 294 528 Aug. 7 3,488 962 585 69 122 119 2,526 1, 987 320 303 1,056 308 539 Aug. 14 3,488 965 587 122 121 2,523 1,981 317 303 1,053 308 542 Aug. 21 3,480 963 585 123 121 2,517 1,973 311 1,047 312 544 St. Louis (5 cities) July 31 696 324 181 55 61 372 264 11 145 108 Aug. 7 702 326 182 55 62 376 268 11 146 108 Aug. 14 710 326 182 55 62 384 276 17 147 108 Aug. 21 704 327 182 55 62 377 10 148 108 Minneapolis (8 cities) July 31 401 191 11 73 210 167 115 43 Aug. 7 „ 391 183 91 11 70 208 166 115 42 Aug. 14 387 183 91 11 70 204 162 110 42 Aug. 21 184 91 11 71 204 162 110 42 Kansas City (12 cities) July 31 308 182 62 380 245 93 135 Aug. 7 306 179 10 30 62 382 247 93 75 135 Aug. 14. 306 179 30 62 383 248 92 76 135 Aug. 21 307 179 30 63 381 246 91 76 135 Dallas (9 cities) July 31 ... 522 265 173 23 50 257 199 86 41 58 Aug. 7.... 527 266 174 23 50 261 203 30 86 45 58 Aug. 14 527 268 176 23 50 259 201 29 85 48 58 Aug. 21 529 269 177 23 50 260 202 30 85 48 58 San Francisco (7 cities) July 31 2,262 960 336 385 169 1,302 960 1 706 187 342 Aug. 7. 2,267 960 338 385 169 1,307 964 2 66 702 194 343 Aug. 14 2, 265 960 337 10 385 168 1,305 961 2 64 701 194 344 Aug. 21 2, 962 339 385 170 1,304 958 2 65 193 346 City of Chicago* July31._ 2,301 605 433 18 49 1,345 320 159 732 134 351 Aug. 7 2, 320 608 432 18 53 1,712 1,357 320 160 733 144 355 Aug. 14 2,317 608 430 18 56 1,709 1,352 317 159 732 144 357 Aug. 21 2, 307 604 428 18 55 1,703 1,344 310 159 731 144 359 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 970 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 deposit3, Time deposits, Interbank except interbanl except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e R a e e r n i r e a t d v k h - l - e s v C a i a n u s l h t b m a w a n d e n i c o s t e k - h t s i s c j m p u o s a d a t e s d e n - i - d t d s i s p p u v n h a c o a a i n o e i d r 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 v l a b t n i d i e l t - - s - s c C h c a f o e e e e i f n t e f c r c r i d t d s k . - i ' - s m U G e e r . o n S n v - t . - 2 s p p u v n h a c o a a i o n e i d r l 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 v l b a t n i d i e t l - - s - s P in s o a g s v s t - a s l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p n - l - ts d F i e st d r e ic ra t ( l 1 a 9 R n 4 d e 0 s ) e d r a v t e e tions tions Boston (6 cities) 661 143 175 1,322 1,265 101 16 11 233 2 1 364 18 1 245 July 31 647 144 179 1,317 1,256 104 15 12 233 2 1 371 17 1 245 Aug. 7 638 144 178 1,312 1,264 96 16 11 233 2 1 373 18 245 Aug 14 648 144 174 1,322 1,271 93 14 11 233 2 1 372 18 1 245 Aug. 21 New York (8 cities)* 6,697 97 221 10,379 10,338 426 222 53 1,026 34 7 3,761 16 621 1,616 July 31 6,528 100 215 10, 270 10,151 414 194 53 1,030 43 7 3,703 16 630 1,618 Aug. 7 6,536 104 219 10, 267 10,208 403 223 53 1,034 43 7 3,710 16 636 1,617 Aug. 14 6,578 99 214 10, 378 10, 243 446 236 53 1,037 45 7 3,699 16 625 1,618 Aug. 21 Philadelphia (4 cities) 493 19 208 1,039 1,019 78 11 47 259 3 407 9 5 214 July 31 480 20 200 1,009 978 85 10 46 259 3 422 9 5 215 Aug. 7 475 21 203 1,013 997 79 9 46 259 3 421 9 5 215 Aug. 14 472 20 202 1,014 992 72 9 46 259 3 419 9 5 214 Aug. 21 Cleveland (10 cities) 688 44 337 1,411 1,382 103 20 42 718 27 422 37 1 380 July 31 670 45 330 1,392 1,351 104 19 42 718 27 423 38 1 380 Aug 7 679 47 338 1,404 1,381 105 20 42 719 27 435 38 1 380 Aug. 14 689 48 334 1,417 1,380 111 17 42 719 28 428 37 1 381 Aug. 21 Richmond (12 cities) 196 20 249 539 514 60 14 32 200 3 1 287 5 97 July 31 188 22 230 529 507 60 11 32 200 3 1 291 5 98 Aug. 7 195 23 231 541 520 58 11 32 200 3 1 290 5 98 Aug. 14 203 21 233 548 522 57 13 32 200 3 1 293 5 98 Aue. 21 Atlanta (8 cities) 144 12 212 433 413 66 4 41 185 6 2 269 3 2 94 July 31 152 14 204 436 407 66 4 41 185 6 2 273 3 2 94 Aug. 7 148 15 202 438 421 64 4 41 185 6 2 269 3 1 94 Aug. 14 149 14 203 437 414 65 4 41 185 6 2 269 3 1 95 Aug. 21 Chicago (12 cities)* 1,471 74 540 2,892 2,699 335 36 130 954 16 7 1,198 10 8 1 397 July 31 1,468 73 552 2,822 2,623 326 34 130 955 16 8 1,293 10 9 398 Aug. 7 1,463 77 569 2,819 2,656 313 34 130 953 16 8 1,313 10 8 398 Aug. 14 1,482 74 582 2,840 2,655 326 32 130 954 16 8 1, 312 10 8 398 Aug. 21 St. Louis (5 cities) 230 11 180 495 489 43 10 13 188 2 2 338 1 94 July 31 218 12 180 485 489 41 8 13 188 3 2 342 1 94 Aug. 7 228 12 177 496 503 41 7 13 188 3 2 346 1 94 Aug. 14 239 12 175 503 501 40 7 13 188 3 2 342 1 94 Aug. 21 Minneapolis (8 cities) 95 7 129 313 270 68 6 1 116 1 147 2 1 60 July 31 100 7 137 305 263 63 6 1 116 1 158 2 1 60 Aug 7 104 8 142 308 271 60 7 1 116 1 161 2 1 60 Aug. 14 104 7 145 307 269 59 7 1 117 1 164 2 1 60 Aug. 21 Kansas City (12 cities) 195 16 306 551 527 77 9 18 143 2 1 400 6 105 July 31 196 17 308 542 524 75 9 18 143 3 1 410 7 105 Aug. 7 203 17 319 562 540 75 10 18 143 3 1 410 6 105 Aug. 14 202 16 321 560 534 79 9 18 143 3 1 411 6 105 Aug. 21 Dallas (9 cities) 140 11 282 486 469 47 10 31 127 9 239 1 88 July 31 140 11 278 489 465 46 8 31 126 9 1 237 1 88 Aug. 7 141 12 285 491 481 43 8 32 126 8 1 245 1 88 Aug 14 137 11 283 489 476 40 11 32 126 9 1 240 1 88 Aug. 21 San Francisco (7 cities) 439 24 301 1,124 1,094 93 30 86 995 71 297 21 19 386 July 31 425 23 300 1,116 1,087 92 25 86 997 68 298 21 19 387 Aug. 7 444 25 305 1,138 1,127 90 24 87 998 66 307 22 19 387 Aug. 14 445 24 307 1,141 1,124 90 22 87 1,000 65 303 21 19 387 Aug 21 City of Chicago* 1,144 41 253 1,983 1,881 189 19 89 493 14 5 923 7 254 July 31 1,151 41 253 1,938 1,832 184 19 89 493 15 5 995 7 255 Aug. 7 1,148 42 256 1,923 1,848 176 17 89 493 14 5 1,007 7 254 Aug. 14 1,177 42 255 1,942 1,851 181 18 89 493 14 5 1,004 7 255 Aug. 21 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. SEPTEMBER 1940 971 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 HelcI by. Based on Commer- End of month p c a i p a e l r Total Aceopting banks Feder B al a n R ks eserve G sh o i o p d p s e d st o b r e e t d w i e n e n or out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing i ing For count of Others into from ex- Total O bi w lls n bo B u il g ls ht o c w o n u n a t c- f s c o p o r o e r n r ig e d - n - U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d F c o t o r r i u e e i n s g - n ents 1939—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 (2) 44 79 40 18 40 59 September 209 216 177 115 62 (J) 39 78 40 18 43 36 October 205 221 179 111 67 (2) 42 85 40 18 46 32 November 214 223 172 103 69 51 96 37 16 50 24 December. 210 233 175 105 70 57 103 ' 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 April 239 223 178 118 61 45 86 45 13 46 33 May 234 214 171 113 58 43 78 47 12 41 34 June . 224 206 166 112 54 40 79 43 13 36 34 July . 232 188 152 103 49 36 75 32 13 35 32 i As reported by dealers; includes some finance company paper sold in open market. a Less than $500,000. Back figures—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances i Other credit balances End of month Cu ( d s n t e e o b t m ) i t e i rs' a i b n n p a a v d l c a a e c r n t s t o r n c t u a m e e d n s r e t i s s n n i ' n g t a i b n n a a v d l c a e f c n i t s o r r c t m u a m e d n s e i t s n n in g t C a b h a n a a s d n h n k d i o s n n r M o b w o o n e r d e - y 2 Free O (n th et e ) r m p i a e n r n v t I t n n e a e st n r - s d ' m i e n f n v i I t r n e m a st n - d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1937—June. 1,489 161 214 1,217 266 397 September. 1,363 128 239 1,088 256 385 December. 985 108 232 278 355 1938—March 831 95 215 576 239 315 June. 774 88 215 495 258 298 September. 823 76 213 559 257 300 December. 991 106 190 754 247 305 1939—March 953 84 174 225 294 June 834 73 178 570 230 280 July 839 84 183 589 238 278 August 792 71 202 556 235 275 September. 856 64 217 520 305 283 October... 894 72 200 577 289 284 November. 914 77 195 623 272 282 December. 906 78 207 637 266 277 1940—January... 70 198 602 262 272 February.. 72 195 616 253 271 March 78 186 615 247 270 April 910 72 192 626 252 271 May 702 67 239 459 251 274 June 653 58 223 376 267 269 July 642 64 213 376 261 264 i 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. 3 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 972 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 ratej i on— Average rate on- [Per cent per annum] Aver- 7 other mo Y w n e e t a e h r k , , or m m p P 4 c a r o e o p i t r n m o m c e t i h r - e 6 a , s la a b P c d n e a c r o y a c r n i e y n u s m e k p ' s s - t e , - c l S h d t o t i e a a o y a o m x n u n n y c - e g s s k , e c S h n l c o t e r a e a o a e x a l w n l s c - - n l g k - e p w i u f N e s e i s o r r t . e u i u f e h o w - e r d i s d y s n 2 . b T t i d r a q l d e e 9 l t e u s r a i a 1 a o o s y s - l ' n - - - y T i 3 n U e y u r a - o l e t e g . r d o t a S y a e e - r s s o 5 .- n 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 6 7 8 5 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e i 2 3 2 2 2 t t a . . . . . i 5 6 4 9 5 e l 9 8 5 3 3 s Y N C o e i 2 : 1 t r L L L w y . k . . . . 4 7 7 6 7 5 6 2 9 3 e E N r c a n o i s t r t i a 2 3 3 3 2 e e th n . . . . . r s 0 3 8 7 7 n - d 4 9 8 5 1 . 1 W e 1 r c n e i S t s i t o a e e 3 4 3 3 3 n u s r . . . . . 2 4 2 t 7 3 n d h 6 0 5 6 2 - 1939 average * 2.78 2.07 2.87 3.51 1937 average... .95 .43 L.25 1.00 .447 .28 1.40 Monthly figures 1 1 9 9 3 3 9 8 a a v v e e r r a a g g e e .- . _ .. . . 8 5 1 9 . . 4 4 4 4 : L L . . 2 2 5 5 1 1. . 0 0 0 0 . .0 0 2 5 2 3 . . 0 0 7 5 . . 8 5 3 9 1938— F J e a b n r u u a a ry ry 2 2 . . 6 4 0 9 L L . . 7 7 0 0 2 2 . . 9 6 2 5 3 3 . . 2 2 8 1 1939—July .56 .44 L.25 L.00 .017 .04 .45 A M p a r r i c l h .... 2 2 . . 4 4 8 8 L L. . 7 6 0 5 2 2 . . 6 6 4 0 3 3 . . 2 2 5 8 1940— A N M A D F S O Ja e e p o e u c a n p b c r v t g r . t i . . . l . . . . . . . . . . 6 5 5 5 5 6 5 6 5 9 6 6 6 6 9 6 3 6 . . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 L 1 L L L L . . . . . . . . . 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 L L L L L L L L L O . . . . . . . . 0 0 0 0 0 0 0 0 O 0 0 0 0 0 0 0 0 . . . . . . . . 0 0 0 0 0 1 0 0 0 1 0 0 1 0 2 4 4 2 3 1 8 2 8 6 . . . . . . . . . 0 0 0 0 0 0 1 0 0 4 2 2 1 2 5 4 5 5 1 . . . . . . . . . 4 6 4 4 5 4 7 4 0 6 4 5 7 1 2 7 8 7 J J N D A S M O u u e e o u c l a n p c y t v g y e o t e u e e b m m s m e t b b r b . e e e r r r. _ __ . 2 2 2 2 2 2 2 2 . . . . . . . . 4 6 5 5 5 5 5 4 9 0 2 7 3 7 6 8 1 L . . . . . . . 7 7 . 7 7 6 7 7 7 0 0 0 7 0 0 0 0 2 2 2 2 2 2 2 2 . . . . . . . . 6 9 9 7 7 6 7 7 8 5 0 4 1 4 8 8 3 3 3 3 3 3 3 3 . . . . . . . . 2 2 2 2 2 3 2 3 0 3 1 6 8 5 0 1 May .56 .44 .25 L.00 .042 .06 .65 1939—January. 2.64 1.73 2.97 3.32 J J u u l n y e . . 5 5 6 6 . . 4 4 4 4 L . . 2 2 5 5 L L . . 0 0 0 0 . .0 0 0 7 9 1 . . 0 1 5 0 . . 7 5 6 7 February 2.52 1.70 2.69 3.26 Quarterly figures Week ending: 1938—September. _. 2.65 2.00 2.75 3.25 Aug. 3_._ %~% Vie IX L.00 .004 .04 .58 1939—March 2.95 2.13 3.05 3.77 Aug. 10.. %~% Vie IX L.00 .007 .04 .59 June 2.91 2.15 3.05 3.62 Aug. 17__ Vie IX 1.00 .021 .04 .60 September. _. 2.68 2.04 2.78 3.31 Aug. 24.. H~H Vie IX 1.00 .028 .05 .58 December.... 2.59 1.96 2.59 3.32 1940—March. 2.65 2.03 2.67 3.35 i Monthly figures are averages of weekly prevailing rates. June 2.59 2.00 2.49 3.38 * Series comprises 273-day bills to October 15, 1937, bills maturing about March 16,1938, from October 22, to December 10,1937, and 91-day i Averages for 1939 and quarterly figures are on revised basis and are bills thereafter. therefore not strictly comparable with the earlier series of annual and »Rate negative. monthly figures. Back figures—See Annual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS1 [Per cent per annum] Corporate * U.S. Year, month, or week Treas- M ip u a n l i s c- By ratings By groups ury 2 Total Indus- Rail- Public Aaa Baa trial road utility Number of issues. 15 120 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 4.96 3.30 4.53 3.48 1939—July 2.16 2.65 2.89 3.08 3.83 4.84 3.18 4.42 3.39 August 2.21 2.75 3.67 2.93 3.11 3.80 4.85 3.21 4.41 3.40 September. 2.65 3.29 3.95 3.25 3.49 4.05 5.00 3.57 4.58 3.70 October 2.60 3.08 3.83 3.15 3.35 3.94 4.88 3.43 4.51 3.57 November. 2.46 2.69 3.70 3.00 3.16 3.78 4.85 3.25 4.44 3.41 December.. 2.35 2.56 3.69 2.94 3.14 3.74 4.92 3.21 4.47 3.38 1940—January 2.30 2.54 3.63 2.88 3.08 3.69 4.86 3.14 4.39 3.35 February- 2.32 2.60 3.60 2.86 3.05 3.68 4.83 3.12 4.37 3.33 March 2.25 2.58 3.58 2.84 3.04 3.65 4.80 3.09 4.37 3.29 April 2.25 2.56 3.54 2.82 2.99 3.59 4.74 3.05 4.33 3.24 May 2.38 2.81 3.65 2.93 3.08 3.65 4.94 3.20 4.46 3.30 June... 2.39 2.85 3.72 2.96 3.10 3.70 5.11 3.25 4.57 3.33 July 2.28 2.54 3.57 2.88 3.01 3.57 4.80 3.15 4.32 3.23 Week ending: Aug. 3 2.24 2.48 3.55 2.87 3.02 3.56 4.77 3.14 4.28 3.24 Aug. 10 2.25 2.46 3.54 2,85 3.02 3.55 4.75 3.12 4.28 3.23 Aug. 17 2.28 2.50 3.56 2.86 3.03 3.55 4.78 3.13 4.31 3.23 Aug. 24 2.25 2.50 3.56 2.85 3.04 3.55 4.78 3.13 4.32 3.23 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 4, and the railroad Aaa group from 10 to 5. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. SEPTEMBER 1940 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock prices i Vol- U.S. ume of Year, month, or date Treas- Munic- tradury 2 ipal s Indus- Rail- Public Year, month, or Common (index, 1926=100) ings Total trial road utility date Pre- (in ferred 2 thou- Indus- Rail- Public sands of Number of issues 2-6 15 20 20 20 Total trial road utility 1937 average _-_ 101.7 110.3 93.4 90.1 89.6 100.4 1938 average 103.4 113.7 78.9 82.9 58.6 95.3 Number of issues _ - 20 420 348 32 1939 average 106.0 116.3 81.6 86.0 58.0 100.9 1937 average 136.2 112 131 1,519 1939—July 108.9 118.3 81.6 86.3 56.4 102.1 1938 average — 135. 6 83 99 1,100 August 108.2 116.5 81.0 85.8 55.5 101.7 1939 average 141.2 105 973 September 101.9 107.1 80.9 85.0 59.0 98.6 October 102.6 110.7 82.9 86.4 61.6 100.5 1939—July 143.7 101 821 November 104.6 117.5 83.0 87.0 60.2 101.8 August 142.3 101 706 December _ 106.1 119.9 82.1 86.8 58.0 101.6 September— 136.2 109 2,595 1940—January 106.8 120.2 82.4 87.3 58.2 101.8 October 137.7 113 1,050 February 106.6 119.1 82.2 87.3 57.8 101.6 November 140.7 111 907 March.. 107.5 119.7 82.1 87.3 57.2 101.8 December. __ 141.4 108 808 April 107.6 119.8 82.5 87.5 58.2 101.7 1940—January 143.0 109 678 May 105.6 115.3 79.4 85.3 53.5 99.3 February 142.9 107 654 June 105.4 114.6 78.5 84.7 52.0 98.7 March 141.8 108 740 July 106.5 120.4 81.2 86.3 57.1 100.2 April 142.3 109 1,131 May 138.2 97 1,651 July 31 106.0 121.4 81.7 86.4 58.3 100.2 June 133.2 85 708 Aug. 7 106.0 121.8 81.6 86.7 57.8 100.2 July 136.9 87 310 Aug. 14 105.4 121.0 81.1 86.7 56.5 100.1 Aug. 21 105.9 121.0 81.5 86.7 57.4 100.3 July 31 137.2 90 413 Aug. 7 137.2 89 279 Aug. 14 137.6 87 342 1 Monthly data are averages of daily figures except for municipal bonds, Aug. 21 137.0 89 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department. Prices expressed in 1 Standard Statistics Co. Monthly data are averages of Wednesday decimals. figures. * Prices derived rom average yields, as computed by Standard Sta- 2 Average prices of industrial high-grade preferred stocks, adjusted to a tistics Co. $7 annual dividend basis. Backf igures—Bee Annual Report for 1937 (table 79). Figures for U. S. 3 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. Back figures—For stock prices, see Annual Report for 1937 (table 79) CAPITAL ISSUES [In millions of dollars] ]Tor new capital For refunding Total Domestic Domestic (new Total Year or and (do- Total month re- mestic State Fed- Corporate (do- State Fed- Corporate fund- and and eral For- mestic and eral Foring) for- Total mu- agen- eign 2 and Total mu- agen- eign2 eign) nici- cies i Bonds for- nici- cies i Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 1930 7,619 6,912 6,004 1,434 87 4,483 2,980 1,503 908 706 527 53 0 474 451 23 179 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2, 325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,839 2,287 2,237 931 924 382 285 97 50 3,552 3,464 195 1,537 1,732 1,595 137 88 1939—July— 590 318 318 203 50 40 9 0 273 273 18 74 181 143 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 743 338 338 42 276 20 14 6 0 404 403 10 235 157 157 (3) 2 Nov.— 218 89 89 67 0 22 15 6 0 130 130 13 26 91 88 3 0 Dec 335 98 98 68 0 31 21 9 0 237 237 22 19 196 189 7 0 1940—Jan 287 94 94 59 0 35 19 16 0 193 193 26 29 137 102 36 0 Feb 451 104 104 58 1 45 43 3 0 347 347 114 22 211 196 14 0 Mar..- 241 71 70 34 6 31 16 15 1 169 169 49 17 104 90 14 0 Apr 345 118 118 58 6 54 31 23 0 227 227 18 17 192 154 38 0 May 250 122 122 30 3 89 80 10 0 128 128 20 25 83 83 0 0 June 226 82 82 70 2 9 8 2 0 145 145 13 29 102 102 (3) 0 July.— 690 396 396 62 289 45 43 2 0 294 294 20 48 226 223 3 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. 8 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, XJ. S. Department of Commerce.' Monthly figures subject to revision. Back figures—See Annual Report for 1937 (table 78). 974 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 1 Total End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s j is e u A s r s u v t d e e i - c s d e 3 i c S s u o s s u r e c i - e i t a s y l 4 ot A he ll rs t d M u e r a e b - d t Other bearing Pre- Treas- U.S. war ury 2 1932—June _. 19,487 19,161 «18,816 753 13,460 1,261 616 105 240 266 1933—June 22,539 22,158 621,782 753 13,417 4,548 954 92 284 315 1934—June 27,053 26,480 «26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28,701 27,645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June - 33, 779 31,297 79 17,168 316 11, 381 2,354 1,071 19 601 169 620 1937—June 36,425 35,800 33,734 79 19,936 800 10,617 2,303 926 579 560 119 606 1938—June _. 37,165 36, 576 33,463 79 21,846 1,238 9,147 1,154 1,601 644 141 447 193C—June 40,440 35,715 79 25,218 1,868 7,243 1,308 2,511 820 142 411 1939—July 40,661 40,114 35,798 79 25,218 1,949 7,243 1,309 2,542 941 140 408 August 40,891 40,351 35,862 79 25,218 2,015 7,243 1,307 829 2,722 938 133 406 September 40,858 40,342 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 1,405 791 2,796 912 109 401 November. 41, 305 40,807 36,123 79 25, 218 2,140 7,232 1,454 791 2,981 911 400 December. 41, 942 41,445 36,826 79 26,881 2,209 6,203 1,455 789 3,021 809 398 1940—January ... 42,110 41,601 36,957 79 26.896 2,473 6,203 1,307 787 3,049 807 114 395 February.. 42, 365 41,839 37,097 79 26.897 2,610 6,203 1,308 785 3,152 805 132 394 March 42, 540 41, 983 37,127 79 26,908 2,707 6,125 1,309 784 3,269 803 165 392 April 42,658 42,117 37, 236 79 26,908 2,818 6,125 1,306 782 3,282 816 160 391 May 42,808 42, 253 37, 285 79 26, 908 2,869 6,125 1,304 780 3,363 824 166 389 June 42, 968 42,376 37, 223 79 26, 555 2,905 6,383 1,302 797 3,528 829 205 386 July 43, 771 43,186 37, 957 27, 226 2,966 6,384 1,302 773 3,536 920 198 i Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. «Includes Liberty bonds. «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. «Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000, 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, FULLY GUARANTEED OBLIGATIONS, BY AGENCIES > JULY 31,1940 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- u. s. Maturing T?nrl nf Farm Owners' struction modity Hous- .EiDU. OX Total Mortgage Loan Finance Credit ing Bonds TJJYJl .fO\YIllL "f."LVll Corpora- Corpora- Corpora- Corpora- Author' Date maturing Bonds call- tion tion 2 tion tion ity or callable able^ Total Bills Notes U. 8. 1934—June 681 312 134 235 Sav- Other Dec.- 3,063 980 1,834 249 ings 1935—June- 4,123 1,226 2,647 250 Dec— 4,494 1,387 2,855 252 1936—June 4,718 1,422 3,044 252 1940—Before Oct. 1 801 801 Dec— 4,662 1,422 2,988 252 Oct. 1-Dec. 31 1,239 602 737 1937—June _ 4,665 1,422 2,987 255 1941—Jan. 1-Mar. 31 677 677 545 Dec— 4,645 1,410 2,937 297 Apr. 1-June 30 604 504 1938—June.. 4,853 1,410 2,937 299 206 July 1-Sept. 30 834 834 834 Dec- 4,992 1,388 2,888 509 206 Oct. 1-Dec. 31 204 204 1942 1,001 1,001 1939—Apr.— 5,410 1,380 2,888 819 206 114 1943 1,874 1,330 545 1,855 May- 5,409 1,379 2,888 820 206 114 1944 _ 1,214 1,214 2,555 June.. 5,450 1,379 2,928 820 206 114 1945 _ 2,833 718 174 1,941 1,755 July- 5,480 1,379 2,958 820 206 114 1946 . 1,852 318 1,534 2,359 Aug... 5,583 1,379 2,858 820 409 114 1947 2,797 414 2,383 1,473 Sept.. 5,455 1,279 2,830 820 409 114 1948 1,987 600 1,487 2,246 Oct.._ 5,448 1,279 2,823 820 409 114 1949 1,647 828 819 2,278 Nov. _5,707 1,269 2,817 1,096 407 114 1950 1,304 i 732 671 1,186 Dec- 5,703 1,269 2,813 1,096 407 114 1951 1,223 1,223 3,600 1940—Jan.. _ 5,699 1,269 2,809 1,096 407 114 1952 2,436 2,436 Feb.__ 5,673 1,269 2,783 1,096 407 114 1953 - 2,904 2,904 Mar. _ 5,663 1,269 2,770 1,096 407 114 1954 2,663 2,663 671 Apr... 5,656 1,269 2,763 1,096 407 114 1955 755 755 2,611 May.. 5,535 1,269 2,641 1,096 407 114 1956 1,160 1,160 982 June- 5,528 1,269 2,634 1,096 407 114 1958 919 July.. 5,526 1,269 2,631 1,096 407 114 1959 . 982 982 1 1 9 9 6 6 0 1 2,61 6 1 0 2,61 5 1 0 1,48 6 5 0 1 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 $8,400,000 on July 31, 1940. Total 37, 957 1,302 6,384 2,966 27, 305 27, 305 2 Excludes obligations guaranteed as to interest only. For August 1939 and subsequent months includes matured bonds not presented for retire- 1 Excludes U. S. savings bonds. Other bonds in the amount of $2,606,- ment amounting to $27,000,000 on July 31, 1940. 000,000 not callable prior to maturity are shown as of date of maturity. 2 Includes unclassified U. S. savings bonds. SEPTEMBER 1940 975 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 1 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 excess Period Total c ta o I x n m e - s e t S s a e o i x c t c y e u ia s r- 2 l M i r l n n a o e n is t n v u u a e c e e e s l e r - - - l- o A th l e l r Total e I d n s e t t e b o r t n - t f i V a N e o d n n e e n a s d t - a - e - l o A th l e l r r c a e R e o l n r i e v y e d - - f ( f v n u R i o e n n e l t g d v ) - s - 4 T f a e t e r r c t r a c u c s n . s t t s s t 5 o - ., p ( c o t + e e u ( f e ) n i r x ) p e r d o - e t s i s r - - p ( c o t + e u e e f n i r ) x p r e d o - e 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.s 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 5, 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 2,189 740 2,232 507 9,210 941 1,627 2,761 3,105 92 685 -3, 542 +890 +622 +3, 275 June 1940 5, 925 2,125 2,345 617 9,537 1,041 2,037 3,257 2,401 54 747 -3, 612 +137 -947 +2, 528 1939—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 1 167 -499 -113 -391 +222 August 420 38 119 217 46 822 18 152 254 321 11 66 -402 -44 -216 +230 September- 719 329 27 311 52 784 151 147 261 170 5 50 -65 +46 -53 -34 October 322 38 36 198 50 764 68 154 305 175 9 53 -442 -264 +178 November.. 407 34 130 191 52 691 12 157 282 182 5 53 -284 +267 +252 +269 December. 569 319 29 171 50 880 190 164 275 194 '1 58 -311 -16 +311 +637 1940—January 315 45 45 167 57 712 38 173 317 185 4 75 -398 +37 -194 +167 February.. 444 63 178 154 49 668 19 169 299 168 4 10 -224 +36 +67 +256 March 934 665 30 192 46 956 146 184 276 210 135 -22 +11 +164 +175 April _ 304 48 39 175 42 783 69 202 279 207 20 -479 +58 -303 +118 May 400 40 137 179 43 647 10 196 237 199 4 -247 . -83 -181 +150 June 784 464 32 201 1,022 305 195 214 170 136 -238 -61 -139 +160 July 331 50 3 237 818 20 114 -487 +51 +367 +803 Details of trust accounts, etc. Details of general fund balance (end of period) Period tru r O e s t t l i d r f e - u a m n g d e e n a in t n s d a u c r r c a a o i n l u r c n o e a t d 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 a n n c d t c it o a u u g r n e e t s n s c i o i n e f s e o o x t A f h c r e l e l e s r - s , In- c I r n e - - Workce R i e p - ts m v I e e n s n - t t - s m B p e e f a i n n y t e t - s - ce R i e p - ts m v I e e n s n - t t - s d e O i x tu p th r e e e n s r - 8 s C F t R r o i u t 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 o e d m d o n it r i - y t a- o A th l e l r d e ( c ( i x + e t - p u i ) ) p e r o t n e 9 s r s - Total a g c o ti l v d e m g o o e n l n d t S io e r i a g g n e - a b i n n a c g l- e Fiscal year ending: June 1937 267 267 (10) 294 293 1 7 329 7 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 79 7184 7 11 +87 2,216 142 446 1,628 June 1939 639 516 120 838 395 442 7 658 136 7 246 +116 2,838 142 536 2,160 June 1940 704 573 129 959 443 514 7 234 10 183 +92 1,891 143 585 1,163 1939—May 50 40 11 137 108 32 3 74 12 +23 2,924 142 528 2,254 June 85 83 11 32 7 13 41 7 86 (7) (i°) 72 +11 2,838 142 536 2,160 July. 65 45 10 58 7 14 42 16 U{ 6 144 +13 2,447 142 544 1,761 A Se u p g t u em st ber 6 5 6 0 4 5 3 1 1 1 0 0 15 1 4 3 7 1 2 1 9 9 4 4 0 1 2 2 9 2 7 8 5 6 7 9 7 6 4 + + 1 5 0 2 2 , , 2 1 3 7 1 8 1 1 4 4 2 2 5 55 4 4 9 1 1 , , 5 4 3 8 9 1 N O o ct v o e b m er ber 5 5 3 3 4 4 3 3 1 1 0 0 14 5 4 4 14 7 2 2 2 4 9 7 2 1 9 5 7 2 1 7 9 7 1 4 9 ++165 2 1 , , 1 91 6 3 6 1 14 4 3 3 5 5 5 6 8 1 1 1, , 4 2 6 1 2 3 December 58 43 10 29 73 32 75 11 10 -4 2,476 143 565 1,768 1940—January 10 10 79 28 58 7 20 76 7 11 +7 2,282 143 568 1,571 February 10 10 155 103 45 75 73 74 +18 2,350 143 573 1,634 A M p a r r i c l h _ 1 2 3 0 5 1 7 3 5 5 1 1 1 2 3 5 0 3 7 1 1 8 8 4 4 7 5 73 2 7 7 4 4 7 7 2 1 5 2 + + 2 7 1 2 2, , 2 5 1 1 0 4 1 14 4 3 3 5 5 7 8 7 1 1 1 , , 7 4 9 8 4 6 May 4 12 145 81 58 7 6 (7) (10) 90 +3 2,030 143 584 1,303 June _ _ __ 180 175 12 46 7 11 54 17 45 7 16 -10 1,891 143 585 1,163 July 56 75 13 59 13 57 25 10 7 32 +17 2,258 143 588 1,527 1 Excludes debt retirements. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 4 Includes revolving funds of Public Works Administration and Farm Credit Administration. 8 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 Excess of credits. 8 Includes withdrawals by states and railroad unemployment insurance account transfers and benefit payments. • 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. 10 Less than $500,000. * Not available 976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30, 1940 [Based on compilation by IT. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Home mortgage and Farm credit agencies Total Recon- housing agencies Tenstruction nes- Finance see In- Corpo- United Other Val- surration Home Other States Farm Farm Com- ley ance Other June May June and Owners' mort- Hous- mort- Credit modity Au- agen- 30, 31, 30, Public Loan gage ing gage Adm. Credit Other thor- cies 1940 1940 1939 Works Corpo- agen- Au- agen- banks Corpo- ity Admin- ration cies thority cies and cor- ration istration porations Assets Loans and preferred stock: Loans to financial institutions 207 157 (i) 64 429 386 446 Preferred stock etc 470 203 34 75 1 783 784 865 Loans to railroads 494 30 524 515 493 Home and housing mortgage loans 2,013 223 87 2,323 2,355 2,331 Farm mortgage loans 2,549 2,549 2,553 2,658 Other agricultural loans 1 302 169 199 5 675 1,147 780 All other loans 2 454 0) 3 376 4 357 1,187 1,183 892 Total loans and preferred stock _ _ 1,626 2,216 414 87 2,549 377 169 575 7 64 393 8,470 8,922 8,465 Cash 5 83 47 57 102 50 1 12 34 15 412 461 585 U S Govt direct obligations 49 4 41 4 86 170 389 4 748 762 713 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 11 105 131 131 140 Other 6 8 (5)4 35 48 46 48 Accounts and other receivables 25 8 6 1 210 4 21 0) 6 62 61 404 417 377 Business property (i) 3 (i) 128 6 0) 8 322 1 93 562 559 481 Property held for sale 42 424 1 97 (0 473 29 1 1,067 608 708 Other assets 2 (0 0) 0) 8 6 27 134 179 179 189 Total assets other than interagency 6 1,757 2,737 524 278 3,062 650 673 593 335 712 701 12,02112,08511, 706 Liabilities Bonds, notes, and debentures: Guaranteed by United States... 1,096 2,635 114 1,270 407 8 5,529 5, 535 5,471 Other 5 0) 134 6 977 210 8 2 11 1,343 1, 337 1,389 Other liabilities (including reserves). 229 79 39 5 102 8 141 193 6 232 70 1,105 1,039 791 Total liabilities other than interagency6 1,326 2,714 173 119 2,349 218 548 193 15 241 81 7,977 7,912 7,651 Excess of assets over liabilities, excluding interagency transactions.. 432 24 351 158 713 431 125 400 320 470 620 4,044 4,174 4,056 Privately owned interests 53 209 4 139 405 404 387 U. S. Government interests. 432 24 298' 158 504 428 125 400 320 331 620 3,639 3,770 3,668 i Less than $500,000. 2 Includes $95,000,000 loans of Public Works Administration. 3 Includes $308,000,000 loans of Farm Security Administration. 4 Includes $220,000,000 loans of Rural Electrification Administration. * Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] July 31, Jan. 31, Feb. 29, Mar. 31, Apr. 30, May 31, June, 30 July 31, 1939 1940 1940 1940 1940 1940 1940 1940 Loans to financial institutions 181, 502 166,799 162,852 159,353 155, 651 154,163 150,468 147,184 Loans on preferred stock of banks and insurance companies. 33, 349 32,319 29,994 29,840 29, 749 29, 685 56, 952 56, 924 Preferred stock, capital notes, and debentures 526,876 484,211 476,395 472,345 474,475 471,072 469, 674 465, 909 Loans to railroads (including receivers) 438, 863 454,194 458,841 467,887 471,747 466,093 475,856 506, 623 Loans for self-liquidating projects 68,106 65,873 66,501 66,753 58, 578 61,273 48,105 38, 754 Loans to industrial and commercial businesses ] 21, 804 130,378 131,919 130,704 130,466 130, 566 130, 732 129, 955 Loans to drainage, levee, and irrigation districts 83, 358 83,814 83,874 83,966 83,723 83,740 83, 596 83, 299 Other loans 25,196 4,093 4,180 4,260 4,235, 4,631 4,677 4,788 Securities purchased from Public Works Administration... 119, 705 117,876 117, 603 114,066 112, 743 111, 323 111, 065 107,066 Total loans and investments, other than interagency-. 1, 598, 759 1, 539, 557 1, 532,160 1, 529,174 1, 521,3651, 512, 546 1, 531,124 1, 540, 502 Preferred stock of Export-Import bank 45,000 45,000 74,000 74,000 74,000 74,000 74,000 74,000 Loans to Rural Electrification Administration 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 55, 219 58,045 58,124 59,198 59,355 59,484 59,050 58, 628 Capital stock of, and loans to Fed. Natl. Mtge. Assn 41, 776 63, 233 65,806 68,616 70,385 71,846 73,863 76, 470 Loans to Tennessee Valley Authority 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 Capital stock of Metals Reserve Company 1,000 Loans to Farm Security Administration 10, 000 Total loans and investments.. 1, 895, 551 1,860,632 1,885, 7861,879,903 1,872,673 1,892,835 1, 915, 397 NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. SEPTEMBER 1940 977 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] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byby- and discounts for— Regional agri- Produc- Regional Emer- End of month la F nd e d b e a r n al ks C s o L B i m o a a n n n m e d k r is- p a s c p c o r n r c o r o e c d u e r d d i a l d a i u t b t i t t u i c t i a o o r t c n a a n i n o s o k l s s r - n s , - , f c i i n e o n O t t x i a o s i o t n v c p t h n i e c e e t e s p i s r u n r , a t - g - ti a o s t n s i o o c n c r i s e a d - it t i u a r t r a g c a t r o l i i o c r c p u n r o l s e - - d- c d r g r l o o o e p a n u n c g a s y n h d t m F b c i e e n r a d d e t n e e d i k a r r i s - a t te l B in C c a a c B o t e n l i o a n u k v p n d t s e e r k i s a r f n , - o l g r i M A i r n n e t g g a g u v r r o r i f k A c a u l e u v l n c t - l t d - for cooperatives 1 1934—December. 1, 915, 792 616,825 99,675 55,672 60,852 87,102 111,238 33,969 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—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 October... 1, 916,431 699,274 169,731 33,996 162, 703 8, 351 171, 819 1,493 70,422 21, 582 November. 1, 910,336 695,101 165, 368 33,417 156, 526 8,042 169,460 1,696 73,120 20,589 December. 1,904,655 690,880 165, 236 33, 354 154,496 8,005 168, 330 1,835 76,252 20, 547 1940—January... 1,900,408 687,191 161, 753 33, 620 153,949 7,904 167,957 1,756 73, 238 20,427 February- 1, 896, 507 683,694 165,106 34,738 160,003 7,926 170,020 2,002 71, 772 20,038 March 1,890,432 677, 717 176,007 36, 326 173,840 7,888 176,045 1,754 69,311 19, 763 April 1,886,272 673,696 185, 373 37,921 186, 276 7,904 179,801 1,603 67,454 18, 537 May _. 1,882, 516 670,723 190,961 38, 377 194,662 7,845 180,938 1,315 63, 564 18,137 June 1,880,408 668,850 196,408 40,033 200,415 7,768 181,218 897 62,177 18,200 July 1,874,608 665,073 199,238 42,161 203, 693 7,614 180,824 1,217 65, 111 15, 311 1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- Federal U. S. Government home Depos- securities Federal savings and loan itors Cash Cash End of month L p O o H o a w r o n a n m t e C io r e o s n r ' - N o l u f o m a a n s b s o a e - s r soc L ia o ti a o n n s s i m l i o t n b i e a s o a m n t n n i s s b t k u t e 2 o - r End of month an ba c l e - s* Total b i p n t a o o n r d s k y i e - s - Total o r D g e b a i c l - - i t - G o t g a e b u n a e l a - d - i r - - f s e u e r t n e r c - v . d 2 e s, ciations tions tions 1934—December. 2,379,491 639 81,300 86,651 1935—June. . 1,205 1,236 385 777 630 147 74 1935—December _ 2,897,162 1,023 348,000 102, 791 1936—June.. 1,232 1,265 203 967 800 167 95 1936—December. 2, 765,098 1,212 586,700 145, 394 1937—June.. 1,268 1,307 136 1,100 933 167 71 1937—December. 2,397,647 1,328 853, 500 200,092 1938—June.. 1,252 1,290 115 1,103 936 167 72 1938—December. 2,168,920 1,368 1,034,162 198,840 1939—June.. 1,262 1,304 1,157 1,011 146 78 1939—March 2,117, 598 1,375 1,067,887 161,614 1939—July... 1,268 1,310 1,172 1,026 146 April 2,105,824 1,381 1,089,879 157,176 August _ 1,271 1,314 1,174 1,028 146 84 May 2,091, 324 1,383 1,117,228 157,911 September 1,267 1,307 1,182 1,036 146 70 June 2,080, 512 1,386 1,136, 289 168, 962 October 1,270 1,311 1,182 1,036 146 75 July 2; 067,844 1,385 1,157, 536 161, 537 November 1,274 1,317 1,182 1,036 146 80 August 2,059, 792 1,392 1,186, 784 159,470 December 1,279 1,319 1,192 1,046 146 74 September. 2,054,865 1,394 1,206,887 163, 687 1940—January 1,290 1,331 1,197 1,051 146 84 October... 2,049, 421 1,394 1,231, 685 168, 654 February 1,297 1,340 1,194 1,048 146 97 November. 2,043, 288 1,401 1, 252, 559 168,822 March 1,301 1,343 1,200 1,054 146 97 December. 2,038,186 1,410 1, 271,161 181,313 April.__ 1, 303 1,345 1,214 1,068 146 87 1940—January ... 2,031,341 1,403 1,280,200 156, 788 May Pl, 298 February- 2,026,614 1,407 1,296,464 144,515 June.. , 293 March 2,021,951 1,413 1, 317, 975 137,642 July l, 297 April 2,020, 572 1,420 1,348,072 133,811 May.. 2,017, 395 1,421 1,376,700 137, 509 June 2,012, 760 1,430 1,405,100 157,397 p Preliminary. July 2,004,737 1,431 1,432,100 162,222 i Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. aIncludes working cash with postmasters, 5-per cent reserve fund and i Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post- » Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures.—See BULLETIN for August 1935, p. 502. 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted'' and 'unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h u y s si t c ri a a l l v p o r l o u d m u e c ) t i 2 o * n aw C a o r c d n o e s n d t t r r u ( a v c c t a t i s l o u n e) 3 Employment4 Income 1935-39=100 1923-25=100 F to a r c y - Freight- D m ep e a n r t t- W s h a o le le- C o o f st Y m ea o r n a th nd 1 ( 9 m v p 2 a e 9 a l n = u y e 1 t - s ) 0 i 0 Total D f u M a r c - a tu n N r d u e - u o s r n - - M era in ls - Total R d ti e e a n s l i - - o A th ll er 1 N t 9 a c u 3 g u o r 5 r l n a - i - 3 - l - 9 19 F 23 a - c 2 t 5 o = ry 100 1 r — 9 p o 2 a l 1 3 l y s 0 - - 2 0 * 5 1 i — l 9 n o 2 g a 1 3 s d 0 - 2 - 0 * 5 ( 1 v — s 9 a a 2 1 l l 3 u e 0 - s e 2 0 ) 5 * p m r 1 o i 9 c d 2 e i 6 s t 4 y 1 — 9 i l n 3 i 1 v 5 g 0 - - * 3 0 9 able able =100 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justedjustedjusted justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 84 78 138 6 1920 75 93 60 83 63 30 90 107.1 117.2 91 94 154.4 1921 58 53 57 66 56 44 65 82.0 75.6 78 87 97.6 1922 73 81 67 71 79 68 88 90.7 81.2 85 88 96 7 1923 88 104 72 98 84 81 86 103.8 102.9 100 98 100 6 1924 82 95 69 89 94 95 94 96.4 96.0 98 99 98.1 1925 91 108 76 92 122 124 120 99.8 101.1 103 103 103 5 1926 96 114 79 99 129 121 135 101.7 104.2 107 106 100 0 1927 95 107 83 100 129 117 139 99.5 102.4 104 107 95 4 1928 99 117 85 99 135 126 142 99.7 103.5 104 108 96 7 1929 100.0 110 133 93 107 117 87 142 107.8 106.0 110 4 107 111 95 3 122 5 1930 90.8 91 99 84 93 92 50 125 101.1 92.4 89.4 92 102 86 4 119 4 1931 __ 77.3 75 68 79 80 63 37 84 92.4 78.1 67.8 74 92 73.0 108 7 1932 60.1 58 41 70 66 28 13 40 83.0 66.3 46.7 55 69 64 8 97 6 1933 57.1 69 54 79 76 25 11 37 83.6 73.4 50.1 58 67 65 9 92 4 1934 65.8 75 66 81 80 32 12 48 90.7 85.7 64.5 62 75 74 9 95 7 1935 71.7 87 84 90 86 37 21 50 94.2 91.3 74.1 64 79 80 0 98 1 1936 82.7 103 108 100 99 55 37 70 100.3 99.0 85.8 75 88 80 8 99 1 1937 87.4 113 122 106 112 59 41 74 105.3 108.6 102.5 78 92 86 3 102 7 1938 80.7 88 78 95 97 64 45 80 98.6 89.7 77.9 62 85 78 6 100 8 1939 85.4 108 108 108 106 72 60 81 101.6 96.8 90.8 70 90 77.1 99.4 1937 June - 89.3 119 120 129 113 114 61 42 77 106.5 111.2 110.3 107.6 78 93 87 2 102 8 July 89.2 120 118 135 110 113 67 44 86 106.9 112.3 110.9 105.2 80 92 87 9 August 89.0 120 120 139 107 115 62 40 81 107.3 111.7 112.3 108.7 79 93 87 5 September 87.3 115 115 128 104 115 56 37 71 107.8 110.3 112. 3 104.9 78 94 87 4 104 3 October 86.6 107 110 114 99 112 52 36 65 107.1 107.8 110.3 104.9 76 93 85 4 November 84.9 95 97 94 92 109 56 32 76 104.6 103.7 104.1 93.3 71 91 83 3 December 83.7 87 86 80 87 107 61 30 87 102.8 97.9 97.4 84.6 67 89 81.7 103.0 1938 January 82.3 86 82 75 88 103 52 26 73 98.3 93.0 90.6 75.3 65 90 80 9 February 81.5 84 82 73 90 98 51 32 66 98.0 91.9 91.1 77.5 62 88 79.8 March 81.2 84 84 72 90 97 46 33 56 98.0 90.4 90.6 77.6 60 86 79.7 100.9 April 80.1 82 82 69 88 95 52 37 65 98.3 88.2 88.5 74.9 57 83 78.7 May 79.1 80 81 67 88 90 51 37 62 97.4 86.4 86.1 73.2 58 78 78.1 June 78.7 81 81 65 90 92 54 42 64 97.2 85 2 84.3 71 1 58 82 78 3 100 9 July 78.7 86 85 71 95 94 59 49 68 97.2 86.0 84.7 71.1 61 83 78.8 August 79.8 90 90 77 99 97 66 53 77 98.3 87.9 88.8 77.3 62 83 78 1 September 80.4 92 95 81 100 98 78 56 96 99.9 89.4 92.0 81.6 64 86 78.3 100.7 October 81.7 95 99 88 100 98 82 57 102 100.1 90.2 92.4 84.2 68 84 77.6 November 82.1 100 102 96 103 102 96 56 128 99.9 92.8 93.3 84.4 69 89 77 5 December 83.1 101 100 97 104 102 96 57 128 100.8 94.4 94.0 87.1 69 89 77.0 100.2 1939 January 83.4 102 98 98 104 103 86 55 111 98.0 94.6 92.2 83.7 69 88 76 9 February 83.7 101 99 97 104 10,2 73 58 85 98.4 94.3 93.6 86.0 67 87 76.9 March 84.6 101 100 96 104 103 69 55 80 99.2 94.0 94.3 87 6 66 88 76 7 99 1 April ._. 83.1 97 98 93 103 92 67 58 74 99.3 93.8 94.1 85.5 60 88 76 2 May 83.8 97 99 90 104 96 63 55 68 100.1 93.3 93.0 85.0 62 85 76 2 June. ... 84.1 102 102 97 106 105 63 58 67 101.4 94.3 93.4 86.5 67 86 75.6 98.6 July 83.6 104 102 101 106 107 67 62 71 101.4 95.3 93 5 84 4 69 86 75 4 August 85.2 104 103 105 108 91 73 67 78 102.3 95.9 96.3 89 7 70 89 75 o September 86.1 113 116 114 111 114 73 68 76 104.0 97.5 100.2 93.8 77 91 79.1 100.6 October. __ 88.0 121 126 129 115 119 76 68 82 105.1 101.2 103.6 101 6 80 90 79 4 November 88.5 124 126 133 117 120 83 61 101 104.6 103.4 103.8 101.6 82 95 79 2 December 90.0 126 124 140 118 114 86 60 107 105.2 104.5 104.1 103.7 78 96 79.2 99.6 1940 January 90.3 122 117 135 113 118 75 53 93 101.9 103.9 101.4 98.3 78 92 79 4 February 89.7 116 113 124 110 114 63 56 68 101.7 102.1 101.4 97.8 73 89 78 7 March 88.4 112 112 118 106 117 62 57 66 102.4 100.4 100.8 98.2 69 89 78.4 99.0 April 88.2 111 111 113 107 119 64 62 66 102.4 99.2 99.6 96.3 70 89 78 6 May 88.6 ••115 116 119 110 118 64 64 65 103.4 99 2 99 0 96 3 72 87 78 4 June 88.7 121 121 131 114 118 74 69 77 104.2 100 2 99 4 97 9 75 91 77 5 100 6 July P89.0 P121 P118 P131 P113 P117 *81 P74 ?86 P104. 5 P101. 4 P99.5 P96.4 75 91 77.7 p Preliminary. * Average per working day. 1 Department of Commerce series on value of payments to individuals. 2 For indexes of groups and industries, see pp. 980-983; for description, see pp. 753-771 of BULLETIN for August 1940. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see page 988. * The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 984-987 for employment and payrolls and p. 990 for prices. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866, and for October 1939, pp. 879-887; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918. SEPTEMBER 1940 979 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. 1935-39 average = 100] 1939 1940 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 102 104 104 113 121 124 126 122 112 115 121 Manufactures -TotaL. 102 104 107 113 121 124 128 122 116 112 110 114 121 P121 Durable 97 101 105 114 129 133 140 135 124 118 113 119 131 P131 Nondurable... 106 106 108 111 115 117 118 113 110 106 107 110 114 P113 Iron and Steel 94 103 111 128 161 161 167 147 118 106 118 154 156 Pig iron 92 102 114 129 154 163 169 161 136 118 117 127 148 157 Steel ingots.. 94 104 111 128 161 161 167 146 117 105 97 118 154 156 Machinery 104 108 115 123 125 127 123 123 123 124 128 P133 Transportation Equipment.. 92 92 105 102 128 137 137 131 115 116 120 P105 Aircraft 160 170 177 181 194 216 239 256 251 263 267 281 315 P339 Automobiles 1 86 77 84 92 96 91 121 129 129 120 103 101 106 82 Railroad cars 74 74 83 105 122 136 156 158 149 125 121 111 P116 Locomotives 88 102 100 97 98 95 102 101 101 103 102 102 P113 Shipbuilding 126 130 133 136 138 142 144 149 150 156 156 164 170 P190 Nonferrous Metals and Products.. 102 112 128 144 153 159 154 142 132 124 126 129 136 Nonferrous metal smelting 2_. 98 105 117 124 130 135 135 129 130 127 127 125 133 Copper smelting 97 144 131 137 131 130 131 141 Copper deliveries 85 97 162 145 125 111 113 115 119 Lead shipments 97 103 105 117 130 144 136 119 102 100 104 110 119 127 Z T i i n n c d s e h li i v p e m ri e e n s ts 9 9 4 4 107 128 1 10 4 1 6 1 1 5 1 4 8 1 1 5 4 9 4 1 1 3 8 1 0 1 1 2 6 6 8 1 14 2 8 2 1 1 1 3 5 2 1 1 1 3 5 7 1 14 2 1 2 1 1 4 3 6 4 Lumber and Products.. 102 104 105 108 113 121 121 115 114 111 110 112 111 P108 Lumber 101 103 104 107 112 121 122 115 114 110 109 110 110 103 Furniture 103 106 107 109 114 121 118 117 113 112 111 115 113 P117 Stone, Clay and Glass Products.. 110 114 113 116 123 120 128 123 113 120 115 113 111 Cement 108 113 112 114 120 121 131 125 106 117 115 115 113 110 Common and face brick 126 130 129 126 119 125 142 119 96 106 108 109 Common brick 124 132 131 125 117 121 141 111 103 106 107 111 Face brick 131 124 126 132 126 138 143 136 81 105 107 105 Glass containers 113 117 108 110 121 112 115 116 118 124 116 112 117 Polished plate glass 73 76 95 110 124 112 124 122 112 105 91 100 Textiles and Products 109 113 111 114 119 128 126 ••118 109 100 103 106 Pill Textile fabrics 105 108 109 113 118 124 121 113 105 97 '97 100 102 P107 Cotton consumption 106 111 114 117 119 124 128 120 115 108 107 109 112 116 Rayon deliveries 131 134 129 127 130 146 152 151 144 139 138 142 144 P138 Silk deliveries 81 79 82 86 91 89 78 69 64 64 61 58 56 60 Wool textiles 104 107 106 113 125 132 115 106 93 77 79 87 89 100 Carpet wool consumption. 85 90 121 121 124 132 115 111 108 87 97 95 79 69 Apparel wool consumption 108 110 108 120 131 125 104 107 92 80 68 82 88 113 Woolen yarn 95 102 98 105 113 115 105 78 78 86 92 102 Worsted yarn 114 108 105 124 150 151 112 75 76 90 93 112 Woolen and worsted cloth_ 112 117 103 107 118 135 127 71 76 83 105 Leather and Products 103 107 103 103 105 108 105 101 85 96 P95 Leather tanning 98 100 99 103 104 103 101 102 92 90 Cattle hide leathers.... 97 102 105 108 104 105 107 104 100 94 90 Calf and kip leathers _. 105 93 92 105 108 101 90 97 86 84 88 Goat and kid leathers- 99 99 88 90 103 98 92 '99 92 92 91 91 Shoes 105 111 107 104 105 112 108 101 99 94 85 100 Manufactured Food Products. 108 105 111 111 109 110 112 111 113 112 111 112 115 P108 Wfhceat flour- 105 103 106 118 101 97 102 100 100 100 100 105 98 100 Cane sugar meltings 93 104 98 104 107 92 96 95 95 86 89 97 112 P104 Manufactured dairy products.. 106 105 105 110 108 110 115 '109 114 112 112 110 111 P112 Ice cream 109 107 104 120 114 114 120 102 115 110 113 Butter 103 103 105 98 97 103 105 110 109 107 108 102 105 105 Cheese 104 102 105 102 103 102 103 102 104 115 116 117 110 114 Canned and dried milk 104 103 107 110 111 118 123 128 126 123 118 112 117 121 Meat packing 109 114 113 118 113 116 126 124 129 128 117 117 126 116 Pork and lard 120 126 130 135 127 131 149 144 154 156 131 135 152 132 Beef 102 97 103 101 104 104 106 102 106 101 101 101 Veal 96 93 98 87 88 86 87 91 97 Lamb and mutton 94 100 101 99 107 109 108 99 97 99 98 Other manufactured foods 109 104 112 110 110 111 111 111 112 112 112 112 115 P107 Alcoholic Beverages 101 97 106 95 103 100 113 108 Malt liquor 106 103 112 102 104 103 102 99 99 103 Whiskey 55 55 59 51 57 57 57 58 65 78 84 84 72 Other distilled spirits.. 125 111 117 120 120 87 88 112 114 132 132 113 131 148 Rectified spirits 109 107 116 116 118 123 92 108 126 108 123 114 201 154 Tobacco Products 108 100 110 107 111 110 109 103 106 103 111 110 115 103 Cigars 103 100 105 103 103 100 104 107 103 100 102 104 98 101 Cigarettes 113 102 113 110 117 118 115 106 109 107 119 117 127 106 Manufactured tobacco and snuff. 101 94 109 103 102 103 100 93 97 95 100 r Revised. P Preliminary. 1 Seasonal adjustment factor for July 1940 revised to 80; seasonal factor for later months will be revised subsequently. 2 Includes also lead and zinc production shown under "Minerals." 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1939 1940 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Paper and Products 105 108 112 121 131 134 135 123 114 110 116 127 131 Paper and pulp 104 107 110 119 128 132 134 123 114 110 117 128 132 Pulp 106 105 109 121 136 137 147 138 133 135 140 149 159 Groundwood pulp 103 104 110 118 108 116 114 110 110 118 118 118 Soda pulp 91 97 112 129 131 145 129 117 116 118 135 148 Sulphate pulp 121 130 133 141 156 157 176 160 153 151 164 175 186 Sulphite pulp 102 94 99 113 131 133 138 134 130 136 136 145 157 Paper . 103 107 110 119 127 131 132 121 111 106 113 125 128 Paperboard 105 112 114 120 129 134 140 127 112 109 114 131 128 130 Fine paper 94 94 102 120 123 129 122 111 100 95 99 110 118 Newsprint production 105 104 104 106 103 101 105 106 112 112 113 113 115 "ill" Printing paper 103 102 111 118 133 132 132 119 116 109 115 125 135 Tissue and absorbent paper 115 121 116 123 131 138 140 119 119 105 119 123 135 Wrapping paper 100 104 107 117 123 127 128 121 108 105 114 127 126 Paperboard containers.- 111 115 118 129 142 144 138 120 112 111 115 125 128 Printing and Publishing i 101 100 105 111 118 117 •119 109 108 106 108 115 120 PUS Newsprint consumption.. 97 99 104 103 101 107 100 103 101 106 106 102 Petroleum and Coal Products.. 107 106 110 112 120 120 119 117 116 118 115 114 115 Petroleum refining 110 107 111 112 118 117 116 114 115 117 114 113 112 Gasoline 110 108 110 112 117 118 116 112 112 115 112 111 110 Fuel oil 110 107 108 110 116 112 111 119 119 121 117 113 113 Lubricating oil 107 102 114 109 132 125 129 126 124 124 120 118 122 Kerosene 109 108 114 116 117 107 109 97 120 123 120 126 116 Coke 91 98 104 116 133 140 139 137 123 118 119 123 132 139 Byproduct coke 100 106 117 131 137 137 137 124 119 120 123 131 137 Beehive coke 44 40 192 244 217 145 89 80 84 101 142 Chemicals. 103 100 106 111 111 112 113 111 109 114 116 Rubber Products...^ 108 107 112 122 128 126 123 119 119 116 115 117 115 106 Rubber consumption.. 108 107 112 121 129 127 125 120 120 116 115 116 114 106 Tires and tubes 111 112 118 125 121 114 109 110 114 117 115 121 126 108 Pneumatic tires.__ 112 114 119 126 122 115 111 112 116 118 115 122 128 110 Inner tubes 100 102 108 116 118 112 101 104 108 109 112 113 95 Minerals—Total.. 105 107 91 119 120 118 114 117 118 118 Fuels 104 108 113 117 118 113 117 112 114 116 115 116 P114 Bituminous coal.. 97 103 108 114 123 119 106 119 103 109 120 122 116 P121 Anthracite 89 90 115 120 112 97 111 78 84 83 82 113 Crude petroleum. 109 112 79 112 116 120 118 116 118 120 118 116 116 Metals 106 102 105 121 128 131 124 127 130 134 135 135 134 P138 Iron ore shipments.. 98 102 108 119 133 155 122 132 143 153 151 153 155 160 Copper 102 103 147 140 141 144 143 143 150 Lead 102 102 108 107 111 109 112 114 116 117 118 124 117 120 Zinc 96 98 100 104 116 127 130 130 133 127 127 123 120 128 Gold 113 111 106 125 130 113 119 121 119 124 124 124 122 125 Silver 116 71 84 111 109 116 101 120 113 127 125 114 p Preliminary. *• Revised. 1 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. SEPTEMBER 1940 981 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. 1935-39 average = 100] 1939 1940 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 102 102 103 116 126 126 124 117 113 112 111 116 121 P118 Manufactures—Total. 102 102 105 116 125 126 126 117 114 112 112 116 122 P118 Durable 100 98 99 111 131 136 139 128 121 121 119 125 134 P126 Nondurable. 104 104 110 119 120 118 115 109 108 105 105 109 112 Pill Iron and Steel... 92 108 125 159 161 159 144 121 113 106 123 151 147 Pig iron 93 100 113 126 154 163 160 153 134 124 123 133 149 154 Steel ingots.. 92 97 107 125 159 161 159 143 120 112 104 122 151 147 Machinery — 99 102 106 117 123 127 123 123 126 126 126 129 P129 Transportation Equipment.. 99 79 47 74 103 118 152 136 138 142 139 130 129 P91 Aircraft 163 170 177 175 194 218 239 251 251 263 267 286 321 P339 Automobiles 93 29 62 94 111 150 130 130 134 130 118 114 66 Railroad cars 83 75 75 99 112 132 133 151 158 141 137 124 P114 Locomotives 92 101 103 98 92 95 102 102 103 99 98 102 106 P116 Shipbuilding.. 131 127 126 132 140 138 146 144 145 162 162 172 176 P186 Nonferrous Metals and Products.. 97 108 129 147 157 156 151 140 135 129 128 129 129 Nonferrous metal smelting i_ 90 119 127 135 136 135 129 132 133 127 124 122 Copper smelting 87 143 130 137 139 132 131 127 Copper deliveries... 96 153 139 129 116 116 116 118 Lead shipments — 92 96 100 119 136 154 142 121 101 100 106 109 113 118 Zinc shipments 90 92 99 126 148 162 149 137 128 125 116 115 117 124 Tin deliveries 99 94 96 97 102 112 148 169 163 151 141 146 148 143 Lumber and Products.. 106 107 114 117 121 120 111 101 107 109 114 116 Pill Lumber. 110 111 116 119 119 116 105 93 96 104 109 117 119 112 Furniture— 100 110 115 125 125 123 109 113 113 108 108 110 P108 Stone, Clay and Glass Products.. 127 128 127 130 137 126 115 90 101 114 129 128 P126 Cement 137 140 137 136 139 126 105 69 60 88 115 140 143 136 Common and face brick 156 161 150 157 145 137 119 70 50 71 ••103 131 Common brick 158 167 153 162 148 133 115 60 49 66 102 133 Face brick 152 147 144 145 138 148 129 96 53 84 107 126 Glass containers 118 121 117 112 124 114 107 104 109 117 116 119 117 121 Polished plate glass 72 50 78 110 142 127 149 129 106 111 96 91 79 Textiles and Products 104 106 109 116 123 131 126 120 115 101 97 101 P104 Textile fabrics 100 101 106 115 121 128 121 115 112 100 95 97 97 Cotton consumption 101 100 105 117 121 128 125 124 123 114 110 109 107 104 Rayon deliveries 120 132 138 146 145 152 150 ••148 141 132 127 127 131 P134 Silk deliveries 74 70 75 88 99 101 84 72 65 60 55 51 54 Wool textiles 103 104 109 110 122 130 118 107 102 73 85 98 Carpet wool consumption. 84 89 128 124 122 129 107 105 118 91 91 67 Apparel wool consumption 108 104 112 120 126 126 107 105 99 80 63 82 108 Woolen yarn 95 102 102 104 111 113 105 100 97 76 73 86 92 102 Worsted yarn 114 103 107 119 150 151 123 101 97 72 72 90 107 Woolen and worsted cloth. 111 114 105 101 114 134 134 118 102 71 80 102 Leather and Products 94 103 111 111 106 95 106 99 85 P93 Leather tanning 96 97 96 102 104 104 102 102 104 91 86 Cattle hide leathers 92 95 100 107 105 109 109 105 111 95 85 Calf and kip leathers _. 107 102 96 103 103 96 91 95 91 79 79 86 Goat and kid leathers.. 99 98 87 91 102 95 94 '99 91 94 87 Shoes 93 108 121 116 107 97 91 97 104 89 '85 96 Manufactured Food Products 109 114 127 135 117 109 107 100 99 100 101 108 116 Wheat flour.... _ 102 107 136 110 100 98 101 99 97 94 95 92 Cane sugar meltings 120 103 124 104 76 77 79 93 95 98 95 116 P119 Manufactured dairy products 161 151 140 113 85 75 73 •71 '83 '95 112 148 168 P161 Ice cream 174 179 168 129 82 68 62 51 68 85 108 Butter 144 126 116 97 85 81 83 88 94 95 107 132 147 128 Cheese 160 131 119 105 97 78 72 73 82 94 113 154 169 147 Canned and dried milk_. 154 126 111 101 89 82 85 97 107 120 133 161 173 148 Meat packing 106 107 97 110 113 131 148 146 124 116 111 117 123 109 Pork and lard 117 114 108 120 157 193 187 154 140 124 135 148 119 Beef..... 96 103 115 107 106 104 104 95 93 99 101 '99 102 Veal 90 95 88 102 106 100 82 85 76 82 85 93 92 96 Lamb and mutton 90 95 92 113 105 104 103 113 94 95 95 94 93 Other manufactured foods 103 111 132 142 123 112 107 97 102 110 P115 Alcoholic Beverages 113 104 96 109 103 80 84 94 105 107 120 112 Malt liquor 136 127 114 92 83 81 82 82 95 111 117 126 127 Whiskey 44 30 32 41 54 71 66 77 77 81 ' 86 84 67 40 Other distilled spirits.. 74 52 56 164 318 182 110 73 69 86 79 68 77 70 Rectified spirits 87 90 91 123 153 194 123 79 109 103 110 100 161 130 Tobacco Products 117 108 115 117 115 112 94 97 105 112 124 112 Cigars 111 104 109 118 125 119 80 90 92 97 102 104 105 Cigarettes 124 114 119 118 115 113 102 107 103 99 111 119 140 119 Manufactured tobacco and snuff. 104 110 111 104 102 90 97 101 101 101 r Revised. p Preliminary. i Includes also lead and zinc production shown under "Minerals." 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 1939 Industry June 'july Aug. Sept. Oct. Nov. Dec. Paper and Paper Products _ __ _ 104 104 Ill 125 136 133 128 Paper and pulp 103 101 109 121 132 131 128 Pulp - 105 101 107 119 137 137 143 Groundwood pulp 101 92 88 96 110 110 121 Soda pulp_ 95 85 97 113 129 131 140 Sulphate pulp 119 127 133 141 159 157 167 Sulphite pulp 100 89 99 113 134 135 134 Paper 102 101 109 121 131 130 126 Paperboard 105 106 115 128 137 134 125 Fine paper 92 86 96 114 123 125 120 Newsprint production 106 102 101 106 103 104 106 Printing paper 101 96 107 117 135 131 131 Tissue and absorbentpaper 114 115 116 128 137 136 135 Wrapping paper 98 101 106 118 126 127 125 Paperboard containers 110 113 119 142 154 141 126 Printing and Publishing * 100 90 98 111 122 119 120 Newsprint consumption 99 85 88 105 110 106 109 Petroleum and Coal Products 108 107 111 114 122 121 118 Petroleum refining _ 111 108 112 114 121 118 115 Gasoline 112 111 114 116 120 119 114 Fuel oil . . 109 105 106 111 117 113 113 Lubricating oil 107 101 113 109 132 125 128 Kerosene 107 102 110 114 117 111 111 Coke 91 96 104 116 133 141 140 Byproduct coke 93 98 106 117 131 137 137 Beehive coke _. _. 39 36 32 57 198 269 253 Chemicals 98 97 97 108 116 113 114 Rubber Products 108 107 112 124 128 129 118 Rubber consumption 108 107 112 124 129 131 119 Tires and tubes 111 112 118 125 121 114 109 Pneumatic tires 112 114 119 126 122 115 111 Inner tubes 100 102 108 116 118 112 98 Minerals—Total 103 106 93 121 129 123 111 Fuels 100 103 87 114 121 120 114 Bituminous coal 83 90 100 118 137 135 117 Anthracite - 82 70 85 115 118 99 93 Crude petroleum 109 112 81 112 115 116 Metals _ 117 125 132 160 177 141 Iron ore shipments 169 191 204 239 270 165 Copper 100 91 Lead 101 95 106 111 109 116 Zinc 95 92 95 101 116 128 Gold 91 119 114 141 163 130 Silver 116 66 87 109 100 108 SO OC = 100] 1940 Jan. Feb. Mar. Apr. May June July 120 116 114 119 130 122 118 114 120 128 131 139 137 138 144 150 157 118 114 118 132 131 120 129 121 119 122 135 147 161 158 154 164 175 184 134 134 139 138 145 154 119 115 110 116 124 127 122 115 113 116 128 128 123 112 106 102 108 114 116 106 111 112 113 114 116 108 119 119 114 119 127 132 116 124 106 121 122 134 121 112 108 115 124 123 114 110 113 115 123 127 106 109 111 113 119 119 P110 93 99 107 108 110 107 88 116 115 114 115 115 116 P116 112 113 113 114 113 113 108 109 109 111 111 112 122 120 119 115 113 112 122 122 123 125 123 122 102 121 125 123 126 113 138 125 120 118 122 131 135 137 125 120 120 123 131 134 170 120 100 76 76 116 171 111 111 113 114 113 110 122 117 116 114 117 115 106 123 117 116 114 116 114 106 110 114 117 115 121 126 108 112 116 118 115 122 128 110 101 104 108 109 112 113 95 115 112 110 111 118 118 P118 120 116 114 113 113 111 132 121 104 101 103 100 P107 128 86 86 89 90 104 J»101 114 117 121 121 119 116 PllO 89 89 87 95 149 161 P178 14 213 288 315 144 142 144 150 141 140 133 118 114 116 115 119 122 116 112 134 133 135 134 131 123 118 120 119 114 109 103 109 118 98 134 117 100 123 118 130 120 114 r Revised, p Preliminary. i Includes also printing paper production shown under "Paper." NOTE.—For description and back figures^see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. SEPTEMBER 1940 983 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1939 1940 Industry and group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 94.3 95.3 95.9 97.5 101.2 103.4 104.5 103.9 102.1 100.4 99.2 99.2 100.2 101.4 Durable goods 83.9 84.7 85.3 88.9 94.6 97.3 100.0 99.7 97.4 95.9 95.0 95.2 96.2 97.4 Nondurable goods ._ .. 104.2 105.3 105.9 105.7 107.6 109.2 108.9 107.9 106.6 104.8 103.3 103.1 104.1 105.2 Iron Steel Products 90.3 90.6 92.5 96.4 105.9 110.8 112.1 110.4 107.0 102.7 100.8 101.2 103.7 106.9 Blast furnaces, steel works 96 96 97 101 115 122 124 122 117 110 107 109 115 121 Bolts nuts, washers, rivets. 93 94 98 102 113 118 120 117 113 112 108 105 104 110 71 72 73 74 77 79 79 75 78 76 75 76 75 76 Cutlery, edge tools 91 91 94 97 102 107 109 107 103 101 102 101 102 104 54 56 56 69 66 70 72 72 71 67 67 66 66 70 Hardware - 72 70 78 95 99 106 106 104 101 98 97 95 82 79 Plumbers' supplies . ». 76 77 78 80 81 83 85 83 81 81 82 82 83 84 Stamped enameled ware 147 147 157 159 162 166 166 160 161 158 155 153 153 157 Steam, hot-water heating _ _ 75 78 79 80 84 86 87 86 85 85 85 84 85 86 Stoves .. 86 89 88 86 90 91 93 93 91 91 89 88 91 94 Structural, ornamental 66 67 69 71 75 76 76 75 75 72 71 71 73 74 95 95 98 97 103 103 100 101 100 99 98 97 100 100 T T o in o l c s ans, tinware _ - 84 81 85 87 91 94 96 96 96 93 93 92 92 94 Wirework - _ _ _ _ - 135 128 121 149 164 171 176 172 162 161 158 156 151 134 95.4 96.1 97.3 99.8 105.7 110.6 112.9 113.4 113.6 113.3 113.4 113.4 114.9 116.8 Agricultural implements 118 115 121 123 125 128 131 133 137 136 133 136 136 134 Cash registers, etc 128 127 125 127 126 127 129 127 128 128 128 128 130 130 Electrical machinery _ 87 87 88 92 97 100 103 103 102 102 102 101 103 104 Engines turbines, etc. 95 95 97 99 108 116 124 133 134 132 134 142 152 165 Foundry, machine-shop products- 83 83 85 86 91 95 97 98 98 97 97 96 97 98 Machine tools 144 149 146 155 170 183 191 197 204 209 215 220 228 237 Radios, phonographs 122 131 126 129 145 160 153 144 144 145 153 155 144 153 T T y ex p t e i w le r m ite a r c s hinery 1 7 2 5 6 1 7 2 7 2 1 7 1 8 9 1 7 2 8 2 1 8 2 1 3 1 8 2 5 5 1 8 2 6 5 1 8 2 6 3 1 8 1 5 9 1 8 1 5 5 1 8 1 4 4 1 8 1 2 3 1 7 1 9 2 1 7 16 7 Transportation Equipment. „ 88.9 90.0 88.3 99.5 105.6 101.3 112.6 113.1 110.8 111.1 109.7 109.9 109.8 108.1 Aircraft 1,267 1,385 1,414 1,512 1,605 1,767 1,905 2,050 2,062 2,075 2,124 2,260 2,445 2,741 Automobiles 89 90 88 102 108 100 112 111 107 107 106 105 102 96 Cars, electric-, steam-railroad 33 32 31 34 42 48 53 67 61 60 54 52 49 49 Locomotives .__ 25 28 29 28 25 26 28 30 30 28 27 28 29 31 Shipbuilding 127 128 125 128 132 133 139 140 146 148 148 154 164 177 Nonferrous Metals, Products 92.8 94.6 96.2 99.2 107.0 110.1 111.3 111.7 107.5 106.6 105.9 106.0 108.1 110.0 Aluminum .-. 145 153 167 152 166 172 170 173 170 168 170 173 177 182 Brass, bronze, copper 105 106 109 115 130 137 138 137 128 127 125 124 128 131 Clocks, watches ... _ _ « 82 84 85 85 87 88 89 92 91 91 90 92 93 96 Jewelry 91 94 95 91 92 95 96 95 93 95 96 96 99 99 Lighting equipment.. 73 75 77 88 95 89 95 95 88 84 85 84 86 80 Silverware, plated ware 68 70 70 71 70 72 74 74 71 70 70 70 68 71 Smelting, refining _ . 77 76 75 77 83 85 86 87 87 87 86 86 87 90 Lumber, Products 65.3 66.0 66.4 67.4 69 4 72.2 72.4 72.0 70.0 68.1 67.2 67.9 67.4 67.7 Furniture 85 86 86 87 89 93 93 94 91 90 90 90 90 89 Timber, mill work 59 59 60 61 63 64 64 65 63 62 61 60 61 62 Lumber, sawmills 59 60 60 61 63 66 66 65 63 61 60 61 60 60 Stone, Clay, Glass Products 77.5 78.4 78.1 79.0 81.9 85.0 85.4 85.8 80.8 80.0 79.8 78.9 79.8 81.0 Brick, tile, terra cotta 67 68 57 69 61 64 65 66 61 59 59 58 58 60 Cement 66 67 67 66 68 70 71 68 66 65 68 66 67 66 Glass 98 98 99 100 106 109 109 111 103 105 104 103 103 104 Marble, granite, slate 50 51 60 48 49 49 50 46 48 45 45 47 47 45 Pottery 87 88 87 86 90 93 94 95 93 90 89 88 91 94 Textiles, Products 101.0 103.9 104.6 103.4 106.0 107.5 105.8 104.4 102.7 99.1 96.6 96.3 96.8 100.2 Fabrics. > 91.9 94.3 95.2 93.9 97.7 99.7 96.9 95.0 93.1 88.6 87.8 87.7 88.0 91.4 Carpets, rugs 73 74 76 78 83 85 84 85 83 78 79 76 70 71 Cotton goods _. _ . 86 80 91 91 94 96 95 94 93 89 89 88 89 91 Cotton small wares 79 83 84 86 91 92 91 88 83 77 76 76 76 77 Dyeing, finishing textiles _ 120 128 129 129 133 132 131 127 124 123 121 123 119 125 Hats, fur-felt 89 93 90 87 86 90 92 91 90 84 65 68 74 86 Hosiery— 152 154 155 149 151 151 146 145 145 139 139 134 133 135 Knitted outerwear . 72 75 80 75 76 75 68 62 68 65 60 61 65 69 Knitted underwear 74 77 79 78 79 80 79 80 77 77 74 72 72 76 Knitted cloth 138 138 140 140 148 155 146 142 134 133 130 127 131 138 Silk, rayon goods. _ . 73 72 72 70 75 77 74 71 66 65 65 67 64 63 Woolen, worsted goods 86 89 85 83 90 95 89 85 81 71 70 73 77 86 Wearing apparel 117.5 121.1 121 4 120 4 120 4 120 4 121 6 121 3 120.0 118.8 112.4 111.6 112.4 115.7 Clothing, men's _ .. 104 107 107 106 107 108 112 110 107 107 100 98 102 105 Clothing, women's 169 174 174 172 171 171 171 167 169 167 156 158 158 165 Corsets, allied garments 114 115 117 116 117 117 117 117 114 113 111 113 , 113 105 Men's furnishings - 129 135 140 136 138 127 122 120 120 120 115 114 111 119 Millinery 74 73 77 80 80 74 75 79 83 83 78 72 71 72 Shirts, collars 120 123 121 121 121 123 123 132 125 122 122 121 116 115 984 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Leather, Manufactures.. 97.1 98.7 97.4 96.8 97.4 96.9 97.3 95.4 93.8 91.! 87.9 89.6 91.3 Boots, shoes 96 98 96 95 96 98 96 96 94 93 90 86 88 90 Leather 86 87 87 87 88 88 86 87 85 83 82 81 81 81 Food, Products 129.4 127.9 129.7 128.1 126.9 129.6 131.4 130.7 130.8 130.3 128.8 129.1 131.9 128.6 Baking 147 147 146 146 146 145 145 144 144 145 144 145 146 146 Beverages 275 269 269 269 271 279 285 280 278 275 274 273 278 268 Butter 95 95 96 95 95 97 97 95 96 96 97 98 97 95 Canning, preserving 162 150 160 147 137 150 154 149 155 152 150 147 161 135 Confectionery 80 82 86 82 82 86 86 85 86 83 82 84 83 86 Flour 81 81 79 82 80 77 79 80 80 80 79 81 80 79 Ice cream 77 75 75 76 78 79 79 79 79 80 79 76 77 74 Slaughtering, meat packing- 100 101 101 102 103 106 108 108 109 110 107 107 109 111 Sugar, beet 104 99 105 131 107 105 118 162 102 102 98 99 102 99 Sugar refining, cane 89 94 96 90 100 95 98 94 93 97 94 95 96 98 Tobacco Manufactures 65.5 65.7 65.2 64.4 63.5 63.1 64.7 64.2 62.7 64.3 65.0 63.2 65.2 63.3 Tobacco, snufT 62 61 62 62 62 60 60 62 60 60 59 59 59 57 Cigars, cigarettes 66 66 66 65 64 63 65 65 63 65 66 64 66 64 Paper, Printing 111.1 111.8 112.0 112.8 115.0 115.7 116.4 115.5 114.7 114.8 114.3 115.3 115.7 116.6 Boxes, paper 111 113 115 116 121 122 121 121 118 116 115 116 118 119 Paper, pulp _ 106 106 107 109 114 115 115 114 113 113 112 115 116 118 Book, job printing 99 101 99 98 99 100 101 102 100 100 101 100 100 101 Newspaper, periodical printing... 