Federal Reserve Bulletin, 1940-11

FEDERAL RESERVE BULLETIN NOVEMBER 1940 Review of the Month—Recent Business and Credit Developments Financing the Defense Program From the Board's Correspondence—Excess Reserves New Index of United States Government Bond Prices Agriculture and the Defense Program BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Contents PAGE Review of the Month—Recent Business and Credit Developments 1161-1167 Agriculture and the Defense Program, by Chester C. Davis 1168-1170 Financing the Defense Program 1171 From a Legal Standpoint: Assignment of Claims Against Government 1172 Right of Member Bank and Its Subsidiary Member Banks to Vote in the Election of a Federal Reserve Bank Director 1172 "Cash on Delivery" Transactions Under Regulation T 1172-1174 Executive Order and Regulations on Transfers of Rumanian Property... 1174 General Rulings and General Licenses Issued by the Secretary of the Treasury 1175-1176 From the Board's Correspondence—Excess Reserves. . . 1177 Current Events . . 1178 New Index of United States Government Bond Prices . . . . .1179-1180 Member Bank Earnings, First £alf of 1940 ... .1181-1182 National Summary of Business Conditions ... 1183-1184 Financial, Industrial, Commercial Statistics, United States 1185-1224 (See p. 1185 for list of tables.) Condition of Insured Commercial Banks in the United States and Possessions, June 29, 1940 and December 30, 1939 1225 International Financial Statistics (See p. 1227 for list of tables.) 1227-1243 Federal Reserve Publications 1244 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1245 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . . 1246 Map of Federal Reserve Districts 1247 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

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 26 NOVEMBER 1940 No. 11 /2ecent an Contract awards by the War and Navy De- al defense purposes, including current operapartments in connection with the defense tions of the Army and Navy, have increased program, which in the three from an average of $150,000,000 a month last Large defense months June, July, and August spring to over $280,000,000 in October. contracts had aggregated $2,000,000,000, Receipt of defense orders by manufacturers rose sharply from the middle of September. and other contractors resulted in a broad The awarding of contracts was facilitated by movement to cover re- Congressional action on the Second and Third Reflection in quirements for materials. Supplemental National Defense Appropria- commodity markets ^, . _ Since business firms have tion Acts, the Excess Profits Tax bill with also been feeling the need of increasing their provisions for accelerated depreciation for supplies to meet rising civilian demands, buytax purposes of plants erected to fulfill deing has been in large volume and prices of fense requirements, and the bill authorizing certain materials, such as lumber, nonferrous the assignment of national defense contracts metals, raw wool and hides have advanced as collateral for bank loans. There has also sharply. The large volume of contracts in been developed a bankable contract, which September and early October for artillery and provides for repayment by the Government small arms and ammunition, which require over a five-year period of the cost incident to nonferrous metals in large quantity, was an the construction of a plant certified as essenimportant influence in the rise in prices and tial to the defense program. activity in the nonferrous metal markets. The large volume of contracts awarded in Large Federal orders have been placed for September and October brought total awards uniform fabrics and blankets since June, since last spring to nearly $8,000,000,000. In and in recent weeks trade buying of men's addition about $2,000,000,000 have been comwear fabrics for spring has been at a seamitted for the estimated cost of additional sonal peak; as a consequence prices of raw equipment needed for naval vessels already wool, worsted yarns, and fabrics have genunder contract Nearly half of the conerally advanced by substantial amounts. The tracts awarded are for the purchase and con- Federal orders will require consumption bestruction of ships, about one-sixth for airfore the end of next spring of about a fourth planes and equipment, and a slightly smaller as much apparel wool as was consumed amount for camps, barracks, and other confor all purposes in 1939. Blanket manufacstruction. Substantial amounts are also inturers have received awards which probably cluded in contracts let for ordnance and amequal about half the large poundage of woolen munition, for automotive equipment, and for blankets produced in 1939. other supplies and equipment. Expenditures In addition to the large volume of buying under many of these contracts will be spread related directly to the defense program, there over several years, but there will be a considhas been a further expansion in demand generable increase during the next few months. erally. The total volume of new orders re- Actual outlays by the Treasury for all nationceived by manufacturers showed a marked 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month rise in September, according to the Depart- group is shown on the chart, which also indiment of Commerce, reaching about the same ates a slight rise in prices of finished induslevel as in September 1939, when buying was trial products. This rise reflects chiefly greatly stimulated by the outbreak of war. higher prices for new models of automobiles. Although there was a further substantial Industrial production expanded further rise in shipments, unfilled orders increased during October and the Board's seasonally sharply over the large volume on hand at the adjusted index rose to an estiend of August. Manufacturers' inventories Further rise mated 127, as compared with 125 showed no significant increase. in September, 121 for the sum- While prices of basic industrial materials mer months, and a peak of 126 advanced in the first three weeks of October reached last December. Activity in the steel to a level about halfway be- industry was sustained at high rate, with Wholesale tween the low point of the ingot production close to 95 per cent of capaccommodity prices . . ity. New orders for steel continued in large early part of August and volume, according to trade reports, as some the high of last December, prices of fooddecline in foreign buying was offset in the stuffs, which had also advanced at the end of total by increased orders from domestic con- August, generally showed little change in Sepsumers. There was further expansion in WHOLESALE PRICES OF INDUSTRIAL COMMODITIES activity in the machinery industries and 1954 AVEhAOt-100 automobile production rose considerably to an unusually high level. Textile production also continued to increase, reflecting chiefly sRAW AND greater activity at cotton mills, as well as at :MIFINISHED ; woolen mills where production was already at a high level in September. Petroleum pro- FINISHED duction, which had increased in September, following considerable curtailment during the summer, rose further in October. Bituminous coal production declined abruptly, following a high rate of output in earlier months, Federal Reserve classification of Bureau of Labor Statistics' data. Latest figures shown are estimates for October 1940. when stocks were accumulated in anticipation tember and October. Wheat, however, in- of the establishment of minimum prices. creased further to approximately the price Accompanying the expansion in industrial at which Federal loans are being made. output, there were further increases in ac- Among industrial materials there were some tivity in other lines. On the railroads shipincreases in prices of commodities imported ments of most types of commodities rose from the Far East—rubber, tin, and silk— further in October, although total carloadings and important advances in leading domestic showed little change, owing to a sharp decline materials, such as wool, hides, steel scrap, and in loadings of coal. In the construction innonferrous metals. Prices of bituminou dustry activity increased in September and coal were advanced, following the establish- October, following placement during the summent of minimum prices at the mine, effective mer of a large volume of contracts, particu- October 1. There have been increases also larly for defense projects. Employment and in prices of lumber and certain other semi- income continued to expand; total income finished commodities including leather, tex- payments to individuals are now at about the tile yarns, and gray goods. The recent highest level reached since 1930. Distribution substantial rise in prices of raw and of commodities to consumers was generally semifinished industrial commodities as maintained in September and October at 1162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month about the levels reached in August. Sales expected for this season and probably repreof new automobiles increased sharply, as newsents some increased credit demands arising model cars became available, and sales of both out of the national defense program and the new and used cars were at an exceptionally increased business activity of recent months. high level for this season of the year. The large increase in the Cleveland district Commercial loans at member banks in 101 may be due to some extent to the concentraleading cities, which had shown little change tion in this area of machinery industries, since December, increased which have been rapidly expanding output. mse in . , , by $305,000,000 between Some of the growth resulted from a loan of commercial loans , $50,000,000 granted by New York and Pitts- July 31 and October 23. As burgh banks to a single borrower to repay shown by the chart the volume of commercial open-market obligations in September. The loans at reporting banks outside New York following table shows the amount of comis now close to the peak reached in the autumn mercial loans made by reporting banks in each of 1937; commercial loans at New York City district and the increase since July. banks are about $130,000,000 below that peak. COMMERCIAL LOANS AT MEMBER BANKS IN 101 LEADING CITIES Commercial loans usually increase at this [In millions of dollars] time of year. The increase this year has not Increase since July 31 been as large as that which occurred in the October 23, 1940 same period last year, when there was a sharp Amount Per cent spurt in commercial lending, accompanying Total 101 cities 4,746 305 6.9 heavy commodity buying following the out- New York City. 1,818 120 7.1 100 other cities 2,928 185 6.7 break of war. About 40 per cent of the growth Federal Reserve district: this autumn has been at New York City Boston 310 17 5.8 New York i . 128 12 10.3 banks, where the rise has been much less Philadelphia 227 2 .9 than in the same period last year. Other Cleveland 298 31 11.6 Richmond 133 11 9.0 reporting banks have shown a slightly larger Atlanta _ _„ 172 19 12.4 increase in commercial loans this year than Chicago 629 30 5.0 St. Louis 195 14 7.7 last, with the largest increases in the Cleve- Minneapolis 108 12 12.5 land, Atlanta, and Chicago Reserve districts. Kansas City 188 6 3.3 Dallas 189 16 9.2 The growth in some of the industrial districts San Francisco. __ 351 15 4.5 • seems to be greater than might normally be i Excluding New York City. COMMERCIAL LOANS AT BANKS IN LEADING CITIES One reason why the increase in commercial WEDNESDAY FIGURES loans has been smaller this year than last is that there has apparently been no substantial growth of inventories this year. In the latter half of 1939 inventories of producers and distributors showed sharp increases and, generally speaking, the stocks acquired at that time have not been materially changed. Many businesses, therefore, have not needed new borrowing this autumn. Another factor restricting the need for financing thus far this year is that many corporations have been able to supply a large part of increased working capital needs from their own retained earn- Latest figures October 16; figures not reported on comparable ings or cash holdings. basis prior to May 12, 1937. NOVEMBER 1940 1163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Industrial borrowing from banks to financeRATES CHARGED ON NEW COMMERCIAL LOANS AT operations in connection with the defense SELECTED CITY BANKS [Per cent per annum] program will be facilitated by recent legislation permitting manufacturers to assign 7 other 11 Northern Southern claims under Government contracts as secu- Loans made during first half of: New York and and City Eastern Western rity for borrowing, and especially by the con- cities cities tract form, including an assignment provi- Maturing in 1 year or less sion, which has been developed by the Defense Commission to provide for plant expansion 1939—March 2.13 3.05 3.77 June _.. 2.15 3.05 3.62 under the so-called "plant-option" plan. September.. 2.04 2.78 3.31 December. . 1.96 2.59 3.32 Under this plan the Government makes two 1940—March 2.03 2.67 3.35 contracts with a manufacturer, one to cover June 2.00 2.49 3.38 September.. 2.14 2.56 3.43 the cost of any necessary plant expansion, which the Government agrees to repay over Maturing after 1 year five years, and one to cover purchase of 1939—March 2.89 3.02 3.90 product. June 3.43 3.15 4.17 September.. 2.12 2.70 2.29 Rates charged on new short-term commer- December.. 3.35 3.17 3.72 cial loans granted during the first half of 1940— J M un a e rch 2 2 . . 7 4 2 7 2 2 . . 7 9 3 4 3 3. . 7 0 9 2 September by large banks, September.. 1.87 2.52 2.70 Rates charged on Qi&t report quarterly to the loans because relatively fewer longer-term commercial loans _ -i T_ i. 01 / Board, averaged about 2y loans are made and these are mostly large 8 per cent in New York City, 21/2 per cent in 7 loans. It is possible that a single large loan other Northern and Eastern cities, and 3% bearing an extremely low rate because of its per cent in 11 Southern and Western cities. size may greatly reduce the average rate for a report period. In fact, the extremely low Banks that report these rates make a large average for New York City and for the 7 proportion of the total commercial loans made other Northern and Eastern cities this Sepby all banks, but their rates are generally tember is due in part to the previously mensomewhat lower than those charged by nontioned $50,000,000 loan granted by several reporting banks. As shown by the following New York and Pittsburgh banks, which cartable, average rates on new short-term comried a rate of 1% per cent. mercial loans charged by reporting banks Since the middle of last year it appears that have not changed materially in the past year. city banks have been making a somewhat The proportions of loans made at different larger volume of the longerrates in September were generally similar to Volume of term loans than during the those of a year ago, but the average size of the longer-term loans first half of 1939. As shown loans made in the lower rate classes was someby the following table, such loans made at what smaller this year than last. As a rule selected banks in the semi-monthly reporting rates on larger loans are lower than those periods during the past year have generally charged on smaller loans. totaled between $30,000,000 and $50,000,000, Rates charged by city banks on the longerwhereas in the March and June 1939 reportterm commercial loans are also at a low level; ing periods they had amounted to less than averages shown in the table range from 1% $20,000,000. All of the increase has been at per cent at New York to 2% per cent in New York City banks. These statements Southern and Western cities on new loans in are based on reports covering four half-month September. Average rates reported charged periods in the year, and may not be altogether on such loans fluctuate much more widely than typical of the entire year. average rates reported for the shorter-term 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month The bulk of the longer-term loans is made that average turnover has shown little change. by New York City banks to relatively few The annual turnover rate of demand deposits borrowers. Out of a total of $48,100,000 of is now about 17 for New York City and about such loans granted during the first half of 19 for 100 other leading cities. For the first September, $43,900,000 was in New York time since turnover figures began to be comto 31 borrowers, $3,500,000 was in 7 other puted in 1919, the turnover rate for New York Northern and Eastern cities to 117 borrowers, City has this year fallen below the rate for and about $700,000 in 11 Southern and West- other leading cities. ern cities to 96 borrowers. DEBITS AND TURNOVER OF DEMAND DEPOSITS SINCE 1937x NEW LONG-TERM COMMERCIAL LOANS MADE BY SELECTED BANKS IN 19 CITIES 1 Debits Turnover of deposits (Billions of dollars) (Annual rate) In Number Loans made during first half of: thousands of of dollars borrowers 1937 1938 1939 1940 1937 1938 1939 1940 1939—March 17,182 178 New York City: June 16, 716 175 1st quarter 54.9 39.3 42.4 41.5 32.8 26.0 23.8 18.3 September 51, 229 251 2nd quarter. __ 47.6 42.0 41.7 41.7 28.1 25.9 21.1 17.2 December 27, 419 3rd quarter_._ 44.0 38.3 40.6 43.3 27.4 22.9 19.4 17.2 4th quarter 46.7 45.3 43.1 29.6 25.5 20.0 1940—March. 31, 398 259 June 46,961 233 100 other leading September 48,053 244 cities: 1st quarter 54.6 45.0 47.3 52.6 22.9 20.1 19.6 19.2 2nd quarter. _. 54.4 45.3 49.1 53.3 22.4 19.7 19.5 18.6 i Loans with maturity over 1 year. 3rd quarter.._ 52.4 44.4 49.4 59.3 21.8 18.8 18.7 19.9 4th quarter._. 53.8 51.5 54.8 22.6 21.1 20.0 Some indication of the supply of idle funds i Excludes interbank and United States Government deposits. held in banks by business concerns and by investors is given by an The low rate of turnover in New York, Decline in analysis of the rate of turn- which is considerably below that of the 1920's, deposit turnover reflects in part the continued small volume of over of the growing volume security market activity and in part the acof deposits, especially in city banks. Since cumulation of idle deposits at these banks. the end of 1936 demand deposits at reporting Many corporations continue to maintain a banks in 101 leading cities have increased strong cash position, and there is a large by about one-third, with a rise of nearly 50 volume of unused funds in the hands of potenper cent in New York City and of less than 25 tial investors. Turnover of deposits at banks per cent in the other cities. Debits to demand outside New York also continues to be lower deposits, however, which indicate the extent than in the 1920's, but the fluctuations in to which these deposits are used, have de- debits at these banks seem to reflect, in timing clined at New York City banks since 1937, as if not in relative amounts, fluctuations in shown in the table. The volume of debits to production and trade. demand deposits at banks in 100 other lead- Corporate financing increased in October ing cities declined in 1937 and 1938, but sub- largely as a result of refunding operations. sequently increased, and in the third quarter The volume of new issues for of 1940 were larger than at any time in 1937. Corporate ftie month including those for The table shows that as a result of the con- security issues tinued small volume of debits and the rise in refunding and for new capital demand deposits at New York City banks, was larger than in any other month of the there has been a decline in the rate of deposit year. turnover to the lowest point on record. Out- Corporate issues for new capital, that is, side New York the recent growth in debits for plant and equipment and for working has about matched the growth in deposits so capital, including repayment of short-term NOVEMBER 1940 1165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month debt, have averaged about $50 millions a BOND YIELDS month this year as compared with an average INVERTED SCALE PER CENT PER CENT of $30 millions in 1939 and with $100 millions 0 0 a month in 1936 and 1937. The amount sold - for new capital during October was somewhat smaller than in the immediately preceding U. S. GOVERNMENT months. \ ^— Manufacturing and mining companies have CORPORATE Aaa offered a smaller amount of securities for new capital this year than in other recent years. - As shown by the following table, in which r-~<< CORPORATE Boo k, issues for new capital are classified by broad industrial groups, their offerings have aver- aged about $10 millions a month this year as • compared with $16 millions in 1939 and $50 millions a month in the period 1936-1938. 1935 1936 1937 1938 1939 1940 Sources; U. S. Government bonds, Treasury Department; cor- Issuers this year, in addition to manufactur- porate bdnds, Moody's Investors Service. Weekly average of daily figures ; latest are for the week ending October 26. ing companies, have been principally railroads, public utilities, and finance companies. yields, as shown by Moody's averages for Railroad issues have been largely equipmeni Baa issues, have been at new lows for this trust certificates. year. The largest price advances in September and October, as in June and July, occurred CORPORATE SECURITY ISSUES FOR NEW CAPITAL BY among railroad issues which had declined MAJOR INDUSTRIAL GROUPS more sharply in May than other lower-grade [Monthly averages or monthly total; in millions of dollars] Manu- STOCK PRICES facturing Public Rail- Total and utility roads Other INDEX OF PRICES, 1926 = mining 1936-1937.. 101 12 21 21 1938 - 73 23 1 2 1939 32 5 7 4 1940 Jan.-Mar... 37 11 3 16 Apr.-June.. 51 7 10 24 July-Sept.. 60 20 18 7 Oct. (est.)_. 40 0) (0 0) i Not available. Source: Commercial and Financial Chronicle. Includes issues of both domestic and foreign corporations but excludes issues of corporations classified in group "investment trusts, trading, holding, etc." 80 80 Prices of corporate securities have risen moderately during the past two months. 60 60 High-grade corporate bond Corporate prices have been firm, and 40 40 security prices . , , , yields, as represented by Moody's averages for Aaa issues shown on 20 20 the chart, have been at new record low levels since the latter part of September. 1935 1936 1937 1938 1939 1940 Prices of lower-grade corporate obliga- Source: Standard Statistics Company, 348 industrials, 40 tions, especially those of railroads, have ad- utilities, 32 railroads. Wednesday figures ,* latest are for October 23. vanced since the middle of September and 1166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month obligations. Average yields on lower-grade maturing in December. Of the $737,000,000 railroad obligations included in Moody's of notes outstanding, $725,000,000 were conaverages for Baa issues, reached new lows verted into the new issue. The new bonds, for the year in the early part of September which were quoted in the market at 101% on and have subsequently declined to lower September 25, advanced to about 102% in levels, but they are still substantially above October. their 1937 lows. Average yields on the lower- Holdings of Government securities at regrade obligations of public utilities and of porting member banks, after reaching a peak industrials near the end of October were at of $12,010,000,000 on August 14, declined by the lowest levels for recent years. $230,000,000 through the end of September. Price changes of common stocks since the The largest reduction was in holdings of early part of September have been irregular, Treasury bills at New York and Chicago as shown by the chart, following moderate banks, and there were also scattered declines advances in the latter part of August. Prices in holdings of notes and bonds. Subsequently of equities of railroads and of certain groups reporting member bank holdings increased of companies, especially in the durable goods by $160,000,000. New York banks added industries, have shown a tendency to advance to their holdings of bills and of guaranteed further. Prices of other industrial stocks and obligations. Reporting member bank holdof public utilities near the end of October ings of notes declined and of bonds increased, were at or below the level of the first week reflecting the Treasury refunding. in September. During October, when there was a strong Prices of United States Government sedemand for Government securities, the Fedcurities, which had fluctuated with little trend eral Reserve System sold a total of $101,000,in July and August, advanced 000 from its Open Market Account. Of this United States during September and Octoamount $69,000,000 was in Treasury notes b^« Toward the end of Octoand $32,000,000 in bonds. Net sales from the ber the price of the 1960-1965 Account during rises in the market over the bonds equaled this year's previous peak. The past year have amounted to $229,000,000. yield on this issue declined to a new low of These sales, together with maturities of 2.25 per cent, compared with the previous Treasury bills, which were permitted to run low of 2.26 per cent reached on June 5, 1939, off without replacement, have more than offand again on April 2, 1940. Yields on 3- to set the amount of purchases made by the 5-year Treasury notes also declined to about % of 1 per cent, and new issues of Treasury System during periods of market weakness bills sold at negative rates. in 1937 and in 1939. As a consequence the amount of Government securities held by the On September 25 the Treasury announced an offering of 2 per cent Treasury bonds of Federal Reserve Banks is now smaller than 1953-1955 in exchange for Treasury notes at any time since the autumn of 1933. NOVEMBER 1940 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•Ogticultuie and the by CHESTER C. DAVIS* \lXTEEN million young men of America production of the materials of defense. The ** have registered under the Selective Serv- job of turning out new supplies now rests ice Act to make themselves available for the with American industry to whom the respondefense of our nation. The National Defense sibility has been entrusted. It is my observa- Advisory Commission since its creation four tion that industry has assumed this responand a half months ago has been working with sibility with high patriotism and with a the military and naval and other government realization that only through total preparedestablishments to organize our material re- ness can we be certain that our free institusources for production to equip these new tions will be preserved. defense forces. The Congress has appro- The job for agriculture is no different from priated 15 billion dollars for defense. Of that of any other American group. The prithat sum, about 12 billion dollars will go mary duty of every element in our economic for new weapons and the added plants and organization is to make its resources and facilities necessary to produce them in vol- manpower available for defense. That objecume. Eight of those 12 billion dollars have tive must never be obscured and in my judgalready been cleared for that purpose, and ment it has the unconditional support of new contracts are being awarded each day American farmers. as our industries organize to meet the urgent Fortunately this crisis found farmers predemand. Events, utterly unpredictable and pared with abundant supplies. We all reincredible a year ago, have etched such a member that in 1917, agriculture was called pattern over the rest of the world that one upon to increase its production to feed our hundred and thirty million people are joined army and those of our allies. "Food Will Win in demanding total preparedness for the the War," was the slogan of that day. Now United States. The object is insurance of we find domestic food supplies adequate to our shores against aggression. I am con- take care of our own military and civilian refident that the production facilities of this quirements with plenty left over. After pronation are adequate to the challenge and that viding for our own needs, the United States our sons who are called into the service will could export 150 million bushels of wheat, be well equipped to defend this nation if that 400 million bushels of corn, 100 million necessity should come. bushels of barley, 350 million pounds of Each member of the Defense Commission pork, 500 million pounds of lard, 250 million of seven has a dual responsibility—that pounds of other edible fats and large quanshared with the others for the policies and tities of fresh, dried and canned fruits and acts of the Commission as a whole, and that vegetables. Its cotton storehouse is full and attached directly to the division he heads. running over. These surpluses are largely My direct responsibility at the Defense Com- carried over from previous crops. Present mission is in the field of agriculture. Before crop prospects indicate that aggregate farm considering it, I wish to express my con- production for 1940 promises to be the second fidence in the real accomplishments that havelargest on record. been recorded by our military establishments It is apparent, therefore, that the supplies in the unspectacular but fundamental task of American farm products are sufficient to of organizing our industry for the speedy meet any demands that may be anticipated. The essential task is to maintain the farm * From a radio address by Chester C. Davis, member of the Board of Governors of the Federal Reserve System and Commissioner plant in such a healthy, productive condition in charge of the Agricultural Division of the National Defense Advisory Commission, delivered over the network of the Mutual that supplies of foods and other farm essen- Broadcasting System from Station WOL, Washington, D. C, tials will continue to be sufficient. October 17, 1940. 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. 1168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Agriculture and the Defense Program It is obvious that no nation can adequately cause of curtailed export outlets for farm defend itself without abundant supplies of products. food and fiber. It is equally obvious that War, and the rising effort for national selfthose supplies cannot be maintained unless sufficiency that preceded it, have greatly the producers are kept in the position to con- diminished export outlets for many importinue efficient production. The objective of tant crops—cotton, tobacco and wheat parincreased farm income and stable prices has ticularly. Many markets have been entirely long been a recognized national policy. We eliminated. Any steps which can be taken, must not retreat from the peace-time objec- consistent with the objectives of national detive of balanced farm production, prices and fense, to pave the way for industrial employment in areas where these crops are grown income now that war clouds cover the sky. is clearly in the public interest. From the standpoint of organization, American agriculture is better prepared than One of the first plants located in accordance most groups to meet whatever the future may with this general pattern is at Radford, Virginia. This plant will manufacture smokehold. This is due to the national farm proless powder and will employ some five thougram of recent years in which the vast masand workers. Radford is well inland from jority of farmers have participated. The the coast and outside the boundaries of any Agricultural Division of the Defense Comestablished industrial area. The counties mission is fortunate in having available the surrounding Radford are densely populated. resources and facilities of the Department of Many of the farms are small and the average Agriculture. In every project which we have income is low. The cash income of a large undertaken there has been close and active proportion of the farms is from $300 to $500 collaboration with the Department of Agria year. Every reasonable effort is being culture which is charged with the Adminismade to facilitate the employment of people tration of the action programs. who live on these farms in the vicinity of The Agricultural Division and the Depart- Radford. This is desirable because the local ment of Agriculture are giving constant atfarm people need the extra income; the imtention to agricultural prices and price relamediate housing problem will be alleviated, tionships. At the present time farm prices, and there will be fewer stranded people if in general, are low. It is my opinion that a and when the new plant shuts down. substantial increase in most of them is desir- Not all of the plants which are going up able. Such an increase, where it is simply a have been located as favorably in relation to recovery from abnormally low levels, must not unemployed labor, including rural labor, as be considered as either a justification for or the smokeless powder plant at Radford. In a cause of spiral price advances in other areas. some cases it has been necessary to establish During the past four months, the Agricula new plant near an existing factory where tural Division of the Defense Commission has management, engineering talent and some been concerned with a number of immediate highly skilled workers are available. This problems in determining how the resources is particularly true of many of the new airof agriculture could be best made available craft plants. In other cases it is necessary for defense. Foremost among these consid- to locate near the source of raw materials. erations is the location of new plants which Efficiency requires the location of TNT plants, are being built to provide the Army and Navy for example, near steel mills in order that with munitions and other supplies. Sound the partially used sulphuric acid is not wasted. policy requires that, insofar as possible, the Wherever possible, however, the defense new defense plants be built away from re- commission is recommending that the policy gions of present industrial concentration and of decentralization be followed. Plans are in locations where there is not only an ade- under way, for example, for the location of a quate labor supply for the defense emergency group of plants west of the Mississippi River but where the people will not be entirely and it is my hope that an increasing proporseparated from their former livelihood. tion will be established there and in the South These individuals can use some of the income and Southwest. In spite of the present conreceived from employment in new powder centration of aircraft plants along the Coast, plants or munitions factories to improve their new manufacturing units are being estabhomes and farms. It will compensate in part lished in Texas and Kansas, and it is probfor adjustments they are forced to make be- able that before this country secures all the NOVEMBER 1940 1169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Agriculture and the Defense Program capacity it needs for making airplanes, addi- valuable and a plan emerged which will meet tional plants will be established in the in- the requirements of national defense and terior. at the same time protect the essential interests In addition to the Radford, Virginia, plant, of civilian consumers and the growers. construction of another large smokeless pow- One problem which we did not fully anticider plant is under way at Charlestown, Indi- pate has to do with farmers, both tenants and ana. A large TNT and shell and bomb load- owners, whose land is purchased for defense ing plant will be located in a rural area some projects. In Germany, I am advised, the 40 miles south of Chicago. Preliminary work Hitler government had very good reason to will be done within the next few days for the worry over the loss of agricultural land taken establishment of another TNT plant located over for military uses. Fortunately, we have in Missouri. This plant will provide raw plenty of land here but it is a serious problem materials for a large bomb loading plant in some cases to create opportunities for which is planned for the vicinity of Burling- producers whose farms have been purchased ton, Iowa. for defense projects. We are undertaking We are also concerned with the probable to develop a procedure that will give them peace time value of some of these plants. priority of employment in defense industries. For example, one of the major raw materials In addition, we are working with the Farm is nitrogen—nitrogen in the form of am- Security Administration and other services monia. Nitrogen is also the most important in the Department of Agriculture at the task plant food purchased by the farmer. As a of relocating those who desire to continue part of the defense program, it is necessary farming operations. to construct some new plants for the manu- I can only mention a few of the other facture of ammonia. I am hopeful that one activities of the Agricultural Division. We of these, in line with the policy declared by are engaged in a nation-wide survey of food Congress, will be authorized for the T.V.A. industries to develop plans for whatever diwhere after the war need has passed, it will rection or control an extreme emergency be dedicated to the permanent peace time might require. We are concerned in the service of agriculture. training programs for youth to make certain Among other matters with which the Agri- that unemployed rural boys have equal opcultural Division has been concerned, one ex- portunity with other groups to be trained in ample of genuine cooperation by the wool defense industries. We are cooperating with producers may be of interest. The tremen- other agencies on problems of economic coldous wool requirements of the military serv- laboration in this hemisphere. We are giving ices made it necessary to acquire a strategic attention to foreign trade possibilities which reserve. The British Government has agreed involve farm commodities. to store in bond in this country 250 million These, and other projects which affect pounds of Australian wool. These stocks will American farmers occupy our continuing atbe used only in an emergency when there is tention. But above all considerations is the a shortage of domestic wool or normal im- immediate objective of organizing our abunports are shut off. During the development dant resources to keep war from these shores. of this plan the Defense Commission was in I repeat, American agriculture is already constant touch with representatives of wool producing in abundance what the nation regrowers. While they were naturally con- quires from it. But beyond that, if sacrifices cerned with the possible adverse effect of this are called for, I am confident that American plan upon their industry, they were also con- farmers are ready to make their contribution cerned with how best to serve the program of for the maintenance of liberty and the ideals national defense. Their suggestions were of free men. 1170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J^ the inancing toa tam In furtherance of co-operation between the extended. The Director will thus be enabled National Defense Advisory Commission and to further implement the policy of the Dethe Federal Reserve System, the Board of fense Commission in bringing into fullest Governors has taken steps to put into effect possible use all available plant facilities and immediately arrangements whereby the Fed- unused manpower in the small and medium eral Reserve Banks and their branches will size business sector without disrupting norassist in facilitating the defense program, mal civilian requirements. particularly in connection with the obtaining In order to decentralize the work of the of contracts by the smaller business enter- office of the Director of Small Business Acprises and financing by local banks. The Com-tivities, the Defense Commission has obtained mission made the following announcement on the cooperation of the Federal Reserve Sys- October 25 in regard to the arrangements: tem. The Board of Governors of the Federal Reserve System will serve as operating agent THE National Defense Advisory Commisfor the Defense Commission in carrying out sion announced today that it has designated this program. At the request of the Federal Donald M. Nelson, Coordinator of National Reserve Board, a senior officer will be desig- Defense Purchases, as Director of Small nated in each Federal Reserve Bank and Business Activities to deal with the problems branch to handle all problems relating to field and interests of smaller business establishand technical activities. ments in relation to the defense program. This office has been created in conformity It will be the responsibility of the desigwith the established policy of the Defense nated officers of the Federal Reserve Banks Commission which holds that smaller busi- to report on the availability of small business ness occupies a place of vital importance in enterprises in their districts to participate in the defense program. the defense program; to familiarize local banks with the procedure to be followed in The office of the Director of Small Business accepting assignment of government claims Activities will serve, among other things, as security for loans; to encourage local as a clearing house of information for the smaller enterprises, keeping them advised of banks to make loan commitments on condi- War and Navy Department requirements tion that borrowers obtain government conthey may be qualified to fill. The Director tracts; to furnish business enterprises in will lend his assistance in facilitating financ- their districts with information on the proing required by smaller business to effectuate cedure to be followed relative to obtaining defense contracts. His office will cooperate defense contracts; and to assist small busiwith local commercial banks in this connec- ness enterprises to obtain necessary financing tion and will assist in establishing contacts from their local banks. By utilizing the with Federal Reserve Banks and the Recon- services of the Federal Reserve Banks in their struction Finance Corporation when local own territories, the smaller business men banks may be unable to extend required throughout the country will be in a position to credits. obtain promptly and accurately information The Defense Commission believes that the they require to play their part in the defense Director of Small Business Activities will be program. in a position to serve as an effective liaison The Director of Small Business Activities between War and Navy procurement officers, and the Federal Reserve Board and its reprepotential contractors, subcontractors and sentatives in the Federal Reserve districts local bankers so that defense contracts may will endeavor to maintain close contact with be executed simultaneously with provision the procurement officers of the War and for adequate bank or Reconstruction Finance Navy Department in the various procurement Corporation financing. areas throughout the country. The Director expects to provide a focal Mr. Nelson and the Board of Governors of point for primary contractors and potential the Federal Reserve System will call a meetsubcontractors in various parts of the coun- ing in Washington at an early date to discuss try. It is believed that this function will this program with the Federal Reserve Bank become increasingly important as the sys- officers and the procurement officers of the tem of subcontracting becomes more widely Service branches. NOVEMBER 1940 1171 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. Assignment of Claims Against Government three member banks involved, when designated for the purpose in accordance with the The President of the United States on Octoprovisions of section 4 of the Federal Reserve ber 9,1940, approved an act "To assist in the Act, may participate in the election of a Class national defense program by amending sec- B director of the Federal Reserve Bank; and tions 3477 and 3737 of the Revised Statutes that therefore if the holding company memto permit the assignment of claims under pubber bank elects to participate, neither of the lic contracts/' This Act, known as Public subsidiary banks may do so. No. 811, 76th Congress, is in the form which received approval by both Houses of Congress and appeared in the October 1940 Federal "Cash on Delivery" Transactions Under Regulation T Reserve BULLETIN at page 1045. The Board has recently considered certain questions involving the special cash account under section 4 (c) of Regulation T, and espe- Right of Member Bank and Its Subsidiary Member Banks to Vote in the Election of a Federal Reserve Bank Director cially the provisions of section 4(c) (5) relating to so-called "cash on delivery" or Recently there was presented to the Board "C.O.D." transactions. For convenient refof Governors the question whether, in connecerence, the relevant portions of section 4(c), tion with the election of a Class B director of particularly of 4(c) (5) are set out below: a Federal Reserve Bank, a member bank which controls two other member banks, all "(c) Special cash account.— (1) In a special within the same Federal Reserve district, cash account, a creditor may effect for or with any customer bona fide cash transactions in securities may participate in the election in addition to in which the creditor may— such participation by one of the subsidiary "(A) purchase any security for, or sell any member banks. security to, any customer, provided funds suffi- With respect to the election of Class A and cient for the purpose are already held in the Class B directors of Federal Reserve Banks, account or the purchase or sale is in reliance upon an agreement accepted by the creditor in Section 4 of the Federal Reserve Act provides good faith that the customer will promptly make that "whenever any two or more member full cash payment for the security and that the banks within the same Federal Reserve dis- customer does not contemplate selling the securtrict are affiliated with the same holding com- ity prior to making such payment; . . . pany affiliate, participation by such member "(2) In case a customer purchases a security (other than an exempted security) in the special banks in any such nomination or election shall cash account and does not make full cash paybe confined to one of such banks, which may ment for the security within 7 days after the date be designated for the purpose by such hold- on which the security is so purchased, the creditor ing company affiliate/' shall, except as provided in the succeeding subdivisions of this section 4(c), promptly cancel or The Board concluded that it was the intent otherwise liquidate the transaction or the unof the statute that in a situation such as the settled portion thereof . . . one referred to all of the member banks in a " (5) If the creditor, acting in good faith in single group controlled by the same interests accordance with subdivision (1) of this section should together have but one vote in such an 4(c), purchases a security for a custonier, or sells a security to a customer, with the underelection; and that this intent of the law is not standing that he is to deliver the security promptly affected by the circumstance that one of the to the customer, and the full cash payment to be member banks happens to be a holding com- made promptly by the customer is to be made pany affiliate. Accordingly, it is the view of against such delivery, the creditor may at his the Board that, in the circumstances stated option treat the transaction as one to which the period applicable under subdivision (2) of this above, any one, but not more than one, of the section 4(c) is not the 7 days therein specified 1172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint but 35 days after the date of such purchase or the customer's agreement, under section 4 (c) sale: Provided, however. That the creditor shall (1)(A), that he "will promptly make full not so treat any purchase by a given customer cash payment". Furthermore, any delay by if any security has been purchased by such customer at any time during the preceding 90 days the customer may cast doubt on the original in a special cash account with the creditor, and status of the transaction and should be exthen, for any reason whatever, without having plainable by exceptional circumstances that been previously paid for in full by the customer, justify the delay. Repetition of delays by the the security has been sold in the account or delivered out to any broker or dealer: Provided, That customer would be especially hard to justify. an appropriate committee of a national securities Such repetition would almost conclusively exchange, on application of the creditor, may label his transactions as unable to qualify as authorize the creditor to disregard for the purbona fide cash transactions and would almost poses of the preceding proviso any given instance of the type therein described if the committee is conclusively disqualify them for inclusion in satisfied that both creditor and customer are act- the special cash account. ing in good faith and that circumstances warrant These general principles are illustrated by such authorization. the specific cases to which the Board has "(6) If an appropriate committee of a national securities exchange is satisfied that the creditor is given consideration. acting in good faith in making the application, Broker "failed to receive" security.—A typthat the application relates to a bona fide cash ical example of a case in which the delivery transaction, and that exceptional circumstances to the customer is delayed because of condiwarrant such action, such committee, on application of the creditor, may (A) extend any period tions in the trade is one in which the broker specified in subdivision (2), (3), (4) or (5) of has "failed to receive" the security which this section 4(c) for one or more limited periods the customer has purchased. Assuming that commensurate with the circumstances. . . ." no evasion of the regulation is involved and In general.—The problems were ones relat-that the failure to receive the security is an ing, under section 4 (c) (5), to the time of de- ordinary incident to the usual operation of livering a security to a customer and obtain- the securities business, section 4 (c) (3) ing cash payment against the delivery. The would cover the time, not exceeding the 35rulings on the particular cases may be under- day maximum specified in the provision, reastood more readily in the light of certain gen- sonably required for the broker to obtain the eral principles which apply to section 4(c) security and deliver it to the customer. and particularly to the C.O.D. transactions Purchasing for delivery security already under section 4 (c) (5). sold to customer.—It sometimes happens that It should be noted at the outset that it is not a dealer will sell a security to a customer althe purpose of section 4(c) (5) to allow addi- though the dealer does not have the security tional time to customers for making payment. on hand for delivery and expects to purchase The "prompt delivery" described in section it in the market in order to make delivery 4(c) (5) is delivery which is to be made as to the customer. A special case of this type soon as the broker or dealer can reasonably is one in which an institutional investor such make it in view of the mechanics of the se- as an insurance company, trust fund, or the curities business and the bona fide usages of like, will purchase a block of a particular isthe trade. The provision merely recognizes sue of securities—usually bonds—as a unit, the fact that in certain circumstances it is an and will request that the entire block of seestablished bona fide practice in the trade to curities be delivered at one time in order to obtain payment against delivery of the se- avoid unreasonable duplication of clerical or curity to the customer, and the further fact administrative operations. that the mechanics of the trade, unrelated to Questions as to the time allowed the dealer the customer's readiness to pay, may some- to acquire the securities in the market for times delay such delivery to the customer. delivery to the customer under section 4 The customer should have the necessary (c) (5) are essentially questions of reasonmeans of payment readily available when he ableness, and must necessarily depend on the purchases a security in the special cash ac- circumstances of the particular case. count. He should expect to pay for it im- As indicated above, the dealer could not demediately or in any event within the period lay acquiring the securities he did not have (of not more than a very few days) that is as on hand if such delay was for the purpose of long as is usually required to carry through giving additional time to the customer. Asthe ordinary securities transaction. silming, however, that no such evasion is in- Such an undertaking is a necessary part of volved and that there is complete good faith, NOVEMBER 1940 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint the dealer would have a reasonable time for that in certain circumstances the sale of a acquiring the securities and could take into security held in the special cash account may account the general state of the market, the serve as payment for a security which has effect of forcing a sudden purchase of the been purchased in the account even though securities, and similar factors. He would not the proceeds of sale have not yet been colhave to force through a sizeable purchase in lected. a market that is temporarily thin or disor- Although the security had not actually ganized. But on the other hand he should been sold in the present case, the Board exproceed to acquire and deliver the securities pressed the view that, if the necessary rewith all reasonable dispatch. quirements of good faith were met and there Unissued securities.—The question was was every reasonable probability that the raised whether section 4(c) (5) applies to called security actually would be paid acsecurities which at the time of the transac- cording to the call for redemption, the same tion are unissued. The answer is that it principle would apply. In such circumdoes, but that, as in other cases, the broker stances, therefore, payment for the purshould deliver the security and complete the chased security may be considered to have transaction as soon as he can in view of the been made for the purposes of section 4(c) mechanics of the trade. This being the case, at the time when the called security is deit seems that there would be very few in- posited with the dealer for the indicated stances in which section 4(c) (5) would, in purpose. practice, authorize any more time for delivering such a security and obtaining payment Executive Order and Regulations on Transfers of therefor than would section 4(c) (3) which, Rumanian Property in the following terms, specifically provides The Executive Order of April 10, 1940, as for most situations involving unissued seamended, and the Treasury Regulations curities : issued thereunder providing that transfers of "(3) If the security when so purchased is an credit, foreign exchange transactions, the exunissued security, the period applicable to the port or earmarking of coin, bullion, or curtransaction under subdivision (2) of this section rency, or other similar operations, by persons 4(c) shall be 7 days after the date on which the security is made available by the issuer for de- or institutions in the United States which inlivery to purchasers." volve property of Norway, Denmark, Belgium, Luxembourg, the Netherlands, France, Securities purchased with proceeds of se- Latvia, Esthonia or Lithuania, or any curities called for redemption.—Sometimes anational thereof, shall be subject to license customer wishes to purchase a security and by the Secretary of the Treasury, were to pay for it with the proceeds of another amended on October 10, 1940, so as to insecurity which the customer holds and which clude property of Rumania, or any national the issuer has called for redemption. Occa- thereof. sionally the proceeds of the called security The texts of the Executive Order and acwill not be available for some time, perhaps companying Regulations and amendments 30 days, and the customer would like to delay thereto, are quoted in full in the May, June, payment for that time. July, August, and September 1940 issues of Such a circumstance would not justify de- the Federal Reserve BULLETIN. The texts of lay in obtaining payment under section 4(c) the October 10 amendments are as follows: (5), since the delay would not arise from the mechanics of the trade as they affect the EXECUTIVE ORDER NO. 8565 broker or dealer, but merely from the cus- Amendment of Executive Order No. 8389 of tomer's desire for delay in making payment. April 10,19^0, as Amended In the particular case presented to the By virtue of the authority vested in me by section Board, however, the customer deposited the 5(b) of the Act of October 6, 1917 (40 Stat. 411), called security with the dealer with definite as amended, and by virtue of all other authority instructions to deliver it for redemption and vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF AMERICA, do hereby amend apply the proceeds to payment for the pur- Executive Order No. 8389 of April 40, 1940, as chased security. This made the situation amended, so as to extend all the provisions thereof similar to that considered in the ruling at to, and with respect to, property in which Rumania or any national thereof has at any time on or since page 1043 of the December 1938 Federal October 9, 1940, had any interest of any nature what- Reserve BULLETIN, which was to the effect soever, direct or indirect; except that, in denning 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint "Rumania" and "national" of Rumania, the date Issued Pursuant Thereto Relating to Transactions "October 9, 1940" shall be substituted for the dates in Foreign Exchange, Etc. appearing in the definitions of countries and nationals Inquiry has been made as to whether the followthereof. ing is prohibited, except under license, by Executive FRANKLIN D. ROOSEVELT. Order No. 8389, as amended, and the Regulations THE WHITE HOUSE, October 10, 1940. issued pursuant thereto: A request or authorization made by or on behalf Treasury Department, Office of the Secretary, of a bank or other person within the United States October 10, 1940 to a bank or other person in a foreign country Amendment to Regulations * other than one of the countries designated in Executive Order No. 8389, as amended, as a result The Regulations of April 10, 1940, as amended of which request or authorization such latter bank (Sections 130.1 to 130.6\ are further amended so as or person makes a payment or transfer of credit to extend all the provisions thereof to, and with reeither directly or indirectly to one of the foreign spect to, property in which Rumania or any national countries designated in the Executive Order, as thereof has at any time on or since October 9, 1940, amended, or a national thereof. had any interest of any nature whatsoever, direct or indirect; except that reports on Form TFR-100 with The Treasury Department construes the Executive respect to all property situated in the United States Order, as amended, and Regulations as prohibiting on October 9, 1940, in which Rumania or any national such a transaction except under license. thereof has at any time on or since October 9, 1940, had any interest of any nature whatsoever, direct or D. W. BELL, indirect, shall be filed by November 9, 1940. Acting Secretary of the Treasury. H. MORGENTHAU, JR., Secretary of the Treasury. Treasury Department, Office of the Secretary, APPROVED: October 10,1940. September 10, 1940 FRANKLIN D. ROOSEVELT. General License No. 33 Under Executive Order No. General Rulings and General Licenses Issued by the 8389, April 10, 1940, as Amended, and Regulations Secretary of the Treasury Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.f Since the publication of certain General Licenses on page 1046 of the October 1940 A general license is hereby granted authorizing re- Federal Reserve BULLETIN, the following mittances by persons within the United States to General Rulings and General Licenses have citizens of the United States within any of the foreign countries designated in Executive Order No. been issued by the Secretary of the Treasury 8389, as amended, or to citizens of the United States under authority of the Executive Order of who have departed from any such designated foreign April 10, 1940, as amended, and Regulationscountries and are within any other foreign country, issued pursuant thereto relating to transac- through any bank, and any such bank is authorized tions in foreign exchange, etc. to effect such remittances, providing the following terms and conditions are complied with: (1) Such remittances do not exceed $250 per Treasury Department, Office of the Secretary, month to any payee and are made only for the September 18, 1940. necessary living expenses of the payee and the General Ruling No. 7 under Executive Order No. payee's family except that one additional sum not 8389, April 10, 1940, as Amended, and Regulations exceeding $250 may be remitted if such sum will be Issued Pursuant Thereto, Relating to Transactions used for the purpose of enabling the payee and the in Foreign Exchange, Etc. payee's family to return to the United States; (2) Such remittances are not made from funds The provisions of General Ruling No. 5, as supplein which a national of any of the foreign counmented by General Ruling No. 6, have been extended tries designated in Executive Order No. 8389, as to securities or evidences thereof coming from the amended, has any interest whatsoever, direct or Philippine Islands and the Panama Canal Zone into any other part of the United States. indirect. D. W. BELL, Any bank effecting any such remittance shall satisfy Acting Secretary of the Treasury. itself that the foregoing terms and conditions are complied with. Treasury Department, Office of the Secretary, Banks are authorized to obtain foreign exchange, September 18, 1940. to the extent necessary, on the same terms and conditions as those prescribed in General License No. 32 General Ruling No. 8 under Executive Order No. in order to effect the remittances herein authorized. 8389, April 10, 19]40, as Amended, and Regulations t Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order Resolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940 ; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940;8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Regulations, Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940: April 10, 1940, as amended May 10, 1940, June 17, 1940 and Ex. Order 8565, October 10, 1940. July 15, 1940. NOVEMBER 1940 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Banks through which any such remittances origi- amended, is hereby further amended by substituting nate shall file promptly separate reports in triplicate the following for subdivision 2 thereof: on Form TFR-32 with the appropriate Federal Re- " (2) In the event that any money or evidences of serve Bank indicating therein that the payee is a indebtedness or evidences of ownership of property citizen of the United States. In addition, the bank are to be removed from such box, such access shall ultimately transmitting abroad (by cable or other- be permitted only in the presence of an authorized wise) the payment instructions for any such remit- representative of a banking institution within the tances shall file weekly reports with the appropri- United States, which may be the lessor of such box, ate Federal Reserve Bank setting forth in detail the which receives into its custody immediately upon same information required in such reports under removal from such box the money or evidences of General License No. 32. This weekly report may be indebtedness or evidences of ownership of property combined with the weekly report required under removed from such box and which holds the same General License No. 32. subject to the Executive Order of April 10, 1940, As used in this general license the term "bank" as amended, and the Regulations issued thereunder, shall mean any bank or trust company incorporated for the account of the lessee of such box and subject under the laws of the United States or of any state, to the pr^ nerty interests therein as of the respective territory or district of the United States, or any pri- dates specified in such Order, as amended, of the vate bank subject to supervision and examination foreign countries designated in such Order, as under the banking laws of any state, and also any amended, or anv national thereof;" other banking institution specifically authorized by the Treasury Department to be treated as a "bank" D. W. BELL, for the purpose of this general license or of General Acting Secretary of the Treasury. License No. 32. D. W. BELL, Treasury Department, Office of the Secretary, Acting Secretary of the Treasury, October 10, 1940 General License No. 35 under Executive Order No. Treasury Department, Office of the Secretary, 8389, April 10, 194-0, as Amended, and Regulations October 10, 1940 Issued Pursuant Thereto, Relating to Transactions General License No. 3J+ under Executive Order No. in Foreign Exchange, Etc.* 8389, April 10, 19%0, as Amended, and Regulations A general license is hereby granted authorizing Issued Pursuant Thereto, Relating to Transactions banking institutions within the United States to make in Foreign Exchange, Etc.* payments from accounts in which Rumania or a national thereof has a property interest within the General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as meaning of the Executive Order of April 10, 1940, amended, issued under Executive Order No. 8389 of as amended, and the Regulations issued thereunder, April 10, 1940, as amended, are hereby further of checks and drafts drawn or issued prior to October amended so that as of the date hereof there shall be 9, 1940, and to accept and pay and debit to such acsubstituted for the words "Norway, Denmark, the counts drafts drawn prior to October 9, 1940, under Netherlands, Belgium, Luxembourg, France, Latvia, letters of credit; provided, that each banking insti- Estonia or Lithuania," wherever they appear in such tution making any payment or debit authorized by General Licenses, the words "any of the foreign counthis general license shall file promptly with the aptries designated in Executive Order No. 8389 of April propriate Federal Reserve Bank weekly reports show- 10, 1940, as amended." ing the details of such transactions. General License No. 12, as amended, issued under Executive Order No. 8389, of April 10, 1940, as D. W. BELL, Acting Secretary of the Treasury. •Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order * Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; 6560, Jan. 15. 1934; Ex. Order 8389, April 10, 1940; Ex. Order Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940; 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order Ex. Order 8565, October 10, 1940; Regulations, April 10, 1940, 8484, July 15, 1940; Ex. Order 8493, July 25, 1940 ; Ex. Order as amended May 10, 1940, June 17, 1940, July 15, 1940 and 8565, October 10, 1940 ; Regulations, April 10, 1940, as amended October 10, 1940. May 10, 1940, June 17, 1940, July 15, 1940, and October 10, 1940. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom the Eoatd*5 G.otte5Y2ondence I n^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. .XCQ55 QUESTION rather than hold excess reserves, and until recent years they were able to find uses for 'In our Current Events course at practically all the funds they had. Banks Junior College, we have been interested in a held only as large reserves as the law restatement in the newspaper saying that the quired, and there were no excess reserves. banks have excess reserves of seven billion In recent years however, member bank redollars. We should like to know what excess serves have increased much faster than opreserves are, where the money comes from, portunities to use them. The supply of funds and how it might be used to effect a better in the hands of banks has grown rapidly, distribution of wealth/' owing principally to a huge inflow of gold from abroad, and at the same time the demand for funds by acceptable borrowers has ANSWER increased much less. Satisfactory loans and U NDER the law banks that are members investments have been relatively scarce. As a of the Federal Reserve System are re- consequence, member banks at present have quired to maintain as balances with the Fed- a huge volume of reserves in excess of reeral Reserve Banks a certain proportion of quirements. the deposits which they have received from These reserves are not a source of earntheir customers. When these balances are ings to the banks, but they are part of the larger than what is required by law, then the assets held against the deposits which the amount over and above legal requirements is banks owe their customers. The banks cannot called excess reserves. These excess reserves either give them away or use them for specuare available for lending or investing. lative or unsound undertakings. In effect, There are about 6,400 banks in the United though not legally, these funds are owned by States that are members of the Federal Re- depositors, and not by the banks. They can serve System. On October 30, 1940, balances be lent by the banks to acceptable borrowers, of these banks at the Reserve Banks totaled who have prospects of ability to repay the fourteen billion dollars. Of this total about loans, but they are not available for distribuhalf represented what they were required to tion. They cannot be used as the basis for have and the other half was excess. a better distribution of wealth, which depends Banks prefer to lend or invest their avail- on many other factors in the country's ecoable funds and obtain earnings on them nomic organization. NOVEMBER 1940 1177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Banking Statistics Emergency Plant Facilities Contract The Board of Governors of the Federal Re- There was published in the September serve System, the Federal Deposit Insurance 1940 number of the Federal Reserve BUL- Corporation, and the Office of the Comptroller LETIN a statement issued by the National of the Currency are cooperating in the prep- Defense Advisory Commission regarding the aration of a comprehensive revision and availability of bank credit for financing the defense program, based upon a test survey compilation of banking statistics for the made by the Federal Reserve System for the United States. The National Bureau of Eco- Commission. This statement referred to a nomic Research, represented by Professor new form of contract developed by the Na- James W. Angell, is collaborating in the work. tional Defense Advisory Commission, after George W. Blattner, of the staff of the Board consultation with the War and Navy Departof Governors, has supervision of the project. ments and the Comptroller General, as a The primary purpose of this compilation basis for borrowing by defense manufacis to assemble and publish the best available turers from the banks. data, from the earliest period for which it is As a result of suggestions made by banks possible to obtain comparable figures down and others who considered the form of conto date, and with the widest possible cover- tract, it was modified in some particulars age. The aim is to show the development of and copies of a revised draft were furnished the entire banking system and to provide a to the Federal Reserve Banks and their more reliable basis for the analysis of rela- branches in mid-October. Banks and others tionships between general economic activity who are interested in the matter may obtain and monetary and banking forces. Figures information concerning the form of contract for the principal types of assets and liabilities from any Federal Reserve Bank or branch. will be compiled for various types of banks for each State. Attempt will be made to Admissions of State Banks to Membership in the combine and reconcile the numerous series Federal Reserve System now to be found, often on a noncomparable The following State banks were admitted basis, in the various Federal and State re- to membership in the Federal Reserve System ports. during the period September 16, 1940, to With respect to national banks there are no October 15, 1940, inclusive. problems as to coverage and the principal Indiana task will be to assemble series of data that Brazil—The Brazil Trust Company of Brazil, are comparable over long periods. The prob- Indiana lem with other banks is much more difficult. Logansport—The Farmers & Merchants State Bank The available figures for these non-national Montpelier—The Bank of Montpelier banks have varied considerably from time to Porter—First State Bank of Porter time and from State to State both as to types Iowa of banking institutions covered and as to Clear Lake—Clear Lake Bank and Trust Comitems reported. Available compilations of pany totals for all banks in the country are affected Michigan by these inconsistencies. Dexter—The Dexter Savings Bank Gaylord—The Gaylord State Savings Bank The Board would be glad to receive any River Rouge—River Rouge Savings Bank information concerning studies that are being made or have been made regarding banking Nevada trends in particular areas or regarding Pioche—Bank of Pioche, Incorporated particular types of banks, whether made New York by individuals, statistical agencies, or bank- Baldwin—Peoples State Bank of Baldwin ing authorities. It would also like to have Ohio any information, however fragmentary, con- Alliance—The Mount Union Bank cerning data of the types indicated which are not already accessible in the pub- South Dakota lished reports of Federal and State banking Custer—Custer County Bank, Custer City, So. Dak. authorities. Information on non-national Texas banks before 1914 will be especially welcome. Marlin—First State Bank of Marlin 1178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/ew Dndex of} United Stata* (fovetnment £ond IN THE regular table of bond prices in this average term and the average coupon rate issue of the BULLETIN (page 1206), a new that have prevailed for United States Govindex of long-term United States Govern- ernment long-term bonds since 1936. In 1931 ment bond prices has been substituted for the the average coupon rate of the bonds included series previously published. This new in- in the average was 3% per cent; after that dex l of prices is derived from the average date the bonds dropped were high-coupon yields on long-term Government bonds by bonds and the bonds added were low-coupon converting these yields to prices on a repre- bonds. sentative and comparable basis as to maturity For recent years, therefore, both the price and coupon rate. Average market yields of level and the price fluctuations of the bond long-term bonds are currently published in chosen represent with considerable accuracy the BULLETIN. For explanation of these averthose of the bonds actually outstanding. The ages, see BULLETIN, December 1938, page index may also be expected to conform more 1045. closely to the situation in the next few years The previous price series was a simple than would an index based upon coupon average of the market prices of all outstandrates and maturities typical of earlier years. ing Treasury bonds not due or callable for As a result of this selection the level of the more than 12 years. This series was useful in showing the average market prices of these price index for the earlier years does not bonds and changes in market prices over conform to the average of actual prices durshort periods which did not involve differ- ing that period, but the fluctuations in the ences in the issues included. It was not suit- index may be considered as typical of those able, however, for longer-term price compari- in actual prices. sons, owing to the numerous changes in the The new series does not purport to measure list of bonds making up the average and to accurately the average level of current price wide variations in their prices, which reflect quotations in the market, although at the principally differences in coupon rates. Bonds present time it does measure this level apwere excluded from the average whenever proximately. The index shows the approxitheir term to call date became 12 years or mate trend of prices of a representative bond less, and new bonds having a term to call date of unchanging coupon and maturity. It proof more than 12 years were included in the vides, therefore, a measure of price changes. average whenever issued by the Treasury. The chart shows the old and the new series Bonds removed from the average during this of Government bond prices. The lowest price period generally had high coupon rates and for the 10-year period was reached by both consequently sold at high prices, while the new bonds sold at small premiums above par. Substitutions, therefore, tended to lower the U. S. GOVERNMENT BOND PRICES average, irrespective of market fluctuations. MONTHLY AVERAGES OF DAILY FIGURES While these changes broke the continuity of the price series because of the variations noted, they caused only negligible breaks in the yield series, as the yields on new bonds added or old bonds dropped conformed closely to the yields of issues included in the average. The new index of prices is derived from the average yield of all the bonds included in this average by calculating the price at which a bond having a coupon of 2% per cent and a term of 16 years would sell in order to return the average yield. These are about the iThis index was compiled by V. B. Grinioff of the Division of Security Loans and L. M. Piser of the Division of Research and Statistics. 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1179 NOVEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Index of United States Government Bond Prices series in January 1932 and the highest price the exclusion from the average of the highin June 1939. In the period between these premium 4*4 per cent bonds of 1947-1952. dates the new index of prices advanced by about 26 points, while the old index advanced UNITED STATES GOVERNMENT BOND PRICES [Monthly averages of daily figures] by about 17 points. This difference in measuring the extent of the price increase reflects 1931 1932 1933 1934 1935 1936 1937 1938 1939 principally the cumulation of error arising from the substitutions made in the old series. Jan 94.4 82.6 94.2 90.9 98.3 99.4 103.7 101.3 103.7 The new index is useful in comparing short- Feb 93.2 84.2 93.1 93.0 99.5 99.7 103.8 101.4 104.1 Mar.... 93.6 86.2 91.8 94.4 99.7 100.5 102.0 101.4 105.4 term changes in prices in periods when the Apr 93.7 88.8 9i.8 95.5 100.1 100.9 99.4 101.7 106.0 composition of the series is altered. Between May.... 94.9 87.9 93.2 96.6 100.4 101.2 99.9 103.1 107.8 June 95.2 87.9 94.3 97.1 100.4 101.2 99.9 103.0 108.4 September and November 1935, for example, July.... 95.0 90.0 94.4 97.8 100.8 101.3 100.4 103.0 107.9 Aug 94.6 91.5 94.3 96.5 99.9 101.8 100.4 103.1 107.2 the new index shows only a negligible change Sept.... 93.8 91.8 94.5 94.4 98.7 102.0 99.7 102.2 101.3 in prices, whereas the old index indicates a Oct 89.4 91.7 94.2 95.6 98.7 101.7 99.9 103.5 102.0 Nov 89.4 91.5 91.3 96.0 99.0 102.9 100.5 103.3 103.8 decline of about 3 points, which arose from Dec 86.1 92.6 90.5 96.7 99.0 103.1 101.0 103.4 105.3 [Weekly averages of daily figures] Week Week Week Week Week Week Week ended Index ended Index ended Index ended Index ended Index ended Index ended Index 1934 1935 1936 1937 1938 1939 1940 Jan. 6 91.2 Jan. 5 97.3 Jan. 4 99.4 Jan. 2 103.5 Jan. 1 100.9 Jan. 7 103.5 Jan. 6 106.3 13 90.2 12 98.0 11 99.4 9 103.8 8 101.0 14 103.7 13 106.3 20 91.0 19 98.3 18 99.6 16 103.8 15 101.3 21 104.0 20 105.7 27 91.1 26 99.0 25 99.4 23 103.8 ?,?, 101.6 28 103.5 27 105.9 30 103 7 101 2 Feb 3 92 1 Feb 2 98 8 Feb 1 99 4 Feb 4 104 0 Feb 3 105 6 10 92.7 9 99.1 8 99.5 Feb. 6 103.8 Feb. 5 101. 3 11 104! 1 10 105.7 17 93. 1 16 99.2 15 99.7 13 103.8 12 101.2 18 104.2 17 105.9 24 93.4 23 99.7 22 100.0 20 103. 7 19 101.4 25 104.2 24 105.7 29 100 1 27 103 8 101 7 Mar 3 93 1 Mar 2 100 1 Mar 4 104 8 TVT 2 105 6 10 93^8 9 100.0 Mar. 7 100.4 Mar. 6 103.7 Mar. 5 101.8 11 105.3 9 106.3 17 94.8 16 99.6 14 100.4 13 103.0 12 101.7 18 105.4 16 106.8 24 95.0 23 99.5 21 100.5 20 101.7 19 101.3 25 105.4 23 106.8 31 95.0 30 99.7 28 100.8 27 100.4 ?,6 101.4 30 107.1 Apr. 105 9 Apr. 7 95.1 Apr. 6 100.1 Apr. 4 100.8 Apr. 3 99.6 Apr. ?, 100.9 8 105.9 Apr. 6 107.4 14 95.6 13 100.1 11 100.9 10 99.4 Q 100.9 15 105.7 13 106.8 21 95.5 20 100.0 18 101.0 17 99.6 16 101.2 22 106.1 20 106.4 28 95.7 27 100.3 25 101.0 24 99.5 23 102.2 29 106.4 27 106.3 102 6 May 5 96 1 May 4 100 7 May 2 100 9 May 1 99 4 IVIay g 106 8 Ivtay 4 106 7 12 96.6 11 100.4 9 101.0 8 99.9 May 7 103.0 13 107.8 11 106.3 19 96.6 18 100.4 16 101.2 15 99.7 14 103.1 20 108.2 18 104.2 26 96.6 25 100.4 23 101.4 22 99.7 ?) 103.1 27 108.4 25 103.7 —, 30 101.3 29 100.0 28 103.1 June 2 96 8 j 100 0 3 108 8 June 1 103 5 9 96.8 8 100.1 June 6 101.2 June 5 100.0 June 4 103.4 10 108.9 8 103.4 16 97.2 15 100.4 13 101.2 12 100.0 11 103.3 17 108.1 104.5 23 97.1 22 100.4 20 101.2 19 99.9 18 103.0 24 107.9 22 105.6 30 97.2 29 100.5 27 101.0 26 99.7 25 102.9 29 105.7 July 107 5 July 7 97.5 July 6 100.7 July 4 101.2 July 3 99.9 July 2 102.7 8 107.7 July 6 106.1 14 98.1 13 100.8 11 101.3 10 100.1 9 102.9 15 107.9 13 106.0 21 98.1 20 100.8 18 101.2 17 100.3 16 103.1 22 107.9 20 106.1 28 97.6 27 100.8 25 101.2 24 100.5 23 103.0 29 108.2 27 106.7 31 100 9 103 0 Aug. 4 97 5 Aug. 3 100 8 Aug. 101 3 Aug. 108 2 Aug. 3 106 8 11 96.7 10 100.5 8 101.4 Aug. 7 100.9 Aug. 6 103.1 12 107.8 10 106.7 18 96.2 17 100.1 15 101.7 14 100.8 13 103. 3 19 107.8 17 106.3 25 96.2 24 99.5 22 101.8 21 100.4 20 103.3 26 106.4 24 106.7 31 98 8 29 102 1 28 99 7 103.3 31 107 0 Sept. 96 2 Sept. 2 105 6 8 95.4 Sept. 7 99.1 Sept. 5 102.2 Sept. 4 99.6 Sept. 3 103.0 9 102.6 Sept. 7 107.4 15 94.4 14 99.0 12 102.1 11 99.4 10 102.7 16 101.4 14 107.4 22 93.8 21 98.2 19 101.8 18 99.9 17 101.8 23 100.1 21 107.8 29 94.0 28 98.5 26 101.7 25 100.0 24 102.2 30 100.1 28 108.1 Oct. 6 94.6 Oct. 5 98.3 Oct. 3 101.7 Oct. 2 99.9 Oct. 1 102.2 Oct. 7 100.4 Oct. 5 108.2 13 95.5 12 98.6 10 101.7 9 99.9 8 103.4 14 101.2 12 108.9 20 96.1 19 99.0 17 101.7 16 99.9 15 103.5 21 102.7 19 108.9 27 96.2 26 99.0 24 101.7 23 99.7 22 103.7 28 103.1 26 108.9 Nov 3 95 9 Nov 2 99 0 4 103 0 M 2 10 95.7 9 99. 1 Nov. 7 102. 1 Nov. 6 100.3 Nov. 5 103.5 11 103.1 q 17 96.0 16 98.8 14 102.9 13 100.1 1? 103.5 18 103.7 16 24 96.2 23 99.0 21 103.3 ?0 100.7 19 103 3 25 104 6 ?3 30 98 8 28 103 1 27 100 8 26 103 1 30 Dec j 96 2 Dec. 2 104.9 8 96.6 Dec. 7 99.0 Dec. 5 103. 1 Dec. 4 100.9 Dec 3 103 1 q 104.6 Dec 7 15 96.6 14 99.0 12 103.1 11 101.2 10 103.5 16 105.0 14 22 97.0 21 98.8 19 103.1 18 100.9 17 103.5 ?:3 105.7 ?1 29 97.0 28 99. 1 26 103.0 25 100.9 94 103.4 30 106.0 ?H 31 103.5 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MemUx Sank Zatnlnyi, Titit J/alfi ofi 1940 MEMBER bank profits in the first six also include larger amounts of relatively highmonths of 1940 were somewhat larger yield types of loans. To a lesser extent it rethan in the preceding half-year period but flects larger earnings from other sources than considerably less than in the first half of loans and investments, particularly service 1939. The decrease reflected principally charges on deposit accounts. Expenses insmaller profits derived from the sale of securi- creased slightly in the latest half-year but ties above cost. Both net current earnings the growth over the first half of 1939 was not and total current earnings were larger than as large as that in total earnings. Net current in either the first half of 1939 or the first earnings in the first half of 1940 were larger half of 1938, as shown in the following sum- than in the first half of most recent years. mary table. The net profits of $162,270,000 in the first MEMBER BANK EARNINGS, BY HALF-YEAR PERIODS, JANUARY 1935-JUNE 1940 [Amounts in millions of dollars] 1935 1936 1937 1938 1939 1940 Item First Second First Second First Second First Second First Second First half- half- half- half- half- half- half- half- half- half- halfyear year year year year year year year year year year Interest and discount on loans . 248 250 253 260 268 285 269 274 272 288 290 Interest and dividends on securities 238 230 235 252 244 237 224 225 223 221 214 Service charges on deposit accounts 17 18 19 20 22 23 25 26 27 28 29 Other earnings 100 105 110 122 118 124 113 119 111 125 116 Total earnings 603 603 617 654 652 669 631 644 633 662 649 Salaries and wages—total __ 166 168 172 180 181 191 187 193 190 198 195 Interest on time and savings deposits._ 104 95 89 88 88 88 88 83 82 77 75 Other expenses 148 151 169 174 180 174 173 167 174 173 185 Total expenses 418 414 430 442 449 453 448 443 446 448 455 Net current earnings 185 189 187 212 203 216 183 201 187 214 194 Recoveries, profits on securities sold,etc. 187 189 253 254 158 97 137 142 191 135 143 Losses and depreciation 293 246 216 225 166 172 175 222 187 193 175 Net profits 90 132 224 241 195 141 145 121 191 156 162 Cash dividends declared 1 87 96 95 103 100 101 99 99 104 104 100 Number of banks 2 - .. 6, 410 6,387 6,400 6,376 6,357 6,341 6,338 6,338 6,330 6,362 6,398 1 Includes interest on capital notes and debentures. 2 At end of period. Notwithstanding a further decrease in in-six months of this year were at an annual rate terest and dividends on securities—a reflec- of 5.8 per cent on total capital accounts, comtion of lower rates of return—total earnings pared with a similar annual rate of 7.0 per were in greater volume during the first half cent in the first half of 1939 and 5.4 per cent of 1940 than in that part of any year since in the first half of 1938. Cash dividends dethe banking holiday except 1937. This is at-clared by member banks in the first half of tributable primarily to the fact that a some- 1940 were at an annual rate of 8.5 per cent what larger amount is now being earned on on capital stock, or 3.6 per cent on total capiloans, which have increased in volume and tal accounts. NOVEMBER 1940 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF MEMBER BANKS NATIONAL AND STATE MEMBER BANKS, BY SEMI-ANNUAL PERIODS, JULY 1, 1939 TO JUNE 30, 1940 (Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks) [Amounts in thousands of dollars] All member banks National member banks State member banks Second half First half Second half First half Second half First half of 1939 of 1940 of 1939 of 1940 of 1939 of 1940 Earnings: Interest and discount on loans 288,151 290,051 198,351 200, 383 89,800 89,668 Interest and dividends on securities _.. 221, 200 214,691 146,951 141, 737 74,249 72,954 Collection charges, commissions, fees, etc 16,506 16,362 11,435 11,286 5,071 5,076 Foreign department.__ 7,480 5,701 4,449 3,486 3,031 2,215 Trust department 48,914 43, 621 16, 593 15,105 32,321 28,516 Service charges on deposit accounts 27, 656 29,153 19,040 20,098 8,616 9,055 Rent received 41,719 40, 570 26,047 25,853 15,672 14,717 Other current earnings 11,098 9,481 8,301 6,926 2,797 2,555 Total current earnings 662, 724 649,630 431,167 424,874 231, 557 224,756 Expenses: Interest on time and savings deposits - .. _ . - 76, 970 74, 737 55, 231 53, 334 21, 739 21,403 Salaries, officers 76 249 76,199 51,068 50,856 25,181 25, 343 Salaries and wages, employees (other than officers) 121. 506 119,347 74,620 73,194 46, 886 46,153 Fees paid to directors and committee members _ _ 3,858 3,711 2,727 2,593 1,131 1,118 Interest and discount on borrowed money 86 57 49 33 37 24 Real estate taxes 17 857 16,876 11,139 10, 645 6,718 6,231 Other taxes ._ 24,298 31,947 15, 852 21, 441 8,446 10,506 Other current expenses 127, 397 132, 371 79,984 83, 432 47,413 48,939 Total current expenses 448,221 455, 245 290,670 295, 528 157, 551 159, 717 Net current earnings 214, 503 194,385 140,497 129, 346 74,006 65,039 Recoveries, profits on securities sold, etc.: Recoveries on loans _ _. .. 30, 630 26, 232 22, 715 17, 256 7,915 8,976 Recoveries on securities 30,265 27,151 15, 775 17,610 14,490 9,541 Profits on securities sold . _. _ _ 62.454 77,866 40,359 53, 254 22, 095 24,612 Allother 11,983 11, 753 7,888 7,657 4,095 4,096 Total recoveries, profits on securities sold, etc 135,332 143,002 86, 737 95, 777 48, 595 47, 225 Losses and depreciation: On loans 60 370 47,029 35,477 29, 606 24,893 17,423 On securities 85 425 79,717 50,276 54 974 35,149 24, 743 On banking house, furniture and fixtures 21,858 18,071 16, 300 12,437 5,558 5,634 Allother 25, 700 30,300 12, 653 15, 562 13, 047 14, 738 Total losses and depreciation 193, 353 175,117 114, 706 112, 579 78,647 62, 538 Net profits. 156,482 162, 270 112, 528 112, 544 43,954 49, 726 Cash dividends declared: On preferred stock * 6 913 6,170 4,718 3,762 2,195 2,408 On common stock _ __ __ _. .._ .._ 96,590 93,871 59, 964 58,036 36, 626 35, 835 Total cash dividends 1 103, 503 100,041 64,682 61, 798 38, 821 38, 243 Loans 2 13, 524, 436 13, 956, 666 8, 772, 582 9, 072,096 4, 751,854 4,884, 570 Securities 2 19, 681,916 20, 228,191 12,621,323 12, 811, 545 7,060, 593 7, 416, 646 Total loans and securities 2 33, 206, 352 34,184,857 21,393,905 21,883, 641 11,812,447 12,301, 216 Total deposits 2 47.880, 997 50,415, 591 30,634,090 32,171, 234 17, 246,907 18, 244,357 Total capital accounts 2 3_. 5, 516,137 5, 563, 729 3, 397,038 3,431,814 2,119,099 2,131,915 Number of officers at end of period 34,172 35,001 25, 617 26,120 8,555 8,881 Number of employees (full- and part-time) at end of period 158,137 162,299 99, 243 102,471 58,894 59,828 Number of banks at end of period. 6,362 6,398 5,187 5,164 1,175 1,234 Annual rates of earnings and of losses on loans: Interest and discount on loans per $100 of loans .. $4.26 $4.16 $4.52 $4.42 $3.78 $3.67 Recoveries on loans per $100 of loans _. _ .45 .38 .52 .38 .33 .37 Losses on loans per $100 of loans 89 .67 81 65 1.05 .71 Annual rates of earnings and of losses on securities: Interest and dividends on securities per $100 of securities 2.25 2.12 2.33 2.21 2.10 1.97 Recoveries on securities per $100 of securities .31 .27 .25 .26 .41 .27 Profits on securities sold per $100 of securities .63 .77 .64 .83 .63 .66 Losses on securities per $100 of securities .87 .79 .80 .86 1.00 .67 Annual rates of earnings on total capital accounts: Net current earnings per $100 of total capital accounts 7.78 6.99 8.27 7.54 6.98 6.10 Net profits per $100 of total capital accounts - 5.67 5.83 6.63 6.56 4.15 4.66 Total deposits per $1 of total capital accounts 8.68 9.06 9.02 9.37 8.14 8.56 Loans and securities per $1 of total capital accounts 6.02 6.14 6.30 6.38 5.57 5.77 1 Includes interest on capital notes and debentures. 2 For the second half of 1939 these are averages of figures reported on June 30, 1939, October 2, 1939, and December 30, 1939; for the first half of 1940 they are averages of figures reported on December 30, 1939, March 26, 1940, and June 29, 1940. 3 Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. Back figures.—See BULLETIN for May 1940, pp. 461 and 465. 1182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/ational Summatu on jSuilne55 L?ondition5 Compiled October 15 and released for publication October 17. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 1161-1167 of this BULLETIN. VOLUME of industrial production increased activity. Lumber production continued to sharply in September, owing mainly to a rise under the impetus of a growing volume continued rise in output of durable manufac- of demand for defense program purposes. tured products, and this month a further in- Changes in output of nondurable manufaccrease is indicated. Prices of basic indus- tured goods and minerals in September were trial materials advanced in September and mixed. At wool textile mills activity adthe first half of October. vanced sharply further to near the peak reached last autumn, reflecting in part ex- Production panding production on Government orders. The Board's seasonally adjusted index of At cotton mills, however, activity showed industrial production, which for three months less than the usual seasonal rise, following had been at a level of 121 per cent of the a sharp increase in August, and rayon deliv- 1935-39 average, advanced to about 125 per eries declined somewhat owing partly to a cent in September. In the durable goods strike at plants of one large producer. Shoe industries increases in output were general. production also declined in September. Steel production rose to 93 per cent of capac- Paper production remained in reduced volity, and in the first half of October the rate ume following a high rate of output during was slightly higher as new orders continued the early summer accompanying some inin large volume both from domestic and ventory accumulation at that time. Output foreign sources. Steel exports amounted to of most metals continued large during Sepabout 20 per cent of ingot-producing capacity tember. Crude petroleum production, which in August, the latest month for which data had been curtailed sharply during the sumare available, with nearly three-quarters of mer, rose considerably, but coal production, these shipments going to the United King- which for several months had been maindom and Canada. Activity in the machinery, tained at high levels, showed a smaller inaircraft, and shipbuilding industries ad- crease than is usual at this season. vanced further in September following con- Value of new construction work started in siderable increases in August, and automo- September was lower than in July and Aubile output increased sharply as volume pro- gust, according to reports of the F. W. Dodge duction of new model cars was rapidly at- Corporation and the San Francisco Federal tained. Plants producing railroad cars and Reserve Bank. The decline occurred chiefly locomotives also showed an expansion in INCOME PAYMENTS INDUSTRIAL PRODUCTION B 7 ILLIONS OF DOLLARS BILLIONS OF DOLLAR 7 S POINTS IN TOTAL INDEX POINTS IN TOTAL INDEX 140 140 1934 1935 1936 1937 1938 1939 1940 1934 1935 1936 1937 1938 1939 1940 United States Department of Commerce estimates of the Index of physical volume of production, adjusted for seasonal amount of income payments to individuals, adjusted for seasonal variation, 1935-1939 average = 100. variation. By months, January 1934 to September 1940. NOVEMBER 1940 1183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions in contracts for defense projects which had from the middle of September to the middle been large in the previous two months. of October, and there were also increases in Awards for private residential building some manufactured products, notably cotton showed little change from recent high levels. and woolen goods. Wheat prices were higher Awards for other private work declined while prices of most other foodstuffs showed somewhat but continued considerably above little change. the level of a year ago. Bank Credit Distribution Commercial loans at reporting member banks in New York and 100 other leading In September and the early part of October cities continued to increase during the four department store sales showed somewhat less weeks ending October 9, reflecting in part than the usual seasonal increase from the exseasonal demands. Holdings of United States ceptionally high level reached in August. Government obligations decreased further Freight-car loadings rose somewhat more with the result that total loans and investthan seasonally in September, reflecting to ments of these banks showed little change. a large extent increased shipments of miscellaneous freight. Loadings of coal, which United States Government Security Prices have been large in recent months, showed Prices of United States Government seless than the usual seasonal rise. curities advanced in the second half of Sep- Commodity Prices tember and the first week in October, rising close to the high level of the year reached Prices of most industrial materials, parearly last April. ticularly lumber, steel scrap, nonferrous metals, hides, and wool, continued to advance MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS WHOLESALE PRICES OF BASIC COMMODITIES THURSDAY FIGURES, 1926 = 100 MATERIALS J 1935 1936 1940 Federal Reserve groupings of Bureau of Labor Statistics data. Thursday figures, January 4, 1934, to October 24, 1940. 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 1187 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1188 Federal Reserve Bank statistics 1189-1193 Reserve position of member banks; deposits in larger and smaller centers. . . 1194 Money in circulation 1195 Gold stock and gold movements; bank suspensions; bank debits 1196 All banks in the United States, number, deposits, loans and investments 1197 Condition of all member banks 1198-1199 Weekly reporting member banks 1200-1203 Commercial paper, bankers' acceptances, and brokers' balances 1204 Money rates and bond yields 1205 Security markets 1206 Treasury finance 1207-1208 Governmental corporations and credit agencies; Postal Savings System 1209-1210 Business Indexes 1211-1221 Wholesale prices . . 1222 Statistics for Federal Reserve chart book 1223-1224 Crop report 1224 Condition of insured commercial banks in United States and possessions, June 29, 1940 and December 30, 1939 1225 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. NOVEMBER 1940 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLiOf^5 OF DOLLARS 20 20 18 18 16 16 14 14 GOLD STOCK 10 10 MONEY IN CIRCULATION — TREASURY CASH RESERVE BANK CREDIT TREASURY DEPOSITS AT F. R. BANKS 1934 1935 1936 1937 1938 1939 1940 14 14 12 12 10 10 MEMBER BANK RESERVE BALANCES 8 1934 1935 1936 1937 1938 1939 1940 Latest figures for October 23. See page 1187. 1186 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- u T r r y e a d s e - - Other ba b n a k l a r n es c e e r s ve 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 o r i r i t v a i t h n - i e - e g r s nm t a M u e f r t 5 n i a e t n - r g R c B o r e e A t s a h d e n n e i r - k t r v i e Total s G to o c ld k s r t o e c u i a n u n u r n g y r c t d - - y - M in c t u i o o l c 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 - - B p s w F e R e o a e r r i s n e a v t d i - k h l t e - s s p m N o b d e o s e e m i n - r t - s - c s F o e R e a e u r r c e a v d - n - l e - ts Total c E es x s - * years years Monthly averages of daily figures: 1939—July 5 2,527 1,697 830 37 2,569 16,182 2,887 7,051 2,534 780 695 257 10,321 4,402 August 5 2,437 1,606 831 25 2,467 16,390 2,900 7,098 2,344 783 616 256 10,659 4,607 September 6 2,732 1,630 1,102 56 2,794 16,823 2,911 7,249 2,253 611 729 243 11,443 5,198 1940—July 3 2,450 1,202 1,247 63 2,515 20,260 3,017 7,884 2,206 391 1,316 261 13,735 6,752 August 3 2,444 1,201 1,244 57 2,505 20,718 3,028 7,967 2,277 885 1,451 262 13,408 6,407 September 5 2,434 1,191 1,243 64 2,503 21,064 3,040 8,095 2,287 781 1,535 265 13,643 6,582 End of month figures: 1939—July 31.... 5 2,488 1,658 830 -8 2,486 16,238 2,895 7,049 2,360 752 693 257 10,507 4,553 Aug. 31— 5 2,426 1,594 832 15 2,446 16,646 2,907 7,171 2,325 708 622 255 10,918 4,758 Sept. 30— 6 2,804 1,585 1,219 68 2,879 16,932 2,919 7,293 2,244 545 753 240 11,655 5,352 1940—July 31.... 4 2,448 1,202 1,246 32 2,484 20,463 3,024 7,883 2,250 694 1,382 262 13,498 6,514 Aug. 31— 4 2,436 1,192 1,244 75 2,515 20, 913 3,036 8,059 2,277 810 1,516 261 13,541 6,525 Sept. 30— 5 2,434 1,191 1,243 46 2,485 21,244 3,044 8,151 2,290 756 1,581 268 13,727 6,655 Wednesday figures: 1939—Dec. 6 8 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 8 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_.. 8 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___. 8 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 7 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 7 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 7 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 7 2,477 1,220 1,258 30 2,514 17,879 *2,969 7,365 2,381 507 713 249 12,148 5,592 Jan. 31 7 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 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 7 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 6 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...-. 7 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 3 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. 3 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 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 2,475 1,209 1,266 32 2,510 18,413 2,990 7,471 2,382 700 808 256 12,294 5,679 Apr. 3 3 2,467 1,205 1,262 42 2,512 18,470 2,991 7,521 2,372 692 737 256 12,395 5,815 Apr. 10 2 2,467 1,205 1,262 31 2,500 18,523 2,993 7,509 2,353 590 733 256 12,575 5,949 Apr. 17 2 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 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 3 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 3 2,467 1,205 1,262 38 2,507 18,835 3,004 7,589 2,309 512 802 256 12,877 6,131 May 15 3 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 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 .... 3 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 3 2,477 1,206 1,271 50 2,530 19,281 3,008 7,718 2,205 308 949 252 13,387 6,533 June 12 2 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 2,473 1,206 1,267 63 2,539 19,769 3,011 7,741 2,204 298 1,098 266 13,712 6,767 June 26 2 2,473 1,206 1,267 36 2,511 19,871 3,012 7,780 2,186 301 1,139 266 13,723 6,801 July 3 2 2,450 1,202 1,248 51 2,503 20,063 3,014 7,924 2,190 221 1,245 262 13,737 6,812 JulylO.... 2 2,450 1,202 1,248 39 2,491 20,166 3,015 7,884 2,191 297 1,274 261 13, 764 6,833 July 17.-.. 2 2,450 1,202 1,248 49 2,501 20,256 3,016 7,872 2,199 278 1,299 261 13,863 6,882 July 24... . 3 2,450 1,202 1,248 38 2,491 20,367 3,020 7,854 2,229 643 1,327 261 13,565 6,570 July 31.... 4 2,448 1,202 1,246 32 2,484 20,463 3,024 7,883 2,250 694 1,382 262 13,498 6,514 Aug. 7 3 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.... 3 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— 3 2,446 1,202 1,244 44 2,492 20,800 3,030 7,976 2,291 889 1,486 261 13,419 6,417 Aug. 28— 4 2,442 1,198 1,244 35 2,480 20,871 3,034 8,006 2,291 813 1,498 261 13, 516 6,487 Sept. 4 6 2,434 1,191 1,243 51 2,490 20,944 3,036 8,092 2,292 791 1,510 261 13,524 6,494 Sept. 11— 5 2,434 1,191 1,243 47 2,485 20,981 3,038 8,080 2,287 762 1,520 260 13, 596 6,541 Sept. 18— 4 2,434 1,191 1,243 57 2,495 21,093 3,040 8,084 2,311 790 1,549 270 13,624 6,531 Sept. 25— 5 2,434 1,191 1,243 34 2,472 21,166 3,041 8,090 2,298 793 1,525 270 13,703 6,645 Oct. 2 6 2,424 1,181 1,243 53 2,482 21,271 3,046 8,172 2,294 678 1,587 268 13,800 6,721 Oct. 9 8 2,399 1,075 1,325 38 2,445 21,349 3,048 8,199 2,294 579 1,574 270 13,927 6,816 Oct. 16 4 2,384 1,108 1, 276 94 2,481 21,373 3,052 8,229 2,268 463 1,660 271 14,016 6,869 Oct. 23 4 2,352 1,086 1,266 32 2,388 21, 428 3,055 8,236 2,232 383 1,600 272 14,148 6,940 i Includes industrial advances and bills bought, shown separately in subsequent tables. i 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. NOVEMBER 1940 1187 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 eligible guaranteed ob- All other To banks To others Federal Reserve Bank ligations of the U. S. Rate In Rate In Rate In Rate In Rate In Oct. effect Oct. effect Oct. effect Oct. effect Oct. effect 30 beginning- 30 beginning- 30 beginning- 30 beginning— 30 beginning— Boston Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 1 Sept. 1, 1939 Apr.29, 1938 New York Aug. 27, 1937 Aug. 27, 1937 Oct. 10, 1935 1 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 0)iK Sept. 1, 1939 May11, 1935 Richmond Aug. 27, 1937 Aug. 27, 1937 Sept. 10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta Sept. 16, 1939 Aug. 21, 1937 Aug. 21, 1937 l Stpt. 16, 1939 Apr.23, 1938 Chicago Sept. 1, 1939 Aug. 21, 1937 Aug. 21, 1937 l Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept. 21, 1939 Sept. 2, 1937 Sept. 2, 1937 l Sept. 16, 1939 Feb. 23, 1935 Minneapolis- Aug. 24, 1937 Aug. 24, 1937 Aug. 24, 1937 IH Sept. 1, 1939 Oct. 8, 1938 Kansas City__ Sept. 16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas- Sept. 16, 1939 Aug. 31, 1937 Aug. 31, 1937 l Sept. 16, 1939 Apr. 16, 1938 San Francisco. Sept. 3, 1937 Sept. 3, 1937 Sept. 17, 1937 l Sept. 1, 1939 Oct. 19, 1933 IK i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect October 30 on advances and commitments under Section Rate in 13b of the Federal Reserve Act Maturity e O ffe c c t. t 3 o 0 n In g i e n f n fe in c g t — be- Pre r v at i e ous [Per cent per annum except as indicated by footnote B] Advances~to or jn par- 1-15 days i___. Oct. 20, 1933 ticipation withf financ- 16-30 days Advances ing institutions 31-45 days direct to Commit- 46-60 days IllldoIIIIIIII! Federal Reserve industrial On por- ments 6 9 1 1 2 1 - 1 - 1 - 9 1 2 0 8 0 0 d d a d a y a y s y s . s . . . . . lllldoIIIIIIII! Bank m ga o e n r r i c z c i a o a t l m io o - n r- s t i w t i n i o h s o n t i n i c t f h u o is - r p m O o a n r i t n i r o i e n n - g i a to dv m an a c k e e s i This rate also applies to acceptances bought under repurchase agree- obligated i ments, which agreements are always for a period of 15 days or less. N ra e t N e w O s T Y m E o a . y r — k M b o e n i n c i p h m r a u i r m g m e e d b b f u a o y n r i k n o e g t r h s' e r r a a t c e c c s la e s p a s t t e a s n t c h o e e f s b F p il e a l d y s. e a r b a l T l e h R e in e s s a d e m o rv l e l e a r m s B ; i a n h n i i m k g h u o e m f r N B Ph o ew s il t a o d n Y e o lp rk hi . a .. . , . 3^ 4 - - 6 6 3 3 K 1-2 rat B e a s c a k p f p ig ly u r t e o s . p — u S rc e h e a s A e n s, n u if a a l n R y, e p m o a r d t e f o b r y 1 o 9 t 3 h 7 e r ( t F ab e l d e e r 4 a 1 l ) . Reserve Banks. Cleveland M5 3 A K-2 Richmond 4-6 (3)3 (4)4 1-2 Atlanta 4-6 4 4-6 1-2 MEMBER BANK RESERVE REQUIREMENTS Chicago 3-6 3-6 3-6 [Per cent of deposits] St. Louis 3M 4 () June 21, Aug. 16, Mar. 1, May 1, Apr. 16, M Ka i n n s n a e s a p C o i l t is y . . _ . 4 3 - - 6 6 3-6 4 3-6 4 1-2 Classes of deposits 1917- 1936- 1937- 1937- 1938- Dallas 4-6 4 4-6 (*)2 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and San Francisco 4-6 3-4 4-5 1936 1937 1937 1938 after On net demand 1 The Federal Reserve Banks of Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge same rate R C e e s n e t r r v a e l r c e i s t e y rve city__ 15 K 22% 22H as 2 c S h a a m rg e e d a s b r o a r t r e o w ch e a r rg by ed fi b n o a r n r c o i w ng e r i b n y s ti f t i u n t a i n o c n i , n g if i lo n w st e it r u t t h io a n n . rate shown. Country 10K 12 2 3 One per cent less than rate charged borrower by financing institu- On time deposits: tion with minimum of three per cent (see note 0- All member banks 5 * One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note 0i See footnote to table on p. 1194 for explanation of method of com- 6 Minimum charge one-half of one per cent. puting net demand deposits. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS1 Maximum rates that may be paid by member banks as established by Prescribed by Board of Governors of the Federal Reserve System in the Board of Governors under provisions of Regulation Q. accordance with Securities Exchange Act of 1934 [Per cent per annum] [Per cent of market value] Apr. 1, Nov. 1, Nov. 1, 1933 Feb. 1, 1935 In effect 1936- 1937 to to beginning Oct. 31, and Jan. 31,1935 Dec. 31, 1935 Jan. 1, 1936 1937 after For extensions of credit by brokers and dealers on Savings deposits | 2K listed securities, under Regulation T 55 40 Postal savings deposits 2K For short sales, under Regulation T 50 Other time deposits pay- For loans by banks on stocks, under Regulation U__. 3 55 40 able in: 6 months or more i Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months tended on a security by prescribing a maximum loan value, which is a Less than 90 days 1 specified percentage of its market value at the time of the extension; the "margin requirements" shown above are the difference between the market value (100%) and the maximum loan value. NOTE.—Maximum rates that may be paid by insured nonmember • Requirement under Regulation T was the margin "customarily banks as established by the Federal Deposit Insurance Corporation, required" by the broker. effective February 1, 1936, are the same as those in effect for member » Regulation U became effective May 1,1936. banks. In some States the maximum rates established by the Board NOTE.—Regulations T and U also provide special margin requirements and the Federal Deposit Insurance Corporation are superseded by on "omnibus" accounts and loans to brokers and dealers. lower maximum rates established by State authority. 1188 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 Oct. 23 Oct. 16 Oct. 9 Oct. 2 Sept. 25 Sept. 18 Sept. 11 Sept. August Sept. Assets Gold certificates on hand and due from U. S. Treasury.... 19,167, 30019,077, 29919,032,300 18,953, 30318,843, 30018, 756, 29818, 671, 29918, 928,30018,606, 30014, 671, 720 Redemption fund—F. R. notes 10,074 11, 284 11, 381 11, 789 11, 790 11, 398 11, 397 11, 789 11,398 7,344 Other cash 335, 574 326, 661 319,347 327, 977 347, 534 344, 387 340, 820 331, 586 341, 611 334,273 Total reserves. 19,512,948 19,415, 24419, 363,02819, 293,069 19, 202, 62419,112,083 19,023, 51619, 271, 67519, 959, 309 15,013, 337 Bills discounted: For member banks 2,738 3,015 7,410 5,237 4,172 3,791 5,038 4,631 4,276 2,925 For nonmember banks, etc.. 78" 722 5"" 410 410 300 200 410 55 3,309 Total bills discounted 3,525 3,737 5,647 4,582 4,091 5,238 5,041 6,234 Bills bought: Payable in foreign currencies.. 548 Industrial advances.. 8,305 8,325 8,400 8,375 8,612 8,518 11,972 U. S. Government securities, direct and guaranteed: Bonds 1, 386,100 1, 397, 700 1, 400,100 1, 318, 600 1, 1,318, 600 1, 318, 600 1, 318, 600 1,319,100 1, 315, 942 Notes _ _ 965, 800 985,800 999,000 1,105,000 1,115,000 1,115,000 1,115,000 1,115,000 1,116, 500 1, 245, 497 Bills.. _ _ _ 242,370 Total U. S. Government securities, direct and guaranteed 2, 351, 900 2, 383, 500 2, 399,100 2, 423, 6002,433, 600 2,433, 600 2, 433, 6002,433, 600 2, 435, 600 2, 803,809 Other Reserve Bank credit 23, 937 85, 524 30,007 44, 702 24,860 48, 461 37, 697 37, ~~ 67,123 55, 965 Total Reserve Bank credit outstanding _ _-___. 2, 387, 667 2,481,086 2, 445,492 2, 482, 324 2, 471, 706 2, 494, 7642, 485,165 2, 485,126 2, 515, 572 2, 878, 528 Liabilities F. R. notes in actual circulation 5,520,271 5, 508, 424 5, 479, 364 5, 464, 2385,406, 985 5, 395, 924 5, 393, 924 5, 449, 878 5, 370, 474 4, 719, 776 Deposits: Member bank—reserve account.__ .4,147, 77514,015,812 13!,, 927,01413,800, 20513, 703,112 13, 624, 419 13!,, 595, 82413, 726, 906 1:3,, 541,244 1, 655,397 U. S. Treasurer—general account. _ 383,052 462, 610 579,053 678,060 792,532 790, 361 761, 686 755, 747 809,827 544, 548 Foreign _ 1,071,443 1,057, 344 1,056, 401 1,045, 458 1, 011, 324 1,035, 459 956, 537 1, 054, 790 971,065 447,873 Other deposits _. 528, 776 603,002 517,853 541, 066 513, 645 513, 309 563, 403 525,865 545,116 304, 969 Total deposits. 16,131, 046 6,138, 768 16,080, 32116,064, 789 16,020, 61315, 963, 548 15, 877, 45016,063, 30815,867, 25212, 952, 787 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) _ 90.1 9.6 ;9.6 19.4 89.3 85.0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h ys s 6 1 m t y o o e n a t r hs 2 1 y t y o e e a a r r s 2 5 y y to e ea a r r s s 5 O y v e e a r rs Bills discounted: Oct 2 5,647 4,113 369 288 677 189 11 Oct. 9 . _ ... .. 7,985 6,334 235 391 735 279 11 Oct 16 3,737 1,941 180 612 735 252 17 Oct 23 3,525 1,166 271 904 728 385 71 Industrial advances: Oct 2 8,375 1,382 131 251 407 930 1,294 1,445 2,535 Oct 9 ... . . 8,400 1,345 148 255 592 792 1,308 1,445 2,515 Oct 16 8,325 1,412 196 199 445 796 1,364 1,407 2,506 Oct 23 8,305 1,316 276 319 490 630 1,367 1,421 2,486 U. S. Government securities, direct and guaranteed: Oct 2 2, 423, 600 92, 500 110,800 117,300 196,000 664,000 1. 243,000 Oct 9 2, 399,100 103, 300 115, 300 194,000 662,000 1,324,500 Oct. 16 2, 383, 500 99, 800 115, 300 194,000 698, 800 1, 275, 600 Oct 23 2, 351, 900 95, 300 115, 300 194,000 681, 300 1,266,000 NOVEMBER 1940 1189 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 Ne o w rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t- ta Chicago L S o t u . is n M o e i l a n i - p s - K C s a a i n s t - y Dallas F c S r i a s a n c n o - Assets Gold certificates on hand and due from U. S. Treasury: Sept. 18 18,756,298 140,011 9,183, 286 969,284 243, 626196,497356,669 905,130454,310 281, 742399, 223255,124 071,396 Sept. 25 18,843,300 151,977 9,165, 787 960,771 , 255,785 503,617349,637 .983,843 445 7.,723 284,155399,547261,129 069,329 Oct. 2 18,953,303 172,013 9,249,490 963,649 , 262, 544 493,796 351,8726,962,703 461,388296,660 400,885265, 556 072,743 Oct. 9 .___19,032,300 169, 758 9, 249, 309 971,735 , 257,90711,989355,492 , 941, 244 465,683802,136410,477266,253 130,312 Oct. 16. 19,077, 299 169,682 9,189, 346 967,344 , 257,35916,393357,555 062,2814478,094295, 532408,432269,410 105,871 Red O em ct p . t 2 io 3 n fund — Federal 19,167,300 193, 565 9,332, 583 959,289 , 275,74612,176J54,568 999,803479, 720 285,012393,728 26~3\ ]171 117,939 Reserve notes: Sept. 18 11,398 1,802 1,280 1,000 1,123 1,111 733 383 620 640 1,227 Sept. 25 11,790 1,672 1,788 812 775 1,285 1,454 317 456 556 607 1,132 Oct. 2 11, 789 1,672 1,788 812 774 1,285 1,454 317 456 556 607 1,132 Oct. 9 11,381 1,606 1,522 706 676 l,r" 1,339 296 445 594 1,102 Oct. 16 11, 284 1,606 1,522 706 676 I.1 894 1,339 296 348 594 1,102 Othe O r c c t. a s 2 h 3 : 10,074 1,538 1,256 603 585 1,110 854 1,244 278 435 519 582 1,070 Sept. 18 344, 387 35, 648 90,414 29,183 21,646 23,500 17, 987 38,548 15,924 7,326 18,912 11,872 33,427 Sept. 25 347, 534 35, 541 95,390 28,053 21, 718 16,457 40,846 15,696 7,182 18,396 12,354 34,932 Oct. 2 327,977 34, 526 83, 741 27,461 21,059 22,001 17, 284 36, 375 14,243 6,631 18,607 12,263 33, 786 Oct. 9 319, 347 33,019 26,201 19,853 18, 763 14,398 37, 352 14,169 6,463 16,951 12,263 31,032 Oct. 16 326, 661 33,005 83,905 26,995 21,201 21,534 17,217 38,298 14,318 6,997 18,890 12,490 31,811 Oct. 23 335, 574 33,491 92, 280 26,921 20,889 19,643 16,355 42, 593 14,065 7,036 17,561 12,685 32,055 Total reserves: Sept. 18 19,112,083 , 177,4619,274,980 999,460 ,266,272521,120375,7672,944,411 70,617 289, 554 18,755267,636 106,050 Sept. 25 . 19, 202, 624 , 189,1909, 262,965 989, 636 , 278,278"•25,871367,0303,026,143 73,736?291, 793 41188,,449999274,090 105, 393 Oct. 2 -..—.. 19, 293,069 , 208, 2119, 335,019 991, 922 , 284,37717,082370,0936,?00,0,, 532475,, 948303, 747 42200,,004488278,426 107, 661 Oct. 9.— 19, 363,028 ,204, 383 9,339, 714 998,6421, 278,436 532,41370,784 2,979,935 4"810,,153309,044 427,966279,110 162,446 Oct. 16 19,415, 244 ,204, 293 9, 274, 773 995,045 279,236539,590375,666?! , 101, 91'8" 492, 708 302,877 427,860 282,494138,784 Oct. 23 19, 512, 948 ,228, 594 9,426,119 986,813 , 297, 220532,929371, 777 043,640 449"4 ,063 292,4'8"3 411,808 276,43—8 151,064 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Sept. 18 861 101 123 240 5 10 51 160 70 Sept. 25 860 226 129 133 50 5 30 65 150 70 Oct. 2_ 1,349 714 139 133 50 15 50 70 136 40 Oct. 9 3,370 2,744 111 133 50 15 50 79 146 40 Oct. 16 1,31: 596 114 141 40 5: 99 11: 126 25 Oct. 23 992 81 184 166 40 57 118 122 127 60 Other bills discounted: Sept. 18 3,230 1, 158 62 13 103 48 89 45 174 500 53 Sept. 25 -_. 3,722 2,310 162 72 18 167 62 92 97 210 471 61 Oct. 2 4,298 2,949 128 72 68 168 61 82 83 245 364 78 Oct. 9 4,615 3,195 158 82 22 152 96 86 85 334 319 Oct. 16 2,425 1,024 173 82 22 142 92 86 115 394 209 Oct. 23 2,533 610 192 105 58 99 149 93 153 787 180 107 Total bills discounted: Sept. 18 4,091 2,086 24' 185 253 115 53 89 55 225 660 123 Sept. 25 4,582 2,536 291 205 68 169 67 92 127 275 621 131 Oct. 2 5,647 3,663 26' 205 118 170 76 82 133 315 500 118 Oct. 9 7,985 5,939 269 215 7: 154 111 86 135 413 465 126 Oct. 16 3,737 1,620 287 223 6: 144 149 86 214 506 335 111 Oct. 23 3,525 20 691 376 271 98 101 206 108 271 909 307 167 Industrial advances: Sept. 18 8,612 1,098 1,778 2,395 373 839 26: 271 5 275 215 460 636 Sept. 25 8,664 1,145 1,783 2,393 373 838 266 271 5 280 214 460 636 Oct. 2 8,375 1,135 1,781 2,364 371 822 265 270 271 214 253 624 Oct. 9 8,400 1,120 1,781 2,411 371 822 261 269 5 270 214 253 623 Oct. 16 8,325 1,06'Q 1,781 2,410 365 821 260 269 5 265 214 252 623 Oct. 23 8,305 1,053 1,781 2,408 355 820 260 267 268 21 252 623 U. S. Government securities, direct and guaranteed: Bonds: Sept. 18 ., 318,600 96,222 403,661 104, 577 135, 227 66,100 48,380 139, 96661,156 38, 864 62,418 51,459 110, 570 Sept. 25. ., 318,600 96,222 403, 661 104, 577 135,227 66,100 48, 380 139, 96661,156 38,864 62,418 51,459 110, 570 Oct. 2 ., 318, 600 94,188 399, 763 110,901 132, 352 68,104 50,013 148, 750 55, 282 36, 675 62,428 50,124 110,020 Oct. 9 ., 400,100100,056 423,467 117, 715 140, 503 72,498 53,161 158,121 58,867 39,032 66,504 53, 334 116,842 Oct. 16...- ,397,700 99,913 422,093 117,487 140,242 72,493 53,105 157,963 58,875 39,024 66, 531 53, 317 116,657 Oct. 23 , 386,100 99,145 417, 262 116, 456 139,040 72,137 52, 740 156,886 58, 608 38,818 66,266 53,024 115, 718 Notes: Sept. 18 ,115,000 81, 366 341,335 88,430 114, 345 55,894 40,910 118,353 51, 714 32,863 52, 780 43, 513 93,497 Sept. 25 ., 115,000 81,366 341,335 88,430 114, 345 55,894 40, 910 118,353 51, 714 32, 863 52, 780 43, 513 93,497 Oct. 2 ., 105,000 78, 930 335,004 92,936 110,911 57,073 41,912 124,654 46,328 30,735 52,316 42,003 92,198 Oct. 9 999,00C 71, 391 302,153 83, 991 100, 251 51, 73037, 932 112, 82142,003 27, 850 47,452 38,056 83,370 Oct. 16 985,800 70,470 297, 703 82, 862 51,131 37,457 111,41 41, 524 27, 522 46,924 37,604 82, 278 Oct. 23 965,800 69,082 290,73" 81,145 50,263 36, 748 109,31' 40,836 27,046 46,172 36,946 80,631 Total U. S. Government securities, direct and guaranteed: Sept. 18 2,433, 60C 177, 588 744,996 193,007 249, 572121,994 89,290 258,31' 112,87C 71, 727115,198 94,971 204,067 Sept. 25 2, 433, 60C 177, 588 744,996 193,007 249; 572 121,99489, 290 258,319112,87C 71,727115,198 94,975 204,067 Oct. 2 2,423,60C 173,118 734,767 203,837 243,2633 125,177 91,925 273,404101, 61C 67,410114, 744 92,127 202, 218 Oct. 9 2, 399,10C 171, 447 725, 620 201, 706 240, 754124, 22891,093 270,942100,87C 66,882113, 956 91,39C 200,212 Oct. 16 2, 383, 50C 170, 383 719, 796 200, 349 239,156123, 62490, 562 269,374100,39S 66, 546113,455 90,921 198,935 Oct. 23 2, 351,90C 168,22' 707,999 197, 60: 235,920122,400 89,488 266, 200 ~-)44 65,864112,43S 89, 971 196, 349 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk - P p d h h e i l i - l a a- C la le n v d e- m Ri o c n h d - la A n t t - a 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: Sept. 18 2,446,303 178,686 748,860 195,649 250,130123,086 89,672 258,643112,964 72,057115,638 96,092 204,826 Sept. 25.__ 2,446,846 178,733 749,315 195,691 250,150122,900 89, 725 258, 657112,967 72,134115,687 96,053 204,834 Oct. 2 2,437,622 174,253 740,211 206,468 243; 839 126,117 92,360 273,750101,697 67,814115,273 92,880 202,960 Oct. 9 2,415,485 172,567 733,340 204,386 241, 3401125,122 91, 508 271,322 110000,;961 67,287114,583 92,108 200,961 Oct. 16 2, 395, 562 171,443 723,197 203,046 239, 744124, 507 90,966 269, 792100,490 67,025114,175 91,508 199, 669 Oct. 23 2, 363, 730 169,300 710,471 200,385 236,546123,318 89,849 266, 673 1,557 66,403113, 56090,529 197,139 Due from foreign banks: Sept. 18 47 18 5 6 4 Sept. 25 47 18 5 6 4 Oct. 2 47 18 5 6 4 Oct. 9 47 18 6 4 Oct. 16 47 18 6 4 Oct. 23 47 18 6 4 Federal Reserve notes of other Banks: Sept. 18 22,412 640 2,999 979 1,787 2,542 1,777 2,817 2,029 1,238 1,508 549 3,547 Sept. 25 22,875 643 2,379 941 1,748 2,795 1,767 2,391 2,711 1,309 1,951 415 3,825 Oct. 2__._ 22,149 933 1,854 94: 1,847 2,888 1,929 2,540 1,051 1,800 1,758 515 4,093 Oct. 9 20,573 919 2,543 1,000 1,455 1,727 2,394 2,219 2,040 759 1,338 583 3,596 Oct. 16._._ 21, 552 668 2,515 870 1,622 2,558 2,315 2,618 1,858 651 1,657 520 3,700 Oct. 23 22,233 682 2,352 1,033 1,646 2,615 1,971 2,727 2,580 1,094 1,991 656 2,886 Uncollected items: Sept. 18 851,710 77,815 201,889 54,606 99,430 74, 560 34,235 121, 59845, 277 23,935 35,725 31,272 51,368 Sept. 25 694,970 62,32i 161,373 50,798 80,602 72, 285 25, 587 91, 763 36, 333 22,354 28,245 25,483 37,826 Oct. 2 768,046 76, 764 184,989 56,406 94,334 66,012 27,897 107,099 39, 336 19,937 32, 529 25,844 36,899 Oct. 9 689,084 64, 563 155,694 47,303 74,220 63,161 29,367 99,196 40,706 20, 581 32,809 26,846 34,638 Oct. 16 1,071, 624 99,893 263, 221 81,406 130,448 85, 331 44,249 152, 288 58, 703 24,059 43,120 40,090 48,816 Oct. 23 760,247 76,460 177,409 54,537 86,023 71,421 32, 279 100,343 42, 745 20, 717 32,661 27, 717 37,935 Bank premises: Sept. 18 41,310 2,852 9,768 4,497 5,450 2,494 2,005 3,345 2,394 1,377 3,117 1,127 2,884 Sept. 25 - 41,294 2,852 9,768 4,498 5,436 2,494 2,002 3,345 2,394 1,377 3,11' 1,127 2,884 Oct. 2 41, 257 2,84" 9,750 4,488 5,436 2,487 2,002 3,358 2,422 1,374 3,09; 1,121 2,875 Oct. 9 41,259 2,847 9,750 4,488 5,436 2,488 2,002 3,358 2,423 1,374 3,09; 1,121 2,875 Oct. 16 41, 257 2,847 9,750 4,488 5,436 2,487 2,002 3,358 2,423 1,374 3,09; 1,120 2,875 Oct. 23 41,348 2,847 9,750 4,488 5,424 2,591 2,001 3,358 2,422 1,374 3,097 1,121 2,875 Other assets: Sept. 18 52,713 3,641 15, 257 4,264 5,897 2,992 1,877 5,303 2,277 1,584 2,364 2,538 4,719 Sept. 25 53, 547 3,704 15, 651 4,300 5,967 3,049 1,876 5,383 2,293 1,"" 2,395 2,557 4,768 Oct. 2 54,679 3,698 15,891 4,555 5,957 3,131 1,978 5,781 2,122 1,552 2,441 2,766 4,807 Oct. 9 54,893 3,686 16,04" 4,574 5,957 3,143 1,971 5,789 2,136 1,548 2,440 2,770 4,823 Oct. 16 53,676 3,604 15, 586 4,456 5,855 3,093 1,949 5,620 2,102 1,520 2,394 2,752 4,745 Oct. 23 54,189 3,651 15, 682 4,484 5,883 3,127 1,971 5,756 2,123 1,537 2,416 2,776 4,783 Total assets: Sept. 18 22, 526, 578 441,098 10,253, 7711,259,4601, 628,970 726,796 505,3353,336,123 6351,,559389,745 577,108399,215 373,398 Sept. 25 22,462, 203 , 437,44610,201, 46•9" 1., 245,869 1., 622,185 7293,9 63 9468 74;8 79,8998 39,387,688 630i,,435390,571 f 399, 726 359, 534 Oct. 2— 22,616,869 , 466, 70910,287, 7321,264,785:1, 635, 794 717, 719 496, 2641 3,3,9339,3,066 622; 577 396; 224 575; 14470 14,0 1553 359, 299 Oct. 9 22, 584,369 ,448,996688 10,257,1061,260,3981,606,848 728,058 498,028 3T, 361,825 628,4"20 4010,,593582; 234 402, 539 409,352 Oct. 16 22,998,962 , 482, 75110, 289, 0601, 289,3161, 662,345 757, 5685 1571,71,4194 93, 535, 600 658,285397, 506592, 304 418,485 398, 593 Oct. 23 22, 754, 742 , 481, 53710, 341,8011, 251,7451, 632, 746 736,003 499,8503,422, 503 643,491383, 608 565, 534399,238 Liabilities Federal Reserve notes in actual circulation Sept. 18 5,395, 924 440,263 1,441,879 372, 742 494, 545242,209 173,080 1.,,16 116,12,60 2001,,296 .48,644194,036 85,816 441,154 Sept. 25 5,406,985 440,800 1,443, 235 373,972 497, 576 224466,,001133 I173,0121,162,404 2001;,390 .49,090193,878 86,421 440,194 Oct. 2 5,464,238 443, 637 1,466,079 374, 741 498,651 2f50, 752 75, 5331,171,378 202, 506.50,944196, 67f 88,307 445,038 Oct. 9__ 5,479, 364 445,368 1,458,801 376, 547 502,077 253,404 76, 5231,174,800 203, 729.51, 671197, 398 89,112 449,934 Oct. 16 5, 508,424 448,096 1, 470, 994 378,036 501,838256, 728 77, 9191,180, 434 205, 65451,934197, 53389, 278 449, 980 Oct. 23 5, 520, 271 449,002 1, 470, 529 378,875 505, 211257, 582.78, 7151,183, 734 206, 777152; 308 197,98389, 965 449, 590 Deposits: Member bank —reserve account: S S e e p p t t . . 2 1 5 8 . .3 3 , ,6 7 2 0 4 3 , , 4 1 1 1 9 2 7 78 9 9 7 , , 4 2 5 7 5 6 7 7 , , 1 2 8 2 8 5 , , 1 1 8 9 2 4 6 66 5 0 1 , , 6 7 5 5 4 0 8 8 6 71 7 , , 3 4 8 9 1 8 3 3 2 2 5 91 , ,, 2 63 97 6 2 ! 2 1 6 9 , , 6 33 5 8 7 1, 9 8 1 5 1 1 , , 4 2 2 6 5 4! !1 1 3 0 , ,6 7 7 5 9 7 L L5 5 9 9 , , 3 4 3 0 3 12 27 7 2 2 , , 4 9 0 9 6 9 2 2 1 12 4 , , 9 7 8 2 5 8 7 7 4 4 8 7 , , 5 7 1 2 4 2 Oct. 2 .3,800, 205 815,461 7,277, 233 670,077 880, 357323,940 :18,467 897,098 111,016 .64,821272, 581223,637 745,517 Oct. 9 13,927,014 824,209 7, 350,053 672,486 877,091334, 524 22244,,388 887,697 115, 787 .69,106278, 594219,104 773,975 Oct. 16 .4,015,812 831, 071 7,322, 900 681, 472 895, 250340,442 228,156 934,661 127,493 .67, 724 285; 564 225, 515 775, 564 Oct. 23 .4,147, 775 7,446,887 672, 573 895,164 334, 544 224, 704 952,483 129,948 .64, 584 2T75,909 222,038 775, 553 U. S. Treasurer—general account: Sept. 18 790,361 46,529 294,474 47,901 65,185 39,847 30, 704 75,432 40, 752 33,854 36,343 37, 298 42,042 Sept. 25 792, 532 62, 996 277,478 45,169 72, 315 34,813 29,358 83,904 40,097 33,449 34, 770 38,294 39,889 Oct. 2 678,060 51,846 233,485 34,275 59,197 29,220 31, 973 77, 272 29,470 33,384 30, 767 30,698 36,473 Oct. 9 579,053 32, 706 179, 226 32, 311 45, 925 27,198 25, 950 59,026 27,677 32,194 35,027 32,115 49,698 Oct. 16 462, 610 24,455 146,919 21, 250 31,838 26, 571 24, 625 26,423 25,832 30,113 28,930 26, 756 Oct. 23 383,052 19,639 116,155 13,884 34, 277 20,872 22, 328 39, 624 21, 777 17, 965 20,884 23,742 31,905 Foreign: Sept. 18 1,035,459 46,355 608,840 65,034 61, 716 28, 535 23,227 79, 634 19,908 14,600 19,245 19,908 48,457 Sept. 25 1,011,324 47, 582 574,626 66, 544 63,149 29,198 23, 766 81,482 20,370 14,938 19,691 20,371 49,607 Oct. 2 1,045,458 48,961 588,914 69, 702 66,146 30, 584 24,894 85, 350 21,337 15,647 20,626 21,337 51,960 Oct. 9 1,056,401 49, 749 591,079 71,071 67,445 31,184 25,383 87,026 21, 756 15,955 21,031 21,757 52,965 Oct. 16. 1,057,344 51,192 576, 971 73, 400 69, 655 32, 206 26, 214 89,878 22,469 16,478 21, 721 22,469 54,691 Oct. 23 1,071,443 51, 794 589, 211 73, 615 69,859 32, 301 26,291 90,141 22, 535 16, 526 21, 784 22, 535 54,851 Other deposits: Sept. 18 .-. 513,309 8,095 414.052 25, 595 6,525 3,298 4,926 8,150 7,606 3,638 9,263 2,160 20,001 Sept. 25 513, 645 10, 554 407,453 25,368 8,646 3,178 4,622 7,860 7,553 4,096 11,853 3,052 19,410 Oct. 2 541,066 6,984 434.053 26,852 8,523 3,254 4,712 8,397 7,796 4,235 12, 203 2,146 21,911 Oct. 9 517,853 7,189 412, 208 26, 215 8,037 4,179 4,835 7,676 7,r~ 4,332 2,803 23,825 Oct. 16- - 603,002 7,409 417,684 8,559 3,320 6,158 92,121 8,723 4,172 4,710 21, 799 Oct. 23 528, 776 7,653 430, 932 25,309 8,331 3,526 3,194 8,648 7,521 4,075 4,628 l', 952 23,007 •Less than $500. 1191 NOVEMBER 1940 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 ew rk p P h h d i e i a l l - a- C la le n v d e- m R o ic n h d - la A n t t - a Chicago Lo S u t i . s n M o e l a i i n p s - - K C s a i a t s n y - Dallas F c S i r s a a c n n o - Liabilities— Continued Deposits— Continued Total deposits: Sept. 18 15,963, 548 898,434 8, 505,548 799,1841,004,807 396,977 285, 514 2,014,480 378, 945211,493337,850 272,094 858,222 Sept. 25 16,020,613 910,408 8,484, 751 788,8311,011,608 396,825 277i 2,084,671381, 777 211,816 338, 720 276,702 857,420 Oct. 2 16,064, 789 923, 252 8,533,685 800,9061,014,223 386,998 280>,'O462,068,117! .619 218,087 336,177 277,818 855,861 Oct. 9-.. 16,080,321 913,853 8, 532, 566 998,498 397; 085 280, 5562,041,425 373,108 221, 587 343,318 275,779 900,463 Oct. 16 16,138, 768 914,127 8,464,474 1,005, 302402, 539 285,1532,165, 5583 r8 5,108 214, 206342',108 278, 900 878,810 Oct. 23 16,131,046 932,474 8, 583,185 785, 3811,007,631391, 243276, 5172,090,896381, 7812 T03,150 323, 205270, 267 885, 316 Deferred availability items: Sept. 18 803,296 77,151 181,021 53,905 95,399 71,890 33, 507 114,180 44,951 20,144 34,424 29, 678 47,046 Sept. 25 670,157 60,928 147, 959 49,365 78, 745 70,816 24, 645 94, 342 36,873 20,180 26,465 24,952 34,887 Oct. 2... 723,391 74,532 162,477 55,440 88, 563 64,244 27,433 107, 33639,026 17, 70931,485 23,785 31,361 Oct. 9.. 659,124 64,388 139,876 47,966 71,870 61, 78627,658 99,209 40,134 17,821 30,649 25,951 31,816 Oct. 16 986,147 95,146 227, 670 75,007 120, 78082, 515 40, 792 143,197 56,081 21,854 41, 806 38,638 42, 661 Oct. 23 736,357 74, 588 161, 700 53, 568 85,364 71, 30731, 272 101, 27843, 432 18, 588 33,418 27, 278 34, 564 Other liabilities, including accrued dividends: Sept. 18 3,137 367 835 350 89 143 342 139 129 132 206 Sept. 25 3,653 399 1,012 366 368 120 156 405 112 159 152 153 251 Oct. 2 3,441 391 874 355 434 104 154 349 138 149 136 133 224 Oct. 9 3,874 414 1,041 404 419 129 172 422 130 162 145 165 271 Oct. 16 3,658 413 1,003 369 413 113 159 394 120 153 145 128 24g Oct. 23 4,147 421 1,180 420 427 141 180 470 139 172 155 150 292 Total liabilities: Sept. 18 22,165,905 ,416,21510.129,2831,226,140 595,101 711,165 492, 244 3, 290, 262 624,288 380,425066,439 387,720 346,628 Sept. 25 22,101,408 , 412,53510,076,9571,212, 534 , 588,297 713,774 474,897 3,341,822 619,152 381, 245559,215 388, 228 332,752 Oct. 2 22, 255,859 , 441,812 10,16i3,; 1151, 231,442, 601,871 702,098 483,166 3,347,180 611, 289 386,889 564,470 3i9,004,3 , 332,484 Oct. 9 22, 222,683 ,424,023 1'0.132,284 I, 227,000 572,864; 12,404 484,909 3,315,856 617,1013"9"1',241571, 510391,007 , 382,484 Oct. 16 22, 636, 997 , 457, 782 \1 01|64,1411, 255,8951, 628, 333 741, 895504,023 3,489, 583 646, 388,147558811,, 559922 406, 944, 371,699 Oct. 23 22, 391, 821 456,485 10, 216, 5941, 218, 244 598, 633 720, 273 486J 6834,376,378 632,129 374,2185•5"4', "76"1 387,660 , 369, 762 Capital Accounts Capital paid in: Sept. 18 137, 637 9,332 51,070 11,883 14,062 5,340 4,679 13,925 4,164 2,952 4,423 4,156 11,651 Sept. 25 137,630 9,333 51,046 11,889 14,068 5,339 4,680 13, 927 4,164 2,952 4,423 4,156 11,653 Oct. 2 137, 632 9,333 51.051 11,884 14,066 5,339 4,679 13,929 4,164 2,952 4,423 4,157 11.655 Oct. 9... 137, 641 9,333 51.052 11,884 14,066 5,340 4,677 13, 937 4,164 2,952 4,423 4,157 11.656 Oct. 16. 137, 653 9,333 51,052 11,881 14,068 5,338 4,677 13, 952 4,162 2,953 4,423 4,158 11, 656 Oct. 23 " 137, 638 9,333 51,057 11,881 14,075 5,342 4,677 13,961 4,162 2,957 4,423 4,162 11, 608 Surplus (section 7): Sept. 18 151, 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 Sept. 25 151, 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 Oct. 2 151, 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 Oct. 9 151, 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 Oct. 16 151, 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 Oct. 23 151, 720 10,405 53, 326 14,198 14,323 5,247 5,725 22, 824 4,709 3,152 3,613 3,974 10, 224 Surplus (section 13b): Sept. 18 26, 839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Sept. 25 26, 839 2,874 7,109 4,393 1,007 3,246 71: 1,429 538 1,001 1,142 2,121 Oct. 2 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1*266 2,121 Oct. 9 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Oct. 16.. . 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Oct. 23 26, 839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Other capital accounts: Sept. 18 44,477 2,272 12,983 2,846 4,477 1,798 1,974 7,683 1,860 2,220 1,491 2,099 2,774 Sept. 25.... 44, 606 2,299 13,031 2,855 4,490 1,790 1,974 7,'" 1,872 2,221 1,502 2,102 2,784 Oct. 2 44,819 2,285 13,131 2,868 4,527 1,789 1,981 7,704 1,877 2,230 1,499 2,113 2,815 Oct. 9 45,486 2,333 13,335 2,923 4,588 1,821 2,004 7,779 1,908 2,247 1,546 2,135 2,867 Oct. 16 45, 753 2,35^ 13,432 2,949 4,614 1,84: 2,011 7,812 1,913 2,253 1,534 2,143 2,893 Oct. 23 46, 724 2,440 13, 715 3,029 4,708 1,895 2,051 7,911 1,953 2,280 1,595 2,176 2,971 Total liabilities and capital accounts: Sept. 18 22, 526, 5781,441,09810,253, 7711, 259, 4601,628,970 726, 796 505, 335 3, 3361,23 635, 559389, 745 577,,108399,2151, 373, 398 Sept. 25 22,462, 2031,437,44610,201,469 :1, 245,869 1, 622,185 729, 396 487, 989 3,387, 6881 06,3403;5390, 571569,895399, 7261, 359, 534 Oct. 2 22, 616, 8691,466, 7091 01,02;87, 7321, 264, 7851,635, 794 717, 719 496, 264 3, 393,066 !26,2 25,7 7537976, 224575,147 40i; 553 1, 359, 299 Oct. 9.. 22, 584, 3691,448,968 1'0," 257,1061, 260, 3981,606,848 728,058 498,028 3,361,825 62!88,,442200 400, 593582, 234 402, 5391,409, 352 Oct. 16 22, 998,9621,482, 75110, 289,0601, 289, 3161,662, 345 757, 568 517,149 3, 535, 600 »685,8 2,8 2538957, 506592,304 4181,, 4"8"5"1, 398, 593 Oct. 23 22, 754, 7421,481, 53710, 341,8011, 251, 7451, 632, 746 736,003 499,850 3,422, 503 :"3," 4 9'1"383,608565, 534399, 2381, 396, 686 Commitments to make industrial advances: Sept. 18 8,007 260 731 1,032 1,072 651 510 368 144 3,162 Sept. 25 8,078 356 733 1,029 1~~~ 651 510 368 136 3,144 Oct. 2 7,583 336 728 1,041 619 509 40' 136 2,758 Oct. 9 7,598 358 728 1,041 61 509 41' 136 2,742 Oct. 16 7,459 267 722 1,038 960 612 509 416 136 2,731 Oct. 23 7,422 263 722 1,038 960 58: 509 416 136 2,723 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n th e ) sday of Ap r p ec li e c i a v t e i d ons Ap c p o li n c s a i t d io er n a s t i u o n n der A a p p p p li r c o a v ti e o d ns ( A s a t d m a v n o o a d u u n i t n n - c t g e ) s 1 ( C s a t m o m a o m n e o u d n m t u i - t n n s i g t t - ) A ( p b a p l m u c e p o t t r o e m o n u d v - o n e t 2 t d ) c d o e a r a x r a n p p w w t p i , r n i l e e i t t h - d b c - , . y ( s a P p t m a a a o n t r u o i d t o t i u i - c n n n i s g - t) * Number Amount Number Amount Number Amount (amount) 1934-Dec. 26.. 4,386 146, 972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26.. 6,325 237, 581 68 11,349 1,646 88,778 27, 518 20, 579 11, 248 24,900 4,533 Dec. 31 «. 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24.. 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30.. 8,247 328,998 5 1,245 2,280 139,829 25, 526 20,959 8,226 77,910 7,208 1937—Mar. 31- 8,344 333,300 9 1,322 2,323 141, 545 23,059 18, 611 7,898 85, 210 6,767 June 30__ 8,430 339,509 10 1,263 2,361 145,758 23,019 16,331 1,470 97, 663 7,275 Sept. 29.. 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102, 588 7,304 Dec. 29.. 8,534 350,551 7 550 2,406 150,987 20,216 12, 780 3,369 107, 384 7,238 1938—Mar. 30.. 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111, 193 7,825 June 29— 8,976 369, 583 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28.. 9,102 378,974 8 146 2,617 17,567 13, 597 5,737 122,447 9,032 Dec. 28.. 9,188 387,490 5 247 2,653 175,013 17,345 14,161 1,946 128,839 12, 722 1939—Jan. 25— 9,203 389,176 8 999 2,660 175,651 16,811 13,004 1,293 132,009 12,534 Feb. 21 *. 9,221 389, 554 7 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29.. 9,249 392,230 14 344 2,683 177,895 15,798 12, 647 1,975 135,004 12,471 Apr. 26- 9,270 394,055 7 495 178,639 15,817 11, 749 2,134 136, 696 12,243 May 31- 9,296 394,970 6 400 2,713 179,332 15,305 11, 530 2,496 137,922 12,079 June 28- 9,308 395,499 5 255 2,721 179,778 15,255 11,175 2,067 139, 281 12,000 July 26.. 9,330 399,780 6 760 2,730 183,354 15,384 11,476 733 142,943 12,818 Aug. 30.. 9,355 401,228 7 532 2,743 184,152 14,667 11,009 1,220 144,812 12,444 Sept. 27.. 9,366 402,305 2 370 2,752 185,234 14,454 10, 517 1,938 146,156 12,169 Oct. 25... 402,944 1 70 2,763 186,034 14,545 10,156 1,764 148,037 11,532 Nov. 29.. 9,401 404,226 3 92 2,772 187,257 14,051 9,643 2,548 149,911 11,104 Dec. 27- 9,418 405, 225 2 41 2,781 188,222 13,683 9,220 2,659 151,679 10,981 1M0—Jan. 31... 9,433 406,097 2 76 2,793 188,879 12,860 8,376 2,504 154,629 10,510 Feb. 28- 9,456 407,392 4 32 2,805 190,055 12,997 8,966 1,454 155,574 11,064 Mar. 27.. 9,476 410,192 7 199 2,814 192,665 12,723 8,224 2,471 158,110 11,137 Apr. 24- 9,487 411,628 4 118 2,825 194,096 12,001 8,725 2,264 159,950 11,156 May29_. 9,504 413,178 3 45 2,832 195,«404 11,242 8,852 2,474 161,491 11,345 June 26.. 9,512 413, 646 2 33 2,838 195, 739 10,988 8,762 2,195 162, 612 11,182 July 31.. 9,536 415, 599 2 76 2,853 197,439 10,907 8,582 1,991 164,949 11,010 Aug. 28.. 9,546 416,454 6 444 2,856 197,906 10,779 8,238 2,095 165,865 10,929 Sept. 25. 9,556 417, 260 1 10 2,865 198,966 10,778 8,078 2,315 167,046 10, 749 Oct. 23 «. 418, 257 4 750 2,872 199,209 10, 596 7,422 1,872 » 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 $952,715 October 23, 1940. * Tuesday. 6 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l l i - a a- C la le n v d e- m Ri o c n h d la A n t t - a 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 Oct. 2 5, 732,623458,8691,539,034 394,138 518,911263, 546 189,4411,194,170 212,353155,752 204,686 97,331504,392 Oct. 9. 5, 771, 996464,0061, 542, 688 394, 967 523, 224 265»;,924I 192,266 1,204,620216, 735156, 5312205,293 97,042508,699 Oct. 16 5, 785, 779 462,0441, 545,180 397, 366 524, 346 268, 192, 626 1J, 210, 275216, 551156,851204,430 96,113511,32a Oct. 23 5,814,154 468, 2101, 551, 225 395, 361 529,38: >; 281193, 7821,216,182 "21 8\, 085156,995206,026 827 509, 798; Held by Federal Reserve Bank: Oct. 2 268,385 15,232 72,955 19,397 20,260 12, 79413,908 22, 792 9,84' 4,808 8,014 9,024 59,354 Oct. 9 292, 632 18, 638 83,887 18,420 21,147 12, 52015, 743 29,820 13,006 4," 7,895 7,930 58, 765 Oct. 16 . 277, 355 13, 948 74,186 19,330 22, 508 11, 94614, 707 29,841 10,897 4,917 6,835 61,34a Oct. 23.. 293,883 19,208 80,696 16,486 24,171 11, 69915,067 32,448 11,308 4, " 8,043 60,208. In actual circulation;! Oct. 2.... 5,464, 238 443,6371,466,079 374, 741498,651250, 752175, 5331,171,378202,506150,944196,672 88,307 445,038 Oct. 9 _. 5,479,364 445, 368: l,j 458,803176,547502,077 253,404176, 5231,174,800203, 729 151, 671197,398 89,112 449,934 O O c c t t . . 2 16 3.... 5 5, , 5 5 2 0 0 8 , , 4 2 2 7 4 14 4 4 4 9 8 , , 0 0 0 9 2 6 1 1 , , 4 4 7 7 0 0 , , 5 9 "2 9 9 4 " 3 3 7 7 8 8 , , 0 8 3 7 6 5 5 5 0 0 1 5 , , 8 2 3 1 8 1 2 2 5 5 6 7 , , 5 7 8 2 2 8 1 1 7 7 8 7 , , 7 9 1 1 5 9 1 .1 ,1 , 8 3 1 , 8 0 7 , 3 4 4 32 " 40 2" 5 0•6 , ,; 7 6 7 5 7 "4 1 : 5 2 1 , 5 1 3 , 0 9 8 3 1 149 9 7 7 , , 9 5 8 3 3 389,278 1 4 4 4 4 9 9 , , 5 9 9 8 0 0 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Oct. 2 5,830, 500470,0001, 555,000 400,000521, 500275,000195,0001,210,000219,000157, 500210,000 98,500519,000 Oct. 9 ._. 5,844, 500470,0001,555,000 400,000524, 500275,000195,0001,220,000219,000157, 500210,000 99, 500519,000 Oct. 16- 5; 878; 000 470,0001, 565,000 400,000528,000290.,0 001195,0001, 220,000 219; 000157, 500 210; 000 99,500524,000 Oct. 23 5,930, 5010 490,0001, 575,000 400,000532,000 290,000 200,0001,230, 0002 T19,000157,500?210,000 .03,000 52244;,000 Eligible paper: Oct. 2 4,226 227 70 293 Oct. 9 6,485 5,662 218 70 387 Oct. 16-.. 2,195 1,197 236 70 175 477 Oct. 23 1,84r 20 362 301 85 214 79/ Total collateral: Oct. 2 5, 834, 726 4710,,0001, 558,488:00,227521,500275,050 .95, 000 ,210,000 !19,070 157, 598210,293 98,500 19,000 Oct. 9 - 5,850,985 170,000 560, 662 400,218^24,500275,050 .95,000 , 220,000 !19,070 .57, 598210,387 99,500 19,000 Oct. 16 5,880,195 t70,000., 566,194700, 236i28,'000 290,040195,000 220,000 !19,070 .57,675210,477 99,500 524,000 Oct. 23 5, 932, 342t90,020., 575, 36:200, 301532,000290,065 20"01;,000 ,230,000 !19,085 57, 714210, 795 .03,000524,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. NOVEMBER 1940 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, SEPTEMBER, 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] Cl a a n s d se s d i o s f t r b ic a t n s ks m G d d r a e e o n - - s d s m N d d a e e e n - - t d p T o d i e s m - it e s 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 b m a b A n e e k m l r l s - * C N e c e n i w t t r y a l b a re n C s k e h s r i- ve b s c R a e i r n e t v - y k e s b C a t o n r u k y n s» posits posits i Re- Ex- York cago quired Held cess Total reserves held: 1939—September 11,443 5,866 1,009 3,009 1,559 All member banks..40,506 33,294 12,123 7,062 13,643 6,582 October 11,862 5,958 1,112 3,203 1,588 Central reserve city banks: November 11,688 5,759 1,115 3,229 1,585 New York 15,272 14, 679 814 3,380 6,705 3,324 December 11,473 5,623 1,141 3,141 1,568 Chicago - - 3,161 2,807 504 664 1,234 570 1940—January 11,985 6,099 940 3,319 1,628 February 12, 215 6,323 901 3,344 1,646 Reserve city banks: March 12,362 6,428 899 3,368 1,668 Boston district — 1,367 1,246 84 222 566 344 April 12,703 6,548 972 3,476 1,706 New York district 242 189 152 41 70 29 May 13,086 6,660 1,097 3,615 1,714 Philadelphia district. - 1,436 1,204 225 222 464 242 June 13, 596 6,941 1,182 3,716 1,757 Cleveland district 1,941 1,542 735 307 703 397 July 13, 735 6,979 1,168 3,837 1,751 Richmond district 884 646 224 124 222 98 August 13,408 6,709 1,154 3,804 1,740 Atlanta district 794 555 178 106 146 40 September 13,643 6,705 1,234 3,905 1,800 Chicago district. 1,501 1,040 612 212 368 156 Week ending (Friday) fit. Louis district 902 686 174 129 240 111 1940—Sept. 6 13,541 6,704 1,186 3,873 1,778 Minneapolis district... 439 297 87 56 95 38 Sept. 13 13,592 6,655 1,209 3,922 1,807 Kansas City district 1,092 697 158 130 204 74 Sept. 20 13,665 6,706 1,241 3,910 1,808 Dallas district 784 472 128 89 137 48 Sept. 27 13,707 6,738 1,281 3,902 1,786 San Francisco district. 2,461 1,977 1,987 445 688 243 Oct. 4 13, 789 6,745 1,266 3,929 1,849 Oct. 11 13,913 6,803 1,268 3,977 1,866 Total 13,842 10, 550 4,746 2,084 3,905 1,821 Oct. 18 14,013 6,841 1,285 4,021 1,866 Excess reserves: Country banks: 1939—September 5,198 2,943 430 1,147 678 Boston district ... 1,001 698 564 112 232 120 October _. 5,490 2,974 518 1,295 704 New York district 1,470 1,035 1,424 195 431 235 November 5,259 2,753 516 1,294 696 Philadelphia district.. 732 464 881 100 193 94 December 5,011 2,611 540 1,188 671 Cleveland district 692 438 714 88 170 81 1940—January 5,464 3,045 342 1,350 727 Richmond district 619 364 372 62 107 45 February 5,626 3,199 301 1,378 747 Atlanta district 553 333 242 52 81 29 March 5,734 3,248 310 1,405 771 Chicago district 976 575 777 108 237 129 April _ 6,003 3,312 388 1,494 809 St. Louis district 408 253 248 43 73 30 May 6,288 3,389 477 1,607 815 Minneapolis district... 352 213 279 40 68 28 June. 3,594 547 1,703 851 Kansas City district 482 297 161 44 69 26 July 6,752 3,588 522 1,803 839 Dallas district. 563 351 105 47 80 32 August 6,407 3,344 499 1,748 816 San Francisco district- 381 235 294 43 60 17 September 6,582 3,324 570 1,821 Week ending (Friday) Total 8,230 5,257 6,060 934 1,800 866 1940—Sept. 6 6,510 3,337 525 1,802 846 Sept. 13 6,538 3,283 544 1,837 874 Sept. 20 6,586 3,314 575 1,823 873 i Gross demand deposits minus demand balances with domestic banks Sept. 27 6,637 3,354 617 1,816 851 (except private banks and American branches of foreign banks) and Oct. 4.. P6, 700 3,349 605 1,832 P914 cash items in process of collection. Oct. 11. P6,802 3,405 606 1,860 P931 NOTE.—See table on p. 1188 for percentages of deposits required to be Oct. 18 3,435 617 1,885 P932 p Preliminary. i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. • Sept. Aug. Boston 2,368 2,318 648 648 2,220 2,175 517 517 147 143 132 131 New York.... 16,984 16,826 2,390 2,368 i 1,391 i 1, 345 i 1,068 i 1,067 321 319 508 505 Philadelphia 2,168 2,140 1,106 1,106 1,906 1,887 648 648 262 254 458 457 Cleveland 2,633 2,546 1,448 1,449 2,375 2,296 1,133 1,135 258 250 315 314 Richmond .. 1,503 1,451 596 594 1,299 1,255 397 392 204 196 199 202 Atlanta 1,347 1,331 420 420 1,177 1,162 328 329 170 168 92 91 Chicago 5,639 5,538 1,893 1,887 i 2,104 i 2,063 i 1,066 i 1,062 373 366 323 320 St. Louis 1,311 1,291 422 422 1,065 1,052 302 302 246 239 120 120 Minneapolis 791 764 366 366 584 566 177 177 207 197 189 189 Kansas City 1,574 1,549 319 318 1,220 1,202 202 202 354 347 117 116 Dallas . . 1,346 1,316 233 234 1,035 1,013 186 187 312 303 47 47 San Francisco 2,842 2,789 2,281 2,274 2,709 2,662 2,174 2,169 133 127 106 105 Total _. 40, 506 39,857 12,123 12,086 *19,085 118, 678 i 8,199 i 8,187 2,987 2,909 2,606 2,599 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 1194 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 r 1 t y a 8 e s 9 s - 0 S s u c i i a l b o v r s i y e n id r - M c i o n 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 R F n B e e o d s a e t e n e r r k s v a e l t n b i N o o a n t a n e - k a s l 1939—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 L, 564 381 164 272 4,912 175 1940—January... 7,376 ,469 372 163 265 4,796 173 February. _ 7,455 ,500 373 163 271 4,839 171 March 7,511 ,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 5,163 166 July 7,883 1,565 172 249 5,212 164 August 8,059 1,605 174 258 5,334 162 September. 8.151 1,615 394 177 259 5,409 161 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 * Large denomination currency2 Un- End of month cula- assortto ti t o a n l i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed 2 1939—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 August 8,059 5,748 611 556 1,044 1,858 1,644 2,313 495 1,035 213 493 September.. 8,151 5,814 618 566 1,055 1,876 1,663 2,340 503 1,048 216 496 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY {Held by Treasury and Federal Reserve Banks and in circulation, In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s l b i o a i i o l l u n l v v n l d l a e e - r r i r s s S c i i s a l o u i v d r i b y e n - - r M c i o n i o n r U S n n t o a i t t t e e e s s d B n s F e R e o a e r r t e a n d v e - l k - e s t n b i N o o a n t n a e - a k s l 1937 Year _ or month m E S e u n h r t 2 i o s p 1 p - . t e 5 o R E e f u r c r o e 4 o m i 7 p p . e t 6 s m s N h e i e n p t t - s rec N e e i t 2 p 6 t* .1 1938 33.1 34.4 1.$ 1939 110.2 9.8 100.4 1939—August 2,907 1,804 162 347 185 September. 2,919 1,814 164 347 183 1939—September. .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 5.3 February 2,981 1,866 401 170 347 173 February.. 4.7 4.7 March 2,990 1,876 401 171 347 172 March 1.4 1.4 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 .5 August 3,036 1,915 409 178 347 164 August September. 3,044 1,920 411 181 347 163 September. .1 i Includes silver held against silver certificates amounting to $1,844,- i Less than $50,000. 000,000 on Sept. 30, 1940 and $1,724,000,000 on Sept. 30, 1939. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. NOVEMBER 1940 1195 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 T G e o n o t d a ld l o s f t o p I a c e n c k r a c i c o o a t d u i t v n e t c s t g r t o I e o i o n t n a c l a - d s k l e im g N o p e l o d t rt m l t a o g h t c s a r a r e N t a s o i r i a n k o n e u r i ( n s - t g o n - - s h r g ) 1 m d g t p D i t u o r o i e o o c l c s n d - - - - From or to— p I S o m e rt - p s tem p b E o e x r r t - s p I o m r A t - s u 19 g 4 u 0 s p t E o x rt - s p I o J m a rt n - s .-Sep p E t o . x rt - s 1934»_ 8,238 4,202. 5 11,133.9 82.6 92.9 1935... 10,125 1,887P.2" 1'1',739.0 .2 110.7 Belgium _• 977 1936... 11,258 26.5 1,132.5 11,116.6 -85.9 131.6 France 241, 778 1937... 12,760 1,227.9 1, 502. 51, 585. 5 -200.4 143.9 Hungary 11, 873 1938... 14, 512 1, 751. 5~ 11,973. 6 -333.5 148.6 Italy.. 43, 935 1939... 17, 644 3; 132.0 3, 574. 2 -534.4 161.7 Netherlands 63, 253 Norway 33, 405 Portugal 15,325 17,386 41, 532 1938—October 14,065 305.0 562.4 -110. 2 13.6 Spain 39 68 8,650 November 14,312 247.5 177.8 -7.4 15.5 Sweden 3,637 161,489 December 14, 512 199.6 240.5 -62.4 13.3 Switzerland 27i 90,320 United Kingdom.... 3,655 10,819 630, 320 1939—January 14,682 170.0 156.3 14.1 12.4 U. S. S. R _ 11,175 16, 745 February 14,874 192.7 223.3 -486 10.7 Yugoslavia 16, 310 March 15, 258 383.8 365.4 107 11.3 Canada 217, 635 264,338 10 2, 056, 660 April __ 15,791 532.3 605.8 -114.8 13.3 Mexico. 545 10, 335 28, 450 May _ 15,957 166.2 429.4 -251. 6 12.8 Central America 904 6,580 June. 16,110 153.3 240.4 -104.8 10.8 Curacao 5, 239 5,239 July 16,238 128.0 278.6 -164.0 13.3 Argentina 17,815 9 17, 858 August.. 16,646 407 6 259.9 152.1 14.3 Bolivia 1 35 55 4,781 September 16,932 285.9 326.1 2.8 15.9 Brazil 2,669 10, 774 4 October 17,091 159.9 69.7 79.5 18.7 Chile 1,139 946 8,240 November 17,358 267 1 168 0 90.9 14.9 Colombia 2,330 4,516 21,178 December 17, 644 285.1 451.2 -200.8 13.4 Ecuador _. 233 186 2,465 Peru 1 480 7,921 1940—January _ 17,931 287.5 236 4 40.0 13.6 Venezuela 421 637 3,790 February 18,177 246.0 201.4 37.0 11.4 Australia 14,605 6,746 59, 572 March 18,433 256.0 459.8 -213. 4 12.1 British India 523 954 39, 589 April _ 18, 770 336.9 249.9 67.2 13.0 Netherlands Indies 13,092 6,377 20, 583 May _ 19,209 439.0 435.1 -36.7 14.1 China and Hong June 19,963 754.2 , 163. 0 -437.2 11.0 Kong 2,701 3,756 24,718 July 20,463 499.4 520.0 -55.1 16.0 Japan 13, 228 74,476 August 20,913 450.2 351.6 67.0 12.3 Philippine Islands.. 3,764 3,738 29,405 September P21, 244 *331. 6 334.1 P12.3 South Africa 7,854 11, 687 170, 061 Oct. 1-23? 21,428 183.7 241.3 All other countries * 794 1,360 7,994 J> Preliminary. Total 334,113 13 351,563 10 3, 956,195 4,970 1 Gold held under earmark at Federal Reserve Banks for foreign account on September 30, 1940, in millions of dollars: 1,657.6. » Figures represent customs valuations which, with some exceptions, 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 are at rate of $35 a fine ounce. a fine ounce thereafter. 2 Includes all movements of unreported origin or destination. NOTE.—Figures for domestic production of gold are those published Back figures.—See table, p. 1229, and Annual Report for 1937 (tables in table, p. 1229, adjusted to exclude Philippine Islands production re- 31 and 32). ceived in United States. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philip- BANK DEBITS pines. For back figures see Annual Report for 1937 (table 29). [Debits to 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 1centers banks Na- In- Not tional State sured2 insured 1929. _ 982,531 331,938 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—August 33,314 13,118 17,496 2,701 1938 55 1 1 47 6 September 36, 594 15,138 18, 526 2,930 1939 . . 42 4 3 25 10 October. _. 35, 830 13, 683 19,029 3,119 1940—Jan -Sept . 19 16 3 November. 34, 666 13,041 18, 636 2,990 December. 43,447 17, 633 22, 386 3,428 Deposits of suspended banks (in thousands of dollars):3 1940—January... 37, 786 14, 739 19, 978 3,069 1934 _ 36, 937 40 1,912 34,985 February.. 32,197 12,138 17, 344 2,715 1935 10,015 5,313 3,763 939 March 37,769 15, 201 19, 537 3,031 1936 11, 306 507 10, 207 592 April 37, 780 15, 519 19,250 3,010 1937 19, 723 7,379 1,708 10,156 480 May. 37, 257 14, 536 19, 659 3,063 1938 13,012 36 211 11,721 1,044 June 35,005 13,110 18,850 3,045 1939 34,998 1,341 24,629 6,589 2,439 July 35,947 13, 612 19, 233 3,103 1940—Jan.-Sept _. 5,142 4,796 346 August '32, 844 11, 604 18, 314 r2, 926 September 33,812 12, 594 18, 267 2,951 po 1 ra R ri e ly p r o es r en p t e s r m b a a n n e k n s t l w y h o ic n h , a c d c u o r u i n n t g o t f h e f in p a e n r c io ia d l s d s i h ff o ic w u n lt , i e c s l ; o s d e o d e s t e n m o - t r Revised. include banks whose deposit liabilities were assumed by other banks at 1 Comprises centers for which bank debit figures are available beginthe time of closing (in some instances with the aid of Federal Deposit ning with 1919, except that one substitution was made in 1920 and one Insurance Corporation loans). in 1928. * Federal deposit insurance became operative January 1, 1934. 2 Centers (other than the 141 centers) for which bank debits are current- 3 Deposits of member banks and insured nonmember banks suspended ly reported. The number has changed very little since 1934 and has are as of dates of suspension, and deposits of noninsured nonmember numbered 133 since 1936. banks are based on the latest data available at the time the suspensions Back figures. — For corresponding monthly totals for 1928-1937 see were reported. Annual Report for 1937 (Table 71), which also gives a definition of bank Back figures.—See Annual Report for 1937 (table 76). debits. Figures for individual reporting cities and totals by Federal Reserve districts for recent years are available in mimeographed form. 1196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ml 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 thri e "f ig•u res "f rom ' June 1934J to~ D ecem*b er 1935, see~ F e,d era,~l Reserve -BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS [In millions of dollars] Nonmember Member banks banks Member banks Nonmeniber banks Call date Total Other Total Na- State M sa u v t in u g a s l m no em n- - Call date ba A n l k l s Mutual Other tional banks ber Total Na- State savings nonmembanks tional banks bcr 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 8,083 12,684 Dec. 31 _ 24,630 8,522 7,403 1,119 609 15,499 Dec. 31— 55,289 33,865 20,290 13,575 8,016 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 0,713 4,046 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38,505 23,771 15, 386 8,385 0,708 6,026 1934—June 30 _ 15,835 6,375 5,417 958 578 8,882 1934—June 30— 41,870 26,615 17,097 0,518 0,780 0,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31— 44,770 28,943 18,618 10,434 0,828 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 9,020 6,350 Dec. 31 _ 15,837 6,387 5,386 1,001 570 8,880 Dec. 31— 48,964 32,150 20,886 11,273 0,063 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— 52,185 34,745 22,553 12,193 10,206 7,163 Dec. 31 15, 206 6,338 5,224 1,114 556 8,312 Dec. 31— 54,054 36,211 23,497 12,714 10,366 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 13,403 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 »7,895 June 29 14,952 6,398 5,164 1,234 551 8,003 June 29— 60,582 42,039 26,931 15,108 10,631 7,912 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 X937—June 30 49, 696 22, 514 27,182 32,739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,560 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 3,426 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 3 6,746 3,329 3,417 June 29 51,335 22,341 28,995 34,451 13,969 20,482 10,188 4,925 5,263 6,696 3,447 3,250 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, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the ""OOtther nonmember banks" column. Back figures.—See Annual Keport for 1937 (tables 48-49). NOVEMBER 1940 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS-iOANS AND INVESTMENTS [In millions of dollars] Loans 1 Investments * Loans for U. S. Government obligations Gall date m T l v o a i e o e a n n s n t n d - a t t - s s l Total i C t m d a r c i o i u n n i a e a m s d - l r l - * - - A t c u u g l r l r - - i- p O m k a p p a e e r t e n - r b a o p r T e s n o r u r o e s d k r c c c - u a h r r a o r it s y t i i h T e i n n e s o g g rs3 e l R o st a e a n a t l s e L ba o t n o a k n s s l O o t a h n e s r 4 Total Total Bills N D o ir t e e c s t Bonds G t a e u n e a d - r- g S p O a d s a i t o u t c i o a b n i v l b a o t f i l d i e l - i t n - - - s s r O s i e t t i c h e u e s - r deal- sions ers Total—All Member Banks 1929-Dec. 31- 35,934 26,150 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30..24,786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—June 3O._30,721 12.938 492 701 2,614 2,613 120 6,397 17,783 12,343 316 3,653 6,246 2,128 2,143 3,296 Sept. 28. 31,627 12,937 484 713 2,590 2,661 126 6,364 18,689 13,011 313 3,707 2,298 2,317 3,361 Dec. 31_.32,070 13,208 4,737 442 973 775 2,716 125 2,728 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29..32,095 13,047 4,760 427 838 733 2,749 99 2,671 19,048 13,351 303 2,604 7,783 2,660 2,555 3,142 June 30. _32,603 13,141 4,783 420 731 736 2,828 58 2,796 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Oct. 2«..33,075 13,470 19,605 13,811 2,920 2,764 3,030 Dec. 30__33,941 13,962 5,386 730 455 790 7002,957 56 2,888 19,979 14,328 5632,223 3,144 2,959 1940—Mar. 26 •34,163 13.939 20,224 14,421 3,107 2,905 2,898 June 29_ 34,451 13,969 5,538 736 450 447 3,069 42 3,020 20,482 14,722 7972,-543" 8,261 3,121 2,888 2,873 New York City'' 1929—Dec. 31_. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 222 758 1933—June 30.. 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1938—June 30.. 8,013 3,172 141 556 717 132 85 1,541 4,840 3,740 222 1,358 1,451 709 394 707 Sept. 28. 8,355 3,146 153 564 702 132 95 1,499 5,209 3,987 251 1,342 1,560 834 495 727 Dec. 31__ 8,335 3,262 1,456 138 787 220 121 99 436 5,072 3,857 158 1,142 1,663 894 517 698 1939—Mar. 29.. 8,408 3,086 1,451 126 668 209 124 77 427 5,322 4,025 68 831 2,040 ,086 582 714 June 30— 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 ,123 480 736 Oct. 2 s.- 9,044 3,116 5,928 4,558 1,157 662 708 Dec. 30.. 9,339 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 :,275 579 1940—Mar. 26° 9,594 3,211 4,972 ,286 726 June 29.. 3,014 103 320 188 137 32 426 6,815 5,486 421 1,092 "27656" ,324 634 City of Chicago» 1929—Dec. 31.. 1,757 1,448 251 535 309 116 3 19 94 96 1933—June 30.. 1,287 677 61 251 237 610 384 206 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 32 70 57 1,420 1,100 121 212 660 108 149 171 June 30_. 2,052 544 329 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 17 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 16 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 1938—June 3O._11,150 4,853 163 95 998 1,201 26 6,298 4,658 69 1,268 2,603 718 732 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 6,688 5,004 100 977 3,105 823 823 860 June 3O._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«29 2,100 221 155 119 2221,335 1,168 6,943 5,194 819 3,339 972 890 860 1940—Mar. 26612,153 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 87 839 3,052 981 Country Banks 1929—Dec. 31__13,375 201 291 2,231 1,462 4,705 4,439 1,267 171 627 2,546 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 1,770 903 1,509 Dec. 31__10,113 4,444 1,048 138 25 243 1,353 1,149 5,669 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 22 229 1,402 1,180 5,504 3,127 563 1,870 1,025 1,351 Oct. 2 «__10,102 4,665 5,437 3,082 1,058 1,297 Dec. 30.. 10,224 4,768 1,151 495 163 20 224 1,477 1,234 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 1,187 546 174 208 1,544 1,308 5,270 3,030 451 1,849 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. * Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seoarately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937. * Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. * Includes Treasury certificates of indebtedness through 1934. 1 Breakdown of loans and investments not reported separately1 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 1198 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 interbanl except interbank <leposits Reserves Bal- De- Indi- Indi- Domestic w F e R e r i e a t d h - l - v C a i a n u s l h t m a w n d e i c o s t e - h t s ic m po d a a d s e n i - - t d s p u v n a a i e d r l r s t - - - , S p a t o a n l t d i e t- s C a f e i n e r d t d i- U G . o v S - . p u v n a a i e d l r r s t - - - , S p a i t o c a n l a t i d l e t- s Postal banks For- r B i o n o w g r s - - c C o a r u S c n - T ts Call date serve banks1justed 2 ships, lcai offi- ern- ships, lcai sav- eign Banks a co n r d - d su iv b i - - ch c e e c rs k ' s ment4 a co n r d - d su iv b i - - ings 4 m D a e n - d Time banks pora- sions etc.s pora- sions 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 9,112 777 4,403 22,364 20,845 2,467 533 775 10,940 461 68 6,816 133 629 7 5,467 1939—Mar. 29 10,011 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11,617 774 6 5,304 25,118 23,983 2,390 666 675 11,104 418 51 6 8,243 6 142 6 757 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 «145 6 737 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 1,582 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 :L, 589 Sept. 28 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 L, 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 1,586 June 30 5,929 85 109 8,676 8,812 321 349 72 683 52 6 3,568 6670 1 L, 587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 L. 592 Dec. 30 6,386 84 6 163 9,562 9,652 219 260 68 742 35 e 3, 629 6 1 6 672 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 9 2 3 3 6 2 3 3 4 1 2 20 0 8 3 1,5 9 2 1 3 2 1,3 8 8 7 6 0 2 8 2 7 1 2 1 3 6 8 4 6 6 4 3 4 5 3 8 16 1 6 2 6 5 8 9 8 2 6 2 2 0 4 4 9 1 1 9 9 3 3 8 3 — __ J j uunnee 3 3 0 0 856 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 6 237 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 6 195 1,544 1,503 133 18 80 482 11 5 3997 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 6 3,307 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 6 2, 632 8,400 7,978 942 150 431 4,386 214 12 e 3, 525 6115 656 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 L, 128 154 143 ,5,509 147 44 446 23 2 6 1,798 Dec. 31 1,367 350 1,963 6,183 5,087 L, 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 L, 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 L,073 131 133 5,632 148 35 6 515 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 3 2,645 6,954 5,832 L, 205 131 147 5,757 151 35 6 566 6 29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 L, 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. 8 Central reserve city banks. 6 Partly estimated Back figures—See Annual Report for 1937 (tables 52-58). NOVEMBER 1940 1199 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. >3. Governmeni 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 a p e e r t e n - r br T o o k- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O s ri e t t c i h e u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1939—September 22,384 8,322 4,166 316 568 511 1,178 38 1,545 14,062 10,693 450 2,144 5,873 2,226 3,36& 1940—May 23, 555 8,599 4,397 327 574 475 1,191 47 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 42 1,616 15,145 11,603 751 1,993 6,457 2,402 3,542 July.... 23,787 8,494 4,451 295 399 473 1,204 37 1,635 15,293 11,728 777 2,081 6,455 2,415 3,565 August 24,140 8,504 4,456 295 375 470 1,214 39 1,655 15, 636 11,994 730 2,113 6,572 2,579 3,642 September 24, 233 8,653 4,551 295 400 462 1,221 45 1,679 15,580 11,897 677 2,083 6,555 2,582 3,68$ Aug. 7 24,101 8,492 4,446 291 384 472 1,211 39 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 39 1,654 15, 615 12,006 733 2,114 6,580 2,579 3,60& Aug. 21 24,180 8,509 4,455 295 377 473 1,215 39 1,655 15,671 11,994 735 2,116 6,560 2,583 3,677 Aug. 28 24,157 8,509 4,463 299 363 467 1,215 40 1,662 15,648 11,969 712 2,113 6,562 2,582 3,679 Sept. 4 24,188 8,566 4,480 294 390 463 1,219 48 1,672 15, 622 11,957 705 2,095 6,573 2,584 3,665 Sept. 11 24,294 8,665 4,571 296 392 460 1,220 50 1,676 15, 629 11,964 710 2,091 6,576 2,587 3,665- Sept. 18 24,284 8,692 4,578 296 404 462 1,222 . 45 1,685 15, 592 11,888 673 2,091 6,541 2,583 3,704 Sept. 25 24,166 8,689 4,575 295 415 462 1,223 35 1,684 15,477 11,779 619 2,056 6,528 2,576 3,698- Oct. 2 24, 329 8,785 4,630 297 446 460 1,220 41 1,691 15, 544 11,862 628 2,112 6,540 2,582 3,682 Oct. 9. 24, 327 8,800 4,672 299 409 462 1,221 39 1,698 15, 527 11,858 662 1,814 6,796 2,586 3,669 Oct. 16. _._ 24,402 8,877 4,722 301 437 458 1,220 39 1,700 15, 525 11,888 689 1,811 6,783 2,605 3,637 Oct. 23. 24,489 8,890 4,746 301 420 454 1,223 38 1,708 15, 599 11, 934 702 1,816 6,799 2,617 3, 665 New York City 1939—September 8,393 2,869 1,620 116 435 177 117 27 377 5,524 4,301 233 801 2,162 1,105 1,22a 1940—May 9,172 2,905 1,673 108 433 160 120 40 371 6,267 4,995 242 950 2,528 1,275 1,272 June 9,263 2,763 1,671 101 298 159 122 35 377 6,500 5,207 396 989 2,540 1,282 1,293 July 9,400 2,778 1,710 90 281 167 122 30 378 6,622 5,285 392 1,035 2,570 1,288 1,337 August. _ 9,554 2,752 1,698 83 269 164 124 30 384 6,802 5,407 334 1,060 2,641 1,372 1,395 September 9,641 2,813 1,734 75 290 163 124 36 391 6,828 5,381 312 1,038 2,655 1,376 1,447 Aug. 7 9,527 2,766 1,708 84 275 165 123 30 381 6,761 5,402 341 1,055 2,637 1,369 1,359 Aug. 14. 9,520 2,754 1,703 82 270 164 124 28 383 6,766 5,404 329 1,061 2,640 1,374 1,362 Aug. 21 9,600 2,751 1,691 83 273 166 124 £9 385 6,849 5,421 343 1,062 2,643 1,373 1,428- Aug. 28 9,568 2,737 1,691 82 259 162 124 31 388 6,831 5,402 324 1,062 2,644 1,372 1,42J> Sept. 4 9,599 2,765 1,691 77 281 162 124 38 392 6,834 5,398 323 1,047 2,655 1,373 1,43& Sept. 11 9,678 2,826 1,742 76 285 163 124 43 393 6,852 5,418 330 1,046 2,668 1,374 1,434 Sept. 18 9,691 2,833 1,750 74 295 164 124 36 390 6,858 5,394 319 1,045 2,654 1,376 1,464 Sept. 25 9,596 2,828 1,753 74 301 163 123 27 387 6,768 5,314 274 1,014 2,645 1,381 1,454 Oct. 2 9,687 2,870 1,767 79 324 161 120 33 386 6,817 5,372 292 1,054 2,621 1,405 1,445 Oct. 9 9,600 2,846 1,781 78 288 163 120 30 386 6,754 5,327 322 945 2,650 1,410 1,427 Oct. 16. 9,608 2,880 1,800 78 307 158 119 30 388 6,728 5,346 333 946 2,634 1,433 1,382 Oct. 23.. 9,651 2,887 1,818 79 297 156 119 30 388 6,764 5,372 335 949 2,646 1,442 1,392 Outside New York City 1939—September 13,991 5,453 2,546 200 133 334 1,061 11 1,168 8,538 6,392 217 1,343 3,711 1,121 2,146. 1940—May 14,383 5,694 2,724 219 141 315 1,071 7 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 7 1,239 8,645 6,396 355 1,004 3,917 1,120 2,249 July 14,387 5,716 2,741 205 118 306 1,082 7 1,257 8,671 6,443 385 1,046 3,885 1,127 2,228. August... 14, 586 5,752 2,758 212 106 306 1,090 9 1,271 8,834 6,587 396 1,053 3,931 1,207 2,247 September 14, 592 5,840 2,817 220 110 299 1,097 9 1,288 8,752 6,516 365 1,045 3,900 1,206 2,236. Aug. 7 14,574 5,726 2,738 207 109 307 1,088 9 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 11 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 10 1,270 8,822 6,573 392 1,054 3,917 1,210 2,249» Aug. 28 14,589 5,772 2,772 217 104 305 1,091 9 1,274 8,817 6,567 388 1,051 3,918 1,210 2,250* Sept. 4._ 14, 589 5,801 2,789 217 109 301 1,095 10 1,280 8,788 6,559 382 1,048 3,918 1,211 2,229 Sept. 11 14,616 5,839 2,829 220 107 297 1,096 7 1,283 8,777 6,546 380 1,045 3,908 1,213 2,231 Sept. 18 14, 593 5,859 2,828 222 109 298 1,098 9 1,295 8,734 6,494 354 1,046 3,887 1,207 2,240* Sept. 25 - 14, 570 5,861 2,822 221 114 299 1,100 8 1,297 8,709 6,465 345 1,042 3,883 1,195 2,244 Oct. 2. 14, 642 5,915 2,863 218 122 299 1,100 8 1,305 8,727 6,490 336 1,058 3,919 1,177 2,237 Oct. 9. 14, 727 5,954 2,891 221 121 299 1,101 9 1,312 8,773 6,531 340 869 4,146 1,176 2,242 Oct. 16 14, 794 5,997 2,922 223 130 300 1,101 9 1,312 8,797 6,542 356 865 4,149 1,172 2,255 Oct. 23 14,838 6,003 2,928 222 123 298 1,104 8 1,320 8,835 6,562 367 867 4,153 1,175 2,27a 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. 1200 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 excapt interbank deposits Keserves Bal- De- Indi- indi- Domestic B s w F e a R 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 i n o c s t e - k h ti s s c J m p u o a d s a d e s t n e i - - t d d s i p p u v n a c o a a i o e n d r r l r r d s a t - - - - , - S p s d s a i t i o u c i a o n v l b a t n d i e i - l t - s - s c C h c a o f e e e e i f n t e f c c r r i d t s . k d - i ' s - , m U G e e r . o n n v S t - - * . 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 c i o a n v l b a t n i d e i - l t s - - s P i s n o a g s v s t - a ' 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 o o w r- - c C o i a u t a c a p n - l - ts Date or montb tions tions Total 101 Cities 9,643 477 2,951 18, 20917, 904 1,331 448 528 5,016 210 7,447 126 732 3,716 1939—September 11,032 474 3,240 19,971 19,460 1,540 481 560 5,119 192 115 708 3,750 1940—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 3,214 20,847 20,380 1,455 411 475 5,141 178 8,310 111 676 3,774 July 11, 316 3,163 20,878 20,319 1,466 360 506 5,155 182 8,258 111 684 3,783 August 11, 499 504 3,235 21,011 20, 595 1,421 396 507 5,175 179 8,465 111 679 3,784 September 11,212 488 3,113 20,712 20,101 1,476 343 505 5,150 183 8,221 112 685 3,782 Aug. 7 11,264 505 3,168 20, 78920,369 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 11,449 3,201 21,053 20,424 1,482 344 506 5,156 183 8,282 110 682 3,787 Aug. 2& 11,418 491 3,171 20,901 20, 415 1,440 393 509 5,174 182 8,395 110 670 3,790 Sept. 4 11,471 517 3,226 21.079 20, 738 1,410 349 505 5,174 184 8,459 111 671 3,783 Sept. 11 11,490 502 3,296 20,984 20,617 1,413 388 508 5,175 178 8,576 111 683 3,781 Sept. la 11, 616 508 3, 24821.080 20, 610 1,421 452 507 5,178 172 8,429 112 692 3,781 Sept. 25- 11, 646 485 3,307 21,152 20, 741 1,463 425 508 5,187 170 8,623 111 678 3,793 Oct. 2 11, 770 511 3,244 21, 23820, 754 1,430 402 507 5,178 173 111 3,796 Oct. 9 11,845 489 3,405 21, 31721,277 1,396 436 508 5,181 170 8,845 111 3,796 Oct. 16 11, 991 515 3,317 21, 643 21,162 1,510 423 507 5,182 172 8,656 111 687 3,798 Oct. 23 New York City 5,631 8,152 249 278 601 3,300 657 1,475 1939—September 6,384 9,203 9,306 267 292 634 3,727 650 1,502 1940—May 6,622 9,524 9,653 213 224 647 3,724 634 1,500 June 6,657 9,716 9,770 280 225 657 3,717 622 1,489 July 6,417 9,678 9,688 278 195 3,629 1,495 August 6,421 9,673 9,740 249 222 3,702 1,493 September 9,634 9,641 264 179 663 3,624 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 6,470 9,727 9,705 295 177 671 3,640 626 1,495 Aug. 28 6,401 9,672 9,704 263 216 3,654 617 1,495 Sept. 4 6,391 9,681 9,799 225 184 685 3,707 618 1,493 Sept. 11 6,417 9,655 9,728 254 210 681 3,758 630 1,492 Sept. 18 6,474 9,685 9,729 252 279 681 3,687 636 1,491 Sept. 25 6,466 9,759 225 685 3,790 623 1,495 Oct. 2 6,565 9,737 9,743 271 235 679 3,753 636 1,497 Oct. 9 6,551 9,695 9,908 218 246 680 3,813 627 1,497 Oct. 16 6,678 9,894 301 241 676 3,756 627 1,498 Oct. 23 Outside New York Citv 4,012 2,879 10,057 9,636 1,082 170 479 4,415 165 4,147 126 2,241 1939—September 4,648 395 3,153 10,768 10,154 1,273 189 516 4,485 166 4,653 115 2,248 1940—May 4,878 417 3,179 11,000 10,381 1,281 178 518 4,480 159 4,637 113 2,273 June 4,943 410 3,132 11,131 10,610 1,175 186 442 4,484 151 4,593 111 2,285 July 4,899 416 3,084 11, 20010, 631 1,188 165 471 4,487 142 4,629 111 2,288 August 5,078 420 3,154 11,338 10,855 1,172 174 472 4,492 137 4,763 111 2,291 September 4,832 408 3,034 11,078 10,460 1,212 164 470 4,487 146 4,597 112 2,287 Aug. 7 4,860 420 3,089 11,169 10,686 1,172 168 471 4,487 142 4,650 112 2,287 Aug. 14 4,926 410 3,093 11,224 10, 658 1,182 160 471 4,491 143 4,630 110 2,288 Aug. 21 4,979 423 3,123 11,326 10, 719 1,187 167 471 4,485 140 4,642 110 2,292 Aug. 28 5,017 407 3,090 11, 22910, 711 1,177 177 474 4,488 138 4,741 110 2,295 Sept. 4 5,080 432 3,146 11, 39810,939 1,185 165 470 4,489 139 4,752 111 2,290 Sept. 11 5,073 420 3,214 11,329 10,889 1,159 178 473 4,494 138 4,818 111 2,289 Sept. 18 5,142 424 3,166 11,395 10,881 1,169 173 472 4,497 132 4,742 112 2,290 Sept. 25 5,180 404 3,225 11,464 10, 982 1,180 200 472 4,502 130 4,833 111 2,298 Oct. 2 5,205 427 3,162 11, 50111,011 1,159 167 472 4,499 133 4,855 111 2,299 Oct. 9 5,294 409 3,320 11, 62211, 369 1,178 190 473 4,501 131 5,032 111 2,299 Oct. 16 5,313 432 3,237 11, 754 11, 268 1,209 182 472 4,506 128 4,900 111 2,300 Oct. 23 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. NOVEMBER 1940 1201 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 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 Guar- O se t c h u e - r ments and paper bro- Total Bills Notes Bonds an- rities agri- kers To teed cul- and others tural dealers Boston (6 cities) Oct. 2 1,195 625 311 12 18 80 138 570 445 17 39 336 53 125 Oct. 9___ 1,207 630 316 12 18 137 577 452 18 39 341 54 125 Oct. 16_ 1,214 635 316 14 18 138 579 455 20 38 343 54 124 Oct. 23 1,206 627 310 12 18 80 138 579 456 21 38 343 54 123 New York (8 cities)* Oct. 2 10,575 3,239 1,901 328 211 199 485 7,336 5,734 294 1,114 2,846 1,480 1,602 Oct. 9_.__ 10,488 3,216 1,915 292 212 200 485 7,272 5,688 324 986 2,892 1,486 1,584 Oct. 16 10,494 3,249 1,930 313 208 198 488 7,245 5,705 335 987 2,875 1,508 1,540 Oct. 23 10, 533 3,253 1,946 302 206 198 488 7,280 5,728 340 990 2,878 1,520 1,552 Philadelphia (4 cities) Oct. 2 1,201 475 226 23 31 50 108 726 453 33 326 94 273 Oct. 9 1,203 476 226 23 32 50 108 727 456 29 333 94 271 Oct. 16 1,206 479 228 24 31 50 108 727 457 29 335 93 270 Oct. 23 1,206 478 227 23 32 50 108 728 457 29 335 93 271 Cleveland (10 cities) Oct. 2 1,923 738 299 18 24 179 209 1,185 910 155 618 136 275 Oct. 9 1,930 735 298 16 24 180 208 1,195 918 145 636 134 277 Oct. 16 1,937 736 299 17 24 180 207 1,201 924 145 637 134 277 Oct. 23 1,942 737 17 181 208 1,205 926 144 639 134 279 Richmond (12 cities) Oct. 2 ._. 726 284 129 46 81 442 373 161 147 65 Oct. 9 733 284 129 46 81 449 381 112 205 63 68 Oct. 16_ 742 287 132 46 81 455 387 113 205 66 Oct. 23 739 289 133 47 81 450 381 113 205 59 Atlanta (8 cities) Oct. 2 646 321 160 33 110 325 215 41 105 110 Oct. 9... 654 327 164 33 112 327 217 3 36 111 67 110 Oct. 16 659 333 169 33 112 326 215 2 36 111 111 Oct. 23 668 339 172 33 115 329 216 2 112 113 Chicago (12 cities)* Oct. 2 3,406 993 597 125 130 2,413 1,871 250 328 1.021 272 542 Oct. 9.. 3,427 1,004 607 126 131 2,423 1,875 246 256 L'101 272 548 Oct. 16 3,450 1,025 623 126 132 2,425 1,870 249 257 1,092 272 555 Oct. 23 3,471 1,032 127 133 2,439 1,878 249 257 1,100 272 561 St. Louis (5 cities) Oct. 2 714 335 186 57 65 379 271 10 150 72 108 Oct. 9 717 339 190 57 64 378 270 10 32 156 72 108 Oct. 16 726 344 194 57 65 382 272 10 32 158 72 110 Oct. 23 730 344 195 57 65 386 274 10 33 159 72 112 Minneapolis (8 cities) Oct. 2.__ 410 201 103 11 76 209 166 26 112 28 43 Oct. 9. 414 203 105 11 76 211 169 21 120 28 42 Oct. 16 418 206 107 12 76 212 169 20 121 28 43 Oct. 23 422 210 108 12 79 212 169 20 121 28 43 Kansas City (12 cities) Oct. 2 314 184 31 65 377 244 18 64 76 133 Oct. 9 695 315 184 30 380 247 20 57 94 76 133 Oct. 16 701 318 187 30 383 250 24 56 95 75 133 Oct. 23 712 320 188 31 392 258 28 56 93 81 134 Dallas (9 cities) Oct. 2 543 278 184 23 52 265 206 33 40 85 48 59 Oct. 9 547 185 23 53 267 208 35 36 89 48 59 Oct. 16 546 185 23 53 266 207 36 33 92 46 59 Oct. 23 554 284 189 23 54 270 211 37 33 95 46 59 SanFrancisco (7 cities) Oct. 2 2,299 982 350 172 1,317 974 2 72 708 192 343 Oct. 9 2,312 991 353 385 177 1,321 977 2 65 718 192 344 Oct. 16 2,309 985 352 385 175 , 324 977 2 65 719 191 347 Oct. 23 2,306 977 351 384 173 ,329 2 67 719 192 349 City of Chicago* Oct. 2 2,220 623 432 18 65 ,597 1,244 250 177 713 104 353 Oct. 9 2,230 630 441 19 64 ,600 1,246 245 135 762 104 354 Oct. 16 2,251 643 453 19 63 ,608 1,248 247 135 762 104 360 Oct. 23 2,275 650 460 19 63 ,625 1,261 247 135 775 104 364 • 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. 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a R e e r n r i e d a t 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 i n c o s t e - k h t s i s c j p u m o s a d a t s d e e n i - - d t d s i s p p u h v n a c o a a o n e i i r l p r d r r d a s t - - - s - , - , S p s d s a i i t o u i c o a n v l b a n t d i i - l e t - s - s c C h c o a f e e e e i f t n e f c r c r d i d t 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 e o n i r r l d 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 d i i e - l t s - - s P in s o a g s v s t - a 2 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 ( a 1 R n 9 d e 4 s 0 e ) d r a v t e e tions tions Boston (6 cities) 684 144 193 1,357 1,313 101 19 12 233 2 1 398 18 1 246 Oct. 2 690 146 178 1,363 1,297 113 17 12 233 2 1 396 18 1 247 Oct. 9 694 144 187 1,380 1,325 120 23 12 231 2 1 401 17 1 247 Oct. 16 719 147 184 1,398 1,322 136 18 12 231 2 1 395 22 1 247 Oct. 23 New York (8 cities)* 6,655 99 238 10,407 10,321 462 247 54 1,051 44 7 3,871 16 624 1,618 Oct. 2 6,745 105 225 10,441 10,291 446 249 53 1,045 44 7 3,832 16 637 2 1,620 Oct. 9 6,726 99 239 10,400 10,465 400 265 53 1,046 43 7 3,896 16 628 1,620 Oct. 16 6,844 105 228 10, 592 10,440 476 263 53 1,042 48 7 3,835 16 629 1,621 Oct. 23 Philadelphia (4 cities) 487 20 228 1,013 1,019 58 11 47 258 3 452 9 5 215 Oct. 2 491 22 220 1,017 1,016 60 8 47 258 3 449 9 4 215 Oct. 9 498 21 220 1,010 1,041 54 9 47 258 3 464 9 5 215 Oct. 16 493 22 231 1,033 1,042 51 9 47 258 3 449 9 4 215 Oct. 23 Cleveland (10 cities) 724 47 358 1,460 1,422 119 21 43 718 24 466 37 1 382 Oct. 2 716 48 344 1,453 1,405 117 19 43 718 24 457 37 1 382 Oct. 9 730 48 363 1,475 1,470 116 22 43 719 23 474 37 1 383 Oct. 16 734 50 357 1,494 1,459 114 19 42 720 23 459 37 1 383 Oct. 23 Richmond (12 cities) 213 21 252 547 542 55 13 32 201 3 1 325 5 100 Oct. 2 219 24 250 557 551 51 12 32 201 3 1 331 5 98 Oct. 9 225 22 254 559 566 49 13 32 201 3 1 346 5 98 Oct. 16 219 24 255 557 557 51 12 33 201 3 1 341 5 1 98 Oct. 23 Atlanta (8 cities) 136 13 211 428 417 63 5 41 185 4 2 286 3 1 95 Oct. 2 143 15 212 437 425 62 5 41 185 4 2 295 3 2 95 Oct. 9 144 13 216 428 437 59 5 41 185 4 2 311 3 2 95 Oct. 16 146 15 205 434 425 62 5 41 186 4 2 304 3 2 95 Oct. 23 Chicago (12 cities)* 1,606 74 608 2,897 2,724 317 39 130 958 16 8 1,321 10 8 405 Oct. 2 1,597 76 602 2,904 2,746 301 36 130 959 16 8 1,318 10 8 406 Oct. 9 1,634 74 640 2,961 2,830 319 43 130 961 16 8 1,354 10 7 407 Oct. 16 1,662 77 603 3,014 2,836 332 37 130 962 16 8 1,313 10 8 407 Oct. 23 St. Louis (5 cities) 235 11 171 502 513 35 9 13 187 3 2 345 1 95 Oct. 2 241 13 175 511 525 36 7 13 188 3 2 355 1 95 Oct. 9 253 11 183 517 548 36 7 13 189 3 2 371 1 95 Oct. 16 255 13 177 524 538 38 8 13 189 3 2 365 1 95 Oct. 23 Minneapolis (8 cities) 108 6 127 311 282 57 7 1 117 1 166 2 2 61 Oct. 2 108 7 124 314 287 53 6 1 117 1 165 2 1 61 Ocr. 9 109 7 122 316 295 53 6 1 117 1 166 2 1 61 Oct. 16 108 7 116 318 293 56 6 1 117 1 162 2 1 62 Oct. 23 Kansas City (12 cities) 198 16 319 552 537 72 10 18 143 3 1 415 6 106 Oct. 2 204 18 311 555 543 67 9 18 143 3 1 416 6 106 Oct. 9 212 16 337 570 573 68 9 19 143 3 1 439 6 106 Oct. 16 202 18 323 565 557 69 10 18 144 3 1 432 6 106 Oct. 23 Dallas (9 cities) 144 11 287 499 483 44 12 32 126 8 1 256 1 88 Oct. 2 139 12 288 493 483 43 8 32 126 8 1 262 1 89 Oct. 9 142 11 308 501 507 41 9 32 126 8 1 276 1 89 Oct. 16 139 12 296 502 494 41 11 32 126 8 270 1 89 Oct. 23 San Francisco (7 cities) 456 23 315 1,179 1,168 80 32 85 1,010 60 322 22 18 382" Oct. 2 477 25 315 1 193 1 185 81 26 85 1,005 63 332 22 19 382 Oct. 9 478 23 336 1,200 1,220 81 25 85 1,005 62 347 22 18 380 Oct. 16 470 25 342 1,212 1,199 84 25 85 1,006 59 331 22 18 380 Oct. 23 City of Chicago* 1,281 42 267 1,971 1,878 186 22 89 492 14 5 1,001 7 261 Oct. 2 1,274 42 272 1,978 1,888 180 21 89 492 14 5 1,001 7 261 Oct. 9 1,294 41 294 2,013 1,943 191 25 89 493 14 5 1,028 6 260 Oct. 16 1,311 42 281 2,060 1,965 191 21 89 494 14 5 1,007 7 261 Oct. 23 * See note on preceding page. ^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. NOVEMBER 1940 1203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commer- End of month p c a i p a e l r Total Accepting banks Feder B al a n R k e s serve 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 Total O bi w ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p e o u r o n e r n n i r t g t s e d o n - - f Others U S i n t n a i t t t o e e s d U S fr n t o a i t m t e e s d ch e a x n - ge U St n a i t t e e s d F c o t o r r i u e e i n s g - n 1939—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 (J) 44 79 40 18 40 59 September 209 216 177 115 62 (') 39 78 40 18 43 36 October 205 221 179 111 67 (J) 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 S3 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 August r245 182 148 103 44 34 80 24 11 38 20 September 251 177 142 100 42 35 80 22 11 35 28 r Revised. i As reported by dealers; includes some finance company paper sold in open market. » Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Debit End of month Customers' balances in debit partners' balances investment (net) i and trading accounts 1935—December 1,258 75 1936—June _ _ 1,267 67 December 1,395 64 1937_june_ 1,489 55 December 985 34 1938—June _ 774 27 December 991 32 1939—June 834 25 August _ . 792 22 September 856 20 October 894 21 November... __ _ _ 914 20 December 906 16 1940—January 886 15 February- 893 16 March 886 15 April 910 15 May 702 12 June 653 12 July 642 12 August _. 631 September 635 ot ot Credit balances Customers' Debit credit balances i Other credit balances a i b n n a a v d c la e f c n t i s o r r t c a m u m e d n s e i t n s n in g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r d - e y 3 Free O (n th et e ) r m p i a e n r n v t I t n n e a e s n t r - s d ' m i e n f n v i I t r n e m a s n t- d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 135 179 930 286 79 24 10 410 164 219 985 276 86 24 14 420 164 249 1,048 342 103 30 12 424 161 214 1,217 266 92 25 13 397 108 232 688 278 85 26 10 355 88 215 495 258 89 22 11 298 106 190 754 247 60 22 5 305 73 178 570 230 70 21 6 280 71 202 556 235 58 20 6 275 64 217 520 305 87 22 11 283 72 200 577 289 76 21 9 284 77 195 623 272 67 21 8 282 78 207 637 266 69 23 7 277 70 198 602 262 71 22 6 272 72 195 616 253 74 23 7 271 78 186 615 247 70 21 7 270 72 192 626 252 73 21 9 271 67 239 459 251 68 22 6 274 58 223 376 267 62 22 5 269 64 213 376 261 62 22 6 264 56 215 368 256 57 21 5 260 57 218 370 268 56 20 5 255 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. * 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 be4taken 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). 1204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate i on- Average rate on- [Per cent per annum] mo Y w n e e t a e h k r , , or m P c r o e i r m m ci - e al b P e a r r n i s m k ' - e c S h t e a o x n c - g k e c S h c t e a o a x n l c - l g k e U N . e u w r S y . b T i r l e 9 ls 1 a - s- y A i 3 U y e - v l e t . d o S e a - r o r . 5 - n i t t a i l es Y N C o e it w r y k e E 7 N r c a n o o i s t r t t i a h t e e n h s e r - n d r 1 W e 1 r c n e i S t s i o a t e e u n s r t d n hp 4 a p to e r 6 , a a c n c c e e p s t , - l t o i a m n e s, lo re a - n iss o u f- es d d e a a y l- T u re r a y s- 1934 average 3.45 2.45 3.71 4.32 months da 90 ys da 90 ys n a e l w s - w fe i r t e h d in q e u r o s' - notes 1 1 9 9 3 3 6 5 a a v v e e r r a a g g e e „. 2 2 . . 9 6 3 8 L 1. 7 7 6 2 3 3 . . 3 0 9 4 3 3 . . 4 7 0 6 period* tation 1 19 9 3 3 8 7 a a v v e e r r a a g g e e __. 2 2 . . 5 5 9 3 L L . 7 6 3 9 2 2 . . 8 7 8 5 3 3 . .2 2 6 5 1939 average» 2.78 2.07 2.87 3.51 1937 average... .95 .43 1.25 LOO .447 .28 1.40 Monthly figures 1938 average... .81 .44 1.25 LOO .053 .07 .83 1938—January 2.60 t. 70 2.92 3.28 1939 average... .69 .44 1.25 LOO .022 .05 .59 February 2.49 L.70 2.65 3.21 1939—Sept .69 .44 L.25 LOO .102 .14 1.07 M Ap 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— N A M J D M F O J u e e o p a c a a n b c n t v r y r . . . e . i . l _ ._ ._ . . . . . . . . 6 5 6 6 6 6 5 6 5 6 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 L L L L L L L L . . . . . . . . . 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 1 L 1 1 1 1 L L L . . . . . O O O O 0 0 0 0 0 O O O O 0 0 0 0 0 . . . . . . . . 0 0 0 0 0 0 0 0 1 0 1 4 2 0 7 0 2 4 8 2 8 3 1 1 . . . . . . . . . 1 0 0 0 0 0 0 0 0 0 4 2 6 1 2 5 5 2 . . . . . . . . . 6 4 7 4 6 4 7 5 4 4 6 6 7 5 2 7 1 5 J J A N D M S O u u e e o u c n l p a c y v g t e t o e y e u e m b m . m s . e t b . b r b . e . e e r r r 2 2 2 2 2 2 2 2 . . . . . . . . 6 5 4 5 5 5 5 4 0 7 9 6 2 7 3 8 1 L L L L L L L . . . . . . . . 7 7 7 7 7 7 6 7 0 0 0 0 0 0 7 0 2 2 2 2 2 2 2 2 . . . . . . . . 7 9 9 7 6 7 7 6 4 0 5 8 8 1 8 4 3 3 3 3 3 3 3 3 . . . . . . . . 2 2 2 3 2 2 2 3 3 0 0 5 8 6 1 1 July .56 .44 L.25 1.00 .009 .05 .57 1939—January. 2.64 1.73 2.97 3.32 A Se u p g t . . 6 5 6 6 . . 4 4 4 4 1 1 . . 2 2 5 5 1 1 . . 0 0 0 0 . . 0 0 1 2 9 1 . . 0 0 4 5 . . 6 4 8 8 February 2.52 1.70 2.69 3.26 Quarterly figuresl Week ending: 1 1939—March. 2.95 2.13 3.05 3.77 O O O O c c c c t t t t . . . . 1 5 2 12 9 6 . . . . . . . _ . m H-H V vl n ! I I K K 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 0 0 0 0 4 2 2 2 . . . . 4 4 4 4 5 5 3 1 1940— J D S M u e e n p a c e t r e e c m m h b b e e r r 2 2 2 2 . . . . 5 6 6 9 9 5 8 1 2 2 2 1 . . . . 0 9 0 1 4 3 5 6 3 2 2 2 . . . . 0 5 7 6 5 9 8 7 3 3 3 3 . . . . 3 6 3 3 5 2 2 1 June 2.59 2.00 2.49 3.38 i Monthly figures are averages of weekly prevailing rates. September 2.68 2.14 2.56 3.43 » 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 T u r r e y a s 2 - M ip u a n l ic ' - Total By ratings By groups Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues _ 2-6 15 120 30 30 30 30 40 40 40 1937 average 2.68 3.10 3.94 3.26 3.46 4.01 5.03 3.55 4.34 3.93 1938 average 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.60 5.21 3.87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1939—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 28 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 August ._ 2.25 2.49 3.55 2.85 3.03 3.55 4.76 3.12 4.30 3.23 September __ __ 2.18 2.44 3.50 2.82 3.01 3.52 4.66 3.10 4.23 3.19 Week ending: Oct. 5 2.14 2.37 3.48 2.79 3.02 3.51 4.59 3.08 4.18 3.18 Oct. 12 2.09 2.35 3.47 2.79 3.02 3.49 4.57 3.08 4.16 3.18 Oct. 19 2.09 2.33 3.46 2.78 3.01 3.47 4.56 3.05 4.15 3.17 Oct. 26 2.09 2.28 3.45 2.78 3.00 3.47 4.54 3.04 4.13 3.17 i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures, i Average of yields of all outstanding bonds due or callable after 12 years. 3 Standard Statistics Co. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 4, and the railroad Aaa group from 10 to 5. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. NOVEMBER 1940 1205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock pricesl Vol- U.S. ume of Year, month, or date Treas- Munic- tradury 3 ipal Indus- Rail- Public Year, month, or ing» Total trial road utility date (in thousands of Number of issues 2-6 15 20 20 shares) ===== 1937 average 100.9 110.3 93.4 90.1 89.6 1838 average 102.5 113.7 78.9 82.9 Number of issues 1839 average — 105.2 116.3 81.6 86.0 68.0 1937 average 1,519 1939— September 101.3 107.1 80.9 85.0 59.0 98.6 1938 average 1,100 October __ 102.0 110.7 82.9 86.4 61.6 100.5 1939 average 973 November 103.8 117.5 83.0 87.0 60.2 101.8 December 105.3 119.9 82.1 86.8 68.0 101.6 1939—September. 136.2 2,595 1940—January 106.0 120.2 82.4 87.3 68.2 101.8 October.... 137.7 1,060 February 105.7 119.1 82.2 87.3 57.8 101.6 November. 140.7 907 March 106.7 119.7 82.1 87.3 57.2 101.8 December. 141.4 808 April 106.7 119.8 82.5 87.5 68.2 101.7 1940—January. 143.0 678 May 104.9 115.3 79.4 85.3 53.5 99.3 February.. 142.9 664 June 104.8 114.6 78.5 84.7 52.0 98.7 March 141.8 740 July 106.3 120.4 81.2 86.3 57.1 100.2 April 142.3 1,131 August 106.7 121.2 81.5 86.8 57.5 100.2 May 138.2 1,651 September 107.7 122.3 82.7 87.8 59.7 100.6 June 133.2 708 July 136.9 310 Oct. 2 108.2 123.6 83.7 88.7 61.7 100.6 August 137.3 317 Oct. 9 108.9 124.1 83.3 88.7 60.6 100.5 September. 139.1 553 Oct. 16 108.9 124.4 83.4 88.9 100.5 Oct. 23 108.9 125.2 83.8 0.9 100.7 Oct. 2. 140.6 635 Oct. 9 140.5 426 Oct. 16 140.5 569 1 Monthly data are averages of daily figures except for municipal bonds, Oct. 23 140.1 591 which are averages of Wednesday figures. 2 Prices derived from yield figures on basis of a 2% per cent, 16 year bond. For description see this BULLETIN, pp. 1179-1180. Prices expressed » Standard Statistics Co. Monthly data are averages of Wednesday in decimals. Weekly data are averages of daily figures for week ending on figures. Saturday following date shown. Average for September for former series > Average prices of industrial high-grade preferred stocks, adjusted to a is 106.8. $7 annual dividend basis. 3 Prices derived from average yields, as computed by Standard Sta- 8 Average daily volume of trading in stocks on the New York Stock. tistics Co. Exchange. Weekly figures are averages for the week ending Saturday. Back figures.—See Annual Report for 1937 (table 79). Figures for U. S. Back figures.—For stock prices, see Annual Report for 1937 (table 79) * Treasury bonds available on request. CAPITAL ISSUES [In millions of dollars] ]For 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 > and Total mu- agen- eign * 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 60 3,552 3,464 195 1,537 1,732 1,595 137 88 1939—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 (8) 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 68 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 0 345 118 118 68 6 54 31 23 0 227 227 18 17 192 154 38 0 M^y""". 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 Aug 281 129 129 61 0 68 53 15 '1 152 152 13 28 111 107 4 0 Sept.___ 225 111 111 43 0 68 64 4 0 115 112 23 26 62 61 1 3 r Revised. i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. »Includes issues of noncontiguous U. S. Territories and Possessions. »Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. 8. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for I 937 (table 78). 1206 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] Noninterest- Interest-bearing bearing Publicly-offered * Total End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s j e u A r s v t d e ic - d e c S u o s r e c i - i t a y l ot A he ll r* t d M u e r b e a d - t Other bearing Pre- Treas- U.S. ury a 1932—June 19,487 19,161 •18,816 753 13,460 1,261 616 105 240 266 1933—June 22,539 22,158 •21,782 753 13,417 4,548 954 92 284 66 315 1934—June. 27,053 26,480 •26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28,701 27,645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33,779 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 2,303 579 560 119 506 1938—June 37,165 36,576 33,463 79 21,846 1,238 9,147 1,154 1,601 644 141 447 1939—June 40,440 35,715 79 25,218 1,868 7,243 1,308 839 2,511 820 142 411 1939—August 40,891 40,351 35,862 79 25,218 2,015 7,243 1,307 2,722 133 406 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 98 400 December. 41,942 41,445 36,826 79 26,881 2,209 6,203 1,455 789 3,021 809 99 398 1940—January... 42,110 41,601 36,957 79 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 3,282 816 150 391 May 42,808 42,253 37,285 79 26,908 6,125 1,304 780 3,363 824 166 June 42,968 42,376 37,223 79 26, 555 2,905 6,383 1,302 797 3,528 829 205 July 43, 771 43,186 37,957 79 27, 226 2,966 6,384 1,302 773 3,536 920 198 386 August 43,905 43, 317 38, 009 79 27,236 3,008 6,384 1,303 771 3,622 915 205 383 September. 44,073 43,480 38,045 79 27,235 3,044 6,384 1,303 771 3,751 913 212 381 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 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. s 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 GUARANTEES OBLIGATIONS, BY AGENCIES1 JSEPTEMBER 30, 1940 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- U.S. Maturing E m n o d nt o h f Total M F o a rt r g m age O L w o n a e n rs' s F tr i u n c a t n io ce n m C o re d d it i y t H i o n u g s- Bonds Corpora- Corpora- Corpora- Corpora- Author- Date maturing Bonds call- tion tions tion tion ity or callable able i 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 1 19 9 4 4 1 0 — J n a c n t 1 l- - D M e a c r 3 3 1 1 2 0 6 4 77 0 1 303 6 7 7 3 7 7 545 1937— D J e u c n . e - - . 4 4 , , 6 6 6 6 5 2 1 1 , , 4 4 2 2 2 2 2 2 , , 9 9 8 8 8 7 2 2 5 5 2 5 Anr 1-June 30 504 504 Dec... 4,645 1,410 2,937 297 July 1-Sept. 30 834 834 834 1938—June- 4,853 1,410 2,937 299 206 Oct. 1-Dec. 31 204 204 Dec.— 4,992 1,388 2,888 509 206 1942 1,001 1,001 1943 _ 1,874 1,330 545 1,855 1939—June.. 5,450 1,379 2,928 820 206 114 1944 1,214 1,214 2,555 July.. 5,480 1,379 2,958 820 206 114 1945 2,833 718 173 1,941 1,755 Aug... 5,583 1,379 2,858 820 409 114 1946 1,851 317 1,534 2,359 Sept.. 5,455 1,279 2,830 820 409 114 1947 2,795 413 2,383 1,473 Oct... 5,448 1,279 2,823 820 409 114 1948 - 1,984 498 1,487 2,246 Nov. _5,707 1,269 2,817 1,096 407 114 1949 1,643 824 819 2,278 Dec... 5,703 1,269 2,813 1,096 407 114 1950 1,391 »819 571 1,186 1940—Jan... 5,699 1,269 2,809 1,096 407 114 1951 1,223 1,223 3,500 Feb.__ 5,673 1,269 2,783 1,096 407 114 1952 2 436 2,436 Mar. . 5,663 1,269 2,770 1,096 407 114 1953 2,904 2,904 Apr... 5,656 1,269 2,763 1,096 407 114 1954 2,663 2,663 681 May.. 5,535 1,269 2,641 1,096 407 114 1955 755 755 2,611 June- 5,528 1,269 2,634 1,096 407 114 1956 1,170 1,170 '982 July.. 5,526 1,269 2,631 1,096 407 114 1958 - - - 919 Aug... 5,811 1,269 2,626 1,096 696 114 1959 982 982 Sept. _ 5,809 1,269 2,623 1,097 696 114 I960 2,611 2,611 1,485 1961 50 50 50 1963 919 919 i Principal amount of obligations guaranteed as to interest amI princi- 1965 1,485 1,485 pal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal Total 38,045 1,303 6,384 3,044 27,314 27,314 Housing Administrator, amounting to $9,100,000 on September 30, 1940. * Excludes obligations guaranteed as to interest only. For August 1939 i Excludes U. S. savings bonds. Other bonds in the amount of $2,606,- and subsequent months includes matured bonds not presented for retire- 000,000 not callable prior to maturity are shown as of date of maturity. ment amounting to $22,000,000 on September 30, 1940. > Includes unclassified U. S. savings bonds. NOVEMBER 1940 1207 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 Trust Increase or deac- crease during Receipts Expenditures (excl. debt retirements) counts period etc.,* excess Period Mis- A c g u r l- i- Un- Trans- E o x f c e e x s - s c o e f i p re ts c ta o I x n m e - s e n i c n n e e t o l a e l u l a r- s - s S t e a o i c x t c y u e ia r s - l o A th l e l r ce r i e p - ts ce N r ip e e - t t s ! I d n e o e t s n e b t r t - t f i e N d o n e n a s - - a e l m t j A u u e s r d n a t - - l t m p e r l m e o e- n y - t - c f t e o r a r u u c s n - s t t t o s o A th l e l r Total* p t e u n re d s i- p ( t + e u e ) n r x e d - o s i- r f G b e u r a e n a l n d - l - d G e r b o t s s * reve- Pro- lief etc.i ance 2 nue gram Fiscal year ending: June 1938— 2,640 2,279 755 567 6,242 5,855 926 1,028 362 1,914 220 2,789 7,239 -1,384 +306 -338 +740» June 1939... 2,189 2,232 740 507 5,668 5,165 941 1,163 787 2,595 182 3,040 8,707 -3,542 +890 +622 +3,275- June 1940— 2,125 2,345 838 617 5,925 5,386 1,041 1,559 1,020 1,919 208 3,251 8,998 -3, 612 +137 -947 +2, 52$ 3 months ending: Sept. 1938.. 579 636 166 128 1,509 1,400 176 283 116 654 118 741 2,087 -687 +222 +763 +1, 228- Sept.1939.. 409 715 182 140 1,447 1,313 185 331 169 497 149 948 2,279 -967 -112 -661 +418- Sept. 1940. . 519 796 208 121 1,645 1,489 188 596 205 432 149 713 2,283 -794 +213 +524 +1,105- 1939—Aug.. 38 217 119 46 420 372 18 114 45 172 18 406 774 -402 -44 -216 +230 Sept.. 329 311 27 52 719 676 151 108 68 139 7 268 741 -65 +46 -53 -34 Oct... 38 198 36 50 322 279 68 115 97 145 10 285 721 -442 -1 -264 +178- Nov.. 34 191 130 52 407 364 12 118 117 147 10 243 648 -284 +267 +252 +269 Dec... 319 171 29 50 569 521 190 125 102 162 10 243 832 -311 -16 +311 +637" 1940—Jan... 45 167 45 57 315 315 38 132 119 157 •5 272 712 -398 +37 -194 +167 Feb... 63 154 178 49 444 444 19 129 128 145 10 238 668 -224 +36 +67 +25fr Mar. 665 192 30 46 934 799 146 143 105 173 255 822 —22 +11 +164 +175. Apr— 48 175 39 42 304 304 69 159 78 173 20 284 783 -479 +58 -303 +118 May. 40 179 137 43 400 400 10 154 62 169 4 248 647 -247 -83 -181 +150 June 464 201 32 88 784 648 305 153 43 151 235 887 —238 —61 —139 +160 July.." 50 237 39 41 367 331 20 177 54 151 114 302 818 -487 +51 +367 +80$ Aug.. 38 346 139 43 566 447 20 200 76 142 25 243 706 -259 +320 +196 +135 Sept- 432 213 29 37 711 711 148 219 75 139 10 168 759 -48 -158 -39 +16$ Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance Unemployment Net expenditures in checking tr r u e s t t i r f e u m nd e n a t n d a c r c a o il u ro n a t d trust fund accounts of Government agencies All other Period Inc N e r i e e p - t 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 O p tu e e t r n x h e d - e s r i- s C F t R r o i t u n e r i c c p o a o t o n n i n r c o a - e n - C m C o C t o r r i o p e o d m d o n it i r - y t a- t U i S H n h n t g o o a i r u t t A i e e s t s u d y - - o A th l e l r ce R i e p - ts p tu E e r n x e d - s i- Total m g c o o r e 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 endiinnog". June 1938— 550 461 85 763 560 191 •9 •184 1 •12 414 327 2,216 142 446 1,628 June 1939— 639 516 120 838 395 442 •658 136 •60 •186 440 324 2,838 142 536 2,160 June 1940— 704 573 129 959 443 514 •234 10 17 166 415 323 1,891 143 585 1,16$ 3 months ending: Sept. 1938.. 152 109 28 202 78 129 •226 68 4 •41 153 137 2,978 142 460 2,376» Sept. 1939.. 181 139 31 225 96 122 67 •75 34 131 159 131 2,178 142 554 1,481 Sept. 1940. . 212 144 40 268 80 191 13 •135 34 •73 161 134 2,415 143 592 1,680 1939—Aug 66 51 10 154 129 41 29 •86 9 87 20 15 2,231 142 549 1,539- Sept 50 43 10 13 •19 40 22 5 13 •87 25 15 2,178 142 554 1,481 Oct. _. 53 43 10 54 7 24 15 19 16 •11 28 13 1,913 143 558 1,21$ Nov 53 43 10 144 142 29 •297 27 •12 •7 20 14 2,166 143 561 1,462 Dec 58 43 10 29 •3 32 •5 11 16 •6 21 25 2,476 143 565 1,768- 1940—Jan. 10 10 79 28 58 •20 •6 14 •25 24 17 2,282 143 568 1,571 Feb 10 10 155 103 45 •5 •3 •11 7 20 2 2,350 143 573 1,634 Mar 135 135 11 30 •18 47 2 •4 17 •29 29 22 2,514 143 577 1,794: Apr 20 •5 12 53 18 45 •3 *4 •34 9 32 10 2,210 143 581 1,48$ May 4 12 145 81 58 •6 (4) •17 107 20 17 2,030 143 584 1,30$ June 180 175 12 46 54 17 45 •5 •11 62 72 1,891 143 585 1,16$ July 56 •5 13 59 13 57 25 10 25 •57 120 103 2,258 143 588 1,527 Aug 145 1 13 143 85 53 (4) •144 •6 •32 18 15 2,454 143 590 1,720 Sept 11 148 14 67 •18 81 •13 •1 15 16 24 17 2,415 143 592 1,680 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section table. 3 For details, see preceding page. < Less than $500,000. • Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052. 1208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 31, 1940 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Home mortgage and Farm credit agenciev5 Total Recon- housing agencies Tenstruction nes- Finance see In- Corpo- United Other Val- surration Home Other States Farm Farm Com- ley ance Other and Owners' mort- Hous- mort- Credit modity Au- agen Aug. July Aug. Public Loan gage ing gage Adm. Credit Other thor- cies 31, 31, 31, Works Corpo- agen- Au- agen- banks Corpo- ity 1940 1940 1939 Admin- ration cies thority cies and cor- ration istration porations Assets Xoans and preferred stock: Loans to financial institutions 202 168 63 433 430 428 Preferred stock, etc.. . _ 459 194 27 75 1 756 772 844 Loans to railroads 523 30 553 552 492 Home and housing mortgage loans 1,996 229 111 2,336 2,342 2,337 Farm mortgage loans 2,534 2,534 2,540 2,637 Other agricultural loans 1 312 304 194 4 815 693 1,128 All other loans ... 2 449 0) 3 375 *372 1,197 1,185 1,033 Total loans and preferred stock 1,633 2,190 424 111 2,534 387 304 569 63 408 8,623 8, 513 8,900 <3ash 89 122 30 32 97 111 4 16 9 42 16 566 462 418 U. S. Govt. direct obligations 49 2 42 5 83 116 414 4 715 740 735 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 11 105 131 131 141 Other * 8 (5) 10 18 36 35 45 Accounts and other receivables 21 7 6 1 216 4 132 0) 7 64 60 519 394 450 Business property 3 0) 128 6 (0 8 330 1 92 569 567 531 O Pr t o h p er e r a t s y s e n t e s ld for sale ... 4 2 2 40 1 0 0)1 0) 9 7 6 (0 486 5 3 2 3 5 14 2 6 1,0 1 6 9 1 1 1,0 1 6 8 7 4 7 9 0 5 4 Total assets other than interagency • 1,845 2,725 518 277 3,051 653 933 591 345 747 726 2,41012,09212,017 Liabilities Bonds, notes, and debentures: Guaranteed by United States 1,096 2,626 114 1,270 696 9 5,811 5,526 5,489 Other* ... 134 5 978 218 8 3 1,354 1, 351 1,345 Other liabilities (including reserves). 339 76 33 5 107 8 136 193 6 256 76 1,234 964 1,052 Total liabilities other than interagency • 1,436 2,702 167 119 2,355 227 832 193 14 268 88 8,400 7,842 7,886 Excess of assets over liabilities, excluding interagency transactions.. 409 23 351 158 696 426 101 398 331 479 638 4,010 4,250 4,131 Privately owned interests 54 211 4 139 407 406 391 U. S. Government interests 409 23 297 158 485 422 101 398 331 340 638 3,603 3,844 3,739 i Less than $500,000. 2 Includes $95,000,000 loans of Public Works Administration. 3 Includes $307,000,000 loans of Farm Security Administration. 4 Includes $230,000,000 loans of Rural Electrification Administration. 6 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] Sept. 30, Mar. 31, Apr. 30, May 31, June, 3 July 31, Aug. 31, Sept. 30, 1939 1940 1940 1940 1940 1940 1940 Loans to financial institutions 177,011 159, 353 155,651 154,163 150, 468 147,184 145,178 142, 396 Loans on preferred stock of banks and insurance companies- 33,162 29,840 29,749 29,685 56, 952 56, 924 56, 769 56, 627 Preferred stock, capital notes, and debentures 515,157 472,345 474,475 471,072 469, 674 465,909 458,845 459, 941 Loans to railroads (including receivers) 438, 835 467,887 471, 747 466,093 475,856 506, 623 507, 627 470,039 Loans for self-liquidating projects 85, 264 66, 753 58, 578 61,273 48,105 38, 754 42, 262 38,476 Loans to industrial and commercial businesses^. 125, 753 130, 704 130,466 130, 566 130, 732 129,955 129,427 133, 521 Loans to drainage, levee, and irrigation districts 83, 502 83,966 83, 723 83,740 83, 596 83, 299 83, 223 83, 360 Other loans 23, 847 4,260 4,235 4,631 4,677 4,788 4,801 4,746 Securities purchased from Public Works Administration 124, 476 114,066 112, 743 111,323 111, 065 107,066 110,090 116, 216 Total loans and investments, other than interagency— 1, 607, 006 1,529,174 1, 521, 3651, 512, 5461, 531,124 1, 540, 502 1, 538, 222 1, 505, 321 Preferred stock of Export-Import bank.. 45, 000 74,000 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, 498 146,498 146,498 146, 498 Capital stock of, and loans to R. F. C. Mortgage Co 54, 629 59,198 59,355 59,484 59,050 58, 628 60,212 61,160 Capital stock of, and loans to Fed. Natl. Mtge. Assn 46, 500 68, 616 70, 385 71,846 73, 863 76,470 78, 976 81,039 Loans to Tennessee Valley Authority 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 •Capital stock of National Defense Companies 1,000 2,000 8,000 Loans to Farm Security Administration 10, 000 10,000 10, 000 Total loans and investments.. 1, 907, 932 1,885, 786 1,879, 903 1,872, 673 1,892,835 1, 915, 397 1,918, 206 1,894, 318 i Include national defense loans amounting to $4,993,000 on September 30, 1940. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. NOVEMBER 1940 1209 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 ra n l 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 r o t c n a a n i n o s o k l s s r - n s , - , f c i i e n o n O t t x i a o s i o t c n v p t h n i e c e e t e s p i s u r r , n 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 u n 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 u n 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 n r n e t g g a g u v r r o r i f k A c a u l e u l v n c t - l t d - for cooperatives * 1934—December 1,915,792 616,825 99,675 55,672 60,852 87,102 111, 238 27,851 54,863 1936—December... 2,071,925 794,726 104,706 47,162 94,096 43,400 172,863 2, 731 50,013 44,433 193ft—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 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—September... , 922, 577 703,840 179,674 37,645 174,032 9,127 175,667 778 65,160 21,663 October ,916,431 699, 274 169,731 33,996 162,703 8,351 171,819 1,493 70,422 21,582 November... ,910,336 695,101 165,368 33,417 156,526 8,042 169,460 1,696 73,120 20,589 December... ,904,655 690,880 165,236 33,354 154,496 8,005 168,330 1,835 76,252 20,547 1940—January ,900,408 687,191 161,753 33,620 153,949 7,904 167,957 1,756 73,238 20,427 February ,896,507 165,106 34,738 160,003 7,926 170,020 2,002 71,772 20,03& March ., 890,432 677,717 176,007 36,326 173,840 7,888 176,045 1,754 69,311 19,763 ApriL _. , 886,272 673, 696 185,373 37,921 186,276 7,904 179,801 1,603 67,454 18,537 May.._ ., 882, 516 670,723 190,961 38,377 194,662 7,845 180,938 1,315 63,564 18,137 June 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 August 1,871,487 662, 592 202,503 42,416 202, 796 7,416 179, 984 763 67,473 14,787 September __. 1,866,697 659,017 197,451 40,901 194, 558 7,010 177,906 352 73,132 15,739 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are tfcus 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 End of month L p O o o H w a r n o a n m t e C io r e o s n r ' - F N c o e l i u f o a d m a a t e i n s r o b s a n o a e l s - r s s s a o v c i L i n a o g ti s a o n a n s n s i d m l i o t n b i e l a o s o a m n t n a n i s s b t n k u t e » o - r End of month a i n b t a c o l e - r s s * Total Total t o r i D g e b o a i c l - n - i t s - G t o t i a g e u b o n e a l a n d - - i r s - - f C e u r t a n e c - s d .* h s 1934—December _ 2,379,491 639 81, 300 86, 651 1935—June... 1,205 1,236 385 777 630 147 74 1935—December. 2,897,162 1,023 348,000 102, 791 1936—June— 1,232 1,265 203 967 800 167 95 1936—December _ 2,765,098 1,212 586,700 145,394 1937—June.. . 1,268 1,307 136 1,100 167 71 1937—December. 2,397,647 1,328 853, 500 200,092 1938—June.. 1,252 J,290 115 1,103 167 73 1938—December. 2,168,920 1,368 1,034,162 198,840 1939—June... 1,262 ^,304 1,157 1,011 146 78 1939-May 2,091,324 1,383 1,117,228 157,911 1939—September 1,267 :,307 1,182 1,036 146 70 June 2,080, 512 1,386 1,136, 289 168,962 October 1,270 ,312 1,182 1,036 146 75 July 2,067,844 1,385 1,157,536 161, 537 November 1,274 ,317 1,182 1,036 146 80 August 2,059,792 1,392 1,186, 784 159,470 December 1,279 ,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 1,299 1,342 1,224 1,078 146 74 February.. 2,026,614 1,407 1,296,464 144,515 June 1,293 1,337 1,224 1,078 146 69 March 2,021,951 1,413 1,317,975 137,642 July Pl,297 April 2,020, 572 1,420 1,348,072 133,811 August.. , 297 May 2,017,395 1,421 1,376,700 137,509 September , 295 June 2,012,760 1,430 1,405,100 157,397 July 2,004,737 1,431 1,432,100 162,222 August 1,996,443 1,431 1,461,867 168,402 v Preliminary. September. 1,987,611 1,434 1,487, 974 176,047 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and 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. 1210 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] Construction I ( n p d h u y s s t ic ri a a l l v p o r l o u d m u e c ) t io 2 n * awar c d o e n d t r ( a v c a ts lue) 3 Employment * Y m ea o r n a th nd 1 ( I 9 m v n p 2 a c e 9 a l o n = y u m - 1 e ts ) 0 e 1 0 Total 1935 D -3 u f 9 M a r = c - 1 a tu 0 n N r 0 d u e u - o s r n - - M era in ls - Tot 1 a 9 l 23 R d t - i 2 e e a 5 n s l i = - - 10 o 0 A th ll er 1 t N 9 a c u 3 g u o r 5 r l a n - i - 3 - l - 9 19 F 23 a - c 2 t 5 o = ry 100 1 r = 9 p F t o o 2 1 a a l 3 l r 0 y c s y - - 0 - 2 * 5 F 1 i = l 9 r n o c e 2 1 g a a i 3 0 s g d r - 0 2 - h * 5 t- D ( 1 v = m s 9 s e a t a 2 1 p e o l l 3 0 u e a n r - 0 e s e r 2 t t ) 5 - * p m W = c r 1 s i o o 1 h a 9 c m d 0 2 l o e e i 0 6 s l - t e * y - 1 = 9 i C l n 3 1 i o o 5 v g 0 f s - - * 0 3 t 9 able able =100 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justedjustedjustedjusted justedjusted justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 84 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.1 117.2 91 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.0 75.6 78 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.7 81.2 85 88 96.7 119.7 1923 88 104 72 98 84 81 86 103.8 102.9 100 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.4 96.0 98 99 98.1 122.2 1925 91 108 76 92 122 124 120 99.8 101.1 103 103 103 5 125.4 1926 96 114 79 99 129 121 135 101.7 104.2 107 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.5 102.4 104 107 95 4 124.0 1928 99 117 85 99 135 126 142 99.7 103.5 104 108 96.7 122.6 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 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 loj 99 97 104 102 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 1Q2 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 0 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 90.0 126 124 140 117 114 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 99.8 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 "loo.'s July 89.3 121 118 132 112 120 85 77 91 104.4 101.4 99.5 96 5 75 91 77.7 August 90.5 121 120 135 112 114 90 82 98 105.7 103.6 103.6 103.8 76 99 77.4 September P91.5 P125 P129 P145 P96 P107. 5 »104.8P107. 2 P109.4 77 99 78.0 100.4 p Preliminary. * Average per working day. 1 Department of Commerce series on value of payments to individuals. * For indexes by groups or industries, see pp. 1212-1215; 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 1220. * 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. 1216-1219 for employment and payrolls and p. 1222 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 October 1939, pp. 879-887; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918. NOVEMBER 1940 1211 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total 104 113 121 124 126 122 116 112 Ill 115 121 121 121 P125 Manufactures—Total 107 113 121 124 128 122 116 112 110 114 122 121 122 P127 Durable.. 105 114 129 133 140 135 124 118 113 119 131 132 135 Nondurable 108 111 115 117 117 113 110 106 107 110 114 112 112 P112 Iron and Steel 111 128 161 161 167 147 118 106 99 118 154 156 158 164 Pig iron 114 129 154 163 169 161 136 118 117 127 148 157 162 166 Steel ingots 111 128 161 161 167 146 117 105 97 118 154 156 157 164 Machinery 104 108 115 123 125 127 123 123 123 124 128 133 138 P145 Transportation Equipment 92 99 105 102 128 137 137 131 115 116 120 109 104 P135 A A i u r t c o r m af o t b .. iles * 1 8 7 4 7 1 9 8 2 1 19 96 4 21 91 6 2 12 3 1 9 2 1 5 29 6 2 1 5 29 1 2 12 6 0 3 2 1 6 03 7 2 1 8 01 1 3 1 1 06 5 33 87 9 38 76 5 1 * 09 Railroad cars 74 83 105 122 136 156 158 149 125 121 111 120 126 P148 Locomotives 102 100 97 98 95 102 101 101 103 102 102 113 123 P142 Shipbuilding . . 133 136 138 142 144 149 150 156 156 164 170 189 213 P227 Nonferrous Metals and Products 112 128 144 153 159 154 142 132 124 126 129 136 144 152 Nonferrous metal smelting * 105 117 124 130 135 135 129 130 127 127 125 133 128 126 Copper smelting 144 131 137 131 130 131 140 135 127 Copper deliveries. 162 145 125 111 113 115 119 134 154 Lead shipments 105 117 130 144 136 119 102 100 104 110 119 127 128 126 Zinc shipments ... 107 128 146 154 144 131 126 122 115 115 122 133 138 141 Tin deliveries 98 98 101 118 159 180 168 148 132 137 141 146 Lumber and Products _ 105 108 113 121 121 115 114 111 110 112 111 107 114 P121 Lumber __ 104 107 112 121 122 115 114 110 109 110 110 103 113 121 Furniture 107 109 114 121 118 117 113 112 111 115 113 114 115 P121 Stone, Clay and Glass Products . 113 116 123 120 128 123 113 120 115 113 115 119 P128 Cement 112 114 120 121 131 125 106 117 115 115 113 110 115 125 Common and face brick. . 129 126 119 125 142 119 96 106 108 109 118 Common brick 131 125 117 121 141 111 103 106 107 111 120 Face brick 126 132 126 138 143 136 81 105 107 105 112 Glass containers 108 110 121 112 115 116 118 124 116 112 111 117 114 123 Polished plate glass 95 110 124 112 124 122 112 105 96 91 80 100 114 118 Textiles and Products . > 111 114 119 128 125 118 r108 100 100 104 107 113 114 Textile fabrics 109 113 118 124 120 113 105 97 97 100 103 109 111 P114 Cotton consumption 114 117 119 124 120 115 108 107 109 114 121 124 120 Rayon deliveries . 129 127 130 146 152 151 44 139 138 142 144 138 130 P123 Silk deliveries 82 86 91 89 78 69 164 64 61 58 56 57 61 65 Wool textiles. 106 113 125 132 115 106 93 77 79 87 89 100 106 P125 Carpet wool consumption_ 121 121 124 132 115 111 108 87 97 95 79 69 95 Apparel wool consumption 108 120 131 125 104 107 92 80 68 82 88 113 108 P141 Woolen yarn 98 105 113 115 105 99 89 78 78 86 92 102 104 P121 Worsted yarn 105 124 150 151 112 98 93 75 76 90 93 112 118 Woolen and worsted cloth. 103 107 118 135 127 111 89 71 76 83 89 105 104 P123 Leather and Products . 103 103 105 108 105 101 98 93 85 87 96 '94 06 Leather tanning 99 103 104 103 101 102 96 92 86 88 90 85 02 Cattle hide leathers 105 108 104 105 107 104 100 94 86 87 90 88 08 Calf and kip leathers 92 105 108 101 90 97 86 84 80 91 88 75 82 Goat and kid leathers 88 90 103 98 92 99 92 92 91 89 91 84 84 Shoes 107 104 105 112 108 101 99 94 85 86 100 99 09 P95 Manufactured Food Products 111 111 109 110 112 111 113 112 111 112 115 110 114 P108 Wheat flour 106 118 101 97 102 100 100 100 100 105 98 100 09 100 Cane sugar meltings 98 104 107 92 96 95 95 86 89 97 112 101 00 Manufactured dairy products 105 110 108 110 115 109 114 112 112 110 111 112 113 Ice cream 104 120 114 114 120 102 115 110 113 Butter 105 98 97 103 105 110 109 107 108 102 105 105 104 105 Cheese 105 102 103 102 103 102 104 115 116 117 110 114 114 115 Canned and dried milk 107 110 111 118 123 128 126 123 118 112 117 121 132 130 Meat packing. 113 118 113 116 126 124 129 128 117 117 126 116 110 121 Pork and lard 130 135 127 131 149 144 154 156 131 135 152 132 141 147 Beef 97 103 98 101 104 104 106 102 106 101 101 101 00 05 Veal.. 88 93 96 98 87 88 86 87 86 89 01 07 01 93 Lamb and mutton . 92 101 99 107 109 108 99 97 98 93 99 08 06 95 Other manufactured foods 112 110 110 111 111 111 112 112 112 112 115 110 116 Alcoholic Beverages 96 96 106 98 95 98 96 98 103 100 113 108 01 103 Malt liquor . 98 98 112 102 104 103 96 09 102 99 99 103 01 93 Whiskey 59 51 57 57 57 58 59 65 78 84 84 72 44 71 Other distilled spirits 117 120 120 87 88 112 114 132 132 113 131 148 208 231 Rectified spirits 116 116 118 123 92 108 126 108 123 114 201 154 87 126 Tobacco Products 110 107 111 110 109 103 108 103 111 110 115 103 106 108 Cigars _ 105 103 103 100 104 107 103 100 102 104 98 101 105 102 Cigarettes.. 113 110 117 118 115 106 109 107 119 117 127 106 110 113 Manufactured tobacco and snuff.. 109 103 102 103 100 93 97 95 99 100 99 99 06 100 ' Revised. P Preliminary. 1 Revised seasonal adjustment factor, September, 1940: 82. Factors for subsequent months will be revised later. 2 Includes also lead and zinc production shown under "Minerals." * Comparable data not available. Revised figures January, 1938 to date will be published in the BULLETIN as soon as possible. 1212 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Paper and Products 112 121 131 134 135 123 114 110 116 127 132 129 123 Paper and pulp 110 119 128 132 134 123 114 110 117 128 132 130 122 Pulp 109 121 136 137 147 138 133 135 140 149 159 153 150 Groundwood pulp 104 110 118 108 116 114 110 110 118 118 118 116 118 Soda pulp 97 112 129 131 145 129 117 116 118 135 148 142 120 Sulphate pulp 133 141 156 157 176 160 153 151 164 175 186 178 179 Sulphite pulp 99 113 131 133 138 134 130 136 136 145 157 161 148 Paper _ 110 119 127 131 132 121 111 106 113 125 128 126 118 Paperboard 114 120 129 134 140 127 112 109 114 131 128 130 121 118 N Fi e n w e s p p a r p in e t r . production 1 1 0 0 2 4 1 1 2 0 0 6 1 1 2 0 3 3 1 10 2 1 9 1 10 2 5 2 1 1 1 0 1 6 1 1 0 1 0 2 1 9 1 5 2 1 9 1 9 3 1 11 1 3 0 1 1 1 1 5 8 1 1 2 1 1 1 1 1 1 1 3 4 "III Printing paper 111 118 133 132 132 119 116 109 115 125 135 '126 116 Tissue and absorbent paper 116 123 131 138 140 119 119 105 119 123 137 131 122 Wrapping paper 107 117 123 127 128 121 108 105 114 127 126 125 117 Paperboard containers 118 129 142 144 138 120 112 111 115 125 128 128 Printing and Publishing i 105 111 118 117 119 109 108 106 108 115 120 110 Newsprint consumption.. 104 103 101 107 98 100 103 101 106 106 102 104 104 Petroleum and Coal Products.. 110 112 120 120 119 117 116 118 115 114 115 112 113 Petroleum refining 111 112 118 117 116 114 115 117 114 113 112 108 109 Gasoline 110 112 117 118 116 112 112 115 112 111 110 106 109 Fuel oil. 108 110 116 112 111 119 119 121 117 113 113 111 116 Lubricating oil 114 109 132 125 129 126 124 124 120 118 122 113 98 Kerosene 114 116 117 107 109 97 120 123 120 126 116 116 111 Coke 104 116 133 140 139 137 123 118 119 123 132 139 139 142 Byproduct coke 106 117 131 137 137 137 124 119 120 123 131 137 136 139 Beehive coke 40 69 192 244 217 145 89 84 101 142 206 248 252 Chemicals.. 100 106 111 111 112 113 111 109 111 114 116 117 115 P113 Rubber Products 112 122 128 126 123 119 119 116 115 117 115 106 109 119 Rubber consumption- 112 121 129 127 125 120 120 116 115 116 114 106 110 120 Tires and tubes 118 125 121 114 109 110 114 117 115 121 126 105 104 109 Pneumatic tires— 119 126 122 115 111 112 116 118 115 122 128 106 104 110 Inner tubes 108 116 118 112 101 104 108 109 112 113 95 102 107 Minerals—Total.. 91 114 119 120 114 118 114 117 119 118 118 120 114 P115 Fuels _ ._. 89 113 117 118 113 117 112 114 116 115 116 117 112 P114 A B n it t u h m ra i c n it o e u — s coal... 1 1 1 0 5 8 1 1 2 1 0 4 1 1 1 2 2 3 1 9 1 7 9 106 1 11 1 1 9 1 7 0 8 3 1 8 0 4 9 1 8 2 3 0 1 8 2 2 2 1 1 1 1 6 3 1 1 2 2 9 1 1 1 2 1 2 2 Crude petroleum.. 79 112 116 120 118 116 118 120 118 116 116 114 108 P113 Metals. _ 105 121 128 131 124 127 130 134 135 135 134 139 125 P120 Iron ore shipments.. 108 119 155 122 132 143 153 151 153 155 160 164 156 147 140 141 144 143 143 150 144 132 108 107 111 109 112 114 116 117 118 124 117 120 117 108 Zinc- 100 104 116 127 130 130 133 127 127 123 120 128 123 133 Gold... 106 125 130 113 119 121 119 124 124 124 122 125 93 Silver.. 84 111 98 109 116 101 120 113 127 125 114 122 v Preliminary. *• Revised. 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. NOVEMBER 1940 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) flndex numbers of the Board of Governors. 1935-39 average = 100] 1939 1940 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total 103 116 126 126 124 117 113 112 Ill 116 121 118 120 P129 Manufacture*—Total 105 116 125 126 126 117 114 112 112 116 122 '118 120 P130 Durable ... 99 111 131 136 139 128 121 121 119 125 134 127 127 P143 Nondurable • 110 119 120 118 115 109 108 105 105 109 112 110 114 P119 Iron and Steel 108 125 159 161 159 144 121 113 106 123 151 147 153 161 Pig iron . 113 126 154 163 160 153 134 124 123 133 149 154 161 163 Steel ingots - - 107 126 159 161 159 143 120 112 104 122 151 147 152 161 Machinery .._„ 102 106 117 123 127 123 123 126 126 126 129 129 135 P142 Transportation Equipment 47 74 103 118 152 136 138 142 139 130 129 94 60 J»117 Aircraft 177 175 194 218 239 251 251 263 267 286 321 339 385 * Automobiles ._ 29 62 94 111 150 130 130 134 130 118 114 70 23 89 Railroad cars 75 75 99 112 132 133 151 158 141 137 124 118 129 P135 T .IOC-TITI oti VQ!? 103 98 92 95 102 102 103 99 98 102 106 116 124 P139 Shipbuilding 126 132 140 138 146 144 145 162 162 172 176 185 202 P220 Nonferrous Metals and Products 108 129 147 157 156 151 140 135 129 128 129 129 139 153 Nonferrous metal smelting1 99 119 127 135 136 135 129 132 133 127 124 122 122 126 Copper smelting 143 130 137 139 132 131 126 127 130 Copper deliveries 153 139 129 116 116 116 118 133 156 Lead shipments. — _. 100 119 136 154 142 121 101 100 106 109 113 118 122 127 Zinc shipments. . 99 126 148 162 149 137 128 125 116 115 117 123 127 138 Tin deliveries . 96 97 102 112 148 169 163 151 141 146 148 143 Lumber and Products 114 117 121 120 111 98 101 107 109 114 116 '110 123 P132 Lumber. ^ „ 116 119 119 116 105 93 96 104 109 117 119 112 '126 134 Furniture 110 115 125 125 123 109 113 113 108 108 110 '106 119 P127 Stone, Clay and Glass Products 127 130 137 126 115 90 83 101 114 129 '129 127 "133 P143 Cement _ . _ 137 136 139 126 105 69 60 88 115 140 143 136 141 150 CJomirinTi ftnd f&Ofl brick 150 157 145 137 119 70 50 71 103 131 145 Common brick 153 162 148 133 115 60 49 66 102 133 152 Face brick 144 145 138 148 129 96 53 84 107 126 129 Glass containers ... 117 112 124 114 107 104 109 117 116 119 117 121 124 126 Polished plate glass 78 110 142 127 149 129 106 111 96 91 79 66 93 118 Textiles and Products ._ - 109 116 123 131 126 ••121 115 101 97 '100 101 '105 112 ni9 Textile fabrics 106 115 121 128 121 •116 rill 100 95 97 ••98 '101 108 P116 Cotton consumption 105 117 121 128 125 '125 123 '115 110 109 108 '109 114 120 Rayon deliveries 138 146 145 152 150 148 141 132 127 127 131 134 140 P141 Silk deliveries 75 88 99 101 84 72 65 66 60 55 51 '51 57 65 Wool textiles 109 110 122 130 118 107 102 77 73 85 88 98 109 P122 Carpet wool consumption- 128 124 122 129 107 105 118 98 91 91 77 67 101 P117 Apparel wool consumption 112 120 126 126 107 105 99 80 63 82 88 108 113 P141 Woolen yarn __ 102 104 111 113 105 100 97 76 73 86 92 102 108 *120 Worsted yarn 107 119 150 151 123 101 97 72 72 90 93 107 120 P127 Woolen and worsted cloth. 105 101 114 134 134 118 102 71 68 80 88 102 107 P117 Leather and Products 111 111 106 99 95 99 106 99 88 85 88 91 103 PlOO Leather tanning ._ 96 102 104 104 102 102 104 91 86 86 87 82 89 Cattle hide leathers 100 107 105 109 109 105 111 95 86 85 85 82 93 Calf and kip leathers 96 103 103 96 91 95 91 79 79 86 90 83 86 Goat and kid leathers 87 91 102 95 94 99 96 91 94 87 91 83 82 Shoes 121 116 107 97 91 97 107 104 89 85 88 96 112 P106 Manufactured Food Products 127 135 117 109 107 100 99 100 101 108 116 120 131 P130 Wheat flour 107 136 110 100 98 101 99 97 94 95 92 99 100 115 Cane sugar meltings 103 124 104 76 77 79 93 95 98 95 116 116 95 P106 Manufactured dairy products 140 113 85 75 73 71 83 95 112 148 168 161 151 Ice cream _ 168 129 82 68 62 51 68 85 108 Butter 116 97 85 81 83 88 94 95 107 132 147 128 114 104 Cheese 119 105 97 78 72 73 82 94 113 154 169 147 128 119 Canned and dried milk _ __ 111 101 89 82 85 97 107 120 133 161 173 148 136 120 Meat packing 97 110 113 131 148 146 124 116 111 117 123 109 102 112 Pork and lard 98 108 120 157 193 187 164 140 124 135 148 119 106 117 Beef. 98 115 107 106 104 104 95 93 99 101 99 102 100 107 Veal 88 102 106 100 82 85 76 82 85 93 92 96 92 102 Lamb and mutton 92 113 105 104 103 113 99 94 95 95 94 93 95 106 Other manufactured foods 132 142 123 112 107 97 98 98 98 102 110 '117 136 P137 Alcoholic Beverages _ ,. 96 98 109 103 86 80 84 94 105 107 120 112 89 108 Malt liquor 114 99 92 83 81 82 82 95 111 117 126 127 106 94 Whiskey 32 41 54 71 66 77 77 81 86 84 67 40 24 56 Other distilled spirits . ._ 56 164 318 182 110 73 69 86 79 68 77 70 100 317 Rectified spirits 91 123 153 194 123 79 109 103 110 100 161 130 68 134 Tobacco Products.— 115 117 115 112 94 98 98 97 105 112 124 112 110 118 Cigars 109 118 125 119 80 86 90 92 97 102 104 105 108 117 Cigarettes — 119 118 115 113 102 107 103 99 111 119 140 119 116 121 Manufactured tobacco and snuff.. 110 111 104 102 88 90 96 97 98 101 101 101 97 108 ' Revised. v Preliminary. i Includes also lead and zinc production shown under "Minerals." * Comparable data not available. Revised figures January, 1938 to date will be published in the BULLETIN as soon as possible. 1214 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 = 100] 1939 1940 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Paper and Paper Products 1-11 125 136 133 128 120 116 114 119 127 130 Paper and pulp 109 121 132 131 128 122 118 114 120 128 131 Pulp 107 119 137 137 143 139 137 138 144 150 157 Groundwood pulp 88 96 110 110 121 118 114 118 132 131 120 Soda pulp 97 113 129 131 140 129 121 119 122 135 147 Sulphate pulp 133 141 159 157 167 161 158 154 164 175 184 Sulphite pulp 99 113 134 135 134 134 134 139 138 145 154 Paper 109 121 131 130 126 119 115 110 116 124 127 Paperboard 115 128 137 134 125 122 115 113 116 128 128 Fine paper 96 114 123 125 120 112 106 102 108 114 116 Newsprint production 101 106 103 104 106 106 111 112 113 114 116 Printing paper 107 117 135 131 131 119 119 114 119 127 132 Tissue and absorbentpaper 116 128 137 136 135 116 124 106 121 122 135 Wrapping paper . 106 118 126 127 125 121 112 108 115 124 123 Paperboard containers 119 142 154 141 126 114 110 113 115 123 127 Printing and Publishingl 98 111 122 119 120 106 109 111 114 119 119 Newsprint consumption 88 105 110 106 109 93 99 107 108 110 107 Petroleum and Coal Products . 111 114 122 121 118 116 115 114 115 115 116 Petroleum refining 112 114 121 118 115 112 113 113 114 113 113 Gasoline _. .. _ > 114 116 120 119 114 108 109 109 111 111 112 Fuel oil 106 111 117 113 113 122 120 119 115 113 112 Lubricating oil 113 109 132 125 128 122 122 123 125 123 122 Kerosene 110 114 117 111 111 102 121 125 123 126 113 Coke _. 104 116 133 141 140 138 125 120 118 122 131 Byproduct coke . . _ ._ 106 117 131 137 137 137 125 120 120 123 131 Beehive coke 32 57 198 269 253 170 120 100 76 76 116 Chemicals 97 108 116 113 114 111 111 113 114 113 110 Rubber Products 112 124 128 129 118 122 117 116 114 117 115 Rubber consumption 112 124 129 131 119 123 117 116 114 116 114 Tires and tubes. 118 125 121 114 109 110 114 117 115 121 126 Pneumatic tires 119 126 122 115 111 112 116 118 115 122 128 Inner tubes 108 116 118 112 98 101 104 108 109 112 Minerals—Total 93 121 129 123 111 115 112 110 111 118 Fuels 87 114 121 120 114 120 116 114 113 113 Bituminous coal. 100 118 137 135 117 132 121 104 101 103 Anthracite 85 115 118 99 93 128 86 86 89 90 81 112 115 116 116 114 117 121 121 119 Metals 132 160 177 141 93 89 89 87 95 149 Iron ore shipments 204 239 270 165 14 213 Copper 144 142 144 150 141 Lead 106 111 109 116 118 114 116 115 119 122 Zinc 95 101 116 128 134 133 135 134 131 123 Gold 114 141 163 130 119 114 109 103 109 118 Silver 87 109 100 108 117 100 123 118 130 120 £ S 5 July Aug. Sept. '124 122 123 121 146 148 104 100 133 120 174 179 144 148 120 117 123 123 125 110 107 108 110 111 '118 112 124 122 122 116 125 103 102 88 91 105 113 114 109 110 109 112 109 113 111 97 110 107 135 138 141 134 136 139 198 209 171 112 P115 110 ••109 121 110066 110 123 105 104 109 106 104 110 95 102 107 121 117 P122 111 109 P115 100 107 112 P123 104 101 83 P100 116 114 111 P113 161 179 164 P164 288 315 308 301 140 133 135 136 116 112 114 112 118 120 117 129 98 134 101 114 113 91 ' 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. NOVEMBER 1940 1215 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 Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 95.9 97.5 101.2 103.4 104.5 103.9 102.1 100.4 99.2 99.2 100.2 101.4 103.6 104.8 Durable goods 85.3 88.9 94.6 97.3 100.0 99.7 97.4 95.9 95.0 95.2 96.2 '97.5 101.4 104.0 Nondurable goods. 105.9 105.7 107.6 109.2 108.9 107.9 106.6 104.8 103.3 '103. 0 104.1 '105.1 105.7 105.6 Iron, Steel, Products 92.5 96.4 105.9 110.8 112.1 110.4 107.0 102.7 100.8 101.2 103.7 107.3 111.1 112.9 Blast furnaces, steel works. _ 97 101 115 122 124 122 117 110 107 109 115 120 123 123 Bolts, nuts, washers, rivets . 98 102 113 118 120 117 113 112 108 105 104 110 116 119 Cast-iron pipe 73 74 77 79 79 75 78 76 75 76 75 76 78 81 Cutlery, edge tools 94 97 102 107 109 107 103 101 102 101 102 104 104 107 Forgings .__ 56 59 66 70 72 72 71 67 67 66 66 70 73 77 Hardware 78 95 99 106 106 104 101 98 97 95 82 84 99 102 Plumbers' supplies 78 80 81 83 85 83 81 81 82 82 83 84 87 89 Stamped, enameled ware 157 159 162 166 166 160 161 158 155 153 153 156 169 179 Steam, hot-water heating. __ 79 80 84 86 87 86 85 85 85 84 85 87 91 93 Stoves 86 90 91 93 93 91 91 89 88 91 95 96 95 Structural, ornamental 71 75 76 76 75 75 72 71 71 73 75 78 81 Tin cans, tinware 97 103 103 100 101 100 99 98 97 100 100 96 Tools 85 87 91 94 96 96 96 93 93 92 92 95 101 Wirework 121 149 164 171 176 172 162 161 158 156 151 139 152 165 Machinery..- 97.3 105.7 110.6 112.9 113.4 113.6 113.3 113.4 113.4 114.9 116.6 120.0 122.4 Agricultural implements 121 123 125 128 131 133 137 136 133 136 136 133 139 141 Cash registers, etc 125 127 126 127 129 127 128 128 128 128 130 130 129 132 Electrical machinery 88 92 97 100 103 103 102 102 102 101 103 104 107 111 Engines, turbines, etc 97 108 116 124 133 134 132 134 142 152 165 175 181 Foundry, machine-shop products. 85 91 95 97 98 98 97 97 96 97 98 101 103 Machine tools 146 155 170 183 191 197 204 209 215 220 228 '237 247 245 Radios, phonographs 126 129 145 160 153 144 144 145 153 155 144 145 145 138 Textile machinery 78 78 81 85 86 86 85 85 84 82 79 77 76 79 Typewriters 119 122 123 125 125 123 119 115 114 113 112 116 119 123 Transportation Equipment 88.3 99.5 105.6 101.3 112. 113.1 110.8 111.1 109.7 109.9 109.9 '108.4 118.7 125.3 Aircraft 1,414 1,512 1,605 1,767 1.905 2,050 ,062 2,075 2,124 2,260 2,445 1,677 2,891 0) Automobiles _ 88 102 108 100 112 111 107 107 106 105 102 97 108 Cars, electric-, steam-railroad 31 34 42 48 53 57 61 60 54 52 49 51 50 114 Locomotives. 29 28 25 26 28 30 30 28 27 28 29 31 33 55 Shipbuilding 125 128 132 133 139 140 146 148 148 154 164 175 186 36 188 Nonferrous Metals, Products.. 96.2 99.2 107.0 110.1 111.3 111.7 107.5 106.6 105.9 106.0 108.2 110.7 115.7 118.6 Aluminum 157 152 166 172 170 173 170 168 170 173 177 185 193 197 Brass, bronze, copper 109 115 130 137 138 137 i28 127 125 124 128 132 140 146 Clocks, watches 85 85 87 89 92 91 91 90 94 95 98 100 Jewelry 95 91 92 96 95 93 95 96 100 100 93 Lighting equipment 77 88 95 95 95 88 84 85 84 81 92 101 Silverware, plated ware.. 70 71 70 72 74 74 71 70 70 70 68 71 70 73 Smelting, refining 75 77 83 85 87 87 87 87 92 Lumber, Products 66.4 67.4 69.4 72.2 72.4 72.0 70.0 68.1 67.2 67.9 67.4 67.5 69.0 70.5 Furniture 86 87 89 93 93 94 91 90 90 90 90 89 90 90 Lumber, mill work. 60 61 63 64 64 65 63 62 61 60 61 62 65 Lumber, sawmills. _ 60 61 63 66 65 61 60 61 60 60 64 Stone, Clay, Glass Products.. 78.1 79.0 81.9 85.0 85.4 85.8 80. 80.0 79.8 78.9 79.8 '81.3 81.8 82.8 Brick, tile, terra cotta... 57 59 61 64 65 66 61 59 59 58 58 60 61 Cement 67 66 68 70 71 68 65 68 66 67 66 70 Glass 99 100 106 109 109 111 103 105 104 103 103 '105 107 109 P M o a t r t b er l y e, granite, slate... 8 5 7 0 48 4 9 9 0 4 9 9 3 9 5 4 0 4 9 6 5 48 4 9 5 0 45 47 4 9 7 1 4 9 5 4 4 9 5 4 4 9 4 4 Textiles, Products 104.6 103.4 106.0 107.5 105.8 104.4 102.7 99.1 96.3 96.8 100.2 101.1 101.7 Fabrics 95.2 93. 97.7 99.7 96. 95.0 93.1 88.6 87.8 87.7 88.0 91.3 92.6 93.3 Carpets, rugs 76 78 83 85 84 85 83 78 79 76 70 71 72 75 Cotton goods 91 91 94 96 95 94 93 89 89 88 89 91 93 93 Cotton small wares 84 86 91 92 91 88 83 77 76 76 76 77 79 80 Dyeing, finishing textiles.. 129 129 133 132 131 127 124 123 121 123 119 125 128 129 Hats, fur-felt 90 87 86 90 92 91 90 84 65 68 74 85 83 83 Hosiery 155 149 151 151 146 145 145 139 139 134 133 136 138 138 Knitted outerwear 80 75 76 75 68 62 68 65 60 61 65 69 72 69 Knitted underwear 79 78 79 80 79 80 77 77 74 72 72 76 75 74 Knitted cloth 140 140 148 155 146 142 134 133 130 127 131 138 147 150 Silk, rayon goods 72 70 75 77 74 71 66 65 65 67 64 63 62 62 Woolen, worsted goods 85 83 90 95 89 85 81 71 70 73 77 85 86 90 Wearing apparel 121.4 120. 4 120.4 120.4 121.6 121.3 120.0 118.8 112.4 111.6 112.4 116.1 116.1 116.2 Clothing, men's 107 106 107 108 112 110 107 107 100 98 102 105 104 103 Clothing, women's 174 172 171 171 171 167 169 167 156 158 158 166 164 165 Corsets, allied garments... 117 116 117 117 117 117 114 113 111 113 113 106 113 112 Men's furnishings 140 136 138 127 122 120 120 120 115 114 111 120 125 124 Millinery 77 80 80 74 75 79 83 83 78 72 71 71 73 78 Shirts, collars 121 121 121 123 123 132 125 122 122 121 116 116 118 118 r Revised. i Comparable data not available. Revised figures from January 1938 to date will be published in the BULLETIN as soon as possible. NOTE.—Figures for September 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. 1216 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 Industry and group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Leather, Manufactures... 97.4 96.8 97.4 99.1 96.9 97.3 95.4 93.8 91.9 87.9 89.6 90.9 89.1 89.6 Boots, shoes 96 95 96 98 96 96 94 93 90 86 88 89 87 88 Leather. _ 87 87 88 88 86 87 85 83 82 81 81 81 82 81 Food, Products 129.7 128.1 126.9 129.6 131.4 130.7 130.8 130.3 128.8 129.1 131.9 129.0 129.9 127.1 Baking 146 146 146 145 145 144 144 145 144 145 146 146 146 145 Beverages 269 269 271 279 285 280 278 275 274 273 278 268 272 265 Butter 96 95 95 97 97 95 96 96 97 98 97 96 96 96 Canning, preserving 160 147 137 150 154 149 155 152 150 147 161 137 147 130 Confectionery 86 82 82 86 86 85 86 83 82 84 83 86 88 86 Flour 79 82 80 77 79 80 80 80 79 81 80 79 78 79 Ice cream 75 76 78 79 79 79 79 80 79 76 77 75 76 75 Slaughtering, meat packing 101 102 103 106 108 108 109 110 107 107 109 111 108 109 Sugar, beet 105 131 107 105 118 162 102 102 98 99 102 99 106 110 Sugar refining, cane 96 90 100 95 98 94 93 97 94 95 96 97 96 95 Tobacco Manufactures 65.2 64.4 63.5 63.1 64.7 64.2 62.7 64.3 65.0 63.2 65.2 62.8 63.0 63.7 Tobacco, snuff. 62 62 62 60 60 62 60 60 59 59 59 58 56 57 Cigars, cigarettes. 66 65 64 63 65 65 63 65 66 64 66 64 64 65 Paper, Printing 112.0 112.8 115.0 115.7 116.4 115.5 114.7 114.8 114.3 115.3 115.7 116.4 116.4 115.6 Boxes, paper 115 116 121 122 121 121 118 116 115 116 118 119 119 117 Paper, pulp 107 109 114 115 115 114 113 113 112 115 116 117 117 117 Book, job printing 99 98 99 100 101 102 100 100 101 100 100 101 100 99 Newspaper, periodical printing... 115 116 116 115 116 114 116 117 116 117 116 116 117 116 Chemicals, Petroleum, and Coal Products 111.9 116.4 119.9 121.3 121.9 121.4 120.6 120.0 121.1 ••122.0 '122. 4 '121. 7 122.2 121.4 Petroleum refining 122 122 122 123 122 122 122 123 122 122 123 122 122 121 Other than petroleum 109.4 115.2 119.4 120.8 121.8 121.3 120.3 119.4 120.9 '121.9 •'122.3 ••121.4 122.2 121.3 Chemicals 119 122 132 137 138 138 138 137 136 137 138 138 141 141 Cottonseed oil, cake, meal 81 92 98 91 91 92 87 84 97 r94 '83 '78 75 61 Druggists' preparations 112 112 113 114 116 119 118 117 119 122 120 120 117 116 Explosives 93 98 102 104 106 104 108 109 116 120 127 133 139 145 Fertilizers 103 111 109 106 111 105 99 102 109 119 120 114 113 109 Paints, varnishes 125 123 125 126 126 127 124 124 123 121 122 124 126 127 Rayon, allied products 254 297 309 310 311 310 3U9 304 312 311 315 308 306 309 Soap 87 87 87 86 87 86 84 81 81 82 82 83 85 81 Rubber Products 83.6 86.1 91.2 93.0 92.4 90.2 87.9 86.7 83.9 83.5 84.2 84.7 86.9 89.8 Rubber boots, shoes 58 58 60 61 61 59 57 57 57 56 57 56 54 55 Rubber tires, inner tubes 68 70 74 75 75 74 73 72 70 69 69 69 71 72 Rubber goods, other 138 144 154 159 157 152 145 142 136 138 140 141 148 156 • Revised. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees in nonagricultural establishments non- Trans- Finan- Year and month ag tu ri r c a u l l- Total M fac a t n u u r- - Mining s C tr o u n c - - ti p o o n rt a a n - d Trade ci i a ce l, , s a e n r d v- G er o n v - em m p e l n o t y 1 - ing tion u p t u il b it l i i e c s l m an is e c o e u l s - ment 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— 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, 553 29,413 9,544 837 1,379 3,018 6,078 4,213 4,344 Aug. 36,017 29, 872 9,866 839 1,432 3,039 6,087 4,221 4,388 Sept.. 36,627 33,475 10,152 850 1,462 3,076 6,244 4,252 4,439 NOTE.—Compiled by the Bureau of Labor Statistics. Figures for September 1940 are preliminary. i Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. NOVEMBER 1940 1217 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. Total 96.3 100.2 99.0 99.4 99.5 103.6 107.2 89.7 93.8 96.3 97.9 96.5 103.8 109.4 Durable goods 83.9 89.8 96.5 97.0 95.6 99.5 104.8 81.5 87.8 97.5 100.0 '96.1 105.0 113.1 Nondurable goods. __ 108.1 110.2 '101.4 101.7 103.3 107.6 109.5 99.0 100.5 94.9 '95.6 97.1 102.5 105.3 Iron, Steel, Products 92.3 97.2 101.9 103.7 106.2 110.7 113.6 88.0 92.8 97.1 102.8 104.3 113.5 118.3 Blast furnaces, steel works 97 101 109 114 119 122 123 93 95 103 114 116 125 128 Bolts, nuts, washers, rivets _. 97 101 106 104 109 115 118 104 111 110 111 '112 139 139 Cast-iron pipe 75 75 76 77 78 80 82 68 63 67 70 75 76 80 Cutlery, edge tools. 92 97 103 101 99 102 107 80 85 92 92 91 94 101 Forgings 56 59 67 66 68 73 77 59 63 73 74 78 86 91 Hardware - . » 76 94 96 82 83 96 101 80 114 102 86 86 107 114 Plumbers' supplies . 78 80 82 83 84 87 89 71 72 73 73 74 80 81 Stamped, enameled ware _ 153 157 156 153 152 164 177 156 159 162 163 166 182 201 Steam, hot-water heating 78 81 85 85 84 90 95 68 71 75 77 78 85 92 Stoves 90 92 91 93 92 98 101 78 82 84 83 81 89 98 Structural, ornamental . ... 72 74 71 74 76 80 84 64 63 62 65 68 73 75 Tin cans, tinware 107 107 96 103 106 108 106 115 117 101 114 113 122 118 Tools .. _ _ 84 86 92 92 94 96 100 79 82 90 89 92 96 104 Wirework 116 145 161 152 136 146 160 116 161 170 161 141 163 181 Machinery 96.8 100.3 113.9 115.1 116.1 119.2 123.0 96.9 100.9 122.3 125.1 125.7 131.0 137.7 Agricultural implements 114 116 140 137 131 131 134 124 125 164 158 149 152 156 Cash registers, etc. 125 127 129 130 130 129 132 119 124 134 138 136 136 140 Electrical machinery . 88 92 102 103 104 107 112 93 98 114 118 118 124 132 Engines, turbines, etc. 97 99 149 158 168 175 182 114 116 194 211 224 239 248 Foundry, machine-shop products- 84 86 97 97 98 101 103 78 80 95 96 96 101 105 Machine tools 140 156 221 229 235 238 246 161 182 290 303 308 303 327 Radios, phonographs.. . . .. 136 150 137 141 143 157 160 123 139 127 134 139 150 162 Textile machinery 78 77 82 79 77 76 78 75 73 77 74 73 74 76 Typewriters . .. 118 122 113 111 114 118 123 117 122 114 112 117 125 137 Transportation Equipment 75.2 97.0 115.0 112.3 '97. 5 102.6 122.2 78.3 99.5 116.6 118.8 '96.4 113.1 136.5 Aircraft 1,414 1,467 2,328 2,519 2,703 2,891 0) 1,381 1,362 2,213 2,514 2,635 3,014 ,3 Automobiles « . 70 99 110 105 '82 86 110 75 103 111 112 '81 98 Cars, eleotric-, steam-railroad 32 33 56 51 51 51 53 27 28 50 45 43 47 49 29 28 28 29 31 33 36 27 26 27 29 31 33 37 Shipbuilding 122 129 158 163 170 181 189 128 135 180 186 193 212 230 Nonferrous Metals, Products 94.7 100.3 105.3 106.6 106.9 113.8 119.9 88.7 96.5 103.6 105.5 105.8 117.0 128.0 Aluminum 154 151 173 177 181 189 196 163 167 202 204 194 225 239 Brass, bronze, copper.. 108 115 126 127 130 138 146 111 123 134 141 146 161 178 Clocks, watches 83 86 90 91 90 95 101 85 88 94 92 91 101 109 Jewelry . __ 94 100 89 91 93 99 102 77 84 73 76 76 83 90 Lighting equipment 73 88 84 84 77 88 101 58 75 72 70 64 77 91 Silverware, plated ware 69 71 70 68 63 69 73 59 66 61 56 51 61 71 Smelting, refining _ 75 77 86 87 89 91 93 71 71 84 86 87 89 92 Lumber, Products 68.7 70.0 68.0 68.3 68.2 71.3 73.3 62.9 63.5 63.3 63.6 60.7 68.3 70.9 Furniture ... 88 91 87 88 88 91 95 76 78 75 76 74 82 87 Lumber, millwork 62 62 61 62 63 64 67 50 50 48 49 49 53 55 63 63 62 62 62 65 66 57 57 58 58 54 62 63 Stone, Clay, Glass Products _ . 80.8 81.7 82.0 82.9 '82.4 84.5 85.5 71.6 71.7 74.6 73.4 '71.1 76.7 78.9 Brick, tile, terra cotta 62 63 61 63 64 64 65 50 50 49 51 52 54 54 Cement .. _. _- _ 73 71 71 72 72 75 75 70 68 69 70 68 73 77 Glass 99 101 104 105 '103 107 109 103 105 112 111 '105 116 120 Marble, granite, slate. 53 52 49 49 48 49 47 41 39 39 36 34 37 37 Pottery 85 86 91 90 87 91 94 74 74 84 76 71 80 85 Textiles, Products.— 103.2 104*. 3 96.0 93.7 94.5 99.8 102.4 88.1 86.5 77.9 75.4 77.7 87.4 92.3 Fabrics _ . 93.0 93.3 87.0 85.7 88.0 90.4 92.6 80.2 81.0 73.9 72.5 76.4 80.9 84.7 Carpets, rugs . 76 78 76 70 71 71 76 64 68 60 55 54 59 66 Cotton goods 87 89 89 87 88 89 91 75 79 78 75 78 80 85 Cotton small wares _ 81 84 76 74 74 77 78 76 82 68 67 69 73 77 Dyeing, finishing textiles 122 125 123 116 116 122 125 103 108 99 93 95 102 107 Hats, fur-felt 94 90 66 71 83 87 86 84 74 46 58 78 83 77 Hosiery 152 150 134 130 131 136 138 162 156 134 128 130 144 146 Knitted outerwear . . 78 79 62 63 66 70 73 64 62 50 51 54 60 64 Knitted underwear 77 78 74 73 72 73 74 68 67 65 64 63 66 68 Knitted cloth 140 143 127 128 136 148 153 117 121 104 107 117 129 137 Silk, rayon goods 72 73 62 60 61 63 64 55 56 49 46 47 51 51 Woolen, worsted goods 86 82 72 76 83 87 89 72 68 60 65 74 78 82 Wearing apparel _ 122.1 124.8 112.1 107.8 104.9 116.8 120.4 98.3 92.1 81.0 76.6 75.6 94.8 101.7 Clothing, men's _ . 110 111 95 99 103 108 108 86 80 65 71 77 82 82 Clothing, women's 174 179 163 148 137 164 171 133 118 112 95 89 129 140 Corsets, allied garments 114 116 114 112 103 110 112 112 120 117 109 100 108 122 Men's furnishings 131 133 115 110 110 117 121 120 121 96 95 98 114 119 Millinery 78 89 75 66 55 73 87 67 81 54 47 37 65 94 Shirts, collars 120 123 121 115 111 117 121 103 102 101 92 88 102 107 ' Revised. 1 Comparable data not available. Revised figures from January 1938 to date will be published in the BULLETIN as soon as possible. 1218 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 through1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1939 1940 1939 1940 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. Leather, Manufactures 100.7 97.8 86.8 86.8 91.6 92.0 90.5 84.6 76.6 63.6 67.0 76.4 77.1 74.2 Boots, shoes 100 97 85 85 91 91 89 83 72 58 63 75 75 72 Leather 86 87 81 80 80 80 80 83 84 77 76 76 77 77 Food, Products.. __ 147.0 150.7 121.7 129.7 135.5 146.0 147.7 135.1 139.7 121.5 129.0 131.4 139.2 138.4 Baking 147 148 145 147 147 147 147 135 139 138 141 142 140 141 Beverages _ __ _ _ _ _ 295 287 279 302 300 299 283 350 336 331 376 353 357 331 Butter 103 99 100 105 105 103 100 87 84 85 91 90 89 88 Canning, preserving _ 289 304 100 141 180 265 270 251 264 90 117 147 251 230 Confectionery _ _ _ 79 91 76 75 74 80 96 77 92 75 72 69 77 98 Flour 80 84 79 78 80 80 81 77 94 73 72 76 76 82 Ice cream 89 82 84 92 92 91 81 74 69 70 78 78 78 70 Slaughtering, meat packing 100 101 106 108 111 107 108 106 108 110 115 118 112 113 Sugar, beet 88 121 47 53 58 89 102 86 117 49 54 56 88 115 Sugar refining, cane 99 91 95 98 101 98 96 81 86 80 89 91 85 82 Tobacco Manufactures 66.6 66.4 62.2 64.9 62.4 64.4 65.8 62 7 62.9 60.7 66.9 62.3 62.3 65.8 Tobacco, snuff 61 61 59 58 56 55 56 67 67 67 67 67 65 67 Cigars, cigarettes 67 67 63 66 63 66 67 62 62 60 67 62 62 66 Paper, Printing 110.9 113.2 115.0 114.5 114.7 115 2 115.3 103 7 109.3 113.1 '112. 3 111.2 110.9 113.1 Boxes, paper 114 119 114 115 116 118 120 125 133 125 127 '128 131 134 Paper, pulp 107 109 115 116 117 117 117 108 113 124 126 126 125 124 Book, job printing___ 98 98 99 97 99 100 99 83 86 88 85 87 86 88 Newspaper, periodical printing — 112 116 117 116 114 114 116 102 110 112 '111 106 106 111 Chemicals, Petroleum, and Coal Products 109.2 118.0 '120. 6 '119.0 '118. 5 119.4 122.6 119.0 124.6 '133.5 133.2 '133.4 134.8 138.2 Petroleum refining 123 123 122 123 123 123 123 136 135 137 137 137 137 140 Other than petroleum _ 105.9 116.7 '120.4 '118.0 '117. 4 118.6 122.6 113.8 121.5 '132. 5 '132.0 '132. 4 134.0 137.8 Chemicals 119 124 136 138 140 142 143 136 140 162 165 169 171 172 Cottonseed oil, cake, meal 57 120 '64 '45 52 79 48 100 '57 '46 '46 49 75 Druggists' preparations 110 114 118 116 114 115 118 121 124 129 126 125 127 132 Explosives. _ 93 100 118 126 133 140 148 109 114 141 154 167 172 175 Fertilizers 74 98 129 89 80 81 97 63 86 118 78 70 71 86 Paints, varnishes 122 122 126 126 125 124 126 126 128 136 136 132 132 135 Rayon, allied products— 255 300 304 306 307 308 312 247 286 311 314 315 318 324 Soap. _ 86 89 81 82 81 84 82 102 107 98 100 100 102 107 Rubber Products 82.6 86.0 83 8 83 4 83.5 85.8 89.7 86 3 91.0 87.2 86.4 85.2 87.8 96.0 Rubber boots, shoes. _ 59 60 54 55 54 55 57 58 62 54 56 51 57 60 Rubber tires, inner tubes 68 70 69 69 69 71 72 79 83 80 78 77 76 85 Rubber goods, other 133 142 140 138 138 143 153 127 135 132 133 132 142 153 ' Revised. NOTE.—Figures for September 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 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. Total 36.7 38.0 37.2 37.2 37.5 37.3 38.4 63.7 63.4 66.5 66.9 67.2 66.7 66.7 Durable goods 36.2 38.4 C38.2 38.2 38.7 37.9 39.8 70.2 69.9 72.9 73.0 73.2 72.7 72.8 Iron, Steel, Products 34.2 37 0 36 0 36 6 37 6 37 2 38 8 75 9 75 7 76 4 76.7 77 4 77.7 77.7 Machinery __ _ 38.0 39.0 40.5 40.5 40.8 40.5 41.2 72.4 72.1 73.9 74.1 74.3 74.4 74.5 Transportation Equipment— ___ 35.1 38.1 38.3 36.7 38.1 36.2 39.9 88.6 88.8 90.2 90.2 90.5 89.1 89.7 Nonferrous Metals, Products 37.4 39.0 38.6 38.8 39.0 38.6 40.1 67.2 66.8 70.0 70.1 70.2 70.1 70.3 Lumber, Products—. 36.9 39.6 38.4 38.7 38.5 37.0 40.1 49.8 50.2 51.8 52.1 52.3 51.9 51.7 Stone, Clay, Glass Products 35.1 37.7 36.5 37.1 36.3 35.5 37.0 64.6 64.6 66.4 66.4 66.4 66.5 66.8 Nondurable goods. 37.1 37.8 36.2 36.3 36.4 36.7 37.2 58.7 58.5 60.9 61.5 61.7 61.5 61.3 Textiles, Products 35.2 36.1 34.2 33.7 33.5 33.8 34.9 47.2 48.3 49.5 49.6 49.6 50.2 51.2 Fabrics 35.9 36.7 34.5 34.3 34.1 34.8 35.7 46.0 46.0 48.2 48.4 48.4 48.6 48.6 Wearing apparel 33.6 35.0 33.6 32.7 32.5 31.9 33.5 49.6 52.3 51.9 51.8 51.8 53.4 55.8 Leather, Manufactures _ 37.8 37.7 32.5 30.9 33.2 35.9 35.8 52.2 52.6 54.3 55.5 55. 3 55.3 55.4 Food, Products- 39.9 40.5 39.4 40.1 40. 1 39.9 40.4 61.3 59.6 64.3 64.7 64.1 '62. 5 61.5 Tobacco Manufactures _ 37.0 36.9 34.7 36.4 38.1 36.8 36.1 47.6 47.2 49.3 49.7 50.5 '50.2 49.2 Paper, Printing 37.5 38.1 38.1 38.8 38.5 38.4 38.2 77.2 76.8 79.3 79.4 79.7 79.1 78.9 Chemicals, Petroleum, and Coal Products 37.8 38.4 38.5 38.8 38.5 38.5 38.7 76.6 76.6 74.2 76.0 77.7 78.3 77.8 Petroleum refining _ 34.7 35.8 36.5 36.2 35.7 35.3 35.8 98.5 97.5 97.4 97.5 98.3 98.6 97.7 Other than petroleum refining. 39.1 39.5 39.2 39.7 39.6 39.7 39.8 67.8 68.0 66.5 68.6 70.2 '70.9 70.7 Rubber Products _ _ 36.5 37.0 36.0 36.4 36.4 35.7 36.3 77.2 77.0 77.9 77.8 78.0 78.5 77.9 c Corrected. ' Revised. NOVEMBER 1940 1219 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 Educational i 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.__ 299.9 398.7 109.3 140.4 17.4 49.5 22.9 38.9 19.4 16.5 28.7 34.1 102.1 119.3 August 312.3 414.9 127.2 153.0 10.4 39.6 21.1 28.6 13.8 14.4 24.6 36.6 115.3 142.8 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 29.2 105.5 354.1 88.7 15.3 17.4 7.7 17.4 207.7 Year 3, 550. 5 1,334. 3 174.8 246.9 201.4 342.5 1, 250. 6 Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dcdge Corporation. Value of contracts in millions of dollars.] Total Publicly-financed * Month 1935 1936 1937 1938 1939 1940 1935 1936 January 100 215 243 192 252 196 55 149 February 75 140 188 119 220 201 38 79 March 123 199 231 227 301 272 68 96 April 124 235 270 222 330 301 53 105 May 127 216 244 283 308 329 47 94 June 148 233 318 251 288 325 64 116 July 159 295 322 240 300 399 67 153 August _- 169 275 281 313 312 415 92 153 September. 167 234 207 301 323 348 97 116 October 201 226 202 358 262 114 101 November 188 208 198 302 300 118 December 264 200 209 389 354 196 Year 1,845 2,675 2,913 3,197 3,551 1,007 00 00 ocot Privately-financed i 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 112 118 148 93 45 66 130 75 104 104 69 51 111 82 37 62 119 68 109 119 66 95 128 95 55 103 165 132 173 177 74 99 160 103 71 130 195 123 170 197 93 144 135 112 80 122 151 139 174 217 137 108 128 147 84 116 180 143 161 177 131 98 137 205 93 141 191 142 163 194 104 171 158 195 76 122 178 142 154 220 80 160 144 144 70 119 127 141 179 204 78 203 92 87 125 124 154 170 93 179 144 70 119 106 123 156 115 279 225 68 117 94 110 129 1,334 1,152 1,705 1,708 837 1,341 1,761 1,492 1,842 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1940 1939 Number Liabilities Federal Reserve district Sept. Aug. Sept. Federal Reserve 1940 1939 1940 1939 district Boston 26, 700 23, 711 21,288 Sept. Aug. Sept. Sept. Aug. Sept. New York 53,900 55, 220 58,465 Philadelphia 23,934 17,951 18, 907 Cleveland 34, 643 35, 685 34, 232 Boston 44 77 71 630 1,082 1,204 Richmond 34,192 47,363 32,058 New York 321 408 385 3,918 4,258 3,484 Atlanta 31,323 97, 509 27,982 Philadelphia 75 62 74 701 680 1,096 Chicago 69,156 62,485 65, 709 Cleveland 36 46 49 1,049 684 781 St. Louis _ 25,467 25,170 19,989 Richmond 37 42 36 348 713 386 Minneapolis. 12,028 12,195 8, 923 Atlanta 43 53 45 488 424 336 Kansas City 13, 744 11,410 11,191 Chicago 145 177 154 1,337 2,379 1,292 Dallas 22, 564 26, 242 24, 483 St. Louis 36 42 26 665 638 301 M inneapolis 20 18 22 240 219 105 Total (11 districts) 347, 651 414,941 323, 227 D K a a l n l s a a s s City ._ 4 2 9 3 3 5 4 2 6 2 0 2 2 15 5 9 5 3 2 8 3 4 9 3 2 0 5 0 9 San Francisco 147 117 99 1,607 1,297 1,001 Total 976 1,128 1,043 11, 397 12,997 10,545 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. 1220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports * Month / 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 January 199 223 289 213 370 187 240 171 178 242 February 182 233 262 219 347 193 278 163 158 200 March 195 257 275 268 351 199 307 173 190 217 April 193 269 274 231 324 203 287 160 186 212 May 201 290 257 249 325 192 285 148 202 211 June 186 265 233 236 350 191 286 146 179 July . 180 268 228 230 317 195 265 141 169 August 179 277 231 250 350 193 246 166 176 September . . . 221 297 246 289 P295 216 233 168 182 October 265 333 278 332 213 224 178 215 November 226 315 252 292 196 223 176 235 December _ _. 230 323 269 368 245 209 171 247 Year 2,456 3,349 3,094 3,177 2,423 3,084 1,960 2,318 g gg Excess of exports 1936 1937 1938 1939 1940 11 -18 118 35 128 —11 -45 99 61 147 -4 -51 102 77 135 -10 -18 115 45 112 9 5 109 47 114 -5 -21 87 57 139 -15 3 87 61 85 —14 31 65 74 129 P195 5 63 79 107 P100 52 108 100 117 30 92 76 57 -15 115 98 121 33 265 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 DEPARTMENT STORE SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1939 1940 Sales i Sept. May June July Aug. Sept. Adjusted Month for seasonal variation Adjusted for seasonal variation 1939 1940 Total 77 72 75 75 76 77 Coal 85 78 81 83 85 80 Coke _ . 82 73 91 105 108 99 January 88 92 Grain and grain products.. 88 74 74 80 74 79 February 87 89 Livestock _ 45 38 38 35 38 42 March 88 S9 Forest products 45 45 45 46 49 51 Ore. 85 96 100 96 96 106 April 88 89 Miscellaneous 82 77 82 80 82 84 May 85 87 Merchandise * 63 60 60 61 61 61 June 86 July _ 86 Without, seasonal adjustment August 89 September _ 91 Total 85 71 75 77 78 86 October 90 Coal 89 67 69 70 75 83 November. _ _ 95 Coke 78 70 85 89 88 94 December 96 Grain and grain products. __ 99 66 73 110 89 89 Livestock 57 34 31 31 38 54 Year Forest products 49 47 48 46 51 56 Ore 149 134 170 182 178 185 Miscellaneous 92 80 85 82 83 94 Merchandise 1 65 60 60 60 61 64 1 In less-than-carload lots. NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. OC OCO- Stocks (end of month) Without Adjusted Without seasonal for seasonal seasonal adjustment variation adjustment 1939 1940 1939 1940 1939 1940 69 71 67 68 60 61 69 71 68 71 65 68 82 86 68 70 69 71 88 86 67 69 69 71 87 89 66 68 68 70 83 87 67 67 64 64 60 64 67 68 60 61 69 77 67 69 65 66 99 97 105 68 70 71 72 99 69 77 106 71 82 168 68 64 90 68 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 and April for the effects upon sales of changes in the date of Easter. Back figures.—Department store sales, see BULLETIN for August 1936, p. 631, and for October 1938, p. 918; department store stocks, see BULLETIN for March 1938, p. 232. NOVEMBER 1940 1221 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 Year, month, or week m c t A o o ie m d l s l i - - F p u r a c o r t m d s - Foods Total H p l i r e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts F m li u g a e t h l e t r a in 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 a e m c n d t i d - s* i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99 9 91.6 109.1 90.4 83.0 100.5 95.4 i)4.0 94.3 82.6 1930 _ 86.4 88.3 90.5 85.2 ]00.0 80.3 78.5 92.1 89.9 iW 7 92.7 77.7 1931 . 73.0 64 8 74 6 75.0 86.1 66.3 67.5 84.5 79.2 ro. 3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 »ra 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 r5.3 81.5 69.7 1935 . 80 0 78 8 83 7 77 9 89.6 70.9 73.5 86.4 85.3 »•r9.o 80.6 68.3 1936 80.8 80.9 82 1 79.6 95.4 71.5 76.2 87.0 86.7 !* 7 81.7 70.5 1937.. . 86 3 86 4 85 5 85 3 ]04.6 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.o 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—August 75.0 61.0 67.2 80.1 92.7 67.8 72.6 93.2 89.6 H ?, 85.6 73.3 September 79.1 68 7 75 1 82.1 98.5 71.7 72.8 94.8 90.9 re. 6 86.6 76.6 October 79.4 67.1 73.3 83.8 ]04.6 75.5 73.9 95.8 92.8 r7 6 87.8 77.8 November 79.2 67.3 72.3 84.0 ]04.0 76.4 74.1 96.0 93.0 T7.A 88.4 77.0 December 79.2 67.6 71.9 83.9 ]L03.7 78.0 72.8 96.0 93.0 17 7 88.5 77.4 1940—January 79.4 69.1 71.7 83.9 ]103.6 77.9 72.7 95.8 93.4 17 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 re. 8 88.4 77.7 May.. . 78.4 67 9 71 4 82.5 L01.3 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 r« 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 August 77 4 65 6 70 1 82 0 96.9 72.3 71.1 94.9 93.5 76.7 88.5 76.7 September 78.0 66 2 71 5 82.3 98.3 72.5 71.0 95.4 94.6 76 8 88.5 76.5 Week ending— 1940—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 71.7 71.7 94.9 93.4 76 4 90.0 76.4 August 31 77.7 66.7 71.4 82.2 97.1 71.7 71.7 95.0 93.5 76.5 90.0 76.2 September 7 78 0 67 6 71 6 82 3 97.8 71.8 71.8 95.0 94.2 76 8 90.0 76.4 September 14 _. 77.9 66.8 71.3 82.5 98.6 71.9 71.8 95.3 94.4 76 8 90.0 76.3 September 21 77 7 65 7 71 1 82 5 99.0 72.0 71.9 95.3 94.2 76 8 90.0 76.3 September 28 _ 77.7 65.7 70.8 82.6 99.3 72.1 71.8 95.7 94.7 76 7 90.0 76.1 October 5 77 8 65 5 70 7 82 9 99.9 72.5 72.3 95.8 95.1 76.8 90.1 76.4 October 12 78.1 66.1 71.0 83.1 LOO. 3 72.6 72.3 96.4 95.1 76 8 90.0 76.4 October 19 78.4 66.7 71.0 83.5 100.7 73.5 72.3 97.4 95.0 76.9 90.0 76.8 October 26 78.6 67.0 70.8 83.7 101.9 73.6 72.2 97.4 95.6 77.0 90.0 77.0 1939 1940 1939 1940 Subgroups Subgroups Sept. June July Aug. Sept Sept. June July Aug. Sept. Farm Products: Metals and Metal Products: Grains 65 1 64 4 60 8 59.3 61.7 Agricultural implements 93.5 92.5 92.4 92.3 92.4 Livestock and poultry 76.3 64.7 69.8 71.5 72.4 Farm machinery 94.7 93.6 93.5 93.5 93.7 Other farm products 64 6 67 0 65 6 63.3 63.2 Iron and steel 95.5 94 3 94.6 94.8 94.9 Foods: Motor vehicles 92.1 94.8 95.6 95.6 96.1 Dairy products 74.5 72.2 73.7 74.3 75.1 Nonferrous metals 84.7 81 2 80.8 79.1 80.7 Cereal products 78 8 77 4 76 2 75.1 76.0 Plumbing and heating 79.3 80.5 80.5 80.5 80.5 Fruits and vegetables 62.8 73.9 69.0 63.2 60.8 Building Materials: Meats .. . 81.0 70 7^ 72 9 76.1 79.0 Brick and tile _— 91.0 90 2 90.1 90.1 90.2 Other foods 71 7 61 3 61 3 60 4 62.6 COTTlGTlt. 91.3 90.6 90.6 90.6 90.6 Hides and Leather Products: LLunber 93.7 96.0 96.7 100.3 104.6 Shoes 101 8 107 9 107 0 107.0 107.0 Paint and naint materials 84.7 85 ?, 84.6 84.2 84.1 Hides and skins ... 97.4 81.9 84.6 77.1 84.0 Plumbing and heating 79.3 80.5 80.5 80.5 80.5 Leather 92.0 92.4 91.4 88.3 88.9 Structural steel L07.3 107 3 107.3 107.3 107.3 Other leather products 97.1 100.0 99.7 99.7 99.7 Other building materials 90.3 93 0 93.6 93.4 93.5 Textile Products: Chemicals and Allied Products:* Clothing _ . 81.7 85.3 85.3 85.6 85.6 Chemicals * _ 84.5 85 1 84.9 84.8 84.8 Cotton goods. _ 70.4 68.4 68.8 68.6 69.2 Drugs and Pharmaceuticals l 78.4 82.2 95.9 96.2 96.0 Hosiery and underwear 62 8 61 6 61 5 61.5 61.4 Fertilizer materials l 67.2 67 4 67.3 68.0 68.1 Silk» .. 49 7 46 1 43 3 43.0 42.8 Mixed fertilizers i _ 72.4 72 8 72.8 74.2 74.2 Rayon * . 2§.O 29.5 29.5 29.5 29.5 Oils and fats i 54.2 45.1 43.0 39.1 39.9 Woolen and worsted goods . 84.0 83.7 83.9 83 7 84.2 Housefurnishing Goods: Other textile products 69 8 74.0 73 0 71.9 71.6 Furnishings. _ __ 91.7 94 9 94.8 94.8 94.8 Fuel and Lighting Material: Ftirniture 81.3 81.7 81.8 81.8 81.8 Anthracite 72 5 77.1 78 1 79.0 79.6 Miscel laneous: Bituminous coal 96.7 95.7 95.8 96.2 96.8 Auto tires and tubes.. 60.5 58.2 58.8 58.8 58.8 Coke 104 2 109 6 109 6 109. 6 109.6 Cattle feed _ . 93.4 80 0 83.2 74.5 75.9 Electricity 77 5 74 2 Paper and pulp 81.8 91 7 93.5 93.5 93.2 Gas 87 2 87 4 88 2 84 5 Rubber, crudft 47.7 46.3 44.2 41.0 39.8 Petroleum products.. 53.3 50.0 49.5 49.2 48.9 Other miscellaneous 82.8 83.7 83.5 82.8 82.6 i Revised series. • New series. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 1222 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 Sept. Oct. Oct. Oct. Oct. page July Aug. Sept, 25 2 16 23 WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1928-25=100 CURRENCY Wholesale commodity prices:4 Rese B r i v l e ls B d a is n c k o u c n re te d d it . — total _ . 0 2. ) 47 2. . 4 1 8 2. . 4 1 5 2 0 . ) 48 2. 0 3 ) 9 Unit A F e a l d l r m S co t a m p t r e m o s d : o u d c it t i s e s 31, 3 3 1 2 7 66 7 . . 5 7 7 65 7 . . 6 4 7 6 8 6 . . 0 2 U. S. Gov't. securities __ 2.43 2.42 2.40 2.38 2.35 Foods.. 31 70.3 70.1 71.5 Gold stock 21.17 21.27 21.35 21.37 21.43 Other commodities 31 82.3 82.0 82.3 Money in circulation 8.09 8.17 8.20 8.23 8.24 England... _ 32 112.7 113.0 Pin. 8 Treasury cash 2.30 2.29 2.29 2.27 2.23 France 32 Treasury deposits .79 .68 .58 .46 .38 Germany 32 82.4 82.4 82.2 E M R x e e c q m e u s b i s r e e r r d e s b r e a e r n s v k e e r J s v b — e a s l t a e o n . t _ c a - e l2 s • 3 6 6 7 1 6 7 3 . . . 6 0 7 4 6 0 P 1 6 7 3 . . . 0 7 8 8 0 0 P 1 6 7 3 . . . 1 8 9 1 0 3 P 1 6 7 4 . . . 1 8 0 5 7 2 1 7 4. . 1 2 5 1 Indu N D st o u r n r i a a d l b u l p r e a r o m b d l a e u n m c u t f a io a n n c u t 6 f u _ a r . c e t s u 8 r es6 3 3 3 5 7 7 »- 5 52 0 1 . 2 . 0 1 6 5 51 2 12 . . 0 5 1 P P P 5 5 1 5 2 2 . . 5 2 3 N R C C e h e o s w i u c e n a r Y v t g r e o o y r 2 c k b i t a y C n k i b t s a y n 2 * • k s 2 _ 7 7 7 7 3 1 . . . . 8 3 8 6 2 5 5 2 3 P 1 . . . . 8 3 6 9 3 5 1 0 3 P 1 . . . . 8 4 6 9 6 0 1 3 3 P 1 . . . . 4 8 6 9 4 8 3 2 F F Fr a a e c c i t t M g o o h r r i y t y n - c e p e a r m a a r y l p l s r o l o « o a l d y ls i m ng e s n 5 t — _ _ 4 4 4 3 5 3 3 7 9 9 1 9 6 8 7 . . . 5 2 5 5 1 1 0 1 0 3 7 3 7 . . . 6 8 3 6 P P P 1 1 0 1 0 9 7 7 . 7 . . 5 2 7 4 Department store sales 5__ 47 91 99 99 WEEKLY REPORTING Department store stocks 5 47 70 MEMBER BANKS Total, 101 cities: In millions of dollars Loans and investments. 14 24.17 24.33 24.33 24.40 24.49 Investments .__. 14 15.48 15.54 15.53 15.53 15.60 Construction contracts awarded:7 Loans 14 8.69 8.79 8.80 8.88 Total. 41 347 371 Ad d j e u p s o te s d it s demand 15 21.08 21.15 21.24 21.32 21.64 R O e th si e d r ential 4 4 1 1 2 1 0 4 6 1 2 1 2 5 1 0 P P 2 15 1 7 7 Time deposits 15 5.35 5.36 5.35 5.35 5.36 Exports and imports: U. S. Gov't. deposits _>. 15 .53 .53 .53 .53 .53 Exports (incl. re-exports) ___ 49 317 350 P295 Domestic bank balances 15 8.54 8.73 8.72 8.96 8.77 General imports 49 232 221 P195 Foreign bank balances.. 15 .69 .68 .69 .68 Excess of exports 49 85 129 PIOO New York City: Income payments: U. S. Gov't. obligations. 16 5.31 5.37 5.33 5.35 5.37 Total6 50 6,107 6,189 P6, 258 Other securities... _ 16 1.45 1.45 1.43 1.38 1.39 Total unadjusted 50 '6,103 5,787 P6,446 Commercial loans 16 1.75 1.77 1.78 1.80 1.82 Salaries and wages6 50 '3,870 3,940 P3, 988 Brokers' loans 16 .30 .32 .29 .31 .30 Other 5 60 *-2,237 2,249 P2, 270 100 cities outside New York: Cash farm income: U. S. Gov't. obligations. 17 6.47 6.49 6.53 6.54 6.56 TotaH 51 708 749 P894 Other securities 17 2.24 2.24 2.24 2.26 2.27 Crops8 51 266 304 P420 Commercial loans.. 17 2.82 2.86 2.89 2.92 2.93 Livestock and products 8_. 51 407 403 P419 Government payments 51 35 42 MONEY RATES AND SECURITY Averages of daily figures9; per cent MARKETS per annum OTHER In billions of dollars F. R. Bank discount rate, N. Y 19 1.00 1.00 1.00 1.00 1.00 'entral gold reserves: C ommercial paper 19 .56 .56 .56 .56 .56 United States 8 20.46 20.91 21.24 U U B U . . a . n S S S k . . . e T T T r r r r s e e e ' a a a a s s s c u u u c r r r e y y y p t b n b a o o n il t n c l e e d s s s s . ... 21, 2 2 1 2 1 1 9 5 2. . . . 1 0 4 4 5 4 5 4 2. . . . 1 4 0 4 4 5 4 4 2. . . . 0 4 0 4 9 5 2 4 2. . . . 0 4 0 4 9 3 2 4 2 . . . .0 0 4 4 2 1 4 9 U. N S F E . r n e a t g G n h l c e a o e r n v l d ' a t. n d i s n terest-bearing 8 8 8 P 0 2 . ) . 6 0 3 0 P 0 2 . ) . 6 0 2 0 P P 2 . .0 6 0 2 Corporate Aaa bonds 25 2.81 2.79 2.79 2.78 2.78 debt—total 20 43.19 43.32 43.48 Corporate Baa bonds 25 4.62 4.59 4.57 4.56 4.54 Bonds 20 30.27 30.32 30.36 Notes 20 6.38 6.38 6.38 Wednesday figures; in unit indicated Bills 20 1.30 1.30 1.30 Stock prices, total4. 27, 29 82 82 80 81 Special issues 20 5.23 5.31 5.44 Industrial 27 96 96 93 94 Railroad 27 27 28 27 27 Jan.- Apr.- July- Volu P m u e b li o c f u t t i r l a i d ty in .. g .. 2 (mill, 27 81 80 79 80 QUARTERLY FIGURES" M 19 a 4 r 0 . J 1 u 9 n 40 e S 1 e 9 p 4 t 0 . shares) 29 .65 .64 .43 .57 .59 Brokers' loans (mill, dollars) 29 415 446 409 437 420 In millions of dollars BUSINESS CONDITIONS Figures for week3; in unit indicated Domestic corporation security Wholesale commodity prices:4 iss N u e e w s, total.. _ 2 2 8 8 5 11 6 1 3 5 1 3 5 0 3 5 1 8 8 1 1 All commodities 33 77.7 77.8 78.1 78.4 78.6 Refunding __ 28 452 377 400 Farm products 33 65.7 65.5 66.1 66.7 67.0 Foods 33 70.8 70.7 71.0 71.0 70.8 Other commodities 33 82.6 82.9 83.1 83.5 83.7 Per cent per annum Steel plant operations (per cent of capacity) 38 92.5 92.6 94.2 94.4 94.9 Customers' rates: Automobile production New York City.. 23 2.03 2.00 2.14 (thous. cars)._ 38 96.0 105.2 108.5 114.7 117.1 7 other Northern and Electric power production Eastern cities 23 2.67 2.49 2.56 (mill. kw. hrs.) 39 2,670 2,641 2,665 2,687 2,711 11 Southern and Western Total freight-car loadings cities 23 3.35 3.38 3.43 (thous. cars) 39 822.4 806.0 811.9 813.9 837.7 p Preliminary. • Estimated, 6 Points in total index of industrial production. i * L A e v s e s r a th g a e n s o $5 f ,0 d 0 a 0 i , l 0 y 0 0 fi . gures, see footnote 3. 7 8 T Se h r r i e e e s - r m ev o i n s t e h d s f m or o v t i h n e g p a e v r e io ra d g e fr o a m dj u J s a te n d u a f r o y r s 1 e 9 a 3 s 6 o n to a l N v o a v ri e a m ti b o e n r . 3 Figures are shown under the Wednesday date included in the weekly 939, inclusive. Back figures may be obtained from the Division * p In e d ri e o x d . numbers, 1926=100. of 9 R B e a s n e k ar i c n h g a s n t d a ti S st t i a c t s is t f i o c r s . call report dates are shown in table * Adjusted for seasonal variation, 1935-39=100. on following page. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. NOVEMBER 1940 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT 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 28 31 29 30 2 30 26 29 BANK DEPOSITS AND CURRENCY 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 Deposits at all banks in U. S: 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 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 Currency outside banks 10 5.69 5.50 5.47 5.50 5.83 5.68 6.05 P6.23 P6.50 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 Time 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 Investments, total 11 17 79 17.98 17 78 18 69 18.86 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 5.52 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.i3 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 1a3.94 13.97 Security loans, total1 * 12 3.70 3.54 3.32 3.30 2 1.75 1.57 1.47 1.49 1.12 Brokers' loans 13 95 .88 70 .71 .97 .84 .73 (6) .79 5 .45 Loans on securities (excluding brokers' (5) loans) 2 13 2 75 2.67 2.61 2.59 2.78 .73 .74 .70 (6) .67 Real estate loans 12, 13 2.55 2.56 2.61 2.66 2.72 2.75 2.83 (5) 2.96 () 3.07 Othe C O r o p l m e o n a m n m s e , r a c t r o i k a t e l a t l l o p 1 a a n * p s e 2 r _ _ 1 1 1 2 3 3 7 7 . . 6 0 7 4 0 1 6 7 . . . 6 7 4 1 5 5 6 7 . . 4 4 0 0 9 1 6 6 . . . 3 9 4 6 7 8 2 2 5 8 . . . 4 4 7 4 5 4 8 5 . . . 7 4 5 3 2 3 8 5 . . . 8 4 5 5 2 7 ( (5 6) 9 6 . . . 1 4 5 2 5 1 « ( 6 ) 9 6 . . . 7 2 45 9 7 Loans to banks 13 .07 .10 .12 .13 .12 .10 .06 .06 .04 All other loans 8 3 2.73 2.67 2.80 (6 2.89 3.02 p Preliminary. »In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. * Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 3 Not originally plotted in chart book. * Partly estimated. 6 Detailed breakdown of loans and investments now available on June and December dates only. OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October 1, 1940] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc - Estimate tion Oct. 1, tion Oct. 1, tion Oct. 1, tion Oct. 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,827 7,648 84 80 New York 28, 310 25,993 7,058 7,956 108 92 Philadelphia 51, 372 48, 626 17, 263 16, 652 150 173 Cleveland 212,109 148,971 42,034 47, 857 115 141 Richmond 1,341 1,617 141, 280 131,818 24, 270 26,235 Atlanta 2,354 2,493 141, 510 174,414 5,506 6,438 Chicago . -_ 1,132, 703 915,150 56, 639 61,135 2,044 2,260 St. Louis 1 3,429 2 3,345 342,860 309, 337 57,927 62, 392 97 83 Minneapolis 285,022 255,400 25, 846 25,149 157,053 194,785 Kansas City 437 635 182,105 219,307 226,488 203,878 4,514 6,679 Dallas 3,631 3,997 87,166 108,478 28, 703 26, 999 75 97 San Francisco 625 654 6,873 7,043 71, 697 71,148 27, 300 32,103 Total 11,817 12, 741 2, 619,137 2, 352,185 563, 431 555, 839 191, 540 236,493 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Oct. 1, tion Oct. 1, tion Oct. 1, tion Oct. 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7,189 7,190 3,364 3,497 34,764 31, 645 47,632 55,304 New York . 26, 957 27, 957 4,428 5,795 2,276 2,259 30,853 32,412 Philadelphia 16,503 19,102 1,944 2,373 35, 967 38,146 21, 638 25,021 Cleveland 43, 759 54,881 5,094 5,932 126, 363 102, 864 20, 229 19,816 Richmond 21,103 20, 796 3,708 4,022 1,121, 254 644,936 23,205 28,028 Atlanta... 14, 594 15, 256 3,172 3,148 205,900 173, 824 14,664 15,148 Chicago 359, 529 525,077 17,426 20, 472 32, 608 35, 254 46, 211 43, 522 St. Louis . . 46,847 61,011 7,643 7,898 282, 074 232, 727 12,048 13,471 Minneapolis 257,914 295,420 10,182 10, 670 2,724 3,077 44, 752 51, 543 Kansas City 76, 924 124,017 5,902 6,936 4,724 4,180 31,219 31, 322 Dallas 31,319 37, 658 1,430 1,686 3,349 3,763 San Francisco 34, 577 29,908 11,433 12,075 68, 216 69, 741 Total 937, 215 1, 218, 273 75, 726 84, 504 1, 848, 654 1, 268, 912 364,016 389,091 1Includes 20,000 bales grown in miscellaneous territory. * Includes 18,000 bales grown in miscellaneous territory. 1224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, JUNE 29, 1940 AND DECEMBER 30, 1939 [Amounts in thousands of dollars] June 29, 1940 December 30, 1939 National State Banks National State Banks banks banks not banks banks not All banks members members members All banks members members members Federal Federal Federal Federal Federal Federal Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks _. 13,480 5,164 1,234 7,082 13,535 5,187 1,175 7,173 Assets Loans, discounts, and overdrafts (including rediscounts) 17,014, 372 9,156, 258 4,812, 512 3,045,602 16,866,021 9,021, 748 4,940,072 2,904, 201 United States Government obligations, direct and fully guaranteed 15, 900,885 9,094,306 5,627, 299 1,179, 280 15, 567,480 9,057,640 5,270,515 1, 239,325 Other bonds, stocks and securities 6, 920,404 3, 787,485 1,973,147 1,159, 772 6, 860, 359 3, 730,947 1,919, 586 1, 209, 826 Total loans and securities 39, 835, 661 -22, 038,049 12,412,958 5, 384, 654 39, 293, 860 21, 810,335 12,130,173 5, 353, 352 Customers' liability on account of acceptances 81,104 42, 337 36,854 1,913 109,891 55,843 51,700 2,348 Total bank premises, furniture and fixtures, and other real estate 1, 588,028 780, 533 507, 717 299, 778 1, 656, 699 795,885 546,871 313, 943 Reserve with Federal Reserve Banks 13, 750, 656 7,837,068 5,913, 588 11,603,504 6,493, 792 5,109, 712 Coin and currency 983,888 575,329 213,362 195,197 1,067,155 611,339 229,876 225,940 Balances with other banks 7, 556, 291 4,464, 736 1,302, 243 1,789,312 7, 343,873 4,231,075 1, 299,090 1,813, 708 Cash items in process of collection 1, 573,048 979,872 543,198 49,978 1,861,058 1,153, 289 654,081 53, 688 Income accrued but not yet collected 109, 398 58, 511 43, 930 6,957 107, 291 57,872 42, 287 7,132 Prepaid expenses ._ 11, 289 5,432 3,948 1,909 11,620 5,712 4,599 1,309 Other assets 99,817 34,440 52, 241 13,136 91, 575 42,232 35,186 14,157 Total assets 65, 589,180 36,816,307 21,030,039 7, 742,834 63,146,526 35, 257, 374 20,103, 575 7, 785, 577 Liabilities Demand deposits of individuals, partnerships, or corporations 28, 899,054 15, 957,445 10,439,155 2, 502,454 27,196,842 14,921,445 9, 682, 537 2,592,860 Time deposits of individuals, partnerships, or corporations. 14, 779, 568 7,848,881 3,610,100 3, 320, 587 14,471,056 7,693, 612 3, 521,497 3, 255,947 Public funds of states and political subdivisions 3, 601,093 2, 264, 461 674,381 662, 251 3, 413,160 2,076,768 676, 739 659, 653 U. S. Gov't. and postal savings deposits ... 829, 606 559, 529 209, 927 60,150 859,402 584,827 209,069 65, 506 Deposits of other banks; cash letters of credit: certified officers', and travelers' checks outstanding 10, 316,070 6, 383,398 3, 781, 843 150,829 10,135,889 6, 282, 298 3, 691, 360 162, 231 Bills payable, rediscounts, and other liabilities for borrowing money 13, 844 2,910 513 10,421 13, 609 2,882 359 10, 368 Acceptances executed by or for account of reporting banks and outstanding 96,114 50,639 43, 556 1,919 126,107 64,173 59, 582 2,352 Dividends declared but not yet payable 38,019 22,633 13,645 1,741 40,731 23,668 14,300 2,763 Income collected but not yet earned 76,194 41,362 19, 741 15,091 69, 859 37, 694 18, 616 13, 549 Expenses accrued and unpaid 91, 075 49, 675 32,462 8,938 76, 562 40,948 27, 742 7,872 Other liabilities 242,044 166,918 65,420 9,706 218,939 131,676 77,398 9,865 Total liabilities, excluding capital account 58, 982, 681 33,347,851 18,890, 743 6,744,087 56, 622,156 31,859,991 17,979,199 6, 782,966 Capital stock, notes, and debentures 2, 892, 233 1, 530, 849 826, 444 534,940 2,914,004 1,529,103 834,126 550,775 Surplus 2, 483, 865 1, 247, 556 959, 752 276, 557 2,442,853 1, 213,857 952, 535 276,461 Undivided profits 836,841 467, 965 243, 330 125, 556 789, 340 445, 206 229, 528 114.606 Reserves for contingencies 332, 995 187, 958 101, 642 43, 395 318,432 176, 960 99, 653 41,819> All other capital accounts 60, 565 34,138 8,128 18,299 59, 741 32,257 8,534 18, 950 Total liabilities, including capital account __ 65,589,180 36,816,307 21,030,039 7, 742,834 63,146, 526 35, 257, 374 20,103, 575 7, 785, 577 NOVEMBER 1940 1225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1228 Gold production 1229 Gold movements 1229-1230 International capital transactions of the United States 1230-1234 Central banks 1235-1238 Money rates in foreign countries 1239 Commercial banks 1239-1240 Foreign exchange rates 1241 Price movements: Wholesale prices 1242 Retail food prices and cost of living 1243 Security prices 1243 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. NOVEMBER 1940 1227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Total i U S n ta i t t e e s d g t A i e n r n a - - g B i e u l m - Brazil I B n i r s d i h i t a - g B a u r l i - a C a a d n a - Chile lo C m o b - ia C v z s a e lo c k - h ia o- m D a e r n k - Egypt France m G a e n r y - Greece 1936—Dec... . 22,716 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec. „ 24,045 12, 760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec. .. 25,544 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec... 25, 776 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 /29 28 1940—Jan 25,983 17,931 466 /609 41 274 24 211 30 23 56 53 55 2,709 /29 28 Feb.... 26, 274 18,177 472 /609 42 274 24 213 30 24 56 53 55 2,709 /29 28 Mar.... 25, 777 18, 433 482 /609 42 274 24 211 30 23 56 53 55 2,000 /29 28 Apr 26,020 18, 770 2 403 /609 44 274 24 212 30 23 56 53 55 2,000 /29 28 May... '26, 269 19, 209 403 /609 45 274 /24 35 30 23 56 53 /55 2,000 /29 28 June '27,137 19, 963 403 4 734 46 274 /24 8 30 22 56 53 /55 /2,000 /29 28 July.... '27, 616 20, 463 403 /734 46 274 /24 8 30 18 56 53 /55 n, 000 /29 28 Aug ••28,043 20,913 c402 /734 /47 /274 /24 8 30 15 56 53 /55 /2,000 /29 28 Sept... .28, 353 P21, 244 P385 /734 /47 /274 /24 /8 /30 15 /56 /53 /55 n, 000 /29 /28 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico e N rl e a t n h d - s Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1936—Dec, 25 25 208 463 60 46 491 23 98 20 75 68 114 203 /718 1937—Dec. 25 25 210 261 79 24 933 23 82 20 83 69 120 189 /718 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 '525 1939—Dec, 24 26 144 164 90 32 692 23 94 20 (5) 69 152 249 /525 1940—Jan, 24 /26 /144 164 90 27 692 23 84 20 69 152 253 /525 Feb.... 24 /26 /144 164 90 23 692 23 84 20 69 153 268 /525 Mar 24 /26 137 164 90 25 692 23 84 19 69 153 272 /525 Apr 24 /26 /137 164 100 27 650 23 /84 20 69 154 279 /525 May... 24 /26 /137 164 100 28 646 23 /84 20 69 155 298 /525 June 24 /26 /137 164 98 31 625 23 /84 19 69 155 302 /525 July 24 /26 /137 164 103 33 627 23 /84 /19 69 156 305 /525 Aug 24 /26 /137 164 '103 30 624 23 /84 /19 /69 /156 308 /525 Sept /24 /26 /137 /164 ao3 25 /624 /23 /84 /19 /69 /156 /308 /525 End of month S d w e e n - e S r w la it n z d - T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. t O c r o i t e u h s n e 6 - r Governmen i t n g p o r l e d v i r o e u se s rv fi e g s u l r e n s ot included United 1936—Dec. 240 657 2,584 59 182 End of United King- France Bel- 1937—Dec 244 650 2,689 52 184 month States dom gium 1938—Dec. 321 701 2,690 52 141 1939—Dec 549 1 /52 148 1940—Jan.. 258 536 /52 137 1936—Dec ... 2 934 93 Feb.. 218 527 /52 147 1937—Dec— 3 1,395 81 Mar. 173 520 /52 149 Apr. 179 515 /52 154 1938—Mar... 1,489 May 189 501 /52 155 June.. """"4" 44" 62 June 199 493 /52 10 154 Sept. 759 July. 173 488 /68 /52 10 '155 Oct. 4 103 Aug. 153 490 /86 /68 /52 10 155 Nov. 130 Sept. /153 /490 /86 /68 /52 /69 no 155 Dec— 80 331 44 1939—Jan. _ 381 Feb. 465 p Preliminary. r Revised. c Corrected. Mar... 154 1,732 559 / Figure carried forward from last previous official report, as indicated by last previous Apr. 455 figure without footnote /, except in the case of Germany, Spain, and Venezuela; last official May.. 477 German report dated June 15, 1939, Spanish figures officially reported on Aug. 1, 1936, and April June._ 85 17 30, 1938, and last Venezuelan report is for end of March 1939. Sept.. 164 1 Totals do not include Government gold reserves shown in separate section at end of table, Dec... 156 17 or other central reserves which are unreported or which are too minor to be included. Among 1940—Mar... 145 unreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlands June.-- 86 17 stabilization funds, and certain German holdings. Totals may include some figures which are preliminary or carried forward from previous report dates (see footnote 0. 1 a O Be n g M inn a i y n g 1 , A 1 p 9 r 4 i 0 l , 1 g 9 o 4 l 0 d , r b e e p lo o n rt g s i n o g n t c o e r B ta a i n n k A o r f g C en a t n in a e d a g o tr ld an r s e f s e e r r r v e e d s t n o o F l o o r n e g i e g r n a E v x ai c l h a a b n le g . e Con- 1 Reported at infrequent intervals or on detrol Board. layed basis: U. S.—Exchange Stabilization Fund 4 Figure reported in special semi-annual statement of National Bank of Belgium; change (Special A/c No. 1); U. K.—Exchange Equalizafrom previous Dec. due largely to inclusion of gold formerly not reported separately. 5 Last official Polish report for July 31, 1939: 84. tion Account; France—Exchange Stabilization «These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Fund and Rentes Fund; Belgium—Treasury. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for csrtain of these 2 Figure for Mar. 1937, first date reported. countries have been carried forward from latest report date (see footnote /). 3 Figure for Sept. 1937. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported 4 First date reported. figures through April 1940 appear on p. 926 in that issue. 1 Correction to BULLETIN for September 1940, pp. 1000 and 1001. Total figures for 1934 should NOTE.—For details regarding special gold read: Jan. (old basis)—12,000.4, Jan. (new basis)—20,312.2, Feb.—20,602.8, Mar.—20,809.7, Apr.— transfers in 1939-40 between the British E. E. A. 20,906.9, May—21,041.2, June—21,247.3, July—21,383.5, Aug.—21,569.0, Sept.—21,611.9, Oct.— and the Bank of England, and between the 21,673.4, Nov.—21,735.6, Dec—21,859.6; and for 1935: Jan.—21,971.5, Feb.—22,119.3, Mar.— 22,198.0, Apr.—21,971.2, May—21,588.1, June—21,796.7, July—21,792.2, Aug.—21,878.8, Sept.— French E. S. F. and the Bank of France, see 22,052.7, Oct.—21,604.4, Nov.—21,519.8, Dec—21,687.6. BULLETIN for September 1940, p. 926. 1228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world produc- Africa North and South America Other Year or month tion U o . u S t . s S id .R e . Total A So fr u ic th a d R e h s o ia - A W fr e ic st a B C e o l n g g ia o n S U t n at i e te s d i Canada 2 Mexico Co b l i o a m- Chile Au li s a tra-!B I r n i d ti i s a h $1=25-8/10 grains of gold 9/10 fine;i. e., an ounce of fine gold=$20.67 1933.. 469,257 1 411,208 227,673 | 13, 335 | 6, 623 | 3,631 | 52,842 | 60,968 | 13,169 | 6,165 | 3,009 | 16,873 | 6,91 $1=15-5/21 grains of gold 9/10 fine,; i. e.t an ounce of fine gold=$3i5 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, 569 448, 753 28,009 28, 538 8,759 196, 391 178,303 32, 300 19,951 11,376 56,182 11,008 1939—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 N D O o c e t c v o e e b m m er b b e e r r . . . . 1 1 1 0 0 0 7 1 3 , , , 4 6 2 3 7 4 8 5 4 9 8 8 7 0 5 , , , 9 1 5 9 0 2 9 2 5 3 3 3 8 8 8 , , , 4 5 6 5 3 0 9 4 0 2 2 2 , , , 4 3 4 5 3 2 2 0 5 2 2 2 , , , 4 4 5 7 9 8 9 7 9 7 6 7 1 8 0 5 6 9 2 1 1 1 5 7 , , , 9 7 5 3 8 1 6 5 2 1 1 1 5 5 4 , , , 1 8 2 5 7 0 8 5 9 2 1 1 , , , 8 3 2 3 3 0 3 2 9 1 1 1 , , , 6 3 8 7 6 7 7 7 3 1 1 , , 9 1 0 1 3 4 4 1 4 4 4 5 , , , 3 8 2 9 8 5 7 6 1 9 9 0 2 3 5 1940—January.._ 104,636 88, 793 39,777 2,384 739 16,972 14,853 3,078 1,958 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 March 104,067 88,075 40,162 2,372 2,740 732 16,217 15,045 1,651 1,717 1,759 4,791 April P106, 869 P90, 325 40,879 2,454 2,678 P732 16,408 14,652 4,233 1,941 766 P4,721 860 May....... P106, 580 P89, 824 41, 742 2,442 2,747 P767 16, 500 15,488 1,356 1,825 1,271 P4, 826 P860 June P104, 233 P87, 515 40,437 P2,415 2,643 P732 14,862 15, 795 P2, 555 1,715 780 P4, 721 July.. P109, 791 P93,018 41,936 P2, 450 P2, 553 P732 18,866 15,982 P2, 555 1,952 P780 P4, 721 P490 August P107, 518 P90, 639 P42, 000 P2, 450 P2, 658 P732 16,052 P15, 982 P2, 555 2,184 P780 P4,686 P560 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, '$187,000,000; 1937, 185,000,000; 1938, $180,000,000. p Preliminary. r Revised. 1 Includes Philippine Islands production received in United States. 2 Figures for Canada beginning January 1940 are subject to official revision. 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. 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 n o r e r t t t s s U K d n o i i n m t g e - d France g B iu el m - N la e e n r t d - h s - S d w en e- 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 In ri d ti i s a h c o o A th u l e n l r tries 1934 i 1,131,994 499,870 260,223 8,902 94,348 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 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,, 7"13~ 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, 574,1511,826,403 3,798165,122 341, 618 28, 715 86, 987 612, 949 33, 610 23, 239 35, 636 744,,250 22, 862 165, 605 50,9563102, 404 July 278, 636 177,805 45, 554 5,628 15,196 4,150 2,123 3,022 5,034 50 10,938 2,760 6,365 Aug 259,921 163,738 22, 640 34, 299 3,956 2,120 2,775 5,689 52 10,931 9, 259 4,460 Sept 326,074 162,450 1 ~I,~482 120,837 653 2,102 3,947 5,474 11 16,425 4,065 * 8, 541 Oct 69, 726 10,182 2,990 ' 940 1,794 3,188 8,420 2,142 12,497 2,703 15,870 Nov 167,980 18,556 28 8,781 5.,113 2,990 65,067 3.445 2,117 2,64312, 505 10,449 9,487 10,138 16,662 Dec 451,172 10,417 31, 526 19>,, 743 5,119 308, 773 3,972 2,116 2,646 6,472 9,885 20,101 7,592 22,812 1940 Jan 236,391 23,906 30,415 16, 601 1,208 52, 716 2,550 3 3,360 6,155 20,297 37,680 9,743 31, 698 Feb. 201,422 21,321 974 16,181 32,448 13,931 46,866 2,006 3 1,:"" " 4,241 18,872 4,919 6,722 31,001 Mar 459,827 35,268 5,991 28, 907 249,858 2,215 2,116 4,137 7,409 24, 503 5,797 11,813 21,493 Apr 249,851 43, 567 3, 273 39, 654 32,617 54,967 2,396 2,111 3,376 3,374 28, 798 4,710 3,139 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 4,317 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 3,158 32 172, 268 1,891 5,85fi 2,830 5,262 3,482 13 23,463 Aug 351, 553 10,819 3,637 6 264, 328 10, 335 4,516 3,738 6,746 11,6871 954H 34, 789 Sept. .... 334,100 3,650 27 217, 627 545 2,330 3,76414, 605 7, 854 13, 228 523 69, 946 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong; $15,719,000 from Italy; $10,953,000 from Norway; $10,077,000 from Chile. 4 Includes $5,157,000 from Hong Kong. 5 Includes $6,363,000 from Italy; $4,087,000 from Hong Kong. 6 Includes $6,414,000 from Norway; $5,586,000 from Italy. 7 Includes $19,527,000 from Norway; $5,452,000 from Hong Kong. 8 Includes $13,878,000 from Norway; $5,570,000 from U. S. S. R.; $5,566,000 from Italy. 9 Includes $11,760,000 from Italy. i° Includes $16,108,000 from Italy; $5,984,000 from Hungary. 11 Includes $8,248,000 from Italy. 12 Includes $13,673,000 from Yugoslavia. 13 Includes $6,608,000 from Portugal; $6,307,000 from Brazil. H Includes $17,386,000 from Portugal; $6,377,000 from Netherlands Indies. is Includes $17,815,000 from Argentina; $15,325,000 from Portugal; $13,092,000 from Netherlands Indies; $11,175,000 from U. S. S. R.; $5,239,000 from Curapao. NOTE.—For gross import and export figures and for additional countries see table on p. 1196. NOVEMBER 1940 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2,1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total Central banking Return Inflow of brokerage bank funds of U. S. foreign balances Total funds Other abroad funds funds in N. Y.i 1935—Dec. 31. 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 D 2,608.4 930.5 81 1 849.4 431.5 316.2 917.4 12.9 1937—Dec.29 3,410. 3 1,168. 5 243.9 924.6 449.1 683.2 1,162 0 47.5 1938—Mar.30 , — . 3, 207. 2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June29 . 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155. 3 57.8 Sept.28 3,452. 9 1,161. 2 168.0 993.2 477.2 625.0 1,125.4 64.1 Dec. 28 .. 3, 779. 2 1,432. 7 216.3 1, 216. 5 478.1 610.0 1, 210. 9 47.6 1939—Mar.29 4,134. 7 1.693.0 256.8 1,436. 2 550.5 646.7 1,180. 6 63.9 June28 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 1,742. 9 608.0 678.5 1,199. 3 76.1 July 12 4, 588 9 2,031. 2 293.6 1, 737. 5 607.9 677.1 1,194. 4 78.4 July 19 4, 591.0 2,042. 5 288.6 1,753. 9 604.5 677.0 1,185.0 81.0 July 26 4,613. 4 2,066.2 801.2 1,765.0 606.9 678.0 1.180.0 82.3 Aug.2 _ _ _ 4, 635. 1 2,093. 9 327 1 1,766. 8 680.2 1,182 2 82.1 Aug.9 _. 4, 662. 7 2.139.1 323.2 1,815. 8 609.9 652.8 1,176.5 84.5 Aug. 4,709.8 2,182. 2 305.5 1,876. 7 622.8 654.5 1,164 9 85.4 Aug.23 4,827 9 2, 287. 3 352.5 1,934 9 633.0 656.9 1,165.1 85.5 Aug.30. _ 4,863. 3 2, 334. 2 371.6 1,962 6 620.6 657.8 1,165. 7 85.0 Sept,. 6 4,882.3 2,341.5 409.0 1,932. 5 623.5 661.7 1,171. 3 84 2 Sept,.13 _ . 4,940. 3 464.7 1,924. 6 621 7 668.9 1,181.3 79.2 Sept,. 20 4,976. 0 2, 434. 6 510 7 1,923. 9 612.5 674.4 1,173.4 81.1 Sept,. 27 4,955. 4 2,412.4 485.1 1, 927. 3 618.4 676.9 1,164. 4 83.1 Oct.4 4,896. 8 2, 386. 5 483.6 1,902. 9 594.6 684.6 1,150 2 80.9 Oct. 11 _ 4,872. 8 2, 370. 6 462 8 1,907. 7 598.1 685.2 1,144.4 74.6 Oct. 18 4,871 2 2, 360. 6 441.6 1,919.0 601 7 686.7 1,141.7 80.5 Oct.25 4,882.0 2, 384. 7 442.9 1,941.9 601.0 687.3 1,130. 6 78.5 Nov.. 1 „ 4,858.6 2, 366. 9 494.8 1.872.0 599 6 688.7 1,123 7 79.8 Nov 8 4,825. 0 2,341. 6 490.3 1,851 3 597.3 690.4 1,115.9 79 9 Nov.. 15. 4,862 7 2, 362. 4 481.6 1,880 8 618.8 693 2 1,109. 2 79.2 Nov 22 4,822 9 2, 329. 3 433.9 1,895 3 615 3 694.3 1,107. 1 76.9 Nov.. 29 4,875. 6 2,377. 4 435.9 1,941 5 622.0 695.4 1,103. 7 77.1 Dec. 6 . 4,867 6 2, 366. 9 430.9 1,936 1 626.8 699.0 1,098.9 75.9 Dec. 13 4,860. 0 2, 366. 6 413.3 1,953 3 619.7 700.7 1,096. 5 76.5 Dec. 20 4,904. 8 2, 398 5 441.0 1,957 5 619 6 711.8 1.096. 8 78 1 Dec. 27 4,893.0 2,383. 5 430.0 1,953. 5 612.8 720.1 1.098. 5 78.1 1940—Jan.3 4, 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 Mav I 5,049. 3 2,449.4 398.5 2,050.9 643.4 771.1 1.097.0 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 June 5 5,110. 5 2, 461. 2 511.3 1,949. 8 679.1 778.9 1.094.1 97.2 June 12 5, 076. 9 2, 427. 9 511.2 1, 916. 7 674.5 780.4 1.097. 2 96.9 June 19 __ 5,284.4 2, 628.0 722.9 1.905.1 681.2 782.1 1,094. 6 98.5 June:26 5, 280. 4 2, 617. 7 726.7 1, 891.0 690.0 782.6 1,092. 4 97.6 July 3 5, 377. 3 2, 716. 6 1, 907.8 684.1 785.7 1,092.0 July 10 5, 403. 5 2, 736. 3 818.3 1, 918.1 692.3 786.6 1,088. 8 99.5 July 17 5, 445. 8 2, 774. 3 854.5 1, 919. 8 699.4 788.3 1.084. 8 99.0 July 24 5, 447. 8 2, 774. 5 864.7 1, 909. 9 698.7 788.6 1.085. 8 100.1 July 31 5, 471. 9 2, 786. 7 880.6 1,906.1 714.1 788.9 1.082. 2 i Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. 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. 1230 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 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro an u . g 2 h , - 1935, Total U K d n o in i 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 Asiai 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—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 3,7615 229.2 505.9 299.4 96.9 1940—Jan. 31... 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. 27.. 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.. 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 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 June 26... 5.280. 4 981.6 463.8 868.5 170.7 63.3 866.2 4,078.1 217.6 565.5 342.8 76.3 July 3—_ 5, 377.3 1,013.1 681.4 459.6 876.8 171.4 66.3 885.3 4,153.9 230.2 579.2 338.4 75.7 July 10... 5,403. 5 998.5 677.4 459.8 879.6 171.4 66.2 886.0 4,138.9 250.1 581.1 351.0 82.4 July 17. __ 5,445. 8 989.1 674.9 457.6 883.1 173.4 65.8 885.0 4,129.0 280.7 593.9 359.1 83.1 July 24. _. 5,447.8 981.4 674.7 457.0 884.6 174.8 65.3 890.8 4,128. 6 282.2 589.1 365.4 82.5 July 31... 5,471.9 962.4 675.7 454.1 884.0 175.9 64.5 899.0 4,115. 6 324.5 581.6 367.8 82.3 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 Asiai ot A he ll r * 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 -9.8 3.8 203.0 1,010.6 135.1 134.0 132.7 20.4 1939—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 67.6 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 22fi.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 Mav29 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 June 26 2, 617. 7 295.2 455.3 175.4 418.6 -20.1 10.1 562.0 1,896.4 143.1 289.4 238.5 50.3 July 3 2, 716. 6 325.8 472.7 170.8 427.4 -19.9 11.0 578.8 1,966. 6 159.0 300.5 242.2 48.3 July 10_ ._. 2, 736. 3 310.9 468.5 170.9 430.8 -19.5 9.3 579.0 1,950.0 178.8 300.9 251.8 54.9 July 17 2,774 3 301.8 465 5 168.3 435.0 -17.7 9.3 577.8 1,940.0 208.2 312.8 257.7 55.6 July 24. .__ 2,774. 5 290.7 464.2 167.6 435.9 -16.8 8.2 582.5 1,932. 3 210.1 309.4 267.6 55.1 July 31 2, 786. 7 270.9 465.2 164.4 435.5 -16.0 7.0 587.8 1,914.7 253.8 299.9 263.5 54.8 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th J ro an u . g 2 h , - 1935, Total U K d n i o n i m t g e - d France N la e e n r t d - h s - 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» 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 2.6 140.3 13.9 33.0 453.0 30.6 66.8 -65.0 -7.2 1939—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 -8.7 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 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 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 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 June 26.. 690.0 259.0 72.9 15.8 4.0 183, 4 12.3 36.6 583.9 66.7 47.4 -7.4 July 3... 684.1 260.1 72.6 16.0 4.3 183.9 13.0 38.8 588.6 61.0 49.0 -15.3 July 10.. 692.3 261.0 72.6 16.1 4.6 183.6 14.2 39.1 591.1 63.1 49.7 -12.5 .9 July 17.. 699.4 261.0 73.1 16.3 4.8 183.7 14.8 39.5 593.1 64.9 50.2 -9.9 1.1 July 24.. 698.7 262.6 74.2 16.6 5.1 184.2 15.9 40.5 599.0 64.4 48.0 -13.5 July 31.. 714.1 263.9 74.2 16.8 5.6 184.6 17.6 43.2 605.8 64.9 49.7 -7.2 1.0 » Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 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. NOVEMBER 1940 1231 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] TABU 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J ro 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 - S la w 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 A L m a e t r i i n ca Asia* ot A he ll r i 1935—Dec. 31._ . 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278. 3 1.7 15.7 17.0 3 5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13 5 115.2 366.4 10.5 175.0 24. 5 6.8 1938—Dec. 28 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939—Oct. 25 687.3 124.8 41. 1 29.4 43.3 36.4 24.9 185.0 485.0 -29.7 181.1 39.8 11 1 Nov 29 _ 695.4 124.3 41.7 29.2 43.3 36.5 26.1 186.5 487 6 -26.7 182.3 40.8 11.4 Dec. 27 720.1 125.6 42.1 29.4 44.8 36.6 27.6 188.6 494.6 -11.5 183.0 42.8 11.3 1940—Jan. 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 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 June 26 782.6 131.9 42.9 31.0 48.8 36.2 28.0 194.8 513.5 16.0 192.7 47.7 12.6 July 3 785. 7 131.8 42.9 31.0 48.8 36.2 28.0 194.8 513. 5 17.6 194.3 47.7 12.6 July 10 786.6 131.8 42.9 31.0 48.7 36.2 28.0 194.7 513.3 18.1 194.6 47.9 12.6 July 17 788.3 131.6 42.9 31.0 48.6 36.2 28.0 194.8 513.1 19.2 195.2 48.1 12.6 July 24 788.6 131.5 42.9 31.0 48.6 36.2 28.0 194.8 513.1 19.2 195.4 48.3 12.7 July 31 788.9 131.4 42.9 31.0 48.6 36.2 28.0 194.9 513.2 18.9 195.6 48.5 12.7 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J r a o n ug . 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 - 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 Asia * ot A he ll r i 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. 28 _ 1, 210. 9 472.6 76.5 212.9 301.7 -22.7 -5.4 66.6 1,092. 3 27.8 23.4 56.4 11.0 1939_Oct. 25 1,130. 6 369.8 72.9 227.0 329.1 -27.6 -5.4 59.4 1,025.1 5.3 27.0 59.2 13.9 Nov 29 1, 103. 7 338.2 74 9 226.2 336 3 -28.0 -4.9 59.1 1,001.8 .7 28.6 58.7 13.8 Dec. 27. 1,098.5 328.2 76.3 227.1 342.8 -28.2 -4.9 60.1 1,001.4 -3.1 29.8 56.1 14 3 1940—Jan. 31 1,098 1 315 7 77 1 229.4 349.2 -28.3 -4.7 62.4 1,000.8 -5.9 30.6 58.2 14 6 Feb. 28 1.102 0 306.5 76.8 230.4 359.7 -28.4 —4.7 63.4 1, 003. 8 -7.5 31.5 59.8 14.4 Mar. 27 1,097. 8 295.6 75 7 231.2 367.2 -28.7 -4.9 64.2 1,000. 4 -8.0 31.6 59.5 14 4 Apr. 24 , 096. 9 2S7. 5 76 3 231.4 372. 6 -28.7 -4.9 65.7 999.9 -8 0 2<1 5 61.2 14 3 May 29 .081.5 281.3 75.8 230. 7 380. 9 -28.7 —4.7 64.8 1,000.0 — 12.4 27 3 53. 3 13.4 June 26 1,092. 4 279.0 74.7 230.4 379.3 -28.7 12.9 64.8 1,012. 5 -19.1 27.8 58.1 13.2 July 3 . . . L, 092. 0 278.8 74.7 230.4 378. 3 -28.7 14.3 64.8 1,012.6 -19.4 27.9 57.7 13.2 July 10 . 088. 8 278.4 74.7 230.3 377.4 -28.7 14.7 64.8 1,011.6 -21.5 27.8 57.7 13.2 July 17 1,084. 8 278.3 74.8 230.4 377.0 -28.7 13.7 64.7 1,010. 2 -23.3 27.7 57.1 13.2 July 24 1, 085. 8 280.0 74.8 230.4 376.8 -28.7 13.1 64.7 1,011.1 -22.9 27.6 56.9 13.1 July 31 1,082. 2 279.5 74.8 230.4 376.3 -28.7 11.8 64.8 1, 008. 9 -24.2 27.7 56.8 13.1 TABLE 7.—BROKERAGE BALANCES,' BYCOUNTRIES 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 Asia* ot A he ll r i 1935-Dec. 31 6 0 O) 2 4 1.3 2.5 -.2 L 1.4 7.6 -4.5 1 0 2 9 -.9 1936-Dec. 30 12 9 10 10 4 Q 9 1 -.7 I .4 22.6 -7.6 -t.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5 0 10 8 (») 5.0 44.0 3.5 - 5 .5 1938—Dec. 28 47.6 13 2 12 6 6.8 8 8 -.2 I 5.3 46.7 2.6 g -1.0 .2 1939—Oct. 25 78 5 20.7 19 0 9 0 16. 1 -. 1 I 6.0 70.9 9 2 2.0 -5.2 1.5 Nov. 29 77 1 19 6 19 0 9 6 15 7 (*) 5.0 69.1 9.0 I 1 -4.0 1 8 Dec. 27 78 1 19.5 18 5 tO 7 16 4 - 2 5.2 70.2 8 9 1.1 -4.0 2.0 1940-Jan. 31 88.2 18 9 19.6 9.4 18.3 -.2 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 5.8 71.9 10.5 .8 2.0 1.9 Mar. 27 87.3 19.0 18.7 9.0 19.7 -.2 5.5 71.8 9.5 1.2 2.9 1.8 Apr. 24 88.2 18.5 17.9 10.2 21.2 5.7 73.6 10.4 - 1 2.6 1.8 May 29 95 1 17.6 18.4 10.5 18 5 '.'I 7.1 72.1 10.3 6.3 5.8 .6 June 26 97.6 16.4 18.2 11.2 17.8 8.1 71.7 10.8 8.4 6.0 .7 .1 July 3 98.9 16.6 18 5 11.4 18 0 (4) 8.1 72.7 12.0 7.6 6.0 .7 July 10 99.5 16.4 18.7 11.4 18.1 8.3 72.9 11.6 8.1 6.1 .7 July 17 99.0 16.4 18.5 11.6 17.7 —. i 8.3 72.5 11.7 8.1 6.0 .7 July 24 100.1 16.6 18.5 11.4 18.2 -.1 . 8.3 73.1 11.5 8.7 6.0 .9 July 31 99.9 16.7 18.5 11.5 18.0 -.1 8.3 72.9 11.1 8.8 6.3 .8 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". * For explanation see BULLETIN for May 1937, pp. 395-396. 3 Inflow less than $50,000. * Outflow less than $50,000. 1232 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 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 r t o a 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. 7 301.5 923.7 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. 5 104.9 649.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28..... 745.8 169.7 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. 283 _.. 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. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Mar. 25.. 1,177. 2 186.6 145.8 65.8 86.3 21.6 18.7 118.3 643.1 144.2 189.3 183.1 17.5 June 24._ 1,426. 2 270.6 157.8 102.8 128.3 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 63.9 36.6 140.8 804.7 210.0 441.0 204.6 22.6 June 30— 2,173. 6 373.1 206.2 145.0 331.4 40.3 23.0 177.9 1,296. 9 190.1 448.8 210.4 27.4 Sept. 29.. 2,304.8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1,475.9 219.3 353.8 229.9 25.8 Dec. 29.. 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 30.. 1, 521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29- 1,357. 4 217.4 102.2 48.6 173.8 27.3 18.2 121.0 709.4 173.5 261.7 194.4 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 08.4 217.4 19.9 22.6 249.9 1,237.8 235.2 254.9 243.7 32.4 1939—Jan. 25— 1,992. 6 419.2 199.9 103.4 226.8 16.8 18.4 269.1 1, 253. 6 205.3 250.0 247.2 36.4 Feb. 22.. 2,089.0 445.2 216.5 119.4 238.4 16.7 13.0 257.7 1,306. 8 223.2 264.6 258.5 35.9 Mar. 29.. 2. 264. 2 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432. 7 236.6 300.7 250.9 43.3 April 26-. 2, 505. 6 548.9 269.0 154.9 244.2 13.9 13.1 365.3 1,609. 3 267.0 330.6 251.4 47.3 May 31.. 2, 612. 7 578.0 275.3 137.1 238.4 15.7 14.3 370.5 1,629. 3 309.4 371.7 253.8 48.6 June 28.. 2, 619. 5 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1, 672. 7 291.7 363.0 242. 5 49.7 July 26... 2, 637. 4 667.5 284.2 153.8 248.8 13.8 12.8 379.6 1, 660.4 293.6 375.5 253.6 54.4 Aug. 30_. 2, 905. 4 594.5 315.9 168.7 283.6 11.1 11.4 431.0 1,806. 2 356.2 389.8 283.7 69.4 Sept. 27- 2,983. 6 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909. 7 325.3 383.0 299.5 66.2 Oct. 25... 3,010. 9 630.6 259.9 186.0 307.4 9.6 31.6 475.6 1,900. 7 309.2 379.0 352.4 69.6 Nov. 29.. 3,003. 6 501.6 276.3 194.7 334.1 11.3 35.5 493.8 1,847. 2 327.6 361.0 384.5 83.4 Dec. 27__. 3,009. 7 468.4 263.7 204.7 365.6 7.5 35.5 620.0 1,865. 4 285.1 364.5 404.9 89.7 1940—Jan. 31 2, 994. 7 404.5 290.6 200.3 895.5 9.1 43.7 569.0 1,012. 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. 9*8. 3 248.6 38.5. 6 402. 3 54.9 May 29.. 3, 06fi. 4 3/54. 5 319.1 198.3 413.6 9.9 65.0 619.3 1,979.8 236.0 402.4 3K9. 6 58.6 June 26__. 3, 243.9 367.3 487.4 189.3 432.2 9.6 28.9 608.9 2,123. 6 243.3 410.3 404.5 62.2 July 3— 3, 342.8 397.9 504.8 184.7 441.0 9.8 29.8 625.7 2,193.8 259.2 421.4 408.2 60.3 July 10— 3,362. 5 383.1 500.6 184.9 444.5 10.1 28.1 625. 9 2,177. 2 278.9 421.8 417.8 66.9 July 17— 3,400. 5 373.9 497.7 182.3 448.6 12.0 28. U 624.7 2,167. 2 308.4 433.7 423.7 67.5 July 24-_ 3,400.7 362.8 496.3 181.5 449.5 12.9 27.0 629.4 2,159. 5 310.2 430.4 433.6 67.0 July 31-_ 3, 412. 9 343.0 497.3 178.3 449.2 13.6 25.8 634.7 2,141. 9 353.9 420.8 429.5 66.7 Additional Detail Available from January 3,19404 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 ay r- 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- P C a a m a n . n d Z a - . Total China H K o o n n g g Japan I P s p h la i i n l n i e d p s - 1940—Jan. 3. _ 407.1 159.2 28.1 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 323.9 165.4 71.4 68.0 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 60.8 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.fi 76.4 36.9 23.7 45.6 67. C 42.5 339. 2 180.2 77.6 48.2 33.3 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 June 26. 434. 4 165.8 19.8 29.5 60.0 159.4 316.6 89.0 38.6 30.2 47.1 66.1 45.7 331.8 178.6 77.5 41.9 33.8 July 3.. 457.0 161.3 19.5 29.6 59.0 187.6 326.5 88.7 39.0 30.2 49.7 65.3 53.5 334.9 177.7 78.4 43.3 35.6 July 10.. 455.5 160. 5 18.6 29.9 58.3 188.1 325.5 90.7 37.8 30.2 49.5 64.0 53.3 339.6 177.4 81.5 43.1 37.7 July 17. 452.6 158.3 18.7 29.2 57.9 188.4 333.9 97.2 38.5 30.8 50.6 61.5 55.4 343.7 176.2 84.1 46.7 36.7 July 24. 454.8 156.5 18.3 29.0 58.1 193.0 332.0 97.0 38.0 30.5 51.8 6i.O 53.6 347.3 177.9 84.4 47.1 37.9 July 31. 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 333.4 176.8 84.3 34.0 38.2 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. 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 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). NOVEMBER 1940 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am L e a r t i i c n a Asiai ot A he ll r * Reported by Banks in New York City 1931—Dec. 30..._. 1,103.3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 I 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 3.5 1933—Dec. 27..... 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 82.3 159.7 49.7 0.2 1934—Nov. 28 * -. 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 64.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 6«... 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 1936—Jan. 2 1,139.9 296.9 80.6 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.S Dec. 31 778.6 88.1 32.5 19.0 6.6 202.0 13.6 71.2 433.0 100.9 164.5 80.1 10.1 1936-Mar. 25... 736.3 82.7 26.5 22.9 5.4 198.6 12.6 64.8 413.5 78.7 158.7 74.3 11.2 June 24 691.6 77.3 23.9 21.2 4.5 187.0 12.7 57.8 384.4 78.0 144.0 73.9 11.4 Sept. 30— 647.9 75.8 81.5 21.5 5.2 160.6 11.0 52.0 407.6 49.1 126.6 54.4 10.2 Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 69.4 141.1 67.2 12.9 1937—Mar. 31— 693.1 99.7 15.8 17.1 4.9 162.2 13.0 68.1 370.7 71.7 135.3 100.0 16.5 June 30 637.7 75.6 13.2 13.7 3.5 143.9 14.8 65.2 319.9 87.8 132.0 83.6 14.6 Sept. 29— 686.0 75.3 11.1 19.1 4.2 132.0 16.8 62.8 311.3 82.5 107.0 71.7 18.5 Dec. 29.... 655.0 84.8 13.5 23.0 6.6 126.1 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 29 760.8 141.4 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—Tan. 25___. 603.2 98.5 8.7 23.8 4.6 88.6 14.4 43.9 282.4 62.4 05.7 157.9 14.8 Feb. 22_._. 669.1 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 28... 492.3 64.2 11.7 17.9 3.6 79.4 13.5 44.7 235.0 48.0 94.9 103.8 10.9 May 31... 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 65.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.8 14.8 July 26.... 497.2 65.2 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 16.2 Nov. 29— 537.1 46.5 5.4 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 63.9 10.9 63.0 178.7 46.3 117.5 186.9 16.9 1940—Jan. 31.._. 533.0 66.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.6 9.1 Feb. 28_._. 531.4 44.7 5.4 5.7 6.5 61.8 15.5 49.3 177.9 44.2 109.8 190.3 9.2 Mar. 27... 622.2 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 29... 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 113.3 169.6 9.0 June 26_... 469.0 33.1 5.9 2.8 4.0 47.8 14.9 43.2 151.8 29.6 118.6 160.0 9.0 July 3 475.0 32.0 6.2 2.6 3.8 47.3 14.2 41.0 147.2 35.3 117.0 167.9 7.7 July 10.... 466.8 31.2 6.2 2.5 3.5 47.6 13.1 40.6 144.7 33.2 116.3 165.1 7.6 July 17.... 459.7 31.1 5.6 2.3 3.3 47.5 12.4 40.3 142.6 31.4 115. 7 162.5 7.4 July 24.... 460.4 29.5 4.6 2.1 2.9 47.0 11.3 39.3 136.8 31.9 117.9 166.1 7.7 July31_... 444.9 28.2 4.5 1.9 2.5 46.6 9.6 36.6 130.0 31.3 116.3 159.8 7.5 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 en rk - l F a i n n d - N w o a r y - S d w en e- Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a m a . n Z n d a - . Total China H K o o n n g g Japan I P s p h la i i n l n i e p d - s 1940—Jan. 3.. 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 1.9 102.1 26.4 Jan. 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 L.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 :J.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 L.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 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 June 26. 11.3 3.9 .8 1.5 1.7 3.5 78.3 16.7 34.0 9.8 11.4 5.1 1.2 148. 5 24.7 2.5 89.7 31.6 July 3.. 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32 7 July 10. 10.1 3.3 .7 1.5 1.4 3.2 75.6 16.2 32.9 9.7 10.6 4.8 1.4 152.2 30.3 1.4 87.3 33.2 July 17. 9.6 3.1 .6 1.5 1.4 3.0 75.6 16.4 32.1 9.7 11.4 4.8 1.3 149.2 30.3 1.6 84.6 32.8 July 24 9.4 3.1 .5 1.6 1.3 2.9 77.4 17.2 33.5 9.7 10.8 4.7 1.4 152.5 30.0 1.5 87.8 33.3 July 31_ 9.1 2.9 .4 1.6 1.3 2.8 75.6 16.4 32.8 10.3 9.9 4.7 1.5 145.3 30.5 2.7 78.6 33.6 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 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). 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Bank of England is A su ss e e d ts e o p f t. Assets of banking department Liabilities of banking department Note (Fi p g o ur u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* Other Cash reserves a c n o D d u i s n a - t d s - Se t c ie 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 ties 1929—Dec. 25 __ 145.8 260.0 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. 28.. 119.8 275.0 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27.. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26.. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25.. 200.1 260.0 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30.. 313.7 200.0 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29.. 326.4 220.0 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— July 26— 3 246. 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.. .2 580.0 1.4 23.4 2.9 171.6 556.9 94.9 36.1 50.5 17.8 June 2L- .2 630.0 1.5 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 July 31_. .2 630.0 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug 28- .2 630.0 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25 _ .2 630.0 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold 4 ch e e a i x g n - n ge m O ar p k e e n t6 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 r o t e m r r s t n - e - - s O e t c t i h e u s e ri r - O as t s h e e ts r 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 8,429 2,901 6,609 76,436 12,624 11,698 2,241 1931 -Dec. 30- 21, 111 7,157 7,389 2,730 8,545 85, 725 22,183 1,989 1932 -Dec. 30__ 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933 -Dec. 29._ 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934 -Dec. 28- 82,124 963 5,837 3,971 3,211 8,288 83, 412 3,718 15, 359 1,907 1935-Dec. 27- 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30- 60,359 1,460 5,640 1,379 8,465 17,698 715 3,583 8,344 89,342 2,089 13,655 2,557 1937—Dec. 30— 58,933 911 5,580 652 10,066 31,909 675 3,781 7,277 93,837 3,461 19,326 3,160 1938—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 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- 8 97,266 218 9,396 1,708 15,009 20,577 2,412 3,805 16,016 142,359 3,304 18,038 2,708 Sept. 28.. 97, 266 212 9,734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26. _ 97, 266 85 10,038 2,007 25, 473 336 3,576 17,100 144,379 2,004 14,790 3,006 Nov. 30.. 97, 266 120 10, 565 1,626 5,206 30, 473 454 3,581 17,769 149,370 1,953 12, 392 3,346 Dec. 28— 97, 267 112 11,273 2,345 5,149 34,673 174 3,482 16,438 151,322 1,914 14, 751 2,925 1940—Jan. 25... 97,268 111 11,861 2,235 5,011 35, 673 229 3,444 15,963 151, 738 1,834 14,965 3,259 Feb. 29— 97,275 109 12, 505 1,810 4,630 40, 523 465 3,403 16,917 156,150 1,203 17,128 3,156 Mar. 28.. 884,614 111 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, 666 156, 285 1,171 14,681 3,038 May 30- 84, 616 102 44,083 1,889 14, 473 32,600 2,320 3,716 170,853 1,046 25, 782 2,811 » Effective Mar. l, 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 i^sue 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. 4 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. 5 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 Exchange Stabilization Fund on Mar. 7, 1940. 8 Bills and warrants endorsed by National W heat 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). 7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; Convention of Sept. 29, 1938, approved by decree of Sept. 1, 1939; and Convention of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). 8 On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange 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. 1235 NOVEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities (Figu R re e s i c in h s m ba il n l k ions of R f e o s r e e r i v g e n s o ex f c g h o a ld n g a e nd B c i h ll e s c k (a s n ), d Securities Note Other reichsmarks) including Security Eligible Other circula- Deposits liabilire T s o er t v al es Goldi Tr b e i a ll s s ury loans a c s o n v o er te Other assets tion 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 1,621 8,223 1,527 1,091 1939—Sept. 30. 77 10,105 24 1,324 1,963 10,995 1,602 1,287 Oct. 31... 77 9,358 35 1,440 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 2,498 11,798 2,018 1,378 1940—Jan. 31.. 77 11,143 33 374 401 2,487 11,505 1,382 Feb. 29.. 77 11,825 37 172 367 2,380 11,877 1,422 Mar. 30. 78 12,242 31 144 394 2,557 12,176 ,760 1,509 Apr. 30.. 78 12,188 31 221 364 2,651 12,480 ,714 1,338 May 31.. 77 12, 569 31 142 363 2,135 12, 594 ,470 1,253 June 29— 77 12,611 25 143 454 2,595 12,785 ,854 1,266 July 31 ._ 78 12, 613 28 114 408 2,377 12,750 1,620 1,248 Aug. 3lP. 77 12, 891 (») (*) (2) 13,026 (2) Sept. 3UP 78 13, 206 16 50 () 12,847 1,795 p Preliminary. i Not shown separately on Reichsbank statement after June 15, 1939. * 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] Sept. Aug. July Sept. date of month] Sept. Aug. July Sept. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): (Mar.)i of belgas): (June)i Gold _ 7,567 7,567 Gold 4,329 3,628 Foreign assets 65,135 52,631 Other gold and foreign ex- Loans and discounts 10,315 5,106 change 2 70 942 Other assets — 7,829 7,993 Discounts 1,170 440 Note circulation 28,419 26, 247 Loans 511 171 Other sight liabilities.. 46, 830 32,372 Other assets 1,036 553 Other liabilities 15, 598 14, 679 Note circulation 6,690 5,401 Central Bank of the Argentine Demand deposits—Treasury ... 14 4 Republic (millions of pesos): Other 273 206 Gold reported separately 1,220 1,224 1,224 Other liabilities 139 124 Other gold and foreign exchange. 150 155 135 Central Bank of Bolivia (thousands Negotiable Government bonds. 223 242 277 of bolivianos): (June)i Rediscounted paper 19 23 Gold at home and abroad 96,831 91, 738 Other assets 224 222 220 Foreign exchange 79, 406 48, 206 Note circulation 1,202 1,218 1,163 Loans and discounts 229,145 71, 758 Deposits—Member bank 383 415 497 Securities— G o vernment. _ 423, 713 407, 849 Government 173 157 Other 12, 982 7,393 Other 5 4 Other assets 20, 236 72,142 Foreign exchange sold forward- 13 15 Note circulation 422,171 325, 313 Other liabilities 60 Deposits 348,805 293,085 Commonwealth Bank of Australia Other liabilities __ 91, 338 (thousands of pounds): National Bank of Bulgaria (mil- Issue department: lions of leva): (Apr.)i Gold and English sterling... 16,081 16, 082 16,030 Gold 2,006 2,006 Securities 54,304 54,312 43, 995 Net foreign exchange in reserve.. 4 Banking department: Foreign exchange 1,800 705 Coin, bullion, and cash 6,736 5,323 1,869 Loans and discounts _. 1,110 2,409 London balances 44,786 52,052 15, 640 Government debt... 3,393 3,417 Loans and discounts.. 35,167 34, 207 18,060 Other assets _ 2,030 1,386 Securities 39, 026 35,884 62, 250 Note circulation 4,526 4,426 Deposits 117,157 119,388 91, 355 Deposits 3,421 3,206 Note circulation 61, 619 61, 619 51, 025 Other liabilities 2,396 2,291 Bank of Belgian Congo (millions of Bank of Canada (thousands of Ca- Belgian francs) : (Jan.)1 nadian dollars): Gold 171 171 Golds !25, 675 Foreign (gold) exchange 5 Sterling and United States ex- Loans and discounts 617 532 change 20,336 2,723 5,700 44,448 Other assets 526 492 Canadian Gov't. securities: Note circulation 421 385 2 years or less 412, 359 430,113 392, 235 55, 054 D O e th p e o r s i l t i s a bilities. __ T . . . . 7 1 3 6 5 4 6 1 4 6 3 7 Othe O r v a e s r s e 2 t s years 1 4 2 3 0 , , 7 3 4 5 2 6 1 1 2 8 1 , , 1 2 8 2 9 2 123 9 , , 3 5 1 9 8 8 63 7 , , 2 5 3 8 4 8 Note circulation 331, 957 306, 534 291, 676 212, 490 Deposits—Chartered banks. 231, 336 215, 539 194, 42a 221,127 Dominion Gov't 4,441 32,857 24,140 Other 9,961 3,610 8,222 11, 380 Other liabilities 19,098 13, 707 12, 389 12, 774 1 Latest month for which report is available for this institution. 2 Foreign exchange only; total gold holdings now included in item "Gold." 3 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). 1236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued 1940 Central bank 1940 1939 Central bank [Figures as of last report [Figures as of last report date of month] date of month] Sept. Aug. July Sept. Sept. Aug. July Sept. Central Bank of Chile (millions of Bank of Finland (millions of mark- (Oct. kaa): 1939)2 Gold _ _ 146 146 146 Gold 1,180 1,181 Discounts for member banks 158 160 81 Foreign assets.__ 2,085 2,214 Loans to government. 746 746 754 Loans and discounts 2,059 1,269 Other loans and discounts 370 371 240 Domestic securities 328 331 Other assets. 23 22 Other assets .__ 343 274 Note circulation 1,018 1,028 Note circulation 3,378 2,547 Deposits- Deposits—Treasury 132 Bank _ _ 146 154 191 Other _ 553 561 Other _ 116 104 54 Other liabilities _ 2,064 2,028 Other liabilities 163 160 157 Bank of Greece (millions of drach- Bank of the Republic of Colombia mas): (thousands of pesos): Gold and foreign exchange (net).. 4,967 4,790 3.126 Gold 26, 870 30,945 37,383 Loans and discounts.. 14, 683 14, 580 13, 651 Foreign exchange. 12, 594 11,012 8,566 5,544 Government obligations 4,049 4,049 4,207 Loans and discounts 26,258 24,859 22, 242 21,131 Other assets _ _ 3,197 3,087 1,993 Government loans and securities. 42,959 40, 321 38, 379 37,105 Note circulation 11,077 10, 603 10, 639 Other assets 31, 532 31, 612 31, 925 31,018 Deposits. , 13, 585 13. 556 10, 340 Note circulation 54, 923 55, 237 54,957 54,069 Other liabilities __ 2,233 2,346 1,996 Deposits 54,151 53, 232 51, 766 46,060 National Bank of Hungary (mil- Other liabilities 30, 656 26, 204 25,333 32,052 lions of pengo): National Bank of Bohemia and Mo- Gold ._ 124 124 124 ravia (millions of koruny): Foreign exchange reserve 50 57 98 Gold 1,597 1,597 1,659 Discounts.. 849 693 627 Foreign exchange _~ 712 735 793 Loans—To Treasury 336 337 342 Discounts 376 86 1,895 Other 44 47 32 Loans 409 470 1,019 Other assets __ _ 316 382 331 Other assets 0) 0) 4,585 Note circulation 1,200 1,158 1,087 Note circulation 5,764 6,438 Demand deposits 208 114 148 Demand deposits 1,196 5,443 851 Certificates of indebtedness 87 94 99 Other liabilities ___ (0 1,343 2,661 Other liabilities 226 275 220 Na li t o io n n s a o l f k B r a o n n k e r) o : f Denmark (mil 0) Re r s u e p r e v e e s ) B : ank of India (millions of Gold (June) 2 117 Issue department: Foreign exchange 117 39 Gold at home and abroad... 444 444 Clearing accounts (net) 9 Sterling securities _ 1,315 645 Discounts _. 113 Indian Gov't. securities 496 374 Loans—To Government agencies 25 101 Rupee coin 383 751 Other. 228 182 Note circulation _. 2, 379 2,029 Securities 175 218 Banking department: Other assets _ 184 Notes of issue department... 259 185 Note circulation 156 Balances abroad 208 136 Deposits 697 118 Treasury bills discounted 21 6 Other liabilities 169 169 Loans to Government 2 1 Central Bank of Ecuador (thou- 141 Investments 89 63 sands of sucres): May)2 Other assets 12 35 Gold 31, 929 39, 318 Deposits 479 306 Foreign exchange (net) 5,307 Other liabilities 111 120 Loans and discounts. 68,179 62,056 Bank of Japan (millions of yen): Other assets _ 25,416 21, 746 Gold 501 501 501 Note circulation. 66,187 Special foreign exchange fund 300 300 300 Demand deposits 36, 032 44, 590 Discounts 752 618 451 Other liabilities. 26, 605 17, 649 Loans—To Government 3 3 3 National Bank of Egypt3 (thou- Other 162 82 140 sands of pounds): (Apr.)* Government bonds 2,620 2,495 1,805 Gold 6,544 6,545 Other assets 434 423 397 Foreign exchange 2,729 1,653 Note circulation 3,533 3,326 2,634 Loans and discounts 8,141 8,615 Deposits—Government 714 651 544 British, Egyptian, and other Other.... 109 93 111 Government securities. 30, 608 30, 207 Other liabilities 416 352 308 Other assets 6,995 9,060 Bank of Java (millions of guilders): Note circulation 25,489 26, 263 Gold 151 129 Deposits—Government 2,392 4,493 Foreign bills _ _ 22 9 Other 18,076 16, 609 Loans and discounts 87 70 Other liabilities 9,060 8,715 Other assets 129 92 Central Reserve Bank of El Salva- Note circulation _ _. 205 199 dor (thousands of colones): Deposits 157 75 Gold 13, 201 13, 219 13, 208 Other liabilities Foreign exchange 1,876 2,660 3,901 Bank of Latvia (millions of lats): Loans and discounts 2,789 2,435 1,261 Gold __ 72 Government debt and securities. 5,332 5,298 5,100 Foreign exchange reserve 29 35 Other assets 1,361 1,311 1,127 Loans and discounts... 234 176 Note circulation _ 13, 909 14, 187 14,129 Other assets _ 45 47 Deposits 5,323 5,587 6,842 Note circulation _ _ 123 118 Other liabilities 5,327 5,149 3,627 Deposits 204 187 Bank of Estonia (thousands of Other liabilities 52 51 krooni): Bank of Lithuania (millions, of litu): Gold and net foreign ex- Gold 67 58 change _-_ 47, 846 48, 274 Foreign exchange 9 9 Loans and discounts 57,399 45,048 Loans and discounts 183 145 Other assets 47,437 38,115 Other assets... _. 75 42 Note circulation. 88, 492 "1,461 Note circulation 197 170 Demand deposits 28, 285 26, 774 Deposits 94 45 Other liabilities 35, 905 35, 203 Other liabilities _ 42 1 Figures not yet available. 2 Latest month for which report is available for this institution. 3 Items for issue and banking departments consolidated. NOVEMBER 1940 1237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 1939 Central bank 1940 1939 [Figures as of last report [Figures as of last report date of month] Sept. Aug. July Sept. date of month] Aug. July Sept. Netherlands Bank (millions of guil- Bank of Sweden (millions of ders): (Apr.)i kronor): Gold 1,160 1,104 Gold 338 380 786 Silver (including subsidiary coin) 12 7 Foreign assets (net) 685 578 475 Foreign bills 1 2 Domestic loans and investments. 693 727 285 Discounts _ 10 90 Other assets 822 839 535 Loans 226 249 Note circulation _ 1,451 1,430 1,259 Other assets 71 74 Demand deposits 271 295 '650 Note circulation. 1,166 1,142 Other liabilities- 817 800 173 Deposits—Government .. 25 Swiss National Bank (millions of Other 228 336 francs): Other liabilities __ 59 Golds... 2,119 2,114 2,419 Reserve Bank of New Zealand Foreign exchange... 548 489 285 (thousands of pounds): Discounts... _ 254 248 94 Gold _ 2,802 2,802 2,802 Loans _ 54 49 Sterling exchange reserve 12,217 13,027 5,312 Other assets _ 272 684 Advances to State or State un- Note circulation. _ _ 2,119 2,161 2,082 dertakings __ 25, 226 20,843 Other sight liabilities 752 802 Investments 2,544 2,544 3,816 Other liabilities. _ __ 271 Other assets _ 380 426 598 Central Bank of the Republic of Note circulation. 20, 066 19, 623 16, 648 Turkey (thousands of pounds): Demand deposits 22, 330 22,168 14, 710 Gold 107, 923 36,837 Other liabilities __ __ 2,452 2,233 2,014 Foreign Exchange—Free 39 3 Bank of Norway (millions of In clearing accounts 21, 451 2,419 kroner): (Mar.)1 Loans and discounts... 297, 411 205, 985 Gold _ 186 237 Securities. _ 195, 692 197,852 Foreign assets 102 78 Other assets 38, 603 28,109 Total domestic credits and Note circulation 356, 938 288, 521 securities 435 384 Deposits—Gold 78,124 Discounts _ _ ) 182 Other... _ 90, 661 64,072 Loans 75 Other liabilities 135, 394 118,612 Securities _ 126 Bank of the Republic of Uruguay Other assets 27 (thousands of pesos): Note circulation _ 538 Issue department: (June)i Demand deposits—Government- 21 Gold and silver 86, 235 86, 235 Other 112 81 Note circulation 96, 728 87,296 Other liabilities Banking department: Central Reserve Bank of Peru Gold _. 21, 454 21,003 (thousands of soles): Notes and coin 46,034 52, 327 Gold and foreign exchange 57, 791 48,191 Loans and discounts 113,630 112,004 Discounts 15, 833 22, 781 Other assets __. 119,807 106,349 Government loans 121,413 99, 756 Deposits 99, 931 88,948 Other assets 8,332 4,953 Other liabilities 200,994 202, 735 Note circulation 136,108 134, 553 National Bank of the Kingdom of Deposits 46, 235 24,429 Yugoslavia (millions of dinars): Other liabilities 21,025 16, 700 Gold 2,330 2,286 1,987 Bank of Portugal (millions of Foreign exchange 556 513 582 escudos): Loans and discounts 1,651 1,855 2,494 Gold 921 920 Government debt 3,073 3,073 2,400 Other reserves (net) 356 495 National defense bills 4,598 4,091 Non-reserve exchange. 155 225 Other assets 3,017 3,117 3,961 Loans and discounts __ 552 415 Note circulation 12, 241 12,179 9,108 Government debt 1,033 1,036 Other sight liabilities. 2,181 1,941 1,095 Other assets 1,628 1,249 Other liabilities 815 1,221 Note circulation 2,704 2,374 Bank for International Settle- Other sight liabilities 938 952 ments (thousands of Swiss gold Other liabilities ___ 1,003 1,013 francs6): National Bank of Rumania (mil- Gold in bars 29,385 31, 007 16, 523 lions of lei): Cash on hand and on current Gold 3 31, 747 20, 393 account with banks 38, 862 29, 480 27,337 Special exchange accounts __ 4,344 4,762 Sight funds at interest 15,400 16, 270 11, 536 Loans and discounts 25,146 21, 869 Rediscountable bills and accept- Special loans 4 881 1,382 ances (at cost) 143, 673 145,876 176,062 Government debt 7,959 10,197 Time funds at interest 21, 355 21, 228 32, 979 Other assets 12, 824 13, 700 Sundry bills and investments 208, 402 209,195 226,008 Note circulation 58,961 47, 977 Other assets 2,714 2,303 3,027 Demand deposits 15,000 8,933 Demand deposits (gold) 15, 846 14,092 10,688 Other liabilities 8,939 15, 393 Short-term deposits (various South African Reserve Bank (thou- currencies): sands of pounds): Central banks for own ac- Gold 37, 350 37, 032 count 21, 530 19,820 40,169 Foreign bills.. _ 840 1,435 7,125 Other 2,462 2,456 3,002 Other bills and loans.- 1,903 3,958 18 Long-term deposits: Special ac- Other assets 34, 493 33,880 18, 225 counts 229, 001 229, 001 250, 906 Note circulation 23, 664 21,788 20, 545 Other liabilities 190, 953 189, 990 188, 706 Deposits 44, 847 50, 325 29, 880 Other liabilities- 6,076 4,192 3,341 r Revised. 1 Latest month for which report is available for this institution. 2 Figures not yet available. 3 Gold revalued May 19, 1940, at 0.0043 gram fine gold per lea. 4 Agricultural and urban loans in process of liquidation. * Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc. e See BULLETIN for December 1936, p. 1025. 1238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] b C an e k n tr of a — l R O 2 a c 8 t t e . ef D fec a t t i e ve b C an e k n tr of a — l R O 2 a c 8 t t e . ef D fec a t t i e ve b C an e k n tr of a — l R O a c t t e . ef D fec a t t i e ve b C an e k n tr of a — l R O 2 a c 8 t t e . ef D fec a t t i e ve Albania Mar. 21, 1940 Ecuador 7 May 26, 1938Lithuania July 15, 1939Turkey July 1, 1938 Argentina 3 Mar. 1, 1936El Salvador. 3 Mar. 30, 1939 Mexico. Mar. 1, 1937United King- Belgium 2 Jan. 25, 1940Estonia Oct. 1, 1935Netherlands __ Aug. 2i9, 1939 dom Oct. 26, 1939 Bolivia.. Aug. 9, 1938Finland Dec. 3, 1934New Zealand _ May 2\7, 1940U. S. S. R July 1, 1936 British India- 3 Nov. 28, 1935 France 2 Jan. 4, 1939Norway May ]13, 1940Yugoslavia Feb. 1, 1935 Bulgaria Sept. 16, 1940Germany Apr. 9, 1940Peru Aug. 1, 1940 Canada Mar. 11, 1935 Greece Jan. 4, 1937Portugal 4-4^ Aug. 11, 1937 Chile 3-43/6 ~D eci., 16, 1936Hungary 3 Oct. 22, 1940Rumania Sept. ]12, 1940 c Corrected. Colombia July 18, 1933Italy May 18, 1936South Africa.. May 115, 1933 i Not officially confirmed. Czecho- Japan Apr. 7, 1936Spain 'Mar.:29,1939 Changes since Sept. 28: Denmark slovakia Jan. 1, 1936Java Jan. 14, 1937Sweden May 117, 1940Oct. 16, down from 4^ to 4 per- Denmark Oct. 16, 1940Latvia Feb. 17, 1940Switzerland-__ Nov.;26, 1936 cent; Hungary-Oct. 22, down from 4 to 3 per cent. OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Hungary N la e n t d h s er- Sweden Sw la it n z d er- Month a 3 c B c m a e n p o k t n a e n t r h c s s e ' s T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e t ' s d P is r r c i a v o t a e u t n e t Da m y o -t n o e - y day 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 1 M m f o o o n r n e t y h m L up o o n a t n t o h s 3 s d P i r s r i c a v o t a e u t n e t 1937—Aug .55 .52 .75 2.88 2.85 .53 23^-5 1.00 1938—Aug .53 .51 .75 2.88 2.51 .50 23^-5 1.00 1939—Aug 1.58 1.92 1.35 2.75 2.50 1.53 23^-5 1.00 1939—Dec 1.23 1.24 1.03 2.63 2.39 2.75 3-5 1.25 1940—Jan 1.10 1.09 1.02 2.50 2.03 2.64 3-5 1.25 Feb 1.04 1.02 1.00 2.50 2.08 2.50 3-5 1.25 Mar 1.03 1.02 .99 2.50 2.16 2.49 3-5 1.25 Apr 1.03 1.03 1.00 2.38 1.90 2.75 3-5 1.25 May 1.03 1.02 1.00 2.38 1.98 13.21 1.41 June 1.03 1.02 1.00 2.38 1.98 1.50 July 1.03 1.02 1.00 2.38 1.73 2.83 1.50 Aug 1.03 1.02 1.00 1.50 p Preliminary. i Figures are for period May 1-9, inclusive; no quotations available May 10-June 30. NOTE.—For back data, figures for other countries, and references to explanation of table see BULLETIN for September 1940, p. 1018. COMMERCIAL BANKS Assets Liabilities United Kingdom * (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s o l h n l t o e i a c r y n t e d at B co il u ls n d te i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Se ti c e u s ri- L cu o s a e t n r o s s m to - O as t s h e e ts r Total D D e e m p a o n si d ts 3 Time 3 lia O bi t l h i e ti r es 10 London clearing banks 1930—December 208 144 322 285 933 240 1,876 992 847 254 1931—December 184 119 246 297 905 222 1,737 868 846 237 1932—December 207 127 408 472 778 208 1,983 991 963 216 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 11 London clearing banks « 1936—December • 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—D ecember 243 160 250 635 971 263 2,254 1,256 997 269 1939—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 Apiil 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 1,443 1,026 264 July 262 146 415 26 658 940 271 2,454 1,465 989 264 August 273 148 430 26 682 927 255 2,481 1,486 995 260 >ank rate. 0 .District ±$anK mcmaea Deginnmg in iydo. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. 1239 NOVEMBER 1940 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 o f f f r m an o c n s t ) h figures re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m os a i n t d s Time a a c O n c w c e n e pt s - lia O b t i h li e t r ies 1930—December. 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December. 11,311 2,168 18,441 9,274 2,130 38, 245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37, 759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,827 32.635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18, 304 8,159 1,717 30,943 30,039 904 193 4,301 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 ii,993 30,810 7,579 1,849 43,737 43,195 542 1,034 3, 753 March i.._ 4.110 3,920 34, 123 7,499 1,961 46, 608 46,064 544 1,105 3,901 Assets Liabilities Germany 2 (5 larg i e n b m an il k li s o . n s E o n f d re o ic f h m sm on a t r h k s f ) igures 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 t c ie u s ri- O as t s h e e ts r Total D D e e p m o a si n t d s Time o C b b f r t a r a e o n i d m k n i s e ts d l O ia t t i b h e i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November. . 173 817 1,431 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 , 550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 ,481 1934—November.. 115 393 2,037 3,331 874 5,816 2,731 3,085 485 ,432 1935—November.. 139 316 2,162 2,884 1,027 5,376 2,435 2,941 686 ,449 1936—November.. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 ,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 ,368 September.. 270 295 3,384 2,817 ,097 876 6,915 3,311 3,603 424 ,400 October 179 261 3,620 2,743 ,183 895 7,031 3,373 3,658 422 ,427 November.. 195 270 3,643 2,685 L, 406 893 7,234 3,531 3,703 420 ,438 1939—January 184 285 3,934 2,708 1,178 895 7,334 3,619 3,716 414 ,436 February... 175 307 3,888 2,798 ., 145 902 7,377 3,576 3,801 410 ,427 March 219 308 3,904 2,833 ,112 901 7,458 3,765 401 ,418 April 189 271 4,364 2,761 ,082 891 7,745 3,870 3,875 398 ,414 May 237 292 4,537 2,772 ,073 852 7,981 3,996 3,985 396 ,385 June 3 214 4,108 ,080 829 7,793 3,793 3,999 390 ,342 Assets Liabilities Canada Entirely in Canada S a l e b o c r a u o n r a s i d ty D ad e a p o e s x it c s l d u p d e a p i y n o a g s b it l i s e n t i e n r b C an a k nfi ( g 1 u 0 r e c s h a in r t m er i e l d li o b n a s n o k f s C . an E a n d d ia o n f d m ol o la n r t s h ) Cash Security O lo t a h n e s r an f d r d o u m e net Se ti c e u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- l O ia t t i b h e i s e li r reserves loans and dis- foreign Total Demand Time counts banks 1930—December— 207 205 1,275 171 604 602 133 2,115 689 ,426 816 1931—December... 201 135 1,253 146 694 510 129 2,058 698 ,360 752 1932— December.... 211 103 1,104 155 778 439 115 1,916 538 ,378 760 1933—December... 197 106 1,036 134 861 432 121 1,920 563 ,357 725 1934—December.... 228 103 977 155 967 449 124 2,035 628 ,407 718 1935—December.... 228 83 945 141 1,155 485 111 2,180 694 ,486 745 1936—December... 240 114 791 161 1,384 507 103 2,303 755 ,548 790 1937—December.... 255 76 862 102 1,411 510 96 2,335 . 752 ,583 785 1938—December—. 263 65 940 166 1,463 474 88 2,500 840 ,660 782 1939—August 265 49 957 245 1,507 461 88 2,524 822 1,702 873 September... 279 51 1,020 214 1,502 475 95 2,583 891 ,692 862 October 304 53 1,083 209 1,662 474 90 2,837 1,128 ,709 858 November... 295 56 1,102 157 1,665 475 89 2,809 1,074 1,735 851 December.... 292 53 1,088 132 1,646 490 85 2,774 1,033 L, 741 842 1940—January 290 48 1,073 134 1,654 466 82 2,755 1,005 ,751 827 February 273 57 1,104 140 1,638 476 86 2,772 1,113 1,659 829 March 265 52 1,115 166 1,599 451 88 2,724 1,063 1,661 836 April 281 54 1,072 180 1,592 488 84 2,743 1,071 ,672 840 May 300 44 1,063 194 1,617 475 91 2,785 1,142 1,643 818 June 272 39 1,067 184 1,583 469 93 2,706 1,098 ., 609 814 July 277 39 1,053 166 1,576 454 89 2,674 1,062 ,613 802 August 291 38 1,062 162 1,569 440 90 2,689 1,055 1,634 783 i No figures available since March 1940. * 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). 3 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. 1240 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 ) - Off A i ( c p u ia o s l t u r n a d l F i ) a ree ( g b B i e u e lg m l- a) 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 r n u i d p ti i e s a e h ) g ( B a le u r v i l a ) - C O a ff n ic a i d al a (d F o r ll e a e r) Of C f h ic i i l a e 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 ( o p b l e i s o a o m ) - ( s C k l z o o e r v c u a h n ki o a - 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 33.137 395.94 16.917 8. 5681 5. 8788 37. 523 1.2958 99.913 5.1240 29.751 57.083 4.0078 1937 „ 32. 959 393.94 16.876 8. 6437 6.1983 37. 326 1.2846 100.004 5.1697 4.0000 29.606 56. 726 3.4930 1938—_ 32. 597 389. 55 16. 894 5. 8438 36. 592 1. 2424 99.419 5.1716 4.0000 21.360 55.953 3. 4674 1939 30.850 353. 38 16. 852 6.0027 5.~l248~ 33. 279 1.2111 96.018 5.1727 4.0000 11.879 57.061 3. 4252 1939—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 Aug 29. 773 322.80 317.02 6. 0575 5.0219 30.132 90. 909 86.865 5.1680 4.0000 5.476 56. 985 Sept 29. 773 322. 80 321.47 6.0574 5.0107 30.162 90. 909 85. 469 5.1680 4.0000 5.206 56. 985 Year or month ( m D kr e a o n r n - k e) (p E o g u y n p d t ) (m l F k a i a a n n r ) - d k- F (f r r a an n c c ) e ( m m r G e a a e i r c r n k h - y ) s- G (d m r r e a a e ) c c h e - (d H K o o o ll n n a g g r) (p H g e a u n r g n y o - ) ( I l t i a ra ly ) J ( a y p en a ) n M (p e e x so ic ) o ( N g l u e a t i n l h d d e e s r r - ) Z (p e N o a e l u a w n n d d ) N (k o r r o w n a e) y 19.071 434. 39 1.8708 5.0313 30. 518 .7233 29.452 22. 360 6. 7094 25. 646 28.103 51.721 340.00 21. 429 1934 22. 500 516. 85 2. 2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29. 715 27. 742 67. 383 402.46 25 316 1935 __- 21.883 502. 60 2.1627 6. 6013 .9386 48. 217 29. 602 8.2471 28. 707 27. 778 67. 715 391. 26 24. 627 1 1 1 1 9 9 9 9 3 3 3 3 9 8 6 7 2 2 2 2 0 2 1 2 . . . . 0 8 1 3 6 2 8 4 9 5 9 6 4 5 5 5 0 0 7 0 6 9 8 1 . . . . 8 3 9 6 3 0 2 8 2 2 2 1 . . . . 1 1 1 9 8 9 5 9 1 0 4 6 3 1 7 8 4 2 6 2 . . . . 0 1 8 5 1 4 7 1 4 6 8 0 1 0 1 3 4 4 4 4 4 0 0 0 0 0 . . . . . 0 1 2 2 2 6 6 9 0 5 1 4 7 4 8 . . . .8 9 8 9 1 2 9 0 5 8 5 5 3 9 8 5 3 3 2 3 7 0 0 1 . . . . 7 4 4 6 1 5 9 5 1 4 4 7 2 1 1 19 9 9 9 . . . . 2 5 7 7 3 7 5 2 9 8 8 7 7 5 5 5 . . . . 2 1 2 2 9 9 6 6 1 5 0 0 9 6 5 7 2 2 2 2 8 8 9 5 . . . . 9 0 7 4 6 2 9 5 3 2 1 1 2 2 2 1 7 7 2 9 . . . . 1 3 7 7 0 2 6 5 3 2 0 0 6 5 5 5 4 3 5 5 . . . . 0 3 0 4 0 3 4 8 9 5 5 1 3 3 3 3 9 9 9 5 8 2 6 4 . . . . 9 8 9 3 1 2 2 5 2 2 2 2 4 4 3 4 . . . . 8 9 2 5 4 7 2 6 0 4 6 6 1939—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 53.137 317.06 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 39. 965 .6529 22.388 17. 591 5. 0361 23. 432 18. 365 288.19 July.. 1. 9643 2. 0052 39. 978 .6654 23. 582 18.481 5.0323 23.432 19.913 304.32 Aug... 1. 9691 39. 951 .6628 22. 510 19.370 5.0334 23. 431 19. 988 318. 25 Sept... 1. 9619 39. 926 .6602 22. 623 19. 367 5.0357 23. 435 19. 941 322. 74 Year or month P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- [ S A p o o fr u u i n t c h a d) p S e p s a e i t n a) ( S S m d t e o r e t l a 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 la r i a n t n z d e c) r- ( T po u u rk nd ey ) U O n ff i i t c e ( i p d a o l K un in d) F gd re o e m tr C U o o r ll n u e - g d uay N tr o ( o p n l e - l s c e o o d ) n- ( Y s d la u i v g n i o a 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—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 397.86 9.950 46.484 23.806 22.419 396.39 65.830 36.360 2.2595 Feb 3. 6228 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 Aug 3.8311 398.00 9.130 47.116 23.813 22. 755 403. 50 397. 88 65.830 34. 939 2. 2436 Sept 3. 9629 398.00 9.130 47.102 23. 810 22. 784 403. 50 403. 42 65. 830 36. 366 2. 2436 NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16, 1939; Belgium—since May 9, 1940; Brazil—Sept. 1, 1939; Bulgaria—since Aug. 29, 1939; Canada—official rate Mar. 1-21, 1940, first reported in addition to free rate beginning Mar. 22; Denmark—Aug. 26-31, 1939, and since Apr. 8, 1940; Egypt—since Sept. 1, 1939; Finland—Aug. 26-Sept. 1 and Sept. 3-5,1939; France—since June 15,1940; Hungary—Aug. 26-Nov. 8,1939, and Jan. 27-Feb. 8,1940; Netherlands—since May 9,1940; Norway— Aug. 26-29,1939, and since April 8,1940; Poland—since Aug. 25, 1939; Rumania—Aug. 26-Nov. 5,1939, and since Jan. 31,1940; Spain—Mar. 30-Apr. 1, 1940; Turkey—Aug. 25-28, and since Sept. 1,1939; United Kingdom—official rate Mar. 1-24, 1940, first reported in addition to free rate beginning Mar. 25; Uruguay—controlled rate Sept. 1-Nov. 28, and non-controlled rate Oct. 17-Nov. 28,1939; Yugoslavia—Aug. 26-Nov. 5,1939. Official rate for Australia first reported in addition to free rate beginning Apr. 1, 1940. Changes in nominal status of quotations since July 1939 noted only if affecting quotations for at least five days a month. Quotations commenced being nominal as follows: Aug. 1939—Australia; Sept. 1939—British India, Germany, Hong Kong, Japan, South Africa, and Straits Settlements; Nov. 1939—Yugoslavia; Dec. 1939— Finland; Apr. 1940—Sweden; and June 1940—Italy. Quotations have ceased being nominal as follows: Sept. 1939—Australia; Oct. 1939—South Africa; Nov. 1939—Hong Kong, Japan, and Straits Settlements; Mar. 1940—British India; Apr. 1940—Finland; May 1940—New Zealand; July 1940—Sweden. For further information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations prior to the end of July 1939, see BULLETIN for September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. NOVEMBER 1940 1241 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 it t e e d s Canada K U in n g i d te o d m France Germany Italy Japan N l e a t n h d e s r- Sw la it n z d er- (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) =100) 1926 100 100 » 124 695 134 237 106 144 1929 _ _ . 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 . . . 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 198 64 96 1937 86 85 109 581 106 89 238 76 111 1938 79 79 101 663 106 95 251 72 107 1939 _ 77 76 103 >681 107 a 97 278 74 111 1939—August 75 72 98 674 107 272 71 107 79 78 106 107 288 75 117 October 79 79 111 107 293 81 120 November 79 80 119 107 300 84 123 December 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 83 132 110 314 88 134 May 78 82 134 110 312 89 135 June 78 82 '134 110 308 139 July _. . 78 82 140 111 306 141 August 77 83 140 111 306 146 September 78 P141 111 308 p Preliminary. r Revised. * Approximate figure, derived from old index (1913=100). 1 Average based on figures for 8 months for France, 7 months for Italy. 8 No figures available since July 1939, when figure was 96. 4 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 Indus- Induspr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d ia u u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n in i d a i l s s h r e e a m d w i- p tr r i i o s a h d l e u f d i c n ts products 1926 100 100 100 581 793 129 132 130 150 1929 _ 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 679 113 113 120 150 1931 65 76 76 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 _. 51 61 71 83 87 420 380 87 75 88 113 ig34 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 1707 108 193 95 126 1939—August 61 67 80 90 102 616 726 109 92 95 126 September 69 75 82 101 108 108 95 126 October 67 73 84 109 111 108 96 126 67 72 84 114 121 108 97 126 "DfiPftmbflr 68 72 84 118 124 108 97 127 1940—January 69 72 84 122 127 108 98 127 Februarv 69 71 83 126 129 108 98 127 March 68 70 83 124 131 110 99 128 April 69 72 83 126 135 111 98 128 May 68 71 83 128 136 112 98 128 June 66 70 82 130 136 112 98 129 July 67 70 82 134 142 112 98 130 August 66 70 82 136 142 112 99 131 September 66 72 82 111 99 131 r Revised. i Average based on figures for 8 months. »No figures available since August 1939. Source*.—See BULLETIN for April 1937, p. 372; March 1937, p. 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p. 159. 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Mewemeiits—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r ( S U 1 = t 9 n a 1 3 i t 0 5 t e 0 e - s 3 ) d 9 > (J U K u = d n l i 1 o y n i 0 m t l g 9 e 0 - d 1 ) 4(J F = u r 1 l a y 0 n l 0 9 c ) 1 e 4 (1 = m G 9 1 1 a e 0 3 n r 0 - - y ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r 3 - (J S e = u r w 1 n l 0 e a i l t 0 n 9 z ) d 1 - 4 Y m e o a n r t o h r ( S U 1 = t 9 n 1 a 3 0 t i 5 t e 0 e - s ) 3 d i 9 (J U = K u d n 1 l i y o n i 0 t l m 0 g 9 e ) - d 14 F = ( r 1 1 a 9 0 n 3 0 c 0 ) e (1 = m G 9 1 1 a e 0 3 n r 0 - - y 1 ) 4 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r 3 - (J e = S u r 1 w n la 0 e i l n 0 t 9 z ) d 1 - 4 1926 _. 137 161 554 146 161 160 1926 126 170 142 168 162 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 3 132 130 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 «742 123 130 132 1939 99 158 <122 126 140 138 1939-August 94 137 749 125 124 131 1939- August 155 (5) 127 137 137 September 98 138 CO 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 96 161 126 141 140 March 100 179 129 149 145 April 96 158 127 (7) 142 April 178 129 149 147 May 97 159 129 143 May 180 130 149 148 June 98 158 129 145 June 101 181 131 150 July 97 168 131 145 July 187 132 151 August 96 164 133 146 August 185 133 151 September 97 166 September 100 187 1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of livinmay b e obtained from the Bureau of Labor Statistics. 2 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, when figure was 123. 8 No figures available since August 1939. * No figures available since March 1940. 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 U S n ta i t t e e s d K U in n g it d e o d m France Germany Nether- (1926=100) Nether- ( p a r v i e c r e a ) g i e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands a U S n ta i t t e e s d K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues. _ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 67.4 100.0 100.0 100.0 100.0 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 »50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 62 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 65 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—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 CO 98.9 79.6 92.4 72.0 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 74.2 92 9 77 4 109 3 83.9 May... „__ 79.4 116.8 100.7 (7) 83 0 73 1 112.2 June 78 5 113.4 100 8 73 3 64 9 112 6 July. 81.2 116.4 100.8 76 1 63 5 112.8 August 81 5 117.8 100 9 77 5 65 6 115 9 September 82.7 117.9 80.9 66.2 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. »Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 New index. See note 2. 6 Average based on figures for 8 months • No figures available since August 1939. 7 No figures available since April 1940. Sources— See BULLETIN for November 1937, p. J172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. NOVEMBER 1940 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*Tedetal 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 (Partial List) 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 Monday: CREDIT, MONEY RATES, AND BUSINESS has been pub- Condition of Reporting Member Banks in 101 lished by the Board and is for sale to the public at Leading Cities 50 cents a copy. Data available as of June 14, 1940, Bank Debits are plotted on the latest edition. Tuesday: DIGEST OF RULINGS—from 1914 to October 1, 1937. Money Rates—Open-Market Rates in New York Digests of rulings of Board; compilation showing City textual changes made in the Federal Reserve Act; Wednesday: digests of court decisions and opinions of the At- Weekly Review of Periodicals torney General involving a construction of the Fed- Thursday: eral Reserve Act; and digests of court decisions in- Condition of Federal Reserve Banks volving Federal Reserve Banks. Price $1.25 per Condition of Reporting Member Banks in New copy. 683 pages. York City and Chicago (Also a part of statement of Condition of Reporting Member Banks PROBLEMS OF BANKING AND BANK SUPERVISION. in 101 Leading Cities released on following Excerpts from the 1938 Annual Report of the Board Monday) of Governors of the Federal Reserve System. 33 Friday: pages. Department Store Sales MONETARY MEASURES AND OBJECTIVES. Three statements by the Board on objectives of monetary policy, MONTHLY on proposals to maintain prices at fixed levels through monetary action, and on legislative proposals relat- Federal Reserve Bulletin—released about the 4th ing to monetary measures and objectives. 8 pages. of the month (subscription price $2.00 per July 1937, April 1939, and May 1939. annum, single copies 20 cents; outside of the United States, Canada, Mexico, and the insular THE HISTORY OF RESERVE REQUIREMENTS FOR possessions, annual subscription $2.60, single BANKS IN THE UNITED STATES. Legislation, designacopies 25 cents) tion of reserve cities, and changes in the reserve posi- Federal Reserve Inter-District Collection System tion of banks. 20 pages. November 1938. (Par List)—including list of State bank mem- SUPPLY AND USE OF MEMBER BANK RESERVE bers. Semi-annual issues, January-July, and FUNDS. Explanation of analysis of sources of memmonthly supplements—released about 7th of the ber bank reserve funds and uses to which such funds month are put as indicated by Federal Reserve and Treas- National Summary of Business Conditions—re- ury statements. 31 pages. July 1935. leased about the 16th of the month ANALYSES OF THE BANKING STRUCTURE—As of Business Indexes—released about the 16th of the December 31, 1935. Number, deposits, and loans and month investments of banks classified by size of bank and Bank Debits—released between the 6th and 12th town and by other factors. 33 pages. of the month THE PAR COLLECTION SYSTEM OF THE FEDERAL Foreign Exchange Rates—released about the 1st RESERVE BANKS, by George B. Vest—reprint of of the month article, 8 pages, February 1940. Money Rates—released about the 3rd of the month THE BANKS AND IDLE MONEY, by Woodlief Thomas —reprint of article, 9 pages, March 1940. QUARTERLY CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, Member Bank Call Report (3 or 4 times a year by E. A. Goldenweiser—reprint of article, 5 pages, depending upon number of calls for condition May 1940. reports) List of Stocks Registered on National Securities OWNERSHIP AND UTILIZATION OF THE MONETARY Exchanges. Issued annually in February with GOLD STOCK—reprint of article, 3 pages, May and quarterly supplements (subscription price 25 June 1940. cents for the List and three supplements; five or NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PROmore copies on one order, 20 cents per copy; fifty DUCTION—reprint of article, 77 pages, August 1940. or more copies on one order, 15 cents per copy.) MEASUREMENT OF PRODUCTION—reprint of article, 16 pages, September 1940. ANNUALLY GOLD RESERVES OF CENTRAL BANKS AND GOVERN- Bank Debits—released ordinarily in February MENTS—reprint of article, 18 pages, September Annual Report (covers calendar year) 1940. 1244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. 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 Directory Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORYCOUNCIL MARRINER S. ECCLES, Chairman Boston District THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman New York District LEON FRASER CHESTER C. DAVIS Philadelphia District HOWARD A. LOEB WILLIAM A. DAY Vice President ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON JOHN K. MCKEE Richmond District ROBERT M. HANES ROBERT S. PARKER RONALD RANSOM Atlanta District RYBURN G. CLAY GEORGE J. SCHALLER Chicago District EDWARD E. BROWN 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 NOVEMBER 1940 1245 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 Willetti 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 T C P l r a n r o e cf n r c ( e ~ \ A "p . r i M ll cllhenny8 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 2 Clifford S. Young St. Louis __ William T. Nardin.... Oscar G. Johnston William McC. Martin.. F. GuyHitt Olin M. Attebery Clarence M. Stewart 1 Minneapolis Walter C. Coffey Roger B. Shepard John N. Peyton... Oliver S. Powell Ernest W. Swanson Harry I. Ziemer 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" TTnlo 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 Rich B m al o t n im d: ore Branch __ W. Robert Milford DallOasm:aha Branch Lloyd H. Earhart William T Clements El Paso Branch Joseph L. Hermann AtlaCnthaa:rlotte Branch 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 _ Clarence R. Shaw St. Louis: Seattle Branch Little Rock Branch Arthur F. Bailey Louisville Branch.. Charles A. Schacht Memphis Branch William H. Glasgow 1246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 FEDERAL RESERVE DISTRICTS CO o MINN. MINNEAPOLISj S.DAK. IV / ----- I rs6-J J11 n-n-H } TEXAS > BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) FEDERAL RESERVE BANK CfTIES 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis