Federal Reserve Bulletin, 1940-12
FEDERAL RESERVE BULLETIN DECEMBER 1940 Review of the Month—Increase in Business Activity Financing the Defense Program From the Board's Correspondence—Central Banking Bank Capital Requirements Under State Law Statistics of All Banks in the United States Development of Federal Reserve Banking BOARD OP 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—Increase in Business Activity 1249-1256 Development of Federal Reserve Banking, by M. S. Szymczak 1257-1264 Financing the Defense Program 1265-1266 From a Legal Standpoint: Financial Transactions Under Neutrality Act of 1939 1267 Compilation of State Law Requirements Relating to Capital of Banks, Trust Companies, etc 1267-1274 From the Board's Correspondence—Central Banking... ... 1275-1276 Current Events 1277 National Summary of Business Conditions 1278-1279 Financial, Industrial, Commercial Statistics, United States 1281-1321 (See p. 1281 for list of tables,) Statistics of All Banks in the United States 1322-1326 International Financial Statistics (See p. 1327 for list of tables.) 1327-1343 Federal Reserve Publications 1344 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1345 Senior Officers of Federal Reserve Banks; Managing Directors of Branches.... 1346 Index to Volume 26 1347-1378 Map of Federal Reserve Districts 1380 Subscription Price of Bulletin The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System and is sent to member banks without charge. The subscription price in the United States, Canada, Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or 25 cents per single copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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FEDERAL RESERVE BULLETIN VOL. 26 DECEMBER 1940 No. 12 Dncteale In Hu!iina5& -@ctivltu Economic activity has continued to increase in a position to ask and obtain higher rein recent months largely under the stimulus turns for their products. Prices for many of the defense program. An commodities, however, including some for Further increases expanding volume of in-which demand has been large, have been in activity ^ . ° maintained at earlier levels. Differences in dustnal output has been price movements have reflected many factors, accompanied by advances in employment and relating not only to market and cost situanational income. Orders for materials and tions but also to policies pursued by business finished goods have been large, partly to cover organizations and governmental agencies. increased current needs and to some extent Changes in costs have been varied and to some also to make sure of future deliveries by the degree offsetting; while prices of materials time they are needed. In many industries have risen in many instances, costs of manunew orders have been in excess of production facture have often been lowered as a result and consequently unfilled orders have accuof larger output. Wage rates in general mulated in large volume. Particularly heavy have shown little change, but average hourly orders have been placed with the aircraft, earnings have increased somewhat, partly as shipbuilding, machine tool, electrical equipa result of overtime work in defense producment, and wool textile industries, but in tion. Corporate profits, although reduced numerous other lines unfilled orders are also somewhat in recent quarters by allowances substantial. for increased taxes, have been much higher Manufacturers have been using practically this year than last. all the goods currently obtained, and conse- The general level of industrial output, as quently their inventories have not increased measured by the Board's seasonally adjusted much over the advanced level reached early index, is estimated at 131 per this year and maintained through the spring Industrial cent of the 1935-1939 average in and summer. Nor have there been important production November, compared with 128 in accumulations of inventories by distributors. October. Without allowance for seasonal Stocks of certain essential materials have changes the index showed little change from been built up by the Federal Government but October to November. Interpretation of these stocks are not readily available to the changes in production during coming months market. Domestic supplies of some farm must take into account the seasonal decline products, such as cotton and grains, are large, that usually occurs from October to January, partly as a result of restricted exports, and followed by a seasonal increase in the spring the amounts of these commodities in Governmonths. ment loan stocks are increasing. Recent increases in activity have been As a consequence of the large volume of widespread. Expanded output has occurred buying and the urgent nature of many denot alone in industries directly engaged in mands, sellers in some instances have been 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month production of war materials and in those ticularly textiles, have been substantial and making goods formerly supplied by Euro- civilian demands have generally increased. pean producers; war and defense develop- Up to now capacity has not been an imments have also increased civilian expendi- portant limiting factor on output except in tures. In the aggregate these increases have industries turning out airplanes, ships, munimuch more than offset losses resulting from tions, machine tools, and a few other highly the closing of many foreign markets for fabricated or specialized products. In these American goods. Retail sales of automobiles lines capacity is being increased by construchave been exceptionally large this autumn, tion of new plant and, in some instances, by more new houses have been bought, and con- sub-contracting and other measures that persumers' purchases of other products have in- mit fuller utilization of existing facilities. creased substantially, although not so much In many other lines considerable increases as buying in the wholesale markets. A sharp in output could be achieved when required rise in factory construction this autumn has by further utilization of available domestic been to meet civilian requirements, as well facilities and supplies of some materials could as military demands. be increased by larger imports. Most of the increases in activity since last In the iron and steel industry capacity to summer have been in industries producing produce certain alloy steels and armor plate durable goods. This has reflected concentra- is being sharply expanded tion of defense purchases in these lines andSteel production t t orders placed as a 0 mee also increased purchases for civilian purand consumption . _ . _ _ . poses. Output of durable manufactures has part oi the defense prorecently risen to new high levels, as shown gram. Little expansion in blast furnace and in the chart, and order backlogs are excep- open-hearth capacity has been announced, tionally large for many of these products. but consideration is being given to the ques- Output of nondurable manufactures, as tion whether existing capacity is adequate to shown in the chart, has been at a high level produce basic steel needed to meet all prosfor over a year and recently has increased to pective demands. Output of steel ingots has the peak reached at the end of last year. De- increased from 87 per cent of rated capacity fense orders for some of these goods, par- in June to 95 per cent in November. It appears from available evidence that 1NDEX OF INDUSTRIAL PRODUCTION orders placed for steel have exceeded output IATION, 1939-1939 AVERAGE FOR TOTAL = 100 in this period but that the actual consumption of steel has been smaller than the volume of orders. Part of the orders represented efforts by steel-consuming firms to make provision for their requirements further in advance than usual, particularly since delivery periods on many steel products have been extended. Direct measures of domestic steel consumption are not available. Exports of steel, not including highly-fabricated prod- 40 ucts made out of steel, increased from 7 per cent of ingot-producing capacity a year ago to 12 per cent in June and 20 per cent in August and have continued close to that level 1930 1932 1934 1936 1938 1940 since then, leaving for domestic use in recent Latest figures shown are estimates for November. months steel equivalent to about 75 per cent 1250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month of rated ingot capacity. Only a little of this gard their steel inventories as adequate in has gone to build up inventories of steel; relation to current consumption; most of the most of it has been used in the manufacture others think their steel stocks are small. of other products, which have been largely Prices of basic commodities increased furdisposed of to ultimate consumers here or ther in the first three weeks of November, abroad. following some hesitation Direct data on changes in steel inventories Wholesale at the end of October. Since commodity prices are not regularly available. In order to throw August price advances have some light on this matter the Federal Reserve been most pronounced and persistent in in- System recently made a survey of develop- dustrial materials, particularly those affected ments in steel-consuming industries. Reports by demands arising out of the defense prowere obtained from about 400 firms which gram. As shown in the accompanying chart, constituted a substantial and, so far as could be determined, a fairly representative sample WHOLESALE PRICES OF BASIC COMMODITIES of steel-consuming industries and steel distributors, including small as well as large firms. Tonnage figures were received from a large proportion of these firms and dollar figures were obtained from many others. This survey indicated that inventories of 100 steel held as materials by steel consumers increased somewhat from the end of June to the end of September and that this increase amounted to between 2 and 3 per cent of ingot-producing capacity per month. In Oc- 1935 1937 1938 Federal Reserve groupings of Bureau of Labor Statistics data. tober there was apparently little, if any, Weekly figures, 1926 = 100. Latest figures shown are for November 22. further increase in these inventories. Some of the increase has reflected the need for industrial materials as a group are about 15 more steel as a consequence of a higher rate per cent higher than in August and close to of activity in steel-consuming lines. the peaks reached last year following the out- Changes in inventories of steel since last break of the war. There have been substan- June have varied among the different consum- tial increases also in prices of semifinished ing industries. In some, such as the auto- industrial materials, such as lumber, textile mobile and parts industry, there were in- yarns, and leather. Reflecting chiefly the rise creases, largely seasonal; while in others, in industrial commodities, the general level of such as the container and the heating appa- wholesale prices, as measured by the Bureau ratus industries, there were declines, also of Labor Statistics index, has risen two and partly of a seasonal nature. At steel ware- a half points to 79.5 per cent of the 1926 houses there was practically no change in average. This compares with a high of 79.5 inventories during this period. per cent last winter and 75 in August 1939. Half of the steel consumers reporting have Farm products.—Prices of farm products on hand at least 2^ months' supply of steel and foods have also increased, reflecting at current consumption rates, but many of mainly advances in prices of wheat and livethe larger firms hold less than this and thestock and products. Seasonal influences have total amount of steel held by consumers ap-contributed to the rise of these commodities pears to be equivalent to about a 2 months' since midsummer but more important factors supply. About two-thirds of the concerns re- have been the effect of increased consumer DECEMBER 1940 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month incomes on demand for livestock products there have been some interruptions in both and the restriction of "free" supplies of wheat production and shipments of lumber due to by the Federal loan program. Wheat prices industrial disputes on the West Coast. Curin most markets are above the values at rent demands from residential building and which loans are being made. other consuming lines are at higher levels The Federal loan program for cotton and than in 1937, and in addition there has been corn is also encouraging the withholding of a large volume of purchasing to cover Govsupplies of these commodities from market ernment requirements, particularly for canand their prices are likewise somewhat above tonment construction. Total Federal requirethis year's loan rates of 61 cents per bushel ments for lumber from July 1940 to June for corn in the commercial area and 9.3 cents 1941 have been estimated to equal about 8 per pound for cotton in ten spot markets. per cent of this year's production, and much The loan rate for corn has been raised 4 of this lumber was purchased during Sepcents above that of a year ago, in accordance tember and October for shipment during a with the provisions of the Agricultural Ad- six-month period beginning this autumn. justment Act, requiring a loan rate of 75 per Prices of other building materials have not cent of the parity price when the current shown much of a rise during recent months price is below that level and the November and generally are below the advanced levels crop estimate does not exceed a normal reached in the early part of 1937. year's consumption and exports. The period Metals.—Lead prices, which had declined in which corn loans may be made has been during the summer under pressure of forextended from 4 months to 10 months, be- eign supplies, increased sharply during Octoginning December 1, and the loans are to ma- ber and November. Prices of copper and ture in 3 years instead of 1 year as formerly. zinc have been maintained, following earlier The cotton crop this year is indicated to be advances, with demand for their manufac- 12,800,000 bales or one million bales larger tures continuing large. Buying of these nonthan last year. Domestic consumption is cur- ferrous metals in refined form has declined rently at near-record levels, but exports for during the past six weeks from earlier extlie season are expected to be only about IV2 ceptionally high levels, but the volume of million bales, the smallest amount since the unfilled orders has continued to rise. In the period immediately following the Civil War. case of zinc, according to trade reports, orders Up to the middle of November exports of include some forward commitments into the cotton amounted to 400,000 bales, of which third quarter of next year. Prices of new about two-thirds went to the United King- aluminum were reduced further by 1 cent a dom. Russia, which has not purchased more pound on November 18, although scrap prices than a thousand bales of American cotton in have continued to rise. any other season since 1934, had taken 77,000 To some extent prices of nonferrous metals bales. By November 18 the movement into and of other leading basic industrial maloan stock had exceeded 1,900,000 bales, com- terials, including many "strategic" and "critpared with a negligible amount during the ical" commodities, are currently affected by whole of last season, and the total amount of United States import duties. Of the dutiable cotton in the loan stock was 10,200,000 bales. items among the strategic and critical group, Building materials.—Prices of lumber have particularly manganese ore, nickel, tungsten shown an advance of about 20 per cent since ore, hides, and apparel wool, duties on imports the middle of July, and the current level is during the twelve months since the beginning the highest in many years, exceeding the of the war have been calculated to total about peak early in 1937. Recently, as in 1937, $44,000,000, which was equivalent to nearly 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month 40 per cent of the import value of these com- EMPLOYMENT AND HOURS IN SELECTED MANUFACmodities. Excluding wool, for which the duty- TURING INDUSTRIES—OCTOBER 1940 approximated 75 per cent of the import value, [Adjusted for Seasonal Variation] calculated duties on the remaining commodities averaged around 20 per cent. e W ar a n g e e rs A a v g e e r- Per c A e u n g t u c s h t a 1 n 9 g 3 e 9 from em- hours i N n o c T v r e e e x a m t s i e b l d e e s r . f — u u r n P t d h r e e ic r r e s t d h o u e f r i c s n o t g i t m to O u n l c u y to s a b r e o n r f s a a c n n o d d n t c i e n lo a u r t e h ly d s Industry p s t a l h o ( n i o y n d u e s - d ) m w ( p e a e s e t e t e r i k d - ) p e W l a e o r m a y n g - e e e d rs Hours h M ou a r n s large buying. Wool prices also have risen fur- Aircraft 120 46.0 +182 +10 +209 ther, although after the announcement early M En a g c i h n i e n s e a t n o d o l t s urbines.__ 6 7 2 3 4 4 6 8 . . 0 5 + + 1 7 0 6 2 +15 + + 1 1 3 0 2 0 Car building. 37 38.5 +84 +14 +98 in November that future Government orders Shipbuilding 105 42.0 +55 +8 +71 Wirework 33 41.0 +53 +10 +62 for wool goods could be filled from foreign Forgings, iron and steel 19 41.5 +44 +6 +57 Brass, bronze and copper +9 wool, prices of domestic wool were steadied products 100 43.0 +41 +9 +54 Explosives 40.0 +51 +1 +52 while foreign grades advanced considerably. Automobiles 41.5 +40 +3 +45 In the latter part of October price reductions Total selected industries. _. 1,055 42.8 +58 +7 +70 Other manufacturing induswere announced for nylon yarns. Silk prices tries 7,432 39.0 +8 +3 +11 by the third week of November had declined All manufacturing industries 8,487 39.5 +12 +4 +16 to the level prevailing before the general rise in prices of Far Eastern commodities in the beginning of the period. Increases in avermiddle of October. age hours worked per week have also oc- From August 1939, before the outbreak of curred chiefly in these ten industries and for war in Europe, to October 1940, total employ- this reason man-hours of employment in ment in the United States in- these industries have risen even more than Employment creased by more than two mil- number of workers employed. lion persons. About a third of Concentration of defense demands on a this growth may be accounted for by sea- relatively small number of manufacturing sonal increases. During this period there industries has made heavy demands for a few was a decline in agricultural employment, types of skilled men, particularly in the while the number employed in all major metal-working trades, while the demand for nonagricultural lines increased. The prin- other types of skilled and for semiskilled cipal increases have been in manufacturing workers has increased only moderately and and Government service, both of which have that for unskilled labor only slightly. For been especially affected by the defense pro- this reason shortages of instrument makers, gram. machinists, lens grinders, and a few special- While in most manufacturing industries ized shipbuilding crafts are being felt in employment is higher now than in the sum- some localities concurrently with continued mer of 1939, the rise has been most marked in large-scale unemployment. industries that have been more largely af- Employers engaged in filling defense confected by defense requirements. Ten indus- tracts have so far generally been able to retries showing the largest increases in employ- cruit skilled men in nearly all crafts, partly ment and man-hours are listed in the table. because their occupational wage rates are Of the total adjusted increase of 922,000 higher than those of some other employers in number of wage earners employed in all and partly because they have modified their manufacturing industries since the outbreak hiring practices somewhat so as to include of war in Europe, 387,000, or 42 per cent, older workers who are able to meet skill, exwere hired in these ten industries, which perience, citizenship, and other requirements. employed only 9 per cent of the total at the Other employers, particularly in lower wage DECEMBER 1940 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month areas, have not always been able to meet their also raised wage rates in some plants where skilled labor requirements and in some in- pay was below the prevailing minimum scales stances have been losing men to plants work- established by the Secretary of Labor. In ing on defense orders. Training programs, addition, under the provisions of this Act both public and private, have been expand- overtime is paid for work in excess of 8 hours ing rapidly but they are not yet supplying per day as well as in excess of 40 per week. trained men for the highly skilled trades Of about $17,000,000,000 provided under where shortages are now being felt or are present legislation for Federal defense exanticipated. penditures through June 1942, To meet both present and future shortages Defense about $1,900,000,000 is for new of skilled men, some manufacturers, particu- construction construction in the continental larly in lines most affected by the defense United States. Expenditures are to be diprogram, have lengthened hours of work and vided among major types roughly as follows: are beginning to advance less experienced Barracks, cantonments, temmen into more highly skilled jobs. In a few porary troop housing $630,000,000 industries, notably aircraft and Government Air bases and other construction at military and naval arsenals, operations requiring highly skilled posts 480,000,000 men are being broken down into less complex Productive facilities 520,000,000 Housing 240,000,000 tasks that can be performed by single-skill machine operators who require a relatively $1,870,000,000 short time to train. The skilled men replaced Defense construction will involve someare used to set up the jobs, adjust the ma- what more expenditure than the $1,600,000,chines, and supervise their operation. 000 Public Works Administration program Average hourly earnings have risen during initiated in the autumn of 1938 and will differ the past year reflecting largely a considerable considerably in types of construction, rate increase in overtime work, movement of of execution, geographic distribution, and workers into higher wage concerns, and some methods of financing. That program conadvances in wage rates. In most industries, sisted principally of over 6,000 projects however, wage rates have been fairly stable. widely spread throughout the country, in- Except in a few skilled crafts, supplies of cluding a large volume of school, highway, labor are plentiful, and where they have been sewer and water works projects. Expendilimited, there have in many instances been tures were spread over nearly two years. agreements among employers to prevent bid- In contrast, the defense construction proding men away. Union agreements, which gram is being concentrated in a small numusually run for a year or more, have also ber of large projects and a relatively short tended to keep scattered rate increases at a period of time. As a consequence, the volume minimum, though with the demand for labor of construction work in some localities will becoming increasingly active, the question of be much greater in the near future than in increases may arise in making new agree- any recent period. Actual construction work ments. Federal construction contracts, which will be largely within an 18 month period and must be fulfilled at prevailing wage rates, are a large portion of the expenditures will be tending to raise rates in the building trades, made this winter. The bulk of the $630,000,particularly in the case of carpenters, up to 000 of barracks and cantonments is scheduled the levels of union scales in areas where to be completed by the end of March. Spread projects are under way. Other Federal con- over a longer period will be the construction tracts, the bulk of which are let under the of airplane plants, arsenals, tank and other provisions of the Public Contracts Act, have ordnance factories, shipyard facilities, and 1254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month housing for defense workers. While State for in the amount of $140,000,000, to be and local government bodies financed about spent by the Federal Works Agency. Prehalf the cost of the Public Works Administra- liminary studies are under way, and a few tion projects, defense construction will be projects may reach the construction stage by almost entirely Federally financed. Partici- the end of this year, but the bulk of the work pation by local governments will be limited probably will be done in 1941. principally to such airport and highway con- An allocation of $10,000,000 from the struction as is related to defense. President's Emergency Fund to the RFC The types of materials and labor required Mortgage Company is to make available for the defense construction program will dif- equity money on rental housing projects. fer from that for an equivalent expenditure This, with possible private equity money and on earlier public construction programs. with mortgage loans insured by the Federal About a third of the expenditures will be for Housing Administration, would provide $50,military post construction, largely frame 000,000 or more for such housing. buildings rather than masonry. This will The United States Housing Authority has require proportionately more carpenters and earmarked a total of $31,300,000 for defense fewer bricklayers, plasterers, and skilled housing and $7,200,000 of this total has been "finishing" trades than an equivalent ex- allocated to the Army and Navy. The rependiture for the types built in the public maining $24,100,000 will be used for some works program. Also, the pressure for 6,400 units to be built by local housing speed will call for greater concentration of authorities. demand for workmen during the building Earnings of large industrial corporations period. The construction of air bases, ship- for the third quarter of 1940, as indicated by yard facilities, and of private and Federal published reports now available factories to manufacture armament will in- Corporate f 554 companies, were ten per or crease the demand for fabricated steel and cent smaller than in the preceding concrete and for workers in these trades quarter and more than 25 per cent larger than rather than in "finishing" trades. As the Fed- in the third quarter of last year. As a result erally-financed defense housing program gets of special tax deductions the figures for the under way in volume, relatively more car- third quarter of this year have limited signipenters will be used than for an equal expen- ficance as compared with previous quarters. diture on housing under either the earlier There have been two revenue acts this Public Works Administration housing or the year, each of which has imposed additional current slum-clearance program of the taxes on corporate income for 1940. The United States Housing Authority. (First) Revenue Act of 1940, approved June Present legislation authorizes $240,000,000 25, increased the normal taxes, and the Secfor direct Federal construction of defense ond Revenue Act of 1940, approved October housing, which may total 65,000 to 70,000 8, increased the normal taxes further and dwelling units. Practically all of the $100,- imposed an excess profits tax. Reported 000,000 provided to house families of enlisted profits for both the second and the third quarmen and civilian employees of the Army and ters were generally after some special tax Navy has been allocated. Construction has deductions to take account of increased taxes started on about 10,000 units, and the balance on profits for previous quarters. As a result, of this Army and Navy housing is planned earnings for the second and third quarters for construction by next spring or early are not strictly comparable from company summer. to company or with earnings reported for Housing for defense workers is provided preceding quarters. DECEMBER 1940 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month The chart shows the reported quarterly PROFITS OF LARGE INDUSTRIAL CORPORATIONS, earnings of 156 companies from 1926 to date JANUARY-SEPTEMBER 1939 AND 1940 and of 373 companies from 1934 to date. In Profits general, each of the two series covers earn- Num- (in millions Perings of all companies which have published Industrial group b c e o r m o - f of dollars) c a e g n e tquarterly reports throughout the period and panies change 1940 1939 have neither merged with other companies nor acquired large companies. For the most Total 554 1201.9 856.9 +40 part they are large companies in the durable Durable goods—total 309 696.8 438.8 +59 goods industries and consequently the series I N ro o n nf a er n r d ou s s t e m el e t . als and products. 4 6 7 7 1 9 8 0 2 . 9 3 6 7 1 4 .8 1 + + 1 2 9 2 9 Machinery: are not representative of small companies Electrical industrial 9 56.1 36.5 +54 or of industrial groups. B O u th s e in r e i s n s dustrial 3 7 1 2 1 7 2 .2 7 1 1 5 0 .4 3 + + 8 16 1 Railway equipment 12 19.9 6.8 +193 Aircraft 7 36.8 20.8 +77 Other 9 3 0 2 3 +28 PROFITS OF INDUSTRIAL CORPORATIONS Automobiles. 12 162.0 137.6 +18 Automobile accessories. 44 53.8 33.3 +62 Other durable... 64 52.1 39.9 +30 Nondurable goods—total 184 438.9 355.3 +24 Foods. 22 43 7 47 7 —8 Beverages, confectionery, and tobacco 20 51.3 51.9 Paper and printing 33 42.5 14.2 +199 Industrial chemicals . 29 146.9 119.4 +23 Drugs. 16 46.2 46.9 -2 Oil producing and refining 40 87.9 58.7 +50 Other nondurable 24 20.6 16.6 +24 Miscellaneous services 61 66.2 62.8 +5 Profits of companies in the iron and steel group appear to have increased about 55 per cent from the second to the third quarter of 1940. This is the only important group in 1926 1928 1930 1934 1936 1938 1940 which, despite additional tax levies, an in- Even after provisions for additional taxes, crease in activity in that period was reflected earnings of industrial corporations during in a substantial increase in earnings. In the 1940 have been at a substantially higher level motor vehicle subgroup earnings were 65 per than during 1939. For the first nine months cent smaller in the third quarter of 1940 than of 1940, reports now available indicate profits in the preceding period, apparently due alabout 40 per cent larger than for the cor-most entirely to a seasonal decline in activity. responding period of 1939. As shown in theFor companies in other durable goods groups, table, the largest increases occurred in dur- changes in reported earnings from the second able goods industries such as iron and steel, to the third quarter were mixed. Earnings railway equipment, general industrial ma- declined in the machinery group and rose in chinery, aircraft and auto accessories. Earn- the nonferrous metals group and in several ings of automobile companies increased only miscellaneous durable goods groups. Moderate moderately. Increases of varying degree decreases in earnings were shown in all nonwere also reported by companies in several durable goods groups other than textiles. In nondurable goods groups, but in the foods, the chemical group, the decrease in the total the drugs and the beverage, confectionery, was due largely to special tax charges made and tobacco groups, the level this year was in the third quarter by the largest company somewhat below that of last year. included in the group. 1256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
radeitaL A anking by M. S. SZYMCZAK* F OR more than a century before adoption of providing that notes be issued against gold the Federal Reserve Act in 1913 this coun- as well as against commercial paper; and it try had experienced critical difficulties aris- made membership in the System more attracing from the lack of adequate sources of tive to State banks by assuring them explicreserves and adequate machinery of cur- itly that they might become members and at rency supply. The purpose of the Act was the same time retain their charter privileges to provide for the exercise of powers that under State law. experience had repeatedly shown to be neces- In 1927, legislation removed the limitation sary. When the Federal Reserve System on the life of Reserve Bank charters, which was established, the emphasis in the popular would otherwise have expired in 1934. Their mind was largely upon its currency function. life is now continuous unless made determi- In a deeper sense, however, as the System's nate by Act of Congress. name implies, its reserve function was the Meanwhile times and conditions continued more important. to change. New problems arose. Experience The machinery of currency issue authorized is a good teacher and its lessons were taken by the Federal Reserve Act has solved the to heart. In 1932, 1933, and 1935 legislation problem of providing an adequate and elastic was enacted which made more and greater supply of currency. The supply of currency, changes in the System than had ever occurred in marked contrast to what used to be the before. To these changes the Glass-Steagall case, no longer gives us any trouble. There Act of 1932 and the Banking Acts of 1933 are aspects of other problems, however—con- and 1935 each made contributions. Provisions cerned with bank reserves and with the that were tentative or limited in an earlier utilization of bank credit—that continue to measure became permanent and comprehenarise from time to time. sive in a later one. I shall pot take time to trace the separate and partial contributions of each of these Acts to provisions in their Changes in the Federal Reserve Act present form, for the succession of legislative details is of less importance than the main From 1914 to 1932 there were many minor results they eventually brought about. And I changes in the Federal Reserve Act and a shall mention briefly four significant changes few of more fundamental nature. In 1917 an these three pieces of legislation effected, withamendment excluded cash on hand from the out attempting to indicate their relative imrequired reserves of member banks and proportance. One was the change in the disvided that such reserves include only the position of Federal Reserve Bank earnings; funds that member banks have on deposit another was the recognition given to the with the Reserve Banks. At the same time monetary significance of open market operathe percentage of reserves required was subtions of the Reserve Banks; a third was stantially reduced. enlargement of the power of the Board over The legislation in 1917 also gave greater the reserve requirements to which member flexibility to Federal Reserve note issue by banks are subject; and a fourth was liberali- * An address by M. S. Szymczak, Member of the Board of zation of the lending powers of the Reserve Governors of the Federal Reserve System, delivered at the Annual Banks. Fall Dinner Meeting of the Chicago District Illinois Bankers Association, Blackstone Hotel, Chicago, Illinois, Thursday eve- In respect to Reserve Bank earnings, the ning, November 14, 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. DECEMBER 1940 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Development of Federal Reserve Banking Federal Reserve Act formerly provided that Federal Reserve Banks, full responsibility the Reserve Banks pay the Treasury an an- for open market operations. nual franchise tax comprising all earnings I have already referred to the reduction of above necessary expenses and chargeoffs, reserve requirements effected in 1917, when six per cent dividend payments to member the percentages now in the statute were banks, and the transfers to surplus authorized adopted, namely, three per cent on time deposby the statute. Under these provisions the its for all member banks, and on demand detwelve Reserve Banks, in the course of eigh- posits thirteen per cent for Central Reserve teen years had paid the Treasury $150,000,- City banks, ten per cent for Reserve City 000, had paid dividends of $120,000,000 to banks, and seven per cent for other banks, their member banks, and had accumulated generally referred to as country banks. Since $280,000,000 of surplus. An amount equal to 1933, these requirements have been subject to about half of this accumulated surplus was change by administrative action, and since paid in 1934, at the direction of Congress, to 1935 the Board of Governors has had its the Federal Deposit Insurance Corporation present power to change the requirements and provided the latter with about half of its within limitations: It cannot reduce them capital. The surplus was reduced thereby below the statutory percentages, mentioned from $280,000,000 to $140,000,000. Since the above, nor raise them to more than double requirement of a franchise tax was discon- those percentages. tinued by the Banking Act of 1933, larger Finally with respect to the lending powers transfers were made possible for restoration of the Reserve Banks, which were formerly of the Reserve Banks' surplus, which is now limited to the discount of certain restricted $150,000,000. This surplus currently serves classes of paper, the law now provides that to increase the Reserve Banks' ability to Reserve Banks may make advances to their serve the public and, in case of liquidation, member banks upon any satisfactory assets becomes the property of the United States without regard to the maturity of those as- Government. sets. The liberalization of Federal Reserve Open market operations were given a new lending powers was made necessary by the status by the Banking Acts of 1933 and 1935. great change that has overtaken bank port- Originally they had had almost no recogni- folios with the evolution of business and tion as a means of Reserve policy, but they the means by which it is financed. It would have now taken their place among the fore- be futile to limit the discount powers of most statutory responsibilities of the Reserve the Reserve Banks to types of assets that authorities. They were formerly regarded constitute a constantly decreasing percentage as a matter of Federal Reserve Bank investof member bank portfolios; so those powers ment policy. The view was that when the have been broadened to include all types of Reserve Banks had little or no demand for earning assets. This liberalization has prodiscounts, they should invest in securities ceeded by many steps, pome small, some in order to provide themselves with income. large, throughout the period of Federal Re- Accordingly, each Federal Reserve Bank serve operations. The present provision bought and sold Government securities at its marks the largest step of all. Its significance own individual discretion. But experience is that any sound asset of a bank is available showed that these purchases and sales had a for conversion into reserve funds at the Fedmonetary significance, for when the Reserve eral Reserve Bank. Banks purchased securities, member banks acquired funds with which to pay off their Misconceptions as to central banking indebtedness to the Reserve Banks, and when they sold securities, member banks were Experience has clarified and emphasized obliged to borrow from the Reserve Banks certain basic principles lying behind the imin order to restore their reserves to the level portant changes that I have just described. required by law. These results made it im- These principles are the following: The Reperative that open market operations be serve Banks are not operated for profit, they coordinated and unified. The statute now do not use the funds of their member banks in recognizes this necessity by giving the Fed- lending and buying operations, and bank reeral Open Market Committee, which com- serves, under the provisions of the Federal prises the members of the Board of Gover- Reserve Act, have become less important as nors and five representatives of the twelve an assurance of liquidity than as a means of 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Development of Federal Reserve Banking exercising a regulatory influence upon the ances whatever at the Reserve Banks but availability of bank credit. These principles instead were required by law to keep their indicate the essential difference between Re- reserves in Federal Reserve notes held in the serve Bank operations and member bank member banks' own vaults. Then if the Reoperations—a difference that the member serve Banks were called on to discount, or if banker is impelled by familiarity with his they were called on to buy securities, they own bank's operations to overlook. The would in either case complete the transaction member banker naturally thinks of the Re- by paying out their notes in exchange for serve Bank in terms of his own bank and what they received. Under these circumtakes it for granted that the operations of stances, the Reserve Banks, with no deposit both are based on the same governing prin- liabilities but with note liabilities in their ciples and conditions. He is led to under- stead, would have the same lending power estimate the importance of the fact that his they now have, and they would have the same own institution is operated competitively and assets they now have. for profit, whereas, the Federal Reserve It happens, however, that the Federal Re- Banks are not. In particular, it is easy for serve Banks do have deposit liabilities and him to assume that since his own bank is that these deposit liabilities constitute the dependent upon its depositors for the funds legal reserves of member banks. It is the with which it makes loans and investments, need of member banks for additions to these the Reserve Bank is dependent in the same reserves that gives direct occasion for the way upon its depositors; and that when the Federal Reserve Banks to discount member Reserve Bank discounts or purchases securi- bank obligations. Increases in these reserves ties it uses the funds in the reserve balances also result from purchase by the Reserve which the member banks maintain at the Banks of securities in the open market. When Reserve Bank. In brief, he thinks of his the Federal Reserve Banks acquire either the reserve balances as playing the same part discounts or the securities, they give in exin Reserve Bank operations that the deposits change not notes but credit to member banks' of his customers play in his own bank's reserve balances. Consequently if the Fedoperations. eral Reserve Banks increase their portfolios of discounts and of securities, they equally The nature and purpose of reserve balances and simultaneously increase their aggregate In fact, however, the two cases are not deposit liabilities, that is, the aggregate reparallel at all. In terms of bookkeeping, the serves of member banks. Obviously, an balances which member banks keep on deposit operation that increases the reserve balances at the Reserve Banks resemble the balances of member banks as a whole is not an operawhich customers keep on deposit at member tion that uses those balances. banks; but in function and use the two differ But if the Reserve Banks are not dependent widely. The reserves of member banks on upon their member banks for funds, why the deposit with the Reserve Banks are not used requirement that member bank reserves be in the lending and investing transactions of maintained as they are? The answer is that the Reserve Banks and do not determine the the requirement provides a means of restraint ability of the Reserve Banks to lend and in- upon the use of member bank reserves. If vest. Furthermore, the purpose of reserve re- the Reserve authorities had their present quirements is not at all to provide the Reserve power to furnish reserve funds to banks and Banks with funds, and generally speaking had no corresponding power to put brakes they are not in fact a means by which funds on the use of such funds, the situation would are acquired. The Reserve Banks are not in be a very lop-sided one. It would be all "go" a competitive business and are not looking and no "stop." As it is, the Reserve authorifor funds. Quite the contrary, they are a ties have been equipped by Congress with source and origin of funds. They generate both powers. Through the requirement of funds—as a dynamo generates electricity. reserve balances, the member banks are made They might conceivably be without a cent of amenable to Reserve policy. At the same time reserve deposits and yet might make loans that means are provided of meeting fully their and purchase investments as much as ever. need of reserve funds, they are kept under For the sake of illustration, suppose the a requirement with respect to the institutions Reserve Banks had no deposits. Suppose whence they derive those funds. member banks maintained no reserve bal- But, as you know, there is not a perfect DECEMBER 1940 1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Development of Federal Reserve Banking balance of powers nor any attempt at complete It makes no difference which comes first, the control. The Reserve Banks are not the only debit or the credit, for one is sooner or later source of bank reserves nor was it ever in- followed and offset by the other. tended that they should be. The basic source of bank reserves was and is gold, and the The effect of changes in reserve position Reserve Banks were intended as a supple- Another misconception which study of rementary source. They were authorized at a serve operations must correct is that changes time when experience indicated that the stock in the reserve position of the banking system of gold would fluctuate around three billion as a whole have the same effect on lending dollars, and their powers were such that they power as changes in the reserve position of could offset those fluctuations and minimize the individual bank. If the individual banker their effect. But in recent years member has a deficiency of $50,000 in his reserves as banks have received such a plethora of rea result of adverse balances at the clearing serves from the inflow of gold—principally house, for example, he is under the necessity as a result of capital transfers from abroad of finding that amount, and if he can not and payments to this country for our excess raise it otherwise he may have to reduce the of exports—that occasion for the Reserve amount of credit he has outstanding—say by Banks to be called on as a source of funds the collection of some receivables or by the has not arisen. The Reserve Banks have sale of some of his investment securities. But become merely repositories of those funds, in any event all he needs is $50,000. Corresand so long as the gold remains in this counpondingly, if he gains that amount in excess try and bank reserves remain correspondof requirements, he can expand his loans and ingly swollen in excess of requirements and investments by $50,000. needs, the Reserve authorities must expect to But this fact is misleading with respect to have little demand made upon them as a the banking system as a whole. In the banksource of more funds. ing system as a whole a given change in the volume of reserves means a change several The government deficit and excess reserves times as great in the amount of credit that This leads me to refer to the idea some- banks can have outstanding. times expressed that the Government deficit How can this be true ? How can it be that is responsible for the excess reserves of what is possible for the banking system as a banks. The idea is fallacious. If the Gov- whole is impossible for the individual banks ernment's expenditures were financed by that make up that system? issues of fiat currency, bank reserves would, To get the answer to this paradox let us go it is true, be expanded thereby. But since back to the case of the banker who has gained the expenditures are financed with borrowed $50,000 reserves in excess of requirements. funds, they return to the reserve balances of Suppose this banker reminds himself that this banks the funds transferred therefrom when additional $50,000 would be adequate reserves the Government borrowed and the only dif- against additional deposits of ten times as ference is that the reserves are moved around much or $500,000. (The reserve requirement from bank to bank. If you, for example, buy is not ten per cent but that will do for illusa million dollars' worth of Government obli- tration.) In other words if he could increase gations newly issued, the amount of the pur- his deposits by $500,000, he already had the chase sooner or later is debited to your reserve reserves that would be required. Suppose he account on the books of the Reserve Bank and has customers who want to borrow $500,000, credited to the Treasury's account. That that he lends them that amount, places it to means an outright reduction in the volume the credit of their checking accounts, and of bank reserves. When the funds are ex- thereby increases his deposits—and his earnpended, the Treasury's account on the books ing assets as well—by $500,000. of the Federal Reserve Bank is debited and What is the matter with that? the reserve balance of some bank or banks, The answer is easy, of course. His cusnot necessarily your own, is credited. The tomers would check out the $500,000, or most net effect is a redistribution of reserves of it, and he would have an adverse balance among banks but no change in the aggregate at the clearing house which would take all of amount one way or the other. The same is his $50,000 of fresh reserves and a great deal true if the Treasury expends the funds first besides. Knowing this perfectly well in adand borrows later to replenish its balance. vance, the banker would not even think of 1260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Development of Federal Reserve Banking undertaking such a fantastic transaction. is therefore not alone a matter of individual Having $50,000, he would think in terms of relationships with banks but of potentialities $50,000, and not of anything more. and actualities that are apparent only from But now let us suppose that he has no com- the point of view of the banking system as petition, that there is no other bank to which a whole. Moreover, from that point of view those funds he lent can be checked, that there they are of the utmost significance. is no clearing to be met, and that the most In other words, what is a fantastic imposhis depositors can do is to check the funds sibility in the province of the individual to and fro among themselves. In this mythi- banker is an important reality in the procal situation, he would be in no danger of vince of Reserve banking. In the commercial losing reserves. No matter how large his banker's experience a dollar of reserves is a deposit liabilities were, nor how great the dollar of reserves, but in the Federal Reserve volume of check transactions, the aggregate Bank's experience a dollar of Reserve Bank would remain on his books while he busily credit may mean several dollars of expanded credited to one account what he debited to bank credit. Similarly a dollar of Reserve another. In fact, he could go on building Bank credit withdrawn from bank reserves up his deposit liabilities and his earning may mean a manifold contraction of bank assets dollar for dollar without any reserves credit. whatever, and be virtually in the position of the ancient Bank of Amsterdam, which being The significance of reserves a monopoly, continued to transact business Then there is the different meaning reon its books long after its cash reserves were serves have for the commercial bank and for gone. the Reserve Bank. In the operations of the But let me remind you that this situation individual commercial bank, reserves are which is absurd and impossible for any thought of as those assets most immediately bank that is part of a banking system, is available for use in meeting the bank's obliapproximately true in principle for the bank- gations. But from the point of view of Reing system as a whole. The banking system serve banking, reserves are chiefly signifias a whole is a vast unit in which all compe- cant because of their bearing on the bank's tition between the parts cancels out. As in credit operations. A bank with inadequate a clearing house, the debits of all the banks reserves is in a tight position. A bank equal the credits of all the banks, and the with adequate reserves is in an easy positotal remains unchanged no matter how much tion. Since bank reserves are of this carshifting there is from bank to bank. Going dinal importance, an ability to influence further, the position of the banking system bank reserves is an ability to impose and as a whole is like that of a single bank with withdraw restraints upon credit expansion. no competition and all the banking business And this is the significance of reserves in its own hands. Consequently it can ex- from the Federal Reserve banking point of perience an expansion of credit on the basis view: They are the channel through which of a given addition to reserves which is be- Reserve banking operations achieve their yond the control of any individual bank, and effectiveness. which the individual bank can participate in Let me dwell for a moment on what this only to the extent that it shares in the in- word effectiveness implies and what it does creased reserves. If any individual bank not imply. It does not imply pushbutton could hold the entire increase, it would have control. It does not imply interference with the entire expansion; but that "if" is an bank management. It does not imply coercion. impossibility. It implies the correction by governmental This condition which is within the powers means of general conditions over which inof the banking system as a whole but outside dividual management has no control. It imthe powers of the individual bank is a govern- plies the maintenance of such monetary coning condition of Federal Reserve operations. ditions as are most favorable to the general Every additional million dollars of gold or of interest of the United States. It implies that Federal Reserve Bank credit means not within the restraints which the authorities merely an addition of so much to bank re- try to set upon unwholesome developments, serves but a potential increase many times the greatest possible freedom of action is preas great in the volume of earning assets and served for individual management. It implies deposit liabilities. Federal Reserve policy the principle that in a democratic economy a DECEMBER 1940 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Development of Federal Reserve Banking proper balance must be maintained between for them with what the city correspondent individual freedom of action and the restric- bank does for them. They think of the Retions necessary to protect that freedom. serve Bank as a place where reserve balances Before leaving this subject, I wish to men- are kept which they might otherwise keep tion another respect in which the significance with the city correspondent, and they weigh of reserves is greatly altered. In the early the relative convenience of handling collecdays of American banking each bank kept its tions and procuring currency through one as reserves in cash in its own vaults. Like against the other. If it is a matter of borrowpioneers in general, each bank relied on its ing, they weigh advantages of calling on the own resources. With the change from note Reserve Bank as against the city correspondissue to deposits, with multiplication in the ent. It is all reduced to a question of which number of banks, and with improvements in is more advantageous to the individual bank. transportation and communication, banks be- The tacit assumption seems to be that the came interdependent. They were able to rely Federal Reserve Bank is simply a competitor on each other. Under the Federal Reserve Sys- of the city correspondent and the local banker tem this collective security has been carried is to take his choice between them. This still further. A member bank of the Federal attitude on the part of some is based on a Reserve System may procure funds from its serious misconception. Reserve Bank upon any satisfactory assets, To a limited extent what the city correregardless of classification. There is still a spondent does is comparable with what the slight differential in favor of so-called eligible Reserve Bank does, but in reality the two are paper, but any kind of obligation, provided essentially unlike, as I have tried already to it is sound, may be the basis of an advance show in dwelling on the difference between by the Reserve Bank. When we have facili- Reserve System powers and operations and ties for converting any sound asset into re- commercial bank powers and operations. The serves, it is apparent that the nature of Reserve Banks were established for the direct reserves and the standards by which their purpose of doing what it had been demonadequacy is judged have changed enormously. strated could not be done without a central A hundred years or more ago reserves were banking organization. The Reserve Banks of primary importance as a means by which do something no city correspondent can do. the individual bank maintained itself in good They advance reserve funds derived from condition. Today reserves are of primary their own statutory powers. Let me explain. importance as a means by which the banking It is true that when an individual bank system as a whole—including the individual borrows from a Reserve Bank the transaction bank, which is dependent on the whole— from its point of view is practically the same maintains itself in good condition. as when it borrows from its city correspond- A good many bankers seem to feel a con- ent : In both cases it gets the funds it needs. scientious aversion toward the view of the The difference is that what the city correbanking system as an organic whole. They spondent lends comes out of the existing stock feel that if every banker ran his own business or pool of reserves, whereas what the Reserve properly, the banking system as a whole Bank lends is created in the act of lending. would never be in trouble. They feel that (This is not, however, a creation of something everything comes back to a matter of indiout of nothing but a conversion of earning vidual responsibility. assets into cash assets.) Every time a city The last thing I want to do is minimize correspondent lends, its ability to lend is dithat sense of individual responsibility. On minished by that much and if there is general the contrary, I want to extend it. I want to demand, it can not make its funds go round. make it clear that individual responsibility That happened again and again in crises falls far short of its aims if it confines itself before 1914, when there were no Reserve to the individual institution, its assets, and Banks and the general demand of banks its obligations. throughout the country was concentrated on the big correspondent banks in New York Reserve Banks and correspondent banks and Chicago. But when the Reserve Bank Let me illustrate this point by reference to lends, there is no such diminution of its membership in the Federal Reserve System. ability to lend. That ability, though under Some bankers when they evaluate member- a legal limitation, is for practical purposes ship, compare what the Reserve Bank does unlimited. The price of funds may rise but 1262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Development of Federal Reserve Banking the funds do not run out. The Reserve Bank There is no such need at present. But is a lender of last resort. It is behind the beyond that is the important fact that the city correspondent as well as the country- present situation and its potentialities are correspondent. such that the powers of the Federal Reserve The individual banker may say, of course, authorities would not be effective against that it makes no difference to him, when he them. Those powers were based on experiwants reserves, whether he tightens the ence which included no precedent for what money market as a whole in the process of now exists. They were based on the assumpgetting them and makes the situation more tion that reserves greatly in excess of redifficult for other bankers. I do not believe, quirements, practically speaking, would never however, that many bankers would say this— exist. That assumption in the light of former most bankers recognize that a system whereby experience was thoroughly reasonable. There every individual bank is assured of adequate was no ground for any other assumption. reserves without necessarily tightening the The figures, the charts, and the discussions supply of reserves as a whole is to the interest that reflect conditions as they were prior to of everyone—to the banker's interest and to 1932 show no excess reserves. If any excess his depositor's interest. had developed through imports of gold or My point is that in this respect as in others, liquidation of bank credit, it could have been it is impossible to see what is really to the readily offset by open market operations, if individual banker's interest unless we bring necessary. At present the most that the into the picture those facts that are not dis- Reserve authorities could do by open market cernible in the individual bank's operations operations would be to reduce excess reserves but only in the banking system's operations by much less than half. as a whole. It then becomes apparent that During the past few years, the superevery bank that owns a bond or holds a abundant excess reserves have not been put promissory note is a beneficiary of the Fed- into use and therefore it has been hard to eral Reserve System's operations whether it arouse interest in the need of safeguards shares all the benefits and obligations of against over-extension of bank credit. membership or not. However, we see bank reserves now forming a potential basis for an over-extension The problem of excess reserves of credit just at a time when the defense In the light of conditions that have pre- program gives occasion for an immense devailed in recent years, many of the considera- mand for credit. tions that I have been discussing so far may The uncertainties of the future are indeed seem of little immediate importance. Few tremendous. How long and extensive will banks have needed to borrow. Though the the war be, will our participation be belliger- Reserve Banks have had occasion to guard ent or nonbelligerent, will the victory be parbank portfolios against the effects of dis- tial or complete, will the peace be constructive turbances in the bond market, they have had or vengeful? However events may answer little or no occasion, by discounting for indi- those questions, we may be sure that the vidual member banks or by buying securities central banking functions of the Federal in the open market, to enlarge the fund of Reserve System will be more and more essenreserves available to banks. In the aggre- tial to our economy. We shall have more gate, bank reserves have greatly exceeded occasion than ever for a wise regulation of requirements. Our estimate is that member domestic credit, so that it may be readily banks as a whole have excess reserves of available for proper use wherever and whennearly seven billion dollars, and that the ever needed and so that it may not be availbanks of Chicago alone have excess reserves able for harmful, speculative use. This reof about a half a billion. It is obvious that quires that central banking responsibilities if this situation presents any problem at all, be implemented with effective powers, and it is a problem of superabundant reserves not left as at present with powers that the and not of insufficient reserves; and that if developments of recent years have rendered any action by the Reserve authorities will be ineffective. We shall also have more occasion called for, it will not be action to provide for than ever for a strict husbanding of our credit expansion but to guard against over-expan- resources against the time when they can be sion. What such action might be one can used for restoration of trade relations with not say until the need for action develops. other countries. It is in this process, both for DECEMBER 1940 1263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Development of Federal Reserve Banking our own good and that of the world at large, stantly engaged in studying them—the probthat proper use for our gold stock must be lem of idle money, for example, the problem found, and as the gold now abnormally ac- of gold, the problem of trade after the war; cumulating here is redistributed, Federal and we are studying them not as abstract, Reserve Bank credit may be counted on to theoretical questions but as problems which take the place of the gold withdrawn, if nec- experience presents and which in the light essary to prevent disturbance of the domestic of experience must be solved. You are famisupply of credit. liar with by-products of this study as they That is the problem as it presents itself to appear from time to time in the Federal Rethe central banking authorities. If we wait serve BULLETIN and other publications of until the problem reaches the doors of your the Board. individual bank then it may be too late. If it In particular you will recall that in its is met and solved as a central banking prob- Annual Report to Congress for the year 1938 lem, it need never present itself as an indi- the Board presented a comprehensive discusvidual banking problem. That is what we sion of the existing situation. A copy of this are supposed to prevent. The solution, how- discussion was sent to every bank in the ever, is not for the central banking authori- United States, members of the Federal Reties to devise and apply by themselves. It is serve System and nonmembers. As you a collective matter. It is ope that concerns know, the Senate last year adopted a resoyou and demands your participation. Yet it lution introduced by Senator Wagner calling requires more than merely the point of view for a thorough study of monetary and bankof the individual bank. It requires that the ing problems by the Senate Committee on point of view of the banking system as a Banking and Currency. whole be taken, that the close interconnection The situation as described in the Board's of bank with bank in an organic system be 1938 Report is made up of many elements of recognized as a fundamental condition, and different kinds, some concerning the structhat the essential purposes of central bank- ture of the banking system and some its ing action be understood. For that reason functions. Reference is made in the Board's I have devoted much time to clarifying the Report to the multiplicity of banking laws relationship between commercial banking and and jurisdictions. Reference is made to the central banking—between the things that confusion of overlapping authority, which stand out from the point of view of the indi- makes it necessary for banks to look one way vidual bank and the things that stand out for one thing and another way for something from the point of view of the banking system else. Reference is made to the inequality considered as a whole. of competitive condition between the various classes of banks. Reference is made to the Reconciliation of two points of view problem of uniformity of bank examination. These problems constitute one part of the Please understand that in emphasizing the picture. They are matters that I imagine you point of view of the central banking organi- know too well from experience. In fact, zation I am not asking for the sacrifice of bankers are telling us about them every day. any other point of view. I am not suggesting Moreover, they are problems that involve that the individual banker give up any of other departments and agencies as much as his principles. Instead, I am saying that a the Federal Reserve System. I have chosen solution of the problem requires not only to discuss instead the problems of reserves the point of view of the individual bank with and credit policy, which constitute another its recognition of the facts brought to every part of the picture and to which reference is banker's attention by day to day experience, also made in our 1938 Annual Report. In but also the point of view of central bankingthe solution of both types of problem we with its recognition of the facts that stand bespeak your indispensable cooperation. out in the operations of the banking system The Federal Reserve System, of which considered as a whole. member banks are a part, operates in the Meanwhile it goes without saying that these interest of all banks in the country in behalf problems are receiving concentrated attention of industry, commerce and agriculture with within the System. At the Board we are con- just one objective—the public good. 1264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
rinancing the t/efienle Ptogtam A N announcement of the National Defense The following officers of the Federal Re- Advisory Commission printed on page serve Banks and their branches have been 1171 of the Federal Reserve BULLETIN for designated as field representatives: November 1940, stated that the Board of Boston Governors, in cooperation with the Commis- E. G. Hult, Assistant Cashier sion, has taken steps to put into effect im- New York mediately arrangements whereby the Federal L. R. Rounds, Vice President Reserve Banks and their branches will assist R. B. Wiltse, Assistant Manager, Buffalo in facilitating the defense program, partic- Branch ularly in connection with the obtaining of Philadelphia contracts by the smaller business enterprises W. J. Davis, Vice President and the financing of defense contracts by Cleveland local banks. R. B. Hays, Assistant Vice President and In order to provide machinery for carrying Secretary out this program simply and efficiently, the B. J. Lazar, Managing Director, Cincinnati Branch National Defense Advisory Commission has P. A. Brown, Managing Director, Pittsburgh designated Mr. Donald M. Nelson as Director Branch of Small Business Activities to deal with the Richmond problems and interests of smaller business R. W. Mercer, Assistant Cashier establishments in relation to the defense pro- W. R. Milford, Managing Director, Baltimore gram. The Board of Governors has requested Branch the Federal Reserve Banks and their branches W. T. Clements, Managing Director, Charlotte to cooperate in representing the Director of Branch Small Business Activities in their various Atlanta districts and has designated Governor Ernest M. H. Bryan, Vice President G. Draper to coordinate the activities of the P. L. T. Beavers, Managing Director, Birmingham Branch Federal Reserve Banks and to act as liaison T. A. Lanford, Cashier, Jacksonville Branch officer with the Director of Small Business J. B. Fort, Jr., Managing Director, Nashville Activities. Branch In general, it is contemplated that the Fed- L. M. Clark, Managing Director, New Orleans eral Reserve Banks and their branches will Branch Chicago act as "informational posts" for banks and A. L. Olson, Assistant Vice President and Assmaller business enterprises in their respecsistant Secretary tive districts, which desire to participate in H. P. Preston, First Vice President the defense program. They will also serve H. J. Chalfont, Cashier, Detroit Branch as conduits of information between the De- St. Louis fense Commission and the War and Navy L. H. Carstarphen, General Counsel Departments on the one hand, and business A. F. Bailey, Managing Director, Little Rock Branch enterprises and banks in their various dis- C. A. Schacht, Managing Director, Louisville tricts which desire to participate in the de- Branch fense program, on the other. An officer has W. H. Glasgow, Managing Director, Memphis been designated at each of the Federal Re- Branch serve Banks and branches to act as field Minneapolis representative of the National Defense Ad- H. I. Ziemer, Vice President and Cashier visory Commission and the Board of Gov- R. E. Towle, Managing Director, Helena ernors to facilitate the effective carrying out Branch of the program. The designated officers at the Kansas City Federal Reserve Banks and their branches C. A. Worthington, First Vice President will use their best efforts to assist in the J. E. Olson, Managing Director, Denver solution of any problems which may arise in Branch connection with defense contracts. G. H. Pipkin, Managing Director, Oklahoma City Branch L. H. Earhart, Managing Director, Omaha DECEMBER 1940 Branch 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financing the Defense Program Dallas The desire of the Federal Reserve System E. B. Stroud, First Vice President and Gen- to cooperate fully with the National Defense eral Counsel Advisory Commission was expressed by Gov- J. L. Hermann, Managing Director, El Paso ernor Draper, other members of the Board, Branch W. D. Gentry, Managing Director, Houston and representatives of the Federal Reserve Branch Banks. Mr. Donald Nelson outlined the de- E. B. Austin, Acting Managing Director, San sire of the Commission to assist the smaller Antonio Branch business enterprises who have the necessary San Francisco facilities and are in a position to do so to W. M. Hale, Vice President and Secretary participate in the defense program and to H. M. Craft, Assistant Manager, Los Angeles have the local banks finance the credit needs Branch S. A. MacEachron, Assistant Manager, Port- of the smaller concerns that participate in land Branch the program. Representatives of the Army J. M. Leisner, Assistant Manager, Salt Lake and Navy Departments outlined their pro- City Branch cedure in letting contracts and obtaining sup- F. C. Bold, Assistant Manager, Seattle Branch plies and referred to some of the ways in which the Federal Reserve Banks and their At the request of the Board of Governors, branches might be of assistance in acting as a meeting of the field representatives of the informational posts and conduits of informa- 12 Federal Reserve Banks and their 24 tion. Mr. Schram expressed the desire of branches was held in Washington on Novemthe Reconstruction Finance Corporation to ber 12 and 13 to discuss the functions which cooperate fully in connection with any finanwould be performed by the Federal Reserve cial problems which might arise where it de- System. veloped that financing could not be arranged Among those attending the meeting in adthrough customary banking channels. dition to the foregoing, were members of the It is contemplated that the office of the Board of Governors and its staff; members Director of Small Business Activities will of the National Defense Advisory Commissend from time to time to the designated sion; Mr. Donald M. Nelson, Director of officers at the Federal Reserve Banks and Small Business Activities for the Defense branches information which is essential to Commission; General H. K. Rutherford, and them in carrying out their activities. Each Colonel J. W. N. Schulz, representing the of the Federal Reserve Banks will contact War Department; Captain David I. Hedrick, directly the banks in their various districts and Commander M. L. Ring, representing the to enlist their cooperation and inform them Navy Department; and representatives of in detail of the Federal Reserve Banks' facilithe Department of Commerce; the Reconties for serving the banks and business enterstruction Finance Corporation; and the Seprises in their respective districts in carrycurities and Exchange Commission. ing out the program. 1266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
rtom a JLegal Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material. Financial Transactions Under Neutrality Act of 1939 $100,000 in cities of 6,000 to 50,000, and $200,000 in cities of over 50,000. The President of the United States on (Sec. 6336, 1936 Supp., Alabama Code Anno., 1928.) November 15, 1940, issued a proclamation Banks with capital stock of $50,000 or more may under authority of section 1 of the Neutrality exercise trust powers. (Sec. 6388, Alabama Code Act of 1939 (Pub. Res. No. 54, 76th Cong.), Anno., 1928.) approved November 4,1939, proclaiming that Trust companies heretofore or hereafter organa state of war exists between Italy and ized shall have a paid-up "capital" of not less than Greece. Section 7 of the Neutrality Act of $25,000 in cities of 5,000 or less, 1939, with respect to financial transactions $75,000 in cities of 5,000 to 30,000, and $100,000 in cities of over 30,000. by persons within the United States relating (Sec. 6389, Alabama Code Anno., 1928.) to countries named in the Presidential proclamation, is quoted in full on page 1054 ARIZONA of the Federal Reserve BULLETIN for Decem- Banks and trust companies shall not be required ber 1939. to have more than $2,000,000 capital stock. "The paidin capital stock of any" bank or trust company shall be not less than $25,000, or not less than $100,000 in cities of 5,000 to 15,000, and Compilation of State Law Requirements Relating to Capital of $200,000 in cities of over 50,000. Banks, Trust Companies, etc. There are no express provisions covering banks in The following compilation contains a brief cities with a population between 15,000 and 50,000. summary of the requirements in the laws of (Sec. 209, 1936 Supp., Revised Code of Arizona the several States, as of October 15, 1940, Anno., 1928; p. 29, Ch. 16, Laws of Arizona, 1939.) relating to the prescribed capital (but not No industrial bank shall be organized with a "capisurplus) for the organization of banks, trust talization" of less than $15,000 in cities of less than 15,000, companies and Morris Plan banks or similar $50,000 in cities of 15,000 to 50,000, and institutions, such requirements in a few $100,000 in cities of over 50,000. States also being applicable to existing insti- (pp. 568, 570, Ch. 13, Laws of Arizona, Sec'd Sp. tutions. The compilation has been prepared Sess., 1937.) in the office of Counsel of the Board of Gover- ARKANSAS nors of the Federal Reserve System with the For organization, banks must have a paid-in capiassistance of the Counsel of the Federal Re- tal stock of not less than $25,000 in cities of less than 2,500, serve Banks. $50,000 in cities of 2,500 to 6,000, For provisions in the laws of the several $100,000 in cities of 6,000 to 50,000, and States relating to the capital requirements $200,000 in cities of over 50,000. for the establishment and operation of Subject to limitations with respect to loans, reserves and investment in bank building and fixtures, banks branches by banks and trust companies, inwith a paid-up "capital" of not less than $10,000 may cluding savings banks and Morris Plan banks, be established in towns of less than 1,500 population. see the compilation of Federal and State Laws Also, a bank may be organized to take over a failed Relating to Branch Banking Within the or failing State bank or trust company, such new bank to have the same amount of capital as the ab- United States, published at page 851 of the sorbed bank but in no event less than $10,000 paid-up Federal Reserve BULLETIN for October 1939. capital. No bank or trust company may do a trust business with a capital of less than $50,000. (Sec. 825, Stats, of Arkansas, 1937.) ALABAMA Banks, for organization, shall have a paid-in The paid-in capital stock for the organization of capital stock of not less than a trust company shall be not less than $25,000 in cities of less than 3,000, $75,000 in a county exceeding 40,000 but less than $50,000 in cities of 3,000 to 6,000, 50,000, and DECEMBER 1940 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint $100,000 in a county exceeding 50,000. $100,000 in cities of less than 50,000, and In no event shall the capital stock be less than $50,- $200,000 in cities over 50,000. 000. (Sec. 858, Stats, of Arkansas, 1937.) (Sec. 1438c, Ch. 206, 1935 Cum. Supp., General Stats, of Connecticut, 1930.) CALIFORNIA The capital stock of an industrial bank must be not For organization, banks (savings or commercial) less than must have a paid-in capital stock of not less than $50,000 in cities of less than 50,000, and $50,000 in cities not exceeding 25,000, $100,000 in cities over 50,000. $100,000 in cities over 25,000 and not exceeding (Sec. 4032, Ch. 211, General Stats, of Connecticut, 100,000, 1930.) $200,000 in cities over 100,000 and not exceeding DELAWARE 200,000, and $300,000 in cities exceeding 200,000. Banks, for organization, must have a paid-in capi- (Sees. 60, 82, Act 652, General Laws of California, tal stock of not less than 1937.) $50,000 in cities not exceeding 3,000, $100,000 in cities not exceeding 100,000 but over A trust company which "has been or shall be" 3,000, or organized, in order to do a trust business, must have $200,000 in cities exceeding 100,000. a paid-in capital stock of not less than (Sec. 2382, Ch. 66, Art. 9, Revised Code of Delaware, $100,000 if located in a city not exceeding 100,000, 1935.) and $200,000 if in a city exceeding 100,000. A trust company, for organization, must have not (Sec. 90, Act 652, 1939 Supp., General Laws of Cali- less than $200,000 paid-in capital stock. (Sec. 2382, fornia, 1937.) Ch. 66 Art. 9, Revised Code of Delaware, 1935.) t In the case of banks doing a departmental business Apparently, banks and trust companies organized (commercial, sayings and trust or any combination before the effective date (Feb. 28, 1933) of the forethereof) the capital stock requirements are the same going requirements must comply therewith if the as for sayings or commercial banks, except that in amount of capital is changed by charter amendment. any combination including a trust business, the capi- (Sees. 2372, 2382, 2399, Ch. 66 y Art. 9, Revised Code tal stock requirement for trust companies (above) of Delaware, 1935.) must be added. (Sees. 23, 106, Act 652, General Laws of California, 1937.) FLORIDA Industrial loan companies, for organization, must Trust companies, for organization, must have a have a capital stock of not less than paid-in capital stock of not less than $100,000. (Sec. $25,000 in cities of 25,000 but less than 50,000, 6124, Compiled General Laws of Florida, Perm. $50,000 in cities of 50,000 to 100,000, and Supp.) $100,000 in cities of 100,000 or more. Morris Plan companies hereafter or heretofore Twenty-five per cent of such capital must be "paid organized must have a paid-in capital stock of not in cash" upon incorporation, and the balance "paid less than in cash" at the rate of 10 per cent per month. (Sec. $25,000 in cities of 50,000 or less, and 3, Act 3603, General Laws of California, 1937.) $50,000 in cities over 50,000. (Sec. 6150(3), Compiled General Laws of Florida, COLORADO Perm. Supp.; Sec. 6150(4) Compiled General Laws Banks, for organization, must have a paid-in "capi- of Florida, Perm. Supp., 1940 Parts.) tal" of not less than $25,000 in cities of 4,000 or less, No banking company shall be organized with a $50,000 in cities over 4,000 but not over 50,000, and paid-in "capital" of less than $50,000, except that $100,000 in cities over 50,000. banks with a capital of not less than $25,000 may be (Sec. 3, Ch. 18, Colorado Stats., Anno., 1935.) organized in cities of not more than 3,000 population with the approval of the banking authority. (Sec. For incorporation, trust companies must have a 6057, Compiled General Laws of Florida, Perm. paid-in capital stock of Supp.) $50,000 in cities of less than 50,000, GEORGIA $100,000 in cities of less than 150,000 but over 50,000, and Banks, for organization, must have a capital stock $250,000 in cities of 150,000 or more. of not less than (Sec. 142, Ch. 18, Colorado Stats., Anno., 1935.) $25,000 in cities of 7,500, or $50,000 in cities exceeding 7,500. No industrial bank shall be organized with a "capi- (Sec. 13-901, Code of Georgia, Anno.) talization authorised and actually paid-in in cash of less than" $30,000; and if located in a "city or city Any banking company heretofore or hereafter and county" with more than 100,000 population, its organized may acquire trust powers if it has a paid-in "capital" must be not less than $75,000. (Sec. 151, capital stock of not less than $100,000. (Sees. 13-901, Ch. 18, Colorado Stats., Anno., 1935.) 109-301, 109-304, 109-401, 109-402, Code of Georgia, Anno.) CONNECTICUT No trust company organized under the law of Banks' and trust companies, for organization, must which this section is a part may exercise the funchave a paid-in "common" capital stock of not less tions enumerated as proper "until at least $50,000 than of the capital stock shall have been subscribed and 1268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint paid in." (These companies, unless they have com- but not more than $1,000,000, 20 per cent paid in and plied with the banking laws, may not act as banks.) remainder in six months. (Sec. 17-2004, General Stats, of Kansas. Anno., 1935.) (Sec. 109-201, Code of Georgia, Anno.) KENTUCKY IDAHO For organization, banks (commercial or savings, Banking corporations, for organization, must have or banks having departments for both) must have a paid-in "capital" of not less than paid-in capital stock of not less than $25,000 in cities of 3,000 or less, $25,000 in cities of 7,500 or less, $50,000 in cities over 3,000 but not exceeding 6,000, $50,000 in cities over 7,500 but less than 25,000, or $100,000 in cities over 25,000 but less than 100,000, $100,000 in cities of over 6,000. or (Sec. 25-201, Idaho Code, Anno., 1932.) $200,000 in cities over 100,000. Trust companies, for organization, must have a If such bank shall also engage in the business of paid-in "capital" of not less than a trust company, the "capital required above shall $50,000 in cities of 6,000 or less, or be at least double" the foregoing amounts. (Sees. $100,000 in cities of over 6,000. 577, 580, 1939 Supp., Kentucky Stats. Anno., Bald- (Sec. 25-201, Idaho Code, Anno., 1932.) wins 1936 Revision.) For organization, trust companies must have a ILLINOIS a paid-in capital stock in the same amounts as for Banks (and apparently banks with trust powers), banks (above), but "if such trust company shall also for organization, must have a minimum paid-in capi- engage in the business of banking [or combined comtal stock of mercial, savings and trust business] * * *, the $50,000 in cities "of and less than" 10,000, or in amount of capital required * * * shall be at least rural districts, double the amount fixed and stated." (Sees. 580, 603, $100,000 in cities of 10,000 and less than 50,000, or 612a, 1939 Supp., Kentucky Stats. Anno., Baldwins $200,000 in cities of 50,000 or more. 1936 Revision.) (Sees. 1, 5, 11, Ch. 16V , Smith-Hurd Illinois Anno., 2 Stats.) LOUISIANA INDIANA No banking associations shall be organized with The capital stock for the organization of banks less than $100,000 "capital" or not less than or trust companies shall not be less than $25,000 in cities of less than 3,000, or $25,000 in cities not over 3,000, or in rural districts, $50,000 in cities over 3,000 and less than 30,000. $50,000 in cities over 3,000 but not over 6,000, One-half of the required capital stock must be $100,000 in cities over 6,000 but not over 75,000, or paid-in and the remainder in 90 days. (Sees. 548, $200,000 in cities over 75,000. 568, Louisiana General Stats., Anno., 1939.) (Sec. 18-412, Burns Indiana Stats. Anno., 1933.) Savings banks may be established with a paid-in Industrial loan and investment companies, hereto- capital stock of not less than fore or hereafter organized, must have a paid-in $30,000 in cities less than 15,000, capital stock of not less than $50,000. (Sees. 18-3102, $50,000 in cities over 15,000 but less than 30,000, 18-3105, Burns Indiana Stats. Anno., 1933.) and $100,000 in cities over 30,000. (Sees. 548, 568, Louisiana General Stats., Anno., IOWA 1939.) The paid-up "capital" required for the organization of banks and trust companies shall not be less "Such banks [savings, safe deposit and trust bankthan ing business] * * * " shall have a paid-in capital $10,000 in cities of 3,000 or less, stock of not less than $100,000 for organization, or $25,000 in cities over 3,000 and not exceeding 6,000, not less than $50,000 in cities not over 30,000 popula- $50,000 in cities over 6,000 and not exceeding tion. (Sec. 587, Louisiana General Stats., Anno., 15,000, or 1939.) $100,000 in cities of more than 15,000. MAINE (Sec. 9217.1, Code of Iowa, 1939.) The minimum paid-in capital stock on which trust companies (which may do a general banking busi- KANSAS ness) may begin business shall be Banks, for organization, shall have a paid-in capi- $50,000 in cities not over 5,000, tal stock of not less than $75,000 in cities of 5,000 to 10,000, $20,000 in cities of 2,000 or less, $100,000 in cities of 10,000 to 20,000, $30,000 in cities over 2,000 but not over 15,000, $150,000 in cities of 20,000 to 30,000, and $50,000 in cities of more than 15,000 but not over $200,000 in cities over 30,000. 75,000 or (Sec. 69, Ch. 57, Revised Stats, of Maine, 1930, as $100,000 in cities of over 75,000. amended by Ch. 21, Laws of Maine, 1931.) (Sees. 9-102, 9-105, 13-101, 14-101, 15-101, General The capital stock required for the organization of Stats, of Kansas, Anno., 1935.) industrial banks shall be not less than Trust companies, heretofore or hereafter organ- $25,000 in cities of less than 50,000, ized, to enjoy the privileges granted by the statute, $50,000 in cities of 50,000 to 150,000, and shall have a capital stock of not less than $100,000 $100,000 in cities over 150,000. 1269 DECEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Front a Legal Standpoint Twenty-five per cent of such capital shall be paid in required to act, in addition, as trustee under testabefore authority to transact business may issue, the mentary trusts. (Sec. 23.763, Michigan Stats. Anno.) balance to be paid at the rate of not less than 10 per Trust companies, for organization, must have a cent per month following initial payment. (Sec. 136, "capital" of not less than Ch. 57, Revised Stats, of Maine, 1930.) $150,000 in cities not exceeding 50,000, $200,000 in cities over 50,000 and not exceeding MARYLAND 100,000, For organization, banks must have a paid-in capi- $400,000 in cities over 100,000 and not exceeding tal stock of not less than 1,000,000, or $25,000 in cities of 15,000 or less, $500,000 in cities exceeding 1,000,000. $75,000 in cities of 15,000 to 50,000, By not later than July 28, 1941, no trust company $100,000 in cities of 50,000 to 150,000, and shall have a capital of less than the above require- $500,000 in cities over 150,000. ments. (Sec. 23.1021, Michigan Stats. Anno.) (Sec. 20, Art. 11, 1935 Supp., Anno., Code of Mary- Industrial banks, heretofore or hereafter organland.) ized, shall have a "capital" of not less than $25,000 in cities not exceeding 50,000, For organization, trust companies must have a $50,000 in cities over 50,000 and not exceeding paid in capital stock of at least $750,000 or not less 150,000, or than $100,000 in cities exceeding 150,000. $100,000 in cities not exceeding 25,000, (Sees. 23.901, 23.921, Michigan Stats. Anno.) $150,000 in cities of 25,000 to 100,000, and $200,000 in cities of 100,000 to 250,000. (Sec. 42, Art. 11, 1935 Supp., Anno., Code of Mary- MINNESOTA land.) Banks of discount and deposit, for organization, MASSACHUSETTS shall have a paid-in "capital" of at least $10,000 in cities less than 500 (organization dis- Trust companies (which may do a banking busicretionary with banking authority), ness) must have a paid-in capital stock of not less $20,000 in cities not over 1,000, than $200,000 or not less than $25,000 in cities over 1,000 but not over 5,000, $50,000 in cities not exceeding 6,000, and $40,000 in cities over 5,000 but not over 100,000, $100,000 in cities of 6,000 to 50,000. and (Sec. 18, Ch. 172, Anno. Laws of Massachusetts; $50,000 in a city over 100,000. Sec. 18, Ch. 172, General Laws of Massachusetts, (Sec. 7659, Mason's Minnesota Stats. 1927.) 1932, as amended by Ch. 18, Acts of 1935.) Existing or new corporations conducting or pro- For the organization of trust companies and banks posing to conduct business under the Morris or with "fiduciary powers," the required paid-in "capisimilar plan, which issue fully paid or installment tal" shall be not less than certificates and which seek to qualify as "banking $50,000 in cities of less than 25,000, companies", must have an unimpaired paid-in "capi- $75,000 in cities of 25,000 but less than 100,000, tal" of not less than $50,000, or not less than $100,000 in cities of 100,000 but less than 200,000, $100,000 in cities of over 100,000 but under 300,000, and or $200,000 in cities of 200,000 or more. $200,000 in cities of over 300,000. No trust company's capital shall exceed $2,000,000. (Sec. 1, Ch. 172A, Anno. Laws of Massachusetts; Companies may be organized "with a capital of not Sec. 1, Ch. 172A, General Laws of Massachusetts, less than" $10,000 to exercise only limited trust 1932, as amended by Sec. 2, Ch. 266, Acts of 1938.) powers, such as, trustee, receiver, guardian, executor and administrator. (Sees. 7661-1, 7728, 1940 Supp., Mason's Minnesota Stats., 1927.) MICHIGAN Industrial loan and thrift companies, or existing Banks, for organization, must have a "capital" corporations wishing to qualify as such, must have a of not less than paid-in "capital" of not less than $25,000 in cities not exceeding 2,500, $25,000 in cities of less than 50,000, $50,000 in cities over 2,500 and not exceeding 6,000, $50,000 in cities over 50,000 but under 100,000, and $100,000 in cities over 6,000 and not exceeding $75,000 in cities of 100,000 or more. 30,000, (Sec. 7774-26, 1940 Supp., Mason's Minnesota Stats., $150,000 in cities over 30,000 and not exceeding 1927.) 100,000, $200,000 in cities over 100,000 and not exceeding MISSISSIPPI 300,000, or No banking corporations (banks, trust companies, $500,000 in cities exceeding 300,000. savings banks, etc.) may be organized without a By not later than July 28, 1941, no bank shall have minimum "capital" of a capital of less than the above requirements. (Sec. $25,000 in cities not exceeding 6,000, 23.771, Michigan Stats. Anno.) $35,000 in cities between 6,000 and 10,000, and $50,000 in cities over 10,000. Banks with full fiduciary powers must have a "capi- (Sec. 596, Ch. 85,1938 Supp., Mississippi Code Anno., tal and surplus * * * at least equal to the minimum 1930.) combined capital required for the organization of a bank and a trust company" in the same location. No MISSOURI additional "capital" is required of banks authorized Trust companies, for organization, must have a to act only as executor, administrator, and guardian; "cash capital" of not less than but "an unimpaired capital of at least" $100,000 is $50,000 in cities not exceeding 10,000, 1270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint $100,000 in cities between 10,000 and 50,000, and NEVADA $200,000 in cities exceeding 50,000. No bank or trust company "shall be organized" (Sec. 5415, Ch. 34, Missouri Stats. Anno.) with less than $50,000 paid-in "capital". (Sec. 747.07, For organization, savings banks must have a paid-in Nevada Compiled Laws, 1929.) capital stock of not less than $10,000 in cities of 50,000 or less, NEW HAMPSHIRE For organization, trust companies (which may do a $50,000 in cities between 50,000 and 150,000, and banking business) must have a paid-in capital stock $100,000 in cities over 150,000. of not less than $25,000, or not less than (Sec. 5493, Ch. 34, Missouri Stats. Anno.) $50,000 in cities over 4,000 but not over 10,000, Banks, for organization, must have a "cash capi- $100,000 in cities over 10,000 but not over 50,000, tal" of not less than and $15,000 in cities not exceeding 1,000, $200,000 in cities over 50,000. $25,000 in cities between 1,000 and 5,000, In no event shall the capital stock exceed $500,000. $50,000 in cities between 5,000 and 10,000, (Sees. 25, Ch. 265, Public Laws of New Hampshire, $100,000 in cities between 10,000 and 50,000, and 1926.) $200,000 in cities exceeding 50,000. (Sec. 5348, Ch. 34, Missouri Stats. Anno.) NEW JERSEY For organization, banks must have a paid-in capital stock of not less than $50,000, and trust com- MONTANA panies, heretofore or hereafter organized, must have "The amount of [paid-in] common and preferred a paid-in capital stock of not less than $100,000. stock" for the organization of a commercial bank (Sec. 17: 4-5, Revised Stats, of New Jersey, 1937; shall not be less than $25,000, or not less than Title 17, 4-5, New Jersey Stats. Anno.) $30,000 in cities between 2,000 and 4,000, and $50,000 in cities exceeding 4,000. NEW MEXICO (Sec. 6014.12, Revised Codes of Montana Anno., 1935.) Banks, for organization, must have a paid-up capital stock of at least $25,000. (Sec. 13-108, 1938 Supp., The capital stock for the organization of savings New Mexico Stats. Anno., 1929.) banks or trust companies shall not be less than $100,- Trust companies, for organization, must have a 000 nor more than $10,000,000; and at least $100,000 paid-up capital stock of at least $100,000. (Sec. 13must be paid in. (Sec. 6014.12, Revised Codes of 301, New Mexico Stats. Anno., 1929.) Montana Anno., 1935.) No corporation shall be organized as a Morris Plan NEW YORK company in a city of less than 20,000 population, and For incorporation, the capital stock of banks shall such a corporation "shall have an aggregate amount be not less than of capital stock of not less than" $25,000, which must $25,000 in villages not exceeding 2,000, be paid in cash. (Sees. 6109.4, 6109.5, Revised Codes $50,000 in villages or cities between 2,000 and of Montana Anno., 1935.) 30,000, or $100,000 in cities exceeding 30,000. NEBRASKA (Sec. 90, Art. 3, New York Banking Law.) A commercial bank, in order to obtain a charter, For incorporation of trust companies and for banks must have paid-up capital stock of not less than to become trust companies, they shall have capital $10,000 in villages of less than 1,000, stock of not less than $25,000 in villages or cities of 1,000 and less than $100,000 in villages or cities not exceeding 30,000, 2,000, $150,000 in cities between 30,000 and 100,000, $35,000 in cities of 2,000 and less than 5,000, $200,000 in cities between 100,000 and 250,000, or $50,000 in cities of 5,000 and less than 25,000, $500,000 in cities exceeding 250,000. $100,000 in cities of 25,000 and less than 100,000, (Sees. 90, 94, 100, 139, Art. 3, New York Banking and Law.) $200,000 in cities of 100,000 or more. (Sec. 8-122,1939 Supp., Compiled Stats, of Nebraska, For incorporation, the capital stock of industrial 1929.) banks shall be not less than $25,000 in villages or cities not exceeding 50,000, Trust companies must have a paid-in capital stock $50,000 in cities between 50,000 and 150,000, and of at least $100,000 in cities exceeding 150,000. $25,000 in cities of 10,000 and less, (Sec. 290, Art. 7, New York Banking Law.) $50,000 in cities over 10,000 and less than 50,000, No savings bank shall have any capital stock. (Sec. $100,000 in cities of 50,000 and less than 100,000, 3, Art. X, New York Constitution.) and $200,000 in cities of 100,000 or more. (Sec. 8-205, Compiled Stats, of Nebraska, 1929.) NORTH CAROLINA Savings banks must have a minimum paid-up "capi- For incorporation, banks and trust companies shall tal" of $15,000, or not less than have paid-in capital stock of not less than $35,000 in cities over 50,000 and less than 100,000, $25,000 in cities of 3,000 or less, and $30,000 in cities between 3,000 and 10,000, $75,000 in cities of 100,000 or more. ~ 50,000 in cities between 10,000 and 25,000, or (Sec. 8-123, Compiled Stats, of Nebraska, 1929.) 100,000 in cities over 25,000. DECEMBER 1940 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint (Sees. 217(a), 217(e), North Carolina Code of 1939, OREGON Anno.) Banks or trust companies, for organization, shall Except those organized and doing business prior have paid-up capital stock of not less than to March 3, 1923, the capital stock necessary for in- $25,000 in cities of 3,000 or less, dustrial banks to commence business shall be not $50,000 in cities between 3,000 and 25,000, less than $100,000 in cities between 25,000 and 50,000, or $25,000 in cities of 15,000 or less, $200,000 in cities exceeding 50,000. $50,000 in cities between 15,000 and 25,000, and In cities of 50,000 or more population, the minimum $100,000 in cities over 25,000. capital stock for a bank is $50,000, when located at (Sec. 225(d), North Carolina Code of 1939, Anno.) least two miles by the usual route from the main post office. (Sec. 22-501, 1935 Supp. Oregon Code Anno., 1930.) NORTH DAKOTA For authorization to do a trust business, banks or Banking associations, for organization, must have trust companies must have a paid-up capital stock of paid-in capital stock of not less than $15,000 or not not less than the amount above required; provided, less than "that in any case the paid-up capital stock shall not $20,000 in cities over 5,000 but not over 10,000, and be less than" $25,000 in cities over 10,000. $50,000 in cities of 3,000 or less, and (Ch. 93, Laws of North Dakota, 1935.) $100,000 in cities over 3,000. (Sec. 22-501, 1935 Supp., Oregon Code Anno., 1930.) Trust companies, for organization, must have a capital stock of not less than $100,000, and before For incorporation, industrial loan companies must starting business $50,000 must have been paid in. have capital stock of not less than (Sees. 1, 2, Ch. 93, Laws of North Dakota, 1931.) $50,000 in cities under 200,000, and Savings banks, for organization, must have a $150,000 in cities of 200,000 or more. paid-up capital stock of not less than Not less than 25 per cent of such capital stock must $25,000 in cities of less than 5,000, or be paid in before filing the articles of incorporation; $50,000 in cities over 5,000. the balance shall be paid 1/12 each consecutive month (Sec. 49(b), Ch. 96, Laws of North Dakota, 1931.) after incorporation until fully paid. (Sec. 1, Ch. 303, Oregon Laws, 1937; Sec. 22-2404, Oregon Code Anno., 1930.) OHIO Banks (commercial, savings or special plan bank, PENNSYLVANIA or a combination thereof), for organization, must For incorporation, banks must have a minimum have a "capital" of not less than "capital" of $35,000 in cities of 5,000 or less, $50,000 in cities not exceeding 6,000 $50,000 in cities between 5,000 and 25,000, or $100,000 in cities between 6,000 and 50,000, or $100,000 in cities over 25,000. $200,000 in cities exceeding 50,000. The required "capital" for the organization of cor- (Sees. 819-401, 819-402, title 7, Purdon's Pennsylporations transacting a trust business shall be not vania Stats., Anno.) less than $100,000; and, if such business is combined Neither a bank and trust company nor a trust comwith commercial, savings or special plan banking or pany shall be incorporated, and a bank shall not a combination thereof, "such capital shall be in addibecome a bank and trust company, without a minition to the capital required for such banking." (Ohio mum "capital" of General Code, Sec. 710-37, Throckmorton's Ohio $150,000 in cities not exceeding 6,000, Code Anno., 1940.) $200,000 in cities between 6,000 and 50,000, or $300,000 in cities exceeding 50,000. OKLAHOMA (Sees. 819-401, 819-402, title 7, Purdon's Pennsylvania Stats., Anno.) The paid-in capital stock for the organization of banks shall be not less than $10,000 in cities of 1,000 or less, RHODE ISLAND $15,000 in cities over 1,000 and not over 2,000, No designated amount of capital stock is required $25,000 in cities over 2,000 and not over 6,000, for the establishment of a bank or trust company. $50,000 in cities over 6,000 and not over 20,000, (See Sees. 7, 8, Ch. 129, General Laws of Rhode and Island, 1938.) $100,000 in cities over 20,000. A bank with a capital stock of not less than $25,000 No designated amount of capital stock is required may be established in a suburb or outlying com- for the establishment of a loan and investment community if authorized by the banking authority. (Sec. pany. (See Sees. 1, 2, 4, 5, Ch. 145, General Laws 68, title 6, Oklahoma Stats. Anno.) of Rhode Island, 1938.) Institutions incorporated as trust companies must SOUTH CAROLINA have paid-in capital stock of $25,000 in cities of 10,000 or less, and not less Banks of a special class with smaller capital stock, than subject to restrictions as to location and prohibited $100,000 in cities over 10,000 and not over 25,000, from establishing branches, may be organized with or a minimum paid-in capital stock of $200,000 in cities over 25,000. $10,000 in cities of 5,000 or less and in rural com- (Sec. 291, title 6, Oklahoma Stats. Anno.) munities, 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint $20,000 in cities between 5,000 and 20,000, and Savings banks must have capital stock of not less than $50,000 in cities over 20,000. $10,000 in cities of 50,000 or less, and (Sec. 7836-1, (1), 1934 Supp., Code of South Caro- $50,000 in cities of more than 50,000. lina, 1932.) No savings bank may increase its capital stock to Other banks and also trust companies shall have a an amount exceeding $5,000,000. (Art. 412, title 16, minimum capital stock of Vernon's Civ. Stats, of Texas, Ann.) $25,000 in cities of 3,000 or less or in rural com- Loan and investment companies must have aggremunities, gate capital stock of not less than $50,000 in cities between 3,000 and 10,000, and $25,000 in cities under 50,000, $100,000 in cities over 10,000. $50,000 in cities over 50,000 but under 150,000, and (Sees. 7835, 7864, 7881, Code of South Carolina, $100,000 in cities of 150,000 or more. 1932.) (Art. 544, Title 16, Vernon's Civ. Stats, of Texas, In addition to all requirements now in effect, no Anno.) bank of any nature hereafter incorporated shall be UTAH granted a charter unless the Board of Bank Control For organization, banks shall have capital stock has certified that the paid-in capital of such bank is of not less than $25,000, or not less than sufficient to qualify such bank for membership in the $50,000 in cities between 5,000 and 25,000, Federal Deposit Insurance Fund. (p. 216-217, No. $75,000 in cities between 25,000 and 50,000, and 152, South Carolina Acts, 1939.) $100',000 in cities over 50,000. (Sees. 7-3-1, 7-3-2, 7-3-10, Revised Stats, of Utah SOUTH DAKOTA Anno., 1933.) For incorporation, banks shall have a capital stock "After the effective date of this act" (January 1, of not less than 1934), trust companies and banks undertaking fidu- $15,000 in cities of 1,500 or less, ciary capacities must have a "paid-up capital and $20,000 in cities between 1,500 and 2,500, surplus of at least $100,000". (Sees. 7-3A-1, 7-3A-2, $25,000 in cities between 2,500 and 5,000, and 1939 Supp., Revised Stats, of Utah Anno., 1933; Sees. $50,000 in cities over 5,000. 1, 2, 15, Ch. 10, Laws of Utah, 1933.) (Sees. 6.0303, 6.0307, South Dakota Code of 1939.) Industrial loan corporations, and all corporations To transact a trust company business the institu- organized under the laws of this State and existing tion must have a capital stock of at least on March 21, 1925, wishing to have advantage of the $50,000 in cities under 6,000, and laws relating to industrial loan corporations, must $100,000 in cities of 6,000 or more. have capital stock of not less than (Sees. 6.0303, 6.0307, South Dakota Code of 1939.) $50,000 in cities under 100,000, and $100,000 in cities of 100,000 or more. Fifty per cent (25 per cent of the increase if an TENNESSEE existing company) must be paid in cash and the re- Banks shall not be organized with a paid-in capital mainder at the rate of 10 per cent per month followstock of less than ing incorporation (or amendment to charter if an $20,000 in cities under 1,000, existing company.) (Sees. 7-6-1, 7-6-2, 7-6-12, Re- $30,000 in cities between 1,000 and 2,500, vised Stats, of Utah Anno., 1933.) $50,000 in cities between 2,500 and 5,000, $75,000 in cities between 5,000 and 20,000, VERMONT $100,000 in cities between 20,000 and 50,000, and For organization, trust companies (which may $200,000 in cities of 50,000 or more. carry on general banking business) must have capital (Sees. 6019, 6020, Williams Tennessee Code, Anno., stock of not less than $25,000. (Sec. 6650, Ch. 271, 1934.) Public Laws of Vermont, 1933.) To be appointed a fiduciary, a bank conducting a VIRGINIA savings, safe deposit, or banking business must have a paid-up "capital" of $100,000 or more. (Sec. 5936, The banking authority shall not issue a charter Williams Tenn. Code, Anno., 1934.) to a bank unless it has a capital stock of not less than $50,000; and for banks chartered in places with a population exceeding 25,000, the minimum capital TEXAS stock shall be increased above $50,000 in the ratio of The capital stock of banks shall be not less than $5,000 additional minimum capital stock for each $17,500 in cities under 800, 10,000 inhabitants by which the population of such $25,000 in cities between 800 and 10,000, place exceeds 25,000 people. One-half of such $50,000 in cities between 10,000 and 20,000, and amounts shall be paid in cash before commencing $100,000 in cities of 20,000 or more. business, the remainder to be paid in monthly in- No bank shall have a capital stock of more than stallments of 10 per cent of the total capital. (Sees. $10,000,000. (Art. 391, title 16, Vernon's Civ. Stats. 4149(16), 4149(17), Virginia Code of 1936, Anno.) of Texas, Anno.) No trust company shall be incorporated with less A bank and trust company's capital stock must be than $50,000 "capital", fully paid up. (Sec. 4149 (67), not less than $50,000 nor more than $10,000,000, but Virginia Code of 1936, Anno.) no bank and trust company shall locate in a town or No industrial loan association shall be incorporated city having 20,000 or more population with a capital with a capital of less than $30,000, which shall be stock of less than $100,000. (Art. 395, title 16, Ver- fully paid in cash before commencing business. (Sec. non's Civ. Stats, of Texas, Anno.) 4168(2), Virginia Code of 1936, Anno.) DECEMBER 1940 1273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint WASHINGTON No banking institution engaged in the business Banks shall not be incorporated with less than a of a trust company shall be incorporated unless it paid-in "capital" of shall have a capital stock of at least $100,000; and no $25,000 in cities under 5,000, banking institution shall exercise trust powers unless $50,000 in cities between 5,000 and 25,000, it has an unimpaired capital of at least $100,000. $100,000 in cities between 25,000 and 100,000, and (Sees. 3126, 3130, West Virginia Code of 1937, $150,000 in cities of 100,000 or more. Anno.) In cities of 25,000 or more population, the banking For organization, an industrial loan company must authority may designate the "central business dishave a capital stock of not less than $25,000, 50 per trict", and banks may locate in such cities, but outcent of which must be paid in before commencing side such district, with not less than $50,000 paid-up business. (Sees. 3166, 3181, West Virginia Code of "capital". (Sec. 3226, Remington's Revised Stats, of 1937, Anno.) Washington, Anno.) Trust companies, to incorporate, must have paid-in WISCONSIN capital of not less than The capital stock for the organization of banks $50,000 in cities under 25,000, shall not be less than $100,000 in cities between 25,000 and 100,000, and $30,000 in cities of 5,000 or less, $200,000 in cities of 100,000 or more. $75,000 in cities over 5,000 and less than 20,000, (Sec. 3226, Remington's Revised Stats, of Washing- $100,000 in cities of 20,000 and not exceeding 200,ton, Anno.) 000, and For incorporation, industrial loan companies must $200,000 in cities of 200,000 or more. have capital stock of not less than (Sec. 221.01, Wisconsin Stats., 1939.) $35,000 in cities of 100,000 or less, $75,000 in cities between 100,000 and 200,000, and For organization, trust company banks must have $100,000 in cities over 200,000. capital stock of at least $100,000 and not more than Twenty-five per cent of such capital stock must be $5,000,000 except that in cities of less than 100,000 paid in upon incorporation, and the remainder in population it may be less than $100,000 but not less monthly payments equal to 1/12 of the unpaid bal- than $50,000. (Sec. 223.01, Wisconsin Stats., 1939.) ance. Sees. 3862-6, 3862-7, Remington's Revised Stats, of Washington, Anno.) WYOMING WEST VIRGINIA For organization, the fully paid capital stock of Banking institutions shall not be incorporated with- each bank, banking association or loan and trust comout capital stock of at least pany, shall not be less than $25,000 in cities of 3,000 or less, $25,000 in cities under 4,000, $50,000 in cities over 3,000 but not exceeding 6,000, $50,000 in cities of 4,000 and not over 6,000, and $100,000 in cities over 6,000 but not exceeding $100,000 in cities over 6,000. 50,000, and Savings banks must have capital stock of at least $150,000 in cities over 50,000. $25,000, 50 per cent paid in and the balance in six (Sees. 3126, 3130, West Virginia Code of 1937, months after commencing business. (Sec. 10-104, Anno.) Wyoming Revised Stats. Anno., 1931.) 1274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Ttom the floatd& G?otte5pondence Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. (ZentttL Hanking QUESTION tions. In the first place, a central bank is In the Federal Reserve BULLETIN for Sep- not operated for the purpose of making a tember you had an article about the Gold profit, but for the purpose of carrying out Reserves of Central Banks and Governments. broad public policies. Typically, the central Being a banker myself I suppose this is some-bank is an institution with which the prithing I should understand fully, but I confess vately managed banks may deal. They de- I am much in the dark about what central posit their reserves with it, borrow from it banks are and what they do. It would appear if necessary, and depend on it to supply the from the article that every country has a currency which their customers may require. central bank and that they are closely con- Central banks in most countries are the sole nected with the Government. I hope it is source of paper currency. not too much trouble for you to give me some Among the oldest central banks are the information on the subject or some references Bank of Sweden, the Bank of England, and to where I can find it. the Bank of France. Among the more recently established are the Bank of Canada, ANSWER the Central Bank of the Argentine Republic, PRACTICALLY every country has some and the Central Reserve Bank of Peru. In form of central banking organization. the United States the central banking func- Ordinarily this central bank stands apart tion is performed by the Federal Reserve from privately managed banks, it acts as Banks and the Board of Governors of the banker and fiscal agent to the Government, Federal Reserve System. and it performs quasi-governmental func- The organization of the Federal Reserve tions in the banking and monetary field. The System is very different from that of typical central bank issues currency; it holds at least central banks in other countries. Most of the a part of the basic reserves of the commercial latter are single institutions, with branches. banks; it extends credit to these banks or The Federal Reserve Banks are twelve in buys or sells bills or securities and thereby number, and each serves an important region, increases or decreases the available supply or Federal Reserve District, of its own. In of bank reserves. In some cases it does and matters of national concern, policies are dein others it does not engage in the banking termined by the Board of Governors in Washbusiness in competition with commercial ington and by the Federal Open Market Combanks. mittee, which consists of the seven members In a bookkeeping sense, a central bank re- of the Board and five representatives elected sembles a privately managed bank. Its bal- regionally by the Federal Reserve Banks. ance sheet, on the asset side, shows cash, The members of the Board of Governors of securities, loans, discounts, and other obliga- the Federal Reserve System are appointed tions such as privately managed banks hold; by the President of the United States, the apand on the liability side, it shows deposits, pointments being subject to confirmation by circulating notes, capital, and surplus. This, the Senate. As required by law the Board however, is only a superficial or external re- of Governors submits an Annual Report to semblance. The purpose of a central bank's Congress. operations differs profoundly from that of a The way in which capital is supplied to set competitive, privately managed bank's opera- up central banks varies in different countries. DECEMBER 1940 1275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From the Board's Correspondence Historically most central banks have obtained count paper for member banks or acquire capital from private rather than from public securities in the open market. By its dissources. At the time of its creation, the Fed- count and open-market policies the Reserve eral Reserve System was unique in this re- System can influence the volume of member spect, as in many others. Capital of the bank reserves and consequently the cost and twelve Federal Reserve Banks was obtained volume of bank credit. by requiring, by Act of Congress, that mem- The twelve Federal Reserve Banks, as ber banks subscribe to it in their respective banks of issue, supply Federal Reserve notes, districts in proportion to their capital and which constitute the principal part of the surplus. Their shares may not be sold, trans- circulating medium. ferred, or hypothecated. The twelve Federal Reserve Banks, as The important differences between the fiscal agents and depositories of the United central banking organizations of various States, receive the public's subscriptions to countries in respect to structure, legal status, bonds and other obligations of the United and relationship to their Governments should States Government, deliver these obligations not obscure the fact that their operations to the purchasers upon receipt of payment, and purposes are in principle about the same pay the interest coupons, hold the current the world over. Allowing for variations in checking accounts of the United States Treasmonetary and commercial habits from coun- ury, and pay the checks drawn against these try to country, central banks are alike in the accounts. following respects. They are fiscal agents Analogous if not identical functions are and depositories of their respective govern- performed by the central banks of other ments ; they are banks of issue—that is, their countries. circulating notes supply an important part In July of last year we sent you a copy of or all of the paper currency in use; they are a booklet entitled "The Federal Reserve Syslenders of last resort to the banking system; tem—Its Purposes and Functions". If you and they endeavor to equalize fluctuations in will refer again to this booklet, you will find money and capital markets. it presents an account of central banking as These typical characteristics may be il- it is carried on in the United States. In adlustrated by brief reference to Federal Re- dition there is enclosed a copy of an address serve operations. bearing on this subject recently delivered The twelve Federal Reserve Banks hold before a meeting of bankers by Mr. M. S. the reserve balances of commercial banks. Szymczak, one of the members of the Board The amount of such balances in relation to of Governors.* We trust that this material, a bank's deposit liabilities is fixed by law supplemented by the present letter, furnishes and regulation. the information you desire. The twelve Federal Reserve Banks, as * Copies of the booklet, "The Federal Reserve System—Its lenders of last resort, provide the banking Purposes and Functions", and of Mr. Szymczak's address will be furnished, without charge, upon request to the Board of Govsystem with additional reserve funds when ernors of the Federal Reserve System, Washington, D. C. The needed. In exchange the Reserve Banks dis- text of the address will be found on p. 1257 of this issue of the BULLETIN. 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Meeting of Federal Advisory Council ment factors for 1940 are given. The price of the book is one dollar per copy. The Federal Advisory Council held its fourth meeting of the year in Washington on November 17, 18 and 19. The following Admissions of State Banks to Membership in the statement for the press was released by the Federal Reserve System Council following the meeting: The following State banks were admitted to membership in the Federal Reserve System "Edward E. Brown, the president of the during the period October 16, 1940, to No- Federal Advisory Council, stated today that vember 15, 1940, inclusive: the Council had concluded its regular quarterly three-day meeting with all its members Illinois present from each of the twelve Federal Camp Grove—Camp Grove State Bank Reserve Districts. Keyesport—State Bank of Keyesport Ridgway—Gallatin County Bank "The Council met twice with the Board of Rock Island—State Bank of Rock Island Governors of the Federal Reserve System, in Indiana addition to holding several sessions of its Delphi—Union Bank and Trust Company own. Various matters affecting the Federal Etna Green—The Etna Bank Reserve System were considered. Much time Marshall—Citizens State Bank was given to discussions of ways and means Oaktown—The Oaktown Bank Van Buren—Farmers Trust Company by which the largest possible participation of the banks of the country and private cap- Michigan ital could be obtained in connection with the Frankfort—State Savings Bank, Frankfort financing of the defense program. The Coun- Mich. Grant—The Grant State Bank cil reported that the banks of the country Missouri were anxious to participate to the fullest Fenton—Farmers and Merchants Bank of Fenton possible extent consistent with sound banking, and both the Board of Governors of the New Jersey Federal Reserve System and the Council Burlington—Burlington City Loan and Trust Company were in agreement that as much of the finan- Ridgewood—The North Jersey Trust Company, cing as possible should be done by the bank- Ridgewood, New Jersey ing system." New York Babylon—Bank of Babylon Lindenhurst—The Lindenhurst Bank Federal Reserve Chart Book on Industrial Production Locust Valley—Matinecock Bank of Locust The Board now has available for distribu- Valley tion copies of a Chart Book on Industrial Ohio Production compiled in the Board's Division Ravenna—The First Savings Bank of Ravenna, Ohio of Research and Statistics. The book is brief- Silverton—The Silverton Bank case size, and similar to the Federal Reserve Oklahoma Chart Book on Bank Credit, Money Rates, Medford—The Grant County Bank and Business, except that it contains about Texas four times as many pages. Each of the 115 Gladewater—The First State Bank charts shows indexes both without seasonal adjustment and adjusted for seasonal varia- Virginia tion. Some series cover the whole period Alberta—Bank of Alberta, Incorporated Bridgewater—The Planters Bank of Bridgefrom 1919 to date; most of the other series water are from 1923 to date, while a few are for Edinburg—The Farmers Bank of Edinburg, Inshorter periods. Sources of the underlying corporated data, the relative importance of each series South Boston—South Boston Bank and Trust Company for the base period, and the seasonal adjust- Stanardsville—Bank of Greene, Incorporated DECEMBER 1940 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A/ational Summ&ly oft Hu5ine55 Condition5 Compiled November 15 and released for publication November 18. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 12b9-\1256 of this BULLETIN. INDUSTRIAL output rose sharply in Octo- tion rose to about 500,000 cars and trucks, ber and the first half of November and the largest monthly total since the spring of prices of basic commodities advanced further. 1937, and retail sales of both new and used New orders both for defense purposes and automobiles were reported to be large for for civilian needs continued in large volume. this time of year. In the steel and machinery industries activ- Production ity continued at a high rate in October. In Volume of industrial production, as meas- the first half of November steel ingot producured by the Board's seasonally adjusted in- tion advanced slightly further and was at dex, rose further in October to about 128 per about 96 per cent of capacity. This high rate cent of the 1935-1939 average as compared of output is expected to be maintained for with 125 in September and 126 at the peak some time to come, according to trade reports, reached last December. as new orders for steel have continued large. Increases in output were marked in the Lumber production, which had risen sharply automobile and textile industries. In the since midsummer, declined less than seasonrayon industry, where production in Septem- ally in October. New orders for lumber were ber had been curtailed by a strike, activity somewhat below the high rate of August and increased considerably and cotton textile September but remained above production, mills were also more active. Mill sales of reflecting in part continued Government cotton goods have been large since the middle demands. of August, reflecting increased civilian and Bituminous coal production declined military demand, and have been in excess of sharply in October but in the first half of production during most of this period. At November showed some increase. In this wool textile mills, where activity had risen industry output had been maintained in large sharply in September, there was a further volume during the summer owing in part to increase in October. Backlogs of orders in considerable stocking of coal in anticipation this industry are now of considerable size of higher prices. Anthracite production also owing to a large volume of orders received declined in the first half of October but rose during the past two months, particularly sharply in the latter part of the month owing from the Government. Automobile produc- FACTORY EMPLOYMENT AND PAYROLLS INDUSTRIAL PRODUCTION 140 140 130 130 A V 120 120 \ 110 ) \ J no 100 / \ 100 90 / \ \f/ 90 80 80 70 70 60 1935 1936 1937 1938 1939 1940 1934 1935 1936 1937 1938 1939 Indexes of number employed and payrolls, without adjustment Index of physical volume of production, adjusted for seasonal for seasonal variation, 1923-1925 average = 100. By months, Januvariation, 1935-1939 average = 100. ary 1934, to October 1940. 1278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions in part to seasonal influences. Crude petro- in industrial materials, particularly lead, leum production, which had been curtailed hides, wool, and textile yarns. The general during most of the summer, increased further index of wholesale commodity prices rose in October. further by about 1 per cent in this period, Value of construction contract awards in- reflecting increases in prices of some finished creased in October, following a decline in the goods as well as of materials. previous month, according to figures of the F. W. Dodge Corporation and the Federal Reserve Bank of San Francisco. Changes Bank credit in the amount of contract awards in recent months have reflected principally fluctuations Total loans and investments at reporting in contracts for public projects. Awards for member banks in 101 leading cities have inprivate construction have shown about the creased substantially since the end of Sepusual seasonal changes, following a sharp tember. Commercial loans showed sizable rise in July and August. increases bpth in New York City and in other leading cities. Following reductions during August and September, holdings of United Distribution States Government obligations at these banks also increased. Federal Reserve System hold- In October department store sales declined ings of Government obligations were reduced considerably from the advanced level of the by $180,000,000 between September 25 and two preceding months, while sales at variety November 13. stores, which also had been large in August and September, increased seasonally. In the early part of November department store United States Government security prices sales increased somewhat. Total loadings of revenue freight in Octo- After rising moderately during the latter ber were maintained at about the level part of October prices of United States Govreached in September. Shipments of mis- ernment securities advanced sharply in the cellaneous merchandise increased further, early part of November. The quotation on while loadings of coal showed a sharp de- the 1960-65 bonds reached a new high level crease. In the first week of November at about 110^, and the yield on this issue freight-car loadings declined by less than the declined to 2.12 per cent compared with 2.25 usual seasonal amount. per cent in October and 2.26 per cent in June 1939 and again in April 1940. The average Wholesale commodity prices yield on 3 to 5 year Treasury notes declined to less than % of 1 per cent. Prices of basic commodities continued to advance from the middle of October to the middle of November, with the chief increases MONEY RATES IN NEW YORK CITY PER CENT PER CENT 4 4 WHOLESALE PRICES OF BASIC COMMODITIES TREASURY BONDS 1 PE 0 R 0 CENT ~ THURSDAY FIGURESi 1926 = 100 PER C 1 E 0 N 0 T <ie YEARS AND OVER) ~ 80 TOTAL -i 80 . r 60 40 40 100 100 ODSTUFFS 80 80 1934 1935 1936 1937 1938 1939 1940 60 " V^ IN M D A U T S E T R R I I A A L L S V Minimum rate on rediscount for and advances to member banks 1 by Federal Reserve Bank; weekly averages of daily yields of 3- to 5-year Treasury notes and Treasury bonds callable after 12 years, 1935 1937 1938 1940 and average discount on new issues of 91-day Treasury bills offered Federal Reserve groupings of Bureau of Labor Statistics data. within week. For weeks ending January 6, 1934, to November Thursday figures, January 4, 1934, to November 22, 1940. 23, 1940. DECEMBER 1940 1279 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 1283 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1284 Federal Reserve Bank statistics 1285-1289 Reserve position of member banks; deposits in larger and smaller centers . . 1290 Money in circulation 1291 Gold stock and gold movements; bank suspensions; bank debits 1292 All banks in the United States, number, deposits, loans and investments 1293 Condition of all member banks 1294-1295 Weekly reporting member banks 1296-1299 Commercial paper, bankers' acceptances, and brokers' balances 1300 Money rates and bond yields 1301 Security markets 1302 Treasury finance 1303-1304 Governmental corporations and credit agencies; Postal Savings System 1305-1306 Business Indexes 1307-1317 Wholesale prices 1318 Statistics for Federal Reserve chart book 1319-1320 Crop report 1320 Changes in number of banks and branches in the United States 1321 Statistics of all banks in the United States 1322-1326 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. DECEMBER 1940 1281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLION/ OF DOLLARS 20 20 18 18 16 16 14 14 GOLD STOCK 12 12 10 10 8 8 MONEY IN CIRCULATION 6 6 TREASURY CASH RESERVE BANK CREDIT TREASURY DEPOSITSS K . * v^ ^ f 1934 1935 1936 1937 1938 1939 1940 14 OT( 14 12 12 10 10 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 1939 1940 Latest figures for November 20. See page 1283. 1282 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 Date co B d u i i n l s l t - s ed T U o . t a S l s . e G c t w u M u o r i r v i t i a t h n e i - e - r g n s m t a M u e f r n t a i e t - n r g R c o B r e e A t s a h d e n l e l i r k t v r i e Total s G to o c ld k s T r t o e c u i r a n n u u e r n c g r y a t d - - s 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 - - u p l s w F r r e R e o y e e r r i s e a a v t d i d - h l t s e - e s - - p m N b o d e o e s e m i n - r t - s - c O s F o e R e a t e u r r c h e a v d n - - e l e - t r s b T a o b n t a a k l l a r n e c s c e e E e s r s x v s - e 2 in 5 5 Banks years years Monthly averages of daily figures: 1939—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 October 6 2,763 1,544 1,219 63 2,832 17,002 2,926 7,328 2,239 358 732 240 11,862 5,490 1940—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 October.... 5 2,381 1,102 1,280 67 2,454 21,393 3,051 8,226 2,257 477 1,624 270 14,043 6,864 End of month figures 1939—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 Oct. 31 6 2,736 1,517 1,219 59 2,801 17,091 2,932 7,342 2,254 286 728 241 11,973 5,553 1940—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 Oct. 31 4 2,333 1,074 1,259 76 2,412 21,506 3,059 8,300 2,188 349 1,661 271 14,208 6,960 Wednesday figures: 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 6,118 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 July 10.— 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 Oct. 30 4 2,333 1,074 1,259 44 2,381 21,499 3,056 8,265 2,187 376 1,659 272 14,177 6,930 Nov. 6 4 2,327 1,070 1,258 30 2,362 21, 581 3,060 8,385 2,221 465 1,681 271 13,979 6,732 Nov. 13. 4 2,254 1,044 1,210 67 2,326 21, 637 3,062 8,395 2,211 404 1,688 275 14,052 6,795 Nov. 20.... 4 2,231 1,036 1,195 67 2,302 21, 716 3,066 8,436 2,188 310 1,749 276 14,127 6,800 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6, 1937 on maturity distribution of security holdings will be supplied on request. 1283 DECEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10 (b) of the Secured by direct and Federal Reserve Act Federal Reserve Bank e l l i i g g a ib ti l o e n g s u o ar f a t n h t e e e U d . o S b . - All other To banks To others Rate In Rate In Rate In Rate In Rate In Nov. effect Nov. effect Nov. effect Nov. effect Nov. effect 28 beginning— 23 beginning- 28 beginning- 28 beginning— 28 beginning- Boston 1 Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York__._ 1 Aug.27, 1937 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia- Sept. 4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug.27, 1937 Aug. 27, 1937 Sept.10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta _ 1 Sept.16, 1939 Aug. 21, 1937 Aug.21, 1937 Sept. 16, 1939 Apr. 23, 1938 Chicago 1 Sept. 1, 1939 Aug. 21, 1937 Aug.21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis 1 Sept.21, 1939 Sept. 2, 1937 Sept. 2, 1937 Sept. 16, 1939 Feb. 23, 1935 Minneapolis- IX Aug.24, 1937 Aug. 24, 1937 Aug.24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.. 1 Sept.16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas Sept.16, 1939 IX Aug. 31, 1937 Aug.31, 1937 Sept. 16, 1939 Apr. 16, 1938 San Francisco. IX Sept. 3, 1937 Sept. 3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct. 19, 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—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 November 28 on advances and commitments under Maturity e N R ff o a ec v te t . i 2 o n 8 n In g i e n f n fe in ct g — be- Pre ra v t i e ous [Per cent S p e e ct r i o a n n n 1 u 3 m b o e f x t c h e e p t F a e s d e in ra d l i c R at e e s d e r b v y e A fo c o t tnote *] Advances to or in par- 3 4 9 1 6 1 1 6 1 1 - 1 6 2 1 - - - - - 1 6 4 1 3 9 5 - 2 1 0 5 0 0 d 8 0 d d d d a 0 d a a y a a d y y a s y y s a s y L s s _ — y s . . _ _ s . . . . . . . . . . X — . O . . . . . . . . . . . . c . . d d d d d d t. o o o o o o 2 .. 0 . , 1933 1 1 1 1 1 1 Federa B l an R k eserve m g A i d n a o e d i n d r r r v i u e c z c a c i s a a o n t t t l r m c i i t o o e a o - n r s l - s ti O t c i w t i n i i o n p o h s i n n t a i n i c p t g t f i h o u o i o s i r - r n n - s w tit i u t p m h t O o i a o n r f i t n i n i r n s o e i a n n - n g * c- a t C d o m o v m m e a n n a m t c k s e i e t s obligated J i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of Boston 3 New York on prime bankers' acceptances payable in dollars; higher New York.... 4-6 2-3 2-5 1-2 rates may be charged for other classes of bills. The same minimum Philadelphia- 3H-6 2H (2) V2-2 rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland H5 3 3H 1 Back figures—See Annual Report for 1937 (table 41). Richmond 4-6 (3)3 (<)4 1-2 Atlanta 4-6 4-6 1-2 MEMBER BANK RESERVE REQUIREMENTS Chicago.. 3-6 3-6 3-6 X-2 Clas a s n es d o b f a d n e k p s osits J A [ u 1 P u n 9 g e e 1 . r 7 - 2 1 c 1 5 e , , nt A F o e 1 u b f 9 g . 3 d . 6 e - 1 2 p 8 6 , o , si A M ts 1 p ] a 9 r 3 r . 7 . 3 - 1 0 , , A M 1 p a 9 r 3 y . 7 1 - 1 5 , , A 1 p a 9 r n 3 . 8 d 1 - 6, S S M D K a t a a . i n l n n L l s a n F o a s e r s u a a i n p C s c o i i l s t i y c s o . . . . - 4 5 4 4 3 ^ - - - - 6 6 6 6 3 3 3 - - H 4 6 4 4 3 4 4 - - - 6 6 5 4 4 ( ( 1 * • - ) ) 2 1 2 1936 1937 1937 1938 after * The Federal Reserve Banks of New York, Philadelphia, Richmond On net demand Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge deposits :* same rate as charged borrower by financing institution, if lower^than Central reserve city.. 13 19H 22^ 26 22»4 rate shown. Reserve city 10 15 17H 20 2 Same as rate charged borrower by financing institution. Country 7 ioy MX 14 12 3 One per cent less than rate charged borrower by financing institu- On time deposits: 2 tion with minimum of three per cent (see note 0- All member banks.._ 3 6 5 4 One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note !). 1 See footnote to table on p. 1290 for explanation of method of com- 5 Minimum charge one-half of one per cent. puting net demand deposits. MARGIN REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by Prescribed by Board of Governors of the Federal Reserve System in accordance with Securities Exchange Act of 1934 the Board of Governors under provisions of Regulation Q. [Per cent of market value] [Per cent per annum] 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 _ listed securities, under Regulation T 55 40 Postal savings deposits For short sales, under Regulation T 50 Other time deposits pay- For loans by banks on stocks, under Regulation U___ »55 40 able in: 6 months or more 2H i Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months 2%, tended on a security by prescribing a maximum loan value, which is a Less than 90 days 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. 1284 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 Nov. 20 Nov. 13 Nov. 6 Oct. 30 Oct. 23 Oct. 16 Oct. 9 Oct. Sept. Oct. Assets Gold certificates on hand and due from U. S. Treasury 19,491, 7'99 19,393, 79819, 324,30119, 280, 299 199,,116677,,300 19,077,29919,032,30019, 280, 297 18, 928;,,30014,829, 206 Redemption fund—F. R. notes 10,672 9,894 9,395 10,073 10,074 11, 284 11, 381 8,919 11, 789 8,846 Other cash 304,688 308,168 309, 787 341,290 335, 574 326, 661 319, 347 342,327 331, 586 339,670 Total reserves. 19,807,159 19, 711, 19, 643,483 19, 631, 66219, 512,948 19,415, 24419, 363,02819, 631, 543 19, 271, 67515,177, 722 Bills discounted: For member banks 3,259 3,422 3, 694 3,202 2,738 3,01 7,410 3,278 4,631 2,848 For nonmember banks, etc.. 847 822 797 797 787 722 57;~ 797 410 3,309 Total bills discounted 4,106 4,244 4,491 3,999 3,525 3,737 4,075 5,041 6,157 Bills bought: Payable in foreign currencies.. Industrial advances _ 7,912 8,215 8,161 8,193 8,305 8,325 8,400 8,173 8,604 11, 744 V. 8. Government securities, direct and guaranteed: Bonds 1, 314, 700 1, 330,000 1,377, 700 1, 379, 200 1,386,100 1, 397, 700 1,400,100 1,379, 200 1, 318,600 1, 315,942 Notes. _ 916, 600 924,100 949, 600 953, 600 965,800 999,000 953, 600 1,115,000 1, 245, 497 Bills 174,320 Total U. S. Government securities, direct and guaranteed 2, 231, 300 2, 254,100 2, 327, 300 2, 332, 800 2, 351, 900 2, 383, 500 2, 399,100 2,332,800 2,433,600 2, 735, 759 Other Reserve Bank credit 58, 533 59,306 21, 709 35, 755 23, 937 85, 524 30,007 67,338 37,881 47,361 Total Reserve Bank credit outstanding ___ 2, 301, 851 2, 325, 865 2, 361, 661 2, 380, 747 2, 387, 667 2,481,086 2,445,492 2,412, 386 2,485,126 2,801,021 Liabilities F. R. notes in actual circulation.. 5, 669, 742 5, 642, 700 5, 629, 576 5, 548,874 5, 520, 271 5, 508,424 5,479, 364 5, 576, 520 5,449,878 4, 772,822 Deposits: Member bank—reserve account._. 14,126,' 14,051, 79813, 979,41814,176, 535 14,147, 775 14, 015,812 13, 927,014 14,208, 066 13, 726, 906 11. 972, 848 TJ. S. Treasurer—general account.. 309,577 403,851 465, 268 375,707 383,052 462,610 579,053 349,112 755,747 286,371 Foreign 1,152, 579 1,125,150 1,122,101 1,091,831 1,071,443 1,057,344 1,056,401 1,081,174 1,054,790 415,699 Other deposits _ 596,171 562, 736 558,413 567,597 528,776 603,002 517,853 579,619 525,865 312,658 Total deposits.. 16,185,046 16,143, 535 16,125, 20016, 211, 670 16,131,04616,138, 768 16,080, 32116, 217, 97116,063, 30812, 987, 576 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.6 90.5 90.3 90.2 90.1 S9.8 90.1 85.5 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a t 6 h y s s 6 1 m y t o o e n a t r hs 2 1 y t y e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Oct 30 3,999 1,444 264 1,022 746 431 92 Nov 6 4,491 1,816 243 1,004 639 690 99 Nov. 13 4,244 1,312 500 960 476 887 109 Nov 20 4,106 933 1,188 730 316 831 108 Industrial advances: Oct. 30 8,193 1,313 257 343 473 574 1,354 1,410 2,469 Nov. 6 8,161 1,467 108 518 305 585 1,402 1,398 2,378 Nov. 13 8,215 1,411 120 515 296 588 1,431 1,455 2,399 Nov. 20 . .. ... 7,912 1,399 188 573 165 609 1,349 1,419 2,210 U.'S. Government securities, direct and guaranteed: Oct. 30 2, 332, 800 95, 300 115, 300 194,000 669,100 1, 259,100 Nov. 6 2, 327, 300 95, 300 115, 300 194,000 665,100 1,257, 600 Nov. 13 2, 254,100 81, 300 115, 300 194,000 653,600 1, 209,900 Nov 20 2, 231, 300 90, 900 115, 300 194,000 636, 500 1,194,600 DECEMBER 1940 1285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Oct. 16 19,077, 2991,169, 682 1,189, 346 967,344 257, 359 516, 393 357, 555 3, 062, 281 478, 094 295, 450382, 432269,, 410 ,1105, 871 Oct. 23 19,167, 3001,193, 565 I, 332, 583959, 289 275,746512,176 354, 568!, 999,803 479, 720 285,03129 337932,8 722683,1711,117,939 Oct. 30 19, 280, 2991,187, 333 I, 479, 470982, 638 285, 854 518, 914 350, 991!, 960, 934 475, 708 287,386, 657264,"" , 099, 654 Nov. 6 19, 324, 3011,166, 977 1,437, 754 989, 949 3_1.8_, 2^1 5 935 350,566 946, 070 475, 923305,219 403, 798282,880 1,119,015 N N o o v v . . 2 1 0 3 1 1 9 9 , , 3 4 9 9 3 1 , , 79 ' 9 1 1, , 1 1 4 4 3 1 , , 2 3 6 9 6 4 1 I , , 4 5 1 5 9 2 , , 60 5 0 5 1 15, , 0 0 3 1 2 7 , , 2 6 9 2 2 7 3 3 1 1 2 4 , , 5 3 51 7 16 4 6 537', 2 7 7 7 7 4 3 3 6 6 6 4 , , 5 3 3 6 0 7 2, 9 9 8 5 3 2 , , 1 3 5 5 9 8 4 8 4 2 9 , 6 1 , 1 6 6 6 3 0 0 2 6 9 , 5 4 , 6 4 8 6 4 4 0 2 4 , 0 2 2 , 5 9 2 2 29 8 71 6 2, , 1 9 7 1 6 7 1 1, , 1 1 3 4 8 0 , , 4 0 5 9 3 2 Redemption fund—Federal Reserve notes: Oct. 16 11, 284 1,606 1,522 706 676 1,663 1,339 296 538 594 1,102 Oct. 23 10,074 1,538 1,256 603 585 1,110 854 1,244 278 435 519 582 1,070 Oct. 30 10,073 1,537 1,256 603 585 1,110 854 1,244 278 435 519 582 1,070 Nov. 6 9,395 1,453 951 470 466 1,522 778 1,080 246 387 480 563 999 Nov. 13 9,894 1,453 951 470 465 1,522 778 1,080 246 387 480 563 1,499 Nov. 20 10,672 1,394 1,716 373 388 1,971 741 993 229 378 464 551 1,474 Other cash: 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 Oct. 30 341, 290 34, 270 89, 382 27, 657 22,048 22, 917 18, 998 42,167 13, 252 7,340 19,029 12,101 32,129 Nov. 6 _ _____ _ 309, 787 33, 915 79, 808 24,926 20, 493 19, 200 17, 862 38, 284 11,518 8,007 17,362 11,659 26, 753 Nov. 13 308,168 31, 684 81, 588 25,038 19,894 20, 514 16, 208 37, 298 13, 489 7,163 16,474 11, 368 27,450 Nov. 20 304,688 31, 306 71,148 23, 595 24, 274 22, 551 15, 973 35, 854 14, 599 7,091 17, 435 12, 218 28, 644 Total reserves: Oct. 16 19, 415, 2441, 204, 293 1, 274, 773 995,045 1, 279, 253369, 590 375, 666 3,101, 918 492, 703802, 877 427, 860282!,, 494, 1 1,38, 784 Oct. 23 19, 512,9481, 228, 5949, 426,119 986,813 1, 297, 225032, 929 371, 777 3, 043, 640 494, 026932 ,292^ 483 411276, 438 .1, 151,064 Oct. 30 19, 631, 6621, 223,140"I, 570,108 1,010,898 1, 308,487 542,943170,8433,004, 345 489, 2382 9259,5 ,5 55588 4 40066,,205277, , 132, 853 Nov. 6__ 19, 643,4831, 202, 3459,518,513 1,015,345 1,339,174548; 657 336699,, 220066 2, 985,434 487, 68371 33,13, 613 421,642095,102 I,! 146, 767 Nov. 13 19,711,"" 1,174,403 "1, 502,139 1,042,800 1, 332,875"55'9•; 8—1 0 381, "3-5"33,021,513 495,851331144,,001144 441199J,213298^ 848 1,169,041 Nov. 20 19,807,159 1,176,094 i, 625,419 1,056, 595 1, 339,036 548, 799 383," " ~;9, 445 511,488 303,333 420,192084,945 1,168, 571 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Oct. 16 1,312 596 114 141 40 57 99 112 126 25 Oct. 23 992 81 184 166 40 57 118 122 127 60 Oct. 30 1,044 37 229 166 40 48 178 117 127 35 Nov. 6 949 60 225 158 30 65 193 92 4 20 Nov. 13 951 185 192 158 30 20 178 117 4 Nov. 20 1,207 324 232 140 130 15 178 62 4 Other bills discounted: Oct. 16 2,425 1,024 173 82 22 92 115 394 209 Oct. 23 2,533 610 192 105 58 149 153 787 180 107 Oct. 30 2,955 891 231 104 34 188 199 913 129 108 Nov. 6 3,542 1,173 215 117 215 213 1,178 109 108 Nov. 13 3,293 680 209 134 216 209 1,413 94 108 Nov. 20 2, 476 239 136 36 215 203 1,266 70 104 Total bills discounted: Oct. 16 3,737 1,620 223 144 149 214 506 335 111 Oct. 23 3,525 20 691 376 271 101 206 108 271 909 307 167 Oct. 30 3, 50 928 460 270 74 236 109 377 1,030 256 143 Nov. 6 4,491 60 1,233 440 275 99 280 124 406 1,270 113 128 N N o o v v . . 2 1 0 3 4 4 , , 2 1 4 0 4 6 3 7 0 5 8 8 6 0 5 0 4 4 0 7 1 1 2 27 9 6 2 2 1 0 1 1 5 62 2 2 3 3 6 0 1 1 2 2 0 8 3 38 8 1 7 1 1 , , 5 3 3 2 0 8 9 7 8 4 1 1 0 0 8 4 Industrial advances: Oct. 16 8,325 1,060 1,781 2,410 365 821 5 265 214 252 623 Oct. 23 8,305 1,053 1,781 2,408 355 820 267 5 268 213 252 623 Oct. 30 8,193 1,031 1,779 2,403 326 820 252 267 5 264 212 222 612 Nov. 6 8,161 1,008 1,779 2,384 335 820 251 266 5 267 212 222 612 Nov. 13 8,215 1,007 1,779 338 819 311 266 5 266 212 222 608 Nov. 20 7,912 1,003 1,774 2,115 329 800 311 266 5 268 212 221 608 U. S. Government securities, direct and guaranteed: Bonds: Oct. 16 1, 397,700 99,913 422,093 117,487 140,242 72,493 53,105 157,963 58,875 39,024 66, 53153,317 116,657 Oct. 23 1,386,100 99,145 417, 262 116,456 139,040 72,137 52, 740 156, 88658, 60838, 818 53,024 115, 718 Oct. 30 1, 379, 200 414,369 115,843 138,324 71, 92852, 522 156, 24858, 45238, 69866,113 52,853 115,162 Nov. 6 1,377,700 98, 593 413, 679 115, 707 138,167 71,"' 52,480 156,119 58,428 38, 67666,092 52,823 115,042 Nov. 13 1, 330,000 95, 324 396, 202 111, 573 133, 29069,. 50, 839 151, 269 56, 93337, 61864,487 51,350 111, 131 Nov. 2O._ ._ 1,314, 700 94, 273 390, 632 110, 248 131, 72769, 366 50, 313 149, 70756, 44637, 275 63, 965 50,873 109,875 Notes: Oct. 16__ 985,800 70,470 297, 703 82, 862 98, 914 51,131 37,457 111,411 41, 52427, 52246, 92437, 604 82, 278 Oct. 23 965,800 69,082 290,737 81,145 96,880 50, 26336, 748 109, 31440, 83627,046 46,172 36,946 80,631 Oct. 30 953, 600 68, 236 286, 500 80,097 95, 63949, 732 36, 316 108,032 40,415 26, 755 45, 71136,543 79, 624 Nov. 6 949, 600 67, 956 285,136 79, 754 95, 23349, 553 36,172 107, 60840, 27326, 65845, 555 36,408 79, 294 Nov. 13 924,100 66, 232 275, 286 77, 522 92,611 48, 62735,325 105,103 39, 55726,138 44,807 35,678 77,214 Nov. 20 916, 600 65, 728 272, 344 76, 864 91,839 48, 36f35,076 104,374 39, 35525, r" 44, 596 35,469 76, 604 Total U. S. Government securities, direct and guaranteed: Oct. 16 2, 383, 500 170,383 719, 796 200, 349 239,156 123, 62490, 562 269, 374100, 39966, 546 113,45590, 921 198, 935 Oct. 23 2, 351,900 168, 227 707,999 197, 601 235,920 122,400 89,488 266, 20099,444 65,864 112 438 89,970 196, 349 Oct. 30 2, 332,800 166, 924 700, 869 195, 940 233,963121, 66088, 838 264, 28098, 86765,453 111, 82489, 396 194, 786 Nov. 6__. 2, 327,300 166, 549 698,815 195,461 233,400 112211,447 88, 652 263, 727 98, 701 65,334 111,647 89, 231 194,336 Nov. 13 2, 254,100 161, 556 671,488 189,095 225, 901118,611 86,164 256, 37296, 49063,756 109, 29487,028 188, 345 Nov. 20 2, 231, 300 160,001 662, 976 187,112 223, 566117, 72885, 389 254, 08195, 80163, 264108, 56186, 342 186,479 1286 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 i l l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n s p - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets—Continued Total bills and securities: Oct. 16 2,395, 562 171,443 723,19; 203,046 239, 744124, 50790,966 269, 792100,490 67,025114,175 91, 508 199,669 Oct. 23 2,363, 730 169,30C 710,47 200,385 236, 546123, 318 89,849 266, 673 99, 557 66,403113, 560 90,529 197,139 Oct. 30 2,344,992 168, OOt 703, 571 198,803 234, 559122, 554 89,156 264,783 66,094113,066 89,874 195, 541 Nov. 6 2,339,952 167,61' 701,827 198,285 234,01C122,366 88,966 264,273 66,007113,129 89, 566 195,076 Nov. 13 2, 266, 559 162, 592 674,132 191,878 226, 53'119, 54586, 537 256,874 96, 615 64,409111,036 87,348 189,061 Nov. 20 2, 243, 318 161,07S 665, 550 189, 698 224,171118, 729 85, 738 254, 577 95, 934 63, 913110,101 187,191 Due from foreign banks: Oct. 16 4' 18 6 1 1 4 Oct. 23 4' 18 6 1 1 4 Oct. 30 4' 18 6 1 1 4 Nov. 6 4' 18 1 1 4 Nov. 13 4' 18 1 1 4 Nov. 20 47 1 1 4 Federal Reserve notes of other banks: 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 Oct. 30 19, 754 52: 1,904 1,055 1,361 2,372 1,909 2,472 1,301 1,612 1,404 522 3,321 Nov. 6 20,970 55$ 1,720 587 1,603 2,910 1,769 2,794 2,037 1,204 1,""" 610 3,293 Nov. 13 23, 784 54! 2,548 799 1,538 3,440 2,018 3,406 1,743 1,620 2,132 562 3,429 Nov. 20 21,678 588 2,441 1,156 1,376 3,082 2,762 2,933 2,922 1,217 569 1,734 Uncollected items: 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. 23 760,24" 76,460 177,409 54,537 86,023 71,421 32, 279 100,343 42, 745 20,717 32,661 27,717 37, 935 Oct. 30 759,353 75,838 175,426 52, 721 94,523 60,489 30, •" 108,480 39,480 19,468 34,177 25,467 43,107 Nov. 6 696,906 68, 71" 138,460 45,399 76,858 69, 778 34,806 105,638 44,105 20, 537 30, 768 30,378 31,462 Nov. 13 942,969 82,989 214,003 59,831 126,446 79, 20840, 280 135, 585 54,400 21, 391 38,966 38,863 51,007 Nov. 20. 876,632 83, 936 214,056 64,874 97, 562 72, 796 35,879 116,025 53,022 22, 311 34, 665 32, 517 Bank premises: Oct. 16 41, 257 2,84' 9,750 4,488 5,436 2,487 2,002 3,358 2,423 1,374 3,097 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 Oct. 30 41,306 2,843 9,750 4,47" 5,425 2,592 1,998 3,342 2,420 1,374 3,097 1,121 2,867 Nov. 6 41, 258 2,843 9,731 4,477 5,424 2,589 1, 3,342 2,420 1,372 3,081 1,114 2,867 Nov. 13 _ _ 41, 274 2,843 9,731 4,492 5,424 2,590 1, 3,342 2,420 1,372 3,081 1,114 2,867 Nov. 20 41, 27' 2,843 9,731 4,492 5,412 2,590 1, 3,343 2,431 1,372 3,081 1,114 2,867 Other assets: 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, 88: 3,12" 1,971 5,756 2,123 1,537 2,416 2,776 4,783 Oct. 30 55, 534 3,659 15, 993 5,183 5,94' 3,189 1,999 5,778 2,135 1,553 2,487 2,779 4,832 Nov. 6 55, 364 3,726 16,030 4,572 6,023 3,189 1,997 5,835 2,185 1,573 2,508 2,831 4,895 Nov. 13 55,145 3,737 15, 932 4,634 5,953 3,207 5,772 2,183 1,566 2,492 2,825 4,863 Nov. 20 55, 374 3,718 15,922 4,571 5,973 3,207 2^022 5,879 2,217 1,586 2,524 2,863 4,892 Total assets: Oct. 16 22, 998,9621,482,75110, 289,0601, 289, 3161, 662,345 757, 568 517,14194 93 3,, 535, 605058, 285597, 506592,304418,485 398, 593 Oct. 23 22, 754,1421, 481, 53710, 341,8011, 251, 7451, 632, 746 736,003 499,850 3, 422, 506343, 491583,608565, 534399, 238 396,686 Oct. 30 22, 852, 6481, 474,00910,476, 7751, 273,1421, 650, 306 734,139 496,084 3, 389, 206633, 556585, 659560,437396,810 382, 525 Nov. 6 22, 797, 9801,445,81010, 386, 299 >, 6701, 663,096 749, 491 498, 744 3, 367, 326237, 265 404,' 306573,011119, 602 384,364 Nov. 13 23,041, 6381,427,11710,418, 5031, 304,4391, 698, 771 767, 802 514,169 3,426,498"'53,213 i"O4,372 )76,921 :29, 561 420,272 Nov. 20 23,045,4821,428,26110, 533,1371, 321, 3911, 673, 534 749, 205 511, 645 3, 372,208'68,015393,413 >71,779 :08, 646 414,248 Liabilities Federal Reserve notes in actual circulation: Oct. 16 5, 508, 424 448,096 1, 470, 994 378,036 501, 838 256, 728177, 9191,180, 434205, 654 51, 934-97, 53389, 278 449, 980 Oct. 23 5, 520, 271 449,002 1, 470, 529 378, 875 505, 211 2T57, 582178, 7151,183, 734 206, 77752,308 -97, 98389, 965 449, 590 Oct. 30 5, 548, 874 449, 210 1, 480, 643 379, 919 505, 221262,075180, 3211,187,409 208I,, 50352,945 .99, 47991,079 452,070 Nov. 6 5, 629, 576 452, 501 1, 499,195 385,020 510,055' >, 425182, 9571, 202, 778211, 260 54, 700 202,94993,215 468, 521 Nov. 13 ... 5, 642, 700 455, 598 1,495, 216 387, 945 516, 348265, 6"6"2" 183,4291, 205, 628211,879 54, 906 2021,,462 92,840 470,787 Nov. 20 5, 669, 742 455, 675 1, 509, 562 391, 573 516, 614266; 332 184, 2321, 212,887211,846 55,073203,206 93,127 469,615 Deposits: Member bank —reserve account: Oct. 16 14,015,81: 831,071 7, 322, 900 681, 472 895, 250340, 442 228,1561,934, 661127, 493L67,724 285, 564225, 515 775, 564 Oct. 23 14,147, 775 853, 388 7, 446, 887 672, 573 895,164 ~33~4', ~54"4 224,, 7041,952,483129,948.64, 584275, 909222,038 775, 553 Oct. 30 14,176, 535 846,492 7, 532, 750 686, 763 910, 401336,488 222, 536 1,897,180123, 735.68, 459268,157224, 366 759, 208 Nov. 6 13, 979, 418 824,475 7, 402, 588 677, 975 915, 2383""4"5,•8 79224, 782',831,939117, 532173, 361269; 378 231,102 765,169 Nov. 13 14,051, 798 782,015 7,408,444 697, 619 914,771356, 751231,086 ,874,535 S17, 261182, 707-• ~- 241,242 771, 331 Nov. 20 14,126, 719 781, 905 7, 476, 417 700, 558 925, 451346,190225, 3841, 872, 679138,175172,242 '6, 306 231,003 780,409 U. S. Treasurer—general account: Oct. 16 462, 610 24, 455 146, 919 21, 250 31,838 26, 571 24, 625 26, 423 25,832 1,113 1,930 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 Oct. 30 375, 707 19, 664 109, 286 11,978 34,021 23, 753 19, 718 51, 791 19, 992 16, 45923,095 20,608 25,342 Nov. 6 465, 268 19, 236 162, 642 15, 833 43, 838 11, 717 17,032 77,150 21, 762 25, 548 28, 553 25,917 16,040 Nov. 13 403,851 20,064 122,816 15, 329 29, 685 14,824 19,443 65, 224 29,167 20,075 20,551 22,100 24, 573 Nov. 20 309, 577 23,179 100, 350 26,011 17,158 11, 019 20, 625 25,692 15,484 16,510 15,057 15, 524 Foreign: 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 19, 85932, 301 26, 291 90,141 22, 535 16, 52621,784 22, 535 54, 851 Oct. 30 1, 091,831 51,119 610, 248 73, 615 32, 301 26, 291 90,141 22,535 16, 52621, 784122, 535 54, 877 Nov. 6 1,122,101 54, 554 627, 477 75, 264 71, 424 33,024 92,160 23,040 16, 89622,272 23,040 56,070 Nov. 13 1,125,150 54, 993 627,916 75, 633 71, 774 33,186 27,012 92,612 23,153 16, 97922,381 23,153 56, 358 Nov. 20 1,152, 579 52, 906 659, 350 75, 305 71,463 33,042 26,895 92, 210 23,053 16,905 22,284 23,052 56,114 Other deposits: Oct. 16 603,002 7,409 417,684 26,361 8,559 3,320 6,158 92,121 8,723 4,172 4,710 1,986 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 1,952 23,007 Oct. 30 567, 597 8,715 458,172 34, 326 8,378 3,877 4,728 7,092 7,495 4,291 4,826 2,364 23, 333 Nov. 6 558, 413 8,672 443,193 35, 744 13, 892 3,517 3,019 7,235 7, 221 4,471 5,914 2,236 23, 299 Nov. 13 562, 736 7,585 445, 730 33, 503 13, 713 3,815 4,958 6,759 7,082 4,311 9,763 2,105 23, 412 Nov. 20 596,171 7,053 477, 554 30, 901 14, 094 4,027 6,211 8,171 7,252 4,759 9,296 3,203 23, 650 * Less than $500. DECEMBER 1940 1287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p h d h e i i l l a a - - C l l a e 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 a it n s y - Dallas F c S i r s a a o n n o - Liabilities—Continued Deposits—Continued Total deposits: Oct. 16 16,138, 768 914,127 8,464,474 802,4831,005, 302 402, 539 285,153 165, 558 385,108 214, 206342,108 278, 900 878, 810 Oct. 23 16,131,046 932,474 8, 583,185 785,3811,007,631 3T9 1, 243 276,'~2,090,896381, 781203; 150 323, 205 270, 267 885, 316 Oct. 30 16, 211, 670 925,990 8, 710, 456 806, 682 1,022, 6593 9369,6,419 273, 2723, 024,60,4 62,0 4230743 ,3 7735,7 7250:5, 735 317,862 269,873 862, 760 Nov. 6 16,125, 200 906,937 8, 635,900 804,8161,044, 392394,137 271, 2,008, 484369, 555220, 276 326,117 282, 295 860, 578 Nov. 13. . 16,143, 535 864,657 8, 604,906 822,0841,029,943440088,, 576 282,499 22,,003399,,113300 337766,, 666633 224,072 326, 731288, 600 875, 674 Nov. 20 16,185,046 865,043 8, 713, 671 832, 7751,028,166394,:, 278 279, 1,998,752391,448209,390 324,396 272,315 875,697 Deferred availability items: Oct. 16 986,147 95,146 227, 670 75,007 120, 780 82, 515 40, 792 143,197 56,081 21,854 41,806 42, 661 Oct. 23 736, 357 74, 588 161, 700 53, 568 85, 364 71, 307 31, 272 101, 278 43, 432 18, 588 33, 418 27, 278 34, 564 Oct. 30 723, 645 73,298 159,019 51,954 87,772 59, 727 29,131 108,899 39, 750 17,425 32,124 24,091 40,455 Nov. 6 675, 244 60,852 124, 510 44, 842 73,996 73,024 30, 689 109, 362 44, 905 19, 778 32, 979 32, 341 27, 966 Nov. 13.. . 883,710 81,097 190, 589 60,004 117,450 77,465 34, 719 134,625 52, 998 15, 730 36, 582 36, 229 46, 222 Nov. 20 818,146 81,666 181,814 62, 646 93, 642 72,446 34,738 113, 352 53,013 19, 262 32,999 31, 282 41, 286 Other liabilities, including accrued dividends: Oct. 16 3,658 413 1,003 369 413 113 159 394 120 153 145 128 248 Oct. 23 4,147 421 1,180 420 427 141 180 470 139 172 155 150 292 Oct. 30 5,05" 435 1,273 1,045 497 165 176 518 162 153 182 173 278 Nov. 6 4,331 43' 1,244 421 471 154 201 481 148 144 161 148 321 Nov. 13 4,935 454 1,425 563 539 179 210 557 136 162 190 172 348 Nov. 20_. 4,656 477 1,38: 455 488 161 204 529 150 152 173 160 320 Total liabilities: Oct. 16 22, 636, 997 457, 78210,164,1411, 255,8951, 628, 333 741, 895504023, , 3!, 4,895,83 646, 963388,147581,5592 406,944 1,371, 699 Oct. 23 22, 391,821 456, 48510, 216, 5941, 218, 2441, 598, 633 720, 274386, 684 3i,, 3 73676, ,378 632,,112299 "3 74:,; 218555544;, 7761 387, 660 1, 369, 762 Oct. 30 22, 489, 246 448, 93310, 351, 3911, 239,6001, 616,149 718, 386 482; 9013, 343,030622,172376, 2585"'4"9, 6647 385,216 1,355,563 Nov. 6 22, 434, 351 420,7"2"7" 10, 260,8491, 235,0991 ,16,2 86,2891;4733,740 485,,5 6.0 3;, 3 2i,; 105 625; 868 394, 898562, .2..0 6 407,9991,357,386 Nov. 13 22, 674, 880 401,80610, 292,1361,270,596 11,. 6"6"4," 280751,882 550000,, 857 3,, 3,79,940 641, 6716394,870565, 965 417,8411,393,031 Nov. 20 22, 677, 590 402,86110,406,4341, 287,449 .1, 638, 917033,217498, 289 3, 3255,20 656,457383,877 560, 774396, 8841, 386,918 Capital Account Capital paid in: 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 4,16r 2,957 4,423 4,162 11,608 Oct. 30 137, 678 9,337 51,085 11, 881 14,075 5,347 4,677 13, 963 4,166 2,957 4,422 4,160 11, 608 Nov. 6 137, 720 9,337 51,089 11, 881 14,077 5,349 4,680 13, 993 4,166 2,957 4,423 4,161 11, 607 Nov. 13 137.719 9,337 51,079 11,889 14,079 5,349 4,680 13, 993 4,16" 2,957 4,422 4,160 11,607 Nov. 20 137, 750 9,337 51, 077 11, 889 14,099 5,352 4,680 13, 997 4,172 2,959 4,423 4,160 11,605 Surplus (section 7): Oct. 16 151, 720 10, 405 53, 326 14,198 14, 323 5,24' 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 5,24' 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 Oct. 30 151, 720 10,405 53, 326 14,198 14, 323 5,24' 5,725 22, 824 4,709 3,152 3,613 3,974 10, 224 Nov. 6 151, 720 10, 405 53, 326 14,198 14, 323 5,247 5,725 22, 824 4,709 3,152 3,613 3,974 10, 224 Nov. 13- .. 151, 720 10,405 53, 326 14,198 14,323 5,24" 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 Nov. 20 151, 720 10,405 53, 326 14,198 14, 323 5,24' 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 Surplus (section 13b): 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 2,87' 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Oct. 30 26, 839 2,87' 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Nov. 6 26, 839 2,87< 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,~"~ 2,121 Nov. 13 26,839 2,87< 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1, 2,121 Nov. 20 26, 839 2,87< 7,109 4,393 1,007 3,246 713 1,429 1,001 1,142 1,266 2,121 Other capital accounts: Oct. 16 45, 753 2,35' 13, 432 2,949 4,614 1,842 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,' 2,051 7,911 1,953 2,280 1,595 2,176 2,971 Oct. 30 47,165 2,460 13,864 3,070 4,752 1,913 2,068 7,960 1,971 2,291 1,613 2,194 3,009 Nov. 6 47, 350 2,46" 13, 926 3,099 4,775 1,909 2,066 7,971 1,984 2,298 1,627 2,202 3,026 Nov. 13 50, 480 2,695 14,853 3,363 5,082 2,078 2,194 8,312 2,123 2,392 1,779 2,320 3,289 Nov. 20 51, 583 2,784 15,191 3,462 5,195 2,143 2,238 8,438 2,139 2,424 1,827 2,362 Total liabilities and capital accounts: Oct. 16-... 22, 998, 9621, 482, 75:10, 289,0601, 289,3161, 662, 345 757, 568517,149 3, 535, 600 658, 283597, 506 592,304 418, 4851,3 Oct. 23 22, 754, 7421, 481, 53710, 341,8011, 251, 7451, 632, 746 736,003499,850 3T, 422, 503 64'3,~49'1 383, 608 565, 534 399, 238 1, Oct. 30 22,852, 6481,474,00910, 476, 7751,273,142 1, 650, 306 734,139 496,084> 3, 3,8,9 , 206 6.3,,35,5;6385, 659 560, 437396,8101,382, 525 Nov. 6 22, 797, 9801, 445,81010, 386, 2991, 268,6701 ,1 ,663,096 749, 491 498, 744!. ,3 ,3 637,6,7 ,3 322 6\3 72,65404, 306 573,011419, 6021,384,364 Nov. 13 23,041,638 1,427,11710,418, 5031, 304,4391 ,1 698, 771 767,802 514,1693 ,?4 2'6,"498 653, 213404,372576,921429, 5611,420,272 Nov. 20 23,045,482 1,428, 26"10, 533,1371,321, "1',673,534 749,205 511,645 3, 372, 208 668, 013593,413571, 7—79 408, 6461,414, 248 Commitments to make industrial advances: Oct. 16 7,459 26' 722 1,038 960 612 509 416 136 2,731 Oct. 23 7,422 263 722 1,038 960 587 509 416 136 2,723 Oct. 30 7,35 262 72 1,012 948 586 508 401 128 2,717 Nov. 6 7,288 254 715 1,010 930 585 508 401 128 2,679 Nov. 13 7,269 253 715 1,010 926 577 508 401 128 2,674 Nov. 20 7,11 25: 713 1,010 85' 568 508 405 128 2,597 1288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Applications Applications under Applications Commit-Approved expired, Partici- Date ( e la a s c t h W m e o d n n th e ) sday of received consideration approved ( s a t m an o d u in n c g t e ) ! s st m a o n e u d n t i - t n s g p b l c u e o t t m e n d - o » t d o r a r a p w w p n l i i t - h b - y s p ta a o n t u i d o t i - n n s g3 (amount) (amount) cant, etc. (amount) Number Amount Number Amount Number Amount (amount) 1934—Dec. 26_ 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26. 6,325 237,581 68 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 31 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24. 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30. 8,247 328,998 5 1,245 2,280 139,829 25, 526 20,959 8,226 77,910 7,208 1937—Mar. 31. 8,344 333,300 9 1,322 2,323 141, 545 23,059 18, 611 7,898 85. 210 6,767 June 30_ 8,430 339,509 10 1,263 2,361 145, 758 23,019 16,331 1,470 97, 663 7,275 Sept. 29. 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102, 588 7,304 Dec. 29. 8,534 350,551 7 550 2,406 150,987 20,216 12, 780 3,369 107,384 7,238 1938—Mar. 30. 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111, 193 7,825 June 29 8,976 369,583 8 476 2,566 161,158 18,444 13, 649 3,084 117, 555 8,426 Sept. 28. 9,102 378,974 8 146 2,617 168,380 17,567 13, 597 5,737 122,447 9,032 Dec. 28. 9,188 387,490 5 247 2,653 175,013 17,345 14,161 1,946 128,839 12,722 1039—Jan. 25.. 9,203 389,176 8 999 2,660 175, 651 16,811 13,004 1,293 132,009 12,534 Feb. 21« 9,221 389, 554 7 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29. 9,249 392,230 14 344 2,683 177,895 15, 798 12, 647 1,975 135,004 12,471 Apr. 26. 9,270 394,055 7 495 2,697 178,639 15,817 11, 749 2,134 136,696 12,243 May 31. 9,296 394,970 6 400 2,713 179,332 15,305 11, 530 2,496 137,922 12,079 June 28_ 9,308 395,499 6 255 2,721 179,778 15,255 11,175 2,067 139,281 12,000 July 26.. 9,330 399,780 6 760 2,730 183,354 15,384 11,476 733 142,943 12,818 Aug. 30. 9,355 401,228 7 532 2,743 184,152 14,667 11,009 1,220 144,812 12,444 Sept. 27_ 9,366 402,305 2 370 2,752 185,234 14,454 10, 517 1,938 146,156 12,169 Oct. 25.. 9,388 402, 944 1 70 2,763 186,034 14, 545 10,156 1,764 148,037 11, 532 Nov. 29. 9,401 404,226 3 92 2,772 187,257 14,051 9,643 2,548 149,911 11,104 Dec. 27- 9,418 405,225 2 41 2,781 188, 222 13, 683 9,220 2,659 151,679 10,981 1940—Jan. 31- 9,433 406,097 2 76 2,793 188,879 12,860 8,376 2,504 154,629 10, 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 May 29_ 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. 3O._ 9,573 420,837 4 740 2,875 201, 750 10, 484 7,351 4,260 169, 746 9,909 Nov.. 205 9,581 421,139 2 650 2,883 202,041 10,191 7,114 4,162 170, 914 9,660 1 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. 3 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 $938,340 November 20, 1940. 4 Tuesday. 6 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e i l a n i p s - - K C s a a i n t s y - Dallas F c S r i a s a c n n o - Federal Reserve notes: Issued to F. R. Bank by F. R. agent: Oct. 30_ 5, 837, 873472, 6781, 559,074 400, 314 527,130 275,121 195, , 218, 058 219, 505 157, 620067, 77099,160 506,062 Nov. 6 5, 891, 39J470, 2201, 568, 219 398,174 532,112 278,893 199, 6514, 231,186 223, 089 158, 972140, 820 101, 443 518, 611 Nov. 13 5,935,887475, 9261, 580,053 408, 552 534, 708 279, 263 201, 610,1236,607 223,945 159»,; " 4"62 211, 372 102,072 522, 326 Nov. 20 5, 962, 586472, 9871, 581,483 412, 276 542,180 279,050 203, 573, 12,4 02,40,943 226,135 1"5"9, 261025, 532 102,012 529, 810 Held by Federal Reserve Bank: Oct. 30_ 288, 999 23, 468 78, 43120, 39521, 909 13, 04615, 074 30, 649 11, 002 4,661 8,291 8,081 53, 992 Nov. 6 261, 819 17, 719 69,024 13,154 22,057 12, 468 16, 697 28,408 11, 829 4,274 7,871 8,228 50,090 Nov. 13 293,187 20, 328 84,837 20,607 18,360 13,601 18,172 30,979 12,066 4,556 8,910 9 23*~ 51, 539 Nov. 20 292,844 17,312 71,921 20, 70325, 566 12, 718 19, 341 28,056 14, 289 4,532 9,326 60,195 In actual circulation;i Oct. 30 5, 548, 874449, 210 1,, 448800,, 643 379,919 505, 221 262,071580, 3211,187,409 208, 503 152,945 199, 47991,079452,070 Nov. 6 ._. 5, 629, 576452,501 1", 499,195 385; 020 510; 055 26•6", "425 182, 957 1, 202, 778 211, 260 15240,2 7, 0904993, 215468, 521 Nov. 13 5,642, 700455, 598 1, 495, 216 387,945 516, 348 265, 662 183,429 1, 205,628 211, 879 1542,0920,6462 92,840470, 787 Nov. 20 ~>,742455, 675 ,15,0 590,9, 562 391, 573 516, 614 266,1 8343,2 232 1, 212,887 211,846 155,072303, 20693,127 469, 615 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Oct. 30 5, 946, 500490,000 1, 575,000 410,000 532,000 290,000 200,000 1, 230,000 224,000 158, 520100,000 103,000 524,000 Nov. 6 ... . 5,987, 500490,000 1, 585^ 000 410| 000 535^ 000 290', 000 205^ 000 I, 240', 000 224', 000 159^ 500215,000 105,000 529,000 Nov. 13 6,034,000490,000 1, 600,000 410,000 538, 500 290,000 205,000 *1 , ~2 50,000 2"3'4,000 161, 500215,000 106,000 534,000 Nov. 20 6,070, 500490,000 1, 600,000 420,000 545,000 290,000 205,000 1, 260,000 234,000 161, 500215,000 106,000 544,000 Eligible paper: Oct. 30 2,342 50 587 382 40 85 282 916 Nov. 6 2,976 60 892 352 65 100 311 1,196 Nov. 13- 2,772 30 514 310 80 95 291 1,452 Nov. 20 2,719 75 438 378 165 103 306 1,254 Total collateral: Oct. 30 5, 948,842490,050 1, 575, 587410, 382532,000290,040 200,000 1, 230,000 224, 085 115,87,82210,916 103, 000 524,000 N N N o o o v v v . . . 2 6 1 0 3 - . 6 6 5 , , , 0 0 9 3 7 9 6 3 0 , , , 2 7 1 4 7 9 7 2 6 4 4 4 9 9 9 0 0 0 , , , 0 0 0 3 6 7 0 0 5 1 1 1 , , , 6 6 5 0 0 8 0 5 0 , , , 4 5 8 3 1 9 8 4 2 4 4 4 1 2 1 0 0 0 , , , 3 3 3 1 5 7 0 2 85 5 5 3 3 4 8 5 5 , ,, ,0 5 0 0 0 0 0 0 0 2 2 2, 9 , 9 9 0 0 0 , , , 1 0 0 6 8 6 5 0 5 2 2 2 0 0 0 5 5 5 , , , 0 0 0 0 0 0 0 0 01 1 1 , , , 2 2 2 4 6 5 0 0 0 , , , 0 0 0 0 0 0 0 0 0 2 2 2 2 3 3 4 4 4 , , , 1 1 0 0 0 9 0 3 5 J 1 1 1 " 6 5 61 9 , , ,1 8 8 7 1 0 9 1 6 12 2 "1 1 1 6 6 6 , , , 4 1 2 5 9 5 2 6 4 1 1 1 0 0 0 5 6 6 , , , 0 0 0 0 0 0 0 0 0 5 5 52 3 4 9 4 4 , , , 0 0 0 0 0 0 0 0 0 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. DECEMBER 1940 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS RESERVE POSITION OF MEMBER BANKS, OCTOBER, 1940 [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 r a e o n - s d s m N d a e e n - t d T d i e m - e F R ed e e se r B a rv a l n e R s k e s w se it r h ve m b A e e l m r l - C N e c e n i w t t r y a l b r a e 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 y k n s - i po de s - its po d s e i - ts i posits Re- Ex- York cago quired Held Total reserves held: 1939—October. 11,862 5,958 1,112 3,203 1,588 All member banks.. 41, 497 33, 929 12,145 7,178 14,043 6,864 November 11,688 5,759 1,115 3,229 1,585 Central reserve city banks: December 11,473 5,623 1,141 3,141 1,568 New York 15, 572 14,873 806 3,424 6,889 3,465 1940—January 11,985 6,099 940 3,319 1,628 Chicago 3,205 2,829 504 1,279 610 February 12, 215 6,323 901 3,344 1,646 March.. 12,362 6,428 899 3,368 1,668 Reserve city banks: April 12,703 6,548 972 3,476 1,706 Boston district ___ 1,410 1,280 228 584 355 May 13,086 6,660 1,097 3,615 1,714 New York district 242 188 151 41 65 25 June 13, 596 6,941 1,182 3,716 1,757 Philadelphia district .- 1,466 1,221 225 225 479 254 July 13, 735 6,979 1,168 3,837 1,751 Cleveland district 1,978 1,565 733 311 717 406 August 13,408 6,709 1,154 3,804 1,740 Richmond district 919 666 226 128 227 99 September 13,643 6,705 1,234 3,905 1,800 Atlanta district _ 822 569 178 108 143 35 October 14,043 6,889 1,279 4,024 1,851 Chicago district 1,553 1,082 618 220 404 183 Week ending (Friday); St. Louis district 940 709 175 133 248 115 1940—Oct. 4. 13, 789 6,745 1,266 3,929 1,849 Minneapolis district- 444 320 87 60 100 40 Oct. 11 13, 913 6,803 1,268 3,977 1,866 Kansas City district... 1,106 713 159 133 209 76 Oct. 18 14,013 6,841 1,285 4,021 1,866 Dallas district 815 495 128 93 141 49 Oct. 25 14,167 6,973 1,300 4,063 1,832 2,552 2,040 1,993 457 706 249 Nov. 1 14, 222 7,038 1,258 4,085 1,842 San Francisco district- Nov. 8 14,034 6,929 1,209 4,027 1,869 14,246 10,848 4,756 2,136 4,024 Nov. 15 14,061 6,940 1,213 4,023 1,885 Total Excess reserves: Country banks: 1939—October 5,490 2,974 518 1,295 704 Boston district 1,038 726 565 115 252 136 November 5,259 2,753 516 1,294 696 New York district 1,508 1,054 1,430 198 443 245 December 5,011 2,611 540 1,188 671 Philadelphia district.,, 755 472 881 101 198 97 1940—January 5,464 3,045 342 1,350 727 Cleveland district 704 443 715 89 174 85 February 5,626 3,199 301 1,378 747 Richmond district 656 374 373 64 110 46 March _. 5,734 3,248 310 1,405 771 Atlanta district 567 341 242 53 82 29 April.. 6,003 3,312 388 1,494 809 Chicago district 997 588 785 110 237 127 May 6,288 477 1,607 815 St. Louis district 418 254 248 43 •74 31 June. 3,594 547 1,703 851 Minneapolis district- 362 223 280 41 69 28 July 6,752 3,588 522 1,803 839 Kansas City district- 487 300 160 44 70 26 August 6,407 3,344 499 1,748 816 Dallas district 594 366 105 49 83 34 September 6,582 3,324 570 1,821 866 San Francisco district. 390 238 295 43 61 18 October 6,864 3,465 610 1,888 902 Week ending (Friday) Total _ 8,474 5,379 6,079 949 1,851 902 1940—Oct. 4 3,349 605 1,832 Oct. 11 6,791 3,405 606 1,860 920 Oct. 18 6,854 3,435 617 1,885 917 1 Gross demand deposits minus demand balances with domestic banks Oct. 25 6,947 3,533 623 1,910 (except private banks and American branches of foreign banks) and Nov. 1 P6, 957 3,565 583 1,920 cash items in process of collection. Nov. 8 P6, 789 3,468 541 1,863 P916 NOTE.—See table on p. 1284 for percentages of deposits required to be Nov. 15 P6,801 3,479 543 1,846 P933 held as reserves. p Preliminary. i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Boston 2,447 2,368 648 2,297 2,220 516 517 151 147 133 132 New York 17,322 16,984 2,387 2,390 1, 427 1, 391 1,069 1,068 323 321 512 508 Philadelphia.._ 2,221 2,168 1,106 1,106 1,952 1,906 648 648 269 262 458 458 Cleveland 2,681 2,633 1,449 1,448 2,421 2,375 1,134 1,133 260 258 315 315 Richmond 1,575 1,503 599 596 1,358 1,299 400 397 217 204 199 199 Atlanta 1,389 1,347 419 420 1,215 1,177 327 328 174 170 92 92 Chicago 5,755 5,639 1,907 1,893 i 2,171 i 2,104 1,077 i 1,066 378 373 326 323 St. Louis 1,358 1,311 423 422 1,104 1,065 302 302 254 246 121 120 Minneapolis. _. 805 791 367 366 592 584 178 177 213 207 189 189 Kansas City... 1,593 1,574 319 319 1,237 1,220 202 202 356 354 117 117 Dallas 1,409 1,346 233 233 1,074 1,035 186 186 335 312 47 47 San Francisco. 2,942 2,842 2,287 2,281 2,805 2,709 2,181 2,174 136 133 107 106 Total 41,497 40,506 12,145 12,123 119,653 119, i 8, 220i 8,199 3,066 2,987 2, 614 2, 606 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 1290 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 il l v 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 e 8 s s 9 - 0 S s u c i i a b l o v r s i y n e i r d- M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r v s a e l R F B e e d s a e e n r r k v a e l t n b i N o o a n n t a e a k - s l 1939—September. 7,293 1,488 159 269 4,688 180 October. __ 7,342 1,485 373 161 267 4,739 178 November. 7,483 1,530 379 163 4,826 177 December. 7,598 1,554 381 164 4,912 175 1940—January... 7,376 1,469 372 163 265 4,796 173 February.. 7,455 1,500 373 163 271 4,839 171 March 7,511 1,508 375 164 260 4,896 170 April 7,559 1,557 377 166 248 4,906 168 May__ 7,710 1,590 382 168 241 5,025 167 June 7,848 1,582 384 169 248 5,163 165 July 7,883 1,565 386 172 249 5,212 164 August 8,059 1,605 389 174 258 5,334 162 September. 8.151 1,615 394 177 259 5,409 161 October. __ 8,300 65 1,-620 400 180 264 5,541 160 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 ta ir l - Coin and small denomination currency 2 Large denomination currency 2 Un- End of month culation total i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939—September 7,293 5,329 571 532 1,706 1,507 1,965 440 876 185 413 October 7,342 5,363 577 535 982 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 October 8,300 5,911 627 575 1,068 1,908 1,696 2,392 512 1,071 223 508 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve Banks and in circulation, In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s l b i a o i i o l l n l u v v n la d l e e - r r i r s s S i c i s a l o u i v d r i b y e n - - r M c i o n i o n r U S n n t o a i t t t e e e s s d B n s F e R e o a e r r t e a n v d e - l k e - s t n b i N o o a n n t a e a - k s l 1937 Year or month m E S e u n h r 2 o i t p s 1 p - . t e 5 o R E e f u r c o r e 4 o m i 7 p p . e t 6 s m s N h e i e n p t t - s re N ce e ip t 2 t 6 s .1 1938 33.1 34.4 1.3 1939 110.2 9.8 100.4 1939—September. 2,919 1,814 164 347 183 October 2,932 1,825 390 166 347 181 1939—October... 1.8 .2 1.6 November. 2,947 1,835 167 347 179 November. 4.5 1.3 3.2 December.. 2,963 1,845 169 347 178 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 .6 .5 August 3,036 1,915 409 178 347 164 August .3 .3 September- 3,044 1,920 411 181 347 163 September. .1 .1 October 3,059 1,931 415 183 347 162 October .1 i Includes silver held against silver certificates amounting to $1,864,- i Less than $50,000. 000,000 on Oct. 31, 1940 and $1,729,000,000 on Oct. 31, 1939. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. DECEMBER 1940 1291 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 l d l o f s t p o I a c e n c k r a c i o c o a t d u t iv n e t c s t g r t o I e i o o n t n a l c a - d s k l e im g N o p e l o d t rt m l t a g o h t c s a a r r N e t s a i r o i a n k o e n u r ( i t n - s g o n - - s h r g ) 1 m g d p t D t i o u r e o i o o c c l s n - d - - - From or to— Octob p e E r o x rt - s p I S o m e rt - p s t 1 e 9 m 40 p b E o e x r rt - s p I o m J r a t - n s .-Oc E p t o . x r - ts 1034 > 8,238 82.6 92.9 Belgium 977 1935 10,125 .2 110.7 France _ 241, 778 1936 __ 11,258 26.8 -85.9 131.6 Hungary 11, 873 1937.. _ 12,760 1,227.9 -200.4 143.9 Italy..__ _ 43, 935 1938 14,512 -333. 5 148.6 Netherlands 63, 253 17,644 -534.4 161.7 Norway 33, 405 Portugal _ 24, 212 15, 325 65, 744 Spain.. __ 1, 734 39 10,385 1939—January 14, 682 170.0 156.3 14.1 12.4 Sweden _ 161, 489 February 14,874 192.7 223.3 -48.6 10.7 Switzerland 90,320 March 15,258 383.8 365.4 10.7 11.3 United Kingdom.... 1,742 3,655 632, 061 April 15, 791 532.3 605.8 -114.8 13.3 U. S. S. R _ 14,106 11,175 30, 851 May 15,957 166.2 429.4 -251. 6 12.8 Yugoslavia _ 16,310 June 16,110 153.3 240.4 -104. 8 10.8 Canada __ 222, 730 217, 635 8 2, 279, 390 168 July 16, 238 128.0 278.6 -164.0 13.3 Mexico _ 544 545 28, 995 6 August 16, 646 407.6 259.9 152.1 14.3 Central America 1,365 904 7,946 September 16,932 285.9 326.1 2.8 15.9 West Indies and October 17,091 159.9 69.7 79.5 18.7 Bermuda 72 5,315 5,761 November 17,358 267.1 168.0 90.9 14.9 Argentina 19, 983 17, 815 37, 841 December 17,644 285.1 451.2 -200.8 13.4 Bolivia. 55 4,781 Brazil 4 10, 778 5 1940—January __ 17,931 287.5 236.4 40.0 13.6 Chile.... 414 1,139 8,654 February 18,177 246.0 201.4 37.0 11.4 Colombia 7 2,330 21,185 March 18,433 256.0 459.8 -213. 4 12.1 Ecuador __ 75 233 2,540 April 18, 770 336.9 249.9 67.2 13.0 Peru _ 524 1,068 8, 445 May. 19, 209 439.0 435.1 -36.7 14.1 Venezuela ___ 411 421 4,201 June _ 19,963 754.2 1,163.0 -437.2 11.0 Australia. _ 14, 770 14, 605 74, 342 July 20,463 499.4 520.0 -55.1 16.0 British India 784 523 40, 373 August 20, 913 450.2 351.6 67.0 12.3 Netherlands Indies 13,092 20, 583 September 21,244 331.6 334.1 36.6 13.3 China and Hong October P21, 506 P261.1 326.0 -117. P14.4 Kong 625 2,701 25, 343 Nov. 1-27P 21, 755 249.1 263.9 7.4 Japan 11,815 13, 228 i,291 Philippine Islands.. 2,673 ,764 32, 078 South Africa 6,704 7.854 176, 765 p Preliminary. All other countries *. 718 8,230 1 Gold held under earmark at Federal Reserve Banks for foreign account on October 31, 1940, in millions of dollars: 1,775.6. Total 325, 17 334,113 13 4, 282,176 4, 986 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published i Figures represent customs valuations which, with some exceptions, in table, p. 1329, adjusted to exclude Philippine Islands production re- are at rate of $35 a fine ounce. ceived in United States. Adjustment based on annual figures reported »Includes all movements of unreported origin or destination. by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29). Back' figures.—Bee table, p. 1329, and Annual Report for 1937 (tables 31 and 32). BANK DEBITS BANK SUSPENSIONS1 [Debits to deposit accounts, except interbank accounts, at banks in principal cities.] [In millions of dollars] Member Nonmember Total, 140 133 Total, banks banks all New other other all Year and month report- York lead- reportbanks Na- In- Not ce i n n t g ers City cen in t g ersl cen in te g rs tional State sured* insured 1929 982,531 331,938 47,504 Number of banks suspended: 1935 402,718 184,006 190,165 28,547 1934 _. 8 48 1936 _ 461,889 219,670 33,283 1935 _ 22 8 1937 _ 469,463 197,836 235,206 36,421 1936 __ 40 3 1938. _ 405,929 168,778 204,745 32,406 1937 _ 47 6 1939 423,932 171, 382 218,298 34,252 1938 __ 47 6 1939 _ __ 25 10 1939—September. 36, 594 15,138 18, 526 2,930 1940—Jan.-Oct 18 3 October.... 13, 683 19,029 3,119 November. 34, 666 13,041 18,636 2,990 Deposits of suspended banks December. 43,447 17,633 22,386 3,428 (in thousands of dollars): * 1934 36,937 40 1,912 34,985 1940—January 37,786 14,739 19,978 3,069 1935 10,015 5,313 3,763 939 February.. 32,197 12,138 17,344 2,715 1936 11,306 507 10,207 592 March 37,769 15,201 19,537 3,031 1937.__ 19,723 7,379 1,708 10,156 480 April 37, 780 15, 519 19,250 3,010 1938 13,012 36 211 11,721 1,044 May. 37,257 14, 536 19,659 3,063 1939 34,998 1,341 24,629 6,589 2,439 June 35,005 13,110 18,850 3,045 1940—Jan.-Oct 5,687 5,341 346 July 35,947 13,612 19,233 3,103 August 32,844 11, 604 18,314 2,926 September. 33,812 12, 594 18,267 2,951 * Represents banks which, during the periods shown, closed tem- October 39, 695 14, 952 21,365 3,378 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit i Comprises centers for which bank debit figures are available begin- Insurance Corporation loans). ning with 1919, except that one substitution was made in 1920 and one 2 Federal deposit insurance became operative January 1, 1934. in 1928. 8 Deposits of member banks and insured nonmember banks suspended * Centers (other than the 141 centers) for which bank debits are currentare as of dates of suspension, and deposits of noninsured nonmember ly reported. The number has changed very little since 1934 and has banks are based on the latest data available at the time the suspensions numbered 133 since 1936. were reported. Back figures.—For corresponding monthly totals for 1928-1937 see Back figure*.—See Annual Report for 1937 (table 76). Annual Report for 1937 (Table 71), which also gives a definition of bank debits. Figures for individual reporting cities and totals by Federal Reserve districts for recent years are available in mimeographed form. 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptrpoller of the Currencyy. For comppaer ativeg fuigeu reosf opfr ipvraitvea tbea banks included in the figgur es from June 1934 to December 1935, s,e e Federal R ReservBe UBULLT LETfIN for DDeecceemmbbeerr 11993355 , p. 888833, andd JJlu ly1 9193366 , p.5 53355 .FFi iguresf for nonmembb erb kb anks afr e fdotr daiteds iintdd icated or nte atrehstt thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE (OF INTERBANK DEPOSITS [In millions of dollars] Nonmember Member banks banks Member banks Nonmember bankr 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 ll ks Mutual Other tional banks ber Total Na- State savings nonmembanks tional banks ber banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29— 53,852 32,284 19,411 12,873 8,983 12,684 Dec. 31 _ 24,630 8,522 7,403 1,119 609 15,499 Dec. 31— 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 .. 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 _ 15,011 6,011 5,164 857 579 8,421 Dec. 30— 38,505 23,771 15,386 8,385 9,708 5,02*5 1934—June 30 15,835 6,375 5,417 958 578 8,882 1934—June 30— 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31 _ 16,039 6,442 6,462 980 579 9,018 Dec. 31— 44,770 28,943 18, 519 10,424 9,828 6,000 1935—June 29 15,994 6,410 6,425 985 571 9,013 1935—June 29._ 45,766 29,496 19,031 10,465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31— 48,964 32,159 20,886 11,273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30— 51,335 34,098 21,986 12,112 10,060 7,178 Dec. 31 _ 15,628 6,376 5,325 1,051 565 8,687 Dec. 31— 53, 701 35,893 23,107 12,786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30... 53,287 35, 440 22,926 12, 514 10,213 7,635 Dec. 31 _ 15,393 6,341 5,260 1,081 663 8,489 Dec. 31— 52,440 34,810 22,655 12,155 1®, 257 7,375 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34, 745 22, 553 12,193 10,296 7,153 Dee. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31— 54,054 36, 211 23,497 12, 714 10,363 7,478 1939—June 30 15,082 6,330 6,203 1,127 553 8,199 1939—June 30 55,992 38,027 24, 534 13,493 10,521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30... 58,344 39, 930 25,661 14, 269 10,613 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26 59,017 40,579 25,911 14,667 310,544 3 7,895 June 29 14,953 6,398 6,164 1,234 551 8,004 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 Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,631 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 6,945 3,518 13,020 9,823 3,197 1933—June 30. 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 _ 40,319 21,977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30. _ 42, 502 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—June 29. _ 44,416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45,717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20,679 27,778 32, 259 12,542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49,524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 _ 49,696 22, 514 27,182 32,739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 .. 48, 566 22,198 26,368 31, 752 13,958 17,794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 31 K ... 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940—Mar. 26 _ 51,135 22,190 28,945 34,163 13,939 20,224 310,226 4,922 5,304 36,746 3,329 3,417 June 29 51,335 22,341 28,995 34,451 13,969 20,482 10,188 '4,926 '5,262 6,696 '3,445 "3,251 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 figureso f 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 "Other nonmember banks" column. Back figures.—See Annual Report for 1937 (tables 48-49). r Revised. DECEMBER 1940 1293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF ALL MEMBER BANKS-LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Investments 1 Loans for U. S. Government obligations Call date m T l v o a i o e e a n n s t n n d - a t t s - l s Total C t m d a r c i o i u n n i e a a m s d - r l l - * - - A c g u r l 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 s e o g g rs3 e l E o s e t a a a n 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 * Total Total Bills8 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 d a s a i t o u t c i a o n b i v l b a o t f i d l i e l - t i 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 ,113 2,049 3,725 1,744 3,297 1938—June 30- 30,721 12,938 492 701 2,614 2,613 120 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 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, 962 730 455 790 7002,957 56 2,888 19,979 14,328 5632,223 8,398 3,144 2,692 2,959 1940—Mar. 26 634,163 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 2,873 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 1,086 582 714 June 30.. 8,688 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Oct. 2 •_. 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 1,275 579 693 1940—Mar. 26 • 9,594 3,211 4,972 1,286 726 686 June29- 9,829 3,014 1,801 103 320 188 137 32 426 6,815 5,486 4211,092 2,650 1,324 634 City of Chicago T 1929—Dec. 31- 1,757 1,448 251 535 116 3 19 94 96 96 1933—June 30. 1,287 677 61 251 30 237 610 384 206 82 97 87 138 1938—June 3O._ 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 3O._ 2,052 544 329 71 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 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- 2,205 603 417 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Reserve City Banks 1929—Dec. 31__12,029 9,084 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 3O._ 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30__11,150 4,853 163 998 1,201 26 2,369 6,298 4,658 69 1,268 2,603 718 732 908 Sept. 28. 11,426 4,870 156 992 1,217 22 2,387 6,556 4,831 47 1,290 2,752 743 775 950 Dec. 31__11,654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 57 1,224 2,997 740 808 866 1939—Mar. 29-11,624 4,936 1,889 145 115 228 1,249 17 1,066 5,004 100 977 3,105 823 860 June 30- 11,756 5,004 1,884 138 115 221 1,284 12 1,116 6,751 4,991 78 1,014 3,010 889 866 Oct. 2 •__11,880 5,127 6,752 4,998 909 897 856 Dec. 30 12,272 5,329 2,100 221 155 119 2221,335 1,168 6,943 5,194 63 819 3,339 972 890 860 1940—Mar. 26«12,153 5,305 6,848 5,070 963 928 850 June 29— 12,160 5,365 2,134 176 156 87 2101,372 1,224 6,795 4,947 87 839 3,~652" 981 868 Country Banks 1929—Dec. 31. _13,375 8,936 201 291 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 1,770 596 903 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 1,402 1,180 5,504 3,127 563 1,870 683 1,025 1,351 Oct. 2 •„ 10,102 4,665 5,437 3,082 699 1,058 1,297 Dec. 30__10, 224 4,768 1,151 495 163 20 2241,477 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 17 2081,544 5,270 3,030 36 1,849 695 1,097 1,144 1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April 1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only. ' Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seDarately 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. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 8 Includes Treasury certificates of indebtedness through 1934. • Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 1294 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] Demanddeposits, Time deposits, Interbank except interbank except interbank deposits5 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 sh lt m a w n d e i c o s t e - h ti s c m po a d 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 i d e t- s C a f e i n e r d d ti- I G T o . v S - . p u v n a a e id l r r s t - - - , S p a t o a n l t d i e t- s Postal banks For- r B i o n o w g r s - - c C o i a t a u c a p n - l - ts Call date serve banks1justed2 ships, iiocaali offi- ern- ships, ical 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-AU 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 e 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 6 145 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 s 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 1,587 1938—June 30 3,743 70 91 7,026 7,128 196 280 181 653 64 2,498 411 2 1,589 Sept. 28 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,582 63 156 7,605 7,677 260 272 135 655 53 2,731 553 1,592 1939—Mar. 29 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 June 30 5,929 85 6 109 8,676 8,812 321 349 72 683 52 6 3,573'- 6 670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 6,386 84 e 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. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1933—June 30 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 1938—June 30 856 32 198 1,585 1,455 204 24 62 439 21 636 10 256 Sept. 28 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 705 22 178 1,250 1,182 141 26 83 452 12 834 10 261 1939—Mar. 29 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 e 237 1, 747 1,632 195 27 60 469 21 3 6 853 e 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 e 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 6 3, 525 6 115 6 56 1,833 1940—Mar. 26 3, 759 334 2, 679 8, 774 8, 372 956 147 422 4,422 219 18 3,526 105 44 1,873 June 29 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1929—Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1933—June 30 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 1938—June 30 1,282 351 1,786 5,908 5,013 969 114 108 5,488 147 46 398 23 2 11 1,801 Sept. 28 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,367 350 1,963 6,183 5,087 1,176 114 137 5,557 153 46 438 25 2 5 1,818 1939—Mar. 29 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 June 30 1,555 329 6 2,473 6,677 5,736 1,073 131 133 5,632 148 35 HS 509 H>27 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 2,645 6,954 5,832 1,205 131 147 5,757 151 35 6 566 6 29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 r Revised. 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in"Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec.31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 6 Central reserve city banks. « Partly estimated Back figures.—See Annual Report for 1937 (tables 52-58). DECEMBER 1940 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month m v a i e e n n s n d - t t - s Total t d a r i i u 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 b L a o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- s O ri e t t c i h e u e s - r agri- ers To teed cul- and others tural deal- Total—101 Cities 1939—October 22, 571 8,421 4,279 317 552 505 1,181 1,552 14,150 10, 798 561 2,132 5,873 2,232 3,352 1940—June... 23, 591 8,446 4,383 313 422 471 1,199 1,616 15,145 11,603 751 1,993 6,457 2,402 3,542 July 23, 787 8,494 4,451 295 399 473 1,204 1,635 15, 293 11,728 777 2,081 6,455 2,415 8,565 August 24,140 8,504 4,456 295 375 470 1,214 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 1,679 15, 580 11, 897 677 2,083 6,555 2,582 3,683 October 24, 429 8,852 4,709 300 424 458 1,221 1,701 15, 577 11, 908 1,878 6,744 2,603 3,669 Sept. 4. 24,188 8,566 4,480 294 390 463 1,219 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 1,676 15, 629 11, 964 710 2,091 6,576 2,587 3,665 Sept. 18 24, 284 4,578 296 404 462 1,222 1,685 15, 592 11,888 673 2,091 6,541 2,583 3,704 Sept. 25 24,166 4,575 295 415 462 1,223 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 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 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 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 1,708 15, 599 11, 934 702 1,816 6,799 2,617 3,665 Oct. 30 24, 602 8,909 4,773 304 410 455 1,222 1,709 15,693 12,001 736 1,834 2,627 3,692 Nov. 6 24, 729 9,008 4,827 304 450 452 1,222 1,717 15, 721 12,108 751 1,827 6,832 2,698 3,613 Nov. 13 24,871 9,086 4,895 300 452 456 1,228 1,720 15,785 12,180 763 1,855 6,858 2,704 3,605 Nov. 20 24,944 9,110 4,908 299 455 454 1,226 1,729 15, 834 12, 229 774 1,855 6,900 2,700 3,605 New York City 1939—October 8,538 2,895 1,661 115 430 173 116 375 5,643 4,437 358 2,168 1,123 1,206 1940—June 9,263 2,763 1,671 101 298 159 122 377 6,500 5,207 396 2,540 1,282 1,293 July 9,400 2,778 1,710 90 281 167 122 378 6,622 5,285 392 1,035 2,570 1,288 "., 337 August-. 9,554 2,752 1,698 83 269 164 124 384 6,802 5,407 334 1,060 2,641 1,372 ,395 September 9,641 2,813 1,734 75 290 163 124 391 6,828 5,381 312 1,038 2,655 1,376 ,447 October 9,644 2,874 1,798 79 301 159 119 388 6,770 5,356 319 971 2,638 1,428 ,414 Sept. 4 9,599 2,765 1,691 77 281 162 124 392 6,834 5,398 323 1,047 2,655 1,373 ,436 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 i,434 Sept. 18 9,691 2,833 1,750 74 295 164 124 390 6,858 5,394 319 1,045 2,654 1,376 1,464 Sept. 25 9,596 2,828 1,753 74 301 163 123 387 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 6,817 5,372 292 1,054 2,621 1,405 1,445 Oct. 9 9,600 2,846 1,781 78 288 163 120 386 6,754 5,327 322 945 2,650 1,410 1,427 Oct. 16 2,880 1,800 78 307 158 119 6,728 5,346 333 946 2,634 1,433 1,382 Oct. 23 9,651 2,887 1,818 79 297 156 119 6,764 5,372 335 949 2,646 1,442 1,392 Oct. 30 9,678 2,889 1,827 79 290 157 117 391 6,789 5,366 314 963 2,638 1,451 1,423 Nov. 6 9,758 2,942 1,843 79 326 157 117 391 6,816 5,475 329 957 2,671 1,518 1,341 Nov. 13 9,799 2,958 1,866 77 320 158 117 391 6,841 5,517 344 959 2,687 1,527 1,324 Nov. 20 9,853 2,959 1,865 324 158 117 390 5,581 355 958 2,747 1,521 1,313 Outside New York City 1939—October 14,033 5,526 2,618 202 122 332 1,065 1,177 8,507 6,361 203 1,344 3,705 1,109 2,146 1940—June 14,328 5,683 2,712 212 124 312 1,077 1,239 8,645 6,396 355 1,004 3,917 1,120 2,249 July 14,387 5,716 2,741 205 118 306 1,082 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 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 1,288 8,752 6,516 365 1,045 3,900 1,206 2,236 October 14, 785 5,978 2,911 221 123 299 1,102 1,313 6,552 364 907 4,106 1,175 2,255 Sept. 4 14, 589 5,801 2,789 217 109 301 1,095 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 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 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 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 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 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 1,312 8,797 6,542 356 865 4,149 1,172 2,255 Oct. 23. -. 14,838 6,003 2,928 222 123 1,104 1,320 8,835 6,562 367 867 4,153 1,175 2,273 Oct. 30 14, 924 6,020 2,946 225 120 1,105 1,318 8,904 6,635 422 871 4,166 1,176 2,269 Nov. 6 14, 971 6,066 2,984 225 124 295 1,105 1,326 8,905 6,633 422 870 4,161 1,180 2,272 Nov. 13 15,072 6,128 3,029 223 132 298 1,111 1,329 8,944 6,663 419 896 4,171 1,177 2,281 Nov. 20 15, 091 6,151 3,043 219 131 296 1,109 1,339 8,940 6,648 419 897 4,153 1,179 2,292 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 Keport for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 1296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a e R r e r n i e t a d v k h - l e - s v C a i a n u s l h t b m w a d e i n o s t - k h ti s c j m p u o a d s a s d t e n e i - - t d d s i s p u p v n h a c a o a i o e n i d r r r l p r d - s - a - t s , - - , S p s d s a t i i o u c n i a o l v b a d t n i - i l t e - s - s c C h c o e a f e e e i f n t e r c f r c d i d s k t - . ' i s - , m U G e e r . o n n v S - t - 2 . s p p u h n v a c o a a o e i n i r d r p l r r d a s t - - - s , - - , S p s d s a i i t o u c i o a n v l a b n t i d i l t e - - 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 in o o w g r s - - c C o i a u t a a c n p - l t - s Date or month tions tions Total 101 Cities 9,957 482 3,062 18, 51118, 277 1,302 411 526 5,040 197 7,722 123 793 3,719 1939—October 11,500 499 3,262 20,524 20,034 1,494 402 561 5,127 183 8,361 113 688 3,773 1940—June 11,600 491 3,214 20,847 20,380 1,455 411 475 5,141 178 8,310 111 676 3,774 July 11,316 498 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, 856 505 3,309 21, 44221,040 1,490 423 507 5,180 172 111 681 3,797 October 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. 18 11, 616 508 3,248 21,080 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 21,238 20,754 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 12,030 526 3,270 21,858 21,266 1,651 431 506 5,171 175 8,596 111 3,803 Oct. 30 11,832 520 3,339 21, 59221,189 1,651 509 510 5,188 193 8,818 112 667 3,816 Nov. 6 11, 878 545 3,372 21,818 21, 662 1,589 557 504 5,190 192 8,850 113 667 3,823 Nov. 13 11,973 517 3,332 21, 96121, 654 1,571 473 505 5,189 191 8,836 111 3,822 Nov. 20 New York City 5,701 8,259 8,394 240 240 615 3,381 702 1,475 1939—October 6,622 9,524 9,653 213 224 647 3,724 634 1,500 1940—June 6,657 9,716 9,770 225 657 3,717 622 1,489 July 6,417 9,678 9,688 278 195 3,629 628 1,495 August 6,421 9,673 9,740 249 222 3,702 625 1,493 September 6,601 240 677 3,770 625 1,497 October 6,401 9,672 9,704 263 216 686 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 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 9,889 9,894 301 241 676 3,756 627 1,498 Oct. 23 6,747 10,031 9,997 391 251 3,740 612 1,498 Oct. 30 6,627 9,853 374 330 676 3,868 610 1,507 Nov. 6 6,626 9,951 10,073 342 373 676 3,815 611 1,509 Nov. 13 6,710 10, 058 10,165 322 273 676 3,861 600 1,504 Nov. 20 Outside New York City 4,256 402 2,989 10, 252 9,883 1,062 171 477 4,425 156 4,341 122 2,244 1939—October 4,878 417 3,179 11,000 10,381 1,281 178 518 4,480 159 4,637 113 2,273 1940—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, 200 10, 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 5,255 421 3,227 11,634 11,180 1,197 183 472 4,503 130 111 2,300 October 5,017 407 3,090 11,229 10, 711 1,177 177 474 4,488 138 4,741 110 2,295 Sept. 4 5,080 432 3,146 11,398 10,939 1,185 165 470 4,489 139 4,752 111 2,290 Sept. 1 5,073 420 3,214 11, 329 10,889 1,159 178 473 4,494 138 4,818 111 2,289 Sept. 11 5,142 424 3,166 11,395 10,881 1,169 173 472 4,497 132 4,742 112 2,290 Sept. 28 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, 501 11,011 1,159 167 472 4,499 133 4,855 111 2,299 Oct. 9 5,294 409 3,320 11, 622 11, 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 5,283 436 3,190 11, 827 11, 269 1,260 180 471 4, 505 131 4,856 111 2,305 Oct. 30 5,205 430 3,256 11, 739 11, 281 1,277 179 474 4,512 148 4,950 112 2,309 Nov. 6 5,252 454 3,287 11,867 11, 589 1,247 184 469 4,514 147 5,035 113 2,314 Nov. 13 5,263 427 3,248 11, 903 11, 489 1,249 200 470 4,513 149 4,975 111 2,318 Nov. 20 i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection « U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. DECEMBER 1940 1297 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 s R o t a a e n a te s l 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. 30 1,213 632 314 12 18 138 581 457 22 38 343 54 124 Nov. 6 1,227 637 319 12 17 138 590 468 22 37 352 57 122 Nov. 13 1,239 646 326 13 18 139 593 473 23 38 355 57 120 Nov. 20 1,233 648 323 17 17 139 585 468 24 39 349 56 117 New York (8 cities)* Oct. 30 10, 555 3,250 1,951 295 206 195 491 7,305 5,718 315 1, 003 2,872 1,528 1,587 Nov. 6 10, 630 3,302 1,967 330 206 195 491 7,328 5,825 330 997 2,900 1,598 1,503 Nov. 13 10, 675 3, 321 1,991 324 208 196 491 7,354 5,868 344 1,002 2,914 1,608 1,486 Nov. 20 10,736 3,321 1,990 328 207 196 490 7,415 5,941 355 1,001 2,979 1,606 1,474 Philadelphia (4 cities) Oct. 30 1,204 478 228 22 32 50 108 726 456 29 335 92 270 Nov. 6 1,206 480 230 22 32 50 108 726 457 339 90 269 Nov. 13 1,210 480 231 21 33 51 108 730 457 343 86 273 Nov. 20 1,205 479 231 21 34 50 107 726 452 27 335 90 274 Cleveland (10 cities) Oct. 30 1,941 736 299 17 24 181 206 1,205 144 638 137 277 Nov. 6 1,941 740 301 18 24 181 207 1.201 923 138 638 140 278 Nov. 13 1,938 742 303 18 24 182 206 1,196 919 138 635 140 277 Nov. 20 1,949 742 303 17 24 182 207 1,207 931 138 637 139 276 Richmond (12 cities) Oct. 30 736 291 134 12 3 14 47 81 445 378 117 200 56 67 Nov. 6 737 294 136 12 3 14 47 82 443 376 117 200 53 67 Nov. 13 738 297 137 11 4 14 48 83 441 375 132 186 52 66 Nov. 20 739 138 11 3 15 47 441 374 132 185 53 67 Atlanta (8 cities) Oct. 30 671 342 176 2 6 10 33 114 329 217 36 112 112 Nov. 6 680 348 180 2 7 10 33 115 332 219 37 113 113 Nov. 13 :. 684 352 183 3 6 11 33 115 332 218 35 114 114 Nov. 20 359 188 3 7 10 33 116 332 217 35 113 115 Chicago (12 cities)* Oct. 30 3,523 1,028 624 43 33 127 133 2,495 1,935 301 259 1,102 273 560 Nov. 6 3,513 1,041 632 43 36 127 135 2,472 1,913 299 264 1,080 270 559 Nov. 13 3,557 1,061 647 42 41 128 136 2,496 1,931 299 268 1,093 271 565 Nov. 20 3,548 1,059 649 40 37 128 140 2,489 1,921 1,092 271 568 St. Louis (5 cities) Oct. 30 733 346 197 9 4 58 64 387 276 160 72 111 Nov. 6 738 349 199 9 4 58 65 389 279 160 73 110 Nov. 13 746 354 203 10 4 58 65 392 281 162 73 111 Nov. 20 735 360 10 4 58 65 375 263 149 112 Minneapolis (8 cities) Oct. 30 423 211 109 3 1 12 79 212 170 121 42 Nov. 6 425 213 111 3 1 12 79 212 170 121 42 Nov. 13 426 214 113 3 1 12 78 212 171 121 41 Nov. 20 432 219 115 3 1 12 81 213 171 121 42 Kansas City (12 cities) Oct. 30 719 323 191 22 3 31 396 263 94 133 Nov. 6 725 328 195 21 3 31 397 264 94 133 Nov. 13 730 332 198 21 4 31 398 265 93 133 Nov. 20 735 335 200 21 4 31 400 265 93 135 Dallas (9 cities) Oct. 30 560 290 193 2 3 23 55 270 211 37 95 59 Nov. 6 566 292 197 2 3 23 54 274 214 38 98 45 60 Nov. 13 571 296 199 2 3 24 55 275 215 38 99 45 60 Nov. 20 575 299 201 2 4 24 55 276 216 37 101 45 60 San Francisco (7 cities) Oct. 30 2,324 357 13 11 385 174 1,342 992 2 732 192 350 Nov. 6 2,341 984 360 13 11 385 175 1,357 1,000 2 737 195 357 Nov. 13 2,357 991 364 13 13 385 176 1,366 1,007 2 743 196 359 Nov. 20 2,366 991 362 13 12 385 178 1,375 1,010 2 66 746 196 365 City of Chicago* Oct. 30 2,326 645 455 22 28 19 63 1,681 1,318 299 135 779 105 363 Nov. 6 2,321 654 459 23 30 19 64 1,667 1,304 297 134 768 105 363 Nov. 13 2,344 669 470 22 36 19 65 1,675 1,307 296 135 771 105 368 Nov. 20 2,331 667 472 21 32 19 1,664 1,294 287 137 766 104 370 * Separatef igures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 1298 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 Bal- De- Indi- Indi- Domestic B s w F e a R e r e r n i 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 n a d e n i c o s t e k - h ti s s c j p u m o s d a a t d s e e n i - - d t d s ) s p p u v n h a c o a a o n e i i r d p r l r r d s a t - s - - - , - , S p s d s a i i t o u c i o n a v l a b n t i d i e l t - s - - s c C h c o f a e e e e i f t n e c f c r r i d s t k d . - 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 o n i e i r d l r p r r d a s t - - - s - , - , S p s d s a i i t o u c i o a n v l b a t n i d i e l t - s - - s P in s o a g V s s t ' al m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - co C i a u t a c a n p - l t - s d F i e st d r e ic ra t l ( a 1 n R 9 d 4 e 0 s ) e d r a v t e e tions tions Boston (6 cities) 145 188 1,410 1,318 145 20 12 230 20 247 Oct. 30 145 194 1,395 1,313 139 21 12 230 391 22 248 Nov. 6 653 147 198 1,378 1,336 114 22 11 230 401 20 248 Nov. 13 654 145 190 1,372 1,325 111 21 12 230 392 21 248 Nov. 20 New York (8 cities) * 6,919 110 226 10,745 10,549 572 270 53 1,032 3,819 613 1,623 Oct. 30 6,811 111 238 10, 58610,467 578 349 54 1,043 3,950 611 1,632 Nov. 6 6,801 114 242 10,688 10, 643 548 390 53 1,043 3,897 612 1,634 Nov. 13 6,879 110 240 10,809 10, 728 542 296 53 1,041 3,942 601 1,630 Nov. 20 Philadelphia (4 cities) 507 23 223 1,038 1,045 54 47 257 449 5 215 Oct. 30 500 22 227 1,028 1,050 52 47 257 456 5 216 Nov. 6 513 25 228 1,047 1,068 59 47 257 458 5 217 Nov. 13 521 23 222 1,047 1,075 50 47 255 453 5 218 Nov. 20 Cleveland (10 cities) 753 49 371 1,531 1,495 124 43 720 454 1 383 Oct. 30 756 47 365 1,522 1,479 120 43 720 457 1 384 Nov. 6 762 52 378 1,530 1,535 117 43 722 468 1 384 Nov. 13 767 48 363 1,541 1,518 114 43 720 457 1 384 Nov. 20 Richmond (12 cities) 223 25 256 560 552 51 32 201 338 100 Oct. 30 228 25 265 567 572 50 33 202 348 98 Nov. 6 238 267 570 576 50 32 202 358 100 Nov. 13 228 261 568 569 48 32 201 343 102 Nov. 20 Atlanta (8 cities) 143 202 434 423 66 41 186 96 Oct. 30 142 201 432 423 63 41 186 308 96 Nov. 6 146 202 438 444 62 41 186 314 96 Nov. 13 143 205 447 443 63 41 187 311 Nov. 20 Chicago (12 cities)* 1,606 587 3,009 2,827 130 962 1,304 408 Oct. 30 1,542 614 2,940 2,811 320 130 964 1,323 410 Nov. 6 1,575 602 2,886 309 130 966 1,346 410 Nov. 13 1,580 602 2,850 310 130 969 1,326 410 Nov. 20 St. Louis (5 cities) 246 186 524 533 39 13 189 367 Oct. 30 242 188 519 539 41 13 189 374 Nov. 6 240 191 524 554 42 13 189 383 96 Nov. 13 261 190 523 544 42 13 189 96 Nov. 20 Minneapolis (8 cities) 113 122 333 61 1 117 160 60 Oct. 30 115 124 329 297 64 2 117 168 61 Nov. 6 120 126 339 304 64 1 116 168 61 Nov. 13 112 124 334 297 65 1 117 167 61 Nov. 20 Kansas City (12 cities) 195 305 557 546 71 18 143 422 107 Oct. 30 197 303 555 555 63 19 144 428 106 Nov. 6 202 310 575 582 64 18 144 427 107 Nov. 13 200 305 567 571 67 18 144 431 107 Nov. 20 Dallas (9 cities) 142 506 49 32 126 267 Oct. 30 144 287 497 491 54 32 126 283 Nov. 6 152 291 516 508 56 32 126 283 Nov. 13 142 296 515 499 54 32 126 280 Nov. 20 San Francisco (7 cities) 471 316 1,211 1,192 84 1,008 328 380 Oct. 30 473 333 1,222 1,192 107 84 1,010 332 380 Nov. 6 476 337 1,232 1,226 104 83 1,009 347 381 Nov. 13 486 334 1,252 1,235 105 83 1,010 345 381 Nov. 20 City of Chicago* 1,239 264 2,039 1,943 191 494 261 Oct. 30 1,198 272 1,994 1,930 185 494 263 Nov. 6 1,225 273 2,028 1,975 186 494 1,017 263 Nov. 13 1,228 276 2,027 1,951 185 494 1,007 263 Nov. 20 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. DECEMBER 1940 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding HelcI by Based on Commercial Accepting banks Federal Reserve Goods stored in or End of month paper Total Banks shipped between out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing i ing Total O bi w lls n bo B u il g ls ht o c w F o n u o n r a t c- c f s o c o p o u r o e r n n i r g t e d n o - - 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 ents 1939—July 194 236 188 119 69 48 75 41 19 39 61 August 201 235 191 128 63 44 79 40 18 40 59 September 209 216 177 115 62 39 78 40 18 43 36 October 205 221 179 111 67 0) 42 85 40 18 46 32 November 214 223 172 103 69 51 96 37 16 50 24 December 210 233 175 105 70 57 103 39 16 54 22 1940—January 219 229 179 111 68 50 101 38 16 51 23 February 226 233 188 123 65 45 95 44 15 51 27 March 233 230 184 121 63 46 90 47 14 49 30 April 239 223 178 118 61 45 86 45 13 46 33 May 234 214 171 113 58 43 78 47 12 41 34 June 224 206 166 112 54 40 79 43 13 36 34 July * 232 188 152 103 49 36 75 32 13 35 32 August 245 182 148 103 44 34 80 24 11 38 29 September 251 177 142 100 42 35 80 22 11 35 28 October 252 187 149 96 53 38 91 20 11 37 28 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 Credit balances Customers' Other credit balances Debit Debit credit balances» End of month C b u ( a d s n l t e a e o b n t m ) c i t e i e s rs' a i b n n p a a v d l c a a e c r n s t t o r n t c u a m e e n d s r e t i s s n n i ' n g t a i b n n a a v d l c a e f c n i t s o r r c t m u a m e d n s e t i s n n in g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r d e - y J Free O (n th et e ) r m p i a e n r n v t I t n n e a s e t n r - s d ' m i e n f n v i I t r n e m a st n - d a c c a c p I o n i u ta n l ts trading trading (net) accounts accounts 1935—December - - 1,258 75 135 179 930 286 79 24 10 410 1936—June 1,267 67 164 219 985 276 86 24 14 420 1,395 64 164 249 1,048 342 103 30 12 424 1987—June 1,489 55 161 214 1,217 266 92 25 13 395 December. 985 34 108 232 688 278 85 36 10 375 1033—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 6 305 1939—June 834 25 73 178 570 230 70 21 0 280 September 856 20 64 217 520 305 87 22 11 283 October 894 21 72 200 577 289 76 21 9 284 November 914 20 77 195 623 272 67 21 8 282 December 906 16 78 207 637 266 69 23 7 277 1940—Jftn n ftry 886 15 70 198 602 262 71 22 6 272 February. 893 16 72 195 616 253 74 23 7 271 March 886 15 78 186 615 247 70 21 7 270 April 910 15 72 192 626 252 73 21 9 271 May 702 12 67 239 459 251 68 22 6 274 Jrme 653 12 58 223 376 267 62 22 0 269 July , 642 12 64 213 376 261 62 22 6 264 August 631 12 56 215 368 256 57 21 5 260 September 635 12 57 218 370 268 56 20 5 255 October _ 653 12 70 203 381 269 58 20 5 253 firms' own partners. 1 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 1300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate * on— Average rate on- [Per cent per annum] mo Y w n e e t e a 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 e t a o a x n l c - l g k e U Ne . u w r S y . b T i r l 9 e ls 1 a - s- yi A 3 U y e - l v e t . d o S a e - r r . 5 o - f i t t a ie l s Y N C o e it w r y k e E 7 N r c a n o o i s t t r i t h a e e th n e s rn r - d 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 hm p 4 a o t p n o e t r 6 h , s a a c d n c a oy c e y un e p s s t , - l d t o i a a 9 m y n 0 s e s, n lo r a e e a l w s - n - w i f s e i s o t r u f e h - e d in s d q d e e u r a a o s y l ' - - T n u r o e r t a y e s s - 1 1 1 9 9 9 3 3 3 4 6 5 a a a v v v e e e r r r a a a g g g e e e 3 2 2 . . . 4 9 6 5 3 8 2 1 1 . . . 7 4 7 5 6 2 3 3 3 . . . 3 0 7 9 4 1 4 3 3 . . . 7 4 3 6 0 2 period3 tation 1 1 9 9 3 3 7 8 a a v v e e r r a a g g e e 2 2 . . 5 5 9 3 1 1. . 6 7 9 3 2 2 . . 8 7 8 5 3 3 . . 2 2 5 6 1939 average i _. 2.78 2.07 2.87 3.51 1937 average. — .95 .43 1.25 1.00 .447 .28 1.40 Monthly figures 1938 average.„ .81 .44 1.25 1.00 .053 .07 .83 1938—January 2.60 1.70 2.92 3.28 1939 average. __ .59 .44 1.25 1.00 .022 .05 .59 February 2.49 1.70 2.65 3.21 1939— N O o ct v . . 6 6 3 9 . . 4 4 4 4 1 1 . . 2 2 5 5 j L O nn O . .0 0 1 2 8 8 .0 0 5 5 . . 6 7 4 7 M A M p a a r y r i c l h 2 2 2 . . . 4 4 4 8 8 8 1 1 1. . . 7 7 6 0 0 5 2 2 2. . . 6 6 6 4 4 0 3 3 3 . . . 2 2 2 0 5 8 1940— A M J D M F J J u u e a e p a l a b n n c y r r y . e i _ l..., . . . . . . . 5 6 5 5 6 5 5 6 6 6 6 6 6 6 6 6 . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 . . . . . . . . 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 L L L L L L L L O O O O O O O O O O O O O O O O . . . . . . . 0 0 0 0 0 0 0 0 1 0 4 0 0 7 4 2 3 2 1 9 1 . . . . . . . . 0 0 1 0 0 0 0 0 4 2 0 1 2 2 6 5 . . . . . . . . 4 4 4 7 4 5 6 5 6 7 5 6 2 1 5 7 J J A S N D O u u e e u o c n l p c t g v y e o e t u e . b e m m s . e m t .. b r b b e e r e r r _ . _ .. . 2 2 2 2 2 2 2 . . . . . . . 6 5 5 5 5 5 4 0 7 6 2 7 3 9 1 1 1 1 1 1 1 . . . . . . . 7 7 7 7 6 7 7 0 0 0 0 7 0 0 2 2 2 2 2 2 2 . . . . . . . 7 9 7 9 6 7 7 4 0 8 5 8 8 1 3 3 3 3 3 8 S . . . . . . . 2 2 2 2 3 2 3 0 3 8 6 5 1 1 A Se u p g t . . 5 5 6 6 . . 4 4 4 4 1 1 . . 2 2 5 5 1 L . O 66 O . . 0 0 1 2 9 1 . . 0 0 4 5 . . 5 4 8 8 1939—January 2.64 1.73 2.97 3.32 Oct .56 .44 1.25 1.00 (3) .02 .43 February 2.52 1.70 2.69 3.26 Week ending: 193 Q 9— ua M rte a r r l c y h figures 2.95 2.13 3.05 3.77 Nov. 2— Vie IH 1.00 (4) .02 .40 June 2.91 2.15 3.05 3.62 N N o o v v . . 1 9_ 6 — - VT-V% V Vi i e e I I X H 1 1 . . 0 0 0 0 . . 0 0 0 0 3 3 . . 0 0 2 2 . .3 3 2 5 D Se e p c t e e m m b b e e r r _.. 2 2. . 5 6 9 8 2 1 . . 0 9 4 6 2 2. . 5 7 9 8 3 3. . 3 3 2 1 Nov. 23- Vr% Vie IK 1.00 .004 .02 .32 1940—March 2.65 2.03 2.67 3.35 June 2.59 2.00 2.49 3.38 i Monthlyf igures 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 8 Rate negative. monthly figures. 4 Rate negligible. Back figures—Sea Annual Report for 1937 (tables 43 and 44). Figures Back figures—See November 1939 BULLETIN, pp. 963-969 for descripfor Treasury bills and Treasury notes available on request. tion and for back figures. BOND YIELDSl [Per cent per annum] Corporate 4 U. S. Year, month, or week Treas- M ip u a n l i 3 c- By ratings By groups Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t 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 3.50 6.21 3.87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.63 3.48 1939—October 2.60 3.08 3.83 3.15 3.35 3.94 4.88 3.43 4.61 3.57 November _ __ 2.46 2.69 3.70 3.00 3.16 3.78 4.85 3.25 4.44 3.41 December 2.35 2 56 3.69 2.94 3.14 3.74 4 92 3.21 4.47 3.38 1940—January 2.30 2.54 3.63 2.88 3.08 3.69 4.86 3.14 4.39 3.35 February . _ 2.32 2.60 3.60 2.86 3.05 3.68 4.83 3.12 4.37 3.33 March 2.25 2.58 3.58 2.84 3.04 3.65 4.80 3.09 4.37 3.29 April 2.25 2.56 3.54 2.82 2.99 3.59 4.74 3.05 4.33 3.24 May 2.38 2.81 3.65 2.93 3.08 3.65 4.94 3.20 4.46 3 30 June 2.39 2.85 3.72 2.96 3.10 3.70 5.11 3.25 4.57 3.33 July 2.28 2.54 3.57 2.88 3.01 3.57 4 80 3.15 4.32 3 23 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 October- 2 10 2 32 3.46 2.79 3.01 3.48 4 56 3.06 4.15 3 18 Week ending: Nov. 2. 2.08 2.26 3.45 2.79 3.00 3.46 4.54 3.04 4.13 3.18 Nov. 9. 2.00 2.23 3.43 2.78 2.99 3.44 4.52 3.03 4.11 3.17 Nov 16 1 96 2 18 3.40 2.76 2.96 3 41 4 47 2 99 4.07 3 15 Nov. 23 1.94 2.15 3.39 2.74 2.95 3.39 4.47 2.97 4.05 3.14 J Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. » Average of yields of all outstanding bonds due or callable after 12 years. »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. DECEMBER 1940 1301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOND PRICES1 STOCK MARKET Corporate 3 Stock prices * Vol- U. S. ume of Year, month, or date Treas- Munic- tradury a ipal Indus- Rail- Public Year, month, or Common (index, 1926=100) ing3 Total trial road utility date Pre- (in ferred 2 thou- Indus- Rail- Public sands of Number of issues 2-6 15 20 20 20 Total trial road utility shares) 1937 average 100.9 110.3 93.4 90.1 100.4 1938 average 102.5 113.7 78.9 82.9 58.6 95.3 Number of issues _. 20 420 348 32 40 1939 average 105.2 116.3 81.6 86.0 58.0 100.9 1937 average 136.2 112 131 1,519 1939—October 102.0 110.7 82.9 86.4 61.6 100.5 1938 average _ 135.6 83 99 1,100 November- 103.8 117.5 83.0 87.0 60.2 101.8 1939 average 141.2 105 973 December.. 105.3 119.9 82.1 86.8 58.0 101.6 1940—January. 106.0 120.2 82.4 87.3 58.2 101.8 1939—October 137.7 113 1,050 February.. 105.7 119.1 82.2 87.3 57.8 101.6 November. __ 140.7 111 907 March 106.7 119.7 82.1 87.3 57.2 101.8 December. _. 141.4 108 808 April 106.7 119.8 82.5 87.5 58.2 101.7 1940—January _ 143.0 109 678 May 104.9 115.3 79.4 85.3 53.5 99.3 February 142.9 107 654 June 104.8 114.6 78.5 84.7 52.0 98.7 March _ 141.8 108 740 July 106.3 120.4 81.2 86.3 57.1 100.2 April 142.3 109 1,131 August 106.7 121.2 81.5 86.8 57.5 100.2 May 138.2 97 1,651 September- 107.7 122.3 82.7 87.8 59.7 100.6 June 133.2 85 708 October.. ._ 108.8 124.6 83.6 89.2 61.0 100.6 July 136.9 87 310 August.. 137.3 89 317 Oct. 30 109.1 125.7 83.5 89.7 60.4 100.4 September.._ 139.1 94 553 Nov. 6 110.2 126.3 83.5 89.8 60.4 100.2 October 140.4 94 599 Nov. 13 110.8 127.2 84.2 90.5 61.5 100.8 Nov. 20 111.1 127.9 83.7 90.3 60.4 100.4 Oct. 30 140.2 95 Nov. 6 140.6 95 1,678 Nov. 13.... 141.5 99 1.236 i Monthly data are averages of daily figures except for municipal bonds, Nov. 20 142.8 96 78 692 which are averages of Wednesday figures. 3 Prices derived from yield figures on basis of a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. * Standard Statistics Co. Monthly data are averages of Wednesday Prices expressed in decimals. Weekly data are averages of daily figures figures. • for week ending on Saturday following date shown. * Average prices of industrial high-grade preferred stocks, adjusted to a 8 Prices derived from average yields, as computed by Standard Sta- $7 annual dividend basis. tistics Co. 1 Average daily volume of trading in stocks on the New York Stock Back figures—See Annual Report for 1937 (table 79). For U.S. Treas- Exchange. Weekly figures are averages for the week ending Saturday. ury bonds see November 1940 BULLETIN. Back figures.—For stock prices, see Annual Report for 1937 (table 79) CAPITAL ISSUES [In millions of dollars] ]For new capital For refunding Total Domestic Domestic (new 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 2 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 o 774 765 136 317 312 312 0 9 1935 . . 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 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 2,237 931 924 382 286 97 50 3,552 3,464 195 1,537 1,732 1,595 137 88 1939— Oct 743 338 338 42 276 20 14 6 0 404 403 10 235 157 157 2 Nov.... 218 89 89 67 0 22 15 6 0 130 130 13 26 91 88 3 0 Dec 335 98 98 68 0 31 21 9 0 237 237 22 19 196 189 7 0 1940—Jan 287 94 94 59 0 35 19 16 0 193 193 26 29 137 102 36 0 Feb. 451 104 104 58 1 45 43 3 0 347 347 114 22 211 196 14 0 Mar.... 241 71 70 34 6 31 16 15 1 169 169 49 17 104 90 14 0 Apr 345 118 118 58 6 54 31 23 0 227 227 18 17 192 154 38 0 May.... 250 122 122 30 3 89 80 10 0 128 128 20 25 83 83 0 0 June 226 82 82 70 2 9 8 2 0 145 145 13 29 102 102 (3) 0 July.... 690 396 396 62 289 45 43 2 0 294 294 20 48 226 223 3 0 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 Oct 710 257 257 98 112 47 21 26 0 453 453 80 28 345 332 14 0 i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. »Includes issues of noncontiguous U. S. Territories and Possessions. * Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Annual Report for 937 (table 78). 1302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Interest-bearing No b n e i a n r t i e n r g est- Publicly-offered 1 Total End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s i j s e u A s r s u v t d e i e - c s d e 3 i c S s u s o s u r e c i e - i t a s y l 4 ot A h l e l rs t d M u e r b a e - d t Other bearing Pre- Treas- U. S. war ury 2 savings 1932—June 19,487 19,161 18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 621, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 626,006 753 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 39,886 35, 715 79 25,218 1,868 7,243 1,308 2,511 820 142 411 1939—September 40,858 40,342 35,886 79 25,218 2,051 7,232 1,306 795 2,746 915 112 404 October 41,036 40, 526 36, 026 79 25,218 2,092 7,232 1,405 791 2,796 912 109 401 November. 41, 305 40,807 36,123 79 25,218 2,140 7,232 1,454 791 2,981 911 400 December. 41, 942 41,445 36,826 79 2,209 6,203 1,455 789 3,021 809 398 1940—January _._ 42,110 41,601 36,957 79 26.896 2,473 6,203 1,307 787 3,049 807 114 395 February.. 42, 365 41,839 37,097 79 26.897 2,610 6,203 1,308 785 3,152 805 132 394 March 42, 540 41, 983 37,127 79 26,908 2,707 6,125 1,309 784 3,269 803 165 392 April 42, 658 42,117 37, 236 79 26,908 2,818 6,125 1,306 782 3,282 816 150 391 May 42,808 42, 253 37,285 79 26,908 6,125 1,304 780 3,363 824 166 389 June 42, 968 42, 376 37, 223 79 26, 555 2,905 6,383 1,302 797 3,528 829 205 386 July 43, 771 43,186 37, 957 79 27, 226 2,966 6,384 1,302 773 3,536 920 198 August 43, 905 43, 317 38,009 79 27, 236 3,008 6,384 1,303 771 3,622 915 205 September. 44,073 43,480 38,045 79 27, 235 3,044 6,384 1,303 771 3,751 913 212 October ___ 44,137 43, 560 38, 089 27, 960 3,084 5,660 1,307 3,777 925 197 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. 6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000, 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS FJLLY GUARANTEED OBLIGATIONS, BY AGENCIES » OCTOBER 31, 1940 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- U. S. Maturing E m n o d n t 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 i c o e 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 tion 2 tion tion ity or callable able1 Total Bills Notes U S 1934—June 681 312 134 235 Sav- Other Dec. 3,063 980 1,834 249 ings 1935—June 4,123 1,226 2,647 250 Dec... 4,494 1,387 2,855 252 1936—June 4,718 1,422 3,044 252 1940—Nov 1-Dec 31 814 801 12 Dec. _ 4,662 1,422 2,988 252 1941 A Ja p n r 1 1 - - M Ju a n r e 3 30 1 1 5 1 0 8 4 2 505 6 5 7 0 7 4 545 1937_ D juence.._ 4 4 , , 6 6 4 6 5 5 1 1, , 4 4 1 2 0 2 2 2 , , 9 98 3 7 7 2 29 5 7 5 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 1939—June. . 5,450 1,379 2,928 820 206 114 1943 1,874 1,330 545 1,855 1944 1,214 1,214 2,555 1939—Aug... 5,583 1,379 2,858 820 409 114 1945 2,833 718 173 1,941 1,755 Sept.. 5,455 1,279 2,830 820 409 114 1946 __ 1,850 316 1,534 2,359 Oct... 5,448 1,279 2,823 820 409 114 1947 . 2,794 412 2,383 1,473 Nov. _ 5,707 1,269 2,817 1,096 407 114 1948 1,983 496 1,487 2,246 Dec... 5,703 1,269 2,813 1,096 407 114 1949 _ 1,640 822 819 2,278 1940—Jan... 5,699 1,269 2,809 1,096 407 114 1950 1,436 2 865 571 1,186 Feb... 5,673 1,269 2,783 1,096 407 114 1951 .. 1,223 1,223 3,500 Mar. _ 5,663 1,269 2,770 1,096 407 114 1952 2,436 2,436 Apr.__ 5,656 1,269 2,763 1,096 407 114 1953 2,904 2,904 725 May.. 5,535 1,269 2,641 1,096 407 114 1954 2 663 2,663 681 June.. 5,528 1,269 2,634 1,096 407 114 1955 1 480 1,480 2,611 July.. 5,526 1,269 2,631 1,096 407 114 1956 1,170 1,170 982 Aug... 5,811 1,269 2,626 1,096 696 114 1958 919 Sept.. 5,809 1,269 2,623 1,097 696 114 1959 982 982 Oct. 5,810 1,269 2,621 1,097 696 114 196O._ 2,611 2,611 1,485 1961 50 50 50 1963 919 919 i Principal amount of obligations guaranteed as to interest and 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 _ 38,089 1,307 5,660 3,084 28,039 28,039 Housing Administrator, amounting to $12,300,000 on October 31, 1940. 2 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 $19,000,000 on October 31, 1940. 2 Includes unclassified U. S. savings bonds. DECEMBER 1940 1303 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 T o i x nn m e - e s n i sc n t e n ea t o lu a e l u a 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 c 1 e rC i e p H- t iU s ce X • i r v N p e r - A6 t f s t i I d n e o e t s e n b t r t - t f i N e o d n e n a s - - a e l m t j A u u e r s d a n t - - l t m p e l r m e o e n y - - t - c f t e o r a r u u s c s n - t t t o s o A th l e l r Totali p t e u n r d es 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.» (-) ance^ 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 5,387 1,041 1,559 1,020 1,919 208 3,251 8,998 -3,612 +136 -947 +2,528 4 months ending: Oct. 1938... 620 845 200 176 1,841 1,700 243 378 179 894 130 1,000 2,824 -1,124 +219 +353 +1, 258 Oct. 1939... 447 914 217 190 1,768 1,591 253 446 266 642 159 1,233 3,000 -1,409 -112 -925 +597 Oct. 1940... 563 1,033 245 168 2,010 1,822 261 883 307 577 149 974 3,152 -1,330 | +189 +29 +1,170 1939—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 -26» 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 -256 Mar.. 665 192 30 46 934 799 146 143 105 173 255 822 —22 +11 +164 -175 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 88 784 649 305 153 43 151 235 887 —238 —62 — 139 -160 July.! 50 237 39 41 367 331 20 177 54 151 114 302 818 -487 +51 +367 -803 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 +168 Oct. . 44 237 38 47 365 333 73 287 103 145 261 869 -536 -24 -495 +64 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance Unemployment Net expenditures in checking trust fund and railroad trust fund accounts of Government agencies All other Period retirement account Incre- Workc 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 p O tu e e t n r x h e d - e s r i- s C F t R r o i u t n e r i c c p a o o t n o 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 g n t 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 o o e n l n d t S io e r i a g g n e - a b i n n a o g l- e Fiscal year ending: June 1938— 550 461 85 763 560 191 *9 •184 1 •12 414 327 2,216 142 446 1,628 June 1039... 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 1,163 4 months ending: Oct. 1938. __ 196 143 37 240 64 168 *207 91 6 *49 185 149 2,569 142 467 1,960 Oct. 1939... 234 182 41 279 103 146 83 *56 50 120 187 143 1,913 143 558 1,213 Oct. 1940... 244 139 55 375 111 275 3 *114 85 *86 190 151 1,920 143 595 ,183 1939—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 1,213 Nov 53 43 10 144 142 29 •297 27 •12 *7 20 14 2,166 143 561 ,462 Dec 58 43 10 29 *3 32 •5 11 16 *6 21 25 2,476 143 565 ,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 ,634 Mar 135 135 11 30 •18 47 2 *4 17 •29 29 22 2,514 143 577 1,794 A M p a r y 2 4 0 *5 1 1 2 2 1 5 4 3 5 8 1 1 8 4 5 5 8 * * 3 6 (4 * ) 4 • • 3 1 4 7 10 9 7 3 2 2 0 1 1 0 7 2 2 , , 2 0 1 3 0 0 1 14 4 3 3 5 58 8 4 1 , , 4 3 8 0 6 3 June 179 175 12 46 •11 54 17 45 •5 •11 62 72 1,891 143 585 ,163 July 56 *5 13 59 13 57 25 10 25 •57 120 103 2,258 143 588 ,527 Aug 145 1 13 143 85 53 (4) •144 *6 •32 18 15 2,454 143 590 ,720 Sept 11 148 14 67 •18 81 *13 *1 15 16 24 17 2,415 143 592 1,680 Oct 32 *5 15 107 31 84 *10 21 51 *13 29 17 1,920 143 595 ,183 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendment! 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. 4 Less than $500,000. * Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052. 1304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1940 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars! Recon- Ho h m ou e s i m ng o r a tg g a en ge c ie a s nd Farm credit agencies Ten- Total struction 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- Sept. Aug. Sept. Public Loan gage ing gage Adm. Credit Other thor- cies 30, 31, 30, Works Corpo- agen- Au- agen- banks Corpo- ity 1940 1940 1939 Admin- ration cies thority cies and cor- ration istration porations Assets Loans and preferred stock: Loans to financial institutions __ 199 176 0) 62 437 433 430 Preferred stock, etc 460 194 27 75 i 757 756 842 Loans to railroads 482 513 553 492 Home and housing mortgage 30 loans 1,988 232 129 2,348 2,336 2,347 Farm mortgage loans 2,526 2,526 2,534 2,626 Other agricultural loans _ _ 1 310 294 193 4 802 815 1,118 All other loans ... 2 449 0) 3 377 4 374 1,200 1,197 1,068 Total loans and preferred stock 1,590 2,182 435 129 2,526 385 294 570 62 410 8,583 8,623 8,923 Cash 114 139 22 19 102 88 5 15 8 42 17 572 566 336 U. S. Govt. direct obligations 49 2 42 5 80 98 413 5 693 715 738 Obligations of Government credit agencies: Fully guaranteed by U S 14 12 105 131 131 141 Other s_ 8 (5) 10 17 36 36 41 Accounts and other receivables- 22 7 6 1 215 4 125 0) 6 64 60 512 519 446 Business property. _ 0) 3 0) 128 6 0) 4 335 1 92 570 569 535 Property held for sale 43 387 1 95 0) 504 43 8 1,081 1,061 695 Other assets. ... . 3 0) 0) 7 5 11 158 193 191 111 0) Total assets other than interagency 6_ _ _ 1,830 2,721 282 3,041 612 932 591 349 742 751 12, 37112,41011,967 521 Liabilities Bonds, notes, and debentures: Guaranteed by United States. _ 1,097 2,623 114 1,270 696 9 5,809 5,811 5,356 Other 5 0) 134 5 982 215 8 4 12 1,356 1,354 1,357 Other liabilities (including reserves) 340 78 32 5 110 8 134 193 7 249 81 1,238 1,234 1,054 Total liabilities other than inter agency 6__ ._ . 1,436 2,701 166 119 2,362 224 830 193 15 262 93 8,403 8,400 7,768 Excess of assets over liabilities, excluding interagency transactions. _ 394 20 355 163 679 388 101 398 334 480 658 3,968 4,010 4,199 Privately owned interests 54 212 4 139 410 407 393 U. S. Government interests 394 20 301 163 467 384 101 398 334 341 658 3,558 3,603 3,806 i Less than $500,000. * Includes $88,000,000 loans of Public Works Administration. 3 Includes $309,000,000 loans of Farm Security Administration. 4 Includes $233,000,000 loans of Rural Electrification Administration. 6 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 8 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] Oct. 31, Apr. 30, May 31, June, 30 July 31, Aug. 31, Sept. 30, Oct. 31, 1939 1940 1940 1940 1940 1940 1940 1940 Loans to financial institutions 175, 795 155,651 154,163 150, 468 147,184 145,178 142,396 141, 935 Loans on preferred stock of banks and insurance companies.. 33,127 29, 749 29,685 56, 952 56,924 56, 769 56, 627 56, 578 Preferred stock, capital notes, and debentures _ 513, 200 474,475 471,072 469, 674 465,909 458,845 459,941 460, 218 Loans to railroads (including receivers) 436,650 471,747 466,093 475,856 506, 623 507,627 470,039 469, 769 Loans for self-liquidating projects - 89,872 58,578 61,273 48,105 38,754 42,262 38,476 47,096 Loans to industrial and commercial businesses i,__ 126,863 130,466 130, 566 130, 732 129, 955 129,427 133, 521 142, 222 Loans to drainage, levee, and irrigation districts _ 83,482 83, 723 83, 740 83, 596 83,299 83,223 83, 360 83, 409 Other loans.__ _ - 23,274 4,235 4,631 4,677 4,788 4,801 4,746 4,855 Securities purchased from Public Works Administration 126, 649 112,743 111, 323 111, 065 107,066 110,090 116, 216 115,930 Total loans and investments, other than interagency.. 1, 608, 911 1, 521,3651, 512, 5461, 531,1241, 540, 5021, 538, 2221, 505, 3211, 522, 012 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 55,102 59,355 59,484 59,050 58,628 60,212 61,160 62,806 Capital stock of, and loans to Fed. Natl. Mtge. Assn._ 50, 323 70,385 71,846 73,863 76,470 78, 976 81, 039 84, 559 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 13,000 Loans to Farm Security Administration _ _. 10,000 10,000 10, 000 21,000 Total loans and investments.. 1,914,133 1,879,903 1,872,673 1,892,835 1, 915, 397 1, 918,206 1,894, 318 1, 932,175 1 Include national defense loans amounting to $14,613,000 on October 31,1940. Nom—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. DECEMBER 1940 1305 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 cultural Other tion credit agricul- gency la F nd e d b e a ra n l ks C s o B T i m o Q a n T n m e l k H r is- p a s c p c o r n r o r o e c d e r d d i a d a i u b t i t t i c i t a o o t c n a n i n o o s k s s r - n s , , - f c i i e n o n t t x i a o s i o v c n p t n i e e c e t s p s i r u , n a t - g - as t s io o n ci s a- tu i r t r a c a t o i l o r c p n r o e s d - - c d r r l o o o p a u n g a s n h d t m F b c i e e n r a d e d t n e e d i k a r r i - s a t te l in C a c B t e l i u a n v n d t e r k i s a n , l g i M i n r n e g a g v r o f k A u lv e n c t - d t for cooperatives i 1934—December 1,915, 792 616,825 99, 675 55, 672 60,852 87,102 111,238 33,969 27,851 54,863 1935—December . 2,071,925 794, 726 104,706 47,162 94,096 43, 400 172,863 2,731 50,013 44,433 1936—December 2,064,158 836,779 129,872 41,017 105,212 25,288 165,369 1,641 69, 647 53,754 1937—December 2, 035, 307 812, 749 165,194 40,464 138,169 15, 592 172, 701 1,813 87,633 30,982 1938—D ecember 1, 982,224 752,851 168, 392 33,545 148,037 11,081 171,489 920 87,496 23,723 1939—October 1, 916,431 699, 274 169, 731 33,996 162, 703 8,351 171,819 1,493 70,422 21, 582 November 1, 910, 336 695,101 165, 368 33,417 156, 526 8,042 169, 460 1,696 73,120 20,589 December _ 1, 904, 655 690,880 165, 236 33, 354 154,496 8,005 168, 330 1,835 76, 252 20,547 1940—January 1,900, 408 687,191 161, 753 33, 620 153, 949 7,904 167, 957 1,756 73, 238 20,427 February . __. 1,896, 507 683, 694 165,106 34,738 160,003 7,926 170,020 2,002 71, 772 20,038 March L 890. 432 677, 717 176,007 36, 326 173,840 7,888 176, 045 1,754 69, 311 19,763 April _ _ __ I, 886, 272 673, 696 185, 373 37, 921 186, 276 7,904 179, 801 1,603 67, 454 18, 537 May L, 882, 516 670, 723 190, 961 38, 377 194,662 7,845 180, 938 1,315 63, 564 18,137 June L, 880, 408 668, 850 196,408 40, 033 200, 415 7,768 181,218 897 62,177 18,200 July 1,874,608 665,073 199, 238 42,161 203, 693 7,614 180,824 1,217 65, 111 15, 311 August L, 871, 487 662, 592 202, 503 42,416 202, 796 7,416 179, 984 763 67, 473 14,787 September L, 866, 697 659,017 197, 451 40, 901 194, 558 7,010 177,906 352 73,132 15, 739 October.. __ 1, 861, 739 655, 403 190, 773 34,882 180, 219 6,202 172, 993 431 79,156 16, 724 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 tfctas 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 H o a w r o n a n m t e C io r e o s n ' r- F N c o e l i f u o a d m a a t e i s n o r b s a n o a e l s - s r s s a o v c i L i n a o g ti a s o n n a s s n ! d m l i o t n b i e l a o s o a m n t n a n i s t s b n k u t e 2 o - r End of month a i n b t a o c l e - rs s1 Total b i C p n t a o o a n r d s s k y i e h - s - Total t o r i D g o e b a i c n l - i - t s - G o t g a e b u n a e l - a - d i r - - f s C e u e r t a n e r c - v s d .2 h e s tions 1934—December. 2, 379,491 639 81, 300 86, 651 1935—June.. 1,205 1,236 385 777 630 147 74 1935—December. 2, 897,162 1,023 348,000 102, 791 1936—June. . 1,232 1, 265 203 967 800 167 95 1936—December. 2, 765,098 1,212 586, 700 145, 394 1937—June.. 1,268 1,307 136 1,100 933 167 71 1937—December. 2, 397, 647 "., 328 853, 500 200,092 1938—June.. 1,252 1,290 115 1,103 936 167 73 1938—December. 2,168, 920 ,368 1,034,162 198,840 1939—June.. 1,262 1,304 1,157 1,011 146 78 1939— June 2,080, 512 1,136, 289 168, 962 1939—October 1,270 1,312 1,182 1,036 146 75 July 2,067, 844 1,157, 536 161, 537 November 1,274 1,317 1,182 1,036 146 80 August 2,059, 792 ,392 1,186, 784 159,470 December 1,279 1,319 1,192 1,046 146 74 September. 2,054,865 ,394 1, 206,887 163, 687 1940—January 1,290 1,331 1,197 1,051 146 84 October. _. 2,049, 421 ,394 1, 231, 685 168, 654 February 1,297 1,340 1,194 1,048 146 97 November. 2,043, 288 ,401 1, 252, 559 168,822 March 1,301 1,343 1,200 1,054 146 97 December. 2,038,186 ,410 1, 271,161 181, 313 April 1,303 1,345 1,214 1,068 146 87 1940—January... 2,031, 341 ,403 1,280,200 156, 788 May 1,299 1,342 1,224 1,078 146 74 February- 2, 026, 614 ,407 1, 296,464 144,515 June 1,293 1,337 1,224 1,078 146 March 2,021, 951 ,413 1, 317, 975 137, 642 July... 1,297 1,339 1,224 1,078 146 April 2,020, 572 ,420 1,348, 072 133,811 August l 297 May 2,017,395 ,421 1,376, 700 137, 509 September , 295 June. 2,012, 760 ,430 1,405,100 157,397 October , 296 July 2,004, 737 ,431 1,432,100 162,222 August 1,996, 443 1,431 1,461,867 168, 402 September 1,987,611 1,434 1,487,974 176,047 p Preliminary. October. __ 1, 980, 704 1,440 1, 515, 392 181, 526 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 savingsmiscellaneous 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. 1306 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 i 2 o * n awar c d o e n d t r ( a v c a ts lue) 3 Employment * I m n p c e a o n y m - ts e 1935-39 M =1 a 0 n 0 u- 1923-25=100 Non- r p F t o o a a ll r y c s y - - < F l r o c e a a ig d r - ht- D m s s e t a p e o l a e n re s r t t- m W c s o o h a d m o le i l - t e y - C i l n i o o g v f s - 4 t Y m ea o r n a th nd 1 ( 9 v 2 a 9 lu = e 1 ) 0 * 0 Total Du fa r c - tu N re o s n- M era in ls - Total R d ti e e a n s l i - - o A th ll er 1 t 9 a c u 3 g u r 5 r l a i - - - 3 l 9 19 F 23 a - c 2 t 5 o = ry 100 1 = 92 1 3 0 - 0 25 1 i 9 n 2 g 3 s - 2 * 5 ( 1 v — 9 a 2 1 l 3 u 0 - e 2 0 ) 5 * p = r 1 i 1 9 c 0 2 e 0 6 s* 1 = 93 1 5 0 - 0 39 able dur- =100 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed ustedjusted justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 84 78 138.6 124.5 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 '87.5 113 122 106 112 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 '96.9 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 '92.3 83.7 69 88 76 9 February 83.7 10,1 99 '98 104 10,2 73 58 85 98.4 94.3 93.6 86.0 67 87 76.9 March 84.6 101 100 96 104 103 69 55 80 99.2 94 0 94 3 87 6 66 88 76 7 99 1 April 83.1 97 98 93 103 92 67 58 74 99.3 93.8 94.1 85.5 60 88 76 2 May- 83.8 97 99 90 104 96 63 55 68 100.1 93 3 93 0 85 0 62 85 76 2 June 84.1 102 102 97 106 105 63 58 67 101.4 94.3 93.4 86.5 67 86 75.6 98.6 July 83.6 104 102 101 106 107 67 62 71 101.4 '95 2 93.5 84 4 69 86 75 4 August 85.2 104 103 '106 108 '92 73 67 78 102.3 95.9 96.3 '89.8 70 89 75 0 September 86.1 113 116 '115 111 114 73 68 76 104.0 97.5 '100.3 '93.9 77 91 79.1 100.6 October 88.0 121 126 129 115 119 76 68 82 105.1 101 2'103 7 '101 7 80 90 79 4 November 88.5 124 126 133 117 120 83 61 101 104.6 103.4 '103.9 '101. 7 82 95 79 2 December 90.0 126 124 140 117 '115 86 60 107 105.2 '104. 6'104. 2 '103. 9 78 96 79.2 99.6 1940 January 90.3 122 117 135 113 118 75 53 93 101.9 '104.0 '101. 5 '98.4 78 92 79 4 February 89.7 116 113 124 110 114 63 56 68 101.7 '102. 2'101. 5 '97.9 73 89 78.7 March 88.4 '113 112 118 106 117 62 57 66 102.4 '100. 6'100. 9 '98.4 69 89 78.4 99.8 April 88.2 111 113 107 119 64 62 66 102.4 '99.3 ' 99.7 '96.5 70 89 78 6 May 88.6 115 116 119 110 118 64 64 65 103 4 '99 3' 99 1 '96 4 72 87 78 4 June 88.7 121 121 131 114 118 74 69 77 104.2 '100. 4' 99.6 '98.1 75 91 77.5 ~~I66.~5 July 89.3 121 118 132 112 120 85 77 91 104.4 101.6 ' 99.7 '96.8 75 91 77 7 August 90 5 121 120 135 112 114 90 82 98 105 7 '103 8'103 8 '104 0 76 99 77 4 September 91.6 125 129 146 112 116 93 82 101 107.5 105.2 107.7 110.0 77 99 78.0 100.4 October P92.3 P128 P151 P116 P113 P102 P108. 4 P107. 5P109.9 P114.2 77 91 78.7 p Preliminary. * Average per working day. ' Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1308-1311; 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 1316. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 1312-1315 for employment and payrolls and p. 1318 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. DECEMBER 1940 1307 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 113 121 124 126 116 '113 121 121 125 P128 Manufacture} -Total.. 113 ••122 124 128 '123 116 112 110 114 122 121 122 127 P131 Durable* '115 129 133 140 135 124 118 113 119 131 132 135 146 P151 Nondurable.. 111 115 117 117 113 110 106 107 110 114 112 112 112 P116 Iron and Steel... 128 161 161 167 147 118 106 99 118 154 156 158 164 165 F Pig iron 129 154 163 169 161 136 118 117 127 148 157 162 166 169 f Steel ingots.. 128 161 161 167 146 117 105 97 118 154 156 157 164 165 Machinery 108 123 125 127 123 123 123 128 133 138 145 Transportation Equipment*.. noo 105 '103 '129 '138 '132 '117 '117 '122 '111 '107 138 P158 Aircraft*.— '196 '213 '239 '266 '283 '299 '306 '323 '364 '394 '463 529 P565 Automobiles i 92 96 91 121 129 129 120 103 101 106 87 76 109 130 Railroad cars 83 105 122 136 156 158 149 125 121 111 120 '127 148 P141 Locomotives 100 97 98 95 102 101 101 103 102 102 113 123 140 P159 Shipbuilding 136 138 142 144 149 150 156 156 164 170 189 213 220 P224 Nonferrous Metals and Products.. 128 144 153 159 154 142 132 124 126 129 136 144 152 P162 Nonferrous metal smelting *_ 117 124 130 135 135 129 130 127 127 125 133 128 125 P127 Copper smelting 144 131 137 131 130 131 140 135 '126 130 Copper deliveries 162 145 125 111 113 115 119 134 154 170 Lead shipments 117 130 144 136 119 102 100 104 110 119 127 128 126 127 Zinc shipments. 128 146 154 144 131 126 122 115 115 122 133 138 141 142 Tin deliveries 101 118 159 180 168 148 132 137 141 146 Lumber and Products.. 108 113 121 121 115 114 111 110 112 111 107 114 121 P123 Lumber 107 112 121 122 115 114 110 109 110 110 103 113 121 P123 Furniture. 109 114 121 118 117 113 112 111 115 113 114 115 121 P123 Stone, Clay and Glass Products.. 116 123 120 128 123 113 120 115 113 112 115 119 128 P127 Cement 114 120 121 131 125 106 117 115 115 113 110 115 125 133 Common and face brick 126 119 125 142 119 96 106 108 109 118 116 Common brick 125 117 121 141 111 103 106 107 111 120 116 Face brick 132 126 138 143 136 81 105 107 105 112 117 Glass containers 110 121 112 115 116 118 124 116 112 111 117 114 123 114 Polished plate glass 110 124 112 124 122 112 105 91 100 114 118 111 Textiles and Products 114 119 128 125 118 108 100 100 104 107 113 '113 116 123 Textile fabrics 113 118 124 120 113 105 97 97 100 103 '108 111 113 121 Cotton consumption 117 119 124 127 120 115 108 107 109 114 121 124 120 126 Rayon deliveries 127 130 146 152 151 144 139 138 142 144 '137 '128 120 130 Silk deliveries 86 91 89 78 69 64 64 61 58 56 57 61 65 71 Wool textiles 113 125 132 115 106 93 77 79 87 89 100 106 123 132 Carpet wool consumption. 121 124 132 115 111 108 87 97 95 79 69 95 109 125 Apparel wool consumption 120 131 125 104 107 92 80 68 82 88 113 108 137 152 Woolen yarn 105 113 115 105 89 78 78 86 92 102 104 120 124 Worsted yarn 124 150 151 112 93 75 76 90 93 112 118 136 150 Woolen and worsted cloth. 107 118 135 127 89 71 76 83 89 105 104 122 126 Leather and Products 103 105 108 105 101 85 87 94 96 96 Leather tanning _. 103 104 103 101 102 92 86 88 85 92 91 Cattle hide leathers 108 104 105 107 104 100 94 86 87 88 98 95 Calf and kip leathers... 105 108 101 90 97 86 84 80 91 75 '83 89 Goat and kid leathers- 90 103 98 92 99 92 92 91 89 91 84 84 Shoes 104 105 112 108 101 99 94 - 85 86 100 99 Manufactured Food Products. 111 109 110 112 111 113 112 111 112 115 110 114 110 P117 Whheat flour. 118 101 97 102 100 100 100 100 105 100 99 100 104 Cane sugar meltings 104 107 92 96 95 95 86 89 97 112 101 90 86 P104 Manufactured dairy products 110 108 110 115 109 114 112 112 110 111 112 113 113 P115 Ice cream. _ 120 114 114 120 102 115 110 113 Butter 98 97 103 105 110 109 107 108 102 105 105 104 105 108 Cheese 102 103 102 103 102 104 115 116 117 110 114 114 115 114 Canned and dried milk 110 111 118 123 128 126 123 118 112 117 121 132 130 136 Meat packing 118 113 116 126 124 129 128 117 117 126 116 119 121 127 Pork and lard 135 127 131 149 144 154 156 131 135 152 132 141 147 152 Beef.... 103 101 104 104 106 102 106 101 101 101 99 95 101 Veal.. 93 98 87 88 86 87 89 91 97 91 93 98 Lamb and mutton 101 107 109 108 99 97 93 99 98 96 95 106 Other manufactured foods 110 110 111 111 111 112 112 112 112 115 110 '115 109 P117 Alcoholic Beverages. 96 106 98 95 98 96 98 103 100 113 108 91 103 103 Malt liquor 98 112 102 104 103 96 99 102 99 99 103 91 93 100 Whiskey 51 57 57 57 58 59 65 78 84 84 72 44 71 80 Other distilled spirits.. 120 120 87 88 112 114 132 132 113 131 148 208 231 118 Rectified spirits 116 118 123 92 108 126 108 123 114 201 154 87 126 134 Tobacco Products _ 107 111 110 109 103 106 103 111 110 115 103 106 108 115 Cigars 103 103 100 104 107 103 100 102 104 98 101 105 102 105 Cigarettes '_ 110 117 118 115 106 109 107 119 117 127 106 110 113 120 Manufactured tobacco and snuff.. 103 102 103 100 97 99 100 100 112 ' Revised. » Preliminary. 1 Provisional seasonal adjustment factors, 1940: October 109, November 121, December 114. 2 Includes also lead and zinc production shown under "Minerals." * See table on next page. 1308 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Paper and Products 121 131 134 135 123 114 110 116 127 132 130 124 119 Paper and pulp 119 128 132 134 123 114 110 117 128 132 130 123 117 Pulp. 121 136 137 147 138 133 135 140 149 159 153 150 150 Groundwood pulp 110 118 108 116 114 110 110 118 118 118 117 119 117 Soda pulp 112 129 131 145 129 117 116 118 135 148 142 120 114 Sulphate pulp 141 156 157 176 160 153 151 164 175 186 179 179 185 Sulphite pulp 113 131 133 138 134 130 136 136 145 157 151 148 145 Paper— 119 127 131 132 121 111 106 113 125 128 126 118 112 Paperboard 120 129 134 140 127 112 109 114 131 128 130 121 118 123 Fine paper 120 123 129 122 111 100 95 99 110 118 121 114 107 Newsprint production 106 103 101 105 106 112 112 113 113 115 111 113 111 Printing paper 118 133 132 132 119 116 109 115 125 135 126 117 112 Tissue and absorbent paper 123 131 138 140 119 119 105 119 123 137 131 121 116 Wrapping paper 117 123 127 128 121 108 105 114 127 126 126 117 107 Paperboard containers 129 142 144 138 120 112 111 115 125 128 128 Printing and Publishing i 111 118 117 119 109 108 106 108 115 120 114 110 108 Newsprint consumption.. 104 103 101 107 100 103 101 106 106 102 104 104 104 Petroleum and Coal Products.. 112 120 120 119 117 116 118 115 114 115 112 113 116 Petroleum refining 112 118 117 116 114 115 117 114 113 112 108 109 112 Gasoline* 112 117 118 116 112 112 115 112 111 110 106 109 113 Fuel oil* 110 116 112 111 119 119 121 117 113 113 111 116 113 Lubricating oil 109 132 125 129 126 124 124 120 118 122 113 98 102 Kerosene... 116 117 107 109 97 120 123 120 126 116 116 111 121 Coke 116 133 140 139 137 123 118 119 123 132 139 139 142 144 Byproduct coke 117 131 137 137 137 124 119 120 123 131 137 136 139 141 Beehive coke 192 244 217 145 89 84 101 142 206 248 252 252 Chemicals.. 106 111 112 113 111 109 111 114 116 115 115 P115 Rubber Products ... 122 128 126 123 119 119 116 115 117 115 106 109 119 120 Rubber consumption- 121 129 127 125 120 120 116 115 116 114 106 110 120 122 Tires and tubes 125 121 114 109 110 114 117 115 121 126 105 104 109 109 Pneumatic tires. __ 126 122 115 111 112 116 118 115 122 128 106 104 110 110 Inner tubes 116 118 112 101 104 108 109 112 113 95 102 107 103 Minerals—Total*.. 114 119 120 115 118 114 117 119 118 118 120 114 116 Fuels 113 117 118 113 117 112 114 116 115 116 117 112 114 P110 Bituminous coal... 114 123 119 106 119 103 109 120 122 116 121 122 119 Anthracite 120 112 97 111 78 84 83 82 113 129 112 105 Crude petroleum*.. '113 116 120 118 116 118 120 118 116 116 114 108 114 Metals 121 128 131 124 127 130 134 135 135 134 139 125 127 P129 Iron ore shipments.. 119 133 155 122 132 143 153 151 153 155 160 164 156 156 Copp 147 140 141 144 143 143 150 144 132 140 107 111 109 112 114 116 117 118 124 117 120 117 108 Zinc... 104 116 127 130 130 133 127 127 123 120 128 123 133 132 Gold... 125 130 113 119 121 119 124 124 124 122 125 93 107 Silver.. 111 109 116 101 120 113 127 125 114 122 109 r Revised. P Preliminary. i Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and~825 to 882. * Revised Indexes 1939 Jan. Feb. Mar. Apr. May June July Aug. Durable - - __._-___ _ _ . . . 98 106 "1 Transportation equipment 98 93 93 Aircraft 114 122 127 139 152 169 181 191 Gasoline _ _ - - ._ . 110 110 Fuel oil 107 107 109 108 Minerals—Total 92 Crude petroleum 106 107 DECEMBER 1940 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1939* 1940 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total._.. 116 126 126 124 117 113 112 112 116 121 118 120 129 nU Manufactures—Total* 116 125 126 126 118 114 112 112 116 122 118 120 130 Durable 112 131 136 140 128 121 121 120 125 134 127 128 144 P155 Nondurable _. 119 120 118 115 109 108 105 105 109 112 110 114 119 P120 Iron and Steel. 125 159 161 159 144 121 113 106 123 151 147 153 161 164 Pig iron 126 154 163 160 153 134 124 123 133 149 154 161 163 169 Steel ingots 125 159 161 159 143 120 112 104 122 151 147 152 161 163 Machinery 106 117 123 127 123 123 126 126 126 129 129 135 142 P149 Transportation Equipment* . . . '75 104 119 139 141 132 131 '96 '63 121 P167 Aircraft* 190 '213 '241 '266 '282 '283 '299 '306 '329 '371 '394 '463 514 P565 Automobiles ._ ... 62 94 111 150 130 130 134 130 118 114 70 23 89 142 Railroad cars... 75 99 112 132 133 151 158 141 137 124 118 '130 135 P134 Locomotives . . . 98 92 95 102 102 103 99 98 102 106 116 124 137 P151 Shipbuilding 132 140 138 146 144 145 162 162 172 176 185 202 213 P227 Nonferrous Metals and Products 129 147 157 156 151 140 135 129 128 129 129 139 rl52 P165 Nonferrous metal smelting1 119 127 135 136 135 129 132 133 127 124 122 122 126 P131 Copper smelting 143 130 137 139 132 131 126 127 129 138 Copper deliveries . . 153 139 129 116 116 116 118 133 156 173 Lead shipments 119 136 154 142 121 101 100 106 109 113 118 122 127 133 Zinc shipments 126 148 162 149 137 128 125 116 115 117 123 127 138 143 Tin deliveries 97 102 112 148 169 163 151 141 146 148 143 Lumber and Products 117 121 120 111 98 101 107 109 114 116 110 123 132 P132 Lumber 119 119 116 105 93 96 104 109 117 119 112 126 134 P130 Furniture 115 125 125 123 109 113 113 108 108 110 106 119 127 P134 Stone, Clap and Glass Products 130 137 126 115 90 83 101 114 129 130 126 133 143 P143 Cement 136 139 126 105 69 60 88 115 140 143 136 141 150 155 Common and face brick 157 145 137 119 70 50 71 103 131 '146 144 Common brick 162 148 133 115 60 49 66 102 134 '153 147 Face brick 145 138 148 129 96 53 84 107 126 129 138 Glass containers 112 124 114 107 104 109 117 116 119 117 121 124 126 118 Polished plate glass. 110 142 127 149 129 106 111 96 91 79 66 93 118 127 Textiles and Products 116 123 131 126 121 115 101 97 100 101 105 '111 118 126 Textile fabrics _ _ _ . 115 121 128 121 116 111 100 95 97 98 101 108 115 124 Cotton consumption 117 121 128 125 125 123 115 110 109 108 109 114 120 129 Rayon deliveries 146 145 152 150 148 141 132 127 127 131 134 '137 138 144 Silk deliveries. 88 99 101 84 72 65 66 60 55 51 51 57 65 77 Wool textiles 110 122 130 118 107 102 77 73 85 88 98 109 120 129 Carpet wool consumption_ 124 122 129 107 105 118 98 91 91 77 67 101 111 124 Apparel wool consumption 120 126 126 107 105 99 80 63 82 88 108 113 137 145 Woolen yarn.. 104 111 113 105 100 97 76 73 86 92 102 108 119 121 Worsted yarn 119 150 151 123 101 97 72 72 90 93 107 120 130 150 Woolen and worsted cloth. 101 114 134 134 118 102 71 68 80 88 102 107 116 121 Leather and Products 111 106 99 95 99 106 99 88 85 88 91 103 102 P96 Leather tanninsr 102 104 104 102 102 104 91 86 86 87 82 89 90 Cattle hide leathers 107 105 109 109 105 111 95 86 85 85 82 93 94 Calf and kip leathers 103 103 96 91 95 91 79 79 86 90 83 '87 87 Goat and kid leathers 91 102 95 94 99 96 91 94 87 91 83 '81 85 Shoes 116 107 97 91 97 107 104 89 85 88 96 '113 110 100 Manufactured Food Products 135 117 109 107 100 99 100 101 108 116 120 131 133 P125 Wheat flour 136 110 100 98 101 99 97 94 95 92 99 100 115 113 Cane sugar meltings 124 104 76 77 79 93 95 98 95 116 116 95 102 P101 Manufactured dairy products 113 85 75 73 71 83 95 112 148 168 161 151 116 P92 Ice cream 129 82 68 62 51 68 85 108 Butter.. 97 85 81 83 88 94 95 107 132 147 128 114 104 95 Cheese 105 97 78 72 73 82 94 113 154 169 147 128 119 107 Canned and dried milk 101 89 82 85 97 107 120 133 161 173 148 136 120 109 Meat packing .. 110 113 131 148 146 124 116 111 117 123 109 102 112 127 Pork and lard 108 120 157 193 187 154 140 124 135 148 119 106 117 143 Beef 115 107 106 104 104 95 93 99 101 99 102 100 107 110 Veal 102 106 100 82 85 76 82 85 93 92 96 92 102 108 Lamb and mutton 113 105 104 103 113 99 94 95 95 94 93 95 106 113 Other manufactured foods. 142 123 112 107 97 98 98 98 102 110 117 136 140 P131 Alcoholic Beverages - _ _ _ . 98 109 103 86 80 84 94 105 107 120 112 89 108 108 Malt liquor 99 92 83 81 82 82 95 111 117 126 127 106 94 82 Whiskey 41 54 71 66 77 77 81 86 84 67 40 24 56 76 Other distilled spirits 164 318 182 110 73 69 86 79 68 77 70 100 317 314 Rectified spirits 123 153 194 123 79 109 103 110 100 161 130 68 134 174 Tobacco Products 117 115 112 94 98 98 97 105 112 124 112 110 118 120 Cigars 118 125 119 80 86 90 92 97 102 104 105 108 117 127 Cigarettes . , 118 115 113 102 107 103 99 111 119 140 119 116 121 118 Manufactured tobacco and snuff.. 111 104 102 88 90 96 97 98 101 101 101 97 108 115 ' Revised. v Preliminary. i Includes also lead and zinc production shown under "Minerals." * See table on next page. 1310 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 1lumbers of the Board of Governors. ]L935-39 average= 100] 1939* 1940 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Paper and Paper Products 125 136 133 128 120 116 114 119 127 130 124 123 123 Paper and pulp. __ . . . 121 132 131 128 122 118 114 120 128 131 123 121 119 Pulp 119 137 137 143 139 137 138 144 150 157 ••147 148 147 Groundwood pulp 96 no 110 121 118 114 118 132 131 120 104 101 102 Soda pulp. 113 131 140 129 121 119 122 135 147 133 120 115 Sulphate pulp 141 129 157 167 161 158 154 164 175 184 ••175 179 185 Sulphite pulp ._ _ . _ 113 159 135 134 134 134 139 138 145 154 144 148 145 Paper 121 134 130 126 119 115 110 116 124 127 120 117 115 Paperboard 128 131 134 125 122 115 113 116 128 128 123 123 125 130 Fine paper __ 114 113273 125 120 112 106 102 108 114 116 110 107 101 Newsprint production 106 103 104 106 106 111 112 113 114 116 108 110 111 112 Printing paper 117 135 131 131 119 119 114 119 127 132 118 114 110 Tissue and absorbent paper 128 137 136 135 116 124 106 121 122 135 124 121 121 Wrapping paper . _ 118 126 127 125 121 112 108 115 124 123 122 116 108 Paperboard containers 142 154 141 126 114 110 113 115 123 127 125 Printing and Publishing * 111 122 119 120 106 109 111 114 119 119 103 102 108 Newsprint consumption. . 105 110 106 109 93 99 107 108 110 107 88 91 105 111 Petroleum and Coal Products. , 114 122 121 118 116 115 114 115 115 116 113 114 118 Petroleum refining 114 121 118 115 112 113 113 114 113 113 109 110 114 Gasoline* 116 120 119 114 108 109 109 111 111 112 109 112 116 Fuel oil* 111 117 113 113 122 120 119 115 113 112 109 114 114 Lubricating oil _ . 109 132 125 128 122 122 123 125 123 122 111 97 102 Kerosene 114 117 111 111 102 121 125 123 126 113 no 107 119 Coke . 116 133 141 140 138 125 120 118 122 131 135 138 141 144 Byproduct coke 117 131 137 137 137 125 120 120 123 131 134 136 139 141 Beehive coke ._ 57 198 269 253 170 120 100 76 76 116 171 198 209 259 Chemicals _ _. 108 116 113 114 111 111 113 114 113 no 110 112 117 P120 Rubber Products 124 128 129 118 122 117 116 114 117 115 106 109 121 120 Rubber consumption 124 129 131 119 123 117 116 114 116 114 106 110 123 122 Tires and tubes 125 121 114 109 110 114 117 115 121 126 105 104 109 109 Pneumatic tires 126 122 115 111 112 116 118 115 122 128 106 104 110 110 Inner tubes 116 118 112 98 101 104 108 109 112 113 95 102 107 103 Minerals—Total 121 129 123 '112 115 112 110 111 118 118 121 117 124 P122 Fuels 114 121 120 rH5 120 116 114 113 113 111 111 109 115 i>112 Bituminous coal 118 137 135 117 132 121 104 101 103 100 107 112 124 J>109 Anthracite 115 118 99 93 128 86 86 89 90 104 101 83 100 J>97 Crude petroleum* __ ••113 115 116 116 114 117 121 121 119 116 114 111 114 *115 Metals 160 177 141 93 89 89 87 95 149 161 179 164 171 P176 Iron ore shipments 239 270 165 14 213 288 315 308 301 294 Copper _. 144 142 144 150 141 140 133 135 136 145 Lead 111 109 116 118 114 116 115 119 122 116 112 114 112 Zinc 101 116 128 134 133 135 134 131 123 118 120 117 129 132 Gold 141 163 130 119 114 109 103 109 118 98 134 101 121 Silver 109 100 108 117 100 123 118 130 120 114 113 91 107 •• 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. * Revised Indexes 1939 Jan. Feb. Mar. Apr. May June July Aug. Year Manufactures—Total 101 Transportation equipment 80 100 Aircraft _ _ __ 112 122 127 139 155 173 181 191 176 Gasoline 110 112 Fuel oil 109 105 107 108 Crude petroleum 109 82 DECEMBER 1940 1311 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 97.5 101.2 103.4 '104. 6 '104.0 '102. 2 '100. 6 '99.3 '99.3 '100.4 '101. 6 '103. 8 105.2 107.5 Durable goodsi '89.0 '94.7 '97.4 '100.1 '99.9 '97.6 '96.1 '95.2 '95.4 '96.4 '97.8 '101. 7 104.7 108.2 Nondurable goods. 105.7 107.6 109.2 108.9 107.9 106.6 104.8 103.3 103.0 104.1 105.1 105.7 105.7 106.9 Iron, Steel, Products 96.4 105.9 110.8 112.1 110.4 107.0 102.7 100.8 101.2 103.7 107.3 111.1 112.8 116.0 Blast furnaces, steel works.. 101 115 122 124 122 117 110 107 109 115 120 123 123 125 Bolts, nuts, washers, rivets. 102 113 118 120 117 113 112 108 105 104 110 116 119 121 Cast-iron pipe 74 77 79 79 75 78 76 75 76 75 76 78 81 84 Cutlery, edgi tools 97 102 107 109 107 103 101 102 101 102 104 104 107 109 Forgings 59 66 70 72 72 71 67 67 66 66 70 73 77 81 Hardware 95 99 106 106 104 101 98 97 95 82 84 '98 101 105 Plumbers' supplies 80 81 83 85 83 81 81 82 82 83 84 87 89 90 Stamped, enameled ware 159 162 166 166 160 161 158 155 153 153 156 169 178 188 Steam, hot-water heating 84 86 87 85 85 85 84 85 87 91 92 Stoves 90 91 93 91 91 89 88 91 95 96 95 Structural, ornamental 71 75 76 76 75 75 72 71 71 73 75 78 81 84 Tin cans, tinware 97 103 103 100 101 100 99 98 97 100 100 08 96 99 Tools 87 91 94 96 96 96 93 93 92 92 95 98 101 104 Wirework 149 164 171 176 172 162 161 158 156 151 139 152 167 186 Machinery 99. 105.7 110.6 112.9 113.4 113.6 113.3 113.4 113.4 114.9 116.6 120.0 122.4 126.4 Agricultural implements 123 125 128 131 133 137 136 133 136 136 133 139 141 143 Cash registers, etc 127 126 127 129 127 128 128 128 128 130 130 129 132 132 Electrical machinery 92 97 100 103 103 102 102 102 101 103 104 107 111 115 Engines, turbines, etc 108 116 124 133 134 132 134 142 152 165 175 181 195 Foundry, machine-shop products. 99 91 95 97 98 98 97 97 96 97 98 101 103 106 Machine tools 86 170 183 191 197 204 209 215 220 228 237 247 247 257 Radios, phonographs 155 145 160 153 144 144 145 153 155 144 145 145 138 134 Textile machinery 129 81 85 86 86 85 85 84 82 79 77 76 79 .80 Typewriters _ 78 123 125 125 123 119 115 114 113 112 116 119 123 127 122 Transportation Equipment1 '100.2 '106.4 '102.3 '113. 7 '114.3 '112.1 '112. 5 '111.2 '111.6 '111.8 '110.7 '120.< 130.0 139.1 Aircraft* •1, 641 1,756 1,951 % 121 •2, 298 •2, 326 % 356 '2,426 •2, 598 •2,829 '3,115 3,479 3,881 4,289 Automobiles 102 108 100 112 111 107 107 106 105 102 97 '107 115 124 Cars, electric-, steam-railroad _ 34 42 48 53 57 61 60 54 52 49 51 50 55 58 Locomotives 28 25 26 28 30 30 28 27 28 29 31 33 36 39 Shipbuilding 128 132 133 139 140 146 148 148 154 164 175 186 187 194 Nonferrous Metals, Products.. 99.2 107.0 110.1 111.3 111.7 107.5 106.6 105.9 106.0 108.2 110.7 '115. 6 118.6 122.4 Aluminum 152 166 172 170 173 170 168 170 173 177 185 193 196 201 Brass, bronze, copper 115 130 137 138 137 128 127 125 124 128 132 140 147 153 Clocks, watches 85 87 88 92 91 91 90 94 95 98 100 101 Jewelry _.. 91 92 95 95 93 95 96 99 100 100 94 97 Lighting equipment 88 95 89 95 95 88 84 85 84 86 81 92 100 103 Silverware, plated ware.. 71 70 72 74 74 71 70 70 70 68 71 70 72 74 Smelting, refining. _. 77 85 87 87 87 87 92 92 93 Lumber, Products 67.4 72.2 72.4 72.0 70.0 68.1 67.2 67.9 67.4 67.5 69.0 70.7 71.3 Furniture _ 87 93 93 94 91 90 90 90 90 89 90 91 91 Lumber, millwork. 61 63 64 64 65 63 62 61 61 62 63 65 68 Lumber, sawmills.. 61 66 65 63 61 60 61 60 60 62 64 64 Stone, Clay, Glass Products- 79.0 81.9 85.0 85.4 85.8 8O.i 80.0 79.8 78.9 79.8 81.3 81.8 83.0 84.6 Brick, tile, terra cotta... 59 61 64 65 61 59 59 58 58 60 61 61 Cement.. __ _. 66 68 70 71 66 65 68 67 60 70 72 Glass 100 106 109 109 111 103 105 104 103 103 105 107 109 112 Marble, granite, slate... 48 49 49 50 46 48 45 45 47 47 45 45 46 46 Pottery 90 94 95 93 90 91 94 04 94 Textiles, Products 103.4 106.0 107.5 105.8 104.4 102.7 99.1 96.6 96.3 96. 100.2 101.1 101.9 102.7 Fabrics 93. 97.7 99.7 96.9 95.0 93.1 88.6 87.8 87.7 88.0 91.3 92.6 93.5 95.3 Carpets, rugs 78 83 85 84 85 83 78 79 76 70 71 72 75 80 Cotton goods 91 94 96 95 94 93 89 89 88 89 91 93 94 95 Cotton small wares _ 86 91 92 91 88 83 77 76 76 76 77 79 81 82 Dyeing, finishing textiles.. 129 133 132 131 127 124 123 121 123 119 125 128 129 128 Hats, fur-felt 87 86 90 92 91 90 84 65 68 74 85 83 84 80 Hosiery _ 149 151 151 146 145 145 139 139 134 133 136 138 138 140 Knitted outerwear 75 76 75 68 62 68 65 60 61 65 69 72 69 70 Knitted underwear 78 79 80 79 80 77 77 74 72 72 76 75 74 75 Knitted cloth 140 148 155 146 142 134 133 130 127 131 138 147 151 152 Silk, rayon goods 70 75 77 74 71 66 65 65 67 64 63 62 62 63 Woolen, worsted goods 83 90 95 89 85 81 71 70 73 77 85 86 90 94 Wearing apparel 120.4 120.4 120.4 121.6 121.3 120.0 118.8 112.4 111.6 112.4 116.1 116.1 116.4 114.8 Clothing, men's 106 107 108 112 110 107 107 100 98 102 105 104 104 102 Clothing, women's 172 171 171 171 167 169 167 156 158 158 166 164 165 164 Corsets, allied garments... 116 117 117 117 117 114 113 111 113 113 106 '112 112 112 Men's furnishings 136 138 127 122 120 120 120 115 114 111 120 125 126 122 Millinery __ 80 80 74 75 79 83 83 78 72 71 71 73 78 74 Shirts, collars _ 121 121 123 123 132 125 122 122 121 116 116 118 119 116 ' Revised. i Revised figures in 1939 not shown in above table: Durable goods, August 854; Transportation equipment, January through August 94.2, 98.0; 914; 91.8; 874; 89.8; 904; 88.9; Aircraft, January through August 909; 985; 997; 1,116; 1,224; 1,889; 1,477; 1,520. NOTE.—Figures for October 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. 1312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Factory Employment (Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1939 1940 Industry and group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Leather, Manufactures 97.4 97.3 95.4 93.8 91.9 87.9 90.9 19.9 91.1 Boots, shoes 95 96 94 93 90 86 89 87 90 Leather 87 87 85 83 82 81 81 81 82 81 82 Food, Products 128.1 126.9 129.6 131.4 130.7 130.8 130.; 128.8 129.1 131.9 129.0 ••129. 8 127.0 129.7 Baking 146 146 145 145 144 144 145 144 145 146 146 146 144 144 Beverages 269 271 279 285 280 278 275 274 273 278 268 272 272 Butter , 95 95 97 97 95 96 96 97 98 97 96 96 96 Canning, preserving _ 147 137 150 154 149 155 152 150 147 161 137 ••146 130 149 Confectionery 82 82 86 86 85 86 83 82 84 83 86 88 86 86 Flour 82 80 77 79 80 80 80 79 81 80 79 •79 79 78 Ice cream __ 76 78 79 79 79 79 80 79 76 77 75 76 75 79 Slaughtering, meat packing __ 102 103 106 108 108 109 110 107 107 109 111 108 109 109 Sugar, beet 131 107 105 118 162 102 102 98 99 102 99 106 111 98 Sugar refining, cane 90 100 95 94 93 97 94 95 96 97 96 95 100 Tobacco Manufactures 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 63.3 Tobacco, snuff 62 62 60 60 62 60 60 59 59 59 58 56 57 57 Cigars, cigarettes 65 64 65 66 63 65 66 64 64 64 65 64 Paper, Printing-. 112.8 115.0 115.7 116.4 115.5 114.7 114.8 114.3 115.3 115.7 116.4 116.4 115.7 116.2 Boxes, paper _ 116 121 122 121 121 118 116 115 116 118 119 119 117 117 Paper, pulp 109 114 115 115 114 113 113 112 115 116 117 117 117 115 Book, job printing 98 99 100 101 102 100 100 101 100 100 101 100 100 102 Newspaper, periodical printing.__ 116 116 115 116 114 116 117 116 117 116 116 117 116 116 Chemicals, Petroleum, and Coal Products 116.4 119.9 121.3 121.9 121.4 120. 120.0 121.1 122.0 122.4 121.7 122.2 121.3 122.7 Petroleum refining 122 122 123 122 122 122 123 122 122 123 122 122 121 120 Other than petroleum 115.2 119.4 120.8 121.8 121.3 120. 119.4 120.9 121.9 122.3 121.4 122.2 121.3 123.3 Chemicals 122 132 137 138 138 138 137 136 137 138 138 141 141 143 Cottonseed oil, cake, meal 92 98 91 91 92 87 84 97 94 83 78 75 62 90 Druggists' preparations 112 113 114 116 119 118 117 119 122 120 120 117 116 115 Explosives— _ 98 102 104 106 104 108 109 116 120 127 133 139 145 141 Fertilizers. 111 109 106 111 105 99 102 109 119 120 114 113 107 106 Paints, varnishes 123 125 126 126 127 124 124 123 121 122 124 126 127 125 Rayon, allied products 297 309 310 311 310 309 304 312 311 315 308 306 309 310 Soap 87 87 87 84 81 81 82 82 83 85 81 87 Rubber Products 86.1 91.2 93.0 92.4 90.2 87. 86.7 83.9 83.5 84.2 84.7 ••87.0 89.7 91.5 Rubber boots, shoes 58 60 61 61 59 57 57 57 56 57 56 54 54 57 Rubber tires, inner tubes 70 74 75 75 74 73 72 70 69 69 69 71 73 75 Rubber goods, other 144 154 159 157 152 145 142 136 138 140 141 149 155 156 • Revised. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments Total 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 r t a a n - d Trade ci ic a e l, , s a e n r d v- G er o n v - employ- ing tion public miscel- ment ment i utilities laneous 1929—average _ 36,710 30,851 10,203 1,064 1,806 3,878 6,404 4,147 3,349 1930—average 34,439 28,609 9,087 982 1,422 3,647 6,065 4,028 3,379 1931—average 31 515 25,791 7,751 847 1,236 3,221 5,530 3,782 3,425 1932—average 28,289 22, 706 6,571 706 821 2,789 4,914 3,471 3,434 1933—average 28,474 22,924 7,036 714 755 2,647 4,941 3,422 3,408 1934—average 30 890 25,135 8,112 844 840 2,727 5,476 3,627 3,509 1935—average 32,073 26,234 8,640 855 908 2,762 5,669 3,771 3,628 1936—average 34,170 28,125 9,350 896 1,211 2,944 5,941 3,978 3,805 1937—average 35,882 29,763 10,273 949 1,148 3,102 6,233 4,144 3,915 1938—average _ 33, 602 27,468 8,731 834 1,001 2,835 6,012 4,059 3,997 1939—average 34,614 28,471 9,301 790 1,213 2,904 6,078 4,108 4,077 1938—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 6,460 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 4,168 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 4,180 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 9,648 835 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 9,634 838 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 36 636 30,484 10,184 847 1,473 3,075 6,240 4,252 4,413 Oct 36, 952 30, 803 10, 361 852 1,514 3,079 6,297 4,193 4,507 NOTE.—Compiled by the Bureau of Labor Statistics. Figures for October 1940 are preliminary. * Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. DECEMBER 1940 1313 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 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct# Total1 '100.3 '103. 7 '99.6 '99.7 '103.8 107.7 109.9 '93 9 '101. 7 '98.1 '96.8 '104. 0 110.0 114.2 Durable goods1 89.8 '96.2 '97.3 '95.9 '99.8 105.5 109.7 '87 9 '99.8 '100. 4 96.5 '105. 5 114.0 121.7 Nondurable goods 110.2 110.8 101.7 103.3 107.6 109.7 110.1 100.5 103.9 95.6 97.1 '102. 4 105.6 105.9 Iron, Steel, Products 97.2 106.8 103.7 106.2 110.7 113.5 117.1 92 g 112.1 102.8 104.3 113.5 118.0 123.3 Blast furnaces, steel works 101 115 114 119 122 123 125 95 124 114 116 125 128 131 Bolts, nuts, washers, rivets 101 113 104 109 115 118 121 111 138 111 112 139 140 150 Cast-iron pipe - 75 77 77 78 80 82 84 63 71 70 75 76 79 84 Cutlery, edge tools 97 104 101 99 102 107 111 85 94 92 91 '93 101 107 Forgings 59 65 66 68 73 77 80 63 75 74 78 86 92 103 Hardware 94 100 82 83 96 101 106 114 110 86 86 107 113 117 Plumbers' supplies 80 82 83 84 87 89 91 72 80 73 74 80 81 85 Stamped, enameled ware 157 164 153 152 164 176 190 159 173 163 166 '183 201 219 Steam, hot-water heating _ 81 86 85 84 90 94 99 71 83 77 78 85 91 101 Stoves 92 97 93 92 98 101 106 82 94 83 81 89 97 107 Structural, ornamental 74 76 74 76 80 83 85 68 65 68 73 75 79 Tin cans, tinware 107 106 103 106 108 105 102 117 111 114 113 122 117 112 Tools 86 91 92 94 96 100 105 82 92 89 92 96 104 111 Wirework 145 166 152 136 146 162 188 161 183 161 141 163 186 224 Machinery 100.3 106.6 115.1 116.1 119.2 123.1 127.0 100 9 111.0 125.1 125.7 131.0 137.9 144.9 Agricultural implements 116 118 137 131 131 134 135 195 131 158 149 152 156 158 Cash registers, etc. 127 126 130 130 129 132 132 124 126 138 136 136 140 142 Electrical machinery 92 97 103 104 107 111 116 QR 106 118 118 124 131 138 F E o n u g n in d e r s y , , t u m r a b c in hi e n s e , - e sh tc o . p products. 8 99 6 10 9 5 1 15 9 8 7 1 9 68 8 1 1 7 0 5 1 1 1 8 0 2 3 1 1 9 0 1 6 1 8 16 0 12 9 9 0 21 9 1 6 22 9 4 6 2 1 3 0 9 1 2 1 4 0 9 5 2 1 6 1 4 2 Machine tools 156 171 229 235 238 248 258 182 208 303 308 303 332 351 Radios, phonographs _ . .. 150 177 141 143 157 160 164 139 170 134 139 150 162 164 Textile machinery 77 80 79 77 76 78 80 73 76 74 73 74 76 78 Typewriters 122 124 111 114 118 123 128 122 126 112 117 125 137 154 Transportation Equipment1 .__ ._ '97.7 '106.1 '99.7 '104. 9 126.7 138.5 '100 3 '110.8 '121.0 '98.9 '115.7 141.3 161.3 Aircrafti '1,591 1, 704 '2,914 '3,147 '3, 479 3,764 4,160 rl 516 '1, 703 '2, 968 '3,125 '3, 727 4,212 4,669 A Ca u r t s o , m e o le b c i t l r e ic s. - , s _ te _ a m _ -r _ ailroad 9 3 9 3 10 4 8 1 10 5 5 1 8 5 2 1 8 5 5 1 11 5 2 4 12 5 4 6 10 2 3 8 11 3 3 8 11 4 2 5 8 4 1 3 '9 4 6 7 1 4 25 9 14 4 7 9 Locomotives. . _ 28 26 29 31 33 36 39 26 25 29 31 33 37 40 Shipbuilding 129 134 163 170 181 188 196 135 144 186 193 212 228 241 Nonferrous Metals, Products 100.3 110.4 106.6 106.9 113.8 119. ? 126.3 % 5 113.6 105.5 105.8 117.0 127.9 136.6 Aluminum. 151 168 177 181 189 195 204 167 191 204 194 225 239 251 Brass, bronze, copper 115 131 127 130 138 147 155 123 154 141 146 161 178 190 Clocks, watches _ 86 90 91 90 95 101 104 88 99 92 91 101 109 119 Jewelry . 100 107 91 93 99 103 112 84 93 76 76 83 91 99 Lighting equipment. _ _ 88 98 84 77 88 100 107 75 82 70 64 77 90 97 Silverware, plated ware 71 73 68 63 69 73 77 66 71 56 51 '60 70 78 Smelting, refining 77 84 87 89 91 92 94 71 , 81 86 87 89 92 94 Lumber, Products 70.0 72.4 68.3 68.2 71.3 73.4 74.4 63 5 68.7 63.6 60.7 68.3 71.3 73.7 Furniture 91 95 88 88 91 95 97 78 85 76 74 82 88 92 Lumber, millwork 62 64 62 63 64 67 69 50 52 49 49 '52 55 58 Lumber, sawmills _ . 63 66 62 62 65 66 67 57 62 58 54 62 64 65 Stone, Clay, Glass Products 81.7 84.8 82.9 82.4 84.5 85.8 87.4 71 7 80.3 73.4 71.1 76.7 79.5 82.5 Brick, tile, terra cotta _ _ _ _ 63 65 63 64 64 65 65 50 57 51 52 54 54 54 Cement. . 71 72 72 72 75 75 76 68 71 70 68 73 77 75 Glass 101 107 105 103 107 109 114 105 121 111 105 116 121 130 Marble, granite, slate . . _ 52 51 49 48 49 49 47 39 39 36 34 37 38 37 Pottery 86 92 90 87 91 94 98 74 87 76 71 80 85 91 Textiles, Products 104.3 108.0 93.7 94.5 '99.7 102.7 104.6 86.5 93.5 75.4 77.7 87.4 92.7 93.4 Fabrics. . 93.3 98.6 85.7 88.0 90.4 92.8 96.2 81 0 88.0 72.5 76.4 80.9 84.8 89.6 Carpets, rugs. _ 78 83 70 71 71 76 80 68 75 55 54 59 66 72 Cotton goods 89 94 87 88 89 92 95 79 84 75 78 80 85 90 D Co y t e t i o n n g , s f m in a i l s l h w in ar g e t s extiles 1 8 2 4 5 1 9 3 2 3 1 7 1 4 6 11 74 6 1 7 2 7 2 1 7 2 9 5 1 8 2 3 8 1 8 0 2 8 1 8 1 9 6 6 9 7 3 6 9 9 5 1 7 0 3 2 1 7 0 7 7 11 8 2 3 Hats, fur-felt 90 86 71 83 87 86 80 74 61 58 78 83 77 68 Hosiery 150 154 130 131 136 139 143 156 174 128 130 144 147 158 Knitted outerwear 79 82 63 66 70 73 76 62 70 51 54 60 64 66 Knitted underwear 78 80 73 72 73 74 76 67 74 64 63 66 68 72 Knitted cloth 143 152 128 136 148 154 157 121 132 107 117 129 138 136 Silk, rayon goods _ _ 73 77 60 61 63 64 65 56 61 46 47 51 51 53 Woolen, worsted goods 82 91 76 83 87 89 95 68 77 65 74 78 82 88 Wearing apparel - 124. 124. 107. 104.9 '116. 120.7 119.0 92. 98.7 76. 75. '94.9 102. 95.2 Clothing, men's . . __ __ Ill 109 99 103 '107 108 105 80 83 71 77 82 83 78 Clothing, women's 179 178 148 137 164 171 172 118 133 95 89 '130 142 132 Corsets, allied garments 116 118 112 103 '109 112 113 120 127 109 100 '109 123 125 Men's furnishings 133 144 110 110 117 122 127 121 143 95 98 114 121 135 Millinery 89 82 66 55 73 87 76 81 62 47 37 65 94 55 Shirts, collars .. 123 127 115 111 117 122 122 102 116 92 88 102 108 115 * Revised. i Series revised from January 1939 to date. 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average—100] Factory employment Factory payrolls Industry and group 1940 1939 1940 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. Leather, Manufactures 97.8 96. 86.8 91.6 92.0 90. 90.0 76.5 67.0 76.4 '77.0 74.6 73.3 Boots, shoes 97 94 85 91 90 72 71 63 75 75 72 69 Leather 87 80 80 84 76 76 77 77 82 Food, Products 150.7 137. 129.7 135.5 '145. 8 147.4 140.9 139.7 130.0 129.0 131.4 '139.0 138.5 134.1 Baking 148 148 147 147 147 147 146 139 137 141 142 140 141 140 Beverages 287 271 302 300 299 283 272 336 309 376 353 357 331 314 Butter 99 95 105 105 103 100 96 84 91 90 89 88 81 Canning, preserving 304 182 141 180 '264 269 199 264 117 147 '248 231 170 Confectionery 91 97 75 74 96 101 92 72 69 77 98 102 Flour 84 82 78 80 81 81 94 83 72 76 76 81 79 Ice cream 82 73 92 92 91 81 74 69 62 78 78 78 70 64 Slaughtering, meat packing 101 103 108 111 107 108 109 108 108 115 118 112 113 116 Sugar, beet 121 287 53 58 102 262 117 245 54 56 88 116 208 Sugar refining, cane ^ 91 101 98 101 96 100 87 91 85 82 Tobacco Manufactures 66.4 66.7 64.9 62.4 64.4 65.8 66.5 62.9 63.4 66.' 62.3 62.3 65.9 66.7 Tobacco, snuff 61 62 58 56 55 56 57 67 71 67 67 65 67 69 Cigars, cigarettes 67 63 67 62 67 62 62 66 Paper, Printing 113.2 116.5 114.5 114.7 115.2 116.2 117.6 109.3 113.8 112.3 111.2 110.' 113.3 115.1 Boxes, paper 119 128 115 116 118 120 124 133 151 127 128 131 134 142 Paper, pulp 109 114 116 117 117 117 115 113 126 126 126 125 124 124 Book, job printing 98 99 97 99 100 100 103 86 85 87 86 88 91 Newspaper, periodical printing.._ 116 117 116 114 114 116 118 110 111 106 106 111 111 Chemicals, Petroleum, and Coal Products 118.0 122.3 119.0 118.5 119.4 122.6 125.0 124.6 133.3 133.2 133.4 '134.4 138.2 139.5 Petroleum refining 123 123 123 123 123 123 121 135 140 137 137 137 139 136 Other than petroleum 116.7 122.2 118.0 117.4 118.6 122.6 126.1 121.5 131.2 132.0 132.4 '133.5 137.8 140.5 Chemicals 124 134 138 140 142 143 146 140 158 165 169 '169 171 177 Cottonseed oil, cake, meal 120 139 51 45 52 81 128 100 120 46 46 49 78 124 Druggists' preparations 114 117 116 114 '114 118 119 124 133 126 125 127 132 133 Explosives 100 104 126 133 140 148 145 114 125 154 167 172 175 181 Fertilizers 98 99 89 80 81 96 96 86 80 78 70 71 85 81 Paints, varnishes 122 125 126 125 124 126 125 128 135 136 132 132 136 136 Rayon, allied products 300 310 306 307 308 312 312 286 303 314 315 318 328 324 Soap 90 82 81 84 82 90 107 109 100 100 102 107 108 Rubber Products 86.0 92.4 83.4! 83.5 '85.9 89.5 92.6 91.0 101.! 86.4 85.2 '87. 7- 95.8 101.0 Rubber boots, shoes 60 62 55 54 55 56 59 62 64 56 51 57 60 63 Rubber tires, inner tubes 70 74 69 69 71 73 75 83 91 78 77 76 85 90 Rubber goods, other 142 158 138 138 '144 153 159 135 161 133 132 142 153 160 r Revised. NOTE.—Figures for October 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. Total 38.0 38.0 37.2 37.5 37.3 38.4 38.8 63.4 63.8 66.9 67.2 66.7 '66.8 67 1 Durable goods 38.4 38.2 38.2 38.7 37.9 '39. 7 40.2 69.9 70.9 73.0 73.2 72.7 '73.1 73.7 Iron, Steel, Products _ _ 37.0 37.0 36.6 37.6 37.2 38.8 39.2 75.7 76.1 76.7 77.4 77.7 77.7 77.9 Machinery 39.0 39.1 40.5 40.8 40.5 41.2 41.8 72.1 72.2 74.1 74.3 74.4 74.5 74.6 Transportation Equipment 38.1 37.3 36.7 38.1 36.2 39.9 40.0 88.8 89.5 90.2 90.5 89.1 89.7 90.0 Nonferrous Metals, Products 39.0 39.9 38.8 39.0 38.6 40.1 41.5 66.8 67.4 70.1 70.2 70.1 70.3 71.0 Lumber, Products 39.6 39.3 38.7 38.5 37.0 '39.4 39.9 50.2 50.1 52.1 52.3 51.9 '52.6 52.5 Stone, Clay, Glass Products 37.7 37.0 37.1 36.3 35.5 37.0 37.4 64.6 64.7 66.4 66.4 66.5 66.8 67.2 Nondurable goods 37.8 37.8 36.3 36.4 36.7 37.2 37.5 58.5 58.3 61.5 61.7 61.5 61.3 61.1 Textiles Products 36 1 35.5 33.7 33.5 33.8 34.9 35.7 48.3 48.2 49.6 49.6 50.2 51.2 51.4 Fabrics 36.7 37.0 34.3 34.1 34.8 35.7 36.4 46.0 46.1 48.4 48.4 48.6 48.6 48.7 Wearing apparel 35.0 32.8 32.7 32.5 31.9 33.5 34.4 52.3 51.9 51.8 51.8 53.4 55.8 56.3 Leather, Manufactures. _ 37.7 34.8 30.9 33.2 35.9 35.8 34.8 52.6 53.2 55.5 55.3 55.3 55.4 55.8 Food, Products 40.5 41.6 40.1 40.1 39.9 40.4 40.3 59.6 58.5 64.7 64.1 '62.5 61.5 60.3 Tobacco Manufactures 36.9 36.9 36.4 38.1 36.8 36.1 37.8 47.2 47.5 49.7 50.5 '50.2 49.2 48.7 Paper, Printing 38.1 39.0 38.8 38.5 38.4 38.2 38.4 76.8 77.4 79.4 79.7 79.1 78.9 79.2 Chemicals, Petroleum, and Coal Products 38.4 38.8 38.8 38.5 38.5 38.7 39.0 76.6 74.1 76.0 '77.1 78.3 77.8 77.3 Petroleum refining _.-_.. 35.8 35.6 36.2 35.7 35.3 35.8 36.1 97.5 96.9 97.5 98.3 98.6 97.7 98.3 Other than petroleum refining. 39.5 39.9 39.7 39.6 39.7 39.8 40.0 68.0 65.8 68.6 70.2 '70.9 70.7 70.0 Rubber Products 37.0 37.6 36.4 36.4 35.7 36.3 37.5 77.0 76.8 77.8 78.0 78.5 77.9 78.0 ' Revised. 1315 DECEMBER 1940 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 Total R b e u si i d ld e i n n t g ial P a u n b d l ic p u w b o l r ic ks Month Factories Commercial Educational i Other i utilities i 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 January 251.7 196.2 80.2 77.4 7.1 12.9 17.3 15.9 31.7 6.1 28.9 17.7 86.5 66.3 February 220.2 200.6 79.0 74.9 9.5 15.4 13.5 20.2 21.8 8.1 24.7 26.9 71.6 55.2 March 300.7 272.2 125.2 121.7 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 323.2 347.7 129.7 152.4 20.7 38.0 26.6 27.1 10.1 9.8 24.9 26.4 111.1 94.0 October. _ __ _ _ _ 261.8 383.1 118.3 148.5 16.8 47.1 22.6 29.4 9.5 18.6 23.8 41.2 70.8 98.2 November 299.8 116.6 18.5 20.4 9.7 29.2 105.5 December 354.1 88.7 15.3 17.4 7.7 17.4 207.7 Year 3, 550. 5 1 334 3 174.8 246.9 201.4 342.5 1, 250. 6 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Public ownership i Private ownership l Month 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 January _ _ _ 100 215 243 192 252 196 55 149 112 118 148 93 45 66 130 75 104 104 February 75 140 188 119 220 201 38 79 69 51 111 82 37 62 119 68 109 119 March 123 199 231 227 301 272 68 96 66 95 128 95 55 103 165 132 173 177 April 124 235 270 222 330 301 53 105 74 99 160 103 71 130 195 123 170 197 May _ _ _ 127 216 244 283 308 329 47 94 93 144 135 112 80 122 151 139 174 217 June 148 233 318 251 288 325 64 116 137 108 128 147 84 116 180 143 161 177 July 159 295 322 240 300 399 67 153 131 98 137 205 93 141 191 142 163 194 August. ._ 169 275 281 313 312 415 92 153 104 171 158 195 76 122 178 142 154 220 September 167 234 207 301 323 348 97 116 80 160 144 144 70 119 127 141 179 204 October 201 226 202 358 262 114 101 78 203 92 87 125 124 154 170 November 188 208 198 302 300 118 89 93 179 144 70 119 106 123 156 December 264 200 209 389 354 196 82 115 279 225 68 117 94 110 129 Year 1,845 2,675 2,913 3,197 3,551 1,007 1,334 1,152 1,705 1,708 837 1,341 1,761 1,492 1,842 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1940 1939 Number Liabilities Federal Reserve district Oct. Sept. Oct. Federal Reserve 1940 1939 1940 1939 district Boston 26, 543 26,700 16, 478 Oct. Sept. Oct. Oct. Sept. Oct. New York 56,407 53, 900 47, 226 Philadelphia 16,449 23,934 16, 537 Cleveland 38,198 34, 643 29, 485 Boston 89 44 93 774 630 1,614 Richmond 51, 758 34,192 28, 276 New York 400 321 453 4,788 3,918 4,771 Atlanta 52, 510 31, 323 27, 571 Philadelphia 72 75 69 720 701 1,044 Chicago 67, 270 69,156 44, 697 Cleveland 51 36 63 552 1,049 1,357 St. Louis.... 27,121 25, 467 17,082 Richmond 40 37 52 498 348 755 Minneapolis 11, 099 12, 028 10,041 Atlanta 53 43 80 858 488 1,145 Kansas City 12, 916 13, 744 9,713 Chicago 153 145 182 1,580 1,337 3,192 Dallas — 22, 798 22, 564 14, 690 St. Louis 39 36 38 481 665 216 Minneapolis 19 20 17 181 : 240 156 Total (11 districts) 383, 069 347, 651 261, 796 Kansas City 45 49 52 289 255 363 Dallas 33 23 23 720 159 557 San Francisco 117 147 112 1,274 1,607 2,294 Total 1,111 976 1,234 12, 715 11, 397 17,464 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. 1316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports> Excess of exports Month 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 January 199 223 289 213 370 187 240 171 178 242 11 -18 118 35 128 February _ _ _ __ 182 233 262 219 347 193 278 163 158 200 -11 -45 99 61 147 March 195 257 275 268 351 199 307 173 190 217 -4 -51 102 77 135 April 193 269 274 231 324 203 287 160 186 212 -10 -18 115 45 112 May _ 201 290 257 249 325 192 285 148 202 211 9 5 109 47 114 June 186 265 233 236 '351 191 286 146 179 211 -5 -21 87 57 130 July.. . . 180 268 228 230 317 195 265 141 169 232 — 15 3 87 61 85 August 179 277 231 250 350 193 246 166 176 221 -14 31 65 74 129 September. .. 221 297 246 289 295 216 233 168 182 195 5 63 79 107 100 October 265 333 278 332 P343 213 224 178 215 P207 52 108 100 117 P136 November 226 315 252 292 196 223 176 235 30 92 76 57 December _ _ 230 323 269 368 245 209 171 247 -15 115 98 121 Year 2,456 3,349 3,094 3,177 2,423 3,084 1,960 2,318 33 265 1,134 859 » Preliminary. r Revised. i Including both domestic and foreign merchandise. » 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] For- Mis- Mer- Adjusted * Unadjusted * Total Coal Coke Grain s L t i o v c e k - p e r s o t d- Ore la ce n l- e- c d h i a se nucts ous l.c.l. 1937 1938 1939 1940 1937 1938 1939 1940 ADJUSTED * SALES 1 1939—Sept 77 85 82 88 45 45 85 82 63 Jan 93 90 88 92 72 70 69 71 Oct 80 87 95 87 44 50 108 86 62 Feb 95 88 87 89 76 70 69 71 Nov 82 80 100 88 41 51 191 89 63 Mar 93 86 88 89 90 77 82 86 Dec 78 71 92 87 40 51 116 89 62 Apr 93 83 88 89 89 86 88 86 May 93 78 85 87 95 80 87 89 1940—Jan 78 83 90 73 39 47 114 86 62 June 93 82 86 91 90 79 83 87 Feb 73 68 65 75 40 44 107 83 61 July 92 83 86 91 65 58 60 64 Mar 69 66 70 75 39 43 105 77 60 Aug 93 83 89 99 72 65 69 77 Apr 70 75 73 79 37 43 102 74 59 Sept 94 86 91 99 100 91 97 105 May 72 78 73 74 38 45 96 77 60 Oct. 93 84 90 91 103 92 99 101 June. 75 81 91 74 38 45 100 82 60 Nov _. 91 89 95 101 99 106 July 75 83 105 80 35 46 96 80 61 Dec ^ 89 89 96 156 156 168 Aug. _._ 76 85 108 74 38 49 96 82 61 Sept 77 80 99 79 42 51 106 84 61 Year._ 92 85 90 Oct 77 65 97 81 45 55 117 89 62 STOCKS UNADJUSTED * Jan 74 71 67 68 66 63 60 61 1939—Sept. _. 85 89 78 99 57 49 149 92 65 Feb 76 70 68 71 72 67 65 68 Oct 89 96 95 87 62 52 160 97 65 Mar 76 70 68 70 78 71 69 71 Nov 83 87 100 83 50 50 105 91 64 Apr. _. . 76 69 67 69 79 71 69 71 Dec 73 79 101 75 39 44 29 81 60 May 76 69 66 68 78 71 68 70 June 76 68 67 67 73 65 64 64 1940—Jan 72 95 106 66 38 41 25 74 58 July 77 67 67 68 69 61 60 61 Feb 68 80 88 69 33 43 26 71 59 Aug 78 67 67 69 74 65 65 66 Mar 67 70 73 69 31 44 26 74 60 Sept 77 67 68 70 80 70 71 '73 Apr 67 63 62 70 34 44 42 76 60 Oct 76 67 ^69 71 85 74 77 79 May 71 67 70 66 34 47 134 80 60 Nov. 75 67 71 86 78 82 June 75 69 85 73 31 48 170 85 60 Dec 72 66 68 68 62 64 July..... 77 70 89 110 31 46 182 82 60 Aug 78 75 88 89 38 51 178 83 61 Year_. 76 68 68 Sept 86 83 94 89 54 56 185 94 64 Oct 86 72 97 81 63 57 173 100 64 r Revised. * The terms "adjusted" and "unadjusted" refer to adjustment * The terms "adjusted" and "unadjusted" refer to adjustment of monthly of monthly figures for seasonal variation. figures for seasonal variation. i Based on daily average sales—with allowance for changes NOTE.—For description and back data see pp. 522-529 of BULLETIN for June from month to month in number of Saturdays and in number of 1937. Based on daily average loadings. Basic data compiled by Association of Sundays and holidays. Adjustment for seasonal variation American Railroads. Total index compiled by combining indexes for classes makes allowance in March and April for the effects upon sales with weights derived from revenue data of the Interstate Commerce Commission. 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. DECEMBER 1940 1317 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 i o e m l d s l i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts F m li u g a e h t l e t r i a n i n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n al g s p c C r a a o l h l s d l e i u e m a d c n i t d - s i f n H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - 1929 95 3 304.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931. 73 0 64 8 74 6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64 8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65 9 51 4 60 5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74 9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80 0 78 8 83 7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936. _. 80 8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.6 1937 86 3 86 4 85 5 85.3 104.6 76 3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 _ .. 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76 0 86.3 74.8 1939—September _. 79.1 68.7 75.1 82.1 98.5 71.7 72.8 94.8 90.9 76.6 86.6 76.6 October 79 4 67.1 73.3 83.8 104.6 75.5 73.9 95.8 92.8 77.6 87.8 77.6 November. __ _ 79.2 67.3 72.3 84.0 104.0 76.4 74.1 96.0 93.0 77.4 88.4 77.0 December 79 2 67 6 71 9 83.9 103.7 78.0 72.8 96.0 93.0 77.7 88.5 77.4 1940—January 79 4 69 1 71.7 83.9 103.6 77.9 72.7 95.8 93.4 77.7 87.9 77.7 February... 78.7 68.7 71.1 83.2 102.4 75.4 72.4 95.3 93.2 77 5 88.0 77.3 March 78 4 67 9 70 2 82.9 101.8 74.0 72.2 95.5 93.3 77.0 88.0 76.9 April 78.6 69.4 71.6 82.5 101.8 72.9 71.8 94.5 92.5 76 8 88.4 77.7 May. 78 4 67 9 71 4 82.5 101.3 72.9 71.7 94.5 92.5 76.7 88.5 77.7 June 77.5 66.2 70.3 82.2 99.2 72.6 71.4 94.7 92.4 76 1 88.5 77.3 July ._ 77 7 66 5 70 3 82.3 99.0 72.4 71.1 95.1 192.5 77.0 88.5 77.7 August 77.4 65.6 70.1 82.0 96.9 72.3 71.1 94.9 193.3 76.7 88.5 76.7 September 78 0 66 2 71 5 82.3 98.3 72.5 71.0 95.4 195.6 76.8 88.5 76.5 October 78 7 66.4 71.1 83.5 100.4 73.6 71.6 97.3 97.8 76.9 88.6 76.9 Week ending— 1940—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 83.1 100.3 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 November 2 78.5 66.5 70.8 83.7 102.3 73.7 72.2 97.4 96.1 77 1 90.1 76.9 November 9 78.8 67.2 71.7 83.9 102.4 73.9 72.5 97.4 96.3 77.2 90.1 77.1 November 16 79.3 68.4 72.6 84.1 103.0 74.0 72.6 97.5 96.3 77.4 90.1 77.6 November 23 79.5 68.8 72.8 84.3 103.1 74.2 72.4 97.4 98.8 77.5 90.2 77.5 1939 1940 1939 1940 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. Farm Products: Metals and Metal Products: Grains 61 6 60 8 59.3 61.7 65.4 Agricultural imnlftmftnt.s 93.4 92.4 92.3 92.4 92.5 Livestock and poultry_ 70.5 69.8 71.5 72.4 70.6 Farm machinery 94.6 93.5 93.5 93.7 93.8 Other farm products 66 1 65 6 63.3 63.2 63.8 Iron and stee 96.0 94.6 94.8 94.9 94.9 Foods: Motor vehicles 93.9 95.6 95.6 96.1100.1 D airy products 78.9 73.7 74.3 75. 1 77.3 Nonferrous metals __ __ 85.3 80.8 79.1 80.7 83.6 Cereal products 78 0 76 2 75.1 76 0 77.0 Plumbing and heating 79.3 80.5 80.5 80.5 80.5 Fruits and vegetables 60.2 69.0 63.2 60.8 58.9 Building Materials: Meats _ 74 9 72 9 76.1 79.0 75.6 Brick and tile _ . .. 91.5 90.1 90.1 90.2 90.2 Other foods 70 2 61 3 60 4 62 6 63.4 Cement 91.3 90.6 90.6 90.6 90.7 Hides and Leather Products: Lumberi__ _ 99.6 94.8 98.4 107.1114.4 Shoes . 105.7 107.0 107.0 107.0 107.0 Paint and naint materials 85.7 84.6 84.2 84.1 84.8 Hides and skins 112.4 84.6 77.1 84.0 93.8 Plumbing and heating.. 79.3 80.5 80.5 80.5 80.5 Leather.. 97 8 91.4 88.3 88.9 90.9 Structural steel L07.3 107.3 107.3 107 3107.3 Other leather products 99.3 99.7 99.7 99.7 99.7 Other building materials _ 91.9 93.6 93.4 93.5 93.8 Textile Products: Chemicals and Allied Products: Clothing . _ ._ 83.2 85.3 85.6 85.6 85.7 Chemicals.. 85.2 84.9 84.8 84.8 85.0 Cotton goods 74.3 68.8 68.6 69.2 71.5 Drugs and pharmaceuti<3als 79.7 95.9 96.2 96.0 95.8 Hosiery and underwear 63.5 61.5 61.5 61.4 61.4 Fertilizer materials.. 68.6 67.3 68.0 68.1 68.1 Silk 54.3 43.3 43.0 42.8 44.7 Mixed fertilizers_. 72.5 72.8 74.2 74.2 74.2 Rayon........ 29 5 29 5 29.5 29 5 29.5 Oils and fats . 57 2 43.0 39 1 39 9 39.8 Woolen and worstedgoods 91.3 83.9 83.7 84.2 86.3 Housefurnishing Goods: Other textile product 78 3 73 0 71.9 71 6 72.1 Furnishings 93 7 94 8 94 8 94 8 95.01 Fuel and Lighting Material: Furniture 81.7 81.8 81.8 81.8 oCl1. 0oj Anthracite 75.3 78.1 79.0 79.6 80.7 Miscel aneous: Bituminous coal 98.2 95.8 96.2 96.8 100.4 Auto tires and tubes 60.5 58.8 58.8 58.8 58.8 Coke 108.0 109.6 109. 6 109.6 109.7 Cattle feed 82.9 oo 2 74.5 75 9 80.1 Electricity ... 75.4 73.3 72.4 Paper and pulp 86.3 93.5 93.5 93.2 93.2 Gas 84 4 88 2 84.5 ~84.~8~ Rubber, crude - 42.7 44.2 41.0 39.8 41.6 Petroleum products.. 54.0 49.5 49.2 48.9 49.0 Other miscellaneous _ 85.4 83.5 82.8 82.6 82.7 * Revised 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). 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Chart 1940 Chart 1940 book book page Oct. Oct. Nov. Nov. Nov. page Aug. Sept. Oct 23 30 13 20 WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices: * Reserve Bank credit—total. 3, 5 2.39 2.38 2.36 2.33 2.30 Unit A e l d l S co ta m te m s: odities 31, 32 77.4 78.0 78.7 Bills discounted 5 0) 0) 0) 0) 0) Farm products 31 65.6 66.2 66.4 E T T M R M G x r r e o e o e e c q l m n a a e d N u C R U C s s s e b i s e s u h u e y o . r e s t w e r i r u r S o r e y c y i d e n n . r c a s b Y v t c d r g G k e r c a e e a e o y r o . i n o s s v . p r r 2 c . e k h v k c b e o i r u ' s t a s v t b y C — . i l n e a t a s k i s s b l t t t a e . s i a y o . • o c n _ n . 2 t u n _ c a a k • r . e l s i a s t i » e < _ s . — . _ _ . 3 3 , , 7 7 6 6 7 7 9 7 5 3 3 3 2 1 3 6 1 8 7 2 2 1 4 . . . . . . . . . . . . 9 5 9 8 2 6 3 2 1 4 2 3 1 3 5 5 1 3 4 3 5 8 2 8 2 1 3 6 1 8 7 2 2 4 1 . . . . . . . . . . . . 9 5 8 9 5 2 1 2 3 3 1 5 6 6 2 8 5 0 7 3 9 9 8 8 2 1 3 6 1 7 8 2 3 2 1 . . . . . . . . . . . . 7 8 9 5 4 2 3 9 3 4 2 5 8 6 7 8 5 9 8 3 2 1 4 7 - 2 1 6 3 1 7 2 1 4 2 8 . . . . . . . . . . . 7 . 8 9 5 4 2 0 4 2 2 6 9 5 5 8 4 6 4 5 1 3 4 0 0 P 2 1 3 7 P 6 2 8 2 1 1 4 . . . . . . . . . . . . 5 1 7 2 1 9 3 4 4 3 8 9 5 9 2 3 3 1 1 7 4 3 2 0 I F F F n r a a d e c c i u t t N M D g E F G o o s h r n t r o r u e i a r t y y n g n r r - i n m a e c F O a l d p e c a b l a r o u m a e a t a n r l h p o y r n e l d p l a s e d r r y o o m r l b o s • o a d l l c a d e l y u s o n i m c m n m u t g e f i a m s o n a n n B c t o u _ t d B f _ u a i _ r t c e i t e s u s 8 res _ 6 _ 3 3 4 3 4 3 3 3 3 3 3 4 5 7 3 7 3 7 1 2 2 2 1 5 1 1 1 ' 0 0 5 8 8 5 7 1 1 4 3 1 2 2 1 2 7 0 3 . . . 0 7 2 . . . . . . 8 2 0 4 3 0 5 1 6 1 1 1 1 8 8 1 5 5 0 7 1 1 0 2 2 7 1 2 5 7 1 3 7 2 . . . . . . . . . 0 7 4 2 3 7 3 8 5 7 5 P P P P 1 P 1 1 1 8 P 8 7 1 1 5 0 5 4 1 3 2 1 5 7 4 9 7 . 2 7 . . . . . . . . 5 3 1 1 1 1 1 8 7 2 9 Department store sales *__ 47 99 99 91 WEEKLY REPORTING Department store stocks 6 47 70 71 MEMBER BANKS Total, 101 cities: In millions of dollars Loans and investments. 14 24.49 24.60 24.73 24.87 24.94 Investments 14 15.60 15.69 15.72 15.79 15.83 Construction contracts awarded:7 Adju L s o te a d n s demand 14 8.89 8.91 9.01 9.09 9.11 T R o e t s a i l d ential.. 4 4 1 1 3 1 7 5 1 0 3 1 8 5 0 1 P P 3 1 7 4 9 8 deposits __. 15 21.64 21.86 21.59 21.82 21.96 Other 41 221 228 P230 Time deposits.. 15 5.36 5.35 5.38 5.38 5.38 Exports and imports: X D J o . m S. e s G ti o c v b 't a . n d k e p b o a s l i a t n s c . e _ s _ 1 1 5 5 8. . 7 5 7 3 8. . 7 5 1 3 8. . 9 5 3 3 8. . 9 5 6 3 8 . . 5 9 3 5 E G x e p ne o r r a ts l i ( m in p c o h r r t e s -exports)... 4 4 9 9 2 3 2 5 1 0 2 1 9 9 5 5 P P 3 2 4 0 3 7 Foreign bank balances.. 15 .69 .67 .67 .67 .66 Excess of exports 49 129 100 P136 New York City: Income payments: 100 c B U C O it r o . t i o h m e S k e s . m r e o G r s e u s e o r ' t c c v s l i u o i ' a d t r a . l i e n t o l i s N o e b s a l e n i w g s a t Y io o n rk s. : 1 1 1 1 6 6 6 6 1 5 1 . . . . 8 3 3 3 2 9 7 0 1 5 1 . . . . 8 2 3 4 3 7 2 9 1 5 1 . . . . 3 8 3 4 4 4 8 3 1 5 1 . . . . 8 3 3 5 7 2 2 2 5 1 1 . . . . 3 8 3 5 2 7 1 8 Cas T T S h O a o o f t l a h t t a a r a e r m l i l r e 6 u 6 s i n n a a c n d o d j m u w s e t a : e g d e s 5 5 5 5 5 0 0 0 0 3 6 5 2 , , , , 9 1 7 2 8 4 9 4 0 9 0 9 6 3 6 2 , , , , 9 4 2 2 8 6 6 8 3 2 2 5 P P P P 2 3 6 6 , , , , 3 9 3 6 1 9 1 7 6 2 6 1 U. S. Gov't. obligations . 17 6.56 6.64 6.63 6.66 6.65 Total* 51 749 908 Pl, 125 Other securities 17 2.27 2.27 2.27 2.28 2.29 Crops • 51 304 422 P564 Commercial loans. 17 2.93 2.95 2.98 3.03 3.04 Livestock and products •— 51 403 432 P485 MONEY RATES AND SECURITY Averages of daily figures1; per cent Government payments 51 42 54 P76 MARKETS per annum F. R. Bank discount OTHER In billions of dollars rate, N. Y 19 1.00 1.00 1.00 1.00 1.00 ientral gold reserves: Commercial paper 19 .56 .56 .56 .56 .56 United States 8 20.91 21.24 P21. 51 U B U U . . . a n S S S k . . . e T T T r r r r s e e e 'a a a a c s s s c u u u e r r r p y y y t b n b a o o i n l t n c l e s e d s s s 21, 2 2 2 1 5 1 1 9 2. . . . 0 4 0 4 9 1 2 4 2. . . . 0 4 4 0 8 0 4 2 2. . . . 0 3 4 0 0 5 4 2 1 . . . . 9 3 0 4 6 2 2 4 1 . . . . 3 0 9 4 2 2 4 4 U. N E F S. r n e a g t n G h l c a e o e n r v l d a ' t n . d i s n teres _ t -bearing 8 8 8 P2 . . 6 0 2 0 P 0 p 2 . ) . 0 6 0 2 P 0 2 ) . . 0 63 0 Corporate Aaa bonds _ 25 2.78 2.79 2.78 2.76 2.74 debt—total 20 43.32 43.48 43.56 Corporate Baa bonds _ 25 4.54 4.54 4.52 4.47 4.47 Bonds 20 30.32 30.36 31.12 Notes 20 6.38 6.38 5.66 Wednesday figures; in unit indicated Bills 20 1.30 1.30 1.31 Special issues 20 5.31 5.44 5.47 Stock prices, total * 27, 29 82 82 81 85 82 Industrial 27 95 95 95 99 Railroad 27 27 28 27 29 Jan.- Apr.- July- Public utility 27 80 81 80 80 78 QUARTERLY FIGURES' Mar. June Sept. Volume of trading 2 (mill, 1940 1940 1940 shares) 29 .59 .89 1.68 1.24 Brokers' loans (mill, dollars) 29 420 410 450 452 455 In millions of dollars BUSINESS CONDITIONS Figures for week3; in unit indicated Domestic corporation security Who A F le a ll s r a m c l o e m p c r o m o m d o m d u i c o t t i d e s i s . t . y . pric _ e _ s _ : 4 3 3 3 3 7 6 8 7 . . 6 0 6 7 6 8 . . 5 5 6 7 7 8 . . 2 8 7 6 9 8 . . 3 4 6 7 8 9 . . 8 5 iss N R u e e e w f s u , n to d t i a n l g _ 2 2 2 8 8 8 4 5 1 6 5 1 3 2 1 3 5 1 7 5 3 7 3 0 4 5 1 0 8 8 0 1 1 Foods __ 33 70.8 70.8 71.7 72.6 72.8 Other commodities 33 83.7 83.7 83.9 84.1 84.3 Per cent per annum Steel plant operations (per cent of capacity) 38 94.9 95.7 96.0 96.1 96.6 ustomers' rates: Automobile production New York City 23 2.03 2.00 2.14 (thous. cars) 38 117.1 118.1 120.9 120.9 102.3 7 other Northern and Electric power production Eastern cities 23 2.67 2.49 2.56 (mill. kw. hrs.) 39 2,711 2,734 2,720 2,752 2,695 11 Southern and Western Total freight-car loadings cities... 23 3.35 3.38 3.43 (thous. cars) 39 837.7 794.8 778.3 745.3 733.5 p Preliminary. r Revised. e Estimated. 6 Points in total index of industrial production. 2 1 A Le v s e s r a t g h e a s n o $ f 5 , d 00 a 0 il , y 00 f 0 i . gures, see footnote 3. 8 7 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 )39, inclusive. Back figures may be obtained from the Division pe 4 r i I o n d d . ex numbers, 1926=100. if 9 R B e a s n e k ar i c n h g a s n t d at i S st t i a c t s i st f i o c r s . call report dates are shown in table 6 Adjusted for seasonal variation, 1935-39=100. >n following page. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. DECEMBER 1940 1319 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 b p o a o g k e De 3 c 1 . M 7 ar. Ju 3 n 0 e S 2 e 8 pt. De 3 c 1 . M 2 a 9 r. Ju 3 n 0 e O 2 ct. D 3 ec 0 . M 2 a 6 r. Ju 2 n 9 e BANK DEPOSITS AND CURRENCY Total deposits and currency 10 56.83 56.78 56.74 57.65 59.12 '59.11 '60. 95 '62. 87 '64.10 '64.88 '66.96 Deposits at all banks in U. S: Demand deposits adjusted 10 24.05 24.13 24.39 25.10 26.01 '26.04 '27. 35 '29. 09 '29. 79 '30. 54 '31. 96 Time deposits _ 10 26.26 26.34 26.27 26.27 26.38 '26. 56 '26. 80 '26. 81 '27.06 '27. 28 '27. 47 Currency outside banks 10 5.69 5.50 5.47 5.50 5.83 '5.63 '6.01 '6.19 '6.40 '6.23 '6.70 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 4 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 2.13 2.30 2.45 2.55 2.55 2.76 2.69 2.90 2.89 Other domestic 13 3.21 3.15 3.13 3.19 3.01 2.96 2.94 (5) 2.77 2.70 Foreign securities 13 .18 .18 .18 .18 .18 .18 .19 C) .19 .17 Loans, total 11 13.96 13.55 12.94 12.94 13.21 13.05 13.14 13a.47 13.96 13.94 13.97 Security loans, total* * ______ 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 5 .79 .45 Loans on securities (excluding brokers' () loans) 2 13 2.75 2.67 2.61 2.59 2.78 .73 .74 .70 (5) .67 Real estate loans 12, 13 2.55 2.56 2.61 2.66 2.72 2.75 2.83 2.96 (5) 3.07 Other loans, total»« 12 7.71 7.45 7.01 6.97 2 8.74 8.73 8.85 (6) 9.51 (5) 9.79 C O o p m en m -m er a c r i k a e l t l o p a a n p s e 2 r _ __ __ 1 1 3 3 7 . . 6 0 4 0 6 . .7 6 5 1 6 . .4 4 0 9 6 . .3 4 6 8 «5 . . 4 4 4 5 5 . . 4 5 2 3 5 . . 4 5 2 7 (6) 6 . .1 4 2 5 ((? 6) 6 . .2 45 7 Loans to banks 13 .07 .10 .12 .13 .12 .10 .06 .06 .04 All other loans 8 "2.73 2.67 2.80 e) 2.89 (*) 3.02 ' Revised. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 1 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. 1 Not originally plotted in chart book. * Partly estimated. * Detailed breakdown of loans and investments now available on June and December dates only. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November 1, 1940J] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Nov. 1, tion Nov. 1, tion Nov. 1, tion Nov. 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston . 7,827 7,731 84 80 New York 28,310 26, 761 7,058 7,956 108 92 Philadelphia 51, 372 48, 673 17, 263 16,652 150 173 Cleveland 212,109 159, 066 42,034 47, 857 115 141 Richmond 1,341 1,723 141, 280 136, 529 24, 270 26, 235 Atlanta 2,354 2,378 141, 510 174, 414 5,506 6,438 Chicago 1,132, 703 955, 812 56, 639 61,135 2,044 2,260 St. Louis 2 3, 429 3 3, 379 342,860 318,024 57, 927 62, 392 97 83 Minneapolis 285,022 265,127 25,846 25,149 157,053 194,785 Kansas City 437 685 182,105 223, 260 226,488 203,878 4,514 6,679 Dallas 3,631 4,005 87,166 111,041 28, 703 26,9S9 75 97 San Francisco 625 677 6,873 7,085 71, 697 71,148 27,300 32,103 Total 11,817 12, 847 2, 619,137 2, 433, 523 563, 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 Nov. 1 tion Nov. 1, tion Nov. 1, tion Nov. 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, 939 47,632 55, 523 New York 26, 957 27, 957 4,428 5,795 2,276 2,262 30,853 32,412 Philadelphia . 16, 503 19,102 1,944 2,373 35, 967 37, 869 21, 638 25,034 Cleveland __ _ . _ 43,759 54, 881 5,094 5,932 126, 363 106, 544 20, 229 20, 290 Richmond 21,103 20, 796 3,708 4,022 1,121, 254 683,092 23, 205 28, 683 Atlanta 14, 594 15, 256 3,172 3,148 205,900 176,003 14,664 15,136 Chicago ._ _ _ 359, 529 525,077 17,426 20, 472 32, 608 35, 280 46, 211 40, 591 St. Louis 46,847 61,011 7,643 7,898 282,074 239, 623 12,048 13, 597 Minneapolis. __ 257, 914 295,420 10,182 10,670 2,724 3,038 44, 752 52, 318 Kansas City 76, 924 124,017 5,902 6,936 4,724 4,296 31, 219 33, 445 Dallas 31,319 37, 658 1,430 1,686 3,349 3,770 San Francisco _ 34, 577 29, 908 11,433 12,075 68,216 73,132 Total _ 937, 215 1, 218. 273 75, 726 84, 504 1, 848, 654 1, 319, 946 364, 016 393, 931 1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1, for winter wheat for Aug. 1. No estimate made for Nov. 1. 2 Includes 20,000 bales grown in miscellaneous territory. 3 Includes 19,000 bales grown in miscellaneous territory. 1320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1940 are preliminary] Member banks Nonmember banks Other than mutual Total savings and private banks National State Mutual Private * savings Insured in N su o r t ed Number of Banks (Head Offices) December 31, 1933___ 15,029 5,154 857 2 8,HI 579 98 December 31, 1934 16,063 5,462 980 7,693 1 108 579 241 December 31, 1935.. ._ 15,869 5,386 1,001 7,728 1,046 570 138 December 31, 1936 15, 667 5,325 1,051 7,588 1,004 565 134 December 31, 1937.__ 15,387 5,260 1,081 7,449 960 563 74 December 31, 1938 15,194 5,224 1,114 7,316 917 555 68 December 31, 1939__. 15,034 5,187 1,175 7,171 887 551 63 September 30, 1940 ___ _ 14, 938 5,159 1,275 7,034 862 3 551 4 57 Number of Branches December 31, 1933 2,911 1,121 960 2 7Cin 125 5 December 31, 1934 3,133 1,243 981 5 778 126 5 December 31, 1935 .. 3,284 1,329 952 828 42 128 5 December 31, 1936 3,399 1,398 981 848 39 128 5 December 31, 1937... 3,540 1,485 994 891 37 128 5 December 31, 1938 3,580 1,499 992 908 41 135 5 December 31, 1939 3,629 1,518 1,002 927 44 132 6 September 30, 1940, total . 3,657 1,533 1,002 937 44 3 135 In head-office cities - _ 1,726 683 763 160 6 113 1 Outside head-office cities 1,931 850 239 777 38 22 5 Analysis of Bank Changes, Jan. 1 - Sept. 30, 1940 Number of banks on December 31, 1939 15,034 5,187 1,175 7,171 887 551 . 63 Increases in number of banks: Primary organizations (new banks) 6 +27 + 2 +22 + 3 Reopenings of suspended banks + 2 Decreases in number of banks: Suspensions -19 16 - 3 Voluntary liquidations 7 -36 - 4 -21 — 7 - 4 Consolidations absorptions etc -70 -27 10 -28 Inter-class bank changes: Conversions— National into State -12 + 2 +10 State into national +13 - 6 Private into State + 2 - 2 Federal Reserve membership—8 Admissions of State banks +117 -113 - 4 Withdrawals of State banks - 2 + 2 Federal deposit insurance—9 Admissions of State banks + 11 — 11 Withdrawals of State banks Net increase or decrease in number of banks -96 -28 +100 -137 -25 - 6 Number of banks on September 30, 1940 14,938 5,159 1, 275 7,034 862 551 57 Analysis of Branch Changes, Jan. 1 - Sept. 30, 1940 Number of branches on December 31, 1939 3,629 1,518 1,002 927 44 132 6 Increases in number of branches: De novo +35 + 8 + 1 + 23 + 3 Banks converted into branches +29 +10 + 8 + 10 + 1 Decreases in number of branches: Branches discontinued —35 -13 — 9 — 13 Unclassified — l — l Inter-class branch changes: From State to national +10 7 - 3 From nonmember to State member + 8 - 8 From uninsured to insured nonmember + 1 i Net increase or decrease in number of branches _.. ___ +28 +15 + io + 3 Number of branches on September 30, 1940 _._ .. _ 3,657 1,533 1,002 937 44 135 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 53 insured and 498 uninsured; number of branches comprises 31 insured and 104 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 56 uninsured; all branches were uninsured. 8 Separate figures not available for branches of insured and not insured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. » Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal DeDOsit Insurance Corporation membership. i» Includes one bank which was not insured at time of suspension. Back figures.—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. DECEMBER 1940 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures for nonmember banks are for dates indicated or nearest available dates'. Amounts in millions of dollars.] Loans and investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve district Total Loans Investments June29 Mar.26 June30 June29 Mar.26 June30 June29Mar.26 June30 June29 Mar.26 June30 June29 Mar.26 June30 1940 1940 1939 1940 1940 1939 1940 1940 1939 1940 1940 1939 1940 1940 1939 All Banks* Boston... 5,602 5,600 5,624 2,678 2,666 2,625 2,924 2,934 2,999 6,253 6,154 6,025 867 878 New York 19, 631 19,438 18, 539 7,777 7,971 7,686 11,854 11,467 10,853 22,424 21, 716 20,227 1,203 1,213 1,218 Philadelphia 3,406 3,409 3,415 1,302 1,265 1,236 2,103 2,145 2,179 3,973 3,952 3,795 912 918 924 Cleveland 3,620 3,660 3,617 1,527 1,504 1,423 2,094 2,157 2,193 4,347 4,249 4,055 1,230 1,237 1,242 Richmond. 2,021 2,011 1,979 1,012 968 930 1,009 1,043 1,049 2,529 2,487 2,315 1,059 1,059 1,060 Atlanta 1,430 1,447 1,377 777 756 742 653 691 636 1, i 1,817 1,672 1,050 1,051 1,041 Chicago 5,861 5,856 5,605 2,264 2,152 1,992 3,597 3,704 3,613 7,504 7,058 6,821 2,459 2,464 2,482 St. Louis 1,575 1,605 1,580 815 805 780 760 800 800 1,857 1,859 1,775 1,513 1,518 1,522 Minneapolis 1,112 1,124 1,072 544 537 463 568 587 609 1,341 1,327 1,278 1,294 1,309 Kansas City 1,413 1,410 1,368 731 716 673 681 694 695 1,745 1,749 1,698 1^849 1,858 1,871 Dallas 1,051 1,054 1,036 577 566 562 474 488 474 1,464 1,466 1,376 952 951 957 San Francisco 4,615 4,521 4,405 2,337 2,287 2,206 2,278 2,234 2,199 5,319 5,183 4,956 571 574 578 Total 51, 335 51,135 49, 616 22,341 22,190 21,318 28,995 28,945 28, 29960, 582 59,017 55,992 14,953 15,006 15,082 Nember Banks: Boston 1,924 1,919 1,911 925 926 975 2,459 2,387 2,279 350 350 355 New York 12, 261 11,997 11,119 4,058 4,253 4,001 8,203 7,744 7,118 14,603 14,074 12, 741 759 766 767 Philadelphia 2,342 2,: " 2,296 985 950 920 1,357 1,358 1,377 2,791 2,726 2,604 651 651 652 Cleveland 2,859 2,893 2,821 1,162 1,142 1,066 1,697 1,751 1,754 3,497 3,398 3,201 650 645 619 Richmond 1,328 1,327 1,268 657 637 583 671 691 685 1,676 1,634 1,477 419 417 405 Atlanta 1,122 1,149 1,076 578 570 555 544 578 521 1,416 1,406 1,282 316 316 316 Chicago 4,735 4,734 4,513 1,604 1,528 1,413 3,131 3,206 3,100 6,047 5,591 5,468 817 810 798 St. Louis 1,123 1,156 1,120 54r 543 515 578 612 605 1,299 1,290 1,240 401 396 392 Minneapolis 778 788 743 365 363 307 412 425 436 952 930 904 465 464 460 Kansas City 1,131 1,134 1,089 548 541 498 583 593 591 1,389 1,385 1,342 735 735 737 Dallas 908 912 894 490 482 475 419 430 419 1,275 1,258 1,194 557 546 545 San Francisco 3,941 3,847 3,753 1,978 1, 1,872 1,963 1,909 U 4,635 4,499 4,296 281 281 284 Total 34,451 34,163 32, 603 13,969 13, 93913,141 20,482 20, 22419,462 42, 03940, 579 38, 027 6,398 6,377 6,330 yonmember Banks: Boston 3,678 3,681 3,712 1,679 1,673 1,688 1,999 2,008 2,025 3,794 3,767 3,745 517 519 523 New York 7,370 7,441 7,420 3,720 3,718 3,685 3,650 3,723 3,735 7,821 7,641 7,486 444 447 451 Philadelphia 1,064 1,102 1,119 317 315 316 746 786 802 1,182 1,226 1,191 261 267 272 Cleveland 761 767 796 365 361 357 396 406 439 850 851 854 580 592 623 Richmond. _ 693 684 711 354 331 348 339 352 364 853 853 838 640 642 655 Atlanta 308 298 301 199 186 187 110 113 114 409 411 389 734 735 725 Chicago 1,126 1,122 1,092 660 624 579 466 498 513 1,457 1,467 1,354 1,642 1,654 1,684 St. Louis 452 449 460 270 261 265 182 188 195 559 569 535 1,112 1,122 1,130 Minneapolis 334 336 329 178 174 156 156 162 173 389 397 373 826 830 849 Kansas City 28: 276 279 184 175 175 98 102 104 357 364 356 1,114 1,123 1,134 Dallas 14: 142 143 8 84 87 55 58 55 189 208 183 395 405 412 San Francisco 674 674 652 359 349 335 315 325 317 685 684 660 290 293 294 Total. 16, 88416,972 17, 013 8,372 8,251 8,176 8, 51! 8,721 8,837 18, 543 18,438 17,965 8, 555 8,629 8, 752 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 1325. 1322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
All Banks in the United States—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State June 29 Mar. 26 June 30 June 29 Mar. 26 June 30 June 29 Mar. 26 June 30 June 29Mar.26 June30 1940 1940 1939 1940 1940 1939 1940 1940 1940 1940 1939 New England: Maine 112,311 110,959 108,871 181,829 192,320 199,058 335, 239 327, 774 326,170 100 100 102 New Hampshire 108,904 104,600 103, 514 152,968 167, 594 166,115 279, 599 276, 782 276, 462 107 107 107 Vermont 93, 765 87,309 85,060 63, 618 67,859 71,459 169, 986 166, 586 164,985 82 83 84 M assachusetts _ _ 1,749,443 1,760,150 1,724,467 1,804, 2991, 781, 2501,829, 2983,*944,900 3,880, 2973,810,117 388 388 390 Rhode Island... 182,473 175, 515 171,183 254,420 268, 772 283,892 489,246 489,827 471, 786 35 35 35 Connecticut 578,393 572,358 573, 988 587, 77f 581, 388 574,827 1,356,001 1,332, 7241, 282,651 202 203 207 Middle Atlantic: New York 7,059, 5097,268,115 6,996, 50810,933,18610, 519,0089,872, 28:20,353,08819, 665, 624 18, 214,08,57 876 New Jersey 689,135 672, 721 660,174 942, 234 963, 931 998,150 2,108, 3392,078,889 2,014,935 386 389 393 Pennsylvania 1, 580, 5531, 546,4541, 516,9212,922, 7503,006, 7093,027,955 5,049,462 4, 997,8444, 797, 533 1,091 1,097 1,103 East North Central: Ohio 937,748 916,947 844,414 950,892 973, 504 1,018,44' 2, 448, 5852,389, 6982,285,903 699 704 705 Indiana... 318, 696 300,076 283,065 377,739 387, 507 395, 766 902,852 888,820 847,580 50: 511 512 W I M W e l s l t i i i n c s N c h o o o i is g n rt a s h n i n Central: 1, 4 2 05 5 9 3 7 2 , , , 0 0 6 7 2 3 1 3 6 2 4 8 36 4 , , 0 5 2 7 1 7 3 9 25 9 3 7 4 1 , , , 3 9 5 2 1 3 6 7 6 2, 4 1 7 1 1 1 9 7 7 , , ,8 1 6 5 7 5 1 6 02, 4 7 2 2 0 0 6 3 8 , , , 2 2 8 0 3 5 6 2 92, 4 0 7 8 5 2 3 0 6 , , , 8 4 5 2 0 1 8 9 44 1 , , 9 0 5 0 2 8 3 8 7 , , , 9 5 1 6 6 5 3 5 3 1 , , 8 6 5 8 3 4 9 2 0 , , , 8 0 7 3 2 0 6 32 3 1 , , 8 4 6 4 2 3 7 1 4 , , , 4 0 1 2 5 6 8 56 4 8 5 4 4 7 9 1 5 4 8 5 4 4 7 9 5 6 8 4 58 5 5 2 6 5 Minnesota 374,324 367, 732 317,867 392,112 407,269 412,109 875,304 856,273 839, 614 677 681 683 Iowa 359, 366 339,344 317,106 183,878 203,830 200,531 639, 765 653,841 595,314 649 647 648 Missouri 489,506 486,914 445,14: 561, 516 597,646 590,179 1,144,774 1,154,382 1,098, 626 632 North Dakota. 28, 504 31,284 24,415 24,919 26,122 29,093 70,145 73, 553 65, 741 160 163 South Dakota 47,128 46,028 38,104 30,546 31, 578 32,202 93,643 94,126 85, 522 165 165 166 Nebraska 125,399 123,258 120,453 107,991 107,206 111,116 265, 778 275,784 258,944 421 422 426 Kansas 164,232 156,595 146,864 124,781 128, 520 132,272 370,174 363, 74" 671 674 680 South Atlantic: Delaware 79, 516 78, 313 78,365 113,142 110, 503 107, 203 238,663 237, 683 210,863 46 46 46 Maryland 222,907 212, 552 207,395 458,443 477, 502 497,350 862, 511 843,388 792,542 189 189 190 District of Columbia 121,397 115,203 104,519 134,951 135,057 130,851 349, 675 337,277 292,415 22 22 22 Virginia 315, 619 304, 764 291, 525 169,850 176,122 175, 699 562,608 549,445 533,070 314 314 315 West Virginia 137,010 132, 587 130,698 79, 551 81,026 86, 547 296,826 290,889 277, 54f 182 182 181 North Carolina 187,257 177,839 169,25r 149,620 155, 791 140,157 376, 582 377, 791 349,699 228 228 228 South Carolina 57,619 54,884 55, 739 37,405 37, 922 39, 256 144,545 150,982 131,980 151 151 151 Georgia 231, 524 217,861 217,991 115,277 125, 878 114,011 406,116 404,004 372,083 285 28; 284 Florida 105,322 105,819 85, 547 157,915 165, 936 151,497 376, 761 394,812 329,112 173 173 164 East South Central: Kentucky 219, 933 219,846 204,844 145, 200 147,938 148,625 413,854 415,937 405,340 409 412 414 Tennessee 243, 513 243,130 240,821 136,182 146,268 133,155 460, 617 449,712 428,901 297 300 299 Alabama 127,114 120,174 135, 786 99,817 101,689 92,485 289, 951 284,847 266,018 218 217 216 Mississippi 69, 235 67,995 73,814 70,416 71, 610 71,166 188,138 197,198 182, 679 206 205 205 West South Central: Arkansas 67, 534 64,688 74,677 55,025 56,222 50,462 165,458 169, 520 156, 588 219 218 216 Louisiana 154, 678 158,182 159, 583 184,169 188, 781 173,003 434,041 428,879 408,907 145 145 146 Oklahoma 156, 593 153, 787 147,955 132,384 139, 741 141, 509 389,413 387,973 388, 581 391 392 396 Texas 518, 211 501,984 429,019 442,980 431,397 1,317,399 1, 308,4811,237, 641 839 838 844 Mountain: Montana 36,344 37,070 32, 361 53, 575 54, 516 56,495 135,156 135,377 126,737 112 111 113 Idaho 34,815 32, 503 28, 731 39,915 39,925 38,024 97,441 97, 722 89,319 50 51 50 Wyoming 25, 996 25,198 17,080 17, 400 17,085 62, 209 61,600 59,304 58 58 58 Colorado 91, 320 88, 915 84,076 98,956 100,422 110,130 294,484 295, 273 279,891 146 146 144 New Mexico __ 24, 584 23,096 21, 763 19, 514 19, 792 19,738 60,148 62,316 57,054 41 41 41 Arizona 34,294 34,189 31,013 27, 780 29, 982 90, 901 91,284 84,587 12 12 12 Utah 64,357 60, 713 58,468 48,189 51,113 50,620 140,845 141,903 131,096 59 59 59 Nevada 14,487 13,478 11, 503 14,612 15,215 15,230 42, 232 41,231 35,842 11 11 11 Pacific: Washington 226, 299 213, 044 196,099 219,380 229,318 208, 670 547,240 539,185 490, 552 142 143 146 Oregon.. _ 106, 751 99, 700 96,065 130,259 142,044 129,803 311,480 307,997 280,294 74 75 75 California 1,862,112 1,839,329 1, 789,889 1, 736,0921, 733, 2414,110,088 3, 984,3423,864,249 227 227 229 Total... 22,340,746 22,190,17221,317, 560 28,994,677 28,944,893 28,298,898 60, 582, 39759,016,99155,992,112 14,953 15,006 15,082 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 1325. DECEMBER 1940 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State June 29, Mar. 26, June 30, June 29, Mar. 26, June 30, June 29, Mar. 26, June 30, Ju 29 n , e M 26 a , r. Ju 30 n , e 1940 1940 1939 1940 1940 1939 1940 1940 1939 1940 1940 1939 New England: Maine 41,187 40,834 39,064 55,814 54,410 59,938 116, 650 112,093 114, 764 37 37 New Hampshire 32,859 32, 698 31, 612 27,894 31,190 29, 711 68,477 67, 265 66,945 52 52 52 Vermont 28, 788 26,968 . 25,923 19, 906 21,981 24,128 57, 515 55, 623 54,859 41 41 42 Massachusetts 524,388 527, 249 494, 533 421,116 424, 265 461,838 1, 253,1121, 217, 2001,166, 582 125 125 126 Rhode Island 46,062 43,107 39, 434 32, 660 33, 691 37, 833 98, 475 101, 237 88, 364 12 12 12 Connecticut 100, 627 97,174 128, 506 116,036 108, 220 302, 417 293, 799 272,098 52 52 53 Middle Atlantic- New York 1, 493, 6071, 557, 3361, 424,1793, 348, 5233,061,114 2, 940, 2115, 617, 8165, 321, 3284, 824, 977 429 435 437 New Jersey 259,960 250, 357 239, 248 379, 841 383,032 392, 811 846, 456 826, 640 787, 309 225 225 226 Pennsylvania 815,495 791, 780 1,438,977 1, 474, 5441, 482, 3812, 545, 5802, 471, 3142, 366, 653 690 694 East North Central: Ohio 365,412 348, 061 323, 920 414,957 434,002 450, 676 1,021,010 991, 244 958,842 244 244 244 Indiana 138,824 131, 716 122, 496 223,125 230, 215 466, 766 453, 582 439, 600 125 125 126 Illinois 745, 220 695,025 650, 711 1, 573, 2271, 645,1061, 507, 8872, 864, 3762, 522, 6682, 542, 302 329 329 324 Michigan 186, 093 183,092 164,152 420,678 399, 265 395,087 827, 482 797, 856 727,146 82 81 82 Wisconsin 109, 260 108, 373 95, 871 256, 213 258, 848 274,134 484,430 471,836 451,998 103 103 105 West North Central: Minnesota 241,935 240, 485 271, 610 282, 421 281, 709 591, 635 571, 306 572,098 188 191 192 Iowa 108,317 102,030 96, 679 78, 971 81,903 84,103 208,061 214, 652 200, 283 106 107 109 Missouri 198, 725 198,804 181, 330 243, 245 260,072 244,189 480,173 482, 658 453,975 85 85 87 North Dakota 17, 809 19, 286 15, 040 17, 959 18, 439 20, 834 46, 252 47, 622 44,149 47 48 50 South Dakota 27, 690 27, 239 22, 096 19,143 20,126 20, 869 55, 762 55, 625 51, 983 41 41 42 Nebraska 87, 856 86, 720 84,138 90, 822 89, 734 93, 327 197, 649 204, 541 193, 032 135 135 136 Kansas 77, 703 75,423 77,08,r 79, 756 82, 301 206, 376 201, 779 202, 518 182 182 182 South Atlantic: Delaware 8,497 8,286 7,296 8,499 9,113 18, 994 18, 631 17,400 15 15 15 Maryland... 68,994 65,917 63, 972 181, 717 189, 649 206, 645 311, 802 301,130 268, 496 63 63 63 District of Columbia_. 56, 584 52, 779 47,168 82,049 81, 898 78, 755 192, 712 186, 659 158, 248 9 9 9 Virginia 168, 439 163, 987 157, 477 108,824 114, 690 112, 843 333, 875 327, 255 321, 643 130 130 130 West Virginia 69,022 66, 660 66, 934 46, 569 47, 844 49,995 160,612 158, 747 150, 797 78 78 78 North Carolina 47, 005 44, 484 41,131 26, 760 28,005 26,003 100, 223 101, 521 89, 591 43 43 42 South Carolina 38, 845 37, 764 29, 470 19,179 19, 970 18, 200 92,187 94, 378 68, 619 21 21 20 Georgia _ _ 137, 549 132,688 132, 597 85,357 94, 267 83,197 258, 713 255, 247 239, 676 51 52 52 Florida 71, 306 72, 597 58, 621 126,442 134,407 122, 382 273,980 289,105 241,035 5! 52 52 East South Central: Kentucky 100,958 100,825 93, 282 87,808 90,040 82, 542 202, 579 207, 310 198, 440 Tennessee 167, 770 171, 525 170,603 105,957 114,195 102, 860 324, 907 315,053 302, 274 71 71 71 Alabama 86,183 83, 712 95,498 69,845 71, 301 65, 316 203, 247 198, 611 186, 700 66 66 67 Mississippi 20,890 20, 305 21, 449 23, 341 23, 542 24,030 64,163 64, 278 60, 890 24 24 24 West South Central: Arkansas 35,013 33,993 38,175 32, 649 33, 451 31, 408 91, 953 91, 798 87, 687 50 49 49 Louisiana 99,056 104, 679 106,176 132,053 136, 302 121, 826 280, 296 272,118 258, 867 29 29 30 Oklahoma 132, 27" 130,868 126,035 116, 270 122,809 125, 719 335, 269 334,114 335, 292 209 210 214 Texas 429, 60' 425, 629 417, 564 376, 632 389,187 381, 371 1,128, 2571,116,429 1,061,857 446 446 446 Mountain: Montana 16,899 17, 607 15,214 31,233 31, 738 32,885 76, 502 76, 466 72,013 43 43 Idaho 17,129 15, 839 13,659 20,474 19,309 19, 706 51,249 49, 95r 44, 383 18 18 18 Wyoming 18, 54" 17, 273 16, 301 13,976 13, 911 13, 678 43,796 43,034 42,327 26 26 26 Colorado 69, 393 67, 960 64, 667 82,41 83, 314 91, 765 235, 513 236,164 224, 387 78 78 78 New Mexico 18,68" 17, 537 16, 558 16,221 16, 283 16, 410 47, 335 49, 269 44, 855 22 22 22 Arizona 24,307 24,444 22,463 16,980 17,343 19, 489 62,930 63, 855 57, 631 c c 5 Utah 24, 858 23,068 22, 644 23, 248 24,462 22, 241 60,190 61,662 55, 755 13 13 13 Nevada 13,132 12, 218 10, 499 13, 40r 14,004 13, 921 38, 962 38,034 33,064 6 6 Pacific: Washington 168,307 158, 532 142,358 153,088 162, 295 146,858 406, 486 401, 743 359, 841 44 45 46 Oregon 93, 514 83, 017 79, 591 117,48: 124,934 113, 741 279, 792 266,166 240,950 27 27 27 California 1, 288, 5501, 275, 3181, 261, 4691, 224, 2451,156, 459 1,167, 4732,898,145 2,810, 7402, 731, 204 99 99 101 Total.. 9, 156, 258 8, 553,01512, 881, 79112, 764, 258 12, 528, 227 26, 931,12359, 911, 33724, 534, 3995,164 5,178 5,203 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p s o i s v i e t s of inter- Nu b m an b k e s r of State Ju 1 n 9 e 4 0 29 M 1 a 9 r 4 . 0 2 2 6 Ju 1 n 9 e 3 9 30 Ju 1 n 9 e 4 0 29 Ma 19 r 4 . 0 2 2 6 Ju 1 n 9 e 3 9 30 Ju 1 n 9 e 4 0 29 Ma 19 r 4 . 0 2 2 6 Ju 1 n 9 e 3 9 30 J 1 u 2 94 n 9 0 e M 19 a 2 4 r 6 0 . 2 June New England: Maine 71,124 70,125 69, 807 126,015 137, 910 139,120 218, 589 215, 681 211, 406 63 63 63 New Hampshire 76,045 71, 902 71, 902 125,074 136,404 136, 404 211,122 209, 517 209, 51" 55 55 55 Vermont 64,977 60, 341 59,137 43, 712 45, 878 47, 331 112,471 110,963 110,126 41 42 42 M assachusetts -, 225,0551, 232,901 1, 229, 934 1, 383,1831, 356, 98i~1, 367, 4602, 691, 7882, 663,0972, 643, 535 263 263 264 Rhode Island 136, 411 132,408 131, 749 221, 760 235,081 246, 059 390, 771 383,422 23 23 23 Connecticut 477, 766 474,097 476,814 459, 269 465, 352 466, 607 1, 053, 5841, 038, 9251,010, 553 150 151 154 Middle Atlantic- New York >, 565, 9025, 710, 779 5, 572, 329 7, 584, 6637, 457,8946,932,07614, 735, A, 344, 29613, 415, 880 447 449 451 New Jersey. 429,175 422, 364 420,926 562, 393 580,— 605, 339 1, 261, 8831, 252, 2491, 227, 626 161 164 167 Pennsylvania 748, 245 730, 959 725,141 1, 483, 7731, 532,1651, 545, 5742, 503, 8822, 526, 5302, 430,880 401 404 409 East North Central: Ohio 572, 336 520, 494 535, 935 539, 502 567, 771 1,427, 5751, 398, 4541, 327,061 455 460 461 Indiana 179, 872 168, 360 160, 569 154, 614 157, 292 160, 098 436,086 435, 238 407,980 382 386 386 Illinois 308,416 303, 673 280,615 546, 423 563, 753 575, 627 1,164, 5411,109, 4081,092, 254 512 516 531 Michigan 270, 978 253, 485 230, 765 297,173 303,967 331, 322 760,173 742, 376 693, 882 367 368 374 Wisconsin 182, 763 175, 648 161, 665 160,963 167, 358 176, 694 419,133 417, 994 395, 418 472 473 477 West North Central: Minnesota 132, 389 127, 247 110, 982 120, 502 124, 848 130, 400 283, 669 284, 967 267, 516 490 491 Iowa 251,049 237, 314 220, 427 104, 907 121,927 116, 428 431, 704 439.189 395,031 543 540 539 Missouri 290, 781 288,110 263, 811 318, 271 337, 574 345,990 ~A, 601 671, 724 644, 390 541 547 549 North Dakota 10,695 11,9 9,375 6,960 7,683 8,259 25,931 21, 592 113 115 119 South Dakota 19,-'" 18,7 16,008 11, 403 11, 452 11, 333 37, 38, 501 33, 539 124 124 124 Nebraska 37, 543 36, 538 36, 315 17,169 17, 472 17, 789 68,129 71, 243 65, 912 287 290 Kansas 86, 529 81.172 79,975 47, 696 49,971 163,"' 163, 202 161, 229 492 South Atlantic: Delaware 70, 709 69, 816 70, 079 105, 846 102,004 98,090 219, 669 219,052 193, 463 31 31 31 Maryland 153, 913 146, 635 143,423 276, 726 287, 853 290, 705 550, 709 542, 258 524,046 126 126 127 District of Columbia- 64,813 62,424 57, 351 52, 902 53,159 52, 096 156, 963 150, 618 134,167 13 13 13 Virginia 147,180 140, 777 134,048 61,026 61, 432 62,856 228, 733 222.190 211,427 184 184 185 West Virginia 65,927 63, 764 32,982 33,182 36, 552 136, 214 132,142 126, 745 104 104 102 North Carolina 140[ 252 133, 355 128,126 122, 860 127, 786 114,154 276, 359 276, 270 260,108 185 185 186 South Carolina 18, 774 17,120 26, 269 18, 226 17,952 21,056 52, 358 56, 604 63, 361 130 130 131 Georgia 93, 975 85.173 85, 394 29,920 31,611 30,814 147, 403 148, 757 132, 407 233 233 232 Florida 34, 016 33, 222 26, 926 31, 473 31, 529 29,115 102, 781 105, 707 88,077 121 121 112 East South Central: Kentucky 118, 975 119,021 111, 562 57, 392 57,: 66, 083 211, 275 208, 627 206,900 314 317 318 Tennessee 75, 743 71, 605 70, 218 30, 225 32,073 30, 295 135, 710 134, 659 126,627 226 229 228 Alabama 40, 931 36,462 40, 288 29,972 30, 388 27,169 86, 704 86, 236 79,318 152 151 149 Mississippi 48, 345 47, 690 52, 365 47,075 47,136 123, 975 132, 920 121, 789 182 181 181 West South Central: Arkansas 32, 521 30, 695 36, 502 22, 376 22, 771 19,054 73, 505 77, 722 68, 901 169 169 167 Louisiana 55, 622 53, 503 53,407 52,116 52,479 51,177 153, 745 156, 761 150,040 116 116 116 Oklahoma 24, 316 22, 919 21, 920 16,114 16, 932 15, 790 54,144 53, 859 53, 289 182 182 182 Texas 83, 231 84, 420 52, 387 53, 793 50, 026 189,142 192,052 175, 784 393 392 398 Mountain: Montana 19, 445 19, 463 17,147 22,342 22, 778 23, 610 58, 654 58, 911 54, 724 70 Idaho 17, • 16, 664 15,072 19, 441 20,616 18, 318 46,192 47, 770 44, 936 32 Wyoming 9,735 8,723 8,897 3,104 3, 3,407 18,413 18, 566 16,977 32 Colorado 21, 927 20, 955 19, 409 16, 544 17,108 18, 365 58,971 59,109 55, 504 66 New Mexico 5,r 5,559 5,205 3,293 3,509 3,328 12, 813 13,047 12,199 19 Arizona 9,'. _. 9,745 8,550 9,418 10, 437 10, 493 27, 971 27, 429 26,956 7 Utah 39, 499 37, 645 35,824 24, 941 26, 651 28, 379 80, 655 80, 241 75, 341 46 Nevada 1,355 V" 1,004 1,205 1,211 1,309 3,270 3,191 2,778 5 Pacific: Waasshhington.. 57, 992 54, 512 53, 741 66, 292 67,023 61,812 140, 754 137, 442 130, 711 100 13, 237 16, 683 16,474 12, 772 17,110 16,062 31, 688 41, 831 39, 344 47 48 California-. 573, 562 564,011 528, 420 582,058 579, 633 565, 768 1, 211, 9431,173, 6021,133,045 128 128 128 Total 13,184, 488 13,151, 891 12, 764, 545 16,112, 886 16,180, 635 15, 770, 671 33, 651, 258 33,105, 654 31, 457,713 9, 789 9, 828 9,879 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 The figures for some States are as of call dates other than March 26, 1940; see p. 823 of the August 1940 BULLETIN. DECEMBER 1940 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
All Banks in the United States—Continued PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 1325 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State June 29 Mar. 26 June 30 June 29 Mar. 26 June 30 June 29 Mar. 26 June 30 Jun29 Mar.26Jun30 1940 19401 1939 1940 19401 1939 1940 19401 1939 1940 19401 1939 Connecticut: District No. 1 287 285 296 162 204 198 398 394 395 2 3 3 District No. 2 112 111 117 69 69 69 330 308 301 1 1 1 Indiana: District No. 7 1,791 1,575 1,504 999 1,063 1,141 4,170 4,055 3,896 14 14 15 District No. 8 85 92 67 54 55 57 154 162 155 1 1 1 Iowa 208 38 317 1 Kansas - _ 2 2 2 2 2 11 1 1 1 New Jersey (Dist. No. 2) 15 15 15 12 11 12 6 5 6 1 1 1 New York 3 37, 833 70,166 58,471 66, 349 478, 582 483, 249 83,145 512,165 449,062 8 9 9 Ohio 2,158 2,108 2,146 584 590 569 3,042 3,012 2,862 13 13 13 Pennsylvania: District No 3 4,059 5,219 6,624 7,066 47,874 55, 952 11, 632 59,888 70,011 11 14 14 District No. 4 1,419 1,296 1,292 1,128 1,073 1,101 2,789 2,744 2,517 4 4 4 South Carolina.. __ 674 575 633 54 45 31 580 627 538 1 1 1 Total 48,433 r 81,444 71, 375 76,479 r529, 566 542,417 106, 248 r583, 362 530,071 57 '62 4 »• Revised. 1 For call dates of figures included in the March 26 columns see footnote on p. 824 of the August 1940 BULLETIN. 2 The bank shown in the corresponding table on page 824 of the August 1940 BULLETIN converted into a State bank in January and, therefore, should not have been included in the March 26, 1940 figures covering all private banks. s The decrease in the June 1940 figures is due to the conversion of one bank into a trust company. MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 1325 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State June 29 Mar. 26 June 30 June 29 Mar. 26 June 30 June 29 Mar. 26 June 30 Jun29Mar26 Jun30 1940 19401 1939 1940 19401 1939 1940 19401 1939 1940 19401 1939 California 35, 692 57,644 88, 015 Connecticut: District No. 1. 257, 709 257,124 262,374 278, 759 279, 599 279, 724 569, 214 568,123 559, 89; 58 59 District No. 2_ 83, 287 82, 650 82, 546 74, 756 78,044 80,388 171, 356 169, 969 166, 410 14 14 Delaware 12,863 12,889 13,019 32,411 31,979 30,248 41, 526 40, 525 39, 030 2 2 Indiana: District No. 7_ 6,172 6,583 3,642 3,783 3,474 11, 790 11, 545 11,408 3 3 3 District No. 8_ 4,642 4,484 2,182 2,727 2,612 8,390 8,207 8,097 1 1 1 Maine 28, 735 29,041 29, 659 94, 201 101,131 100,251 129,453 129, 566 128, 355 32 32 32 Maryland 38, 011 34,322 38,440 166,140 168, 786 171,653 228,013 225, 814 224, 525 12 12 12 M assachusetts 990,012 1, 003, 696 1, 012, 577 1,151, 319 1,122,093 1,128,851 2,161, 553 2,146, 862 2,152,961 192 192 192 Minnesota 16,010 15, 250 10,102 48, 615 49,822 52, 790 66,941 67, 748 66,109 1 1 1 New Hampshire. _ 66,925 63,239 63, 239 117,427 128,049 128,049 194,186 193, 389 193, 389 43 43 43 New Jersey: District No. 2. 120,407 122,176 123,462 161, 453 171,496 179, 208 313, 527 319, 024 328, 664 22 22 22 District No. 3_ 4,483 4,466 4,642 7,823 7,408 7,191 13, 743 13,819 13,907 2 2 2 New York 1,042, 676 3,035, 583 3,006,629 2,404,197 2,433,874 2, 442, 624 5, 670, 370 5, 599,150 5, 514,825 134 134 134 Ohio 50,778 53,645 43, 737 63,236 61, 710 68, 927 124,072 122, 215 121, 748 3 3 3 Oregon 1,824 1,414 1,218 1,225 724 2,774 2,620 2,221 1 1 1 Pennsylvania: District No. 3_ 75, 508 75, 267 74,195 434,302 428, 792 437,498 553,098 558,087 538, 492 District No. 4. 11,189 11, 380 11,177 41,670 41, 764 44,353 56,923 56,181 55, 412 Rhode Island 54, 298 51, 390 50,905 108,425 120,647 128,148 177, 506 177, 583 Vermont 31,113 28,715 27, 560 22,544 24,296 24,613 57, 411 57,150 57,459 Washington 27, 602 26, 649 26,692 45,155 44,323 40,065 73,075 71, 550 67, 654 ' 3 Wisconsin: District No. 7_ 2,128 2,155 2,129 2,259 2,225 2,082 4,678 4,587 4,358 District No. 9_ 103 94 86 42 40 40 138 131 117 Total. 4,926, 475 4, 922, 212 4, 931,131 5, 261, 527 5, 303,813 5,411,157 10,631, 21910, 543, 768 10, 520, 634 551 551 553 1 For call dates of figures included in the March 26 columns see footnote on p. 824 of the August 1940 BULLETIN. 2 Beginning with the March 1940 call, this bank is no longer classified as a mutual savings bank. It is however included in the figures covering "all State banks" and "all banks" as in the past. 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1328 Gold production 1329 Gold movements 1329 International capital transactions of the United States 1330-1334 Central banks 1335-1338 Money rates in foreign countries 1339 Commercial banks 1340 Foreign exchange rates 1341 Price movements: Wholesale prices 1342 Retail food prices and cost of living 1343; Security prices 1343; 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. DECEMBER 1940 1327 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 ed s g t A i e n r n - a - g B i e u l m - Brazil I B n is r d h i i t a - g B a u r l i - a C a a d n a - Chile lo C m o b - ia C v z s a e l k o c - i h a o- m De a n rk - 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. .. '24,046 12, 760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec '25, 545 14, 512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Oct 25,461 17,091 449 611 37 274 24 212 30 21 57 53 55 2,709 /29 28 Nov 25, 672 17, 358 453 608 38 274 24 213 30 21 56 53 55 2,709 /29 28 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 «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 '27,139 19, 963 403 4 734 46 274 /24 8 30 22 56 53 '55 f% 000 /29 28 July.... '27, 641 20,463 403 /734 46 274 /24 8 30 18 56 53 /55 /2,000 /29 28 Aug '28,069 20,913 402 /734 47 274 /24 8 30 15 56 53 /55 n, ooo /29 28 Sept '28, 395 21, 244 385 /734 /47 /274 /24 8 30 15 /56 53 /55 /2,000 /29 28 Oct 28, 660 P21, 508 369 /734 /47 /274 /24 /8 /30 17 /56 /53 /55 /2,000 /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 - sZe 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 '21 83 69 120 189 /718 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 /525 1939—Oct 24 26 /194 164 88 32 757 23 103 19 /84 69 150 243 /525 Nov 24 26 /194 164 88 34 703 23 103 19 /84 69 151 254 /525 Dec 24 26 144 164 90 32 692 23 94 20 69 152 249 /525 1940—Jan 24 26 /144 164 90 27 692 23 84 20 69 152 253 /525 Feb 24 26 A44 164 90 23 692 23 84 20 69 153 268 /525 Mar 24 /26 137 164 90 25 692 23 84 '20 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 20 69 156 305 /525 Aug 24 /26 /137 164 103 30 624 23 /84 /20 69 /156 308 /525 Sept /24 /26 /137 164 115 25 /624 23 /84 /20 /69 /156 314 /525 Oct /24 /26 /137 '164 /115 28 629 /23 /84 /20 '69 /156 /314 /525 Government gold reserves l not included in previous figures End of month S d w en e- e S r w la i n tz 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. O t c r o i t e u h s n e s - r United End of United King- Fr ance Belmonth States dom gium 1936—Dec. 240 657 26 2,584 77 59 48 11 182 1936—Dec— 2 934 1937—Dec . 244 650 29 2,689 74 52 51 5 184 1937—Dec— 3 1,395 81 1938—Dec. 321 701 29 2,690 69 52 57 14 141 1938—Mar... 1,489 June.. 444 "62 1939— N O o c v t . . _ _. 3 3 3 3 2 3 5 5 8 6 1 0 2 2 9 9 1 1 6 6 8 8 / / 5 5 2 2 5 5 9 9 6 7 1 1 5 5 3 3 S O e c p t t . .. . . ' 759 M03 Dec. 308 549 29 1 68 /52 59 7 148 D No e v c ... j 80 3 1 3 3 1 0 1939—Jan.... 381 1940—Jan... 258 536 29 68 /52 60 10 137 Feb... 465 Feb.. 218 527 92 68 /52 61 10 147 Mar... 154 1,732 559 Mar.. 173 520 88 68 /52 61 10 149 Apr. _. 455 Apr.. 179 515 88 68 /52 62 9 154 May._ 477 May. 189 501 88 68 /52 64 9 155 June.. 85 17 J J u u l n y e . . . 1 1 9 7 9 3 4 4 8 9 8 3 8 8 8 6 1 6 6 9 8 0 / / 5 5 2 2 6 6 7 8 1 1 0 0 ' r1 1 5 5 7 6 S D e e p c t... 1 1 6 5 4 6 "17 Aug.. 153 490 87 1 /90 /52 69 10 '157 1940—Mar... 145 Sept.. 152 490 /87 1 /90 /52 71 9 '157 June... "17 Oct._. /152 P500 /87 PI /90 /52 m /9 157 p Preliminary. p Revised. / Figure carried forward from last previous official report, as indicated by last previous 1 Reported at infrequent intervals or on defigure without footnote /, except in the case of Germany, Italy for Oct. and Nov. 1939, Poland, layed basis: U. S.—Exchange Stabilization Fund Spain, and Venezuela; last official German report dated June 15, 1939, Italian figure officially reported Mar. 20, 1939, last Polish report dated July 31, 1939, Spanish figures officially reported (Special A/c No. 1); U. K.—Exchange Equalizaon Aug. 1,1936, and April 30,1938, and last Venezuelan report is for end of March 1939. tion Account; France—Exchange Stabilization i Totals do not include Government gold reserves shown in separate section at end of table, Fund and Rentes Fund; Belgium—Treasury. or other central reserves which are unreported or which are too minor to be included. Among unreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlands 2 Figure for March 1937, first date reported. s p t r a e b l i i l m iz i a n t a io ry n o fu r n c d ar s r , ie a d n d fo c rw er a ta rd in fr G om er m p a re n v i h o o u l s d i r n e g p s o . rt T d o a t t a es ls ( m se a e y f o i o n t c n l o u t d e e -0 so - me figures which are 3 Figure for September 1937. » Beginning April 1940, reports on certain Argentine gold reserves no longer available. 4 First date reported. ' On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. NOTE.—For details regarding special gold 4 Figure reported in special semi-annual statement of National Bank of Belgium; change transfers in 1939-40 between the British E. E. A. from previous December due largely to inclusion of gold formerly not reported separately. 'These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian and the Bank of England, and between the Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guate- French E. S. F. and the Bank of France, see mala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these BULLETIN for September 1940, p. 926. countries have been carried forward from latest report date (see footnote /). 6 Increase due to inclusion of additional foreign gold reserves not reported previously. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 1328 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 i - a 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 1 Canada2 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=$2O.67 1929 382, 532 352, 237 215, 242 11, 607 4,297 2,390 45,651 39,862 13,463 2,823 683 8,712 7,508 1930 401, 088 365,258 221, 526 11,476 4,995 2,699 47,248 43,454 13,813 3,281 428 9,553 6,785 1931 426, 424 386, 293 224,863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932 458,102 413,459 238,931 12,000 5,992 3,642 50, 626 62,933 12,070 5,132 788 14, 563 6,782 1933 469,257 411,208 227,673 13,335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 16,873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e.f an ounce of fine gold=$S5 1933 794,498 696,218 385,474 22, 578 11, 214 6,148 89,467 103,224 22,297 10,438 5,094 28,568 11,715 1934 823,003 707,288 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11,223 1935 _ 882, 533 751,979 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 31,240 11,468 1936 971,514 833,088 396, 768 28,053 16,295 7,386 152, 509 131,181 26,465 13,632 9,018 40,118 11,663 1937 1,041, 576 892, 535 410,710 28,296 20, 784 8,018 168,159 143,367 29, 591 15,478 9,544 46,982 11,607 1938 1,132,856 957,212 425,649 28, 532 24,670 8,470 178,143 165,379 32, 306 18,225 10,290 54,264 11,284 1939._ 1, 206,126 rl, 019, 584 448, 753 28,009 r28, 553 8,759 196, 391 178,303 32,300 19, 951 11,376 56,182 11,008 1939—September. 106,990 90,057 37,817 2,442 2,432 705 19, 728 14, 784 2,302 1,803 1,012 6,145 October- 107,244 90,999 38,459 2,452 2,479 715 21, 785 15,158 1,832 1,677 1,111 4,397 November. 103,675 87, 525 38,600 2,425 2,497 686 17, 512 14,875 2,333 1,873 934 4,886 903 December. 101,438 85,102 38,534 2,330 2,589 709 15,936 15,209 1,209 1,367 1,044 5,251 925 1940—January.. _ 104,636 88, 793 39, 777 2,384 2,662 739 16,972 14,853 3,078 1,958 993 4,486 891 February.. 97, 605 81,362 38, 575 2,345 2,663 728 13, 317 14,188 1,901 1,633 735 4,411 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 106, 589 *91,137 40,879 2,454 2,678 Pl, 505 16,408 14, 652 4,233 1,941 766 PA, 760 May 106, 384 ?90, 651 41, 742 2,442 2,747 PI, 540 16, 500 15,488 1,356 1,825 1,271 M, 865 June 104,326 P88, 349 40,437 *>2, 415 2,643 Pl, 505 14,862 15, 795 2,562 1,715 780 P4,760 P875 July 110,037 *>94, 111 41, 936 P2, 450 2,590 fl, 505 18,866 15, 982 PS, 010 1,952 850 M, 480 M90 August 109,705 P93, 775 41, 989 /2,450 2,725 fl, 505 16,052 16, 318 P4,025 2,184 1,243 PA, 725 P560 September. 109, 293 *>93, 263 40,958 /2,450 P2, 800 n, 505 17, 082 15, 416 /4,025 f% 184 fl, 243 P4,655 Oold production in U. S. S. E.: 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 $35 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—figures thus footnoted under individual countries are those reported by the American Bureau of Metal Statistics, adopted for use in the table pending receipt of the usual direct reports to the Board; these figures are not directly comparable with the preceding series (for description of sources of direct reports, see references cited in note below). r Revised. / Figure carried forward from last previous figure without footnote /. * Includes Philippine Islands production received in United States. * Figures for Canada beginning January 1940 are subject to official revision. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources 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 o n r r e t t t s s U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o o A th u l e n l r tries 1934 * 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, 727934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 7,511 72,648 39,966 11,911 21,513 2"33,,: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 34,713 181 246,464 50, 762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 76,315 36,472 10, 557 27,880 39,162 401 168,740 16,159» 67,975 1939 3, 574,1511,826,403 3, 798 165,122341,618 28,715 86^987 612,949 33,610 23,239 35,636 74, 250 22,862 165,605 50,9561102,404 1939 Oct 69,726 10,182 2,990 9,940 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 2,643 12,505 10,449 9,487 10,138 16,662 Dec 451,172 10,417 31, 526 19, 743 5,119 308, 773 3,972 2,116 2,646 6,472 9,885 20,101 7,592 22,812 1940 Jan __ 23,906 30,415 16,601 1,208 52,716 2,550 3,360 6,155 20,297 37,680 9,743 31,698 Feb 201,422 21,321 974 16,181 32,448 13,931 2,006 1,896 4,241 18,872 4,919 6,722 31,001 Mar 459,827 35,268 282 65,991 28, 907249,858 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 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 2,377 25,197 July 519,974 301,734 3,158 32 172, 268 1,891 5,856 2,830 5,262 3,482 23,463 Aug _ 351, 553 10,819 3,637 6 264,328 10,335 4,516 3,738 6,746 11, 687 954 34,789 Sept 334,100 3,650 27 217, 627 545 2,330 3,76414,605 7,854 13, 228 523 69,946 Oct 325, 964 1,738 222, 726 538 7 2, 673 14, 770 6,704 11,815 784 * 64, 208 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 1 Includes $31,830,000 from Argentina. s Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $10,077,000 from Chile. * Total all other countries, January-October 1940: $348,083,000. Includes $65,744,000 from Portugal, $43,935,000 from Italy, $37,841,000 from Argentina, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $25,339,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,773,000 from Brazil, and $10,385,000 from Spain. NOTE.—For gross import and export figures and for additional countries see table on p. 1292. DECEMBER 1940 1329 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 b f a u n n k d i s ng o R f e U tu . r S n . In fo fl r o e w ig n of b b r a o l k a e n r c a e g s e Total f b u a n n d k s 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 1936—Dec. 30_ 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29. 3.410.3 1,168. 5 243.9 924.6 449.1 583.2 1,102.0 47.5 1938—Mar. 30. 3,207. 2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29. 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 June 28. 4,593.6 2,048.3 361.8 1,686. 5 607.5 664.5 1,199. 3 74.0 Sept. 6. 4,882. 3 2.341.5 409.0 1.932. 5 623.5 661.7 1,171.3 84 2 Sept. 13 4,940. 3 2.389.3 464.7 1,924. 6 621.7 668.9 1,181.3 79.2 Sept. 20 4,976.0 2.434.6 610.7 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. 7 698.1 685.2 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 1.872.0 688.7 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 May 1.. 5,049. 3 2, 449. 4 398.5 2.050.9 643.4 771.1 1.097. 0 88.3 May 8__ 5,058. 2 2, 453. 7 404.1 2,049. 7 647.0 773.2 1.095. 7 88.5 May 15. 5,065. 3 2,448.4 444.5 2,003. 9 657.3 774.8 1.096. 8 88.0 May 22. 5.123.9 2, 500. 3 499.7 2,000. 6 664.1 774.9 1,090. 3 94.2 May 29. 5,076. 4 2,440. 2 487.5 1,952. 7 684.0 775.6 1.081. 5 95.1 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. 6 808.8 1,907. 8 684.1 785.7 1,092. 0 98.9 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 1,909.9 788.6 1.085. 8 100.1 July 31. 5. 471. 9 2, 786. 7 1,906.1 714.1 788.9 1.082. 2 99.9 Aug. 7- 5, 571. 4 2, 835. 0 893.6 1,941. 4 764.8 789.7 1,082. 3 Aug. 14. 5, 613. 6 2, 878.9 945.0 1,933.9 769.2 790.4 1,076.1 99.1 Aug. 21. 5, 653. 7 2,916. 5 967.2 1,949. 3 774.0 790.6 1,073. 5 99.1 Aug. 28. 5, 668. 7 2, 928. 3 996.5 1,931.8 778.3 790.7 1,071. 5 99.9 Sept. 4_. 5, 670.1 2,935. 3 1,003. 4 1, 932. 0 773.1 790.6 1,070. 6 100.5 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. 1330 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 r a o n u . g 2 h , - 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* ot A he ll r i 1935—Dec. 31 1,412. 5 554.9 210.2 114.5 130.4 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. 7 157.2 156.8 34.1 1939—Dec. 27 4,893.0 1,117.3 442.3 469.9 759.1 163.3 55.9 753.8 3,761.5 229.2 505.9 299.4 96.9 1940—Jan. 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. 4 981.6 663.9 463.8 868.5 170.7 63.3 866.2 4,078.1 217.6 565.5 342.8 76.3 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 Aug. 7 5, 571.4 995.8 700.1 454.0 894.2 176.2 63.8 901.5 4,185. 6 334.7 589.3 378.7 83.1 Aug. 14. 5, 613. 6 996.3 697.6 462.6 899.6 176.1 61.8 907.4 4, 201. 4 353.5 598.2 379.1 81.4 Aug. 21 5,653. 7 989.0 695.9 459.9 903.7 177.0 62.3 915.6 4, 203.4 354.5 592.8 404.1 81.0 Aug. 28 5, 668. 7 992.9 696.7 459.8 908.1 176.0 63.4 916.7 4, 213.7 374.6 595.0 407.6 78.0 Sept. 4 | 5, 670.1 1,005. 4 459.7 908.4 173.1 64.5 917.8 4,222. 8 369.5 597.9 402.8 77.2 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* ot A he ll r i 1935—Dec. 31. 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 68.8 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—Dec. 27. 2,383.5 396.2 231.6 190.8 352.0 -22.2 16.7 473.1 1,638.2 185.0 243.6 238.9 77.8 1940—Jan. 31_. 2,368.5 332.3 258.5 186.3 381.8 -20.5 24.9 522.1 1, 685.4 166.8 231.2 226.2 58.9 Feb. 28. 2, 365.4 304.4 256.4 186.2 397.3 -21.2 25.7 546.6 1, 695.4 168.5 233.6 217.4 50.4 Mar. 27. 2,409. 6 271.2 252.9 184.6 418.0 -20.5 35.5 570.9 1, 712. 5 173.1 251.0 230.4 42.6 Apr. 24. 2,453. 5 271.5 259.0 200.5 434.6 -21.5 54.5 562.5 1, 761.1 148.5 264.6 236.4 42.9 May 29. 2,440.2 282.4 287.0 184.4 399.9 -19.7 46.2 572.4 1,752. 6 135.8 281.5 223.6 46.6 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 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 Aug. 7.. 2,835.0 301.7 489.2 164.2 446.6 -16.6 7.0 590.0 1,982.1 260.7 305.7 231.4 55.1 Aug. 14. 2,878. 9 304.1 487.0 172.5 451.6 -16.3 7.8 595.4 2.002.1 277.7 311.4 234.9 52.8 Aug. 21. 2,916. 5 298.1 485.2 169.7 456.1 -15.6 6.7 603.3 2,003. 5 298.6 305.8 253.6 55.1 Aug. 28. 2, 928. 3 300.5 486.0 169.4 461.5 -16.3 6.9 603.5 2,011. 6 300.9 306.7 257.8 51.4 Sept. 4.. 2, 935. 3 313.6 483.1 168.8 462.7 -19.1 7.3 604.8 2.021.2 295.8 311.4 256.3 50.7 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n t m g ed - France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asiai 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 -6.9 2.6 140.3 13.9 33.0 453.0 30.6 66.8 -65.0 -7.2 1939—Dec. 27. _ 612.8 247.8 73.8 12.0 3.1 177.2 16.3 26.8 557.0 50.0 48.5 -34.3 -8.4 1940—Jan. 31— 626.1 236.0 73.5 11.4 3.0 178.9 13.5 30.3 546.7 56.2 55.8 -32.0 -.6 Feb. 28._ 627.7 247.4 73.4 12.9 2.6 179.4 11.7 30.5 557,8 52.1 56.2 -37.7 -.7 Mar. 27- 636.9 245.1 72.9 9.8 1.7 180.3 10.0 30.4 550.2 53.6 56.5 -22.8 -.6 Apr. 24. _ 659.0 255.4 73.0 13.1 1.6 181.0 10.3 31.6 566.0 60.2 53.0 -20.0 -.2 May 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 -.6 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 Aug. 7_ — 764.8 267.1 74.5 16.9 4.9 185.5 18.0 43.7 610.6 65.5 51.9 35.2 1.6 Aug. 14.. 769.2 267.7 74.3 17.1 6.0 185.2 18.6 44.2 613.1 67.4 54.7 32.0 2.0 Aug. 21._ 774.0 267.7 74.4 17.1 6.4 185.4 20.8 44.3 616.2 65.5 54.7 37.9 -.4 Aug. 28.. 778.3 269.7 74.5 17.4 6.3 185.2 22.0 45.0 620.2 65.4 55.0 37.7 -.1 Sept. 4_._. 773.1 259.5 74.6 17.4 6.1 185.2 23.1 44.9 620.8 65.1 53.6 34.0 -.4 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries beir 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. DECEMBER 1940 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n t m 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 Asia1 ot A he ll r * 1935—Dec. 31 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29. 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—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—Dec. 27 720.1 125.6 42.1 29.4 44.8 36.6 27.6 188.6 494.6 -ll.fi 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 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 Aug. 7 789.7 131.4 42.9 31.0 48.6 36.1 28.1 195.0 513.1 19.2 196.0 48.8 12.7 Aug. 14 790.4 131.3 42.9 31.0 48.6 36.0 28.1 195.0 513.0 19.3 196.4 48.9 12.8 Aug. 21 790.6 131.1 42.9 31.0 48.4 36.0 28. 1 195.1 512.7 19.6 196.4 49.1 12.9 Aug. 28 790.7 131.0 42.9 31.0 48.3 36.0 28. 1 195.3 512.8 19.6 196.4 49.2 12.9 Sept. 4 790.6 131.0 43.0 31.0 47.8 36.0 28.1 195.4 512.3 19.5 196.7 49.1 12.9 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J ro an 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 1 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 56.6 1,092.3 27.8 23.4 56.4 11.0 1939—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 14.5 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 1,096.9 287.5 76.3 231.4 372.6 -28.7 -4.9 65.7 999.9 -80 29.5 61.2 14.3 May 29 1,081. 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 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 Aug. 7 1,082. 3 278.8 74.9 230.5 376.1 -28.7 10.6 64.8 1,006. 8 -21.8 27.5 56.8 13.0 Aug. 14 _. 1,076.1 276.5 74.9 230.5 375.6 -28.7 7.2 64.6 1, 000. 5 -22.1 27.5 57.0 13.2 Aug. 21 1,073. 5 275.8 74.8 230.5 374.6 -28.8 6.6 64.6 998.2 -22.3 27.5 57.0 13.2 Aug. 28 1,071. 5 275.4 74.7 230.5 373.8 -28.8 6.2 64.6 996.4 -22.3 27.3 57.0 13.1 Sept. 4 1,070. 6 275.0 74.7 230.6 372.9 -28.8 5.9 64.6 994.9 -21.9 26.8 57.4 13.4 TABLE 7.—BROKERAGE BALANCES,1 BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n t m g ed - France N la e e n r t d - h s - 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 1 1935—Dec. 31 6.0 (!) 2.4 1.3 2.5 -.2 1 1.4 7.6 -4.5 1.0 2.9 1 § 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 8 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 («) .1 5.0 44.0 3.5 -.5 .5 1938—Dec. 28 47.6 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2.6 Q -1.0 1939—Dec. 27 78.1 19.5 18.5 10.7 16.4 -.2 .1 5.2 70.2 8.9 -4.0 2 i!i 2.0 1940— F J e a b n . . 3 2 1 8 .- 8 8 8 7 . . 2 0 1 1 8 8 . . 9 9 1 1 9 9 . . 0 6 9 9 . . 2 4 1 1 8 9 . . 3 1 - - . . 2 2 . . 1 1 5 5 . . 7 8 7 7 1 1 . . 9 9 1 1 0 0 . . 5 9 1.7 2 1. . 7 0 2 1 . . 0 9 Mar. 27 87.3 19.0 18.7 9.0 19.7 -.2 .1 5.5 71.8 9.5 .8 2.9 1.8 A M p a r y . 2 2 4 9 _ 8 95 8 . . 1 2 1 1 8 7 . . 5 6 1 1 7 8 . . 9 4 1 1 0 0 . . 2 5 2 1 1 8 . . 2 5 ?! . . 2 1 5 7 . . 7 1 7 7 2 3 . . 1 6 1 1 0 0 . . 4 3 - 1 .1 .2 2 5 . . 6 8 1 . . 6 8 June 26 97.6 16.4 18.2 11.2 17.8 .1 8.1 71.7 10.8 6.3 6.0 .7 July 31 99.9 16.7 18.5 11.5 18.0 .1 8.3 72.9 11.1 8.4 6.3 .8 -.1 8.8 Aug. 7 99.6 16.8 18.6 11.5 17.9 (4) .1 8.1 73.0 11.1 8.3 6.6 .7 Aug. 14 99.1 16.7 18.5 11.4 17.7 .1 8.3 72.6 11.2 8.3 6.3 .6 Aug. 21 99.1 16.3 18.5 11.6 18.1 -A .1 8.2 72.9 11.1 8.4 6.5 .2 Aug. 28 9^.9 16.3 18.6 11.4 18.2 -i .1 8.3 72.8 11.0 9.6 5.9 .6 Sept. 4 ir .5 16.3 18.6 11.9 18.8 1 .1 8.0 73.6 10.9 9.4 6.0 .6 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. »Inflow less than $50,000. « Outflow less than $50,000. 1332 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 m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* 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. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28.. 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27.. 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 282 466.7 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. 2 270.5 157.8 102.8 128.3 20.6 25.3 123.1 828.2 160.6 207.4 208.2 21.7 Sept. 3O._ 1,459.6 293.7 163.2 76.8 147.3 19.2 29.2 128.8 858.3 170.7 200.5 210.2 19.8 Dec. 30... 1,491. 6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Mar. 31__ 1,682. 7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 June 30. .. 2,173. 6 373.1 206.2 145.0 331.4 40.3 23.0 177.9 1, 296. 9 190.1 448.8 210.4 27.4 Sept. 29__ 2,304.8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1,475.9 219.3 353.8 229.9 25.8 Dec. 29— 1,729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—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 18.2 121.9 709.4 173.5 261.7 194.4 18.4 Sept. 28- 1, 732.4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 207.9 33.7 Dec. 28.__ 2,003.9 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1,237. 8 235.2 254.9 243.7 32.4 1939—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 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 Sept. 27... 2,983. 6 656.7 295.9 186.0 299.Q 7.8 17.1 446.4 1,909. 7 325.3 383.0 299.5 66.2 Dec. 27. _. 3,009.7 468.4 263.7 204.7 365.6 7.5 35.5 520.0 1,865.4 285.1 364.5 404.9 89.7 1940—Jan. 31... 2,994.7 404.5 290.6 200.3 395.5 9.1 43.7 569.0 1, 912. 6 266.9 352.2 392.1 79.9 Feb. 28... 2,991.6 376.6 288.5 200.1 411.0 8.4 44.5 593.5 1,922. 6 268.7 354.6 383.4 62.4 Mar. 27__. 3,035.8 343.4 285.0 198.5 431.6 9.1 54.3 617.8 1,939. 7 273.2 372.0 396.4 54.5 Apr. 24._. 3,079. 7 343.7 291.1 214.4 448.2 8.1 73.3 609.4 1,988. 3 248.6 385.6 402.3 54.9 May29._ 3,066.4 354.5 319.1 198.3 413.6 9.9 65.0 619.3 1,979.8 236.0 402.4 389.6 58.6 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 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 Aug. 74_. 3,497. 6 373.8 521.3 178.2 460.3 13.1 25.8 636.9 2, 209. 3 360.8 426.6 433.8 67.1 Aug. 144 _. 3, 541. 5 376.2 519.1 186.5 465.3 13.4 26.6 642.3 2, 229. 3 377.8 432.3 437.3 64.8 Aug. 214 _ 3, 572. 9 370.2 517.3 183.6 469.8 14.0 25.5 650.2 2,230. 7 398.7 426.7 449.8 67.1 Aug. 284. 3, 588. 5 372.6 518.1 183.4 475.2 13.4 25.7 650.4 2, 238. 7 401.0 427.6 457.8 63.4 Sept. 44__. 3,601.4 385.7 515.2 182.7 476.4 10.5 26.1 651.7 2, 248. 4 395.9 432.3 462.1 62.7 Additional Detail Available from January 3,1940 5 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- P C a a m a n . n Z d a - . Total China H Ko o n n g g Japan I P s p h la i i n l n i e d p- s 1940—Jan. 3. _ 407.1 159.2 28.1 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 323.9 165.4 71.4 58.0 29.1 Jan.31. 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 332.1 171.9 72.2 58.0 30.0 Feb. 28. 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 325.3 176.3 68.5 50.8 29.7 Mar. 27 482.1 179.2 29.9 25.2 68.4 179.4 279.0 68.1 34.9 23.4 44.3 68.8 39.4 332.9 177.6 75.4 47.1 32.8 Apr. 24. 457.1 184.0 23.8 26.9 67.6 154.7 292.6 76.4 36.9 23.7 45.6 67.6 42.5 339.2 180.2 77.5 48.2 33.3 May 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 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 Aug. 74_ 461.1 154.6 18.1 28.8 57.3 202.2 328.2 95.2 37.7 29.5 50.6 60.8 54.4 336.7 177.3 85.7 33.2 40.5 Aug. 14* 464.3 153.7 18.0 27.9 56.7 207.9 330.6 101.2 35.7 29.7 52.9 57.4 53.8 335.1 179.4 84.8 31.4 39.5 Aug. 214 469.4 151.9 17.8 27.0 54.8 217.9 325.2 97.7 34.5 28.7 51.8 56.8 55.7 338.2 180.2 85.9 34.3 37.8 Aug. 284 468.1 151.7 17.3 26.9 54.8 217.4 326.5 100.2 33.5 27.1 51.5 57.8 56.5 342.9 180.5 86.9 35.4 40.0 Sept. 44 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 342.8 179.8 87.6 36.8 38.7 1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 8 First report date on new basis. 4 Owing to temporary adjustments pending final revisions, the movements of funds indicated by the figures under Asia, Japan, and the relative totals beginning the week ending August 7, 1940, are inaccurate. The correct movements for Asia and for the total of all countries are shown in Table 3. 6 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. 2»5; and April 1940, p. 362). DECEMBER 1940 1333 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 i Reported by Banks in New York City 1931—Dec. 30.... 1,103.3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932— Dec. 28 — 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27_— 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 1934—Nov. 28 ». 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 s_. 1,137.8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 1935—Jan. 2_.__ 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31... 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—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 59.4 141.1 67.2 12.0 1937—Mar. 31.. 693.1 99.7 15.8 17.1 4.9 162.2 13.0 58.1 370.7 71.7 135.3 100.0 15.5 June 30— 637.7 75.6 13.2 13.7 3.5 143.9 14.8 55.2 319.9 87.8 132.0 83.6 14.0 Sept. 29.. 586.0 75.3 11.1 19.1 4.2 132.0 16.8 52.8 311.3 82.5 107.0 71.7 13.5 Dec. 29... 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938— Mar. 30.. 669.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 93.3 113.5 104.1 17.4 June 29... 700.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 87.6 116.6 126.4 13.8 Sept. 28.. 626.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 84.0 94.2 113.6 12.4 Dec. 28... 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1939-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 June 28__ 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 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 Dec. 27... 546.3 44.4 5.0 6.6 4.9 53.9 10.9 53.0 178.7 46.3 117.5 186.9 10.0 1940—Jan. 31 533.0 56.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.fi 9.1 Feb. 28... 531.4 44.7 5.4 5.7 5.5 51.8 15.5 49.3 177.9 44.2 109.8 190.3 9.2 Mar. 27.. 522.2 47.0 5.8 8.9 6.3 50.8 17.3 49.4 185.6 42.7 109.5 175.4 9.1 Apr. 24.. 500.0 36.7 5.8 5.5 6.5 50.2 16.9 48.2 169.8 36.1 112.9 172.6 8.7 May 29.. 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 113.3 169.5 9.0 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 31... 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 Aug. 74__. 430.7 25.0 4.3 1.8 3.2 45.7 9.2 36.1 125.2 30.8 114.1 153.8 Aug. 14*. 426.3 24.4 4.4 1.5 2.1 46.0 8.7 35.6 122.7 28.9 111.3 157.0 6.5 Aug. 214. 415.4 24.5 4.3 1.5 1.7 45.8 6.5 35.5 119.6 30.7 111.2 144.9 8.9 Aug. 284_ 414.8 22.4 4.2 1.2 1.7 45.9 5.2 34.8 115.5 30.9 110.9 148.9 8.6 Sept. 44.. 425.8 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112.3 158.5 Additional Detail Available from January 3,1940 s 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- m D a e r n k - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a m . a n n Z d a - . Total China H K o o n n g g Japan P Is p h la i i n l n i e d p 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 1.6 111.2 26.6 Feb. 28. 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. 27 19.7 8.1 2.2 ,8 3.9 4.7 70.1 12.2 31.6 9.4 11.2 4.7 1.0 165.4 25.7 1.5 109.6 28.6 Apr. 24. 18.3 8.4 1 4 1.0 3.6 3 9 72.9 12.4 34.5 9.6 10.2 5.0 1 2 161.7 24.3 1.4 108.1 28.0 May 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 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 Aug. 74. 8.6 2.1 2.0 1.3 2.9 75.5 16.2 33.4 9.6 10.2 4.7 1.5 139.1 29 9 1.5 76.8 30.9 Aug. 144 7.9 2.0 1.6 1.3 2.7 73.0 16.5 30.9 9.6 10.1 4.5 1.4 142.8 30.6 2.0 79.9 30.3 Aug. 214 7.9 1.9 1.7 1.3 2.8 72.5 15.4 31.3 9.6 10.3 '4.4 1.5 130.0 24.8 2.3 73.0 29.9 Aug. 284 7.8 1.7 1.7 1.3 2.7 72.0 15.4 30.5 9.4 10.8 4.4 1.4 133.1 24.6 2.9 76.0 29.5 Sept. 44. 7.7 1.6 1.7 1.2 2.9 72.1 15.1 31.3 9.6 9.9 4.5 1.7 142.2 24.0 3.8 84.9 29.5 i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". a Last report date on old basis. 3 First report date on new basis. 4 Owing to temporary adjustments pending final revisions, the movements of funds indicated by the figures under Asia, Japan, and the relative totals beginning the week ending August 7, 1940, are inaccurate. The correct movements for Asia and for the total of all countries are shown in Table 4. 5 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). 1334 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 t d s e o p f t. Assets of banking department Liabilities of banking department Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of Other Cash reserves co D u is n - ts Securi- ci t r i c o u n la- Deposits Other Goldi assets 2 and ad- ties liabili- 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—Oct. 25. 3.2 580.0 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 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 2o. .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 .9 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28. .2 630.0 .7 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25 .2 630.0 .8 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30. .2 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold < ch e e a i x g n - n ge m O ar p k e e n t6 c S i p a e l - 6 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 ia t b h 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. 68,863 21, 111 7,157 2,730 8, 5.45 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. 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—May 25. 8 92,266 754 8,164 2,276 4,774 20, 577 78 3,401 14, 264 121, 391 4,573 17, 570 3,020 June 29. 92, 266 722 8,074 2,279 5,009 20, 577 374 3,471 14, 753 122,611 5,188 16,909 2,816 July 27. 92, 266 722 8,316 2,275 5,000 20, 577 472 3,461 14,458 123,239 5,468 16,058 2,781 Aug. 31. 97,266 218 9,396 1,708 15, 009 20, 577 2,412 3,805 16,016 142,359 3,304 18,038 2,708 Sept. 28. 97, 266 212 9,734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26. 97, 266 85 10,038 2,007 25,473 336 3,576 17,100 144,379 2,004 14, 790 3,006 Nov. 30. 97, 266 120 10, 565 1,626 5,206 30, 473 454 3,581 17, 769 149,370 1,953 12, 392 3,346 Dec. 28, 97,267 112 11,273 2,345 5,149 34, 673 174 3,482 16,438 151,322 1,914 14, 751 2,925 1940—Jan. 25.. 97, 268 111 11,861 2,235 5,011 35, 673 229 3,444 15,963 151,738 1,834 14,965 3,259 Feb. 29. 97, 275 109 12, 505 1,810 4,630 40, 523 465 3,403 16,917 156,150 1,203 17,128 3,156 Mar. 28. 84,614 111 42, 645 1,870 5,005 20, 550 320 3,376 15,970 156,032 1,154 14, 262 3,014 Apr. 25_ 84, 615 112 42, 694 1,781 5,769 20,900 228 3,411 15,666 156, 285 1,171 14, 681 May 30. 84, 616 102 44,083 1,889 14,473 32,600 2,320 3,716 16, 694 170,853 1,046 25, 782 2,811 i Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). ' Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12, 1940; for information concerning previous status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339. 3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank; on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account. 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. 6 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from Mar. 28,1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization Fund on Mar. 7, 1940. 6 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 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 Conven tion 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. DECEMBER 1940 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Central Banks—Continued Assets Liabilities (Figu r R e re i e e s i h c i s h n m s m b a a r il k n l s i k o ) ns of Re fo 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 i c n i h l c l e l s u c k d (a s in n ), g d Security Eligi S b e le curities Other ci N rc o u t l e a- Deposits l O ia t b h i e li r re T s o er t v al es Gold* Tr b ea il s l u s ry- loans a c s o n v o er te Other tion ties 1929—Dec. 31... 2,687 2,283 2,848 251 92 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 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31.. 920 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30.. 396 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31.. 84 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31... 88 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31... 72 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31... 76 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31... 76 8,244 45 557 1,621 8,223 1,527 1,091 1939—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 1,628 1,382 Feb. 29... 77 11,825 37 172 367 11,877 1,559 1,422 Mar. 30.. 78 12,242 31 144 394 2,557 12,176 1,760 1,509 Apr. 30... 78 12,188 31 221 364 2,651 12,480 1,714 1,338 May 31.. 77 12, 569 31 142 363 2,135 12, 594 1,470 1,253 June 29— 77 12,611 25 143 454 2,595 12,785 1,854 1,266 July 31... 78 12,613 28 114 408 2,377 12,750 1,620 1,248 Aug. 31.. 77 12,891 31 56 419 2,448 13,026 1,608 1,287 Sept. 30.. 78 13,206 16 50 422 2,184 12,847 1,795 1,314 Oct. 31P_. 78 13,069 31 56 (2) 12, 937 1, 610 (2) 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] Oct. Sept. Aug. Oct. date of month] Oct. Sept. Aug. Oct. 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 3,603 Foreign assets 65,135 54,034 Other gold and foreign ex- Loans and discounts 10,315 6,239 change 2 70 845 Other assets _ _ _ 7,829 8,789 Discounts 1,170 552 Note circulation 28,419 27,415 Loans 511 126 Other sight liabilities 46,830 34,324 Other assets 1,036 549 Other liabilities 15, 598 14,891 Note circulation 6,690 5,370 Central Bank of the Argentine Demand deposits—Treasury 14 1 Republic (millions of pesos): p other..:::::: 273 181 Gold reported separately 1,170 1,220 1,224 Other liabilities 139 124 Other gold and foreign exchange- 183 150 126 National Bank of Bohemia and Mo- Negotiable Government bonds. _ 218 223 256 ravia (millions of koruny): Rediscounted paper 16 19 Gold 1,597 1,635 Other assets . 220 224 193 Foreign exchange 712 766 Note circulation 1,175 1,202 1,151 Discounts 376 1,594 Deposits—Member bank __ 365 383 487 Loans.. 409 1,050 Government 190 173 85 Other assets 4,978 Other 2 5 6 Note circulation _______ 5,764 6,339 Foreign exchange sold forward 12 13 15 Demand deposits 1,196 1,051 Other liabilities 65 60 56 Other liabilities 2,632 Commonwealth Bank of Australia Central Bank of Bolivia (thousands (thousands of pounds): of bolivianos): Issue department: Gold at home and abroad 99,445 97,985 92,148 Gold and English sterling 16,082 16,081 16,030 Foreign exchange 72, 596 66,612 50, 736 Securities _ _ 54,305 54,304 44,488 Loans and discounts 229, 345 228,028 85,311 Banking department: Securities—Government 430,388 430,610 411,991 Coin, bullion, and cash 5,566 6,736 1,790 Other... 13,640 13,891 7,395 London balances 45,680 44,786 11,042 Other assets 20,671 22,833 76, 206 Loans and discounts 31, 259 35,167 19, 311 Note circulation 441,316 438,175 330, 528 Securities 44,137 39,026 60, 540 Deposits 340, 594 339,942 315,687 Deposits 119,075 117,157 89,061 Other liabilities 84,176 81,842 77, 571 Note circulation 61,619 61, 619 51, 525 National Bank of Bulgaria (mil- Bank of Belgian Congo (millions of lions of leva): (Apr.)i Belgian francs) : (Jan.)1 Gold 2,006 2,006 Gold _ 171 171 Net foreign exchange in reserve 4 Foreign (gold) exchange 5 Foreign exchange 1,800 1,007 Loans and discounts 617 560 Loans and discounts 1,110 2,499 Other assets. 526 487 Government dftht 3,393 3,417 Note circulation 421 380 Other assets 2,030 1,475 Deposits 735 679 Note circulation 4,526 4,662 Other liabilities 164 159 Deposits 3,421 3,331 Other liabilities 2,396 2,411 i Latest month for which report is available for this institution. * Foreign exchange only; total gold holdings now included in item "Gold." 1 Figures not yet available. 1336 FEDERAL RESERVE BULLETIN 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] Oct. Sept. Aug. Oct. date of month] Oct. Sept. Aug. Oct. Bank of Canada (thousands of Ca- Bank of Estonia—Cont. (July)* nadian dollars): Loans and discounts 57,399 50, 613 Goldi 225, 675 Other assets 47,437 41, 208 Sterling and United States ex- Note circulation 88,492 70,176 change 45,133 20, 336 2,723 46, 564 Demand deposits 28, 285 26, 250 Canadian Gov't. securities: Other liabilities 35, 905 38, 808 2 years or less 438, 553 412,359 430,113 193,862 Bank of Finland (millions of mark- Over 2 years _ _ 142, 288 120, 742 121,189 55,039 kaa): Other assets 12,195 43, 356 18,222 7,893 Gold _ _ 1,180 Note circulation _ __ . _ 332,355 331, 957 306, 534 224 401 Foreign assets 2,085 Deposits—Chartered banks 221, 679 231,336 215, 539 234,102 Loans and discounts 2,059 Dominion Gov't. 62, 684 4,441 32,857 39,089 Domestic securities 328 Other_ _ 5,962 9,961 3,610 18,432 Other assets . 343 Other liabilities 15, 491 19,098 13, 707 13,008 Note circulation 3,378 Central Bank of Chile (millions of Deposits—Treasury pesos): Other 553 G D o is l c d ounts for member banks 1 1 4 6 6 8 1 1 4 5 6 8 14 7 6 6 BankO tohfe rG lrieaebcilei ti(emsillions of drach- 2,064 Loans to government 746 746 754 mas): Other loans and discounts 375 370 244 Gold and foreign exchange (net) 4,959 4,967 3,343 Other assets 31 23 60 Loans and discounts 15,190 14, 683 13,018 Note circulation 1,022 1,018 866 Government obligations 4,049 4,049 4,207 Deposits— Other assets 3 086 3 197 2 231 Bank 168 146 192 Note circulation 11 326 11 077 9 883 Other _ _ 112 116 65 Deposits 13 666 13 585 10 823 Other liabilities 165 163 156 Other liabilities 2,292 2,233 2,093 Bank of the Republic of Colombia National Bank of Hungary (mil- (thousands of pesos): lions of pengo): Gold 29, 525 26, 386 26, 870 37 233 Gold 124 124 Foreign exchange 13,830 12, 594 11,012 4,944 Foreign exchange reserve 50 83 Loans and discounts 25,311 26, 258 24, 859 22 040 Discounts 849 625 Government loans and securities- 47,099 42, 959 40, 321 37,087 Loans—To Treasury 336 343 Other assets 36,071 31, 532 31, 612 31 986 Other 44 35 Note circulation 55, 269 54,923 55, 237 53 795 Other assets 316 334 Deposits 61,494 54,151 53 232 47 641 Note circulation 1 200 1 032 Other liabilities 35,073 30, 656 26, 204 31 855 Demand deposits 208 178 National Bank of Denmark (mil- Certificates of indebtedness - 87 94 lions of kroner): Other liabilities 226 240 Gold 117 117 117 Reserve Bank of India (millions of Foreign exchange 9 9 8 rupees): Clearing accounts (net) 326 278 Issue department: Discounts 14 15 28 Gold at home and abroad 444 444 Loans—To Government agencies 68 137 88 Sterling securities _ _ _ 1,315 745 Other.— _ 110 133 210 Indian Gov't. securities 496 373 Securities 159 172 214 Rupee coin 346 725 Other assets 344 291 80 Note circulation 2,315 2,103 Note circulation 695 694 488 Banking department: Deposits 269 278 94 Notes of issue department 287 185 Other liabilities 183 180 164 Balances abroad 269 142 Central Bank of Ecuador (thou- Treasury bills discounted 18 20 sands of sucres): (June) 2 Loans to Government 3 6 Golds 50, 270 41,156 Investments 87 66 Foreign exchange (net) 13,472 5,646 Other assets 12 39 Loans and discounts 61, 962 65, 577 Deposits 558 337 Other assets 22, 613 20, 390 Other liabilities 117 121 Note circulation . _ 67, 393 67,002 Bank of Japan (millions of yen): Demand deposits 41, 772 43 449 Gold 501 501 501 Other liabilities _ 39,152 22, 318 Special foreign exchange fund - 300 300 300 National Bank of Egypt4 (thou- Discounts 761 752 390 sands of pounds): (Apr.)2 Loans—To Government 3 3 3 Gold 6 544 6 545 Other 161 162 138 Foreign exchange 2,729 1,449 Government bonds 2,551 2,620 2,044 Loans and discounts _- 8,141 10 435 Other assets 469 434 365 British, Egyptian, and other Note circulation _. _ 3,556 3,533 2,687 Government securities 30, 608 27, 526 Deposits—Government 714 714 568 Other assets . 6,995 12 934 Other 127 109 98 Note circulation 25 489 26 421 Other liabilities 350 416 388 Deposits—Government— __ 2,392 5,892 Bank of Java (millions of guilders): Other 18,076 17 710 Gold5 205 152 129 Other liabilities _ 9,060 8,866 Foreign bills _ 19 21 13 Central Reserve Bank of El Salva- Loans and discounts 106 118 70 dor (thousands of colones): Other assets 124 129 95 Gold _ 13, 201 13, 208 Note circulation 204 204 197 Foreign exchange 1,876 3,429 Deposits 212 190 84 Loans and discounts 2,789 1,588 Other liabilities 38 27 26 Government debt and securities. 5,332 5,085 Bank of Latvia (millions of lats): (July)* Other assets 1,361 1 083 Gold 72 98 Note circulation 13, 909 14,178 Foreign exchange reserve 29 21 Deposits _ 5,323 6,590 Loans and discounts _ _ __ 234 197 Other liabilities 5,327 3,625 Other assets 45 47 Bank of Estonia (thousands of Note circulation 123 118 krooni): Deposits 204 191 Gold and net foreign ex- (July)" Other liabilities 52 55 change __ 47,846 43, 413 1 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). 2 Latest month for which report is available for this institution. 3 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre. 4 Items for issue and banking departments consolidated. 5 Gold revalued Sept. 28, 1940, at 0.4978 gram fine gold per guilder. DECEMBER 1940 1337 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] Oct. Sept. Aug. Oct. date of month] Oct. Sept. Aug. Oct. Bank of Lithuania (millions of litu): South African Reserve Bank—Cont. Gold 67 58 Other assets 35,367 34,493 19, 752 Foreign exchange 11 4 Note circulation _ _ _ 22,771 23, 664 19,302 Loans and discounts 182 146 Deposits 46, 663 44,847 33,609 Other assets 83 41 Other liabilities 4,764 6,076 3,501 Note circulation 187 160 Bank of Sweden (millions of Deposits 111 55 kronor): Other liabilities 46 34 Gold 335 338 732 Netherlands Bank (millions of guil- Foreign assets (net)_ . 753 685 421 ders): (Apr.)i Domestic loans and investments. 709 693 332 Gold 2 1,160 1,108 Other assets 929 822 511 Silver (including subsidiary coin) 12 12 Note circulation 1,470 1,451 1,248 Foreign bills 1 2 Demand deposits 361 271 ''541 Discounts 10 43 Other liabilities 895 817 207 Loans 226 240 Swiss National Bank (millions of Other assets 71 86 francs): Note circulation 1,166 1,126 Gold 6. 2,119 2,119 2,395 Deposits—Government 25 Foreign exchange __ _ 627 548 291 Other 228 316 Discounts.._ _ _. 271 254 95 Othpr liabilities 59 49 Loans 49 54 54 Reserve Bank of New Zealand Other assets 270 272 686 (thousands of pounds): Note circulation 2,110 2,119 2,036 Gold 2,802 2,802 2,802 Other sight liabilities 956 860 835 Sterling exchange reserve 9,988 12, 217 5,743 Other liabilities . 270 269 649 Advances to State or State un- Central Bank of the Republic of dertakings 28,015 26,906 23, 237 Turkey (thousands of pounds): Investments 2 553 2,544 3,620 Gold 108,194 36,836 Other assets '379 380 347 Foreign Exchange—Free 39 18 Note circulation 20 109 20,066 17, 372 In clearing accounts 18, 617 2,831 Demand deposits 21, 289 22,330 16, 273 Loans and discounts 311,241 218,159 Other liabilities 2 339 2,452 2,104 Securities 195, 338 196, 632 Bank of Norway (millions of Other assets 36, 545 34, 360 kroner): (Mar.)i Note circulation _ _ 362, 938 294, 441 Gold 186 227 Deposits—Gold 78, 239 Foreign assets 102 79 Other 93, 035 71, 827 Total domestic credits and Other liabilities 135, 760 122, 568 securities 435 395 Bank of the Republic of Uruguay Discounts 198 (thousands of pesos): Loans 71 Issue department: (June)i Securities (3) 126 Gold and silver _ 86, 235 86, 235 Other assets (3) 34 Note circulation 96, 728 86, 467 Note circulation 599 534 Banking department: Demand deposits—Government - 9 19 Gold 21,454 21,185 Other 112 87 Notes and coin. _ 46,034 54, 308 Other liabilities (3) 96 Loans and discounts 113,630 112, 783 Central Reserve Bank of Peru Other assets . 119,807 103,570 (thousands of soles): Deposits 99, 931 87,492 Gold and foreign exchange 57,020 45, 373 Other liabilities 200,994 204, 354 Discounts 16,274 24, 756 National Bank of the Kingdom of Government loans 126,670 102, 281 Yugoslavia (millions of dinars): Other assets 10,333 4,452 Gold. 2,380 2,330 1,987 Note circulation 133,440 132,054 Foreign exchange 518 556 616 Deposits 53, 665 27,898 Loans and discounts 1,632 1,651 2,573 Other liabilities 23,192 16, 911 Government debt 3,073 3,073 2,835 Bank of Portugal (millions of National defense bills 5,155 4,598 escudos) * Other assets 2,913 3,017 3,944 Gold 922 920 Note circulation 12, 403 12, 241 9,244 Other reserves (net) 392 444 Other sight liabilities 2,464 2,181 1,546 Non-reserve exchange 142 203 Other liabilities 805 803 1,164 Loans and discounts 488 428 Bank for International Settle- Government debt 1,033 1,036 ments (thousands of Swiss gold Other assets 1,632 1,266 francs 7) : Note circulation 2,679 2,350 Gold in bars . 26, 604 29, 385 17, 532 Other sight liabilities 958 925 Cash on hand and on current Other liabilities 972 1,023 account with banks.. 31, 674 38,862 15,851 National Bank of Rumania (mil- Sight funds at interest ... 14, 943 15,400 13,814 lions of lei): (July)i Rediscountable bills and accept- Gold < 31, 747 20, 581 ances (at cost) 145, 318 143, 673 158,019 Special exchange accounts 4,344 4,417 Time funds at interest 21,415 21, 355 26, 575 Loans and discounts 25,146 23, 255 Sundry bills and investments 216, 215 208, 402 214, 265 Special loans 5 881 1,332 Other assets 2,381 2,714 6,233 Government debt 7,959 10, 200 Demand deposits (gold) 14, 724 15, 846 10, 664 Other assets 12,824 13, 743 Short-term deposits (various Note circulation 58, 961 48,382 currencies): Demand deposits 15,000 10,162 Central banks for own ac- Other liabilities 8,939 14, 984 count 20, 929 21, 530 20,175 South African Reserve Bank (thou- Other 2,804 2,462 3,148 sands of pounds): Long-term deposits: Special ac- Gold 38,081 37, 350 29, 471 counts 229,001 229, 001 229, 644 Foreign bills 745 840 7,125 Other liabilities 191,092 190, 953 188, 659 Other bills and loans 4 1,903 64 r Revised. 1 Latest month for which report is available for this institution. 2 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder. 3 Figures not yet available. < Gold revalued May 19, 1940, at 0.0043 gram fine gold per leu. * Agricultural and urban loans in process of liquidation, e Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc. "See BULLETIN for December 1936, p. 1025. 1338 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] Date effective U K d n i o i n m t g ed - France m G C a e n e r y - ntra g l B i b u e a m l- nk N o l f a e — e n r t d - h s - S d w en e- S la w e n r i - d tz- Al b b C a a n n e k n ia tr o a f— l N R 2 o a 8 t v e . M e a f r D f . e 2 c a 1 t t i e , v 1 e 940 Ja b p C a a n e n k n tr o a f— l N R 3 2 . o a 2 8 t v 9 e . A e p f r f D . e c a t t 7 i e v ,1 e 936 Argentina—. VA Mar. 1,1936 Java 3 Jan. 14,1937 In effect Sept. 15, Jan. 25,1940 Latvia 5 Feb. 17,1940 1936 2 3 4 2 3 2 Belgium 2 Aug. 9,1938 Lithuania ... 6 July 15,1939 Sept. 25 5 Bolivia Nov. 28,1935 Mexico 3 Mar. 1,1937 O Oc c t t . 9 2 3 British India- 3 2 Oct. 16 2 Bulgaria, N O o ct v . . 2 2 0 6 2XA W2 Canada M Se a p r t . . 1 1 6 1, , 1 1 9 9 3 4 5 0 N N e e w th e Z rl e a a n - ds 3 Aug. 29,1939 Dec. 3 2 Chile 3-4>| Dec. 16,1936 land 2 May 27,1940 Jan. 28, 1937 4 Colombia July 18,1933 Norway 3 May 13,1940 June 15 6 Czecho- Peru 5 Aug. 1,1940 July 7 5 slovakia Oct. 1,1940 Portugal 4-4K Aug. 11,1937 Aug. 4 4 S N e o p v t . . 3 13 V 3 /2 May 10, 1938 4 Denmark ... 4 Oct. 16,1940 Rumania 3 Sept. 12,1940 M M a a y y 3 1 0 3 _ 2y2 3 E El c u S a a d l o v r a . dor.. 3 7 M Ma ay r. 2 3 6 0 , , 1 1 9 9 3 3 8 9 S S o p u ai t n h Africa V/2 1 M M a a y r . 1 2 5 9 ,1 ,1 9 9 3 3 3 9 Sept. 28 3 Estonia Oct. 1,1935 Sweden May 17,1940 N O o ct v . . 2 2 7 5 2y 2 Finland _ 4 Dec. 3,1934 Switzerland _ Nov. 26,1936 Jan. 4, 1939 2 2 Apr. 17 4 May 11 3 France 2 Jan. 4,1939 Turkey 4 July 1,1938 July 6 2Y2 Germany Apr. 9,1940 United King- Aug. 24 4 Greece 6 Jan. 4,1937 dom 2 Oct. 26,1939 Aug. 29 . 3 Hungary 3 Oct. 22,1940 U. S. S. R.__ 4 July 1,1936 Sept. 28 3 Italy May 18,1936 Yugoslavia _ 5 Feb. 1,1935 Oct. 26 2 Dec. 15 3 Jan. 25, 1940. 2 0 Corrected. Apr. 9 VA 1 Not officially confirmed. May 17 V/ Changes since Oct. 28: none. In effect Nov. 28, 1940 2 2 VA 2 3 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 a m 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 ' ts 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 l m 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 ey th m u L p o o n a t n o th s 3 s d P i r s r i c a v o t a e u t n e t 1929—Sept.. 5.59 5.63 4.39 7.18 7.86 6^-8 5.32 3.38 1930—Sept.. 2.07 2.05 1.68 3.30 3.78 1.84 1.50 1931—Sept.. 4.74 4.57 4.04 7.99 9.15 1.21 1.80 1932—Sept.. .67 .55 .67 4.25 5.55 1.00 1.50 1933—Sept.. .44 .31 .63 3.87 5.00 1.00 3-5 1.50 1934—Sept.. .73 .61 .78 3.81 4.71 1.00 1.50 1935—Sept.. .58 .55 .75 3.02 3.21 4-7 5.65 2.40 1936—Sept.. .55 .53 .75 3.00 3.01 4-63^ 1.29 2>|-5 2 1.98 1937—Sept.. .55 .50 .75 2.88 3.07 4-6^ .50 23^-5 1.00 1938—Sept.. .91 .86 .75 2.88 2.59 .70 1.00 1939—Sept. _ 3.51 3.23 2.72 1-2 2.75 2.51 3.66 23J-5 1.25 1939—Oct.. . 1.88 1.77 1.71 2.75 2.23 2.24 2^-5 1.25 Nov.. 1.96 1.18 1.00 2.65 2.19 2.41 1.25 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 33^-53^ 1.41 June.. 1.03 1.02 1.00 2.38 1.98 VA-r' 1.50 July... 1.03 1.02 1.00 2.38 1.73 2.83 1.50 Aug._. 1.03 1.02 1.00 2.31 1.77 3.00 1.50 Sept. _ 1.03 1.03 1.00 2.68 1.50 1 Figures are for period May 1-9, inclusive; no quotations available May 10-June 30. NOTE—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. DECEMBER 1940 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS United Kingdom » Assets Liabilities (Fig p u o r u e n s d i s n s m te i r ll l i i o n n g s ) of re C se a r s v h es M ca o s l h n l o e a y r n t d at B co il u ls n d te i d s- T r d e r e c e p e a i o 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 t s 3 Time3 lia O bi t l h i e ti r es notice 10 London clearing banks 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 6 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—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 September 288 144 401 92 697 948 287 2,597 260 Assets> Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada excl d u e d p in o g si t i s nterbank fi ( g 1 u 0 r e c s h i a n 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 a a n f b d r d r o u o m e n a e d t Se ti c e u s ri- O as t s h e e ts r ci • t N r i c T o - u n la- Total Demand Time l O ia t f i b h e i s « li r reserves loans and dis- foreign counts banks 1932—December 211 103 1,104 155 778 439 L15 1,916 538 1,378 760 1933—D ecember 197 106 1,036 134 861 43? 1,920 563 1,357 725 1934—December 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—D ecember 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—December 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938—December 263 65 940 166 1,463 474 88 2,500 840 1,660 782 1939—September 279 51 1,020 214 1,502 475 95 2,583 89L 1,692 862 October 304 53 1,083 209 1,662 474 90 2,837 1,709 858 November 295 56 1,102 157 1,665 475 89 2,809 1,074 1,735 851 December 292 53 1,088 132 1,646 490 85 2,774 L, 033 1,741 842 1940—January 290 48 1,073 134 1,654 466 8? 2,755 L,005 1,751 827 February 273 57 1,104 140 1,638 476 86 2,772 1,113 1,659 829 March _ __ 265 52 1,115 166 L,599 451 88 2,724 ]L,063 1,661 836 April 281 54 1,072 180 1,592 488 84 2,743 1L, 071 1,672 840 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 46P 93 2,706 L, 098 1,609 814 July 277 39 1,053 166 1,576 454 2,674 L062 1,613 802 August __ 291 38 1,062 162 1,569 440 90 2,689 1,055 1,634 783 September _ _ 319 37 1,102 178 1,563 474 88 2,800 1,145 1,655 786 Assets Liabilities Deposits Own (4 large b i a n n m ks i . l lio E n n s d o f o f f r m an o c n s t ) h figures re C se a r s v h es D b u a e n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e ts r Total Demand Time a a c n c c e e p s t- lia O b t i h li e t r ies 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—December ._. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 t71 844 4,609 1940—January 4,066 4,080 29,808 7,756 1,745 42,850 42,302 48 938 3,667 February 4,293 3,993 30,810 7,579 1,849 43,737 43,195 £42 1,034 3,753 March « 4,110 3,920 34,123 7,499 1,961 46,608 46,064 I44 1,105 3,901 1 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. > Represents six-month loans to the Treasury at V/% per cent, callable by the banks in emergency under discount at the bank rate. » Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. < Beginning 1936, figures on this basis available only for 11 banks—see footnote 5. «District Bank included beginning in 1936. 6 No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 1340 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 i u a 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 l a e u r v i l a - ) C O a ff n ic a i d a a l (d F o r l e la e r) Of C fi h ci i a le l ( E pe x s p o o ) rt S ( C y h h h u a a i a n i n ) n g a - C (p b o e l i s o a o m ) - ( s k C lo o z v r e u a c n k h a i o a ) - 1933 _„ 72.801 337.07 17.900 7.9630 31.816 1.0039 91.959 7. 6787 28.598 81.697 3.8232 1934 33. 579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 61. 780 4.2424 1935 32. 659 388.86 18.424 8.2947 36.964 1.2951 99. 493 5.0833 36. 571 56.011 4.1642 1936 33.137 395.94 16.917 8.5681 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 37.326 1.2846 100.004 5.1697 4.0000 29.606 56.726 3.4930 1938.. 32. 597 389. 55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 55.953 3.4674 1939 30.850 353.38 16.852 6.0027 5.1248 33.279 1.2111 96.018 5.1727 4.0000 11.879 57.061 3.4252 1939—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 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 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 Oct.— 29. 773 322.80 321. 29 6. 0575 5. 0153 30.170 90. 909 86. 318 5.1680 4.0000 5.682 56.985 Year or month ( m D kr a e o r n 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 i e r c n r k h - y ) s- G (d m re ra a e c ) c h e - (d H K o o o ll n n a g g r) (p H g e a u n r n g y 6 - ) ( I l t i a ra ly ) J ( a y p e a n 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 a o e l u a w n n d d ) N (k o r r o w n a e) y 1933 19.071 434.39 1.8708 5.0313 30. 518 .7233 29.452 22.360 6.7094 25.646 28.103 51. 721 340.00 21.429 1934 22. 500 516.85 2.2277 6. 5688 39.375 .9402 38. 716 29. 575 8. 5617 29.715 27.742 67.383 402.46 25. 316 1935 21.883 502.60 2.1627 6.6013 40. 258 .9386 48. 217 29.602 8.2471 28.707 27.778 67.715 391.26 24.627 1936.... 22.189 509.68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7.2916 29.022 27.760 64.481 398.92 24.974 1937 22.069 506.92 2.1811 4.0460 40.204 .9055 30. 694 19.779 5.2607 28.791 27.750 55.045 396.91 24.840 1938.... 21.825 501.30 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 24. 566 1939 20.346 478.83 1.9948 2. 5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 23.226 1939—Nov... 19.294 2.2246 40.127 .7244 24.491 17.602 5.0444 23.440 20.497 53.080 313.96 22. 703 Dec... 19. 297 . 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 .. 81562. 2461 40.118 .7155 24. 629 17. 586 5.0470 23.438 16.663 53. 208 317.09 22.706 Feb.__. 19.310 .. 70782.2459 40.117 .7176 24. 572 17.605 5.0467 23.438 16. 654 53.137 317.06 22. 709 Mar.... 19. 311 . 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 . 7743 1.9980 40.115 .6546 21.834 17. 586 5.0452 23.438 16.656 53.082 282.05 22.707 May... .. 89611.8516 40.025 .6270 20. 288 17. 582 5.0426 23.438 16.654 53.079 261.87 June... . 9776 2.0052 39. 965 .6529 22.388 17. 591 5.0361 23.432 18. 365 288.19 July... 9643 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 Oct.... 1. 9652 39. 975 23. 077 19.364 5.0389 23. 439 20.331 322. 55 Year or month P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- (p S A o o fr u u i n t c h d a ) (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 c e ) 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 g F ) d re o e m tr C U o o r ll u n e g - d uay N tr o ( o p n l e - l s c e o o d ) n- ( Y sl d a 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. 630 51. 736 23.991 22. 525 80.243 443. 54 62.011 36.789 2.2716 1939—Nov.. 3. 6067 .7088 397.15 10.039 46.246 23. 798 22.428 392. 47 65.830 37.063 2.2649 Dec... 3. 6044 .7055 397.41 9.950 46.102 23. 796 22.422 393.01 65.830 36.457 2.2657 1940—Jan 3.6259 397.86 9.950 46.484 23.806 22. 419 396.39 65.830 36.360 2. 2595 Feb 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 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 Oct 3. 9841 398.00 9.130 47.101 23. 814 23.148 403. 50 403. 26 65.830 37. 629 2. 2436 c Corrected: Average is for Nationalist peseta quoted beginning April 1; Average for Loyalist peseta quoted January 1-24 was 4.613, DECEMBER 1940 1341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U St n a i t t e e s d Canada K U in n g i d te o d m France Germany Italy 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 1930 . . , 86 87 100 554 125 85 181 90 126 1931 73 72 88 500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935_ 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 198 64 96 1937 _ 86 85 109 581 106 89 238 76 111 1938 79 79 101 653 106 95 251 72 107 1939 77 75 103 »681 107 »97 278 74 111 1939_October 79 79 111 (3) 107 0) 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 83 141 111 308 P152 October 79 143 111 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months for France, 7 months for Italy. 3 No data available since August 1939, when figure was 674. 4 No data available since July 1939, when figure was 96. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany [1913=100) (1930=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods pr I o n t d r d i u a u c l s ts - p an r F o d a d r f u m o c o t d s pr I o n t d r d i u a u c l s ts - p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s u u r h e a s c m e w - t d s i- p tr I r i i n o s a d h d l u e u fi d s c n - t - s 1926 100 100 100 581 793 129 132 130 150 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 . _ _ 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 . 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 1939 _ 65 70 81 98 106 »653 i 707 108 i 93 95 126 1939—October 67 73 84 109 111 108 96 126 November 67 72 84 114 121 108 97 126 December 68 72 84 118 124 108 97 127 1940—January 69 72 84 122 127 108 98 127 February 69 71 83 126 129 108 98 127 March 68 70 83 124 131 110 99 128 April __ __ _ 69 72 83 126 135 111 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 October 66 71 84 110 99 131 1 Average based on figures for 8 months. 2 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources.—See BULLETIN for April 1937, p. 372; March 1937, p. 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p. 159. 1342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Price Mewerneints—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 t i 0 5 t e 0 e - s 3 ) d i 9 (J U K u = d n l i 1 o y n i 0 m t l g e 9 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 i t 5 t e 0 e - s ) 3 d i 9 (J U = K u d n 1 l i y o i 0 n 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 ) 14 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 l 0 a e i l n 0 t 9 z ) d 1 - 4 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 136 128 1936 101 130 470 122 120 120 1936 99 147 86 125 2 132 130 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1938 . 98 141 702 122 130 130 1938 101 156 117 126 139 137 1939 95 141 »742 123 130 132 1939 99 158 4 122 126 140 138 1939-October___ 98 154 (5) 122 133 136 1939-October 165 (6) 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 166 179 129 149 145 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 P153 October-__ 96 169 October 189 p Preliminary. 1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of living may be obtained from the Bureau of Labor Statistics. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 3 Average based on figures for 8 months. 4 Average based on two quarterly quotations 5 No data available since August 1939, when figure was 749. 6 No data available since May 1939, when figure was 123. 7 No data 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 St n a 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 * e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands > U S n ta i t t e ed s 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 57.4 100.0 100.0 100.0 100.0 1932 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 3 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 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 4101.8 111 8 96.3 97.4 102.6 104 1938 78.9 121.3 77.3 99.9 105 9 QO Q 80.8 89.7 100.1 96 1939 _ 81.6 112.3 5 84.9 99.0 90.9 89.2 75.9 5 98.2 94.1 90 1939—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 82.7 117.9 101.0 80.9 66.2 120.8 October 83.6 119.2 81.2 68.1 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 3 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. * New index. See note 2. 5 Average based on figures for 8 months. 6 No data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively. 7 No data available since April 1940. Source*.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. DECEMBER 1940 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Publications 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 Foreign Exchange Rates (for previous day) THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. Obtainable in cloth binding at 50 cents WEEKLY a copy and in paper cover without charge. 128 pages. Monday: FEDERAL RESERVE CHART BOOK. Charts on Bank Credit, Money Rates, and Business. Data available Condition of Reporting Member Banks in 101 as of June 14, 1940, are plotted on the latest edition. Leading Cities ' Price 50 cents per copy. Bank Debits Tuesday: FEDERAL RESERVE INDUSTRIAL PRODUCTION CHART Money Rates—Open-Market Rates in New York BOOK. 115 Charts. November, 1940. Price $1.00 City per copy. Wednesday: DIGEST OF RULINGS—to October 1, 1937. Digests Weekly Review of Periodicals of Board rulings, opinions of the Attorney General Thursday: and court decisions involving construction of the Condition of Federal Reserve Banks Federal Reserve Act, together with compilation show- Condition of Reporting Member Banks in Newing textual changes in the Act. Price $1.25 per York City and Chicago (Also a part of state- copy. 683 pages. ment 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. 33 pages. Friday: MONETARY MEASURES AND OBJECTIVES. Three state- Department Store Sales ments by the Board on objectives of monetary policy, on proposals to maintain prices at fixed levels through MONTHLY monetary action, and on legislative proposals relat- Federal Reserve Bulletin—released about the 4thing 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 THE HISTORY OF RESERVE REQUIREMENTS FOR United States, Canada, Mexico, and the insular BANKS IN THE UNITED STATES. Legislation, designapossessions, annual subscription $2.60, single tion of reserve cities, and changes in the reserve posicopies 25 cents) tion of banks. 20 pages. November 1938. Brokers' Balances—released about the 20th of the SUPPLY AND USE OF MEMBER BANK RESERVE month FUNDS. Explanation of analysis of sources of mem- Federal Reserve Inter-District Collection System ber bank reserve funds and uses to which such funds (Par List)—including list of State bank mem- are put as indicated by Federal Reserve and Treasbers. Semi-annual issues, January-July, and ury statements. 31 pages. July 1935. monthly supplements—released about 7th of the ANALYSES OF THE BANKING STRUCTURE—As of month December 31, 1935. Number, deposits, and loans and National Summary of Business Conditions—re- investments of banks classified by size of bank and leased about the 16th of the month town and by other factors. 33 pages. Business Indexes—released about the 16th of the THE PAR COLLECTION SYSTEM OF THE FEDERAL month RESERVE BANKS, by George B. Vest—reprint of Bank Debits—released between the 6th and 12tharticle, 8 pages, February 1940. of the month THE BANKS AND IDLE MONEY, by Woodlief Thomas Foreign Exchange Rates—released about the 1st—reprint of article, 9 pages, March 1940. of the month CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, Money Rates—released about the 3rd of the month by E. A. Goldenweiser—reprint of article, 5 pages, May 1940. QUARTERLY OWNERSHIP AND UTILIZATION OF THE MONETARY Member Bank Call Report (3 or 4 times a year GOLD STOCK—reprint of article, 3 pages, May and depending upon number of calls for condition June 1940. reports) List of Stocks Registered on National Securities NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO- DUCTION—reprint of article, 77 pages, August 1940. Exchanges. Issued annually in February with quarterly supplements (subscription price 25 MEASUREMENT OF PRODUCTION—reprint of article, cents for the List and three supplements; five or 16 pages, September 1940. more copies on one order, 20 cents per copy; fifty GOLD RESERVES OF CENTRAL BANKS AND GOVERNor more copies on one order, 15 cents per copy.) MENTS—reprint of article, 18 pages, September 1940. ANNUALLY DEVELOPMENT OF FEDERAL RESERVE BANKING, by Bank Debits—released ordinarily in February M. S. Szymczak—reprint of article, 8 pages, Decem- Annual Report (covers calendar year) ber 1940. 1344 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 Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman New York District LEON FRASER CHESTER C. DAVIS Philadelphia District HOWARD A. LOEB WILLIAM A. DAY Vice President ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON JOHN K. MCKEE Richmond District ROBERT M. HANES ROBERT S. PARKER RONALD RANSOM Atlanta District RYBURN G. CLAY GEORGE J. SCHALLER Chicago District EDWARD E. BROWN JOHN S. SINCLAIR President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District JOHN CROSBY CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary Kansas City District JOHN EVANS WALTER WYATT, General Counsel Dallas District R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel San Francisco District PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1345 DECEMBER 1940 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 Willed New York Owen D. Young _ Beardsley Ruml George L. Harrison _ Allan Sproul Ray M. Gidney Walter S. Logan Leslie R. Rounds Robert G. Rouse John H. Williams Philadelphia- Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair Frank J. Drinnen W. John Davis Ernest C. Hill Clarence A. Mcllhenny* Cleveland George C. Brainard... Reynold E. Klages Matthew J. Fleming Frank J. Zurlinden. William H. Fletcher William F. Taylor» George H. Wagner Richmond Robert Lassiter William G.Wysor.... Hugh Leach John S. Walden, Jr John G. Fry George H. Keesee» Atlanta Frank H. Neely Joe Frank Porter Robert S. Parker William S. McLarin, Jr... Malcolm H. Bryan Harry F. Conniff Chicago Robert E. Wood _ Frank J. Lewis George J. Schaller _ Howard P. Preston James H. Dillard William H. Snyder ' Clifford S. Young St. Louis William T. Nardin.... Oscar G. Johnston William McC. Martin.. F. GuyHitt Olin M. Attebery Clarence M. Stewart i Minneapolis __. Walter C. Coffey Roger B. Shepard John N. Peyton Oliver S. Powell Ernest W. Swanson Harry I. Ziemer a 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 i San Francisco— Raymond C. Force St. George Holden William A. Day Ira Clerk Cecil E. Earhart 1 William M TTalfl Richard B. West 1 Cashier. * Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch _ __ Robert M. O'Hara Helena Branch Robert E. Towle Cleveland: Kansas City: Cincinnati Branch _ Benedict J. Lazar Denver Branch _ Joseph E. Olson Pittsburgh Branch Percy A. Brown Oklahoma City Branch _. George H. Pipkin Richmond: Omaha Branch __ Lloyd H. Earhart Baltimore Branch _ __ _„ W. Robert Milford Dallas: Charlotte Branch __. William T. Clements El Paso Branch _ ._ Joseph L. Hermann Atlanta: Houston Branch William D. Gentry Birmingham Branch Paul L. T. Beavers San Antonio Branch ___ Miers Crump Jacksonville Branch George S. Vardeman, Jr. San Francisco: Nashville Branch Joel B. Fort, Jr. Los Angeles Branch W. Norman Ambrose New Orleans Branch Lewis M. Clark Portland Branch David L. Davis Chicago: Salt Lake City Branch Winnie L. Partner Detroit Branch _ Seattle Branch Clarence R. Shaw St. Louis: Little Rock Branch Arthur F. Bailey Louisville Branch Charles A. Schacht Memphis Branch William H. Glasgow 1346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 26 Page Page Acceptances, Bankers: Argentina—Continued. Buying rates 22, 122, 214, 316, 422, Foreign exchange rates. .74, 178, 266, 371, 483, 550, 684, 784, 956, 1102, 1188, 1284 625, 739, 899, 1021, 1153, 1241, 1341 Discount rates, open market 39, 139, 231, Gold movements to and from U. S.. .30, 130, 222, 333, 439, 567, 701, 801, 973, 1119, 1205, 1301 324, 430, 558, 1196, 1292 Member bank holdings: Assignment of Claims Act of 1940 1045, 1172 All banks, call dates: Australia: Dec. 30, 1939 250 Bank of: June 29, 1940 995 Condition 68, 172, 260, 365, 477, 619, Outstanding 38, 138, 230, 332, 438, 566, 733, 893, 1015, 1148, 1235, 1335 700, 800, 972, 1118, 1204, 1300 Gold reserves, 1913-April, 1940: (See also Open market paper.) Description of data 925 Africa. (See South Africa; West Africa.) Table 1000 Agricultural credit institutions. (See Farm Foreign exchange rates . .74, 178, 266, 371, 483, credit agencies.) 625, 739, 899, 1021, 1153, 1241, 1341 Gold movements to and from U. S. 30, 130, 222, Agriculture: 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 "Agriculture and the Defense Program" Gold production 61, 165, 253, 353, 469, 611, 1168-1170 725, 885, 1008, 1141, 1229, 1329 Discussion of prices of agricultural com- Austria: modities 1034, 1251 Gold reserves, 1913-April, 1940: National summary 780, 951, 1098 Description of data 925 Aircraft: Table . 1000 Production index: 1932-1940 829 Automobiles: Adjusted 980, 1126, 1212, 1308 Production index: Unadjusted 982, 1128, 1214, 1310 Adjusted 980, 1126, 1212, 1308 Albania: Revised 830 National Bank of: Unadjusted 982, 1128, 1214, 1310 Condition 68, 172, 260, 365, 477, Balance of international payments of United 619, 733, 893, 1015, 1148, 1235, 1335 States: Discount rate 72, 176, 264, 369, 481, 623, 737, 897, 1019, 1151, 1239, 1339 1938-1939 207 Gold reserves, 1913-April, 1940: Balance sheets. (See Condition statements.) Description of data 925 Bank debits. (See Debits to individual accounts.) Table 1000 Bank directorates, Interlocking: Alcoholic beverages: Banking act of 1933, section 32 applies to Production index: "Secretary to Board of Directors" 98 1933-1940 766, 856-858 History of legislation on 97 Adjusted 980, 1126, 1212, 1308 Unadjusted 982, 1128, 1214, 1310 Regulation L, amended 97 Algeria, Bank of: Bank examination conference 204 Gold reserves, 1913-April, 1940: Bank failures. (See Banks: Suspensions.) Description of data 925 Bank for International Settlements: Table 1000 Annual report, 1939-1940 1057-1096 American Farm Bureau Federation: Condition 71, 175, 263, 368, 480, 622, Award to Governor Davis 88 736, 896, 1018, 1150, 1235, 1335 American Securities, British Mobilization of Gold reserves: 206, 408 1933-April, 1940: Anderson, Gunhild: Description of data 925 "U. S. Government Corporations and Credit Table 1006 Agencies in 1939" 298-305 Monthly table ... 60, 164, 252, 352, 468, 610, Argentina: 724, 884, 1006, 1140, 1228, 1328 Central Bank of: Bank mergers. (See Banks: Consolidations, Annual report, 1939 664-676 absorptions, etc.) Condition 68, 172, 260, 365, 477, 619, 733, 893, 1015, 1148, 1235, 1335 Bank premises: Discount rate. . .72, 176, 264, 369, 481, 623, Member banks: 737, 897, 1019, 1151, 1239, 1339 Oct. 2, 1939 58 Gold reserves: Dec. 30, 1939 249, 250 1913-April, 1940: Mar. 26, 1940 608 Description of data 925 June 29, 1940 994, 995 Table 1000 Bank robberies: Monthly table. . .60, 164, 252, 352, 468, Law prohibiting possession of stolen bank 610, 724, 884, 1000, 1140, 1228, 1328 property 935 DECEMBER 1940 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Bankers' balances: Banks—Continued. Member bank holdings: Number of—Continued. All banks, call dates: Commercial banks eligible and ineligible Oct. 2, 1939 58 for Federal Reserve membership: Dec. 30, 1939 249 Discussion of 530 Mar. 26, 1940 608 Tables 602-606 June 29, 1940 994 Group banks: Monthly table . .33, 133, 225, 327, 433, Dec. 31, 1939 457 561, 695, 795, 967, 1113, 1199, 1295 Monthly table . .31, 131, 223, 325, 431, 559, Selected dates, 1934-1940 57, 607 693, 793, 965, 1111, 1197, 1293 Reporting banks: Operating branches: All banks, N. Y. C. and outside Dec. 31, 1939 by States 458 N. Y. C, monthly and Wednes- Group banks, Dec. 31, 1939 457 day figures. . . .35, 135, 227, 329, 435, Suspensions: 563, 697, 797, 969, 1115,1201, 1297 Monthly table. . .30, 130, 222, 324, 430, 558, By districts and for Chicago, 692, 792, 964, 1110, 1196, 1292 Wednesday figures 37, 137, 229, "Banks and Idle Money" 192-200 331, 437, 565, 699, 799, 971, 1117, 1203, 1299 Banks for cooperatives: Banking and financial legislation: Loans outstanding . .44, 144, 236, 338, 444, 572, Foreign. (See under name of country.) 706, 806, 978, 1124, 1210, 1306 Interlocking bank directorates 97 Bartholomew, C. M., Director of San Antonio Investment Company and Advisers Act ... 1045 Branch of Federal Reserve Bank of Dallas, State law requirements relating to capital Death of 1050 of banks, trust companies, etc. 1267-1274 Barton, H. C, Jr 753 Stolen bank property 935 Belgian Congo: Trading with the Enemy Act, amended.... 509 Bank of: Banking developments: Condition 68, 172, 260, 365, 477, 619, Discussion of 1, 4-8, 752, 905-911 733, 893, 1015, 1148, 1235, 1335 Banking funds: Gold reserves, 1913-April, 1940: Movement to U. S. from abroad 63, 167, 255, 355, Description of data 925 471, 613, 727, 887, 1009,1142,1230, 1330 Table 1000 Gold production. . 61, 165, 253, 353 469, 611, Banking offices: 725, 885, 1008, 1141, 1229, 1329 Number of, 1933-1940.156, 248, 350, 456, 584, 718 Belgium: Banking standards: Banking and financial legislation: "Banks and Idle Money" 194 Aug. 24, 1939. Royal decree relative to Banking statistics, Revision of 1178 activity, organization and powers of Banks: National Bank of Belgium. Extracts Branches. (See Branch banks.) from report of Belgian Cabinet. .101-105 Consolidations, absorptions, etc.: Foreign exchange rates . . 74, 178, 266, 371, 483, 1939 changes 157 625, 739, 899, 1021, 1153, 1241, 1341 Jan.-Sept., 1940 changes 585, 993, 1321 Gold movements to and from U. S.. . 30, 130, 222, Loans to, by member banks: 324, 430, 558, 692, 792, 964, 1110,1196, 1292 All banks, call dates: Money rates 71, 175, 263, 368, Dec. 30, 1939 250 480, 622, 736, 896, 1018 June 29, 1940 995 National Bank of: Monthly table 32, 132, 224, 326, 432, Annual report, 1939 413-416 560, 694, 794, 966, 1112, 1198, 1294 Condition 68, 172, 260, 365, 477, 619, Reporting banks: 733, 893, 1015, 1148, 1235, 1335 All banks, N. Y. C. and outside Discount rate: N. Y. C, monthly and Wednes- Change in 176 day figures.... 34, 134, 226, 328, 434, Monthly table. . .72, 176, 264, 369, 481, 562, 696, 796, 968, 1114, 1200, 1296 623, 737, 897,1019, 1151, 1239, 1339 By districts and for Chicago, Gold reserves: Wednesday figures. ... 36, 136, 228, 1913-April, 1940: 330, 436, 564, 698, 798, 970, 1116, Description of data 925 1202, 1298 Table 1000 Loans to, by Reconstruction Finance Cor- Monthly table. . . .60, 164, 252, 352, 468, poration 43, 143, 235, 337, 443, 571, 610, 724, 884, 1000, 1140, 1228, 1328 705, 805, 977, 1123, 1209, 1305 Property transfers in U. S., Regulation of . 509 Number of: Treasury gold reserves... 60, 164, 252, 352, 468, 1933-1940 156, 248, 350, 456, 610, 724, 884, 1140, 1228, 1328 584, 718, 993, 1321 Bergelin, John 0 753 Dec. 31, 1939, by States 458 1939 changes 157 Bermuda: Jan.-Sept., 1940 changes 585, 993, 1321 Gold movements to and from U. S 1292 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Bills: Boomer, George O., appointed Director, Louis- Bought in open market by Federal Reserve ville, Kentucky Branch, Federal Reserve Bank Banks : of St. Louis 204 All banks combined, end of month and Boots and shoes. (See Leather and leather Wednesday figures . , . .21, 121, 213, 315, products.) 421, 549, 683, 783, 955, 1101, 1187, 1283 Discounted by Federal Reserve Banks: Borrowings: • All banks combined, end of month and Member banks: Wednesday figures 21, 121, 213, 315, All banks, call dates: 421, 549, 683, 783, 955, 1101, 1187, 1283 Oct. 2, 1939 .. 58 Each bank, Wednesday figures.... 24, 124, Dec. 30, 1939 249 216, 318, 424, 552, 686, 786, 958, Mar. 26, 1940 608 1104, 1190, 1286 June 29, 1940 994 Federal Reserve Bank holdings: Monthly table. . .33, 133, 225, 327, 433, Maturity distribution 23, 123, 215, 317, 561, 695, 795, 967, 1113, 1199, 1295 423, 551, 685, 785, 957, 1103, 1189, 1285 Selected dates, 1934-1940 57, 607 Payable by member banks. (See Borrowings.) Reporting banks: Board of Governors of Federal Reserve System: All banks, N. Y. C. and outside Addresses: N. Y. C, monthly and Wednesday figures 35, 135, 227, 329, 435, "Agriculture and the Defense Pro- 563, 697, 797, 969, 1115, 1201, 1297 gram" by Chester C. Davis 1168-1170 By districts and for Chicago, Wed- "Development of Federal Reserve nesday figures. .37, 137, 229, 331, 437, Banking" by M. S. Szymczak. .1257-1264 Banking statistics, Revision of 1178 565, 699, 799, 971, 1117, 1203, 1299 Correspondence. (See Correspondence of Branch banks: Board of Governors.) 1933-1940 156, 248, 350, 456, 584, 718, 993, 1321 Davis, Chester C, reappointed 204, 308 Dec. 31, 1939, by States 459 Defense program: 1939 changes 157 Participation in 1171, 1265 Jan.-Sept., 1940 changes 585, 993, 1321 Survey of bank credit available 1050 Commercial banks eligible and ineligible for Eccles, Marriner S.: Federal Reserve membership: Designated Chairman 308 Discussion of 530 Reappointed 204, 308 Table 604 Members and officers 78, 182, 270, 375, 487, Group bank branches: 629, 743, 903, 1025, 1157, 1245, 1345 Dec. 31, 1939 457 Publications: Brazil: Annual report, 1939 405 Bank of: Chart book, new edition 657 Gold reserves: Index to Regulations of Board 204 1913-April, 1940: Industrial production chart book. . 760, 1277 Description of data 925 List of 77, 181, 269, 374, 486, 628, Table 1000 742, 902, 1024, 1156, 1244, 1344 Monthly table. . . .60, 164, 252, 352, 468, Ransom, Ronald, designated Vice Chairman 778 610, 724, 884, 1000, 1140, 1228, 1328 Bohemia and Moravia: Foreign exchange rates. .74, 178, 266, 371, 483, National Bank of: 625, 739, 899, 1021,1153, 1241, 1341 Condition 893, 1015, 1148, 1236, 1335 Gold movements to and from U. S 964, 1110, Bolivia: 1196, 1292 Central Bank of: British India. (See India, British.) Condition 68, 172, 260, 365, 477, "British Mobilization of American Securities" 619, 733, 893, 1015, 1148, 1235, 1335 206, 408 Discount rate 72, 176, 264, 369, 481, Brokers and dealers in securities: 623, 737, 897, 1019, 1151, 1239, 1339 Banking act of 1933, section 32 applies to Gold reserves, 1913-April, 1940: "Secretary to Board of Directors" 98 Description of data 925 Loans to, by member banks: Table . . 1000 All banks, call dates: Gold movements to and from U. S 792, 964, Dec. 30, 1939 250 1110, 1196, 1292 June 29, 1940 995 Bonds: Monthly table . .32, 132, 224, 326, 432, New issues. (See Capital issues.) 560, 694, 794, 966, 1112, 1198, 1294 Prices: Discussion of 752 Principal countries. . 76, 180, 268, 373, 485, Reporting banks: 627, 741, 901, 1023, 1155, 1243, 1343 All banks, N. Y. C, and outside N. Y. C, monthly and Wednes- United States 40, 140, 232, 334, 440, day figures. . .34, 134, 226, 328, 434, Yields- 568' 702' 802> 974> 1120' 1206' 1302 562, 696, 796, 968,1114,1200, 1296 Charts 188, 490, 637, 1166 By districts and for Chicago, Wed- Discussion of 188, 1039, 1166 nesday figures. . 36,136, 228, 330, 436, Monthly and weekly figures. . . 39, 139, 231, 564, 698, 798, 970, 1116, 1202, 1298 333, 439, 567, 701, 801, 973, 1119, Margin accounts, Debit balances in. (See 1205, 1301 Brokers' balances.) 1349 DECEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Brokers' balances: Canada—Continued. Monthly table 38, 138, 230, 332, 438, 566, Wholesale price indexes. .75, 179, 267, 372, 484, 700, 800, 972, 1118, 1204, 1300 626, 740, 900, 1022, 1154, 1242, 1342 Movement to U. S. from abroad. . .63, 167, 255, "Capacity, the Problem of Manufacturing". . 639-646 355, 471, 613, 727, 887, 1009, 1142, 1230, 1330 Capital: Brooks, Douglas W., appointed Class C Director, Federal Reserve Banks .24, 124, 216, 318, 424, Federal Reserve Bank of St. Louis 8 552, 686, 786, 958, 1104, liaO, 1286 Building contracts. (See Construction: Contracts Member banks: awarded, Value of.) Oct. 2, 1939 58 Building materials: Dec. 30, 1939 249, 250 Wholesale price indexes. .54, 154, 246, 348, 454, Mar. 26, 1940 608 „ , . 582, 716, 816, 990, 1136, 1222, 1318 June 29, 1940 994, 995 Bulgaria: Capital accounts: Foreign exchange rates....74, 178, 266, 371, Member banks: 483, 625, 739, 899, 1021, 1153, 1241,1341 All banks, call dates: National Bank of: Oct. 2, 1939 58 Condition. . . .68,172, 260, 365, 477, 619, 733, Dec. 30, 1939 249 893, 1015, 1148, 1235, 1335 Mar. 26, 1940 608 Discount rate 72, 176, 264, 369, 481, 623, June 29, 1940 994 737, 897, 1019, 1151, 1239, 1339 Monthly table. . .33, 133, 225, 327, 433, Gold reserves: 561, 695, 795, 967, 1113, 1199, 1295 1913-April, 1940: Selected dates, 1934-1940 57, 607 Description of data 925 Reporting banks: Table 1000 All banks, N. Y. C. and outside Monthly table . . 60, 164, 252, 352, 468, N. Y. C, monthly and Wednesday figures.... 35, 135, 227, 329, 610, 724, 884, 1000, 1140, 1228, 1328 435, 563, 697, 797, 969, 1115, 1201, "Business Activity, General Indexes of". . . .495-501 1297 Business and credit conditions: By districts and for Chicago, Wed- Discussion of 81, 185, 273, 489, 637, nesday figures .... 37, 137, 229, 331, 745, 1029, 1161, 1249 437, 565, 699, 799, 971, 1117, 1203, National summary. . .17, 117, 208, 311, 417, 545, 1299 679, 779, 950, 1097, 1183 Capital issues: Business failures. (See Commercial failures.) Discussion of 189, 1039, 1165 Business indexes: Monthly figures 40, 140, 232, 334, 440, 568, Chart 82, 273, 489, 745, 1030 702, 802, 974, 1120, 1206, 1302 Monthly table 45, 145, 237, 339, 445, 573, Capital movement to United States: 707, 807, 979, 1125, 1211, 1307 Discussion of 905 Buss, Ralph H., Managing Director of Detroit "Gold Problem Today" 11-14 Branch of Federal Reserve Bank of Chicago, Statistics .... 63, 167, 255, 355, 471, 613, 727, 887, 1009, 1142, 1230, 1330 Death of 533 Capital stock: Canada: Commercial banks eligible and ineligible for Bank of: Federal Reserve membership: Annual report, 1939 410-412 Discussion of 530 Condition 68, 172, 260, 365, 477, 619, Tables 604-606 733, 893, 1015, 1148, 1235, 1335 State law requirements for banks, trust com- Discount rate. . . .72, 176, 264, 369, 481, 623, panies, etc 1267-1274 737, 897, 1019, 1151, 1239, 1339 Gold reserves: Car loadings, Freight. (See Freight-car loadings.) 1913-April, 1940: Cash: Description of data 925 Member bank holdings: Table 1002 All banks, call dates: Monthly table . .60, 164, 252, 352, 468, Oct. 2, 1939 58 610, 724, 884, 1002, 1140, 1228, 1328 Dec. 30, 1939 249 Banking and financial legislation: Mar. 26, 1940 608 April 30, 1940. Order in Council au- June 29, 1940 994 thorizing sale of Treasury securities 677 Monthly table ... 33, 133, 225, 327, 433, April 30, 1940. Exchange Fund Order, 561, 695, 795, 967, 1113, 1199, 1295 1940 678 Selected dates, 1934-1940 .... 57, 607 Commercial banks . .73, 177, 265, 370, 482, 624, Reporting banks: 738, 898, 1020, 1152, 1240, 1340 All banks, N. Y. C. and outside Foreign exchange rates: N. Y. C, monthly and Wednes- Discussion of 277 day figures . . 35, 135, 227, 329, 435, Monthly table . . 74, 178, 266, 371, 483, 625, 563, 697, 797, 969, 1115, 1201, 1297 739, 899, 1021, 1153, 1241, 1341 By districts and for Chicago, Wed- Gold movements to and from U.S. 30,130, 222, nesday figures 37, 137, 229, 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 331, 437, 565, 699, 799, 971, 1117, Gold production .61, 165, 253, 353, 469, 611, 1203, 1299 725, 885, 1008, 1141, 1229, 1329 1350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 „ Page * Page Cement: Charts—Continued. Factory employment index: Government security holdings of banks in Adjusted 48, 148, 240, 342, 448, 576, leading cities 5 710, 810, 984, 1130, 1216, 1312 Income from loans 397 Unadjusted 50, 150, 242, 344, 450, 578, Income from securities 397 712, 812, 986, 1132, 1218, 1314 Income payments 417, 1183 Factory payrolls index .... 50, 150, 242, 344, Industrial production ... 17, 117, 208, 275, 311, 450, 578, 712, 812, 986,1132, 1218,1314 417, 545, 679, 747, 754, 779, Production index: 924, 950, 1097, 1183, 1250, 1278 Adjusted ... 46, 146, 238, 340, 446, 574, Industrial production chart book: 708, 808, 980, 1126, 1211, 1308 Publication announced 760, 1277 Revised 837 Loans, securities, and cash assets 529 Unadjusted .... 47, 147, 239, 341, 447, 575, Man-hours worked in machinery industries.. 84 709, 809, 982, 1128, 1214, 1310 Member bank earnings and profits 396 Wholesale price index .... 54, 154, 246, 348, 454, Member bank investments 293 582, 716, 816, 990, 1136, 1222, 1318 Member bank loans, investments, and re- Central America: serves 193 Gold movements to and from U. S. ... 30, 130, Member bank profits 395, 396, 399 222, 324, 430, 558, 692, 792, 964, Member bank reserves and related items. . 20, 1110, 1196, 1292 120, 212, 314, 420, 548, 682, 782, 951, 954, 1100, 1186, 1282 Central banking: Member banks in 101 leading cities.... 118, 190, "Central banking" 1275-1276 209, 680, 1184 "Development of Federal Reserve Banking" Monetary gold—World and United States. . 12 1257-1264 Money in circulation 7, 191, 906 Central banks. (See under name of country, e. g. Money rates in New York City 18, 312, 385, France: Bank of.) 546, 680, 780, 1279 Central reserve city member banks: Non-par banks , 94 Classification of loans, investments, real Nonagricultural employment 915 Open market purchases and disposition of estate and capital: funds " 386 Dec. 30, 1939 250 Production of manufactures 757, 1048 June 29, 1940 995 Production of manufactures and minerals. . 756 Condition, call dates: Profits of industrial corporations 1256 Oct. 2, 1939 58 Publicly offered United States Government Dec. 30, 1939 249 obligations outstanding . 4 Mar. 26, 1940 608 Rate of turnover of deposits at commercial June 29, 1940 994 banks 7 Monthly table .... 33, 133, 225, 327, 433, Revenues, expenses, and income of railroads 88 561, 695, 795, 967, 1113, 1199, 1295 Selected business series. . 82, 273, 489, 745, 1030 Deposits: Sources of member banks reserves .^ 387 Monthly figures .... 28, 128, 220, 322, 428, Steel and steel-consuming industries, man' 556, 690, 790, 962, 1108, 1194, 1290 hours, worked 274 Reserves: Sterling exchange rates 383 Monthly and weekly figures ... 28,128, 230, Stock prices 189, 490, U&& 322, 428, 556, 690, 790, 962, 1108, Total deposits and currency 7 1194, 1290 U. S. Government bond prices 1179 Charts: Wholesale prices 118, 187, 312, 491, 780, Bond yields 188, 490, 637, 1166 951, 1034, 1162, 1184, 1251, 1279 Changes in British unemployment 381 Yield on 1960-65 Treasury bonds 637 Chart book: "Cheap Money and the Federal Reserve Sys- New edition 657 tem" 385-389 Statistics 55-56, 155-156, 247-248, Check clearing and collection* 349-350, 455-456, 583-584, 717-718, 817- Commercial banks eligible and ineligible for 818, 991-992, 1137-1138, 1223-1224, 1319- Federal Reserve membership: 1320 Discussion of 530 Commercial loans at banks in leading cities. 1163 Tables of number, deposits, capital Construction contracts awarded ... 87, 679, 750, stock 602-606 950, 1033, 1098 "Interdistrict Settlement Fund" 776-777 Department store sales and stocks . . . 18, 117, Leased Wire System: 780, 1098 Description of 941 Distribution of demand deposits by classes Photograph of equipment facing 905 of depositors 401 "Par Collection System of Federal Reserve Excess reserves and bank deposits 907 Banks" 89-96 Excess reserves of member banks ... 6, 418, 907 Regulation G. Noncash collection 15-16 Factors of gains and losses of reserve funds 908 Chemicals: Factory employment 208, 418, 1097, 1278 Factory employment index: Factory employment and payrolls 1278 Adjusted 48, 148, 240, 342, 448, 576, Foreign trade of United States 377 710, 810, 984, 1130, 1216, 1312 Freight-car loadings 18, 209, 312, 546 DECEMBER 1940 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Chemicals—Continued. Colombia—Continued. Factory employment index—Continued. Bank of—Continued. Unadjusted 50, 150, 242, 344, 450, 578, Gold reserves: 712, 812, 986, 1132, 1218, 1314 1913-April, 1940: Factory payrolls index. . .50, 150, 242, 344, 450, Description of data 925 578, 712, 812, 986, 1132, 1218, 1314 Table 1002 Hours and earnings 345, 451, 579, 713, 813, Monthly table... 60, 164, 252, 352, 468, 987, 1133, 1219, 1315 610, 724, 884, 1002, 1140, 1228, 1328 Production index: Foreign exchange rates... 74, 178, 266, 371, 483, 1923-1940 766, 874 625, 739, 899, 1021, 1153, 1241, 1341 Adjusted 980, 1126, 1212, 1308 Gold movements to and from U.S... 30, 130, 222, Unadjusted 982, 1128, 1214, 1310 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 Wholesale price indexes. . .54, 154, 246, 348, 454, Gold production 61, 165, 253, 353, 469, 611, 582, 716, 816, 990, 1136, 1222, 1318 725, 885, 1008, 1141, 1229, 1329 Chile: Commercial banks: Central Bank of: Branches. (See Branch banks.) Condition 68, 172, 260, 365, 477, 619, Capital stock. (See Capital stock.) 733, 893, 1015, 1148, 1235, 1335 Deposits. (See Deposits.) Discount rate 72, 176, 264, 369, 481, Federal Reserve membership eligibility: 623, 737, 897, 1019, 1151, 1239, 1339 Discussion of 530 Gold reserves: Tables of number, deposits, branches, 1913-April, 1940: and capital stock 602-606 Description of data 925 Insured. (See Insured commercial banks.) Table 1002 Loans and investments. (See Loans and invest- Monthly table . . .60, 164, 252, 352, 468, ments.) 610, 724, 884, 1002, 1140, 1228, 1328 Number of. (See Banks: Number of.) Foreign exchange rates. . .74, 178, 266, 371, 483, Operating branches. (See Banks: Operating 625, 739, 899, 1021, 1153, 1241, 1341 branches.) Gold movements to and from U. S.. . 30,130, 222, Commercial failures 52, 152, 244, 346, 452, 580, 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 714, 814, 988, 1134, 1220, 1316 Gold production ... 61, 165, 253, 353, 469, 611, Commercial, industrial and agricultural loans: 725, 885, 1008, 1141, 1229, 1329 "Banks and Idle Money". . . . . .192-200 China: Commercial loans, Discuss v ion of increase Central Bank of: in 5, 1163 Gold reserves: Member banks: 1913-April, 1940: All banks, call dates: Description of data 925 Dec. 30, 1939 250 Table 1002 June 29, 1940 995 Monthly table. . .60, 164, 252, 352, 1002 Monthly table. . .32, 132, 224, 326, 432, Foreign exchange rates... 74, 178, 266, 371, 483, . 560, 694, 794, 966, 1112, 1198, 1294 625, 739, 899, 1021, 1153, 1241, 1341 Reporting banks: Gold movements to and from U. S.. .30, 130, 222, All banks, N. Y. C. and outside 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 N. Y. C, monthly and Wednes- Cigars and cigarettes. (See Tobacco: Manufactures.) day figures.... 34, 134, 226, 328, 434, Claims against Government, Assignment of. . . .1045, 562, 696, 796, 968, 1114, 1200, 1296 By districts and for Chicago, Wed- 1172 nesday figures. .36, 136, 228, 330, 436, Closed banks. (See Banks: Suspensions.) 564, 698, 798, 970, 1116, 1202, 1298 Coal: Commercial paper: Freight-car loadings indexes .53, 153, 245, 347, Discount rates, open market 39, 139, 231, 333, 453, 581, 715, 815, 989, 1135, 1221, 1317 439, 567, 701, 801, 973, 1119, 1205, 1301 Production indexes: Member bank holdings: Adjusted 46, 146, 238, 340, 446, 574, All banks, call dates: 708, 808, 980, 1126, 1212, 1308 Dec. 30, 1939 250 Revised index 878 June 29, 1940 995 Unadjusted 47, 147, 239, 341, 447, 575, Outstanding 38, 138, 230, 332, 438, 566, 709, 809, 982, 1128, 1214, 1310 700, 800, 972, 1118, 1204, 1300 Wholesale price indexes... 54, 154, 246, 348, 454, (See also Open market paper.) 582, 716, 816, 990, 1136, 1222, 1318 Committee on Administrative Procedure: Coin: Monographs published: Circulation 29, 129, 221, 323, 429, 557, Comptroller of the Currency 308 691, 791, 963, 1109, 1195, 1291 Federal Deposit Insurance Corporation 308 Freight-car loadings indexes. . 53, 153, 245, 347, Federal Reserve System 204 453, 581, 715, 815, 989, 1135, 1221, 1317 Commodity Credit Corporation: Colombia: Assets and liabilities 43, 143, 235, 337, 443, Bank of: 571, 705, 805, 977, 1123, 1209, 1305 Condition 68, 172, 260, 365, 477, 619, Guaranteed obligations outstanding ... 41, 141, 733, 893, 1015, 1148, 1235, 1335 233, 335, 441, 569, 703, 803, 972, 1121, Discount rate ...72, 176, 264, 369, 481, 623, 1207, 1303 737, 897, 1019, 1151, 1239, 1339 Summary of operations, 1939. 298-299, 304-305 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Comptroller of the Currency: Construction—Continued. Banking statistics, Revision of 1178 Discussion of 85-87, 493, 638, 750, 1033 Committee on Administrative Procedure Employees 985, 1131, 1217, 1313 monograph on 308 Contracts, Public: Guaranteed obligations of U. S. exempt from Assignment of claims against Government section 5136 U. S. Revised Statutes 772 1045, 1172 Condition statements: Copper: All banks in U. S.: Production index: Oct., 1939 158-162 1923-1940 880 Mar. 26, 1940 820-824 Adjusted 980, 1126, 1212, 1308 June 29, 1940 1322-1326 Unadjusted 982, 1128, 1214, 1310 Bank for International Settlements. . . 71, 175, Corn crop reports 55, 818, 992, 1138, 1224, 1320 263, 368, 480, 622, 736, 896, 1018, 1150, Corporations: 1235, 1335 Bond prices. (See Bonds: Prices.) Federal Reserve Banks: 1 Bond yields. (See Bonds: Yields.) All banks combined, end of month and New issues. (See Capital issues.) Wednesday figures 23, 123, 215, 317, Profits: 423, 551, 685, 785, 957, 1103, 1189, 1285 Chart 1256 Each bank, Wednesday figures ,. . 24, 124, Discussion of 1255 216, 318, 424, 552, 686, 786, 958, 1104, 1190, 1286 Corporations and credit agencies, Governmental. Foreign central banks 67,171, 259, 364, 476, (See Governmental corporations and credit agen- 618, 732, 892, 1014, 1147, 1235, 1335 cies.) Foreign commercial banks .... 72,176, 264, 369, Correspondence of Board of Governors: 481, 623, 737, 897, 1019, 1151, 1239, 1340 "Authority to Issue Federal Reserve Governmental corporations and credit agencies: Notes" 306 Monthly table ... 43, 143, 235, 337, 443, 571, "Central Banking" 1275-1276 705, 805, 977, 1123, 1209, 1305 "Currency Function of the Federal Reserve Summary of operations, 1939 .... 298-305 Banks" 655-657 Insured commercial banks: "Deficit Financing and Bank Reserves". . . .9-10 Dec. 30, 1939 466 "Effect of Margin Requirements on Cus- June 29, 1940 1225 tomer's Position" 532 Member banks: "Excess Reserves" 1177 All banks, call dates: "Federal Reserve Banks are Public Institu- Oct. 2, 1939 58 tions" 307 Dec. 30, 1939 249 "Gold Stock" 939 Mar. 26, 1940 608 "Interdistrict Settlement Fund" 776-777 June 29, 1940 994 "Ownership of the Monetary Gold Stock". . 404 Monthly table . . . 32-33, 132-133, 224- "Rise in the Federal Reserve Index of Pro- 225, 326-327, 432-433, 560-561, 694- duction" 1047-1049 695, 794-795, 966-967, 1112-1113, "Sources of a Bank's Lending Power". .99-100 1198-1199, 1294-1295 "Sources of Lending Powers of Federal Selected dates, 1934-1940 57, 607 Reserve Banks" 202-203 Reporting banks: "Utilization of the Monetary Gold Stock." All banks, N. Y. C. and outside 531, 940 N. Y. C, monthly and Wednes- Cost of living indexes: day figures .... 34-35, 134-135, 226- Principal countries 76, 180, 268, 373, 485, 227, 328-329, 434-435, 562-563, 627, 741, 901, 1023, 1155, 1243, 1343 696-697, 796-797, 968-969, 1114- United States 979, 1125, 1211, 1307 1115, 1200-1201, 1296-1297 Cotton: By districts and for Chicago, Consumption. (See Textiles.) Wednesday figures .... 36-37, 136- Crop reports 55, 818, 992, 1138, 1224, 1320 137, 228-229, 330-331, 436-437, 564- Discussion of increased demand for. . . .186, 748 565, 698-699, 798-799, 970-971, 1116- Manufactures. (See Textiles.) 1117, 1202-1203, 1298-1299 Country member banks: Conklin, Maxwell R.: Classification of loans, investments, real es- Industrial production revised index 753 tate, and capital: "Measurement of Production" 912-923 Dec. 30, 1939 250 Consolidations, absorptions, etc. (See Banks: June 29, 1940 995 Consolidations, absorptions.) Condition, call dates: Construction: Oct. 2, 1939 58 Dec. 30, 1939 249 Contracts awarded, Value of: By types and by districts. . 52, 152, 244, 346, Mar. 26, 1940 608 452, 580, 714, 814, 988, 1134, 1220, 1316 June 29, 1940 994 Charts 87, 679, 750, 950, 1033, 1098 Monthly table 32, 132, 224, 326, 432, Indexes 45, 145, 237, 339, 445, 573, 707, 560, 694, 794, 966, 1112, 1198, 1294 807, 979, 1125, 1211, 1307 Deposits: National summary 17, 117, 208, 311, 417, Monthly figures 28, 128, 220, 322, 428, 545, 679, 779, 951, 1097, 1183, 1279 556, 690, 790, 962, 1108, 1194, 1290 DECEMBER 1940 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Country member banks—Continued. Debits to individual accounts: Reserves: Monthly table 30, 130, 222, 324, 430, 558, Monthly and weekly figures .28, 128, 220, 322, 428, 556, 690 790, 962, 692, 792, 964, 1110, 1196, 1292 1108, 1194, 1290 Debt, U. S. Government. (See Treasury fi- Courtney, W. H., Director, Cincinnati Branch, nance: Public debt.) Federal Reserve Bank of Cleveland, Resigna- Defense program: tion of 1049 "Agriculture and the Defense Program", Credit, Bank: "Bank Credit Available for Defense Needs", 1168-1170 1050 Assignment of Claims Act of 1940 1045, 1172 "Banks and Idle Money" 192-200 "Bank Credit Available for Defense Needs", Federal Reserve: End of month and Wednesday figures, 1050 21, 121, 213, 315, 421, 549, 683, 783, "Business Conditions and the Defense Pro- 955, 1101, 1187, 1283 gram" 1029-1039 "Financial Problem of Small Business", Construction expenditures, Discussion of. . .1254 1055-1056 Contracts: "Financing the Defense Program". . .1171, 1265 Discussion of contracts awarded 1161 Member banks: Revised form for emergency plant facil- Discussion of 1, 5-8, 905 911 ities contract 1178 National summary 18, 118, 209, 312, 418, Federal Advisory Council statement on par- 546, 680, 780, 951, 1098, 1184, 1279 ticipation in financing of 1277 Credit agencies, Governmental. (See Govern- Financing of: mental corporations and credit agencies.) Discussion 633, 911, 1164, 1171, 1265 Credit policy: National Defense Advisory Commission "Development of Federal Reserve Banking," appointed 533 1257-1264 RFC defense loan commitments. . 1038 Crops: Strategic and critical materials, Accumu- Reports, by districts 55, 818, 992, 1138, lation of stocks of 1037-1039 1224, 1320 Deficit Financing and Bank Reserves". 9-10, 1260 Cuba: Deficit, U. S. Treasury. (See Treasury finance: Foreign exchange rates 74, 178 Deficit.) Curacao: Denmark: Gold movements to and from U. S 1196 Foreign exchange rates 74, 178, 266, 371, 483, Currency circulation. (See Money in circulation.) 625, 739, 899, 1021, 1153, 1241, 1341 "Currency Function of the Federal Reserve National Bank of: Banks" 655-657 Condition 68, 172, 260, 365, 477, 619, Customers' debit balances of Stock Exchange 733, 893, 1015, 1148, 1235, 1335 firms. (See Brokers' balances.) Discount rate: "Customer's position, Effect of Margin Require- Changes in 623, 1239 ments on" 532 Monthly table .72, 176, 264, 369, 481, Czechoslovakia: 623, 737, 897,1019,1151,1239, 1339 Foreign exchange rates. ... 74,178, 266, 371, 483, Gold reserves: 625, 739, 899, 1021, 1153, 1241, 1341 1913-April, 1940: National Bank of: Description of data 925 Condition 68,172, 260, 365, 477, 619, 733, Table 1002 893, 1015, 1148, 1235, 1335 Monthly table. . .60, 164, 252, 352, 468, Discount rate. . . .72, 176, 264, 369, 481, 623, 610, 724, 884,1002, 1140, 1228,1328 737, 897, 1019, 1151, 1239, 1339 Property transfers in U. S., Regulation of. . 390 Gold reserves: Department store sales and stocks: 1913-April, 1940: Charts 18, 117, 780, 1098 Description of data 925 Index of sales (value) : Table 1002 Monthly figures. ... 53, 153, 245, 347, 453, Monthly table ... 60, 164, 252, 352, 468, 581, 715, 815, 989, 1135, 1221, 1317 610, 724, 884,1002, 1140, 1228, 1328 Yearly and monthly figures.... 45, 145, 237, Daniel, C. E., Managing Director, Federal Re- 339, 445, 573, 707, 807, 979, serve Bank of Kansas City, Resignation of. . 941 1125, 1211, 1307 Danzig : Index of stocks (value) : Bank of: Monthly figures 53, 153, 245, 347, 453, Gold reserves, 1913-April, 1940: 581, 715, 815, 989,1135, 1221, 1317 Description of data 925 National summary 18, 118, 209, 312, 418, Table 1002 546, 680, 779, 951,1098,1184, 1279 Davis, Chester C: Deposits: "Agriculture and the Defense Program", All banks in U. S.: 1168-1170 Call dates: American Farm Bureau Federation honors. . 88 Reappointed as member of Board of Gov- Oct., 1939 158-162 ernors 204, 308 Mar. 26, 1940 820-824 June 29, 1940 1322-1326 1354 Monthly table. .31, 131, 223, 325, 431, 559, 693, 793, 965, 1111, 1197, 1293 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Deposits—Continued. Deposits—Continued. All banks in U. S.—Continued. Postal Savings System. (See Postal Sav- Charts 7, 907 ings deposits.) Discussion of 6-8, 907-909 Private banks: Classes of depositors, 1937 401-403 Oct., 1939 162 Commercial banks eligible and ineligible for Mar. 26, 1940 824 Federal Reserve membership: June 29, 1940 . . . . 1325 Discussion of 530 Reserves required against. (See Reserve Tables 603-606 requirements.) Demand: "Sources of a Bank's Lending Power" 99-100 Chart of distribution by classes of de- State banks: positors 401 Oct., 1939 161 Distribution by classes of depositors, Mar. 26, 1940 823 1937 ^ 401-403 June 29, 1940 1324 Federal Reserve Banks: Suspended banks: All banks combined, end of month and Monthly table. .30, 130, 222, 324, 430, 558, Wednesday figures. .23, 123, 215, 317, 423, 692, 792, 964, 1110, 1196, 1292 551, 685, 785, 957, 1103, 1189, 1285 Time: Each bank, Wednesday figures. . . .24, 124, Distribution by classes of depositors, 216, 318, 424, 552, 686, 786, 958, 1937 403 1104, 1190, 1286 Ratio to total deposits in member banks, Group banks: 529, 589-601 Dec. 31, 1939 457 Turnover: Growth in, Discussion of 6-7, 190 Chart 7 Idle, Discussion of 7, 907, 1165 Discussion of .7, 196, 907, 1165 Insurance of. (See Insurance of deposits.) Discount rates : Insured commercial banks: Federal Reserve Banks: Dec. 30, 1939 466 Monthly table. .22, 122, 214, 316, 422, 550, June 29, 1940 1225 684, 784, 956, 1102, 1188, 1284 Interest on. (See Interest on deposits; In- Foreign central banks: terest rates.) Prevailing rates 72, 176, 264, 369, 481, Member banks: 623, 737, 897, 1019, 1151, 1239, 1339 All banks, call dates: Distribution: Oct. 2, 1939 58 National summary 18, 118, 209, 311, 418, Dec. 30, 1939 249 545, 680, 779, 951, 1098, 1184, 1279 Mar. 26, 1940 608 Dividends: June 29, 1940 994 Federal Reserve Banks: Monthly table .33, 133, 225, 327, 433, 1939 114 561, 695, 795, 967, 1113, 1199, 1295 Member banks: Selected dates, 1934-1940 57, 607 1939 460-465, 719-721 Classes of banks 28, 128, 220, 322, 428, 556, 690, 790, 962, 1108, 1194, 1290 Jan.-June, 1940 1181-1182 "Investments and Liquidity of Member Durable goods: Banks During 1939" 293-297 Expenditures in 1939 116 Larger and smaller centers .28, 128, 220, Factory employment index: 322, 428, 556, 690, 790, 962, Adjusted. . . .48, 148, 240, 342, 448, 576, 710, 1108, 1194, 1290 810, 984, 1130, 1216, 1312 Ratio of time deposits to total deposits, Unadjusted... 50, 150, 242, 344, 450, 578, 529, 589-601 712, 812, 986, 1132, 1218, 1314 Reporting banks: Factory payrolls index. . . .50, 150, 242, 344, 450, All banks, N. Y. C. and outside 578, 712, 812, 986, 1132, 1218, 1314 N. Y. C, monthly and Wednes- Hours and earnings 345, 451, 579, 713, 813, day figures 35, 135, 227, 329, 435, 987, 1133, 1219, 1315 563, 697, 797, 969, 1115, 1201, 1297 "Inventory, Present Position of the Durable By districts and for Chicago, Wed- Goods" 1040-1044 nesday figures 37, 137, 229, 331, 437, Production index: 565, 699, 799, 971, 1117,1203, 1299 Adjusted: Mutual savings banks: Monthly figures 46, 146, 238, 340, Oct., 1939 162 446, 574, 708, 808, 980, Mar. 26, 1940 824 1126, 1212, 1308 June 29, 1940 1325 Yearly and monthly figures 979, National member banks: 1125, 1211, 1307 Oct., 1939 160 Points in total production index: Mar. 26, 1940 822 June 29, 1940 1324 Chart of 924 Nonmember deposits in Federal Reserve Description 924 Banks: Tables 996-997 End of month and Wednesday figures. .21, Revised index 764, 766, 826 121, 213, 315, 421, 549, 683, 783, Unadjusted. .47, 147, 239, 341, 447, 575, 955, 1101, 1187, 1283 709, 809, 982, 1128, 1214, 1310 1355 DECEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Earnings and expenses: Employment—Continued. Federal Reserve Banks: Factory employment indexes—Continued. 1939 114 Charts 208, 418, 1097, 1278 Member banks: National summary 17, 117, 208 1939 460-465 Unadjusted: By classes of banks 460 By industries, monthly figures. . 50, 150, By districts 462-464 242, 344, 450, 578, 712, 812, 986, By six-month periods 461 1132, 1218, 1314 By size of bank 719-721 Total, yearly and monthly figures, Discussion 395-400 45, 145, 237, 339, 445, 573, 707, Jan.-June, 1940 1181-1182 . ,, , 807, 979, 1125, 1211, 1307 Charts 395, 396, 397, 399 Nonagricultural: Operating ratios, 1939: Chart 915 By Federal Reserve districts, by Discussion of . 746 size of banks and by ratio of time Index 979, 1125, 1211, 1307 deposits to total deposits.... 588-601 Number of employees. .985, 1131, 1217, 1313 Discussion of 527-529 England. (See United Kingdom.) "Trends of Member Bank Earnings and Profits" 395-400 Estonia: Bank of: Eccles, Marriner S.: Condition . . .68, 172, 260, 365, 477, 619, 733, Designated Chairman of Board of Gov- 893, 1015, 1148, 1235, 1335 ernors 308 Discount rate 72, 176, 264, 369, 481, 623, Reappointed member of Board of Gov- 737, 897, 1019, 1151, 1239, 1339 ernors 204, 308 Gold reserves, 1913-April, 1940: Ecuador: Description of data 925 Central Bank of: Table 1002 Condition.... 68, 172, 260, 365, 477, 619, 733, Property transfers in U. S., Regulation of. . 773 893, 1015, 1148, 1235, 1335 Exchange charges, Discussion of 89-96 Discount rate 72, 176, 264, 369, 481, 623, Exchange stabilization funds: 737, 897, 1019, 1151, 1239, 1339 Gold reserves.... 60, 164, 252, 352, 468, 610, 724, Gold reserves, 1913-April, 1940: 884, 1140, 1228, 1328 Description of data 925 Executive officers of member banks: Table 1002 Loans to, exception relating to 201 Gold movements to and from U. S.. .30, 130, 222, 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 Expenditures, U. S. Treasury. (See Treasury fi- Edmiston, Henry: nance: Expenditures.) "U. S. Government Corporations and Credit Expenses. (See Earnings and expenses.) Agencies in 1939" 298-305 Export-Import Bank: Egypt: Loans outstanding, 1939 305 Foreign exchange rates .74, 178, 266, 371, 483,Exports. (See Foreign trade.) 625, 739, 899, 1021, 1153, 1241, 1341 Factory employment. (See Employment, Factory.) National Bank of: Failures, Bank. (See Banks: Suspensions.) Condition.... 68, 172, 260, 365, 477, 619, 733, 893, 1015, 1148, 1235, 1335 Failures, Commercial. (See Commercial failures.) Gold reserves: Farm Credit Administration: 1913-April, 1940: Banks and corporations: Description of data 925 Assets and liabilities. . . .43, 143, 235, 337, Table 1002 443, 571, 705, 805, 977, 1123, 1209, 1305 Monthly table. . . .60, 164, 252, 352, 468, Loans and discounts outstanding, by insti- 610, 724, 884, 1002, 1140, 1228, 1328 tutions 44, 144, 236, 338, 444, 572, El Salvador: 706, 806, 978, 1124, 1210, 1306 Central Reserve Bank of: Summary of operations of institutions Condition. . . .68, 172, 260, 365, 477, 619, under, 1939 298-305 733, 893, 1015, 1148, 1235, 1335 (See also Governmental corporations and agen- Discount rate. . . .72, 176, 264, 369, 481, 623, cies.) 737, 897, 1019, 1151, 1239, 1339 Farm credit agencies: Gold reserves, 1913-April, 1940 : Assets and liabilities . . .43, 143, 235, 337, 443, Description of data 925 571, 705, 805, 977, 1123, 1209, 1305 Table 1002 Summary of operations, 1939 298-305 Employment: Farm mortgage agencies: Discussion of 1253 Assets and liabilities 43, 143, 235, 337, 443, Factory employment indexes: 571, 705, 805, 977, 1123, 1209, 1305 Adjusted: Summary of operations, 1939 298-305 By industries, monthly figures. . 48, 148, Farm products: 240, 342, 448, 576, 710, 810, Wholesale price indexes: 984, 1130, 1216, 1312 Principal countries. . 75, 179, 267, 372, 484, Total, monthly figures 45, 145, 237, 626, 740, 900, 1022, 1154, 1242, 1342 339, 445, 573, 707, 807, 979, United States 54, 154, 246, 348, 454, 1125, 1211, 1307 582, 716, 816, 990, 1136, 1222, 1318 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Farm Security Administration: Federal Reserve Banks—Continued. Summary of operations, 1939 298-305 Branches—Continued. Federal Advisory Council: Directors—Continued. Meetings 205, 533, 1050, 1277 Resignation of George S. Harris. . 533 Members 78, 182, 205, 270, 375, 487, Managing directors: 629, 743, 903, 1025, 1157, 1245, 1345 Appointments and resignations. . 204, Recommendation on purchase of foreign 941 silver 205 Death of Ralph H. Buss 533 Statement for the press 1277 List of. . . .79, 183, 271, 376, 488, 630, Federal Deposit Insurance Corporation: 744, 904, 1026, 1158, 1246, 1346 Banking statistics, Revision of 1178 Central bank functions of 1276 Committee on Administrative Procedure Chairmen: monograph on 308 Meeting 405 Report, Dec. 31, 1939 309-310 Currency function of 655-657 Defense program: Federal Farm Mortgage Corporation: List of field representatives of National Guaranteed obligations outstanding.... 41, 141, Defense Advisory Commission 1265 233, 335, 441, 569, 703, 803, 975, 1121, Participation in 1171, 1265 1207, 1303 Survey of bank credit available 1050 Summary of operations, 1939 298-305 Deputy Chairman, appointment 308 Federal Home Loan Bank Board: "Development of Federal Reserve Bank- Loans outstanding, by institutions 44, 144, ing" 1257-1264 236, 338, 444, 572, 706, 806, 978, 1124, Directors: 1210, 1306 Class A: Summary of operations of institutions Appointments 941 under, 1939 298-305 Death of Frank W. Sponable.... 657 (See also Governmental corporations and credit Class B: agencies.) Death of John D. Middleton 657 Federal Home Loan Banks: Election of 405 Member bank vote in election of. Loans to members 44, 144, 236, 338, 444, (Ruling) 1172 572, 706, 806, 978, 1124, 1210, 1306 Class C, appointments and resignations 8, Federal Housing Administration: 308, 941, 1050 List of 106 Summary of operations, 1939 301-303 Earnings and expenses, 1939 114 Federal intermediate credit banks: Examination conference 204 Loans and discounts outstanding. .44, 144, 236, "Federal Reserve Banks are Public Insti- 338, 444, 572, 706, 806, 978, 1124, 1210, 1306 tutions" 307 Federal land banks and Land Bank Commissioner: Lending power, Sources of 202-203 Loans outstanding 44, 144, 236, 338, 444, Officers 79, 183, 271, 376, 488, 630, 572, 706, 806, 978, 1124, 1210, 1306 744, 904, 1026, 1158, 1246, 1346 Par collection system 89-96 Summary of operations, Dec. 31, 1939. .303-305 Presidents' Conferences 308, 533, 1050 Federal National Mortgage Association: Profit and loss account, 1939 114 Summary of operations, 1939 300-303 Social Security Act applicability to 290 Federal Open Market Committee: Federal Reserve building: Meetings 308, 533, 1050 Leased Wire System: Members and officers. . . .78, 182, 270, 308, 375, Description of 941 487, 629, 743, 903, 1025, 1157, 1245, 1345 Photograph of equipment facing 905 Rouse, Robert G., selected as Manager of Offset presses, Photograph of facing 1029 System Open Market Account 8 Photographs of. . . .facing 1, 81, 185, 273, 377, (See also Open market operations.) 489, 905, 1029, 1161, 1249 Federal Reserve Act: Federal Reserve chart book: "Development of Federal Reserve Bank- New edition 657 ing" 1257-1264 Statistics.... 55-56, 155-156, 247-248, 349-350, "Historical Review of Objectives of Federal 455-456, 583-584, 717-718, 817-818, Reserve Policy" 280 991-992, 1137-1138, 1223-1224, 1319-1320 Federal Reserve Bank notes: Federal Reserve directory. . .78, 182, 270, 375, 487, Circulation 29, 129, 221, 323, 429, 557, 691, 791, 963, 1109, 1195, 1291 629, 743, 903, 1025, 1157, 1245, 1345 Issuance of 656 Federal Reserve districts: "Federal Reserve Banking, Development of" Map of 80, 184, 272, 630, 633, 1257-1264 745, 1027, 1159, 1247, 1380 Federal Reserve Banks: Transfers of intra-district territory: Branches: Map showing opposite page 745 Directors: Note on changes 778 Appointments and resignations. . 204, Federal Reserve notes: 308, 1049, 1050 Agents accounts 27, 127, 219, 321, 427, Death of C. M. Bartholomew.... 1050 555, 689, 789, 961, 1107, 1193, 1289 Death of John W. Neal 1050 "Authority to Issue Federal Reserve Notes" 306 List of 106 DECEMBER 1940 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Federal Reserve notes—Continued. Food and food products: Circulation: Factory employment index: Actual: Adjusted .48, 148, 240, 342, 448, 576, 710, All banks combined, end of month 810, 984, 1130, 1216, 1312 and Wednesday figures 23, 123, Unadjusted. . .50, 150, 242, 344, 450, 578, 215, 317, 423, 551, 685, 785, 957, 712, 812, 986, 1132, 1218, 1314 1103, 1189, 1285 Factory pay rolls index. .50, 150, 242, 344, 450, Each bank, Wednesday figures.... 27, 578, 712, 812, 986, 1132, 1218, 1314 127, 219, 321, 427, 555, 689, 789, Hours and earnings 345, 451, 579, 713, 813, 961, 1107, 1193, 1289 987, 1133, 1219, 1315 Outside Treasury and Federal Reserve Production indexes: Banks, end of month figures 29, 129, Adjusted .46, 146, 238, 340, 446, 574, 708, 221, 323, 429, 557, 691, 791, 963, 808, 980, 1126, 1212, 1308 1109, 1195, 1291 Revised index 766, 849-856 Clearings: Unadjusted . . .47, 147, 239, 341, 447, 575, "Interdistrict Settlement Fund". . . 776-777 709, 809, 982, 1128, 1214, 1310 Collateral security: Retail price index, principal countries. .76, 180, Wednesday figures. .27, 127, 219, 321, 427, 268, 373, 485, 627, 741, 901, 1023, 555, 689, 789, 961, 1107, 1193, 1289 1155, 1243, 1343 Wholesale price indexes: Issuance of 656 Principal countries .75, 179, 267, 372, 484, Redemption fund: 626, 740, 900, 1022, 1154, 1242, 1342 All banks combined, end of month and United States .54, 154, 246, 348, 454, 582, Wednesday figures 23, 123, 215, 317, 716, 816, 990, 1136, 1222, 1318 423, 551, 685, 785, 957, 1103, 1189, 1285 Force, Raymond C, appointed Class C Director, Each bank, Wednesday figures. .. .24, 124, 216, 318, 424, 552, 686, 786, 958, 1104, Federal Reserve Bank of San Francisco.... 308 1190, 1286 Foreign banks: Federal Reserve policy: Central banks. (See under name of country, e. g., France, Bank of.) "Cheap Money and the Federal Reserve Commercial banks, condition. .72, 176, 264, 369, System" 385-389 481, 623, 737, 897, 1019, 1151, 1239, 1340 "Development of Federal Reserve Bank- Deposits of, held by Federal Reserve Banks: ing" 1257-1264 All banks combined, end of month and "Historical Review of Objectives of Federal Wednesday figures.23, 123, 215, 317, 423, Reserve Policy" 279-289 551, 685, 785, 957, 1103, 1189, 1285 Federal Reserve System: Each bank, Wednesday figures. . . .24, 124, "Central Banking" 1275-1276 216, 318, 424, 552, 686, 786, 958, Committee on Administrative Procedure, 1104, 1190, 1286 monograph on 204 Deposits of, held by member banks: "Development of Federal Reserve Banking" All banks, call dates: 1257-1264 October 2, 1939 58 Membership in: December 30, 1939 249 Admissions to 534, 657, 778, 941, 1050, March 26, 1940 608 1178, 1277 June 29, 1940. 994 Commercial banks eligible and ineli- Monthly table. .33, 133, 225, 327, 433, gible for: 561, 695, 795, 967, 1113, 1199, 1295 Discussion of 530 Selected dates, 1934-1940 57, 607 Tables of number, deposits, Reporting banks: branches and capital stock. .602-606 All banks, N. Y. C. and outside N. Y. C, monthly and Wednes- Federal Savings and Loan Associations: day figures . 35, 135, 227, 329, 435, Mortgage loans 44, 144, 236, 338, 444, 572, 563, 697, 797, 969, 1115, 1201, 1297 706, 806, 978, 1124, 1210, 1306 By districts and for Chicago, Wednesday figures 37, 137, 229, 331, Financial and service establishments: 437, 565, 699, 799, 971, 1117, Employees 985, 1131, 1217, 1313 1203, 1299 Financial conditions. (See Business and credit con- Foreign exchange: ditions.) Discussion of decline in sterling and Cana- Finland: dian exchange rates 277, 383 Bank of: Exchange control measures of Britain. . . .277, Condition 68, 172, 260, 365, 477, 619, 383, 638 Rates 74, 178, 266, 371, 483, 625, 739, 899, 733, 893, 1015, 1148, 1235, 1335 1021, 1153, 1241, 1341 Discount rate. .72, 176, 264, 369, 481, 623, Regulations : 737, 897, 1019, 1151, 1239, 1339 Canada 677 Gold reserves, 1913-April 1940: United States . 390-393, 509-516, 649-654, Description of data 925 773-775, 936-938, 1045-1046, 1174-1176 Table 1002 Foreign trade of United States : Foreign exchange rates 74, 178, 266, 371, 483, 625, 739, 899, 1021, 1153, 1241, 1341 Chart 377 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Foreign trade of United States—Continued. Gasoline: Discussion of....82, 185, 276, 377-384, 494, 749, Government purchase of stocks of.. . .1037 1032 Gehman, Clayton . 753 National Summary 209, 312, 418, 546, 680 General fund balance, U. S. Treasury. (See Forest products: Treasury finance: General fund balance.) Freight-car loadings indexes. 53, 153, 245, 347, 453, 581, 715, 815, 989, 1135, 1221, 1317 Germany: Commercial banks. . 73, 177, 265, 370, 482, 624, Foster, Ray R 753 738, 898, 1020, 1152, 1239 France : Cost of living index 76, 180, 268, 373, 485, Bank of: 627, 741, 901, 1023, 1155, 1243, 1343 Annual report, 1939 535-544 Foreign exchange rates. .74, 178, 266, 371, 483, Condition 67, 171, 259, 364, 476, 618, 625, 739, 899, 1021, 1153, 1241, 1341 732, 892, 1014, 1147, 1235, 1335 Gold imports and exports.... 62, 166, 254, 354, Discount rate 72, 176, 264, 369, 481, 470, 612, 726, 886 623, 737, 897, 1019, 1151, 1239, 1339 Money rates . . 71, 175, 263, 368, 480, 622, 736, Gold reserves: 896, 1018, 1151, 1239, 1339 1913-April 1940: Reichsbank: Description of data 925 Annual report 1939 942-949 Table 1002 Condition 68, 172, 260, 365, 477, 619, Monthly table... 60, 164, 252, 352, 468, 733, 893, 1015, 1148, 1236, 1335 610, 724, 884, 1002, 1140, 1228, 1328 Discount rate: Banking and financial legislation: Change in 481 February 29, 1940. Decree and con- Monthly table. .72, 176, 264, 369, 481, vention between Bank of France and 623, 737, 897, 1019, 1151, 1239, 1339 State. Gold revalued. New advances Gold reserves: to State 406 1913-April 1940: Commercial banks. . 73, 177, 265, 370, 482, 624, Description of data 925 738, 898, 1020, 1152, 1239, 1340 Table 1002 Cost of living index 76, 180, 268, 373, 485, Monthly table 60, 164, 252, 352, 627, 741, 901, 1023, 1155, 1243, 1343 468, 610, 724, 884, 1002, 1140, Exchange Stabilization Fund: 1228, 1328 Gold reserves 60, 164, 252, 352, 468, Retail food price index 76, 180, 268, 373, 610, 724, 884, 1140, 1228, 1328 485, 627, 741, 901, 1023, 1155, 1243, 1343 Foreign exchange rates. .74, 178, 266, 371, 483, Security prices 76, 180, 268, 373, 485, 627, 625, 739, 899, 1021, 1153, 1241, 1341 741, 901, 1023, 1155, 1243, 1343 Gold movements to and from U. S. . . .30, 130, Wholesale price indexes. . 75, 179, 267, 372, 484, 222, 324, 430, 558, 692, 792, 964, 1110, 626, 740, 900, 1022, 1154, 1242, 1342 1196, 1292 Glass: Factory employment index: Money rates 71, 175, 263, 368, 480, 622, Adjusted 48, 148, 240, 342, 448, 576, 736, 896, 1018 710, 810, 984, 1130, 1216, 1312 Property transfers in U. S., Regulation of 649 Unadjusted 50, 150, 242, 344, 450, Retail food price index. . 76, 180, 268, 373, 485, 578, 712, 812, 986, 1132, 1218, 1314 627, 741, 901, 1023, 1155, 1243, 1343 Factory pay rolls index 50, 150, 242, 344, Security prices . .76, 180, 268, 373, 485, 627, 450, 578, 712, 812, 986, 1132, 1218, 1314 741, 901, 1023, 1155, 1243, 1343 Hours and earnings. . . .345, 451, 579, 713, 813, War measures on trade control 380-383 987, 1133, 1219, 1315 Wholesale price indexes 75, 179, 267, 372, Production index: 484, 626, 740, 900, 1022, 1154, 1242, 1342 Adjusted 46, 146, 238, 340, 446, Freight-car loadings: 574, 708, 808, 980, 1126, 1212, 1308 Revised index 839-840 Chart 18, 209, 312, 546 Unadjusted 47, 147, 239, 341, 447, Indexes: 575, 709, 809, 982, 1128, 1214, 1310 By classes 53, 153, 245, 347, 453, 581, Gold: 715, 815, 989, 1135, 1221, 1317 Earmarked 30, 130, 222, 324, 430, 558, Total ... .45, 145, 237, 339, 445, 573, 707, 692, 792, 964, 1110, 1196, 1292 807, 979, 1125, 1211, 1307 "Gold Problem Today" 11-14 National summary 18, 118, 209, 312, 418, Imports and exports: 545, 680, 780, 951, 1098, 1184, 1279 Principal countries 61, 165, 253, 353, Fuels: 469, 611, 725, 885 United States: Production index: Gross 30, 130, 222, 324, 430, 1923-1940 766, 877-879 558, 692, 792, 964, 1110, 1196, 1292 Adjusted 980, 1126, 1212, 1308 Net 61, 165, 253, 353, 469, Unadjusted 982, 1128, 1214, 1310 Wholesale price indexes 54, 154, 246, 348, 454, 611, 725, 885, 1008, 1141, 1229, 1329 582, 716, 816, 990, 1136, 1222, 1318 Movement to U. S., Discussion of 905 Garfield, Frank R.: Production: "General Indexes of Business Activity" 495-501 Indexes: Industrial production revised index , . 753 1932-1940 ... .882 DECEMBER 1940 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Gold—Continued. Great Britain. (See United Kingdom.) Production—Continued. Greece: Indexes—Continued. Bank of: Adjusted 980, 1126, 1212, 1308 Condition 68, 172, 260, 365, 477, Unadjusted 982, 1128, 1214, 1310 619, 733, 893, 1015, 1148, 1235, 1335 United States 61, 165, 253, 353, 469, Discount rate 72, 176, 264, 369, 481, 623, 611, 725, 885, 1008, 1141, 1229, 1329 737, 897, 1019, 1151, 1239, 1339 World 61, 165, 253, 353, 469, 611, Gold reserves: 725, 885, 1008, 1141, 1229, 1329 Reserves: 1913-April 1940: Central banks and governments: Description of data 925 1913-April 1940: Table 1004 Description of data 925 Monthly table 60, 164, 252, 352, Table 1000 468, 610, 724, 884, 1004, 1140, Monthly table 60, 164, 252, 352, 1228, 1328 468, 610, 724, 884, 1000, 1140, 1228, Foreign exchange rates 74, 178, 266, 371, 1328 483, 625, 739, 899, 1021, 1153, 1241, 1341 United States: Gregory, Clifford V., appointed Class C Director, 1913-April 1940: Description of data 925 Federal Reserve Bank of Chicago 8 Table 1000 Grinioff, V. B 1179 Monthly table . .60, 164, 252, 352, 468, Group banks: 610, 724, 884, 1000, 1140, 1228, 1328 Number, deposits, branches, by States and Stock, Monetary in U. S.: Analysis of changes in 30, 130, 222, geographic divisions, Dec. 31, 1939 457 324, 430, 558, 692, 792, 964, 1110, 1196, Guaranteed obligations of the U. S. (See 1292 Treasury finance: Guaranteed obligations.) Chart 12 Guatemala: End of month and Wednesday figures. .21, 121, 213, 315, 421, 549, 683, 783, 955, Gold reserves, 1913-April 1940: 1101, 1187, 1283 Description of data 925 "Gold Problem Today" 11-14 Table 1004 "Gold Stock" 939 Harris, George S., Director of Charlotte Branch National summary 209, 312, 418, of Federal Reserve Bank of Richmond, resig- 546, 680, 780 nation of 533 "Ownership of Monetary Gold Stock" 404 Hay crop reports 55, 818, 992, 1138, "Utilization of the Monetary Gold 1224, 1320 Stock" 531, 940 Hersey, Arthur: "Historical Review of Objectives of Fed- Gold certificates: eral Reserve Policy" 279-289 Circulation 29, 129, 221, 323, 429, Home mortgage and housing agencies: 557, 691, 791, 963, 1109, 1195, 1291 Assets and liabilities 43, 143, 235, 337, 443, Federal Reserve Bank holdings: 571, 705, 805, 977, 1123, 1209, 1305 All banks combined, end of month and Summary of operations, 1939 : . . 298-305 Wednesday figures 23, 123, 215, 317, Home Owners' Loan Corporation: 423, 551, 685, 785, 957, 1103, 1189, 1285 Assets and liabilities 43, 143, 235, 337, Each bank, Wednesday figures 24, 124, 443, 571, 705, 805, 977, 1123, 1209, 1305 216, 318, 424, 552, 686, 786, 958, 1104, Guaranteed obligations outstanding. . .41, 141, 1190, 1286 233, 335, 441, 569, 703, 803, 975, 1121, "Gold Problem Today" 11-14 1207, 1303 Gold standard: Mortgage loans 44, 144, 236, 338, 444, "Historical Review of Objectives of Federal 572, 706, 806, 978, 1124, 1210, 1306 Reserve Policy" 281-284 Summary of operations, 1939 298-302 Goldenweiser, E. A.: Hong Kong: "Cheap Money and the Federal Reserve Foreign exchange rates 74, 178, 266, 371, System" 385-389 483, 625, 739, 899, 1021, 1153, 1241, 1341 "Gold Problem Today" 11-14 Gold movements to and from U. S 30, 130, 222, 324, 430, 558, 692, 792, 964, 1110, Government debt. (See Treasury finance: Public 1196, 1292 debt.) Hours and earnings in manufacturing industries 345, Government employees, Number of 985, 1131, 451, 579, 713, 813, 987, 1133, 1219, 1315 1217, 1313 Housefurnishing goods: Governmental corporation and credit agencies: Wholesale price indexes 54, 154, 246, 348, Assets and liabilities 43, 143, 235, 337, 454, 582, 716, 816, 990, 1136, 1222, 1318 443, 571, 705, 805, 977, 1123, 1209, 1305 Hungary: Summary of Operations 1939 298-305 Foreign exchange rates 74, 178, 266, 371, Grain: 483, 625, 739, 899, 1021, 1153, 1241, 1341 Freight-car loadings indexes 53, 153, 245, Gold movements to and from U. S 130, 222, 347, 453, 581, 715, 815, 989, 1135, 1221, 1317 430, 558, 692, 792, 964, 1110, 1196, 1292 Wholesale price index 54, 154, 246, 348 Money rates . . . .71, 175, 2'63, 368, 480, 622, : 454, 582, 716, 816, 990, 1136, 1222, 1318 736, 896, 1018, 1151, 1239, 1339 1360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Hungary—Continued. Index numbers—Continued. National Bank of: Industrial production—Continued. Condition 68, 172, 260, 365, 477, 619, Revised indexes—Continued. 733, 893, 1015, 1148, 1235, 1335 Series included 761-763 Discount rate: Tables 764-769, 825-882 Change in 1239 "Rise in the Federal Reserve Index of Monthly table 72, 176, 264, 369, Production" 1047-1049 481, 623, 737, 897, 1019, 1151, 1239, 1339 Unadjusted 47, 147, 239, 341, 447, 575, Gold reserves: 709, 809, 982, 1128, 1214, 1310 1913-April 1940: Nonagricultural employment 979, 1125, Description of data 925 1211, 1307 Table 1004 Retail food prices. .... .76, 180, 268, 373, 485, Monthly table 60, 164, 252, 352, 627, 741, 901, 1023, 1155, 1243, 1343 468, 610, 724, 884, 1004, 1140, Security prices 76, 180, 268, 373, 485, 627, 1228, 1328 741, 901, 1023, 1155, 1243, 1343 Idle money: Stock prices 40, 140, 232, 334, 440, 568, "Banks and Idle Money" 192-200 702, 802, 974, 1120, 1206, 1302 Discussion of 907-1165 Wholesale prices: Imports (See Foreign trade of United States.) Principal countries. . 75, 179, 267, 372, 484, Income: 626, 740, 900, 1022, 1154, 1242, 1342 Payments to individuals: United States: Chart 417, 1183 Groups of commodities... 54, 154, 246, Discussion of 81, 273, 637, 745, 1030 348, 454, 582, 716, 816, 990, Index 979, 1125, 1211, 1307T ,. ^ ... , 1136, 1222, 1318 India, British: Tax receipts. (See Treasury finance: Receipts.) Foreign exchange rates 74, 178, 266, 371, Index numbers: 483, 625, 739, 899, 1021, 1153, 1241, 1341 Bond prices: Gold imports and exports 62, 166, 254, 354, Monthly table 40, 140, 232, 334, 440, 470, 612, 726, 886 568, 702, 802, 974, 1120, 1206, 1302 Gold movements to and from U. S 30, 130, Revised index of U. S. Government 222, 324, 430, 558, 692, 792, 964, bond prices 1179-1180 1110, 1196, 1292 "Business Activity, General Indexes of" 495-501 Gold production 61, 165, 253, 353, 469, 611, Business indexes 45, 145, 237, 339, 445, 573, 725, 885, 1008, 1141, 1229, 1329 707, 807, 979, 1125, 1211, 1307 Reserve Bank of: Construction contracts awarded. . . .45, 145, 237, Condition 68, 172, 260, 365, 477, 619, 339, 445, 573, 707, 807, 979, 1125, 733, 893, 1015, 1148, 1235, 1335 1211, 1307 Discount rate. .72, 176, 264, 369, 481, 623, Cost of living: 737, 897, 1019, 1151, 1239, 1339 Principal countries... 76, 180, 268, 373, 485, Gold reserves: 627, 741, 901, 1023, 1155, 1243, 1343 1913—April, 1940: United States 979, 1125, 1211, 1307 Description of data 925 Department store sales and stocks 53, 153, Table 1000 245, 347, 453, 581, 715, 815, 989, 1135, Monthly table. . 60, 164, 252, 352, 468, 1221, 1317 610, 724, 884, 1000, 1140, 1228, 1328 Factory employment: Industrial advances of Federal Reserve Banks: Adjusted 48, 148, 240, 342, 448, 576, All banks combined: 710, 810, 984, 1130, 1216, 1312 End of month and Wednesday figures 23, Unadjusted 50, 150, 242, 344, 450, 123, 215, 317, 423, 551, 685, 785, 578, 712, 812, 986, 1132, 1218, 1314 957, 1103, 1189, 1285 Factory payrolls... 50, 150, 242, 344, 450, 578, Number and amounts. . .27, 127, 219, 318, 712, 812, 986, 1132, 1218, 1314 424, 555, 689, 789, 961, 1107, 1193, 1289 Freight-car loadings 53, 153, 245, 347, 453, Commitments: 581, 715, 815, 989, 1135, 1221, 1317 Each bank, Wednesday figures.... 24, 124, Income payments 979, 1125, 1211, 1307 216, 318, 424, 552, 686, 786, Industrial production: 958, 1104, 1190, 1286 Adjusted 46, 146, 238, 340, 446, 574, Each bank, Wednesday figures. . . .24, 124, 216, 708, 808, 980, 1126, 1212, 1308 318, 424, 552, 686, 786, 958, Discussion of Board's 83, 498, 501, 1104, 1190, 1286 753-760, 912-923, 1047-1049 Maturity distribution. . .23, 123, 215, 317, 423, Major divisions as points in total: 551, 685, 785, 957, 1103, 1189, 1285 Chart of : 924 Rates 22, 122, 214, 316, 422, 550, Description 924 684, 784, 956, 1102, 1188, 1284 Tables 996-997 Industrial credit: "Measurement of Production" 912-923 "Financial Problem of Small Business" 1055- Revised indexes: 1056 Criticisms, Answers to 1047-1049 "Financing the Defense Program". .1171-1265 Description of data 753-763 (See also Commercial, industrial and agricul- Nonworking day allowances 770 tural loans: Industrial advances of Federal Seasonal adjustment factors, 1940 771 Reserve Banks.) DECEMBER 1940 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Installment paper, Retail: Investments—Continued. Insured commercial bank holdings of: All banks in U. S., call dates—Continued. By cities 587 Monthly table. .31, 131, 223, 325, 431, 559, t By geographic divisions and States. . . 586 693, 793, 965, 1111, 1197, 1293 Corrections 778 "Banks and Idle Money" 192-200 Discussion of 526 Member banks: Insurance agencies of United States Government: All banks, call dates: Assets and liabilities.... 43, 143, 235, 337, 443, Oct. 2, 1939 58 571, 705, 805, 977, 1123, 1209, 1305 Dec. 30, 1939 249, 250 Summary of operations, 1939 ,. 299 . Mar. 26, 1940 608 June 29, 1940 994, 995 Insurance of deposits: Monthly table. .32, 132, 224, 326, 432, Federal Deposit Insurance Corporation re- 560, 694, 794, 966, 1112, 1198, 1294 port, Dec. 31, 1939 309-310 Chart 293 Insured commercial banks: Discussion of 910 Assets and liabilities: Guaranteed obligations of U. S. exempt Dec. 30, 1939 466 from section 5136 U. S. Revised Stat- June 29, 1940 1225 utes. (Ruling.) 772 Federal Reserve membership eligibility: "Investments and Liquidity of Member Discussion of 530 Banks During 1939" 293-297 Tables of number, deposits, branches Reporting banks: and capital stock 602-606 All banks, N. Y. C. and outside Number of: N. Y. C, monthly and Wednes- Dec. 30, 1939 466 day figures. . 34, 134, 226, 328, 434, June 29, 1940 1225 562, 696, 796, 968, 1114, 1200, 1296 Retail installment paper held by: By districts and for Chicago, By cities ; 587 Wednesday figures 36, 136, 228, By geographic divisions and States.... 586 330, 436, 564, 698, 798, 970, 1116, Corrections 778 1202, 1298 Discussion of 526 "Trends of Member Bank Earnings Inter-American Bank: and Profits" 395-400 Convention, proposed charter and by-laws 517- (See also Loans and investments.) 525 "Investments and Liquidity of Member Banks Interdistrict Settlement Fund: During 1939" 293-297 Discussion of 776-777 Iran: Leased Wired System: National Bank of: Description of 941 Gold reserves: Photograph of equipment facing 905 1913—April, 1940: Interest on deposits: Description of data 925 Discussion of 95-96 Table 1004 "Trends of Member Bank Earnings and Monthly table. .1004, 1140, 1228, 1328 Profits" 395-400 Iron and steel: Interest on public debt. (See Treasury finance: Chart of man-hours worked 274 Discussion of economic activity 84, 274, Public debt.) 493, 747, 1250 Interest rates: Factory employment index: "Banks and Idle Money" 197 Adjusted . . . . .48, 148, 240, 342, 448, 576, "Cheap Money and the Federal Reserve 710, 810, 984, 1130, 1216, 1312 System" 385-389 Unadjusted. . . .50, 150, 242, 344, 450, 578, Commercial loan rates. .39, 139, 231, 333, 439, 712, 812, 986, 1132, 1218, 1314 567, 701, 801, 973, 1119, 1205, 1301 Factory payrolls index 50, 150, 242, 344, Open market, in N. Y. C 39, 139, 231, 333, 450, 578, 712, 812, 986, 1132, 1218, 1314 439, 567, 701, 801, 973, 1119, 1205, 1301 Hours and earnings 345, 451, 579, 713, Time deposits 22, 122, 214, 316, 422, 550, 813, 987, 1133, 1219, 1315 684, 784, 956, 1102, 1188, 1284 Production index: (See also Discount rates.) Adjusted 46, 146, 238, 340, 446, 574, International capital transactions of United States: 708, 808, 980, 1126, 1212, 1308 Statistics. .63, 167, 255, 355, 471, 613, 727, 887, Revised index 766, 827-828 1009, 1142, 1230, 1330 Unadjusted . . .47, 147, 239, 341, 447, 575, Inventories: 709, 809, 982, 1128, 1214, 1310 Discussion of 276, 746, 1163, 1251 Wholesale price index... 54, 154, 246, 348, 454, "Durable Goods Inventory, Present Position 582, 716, 816, 990, 1136, 1222, 1318 of the" 1040-1044 Italy: Investment Company and Investment Advisers Bank of: Act : 1045 Discount rate . 72, 176, 264, 369, 481, 623, Investments : 737, 897, 1019, 1151, 1239, 1339 All banks in U. S., call dates: Gold reserves: Oct., 1939 158-162 1913-April, 1940: Mar. 26, 1940 820-824 Description of data 925 June 29, 1940 1322-1326 Table 1004 1362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Italy—Continued. Leased Wire System: Bank of—Continued. Description of 941 Gold reserves—Continued. Photograph of equipment facing 905 Monthly table. .60, 164, 252, 352, 468, Leather and leather products: 610, 724, 884, 1004, 1140, 1228, 1328 Factory employment index: Foreign exchange rates. .74, 178, 266, 371, 483, Adjusted 48, 148, 240, 342, 448, 576, 625, 739, 899, 1021, 1153, 1241, 1341 710, 810, 984, 1130, 1216, 1312 Gold movements to and from U. S. .30, 130, Unadjusted. . .50, 150, 242, 344, 450, 578, 222, 324, 430, 558, 692, 792, 964, 712, 812, 986, 1132, 1218, 1314 1110, 1196, 1292 Factory payrolls index 50, 150, 242, 344, Money rates. . .71, 175, 263, 368, 480, 622, 736, 450, 578, 712, 812, 986, 1132, 1218, 1314 $96, 1018 Hours and earnings 345, 451, 579, 713, Wholesale price indexes 75, 179, 267, 372, 813, 987, 1133, 1219, 1315 484, 626, 740, 900, 1022, 1154, 1242, 1342 Production index: Japan: Adjusted 46, 146, 238, 340, 446, 574, Bank of: 708, 808, 980, 1126, 1212, 1308 Condition 68, 172, 260, 365, 477, 619, Revised index 766, 846-849 733, 893, 1015, 1148, 1235, 1335 Unadjusted. . 47, 147, 239, 341, 447, 575, Discount rate. .72, 176, 264, 369, 481, 623, 709, 809, 982, 1128, 1214, 1310 737, 897, 1019, 1151, 1239, 1339 Wholesale price index. .54, 154, 246, 348, 454, Gold reserves: 582, 716, 816, 990, 1136, 1222, 1318 1913-April, 1940: Legal standpoint: Description of data 925 Assignment of claims against Government 1045, Table 1004 1172 Monthly table. 60, 164, 252, 352, 468, Banking act of 1933, section 32 applies to 610, 724, 884, 1004, 1140, 1228, 1328 "Secretary to Board of Directors" 98 Foreign exchange rates. .74, 178, 266, 371, 483, Federal Reserve Bank directors, Member 625, 739, 899, 1021, 1153, 1241, 1341 bank vote in election of. (Ruling.) 1172 Gold movements to and from U. S.. .30, 130, Foreign exchange regulations 390-393, 509-516, 222, 324, 430, 558, 692, 792, 964, 1110, 649-654, 773-775, 936-938, 1174-1176 1196, 1292 Foreign property transfers in U. S. 390-393, Money rates... 71, 175, 263, 368, 480, 622, 736, 509-516, 649-654, 773-775, 936-938, 1174-1176 896, 1018 Investment Company and Advisers Act . . . 1045 Wholesale price indexes . 75, 179, 267, 372, 484, Investments by member banks in obligations 626, 740, 900, 1022, 1154, 1242, 1342 of certain Government agencies. (Rul- Java: ing,) 772 Bank of: Neutrality Act of 1939: Condition 68, 172, 260, 365, 477, 619 Financial transactions under 393, 516, 733, 893, 1015, 1148, 1235, 1335 654, 1267 Discount rate. .72, 176, 264, 369, 481, 623, Regulation F. Trust powers of national banks: 737, 897, 1019, 1151, 1239, 1339 Amendments • 502-509 Gold reserves: Ruling 393 1913-April, 1940: Regulation G. Noncash collections 15-16 Description of data 925 Regulation L. Interlocking directorates: Table : 1004 Amendments 97 Monthly table. .60, 164, 252, 352, 468, Regulation O. Executive officers of member 610, 724, 884, 1004, 1140, 1228, 1328 banks: Kurth, E. L., elected Class B Director, Federal Ruling ...,.., 201 Reserve Bank of Dallas 1050 Regulation T. Margin requirements for brokers: Land Bank Commissioner loans. (See Federal land Payment for purchases in cash account. banks and Land Bank Commissioner: Loans out- (Ruling.) 772, 1172 standing.) Stock deposited with broker for him to Latvia: lend. (Ruling.) : 647 Bank of: Social Security Act applicability to Federal Condition 68, 172, 260, 365, 477, 619, Reserve Banks, National Banks and State 733, 893, 1015, 1148, 1235, 1335 Member Banks 290-292 Discount rate: State law requirements relating to capital Change in 264 of banks, trust companies, etc. ... 1267-1274 Monthly table. . 72, 176, 264, 369, 481, Stolen bank property, Law prohibiting pos- 623, 737, 897, 1019, 1151, 1239, 1339 session of 935 Gold reserves, 1913-April, 1940: Trading with the Enemy Act, amendment 509 Description of data 925 Trust Indenture Act of 1939, rules and regu- Table 1004 lations issued 201 Property transfers in U. S., Regulation of 773 Lead production index: Lending power: Adjusted 46, 146, 238, 340, 446, 574, "Sources of a Bank's Lending Power". .99-100 708, 808, 980, 1126, 1212, 1308 "Sources of Lending Powers of Federal Reserve Banks" 202-203 Revised index 881 Unadjusted 47, 147, 239, 341, 447, 575, Limbocker, M. A., elected Class A Director, Fed- 709, 809, 982, 1128, 1214, 1310 eral Reserve Bank of Kansas City 941 DECEMBER 1940 1363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Liquidity: Loans and Investments—Continued. "Historical Review of Objectives of Federal Member banks—Continued. Reserve Policy" 284-287 Reporting banks: "Investments and Liquidity of Member All banks, N. Y. C. and outside Banks During 1939" 293-297 N. Y. C, monthly and Wednes- * Lithuania: day figures. 34, 134, 226, 328, 434, Bank of: 562, 696, 796, 968, 1114, 1200, 1296 Condition 68, 172, 260, 365, 477, 619, By districts and for Chicago, 733, 893, 1015, 1148, 1235, 1335 Wednesday figures 36, 136, 228, Discount rate 72, 176, 264, 369, 481, 330, 436, 564, 698, 798, 970, 1116, 623, 737, 897, 1019, 1151, 1239, 1339 1202, 1298 Gold reserves, 1913-April, 1940: Mutual savings banks: Description of data 925 Oct., 1939 162 Mar. 26, 1940 824 Table 1004 June 29, 1940 .1325 Property transfers in U. S., Regulation of 773 National member banks: Livestock: Oct., 1939 160 Freight-car loadings indexes. .53, 153, 245, 347, Mar. 26, 1940 822 453, 581, 715, 815, 989, 1135, 1221, 1317 June 29, 1940 1324 Wholesale price index. . 54, 154, 246, 348, 454, Private banks: 582, 716, 816, 990, 1136, 1222, 1318 Oct., 1939 162 Loans: Mar. 26, 1940 824 Agricultural. (See Commercial, industrial, and June 29, 1940 1325 agricultural loans.) "Sources of a Bank's Lending Power". . 99-100 Brokers'. (See Brokers and dealers in securi- State banks: ties: Loans to.) Oct., 1939 161 Commercial. (See Commercial, industrial and March. 26, 1940 823 agricultural loans.) June 29, 1940. 1324 Industrial. (See Commercial, industrial and Longstreet, Victor M.: agricultural loans: Industrial advances of "Investments and Liquidity of Member Federal Reserve banks.) Banks During 1939" 293-297 Longer term loans, Discussion of volume of 1164 Lumber and lumber products: Member banks: Factory employment index: "Trends of Member Bank Earnings and Adjusted 48, 148, 240, 342, 448, 576, Profits" 395-400 710, 810, 984, 1130, 1216, 1312 Real estate. (See Real estate: Loans.) Unadjusted ...50, 150, 242, 344, 450, 578, Security. (See Securities: Loans on.) 712, 812, 986, 1132, 1218, 1314 Total: Factory payrolls index. . .50, 150, 242, 344, 450, Reporting member banks: 578, 712, 812, 986, 1132, 1218, 1314 All banks, N. Y. C. and outside Hours and earnings... 345, 451, 579, 713, 813, N. Y. C, monthly and Wednes- 987, 1133, 1219, 1315 day figures. . .34, 134, 226, 328, 434, Production index: 562, 696, 796, 968, 1114, 1200, 1296 1923-1940 766, 835-836 By districts and for Chicago, Adjusted 980, 1126, 1212, 1308 Wednesday figures 36, 136, 228, Unadjusted 982, 1128, 1214, 1310 330, 436, 564, 698, 798, 970, 1116, Wholesale price index. .54, 154, 246, 348, 454, 1202, 1298 582, 716, 816, 990, 1136, 1222, 1318 Loans and Investments: Luxembourg: All banks in U. S., call dates: Property transfers in U. S., Regulation of. .509 Oct., 1939 158-162 Mar. 26, 1940 820-824 Machinery: June 29, 1940 1322-1326 Chart of man-hours worked in machinery Monthly table 31, 131, 223, 325, 431, industries 84 559, 693, 793, 965, 1111, 1197, 1293 Discussion of activity in machine industries "Banks and Idle Money" 192-200 84, 747 Insured commercial banks: Factory employment index: Dec. 30, 1939 466 Adjusted .48, 148, 240, 342, 448, 576, 710, June 29, 1940 ....1225 810, 984, 1130, 1216, 1312 Member ban^cs: Unadjusted ...50, 150, 242, 344, 450, 578, All banks, call dates: 712, 812, 986, 1132, 1218, 1314 Oct. 2, 1939 58 Factory payrolls index. .50, 150, 242, 344, 450, Dec. 30, 1939 249 578, 712, 812, 986, 1132, 1218, 1314 Mar. 26, 1940 608 Hours and earnings.... 345, 451, 579, 713, 813, June 29, 1940 994 987, 1133, 1219, 1315 Monthly table 32, 132, 224, 326, 432, Production index: 560, 694, 794, 966, 1112, 1198, 1294 1923-1940 766, 828 Selected dates, 1934-1940 57, 607 Adjusted 980, 1126, 1212, 1308 Charts 118, 190, 193, 209, Unadjusted 982, 1128, 1214, 1310 529, 680, 1163, 1184 Manganese ore: Discussion of 189, 752, 909 Government purchase of stocks of 1037 1364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Manufactures : Member banks—Continued. "Capacity, The Problem of Manufacturing" Branches—Continued. 639-646 1939 changes 157 Employment: Jan.-Sept., 1940, changes 585, 993, 1321 Index of factory employment: Condition of. (See Condition statements.) Adjusted . .48, 148, 240, 342, 448, 576, Earnings and expenses: 710, 810, 984, 1130, 1216, 1312 1939 460-465, 719-721 Unadjusted . . .50, 150, 242, 344, 450, Jan.-June, 1940 1181-1182 578, 712, 812, 986, 1132, 1218, 1314 Operating ratios, 1939: Nonagricultural 985, 1131, 1217, 1313 Discussion of 527-529 Hours and earnings. . . .345, 451, 579, 713, 813, Tables 588-601 987, 1133, 1219, 1315 "Trends of Member Bank Earnings and Payrolls index. .50, 150, 242, 344, 450, 578, 712, Profits" 395-400 812, 986, 1132, 1218, 1314 Number of: Production index: 1933-1940 .... 156, 248, 350, 456, 584, 718, Adjusted: 993, 1321 By industries, monthly figures. . 46, 146, Dec. 31, 1939, by States 458 238, 340, 446, 574, 708, 808, 980, 1939 changes 157 1126, 1212, 1308 Jan.-Sept., 1940 changes 585, 993, 1321 Chart 756, 757, 1048 Monthly table 31, 131, 223, 325, 431, Durable and nondurable: 559, 693, 793, 965, 1111, 1197, 1293 Yearly and monthly figures. . .979, Member bank reserves, Reserve Bank credit, and 1125, 1211, 1307 related items: Total monthly figures 45, 145, 237, Monthly table 21, 121, 213, 315, 421, 549, 339, 445, 573, 707, 807 683, 783, 955, 1101, 1187, 1283 Points in total production index: Merchandise: Chart of 924 Exports and imports.... 53, 153, 245, 347, 453, Description 924 581, 715, 815, 989, 1135, 1221, 1317 Tables 996-997 Freight-car loadings indexes 53, 153, 245, Revised index 764, 766, 826 347, 453, 581, 715, 815, 989, 1135, 1221, 1317 Unadjusted: Metals and metal products: By industries, monthly figures. . 47, 147, Discussion of prices 1252 239, 341, 447, 575, 709, 809, 982, Production index: 1128, 1214, 1310 1923-1940 766, 879, 882 Total, yearly and monthly figures. .45, Adjusted 980, 1126, 1212, 1308 145, 237, 339, 445, 573, 707, 807 Unadjusted 982, 1128, 1214, 1310 Margin account statistics 38, 138, 230, 332, 438, Wholesale price indexes 54, 154, 246, 348, 566, 700, 800, 972, 1118, 1204, 1300 454, 582, 716, 816, 990, 1136, 1222, 1318 Mexico: Margin requirements: Bank of: Brokers and dealers in securities. Regula- Discount rate 72, 176, 264, 369, 481, tion T: 623, 737, 897, 1019, 1151, 1239, 1339 Cash transactions: Gold reserves: Payments. (Rulings.) 772, 1172 1913-April, 1940: Stock deposited with broker for him to Description of data 925 lend. (Ruling.) 647 Table 1004 "Effect of Margin Requirements on Custo- Monthly table 60, 164, 252, 352, mer's Position". . . , 532 468, 610, 724, 884, 1004, 1140, Table 550, 684, 784, 956, 1102, 1188, 1284 1228, 1328 Marsh, Michael 753 Foreign exchange rates 74, 178, 266, 371, Maturities: 483, 625, 739, 899, 1021, 1153, 1241, 1341 Bills held by Federal Reserve Banks. (See Gold movements to and from U. S 30, 130, Bills: Federal Reserve Bank holdings.) 222, 324, 430, 558, 692, 792, 964, 1110, Public debt. (See Treasury finance: Public 1196, 1292 debt.) Gold production 61, 165, 253, 353, 469, United States Government securities held by 611, 725, 885, 1008, 1141, 1229, 1329 Reserve Banks. (See United States Govern- Middleton, John D., Class B Director, Federal ment securities: Federal Reserve Bank hold- Reserve Bank of Dallas, Death of 657 ings.) "Measurement of Production" . . .912-923 Millsop, Thomas E., elected Class B Director, Member banks: Federal Reserve Bank of Cleveland 405 Banking offices: Minerals: 1933-1940 ... 156, 248, 350, 456, 584, 718 Discussion of output 85, 274, 749 Borrowings at Federal Reserve Banks. (See Employees 985, 1131, 1217, 1313 Borrowings.) Production index: Branches: Adjusted: 1933-1940 . . . .156, 248, 350, 456, 584, 718, By kinds, monthly figures 46, 146, 993 1321 238, 340, 446, 574, 708, 808, 980, Dec. 31, 1939, by States '. 459 1126, 1212, 1308 Chart 756 DECEMBER 1940 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Minerals—Continued. Mutual savings banks—Continued. Production index—Continued. Loans and investments, call dates 31, 131, Ad j usted—Continued. 223, 325, 431, 559, 693, 793, 965, 1111, Total, monthly figures.... 45, 145, 237, 1197, 1293 Number of: 339, 445, 573, 707, 807, 979, 1125, 1933-1940 156, 248, 350, 456, 584, 1211, 1307 718, 993, 1321 Points in total production index: Dec. 31, 1939, by States 458 Chart of 924 1939 changes 157 Description 924 Jan,-Sept., 1940 changes 585, 993, 1321 Tables 996-997 Call dates: Revised index 764, 766, 877 Oct., 1939 162 Unadjusted: Mar. 26, 1940 824 By kinds, monthly figures.... 47, 147, June 29, X940 1325 239, 341, 447, 575, 709, 809, 982, Monthly table. .31, 131, 223, 325, 431, 1128, 1214, 1310 559, 693, 793, 965, 1111, 1197, 1293 Total, yearly and monthly figures. .45, Operating branches: 145, 237, 339, 445, 573, 707, 807 Dec. 31, 1939 458 "Monetary Action as a Part of a Constructive Government Program". Quotation from statement of National bank notes: Board of Governors 289 Circulation 29, 129, 221, 323, 429, 557, "Money, The Role of". Quotation from 292 691, 791, 963, 1109, 1195, 1291 Money in circulation: National Defense Advisory Commission: Charts 7, 191; 906 Appointment of 533 "Currency Function of the Federal Reserve Federal Reserve, field representatives of... 1265 Banks" 655-657 Small Business Activities, Donald M. Nelson Discussion of 7, 190, 906 designated Director of 1171, 1265 Kinds of: Statement on bank credit available for de- End of month figures 29, 129, 221, 323, fense needs 1050 429, 557, 691, 791, 963, 1109, 1195, 1291 (See also Defense program.) Total: National income. (See Income.) End of month and Wednesday figures. . . 21, National member banks: 121, 213, 315, 421, 549, 683, 783, 955, 1101, 1187, 1283 Banking offices, 1933-1940 156, 248, 350, 456, 584, 718 Money rates: Branches: Charts 18, 312, 385, 546, 680, 780, 1279 1933-1940 156, 248, 350, 456, "Cheap Money and the Federal Reserve 584, 718, 993, 1321 System" 385-389 1939 changes 157 Commercial loan rates: Jan.-Sept., 1940 changes.... 585, 993, 1321 Discussion of 164 Dec. 31, 1939, by States 459 Monthly table. .39, 139, 231, 333, 439, 567, Classification of loans, investments, real 701, 801, 973, 1119, 1205, 1301 estate and capital: Foreign countries. . 71, 175, 263, 368, 480, 622, Dec. 30, 1939 250 736, 896, 1018, 1151, 1239, 1339 June 29, 1940 995 Open market, in N. Y. C 39, 139, 231, 333, Condition, call dates: 439, 567, 701, 801, 973, 1119, 1205, 1301 Oct. 2, 1939 58 Dec. 30, 1939 249 Moody, Frank M., Director, Birmingham Branch, Mar. 26, 1940 608 Federal Reserve Bank of Atlanta, Resignation June 29, 1940 994 of 1050 Deposits, call dates 31, 131, 223, 325, 431-, Morocco: 559, 693, 793, 965, 1111, 1197, 1293 Gold reserves, 1913-April, 1940: Earnings and expenses: Description of data . 925 1939 460-461, 720 Table .1004 Jan.-June, 1940 1182 Mutual savings banks: Group banks, Dec. 31, 1939 457 Assets and liabilities: Number of: 1933-1940 156, 248, 350, 456, 584, Oct., 1939 162 718, 993, 1321 Mar. 26, 1940 824 Dec. 31, 1939, by States 458 June 29, 1940 1325 1939 changes 157 Banking offices: Jan.-Sept., 1940 changes... 585, 993, 1321 1933-1940 156, 248, 350, 456, 584, 718 Call dates: Branches: Oct., 1939 160 1933-1940 156, 248, 350, 456, 584, 718, Mar. 26, 1940 822 993, 1321 June 29, 1940 1324 Dec. 31, 1939, by States 459 Monthly table 31, 131, 223, 325, 1939 changes 157 431, 559, 693, 793, 965, 1111, Jan.-Sept., 1940 changes 585, 993, 1321 r> 1197> 1293 Deposits, call dates 31, 131, 223, 325, 431, Operating branches: 559, 693, 793, 965, 1111, 1197, 1293 Dec. 31, 1939, by States 458 Social Security Act applicability to 290 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page National member banks—Continued. Nondurable goods—Continued. Suspensions 30, 130, 222, 324, 430, 558, Factory employment index: 692, 792, 964, 1110, 1196, 1292 Adjusted 48, 148, 240, 342, 448, National summary of business conditions 17, 576, 710, 810, 984, 1180, 1216, 1312 Unadjusted 50, 150, 242, 344, 450, 117, 208, 311, 417, 545, 679, 779, 950, 578, 712, 812, 986, 1132, 1218, 1314 1097, 1183 Factory payrolls index. .50, 150, 242, 344, 450, Neal, John W., Director of Houston Branch of 578, 712, 812, 986, 1132, 1218, 1314 Federal Reserve Bank of Dallas, Death of.... 1050 Hours and earnings 345, 451, 579, 713, 813, 987, 1133, 1219, 1315 Nelson, Donald M., designated Director of Small Production index: Business Activities 1171, 1265 Adjusted .... 46, 146, 238, 340, 446, 574, Netherlands: 708, 808, 980, 1126, 1212, 1308 Bank of; Points in total production index: Condition 68, 172, 260, 365, 477, Chart of 924 619, 733, 893, 1015, 1148, 1235, 1335 Description 924 Discount rate 72, 176, 264, 369, 481, Tables 996-997 623, 737, 897, 1019, 1151, 1239, 1339 Revised index 764, 766, 840 Gold reserves: Unadjusted 47, 147, 239, 341, 447, 1913-April, 1940: 575, 709, 809, 982, 1128, 1214, 1310 Description of data 925 Table 1004 Nonferrous metals: Monthly table .60, 164, 252, 352, Factory employment index: 468, 610, 724, 884, 1004, 1140, Adjusted 48, 148, 240, 342, 448, 576, 1228, 1328 710, 810, 984, 1130, 1216, 1312 Gold stock, Revaluation of 544 Unadjusted 50, 150, 242, 344, 450, Banking and financial legislation: 578, 712, 812, 986, 1132, 1218, 1314 Mar. 16, 1940. Revaluation of gold Factory payrolls index 50, 150, 242, 344, stock 544 450, 578, 712, 812, 986, 1132, 1218, 1314 Cost of living index 76, 180, 268, 373, 485, Hours and earnings 345, 451, 579, 713, 627, 741, 901, 1023, 1155, 1243, 1343 813, 987, 1133, 1219, 1315 Foreign exchange rates 74, 178, 266, 371, Production indexes: 483, 625, 739, 899, 1021, 1153, 1241, 1341 Adjusted 46, 146, 238, 340, 446, Gold movements to and from TJ. S. ... .30, 130, 574, 708, 808, 980, 1126, 1212, 1308 222, 324, 430, 558, 692, 792, 964, Revised index 766, 832-835 1110, 1196, 1292 Unadjusted 47, 147, 239, 341, 447, Money rates 71, 175, 263, 368, 480, 622, 575, 709, 809, 982, 1128, 1214, 1310 736, 896, 1018, 1339 Wholesale price index 54, 154, 246, 348, Property transfers in U. S., Regulation of. . 509 454, 582, 716, 816, 990, 1136, 1222, 1318 Retail food price index 76, 180, 268, 373, Nonmember banks: 485, 627, 741, 901, 1023, 1155, 1243, 1343 Branches: Security prices 76, 180, 268, 373, 485, 1933-1940 .... 156, 248, 350, 456, 584, 718, 627, 741, 901, 1023, 1155, 1243, 1343 993, 1321 Wholesale price indexes 75, 179, 267, 372, 1939 changes 157 484, 626, 740, 900, 1022, 1154, 1242, 1342 Jan.-Sept., 1940, changes.... 585, 993, 1321 Netherlands Indies: Deposits ; Gold movements to and from U. S 1110, Call dates 31, 131, 223, 325, 431, 559, 1196, 1292 693, 793, 965, 1111, 1197, 1293 Neutrality Act of 1939 : Deposits of, held by Federal Reserve Banks: Financial transactions under 393, 516, End of month and Wednesday figures. 21, 654, 1267 121, 213, 315, 421, 549, 683, 783, 955, New Zealand: 1101, 1187, 1283 Foreign exchange rates 74, 178, 266, 371, Federal Reserve membership eligibility: 483, 625, 739, 899, 1021, 1153, 1241, 1341 Discussion of 530 Reserve Bank of: Tables of number, deposits, branches Condition 68, 172, 260, 365, 477, 619, and capital stock 602-606 733, 893, 1015, 1148, 1235, 1335 Group banks, Dec. 31, 1939 457 Discount rate 72, 176, 264, 369, 481, Insured: 623, 737, 897, 1019, 1151, 1239, 1339 Assets and liabilities: Gold reserves: Dec. 30, 1939 466 1913-April, 1940: June 29, 1940 1225 Description of data 925 Banking offices, 1933-1940 . .156, 248, 350, Table 1004 456, 584, 718 Monthly table 60, 164, 252, 352, Branches: 468, 610, 724, 884, 1004, 1140, 1933-1940 . . . .156, 248, 350, 456, 584, 1228, 1328 718, 993, 1321 Noncash collections: Dec. 31, 1939, by States 459 Regulation G . . .15-16 1939, changes 157 Nondurable goods: Jan.-Sept., 1940, changes. . .585, 993, Discussion of output . . . . 274 1321 DECEMBER 1940 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Nonmember banks—Continued. Officers and employees: Insured—Continued. Member banks: Number of: 1939 461, 719-721 1933-1940 ... .156, 248, 350, 456, 584, Jan.-June, 1940 1182 718, 993, 1321 Open market operations: Dec. 30, 1939 466 June 29,1940 1225 Chart 386 Dec. 31, 1939, by States 458 Discussion of ... 1, 4, 386-388, 637, 1167, 1258 1939 changes 157 Open market paper: Jan.-Sept., 1940, changes.... 585, 993, Member bank holdings: 1321 All banks, call dates: Operating branches, Dec. 31, 1939 458 Dec. 30, 1939 250 Suspensions ... 30, 130, 222, 324, 430, 558, June 29, 1940 995 692, 792, 964, 1110, 1196, 1292 Monthly table . .32, 132, 224, 326, 432, Loans and investments, call dates. .31, 131, 223, 560, 694, 794, 966, 1112, 1198, 1294 325, 431, 559, 693, 793, 965, 1111, 1197, 1293 Reporting banks: Number of, call dates. . .31, 131, 223, 325, 431, All banks, N. Y. C. and outside 559, 693, 793, 965, 1111, 1197, 1293 N. Y. C, monthly and Wednes- Uninsured: day figures . .34, 134, 226, 328, 434, Banking offices, 1933-1940. . .156, 248, 350, 562, 696, 796, 968, 1114, 1200, 1296 456, 584, 718 By districts and for Chicago, Branches: Wednesday figures. 36, 136, 228, 330, 1933-1940 . . . .156, 248, 350, 456, 584, 436, 564, 698, 798, 970, 1116, 718, 993, 1321 1202, 1298 Dec. 31, 1939, by States 459 Operating ratios of member banks, 1939: 1939 changes 157 By Federal Reserve districts, by size of Jan.-Sept., 1940, changes 585, 993, banks and by ratio of time deposits to total .1321 deposits 588-601 Number of: Discussion of 527-529 1933-1940 .... 156, 248, 350, 456, 584, Ore: 718, 993, 1321 Freight-car loadings indexes. . 53, 153, 245, 347, Dec. 31, 1939, by States 458 453, 581, 715, 815, 989, 1135, 1221, 1317 1939 changes 157 Jan.-Sept., 1940, changes.... 585, 993, Palmer, Gordon D., appointed Director, Birming- 1321 ham Branch, Federal Reserve Bank of Operating branches, Dec. 31, 1939 458 Atlanta 1050 Suspensions ... 30, 130, 222, 324, 430, 558, Paper and printing: 692, 792, 964, 1110, 1196, 1292 Hours and earnings 345, 451, 579, 713, 813, 987, 1133, 1219, 1315 Non-par banks: Paper and products: Chart of 94 Factory employment index: Number, size and location 94 Adjusted 48, 148, 240, 342, 448, 576, Norway: 710, 810, 984, 1130, 1216, 1312 Bank of: Unadjusted ... 50, 150, 242, 344, 450, 578, Condition 68, 172, 260, 365, 477, 619, 712, 812, 986, 1132, 1218, 1314 733, 893, 1015, 1148, 1235, 1335 Factory payrolls index. .50, 150, 242, 344, 450, Discount rate: 578, 712, 812, 986, 1132, 1218, 1314 Change in 623 Production index: Monthly table . .72, 176, 264, 369, 481, Adjusted 46, 146, 238, 340, 446, 574, 623, 737, 897, 1019, 1151, 1239, 1339 708, 808, 980, 1126, 1212, 1308 Gold reserves: Revised index 766, 861-868 1913-April, 1940: Unadjusted . . 47, 147, 239, 341, 447, 575, Description of data 925 709, 809, 982, 1128, 1214, 1310 Table 1004 Wholesale price index 54, 154, 246, 348, Monthly table . .60, 164, 252, 352, 468, 454, 582, 716, 816, 990, 1136, 1222, 1318 610, 724, 884, 1004, 1140, 1228, 1328 Paper currency: Foreign exchange rates. . 74, 178, 266, 371, 483, Circulation .29, 129, 221, 323, 429, 557, 961, 625, 739, 899, 1021, 1153, 1241, 1341 791, 963, 1109, 1195, 1291 Gold movements to and from U. S.. . 130, 222, Shipments and receipts.. 29, 129, 221, 323, 419, 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 557, 691, 791, 963, 1109, 1195, 1291 Property transfers in U. S., Regulation of. . 390 Par list: Commercial banks eligible and ineligible for Oakland, California: Federal Reserve membership: Termination of designation as reserve city. . 88 Discussion of 530 Oats crop reports 55, 818, 992, 1138, 1224, 1320 Tables of number, deposits, capital "Objectives of Federal Reserve Policy, Historical stock 602-606 "Par Collection System of the Federal Re- Review of" 279-289 serve Banks" 89-96 Obligations fully guaranteed by the U. S. (See Payrolls, Factory: Treasury finance; Guaranteed obligations.) Chart 1278 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Payrolls, Factory—Continued. Portugal—Continued. Indexes: Bank of—Continued. By industries, monthly figures 50, 150, Gold reserves—Continued. 242, 344, 450, 578, 712, 812, 986, 1132, Table . . 1006 1218, 1314 Monthly table . . 60, 164, 252, 352, 468, Total, yearly, and monthly figures. . 45, 145, 610, 724, 884, 1006, 1140, 1228, 1328 237, 339, 445, 573, 707, 807, 979, Foreign exchange rates. .74, 178, 266, 371, 483, 1125, 1211, 1307 625, 739, 899, 1021, 1153, 1241, 1341 Persia. (See Iran.) Gold movements to and from U. S.. .964, 1110, Peru: 1196, 1292 Central Reserve Bank of: Postal savings deposits: Condition 68, 172, 260, 365, 477, 619, Interest rate on, paid by member banks. . 22, 122, 733, 893, 1015, 1148, 1235, 1335 214, 316, 422, 550, 684, 784, 956, 1102, Discount rate . .72, 176, 264, 369, 481, 623, TUT v u i t. u« 1188> 1284 737, 897, 1019,1151,1239, 1339 Member bank holdings: Gold reserves: All banks, call dates: 1913-April, 1940: Oct. 2, 1939 58 Description of data 925 Dec. 30, 1939 249 Table 1004 Mar. 26, 1940 608 Monthly table . .60, 164, 252, 352, 468, June 29,1940 994 610, 724, 884, 1004, 1140, 1228, 1328 Monthly table 33, 133, 225, 327, 433, Gold movements to and from U. S.. .30, 130, 222, 561, 695, 795, 967, 1113, 1199, 1295 324, 430, 558, 692, 792, 964, 1110, Selected dates, 1934-1940 57, 607 1196, 1292 Reporting banks : Petroleum and products: All banks, N. Y. C. and outside Factory employment index: N. Y. C, monthly and Wednes- Adjusted 48, 148, 240, 342, 448, 576, day figures . .35, 135, 227, 329, 435, 710, 810, 984, 1130, 1216, 1312 563, 697, 797, 969, 1115, 1201, 1297 Unadjusted . .50, 150, 242, 344, 450, 578, By districts and for Chicago, 712, 812, 986, 1132, 1218, 1314 Wednesday figures 36, 136, 228, Factory payrolls index .50, 150, 242, 344, 450, 330, 436, 564, 698, 798, 970, 1116, 578, 712, 812, 986, 1132, 1218, 1314 1202, 1298 Hours and earnings 345, 451, 579, 713, 813, Postal savings system. . 44, 144, 236, 338, 444, 572, 987, 1133, 1219, 1315 706, 806, 978, 1124, 1210, 1306 Production index: Potato crop reports 55, 818, 992, 1138, 1224, 1320 Adjusted 46, 146, 238, 340, 446, 574, President of United States: 708, 808, 980, 1126, 1212, 1308 Executive orders: Revised index 766, 869-873 Foreign securities, Prohibiting dealings Unadjusted . . .47, 147, 239, 341, 447, 575, in 935 709, 809, 982, 1128, 1214, 1310 Transfer of foreign property in U. S.. . 390, Wholesale price index . .54, 154, 246, 348, 454, . 509, 649, 773, 935, 1174 582, 716, 816, 990, 1136, 1222, 1318 p Retail food: Philippine Islands: Discussion of 1034 Gold movements to and from U. S.. 30, 130, Index, principal countries 76, 180, 268, 222, 324, 430, 558, 692, 792, 964, 1110, 373, 485, 627, 741, 901, 1023, 1155, 1196, 1292 1243, 1343 Pipkin, George H., appointed Managing Director, Wholesale commodity: Oklahoma Branch, Federal Reserve Bank of Charts 118, 187, 312, 491, 780, 951, Kansas City 941 1034, 1162, 1184, 1251, 1279 Piser, L. M 1179 Discussion of . . 82, 187, 277, 491, 638, 751, Poland: _ , 1034, 1162 Bank of: Indexes: Gold reserves: Principal countries . . 75, 179, 267, 372, 1913-April, 1940: 484, 626, 740, 900, 1022, 1154, Description of data 925 1242, 1342 Table 1006 United States: Monthly table . . 60, 164, 252, 352, 468, 610, All commodities 979, 1125, 724, 884, 1006, 1140, 1228, 1328 1211, 1307 Foreign exchange rates. .74, 178, 266, 371, 483, Groups of commodities. . . .54, 154, 625, 739, 899, 1021, 1153, 1241, 1341 246, 348, 454, 582, 716, 816, Portugal: 990, 1136, 1222, 1318 Bank of: National summary 18, 118, 209, 312, Condition 68, 172, 260, 365, 477, 619, 418, 546, 680, 780, 951, 1098, 1184, 1279 733, 893, 1015, 1148, 1235, 1335 Printing and publishing: Discount rate .72, 176, 264, 369, 481, 623, Factory employment index: 737, 897, 1019, 1151,1239, 1339 Adjusted 48, 148, 240, 342, 448, Gold reserves: 576, 710, 810, 984, 1130, 1216, 1312 1913-April, 1940: Unadjusted 50, 150, 242, 344, 450, Description of data 925 578, 712, 812, 986, 1132, 1218, 1314 1369 DECEMBER 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Printing and publishing—Continued. age Page Production, Industrial—Continued Factory payrolls index 50, 150, 242, 344, "Measurement of Production" 912-923 450, 578, 712, 812, 986, 1132, 1218, 1314 Production, Manufacturing. (See Manufactures: Production index: Production.) Adjusted 46, 146, 238, 340, 446, 574, 708, 808, 980, 1126, 1212, 1308 "Production, Measurement of" 912-923 Revised index 766, 868-869 Production credit associations: Unadjusted 47, 147, 239, 341, 447, Loans outstanding 44, 144, 236, 338, 444, 575, 709, 809, 982, 1128, 1214, 1310 572, 706, 806, 978, 1124, 1210, 1306 Private banks: Production, employment, and trade: Assets and liabilities: Oct., 1939 162 Monthly table 45, 145, 237, 339, 445, Mar. 26, 1940 824 573, 707, 807, 979, 1124, 1211, 1307 June 29, 1940 1325 Profit and loss: Banking offices: Federal Reserve Banks: 1933-1940 156, 248, 350, 456, 584, 718 1940 114 Branches: Member banks: 1933-1940 156, 248, 350, 1939 460-465, 719-721 456, 584, 718, 993, 1321 Jan.-June, 1940 1182 1939 changes 157 Chart of member bank profits 395 Jan.-Sept., 1940 changes.... 585, 993, 1321 "Trends of Member Bank Earnings and Dec. 31, 1939 459 Profits" 395-400 Number of: Public debt, U. S. Government. (See Treasury 1933-1940 156, 248, 350, 456, finance: Public debt.) 584, 718, 993, 1312 Public utilities and transportation: Oct., 1939 162 Employees 985, 1131, 1217, 1313 Dec. 31, 1939 by States 458 Public Works Administration: 1939 changes 157 Assets and liabilities: Mar. 26, 1940 824 Combined with Reconstruction Finance June 29, 1940 1325 Corporation figures .43, 143, 235, 337, Jan.-Sept., 1940 changes 585, 993, 1321 443, 571, 705, 805, 977, 1123, 1209, 1305 Operating branches, Dec. 31, 1939 458 Summary of operations, 1940 300 Production, Industrial: Railroads: "Capacity, The Problem of Manufactur- Chart of revenues, expenses and income.... 88 ing" 639-646 Discussion of traffic and earnings 87 Chart book publication announced. . . .760, 1277 Ransom, Ronald: Charts 17, 117, 208, 275, 311, 417, 545, Designated Vice Chaiman, Board of Gov- 679, 747, 754, 779, 924, 950, 1097, ernors 778 1183, 1250, 1278 Rash, Frank D. Discussion of 81-85, 273, 492, 637, 746, Resigned as Managing Director, Louisville Indexes: 1031> 1162' 1249 Kentucky Branch, Federal Reserve Bank Adjusted: of St. Louis 204 By industries, monthly figures ... .46, Rayon deliveries: (See Textiles.) 146, 238, 340, 446, 574, 708, Real estate: 808, 980, 1126, 1212, 1308 Loans on, by member banks: Total, monthly figures 45, 145, 237, All banks, call dates: 339, 445, 573, 707, 807, Dec. 30, 1939 250 979, 1125, 1211, 1307 June 29, 1940 995 Discussion of Board's 83, 498, 501, Monthly table . . 32, 132, 224, 326, 432, 753-760, 912-923, 1047-1049 560, 694, 794, 966, 1112, 1198, 1294 Major divisions as points in total: Reporting banks: Chart of 924 All banks, N. Y. C. and outside Description 924 N. Y. C, monthly and Wednes- Tables 996-997 day figures. . .34, 134, 226, 328, 434, National summary 17, 117, 208, 311, 562, 696, 796, 968, 1114, 1200, 1296 417, 545, 679, 779, 950, 1097, 1183, 1278 By districts and for Chicago, Wed- Revised index: nesday figures. . 36, 136, 228, 330, 436, Criticisms, Answers to 1047-1049 564, 698, 798, 970, 1116, 1202, 1298 Description of data 753-763 Member bank holdings: Nonworking day allowances 770 Oct. 2, 1939 58 Seasonal adjustment factors, 1940 771 Dec. 30, 1939 249, 250 Series included 761-763 Mar. 26, 1940 608 Tables 764-769, 825-882 June 29, 1940 994, 995 Unadjusted: Receipts, U. S. Treasury. (See Treasury By industries, monthly figures 47, finance: Receipts.) 147, 239, 341, 447, 575, 709, 809, 982, 1128, 1214, 1310 Reconstruction Finance Corporation: Total, yearly and monthly figures. .45, Assets and Liabilities: 145, 237, 339, 445, 573, 707, 807, Combined with Public Works Adminis- 979, 1125, 1211, 1307 tration figures 43, 143, 235, 337, 443, 571, 705, 805, 977, 1123, 1209, 1305 1370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Reconstruction Finance Corporation—Continued. Reserves—Continued. Defense loan commitments 1038 Federal Reserve Banks: Guaranteed obligations outstanding. . . .41, 141, All banks combined, end of month and 233, 335, 441, 569, 703, 803, 975, Wednesday figures 23, 123, 215, 1121, 1207, 1303 317, 423, 551, 685, 785, 957, Loans and investments 43, 143, 235, 337, 1103, 1189, 1285 443, 571, 705, 805, 977, 1123, 1209, 1305 Each bank, Wednesday figures 24, Mortgage Company operations, 1939.... 298-302 124, 216, 318, 424, 552, 686, 786, 958, Strategic and critical materials, Purchases 1104, 1190, 1286 Member banks: of 1037 Account in Federal Reserve Banks: Summary of operations, 1939 298-305 All banks combined, end of month Regulations of Board of Governors: and Wednesday figures 23, 123, Index available 204 215, 317, 423, 551, 685, 785, Regulation F. Trust powers of national 957, 1103, 1189, 1285 banks: Each F. R. Bank, Wednesday fig- Amendments 502-509 ures 24, 124, 216, 318, Ruling 393 424, 552, 686, 786, 958, Regulation G. Noncash collections 15-16 1104, 1190, 1286 Regulation L. Interlocking directorates: Charts 20, 120, 193, 212, Amendments 97 314, 387, 420, 548, 682, 782, 908, Regulation O. Executive officers of member 951, 954, 1100, 1186, 1282 banks: "Development of Federal Reserve Bank- Exception relating to loans 201 ing" 1257-1264 Regulation T. Margin requirements for Discussion of 190, 386-388, 907-909 brokers: Excess: Effect on customer's position 532 Charts 6, 418, 907 Rulings 647, 772, 1172 Classes of banks 28, 128, Regulation U. Margin requirements for 220, 322, 428, 556, 690, 790, banks: 962, 1108, 1194, 1290 Effect on customer's position 532 Discussion of 6, 387, Reil, Katharyne 753 907-909, 1177 End of month and Wednesday fig- Reserve city: ures 21, 121, 213, Termination of designation of Oakland, 315, 421, 549, 683, 783, California as reserve city 88 955, 1101, 1137, 1283 Reserve city member banks: "Gold Problem Today" 12-13 Classification of loans, investments, real Total: estate and capital: All banks: Dec. 30, 1939 250 Call dates: June 29,1940 995 Oct. 2, 1939 58 Condition, call dates: Dec. 30, 1939 249 Oct. 2, 1939 58 Mar. 26, 1940 608 Dec. 30, 1939 249 June 29, 1940 994 Mar. 26, 1940 608 Monthly table 33, June 29, 1940 994 133, 225, 327, 433, 561, Monthly table 33, 133, 225, 327, 695, 795, 967, 1113, 433, 561, 695, 795, 967, 1113, 1199, 1295 1199, 1295 Deposits: Selected dates, 1934-1940 Monthly figures 28, 128, 220, 322, 57, 607 428, 556, 690, 790, 962, 1108, 1194, 1290 End of month and Wednesday Reserves: figures 21, 121, Monthly and weekly figures 28, 128, 213, 315, 421, 549, 683, 220, 322, 428, 556, 690, 790, 962, 1108, 783, 955, 1101, 1194, 1290 1187, 1283 Reserve position of member banks: Classes of banks 28, 128, 220, Monthly table 28, 128, 220, 322, 428, 322, 428, 556, 690, 790, 962, 556, 690, 790, 962, 1108, 1194, 1290 1108, 1194, 1290 Ratio to liabilities 23, 123, Reserve requirements: 215, 317, 423, 551, 685, Member banks: 785, 957, 1103, 1189, 1285 Discussion of 387 Reporting banks: Monthly table 22, 122, 214, 316, All banks, N. Y. C. and out- 422, 550, 684, 784, 956, 1102, side N. Y. C, monthly and 1188, 1284 Wednesday figures 35, "Sources of a Bank's Lending Power". . . 99-100 135, 227, 329, 435, 563, Reserves: 697, 797, 969, 1115, "Deficit Financing and Bank Reserves"... 9-10 1201, 1297 DECEMBER 1940 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Reserves—Continued. Rubber and rubber products—Continued. Member banks—Continued. Production indexes—Continued. Total—Continued. Unadjusted. .47, 147, 239, 341, 447, 575, 709, Reporting banks—Continued. 809, 982, 1128, 1214, 1310 By districts and for Chicago, Wholesale price indexes... 54, 154, 246, 348, 454, Wednesday figures 37, 582, 716, 816, 990, 1136, 1222, 1318 137, 229, 331, 437,Rulings of Board of Governors: 565, 699, 799, 971, 1117, (For rulings of Board see under subject 1203, 1299 matter, i.e. Margin requirements.) "Sources of a Bank's Lending Power". . .99-100 Rumania: "Sources of Lending Powers of Federal Foreign exchange rates. . .74, 178, 266, 371, 483, Reserve Banks" 202-203 625, 739, 899, 1021, 1153, 1241, 1341 Retail installment paper: National Bank of: Insured commercial bank holdings of: Condition 68, 172, 260, 365, 477, 619, By cities 587 733, 893, 1015, 1148, 1235, 1335 By geographic divisions and States... 586 Discount rate 72, 176, 264, 369, 481, Corrections 778 623, 737, 897, 1019, 1151, 1239, 1339 Discussion of 526 Gold reserves: Retail trade: 1913-April, 1940: Discussion of 1032 Description of data 925 (See also Department store sales and stocks.) Table 1006 Monthly table. . .60, 164, 252, 352, 468, Review of the month: 610, 724, 884, 1006, 1140, 1228, 1328 Banking and Treasury finance in 1939 1-8 Property transfers in U. S., Regulation of. . 1174 Banking developments in 1940 905-911 Rural Electrification Administration: Business conditions and the defense pro- Loans outstanding (Dec. 31, 1939) ." 305 gram 1029-1039 Salaries: Current level of economic activity 81-88 Federal Reserve Banks: Effect of war developments on American 1939 114 markets 489-494 Member banks: Increase in business activity 1249-1256 1939 460-465, 719-721 International developments and United Jan.-June, 1940 1182 States Foreign trade 377-384 Salvador. (See El Salvador.) Recent business and credit developments Savings deposits: 185-191, 1161-1167 Interest rates on 22, 122, 214, 316, 422, Recent business developments 273-278 550, 684, 784, 956, 1102, 1188, 1284 Recent course of industrial activity.... 745-752 Schacht, Charles A., appointed Managing Direc- Treasury financial operations 633-638 tor, Louisville, Kentucky Branch, Federal Re- Rhodesia: serve Bank of St. Louis 204 Gold production. .61, 165, 253, 353, 469, 611, 725,Securities: 885, 1008, 1141, 1229, 1329 British Mobilization of American Securi- Rich, R. C, appointed Director, Salt Lake City ties 206, 408 Branch Federal Reserve Bank of San Fran- Loans on, by member banks: cisco 308 All banks, call dates: Dec. 30, 1939 250 Roberts, Clarence, appointed Class C Director, June 29, 1940 995 Federal Reserve Bank of Kansas City 8 Monthly table. .32, 132, 224, 326, 432, Robinson, Roland I. 560, 694, 794, 966, 1112, 1198, 1294 "Trends of Member Bank Earnings and Reporting banks: Profits" 395-400 All banks, N. Y. C. and outside "Role of Money." Quotation from 292 N. Y. C, monthly and Wednes- Rouse, Robert G., selected as Manager of Sys- day figures. . . .34, 134, 226, 328, 434, tem Open Market Account 8 562, 696, 796, 968, 1114, 1200, 1296 By districts and for Chicago, Wed- Rubber and rubber products: nesday figures. . 36, 136, 228, 330, 436, Factory employment index: 564, 698, 798, 970, 1116, 1202, 1298 Adjusted. . . .48, 148, 240, 342, 448, 576, 710, Market, Discussion of. .82, 188, 490, 1039, 1166 810, 984, 1130, 1216, 1312 New issues. (See Capital issues.) Unadjusted. .50, 150, 242, 344, 450, 578, 712, Prices: 812, 986, 1132,1218, 1314 Principal countries. . 76, 180, 268, 373, 485, Factory payrolls index.... 50, 150, 242, 344, 450, 627, 741, 901, 1023, 1155, 1243, 1343 578, 712, 812, 986, 1132, 1218, 1314 United States 40, 140, 232, 334, 440, Government purchase of stocks of 1037 568, 702, 802, 974, 1120, 1206, 1302 Hours and earnings. . . .345, 451, 579, 713, 813, Purchased by foreigners: 987, 1133, 1219, 1315 Monthly table 63, 167, 255, 355, 471, Production indexes: 613, 727, 887, 1009, 1142, 1230, 1330 Adjusted. .46, 146, 238, 340, 446, 574, 708, Securities and Exchange Commission: 808, 980, 1126, 1212, 1308 "Financial Problem of Small Business" Revised index 763, 874-876 1055-1056 1372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Service and financial establishments: South Africa—Continued. Employees 985, 1131, 1217, 1313 Reserve Bank: Service charges: Condition 68, 172, 260, 365, 477, Discussion of 89-96 619, 733, 893, 1015, 1148, 1235, 1335 "Trends of Member Bank Earnings and Discount rate 72, 176, 264, 369, 481, Profits" 397 623, 737, 897, 1019, 1151, 1239, 1339 Gold reserves: Shepard, Roger B.: 1913-April, 1940: Appointed Class C Director, Federal Re- Description of data 925 serve Bank of Minneapolis 8 Table 1006 Appointed Deputy Chairman, Federal Re- Monthly table .60, 164, 252, 352, 468, serve Bank of Minneapolis 308 610, 724, 884, 1006, 1140, 1228, 1328 Shipbuilding: Spain: Production index: Bank of: 1923-1940 831 Discount rate 72, 176, 264, 369, 481, Adjusted 980, 1126, 1212, 1308 623, 737, 897, 1019, 1151, 1239, 1339 Unadjusted 982, 1128, 1214, 1310 Gold reserves: Shipments and receipts of United States paper 1913-April, 1940: currency. (See Paper currency: Shipments Description of data 925 and receipts.) Table . . 1006 Shoes. (See Leather and leather products.) Monthly table. .60, 164, 252, 352, 468, 610, 724, 884, 1006, 1140, 1228, 1328 Short sales: Foreign exchange rates. . 74, 178, 266, 371, 483, Margin requirements. (See Margin re- 625, 739, 899, 1021, 1153, 1241, 1341 quirements.) Gold movements to and from U. S 792, 964, Short-term foreign assets of banks in United 1110, 1196, 1292 States: Sponable, Frank W., Class A Director of Federal Monthly table 63, 167, 255, 355, 471, 613, 727, 887, 1009, 1142, 1230, 1330 Reserve Bank of Kansas City, Death of 657 Short-term foreign liabilities of banks in United State banks: Assets and liabilities: States: Oct., 1939 161 Monthly table 63, 167, 255, 355, 471, Mar. 26, 1940 823 613, 727, 887, 1009, 1142, 1230, 1330 June 29, 1940 1325 Siam. (See Thailand.) Number of: Oct., 1939 161 Silk deliveries. (See Textiles.) Mar. 26, 1940 823 Silver: June 29, 1940 1325 Circulation 29, 129, 221, 323, 429, State laws: 557, 691, 791, 963, 1109, 1195, 1291 Capital requirements for banks, trust com- Production index: panies, etc 1267-1274 Adjusted 46, 146, 238, 340, 446, State member banks: 574, 708, 808, 980, 1126, 1212, 1308 Banking offices: Revised index 882 1933-1940 .... 156, 248, 350, 456, 584, 718 Unadjusted 47, 147, 239, 341, 447, Branches: 575, 709, 809, 982, 1128, 1214, 1310 1933-1940 156, 248, 350, Silver certificates: 456, 584, 718, 993, 1321 Dec. 31, 1939, by States 459 Circulation 29, 129, 221, 323, 429, 1939 changes 157 557, 691, 791, 963, 1109, 1195, 1291 Jan.-Sept., 1940 changes. . . .585, 993, 1321 Small business: Classification of loans, investments, real "Financial Problem of Small Business" estate and capital: Dec. 30, 1939 250 1055-1056 June 29, 1940 995 Nelson, Donald M., designated Director of Condition, call dates: Small Business Activities 1171, 1265 Oct. 2, 1939 58 Social Security Act: Dec. 30, 1939 249 Applicability to Federal Reserve Banks, Mar. 26, 1940 608 National Banks and State Member Banks June 29, 1940 994 290-292 Deposits, call dates 31, 131, 223, 325, 431, "Sources of a Bank's Lending Power" 99-100 559, 693, 793, 965, 1111, 1197, 1293 "Sources of Lending Powers of Federal Reserve Earnings and expenses: 1939 460-461, 721 Banks" 202-203 Jan.-June, 1940 1182 South Africa: Group banks, Dec. 31, 1939 457 Foreign exchange rates. . 74, 178, 266, 371, 483, Number of: 625, 739, 899, 1021, 1153, 1241, 1341 1933-1940 156, 248, 350, Gold movements to and from U. S.. . 30, 130, 222, 456, 584, 718, 993, 1321 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 Dec. 31, 1939, by States 458 Gold production 61, 165, 253, 353, 469, 1939 changes 157 611, 725, 885, 1008, 1141, 1229, 1329 DECEMBER 1940 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page State member banks—Continued. Stone, clay and glass products—Continued. Number of—Continued. Hours and earnings 345, 451, 579, 713, 813, Jan.-Sept., 1940 changes 585, 993, 1321 987, 1133, 1219, 1315 Monthly table 31, 131, 223, 325, 431, Production index: 559, 693, 793, 965, 1111, 1197, 1293 1923-1940 766, 837-840 Operating branches: Adjusted 980, 1126, 1212, 1308 Dec. 31, 1939, by States 458 Unadjusted 982, 1128, 1214, 1310 Social Security Act applicability to 290 Straits Settlements: Suspensions 30, 130, 222, 324, 430, Foreign exchange rates 74, 178, 266, 371, 558, 692, 792, 964, 1110, 1196, 1292 483, 625, 739, 899, 1021, 1153, 1241, 1341 States and political subdivisions: Strategic and critical materials: Obligations of, owned by member banks: Oct. 2, 1939 58 Government accumulation of stocks of. 1037-1039 Dec. 30, 1939 249, 250 Surplus: Mar. 26, 1940 608 Federal Reserve banks: June 29, 1940 994, 995 1939 114 Public fund deposits: Monthly table. . .24, 124, 216, 318, 424, 552, Member bank holdings: 686, 786, 958, 1104, 1190, 1286 All banks, call dates: Member banks: Oct. 2, 1939 58 Oct. 2, 1939 58 Dec. 30, 1939 249 Dec. 30, 1939 249 Mar. 26, 1940 608 Mar. 26, 1940 608 June 29, 1940 994 June 29, 1940 994 Monthly table 33, 133, 225, Selected call dates, 1934-1940 57, 607 327, 433, 561, 695, 795, 967, 1113, Suspensions, Bank. (See Banks: Suspensions.) 1199, 1295 Sweden: Selected dates, 1934-1940.. 57, 607 Bank of: Reporting banks: Condition 68, 172, 260, 365, 477, 619, All banks, N. Y. C. and outside 733, 893, 1015, 1148, 1235, 1335 N. Y. C, monthly and Wed- Discount rate: nesday figures 35, 135, 227, Changes in 72, 623 329, 435, 563, 697, 797, 969, 1115, Monthly table.... 72, 176, 264, 369, 481, 1201, 1297 623, 737, 897, 1019, 1151, 1239, 1339 By districts and for Chicago, Gold reserves: Wednesday figures. . 36, 136, 228, 1913-April, 1940: 330, 436, 564, 698, 798, 970, 1116, Description of data 925 1202, 1298 Table 1006 Steel. (See Iron and steel.) Monthly table. . . .60, 164, 252, 352, 468, Stock exchange: 610, 724, 884, 1006, 1140, 1228, 1328 Customers' debit balances, etc., of firms Foreign exchange rates.... 74,178, 266, 371, 483, carrying margin accounts 38, 138, 230, 625, 739, 899, 1021, 1153, 1241, 1341 332, 438, 566, 700, 800, 972, 1118, 1204, 1300 Gold movements to and from U. S.. . 30, 130, 222, Discount rates on loans 39, 139, 231, 333, 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 439, 567, 701, 801, 973, 1119, 1205, 1301 Money rates 71, 175, 263, 368, 480, 622, Volume of trading on N. Y. S. E.. . . 40, 140, 232, 736, 896, 1018, 1151, 1239, 1339 334, 440, 568, 702, 802, 974, 1120, 1206, 1302 Switzerland: Stocks: Cost of living index .76, 180, 268, 373, 485, Member bank holdings: 627, 741, 901, 1023, 1155, 1243, 1343 Oct. 2, 1939 58 Foreign exchange rates.... 74, 178, 266, 371, 483, Dec. 30, 1939 249, 250 625, 739, 899, 1021, 1153, 1241, 1341 Mar. 26, 1940 608 Gold imports and exports 62, 166, 254, 354, June 29, 1940 994, 995 470, 612, 726, 886 Prices: Gold movements to and from U.S... 30, 130, 222, Charts 189, 490, 1166 324, 430, 558, 692, 792, 964, 1110, 1196, 1292 Discussion of 189, 490, 1039, 1166 Money rates 71, 175, 263, 368, 480, 622, Principal countries... 76, 180, 268, 373, 485, 736, 896, 1018, 1151, 1239, 1339 Retail food price index.... 76, 180, 268, 373, 485, 627, 741, 901, 1023, 1155, 1243, 1343 627, 741, 901, 1023, 1155, 1243, 1343 United States. . .40, 140, 232, 334, 440, 568, Swiss National Bank: 702, 802, 974, 1120, 1206, 1302 Annual report, 1939 658-664 Stone, James C, Class C Director, Federal Re- Condition 68, 172, 260, 365, 477, serve Bank of Cleveland, Resignation of 941 619, 733, 893, 1015, 1148, 1235, 1335 Stone, clay and glass products: Discount rate 72, 176, 264, 369, 481, Factory employment indexes: 623, 737, 897, 1019, 1151, 1239, 1339 Adjusted 48, 148, 240, 342, 448, 576, Gold reserves: 710, 810, 984, 1130, 1216, 1312 1913-April, 1940: Unadjusted 50, 150, 242, 344, 450, 578, Description of data 925 712, 812, 986, 1132, 1218, 1314 Table 1006 Factory payrolls indexes 50, 150, 242, 344, Monthly table . . .60, 164, 252, 352, 468, 450, 578, 712, 812, 986,1132, 1218, 1314 610, 724, 884, 1006, 1140, 1228, 1328 1874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Switzerland—Continued. Trade establishments: Wholesale price indexes 75, 179, 267, 372, Employees 985, 1131, 1217, 1313 484, 626, 740, 900, 1022, 1154, 1242, 1342 Trading with the Enemy Act, amended 509 Szymczak, M. S.: Transportation and public utilities: "Development of Federal Reserve Banking" Employees 985, 1131, 1217, 1313 1257-1264 Transportation equipment: Tax receipts, U. S. Treasury. (See Treasury Factory employment index: finance: Receipts.) Adjusted 48, 148, 240, 342, 448, 576, Temporary National Economic Committee: 710, 810, 984, 1130, 1216, 1312 "Financial Problem of Small Business," Unadjusted 50, 150, 242, 344, 450, 578, summary of report 1055-1056 712, 812, 986, 1132, 1218, 1314 Tennessee Valley Authority: Factory payrolls index. . .50, 150, 242, 344, 450, Assets and liabilities.... 43, 143, 235, 337, 443, 578, 712, 812, 986, 1132, 1218, 1314 571, 705, 805, 977, 1123, 1209, 1305 Production indexes: Government's proprietary share in 299 Adjusted 46, 146, 238, 340, 446, 574, Terborgh, George: 708, 808, 980, 1126, 1212, 1308 "Durable Goods Expenditures in 1939" 116 Revised index 766, 829-831 "Present Position of the Durable Goods Unadjusted 47, 147, 239, 341, 447, 575, Inventory" 1040-1044 709, 809, 982, 1128, 1214,1310 "Problem of Manufacturing Capacity". . 639-646 Treasury currency outstanding: Textiles: End of month figures 29, 129, 221, 323, 429, Discussion of economic activity 85, 748 557, 691, 791, 963, 1109, 1195, 1291 Factory employment index: End of month and Wednesday figures. .21, 121, Adjusted 48, 148, 240, 342, 448, 576, 213, 315, 421, 549, 683, 783/955, 1101,1187,1283 710, 810, 984, 1130, 1216, 1312 Treasury finance: Unadjusted. . .50, 150, 242, 344, 450, 578, Deficit: 712, 812, 986, 1132, 1218, 1314 "Deficit Financing and Bank Reserves" Factory payrolls index... 50, 150, 242, 344, 450, 9-10, 1260 578, 712, 812, 986, 1132, 1218, 1314 Monthly table. . . .42,142, 234, 336, 442, 570, Hours and earnings 345, 451, 579, 713, 813, 704, 804, 976, 1122, 1208, 1304 987, 1133, 1219, 1315 Revision of table 1052-1054 Production index: Discussion of 1-4, 633-637, 911 Adjusted 46, 146, 238, 340, 446, 574, Expenditures: 708, 808, 980, 1126, 1212, 1308 Discussion of 1-3, 633-635, 911 Revised index 766, 841-846 Monthly table. .42, 142, 234, 336, 442, 570, Unadjusted. .. .47, 147, 239, 341, 447, 575, 704, 804, 976, 1122, 1208, 1304 709, 809, 892, 1128, 1214, 1310 Revision of table 1052-1054 Wholesale price index. . . .54, 154, 246, 348, 454, General fund balance 42, 142, 234, 336, 442, 582, 716, 816, 990, 1136, 1222, 1318 570, 704, 804, 976, 1122, 1208, 1304 Thailand: Guaranteed obligations outstanding. .41, 141, Gold reserves: 233, 335, 441, 569, 703, 803, 975, 1121, 1207, 1303 Description of data 925 Public debt: Table 1006 Changes in 2-4, 633-635 Thomas, John, appointed United States Senator 88 Gross debt. .41, 141, 233, 335, 441, 569, 703, Thomas, Woodlief: 803, 975, 1121, 1207, 1303 "Banks and Idle Money" 192-200 Interest bearing. .41,141, 233, 335, 441, 569, Industrial production revised index 753 703, 803, 975, 1121, 1207, 1303 "Measurement of Production" 912-923 Interest on 42, 142, 234, 336, 442, 570, Tin: 704, 804, 976, 1122, 1208, 1304 Government purchase of stocks of 1037 Maturities: Tires and tubes. (See Rubber and rubber products.) Discussion of 3—4 Tobacco: Monthly table .41, 141, 233, 335, 441, Crop reports 55, 818, 992, 1138, 1224, 1320 569, 703, 803, 975, 1121, 1207, 1303 Manufactures: Noninterest bearing. .41, 141, 233, 335, 441, Factory employment index: 569, 703, 803, 975, 1121, 1207, 1303 Adjusted. . . .48, 148, 240, 342, 448, 576, Receipts: 710, 810, 984, 1130, 1216, 1312 Discussion of 1-3, 633-635, 911 Unadjusted 50, 150, 242, 344, 450, Monthly table 42, 142, 234, 336, 442, 578, 712, 812, 986, 1132, 1218, 1314 570, 704, 804, 976, 1122, 1208, 1304 Factory payrolls index. . .50, 150, 242, 344, Revision of table 1052-1054 450, 578, 712, 812, 986, 1132, 1218, 1314 Trust accounts: Hours and earnings. . . 345, 451, 579, 713, Monthly table 42, 142, 234, 336, 442, 813, 987, 1133, 1219, 1315 570, 704, 804, 976, 1122, 1208, 1304 Production index: Revised table: Adjusted. . . .46, 146, 238, 340, 446, 574, Discussion of changes 1052-1054 708, 808, 980, 1126, 1212, 1308 Table 1122 Revised index 766, 859-860 Treasury notes of 1890: Unadjusted. .47, 147, 239, 341, 447, 575, Circulation 29, 129, 221, 323, 429, 557, 691, 709, 809, 982, 1128, 1214, 1310 791, 963, 1109, 1195, 1291 DECEMBER 1940 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Trust companies: United Kingdom—Continued State law requirements relating to capital Security prices 76, 180, 268, 373, 485, 627, 1267-1274 741, 901, 1023, 1155, 1243, 1343 Trust Indenture Act of 1939: Sterling, Discussion of decline in... 277, 383, 638 Rules and regulations issued by Securities Unemployment, Chart of changes in 381 and Exchange Commission 201 War measures: Exchange control 383, 638, Trust powers of national banks: Trade control 380-383 Common trust funds. (Ruling.) 393 Wholesale price indexes... 75, 179, 267, 372, 484, Turkey: 626, 740, 900, 1022, 1154, 1242, 1342 United States Government credit agencies. (See Central Bank of: Condition 68, 172, 260, 365, 477, 619, Governmental corporations and credit agencies.) 733, 893, 1015, 1148, 1235, 1335 United States Government debt. (See Treasury Discount rate 72, 176, 264, 369, 481, finance: Public debt.) 623, 737, 897, 1019, 1151, 1239, 1339 United States Government deposits: Gold reserves: Federal Reserve Banks: 1913-April, 1940: All banks combined, end of month and Description of data 925 Wednesday figures 21, 121. 213, 315, Table 1006 421, 549, 683, 783, 955, 1101, 1187, 1283 Monthly table. .. .60, 164, 252, 352, 468, Each bank, Wednesday figures. . 24,124, 216, 610, 724, 884, 1006, 1140, 1228, 1328 318, 424, 552, 686, 786, Foreign exchange rates. . .74, 178, 266, 371, 483, 958, 1104, 1190, 1286 625, 739, 899, 1021, 1153, 1241, 1341 Member bank holdings: Union of Soviet Socialist Republics: All banks, call dates: Oct. 2, 1939 58 Bank of: Dec. 30, 1939 249 Discount rate. . . .72, 176, 264, 369, 481, 623, Mar. 26, 1940 608 737, 897, 1019, 1151, 1239, 1339 June 29, 1940 994 Gold reserves, 1913-1935: Monthly table. . .33, 133, 225, 327, 433, Description of data 925 561, 695, 795, 967, 1113, 1199, 1295 Table 1006 Selected dates, 1934-1940 57, 607 Gold movements to and from U. S 324, 430, Reporting banks: 558, 692, 792, 964, 1110, 1196, 1292 All banks, N. Y. C. and outside Gold production 61, 165, 253, 353, 469, N. Y. C, monthly and Wednes- 611, 725, 885, 1008, 1141, 1229, 1329 day figures..35, 135, 227, 329, 435, United Kingdom: 563, 697, 797, 969, 1115, 1201, 1297 Bank of England: By districts and for Chicago, Wed- Condition 67, 171, 259, 364, 476, 618, nesday figures. . 37, 137, 229, 331, 437, 732, 892, 1014, 1147, 1235, 1335 565, 699, 799, 971, 1117, 1203, 1299 Discount rate 72, 176, 264, 369, 481, United States Government insurance agencies. 623, 737, 897, 1019, 1151, 1239, 1339 (See Insurance agencies of United States Gov- Gold reserves: ernment.) 1913-April, 1940: United States Government securities: Description of data 925 Bonds: Table 1006 Member bank holdings: Monthly table. . . .60, 164, 252, 352, 468, All banks, call dates: 610, 724, 884, 1006, 1140, 1228, 1328 Oct. 2, 1939 58 Commercial banks.... 72, 176, 264, 369, 481, 623, Dec. 30, 1939 249, 250 737, 897, 1019, 1151, 1239, 1340 Mar. 26, 1940 608 Cost of living index 76, 180, 268, 373, 485, June 29, 1940 994, 995 627, 741, 901, 1023, 1155,1243,1343 Monthly table . . 32, 132, 224, 326, Exchange control measures 277, 383, 638 432, 560, 694, 794, 966, Exchange Equalization Account: 1112, 1198, 1294 Gold reserves 60, 164, 252, 352, 468, Reporting banks: 610, 724, 884, 1140, 1228, 1328 All banks, N. Y. C. and outside Foreign exchange rates: N. Y. C, monthly and Wed- Chart of 383 nesday figures 34, 134, 226, Decline in sterling 277, 383, 638 328, 434, 562, 696, 796, 968, Monthly table. ...74, 178, 266, 371, 483, 625, 1114, 1200, 1296 739, 899, 1021, 1153, 1241, 1341 By districts and for Chicago, Gold imports and exports.... 62, 166, 254, 354, Wednesday figures. .36, 136, 228, 470, 612, 726, 886 330, 436, 564, 698, 798, 970, Gold movements to and from U. S 30, 130, 1116, 1202, 1298 222, 324, 430, 558, 692, 792, 964, Prices: 1110, 1196, 1292 Charts 1179 Mobilization of American securities ... 206, 408 Monthly table. . . .40, 140, 232, 334, Money rates 71, 175, 263, 368, 480, 440, 568, 702, 802, 974, 622, 736, 896, 1018, 1151, 1239, 1339 1120, 1206, 1302 Retail food price index.... 76, 180, 268, 373, 485, Revised index 1179-1180 627, 741, 901, 1023, 1155, 1243, 1343 1376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page United States Government securities—Continued. United States Government securities—Continued. Bonds—Continued. Member bank holdings—Continued. Member bank holdings—Continued. Reporting banks : Yields: All banks, N. Y. C. and outside Chart 637 N. Y. C, monthly and Wednes- Discussion of 636, 1167 day figures 34, 134, 226, Monthly table. .. .39, 139, 231, 333, 328, 434, 562, 696, 796, 968, 1114, 439, 567, 701, 801, 973, 1200, 1296 1119, 1205, 1301 By districts and for Chicago, Wed- Direct obligations: nesday figures 36, 136, 228, Maturities 41, 141, 233, 335, 441, 330, 436, 564, 698, 798, 970, 1116, 569, 703, 803, 975, 1121, 1207, 1303 Volume and kind 41, 141, 233, 335, 1202, 1298 441, 569, 703, 803, 975, Outstanding, Chart of 4 1121, 1207, 1303 Ownership of 636 Federal Reserve Bank holdings: Treasury bills: All banks combined, end of month and Discount rates on. . .39, 139, 231, 333, 439, Wednesday figures. .21,121, 213, 315, 421, 567, 701, 801, 973, 1119, 1205, 1301 549, 683, 783, 955, 1101, 1187, 1283 Member bank holdings: Discussion of 1, 4-5, 637, 1167 All banks, call dates: Each bank, Wednesday figures 24, 124, Dec. 30, 1939 250 216, 318, 424, 552, 686, 786, 958, 1104, June 30, 1940 995 1190, 1286 Monthly table 32, 132, 224, Maturity distribution 23, 123, 326, 432, 560, 694, 794, 966, 1112, 215, 317, 423, 551, 685, 785, 957, 1103, 1198, 1294 1189, 1285 Reporting banks: Guaranteed obligations: All banks, N. Y. C. and outside Exempt from section 5136 U. S. Revised N. Y. C, monthly and Wed- Statutes 772 nesday figures..... 34, 134, 226, Member bank holdings: 328, 434, 562, 696, 796, 968, 1114, All banks, call dates: 1200, 1296 Oct. 2, 1939 58 By districts and for Chicago, Dec. 30, 1939 249, 250 Wednesday figures. . 36, 136, 228, Mar. 26, 1940 608 June 29, 1940 994, 995 330, 436, 564, 698, 798, 970, 1116, Monthly table 32, 132, 224, 1202, 1298 326, 432, 560, 694, 794, 966, 1112, Treasury notes: 1198, 1294 Member bank holdings: Reporting banks: All banks, call dates: All banks, N. Y. C. and outside Dec. 30, 1939 250 N. Y. C, monthly and Wed- June 29, 1940 995 nesday figures 34, 134, 226, Monthly table 32, 132, 224, 328, 434, 562, 696, 796, 968, 1114, 326, 432, 560, 694, 794, 966, 1112, 1200, 1296 1198, 1294 By districts and for Chicago, Reporting banks: Wednesday figures. . 36, 136, 228, All banks, N. Y. C. and outside 330, 436, 564, 698, 798, 970, 1116, N. Y. C, monthly and Wed- 1202, 1298 nesday figures .... 34, 134, 226, Outstanding, by agencies 41, 141, 233, 328, 434, 562, 696, 796, 968, 335, 441, 569, 703, 803, 975, 1121, 1114, 1200, 1296 1207, 1303 By districts and for Chicago, Market: Wednesday figures. .36,136, 228, Discussion of. . .4, 188, 277, 490, 636, 1167 330, 436, 564, 698, 798, 970, National summary. .18, 118, 209, 312, 418, . 1116, 1202, 1298 546, 680, 780, 951, 1098, 1184, 1279 Member bank holdings: Yields 39, 139, 231, 333, 439, All banks, call dates: 567, 701, 801, 973, 1119, 1205, 1301 Oct. 2, 1939 58 United States Housing Authority: Dec. 30, 1939 249, 250 Assets and liabilities 43, 143, 235, 337, 443, Mar. 26, 1940 608 571, 705, 805, 977, 1123, 1209, 1305 June 29, 1940 994, 995 Guaranteed obligations outstanding. . . .41, 141, Maturity distribution 250, 995 233, 335, 441, 569, 703, 803, Monthly table 32, 132, 224, 975, 1121, 1207, 1303 326, 432, 560, 694, 794, 966, 1112, Summary of operations, 1939 299-303 1198, 1294 Chart of 5 United States Maritime Commission: Discussion of 1, 5, 190, Loans outstanding, Dec. 31, 1939 305 636, 752, 908, 910, 1167 United States notes: "Investments and Liquidity of Member Circulation 29, 129, 221, 323, 429, Banks During 1939" 293-297 557, 691, 791, 963, 1109, 1195, 1291 DECEMBER 1940 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Volume 26 Page Page Uruguay: West Indies and Bermuda: Bank of: Gold movements to and from XJ. S 1292 Condition 68, 172, 260, 365, 477, Wheat crop reports. .55, 818, 992, 1138, 1224, 1320 619, 733, 893, 1015, 1148, 1235, 1335 Gold reserves: Whittier, Warren F., appointed Class C Director, 1913-April, 1940: Federal Reserve Bank of Philadelphia 8 Description of data 925 Wilson, Woodrow: Table 1006 Quotation from "The New Freedom" 10 Monthly table 60, 164, 252, 352, Woodford, Buckner, appointed Director, Cincin- 468, 610, 724, 884, 1006, 1140, nati Branch, Federal Reserve Bank of Cleve- 1228, 1328 land 1049 Foreign exchange rates. . 74, 178, 266, 371, 483, 625, 739, 899, 1021, 1153, 1241, 1341Wool textiles. (See Textiles.) Venezuela: Yugoslavia : Bank of: Foreign exchange rates 74, 178, 266, Gold reserves: 371, 483, 625, 739, 899, 1021, 1913-April, 1940: 1153, 1241, 1341 Description of data 925 Gold movements to and from U. S 792, 964, Table 1006 1110, 1196, 1292 Monthly table. .1006, 1140, 1228, 132S National Bank of: Gold movements to and from U. S 30, 130, Condition 68, 172, 260, 365, 477, 222, 324, 430, 558, 692, 964, 619, 733, 893, 1015, 1148, 1235, 1335 1110, 1196, 1292 Discount rate 72, 176, 264, 369, Vest, George B.: 481, 623, 737, 897, 1019, 1151, "Par Collection System of the Federal Re- 1239, 1339 serve Banks" 89-96 Gold reserves: Wald, Haskell: 1913-April, 1940: "Deposits by Classes of Depositors, 1937" Description of data 925 401-403 Table 1006 War: Monthly table 60, 164, 252, 352, American markets, Effect of war develop- 468, 610, 724, 884, 1006, 1140, ments on 489-494 1228, 1328 Foreign trade of U. S. affected by 377-384 Zinc production index: Trade control measures of the Allies.... 380-382 Adjusted 46, 146, 238, 340, 446, 574, 708, 808, 980, 1126, 1212, 1308 West Africa: Revised index 881 Gold production 61, 165, 253, 353, 469, Unadjusted 47, 147, 239, 341, 447, 611, 725, 885, 1008, 1141, 1229, 1329 575, 709, 809, 982, 1128, 1214, 1310 1378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS • MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS .«•_ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY This map incorporates recent intra-district transfers of territory described in the Bulletin for August 1940 on page 778, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1940, November 30). Federal Reserve Bulletin, 1940-12. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_194012
@misc{wtfs_bulletin_194012,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1940-12},
year = {1940},
month = {Nov},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_194012},
note = {Retrieved via When the Fed Speaks corpus}
}