Federal Reserve Bulletin, 1941-04
FEDERAL RESERVE BULLETIN APRIL 1941 Review of the Month—Banks and the Defense Program United States Government Corporations and Credit Agencies in 1940 From the Board9s Correspondence—Effect of Increase in Deposits on Interest Rates ISew Weekly Index of Department Store Sales Inflation BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Contents PAGE Review of the Month—Banks and the Defense Program 283-289 Installment Loans of Insured Banks, 1940. 289-290 Inflation, by E. A. Goldenweiser 291-293 From a Legal Standpoint: Limitations on the Acquisition by Member Banks of Claims Assigned under Emergency Plant Facilities Contract. 294 Executive Orders and Regulations on Transfers of Property of Bulgaria, Hungary and Yugoslavia 294-296 General Licenses Issued by the Secretary of the Treasury 296 United States Government Corporations and Credit Agencies in 1940, by Henry Edmiston and Gunhild Anderson 297-307 From the Board's Correspondence—Effect of Increase in Deposits on Interest Rates 308-309 Current Events. 310 New Weekly Index of Department Store Sales. 311 Balance of International Payments and International Capital Position of the United States, 1938-1940. 312-313 National Summary of Business Conditions. 314-315 Financial, Industrial, Commercial Statistics, United States 317-360 (see p. 317 for list of tables.) International Financial Statistics (see p. sei for list of tables.) 361-377 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 378 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. 379 Federal Reserve Publications. 380-381 Map of Federal Reserve Districts. 382 Subscription Price of Bulletin THE FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, (El) Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Bank of Minneapolis 73 South 5th Street, Minneapolis, Minnesota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ROGER B. SHEPARD W. C. COFFEY W. D. COCHRAN Class C Director Deputy Chairman Class C Director Class C Director Chairman Or 'N March 8, the Federal Reserve Bank of Minneapolis held its fourth Member Bank Conference. A dinner was given at the Minneapolis Club Friday evening, March 7, for the State Banking Commissioners of the six States in the Ninth District. Officers of the Federal Reserve Bank and Directors of the Head Office and the Helena Branch attended. During the morning of March 8, about 1000 member bank officers and directors were shown j. R. MCKNIGHT J. E. O'CONNELL Class A Director through the Bank, and visited with members of the Class B Director staff. At noon, all attended a luncheon given by the Bank. The afternoon program included a panel discussion on the agricultural situation and outlook. The panel consisted of Dr. O. B. Jesness of the University of Minnesota, Dr. Louis H. Bean of the United States Department of Agriculture, and Dr. Joseph S. Davis of Stanford University. Officers of the Reserve Bank discussed questions concerning Federal Reserve Bank operations, and an address was given by Bernard H. Ridder on the subject, "I Knew Hitler." J. N. Peyton, President of the F. D. MCCARTNEY Bank, acted as Chairman. ALBERT P. FUNK Class A Director Class B Director In the evening the Bank gave a dinner for the representatives of the member banks. S. S. FORD Class A Director HOMER P. CLARK Class B Director J. N. PEYTON President Federal Reserve Bank oi Minneapolis LYMAN E. WAKEFIELD O. S. POWELL Member, Federal Advisory First Vice President Council, Ninth Federal Federal Reserve Bank of Reserve District Minneapolis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 27 APRIL 1941 No. 4 JSanlc5 and the fPefienle fttoatam The national defense program and the cur- producers and the Government in making and rent sharp expansion in general business financing defense contracts. An official of activity arising mainly each Reserve Bank and branch has been Banking assistance from the development of designated as a Federal Reserve Defense Conin defense that program have been tract Officer. The task of these officers is to reflected in the operations of the banking sys- advise banks, contractors, and prospective tem. Banks have shown a rapid expansion in contractors on financial problems connected their commercial loans, a large proportion of with the defense program, including assignwhich has been made to firms filling defense ment of claims, contract interpretation, etc. contracts, and have also bought substantial CONDITION OF MEMBER BANKS IN 101 LEADING CITIES amounts of United States Government obligations issued to meet disbursements for de- 60 60 fense and other purposes. Notwithstanding 28 28 this expansion banks throughout the country / 26 26 /J have ample funds available to meet any fur- 24 TOTAL LOANS . 24 ther needs that may arise. Growth in bank Sy», AND INVESTMENTS -• /* 22 22 loans and investments has been accompanied 20 bF- 20 by an increase of deposits to new high levels. 18 — r 18 The accompanying chart shows the growth during the past two years in deposits, re- 16 ~***~ DEMA A N D D JU S D T E E P D O SITS A/* _ __ 16 14 — —_ 14 serves, and loans and investments at weekly 12 — Vi 12 reporting member banks in 101 leading cities. 10 10 Participation by the banking system in the defense effort has made considerable pro- RESERVE BALANC gress. Many of the 15,000 individual commercial and savings banks in the country and 4 4 the 12 regional Federal Reserve Banks and o 0 their 24 branches located in key cities, as well 1936 1937 1938 1939 1940 1941 as committees of banking associations, are Latest figures for March 19. assisting the Government in establishing con- The Defense Contract Officers have at their tact with a multitude of small and medium- disposal full use of the staffs of the loan and sized business firms throughout the country credit departments of the Federal Reserve for the purpose of facilitating the making of Banks and branches and the cooperation of defense contracts. the commercial and savings banks on which The Board of Governors and the Federal the Federal Reserve System's contact with Reserve Banks have been cooperating with the small business of the country ultimately the Defense Contract Service, a unit of thedepends. In order to assist defense producers Office of Production Management, in aiding in obtaining the bank credit required, the APRIL 1941 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month Defense Contract Officers are instrumental in COMMERCIAL LOANS OF BANKS IN LEADING CITIES establishing contacts between prospective 2400 2400 borrowers and such local banks or other lending agencies, including the Federal Reserve j Banks and the Reconstruction Finance Cor- 2000 2000 poration, as may be needed to supplement A / i• L NEW YORK CITY credit obtainable from the borrowers' regu- 1600 1600 lar banking connections. The Defense Contract Service is now estab- 1200 1200 lishing offices at each Federal Reserve Bank NORTHEASTERN CITIES and at some of the branches. This service will have in each Federal Reserve district a 800 800 34 SOUTHERN C District Coordinator; and under each Coordinator there is a District Manager and a 400 27 WESTERN CITIES 400 technical staff with engineering and indus- — — trial experience. The task of these officers 0 0 and their staffs is to help bring together 1938 1940 primary contractors and subcontractors able Latest figures, March 19. Figures since May 12, 1937, include commercial, industrial, and a small amount of agricultural loans ; and willing to assist in the defense program— for earlier dates figures are estimated on the basis of changes in so-called "other" loans. Cities grouped as follows: Northeastern a type of work that the staffs of the Federal —cities in the Boston, New York (outside New York City), Philadelphia, Cleveland, and Chicago Federal Reserve districts; Reserve Banks have heretofore endeavored Southern—cities in the Richmond, Atlanta, St. Louis, and Dallas districts ; Western—cities in the Minneapolis, Kansas City, and to handle—and to furnish small and medium- San Francisco districts. sized local producers with the wide variety averaged about $33,000,000 a week, which is of information they need in filling Govern- substantially in excess of the average rate ment orders for defense goods. They inform of increase during two previous periods of individual firms of the sort of supplies for loan expansion—in 1936-1937 and in 1939. which the Government is requesting bids and As shown by the chart, all of the main secfurnish technical advice in submitting bids tions of the country participated in the loan and closing contracts; they also notify the expansion through the end of last year. Call Government's purchasing agents of the var- report figures show that country member ious firms that may be in a position to manu- banks also had a substantial growth in comfacture supplies of specific sorts. mercial loans, but at a somewhat smaller rate Perhaps the most striking banking devel- than city banks. Later data for country opment in recent months has been the sharp banks are not available. Since the beginning rise in commercial loans at of the year there has been an acceleration in Sharp rise banks to the highest level in the rate of growth in commercial loans at in bank loans banks in New York City and in other Northnearly a decade. Last summer, ern and Eastern cities, where the heavier shortly after the inauguration of the defense defense industries are concentrated, while program, the volume of commercial, industhe growth has slackened at banks in Southtrial, and agricultural loans at reporting ern cities. member banks in 101 leading cities showed Lending by commercial banks for defense small increases. From the end of August, production was facilitated last November by when the sharp upturn began, through March development of the Emergency Plant Facili- 26 the increase amounted to about $950,000,ties Contract and passage of the Assignment 000, or 20 per cent, of which $400,000,000 of Claims Act, which permits borrowing on was in the first quarter of this year. The rate the assignment of Government contracts. A of increase over the past six months has 284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month recent survey conducted by the American been borrowing from banks to repay open- Bankers Association shows that at the end market indebtedness. of 1940 about one-fourth of the defense loans Medium- or long-term loans repayable on of 196 large commercial banks in this country an installment basis appear to be increasing were made on assignment of Government con- in importance. Such loans enable the bank tracts as collateral, mostly on the basis of and the borrower to rely on an established Emergency Plant Facilities Contracts. Banks schedule of repayment, timed in accordance are granting most defense loans to their cus- with the income obtained by the borrower tomers on the basis of already established from the use of the bank's funds. Loans of credit relationships. Nearly nine-tenths of this type are, therefore, more satisfactory the defense loans reported in the survey were to both bank and borrower than loans which for working capital purposes, including loans are nominally payable on short term but are to contractors engaged in construction as well granted partly on the understanding that as those to manufacturers of supplies and periodic renewals might be granted. equipment. A number of large loans have Banks continue to add to their holdings of been made to finance defense housing and United States Government securities. From cantonment construction; many of these loans „, , December 31 to have required the participation of several Bank purchases banks. of United States March 26 reporting Government securities member banks in 101 Banks covered in the survey reported that leading cities increased their portfolio by on December 31, 1940, they had commitments about $870,000,000, following an increase of of $574,000,000 on loans for defense purposes $1,350,000,000 in the entire year 1940. Holdof which $250,000,000 had been advanced ings of country member banks, which had and were outstanding. These advances are shown little change during the first half of equal to about half of the increase in com- 1940, increased by about $250,000,000 during mercial loans at weekly reporting member the latter half of the year, nearly all of which banks in the latter half of 1940. There are about 400 weekly reporting member banks, GOVERNMENT SECURITY HOLDINGS OF BANKS but the loans of the 195 large banks that IN LEADING CITIES submitted the special reports probably com- LIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS prise the bulk of the loans of all weekly 9 reporting member banks. 8 Demands for additional bank credit have / come not only from direct participants in the "S. 100 OTHER CITIES . defense program but also from others as f a result of the general expansion in the pro- / duction and distribution of goods. Manu- NEW YORK CITY / facturers, particularly those making products requiring long-time production processes, re- J quire additional financing to enlarge their facilities, to meet payrolls, and to carry larger inventories of goods in process of manufacture, pending the completion of the finished products. Bank funds are needed when inventories of materials and of finished goods are being built up in anticipation of possible 1936 1937 1938 1939 1940 1941 future requirements. Corporations have also Figures include both direct and fully guaranteed obligations of United States Government. Latest figures for March 19. APRIL 1941 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month was in Treasury bonds. More recent figures into either this issue or into additional for country banks are not available. amounts of March 1943 notes previously is- About half of the increase in reporting sued; practically all of the exchanges were member bank holdings of Government secu- for the bonds. rities this year has been at New York City As a result of these operations the Treasbanks, continuing the growth which began ury raised in the first quarter of the year early in 1939. At banks in 100 other leading $1,400,000,000 of new money in the open cities, holdings of Government securities, market and refunded three issues outstanding which did not change appreciably in either in the amount of $1,700,000,000. Some $400,- 1939 or 1940, have recently risen above the 000,000 was obtained through the sale of peak level of 1936-1937. These movements United States Savings bonds, which are not are shown in the chart on the previous page. eligible for purchase by banks. The out- Most of the growth in holdings of Govern- standing amount of Treasury bonds increased ment securities by New York City banks dur- during the first quarter of 1941 by about ing 1939 and 1940 was in Treasury bonds, $1,600,000,000, and Treasury bills increased but in January and February of this year by about $300,000,000, while Treasury notes there was a substantial rise in holdings of showed a decline of about $500,000,000. Treasury notes, and in March there were in- Guaranteed obligations outstanding showed creases in bills and bonds. Banks in other little change. leading cities have also increased their hold- Having ample idle reserves, banks have ings of bills and bonds. been in a position easily to meet the growing Changes in banks' holdings of Government demand for loans and to securities have been considerably influenced ?etenVchanges purchase new issues of Govby the volume and types in bank reserves Treasury financing ^ ernment securities. For al- Qf gecurities isgued by Treasury. Recently the Treasury abandoned most a year member bank reserves in excess the issuance of wholly or partially tax-exempt of legal requirements have continuously been securities and now issues only fully taxable greater than $6,000,000,000 and have at times obligations. The Treasury sold for cash risen to $7,000,000,000. Over this period $500,000,000 of % per cent taxable notes total reserve balances, including required in December and $600,000,000 of similar and excess reserves, have increased substannotes in January. On March 15, the out- tially but most of the increase has been abstanding tax-exempt March 1941 notes and sorbed by a growth in required reserves 1941-43 bonds were refunded into a tax- which have steadily risen as a result of the able % per cent 2-year note and a taxable expansion in the amount of bank deposits. 2 per cent 7- to 9-year bond. About $660,- The chief source of bank reserves in recent 000,000 of the notes and $490,000,000 of the years has been heavy gold imports from bonds were offered in exchange, and prac- abroad, which are reflected in a continuous tically all of the exchanges were for the new growth in the country's monetary gold stock bond. During March, the Treasury raised shown in the chart on the next page. This $300,000,000 of cash through increasing the year gold imports have been on a considerweekly bill offering from $100,000,000 to ably smaller scale and their effects on reserve $200,000,000 for three weeks. In the latter funds have been offset by the continued rise part of March the Treasury also raised $500,- in the amount of money in circulation. Cur- 000,000 of cash through an issue of 2^ per rency withdrawals and the building up of cent 11- to 13-year bonds. Holders of June deposits held in the Federal Reserve Banks 1941 notes were given the option of refunding by foreign central banks and governments were important factors holding down the 286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month with bank reserves and are now about three MEMBER BANK RESERVES AND RELATED ITEMS times as large as in the 1920's, notwithstandfEONESDAY FIGURES BILLIONS OF DOLLARS ing the fact that banks can no longer pay interest on demand balances. It is not possible to determine what part of bankers' balances may be considered under varying conditions as working needs and what part may be superfluous. It is also difficult to know to what extent a bank's balances due to and balances due from banks may be used to offset each other. If the problem is studied by groups of banks, instead of by individual banks, these comparisons become even more 1939 1940 1941 1939 1940 1941 Latest figures for March 19. involved. The following table shows for each growth of bank reserves last year. Owing major class of member banks total loans mainly to the Federal income tax receipts and investments, excess reserves, amounts that temporarily accumulated in the Treas- due from banks in the United States, and ury's deposits with the Reserve Banks, excess amounts due to banks in the United States. reserves declined in March from a level of RESERVE POSITION OP MEMBER BANKS, BY CLASSES about $6,500,000,000 to $6,000,000,000, the Dec. 31, 1940 lowest figure reached in the past year. In [In millions of dollars] coming months fiscal operations may cause Total substantial temporary fluctuations in the l a o n a d ns Excess d B u a e l a f n ro ce m s B d a u la e n t c o es Treasury's deposits and in the volume of i m nv e e n s t t s - reserves ba U n . k S s . i i n ba U n . k S s . i in excess reserves. Central reserve city banks: Analysis of the reserve position of indi- New York 10,910 3,452 122 4,032 Chicago 2,377 406 319 997 vidual member banks shows that nearly all Reserve city banks 13,013 1,829 2,741 4,025 Country banks.. .- 10,826 866 3,003 663 banks hold relatively large All member banks 37,126 6,554 6,185 9,716 Distribution of amounts of funds in the form excess reserves of excess reserves or balances 1 Including a small amount of time balances. with correspondents. In comparing the re- The table shows that on the average memserve positions of individual member banks, ber banks at the end of 1940 held excess remoreover, the figures for excess reserves do serves amounting to about 18 per cent of not tell the whole story because many banks total loans and investments. The average hold large idle balances with city correspond- varied widely among the various classes of ents. For an individual bank, its balances banks, ranging from about 32 per cent for due from correspondents in excess of what it New York City banks to 8 per cent for counneeds for working purposes are as fully avail- try member banks. The New York City able for expanding its loans and investments banks, however, had large amounts of baland for meeting withdrawals by its depositors ances due to banks subject to withdrawal in as are excess reserves at the Federal Reserve case of need, whereas country banks had a Bank. On the other hand, a city bank holding relatively small amount of such liabilities to large amounts of deposits due to banks must other banks but had claims on other banks be prepared eventually to lose some part of amounting to more than three times their these deposits and a corresponding amount of excess reserves. At reserve city banks, reserves. where excess reserves amounted to 14 per Bankers' balances have increased along cent of total loans and investments, and also APRIL 1941 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month at Chicago banks, balances due to banks were lation reached $8,850,000,000, exceeding all larger than their deposits with other banks. previous records. Currency in circulation Owing partly to gold acquisitions but is even higher than it was during the buying chiefly to the rapid expansion of bank loans season last Christmas and is $1,350,000,000 and investments, the volume above what it was a year ago. Because of the Growth in bank of bank deposits and cur- large amount of excess bank reserves, banks deposits and currency rency held by the public has can easily supply the growing demand for shown in recent months a continuation of currency without having to borrow or liquithe sharpest increase that this country has date earning assets. ever experienced. For all banks in the coun- The largest percentage increase in curtry it is estimated that the volume of demand rency in circulation during the past year and time deposits, excluding interbank de- has been in denominations of $50 and over. posits and collection items, plus currency held At the end of February large denomination by the public outside banks, exceeded $72,- currency in circulation amounted to $2,540,- 000,000,000 at the middle of March, repre- 000,000, as shown by the chart, representsenting an increase of over $15,000,000,000 ing a rise of almost 25 per cent in 12 months. since the pre-depression high point of the This appears to be a reflection of a tendency late Twenties. Most of the growth has been to hoard currency and also of the use of curin the volume of demand deposits. The chart rency by persons who for one reason or on page 283 shows how rapid the recent rise another wish to conceal their holdings of in the volume of demand deposits has been funds or their transactions. No statistics at banks in 101 leading cities. are available as to the actual amount of such With a growth in business activity there has been an increase in the volume of charges MONEY FN CIRCULATION or debits to deposit accounts at banks. In the first quarter of 1941, debits at banks in 273 reporting centers outside New York City were / about 15 per cent larger than in the same per- I iod last year. In New York City, where the J figures are considerably affected by the vol- J ume of stock market transactions, which have continued at a low level, the increase was 8 rOTALMONEY / per cent. Debits, however, have shown a ik / J1 smaller proportionate increase than bank v-y J deposits with the result that the rate of turn- A * over of deposits has fallen further to the V ^\ — INS AND BILLS F UNDER $5C) lowest level on record. This low rate of turnover reflects the fact that a substantial part of existing bank deposits is held relatively idle awaiting investment or other y profitable use. BILLS OF There was a continued growth in the de- 850 Al>JD OVE mand for currency during February and March of this year, months Rise in currency hen currency demand ordiw m circulation ' '30 1940 narily slackens. In the latter Currency outside the Treasury and Federal Reserve Banks. End of month. Latest figures February 28, 1941. part of March the level of currency in circu- 288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Review of the Month holdings. In some cases foreigners appear At the end of February there was in circulato be holding United States currency in this tion $6,245,000,000 of coin and paper curcountry or abroad in order to avoid con- rency in denominations of $20 and less, an fiscation by their own government or "freez- increase of about 15 per cent in the past 12 ing" by this government. months. Growth in circulation of small de- The amount of small denomination cur- nomination currency is attributable mainly to rency in circulation, which reflects the actual the acceleration in business activity accomuse of currency for making payments, has panied by larger payrolls and consumers' also increased, although the rise has not purchases, both of which require additional been so rapid as that of large denominations. currency. SJn5tallmant Jloan* ofi JJniutcd £anlc5, 1940 At the end of 1940 all insured commercial RETAIL INSTALLMENT PAPER HELD BY INSURED COMbanks had outstanding on their books nearly MERCIAL BANKS, 1940 $1,500,000,000 of personal and retail install- [Amounts in millions of dollars ment paper. Slightly more than half of this Amount Increase since total represented retail installment loans, Classes of banks r D ep ec o . r t 3 e 1 d , Dec. 30, 1939 either in form of paper purchased from deal- 1940 Amount Per cent ers and finance companies or in the form of advances made directly by the banks to bor- All insured commercial banks 776 235 43 rowers. Such loans arise from the retail sale Member banks—total 598 198 49 of and are secured by specific articles such as Central reserve city banks 86 35 69 Other reserve city banks 269 100 59 automobiles and household goods. About one- Country banks .. ._ 243 63 35 fifth of the total were property improvement Insured nonmember banks 178 37 26 loans insured under the provisions of Title I of the National Housing Act, and the re- As the above table indicates, all classes of inmainder were other personal loans repay- sured commercial banks shared in the inable in installments. Personal loans not re- crease, though the percentage increases were payable in installments were not reported, greater at member banks in central reserve nor were loans made to dealers and finance and reserve cities than at country member companies on their own promissory notes. and non-member insured banks. These figures were obtained in a special As shown in the table on page 360, of the report called for by the Federal bank super- 13,415 insured commercial banks from which visory agencies as of the end of 1940. They reports were received for the end of 1940, are shown in detail by States in the table on 11,548 or 86 per cent held $1,469,000,000 of page 360 of this BULLETIN. Comparable data personal and retail installment paper. The for retail installment paper, but not for prop- remaining banks did not report any holdings erty improvement or personal loans, were ob- of installment paper. Reported installment tained as of the end of 1939. Comparison of paper was 12 per cent of all the so-called these figures shows that during 1940 there "customer loans" of these banks, i.e., of all was a sharp increase of $235,000,000, or 43 loans other than open-market paper, real esper cent, in the volume of retail installment tate loans, loans for purchasing and carrying paper held by all insured commercial banks. securities, and loans to banks, but this pro- APRIL 1941 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Installment Loans of Insured Banks, 1940 portion varied from 6 per cent for member In the 1940 report, paper purchased from or banks in the central reserve cities of New rediscounted for dealers and finance com- York and Chicago to 21 per cent for nonmem- panies was reported separately as "Paper ber insured banks. By major geographic purchased" and paper representing loans regions the largest ratio—25 per cent—was made directly to the borrowers was reported shown for the three Pacific Coast States, al- separately as "Direct loans". The figures do though among individual States, Nevada and not include any loans made to dealers and Michigan had higher ratios. finance companies on their own promissory At each class of member banks, paper pur- notes even if secured by the pledge of installchased from dealers and finance companies ment paper. In addition to holdings of rewas greater than the volume of any other type tail installment paper, banks were asked in of installment paper. Insured nonmember the 1940 report for FHA Title I loans, repbanks also held a large amount of such paper resenting the unpaid balances of property but they held an even greater amount of perimprovement loans insured under Title I of sonal installment cash loans. These banks the National Housing Act, and for personal held a larger amount of personal installment installment cash loans, representing the uncash loans than any other class of bank. paid balances of all loans made to individuals Country member banks held more of such which are repayable in installments. The loans than city banks. proceeds of such personal loans are ordina- These figures of bank holdings of retail inrily used for consolidation of debts, medical stallment paper were obtained by the Compattention, and general personal expenditures. troller of the Currency for national banks, The 1940 report form specified that deposits the Board of Governors for State member accumulated for payment of personal loans banks, and the Federal Deposit Insurance should be deducted and the net figures re- Corporation for insured nonmember banks. ported. These deposits amounted to about In reporting figures for holdings of retail $108,000,000, with $40,000,000 at insured installment paper banks were asked in both nonmember banks, $34,000,000 at country the 1939 and 1940 reports to include the unmember banks, and $29,000,000 at reserve paid balances of all installment loans arising from the retail sale of and secured by city banks. The total customer loan figures, automobiles, trucks, tractors, household ap- given for comparison in the table, have not pliances, furniture, clothing, jewelry, etc. been adjusted by the amount of such deposits. 290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
notation by E. A. GOLDENWEISER Director, Division of Research and Statistics F OR a number of years there has been a general advance in activity and prices, which great deal of discussion of the danger of may arise from a variety of causes but is inflation threatening this country. So far invariably aggravated by monetary expanthese fears have not been justified. They sion. were based chiefly on the rapid growth of Types bank reserves and bank deposits which, if Two general types of inflation may be disfully utilized, could create an inflationary tinguished—fiat money inflation and credit situation. But neither the existence of a inflation. The first type occurs when the large volume of money nor the possibility of resources of a country are being fully utilized further expansion necessarily results in inand the government has to spend more than flation. it can raise either by taxation or by borrow- Definition ing in the market and, therefore, resorts Inflation occurs when the volume of money to the creation of money through the printactively bidding for goods and services in- ing press, through borrowing from a central creases faster than the available supply, when bank, or through some other device. The the growth of national income in money units characteristic feature of this type of inis greater than its growth in physical units. flation is that it arises from the necessities A vast supply of idle money may lay a founda- of government. It is only when a country is tion for an inflation but, in and of itself, it in an extremely critical situation that this does not produce one. It is when this money occurs. When it does occur it is the worst becomes active that a threat of inflation be- type of inflation. In fact, the most disastrous comes real. inflations have all been of this type. This sort One of the reasons for confusion on this of inflation, which arises from the dire needs subject is the variety of meanings that the of a government, is never effective in overword inflation has to the minds of different coming the government's difficulties. people. Some think of any advance in prices When a government needs to spend more as inflation, and when prices of some com-than it can raise in normal ways, it would modities are very low one sometimes hears a be better advised to meet the situation by diwish expressed for the much-heralded in- rectly conscripting the goods and services flation. It would contribute to clarity if it needed, rather than by flooding the country were generally agreed to describe salutary with rapidly deteriorating money and thus increases in activity and desirable upward disrupting the workings of the entire econprice movements by the use of terms other omy. Inflation is an exceedingly expensive than inflation. way of obtaining funds since it makes the cost The term inflation is also applied to price of goods that the government must acquire advances in a few commodities resulting from rise as fast as or faster than the increase in a growth in demand in excess of available means of payment. It is a vicious cycle and capacity or from a strategic position. It has always led to disaster. It is likely to would be better not to use the term inflation to occur only when a government, at a time describe such bottleneck advances because when a nation's industrial capacity is already both their causes and the proper means of fully employed, must divert a larger part of combating them differ from those appropriate the national output than the country can well for dealing with inflation. It will best serve spare to be used in conducting a war, in the purpose of clear thinking to confine the making foreign payments, or in meeting some term inflation to an excessive and dangerous other emergency. It may result in a deprecia- NOTE.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System, APRIL 1941 291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Inflation tion of the currency; a flight from money into likely to develop so long as this is the case. goods; a flight of capital from the country; Shortages in some groups of industries aland, at the worst, a complete wiping out of all ready exist and some price advances have savings and ultimate collapse of the economy. occurred while others may come in the future. There is no reason whatsoever to expect They are, however, still so scattered that they this type of inflation to occur in this country can and should be handled by non-monetary in our day. The Government's credit is firm; methods, such as direct limitation of price its needs are within the nation's ability to advances, priorities, and rationing, which lie meet; and the dangers of this course of action outside the scope of this discussion. are fully understood. It is not within the It should be mentioned, however, that there realm of practical possibilities that this coun- is no clear-cut line at which an increasing try will have this type of "bankruptcy" infla- number of bottleneck advances in prices tion. passes over into a general inflation. The The other general type of inflation, credit development of a number of bottlenecks in inflation, does not originate in the govern- many leading commodities may be the inment's inability to meet its requirements troductory phase of a general inflation. It without resorting to fiat money. While gov- can occur long before the entire country ernment expenditures and borrowing in the is operating at full capacity, because neither market may contribute to the development of plant capacity nor labor supply is completely this type of inflation, it is characterized by mobile. The existence of unused capacity strength rather than by weakness of public in some industries may not prevent great credit. It arises when a country is working shortages of capacity in others, and the presnear capacity, when credit is freely dispensed, ence of large numbers of unskilled workers and when speculative activity develops. This without jobs may not prevent grave shortis the type of inflation that this country ex- ages in many skilled lines, So long as these perienced in 1919-1920, when a growing instances of shortages are scattered and relasupply of credit coincided with a runaway tively few the situation is not properly deadvance in commodity prices, and in 1928- scribed as inflation and can be handled by 1929, when violent speculation occurred in non-monetary remedies. But it may become the field of securities and real estate. This general long before full capacity is achieved. sort of inflation is not so completely disas- It should be kept in mind that it is the availtrous as fiat money inflation, but if it as- able supply of goods and not the theoretically sumes large proportions it can seriously dis- possible supply that must meet a growing rupt the country's economy. It is invariably demand in order to prevent inflation. followed by a collapse of values, widespread failures, and drastic reductions in activity Effects and employment. This is the kind of inflation The effects of an extreme inflation are inthat may arise out of an abundance of funds variably disastrous and even a moderate when the demand for their use becomes acinflation causes serious dislocations, inequitive. It is the kind that this country must ties, and unnecessary suffering. Furtherbe prepared to prevent. more, it is difficult to arrest the course of an inflation when it once gets under way and Causes thus to prevent a moderate one from assum- The first essential for the development of ing major proportions. An inflationary credit inflation is a strong and persistent movement is much more amenable to control demand for goods or other values at a time in its early stages than after a speculative when credit is freely obtainable. At the spirit is abroad and growing costs and adpresent time in this country there is a monitions cease to deter from unwise undergreat demand for goods for defense pur- takings. poses and an assurance of the continuance of It is often said that inflation benefits the this demand. There is also an enormous debtor at the expense of the creditor. Stated amount of funds in the hands of the public in these words it sounds appealing because and of lending power in the hands of the our sympathies are naturally with the debtor banks. There is, however, still a large and not with the creditor. One is inclined to amount of unused capacity in many indus- visualize a hard-working farmer or a small tries. A general widespread inflation is not home owner threatened with foreclosure by 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Inflation a hard-fisted creditor. Anything that will habits and traditions do not protect him help lift the mortgage from the home place against the destructive forces of an inflationmeets with our approval. But in our modern ary movement. Such benefits as are derived economy this type of debtor and creditor is from inflation by the rich, the speculators, and not the most numerous or typical. The most the unscrupulous, however, are themselves numerous creditors in this country are the temporary in nature, because in the end the millions of holders of savings accounts and entire economy is disrupted and the ill-gotten insurance policies, and the principal debtors gains of the profiteer are lost in the ensuing are the banks, the insurance companies, and deflation. the large corporations. Inflation, by lower- This brief and over-simplified analysis reing the purchasing power of the dollar, ad- flects the experience of all the countries that versely affects these millions by diminishing have gone through a disastrous inflation and the buying power of their savings and of explains the horror of this phenomenon that the proceeds of their insurance. And it prevails in the minds of those who have had does not help the debtor banks and insur- to live through it. ance companies because they have both assets Preventives and liabilities in terms of dollars and so do As already stated, there is so far no evinot directly gain or lose from an increase or dence of inflation in this country and where a decrease in the purchasing power of the bottleneck situations exist non-monetary dollar. It is true that some types of debtors methods for handling them are being develare temporarily benefited by inflation, paroped. This is a good time, however, to ticularly producers whose costs are small berecognize the characteristics of inflation and cause the labor is supplied by themselves and to be prepared to prevent its development in their families, and whose income is dependent the very early stages. Means of preventing on one or two cash commodities. The benefit inflation include a fiscal policy so organized even to this class of debtors, however, is only as to depend increasingly on taxation as temporary because in the end inflation dethe national income advances. Such a policy stroys their market. Equitable prices and rewould be supplemented by a program whereby duction in the burden of debt for this group of necessary borrowing by the Government debtors should be and to some extent has been should for the most part come out of existing provided by means other than inflation. The investment funds and not out of the creation relief afforded by inflation is temporary at of additional bank deposits through the sale best and results in great inequity to other of Government securities to the banks. This groups of the population. line of policy has been adopted by the Gov- It is much more accurate to say that in ernment. general inflation temporarily favors the rich From the point of view of banking authorias against the poor. It does so because the ties this policy may require at an appropriate rich do not spend their entire income on time in the future the absorption into renecessities and, therefore, are not so seriously quired reserves of a portion of the idle funds affected as the poor who must use all their held by the banks. Such an absorption would income to pay for food, clothes, and shelter. diminish the pressure on the banks to find It favors the rich also because their profits outlets for their funds in U. S. Government from a rise in value of property and invest- securities and would facilitate the placing of ments in equities may more than offset their a larger part of the new issues with nonlosses from a rise in the cost of living. banking investors. It would also make banks Inflation favors the speculator as against more careful to avoid the extension of credit the investor, because the rapid rise in securi- for unsound or speculative purposes and ties and commodities may afford the specula- would restrain further growth in the already tor an opportunity to reap large profits, while ample volume of bank deposits. the investor in fixed interest-bearing obliga- A coordinated fiscal and monetary policy tions finds the buying power of his revenues for the purpose of avoiding the pitfalls of declining. Finally, inflation favors the slick inflation can contribute a great deal to the as against the conscientious. It affords an op- effectiveness of the defense effort and to the portunity for clever manipulators to profit by possibility of a more gradual and less disan unstable situation and it completely baffles ruptive readjustment after the objectives of the careful, thrifty citizen who finds that this effort will have been achieved. APRIL 1941 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Ttom a J-eaaLStandpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material. Limitations on the Acquisition by Member Banks of Claims extensions of credit, rather than those of section Assigned under Emergency Plant Facilities Contracts 5136, relating to investment securities. However, it is the position of this office that the limitations of There is set forth below an excerpt from a section 5200 do not apply to obligations of the United letter dated February 24, 1941, addressed to States, since the Federal Government is not deemed the Board of Governors of the Federal Re- to be a 'person, copartnership, or corporation' within serve System by the Comptroller of the Cur- the purview of that section. It is therefore concluded that after the plant facilities have been comrency, relating to the acquisition by national pleted in accordance with the contract and the Final banks of claims against the Federal Govern- Cost Certificate filed, the claim of the contractor ment arising out of Emergency Plant Facili- against the Government may be acquired by a naties Contracts assigned under the provisions tional bank without any limitation other than those imposed by the applicable principles of safe and of the Assignment of Claims Act of 1940. sound banking practice. In purchasing such claims, "By virtue of the Assignment of Claims Act, claims the bank should take into consideration whatever arising under such contracts may be assigned to possibility exists of the assigned claim thereafter banks as security for loans. In such cases the loan becoming subject to valid defenses, set-offs, or is made to the contractor, and the claim against the counterclaims." Government is assigned to the bank as collateral In view of this ruling of the Comptroller of security. Such loans are subject to the ordinary 10% limitation prescribed by section 5200 of Rev. the Currency and the fact that State member Stat. of 1873, as amended (U.S.C. title 12, sec. 84), banks under the law are subject to the same since none of the exceptions to that limitation speci- conditions with respect to the purchasing and fied in section 5200 is applicable to this situation. holding of investment securities as are na- "The question has been raised whether assignments tional banks, the Board will consider that of such claims may be purchased by national banks outright, rather than being taken as security for State member banks, in acquiring claims loans to the contractor. Section 5136 of Rev. Stat. against the Government of the kind described of 1873, as amended (U.S.C. title 12, sec. 24) author- after the plant facilities have been completed izes national banks to acquire 'promissory notes, in accordance with the contract and the Final drafts, bills of exchange, and other evidences of debt.' In order to constitute an 'evidence of debt' Cost Certificate filed, are not subject to the within this statutory provision, an obligation must limitations imposed by section 5136, United involve an admission of liability or a promise to pay States Revised Statutes. State member banks a specified or determinate amount. Until the completion of the plant facilities called for by these con- are likewise not subject to the limitations of tracts, the Government does not appear to undertake section 5200, United States Revised Statutes, any such absolute obligation, although it does bind in acquiring such claims. itself to assume an obligation not to exceed a specified amount upon the completion of the facilities and Executive Orders and Regulations on Transfers of Property the filing of a Final Cost Certificate. Accordingly, of Bulgaria, Hungary and Yugoslavia until the facilities have been completed and the Final Cost Certificate filed, the contractor's potential claim The Executive Order of April 10, 1940, as against the Government does not constitute an evi- amended, and the Treasury Regulations isdence of debt which nrny be purchased by a national sued thereunder providing that transfers of bank. After the facilities have been completed and the Final Cost Certificate filed, the contractor's claim credit, foreign exchange transactions, the exagainst the United States becomes an evidence of port or earmarking of coin, bullion, or curdebt within the meaning of section 5136 and may be rency, or other similar operations, by persons acquired as such by a national bank. or institutions in the United States which "The question then arises whether the acquisition involve property of Norway, Denmark, Belof such claims is subject to any of the limits as to amount which are prescribed in the National Bank gium, Luxembourg, the Netherlands, France, Act. Inasmuch as these assigned claims do not con- Latvia, Estonia, Lithuania, or Rumania, or stitute 'investment securities' as defined in section any national thereof, shall be subject to li- 5136, the applicable limitations and exceptions are those of section 5200, relating to loans and similar cense by the Secretary of the Treasury, were 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint amended on March 4, March 13 and March so as to extend all the provisions thereof to, and with 24, 1941, so as to include property of Bul- respect to, property in which Yugoslavia or any national thereof has at any time on or since March garia, Hungary and Yugoslavia, or any na- 24, 1941, had any interest of any nature whatsoever, tional thereof. direct or indirect; except that, in defining "Yugo- The texts of the Executive Orders and slavia" and "national" of Yugoslavia the date "March accompanying Regulations and amendments 24, 1941" shall be substituted for the dates appearing thereto, are quoted in full in the May, June, in the definitions of countries and nationals thereof. July, August, September, and November 1940 FRANKLIN D. ROOSEVELT. issues of the Federal Reserve BULLETIN. The TH M E a W rc H h I T 2 E 4 , H 1 O 9 U 4 S 1 E . , texts of the March 4, March 13 and March 24 amendments are as follows: Treasury Department, Office of the Secretary, March 4, 1941 EXECUTIVE ORDER NO. 8701 Amendment to Regulations * Amendment of Executive Order No. 8389 of April The Regulations of April 10, 1940, as amended 10, 19^-0, as Amended (Sections 130.1 to 130.6), are further amended so as By virtue of the authority vested in me by section to extend all the provisions thereof to, and with re- 5(b) of the Act of October 6, 1917 (40 Stat. 411), spect to, property in which Bulgaria or any national as amended, and by virtue of all other authority thereof has at any time on or since March 4, 1941, vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT had any interest of any nature whatsoever, direct or of the UNITED STATES OF AMERICA, do hereby amend indirect; except that reports on Form TFR-100 with Executive Order No, 8389 of April 10, 1940, as respect to all property situated in the United States amended, so as to extend all the provisions thereof on March 4, 1941, in which Bulgaria or any national to, and with respect to, property in which Bulgaria thereof has at any time on or since March 4, 1941, or any national thereof has at any time on or since had any interest of any nature whatsoever, direct March 4, 1941, had any interest of any nature what- or indirect, shall be filed by April 4, 1941. soever, direct or indirect; except that, in defining H. MORGENTHAU, JR., "Bulgaria" and "national" of Bulgaria the date Secretary of the Treasury. "March 4, 1941" shall be substituted for the dates appearing in the definitions of countries and na- APPROVED: March 4, 1941. tionals thereof. FRANKLIN D. ROOSEVELT. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, Treasury Department, Office of the Secretary, March 4,19U March 13, 1941 Amendment to Regulations * EXECUTIVE ORDER 8711 Amendment of Executive Order No. 8389 of April The Regulations of April 10, 1940, as amended 10, 191*0, as Amended (Sections 130.1 to 130.6), are further amended so as to extend all the provisions thereof to, and with By virtue of the authority vested in me by section respect to, property in which Hungary or any na- 5(b) of the Act of October 6, 1917 (40 Stat. 411), tional thereof has at any time on or since March 13, as amended, and by virtue of all other authority 1941, had any interest of any nature whatsoever, vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT direct or indirect; except that reports on Form of the UNITED STATES OF AMERICA, do hereby amend TFR-100 with respect to all property situated in the Executive Order No. 8389 of April 10, 1940, as United States on March 13, 1941, in which Hungary amended, so as to extend all the provisions thereof or any national thereof has at any time on or since to, and with respect to, property in which Hungary March 13, 1941, had any interest of any nature or any national thereof has at any time on or since whatsoever, direct or indirect, shall be filed by April March 13, 1941, had any interest of any nature what- 13, 1941. soever, direct or indirect; except that, in defining "Hungary" and "national" of Hungary the date H. MORGENTHAU, JR., "March 13, 1941" shall be substituted for the dates Secretary of the Treasury. appearing in the definitions of countries and na- APPROVED: March 13, 1941. tionals thereof. FRANKLIN D. ROOSEVELT. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, Treasury Department, Office of the Secretary, March 13, 1941. March 24, 1941 Amendment to Regulations * EXECUTIVE ORDER NO. 8721 The Regulations of April 10, 1940, as amended Amendment of Executive Order No. 8389 of April (Sections 130.1 to 130.6), are further amended so as 10, 1940, as Amended By virtue of the authority vested in me by section * Sections 130.1 to 130.6: Sec. 5(b), 40 Stat. 415 and 966; Sec. 5(b) of the Act of October 6, 1917 (40 Stat. 411), as 2, 48 Stat. 1 ; Public Resolution No. 69, 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, amended, and by virtue of all other authority vested 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, June 17, in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, UNITED STATES OF AMERICA, do hereby amend Execu- 1 1 9 9 4 4 0 1 ; ; E E x x . . O O r r d d e e r r 8 85 7 6 1 5 1 , , M Oc a t r o c b h e r 1 3 1 , 0 1 , 9 1 4 9 1 4 0 ; ; E E x. x O . O rd r e d r e r 8 7 8 2 7 1 0 , 1 M , M ar a c r h c h 2 4 4 , , tive Order No. 8389 of April 10, 1940, as amended, 1941. APRIL 1941 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From a Legal Standpoint to extend all the provisions thereof to, and with re- Banking institutions within the United States enspect to, property in which Yugoslavia or any na- gaging in any transactions authorized by this general tional thereof has at any time on or since March 24, license shall file promptly with the appropriate 1941, had any interest of any nature whatsoever, Federal Reserve Bank monthly reports setting forth direct or indirect; except that reports on Form TFR- the details of such transactions during such period. 100 with respect to all property situated in the United States on March 24,1941, in which Yugoslavia or any D. W. BELL, national thereof has at any time on or since March Acting Secretary of the Treasury. 24, 1941, had any interest of any nature whatsoever, direct or indirect, shall be filed by April 24, 1941. Treasury Department, Office of the Secretary, March 13, 1941 D. W. BELL, Acting Secretary of the Treasury. General License No. 38 under Executive Order No. 8389, April 10, 19 UO, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions General Licenses Issued by the Secretary of the Treasury in Foreign Exchange, Etc.* Since the publication of certain General Licenses on pages 208 and 209 of the March A general license is hereby granted authorizing banking institutions within the United States to 1941 Federal Reserve BULLETIN, the follow- make payments from accounts in which Hungary ing General Licenses have been issued by the or a national thereof has a property interest within Office of the Secretary of the Treasury under the meaning of the Executive Order of April 10, authority of the Executive Order of April 1940, as amended, and the Regulations issued thereunder, of checks and drafts drawn or issued prior 10, 1940, as amended, and Regulations issued to March 13,1941, and to accept and pay and debit to pursuant thereto, relating to transactions in such accounts drafts drawn prior to March 13, 1941, foreign exchange, etc. under letters of credit; provided, that each banking institution making any payment or debit authorized by this general license shall file promptly with the Treasury Department, Office of the Secretary, appropriate Federal Reserve Bank weekly reports March 4, 1941 showing the details of such transactions. This license shall expire at the close of business on April 13, General License No. 36 under Executive Order No. 1941. 8389, April 10, 191*0, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions D. W. BELL, Acting Secretary of the Treasury. in Foreign Exchange, Etc.* A general license is hereby granted authorizing Treasury Department, Office of the Secretary, banking institutions within the United States to March 24, 1941 make payments from accounts in which Bulgaria or a national thereof has a property interest within General License No. 39 Under Executive Order No. the meaning of the Executive Order of April 10, 8389, April 10, 19 UO, as Amended, and Regulations 1940, as amended, and the Regulations issued there- Issued Pursuant Thereto, Relating to Transactions under, of checks and drafts drawn or issued prior in Foreign Exchange, Etc.* to March 4, 1941, and to accept and pay and debit A general license is hereby granted authorizing to such accounts drafts drawn prior to March 4,1941, banking institutions within the United States to make under letters of credit; provided, that each banking payments from accounts in which Yugoslavia or a institution making any payment or debit authorized national thereof has a property interest within the by this general license shall file promptly with the meaning of the Executive Order of April 10, 1940, as appropriate Federal Reserve Bank weekly reports amended, and the Regulations issued thereunder of showing the details of such transactions. This license checks and drafts drawn or issued prior to March 24, shall expire at the close of business on April 4, 1941, and to accept and pay and debit to such accounts 1941. drafts drawn prior to March 24, 1941, under letters HERBERT E. GASTON, of credit; provided, that each banking institution Acting Secretary of the Treasury. making any payment or debit authorized by this general license shall file promptly with the appropriate Treasury Department, Office of the Secretary, Federal Reserve Bank weekly reports showing the March 12, 1941 details of such transactions. This license shall expire at the close of business on April 24, 1941. General License No. 37 under Executive Order No. 8389, April 10, 19 UO, as Amended, and Regulations D. W. BELL, Issued Pursuant Thereto, Relating to Transactions Acting Secretary of the Treasury. in Foreign Exchange, Etc.* •Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public A general license is hereby granted authorizing Resolution No. 69. 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560, banking institutions within the United States to Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, make all payments, transfers and withdrawals from May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Ex. Order 8565, accounts in the name of citizens of the United States October 10, 1940; Ex. Order 8701, March 4, 1941; Ex. Order 8711, while such citizens are within any foreign country March 13, 1941; Ex. Order 8721, March 24, 1941; Regulations, in the course of their employment by the Govern- April 10, 1940, as amended May 10, 1940, June 17, 1940, July 15, 1940, October 10, 1940, March 4, 1941, March 18, 1941, and March ment of the United States. 24, 1941. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UnitedS>tate5 (fovetnment&orpotatlon5 and &tedit -Qjenciel In I94O by HENRY EDMISTON AND GUNHILD ANDERSON Division of Research and Statistics P RINCIPAL developments during 1940 in (c) An increase of $500,000,000 in the the operations of United States Govern- lending authority of the Export-Import ment corporations and credit agencies may be Bank to a total of $700,000,000 in order to summarized as follows: assist in the development of the resources, the stabilization of the economies, and the 1. To assist in carrying out the Governorderly marketing of the products of the ment's national defense program, Congress countries of the Western Hemisphere. authorized several changes and enlargements Earlier legislation enacted in March had in the operations of certain Government increased the lending authority of this corporations and credit agencies. This legagency from $100,000,000 to $200,000,000. islation, which was passed in June and subsequent months, provided : (d) Authority to the United States Housing Authority to allocate some of its (a) Authority for the creation by the funds for national defense housing con- Reconstruction Finance Corporation of struction. Allocations for defense housing new Government corporations to acquire also were made to the Authority by the strategic and critical materials and to aid Federal Works Administrator under the in the production of national defense mate- Lanham Defense Housing Act. rials. Five new corporations were created (e) Authority to the Tennessee Valley up to the end of the year, namely, the Rub- Authority for a three-year defense power ber Reserve Company, Metals Reserve program at an estimated total cost of Company, Defense Plant Corporation, De- $66,000,000, for which Congress voted an fense Supplies Corporation, and Defense initial appropriation of $25,000,000. Homes Corporation. In addition, the Re- (f) Emergency funds for the President construction Finance Corporation itself for defense purposes, from which he allowas authorized to make loans to or purcated $36,000,000 in contract authorizachase the stock of private corporations for tions to the Maritime Commission for a the purpose of acquiring strategic mateprogram of emergency shipbuilding. rials and for plant construction, expansion and equipment, and working capital to be used for national defense purposes. Al- 2. Total outstanding loans and holdings of though actual cash outlays under the au-securities of financial institutions increased thority of this new legislation were rela- by $160,000,000 during the year in contrast tively small up to the end of the year, with substantial decreases in most recent commitments by the new defense corpora- years. Outstanding loans of the large emertions and by the Reconstruction Finance gency financing corporations, such as the Corporation itself had reached a total of Reconstruction Finance Corporation and the almost $1,100,000,000. Home Owners' Loan Corporation, and loans (b) Authority to the Reconstruction of the farm mortgage agencies continued to Finance Corporation to make loans for the decline but at a slower rate than in other development of deposits of strategic and recent years. This smaller decrease resulted critical minerals. Formerly such loans largely from a decline in foreclosures on could be made only for the development of both farm and home mortgages as the redeposits of gold, silver, and tin. sult of extensions of loan terms begun in Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. APRIL 1941 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 the previous year, and also from the crea- 1940. This table is based upon the compilation of new Home Owners' Loan Corporation tions published as part of the Daily Statement mortgage loans as previously acquired prop- of the United States Treasury for the end erties were sold. Loans of certain other of each month supplemented by additional agencies, largely in the agricultural and hous- data furnished by the Treasury Department. ing fields, showed substantial increases. The figures shown for periods prior to 1940 differ from previously published figures be- 3. The relatively low interest rates in effect cause adjustments have been made for the at the end of 1939 were continued during major changes in classifications of assets and 1940. By legislation enacted in June the temliabilities made by the Treasury in its comporary reductions in rates on Federal land pilations during the period covered. These bank and Land Bank Commissioner loans adjustments tend to make the various items were continued until June 30, 1942, and the of assets and liabilities comparable for the rate on Land Bank Commissioner loans was entire period, but they do not affect the figreduced further from 4 to 3!/2 per cent. ures on the Government's proprietary inter- 4. During the latter half of the year certain ests in the corporations and agencies. As agencies returned $210,000,000 of capital shown in this table, total outstanding loans funds to the Treasury in accordance with the and investments in preferred stock increased recommendation contained in the President's by $160,000,000 in 1940 as compared with Budget Message of January 1940 that $700,- substantial decreases in each of recent years 000,000 of capital funds of certain Govern- except 1938. Certain other assets, such as ment corporations and credit agencies should accounts and other receivables, business be returned to the Treasury during the fiscal property, and property held for sale, conyear 1941. Legislation was also enacted tinued their upward trend during 1940, and which will facilitate the return of the re- total assets aggregated $12,500,000,000 at the mainder of these funds before June 30,1941. end of the year. The amounts of guaranteed The amounts returned and to be repaid are obligations outstanding increased during summarized below: 1940 to a total of $5,920,000,000 on December 31, a new high level. New issues of guaranteed notes of the Commodity Credit Cor- REPAYMENT OF CAPITAL FUNDS BY GOVERNMENT CORPORATIONS AND CREDIT AGENCIES poration and the United States Housing Au- [In millions of dollars] thority were sold in the open market and a maturing issue of Home Owners' Loan Cor- Amounts Amounts poration bonds was redeemed. Other liabilireturned to to be Treasury, returned, Total ties increased in 1940, the greater part of July-Dec. Jan.-June which was due to the establishment by the 1940 1941 Reconstruction Finance Corporation of a re- Federal savings and loan associations 8 27 35 serve of $125,000,000 for losses and contingencies. The proprietary interests of the Farm credit agencies: Federal land banks __ 100 100 United States Government in the agencies Federal Farm Mortgage Corporation _ 100 100 declined slightly during 1940 and aggregated Federal intermediate credit banks . 40 40 $3,560,000,000 at the end of the year. Banks for cooperatives._ 48 12 60 Production credit corporations 15 15 Total farm credit agencies 203 112 315 Loans and investments.—Total outstanding Reconstruction Finance Corporation: loans and holdings of securities of financial Reduction in capital or surplus funds 175 175 institutions increased by $160,000,000 in Purchase of stock of Federal Home 1940 following a decline of $220,000,000 in Loan banks from Treasury _ . _ 125 125 Purchase of securities from Public 1939. The major increases were shown by Works Administration 50 50 the Farm Security Administration, Rural Total Reconstruction Finance Electrification Administration, United States Corporation... 350 350 Housing Authority, Commodity Credit Cor- Grand total 211 489 700 poration, and the Export-Import Bank. Although emergency loans made largely during Assets and liabilities.—In Table 1 are the period 1932 to 1935 declined further in shown the principal assets and liabilities of 1940, the decreases were considerably smaller Government corporations and credit agencies than in recent years. Outstanding loans of for June and December dates from 1935 to the farm mortgage agencies decreased by 298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 TABLE 1.—ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, 1935-19403 [Based largely on compilations published as part of end-of-month daily Treasury statements. In millions of dollars] 1935 1936 1937 1938 1939 1940 June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. 30 31 30 31 30 31 30 31 30 31 30 31 Assets Loans and preferred stock: Loans to financial institutions 791 678 555 521 487 501 494 470 446 444 429 485 Preferred stock, etc. 983 1,018 976 901 890 886 869 874 865 816 783 736 Loans to railroads 599 572 516 433 438 440 471 511 493 500 524 516 Home and housing mortgage loans 2,658 2,903 2,963 2,801 2,605 2,475 2,357 2,335 2,331 2,365 2,323 2,390 Farm mortgage loans 2, 750 2,867 2,891 2,901 2,883 2,848 2,804 2,735 2,658 2,596 2,549 2,500 Other agricultural loans 696 750 730 675 633 671 773 863 893 698 675 757 All other loans .. 565 615 736 809 882 891 921 951 957 1,100 1,187 1,298 Total loans and preferred stock 9,040 9,402 9,367 9,042 8,817 8,712 8,689 8,739 8,643 8,518 8,470 8,682 Cash 453 319 279 259 288 299 444 370 585 460 412 533 U. S. Government direct obligations 444 449 486 506 551 606 651 710 713 758 748 701 Obligations of Government credit agencies: Fully guaranteed by United States. 220 215 211 196 196 180 158 145 140 130 131 128 Other 2 45 26 28 30 28 32 42 35 48 41 48 22 Accounts and other receivables _ . 185 252 269 325 297 304 342 328 377 379 404 491 Business property- 156 165 183 172 222 388 430 456 481 549 562 593 Property held for sale 214 172 222 330 479 595 662 689 708 1,093 1,067 1,141 Other assets 80 62 97 99 65 62 62 61 80 133 179 211 Total assets other than interagency 3-_. .. . . 10,836 11,062 11,141 10,958 10, 943 11,178 11,481 11, 533 11,775 12, 062 12, 021 12, 500 Liabilities Bonds, notes, and debentures: Guaranteed by United States _ 4,168 4,546 4,719 4,669 4,689 4,645 4,853 4,992 5,451 5,704 5,529 5,917 Other 2 1,515 1,335 1,392 1,428 1,326 1,363 1,346 1,317 1,389 1,348 1,343 1, 395 Other liabilities (including reserves). 377 437 460 608 629 736 835 821 859 995 1,105 1,214 Total liabilities other than interagency 3 6,060 6,317 6,571 6,705 6,644 6,743 7,033 7,130 7,699 8,048 7,977 8,526 Excess of assets over liabilities, excluding interagency transactions . _. - ... ... 4,775 4,744 4,570 4,253 4,299 4,434 4,447 4,404 4,076 4,014 4,044 3,974 Privately owned interests 352 340 347 338 355 361 370 381 387 397 405 415 U. S. Government interests 4,423 4,404 4,223 3,915 3,943 4,073 4,078 4,022 3,688 3,617 3,639 3,559 1 Figures for several items of assets and liabilities for periods prior to 1940 differ from previously published figures in that adjustments have been made for the major changes in classifications made by the Treasury in its compilations during the period covered. 2 Excludes Federal land bank bonds held by the Federal Farm Mortgage Corporation. 3 Includes, however, investments in securities of agencies (other than mentioned in footnote 2) and deposits of agencies with Reconstruction Finance Corporation. about $100,000,000 during the year and loans groups of lending agencies, the bulk of whose of and investments in shares of savings and loans and investments were made during loan associations by the Home Owners' Loan 1932 to 1935, namely: (1) the farm mortgage Corporation also declined by about the same agencies, including the Federal land banks amount. Reconstruction Finance Corpora- and the Federal Farm Mortgage Corporation, (2) the Home Owners' Loan Corporation, tion loans to and investments in securities of and (3) the Reconstruction Finance Corporabanks and other financial institutions outtion together with the Public Works Adstanding at the year end were about the same ministration. Other agricultural loans made as a year earlier, in contrast with substantial by various agencies amounted to $1,260,000,decreases in recent years. 000, other home mortgage and housing loans In Table 2, outstanding loans and investto $660,000,000, and miscellaneous loans of ments of, and the Government's proprietary various agencies to $500,000,000. interests in, agencies engaged primarily in The Government's proprietary interests in lending are shown separately from other the agencies engaged primarily in lending agencies. As shown in this table, total loans declined by $180,000,000 during 1940 to and investments aggregated $8,680,000,000 $2,720,000,000 at the end of the year. The at the end of 1940. Of this amount, $6,260,-largest decline, that for the Reconstruction 000,000, or 72 per cent, was held by three Finance Corporation, was due in large part APRIL 1941 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT ernment's proprietary interest in the largest CORPORATIONS AND CREDIT AGENCIES AND PRO- of these, the Tennessee Valley Authority, PRIETARY INTERESTS OF UNITED STATES, increased by $44,000,000 to a total of $350,- DECEMBER 31, 1940 000,000 on December 31, 1940. On the [In millions of dollars] same date, the Government's interests in the newly created National Defense corporations Outstanding loans, invest- amounted to $55,000,000. ments in preferred stock, Proprietary capital notes interests of Reconstruction Finance Corporation and an a d n d d e s b h e a n re tu s r o e f s,U G n o it v e e d r n S m t e a n te t s Public Works Administration.—As shown in financial Table 3, the total outstanding amount of loans institutions and investments of the Reconstruction Finance Corporation and the Public Works Ad- Dec. Change Dec. Change 31, m 31, in ministration declined by $25,000,000 to a total 1940 1940 1940 1940 of $1,610,000,000 at the end of the year. This compares with a decrease of $160,000,- Agencies engaged primarily in lending: Reconstruction Finance Corporation 000 in the previous year. The principal and Public Works Administration 1,609 -25 354 -225 Home mortgage and housing agencies: change during 1940 was in Reconstruction Home Owners' Loan Corporation 2,151 -99 25 -27 Finance Corporation loans for self-liquidat- Other mortgage agencies 1 __ . 477 +52 317 +32 U. S. Housing Authority _ 186 +63 137 -13 ing projects which declined by $44,000,000, Farm credit agencies: Farm mortgage agencies 2,500 -96 401 -111 reflecting in large part the sale to private Commodity Credit Corporation 280 2+45 101 +1 investors of securities acquired in connection Farm Security Administration 375 +118 377 +120 Other 3 602 +2 419 -91 with these loans. Other types of loans and Other lending agencies: Rural Electrification Administration. 249 +66 252 +67 investments showed only minor changes. Out- E O x th p e o r rt-Import Bank _ 1 8 1 3 2 + - 4 6 3 2 1 3 0 0 6 + + 1 5 1 8 standing loans to private corporations for national defense purposes, which were au- Total lending agencies 8,622 +161 2,720 -180 thorized under amendments to the Recon- Other agencies: National Defense corporations 4 55 +55 struction Finance Corporation Act last June, Insurance agencies 5 __ 59 +2 345 +20 aggregated $7,000,000 on December 31, 1940. Tennessee Valley Authority 350 +44 Other (6) (6) 90 +2 Commitments to make these loans outstand- Total all agencies 8,682 +164 3,559 -59 ing near the end of the year amounted to over $100,000,000. 1 Including Federal Home Loan banks, R. F. C. Mortgage Company, Federal National Mortgage Association, and investments in shares of Fe 2 d I e n r a c l o s m a p vi u n t g in s g a t n h d i s l c o h an an a g s e s , o p c r i e a v ti i o o n u s s l b y y p t u h b e l i T sh r e e d a s f u ig r u y r . es for December TABLE 3.—LOANS AND INVESTMENTS OF THE RE- 31, 1939, were adjusted to exclude commodities to which the Corporation CONSTRUCTION FINANCE CORPORATION AND THE had taken title. PUBLIC WORKS ADMINISTRATION DURING 1940 * 3 Including Federal intermediate credit banks, Banks for cooperatives, Production credit corporations, Regional agricultural credit corporations, [In millions of dollars] and Congressional appropriations administered by the Farm Credit Administration. 4 Including Rubber Reserve Company, Metals Reserve Company, Out- Defense Plant Corporation, Defense Supplies Corporation, and Defense Dis- Re- Net stand- Homes Corporation. bursed paid change ing 5 Including Federal Deposit Insurance Corporation, Federal Savings in in in Dec. and Loan Insurance Corporation, Federal Housing Administration, and 1940 1940 1940 31, Federal Crop Insurance Corporation. 1940 6 Less than $500,000. Investment in preferred stock, etc., to a change in the bookkeeping procedure of of banks2 44 56 — 12 483 the Corporation setting up a $125,000,000 re- L L o o a a n n s s t t o o r b a a i n lr k o s ads 1 3 2 7 1 9 2 6 8 + + 2 9 5 4 1 7 3 4 0 serve against losses and contingencies. The Loans to industrial and commercial businesses: United States Government interests in the For national defense 7 (3) +7 7 Other 29 38 -9 122 assets of the four insurance agencies, the larg- Loans to drainage, levee, and irrigaest of which is the Federal Deposit Insurance tion districts 2 3 -1 83 R. F. C. loans for self - liquidating Corporation, increased slightly to a total of projects 54 4 97 —44 36 P. W. A. advances (obligations held $345,000,000 at the end of the year. These by P. W. A. and R. F. C.) +12 5 205 agencies do not make loans except as an inci- Miscellaneous loans . 9 22 -13 69 dent to their insurance functions, but hold Total -25 1,609 assets, primarily in the form of United States 1 Excluding interagency loans and investments. Government obligations, as reserves against 2 Including loans secured by preferred stock, etc., of banks. 3 Less than $500,000. operating losses. Certain other agencies are * Includes obligations sold to others. primarily operating companies. The Gov- 5 Includes $90,000,000 obligations held by Public Works Administration. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 In accordance with the recommendation critical and strategic metals. Its commitcontained in the President's Budget Message ments, which aggregated almost $380,000,000 of January 1940 that $700,000,000 of capital near the end of the year, were largely for funds of certain Government corporations manganese ore and tin. should be returned to the Treasury, the Re- The Defense Plant Corporation was creconstruction Finance Corporation is sched- ated on August 22 to carry out the provisions uled to repay $175,000,000 of its capital or of the amendments with regard to plant and surplus funds, to purchase the $125,000,000 equipment for the manufacture of national of capital stock of the Federal Home Loan defense materials. The Corporation does not banks held by the Treasury, and to purchase make loans, but builds and owns plants neces- $50,000,000 of securities from the Public sary for national defense and leases them to Works Administration, a total of $350,000,- private operating companies. This arrange- 000. Amendments to the Reconstruction ment leaves free some of the funds which the Finance Corporation Act to facilitate these War and Navy Departments would otheroperations were enacted last June, but none wise have to obligate for the defense plant of these transactions had been made up to expansion. The lease agreement most fre- December 31, 1940. quently used to date provides that the operating company will pay a rental of $1 a National Defense corporations.—The year to the Corporation and that the price amendments to the Reconstruction Finance charged the Government for defense mate- Corporation Act of June 25, 1940 also aurials will not include any charge for the thorized the Reconstruction Finance Corpofacilities. The War or Navy Department ration, with the approval of the President, to agrees to reimburse the Corporation for organize corporations to aid the Government 40 per cent of the total cost by June 1942 and in its national defense program. These corfor the remaining 60 per cent thereafter, proporations were given power under the law: viding Congress makes sufficient funds avail- "(a) to produce, acquire, and carry strategic able. The operating companies are given opand critical materials as defined by the Presitions to purchase the facilities after the dent, (b) to purchase and lease land, to puremergency, but if the options are not exerchase, lease, build, and expand plant and to cised, the facilities become the property of purchase and produce equipment, supplies, the Army or Navy after they have reimand machinery for the manufacture of arms, bursed the Corporation, as explained above. ammunition, and implements of war, (c) to The Defense Plant Corporation has other lease such plants to private corporations to types of lease agreements under which the engage in such manufacture, and (d) if the President finds that it is necessary for a operating company is charged rental based Government agency to engage in such manu- upon expected net sales. facture, to engage in such manufacture Commitments of the Defense Plant Coritself." poration near the end of the year aggregated Under authority of these amendments, five$350,000,000, of which about 80 per cent corporations were created last summer and was for construction of plants and the acfall by the Reconstruction Finance Corpora- quisition of machinery and equipment for tion, namely, the Rubber Reserve Company, the manufacture of airplanes and parts. Metals Reserve Company, Defense Plant Cor- The remaining commitments were for maporation, Defense Supplies Corporation, and chine tools, docks, shipyards, and the manu- Defense Homes Corporation. The Rubber facture of tanks and tank engines, ordnance, Reserve Company, created on June 28 to ac- and other items. quire a reserve of raw rubber, up to the close As mentioned earlier, the Reconstruction of the year had agreed to purchase up to 430,- Finance Corporation itself makes direct loans 000 tons of crude rubber at a cost of $190,- to private concerns for national defense pur- 000,000. Of this rubber, 52,516 tons had poses. On November 18 the Federal Loan been delivered, 20,139 tons were in transit, Administrator announced that on loans made and 16,343 tons were awaiting shipment at by the Reconstruction Finance Corporation, the end of the year, and the balance should either directly or through banks, or by the be accumulated during 1941. Defense Plant Corporation, the interest rate The Metals Reserve Company also was will be IV2 Per cent per annum where there created on June 28 to acquire reserves of is a definite agreement for reimbursement by APRIL 1941 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 the War or Navy Department over a period of 'ABLE 4.—PRINCIPAL ASSETS AND LIABILITIES OF five years. On defense loans where there is no HOME MORTGAGE AND HOUSING AGENCIES, definite undertaking for reimbursement by DECEMBER 31, 1940 the War or Navy Department the interest [In millions of dollars] rate will be appropriate to the credit factors o p f e T r t h h c e e e n i t D n . d e i f v e i n d s u e a l S c u a p s p e, l ie b s u t C n o o r t p m or o a r ti e o n th a w n a 4 s O C H r L a w o o t o r i n m a p o e n o n e r - s' F H b L e a d o o n m e a k r n a s e l N F M a e g t d a i o g o e r r n e t a - a l l R M C p g . a F o a o n g m . r C y e t - - . A H U S u o n t i a u t t i h y t t s e e o in s d r- g created on August 29 to acquire and carry a tion reserve supply of critical and strategic ma- Assets terials and supplies. Its outstanding commitments near the end of the year of $55,000,- Loans 1,956 201 181 67 Shares of savings and 000 included an allocation of $50,000,000 for loan associationsl 194 ash and U. S. Govthe purchase of high-test aviation gasoline ernment obligations.. 189 () 54 and $5,000,000 for the purchase of nitrate 'roperty held for sale.. 357 Other assets 10 1 of soda from Chile. In addition, $12,000,000 Total assets 3 2,706 300 186 70 370 has been supplied to the Corporation from the Liabilities President's emergency funds to pay for the transportation to and storing in this country Bonds and notes: Guaranteed by U. S. 2,615 226 of 250,000,000 pounds of Australian wool. Other ..... Other liabilities 67 Defense Homes Corporation was created on October 23 to assist in providing homes in Total liabilities 3. 2,682 119 89 232 localities where manufacturing is necessary In addition to these investments, the Treasury had $27,000,000 inin connection with facilities for the War and vested in shares of Federal savings and loan associations. Navy Departments, where private capital is 3 2 E L x e c s l s u d th in a g n $ i 5 n 0 t 0 e , r 0 a 0 g 0 e . ncy items except investments in securities of not available, and where it is anticipated that other agencies and deposits with the Reconstruction Finance Corporaion. the homes will be of permanent value to the and principal and of any advances made by community. Mortgages on these homes will the Corporation for delinquent taxes, assessbe insured by the Federal Housing Adminisments, and insurance so that a new start is tration and, if not purchased by private inmade with revised installment payments. In vestors, will be held by the Federal National order to provide the best possible safeguard Mortgage Association or the R. F. C. Mortagainst future delinquencies on taxes and ingage Company. The Defense Homes Corposurance, the Corporation has required that a ration furnishes the equity in these projects. home owner to whom extensions are granted Home mortgage and housing agencies.— enter into an agreement with the Corporation The principal items of assets and liabilities of under which he deposits monthly with the the home mortgage and housing agencies on Corporation one-twelfth of annual taxes and December 31, 1940, are summarized in one-thirty-sixth of the amount of a three-year Table 4: fire insurance premium. The emergency Home Owners' Loan Cor- The progress toward liquidation of the poration, established in 1933, made loans, to Corporation's affairs was more rapid in 1940 be amortized in 15 years, to home owners in than in any prior year owing largely to ina refinancing program which terminated in creased sales of acquired properties. The June 1936. Since that date the principal ac- total balance of loan and property accounts tivities of the Corporation have been the serv- decreased by $235,000,000 during the year icing of loans and the management and sale to a total of $2,310,000,000 on December 31, of properties acquired. During 1940, the 1940. This compares with decreases in these policy of making revisions and extensions in accounts ranging from $97,000,000 to $163,loan terms, begun late in 1939, was continued 000,000 during the calendar years 1937 to in accordance with legislation enacted in Au- 1939. Outstanding loans declined during gust 1939 providing that the Corporation the year by $82,000,000, an amount conmay extend loans to a maximum of 25 years siderably smaller than the reductions which in cases where such extensions appear justi- took place in earlier years. Principal repayfied. These extensions and revisions provide ments on original loans and on loans created for the inclusion in the amount of the loan, in connection with sales of acquired properas extended or recast, of delinquent interes ties were larger than in the previous year, 302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 but loan balances transferred to property percent, as compared with 65 per cent in and other accounts as foreclosures were 1939 and 54 per cent in 1936. authorized were only about one-third as large The Federal National Mortgage Associaas in 1939. The largest factor in the reduc- tion and the R. F. C. Mortgage Company, tion of foreclosures in 1940 was the policy both of which are owned by the Reconstrucpursued by the Corporation in carrying out tion Finance Corporation, are engaged in the program of loan extensions and revisions mortgage lending primarily through the purauthorized by legislation in August 1939. As hase and sale of mortgages insured by the the result of lower foreclosures and increased Federal Housing Administration. The Fedsales of acquired properties, the value of iral National Mortgage Association deals property held for sale was decreased by hiefly in mortgages on new homes and rental about $150,000,000. housing projects, while the R. F. C. Mort- Investments of the Home Owners' Loan gage Company deals primarily in insured Corporation in shares of Federal and other mortgages on old homes and on income-prosavings and loan associations declined by ducing properties. At the end of 1940 the almost $20,000,000 to a total of $190,000,000 Federal National Mortgage Association held at the end of the year. The Corporation $181,000,000 of insured mortgages, an inis authorized to invest up to $300,000,000 crease of $34,000,000 for the year. Total in shares in these associations, but since 1938 loans and insured mortgages of the R. F. C. these investments have been restricted to Mortgage Company increased by $10,000,000 special cases usually connected with the re- during the year to a total of $67,000,000. habilitation of local savings and loan institu- Funds for the operations of both of these tions. The Treasury's investment in shares agencies during 1940 were obtained from the of Federal savings and loan associations de- Reconstruction Finance Corporation. creased by $13,000,000 during the year to a The United States Housing Authority, total of $27,000,000 on December 31, 1940. which was organized in 1937, is authorized This remaining amount is scheduled to be to make long-term loans up to $800,000,000 repurchased by the associations in 1941 under to local housing authorities for slum clearance the plan for repayment of $700,000,000 of and low rent housing projects. By the end of capital funds of certain agencies already 1940 definite contracts had been made calling mentioned. for maximum advances of $675,000,000. Net Net receipts from the operations of the loans actually made during the year increased Corporation in 1940 were used for the retire- by $63,000,000 to a total of $186,000,000. ment of $200,000,000 of its guaranteed bonds. Funds for the operations of the Authority Total resources of the Federal Home Loan during the year were obtained from the sale banks increased from $255,000,000 to $300,- to the public of $112,000,000 of fully guaranteed notes part of which went into increased 000,000 during the year, due primarily to an cash holdings. increase of $42,000,000 in outstanding consolidated debentures, the proceeds from which The program of permitting the financing went into increased loans and cash holdings. of construction costs of local authority hous- Outstanding advances by the banks to mem- ing projects through sales of short-term tember institutions, which declined sharply dur- porary loan notes by local authorities to private bidders was continued during 1940. The ing the first quarter of the year, began to Authority is irrevocably committed to deposit increase in May, and the rise was particufunds with the Federal Reserve Banks to relarly marked in the last quarter. Total outtire these notes when they mature. During standing advances amounted to $200,000,000 the year a total of $502,000,000 of these notes at the end of December, a new high record. of local authorities were sold, while $306,- At that time the combined estimated assets 000,000 were paid off at maturity, and on of all member institutions reached a total of December 31, about $250,000,000 were out- $5,070,000,000 compared with $4,740,000,000 standing. The interest rates paid during at the close of 1939. The volume of new loans 1940 on such notes ranged from .29 to .70 of made by all savings and loan associations 1 per cent. In February 1940, a further step for the year aggregated $1,200,000,000, an was taken in financing the development costs increase of 22 per cent over 1939. The proof housing projects by direct sales of longportion of their mortgage loans in 1940 used term securities of local authorities to the pubfor construction and home purchase was 69 lic. This program was designed to obtain APRIL 1941 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 greater participation by the public in the gages, exclusive of terminations and amortifinancing of low cost housing projects. The zation payments, reached $2,710,000,000 by long-term financing served the purpose of ob- the end of 1940. Mortgages accepted for intaining the 10 per cent of the development surance, which represent commitments to costs which local authorities are required to grant insurance upon completion of financing provide on their projects, and also of cover- arrangements, aggregated $880,000,000 in ing some of the additional financing needs. 1940, an increase of about 20 per cent over During the year about $20,000,000 of long- the preceding year. Over 80 per cent of the term bonds were sold, of which nearly $7,- total mortgages accepted for insurance in 000,000 represented funds in excess of the 1940 were for new homes, as compared with minimum requirements for local authorities. 76 per cent in 1939. Loans for property im- Actual disbursements by local housing au- provement, including new construction, inthorities on public housing projects amounted sured under Title I of the National Housto about $250,000,000 in 1940, or an average ing Act, which became premium-paying of slightly over $20,000,000 a month. amounted to $280,000,000 in 1940 and the The United States Housing Authority is cumulative total of these loans increased to one of the Government agencies participating $1,240,000,000 at the end of the year. Of the in the construction of defense housing proj- increase in 1940 of loans insured under this ects for Army and Navy enlisted personnel Title of the Act, $25,000,000 represented and civilian employees and for workers en- mortgages on new low-priced homes. Insured gaged in industries connected with and essen- mortgages on rental and group housing projtial to national defense. Under the authority ects which became premium-paying in 1940 of the defense housing legislation enacted in increased by $13,000,000 to a total of $127,- June 1940, the Authority, in cooperation with 000,000. local housing authorities, had undertaken up Total assets of the Federal Housing Adto the end of the year 19 defense housing ministration increased by $23,000,000 in projects with a total estimated development 1940, reflecting largely increases in the incost of about $25,000,000. In addition, the surance funds which it administers. At the Authority had allocated to the Army and end of the year the Mutual Mortgage Insur- Navy funds for the construction of four ance Fund had total assets of $39,000,000, projects at an estimated cost of slightly over an increase of $9,000,000 for the year; total $7,000,000. The Authority is also partici- assets of the Housing Insurance Fund, which pating in the housing program authorized by covers insured mortgages on rental housing the Lanham Act, approved October 1940, projects, increased to $12,000,000 on Decemwhich made available to the Federal Works ber 31, 1940. The amount of guaranteed de- Administration $150,000,000 for defense bentures issued in settlement of insurance housing. Up to the middle of March 1941, claims, which were outstanding at the end of there had been assigned to the Authority 35 the year, aggregated $12,950,000, an increase Lanham Act projects, containing nearly 13,- of $9,400,000 for the year. Foreclosed prop- 000 housing units and having an estimated erty increased by $7,000,000 to a total of cost of around $50,000,000. $9,890,000 at the end of 1940. The Federal Housing Administration, Farm credit agencies.—The principal aswhich is included in the BULLETIN tables sets and liabilities of the farm credit agencies under "Insurance Agencies", makes no mort- on December 31, 1940 are shown in Table 5. gage loans but insures approved lending insti- Outstanding loans of the permanent Fedtutions on loans secured by mortgages on eral land banks and the emergency Federal homes and rental housing properties and on Farm Mortgage Corporation, both of which loans for property improvements which meet are under the direct supervision of the Farm certain requirements. During 1940, the vol- Credit Administration, declined by about ume of business transacted by this agency $100,000,000 to a total of $2,500,000,000 on continued to increase. Home mortgages in- December 31, 1940, of which $1,850,000,000 sured during the year under Title II of the were first mortgage loans of the Federal land National Housing Act, as indicated by those banks. New loans made by these agencies in that became premium-paying, aggregated 1940 aggregated $100,000,000, an increase of $740,000,000, an increase of almost $70,000,- $22,000,000 as compared with 1939. Approx- 000, or 10 per cent as compared with 1939. imately two-thirds of these loans in 1940 were The cumulative total of these insured mort- used for refinancing purposes. 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 Principal repayments of loans to the Fed- in the calendar year 1940. About one-half of eral land banks were about $5,000,000, or 5 all these loans, which were originally for 13 per cent larger in 1940 than in 1939. The years, are now on a 20-year basis. Sales of percentage of land bank loans in good stand- foreclosed properties also increased substaning increased slightly to 77.8 per cent on tially in 1940. December 31, 1940, as compared with 77.5 By legislation enacted in June, the temper cent a year earlier. Principal repay- porary reduction in interest rates on Federal ments on loans of the Federal Farm Mort- land bank loans of SV per cent was con- 2 gage Corporation, which are known as "Land tinued until June 30, 1942, and the rate on Bank Commissioner loans", declined slightly, Commissioner loans until that date was rebut the proportion of these loans with all duced from 4 to 3V per cent. Payments by 2 matured installments fully paid increased the Treasury to these agencies in 1940 to from 70.3 per cent on December 31, 1939, to reimburse them for interest reductions amounted to $36,000,000. TABLE 5.—PRINCIPAL ASSETS AND LIABILITIES OF The following summary derived from a FARM CREDIT AGENCIES, DECEMBER 31, 1940 consolidation of data published in the daily Treasury statements for the Federal land [In millions of dollars] banks and Federal Farm Mortgage Corporab l F e a a e r n n a d k d l - s C r M F F a g e o a t a e r o r i r g a d p o r m l e t - o n - - p i a A o s C n b O F t r d r d a a r a a t m e t n h r i t d c k m o i e i o o i n s n r t n r - s - 1 b p i A A s a i y r C s t d i d r p t a r m e a F m e t p r t i d a r i i o e i n o o r i n d n t m - n - - s m C C r C a o r o t o e r i d m p o d i o n i t - t y - i t m S t r F y a e a i t c n A r i u o i m s r d n - - - C t t s h i h e o a e t n L n s s g o e e a s n i a s n i a n n d g d as i e s c e n t l a s i c t a a i e n e b d s s i l l i t a i d h b t i i u l e e it i r s e i m s n 1 a o g a t n h j e o d 1 r r 9 t h c 4 a c n a 0 h p f . u a i n n t d a e g d l e d s a e b c t i : c n o — u t $ h n 96 e t ,0 s 0 0 a , o 0 s 0 f - 0 Property held for sale.. -20,000,000 Cash and United States direct obligations +23,000,000 Assets Other assets less miscellaneous liabilities. +1,000,000 Loans and stock.. 1,851 648 349 253 280 375 Aggregate net change -$92,000,000 Cash and U. S. Gov't obliga- Changes in funded debt and net worth: Ac ti c o o n u s nts and 130 53 162 14 2 Federal land bank bonds +$6,000,000 other receiv- Private capital stock -1,000,000 Pr a o b p l e e r s t . y . held for 166 45 4 67 29 E U a n r i n te e d d S su ta r t p e l s u s G o o f v e F r e n d m er e a n l t la p n r d o p b ri a e n t k ar s y interests: +14,000,000 Ot s h a e le r assets 7 1 7 4 12 38 5 57 6 0 N Pa e i t d N - li i a n e b t c i c l a i h t p a y i n ta g to l e a o n th d e r s u a r g p e l n u c s i es -$1 -1 0 1 0 , , 0 0 0 0 0 0, , 0 0 0 0 0 0 -111,000,000 Total assets4. 2,239 758 553 271 926 405 -$92,000,000 LiabUities i Excluding interagency items except investments in securities of other Bonds,notes,and agencies (other than Federal land bank bonds). debentures: The Federal land banks during the last Guaranteed by U. S. 1,270 696 quarter of 1940 repaid to the Treasury $100,- Other 3 995 201 Other liabilities __ 64 52 8 193 129 28 000,000 of capital funds, the full amount of repayments scheduled for this agency during Total liabilities 4 1,059 1,321 209 193 825 28 the fiscal year ending June 30, 1941. Of this amount $57,000,000 represented repayment 1 Includes Federal intermediate credit banks, Banks for cooperatives, of capital stock and $43,000,000 represented Production credit corporations, and Regional agricultural credit corporations. repayment of paid-in surplus, which reduced 2 Less than $500,000. 3 Excluding $761,000,000 Federal land bank bonds held by Federal the Treasury's investment in these accounts Farm Mortgage Corporation. 4 Excluding inter agency items except investments in securities of other to $67,000,000 and $145,000,000, respectively. agencies (other than mentioned in footnote 3) and deposits with Re- These repayments were made from accumuconstruction Finance Corporation. lated cash funds received from operations, 74.9 per cent at the end of 1940 due in part from borrowings at commercial banks, and to the reamortization of mortgages. from sales of their investments in Govern- Foreclosures on both land bank and Land ment securities. The repayment of $100,- Bank Commissioner loans decreased sharply 000,000 of capital stock scheduled for the in 1940 due in large part to the reamortiza- Federal Farm Mortgage Corporation was tion of relatively short-term mortgages for authorized by legislation enacted in June, but longer terms and to the variable and sus- no repayments were made up to the end of pended payment plans and stand-still agree- the year. ments begun in December 1939. Almost Other agricultural loans, together with in- 90,000 Commissioner loans were reamortized vestments in capital stock of agricultural APRIL 1941 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 lending institutions, of agencies other than dition to the loans held by the Commodity the Reconstruction Finance Corporation and Credit Corporation, about $380,000,000 of the Export-Import Bank increased by $165,- loans, largely on 1940 cotton and wheat, were 000,000 during 1940 to a total of $1,260,000,- held at the end of 1940 by banks and other 000 at the end of the year. Practically all of lending institutions under purchase agreethis increase resulted from a larger volume ments with the Corporation, an increase of of loans held by the Commodity Credit Corpo- $140,000,000 as compared with December ration and the Farm Security Administra- 1939. Commodities to which the Corporation. Outstanding loans of banks and corpo- tion has taken title increased by $140,000,000 rations under the direct supervision of the to a total of $570,000,000 at the end of the Farm Credit Administration, including the year. This amount includes about 90,000 Federal intermediate credit banks, Banks for tons of rubber valued at over $30,000,000 cooperatives, and the Regional agricultural which was acquired in exchange for cotton credit corporations increased by $20,000,000 under the 1939 barter agreement with Great to a total of $290,000,000 at the end of the Britain. To finance its requirements the year. Investments by the Production credit Corporation sold $290,000,000 of guaranteed corporations in Class "A" stock of Production notes in August which increased the total credit associations of $61,000,000 at the end amount outstanding to about $700,000,000. of 1940 were $14,000,000 smaller than a year The annual appraisal of the Corporation's earlier. During the last quarter of 1940, the assets provided by law showed an apprecia- Federal intermediate credit banks and the tion of $44,000,000 as of March 31, 1940, and Production credit corporations returned $40,- this amount was paid into the Treasury in 000,000 and $15,000,000, respectively, of cap- June. In 1938 and 1939 Congress approital funds to the Treasury, the full amount priated $94,000,000 and $120,000,000 to rescheduled for these agencies. In the same store the capital impairment in those years. period the Banks for cooperatives repaid Under the Act of August 9, 1940, the amount $48,000,000 in capital funds and an additional of guaranteed obligations which the Com- $12,000,000 is to be repaid before June 30, modity Credit Corporation may have out- 1941. Funds for the repayments made were standing was increased from $900,000,000 to obtained largely from sales of their invest- $1,400,000,000. ments in Government securities and from Loans of the Farm Security Administration cash on hand. The major changes during outstanding on December 31, 1940 amounted 1940 in the assets and liabilities and capital to $375,000,000, an increase of $120,000,000 accounts of these banks and corporations are for the year. The chief functions of this summarized below: agency are to continue the rural rehabilitation program begun by the Resettlement Adminis- Changes in assets and liabilities1 other than funded debt: tration and to administer the farm purchase Loans +$21,000,000 Class ''A" stock of production credit associations —14,000,000 program under the Farm Tenant Act of 1937 Cash and U. S. Government obligations —101,000,000 Federal land bank bonds -16,000,000 under which tenants, sharecroppers, and farm Other net assets less miscellaneous liabilities +21,000,000 laborers may receive long-term loans for the Aggregate net change —$89,000,000 purchase of farms. Up to July 1, 1940, funds Changes in funded debt and net worth: for the operations of this agency were sup- Federal intermediate credit bank debentures — $6,000,000 plied by direct appropriations by Congress. United States Government proprietary interests: Capital -$65,000,000 Since that date, loan funds have been fur- Paid-in surplus —30,000,000 nished by the Reconstruction Finance Cor- Earned surplus +13,000,000 Net liabilities to other agencies —1,000,000 poration. Net change -83,000,000 Other lending agencies.—The major part -$89,000,000 of loans not discussed above consists of rural 1 Excluding interagency items except investments in securities of other electrification loans, loans by the Export-Imagencies. port Bank, ship loans, and World War rail- Outstanding loans of the Commodity Credit road loans. Outstanding loans of the Rural Corporation increased by $45,000,000 during Electrification Administration, whose func- 1940 to a total of $280,000,000 at the end of tion is to facilitate the use of electricity in the year. This increase resulted from the rural areas, increased by almost $70,000,000 purchase in August of maturing corn loans to a total of $250,000,000 on December 31, from banks and other lending institutions 1940. Funds for these loans in the first half which had been made under definite purchase of the year were available from Congressional agreements with the Corporation. In ad- appropriations and from allocations by the 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
United States Government Corporations and Credit Agencies in 1940 Reconstruction Finance Corporation. Sub- the construction or acquisition of basic insequent to June 30, 1940, loan funds were dustrial and transportation facilities which supplied exclusively by the Reconstruction will assist in the development of their re- Finance Corporation as provided by law. sources. The Export-Import Bank, which was cre- Total assets of the United States Maritime ated in 1934 to aid in financing and in facili- Commission increased by $40,000,000 during tating the foreign trade of the United States, 1940. Outstanding construction loans made had its lending authority increased substanti- by the former United States Shipping Board ally by legislation enacted in 1940. Under Merchant Fleet Corporation were reduced the Act of March 2, its lending authority was by about $10,000,000 to a total of $36,000,000 increased from $100,000,000 to $200,000,000 at the end of the year. These loans represent with a provision that the aggregate amount the balance outstanding of about $150,000,000 of loans which may thereafter be made to any loaned under authority contained in the Merone foreign country and agency, or nationals chant Marine Acts of 1920 and 1928. The thereof, shall not exceed $20,000,000; this Merchant Marine Act of 1936, which disamount is in addition to loans authorized or solved this Corporation and created the made prior to March 2, 1940. The Act of United States Maritime Commission, ended September 26 increased the loan authority the old system of construction loans and subof the Bank to $700,000,000 outstanding at stituted a Government-aid plan of construcany one time and eliminated the limitation tion-differential subsidies whereby the Govon the aggregate amount of loans which may ernment agrees to pay, up to a certain be outstanding to any one country. In addi- percentage, the difference in the cost of buildtion, the Bank was permitted to make loans ing a vessel in an American and a foreign to assist in the development of the resources, shipyard. Outstanding advances to American in the stabilization of the economies, and in shipbuilders for vessels under construction the orderly marketing of the products of the but uncompleted amounted to $115,000,000 countries of the Western Hemisphere. The at the end of the year, as compared with $90,- Act also extended the life of the Bank from 000,000 a year earlier. The total payments June 30, 1941, to January 22, 1947. The by the Commission to shipbuilders for both Bank's operations are financed by the Recon- completed ships and those under construction struction Finance Corporation either through amounted to $210,000,000 by the end of 1940, advances or subscriptions to preferred stock. an increase of $130,000,000 during the year. The Commission also had outstanding on During 1940, outstanding direct loans of December 31, 1940, commitments and acthe Bank increased by $43,000,000 to a total counts payable on ship construction contracts of nearly $83,000,000. In addition the Bank amounting to $240,000,000. Outstanding had a contingent liability at the year-end of ship-sales notes arising from the sale of vesabout $48,000,000 on loans which had been sels increased from $9,000,000 at the end of made by commercial banks pursuant to ar- 1939 to $35,000,000 at the end of 1940. rangements between the borrowers, the banks, and the Export-Import Bank. The The operations of the Maritime Commis- Bank also had commitments not yet dis- sion have been affected by the European war. bursed for direct advances or loans by com- The general program of contracting for the mercial banks of about $290,000,000 at the construction of 50 new vessels a year was end of 1940. This total included about $70,- accelerated in August 1939, when the out- 000,000 authorizations to China and about break of war was imminent, and the program $30,000,000 to various European countries, was stepped up further during 1940. In adwhile over $180,000,000 was to Latin-Ameri- dition to these regular activities of the Comcan countries, the bulk of which represented mission, a program of emergency ship buildauthorizations made subsequent to the pas- ing has been inaugurated. Allocations of sage of the Act of September 26. These loan $3(5,000,000 in contract authorizations for authorizations to the Latin-American coun- this purpose were made during the latter part tries have taken two principal forms: (1) of 1940 from the emergency funds of the credits to provide dollar exchange for pur- President. In February 1941, Congress apchases in the United States which are de- propriated an additional $314,000,000, maksigned to enable the countries to counter- ing an aggregate amount of $350,000,000 act some of the economic difficulties result- available for an "emergency ship construcing from the disruption of their foreign tion fund" which will be used for the contrade by the war, and (2) loans to finance struction of 200 standardized cargo ships. APRIL 1941 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
7tom the Hoatd 5 Cotlelpondence Questions of general interest, relating to money and banking, wre answered in this section of the BULLETIN. of} UnctQale in Vepolit5 on Untetelt JQated QUESTION in gold stock, which has been largely responsible for the increase in bank reserves and What effect, if any, has the increase in bank deposits caused by member banks buying Government has also been an important source of the bonds had upon the interest rate? growth in bank deposits. Since the end of I find expert economists differing about this point. January 1934, the country's monetary gold Some maintain that it has had no effect; others say stock has increased by more than $15 bilthat it has been, next to the increase in gold, one of the most important factors causing low interest lions. The increase in bank reserves resultrates. ing from the gold inflow (and also from silver purchases) has been pffset in part by in- ANSWER creases in money in circulation and in for- Interest rates are affected by many factors, eign deposits at the Federal Reserve Banks. some influencing the supply of lendable funds, Member bank reserves at present are about and others affecting the demand for such $12 billion larger than on January 31, 1934. funds. Since 1934 the dominant and basic Their required reserves have increased by factor tending to reduce interest rates has about $6 billions, as a result in part of the been the large inflow of gold, which has growth in deposits and in part of the impogreatly increased both bank deposits and sition of higher ratios of reserve requirebank reserves. On the basis of their addi- ments. Excess reserves of member banks tional reserves, banks have substantially in- have nevertheless increased and during most creased their holdings of Government securi- of the past year have been in excess of $6 ties, thereby further expanding the volume billions. Excess reserves held in large volof bank deposits. A portion of the additional ume are an inducement for banks to increase bank deposits has been in funds held pend- their loans and investments. ing investment by individuals and institu- When banks make additional loans and intions, and the pressure of these funds on the vestments, bank deposits increase. If, for market has no doubt been a factor tending example, a bank purchases securities in the to reduce interest rates. open market from a nonbank holder, the Another phase of the problem has been seller receives a new bank deposit which he that the growth in the demand for in-may spend or hold depending upon the reason vestment funds has not been commensurate which induced him to convert his securities with the growth in their supply. A large into cash. If the banks buy bonds directly growth in liquid resources has enabled busi- from the Government, the immediate effect ness enterprises generally to meet not only is to increase the Treasury's balances either current financial requirements, but also many at commercial banks or at the Reserve Banks. capital needs, without applying either to the As the Treasury draws upon these balances, banks or to the capital markets for funds. the deposits of the general public are in- The Federal Government has been the only creased.1 Purchases of securities by banks substantial borrower during the period, and and by others do not affect the volume of its requirements have absorbed only a por- bank reserves, except perhaps temporarily, tion of the available idle funds. but owing to the resulting growth in bank As already indicated, the basic factor in the decline in interest rates during the past 1 The case in which the bonds are purchased directly from the Government is considered in detail in a discussion of "Deficit seven years has been the tremendous increase Financing and Bank Reserves", which appeared in the BULLETIN for January 1940, pp. 9-10. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
From the Board's Correspondence deposits, the amount of reserves required to growth in deposits increases the supply of be held is increased and the volume of excess funds seeking investment that a pressure on reserves held by the banks is reduced. interest rates develops. The extent to which interest rates are Total demand and time deposits of banks, affected by an increase in deposits resulting excluding inter-bank deposits and collection from bank purchases of Government securi- items, now exceed $65 billions compared with ties depends to some extent on the type of about $50 billions in 1929, and less than $40 holders into whose possession the increased billions in 1933. The rate of turnover or use deposits ultimately gravitate. It also depends of these deposits, however, has continued to upon general business and credit conditions. decline, indicating that a substantial portion If, for example, the increase in deposits is of the increase in the volume of deposits, replargely concentrated in the hands of corpora- resents investable funds rather than curtions which need larger working balances rently active balances. The existence of these because of increased business activity, inter- funds has been a factor in producing and est rates are little affected. Likewise, if the maintaining the low level of interest rates. increase occurs in the deposits of people who Because of the many other forces which have are not interested in investing their funds operated in the same direction, however, it is under current conditions, the effect upon in- impossible to determine how important a terest rates is negligible. It is when the factor the growth of deposits has been. APRIL 1941 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
(zuttent Meeting of the Federal Open Market Committee Admissions of State Banks to Membership in the The Federal Open Market Committee held Federal Reserve System its first meeting of the year in Washington The following State banks were admitted on March 17. At that meeting Marriner S. to membership in the Federal Reserve Sys- Eccles was re-elected Chairman of the Com- tem during the period February 16, 1941, to mittee and Allan Sproul was elected Vice March 15, 1941, inclusive. Chairman. The representative members of the Com- Illinois mittee elected by the Federal Reserve Banks Farina—State Bank of Farina for the period of one year beginning March 1, St. Elmo—Fayette County Bank Tinley Park—Bremen State Bank 1941, are Allan Sproul, M. J. Fleming, Hugh Villa Grove—Villa Grove State Bank Leach, Chester C. Davis, and John N. Peyton, Presidents of the Federal Reserve Banks of Indiana New York, Cleveland, Richmond, St. Louis, Bippus—The Bippus State Bank and Minneapolis, respectively. Mr. Davis' Chesterton—Chesterton State Bank election is to be effective as of April 16, 1941, Iowa the date upon which he assumes his duties as Estherville—Iowa Trust & Savings Bank President of the Federal Reserve Bank of St. Louis. Maryland The members of the executive committee Williamsport—The Savings Bank of Williams* are Marriner S. Eccles, Chairman; Allan port, Maryland Sproul, Vice Chairman; Ronald Ransom, New Jersey John K. McKee, and Hugh Leach. Key port—The Key port Banking Company Death of President of Federal Reserve Bank of Atlanta New York Robert S. Parker, President of the Federal Reserve Bank of Atlanta, died on March 28, Cicero—Cicero State Bank Clyde—Citizens Bank of Clyde 1941. For many years prior to his retention Hudson—Hudson River Trust Company by the Atlanta Bank on May 1, 1930, as its Worcester—The Bank of Worcester General Counsel, Mr. Parker was a partner in the legal firm retained by the Bank. He Ohio continued as the Bank's General Counsel until Green Springs—The Commercial Bank Com- March 1, 1936, when he was appointed First pany Vice President and General Counsel. He Killbuck—The Killbuck Savings Bank Company served in that capacity until February 20, Virginia 1939, when he was appointed President. Re- Elkton—The Bank of Elkton, Incorporated cently he was reappointed President of the Bank for the five-year term beginning March Wisconsin 1, 1941. Milwaukee—Park Savings Bank 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Meur Weekly Undex ofi Vepattment State Stale* A NEW weekly index of department store NEW WEEKLY INDEX OF DEPARTMENT STORE SALES sales is shown in the accompanying table Weeks ending on dates shown and chart and will be published regularly in 1935-1939 average=100 the Board's weekly statement on department store sales and in the BULLETIN. The index Jan 1 . 937 Jan 1 . 938 Jan 1 . 939 Jan 1 . 940 Jan 1 . 941 is expressed in terms of weekly average sales 9- 95 8- 93 7- 79 6- 82 4- 85 16- 88 15- 85 14- 83 13- 86 11- 99 in the five years 1935 through 1939 and is not 23- 82 22- 81 21- 80 20- 83 18- 90 adjusted for seasonal variation. The new 30- 88 29- 77 28- 76 27- 79 25- 89 index gives a prompter picture of short-term Feb. Feb. Feb. Feb. Feb. 6- 89 5- 84 4- 79 3- 86 1- 94 changes in department store trade than is 13- 90 12- 82 11- 80 10- 80 8- 95 furnished by monthly figures and is much 20- 89 19- 79 18- 80 17- 82 15- 97 27- 95 26- 82 25- 78 24- 82 22- 88 clearer and more useful than the weekly sales Mar. Mar. Mar. Mar. Mar. comparisons which the Board has published 6-102 5- 85 4- 90 2- 95 1-101 during the past three years. 13-103 12- 88 11- 89 9- 98 8- 97 20-106 19- 90 18- 93 16- 99 15-105 For the period since the beginning of 1937, 27-118 26- 99 25-102 23-113 22-111 30- 88 29-117 when weekly figures were first reported, Apr. Apr. Apr. through 1940 the index is compiled from sales 3-106 2-103 1-110 Apr. Apr. 10-104 9- 97 8-118 6-112 5-... data reported to the Federal Reserve Banks 17-106 16-115 15- 92 13- 97 12-... 24-106 23- 93 22- 93 20- 99 19-... by about 275 larger department stores located 30- 92 29- 98 27- 98 26-... in all parts of the country and accounting for May 1-107 May May May May approximately half of total national depart- 8-123 7-107 6-104 4-108 3-... 15-103 14- 87 13-106 11-114 10-... ment store sales. Since the end of 1940 the 22-104 21- 89 20- 94 18- 99 17-... index has been carried forward on the basis 29-111 28- 91 27- 97 25- 97 24-... 31-... of sales reports from a more comprehensive June June June June 5-109 4- 91 3- 99 1- 90 June list of stores including the retail departments 12-112 11- 96 10-105 8-120 7-... of national chains in addition to the inde- 19-104 18- 93 17- 98 15-107 14- .. 26- 90 25- 81 24- 84 22- 92 21- .. pendent department stores. 29- 89 28-... July July July 3- 92 2- 83 1- 85 July July DEPARTMENT STORE SALES 10- 65 9- 61 8- 62 6- 67 5-... 17- 76 16- 69 15- 73 13- 78 12-... 1935- 1939 AVERAGE =100 24- 71 23- 62 22- 67 20- 72 19-... 31- 76 30- 67 29- 66 27- 69 26-... Aug. Aug. Aug. Aug. Aug. 7- 79 6- 70 5- 77 3- 81 2-... 14- 80 13- 69 12- 73 10- 79 9-... 21- 79 20- 72 19- 76 17- 81 16-... 28- 92 27- 79 26- 82 24- 92 23-... 31-118 30-... Sept. Sept. Sept. 4-107 3-105 2-108 Sept. Sept. 11-102 10- 94 9- 98 7-109 6-... 18-129 17-111 16-112 14-123 13-... 25-111 24^104 23-107 21-117 20-... 30-120 28-120 27-... Oct. Oct. 2-124 1-105 Oct. Oct. Oct. 9-121 8-112 7-123 5-125 4-... 16-127 15-103 14-112 12-115 11- .. 23-116 22-105 21-116 19-123 18-... 30-114 29-108 28-114 26-121 25-... Nov. Nov. Nov. Nov. Nov. 6-120 5-109 4-123 2-117 1-... 13-110 12-108 11-116 9-122 8-... 20-120 19-113 18-115 16-130 15-... 27-107 26-102 25-107 23-116 22-... 30-147 29-... Dec. Dec. Dec. 4-151 3-147 2-139 Dec. Dec. 11-186 10-181 9-188 7-197 6-... 18-219 17-221 16-235 14-232 13-... 25-191 24-214 23-242 21-258 20-... 31- 73 30- 79 28-124 27-... 1938 Jan. 1- 73 Weekly index, without seasonal adjustment, for week ending Saturday, plotted as of Wednesday. APRIL 1941 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
balance oft international Payment* and DntetnationaL Capital Position of the United State*, 1938-1940 T HE tables on the next page present infor- and silver inflow was, according to the premation on the international transactions liminary estimates, more than $380,000,000 and international capital position of the greater than in 1939, the capital inflow United States which has recently been made through all reporting channels was some available by the Department of Commerce. $630,000,000 less. Information derived from The balance of payment data consist of British sources, however, permits the identifirevised figures for 1938,1 final figures for cation of two further items in the capital 1939,2 and preliminary estimates for 1940. movement during 1940, namely an inflow of The revisions for 1938 are insignificant ex- $720,000,000 representing advance payments cept that the estimate of payments to for- and capital assistance to American suppliers eigners with respect to interest and dividends by the British Government, and an outflow has been reduced by $20,000,000. The final of $100,000,000 representing official British figures for 1939 incorporate important revi- liquidation of securities in this country sions of the preliminary figures in the various through other than reporting channels. After service transactions, the estimate for net pay- these adjustments, the ascertained capital ments to foreigners in these categories having inflow in 1940 comes within $13,000,000 of been increased by $69,000,000, and in the net that recorded in the previous year, but in capital movement, where the total recorded view of the increased margin to be accounted inflow has been increased by $184,000,000. for, the residual item for 1940 exceeds that As a result of these changes the residual item for 1939 by almost $400,000,000. has been reduced by $114,000,000. Several types of capital inflow escape the The preliminary figures for 1940, the first reporting system and thus contribute to the full year of the war in Europe, show a broad residual item. These may be briefly depattern surprisingly similar to the two pre- scribed, although in most cases no estimate vious years, although of course there have has been made of the amounts involved. An been major changes within the separate unreported inflow occurs when foreigners items, such as in the destination and sources acquire bank balances or securities in this of American exports and imports.3 Net forcountry without revealing their foreign ideneign trade receipts attained their highest tity, a practice encouraged in recent years by level since 1921 as exports increased confears on the part of foreigners that their siderably more than imports; and net paydollar assets would be requisitioned in time ments on service transactions were considerof war. Similarly such an inflow takes place ably smaller than in the preceding years. The when foreigners acquire United States curresulting increase of net receipts from forrency here and hold it in safe deposit boxes eigners for goods and services was accomor export it through channels other than the panied, however, by an even greater rise in limited number of banks which report interthe net gold inflow—after adjustment for earnational currency movements. Finally, an marking operations—which attained a record unreported capital inflow may occur in varilevel in 1940. There was thus a widening of ous forms when individuals or corporations the margin between these two quantities. transfer their residence to this country from This margin, after adjustment for silver abroad. A special case arises when such perpurchases, should theoretically be equal to sons already hold banking funds here under the volume of capital inflow, although it foreign addresses. The inflow of such funds would also be affected by errors of estimawill already have been reported at the time of tion in the trade and service transactions. their acquisition, but when the accounts are Beginning in 1934, however, the reported transferred from foreign to domestic adcapital inflow has fallen far short of filling dresses, an unreal outflow of funds will apthis gap, and the resulting residual item has pear in the reported data. The Department grown to very large proportions in 1939 and 1940. In 1940, although the margin between of Commerce has estimated that in 1939 the the trade and service surplus and the gold reported figures underestimated the capital inflow by $200,000,000-$300,000,000 as a re- 1 See previous final figures in BULLETIN for Nov. 1939, p. 975. sult of accounts being changed from foreign 2 See preliminary estimates in BULLETIN for Mar. 1940, p. 207. 3 For a more extensive discussion of United States foreign trade to domestic status without any real change in and of gold and capital movements during the war period, see ownership. BULLETIN for January 1941, pp. 3-8. 312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Balance of International Payments and International Capital Position of the United States, 1938-1940 BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES—1938, 1939, AND 1940 [In millions of dollars] 1938 (revised) 1939 1940 (preliminary) Items Net re- Net re- Net re- Dollar Dollar ceipts (+) Dollar Dollar ceipts (+) Dollar Dollar ceipts (+) receipts payments or pay- receipts payments or pay- receipts payments or payments (—) ments (—) ments (—) /. Trade and services: Merchandise 3,094 1,960 +1,134 3,177 2,318 +859 4,021 2,625 +1,396 Freight and shipping 118 164 -46 125 249 -124 223 327 -104 Travel expenditures 166 532 -366 170 469 -299 181 1223 i -142 Remittances and contributions. _ 40 190 -150 45 187 -142 30 175 -145 Interest and dividends __ 549 196 +353 531 211 +320 525 215 +310 Government transactions 34 98 -64 32 96 -64 28 122 —94 Misc. services and adjustments. _. 250 110 +140 211 103 +108 164 66 +98 Trade and service transactions. 4,251 3,250 +1,001 4,291 3,633" +658 5,072 3,753 +1,319 2. Gold and silver: Gold exports and imports 6 1,979 -1,973 1 3,575 -3, 574 5 4,749 -4, 744 Gold earmarking operations (net). +333 +534 +645 Silver exports and imports 7 231 -224 14 85 -71 4 59 -55 Gold and silver movement (net) 1 864 3 111 -4,154 S. Capital (net): Long-term capital movement. _ +23 +114 -53 Short-term capital movement +295 +1,116 +873 Advance payments and capital assistance by British Government ._ +720 Misc. capital transactions -3 +69 2-170 Paper currency movement +16 +117 +33 Capital movement . +331 +1 416 +1,4^3 4.. Other transactions and residual +532 +1, 037 +1,432 1 The figures for travel expenditures in 1940 are not directly comparable with those in 1938-39 since they are based upon more extensive data* which suggest that both receipts and payments have been overestimated in earlier years. 2 Includes a — $100,000,000 for official British liquidation of securities in this country through other than reporting channels. Source: Finance Division, Bureau of Foreign and Domestic Commerce, Department of Commerce. INTERNATIONAL CAPITAL POSITION OF THE UNITED STATES, END OF 1939' [In millions of dollars] U. S. investments in foreign countries Foreign investments in the United States Net Long-term investments 2 Long-term investments 2 creditor position Short- Short- of the Port- term Total Market term Total U.S. folio Direct Total securi- Direct Other Total ties Canada _ 1,699 2,023 3,722 59 3,781 506 476 78 1,060 288 1,348 2,433 United Kingdom 100 475 575 48 623 1,164 851 335 2,350 475 2,825 -2,202 Continental Europe... ... ._ 649 857 1,506 149 1,655 1,703 566 199 2,468 1,429 3,897 -2, 242 Latin America 1,049 i 2,963 4,012 122 4,134 79 19 22 120 369 489 3,645 Rest of World 288 667 955 217 1,172 110 66 16 192 3 654 846 326 Total 3,785 6,985 10, 770 595 11,365 3,562 1,978 4 750 4 6,290 3,215 4 9, 505 4 1,960 1 For similar data relating to the end of 1937 and 1938, see BULLETIN for August 1939, p. 645. 2 Bases of valuation for long-term investments as follows: U. S. investments abroad—portfolio mainly at par, direct at book value; foreign investments in U. S.—market securities mainly at market value (preferred stocks and bonds at par), direct at book value, and other at capitalized value. 3 Includes $156,000,000 for Philippine deposits with the U. S. Treasury. 4 Includes $100,000,000 U. S. national, state and municipal bonds not included in the geographical distribution. Source: Finance Division, Bureau of Foreign and Domestic Commerce, Department of Commerce. APRIL 1941 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A/ational Summatu <yk Hulinell (iondition5 Com/piled March 17 and released for publication March 19. Figures shown on charts may differ from preliminary figures used in text. INDUSTRIAL activity and employment in- of supplies. Output of pig iron, coke, and creased further in February and the first nonf errous metals was likewise at near capachalf of March. Buying by producers and ity rates in February and unfilled orders for consumers continued in large volume, and these products, too, were at exceptionally wholesale commodity prices, particularly of high levels. Demand for lumber continued imports, advanced. large owing to a high rate of construction activity and output was sustained in large Production volume for this time of year. Automobile In February volume of industrial output, production increased in February and the on a daily average basis, rose more than sea- first half of March to about the peak rate atsonally, and the Board's adjusted index ad- tained last November. Retail sales of new vanced from 139 to 141 per cent of the and used cars advanced to unusually high 1935-39 average. levels. Increases in February, as in other recent In industries manufacturing nondurable months, were largest in the durable goods goods, activity continued at the record levels industries where a large proportion of de- reached in the latter part of 1940. There fense program orders have been placed. Ac- were further increases in the cotton textile, tivity continued to rise sharply at machinery rubber, and chemical industries and activity plants, aircraft factories, shipyards, and in at woolen mills also increased, following a the railroad equipment industries. Steel pro- temporary reduction in January. In most duction fluctuated around 96 per cent of other lines activity was maintained at the capacity in January and February and rose high levels of other recent months. to 99 per cent in the first half of March. Coal production rose less than seasonally New orders for steel continued large and, in February but increased considerably in the despite the high rate of output, unfilled orders first half of March when, according to trade increased further. Many orders have been reports, there was some inventory accumulaplaced for delivery in the second half of this tion in anticipation of a possible shutdown on year, reflecting the prospect of heavy con- April 1 at the expiration of the present consumption and some uncertainty on the part tract between the mine operators and the of steel users regarding future availability WHOLESALE PRICES OF BASIC COMMODITIES INDUSTRIAL PRODUCTION POINTS IN TOTAL INDEX 1935 1939 1940 1941 Bureau of Labor Statistics' indexes based on 12 foodstuffs and Index of physical volume of production, adjusted for seasonal 16 industrial materials, August 1939 = 100. Thursday figures, variation, 1935-39 average = 100. January 3, 1935 to March 20, 1941. 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions miners' union. Copper and zinc production Wholesale commodity prices increased in February and recently domestic Prices of a number of basic imports rose supplies of copper have begun to be supplesharply from the early part of February to mented by imports from South America. Outthe middle of March. Cotton yarns and gray put of crude petroleum continued at about goods and nonferrous metal scrap showed the rate that had prevailed during the three further increases in this period and there preceding months. were also advances in prices of some other Value of construction contract awards in domestic commodities, including lead, wheat, February declined somewhat more than cotton, oils, and fats. seasonally, reflecting decreases in both public and private work, according to reports of the Bank credit F. W. Dodge Corporation. Awards for public Commercial loans continued to increase at construction, although sharply reduced from member banks in 101 leading cities in Febthe high levels reached in the latter half of ruary and the first half of March and these 1940, were somewhat above those of a year banks also purchased additional Treasury ago, and awards for private construction were notes and bills issued in connection with the nearly half again as large as in February of defense program. As a result of the increase last year. in loans and investments, bank deposits Distribution showed a further marked advance. Distribution of commodities to consumers United States Government security prices increased more than seasonally from January to February. Sales at variety stores and by Prices of Government securities increased mail-order houses were the largest on record, after February 15, following a sharp decline making allowance for usual seasonal changes, in the preceding ten weeks. The 1960-65 and department store sales were also at a bonds on March 15 were about 3Vs points high level. above their price on February 15 and about Freight-car loadings increased by about l1/^ points below the all-time peak of Decemthe usual seasonal amount. Shipments of ber 10. The yield on this issue, which inmiscellaneous freight, consisting mostly of creased from 2.03 per cent at the peak in manufactured products, showed an increase prices on December 10 to 2.30 per cent on Febwhile loadings of forest products rose less ruary 15, had declined to 2.14 per cent on than seasonally and grain shipments declined. March 15. MEMBER BANKS IN 101 LEADING CITIES MONEY RATES IN NEW YORK CITY BILLIONS OF D 14 1935 1936 1937 1938 1939 1940 1941 1935 1936 1937 1938 1939 1940 1941 Wednesday figures, January 2, 1935 to March 19, 1941. Com- Weekly averages of daily yields of 3- to 5-year tax-exempt mercial loans, which include industrial and agricultural loans, Treasury notes, Treasury bonds callable after 12 years, and averrepresent prior to May 19, 1937 so-called "Other loans" as then age discount on new issues of Treasury bills offered within week. reported. For weeks ending January 5, 1935 to March 22, 1941. APRIL 1941 315 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 319 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 320 Federal Reserve Bank statistics. 321-325 Reserve position of member banks; deposits in larger and smaller centers 326 Money in circulation 327 Gold stock and gold movements; bank suspensions; bank debits 328 All banks in the United States, number, deposits, loans and investments 329 Condition of all member banks. 330-331 Weekly reporting member banks 332-335 Commercial paper, bankers' acceptances, and brokers' balances. 336 Money rates and bond yields 337 Security markets. 338 Treasury finance. 339-340 Governmental corporations and credit agencies; Postal Savings System 341-342 Business Indexes. 343-353 Wholesale prices . 354 Statistics for Federal Reserve chart book. 355-357 Department store sales by departments 358 Deposits of member banks in smaller and larger centers in 1940 359 Personal and retail installment paper held by all insured commercial banks. 360 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 BUL- LETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. APRIL 1941 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 22 / 20 / 20 / 18 18 16 16 / 14 14 GOLD STOCK / M V 1 12 12 r 1 0 RESERVE BALANCES / 10 #^ 8 8 6 FY IN OIROIJI ATION 6 A TREASURY CASH AND DEPOSITS . . A • O DPCITD\/C: DAMU1 rccniT • -^ O L-'-T • NONMEMBER DEPOSITS o 1935 1936 1937 1938 1939 1940 1941 • 10 10 8 8 REQUIRED RESERVES ^ 6 6 r _ 4 1 4 J i 2 1 EXCESS RESERVES 2 f \r v\r » 0 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for March 19. See page 319. 318 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] ReserveBank credit outstanding Member Treas- u T r r y e a d s e - - Other ba b n a k l a r n es c e e r s ve U. S. Government ury Treas- posits Non- Fedsecurities cur- Money ury with mem- eral co B d u i i n l s l t - s ed Total t w M u i r t a i h n - - g t a M u f r t a i e n - r g R c B o r e A e t s a h d e l n e l i r k t r v i e Total s G to o c ld k s r t o e i a n n u n g c t d - y - i c n t u i o c la n ir - - h c i o n a l g s d h s - B s F e R e a e r r n e a d v - k l - e s po b de s e - i r ts c s o R e a u r c e v n - - e ts Total c E es x s - 2 in 5 5 years years Monthly averages of daily figures: 1939—December _. 8 2,510 1,297 1, 213 94 2,612 17, 518 2,956 7,609 2, 402 616 739 248 11, 473 5,011 1940—January 7 2, 479 1,220 1,259 56 2,542 17, 804 2,966 7,443 2,361 584 689 250 11, 985 5,464 February __ 7 2,477 1,213 1,264 62 2,546 18,061 2,976 7,426 2,361 600 732 248 12,215 5, 626 December.- 4 2,188 1,038 1,149 113 2,305 21, 890 3,079 8,688 2,201 338 1,715 283 14, 049 6,646 1941—J anuary 3 2,184 1,048 1,136 85 2,272 22,063 3,092 8,591 2,193 265 1,755 283 14, 339 6,832 February __ 2 2,184 1,048 1,136 67 2,254 22,143 3,100 8,679 2,205 548 1,787 282 13, 996 6,422 End of month figures: 1939—Dec. 30 7 2,484 1,220 1,265 102 2,593 17, 644 2,963 7,598 2,409 634 653 251 11,653 5,209 1940—Jan. 31 7 2,477 1,220 1,258 18 2,503 17, 931 2,970 7,376 2,359 549 723 248 12,150 5,559 Feb. 29 7 2,477 1,209 1,268 62 2,547 18,177 2,981 7,455 2,372 562 740 247 12, 328 5,692 Dec. 31 3 2,184 1,048 1,136 88 2,274 21, 995 3,087 8,732 2,213 368 1,732 284 14,026 6,615 1941—Jan. 31 2 2,184 1,048 1,136 64 2,250 22,116 3,097 8,593 2,193 688 1,777 282 13, 930 6,380 Feb. 28 3 2,184 1,048 1,136 78 2,265 22, 232 3,102 8,781 2,187 343 1,805 281 14, 203 6, 534 Wednesday figures: 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 20,003 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 14 _... 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, 296 6,325 Aug. 14 3 2,446 1, 202 l) 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 l'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 1,569 272 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. 2O._._ 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 Nov. 27 4 2,204 1,025 1,180 68 2,276 21, 755 3,069 8,465 2,182 199 1,685 278 14, 292 6,931 Dec. 4 _ 4 2,195 1,020 1,176 67 2, 266 21, 827 3,074 8, 569 2,204 255 1,708 278 14,154 6,816 Dec. 11 5 2,184 1^020 1,165 51 2,241 21, 858 3,077 8,625 2,197 235 1,687 279 14,152 6,785 Dec. 18 4 2,184 1,048 1,136 117 2,306 21, 898 3,081 8,716 2,204 570 1,702 289 13, 804 6, 395 Dec. 24 4 2,184 1,048 1,136 149 2,336 21, 930 3,082 8,817 2,213 481 1,711 289 13, 837 6,438 Dec. 31 3 2,184 1,048 1,136 88 2,274 21, 995 3,087 8,732 2,213 368 1,732 284 14, 026 6,615 1941—Jan. 8 3 2,184 1,048 1,136 50 2,237 22, 034 3 034 8,628 2,203 220 1,740 284 14, 284 6,835 Jan.15 4 2,184 1,048 1,136 67 2,254 22, 066 3,092 8,542 2,195 237 1,742 283 14, 414 6,896 Jan.22 4 2,184 1,048 1,136 69 2,256 22, 089 3,095 8,541 2,196 261 1,750 283 14, 410 6,864 Jan. 29 3 2,184 1,048 1,136 41 2,228 22,110 3,097 8,548 2,200 258 1,799 283 14, 347 6,799 Feb. 5 2 2,184 1,048 1,136 31 2,217 22,122 3,099 8,627 2,212 692 1,784 283 13, 842 6,306 Feb. 12..._ 3 2,184 1,048 1,136 74 2,260 22,130 3,100 8,665 2,212 622 1,837 283 13, 871 6,331 Feb. 19 2 2,184 1,048 1,136 49 2,235 22,140 3,102 8,668 2,222 479 1,785 282 14,021 6,440 Feb. 26 3 2,184 1,048 1,136 36 2,223 22,179 3,101 8,725 2,204 368 1,752 281 14,175 6,542 Mar. 5 2 2,184 1,048 1,136 51 2,237 22, 237 3,103 8,805 2,192 391 1,772 280 14,136 6,435 Mar. 12.... 1 2,184 1,048 1,136 59 2,244 22, 318 3,106 8,811 2, 196 421 1,748 280 14.211 6,483 Mar. 19 1 2,184 984 1,201 73 2,259 22, 335 3,104 8,826 2,208 913 1,721 289 13, 741 6,106 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. 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. APRIL 1941 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10 (b) of the Federal Reserve Act Secured by direct and Federal Reserve Bank eligible guaranteed ob- All other To banks To others ligations of the U. S. A R p a r t . e 3 beg e i f n I f n n ec in t g- A R p a r. t e 3 beg e i f n I f n n ec in t g- A R p a r t . e 3 beg e i f n I f n n ec i t ng- A R p a r t . e 3 beg e i f n I f n n ec in t g- A R p a r t . e 3 beg e i f n I f n n ec in t g- Boston 1 Sept.1, 1939 1 Sept.1, 1939 Sept. 2, 1937 1 Sept. 1, 1939 2K Apr. 29, 1938 New York 1 Aug.27, 1937 1 Aug.27, 1937 Oct. 10, 1935 1 Aug.25, 1939 3K Feb. 8, 1934 Philadelphia.. IK Sept.4, 1937 IK Sept.4, 1937 Sept. 4, 1937 Sept. 1, 1939 2K Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 0) IK Sept. 1, 1939 3K May 11, 1935 Richmond Aug.27, 1937 Aug.27, 1937 Sept.10, 1937 IK Sept. 1, 1939 Feb. 19, 1934 Atlanta 1 2 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 l Sept. 1, 1939 4 Oct. 16, 1933 St. Louis 1 Sept.21, 1939 IK Sept.2, 1937 Sept. 2, 1937 Sept.16, 1939 4 Feb. 23, 1935 Minneapolis.. IK Aug.24, 1937 Aug.24, 1937 Aug.24, 1937 IK Sept. 1, 1939 3 Oct. 8, 1938 Kansas City.. Sept.16, 1939 8*Sept.3, 1937 Sept. 3, 1937 Sept.16, 1939 2K Apr. 16, 1938 Dallas 1 Sept.16, 1939 Aug.31, 1937 Aug.31, 1937 l Sept.16, 1939 Apr. 16, 1938 San Francisco Sept.3, 1937 Sept.3, 1937 Sept.17, 1937 IK Sept. 1, 1939 2K Oct. 19, 1933 * Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect April 3 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R ff a ec te t i o n n In g e in ff n e i c n t g b — e- Pre ra v t i e ous [Per cent per annum except as indicated by footnotes 6 and 7] Apr. 3 Advances to or in participation with financ- 1-15 days i._ Oct. 20, 1933 Advances ing institutions 16-30 days... ...do direct to Commit- 31-45 days... ...do Federal Reserve industrial On por- ments 6 4 9 1 6 1 - - - 9 1 6 0 2 0 0 d d d a a a y y y s s s . . . . . . . . . . . . . . . . . d d d o o o. Bank m ga o e n r r i c z c i a a o t l m i o o - n r- s t i i w n o s h n t i i c t f u h o - r m O a n in r i e n - g a t d o v m an a c k e e s 121-180 days. ...do tion is portion * obligated l i This rate also applies to acceptances bought under repurchase agreer r m N a a e t t e N B e e w n a s s O t c s a T m k Y , p E f w o i a p . g y r — l h k u y i r c b M t e o h e o s i n n . a p c — i g h u p m r a r r S e u c i r m e g m h e m e e a e d s A e b e n b n s u f t a o , n s y n r u i i f k a n a o r e a g l e t r n h R s y a e r ' l e , a r w a p t m e c c o a s c l a y r a e t d s s p a e s f t t f e o a o b s r n r y t c h o 1 a e e o 9 f s 3 t p h b 7 e F p e i r e l r a i ( l o d t y s F a d e . a b e r b a l d o e l T l e f e h r 4 1 a R e 1 i 5 l n ) e . s R d s a d e a e m o r y s v l e s e l e r a o v r m s r e B ; i l a B n e h n s i a i m k s g n . h u k o e m s f r . N B P R A C h o i l e t e c l i w s a l v h t a n o e m d Y n t la a e o o n l n p r d d k hi .. a 3 3 3 K K K 4 4 4 - - - - - - 5 6 6 6 6 6 ( 2 2 4 ( K - ) 3 3 3 3 ) ( 4 2 3 5 ( ( - - ) " K 2 5 6 4 ) ) 1 1 - - 2 2 Chicago 3-6 3-6 3-6 K-2 Classes of d M e E p M os B it E s R B J A [ u 1 P n N 9 e e 1 r K 7 2 c - 1 R e , n E t S A o E 1 u f R 9 g d V 3 . e 6 E 1 p - 6 o , R si E t M s Q ] 1 a U 9 r 3 I . R 7 - 1 E , ME M N 1 T a 9 y 3 S 7 1 - , A 1 p 9 r 3 . 8 1 - 6, S M D K S t a a a . i n l n n L l s a n F o a s e r u s a a i _ n p C s c o i i l t s i y c s o .. 3K-5 4 4 4 3 K - - - - 6 6 6 6 1K 3 3 - - - 2 4 6 4 4 4 4 3 ( - - - a 6 6 5 4 ) K ( ( 1 6 7 - ) ) - 1 2 2 2 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas On net demand may charge same rate as charged borrower by financing institution, if deposits:1 lower than rate shown. Central reserve city.. 13 19K 26 22% 2 Same as rate charged borrower by financing institution. C Re o s u e n rv tr e y , c i _ ty 1 7 0 1 1 5 0K 17K 2 1 0 4 1 1 2 7K 4 3 O O n n e e p p e e r r c e c n e t n l t e s l s e s t s h a t n h a r n a te r a c t h e a c r h g a ed rg b ed o rr b o o w rr e o r w b e y r b fi y n an fi c n in an g c i i n n g s ti i t n u s t t i i o tu n - . On time deposits: tion with minimum of three per cent (see note i). All member banks... 3 4K 6 5 5 One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note *). pu i ti S n e g e n fo e o t tn d o e t m e an to d t d a e b p le o s o it n s . p. 326 for explanation of method of com- 6 7 M M i in n i i m m u u m m c c h h a a r r g g e e o o n n e e - - f h o a u lf r th o f o f o n o e n e p p er e r c c e e n n t. t. MARGIN REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by 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 2K listed securities, under Regulation T 55 40 Postal savings deposits 2K For short sales, under Regulation T (2) 50 Other time deposits pay- For loans by banks on stocks, under Regulation U... 3 55 40 able in: 6 months or more 2K 1 Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months 2K tended on a security by prescribing a maximum loan value, which is a Less than 90 days.. 2K specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. NOTE.—Maximum rates that may be paid by insured nonmember 2 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 3 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. 320 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 1941 1940 Mar. 19 Mar. 12 Mar. 5 Feb. 26 Feb. 19 Feb. 12 Feb. 5 Feb. Jan. Feb. Assets Gold certificates on hand and due from U.(S. Treasury. _ _ 20,103, 28120,103, 279 201,,003300,,246 19i,, 961,28119,902,77819,902,78119,904,28120,020,282 19i,, 904, 782 1i5, ,803,620 Redemption fund—F. R. notes 10,914 10,914 10,244 9,244 9,162 9,598 8,784 10,244 8,392 9,573 Other cash 332,163 327, 660 319, 789 337, 781 339,441 345, 211 350,821 335, 765 371,814 367,646 Total reserves _ 20, 446, 358 20,441,853 20,360, 279 20,308, 306 20,251, 381 20,257,590 20,263,886 20,366, 29120, 284,98816,180,839 Bills discounted: For member banks 1,171 1,352 2,244 2,717 2,268 2,544 2,139 2,762 2,318 1,385 For nonmember banks, etc.. 5,510 Total bills discounted 1,171 1,352 2,244 2,717 2,268 2,544 2,139 2,762 2,318 6,895 Industrial advances ... 7,894 7,715 7,840 7,854 7,877 7,871 7,8 7,864 10, 701 U. S. Government securities: direct Bonds 1, 330, 200 1, 280,000 1, 280,000 1, 280,000 1, 280,000 1, 280,000 1, 280,000 1, 280.000 1, 280,000 1, 333, 295 Notes 849, 300 899, 500 899, 500 899, 500 899, 500 899, 500 899,500 899,500 899, 500 1,132,172 Guaranteed.. 4,600 4~ 4,600 4,600 4,600 4,600 4,600 4,600 4, 600 11, 803 Total U. S. Government securities, direct and guaranteed 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2, 477, 270 Other Reserve Bank credit outstanding 65, 423 50, 623 42, 799 28, 358 41,010 65, 736 23,003 70,174 55,648 51, 781 Total Reserve Bank credit outstanding 2, 258, 588 2, 243,956 2, 236, 858 2, 223,015 2, 235, 2322, 260, 2572, 217,113 2,264,864 2, 249,930 2, 546, 647 Liabilities F. R. notes in actual circulation. 6, 063, 061 6, 047, 3366, 039, 650 5, 976, 775 5, 943,080 5,931,464 5, 906,166 6,022,032 5,883, 685 4,872, 238 Deposits: Member bank—reserve account. __13, 740, 639 1:4, 210, 842 1=4,, 136,06714,174, 724 14:, 020, 56913, 870,69313,841, 512 14:,, 203,07413,929, 84012,328,164 U. S. Treasurer—general account. _ 912,814 421,423 390,686 367,887 479, 393 622,471 692,032 343, 383 688, 446 562, 475 Foreign 1,174, 707 1,163,143 1,121,057 1,132,043 1,130,080 1,163, 849 1,183,924 1,164,353 1, 206,115 365, 686 Other deposits __ 546, 721 585, 202 651, 245 619,386 655, 332 673, 254 600,311 640,172 571,219 373, 980 Total deposits. 16, 374,88116, 380, 61016, 299,055 16, 294,040 16, 285, 37416, 330, 26716, 317, 77916, 350,9 16,395,62013, 630, 305 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.1 91.1 91.2 91.0 91.2 91.0 91.0, 87.5 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h ys s 6 1 m t y o o e n a t r hs 2 1 y t y o e e a a r r s 2 5 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Feb 26 2,717 2,211 83 185 103 127 8 Mar. 5 2 244 1 796 37 196 99 26 90 Mar 12 1,352 980 83 112 72 97 8 Mar. 19 1 171 846 108 71 49 95 2 Industrial advances: Feb. 26 7,840 1,355 148 396 114 927 1,184 1,391 2,325 Mar. 5 7 715 1 417 337 155 79 974 1,154 1,377 2,222 Mar 12 7,881 1,054 464 138 125 921 1,209 1,756 2,214 Mar. 19 7 894 1 311 184 163 111 916 1,177 1,812 2,220 U. S. Government securities, direct and guaranteed: Feb. 26 2,184,100 74,800 115, 300 43,000 181, 800 633,400 1,135,800 Mar. 5. 2,184,100 74,800 115, 300 43,000 181,800 633, 400 1,135, 800 Mar. 12 _ 2,184,100 74,800 115, 300 43,000 181,800 633, 400 1,135,800 Mar. 19 2,184,100 58, 300 57,000 127, 800 107,000 633, 400 1, 200, 600 APRIL 1941 321 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 ew rk P p h d h i el 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 Lo S u t. is n M o e i l a n i - p s - K C s a a i n s t - y Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Feb. 12 _19,902,781 1, 215, 555», 523, 1,061,990 1., 412, 501586,051 410, 885 2, 943, 633 503l., 774 324, 374 4305,32 301, 2051,188,442 Feb. 19 19, 902, 778 1,195, 583>, 596, 7341,077,502 1., 401,016 579, 613 396,464 2, 928, 647 496>^, 186 307, 918 432, 552^92, 4201,198,138 M Fe a b r . . 2 5 6 2 19 0 , ,0 9 3 61 0 , , 2 28 4 1 6 1 1 , , 2 2 0 1 1 9 , , 8 6 9 8 9 8 9 "I , , 6 7 9 5 5 8 , , 2 2 7 1 5 1 1 1, . 0 " 70 " ^ 3 _ 4 9„3 0 1 . 1 1 , , 3 3 9 7 9 3 , , 1 7 9 9 4 9 6 0 5 3 98 ,4 , 6 7 4 0 7 4 1 3 5 9 , 7 5 , 6 0 9 9 8 2 , 2 8 , 6 9 7 08 , ' 5 , 7 6 1 7 4 5 9 1 5 , 1 1 0 1 , 4 1 3 9 0 4 7 3 !, 0 2 7 6 ; 1 1 4 0 . 2 _ 4 9 . , 4 2 2 6 3 , 9 8 3 1 0 2 7 2 , 9 4 4 0 , 7 3 1 12 , ,71 1 6 6 7 0, , 6 4 0 0 7 1 Mar. 12 20,103, 2791, 251, 7299, 779, 928 1, 072,3861,412,585 611,588 413,0112, 857, 085 455; 314, 797 428i,, 571300,6161, 205,001 Mar. 19 20,103, 2811, 259,166 1,134,4751,421,543 607,491423, 288 2,883, 774437, 762317, 985 434:,, 133114,8711, 200, 397 Redemption Fund:—Federal Reserve notes: Feb. 12 9,598 1,064 717 872 365 867 583 332 464 1,252 Feb. 19 9,162 958 996 687 818 325 802 561 264 311 454 1,188 Feb. 26 9,244 1,757 595 746 286 711 543 253 294 942 1,163 Mar. 5 10, 244 1,757 595 746 1,286 711 543 253 294 942 1,163 Mar. 12 10,914 840 1,519 491 678 1,250 1,635 526 233 279 933 1,141 Mar. 19 10,914 840 1,519 491 678 1,250 1,635 526 233 279 933 1,141 Other cash: Feb. 12 345, 211 29,045 85,600 27,376 24, 560 17, 685 24,117 45, 399 18, 891 7,396 17, 290 13, 911 33, 941 Feb. 19 339, 441 28, 467 80, 767 26,688 23, 461 19,339 25,489 46, 681 17,048 7,312 18, 482 12, 900 32, 807 Feb. 26 337, 781 27, 513 85, 447 26, 630 23,055 16,007 22, 796 49, 209 16,495 7,428 17, 098 14,010 32, 093 Mar. 5 319, 789 26, 670 77, 893 26,044 22,076 17,843 23, 980 44, 753 14,791 6,662 17, 230 12, 090 29, 757 Mar. 12 327,660 24,485 86, 662 25, 655 22,292 15,210 21, 924 47, 751 15, 500 6, 687 16,496 13, 847 31,151 Mar. 19 332,163 24,475 82,040 27,437 22,822 18,434 23, 928 46, 576 15, 968 7,067 18,280 13, 590 31, 546 Total reserves: Feb. 12 20, 257, 590 1, 245, 5969, 610,503 1,090,0831, 437,933 605, 542 435,367 2, 523, 248 332, 050 448,154 315,5801, 223, 635 Feb. 19 '_ 20, 251, 381 1, 225,0089, 678, 4971,104,8771, 425, 295 600, 750 4222,78 2,976', 130 551133,,7 7959 5" 315,494 45i; 350 305, 7741, 232,133 Feb. 26 20, 308, 306 1, 230, 3109, 782,4791,107, 5651, 397, 750 615, 770 420,180 2,958,095 527, 232 314, 785 444, 204 309,2791, 200, 657 Mar. 5 20, 360, 279 1, 247, 2569,837, 8611,097, 5701,422,001 ~62"2, 363 440,835 2,913,040 506, 448 314,176 446, 763 320, 1,191, 527 Mar. 12 20,441,853 1, 277,0549, 868,1091,098,532 1, 435, 555" 6 2;8,,1 81874736•,,1 185 ^2,,906,471 447722,,000088 321, 717^ 445, 346 315, 3961, 237,293 Mar. 19 20,446, 3581, 284, 4819, 751,9571,162, 4031, 445,043 627, 314448,466 2, < 454, 256 325, 285 452, 690 3293.941, 233, 084 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Feb. 12 1,862 1,173 487 43 Feb. 19 1, 645 1,005 437 53 Feb. 26 2,092 1,425 461 99 43 Mar. 5 1,653 10 1,211 181 25 139 48 Mar. 12 941 510 136 139 42 Mar. 19 380 136 139 42 Other bills discounted: Feb. 12 75 44 57 78 386 Feb.19 623 111 33 55 75 321 Feb. 26 62, 176 23 53 75 268 Mar. 5 591 161 12 50 68 275 Mar. 12 411 56 50 40 232 Mar. 19 363 79 49 40 141 Total bills discounted: Feb. 12 2,544 531 5: 18 177 429 Feb. 19 2,268 1,116 470 55 18 174 374 Feb. 26 1,717 1,601 484 53 43 11 174 311 Mar. 5 2,244 1,372 193 50 18 11 25 207 323 Mar. 12 1, 352 566 144 50 43 11 179 274 Mar. 19 1,171 459 157 49 35 11 179 183 Industrial advances: Feb. 12 7,877 917 1,754 2,358 243 769 334 355 262 72 277 534 Feb. 19 7,854 91' 1, 754 2,354 232 769 333 355 255 72 277 534 Feb. 26 7,840 915 1,754 2,358 217 768 336 358 252 72 277 531 Mar. 5 7, 715 914 1,753 2,242 213 768 340 360 250 72 277 524 Mar. 12 912 1,752 2,293 211 766 340 360 372 72 277 524 Mar. 19 910 1,752 2,276 212 756 350 355 361 72 277 571 U. S. Government securities, direct and guaranteed: Bonds: Feb. 12 1, 284, 600 93, 212 372,013 102, 835 126, 632 70, 566 53, 587 144,046 60, 661 39, 320 64, 518 51,073 106,137 Feb. 19 1, 284, 600 93, 212 372, 013 102, 835 126, f 70, 566 53, 587 144, 046 60, 661 39, 320 64,518 51, 073 106,137 Feb. 26 1, 284, 600 93, 212 372, 013 102, 835 126, 632 70,566 53, 587 144,046 60, 661 39, 320 64,518 51, 073 106,137 Mar. 5 1, 284, 600 93, 212 372, 013 102, 835 126, 632 70,566 53, 587 144,046 60,661 39,320 64,518 51,073 106,137 Mar. 12 1, 284, 600 93, 212 372,013 102, 835 126, 632 70.566 53, 587 144, 046 60, 661 39, 320 64,518 51,073 106.137 Mar. 19 1, 334,800 96,855 386, 550 106, 854 131, 580 73; 323 55, 681 149, 675 63, 032 40,857 67,039 53, 069 110, 285 Notes: Feb. 12 899, 500 65,269 260,490 72,007 88,671 49,410 37, 522 100,864 42,477 27,532 45,177 35, 762 74,319 Feb. 19 899,500 65, 269 260,490 72, 007 88, 671 49, 410 37, 522 100,864 42, 477 27, 532 45,177 35, 762 74, 319 Feb. 26 899,500 65, 269 260,490 72,007 88, 671 49,410 37, 522 100,864 42, 477 27, 532 45,177 35, 762 74,319 Mar. 5 899, 500 65, 269 260,490 72,007 88, 671 49, 410 37, 522 100, 864 42,477 27, 532 45,177 35, 762 74, 319 Mar. 12 899, 500 65,269 260,490 72,007 88,671 49, 410 37,522 100, 864 42, 477 27, 532 45,177 35, 762 74,319 Mar. 19 849, 300 61, 626 245, 953 67, 988 83, 723 46, 653 35, 428 95, 23540,106 25, 995 42, 656 33, 766 70,171 Total U. S. Government securities, direct and guaranteed: Feb. 12__ 2,184,100 158,481 632, 503 174,842 215, 303119,976 91,109 244, 910 1031,,138 66, 852109,695 86, 835 180, 456 Feb. 19 2,184,100 158, 481 632, 503 174, 842 215, 303119,976 91,109 244,910103,138 66, 852109, 695 86, 835 180,456 Feb. 26 2,184,100 158, 481 632,503 174,842 215, 303119, 976 91,109 244,910 103;,138 66, 852109, 695 86, 835 180,456 Mar. 5 2,184,100 158, 481 632, 503 174, 842 215, 303119,976 91,109 244,910103,138 66, 852109, 69586, 835 180, 456 Mar. 12 2,184,100 158, 481 632, 503 174,842 215, 303119, 976 91,109 244,910103,138 66, 852109, 695 86, 835 180, 456 Mar. 19 2,184,100 158, 481 632,503 174, 842 215, 303119, 97691,109 244, 910 1'0"3;;, 13866,852109, 695 86, 835 180,456 322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l 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 Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S r a a n n- A ssets— C ontinued Total bills and securities: Feb. 12 2,194, 521 159,407 635,505 177,731 215, 603120,763 91,452 245, 319103,140 67, 291110,196 87,124 180,990 Feb. 19. 2,194, 222 159, 398 635,373 177, 666 215, 590120, 763 91,451 245, 317103,140 67, 281110,141 87,112 180, 990 Feb. 26 2,194, 657 159, 396 635,858 177, 684 215, 573120, 78" 91,456 245, 308103,140 67, 278110, 078 87,112 180,987 Mar. 5 2,194,059 159,405 635, 628 177,277 215, 566120, 76: 91,460 245, 305103,165 67, 309 1101,,090 87,112 180,980 Mar. 12 2,193, 333 159, 393 634,821 177,279 215, 564120, 785 91,460 245, 355103,140 67, 403110,041 87,112 180,980 Mar. 19. 2,193,165 159, 391 634, 714 177, 275 215, 564120, 7i 91,470 245, 363103,140 67, 392109,950 87,112 181,027 Due from foreign banks: Feb. 12 47 18 4 6 1 1 1 4 Feb. 19 47 18 4 6 1 1 1 4 Feb. 26 47 18 4 6 1 1 1 4 Mar. 5 47 18 4 6 1 1 1 4 Mar. 12 47 18 4 6 1 1 1 4 Mar. 19 47 18 4 6 1 1 1 4 Federal Reserve notes of other banks: Feb. 12 26, 310 461 3,850 714 2,208 4,659 3,350 2,226 2,891 518 1,850 733 2,850 Feb. 19 23, 389 428 2,021 1,097 2,484 4,650 3,008 2,714 2,254 855 1,303 763 1,812 Feb. 26 20, 672 404 2,018 99: 1,431 4,540 3, 354 2,281 1,431 693 1,186 627 1,713 Mar. 5 21, 563 521 1,586 84' 1,723 3,682 3,172 2,456 2,315 1,199 1,531 739 1,792 Mar. 12 21, 87< 469 2,204 1,037 1,562 3,871 2,605 2,818 1,434 1,465 833 2,614 Mar. 19 21, 513 454 1,737 1,047 1,468 3,657 3,104 3,101 2,330 1,51" 519 2,099 Uncollected items: Feb. 12 793, 567 157, 877 52,010 83, 012 87, 391 45, 975 99, 204 53, 361 16,4' 37, 220 28,930 35,425 Feb. 19 837,999 81,481 212,248 63,154 95, 280 70, 520 34,351 111, 288 44, 229 18, 968 31,981 31, 771 42, 728 M Feb a . r . 2 5 6 8 8 8 5 8 9 , , 6 3 4 4 8 8 8 7 1 6 , , 3 3 3 6 2 6 2 1 8 9 1 3 , , 1 7 5 9 8 0 5 61 3 , , 8 8 8 3 6 9 1 9 0 0 8 , , 8 6 5 5 5 2 6 7 1 5 , , 7 4 6 1 4 8 3 36 4 , , 1 6 6 1 4 3 1 12 1 5 1 , , 6 6 6 8 1 5 4 4 3 7, , 4 30 9 9 2 1 1 8 9 , , 1 1 5 1 5 1 3 31 5 , , 0 3 2 9 2 4 3 32 6 , , 8 3 3 5 4 6 4 4 8 2 , , 4 7 2 1 3 7 Mar. 12 861, 916 81, 271 206,826 59, 561 104, 915 67,104 37, 225 121,173 51, 304 17, 37: 33,819 32,084 49, 262 Mar. 19-__ 984,149 91, 328 116,196 94, 63: 47, 656 142, 924 47, 581 19, 935 37, 026 34, 954 58, 393 Bank premises: Feb. 12 39,996 2,829 9,684 4,537 4,574 2,584 1, 3,035 2,315 1,365 3,027 1,219 2,840 Feb. 19 39, 999 2,829 9,686 4,537 4,574 2,584 1, 3,035 2,315 1,365 3,027 1,219 2,840 Feb. 26 39, 952 2,824 4,526 4,562 2,578 1, 3,035 2,315 1,365 3,027 1,219 2,831 Mar. 5 39, 896 2,824 9,667 4,526 4,562 2,578 1, 3,029 2,311 1,362 3,011 1,211 2,831 Mar. 12 39, 896 2,824 9,667 4,526 4,562 2,578 1, 3,029 2,311 l,36f 3,011 1,211 2,831 Mar. 19 39,926 2,824 9,667 4,556 4,562 2,578 1,984 3,029 2,311 1,362 3,011 1,211 2,831 Other assets: Feb. 12 51, 367 3,514 14,429 4,434 5,478 3,127 2,059 5,414 2,263 1,598 2,458 2,035 4,558 Feb. 19 52, 298 3,59i 14,541 4,508 5,592 3,159 2,103 5,572 2,315 1, 2,509 2,118 4,647 Feb. 26 53, 200 3,636 14, 870 4,619 5,636 3,233 2,139 5,654 2,35f 1,662 2,538 2,177 4,684 Mar. 5 54,238 3,72; 15,087 4,746 5,766 3,245 2,178 5,797 2,387 1,700 2,592 2,220 4,795 Mar. 12-.. 57, 606 3,814 15, 447 7,317 5,816 3,321 2,207 5,863 2, 422 1, 2,618 2,223 4,863 Mar. 19 46, 203 3,169 12, 704 4,085 4,946 2,819 1,960 4,890 2,004 2,171 1,901 4,133 Total assets: 1,421 Feb. 12 23, 363, 3981, 508, 49710, 431,866 1., 329, 5114, 748, 812 824,068 580,192 3, 345,103 687, 219 419, 296702,906 435,622 1,450,302 Feb. 19 23,399, 3351,472, 74210, 552, 3841,355, 8441, 748, 819 802,428 555,181 3, 344, 062 668,049 40650,2 600, 312 428, 758 1,465,154 Feb. 26 23, 476,1821, 477,90510, 638,0871, 357, 2301, 733, 811 822, 328 555, 728 3, 340,066 683, 963 404, 938 1,433, 299 Mar. 5 23, 558, 7301, 490,10010, 781, 6371,338, 8571, 740, 274 814, 396 573, 795 3, 281, 294 659, 936 403,855975,382 448', 556 1,430, 646 Mar. 12 23, 616, 52,1, 524, 82810, 737,0921, 348, 2571, 767, 978 825, 848 571, 668 3, 284, 715 632, 620 410, 551916, 301438,860 1"., 477, 847 Mar. 19 23, 731, 3611, 541, 65010, 639, 4821, 414, 2101, 787, 783 851, 769 594, 642 3, 331, 269181 <, 623 415, 877 606, 364455,0921, 481, 571 Liabilities Federal reserve notes in actual circulation: Feb. 12 5, 931, 464 475, 1, 561, 659 413,453 548,166 283!,,419197,248 1.,274,934223, 317158, 203 213, 53197, 799 483, 859 Feb. 19 5, 943, 080 478, 218 1, 564, 666 413, 894 547, 68: 284,112197, 3151, 281, 0•9 •9 223, 648157, 993 97,006 483,450 Feb. 26 5, 976, 775 482,934 1, 575, 332 416,080 553,947 288, 773 126 '1., 285, 872324, 548158,046 208, 64097, 793 486, 683 Mar. 5 6,039, 650 487, 686 1, 592, 526 419, 716 556,503 290,634201,4361, 295,0 85~ 227,157160, 450211, 56'100, 510 496, 380 Mar. 12 6,047, 336 489,198 1, 594,992 421, 382 559,351290, 417 '20"0; "i, 7810, 296, 937227, 471160,083211,487 99,068 496,170 Mar. 19 6,063, 061 492,163 1, 603, 271 421,441 558,758 292, 734201,292 1,301,020 228,190160, 211211,892 98, 621 493,468 Deposits: Member bank—reserve account: Feb. 12 13, 870, 693 801, 329 7, 221, 475 694, 915 945,423 37755,, 657 257,,9061, 742,034341,611173,020 283, 668 2554,350 779,305 Feb. 19 14,020, 569 798,531 7, 355, 592 701,433 955, 707 i22, 462 261, 7341, 741, 887336, 532167, 638 286, 708242, 717 789, 628 Feb. 26 14,174, 724 812, 455 7, 516, 620 719, 404 934, 366 3866^,984262, 465 '1., 744,233337,184170, 363 281, 760 24S8,, 0(17 760,873 Mar. 5 14,136, 067 826, 590 7, 582, 686 713, 226 966, 228398, 486 275, 088 1, 642,5 6586 8280, 342 167, 869 285, 462 247, 368 750,154 Mar. 12 14, 210, 84: 841,050 7, 547,480 716,499 972, 850397, 958 277, 2521, 676, 582 265, 929180, 786 291, 940 254,196 788, 320 Mar. 19 13, 740, 639 815, 833 7, 300,193 721, 807 928, 553386,762" 1, 583,097 257, 743 1I6,9 ,238 286, 455 237, 379784,686 U. S. Treasurer—general account: Feb. 12 622,471 47, 783 220,313 34,035 55, 580 13, 384 26, 260 83, 762 25,431 41, 549 22, 781 18,678 32, 915 Feb. 19 479, 393 27, 904 162, 573 38,419 34,; 11,429 15,459 64,599 19,05; 31, 752 23, 628 22, 788 27,425 Feb. 26 367, 887 15, 551 123,068 19,936 21, 096 16, 600 14, 620 31, 827 29, 363 26, 994 26,195 17,006 25, 631 Mar. 5 390, 686 12, 784 78,142 15, 748 12, 530 11,612 20,103 76, 828 64,198 26,477 23, 275 24,902 24,087 Mar. 12 421, 423 25,085 164,668 14,585 20, 242 16, 035 11, 485 39, 941 42, 580 21, 625 18,027 16, 762 30,388 Mar. 19 912, 814 55,077 329, 203 71,429 69, 744 27, 921 29,044 158, 563 31,055 34,582 27,485 45,826 32,885 Foreign: Feb. 12 1,163, 849 55, 484 658, 360 76,174 72, 248 33, 768 27,486 94,236 23, 559 17, 277 22, 774 22, 774 59, 709 Feb. 19 1,130,080 56, 302 623,738 76,174 72, 248 33, 768 27, 486 94,236 23, 559 17, 277 22, 774 22, 774 59, 744 Feb. 26 1,132,043 55, 254 626, 729 76,174 72, 248 33, 768 27, 486 94,236 23, 559 17, 277 22, 774 22, 774 59, 764 Mar. 5 1,121, 057 56, 265 620, 207 75, 254 71, 375 33,360 27,153 93,098 23, 274 17, i 22,499 22,499 59,005 Mar. 12 1,163,143 57, 574 665, 741 74,454 70, 616 33,005 26, 865 92,107 23, 02" 16,! 22, 259 22, 259 58, 350 Mar. 19 1,174, 707 57, 892 668, 015 75, 970 72, 054 33, 677 27, 412 93, 983 23, 496 17, 230 22, 713 22, 713 59, 552 Other deposits: Feb. 12 673, 254 28, 625 501, 634 25, 386 11,141 7,777 17, 357 5,458 17, 465 5,235 15, 225 1,684 36, 267 Feb. 19 655, 332 6,499 531,042 29, 366 10,766 4,507 5,970 5,489 8,932 5,51 8,555 1,040 37, 649 Feb. 26 619, 386 6,349 489, 586 27,040 10,365 4,459 6,329 14,429 10,114 5,770 8,493 3,639 32,813 Mar. 5 651, 245 6,763 518, 593 24, 965 10, 558 6,173 5,879 16, 207 10,009 6,503 8,367 5,249 31,979 Mar. 12 585, 202 455, 000 23, 969 11, 708 5,702 5,940 15, 252 10, 921 6,059 8,339 4,306 31,118 Mar. 19 546, 721 5,682 420, 710 23, 758 12,134 5,209 5,451 14, 322 10, 699 7,007 8,384 3,892 29, 473 * Less than $500. APRIL 1941 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk P p h d h e i i l l a a - - C la le n v d e- m R o ic n h d - ihicago 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 c n n o - D eposits—C ontinued Total Deposits: Feb. 12 6, 330, 267 933, 221 8,601, 782 830, 510 084, 392 30, 586 29,009 925,490 08,066 !37,081 144,448 197,486 908,196 Feb. 19 .6, 285, 374 889, 236 8,672,945 845, 392 073,081 32,166 10, 649 906, 211 188,080 !22,184 141, 66589, 319 914,446 Feb. 26 6,294,040 889,609 8, 756,003 842, 554 038,075 41,811;10,900 884, 725 00, 220 !20,404 139, 222191,436 879,081 Mar. 5 6, 299,055 902,402 8, 799, 628 829,193 060,691 49,631128,223 828, 701377, 823117,917339, 603 00,018 865, 225 Mar. 12 6, 380, 610 930, 597 8, 832,889 829, 507 075,416 :52, 700121, 542 823, 882342,457 !25, 356340,565 !97, 523 908,176 Mar. 19 .6, 374,881 934,484 8, 718,121 892, 964 082,485 53, 569 !30,800 849,965322, 993528,057345,037 ;09,810 906, 596 Deferred availability items: Feb. 12 727, 878 73,466 139,667 50, 811 81, 650 93, 883 40,254 96, 951 44,053 14,248 33, 576 28,818 30, 501 Feb. 19 797.036 79, 330 185,961 61,830 93,445 69,954 33, 518 109,027 44, 549 15, 667 33, 319 30,918 39, 518 Feb. 26 831.037 79,381 177,834 63,780 107,153 75, 535 32,980 121, 660 47, r - -16, 709 36,823 32,003 39, 783 Mar. 5 845,896 74,032 260, 572 55,191 88,465 57, 933 30,427 109, 767 43,156 15, 722 32,869 36,493 41,269 Mar. 12 811,340 79,026 180,107 60,076 98, 537 35, 606 116,062 50,861 15, 294 32,873 30, 721 45, 679 Mar. 19 918, 773 188,972 65,033 111, 877 89,223 48,817 132,497 48, 621 17,844 35,120 53, 710 Other liabilities, including accrued dividends: Feb. 12 3,132 343 699 279 340 317 144 368 139 116 116 122 149 Feb. 19 3,102 353 713 277 348 304 155 364 128 107 105 114 134 Feb. 26 3,561 381 790 363 381 335 158 450 154 129 137 138 145 Mar. 5 3,360 38' 818 306 354 323 150 375 131 121 108 130 157 Mar. 12 6,364 402 988 2,83' 414 351 167 440 15: 133 131 142 207 Mar. 19 3,688 412 960 315 406 332 157 420 133 120 120 133 180 Total liabilities: Feb. 12 22,992,741 482,906 .0,303, 807 295,053 714, 548308,205566, 655 297,743375, 575409, 648591, 671 [24, 225 422, 705 Feb. 19 23, 028, 592 447,13" .0,424, 285 321, 393 714, 561?86, 536541, 637 296,701356,405395,951 589,081 117, 357 437,548 Feb. 26 23,105,413 452, 305.0, 509, 959 322, 777 699, 556306,454542,164 I 292, 708372, 318195, 288584,822 121,370 405, 692 Mar. 5 23,187,961 464,50" .0,653, 54'" 304,406 706,013798, 521560,236 233,928348, 267394,210584,14" [37,151 403,031 Mar. 12 23, 245,650 499, 223 .0, 608, 976 313, 802 ,733,718309,966558,095 ,237,321320,941 400,866585,056 [27,454 450,232 Mar. 19 23, 360, 403 516,038L0, 511, 32' 379, 753 ,753, 526335, 858581,066 , 283, 902>99, 93'406, 232595,129 443; 453,954 Capital Accounts Capital paid in: Feb. 12 139, 51 9,34 51,48 11, 895 14,365 5,397 4,781 14,631 4,242 2,973 4,501 4,252 11, 652 Feb. 19 139, 550 9,344 51, 496 11, 88.r 14,36" 5,407 4,783 14,640 4,242 2,975 4,501 4,252 11,658 Feb!26 139,586 9,349 51, 509 11,88' 14,368 5,408 4,788 14,646 4,243 2,975 4,502 4,252 11, 659 Mar. 5 139,62! 9,349 51, 51i 11,88' 14,376 5,411 4,787 14,654 4,246 2,975 4,503 4,261 11, 664 Mar. 12 139,67 9,35 51,51' 11, 88' 14,380 5,412 4,794 14, 675 4,250 2,976 4,503 4,262 11,664 Mar. 19 139, 71 9,35C 51, 53£ 11,88! 14, 38 5,425 4,795 14, 678 4,255 2,977 4,504 4,263 11, 665 Surplus ((section 7): Feb. 12 157, 06 10, 906 56, 44' 15,144 14,322 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10,785 Feb. 19 157,06£ 10,906 56,44' 15,144 14, 322 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10,785 Feb. 26 157,06, 10,90i 56,44' 15,144 14, 322 5,24" 5, 725 22,824 4,925 3,152 3,613 3,97' 10,785 Mar. 5 157, 065 10, 906 56,44' 15,144 14, 322 5,24' 5,725 22, 82' 4,925 3,152 3,613 3,974 10,785 Mar. 12 157, •" 10, 906 56,44' 15,144 14, 322 5,24' 5,725 22, 824 4,925 3,152 3,613 3,974 10,785 Mar. 19 157,06i 10, 906 56, 44' 15,144 14, 32,r 5,247 5,725 22, 82' 492£ 3,152 3,613 3,974 10, 785 Surplus (section 13b): Feb. 12 26, 2,874 7,071 4, 39,c i,oo: 3,244 71: 1.42S 532 l,00C 1,138 1,263 2,121 Feb. 19 26, 7SI 2,874 7,07( 4,393 i,oo: 3,244 713 532 l,00C 1,138 1,263 2,121 Feb. 26 26, 7SI 2,874 7,07i 4,393 1,00' 3,244 713 532 l,00C 1,138 1,263 2,121 Mar. 5 26, 7&t 2,87' 7,07i 4,393 1,00' 3,244 713 1,42! 532 l,00C 1,138 1,263 2,121 Mar. 12 26, 78£ 2,87- 7,07( 4,392 1,00' 3,244 712 1,429 532 1,000 1,138 1,263 2,121 Mar. 19 26, 78, 7,07< 4,39; 1,00' 3,24' 712 1,42S 53; l,00C 1,138 1,262 2,121 Other capital accounts: Feb. 12 47, 29; 2,46' 13,061 3,02c 4,565 1,97. 2,31* 8,47 1,94' 2,52' 1,98; 1,908 3,039 Feb. 19 47, 34 2,48 13,08C 3,02c 4,56: 1,99' 2,322 8,46* 1,94' 2,524 1,97' 1,912 3,042 Feb. 26 47, 333 2,471 13,102 3,02c 4,557 1,97. 2,338 8,45* 1,94 2,523 1,98: 1,912 3,042 Mar. 5 47, 290 2,464 13, 06C 3,02/ 4,55£ 1,971 2,33' 8,45c l,96f 2,52C 1," 1,907 3,045 Mar. 12 47, 354 2,474 13,082 3,03 4, 55C 1,97! 2,34 8,466 1,971 2,51 1, 1,90' 3,045 Mar. 19 47, 39 2,48! 13, 3,03' 454f 1, "" 2,34: 846£ 1,97; 2,51 1, 1,908 3,046 Total liabilities and capital accounts: Feb. 12 23, 363, 3981, 508,49'10,431,86i 1,329, 51<1, 748,81824,068 580,195 3,345,10; 687, 21 419,29' 602,90e 435, 622 1, 450,302 Feb. 19 23,399, 33^1,472, 74:10, 552, 38<1,355,844 1, 748, 81!802, 428555,181 3, 344, 062668, 04$405, 60$600,312 428, 758 1,465,154 Feb. 26 23, 476,18!1,477, 9010, 638,08'1,357, 23C1,733,81 822, 32£555, 7283, 340, 066683, 962404, 938596,05C432, 771 1, 433, 299 Mar. 5 23, 558, 7311,490,10C10, 781,63'1, 338, 8571,740,27 814,39€ 573, 79f 3,281, 294 659^1,936403, 85- 595, 382448, 55C-1, 430, 646 Mar. 12 23, 616, 52 I, 524, 82£10, 737,09!1, 348, 25' 1, 767, 97*825,848 571, 6683, 284,715632, 62C410, 51: 596,301438,86C 1,477,847 Mar. 19 23, 731, 36 1,541, 10, 639, 48:1,414, 211 I, 787, 78!851, 76! 594, 64$3, 331, 298611, 622415, 87' 606,36 455,09: 1,481,571 Commitments to make industrial advances: Feb. 12 5,12' 66 2,431 Feb. 19 5,12 66 74, 2,425 Feb. 26 5,061 66, 2,423 Mar. 5 5,89! 1,58- 76! 2,403 M M a a r r . . 1 1 2 9 6 7 , , 5 2 6 8 1 1 , , 5 5 8 8 ' ! 1,14; 2 2 , , 3 4 9 2 2 9 1,73! 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n t e h s ) day of Ap r p ec li e c i a v t e i d ons Ap c p o li n c s a i t d i e o r n a s t io u n nder A a p p p p li r c o a v ti e o d ns A s (a t d a m o v n u a o d t n i u - n c n g e t * ) s C s (a t m o a m o m n e u o d n m t u i - t n s n i g t t - ) A ( b p a p l u m c p e t o r t o m e o n u d v - o n e t 2 t d ) d c e o a r x a r a n p p w w t p i , r n i l e e t i h - t d b c - , y . ( s P p a ta a m a o n t r u i o t d o i t u i - c n n n i s - g t) 3 Number Amount Number Amount Number Amount (amount) 1934—Dec. 26__. 4,386 146,972 2,955 49, 634 13, 589 8,225 20,966 5,558 1,296 1935—June 26.. 6,325 237, 581 11, 349 1,646 88, 778 27, 518 20, 579 11,248 24,900 4,533 Dec. 314. 7,437 293,084 2,823 1,993 124,493 32,493 27, 649 11, 548 44,025 8,778 1936—June 24.. 8,006 314,471 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30... 8,247 328,998 1,245 2,280 139,829 25, 526 20, 959 8,226 77, 910 7,208 1937—Mar. 31- 8,344 333,300 1,322 2,323 141, 545 23, 059 18,611 7,898 85, 210 6,767 June 30— 8,430 339, 509 1,263 2,361 145, 758 23,019 16, 331 1,470 97, 663 7,275 Sept. 29_. 8,474 341,842 800 2,381 146, 724 21,415 14,880 537 102,588 7,304 Dec. 29... 8,534 350, 551 550 2,406 150,987 20, 216 12,780 3,369 107, 384 7,238 1938—Mar. 30.. 8,708 358, 936 1,299 2,464 154,918 19, 371 13,110 3,419 111, 193 7,825 June 29. _ 8,976 369, 853 476 2,566 161,158 18,444 13, 649 3,084 117, 555 8,426 Sept. 28.. 9,102 378,974 146 2,617 168, 380 17, 567 13, 597 5,737 122, 447 9,032 Dec. 28_. 9,188 387,490 247 2,653 175,013 17, 345 14,161 1,946 12, 722 1939—Jan. 25... 9,203 389,176 999 2,660 175, 651 16, 811 13,004 1,293 132,009 12,534 Feb. 21 •. 9,221 389, 554 964 2,671 175, 902 16,474 12, 907 1,105 133,001 12,415 Mar. 29.. 9,249 392, 230 344 2,683 177,895 15, 798 12, 647 1,975 135,004 12,471 Apr. 26.. 9,270 394,055 495 2,697 178,639 15,817 11, 749 2,134 136,696 12, 243 May 31_. 9,296 394,970 400 2,713 179,332 15, 305 11, 530 2,496 137, 922 12,079 June 28.. 9,308 395, 499 255 2,721 179, 778 15, 255 11,175 2,067 139, 281 12,000 July 26... 9,330 399,780 760 2,730 183, 354 15, 384 11,476 733 142, 943 12, 818 Aug. 30.. 9,355 401, 228 532 2,743 184,152 14, 667 11,009 1,220 144,812 12, 444 Sept. 27.. 9,366 402, 305 370 2,752 185,234 14,454 10,517 1,938 146,156 12,169 Oct. 25— 9,388 402,944 70 2,763 186,034 14, 545 10,156 1,764 148,037 11, 532 Nov. 29.. 9,401 404,226 92 2,772 187, 257 14,051 9,643 2,548 149, 911 11,104 Dec. 27_. 9, 418 405, 225 41 2,781 188, 222 13, 683 9,220 2,659 151, 679 10,981 1940—Jan. 31— 9,433 406,097 76 2,793 188,879 12,860 8,376 2,504 154,629 10, 510 Feb. 28.. 9,456 407, 392 32 2,805 190,055 12,997 8,966 1,454 155, 574 11,064 Mar. 27.. 9,476 410,192 199 2,814 192, 665 12,723 8,224 2,471 158,110 11,137 Apr. 24.. 9,487 411,628 118 2,825 194,096 12,001 8,725 2,264 159, 950 11,156 May 29.. 9,504 413,178 45 2,832 195,404 11, 242 8,852 2,474 161,491 11, 345 June 26.. 9,512 413, 646 33 2,838 195, 739 10,988 8,762 2,195 162, 612 11,182 July 31— 9,536 415, 599 76 2,853 197,439 10,907 8,582 1,991 164,949 11,010 Aug. 28.. 9,546 416,454 444 2,856 197, 906 10, 779 8,238 2,095 165, 865 10, 929 Sept. 25.. 9,556 417, 260 10 2,865 198,966 10,778 8,078 2,315 167,046 10, 749 Oct. 30__. 9,573 420, 837 740 2,875 201, 750 10,484 7,351 4,260 169, 746 9,909 Nov. 27.. 9,581 421,139 650 2,883 202,041 9,893 7,106 4,056 171, 394 9,592 Dec. 31 •_ 9,609 431,236 222 2,908 212, 510 9,152 5,226 13,954 177, 792 6,386 1941—Jan. 29... 9,633 435,474 1,929 2,923 214,800 9,483 5,207 12, 325 179,021 8,764 Feb. 26_. 9,659 442,712 600 2,945 223, 226 9,451 5,066 20,424 179, 569 8,716 Mar. 19 5. 9.674 447, 795 710 2,953 228,120 9,477 7,288 19, 854 180, 623 10,878 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,156,- 339, March 19, 1941. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o ew rk P p d h h e i i l 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 c C a h g i o - Lo S u t. is n M o e l a i i n s p - - K o s a l a i n s s - Dallas F S r a a n n- Federal Reserve Notes: Issued to F. R. Bank by F. R. agent Feb. 26 6, 259, 262497, 3491, 645, 632 436, 418 574,888 30313,3 220,4311, 315, 696238,058 162, 578 107,148 539,850 Mar. 5 \ 327,123507, , 669, 395 4387,76 578,993 304,995 220, 9351, 326, 708 2381,,653164, 658 2191,,564109,949 547,429 Mar. 12 .... i, 347, 243503,813 1, 676, 494 440, 785 581'303,340 220, 9441, 332, 209 241,474 165, 001 222200, ,610109,441 551, 545 Held M b a y r . F 1 e 9 deral Reserve Bank: 6, 369, 331507, 856 .1, 681, 498 441,025182, 380 306, 780 223, 2813, 334, 924242, 969164, 795 220,277108,577 554t,, '971 Feb. 26 282,487 14,415 70, 300 20, 338 20,941 14, 360 22, 305 29,823 13, 510 4,532 9,441 9,355 53,167 Mar. 5 287,473 19, 382 76, 869 19,060 22,490 14, 361 19,499 31, 623 11,496 4,r~" 7,99^ 9,439 51,049 Mar. 12 299,907 14,615 81, 502 19,403 22, 236 12,923 20,164 35, 272 14,003 4,918 9,123 10, 373 55, 375 Mar. 19 306, 270 15, 693 78, 227 19, 580 23, 622 14,046 21, 991 33, 904 14, 779 4,584 8,385 9,956 61, 503 In actual circulation: i Feb. 26 ... 5, 976, 775482, 9341, 575, 332 416,080 5539.47 288, 773198,126 1, 285, 873224, 548158, 046 208, 640 17, 793 486, 683 Mar. 5 6,039, 650487, 686 '1., 592, 526 47191,6 556,503 290, 634201, 4361, 295,085 227,157160,450 211, 567 510 496, 380 Mar. 12 6,047, 336489, , 594, 992 421, 382 51,5395!1290,417200,780 1' , 2"9"6", 937 227,471160,083 211,487 •,170 Mar. 19 6,063, 061492,1631, 603, 271421, 441558, 758 292, 734201, 229!2 1.,,301,"0"2"0 228,190160, 211211,892 18, 621493,468 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 26 6, 386, 500510,0001, 670,000 440,000 576,000 315,000 225,0001, 330,000 244,000165, 500 225,000112,000 574,000 Mar. 5 6, 432, 500510,0001, 680,000 450,000 580,000 325,000 225,0001, 340,000 244,000165, 500 225,000114,000 574,000 Mar. 12 6, 455, 500510,0001, 690,000 450,000 583,000 325,000 225,0001, 350,000 244,000 165, 500 225,000114,000 574,000 Mar. 19 6, 497,000530, 00U1, 700,000 450,000 583,000 325, 000 230,0001, 350,000 249,000167,000 225, 000114, 000 574, 000 Eligible paper: Feb. 26 2, 549 1,537 484 174 311 Mar. 5 2,085 1,308 194 25 207 323 Mar. 12 1,206 566 144 179 274 Mar. 19 1,013 459 15' 179 183 Total collateral: Feb. 26 6, 389,049510,0001, 671, 537 440, 484576,000 315i,,043225,000 1, 330,000244,000 165, 674225, 311112,000 574,000 Mar. 5 6, 434, 585510,0101, 681, 308 450, 580,000325,018 222255;,000 1, 340, 000" 244,025165, 707 222255,,332233 114,000574,000 Mar. 12 6,456, 706510,0001, 690, 566 450, 583,000325,043 225,000 1, 350,000 244,000165, 679225, 274114,000 574:;,000 Mar. 19 6, 498,013530, 0001, 700,459 450, 583, 000325, 035 230>i, 000 1, 350, 1,000167,179 225,183 114,000 574,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. APRIL 1941 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE POSITION OF MEMBER BANKS, FEBRUARY, 1941 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Classes of banks G d r e o - ss N de e - t Time F R ed e e se r B a rv a l n e R s k e s w se it r h ve m A em ll - Ce c n i t t r y a l b r a e n s k e s rve s R er e- ve C t o r u y nand districts m po d a e s n - it d s p m o d s a e i - n ts d l po de s - its Re- Ex- ba b n e k r s* Y N o e r w k c C a h g i o - b c a i n ty ks banksi quired Held cess Total reserves held: 1940—February., 12, 215 6,323 901 3,344 ,646 All member banks. _43, 827 35, 919 12, 378 7,574 13, 996 6,422 March 12, 362 6,428 899 3,368 668 Central reserve city banks: April 12, 703 6,548 972 3,476 706 New York. 16, 561 15, 820 841 3,641 6,807 3,166 May 13, 086 6,660 1,097 3,615 714 Chicago _ 3,276 2,904 508 686 1,033 347 June .. 13, 596 6,941 1,182 3,716 ,757 July 13, 735 6,979 1,168 3,837 751 Reserve city banks: August _ . 13, 408 6,709 1,154 3,804 740 Boston district 1, 401 1,266 82 226 568 342 September 13, 643 6,705 1,234 3,905 800 New York district 255 204 145 43 63 20 October 14,043 6,889 1,279 4,024 851 Philadelphia district _ _ 1,508 1, 264 229 233 510 278 November. 14,131 6,975 1,218 4,080 858 Cleveland district 2,115 1, 671 743 330 778 448 December 14, 049 6,997 1,142 4,096 815 Richmond district . 958 735 230 140 265 125 1941—January 14,339 7,135 1,051 4,240 1,913 Atlanta district. _ 914 634 179 120 158 39 February 13, 996 6,807 1, 033 4,258 1,898 Chicago district 1. 664 1,176 653 238 468 230 Week ending (Friday): St. Louis district 1,046 787 176 147 262 116 1941—Jan. 24 .. 14,456 7,188 1,067 4,292 1,909 Minneapolis district.._ 462 349 86 65 102 36 Jan. 31 14,332 7,094 1,060 4,287 1,891 Kansas City district.__ 1,136 736 158 137 214 77 Feb. 7... 13, 908 6,739 1,057 4,205 1,907 Dallas district 876 542 134 102 155 53 Feb. 14 13, 885 6,706 1,022 4,236 1,920 San Francisco district- 2,667 2,131 2,046 475 715 240 Feb. 21 14,040 6,821 1,032 4,259 1,928 Feb. 28 14,152 6,961 1,020 4,255 1,916 Total 15, 002 11,495 4,861 2, 255 4,258 2,004 Mar. 7 14, 210 7,044 982 4,237 1,947 Mar. 14 14,264 7,096 948 4,282 1,938 Country banks: Excess reserves: Boston district. 1,061 749 564 118 234 116 1940— February 5,626 3,199 301 1.378 747 New York district 1,624 1,141 1,440 209 457 248 March 5, 734 3,248 310 1,405 771 Philadelphia district.. 745 485 884 102 191 89 April 6,003 3,312 388 L, 494 809 Cleveland district 731 453 723 91 176 85 May 6,288 3,389 477 1,607 815 Richmond district 703 393 381 66 118 52 June... _ _ _ 6,696 3,594 547 1,703 851 Atlanta district. _ _ 662 382 247 58 104 46 July. 6,752 3,588 522 1.803 839 Chicago district 1,078 643 819 118 241 122 August. . 6,407 3,344 499 1,748 816 St. Louis district 446 270 251 45 77 3L September 6,582 3,324 570 1,821 866 Minneapolis district... 370 227 287 42 71 29 October __ 6,864 3,465 610 1,888 902 Kansas City district... 506 314 162 46 71 26 November 6,830 3,493 546 1,895 897 Dallas district 658 397 107 53 95 42 December 6,646 3, 443 476 1,887 840 San Francisco district. 405 246 301 45 64 19 1941—January 6,832 3,505 381 2,016 930 February 6,422 3,166 347 2,004 906 Total 8,988 5,700 6,168 992 1,898 906 Week ending (Friday): 1941—Jan. 24 6,918 3,544 384 2,061 929 Jan.31 6,800 3,452 383 2,054 911 !f Gross demand deposits minus demand balances with domestic banks Feb. 7 6,375 3,115- 376 1,967 917 (except private banks and American branches of foreign banks) and Feb. 14 6,342 3,085 340 1,986 930 cash items in process of collection. Feb. 21 6,447 3,181 339 1,993 934 NOTE.—See table on p. 320 for percentages of deposits required to be Feb. 28 6, 522 3,282 331 1,989 921 held as reserves. Mar. 7 6,528 3,313 295 1,974 947 Mar. 14 6,541 3,346 258 1,999 938 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND 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 Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Boston 2,462 2,450 647 643 2,326 2,317 526 523 135 133 New York 18,440 18, 345 2,426 2,402 i 1, 563 i 1, 522 i 1, 091 i 1, 092 315 307 Philadelphia 2,253 2,273 1,113 1,108 1,989 2,007 653 649 264 Cleveland ... „ . 2,846 2, 825 1,466 1,458 2,566 2,549 1,129 1,125 280 Richmond 1,661 1,646 611 604 1,453 1,439 415 410 208 Atlanta. 1,576 1,520 427 423 1,416 1,367 344 342 160 Chicago 6 018 5,926 1,980 1,973 1 2, 347 12,311 i 1, 142 i 1, 136 394 St. Louis 1,493 1, 465 427 426 1,233 1,205 307 306 260 Minneapolis __ _ . 831 831 373 373 655 657 202 202 176 Kansas City. .. . 1,641 1.634 321 320 1,296 1,286 209 209 346 Dallas.. 1,534 1,496 241 240 1,169 1,141 195 194 364 San Francisco . .. _. 3,072 3,047 2,347 2,363 2,949 2,923 2,248 2,264 123 Total 43, 827 43, 459 12, 378 12, 331 1 20, 963 120,725 18,462 18,453 3,026 ot ot Time Feb. Jan. 120 120 494 489 460 458 336 334 207 196 194 153 82 81 388 330 329 261 120 119 174 171 170 347 112 111 355 47 46 124 99 98 2,991 2,567 2,548 i Excluding central reserve city banks, for which figures for latest month are shown in table above. Classification by population is based on the 1940 census; for figures on the same basis for the months of 1940, see tables on p. 359. 326 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 otal c G c e a r o t t i l e f d s i- d S o i l l l v a e r r s S c c e il a r v t t i e e f s r i- o T n f u r o e r 1 t y a e 8 s 9 s - 0 S s u c i i a b l o v r s i y e n id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F B n e e o d s a e t e n e r r k s v a e l t n b i N o o a n t n a e - a k s l 1940—January 7,376 69 44 1,469 1 372 163 265 4,796 23 173 February.. 7,455 68 45 1,500 1 373 163 271 4,839 23 171 March 7,511 68 45 1,508 1 375 164 260 4,896 23 170 April 7,559 68 45 1,557 1 377 166 248 4,906 23 168 May 7,710 67 46 1,590 1 382 168 241 5,025 23 167 June 7,848 67 46 1,582 1 384 169 248 5,163 22 165 July 7,883 66 46 1,565 1 386 172 249 5,212 22 164 August 8,059 66 47 1,605 1 389 174 258 5,334 22 162 September. 8,151 66 48 1, 615 1 394 177 259 5,409 22 161 October.._. 8,300 65 48 1,620 1 400 180 264 5,541 22 160 November. 8,522 65 49 1,658 1 407 183 275 5,705 21 159 December. 8,732 65 50 1,667 1 412 185 290 5,883 21 157 1941—January... 8,593 64 50 1,595 1 403 183 278 5,842 21 156 February.. 8,781 64 50 1,635 1 406 184 278 5,985 21 155 Back figures.—See Annual Report for 1941 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] i T n o c t i a r l - Coin and small denomination currency 2 Large denomination currency Un- End of month cula- assorttion totali Total Coin $1 3 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 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 ,766 1, 568 2,193 471 979 202 464 June 7,848 5,584 599 546 1,015 , 791 1,599 2,264 485 1,013 210 481 July 7,883 5, 599 604 544 1,013 ,798 1,605 2,286 489 1,025 211 486 August 8.059 5,748 611 556 1,044 ,858 1,644 2,313 495 1,035 213 493 September 8,151 5, 814 6J8 566 1,055 ,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 November 8,522 6,098 639 591 1,107 1,977 1,748 2, 426 523 1,089 225 512 December 8, 732 6,247 648 610 1,129 2,021 1,800 538 1,112 227 523 1941—January 8, 593 6,094 635 577 1,091 1,973 1,781 2,502 540 1,126 230 530 February 8, 781 6,243 641 582 1,116 2,041 1,826 2,541 551 1,144 232 535 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 STATESPAPER CURRENCY Held by Treasury and Federal Reserve Banks and in circulation. In [By selected banks and financial institutions inNew 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 l u n v v n la d l e e - r r l r s s S c i i s a l u o i v d r b i e - n y - 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 d s B n s F e e R o a e r r t e n d a v e - - l k e s t n b i N o o a n a n te - a k s l 1937 Year or month m E S e u n h r t i 2 o s p 1 p - t e 5 o R E e f u r c r o e 4 o m i 7 p p t e 6 s m s N h e i e n p t t - s re N ce e ip t 26 ts 1 1938__ _._ 33! 1 34.4 1 3 1939 110 2 9 8 100 4 1940—January 2,971 1,855 400 169 347 24 175 1940_ 17.7 7 17 0 February 2,981 1,866 401 170 347 24 173 March 2,990 1,876 401 171 347 23 172 1940—February 4 7 (i) 4 7 April 2,999 1,886 400 172 347 23 171 March _ 1 4 (l) 1 4 May 3,008 1,894 402 173 347 23 169 April 3 5 (i) 3 5 June 3,014 1,900 402 174 347 23 167 May 1 l (l) 1 1 July 3,024 1,909 404 175 347 23 167 June 5 1 4 August 3,036 1,915 409 178 347 23 164 July .6 . 1 .5 September- 3,044 1,920 411 181 347 22 163 August .3 (l) 3 October 3,059 1,931 415 183 347 22 162 September .1 (i) .1 November _ 3,072 1,937 419 187 347 22 160 October . 1 . 1 December.. 3,087 1,945 425 189 347 22 159 November ... .1 2 1 December .1 1 1941—January 3,097 1,953 427 191 347 22 158 February . 3,102 1,959 428 192 347 21 156 1941—January 9 .1 1 February .1 .1 i Includes silver held against silver certificates amounting to $1,882,- i Less than $50,000. 000,000 on Feb. 28, 1941 and $1,765,000,000 on Feb. 29, 1940. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. APRIL 1941 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES l [In millions of dollars] [In thousands of dollars] Net gain or 1941 Period a s G t t o o e c l n d k d I i n n c g r t o o e l a d ta s l e g N o e ld t l t o h s r e s o a u r ( - g - h ) p D ti r c o o m g d o u e l c s d - - From or to— February January Jan.-Feb. of period stock import marking tion transactions Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 19341 8,238 4, 202. 5 1,133. 9 82.6 92.9 1935. 10,125 1,887. 2 1, 739. 0 .2 110.7 France 1 1 1936. 2 11, 258 1,132. 5 1,116. 6 -85.9 131.6 Portugal 30 15 45 1937. 2 12, 760 1, 502. 5 1, 585. 5 -200. 4 143.9 Sweden 1,746 1,746 1938. 14, 512 1, 751. 5 1, 973. 6 -333. 5 148.6 Switzerland 337 563 899 1939. 17, 644 3,132. 0 3, 574. 2 -534.4 161.7 United Kingdom 1,218 37 1,255 1940. 21, 995 4, 351. 2 4, 744. 5 —644. 7 168.1 U. S. S. R 11, 236 11,236 Canada 81, 534 46,880 128,414 Mexico 814 1,14 1,961 1939—September.. 16, 932 285.9 326.1 2.8 15.9 Central America 789 1,216 2,005 October 17, 091 159.9 69.7 79.5 18.7 West Indies and November. _ 17, 358 267.1 168.0 90.9 14.9 Bermuda 73 63 137 December.. 17, 644 285.1 451.2 -200.8 13.4 Argentina 5 5 Bolivia 1 43 44 1940—January 17, 931 287.5 236.4 40.0 13.6 Brazil 3 4 7 February. _. 18,177 246.0 201.4 37.0 11.4 Chile 1,148 467 1,616 March 18, 433 256.0 459.8 -213.4 12.0 Colombia 11 3,168 3,179 April 18, 770 336.9 249.9 67.2 13.0 Ecuador 233 267 500 May 19, 209 439.0 435.1 -36.7 14.1 Peru 557 1,171 1,728 June 19, 963 754.2 1,163. 0 -437. 2 10.9 Venezuela 313 318 631 July 20, 463 499.4 520.0 -55.1 16.0 British Guiana 74 147 222 August 20, 913 450.2 351.6 67.0 12.3 Australia 6,738 11,136 17, 873 September __ 21, 244 331.6 334.1 36.6 13.3 New Zealand 187 438 625 October 21, 506 261.1 326.0 -117.9 19.0 British Oceania 310 477 787 November. . 21, 801 295.2 330.1 -39.5 16.4 British India 4,501 4,501 December.. 21, 995 194.0 137.2 7.4 16.1 Netherlands Indies. _. 219 219 China and Hong 1941—January 22,116 121.7 234.2 -52.8 13.5 Kong 834 834 February. __ 22, 232 115.4 108.6 i -46. 2 PIS 9 Japan 6,085 6,085 March 1-26^ 22, 359 126.6 110.9 .9 Philippine Islands 2,772 3,185 5,958 South Africa 96 149,735 149,832 All other countries... 135 381 516 p Preliminary. 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 Total 108, 615 234,246 342,8 10 a fine ounce thereafter. 2 Includes gold in the Inactive Account amounting to $27,000,000 on i Figures represent customs valuations which, with some exceptions, De 3 c G em ol b d e r h e 3 l 1 d , u 19 n 3 d 6 e , r a e n a d r m $1 a , r 2 k 2 8 a ,0 t 0 0 F , e 0 d 00 er o al n R D e e s c e e r m ve b e B r a 3 n 1 k , s 1 9 f 3 o 7 r . foreign ac- are at rate of $35 a fine ounce. count, in millions of dollars: February 28, 1,906.6; March 26, 1,905. 8. Back figures.—See table, p. 363, and Annual Report for 1937 (tables 31 and 32). NOTE.—Figures for domestic production of gold are those published in table, p. 363, adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29). BANK DEBITS [Debits to deposit accounts, except interbank accounts. BANK SUSPENSIONS1 [In millions of dollars] Total, 140 133 Member Nonmember all New other other Total, banks banks Year and month report- York lead- reportall ing City ing ing banks Na- In- Not centers centers icenters2 tional State sured 2 insured 1929 982,531 331,938 47,504 1936 461,889 208,936 219,670 33, 283 Number of banks suspended: 1937 469,463 197,836 235, 206 36,421 1934 48 1938 405,929 168, 778 204, 745 32,406 1935 22 8 1939 423,932 171,382 218,298 34,252 1936 40 3 1940 445, 864 171, 582 236, 952 37, 330 1937 47 6 1938 47 6 1940—January... 37, 786 14,739 19, 978 3,069 1939 25 10 February.. 32,197 12,138 17, 344 2,715 1940 18 3 March 37, 769 15, 201 19, 537 3,031 1941—Jan.-Feb 2 April 37,780 15, 519 19,250 3,010 May 37, 257 14, 536 19, 659 3,063 Deposits of suspended banks June 35,005 13,110 18, 850 3,045 (in thousands of dollars):3 July ^35, 959 13, 612 ••19, 244 3,103 1934 36,937 40 1,912 34, 985 August 32, 844 11,604 18, 314 2,926 1935 10,015 5,313 3,763 939 September 33,812 12, 594 18, 267 2,951 1936 11, 306 507 10, 207 592 October. __ 39,695 14,952 21,365 3,378 1937 19, 723 7,379 1,708 10,156 480 November 39,088 14,952 20,819 3,317 1938 13,012 36 211 11,721 1,044 December. 46, 673 18, 626 24, 327 3,721 1 19 9 4 3 0 9 3 5 4 , ,9 9 9 4 8 3 1,3 2 4 5 1 6 24, 629 6 5, , 3 5 4 8 1 9 2, 3 4 4 39 6 1941— F J e a b n r u u a a r r y y .. . . . 4 35 1 , , 1 7 3 8 3 3 1 13 5 , , 1 2 4 6 7 8 2 19 2 , , 4 4 5 98 7 3 3, , 0 4 5 8 7 8 1941—Jan.-Feb 1,056 732 324 r Revised. i Represents banks which, during the periods shown, closed tem- 1 Comprises centers for which bank debit figures are available beginporarily or permanently on account of financial difficulties; does not ning with 1919, except that one substitution was made in 1920 and one include banks whose deposit liabilities were assumed by other banks at in 1928. the time of closing (in some instances with the aid of Federal Deposit 2 Centers (other than the 141 centers) for which bank debits are current- Insurance Corporation loans). ly reported. The number has changed very little since 1934 and has a 3 D Fe e d p e o r s a i l t s d o e f p m os e it m i b n e s r u r b a a n n c k e s b a e n c d a m in e s u o r p e e d r a n t o iv n e m J e a m n b u e a r r y b a 1 n , k 1 s 9 3 su 4 s . pended nu B m a b c e k r e fi d g u 1 r 3 e 3 s . s — inc F e o 1 r 9 c 3 o 6 r . responding monthly totals for 1928-1937 see are as of dates of suspension, and deposits of noninsured nonmember Annual Report for 1937 (Table 71), which also gives a definition of bank banks are based on the latest data available at the time the suspensions debits. Monthly figures for individual reporting centers with totals by were reported. Federal Reserve districts for recent years, and annual figures for indi- Back figures.—See Annual Report for 1937 (table 76). vidual reporting centers with totals by Federal Reserve districts for the years 1919-1939, are available and will be furnished upon request. 328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figuresf rom June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935. p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figuresa re available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITSl [In millions of dollars] Nonmember Member banks banks Member banks Nonmerriber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n u ks g a s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a a - l State M s b a a v u n i t n u k g s a s l b n e o O r n t b m h a e e n r m ks - 1929—June 29 25,110 8,707 7,530 1,177 611 15, 792 1929—June 29 „ 53, 852 32, 284 19,411 12,873 8,983 12, 584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31.._ 55, 289 33,865 20, 290 13, 575 8,916 12, 508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30... 37, 998 23,338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38, 505 23,771 15, 386 8,385 9,708 5,026 1935—June 29 15,994 6,410 5,425 985 571 9,013 1935—June 29. 45, 766 29,496 19,031 10,465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31... 48, 964 32,159 20,886 11,273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30... 51, 335 34,098 21, 986 12,112 10,060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31... 53, 701 35, 893 23,107 12, 786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30... 53, 287 35,440 22, 926 12, 514 10, 213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31... 52,440 34,810 22, 655 12,155 10, 257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30... 52,195 34,745 22, 553 12,193 10, 296 7,153 Dec. 31 15, 206 6,338 5,224 1,114 556 8,312 Dec. 31... 54,054 36, 211 23, 497 12, 714 10, 365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30. _. 55, 992 38, 027 24, 534 13, 493 10, 521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30... 58, 344 39, 930 25, 661 14, 269 10,613 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26... 59, 017 40,579 25, 911 14,667 3 10, 544 3 7,895 June 29 14,953 6,398 5,164 1,234 551 8,004 June 29_._ 60, 582 42, 039 26, 931 15,108 10, 631 7,912 Dec. 314 14, 895 6,486 r5,144 rl, 342 551 7,858 Dec. 314_. 65, 024 46,007 29, 214 16, 793 10, 658 8,359 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 Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 1929— June 29 58,474 41, 531 16,943 35,711 25, 658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41, 918 16,499 35,934 26,150 9,784 9,463 5, 945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17, 872 24, 786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 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 2,98a 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 2 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 3 10,226 4,922 5,304 3 6, 746 3,329 3,417 June 29 51, 335 22, 341 28, 995 34,451 13,969 20, 482 10,188 4,926 5,262 6,696 3,445 3,251 Dec. 314 54,188 23, 741 30,448 37,126 15,321 21, 805 10, 249 4,960 5,289 6,814 3,460 3,353 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. Prior to June 1940 the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in condition reports among "Other assets." The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,- 000,000, respectively. 3 One bank (with deposits, excluding interbank deposits, of $90,900,000 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. 4 Figures for "All banks" are preliminary Back figures—See Annual Report for 1937 (tables 48-49). r Revised. APRIL 1941 329 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 n a n s n t n d - a t t - s l s Total C t m d a c r i u o n i i n e s a a m d - - r l l - ' - A c tu u g l r r - - i- p O m k a p a p e e r t e n - r b o a p r T e s n r o u r o e s d k r c c c - u a h r r a r o it s y t i i h i T e n n s e o g g rs3 e l R o st e 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 Bills N D o ir t e e c s t Bonds G t a e u n e a d - r- g S p O a d s a i t o u t i c o n b a i v b l a o f t d l i - i l i e t n - - - s s O r s i e t t c h ie u e s - r deal- sions ers Total—All Member Banks 1929—Dec. 31. _35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 249 520 3,094 1,393 4,528 1933—June 3 24,786 12,858 595 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—June 30-30, 721 12, 938 492 701 2,614 2,613 120 6,397 17, 783 12,343 316 3,653 6,246 2,128 2,143 3,296 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 4,760 427 733 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 6-33,075 13,470 19, 605 13,811 2,920 2,764 3,030 Dec. 30. _33, 941 13, 962 5,386 730 455 790 7002,957 56 19, 979 14,328 5632,223 3,144 2,692 2,959 1940—Mar. 26634,163 13, 939 20, 224 14.421 3,107 2,905 2,898 June 29. 34,451 13, 969 5,538 450 447 3,069 3,020 20, 482 14, 722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 456 642 3,228 3,230 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 New York City 1929—Dec. 31__ 8,774 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 222 758 1933—June 30- 7,133 3,424 364 759 1,044 157 162 937 3,709 2,551 638 987 478 680 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 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.. 3,086 1,451 126 668 209 124 77 427 5,322 4,025 68 831 2,040 1,086 582 714 June 30- 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Oct. 2 6__ 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 1940—Mar. 266 9,594 3,211 6,383 4,972 1,286 726 June 29_. 9,829 3,014 1,801 103 320 ~188~ 137 426 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10, 910 3,384 2,025 100 465 190 130 443 7,527 6,044 207 1,245 2,977 1,615 695 788 City of Chicago 7 1929—Dec. 31- 1,757 1,448 251 533 535 116 19 94 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 Dec. 31— 1,969 539 319 43 70 62 1,430 1,114 59 291 655 109 141 176 .1939—Mar. 29_. 1,965 545 340 32 70 57 1,420 1,100 121 212 660 108 149 171 June 30. _ 2,052 544 329 71 59 1,507 1,175 185 234 621 135 154 179 Oct. 2 «__ 2,050 563 1,487 1,172 155 147 168 Dec. 30__ 2,105 569 365 60 1,536 1,203 153 176 701 172 162 170 1940—Mar. 268 2,222 564 1,658 1,319 139 175 164 June 29. _ 2,205 603 417 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 476 1,681 1,307 297 145 752 112 188 186 Reserve City Banks 1929—Dec. 31__12,029 9,084 168 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 30__ 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30__11,150 4,853 163 95 998 1,201 26 6,298 4,658 69 1,268 2,603 718 732 908 Dec. 31__ 11, 654 4,963 1,914 149 119 242 ,230 20 1,081 6,691 5,018 57 1,224 2,997 740 808 866 1939—Mar. 29..11, 624 4,936 1,889 145 115 228 1,249 17 1,066 6,688 5,004 100 977 3,105 823 823 June 30__11, 756 5,004 1,884 138 115 221 1,284 12 1,116 6,751 4,991 78 1,014 3,010 889 895 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. 26 612,153 5,305 6,848 5,070 963 928 850 June 29- 12,160 5,365 2,134 156 87 210 1,372 1,224 6,795 4,947 87 3,052 969 981 Dec. 31 13,013 5,931 2,436 153 115 207 1,436 1,307 7,081 5,204 103 771 3,281 1,049 Country Banks 1929—Dec. 31__13, 375 8,936 201 2,231 1,462 45 4,705 4,439 1,267 171 627 2,546 1933—June 30._ 7,873 4,275 35 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1938—June 30- 9,752 4,388 173 790 1,269 2,126 5,364 2,964 715 1,657 579 878 1,522 Dec. 31- 10,113 4,444 1,048 138 243 1,353 1,149 5,669 3,233 732 1,893 597 982 1,453 1939—Mar. 29- 10,098 4,480 1,081 142 226 1,363 1,121 5,618 3,221 585 1,978 643 1,001 1,397 June 30__ 10,109 4,605 1,095 140 229 1,402 1,180 5,504 3,127 563 1,870 683 1,025 1,351 Oct. 2 «„ 10,102 4,665 5,437 3,082 699 1,058 1,297 Dec. 30- 10,224 4,768 1,151 495 163 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 1,187 174 1,544 1,308 5,270 3,030 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 187 1,644 1,397 5,517 3,269 433 2,081 710 1,146 1,102 i 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. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. * Includes Treasury certificates of indebtedness through 1934. 1 Breakdown of loans and investments not reported separately. » Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank leposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a R e e r n i e r a t - d v k h l - e s v C a i a n u s l h t b m a w a n d e n o i c s t - k e h t s s i c *•j m p u o s a d a t s d e n e i - - d d ts 2 s u p v n h a c a a o i e n i d l r p r r d s t - - - s - , , S p s d s a i t i o u c i a o n b v l a t n - d i i e l t - s - s c C h c e o a f e e e i t f n c e f c r r d i . d t s k - s i ' s - m U G e e . r o n n v S t - - 4 . s p u v n h a c a a o i e n i l d r p r r d s t - - - s - , , S p s d s a i t i o u i c a o n b v l a t n - d i i e l t s - - s P i s n o a g s v s t - a 4 l m D a e n - b d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a a t u c p a - n - l ts Call date pora- porations tions Total—All Member Banks 2,374 558 2,168 16, 647 17, 526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 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 8,694 746 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, Oil 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11, 617 774 6 5, 304 25,118 23,983 2,390 666 675 11,104 418 51 6 8,243 6 142 6 757 5 5,530 Oct. 2 11, 604 841 5,506 25, 681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 12,279 862 • 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 13, 992 991 6,185 30, 429 29, 576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 Dec. 31 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 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 8 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 6 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 7,057 102 122 11, 062 11,357 370 471 48 768 51 4,032 646 1,615 Dec. 31 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 S84 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 6237 1,747 1,632 195 27 60 469 21 3 6 853 6 14 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec 30 909 25 6 195 1,544 1,503 133 18 80 482 11 5 6 997 e 7 253 1940—Mar. 26 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 June 29 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 Dec. 31 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 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,795 1939—Mar. 29 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 June 30 3,053 323 6 2,485 8,017 7,803 801 158 410 4,319 198 14 6 3, 307 6 116 « 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 6115 6 56 1,833 1940—Mar. 26 3. 759 334 2,679 8,774 8,372 956 147 422 4,422 18 3,526 105 44 1,873 June 29 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 Dec. 31 Country Banks €27 321 908 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 1,353 322 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 6 509 6 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 6 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 1,857 452 3,002 7,845 6, 846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 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. s 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). APRIL 1941 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - - l, p O m a k p p a e e r t e n - r br T o o k- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- r s O i e t t c i h e u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1940—February 23, 220 8,520 4,317 328 611 481 1,184 1,545 14,700 11,281 642 1,746 6,474 2,419 3,419 October 24, 429 8,852 4,709 300 424 458 1,221 1,701 15,577 11, 908 683 1,878 6,744 2,603 3,669 November 24,862 9,083 4,885 301 456 456 1,226 1,722 15, 779 12,192 768 1,850 6,872 2,702 3,587 December 25, 388 9,309 4,993 303 534 463 1,229 1,747 16,079 12,438 734 2,019 6,951 2,734 3,641 1941—January 25, 661 9,295 5,051 310 471 460 1,229 1,738 16,366 12,689 705 2,188 7,048 2,748 3,677 February 26,316 5,186 317 440 458 1,231 1,741 16,908 13,138 729 2,565 7,085 2,759 3,770 1940—Dec. 31. 25, 527 9,390 5,018 301 465 1,230 1,755 16,137 12, 462 611 2,130 6,978 2,743 3,675 1941-Jan. 8... 25, 614 9,303 5,033 305 500 459 1,228 1,740 16,311 12, 629 685 2,164 7,024 2,756 3,682 Jan. 15.. 25, 669 9,280 5,040 310 462 462 1,230 1,740 16,389 12, 715 725 2,186 7,054 2,750 3,674 Jan. 22.. 25, 684 9,287 5, 055 312 465 458 1,227 1,735 16,397 12,720 726 2,188 7, 063 2,743 3, 677 Jan. 29.. 25, 676 5,076 314 458 459 1,229 1,737 16,368 12, 694 685 2,214 7,051 2,744 3,674 Feb. 5... 26,184 9,337 5,124 313 440 461 1,230 1,734 16,847 13,124 732 2,563 7,083 2,746 3,723 Feb. 12_. 26, 248 9,377 5,173 317 424 459 1,231 1,739 \ 871 13,147 720 2,568 7,094 2,765 3,724 Feb. 19.. 26, 381 9,423 5,220 320 418 458 1,230 1,741 16,958 13,180 737 2,572 7,111 2,760 3,778 Feb. 26.. 26,450 9,495 5,227 319 478 455 1,232 1,748 16,955 13,100 727 2,555 7,052 2,766 3, 855 Mar. 5 26, 668 9,592 5,287 323 502 455 1,229 1,757 17,076 13, 232 2,554 7,064 2,774 3,844 Mar. 12 26, 744 9, 689 5,374 332 498 458 1,229 1,759 17,055 13, 285 909 2,545 7,065 2,766 3,770 Mar. 19 26, 843 9,714 5,414 340 471 455 1,226 1,771 17,129 13, 343 970 2,347 7,271 2,755 3,786 New York City 1940—February 8,810 2,918 1,650 112 465 161 112 370 5,892 4,636 187 722 2,459 1,268 1,256 October 9,644 2,874 1,798 79 301 159 119 388 6,770 5,356 319 971 2,638 1,428 1,414 November 9,813 2,960 1,860 327 159 117 390 6,853 5,548 345 959 2,720 1,524 1,305 December 1.0,165 3,074 1,901 381 168 115 393 7,091 5,755 285 1,082 2,824 1,564 1,336 1941—January 10,350 3,049 1,926 331 169 113 393 7,301 5,913 170 1,239 2,923 1,581 1,388 February 10, 712 3,063 1,983 90 166 112 7,649 6,183 149 1,498 2,947 1,589 1,466 1940—Dec. 31_. 10, 298 3,121 1,907 419 113 394 7,177 5,798 1,170 2,851 1,574 1,379 1941-Jan. 8... 10, 314 3,060 1,918 95 350 169 113 391 7,254 5,866 165 1,215 2,898 1,588 1,388 Jan.15. 10, 328 3,038 1,919 94 323 170 113 396 7,290 5,907 172 1,232 2,921 1,582 1,383 Jan. 22.. 10, 362 3,042 1, 925 92 328 169 113 392 7. 320 5, 930 170 1,245 2, 939 1, 576 1.390 Jan. 29.. 10,394 3,054 1,943 91 321 168 113 394 7,340 5,949 175 1,263 2,934 1,577 1,391 Feb. 5 10,664 3,042 1,963 90 297 167 112 390 7,622 6,183 149 1,487 2,964 1,583 1,439 Feb. 12 10, 690 3,046 1,980 91 287 166 112 388 7,644 6,204 147 1,492 2,972 1,593 1,440 Feb. 19 10, 719 3, 063 2,002 90 282 167 111 388 7,656 6,195 143 1,496 2,966 1,590 1,461 Feb. 26 10, 776 3,100 1,989 89 332 111 390 7,676 6,151 158 1,516 2,888 1,589 1,525 Mar. 5__. , 843 3,159 2,022 91 348 165 111 393 6,168 147 1,523 2,901 1,597 1,516 Mar. 12_. 10,892 3,223 2,075 96 354 166 111 392 7,669 6,219 211 1,522 2,903 1,583 1,450 Mar. 19.. 10, 908 3,204 2,070 101 336 165 111 393 7,704 6,253 270 1,429 2,991 1,563 1,451 Outside New York City 1940—February 14,410 5, 602 2,667 216 146 320 1,072 1,175 8,808 6,645 455 1,024 4,015 1,151 2,163 October 14, 785 5, 978 2,911 221 123 299 1,102 1,313 8,807 6,552 364 907 4,106 1,175 2,255 November 15, 049 6,123 3,025 221 129 297 1,109 1,332 8,926 6,644 423 891 4,152 1,178 2,282 December '5,223 6, 235 3,092 213 153 295 1,114 1,354 8,988 6, 683 449 937 4,127 1,170 2,305 1941—January 15,311 6,246 3,125 217 140 291 1,116 1,345 9,065 6,776 535 949 4,125 1,167 2,289 February 15, 604 6,345 3,203 227 140 292 1,119 1,352 9,259 6,955 580 1,067 4,138 1,170 2,304 1940—Dec. 31 15, 229 6,269 3,111 165 294 1,117 1,361 8, 960 6,664 408 4,127 1,169 2,296 1941-Jan. 8 !5,300 6,243 3,115 210 150 290 1,115 9.057 6,763 520 4,126 1,168 2,294 Jan. 15 L5, 341 6,242 3,121 216 139 292 1,117 344 9,099 6,808 553 954 4,133 1,168 2,291 Jan. 22 5,322 6,245 3,130 220 137 289 1,114 343 9,077 6,790 556 943 4,124 1,167 2.287 Jan. 29 .5,282 6,254 3,133 223 137 291 1,116 343 9,028 6,745 510 951 4,117 1,167 2,283 Feb. 5 .5, 520 6,295 3,161 223 143 294 1,118 344 9,225 6,941 583 1,076 4,119 1,163 2,284 Feb. 12 5, 558 6,331 3,193 226 137 293 1,119 351 9,227 6,943 573 1,076 4,122 1,172 2,284 Feb. 19 .5, 662 i,360 3,218 230 136 291 1,119 353 9,302 6,985 594 1,076 4,145 1,170 2,317 Feb. 26 5, 674 6,395 3,238 230 146 289 1,121 358 9,279 6,949 569 1,039 4,164 1,177 2,330 Mar. 5 .5, 825 6,433 3,265 232 154 290 1,118 1,364 9,392 7,064 693 1,031 4,163 1,177 2,328 Mar. 12 5,852 6,466 3,299 236 144 292 1,118 1,367 9,386 7,066 698 1,023 4,162 1,183 2,320 Mar. 19 5, 935 6,510 3,344 239 135 290 1,115 1,378 9,425 7,090 700 918 4,280 1,192 2,335 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 332 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 e R a e r r i e n a t v d - h l k e - s v C a i a n u s l h t b m a w a n d e i o n c s t - e k h t s i s c j m p u o a s d a e t s d n e - i - t d d s i p u v n a c a a o n i e d r l r r d s t - - - - , S p d s a i t o u c i a n v l a b t d i i e l t - - - s c C h c o a f e e e i f n e c f r r i d d t s k - i ' s - m U G e e . r o n n v S - t - ^ . s p u v n h a c a a o n i e i d l p r r r d s t - - - s - , , S p d s a i o t u c i n a v l a b t i d i e l t - - - s P i s n o a g s v s t - a i l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a a t u c a p - n - l ts Date or month pora- sions etc. pora- sions tions tions Total 101 Cities 10, 273 473 3,104 19, 210 18, 836 1,336 458 5,067 199 7,997 124 745 3,719 1940—February 11,856 505 3,309 21,442 21,040 1,490 423 507 5,180 172 111 681 3,797 October 11,955 531 3,347 21,890 21, 569 1,576 501 507 5,187 192 112 665 3,821 November 11,824 556 3,361 22,299 22,098 1,505 560 433 5,189 210 113 674 3,824 December 12,109 530 3,404 22,757 22, 303 1,537 482 318 5,244 190 9,039 117 653 3,824 1941—January 11, 765 520 3,381 23,092 22, 511 1,673 484 331 5,262 9,005 117 630 3,834 February 11, 797 535 3,462 22, 299 22, 324 1,595 696 5,234 196 8,952 113 692 3,822 1940—Dec. 31 12,010 552 3,370 22, 494 21, 930 1,521 475 448 5,224 194 24 I 9,006 119 664 3,825 1941—Jan. 8 12,142 519 3,475 22,703 22,466 1,498 476 5,276 191 24 i 9,121 116 658 3,823 Jan.15 12,171 524 3,420 22, 415 1.550 495 5, 237 189 24 | 9.069 117 640 3,826 Jan. 22 12, 111 527 3,352 22, 932 22,401 1,579 484 214 5,240 185 8,959 117 650 3,823 Jan. 29 11,611 510 3,314 22, 798 22,158 1,605 460 330 5,251 200 8,924 116 645 3,832 Feb. 5 11, 640 522 3,351 22, 981 22, 456 1,648 440 5,254 197 8,925 117 625 3,833 Feb. 12 11,804 518 3,388 23,157 22, 617 1,619 483 331 5,270 194 9,033 118 624 3,834 Feb. 19 12,003 530 3,473 23,431 22, 812 1,820 554 332 5,273 179 9,137 116 3,836 Feb. 26 11,910 509 3,427 23, 362 22, 811 1,692 435 333 5, 295 174 9,208 114 644 3,842 Mar. 5 11,976 527 3,472 23,487 23,155 1,585 465 328 5,285 175 9,236 115 649 3,832 Mar. 12 11,533 505 3,490 23,186 22, 690 1,624 554 330 5,275 172 9,161 117 3,827 Mar. 19 New York City 6,055 8,796 8,887 230 613 3,473 682 1,490 1940—February 6,601 9,808 9,860 293 240 677 3,770 625 1,497 October 6,694 10,022 10,096 338 314 674 3,843 609 1,506 November 6,683 10,351 10,489 326 340 677 3,825 616 1,507 December 6,809 10, 578 10, 602 330 287 690 3,929 594 1,502 1941—January 6,514 10, 765 10, 758 345 290 707 3,839 574 1,507 February 6,749 10, 410 10, 691 351 423 3,920 633 1,503 1940—Dec. 31 6,796 10,486 10, 448 317 282 3,942 605 1,502 1941—Jan. 8 6, 851 10, 542 10, 657 320 276 690 3,978 601 1,502 Jan. 15 6,855 10, 652 10,632 331 295 689 3. 926 581 1, 502 Jan. 22 6,734 10,632 10, 671 350 294 3,871 1,502 Jan. 29 6,395 84 10, 603 10, 581 318 272 700 3,820 587 1,507 Feb. 5 6,395 91 10, 691 10, 687 324 264 702 3,801 569 1,507 Feb. 12 6, 535 93 10, 780 10, 835 300 283 713 569 1,507 Feb. 19 6,729 102 10, 985 10, 931 440 340 711 3,907 571 1,506 Feb. 26 6,756 99 11,007 11,095 251 719 3,947 587 1,510 Mar. 5 6,755 101 11, 038 11, 111 283 720 3,963 592 1, 506 Mar. 12 6,532 124 10,880 10, 968 340 715 3,919 594 1,505 Mar. 19 Outside New York City 4, 218 394 3,023 10, 414 9,949 1,106 160 517 4,454 166 4,524 123 2,229 1940—February 5,255 421 3,227 11, 634 11,180 1,197 183 472 4,503 130 4,8 111 2,300 October 5,261 440 3,264 11,868 11, 473 1,238 187 472 4,513 149 112 2,315 November 5,141 460 3,276 11, 948 11, 609 1,179 220 404 4,512 167 4,984 113 2,317 December 5.300 443 3,319 12,179 11, 701 1,207 195 299 4,554 148 5,110 117 2,322 1941—January 5,251 436 3,288 12,327 11, 753 1,328 194 317 4,555 144 5,166 117 2,327 February 5,048 3,382 11,889 11, 633 1,244 273 422 4,541 152 5,032 113 2,319 1940—Dec. 31 5,214 462 3,289 12,008 11, 482 1,204 193 419 4,536 151 5,064 119 2,323 1941—Jan. 8 5,291 436 3,388 12,161 11, 809 1,178 200 333 4,586 150 5,143 116 2,321 Jan. 15 5, 316 438 3,336 12. 246 11,783 1,219 200 245 4, 548 148 5,143 117 2, 324 Jan. 22 5,377 440 3,264 12,300 11, 730 1,229 190 200 4,547 143 5,088 117 2,321 Jan. 29 5, 216 426 3,230 12,195 11, 577 1,287 316 4,551 149 5,104 116 2,325 Feb. 5 5,245 438 3,260 12, 29011, 769 1,324 176 317 4,552 145 5,124 117 2, 326 Feb. 12 5,269 436 3,295 12, 377 1 1, 782 1,319 200 317 4,557 141 5,203 118 2,327 Feb. 19 5,274 443 3,371 12, 44611,881 1,380 214 316 4,562 141 5,230 116 2,330 Feb. 26 5,154 427 3,328 12, 355 11,716 1,362 184 319 4,576 142 5,261 114 2,332 Mar. 5 5,221 442 3,371 12, 44912, 044 1,277 182 314 4,565 142 5,273 115 2,326 Mar. 12 5, 001 424 3,366 12, 306 11, 722 1,324 214 316 4,560 141 5,242 117 2,322 Mar. 19 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. APRIL 1941 333 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. 3. Government obligations Com- purchasing Total mer- or carrying Federal Reserve loans cial, securities district and date and in- Open Real Loans Other (1941) v i e n s - t- Total t d r u i s a - l, m k a e r t - To e lo st a a n t s e ba t n o ks loans 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) Feb. 26 1,248 662 333 67 20 16 83 4 139 586 456 25 48 326 57 130 Mar. 5 1,255 662 334 66 20 16 81 4 141 593 463 31 49 327 56 130 Mar. 12 1,261 668 336 67 19 17 81 4 144 593 461 31 47 327 56 132 Mar. 19 1,288 679 350 68 16 17 81 4 143 609 472 41 43 333 55 137 New York (8 cities)* Feb. 26 11 698 3,475 2,118 99 340 213 191 23 491 8,223 6,535 158 1, 571 3,136 1,670 1,688 Mar. 5 11, 760 3,537 2,152 102 358 212 190 29 494 8,223 6,549 147 1,579 3,145 1,678 1,674 Mar. 12 11 797 3,600 2,206 107 361 213 191 29 493 8,197 6, 596 211 1,578 3,143 1,664 1,601 Mar. 19 11,817 3,581 2,202 112 342 212 191 28 494 8,236 6,634 270 1,481 3,232 1,651 1.602 Philadelphia (4 cities) Feb 26 1 230 480 241 33 24 31 50 1 100 750 471 30 352 89 279 M^ar 5 1 238 486 244 34 28 31 49 100 752 474 29 356 89 278 Mar 12 1?242 489 246 34 27 31 49 1 101 753 477 29 358 90 276 Mar 19 1 242 488 249 35 24 30 49 101 754 477 27 360 90 277 Cleveland (10 cities) Feb. 26 2 006 792 353 9 15 19 182 1 213 1,214 937 11 154 636 136 277 Mar. 5 2,017 802 359 10 16 20 182 1 214 1,215 936 11 154 635 136 279 Mar. 12 2,021 805 361 11 16 20 181 1 215 1,216 937 11 155 633 138 279 Mar. 19 2,033 818 368 11 15 20 180 1 223 1,215 941 11 151 640 139 274 Richmond (12 cities) Feb 26 770 295 138 10 3 14 48 82 475 406 163 189 54 69 Mar 5 775 299 140 11 3 14 48 83 476 406 162 189 55 70 Mar 12 775 303 144 11 3 14 48 83 472 402 162 185 55 70 Mar. 19 111 303 145 10 3 14 48 83 474 404 123 227 54 70 Atlanta (8 cities) Feb. 26 701 376 199 5 7 12 35 1 117 325 211 3 53 98 57 114 Mar. 5 703 377 199 5 7 12 35 1 118 326 210 3 52 98 57 116 Mar. 12_ _. 703 377 198 5 7 12 36 1 118 326 210 3 53 97 57 116 Mar. 19 704 379 200 5 7 12 36 1 118 325 238 4 54 95 55 117 Chicago (12 cities)* Feb. 26 3,874 1,124 691 43 41 68 132 2 147 2,750 2,138 438 291 1,110 299 612 Mar. 5 3,959 1,134 702 43 41 68 132 1 147 2,825 2,209 510 285 1,115 299 616 Mar 12 3 976 1,145 718 44 39 68 132 144 2,831 2,217 517 281 1,119 300 614 Mar. 19 3,999 1,156 729 45 37 68 132 145 2,843 2,221 515 260 1,146 300 622 St. Louis (5 cities) Feb. 26 785 379 222 12 4 12 59 2 68 406 291 13 43 169 66 115 Mar. 5 827 380 222 12 4 12 59 1 70 447 333 61 42 164 66 114 Mar. 12 849 385 224 13 4 12 60 2 70 464 350 77 42 165 66 114 Mar. 19 850 385 225 13 4 12 60 1 70 465 350 73 42 169 66 115 Minneapolis (8 cities) Feb 26 452 214 112 3 1 6 12 80 238 196 29 25 110 32 42 Mar. 5 452 214 113 3 1 6 12 79 238 196 29 26 109 32 42 Mar 12 432 215 114 3 2 6 12 78 217 175 7 26 110 32 42 Mar. 19 432 218 116 3 2 6 12 79 214 172 2 22 116 • 32 42 Kansas City (12 cities) Feb 26 724 353 214 22 3 10 31 73 371 244 12 58 95 79 127 Mar 5 727 354 215 22 3 10 32 72 373 246 16 58 93 79 127 Mar 12 733 355 216 22 3 10 31 73 378 251 21 58 93 79 127 Mar. 19 734 356 217 22 4 10 31 72 378 249 21 49 96 83 129 Dallas (9 cities) Feb. 26 589 320 221 1 4 12 23 1 58 269 208 30 40 100 38 61 Mar. 5 591 320 221 1 4 12 23 1 58 271 209 29 41 100 39 62 Mar 12 590 319 221 1 4 12 23 58 271 209 29 41 99 40 62 Mar. 19 594 321 219 2 4 12 24 1 59 273 211 31 36 104 40 62 San Francisco (7 cities) Feb. 26- _ ._ __ 2,373 1,025 385 15 16 42 386 180 1,348 1,007 8 79 731 189 341 Mar. 5 2,364 1,027 386 14 17 42 386 181 1,337 1,001 3 77 733 188 336 Mar. 12 2,365 1,028 390 14 13 43 385 182 1,337 1,000 2 73 736 189 337 Mar. 19 2,373 1,030 394 14 13 42 382 184 1,343 1,004 2 59 753 190 339 City of Chicago* Feb. 26 2,608 715 505 22 35 55 20 77 1,893 1,487 438 152 772 125 406 Mar. 5_. .. 2,690 720 512 21 35 55 20 76 1,970 1,562 510 149 111 126 408 Mar. 12 2,698 726 522 22 35 54 20 73 1,972 1,567 517 145 779 126 405 Mar. 19 2,706 731 528 22 32 55 20 74 1,975 1,562 514 137 785 126 413 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a R e e r i r n d e t a - v - k h l e s v C a i a n u s l h t b m a w a n d e i o n c t s - e k h t s i s c j p m u o d a s a d e t s - - e n it d d s 1 s p p u v h n a c o a o i a e n i d r r r p l r - - d s a t s - , - - , S p s d s a i t i u o c i o a n b v l a n t - i d i l t e s - - s c C h c o a f e e e e i t f n c e r r f c . i d d s t k - i ' - s m U G er . e S o n n . - v t - 2 s p p u v h n a c o a i o a e n i d r r r p l r - - d s a t s - , - - , S p s d s a t i i u o c a i o n b v l a t n - i d i e l t - s - s P in s o a g s v s t - a 2 l m D a e n - b d ank T s ime b F e a i o n g r k n - s r B in o o w g r s - - co C i a u a t c p a n - - l ts d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 1 d e ) s d er a v te e tions tions Boston (6 cities) 682 145 206 1,415 1,381 89 31 10 230 2 1 404 19 248 Feb. 28 689 146 204 1,417 1,380 89 18 10 231 2 1 412 20 1 248 Mar. 5 704 147 206 1,435 1,407 91 18 9 231 2 1 419 20 1 248 Mar. 12 681 147 203 1,439 1,405 93 21 10 231 2 1 411 20 1 248 Mar. 19 New York (8 cities)* 6,936 108 240 11,813 11,504 720 359 26 1 072 40 7 3 985 15 572 1 629 Feb. 28 6,962 103 244 11,827 11,669 594 270 24 1,080 34 7 4,027 15 588 1,634 Mar. 5 6,934 106 250 11, 765 11, 692 484 301 24 1,081 35 7 4,043 15 594 1,630 Mar. 12 6,705 102 274 11,612 11, 546 477 359 24 1,076 33 7 3 997 15 595 1,629 Mar. 19 Philadelphia (4 cities) 544 23 215 1,114 1,137 51 15 10 258 2 459 14 5 217 Feb. 28 538 22 208 1,104 1,117 53 10 10 259 2 462 14 5 217 Mar. 5 539 24 215 1,116 1,137 60 12 10 258 2 465 14 5 217 Mar. 12 547 23 209 1,118 1,123 63 12 10 257 2 463 14 5 216 Mar. 19 Cleveland (10 cities) 777 51 400 1,618 1,622 102 20 24 727 26 489 37 1 387 Feb. 28 804 50 389 1,633 1,618 97 19 24 727 26 499 36 1 388 Mar. 5 810 51 383 1,646 1,655 100 19 24 725 26 493 36 1 387 Mar. 12 765 49 371 1,600 1,592 98 19 24 725 26 488 36 1 385 Mar. 19 Richmond (12 cities) 264 28 249 611 597 61 12 21 203 3 2 367 6 100 Feb. 28 271 25 241 604 586 60 11 22 204 3 2 373 6 100 Mar. 5 273 27 245 617 605 58 11 21 203 3 369 6 101 Mar. 12 265 25 239 603 581 61 18 21 203 3 2 369 6 100 Mar. 19 Atlanta (8 cities) 162 17 240 469 451 83 6 27 185 4 3 367 3 2 96 Feb. 28 170 15 242 474 447 81 5 27 185 4 2 373 3 2 96 Mar. 5 174 16 250 479 463 80 5 27 185 4 3 381 3 2 96 Mar. 12 164 15 253 477 454 84 8 27 185 4 3 375 3 2 96 Mar. 19 Chicago (12 cities)* 1,448 79 636 3,141 2,957 369 46 116 993 13 8 1,390 10 8 415 Feb. 28 1,342 72 626 3,109 2,910 361 34 116 997 13 8 1,379 10 9 416 Mar. 5 1,372 76 622 3,147 2,980 359 39 116 997 13 8 1,389 10 8 416 Mar. 12 1,283 68 634 3,084 2,870 370 44 116 997 13 8 1,385 10 8 415 Mar. 19 St. Louis (5 cities) 259 13 213 556 558 53 10 10 189 3 2 431 1 96 Feb. 28 202 13 213 546 542 54 8 10 189 3 2 427 96 Mar. 5 187 14 206 552 561 54 8 9 189 3 2 420 1 96 Mar. 12 180 13 192 535 532 55 8 10 189 3 2 415 1 96 Mar. 19 Minneapolis (8 cities) 112 8 107 326 300 52 6 1 115 1 180 2 1 61 Feb. 28 109 110 325 288 61 6 1 115 1 180 2 1 61 Mar. 5 120 7 122 328 295 59 6 1 115 1 181 2 1 60 Mar. 12 108 7 125 322 285 61 6 1 114 1 176 3 1 61 Mar. 19 Kansas City (12 cities) 207 18 321 584 561 85 11 8 141 3 1 437 6 107 Feb. 28 207 17 324 589 559 86 11 8 141 3 1 438 6 107 Mar. 5 215 18 323 605 582 84 10 8 141 3 1 436 6 107 Mar. 12 208 18 329 597 561 90 13 8 141 5 1 441 6 107 Mar. 19 Dallas (9 cities) 153 14 300 544 523 58 10 22 129 8 1 289 1 89 Feb. 28 154 13 297 535 519 59 12 23 128 9 1 296 1 89 Mar. 5 161 14 308 557 538 60 10 22 128 9 1 293 1 89 Mar. 12 146 12 315 549 525 57 18 22 128 9 1 295 1 89 Mar 19 San Francisco (7 cities) 459 26 346 1,240 1,221 97 28 57 1 031 75 339 22 17 391 Feb. 28 462 26 329 1 199 1 176 97 31 58 1 039 75 342 22 17 390 Mar 5 487 27 342 1,240 1,240 96 26 57 1, 032 75 347 22 17 385 Mar. 12 481 26 346 1 250 1 216 115 28 57 1 029 72 346 23 16 385 Mar. 19 City of Chicago* 1,035 41 275 2,054 1,987 177 26 91 499 10 5 1,058 7 265 Feb. 28 939 36 272 2,040 1,971 170 17 91 499 10 5 1,049 7 266 Mar. 5 952 36 271 2,047 2,000 165 21 91 498 10 5 1,063 7 266 Mar. 12 889 31 289 1,997 1,922 174 25 91 497 10 5 1,068 7 264 Mar. 19 * 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. APRIL 1941 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL PAPER AND BANKERS7 ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commer- End of month p c a i p a e l r Total Accepting banks Feder B al a n R ks eserve G sh o i o p d p s e d s to b r e e t d w i e n e n or out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing i ing Total O bi w ll n s bo B u il g ls ht o c w F o n u o n r a t c- c f s o c o p e o u r o n e r n n i r t t g s e d o n - - f Others U S i n t n a i t t t o e e s d U S f n t r a o i t m t e e s d ch e a x n - ge U S n ta i t t e e s d F c o t o r r i u e e i n s g - n 1939—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 November. 232 197 159 99 60 38 98 20 9 41 29 December 218 209 167 100 67 42 109 18 10 44 27 1941—January 232 213 168 103 65 45 115 16 11 44 26 February 241 212 164 99 65 48 119 18 7 42 26 i As reported by dealers; includes some finance company paper sold in open market. 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 Debit Debit End of month Cu d st e o b m it ers' b p al a a r n tn ce e s r s i ' n bala f n ir c m es in C h a a sh n d on M b o o n r e - y balances investment investment and in rowed 2 (net) i and trading and trading banks accounts accounts 1935—December _ _ . 1,258 75 135 179 1936—June 1,267 67 164 219 December 1,395 64 164 249 1937—June 1,489 55 161 214 December 985 34 108 232 1938—June 774 27 88 215 December 991 32 106 190 1939—June 834 25 73 178 December 906 16 78 207 1940—February 893 16 72 195 March 886 15 78 186 April 910 15 72 192 May __ _ 702 12 67 239 June 653 12 58 223 July 642 12 64 213 August 631 12 56 215 September 635 12 57 218 October 653 12 70 203 November _ 666 12 64 214 December.. 677 12 99 204 1941—January 661 11 73 207 February _ __ _ 634 11 78 199 CO OC Customers' credit balances * Other credit balances In In partners' firm In Free O (n th et e ) r m i e n n v t e a st n - d m i e n n v t e a st n - d a c c a c p o i u t n al ts trading trading (net) accounts accounts 286 79 24 10 410 276 86 24 14 420 1.048 342 103 30 12 424 1,217 266 92 25 13 397 688 278 85 26 10 355 495 258 89 22 11 298 754 247 60 22 5 305 570 230 70 21 6 280 637 266 69 23 7 277 616 253 74 23 7 271 615 247 70 21 7 270 626 252 73 21 9 271 459 251 68 22 6 274 376 267 62 22 5 269 376 261 62 22 6 264 368 256 57 21 5 260 370 268 56 20 5 255 381 269 58 20 5 253 383 280 59 20 4 253 427 281 54 22 5 247 399 275 54 22 6 238 375 267 53 22 6 237 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also 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). 336 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 rate1 on- Average rate on— [Per cent per annum] Aver- 7 other mo Y w n e e t a e h k r , , or m m p P 4 c a r e o o p t i r n m o m c e t i r - e h 6 a , s l a b a P c d n e a c r a 9 c r n i e y s 0 e m k p ' s s - t e , - c l S h d t o i t e a a 9 a o m x n n y 0 c - e g s s k , e c S n h l c t o e r a e a o a e x l a w n l s c - - n l g k - e w p i f N U s e e u i s o r . t e r r u f e h i w y - e S o d b i s n d . i 9 l T l 1 s t - r D a q d 2 e e t u a e a r i y a s o s o ' l - - n - y e T i 3 n U x y e t u r a - o a l e e . t e g d r o t x m a a y e e S - - r s s 5 o p . - f t 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 4 5 6 8 7 9 a a a a a a v v v v v v e e e e e e r r r r r r a a a a a a g g g g g g e e e e e e . . . . . i . . . . . 1 T 9 o c t 3 i 2 2 2 2 2 a t . . . . . . i l 4 9 6 5 7 5 e 5 3 8 9 8 3 s Y N C o e i 2 2 1 1 1 t 1 r w y k . . . . . . 7 7 6 7 4 0 5 7 6 2 9 3 e E N r c a n o i s t r t i 3 2 2 2 3 3 a t e e . . . . . . n h s r 8 3 7 0 7 8 d - n 7 9 1 4 5 8 1 W e 1 r c n e i S s ti o a t e e 4 3 3 3 3 3 n u s r . . . . . . d t 2 7 5 3 n 2 4 h 6 6 1 2 5 0 - 1940 average * 2.63 2.04 2.56 3.38 1938 average_._ .81 .44 1.25 1.00 .053 .07 .83 Monthly figures 1939 average.._ .59 .44 1.25 1.00 '.023 .05 .59 1938—January 2.60 1.70 2.92 3.28 1940 average... .56 .44 1.25 1.00 .014 .04 .50 February 2.49 1.70 2.65 3.21 March 2.48 1.65 2.64 3.28 1940—Feb. .56 .44 1.25 1.00 .004 .02 .46 April 2.48 1.70 2.60 3.25 Mar .56 .44 1.25 1.00 .02 .42 May 2.48 1.70 2.64 3.20 April .56 .44 1.25 1.00 .003 .02 .45 June 2.56 1.70 2.78 3.31 May .56 .44 1.25 1.00 .042 .06 .65 July 2.57 1.70 2.78 3.35 June .56 .44 1.25 1.00 .071 .10 .76 August 2.52 1.67 2.71 3.28 July .56 .44 1.25 1.00 .009 .05 .57 September 2.53 1.70 2.74 3.26 Aug .56 .44 1.25 1.00 .019 .04 .58 October 2.57 1.70 2.90 3.21 Sept .56 .44 1.25 1.00 .021 .05 .48 November 2.49 1.70 2.68 3.20 Oct .56 .44 1.25 1.00 (3) .02 .43 December 2.60 1.70 2.95 3.23 Nov .56 .44 1.25 1.00 .003 .02 .34 Dec .56 .44 1.25 1.00 (3) .02 .35 1939—January... 2.64 1.73 2.97 3.32 1941—Jan .56 .44 1.25 1.00 (3) .02 .43 February.. 2.52 1.70 2.69 3.26 Feb. . .56 .44 1.25 1.00 .034 .04 .55 Quarterly figures l Week ending: 1939—March 2.95 2.13 3.05 3.77 M M M M F F e e a a a a b b r r r r . . . . . . 1 2 1 1 2 8 5 _ 2 5 2 . _ _ . . - - _ . . . Y Y Y Y Y T T T T i~ - ~ ~ - % Y Y Y Y S % % % 7 7 7 7 7 7 / / / / / / l l l l l l 6 6 6 6 6 6 I I I I I 1 X X X X X 34 1 1 1 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 0 1 0 1 0 0 0 2 8 1 4 6 7 0 6 7 3 5 . . . . . . 0 1 0 1 0 1 2 4 9 2 3 1 . . . . . . 6 5 5 4 5 4 0 0 8 9 2 8 1940— J J S D D S M u u e e e e n n p p a c c e e t r t e e e c e m m h m m b b b b e e e e r r r r 2 2 2 2 2 2 2 . . . . . . . 6 5 9 6 5 5 6 8 9 1 8 9 9 5 2 2 2 2 2 2 1 . . . . . . .9 0 0 0 1 1 0 4 0 3 5 4 0 6 3 2 2 2 2 2 2 . . . . . . . 0 5 7 4 5 6 5 5 9 8 9 6 7 3 3 3 3 3 3 3 3 . . . . . . . 6 3 3 3 3 3 4 2 8 2 5 1 6 3 r Revised. 1 Monthly figures are averages of weekly prevailing rates. i Averages for 1939 and 1940 and quarterly figures are on revised basis 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. and are therefore not strictly comparable with the earlier series of annual 3 Rate negative. and monthly figures. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures Back figures.—See November 1939 BULLETIN, pp. 963-969 for descrip for Treasury bills and Treasury notes available on request. tion and for back figures. BOND YIELDS 1 [Per cent per annum] Corporate 4 Year, month, or week T U re .S a . s- Munic- By ratings By groups ury 2 ipal 3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c Number of issues 2-6 15 120 30 30 30 30 40 40 40 1938 average ... 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3. 87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1940—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 November ._ 1.97 2.18 3.40 2.75 2.96 3.40 4.48 2.98 4.07 3.14 December 1.89 2.07 3.36 2.71 2.92 3.36 4.45 2 93 4.03 3.13 1941—Januarv 1.99 2.16 3. 36 2.75 2.95 3.36 4.38 3^96 3.96 3.17 February 2.10 2.27 3.40 2.78 3.00 3.38 4.42 3.00 4.00 3.19 Week ending: Mar. 1 2.06 2.32 3.41 2.79 3.01 3.38 4.44 3.02 4.02 3.18 Mar. 8 . 2.05 2.31 3.39 2.78 3.00 3.37 4.41 3.01 4.00 3. 17 Mar. 15 2.00 2.31 3.38 2.78 3.00 3.36 4.39 3.00 3.98 3.17 Mar. 22 1.99 2.26 3.38 2.78 2,99 3.36 4.36 2.99 3.97 3.16 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding partially tax-exempt Government bonds due or callable in more than 12 years. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 4, 10 to 3, and 10 to 9 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 8 issues respectively. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. APRIL 1941 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOND PRICES1 STOCK MARKET Corporate 3 Stock prices i Vol- U. S. ume of Year, month, or date Treas- Munic- tradury J ipal Indus' Rail- Public Year, month, or Common (index, 1926=100) ings Total trial road utility date Pre- (in ferred thou- Indus- Rail- Public sands of Number of issues. 2-6 15 60 20 20 20 Total trial road utility shares) 1938 average. 102.5 113.7 78.9 8•2.9 58.6 95.3 1939 average. 105.2 116.3 81.6 86.0 58.0 100.9 Number of issues __ 20 420 348 32 40 1940 average 107.2 121.2 82.0 87.5 57.9 100.6 1938 average 135.6 rU 104 1940—February.. 105.7 119.1 82.2 87.3 57.8 101.6 1939 average 141.2 105 '977 March 106.7 119.7 82.1 87.3 57.2 101.8 1940 average 140.1 97 «767 April 106.7 119.8 82.5 87.5 58.2 101.7 May 104.9 115.3 79.4 85.3 53.5 99.3 1940—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 November. 110.7 127.3 83.9 90.3 60.9 100.5 August 137.3 89 317 December.. 111.8 129.3 84.0 90.2 61.1 100.7 September... 139.1 94 553 1941—January 110.4 127.7 85.3 90.5 64.3 101.2 October 140.4 95 599 February.. 108.8 125.6 84.5 89.9 62.7 100.9 November. „ 141.9 96 1,044 December 143.9 94 814 Feb. 26 109.4 124.6 84.4 62.7 100.8 1941—January 145.4 94 564 Mar. 5 109.5 124.7 84.6 90.0 62.7 101.1 February 143.0 444 Mar. 12 110.2 124.7 85.1 90.1 63.9 101.3 Mar. 19 110.4 125.7 85.5 90.3 64.8 101.4 Feb. 26 142.2 361 Mar. 5 142.2 355 Mar. 12 141.9 466 1 Monthly data are averages of daily figures except for municipal bonds, Mar. 19 142.2 474 which are averages of Wednesday figures. 2 Prices derived from average of yields of all outstanding partially tax-exempt Government bonds due or callable in more than 12 years r Revised. o 19 n 4 0 b a B si U s L o L f E a T I 2 N y , A p p p er . c 1 e 1 n 79 t, - 1 1 1 6 8 0 y . e ar P b ri o c n es d . ex F pr o e r s s d e e d s c i r n i pt d i e o c n i m se a e l s. No W ve e m e b k e ly r fig 1 u S re ta s. ndard Statistics Co. Monthly data are averages of Wednesday data are averages of daily figures for week ending on Saturday following 2 Average prices of industrial high-grade preferred stocks, adjusted to a date shown. $7 annual dividend basis. 3 Prices derived from average yields, as computed by Standard Sta- 3 Average daily volume of trading in stocks on the New York Stock tistics Co.. Exchange. Weekly figures are averages for the week ending Saturday. Back figures.—See Annual Report for 1937 (table 79). For U. S. Treas- Back figures.—For stock prices, see Annual Report for 1937 (table 79). ury jDonds see November 1940 BULLETIN. CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Year or and (do- Total month re- mestic State Fed- Corporate (do- State Fed- Corporate fund- and and eral For- mestic and eral Foring) for- Total mu- agen- eign » and Total mu- agen- eign' eign) nici- cies i Bonds for- nici- cies i Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 1932 . 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 _ _ 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 __ 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 _. 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,764 1,943 1,942 757 461 724 589 135 1 2,821 2,818 478 344 1,996 1,804 193 3 1940—Feb 452 104 104 57 1 46 43 3 0 348 348 115 22 211 197 14 0 Mar.... 242 71 71 35 6 31 16 15 1 171 171 49 18 104 90 14 0 Apr 345 118 118 58 6 54 31 23 0 227 227 18 17 192 154 38 0 May.... 251 122 122 30 3 89 80 10 0 129 129 20 25 84 84 0 0 June 227 83 83 71 2 10 8 2 0 144 144 14 29 101 101 (*>' 0 July.... 691 397 397 62 289 46 44 2 0 294 294 20 48 226 223 3 0 Aug 282 130 129 61 0 68 53 15 1 153 153 14 28 111 107 4 0 Sept.... 229 114 114 46 0 68 64 4 0 116 113 24 26 62 61 1 3 Oct 711 257 257 98 112 47 21 26 0 453 453 80 28 345 332 14 0 Nov.... 440 263 263 53 42 169 166 3 0 177 177 25 59 92 66 26 0 Dec 606 190 190 129 0 61 45 16 0 416 416 73 14 328 286 43 0 1941—Jan 417 95 95 40 2 53 51 2 0 322 322 23 31 268 265 3 0 Feb 341 77 77 37 8 32 25 6 0 264 264 13 17 234 217 17 0 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—SeeA nnual Report for 1937 (table 78). 338 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- Public issues Special issues End of month T gr o o t s a s l Total Marketable issuesi Nonm is a s r u k e e s table Madebt i b n e t a e r r i e n s g t Total Treas- Treas- Treas- S P a o v s i t n a g l s U. S. ju A st d e - d Total c S u o s r e c i - i t a y l 3se ju r A v s d t i e c - d e4 ot A h l e l r5 t d u e r b ed t Other ury ury ury and Savings bills notes bonds2 prewar bonds bonds bonds 1932—June... 19, 487 19,161 618,852 616 1,261 13,460 790 309 105 203 60 266 1933—June 22, 539 22,158 621,835 954 4,548 13,417 806 323 92 231 66 315 1934—June 27,053 26,480 626,084 1,404 6,653 15, 679 831 396 118 278 54 518 1935—June 28 701 27, 645 27,012 2,053 10,023 14,019 855 62 633 156 478 231 825 1936-June_... 33, 779 32,989 32, 363 2,354 11,381 17,168 200 316 945 626 19 126 480 169 620 1937—June 36, 425 35, 800 34, 242 2,303 10,617 19, 936 198 800 389 1,558 579 538 441 119 506 1938—June 37,165 36, 576 33,900 1,154 9,147 21, 846 197 1, 238 319 2,676 1,601 549 526 141 448 1939—June 40, 440 39, 886 36,116 1,308 7,243 25, 218 196 1,868 283 3, 770 2,511 556 703 142 411 1940—Feb 42, 365 41, 839 37, 484 1,308 6,203 26, 897 196 2,610 269 4,356 3,152 516 688 132 394 Mar.. 42, 540 41, 983 37, 513 1,309 6,125 26, 908 196 2,707 268 4,471 3,269 516 686 165 392 Apr 42, 658 42,117 37, 620 1,306 6,125 26, 908 196 2,818 267 4,496 3, 282 515 699 150 391 May... 42, 808 42, 253 37, 668 1,304 6,125 26, 908 196 2.869 265 4,585 3,363 515 707 166 389 June 42, 968 42, 376 37, 602 1,302 6,383 26, 555 196 2,905 261 4, 775 3,528 536 712 205 386 July 43, 771 43,186 38, 333 1, 30^ 6,384 27, 226 196 2,966 258 4,853 3,536 515 803 198 386 Aug 43, 905 43,317 38, 383 1,303 6,384 27, 236 196 3,008 256 4,934 3,622 515 797 205 383 Sept 44,073 43, 480 38, 417 1, 303 6,384 27, 235 196 3,044 254 5,063 3,751 517 796 212 381 Oct. 44,137 43, 560 38, 459 1,307 5,660 27, 960 196 3,084 252 5,102 3,777 517 808 197 380 Nov 44,273 43, 707 38, 498 1,308 5,660 27,960 196 3,123 251 5,209 3,885 516 808 187 379 Dec 45, 025 44,458 39, 089 1, 310 6,178 27, 960 196 3,195 249 5,370 4,047 516 806 189 377 1941—Jan. 45, 877 45, 320 39, 895 1, 307 6,813 27, 960 196 3,371 248 5,426 4,066 517 842 181 376 Feb 46, 090 45, 535 40, 002 1,306 6,813 27, 960 196 3,480 247 5,534 4,174 518 841 180 374 1 Including amounts held by Government agencies and trust funds which aggregated $2,012,000,000 on February 28, 1941. 2 Including Liberty bonds. 3 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 4 Including special issues of bonds and of notes to Government life insurance fund, certificates to adjusted service fund, and notes to National Service life insurance fund. 5 Including special issues to Government employees' retirement funds, to Postal Savings System, to Federal Deposit Insurance Corporation, and to Federal Savings and Loan Insurance Corporation. e Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. MATURITIES OF PUBLIC ISSUES OF DIRECT OBLIGATIONS, FULLY GUARANTEED OBLIGATIONS, BY AGENCIES' February 28, 1941 [In millions of dollars] [In millions of dollars] Maturing Federal Home Recon- Com- U. S. Treas- Date c m al a la tu b r le ing or Total Treas- Treas- Bonds bo u n ry ds T ± m L T / o n n r n Q i x r O n \f I Total M C F o o r a r p t r g o m a ra g - e C O o L w r o p n a o e n r r a s - ' s C F tr o i u n rp c a t o n i r c o a e n - C m C o o r r p e d d o it i r y t a- A H u i o t n h u g o s- rb u i r l y ls n u o r t y es T u r r e y as- Others a c b a l l e l- i tion tion 2 tion tion ity 1934—June- 681 312 134 235 1941—Before Apr. 1 1,624 403 677 545 545 Dec.. 3,063 980 1,834 249 J A u p ly r. 1 1 - - S Ju e n p e t. 3 3 0 0____ 1,4 8 0 3 7 5 903 504 834 (3) 834 1935— D Ju e n c e . . _ 4 4 , , 1 4 2 9 3 4 1 1 , , 2 3 2 8 6 7 2 2 , , 6 8 4 5 7 5 2 2 5 5 0 2 1942— O Ja c n t. . 1 1 - - D M e a c r . . 3 3 1 1 . 4 2 2 0 6 4 4 2 2 0 6 4 (3) 1936— D Ju e n c e . _ 4 4, , 6 7 6 1 2 8 1 1 , , 4 4 2 2 2 2 3 2 , , 0 9 4 8 4 8 2 2 5 5 2 2 Apr. 1-June 30 1937—June.. 4,665 1,422 2,987 255 July 1-Dec. 31 575 575 Dec.._ 4,645 1,410 2,937 297 1943 1,330 1,330 1,855 1938—June 4,853 1,410 2,937 299 206 1944 1,849 1,849 2,555 Dec.__ 4,992 1,388 2,888 509 206 1945 3,610 1,249 1,941 419 1,755 1939—June. . 5,450 1,379 2,928 820 206 114 1946 1,850 1,519 331 2,344 1947 _ . . 2,793 2,370 423 1,460 1939—Nov. _ 5,707 1, 269. 2,817 1,096 407 114 1948 1,982 1,487 495 2,246 Dec... 5,703 1,269 2,813 1,096 407 114 1949 _. 1,638 819 819 2,278 1940—Jan... 5,699 1,269 2,809 1,096 407 114 1950 1,594 571 1,023 1,186 Feb... 5,673 1,269 2,783 1,096 407 114 1951 1,484 1,223 260 3,500 Mar. _ 5,663 1,269 2,770 1,096 407 114 1952 . . . 2,454 2,436 18 Apr... 5,656 1,269 2,763 1,096 407 114 1 1 1 9 9 9 5 5 5 3 4 5 . _ 2 2 1 , , ,5 9 6 1 3 8 5 2 5 2 2 1 , , ,4 9 6 8 0 6 0 4 3 2 3 2 2 5 7 2,6 6 7 1 8 2 1 1 5 J J M u u a n l y y e . . . _ . . 5 5 5 , , , 5 5 5 2 2 3 8 6 5 1 1 1 , , , 2 2 2 6 6 6 9 9 9 2 2 2 , , , 6 6 6 3 3 4 1 4 1 1 1 1 , , , 0 0 0 9 9 9 6 6 6 4 4 4 0 0 0 7 7 7 1 1 1 1 1 1 4 4 4 1956 1,170 1,170 982 Aug... 5,812 1,269 2,627 1,096 696 114 1958 919 Sept.. 5,808 1,269 2,623 1,007 696 114 1959 982 982 Oct.._ 5,810 1,269 2,621 1,097 696 114 1960 2,611 2,611 1,485 Nov.. 5,919 1,269 2,618 1,097 696 226 1961 50 50 Dec.__ 5,917 1,269 2,615 1,097 696 226 1963 919 919 1941—Jan... 5,915 1,269 2,614 1,097 696 226 1965 1,485 1,485 Feb... 5,914 1,269 2,613 1,097 696 226 Total 40,002 1,306 6,813 27,960 3,923 27, 960 1 Principal amount of obligations guaranteed as to interest and princi- 1 Treasury bonds in the amount of $2,527,000,000 not callable prior to pal. Excludes obligations held by U. S. Treasury and reflected in the maturity are shown as of date of maturity. Bonds that have been called public debt. The total includes guaranteed debentures of the Federal are shown as maturing on date of call. Housing Administrator, amounting to $12,600,000 on February 28, 1941. 2 Includes Postal Savings, pre-war, U. S. Savings bonds, and adjusted 2 Excludes obligations guaranteed as to interest only. For August 1939 service bonds of 1945. U. S. Savings and adjusted service bonds are re- and subsequent months includes matured bonds not presented for retiredeemable at option of their holders. ment amounting to $13,000,000 on February 28, 1941. 3 Less than $500,000. APRIL 1941 339 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.,2 excess Period Mis- A cu g l r - i- Un- Trans- E o x f c e e x s - s c o e f i p re ts c ta o iT x n m n e - s e i c n n e t i a e i l a r - - 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 T e r o i e p t - a ts l c N e r i e p e - t ts1 I d n e o e t s n e 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 n a 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 n s - t t o ts o A th l e l r Total* p t e u (- n r ) e d s i- p ( t + e u e n ) r x e d - o s i r - f G b e u r a e n a l n d l - - d G e r b os ts s reve- Pro- lief etc.» (-) ance 2 nue gram Fiscal year ending: June 1938... 2,640 2,279 755 567 6,242 5,855 926 1,028 362 1,914 220 2,789 7,239 -1, 384 +306 -338 +740 June 1939___ 2,189 2,232 740 507 5,668 5,165 941 1,163 787 2,595 182 3,040 8,707 -3, 542 +890 +622 +3,275 June 1940.-. 2,125 2,345 838 617 5,925 5,387 1,041 1,559 1,020 1,919 208 3,251 8,998 -3,611 +136 -947 +2, 528 8 months ending: Feb.l939___ 1,243 1,514 557 339 3,653 3,361 472 762 416 1,759 164 1,994 5, 567 -2,207 +640 +1,128 +2, 694 Feb.l940___ 908 1,598 599 397 3,503 3,235 512 950 732 1, 253 184 2,229 5,860 -2, 626 +211 -488 +1, 926 Feb. 1941... 1,208 1,931 658 485 4,281 3,806 536 2,897 724 1,153 206 1,810 7,327 -3, 521 +209 -190 +3,122 1939—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 Apr.. 48 175 39 42 304 304 69 159 78 173 20 284 783 -479 +58 -303 +118 May- 40 179 137 43 400 400 10 154 62 169 4 248 647 -247 -83 -181 +150 June 464 201 32 88 784 649 305 153 43 151 235 887 -237 —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 Nov.. 49 252 138 46 485 362 11 376 108 138 20 164 817 -455 +216 -103 +136 Dec. 429 231 34 46 741 740 219 473 110 155 215 1,172 -432 -209 +111 +752 1941—Jan... 63 210 47 52 372 340 25 572 103 146 18 247 1,111 -771 +15 +97 +852 Feb.. 104 204 193 172 674 541 21 592 96 138 20 209 1,075 -534 -3 -324 +213 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 retirement account Period In- 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 f e a i n n y t e t - s - ce R i e p - ts m v I e e n s n - t t - s p O tu e e t n r x h e d - e s i r - s C F t R r o i t u n e r i c c p o a 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- U t i H S h n n t g o o a i r u t t A i e e s t s d u y - - o A th l e l r ceipts p tu E e r n x e d - s i- Total m g c o o r e n e l n d - t S io e r i a g g n e - a b i n n a c g l- e Fiscal year ending: June 1938... 550 461 85 763 560 191 *9 *184 1 •12 414 327 2,216 142 446 1,628 June 1939... 639 516 120 838 395 442 *658 136 *60 *186 440 324 2,838 142 536 2,160 June 1940... 703 573 129 959 443 514 *234 10 17 166 415 323 1,891 143 585 1,163 8 months ending: Feb. 1939. __ 381 293 77 601 313 284 *510 134 *93 *98 291 233 3, 343 142 508 2,693 Feb. 1940_ _. 365 268 82 686 373 311 *244 *26 56 90 272 202 2,350 143 573 1,634 Feb. 1941... 582 269 116 798 377 423 254 *54 15 •188 314 273 1,701 143 601 957 1939—Dec 58 43 10 29 *3 32 *5 11 16 *6 21 25 2,476 143 565 1,768 1940—Jan.. 10 10 79 28 58 •20 •6 14 •25 24 17 2,282 143 568 1,571 Feb 10 10 155 103 45 *5 •3 7 20 2 2,350 143 573 1,634 Mar 135 135 11 30 •18 47 2 •4 17 •29 29 22 2,514 143 577 1,794 Apr 20 *5 12 53 18 45 *3 •4 •34 9 32 10 2,210 143 581 1,486 J M u a n y e 17 4 9 175 1 1 2 2 1 4 4 6 5 •81 5 5 8 4 * 1 6 7 (4 4 ) 5 •1 •5 7 107 2 6 0 2 7 1 2 7 2 1 , , 0 8 3 9 0 1 1 1 4 4 3 3 5 5 8 8 4 5 1 1 , , 3 1 0 6 3 3 July 56 *5 13 59 13 57 25 10 25 •57 120 103 2,258 143 588 1,.F27 Aug 145 1 13 143 85 53 •144 •6 •32 18 15 2,454 143 590 1,720 Sept 11 148 14 67 *18 81 •13 •1 15 16 24 17 2,415 143 592 1,680 Oct 32 *5 15 107 31 84 •10 21 51 •13 29 17 1,920 143 595 1,183 Nov 143 *5 15 145 113 31 59 24 •103 *50 18 6 1,817 143 596 1,078 Dec. 1 151 15 51 11 33 15 17 8 21 35 25 1,928 143 597 1,188 1941—Jan 42 •10 15 78 29 41 16 12 32 *43 38 50 2,025 143 599 1,283 Feb 152 *5 16 149 113 43 160 7 *8 *30 33 42 1,701 143 601 957 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of 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 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Home mortgage and Recon- housing agencies Farm credit agencies Ten- Total struction nes- Finance Na- see In- Corpo- tional United Other Val- sur- January 31 ration De- Home Other States Farm Farm Com- ley ance Other and fense Owners' mort- Hous- mort- Credit modity Au- agen- Public Cor- Loan gage ing gage Adm. Credit Other thor- cies Works pora- Corpo- agen- Au- agen- banks Corpo- ity Admin- tions ration cies thority cies and cor- ration 1941 1940 istration porations Assets Loans and preferred stock: Loans to financial institutions.. 216 171 (i) 58 445 425 Preferred stock, etc 447 192 27 61 1 729 807 Loans to railroads __ __ _ 493 30 523 504 Home and housing mortgage loans 1,942 253 228 2 424 2 376 Farm mortgage loans _. _ _ 2,481 2,480 2,588 Other agricultural loans 0) 289 252 183 4 728 1,121 All other loans 2 445 0) 3 450 4414 1,309 1,100 Total loans and preferred stock 1,603 2,134 450 228 2,481 350 252 633 58 450 8,639 8,920 Cash 4 194 77 36 101 57 11 29 8 46 17 580 474 U. S. Govt. direct obligations 49 40 5 83 92 450 5 723 770 Obligations of Government credit agencies: Fully guaranteed by U. S. 12 10 105 127 130 Other5 8 5 1 12 21 40 Accounts and other receivables 23 12 7 6 2 217 4 49 28 6 66 133 552 384 Business property.. .. _____ 0) 3 0) 128 6 0) 7 356 1 97 599 553 Property held for sale 43 62 351 1 87 0) 606 1 38 1 1,190 652 Other assets _____ _ 4 0) 0) 0) 0) 9 27 5 0) 11 159 214 140 Total assets other than interagency 6 ._ 1,734 74 2,689 586 399 2,984 553 925 694 370 775 861 12, 64512,064 Liabilities Bonds, notes, and debentures: Guaranteed by United States 1,097 2,614 226 1,270 696 12 5,915 5,700 Other 5 176 5 989 200 8 4 11 1,389 1,340 Other liabilities (including reserves) 352 1 61 33 5 109 7 128 220 7 272 100 1,294 1,019 Total liabilities other than interagency6 1,449 1 2,675 208 232 2,368 208 824 220 15 289 111 8,599 8,059 Excess of assets over liabilities, excluding interagency transactions. 286 73 15 378 167 616 345 100 475 355 486 750 4,046 4,005 Privately owned interests 56 217 4 139 417 398 U. S. Government interests 286 73 15 322 167 399 341 100 475 355 347 750 3,629 3,607 i Less than $500,000. 2 includes $91,000,000 loans of Public Works Administration. 3 Includes $381,000,000 loans of Farm Security Administration. 4 Includes $256,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Feb. 29, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, 1940 1940 1940 1940 1940 1940 1941 1941 Loans to financial institutions 162, 852 145,178 142, 396 141, 935 167,153 171, 583 166, 278 162,197 Loans on preferred stock of banks and insurance companies.. 29, 994 56, 769 56, 627 56, 578 56, 470 52, 94" 49, 991 48, 797 Preferred stock, capital notes, and debentures 476, 395 458, 845 459, 941 460, 218 454, 941 452, 380 447, 374 442, 226 Loans to railroads (including receivers) 458, 841 507, 627 470,039 469, 769 472, 596 473, 881 481, 961 481, 977 Loans for self-liquidating projects 66, 501 42, 262 38, 476 47,096 35, 597 35, 797 36, 669 34, 742 Loans to industrial and commercial businesses 1 131, 919 129, 427 131,126 103, 944 131, 484 128, 561 127, 2041 127, 984 Loans to drainage, levee, and irrigation districts 83, 874 83, 223 83, 360 83, 409 83, 507 83, 460 83,231 82, 897 Other loans 4,180 4,801 4,746 4,855 4,884 4,862 4,731 5,128 Securities purchased from Public Works Administration 117, 603 110, 090 116,216 115, 930 115, 224 115, 699 114, 0751 113, 338 Total loans and investments, other than interagency 1, 532,160 1, 538, 222 1, 502, 926 1, 510, 735 1, 521, 857 1, 519,170 1, 511, 5151, 499, 287 Preferred stock of, and loans to Export-Import bank 74, 000 74, 000 74, 000 74,000 99,000 99, 000 174, 000 174, 000 Loans to Rural Electrification Administration 146, 498 146, 498 146, 498 146, 498 146,- •"" 146, 498 152, 498 157, 498 Capital stock of, and loans to R. F. C. Mortgage Co 58,124 60, 212 61,160 62, 806 64,115 67,110 68, 042 67, 992 Capital stock of, and loans to Fed. Natl. Mtge. Assn 65, ,r" 78, 976 81, 039 84, 559 87,077 90, 380 93, 491 95, 641 Loans to Tennessee Valley Authority 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 Capital stock of, and loans to National Defense Companies._ 2,000 10, 395 24, 377 33, 38' 44, 503 63,106 83, 392 Loans to Farm Security Administration 10, 000 10, 000 21,000 23,000 28,000 17, 671 32, 671 Capital stock of Federal Home Loan banks 124, 741 Total loans and investments.. 1,884,888 1,918, 206 1,894, 318 1, 932,175 1, 983, 234 2, 002, 961 1,622 2, 243, 522 1 Include national defense loans amounting to $10,998,000 on February 28, 1941. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. APRIL 1941 341 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 by— by- and discounts for— Regional agri- Produc- Regional Emer- End of month cultural Other tion credit agricul- gency Banks for Agriculcredit cor- financing associa- tural cred- crop and Federal cooper- tural Land porations, institu- tions it corpo- drought inter- atives, Market- Federal Bank production tions, rations loans mediate including ing Act land banks Commis- credit as- except credit Central revolvsioner sociations, coopera- banks Bank ing fund and banks tives for cooperatives ! 1934—December 1,915,792 616,825 99,675 55,672 60,852 87,102 111,238 33,969 27,851 54,863 1935—December 2, 071, 925 794, 726 104, 706 47,162 94,096 43,400 172,863 2,731 50,013 44,433 1936—December 2, 064,158 836, 779 129, 872 41,017 105, 212 25, 288 165, 369 1,641 69, 647 53, 754 1937—December 2,035, 307 812, 749 165,194 40,464 138,169 15, 592 172, 701 1,813 87, 633 30, 982 1938—December . . _ 1, 982, 224 752,851 168, 392 33, 545 148,037 11,081 171,489 920 87,496 23, 723 1939—December 1, 904, 655 690,880 165, 236 33, 354 154,496 8,005 168, 330 1,835 76, 252 20, 547 1940—February 1,896, 507 683,694 165,106 34, 738 160,003 7,926 170,020 2,002 71, 772 20,038 March 1, 890, 432 677, 717 176,007 36, 326 173, 840 7,888 176, 045 1,754 69,311 19, 763 April 1, 886, 272 673, 696 185, 373 37, 921 186, 276 7,904 179, 801 1,603 67, 454 18, 537 May 1, 882, 516 670, 723 190, 961 38,377 194,662 7,845 180,938 1,315 63, 564 18,137 June 1, 880,408 668, 850 196, 408 40,033 200,415 7,768 181,218 897 62,177 18, 200 July 1, 874, 608 665, 073 199, 238 42,161 203, 693 7,614 180,824 1,217 65, 111 15,311 August 1,871, 487 662, 592 202, 503 42,416 202, 796 7,416 179, 984 763 67, 473 14,787 September _ __ 1, 866, 697 659, 017 197, 451 40, 901 194, 558 7,010 177,906 352 73,132 15, 739 October 1, 861, 739 655,403 190, 773 34,882 180, 219 6,202 172, 993 431 79,156 16, 724 November _ _. _ . 1,855,945 651,600 188,463 33, 738 173,331 5,991 170,092 1,228 77, 325 17, 022 December 1,851,218 648, 296 186, 933 34,102 172, 312 5,885 168,438 1,490 74,741 16, 461 1941—January 1, 844,465 644,885 186,127 34,762 174, 034 5,836 167,463 1,242 75,166 16,036 February 1,842,003 643, 269 191, 782 35, 804 181, 985 5,675 169, 439 1,267 73, 944 16,165 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by— U. S. Government Federal securities home Depos- Cash Federal savings and loan End of month itors Cash reloan associations bank bal- in de- Di- Guar- End of month Home loans to ances1 Total posi- rect an- funds Owners' member tory Total obli- teed etc. 2 Loan Cor- Number institu- banks ga- obliporation of asso- Loans 1 tions 2 tions gaciations 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 ., 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 1,034,162 198,840 1939—June 1,262 1,304 68 1,157 1,011 146 78 1939—October 2,049, 421 ,394 1, 231, 685 168, 654 1940—February 1,297 1, 340 48 ,194 ,048 146 97 November.. 2,043,288 ,401 1, 252, 559 168,822 March 1,301 1,343 45 ,200 ,054 146 97 December. _ 2,038,186 ,410 1,271,161 181,313 April 1,303 1,345 44 ,214 ,068 146 87 1940—January 2,031, 341 ,403 1, 280, 200 156, 788 May 1,299 1,342 43 ,224 ,078 146 74 February... 2,026, 614 ,407 1, 296, 464 144,515 June 1,293 1,337 43 ,224 ,078 146 69 March 2, 021, 951 ,413 1, 317, 975 137, 642 July 1,297 1,339 42 ,224 ,078 146 73 April 2, 020, 572 ,420 1, 348, 072 133,81.1 August 1,297 1,340 41 ,224 .,078 146 75 May 2, 017, 395 ,421 1, 376, 700 137, 509 September 1,295 1,339 40 ,224 ,078 146 74 June 2,012,760 1,430 1, 405,100 • 157,397 October 1,296 1,338 38 ,224 ,078 146 75 July 2,004, 737 1,431 1,432,100 162, 222 November 1,298 1,341 37 1,224 1,078 146 August 1, 996,443 1,431 1,461, 867 168, 402 December 304 September.. 1, 987, 611 1,434 1,487,974 176,047 1941—January I, 314 N Oc o t v o e b m er ber.. 1 1 , , 9 9 6 8 8 0 , , 8 7 1 0 6 4 1 1 , ,4 4 4 4 0 3 1 1 , , 5 5 3 1 3 5 , , 2 3 4 9 6 2 1 1 8 8 1 5 , , 5 5 2 4 6 7 February 1,316 December.. 1, 956, 268 1,445 1, 546, 270 201,492 1941—January 1, 942, 427 1,446 1, 564,168 170,849 p Preliminary. February... 1, 929, 346 1,447 1, 578, 543 156, 899 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 1 Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post- 2 Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures.—See BULLETIN for August 1935, p. 503. 342 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] Industrial production Construction Y m ea o r n a th nd ( I 9 m v n 2 p a c 9 e a l o = n u y m 1 e - ts 0 ) e 1 0 To ( t p a h l ys 1 i 9 c 3 a 5 l D -3 v u f 9 o M a r = l c - u 1 a t m u 0 n N 0 r u d e e - ) u o s r n 2 - - * M era in ls - T aw ot a 1 a r 9 l c d 2 o e 3 n R d d - t t 2 e e i r a 5 n ( s a l v - = i c - a 1 ts l 0 u o 0 e A t ) h l l 3 er 1 t N a 9 u c 3 g r u o E 5 a r l n i - - l m - 3 - * 9 pl 1 o 9 y F 2 m 3 a - c e 2 t n 5 o = t r 4 y 100 r 1 o — 9 p F t l o 2 a a l 1 3 s r y c 0 y - - * - 2 0 5 F 1 i l — 9 r n o c e 2 g a a 1 i 3 d g s r 0 - * 2 0 - h 5 t- ( D 1 v m — s 9 s a e t a 2 l p e o 1 u l 3 a e n 0 r e - e s r 0 2 t ) t 5 - *6p m W r = c 1 s i o o 1 c h a 9 d m e 0 2 l o e s i 0 6 l - t e 4 y - 1 — 9 C i l n 3 i o o 1 v 5 g f 0 s - - * t 3 0 9 able able =100 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted usted justed usted usted usted usted justed usted justed us ted 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 87 142 107.9 106.0 110.4 107 111 95 3 122 5 1930 90.8 91 99 84 93 92 50 125 101 2 92.4 89 4 92 102 86 4 119 4 1931 77.3 75 68 79 80 63 37 84 92.5 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 5 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 5 90 9 78 5 62 85 78 6 100 8 1939 85.4 108 108 108 106 72 60 81 101. 8 99.9 92.2 70 90 77 1 99 4 1940 90.5 122 135 113 117 81 72 89 105.0 107.5 105.4 76 94 78.6 100. 1 1938 January 82.3 86 82 75 88 103 52 26 73 98.2 93.4 91.0 75.4 65 90 80.9 February 81.5 84 82 73 90 98 51 32 66 97.8 92.4 91.6 77.7 62 88 79.8 March _ _ _ 81.2 84 84 72 90 97 46 33 56 97.9 91.0 91.2 77.8 60 86 79.7 100.9 April 80.1 82 82 69 88 95 52 37 65 98 2 89 0 89 3 75 2 57 83 78 7 May 79.1 80 81 67 88 90 51 37 62 97.3 87.3 87.0 73.6 58 80 78.1 June 78.7 81 81 65 90 92 54 42 64 97.1 86.3 85.4 71.6 58 82 78.3 100.9 July 78.7 86 85 71 95 94 59 49 68 97.1 87.2 85.9 71.7 61 83 78.8 August 79.8 90 90 77 99 97 66 53 77 98 1 89 3 90 2 77 9 62 83 78 1 September 80.4 92 95 81 100 98 78 56 96 99.8 91 0 93.6 82 3 64 85 78.3 100.7 October 81.7 95 99 88 100 98 82 57 102 100.0 92.0 94.2 85.0 68 86 77.6 November 82.1 100 102 96 103 102 96 56 128 99 8 94 8 95 3 85 3 69 87 77.5 December 83.1 101 100 97 104 102 96 57 128 100.7 96.7 96.2 88.1 69 88 77.0 100.2 1939 January 83.4 102 98 98 104 103 86 55 111 98 1 96 8 94 5 84 7 69 88 76 9 February 83.7 101 99 98 104 102 73 58 85 98.5 96.8 96.1 87.1 67 88 76.9 March 84.6 101 100 96 104 103 69 55 80 99.3 96.7 97.0 88.8 66 88 76.7 99.1 April 83.1 97 98 93 103 92 67 58 74 99.5 96.6 96.9 86.8 60 88 76.2 May 83.8 97 99 90 104 96 63 55 68 100 3 96 3 95 9 86 3 62 87 76.2 June 84.1 102 102 97 106 105 63 58 67 101.7 97.3 96.4 87.9 67 86 75.6 98.6 July 83 6 104 102 101 106 107 67 62 71 101 7 98 4 96 6 85 8 69 87 75 4 August 85.2 104 103 106 108 92 73 67 78 102.5 99.0 99.5 91.2 70 88 75.0 September 86.1 113 116 115 111 114 73 68 76 104. 3 100.8 103.7 95.4 77 90 79.1 100.6 October 88.0 121 126 129 115 119 76 68 82 105.2 104.8 107.3 103.2 80 92 79.4 November 88.5 124 126 133 117 120 83 61 101 104.9 107.0 107.5 103.2 82 93 79.2 December 90.0 126 124 140 117 115 86 60 107 105.5 108.2 107.8 105.4 78 95 79.2 99.6 1940 January 90.3 122 117 135 113 118 75 53 93 102.1 107.6 105.0 99.8 78 92 79.4 February 89.7 116 113 124 110 114 63 56 68 101.8 105.8 105.0 99.3 73 90 78.7 March 88.4 113 112 118 106 117 62 57 66 102.4 104.0 104.4 99.8 69 89 78.4 99.8 April 88.2 111 112 113 107 119 64 62 66 102.5 102.8 103.2 97.9 70 89 78.6 May 88 6 115 116 119 110 117 64 64 65 103 3 102 8 102 5 97 8 72 89 78.4 June 88.7 121 121 131 114 118 74 69 77 104.1 103.9 103.1 99.5 75 91 77.5 100.5 July 89 3 121 118 132 112 120 85 77 91 104 1 105 1 103 2 98 2 75 92 77 7 August 90.5 121 120 135 112 113 90 82 98 105.5 107.4 107.4 105.5 76 98 77.4 September 91.7 125 129 146 112 116 93 82 101 107.3 108.9 111.4 111.6 77 97 78.0 100.4 October 92.5 129 134 150 116 113 95 85 103 1U8.3 111.4 113.8 116.2 77 94 78.7 100.2 November 93.6 132 135 154 117 111 87 130 108.6 114 2 114.7 116.4 83 100 79.6 100.1 December r95. 8 138 135 164 123 118 115 90 110.4 116 6 116 2 122 4 84 101 80.0 100 7 1941 January 96.6 139 133 170 121 118 103 84 117 107.5 118.3 115.5 120.7 86 101 80.8 100.7 February P96.8 P!41 P138 i>172 P108. 3 P118.4P117.7 P126. 4 86 103 80.6 100.8 p Preliminary. * Average per working day. r Revised. 1 Department of Commerce series on value of payments to individuals. J For indexes by groups or industries, see pp. 344-347; 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 p. 352. * 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. 348-351 for employment and payrolls and p. 354 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 358 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918, and January 1941, p. 65. APRIL 1941 343 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. L935-39 average= 100] 1940 1941 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total... 122 116 113 Ill 115 121 121 121 125 129 132 138 139 P141 Manufactures—Total 123 116 112 110 114 122 121 122 127 131 135 142 143 P145 Durable 135 124 118 113 119 131 132 135 146 150 154 164 170 *>172 Nondurable 113 110 106 107 110 114 112 112 112 116 *120 123 121 P123 Iron and Steel _ _ _ 147 118 106 99 118 154 156 158 164 165 166 181 174 vl 68 Pig iron 161 136 118 117 127 148 157 162 167 169 173 176 186 178 Steel ingots 146 117 105 97 118 154 156 157 164 165 165 181 173 P167 Machinery 127 123 123 123 124 128 133 138 145 146 rl53 163 173 P176 Transportation Equipment 138 138 132 117 117 122 111 107 138 157 162 168 188 v200 Aircraft __ __ _ 288 283 299 306 323 364 394 455 517 544 584 624 685 P741 Automobiles 129 129 120 103 101 106 87 76 109 130 133 134 149 159 Railroad cars 156 158 149 125 121 111 119 127 148 148 166 177 207 *190 Locomotives 102 101 101 103 102 102 113 123 140 160 168 174 204 P224 Shipbuilding 149 150 156 156 164 170 189 213 220 227 226 261 289 P315 Nonferrous Metals and Products 154 142 132 124 127 130 138 146 153 164 169 177 181 PI84 Nonferrous metal smelting 1 136 130 131 129 131 128 138 134 130 134 133 137 136 PU2 Copper smelting. _ _ 144 131 137 131 130 131 140 135 126 130 132 138 134 141 Zinc smelting 133 135 130 133 135 130 141 140 148 147 146 147 150 155 Copper deliveries _ __ 162 145 125 111 113 115 119 134 154 170 179 203 212 218 Lead shipments 119 102 100 104 110 119 127 128 126 127 131 136 136 Zinc shipments . 129 122 117 112 113 124 135 141 143 144 142 143 142 146 Tin deliveries 180 168 148 132 137 141 146 Lumber and Products 115 114 111 110 112 111 107 114 121 123 127 132 137 P135 Lumber __ 115 114 110 109 110 110 104 113 121 124 128 133 139 137 Furniture 117 113 112 111 115 113 115 115 121 122 125 128 132 P131 Stone, Clay and Glass Products 123 113 120 115 113 112 115 119 H24 126 c130 c140 154 P158 Cement 125 106 117 115 115 113 110 115 125 133 140 155 181 183 Common and face brick 119 96 106 108 109 118 117 129 131 126 135 147 Common brick 111 103 106 107 111 120 117 130 124 126 136 147 Face brick 136 81 105 107 105 112 118 125 146 127 132 148 Glass containers 116 118 124 116 112 111 117 114 C116 C115 C114 C119 C123 131 Polished plate glass 122 112 105 96 91 80 100 114 118 111 113 117 137 138 Textiles and Products 118 108 100 100 104 107 113 113 116 123 134 '139 134 P134 Textile fabrics . 113 105 97 97 100 103 108 111 113 121 131 136 130 P131 Cotton consumption 120 115 108 107 109 114 121 124 120 126 135 145 138 142 Rayon deliveries 150 143 139 137 142 144 137 127 120 129 146 155 154 PUQ Silk deliveries. _ 69 64 64 61 58 56 57 61 65 71 77 74 69 P66 Wool textiles 106 93 77 79 87 89 100 106 123 132 142 142 134 136 Carpet wool consumption. 111 108 87 97 95 79 69 95 109 125 128 141 125 131 Apparel wool consumption 107 92 80 68 82 88 113 108 137 152 160 158 152 152 Woolen yarn 99 89 78 78 86 92 102 104 120 124 131 135 124 122 Worsted yarn 98 93 75 76 90 93 112 118 136 150 154 146 146 157 Woolen and worsted cloth. 111 89 71 76 83 89 105 104 122 126 144 142 134 134 Leather and Products. r!02 r99 '94 '87 P88 r96 *94 '97 95 '97 107 108 107 P107 Leather tanning 102 96 92 86 88 90 85 92 90 93 100 102 102 Cattle hide leathers 104 100 94 86 87 90 88 98 95 100 110 113 115 Calf and kip leathers 97 86 84 80 91 88 75 83 82 85 92 86 88 Goat and kid leathers 99 r93 92 91 89 91 84 83 83 >"81 r82 ^86 80 Shoes 103 101 r95 '87 '88 101 101 101 99 100 112 113 110 111 Manufactured Food Products 111 113 112 111 111 115 110 U4 109 117 116 120 115 P118 Wheat flour 100 100 100 100 105 98 100 99 100 104 99 104 98 105 Cane sugar meltings 95 95 86 89 97 112 101 90 86 116 136 122 124 P118 Manufactured dairy products 110 115 112 112 106 111 113 109 109 111 109 112 116 P114 Ice cream 105 116 111 113 104 112 116 104 Butter 110 109 107 108 102 105 105 104 105 108 106 110 119 118 Cheese 102 104 115 116 117 110 114 114 115 114 117 118 123 124 Canned and dried milk _ 128 126 123 118 112 117 121 132 130 136 128 139 139 131 Meat packing 124 129 128 117 117 126 116 119 121 127 133 134 114 126 Pork and lard 144 154 156 131 135 152 132 141 147 152 159 165 121 145 Beef- 104 106 102 106 101 101 101 99 95 101 106 107 110 109 Veal... . 88 86 87 86 89 91 97 91 92 98 102 97 86 94 Lamb and mutton 108 99 97 98 93 99 98 96 95 106 110 109 112 112 Other manufactured foods 111 112 112 112 112 115 110 115 109 118 116 120 116 P119 Alcoholic Beverages 98 97 97 104 100 113 108 91 103 103 96 101 105 108 Malt liquor. 103 96 99 102 99 99 103 91 93 100 94 104 105 106 Whiskey 60 61 67 78 84 84 72 44 71 80 77 85 78 81 Other distilled spirits 113 114 121 132 114 131 148 208 231 118 86 85 112 132 Rectified spirits 108 126 108 123 114 201 154 87 126 134 131 105 126 131 Tobacco Products . 103 106 103 111 110 115 103 106 108 115 113 114 113 116 Cigars 107 103 100 102 104 98 101 105 102 105 103 108 111 110 Cigarettes 106 109 107 119 117 127 106 110 113 120 119 121 118 125 Manufactured tobacco and snuff.. 93 97 95 99 100 99 99 96 100 112 106 101 101 96 r Revised. P Preliminary. c Corrected. 1 Includes also lead production shown under "Minerals." 344 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] 1940 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Paper and Paper Products 123 114 no 116 127 132 130 124 120 122 125 130 Paper and pulp 123 114 110 117 128 132 130 123 118 121 124 131 Pulp 138 133 135 140 149 159 153 150 150 148 150 159 Grouiiclwood DUID 114 110 110 118 118 117 119 117 118 123 119 Soda pulp 129 117 116 118 135 142 120 114 124 113 142 Sulphate pulp 160 153 151 164 175 179 179 185 184 186 200 Sulphite pulp 134 130 136 136 145 151 148 145 140 143 148 Paper 121 111 106 113 125 128 126 118 113 117 120 ••127 Paperboard . . 127 112 109 114 131 128 130 121 118 123 132 143 Fine paper 111 100 95 99 110 118 121 114 107 110 114 114 Newsprint production 106 112 112 113 113 115 111 113 111 112 109 109 Printing paper 119 116 109 115 125 135 126 117 111 114 114 117 Tissue and absorbent paper 119 119 105 119 123 137 131 121 125 124 120 ••131 Wrapping paper 121 108 105 114 127 126 126 117 107 110 114 120 Paperboard containers 120 112 111 115 125 128 128 Printing and Publishing 1 109 108 106 108 115 120 114 110 108 109 110 112 Newsprint consumption 98 100 103 101 106 106 102 104 104 104 106 107 Petroleum and Coal Products 117 116 118 115 m 115 112 113 116 116 118 120 Petroleum refining 114 115 117 114 112 108 109 112 112 114 116 Gasoline 112 112 115 112 113 110 106 109 113 111 112 115 Fuel oil 119 119 121 117 111113 113 111 116 113 115 116 120 Lubricating oil 126 124 124 120 118 122 113 98 102 109 115 107 Kerosene 97 120 123 120 126 116 116 111 121 123 123 130 Coke 137 123 118 119 123 132 139 139 142 144 146 147 Byproduct coke 137 124 119 120 123 131 137 136 139 141 143 142 Beehive coke__. 145 80 101 142 206 252 251 265 305 Chemicals 113 89 109 84 m 116 117 248 114 116 121 111 111 115 Rubber Products 119 116 117 115 106 119 120 126 138 Rubber consumption 120 112109 116 111155 116 114 106 111009 120 122 127 Tires and tubes 110 114 117 115 121 126 104 106 111 109 118 Pneumatic tires 112 116 118 115 122 128 106 106 112 110 120 Inner tubes 101 104 108 109 112 113 95 102 107 103 107 Minerals—Total _ 118 114 117 119 117 118 120 113 116 113 117 m Fuels 117 112 114 116 114 116 117 112 109 113 Bituminous coal 119 104 109 120 120 116 121 121 98 112 Anthracite 111 78 84 83 82 113 129 112 • 110159 91 94 Crude petroleum 116 118 120 118 116 116 114 108 114 115 115 Metals 127 130 133 135 135 134 139 124 127 135 145 Iron ore shipments 132 142 151 149 152 155 159 159 155 157 183 Copper _ _ _ 147 140 141 144 143 143 150 144 132 140 141 Lead 114 116 117 118 124 117 120 117 108 119 107 Zinc ... _ 119 130 124 123 119 118 129 125 131 131 134 Gold 121 118 124 123 124 122 125 93 107 125 127 Silver 101 120 113 127 125 114 122 88 109 113 136 o» 1941 Jan. Feb. 129 129 152 116 128 190 144 125 138 134 110 113 119 127 120 111 P114 103 105 121 P121 117 117 120 112 120 148 148 143 144 314 295 123 P124 138 150 140 152 123 128 118 124 128 115 122 130 118 118 P118 113 114 P114 115 117 PIU 105 98 P102 113 114 J»115 148 143 P144 178 182 185 142 148 151 112 116 135 135 140 141 120 132 119 r Revised. P Preliminary. 1 Includes also printing paper production shown under "Paper." NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. APRIL 1941 345 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] 1940 1941 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total __ _ 117 113 112 112 116 121 118 120 129 134 135 135 133 P138 Manufactures—Total 118 114 112 112 116 122 118 120 130 136 137 139 137 P142 Durable 128 121 121 120 125 134 127 128 144 155 158 '162 161 ^167 Nondurable __ _ 109 108 105 105 109 112 110 114 119 121 121 121 117 ^122 Iron and Steel 14k 121 113 106 123 151 147 153 161 164 166 172 170 P172 Pig iron _ _ __ . 153 134 124 123 133 150 154 161 164 169 173 168 177 176 Steel ingots 143 120 112 104 122 151 147 152 161 163 165 172 170 P172 Machinery 123 123 126 126 126 129 129 135 142 149 153 164 168 P176 Transportation Equipment - _ _137 139 144 141 132 131 96 63 120 167 184 183 186 P200 Aircraft 282 283 299 306 329 371 394 455 501 544 590 624 671 P741 Automobiles _ . _ _ _ 130 130 134 130 118 114 70 23 89 142 161 152 151 161 Railroad cars 133 151 158 141 137 124 117 130 135 141 153 172 176 P183 Locomotives 102 103 99 98 102 106 116 124 137 152 163 186 204 P229 Shipbuilding 144 145 162 162 172 176 185 202 213 229 219 '263 280 P305 Nonferrous Metals and Products . 151 139 134 129 129 130 131 141 154 167 172 172 176 P181 Nonferrous metal smelting1 136 130 133 135 131 127 126 127 131 138 '137 138 137 P142 Copper smelting 143 130 137 139 132 131 126 127 129 138 139 135 133 139 Zinc smelting 136 138 137 137 135 128 133 133 143 147 147 152 153 158 Copper deliveries _. ._ _ 153 139 129 116 116 116 118 133 156 173 181 188 200 209 Lead shipments 121 101 100 106 109 113 118 122 127 133 141 141 138 Zinc shipments 135 125 120 114 113 118 125 130 140 145 149 149 149 149 Tin deliveries 169 163 151 141 146 148 143 Lumber and Products _ .. .. __ 98 101 107 109 114 116 111 123 132 132 126 121 116 P119 Lumber 93 96 104 109 117 119 112 126 134 132 123 114 '113 113 Furniture _ 109 113 113 108 108 110 107 118 127 133 130 133 123 P131 Stone, Clay and Glass Products 90 83 101 114 129 129 127 133 •139 142 C136 C125 110 P112 Cement __ _ ... _ 69 60 88 115 140 143 136 141 150 154 145 124 100 102 Common and face brick 70 50 71 103 131 146 147 150 161 154 147 125 Common brick 60 49 66 102 134 153 149 153 162 160 149 120 Face brick 96 53 84 107 126 129 140 142 161 140 141 133 Glass containers 104 109 117 116 119 117 121 124 •118 C119 '115 clll nio 120 Polished plate glass 129 106 111 96 91 79 66 93 118 127 129 141 144 131 Textiles and Products 120 115 101 97 100 101 105 111 118 126 137 140 137 PI 43 Textile fabrics 115 111 100 95 97 98 101 108 115 124 134 136 133 Cotton consumption __ . 125 123 115 110 109 108 109 114 120 129 139 142 144 152 Rayon deliveries 147 141 132 127 127 131 134 137 138 144 151 '153 150 P143 Silk deliveries __ . 72 65 66 60 55 51 51 57 65 77 87 79 72 P&7 Wool textiles 107 102 77 73 85 88 98 109 120 129 140 146 136 149 Carpet wool consumption 105 118 98 91 91 77 67 101 111 124 126 131 119 143 Apparel wool consumption 105 99 80 63 82 88 108 113 137 145 162 163 149 165 Woolen yarn __ 100 97 76 73 86 92 102 108 119 121 129 135 125 134 Worsted yarn 101 97 72 72 90 93 107 120 130 150 154 160 150 163 Woolen and worsted cloth 118 102 71 68 80 88 102 107 116 121 143 150 142 153 Leather and Products rlOO '107 '100 '89 '86 88 91 '104 102 r98 98 r99 104 P116 Leather tanning 102 104 91 86 86 87 82 89 89 93 101 104 103 Cattle hide leathers 105 111 95 86 85 85 82 93 94 101 114 '115 116 Calf and kip leathers 95 '92 79 79 86 90 83 87 81 '82 87 88 87 Goat and kid leathers 99 96 91 94 '88 91 83 81 84 '80 79 '87 80 Shoes '99 '109 '106 '91 '86 '89 '98 '114 111 '102 96 '95 '106 120 Manufactured Food Products 100 99 100 101 107 116 120 131 132 126 116 115 103 Wheat flour 101 99 97 94 95 92 99 100 115 113 103 100 99 104 Cane sugar meltings 79 93 95 98 95 116 116 95 102 113 112 98 103 P115 Manufactured dairy products 72 84 95 112 143 168 164 144 111 88 75 73 76 Ice cream 52 69 86 108 142 179 195 168 Butter 88 94 95 107 132 147 128 114 104 95 84 87 95 101 Cheese. 73 82 94 113 154 169 147 128 119 107 89 82 89 96 Canned and dried milk 97 107 120 133 161 173 148 136 120 109 90 96 106 112 Meat packing . 146 124 116 111 117 123 109 102 112 127 151 159 133 122 Pork and lard 187 154 140 124 135 148 119 106 117 143 191 212 157 145 Beef . 104 95 93 99 101 99 102 100 107 110 111 107 110 98 Veal . 85 76 82 85 93 92 96 92 101 108 104 92 83 83 Lamb and mutton. 113 99 94 95 95 94 93 95 107 113 107 104 118 112 Other manufactured foods 97 98 98 98 102 110 117 136 140 132 117 115 103 P103 Alcoholic Beverages 81 84 94 106 107 120 112 89 108 108 104 93 87 94 Malt liquor _ 82 82 95 111 117 126 127 106 94 82 77 81 84 90 Whiskey. 80 79 83 86 84 67 40 24 56 76 96 98 104 106 Other distilled spirits 74 69 79 79 68 77 70 100 317 314 181 105 73 79 Rectified spirits _ 79 109 103 110 100 161 130 68 134 174 207 140 92 113 Tobacco Products... _ . 98 98 97 105 112 124 112 110 118 120 115 98 108 108 Cigars 86 90 92 97 102 104 105 108 117 127 123 83 90 96 Cigarettes 107 103 99 111 119 140 119 116 121 118 114 108 119 118 Manufactured tobacco and snuff 90 96 97 98 101 101 101 97 108 115 105 89 98 95 ' Revised. P Preliminary. c Corrected. 1 Includes also lead production shown under "Minerals." 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Industrial Production, by Industries (Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average =100] 1940 1941 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Paper and Paper Products 120 116 114 119 127 130 124 123 124 127 124 123 128 Paper and pulp 122 118 114 120 128 131 123 121 120 124 124 124 127 Pulp 139 137 138 144 150 157 147 148 147 150 151 154 153 Groundwood pulp 118 114 118 132 131 120 104 101 102 110 126 124 121 Soda pulp 129 121 119 122 135 147 133 120 115 124 113 138 128 Sulphate pulp 161 158 154 164 175 184 175 179 185 188 186 190 191 Sulphite pulp 134 134 139 138 145 154 144 148 145 143 144 144 144 Paper. 115 110 116 124 127 120 117 116 120 120 1-120 123 Paperboard 122 115 113 116 128 128 123 123 125 130 132 127 132 138 Fine paper 112 106 102 108 114 116 110 107 102 110 110 112 111 Newsprint production 106 111 112 113 114 116 108 110 111 112 112 110 113 Printing paper 119 119 114 119 127 132 118 113 110 115 113 116 119 Tissue and absorbent paper 116 124 106 121 122 135 124 121 131 129 119 126 123 Wrapping paper 121 112 108 115 124 123 122 116 108 113 114 116 120 Paperboard containers 114 110 113 115 123 127 125 Printing and Publishing l 106 109 111 114 119 119 103 102 108 113 112 112 109 P115 Newsprint consumption 93 99 107 108 110 107 88 91 105 111 111 109 98 104 Petroleum and Coal Products 116 115 114 115 115 116 113 114 118 118 119 119 120 P120 Petroleum refining 112 113 113 114 113 113 109 110 114 114 115 115 115 Gasoline.__ _ 108 109 109 111 111 112 109 112 116 114 113 112 113 Fuel oil 122 120 119 115 113 112 109 114 114 116 • 117 122 123 Lubricating oil 122 122 123 125 123 122 111 97 102 109 115 106 108 Kerosene 102 121 125 123 126 113 •110 107 119 123 126 131 126 Coke 138 125 120 118 122 131 135 138 141 144 147 149 150 152 Byproduct coke ._. 137 125 120 120 123 131 134 136 139 141 143 142 143 145 Beehive coke 170 120 100 76 76 116 171 198 209 259 292 357 367 398 Chemicals 111 111 113 114 113 110 110 112 116 120 120 122 121 Rubber Products 122 117 116 114 117 115 106 109 122 120 129 131 142 147 Rubber consumption 123 117 116 114 116 114 106 110 123 122 131 133 144 149 Tires and tubes ___ _. 110 114 117 115 121 126 104 106 111 109 118 118 123 128 Pneumatic tires _ „ 112 116 118 115 122 128 106 106 112 110 120 118 124 128 Inner tubes. 101 104 108 109 112 113 95 102 107 103 107 115 122 130 Minerals—Total 115 112 110 111 118 118 121 117 124 122 119 114 113 P115 Fuels 120 116 114 113 113 111 111 109 115 112 115 116 117 P119 Bituminous coal 133 121 104 100 102 100 106 111 124 110 128 127 130 P133 Anthracite 128 86 86 89 90 104 101 83 100 97 96 112 114 Crude petroleum 114 117 121 121 119 116 114 111 114 114 111 111 111 P114 Metals . 88 89 87 95 148 161 179 164 171 184 147 102 91 P92 Iron ore shipments 14 213 288 315 308 301 294 162 Copper 144 142 144 150 141 140 133 135 136 146 147 146 145 154 Lead 114 116 115 119 122 116 112 114 112 117 114 118 116 Zinc. 121 132 130 127 119 116 121 118 127 131 135 139 137 142 Gold 113 109 103 109 117 97 134 100 121 156 146 141 112 Silver 100 123 118 130 120 114 113 91 107 115 135 133 118 r Revised. P Preliminary. 1 Includes also printing paper production shown under "Paper." NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. APRIL 1941 347 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] 1940 1941 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total* 107.6 105.8 104.0 102.8 102.8 103.9 105.1 107.4 108.9 111.4 114.2 116.6 118.3 118.4 Durable goods* 102.5 100.2 98.6 97.7 97.9 99.0 100.4 104.3 107.4 111.2 114.6 117.5 121.1 121.8 Nondurable goods* __ _ . 112.4 111.1 109. 2 107.6 107.4 108.5 109.6 110.2 110.3 111.5 113.8 115.7 115.6 115.2 Iron, Steel, Products 110.5 107.0 102.7 100.8 101.2 103.7 107.3 111.1 112.9 116.1 118.9 122.4 124.6 125.3 Blast furnaces, steel works 122 117 110 107 109 115 120 123 123 125 127 130 133 132 Bolts nuts washers, rivets 117 113 112 108 105 104 110 116 119 121 128 135 139 144 Cast-iron pipe 75 78 76 75 76 75 76 78 81 84 89 89 88 92 Cutlery, edge tools 107 103 101 102 101 102 104 104 107 109 110 110 110 108 Forgings .. _. 72 71 67 67 66 66 70 74 77 81 83 88 90 94 Hardware 104 101 98 97 95 82 84 98 102 105 109 113 113 114 Plumbers' supplies 83 81 81 82 82 83 84 87 89 90 94 97 99 98 Stamped, enameled ware 160 161 158 155 153 153 157 169 179 188 190 196 191 198 Steam, hot-water heating 86 85 85 85 84 85 87 91 92 97 100 103 106 108 Stoves . . _ 93 91 91 89 88 91 95 96 95 98 100 108 113 107 Structural, ornamental 75 75 72 71 71 73 75 78 81 84 86 91 96 100 Tin cans, tinware .. __ 101 100 99 98 97 100 100 98 96 99 103 104 107 110 Tools 96 96 93 93 92 92 95 98 101 105 110 115 121 126 Wire work 172 162 161 158 156 151 139 152 170 189 201 207 206 207 Machinery . __ __ 113.4 113.6 113.3 113.4 113.4 114.9 116.6 120.0 122.5 126.6 130.9 '135.9 141.3 143.0 Agricultural implements 133 137 136 133 136 136 133 139 141 143 140 143 147 140 Cash registers, etc. . -. 127 128 •128 128 128 130 130 129 132 132 134 136 136 140 Electrical machinery. _. 103 102 102 102 101 103 104 107 111 116 120 126 131 135 Engines, turbines, etc. 133 134 132 134 142 152 165 175 181 195 r212 '219 237 237 Foundry, machine-shop products. 98 98 97 97 96 97 98 101 103 107 110 114 118 119 Machine tools 197 204 209 215 220 228 237 247 247 257 265 275 286 299 Radios, phonographs 144 144 145 153 155 144 145 145 138 134 142 149 155 162 Textile machinery 86 85 85 84 82 79 77 76 79 81 83 86 89 92 Typewriters 123 119 115 114 113 112 116 119 123 126 128 130 131 108 Transportation Equipment 114-3 112.1 112.5 111.2 111.6 111.8 110.7 120.9 130.2 140.2 143.7 150.4 154.1 Aircraft 2,298 2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,447 '4, 731 5,082 5,444 Automobiles . 111 107 107 106 105 102 97 107 116 125 126 123 123 124 Cars, electric-, steam-railroad 57 61 60 54 52 49 51 50 55 58 64 67 75 71 Locomotives 30 30 27 28 29 31 33 36 39 42 46 52 55 Shipbuilding 140 146 148 148 154 164 175 186 187 195 204 220 244 260 Nonferrous Metals, Products ... 111.7 107.5 106.6 105.9 106.0 108.2 110.7 115.7 118.6 122 t 126.3 129.4 133.4 134.8 Aluminum 173 170 168 170 173 177 185 193 196 200 207 209 216 211 Brass, bronze, copper 137 128 127 125 124 128 132 140 147 153 162 168 173 176 Clocks, watches 92 91 91 90 92 94 95 98 100 101 101 102 107 108 Jewelry.. _ . .. 95 93 95 96 96 99 100 99 94 96 98 102 103 106 Lighting equipment _. 95 88 84 85 84 86 81 92 100 103 105 106 110 111 Silverware, plated ware 74 71 70 70 70 68 71 70 72 74 75 76 77 77 Smelting, refining __ . 87 87 87 86 86 87 89 92 92 94 94 96 98 100 Lumber, Products 72.0 70.0 68.1 67.2 67.9 67.4 67.5 69.0 70.6 71.3 73.6 75.2 76.3 7-5.3 Furniture 94 91 90 90 90 90 89 90 91 91 93 96 97 98 Lumber, millwork. . _ _ .. __ 65 63 62 61 60 61 62 63 65 68 71 72 74 72 Lumber, sawmills . .. __ 65 63 61 60 61 60 60 62 64 64 66 67 68 67 Stone, Clay, Glass Products 85.8 80.8 80.0 79.8 78.9 79.8 81.3 81.8 83.0 84.7 88.4 94.5 92,4 Brick, tile, terra cotta _ _ . _ _ _ 66 61 59 59 58 58 60 60 61 61 65 r68 ^ 75 73 Cement.. 68 66 65 68 66 67 66 69 70 72 74 76 75 76 Glass 111 103 105 104 103 103 105 107 109 112 117 117 120 115 Marble, granite, slate _ 46 48 45 45 47 47 45 45 46 46 45 46 46 47 Pottery.. 95 93 90 89 88 91 94 94 94 96 100 105 108 108 Textiles, Products 102.7 99.1 96.6 96.3 96.8 100.2 101.1 101.9 102.6 105.3 107.2 107.3 107.0 Fabrics 95.0 93.1 88.6 87.8 87.7 88.0 91.3 92.6 93.5 95.2 97.7 98.7 98.8 99.0 Carpets, rugs __ _ __. 85 83 78 79 76 70 71 72 75 79 82 82 85 84 Cotton goods _ _ 94 93 89 89 88 89 91 93 94 95 97 99 99 100 Cotton small wares 88 83 77 76 76 76 77 79 81 82 87 90 92 93 Dyeing, finishing textiles 127 124 123 121 123 119 125 128 129 129 129 132 132 134 Hats, fur-felt 91 90 84 65 68 74 85 83 84 80 84 85 82 82 Hosiery.. _ _ 145 145 139 139 134 133 136 138 138 140 141 144 144 142 Knitted outerwear._. _. 62 68 65 60 61 65 69 72 69 70 71 74 69 69 Knitted underwear 80 77 77 74 72 72 76 75 74 75 76 77 81 78 Knitted cloth _ 142 134 133 130 127 131 138 147 151 153 151 149 144 142 Silk, rayon goods ... 71 66 65 65 67 64 63 62 61 63 65 64 63 64 Woolen, worsted goods 85 81 71 70 73 77 85 86 90 93 99 98 98 98 Wearing apparel 121.3 120.0 118.8 112.4 111.6 112.5 116. 116.1 116.5 114.8 118. 0 121.9 122. 120.4 Clothing, men's 110 107 107 100 98 102 105 104 104 102 109 115 114 111 Clothing, women's 167 169 167 156 158 158 166 164 165 164 168 170 166 166 Corsets, allied garments 117 114 113 111 113 113 106 112 112 112 114 114 114 113 Men's furnishings __ ___ 120 120 120 115 114 111 120 125 126 122 118 116 116 118 Millinery 79 83 83 78 72 71 71 73 78 74 68 69 76 82 Shirts, collars _ _ _ 132 125 122 122 121 116 116 118 119 117 117 122 131 125 r Revised. NOTE.—Figures for February 1941 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. * Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN or February 1941, p. 166. 348 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] 1940 1941 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Leather, Manufactures 97.3 95.5 93.8 91.9 87.9 89.6 90.9 89.1 89.9 91.1 93.8 94.3 93 3 93 2 Boots, shoes __ __ _ _ 96 94 93 90 86 88 89 87 88 90 92 93 91 91 Leather 87 85 83 82 81 81 81 82 81 82 84 85 85 86 Food, Products 130.7 130.8 130.3 128.8 129.1 131.9 129.0 129.8 126.9 129.9 132.4 r135. 6 132.9 131.0 Baking __ ____ 144 144 145 144 145 146 146 146 144 144 144 144 143 145 Beverages 280 278 275 274 273 278 268 272 265 271 281 284 281 278 Butter 95 96 96 97 98 97 96 96 96 96 102 '101 98 99 Canning, preserving- _ ___ . 149 155 152 150 147 161 137 146 130 152 152 157 148 145 Confectionery 85 86 83 82 84 83 86 88 86 86 90 91 89 89 Flour, ._ _ 80 80 80 79 81 80 79 79 79 78 78 78 78 77 Ice Cream 79 79 80 79 76 77 75 76 75 79 81 81 80 81 Slaughtering, meat packing _ 108 109 110 107 107 109 111 108 109 110 114 121 112 111 Sugar, beet 162 102 102 98 99 102 99 106 110 100 102 146 223 144 Sugar refining, cane 94 93 97 94 95 96 97 93 91 95 95 97 92 90 Tobacco Manufactures 64.2 62.7 64.3 65.0 63.2 65.2 62.8 63.0 63.7 63.3 63.4 64.7 66.3 65.1 Tobacco, snuff 62 60 60 59 59 59 58 56 57 57 55 57 57 54 Cigars, cigarettes 65 63 65 66 64 66 64 64 65 64 65 66 68 66 Paper, Printing. _ __ _ _ . 115.5 114.7 114.8 114.3 115.3 115.7 116.5 116. 4 115.7 116.1 116.8 117.7 117.4 117.6 Boxes, paper 121 118 116 115 116 118 119 119 117 117 120 122 123 122 Paper, pulp__. _ _ 114 113 113 112 115 116 117 117 117 115 116 116 116 117 Book, job printing 102 100 100 101 100 100 101 100 100 102 101 102 103 101 Newspaper, periodical printing 114 116 117 116 117 116 116 117 116 116 118 119 117 118 Chemicals, Petroleum, and Coal Products 121.5 120 6 120 0 121 1 122 0 122 4 121.7 122.2 121.7 122.9 r124.1 126 6 127 4 Petroleum refining 122 122 123 122 122 123 122 122 121 121 120 120 120 120 Other than petroleum _ _ __ 121.3 120.3 119.4 120.9 121.9 122.3 121.5 122.2 121.8 123.5 124.9 126.4 128.2 129.2 Chemicals 138 138 137 136 137 138 138 141 141 143 147 151 154 157 Cottonseed oil, cake, meal 94 87 84 97 94 83 78 75 62 92 '101 103 95 Druggists' preparations _. 119 118 117 119 122 120 119 117 116 114 113 113 116 118 Explosives 104 108 109 116 120 127 133 139 145 141 144 '147 151 163 Fertilizers _ 105 99 102 109 119 120 114 113 107 107 107 103 104 100 Paints, varnishes 127 124 124 123 121 122 124 126 127 125 127 128 130 130 Rayon, allied products 310 309 304 312 311 315 308 306 309 310 311 314 310 313 Soap _______ ___ 86 84 81 81 82 82 83 85 86 86 82 87 88 90 Rubber Products ____ __ 90.2 87.9 86.7 83.9 83.5 84.2 84.7 87.0 89.7 91.6 93.6 96.8 99.0 100.5 Rubber boots, shoes 59 57 56 57 56 57 56 54 54 57 60 64 67 68 Rubber tires, inner tubes 74 73 72 70 69 69 69 71 73 74 75 77 78 79 Rubber goods, other _ 152 145 142 136 138 140 141 149 155 157 160 167 171 174 ••Revised. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees in nonagricultural establishments Milinon- Trans- Finan- tary Year and month e m a m g t e u r p n i r c l t a o u l 1 y l- 2 - Total 2 M fa i c a n t n u g u r- - Mining s C t t i r o o u n n c - - t u i p p o ti u o n l b r it t l a i a i e n c - s d Trade ci i l m c a a e l n i , , s e s c a o e e n u r l v d - s - m G e e r o n n v t - - 2 f n o a a r n v c d e a s l 1929—average.. 36,448 30, 589 10,203 1,064 1,806 3,878 6,404 4,147 3,087 262 1930—average. . 34,177 28, 346 9,087 982 1,422 3,647 6,065 4,028 3,117 263 1931—average.. 31, 256 25, 531 7,751 847 1,236 3,221 5,530 3,782 3,166 260 1932—average.. 28, 035 22, 452 6,571 706 821 2,789 4,914 3,471 3,180 254 1933—average.. 28, 222 22, 672 7,036 714 755 2,647 4,941 3,422 3,156 252 1934—average.. 30,632 24,877 8,112 844 840 2,727 5,476 3,627 3,251 258 1935—average.. 31, 804 25, 965 8,641 855 908 2,762 3,771 3,359 269 1936—average.. 33,868 27, 824 9,350 896 1,211 2,944 5,941 3,978 3,504 301 1937—average.. 35, 560 29, 442 10, 273 949 1,148 3,102 6,233 4,144 3,593 322 1938—average.. 33, 266 27,133 8,731 834 1,001 2,835 6,012 4,059 3,662 335 1939—average.. 34, 383 28, 240 9,304 791 1,241 2,934 6,144 4,119 3,708 369 1940—aver age _ r35, 473 '29, 330 9,887 847 1,337 3,024 6,266 4,173 3,797 573 1939—Mar 33, 537 27,394 9,086 819 1,017 2,840 5,957 4,024 3,651 345 Apr 33, 600 27,457 9,073 546 1,157 2,866 6,058 4,096 3,661 351 May 33,886 27, 743 8,985 653 1,280 2,895 6,092 4,146 3,692 355 June 34,356 28, 213 9,025 793 1,375 2,953 6,153 4,182 3,732 364 July 34, 350 28, 207 9,035 787 1,413 2,963 6,073 4,186 3,750 376 Aug 34, 630 28,487 9,263 807 1,440 2,977 6,065 4,183 3,752 373 Sept 35, 240 29,097 9,587 823 1,440 3,035 6,241 4,220 3,751 376 Oct 35, 546 29,403 9,866 871 1,389 3,068 6,302 4,160 3,747 386 Nov 35, 418 29, 275 1,310 3,023 6,329 4,121 3,725 402 Dec 35, 641 29,498 1,178 2,976 6,687 4,125 3,758 422 1940—Jan 34, 475 28,332 9,698 853 1,012 2,935 6,062 4,078 3,694 435 Feb 34, 381 28, 238 9,699 854 939 2,941 6,026 4,084 3,695 450 Mar 34, 578 28,435 9,652 849 991 2,940 6,201 4,100 3,702 457 Apr 34, 607 28,464 9,557 835 1,118 2,956 6,122 4,160 3,716 461 May 34,898 28, 755 9,511 845 1,249 3,000 6,197 4,202 3,751 464 June 35,146 29,003 9,545 838 1,321 3,032 6,254 4,214 3,799 474 July 35,176 29,033 9,554 837 1,378 3,059 6,159 4,218 3,828 516 Aug 35, 617 29,474 9,878 839 1,443 3,081 6,168 4,226 3,839 549 Sept 36, 233 30,090 10,184 846 1,511 3,120 6,321 4,255 3,853 634 Oct 36, 572 30,429 10,373 856 1,654 3,121 6,362 4,187 3,876 733 Nov 36, 685 30, 542 10, 434 853 1,709 3,065 6,433 4,167 3,881 822 Dec rZ7, 305 '31,162 10, 553 855 n, 720 3,039 4,180 3,931 884 1941—Jan. ._ . 36, 319 30,176 10, 495 852 1,623 3,012 6,165 4,142 3,887 958 Feb 36, 584 30, 441 10, 671 857 1,657 3;015 6,170 4,155 3,916 1,145 NOTE.—Compiled by Bureau of Labor Statistics. Figures for February 1941 are preliminary. r Revised. 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. APRIL 1941 349 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; iid justed to Census of Manufactures through 1937.* 1923-25 average=100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. Total* 105 0 105 0 113.8 114 7 116 2 115 5 117.7 99.8 99.3 116.2 116.4 122.4 720.7 126.4 Durable goods*. __ 100.1 99.2 112.8 115.5 117.6 118. 3 120.8 99.3 97.8 123.4 125.1 131.6 131.0 138.6 Nondurable goods* 109.7 110. 5 114.8 113.9 114.9 112.7 114.7 100.4 101.0 108.1 106.6 112.1 108.0 112.6 Iron, Steel, Products 108.3 106.7 117.1 119.3 '121.5 122.1 124.8 106. 2 100.9 123.6 '125. 8 '133. 0 ISO. 7 136.3 Blast furnaces, steel works 121 117 125 127 130 131 133 119 110 131 135 142 140 144 Bolts, nuts, w^ashers, rivets 117 114 121 128 135 139 145 124 126 150 162 178 171 183 Cast-iron pipe 74 76 84 86 87 88 90 65 68 85 89 97 93 97 Cutlery, edge tools 105 104 111 112 110 108 109 93 91 106 108 114 107 112 Forgings 72 72 80 83 88 91 95 86 84 102 106 119 124 128 Hardware ... . .. 104 101 105 109 113 113 115 109 101 119 122 128 130 135 Plumbers' supplies 82 82 91 94 97 P8 99 71 71 85 88 93 91 95 Stamped, enameled ware 158 161 189 190 196 189 199 160 162 218 r209 '226 213 232 Steam, hot-water heating 83 84 99 102 103 103 107 74 76 103 106 108 108 115 Stoves. 78 86 106 106 104 95 100 65 75 106 101 100 87 97 Structural, ornamental 73 72 86 87 90 93 96 63 60 80 79 86 89 94 Tin cans, tinware 94 93 101 100 99 100 103 97 93 113 104 113 112 112 Tools 96 96 106 112 117 121 126 98 96 113 124 136 140 151 Wirework 172 162 191 204 207 206 207 189 175 226 235 242 238 254 Machinery _ _ 112. 4 113.1 127.3 '131.2 '136.0 139.9 142.3 119.1 119.3 145.3 149.3 '162. 9 167.5 174-9 Agricultural implements 135 141 135 137 143 150 144 156 164 159 160 171 181 174 Cash registers, etc. 126 128 132 134 135 136 140 129 131 142 144 148 151 168 Electrical machinery 102 102 116 121 126 130 135 112 112 138 145 158 163 172 Engines, turbines, etc. 125 133 190 '201 r212 223 234 162 172 263 '275 '306 331 345 Foundry, machine-shop products. 97 98 107 110 114 117 119 95 94 112 115 127 129 135 Machine tools __ _ ._ . . _ 197 205 258 266 276 286 300 259 271 352 355 394 414 449 Radios, phonographs 136 126 164 159 158 147 142 122 113 164 156 163 144 144 Textile machinery... 86 86 80 83 86 89 93 84 81 79 80 91 98 105 Typewriters 123 118 127 131 132 131 107 111 110 163 166 147 141 121 Transportation Equipment 116.7 116.1 139 5 146.0 '149. 2 152. 6 158.5 119.8 120.1 163.3 166.1 '169. 2 176.1 191.7 Aircraft 2,275 2, 303 4,116 4,402 4,684 5,031 5, 389 2,197 2,184 4,639 5, 013 '5, 356 5,912 6, 525 Automobiles 116 113 125 130 129 128 132 120 119 149 151 145 148 160 Cars, electric-, steam-railroad 53 59 56 62 66 69 69 47 54 50 54 62 64 66 Locomotives.. 28 29 39 42 46 49 53 27 27 40 44 50 55 62 Shipbuilding 138 143 197 204 221 240 255 148 150 244 239 '288 308 335 Nonferrous Metals, Products 109.8 107.2 126.1 129.9 '131.2 131.2 134.4 108.7 103.4 136.3 '141.7 '149. 8 146.2 151.4 Aluminum _ __ __ 170 171 203 210 209 213 212 193 195 250 259 264 266 270 Brass, bronze, copper 136 128 155 162 168 172 176 150 136 190 202 219 221 226 Clocks, watches 91 91 105 107 106 106 108 93 95 119 122 120 115 123 Jewelry 89 91 111 111 '105 97 103 73 69 98 94 97 82 90 Lighting equipment 93 88 107 110 110 108 111 74 71 97 100 102 99 105 Silverware, plated ware . . . 72 71 77 80 79 75 76 61 59 78 '83 '87 71 72 Smelting, refining _. 87 87 95 95 97 98 100 87 86 93 96 103 101 104 Lumber, Products... . . . . .. 67.3 66.7 74-4 74.4 73.7 71.3 71. 7 58.8 60.0 73.7 70.9 71.5 68.1 70.0 Furniture _. ._ 90 89 97 97 97 94 96 75 77 91 90 93 84 90 Lumber, millwork 62 61 69 71 72 70 70 47 47 58 58 60 58 58 Lumber, sawmills __ . . 60 59 67 66 65 63 63 51 52 65 61 60 59 60 Stone, Clay, Glass Products 77.7 75.5 87.5 88.9 '88.7 85.8 86.5 66.9 65.3 83.0 82.2 '85.6 79.4 81.5 Brick, tile, terra cotta ._ 57 53 65 66 65 63 43 40 55 54 57 55 53 Cement. _ 58 55 76 74 72 65 66 51 48 76 73 72 61 62 Glass 106 103 113 117 117 114 115 113 108 130 131 138 131 135 Marble, granite, slate _ _ _ 39 43 48 46 45 39 42 24 29 37 32 33 27 30 Pottery.. 92 93 98 102 106 105 108 81 84 93 96 101 94 100 Textiles, Products 103.5 105.5 104.5 105. 5 107.0 106. 4 110.0 87.5 91.3 93.2 92.3 97.6 95.1 103.7 Fabrics 95 9 95 5 96.1 98.7 100.4 99.7 101.6 84.8 84.2 89.5 90.9 95.6 93.1 98.3 Carpets, rugs 82 82 80 82 82 82 84 72 71 73 73 76 75 79 Cotton goods _ _ 96 96 95 98 101 101 102 89 87 90 92 98 97 101 Cotton small wares _ . ... 88 85 83 87 90 92 95 81 75 83 87 92 93 100 Dyeing, finishing textiles 130 130 129 132 134 135 140 110 109 111 114 121 120 129 Hats, fur-felt. . 91 92 80 82 84 82 84 85 84 '67 73 82 80 92 Hosiery 144 145 143 145 146 143 143 146 151 158 160 160 149 156 Knitted outerwear 59 68 75 73 71 66 69 47 57 66 64 62 56 60 Knitted underwear. 75 77 76 77 77 77 78 66 69 72 73 74 73 76 Knitted cloth 137 135 157 150 148 140 142 112 108 136 130 130 125 127 Silk, rayon goods _ 73 69 65 65 65 65 67 57 54 52 52 54 53 56 Woolen, worsted goods __. 87 85 94 99 101 100 103 73 72 88 89 96 94 100 Wearing apparel 116.1 123.7 118.9 116.2 117.2 116.8 124.1 87.5 99.8 94.8 '89.5 95.6 93.2 108.0 Clothing, men's.- _ 106 110 104 105 108 110 114 80 86 77 76 86 87 96 Clothing, women's 162 176 172 165 164 162 173 114 134 131 120 126 120 143 Corsets, allied garments 115 116 113 113 113 112 115 112 118 124 121 123 116 127 Men's furnishings . 112 121 128 128 123 108 118 95 113 134 140 133 103 124 Millinery 79 90 76 61 61 75 88 59 77 55 41 42 55 77 Shirts, collars 120 125 122 121 122 119 125 98 108 115 113 115 104 118 ' Revised. * Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 350 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 1941 1940 1941 Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. Leather, Manufactures 97.4 90.0 87.0 90.6 82.6 68.5 78.5 91.1 Boots, shoes 96 88 84 80 63 73 89 Leather !___ 87 87 82 84 83 83 90 87 92 Food, Products 119.5 118. < HL, 132.5 121.2 119.1 117.0 115.5 128.8 132.4 120.0 119.3 Baking 141 142 146 146 144 141 143 131 132 139 138 138 135 138 Beverages 255 254 271 263 260 256 255 279 284 314 302 299 289 292 Butter 89 89 96 99 '96 92 91 75 78 82 82 84 80 81 Canning, preserving 91 92 202 123 103 91 85 81 78 171 101 93 79 76 Confectionery 83 84 102 102 101 87 87 80 81 103 100 103 87 90 Flour 79 79 81 79 78 77 77 73 74 78 72 73 72 73 Ice cream 66 67 74 71 69 68 68 56 57 64 61 61 59 60 Slaughtering, meat packing 112 109 110 116 125 116 111 119 111 116 119 137 120 113 Sugar, beet 70 38 267 277 236 53 63 44 217 288 265 85 52 Sugar refining, cane 90 92 95 94 94 71 77 83 84 70 73 Tobacco Manufactures 59.0 61.7 54.0 66.. 67.. 59 .1 61.9 Tobacco, snuff 63 62 56 57 58 56 69 67 70 67 63 Cigars, cigarettes 58 62 67 61 65 51 52 66 67 58 62 Paper, Printing _.. ._ 115.1 114-6 117.6 118.5 119.9 117.0 117. 5 119.0 108.6 115. 2 115.4 '120. 8 115.5 116.8 Boxes, paper 117 115 124 126 125 118 119 122 119 142 144 145 132 136 Paper, pulp 114 113 115 116 116 116 117 118 117 124 124 129 128 132 Book, job printing 103 101 103 103 105 104 103 92 87 91 95 93 Newspaper, periodical printing.__ 114 115 118 119 121 116 117 106 108 112 108 110 Chemicals, Petroleum, and Coal Products 121.0 121.0 125.3 '125. 8 126.1 127.9 131. 0 131.4 139.7 44 142.1 1U-4 Petroleum refining 122 121 121 121 120 119 119 134 134 136 133 139 132 132 Other than petroleum 120.9 121.1 126.3 '126. 7 127. 2 127.8 130.1 130.3 130.4 140.3 141. 7 145. 9 145.2 148.3 Chemicals 136 136 146 148 150 152 155 160 160 176 182 188 188 194 Cottonseed, oil, cake, meal 105 98 131 133 129 116 107 100 89 128 129 131 114 100 Druggists' preparations 119 119 118 116 116 116 120 129 130 133 131 131 131 134 Explosives 104 106 145 147 149 151 160 121 128 181 187 199 199 205 Fertilizers 105 109 97 92 95 104 110 83 84 82 77 81 86 91 Paints, varnishes 124 123 125 126 126 126 129 129 128 136 136 139 137 142 Rayon, allied products 314 313 311 315 315 314 318 320 321 323 331 334 336 337 Soap 84 89 85 85 90 100 100 107 100 106 108 114 Rubber Products 90.0 914 97.5 100.8 94.1 99.5 102.0 111.1 111.0 113.9 Rubber boots, shoes 59 57 61 67 68 56 53 81 79 75 Rubber tires, inner tubes 74 73 74 75 •77 78 79 86 81 97 98 Rubber goods, other 150 145 161 163 167 169 175 145 135 162 174 185 r Revised. NOTE .—Figures for February 1941 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 1941 1939 1940 1941 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. Total 38.6 37.4 38.8 39.3 38.6 39.8 39.0 66.2 66.3 67.1 67.3 67.8 68.3 68.9 Durable goods 39.6 38.1 40.2 41.0 40.2 41.2 40.6 72.7 72.7 73.7 73.9 74-4 74.9 75.8 Iron, Steel, Products 39 4 37 6 39 2 39 9 39 6 41 0 39 8 77 2 76 6 77 9 77.8 78.1 78.0 78.6 Machinery __ __ 41.3 40.4 41.8 42.4 42.0 43.6 43.2 73.2 73.5 74.6 74.9 75.2 76.1 76.8 Transportation Equipment 38.5 37.4 40.0 41.6 40.4 40.2 40.4 90.1 89.4 90.0 89.8 90.2 90.0 91.1 Nonferrous Metals, Products 40.9 39.2 41.5 42.0 41.4 42.7 41.4 70.3 70.1 71.0 71.2 72.7 73.8 74.1 Lumber, Products 38.6 36.9 39.9 40.7 38.9 39.5 38.9 51.3 51.2 52.5 52.4 52.6 52.8 52.9 Stone, Clay, Glass Products 37.5 35.1 37.4 38.1 37.1 38.2 36.5 66.0 66.4 67.2 67.1 67.1 68.0 68.4 Nondurable goods - 37.7 36.9 37. 5 37.6 37.1 38.4 37.3 60.5 60.7 61.1 60.9 61.3 61.7 62.0 Textiles, Products._ 35.9 34.8 35.7 35.9 35.5 36.7 36.7 49.7 49.9 51.4 50.9 50.4 50.7 51.2 Fabrics. . 37.2 36.0 36.4 37.3 36.8 37.9 37.9 47.9 48.1 48.7 48.7 48.7 48.8 49.2 Wearing appareL. __ _ _ 33.5 32.5 34.4 33.4 33.0 34.3 34.4 53.3 53.4 56.3 55.2 53.9 54.4 55.2 Leather, Manufactures 1 35 7 37 2 34 8 34 3 33 0 36 5 37 3 53 7 53 4 55 8 55.3 55.5 55.2 55.5 Food, Products _ __ _ 40.5 39.6 40.3 40.0 39.3 40.6 39.0 63.3 64.1 60.3 61.0 63.2 64.1 64.9 Tobacco Manufactures 35.8 33.3 37.8 37.6 37.2 38.1 35.7 48.9 49.6 48.7 48.4 48.6 49.0 49.8 Paper, Printing 39.4 38.1 38.4 38.7 38.4 39.3 38.6 78.3 78.3 79.2 79.2 79.3 79.9 79.6 Chemicals, Petroleum, and Coal Products 39 0 38 4 38 9 39 3 38 8 39 6 38 9 75 1 75 6 77 3 75.7 76.5 76.6 76.9 Petroleum refining 36 4 35.5 36 1 36 4 35.7 37 3 35 7 97.2 97.4 98 3 97.2 97.6 96.8 97.0 Other than petroleum refining. 39.8 39.4 39.8 40.2 39.8 40.4 39.9 67.5 68.0 70.0 68.7 69.6 70.1 70.4 Rubber Products _ 38.1 36.6 37.5 38.0 37.9 39.7 39.2 77.6 77.6 78.0 77.4 78.1 78.4 78.0 1 Beginning with October 1940, figures are not comparable, because of expansion in reporting sample. APRIL 1941 351 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.] Month Total R b e u si i d ld e i n n t g ial Factories Co N m o m n e r r e c s i i a d l ential E d b u u c il a d t i i n o g nal i Other i P a u u n b t d l i i l c i p ti u w e b s o l 1 i r c ks 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 January 196.2 305.2 77.4 111.3 12.9 55.9 15.9 26.9 6.1 11.6 17.7 24.2 66.3 75.1 February _ __ __ _ 200.6 270.4 74.9 116.5 15.4 37.8 20.2 20.9 8.1 7.9 26.9 23.5 55.2 63.9 Miarch 272 2 121 7 21 8 23 1 9 3 19 6 76 7 April 300 5 135 4 23.5 24.0 17 4 24 0 76.3 May 328.9 145.9 23.2 26.1 15.3 25 6 92.8 June 324 7 135 3 15 2 33 1 14 3 29 4 97 5 July 398.7 140.4 49.5 38.9 16.5 34.1 119.3 August 414 9 153 0 39 6 28 6 14 4 36 6 142.8 September 347 7 152 4 38.0 27.1 9.8 26 4 94.0 October 383.1 148.5 47.1 29.4 18.6 41.2 98.2 November 380 3 152 8 79.0 24.9 8 5 35 9 79 1 December 456.2 159.3 77.3 27.1 8.9 69.3 114.3 Year _ 4,004.0 1, 596. 9 442.4 318.3 147.2 386.7 1,112.4 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 i Month 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 January _ ._ _____ 215 243 192 252 196 305 149 112 118 148 93 111 66 130 75 104 104 194 February 140 188 119 220 201 79 69 51 111 82 62 119 68 109 119 March 199 231 227 301 272 96 66 95 128 95 103 165 132 173 177 April 235 270 222 330 301 105 74 99 160 103 130 195 123 170 197 May- 216 244 283 308 329 94 93 144 135 112 122 151 139 174 217 June 233 318 251 288 325 116 137 108 128 147 116 180 143 161 177 July 295 322 240 300 399 153 131 98 137 205 141 191 142 163 194 August 275 281 313 312 415 153 104 171 158 195 122 178 142 154 220 September 234 207 301 323 348 116 80 160 144 144 119 127 141 179 204 October 226 202 358 262 383 101 78 203 92 175 125 124 154 170 209 November 208 198 302 300 380 89 93 179 144 195 119 106 123 156 186 December 200 209 389 354 456 82 115 279 225 258 117 94 110 129 198 Year _ ._ _ 2,675 2,913 3,197 3,551 4,004 1,334 1,152 1,705 1,708 1,802 1,341 1,761 1,492 1,842 2,202 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.] 1941 1940 Number Liabilities Federal Reserve district Feb. Jan. Feb. Federal Reserve 1941 1940 X941 1940 district Boston 20, 227 28, 555 Feb. Jan. Feb. Feb. Jan. Feb. New York 39,474 45, 770 30, 936 Philadelphia 10, 871 18, 440 12, 739 Boston 90 71 939 1,418 Cleveland 27, 994 29, 475 18, 590 New York 399 442 380 4,006 4,379 5,425 Richmond 33, 323 42, 567 29, 605 Philadelphia. 89 81 67 1,567 539 541 Atlanta 34, 815 29,038 23,036 Cleveland 67 53 53 1,168 1,333 940 Richmond 47 45 46 901 371 584 Chicago 43, 283 51, 459 32, 616 Atlanta 40 40 55 331 303 622 St. Louis 21,894 21, 367 16, 643 Chicago 120 135 160 1,789 1,886 1,446 Minneapolis 5,038 6,492 3,353 St. Louis 42 33 26 497 458 288 Minneapolis 12 17 23 96 282 342 Kansas City 9,873 11,274 7,569 Kansas City 43 48 40 487 344 288 Dallas 23, 581 20, 768 16, 603 D Sa a n l la F s rancisco 1 3 4 3 1 4 9 1 9 23 1,2 4 8 1 7 5 8 27 3 2 1 1,3 2 7 0 8 0 Total (11 districts) 270, 373 305, 205 200, 574 Total 1,129 1,124 1,042 13,483 11,888 13, 472 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. 352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports > Merchandise imports 2 Excess of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 January 223 289 213 370 325 240 171 178 242 229 -18 118 35 128 97 February 233 262 219 347 ^303 278 163 158 200 -45 99 61 147 March. . 257 275 268 351 307 173 190 217 -51 102 77 134 April 269 274 231 323 287 160 186 212 -18 115 45 111 May 290 257 249 324 285 148 202 211 5 109 47 112 June 265 233 236 350 286 146 179 211 -21 87 57 139 July 268 228 230 317 265 141 169 232 3 87 61 84 August 277 231 250 351 246 166 176 221 31 65 74 130 September 297 246 289 295 233 168 182 195 63 79 107 101 October 333 278 332 344 224 178 215 207 108 100 117 137 November _. 315 252 292 328 223 176 235 224 92 76 57 104 December 323 269 368 322 209 171 247 253 115 98 121 69 Year 3,349 3,094 3,177 4,022 3,084 1,960 2,318 2,625 265 1,134 859 1,396 Jan.-Feb 456 551 432 717 P629 518 334 336 442 ^462 62 217 95 275 ,166 p Preliminary. t Including both domestic and foreign merchandise. J 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 L st 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. 1938 1939 1940 1941 1938 1939 1940 1941 ADJUSTED * SALES 1 1940—Jan. 78 83 90 73 39 47 114 86 62 Jan. 90 88 92 101 70 69 71 79 Feb 73 68 65 75 40 44 107 83 61 Feb.... 88 88 90 103 70 69 71 82 Mar 69 66 70 75 39 43 105 77 60 Mar. 86 88 89 77 82 86 Apr.. 70 75 73 79 37 43 102 74 59 Apr. 83 88 89 86 88 86 May 72 78 73 74 38 45 96 77 60 May ___ 80 87 89 80 87 89 June 75 81 91 74 38 45 100 82 60 June 82 86 91 79 83 87 July 75 83 105 80 35 46 96 80 61 July 83 87 92 58 60 64 Aug 76 85 108 74 38 49 96 82 61 Aug. 83 88 98 65 69 77 Sept. 77 80 99 79 42 51 106 84 61 Sept. 85 90 97 91 97 105 Oct. 77 65 97 81 45 55 117 89 62 Oct 86 92 94 92 99 101 Nov. 83 76 104 78 43 56 192 94 62 Nov. 87 93 100 99 106 114 Dec 84 74 99 77 40 59 134 97 63 Dec 88 95 101 156 168 179 1941—Jan... 86 75 96 76 36 60 149 102 63 Year 85 90 94 Feb 86 75 89 71 38 56 138 104 65 STOCKS UNADJUSTED * Jan 71 67 68 71 63 60 61 64 1940—Jan. 72 95 106 66 38 41 25 74 58 Feb. 70 68 71 73 67 65 68 70 Feb 68 80 88 69 33 43 26 71 59 Mar 70 68 70 71 69 71 Mar.. 67 70 73 69 31 44 26 74 60 Apr. 69 67 69 71 69 71 Apr 67 63 62 70 34 44 42 76 60 May 69 66 68 71 68 70 May 71 67 70 66 34 47 134 80 60 June 68 67 67 65 64 64 June 75 69 85 73 31 48 170 85 60 July 67 67 68 61 60 61 July .... 77 70 89 110 31 46 182 82 60 Aug. 67 67 69 65 65 66 Aug 78 75 88 89 38 51 178 83 61 Sept 67 68 70 70 71 73 Sept 86 83 94 89 54 56 185 94 64 Oct... 67 69 71 74 77 79 Oct 86 72 97 81 63 57 173 100 64 Nov 67 71 72 78 82 83 Nov 84 83 104 73 52 55 105 95 63 Dec 66 68 71 62 64 66 Dec 77 83 108 66 39 50 33 88 61 Year 68 68 69 1941—Jan.. _ 78 86 113 68 35 53 33 87 60 Feb 79 89 119 65 31 54 33 89 62 * The terms "adjusted" and''unadjusted" refer to adjustment of monthlyfigures for seasonal variation. * The terms "adjusted" and "unadjusted" refer to adjustment of monthly Back flgures.—Department store sales, see BULLETIN for figures for seasonal variation. August 1926, p. 631, for October 1938, p. 918, and for January NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1941, p. 65 department store stocks, see BULLETIN for March 1937. Based on daily average loadings. Basic data compiled by Association of 1938, p. 232 American Railroads. Total index compiled by combining indexes for classes i For sales comparisons by cities and by departments see with weights derived from revenue data of the Interstate Commerce Commission p. 358 of this BULLETIN. APRIL 1941 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926—100] Other commodities All Farm Year, month, or week com- prod- Foods Chemimodi- ucts Hides and Textile Fuel and Metals Building cals and House- Miscelties Total leather products lighting and metal materials allied furnish- laneous products materials products products ing goods 1929 95.3 104.9 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 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938- 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 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 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 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 i 95.6 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 November.. 79.6 68.2 72.5 84.1 102.3 74.5 71.9 97.6 98.9 77.5 77.5 December... 80.0 69.7 73.5 84.1 102.3 74.8 71.7 97.6 99.3 77.7 77.3 1941—January 71.6 73.7 84.3 102.4 75.2 72.1 97.7 99.6 78.6 77.1 February. __ 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 Week ending— 1941—January 4... 71.2 73.2 84.4 102.5 74.3 72.6 97.8 99.4 78.0 90.2 77. 1 January 11__ 80.2 71.0 73.0 84.4 102.8 74.2 72.6 97.8 99.6 78.2 90.4 77.1 January 18.. 80.6 71.4 73.7 84.5 102.9 74.6 72.6 97.8 99.7 78.6 90.4 76.9 January 25.. 80.8 72.6 74.1 84.4 102.6 74.6 72.6 97.8 99.5 78.8 90.5 76.8 February 1_. 80.6 71.7 73.7 84.5 102.6 75.2 72.6 97.8 99.5 78.8 90.4 76.8 February 8.. 80.5 70.7 73.2 84.6 102.2 75.4 72.9 97.8 99.4 78.6 90.6 76.8 February 15. 80.5 70.5 73.3 84.6 101.9 75.6 72.7 97.9 99.4 78.7 90.2 76.7 February 22 80.4 70.2 73.2 84.5 101.9 75.6 72.7 97.9 99.3 78.5 90.2 76.7 March 1 80.5 70.4 73.1 84.7 102.1 76.3 72.6 98.0 99.5 78.6 90.7 76.7 March 8 70.5 73.4 84.8 102.5 76.6 72.6 97.9 99.5 78.7 90.8 76.8 March 15... 70.9 74.3 84.9 102.8 77.2 72.6 97.8 99.4 79.2 90.8 77.0 March 22. __ 81.6 72.3 75.6 85.1 103.3 78.2 72.5 97.8 99.5 80.0 90.9 77.5 March 29. __ 82.0 73.2 76.4 85.4 103.5 79.2 72.6 97.9 99.7 80.6 91.2 77.8 1940 1941 1940 1941 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 72.8 67.7 67.0 67.6 64.5 Agricultural implements 93.4 92.6 92.6 92.7 92.8 Livestock and poultry 65.6 69.9 72.7 83.0 82.4 Farm machinery 94.6 93.8 93.9 94.0 94.0 Other farm products 66.8 68.1 65.3 64.2 Iron and steel 96.3 95.3 95.4 95.7 95.5 Foods: Motor vehicles 94.7 100.3 100.3 100.3 99.8 Dairy products 80.0 82.3 84.2 80.2 79.7 Nonferrous metals.. 79.2 83.9 83.4 83.6 84.0 Cereal products 82.4 74.8 74.3 74.8 73.8 Plumbing and heating 79.1 80.5 80.5 80.5 82.2 Fruits and vegetables 58.7 60.4 61.2 59.6 59.4 Building Materials: Meats 68.4 76.2 77.0 83.2 83.6 Brick and tile 91.2 90.2 91.1 91.3 91.4 Other foods 66.3 65.4 67.0 64.5 64.2 Cement 91.4 90.8 90.9 90.8 90.8 Hides and Leather Products: Lumber i - 97.7 117.5 118.8 118.4 117.2 Shoes 108.2 107.1 107.2 107. 4 107.4 Paint and paint materials 86.8 85.7 85.4 86.7 86.6 Hides and skins 97.0 101.2 99.3 99.1 94.8 Plumbing and heating 79.1 80.5 80.5 80.5 82.2 Leather 94.2 93.2 94.1 94.4 94.5 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 100.0 99.7 99.7 99.7 99.7 Other building materials 92.9 94.2 94.5 94.9 94.9 Textile Products: Chemicals and Allied Products: Clothing 84.9 85.7 85.5 87.2 Chemicals 85.3 85.1 85.4 85.6 85.7 Cotton goods 73.6 73.6 74.9 75.8 77.5 Drugs and Pharmaceuticals 81.3 95.9 96.2 96.5 96.9 Hosiery and underwear 64.5 61.5 60.7 59.9 60.3 Fertilizer materials 71.0 69.9 70.0 70.7 70.4 Silk 51.6 42.8 42.5 42.5 43.3 Mixed fertilizers 74.2 74.2 74.3 75.2 73.8 Rayon 29.5 29.5 29.5 29.5 29.5 Oils and fats 51.0 42.3 42.4 46.2 46.8 Woolen and worsted goods 87.2 88.8 89.0 89.2 91.2 Housefurnishing Goods: Other textile products 76.8 73.7 74.6 74.8 76.8 Furnishings 94.2 95.0 95.1 95.2 95.3 Fuel and Lighting Materials: Furniture 81.5 81.8 82.2 82.6 82.6 Anthracite 79.2 80.7 81.1 81.1 Miscellaneous: Bituminous coal 98.2 100.4 100.4 100.4 100.3 Auto tires and tubes 55.6 58.6 58.3 58.2 58.2 Coke 109.7 112.6 113.6 113.8 113.8 Cattle feed...' 93.7 92.1 90.1 89.1 81.2 Electricity 78.2 73.3 Paper and pulp 89.5 93.1 93.1 93.1 93.3 Gas 81.6 80.5 78.2 77.5 Rubber, crude 38.7 42.9 42.7 41.0 42.2 Petroleum products 50.9 49.3 49.5 50.0 50.0 Other miscellaneous 82.8 82.8 82.8 i 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). 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Revised Edition of Chart Book * Chart 1941 Chart 1940 book book Fe 1 b 9 . Fe 2 b 6 . Ma 5 r. Ma 1 r 2 . Ma 1 r 9 . page Dec. Jan. Feb WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Rese IT rv . e S B . G an o k v ' c t r . e s d e i c t, u t r o it t i a e l s . , 3 2.24 2.22 2.24 2.24 2.26 Reserve Bank credit, total 2, 7 2.31 2.27 2.25 T G r o e l a d s s u b t r y o y A W c m k f c i t u a e th t r r u r i e n 5 r n i t y 5 c i r y e y s s r , s t otal. _ 5 5 3 5 3 2 2 1 1 3 2 . . . . . 1 0 1 1 1 8 5 4 0 4 2 2 3 2 1 1 . . . . . 0 1 1 1 1 5 4 0 8 8 2 2 3 2 1 1 . . . . . 1 1 1 0 2 8 4 0 5 4 2 2 3 2 1 1 . . . . . 1 1 0 1 3 8 1 5 4 2 2 2 3 1 2 . . . . . 2 1 9 1 3 1 0 8 8 4 T G M r o o e l n a d U B s e s i . u y l t r l S o s y i c n . d k c G c i a s i o s r c h v c o u ' u t. l n a s t t e e io c d u n . . r ities 7 2 2 7 2 2 8 1 2 2 . . . . 6 1 2 8 9 9 0 9 2 8 2 2 2 . . . . 5 1 1 0 9 9 8 6 2 2 8 2 2 ( . . . . 7 6 1 1 2 ) 8 8 4 1 T M r o e n as e u y ry in c c a i s r h c u h l o at l i d o i n n gs 3, 1 3 1 8 2 . . 6 2 9 2 8 2 . . 7 2 3 0 8 2 . . 8 1 1 9 8 2 . . 8 2 1 0 8 2 . . 8 2 3 1 T R r e e s a e s rv u e ry b a d l e a p n o c s e i s ts __ 2, 8 2 14 . .0 3 5 4 14. . 3 2 4 6 14 . . 5 0 5 0 T N r o e n a m su e r m y b d e e r p o d s e i p ts o sits _ 3 3 1. . 7 4 9 8 1. . 7 3 5 7 1. . 7 3 7 9 1. . 7 4 5 2 1 . .7 9 2 1 R Ex e c q e u s i s r e r d e s r e e r s v e e r s v es 8 8 7 6 . .6 4 5 0 7 6. . 8 5 3 1 7 6 . . 5 4 7 2 M Ex e c m e N s b s e e w r r e b s Y e a o r n v r k k e s r C — es i e t t o r y v t . a e .. l s e 9 3 9 1 6 3 4 . . . 4 1 0 5 8 2 1 3 6 4 . . . 2 5 1 8 2 7 P 1 6 3 4 . . . 3 1 5 1 4 3 P 1 6 3 4 . . . 3 2 5 5 1 5 13.74 Mon B C e o y il i l n s in s o a c f n i $ r d c 5 u 0 b l i a a ll n t s i d o u n n o , v d t e e o r r t $ a 5 l 0 .. . . . 1 1 1 0 0 0 8 2 6 . . . 7 2 4 3 5 9 8 2 6 . . . 5 0 5 9 9 0 8 6 2 . . . 7 2 5 8 4 4 Chicago 9 .34 .33 .29 .26 Reserve city banks 9 1.99 1.99 1.97 2.00 TREASURY FINANCE Country banks • 9 .93 .92 P. 95 P. 94 U. S. Government debt: 44.46 45.32 45.54 Tota L B l, o M a a l 1 E a n 0 M n s 1 c B a c e E n i s t d R i d e i u s B n : e A v t e N o s K t S ments 16 26.38 26.45 26.67 26.74 26.84 Dire B N B S c p t i o o l e n l t o c s e d b i s s a l i l g i a s t s i u o e n s s , total.. 1 1 1 1 1 9 9 9 9 9 3 6 1 5 5 1 . . . . . 1 3 9 3 6 8 1 2 7 0 3 6 1 1 5 5 . . . . . 8 3 4 9 7 1 1 3 1 8 3 6 5 5 1 1 . . . . . 3 8 5 9 8 1 1 3 1 8 domestic banks 16 9.15 9.25 9.32 9.35 Guaranteed obligations... 19 Adjusted demand deposits 16 23.16 23.43 23.36 23.49 23.19 MONEY RATES, ETC. Per cent per annum Time deposits 16 5.47 5.45 5.47 5.46 5.45 New York City: F. R. Bank discount 100 c B U C it r . o i e o m S s k . m o e G r u e s t o r ' s c v i l i d o ' a t e a . l n o N l s o b e a l w i n g s a Y ti o o r n k s : 1 1 1 7 7 7 2 6. . . 2 0 2 0 0 8 6 1 . . . 1 9 3 5 9 3 2 6. . . 1 0 3 7 2 5 2 6. . . 2 0 3 2 8 5 2 6 . . . 0 2 3 7 5 4 T T T r r r r e e e a a a a te s s s , u u u r r r N y y y . b b n Y i o o l t n l e s d s s ( 3 n 4 e w issues)2.. 2 2 2 2 3 9 3 3 1 1 . . . 8 0 3 9 0 5 ( 1 1 n 9 0 4 9 0 3 0 2 1 . . . .0 3 1 5 0 4 0 5 U C . o m S. m G e o rc v i ' a t. l o lo b a li n g s a tions 1 1 7 7 6 3 . . 9 2 9 2 6 3 . . 9 2 5 4 3 7. . 0 2 6 7 3 7. . 0 3 7 0 3 7 . . 3 0 4 9 C C C o o o m r r p p m o o r r e a a r t t c e e i a A B l a a p a a a p b b e o o r n n d d s s 25, 2 2 2 9 5 9 4 2 . . . 5 4 7 6 5 1 4 2'. 5 3 7 6 8 5 2 4 . . . 5 7 4 6 8 2 MONEY RATES, ETC. Per cent per annum In unit indicated Stock prices (1926=100) :' Treasury bills (new issues)2 21 .043 .120 .117 .065 Total 31 80 81 76 Treasury notes 3 21 .58 .48 .52 .50 .49 Industrial _ 31 94 94 Treasury bonds * 21, 29 2.12 2.06 2.05 2.00 1.99 Railroad _. 31 26 28 Corporate Aaa bonds 29 2.79 2.79 2.78 2.78 2.78 Public utility 31 78 78 75 Corporate Baa bonds 29 4.46 4.44 4.41 4.39 4.36 Volume of trading (mill. shares): 31 .81 .56 .44 Brokers'balances(mill. dollars): Credit extended customers 33 677 661 634 In unit indicated Money borrowed. 33 427 399 375 Customers' free credit Stock prices (1926=100): balances _ 33 281 275 267 Total 31 73 76 75 77 Industrial 31 85 88 87 89 BUSINESS CONDITIONS Railroad 31 25 26 26 27 Wholesale prices: Public utility 31 73 74 74 75 All commodities (1926=100): Volume of trading (mill, Total 35, 65 80.0 80.8 80.6 shares) 31 .36 .36 .47 Farm products 35 69.7 71.6 70.3 Other5 35 84.1 84.3 84.4 BUSINESS CONDITIONS Industrial commodities Wholesale prices: (Aug. 1939=100): All commodities (1926= 100): Total** •_ 37 104.9 105.1 105.2 Total 35 80.4 80.5 80.6 80.9 81.6 Finished 37 102.9 103.1 103.3 Farm products 35 70.2 70.4 70.5 70.9 72.3 Raw and semifinished 37 109.3 109.4 109.4 Others 35 84.5 84.7 84.8 84.9 85.1 Cost of living (1935-39=100): Basic commodities All items 39 100.7 100.7 100.8 (Aug. 1939=100), total 36 122.2 123.2 124.9 128.5 132.2 Rent 39 104.9 105.0 105.1 12 foodstuffs 36 118.9 119.5 121.7 126.1 130.9 Clothing 39 101.6 100.2 99.9 16 industrial Food 39 97.3 97.8 97.9 materials 36 124.6 125.9 127.2 130.2 133.1 Steel production Au (p to e m r c o e b n il t e o p f r c o a d p u a c c t i i t o y n ) _. 44 94.6 96.4 97.5 98.8 • r E R s e t v im is a e t d e . d, P Preliminary. * Negligible or negative. (thous. cars) 44 127.7 126.6 125.9 131.4 123.8 1 Figures for other than Wednesday dates are shown under the Freight-car loadings (thous. cars): Wednesday included in the weekly period. Total 45 678.5 756.7 741.9 758.7 768.5 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. Miscellaneous 45 288.7 325.3 318.0 327.6 327.4 3 Tax-exempt issues only. Electric power production 4 Partially tax-exempt issues only. De (m pa il r l t , m k e w n . t h s r t s o .) r e sales 46 2.820 2,826 2,835 2,818 2,809 6 5 N O e th w e r s e t r h i a e n s. fa B rm ac k p r f o ig d u u r c e t s s a a re n d s h f o o w od n s . on p. 311 of this BULLETIN. (1935-39=100)6 46 101 97 105 111 7 Less than $5,000,000. F.H.A. home mortgages, * Current figures are for the revised edition of the Chart Book new constr. (thous.) 47 4.83 4.54 5.29 5.25 5.59 announced on page 212 of the March 1941 BULLETIN. Copies of this chart book can be obtained at a price of 50 cents each. ** Figures for the following months in 1940 were incorrectly plotted in chart book: October, 104.0; November, 104.6; December, 104.9. APRIL 1941 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statistics for Federal Reserve Chart Book—Current Series—Continued Revised Edition of Chart Book * 1940 1941 1940 1941 Chart Chart book book page Dec. Jan. Feb. page Dee. Jan Feb. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926=100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production,-i 2 Wholesale prices: Total (1935-39=100) 41,42 138 139 P141 Canada 65 84.2 84.6 85.2 Durable manufactures 41 ••62.4 r64.7 P65.1 Germany 65 82.5 82.9 83.0 Iron and steel 42 19.9 19.1 P18.4 Japan 65 131. 8 132.2 133.9 Machinery, etc. _. 42 27.5 *-29.8 P30.8 Sweden 65 126.3 128.7 Other durable 42 •"15.0 15.8 P15.9 Switzerland 65 113 8 Nondurable manufactures 41 57.9 "56.7 P57. 6 United Kingdom 65 119.9 120. 6 121.0 T Pa ex p t e i r l e a s n a d nd p r l i e n a t t i h ng er 4 4 2 2 1 1 8 1 . . 1 3 1 1 7 1 . . 4 2 P P1 ll 7 . . l 5 In cents per unit of Foods, liquors, and tobacco._ 42 16.4 15.9 P16.3 Foreign exchange rates: foreign currency Mine O r t a h ls e r nondurable 41, 4 4 2 2 1 1 2 8 . . 1 0 1 1 7 2 . . 9 2 P P 1 1 2 8 . .0 5 A Ca rg n e a n d t a i n ( a d o ( l p l e a s r o ) )_ 6 6 7 7 8 2 6 9 . . 5 7 6 7 8 2 3 9 . . 6 7 9 7 New orders, shipments, and Japan (yen) 66 23.44 23.44 23.44 in N ve e n w t o o ri r e d s e r ( s J , a t n o . ta 1 l 9 39=100): _ 43 172 176 P189 S U w ni i t tz ed e rl K an in d g d (f o ra m n c ( ) pound) 6 6 7 6 40 2 3 3 . . 2 5 0 0 40 2 3 3 . . 2 4 2 2 40 2 2 3 . . 2 9 2 7 Durable, total 43 252 246 P281 Iron and steel 43 216 256 *>294 Machinery 43 276 244 1940 Shipments, total . _ 43 152 148 Inve D nt u o r r a i b e l s e , - total 4 4 3 3 1 11 8 9 4 1 12 7 1 5 P121 Oct. Nov. Dec. Durable 43 128 130 P131 Nondurable 43 110 111 Pill In billions of dollars 1923-25=100 Increase in U. S. gold stock :* Total 63 14. 48 14. 78 14. 97 Net capital inflow: F A F a a v c c e t t r o o a r r g y y e e p h m a o y u p r r l o l o y l y l s m ea e r n n t i ngs ...I. 5 5 1 1 , , 5 5 3 3 1 1 1 2 6 2 . . 2 4 1 12 1 0 5 . . 7 5 P P 1 1 1 2 7 6 . . 4 7 To I R n ta e fl t l o u .. w rn o o f f f d or o e m ig e n s t c ic a p c i a ta p l i tal._ 62, 6 6 6 2 2 3 4 6 1 . . . 2 2 9 0 1 1 6 4 1 . . . 2 9 2 7 1 6 6 4 1 . . . 2 9 2 4 1 2 Av ( e c r e a n g ts e p h e o r u h rs o u w r) o rked 51 68.3 68.9 M Ot e h r e c r h f a a n c d to is r e s export surplus 6 6 3 3 4 4 . . 1 0 9 9 4 4 . . 3 2 0 1 4 4 . . 3 3 6 7 (hours per week) 51 39.8 39.0 Short-term foreign assets and liabili- Freight-car loadings ;i 2 ties of banks: T M C o o i t a s a l c l e llaneous. _ _ _ __ 5 5 5 7 7 7 8 4 1 3 6 5 . . . 5 4 6 8 4 1 6 8 5 . . . 0 4 8 8 4 1 6 9 5 . . . 4 6 8 L N Fo i e a r t b e f i i o l g i r n t e i i e a g s s n s t e o l t i s a f o b r i e li i t g i n es e rs 6 6 6 4 4 4 3 3 . . . 7 3 3 4 9 5 3 3 . . . 8 4 4 2 3 0 3 3 . . . 7 3 3 8 8 9 Allother 57 21.6 21.8 21.0 Department store sales L_ 59 101 101 103 Department store stocks * 59 71 71 73 Apr.- July- Oct.- June Sept. Dec. In millions of dollars Residential contracts awarded :i QUARTERLY FIGURES5 In billions of dollars Total 47 186 157 154 Public 47 71 12 23 Cash income and outgo of U.S.Treas.: Private, total 47 115 145 132 Cash income 18 1.73 1.93 1.90 1- and 2-family dwellings __ 47 117 107 Cash outgo 18 2.37 2.51 3.18 Other ;;.._ 47 28 24 Excess of cash outgo 18 .64 .58 1.29 Construction contracts awarded.-3 Domestic corporation security issues, Total 49 473 421 '384 total 32 .53 .58 1.04 Residential __ 49 166 155 146 New 32 .15 .18 .28 Other 49 307 265 Refunding 32 .38 .40 .77 Nonagricultural employment (mill, persons): Total 50 »-37. 31 36.32 P36. 58 Per cent per annum Manufacturing and mining ___ 50 11.41 11.35 Pll.53 T G r o a v d e e r nment 5 5 0 0 6 3 . . 8 9 8 3 3 6 . . 8 1 9 7 P P6 3 . .9 1 2 7 Bank T o r t a a t l e , s 1 o 9 n c c it u ie st s o . mers' loans: 25 2.59 2.68 2.59 Transportation and public utili- New York City.: 27 200 2.14 2.00 Incom Co e ti n e p s s t a r y u m ct e i n on ts :1 5 5 0 0 1 3 . . 7 0 2 4 3 1 . . 0 6 1 2 P P3 I. . 6 0 6 2 7 1 1 o c t i S h ti o e e u r s t N he o r r n t h a e n r d n W an es d t e E rn a s c t i e t r i n es __ 2 2 7 7 2 3 4 3 9 8 2 3 . 4 5 3 6 2 3 . . 5 3 3 6 Total 54 r6, 552 6,606 P6, 620 Cash S O a f t a l h a r e r m r i e s i n a c n o d m w e: ages 5 5 4 4 r • 2 •4 , , 3 2 2 2 5 7 4 2, , 3 2 4 6 4 2 P P 4 2 , , 3 3 0 1 1 9 p 1 A Pr d e ju li s m te i d n a f r o y r . seas r o n R a e l v v is a e ri d a . tion. Total 55 842 754 P629 2 In points in total index. Crops 55 347 231 P174 3 Three months moving average, adjusted for seasonal variation. Livestock and products 55 425 436 4 Cumulated from January 31, 1934 Gov't payments 55 70 87 & Banking statistics for call report dates and figures on ownership 0. Exports and imports: U. S. Government obligations are shown in table on the following page Exports 61 322 325 * Current figures are for the revised edition of the Chart Book an- Imports 61 253 229 nounced on page 212 of the March 1941 BULLETIN. Copies of this Chart Excess of exports 61 97 Book can be obtained at a price of 50 cents each. 356 FEDERAL RESERVE BULLETIN 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] 1938 1939 1940 Chart Book Page Mar. June Sept. Dec. Mar. June Oct. Dec. Mar. June Dec. 7 30 28 31 29 30 2 30 26 29 31 ALL BANKS IN THE U. S. Total deposits and currency 12 56.78 56.74 57.65 59.12 59.11 60.95 62.87 64.10 64.88 66.96 ?70. 88 Demand deposits adjusted. _ . __ 12 24.13 24.39 25.10 26.01 26.04 27. 35 29.09 29.79 30.54 31.96 *>35.03 Time deposits 12 26 34 26 27 26 27 26 38 26.56 26.80 26.81 27.06 27.28 27.47 P27. 82 Currency outside banks 12 5.50 5.47 5.50 5.83 5.63 6.01 6.19 6.40 6.23 6.70 P7.S0 Loans and investments, total 13 48 24 47 30 48 24 48 87 48 93 49.62 49.95 50.88 51.14 51.34 Loans 13 21.71 21.05 21.04 21.30 21.15 21.32 21.63 22.17 22.19 22.34 Investments 13 26.54 26.24 27.21 27.57 27.78 28.30 28.32 28.71 28.95 29.00 MEMBER BANKS Investments, total2 _ _ _ . 17.98 17.78 18.69 18.86 19.05 19.46 19.61 19.98 20.22 20.48 21.81 U. S. Government obligations: Direct . _ _ 14 10.63 10.22 10.71 10.88 10.69 10.95 10.89 11.18 11.31 11.60 12.34 Guaranteed ... 14 1.83 2.13 2.30 2.34 2.66 2.83 2.92 3.14 3.11 3.12 3.49 State and local government obligations 14 2.19 2.14 2.30 2.45 2.56 2.55 2.76 2.69 2.91 2.89 3.01 Other domestic securities. _ _ ._ 14 3.15 3.13 3.19 3.01 2.96 2.94 (3) 2.77 (3) 2.70 2.80 Loan F s o , re to ig t n a l2 s ec _ u ._ ri ti _ e s _ _ _ ___ 14 13.5 1 5 8 12.9 1 4 8 12 . . 9 1 4 8 13.2 1 1 8 13 . . 1 0 8 5 13 . . 1 1 9 4 13. ( 4 3) 7 13 . . 1 9 9 6 13. ( 9 3 4 ) 13 . . 1 9 7 7 15 . . 1 3 7 2 Commercial loans (incl. open-market paper) 15 7.45 7.01 6.97 4 5. 89 5.96 5.99 83 6.57 (3) 6.72 7.52 Street loans (Brokers' loans) 15 .68 .53 .53 4 .79 .67 .56 () .61 (3) .32 .47 0ther loans on securities5. 15 2.87 2.79 2.77 4.96 .90 .91 .88 (3) .80 .83 Real estate loans 15 2 56 2 61 2 66 2 72 2.75 2.83 (3) 2.96 (3) 3.07 3.23 All other loans 2 6 2.85 2.77 2.85 (3) 2.94 (3) 3.06 3.27 HOLDINGS OF U. S. GOVERNMENT OBLIGATIONS DIRECT AND GUARANTEED 3 Total outstanding 2 7 41 43 43 89 45 34 47.07 47.87 50.36 U. S. Government agencies and trust funds: Public issues 20 2 12 2 20 2 14 2.34 2.33 2.27 Special issues 20 2 68 3 16 3.77 4.23 4.78 5.37 Federal Reserve Banks 20 2 56 2 56 2.55 2.48 2.47 2.18 Commercial banks 20 r14 00 15 04 15.67 16.27 16.52 Mutual savings banks 20 2.71 2 91 3.07 3.13 3.14 Insurance companies 20 5 20 8 5.50 5.80 8 6.10 6.10 8 6. 50 Other investors 20 12.10 812 50 12.30 812. 50 12.50 p Preliminary. r Revised. 1 Includes also semi-annual figures on ownership of U. S. Government obligations. 2 Series not shown in Chart Book. 3 Figures available for June and December dates only. 4 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. 5 Includes since December 31, 1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes are included in commercial loans and in all other loans. 6 Includes loans to banks and other loans under new classification beginning December 31, 1938. 7 Total direct and guaranteed obligations outstanding, as shown for page 19 of chart book. 8 Partly estimated. APRIL 1941 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE SALES BY DEPARTMENTS Sales in the more important departments of department stores are shown in the table below in terms of percentage changes from the corresponding period of the previous year. Similar data are published in a statement released near the end of each month and hereafter will be shown regularly in the BULLETIN. This report for January is based on sales of 229 of the larger independent department stores representing most sections of the country. None of the national chain department stores and only a few of the smaller independent stores report a breakdown of sales by departments and, consequently, the departmental comparisons are for a less comprehensive sample of the department store business than is included in the Federal Reserve statistics on total sales shown on the lower half of this page. DEPARTMENT STORE SALES BY DEPARTMENTS Percentage change from corresponding period of preceding year [Based on reports from 229 stores*] Department Feb 19 ru 41 ary m T o 19 w n 4 t o 1 hs Department Feb 19 r 4 u 1 ary m T o 19 w n 4 t o 1 hs GRAND TOTAL NET SALES—entire store.. +9* +9* Men's and boys' wear—total (contd.) MAIN STORE ONLY—total +9 +9 Basement2 +5 +3 BASEMENT STORE—total +7 +7 Homefurnishings—total +15 +15 W c o e m ss e o n ri ' e s s , — gi t r o l t s a ' l , and infants' apparel and ac- +7 +6 Main F s u to rn re i t ! ure, beds, mattresses, springs... +14 +14 +14 +15 Main store i +7 +6 Domestic floor coverings +20 +23 Women's and misses' coats and suits. _ + 5 + 8 Draperies, curtains, upholstery +11 +13 Women's and misses' dresses + 6 + 5 Major appliances (refrigerators, wash- Blouses, skirts, sportswear, sweaters, ers, stoves, etc.) +10 +11 knit apparel +10 + 6 Domestics, blankets, comforters, lin- Juniors' and girls' wear + 5 + 7 ens, towels +18 +17 Aprons, housedresses, uniforms.. _ + 9 + 8 Basement (including domestics, blankets, Women's underwear, slips, negligees.. + 7 + 3 linens, towels)2 +16 +17 Infants' wear +11 +10 Women's and children's shoes + 5 + 6 Piece goods (dress and coat yard goods, all Furs +24 +18 materials) -7 4 Basement2 +6 +7 Main store -7 -5 Basement ~4 +1 Men's and boys' wear—total +7 +5 Main store * +8 +5 Shoes (basement only) +7 +6 Men's clothing +11 +10 Men's furnishings, hats, caps + 6 + 2 Boys' clothing and furnishing + 5 + 4 * Reports of total sales from a larger number of stores, shown in the following table which includes stores not reporting sales by departments, showed an increase of 11 per cent for February and 10 per cent for the first two months of 1941. 1 Group totals for main store include sales in departments not shown separately. 2 Group totals for basement are not strictly comparable with those shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. DEPARTMENT STORE SALES Percentage change from corresponding period of preceding year J 1 a 9 n 4 . 1 F 19 e 4 b 1 . m T 19 w o 4 s o 1 . J 1 a 9 n 4 . 1 F 19 e 4 b 1 . Two J 1 a 9 n 4 . 1 F 1 e 94 b 1 . m T 19 w o 4 s o 1 . United States total + +11 +10 Richmond District (contd.) St. Louis District (contd.) Boston District +18 +10 Winston-Salem, N. C. +11 +12 +11 Springfield, Mo +50 +63 +57 New Haven, Conn + 7 +11 + 9 Charleston, S. C +30 +28 +29 Memphis, Tenn +23 +13 +18 New P B P S r p Y o o o r o r s i v t r t n l o k i a g d n n f e , D i d n e M i , l s c d t e M r a , , i s c M a s R t i . n a e s I s + + + 4 5 6 0 0 + + + + + 1 1 1 2 1 7 5 9 1 0 + + + + + 1 1 2 2 7 8 8 N H L R C y o i h u c n r a n h f r c t o m l i h e l n k b s o g , t u n o t r V d o n g , n , a , , V W V W a a . . V V a a . . .. .. + + + + + 1 1 5 1 0 2 1 6 8 + + + + + 4 1 1 4 6 5 6 9 + + + + + 4 1 1 1 8 3 3 3 7 M Ka in n n s H T D a ea o s u e p p n t o c e v C l h k i e i s i t a r n y , , s C D K D o o n i i a s s , l n t t o r r s K i i c c t a t ns + + + + + 13 9 2 5 8 + + + + + 1 1 1 4 6 0 3 8 + + + + + 1 1 3 4 0 7 9 Bridgeport, Conn +12 +19 +15 Atlanta District +14 +10 +12 Wichita, Kans +12 + 7 + 9 Newark, N. J + 4 +13 + 8 Birmingham, Ala +19 + 5 +13 Kansas City, Mo +14 + 7 +10 Albany, N. Y + 2 +12 + 7 Montgomery, Ala + 6 + 5 + 5 St. Joseph, Mo +12 _____ B N B E u l i i m n a ff g g i a a r h l a r o a a , , m N F N to a . . l n Y Y l , s . , _ N N . . Y Y... + + + - 1 2 6 2 2 5 + + + + 1 4 2 5 2 0 4 + + + + 1 1 3 2 5 1 1 J T A M a a t c a l m k c a s o n p o n t a n a , , , v G F i G l a l l a a e, Fla + + + + 2 2 1 2 4 0 6 5 + + + + 2 2 1 2 3 4 7 + + + + 2 2 1 1 3 4 7 1 T O O u k m l l s a a a h h , a o , O m N k a l e a C b i r ty, Okla. + + + 2 2 0 9 5 + + 11 7 + + + 1 1 7 5 S N P R y o o e l r u y w c a g h n c , h e Y u s k N s o t e e e . r e , r k Y p , N s N a i . n e . Y , d Y N B . r Y oo ._ k- . + + + 1 3 6 5 0 + + + + 1 1 2 0 8 2 7 + + + + 1 1 1 7 7 5 J N B K C a a h n e c w t a o k o t x s n t o v O a n i n R r l , o l l o e e o M u , a g n g T i a s s e , e , s , n L T L n a a enn... + + + + - 3 1 1 2 4 0 7 1 1 + + + + 1 1 1 1 1 3 1 1 " + + + + 1 1 1 "5 1 5 5 Dalla H S D F s h o o a r r l u D t e l s a v i W t s s e o t , r p n o i T o c , r t e r t T t h x , , e L x T a ex + + + + + 1 1 1 2 1 0 4 1 5 4 + + + + 1 1 5 0 6 2 + + + + 1 1 1 4 3 2 8 P C h le il v a W Y A T L P Y R T E W C C P e C d l h a r i o r e l o k i o a e o i h t e i e n n i l l a n l r r u l t e p l e e v n k c c k u o d s d , a n h d e e t i e , a b n m i d g i o n P l o l n s s D a , u i e P a s n n , b - a t g n r i l n t e B a O , a u , s g p g o O r d D t t a s , h , h N h r w P i , h , r i , i i , i W a c s P o i . r n a O o O t t e O P , a , r J , . h i h a h c P O i V P i t i o o a o h a a io r r r r ' _ + + + + + + + + + + + + + + f - _ 1 1 1 5 6 8 7 8 6 9 5 5 4 6 1 3 1 7 3 + + + + + + + + + + + + + + + + 1 1 1 1 2 1 1 1 1 1 1 1 1 1 n 0 4 4 8 2 5 4 0 2 9 3 1 7 3 7 0 + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 2 1 8 2 3 1 2 2 3 4 1 1 7 5 8 9 7 S C t h . ic L I N P D C S D L F F M L G F Q a o n g i e o l o a i h a e u e u r o d i i t o o n s r a r s i i t l n i t u i s t t c r r w h n l s n a D x t e i M o a i , d v c W n a S a n g i i D y , i C s a R M t u o m o g l , , t R a i p 1 l k i r , , i s o i e y n i 1 i o t M 1 t a e t c c c 1 , r M y 1 e n 1 l h p e t 1 i h k , i s 1 i c T e , , i , s 1 i c , t , d I , c e h A W o A I h s I n I o w , n r n r n i w k k d s a M d a ich _ . + + + + + + + + + + + + + + - + - 2 1 2 1 1 1 1 1 1 3 1 1 4 6 9 6 7 4 2 6 5 5 2 2 8 2 3 6 5 + + + + + + + + + + + + + + + + + 1 1 1 1 1 2 1 1 2 1 1 4 2 5 0 1 7 8 0 3 9 4 4 9 0 9 4 7 + + + + + + + + + + + + + + + + + 2 1 1 1 2 1 2 1 1 1 1 1 n 0 2 4 8 7 3 3 6 8 1 3 2 1 0 4 4 San S P B L L F O S S S B P S S S F a h r o a a a o a e a o a o a r l I e n n n n s c l o a k e n r a i k d t s s r t t y g e e n l A a A n e t J l a D F L , r n a c l a h o o m s r B e n i n a n i i C n o s s f , a a , x e g d k t c i e e e d n a , g n o e C e e W o , a n , l c o l d n l A i c a t d C a e C i f , i O o a D h l s , s r n o i a , s i C c , , i f N i r , d t h l z C s o e i C y a C C t f a T , l a r , a i a a m i B l e f C l c l i U l i x f i i t e p f f a f t r a l a k i , f h e . - . . • ' ' ' + + + + + + + + + + + + + + + 1 2 2 1 1 1 1 1 1 2 2 8 1 5 4 8 8 4 4 9 0 7 o 9 5 1 + + + + + + + + + + + + + 1 1 3 1 1 7 2 3 3 4 4 2 8 9 2 3 0 3 0 2 + + + + + + + + + + + + + + 1 1 3 1 1 1 1 1 5 5 0 8 5 1 0 4 7 2 9 7 1 Richmond District +18 +U +16 Evansyille, Ind +10 + 2 + 6 Spokane, Wash +10 +13 +12 Washington, D. C +21 +15 +18 Louisville, Ky +38 +30 +34 Tacoma, Wash +38 +31 +35 +13 + 16 +14 St. Louis, Mo +12 + 3 + 7 Yakima, Wash r+ 9 + 9 Baltimore, Md r Revised. FEDERAL RESERVE BULLETIN 358 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPOSITS OF MEMBER BANKS IN LARGER CENTERS IN 1940 Population over 15,000 based on 1940 census [Averages of daily figures in millions of dollars] Gross demand Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Federal Reserve district: Boston . . 2,005 1,993 2,007 2,035 2,056 2,100 2,158 2,187 2,231 2,309 2,314 2,303 New York* 1,340 1,353 1,371 1,320 1,383 1,394 1,347 1,364 1,410 1,446 1,482 1 473 Philadelphia . ... 1,833 1,818 1,815 1,870 1,912 1,888 1,893 1,887 1,906 1,952 1,980 2,005 Cleveland 2,177 2,166 2,184 2,206 2,238 2,265 2,285 2,287 2,366 2,412 2,484 2,518 Richmond 1,209 1,218 1, 233 1,251 1,261 1,272 1,277 1,273 1,316 1,377 1,412 1 427 Atlanta „. 1,197 1,211 1,234 1,259 1,263 1,253 1,223 1,202 1,216 1,255 1,299 1 333 Chicago* 1,963 1,966 1,992 2,004 2,034 2,059 2,067 2,073 2,114 2,182 2,227 2,263 St. Louis ... . 1,075 1,074 1,061 1,060 1,058 1,058 1,071 1,064 1,077 1,116 1,161 1,171 Minneapolis 583 577 584 573 575 600 603 604 623 632 657 659 Kansas City 1,208 1,213 1,217 1,177 1,214 1,192 1,226 1,228 1,245 1,263 1,275 1 283 Dallas 1,034 1,045 1,043 1,038 1,045 1,041 1,034 1,018 1,040 1,079 1,119 1,122 San Francisco 2, 505 2,506 2,475 2,557 2,599 2,625 2,636 2,673 2,721 2,818 2,904 2,913 Total*.. _ 18,129 18,138 18, 216 18, 351 18, 638 18, 745 18, 819 18,858 19, 265 19,840 20,313 20,470 Time Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Federal Reserve district: Boston _ __ __ 523 524 528 528 528 526 527 528 528 527 524 519 New York* 1,071 1,076 1,085 1,089 1,090 1,090 1,090 1,094 1,095 1,096 1 093 1 085 Philadelphia _ 656 652 654 655 653 649 648 648 648 648 644 640 Cleveland 1,096 1,107 1,115 1,115 1,115 1,113 1,113 1,120 1,119 1,120 1 119 1 115 Richmond 384 391 394 397 398 398 402 406 407 409 409 403 Atlanta . ... 332 334 338 340 341 342 342 341 340 340 341 340 Chicago* 1,034 1,042 1,051 1,059 1,064 1,064 1,065 1,068 1,072 1,083 1,098 1 113 St. Louis _.-. - 307 308 307 304 301 304 304 305 305 306 307 305 Minneapolis 201 201 201 200 199 198 198 198 198 199 201 201 Kansas City 208 208 208 208 208 208 208 208 209 209 209 209 Dallas . 189 189 190 189 190 190 190 189 188 188 188 191 San Francisco 2,161 2,156 2,168 2,170 2,189 2,190 2,189 2,179 2,184 2,191 2,219 2,245 Total* 8,162 8,187 8,238 8,254 8,275 8,272 8,277 8,286 8,294 8,314 8,352 8,368 * Excluding central reserve city banks. DEPOSITS OF MEMBER BANKS IN SMALLER CENTERS IN 1940 Population under 15,000 based on 1940 census [Averages of daily figures in millions of dollars] Gross demand Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Federal Reserve district: Boston _ _ 120 119 116 118 119 120 125 131 137 138 137 134 New York ___ 281 285 281 279 282 283 290 300 302 304 310 302 Philadelphia 242 241 241 241 241 243 247 254 262 269 268 266 Cleveland __ 247 248 252 254 253 255 256 258 267 269 268 277 Richmond 175 174 177 178 177 176 175 178 187 199 205 207 Atlanta 134 138 137 140 136 135 128 129 131 134 139 146 Chicago 333 341 344 347 347 349 350 360 363 368 374 380 St. Louis . ._ 229 227 226 227 229 227 227 227 233 242 248 250 Minneapolis 160 162 161 160 160 161 160 160 168 173 179 177 Kansas City 322 322 324 320 317 313 318 322 329 330 340 344 Dallas 306 311 307 303 302 302 298 298 307 330 351 352 San Francisco 114 112 111 112 112 114 115 116 121 124 127 128 Total .- . . 2,664 2,678 2,678 2,678 2,675 2,678 2,691 2,728 2,807 2,880 2,943 2,962 Time Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Federal Reserve district: Boston 119 119 120 120 120 119 119 120 121 122 120 119 New York 472 473 473 475 475 474 475 478 481 484 485 482 Philadelphia - 452 454 456 456 457 457 457 457 458 458 457 453 Cleveland,. 319 322 324 325 326 326 328 329 329 329 332 331 Richmond 182 183 185 187 187 188 188 188 189 190 192 191 Atlanta _ . _.__.- 76 78 77 78 78 79 78 79 80 80 80 80 Chicago 294 297 299 307 303 306 310 314 317 320 324 327 St. Louis 115 116 116 116 116 116 116 117 117 118 118 118 Minneapolis .. _. 166 167 167 168 169 169 168 168 168 168 168 169 Kansas City 108 108 109 109 109 109 110 110 110 110 110 110 Dallas 44 45 45 43 45 45 45 45 45 45 45 46 San Francisco 91 92 91 92 92 93 94 95 96 97 97 97 Total 2,439 2,455 2,463 2,470 2,477 2,480 2,489 2,500 2,511 2,520 2,530 2,523 APRIL 1941 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERSONAL AND RETAIL INSTALLMENT PAPER HELD BY ALL INSURED COMMERCIAL BANKS, DECEMBER 31,1940 [Amounts in thousands of dollars] Number of insured Personal and retail installment paper commercial banks Total "customer C ge la o s g s r e a s p o h f i c b a d n iv ks is i a o n n d s R s s s r o o t e e a m n t p l a a l o e m i l l r p t a e i i e n n n n r d - g t - R s s r o t n e e a n t o p l a a l o i m l p l r e t a e i i r n n n n - d - g t s r e e e x c a l c u l o a e r a n p e i n d t t s i s t e " a o s t n e 2 Total R p e u t P r a c a il h p a i e n s r s e t d allme D n lo t i a r p e n a c s p t er T l F o i H t a l n e A s I in P s e l t c o a r a s a l o s l n m h n s a e l nt " ( c R p lo u e a a r s t n t i o c o s e m " t n o e t 2 r ) paper paper 1 All insured commercial banks. 11,548 1,867 11,984, 438 1, 468, 602 519, 460 256,888 275,284 416,970 12.3 Member banks—Total 5,763 722 10, 298, 859 1,109, 901 413, 708 184, 755 227, 688 283, 750 10.8 Central reserve city banks 34 15 3,039, 331 170,962 84,608 1,652 24,736 59,966 5.6 Other reserve city banks__. 317 31 4,005, 768 482, 704 173, 693 95,132 117,008 96, 871 12.1 Country banks 5,412 676 3, 253, 760 456, 235 155,407 87, 971 85, 944 126, 913 14.0 Insured non-member banks. 5,785 1,145 1, 685,579 358, 701 105, 752 72,133 47, 596 133,220 21.3 New England 461 35 747, 967 67, 939 24, 699 7,488 11, 018 24,734 9.1 Maine 56 3 44, 425 2,844 1,188 532 308 816 6.4 New Hampshire 52 4 21, 898 2,263 563 350 239 1,111 10.3 Vermont 63 10 24,338 2,628 1,084 451 149 944 10.8 Massachusetts 183 9 499,267 43,151 17, 620 4,369 7,338 13,824 8.6 Rhode Island 14 2 58, 781 3,007 926 305 422 1,354 5.1 Connecticut 93 7 99, 258 14, 046 3,318 1,481 2,562 6,685 14.2 Middle Atlantic 1,662 460 4,260, 001 397, 487 137, 083 24,136 155,985 9.3 New York 623 96 3, 042, 526 257, 602 87,086 9,220 46, 907 114,389 8.5 New Jersey 305 47 294,675 58, 806 18, 582 4,258 19, 634 16, 332 20.0 Pennsylvania 734 317 922, 800 81, 079 31,415 10,658 13, 742 25, 264 East North Central 2,653 290 2, 005, 425 258,206 89,581 63,290 41, 006 64,329 12.9 Ohio 598 76 545,467 68, 565 17, 020 21, 221 7,646 22, 678 12.6 Indiana 399 75 172, 200 29, 750 16, 929 4,165 3,607 5,049 17.3 Illinois 739 81 845, 686 65,106 32,154 6,825 10,604 15, 523 7.7 Michigan 407 13 261, 972 74,286 17,028 26,160 15,611 15, 487 28.4 Wisconsin 510 45 180,100 20,499 6,450 4,919 3,538 5,592 11.4 West North Central 2,667 260 1,214, 491 157,186 58, 820 37, 438 35, 546 25, 382 12.9 Minnesota 624 15 295, 540 56, 328 19, 508 10, 724 20,189 5,907 19.1 Iowa 550 35 206, 989 24,118 10, 490 6,279 3,318 4,031 11.7 Missouri 502 79 380, 940 43, 225 15,198 10,643 8,748 8,636 11.3 North Dakota 143 7 40,810 5,090 2,135 1, 725 420 810 12.5 South Dakota 148 15 42,218 5,162 2,598 1,488 297 779 12.2 Nebraska 301 59 118,006 8,455 2,881 1,852 1,508 2,214 7.2 Kansas 50 129,988 14,808 6,010 4,727 1,066 3,005 11.4 South Atlantic 1,173 307 1, 044, 716 146, 380 49, 487 23,580 21, 847 51, 466 14.0 Delaware 25 17 35,975 3,090 472 187 716 1,715 8.6 Maryland 111 61 112, 934 14,060 3,043 1,950 4,515 4, 552 12.4 District of Columbia 21 1 71, 293 15,163 2,880 3,512 1,999 6,772 21.3 Virginia 270 42 233, 656 36,404 12,105 6,686 5,193 12, 420 15.6 West Virginia 125 48 77, 562 9,016 4,285 1,195 602 2,934 11.6 North Carolina 177 43 149,031 17, 896 3,727 2,606 1,562 10,001 12.0 South Carolina 72 39 55,020 4,646 890 1,227 1,079 1,450 8.4 Georgia 229 35 209, 984 33, 685 17,463 4,542 4,337 7,343 16.0 Florida.... 143 21 99, 261 12, 420 4,622 1,675 1,844 4,279 12.5 East South Central 764 298 520,168 49, 648 15, 314 6,951 11,149 16,234 9.5 Kentucky 210 160 150, 586 11, 823 3,459 2,113 2,203 4,048 7.9 Tennessee 236 52 213,714 22, 433 8,162 2,540 5,453 6,278 10.5 Alabama 168 41 105, 738 10, 506 2,650 1,739 2,328 3,789 9.9 Mississippi 150 45 50,130 4,886 1,043 559 1,165 2,119 9.7 West South Central 1,352 157 856, 597 86, 316 27, 830 25, 230 25, 033 10.1 Arkansas 171 36 51, 989 6,992 3,690 1,135 804 1,363 13.4 Louisiana 122 20 145,917 12, 919 4,567 1,185 2,647 4,520 8.9 Oklahoma 362 18 144,236 17, 864 6,527 5,156 1,157 5,024 12.4 Texas 697 514,455 48, 541 13, 046 17, 754 3,615 14,126 9.4 Mountain 446 259,214 38,166 13, 347 8,592 6,725 9,502 14.7 Montana 100 38, 052 3,853 1,020 955 556 1,322 10.1 Idaho 47 27,848 4,934 2,463 1,064 733 674 17.7 Wyoming 53 21,164 2,833 1,045 882 242 664 13.4 Colorado 134 79, 863 8,554 3,378 2,182 1,329 1,665 10.7 New Mexico 35 16, 933 2,688 1,063 398 331 896 15.9 Arizona 9 27, 223 6,735 1,507 1,013 1,722 2, 493 24.7 Utah 58 40, 524 5, 909 1,630 1,778 1,226 1,275 14.6 Nevada 10 7, 607 2,660 1,241 320 586 513 35.0 Pacific 370 1, 075, 859 267,274 103,299 60,183 59, 487 44, 305 24.8 Washington 126 168, 245 35, 447 12,173 9,715 6,698 6,861 21.1 Oregon 66 86,036 19, 329 6, 593 7,083 3,021 2,632 22.5 California 178 821, 578 212,498 84, 533 43, 385 49, 768 34,812 25.9 1 Exclusive of 23 banks from which reports on "Personal and Retail Installment Paper" were not received. 2 "Customer loans" as used here consist of total loans, less open market paper, real estate loans, loans for. ] and loans to banks. purchasing or carrying securities, 360 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. 362 Gold production 363 Gold movements 363 International capital transactions of the United States. 364-368 Central banks 369-372 Money rates in foreign countries. 373 Commercial banks 374 Foreign exchange rates. 375 Price movements: Wholesale prices 376 Retail food prices and cost of living. 377 Security prices 377 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. APRIL 1941 361 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 U St n a i t t e e s d g t A i e n r n a - - g B iu e m l- Brazil I B n i r s d h i i t a - g B a u ri l 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 D a e r n k - Egypt France Ger- Greece 1936—Dec.. 11,258 501 632 275 188 2,995 27 26 1937—Dec. 12, 760 469 597 274 184 2,564 28 24 1938—Dec. 14, 512 431 581 274 192 2,430 29 27 1939—Dec... 17,644 466 609 274 214 2,709 129 28 1940— Feb.- 18,177 472 274 213 2,709 28 Mar— 18,433 482 274 211 2,000 28 18, 770 2 403 274 212 2,000 28 May.. 19, 209 403 274 35 2,000 28 June.. 19,963 403 4 734 274 28 July... 20,463 403 274 28 Aug._. 20,913 402 274 28 Sept... 21, 244 385 274 28 Oct.... 21,506 369 274 28 Nov... 21,801 353 274 28 Dec... 21,995 353 274 1941—Jan—. 22,116 353 Feb.- 22, 232 353 End of month H a u r n y g- (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 l w an - d 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—. 60 491 75 114 203 5 718 1937— Dec—. 210 261 79 933 120 189 5 525 1938—Dec— 193 164 80 998 133 220 1939—Dec— 144 164 90 692 152 249 1940—Feb... 164 90 692 69 153 268 Mar... 137 164 90 692 153 272 Apr—. 164 100 650 154 279 May.. 164 100 C625 155 298 June.. 164 98 625 155 302 July... 164 103 627 156 305 Aug... 164 103 624 156 308 Sept... 164 109 634 156 314 Oct.... 164 109 629 P91 157 328 Nov... 164 129 621 157 351 Dec... 164 140 617 367 1941—Jan.... 164 152 376 Feb... Government gold reserves ' not included End of month S d w e e n - ze S r w la i n t- d T k u ey r- U K d n o i i n t m g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. t O c r o i t e u h s n e 7 r - E m n o d n t o h f U i S n n t p a i t r t e e e s d vio U u K d s n i o i n f m t i g e g d - ure F s rance g B iu e m l- 1936— Dec—. 240 657 2,584 183 1934—June.. . 21 15 1937—Dec—. 244 650 185 1935—June... (2) 103 1938—Dec—. 321 701 2,690 142 1936—June— 59 103 1939—Dec—. 549 81 149 1937—June— 169 3 934 115 1937—Dec— 4 1, 395 81 1940—Feb.... 218 527 92 1 148 1938—Mar... 1,489 Mar- 173 520 1 150 June— 44 62 Apr.... 179 515 1 155 Sept 759 May.. 189 501 1 156 Oct. . a 103 June .. 199 1 157 Dec— 80 331 44 July... 173 1 W90 158 1939—Mar... 154 1,732 559 Aug... 153 490 1 88 158 May. 477 Sept— 152 490 1 87 158 June _. 85 17 Oct.... 150 500 1 158 Sept.-. 164 Nov... 157 501 1 158 Dec— 156 17 Dec— 160 502 1 158 1940—Mar. _. 145 1941—Jan—. 165 P520 1 158 June— 86 17 Feb._. J>524 1 158 Sept.__ 105 p Preliminary. c Corrected. 1 Reported at infrequent intervals or on de- 1 Figure for June 15,1939, last date reported. layed basis: U. S.—Exchange Stabilization Fund 2 Beginning April 1940, reports on certain Argentine gold reserves no longer available. 3 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- (Special A/c No. 1); U. K.—Exchange Equalizatrol Board. Gold reported since that time is gold held by Minister of Finance. tion Account; France—Exchange Stabilization 4 Figure reported in special semi-annual statement of National Bank of Belgium; change Fund and Rentes Fund; Belgium—Treasury. from & p r F e i v g i u o r u e s s D sh e o c w em n b fo e r r D d e u c e e l m ar b g e e r l y 1 9 t 3 o 6 i a n n cl d u s D io ec n e o m f b g e o r ld 19 3 fo 7 r m ar e e r t l h y o n se o t o f r f e ic p i o al r l t y e d r . eported on Aug. 2 Reported as nil. 1, 1936, and Apr. 30, 1938, respectively. 3 Figure for end of March 1937, first date re 6 Figure for July 31,1939, last date reported. ported. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian * Figure for end of September 1937. C G o u n a g te o m , B al o a l , i v I i c a e , l C an h d in , a L , a D tv a i n a z , ig L i th th r u o a u n g i h a , A M ug o . r 3 o 1 c , c 1 o 9 , 3 9 a , n E d c T u h ad ai o l r a , n E d l ( S S a i l a v m ad ). o r, F E ig s u to re n s i a f , o F r i c n e l r a t n ai d n , 5 First date reported. For complete monthly of these countries have been carried forward from last previous official report. series through May 1939, see BULLETIN for 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to Brit- February 1941, p. 170. ish Exchange Equalization Account during 1939. » Figure for end of March 1939. last date reported. NOTE.—For details regarding special gold w Increase due to inclusion of additional foreign gold reserves not previously reported. transfers in 1939-40 between the British E. E. A. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. and the Bank of England, and between the 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported French E. S. F. and the Bank of France, see figures through April 1940 appear on p. 926 in that issue. BULLETIN for September 1940, p. 926. 362 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 reportecI monthly Year or month produc- Africa North and South America Other 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 a i t t e e s d i 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 %l=25-8/H) grains cfgold9/i0fine;i.e., an ouiice of finegold=$20.67 1929 382, 532 352, 237 215, 242 11, 607 4,297 2,390 45,651 39,862 13,463 2,823 683 8,712 7,508 1930 . 401,088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43,454 13,813 3,281 428 9,553 6,785 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=15-5/2 1 grainsof gold 9/10 fine; i e., an ownee of finegold=$3, 1933 794,498 696, 218 385,474 22, 578 11, 214 6,148 89,467 103, 224 22, 297 10,438 5,094 28, 568 11,715 1934 823,003 707, 288 366. 795 24, 264 12,153 6, 549 108,191 104,023 23,135 12,045 8,350 30, 559 11, 223 1935 - 882, 533 751,979 377,090 25, 477 13, 625 7,159 126,325 114,971 23,858 11,515 9,251 31, 240 11,468 1936 971, 514 833,088 396, 768 28,053 16, 295 7,386 152, 509 131,181 26,465 13, 632 9,018 40,118 11, 663 1937 1,041, 576 892, 535 410, 710 28, 296 20, 784 8,018 168,159 143, 367 29, 591 15,478 9,544 46,982 11,607 1938 1,132,856 957, 212 425, 649 28, 532 24, 670 8,470 178,143 165,379 32, 306 18, 225 10,290 54,264 11, 284 1939 1, 206,126 1,019, 595 448, 753 28,009 28, 564 8,759 196,391 178,303 32, 300 19, 951 11,376 56,182 11,008 1940 PI, 284,966 PI, 092, 676 491,628 P29, 126 P32, 182 P15, 779 206,994 185, 602 30, 878 22,117 P12, 049 P56,165 P10, 157 1940—January .. __ 104,619 88, 776 39, 777 2,384 2,662 739 16,955 14,853 3,078 1,958 993 4,486 891 February 97, 588 81, 345 38, 575 2,345 2,663 728 13, 300 14,188 1,901 1,633 735 4,411 868 March 104,051 88,059 40,163 2,372 2, 740 732 16, 201 15,045 1,651 1,717 1,759 4.791 888 April. _.- 106,852 P90,940 40,879 2,454 2,678 PI, 505 16, 391 14,652 4,233 1,941 766 4,581 860 Mav 106, 367 *>90, 554 41, 742 2,442 2,747 PI, 540 16,483 15,488 1,356 1,825 1,271 4,786 P875 June 104,330 P88, 281 40,437 2,437 2,643 PI, 505 14,845 15, 795 2,562 1,715 780 4,688 July 110,134 P93,886 41,936 2,459 2, 590 1, 505 18, 849 15, 982 3,010 1,952 850 4,263 P490 August 109,844 P93, 777 41,989 2,498 2,725 1, 505 16,035 16, 318 4,027 2,184 1, 243 4,693 P560 September.. 107,039 P90,893 40,958 2,450 2,652 fl, 505 17,065 15,416 2,596 2,016 673 4,616 October. __ 115,036 P99, 023 42, 362 2,477 2,709 1,505 21, 744 16,360 2,337 1,789 1,121 5,638 7*980 November 109, 704 P93, 742 41, 620 2,404 2,687 fl, 505 19, 692 15, 750 1,905 1,713 929 4,592 P945 December 109,401 P93, 398 41,188 /2,404 /2, 687 1, 505 19, 434 15, 755 2,221 1,675 /929 P4, 620 P980 1941—January 107, 760 P91, 757 42, 335 /2, 404 /2, 687 1, 505 16, 646 15, 755 /2, 221 fl, 675 /929 /4, 620 '980 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $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. r Revised. p Preliminary—Monthly 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). / Figure carried forward from last previous figure without footnote /. 1 Includes Philippine Islands production received in United States. 2 Figures for Canada beginning January 1940 are subject to official revision. NOTE.—For monthly figures back to January 1929 and for explanation of table 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 t o h r i e m o x r p p n o o e r r t t t s s U K d n i o i n t m g e - d France g B iu el m - N la e e n r t d - h s - S d w en e- S l w a e n r it - d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s 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 1,131,994 499,870 260, 223 8,902 94, 348 12,402 86, 82930, 270 16,944 12,038 1,029 12 4 76, 820 32, 304 1935 1, 739,019 315, 727 934, 243 3 227, 185 968 95,17113, 667 10, 899 15, 335 3,498 65 75, 268 46, 989 1936 1,116, 584 174,093 573, 671 3,351 71, 006 2 7,511 72, 64839,966 11,911 21, 513 23, 280 8 77,892 39, 735 1937 1, 585, 503 891, 531-13,710 90, 859 6,461 6 54, 452 111, 48038, 482 18, 397 25, 427 34, 713 181 246, 464 50, 762 29, 998 1938 1,973, 569 1, 208, 728 81,135 15, 488 163, 049 60,146 1,363 76, 31536, 472 10, 557 27, 880 39,162 401 168, 740 16,159 2 67, 975 1939 3, 574,151 1, 826, 403 3,798165,122 341, 618 28, 715 86, 987 612, 94933, 610 23, 239 35, 636 74, 250 22, 862 165, 605 50, 9563102,404 1940 4, 744, 472 633,083 241, 778 977 63, 260161,489 90, 3202, 622, 33029,880 23, 999 38, 627103, 777 184, 756 111, 739 49,9894 388, 468 1940 Jan 236, 391 23,906 59 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 40 974 16,181 32, 448 13, 932 46,866 2,006 3 1,896 4,241 18, 872 4,919 6,722 31,001 Mar 459, 827 35, 268 35 282 65, 991 28, 907 249, 858 2,215 2,116 4,137 7,409 24, 503 5,797 11,813 21, 493 Apr 249, 851 43, 567 3,273 39, 654 32, 617 54,967 2,396 2,111 3,376 3,374 28, 798 4,710 3,139 27, 866 May 435,132 62, 042 40 9,431 11,452 281,182 2,331 2,113 2,405 5,177 31,477 4,743 4,317 18, 423 June __ _1,162, 975 128, 003 241, 603 3,671 2,138 716, 685 4,182 2,130 3,895 6,603 23,091 3,399 2,377 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, 32810, 335 4,516 3,738 6,746 11, 687 954 34, 789 Sept 334,100 3,650 27 217, 627 545 2,330 3,764 14, 605 7,854 13, 228 523 69, 946 Oct 325, 964 1,738 222, 726 538 2,673 14, 770 6,704 11,815 784 64, 208 Nov 330,107 936 7 262, 718 545 3,283 14, 441 6,240 12,186 2,170 27, 580 Dec 137,176 99 80, 389 347 2,814 3,268 14,994 1,751 13, 262 7,446 12, 805 1941 Jan _ 234, 24? 37 1,746 563 46, 876 1,147 3,168 3,185 11,136 149, 735 6,085 4,501 6,062 Feb 108, 609 1,218 337 81, 529 814 11 2,772 6,738 96 5 15,093 Jan.-Feb. 342, 851 1, 255 1, 746 899 128, 405 1,961 3,179 5,958 17, 873 149,832 6,08£ 4, 501 5 21, 155 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. * Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. & Includes $11,236,000 from IT. S. S. R. NOTE.—For gross import and export figures and for additional countries see table on p. 328. APRIL 1941 363 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 SINGE 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 Total C f b u e a n n n t d r k s al Other b a a f b u n r n k o d i a n s d g o R f f u e U n tu d . r s S n . In f f o f u l r o n e w d ig s n of b b r a o l k a e n r c a e g s e in N.Y.i 1935—Dec. (Jan. 1, 1936) 1,412. 5 603.3 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2, 608. 4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410. 3 1,168. 5 243.9 924.6 449.1 583.2 1,162. 0 47.5 1938—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 3.472.0 1,180. 2 187.0 993.2 477.2 625.0 1,125. 4 64.1 Dec. (Jan. 4, 1939) 3,844. 5 1,425. 4 238.5 1,186. 9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197. 6 1, 747. 6 311.4 1,436. 2 550.5 646.7 1,188. 9 63.9 June 28 4,659. 2 2,111.8 425.3 1,686. 5 607.5 664.5 1,201.4 74.0 Sept. 27 5, 035. 3 2,479. 5 552.1 1, 927. 3 618.4 676.9 1,177. 3 83.1 Dec. (Jan. 3, 1940) 5,021. 2 2, 430. 8 542.5 1,888. 3 650.4 725.7 1,133. 7 80.6 1940—Jan. 10 5,064. 9 2, 473. 5 558.5 1.915.0 644.5 731.7 1,133. 4 81.7 Jan. 17 5,068. 3 2,487. 3 554.1 1,933. 2 636.1 733.7 1,127. 5 83.8 Jan. 24 _. 5,073. 6 2, 490. 0 561.9 1, 928. 2 640.1 736.1 1,123. 7 83.6 Jan. 31 5.046. 3 2,471. 2 552.3 1, 918. 9 626.1 738.0 1,122. 9 88.2 Feb. 7. 5,036. 6 2,463. 0 527.4 1,935. 6 623.3 741.0 1,122.1 87.3 Feb. 14 _.. 5.047.1 2, 473. 0 544.3 1, 928. 7 621.5 743.3 1.122. 6 86.7 Feb. 21 5,041. 5 2,457.1 523.9 1,933. 3 627.0 745.5 1.123. 8 88.1 Feb. 28 5,067. 8 2,479. 3 546.8 1,932. 5 627.7 748.7 1,125.1 87.0 Mar. 6 _. 5,040. 8 2,437. 6 509.2 1,928.4 638.5 752.4 1,123. 8 88.4 Mar. 13 5,060. 6 2,461. 6 517.8 1,943. 8 633.5 755.2 1,120. 4 89.9 Mar. 20 .__. 5,105. 2 2, 500. 2 537.4 1,962.8 638.7 757.2 1,118.9 90.2 Mar. 27 __.. 5,121.1 2, 522. 8 544.4 1, 978. 4 636.9 758.1 1,116.0 87.3 Apr. 3 _. 5,133. 5 2, 539.0 539.1 1,999. 9 631.6 761.6 1,112. 5 88.7 Apr. 10 5,118.1 2, 521. 7 528.5 1,993. 3 634.1 762.4 1,111.3 88.6 Apr. 17 5,152.1 2, 538. 9 533.1 2,005. 8 644.9 764.7 1,114. 2 89.4 Apr. 24 _ 5.194.1 2, 566. 9 522.4 2,044. 5 659.0 767.2 1,112. 7 88.2 May 1 5,177. 8 2, 562.1 511.2 2,050. 9 643.4 771.1 1,112.8 88.3 May 8 5,186. 2 2, 566.1 516.4 2,049. 7 647.0 773.1 1,111.6 88.5 May 15.. __. 5,193. 2 2, 560. 6 556.7 2.003. 9 657.3 774.7 1.112. 6 88.0 May 22 5, 254. 6 2,612. 7 612.1 2.000. 6 664.1 774.9 1,108. 8 94.2 May 29 5,208. 2 2, 552. 5 1.952. 7 684.0 775.5 1,101.0 95.1 June 5 5,241. 8 2, 573.0 623.2 1.949. 8 679.1 778.9 1.113. 6 97.2 June 12 __. 5, 208. 4 2, 540.0 623.4 1, 916. 7 674.5 780.3 1,116. 6 96.9 June 19 5,415. 8 2.740.0 834.9 1, 905.1 681.2 782.1 1,114.0 98.5 June 26. 5,401.7 2, 729. 7 838.7 1,891. 0 690.0 782.5 1,101. 9 97.6 July 3 5.490.2 2.830.1 922.3 1, 907. 8 684.1 785.7 1,091.4 98.9 July 10 5, 511.0 2,849. 5 931.4 1.918.1 692.3 786.5 1,083. 3 99.5 July 17 5, 546. 7 2,887. 5 967.8 1, 919. 8 699.4 788.2 1.072. 5 99.0 July 24 5, 548. 6 2, 887. 7 977.8 1,909. 9 698.7 788.6 1.073. 5 100.1 July 31 5, 572. 8 2, 900.0 1,906.1 714.1 1,069.9 99.9 Aug. 7 5, 665. 2 2, 941. 2 2 945. 0 2 1,996. 2 764.8 789.7 1.070.0 99.6 Aug. 14 5, 698. 8 2, 984. 9 996.3 1, 988. 6 769.2 790.3 1,055. 3 99.1 Aug. 21 5, 738. 9 3,022. 5 1,018. 5 2.004. 0 774.0 790.6 1,052. 7 99.1 Aug. 28 5, 751. 0 3, 034. 2 1,047. 9 1,986. 3 778.3 790.6 1.048.1 99.9 Sept. 4 5, 752. 0 3,040. 7 1,054. 7 1,986. 0 773.1 790.5 1.047.1 100.5 Sept. 11 5, 722. 7 3,014.1 1,012. 8 2.001. 3 768.4 791.0 1,049.4 Sept. 18 5, 807.1 3,087. 2 1,107. 7 1,979. 5 773.2 791.3 1,054. 8 100.6 Sept. 25 5, 788. 5 3,062. 6 1,087. 0 1,975. 5 782.0 791.7 1,051.4 100.8 Oct. 2 5.805. 5 3,092. 8 1,112. 3 1, 980. 5 773.6 793.2 1,044. 3 101.6 Oct. 9 5, 825. 6 3,108. 5 1,133. 6 1,975.0 781.8 793.6 1, 040. 3 101.3 Oct. 16 5, 796. 4 3,086. 3 1,129.9 1,956.4 780.9 794.0 1,034. 3 100.9 Oct. 23 5, 805.1 3,118. 7 1,140.1 1, 978. 6 765.6 794.0 1,025. 6 101.2 Oct. 30 5, 794. 0 3,112. 5 1,158. 9 1.953. 6 765.7 794.6 1,020. 6 100.7 Nov. 6. 5,813.0 3,137.0 1,190.7 1,946. 3 762.3 795.5 1.018.2 100.0 Nov. 13— -__. 5.806. 7 3,141. 9 1,195. 5 1,946. 4 751.5 796.0 1,017.8 99.4 Nov. 20 5,863.8 3,199. 3 1, 248.7 1.950. 6 752.3 798.1 1,012. 6 101.4 Nov. 27 5,860. 0 3.194.0 1, 231. 6 1, 962. 5 764.0 798.4 1,003. 6 100.0 Dec. 4 5, 838. 7 3.177.1 1, 209.1 1, 967. 9 763.0 800.4 99.6 Dec. 11 5, 797. 2 3.141.0 1,186. 3 1.954. 8 757.6 801.6 997.7 99.3 Dec. 18 5, 847. 9 3.177.1 1, 209. 7 1, 967. 3 771.1 803.1 996.4 100.2 Dec. 25 5, 824.0 3,154. 8 1,182. 4 1,972. 4 771.6 803.1 993.2 101.3 1941—Jan. 1 5, 825. 4 3,152. 5 1, 200. 8 1,951.7 775.1 804.1 992.8 100.9 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. * In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account. 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. 364 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 t h J r a o n u . g 2 h , - 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O ur th o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia* ot A he ll r i 1935—Dec. (Jan. 1, 1936). 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 () 70.9 128.3 12.7 1936—Dec. 30 2,608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29 3,410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Dec. (Jan. 4, 1939) 3, 844. 5 1,183. 8 339.6 328.6 557.5 140. 5 32.2 472.0 3, 054. 2 155.3 384.6 214.2 36.2 1939—Dec. (Jan. 3, 1940) 5,021. 2 1,101. 3 468.7 470.3 773.0 165.9 58.0 752.9 3, 790.1 229.4 483.4 431.0 87.4 1940—Mar. (Apr. 3) 5,133. 5 982.4 468.3 469.5 857.8 167.5 83.6 865.7 3,894. 7 213.3 520.7 434.7 70.1 Apr. (May 1) 5,177. 8 946.2 461.5 482.4 881.8 168.1 85.5 866.0 3,891. 6 226.5 539.2 448.7 71.7 May 29 5, 208. 2 975.7 494.8 471.9 851.3 171.5 78.3 874.1 3,917. 7 215.8 558.4 443.7 72.6 June (July 3) 5,490. 2 1,013.1 681.4 459.6 876.8 171.4 66.3 885.3 4,153. 9 230.1 579.2 451.3 75.7 July 31 5, 572. 8 962.4 675.7 454.1 884.0 175.9 64.5 899.0 4,115. 6 324.5 581.6 468.8 82.3 Aug. (Sept. 4) 5, 752. 0 1,005. 4 693.8 459.7 908.4 173.1 64.5 917.8 4, 222.8 369.4 597.9 484.7 77.2 Sept. (Oct. 2) 5,805. 5 1,004. 2 683.0 457.9 884.4 176.3 84.6 934.0 4,224.4 387.3 603.8 506.5 83.6 Oct. 30 5, 794. 0 994.4 679.9 456.9 896.7 173.9 75.9 930.0 4, 207. 6 384.4 601.0 515.4 85.6 Nov. 27 5,860. 0 1,007. 2 675.9 450. 8 895.8 173.8 70.3 925.5 4,199. 2 415.5 606.5 557.9 c80.9 Dec. 4 5, 838. 7 982.7 672.8 449.2 901.2 172.6 69.4 923.8 4,171. 6 426.7 600.9 555.0 84.4 Dec. 11 5, 797. 2 951.2 671.7 452.0 900.7 172.8 69.2 921.6 4,139. 3 418.6 604.6 549.3 85.4 Dec. 18 5, 847. 9 984.4 672.7 452.9 904.7 173.0 64.0 924.0 4,175. 7 420.9 598.9 563.1 89.3 Dec. 25 5, 824. 0 954.8 673.1 454.3 906.1 175.3 58.8 921.2 4,143. 6 424.0 603.9 561.8 90.7 1941—Jan. 1 5, 825. 4 969.6 670.3 455.6 911.5 175.9 55.4 922.7 4,161. 0 411.7 606.8 555.7 90.2 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From t h J r a o n u . g 2 h , - 1935, Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Can- A L i m a c t a e in r- Asia1 ot A he ll r * 1935—Dec. (Jan. 1, 1936). 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. (Jan. 4, 1939) 1, 425. 4 364.0 155. 3 87.9 205.1 -11.8 1.7 208.6 1,010. 7 101.6 127.6 163.3 22.2 1939— Dec. (Jan. 3, 1940) 2, 430. 8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1, 655. 4 174.5 215.1 325.4 60.5 1940—Mar. (Apr. 3) 2, 539. 0 289.1 258.6 185.7 418.5 -21.2 50.5 571.8 1,753.1 150.0 244.5 349.3 42.2 Apr. (May 1) 2, 562.1 254.4 254.6 199.1 433.9 -21.2 52.5 569.2 1, 742. 7 155.2 269.0 351.6 43.6 May 29 2, 552. 5 282.4 287.0 184.4 399.9 -19.7 46.2 572.4 1,752. 6 135.8 281.5 335.9 46.6 June (July 3) 2, 830.1 325.8 472.7 170.8 427.4 -19.9 11.0 578.8 1,966. 6 159.0 300.5 355.7 48.3 July 31 2, 900. 0 270.9 465.2 164.4 435.5 -16.0 7.0 587.8 1,914.7 253.8 299.9 376.8 54.8 Aug. (Sept. 4) 3,040. 7 313.6 483.1 168.8 462.7 -19.1 7.3 604.8 2,021. 2 295.8 311.4 361.7 50.7 Sept. (Oct. 2) 3,092. 8 314.3 471.4 166.3 445.9 -16.5 5.8 620.6 2,007. 8 310.6 317.5 401.8 55.1 Oct. 30 3,112. 5 306.6 468.7 165.1 476.3 -20.6 .6 615.6 2,012.4 307.9 325.1 410.3 56.8 Nov. 27 3,194. 0 325.0 465.5 158.9 479.9 -21.6 .1 609.4 2, 017.1 335.0 332.7 456.0 53.2 Dec. 4 3,177.1 300.0 461.8 157. 6 485.2 -22.7 A 606.9 1, 988. 4 348.1 329.0 455.9 55.7 Dec. 11 3,141. 0 270.8 460.8 160.2 485.7 -22.6 -'.5 602.7 1, 957.1 343.3 333.9 450.1 56.7 Dec. 18 3,177.1 304.8 462.0 160.5 488.7 -22.6 -.2 605.7 1, 998. 9 341.2 323.4 453.2 60.4 Dec. 25 3,154. 8 274.8 461.0 160.4 489.7 -22.8 -.6 602.6 1, 965. 2 345.6 329.4 452.8 61.8 1941—Jan. 1 3,152. 5 293.3 458.0 160.3 494.7 -22.9 603. 7 1, 986. 3 334.1 326.4 444.4 61.3 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From t h J r a ou n g . 2 h— , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n 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 C a a d n a - A L i m a c t a e in r- Asia* ot A he ll r i 1935— Dec. (Jan. 1, 1936) 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. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 1940—Mar. (Apr. 3) 631.6 252 A 73.8 11.9 1.9 181.1 10.3 31.2 562.6 54.1 55.3 -40.0 -.4 Apr. (May 1) 643.4 255.4 70.3 10.7 1.7 181.8 10.0 31.2 561.0 59.2 51.6 -28.4 -.1 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 (July 3) 684.1 260.1 72.6 16.0 4.3 183.9 13.0 38.8 588.6 61.0 49.0 -15.3 .8 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. (Sept. 4) 773.1 269.5 74.6 17.4 6.1 185.2 23.1 44.9 620.8 65.1 53.6 34.0 -.4 Sept. (Oct. 2) 773.6 271.9 75.3 17.6 6.5 185.6 24.5 45.0 626.6 65.4 52.9 26.9 2.1 Oct. 30_____* 765.7 272.5 75.0 17.6 6.1 187.2 24.0 46.5 628.9 63.9 42.9 27.7 2.2 Nov. 27 764.0 270.7 74.4 17.5 6.2 188.2 25.0 47.8 629.8 66.5 40.1 26.4 1.2 Dec. 4 763.0 272.3 74.5 17.5 6.3 188.1 25.1 48.4 632.2 65.3 38.8 24.5 2.1 Dec. 11 757.6 271.7 74.4 17.5 5.9 188.3 25.3 50.3 633.3 61.3 36.7 24.1 2.2 Dec. 18 771.1 271.8 74.5 17.5 5.9 188.4 25.1 49.3 632.6 62.1 41.0 33.2 2.1 Dec. 25 771.6 272.8 74.5 17.7 6.3 190.9 25.2 49.5 636.9 60.4 39.9 32.4 2.1 1941—Jan. 1 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 c Corrected. 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 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. APRIL 1941 365 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 t h J r a o n u . g 2, h - 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n 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 C a a d n a - A L m i a c t a e in r- Asia* ot A he ll r i 1935—Dec. (Jan. 1, 1936) 125.2 67.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 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. (Jan. 4, 1939) 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Mar. (Apr. 3) 761.6 130.9 42.6 31.3 49.0 36.3 27.6 192.9 510.8 6.4 187.5 45.3 11.8 Apr. (May 1) 771.1 132.0 42.8 31.1 50.0 36.2 27.7 194.0 513.8 10.2 189.4 45.6 12.1 May 29 775.5 132.4 42.8 31.0 49.0 36.2 27.8 194.5 513.7 12.5 190.6 46.2 12.4 June (July 3) 785.7 131.8 42.9 31.0 48.8 36.2 28.0 194.8 513.5 17.5 194.3 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. (Sept. 4) 790.5 131.0 43.0 31.0 47.8 36.0 28.1 195.4 512.3 19.5 196.7 49.1 12.9 Sept. (Oct. 2) 793.2 130.5 43.0 31.0 47.4 36.1 28.1 195.9 512.0 20.7 197.6 50.1 12.9 Oct. 30 794.6 130.2 42.9 31.0 46.3 36.5 28.1 196.0 511.0 21.3 198.6 50.5 13.1 Nov. 27 798.4 129.9 42.9 31.0 46.0 36.5 28.1 196.1 510.6 23.5 199.8 51.2 13.3 Dec. 4 800.4 129.6 43.4 31.0 46.1 36.5 28.1 196.1 510.8 24.4 200.5 51.5 13.3 Dec. 11 801.6 129.5 43.4 31.0 46.1 36.5 28.1 196.2 510.7 25.0 200.7 51.9 13.3 Dec. 18 803.1 129.3 43.4 31.0 46.0 36.5 28.1 196.3 510.5 25.4 200.9 52.8 13.5 Dec. 25 803.1 128.9 43.4 31.0 46.0 36.5 28.1 196.3 510. 3 25.3 201.2 52.9 13.5 1941—Jan. 1 804.1 128.9 43.4 31.0 46.0 36.5 28.1 196.4 510.3 25.0 202.3 53.0 13.5 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n 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 C a a d n a - A L m i a c t a e in r- Asiai ot A he ll r1 1935—Dec. (Jan. 1, 1936) 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 1 1 9 93 3 8 7 — — D D e ec c . 2 ( 9 Jan. 4, 1939) 1 1, , 1 2 6 19 2 . .0 7 4 4 4 7 8 2 . . 7 6 7 7 0 6. . 9 3 2 2 1 1 3 2 . . 8 1 2 30 7 4 5 . . 1 3 - - 1 2 7 2 . . 4 8 - - 4 5 . . 9 5 5 5 5 6 . . 7 6 1 1 , , 0 0 4 9 1 4 . . 1 6 3 2 7 5 . . 6 7 2 1 3 8 . . 7 2 5 6 4 5 . . 7 2 1 9 1 . . 8 1 1939—Dec. (Jan. 3, 1940) 1,133. 7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Mar. (Apr. 3) 1,112. 5 291.2 75.9 231.5 368.1 -28.7 -4.9 64.5 997.5 -8.3 32.1 76.8 14.4 Apr (May 1) 1.112.8 286.1 76.2 231.4 375.0 -28.7 —4 9 65.7 1,000 6 —8 5 29 5 76 9 14 2 May 29 L, 101. 0 281.3 75.8 230.7 380.9 -28.7 -4.7 64.8 1,000. 0 -12.4 27 3 72 7 13 4 June (July 3) L, 091.4 278.8 74.7 230.4 378 3 -28 7 14 3 64 8 1,012 6 — 19 4 27 9 57 2 13 2 July 31 L, 069. 9 279.5 74.8 230.4 376.3 -28.7 11.8 64.8 1,008. 9 -24.2 27 7 44 5 13 1 Aug (Seot 4) L, 047.1 275.0 74.7 230.6 372.9 -28.8 5.9 64.6 994.9 -21.9 26.8 33.9 13.4 Sept. (Oct. 2) , 044. 3 271.1 74.5 230.7 365.4 -28.8 26.2 64.5 1,003. 5 -20.7 26.6 22.0 12.8 Oct. 30 L, 020. 6 268.0 74.1 230. 6 349.6 -29.1 23.1 64.5 980.9 -19.0 26.2 20 0 12.6 Nov 27 L. 003. 6 264.4 74.1 230.9 346.8 -29.1 17.0 64.6 968.7 -20.3 25.1 17.5 12.6 Dec. 4 998.6 263.6 74.2 230.9 346.2 -29.1 16.3 64.6 966.7 -22.2 24.8 16 6 12.6 Dec. 11 997.7 262.1 74.6 230.9 346.2 -29.1 16.1 64.5 965.3 -21.9 24.9 16.7 12.6 Dec. 18 996.4 261.4 74.5 231.1 347.6 -29.1 10.8 64.8 961.1 -18.5 23.8 17.4 12.6 Dec 25 993.2 261.3 74.4 231.9 347.6 -29.1 5.9 64.8 956.8 — 18.1 24 3 17 5 12 6 1941—Jan. 1 992.8 261.2 74.4 233.2 348.1 -29.1 2.7 64.9 955.4 -18.4 25.6 17.6 12.6 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From th J ro an u . g h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia l ot A he ll rl 1935—Dec. (Jan. 1, 1936) 6.0 (3) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 (3) .1 5.0 44.0 3.5 .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 o .2 5.2 47.9 1.8 -!9 -1.5 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Mar. (Apr. 3) 88.7 18.7 17.4 9.0 20.2 (4) .1 5.4 70.8 11.1 1.2 3.3 2.2 Apr. (May 1) 88.3 18.3 17.6 10.1 21.3 (4) .2 5.9 73.5 10.4 9 3.0 1.8 May 29 95.1 17.6 18.4 10.5 18.5 (4) .2 7.1 72.1 10.3 6.'3 5.8 June (July 3) 98.9 16.6 18.5 11.4 18.0 (4) .1 8.1 72.7 12.0 7.6 6.0 July 31 99.9 16.7 18.5 11.5 18.0 -.1 .1 8.3 72.9 11. 1 8.8 6. 3 Aug. (Sept. 4) 100.5 16.3 18.6 11.9 18.8 -.1 .1 8.0 73.6 10.9 9.4 6.0 Sept. (Oct. 2) 101.6 16.3 18.8 12.3 19.2 -.2 .1 8.1 74.7 11.2 9.1 5.8 Oct. 30 100.7 17.1 19.1 12.5 18.3 -.2 .2 7.3 74.4 10.2 8.3 6.8 1.0 Nov. 27 100.0 17.2 18.9 12.5 16.9 o .1 7.6 73.1 10.7 8.8 6.7 Dec. 4 99.6 17.2 18.9 12.2 17.4 -.2 .3 7.7 73.5 11.0 7.8 6.6 Dec. 11 99.3 17.1 18.5 12.4 16.8 2 .2 8.0 72.8 11.0 8.4 6.5 Dec. 18 100.2 17.1 18.3 12.7 16.5 -.2 .2 7.9 72.6 10.7 9.8 6.4 Dec. 25 101.3 17.0 19.8 13.2 16.4 -.2 .2 8.0 74.4 10.8 9.1 6.2 1941—Jan. 1 100.9 17.0 19.9 13.4 16.2 -.2 .2 7.9 74.3 10.7 9.2 6.0 * Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under 'AH other". 2 For explanation see BULLETIN for May 1937, pp. 395-396. 3 Inflow less than $50,000. * Outflow less than $50,000. 386 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 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 C a a d n a - A L m i a c t a e in r- Asia* ot A h l e l r i Reported by Banks in New York City 1929—Dec. 31 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 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. (Jan. 4, 1933) 733.8 171.0 72.2 13.8 82.2 30.2 36.6 63.1 469.1 89.3 117.8 44.4 13.1 1933—Dec. (Jan. 3, 1934) 388.2 48.3 24.9 8.3 11.9 16.3 9.9 30.1 149.7 88.7 96.4 43.1 10.4 1934—Nov. 28 2 466.7 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 3 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 Dec. (Jan. 2, 1935) 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935—Dec. (Jan. 1, 1936) 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—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 1,751.4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 226.9 33.7 Dec. (Jan. 4, 1939) 1, 996. 6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1, 237. 8 201.8 248.5 274.3 34.1 1939—Mar. 29 2, 318. 8 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432. 7 236.6 300.7 305.5 43.3 June 28 2, 683. 0 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1,672. 7 291.7 363.0 306.0 49.7 Sept. 27 3,050. 7 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909. 7 325.3 383.0 366.5 66.2 Dec. (Jan. 3, 1940) 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882. 6 274.6 336.0 491.4 72.5 1940—Jan. 31 _ 3,097. 4 404.5 290.6 200.3 395.5 9.1 43.7 569.0 1,912. 6 266.9 352.2 494.8 70. 9 Feb. 28 3,105. 5 376.6 288.5 200.1 411.0 8.4 44.5 593.5 1, 922. 6 268.7 354.6 497.3 62.4 Mar. (Apr. 3) 3,165. 2 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1,980. 3 250.1 365.5 515.2 54.1 Apr. (May 1) 3,188. 3 326.6 286.7 213.1 447.6 8.5 71.3 616.1 1,969.9 255.3 389.9 517.6 55.6 May 29 3,178. 7 354.5 319.1 198.3 413.6 9.9 65.0 619.3 1,979. 8 236.0 402.4 501.9 58.6 June (July 3) 3,456. 3 397.9 504.8 184.7 441.0 9.8 29.8 625.7 2,193.8 259.2 421.4 521.7 60.3 July 31 3, 526. 2 343.0 497.3 178.3 449.2 13.6 25.8 634.7 2,141. 9 353.9 420.8 542.8 66.7 Aug. (Sept. 4) 3,666. 9 385.7 515.2 182.7 476.4 10.5 26.1 651.7 2, 248. 4 395.9 432.3 527.6 62.7 Sept. (Oct. 2) 3, 719.0 386.4 503.5 180.3 459.6 13.2 24.6 667.5 2, 235. 0 410.7 438.4 567.7 67.1 Oct. 30 3,738. 7 378.8 500.8 179.1 490.0 9.1 19.4 662.5 2, 239. 6 408.1 446.0 576.3 68.7 Nov. 27 3,820. 3 397.2 497.6 172.8 493.5 8.0 18.9 656.3 2,244. 3 435.2 453.6 622.0 65.1 Dec. 4 3, 803.3 372.1 494.0 171.5 498.9 6.9 18.4 653.8 2, 215. 6 448.3 449.9 621.9 67.7 Dec. 11 3, 767. 2 343.0 492.9 174.2 499.4 7.0 18.3 649.6 2,184. 3 443.4 454.8 616.1 68.6 Dec. 18 3, 803. 3 377.0 494.1 174.4 502.4 7.1 18.6 652.6 2, 226.1 441.3 444.3 619.2 72.4 Dec. 25 3, 781.0 346.9 493.1 174.4 503.4 6.8 18.2 649.5 2,192. 4 445.7 450.4 618.8 73.8 1941—Jan. 1 3, 778. 7 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2, 213. 5 434.3 447.3 610.3 73.3 Additional Detail Available from January 3,19404 5 European countries 6 LEitin American countries 4 Asiatic countries Date Pan- Philip- Bel- Den- Fin- Nor- Swe- Ar- Bra- Mex- ama Total China Hong Japan pine Total gium mark land way den Total gen- zil Chile Cuba ico and Kong Islands tina C.Z. 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 34.0 432.9 167.0 71.4 165.4 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 36.2 434.7 173.8 72.2 158.7 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 36.7 439.2 178.9 68.5 162.1 29.7 Mar. (Apr. 3) 475.1 184. 3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 Apr. (May 1) 460.2 183.7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 461.3 184.1 81.1 164.1 32. C 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 50.6 446.2 178.8 79.4 151.8 36.2 June (July 3) 457. C 161.3 19.5 29.6 59.0 187.6 326. 5 88.7 39.0 30.2 49.7 65.3 53.5 448.4 181.8 78.4 152.6 35.6 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 52.7 446.6 181.6 84.3 142.6 38.2 Aug. (Sept. 4) 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225.3 338.8 110.1 33.4 26.1 48.7 63.2 57.3 431.6 192.7 87.0 106.8 45.2 Oct. 30_ 469. 0 145.7 16.2 24.3 51.3 231. 5 348.2 112 739. 7 25.0 48.4 64.4 57.9 432.5 195.1 89.4 102.8 45.2 Nov. 27 466.2 145.7 16.1 22.0 50.1 232.4 353.8 115.1 44.1 26.9 46.4 62.6 58.6 475.2 218.6 92.2. 119.3 45.1 Dec. 4 462. 7 147.4 15.8 16.1 49 8 233.6 349 g110.8 42.2 27.1 45.9 64.4 59.5 470.9 217.7 92.2 112.2 48.9 Dec. 11 460.8 146.6 15.7 16.0 49.5 233.0 352.3 110. 0 43.6 28.2 46.1 64.6 59.8 470.6 216.0 93.2 111.7 49.7 Dec. 18 461. C 146.9 16.3 16.0 49.3 232.6 336. 8 113.2 36.2 27.8 48.8 53.3 57.4 466.8 216.4 92.3 109.5 48.6 Dec. 25 458. 5 146.5 16 3 15 8 47 6 232.4 342.4 117 0 36.3 28.1 48.9 53.1 59.1 465.6 212.4 92.8 113.3 47.2 1941—Jan. 1 462.7 144.8 17.3 16.5 48.7 235.4 341.7 115.4 36.2 28.5 47.9 55.0 58.7 454.5 207.5 91.1 110.3 45.6 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". 2 Last report date on old basis. 3 First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1S38, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and April 1940, p. 362). APRIL 1941 367 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 United Neth- Switz- Latin Date Total King- France er- er- Ger- Italy Other Total Can- Amer- Asiai All dom lands land many Europe Europe ada ica other 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. (Jan. 4, 1933) 949.4 89 4 67.6 14.2 6.4 433.7 11.5 96.1 719.0 43.9 158 2 24.8 3.5 1933—Dec. (Jan. 3, 1934) 907.1 197n 65.0 18.1 12.5 258.1 16.8 83.9 652.3 34. 7 159.2 54.6 6.3 1934—Nov. 282 827.1 201 3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46. 2 2.6 Reported by Banks in United States 1934—Dec. 5 3 1,137. 8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935) 1,139. 9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1,1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—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. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 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. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Jan. 31 533.0 56.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.6 9.1 Feb. 28 531.4 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. (Apr. 3) 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.6 8.9 Apr. (May 1) 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.8 174.7 37.1 114.3 181.0 8.6 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 (July 3) 475.0 32.0 6.2 2.6 3.8 47.3 14.2 41.0 147.2 35.3 117.0 167.9 7.7 July 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. (Sept. 4) 386.0 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112.3 118.6 8.9 Sept. (Oct. 2) 385.5 20.2 3.5 1.1 1.5 45.6 2.8 34.8 109.4 30.8 113.1 125.7 6.4 Oct. 30 393.4 19.6 3.7 1.0 1.9 44.0 3.3 33.3 106.8 32.4 123.1 124.9 6.3 Nov. 27 395.1 21.4 4.3 1.1 1.9 43.0 2.2 32.0 106.0 29.7 125.9 126. 2 7.3 Dec. 4 396.1 19.8 4.3 1.1 1.8 43.1 2.1 31.3 103. 5 31.0 127.1 128.1 6.4 Dec. 11 401.5 20.4 4.3 1.1 2.2 42.9 1.9 29.5 102.4 35.0 129.3 128.5 6.3 Dec. 18 388. 0 20.3 4.3 1.1 2.2 42.8 2.1 30.5 103.2 34.2 124.9 119.4 6.3 Dec. 25 387.5 19.4 4.2 .9 1.8 40.3 2.0 30.3 98.8 35.8 126.1 120.2 6.4 1941—Jan. 1 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 Additional Detail Available from January 3,1940 * 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- D m e a n rk - l F a i n n d - N w o ay r- S d w en e- Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a m a n .Z n 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. 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16 8 32 ?, 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. (Apr. 3) 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125.9 28.9 Apr. (May 1) 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May 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 (July 3) 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32.7 July 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. (Sept. 4) 7.7 1.6 .3 1.7 1.2 2.9 72.1 15.1 31.3 9.6 9.9 4.5 1.7 102.3 24.0 3.8 45.0 29.5 Sept. (Oct. 2) 7.5 1.7 .3 1.7 1.2 2.7 72.5 14.8 30.8 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 Oct. 30 7.6 2.2 .3 1.9 1.1 2.1 81.4 13 ?40.2 10.8 10.9 4.6 1.7 110.7 24.2 3.0 58.0 25.4 Nov. 27 6.1 2.1 .3 1.9 1.0 .8 82.9 13.5 39.0 11.7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 Dec 4 5 5 1 5 1.9 1 0 .9 84.3 14.0 39.0 12.0 11.4 6.1 1 9 114.9 24 1 1 4 63 0 26 4 Dec 11 5 5 1.5 .3 1.9 1.0 .9 85.2 13.6 39.1 12.7 11.5 6.3 2.1 115.7 23.6 1 l 65 9 25 1 Dec. 18 5.5 1.5 .3 1.8 .9 .9 81.0 14.3 33.4 13.1 12.2 5.9 2.2 106.3 23.8 1.3 56.9 24.3 Dec. 25 5.4 1.5 .3 1.8 .9 .9 81.7 12 8 34 6 13.8 12.1 6.1 2.2 106.6 24.2 1.5 57.2 23.8 1941—Jan. l._ 5.5 1.5 .3 1.8 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1 Prior to Jan. 3, 1940, the figuress hown under Asia represent the Far East only, the remaining Asiatic countries being included under "All ether". 2 Last report date on old basis. 3 First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS is A su ss e e d ts e o p f t. Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 Cash reserves a c n o D d u i s n a - t d s - S t e i c e u s ri- ci t r i c o u n la- Deposits l O ia t b h i e li r - Coin Not< vances Bankers' Public Other ties 1929—Dec. 25... 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31__. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 36.2 18.0 1931—Dec. 30... 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28__. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27... 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26... 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25__. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30__. 313.7 200.0 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—Dec. 27... 3.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—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 26. _ .2 630.0 1.5 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 July 31.. .2 630.0 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28- .2 630.0 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25.. .2 630.0 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30.. .2 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Nov. 27_. .2 630.0 1.0 36.9 161.2 593.3 110.8 27.1 50.3 17.8 Dec. 25_. .2 630.0 .9 13.3 199.1 616.9 135.7 12.5 51.2 17.9 1941—Jan. 29._ 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 Feb. 26. 630.0 1.4 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances (Figures in millions of francs) eign to Short- Other Note Other Gold4 ex- Open Spe- Gov- term Other circula- Govern- liabilichange market5 cial 6 Other ern- Govern- securi- tion ment Other ties ment 7 ment se- ties curities 1929—Dec. 27. 41, 668 25, 942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930—Dec. 26. 53, 578 26,179 5,304 2,901 6,609 76,436 12, 624 11, 698 2,241 1931—Dec. 30. 68,863 21,111 7,157 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30. 83, 017 4,484 6,802 3,438 2,515 9,196 85, 028 2,311 20,072 2,041 1933—Dec. 29. 77, 098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3,971 3,211 83,412 3,718 15, 359 1,907 1935—Dec. 27. 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30. 60, 359 1,460 5,640 1,379 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13,655 2,557 1937—Dec. 30_ 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. 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 C 1 OO Ifi QftQ 2,816 July 27. 92, 266 722 8,316 2,275 5,000 20, 577 472 3,461 14,458 123, 239 5,468 16,058 2,781 Aug. 31. 8 97, 266 218 9,396 1,708 15,009 20, 577 2,412 3,805 16,016 142,359 3,304 18,038 2,708 Sept. 28. 97, 266 212 9,734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26.. 97, 266 85 10,038 2,007 8,298 25,473 336 3,576 17,100 144,379 2,004 14, 790 3,006 Nov. 30. 97, 266 120 10, 565 1,626 5,206 30,473 454 3,581 17, 769 149,370 1,953 12, 392 3,346 Dec. 28. 97, 267 112 11, 273 2,345 5,149 34,673 174 3,482 16,438 151, 322 1,914 14, 751 2,925 1940—Jan. 25.. 97, 268 111 11,861 2,235 5,011 35, 673 229 3,444 15, 963 151,738 1,834 14, 965 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 3,038 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 June 10. 84,616 44,173 1,518 11, 885 36, 250 2,534 3,822 18,865 174, 469 1,049 25,405 2,848 1 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). 2 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 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 5 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from Mar. 28,1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization Fund on Mar. 7,1940. e 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, Mar. 22, 1938, and Apr. 14, 1938, as modified by Convention of Nov. 12, 1938; Convention of Sept. 29, 1938, approved by decree of Sept. 1, 1939; and Convention of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). In the period since June 10, 1940, the last date for which the Bank of France has rendered a statement, further Conventions have authorized additional advances as follows: Convention of June 12 authorized 25,000,000,000 francs for general purposes; Convention of Aug. 25 authorized 50,000,000,000 francs to meet the costs of the German army of occupation; Conventions of Oct. 29 and Dec. 12, 1940, and of Jan. 23 and Mar. 22, 1941, increased the authorized advances for meeting occupation costs to 65,000,000,000, 73,000,- 000,000, 85,000,000,000 and 100,000,000,000 francs, respectively. Total authorizations now outstanding, including those issued prior to June 10, amount to 170,000,000,000 francs. 8 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending 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. APRIL 1941 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Central Banks—Continued Assets Liabilities (Figu r R r e e e i s c i c h i h n m s m a b r a i k l n l s i k ) ons of R re e f T s s o e o e r r e r t v v a ig e l e n s s o e f x c g G h o a o ld n l d g a * e nd B i T c n i h l r c b l e e l s i u c a ll ( k s d s a u s i n n ) r , y g d Se lo c a u n r s ity E a c s li o g n v i o e S b r t e l e e curiti O es ther a O s t s h e e ts r c N i t r i o c o u t n e la- Deposits l O i t a i t b e h s i e li r - 1929—Dec. 31. _ 2,687 2,283 2,848 251 92 656 5,044 755 1930—Dec. 31.. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. _ 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 _. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30_. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31. _ 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 _. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31__ 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31.. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31.. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—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 2,380 11,877 1,559 1,422 Mar. 30.. 78 12,242 31 144 394 2, 557 12,176 1,760 1,509 Apr. 30.. 78 12,188 31 221 364 2,651 12,480 1,714 1,338 May 31.- 77 12, 569 31 142 363 2,135 12, 594 1,470 1,253 June 29_. 77 12,611 25 143 454 2,595 12, 785 1,854 1,266 July 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. 31... 78 13, 069 31 56 425 2,240 12, 937 1,610 1,352 Nov. 30.. 78 13, 532 26 51 427 2,223 13,198 1,706 1,433 Dec. 31.. 78 15, 419 38 32 357 2,066 14,033 2,561 1,396 1941—Jan. 31_ 77 14,503 28 28 349 1,834 13,694 1,726 1,399 Feb. 28P 77 15, 284 36 24 (2) 13, 976 1,935 () v Preliminary. 1 Not shown separately on Keichsbank statement after June 15, 1939. 2 Figures not yet available. NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. Central Bank 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. National Bank of Albania (thou- National Bank of Belgium—Cont. (June)i sands of francs): (Mar.)i Loans 511 134 Gold 7,567 7,567 Other assets 1,036 504 Foreign assets - - 65,135 58,666 Note circulation 6,690 5,744 Loans and discounts 10, 315 7,030 Demand deDosits—Treasurv 14 Other assets 7,829 8,241 Other 273 157 Note circulation 28, 419 27,150 Other liabilities 139 124 Other sight liabilities 46,830 39, 258 National Bank of Bohemia and Mo- Other liabilities _ __ _- 15, 598 15,095 ravia (millions of koruny): Central Bank of the Argentine Gold3 1,447 1,602 Republic (millions of pesos): Foreign exchange- 785 771 Gold reported separately 1,071 1,071 1,224 Discounts 24 415 Other gold and foreign exchange 271 258 165 Loans 699 Negotiable Government bonds 332 268 268 Other assets 7, 164 Rediscounted paper 15 11 Note circulation 6,453 5,713 Other assets 237 228 ••191 Demand deposits 1,560 1,592 Note circulation 1,213 1,224 1,170 Other liabilities 3,347 Deposits—Member bank 496 437 460 Central Bank of Bolivia (thousands Government—- 147 106 141 of bolivianos): (Sept.)i Other 2 2 4 Gold at home and abroad 99, 445 94, 813 Foreign exchange sold forward 7 6 17 Foreign exchange 72, 596 94, 863 Other liabilities 55 60 56 Loans and discounts 229, 345 120,123 Commonwealth Bank of Australia Securities—Government 430, 388 427, 407 (thousands of pounds): Other 13, 640 10, 084 Issue department: Other assets 20, 671 70,186 Gold and English sterling._ 17, 705 17, 705 16, 082 Note circulation 441,316 367, 576 Securities 49, 810 55, 507 44, 802 Deposits 340, 594 359, 737 Banking department: Other liabilities 84,176 90,164 Coin, bullion, and cash__ __ 3,911 3,817 3,223 National Bank of Bulgaria (mil- London balances. _ _ __ __ 59, 217 69, 111 32, 962 lions of leva): (Oct.)i Loans and discounts 27, 130 26, 676 35, 950 Gold _ 2,006 2,006 Securities 42, 076 36, 983 42, 472 Net foreign exchange in reserve 4 4 Deposits 122, 592 127, 821 108, 276 Foreign exchange 1,472 2 296 Note circulation __ 62, 369 68, 119 52, 025 Loans and discounts 2,749 758 National Bank of Belgium (millions Government debt. _ 3,373 3,393 of belgas): (June)1 Other assets. 2,756 1,480 Gold 4,329 2 4,312 Note circulation 6,262 3,718 Foreign exchange 70 Deposits 3,119 3,968 Discounts 1,170 1,075 Other liabilities 2,980 2,253 r Revised. 1 Latest month for which report is available for this institution. 2 Includes foreign exchange. 3 Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. • Figures not yet available. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Central Banks—Continued Central Bank 1940 Central Bank 1941 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb date of month) Feb. Jan, Dec. Feb Bank of Canada (thousands of Ca- Bank of Estonia (thousands of nadian dollars) : krooni): Goldi 225, 772 Gold and net foreign ex- (July) 2 Sterling and United States ex- change 47, 846 45,168 change 49, 532 31, 796 38, 429 57, 467 Loans and discounts 57, 399 52, 086 Canadian Gov't. securities: Other assets 47, 437 32, 671 2 years or less 457, 368 439, 501448, 440 159, 096 Note circulation 88, 492 64, 496 Over 2 years 122, 426 132, 762 127, 323 53, 031 Demand deposits 28, 285 35, 610 Other assets 24, 783 c20, 686 12, 386 5,748 Other liabilities 35,905 29, 819 Note circulation. 352, 946 343, 503359, 949 208, 817 Bank of Greece (millions of drach- Deposits—Chartered banks 213,073 225, 556 217, 738210, 526 mas): (Nov.)* Dominion Gov't 57, 649 26, 821 10, 880 63, 787 Gold and foreign exchange (net).. 7,977 3,780 Other 7,058 8,624 9,515 4,728 Loans and discounts 16,076 12, 481 Other liabilities 23, 384 20, 241 28, 496 13, 255 Government obligations 4,049 4,207 Central Bank of Chile (millions of Other assets 3,461 2,016 Note circulation 14,174 8,890 Gold 147 146 Deposits 14, 771 11,701 Discounts for member banks 216 60 Other liabilities 2,618 1,893 Loans to government 742 750 National Bank of Hungary (mil- Other loans and discounts 411 317 lions of pengo): Other assets 48 55 Gold 124 124 124 Note circulation 1,149 928 Foreign exchange reserve 36 35 75 Deposits— Discounts 692 710 599 Bank 160 144 Loans—To Treasury 573 570 314 Other 61 96 Other 50 51 23 Other liabilities 194 160 Other assets 373 353 309 Bank of the Republic of Colombia Note circulation 1,345 1,387 968 (thousands of pesos): Demand deposits 187 160 155 Gold 32,070 34,322 30, 616 41,188 Certificates of indebtedness 87 87 94 Foreign exchange -__ 16, 603 16, 325 12, 946 5,784 Other liabilities 229 210 228 Loans and discounts 21, 420 22,404 27, 200 17,318 Reserve Bank of India (millions of Government loans and seGurities. 57, 320 53, 779 49, 270 37, 453 rupees): Other assets 34, 036 32, 816 30, 668 32, 817 Issue department: Note circulation 59, 900 58, 708 62, 327 52, 334 Gold at home and abroad 444 444 Deposits 61, 740 56,487 51, 507 52, 428 Sterling securities 1,315 1,135 Other liabilities 39, 809 44, 450 36, 866 29, 797 Indian Gov't. securities 496 384 National Bank of Denmark (mil- Rupee coin 297 583 lions of kroner): Note circulation 2,412 2,395 Gold 113 115 Banking department: Foreign exchange 12 11 Notes of issue department. _. 139 150 Clearing accounts (net) 437 395 Balances abroad 572 201 Discounts 10 10 30 Treasury bills discounted 54 Loans—To Government agencies 17 18 111 Loans to Government 1 3 Other.... 55 71 330 Investments 67 86 Securities 154 157 207 Other assets 13 9 Other assets 552 516 94 Deposits 658 393 Note circulation 703 741 593 Other liabilities 134 110 Deposits 457 353 148 Bank of Japan (millions of yen): Other liabilities 190 197 156 Gold 501 501 501 Central Bank of Ecuador (thou- Special foreign exchange fund 300 300 300 sands of sucres): (Sept.)2 Discounts 377 787 385 Golds 56, 960 36,024 Loans—To Government 3 3 3 Foreign exchange (net) 14,840 1,284 Other 61 167 258 Loans and discounts 62, 781 60, 874 Government bonds 3,837 4,244 2, 429 Other assets 26, 185 19,979 Other assets 543 547 416 Note circulation 73, 328 63, 507 Note circulation 4,107 4,787 2,989 Demand deposits 46, 617 32, 295 Deposits—Government 1,010 1,130 847 Other liabilities 40, 821 22, 360 Other 118 173 84 National Bank of Egypt4 (thou- Other liabilities 386 458 373 sands of pounds): (Apr.)* Bank of Java (millions of guilders): Gold 6,544 6,544 Gold5 286 263 133 Foreign exchange 2,729 2,602 Foreign bills 18 18 19 Loans and discounts 8,141 9, 916 Loans and discounts 126 116 72 British, Egyptian, and other Other assets 117 137 101 Government securities 30,608 29, 568 Note circulation 210 205 194 Other assets 6, 995 6, 337 Deposits 301 292 102 Note circulation 25, 489 24, 627 Other liabilities 37 36 28 Deposi ts—Go vernment 2,392 3,393 Bank of Latvia (millions of lats): (July) 2 Other 18, 076 17, 791 Gold 72 71 Other liabilities 9,060 9,157 Foreign exchange reserve 29 30 Central Reserve Bank of El Salva- Loans and discounts 234 206 dor (thousands of colones): Other assets 45 49 Gold 13, 239 13, 222 Note circulation 123 106 Foreign exchange 1,557 5, 313 Deposits 204 189 Loans and discounts 2,751 1,742 Other liabilities 52 61 Government debt and securities. 6,795 4,936 Other assets 1,345 1,208 Note circulation 14,013 16, 358 Deposits 4,475 6,423 Other liabilities 7, 169 3, 641 c Corrected. 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. 21, 1940, at 0.4715 gram fine gold per guilder. APRIL 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Central Banks—Continued Central bank 1941 1940 Central bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Feb. Jan Dec. Feb. date of month) Feb. Jan Dec. Feb. Bank L N F G D O O o o o o o e t t h r h a p l f t e d e e n e o L i r r s g s c i i n l t a i a t i h r s s a n c e u s b d u e x a i l t c l n d s a i h i t i t a i s i a e o c n s n ( o m g u e n i . l t l . s . i o _ ns of litu _. ) _ : _ _ (Au 1 1 1 g 8 4 6 8 1 8 1 . 3 6 7 ) 7 1 2 1 1 1 1 8 3 5 6 6 6 1 6 4 3 2 7 0 3 S B o a k u n r t k N D F o O O G h n o e o t t o r h h A o p t l e e e e o r o d f i ) r r r f g s : . c i . i n c l a i t i a r s s a c S a n s b u s e w i s l R t l a e e i s e t t t d . s i i . s e o _ e e s n ( n r n v e e t ) ( B m a i n l k l _ i — o n s C on o _ t f _ . _ . 2 3 55 5 3 5 , , , , 3 7 4 6 0 5 6 6 9 7 8 7 9 4 1 4 1 6 3 2 5 5 3 3 4 , , , , 6 3 7 7 6 9 0 5 5 3 8 3 3 0 1 2 1 7 4 2 1 0 7 4 1 , , , , 4 4 3 5 2 7 8 8 4 8 0 0 5 1 5 3 1 0 Netherlands Bank (millions of guil- Domestic loans and investments. 850 739 745 de L N S F D G O rs i o o o o i t ) l s h r a v l t : e c d e e n e i o r r s g c 2 u n a ( i n r i s n c t b s s u c e i l t l l l s u a s t d i i o n n g su _ b _ sidia _ _ ry coin _ _ ) 1 1 , , 1 5 2 2 1 0 5 5 1 7 1 1 2 2 2 9 6 5 8 1 1 , , 0 1 2 1 1 4 8 5 1 4 4 2 6 2 9 1 Sw fr i a s N D F O O G n s o o e c t t o h h r s m t l N e e e e ) d i : r r a a 6 g c n t n l a i i d i r o s a c e s n b u d e x a i t l e c l l s a i p h t t o a i i B e o n s s n a i g t n e s k (millions of 1, 6 7 7 41 0 4 0 2 0 4 7 2 1 , , 8 9 1 4 7 4 9 7 0 2 3 8 9 0 3 3 6 2 2 1 , , 6 3 1 3 6 3 0 2 7 4 7 1 3 8 3 9 2 4 D O e th p e o r s i l t i s a — bil O G it t o i h e v e s e r - rnment _ 1 5 7 7 5 24 5 7 1 D L O o i t s h a c e n o r s u a n s t s s ets _ 2 2 4 1 7 5 8 4 2 64 7 5 9 4 1 Reserve Bank of New Zealand Note circulation.. _ 2,273 1, 991 (th S G o t o e u l r s d l a in n g d s e x o c f h p a o n u g n e d r s e ) s : erve _ 13 2 , , 8 3 0 5 2 9 12 2 , , 8 5 0 0 2 1 1 2 0 , , 8 8 0 4 2 3 Cent O O ra t t h h l e e r r B s l a i i n a g b k h i t l i l o t i i f a e b s t i h li e ti es Rep _ u __ b _ lic of 1, 2 1 5 7 8 8 8 64 4 1 3 A I N D O O n d o t t e d v h h v m t e e e e e a r s r r a t n c t a n m a c l i k d i r s e a c e i s s b n u d n e i g l t e t t l s a s s o i p t t o i i S e o s s n t it a s t e or _ _ _ S tate un- _ _ _ 2 2 23 1 3 2 6 1 , , , , , , 1 7 5 9 8 6 6 7 5 3 2 5 3 1 1 1 5 0 2 2 2 2 3 3 7 1 1 , , , , , , 1 7 4 0 1 6 6 7 0 2 8 6 7 1 7 0 5 7 2 2 1 6 2 3 3 8 , , , , , 3 3 5 0 3 5 2 6 1 5 5 2 6 1 5 3 6 9 Tu L S F O G r e o o o t k c h r a l e u e d e n I y i r r n s g i ( t n a a i c t s e h n l s E s e o d e a x u t r s d c s in i h a s g n a c n d o a s g u c e n c o — o t f s u p F n o r ts u ee n . d .. s ): _ _ . 3 1 1 3 3 9 7 1 0 2 3 9 0 , , , , , 0 1 9 7 7 6 4 2 7 0 4 2 6 5 5 2 1 1 3 3 2 9 1 7 9 9 4 1 , , , , , 6 8 3 9 7 9 5 4 6 2 9 5 0 7 5 6 Ba k n r k G F o n o o e r l e d r o i ) f g : n a N s o s r e w ts ay (millions o _ f _ (Ma 1 1 r 8 0 .) 6 2 1 186 N D O e o th p te e o r s c i l i t i r s a c — b u i l l G a O i t t o t i i h e o ld s n er 4 1 1 7 1 1 3 5 4 8 7 , , , , 9 8 3 5 5 2 1 2 5 6 1 1 3 1 1 6 4 0 2 9 2 , , , " 0 2 2 4 8 6 2 8 0 T N O D O o o t t e s h h t e m t a e e e c D L S l r r a u e o c i n r l a c s i a i i d r s c u t a n d c i s o r b s e o u e i d u s i t m l t l i e s n a i e p e t t t s i i s s o e o t s s n i i c t s— _ c O G _ re t o d h v i e t _ e r s r nm an en d _ t- . ( 4 ) 5 1 3 9 1 9 5 9 2 4 2 5 1 1 4 9 5 8 7 7 1 0 1 0 4 2 1 5 9 4 7 2 Ba ( n th k I B s o a s u o u n s f e N k N A G G a i n t o o d o o d e n h d l t v t l g r e d e e s d e n a p s 7 m n c d a o a R a c i r e n f e r e n t p e d c n p m s d p u a t e s u r e l t s c i b o a t l n b o o m o t v l t s i i S d e : i n o ) e c r t : i n n a es t t o e : f a U nd _ r u g g o u v a - y ( 4 8 4 9 5 N 3 0 6 7 2 o , , , , , v 6 7 7 2 7 . 0 3 0 3 4 ) 7 8 9 5 5 i 8 4 9 2 3 6 1 4 , , , , 3 8 4 2 7 0 5 3 0 9 4 5 Ce ( n th t N D D O G O G r o a e o o t i t o u h s h l p l t v s c d e e e o e a o r r s r n c a R u i n l a i d n t n i r e s s m a s d c t s s s b u e e e o f i r l t n o l f s a v i t r t t s e e i i o l i e o o g l s n e a n B s n ) s e a : x n c k h an o g f e Peru 1 1 ( 2 3 5 2 5 1 3 N 8 8 5 2 4 2 0 , , , o , , , , 9 1 4 1 6 5 v 2 2 0 4 8 8 2 4 . 0 2 0 5 7 ) 5 5 i 1 1 0 2 5 3 1 1 5 3 4 0 8 8 6 , , , , , , , 5 2 9 1 0 6 6 8 2 1 5 5 8 8 9 6 7 3 2 7 9 Na Y ti u L G F o g n o o o o a r a l s e d l n l D O O O i a s g v e t t t B n h h h a i p a a e e e n o e n r r r d s x ( k i m l l a c t d o i s s h a i a i o s l a b s n e l f n c i i s t o l s o g t i n a e u h ti s n n e e d t o s s . K f d d i i n i s n g c d a o r o u s m n ): ts o . _ f .. . 2 1 9 9 0 1 7 0 6 9 2 1 , , , , , , 7 7 1 8 5 3 7 2 4 2 0 7 5 8 6 0 2 7 7 5 7 8 2 1 1 0 9 2 1 6 7 7 2 1 1 , , , , , , 9 8 0 4 4 6 4 8 0 3 8 0 5 0 8 9 4 2 1 7 2 N S B o a a l s e u i t n a s o i t N N c N D O O F L G n G S L S G G G O O O O O k o n h u d n p p o o o s o o o o t t o t t e o o o t t t d s e e h h a h h r h h h a a l n l A m t t v l v o e d o d c c e l e e e e e n e e e d n o - o e e f i f i i s r r r r r r r a s * s r f g r a a f r r c c ) e l n i l l n B n r n : s a l l b a i e i a a c s p d i e i r r i s s m m i i l a e a e a n a n g c c o s P l ) s b o s n x r b n l b d : d e u u h e d e e u e i s o a v c i k r l i t t l l t n e n n n r l e l s l d v d s h a a R a i s t p t t i s l d t t e i a t i u t n i e o e i i s i o s s s i 5 a n d d o e d g o x s c c e s f ) b g s e n e e n a c : i o ( o s l i e t b b r l h n . u o s l u R . t v t i a e a n a n t e n u i _ t n c t t e ) s s ( g m s _ c s B m e o a a u i n l n n _ _ l k i i t a o s _ n ( s ( t h m o i o u l _ f - - _ . . 45 2 , , 6 4 5 0 7 8 3 5 2 ( ( 3 2 6 4 1 1 1 N N 2 4 5 2 1 5 5 6 9 1 1 1 1 1 1 3 , , , , , , , o , o , , , , , , , , 2 0 2 0 0 1 7 8 9 1 4 6 0 5 4 7 7 7 v v 3 2 5 3 0 4 3 9 5 6 4 8 2 5 4 8 6 6 4 7 2 8 6 2 . . 2 9 2 3 3 2 8 4 6 2 4 1 9 5 ) ) 6 5 1 1 5 6 7 i i 2 2 4 3 1 1 1 1 0 2 1 2 4 1 1 1 5 5 7 8 1 0 0 , , , , , , , , , , , , , , , 2 0 0 3 0 9 5 0 0 7 9 4 4 9 2 8 8 3 4 1 6 3 5 3 8 7 9 4 9 5 6 4 9 2 6 5 9 6 1 9 7 6 4 2 3 6 3 0 5 5 9 7 1 3 1 8 6 9 7 0 0 3 1 Ba f m n ra e k N N T G O O O C S R G S D L S O O n n i h u i o a e a o o t t t o e t t c a a c g c t m h h h h h s o n d n t l t m s v s c n u o h d i h e e e e e e f 9 r g i d e c C O c e o t r u ) o r r r s t r r a r - o r e : r c n - i ( c n f e r f t y n e t c o s n n l s t u a a l i t u h u a e o n t i d n e o i r h i n s m s n l a s n e r n a g u c b t ( b r c u s s o m t . r b r m b d a d u h n i e d a e i e d - n u a h I l i t s e i s - t l w t r t n t e e l t l l l n s s a a s s s a s i c i t f p d l a a i t t t a ) n t e b o i t o i i e : b e i a n t t d n d a h d e o s l e r p s a n e d t s s b s i n i e e n i ) o n s e n d n b t i p a b b a s s k l t t a o i n t i e i e i b t s o n l i n t t s ( r r d . i l o s i g f i k e l s e v . e : n t . l f o s s s s s e o s o a a t t l S S s . r d n l n . w t p ) _ d m e o i ( c s c v a e w s u S i c n a a n r e c r l t r g s t i e e o a t a o p l n c u c l e t t d - s - - - _ 2 2 1 1 4 3 4 2 2 2 4 1 3 1 9 5 5 2 5 1 9 3 3 6 2 3 1 8 2 4 3 2 , , , , , , , , , , , , , , , , , 5 9 7 3 1 8 0 0 3 1 8 8 2 3 5 6 0 6 4 3 5 0 5 6 7 6 9 4 3 4 1 6 8 5 0 1 1 1 6 6 3 0 7 4 4 0 8 0 0 8 8 0 1 4 2 1 2 1 2 2 2 6 2 1 1 1 9 1 9 2 0 0 0 3 8 9 2 8 3 2 2 1 2 1 2 , , , , , , , , , , , , , , , , , 9 1 0 1 5 5 1 6 9 1 0 3 0 2 3 4 6 6 1 9 1 7 7 1 9 0 5 9 7 9 1 2 7 9 4 2 1 0 2 3 2 9 2 8 2 0 6 7 5 6 2 7 4 2 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 available • Gold revalued May 19,1940, at 0.0043 gram fine gold per leu. 6 Agricultural and urban loans in process of liquidation. • Gold revalued May 31, 1940, at 0.2053 gram fine sold per franc. 7 Additional foreign gold reserves first reported in July 1940. 8 Includes advances to State and government bodies. • See BULLETIN for December 1936, p. 1025. 372 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 t m g ed - France m G C a e n e r n - y tra g l B i b u e a m l- nk o N l f a — e e n r t d - h s - S d w e e n - S l z a w e n i r d t - - b C an e k n tr o a f— l M R 3 a a 1 t r e . ef D fe a ct t i e ve b C an e k n tr of a — ? M R 3 a a 1 t r e . ef D fec a t t i e ve Albania Mar. 21,1940 Japan 3.29 Apr. 7,1936 In effect Sept. 15, Argentina... Mar. 1,1936 Java 3 Jan. 14,1937 1936 2 3 4 2 3 23^ 2 Belgium 2 Jan. 25,1940 Latvia 5 Feb. 17,1940 Sept. 25 5 Bohemia and Lithuania ... 6 July 15,1939 Oct. 2 3 Moravia Oct. 1, 1940 Mexico. __ _4C Jan. 2,1941 Oct. 9 Oct. 16 2 2 Oct. 20 2K Nov 26 IY2 Bolivia Aug. 9,1938 Netherlands 3 Aug. 29,1939 Dec. 3 2 British India- 3 2 Nov. 28,1935 New Zea- Jan 28, 1937 4 Bulgaria 5 Dec. 1, 1940 land 2 May 27,1940 June 15 6 Canada Mar. 11,1935 Norway 3 May 13,1940 July 7 5 Chile Dec. 16,1936 Peru 5 Aug. 1,1940 Aug. 4 4 Colombia 4 July 18,1933 Portugal.. _ 4 Mar. 31, 1941 Sept. 3 33^ Nov. 13 3 May 10, 1938 4 May 13 _ 2^ Denmark. _ 4 Oct. 16,1940 Rumania 3 Sept. 12,1940 May 30 3 Ecuador 7 May 26,1938 South Africa May 15,1933 Sept. 28 3 El Salvador._ 3 Mar. 30,1939 Spain _ 4 1 Mar. 29,1939 Oct 27 2Y2 Estonia Oct. 1,1935 Sweden 3H May 17,1940 Nov. 25 Finland 4 Dec. 3,1934 Switzerland _ Nov. 26,1936 Jan. 4, 1939 2 Apr. 17 4 May 11 3 July 6 23^ France Mar. 17, 1941 Turkey 4 July 1,1938 Aug. 24 4 Germany Apr. 9,1940 United King- Aug. 29 3 Greece 6 2 Jan. 4,1937 dom 2 Oct. 26,1939 Sept. 28 3 Hungary. 3 Oct. 22,1940 U. S. S. R... 4 July 1,1936 Oct. 26 2 Italy... 43^ May 18,1936 Yugoslavia _ 5 Feb. 1,1935 Dec. 15 3 Jan. 25, 1940 2 Apr. 9 ZA c Corrected. May 17 SA 1 Not officially confirmed. Mar. 17, 1941 Changes since Feb. 28: France—Mar. 17, down fiom2 to \% per cent; In effect Mar. 31, Portugal—Mar. 31, down from 4-434 to 4 per cent. 1941 2 IK VA 2 3 VA OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Switzerland Month ac B 3 c a e m n p k o ta e n n r t s h c ' e s s 3 T r m e b a i o l s n ls u t r h y s Da m y o -t n o e - y day o a B n l l 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 d P is r r c i a v o t a e u t n e t 1 M m o fo n o r e n y th m u L p o o n a to n th s 3 s d P is r r c i a v o t a e u t n e t 1929—Jan. 4.32 4.29 3.41 2M 5.80 5.13 4.20 4.46 4Y2-GY2 3.28 1930—Jan 4.07 4.04 3.62 3 6.33 6.03 2.99 2.85 4^-6 2.97 1931—Jan 2.25 2.24 1.74 1 4.75 4.93 1.38 1.55 SY2-5Y2 1.17 1932—Jan 5.52 4.94 4.20 4 6.94 7.86 2.24 2.37 6-7H 1.68 1933—Jan .87 .76 .73 Vi 3.87 4.98 .37 1.00 3K-5H 1.50 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 4 3 6 4 5 7 8 0 9 — — — — — — — J J J J J J J a a a a a a a n n n n n n n.... 1 1 . . . . . . . 3 5 5 5 5 1 0 6 6 4 6 5 0 1 1 . . . . . . . 2 5 9 5 5 5 0 6 4 0 3 3 1 9 1 . . . . . . . 8 7 7 6 7 7 0 6 5 5 6 5 5 2 X H Y A V Y Y A i i i * 3 3 3 3 2 2 2 . . . . . . . 0 0 5 5 8 8 8 0 0 1 0 7 8 8 4 2 2 3 2 2 2 . . . . . . . 7 8 4 9 5 0 8 4 2 6 8 4 3 1 2 1 . . . . . . . 5 5 5 1 8 1 2 0 9 2 3 5 3 1 2 1 1 2 1 . . . . . . . 0 0 5 2 0 5 6 0 0 0 9 1 0 4 2 2 2 2 V y 3 K ^ A 2 3 ^ - - r - - - 4 5 5 b 5 5 y2 2 1 1 1 1 1 1 . . . . . . . 4 5 5 0 0 2 2 8 0 0 0 0 5 5 1940-Feb 1.04 1.02 1.00 H 2.50 2.08 1.58 2.50 3-5 1.25 M Ap a r r _ _ 1 1 . . 0 0 3 3 1 1 . .0 0 2 3 1 . . 9 0 9 0 X) 2 2 . . 5 3 0 8 2 1 . .9 1 0 6 1 1 . . 3 6 5 8 2 2 . . 4 7 9 5 3 3 - - 5 5 1 1 . . 2 2 5 5 May __ 1.03 1.02 1.00 2.38 1.98 12.20 i 3.21 33^-5K 1.41 June _- 1.03 1.02 1.00 72 2.38 1.98 (2) (2) 3H-5H 1.50 July 1.03 1.02 1.00 Yl 2.38 1.73 (2) 2.83 3^-53^ 1.50 N D A S O e o e u c p c t v g t _ 1 1 1 1 1 . . . . . 0 0 0 0 0 3 3 3 3 3 1 1 1 1 1 . . . . . 0 0 0 0 0 2 2 2 3 1 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 Y X X V A A 2 A A i 2 2 2 2 2 . . . . . 3 2 2 2 2 1 5 5 5 5 2 1 1 1 1 . . . . . 8 9 9 7 0 7 3 5 7 3 2 2 2 2 ( . . . . 2 2 2 2 2) 5 5 5 5 3 2 2 2 2 . . . . . 0 7 7 6 7 0 5 5 8 5 Z 3 3 V Y J Y A ^ 2 2 - - - V - 5 5 V A K A /2 1 1 1 1 1 . . . . . 5 5 3 2 2 0 0 1 5 5 1941—Jan 1.03 1.01 1.00 Vi Yi 1 Figures are for period May 1-9, inclusive. 2 No figures available. NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. APRIL 1941 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS United Kingdom l Assets Liabilities (Fi p g o u u re n s d s i n s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s o l h n l t o e i a c y r n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p s u t i s r t y 2 Se t c ie u s ri- Loa e n rs s to a O s t s h e e ts r Total ||D D e e m po a s n it d s 3 Time 3 lia O b t i h li e t r ies 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 1Q34 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 5 1936 December 244 195 322 660 890 249 2,315 1,288 1,012 245 1Q37 December 244 163 300 635 984 256 2,330 1,284 1,026 252 1938 December 243 160 250 635 971 263 2,254 1,256 997 269 1939—December 274 174 334 609 1015 290 2,441 1,398 1,043 256 1940—February 247 149 353 609 1007 259 2,366 1,347 1,019 258 March 249 142 336 611 1014 273 2,363 1 355 1 008 260 April 254 153 338 618 991 260 2,354 1,351 1,003 261 M!ay 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 9?7 255 2,481 1,486 995 260 September 288 144 401 92 697 948 287 2,597 1,570 1,027 260 October ... 270 137 373 180 723 948 ?84 2,661 1,635 1,026 254 November 285 140 339 236 743 941 274 2,702 1,671 1,031 256 December.. .. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—January 279 131 269 341 789 926 269 2,757 1,729 1,027 247 Asset3 Liabilities5 Security Deposits payable in Can- Canada Entirely in Canada a l b o r a o n a s d ada exclu d d e in p g o si i t n s terbank fig (1 u 0 r e c s h i a n r t m er i e ll d i o b n a s n o k f s . C a E na n d d i*i o n f d m ol o l n ar t s h ) Cash Security O lo t a h n e s r an f d r d o u m e net Se ti c e u s ri- a O s t s h e e ts r ci N t r i c o o u n t l e a- l O ia ti t b e h i s e li r reserves loans and dis- foreign Total Demand Time counts banks 1932—December 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December 197 106 1,036 134 861 43? 1,920 563 1,357 725 1934—December 228 103 977 155 967 449 24 2,035 628 1,407 718 ig35—December 228 83 945 141 1,155 485 11 2,180 694 1,486 745 1936—D ecemb er 240 114 791 161 1,384 507 03 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—D ecember 292 53 1,088 132 1,646 490 85 2,774 1,033 1,741 842 1940—February 273 57 1,104 140 1,638 476 86 2,772 1,113 1,659 829 March 265 52 1,115 166 1,599 451 88 2,724 1,063 1,661 836 April 281 54 1,072 180 1,592 488 84 2,743 1,071 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 1,583 469 93 2,706 1,098 1,609 814 July 277 39 1,053 166 1,576 454 89 2,674 1,062 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 October 310 41 1,138 177 1,520 467 88 2,778 1,178 1,600 786 November 313 41 1,128 174 1,513 457 88 2,758 1,132 1,626 781 December 323 40 1,108 159 1,531 511 80 2,805 1,163 1,641 788 1941—January 312 36 1,092 164 1,677 465 79 2,873 1,205 1,668 794 Assets Liabilities Deposits (4 large b in a n m k i s l . l io E n n s d o o f f f r m an o c n s t ) h figures re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total Demand Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es 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 28484 27, 955 529 473 4,289 1937—December. . . 3,403 4,116 18, 249 7,624 2,134 30348 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—D ecember 4,599 3,765 29, 546 7,546 2,440 42, 443 41, 872 571 844 4,609 1940—January 4,066 4,080 29, 8C8 7,756 1,745 42, 850 42, 302 548 938 3,667 February 4,293 3,993 30, 810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March 6. __ . 4,110 3,920 34,123 7,499 1,961 46, 608 46, 064 544 1,105 3,901 1 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. 2 Kepresents six-month loans to the Treasury at 1% per cent, callable by the banks in emergency under discount at the bank rate. 3 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 all 11 banks—see footnote 5. 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. ( June 1935, pp. 388-390; and October 1933, pp. 641-646. 374 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) B O r f a fi z c i i l a 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 ll e a e r) Of C f h ic i i l a e l ( E pe x s p o o ) rt S C ( h y h h a a u i n i n a ) g n a - C (p o b e l i s o a o m ) - ( C s k l z o o e v r c u a h n k o a i - 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 18.424 8. 2947 36. 964 1. 2951 99. 493 5. 36. 571 56.011 4.1642 1936_. 33.137 395. 94 16.917 8.5681 5. 8788 37. 523 1. 2958 99.913 5.1240 29. 751 57. 083 4.0078 1937.. 32.959 393. 94 16. 876 8.6437 6.1983 37. 326 1. 2846 100.004 5.1697 4.0000 29. 606 56. 726 3. 4930 1938.. 32. 597 389. 55 16. 894 5. 8438 36. 592 1. 2424 99. 419 5.1716 4.0000 21. 360 55. 953 3.4674 1939.. 30.850 353. 38 16. 852 6. 0027 5.1248 33. 279 1.2111 96.018 5.1727 4.0000 11. 879 57.061 3. 4252 1940. 29. 773 322.80 305.16 16. 880 6.0562 5. 0214 30.155 90.909 85.141 5.1668 4.0000 6.000 57.085 1940-Mar.. 29.773 299.50 16.980 6. 0574 5.0269 30.179 90.909 82. 883 5.1650 4.0000 6.409 57.130 April.... 29. 773 322. 80 280.90 16.891 6.0576 5.0291 30.198 90. 909 84. 238 5.1649 4.0000 5.992 56.990 May 29. 773 322. 80 260.80 16. 736 6.0488 5.0232 30.120 90.909 80.970 5.1670 4.0000 5.083 57.046 June 29. 773 322.80 287.04 6. 0527 5.0329 30.106 90.909 80.072 5.1678 4.0000 5.760 57. 220 July 29. 773 322. 80 303.11 6. 0575 5. 0259 30.149 90. 909 86.924 5.1678 4.0000 6.048 57.096 Aug 29.773 322.80 317.02 6.0575 5. 0219 30.132 90. 909 86. 865 5.1680 4.0000 5.476 56. 985 Sept 29.773 322.80 321. 47 6. 0574 5. 0107 30.162 90. 909 85. 469 5.1680 4.0000 5.206 56. 985 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 Nov 29.773 322. 80 321. 57 6.0575 5.0156 30.166 90. 909 86. 922 5.1663 4.0000 5.845 57. 000 Dec 29.773 322.80 321.50 6.0575 5.0169 30.178 90. 909 86. 563 5.1665 4.0000 5.690 57.132 1941—Jan 29. 773 322. 80 321. 50 6. 0575 5.0560 30.148 90. 909 84. 801 5.1674 4.0000 5.391 57.146 Feb 29. 773 322.80 321.11 6. 0575 5. 0604 30.140 90. 909 83. 687 5.1663 4. 0000 5.424 56.987 Year or month (k m D ro a e n r n k e - ) (p E o g u y n p d t ) (m l F k a i a a n n r ) - d k- F (f r r a an n c c ) e ( m m r G e a a i e r c n r k h y - ) s- G (d m r r e a a e ) c c h e - (d H K o o o ll n n a g g r) (p H g e a u n r g n y o - ) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l u e a t i n l h d d e e s r r - ) Z (p e N o a e l u a w n n d d ) N (k o r r o w n a e) y 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 1940.. 19. 308 1. 8710 2.0827 40.021 .6715 22.958 18. 475 5.0407 23. 436 18. 546 53.128 306. 38 22. 709 1940— Mar 19. 311 1. 5252 2.1296 40.114 .7007 23. 247 17. 592 5.0470 23. 438 16. 652 53.101 300. 72 22. 712 April 19. 307 1. 7743 1. 9980 40.115 .6546 21. 834 17. 586 5.0452 23. 438 16. 656 53.082 282.05 22. 707 May 1. 8961 1. 8516 40.025 .6270 20. 288 17. 582 5.0426 23. 438 16. 654 53.079 261.87 June 1.9776 2.0052 39. 965 .6529 22. 388 17. 591 5.0361 23. 432 18. 365 288.19 July 1.9643 39.978 .6654 23. 582 18. 481 5.0323 23. 432 19.913 304. 32 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 .6602 23.077 19. 364 5. 0389 23. 439 20. 331 322. 55 Nov _ 1. 9482 39. 983 23. 396 19. 505 5.0396 23. 439 20. 400 322. 82 Dec 1.9472 39. 982 23. 585 19. 770 5.0439 23. 439 20. 448 322. 75 1941—Jan.. 2.0104 39. 979 23.648 19. 770 5. 0432 23.439 20. 504 322. 75 Feb.. 2.0101 39. 969 24.142 19. 770 5.0422 23. 439 20. 524 322. 36 United Kingdom Uruguay Year or month P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- (p S A o o f u r u i n t c h d a ) (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) ( S k d r w o en e n - a) ( e S f r w r l a a i n t n c z d ) - ( T po u u rk n e d y ) Offic ( i p a o l und) Free tr C o o ll n e - d (pe N so t o r ) o n l - l c e o d n- ( s Y d l i a u n v g a i o a r - ) 1933 14. 414 3.9165 .7795 414. 98 10. 719 49. 232 22. 032 24.836 60. 440 423. 68 60.336 1.7607 1934 18. 846 4. 6089 1.0006 498. 29 13. 615 59.005 25. 982 32. 366 79. 047 503. 93 79. 956 2.2719 1935 18. 882 4. 4575 .9277 484. 66 13.678 57.173 25. 271 32. 497 80. 312 490.18 80. 251 2. 2837 1936 _ _ 18. 875 4. 5130 .7382 491. 65 12. 314 58. 258 25. 626 30.189 80. 357 497.09 79. 874 2. 2965 1937 18.923 4. 4792 .7294 489. 62 6.053 57.973 25. 487 22. 938 80.130 494. 40 79. 072 2. 3060 1938 18. 860 4. 4267 .7325 484.16 5.600 56. 917 25.197 22. 871 80.109 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 1940....: 3.7110 397. 99 9.322 46.979 23. 802 22. 676 403. 50 383.00 65.830 37. 601 2. 2463 1940—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 .2650 398. 00 9.130 47.119 23. 791 22. 253 403. 50 327. 36 65.830 38.603 2. 2473 June 3. 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 Nov 3. 9849 398.00 9.131 47.100 23.818 23. 202 403. 50 403. 56 65. 830 38. 994 2. 2409 Dec 3. 9915 398. 00 9.132 47.100 23.824 23. 201 403. 50 403. 50 65. 830 39. 480 2. 2407 1941—Jan... 398. 00 9.130 47.089 23. 826 23. 220 403. 50 403. 42 65.830 39. 491 2. 2397 Feb.. 4. 0069 398.00 9.130 47. 094 23. 829 23. 217 403. 50 402. 97 65. 830 NOTE.—Developments affecting averages during 1941: No rates certified: Yugoslavia—since Jan. 28. Changes in nominal status (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations prior to 1941, see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. APRIL 1941 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1923=100) 1900=100) =100) (1935=100) =100) 1926 100 100 i124 695 134 237 106 i 126 144 1930 86 87 100 554 125 85 181 90 i 103 126 1931 73 72 88 500 111 75 153 76 i 94 110 1932 65 67 86 427 97 70 161 65 192 96 1933 66 67 86 398 93 63 180 63 190 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 95 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 . _ 77 75 103 2 681 107 3 97 278 74 115 111 1940 79 83 137 110 311 4 88 146 143 1940—February 79 83 128 108 317 88 138 130 March 78 83 129 109 312 88 140 132 April 79 83 132 110 314 88 141 134 May 78 82 134 110 312 89 142 135 June 78 82 134 110 308 143 139 July 78 82 140 111 306 146 141 August 77 83 140 111 306 146 146 September _ 78 83 141 111 308 148 152 October 79 83 143 111 310 154 156 November 80 84 147 111 310 158 161 80 84 r149 111 312 159 164 1941—January 81 85 150 111 313 162 February 81 85 153 112 317 p Preliminary. »• Revised. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months. 5 No data available since May 1940. Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United State United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month Indus- Farm Foods co O m th m e o r d- Foods In tr d i u a s l - an F d a r f m ood In tr d i u a s l - A t g u ri r c a u l l- Provi- a tr n i d a l s r e a m w i- tr I i n a d l u f s i - nproducts ities products products products products sions finished ished products products 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 94 126 1939 _ 65 70 81 97 106 1653 1 707 108 1 93 95 126 1940 68 71 83 133 138 111 99 129 1940—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 82 140 142 111 99 131 October.. 66 71 84 143 142 110 99 131 November 68 73 84 143 149 111 99 131 December 70 74 84 145 150 Ill- 100 131 1941—January 72 74 84 145 152 Ill 100 132 February 70 74 84 111 100 133 r Revised. 1 Average based on figures for 8 months. 8 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Price Movements—Continued RETAIL FOOD PRICES COST OF LIVINCi [Index numbers] [Index numbers] Y m e o a n r t o h r ( U S = 1 n t 9 1 a i 3 0 t t 5 0) e e - s d 39 ( U J K = u d n 1 i l i o 0 n m y t 0 l g ) - ed 914 ( F J = u r 1 l a 0 y n 0 l ) c 9 e 14 ( m = 1 G 9 1 a 1 e 0 n 3 r y 0 - ) -14 N ( = l 1 e 1 a 9 t 1 0 n h 1 0 d e ) s - r 1 - 3 (J S e = u w r 1 n l i 0 e a t 0 l ) n z 9 - d 14 Y m e o a n r t o h r ( U = S 1 n t 1 9 a i 3 0 t t 5 0) e - e s d 39 (J U K = u d n i l i o y n m 1 t l g 0 - e 9 d 0) 14 F = ( r 1 1 a 0 9 n 0 3 ) 0 ce ( = m 1 G 9 1 a e 1 0 n 3 r- y 0) -14 N ( = l 1 e a 1 9 t 1 n 0 h 1 0 d e ) s - r 1 - 3 1932 87 126 536 116 119 125 1932 98 144 91 121 141 1933 84 120 491 113 120 117 1933 92 140 87 118 139 1934 94 122 481 118 124 115 1934 96 141 83 121 140 1935 100 125 423 120 118 114 1935 98 143 78 123 136 1936 101 130 470 122 120 120 1936 99 147 86 125 i 132 1937 105 139 601 122 127 130 1937 103 154 102 125 137 1938 98 141 702 122 130 130 1938 101 156 117 126 139 1939 95 141 2 742 123 130 132 1939 99 158 3 122 126 140 1940 97 164 128 4 140 146 1940 100 184 130 1940-February 97 161 124 140 139 1940-February 177 127 March 96 161 126 141 140 March 100 179 129 April. 96 158 127 (6) 142 April 178 129 May 97 159 129 143 May 180 130 June. 98 158 129 145 June 101 181 131 July 97 168 131 145 Julv 187 132 August ... 96 164 133 146 August 185 133 September 97 166 130 149 September 100 187 132 October. __ 96 169 127 152 October 100 189 130 November 96 172 126 157 November 100 192 130 December 97 173 127 158 December 101 195 131 1941-January. ' 98 172 1941-January___ 101 196 132 February . 98 February 101 197 00 OOOC Switz- erland (Junel914 =100) 138 131 129 128 130 137 137 138 151 145 145 149 147 149 148 150 151 151 153 157 159 160 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations; no data available since May 1939, when figure was 123. 4 Average based on figures for 3 months. 5 Average based on figures for 5 months. 6 No data available since March 1940. 7 No data available since May 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 ( p U a S r v n t i e c a i r e t t a e e ) g d s i e ( 1 K D 9 U i 2 e n n 1 c i g = e t d 1 m ed o 0 m b 0 e ) r (1 F 9 r 1 a 3= n 1 ce 00) G (a e p v r r e m i r c a a e g n ) y e 2 N l e a t n h ds er 3 - U S n ta it te e s d K U in ni g t d ed ( om 1926=10 F 0 r ) ance Germany (1 N 9 l e 3 a t 0 n h = d e s 1 r 0 - 0) Number of issues.. 60 87 36 2 139 8 420 278 300 100 1926 97.6 110.0 57 4 100 0 100 0 100 0 100.0 1932 69.5 113.2 88.6 4 67.1 94.8 48.6 67.9 105.2 4 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 <*95.1 107.8 78.3 86.3 79.7 82.9 55 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66 1937 93.4 124.6 75.1 98.7 3 101.8 111.8 96.3 97.4 102.6 104 1938 78.9 121.3 77.3 99.9 105.9 83.3 80.8 89.7 100.1 96 1939 81.6 112.3 6 84.9 99.0 90.9 89.2 75.9 6 98.2 94.1 90 1940 82.0 118.3 100 7 83 6 70 8 114.6 1940—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 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 94.3 October 83.6 119 2 101.7 80.7 81.4 68.1 125.1 104.1 November.. 83.9 119.9 101.9 82.1 70 2 127.7 December 84.0 121.0 101 4 80 4 70 2 128 0 1941—January 85.3 122.2 80.5 71.8 February 84.5 75.9 c Corrected. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at \y2 per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning Jan. 1937, Jan.-Mar. 1937=100; average yield in base period was 3.39 per cent. 4 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 5 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 8 months; no data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively. 7 No data available May-September. 8 No data available May-August. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. APRIL 1941 377 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 LlSTON 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 CHAS. E. SPENCER, JR. ALLAN SPROUL, Vice Chairman New York District GEORGE L. HARRISON CHESTER C. DAVIS Vice President ERNEST G. DRAPER Philadelphia District WILLIAM F. KURTZ M. J. FLEMING Cleveland District B. G. HUNTINGTON HUGH LEACH Richmond District ROBERT M. HANES JOHN K. MCKEE Atlanta District RYBURN G. CLAY JOHN N. PEYTON RONALD RANSOM Chicago District EDWARD E. BROWN President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District LYMAN E. WAKEFIELD CHESTER MORRILL, Secretary Kansas City District W. DALE CLARK S. R. CARPENTER, Assistant Secretary Dallas District R. E. HARDING WALTER WYATT, General Counsel San Francisco District PAUL S. DICK J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 378 FEDERAL RESERVE BULLETIN 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.. R. A. Young.. W. W. Paddock.. William Willed New York. Beardsley RumL. Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia Thomas B. McCabe.-. Alfred H. Williams John S. Sinclair. Frank J. Drinnen. W. J. Davis E. C. Hill C. A. Mcllhenny l Cleveland Geo. C. Brainard R. E. Klages, M. J. Fleming. F. J. Zurlinden.. Wm. H. Fletcher R. B. Hays W. F. Taylor 2 G. H. Wagner Richmond Robt. Lassiter W. G. Wysor Hugh Leach.. J. S. Walden, Jr., J. G. Fry Geo. H. Keesee l Atlanta Frank H. Neely J. F. Porter W. S. McLarin, Jr.. Malcolm H. Bryan H. F. Conniff Chicago F. J. Lewis. Clifford V. Gregory. C. S. Young H. P. Preston J. H. Dillard St. Louis Wm. T. Nardin.. Oscar Johnston Chester C. Davis* _ F. Guy Hitt 0. M. Attebery CM. Stewart 1 Minneapolis W. C. Coffey..... Roger B. Shepard... J. N. Peyton O. S. Powell.. E. W. Swanson Harry I. Ziemer 2 Kansas City. R. B. Caldwell. J. J. Thomas.. H. G. Leedy.. J. W. Helm 2 Dallas J. H. Merritt.... Jay Taylor R. R. Gilbert.. E. B. Stroud.. R. B. Coleman W. J. Evans W. O. Ford 1 San Francisco R. C. Force St. George Holden Wm. A. Day Ira Clerk. C. E. Earhart * W. M. Hale R. B. West * Effective April 16, 1941. 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of — Managing Director New York: Minneapolis: Buffalo Branch R. M. O'Hara Helena Branch R. E. Towie Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch _. _ _ _P. A. Brown Denver Branch _ Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch ._ W. R. Milford Omaha Branch. .__ L. H. Earhart Charlotte Branch _ _ W. T. Clements Atlanta: Birmingham Branch P. L. T. Beavers Dallas: Jacksonville Branch Geo. S. Vardeman, Jr. El Paso Branch J. L. Hermann Nashville Branch Joel B. Fort, Jr. Houston Branch W. D. Gentry New Orleans Branch L. M. Clark San Antonio Branch _ _ M. Crump Chicago: Detroit Branch _ H. J. Chalfont San Francisco: St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch. _ . W. H. Glasgow Seattle Branch C. R. Shaw APRIL 1941 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Copies of the publications and releases listed below may be obtained from the Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES DAILY National Summary of Business Conditions. Released about the 18th of the month. Foreign Exchange Rates (for previous day). Business Indexes. Released about the 18th of the WEEKLY month. Bank Debits—Debits to Deposit Accounts, except Monday: Inter-bank Accounts. Released between the 6th Condition of Reporting Member Banks in Leadand 12th of the month. ing Cities. Foreign Exchange Rates. Released about the 1st Bank Debits—Debits to Deposit Accounts, except of the month. Inter-bank Accounts Tuesday: Department Store Sales—Percentage Changes by Money Rates—Open-Market Rates in New York Federal Reserve Districts and by Cities. Re- City. (Also monthly). leased about the 22nd of the month. Thursday: Department Store Sales—Percentage Changes by Condition of the Federal Reserve Banks. Departments. Released about the end of the Condition of Reporting Member Banks in Central month. Reserve Cities. (Also included in statement QUARTERLY of Condition of Reporting Member Banks in Member Bank Call Report. Released about two Leading Cities, released on following Monday). months after call date. Department Store Sales—Index for United States and Percentage Changes by Federal Reserve SEMI-ANNUALLY Districts. Federal Reserve "Par List" (Banks upon which checks will be received by Federal Reserve Banks for collection and credit). Released in January MONTHLY and July, with monthly supplements about the The Federal Reserve BULLETIN. Released about 7th of the month. the 10th of the month. $2.00 per annum, or 20 cents per single copy, in the United States and ANNUALLY other countries listed at the bottom of the in- List of Stocks Registered on National Securities troductory page of contents; elsewhere, $2.60 Exchanges. Supplements issued quarterly. 25 per annum, or 25 cents per single copy. Group cents for list and supplements. subscriptions for 10 or more copies, in the United Bank Debits—Debits to Deposit Accounts, except States, 15 cents per copy per month, or $1.50 for Inter-bank Accounts. Released ordinarily in 12 months. February. Brokers' Balances. Released about the 20th of the Annual Report, covering operations for the premonth. ceding calendar year. BOOKS THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND CHART BOOK I, FEDERAL RESERVE CHARTS ON BANK FUNCTIONS. Obtainable in cloth binding at 50 cents CREDIT, MONEY RATES, AND BUSINESS. New edition, completely revised, February 1941. 72 pages of per copy and in paper cover without charge. 128 charts with space for plotting through 1942. 50 pages. cents per copy; in quantities of 10 or more, 45 cents DIGEST OF RULINGS—to October 1, 1937. Digests per copy. of Board rulings, opinions of the Attorney General and court decisions involving construction of the CHART BOOK II, FEDERAL RESERVE CHARTS ON IN- Federal Reserve Act, together with compilation show- DUSTRIAL PRODUCTION. October 1940. 224 pages of charts, with space for plotting through 1946. $1 ing textual changes in the Act. $1.25 per copy. 683 per copy; in quantities of 10 or more, 85 cents per pages. copy. 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Publications REPRINTS (From Federal Reserve BULLETIN except as stated otherwise. Partial list.) CONSTITUTIONALITY OF LEGISLATION PROVIDING A THE BANKS AND IDLE MONEY, by Woodlief Thomas. UNIFIED COMMERCIAL BANKING SYSTEM FOR THE9 pages. March 1940. UNITED STATES. Opinion of the Board's General Counsel. 21 pages. March 1933. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY, by A. B. Hersey. 11 pages. April SUPPLY AND USE OF MEMBER BANK RESERVE 1940. FUNDS. Explanation of analysis of sources of mem- CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, ber bank reserve funds and uses to which such funds by E. A. Goldenweiser. 5 pages. May 1940. are put. 31 pages. July 1935. OWNERSHIP AND UTILIZATION OF THE MONETARY MEMBER BANK STATISTICS. A discussion of the GOLD STOCK. 3 pages. May and June 1940. statistics compiled and published by the Board covering the operations and condition of member banks. GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank 28 pages. November 1935. Garfield. 8 pages. June 1940. SUMMARY OF PROVISIONS OF STATE LAWS RELATING NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO- TO BANK RESERVES. "3 pages. March 1937. DUCTION. 77 pages. August 1940. ANALYSES OF THE BANKING STRUCTURE—As of THE GOLD STOCK. 2 pages, September 1940. December 31, 1935. Number, deposits, and loans and investments of banks classified by size of bank and MEASUREMENT OF PRODUCTION, by Woodlief Thomas town and by other factors. 33 pages. August 1937. and Maxwell R. Conklin. 16 pages. September 1940. PROBLEMS OF BANKING AND BANK SUPERVISION. Excerpts from the 1938 Annual Report. 33 pages. GOLD "RESERVES OF CENTRAL BANKS AND GOVERN- MENTS. 18 pages. September 1940. THE HISTORY OF RESERVE REQUIREMENTS FOR DEVELOPMENT OF FEDERAL RESERVE BANKING, by BANKS IN THE UNITED STATES. 20 pages. Novem- M. S. Szymczak. 8 pages. December 1940. ber 1938. ECONOMIC PREPAREDNESS FOR DEFENSE AND POST MONETARY MEASURES AND OBJECTIVES. Three state- DEFENSE PROBLEMS, by Marriner S. Eccles. 8 pages. ments by the Board on objectives of monetary policy, January 1941. on proposals to maintain prices at fixed levels through monetary action, and on legislative proposals relat- SPECIAL REPORT TO THE CONGRESS, submitted Deing to monetary measures and objectives. 8 pages. cember 31, 1940. 2 pages. January 1941. July 1937, April 1939, and May 1939. ECONOMIC AND MONETARY ASPECTS OF THE DE- REVISED INDEXES OF FACTORY EMPLOYMENT. Bu- FENSE PROGRAM, by John H. Williams. 4 pages. reau of Labor Statistics indexes adjusted for sea- February 1941. sonal variation by Board of Governors. 32 pages, October 1938; 10 pages, October 1939. FEDERAL RESERVE BANK LENDING POWER NOT DE- PENDENT ON MEMBER BANK RESERVE BALANCES. 2 THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. pages. February 1941. 4 pages. January 1940. MONEY IN CIRCULATION. 1 page. February 1941. THE PAR COLLECTION SYSTEM OF THE FEDERAL RESERVE BANKS, by George B. Vest. 8 pages. Feb- COMMODITY PRICES, by Frank Garfield and Clayton ruary 1940. Gehman. 16 pages. March 1941. APRIL 1941 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS I V r-—J_ HM 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1941, March 31). Federal Reserve Bulletin, 1941-04. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_194104
@misc{wtfs_bulletin_194104,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1941-04},
year = {1941},
month = {Mar},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_194104},
note = {Retrieved via When the Fed Speaks corpus}
}