114 114 115 116 116 115 116 114 116 117 116 117 116 116 Chemicals, Petroleum, and Coal Products 113.1 113.7 111.9 116.4 119.9 121.3 121.9 121.4 120.6 120.0 121.1 122.2 122.6 122. 2 Petroleum refining „__ 120 121 122 122 122 123 122 122 122 123 122 122 123 122 Other than petroleum 111.4 111.9 109.4 115.2 119.4 120.8 121.8 121.3 120.3 119.4 120.9 122.2 122.7 122.2 Chemicals _ 117 115 119 122 132 137 138 138 138 137 136 137 138 138 Cottonseed oil, cake, meal .„ 88 85 81 92 98 91 91 92 87 84 97 100 88 84 Druggists' preparations 112 114 112 112 113 114 116 119 118 117 119 122 120 119 Explosives 90 92 93 98 102 104 106 104 108 109 116 120 127 134 Fertilizers _ 107 105 103 111 109 106 111 105 99 102 109 120 120 115 Paints, varnishes 120 122 125 123 125 126 126 127 124 124 123 121 122 124 Rayon, allied products 295 298 254 297 309 310 311 310 309 304 312 311 315 308 Soap _ 80 84 87 87 87 86 87 86 84 81 81 82 82 87 Rubber Products 80.8 79.7 83.6 86.1 91.2 93.0 92.4 90.2 87.9 86.7 83.9 83.8 84.3 85.0 Rubber boots, shoes 69 47 58 58 60 61 61 59 57 57 57 56 57 56 Rubber tires, inner tubes 66 67 68 70 74 75 75 74 73 72 70 69 68 69 Rubber goods, other 131 134 138 144 154 159 167 152 145 142 136 138 141 142 NOTE.—Figures for July 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. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments Total non- Trans- Finan- Year and month agricul- Manu- Con- porta- cial, serv- Govtural Total factur- Mining struc- tion and Trade ice, and ernemploy- ing tion public miscel- ment ment i utilities laneous 1929—average 36,710 30,851 10,203 1,064 1,806 3,878 6,404 4,147 3,349 1930—average 34 439 28,609 9,087 982 1,422 3,647 6,065 4,028 3,379 1931—average.. _ _ _ 31, 515 25, 791 7,751 847 1,236 3,221 5,530 3,782 3,425 1932—average 28 289 22, 706 6,571 706 821 2,789 4,914 3,471 3,434 1933—average. 28,474 22, 924 7,036 714 755 2, 647 4,941 3,422 3,408 1934—average 30 890 25,135 8,112 844 840 2,727 5,476 3,627 3,509 1935—average 32,073 26, 234 8,640 855 908 2,762 5,669 3,771 3,628 1936—average _ 34,170 28,125 9,350 896 1,211 2,944 5,941 3,978 3,805 1937—average 35, 882 29, 763 10,273 949 1,148 3,102 6,233 4,144 3,915 1938—average 33, 602 27,468 • 8,731 834 1,001 2,835 6,012 4,059 3,997 1939—average 34,614 28,471 9,301 790 1,213 2,904 6,078 4,108 4,077 1938—July . 33,131 26,999 8,315 780 1,083 2,805 5,867 4,095 4,054 Aug. 33 481 27, 345 8,633 774 1,119 2,817 5,855 4,096 4,051 Sept. . _ 34,035 27,891 8,887 805 1,140 2,876 6,011 4,126 4,046 Oct. 34 109 27, 968 8,922 831 1,156 2,905 6,052 4,061 4,041 Nov. _ _ _ . 34,035 27,898 8,988 837 1,089 2,856 6,088 4,021 4,019 Dec. 34 349 28, 218 9,048 830 991 2,836 6,450 4,015 4,048 1939—Jan . 33,401 27, 273 8,901 821 954 2,776 5,872 3,976 3,973 Feb. 33, 518 27, 388 9,025 819 946 2,787 5,843 3,984 3,984 Mar 33,809 27,667 9,085 819 1,012 2,816 5,923 4,016 3,996 Apr. 33,820 27, 672 9,072 546 1,146 2,838 5,979 4,079 4,012 May ._ _ _. -. 34,109 27,961 8,983 653 1,270 2,867 6,008 4,133 4,047 June 34 544 28,400 9,023 793 1,334 2,924 6,063 4,167 4,096 July 34, 579 28, 436 9,033 787 1,388 2,936 5,992 4,174 4,126 Aug 34 856 28,710 9,260 807 1,415 2,946 5,988 4,169 4,125 Sept 35 447 29, 295 9,583 823 1,399 2,993 6,161 4,209 4,127 Oct. 35,800 29, 651 9,862 871 1,366 3,033 6,228 4,158 4,133 Nov. 35, 647 29, 504 9,881 881 1,249 2,988 6,263 4,115 4,127 Dec 35 833 29, 697 9,902 866 1,076 2,943 6,614 4,116 4,18C 1940—Jan. 34,711 28,579 9,691 853 952 2,887 6,001 4,066 4,129 Feb. 34,651 28, 518 9,691 854 903 2,893 5,961 4,071 4,145 Mar 34 869 28, 725 9,644 849 953 2,895 6,136 4,089 4,159 Apr. 34, 908 28, 774 9,548 835 1,089 2,916 6,061 4,148 4,177 May 35, 230 29,082 9,502 845 1,248 2,956 6,122 4,194 4,215 June -_ _ _ _ .. 35, 485 29, 341 9,534 838 1,317 2,991 6,174 4,214 4,273 July 35, 617 29, 477 9,539 845 1,393 3,022 6,097 4,213 4,368 NOTF, —Fimirfts nomnilfid hv tha "Rnrfian of Labor Statistics: monthlv fieures for the period from January 1929 to June 1938 may be obtained from that Bureau. Figures for July 1940 are preliminary. i Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 985 SEPTEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1939 1940 1939 1940 June July Mar. Apr. May June July June July Mar. Apr. May June July Total _ _ _ _ 93.4 93.5 100.8 99.6 99.0 99.4 99.5 86.5 84.4 98.2 96.3 96.3 97.9 96.4 Durable goods 84.6 83.0 96.4 96.0 96.5 97.0 95.5 80.7 76.0 97.6 97.2 97.5 100.1 95.8 Nondurable goods 101.8 103.5 105.1 103.0 101.5 101.7 103.3 93.0 93.7 98.9 95.4 94.9 95.5 97.1 Iron, Steel, Products 90.4 89.7 103.5 101.7 101.9 103.7 105.8 82.6 78.6 96.5 94.9 97.1 102.8 103.7 Blast furnaces, steel works 96 95 112 108 109 114 119 86 82 102 99 103 114 116 Bolts, nuts, washers, rivets 93 93 112 109 106 104 109 90 83 117 114 109 111 111 Cast-iron pipe _ . 73 75 75 75 76 77 78 66 66 60 62 67 70 75 Cutlery, edge tools 90 87 103 104 103 101 99 82 ' 76 91 94 92 92 91 Forgings 54 54 68 67 67 66 68 56 55 77 75 73 74 78 Hardware .. _. 72 69 99 98 96 82 78 74 65 105 104 102 86 80 Plumbers' supplies 76 77 82 82 82 83 84 68 65 71 72 73 73 74 Stamped, enameled ware . 147 144 161 160 156 153 153 146 137 164 164 162 163 165 Steam, hot-water heating 75 76 85 85 85 85 84 63 60 75 76 75 77 77 Stoves 88 86 90 91 91 93 91 77 73 80 82 84 83 81 Structural, ornamental... 67 69 70 70 71 74 76 59 59 60 61 62 65 67 Tin cans, tinware 98 100 94 95 96 103 106 103 103 100 101 101 114 113 Tools _ _ _ _ 84 80 95 94 92 92 94 79 72 93 91 90 89 90 Wirework 136 126 163 162 161 152 132 138 124 180 175 170 161 137 Machinery 95.6 95.7 113.1 113.6 113.9 115.1 116.3 95.4 94.0 121.5 121.6 122.3 125. 1 125.5 Agricultural implements 119 113 144 141 140 137 131 127 123 168 166 164 158 150 Cash registers, etc. 128 127 128 129 129 130 130 125 123 134 134 134 138 136 Electrical machinery 87 87 102 102 102 103 104 92 91 114 113 114 118 117 Engines turbines, etc 99 96 135 140 149 158 168 114 110 176 183 194 211 223 Foundry, machine-shop products. 83 83 97 97 97 97 98 77 75 96 95 95 96 96 Machine tools 145 147 211 216 221 229 235 166 166 282 287 290 303 308 Radios, phonographs . 120 130 122 128 137 141 151 105 114 110 116 127 134 143 Te^tilf* machinery 75 77 86 85 82 79 77 73 75 82 80 77 74 73 Typewriters. _ 125 121 115 114 113 111 114 113 113 111 112 114 112 117 Transportation Equipment 90.8 79.9 117.0 115.4 115.0 112.2 97.2 88.9 76.6 124.3 122.6 116.6 119. 1 96.2 Aircraft 1,305 1,399 2,096 2,166 2,328 2,519 2,769 1,299 1,338 2,011 2,063 2,213 2,514 2,652 Automobiles 92 76 114 112 110 105 82 89 73 123 121 111 113 80 Cars, electric-, steam-railroad 35 32 61 57 56 • 51 49 30 25 58 52 50 45 42 Locomotives 26 29 28 28 28 29 31 25 27 26 26 27 29 31 Shipbuilding.. . _ 126 124 151 153 158 163 172 136 132 169 169 180 186 196 Nonferrous Metals, Products 91.3 91.3 107.1 105.6 105.3 106.5 106.5 84.0 82.4 104.8 103.1 103.6 105.9 105.6 Aluminum 144 150 171 172 173 177 178 157* 148 196 199 202 204 189 Brass, bronze, copper _ 104 104 129 126 126 127 129 103 104 137 133 134 141 146 Clocks, watches 80 80 91 89 90 90 90 76 76 95 92 94 94 96 Jewelry _ __ _ 85 87 92 90 89 91 93 70 69 75 72 73 76 76 Lighting equipment 71 71 86 86 84 84 76 56 54 74 74 72 70 64 Silverware, plated ware 68 63 70 71 70 68 63 58 51 60 63 61 56 51 Smelting, refining 77 76 87 86 86 87 89 72 71 85 84 84 86 87 Lumber, Products 66.3 66.7 66.8 66.9 68.0 68.3 68.3 60.1 56.4 61.0 61.4 63.3 63.6 60.9 Furniture 83 84 89 86 87 88 88 69 68 78 74 75 76 75 Lumber, millwork 60 60 61 61 61 62 63 48 45 47 48 48 49 49 Lumber, sawmills _ 61 61 60 60 62 62 62 56 51 53 55 58 58 54 Stone, Clay, Glass Products 80.5 79.7 77.7 80.5 82.0 82.9 82.1 70.6 65.9 68.3 72.2 74.6 73.4 70.9 Brick, tile, terra cotta 61 62 54 58 61 63 64 50 46 42 45 49 51 52 Cement 72 73 59 68 71 72 72 68 68 54 64 69 70 69 Glass 99 96 106 105 104 105 102 101 92 113 114 112 111 104 Marble, granite, slate 52 54 43 46 49 49 48 40 40 30 34 39 36 34 Pottery 86 82 93 93 91 90 87 73 65 85 85 84 76 71 Textiles, Products 97.8 97.9 102.9 98.8 96.0 93.7 94.5 79.5 79.2 89.5 81.4 77.9 75.4 77.8 Fabrics. _ 89.5 90.9 90.7 88.3 87.0 85.7 88.1 75.6 76.6 78.5 75.2 73.9 72.5 76.6 Carpets, rugs 73 74 80 80 76 70 71 57 57 67 68 60 55 54 Cotton goods 84 86 92 91 89 87 88 71 73 83 81 78 75 79 Cotton small wares 77 80 81 79 76 74 74 70 73 76 73 68 67 69 Dyeing, finishing textiles 117 119 128 125 123 116 116 97 98 109 105 99 93 95 Hats, fur-felt 86 90 87 65 66 71 83 74 82 69 39 46 58 78 Hosiery 149 149 140 140 134 130 130 148 145 146 144 134 128 128 Knitted outerwear 71 72 65 60 62 63 66 56 57 53 47 50 51 53 Knitted underwear. 75 73 79 77 74 73 73 67 65 72 69 65 64 63 Knitted cloth __ 135 136 135 131 127 128 136 111 114 107 101 104 107 117 Silk, rayon goods 68 69 66 64 62 60 60 51 51 52 50 49 46 47 Woolen, worsted goods - «_ 85 86 71 67 72 76 84 71 73 57 53 60 65 75 Wearing apparel 112.6 109.5 126.6 118.6 112.1 107.8 104.7 82.3 79.7 105.7 88.7 81.0 76.6 75.4 Clothing, men's 100 105 112 104 95 99 103 74 79 88 72 65 71 77 Clothing, women's 158 144 181 168 163 148 137 106 97 142 119 112 95 89 Corsets, allied garments ... 113 112 117 115 114 112 101 117 113 120 120 117 109 97 Men's furnishings 127 124 124 118 115 110 109 111 106 117 101 96 95 96 Millinery __ 68 56 97 87 75 66 55 45 37 103 74 54 47 37 Shirts, collars 119 118 126 125 121 115 110 98 91 113 111 101 92 87 986 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1939 1940 1939 1940 June July Mar. Apr. May June July June July Mar. Apr. May June July Leather, Manufactures 94.1 99.7 98.2 94.2 86.8 86.8 92.1 74.6 83.6 80.3 70.7 63.6 67.0 76. 4 Boots, shoes 93 99 98 93 85 85 91 70 82 78 67 58 63 75 Leather _ 85 86 84 83 81 80 80 82 82 80 78 77 76 76 Food, Products .. _. 127.2 135.0 118.8 119.7 121.6 129.7 135.0 123.8 128.6 117.1 117.7 121.5 129.0 131.0 Baking 147 148 143 143 145 147 147 138 139 134 134 138 141 142 Beverages _. 298 301 262 268 279 301 300 355 359 300 312 330 375 351 Butter _ _ 103 104 90 94 100 105 105 87 89 78 81 85 91 90 Canning, preserving 141 197 88 103 100 141 176 110 154 76 83 90 117 144 Confectionery „ 72 70 82 77 76 75 74 69 64 77 74 75 72 69 Flour 79 83 79 78 79 78 80 74 80 73 72 73 72 76 Ice cream __ 92 93 70 75 84 92 92 75 77 60 63 70 77 77 Slaughtering, meat packing 99 101 107 104 106 108 111 107 109 112 110 110 115 118 Sugar, beet _ 54 57 40 44 47 53 58 59 54 45 48 49 54 55 Sugar refining, cane 91 98 96 94 95 98 102 77 81 79 77 80 89 91 Tobacco Manufactures 65.2 65.4 63.6 63.8 62.2 64.9 63.0 61.5 61.8 58.1 58.7 60.7 66.9 62.6 Tobacco, snuff 61 59 61 59 59 58 56 65 67 67 64 67 67 67 Cicars cigarettes 66 66 64 64 63 66 64 60 61 57 58 60 67 62 Paper, Printing 109.8 110.1 114.4 113.8 115.0 114.5 114.8 103.5 102.0 110.0 109.7 113.1 112.0 111.2 Boxes, paper 108 110 114 113 114 115 116 118 117 122 121 125 127 127 Paper, pulp __ 106 106 113 112 115 116 118 105 101 115 115 124 126 126 Book, job printing. 97 99 100 100 99 97 99 84 86 88 87 88 85 87 Newspaper, periodical printing... 114 112 117 117 117 116 114 106 102 111 111 112 110 106 Chemicals, Petroleum, and Coal Products _ 109.8 110.5 122.8 123.4 120.8 119.1 118.8 118.7 117.8 132.5 . 133.4 133.6 133.3 133.9 Petroleum refining 121 122 121 121 122 123 123 134 132 136 137 137 137 137 Other than petroleum 107.2 107.8 123.1 123.9 120.6 118.1 117.8 113.9 113.6 131.5 132.3 132 6 132 1 132 8 117 117 136 135 136 138 140 132 131 159 160 162 165 169 Cottonseed oil, cake, meal 54 49 90 79 68 55 49 45 42 81 69 60 49 47 Druggists' preparations 108 109 119 119 118 116 113 119 119 131 131 129 126 125 Explosives 90 91 108 114 118 126 133 101 103 129 133 141 154 168 Fertilizers. _ . 79 73 152 175 129 89 80 65 63 113 136 119 79 69 Paints, varnishes 124 122 124 124 126 126 125 129 124 131 132 136 136 133 Rayon, allied products . 286 297 309 306 304 306 307 272 283 316 311 311 314 314 Soap. . __ __ 80 82 83 81 81 82 85 97 99 100 98 98 100 106 Rubber Products 80.1 78.7 87.3 84.7 84.0 83.6 83.9 82.1 81.5 88.3 86.5 87 2 86 4 86 0 Rubber boots, shoes 56 45 57 56 54 55 55 55 43 56 55 54 56 56 Rubber tires, inner tubes _» _. 66 67 72 70 69 68 69 75 77 79 78 80 78 78 Rubber goods, other 129 131 144 140 140 139 139 122 121 138 133 132 133 132 NOTE.—Figures for July 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 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Total 36.8 37.3 37.3 37.5 37.2 37.2 37.5 64.3 64.2 66.3 66.5 66.5 66.9 67.2 Durable goods 36.9 37.4 37.9 38.3 83.2 38.2 38.7 70.7 70.8 72.6 72.8 72.9 73.0 73.2 Iron, Steel, Products 34.9 35.6 36.5 36.1 36.0 36.6 37.6 75.2 75.6 76.4 76.3 76 4 76 7 77 4 Machinery 38.3 38.6 40.1 40.7 40.5 40.5 40.8 72.5 72.5 73.7 73.9 73.9 74.1 74.3 Transportation Equipment 34.9 35.6 37.6 38.4 38.3 63.7 38.1 89.4 89.5 89.6 90.0 90 2 90 2 90 5 Nonferrous Metals, Products 37.7 38.2 38.4 38.9 38.6 38.8 39.0 67.3 67.1 69.6 69.7 70.0 70.1 70.2 Lumber, Products 39 1 39 4 38.0 38.4 38.4 38.7 38.5 50.2 50.4 51.3 51.5 51 8 52 1 52 3 Stone, Clay, Glass Products 36.5 37.2 35.3 35.7 36.5 37.1 36.3 64.4 64.7 66.2 66.4 66.4 66.4 66.4 Nondurable goods 36.7 37.2 36.8 36.9 36.2 36.3 36.4 59 2 59.0 60.8 61.0 60.9 61.5 61.7 Textiles, Products 34.8 35.4 35.1 35.1 34.2 33.7 33.5 47.8 47.3 50.5 50.5 49.5 49.6 49 6 Fabrics . 35.5 35.9 35.7 35.1 34.5 34.3 34.1 46.0 45.9 48.4 48.2 48.2 48.4 48 4 Wearing apparel __ 33.6 34.6 34.0 35.2 33.6 32.7 32.5 51.1 49.9 54.4 54.3 51.9 51.8 51.8 Leather, Manufactures 33.0 35.3 36.7 35.6 32.5 30.9 33.2 52.8 52.9 53.7 54.1 54 3 55 5 55 3 Food, Products. 40.5 40.3 39.4 39.8 39.4 40.1 40.1 63.1 62.2 63.9 64.1 64.3 64 7 64 1 Tobacco Manufactures _. _ __ 35.3 36.6 32.8 34.5 34.7 36.4 38.1 47.2 47.4 49.1 49.0 49.3 49.7 50 5 Paper, Printing.. 38.2 38.0 37.8 38.0 38.1 38.8 38.5 77.4 77.6 78.3 78.9 79.3 79.4 79.7 Chemicals, Petroleum, and Coal Products 38.4 38.4 38.4 38.4 38.5 38.8 38.5 74.0 75.7 75.6 74.6 74.2 76.0 77.7 Petroleum refining 36.3 36.1 35.9 36.2 36.5 36.2 35.7 97.0 97.2 97.5 97.1 97.4 97.5 98.3 Other than petroleum refining. 39.1 39.3 39.2 39.2 39.2 39.7 39.6 65.6 67.2 68.1 67.0 66.5 68.6 70.2 Rubber Products 35.5 36.5 35.3 35.8 36.0 36.4 36.4 76.0 76.5 77.7 77.9 77.9 77.8 78.0 SEPTEMBER 1940 987 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educationall Other i an u d ti li p ti u e b s l * ic 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 _ 300.7 272.2 125.2 121.7 13.0 21.8 17.4 23.1 27.6 9.3 39.8 19.6 77.7 76.7 April 330.0 300.5 114.4 135.4 17.5 23.5 21.3 24.0 21.1 17.4 34.8 24.0 121.0 76.3 May 308.5 328.9 133.8 145.9 13.0 23.2 19.5 26.1 16.4 15.3 27.8 25.6 97.9 92.8 June 288.3 324.7 111.9 135.3 15.8 15.2 26.8 33.1 12.5 14.3 37.8 29.4 83.6 97.5 July 299.9 109.3 17.4 22.9 19.4 28.7 102.1 August 312.3 127.2 10 4 21.1 13 8 24.6 115.3 September 323.2 129.7 20.7 26.6 10.1 24.9 111.1 October 261.8 118.3 16 8 22.6 9 5 23.8 70.8 November 299.8 116.6 18.5 20.4 9.7 29.2 105.5 December 354.1 88.7 15 3 17 4 7 7 17.4 207.7 Year 3, 550. 5 1,334.3 174.8 246.9 201.4 342.5 1, 250. 6 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 i Privately-financed i Month 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 January _ _ _ _100 215 243 192 252 196 55 149 112 118 148 93 45 66 130 75 February 75 140 188 119 220 201 38 79 69 51 111 82 37 62 119 68 March 123 199 231 227 301 272 68 96 66 95 128 95 55 103 165 132 April 124 235 270 222 330 301 53 105 74 99 160 103 71 130 195 123 May 127 216 244 283 308 329 47 94 93 144 135 112 80 122 151 139 June 148 233 318 251 288 325 64 116 137 108 128 147 84 116 180 July 159 295 322 240 300 399 67 153 131 98 137 205 93 141 191 August 169 275 281 313 312 92 153 104 171 158 76 122 178 September 167 234 207 301 323 97 116 80 160 144 70 119 127 October _ . 201 226 202 358 262 114 101 78 203 92 87 125 124 November 188 208 198 302 300 118 89 93 179 144 70 119 106 December 264 200 209 389 354 196 82 115 279 225 68 117 94 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 ocot ot 1939 1940 104 104 109 119 173 177 170 197 174 217 161 177 163 194 154 141 179 154 170 123 156 110 129 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 Federal Reserve July June July district 1940 1939 1940 1939 Boston 53,489 21,244 19, 729 July June July July June July New York 58, 206 50, 699 52,323 C Ph le i v la e d la e n lp d hia 2 36 9 , , 1 7 3 5 6 2 2 3 1 7 , ,0 2 0 5 9 4 3 1 7 5 , , 7 9 9 5 9 1 Boston 88 82 71 1,513 1,030 1,134 New York. 419 446 439 4,215 5,756 5,116 Richmond 57, 234 29,161 35,117 Philadelphia 91 75 91 749 857 1,439 Atlanta 40, 459 29, 535 24,361 Cleveland 69 42 70 1,825 873 905 Chicago* 58, 534 56, 767 53, 745 Richmond 51 47 35 756 . 801 486 St. Louisi 21,016 18, 245 23,197 Atlanta 64 48 48 466 555 608 Chicago 155 138 190 2,081 1,678 2,670 Minneapolis 10,075 11, 239 13,054 St. Louis 33 36 39 419 299 463 Kansas City*.-. 14, 761 11,610 9,910 Minneapolis _ 11 17 13 58 110 89 Dallas 19,011 37, 963 14, 697 Kansas City 30 44 41 430 499 419 Dallas 38 18 24 2,320 166 223 Total (11 districts) 398,673 324, 726 299,883 San Francisco 126 121 92 1,381 1,110 1,447 Total 1,175 1,114 1,153 16, 213 13, 734 14,999 1 Revised. Comparable figures for earlier months available on request. 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. 988 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* Merchandise imports 2 Excess of exports Month 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1936 1937 1938 January _ _ 199 223 289 213 370 187 240 171 178 242 11 -18 118 February . _ 182 233 262 219 347 193 278 163 158 200 — 11 —45 99 March 195 275 268 351 199 307 173 190 217 -4 -51 102 April 193 274 231 324 203 287 160 186 212 -10 -18 115 May 201 257 249 325 192 285 148 202 211 9 5 109 June 186 265 233 236 350 191 286 146 179 211 -5 -21 July 180 268 228 230 P317 195 265 141 169 *232 -15 3 August _ _ 179 277 231 250 193 246 166 176 — 14 31 September 221 297 246 289 216 233 168 182 5 63 October 265 333 278 332 213 224 178 215 52 108 November 226 315 252 292 196 223 176 235 30 92 December 230 323 269 368 245 209 171 247 -15 115 Year 2,456 3,349 3,094 3,177 2,423 3,084 1,960 2,318 33 265 OO OOCC 1939 1940 35 128 61 147 77 135 45 112 47 114 57 139 61 74 79 107 100 117 76 57 98 121 1,134 859 p Preliminary. 1 Including both domestic and foreign merchandise. 2 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 February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] 1939 1940 July Mar. Apr. May June July Adjusted for seasonal variation Total 69 69 70 72 75 Coal 76 66 75 78 81 Coke 62 70 73 73 91 Grain and grain products.. 80 75 79 74 74 Livestock 39 39 37 38 38 Forest products 43 43 43 45 45 Ore 59 105 102 96 inn Miscellaneous 72 77 74 77 Merchandise 1 _ 62 60 59 60 Total Coal Coke Grain and grain products.__ Livestock Forest products... Ore. „ Miscellaneous Merchandise 1 ooso ot 0 DEPARTMENT STORE SALES AND STOCKS [Index numbers based on value figures; 1923-25 average=100] Sales 1 Stocks (end of month) Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment 1939 1940 1939 1940 1939 1940 1939 1940 75 83 105 January 88 92 69 71 67 68 60 61 80 February 87 89 69 71 68 71 65 68 35 March 88 89 82 86 68 70 69 71 46 96 April 88 89 88 86 67 69 69 71 80 May.. . .. 85 87 87 89 66 68 68 70 61 June 86 91 83 87 67 64 '64 July 86 91 60 64 67 68 60 61 Without seasonal adjustment August 89 69 67 65 September 91 97 68 71 70 67 67 71 75 77 October 90 99 69 77 64 70 63 67 69 70 November 95 106 71 82 52 73 62 70 85 89 December 96 168 68 64 111 69 70 66 73 110 34 31 34 34 31 31 Year 90 68 43 44 44 47 48 46 1 7 1 4 2 2 7 6 4 4 7 2 6 1 8 3 0 4 1 8 7 5 0 1 8 8 2 2 r Revised. 61 60 60 60 60 60 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March 1 In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For descriptionfand 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. SEPTEMBER 1940 989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d Jp T ro ex d t u i c le ts F m li u g a e h t l e t r i a n i n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n a g ls p c C r a a o l h l s d l e i u e m a c d n t i s d - ^ i f n H u g r o n g u i o s s o h e d - - s 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 i8.7 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 73.5 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 r7.0 86.8 73.3 1939 77 1 65 3 70 4 81.3 95.6 69.7 73.1 94.4 90.5 r6.o 86.3 74.8 1939—June 75 6 62 4 67 6 80 2 92.3 67.3 73.0 93.2 89.5 rs. 2 85.6 73.8 July 75.4 62.6 67.5 80.2 92.5 67.6 72.8 93.2 89.7 f4.5 85.6 73.4 August 75.0 61.0 67.2 80.1 92.7 67.8 72.6 93.2 89.6 M.2 85.6 73.3 September 79.1 68 7 75 1 82.1 98.5 71.7 72.8 94.8 90.9 16. 6 86.6 76.6 N Oc o t v o e b m er ber 7 7 9 9. . 4 2 6 6 7 7 .1 3 7 72 3 .3 3 8 84 3 .8 0 1 1 0 0 4 4 . . 6 0 7 76 5 . . 4 5 7 7 3 4 . . 9 1 9 96 5 . . 0 8 9 9 3 2 . . 0 8 : 77 A 8 8 7 8 . . 8 4 7 7 7 7 . . 6 0 December 79.2 67.6 71.9 83.9 ]03.7 78.0 72.8 96.0 93.0 77.7 88.5 77.4 1940—January 79.4 69.1 71.7 83.9 ]03.6 77.9 72.7 95.8 93.4 77.7 87.9 77.7 February 78 7 68 7 71 1 83 2 ]L02.4 75.4 72.4 95.3 93.2 77.5 88.0 77.3 March _ 78.4 67 9 70 2 82 9 ]L01.8 74.0 72.2 95.5 93.3 77 0 88.0 76.9 April 78 6 69 4 71 6 82 5 ]L01 8 72.9 71.8 94.5 92.5 76.8 88.4 77.7 May _ _ 78 4 67 9 71 4 82 5 ]101. 3 72.9 71.7 94.5 92.5 76.7 88.5 77.7 June 77 5 66 2 70 3 82 2 99 2 72.6 71.4 94.7 92.4 76.1 88.5 77.3 July - 77.7 66.5 70.3 82.3 99.0 72.4 71.1 95.1 92.7 77.0 88.5 77.7 Week ending— 1940—May 11 78 4 69 2 71 6 82 5 ]L02.2 72.3 72.4 94.5 92.0 76.8 89.9 76.8 May 18 78.5 68.2 71.7 82.9 1L02.4 72.6 72.3 94.7 92.7 76.8 89.9 78.2 May 25 77 8 66 8 70 7 82 7 L01.4 72.4 72.4 94.7 92.6 76.6 89.9 77.4 June 1. _ 77.8 67 8 70 8 82 5 LOO. 5 72.2 72.3 94.7 92.5 76.6 89.9 76.9 June 8 _ 77 A 66.7 70 5 82.4 99.6 71.9 72.2 94.8 92.1 76 4 89.9 77.0 June 15 77 4 66 8 70 2 82 4 99.6 71.8 72.2 94.9 92.4 76.4 89.9 77.2 June 22 _ _ _ 77.1 65.6 70.1 82.4 99.6 71.9 71.9 94.8 92.3 76.3 89.9 77.2 June 29 77.1 65 7 69 7 82 3 99.9 72.0 71.9 94.8 92.4 76.0 89.9 76.9 July 6 ._— 77.5 66.7 70.4 82.4 LOO. 3 71.9 72.0 94.9 92.6 77.1 90.0 77.0 July 13 77 9 68 0 71 0 82 4 99.9 72.0 71.9 94.9 92.7 77.0 90.0 77.2 July 20 77.6 67.3 70.4 82.4 99.9 71.9 71.8 94.9 92.8 76.9 90.0 77.3 July 27 77.3 66.0 69.6' 82.4 99.0 71.8 71.8 94.9 92.7 76.8 90.0 77.7 August 3 77.0 65 2 69 1 82 3 98.1 71.8 71.7 94.9 92.8 76.8 90.0 77.4 August 10 76.9 65.2 69.3 82.2 97.9 71.8 71.6 94.9 92.8 76.7 90.0 76.7 August 17_._ 77.2 65.3 70.1 82.1 97.7 71.7 71.7 94.9 93.1 76.5 90.0 76.4 August 24 77.2 65.6 70.0 82.1 97.0 71.1 71.7 94.9 93.4 76.4 90.0 76.4 1939 1940 1939 1940 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm" Products: Metals and Metal Products: Grains 52 3 77 2 71 2 64.4 60.8 Agricultural imDlements _ 93.4 93.5 92.5 92.5 92.4 Livestock and poultry 69.7 68.4 69.6 64.7 69.8 Farm machirtery 94.7 94.7 93.7 93.6 93.5 Other farm products 60 7 67 4 65 5 67 0 65 6 Iron and stee 95.1 94.3 94.2 94.3 94.6 Foods: Motor vehicles _ _ ______ 93.0 94.8 94.8 94.8 95.6 Dairy products 64 6 77 4 72 8 72 2 73 7 Nnn ferrous rrlfitRls 73.3 79.2 80.3 81.2 80.8 Cereal products 71 9 83 2 81 0 77.4 76.2 Plumbing and heating. _ 79.3 80.9 80.6 80.5 80.5 Fruits and vegetable3 62.0 65.7 69.2 73.9 69.0 Building Materials: Meats _ _ 75 3 71 1 73 8 70.7 72.9 Brick and tile 90.6 90 ?, 90.2 90.2 90.1 Other foods 60 4 63 2 62 2 61.3 61 3 Cement _. _ _ _ _ 91.5 90.3 90.5 90.6 90.6 Hides and Leather Products' Lumber 91.8 96.1 96.6 96.0 96.7 Shoes 100 8 108 2 107 9 107.9 107.0 Paint and paint materials _ _ 82.2 86.7 86.0 85.2 84.6 Hides and skins 76 9 94 8 92.2 81.9 84.6 Plumbing and heating 79.3 80 9 80.6 80.5 80.5 Leather 84 1 93 2 93 6 92 4 91 4 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 95 6 100 0 100 0 ]00.0 99.7 Other building materials ... _ 89.6 92.3 92.2- 93.0 93.6 Textile Products: Chemicals and Allied Products:^ Clothing 81 2 84 7 85 0 85.3 85.3 Chemicals 1 83.9 85.0 85.1 85.1 84.9 Cotton goods . 65 1 70 2 69 4 68.4 68.8 Drugs and Pharmaceuticals i 77.2 81.8 82.0 82.2 95.9 Hosiery and underwt)ar 60.2 61.7 61.3 61.6 61.5 Fertilizer materials i 65.3 70.7 70.8 67.4 67.3 Silk * 45 0 45 4 47 0 46 1 43 3 Mixed fertilii. 72.8 73.8 73.0 72.8 72.8 Rayon J. _ 28 5 29 5 29 5 29.5 29.5 Oils and fats i 43.2 46.8 46.1 45.1 43.0 Woolen and worstedgoods 75.4 83.8 83.4 83.7 83.9 Housefurnishing Goods: Other textile products 64.1 74.6 75.7 74.0 73.0 Furnishings. 90.0 94.5 94.8 94.9 94.8 Fuel and Lighting Materi Furniture 81.0 81.9 81.9 81.7 81.8 Anthracite 72 6 77.4 76.5 77.1 78.1 Miscellaneous: Bituminous coal 95 8 96 4 95 8 95.7 95.8 Auto tires and tubes _ _ _ _ 60.5 58.0 58.0 58.2 58.8 Coke 104 2 109 6 109. 6 109.6 109.6 Cattle feed .. 72.4 100 1 93.3 80.0 83.2 Electricity 78.1 76.0 73.9 Paper and piilp _ ____ 79.9 89.5 90.7 91.7 93.5 Gas_._ 89.0 82 0 84.4 87.4 Rubber, crudLe. 34.7 39.4 44.1 46.3 44.2 Petroleum products. 52.2 50.4 50.7 50.0 49.5 Other miscel]aneous 81.3 85.1 84.3 83.7 83.5 i Revised series. * New series. Back figures.—¥or monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report foi 1937 (table 87). 990 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 Ju 24 ly Ju 3 l 1 y Au 7 g. A 1 u 4 g. A 2 u 1 g. page May June July WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices:4 Reserve Bank credit—total. 3, 5 2.49 2.48 2.47 2.50 2.49 Unit A e l d l c S o ta m te m s: odities 31, 32 78.4 77.5 77.7 Bills discounted 5 0) 0) (0 0) 0) Farm products 31 67.9 66.2 66.5 M T T E M R G x r r e o o e e e c q l m n a a d e N R U C C u s s e s b i e h s s e u o . u y r e t s w i e r r u S r o c r e y y i d e n n c . a r s b Y k v t g c d G r e r c a e o e a e o y r i n o s v p r s r c 2 e k v c k e b h o i r u s ' t a s . v t b y — C l . . i n e . a a t k s s i s b t l t t i a e s o a y o • n c t n n 2 a c u 2 k « l e r s s i 2 t 2 « i e . s _ . > . 3 3 , , 7 7 6 5 7 9 3 6 7 3 3 7 2 13 3 6 1 2 7 7 0 2 . . . . . . . . . . . . 5 8 7 5 6 5 0 2 8 4 6 3 7 9 4 7 0 3 5 5 7 1 3 4 2 1 3 3 6 6 1 0 2 2 7 . . . . . . . . . . . . 5 5 7 4 9 7 4 2 8 4 6 4 0 0 5 8 8 5 8 5 6 9 8 9 2 13 3 6 2 6 1 0 2 7 . . . . . . . . . . . . 2 3 9 3 7 8 4 2 9 4 9 5 9 4 6 2 2 8 3 5 7 2 8 2 P 2 13 P 6 2 3 2 6 1 0 7 . . . . . . . . . . . . 3 7 3 9 4 3 2 9 4 9 6 4 8 3 3 5 7 8 4 9 2 5 9 4 2 P 1 3 P 2 7 2 7 1 0 3 6 . . . . . . . . . . . . 0 8 5 2 7 4 4 3 4 8 8 0 9 1 9 2 5 6 5 4 0 2 F F I F n r a a d e c c i u t t D N M g E F G o o s h r n t r r o u e i a t y r y n g n r r - i n m a c e a F O l d e p c a b a l r o u m a e a t a n r l h p o y r n e l d p l a s e r d r y o l o m o r b s 6 o a d l l c a d y e l u s o n i m c n m m u t g e f i a m s n o a n t n c 5 o u t d f B u a i * r t c e i t e s u s 6 res6 4 3 3 3 4 3 4 3 3 3 3 3 5 7 5 7 3 7 3 2 1 2 2 1 P 1 8 0 9 9 7 8 4 5 1 7 1 7 6 9 5 2 7 1 1 1 . 2 . . . . . . . . 8 1 9 3 0 1 9 6 5 4 5 P 1 8 0 9 9 8 4 5 1 7 2 8 7 9 3 9 2 8 0 1 . . . . . . . . . 7 2 1 6 9 4 3 6 0 2 3 5 1 P P P P P P 1 8 P 1 1 7 9 9 4 5 2 7 1 2 0 6 9 9 2 . 7 2 . . . . . . . 9 3 3 8 4 5 8 8 5 1 Department store sales 5 47 87 91 91 WEEKLY REPORTING Department store stocks 5 47 68 67 MEMBER BANES Total, 101 cities: In millions of dollars Loans and investments. 14 23.95 23.98 24.10 24.12 24.18 Investments 14 15.43 15.46 15.61 15.62 15.67 Construction contracts awarded:7 T A i d d m j e u L e p s o o t d e s a e d i n p t s s o d s e it m s and 1 1 1 5 4 5 2 8 5 0 . . . 5 3 9 1 1 8 2 8 5 0 . . . 5 3 9 2 2 8 20 8 5 . . . 7 3 4 1 4 9 2 8 5 0 . . . 5 3 7 1 4 9 2 8 5 0 . . . 3 5 9 5 6 1 Exp T R O o o r e t t h t s s a e i l d a r e n n d t i i a m l ports: ___ 4 4 4 1 1 1 2 1 1 6 4 1 5 7 8 • 1 3 1 2 7 0 8 5 3 P P P 1 1 3 9 3 3 6 6 1 1 N 0 e 0 w c B U C U F O D i Y o t r o . . t o i o h r m e S m o S e k e s . r . i m r e e k g o G G r s n s e u s t o e C r ' i o t c b c c v s l v i u i o i a ' t a ' b d t y r t n a . l . i e a : n k t o l n i d s N o e b k b e s a l e p a i n b g w o l s a a a s n l t i Y a i t c o s n o e n c . s r s e . . k . s . _ : 1 1 1 1 1 1 1 5 6 6 6 5 6 5 5 8 1 1 . . . . . . . 6 7 2 3 3 3 5 8 1 1 4 4 9 3 5 8 1 1 . . . . . . . 6 3 3 3 7 2 5 8 5 5 0 4 0 3 5 8 1 1 . . . . . . . 6 7 3 4 2 3 5 9 1 3 0 6 8 3 5 8 1 1 . . . . . . . 6 7 4 3 2 4 5 9 0 0 6 0 7 3 5 8 1 1 . . . . . . . 2 6 4 6 5 4 3 7 7 3 9 3 2 7 nco T T S O E E G m a o x o x e t e l h c t p t n a a e a e r o e p l H s i r r r a e s s u a t s y s l n o m a f i a ( m n i d e e n d j x n p c u p t l o w s . s o r t : a r r e t 1 e g t 0 s d s - e . e . s . x 6 p orts)... 5 4 5 5 4 5 4 0 9 0 0 9 0 9 2 6 5 3 , , , , 6 0 2 8 3 2 1 8 5 0 5 1 2 1 9 9 5 4 1 5 4 6 6 3 2 , , , , 0 8 2 3 2 1 2 6 2 4 1 3 5 5 6 2 4 1 9 0 2 P P P P 6 3 2 6 , , , P P , 0 0 P 8 2 3 2 7 8 3 4 1 8 3 7 5 0 7 2 9 8 U C O o . t h m S e . m r G s e e o rc c v u i ' a t r . l i t o l i o e b s a l n ig s ations. 1 1 1 7 7 7 2 2 6 . . . 7 5 2 5 4 3 2 2 6 . . . 7 2 5 4 3 3 2 6 2 . . . 6 2 7 0 5 4 6 2 2 . . . 6 7 2 0 6 5 6 2 2. . . 7 2 5 6 5 7 3ash T L C i o r f v a o t e r p a m s s l t 8 o s i c n k c o a m nd e : products 8__ 5 5 5 1 1 1 6 4 1 1 2 8 2 0 0 3 5 1 7 8 8 9 3 7 P P P 4 2 7 6 0 0 5 3 3 MONEY RATES AND SECURITY Averages of daily figures*; per cent Government payments 51 28 25 P35 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 entral gold reserves: U U U C B C C o . o . . a o n r r m S S S p p k . . . o m o e T T T r r r e a a r r r s r t t e e e ' c e e a a a a i s a s s c B A u u u l c a a r r r e p a y y y a p a t b p b b b n a o e o i o o n l r n n t n c l e s d d e d s s s s s 21, 2 2 2 2 1 1 2 1 1 5 5 9 9 5 2 2 4. . . . . . . 7 8 2 5 4 0 5 7 7 5 6 4 4 7 4 2 2 . . . . . . . 7 5 4 2 0 5 8 7 4 7 6 4 4 8 4 2 2 . . . . . . . 7 2 8 5 0 5 4 5 5 5 6 4 9 4 4 2 2 . . . . . . . 7 8 2 0 5 6 4 8 6 8 4 6 0 4 2 2 4 . . . . . . . 5 4 7 2 8 5 0 6 4 8 5 5 8 5 U. de U N E F B S b r . n t o e n — a g t n i n h G t l d e t c a e s o o d e n r t v l d a a S ' l t n t . a d t s i e n s terest-bearing 2 2 0 0 4 2 1 ( 2 P 9 2 9 0 . . . . . 0 8 2 2 6 0 6 5 1 5 P 4 2 1 0 P 9 9 2 2 . . ) . . . 9 5 0 3 6 6 4 0 8 5 2 P 4 3 P 3 0 0 0 2 . . . . . ) 1 4 2 0 6 9 6 7 0 5 Wednesday figures; in unit indicated N Bi o ll t s es 2 2 0 0 6 1. . 3 1 0 3 6 1. . 3 3 0 8 6 1 . .3 3 0 8 Stock prices, total4 27, 29 76 78 78 76 Special issues 20 4.97 5.15 5.23 Industrial 27 87 90 89 87 Railroad 27 24 25 25 24 Oct.- Jan.- Apr.- Public utility 27 80 81 81 79 QUARTERLY FIGURES' Dec. Mar. June Vo sh lu a m re e s ) of trading 2 (mill, 29 .24 .41 .28 .34 .29 1939 1940 1940 Brokers' loans (mill, dollars) 29 411 419 384 376 377 In millions of dollars BUSINESS CONDITIONS Figures for week3; in unit indicated Domestic corporation security Who A F le a ll s r a m c l o e m p c r o m o m d o u m d c i o t t i s d e i s t y prices:4 3 3 3 3 7 6 7 6 . . 3 0 7 6 7 5 . . 0 2 6 7 5 6. . 9 2 6 7 5 7 . . 3 2 6 7 5 7 . . 6 2 iss N R u e e e f s w u , n t . o d .. t i a n l g 2 2 2 8 8 8 4 5 7 4 1 2 4 7 4 5 1 6 5 1 3 2 1 3 5 1 7 3 5 7 0 3 Foods 33 69.6 69.1 69.3 70.1 70.0 Other commodities _ 33 82.4 82.3 82.2 82.1 82.1 Steel plant operations Per cent per annum (per cent of capacity) 38 88.2 90.4 90.5 89.5 89.7 lustomers* rates: Au (t t h o o m u o s b . i c le a rs p ) r oduction 38 34.8 17.4 11.6 20.5 23.7 N 7 ew o th Y e o r rk N C o i r ty th ern and 23 1.96 2.03 2.00 El ( e m ct i r l i l c . k p w ow . h er r s p .) r oduction _ 39 2,601 2,605 2,589 2,606 2,571 11 E S as o t u e t r h n e r c n i ti a e n s d Western 23 2.59 2.67 2.49 To ( t t a h l o f u r s e . i g c h a t r - s c ) a r load _ i ngs 39 718.5 718.4 727.0 743.1 761.0 cities _ 23 3.32 3.35 3.38 p Preliminary. «Estimated. r Revised. 4 Index numbers, 1926=100. * Revised series. These figures relate to new Federal Reserve index of indus- 6 Adjusted for seasonal variation. trial production on a base with the average for 1935-1939 equal to 100, presented 8 Points in total index of industrial production. in BULLETIN for August. A revised chart will be sent upon request. Back figures 7 Three-months moving average adjusted for seasonal variation. are shown in the tables on pages 980 and 982 of this BULLETIN. July figures com- » Series revised for the period from January 1936 to November parable with those formerly published in this table are as follows: industrial pro- )39, inclusive. Back figures may be obtained from the Division duction 115; manufacturing production, total Ilk, durable 54, nondurable 60. »f Research and Statistics. 1 Less than $5,000,000. »Banking statistics for call report dates are shown in table > Averages of daily figures, see footnote 3. >n following page. 3 Figures are shown under the Wednesday date included in the weekly period. 1° Revised series. Back figures available at Division of Research >nd Statistics. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. SEPTEMBER 1940 991 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 1940 book Dec. Mar. June Sept. Dec. Mar. June Oct. Dec. Mar. June page 31 7 30 31 29 30 2 30 26 29 All banks in the United States: Total deposits and currency 10 56.83 56.78 56.74 57.65 59.12 59.15 61.00 P63.03 P64. 40 P65. 05 P67. 09 Time deposits 10 26 26 26.34 26.27 26.27 26.38 26.58 26.83 P26. 91 P27.00 P27. 30 P27. 45 Demand deposits adjusted 10 24.05 24.13 24.39 25.10 26.01 26.01 27.32 P29.10 P30. 05 P30.60 P32. 01 Currency outside banks 10 5.69 5.50 5.47 5.50 5.83 5.68 6.05 P6.23 *6,50 P6.30 P6.79 Member banks: Demand deposits adjusted ^ 11 20.39 20.51 20.89 21.60 22.29 22.36 23.59 25.12 25.68 26.46 27.88 Timp. deposits 11 11 52 11.59 11 56 11.46 11.51 •11. 62 11.72 11.73 11.85 11.98 12.07 Interbank balances _ _. ______ __ . . _ 11 5.44 5.62 6.10 6.09 6.51 6.82 7.10 *8.24 8.51 <8.72 8.85 Loans and investments 11 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.08 33.94 34.16 34.45 11 17 79 17.98 17.78 18.69 18. B6 19.05 19.46 19.61 19.98 20.22 20.48 U. S. Government obligations, total _ _. _ 12 12.37 12.45 12.34 13.01 13.22 13.35 13.78 13.81 14.33 14.42 14.72 Direct obligations 13 10.57 10.63 10.22 10.71 10.88 10.69 10.95 10.89 11.18 11.31 11.60 Guaranteed obligations 13 1 80 1.83 2.13 2.30 2.34 2.66 2.83 2.92 3.14 3.11 3.12 Other securities, total 12 5.42 6.52 5.44 5.68 5.64 5.70 5.69 5.79 5.65 5.80 5.76 State and local government securities 13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.76 2.69 2.90 2.89 Other domestic _ _ 13 3.21 3.15 3.13 3.19 3.01 2.96 2.94 2.77 2.70 Foreign securities 13 .18 .18 .18 .18 .18 .18 .19 .19 .17 Loans, total 11 13 96 13.55 12.94 12.94 13.21 13.05 13.14 13.47 13.96 13.94 13.97 Security loans, total1J _. _ 12 3.70 3.64 3.32 3.30 21.75 1.57 1.47 1.49 1.12 Brokers' loans 13 .95 .88 .70 .71 .97 .84 .73 .79 .45 Loans on securities (excluding brokers' loans) 2 13 2.75 2.67 2.61 2.59 *.78 .73 .74 .70 .67 Real estate loans 12, 13 2.55 2.56 2.61 2.66 2.72 2.75 2.83 2.96 8 3.07 Other loans, total 1 2 12 7.71 7.45 7.01 6.97 2 8.74 8.73 8.85 9.51 6 9.79 Commercial loans 2 13 7.00 6.75 6.40 6.36 2 5.45 5.53 5.57 6.12 (6) 6.27 Open-market paper _ 13 .64 .61 .49 .48 .44 .42 .42 (6) .45 () .45 Loans to banks 13 .07 .10 .12 .13 .12 .10 .06 (8) .06 .04 All other loans 3 3 2.73 2.67 2.80 (8) 2.89 3.02 p Preliminary. c Corrected. since 1 Itnh acth daartte 1.2 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" 2 Figures are reported on somewhat different basis beginning December 31, 1938For 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. 6 Detailed breakdown of loans and investments now available on June and December dates only. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1940] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,827 7,599 84 80 New York _ 28, 310 27,176 7,058 7,956 108 90 Philadelphia 51, 372 50,442 17, 263 16,652 150 165 Cleveland 212,109 169,410 42,034 47,857 115 134 Richmond 1,341 1,448 141, 280 132,044 24,270 26, 235 Atlanta 2,354 2,284 141, 510 178,511 5,506 6,438 Chicago 1,132, 703 870,331 56,639 61,135 2,044 1,981 St. Louis . _ i 3,429 2 3,000 342,860 297, 352 57, 927 62,392 97 66 Minneapolis 285,022 226, 516 25,846 25,149 157,053 165,059 Kansas City.__ _ 437 523 182,105 176,457 226, 488 203, 878 4,514 6,304 Dallas 3,631 3,516 87,166 105, 530 28, 703 26, 999 75 89 San Francisco _ . . .. 625 658 6,873 6,878 71, 697 71,148 27, 300 30,816 Total 11,817 11,429 2, 619,137 2, 248, 246 563,431 555,839 191, 540 204, 784 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston „_ _ 7,189 6,711 3,364 3,557 34, 764 32, 365 47, 632 53,842 New York 26,957 25, 291 4,428 5,838 2,276 2,313 30,853 32,170 Philadelphia 16, 503 18,028 1,944 2,455 35, 967 33, 690 21, 638 23,380 Cleveland 43, 759 49, 380 5,094 5,921 126, 363 109,303 20, 229 19,819 Richmond 21,103 20,726 3,708 4,002 1,121, 254 627,913 23, 205 28,054 Atlanta _ __ _ _ _ 14, 594 15, 256 3,172 3,199 205,900 171, 636 14, 664 15,116 Chicago 359, 529 472, 421 17, 426 20,162 32,608 33, 641 46, 211 45, 242 St. Louis 46, 847 57, 504 7,643 7,557 282,074 244,057 12,048 13,058 Minneapolis.- 257, 914 265,803 10,182 10,308 2,724 2,911 44, 752 46,165 Kansas City_ _ _ 76, 924 122, 919 5,902 6,530 4,724 4,258 31, 219 24, 704 Dallas 31, 319 37, 631 1,430 1,606 3,349 3,814 San Francisco 34, 577 29,949 11, 433 12, 248 68, 216 68, 950 Total 937, 215 1,121, 619 75, 726 83, 383 1, 848, 654 1, 262, 087 364, 016 374, 314 1 Includes 20,000 bales grown in miscellaneous territory. 2 Includes 15,000 bales grown in miscellaneous territory. 992 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN UNITED STATES [Figures for 1940 are preliminary] Member banks Nonmember banks Other than mutual Total savings and private banks National State Mutual Private i savings Insured in N su o r t ed Number of Banks (Head Offices) December 31, 1933 15,029 5,154 857 2 8,341 579 98 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1935 15,869 5,386 1,001 7,728 1,046 570 138 December 31, 1936 .__ _ 15,667 5,325 1,051 7,588 1,004 565 134 December 31, 1937 15,387 5,260 1,081 7,449 960 563 74 December 31, 1938 . 15,194 5,224 1,114 7,316 917 555 68 December 31,1939 15,034 5,187 1,175 7,171 887 551 63 June 30, 1940 14,956 5,164 1,234 7,080 870 3 551 4 57 Number of Branches December 31, 1933 . .. 2,911 1,121 960 27)0 125 5 December 31, 1934 3,133 1,243 981 «778 126 5 December 31, 1935 3,284 1,329 952 828 42 128 5 December 31, 1936 3,399 1,398 981 848 39 128 5 December 31, 1937.. 3,540 1,485 994 891 37 128 5 December 31, 1938 _ 3,580 1,499 992 908 41 135 5 December 31,1939 3,629 1,518 1,002 927 44 132 6 June 30, 1940, total 3,641 1,527 996 934 44 3134 46 In head-office cities 1,723 681 759 164 6 112 1 Outside head-office cities 1,918 846 237 770 38 22 5 Analysis of Bank Changes, Jan. 1-June 30, 1940 Number of banks on December 31, 1939___ 15,034 5,187 1,175 7,171 887 551 63 Increases in number of banks: Primary organizations (new banks)6 +17 + 2 +13 + 2 Reopenings of suspended banks + 2 io+2 Decreases in number of banks: Suspensions -14 —12 - 2 Voluntary liquidations 7 -26 - 2 -15 - 5 - 4 Consolidations, absorptions, etc. -57 -23 - 8 -22 - 4 Inter-class bank changes: Conversions- National into State + 2 + 5 State into national + 7 - 4 - 3 Private into State + 2 - 2 Federal Reserve membership—» Admissions of State banks +71 -69 - 2 Withdrawals of State banks . _____ - 2 + 2 Federal deposit insurance— 9 Admissions of State banks .__ _ _ + 8 Q Withdrawals of State banks Net increase or decrease in number of banks.__ __ -78 -23 +59 -91 -17 - 6 Number of banks on June 30, 1940 14,956 5,164 1,234 7,080 870 551 57 Analysis of Branch Changes, Jan. 1-June 30, 1940 Number of branches on December 31, 1939 3,629 1,518 1,002 927 44 132 6 Increases in number of branches: De novo +20 + 4 +14 + 2 Banks converted into branches +22 + 8 + 5 + 8 + 1 Decreases in number of branches: Branches discontinued __ -29 -13 - 6 -10 Unclassified — 1 - 1 Inter-class branch changes: From State to national +10 — 7 — 3 From nonmember to State member _ _ + 3 - 3 From uninsured to insured nonmember + 1 - 1 Net increase or decrease in number of branches._ +12 + 9 - 6 + 7 + 2 Number of branches on June 30, 1940. _ 3,641 1,527 996 934 44 134 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. 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. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 51 insured and 500 uninsured; number of branches comprises 25 insured and 109 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 56 uninsured; all branches were uninsured. 5 Separate figures not available for branches of insured and not insured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 9 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. 10 Includes one bank which was not insured at time of suspension. Back figures.—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. SEPTEMBER 1940 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON JUNE 29, 1940, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er n m b a e t a A m i n o l k b n l s e a r l A m b l e l a m n S k b ta s e t r e Ce m n e t m ra b l e re r s b e a rv n e k s c 1 ity m R ba e e c s m n i e t k y b rv s e l e r C m b o a e n u m k n b s t e r y 1 r New York Chicago Assets Loans (including overdrafts) 13,968, 770 9,156, 258 4, 812, 512 3,014,190 603, 265 5, 364, 558 4,986, 757 United States Government direct obligations 11,600,177 7, 203, 650 4, 396, 527 4,162, 472 1,124, 670 3, 977, 593 2,335,442 Obligations guaranteed by United States Government.-. 3,121, 428 1, 890, 656 1, 230, 772 1, 323, 974 133, 500 969, 414 694, 540 Obligations of States and political subdivisions 2,887,825 1, 925, 360 962, 465 633, 887 176, 776 980, 604 1,096, 558 Obligations of Government corporations and agencies, not guaranteed by United States 414,151 262, 366 151, 785 110,038 32,028 162,903 109,182 Other bonds, notes, and debentures 2,031, 596 1, 382, 331 649, 265 429, 505 107, 677 552, 428 941,986 Corporate stocks (including Federal Reserve Bank stock) 427,060 217, 428 209, 632 154, 999 27,183 152, 489 92, 389 Total loans and investments 34, 451,007 22,038,049 12,412,958 9,829,065 2, 205,099 12,159,989 10,256,854 Reserve with Federal Reserve Banks 13, 750, 656 7,837,068 5,913, 588 7,071, 718 1,186, 658 3, 759, 385 1, 732,895 Cash in vault 788, 691 575,329 213,362 38, 613 333, 506 328, 286 Demand balances with banks in United States (except private banks and American branches of foreign banks) _ 5, 644, 262 4,366, 971 1, 277, 291 117, 752 238, 203 2, 637, 626 2, 650, 681 Other balances with banks in United States 107,098 85,680 21, 418 1,423 3,509 41, 431 60, 735 Balances with banks in foreign countries 15, 619 12,085 3,534 10, 724 302 3,391 1,202 Due from own foreign branches 278 278 278 Cash items in process of collection 1, 523,070 979,872 543,198 452, 801 99, 994 700, 440 269,835 Bank premises owned and furniture and fixtures 916, 899 595, 631 321, 268 203, 776 20,000 319, 916 373, 207 Other real estate owned 246, 381 119, 510 126,871 25, 739 4,061 91,383 125,198 Investments and other assets indirectly representing bank premises or other real estate 124,970 65, 392 59, 578 11, 441 814 89,542 23,173 Customers' liability on acceptances 79,191 42, 337 36, 854 53, 716 2,788 21, 260 1,427 Income accrued but not yet collected 102,441 58, 511 43, 930 35,649 7,916 40,018 18,858 Other Assets._ 95, 783 39, 872 55, 911 15, 948 6,605 32,076 41,154 Total assets 57, 846,346 36,816, 307 21, 030, 039 17,918,316 3,814,562 20,229,963 15,883,505 Liabilities Demand deposits—Total 39, 659,398 24, 686,571 14,972,827 15,241,558 3, 032, 555 13,464,286 7, 920,999 Individuals, partnerships and corporations 26, 396, 600 15, 957,445 10,439,155 10, 282, 919 1, 782, 257 8, 371, 675 5, 959, 749 United States Government2 710, 845 514,070 196, 775 67, 332 78, 861 421,872 142, 780 States and political subdivisions 2, 528, 793 1, 930, 346 598, 447 258, 395 199,131 956, 074 1,115,193 Banks in United States 8,852, 375 5, 640, 214 3, 212,161 3, 840,013 948, 645 3, 526, 208 537, 509 Banks in foreign countries 695, 744 343, 673 352,071 646,019 6,883 41, 287 1,555 Certified and officers' checks, cash letters of credit and travelers' checks, etc 475,041 300, 823 174, 218 146, 880 16, 778 147,170 164, 213 Time deposits—Total 12,069, 722 8,327,143 3,742,579 765,526 508, 087 4, 767,116 6,028,993 Individuals, partnerships, and corporations: Savings deposits 9, 985, 323 6, 957, 255 387, 912 428, 956 3, 963,466 5, 204,989 Certificates of deposit 670, 881 527, 417 143, 464 20,155 29,112 152,050 469, 564 Christmas savings and similar accounts 113, 242 78, 468 34, 774 6,571 1,064 37,169 68, 438 Open accounts 689, 535 285, 741 403, 794 317, 380 29, 760 268, 911 73, 484 Postal savings 2 58, 611 45, 459 13,152 4,500 17, 611 36, 500 States and political subdivisions 410, 049 334,115 75, 934 28, 752 14, 695 219, 347 147, 255 Banks in United States 134, 427 93, 714 40, 713 285 105, 379 28, 763 Banks in foreign countries 7,654 4,974 4,471 3,183 Total deposits 51, 729,120 33, 013, 714 18,715,406 16,007, 084 3,540, 642 18,231, 402 13,949,992 Due to own foreign branches 177, 419 141, 682 35, 737 174, 650 2,769 Bills payable, rediscounts, and other liabilities for borrowed money . 3,423 2,910 513 2 3,421 Acceptances outstanding 94,195 50,639 43, 556 63, 842 3,107 25, 793 1,453 Dividends declared but not yet payable 36, 278 22, 633 13, 645 17, 754 750 11, 267 6,507 Income collected but not yet earned 61,103 41,362 19, 741 9,539 1,783 30, 765 19, 016 Expenses accrued and unpaid 82,137 49, 675 32, 462 19,816 7,874 35, 577 18, 870 Other liabilities 54,919 25, 236 29, 683 26,898 843 19, 322 7,856 Total liabilities..... 52,238,594 33, 347, 851 18,890, 743 16,319, 583 3, 554, 999 18, 356, 897 14, 007,115 Capital Accounts Capital ._ 2, 357, 293 1, 530,849 826,444 548,082 101, 500 793, 602 914,109 Surplus 2, 207, 308 1, 247, 556 959, 752 815,129 87, 360 697, 518 607,301 Undivided profits 711, 285 467, 955 243, 330 180, 751 36, 365 245, 588 248, 581 Reserves for contingencies 289, 600 187, 958 101, 642 51, 557 34,173 120,851 83,019 Other capital accounts 42, 266 34,138 8,128 3,214 165 15, 507 23, 380 Total capital accounts 5,607, 752 3, 468, 456 2,139,296 1,598, 733 259,563 1, 873, 066 1,876,390 Total liabilities and capital accounts 57,846,346 36,816,307 21,030,039 17,918,316 3,814,562 20,229,963 15,883,505 Net demand deposits subject to reserve 32, 513, 823 19,354,197 13,159, 626 14, 671,005 2, 695, 341 10,132, 779 5, 014, 698 Demand deposits—adjusted 3 27,877,364 17, 208, 742 10,668, 622 10, 235, 393 1, 898,172 8, 774, 479 6, 969, 320 6,398 5,164 1,234 36 13 344 6,005 Number of banks.. 1 Banks are classed according to the reserves which they are required to carry (see page 956). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 3 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON JUNE 29, 1940 BY CLASSES OF BANKS [In thousands of dollars] m b e a A m n l k b l s er n m b a e t a A m i n o l k b l n s e a r l A m b l e l a m n S k b ta s e t r e Ne C w e m n e Y t m r o a b l r k e r r e s b e a r C v n h e k i s c c a 1 it g y o m R ba e e c n s m i e t k y b r s v e 1 e r C m b o a e n u m k n b s t e r l y r Loans—Total 13,968, 770 9,156,258 4,812,512 3, 014,190 603,265 5,364,558 4,986,757 Commercial and industrial loans 5, 538,009 3, 596,093 1,941,916 1,800, 639 416,909 2,133, 640 1,186,821 Agricultural loans 736,117 623,017 113,100 5,838 8,121 175, 771 546,387 Commercial paper bought in open market 308, 751 214, 482 94, 269 5,402 12, 623 120,067 170,659 Bills, acceptances, etc. payable in foreign countries.__ 5,261 4,204 1,057 330 888 3,146 897 Acceptances of other banks, payable in United States._ 46,406 23,082 23,324 39, 909 330 5,130 1,037 Reporting banks' own acceptances 89, 439 55,454 33, 985 58, 664 1,720 27, 668 1,387 Loans to brokers and dealers in securities 446, 903 168, 650 278, 253 319,683 23,169 86, 777 17, 274 Other loans for purchasing or carrying securities 667, 675 390,021 277, 654 188,058 61,144 210, 368 208,105 Real estate loans: On farm land 295, 649 234,127 61, 522 70 374 91,877 203,328 On residential property 1, 978, 317 1, 274, 443 703,874 65,340 8,188 904, 943 999,846 On other properties 794, 599 309, 665 71,483 7,633 375,031 340,-452 Loans to banks 41,877 18, 735 23,142 32, 306 84 6,408 3,079 All other loans 3,012,034 2,063, 473 948, 561 423, 994 62,004 1, 220, 602 1,305,434 Overdrafts 7,733 5,543 2,190 2,474 78 3,130 2,051 United States Government Direct Obligations—Total. 11,600,177 7,203,650 4,396,527 4,162,472 1,124,670 3,977,593 2,335,442 Treasury bills 796,981 581,008 215,973 420, 730 254,029 86, 625 35, 597 Treasury notes 2, 542, 666 1, 649,479 893,187 1,091, 756 160,808 839, 314 450, 788 Bonds maturing in 5 years or less 682, 227 335, 528 346, 699 280, 659 25.177 238, 606 137, 785 Bonds maturing in 5 to 10 years 3, 202, 398 1,813, 842 1,388, 556 1,199, 976 136, 928 1,179, 317 686,177 Bonds maturing in 10 to 20 years 3, 775, 894 2, 452, 761 1, 323,133 1, 036, 074 447,951 1,416,885 874,984 Bonds maturing after 20 years 600,011 371, 032 228, 979 133, 277 99, 777 216,846 150, 111 Obligations guaranteed by United States Government- Total - 3,121,428 1,890,656 1,230,772 1,323,974 133,500 969, 414 694,540 Total amount maturing in 5 years or less 2,051,374 1,171,242 880,132 1,025,690 126,654 539,873 359,157 Reconstruction Finance Corporation 839,090 366,803 472, 287 473,146 97,109 158, 200 110, 635 Home Owners' Loan Corporation 1, 456,909 1,065, 557 391, 352 589, 542 9,606 512,733 345,028 Federal Farm Mortgage Corporation 445, 017 247, 715 197, 302 142,135 3,895 159,012 139,975 Other Government corporations and agencies 380,412 210, 581 119,151 22,890 139, 469 98,902 Obligations of Government corporations and agencies, not guaranteed by United States—Total 414,151 262,366 151, 785 110,038 32,028 162,903 109,182 Total amount maturing in 5 years or less 316,173 184,609 131,564 108,963 19,291 ISO, 977 56,94% Federal Land banks 101, 346 77, 757 23, 589 5,579 12, 737 31, 046 51,984 Federal Intermediate Credit banks 160, 216 91,468 68, 748 76, 985 10, 210 61, 422 11, 599 Other Government corporations and agencies 152, 589 93,141 59,448 27, 474 9,081 70,435 45, 599 Obligations of States and political subdivision -Total 2,887,825 1,925,360 962,465 633,887 176, 776 980,604 1,096,558 In default 6,081 817 555 144 3,789 2,410 Without specific maturity 190, 554 162, 658 27,896 9,935 61,129 61,409 58,081 Maturing in 5 years or less 1, 752, 532 1,054, 300 514, 940 95,144 546, 735 595, 713 Maturing after 5 years 937, 841 702, 321 235, 520 108, 457 20, 359 368, 671 440, 354 Other bonds, notes, and debentures—Total 2,031,596 1,382,331 649,265 429,505 107,677 552, 428 941,986 Total amount in default..-. _. 65,014 38,728 26,286 17,538 1,522 21,421 24,533 Total amount maturing in 5 years or less.. 511, m 289, 410 222,014 161,169 48,604 155,347 146,304 Railroads 693, 328 482, 966 210, 362 114,037 26, 773 184, 720 367, 798 Public utilities 513, 753 345, 549 168, 204 72,957 37.178 134,170 269, 448 Industrials 496, 582 352,036 144, 546 112,985 30, 789 144, 595 208,213 Other domestic corporations 154, 983 83, 542 71, 441 77, 967 717 42, 775 33, 524 Foreign—public and private 172,950 118, 238 54, 712 51, 559 12, 220 46,168 63,003 Corporate stocks—Total 427, 060 217, 428 209,632 154,999 27,183 152,489 92,389 Federal Reserve Banks 136,861 83,403 53,458 40,885 5,663 44, 639 45,674 Affiliates of reporting banks 100, 507 47,853 52, 654 42, 629 276 51, 713 5,889 Other domestic banks 19, 212 6,834 12, 378 2,430 36 7,772 8,974 Other domestic corporations 168, 960 78, 497 90,463 68, 641 21,193 47, 566 31,560 Foreign corporations 1,520 841 679 414 15 799 292 Bank premises, furniture and fixtures, and other real estate—Total 1,163,280 715,141 448,139 229,515 24,061 411,299 498,405 Bank premises 842, 609 538,122 304, 487 203,035 19,915 330,697 Furniture and fixtures 74, 290 57, 509 16,781 741 85 30, 954 42, 510 Farm land (including improvements) 20, 448 15,145 5,303 17 280 7,671 12,480 Residential properties 95, 987 40,921 55,066 9,223 1,160 29,086 56, 518 Other real properties 129, 946 63, 444 66, 502 16, 499 2,621 54, 626 56,200 Assets indirectly representing bank premises or other real estate—Total 124,970 65,392 59,578 11, 441 814 89,542 23,173 Investments 84, 540 50,810 33,730 9,404 739 57, 264 17,133 Other assets 40, 430 14, 582 25,848 2,037 75 32, 278 6,040 Capital: Par or face value—Total 2,360,314 1,533,143 827,171 548, 082 101,500 793,602 917,130 Capital notes and debentures.. 40, 556 40, 556 395 25,823 14,338 First preferred stock 259, 739 193, 784 65,955 700 107, 201 142,970 Second preferred stock 19,384 14,859 4,525 2,600 16,784 Common stock 2,040, 635 1, 324, 500 716,135 538, 819 100,800 657,978 743,038 Retirable value of: First preferred stock 352, 596 245,045 107, 551 21, 992 700 144,011 185,893 Second preferred stock.. 25, 435 17,144 8,291 3,000 22,435 For footnotes see preceding page. SEPTEMBER 1940 995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—MAJOR DIVISIONS EXPRESSED AS POINTS IN TOTAL INDEX COMPILED WITH 1923 WEIGHTS, 1919-1929 [Adjusted for seasonal variation, 1935-1939 average for total index=100] In- Dur- Non- In- Dur- Non- Year and month d pr u o s d tr u i c a - l m a a b n le u- d m u a ra n b u l - e M era in ls - Year and month d p u ro s d tr u i c a - l m a a b n le u- d m ur a a n b u l - e M era in ls tion factures factures tion factures factures 1919 72 29.2 31.7 10.8 1924—January.. _ 86 35.7 35.9 14.3 1920 75 32.4 30.6 12.5 February. . 88 37.0 35.9 14.9 1921 58 18.5 29.1 10.0 March 86 36.5 35.9 14.0 1922 73 28.1 34.3 10.7 April 83 34.8 35.5 13.0 1923 88 36.1 37.0 14.8 May 80 31.7 34.9 13.0 1924 82 33.2 35.6 13.5 June 77 29.9 33.7 13.0 1925 91 37.4 39.3 13.9 July 75 28.8 33.4 13.0 1926 96 39.8 4€.9 15.1 August 78 30.8 34.2 12.8 1927 95 37.4 42.9 15.1 September 81 31.7 35.5 13.7 1928- 99 40.7 43.8 14.9 October. __ 82 32.3 36.6 13.6 1929 110 46.1 47.6 16.2 November 84 33.3 37.5 13.4 December. 87 34.9 38.1 13.7 1919—January. _ - 31.0 28.6 11.1 February.. 30.6 27.5 9.8 1925—January. __ 89 36.5 38.4 14.2 March 28.7 27.3 9.4 February._ 89 36.6 38.9 13.8 April 27.3 29.5 10.0 March 89 36.9 38.8 13.5 May 25.2 31.4 10.4 April 90 36.3 39.1 14.2 June 28.6 32.2 10.7 May 90 36.4 38.9 14.6 July 31.0 33.1 11.4 June 89 36.4 38.4 14.4 August 32.8 33.0 11.1 July 91 36.7 39.4 14.7 September 29.2 34.1 12.0 August 90 35.5 39.4 15.0 October... 27.8 34.4 12.3 September 88 36.5 38.9 12.9 November 29.3 35.0 8.9 October 92 39.2 39.4 12.9 December. 29.1 34.3 10.8 November 94 41.0 40.2 13.2 December. 95 41.6 40.7 13.0 1920—January. __ 33.9 35.6 12.1 February.. 34.7 34.8 11.9 1926—January. _. 93 40.0 40.7 12.8 March 34.0 34.3 12.2 February.. 94 39.7 40.5 13.4 April 30.4 33.7 11.5 March 95 39.5 40.3 14.8 May 32.2 33.9 11.9 April 94 39.3 40.1 14.9 June 33.9 32.2 12.5 May 94 39.6 39.8 14.5 July 33.2 30.8 12.4 June 95 39.9 40.2 15.0 August 34.4 29.9 12.8 July 95 39.9 40.2 15.2 September 33.7 28.9 11.9 August 97 40.5 41.0 15.3 October. _. 32.2 27.0 12.9 September 98 40.4 42.0 15.5 November 28.8 24.2 13.2 October. _. 98 40.3 42.0 15.8 December. 22.4 13.3 November. 97 39.2 41.8 16.4 December. 97 38.5 42.1 16.4 1921—January... 22.5 24.1 11.5 February. . 20.9 25.3 10.9 1927—January ... 97 38.4 42.1 16.0 March 18.4 26.6 10.1 February._ 97 38.8 42.2 16.3 April 17.3 27.8 10.2 March 99 38.9 42.6 17.1 May 17.7 28.6 10.4 April 96 38.5 42.7 15.0 June 16.6 29.7 9.9 May 97 38.7 43.2 15.1 July 15.7 30.4 9.5 June 97 37.6 44.1 14.9 August 17.4 30.6 9.7 July 95 37.1 44.0 14.3 September 17.4 31.1 9.4 August 95 36.8 43.5 15.1 October. _. 19.5 31.7 10.0 September. 94 35.9 43.0 14.7 November 19.8 31.6 9.6 October... 92 35.3 42.5 14.5 December, 19.1 31.5 9.7 November. 92 34.9 42.5 14.4 December. 93 36.1 42.3 14.2 1922—January... 20.1 32.0 10.9 February.. 21.7 31.8 12.0 1928—January. .. 95 38.1 42.4 14.3 March 23.9 32.2 12.9 February.. 95 38.3 42.8 14.2 April 27.2 31.4 7.5 March 96 38.3 42.6 14.9 May 28.8 33.1 7.6 April 96 39.2 42.3 14.5 June 30.4 34.4 8.3 May 97 38.8 43.2 14.9 July 30.9 34.4 8.0 June 98 39.9 43.2 14.5 August 27.4 35.4 8.8 July 99 41.1 43.4 14.5 September 28.7 35.4 11.5 August 101 41.6 44.2 15.0 October. __ 31.7 36.1 12.7 September. 102 42.6 44.3 15.1 November. 32.5 37.8 13.3 October 104 43.1 44.9 15.5 December. 34.1 38.0 14.1 November. 106 43.9 45.7 15.9 December. 107 45.5 46.4 15.5 1923—January. __ 34.2 36.6 14.0 February.. 34.4 37.3 14.1 1929—January 108 45.6 46.4 16.3 March 35.8 38.3 14.6 February. . 108 45.1 46.5 16.6 April 37.1 38.4 15.6 March 109 46.1 46.9 15.6 May 37.7 38.8 15.2 April 110 46.6 47.3 16.3 June 37.5 38.3 15.2 May 112 47.3 48.2 16.2 July 37.5 37.3 15.5 June 114 49.1 48.6 16.1 August 36.2 36.7 ,15.4 July 114 49.2 48.5 16.5 September 36.5 36.3 14.1 August 114 48.7 48.5 16.4 October 35.6 35.7 14.8 September. 113 47.5 48.5 16.6 November. 35.7 35.7 14.8 October 110 45.6 48.6 16.3 December. 85 35.6 35.2 13.8 November. 105 42.2 47.1 15.6 December.. 100 38.7 45.7 16.0 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production—Major Divisions Expressed as Points in Total Index—Continued COMPILED WITH 1937 WEIGHTS, 1929-1940 [Adjusted for seasonal variation, 1935-1939 average for total index=100] In- Dur- Non- In- Dur- Non- Year and month d pr u o s d tr u i c a - l m a a b n le u- d m ur a a n b u l - e M era in ls - Year and month d pr u o s d tr u i c a - l m a a b n le u- d m u a ra n b u l - e M era in ls tion factures factures tion factures factures 1929.. 110 50.3 43.4 16.3 1934—November. 72 21.7 38.6 11.8 1930.. 91 37.4 39.4 14.1 December.. 77 24.8 40.1 12.2 1931.. 75 25.7 37.2 12.1 1932.. 15.7 32.7 10.1 .935—January 83 29.1 41.3 12.8 1933.. 20.5 37.1 11.6 February. __ 85 30.5 41.5 12.9 1934.. 75 24.9 38.2 12.1 March 85 30.4 41.2 13.3 1935.. 87 31.9 42.3 13.1 April 82 29.5 40.8 12.1 1936.. 103 41.1 47.1 15.1 May _. 82 28.6 40.8 12.6 1937.. 113 46.3 49.9 17.0 June 84 29.1 41.4 13.8 1938.. 88 29.5 44.3 14.7 July.. 84 29.9 41.9 12.5 1939.. 108 40.9 50.7 16.2 August 87 32.5 42.1 12.6 September. 89 33.3 43.1 12.9 1929—December.. 100 42.1 42.0 16.0 October 93 35.2 43.9 13.6 November. 94 36.1 44.5 13.8 1930—January 100 43.0 41.8 15.6 December.. 96 36.8 44.9 14.2 February... 100 43.4 41.4 15.2 March 42.6 40.8 14.3 936—January 95 35.6 44.6 14.4 April 41.8 41.2 14.6 February. __ 92 34.2 43.2 14.8 May 40.6 40.4 14.5 March 94 35.8 44.0 13.8 June 39.2 39.8 14.4 April 99 38.9 45.2 14.8 July... 35.9 38.7 14.2 May. 101 40.7 45.6 14.6 August 34.9 37.9 13.8 June 103 41.8 46.2 14.7 September. 33.7 37.8 13.5 July 105 42.6 46.9 15.0 October 31.8 37.6 13.5 August 107 43.4 48.2 15.0 November. 30.4 37.3 13.3 September. 108 43.7 48.6 15.3 December.. 29.1 12.9 October 109 43.8 49.4 15.6 November. 113 45.5 50.8 16.2 1931—January 29.1 36.9 12.5 December.. 116 47.2 52.2 16.4 February. __ 29.4 37.6 12.1 March 30.0 38.1 12.6 1937—January 116 48.0 52.3 16.0 April. 29.3 38.4 12.6 February... 117 48.3 52.5 16.5 May 28.6 38.9 12.4 March 120 49.1 52.7 18.2 June _ 26.5 38.5 12.6 April 120 49.9 53.5 17.1 July 25.3 38.5 12.5 May 121 51.0 53.5 17.1 August 23.9 38.2 11.6 June 119 49.0 53.0 17.3 September. 21.8 37.0 11.3 July. 120 51.1 51.8 17.1 October 20.8 35.3 11.9 August 120 52.5 50.3 17.5 November. 20.8 34.5 12.0 September. 115 48.7 48.7 17.5 December.. 20.4 34.3 11.8 October 107 43.3 46.4 17.1 November. 95 35.8 43.1 16.6 1932—January 19.6 34.4 10.6 December.. 87 30.3 40.8 16.3 February... 18.3 34.2 10.6 March 17.0 33.6 11.2 1938—January 28.5 41.3 15.7 April 16.3 31.4 10.4 February... 84 27.6 42.0 14.8 May __ 15.9 30.7 9.5 March 84 27.2 42.1 14.8 June 15.1 30.0 9.2 April 82 26.1 41.0 14.4 July... 13.8 29.6 9.2 May 80 25.5 41.3 13.6 August 13.1 31.5 9.7 June 81 24.8 42.0 13.9 September. 14.0 33.7 10.2 July 86 26.9 44.6 14.4 October 14.7 34.6 10.5 August 90 29.1 46.2 14.7 November. 15.0 34.1 10.5 September. 92 30.6 46.7 14.8 December.. 14.9 33.4 9.9 October 95 33.4 47.0 15.0 November. 100 36.5 48.1 15.5 1933—January 14.6 33.2 10.0 December.. 101 36.8 48.7 15.5 February... 14.1 32.9 10.5 March 12.3 31.1 10.9 1939—January 102 37.3 48.7 15.6 April 14.9 33.5 9.9 February... 101 37.0 48.6 15.4 May 18.5 38.2 11.5 March 101 36.3 48.7 15.7 June __ 23.7 42.6 12.1 April _ 97 35.2 48.3 14.0 July 29.0 44.1 12.7 May 97 34.2 48.6 14.6 August 27.5 41.0 13.2 June 102 36.9 49.6 15.9 September. 25.5 39.4 12.4 July 104 38.2 49.6 16.3 October 24.3 37.3 11.6 August 104 40.0 50.5 13.9 November. 20.6 36.7 11.7 September. 113 43.4 52.1 17.4 December.. 21.7 36.4 11.6 October 121 48.9 54.1 18.1 November. 124 50.3 55.0 18.2 1934—January 22.4 37.4 11.9 December.. 126 53.2 55.1 17.4 February... 25.0 38.0 12.1 March 26.8 39.0 13.0 1940—January.. _ 122 51.1 52.8 18.0 April. 28.2 39.1 12.2 February.. 116 46.8 51.5 17.4 May 28.9 38.8 12.3 March ••112 44.8 49.9 17.8 June 28.8 37.6 12.2 April 111 42.8 50.1 18.1 July 23.8 37.5 12.1 May 115 45.1 51.6 17.9 August 22.6 37.9 11.9 June 121 49.6 53.3 18.0 September. 21.9 35.7 11.9 July P121 P49.8 P52.8 October 21.6 38.0 11.8 »• Revised. p Preliminary. SEPTEMBER 1940 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1000-1007 Gold production 1008 Gold movements 1008 International capital transactions of the United States 1009-1013 Central banks 1014-1017 Bank for International Settlements 1018 Money rates . 1018 Discount rates of central banks 1019 Commercial banks 1019-1020 Foreign exchange rates 1021 Price movements: Wholesale prices 1022 Retail food prices and cost of living 1023 Security prices 1023 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. SEPTEMBER 1940 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, 1913—APRIL 1940 [In millions of dollars] Aus- Date Total i S U t n at i e te s d 2 Albania Algeria A t r i g n e a n- t A ra u l s ia - Austria H t g ri a u a r — n y - C g B o i e n a l g n - o g B iu e m l- Bolivia Brazil B I r n i d ti i s a h g B a u ri l a - $1=25 */io grains of gold nine-tenths fine; i. e. an ounce of fine gold=$20.67 1913—Dec... 4,858. 9 1, 290.4 8.2 256 1 22 0 251.4 48.1 2.6 89.6 123.9 10.6 1914—Dec. 5,344. 5 1,206. 5 5.2 241 5 39.0 213.8 51.0 2.6 44.8 80.1 10.6 1915—Dec. 6,241.1 1,706.9 5.4 238.9 73.6 138.8 50.7 2.6 24.6 67.9 11.8 1916—Dec... 6, 630. 3 2, 202. 2 5.6 265 5 78.4 58 8 50.7 2.7 24.6 78.1 13.1 1917—Dec. 7,147.4 2, 523.1 5.8 288.0 85.8 53.7 50.7 2.8 24.6 90.1 12.2 1918—Dec 6,815.8 2,657.9 5.8 304 5 104.0 53 1 51.1 7.1 26.2 64.2 12.4 1919—Dec 6,804. 6 2, 517. 7 5.9 336 7 116 9 45 1 51.4 6.1 26.2 128.8 7.1 1920—Dec 7,254.8 2,451.2 5.9 473 9 122.4 51.4 6.1 32.8 116.2 7.2 1921—Dec. 8,043.9 3,221. 2 5.9 472 4 124 2 51.5 6.1 42.6 118.3 7.3 1922—Dec.. 8,417.1 3, 505. 6 5.9 472 5 127.3 51.9 5.9 46.2 118.3 7.4 1923—Dec 8,651.1 3,833.7 5.9 466 5 131.2 1.3 52.2 5.9 48.7 108.6 7.6 1924—Dec. 8,976. 3 4,090.1 5.9 443.9 129.6 1.6 52.5 5.9 53.8 108.6 7.8 1925—Dec 8,997.0 3,985. 4 5.9 450 6 162.5 2.1 52.9 6.6 54.3 108.6 8.0 1926—Dec. 9,233. 4 4,083.4 .3 6.1 450 6 109.6 7.4 86.2 6.9 56.3 108.6 8.5 1927—Dec. 9, 592.8 3,977.2 .3 6.0 529.1 106.0 11.9 .7 99.9 6.9 100.7 119.1 9.2 1928—June 9, 790.8 3,732.1 .3 6.1 622.0 110.7 16.5 .8 110.1 6.9 139.7 119.1 9.4 July 9,881. 7 3, 737. 2 .3 7.2 621 6 111.1 16.7 .8 111.6 /ft. 9 139.9 119.1 9.4 Aug 9,924. 7 3,749.3 .3 7.3 621.2 110.9 18.9 .8 111.9 /6.9 143.1 119.1 9.4 Sept 9,970.2 3,752.0 .2 7.3 620 9 107.7 18.9 .8 112.2 /6.9 143.3 119.1 0.4 Oct 9,993.9 3,769.1 .2 7.3 610.7 107.4 23.8 .9 113.0 /6.9 145.6 119.1 9.5 Nov 10,042.5 3, 753.9 .2 8.1 610 5 107.7 23.7 1.0 115.3 /6.9 148.4 120.3 9.5 Dec 10,057.4 3,746.1 .2 8.1 607.3 109.4 23.7 1.0 125.6 9.0 148.6 124.0 9.5 1929—Jan 10,087.8 3,745.6 .2 8.1 605.1 109.7 23.7 1.0 125.8 /9.0 148.7 128.0 9.6 Feb..... 10, 111. 1 3,775.9 .2 8.1 602 6 110.2 23.7 1.0 126.0 /9.0 150.4 128.0 9.6 Mar..... 10,137.7 3,813.6 .3 8.1 585.3 110.5 23.7 1.0 126.2 /9.0 150.4 128.1 9.7 Apr 10,095.1 3,888.7 .3 8.1 569 2 111.3 23.7 1.0 133.7 /9.0 150.4 128.0 9.7 May.... 10,162. 5 3,930. 9 .3 8.1 560.2 108.4 23.7 1.0 133.9 /9.0 150.5 128.1 9.8 June 10,175.4 3,955.9 .3 8.1 524.9 108.3 23.7 1.0 139.5 9.4 150.6 128.1 9.9 July.... 10,190.7 3,974.4 .3 8.1 512.7 111.0 23.7 1.0 140.7 7.0 150.8 128.0 9.9 Aug 10,279. 9 3,995.0 .3 8.1 507.0 116.2 23.7 1.0 140.9 7.0 151.0 128.1 10.0 Sept.... 10, 304. 2 4,007. 9 .3 8.1 495.6 118.8 23.7 1.0 142.2 3.4 151.1 128.1 10.0 Oct 10,335.4 4,023.0 .3 8.1 476.4 112.5 23.7 1.0 142.8 3.4 151.3 128.1 10.0 Nov 10, 337.8 4,002.9 .3 8.1 450 7 97.5 23.7 1.0 150.6 3.4 151.4 128.1 10.0 Dec 10, 335. 6 3,900. 2 .3 8.1 433.9 89.5 23.7 1.0 163.4 3.4 150.4 128.1 10.0 1930—Jan.... 10,400.1 3, 921. 2 .3 8.1 445.5 89.1 23.7 1.1 163.6 3.4 138.6 128.3 10.0 Feb... 10,469.4 3,987.8 .3 8.1 448 5 123.8 23.7 1.1 163.8 4 126.6 128.3 10.1 Mar... 10, 546.2 4,060. 5 .3 8.1 445.0 132.7 23.7 1.1 164.1 4 126.5 128. 3 10.1 Apr... 10, 611. 6 4,131. 3 .3 8.1 441 8 113.7 23.7 1.1 164.4 4 89.8 128.3 10.1 May.. 10, 652. 4 4,158. 7 .4 8.1 441.3 92.0 23.7 1.1 166.8 4 89.9 128.3 10.2 June- 10, 710.9 4,177. 6 .4 8.1 440.3 97.5 23.7 1.1 167.0 4 89.4 128.3 10.2 July.. 10,741.8 4,160.4 .3 8.1 436.4 97.8 23.7 1.1 167.3 7 79.8 128.3 10.2 Aug... 10,824.0 4,147. 7 .3 8.1 433.9 97.9 23.7 1.1 168.2 n 68.7 128.3 10.3 Sept.. 10,859. 6 4,159. 5 .3 8.1 433. 9 98.5 30.2 1.1 173.4 0 64.7 128.3 10.3 Oct... 10,888.3 4,184.3 .4 8.1 429.1 79.5 30.2 1.1 180.0 1.0 31.8 128.3 10.4 Nov._. 10,931. 5 4,220. 5 .4 8.1 417.2 75.0 30.2 1.1 180.3 1.0 20.3 128.3 10.4 Dec. 10,944.1 4,225.1 .4 8.1 412.0 75.3 30.2 1.1 190.8 1.0 10.5 128.3 10.5 1931—Jan... 10,991. 9 4, 285. 3 .4 8.1 397 3 75.7 30.2 1.1 191.3 1.0 128.3 10.5 Feb... 11,049. 8 4,309.0 .4 8.1 389.6 76.2 30.2 1.1 196.8 1.0 .2 128.3 10.6 Mar.. 11,113. 7 4,343. 2 .4 8.1 378 4 76.6 30.2 1.1 200.1 1.0 .2 135.2 10.6 Apr... 11,144. 5 4,373. 5 .4 8.1 369.9 73.8 30.2 1.1 200.9 1.0 .1 141.4 10.7 May.. 11,254.4 4,445.4 .4 8.1 362.2 74.3 30.2 1.1 201.3 1.0 .3 147.3 10.7 June- 11,300.6 4, 592. 9 .4 8.1 350 3 v 75.2 30.2 1.1 199.4 1.0 150.7 10.8 July.. 11,248.9 4,586. 5 .5 8.1 322.1 65.6 30.2 1.1 213.8 1.0 .2 158.0 10.8 Aug... 11,327.4 4,632. 0 .6 8.1 309.3 51.6 30.2 1.1 220.8 1.0 .1 161.8 10.9 Sept.. 11, 307.8 4,364.4 .6 8.2 281.2 51.8 26.7 1.0 346.4 1.0 .3 161.8 10.9 Oct... 11,172.8 3,905.3 .8 8.2 269.8 52.6 26.7 2.2 356.9 4.4 .1 161.8 10.9 Nov.. 11, 282. 6 4,031.4 1.0 8.2 264.8 51.5 26.7 2.2 355.6 4.4 .1 161.8 10.9 Dec. 11,322.9 4,051.5 1.0 8.2 252.7 51.6 26.7 2.3 354.4 5.0 .3 161.8 10.9 1932—Jan 11, 374. 2 4,009.0 1.0 8.2 251.6 51.5 25.2 2.3 352.3 5.7 1.1 161.8 10.9 Feb.... 11,453. 6 3,947. 3 1.0 8.2 248.9 51.7 25.2 2 3 351.3 6.2 .7 161.8 10.9 Mar.... 11, 535. 2 3,986.1 1.0 8.2 248.9 51.6 25.2 2.3 349.5 6.3 .2 161.8 10.9 Apr 11, 551.1 3,955. 5 1.0 8.2 248.9 51.6 25.2 2.3 350.7 6.7 .4 161.9 10.9 May... 11, 452. 4 3,717.2 1.1 8.2 248.9 51.9 23.1 2.3 353.3 7.1 .2 161.9 10.9 June- 11, 384. 2 3,465.8 1.1 8.2 248.8 51 9 21 0 2 3 356.7 7.3 161.9 10.9 July... 11,456. 3 3,522. 5 1.1 8.2 248.8 42.2 21.0 2.2 365.3 C7.3 .2 161.9 10.9 Aug.... 11, 599. 4 3,638.8 1 1 8.2 248 8 42 3 21 0 2 1 363 5 7 3 161.9 10.9 Sept.... 11, 730. 5 3,748.1 1.1 8.2 248.8 42.4 21.0 2.1 359.0 6.7 .2 161.9 10.9 Oct 11,825.0 3,819.1 1.1 8.2 248.8 42.1 21.0 1.9 362.9 6.5 161.9 10.9 Nov 11,897. 2 3,885.1 1.1 8.2 248.8 42.0 21.0 1.7 362.5 5.2 .2 161.9 10.9 Dec... 11,933.0 4,044. 5 1.1 8.2 248.8 42.1 21.0 1.7 360.8 5.2 .2 161.9 10.9 1933—Jan.... 11, 955. 7 4,074.2 1.1 8.2 248.8 42.1 21.0 1.7 362.1 C4.9 .1 161.9 10.9 Feb... 11, 770.1 3,808. 5 1.1 8.2 248.8 42.1 21.0 1.7 365.6 c4.5 161.9 10.9 Mar... 11,966. 9 3,915.8 1.1 8.2 248.8 20.9 21.0 1.7 371.0 4.5 .2 161.9 10.9 Apr... 12,004.8 3,977.0 1.1 8.2 248.8 3.5 21.0 1.7 371.3 3.5 .2 162.0 10.9 May.. 11,917.7 3, 991. 5 1.4 8.2 248.8 3.2 21.0 1.7 371.3 c3.6 .1 162.0 10.9 June.. 11,888.6 3,996. 6 1.4 8.2 248.8 3.2 21.1 1.7 372.2 3.3 .4 162.0 11.0 July.. 11,977.0 4,000.6 1.4 8.2 248.8 3.3 21.1 1.7 374.0 2.5 .6 162.0 11.0 Aug... 12,034. 5 4,009. 2 1.4 8.2 248.8 3.3 21.1 1.7 375.3 2.5 .2 162.0 11.0 Sept.. 12,084. 8 4,011.4 1.4 8.2 248.8 3.5 23.9 1.7 376.4 2.0 .3 162.0 11.0 Oct... 12,102. 9 4,011.2 1.4 8.3 248.8 3.3 23.9 1.7 376.7 2.1 .2 162.0 11.0 Nov.. 12,007. 3 4,012. 0 1.4 8.3 243.9 3.6 23.9 1.7 378.2 1.5 .4 162.0 11.0 Dec. 11,976. 3 4,011.9 1.4 8.3 239.1 3.3 26.6 1.7 380.0 1.5 .2 162.0 11.1 1934—Jan... 12,000.9 4,033.3 1.4 8.3 239.1 3.5 26.6 1.7 381.6 1.5 .5 162.0 11.1 NOTE.—For footnotes, see opposite page. Figures for other countries are shown on subsequent pages. 1000 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments, 1913—April 19U0, Continued [In millions of dollars] Date Total » U S n ta i t t e e s d Albania Algeria A t r i g n e a n- t A ra u l s i - a Austria C g B o i e n a l n g - o g B iu el m - Bolivia Brazil B I r n i d ti i s a h g B a u ri l a - $l=155/zi grains of gold nine-tenths fine; i. e. an ounce of fine gold=$35 1934—Jan.3_. 20,313.0 6,828. 8 2.4 14.0 404.7 5.9 45.0 2.9 646.2 2.6 .8 274.4 18.9 Feb... 20,603.8 *7,438.3 2.4 14.0 404.7 6.0 45.0 2.9 638.9 4.2 1.0 274.4 18.9 Mar.., 20,811.1 7,694.4 2.4 14.0 404.7 5.5 45.1 2.9 635.5 4.3 1.4 274.4 18.9 Apr... 20,908. 6 *7, 756. 6 2.3 14.0 404.7 5.5 45.2 2.9 636.4 4.3 1.8 274.5 18.9 May.. 21,043.5 7, 779. 0 2.3 14.0 404.7 5.6 45.2 2.9 635.3 4.4 2.3 274.5 18.9 June- 21,250.0 7,856.2 2.3 14.0 404.7 5.4 45.3 2.9 624.5 2.4 2.7 274.5 18.9 July.. 21, 386.9 7,930. 6 2.3 14.0 404.7 5.6 45.3 2.9 618.1 2.7 3.4 274.5 18.9 Aug... 21, 573. 5 7,977.9 2.3 14.0 403.4 5.6 45.3 2.9 623.1 2.7 4.5 274.5 18.9 Sept.. 21, 617. 2 7,978.3 2.3 14.0 403.4 5.7 45.3 2.9 626.4 2.7 5.2 274.5 18.9 Oct... 21,679. 6 8,001.8 2.3 14.0 403.4 5.2 45.4 2.9 609.2 2.8 6.2 274.5 18.9 Nov.. 21,742. 5 8,131. 7 2.3 14.0 403.4 5.4 45.4 2.9 589.2 2.8 6.9 274.5 18.9 Dec... 21,867.1 8,238.0 2.3 14.0 403.4 5.6 45.4 2.9 589.6 2.8 7.5 274.5 18.9 1935—Jan... 21,979.8 8,391. 3 2.3 14.1 403.4 5.2 45.4 2.9 598.7 2.8 8.3 274.5 18.9 Feb... 22,128. 2 8, 526. 6 2.3 14.0 403.4 5.2 45.4 2.9 595.8 2.9 8.9 274.5 18.9 Mar.,. 22,207. 6 8, 567.0 2.3 14.0 403.4 5.5 45.4 2.9 531.7 2.9 9.6 274.5 19.1 Apr... 21,981.4 8, 710.4 2.3 14.0 403.4 5.5 45.4 2.9 *517.5 2.9 10.3 274.5 19.1 May.. 21, 599.1 8,858. 5 2.5 14.0 420.4 5.5 45.4 2.9 605.3 2.9 11.0 274.5 19.3 June- 21,808. 5 9,115. 6 2.5 14.0 420.4 5.8 45.4 2.9 634.0 3.0 11.9 274.5 19.3 July.. 21,805.0 9,143. 5 2.5 14.0 420.4 5.5 45.4 2.9 624.1 3.3 12.7 274.5 19.3 Aug... 21,892.6 9,203.0 2.5 14.0 420.4 5.5 45.4 2.9 611.8 3.1 13.8 274.5 19.3 Sep.. 22,067.2 9,368.0 2.5 14.0 420.4 5.7 45.5 2.9 603.8 3.2 14.5 274.5 19.3 Oct... 21,619.8 9, 693.3 2.5 14.0 441.1 5.4 45.5 2.9 609.2 3.3 15.3 274.5 19.3 Nov... 21, 535.8 9,920.0 2.5 14.0 441.1 5.4 45.5 2.9 614.6 3.3 16.0 274.5 19.3 Dec. 21,704.3 10,125.2 2.5 14.0 443.7 5.6 45.8 2.9 610.5 3.4 16.7 274.5 19.4 1936—Jan... 21,679.3 10,182.4 2.5 14.0 443.7 2.6 45.8 2.9 600.4 3.4 17.2 274.5 19.4 Feb.. 21,732. 5 10,166. 9 2.5 14.0 443.7 2.9 45.8 2.9 593.1 3.5 17.8 274.5 19.4 Mar.. 21,768. 3 10,184.0 2.5 14.0 437.9 3.0 45.8 2.9 586.2 3.5 18.8 274.5 19.4 21, 524.2 10,225.1 2.5 14.0 437.9 3.2 45.8 2.9 581.2 3.6 19.4 274.5 19.4 May- 21,418.4 10,401. 8 2.5 14.0 437.9 3.1 45.8 2.9 609.7 3.6 20.1 274.5 19.6 June- 21,458. 4 10, 608. 4 2.5 14.0 435.2 3.2 45.8 2.9 637.7 3.6 20.6 274.5 19.6 July.. 21,795.0 10,647. 6 2.5 14.0 435.6 3.3 45.8 2.9 633.3 3.7 21.4 274.5 19.6 Aug... 21,922. 5 10, 716.0 2.5 14.0 441.1 2.9 45.8 2.9 631.7 3.7 22.1 274.5 19.6 Sept.. 21,835. 6 10,845.1 2.5 14.0 436.9 2.8 45.8 2.9 631.5 3.7 22.7 274.5 19.7 Oct... 21,893. 8 11,044. 7 2.5 14.0 455.5 2.6 45.8 2.9 621.2 3.7 23.3 274.5 19.7 Nov.. 22,095.1 11,184.3 2.5 14.0 451.8 3.4 45.8 2.9 630.1 3.7 23.9 274.5 19.7 Dec... 22,716.4 11,257. 6 2.5 14.0 500.7 3.7 45.7 2.9 631.9 3.9 24.5 274.5 20.2 1937-Jan 22,747.7 11,357.7 2.5 14.0 487.1 3.5 45.7 2.9 625.3 3.9 25.1 274.5 20.8 Feb..... 22,893. 7 11,435.9 2.5 14.0 489.3 3.0 45.7 2.9 625.5 4.0 25.6 274.5 21.4 Mar..... 23,058.4 11, 573.8 2.5 14.0 487.2 2.7 45.7 2.9 618.9 2.8 26.2 274.5 21.4 Apr 23, 291.4 11, 799. 3 2.5 14.0 493.8 2.7 45.7 2.9 606.7 2.9 27.0 274.5 21.4 May 23, 616. 5 11,990. 5 2.5 14.1 483.1 2.8 45.7 2.9 608.7 2.9 27.5 274.5 21.5 June 23,929.4 12,318. 3 2.5 14.1 496.1 2.8 45.8 2.9 625.2 3.0 28.1 274.5 21.9 July.... 23,740. 7 12,445. 6 2.5 14.1 486.8 3.1 45.8 2.9 617.4 2.9 28.7 274.5 22.0 Aug.... 23, 676. 4 12, 567. 2 2.5 14.1 476.8 3.1 45.8 2.9 607.1 3.0 29.2 274.5 22.4 Sep 23,817. 2 12, 741. 5 2.5 14.1 481.1 3.3 45.8 2.9 590.4 3.1 29.9 274.5 22.4 Oct 23,929. 5 12,803.4 2.5 14.1 479.3 3.3 - 45.8 4.6 572.5 3.1 30.4 274.5 22.8 Nov 24,053.1 12, 774.1 2.5 14.1 470.7 3.3 45.8 4.6 569.8 3.2 31.1 274.5 23.2 Dec 24,045.4 12,760.2 2.5 14.1 469.0 2.9 45.8 4.6 597.4 3.1 31.6 274.5 24.3 1938—Jan... 24,117.6 12, 755. 5 2.5 14.1 462.7 3.0 45.8 4.6 598.9 3.1 32.2 274.5 24.3 Feb.- 24,025.4 12, 776.2 2.5 14.1 457.7 3.0 45.8 4.6 592.8 3.1 30.2 274.5 24.3 Mar.. 24,009. 4 12,794.7 2.5 14.1 447.3 2.9 4 45.8 4.6 530.9 3.1 30.8 274.5 24.3 Apr- 23,846.8 12,868.9 2.5 14.1 442.4 3.2 4.6 529.4 3.2 31.3 274.5 24.3 May.. 23,829.4 12,918. 8 2.5 14.1 439.9 3.0 5.6 456.4 3.2 31.9 274.5 24.3 June- 23,897.1 12,963.0 2.5 14.1 439.5 2.8 5.6 480.7 3.3 32.5 274.5 24.3 July.. 23,884.8 13,017.4 2.5 14.1 434.7 2.9 5.6 500.8 3.3 33.0 274.5 24.3 Aug... 24,047.7 13,135. 7 2.5 14.1 434.7 3.2 5.6 516.5 3.3 33.7 274.5 24.3 Sept.. 24,730. 6 13, 759. 6 2.5 14.1 434.7 3.2 5.6 539.1 3.3 34.4 274.5 24.4 Oct... 25,078. 2 14,064. 5 2.5 14.1 434.0 3.3 5.6 562.4 o o 32.6 274.5 24.4 Nov... 25, 363. 5 14,312.1 2.5 14.1 434.0 2.9 5.6 584.1 3! 4 33.5 274.5 24.4 Dec... 25, 544.4 14, 511. 6 2.5 14.1 431. 2 2.6 5.6 581.0 3.4 32.4 274.5 24.5 1939—Jan... 24,079.6 14,681. 7 2.5 14.1 431.2 2.8 5.6 582.2 3.4 32.9 274.5 24.5 Feb... 24,251.8 14,874.4 2.5 14.1 431.2 2.8 5.6 588.4 3.4 32.6 274.5 24.5 Mar... 24,464.0 15, 258. 2 2.5 14.1 427.8 2.9 5.6 518.5 3.5 33.4 274.5 24.5 25,018. 7 15, 790. 6 2.5 14.1 427.8 3.1 5.6 519.6 3.6 33.8 274.5 24.5 May- 25,194. 5 15,956. 7 2.5 14 1 427.8 3.0 5.6 523.6 3.5 32.9 274.5 24.5 June.. 25,345.1 16,110.1 2.5 14.1 427.8 2.9 5.8 540.1 3.6 33.7 274.5 24.5 July.. 25, 566. 5 16, 238.0 2.5 14.1 427.0 3.1 5.8 573.1 3.6 34.4 274.5 24.5 Aug... 26,172.0 16,645. 7 2.5 14.1 431.2 3.1 5.8 614.0 3.6 35.4 274.5 24.5 Sept.. 25, 308.1 16,931.5 2.5 14.1 448.7 4.6 5.8 615.0 3.4 36.2 274.5 24.5 Oct... 25,461. 4 17,091.4 2.5 14.1 448.7 4.3 5.8 610.7 3.6 37.3 274.5 24.5 Nov... 25, 672. 0 17,358.5 2.5 14.1 452.6 3.2 5.8 608.4 3.7 38.3 274.5 24.5 Dec... 25, 776. 2 17,643.6 2.5 14.1 466.0 4.2 5.8 609.1 3.7 39.5 274.5 24.5 1940—Jan 25, 983. 2 17,931.0 2.5 .5 466.0 6.1 5.8 /609.1 3.7 40.7 274.5 24.5 Feb..... 26, 273. 8 18,177.0 2.5 14.0 472.0 3.6 /5.8 /609.1 3.7 41.5 274.5 24.5 Mar..... 25, 776. 6 18,433.1 2.5 14.0 482.5 4.7 /5.8 /609.1 3.7 42.2 274.5 24.5 Apr..... 26,016.1 18,769.9 /2.5 14.0 5 403. 2 4.9 _ _ '5.8 /609.1 3.7 44.3 274.5 24.5 / Figure carried forward from last previous official report, as represented by last previous figure without footnote f. • Change from previous month associated with special internal gold transfer; these transfers listed in chronological order in text on p. 926. i Totals are incomplete and not fully comparable since additional central gold reserves may have existed on any particular report date in countries for which figures are not included in the tables on that date, or in unreported holdings of countries for which figures are included; also, certain component figures in the totals for many dates are carried forward from previous official reports (see footnote /)• For special reports on certain government gold holdings not included in the figures presented herewith, See table on p. 926. a Differences prior to Jan. 1934 between these figures and those previously published elsewhere in the BULLETIN and the Annual Report for total monetary gold stock of the United States are due to the inclusion in the latter of gold coin in circulation. 3 Figures given in terms of new par only for purposes of comparison; new parity did not become effective until after close of business Jan. 31,1934. * Figure for Mar. 7. By decree of Mar. 17,1938, Austrian National Bank absorbed by German Reichsbank. «Reports on certain Argentine gold reserves no longer available. SEPTEMBER 1940 1001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments, 1913--April 19^0, Continued [In millions of dollars] Date C a a d n a - Chile China Co b lo ia m- C v z a S e k l c o i h - a o D z a ig n- m De a n rk - E d c o u r a- Egypt v S a E d a l l o - r E n s i t a o- l F a i n n d - France Ger- $1=25 8/io grains of gold nine-tenths fine; i. e. an ounce of fine gold=$20.67 1913—Dec... 116.6 19.7 10.5 7.0 678.9 278.7 1914—Dec. . 99.1 1.3 24.5 21.6 8.2 802.6 *498.5 1916—Dec. . 126.5 1.3 29.8 35.7 8.2 968.0 582.4 1916—Dec.. 131.6 1.3 42.8 29.6 8.2 652.9 600.4 1917—Dec. . 139.8 9.0 46.6 19.2 8.2 639.7 573.2 1918—Dec. . 129.8 23.4 52.2 16.5 8.2 664.0 538.9 1919—Dec. . 129.7 24.4 2.8 60. 16.5 8.2 694.8 259.5 1920—Dec. . 112.6 32.9 4.5 61.0 16.5 2.4 8.2 685.5 260.0 1921—Dec. . 95.1 34.0 12.5 61.2 16.5 2.0 .1 8.2 690.1 237.1 1922—Dec . 146.6 34.0 20.5 61.2 16.5 2.8 1.5 8.4 708.4 239.4 1923—Dec.. 127.2 34.0 4.9 26.9 56.2 16.5 3.0 8.2 709.5 111.2 1924—Dec _. 151.5 34.0 9.3 27.1 56.1 16.5 4.4 1.4 8.4 710.4 180.9 1925—Dec... 156.8 34.0 14.6 27.1 56.1 16.6 5.4 1.3 8.4 711.0 287.8 1926—Dec... 158.1 10.3 18.4 27.2 56.0 17.5 5.9 1.4 8.3 711.1 436.2 1927—Dec.. 152.0 7.4 20.5 29.8 48.8 2.0 18.5 5.1 1.4 8.0 954.0 444.2 1928—June.. 104.4 7.3 22.8 29.8 48.7 1.0 18.7 5.1 2.8 7.8 1,136.4 496.4 July.. 98.4 7.4 23.7 30.3 48.7 1.0 18.8 5.1 2.7 7.8 1,172. 8 524.0 Aug... 100.5 7.4 23.9 31.3 48.7 1.0 18.8 5.1 2.7 7.8 1,189. 8 535.5 Sept.. 105.6 7.4 24.0 32.5 46.3 1.0 18.9 5.1 2.7 7.7 1, 200.4 571.0 Oct... 107.6 7.4 24.3 32.5 46.3 1.0. 18.9 5.1 2.7 7.7 1,206.8 603.3 Nov.. 132.9 7.4 24.4 32.5 46.3 1.1 17.5 5.1 1.7 7.7 1, 238. 7 624.9 Dec... 113.9 7.4 24.3 34.4 46.3 1.1 17.7 4.9 1.7 7.7 1, 253. 5 650.1 1929—Jan.... 78.6 7.4 24.5 34.3 46.3 1.1 17.8 4.9 1.7 7.7 1,332. 6 650.1 Feb... 78.3 7.4 24.6 34.3 46.3 1.1 17.8 4.9 1.7 7.6 1,334. 3 650.0 Mar.. 77.5 7.4 24.7 34.3 46.3 1.1 17.8 4.9 1.7 7.6 1,340.1 639.0 Apr... 78.1 7.4 24.9 34.3 46.3 1.1 17.9 4.9 1.7 7.6 1,402. 9 450.6 May.. 78.4 7. 25.1 34.3 46.3 1.1 18.0 4.9 1.7 7.6 1, 434.6 420.3 June- 76.3 7.6 25.2 34.3 46.3 1.1 18.0 4.9 1.7 7.6 1,435. 7 455.3 July.. 76.4 7.6 25.3 34.3 46.2 1.1 18.1 4.9 1.7 7.6 1,462.1 511.7 Aug... 76.9 7.7 25.5 34.3 46.2 1.1 18.2 4.9 1.7 7.6 1, 526.1 520.1 Sept.. 77.1 7.7 24.3 34.3 46.2 1.1 18.4 4.9 1.7 7.6 1,544.9 526.9 Oct... 77.3 7.7 22.9 35.3 46.2 1.1 18.6 4.9 1.7 7.6 1, 570. 0 531.0 Nov... 77.6 7.7 22.8 37.3 46.2 1.1 18.8 4.9 1.7 7.6 1, 599. 7 533.7 Dec... 77.6 7.7 21.8 37.4 46.2 1.1 18.8 4.6 1.7 7.6 1, 633.4 543.8 1930-Jan _ 77.9 7.7 20.7 37.3 46.2 1.1 18.9 4.6 1.7 7.6 1, 682. 5 547.2 Feb _ 78.4 7.7 20.7 37.4 46.2 1.1 19.0 4.6 1.7 7.6 ., 679. 9 582.3 Mar 78.5 7.7 20.0 37.4 46.2 1.1 19.0 4.6 1.7 7.7 "\2 594.5 Apr _ 79.3 7.7 20.3 37.4 46.2 1.1 19.0 4.6 1.7 7.6 1.2 611.1 May _ 80.1 7.7 .1 20.7 38.9 46.2 1.1 19.1 4.6 1.7 7.6 .', 717. 3 617.2 June 80.9 7.7 1.0 20.0 38.9 46.2 1.1 19.3 4.6 1.7 7.6 ,726.8 623.8 July 94.2 7.7 1.0 19.8 41.9 46.2 1.1 19.5 4.6 1.7 7.6 1, 775.1 623.8 Aug _ 100.4 7.7 1.0 19.6 41.9 46.2 1.1 19.6 4.6 1.8 7.6 1, 851. 9 623.8 Sept 109.9 7.5 1.0 20.0 41.8 46.1 1.1 19.7 4.6 1.8 7.6 1, 898. 5 590.5 Oct _ 121. 8 7.5 1.0 19.1 43.8 46.1 1.1 19.9 4.6 1.8 7.6 1,991. 6 519.3 Nov 129.1 7.6 1.0 17.8 45.8 46.1 1.1 20.0 4.6 1.8 7.6 2,037.1 519.3 Dec _ 109.8 7.5 1.0 17.0 45.8 46.1 1.1 20.1 3.7 1.8 7.6 2,100. 2 527.8 1931-Jan... 91.5 7.5 2.5 14.4 45.7 46.1 1.1 20.2 3.7 1.8 7.6 2.176.0 534.6 Feb... 93.7 7.5 5.6 14.7 45.7 46.1 1.1 20.4 3.7 1.8 7.6 2,192. 2 544.3 Mar.. 96.3 7.5 6.7 12.2 45.6 46.1 1.1 20.5 3.7 1.7 7.6 2.199.8 553.4 Apr... 99.3 7.5 12.5 45.6 46.1 1.1 20.5 3.7 1.7 7.6 2.180.1 564.2 May- 101.9 7.6 9.6 45.6 46.1 1.1 20.6 3.7 1.7 7.6 2.180.9 569.4 June.. 86.6 7.7 9.8 45.6 46.0 1.1 20.8 3.7 1.8 7.6 2, 211.9 338.5 July.. 86.9 7.7 10.1 45.5 46.0 1.1 20.9 3.7 1.8 7.6 2, 289. 6 324.7 Aug... 88.6 7.7 2.5 10.4 45.3 2.1 46.0 1.1 20.8 3.7 1.8 7.6 2, 295. 7 325.4 Sept.. 82.9 7.7 3.4 7.9 45.0 3.1 44.0 1.1 20.9 3.7 1.8 7.6 2, 326.4 309.8 Oct... 86.3 8.1 10.7 45.9 4.2 44.0 1.1 20.9 3.7 1.8 7.7 2, 534. 2 272.6 Nov.. 82.1 8.1 10.4 46.4 4.3 38.7 1.1 20.9 3.7 1.8 7.7 2, 659. 5 239.4 Dec. 77.6 12.1 48.8 4.2 38.7 1.1 20.9 3.5 1.8 7.7 ' "9.4 234.4 1932—Jan... 79.8 12.1 6.5 48.8 4.2 39.4 1.1 20.9 3.5 2.0 7.7 2, 807. 7 225.8 Feb... 77.6 11.4 1.2 6.9 48.7 4.2 38.7 2.0 22.6 3.5 2.0 7.7 2, 942. 3 221.2 Mar.. 76.7 11.5 1.6 7.3 48.6 4.2 38.7 2.7 30.8 3.5 2.0 7.7 3,011. 8 209.3 Apr... 76.9 11.6 1.9 7.7 48.6 4.2 38.7 2.8 31.7 3.5 2.0 7.7 3, 052. 2 204.6 May.. 77.8 11.6 2.0 10.7 48.6 7.2 38.7 2.8 32.9 3.5 2.0 7.7 3,115. 2 205.5 June.. 78.3 11.6 1.1 12.5 48.6 7.4 35.9 2.8 32.9 3.5 3.1 7.7 3, 218. 3 198.2 July.. 78.8 11.7 1.3 13.0 48.6 6.2 35.7 2.9 32.9 3.5 3.1 7.7 3, 221. 0 182.5 Aug... 79.6 11.7 2.0 13.4 48.6 4.2 35.7 2.9 32.9 3.5 3.1 7.7 3,223.8 183.0 Sept.. 80.9 11.3 1.7 12.8 49.1 4.2 35.7 2.9 32.9 3.5 3.1 7.7 3, 241.1 189.7 Oct... 84.6 10.5 1.2 11.3 49.1 4.2 35.7 2.9 32.9 3.5 3.1 7.7 3, 250,0 194.7 Nov... 86.3 10.1 1.6 11.6 50.1 4.2 35.7 2.9 32.9 3.5 3.7 7.7 3, 267.0 197.0 Dec... 84.1 10.2 2.7 11.9 50.5 4.2 35.7 3.0 32.9 3.6 4.1 7.7 3, 254.2 192.0 1933—Jan.... 84.3 10.3 1.7 12.4 50.6 4.2 35.7 3.0 32.9 3.6 4.1 7.7 3, 221.0 195.8 Feb.... 83.7 10.4 .8 12.7 50.6 4.4 35.7 3.0 32.9 3.6 4.8 7.7 3.175. 9 183.2 Mar... 81.0 10.5 1.8 13.3 50.6 4.5 35.7 3.0 32.9 3.6 4.8 7.7 3,152.0 175.9 Apr.... 77.1 10.7 3.5 13.9 50.6 4.5 35.7 3.0 32.9 3.6 4.8 7.7 3,169. 9 97.8 May.. 77.1 10.7 3.7 14.4 50.6 6.2 35.7 2.9 32.9 3.6 5.0 7.8 3,173. 3 88.7 June.. 76.8 10.9 3.9 14.8 50.6 6.2 35.7 2.9 32.9 3.6 5.0 7.8 3,184.7 45.0 July... • 77.1 11.0 3.6 14.9 50.6 6.8 35.7 2.9 32.9 3.6 5.2 8.1 3,213. 5 58.3 Aug... 77.1 11.0 2.5 15.1 50.6 6.5 35.7 2.9 32.9 3.6 5.2 8.1 3, 223. 3 73.2 Sept... 77.1 11.4 3.4 15.2 50.6 6.2 35.7 2.9 32.9 3.6 5.2 8.1 3, 218.1 87.5 Oct.... 77.5 11.3 5.4 14.8 50.6 6.0 35.7 2.9 32.9 3.6 5.4 8.1 3.176. 5 94.3 Nov... 77.3 11.4 7.9 14.5 50.5 5.8 35.7 2.9 32.9 3.6 5.4 8.1 3,050. 6 96.6 Dec... 77.1 11.6 5.2 13.9 50.6 5.8 35.7 2.9 32.9 3.6 5.4 8.1 3,022. 2 92.0 1934—Jan.. 77.0 11.7 7.8 14.3 50.5 5.9 35.7 2.9 32.9 5.4 8.1 3,020.6 NOTE.—For footnotes, see opposite page. 1002 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments, 1913—April 1940, Continued [In millions of dollars] Date C ad an a - Chile China Co b lo ia m- C v z a s e l k o c i h - a o * - D z a ig n- m D a e r n k - E d c o u r a- Egypt v S a E d a l l o - r E n s i t a o- l F a i n n d - France m G a e n r y - $1=15 5/2i grains of gold nine-tenths fine; i. e. an ounce of fine gold=$S5 1934—Jan.*_. 130.4 19.8 13.1 24.2 85.7 9.9 60.4 4.9 55.8 6.1 9.1 13.7 5,108. 7 151.7 Feb._. 129.9 20.1 13.1 24.2 111.5 9.9 60.4 5.1 54.8 6.1 9.3 13.7 4,904.3 134.5 Mar.. 130.2 19.9 9.4 24.6 111.2 9.9 60.4 5.6 54.8 6.1 9.3 13.7 4,946.9 95.6 Apr._. 130.5 20.0 10.9 23.5 111.3 8.6 60.4 5.7 54.8 6.1 9.3 13.7 5,022.6 82.7 May- 130.4 20.2 7.9 23.9 111.3 8.9 60.4 5.8 54.8 6.1 9.3 13.7 5,136.0 52.5 June.. 132.3 20.2 8.3 25.0 111.3 8.9 60.4 5.2 54.8 6.1 9.3 13.7 5,274.0 28.3 July.. 132.7 23.8 8.4 26.3 111.3 8.9 60.4 5.3 54.8 5.6 9.3 13.7 5,320. 7 30.2 Aug... 131.3 27.6 9.6 25.9 111.3 8.9 60.4 5.3 54.8 5.6 9.3 13.7 5,439.0 30.2 Sept.. 131.3 28.2 10.2 24.2 111.4 8.6 60.4 5.2 54.8 5.6 12.6 13.7 5,455. 2 30.3 Oct... 132.0 28.8 11.8 21.8 111.8 8.6 60.4 5.3 54.8 6.0 12.6 13.7 5,468.1 33.3 Nov... 133.4 28.7 10.8 21.1 111.9 7.9 60.4 5.2 54.8 6.0 12.6 13.7 5,443.0 31.7 Dec... 133.9 28.9 7.3 19.3 112.0 7.8 60.4 5.4 54.8 6.0 12.6 13.7 5,444.8 31.9 1935—Jan... 131.8 29.2 9.6 15.2 112.1 6.8 60.4 5.4 54.8 6.0 12.6 13.7 5,437. 5 32.2 Feb... 135.0 29.2 8.0 14.5 112.2 6.6 60.4 5.1 54.8 6.0 12.6 13.7 5,439. 2 32.3 Mar.. *190.0 29.2 8.9 13.7 112.2 6.6 60.4 5.1 54.8 6.0 13.0 13.7 5,478. 7 32.6 Apr... 187.5 29.2 8.9 13.6 112.3 4.4 60.4 5.1 54.8 6.0 13.1 13.7 5, 365. 8 33.0 May- 188.6 29.2 11.6 14.4 112.3 4.4 60.4 5.5 54.8 6.0 14.3 13.7 4,758. 9 33.2 June.. 187.9 29.3 10.0 14.2 112.5 3.0 60.4 5.9 54.8 6.1 14.9 13.8 4, 708. 5 34.5 July.. 188.0 29.3 6.3 14.2 112.7 3.2 60.4 4.4 54.8 6.2 14.9 13.8 4, 725. 6 37.9 Aug... 192.8 29.3 5.1 14.2 112.6 3.2 53.5 5.1 54.8 6.2 14.9 17.1 4, 756. 5 38.2 Sept.. 186.4 29.3 6.9 14.5 112.6 3.2 53.5 5.5 54.8 6.2 15.5 19.6 4, 770. 4 38.2 Oct... 186.5 29.3 7.7 15.3 112.5 3.3 53.5 5.9 54.8 6.2 15.5 19.7 4, 772. 9 35.4 Nov... 187.8 29.3 10.6 15.9 112.5 3.9 53.5 4.5 54.8 6.3 15.5 19.9 4,388.4 35.6 Dec... 189.0 29.3 9.7 15.7 112.5 3.9 53.5 4.1 54.8 6.4 15.5 20.1 4,395.4 33.3 1936—Jan... 185.6 29.3 11.0 17.1 112.5 3.9 53.5 3.5 54.8 6.4 15.5 20.7 4, 324. 3 30.9 Feb... 185.9 29.3 15.0 18.0 112.4 3.9 53.5 3.6 54.8 6.4 15.5 20.8 4,361. 8 28.9 Mar.. 184.4 29.3 15.0 17.6 112.5 3.9 53.5 3.5 54.8 6.4 15.5 21.4 4,348.4 29.0 186.8 29.3 15.1 17.0 112.6 3.9 53.5 3.3 54.8 6.5 15.5 21.4 4,106. 4 28.2 May.. 187.8 29.3 17.1 15.9 112.7 3.9 53.5 3.1 54.8 6.5 15.5 21.4 3,780.5 28.2 June.. 187.1 29.4 13.1 16.2 112.7 3.9 53.5 3.2 54.8 6.5 15.5 22.6 3, 580.1 28.9 July.. 187.2 29.4 13.1 16.5 112.8 3.9 53.5 3.2 54.8 6.5 15.5 23.7 3,642. 6 29.0 Aug.- 189.0 29.4 14.8 16.5 108.6 4.0 53.5 3.1 54.8 6.5 15.5 24.8 3,614.1 28.0 Sept.. 190.5 29.4 19.3 16.6 108.5 5.5 53.5 3.1 54.8 6.5 15.5 28.2 3,322. 4 25.4 Oct... 186.0 29.4 6.4 16.9 91.0 5.6 53.5 3.1 54.8 6.5 15.5 28.2 3,193. 7 26.0 Nov... 188.4 29.4 7.3 17.9 90.9 5.6 53.5 3.1 54.8 6.5 15.5 28.2 3,193. 7 26.7 Dec... 188.4 29.5 7.9 19.1 91.0 5.6 53.5 3.1 54.8 6.5 15.5 30.4 2,995. 2 26.8 1937-Jan... 190.4 29.5 9.1 20.4 90.9 5.5 53.5 3.2 54.8 6.5 15.5 30.4 2,846. 3 27.0 Feb... 190.7 29.5 9.9 21.6 90.8 5.6 53.5 3.2 54.8 6.6 15.5 30.4 2,846. 3 27.1 Mar.. 194.0 29.5 12.3 22.9 90.7 5.6 53.5 3.3 54.8 6.6 15.5 30.5 2,846. 3 27.3 Apr... 198.6 29.5 16.1 18.5 90.6 5.6 53.5 3.4 54.8 6.6 15.5 30.5 2,846. 3 27.6 May- 192.9 29.5 18.5 14.2 90.5 5.6 53.5 3.4 54.8 6.6 15.5 30.3 2,846. 3 27.7 June-. 186.8 29.6 16.4 15.6 90.5 5.3 53.5 3.5 54.8 6.6 15.5 27.7 2, 722. 3 27.8 July.. 187.5 29.6 54.7 14.8 90.4 5.3 53.5 3.5 54.8 6.6 15.5 26.6 2,422.0 27.9 Aug.- 187.8 29.6 46.3 16.3 90.4 5.3 53.5 3.6 54.8 6.6 15.5 26.6 2,423. 7 28.2 Sept.. 185.7 29.6 30.8 15.5 90.3 5.3 53.5 3.7 54.8 6.6 15.5 26.5 2,427. 5 28.3 Oct... 186.9 29.6 20.5 16.4 90.2 5.3 53.5 3.7 54.8 6.6 15.5 26.4 2,427. 5 28.3 Nov.. 186.9 29.6 15.6 15.4 90.6 5.3 53.4 3.8 54.8 6.6 15.5 26.4 2, 563. 5 28.4 Dec... 184.4 29.7 16.1 16.4 92.2 5.4 53.4 3.8 54.8 6.6 15.5 26.4 2, 563. 6 28.5 1938—Jan... 185.9 29.7 16.2 17.9 92.7 5.4 53.4 3.6 54.8 6.6 15.5 26 A 2, 563. 6 28.5 Feb... 188.3 29.7 15.5 19.1 93.0 5.4 53.4 3.7 54.8 6.6 15.5 26 A 2,427. 6 28.5 Mar.. 185.7 29.7 15.7 18.7 93.4 5.4 53.4 3.8 54.8 6.6 15.5 26 A 2,427. 6 28.5 Apr... 188.5 29.7 15.5 19.3 93.3 5.4 53.4 3.5 54.8 6.6 15.5 26 A 2,427. 6 28.5 May- 187.4 29.7 15.8 18.6 93.1 5.4 53.4 3.6 54.8 6.6 15.5 26.4 2,427. 6 28.5 June.. 185.0 29.8 15.8 20.0 93.1 5.5 53.4 3.3 54.8 6.6 15.5 26.4 2,427. 7 28.5 July.. 189.3 29.8 15.9 20.7 93.1 5.5 53.4 3.1 54.8 6.6 15.5 26.4 2,427. 7 28.5 Aug... 189.7 29.8 17.3 20.0 93.1 5.5 53.4 3.2 54.8 6.6 15.5 26.4 2,427. 7 28.5 Sept.. 186.5 29.8 17.4 22.9 81.3 5.9 53.4 3.2 54.8 6.6 15.6 26.4 2,427. 7 28.5 Oct... 187.6 29.8 17.9 23.9 82.7 5.9 53.4 3.3 54.8 6.6 15.6 26.4 2,427. 7 28.5 Nov... 186.1 29.8 17.9 24.0 82.8 5.4 53.4 3.4 54.8 6.6 15.6 26.4 C2,430.3 28.5 Dec... 192.0 29.9 17.6 24.1 82.8 5.4 53.4 3.5 54.8 6.6 15.6 26.4 % 430.3 28.5 1939—Jan... 197.2 29.9 18.9 24.4 82.8 5.1 53.4 3.7 54.8 6.6 15.6 26.4 C2, 430.4 28.5 Feb... 205.8 29.9 20.4 23.9 82.9 4.9 53.3 3.5 54.8 6.6 15.6 26.4 % 430.4 28.5 Mar.. 209.7 29.9 20.7 21.4 66.5 4.8 53.3 3.4 54.8 6.6 12.9 26.4 % 430.4 28.5 Apr... 211.7 29.9 20.8 66.5 4.8 53.3 3.5 54.8 6.6 12.9 26.4 *2, 569. 6 28.5 May_. 213.8 29.9 20.3 65.1 4.8 53.3 3.6 54.8 6.6 12.9 26.4 C2, 569. 6 28.5 June.. 213.3 30.0 20.5 61 9 4.6 53.3 3.8 54.8 6.6 12.9 26.4 C2, 569. 6 Z28.5 July.. 211.8 30.0 20.6 60.4 4.5 53.3 3.7 54.8 6.6 12.9 26.4 % 569. 6 /28.5 Aug... 218.2 30.0 20.3 59.6 3 4.3 53.3 3.8 54.8 6.6 12.9 27.7 *2, 708. 9 Z28.5 Sept... 218.2 30.0 21.4 58.2 53.3 3.8 54.8 6.6 12.9 27.6 % 708. 9 /28.5 Oct... 211.8 30.0 21.3 57.4 53.2 4.0 54.8 6.6 12.9 27.6 C2, 708. 9 Z28.5 Nov... 212.5 30 0 21 4 56.2 53.2 4.0 54.8 6.6 12.9 /27.6 C2, 708. 9 Z28.5 Dec... 214.4 30.1 21.0 56.2 53.2 3.8 54.8 6.6 12.9 /27.6 % 708.9 Z28.5 1940—Jan... 211.0 30.1 23.0 56.2 53.2 3.7 54.8 6.6 12.9 /27.6 C2, 708. 9 /28.5 Feb.. 212.7 30.1 23.5 56.2 53.1 3.5 54.8 6.6 12.9 Z27.6 '2, 709.1 Z28.5 Mar- 211.1 30.1 23.0 56.2 _ 53.1 3.4 54.8 6.6 12.9 /27.6 *2,000. 3 Z28.5 Apr.. 212.5 30.1 23.0 56.0 53.1 /3.4 54.8 6.6 12.9 /27.6 2,000. 3 Z28.5 * Corrected. / Figure carried forward from last previous official report, as represented by last previous figure without footnote /. * Change from previous month associated with special internal gold transfer; these transfers listed in chronological order in text on page 926. 1 Beginning Mar. 15, 1939, Protectorate of Bohemia and Moravia. * Figures given in terms of new par only for purposes of comparison; new parity did not become effective until after close of business Jan. 31, 1934. s Last reported figure. By decree of Sept. 5, 1939, Bank of Danzig absorbed by German Reichsbank. SEPTEMBER 1940 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments, 1913—April, 19U0, Continued [In millions of dollars] Date Greece G m u a a l t a e- H ga u r n y - (P I e r r a s n ia) Italy Japan Java Latvia u L a i n th ia - M ic e o x- r M oc o c - o N la e n t d h s e r r - Ze N a e l w an - d N w o a r y - Peru $1=25 8/io grains of gold nine-tenths fine; i. e. an ounce of fine gold—$20.67 1913—Dec... 4.8 266.8 65.0 10.4 61.1 25.3 11.9 1914—Dec 7.1 270.6 64.1 15.1 84 0 30.3 10.3 2.2 1915—Dec 10.9 264 1 68! 2 12! 1 173.1 33.8 13.8 2.6 1916—Dec... . 11.4 224.2 113.4 29.5 237.0 37.4 33.0 5.3 1917—Dec... 11.9 208.2 230.0 31.5 281.7 39.2 31.2 9.3 1918—Dec... 10.2 203.4 225.6 43.4 278.1 39.5 32.7 13.3 1919—Dec.. 10.7 200.4 350.0 69.1 257 1 38.3 39.6 16.2 1920—Dec 10.8 206.1 556. 5 88! 2 256.6 37.3 39.5 20.8 1921—Dec... 10.8 212.0 610.8 58 7 2 1 244.4 37.4 39.5 21.0 1922— Dec... . 10.8 219.4 605.5 61.3 2.5 1.5 .4 234.7 38.4 39.5 21.0 1923—Dec... 12.0 218.1 602.3 62.9 3.2 1.6 .4 234.7 38.3 39.5 21.6 1924—Dec... 12.4 6.9 221.0 585.7 53.7 4.6 3.1 .4 203.6 37.6 39.5 21.5 1925—Dec 12.7 10 4 221 6 575.8 73 4 4.5 3.2 16.7 .4 178 7 37.7 39.5 21.5 1926—Dec. . 13.6 1.8 29.5 223.5 561.8 79.4 4.6 3!l 4.7 .4 166.8 38.0 39.5 21.6 1927—Dec. .. 14.7 1.7 34.4 242.0 541.9 71.6 4.6 3.3 5.9 .4 161.4 38.3 39.5 23.6 1928-June... 6.7 1.6 34.4 259.0 541.4 69.9 4.6 3.4 7.9 .4 175.5 35.9 39.4 21.5 July.... 6.9 1.8 34.4 263.1 541.4 69.7 4.6 3.4 6.6 .4 175.4 35.8 39.4 21.5 Aug 6.9 1.8 34.4 263.1 541.4 69.4 4.6 3.4 7.4 2.9 175.5 35.8 39.4 21.5 Sept.... 7.0 1.8 34.4 265.7 541.4 69.1 4.6 3.4 6.5 3.1 175.4 35.6 39.4 21.5 Oct 7.1 1.7 35.2 265.7 541.4 68.8 4.6 3.4 6.6 3.1 175.5 35.7 39.4 21.5 Nov 7.1 2.0 35.2 265.7 541.4 68.5 4.6 3.4 6.1 3.1 175.4 35.2 39.4 21.5 Dec 7.2 1.6 35.2 265.7 540.9 68.3 4.6 3.4 6.2 3.1 175.3 34.9 39.4 21.5 1929-Jan.... 7.3 1.7 35.8 265.7 540.9 68.0 4.6 3.4 6.1 2.8 175.3 35.4 39.4 21.5 Feb.... 7.3 2.0 35.8 266.1 540.8 67.8 4.6 3.4 6.7 2.8 175.3 35.4 39.4 21.5 Mar.... 7.3 1.7 35.8 269.6 542.0 67.3 4.6 3.4 2.9 2.8 170.4 35.2 39.4 21.5 Apr 7.4 1.9 30.9 269.6 542.0 67.2 4.6 3.4 3.3 2.8 174.4 35.2 39.3 21.5 May... 7.6 2.0 30.9 269.6 542.0 65.1 4.6 3.4 3.8 2.8 176.3 35.2 39.3 21.5 June... 7.7 1.9 30.9 271.3 542.0 64.9 4.6 3.4 4.2 2.8 176.2 35.1 39.3 21.5 July ... 7.9 2.0 28.5 271.4 540.7 59.5 4.6 3.4 4.4 3.2 181.3 35.2 39.3 21.5 Aug 8.0 2.1 28.5 271.4 540.7 59 3 4.6 3 4 5.2 3.2 178.8 34.6 39.3 21.5 Sept.— 8.1 2.0 28.5 272.3 540.7 59.0 4.6 3.5 5.9 3.2 178.7 32.8 39.3 21.5 Oct 8.2 2.0 28.5 272.5 541.1 58 8 4 6 3 5 6.6 3.1 178.6 31.9 39.3 21.5 Nov 8.3 2.1 28.5 273.0 542.0 56.4 4.6 3.5 6.7 2.8 180.5 32.3 39.3 21.5 Dec 8.3 2.2 28.5 273.0 542.5 56.1 4.6 3.5 7.2 2.7 180.5 32.0 39.3 21.5 1930-Jan 8.4 2.2 28.5 273.0 519.9 56.1 4.6 3.5 8.1 2.6 177.3 32.4 39.3 21.5 Feb.... 8.4 2.3 28.4 273.0 477.1 55.9 4.6 3.5 9.3 2.6 176.3 32.4 39.3 21.5 Mar.... 8.2 2.3 28.4 273.6 453.1 55.9 4.6 3.5 8.9 2.5 174.3 32.3 39.3 21.7 MaV-" 8 7. . 8 1 2 2 . . 4 5 2 2 8 8 . . 4 4 .1 2 2 7 7 3 3 . . 7 8 4 4 4 3 3 4 .0 4 5 5 5 5 .9 9 4 4 . . 6 6 3 3 .5 5 8 8 . . 7 0 2 2 . . 5 5 1 1 7 7 4 4 . . 2 2 3 3 3 3 . . 5 5 3 3 9 9 . . 3 3 1 1 7 9 . . 2 6 June... 7.5 2.5 28.4 .1 273.9 434.4 56.0 4.6 3.5 6.3 2.5 174.2 33.3 39.3 17.2 July.... 7.4 2.5 28.4 .3 274.0 439.7 55.9 4.6 3.5 5.0 2.6 157.6 33.3 39.3 17.2 Aug 6.7 2.5 28.4 .3 275.2 432.7 55.8 4.6 3.5 4.2 2.7 157.6 33.3 39.3 17.3 Sept.— 6.8 2.6 28.4 .4 278.3 431.3 55.8 4.6 3.5 4.9 2.7 157.6 33.3 39.3 17.4 Oct 6.8 2.6 28.4 .4 278.4 414.0 55.8 4.6 3.7 4.7 2.7 171.7 33.2 39.2 17.5 Nov 6.9 2.6 28.4 .6 278.6 408.8 55.8 4.6 3.8 4.4 2.7 171.9 33.5 39.2 17.5 Dec 6.6 2.7 28.4 .7 278.6 411.8 55.7 4.6 3.9 4.4 2.6 171.9 33.4 39.2 17.6 1931—Jan 6.7 2.7 28.4 .9 278.7 414.9 51.7 4.6 3.9 4.5 2.6 175.9 33.9 39.2 17.6 Feb.... 6.7 2.7 25.9 1.0 279.1 416.9 47.7 4.6 3.9 4.5 2.6 179.9 34.1 39.2 17.7 Mar.... 6.5 2.7 22.0 1.2 279.3 415.4 47.7 4.6 3.9 4.0 2.6 179.9 33.8 39.2 17.7 6.3 2.7 19.6 L.3 279.5 418.8 46.1 4.6 3.9 4.0 2.6 181.5 33.8 39.2 17.7 May... 6.3 2.7 19.6 L.3 279.7 422.4 46.2 4.7 3.9 4.7 2.6 181.5 33.8 39 2 17.8 June... 6.3 2.6 19.6 1L.3 282.4 424.6 46.3 4.7 3.9 4.6 2.7 200.7 33.8 39'. 2 15.8 July—. 6.4 2.6 19.6 L.3 282.6 412.0 44.3 4.6 4.0 1.9 2.9 236.4 33.8 39.2 13.8 Aug.... 6.4 2.6 18.3 L.3 282.7 406.2 44.3 4.6 4.0 2.0 2.9 261.3 33.8 39.2 11.2 Sept.... 6.4 2.6 18.3 •L.3 286.4 407.9 50.7 4.6 4.0 1.5 3.0 283.4 33.7 38.9 12.5 Oct 11.3 2.2 18.3 2.6 293.0 342.2 53.1 6.1 4.8 3.1 3.9 337.2 33.8 46.0 16.6 Nov.... 11.3 2.2 18.3 2.8 295.9 270.6 53.1 6.1 4.8 2.8 3.9 363.5 33.1 42.3 16.9 Dec... 11.3 2.3 17.8 2.8 295.9 234.1 45.2 6.1 5.0 2.7 3.9 357.9 32.3 41.2 16.7 1932—Jan 11.3 2.0 17.5 3.0 295.9 214.6 45.3 6.3 5.0 2.6 3.9 352.1 32.2 41.6 15.2 Feb.... 11.3 2.0 17.5 3.1 295.9 214.6 45.2 6.4 5.0 2.7 3.9 354.7 31.9 41.6 14.1 Mar.... 9.3 1.9 17.5 3.1 296.0 214.1 42.1 6.4 5.0 3.5 3.9 354.8 31.1 41.6 13.2 Apr 6.4 1.8 16.9 3.1 296.1 213.9 41.2 6.7 5.0 1.1 3.9 365.6 30.2 41.6 11.7 May... 6.4 1.6 16.9 3.1 297.2 213.9 41.5 6.9 5.0 1.1 3.9 385.2 30.4 41.6 11.2 June... 6.7 1.6 16.9 3.3 297.9 213.9 42.1 6.9 5.0 1.5 3.9 395.5 29.8 40.2 10.8 July.... 6.9 1.6 16.9 3.4 299.8 213.9 42.2 6.9 5.0 1.7 3.9 409.8 27.9 38.2 10.8 Aug 7.0 1.7 16.9 3.3 302.5 213.9 41.7 6.9 5.0 1.6 3.9 416.3 26.7 38.2 10.9 Sept.... 7.1 1.8 16.9 3.2 304.5 213.9 41.7 6.9 4.9 .8 3.9 417.4 26.5 38.2 11.0 Oct 7.4 1.8 16.9 3.5 305.6 213.9 42.1 6.9 4.9 .6 3.9 417.5 26.6 38.7 10.9 Nov 7.6 1.7 16.9 3.6 306.4 213.4 42.0 6.9 4.9 2.2 3.9 416. 5 26.6 38.7 10.9 Dec 7.6 1.7 16.9 3.6 307.2 211.9 41.7 6.9 4.9 4.1 3.9 416.6 24.6 38.7 11.0 1933—Jan 6.8 1.7 16.9 3.7 308.2 211.9 41.8 7.3 4.8 1.3 3.9 414.5 25.5 38.7 11.1 Feb.... 8.4 1.7 16.9 3.7 324.8 211.9 44.8 7.7 5.0 1.4 3.9 411.4 25.3 38.7 11.1 Mar— 8.9 1.7 16.9 3.7 330.9 211.9 45.0 8.0 4.9 1.8 3.9 382.7 25.1 40.4 11.1 Apr... 11.4 1.7 16.9 3.7 342.8 211.9 43.0 8.2 4.9 5.7 3.9 375.1 24.7 40.4 11.1 May.. 13.1 1.8 16.9 3.7 351.8 211.9 43.0 8.6 4.8 10.2 3.9 337.6 24.7 40.4 11.2 June.. 14.3 1.8 16.9 3.7 355.9 211.9 41.8 8.9 4.8 11.4 3.9 309.7 24.7 40.4 11.5 July— 17.3 1.8 16.9 3.8 367.9 211.9 40.2 9.1 5.0 10.2 3.9 312.2 24.8 40.4 11.0 Aug... 19.0 1.8 16.9 3.8 369.9 211.9 40.2 9.1 4.8 9.2 3.9 333.5 24.7 39.2 11.0 Sept... 21.0 1.8 16.9 4.0 370.6 211.9 39.4 9.1 4.8 11.2 3.9 339.3 24.5 41.1 11.0 Oct.... 21.0 1.9 16.9 11.1 371.2 211.9 40.2 9.1 5.0 9.8 3.9 360.4 24.5 39.8 11.2 Nov 23.5 1.9 13.8 11.1 372.5 211.9 41.7 9.1 5.0 8.3 3.9 371.7 25.2 39.6 11.2 Dec... 23.6 1.9 13.8 11.1 373.0 211.9 43.6 8.8 5.2 8.9 4.2 371.9 24.2 38.4 11.4 1934—Jan.... 22.0 1.9 13.8 11.1 373.4 211.9 45.2 8.5 5.2 8.3 4.2 370.8 25.1 37.6 11.2 «• Revised NOTE.—For footnotes, see opposite page. 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments, 1913—April 1940, Continued [In millions of dollars] Date Greece G m u a a l t a e- H ga u r n y - (P I e r r a s n ia) Italy Japan Java Latvia u L a i n th ia - M ic e o x- r M oc o c - o N la e n t d h s e r ' - Ze N a e la w nd N w o a r y - Peru $1=15 5/2i grains of gold nine-tenths fine; i. e. an ounce of fine gold=$85 1934—Jan.i... 37.2 3.2 23.3 18.8 632.5 358.8 76.5 14.4 8.8 14.1 7.0 627.8 42.4 63.6 19.0 Feb.... 37.7 3.3 23.4 18.9 633.0 358.8 78.8 14.4 8.8 18.4 7.3 541.1 42.0 61.1 19.5 Mar.... 38.7 3.5 23.4 19.0 612.5 358.8 77.1 14.4 9.1 19.8 7.3 537.1 41.9 61.1 19.3 Apr.... 40.7 3.6 23.4 19.0 609.4 361.8 77.2 14.4 9.2 21.9 7.2 540.8 41.6 61.1 18.6 May... 42.5 3.7 23.4 19.3 594.0 382.3 79.2 14.4 9.2 22.9 7.2 552.9 41.6 61.1 19.2 June... 43.0 '3.8 23.4 19.6 576.3 384.4 76.6 14.4 9.4 26.0 7.4 574.8 41.7 61.1 18.7 July.... 34.5 '3.8 23.4 19.8 566.9 385.7 77.2 14.5 9.4 26.7 7.4 589.7 41.5 61.1 18.6 Aug 35.5 ••3.9 23.4 20.0 565.2 387.0 77.2 14.5 9.4 29.1 7.4 589.7 41.2 61.1 18.7 Sept.... 35.8 '3.9 23.4 20.1 553.6 388.3 77.2 14.8 9.0 28.1 7.4 590.2 35.9 61.2 18.7 Oct 37.2 '4.0 23.4 20.2 540.9 390.0 77.2 15.1 9.0 24.6 7.4 602.8 26.4 61.2 18.7 Nov 39.5 '4.0 23.4 20.3 520.4 391.9 77.2 15.1 8.9 26.0 7.4 584.4 24.7 61.2 19.0 Dec... 39.7 '4.1 23.4 20.4 517.8 393.6 77.2 15.1 8.8 22.8 7.4 575.1 24.7 61.2 19.4 1935—Jan 39.3 '4.5 23.4 20.5 518.8 395.3 78.3 15.1 8.0 21.4 7.4 557.0 24.7 61.2 19.4 Feb.... 38.7 '4.6 23.4 23.5 518.9 397.2 80.0 15.1 7.7 23.3 7.3 553.6 24.7 61.2 19.5 Mar.... 37.6 '4.6 23.4 23.7 519.0 398.4 80.0 15.1 7.7 25.9 , 7.2 555.0 24.7 61.2 19.5 Apr 37.0 '4.6 23.4 23.8 519.2 400.2 75.5 15.1 7.8 33.8 7.2 440.4 23.1 61.3 19.7 May... 36.6 '4.7 23.4 23.8 519.4 403.3 70.8 15.1 7.5 34.7 7.2 441.4 23.1 65.9 19.7 June... 35.8 '4.7 23.4 23.9 498.0 406.8 68.4 15.1 7.3 35.5 7.2 428.3 23.1 74.9 19.8 July.... 35.6 '4.7 23.4 23.9 468.5 410.1 60.6 15.1 7.0 37.3 7.2 380.9 23.1 74.9 19.8 Aug 35.5 '4.8 23.4 23.9 419.2 413.3 57.9 15.1 6.2 38.7 7.3 403.8 23.1 84.0 19.8 Sept.... 35.6 '4.8 23.4 23.9 378.8 415.8 54.8 15.1 5.8 40.1 7.3 366.1 23.1 84.0 19.8 Oct 36.0 '4.8 23 A 24.0 2 350.7 418.4 54.8 15.2 6.0 40.5 7.3 402.1 23.1 84.0 19.9 Nov 34.9 '4.9 23.4 24.0 '350.7 421.8 54.5 15.2 6.1 42.0 7.3 428.9 23.1 84.0 20.0 Dec... 34.2 '4.0 23.4 24.0 269.7 425.4 54.5 15.2 6.1 43.9 7.3 439.5 23.1 84.0 20.0 1936—Jan 33.8 '4.9 23.4 24.0 s 243.9 427.9 54.5 14.2 6.4 45.1 7.3 456.7 23.1 84.0 20.1 Feb.... 33.3 '4.9 23.4 24.1 3 228.2 430.9 54.5 15.1 7.0 47.2 7.3 464.4 23.1 84.0 20.3 Mar.... 32.3 '4.9 23.4 24.2 3 216.1 432.6 57.9 15.2 8.6 48.6 7.3 487.4 23.1 84.0 19.6 Apr 32.1 '5.0 23.4 24.2 3 212.2 435.1 60.6 15.2 9.0 50.1 7.3 484.9 23.1 84.0 19.5 May... 34.8 '5.0 23.4 24.3 3 211.4 438.8 60.6 15.2 9.1 51.8 7.3 467.0 23.1 84.0 19.3 • June 32.7 '5.0 23.4 24.3 3 209.8 442.3 59.9 15.2 10.0 48.9 7.3 405.8 23. i 88.5 19.4 July.... 30.5 '5.0 23.4 24.4 3 209.2 446.6 59.9 15.2 10.4 46.3 8.0 438.6 23.1 88.5 19.5 Aug 28.5 '5.0 23.4 24.5 3 208. 5 450.0 59.3 15.2 10.8 46.7 8.0 458.6 23.1 90.8 19.6 Sept.... 26.9 '5.0 23.4 25.3 3 208.3 452.9 60.3 15.2 11.0 49.8 8.0 457.5 23.1 97.6 19.3 Oct 26.1 '5.1 23.4 25.3 3 208. 2 455.9 60.3 15.2 12.0 49.0 8.0 389.2 23.1 97.6 19.9 Nov 25.9 '5.1 24.9 25.3 3 208. 2 459.4 60.3 15.2 12.0 46.6 8.0 389.2 23.1 97.6 19.9 Dec... 26.3 '5.1 24.9 25.3 208.2 462.8 60.3 15.2 12.4 46.3 8.0 491.5 23.1 97.6 20.1 1937—Jan 26.3 '5.1 24.9 25.3 /208. 2 466.4 60.3 15.1 12.6 48.3 8.0 559.8 23.1 97.6 19.1 Feb.... 26.9 '5.2 24.9 25.3 2 208. 2 469.3 60.3 15.1 13.0 50.2 8.0 600.1 23.1 97.6 19.7 Mar.... 27.0 '5.2 24.9 25.3 2 208.2 456.0 60.3 15.2 13.0 52.4 8.0 628.0 23.1 97.6 19.7 Apr. ... 26.8 '5.2 24.9 25.3 /208.2 458.8 73.9 15.2 13.0 47.0 8.0 672.4 23.1 97.6 19.9 May... 26.1 '5.3 24.9 25.3 /208. 2 452.3 73.9 15.2 13.0 46.4 8.0 771.8 23.1 88.4 19.9 June 22.5 '5.3 24.9 25.3 /208. 2 442.7 74.0 15.2 13.0 45.2 8.0 850.9 23.1 88.4 20.0 July.... 23.7 '5.3 24.9 25.3 /208.2 412.2 79.3 15.2 13.0 45.0 8.0 864.6 23.1 85.8 20.0 Aug 23.8 '5.3 24.9 25.3 /208. 2 261.4 79.3 15.2 13.0 43.3 6.2 864.6 23.1 85.8 20.1 Sept.— 23.9 '5.4 24.9 25.3 /208. 2 261.4 79.3 15.2 13.0 38.0 3.5 864.6 23.1 85.8 20.2 Oct 23.9 '5.4 24.9 25.3 /208. 2 261.4 79.3 15.2 13.0 33.8 3.5 908.9 23.1 85.8 20.3 Nov 24.2 '5.4 24.9 25.3 /208. 2 261.4 79.3 15.2 13.0 31.5 3.5 943.7 23.1 85.8 20.4 Dec 24.3 '5.4 24.9 25.3 210.2 261.4 79.3 15.2 13.4 24.0 3.5 932.9 23.1 81.7 20.4 1938—Jan 24.3 '5.4 24.9 25.4 /210.2 261.4 79.3 15.4 13.4 32.2 3.5 960.2 23.1 81.7 20.6 Feb.... 24.3 '5.5 24.9 25.4 /210.2 261.4 79.3 15.4 13.4 30.1 3.5 980.7 23.1 81.1 20.1 Mar.... 24.4 '5.5 24.9 25.4 2 210.2 261.4 79.3 15.4 13.4 25.0 3.5 1,001.1 23.1 90.2 19.4 Apr 24.4 '5.5 24.9 25.4 /210.2 261.4 79.3 15.4 13.4 24.5 3.5 1,011.0 23.1 90.2 19.5 May... 24.5 '5.5 24.9 25.7 /210. 2" 261.4 79.6 15.4 13.4 25.9 3.5 1, Oil. 4 23.1 90.2 19.0 June... 24.6 '5.6 24.9 25.7 /210.2 261.5 79.6 15.4 13.4 26.3 3.5 1,011.7 23.1 90.2 19.1 July.... 24.6 '5.6 24.9 25.8 /210.2 *163. 6 79.6 15.4 13.4 28.3 3.5 1,011.3 23.1 100.6 19.1 Aug— 24.8 '5.6 24.9 25.8 /210.2 163.6 79.6 15.4 13.2 27.2 3.5 1,011.2 23.1 100.6 19.2 Sept.... 28.2 '5.6 24.9 25.8 /210. 2 163.6 79.6 16.4 12.3 24.2 3.5 1,011.5 23.1 95.5 19.2 Oct 26.5 '6.7 24.9 25.6 /210.2 163.6 79.6 16.4 12.0 24.2 3.5 1,011.5 23.1 95.5 19.5 Nov.... 26.6 '6.7 27.9 25.6 /210.2 163.6 79.6 16.4 11.2 26.7 3.5 1,011.5 23.1 95.5 19.4 Dec... 26.8 '6.7 36.7 25.6 193.3 163.6 79.6 16.4 11.0 28.8 3.5 998.0 23.1 93.6 19.5 1939—Jan 26.9 '6.7 24.5 25.6 /193. 3 163.6 79.6 18.3 10.8 31.9 3.5 998.0 23.1 95.5 19.5 Feb.... 26.9 '6.8 24.5 25.6 /193.3 163.6 79.6 18.3 10.7 34.2 3.5 977.6 23.1 95.5 18.8 Mar 28.6 '6.8 24.5 25.6 c U93. 5 163.6 79.6 18.3 10.7 33.6 3.5 911.8 23.1 95.5 19.0 Apr 28.6 '7.8 24.5 25.6 /193. 5 163.6 79.6 18.3 10.7 32.1 3.5 837.4 23.1 107.3 19.1 May... 31.1 '7.9 24.5 25.6 /193.5 163.6 79.6 18.3 10.5 32.6 3.5 826.1 23.1 107.3 19.3 June... 31.2 '7.9 24.5 25.6 /193.5 163.6 79.6 18.3 10.5 28.2 3.5 802.4 23.1 107.3 19.0 July.... 30.3 '7.9 24.5 25.6 /193.5 163.6 79.6 19.3 10.5 29.3 3.5 771.4 23.1 107.3 19.3 Aug 28.0 '7.9 24.5 25.6 /193. 5 163.6 87.6 19.3 10.2 29.3 3.5 7?1.4 23.1 107.3 19.7 Sept.... 27.5 '7.9 24.5 25.6 /193. 5 163.6 87.6 19.3 9.8 29.8 3.5 754.3 23.1 107.3 20.1 Oct 27.6 '8.0 24.5 25.6 /193. 5 163.6 87.6 19.3 9.8 32.2 3.5 756.7 23.1 102.8 19.3 Nov.— 27.6 '8.0 24.5 25.6 /193. 5 163.6 87.6 19.3 9.6 33.7 3.5 702.5 23.1 102.8 19.4 Dec 27.7 '8.0 24.5 Z25.6 144.0 163.6 90.0 14.0 9.0 31.9 3.5 692.3 23.1 93.8 20.0 1940—Jan 27.7 '8.0 24.5 Z25.6 /144.0 163.6 90.2 13.9 9.0 27.3 3.5 692.2 23.1 84.3 20.1 Feb.... 27.7 '8.0 24.5 /25.6 /144.0 163.6 90.3 13.9 9.0 23.1 3.5 692.2 23.1 84.3 19.8 Mar.... 27.7 8.0 24.5 /25.6 2 136.8 163.6 90.4 13.9 9.0 25.4 3.5 692.3 23.1 /84.3 19.5 Apr.... 27.7 9.4 24.5 /25.6 /136.8 163.6 100.3 13.9 9.7 26.9 /3.5 649.9 23.1 /84.3 /19.5 ' Revised. c Corrected. / Figure carried forward from last previous official report, as represented by last previous figure without footnote f. * Change from previous month associated with special internal gold transfer; these transfers listed in chronological order in te*t on p. 926. * Figures given in terms of new par only for purposes of comparison; new parity did not become effective until after close of business Jan. 31, * Figure is for 20th of month. a Decline from official figure for December 1935 to that for December 1936 distributed monthly on basis of gold imports from Italy during that period reported by other countries. SEPTEMBER 1940 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments, 19 IS—April 1940, Continued [In millions of dollars] Bank Date Poland Po g r a t l u- m R a u n - ia A So fr u ic th a Spain S d w en e- e S r w la i n t d z- r ( T S la h ia n a m d i- ) T k u ey r- K U in n g it d e o d m U gu r a u y - ( U S R s . i . a u R S ) s . - . V zu e e n l e a - Y sla u v g i o a - f S t t o e i e o r r t n n t I l a a n e - l - ments SI=25*/io ijrains of gold nine-tenths fiwt; i. e. an ounce ofj\ne gold==$20.67 1913—Dec 8.1 29.2 34.4 92.4 27.4 32.9 164.9 10.8 786.2 1.8 11.2 1914—Dec. 8.7 29.7 30.7 110.6 29.1 46.1 426.0 13.5 802.8 1.9 11.0 1915—Dec 9.2 42.6 32.1 167.3 33.4 48.5 388.5 22.5 830.6 2.1 12.4 1916—Dec 9.2 95.2 27.0 241.4 49.2 66.9 395.8 33.3 759.0 3.2 12.3 1917—Dec. - 9.3 34.5 30.0 379.4 65.5 69.3 416.7 42.0 666.5 6.2 12.3 1918—Dec 9.3 34.5 33.3 429.5 76.5 80.4 521.0 46.7 (l) 6.8 12.3 1919—Dec. ~ 1.6 9.3 34.7 35.5 471.5 75.4 100.2 578.1 56.8 « 9.1 12.2 1920—Dec 3.0 9.3 34.8 50.4 473.8 75.5 105.2 754.2 57.3 12.4 12.4 1921—Dec... . 5.9 9.3 34.8 49.4 484.7 73.6 106.5 754.9 56.8 10.7 14.3 1922—Dec... 9.8 9.3 42.1 51.7 487.0 73.4 103.7 742.7 56.8 10.6 12.4 1923—Dec 13.1 9.3 46.4 52.5 487.7 72.9 104.1 745.5 56.8 45.0 10.7 13.3 1924—Dec.- 19.9 9.3 47.8 53.1 489.2 63.5 98.0 748.2 56.8 73.0 14.0 14.0 1925—Dec - 25.8 9.3 48.5 43.6 489.5 61.6 90.5 694.8 56.8 93.9 16.4 14.7 1926-Dec- 26.7 9.3 49.6 36.7 493.3 60.2 91.4 729.3 56.8 84.6 16.6 16.6 1927—Dec. 58.0 9.3 50.8 40.0 502.3 61.7 100.2 737.1 59.3 97.0 18.0 17.1 67.5 9.3 51.5 40.3 503.2 61.8 86.7 825.5 68.3 80.0 22.7 17.4 July. 67.6 9.3 51.6 38.1 503.3 61.7 86.8 843.0 68.3 85.1 22.6 17.4 Aug 67.6 9.3 51.7 39.2 503.4 61.5 87.1 842.7 68.3 75.4 22.2 17.4 Sept. . 67.7 9.3 51.7 39.4 503.4 63.8 90.7 830.1 68.3 76.2 21.9 17.5 Oct 68.2 9.3 52.0 35.5 503.5 63.6 91.0 795.5 68.3 81.5 21.3 17.5 Nov 68.4 9.3 52.1 37.7 493.8 63.4 90.9 774.2 68.3 91.7 20.8 17.5 Dec... 69.7 9.3 49.3 39.3 493.8 63.2 103.3 748.4 68.4 91.9 20.6 17.6 1929—Jan 69.7 9.3 49.4 38.2 493.8 63.2 93.4 743.2 68.5 92.0 20.2 17.6 Feb. .. 9.3 49.6 37.7 493 8 63.1 93.3 734.3 68.5 92.0 20.1 17.6 Mar.... 69.8 9.3 51.7 39.9 493.9 63.0 93.3 746.2 68.5 92.0 20.1 17.7 Apr. _ 69 9 9 3 51 8 39.2 494 0 62.9 95 5 759 4 68.5 92.5 20.1 17.8 May... 70.1 9.3 52.0 40.2 494.0 62.8 96.1 790.6 68.5 93.1 20.2 17.9 June . 70 3 9.3 52 1 37.7 494 2 62.6 96 1 774 1 68.2 93.2 20.2 18.0 July.-.. 70.4 9.3 52.3 37.3 494.5 62.6 98.3 688.0 68.2 103.4 20.5 18.1 Aug 73.0 9.3 52.5 38.5 494.9 64.9 98.2 663.6 68.2 118.9 20.8 18.1 Sept.. . 74.5 9.3 52.6 38.6 494.9 64.8 103.2 642.1 68.2 131.7 20.7 18.2 Oct 76.6 9.3 54.4 40.4 494.9 64.7 103.4 637.6 68.2 142.0 20.8 18.2 Nov. 76 6 9 3 55 0 38.3 494 9 64.4 105 8 655 6 68.2 142.3 21.0 18.3 Dec 78.6 9.3 55.1 36.5 495.1 65.6 115.3 709.8 68.2 147.0 21.1 18.4 1930—Jan 78.6 9.3 55.2 38.5 495.3 65.5 108.5 730.6 68.2 147.0 21.1 18.5 Feb. 78.7 9.3 55.4 37.4 476 0 65.4 108.7 736.4 68.2 149.6 21.2 18.5 Mar.... 78.8 9.3 55.5 35.6 476.4 65.3 108.7 755.0 68.2 156.2 21.3 18.6 Apr 78 8 9.3 55 6 36.6 476 5 65.2 112 2 794 9 67.2 167.0 21.4 18.6 May... 78.8 9.3 55.7 35.3 476.8 65.2 112.2 764.9 67.2 177.4 21.5 18.7 June 78.9 9.3 55.7 33.7 476.9 65.1 112.2 763.5 64.0 203.0 21.5 18.8 July . 78.9 9.3 55.7 31.6 477.0 65.0 118.2 741.1 63.2 233.8 18.3 18.8 Aug 78.9 9.3 55.7 33.3 477.4 65.0 123.9 753.5 60.2 249.1 18.4 18.9 Sept.... 63.0 9.3 55.7 32.6 477.7 64.9 124.0 760.7 60.2 249.0 17.2 18.9 Oct. . . 63.1 9.3 55.7 33.8 477.9 64.8 128.8 776.2 60.2 249.0 17.2 18.9 Nov.— 63.1 9.3 55.7 34.9 474.0 64.7 130.2 761.9 60.4 249.1 18.3 19.0 Dec 63.1 9.3 55.7 32.7 470.5 64.5 138.2 718.4 60.4 248.9 18.3 19.0 1931—Jan. 63.1 9.3 55.7 33.9 466.0 64.5 126.8 678.8 59<5 248.9 18.3 19.0 Feb. 63.1 9.3 55.7 34.5 466.1 64.4 124.6 685. 3 58.2 248.9 18.3 19.1 Mar..-. 63.2 9.3 52.6 31.3 466.9 64.3 124.6 698.9 58.2 259.1 18.3 19.1 Apr 63.7 10.6 52.7 30.7 467.5 64.3 124.6 711.9 58.3 259.3 18.3 19.2 May 63 7 11.0 52.9 32.0 467.7 64.2 124.6 734.9 58.3 261.9 18.3 19.2 June... 63.7 11.2 53.0 30.7 468.0 63.9 162.7 792.7 58.3 261.6 18.3 27.1 July 63 7 9.6 53.2 32.7 439.0 63.7 225.5 642.5 57.3 267.2 18.3 27.2 Aug.. _. 63.7 9.7 53.4 31.3 439.1 61.6 230.4 648.9 56.9 280.0 18.3 27.2 Sept. 63.7 9.8 53.6 31.8 439.3 53.2 329.2 656.1 55.8 293.0 18.3 29.2 Oct 66.6 11.9 53.7 30.1 433.6 57.2 423.9 8.5 660.3 53.0 308.9 18.3 30.9 Nov, 67.1 12.0 53.9 37.5 433.6 55.2 426.5 21.8 587.4 53.0 315.2 18.2 30.9 Dec... 67.4 12.6 58.1 39.4 433.6 55.2 454.8 23.2 587.6 52.7 328. 3 18.3 30.9 1932—Jan. 67.4 12.8 58.2 39.8 433.9 55.2 474.1 22.5 4.1 587.7 52.3 328.5 18.3 31.0 Feb 68 0 15.4 67.4 36.7 433.9 55.2 484.1 22.7 6 1 587.7 52.3 329.3 18.2 31.0 " L Mar. .. 64.3 16.1 56.7 31.2 434.1 55.2 472.6 28.2 6.3 587.9 51.9 329.6 18.2 31.0 Apr 64.4 16.7 56.9 34.3 434.4 55.2 472.6 28.4 6.5 588.0 50.7 331.0 18.2 31.0 62.3 17.1 56.5 35.5 434.8 55.2 495.2 27.6 6.5 608.5 50.6 334.9 18.5 31.0 June 54.3 17.3 56.6 38.3 435.2 55.2 505.2 27.9 8.8 662.5 50.4 349.1 18.6 31.0 July .. 53.9 17.4 56.8 34.3 435.3 55.2 511.1 27.9 8.4 670.2 50.2 356.7 18.7 31.0 Aug 53.5 17.5 56.9 34.5 435.4 55.2 512.3 27.9 8.6 676.0 49.7 367.7 18.7 31.0 Sept.... 54.8 17.6 56.9 31.7 435.5 55.2 511.1 27.9 8.7 678.5 49.5 /367. 7 18.6 31.0 Oct. 55.4 17.7 56.9 35.0 435.6 55.2 511.1 27.9 9.1 678.5 48.3 /367. 7 18.6 31.0 Nov. ._ 56.2 17.9 56.9 33.7 435.7 55.2 494.7 27.9 9.4 678.5 48.3 '367:7 18.6 31.1 Dec.... 56.3 23.8 57.2 34.9 435.8 55.2 478.9 27.9 9.7 582.9 48.3 /367.7 18.4 31.0 1933—Jan 57.5 25.1 57.3 38.1 435.9 55.2 478.9 27.9 9.9 601.5 49.2 /367.7 18.4 31.0 Feb. 57.6 26.8 57.5 49.9 435.9 55.2 490.0 27.9 10.0 692.2 49.8 /367.7 18.4 31.0 Mar. . 55.1 29.7 57.7 53.5 435.9 62.2 491.4 27.9 10.1 836.3 49.4 /367.7 18.6 31.0 Apr.... 55 1 30.2 57.9 51.7 436.0 71.4 461.8 27.9 10.3 904.9 49.9 /367.7 18.6 31.0 May 53 0 31.0 58.1 64.5 436.0 71.4 398.5 10.4 906.8 50.1 /367.7 18.6 31.6 June 53.0 31.2 58.3 69.6 436.0 71.4 362.9 10.6 921.5 50.4 401.1 18.6 31.6 July.... 53.0 31.5 58.5 80.2 436.1 91.2 352.6 10.7 924.9 50.4 /401.1 18.6 31.6 1.0 Aug 53.1 31.9 58.6 75.0 436.1 96.8 352.6 10.9 926.0 49.8 /401.1 18.6 31.6 1.0 Sept.... 53.1 32.1 58.7 72.2 436.2 101.4 357.7 U.I 926.5 49.6 416.0 18.5 31.6 1.0 Oct 53.2 32.3 58.8 79.7 436.2 101.0 374.2 11.2 926.8 49.1 /416.0 18.3 31.6 1.0 Nov.... 53.2 32.6 59.1 82.0 436.3 98.8 387.2 11.4 927.7 50.3 /416.0 18.3 31.6 1.1 Dec 53.4 34.0 59.4 83.4 436.3 99.3 387.2 11.8 928.2 50.3 415.6 18.2 31.6 1.5 1934—Jan 53.6 34.3 59.6 84.3 436.4 99.8 387.2 11.8 929.0 50.8 /415.6 18.1 31.6 1.5 »• Revised. NOTE.—For footnotes, 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Reserves of Central Banks and Governments, 1918—April 1940, Continued [In millions of dollars] Bank U. S. for In- Date Poland Po g r a t l u- m R a u n - ia A So fr u ic th a Spain S d w en e- e S r w la i n t d z- r ( T S la h ia n a m d i- ) T ke u y r- K U in n g i t d e o d m g U u r a u y - ( S R . u R s- . V zu e e n l e a - Y sl u av g i o a - t ti e o r n n a a l sia) Settlements $1=15 6/2i grains of gold nine-tenths fine; i. e. an ounce of fine gold=$85.00 1934—Jan.2__ 90.7 58.1 100.4 142.7 738. 7 168.9 655.6 20.0 L, 573.0 86.0 /703. 7 30.6 53.5 2.5 Feb... 90.9 62.3 100.7 150.4 738.8 169.1 602.6 20.1 L, 573. 6 87.3 '703.7 30.6 52.6 5.9 Mar... 91.4 64.9 101.1 146.2 738.9 169.6 572.9 20.3 L, 574. 5 87.3 706.4 30.6 52.6 9.2 Apr... 91.7 65.4 101.3 148.7 739.0 166.6 536.1 20.6 L, 575. 2 '706.4 30.6 52.5 9.2 May.. 92.4 66.3 101.6 153.9 739. 2 166.8 536.9 19.8 , 576. 5 /706. 4 30.6 52.6 8.5 June.. 93.1 66.8 102.0 161.5 739.3 167.6 537.1 21.0 , 577. 6 84.1 716.2 30.6 53.1 5.2 July... 93.4 67.2 102.2 172.5 739.5 168.4 538.9 21.2 L, 578. 6 81.7 '716. 2 31.0 53.4 4.8 Aug... 93.6 67.3 102.6 148.8 739.7 169.0 569.1 21.3 , 580.1 81.7 '716.2 30.6 53.0 4.5 Sept... 94.0 67.4 102.8 154.7 739.8 169.7 593.2 21.5 L, 581.1 81.7 '716. 2 32.4 54.4 3.8 Oct.... 94.5 67.5 103.1 173.2 739.9 162.8 624.0 21.7 L, 582. 0 81.7 '716.2 35.4 53.9 3.8 Nov... 94.8 67.5 103.4 183.7 739.9 159.5 626.6 21.8 L, 583.0 81.7 /716. 2 37.2 54.3 3.8 Dec... 95.6 67.6 103.9 183.6 740.1 159.4 626.6 22.0 , 584.3 81.7 744.3 39.4 53.2 3.6 1935—Jan.... 95.8 67.7 104.5 195.6 740.3 159.3 602.9 22.0 L, 585. 6 81.7 '744.3 41.5 37.3 Feb... 96.1 67.7 105.2 213.7 740.5 159.3 588.7 22.0 L, 586.1 80.8 '744.3 44.6 37.5 3.6 Mar... 96.4 67.8 105.7 235.9 740.6 159.7 562.0 22.1 L, 586. 3 82.0 747.8 45.8 36.0 3.6 Apr... 96.5 67.7 106.1 214.0 740.7 159.9 447.8 22.1 L, 586. 8 82.0 '747. 8 48.4 38.2 4.9 May.. 96.7 67.8 106.4 223.3 740.7 160.7 391.3 22.9 L, 587. 3 82.0 '747.8 50.1 39.7 5.3 June.. 96.9 68.0 106.7 219.8 740.6 161.2 392.2 23.0 L, 587. 9 75.7 '747. 8 50.1 40.1 9.3 July... 97.1 68.0 107.0 229.5 740.6 161.7 423.0 23.1 L, 588. 4 74.1 '747. 8 52.4 40.0 7.7 Aug... 97.1 68.0 107.5 218. 7 740.6 162.5 448.2 23.4 I, 593. 2 74.1 '747. 8 54.0 40.0 8.0 Sept... 88.6 68.0 108.0 212.2 734.1 164.6 450.3 23.4 , 595. 0 76.8 3 839.3 54.4 40.3 8.3 Oct.... 86.2 68.0 108.3 212.1 734.1 174.3 455.2 23.5 L, 604.1 76.8 55.3 41.1 10.5 Nov... 84.1 68.0 108.6 212.0 734.8 180.4 456.7 23.5 L, 628.4 76.8 56.7 42.5 9.0 Dec... 84.4 68.1 109.1 212.0 734.7 185.0 455.7 23.6 L, 648.4 76.8 57.6 42.7 7.9 1936—Jan.... 84.4 68.1 109.5 220.8 734.7 194.5 455.7 23.6 L, 651.8 76.8 57.9 43.5 10.7 Feb... 84.5 68.1 109.9 231.3 734.7 199.7 474.2 24.0 L, 653.0 76.8 58.0 44.1 9.8 Mar... 81.0 68.1 110.4 244.3 726.5 206.0 495.0 24.0 L, 653. 0 76.8 57.9 44.4 7.9 Apr... 72.3 68.1 110.8 188.9 726.5 209.2 497.5 24.0 L, 670. 5 76.8 57.9 44.6 7.6 May.. 71.1 68.1 111.1 188.9 718.2 219.6 486.7 24.2 I, 700. 6 76.8 56.2 45.4 10.6 June _. 70.4 68.1 111.5 188.8 718.4 231.0 461.7 24.2 L, 782. 5 76.8 56.0 45.6 12.2 July... 69.5 68.1 112.0 188.9 4 718. 4 231.4 472.7 24.2 L, 977.0 76.8 56.1 45.6 9.8 Aug... 69.6 68.1 112.3 188.9 '718.4 231.8 491.1 24.2 2,016. 7 76.8 56.1 45.6 11.7 Sept... 70.8 68.1 112.6 188.9 '718.4 238.5 509.8 24.2 2,048. 8 76.8 56.1 46.3 11.5 Oct.... 70.9 68.1 113.0 188.9 '718. 4 238.9 584.3 24.2 2,048.9 76.8 56.1 47.4 12.6 Nov... 72.0 68.2 113.1 190.7 '718. 4 239.4 626.2 24.2 2,048. 9 76.8 57.6 47.6 13.3 Dec... 74.8 68.2 113.6 203.0 '718. 4 240.0 657.2 25.7 2, 584. 5 76.8 58.5 48.5 10.8 1937—Jan.... 75.4 68.2 114.2 217.0 '718. 4 240.2 659.2 27.9 2, 584. 5 76.8 58.5 48.6 12.7 Feb... 76.0 68.2 114.7 230.4 /718.4 240.5 659.3 29.4 2, 584. 5 76.8 58.5 48.9 11.6 Mar... 77.1 68.3 114.8 237.2 '718. 4 241.0 659.4 29.4 2, 584. 5 76.8 58.5 49.2 14.7 Apr... 77.6 68.4 115.3 215.0 '718. 4 241.3 636.4 29.4 2, 584. 5 76.8 58.5 49.6 10.5 May.. 78.3 68.4 115.6 211.2 /718. 4 241.8 636.6 29.4 2, 647.1 76.8 58.5 49.7 16.7 June.. 80.3 68.5 115.8 201.1 '718. 4 242.2 636.7 29.4 2, 689. 5 76.8 55.1 50.0 8.2 July... 81.1 68.5 116 9 187.0 '718. 4 242.7 629.4 29.4 2,689. 5 76.8 55.1 50.2 3.2 Aug... 81.5 68.5 117.7 189.0 '718. 4 243.0 617.2 29.4 2,689. 5 76.8 55.1 50.4 3.6 Sept... 81.9 68.6 118.0 189.0 '718. 4 243.3 614.0 29.4 2, 689. 5 76.8 55.1 50.8 6.0 Oct.... 82.2 68.6 118.7 189.0 '718. 4 243.7 648.3 29.4 2, 689. 5 76.8 55.1 52.1 4.4 Nov._. 82.4 68.6 119.3 189.0 '718. 4 244.0 645.9 29.4 2, 689. 5 76.8 55.1 52.4 4.5 Dec... 82.6 68.6 120.1 189.0 '718. 4 244.4 650.0 29.4 2,689. 5 74.4 51.7 50.9 4.5 1938—Jan ... 82.8 68.6 120.5 189.0 '718.4 245.0 689.5 29.4 2,689. 5 74.4 51.7 51.2 5.3 Feb... 83.0 68.6 121. 2 183.7 '718. 4 252.8 701.1 29.5 2, 689. 5 74.4 51.7 51.4 5.3 Mar... 83.3 68.6 121.8 188.6 '718. 4 260.9 700.0 29.5 2, 689. 5 74.4 51.8 53.1 6.8 Apr... 83.4 68.6 122.1 186.1 524.8 261.2 699.2 29.5 2, 689. 5 71.1 51.8 54.4 6.9 May.. 83.6 68.6 122.5 188.4 '524.8 272.1 688.2 29.5 2, 689. 5 71.1 51.8 54.5 10.5 June.. 84.7 68.6 123.2 187.2 '524. 8 279.1 680.6 29.5 2, 689. 5 71.1 51.8 54.6 9.6 July... 84.9 68.6 123.5 189.9 '524.8 279.5 675.9 29.5 2, 689. 5 71.1 51.8 54.7 8.9 Aug... 85.1 68.6 124.1 202.3 '524.8 280.1 688.2 29.5 2, 689. 5 71.1 51.8 55.0 10.1 Sept... 83.0 68.6 128.8 220.1 '524.8 310.2 691.6 29.5 2,689. 6 71.2 51.8 56.2 Oct.... 82.1 68.7 132.0 218.9 '524.8 320.6 697.0 29.5 2, 689. 6 69.5 51.8 56.4 Nov... 83.9 68.7 132.3 220.2 '524. 8 320.9 701.1 29.5 2, 689. 6 69.5 51.8 56.8 11.1 Dec... 84.5 68.7 132.8 220.2 '524.8 320.9 701.0 29.5 2,689. 6 69.5 51.8 56.9 13.8 1939—Jan.... 84.8 68.7 133.4 220.3 '524. 8 330.9 701.0 29.5 *l,041.6 67.8 51.8 57.0 14.5 Feb... 84.8 68.7 133.7 218.9 '524.8 331.5 682.3 29.5 1,041.6 67.8 51.7 57.0 16.7 Mar... 85.0 68.7 134.0 220.9 /524.8 331.9 641.6 29.5 * 1,066.1 67.8 51.7 57.1 12.7 Apr... 84.2 68.8 134.7 217.8 '524. 8 339.0 599.4 29.5 1,066.1 67.8 '51.7 57.1 14.3 May. 84.2 68.8 136.2 217.8 '524.8 344.3 599.6 29.5 1,066. 7 67.8 '51. 7 57.2 21.1 June.. 84.3 68.8 136.9 219.5 '524.8 345.7 599.5 7.9 29.5 1,067. 3 67.8 '51.7 57.2 20.4 July... 84.3 68.8 137.3 219. 5 '524.8 348 1 597.1 7.9 29.5 •1,161.6 67.8 '51.7 57.3 18.2 Aug... '84.3 68.8 147.9 221.7 '524.8 354.9 587.0 7.8 29.5 1,161. 6 67.8 '51.7 57.3 9.3 Sept... '84.3 68.8 148.9 234.0 '524.8 356.8 586.9 7.0 29.5 *.6 67.8 '51.7 59.2 5.4 Oct.... '84.3 68.8 150.2 242.8 '524.8 332.3 580.9 31.2 29.5 .8 67.8 '51.7 59.2 5.7 Nov... 6 '84.3 68.9 150.9 254.2 '524.8 332.7 560.4 32.8 29.5 .9 67.8 '51.7 59.2 7.2 Dec... 68.9 151.6 248.9 '524.8 307.8 548.7 32.8 29.5 .9 67.9 '51.7 59.3 7.4 1940—Jan... 68.9 152.2 252.8 '524.8 258.0 536.4 32.8 29.5 .9 67.9 '51.7 59.9 Feb.. 68.9 152.6 267.6 '524. 8 218.0 527.0 32.8 92.0 1.0 67.9 '51.7 60.6 Mar.. 68.9 153.0 271.7 '524.8 173.2 520.4 32.8 88.4 1.0 67.9 '51.7 61.0 10.0 Apr.. 68.9 153.5 278.7 '524.8 179.1 515.3 '32.8 87.6 1.0 67.9 '51.7 61.6 9.2 p Revised. / Figure carried forward from last previous official report, as represented by last previous figure without footnote '. * Change from previous month associated with special internal gv old transfer;; tthheessee ttrraainsfers listed in chronological order in text on p. 926. 1 Figure not available. 2 Figures given in terms of new par only for purposes of comparison; new parity did not become effective until after close of business Jan. 31, 3 Latest reported figure. 4 Figure is for August 1. 6 By decree of Governor General of Poland of Dec. 15,1939, new Central Bank of Poland was established without gold reserves. SEPTEMBER 1940 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthlyworld produc- Africa North and South America Other Year or month tion outside Total South Rho- West Belgian United Colom- Austra- British U.S.S.R. Africa desia Africa Congo States 1 Canada Mexico bia Chile lia ilndia $1=25-8/iO grains of gold 9/10 fine; i. e., an ounce of fine gold=$80.67 1933.. 469,257 | 411,208 || 227,673 | 13,335 | 6,623 | 3,631 | 52,842 | 60,968 | 13,169 | 6,165 | 3,009 | 16,873 | 6,919 $1=15-5/tl grains of gold 9/10 fine; i. e.t an ounce of fine gold=$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.. 823,003 707,288 366,795 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, 514 833,088 396, 768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 40,118 11,663 1937.. 1,041, 576 892, 535 410, 710 28,296 20,784 8,018 168,159 143, 367 29, 591 15,478 9,544 46,982 11,607 1938.. 1,132,856 957,212 425, 649 28,532 24,670 8,470 178,143 165, 379 32, 306 18, 225 10,290 54,264 11,284 1939.. 1,206,126 '1,019,548 448,753 28,009 '28, 517 8,759 196, 391 '178,303 32,300 19,951 11,376 56,182 11,008 1939—January '94,938 '80,298 36,188 2,287 2,230 754 '15,071 '14, 378 1,762 1,953 655 '4,081 940 February '91,088 '76,910 34,505 2,069 '2, 223 688 '13, 305 '13, 686 3,421 1,562 568 4,021 863 March '97, 723 '82, 787 37, 558 2,202 2,346 767 14, 516 '14,472 2,542 1,752 1,198 4,497 938 April '94, 649 '79,872 35,613 2,252 2,349 729 15, 412 '14,226 1,733 1,513 830 4,305 912 May '98, 581 '83, 547 37,970 2,355 2,323 779 15, 319 '15,108 1,794 1,614 696 4,654 936 June '99, 563 '83, 689 37,065 2,369 2,277 756 14, 611 '15, 279 3,216 1,551 968 4,688 910 July '102,878 '87,241 37,952 2,395 2,395 739 16, 250 '15,397 3,638 1,551 1,683 4,404 936 August '107,357 '91, 520 38,494 2,431 2,379 731 16,947 '15, 732 6,519 1,735 777 4,854 923 September- '106,990 '90,057 37,817 2,442 2,432 705 19,728 '14,784 2,302 1,803 1,012 6,145 888 October '107, 244 '90,999 38,459 2,452 2,479 715 21, 785 '15,158 1,832 1,677 1,111 4,397 934 November.. '103,675 '87, 525 38, 600 2,425 2,497 686 17, 512 '14,875 2,333 1,873 934 4,886 903 December.. '101,438 '85,102 38, 534 2,330 2,589 709 15, 936 '15, 209 1,209 1,367 1,044 5,251 925 1940—January... 104,651 88, 793 39,777 2,384 2,662 739 16,972 14,853 3,078 1,958 993 4,486 891 February.. 97,605 81,362 38,575 2,345 2,663 728 13,317 14,188 1,901 1,633 735 4,411 868 March 104,067 88,075 40,162 2,372 2,740 732 16,217 15,045 1,651 1,717 1,759 4,791 888 April P106,975 P90, 327 40,879 2,454 2,678 P732 16,408 14, 652 P4,235 1,941 766 P4, 721 860 May P106,092 P89,336 41,742 n, 450 P2, 746 P767 16, 500 15, 488 PI, 365 1,825 P766 P4, 826 860 June P103,030 P86, 484 40,437 P2,415 P2, 816 P732 14,862 15, 795 Pl, 365 1,715 P766 P4, 721 P860 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $85 per fine ounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, $185,000,000; 1937, $180,000,000; 1938 (preliminary), $184,000,000. p Preliminary. ' Revised. i Includes Philippine Islands production received in United States. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1939, p. 106; and 1936, pp. 108-109. Figures for Canada beginning January 1940 are subject to official revision. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Total Net imports from or net exports (—) to: net Y m e o a n r th or i e m o x r ( p p ) o o n r r t e t s s t U K d n i o i n m t g e - d France g B i e u l m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra 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 t o A r th i u e l e n l s r - 1934 i 1,131,994 499,870 260, 223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 76,820 32,304 1935 1,739,019 315,727 934, 243 3 227,185 968 95,171 13, 667 10,899 15, 335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 7,511 72,648 39, 966 11,911 21, 513 23, 280 8 77,892 39, 735 1937 1, 585, 503 891, 531-13,710 90,859 6,461 54,452 111, 480 38,482 18, 397 25,427 344,, 71~3 181 246,464 50, 762 29, 998 1938 1, 973, 5691, 208, 728 81,135 15,488 163,049 60, 1,363 76,315 36,472 10, 557 27,880 399,,162 401 168, 740 16,159 2 67, 975 1939 3, 574,1511,""" 3, 798 165,122341, 618 28, 715 86,987 612,949 33, 610 23, 239 35,636 74, 250 22,862 165,605 50,9561102,404 1939 May 429,404 302, 667 3 41,651 40,449 2,284 12.066 2,050 2,117 2,594 5,295 41 10, 931 3,390 3,866 June 240,430 128,196 2 55,081 5,644 17,191 3,280 2,107 3,843 5,677 50 14,093 2,244 3,023 July 278,636 177,805 1 45, 554 10 5,628 15,196 4,150 2,123 3,022 5,034 50 10,938 2,760 6,365 Aug 259,921 163,738 2 22, 640 34, 299 3,956 2,120 2,775 5,689 52 10,931 9,259 4,460 Sept 326,074 162,450 86 1 1 1,482 120,837 653 2,102 3,947 5,474 11 16, 425 4,065 • 8, 541 Oct 69, 726 10,182 2,990 9,940 1,794 3,188 8,420 2,142 12, 497 2,703 5 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 10,138 16, 662 Dec 451,172 10,417 31, 526 19,743 5,119 308, 773 3,972 2,116 2,646 6,472 9,885 20,101 7,592 6 22,812 1940 Jan 236, 391 23,906 59 30,41516,601 1,208 52, 716 2,550 3 3,360 6,155 20,297 37, 680 9,743 7 31, 698 Feb 201,422 21, 321 40 974 16,181 32,448 13,931 46,866 2,006 3 1,896 4,241 18,872 4,919 6,722s 31,001 Mar 459,827 35, 268 35 282 65, 991 28, 907 249,858 2,215 2,116 4,137 7,409 24,503 5,797 11,813 8 21, 493 Apr 249,851 43, 567 3 3, 273 39, 654 32, 617 54, 967 2,396 2,111 3,376 3,374 28, 798 4,710 3,139i° 27,866 May 435,132 62,042 40 9,431 11,452 281,182 2,331 2,113 2,405 5,177 31,477 4,743 4,31711 18,423 June 1,162, 975 128,003 241, 603 3,671 2,138 716,685 4,182 2,130 3,895 6,603 23,091 3,399 2,37712 25,197 July 519, 974 301, 734 85 3,158 32 172, 268 1,891 5,856 2,830 5,262 3,482 13 23,378 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. «Includes $31,830,000 from Argentina. »Includes $28,097,000 from China and Hong Kong; $15,719,000 from Italy; $10,953,000 from Norway; $10,077,000 from Chile. * Includes $5,157,000 from Hong Kong. * Includes $6,363,000 from Italy; $4,087,000 from Hong Kong. * Includes $6,414,000 from Norway; $5,586,000 from Italy. ' Includes $19,527,000 from Norway; $5,452,000 from Hong Kong. « Includes $13,878,000 from Norway; $5,570,000 from U. S. S. R.; $5,566,000 from Italy. »Includes $11,760,000 from Italy. io Includes $16,108,000 from Italy; $5,984,000 from Hungary. n Includes $8,248,000 from Italy. « Includes $13,673,000 from Yugoslavia. is Includes $6,608,000 from Portugal; $6,307,000 from Brazil. NOTE.—For gross import and export figures and for additional countries see table on p. 96^ 1008 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 Keturn Inflow of brokerage Total f b u a n n d k s Other a f b u r n o d a s d o f f u U nd . s S. f f o u r n ei d g s n balances inN. Y. 1935—Dec. 31 ... 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1930—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1837—Dec. 29 .. 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1933—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 1,172.1 472.7 698.4 1,194.4 51.6 Dec. 28 - 3,779.2 1,432.7 216.3 1,216. 5 478.1 610.0 1,210.9 47.6 1939—May 3 4,523.7 2,019.6 245.9 1,773.6 596.1 621.8 1,211.9 74.4 May 10 _ 4,544.5 2,030.7 264.5 1,766.2 591.3 637.1 1,210.2 75.3 May 17 4,567.6 2,042.8 292.8 1,750.0 697 3 642.3 1,211.8 73.4 May 24 4,570.0 2,046.3 299.1 1,747.3 596.0 644.1 1,209.3 74.2 May 31 - 4,570.8 2,041.5 302.1 1,739.5 599.8 647.6 1,209.2 72.7 June 7 4,550.0 2,008.2 327.8 1,680.4 601.3 658.4 1,210.6 71.6 June 14 4,555.9 2,019.8 364.4 1,655. 5 693.7 661.5 1,208.3 72.6 June 21 -_ . 4,684 2 2,031.7 364.5 1,667.3 608 7 664.3 1,205.6 73.8 June 28 - 4,593.6 2,048.3 361.8 1,686. 5 607.5 664.5 1,199.3 74.0 July 5 _ - 4,611.6 2,049.7 306.9 1,742.9 608 0 678.5 1,199.3 76.1 July 12 _ _ 4,588.9 2,031.2 293.6 1, 737. 5 607.9 677.1 1,194. 4 78.4 July 19 4,691.0 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.fi Aug. 16 4,709.8 2,182.2 305.5 1,876.7 622.8 654.6 1,164.9 85.4 Aug. 23 4,827.9 2,287. 3 352.5 1,934.9 633.0 656.9 1,165.1 85.5 Aug. 30 4,863. 3 2,334.2 371.6 1,962. 6 620.6 657.8 1,165. 7 85.0 Sept. 6 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 74.0 Oct. 18 4,871. 2 2,360 6 441.6 1,919 0 601.7 686.7 1,141. 7 80.6 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 76.6 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, 881.1 2, 321.8 433.5 1,888. 3 650.4 725.7 1,102. 6 '80.6 Jan. 10 '4, 920. 4 2, 360. 2 445.2 1, 915. 0 644.5 731.7 1,102.3 '81.7 Jan. 17 ___ ___ '4, 922. 6 2, 368. 4 435.2 1, 933.2 636.1 733.7 1,100. 6 '83.8 Jan. 24 '4, 943.1 2, 384. 2 456.1 1,928. 2 640.1 736.1 1,099.0 '83.6 Jan 31 '4,918. 9 2,368. 5 449.6 1, 918.9 626.1 738.0 1,098.1 '88.2 Feb. 7 '4, 912. 3 2, 363. 4 427.8 1,935. 6 623.3 741.0 1,097.4 '87.3 Feb. 14 __ '4,930.1 2, 380. 8 452.0 1,928. 7 621.5 743.3 1, 097. 8 '86.7 Feb. 21 '4,902.8 2,343.1 409.9 1, 933. 3 627.0 745.5 1,099.1 '88.1 Feb. 28 . '4, 930. 7 2, 365.4 432.9 1, 932. 5 627.7 748.7 1,102. 0 '87.0 Mar. 6 . '4, 906. 5 2,323. 7 395.3 1,928. 4 638.5 752.4 1,103. 4 '88.4 Mar. 13 '4,928. 8 2, 348.0 404.3 1,943. 8 633.5 755.2 1,102. 2 '89.9 Mar. 20 '4, 973. 4 2, 386. 6 423.8 1,962. 8 638.7 757.2 1,100. 6 '90.2 Mar. 27 '4, 989. 6 2,409. 6 431.2 1,978. 4 636.9 758.1 1,097. 8 '87.3 Apr. 3 _ '5,002.8 2,426.0 426.1 1,999. 9 631.6 761.6 1,094.8 '88.7 Apr. 10 '4, 988. 2 2, 407. 7 414.4 1,993. 3 634.1 762.4 1,095. 5 '88.6 Apr. 17 '5, 022. 6 2, 425. 2 419.4 2,005. 8 644.9 764.7 1,098. 4 '89.4 Apr. 24 . '5, 064. 9 2,453. 5 409.0 2,044. 5 659.0 767.2 1,096. 9 '88.2 May 1 „ . '5,049. 3 2,449. 4 398.5 2,050.9 643.4 771.1 1,097.0 '88.3 May 8 5,058. 2 2,453. 7 404.1 2,049. 7 647.0 773.2 1, 095. 7 88.5 May 15 5,065. 3 2,448. 4 444.5 2,003. 9 657.3 774.8 1,096. 8 88.0 May 22 5,123.9 2, 500. 3 499.7 2,000. 6 664.1 774.9 1,090. 3 94.2 May 29 5,076. 4 2,440. 2 487.5 1,952. 7 684.0 775.6 1,081. 5 95.1 ' Revised. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. SEPTEMBER 1940 1009 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 r J o a u n g . h 2 — , 1935, Total U K d n o i i n t m g ed - France N la e e n r t d - h s - Sw la i n tz d er- 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—Sept. 27 4,955.4 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 4,875. 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 3,761.5 229.2 505.9 299.4 96.9 1940—Jan. 31r 4,918.9 1,029.1 471.2 466.1 798.3 166.3 61.7 811.2 3,803.9 227.8 503.9 297.3 86.1 Feb. 28' 4,930. 7 1,006. 2 468.1 469.0 826.3 166.0 60.7 838.0 3,834.4 225.4 507.7 285.7 77.5 Mar. 27r 4,989.6 961.6 462.9 466.0 855.4 167.3 68.5 863.6 3,845. 2 232.2 527.1 315.2 69.9 Apr. 24 r 5,064.9 964.5 468.9 486.4 879.8 166.9 87.7 859.5 3, 913. 7 219.4 535.2 325.7 70.8 May 1' 5,049. 3 946.2 461.5 482.4 881.8 168.1 85.5 866.0 3,891.6 226.6 539.2 320.2 71.7 May 8 5,058. 2 963.1 455.4 480.2 885.1 168.6 81.0 867.3 3, 900. 7 218.9 544.2 327.5 66.9 May 15 5,065. 3 980.9 458.8 477.6 868.8 170.1 83.8 866.3 3, 906. 2 224.8 549.1 319.5 65.7 May 22 5,123. 9 981.7 503.8 474.9 856.5 171.1 82.7 870.1 3,940.8 228.7 561.4 322.1 70.9 May 29 5,076.4 975.7 494.8 471.9 851.3 171.5 78.3 874.1 3,917.7 215.9 558.4 311.9 72.6 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 o i i n m t g ed - France N la e e n r t d - h s - Sw la i n tz d er- 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.. 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30._ 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29._ 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 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 1,010.6 135.1 134.0 132.7 20.4 1939—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. 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 58.0 Feb. 28.- 2, 365.4 304.4 256.4 186.2 397.3 -21.2 25.7 546.6 1, 695. 4 168.5 233.6 217.4 50.4 Mar. 27- 2, 409. 6 271.2 252.9 184.6 418.0 -20.5 35.5 570.9 1, 712. 5 173.1 251.0 230.4 42.6 Apr. 24.- 2,453. 5 271.5 259.0 200.5 434.6 -21.5 54.5 562.5 1, 761.1 148.5 264.6 236.4 42.9 May 1 2,449. 4 254.4 254.6 199.1 433.9 -21.2 52.5 569.2 1, 742. 7 155.2 269.0 238.9 43.6 May 8 2, 453. 7 270.6 248.6 197.4 435.7 -21.3 47.5 569.2 1, 747. 7 143.0 272.4 252.1 38.5 May 15 2, 448.4 288.1 251. 5 190.3 419.9 -19.9 51.5 567.6 1, 749.0 149.2 272.8 238.0 39.5 May 22 2, 500. 3 287.6 296.5 187.6 405.9 -19.2 50.3 570.0 1, 778. 7 152.0 282.7 242.2 44.7 May 29 2,440. 2 282.4 287.0 184.4 399.9 -19.7 46.2 572.4 1, 752. 6 135.8 281.5 223.6 46.6 TABLE 4.-UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n o i i n t m g ed - France N la e e n r t d - h s - Sw la i n tz d er- 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. 31 361.4 208.8 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 66.8 -66.0 -7.2 1939—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. 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 -.6 Feb. 28 627.7 247.4 73.4 12.9 2.6 179.4 11.7 30.5 557.8 52.1 56.2 -37.7 -.7 Mar. 27 636.9 245.1 72.9 9.8 1.7 180.3 10.0 30.4 550.2 53.6 56.5 -22.8 -.6 Apr. 24 659.0 255.4 73.0 13.1 1.6 181.0 10.3 31.6 566.0 60.2 53.0 -20.0 -.2 May 1 643.4 255. 4 70.3 10.7 1.7 181.8 10.0 31.2 561.0 59.2 51.6 -28.4 May 8 647.0 257.6 69.7 9.8 2.3 182.6 10.5 32.1 564.6 63.9 52.5 -34.1 May 15 657.3 258.8 70.3 14.4 2.4 182.7 9.1 32.4 570.2 62.0 53.4 -27.9 May 22 664.1 261.0 70.7 15.0 3.0 182.9 9.3 33.3 575.2 61.7 54.7 -27.4 -.2 May 29 684.0 262.0 70.8 15.4 3.1 183.8 8.9 35.2 579.3 69.5 52.6 -16.9 -.5 r Revised. i Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". * Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 1010 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - d tz- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia* ot A he ll r l 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 3.6 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 24.6 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 1939—Sept. 27 676.9 124.9 OQ Q 29.7 43.4 36.4 24.8 183.1 476.0 —29.6 180.4 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 11.8 1940—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 Feb. 28 748.7 129.0 42.6 30.2 47.7 36.4 27.9 191.7 505.5 1.7 185.6 44.2 11.6 Mar. 27 758.1 130.7 42.7 31.4 48.8 36.3 27.7 192.7 510.3 4.0 186.8 45.2 11.7 Apr. 24 767.2 131.6 42.7 31.2 49.8 36.2 27.5 194.0 513.1 8.4 188.2 45.6 12.1 May 1 771.1 132.0 42.8 31.1 50.0 36.2 27.7 194.0 513.8 10.3 189.4 45.6 12.1 May 8 773.2 132.2 42.8 31.1 50.0 36. 2 27.6 194.4 514.2 11.3 189.6 45.7 12.3 May 15 774.8 132.3 42.8 31.0 49.5 36.2 27.7 194.5 514.0 12.5 190.0 45.9 12.4 May 22 774.9 132.4 42.9 31.0 49.0 36.2 27.7 194.5 513.7 12.5 190.3 46.1 12.4 May 29 775.6 132.4 42.8 31.0 49.0 36.2 27.8 194.5 513.7 12.6 190.6 46.2 12.4 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n i r 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 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 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 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 1939—Sept. 27 1,164.4 408.4 73.7 228.2 320.9 -27.4 -5.5 58.3 1,056.7 8.9 Oct. 25 1,130.6 369.8 72.9 227.0 329.1 -27.6 -5.4 59.4 1,025.1 5.3 Nov. 29 1,103.7 338.2 74.9 226.2 336.3 -28.0 —4.9 59.1 1,001.8 .7 Dec. 27. — 1,098.5 328.2 76.3 227.1 342.8 -28.2 -4.9 60.1 1,001.4 -3.1 1940—Jan. 31 1,098.1 315.7 77.1 . 229.4 349.2 -28.3 -4.7 62.4 1,000.8 -5.9 Feb. 28 1,102.0 306.6 76.8 230.4 359.7 -28.4 -4.7 63.4 1,003.8 —7.5 Mar. 27 1,097.8 295.6 75.7 231.2 367.2 -28.7 -4.9 64.2 1,000.4 Apr. 24 1,096. 9 287.5 76.3 231.4 372.6 -28.7 -4.9 65.7 999.9 May 1 1,097.0 286.1 76.2 231.4 375.0 —28.7 -4.9 65.7 1,000.6 May 8 1,095. 7 284.6 76.3 231.5 376.1 -28.7 -4.8 65.7 1,000. 6 May 15 1,096.8 283.1 76.4 231.2 378.0 —28.7 -4.7 66.0 1,001. 3 May 22 1,090.3 283.0 76.0 230.7 380.4 -28.7 —4.7 64.7 1,001.4 May 29 1,081.5 281.3 75.8 230.7 380.9 -28.7 -4.7 64.8 1,000.0 1 1 1 oooo oc oo *c A L m a e t r i i n ca Asia* ot A he ll r * 3.7 21.4 2.0 15.5 44.1 7.1 18.2 64.7 9.8 23.4 66.4 11.0 26.1 68.5 14.1 27.0 59.2 13.9 28.6 58.7 13.8 29.8 56.1 14.8 30.6 58.2 14.6 31.5 59.8 14 4 31.6 59.5 14.4 29.5 61.2 14.3 29.5 61.1 14 2 -9.6 29.9 60.7 14.2 -8.1 29.8 60.4 13 5 -8.2 28.1 55.7 13.4 -12.4 27.3 53.3 13.4 TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n i r 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 Asiai ot A he ll 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 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 (') .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 .2 1939—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 1.6 Nov. 29 77.1 19.6 19.0 9.6 15.7 («) .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 6.2 70.2 8.9 1.1 -4.0 2.0 1940—Jan. 31' - 88.2 18.9 19.6 9.4 18.3 -.2 .1 5.7 71.9 10.9 1.7 1.7 2.0 Feb. 28' 87.0 18.9 19.0 9.2 19.1 -.2 .1 5.8 71.9 10.5 .8 2.0 1.9 Mar. 27' 87.3 19.0 18.7 9.0 19.7 -.2 .1 5.5 71.8 9.5 1.2 2.9 1.8 Apr. 24' 88.2 18.5 17.9 10.2 21.2 -.1 .1 5.7 73.6 10.4 -.1 2.6 1.8 May 1' 88.3 18.3 17.6 10.1 21.3 (4) .2 5.9 73.5 10.4 -.3 3.0 1.8 May 8 88.5 18.1 18.1 10.4 20.9 .2 6.0 73.5 10.3 o 3.0 2.0 May 15 88.0 18.6 17.7 10.6 18.9 -!i .2 5.8 71.7 9.3 3.'3 3.2 .6 May 22 94.2 17.7 17.7 10.5 18.2 (4) .1 7.6 71.8 10.6 5.6 5.5 .7 May 29 95.1 17.6 18.4 10.5 18.5 (4) .2 7.1 72.1 10.3 6.3 5.8 .6 ' Revised. J 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 For explanation see BULLETIN for May 1937, pp. 395-396. 3 Inflow less than $50,000. * Outflow less than $50,000. SEPTEMBER 1940 1011 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 i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* ot A he ll r i Reported by Banks in New York City 1929—Deo. 31.-.. 2,672.7 I 301,5 923.7 99.1 105.2 204.5 157.4 371.3 2,162.8 241.8 188.2 49.0 31.0 1930—Dec. 31 2,335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911. 7 216.8 130.8 38.2 37.5 1931—Dec. 30 1,303.5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28.... 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27.... 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 28»_. 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 «... 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 1935—Jan. 2 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 Dec. 31... 1,200.2 205.5 163.6 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. 2 270.6 157.8 102.8 128.3 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 89.1 802.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 30... 1,621.0 248.1 126.3 48.6 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29 1,357.4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 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 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 1,609.3 267.0 330.8 251.4 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.... 2,637.4 667.5 284.2 153.8 248.8 13.8 12.8 379.6 1, 660.4 293.6 375.5 253.6 64.4 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. 6 601.6 276.3 194.7 834.1 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. 31_... 2,994.7 404.6 290.6 200.3 395.6 9.1 43.7 669.0 1,912.6 266.9 352.2 392.1 70.9 Feb. 28... 2,991.6 376.6 288.5 200.1 411.0 8.4 44.5 593.5 1,922. 6 268.7 354.6 383.4 62.4 Mar. 27... 3,035.8 343.4 285.0 198.5 431.6 9.1 54.3 617.8 1,939. 7 273.2 372.0 396.4 54.5 Apr. 24... 3,079.7 343.7 291.1 214.4 448.2 8.1 73.3 609.4 1,988. 3 248.6 385.6 402.3 54.9 May 1.... 3,075. 6 326.6 286.7 213.1 447.6 8.5 71.3 616.1 1,969.9 255.3 389.9 404.9 55.6 May 8.... 3,080.0 342.8 280.7 211.4 449.4 8.3 66.3 616.1 1, 974.9 243.2 393.4 418.1 50.4 May 15... 3,074. 6 360.3 283.6 204.2 433.6 9.7 70.3 614.5 1, 976. 2 249.3 393.7 404.0 51.4 May 22... 3,126. 5 359.7 328.6 201.6 419.6 10.4 69.1 616.9 2,005. 9 252.2 403.6 408.2 56.6 May 29... 3,066.4 354.5 319.1 198.3 413.6 9.9 65.0 619.3 1, 979.8 236.0 402.4 389.6 58.6 Additional Detail Available from January 3,1940 * 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- 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- T C a a P m n . a d n a Z - . Total China H K o on 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. 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 Feb. 28. 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 325.3 176.3 68.5 50.8 29.7 Mar. 27 482.1 179.2 29.9 25.2 68.4 179.4 279.0 68.1 34.9 23.4 44.3 68.8 39.4 332.9 177.6 75.4 47.1 32.8 Apr. 24. 457.1 184.0 23.8 26.9 67.6 154.7 292.6 76.4 36.9 23.7 45.6 67.6 42.5 339.2 180.2 77.5 48.2 33.3 May 1. 460.2 183. 7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 348.5 180.7 81.1 54.7 32.0 May 8. 455.8 182. 2 22.3 27.4 66.7 157.2 300.5 78.8 35.3 25.4 47.7 68.0 45.3 357.3 179.2 84.6 60.4 83.1 May 15 448.8 176.3 21.9 27.6 66.4 156.6 302.4 81.4 33.4 25.5 48.5 67.8 45.7 349.0 179.8 83.0 54.3 31.9 May 22 443.8 170.1 21.7 29.0 65.6 157.4 311.2 84.7 35.8 26.1 47.6 67.9 49.2 351.4 178.3 80.9 56.7 35.6 May 29 443.3 172.0 21.1 29.5 64.1 156.7 311.8 83.3 34.8 24.8 49.6 68.6 50.6 333.9 174.8 79.4 43.5 36.2 i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". » Last report date on old basis. * First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. 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). 1012 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 ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am L e a r t i i c n a Asia* ot A he ll r * Reported by~Banks in New York City 1931-Dec. 30.—. 1,103.3 I 166.2 29.5 20.9 12.6 467.2 18.7 149.2 11 864.3 68.1 136.5 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 3.6 1933—Dec. 27.—. 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 82.3 159.7 49.7 6.2 1934—Nov. 28 » .. 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 •„ 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 8.6 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 26.6 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- 647.9 75.8 81.5 21.5 5.2 160.6 11.0 62.0 407.6 49.1 126.6 64.4 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 3.6 143.9 14.8 65.2 319.9 87.8 132.0 83.6 14.5 Sept. 29— 586.0 76.3 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 6.5 126.1 20.8 62.9 326.5 118.0 114.4 78.9 17.2 1938—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 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 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 Dec. 28— 626.0 87.7 13.3 25.5 6.4 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 62.4 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 May31._. 604.3 65.4 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 9.6 39.9 217.0 64.0 110.3 100.5 14.8 July 26— 497.2 55.2 7.3 21.7 3.2 74.7 9.3 39.1 210.3 62.7 111.8 108.7 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 61.1 112.0 172.6 15.2 Nov. 29- 637.1 46.5 6.4 6.6 4.7 68.6 9.4 62.0 183.1 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 16.9 1940-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 Feb. 28... 631.4 44.7 5.4 5.7 5.5 51.8 15.5 49.3 177.9 44.2 109.8 190.3 9.2 Mar. 27- 522.2 47.0 5.8 8.9 6.3 50.8 17.3 49.4 185.6 42.7 109.5 175.4 9.1 Apr. 24 _. 500.0 36.7 5.8 5.5 6.5 50.2 16.9 48.2 169.8 36.1 112.9 172.6 8.7 May 1.. 515.7 36.8 8,4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 8.6 May S.- 512.1 34.6 9.1 8.8 5.8 48.6 16.7 47.7 171.1 32.4 113.4 186.7 8.5 May 15. 501.8 33.3 8.4 4.2 5.7 48.5 18.1 47.4 165.6 34.3 112.6 180.5 8.8 May 22. 495.0 31.1 8.1 3.6 5.1 48.3 17.9 46.5 160.6 34.5 111.2 180.0 8.7 May 29. 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 113.3 169.5 9.0 Additional Detail Available from January 3,1940 < 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 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 P a a . m a n n Z d a - . Total China H K o o n n g g Japan I P s p h l i a 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 6.9 1.0 152.5 22.0 1.9 102.1 26.4 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 Feb. 28_ 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. 27 19.7 8.1 2.2 .8 3.9 4.7 70.1 12.2 31.6 9.4 11.2 4.7 1.0 165.4 25.7 1.5 109.6 28.6 Apr. 24. 18.3 8.4 1.4 1.0 3.6 3.9 72.9 12.4 34.5 9.6 10.2 5.0 1.2 161.7 24.3 1.4 108.1 28.0 May 1. 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May 8. 16.7 6.6 1.3 1.1 2.8 5.0 74.0 16.2 31.9 9.7 10.1 5.1 1.0 174.7 23.6 1.7 120.7 28.6 May 15 16.6 6.4 1.2 1.3 2.7 4.9 73.2 15.4 32.4 9.8 9.6 5.0 1.1 169.1 23.9 1.5 114.4 29.2 May 22 15.2 5.7 1.1 1.5 2.4 4.5 72.0 15.7 31.7 9.7 7.9 5.9 1.1 170.7 23.9 1.8 115.2 29.8 May 29 14.1 5.1 1.1 1.5 2.4 4.2 73.9 16.4 32.1 9.5 9.8 5.0 1.1 160.1 24.5 1.9 103.2 30.5 i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". ' Last report date on old basis. 3 First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. 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). SEPTEMBER 1940 1013 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 g o u u re n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 Cash reserves a c n o D d u i s n - a t d s - Se ti c e u s ri- 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 1929—Dec. 25.. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31.. 147.6 260.0 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30.. 120.7 275.0 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec.f28.. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec/ 27.. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26.. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935-Dec. 25.. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30.. 313.7 200.0 46.3 17.5 155.6 467.4 160.6 12.1 39.2 18.0 1937—Dec. 29.. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28.. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939-May31., 3 226.2 300.0 .6 26.4 8.0 140.7 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.. 3.1 580.0 .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 Apr. 24.. .2 580.0 1.0 43.1 4.9 153.5 537.1 103.4 40.7 40.6 17.7 May 29.. .2 680.0 1.4 23.4 2.9 171.6 556.9 94.9 36.1 50.5 17.8 June 26 .2 630.0 1.5 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 July 31P-. 630.0 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold* ch e e a i x g n - n ge m O ar p k e e n t c S i p a e l - 8 Other m G e e t r o o n n v - t - 7 m G S t e o h e n v o r t e m r r s t n - e - - s O e t c t ie h u s e ri r - Other c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b e h s i e l r icurities 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 ft™ 2,901 76,436 12,624 11,698 2,241 1931—Dec. 30—. 68,863 21, 111 7,157 2,730 8,545 85,725 5,898 22,183 1,989 1932—Dec. 30—. 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29— 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28— 82,124 963 5,837 3,971 3,211 83, 412 3,718 15, 359 1,907 1935—Dec. 27— 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30— 60,359 1,460 5,640 1,379 8,465 17,698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937—Dec. 30— 911 5,580 652 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—Mar. 30— 87,266 758 8,631 2,054 5,733 20,627 172 3,332 14,558 119,748 3,955 16,702 2,726 April 27._. 92,266 756 8,609 2,165 6,012 20, 577 127 3,362 14,452 124,666 3,755 17, 255 2,649 May 25— 92,266 754 8,164 2,276 4,774 20,577 78 3,401 14,264 121,391 4,573 17, 570 3,020 June 29—. 92,266 722 8,074 2,279 5,009 20, 577 374 3,471 14,753 122, 611 5,188 16,909 2,816 July 27.._. 92,266 722 8,316 2,275 5,000 20, 577 472 3,461 14, 458 123,239 5,468 16,058 2,781 Aug. 31— 97,266 218 9,396 1,708 15,009 20,577 2,412 3,805 16,016 142,359 3,304 18,038 2,708 Sept. 28— 97,266 212 9,734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26.— 97,266 85 10,038 2,007 8,298 25,473 336 3,576 17,100 144, 379 2,004 14, 790 3,006 Nov. 30.... 97,266 120 10, 565 1,626 5,206 30,473 454 3,581 17, 769 149,370 1,953 12,392 3,346 Dec. 28— 97, 267 112 11,273 2,345 5,149 34,673 174 3,482 16,438 151,322 1,914 14, 751 2,925 1940—Jan. 25— 97,268 111 11,861 2,235 5,011 35,673 229 3,444 15,963 151, 738 1,834 14,965 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—. 84,614 111 42,645 1,870 5,005 20,550 320 3,376 15,970 156,032 1,154 14, 262 3,014 Apr. 25—. 84,615 112 42, 694 1,781 5,769 20,900 228 3,411 15, 666156, 285 1,171 14,681 3,038 May 30—. 84,616 102 44,083 1,889 14,473 2,320 3,716 16, 694170,853 1,046 25, 782 2,811 p Preliminary. i Effective Mar. 1,1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). > Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12,1940; for information concerning previous status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339. 3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12,1939, £20,000,000 of gold transferred from Exchange Account to Bank; on Sept. 6,1939, £279,000,000 transferred from Bank to Exchange Account. * By decree of Feb. 29,1940 (see BULLETIN for May 1940, pp. 406-407), 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 November 1936, pp. 878-880; September 1937, p. 853; and January 1939, p. 29. 6 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17,1938 (see BULLETIN for August 1938, p. 650) and, from Mar. 28,1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Stabilization Fund on Mar. 7, 1940. 8 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). * x iides advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, ana -_ 3ril 14,1938, as modified by Convention of Nov. 12,1938; Convention of Sept. 29,1938, approved by decree of Sept. 1,1939; and Convention of Febf29,1940 (see BULLETIN for May 1940, pp. 406-407). » 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. NOTE.—For further explanation of table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. 1014 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities (Figu r R e re i e c s i h c i s h n m s m b a a r il k n l s i k o ) ns of R re e f T s o s o e r e e r t r v a i v g l e e n s s e o x f c g G h o a l o d n l g d a e * nd B i T c n i h r l c b l e e l s i a c u l k l s d ( s a u s in ) n r , y g d Se lo c a u n ri s ty E a c s li o g n v i o S e b r t e l e e curiti O es ther O as t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia ti t b e h i s e li r - 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. _ ._ 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 _ 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939_july 3i 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. 30 78 12,242 31 144 394 2,557 12,176 1,760 1,509 Apr 30 78 12,188 31 221 364 2,651 12,480 1,714 1,338 May 31 77 12, 569 31 142 363 2,135 12, 594 1,470 1,253 June 29 77 12, 611 25 143 454 2,595 12,785 1,854 1,266 July 31P 78 12, 613 12,750 v 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 July 1935,p. 463, and February 1931, pp. 81-83. Central Bank 1940 1939 Central Bank 1940 1939 [Figures as of last report [Figures as of last report date of month] July June May July date of month] July June May July National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): (Mar.)1 of belgas): (Apr.)i Gold 7,567 7,568 Gold and foreign exchange 4,614 4,238 Foreign assets 65,135 33, 634 Discounts. 991 188 Loans and discounts 10,315 4,393 Loans 69 53 Other assets 7,829 8,650 Other assets 512 469 Note circulation 28, 419 22,416 Note circulation 5,880 4,565 Other sight liabilities 46,830 18, 321 Demand deposits—Treasury 1 8 Other liabilities 15, 598 13, 507 Other 182 251 Central Bank of the Argentine Other liabilities 124 124 Republic (millions of pesos): Central Bank of Bolivia (thousands Gold reported separately 1,224 1,224 1,224 of bolivianos): (Apr.)i Other gold and foreign exchange- 168 183 99 Gold at home and abroad 95,265 61, 763 Negotiable Government bonds 239 199 263 Foreign exchange 112,860 68, 657 Other assets 226 228 229 Loans and discounts 145,138 53, 763 Note circulation _ 1,220 1,185 1,119 Securities— Go vernment 430.628 401, 911 Deposits—Member bank 401 423 379 Other _ 13, 316 5,123 Government 159 150 209 Other assets. 127,997 36, 437 Other _ 3 3 2 Note circulation 401,306 311,041 Foreign exchange sold forward ., 18 20 56 Deposits 354, 741 251, 927 Other liabilities 59 53 51 Other liabilities 169,159 64, 687 Commonwealth Bank of Australia National Bank of Bulgaria (mil- (thousands of pounds) : lions of leva): (Apr.)1 Issue department: Gold. 2,006 2,006 Gold and English sterling, 16,082 16,082 16,030 Net foreign exchange in reserve 4 Securities 53, 645 45, 545 41,002 Foreign exchange 1,800 804 Banking department: Loans and discounts 1,110 941 Coin, bullion, and cash 5,377 4,430 1,411 Government debt __ _ 3,393 3,417 London balances _ 42, 993 40, 394 16,424 Other assets 2,030 1,278 Loans and discounts 33, 480 34,174 18,093 Note circulation _ 4,526 3,038 Securities 34, 282 35, 497 58,602 Deposits 3,421 3,117 Deposits 108, 212 106, 778 87,840 Other liabilities 2,396 2,292 Note circulation 60,875 52, 775 48,025 Bank of Canada (thousands of Ca- Bank of Belgian Congo (millions of nadian dollars): Belgian francs): (Jan.)i Golds 205,159 Gold 171 171 Sterling and United States ex- Foreign (gold) exchange ___ _ 5 change 5,700 3,251 12, 601 43,960 Loans and discounts 617 517 Canadian Gov't. securities: Other assets 526 474 2 years or less _ 392,235 402,914 417,421 112, 550 Note circulation _ _ _ 421 394 Over 2 years 123, 598 118,485 93,995 51, 391 Deposits 735 648 Other assets _ 9,318 11,289 23,074 6,970 Other liabilities 164 120 Note circulation 291, 676 272, 565 230, 373 169, 714 Deposits—Chartered banks 194, 423 208, 584 238, 305 206,916 Dominion Government 24,140 36, 576 52, 719 29,054 Other 8,222 4,360 7,532 4,649 Other liabilities 12,389 13,854 18,163 9,698 1 Latest month for which report is available for this institution. 2 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). SEPTEMBER 1940 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 1939 Central bank 1940 [Figures as of last report [Figures as of last report date of month] July June May July date of month] July June May July Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold , 146 146 146 Deposits __. 5,018 7,744 Discounts for member banks 147 116 7 Other liabilities _ 3,907 3,595 L N O O o o t t h h a te e n e r r s c l a i t o r o s c a s u g e n l t o s s a v a ti e n o r d n n m di e s n c t ounts - __ 1, 7 3 0 2 4 2 6 4 6 7 7 1, 3 0 7 3 5 5 5 0 6 1 0 8 2 7 4 4 5 5 0 4 4 4 Ba k n r k o F G o o o n r l e o d i) i f g : n E e s x t c o h n a i n a ge ( ( t n h e o t u ) sands _ o „ f . 4 4 0 , , 3 9 0 03 3 4 9 0 , , 0 9 3 06 4 Deposits- Loans and discounts 48,851 27,497 Bank _ 159 143 162 Other assets._^ _ 34,084 41,413 Other. 88 78 46 Note circulation _ 62, 726 53,086 Other liabilities 157 165 148 Demand deposits 34,039 27,326 Bank of the Republic of Colombia Other liabilities 31, 376 38,438 (thousands of pesos): Bank of Finland (millions of mark- (Oct. Gold - 36,109 kaa): 1939)1 Foreign exchange _ 3,912 3,865 Gold _ : 1,180 1,128 Loans and discounts ___ 21,864 18,455 2,085 2,598 Government loans and securities- 36,820 Loans and discounts. 2,059 1,151 Other assets _ _ 29, 781 30,337 Domestic securities _ 328 333 Note circulation 53,785 55, 365 Other assets _ 343 248 Deposits 53, 679 38, 547 Note circulation 3,378 2,179 Other liabilities _. 31,674 Deposits—Treasury __ . 217 National Bank of Bohemia and Mo- Other 553 991 ravia (millions of koruny): Other liabilities _ 2,064 2,070 Gold 1,596 1,721 Bank of Greece (millions of drach- Foreign exchange 728 821 mas): Discounts - 445 1,713 Gold and foreign exchange (net).. 4,600 4,430 3,289 Loans 542 875 Loans and discounts 15,078 14,692 10, 606 Other assets __ 6,566 4,187 Government obligations 4,105 4,105 4,211 Note circulation _ __ 5,601 6,391 Other assets _. 2,755 2,751 1,943 Demand deposits _ 839 811 Note circulation. 11,475 11,004 7,912 Other liabilities.. _ 3,437 2,116 Deposits _ ___ 13,046 13,056 10,264 National Bank of Denmark (mil- Other liabilities 2,017 1,917 1,873 lions of kroner): National Bank of Hungary (mil- Gold - 117 117 117 lions of pengo): Foreign exchange 9 9 Gold 124 124 124 Clearing accounts (net) 113 71 Foreign exchange reserve 59 59 93 Discounts --- 25 34 20 Discounts _ 670 647 418 Loans—To Government agencies 228 155 89 Loans—To Treasury 343 343 298 Other _ 175 315 138 Other 46 36 29 Securities .-- 184 190 186 Other assets _ 325 333 360 Other assets.— 156 116 110 Note circulation._ __. 1,078 1,040 879 Note circulation _ 697 703 425 Demand deposits— ___ 162 186 143 Deposits 169 165 135 Certificates of indebtedness 94 94 99 Other liabilities— - 141 138 199 Other liabilities 234 222 201 Central Bank of Ecuador (thou- Reserve Bank of India (millions of sands of sucres): (Mar.)1 rupees) : Gold - - 35,642 38, 378 Issue department: Foreign exchange (net) _ 7,760 Gold at home and abroad._. 444 444 Loans and discounts— 59, 557 56,630 Sterling securities 1,235 595 Other assets.— _ 19, 907 20,884 Indian Gov't. securities 425 374 Note circulation.. 62,828 64, 974 Rupee coin 466 730 Demand deposits 30,941 43,262 Note circulation 2,485 1,784 Other liabilities 21, 337 15,416 Banking department: National Bank of Egypt» (thou- Notes of issue department... 85 359 sands of pounds): (Apr.)i Balances abroad 199 36 Gold 6,544 6,545 Treasury bills discounted 28 Foreign exchange... 2,729 1,572 Loans to Government 20 19 Loans and discounts ._ 8,141 5,375 Investments 87 75 British, Egyptian, and other Other assets.. 15 13 Government securities 24, 900 Deposits 315 387 Other assets 6,995 8,414 Other liabilities 119 115 Note circulation 25,489 19, 774 Bank of Japan (millions of yen): Deposits—Government. __ 2,392 3,304 Gold 501 501 501 Other. 18,076 15, 257 Special foreign exchange fund 300 300 300 Other liabilities 9,060 8,472 Discounts 834 462 414 Central Reserve Bank of El Salva- Loans—To Government 3 3 3 dor (thousands of colones): Other 142 60 85 Gold - 13, 232 13, 208 Government bonds 2,547 2,652 1,686 Foreign exchange „ 3,149 6,074 Other assets 420 436 376 Loans and discounts 1,311 725 Note circulation 3,597 3,186 2,446 Government debt and securities. 4,805 5,108 Deposits—Government 596 745 501 Other assets _. 1,231 996 Other 152 169 112 Note circulation 14,803 14, 771 Other liabilities 402 314 306 1 Latest month for which report is available for this institution. 2 Items for issue and banking departments consolidated. 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 Central bank 1940 1939 [Figures as of last report [Figures as of last report date of month] July June May- July date of month] July June May July Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold _ 144 147 117 Note circulation 2,424 2,079 Foreign bills 20 16 11 Other sight liabilities 1,161 1,149 Loans and discounts 103 72 61 Other liabilities 1,030 1,009 Other assets 122 123 104 National Bank of Rumania (mil- Note circulation _ __, 207 221 199 lions of lei): (Apr.)i Deposits — 154 109 69 Gold 21,029 18,805 Other liabilities _ 28 25 Special exchange accounts 6,903 4,424 Bank of Latvia (millions of lats): Loans and discounts 22, 520 14,027 Gold 72 72 Special loans 3 1,024 1,469 Foreign exchange reserve 30 30 Government debt 10,036 10,174 Loans and discounts 217 212 143 Other assets _. 15, 785 12,893 Other assets 43 46 51 Note circulation 49,844 38,980 Note circulation 117 104 81 Demand deposits 10,004 10,517 Deposits 188 202 204 Other liabilities _. 17,445 12,295 Other liabilities 57 55 43 South African Reserve Bank (thou- Bank of Lithuania (millions of litu): sands of pounds): Gold 60 62 Gold.. 36,656 36,172 26,638 Foreign exchange. __ 10 18 8 Foreign bills _ 1,510 8,150 5,500 Loans and discounts 199 178 119 Other bills and loans 1,746 294 1,714 Other assets _ 63 62 37 Other assets. 35,213 24,695 16,144 Note circulation 193 176 153 Note circulation _ 22,757 21,309 18,464 Deposits __ 104 106 42 Deposits 48,587 42,638 28,329 Other liabilities.. 41 37 30 Other liabilities 3,781 5,364 3,203 Netherlands Bank (millions of guil- Bank of Sweden (millions of ders) : (Apr.)» kronor) : Gold 1,160 1,129 Gold. 438 416 767 Silver (including subsidiary coin) 12 24 Foreign assets (net) 437 563 Foreign bills _ 1 2 Domestic loans and investments- 895 236 Discounts 10 10 Other assets 840 851 520 Loans 226 224 Note circulation 1,478 1,467 1,025 Other assets 71 69 Demand deposits 140 179 '899 Note circulation 1,166 1,037 Other liabilities. _ 992 1,021 163 Deposits—Government 25 46 Swiss National Bank (millions of Other 228 327 francs): Other liabilities 59 Gold* _ 2,135 2,168 2,461 Reserve Bank of New Zealand Foreign exchange 399 361 274 (thousands of pounds): Discounts 292 185 49 Gold._ 2,802 2,802 2,802 Loans 115 144 27 Sterling exchange reserve 14,826 13,719 5,577 Other assets 256 224 682 Advances to State or State un- Note circulation _ 2,252 2,246 1,741 dertakings 23, 517 23,176 18,938 Other sight liabilities 668 565 1,106 Investments 2,540 2,537 3,748 Other liabilities. 276 271 647 Other assets 406 472 460 Central Bank of the Republic of Note circulation 18, 617 17,951 15,693 Turkey (thousands of pounds): Demand deposits __. 23,178 22, 220 13,833 Gold 109,904 36,906 Other liabilities _. 2,295 2,536 1,999 Foreign Exchange—Free 60 2 Bank of Norway (millions of In clearing accounts 29,788 3,536 kroner): (Feb.)1 Loans and discounts 262, 704145, 754 Gold 186 236 Securities 196,221 192, 732 Foreign assets 99 151 Other assets.. _ 33,386 38,340 Total domestic credits and Note circulation 327,869 229, 521 securities 440 281 Deposits __ 163, 780 71,426 Discounts 122 Other liabilities 140,413 116,325 Loans _. 36 Bank of the Republic of Uruguay Securities. 123 (thousands of pesos) : Other assets () 52 Issue department: N D O o e th m te e r a c n l i d i r a c b u d i l l e a i p t t i i o e o s s n i ts— O G t o h v e e r rnment _ - 57 9 1 9 4 2 4 1 8 8 1 3 0 7 5 9 Ban N k G G i o o o n l t l g d e d c d a i n e r d p c u a s r l i a t l m t v i e o e r n n . t: 9 8 2 6 6 1 , , , 4 7 2 5 2 3 4 8 5 8 9 2 6 3 1 , , , 3 4 2 7 5 3 2 4 5 8 8 2 6 9 0 , , , 8 6 2 6 4 3 7 4 5 Central Reserve Bank of Peru Notes and coin _. 50, 506 49,473 (thousands of soles): Loans and discounts 113, 630110,377 107, 320 Gold and foreign exchange 46,150 49, 753 Other assets 119,807 116,190 100, 406 Discounts 19, 251 26, 667 Deposits _ 99,931 100, 545 86,897 Government loans 112, 533 96, 975 Other liabilities 200,994 197, 982190, 947 Other assets 5,134 4,181 National Bank of the Kingdom of Note circulation 126,474 118, 284 Yugoslavia (millions of dinars): Deposits 39,098 43, 783 Gold 2,162 1,922 Other liabilities 17,496 15, 509 Foreign exchange—- 585 503 Bank of Portugal (millions of Loans and discounts 1,984 1,860 escudos): Government debt _. 3,073 2,230 Gold 921 920 National defense bills 3,196 Other reserves (net) _. 496 432 Other assets 3,428 "§,"273" Non-reserve exchange 358 210 Note circulation 11, 755 7,354 Loans and discounts 457 399 Other sight liabilities 1,842 1,712 Government debt._ _. 1,033 1,036 Other liabilities 832 721 Other assets 1,349 1,241 «• Revised. 1 Latest month for which report is available for this institution. 2 Figures not yet available. * Agricultural and urban loans in process of liquidation. * Gold revalued May 31,1940, at 0.2053 grams fine gold per franc. SEPTEMBER 1940 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs *] 1940 1939 1940 1939 Assets Liabilities May 31 Apr. 30 May 31 May 31 Apr. 30 May 31 Gold in bars 28,913 28,215 64,732 Demand deposits (gold) 12,010 12,588 13,205 Cash on hand and on current account with banks 46,086 33,465 6,756 Short-term deposits (various curren- Sight funds at interest 16,382 16,852 16,275 cies) : Central banks for own account 33,133 21,863 109,214 Rediscountable bills and acceptances Other 2,316 2,925 5,418 (at cost) _ _ __ __143,843 162,415 219,950 Time funds at interest __ 21,774 21,963 34, 464 Long-term deposits: Special accounts- 229,001 229,644 255,128 211,335 195,075 232, 208 Sundry bills and investments Other liabilities 194,268 193, 398 193,415 Other assets 2,396 2,434 1,995 Total liabilities 470,728 460, 419 576,379 Total assets 470,728 460, 419 576,379 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) Month a 3 B cc 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 d n w e k p a e o n r s c s i e ' ts d P i r s r a i c v t o e a u * t n e t M 1 o m ne o y n t f h or D m ay o - n to e - y d " ay d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—July 5.38 5.39 4.54 7.39 9.35 8.21 5.20 4.90 1930—July 2.37 2.38 1.78 3.40 4.57 4.30 1.84 1.85 1931—July 2.58 2.44 2.05 2 7.00 2 8.98 2 8.89 1.53 1.40 1932—July .92 .66 .67 4.58 5.75 5.49 .49 1.00 1933—July .48 .40 .62 3.87 5.50 5.19 3.54 2.64 1934—July .87 .76 .85 3.75 4.44 4.67 .74 1.00 1935—July _. .65 .59 .75 3.00 2.97 3.10 3.25 2.77 1936—July .58 .58 .75 2.88 2.73 2.96 2.01 1.73 1937—July .56 .53 .79 2.88 2.65 2.64 .13 .92 1938—July .55 .52 .75 2.93 2.88 2.96 .13 .50 1939-July.___— .79 .77 .75 2.75 2.50 2.65 .51 .75 1939—November .96 1.18 1.00 2.65 2.19 1.75 2.41 December. .23 1.24 1.03 2.63 2.39 2.25 2.75 1940—January... .10 1.09 1.02 2.50 2.03 1.85 2.64 February.. .04 1.02 1.00 2.50 2.08 1.58 2.50 March .03 1.02 .99 2.50 2.16 1.35 2.49 April .03 1.03 1.00 2.38 1.90 1.68 2.75 May .03 1.02 1.00 2.38 1.98 42.20 *3.21 June 1.03 1.02 1.00 July 1.03 1.02 1.00 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) 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 ap e 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 r a n n l i e l g y ht 1929—June. 3.26 3.97 3.50 6.75 5.48-5. 66 3.29 1930—June . 2.06 2.78 2.11 5.50 5.48 3.83 1931—June . 1.12 2.13 1.06 5.25 3-5 5. 29-5.48 2.19 1932—June . 1.50 3.16 1.22 5.50 4-6 6.02-6. 57 4.56 1933—June. 1.50 2.31 1.50 4.00 5.11-5. 48 2.74 1934—June . 1.50 2.11 2.09 3.00 5.20 2.44 1935—June . 2.60 1.88 5.72 3.50 5.11 2.45 1936—June . 2.25 1.38 5.60 4.50 4.83 2.63 1937—June . 1.00 1.00 5.02 5.00 2H-5 4.75 2.80 1938—June. 1.00 3.25 2.40 5.00 2^5 4.56 2.37 1939—June . 1.00 2.79 1.88 5.00 4.47 2.39 1939— October 1.25 3.19 2.34 November. 1.25 3.11 2.12 December.. 1.25 3.11 2.12 3-5 1940—January... 1.25 2.94 2.12 3-5 February.. 1.25 2.68 1.94 3-5 March 1.25 ) 1.89 3-5 April 1.25 2.00 3-5 May .41 2.00 June 1.50 8 2.00 1 Beginning February 1940 figures are those published in the League of Nations Monthly Bulletin of Statistics. 2 Based on data for part of month, no quotations being available for remainder of month. 8 No figures available since August 1939. 4 Figures are for period May 1-9, inclusive; no quotations available beginning May 10. « No figures available since July 1939. 8 No figures available since June 1939. * No figures available since February, 1940. * Average for period June 1-15, inclusive; no quotations available beginning June 16. NOTE.—For explanation of table see BULLETIN for December 1939, p. 1144; September 1938, p. 757; May 1930, p. 318; November 1929, p. 736; July 1929, p. 503; April 1927, p. 289; and November 1926, pp. 794-796. 1018 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— i . It **w Central Hate Date '! Central Hate Date Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S la w e n r i - d tz Japan bank of— A 2 u 9 g. effective bank of— A 2 u 9 g. effective I J n u 1 l e y 9 f 3 f 6 7 ec .. t June 30, 2 4 4 2 f A 2H 3.29 A B A e l r b l g g a e i n u n i m t a ina... & 2 A J M M an a a . r r . . 2 2 1 1 5 , , , 1 1 1 9 9 9 3 4 4 6 0 0 J J L a a a p v t a a v n i _ a _ 3 3 5 .29 J A F a e p n b r . . . 1 1 7 4 7 , , , 1 1 1 9 9 9 3 3 4 6 7 0 J S u e l p y t . 1 9 0 3 2 B Bo ri l t i i v s i h a India 3 ey2 N A o ug v . . 28 9 , , 1 1 9 9 3 3 5 8 M Li e t x h ic u o ania- 3 6 J M u a ly r . 1 1 5 , , 1 1 9 9 3 3 7 9 Sept. 25 5 Oct. 2 3 O O c c t t . . 9 16 F Bulgaria 6 Aug. 15, 1935 Netherlands 3 Aug. 29,1939 Oct 20 VA Canada 2H Mar. 11, 1935 New Zea- Nov 26 Chile Dec. 16, 1936 land* 2 May 27,1940 J J D a u e n n c . e 2 3 1 8, 5 1 - 937 4 6 2 C Cz o s e l l o c o h m v o b a - i k a ia.. J J a u n ly . 1 1 8, , 1 1 9 9 3 3 6 3 N P P e o o r r r u t w ug ay al 4 3 6 -4K A M M u a a g y y . 2 1 1 3 0 1 , , , 1 1 1 9 9 9 4 3 3 0 7 2 July 7 5 3 Aug. 4 4 N M M S M S e e o a a a p p v y y y t t . . 3 1 1 1 2 3 0 3 0 3 8 ,1938 3 2 3 m M 4 3 D E E E F l i s c e n t u n S o l a a m n a d n i l a o a d v r r a k dor .. . 3 D M M M O e c a a a c t y y r . . . 2 2 3 6 2 3 0 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 4 3 3 3 4 0 8 9 5 S S S S R w w p o u a u e i m i t t d n z h a e e n n r A l i a a fr n . i d ca _ V 4 V V V A A A A i N M M M M o a a a a v y y y r . . 2 1 1 2 6 7 5 5 9 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 4 3 3 8 9 0 6 3 Oct. 27 . 2M \H Nov. 25 VA J A A J A M u a u u p n a l g r y g y . . 4 6 1 2 1 2 , 7 9 1 4 1939 4 2 4 3 VA 3 I H F G G t r u r e a a e r n l n e m y g c c . a e e a . r n . y y ...... 4 4 6 2 V K A J A J A M a a u p n n a g r y . . . . 1 2 4 8 9 4 9 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 4 3 6 7 9 0 5 U U Y Tu . n u d r i g S o t k o m e . e d s S y l . a K v R i i n a . g _ .. - . 4 5 4 2 J J F O u u e c l l b y t y . . 2 1 1 1 6 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 6 5 8 9 Sept. 28 3 Oct. 26 2 Jan. 25, 1940 2 c Corrected, Apr. 9 In effect Aug. 29, i Not officially confirmed. 1940 2 2 2 3 VA 3.29 Changes since July 29: none. COMMERCIAL BANKS Assets Liabilities (Figures in U m n i i l t l e io d n K s o in f p g o d u o n m d l s sterling) re C se a r s v h es M c n a o s l o h n l t o e i a c y r 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 c o u a s e t n r o s s m to - a O s t s h e e ts r Total D D e e m po a s n it d s 2 Time' lia O b t i h li e t r ies 10 London clearing banks5 1930—December 208 144 322 285 933 2*8 1,876 992 847 254 1931—D ecember 184 119 246 297 905 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 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 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 1936—December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—D ecember 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December 243 160 250 635 971 263 2,254 1,256 997 269 1939—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 _ 233 148 279 599 990 270 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 1,347 1,019 258 March _ . _ 249 142 336 611 1,014 273 2,363 1,355 1,008 260 April 254 153 338 618 991 260 2,354 1,351 1,003 261 May 257 144 409 633 972 260 2,413 1,382 1,031 261 June 270 166 384 636 983 295 2,469 264 * Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month, a Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not~available beginning 1936. a District Bank included beginning in 1936. NoTE.-'For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. SEPTEMBER 1940 1019 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 i . l lio E n n s d o f o f f r m an o c n s t ) h figures Cash D b u a e n f k r s om B co il u ls n t d e i d s- Loans O as t s h e e ts r 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- lia O b t i h li e t r i es I 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 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—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.. _ 4,534 3,698 23,170 7,809 1,936 36,285 35, 675 610 534 4,328 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 1940—January. __ 4,066 4,080 29,808 7,756 1,745 42,850 42,302 548 938 3,667 February.. 4,293 30,810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March 4,110 3,920 34,123 7,499 1,961 46,608 46,064 544 1,105 3,901 Assets Liabilities Germany l (5 larg i e n b m a i n l k li s o . n s E o n f d r e o i f c h m sm on a t r h ks) re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se ti c e u s ri- Other Total D D e e p m o a si n t d s Time o C b b f r t a r 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 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 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—No vember 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 3,205 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 6,933 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 7,031 3,373 3,658 422 1,427 November 195 270 3,643 2,685 1,406 7,234 3,531 3,703 420 1,438 1939—January 184 285 3,934 2,708 1,178 7,334 3,619 3,716 414 1,436 February 175 307 2,798 1,145 902 7,377 3,576 3,801 410 1,427 March 219 308 3,904 2,833 1,112 901 7,458 3,693 3,765 401 1,418 April... 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 398 1,414 May. 237 292 4,537 2,772 1,073 852 7,981 3,996 3,985 396 1,385 June a 214 306 4,108 1,080 7,793 3,793 390 1,342 Assets Liabilities Deposits payable in Can- Entirely in Canada ada excluding interbank Canada deposits Note Other (10 chartered banks. End of month Securi- Other circula- liabilifigures in millions of Canadian dollars) Cash Security O lo t a h n e s r ties assets tion ties reserves loans and dis- Total Demand Time counts 1930—December.. 207 205 1,275 171 604 602 133 2,115 689 1,426 816 1931—December.. 201 135 1,253 146 694 510 129 2,058 698 1,360 752 1932— December.. 211 103 1,104 155 778 439 115 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 2,335 752 1,583 785 1938—December.. 263 65 940 166 1,463 474 2,500 840 1,660 782 1939—June 255 53 957 226 1,525 494 92 2,542 862 1,680 875 July 266 51 947 202 1,520 468 2,520 822 1,697 849 August 265 49 957 245 1,507 461 2,524 822 1,702 873 September- 279 51 1,020 214 1,502 475 2,583 891 1,692 862 October 304 53 1,083 209 1,662 474 2,837 1,128 1,709 858 November.. 295 56 1,102 157 1,665 475 2,809 1,074 1,735 851 December. _ 292 53 1,088 132 1,646 490 2,774 1,033 1,741 842 1940—January 290 48 1,073 134 1,654 466 2,755 1,005 1,751 827 February... 273 57 1,104 140 1,638 476 2,772 1,113 1,659 829 March 265 52 1,115 166 1,599 451 2,724 1,063 1,661 836 April 281 54 1,072 180 1,592 488 2,743 1,071 1,672 840 May 300 44 1,063 194 1,617 475 2,785 1,142 1,643 818 June.._ 272 39 1,067 184 1,583 469 2,706 1,098 1,609 814 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 tables see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 1020 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] Year or month A (p t r i e g n s e a o n ) - Offi A ( c p i u a o s l u tr n a d l F i ) a ree g B iu e m l- O B f r f a ic z i i a l l (mi F lr r e e i e s) B ( I r n r u i d p ti i e s a e h ) g ( B l a e u r v i l a - ) C O a ff n ic a i d a a l (d F o r ll e a e r) Of C fi h c i ia le l ( E pe x s p o o ) rt S ( C y h h h u a a i a n i n ) n g a - C (p o b e l i s o a o m ) - ( s C k lo o z v r e a u c k n h a i o a ) - 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 5.0833 36. 571 56.011 4.1642 1936 33.137 395.94 16.917 8. 6681 5.8788 37. 523 1. 2958 99. 913 5.1240 29.751 57.083 4.0078 1937 32.959 393.94 16.876 8. 6437 6.1983 37.326 1.2846 100.004 5.1697 4.0000 29. 606 56. 726 3.4930 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—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 Aug 31.116 367.32 16. 968 6.0579 5.0236 34. 407 1.2111 99.494 5.1691 4.0000 7.163 57.061 Sept.___. 318. 38 17.028 6. 0594 5. 0162 29. 928 91. 255 5.1776 4.0000 6.696 57.068 Oct 29. 770 319. 51 16.729 6.0575 5.0503 30. 296 89. 331 5.1713 4.0000 7.638 57.151 Nov.-.. 29. 772 312. 66 16.490 6.0580 5.0322 30.127 87. 755 5.1714 4.0000 8.353 57. 206 Dec 29.773 313.13 16.577 6.0576 5.0263 30.032 87.615 5.1705 4.0000 7.487 57.022 1940—Jan 29.772 315.82 16.834 6.0562 5.0132 30.140 88.018 5.1670 4.0000 7.833 57.205 Feb 29. 773 315.79 16.859 6.0569 5.0237 30.163 86.654 5.1655 4.0000 7.012 57. 264 Mar 29. 773 299.50 16.980 6.0574 5.0269 30.179 90. 909 82. 883 5.1650 4.0000 6.409 57.130 April.... 29.773 322.80 280.90 16.891 6.0576 5.0291 30.198 90.909 84. 238 5.1649 4.0000 5.992 56.990 May.... 29. 773 322.80 260.80 16. 736 6.0488 5.0232 30.120 90.909 80.970 5.1670 4.0000 5.083 57.046 June 29. 773 322.80 287.04 6.0527 5.0329 30.106 90.909 80.072 5.1678 4.0000 5.760 57. 220 July 29. 773 322.80 303.11 6.0575 5.0259 30.149 90.909 86.924 5.1678 4.0000 6.048 57.096 Year or month ( m D k a e ro r n n k - e)(p E o g u y n p d t ! ( k l F m a k i a n n a r - d ) - F ( r fr a a n n c c e ) ( m m G r a e a e r i n r c k y - h ) s- G ( r m d e r a e a ) c c h e ( H d K o o o l n n la g g r) ( H p g e u a 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 so ic ) o ( N g l u e a i t n l h d d e e s r r - ) Z ( e p N a o e l u w a n n d d ) N ( o kr 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 61.721 340.00 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. 6103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 23.226 1939—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 23.620 Aug... 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 Sept... 19.317 432.04 1. 9000 2. 2651 39.864 .7575 24.863 6.1445 23.459 19.023 53.182 319.75 22.655 Oct.... 19.291 1.8943 2. 2736 40.092 .7345 25.030 5.0465 23. 510 20.151 53.115 320.81 22. 697 Nov... 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 Dec... 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—Jan.... 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 Feb... 19.310 1.7078 2. 2459 40.117 .7176 24. 572 17.605 5.0467 23.438 16.654 63.137 317.06 22.709 Mar... 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 April.. 19.307 1.7743 1.9980 40.115 .6546 21.834 17. 586 5.0452 23. 438 16.656 53.082 282.05 22.707 May.. 1.8961 1.8516 40.025 .6270 20.288 17. 582 5.0426 23.438 16. 654 53.079 261.87 June.. 1.9776 2.0052 39. 965 .6529 22.388 17. 591 5.0361 23 432 18.365 288.19 July.. 1.9643 39.978 .6654 23. 582 18.481 5.0323 23.432 19.913 304.32 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 u do) R ( u n le m i u a ) a- (p S A o o f u r u i n c th a d) Spain ( S S m d e t o e r t a l t n l l i a t e t s r s - ) (k S d r w o e n n e a - ) S ( w f l r a i a n t n z d e c r ) - ( T po u u rk n e d y ) Offic ( i p a o l und F ) ree tr C o o ll n e - d N tr o o n l - l c e o d n- ( Y s d l u a in v g i a o a r - ) 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 1938... 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—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 Aug 18.754 4. 2234 .7043 456.10 11.000 53.996 24.002 22. 573 80.022 461.07 60.659 35.698 2.2729 Sept 3.6564 394. 57 10.492 46.712 23. 763 22.576 79.500 399. 51 38.180 Oct 3.6444 396.12 10.148 47.017 23. 792 22.433 401.05 39.022 Nov 3. 6067 .7088 397.15 10.039 46.246 23.798 22.428 392.47 65.830 37.063 2.2649 Dec 3. 6044 .7055 397.41 9.950 46.102 23. 796 22. 422 393.01 65.830 36.457 2.2657 1940-Jan 3. 6259 397. 86 9.950 46.484 23.806 22.419 396.39 65.830 36,360 2.2595 Feb 398.00 9.950 46. 483 23. 807 22.418 396.34 65.830 37.466 2.2560 Mar 3.4985 398.00 9.814 46.750 23.816 22.417 403.50 375.91 65.830 38.839 2. 2485 April 3.4090 398.00 9.144 47.136 23.691 22.418 403. 50 352. 59 65.830 39.090 2. 2444 May 3. 2650 398.00 9.130 47.119 23. 791 22. 253 403. 50 327.36 65.830 38.603 2.2473 June 3. 5969 398.00 9.130 47.114 23. 804 22.461 403.50 360.16 65.830 37.714 2.2441 July 3.8021 398.00 9.130 47.113 23.836 22.684 403. 50 380.47 65.830 35.956 2.2439 NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16; Belgium—since May 9; Brazil—Sept. 1; Bulgaria—since Aug. 29; Canada—official rate^Mar. 1-21, first reported in addition to free rate beginning Mar. 22; Denmark—Aug. 26-31 and since April 8; Egypt—since Sept. 1; Finland—Aug. 26-Sept. 1 and Sept. 3-5; France—since June 15; Hungary—Aug. 26-Nov. 8 and Jan. 27-Feb. 8; Netherlands—since May 9; Norway—Aug. 26-29 and since April 8; Poland—since Aug. 25; Rumania— Aug. 26-Nov. 5 and since Jan. 31; Spain—Mar. 30-Apr. 1; Turkey—Aug. 25-28 and since Sept. 1; United Kingdom—official rate Mar. 1-24, first reported in addition to free rate beginning Mar. 25; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28; Yugoslavia —Aug. 26-Nov. 5. Official rate for Australia first reported in addition to free rate beginning Apr. 1. 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; Apr.—New Zealand; Apr., May, and June—Germany, Sweden, and Yugoslavia; June—Italy; July—Germany, Italy, 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 September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. SEPTEMBER 1940 1021 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 te e d s 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 (1 la e 9 t 2 n h 6 d e -3 s r 0 - ( S Ju w l l a i y t n z d 1 e 9 r 1 - 4 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) =100) 1926 100 100 1124 695 134 237 106 144 1929 . .. 95 96 627 137 95 220 100 141 1930 _ 86 87 100 554 125 85 181 90 126 1931 73 72 88 600 111 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 «681 107 2 97 278 74 111 X939—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 <«) 107 288 75 117 October 79 79 111 107 293 81 120 November 79 80 119 107 300 84 123 79 82 122 108 314 85 125 1940—January 79 83 125 108 320 86 128 February 79 83 128 108 317 88 130 March 78 83 129 109 312 88 132 April 79 83 132 314 134 May 78 82 134 PllO 312 135 June 78 82 135 PllO 308 139 July 78 P140 306 9 Preliminary. i Approximate figure,d erived from old index (1913=100). a Average based on figures for 8 months for France, 7 months for Italy. * No figures available since July 1939. * No figures available since August 1939. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d ia u u l c s- 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 ia u u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a t f r n I i i n n d a i d l s s h u r e e a s m d - w i- p tr I r i i n o s a d d h l u e u f d s c in - t - s products 1926 _ 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 642 464 104 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 1653 * 707 108 i 93 95 126 1939_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 (2) (2) 108 (2) 95 126 October 67 73 84 109 111 108 96 126 November 67 72 84 114 121 108 97 126 December 68 72 84 118 124 108 97 127 1940—January 69 72 84 122 127 108 98 127 February 69 71 83 126 129 108 98 127 March 68 70 83 124 131 110 99 128 April 69 72 83 126 135 May - 68 71 83 128 136 June 66 70 82 130 137 July. .. 67 70 82 9 Preliminary. i Average based on figures for 8 months. »No figures available since August 1939. Sources.—See BULLETIN for April 1937, p. 372; March 1937, p. 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p. 159. 1022 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movemeiits—Continued RETAIL FOOD PRICES COST OF LIVINC1 [Index numbers] [Index numbers] United Eng- Ger- Nether- Switz- United Eng- Ger- Nether- Switz- Year or States i land France many lands erland Year or States^ land France many lands erland month (1935-39 (Julyl914(Julyl914 (1913-14 (1911-13(Junel914 month (1935-39 (Julyl914 (1930 (1913-14 (1911-13 (Junel9l4 =100) =100) =100) =100) =100) =100) =100) =100) =100) =100) =100) =100) 1926 161 554 146 161 160 1926 170 142 168 162 1929 133 154 611 156 162 156 1929 123 164 154 168 161 1930... 126 145 614 146 150 152 1930 119 158 100 147 161 158 1931 104 131 611 131 136 141 1931 109 148 97 136 151 150 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933., 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934. 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 136 128 1936 101 130 470 122 120 120 1936 99 147 86 125 2 132 130 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1938 98 141 702 122 130 130 1938 101 156 117 126 139 137 1939 _ 95 141 3 742 123 130 132 1939 99 158 <122 126 140 138 1939-June 94 134 739 124 124 132 1939-June 99 153 (6) 127 136 137 July 94 139 741 125 132 July 156 127 138 August 94 137 749 125 124 131 August . 155 127 137 137 September 98 138 (6) 122 128 133 September 101 155 126 139 138 October... 98 154 122 133 136 October 165 126 143 140 November 97 157 122 136 138 November 169 126 144 142 December. 95 157 123 137 138 December. 100 173 126 146 142 1940-January... 95 157 124 138 139 1940-January.__ 174 127 146 144 February. _ 97 161 124 140 139 February 177 127 148 145 March 96 161 126 140 March 100 179 129 145 • April 96 158 142 April 178 147 May 97 159 143 May 180 PISO 148 June 98 158 145 June 101 181 P131 150 July 97 168 July . 187 i Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of living may be obtained from the Bureau of Labor Statistics. 3 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 8 Average based on figures for 8 months. * Average based on two quarterly quotations. 6 No figures available since May 1939. 8 No figures available since August 1939. Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( p U a S r v n t i e c a i r e t t a e e ) g s d i e ( 1 D E 9 e 2 n c 1 g e = l m a 1 n 0 b d 0 e ) r (1 F 91 r 3 a = n 1 c 0 e 0) G (a p e v r r e i m c r e a a ) g n e y N la e n th d e s r 3 - U S n ta i t t e e s d Engla ( n 19 d 26=10 F 0 r ) ance Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues.. 60 87 36 139 8 420 278 300 329 100 1926.... 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1929 98.1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100 1931 90.9 108.4 96.9 »83.4 104.1 94.7 78.9 132.2 »78.0 70 1932 69.5 113.2 88.6 »67.1 94.8 48.6 67.9 105.2 «60.3 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 «84.9 99.0 90.9 89.2 75.9 6 98.2 94.1 90 1939—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 (6) 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 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 76.7 91.5 77.1 103.1 84.7 March 82 1 119 8 99 9 76 4 91 5 77 9 106.6 85.7 April 82 5 119.4 100.2 92.9 77.4 109.3 May 79.4 116.8 100.7 83.0 73.1 112.2 June 78 5 113 4 100 8 73 3 64.9 112 6 July 81.2 76.1 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 3 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. 3 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 Average based on figures for 8 months. 6 No figures available since August 1939. Sources—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. SEPTEMBER 1940 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Publication* Copies of the publications and releases listed below may be obtained from Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES BOOKS AND PAMPHLETS DAILY THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Foreign Exchange Rates (for previous day) FUNCTIONS. Obtainable in cloth binding at 50 cents a copy and in paper cover without charge. 128 pages. WEEKLY A set of FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS has been pub- Monday: lished by the Board and is for sale to the public at Condition of Reporting Member Banks in 101 50 cents a copy. Data available as of June 14, 1940, Leading Cities are plotted on the latest edition. Bank Debits Tuesday: The FEDERAL RESERVE ACT AS AMENDED to October 1, 1935, with mimeographed supplements showing Money Rates—Open-Market Rates in New York amendments to date, has been printed by the Board City and will be supplied without charge. Wednesday: Weekly Review of Periodicals DIGEST OF RULINGS—from 1914 to October 1,1937. Thursday: * Digests of rulings of Board; compilation showing Condition of Federal Reserve Banks textual changes made in the Federal Reserve Act; Condition of Reporting Member Banks in New digests of court decisions and opinions of the At- York City and Chicago (Also a part of state- torney General involving a construction of the Fedment of Condition of Reporting Member Banks eral Reserve Act; and digests of court decisions inin 101 Leading Cities released on following volving Federal Reserve Banks. Price $1.25 per Monday) copy. 683 pages. Friday: PROBLEMS OF BANKING AND BANK SUPERVISION. Department Store Sales Excerpts from the 1938 Annual Report of the Board of Governors of the Federal Reserve System. 33 MONTHLY pages. Federal Reserve Bulletin—released about the 4th MONETARY MEASURES AND OBJECTIVES. Three stateof the month (subscription price $2.00 per ments by the Board on objectives of monetary policy, annum, single copies 20 cents; outside of the on proposals to maintain prices at fixed levels through United States, Canada, Mexico, and the insular monetary action, and on legislative proposals relatpossessions, annual subscription $2.60, single ing to monetary measures and objectives. 8 pages. copies 25 cents) July 1937, April 1939, and May 1939. Federal Reserve Inter-District Collection System THE HISTORY OF RESERVE REQUIREMENTS FOR (Par List)—including list of State bank mem- BANKS IN THE UNITED STATES. Legislation, designabers. Semi-annual issues, January-July, and tion of reserve cities, and changes in the reserve posimonthly supplements—released about 7th of the tion of banks. 20 pages. November 1938. month SUPPLY AND USE OF MEMBER BANK RESERVE National Summary of Business Conditions—re- FUNDS. Explanation of analysis of sources of memleased about the 16th of the month ber bank reserve funds and uses to which such funds Business Indexes—released about the 16th of the are put as indicated by Federal Reserve and Treasmonth ury statements. 31 pages. July 1935. Bank Debits—released between the 6th and 12th of the month ANALYSES OF THE BANKING STRUCTURE—As of December 31, 1935. Number, deposits, and loans and Foreign Exchange Rates—released about the 1st investments of banks classified by size of bank and of the month town and by other factors. 33 pages. Money Rates—released about the 3rd of the month THE GOLD PROBLEM TODAY, by E. A. Goldenweiser QUARTERLY —reprint of article, 4 pages, January 1940. Member Bank Call Report (3 or 4 times a year THE PAR COLLECTION SYSTEM OF THE FEDERAL depending upon number of calls for condition RESERVE BANKS, by George B. Vest—reprint of article, 8 pages, February 1940. reports) List of Stocks Registered on National Securities THE BANKS AND IDLE MONEY, by Woodlief Thomas Exchanges. Issued annually in February with —reprint of article, 9 pages, March 1940. quarterly supplements (subscription price 25 CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, cents for the List and three supplements; five or by E. A. Goldenweiser—reprint of article, 5 pages, more copies on one order, 20 cents per copy; fifty May 1940. or more copies on one order, 15 cents per copy.) OWNERSHIP AND UTILIZATION OF THE MONETARY GOLD STOCK—Reprint of article, 3 pages, May and ANNUALLY June 1940. Bank Debits—released ordinarily in February NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO- Annual Report (covers calendar year) DUCTION—Reprint of article, 77 pages, August 1940. 1024 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN E. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEiERAL ADVISORYCOUNCIL MARRINER S. ECCLES, Chairman Boston District THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman New York District LEON FRASER CHESTER C. DAVIS Philadelphia District HOWARD A. LOEB WILLIAM A. DAY Vice President ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON JOHN K. MCKEE Richmond District ROBERT M. HANES ROBERT S. PARKER Atlanta District RYBURN G. CLAY RONALD RANSOM 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. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary SEPTEMBER 1940 1025 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 New York Owen D. Young Beardsley Ruml. George L. Harrison Allan Sproul Ray M. Gidney Walter S. Logan Leslie R. Rounds Robert G. Rouse John H. Williams Philadelphia- Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair.. Frank J. Drinnen W. John Davis Ernest C. Hill Clarence A. Mcllhenny Cleveland George C. Brainard... Reynold E. Klages Matthew J. Fleming Frank J. Zurlinden William H. Fletcher William F. Taylor * 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. Guy Hitt Olin M. Attebery Clarence M. Stewart 1 Minneapolis... Walter C. Coffey Roger B. Shepard John N. Peyton Oliver S. Powell Ernest W. Swanson Harry I. Ziemer 2 Kansas City..- Robert B. Caldwell... John J. Thomas George H. Hamilton Carroll A. Worthington__ James W. Helm 2 Harold G. Leedy Dallas James H. Merritt Jay Taylor Robert R. Gilbert Ethan B. Stroud Robert B. Coleman Walter 0. Ford 1 San Francisco Raymond C. Force. . St. George Holden .. William A. Day Ira Clerk Cecil E. Earhart 1 William M. Hale Richard B. West 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch _ Robert M. O'Hara Helena Branch Robert E. Towle Cleveland: Kansas City: Cincinnati Branch...... „ Benedict J. Lazar Denver Branch Joseph E. Olson Pittsburgh Branch Percy A. Brown Oklahoma City Branch _ George H. Pipkin 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 Seattle Branch.. _ _ Clarence R. Shaw St. Louis: Little Rock Branch _., Arthur F. Bailey Louisville Branch Charles A. Schacht Memphis Branch .. ..« . . William H. Glasgow 1026 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS CO o / — / - . . .^ ^Lfuttie#RocV ATLANTA f • MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS ._«, BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY This map incorporates recent intra-district transfers of territory described in the Bulletin for August 1940 on page 778. 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis