Federal Reserve Bulletin November 1940 · 2018-11-06 · FEDERAL RESERVE BULLETIN VOL. 26 NOVEMBER 1940 No. 11 /2ecent an Large defense contracts Contract awards by the War and Navy

FEDERALRESERVEBULLETIN

NOVEMBER 1940

Review of the Month—Recent Business and CreditDevelopments

Financing the Defense Program

From the Board's Correspondence—Excess Reserves

New Index of United States Government Bond Prices

Agriculture and the Defense Program

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

WASHINGTON

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

ContentsPAGE

Review of the Month—Recent Business and Credit Developments 1161-1167

Agriculture and the Defense Program, by Chester C. Davis 1168-1170

Financing the Defense Program 1171

From a Legal Standpoint:

Assignment of Claims Against Government 1172

Right of Member Bank and Its Subsidiary Member Banks to Vote in

the Election of a Federal Reserve Bank Director 1172

"Cash on Delivery" Transactions Under Regulation T 1172-1174

Executive Order and Regulations on Transfers of Rumanian Property. . . 1174

General Rulings and General Licenses Issued by the Secretary of the

Treasury 1175-1176

From the Board's Correspondence—Excess Reserves. . . 1177

Current Events . . 1178

New Index of United States Government Bond Prices . . . . .1179-1180

Member Bank Earnings, First £alf of 1940 . . . .1181-1182

National Summary of Business Conditions . . . 1183-1184

Financial, Industrial, Commercial Statistics, United States 1185-1224(See p. 1185 for list of tables.)

Condition of Insured Commercial Banks in the United States and Possessions,June 29, 1940 and December 30, 1939 1225

International Financial Statistics (See p. 1227 for list of tables.) 1227-1243Federal Reserve Publications 1244Board of Governors and Staff; Open Market Committee and Staff; Federal Ad-

visory Council 1245Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . . 1246

Map of Federal Reserve Districts 1247

Subscription Price of BulletinThe FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve

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FEDERAL RESERVE BULLETINVOL. 2 6 NOVEMBER 1 9 4 0 No. 11

/2ecent an

Large defensecontracts

Contract awards by the War and Navy De-partments in connection with the defense

program, which in the threemonths June, July, and Augusthad aggregated $2,000,000,000,

rose sharply from the middle of September.The awarding of contracts was facilitated byCongressional action on the Second and ThirdSupplemental National Defense Appropria-tion Acts, the Excess Profits Tax bill withprovisions for accelerated depreciation fortax purposes of plants erected to fulfill de-fense requirements, and the bill authorizingthe assignment of national defense contractsas collateral for bank loans. There has alsobeen developed a bankable contract, whichprovides for repayment by the Governmentover a five-year period of the cost incident tothe construction of a plant certified as essen-tial to the defense program.

The large volume of contracts awarded inSeptember and October brought total awardssince last spring to nearly $8,000,000,000. Inaddition about $2,000,000,000 have been com-mitted for the estimated cost of additionalequipment needed for naval vessels alreadyunder contract Nearly half of the con-tracts awarded are for the purchase and con-struction of ships, about one-sixth for air-planes and equipment, and a slightly smalleramount for camps, barracks, and other con-struction. Substantial amounts are also in-cluded in contracts let for ordnance and am-munition, for automotive equipment, and forother supplies and equipment. Expendituresunder many of these contracts will be spreadover several years, but there will be a consid-erable increase during the next few months.Actual outlays by the Treasury for all nation-

al defense purposes, including current opera-tions of the Army and Navy, have increasedfrom an average of $150,000,000 a month lastspring to over $280,000,000 in October.

Receipt of defense orders by manufacturersand other contractors resulted in a broad

movement to cover re-Reflection in quirements for materials.commodity markets ^, . _

Since business firms havealso been feeling the need of increasing theirsupplies to meet rising civilian demands, buy-ing has been in large volume and prices ofcertain materials, such as lumber, nonferrousmetals, raw wool and hides have advancedsharply. The large volume of contracts inSeptember and early October for artillery andsmall arms and ammunition, which requirenonferrous metals in large quantity, was animportant influence in the rise in prices andactivity in the nonferrous metal markets.

Large Federal orders have been placed foruniform fabrics and blankets since June,and in recent weeks trade buying of men'swear fabrics for spring has been at a sea-sonal peak; as a consequence prices of rawwool, worsted yarns, and fabrics have gen-erally advanced by substantial amounts. TheFederal orders will require consumption be-fore the end of next spring of about a fourthas much apparel wool as was consumedfor all purposes in 1939. Blanket manufac-turers have received awards which probablyequal about half the large poundage of woolenblankets produced in 1939.

In addition to the large volume of buyingrelated directly to the defense program, therehas been a further expansion in demand gen-erally. The total volume of new orders re-ceived by manufacturers showed a marked

1161


Review of the Month

rise in September, according to the Depart-ment of Commerce, reaching about the samelevel as in September 1939, when buying wasgreatly stimulated by the outbreak of war.Although there was a further substantialrise in shipments, unfilled orders increasedsharply over the large volume on hand at theend of August. Manufacturers' inventoriesshowed no significant increase.

While prices of basic industrial materialsadvanced in the first three weeks of October

to a level about halfway be-Wholesale tween the low point of thecommodity prices . .

early part of August andthe high of last December, prices of food-stuffs, which had also advanced at the end ofAugust, generally showed little change in Sep-

WHOLESALE PRICES OF INDUSTRIAL COMMODITIES1954 AVEhAOt-100

sRAW AND

:MIFINISHED

;

FINISHED

Federal Reserve classification of Bureau of Labor Statistics' data.Latest figures shown are estimates for October 1940.

tember and October. Wheat, however, in-creased further to approximately the priceat which Federal loans are being made.Among industrial materials there were someincreases in prices of commodities importedfrom the Far East—rubber, tin, and silk—and important advances in leading domesticmaterials, such as wool, hides, steel scrap, andnonferrous metals. Prices of bituminoucoal were advanced, following the establish-ment of minimum prices at the mine, effectiveOctober 1. There have been increases alsoin prices of lumber and certain other semi-finished commodities including leather, tex-tile yarns, and gray goods. The recentsubstantial rise in prices of raw andsemifinished industrial commodities as

group is shown on the chart, which also indi-ates a slight rise in prices of finished indus-

trial products. This rise reflects chieflyhigher prices for new models of automobiles.

Industrial production expanded furtherduring October and the Board's seasonally

adjusted index rose to an esti-Further rise mated 127, as compared with 125

i n September, 121 for the sum-mer months, and a peak of 126

reached last December. Activity in the steelindustry was sustained at high rate, withingot production close to 95 per cent of capac-ity. New orders for steel continued in largevolume, according to trade reports, as somedecline in foreign buying was offset in thetotal by increased orders from domestic con-sumers. There was further expansion inactivity in the machinery industries andautomobile production rose considerably toan unusually high level. Textile productionalso continued to increase, reflecting chieflygreater activity at cotton mills, as well as atwoolen mills where production was alreadyat a high level in September. Petroleum pro-duction, which had increased in September,following considerable curtailment duringthe summer, rose further in October. Bitu-minous coal production declined abruptly, fol-lowing a high rate of output in earlier months,when stocks were accumulated in anticipationof the establishment of minimum prices.

Accompanying the expansion in industrialoutput, there were further increases in ac-tivity in other lines. On the railroads ship-ments of most types of commodities rosefurther in October, although total carloadingsshowed little change, owing to a sharp declinein loadings of coal. In the construction in-dustry activity increased in September andOctober, following placement during the sum-mer of a large volume of contracts, particu-larly for defense projects. Employment andincome continued to expand; total incomepayments to individuals are now at about thehighest level reached since 1930. Distributionof commodities to consumers was generallymaintained in September and October at

1162 FEDERAL RESERVE BULLETIN


Review of the Month

about the levels reached in August. Salesof new automobiles increased sharply, as newmodel cars became available, and sales of bothnew and used cars were at an exceptionallyhigh level for this season of the year.

Commercial loans at member banks in 101leading cities, which had shown little change

since December, increasedm s e in . , , by $305,000,000 betweencommercial loans ,

July 31 and October 23. Asshown by the chart the volume of commercialloans at reporting banks outside New Yorkis now close to the peak reached in the autumnof 1937; commercial loans at New York Citybanks are about $130,000,000 below thatpeak.

Commercial loans usually increase at thistime of year. The increase this year has notbeen as large as that which occurred in thesame period last year, when there was a sharpspurt in commercial lending, accompanyingheavy commodity buying following the out-break of war. About 40 per cent of the growththis autumn has been at New York Citybanks, where the rise has been much lessthan in the same period last year. Otherreporting banks have shown a slightly largerincrease in commercial loans this year thanlast, with the largest increases in the Cleve-land, Atlanta, and Chicago Reserve districts.The growth in some of the industrial districtsseems to be greater than might normally be

COMMERCIAL LOANS AT BANKS IN LEADING CITIESWEDNESDAY FIGURES

Latest figures October 16; figures not reported on comparablebasis prior to May 12, 1937.

expected for this season and probably repre-sents some increased credit demands arisingout of the national defense program and theincreased business activity of recent months.The large increase in the Cleveland districtmay be due to some extent to the concentra-tion in this area of machinery industries,which have been rapidly expanding output.Some of the growth resulted from a loan of$50,000,000 granted by New York and Pitts-burgh banks to a single borrower to repayopen-market obligations in September. Thefollowing table shows the amount of com-mercial loans made by reporting banks in eachdistrict and the increase since July.

COMMERCIAL

Total 101 citiesNew York City.100 other cities

LOANS AT MEMBER BANKS IN 101LEADING CITIES[In millions of dollars]

Federal Reserve district:BostonNew York i .Philadelphia

ClevelandRichmondAtlanta _ _„

ChicagoSt. LouisMinneapolis

Kansas CityDallasSan Francisco. __

October23, 1940

4,7461,8182,928

310128227

298133172

629195108

188189351

Increase since July 31

Amount

305120185

17122

311119

301412

61615

•

Per cent

6.97.16.7

5.810.3

. 9

11.69.0

12.4

5.07.7

12.5

3.39.24.5

i Excluding New York City.

One reason why the increase in commercialloans has been smaller this year than last isthat there has apparently been no substantialgrowth of inventories this year. In the latterhalf of 1939 inventories of producers anddistributors showed sharp increases and, gen-erally speaking, the stocks acquired at thattime have not been materially changed. Manybusinesses, therefore, have not needed newborrowing this autumn. Another factor re-stricting the need for financing thus far thisyear is that many corporations have been ableto supply a large part of increased workingcapital needs from their own retained earn-ings or cash holdings.

NOVEMBER 1940 1163


Review of the Month

Industrial borrowing from banks to financeoperations in connection with the defenseprogram will be facilitated by recent legisla-tion permitting manufacturers to assignclaims under Government contracts as secu-rity for borrowing, and especially by the con-tract form, including an assignment provi-sion, which has been developed by the DefenseCommission to provide for plant expansionunder the so-called "plant-option" plan.Under this plan the Government makes twocontracts with a manufacturer, one to coverthe cost of any necessary plant expansion,which the Government agrees to repay overfive years, and one to cover purchase ofproduct.

Rates charged on new short-term commer-cial loans granted during the first half of

September by large banks,Rates charged on Qi&t report quarterly to thecommercial loans _ -i T_ i. 01 /

Board, averaged about 2y8per cent in New York City, 21/2 per cent in 7other Northern and Eastern cities, and 3%per cent in 11 Southern and Western cities.Banks that report these rates make a largeproportion of the total commercial loans madeby all banks, but their rates are generallysomewhat lower than those charged by non-reporting banks. As shown by the followingtable, average rates on new short-term com-mercial loans charged by reporting bankshave not changed materially in the past year.The proportions of loans made at differentrates in September were generally similar tothose of a year ago, but the average size of theloans made in the lower rate classes was some-what smaller this year than last. As a rulerates on larger loans are lower than thosecharged on smaller loans.

Rates charged by city banks on the longer-term commercial loans are also at a low level;averages shown in the table range from 1%per cent at New York to 2% per cent inSouthern and Western cities on new loans inSeptember. Average rates reported chargedon such loans fluctuate much more widely thanaverage rates reported for the shorter-term

RATES CHARGED ON N E W COMMERCIAL LOANS ATSELECTED CITY BANKS

[Per cent per annum]

Loans made during first half of: New YorkCity

7 otherNorthern

andEastern

cities

11Southern

andWestern

cities

Maturing in 1 year or less

1939—MarchJune _..September..December. .

1940—MarchJuneSeptember..

2.132.152.041.96

2.032.002.14

3.053.052.782.59

2.672.492.56

3.773.623.313.32

3.353.383.43

Maturing after 1 year

1939—MarchJuneSeptember..December..

1940—MarchJuneSeptember..

2.893.432.123.35

2.722.471.87

3.023.152.703.17

2.732.942.52

3.904.172.293.72

3.023.792.70

loans because relatively fewer longer-termloans are made and these are mostly largeloans. It is possible that a single large loanbearing an extremely low rate because of itssize may greatly reduce the average rate fora report period. In fact, the extremely lowaverage for New York City and for the 7other Northern and Eastern cities this Sep-tember is due in part to the previously men-tioned $50,000,000 loan granted by severalNew York and Pittsburgh banks, which car-ried a rate of 1% per cent.

Since the middle of last year it appears thatcity banks have been making a somewhat

larger volume of the longer-term loans than during thefirst half of 1939. As shown

by the following table, such loans made atselected banks in the semi-monthly reportingperiods during the past year have generallytotaled between $30,000,000 and $50,000,000,whereas in the March and June 1939 report-ing periods they had amounted to less than$20,000,000. All of the increase has been atNew York City banks. These statementsare based on reports covering four half-monthperiods in the year, and may not be altogethertypical of the entire year.

Volume oflonger-term loans



Review of the Month

The bulk of the longer-term loans is madeby New York City banks to relatively fewborrowers. Out of a total of $48,100,000 ofsuch loans granted during the first half ofSeptember, $43,900,000 was in New Yorkto 31 borrowers, $3,500,000 was in 7 otherNorthern and Eastern cities to 117 borrowers,and about $700,000 in 11 Southern and West-ern cities to 96 borrowers.

NEW LONG-TERM COMMERCIAL LOANS MADE BYSELECTED BANKS IN 19 CITIES 1

Loans made during first half of:In

thousandsof dollars

Numberof

borrowers

that average turnover has shown little change.The annual turnover rate of demand depositsis now about 17 for New York City and about19 for 100 other leading cities. For the firsttime since turnover figures began to be com-puted in 1919, the turnover rate for New YorkCity has this year fallen below the rate forother leading cities.

DEBITS AND TURNOVER OF DEMAND DEPOSITS SINCE1937x

Debits(Billions of dollars)

1937 1938 1939 1940

Turnover of deposits(Annual rate)

1937 1938 1939 1940

17,18216, 71651, 22927, 419

31, 39846,96148,053

178175251

259233244

1939—MarchJuneSeptemberDecember

1940—March.JuneSeptember

i Loans with maturity over 1 year.

Some indication of the supply of idle fundsheld in banks by business concerns and by

investors is given by anDecline in analysis of the rate of turn-deposit turnover

over of the growing volumeof deposits, especially in city banks. Sincethe end of 1936 demand deposits at reportingbanks in 101 leading cities have increasedby about one-third, with a rise of nearly 50per cent in New York City and of less than 25per cent in the other cities. Debits to demanddeposits, however, which indicate the extentto which these deposits are used, have de-clined at New York City banks since 1937, asshown in the table. The volume of debits todemand deposits at banks in 100 other lead-ing cities declined in 1937 and 1938, but sub-sequently increased, and in the third quarterof 1940 were larger than at any time in 1937.

The table shows that as a result of the con-tinued small volume of debits and the rise indemand deposits at New York City banks,there has been a decline in the rate of depositturnover to the lowest point on record. Out-side New York the recent growth in debitshas about matched the growth in deposits so

New York City:1st quarter2nd quarter. __3rd quarter_._4th quarter

100 other leadingcities:

1st quarter2nd quarter. _.3rd quarter.._4th quarter._.

54.947.644.046.7

54.654.452.453.8

39.342.038.345.3

45.045.344.451.5

42.441.740.643.1

47.349.149.454.8

41.541.743.3

32.828.127.429.6

26.025.922.925.5

23.821.119.420.0

18.317.217.2

52.653.359.3

22.922.421.822.6

20.119.718.821.1

19.619.518.720.0

19.218.619.9

i Excludes interbank and United States Government deposits.

The low rate of turnover in New York,which is considerably below that of the 1920's,reflects in part the continued small volume ofsecurity market activity and in part the ac-cumulation of idle deposits at these banks.Many corporations continue to maintain astrong cash position, and there is a largevolume of unused funds in the hands of poten-tial investors. Turnover of deposits at banksoutside New York also continues to be lowerthan in the 1920's, but the fluctuations indebits at these banks seem to reflect, in timingif not in relative amounts, fluctuations inproduction and trade.

Corporate financing increased in Octoberlargely as a result of refunding operations.

The volume of new issues forCorporate ftie month including those forsecurity issues

refunding and for new capitalwas larger than in any other month of theyear.

Corporate issues for new capital, that is,for plant and equipment and for workingcapital, including repayment of short-term

NOVEMBER 1940 1165


Review of the Month

debt, have averaged about $50 millions amonth this year as compared with an averageof $30 millions in 1939 and with $100 millionsa month in 1936 and 1937. The amount soldfor new capital during October was somewhatsmaller than in the immediately precedingmonths.

Manufacturing and mining companies haveoffered a smaller amount of securities for newcapital this year than in other recent years.As shown by the following table, in whichissues for new capital are classified by broadindustrial groups, their offerings have aver-aged about $10 millions a month this year ascompared with $16 millions in 1939 and $50millions a month in the period 1936-1938.Issuers this year, in addition to manufactur-ing companies, have been principally rail-roads, public utilities, and finance companies.Railroad issues have been largely equipmenitrust certificates.

CORPORATE SECURITY ISSUES FOR NEW CAPITAL BYMAJOR INDUSTRIAL GROUPS

[Monthly averages or monthly total; in millions of dollars]

1936-1937..1938 -1939

1940 Jan.-Mar...Apr.-June..July-Sept..Oct. (est.)_.

Total

1017332

37516040

Manu-facturing

andmining

Publicutility

12235

117

200)

Rail-roads

2117

31018

(0

Other

2124

1624

70)

i Not available.Source: Commercial and Financial Chronicle. Includes issues of both

domestic and foreign corporations but excludes issues of corporationsclassified in group "investment trusts, trading, holding, etc."

Prices of corporate securities have risenmoderately during the past two months.

High-grade corporate bondCorporate prices have been firm, andsecurity prices . , , ,

yields, as represented byMoody's averages for Aaa issues shown onthe chart, have been at new record low levelssince the latter part of September.

Prices of lower-grade corporate obliga-tions, especially those of railroads, have ad-vanced since the middle of September and

PER CENT

0

BOND YIELDSINVERTED SCALE

PER CENT

0

-

-

U. S. GOV

\ ^ —

CORPOR

r -~ < < CORPORATE Boo k,

•

ERNMENT

ATE Aaa

-

-

1935 1936 1937 1938 1939 1940Sources; U. S. Government bonds, Treasury Department; cor-

porate bdnds, Moody's Investors Service. Weekly average ofdaily figures ; latest are for the week ending October 26.

yields, as shown by Moody's averages forBaa issues, have been at new lows for thisyear. The largest price advances in Septem-ber and October, as in June and July, occurredamong railroad issues which had declinedmore sharply in May than other lower-grade

STOCK PRICESINDEX OF PRICES, 1926 =

80

60

40

20

80

60

40

20

1935 1936 1937 1938 1939 1940

Source: Standard Statistics Company, 348 industrials, 40utilities, 32 railroads. Wednesday figures ,* latest are forOctober 23.



Review of the Month

obligations. Average yields on lower-graderailroad obligations included in Moody'saverages for Baa issues, reached new lowsfor the year in the early part of Septemberand have subsequently declined to lowerlevels, but they are still substantially abovetheir 1937 lows. Average yields on the lower-grade obligations of public utilities and ofindustrials near the end of October were atthe lowest levels for recent years.

Price changes of common stocks since theearly part of September have been irregular,as shown by the chart, following moderateadvances in the latter part of August. Pricesof equities of railroads and of certain groupsof companies, especially in the durable goodsindustries, have shown a tendency to advancefurther. Prices of other industrial stocks andof public utilities near the end of Octoberwere at or below the level of the first weekin September.

Prices of United States Government se-curities, which had fluctuated with little trend

in July and August, advancedUnited States during September and Octo-

b^« Toward the end of Octo-ber the price of the 1960-1965

bonds equaled this year's previous peak. Theyield on this issue declined to a new low of2.25 per cent, compared with the previouslow of 2.26 per cent reached on June 5, 1939,and again on April 2, 1940. Yields on 3- to5-year Treasury notes also declined to about% of 1 per cent, and new issues of Treasurybills sold at negative rates.

On September 25 the Treasury announcedan offering of 2 per cent Treasury bonds of1953-1955 in exchange for Treasury notes

maturing in December. Of the $737,000,000of notes outstanding, $725,000,000 were con-verted into the new issue. The new bonds,which were quoted in the market at 101% onSeptember 25, advanced to about 102% inOctober.

Holdings of Government securities at re-porting member banks, after reaching a peakof $12,010,000,000 on August 14, declined by$230,000,000 through the end of September.The largest reduction was in holdings ofTreasury bills at New York and Chicagobanks, and there were also scattered declinesin holdings of notes and bonds. Subsequentlyreporting member bank holdings increasedby $160,000,000. New York banks addedto their holdings of bills and of guaranteedobligations. Reporting member bank hold-ings of notes declined and of bonds increased,reflecting the Treasury refunding.

During October, when there was a strongdemand for Government securities, the Fed-eral Reserve System sold a total of $101,000,-000 from its Open Market Account. Of thisamount $69,000,000 was in Treasury notesand $32,000,000 in bonds. Net sales from theAccount during rises in the market over thepast year have amounted to $229,000,000.These sales, together with maturities ofTreasury bills, which were permitted to runoff without replacement, have more than off-set the amount of purchases made by theSystem during periods of market weaknessin 1937 and in 1939. As a consequence theamount of Government securities held by theFederal Reserve Banks is now smaller thanat any time since the autumn of 1933.

NOVEMBER 1940 1167


•Ogticultuie and theby

CHESTER C. DAVIS*

\ l X T E E N million young men of America** have registered under the Selective Serv-ice Act to make themselves available for thedefense of our nation. The National DefenseAdvisory Commission since its creation fourand a half months ago has been working withthe military and naval and other governmentestablishments to organize our material re-sources for production to equip these newdefense forces. The Congress has appro-priated 15 billion dollars for defense. Ofthat sum, about 12 billion dollars will gofor new weapons and the added plants andfacilities necessary to produce them in vol-ume. Eight of those 12 billion dollars havealready been cleared for that purpose, andnew contracts are being awarded each dayas our industries organize to meet the urgentdemand. Events, utterly unpredictable andincredible a year ago, have etched such apattern over the rest of the world that onehundred and thirty million people are joinedin demanding total preparedness for theUnited States. The object is insurance ofour shores against aggression. I am con-fident that the production facilities of thisnation are adequate to the challenge and thatour sons who are called into the service willbe well equipped to defend this nation if thatnecessity should come.

Each member of the Defense Commissionof seven has a dual responsibility—thatshared with the others for the policies andacts of the Commission as a whole, and thatattached directly to the division he heads.My direct responsibility at the Defense Com-mission is in the field of agriculture. Beforeconsidering it, I wish to express my con-fidence in the real accomplishments that havebeen recorded by our military establishmentsin the unspectacular but fundamental taskof organizing our industry for the speedy

* From a radio address by Chester C. Davis, member of the Boardof Governors of the Federal Reserve System and Commissionerin charge of the Agricultural Division of the National DefenseAdvisory Commission, delivered over the network of the MutualBroadcasting System from Station WOL, Washington, D. C,October 17, 1940.

production of the materials of defense. Thejob of turning out new supplies now restswith American industry to whom the respon-sibility has been entrusted. It is my observa-tion that industry has assumed this respon-sibility with high patriotism and with arealization that only through total prepared-ness can we be certain that our free institu-tions will be preserved.

The job for agriculture is no different fromthat of any other American group. The pri-mary duty of every element in our economicorganization is to make its resources andmanpower available for defense. That objec-tive must never be obscured and in my judg-ment it has the unconditional support ofAmerican farmers.

Fortunately this crisis found farmers pre-pared with abundant supplies. We all re-member that in 1917, agriculture was calledupon to increase its production to feed ourarmy and those of our allies. "Food Will Winthe War," was the slogan of that day. Nowwe find domestic food supplies adequate totake care of our own military and civilian re-quirements with plenty left over. After pro-viding for our own needs, the United Statescould export 150 million bushels of wheat,400 million bushels of corn, 100 millionbushels of barley, 350 million pounds ofpork, 500 million pounds of lard, 250 millionpounds of other edible fats and large quan-tities of fresh, dried and canned fruits andvegetables. Its cotton storehouse is full andrunning over. These surpluses are largelycarried over from previous crops. Presentcrop prospects indicate that aggregate farmproduction for 1940 promises to be the secondlargest on record.

It is apparent, therefore, that the suppliesof American farm products are sufficient tomeet any demands that may be anticipated.The essential task is to maintain the farmplant in such a healthy, productive conditionthat supplies of foods and other farm essen-tials will continue to be sufficient.

Note.—Views expressed in signed articles published in the BULLETIN are those of the writersand not necessarily those of the Board of Governors of the Federal Reserve System.




It is obvious that no nation can adequatelydefend itself without abundant supplies offood and fiber. It is equally obvious thatthose supplies cannot be maintained unlessthe producers are kept in the position to con-tinue efficient production. The objective ofincreased farm income and stable prices haslong been a recognized national policy. Wemust not retreat from the peace-time objec-tive of balanced farm production, prices andincome now that war clouds cover the sky.

From the standpoint of organization,American agriculture is better prepared thanmost groups to meet whatever the future mayhold. This is due to the national farm pro-gram of recent years in which the vast ma-jority of farmers have participated. TheAgricultural Division of the Defense Com-mission is fortunate in having available theresources and facilities of the Department ofAgriculture. In every project which we haveundertaken there has been close and activecollaboration with the Department of Agri-culture which is charged with the Adminis-tration of the action programs.

The Agricultural Division and the Depart-ment of Agriculture are giving constant at-tention to agricultural prices and price rela-tionships. At the present time farm prices,in general, are low. It is my opinion that asubstantial increase in most of them is desir-able. Such an increase, where it is simply arecovery from abnormally low levels, must notbe considered as either a justification for ora cause of spiral price advances in other areas.

During the past four months, the Agricul-tural Division of the Defense Commission hasbeen concerned with a number of immediateproblems in determining how the resourcesof agriculture could be best made availablefor defense. Foremost among these consid-erations is the location of new plants whichare being built to provide the Army and Navywith munitions and other supplies. Soundpolicy requires that, insofar as possible, thenew defense plants be built away from re-gions of present industrial concentration andin locations where there is not only an ade-quate labor supply for the defense emergencybut where the people will not be entirelyseparated from their former livelihood.These individuals can use some of the incomereceived from employment in new powderplants or munitions factories to improve theirhomes and farms. It will compensate in partfor adjustments they are forced to make be-

cause of curtailed export outlets for farmproducts.

War, and the rising effort for national self-sufficiency that preceded it, have greatlydiminished export outlets for many impor-tant crops—cotton, tobacco and wheat par-ticularly. Many markets have been entirelyeliminated. Any steps which can be taken,consistent with the objectives of national de-fense, to pave the way for industrial employ-ment in areas where these crops are grownis clearly in the public interest.

One of the first plants located in accordancewith this general pattern is at Radford, Vir-ginia. This plant will manufacture smoke-less powder and will employ some five thou-sand workers. Radford is well inland fromthe coast and outside the boundaries of anyestablished industrial area. The countiessurrounding Radford are densely populated.Many of the farms are small and the averageincome is low. The cash income of a largeproportion of the farms is from $300 to $500a year. Every reasonable effort is beingmade to facilitate the employment of peoplewho live on these farms in the vicinity ofRadford. This is desirable because the localfarm people need the extra income; the im-mediate housing problem will be alleviated,and there will be fewer stranded people ifand when the new plant shuts down.

Not all of the plants which are going uphave been located as favorably in relation tounemployed labor, including rural labor, asthe smokeless powder plant at Radford. Insome cases it has been necessary to establisha new plant near an existing factory wheremanagement, engineering talent and somehighly skilled workers are available. Thisis particularly true of many of the new air-craft plants. In other cases it is necessaryto locate near the source of raw materials.Efficiency requires the location of TNT plants,for example, near steel mills in order thatthe partially used sulphuric acid is not wasted.

Wherever possible, however, the defensecommission is recommending that the policyof decentralization be followed. Plans areunder way, for example, for the location of agroup of plants west of the Mississippi Riverand it is my hope that an increasing propor-tion will be established there and in the Southand Southwest. In spite of the present con-centration of aircraft plants along the Coast,new manufacturing units are being estab-lished in Texas and Kansas, and it is prob-able that before this country secures all the

NOVEMBER 1940 1169



capacity it needs for making airplanes, addi-tional plants will be established in the in-terior.

In addition to the Radford, Virginia, plant,construction of another large smokeless pow-der plant is under way at Charlestown, Indi-ana. A large TNT and shell and bomb load-ing plant will be located in a rural area some40 miles south of Chicago. Preliminary workwill be done within the next few days for theestablishment of another TNT plant locatedin Missouri. This plant will provide rawmaterials for a large bomb loading plantwhich is planned for the vicinity of Burling-ton, Iowa.

We are also concerned with the probablepeace time value of some of these plants.For example, one of the major raw materialsis nitrogen—nitrogen in the form of am-monia. Nitrogen is also the most importantplant food purchased by the farmer. As apart of the defense program, it is necessaryto construct some new plants for the manu-facture of ammonia. I am hopeful that oneof these, in line with the policy declared byCongress, will be authorized for the T.V.A.where after the war need has passed, it willbe dedicated to the permanent peace timeservice of agriculture.

Among other matters with which the Agri-cultural Division has been concerned, one ex-ample of genuine cooperation by the woolproducers may be of interest. The tremen-dous wool requirements of the military serv-ices made it necessary to acquire a strategicreserve. The British Government has agreedto store in bond in this country 250 millionpounds of Australian wool. These stocks willbe used only in an emergency when there isa shortage of domestic wool or normal im-ports are shut off. During the developmentof this plan the Defense Commission was inconstant touch with representatives of woolgrowers. While they were naturally con-cerned with the possible adverse effect of thisplan upon their industry, they were also con-cerned with how best to serve the program ofnational defense. Their suggestions were

valuable and a plan emerged which will meetthe requirements of national defense andat the same time protect the essential interestsof civilian consumers and the growers.

One problem which we did not fully antici-pate has to do with farmers, both tenants andowners, whose land is purchased for defenseprojects. In Germany, I am advised, theHitler government had very good reason toworry over the loss of agricultural land takenover for military uses. Fortunately, we haveplenty of land here but it is a serious problemin some cases to create opportunities forproducers whose farms have been purchasedfor defense projects. We are undertakingto develop a procedure that will give thempriority of employment in defense industries.In addition, we are working with the FarmSecurity Administration and other servicesin the Department of Agriculture at the taskof relocating those who desire to continuefarming operations.

I can only mention a few of the otheractivities of the Agricultural Division. Weare engaged in a nation-wide survey of foodindustries to develop plans for whatever di-rection or control an extreme emergencymight require. We are concerned in thetraining programs for youth to make certainthat unemployed rural boys have equal op-portunity with other groups to be trained indefense industries. We are cooperating withother agencies on problems of economic col-laboration in this hemisphere. We are givingattention to foreign trade possibilities whichinvolve farm commodities.

These, and other projects which affectAmerican farmers occupy our continuing at-tention. But above all considerations is theimmediate objective of organizing our abun-dant resources to keep war from these shores.I repeat, American agriculture is alreadyproducing in abundance what the nation re-quires from it. But beyond that, if sacrificesare called for, I am confident that Americanfarmers are ready to make their contributionfor the maintenance of liberty and the idealsof free men.



inancing the J t̂oa tamIn furtherance of co-operation between the

National Defense Advisory Commission andthe Federal Reserve System, the Board ofGovernors has taken steps to put into effectimmediately arrangements whereby the Fed-eral Reserve Banks and their branches willassist in facilitating the defense program,particularly in connection with the obtainingof contracts by the smaller business enter-prises and financing by local banks. The Com-mission made the following announcement onOctober 25 in regard to the arrangements:

THE National Defense Advisory Commis-sion announced today that it has designated

Donald M. Nelson, Coordinator of NationalDefense Purchases, as Director of SmallBusiness Activities to deal with the problemsand interests of smaller business establish-ments in relation to the defense program.This office has been created in conformitywith the established policy of the DefenseCommission which holds that smaller busi-ness occupies a place of vital importance inthe defense program.

The office of the Director of Small BusinessActivities will serve, among other things,as a clearing house of information for thesmaller enterprises, keeping them advised ofWar and Navy Department requirementsthey may be qualified to fill. The Directorwill lend his assistance in facilitating financ-ing required by smaller business to effectuatedefense contracts. His office will cooperatewith local commercial banks in this connec-tion and will assist in establishing contactswith Federal Reserve Banks and the Recon-struction Finance Corporation when localbanks may be unable to extend requiredcredits.

The Defense Commission believes that theDirector of Small Business Activities will bein a position to serve as an effective liaisonbetween War and Navy procurement officers,potential contractors, subcontractors andlocal bankers so that defense contracts maybe executed simultaneously with provisionfor adequate bank or Reconstruction FinanceCorporation financing.

The Director expects to provide a focalpoint for primary contractors and potentialsubcontractors in various parts of the coun-try. It is believed that this function willbecome increasingly important as the sys-tem of subcontracting becomes more widely

NOVEMBER 1940

extended. The Director will thus be enabledto further implement the policy of the De-fense Commission in bringing into fullestpossible use all available plant facilities andunused manpower in the small and mediumsize business sector without disrupting nor-mal civilian requirements.

In order to decentralize the work of theoffice of the Director of Small Business Ac-tivities, the Defense Commission has obtainedthe cooperation of the Federal Reserve Sys-tem. The Board of Governors of the FederalReserve System will serve as operating agentfor the Defense Commission in carrying outthis program. At the request of the FederalReserve Board, a senior officer will be desig-nated in each Federal Reserve Bank andbranch to handle all problems relating to fieldand technical activities.

It will be the responsibility of the desig-nated officers of the Federal Reserve Banksto report on the availability of small businessenterprises in their districts to participate inthe defense program; to familiarize localbanks with the procedure to be followed inaccepting assignment of government claimsas security for loans; to encourage localbanks to make loan commitments on condi-tion that borrowers obtain government con-tracts; to furnish business enterprises intheir districts with information on the pro-cedure to be followed relative to obtainingdefense contracts; and to assist small busi-ness enterprises to obtain necessary financingfrom their local banks. By utilizing theservices of the Federal Reserve Banks in theirown territories, the smaller business menthroughout the country will be in a position toobtain promptly and accurately informationthey require to play their part in the defenseprogram.

The Director of Small Business Activitiesand the Federal Reserve Board and its repre-sentatives in the Federal Reserve districtswill endeavor to maintain close contact withthe procurement officers of the War andNavy Department in the various procurementareas throughout the country.

Mr. Nelson and the Board of Governors ofthe Federal Reserve System will call a meet-ing in Washington at an early date to discussthis program with the Federal Reserve Bankofficers and the procurement officers of theService branches.

1171


Ttom a JLegal Standpoint

Administrative interpretations of banking laws, new regulations issued bythe Board of Governors and other similar material.

Assignment of Claims Against Government

The President of the United States on Octo-ber 9,1940, approved an act "To assist in thenational defense program by amending sec-tions 3477 and 3737 of the Revised Statutesto permit the assignment of claims under pub-lic contracts/' This Act, known as PublicNo. 811, 76th Congress, is in the form whichreceived approval by both Houses of Congressand appeared in the October 1940 FederalReserve BULLETIN at page 1045.

Right of Member Bank and Its Subsidiary Member Banks toVote in the Election of a Federal Reserve Bank Director

Recently there was presented to the Boardof Governors the question whether, in connec-tion with the election of a Class B director ofa Federal Reserve Bank, a member bankwhich controls two other member banks, allwithin the same Federal Reserve district,may participate in the election in addition tosuch participation by one of the subsidiarymember banks.

With respect to the election of Class A andClass B directors of Federal Reserve Banks,Section 4 of the Federal Reserve Act providesthat "whenever any two or more memberbanks within the same Federal Reserve dis-trict are affiliated with the same holding com-pany affiliate, participation by such memberbanks in any such nomination or election shallbe confined to one of such banks, which maybe designated for the purpose by such hold-ing company affiliate/'

The Board concluded that it was the intentof the statute that in a situation such as theone referred to all of the member banks in asingle group controlled by the same interestsshould together have but one vote in such anelection; and that this intent of the law is notaffected by the circumstance that one of themember banks happens to be a holding com-pany affiliate. Accordingly, it is the view ofthe Board that, in the circumstances statedabove, any one, but not more than one, of the

three member banks involved, when desig-nated for the purpose in accordance with theprovisions of section 4 of the Federal ReserveAct, may participate in the election of a ClassB director of the Federal Reserve Bank; andthat therefore if the holding company mem-ber bank elects to participate, neither of thesubsidiary banks may do so.

"Cash on Delivery" Transactions Under Regulation T

The Board has recently considered certainquestions involving the special cash accountunder section 4 (c) of Regulation T, and espe-cially the provisions of section 4(c) (5) re-lating to so-called "cash on delivery" or"C.O.D." transactions. For convenient ref-erence, the relevant portions of section 4(c),particularly of 4(c) (5) are set out below:

"(c) Special cash account.— (1) In a specialcash account, a creditor may effect for or with anycustomer bona fide cash transactions in securitiesin which the creditor may—

"(A) purchase any security for, or sell anysecurity to, any customer, provided funds suffi-cient for the purpose are already held in theaccount or the purchase or sale is in relianceupon an agreement accepted by the creditor ingood faith that the customer will promptly makefull cash payment for the security and that thecustomer does not contemplate selling the secur-ity prior to making such payment; . . ."(2) In case a customer purchases a security

(other than an exempted security) in the specialcash account and does not make full cash pay-ment for the security within 7 days after the dateon which the security is so purchased, the creditorshall, except as provided in the succeeding sub-divisions of this section 4(c), promptly cancel orotherwise liquidate the transaction or the un-settled portion thereof . . .

" (5) If the creditor, acting in good faith inaccordance with subdivision (1) of this section4(c), purchases a security for a custonier, orsells a security to a customer, with the under-standing that he is to deliver the security promptlyto the customer, and the full cash payment to bemade promptly by the customer is to be madeagainst such delivery, the creditor may at hisoption treat the transaction as one to which theperiod applicable under subdivision (2) of thissection 4(c) is not the 7 days therein specified



From a Legal Standpoint

but 35 days after the date of such purchase orsale: Provided, however. That the creditor shallnot so treat any purchase by a given customerif any security has been purchased by such cus-tomer at any time during the preceding 90 daysin a special cash account with the creditor, andthen, for any reason whatever, without havingbeen previously paid for in full by the customer,the security has been sold in the account or deliv-ered out to any broker or dealer: Provided, Thatan appropriate committee of a national securitiesexchange, on application of the creditor, mayauthorize the creditor to disregard for the pur-poses of the preceding proviso any given instanceof the type therein described if the committee issatisfied that both creditor and customer are act-ing in good faith and that circumstances warrantsuch authorization.

"(6) If an appropriate committee of a nationalsecurities exchange is satisfied that the creditor isacting in good faith in making the application,that the application relates to a bona fide cashtransaction, and that exceptional circumstanceswarrant such action, such committee, on applica-tion of the creditor, may (A) extend any periodspecified in subdivision (2), (3), (4) or (5) ofthis section 4(c) for one or more limited periodscommensurate with the circumstances. . . ."

In general.—The problems were ones relat-ing, under section 4 (c) (5), to the time of de-livering a security to a customer and obtain-ing cash payment against the delivery. Therulings on the particular cases may be under-stood more readily in the light of certain gen-eral principles which apply to section 4(c)and particularly to the C.O.D. transactionsunder section 4 (c) (5).

It should be noted at the outset that it is notthe purpose of section 4(c) (5) to allow addi-tional time to customers for making payment.The "prompt delivery" described in section4(c) (5) is delivery which is to be made assoon as the broker or dealer can reasonablymake it in view of the mechanics of the se-curities business and the bona fide usages ofthe trade. The provision merely recognizesthe fact that in certain circumstances it is anestablished bona fide practice in the trade toobtain payment against delivery of the se-curity to the customer, and the further factthat the mechanics of the trade, unrelated tothe customer's readiness to pay, may some-times delay such delivery to the customer.

The customer should have the necessarymeans of payment readily available when hepurchases a security in the special cash ac-count. He should expect to pay for it im-mediately or in any event within the period(of not more than a very few days) that is aslong as is usually required to carry throughthe ordinary securities transaction.

Such an undertaking is a necessary part of

the customer's agreement, under section 4 (c)(1)(A), that he "will promptly make fullcash payment". Furthermore, any delay bythe customer may cast doubt on the originalstatus of the transaction and should be ex-plainable by exceptional circumstances thatjustify the delay. Repetition of delays by thecustomer would be especially hard to justify.Such repetition would almost conclusivelylabel his transactions as unable to qualify asbona fide cash transactions and would almostconclusively disqualify them for inclusion inthe special cash account.

These general principles are illustrated bythe specific cases to which the Board hasgiven consideration.

Broker "failed to receive" security.—A typ-ical example of a case in which the deliveryto the customer is delayed because of condi-tions in the trade is one in which the brokerhas "failed to receive" the security whichthe customer has purchased. Assuming thatno evasion of the regulation is involved andthat the failure to receive the security is anordinary incident to the usual operation ofthe securities business, section 4 (c) (3)would cover the time, not exceeding the 35-day maximum specified in the provision, rea-sonably required for the broker to obtain thesecurity and deliver it to the customer.

Purchasing for delivery security alreadysold to customer.—It sometimes happens thata dealer will sell a security to a customer al-though the dealer does not have the securityon hand for delivery and expects to purchaseit in the market in order to make deliveryto the customer. A special case of this typeis one in which an institutional investor suchas an insurance company, trust fund, or thelike, will purchase a block of a particular is-sue of securities—usually bonds—as a unit,and will request that the entire block of se-curities be delivered at one time in order toavoid unreasonable duplication of clerical oradministrative operations.

Questions as to the time allowed the dealerto acquire the securities in the market fordelivery to the customer under section 4(c) (5) are essentially questions of reason-ableness, and must necessarily depend on thecircumstances of the particular case.

As indicated above, the dealer could not de-lay acquiring the securities he did not haveon hand if such delay was for the purpose ofgiving additional time to the customer. As-silming, however, that no such evasion is in-volved and that there is complete good faith,

NOVEMBER 1940 1173



the dealer would have a reasonable time foracquiring the securities and could take intoaccount the general state of the market, theeffect of forcing a sudden purchase of thesecurities, and similar factors. He would nothave to force through a sizeable purchase ina market that is temporarily thin or disor-ganized. But on the other hand he shouldproceed to acquire and deliver the securitieswith all reasonable dispatch.

Unissued securities.—The question wasraised whether section 4(c) (5) applies tosecurities which at the time of the transac-tion are unissued. The answer is that itdoes, but that, as in other cases, the brokershould deliver the security and complete thetransaction as soon as he can in view of themechanics of the trade. This being the case,it seems that there would be very few in-stances in which section 4(c) (5) would, inpractice, authorize any more time for deliv-ering such a security and obtaining paymenttherefor than would section 4(c) (3) which,in the following terms, specifically providesfor most situations involving unissued se-curities :

"(3) If the security when so purchased is anunissued security, the period applicable to thetransaction under subdivision (2) of this section4(c) shall be 7 days after the date on which thesecurity is made available by the issuer for de-livery to purchasers."

Securities purchased with proceeds of se-curities called for redemption.—Sometimes acustomer wishes to purchase a security andto pay for it with the proceeds of anothersecurity which the customer holds and whichthe issuer has called for redemption. Occa-sionally the proceeds of the called securitywill not be available for some time, perhaps30 days, and the customer would like to delaypayment for that time.

Such a circumstance would not justify de-lay in obtaining payment under section 4(c)(5), since the delay would not arise from themechanics of the trade as they affect thebroker or dealer, but merely from the cus-tomer's desire for delay in making payment.

In the particular case presented to theBoard, however, the customer deposited thecalled security with the dealer with definiteinstructions to deliver it for redemption andapply the proceeds to payment for the pur-chased security. This made the situationsimilar to that considered in the ruling atpage 1043 of the December 1938 FederalReserve BULLETIN, which was to the effect

that in certain circumstances the sale of asecurity held in the special cash account mayserve as payment for a security which hasbeen purchased in the account even thoughthe proceeds of sale have not yet been col-lected.

Although the security had not actuallybeen sold in the present case, the Board ex-pressed the view that, if the necessary re-quirements of good faith were met and therewas every reasonable probability that thecalled security actually would be paid ac-cording to the call for redemption, the sameprinciple would apply. In such circum-stances, therefore, payment for the pur-chased security may be considered to havebeen made for the purposes of section 4(c)at the time when the called security is de-posited with the dealer for the indicatedpurpose.

Executive Order and Regulations on Transfers ofRumanian Property

The Executive Order of April 10, 1940, asamended, and the Treasury Regulationsissued thereunder providing that transfers ofcredit, foreign exchange transactions, the ex-port or earmarking of coin, bullion, or cur-rency, or other similar operations, by personsor institutions in the United States which in-volve property of Norway, Denmark, Bel-gium, Luxembourg, the Netherlands, France,Latvia, Esthonia or Lithuania, or anynational thereof, shall be subject to licenseby the Secretary of the Treasury, wereamended on October 10, 1940, so as to in-clude property of Rumania, or any nationalthereof.

The texts of the Executive Order and ac-companying Regulations and amendmentsthereto, are quoted in full in the May, June,July, August, and September 1940 issues ofthe Federal Reserve BULLETIN. The texts ofthe October 10 amendments are as follows:

EXECUTIVE ORDER NO. 8565

Amendment of Executive Order No. 8389 ofApril 10,19^0, as Amended

By virtue of the authority vested in me by section5(b) of the Act of October 6, 1917 (40 Stat. 411),as amended, and by virtue of all other authorityvested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENTof the UNITED STATES OF AMERICA, do hereby amendExecutive Order No. 8389 of April 40, 1940, asamended, so as to extend all the provisions thereofto, and with respect to, property in which Rumaniaor any national thereof has at any time on or sinceOctober 9, 1940, had any interest of any nature what-soever, direct or indirect; except that, in denning




"Rumania" and "national" of Rumania, the date"October 9, 1940" shall be substituted for the datesappearing in the definitions of countries and nationalsthereof.

FRANKLIN D. ROOSEVELT.THE WHITE HOUSE,

October 10, 1940.

Treasury Department, Office of the Secretary,October 10, 1940

Amendment to Regulations *

The Regulations of April 10, 1940, as amended(Sections 130.1 to 130.6\ are further amended so asto extend all the provisions thereof to, and with re-spect to, property in which Rumania or any nationalthereof has at any time on or since October 9, 1940,had any interest of any nature whatsoever, direct orindirect; except that reports on Form TFR-100 withrespect to all property situated in the United Stateson October 9, 1940, in which Rumania or any nationalthereof has at any time on or since October 9, 1940,had any interest of any nature whatsoever, direct orindirect, shall be filed by November 9, 1940.

H . MORGENTHAU, JR.,Secretary of the Treasury.

APPROVED: October 10,1940.

FRANKLIN D. ROOSEVELT.

General Rulings and General Licenses Issued by theSecretary of the Treasury

Since the publication of certain GeneralLicenses on page 1046 of the October 1940Federal Reserve BULLETIN, the followingGeneral Rulings and General Licenses havebeen issued by the Secretary of the Treasuryunder authority of the Executive Order ofApril 10, 1940, as amended, and Regulationsissued pursuant thereto relating to transac-tions in foreign exchange, etc.

Treasury Department, Office of the Secretary,September 18, 1940.

General Ruling No. 7 under Executive Order No.8389, April 10, 1940, as Amended, and RegulationsIssued Pursuant Thereto, Relating to Transactionsin Foreign Exchange, Etc.

The provisions of General Ruling No. 5, as supple-mented by General Ruling No. 6, have been extendedto securities or evidences thereof coming from thePhilippine Islands and the Panama Canal Zone intoany other part of the United States.

D. W. BELL,

Acting Secretary of the Treasury.

Treasury Department, Office of the Secretary,September 18, 1940.

General Ruling No. 8 under Executive Order No.8389, April 10, 19]40, as Amended, and Regulations

* Sec. 5 (b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; PublicResolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex.Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940;Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940:Ex. Order 8565, October 10, 1940.

Issued Pursuant Thereto Relating to Transactionsin Foreign Exchange, Etc.Inquiry has been made as to whether the follow-

ing is prohibited, except under license, by ExecutiveOrder No. 8389, as amended, and the Regulationsissued pursuant thereto:

A request or authorization made by or on behalfof a bank or other person within the United Statesto a bank or other person in a foreign countryother than one of the countries designated inExecutive Order No. 8389, as amended, as a resultof which request or authorization such latter bankor person makes a payment or transfer of crediteither directly or indirectly to one of the foreigncountries designated in the Executive Order, asamended, or a national thereof.

The Treasury Department construes the ExecutiveOrder, as amended, and Regulations as prohibitingsuch a transaction except under license.

D. W. BELL,

Acting Secretary of the Treasury.

Treasury Department, Office of the Secretary,September 10, 1940

General License No. 33 Under Executive Order No.8389, April 10, 1940, as Amended, and RegulationsIssued Pursuant Thereto, Relating to Transactionsin Foreign Exchange, Etc.f

A general license is hereby granted authorizing re-mittances by persons within the United States tocitizens of the United States within any of the for-eign countries designated in Executive Order No.8389, as amended, or to citizens of the United Stateswho have departed from any such designated foreigncountries and are within any other foreign country,through any bank, and any such bank is authorizedto effect such remittances, providing the followingterms and conditions are complied with:

(1) Such remittances do not exceed $250 permonth to any payee and are made only for thenecessary living expenses of the payee and thepayee's family except that one additional sum notexceeding $250 may be remitted if such sum will beused for the purpose of enabling the payee and thepayee's family to return to the United States;

(2) Such remittances are not made from fundsin which a national of any of the foreign coun-tries designated in Executive Order No. 8389, asamended, has any interest whatsoever, direct orindirect.

Any bank effecting any such remittance shall satisfyitself that the foregoing terms and conditions arecomplied with.

Banks are authorized to obtain foreign exchange,to the extent necessary, on the same terms and con-ditions as those prescribed in General License No. 32in order to effect the remittances herein authorized.

t Sec. 5 (b) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; PublicResolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940 ; Ex. Order8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Regulations,April 10, 1940, as amended May 10, 1940, June 17, 1940 andJuly 15, 1940.

NOVEMBER 1940 1175



Banks through which any such remittances origi-nate shall file promptly separate reports in triplicateon Form TFR-32 with the appropriate Federal Re-serve Bank indicating therein that the payee is acitizen of the United States. In addition, the bankultimately transmitting abroad (by cable or other-wise) the payment instructions for any such remit-tances shall file weekly reports with the appropri-ate Federal Reserve Bank setting forth in detail thesame information required in such reports underGeneral License No. 32. This weekly report may becombined with the weekly report required underGeneral License No. 32.

As used in this general license the term "bank"shall mean any bank or trust company incorporatedunder the laws of the United States or of any state,territory or district of the United States, or any pri-vate bank subject to supervision and examinationunder the banking laws of any state, and also anyother banking institution specifically authorized bythe Treasury Department to be treated as a "bank"for the purpose of this general license or of GeneralLicense No. 32.

D. W. BELL,Acting Secretary of the Treasury,


General License No. 3J+ under Executive Order No.8389, April 10, 19%0, as Amended, and RegulationsIssued Pursuant Thereto, Relating to Transactionsin Foreign Exchange, Etc.*

General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, asamended, issued under Executive Order No. 8389 ofApril 10, 1940, as amended, are hereby furtheramended so that as of the date hereof there shall besubstituted for the words "Norway, Denmark, theNetherlands, Belgium, Luxembourg, France, Latvia,Estonia or Lithuania," wherever they appear in suchGeneral Licenses, the words "any of the foreign coun-tries designated in Executive Order No. 8389 of April10, 1940, as amended."

General License No. 12, as amended, issued underExecutive Order No. 8389, of April 10, 1940, as

•Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; PublicResolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex.Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940;Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940;Ex. Order 8565, October 10, 1940; Regulations, April 10, 1940,as amended May 10, 1940, June 17, 1940, July 15, 1940 andOctober 10, 1940.

amended, is hereby further amended by substitutingthe following for subdivision 2 thereof:

" (2) In the event that any money or evidences ofindebtedness or evidences of ownership of propertyare to be removed from such box, such access shallbe permitted only in the presence of an authorizedrepresentative of a banking institution within theUnited States, which may be the lessor of such box,which receives into its custody immediately uponremoval from such box the money or evidences ofindebtedness or evidences of ownership of propertyremoved from such box and which holds the samesubject to the Executive Order of April 10, 1940,as amended, and the Regulations issued thereunder,for the account of the lessee of such box and subjectto the pr^ nerty interests therein as of the respectivedates specified in such Order, as amended, of theforeign countries designated in such Order, asamended, or anv national thereof;"

D. W. BELL,Acting Secretary of the Treasury.


General License No. 35 under Executive Order No.8389, April 10, 194-0, as Amended, and RegulationsIssued Pursuant Thereto, Relating to Transactionsin Foreign Exchange, Etc.*A general license is hereby granted authorizing

banking institutions within the United States to makepayments from accounts in which Rumania or a na-tional thereof has a property interest within themeaning of the Executive Order of April 10, 1940,as amended, and the Regulations issued thereunder,of checks and drafts drawn or issued prior to October9, 1940, and to accept and pay and debit to such ac-counts drafts drawn prior to October 9, 1940, underletters of credit; provided, that each banking insti-tution making any payment or debit authorized bythis general license shall file promptly with the ap-propriate Federal Reserve Bank weekly reports show-ing the details of such transactions.

D. W. BELL,Acting Secretary of the Treasury.

* Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; PublicResolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order6560, Jan. 15. 1934; Ex. Order 8389, April 10, 1940; Ex. Order8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order8484, July 15, 1940; Ex. Order 8493, July 25, 1940 ; Ex. Order8565, October 10, 1940 ; Regulations, April 10, 1940, as amendedMay 10, 1940, June 17, 1940, July 15, 1940, and October 10, 1940.



Ttom the Eoatd*5 G.otte5Y2ondenceI

n^HE character and volume of inquiries addressed to the Board in recent years reflect the public's growinginterest in problems related to money and banking. The inquiries cover a wide range of subjects repre-

senting many points of view, and it is believed that some of the Board's replies to the questions raised maybe of interest to the readers of the BULLETIN. Selections for publication are made on the basis of frequencyof inquiry, timeliness, and importance of subject matter.

.XCQ55

QUESTION

'In our Current Events course atJunior College, we have been interested in astatement in the newspaper saying that thebanks have excess reserves of seven billiondollars. We should like to know what excessreserves are, where the money comes from,and how it might be used to effect a betterdistribution of wealth/'

ANSWER

U NDER the law banks that are membersof the Federal Reserve System are re-

quired to maintain as balances with the Fed-eral Reserve Banks a certain proportion ofthe deposits which they have received fromtheir customers. When these balances arelarger than what is required by law, then theamount over and above legal requirements iscalled excess reserves. These excess reservesare available for lending or investing.

There are about 6,400 banks in the UnitedStates that are members of the Federal Re-serve System. On October 30, 1940, balancesof these banks at the Reserve Banks totaledfourteen billion dollars. Of this total abouthalf represented what they were required tohave and the other half was excess.

Banks prefer to lend or invest their avail-able funds and obtain earnings on them

rather than hold excess reserves, and untilrecent years they were able to find uses forpractically all the funds they had. Banksheld only as large reserves as the law re-quired, and there were no excess reserves.

In recent years however, member bank re-serves have increased much faster than op-portunities to use them. The supply of fundsin the hands of banks has grown rapidly,owing principally to a huge inflow of goldfrom abroad, and at the same time the de-mand for funds by acceptable borrowers hasincreased much less. Satisfactory loans andinvestments have been relatively scarce. As aconsequence, member banks at present havea huge volume of reserves in excess of re-quirements.

These reserves are not a source of earn-ings to the banks, but they are part of theassets held against the deposits which thebanks owe their customers. The banks cannoteither give them away or use them for specu-lative or unsound undertakings. In effect,though not legally, these funds are owned bydepositors, and not by the banks. They canbe lent by the banks to acceptable borrowers,who have prospects of ability to repay theloans, but they are not available for distribu-tion. They cannot be used as the basis fora better distribution of wealth, which dependson many other factors in the country's eco-nomic organization.

NOVEMBER 1940 1177


Revision of Banking Statistics

The Board of Governors of the Federal Re-serve System, the Federal Deposit InsuranceCorporation, and the Office of the Comptrollerof the Currency are cooperating in the prep-aration of a comprehensive revision andcompilation of banking statistics for theUnited States. The National Bureau of Eco-nomic Research, represented by ProfessorJames W. Angell, is collaborating in the work.George W. Blattner, of the staff of the Boardof Governors, has supervision of the project.

The primary purpose of this compilationis to assemble and publish the best availabledata, from the earliest period for which it ispossible to obtain comparable figures downto date, and with the widest possible cover-age. The aim is to show the development ofthe entire banking system and to provide amore reliable basis for the analysis of rela-tionships between general economic activityand monetary and banking forces. Figuresfor the principal types of assets and liabilitieswill be compiled for various types of banksfor each State. Attempt will be made tocombine and reconcile the numerous seriesnow to be found, often on a noncomparablebasis, in the various Federal and State re-ports.

With respect to national banks there are noproblems as to coverage and the principaltask will be to assemble series of data thatare comparable over long periods. The prob-lem with other banks is much more difficult.The available figures for these non-nationalbanks have varied considerably from time totime and from State to State both as to typesof banking institutions covered and as toitems reported. Available compilations oftotals for all banks in the country are affectedby these inconsistencies.

The Board would be glad to receive anyinformation concerning studies that are beingmade or have been made regarding bankingtrends in particular areas or regardingparticular types of banks, whether madeby individuals, statistical agencies, or bank-ing authorities. It would also like to haveany information, however fragmentary, con-cerning data of the types indicated whichare not already accessible in the pub-lished reports of Federal and State bankingauthorities. Information on non-nationalbanks before 1914 will be especially welcome.

Emergency Plant Facilities Contract

There was published in the September1940 number of the Federal Reserve BUL-LETIN a statement issued by the NationalDefense Advisory Commission regarding theavailability of bank credit for financing thedefense program, based upon a test surveymade by the Federal Reserve System for theCommission. This statement referred to anew form of contract developed by the Na-tional Defense Advisory Commission, afterconsultation with the War and Navy Depart-ments and the Comptroller General, as abasis for borrowing by defense manufac-turers from the banks.

As a result of suggestions made by banksand others who considered the form of con-tract, it was modified in some particularsand copies of a revised draft were furnishedto the Federal Reserve Banks and theirbranches in mid-October. Banks and otherswho are interested in the matter may obtaininformation concerning the form of contractfrom any Federal Reserve Bank or branch.

Admissions of State Banks to Membership in theFederal Reserve System

The following State banks were admittedto membership in the Federal Reserve Systemduring the period September 16, 1940, toOctober 15, 1940, inclusive.

IndianaBrazil—The Brazil Trust Company of Brazil,

IndianaLogansport—The Farmers & Merchants State

BankMontpelier—The Bank of MontpelierPorter—First State Bank of Porter

IowaClear Lake—Clear Lake Bank and Trust Com-

panyMichigan

Dexter—The Dexter Savings BankGaylord—The Gaylord State Savings BankRiver Rouge—River Rouge Savings Bank

NevadaPioche—Bank of Pioche, Incorporated

New YorkBaldwin—Peoples State Bank of Baldwin

OhioAlliance—The Mount Union Bank

South DakotaCuster—Custer County Bank, Custer City, So.

Dak.Texas

Marlin—First State Bank of Marlin



A/ew Dndex of} United Stata* (fovetnment £ond

IN THE regular table of bond prices in thisissue of the BULLETIN (page 1206), a new

index of long-term United States Govern-ment bond prices has been substituted for theseries previously published. This new in-dex l of prices is derived from the averageyields on long-term Government bonds byconverting these yields to prices on a repre-sentative and comparable basis as to maturityand coupon rate. Average market yields oflong-term bonds are currently published inthe BULLETIN. For explanation of these aver-ages, see BULLETIN, December 1938, page1045.

The previous price series was a simpleaverage of the market prices of all outstand-ing Treasury bonds not due or callable formore than 12 years. This series was usefulin showing the average market prices of thesebonds and changes in market prices overshort periods which did not involve differ-ences in the issues included. It was not suit-able, however, for longer-term price compari-sons, owing to the numerous changes in thelist of bonds making up the average and towide variations in their prices, which reflectprincipally differences in coupon rates. Bondswere excluded from the average whenevertheir term to call date became 12 years orless, and new bonds having a term to call dateof more than 12 years were included in theaverage whenever issued by the Treasury.Bonds removed from the average during thisperiod generally had high coupon rates andconsequently sold at high prices, while thenew bonds sold at small premiums above par.Substitutions, therefore, tended to lower theaverage, irrespective of market fluctuations.While these changes broke the continuity ofthe price series because of the variationsnoted, they caused only negligible breaks inthe yield series, as the yields on new bondsadded or old bonds dropped conformed closelyto the yields of issues included in the aver-age.

The new index of prices is derived from theaverage yield of all the bonds included in thisaverage by calculating the price at which abond having a coupon of 2% per cent anda term of 16 years would sell in order to re-turn the average yield. These are about the

iThis index was compiled by V. B. Grinioff of the Divisionof Security Loans and L. M. Piser of the Division of Researchand Statistics.

average term and the average coupon ratethat have prevailed for United States Gov-ernment long-term bonds since 1936. In 1931the average coupon rate of the bonds includedin the average was 3% per cent; after thatdate the bonds dropped were high-couponbonds and the bonds added were low-couponbonds.

For recent years, therefore, both the pricelevel and the price fluctuations of the bondchosen represent with considerable accuracythose of the bonds actually outstanding. Theindex may also be expected to conform moreclosely to the situation in the next few yearsthan would an index based upon couponrates and maturities typical of earlier years.As a result of this selection the level of theprice index for the earlier years does notconform to the average of actual prices dur-ing that period, but the fluctuations in theindex may be considered as typical of thosein actual prices.

The new series does not purport to measureaccurately the average level of current pricequotations in the market, although at thepresent time it does measure this level ap-proximately. The index shows the approxi-mate trend of prices of a representative bondof unchanging coupon and maturity. It pro-vides, therefore, a measure of price changes.

The chart shows the old and the new seriesof Government bond prices. The lowest pricefor the 10-year period was reached by both

U. S. GOVERNMENT BOND PRICESMONTHLY AVERAGES OF DAILY FIGURES

1931 1932 1933 1934 1935 1936 1937 1938 1939 1940

NOVEMBER 1940 1179


New Index of United States Government Bond Prices

series in January 1932 and the highest pricein June 1939. In the period between thesedates the new index of prices advanced byabout 26 points, while the old index advancedby about 17 points. This difference in meas-uring the extent of the price increase reflectsprincipally the cumulation of error arisingfrom the substitutions made in the old series.

The new index is useful in comparing short-term changes in prices in periods when thecomposition of the series is altered. BetweenSeptember and November 1935, for example,the new index shows only a negligible changein prices, whereas the old index indicates adecline of about 3 points, which arose from

the exclusion from the average of the high-premium 4*4 per cent bonds of 1947-1952.

UNITED STATES GOVERNMENT BOND PRICES[Monthly averages of daily figures]

JanFebMar... .AprMay....JuneJuly....AugSept....OctNovDec

1931

94.493.293.693.794.995.295.094.693.889.489.486.1

1932

82.684.286.288.887.987.990.091.591.891.791.592.6

1933

94.293.191.89i.893.294.394.494.394.594.291.390.5

1934

90.993.094.495.596.697.197.896.594.495.696.096.7

1935

98.399.599.7

100.1100.4100.4100.899.998.798.799.099.0

1936

99.499.7

100.5100.9101.2101.2101.3101.8102.0101.7102.9103.1

1937

103.7103.8102.099.499.999.9

100.4100.499.799.9

100.5101.0

1938

101.3101.4101.4101.7103.1103.0103.0103.1102.2103.5103.3103.4

1939

103.7104.1105.4106.0107.8108.4107.9107.2101.3102.0103.8105.3

[Weekly averages of daily figures]

Weekended

1934

Jan.

Feb

Mar

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov

Dec

6132027

3101724

310172431

7142128

5121926

29

162330

7142128

4111825

8152229

6132027

3101724

j

8152229

Index

91.290.291.091.1

92 192.793. 193.4

93 193^894.895.095.0

95.195.695.595.7

96 196.696.696.6

—,96 896.897.297.197.2

97.598.198.197.6

97 596.796.296.2

96 295.494.493.894.0

94.695.596.196.2

95 995.796.096.2

96 296.696.697.097.0

Weekended

1935

Jan.

Feb

Mar

Apr.

M a y

July

Aug.

Sept.

Oct.

Nov

Dec.

5121926

29

1623

29

162330

6132027

4111825

j8

152229

6132027

310172431

7142128

5121926

29

162330

7142128

Index

97.398.098.399.0

98 899.199.299.7

100 1100.099.699.599.7

100.1100.1100.0100.3

100 7100.4100.4100.4

100 0100.1100.4100.4100.5

100.7100.8100.8100.8

100 8100.5100.199.598 8

99.199.098.298.5

98.398.699.099.0

99 099. 198.899.098 8

99.099.098.899. 1

Weekended

1936

Jan.

F e b

Mar.

Apr.

M a y

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

4111825

18

152229

7142128

4111825

29

162330

6132027

4111825

8152229

5121926

3101724

7142128

5121926

Index

99.499.499.699.4

99 499.599.7

100.0100 1

100.4100.4100.5100.8

100.8100.9101.0101.0

100 9101.0101.2101.4101.3

101.2101.2101.2101.0

101.2101.3101.2101.2

101 3101.4101.7101.8102 1

102.2102.1101.8101.7

101.7101.7101.7101.7

102. 1102.9103.3103 1

103. 1103.1103.1103.0

Weekended1937

Jan.

Feb.

Mar.

Apr.

M a y

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

29

162330

6132027

6132027

3101724

18

152229

5121926

310172431

7142128

4111825

29

1623

613?027

4111825

Index

103.5103.8103.8103.8103 7

103.8103.8103. 7103 8

103.7103.0101.7100.4

99.699.499.699.5

99 499.999.799.7

100.0

100.0100.099.999.7

99.9100.1100.3100.5100 9

100.9100.8100.499 7

99.699.499.9

100.0

99.999.999.999.7

100.3100.1100.7100 8

100.9101.2100.9100.9

Weekended

1938

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec

18

15?,?,

51219

51219?,6

?,Q

1623

714?)28

4111825

29

1623

61320

3101724

18

1522

51?1926

310179431

Index

100.9101.0101.3101.6101 2

101. 3101.2101.4101 7

101.8101.7101.3101.4

100.9100.9101.2102.2102 6

103.0103.1103.1103.1

103.4103.3103.0102.9

102.7102.9103.1103.0103 0

103.1103. 3103.3103.3

103.0102.7101.8102.2

102.2103.4103.5103.7

103.5103.5103 3103 1

103 1103.5103.5103.4103.5

Weekended

1939

Jan.

Feb

Mar

Apr.

IVIay

July

Aug.

Sept.

Oct.

Dec.

7142128

4111825

4111825

8152229

g132027

3101724

8152229

121926

29

162330

7142128

4111825

2q

16?:330

Index

103.5103.7104.0103.5

104 0104! 1104.2104.2

104 8105.3105.4105.4

105 9105.9105.7106.1106.4

106 8107.8108.2108.4

108 8108.9108.1107.9

107 5107.7107.9107.9108.2

108 2107.8107.8106.4

105 6102.6101.4100.1100.1

100.4101.2102.7103.1

103 0103.1103.7104 6

104.9104.6105.0105.7106.0

Weekended

1940

Jan.

Feb

TVT

Apr.

Ivtay

June

July

Aug.

Sept.

Oct.

M

Dec

6132027

3101724

29

162330

6132027

4111825

18

2229

6132027

310172431

7142128

5121926

2q

16?330

714?1?H

Index

106.3106.3105.7105.9

105 6105.7105.9105.7

105 6106.3106.8106.8107.1

107.4106.8106.4106.3

106 7106.3104.2103.7

103 5103.4104.5105.6105.7

106.1106.0106.1106.7

106 8106.7106.3106.7107 0

107.4107.4107.8108.1

108.2108.9108.9108.9



MemUx Sank Zatnlnyi, Titit J/alfi ofi 1940

MEMBER bank profits in the first sixmonths of 1940 were somewhat larger

than in the preceding half-year period butconsiderably less than in the first half of1939. The decrease reflected principallysmaller profits derived from the sale of securi-ties above cost. Both net current earningsand total current earnings were larger thanin either the first half of 1939 or the firsthalf of 1938, as shown in the following sum-mary table.

also include larger amounts of relatively high-yield types of loans. To a lesser extent it re-flects larger earnings from other sources thanloans and investments, particularly servicecharges on deposit accounts. Expenses in-creased slightly in the latest half-year butthe growth over the first half of 1939 was notas large as that in total earnings. Net currentearnings in the first half of 1940 were largerthan in the first half of most recent years.

The net profits of $162,270,000 in the first

MEMBER BANK EARNINGS, BY HALF-YEAR PERIODS, JANUARY 1935-JUNE 1940

[Amounts in millions of dollars]

Item

Interest and discount on loans .Interest and dividends on securitiesService charges on deposit accountsOther earnings

Total earnings

Salaries and wages—total __Interest on time and savings deposits._Other expenses

Total expenses

Net current earnings

Recoveries, profits on securities sold,etc.Losses and depreciation

Net profits

Cash dividends declared 1

Number of banks 2 - . .

1935

Firsthalf-year

248238

17100

603

166104148

418

185

187293

90

87

6, 410

Secondhalf-year

250230

18105

603

16895

151

414

189

189246

132

96

6,387

1936

Firsthalf-year

253235

19110

617

17289

169

430

187

253216

224

95

6,400

Secondhalf-year

26025220

122

654

18088

174

442

212

254225

241

103

6,376

1937

Firsthalf-year

26824422

118

652

18188

180

449

203

158166

195

100

6,357

Secondhalf-year

28523723

124

669

19188

174

453

216

97172

141

101

6,341

1938

Firsthalf-year

26922425

113

631

18788

173

448

183

137175

145

99

6,338

Secondhalf-year

27422526

119

644

19383

167

443

201

142222

121

99

6,338

1939

Firsthalf-year

27222327

111

633

19082

174

446

187

191187

191

104

6,330

Secondhalf-year

28822128

125

662

19877

173

448

214

135193

156

104

6,362

1940

Firsthalf-year

29021429

116

649

19575

185

455

194

143175

162

100

6,398

1 Includes interest on capital notes and debentures.2 At end of period.

Notwithstanding a further decrease in in-terest and dividends on securities—a reflec-tion of lower rates of return—total earningswere in greater volume during the first halfof 1940 than in that part of any year sincethe banking holiday except 1937. This is at-tributable primarily to the fact that a some-what larger amount is now being earned onloans, which have increased in volume and

six months of this year were at an annual rateof 5.8 per cent on total capital accounts, com-pared with a similar annual rate of 7.0 percent in the first half of 1939 and 5.4 per centin the first half of 1938. Cash dividends de-clared by member banks in the first half of1940 were at an annual rate of 8.5 per centon capital stock, or 3.6 per cent on total capi-tal accounts.

NOVEMBER 1940 1181


EARNINGS AND EXPENSES OF MEMBER BANKSNATIONAL AND STATE MEMBER BANKS, BY SEMI-ANNUAL PERIODS, JULY 1, 1939 TO JUNE 30, 1940

(Figures for national banks were compiled by the Comptroller of the Currency fromreports submitted by national banks)

[Amounts in thousands of dollars]

Earnings:Interest and discount on loansInterest and dividends on securities _..Collection charges, commissions, fees, etcForeign department.__Trust departmentService charges on deposit accountsRent receivedOther current earnings

Total current earnings

Expenses:Interest on time and savings deposits - . . _ . -Salaries, officersSalaries and wages, employees (other than officers)Fees paid to directors and committee members _ _Interest and discount on borrowed moneyReal estate taxesOther taxes ._Other current expenses

Total current expenses

Net current earnings

Recoveries, profits on securities sold, etc.:Recoveries on loans _ _. . .Recoveries on securitiesProfits on securities sold . _. _ _Allother

Total recoveries, profits on securities sold, etc

Losses and depreciation:On loansOn securitiesOn banking house, furniture and fixturesAllother

Total losses and depreciation

Net profits.

Cash dividends declared:On preferred stock *On common stock _ __ __ _. .._ .._

Total cash dividends 1

Loans 2

Securities 2

Total loans and securities 2

Total deposits 2

Total capital accounts 2 3_.

Number of officers at end of periodNumber of employees (full- and part-time) at end of periodNumber of banks at end of period.

Annual rates of earnings and of losses on loans:Interest and discount on loans per $100 of loans . .Recoveries on loans per $100 of loans _. _Losses on loans per $100 of loans

Annual rates of earnings and of losses on securities:Interest and dividends on securities per $100 of securitiesRecoveries on securities per $100 of securitiesProfits on securities sold per $100 of securitiesLosses on securities per $100 of securities

Annual rates of earnings on total capital accounts:Net current earnings per $100 of total capital accountsNet profits per $100 of total capital accounts -

Total deposits per $1 of total capital accountsLoans and securities per $1 of total capital accounts

All member banks

Second halfof 1939

288,151221, 200

16,5067,480

48,91427, 65641,71911,098

662, 724

76, 97076 249

121. 5063,858

8617 85724,298

127, 397

448,221

214, 503

30, 63030,26562.45411,983

135,332

60 37085 42521,85825, 700

193, 353

156,482

6 91396,590

103, 503

13, 524, 43619, 681,916

33, 206, 352

47.880, 9975, 516,137

34,172158,137

6,362

$4.26.4589

2.25.31.63.87

7.785.678.686.02

First halfof 1940

290,051214,691

16,3625,701

43, 62129,15340, 5709,481

649,630

74, 73776,199

119,3473,711

5716,87631,947

132, 371

455, 245

194,385

26, 23227,15177,86611, 753

143,002

47,02979,71718,07130,300

175,117

162, 270

6,17093,871

100,041

13, 956, 66620, 228,191

34,184,857

50,415, 5915, 563, 729

35,001162,299

6,398

$4.16.38.67

2.12.27.77.79

6.995.839.066.14

National member banks

Second halfof 1939

198,351146,95111,4354,449

16, 59319,04026,0478,301

431,167

55, 23151,06874,6202,727

4911,13915, 85279,984

290,670

140,497

22, 71515, 77540,359

7,888

86, 737

35,47750,27616, 30012, 653

114, 706

112, 528

4,71859, 964

64,682

8, 772, 58212,621,323

21,393,905

30,634,0903, 397,038

25, 61799, 243

5,187

$4.52.5281

2.33.25.64.80

8.276.639.026.30

First halfof 1940

200, 383141, 73711,2863,486

15,10520,09825,8536,926

424,874

53, 33450,85673,1942,593

3310, 64521, 44183, 432

295, 528

129, 346

17, 25617,61053, 2547,657

95, 777

29, 60654 97412,43715, 562

112, 579

112, 544

3,76258,036

61, 798

9, 072,09612, 811, 545

21,883, 641

32,171, 2343,431,814

26,120102,471

5,164

$4.42.3865

2.21.26.83.86

7.546.569.376.38

State member banks

Second halfof 1939

89,80074,249

5,0713,031

32,3218,616

15,6722,797

231, 557

21, 73925,18146, 886

1,13137

6,7188,446

47,413

157, 551

74,006

7,91514,49022, 0954,095

48, 595

24,89335,1495,558

13, 047

78,647

43,954

2,19536, 626

38, 821

4, 751,8547,060, 593

11,812,447

17, 246,9072,119,099

8,55558,8941,175

$3.78.33

1.05

2.10.41.63

1.00

6.984.158.145.57

First halfof 1940

89,66872,9545,0762,215

28,5169,055

14,7172,555

224,756

21,40325, 34346,153

1,11824

6,23110,50648,939

159, 717

65,039

8,9769,541

24,6124,096

47, 225

17,42324, 7435,634

14, 738

62, 538

49, 726

2,40835, 835

38, 243

4,884, 5707, 416, 646

12,301, 216

18, 244,3572,131,915

8,88159,8281,234

$3.67.37.71

1.97.27.66.67

6.104.668.565.77

1 Includes interest on capital notes and debentures.2 For the second half of 1939 these are averages of figures reported on June 30, 1939, October 2, 1939, and December 30, 1939; for the first half of

1940 they are averages of figures reported on December 30, 1939, March 26, 1940, and June 29, 1940.3 Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and

other capital reserves.Back figures.—See BULLETIN for May 1940, pp. 461 and 465.



A/ational Summatu on jSuilne55 L?ondition5

Compiled October 15 and released for publication October 17. Figures shown on charts may differ frompreliminary figures used in text. Later developments are discussed on pages 1161-1167 of this BULLETIN.

VOLUME of industrial production increasedsharply in September, owing mainly to a

continued rise in output of durable manufac-tured products, and this month a further in-crease is indicated. Prices of basic indus-trial materials advanced in September andthe first half of October.

ProductionThe Board's seasonally adjusted index of

industrial production, which for three monthshad been at a level of 121 per cent of the1935-39 average, advanced to about 125 percent in September. In the durable goodsindustries increases in output were general.Steel production rose to 93 per cent of capac-ity, and in the first half of October the ratewas slightly higher as new orders continuedin large volume both from domestic andforeign sources. Steel exports amounted toabout 20 per cent of ingot-producing capacityin August, the latest month for which dataare available, with nearly three-quarters ofthese shipments going to the United King-dom and Canada. Activity in the machinery,aircraft, and shipbuilding industries ad-vanced further in September following con-siderable increases in August, and automo-bile output increased sharply as volume pro-duction of new model cars was rapidly at-tained. Plants producing railroad cars andlocomotives also showed an expansion in

INDUSTRIAL PRODUCTIONPOINTS IN TOTAL INDEX

140POINTS IN TOTAL INDEX

140

1934 1935 1936 1937 1938 1939 1940

Index of physical volume of production, adjusted for seasonalvariation, 1935-1939 average = 100.

activity. Lumber production continued torise under the impetus of a growing volumeof demand for defense program purposes.

Changes in output of nondurable manufac-tured goods and minerals in September weremixed. At wool textile mills activity ad-vanced sharply further to near the peakreached last autumn, reflecting in part ex-panding production on Government orders.At cotton mills, however, activity showedless than the usual seasonal rise, followinga sharp increase in August, and rayon deliv-eries declined somewhat owing partly to astrike at plants of one large producer. Shoeproduction also declined in September.Paper production remained in reduced vol-ume following a high rate of output duringthe early summer accompanying some in-ventory accumulation at that time. Outputof most metals continued large during Sep-tember. Crude petroleum production, whichhad been curtailed sharply during the sum-mer, rose considerably, but coal production,which for several months had been main-tained at high levels, showed a smaller in-crease than is usual at this season.

Value of new construction work started inSeptember was lower than in July and Au-gust, according to reports of the F. W. DodgeCorporation and the San Francisco FederalReserve Bank. The decline occurred chiefly

INCOME PAYMENTSBILLIONS OF DOLLARS

7BILLIONS OF DOLLARS

7

1934 1935 1936 1937 1938 1939 1940

United States Department of Commerce estimates of theamount of income payments to individuals, adjusted for seasonalvariation. By months, January 1934 to September 1940.

NOVEMBER 1940 1183


National Summary of Business Conditions

in contracts for defense projects which hadbeen large in the previous two months.Awards for private residential buildingshowed little change from recent high levels.Awards for other private work declinedsomewhat but continued considerably abovethe level of a year ago.

DistributionIn September and the early part of October

department store sales showed somewhat lessthan the usual seasonal increase from the ex-ceptionally high level reached in August.

Freight-car loadings rose somewhat morethan seasonally in September, reflecting toa large extent increased shipments of mis-cellaneous freight. Loadings of coal, whichhave been large in recent months, showedless than the usual seasonal rise.

Commodity PricesPrices of most industrial materials, par-

ticularly lumber, steel scrap, nonferrousmetals, hides, and wool, continued to advance

WHOLESALE PRICES OF BASIC COMMODITIESTHURSDAY FIGURES, 1926 = 100

MATERIALS

J1935 1936 1940

Federal Reserve groupings of Bureau of Labor Statistics data.Thursday figures, January 4, 1934, to October 24, 1940.

from the middle of September to the middleof October, and there were also increases insome manufactured products, notably cottonand woolen goods. Wheat prices were higherwhile prices of most other foodstuffs showedlittle change.

Bank CreditCommercial loans at reporting member

banks in New York and 100 other leadingcities continued to increase during the fourweeks ending October 9, reflecting in partseasonal demands. Holdings of United StatesGovernment obligations decreased furtherwith the result that total loans and invest-ments of these banks showed little change.

United States Government Security PricesPrices of United States Government se-

curities advanced in the second half of Sep-tember and the first week in October, risingclose to the high level of the year reachedearly last April.

MEMBER BANKS IN 101 LEADING CITIESBILLIONS OF DOLLARS BILLIONS OF DOLLARS



FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items 1187Federal Reserve Bank discount rates; rates on time deposits, reserve require-

ments, margin requirements 1188Federal Reserve Bank statistics 1189-1193Reserve position of member banks; deposits in larger and smaller centers. . . 1194Money in circulation 1195Gold stock and gold movements; bank suspensions; bank debits 1196All banks in the United States, number, deposits, loans and investments 1197Condition of all member banks 1198-1199Weekly reporting member banks 1200-1203Commercial paper, bankers' acceptances, and brokers' balances 1204Money rates and bond yields 1205Security markets 1206Treasury finance 1207-1208Governmental corporations and credit agencies; Postal Savings System 1209-1210Business Indexes 1211-1221Wholesale prices . . 1222Statistics for Federal Reserve chart book 1223-1224Crop report 1224Condition of insured commercial banks in United States and possessions, June

29, 1940 and December 30, 1939 1225

Tables on the following pages include the principal available statistics of current sig-nificance relating to financial and business developments in the United States. The datarelating to the Federal Reserve Banks and the member banks of the Federal Reserve Systemare derived from regular reports made to the Board; index numbers of production are com-piled by the Board on the basis of material collected by other agencies; figures for goldstock, money in circulation, Treasury finance, and operations of Government credit agenciesare 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 businessactivity are obtained largely from other sources. Back figures may in most cases be obtainedfrom earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 andearlier years. Current figures compiled by the Board are generally released prior to publi-cation in the BULLETIN and press statements will be sent without charge to those wishingthem. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of thisBULLETIN.

NOVEMBER 1940 1185


MEMBER BANK RESERVES AND RELATED ITEMSBILLIONS OF DOLLARS

20WEDNESDAY FIGURES

18

16

14

10

RESERVE BANKCREDIT

GOLD STOCK

MONEY IN CIRCULATION

— TREASURY CASH

TREASURY DEPOSITSAT F. R. BANKS

BILLiOf^5 OF DOLLARS

20

18

16

14

1934 1935 1936 1937 1938 1939 1940

14

12

10

MEMBER BANKRESERVE BALANCES

10

14

12

10

8

1934 1935 1936 1937 1938 1939

Latest figures for October 23. See page 1187.

1940



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]

Date

Monthly averages ofdaily figures:

1939—JulyAugustSeptember

1940—JulyAugustSeptember

End of month figures:1939—July 3 1 . . . .

Aug. 3 1 —Sept. 3 0 —

1940—July 3 1 . . . .Aug. 3 1 —Sept. 3 0 —

Wednesday figures:1939—Dec. 6

Dec. 13Dec. 2 0 _ . .Dec. 27___.

1940—Jan. 3Jan. 10Jan. 17Jan. 24Jan. 31

Feb. 7Feb. 14Feb. 21Feb. 28. . . - .

Mar 6Mar. 13.Mar. 20.Mar. 27. ._.

Apr. 3Apr. 10Apr. 17Apr. 24

May 1May 8May 15May 22.May 29 . . . .

June 5June 12June 19 .June 26

July 3J u l y l O . . . .July 1 7 . - . .July 2 4 . . . .July 3 1 . . . .

Aug. 7Aug. 14.. . .Aug. 2 1 —Aug. 2 8 —

Sept. 4Sept. 1 1 —Sept. 1 8 —Sept. 2 5 —

Oct. 2Oct. 9Oct. 16Oct. 23

Billsdis-

counted

556335

556445

8888

77777

7767

3322

3222

33323

3222

22234

3334

6545

6844

Reserve Bank credit outstanding

TJ. S. Governmentsecurities

Total

2,5272,4372,7322,4502,4442,434

2,4882,4262,8042,4482,4362,434

2,5122,5122,4962,489

2,4842,4772,4772,4772,477

2,4772,4772,4772,477

2,4772,4772,4752,475

2,4672,4672,4672,467

2,4672,4672,4742,4772,477

2,4772,4772,4732,473

2,4502,4502,4502,4502,448

2,4462,4462,4462,442

2,4342,4342,4342,434

2,4242,3992,3842,352

Ma-turingwith-

years

1,6971,6061,6301,2021,2011,191

1,6581,5941,5851,2021,1921,191

1,3241,3241,3241,220

1,2201,2201,2201,2201,220

1,2181,2151,2091,209

1,2091,2091,2091,209

1,2051,2051,2051,205

1,2051,2051,2051,2061,206

1,2061,2061,2061,206

1,2021,2021,2021,2021,202

1,2021,2021,2021,198

1,1911,1911,1911,191

1,1811,0751,1081,086

Ma-turingafter

5years

830831

1,1021,2471,2441,243

830832

1,2191,2461,2441,243

1,1891,1891,1731,270

1,2651,2581,2581,2581,258

1,2591,2631,2681,268

1,2681,2681,2661,266

1,2621,2621,2621,262

1,2621,2621,2691,2711,271

1,2711,2711,2671,267

1,2481,2481,2481,2481,246

1,2441,2441,2441,244

1,2431,2431,2431,243

1,2431,3251, 2761,266

An-other

ReserveBank

credit i

372556635764

- 81568327546

4723

14071

7320313018

33464054

35444232

42314532

3038414131

50436336

5139493832

22474435

51475734

53389432

Total

2,5692,4672,7942,5152,5052,503

2,4862,4462,8792,4842,5152,485

2,5682,5432,6452,568

2,5642,5042,5152,5142,503

2,5182,5302,5232,537

2,5152,5242,5202,510

2,5122,5002,5142,501

2,5002,5072,5182,5202,511

2,5302,5232,5392,511

2,5032,4912,5012,4912,484

2,4712,4952,4922,480

2,4902,4852,4952,472

2,4822,4452,4812,388

Goldstock

16,18216,39016,82320,26020,71821,064

16,23816,64616,93220,46320, 91321,244

17,40817,46417, 57617,620

17,69717,74717,80517,87917,931

17,99818,06318,10818,166

18,22018,28218,36018,413

18,47018,52318,63118,708

18,77118,83518,94919,07119,162

19,28119,42719,76919,871

20,06320,16620,25620,36720,463

20,56820,68920,80020,871

20,94420,98121,09321,166

21,27121,34921,37321, 428

Treas-urycur-

rencyout-

stand-ing

2,8872,9002,9113,0173,0283,040

2,8952,9072,9193,0243,0363,044

2,9492,9542,9592,963

2,9632,965

.2,968*2,9692,971

2,9732,9772,9772,980

2,9842,9852,9892,990

2,9912,9932,9922,997

3,0003,0043,0043,0073,007

3,0083,0093,0113,012

3,0143,0153,0163,0203,024

3,0253,0273,0303,034

3,0363,0383,0403,041

3,0463,0483,0523,055

Moneyin cir-cula-tion

7,0517,0987,2497,8847,9678,095

7,0497,1717,2937,8838,0598,151

7,5457,5647,6797,663

7,5817,4637,4057,3657,376

7,4037,4117,4507,439

7,4817,4637,4847,471

7,5217,5097,5367,520

7,5707,5897,5987,6137,685

7,7187,7177,7417,780

7,9247,8847,8727,8547,883

7,9297,9447,9768,006

8,0928,0808,0848,090

8,1728,1998,2298,236

Treas-urycashhold-ings

2,5342,3442,2532,2062,2772,287

2,3602,3252,2442,2502,2772,290

2,3912,3982,4112,417

2,3672,3412,3612,3812,358

2,3652,3852,3582,374

2,3582,3622,3742,382

2,3722,3532,3132,305

2,2932,3092,2232,2042,200

2,2052,2002,2042,186

2,1902,1912,1992,2292,250

2,2762,2812,2912,291

2,2922,2872,3112,298

2,2942,2942,2682,232

Treas-ury de-positswithFed-eralRe-

serveBanks

780783611391885781

752708545694810756

346753694646

651655575507549

632642596561

536526707700

692590513470

490512425370378

308265298301

221297278643694

923940889813

791762790793

678579463383

Non-mem-

berde-

posits

695616729

1,3161,4511,535

693622753

1,3821,5161,581

785719765678

653677678713723

743733716744

731754791808

737733762773

793802878935950

9491,0141,0981,139

1,2451,2741,2991,3271,382

1,3861,4441,4861,498

1,5101,5201,5491,525

1,5871,5741,6601,600

OtherFed-eralRe-

serveac-

counts

257256243261262265

257255240262261268

241240253255

251250250249248

249249248248

246247256256

256256257256

256256254254253

252253266266

262261261261262

263262261261

261260270270

268270271272

Membank re

balan

Total

10,32110,65911,44313,73513,40813,643

10,50710,91811,65513,49813,54113,727

11,61711,28811,37811,493

11,72111,83012,02012,14812,150

12,09712,15112,24112,318

12,36712,43912,25612,294

12,39512,57512,75712,883

12,87012,87713,09413,22313,215

13,38713,51013,71213,723

13,73713, 76413,86313,56513,498

13,28613,34013,41913, 516

13,52413, 59613,62413,703

13,80013,92714,01614,148

berserveces

Ex-cess*

4,4024,6075,1986,7526,4076,582

4,5534,7585,3526,5146,5256,655

5,1544,8494,9005,046

5,2715,3775,5025,5925,559

5,5235,5805,6295,689

5,7335,7775,5945,679

5,8155,9496,0486,116

6,1076,1316,3006,3736,362

6,5336,6076,7676,801

6,8126,8336,8826,5706,514

6,3256,3926,4176,487

6,4946,5416,5316,645

6,7216,8166,8696,940

i Includes industrial advances and bills bought, shown separately in subsequent tables.i End of month and Wednesday figures estimated.

. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of articletogether with available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in AnnualReport 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 Wednesdaydates since January 6,1937 on maturity distribution of security holdings will be supplied on request.

NOVEMBER 1940 1187


FEDERAL RESERVE BANK DISCOUNT RATES[Per cent per annum]

Federal Reserve Bank

Rediscounts and advances under sections13 and 13a of the Federal Reserve Act

except last paragraph of Section 13

Secured by direct andeligible guaranteed ob-ligations of the U. S.

RateOct.30

Ineffect

beginning-

All other

RateOct.30

Ineffect

beginning-

Advances under Sec-tion 10(b) of the

Federal Reserve Act

RateOct.30

Ineffect

beginning-

Advances secured by direct obligationsof the United States (last paragraph ofSection 13 of the Federal Reserve Act)

To banks

RateOct.30

Ineffect

beginning—

To others

RateOct.

30

Ineffect

beginning—

BostonNew YorkPhiladelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis-Kansas City__Dallas-San Francisco.

Sept. 1, 1939Aug. 27, 1937Sept. 4, 1937May 11,1935Aug. 27, 1937Sept. 16, 1939Sept. 1, 1939Sept. 21, 1939Aug. 24, 1937Sept. 16, 1939Sept. 16, 1939Sept. 3, 1937

Sept. 1, 1939Aug. 27, 1937Sept. 4, 1937May 11, 1935Aug. 27, 1937Aug. 21, 1937Aug. 21, 1937Sept. 2, 1937Aug. 24, 1937Sept. 3, 1937Aug. 31, 1937Sept. 3, 1937

Sept. 2, 1937Oct. 10, 1935Sept. 4, 1937Oct. 19, 1935Sept. 10, 1937Aug. 21, 1937Aug. 21, 1937Sept. 2, 1937Aug. 24, 1937Sept. 3, 1937Aug. 31, 1937Sept. 17, 1937

11

0)iKlllIHllIK

Sept. 1, 1939Aug. 25, 1939Sept. 1, 1939Sept. 1, 1939Sept. 1, 1939Stpt. 16, 1939Sept. 1, 1939Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Sept. 16, 1939Sept. 1, 1939

Apr.Feb.SeptMayFeb.Apr.Oct.Feb.Oct.Apr.Apr.Oct.

29, 19388, 19341, 1939

11, 193519, 193423, 193816, 193323, 19358, 1938

16, 193816, 193819, 1933

i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-ments 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[Per cent per annum]

Maturity

1-15 days i___.16-30 days31-45 days46-60 days61-90 days91-120 days....121-180 days..

Rate ineffect onOct. 30

In effect be-ginning—

Oct. 20, 1933

IllldoIIIIIIII!lllldoIIIIIIII!

Previousrate

i This rate also applies to acceptances bought under repurchase agree-ments, which agreements are always for a period of 15 days or less.

NOTE.—Minimum buying rates at the Federal Reserve Bank ofNew York on prime bankers' acceptances payable in dollars; higherrates may be charged for other classes of bills. The same minimumrates apply to purchases, if any, made by other Federal Reserve Banks.


MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

Classes of depositsand banks

On net demandCentral reserve city__Reserve cityCountry

On time deposits:All member banks

June 21,1917-

Aug. 15,1936

Aug. 16,1936-

Feb. 28,1937

K1510K

Mar. 1,1937-

Apr. 30,1937

22%

May 1,1937-

Apr. 15,1938

Apr. 16,1938-andafter

22H

12 2

5

i See footnote to table on p. 1194 for explanation of method of com-puting net demand deposits.

MARGIN REQUIREMENTS1

Prescribed by Board of Governors of the Federal Reserve System inaccordance with Securities Exchange Act of 1934

[Per cent of market value]

For extensions of credit by brokers and dealers onlisted securities, under Regulation T

For short sales, under Regulation TFor loans by banks on stocks, under Regulation U__.

Apr. 1,1936-

Oct. 31,1937

55

3 55

Nov. 1,1937andafter

405040

i Regulations T and U limit the amount of credit that may be ex-tended on a security by prescribing a maximum loan value, which is aspecified percentage of its market value at the time of the extension;the "margin requirements" shown above are the difference betweenthe market value (100%) and the maximum loan value.

• Requirement under Regulation T was the margin "customarilyrequired" by the broker.

» Regulation U became effective May 1,1936.NOTE.—Regulations T and U also provide special margin requirements

on "omnibus" accounts and loans to brokers and dealers.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES

Rates in effect October 30 on advances and commitments under Section13b of the Federal Reserve Act

[Per cent per annum except as indicated by footnote B]

Federal ReserveBank

BostonNew York... ,Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. _Kansas City..DallasSan Francisco

Advancesdirect to

industrialor com-

mercial or-ganizations

4-63^-6M54-64-63-6

3-64-64-64-6

Advances~to or jn par-ticipation withf financ-

ing institutions

On por-tion forwhichinstitu-tion is

obligated i

33

3(3)3

43-63M3-6

44

3-4

On re-mainingportion i

A(4)44-63-6

43-6

44-64-5

Commit-ments

to makeadvances

K1-2

K-21-21-2

()1-2(*)2

1 The Federal Reserve Banks of Philadelphia, Richmond, Atlanta,Chicago, Minneapolis, Kansas City, and Dallas may charge same rateas charged borrower by financing institution, if lower than rate shown.

2 Same as rate charged borrower by financing institution.3 One per cent less than rate charged borrower by financing institu-

tion with minimum of three per cent (see note 0-* One-half of one per cent less than rate charged borrower by financing

institution with minimum of four per cent (see note 0-6 Minimum charge one-half of one per cent.

MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by

the Board of Governors under provisions of Regulation Q.


Savings deposits |Postal savings depositsOther time deposits pay-

able in:6 months or more90 days to 6 monthsLess than 90 days

Nov. 1, 1933to

Jan. 31,1935

Feb. 1, 1935to

Dec. 31, 1935

In effectbeginning

Jan. 1, 1936

2K2K

1

NOTE.—Maximum rates that may be paid by insured nonmemberbanks as established by the Federal Deposit Insurance Corporation,effective February 1, 1936, are the same as those in effect for memberbanks. In some States the maximum rates established by the Boardand the Federal Deposit Insurance Corporation are superseded bylower maximum rates established by State authority.



PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS

[In thousands of dollars]

Wednesday figures

1940

Oct. 23 Oct. 16 Oct. 9 Oct. 2 Sept. 25 Sept. 18 Sept. 11

End of month

1940

Sept. August

1939

Sept.

Assets

Gold certificates on hand and due fromU. S. Treasury....

Redemption fund—F. R. notesOther cash

19,167, 30010,074

335, 574

19,077, 29911, 284

326, 661

19,032,30011, 381

319,347

18,953, 30311, 789

327, 977

18,843, 30011, 790

347, 534

18, 756, 29811, 398

344, 387

18, 671, 29911, 397

340, 820

18, 928,30011, 789

331, 586

18,606, 30011,398

341, 611

14, 671, 7207,344

334,273

Total reserves. 19,512,948 19,415, 244 19, 363,028 19, 293,069 19, 202, 624 19,112,083 19,023, 516 19, 271, 675 19, 959, 309 15,013, 337

Bills discounted:For member banksFor nonmember banks, etc..

Total bills discounted

2,73878"

3,015722

7,4105""

5,237410

4,172410

3,791300

5,038200

4,631410

4,27655

2,9253,309

3,525 3,737 5,647 4,582 4,091 5,238 5,041 6,234

Bills bought:Payable in foreign currencies..

Industrial advances..U. S. Government securities, direct

and guaranteed:BondsNotes _ _Bills. . _ _ _

548

8,305

1, 386,100965, 800

8,325

1, 397, 700985,800

8,400

1, 400,100999,000

8,375

1, 318, 6001,105,000

1,1,115,000

8,612

1,318, 6001,115,000

1, 318, 6001,115,000

1, 318, 6001,115,000

8,518

1,319,1001,116, 500

11,972

1, 315, 9421, 245, 497

242,370

Total U. S. Government securi-ties, direct and guaranteed

Other Reserve Bank credit2, 351, 900

23, 9372, 383, 500

85, 5242, 399,100

30,0072, 423, 600

44, 7022,433, 600

24,8602,433, 600

48, 4612, 433, 600

37, 6972,433, 600

37, ~~2, 435, 600

67,1232, 803,809

55, 965

Total Reserve Bank credit out-standing _ _-___. 2, 387, 667 2,481,086 2, 445,492 2, 482, 324 2, 471, 706 2, 494, 764 2, 485,165 2, 485,126 2, 515, 572 2, 878, 528

Liabilities

F. R. notes in actual circulation

Deposits:Member bank—reserve account.__U. S. Treasurer—general account. _Foreign _Other deposits _.

5,520,271 5, 508, 424 5, 479, 364 5, 464, 238 5,406, 985 5, 395, 924 5, 393, 924 5, 449, 878 5, 370, 474 4, 719, 776

.4,147, 775383,052

1,071,443528, 776

14,015,812 13,462, 610

1,057, 344603,002

!, 927,014579,053

1,056, 401517,853

13,800, 205678,060

1,045, 458541, 066

13, 703,112 13, 624, 419 13,792,532

1, 011, 324513, 645

790, 3611,035, 459

513, 309

!, 595, 824761, 686956, 537563, 403

13, 726, 906 13,755, 747

1, 054, 790525,865

:, 541,244809,827971,065545,116

1, 655,397544, 548447,873304, 969

Total deposits. 16,131, 046 6,138, 768 16,080, 321 16,064, 789 16,020, 613 15, 963, 548 15, 877, 45016,063, 308 15,867, 252 12, 952, 787

Ratio of total reserves to deposit andF. R. note liabilities combined (percent) _ 90.1 9.6 ;9.6 19.4 89.3 85.0

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES

HELD BY FEDERAL RESERVE BANKS


Bills discounted:Oct 2Oct. 9 . _ . . . . .Oct 16Oct 23

Industrial advances:Oct 2Oct 9 . . . . .Oct 16Oct 23

U. S. Government securities, direct and guar-anteed:

Oct 2Oct 9Oct. 16Oct 23

Total

5,6477,9853,7373,525

8,3758,4008,3258,305

2, 423, 6002, 399,1002, 383, 5002, 351, 900

Within15 days

4,1136,3341,9411,166

1,3821,3451,4121,316

16 to 30days

369235180271

131148196276

31 to 60days

288391612904

251255199319

61 to 90days

677735735728

407592445490

92, 500

91 daysto 6

months

189279252385

930792796630

110,800103, 30099, 80095, 300

6 monthsto

1 year

11111771

1,2941,3081,3641,367

117,300115, 300115, 300115, 300

1 yearto

2 years

1,4451,4451,4071,421

196,000194,000194,000194,000

2 yearsto

5 years

2,5352,5152,5062,486

664,000662,000698, 800681, 300

Over5 years

1. 243,0001,324,5001, 275, 6001,266,000

NOVEMBER 1940 1189


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]

Total Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Assets

Gold certificates on hand anddue from U. S. Treasury:

Sept. 18Sept. 25Oct. 2Oct. 9 .___Oct. 16.Oct. 23

Redemption fund — FederalReserve notes:

Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Other cash:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Total reserves:Sept. 18Sept. 25 .Oct. 2 - . .—. .Oct. 9.—Oct. 16Oct. 23

Bills discounted:Secured by U. S. Govern-

ment obligations, directand guaranteed:

Sept. 18Sept. 25Oct. 2_Oct. 9Oct. 16Oct. 23

Other bills discounted:Sept. 18Sept. 25 -_ .Oct. 2Oct. 9Oct. 16Oct. 23

Total bills discounted:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Industrial advances:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

U. S. Government securities,direct and guaranteed:

Bonds:Sept. 18Sept. 25.Oct. 2Oct. 9Oct. 16...-Oct. 23

Notes:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Total U. S. Governmentsecurities, direct and guar-anteed:


18,756,29818,843,30018,953,30319,032,30019,077, 29919,167,300

11,39811,79011, 78911,38111, 28410,074

344, 387347, 534327,977319, 347326, 661335, 574

19,112,08319, 202, 62419, 293,06919, 363,02819,415, 24419, 512, 948

861860

1,3493,3701,31:

140,011151,977172,013169, 758169,682193, 565

1,8021,6721,6721,6061,6061,538

35, 64835, 54134, 52633,01933,00533,491

, 177,461, 189,190, 208, 211,204, 383,204, 293,228, 594

992

3,2303,7224,2984,6152,4252,533

4,0914,5825,6477,9853,7373,525

8,6128,6648,3758,4008,3258,305

., 318,600

., 318,600

., 318, 600

., 400,100,397,700, 386,100

,115,000., 115,000., 105,000999,00C985,800965,800

2,433, 60C2, 433, 60C2,423,60C2, 399,10C2, 383, 50C2, 351,90C

20

1,0981,1451,1351,1201,06'Q1,053

96,22296,22294,188100,05699,91399,145

81, 36681,36678, 93071, 39170,47069,082

177, 588177, 588173,118171, 447170, 383168,22'

9,183, 2869,165, 7879,249,4909, 249, 3099,189, 3469,332, 583

1,2801,7881,7881,5221,5221,256

90,41495,39083, 741

83,90592, 280

9,274,9809, 262,9659, 335,0199,339, 7149, 274, 7739,426,119

101226714

2,74459681

1,2,3102,9493,1951,024610

2,0862,5363,6635,9391,620691

1,7781,7831,7811,7811,7811,781

403,661403, 661399, 763423,467422,093417, 262

341,335341,335335,004302,153297, 703290,73"

744,996744,996734,767725, 620719, 796707,999

969,284960,771963,649971,735967,344959,289

812812706706603

29,18328,05327,46126,20126,99526,921

999,460989, 636991, 922998,642995,045986,813

129139111114184

158162128158173192

24'29126'269287376

2,3952,3932,3642,4112,4102,408

104, 577104, 577110,901117, 715117,487116, 456

88,43088,43092,93683, 99182, 86281,145

193,007193,007203,837201, 706200, 349197, 60:

243, 626 196,497, 255,785 503,617

356,669349,637

, 262, 544 493,796 351,876355,492357,555J54,568

, 257,907, 257,359, 275,746

11,98916,39312,176

905,130.983,843 4 .2,962,703 461,388

454,310 281, 742457,723 284,155

, 941, 244 465,688062,2814999,803

399, 223399,547

296,660 400,885

478,094479, 720 285,012

302,136295, 532

410,477408,432393,728 263]

255,124261,129265, 556266,253269,410~\ 171

1,000775774676676585

21,64621, 71821,05919,85321,20120,889

,266,272, 278,278, 284,377

1,1231,2851,285l,r"I.1

1,11023,500

22,00118, 76321,53419,643

521,120"•25,87117,082

1,111

894854

17, 98716,45717, 28414,39817,21716,355

7331,4541,4541,3391,3391,244

38,54840,84636, 37537, 35238,29842, 593

383317317296296278

15,92415,69614,24314,16914,31814,065

456456445348435

7,3267,1826,6316,4636,9977,036

620556556

519

18,91218,39618,60716,95118,89017,561

1, 278,436 532,41279,236, 297, 220

123133133133141166

6272728282105

185205205215223271

373373371371365355

135, 227135,227132, 352140, 503140,242139,040

114, 345114, 345110,911100, 251

539,590532,929

375,767367,030370,096?,, ,370,784 2,979,935 480,375,666? '"371, 777

2,944,4113,026,1433,000, 532

70,617 289, 55473,736?

475, 948"1,153

18,75518,49920,048

309,044 427,966

291, 793 418,499303, 747 420,048

640607607594594582

11,87212,35412,26312,26312,49012,685

267,636274,090278,426279,110

!, 101, 918 492, 708 302,877 427,860 282,494043,640 4" '" —494,063 292,483 411,808 276,438

2405050504040

131868222258

253681187:6:98

839838822822821820

66,10066,10068,10472,49872,49372,137

55,89455,89457,07351, 73051,13150,263

249, 572121,994249; 572 121,994

3 125,177124, 228123, 624122,400

243,263240, 754239,156235,920

10316716815214299

115169170154144101

26:266265261260260

48,38048, 38050,01353,16153,10552, 740

40,91040, 91041,91237, 93237,45736, 748

89,29089, 29091,92591,09390, 56289,488

5515155:57

4862619692149

536776111149206

271271270269269267

139, 966139, 966148, 750158,121157,963156,886

118,353118,353124,654112, 821111,41109,31'

258,31'258,319273,404270,942269,374266, 200

899282868693

8992828686108

55

55

61,15661,15655, 28258,86758,87558, 608

51, 71451, 71446,32842,00341, 52440,836

112,87C112,87C101, 61C100,87C100,39S

~-)44

1030505099118

45978385115153

55127133135214271

275280271270265268

38, 86438,86436, 67539,03239,02438,818

32,86332, 86330,73527, 85027, 52227,046

71, 72771,72767,41066,88266, 54665,864

5165707911:122

174210245334394787

225275315413506909

21521421421421421

62,41862,41862,42866,50466, 53166,266

52, 78052, 78052,31647,45246,92446,172

115,198115,198114, 744113, 956113,455112,43S

160150136146126127

500471364319209180

660621500465335307

460460253253252252

51,45951,45950,12453, 33453, 31753,024

43, 51343, 51342,00338,05637,60436,946

94,97194,97592,12791,39C90,92189, 971

071,396069,329072,743130,312105,871117,939

1,2271,1321,1321,1021,1021,070

33,42734,93233, 78631,03231,81132,055

106,050105, 393107, 661162,446138,784151,064

707040402560

536178

107

123131118126111167

636636624623623623

110, 570110, 570110,020116,842116,657115, 718

93,49793,49792,19883,37082, 27880,631

204,067204,067202, 218200,212198,935196, 349



Federal Reserve Banks—Continued[In thousands of dollars]

Total Boston New-York

Phila-del-phia

Cleve-land

Rich-mond


LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Assets—Continued

Total bills and securities:Sept. 18Sept. 25.__Oct. 2Oct. 9Oct. 16Oct. 23

Due from foreign banks:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Federal Reserve notes ofother Banks:

Sept. 18Sept. 25Oct. 2__._Oct. 9Oct. 16._._Oct. 23

Uncollected items:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16

Oct. 23Bank premises:

Sept. 18Sept. 25 -Oct. 2Oct. 9Oct. 16Oct. 23

Other assets:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Total assets:Sept. 18Sept. 25Oct. 2 —Oct. 9Oct. 16Oct. 23

2,446,3032,446,8462,437,6222,415,4852, 395, 5622, 363, 730

474747474747

22,41222,87522,14920,57321, 55222,233

851,710694,970768,046689,084

1,071, 624760,247

41,31041,29441, 25741,25941, 25741,348

52,71353, 54754,67954,89353,67654,189

22, 526, 578

Liabilities

Federal Reserve notes in ac-tual circulation

Sept. 18Sept. 25Oct. 2Oct. 9__Oct. 16Oct. 23

Deposits:Member bank —reserve

account:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

U. S. Treasurer—generalaccount:


Foreign:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16.Oct. 23

Other deposits:Sept. 18 . - .Sept. 25Oct. 2Oct. 9Oct. 1 6 - -Oct. 23

22,462, 20322,616,86922, 584,36922,998,96222, 754, 742

5,395, 9245,406,9855,464,2385,479, 3645, 508,4245, 520, 271

.3,624,419

.3, 703,112

.3,800, 20513,927,014.4,015,812.4,147, 775

790,361792, 532678,060579,053462, 610383,052

1,035,4591,011,3241,045,4581,056,4011,057,3441,071,443

513,309513, 645541,066517,853603,002528, 776

178,686178,733174,253172,567171,443169,300

640643933919668682

77,81562,32i76, 76464, 56399,89376,460

2,8522,8522,84"2,8472,8472,847

3,6413,7043,6983,6863,6043,651

748,860749,315740,211733,340723,197710,471

181818181818

2,9992,3791,8542,5432,5152,352

201,889161,373184,989155,694263, 221177,409

9,7689,7689,7509,7509,7509,750

15, 25715, 65115,89116,04"15, 58615, 682

441,, 437,446, 466, 709,448,968, 482, 751, 481, 537

469 1098 10,253, 771

10,201, •"10,287, 732

968 10,257,10610, 289, 06010, 341,801

440,263440,800443, 637445,368448,096449,002

797,455789, 276815,461824,209831, 071

46,52962, 99651,84632, 70624,45519,639

46,35547, 58248,96149, 74951,19251, 794

8,09510, 5546,9847,1897,4097,653

1,441,8791,443, 2351,466,0791,458,8011, 470, 9941, 470, 529

7,188,1827, 225,1947,277, 2337, 350,0537,322, 9007,446,887

294,474277,478233,485179, 226146,919116,155

608,840574,626588,914591,079576, 971589, 211

414.052407,453434.053412, 208417,684430, 932

195,649195,691206,468204,386203,046200,385

555

97994194:

1,000870

1,033

54,60650,79856,40647,30381,40654,537

4,4974,4984,4884,4884,4884,488

4,2644,3004,5554,5744,4564,484

1,259,460., 245,869 11,264,785:1,260,3981, 289,3161, 251,745

372, 742373,972374, 741376, 547378,036378,875

250,130250,150

241, 340239, 744236,546

123,086122,900

243; 839 126,1171125,122

124, 507123,318

89,67289, 72592,36091, 50890,96689,849

258,643258, 657273,750271,322 100;269, 792266, 673

666666

112,964112,967101,697100,961100,4901,557

72,05772,13467,81467,28767,02566,403

115,638115,687115,273114,583114,175113, 560

1,7871,7481,8471,4551,6221,646

99,43080,60294,33474,220130,44886,023

5,4505,4365,4365,4365,4365,424

5,8975,9675,9575,9575,8555,883

2,5422,7952,8881,7272,5582,615

74, 56072, 28566,01263,16185, 33171,421

2,4942,4942,4872,4882,4872,591

2,9923,0493,1313,1433,0933,127

1,7771,7671,9292,3942,3151,971

34,23525, 58727,89729,36744,24932, 279

2,0052,0022,0022,0022,0022,001

1,8771,8761,9781,9711,9491,971

2,8172,3912,5402,2192,6182,727

121, 59891, 763107,09999,196152, 288100,343

3,3453,3453,3583,3583,3583,358

5,3035,3835,7815,7895,6205,756

2,0292,7111,0512,0401,8582,580

45, 27736, 33339, 33640,70658, 70342, 745

2,3942,3942,4222,4232,4232,422

2,2772,2932,1222,1362,1022,123

1,2381,3091,800759651

1,094

23,93522,35419,93720, 58124,05920, 717

1,3771,3771,3741,3741,3741,374

1,5841 , " "1,5521,5481,5201,537

1,5081,9511,7581,3381,6571,991

35,72528,24532, 52932,80943,12032,661

3,1173,11'3,09;3,09;3,09;3,0972,3642,3952,4412,4402,3942,416

96,09296,05392,88092,10891,50890,529

549415515583520656

31,27225,48325,84426,84640,09027, 717

1,1271,1271,1211,1211,1201,121

2,5382,5572,7662,7702,7522,776

3,336,123 635,396 487; 989 3,387,688 630,

1,393,3, 361,825 628,420 400,

1,559i,435

389,745 577,108390,571 f

1, 628,970 726,796 505,335., 622,185 729, 396 487,9891, 635, 794 717, 719 496, 264 3,393,066 622; 577 396; 224 575; 147 4011,606,848 728,058 498,028 T "1, 662,345 757, 568 517,1491, 632, 746 736,003 499,850

517,149 3, 535, 600 658,2853,422, 503 643,491

1,593397, 506383, 608 565, 534

399,215399, 726401, 553

582; 234 402, 539592, 304 418,485

399,238

494, 545497, 576 246,013 173,012498,651 f502,077 253,404

242,209 173,080 1,161,260 200,246,013 I250, 752

501,838505, 211

256, 728257, 582

75, 53376, 52377, 919.78, 715

1,2961,390

., 161,1,162,404 200;1,171,378 202, 5061,174,800 203, 7291,180, 434 205, 6541,183, 734 206, 777

.48,644

.49,090

.50,944

.51, 67151,934

194,036193,878196, 67f197, 398197, 533

152; 308 197,983

85,81686,42188,30789,11289, 27889, 965

660, 654651, 750670,077672,486681, 472672, 573

47,90145,16934,27532, 31121, 25013,884

65,03466, 54469, 70271,07173, 40073, 615

25, 59525,36826,85226, 215

871,381867,498 329,880, 357877,091895, 250

325, 297 226,657 1,851, 264911,425897,098887,697934,661952,483

1,636323,940334, 524 224,340,

!19,338:18,46724,388

442 228,156895,164 334, 544 224, 704

25,309

65,18572, 31559,19745, 92531,83834, 277

61, 71663,14966,14667,44569, 65569,859

6,5258,6468,5238,0378,5598,331

39,84734,81329,22027,19826, 57120,872

28, 53529,19830, 58431,18432, 20632, 301

3,2983,1783,2544,1793,3203,526

30, 70429,35831, 97325, 95024, 62522, 328

23,22723, 76624,89425,38326, 21426,291

4,9264,6224,7124,8356,1583,194

75,43283,90477, 27259,026

39, 624

79, 63481,48285, 35087,02689,87890,141

8,1507,8608,3977,676

92,1218,648

!10,679!13, 757111,016115, 787127,493129,948

40, 75240,09729,47027,67726,42321, 777

19,90820,37021,33721, 75622,46922, 535

7,6067,5537,7967,r~8,7237,521

272,999 212, 728L59,401L59,333.64,821.69,106.67, 724 285; 564 225, 515.64, 584 T

272,406272, 581278, 594

214,985223,637219,104

275,909 222,038

33,85433,44933,38432,19425,83217, 965

14,60014,93815,64715,95516,47816, 526

3,6384,0964,2354,3324,1724,075

36,34334, 77030, 76735,02730,11320,884

19,24519,69120,62621,03121, 72121, 784

9,26311,85312, 203

4,7104,628

37, 29838,29430,69832,11528,93023,742

19,90820,37121,33721,75722,46922, 535

2,1603,0522,1462,803

l', 952

204,826204,834202,960200,961199, 669197,139

444444

3,5473,8254,0933,5963,7002,886

51,36837,82636,89934,63848,81637,935

2,8842,8842,8752,8752,8752,875

4,7194,7684,8074,8234,7454,783

373,398359, 534359, 299409,352398, 593

441,154440,194445,038449,934449, 980449, 590

747,722748,514745,517773,975775, 564775, 553

42,04239,88936,47349,69826, 75631,905

48,45749,60751,96052,96554,69154,851

20,00119,41021,91123,82521, 79923,007

•Less than $500.

NOVEMBER 1940 1191


Federal Reserve Banks—Continued[In thousands of dollars]

Total Boston NewYork

Phila-del-

phiaCleve-land

Rich-mond


LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Liabilities— Continued

Deposits— ContinuedTotal deposits:

Sept. 18Sept. 25Oct. 2Oct. 9 - . .Oct. 16Oct. 23

Deferred availability items:Sept. 18Sept. 25Oct. 2 . . .Oct. 9..Oct. 16Oct. 23

Other liabilities, includingaccrued dividends:


Total liabilities:Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Capital Accounts

Capital paid in:Sept. 18Sept. 25Oct. 2Oct. 9 . . .Oct. 16.Oct. 23 "

Surplus (section 7):Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16Oct. 23

Surplus (section 13b):Sept. 18Sept. 25Oct. 2Oct. 9Oct. 16.. .Oct. 23

Other capital accounts:Sept. 18Sept. 2 5 . . . .Oct. 2Oct. 9Oct. 16Oct. 23

Total liabilities and capitalaccounts:

Sept. 18Sept. 25Oct. 2Oct. 9..Oct. 16Oct. 23

Commitments to make in-dustrial advances:


15,963, 54816,020,61316,064, 78916,080,32116,138, 76816,131,046

803,296670,157723,391659,124986,147736,357

3,1373,6533,4413,8743,6584,147

22,165,90522,101,40822, 255,85922, 222,68322, 636, 99722, 391, 821

137, 637137,630137, 632137, 641137, 653137, 638

151, 720151, 720151, 720151, 720151, 720151, 720

26, 83926, 83926,83926,83926,83926, 839

44,47744, 60644,81945,48645, 75346, 724

22, 526, 57822,462, 20322, 616, 86922, 584, 36922, 998,96222, 754, 742

8,0078,0787,5837,5987,4597,422

898,434910,408923, 252913,853914,127932,474

77,15160,92874,53264,38895,14674, 588

367399391414413421

8, 505,5488,484, 7518,533,6858, 532, 5668,464,4748, 583,185

181,021147, 959162,477139,876227, 670161, 700

8351,012874

1,0411,0031,180

799,184788,831800,906

1,004,807 396,1,011,608 396,825 277i1,014,223 386,998 280,

977 285, 514 2,014,480 378, 945

>'O46998,498 397; 085 280, 556

211,493381, 777 211,816 338, 720 276,702

,416,215, 412,535, 441,812 10,163;,424,023 ', 457, 782 10|

10.129,28310,076,957

i, 11510.132,284 I\ 164,141

456,485 10, 216, 594

785, 381

53,90549,36555,44047,96675,00753, 568

366355404369420

1,226,1401,212, 5341, 231,442, 227,0001, 255,8951, 218, 244

1,005, 3021,007,631

95,39978, 74588, 56371,870120, 78085,364

350368434419413427

402, 539 285,153391, 243

71,89070,81664,24461, 78682, 51571, 307

89120104129113141

276, 517

33, 50724, 64527,43327,65840, 79231, 272

143156154172159180

2,084,6712,068,117! .2,041,425 373,108 221, 587 343,2,165, 558 r '2,090,896

337,850 272,094

619 218,087 336,177 277,818318 275,779342,108 278, 900385,108 214, 206

381, 781 T203,150 323, 205

114,18094, 342107, 33699,209143,197101, 278

342405349422394470

44,95136,87339,02640,13456,08143, 432

112138130120139

20,14420,18017, 70917,82121,85418, 588

139159149162153172

34,42426,46531,48530,64941, 80633,418

129152136145145155

270, 267

29, 67824,95223,78525,95138,63827, 278

132153133165128150

595,101 711,165 492, 244 3, 290, 262 624,288 380,420, 588,297 713,774 474,897 3,341,822 619,152 381, 245, 601,871 702,098 483,166 3,347,180 611, 289 386,889 564,470 390,572,864; ""'

566,439 387,720559,215 388, 228

12,404 484,909 3,315,856 617,1011, 628, 333 741, 895598, 633 720, 273 486J 684

504,023 3,489, 583 646,3,376,378 632,

391,241388,147

129 374,218

571, 510581, 592554, 761

i,043391,007

581, 592 406, 944•"' "" 387,660

9,3329,3339,3339,3339,3339,333

10,40510,40510,40510,40510,40510,405

2,8742,8742,8742,8742,8742,874

2,2722,2992,2852,3332,35^2,440

1,441,0981,437,4461,466, 709 10;1,448,968 '"1,482, 7511,481, 537

260356336358267263

51,07051,04651.05151.05251,05251,057

53, 32653, 32653, 32653,32653, 32653, 326

7,1097,1097,1097,1097,1097,109

12,98313,03113,13113,33513,43213, 715

10,253, 77110,201,469 110,287, 73210, 257,10610, 289,06010, 341,801

731733728728722722

11,88311,88911,88411,88411,88111,881

14,19814,19814,19814,19814,19814,198

4,3934,3934,3934,3934,3934,393

2,8462,8552,8682,9232,9493,029

14,06214,06814,06614,06614,06814,075

14,32314,32314, 32314,32314, 32314,323

1,0071,0071,0071,0071,0071,007

4,4774,4904,5274,5884,6144,708

5,3405,3395,3395,3405,3385,342

5,2475,2475,2475,2475,2475,247

3,2463,2463,2463,2463,2463,246

1,7981,7901,7891,8211,84:1,895

4,6794,6804,6794,6774,6774,677

5,7255,7255,7255,7255,7255,725

71371:713713713713

1,9741,9741,9812,0042,0112,051

13,92513, 92713,92913, 93713, 95213,961

22,82422,82422,82422,82422, 82422, 824

1,4291,4291,4291,4291,4291,429

7,6837,'"7,7047,7797,8127,911

4,1644,1644,1644,1644,1624,162

4,7094,7094,7094,7094,7094,709

538538538538538538

1,8601,8721,8771,9081,9131,953

2,9522,9522,9522,9522,9532,957

3,1523,1523,1523,1523,1523,152

1,0011,0011,0011,0011,0011,001

2,2202,2212,2302,2472,2532,280

4,4234,4234,4234,4234,4234,423

3,6133,6133,6133,6133,6133,613

1,1421,1421,1421,1421,1421,142

1,4911,5021,4991,5461,5341,595

4,1564,1564,1574,1574,1584,162

3,9743,9743,9743,9743,9743,974

1,266

1*2661,2661,2661,266

2,0992,1022,1132,1352,1432,176

1, 259, 460:, 245,869 11, 264, 7851, 260, 3981, 289, 3161, 251, 745

1,0321,0291,0411,0411,0381,038

123 635, 5591,628,970 726, 796 505, 335 3, 336,, 622,185 729, 396 487, 989 3,387, 688 630;1,635, 794 717, 719 496, 264 3, 393,066 622, 5771,606,848 728,058 498,028 3,361,825 628,420 400, 5931,662, 345 757, 568 517,149 3, 535, 600 658, 2851, 632, 746 736,003 499,850 3,422, 503 "" '"

10,435!2, 577!8,420»8, 285:3, 491

389, 745 577,390, 571396, 224

397, 506383,608

399,215399, 726

1,485399, 238

,108569,895575,147 40i; 553 1582, 234 402, 539592,304 418, """565, 534

1,0721~~~

960960

6516516196161258:

510510509509509509

36836840'41'416416

144136136136136136

858,222857,420855,861900,463878,810885, 316

47,04634,88731,36131,81642, 66134, 564

20625122427124g292

346,628332,752, 332,484, 382,484, 371,699, 369, 762

11,65111,65311.65511.65611, 65611, 608

10, 22410,22410,22410,22410, 22410, 224

2,1212,1212,1212,1212,1212,121

2,7742,7842,8152,8672,8932,971

1, 373, 3981, 359, 534, 359, 2991,409, 3521, 398, 5931, 396, 686

3,1623,1442,7582,7422,7312,723



INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS[Amounts in thousands of dollars]

Date (last Wednesday ofeach month)

Applicationsreceived

Number Amount

Applications underconsideration

Number Amount

Applicationsapproved

Number Amount

Advancesout-

standing1

(amount)

Commit-mentsout-

standing(amount)

Approvedbut not

com-pleted 2

(amount)

Repaid,expired,or with-drawn by

appli-cant, etc.(amount)

Partici-pations

out-standing*(amount)

1934-Dec. 26..1935—June 26..

Dec. 31 «.1936—June 24..

Dec. 30..1937—Mar. 31 -

June 30__Sept. 29..Dec. 29..

1938—Mar. 30..June 29—Sept. 28..Dec. 28..

1939—Jan. 25—Feb. 21 *.Mar. 29..Apr. 2 6 -May 3 1 -June 2 8 -July 26..Aug. 30..Sept. 27..Oct. 25...Nov. 29..Dec. 2 7 -

1M0—Jan. 31.. .Feb. 2 8 -Mar. 27..Apr. 2 4 -May29_.June 26..July 31. .Aug. 28..Sept. 25 .Oct. 23 «.

4,3866,3257,4378,0068,2478,3448,4308,4748,5348,7088,9769,1029,1889,2039,2219,2499,2709,2969,3089,3309,3559,366

9,4019,4189,4339,4569,4769,4879,5049,5129,5369,5469,556

146, 972237, 581293,084314,471328,998333,300339,509341,842350,551358,936369, 583378,974387,490389,176389, 554392,230394,055394,970395,499399,780401,228402,305402,944404,226405, 225406,097407,392410,192411,628413,178413, 646415, 599416,454417, 260418, 257

716828125910171988587147656721322474322614

2,95511,3492,8231,8801,2451,3221,263800550

1,299476146247999964344495400255760532370709241763219911845337644410750

9841,6461,9932,1832,2802,3232,3612,3812,4062,4642,5662,6172,6532,6602,6712,683

49,63488,778124,493133,343139,829141, 545145,758146,724150,987154,918161,158

2,7132,7212,7302,7432,7522,7632,7722,7812,7932,8052,8142,8252,8322,8382,8532,8562,8652,872

175,013175,651175,902177,895178,639179,332179,778183,354184,152185,234186,034187,257188,222188,879190,055192,665194,096195,«404195, 739197,439197,906198,966199,209

13,58927, 51832,49330,48425, 52623,05923,01921,41520,21619,37118,44417,56717,34516,81116,47415,79815,81715,30515,25515,38414,66714,45414,54514,05113,68312,86012,99712,72312,00111,24210,98810,90710,77910,77810, 596

8,22520, 57927,64924,45420,95918, 61116,33114,88012, 78013,11013,64913, 59714,16113,00412,90712, 64711, 74911, 53011,17511,47611,00910, 51710,1569,6439,2208,3768,9668,2248,7258,8528,7628,5828,2388,0787,422

20,96611, 24811,5489,3818,2267,8981,470

5373,3693,4193,0845,7371,9461,2931,1051,9752,1342,4962,067

7331,2201,9381,7642,5482,6592,5041,4542,4712,2642,4742,1951,9912,0952,3151,872

5,55824,90044,02561,42577,91085, 21097, 663

102, 588107, 384111, 193117,555122,447128,839132,009133,001135,004136, 696137,922139, 281142,943144,812146,156148,037149,911151,679154,629155,574158,110159,950161,491162, 612164,949165,865167,046

1,2964,5338,7787,5997,2086,7677,2757,3047,2387,8258,4269,032

12, 72212,53412,41512,47112,24312,07912,00012,81812,44412,16911,53211,10410,98110,51011,06411,13711,15611,34511,18211,01010,92910, 749

» Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement ofcondition of the Federal Reserve Banks.

2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $952,715

October 23, 1940.* Tuesday.6 Latest date for which figures are available.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS[In thousands of dollars]

Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Richmond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Federal Reserve notes:Issued to F. R. Bank by F..R. agent

Oct. 2Oct. 9.Oct. 16Oct. 23

Held by Federal Reserve Bank:Oct. 2Oct. 9Oct. 16 .Oct. 23..

In actual circulation;!Oct. 2 . . . .Oct. 9 _.Oct. 16Oct. 23 . . . .

Collateral held by agent as security fornotes issued to bank:

Gold certificates on hand and duefrom U. S. Treasury:

Oct. 2Oct. 9 ._.Oct. 16-Oct. 23

Eligible paper:Oct. 2Oct. 9Oct. 16-..Oct. 23

Total collateral:Oct. 2Oct. 9 -Oct. 16Oct. 23

5, 732,6235, 771, 9965, 785, 779 462,0445,814,154 468, 210

458,869464,006

1,539,034 394,138 518,9111, 542, 688 394, 967 523, 224 265;1, 545,180 397, 366 524, 346 268,1, 551, 225 395, 361 529,38:

263, 546 189,441I 192,266 1192, 626 J193, 782

»,924

>; 281

1,194,170 212,353,204,6201, 210, 2751,216,182 218,

216, 735216, 551" \ 085

155,752 204,6861205,293

204,430206,026

156, 532156,851156,995

97,33197,04296,113

504,392508,699511,32a

827 509, 798;

268,385292, 632277, 355293,883

15,23218, 63813, 94819,208

72,95583,88774,18680,696

19,39718,42019,33016,486

5,464, 238 443,6375,479,364 445, 368 lj5, 508,424 448,096

466,079 374, 741376,547

5, 520, 271449,002

1,:, 458,8011,470,9941,470, ""

20,26021,14722, 50824,171

498,651

12, 79412, 52011, 94611, 699

250, 752

378,036 501,838529 378,875 505, 211

502,077 253,404256, 728257,582

13,90815, 74314, 70715,067

175, 533176, 523177, 919 1178, 715

22, 79229,82029,84132,448

9,84'13,00610,89711,308

4,8084,"4,9174, "

8,0147,895

1,171,3781,174,800., 180,4341,183, 734 206;

202,506 150,944203, 729 151, 671

": 151,934152, 308

205, 654""•,777

8,043

196,672197,398197, 533197,983

9,0247,9306,835

59,35458, 76561,34a60,208.

88,307 445,03889,112 449,93489,278 449,980

1449,590

470,000470,000

5; 878; 000 470,0001 490,000

5,830, 5005,844, 500

5,930, 500

4,2266,4852,1951,84r

5, 834, 726 470,5,850,9855,880,1955, 932, 342

1, 555,000 400,0001,555,000 400,0001, 565,000 400,0001, 575,000 400,000

521, 500524, 500528,000

275,000275,000290,000

195,000195,000

. 1195,000532,000 290,000 200,000

1,210,0001,220,0001, 220,000 219; 0001,230, 000 T

219,000219,000

20

1,000170,000t70,000t90,020

5,6621,197362

1, 558,488

227218236301

:00,227560, 662 400,218

400, 236:00, 301

., 566,197

., 575, 362

521,500^24,500

532,000

275,050275,050

i28,'000 290,040290,065 200;

.95, 000

.95,000195,000"1,000

,210,000, 220,000220,000

,230,000

219,000

70707085

!19,070!19,070!19,070!19,085

157, 500157, 500157, 500 210; 000157,500?

210,000210,000

175214

157, 598.57, 598.57,67557, 714

210,000

29338747779/

210,293210,387210,477210, 795

98,50099, 50099,500.03,000 524;

519,000519,000524,00024,000

98,50099,50099,500.03,000

19,00019,000

524,000524,000

1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.

NOVEMBER 1940 1193


RESERVE POSITION OF MEMBER BANKS, SEPTEMBER, 1940[Averages of daily figures. In millions of dollars]

Classes of banksand districts

All member banks..Central reserve city banks:

New YorkChicago - -

Reserve city banks:Boston district —New York districtPhiladelphia district. -Cleveland districtRichmond districtAtlanta districtChicago district.fit. Louis districtMinneapolis district...Kansas City districtDallas districtSan Francisco district.

Total

Country banks:Boston district . . .New York districtPhiladelphia district..Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis district...Kansas City districtDallas district.San Francisco district-

Total

Grossde-

mandde-

posits

40,506

15,2723,161

1,367242

1,4361,941

884794

1,501902439

1,092784

2,461

13,842

1,0011,470

732692619553976408352482563381

8,230

Netde-

mandde-

posits i

33,294

14, 6792,807

1,246189

1,2041,542

646555

1,040686297697472

1,977

10, 550

6981,035

464438364333575253213297351235

5,257

Timede-

posits

12,123

814504

8415222573522417861217487

158128

1,987

4,746

5641,424

881714372242777248279161105294

6,060

Reserves withFederal Reserve

Banks

Re-quired

7,062

3,380664

22241

22230712410621212956

13089

445

2,084

112195100886252

1084340444743

934

Held

13,643

6,7051,234

56670

46470322214636824095

204137688

3,905

23243119317010781

2377368698060

1,800

Ex-cess

6,582

3,324570

34429

2423979840

156111387448

243

1,821

12023594814529

1293028263217

866

i Gross demand deposits minus demand balances with domestic banks(except private banks and American branches of foreign banks) andcash items in process of collection.

NOTE.—See table on p. 1188 for percentages of deposits required to be

MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS[Averages of daily figures. In millions of dollars]

Total reserves held:1939—September

OctoberNovemberDecember

1940—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

Week ending (Friday)1940—Sept. 6

Sept. 13Sept. 20Sept. 27Oct. 4Oct. 11Oct. 18

Excess reserves:1939—September

October _.NovemberDecember

1940—JanuaryFebruaryMarchApril _MayJune.JulyAugustSeptember

Week ending (Friday)1940—Sept. 6

Sept. 13Sept. 20Sept. 27Oct. 4..Oct. 11.Oct. 18

Allmem-ber

banks*

11,44311,86211,68811,47311,98512, 21512,36212,70313,08613, 59613, 73513,40813,643

13,54113,59213,66513,70713, 78913,91314,013

5,1985,4905,2595,0115,4645,6265,7346,0036,288

6,7526,4076,582

6,5106,5386,5866,637

P6, 700P6,802

Central reservecity banks

NewYork

5,8665,9585,7595,6236,0996,3236,4286,5486,6606,9416,9796,7096,705

6,7046,6556,7066,7386,7456,8036,841

2,9432,9742,7532,6113,0453,1993,2483,3123,3893,5943,5883,3443,324

3,3373,2833,3143,3543,3493,4053,435

Chi-cago

1,0091,1121,1151,141

940901899972

1,0971,1821,1681,1541,234

1,1861,2091,2411,2811,2661,2681,285

430518516540342301310388477547522499570

525544575617605606617

Re-servecity

banks

3,0093,2033,2293,1413,3193,3443,3683,4763,6153,7163,8373,8043,905

3,8733,9223,9103,9023,9293,9774,021

1,1471,2951,2941,1881,3501,3781,4051,4941,6071,7031,8031,7481,821

1,8021,8371,8231,8161,8321,8601,885

Coun-try

banks»

1,5591,5881,5851,5681,6281,6461,6681,7061,7141,7571,7511,7401,800

1,7781,8071,8081,7861,8491,8661,866

678704696671727747771809815851839816

846874873851

P914P931P932

p Preliminary.i Weekly figures of excess reserves of all member banks and of country

banks are estimates.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS

[Averages of daily figures. In millions of dollars]

Federal Reserve district

BostonNew York....PhiladelphiaClevelandRichmond . .AtlantaChicagoSt. LouisMinneapolisKansas CityDallas . .San Francisco

Total _.

All member banks

Gross demand

Sept.

2,36816,9842,1682,6331,5031,3475,6391,311

7911,5741,3462,842

40, 506

Aug.

2,31816,8262,1402,5461,4511,3315,5381,291

7641,5491,3162,789

39,857

Time

Sept.

6482,3901,1061,448

596420

1,893422366319233

2,281

12,123

Aug.

6482,3681,1061,449

594420

1,887422366318234

2,274

12,086

Member banks in larger centers(places over 15,000)

Gross demand

Sept.

2,220i 1,391

1,9062,3751,2991,177

i 2,1041,065

5841,2201,0352,709

*19,085

Aug.

2,175i 1, 345

1,8872,2961,2551,162

i 2,0631,052

5661,2021,0132,662

118, 678

Time

Sept.

517i 1,068

6481,133

397328

i 1,066302177202186

2,174

i 8,199

Aug.

517i 1,067

6481,135

392329

i 1,062302177202187

2,169

i 8,187

Member banks in smaller centers(places under 15,000)

Gross demand

Sept.

147321262258204170373246207354312133

2,987

Aug.

143319254250196168366239197347303127

2,909

Time

• Sept.

132508458315199

92323120189117

47106

2,606

Aug.

131505457314202

91320120189116

47105

2,599

1 Excluding central reserve city banks, for which figures for latest month are shown in table above.



KINDS OF MONEY IN CIRCULATION

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of month TotalGold

certifi-cates

Silverdollars

Silvercertifi-cates

Treas-ury

notesof 1890

Subsid-iary

silvercoin

Minorcoin

UnitedStatesnotes

FederalReserve

notes

FederalReserve

Banknotes

Na-tionalbanknotes

1939—AugustSeptember.October. . .November.December.

1940—January...February. _MarchAprilMayJuneJulyAugustSeptember.

7,1717,2937,3427,4837,598

7,3767,4557,5117,5597,7107,8487,8838,0598.151

1,4651,4881,4851,530L, 564

,469,500,508

1,5571,5901,5821,5651,6051,615

365369373379381

372373375377382384

394

157159161163164

163163164166168169172174177

267269267269272

265271260248241248249258259

4,5954,6884,7394,8264,912

4,7964,8394,8964,9065,0255,1635,2125,3345,409

182180178177175

173171170168167166164162161


PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of month

Totalin cir-cula-tion

total i

Coin and small denomination currency *

Total Coin $13 $2 $5 $10 $20

Large denomination currency2

Total $50 $100 $500 $1,000 $5,000 $10,000

Un-assort-ed 2

1939—AugustSeptember..OctoberNovember-December. .

1940—JanuaryFebruary.. .MarchAprilMayJune .JulyAugustSeptember..

7,1717,2937,3427,4837,598

7,3767,4557,5117,5597,7107,8487,8838,0598,151

5,2535,3295,3635,4785,553

5,3325,3975,4145,4375,5195,5845,5995,7485,814

566571577586590

579581584588595599604611618

521532535545559

526530531534546546544556566

1,0041,019

970

9921,0091,0151,0131,0441,055

1,6811,7061,7101,7521,772

1,6921,7231,7311,7391,7661,7911,7981,8581,876

1,4871,5071,5261,5571,576

1,5321,5431,5461,5511,5681,5991,6051,6441,663

1,9221,9651,9812,0072,048

2,0472,0612,1012,1262,1932,2642,2862,3132,340

433440445452460

457459460463471485489495503

857876884896919

920930941951979

1,0131,0251,0351,048

180185186188191

191191194195202210211213216

405413415420425

426427432439464481486493496

i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.* Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treas-

ury as destroyed.3 Paper currency only; $1 silver coins reported under coin.Back figures.—See Annual Report for 1937 (table 36).

TREASURY CURRENCY OUTSTANDING{Held by Treasury and Federal Reserve Banks and in circulation,

millions of dollars]In

SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY[By selected banks and financial institutions in New York City.

In millions of dollars]

End of month

1939—AugustSeptember.OctoberNovember.December..

1940—JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptember.

Total

2,9072,9192,9322,9472,963

2,9712,9812,9902,9993,0083,0143,0243,0363,044

Silverdollars

andsilverbul-

lion i

1,8041,8141,8251,8351,845

1,8551,8661,8761,8861,8941,9001,9091,9151,920

Sub-sid-iary

silvercoin

390394399

400401401400402402404409411

Minorcoin

162164166167

169170171172173174175178181

UnitedStatesnotes

347347347347347

347347347347347347347347347

Fed-eralRe-

serveBanknotes

Na-tionalbanknotes

185183181179178

175173172171169167167164163

Year or month

1937 _19381939

1939—September.October. __November.December.

1940—January...February..MarchAprilMayJuneJulyAugustSeptember.

Ship-ments toEurope

21.533.1

110.2

1.84.56.6

5.34.71.43.51.1.5

.1

Receiptsfrom

Europe

47.634.49.8

.1

.21.3.3

Netship-

ments

100.4

.71.63.26.3

5.34.71.43.51.1.4.5

Netreceipt*

26.11.$

i Includes silver held against silver certificates amounting to $1,844,-000,000 on Sept. 30, 1940 and $1,724,000,000 on Sept. 30, 1939.

i Less than $50,000.Back figures.—See Annual Report for 1937 (table 38).Description.—See BULLETIN for January 1932, pp. 7-8.

NOVEMBER 1940 1195


ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES[In millions of dollars]

MOVEMENT OF GOLD TO AND FROM UNITED STATES1


Period

1934»_1935...1936...1937...1938...1939...

1938—OctoberNovemberDecember

1939—JanuaryFebruaryMarchApril __May _June.JulyAugust..SeptemberOctoberNovemberDecember

1940—January _FebruaryMarchApril _May _JuneJulyAugustSeptemberOct. 1-23?

Gold stock atend of period

Total

8,23810,12511,25812,76014, 51217, 644

14,06514,31214, 512

14,68214,87415, 25815,79115,95716,11016,23816,64616,93217,09117,35817, 644

17,93118,17718,43318, 77019,20919,96320,46320,913

P21, 24421,428

Inactiveaccount

26.51,227.9

In-crease

intotalgoldstock

4,202. 5 11,887." ''1,132.1, 502. 51, 751. ~

1,133.91,739.01,116.61, 585. 51,973. 6

3; 132.0 3, 574. 2

P 2 15 1

5 1

305.0247.5199.6

170.0192.7383.8532.3166.2153.3128.0407 6285.9159.9267 1285.1

287.5246.0256.0336.9439.0754.2499.4450.2

*331. 6183.7

Netgold

import

Netgain orloss (-)through

ear-markingtrans-

actions1

562.4177.8240.5

156.3223.3365.4605.8429.4240.4278.6259.9326.169.7

168 0451.2

236 4201.4459.8249.9435.1

, 163. 0520.0351.6334.1241.3

82.6.2

-85.9-200.4-333.5-534.4

-110. 2- 7 . 4

-62.4

14.1- 4 8 6

107-114.8-251 . 6-104.8-164.0

152.12.8

79.590.9

-200.8

40.037.0

-213. 467.2

- 3 6 . 7-437.2- 5 5 . 1

67.0

Do-mes-tic

goldpro-duc-tion

92.9110.7131.6143.9148.6161.7

13.615.513.3

12.410.711.313.312.810.813.314.315.918.714.913.4

13.611.412.113.014.111.016.012.3

P12.3

J> Preliminary.1 Gold held under earmark at Federal Reserve Banks for foreign ac-

count on September 30, 1940, in millions of dollars: 1,657.6.2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35

a fine ounce thereafter.NOTE.—Figures for domestic production of gold are those published

in table, p. 1229, adjusted to exclude Philippine Islands production re-ceived in United States. Adjustment based on annual figures reportedby Director of Mint and monthly imports of gold to U. S. from Philip-pines. For back figures see Annual Report for 1937 (table 29).

BANK SUSPENSIONS1

Number of banks suspended:193419351936193719381939 . .1940—Jan -Sept .

Deposits of suspended banks(in thousands of dollars):3

1934 _193519361937193819391940—Jan.-Sept _.

Total,all

banks

57344459554219

36, 93710,01511, 30619, 72313,01234,9985,142

Memberbanks

Na-tional

141414

405,313

5077,379

361,341

State

213

1,708211

24,629

Nonmemberbanks

In-sured2

8224047472516

1,9123,763

10, 20710,15611,7216,5894,796

Notinsured

488366

103

34,985939592480

1,0442,439

346

1 Represents banks which, during the periods shown, closed tem-porarily or permanently on account of financial difficulties; does notinclude banks whose deposit liabilities were assumed by other banks atthe time of closing (in some instances with the aid of Federal DepositInsurance Corporation loans).

* Federal deposit insurance became operative January 1, 1934.3 Deposits of member banks and insured nonmember banks suspended

are as of dates of suspension, and deposits of noninsured nonmemberbanks are based on the latest data available at the time the suspensionswere reported.


From or to—

Belgium _•FranceHungaryItaly..NetherlandsNorwayPortugalSpainSwedenSwitzerlandUnited Kingdom....U. S. S. R _YugoslaviaCanadaMexico.Central AmericaCuracaoArgentinaBoliviaBrazilChileColombiaEcuador _.PeruVenezuelaAustraliaBritish IndiaNetherlands IndiesChina and Hong

KongJapanPhilippine Islands..South AfricaAll other countries *

Total 334,113

1940

September

Im-ports

15,32539

27i3,655

11,175

217, 635545904

5, 23917,815

1

1,1392,330

2331

42114,605

52313,092

2,70113, 2283,7647,854794

Ex-ports

August

Im-ports

17,38668

3,637

10,819

264,33810, 335

935

2,669946

4,516186480637

6,746954

6,377

3,756

3,73811, 6871,360

13 351,563

Ex-ports

Jan.-Sept.

Im-ports

977241, 778

11, 87343, 93563, 25333, 40541, 5328,650

161,48990,320

630, 32016, 74516, 310

10 2, 056, 66028, 4506,5805,239

17, 85855

10, 7748,240

21,1782,4657,9213,790

59, 57239, 58920, 583

24,71874,47629,405

170, 0617,994

10 3, 956,195 4,970

Ex-ports

4,7814

» Figures represent customs valuations which, with some exceptions,are at rate of $35 a fine ounce.

2 Includes all movements of unreported origin or destination.Back figures.—See table, p. 1229, and Annual Report for 1937 (tables

31 and 32).BANK DEBITS

[Debits to deposit accounts, except interbank accounts, at banks inprincipal cities.] [In millions of dollars]

Year and month

1929. _19351936193719381939 _

1939—AugustSeptemberOctober. _.November.December.

1940—January...February..MarchAprilMay .JuneJulyAugustSeptember

Total,all

report-ing

centers

982,531402, 718461,889469,463405, 929423,932

33,31436, 59435, 83034, 66643,447

37, 78632,19737,76937, 78037, 25735,00535,947'32, 84433,812

NewYorkCity

184,006208,936197,836168, 778171,382

13,11815,13813, 68313,04117, 633

14, 73912,13815, 20115, 51914, 53613,11013, 61211, 60412, 594

140otherlead-ing

centers 1

133other

report-ing

centers

331,938190,165219, 670235, 206204, 745218, 298

17,49618, 52619,02918, 63622, 386

19, 97817, 34419, 53719,25019, 65918,85019, 23318, 31418, 267

47, 50428, 54733, 28336,42132,40634, 252

2,7012,9303,1192,9903,428

3,0692,7153,0313,0103,0633,0453,103

r2, 9262,951

r Revised.1 Comprises centers for which bank debit figures are available begin-

ning with 1919, except that one substitution was made in 1920 and onein 1928.

2 Centers (other than the 141 centers) for which bank debits are current-ly reported. The number has changed very little since 1934 and hasnumbered 133 since 1936.

Back figures. — For corresponding monthly totals for 1928-1937 seeAnnual Report for 1937 (Table 71), which also gives a definition of bankdebits. Figures for individual reporting cities and totals by FederalReserve districts for recent years are available in mimeographed form.



M l BANKS IN THE UNITED STATESComprises 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 periodJune 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports tothe Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Cur-rency. For comparative figures of private banks included in thr " • " ' J ~ * ~ , , ~ -December 1935, p. 883, and July 1936, p. 535.available.

ie figures from June 1934 to December 1935, see Federal Reserve BULLETIN forFigures for nonmember banks are for dates indicated or nearest thereto for which figures are

Call date

1929—June 29Dec. 31 _

1933—June 30Dec. 30

1934—June 30 _Dec. 31

1935—June 29Dec. 31 _

1936—June 30Dec. 31 _

1937—June 30Dec. 31

1938—June 30Dec. 31

1939—June 30Dec. 30

1940—Mar. 26June 29

NUMBER OF BANKS

Total

25,11024,630

14,51915,011

15,83516,039

15,99415,837

15, 75215,628

15, 52715,393

15, 28715, 206

15,08215,037

15,00614,952

Member banks

Total

8,7078,522

5,6066,011

6,3756,442

6,4106,387

6,4006,376

6,3576,341

6,3386,338

6,3306,362

6,3776,398

Na-tional

7,5307,403

4,8975,154

5,4175,462

5,4255,386

5,3685,325

5,2935,260

5,2425,224

5,2035,187

5,1785,164

State

1,1771,119

709857

958980

9851,001

1,0321,051

1,0641,081

1,0961,114

1,1271,175

1,1991,234

Nonmemberbanks

Mutualsavingsbanks

611609

576579

578579

571570

566565

564563

563556

553552

551551

Othernon-

mem-ber

banks

15,79215,499

8,3378,421

8,8829,018

9,0138,880

8,7868,687

8,6068,489

8,3868,312

8,1998,123

8,0788,003

For footnotes see table below.

DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS

Call date

1929—June 29—Dec. 31—

1933—June 30—Dec. 30 . . .

1934—June 30—Dec. 3 1 —

1935—June 29—Dec. 31—

1936—June 30—Dec. 31—

1937—June 30—Dec. 3 1 —

1938—June 30—Dec. 3 1 —

1939—June 30. . .Dec. 3 0 . . .

1940—Mar. 26.._June 29—

[In millions of dollars]

Allbanks

53,85255,289

37,99838,505

41,87044,770

45,76648,964

51,33553, 701

53,28752,440

52,18554,054

55,99258,344

59,01760,582

Member banks

Total

32,28433,865

23,33823,771

26,61528,943

29,49632,150

34,09835,893

35,44034,810

34,74536,211

38,02739,930

40,57942,039

Na-tional

19,41120,290

14,77215, 386

17,09718,618

19,03120,886

21,98623,107

22,92622,655

22,55323,497

24,53425,661

25,91126,931

State

12,87313,575

8,5668,385

0,51810,434

10,46511,273

12,11212,786

12,51412,155

12,19312,714

13,40314,269

14,66715,108

Nonmen

Mutualsavingsbanks

8,0838,016

0,7130,708

0,7800,828

9,0200,063

10,06010,143

10,21310,257

10,20610,366

10,52110,613

310,54410,631

iber banks

Othernonmem-

bcr banks

12,68412,508

4,0466,026

0,4756,000

6,3506,842

7,1787,666

7,6357,373

7,1637,478

7,4447,801

»7,8957,912

For footnotes see table below.

LOANS AND INVESTMENTS[In millions of dollars]

Call date

1929—June 29Dec. 31

1933—June 30Dec. 30

1934—June 30Dec. 31 __

1935—June 29Dec. 31 _

1936—June 30Dec. 31__

X937—June 30Dec. 31

1938—June 30Dec. 312 _

1939—June 30Dec 30

1940—Mar. 26__June 29

All banks

Total

58,47458,417

40,07640,319

42, 50243,458

44,41645, 717

48,45849, 524

49, 69648, 566

47, 38148, 929

49,61650,885

51,13551,335

Loans

41,53141,918

22,20321,977

21,27820,473

20, 27220,329

20,67921,449

22, 51422,198

21,13021,354

21,31822,169

22,19022,341

Invest-ments

16,94316,499

17,87218,342

21,22422,984

24,14525,388

27, 77828,075

27,18226,368

26,25227, 575

28,29928,716

28,94528,995

Member banks

Total

35,71135,934

24,78625, 220

27,17528,150

28, 78529,985

32, 25933,000

32,73931,752

30, 72132,070

32,60333,941

34,16334,451

Loans

25,65826,150

12,85812,833

12,52312,028

11,92812,175

12,54213,360

14,28513,958

12,93813,208

13,14113,962

13,93913,969

Invest-ments

10,0529,784

11,92812,386

14,65216,122

16,85717,810

19, 71719,640

18,45417,794

17,78318,863

19,46219,979

20,22420,482

Nonmember banks

Mutual savings banks

Total

9,5569,463

10,0449,985

9,9049,782

9,8529,804

9,96110,060

10,18010,187

10,19610,255

10,34210,314

310,22610,188

Loans

5,8925,945

5,9415,906

5,6485,491

5,3415,210

5,1055,027

5,0024,996

4,9614,930

4,9314,961

4,9224,925

Invest-ments

3,6643,518

4,1034,079

4,2564,291

4,5114,594

4,8565,034

5,1785,191

5,2355,325

5,4115,353

5,3045,263

Other nonmember banks

Total

13,20713,020

5,2465,115

. 5,4235,526

5,7795,927

6,2386,464

6,7786,627

6,4656,604

6,6716,630

3 6,7466,696

Loans

9,9819,823

3,4043,238

3,1082,955

3,0032,944

3,0323,062

3,2273,244

3,2313,217

3,2453,246

3,3293,447

Invest-ments

3,2273,197

1,8411,877

2,3152,571

2,7772,983

3,2063,402

3,5603,383

3,2343,387

3,4263,384

3,4173,250

1 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bankabstracts.

2 Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loansand investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among"Other assets."

3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30,1939)which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Ot

Back figures.—See Annual Keport for 1937 (tables 48-49)."Other nonmember banks" column.

NOVEMBER 1940 1197


CONDITION OF ALL MEMBER BANKS-iOANS AND INVESTMENTS[In millions of dollars]

Gall date

Totalloansandin-

vest-ments

Loans 1

Total i

Com-mer-cialandin-

dus-trial*

Agri-cul-tur-

l

Openmar-ket

paper

Loans forpurchasingor carryingsecurities

Tobrok-

ersanddeal-ers

Toothers3

Realestateloans

Loansto

banksOtherloans4

Investments *

Total

U. S. Government obligations

Total

Direct

Bills Notes Bonds

Guar-an-teed

Obli-gations

ofStatesand

polit-icalsub-divi-sions

Othersecu-rities

Total—AllMember Banks

1929-Dec. 3 1 -1933—June 30..1938—June 3O._

Sept. 28.Dec. 31_.

1939—Mar. 29..June 30. _Oct. 2«. .Dec. 30__

1940—Mar. 26 •June 29_

New YorkCity''

1929—Dec. 31_.1933—June 30..1938—June 30..

Sept. 28.Dec. 31__

1939—Mar. 29..June 30—Oct. 2 s.-Dec. 30..

1940—Mar. 26°June 29..

City ofChicago»

1929—Dec. 31..1933—June 30..1938—June 30..

Sept. 28.Dec. 31..

1939—Mar. 29..June 30_.Oct. 2 •_.Dec. 30_.

1940—Mar. 26«June 29..

Reserve CityBanks

1929—Dec. 31 . .1933—June 30__1938—June 3O._

Sept. 28.Dec. 31__

1939—Mar. 29..June 3O._Oct. 2 •__Dec. 30__

1940—Mar. 266

June 29..CountryBanks

1929—Dec. 31__1933—June 30. _1938—June 30__

Sept. 28.Dec. 31__

1939—Mar. 29._June 30—Oct. 2 «__Dec. 30..

1940—Mar. 26«June 29..

35,93424,78630,72131,62732,07032,09532,60333,07533,94134,16334,451

8,7747,1338,0138,3558,3358,408

9,0449,3399,594

1,7571,2871,8061,8891,9691,9652,0522,0502,1052,2222,205

12,0298,49211,15011,42611,65411,62411,75611,88012,27212,15312,160

13,3757,8739,7529,95810,11310,09810,10910,10210,22410,19410,257

26,15012,85812.93812,93713,20813,04713,14113,47013,96213.93913,969

6,6833,4243,1723,1463,2623,0862,9883,1163,2963,2113,014

1,448677525522539545544563569564

9,0844,4824,8534,8704,9634,9365,0045,1275«295,3055,365

4,2754,3884,3994,4444,4804,6054,6654,7684,8604,987

4,7374,7604,783

5,386

5,538

1,4561,4511,474

1,768

319340329

365

"417

1,9141,8891,884

2,100

2,134

1,0481,0811,095

1,151

1,187

730

736

221

176

495

546

595492484442427420

2,463953701713973838731

7,6853,7522,6142,590775733736

3,1912,3722,6132,6612,7162,7492,828

7143301201261259958

11,5154,8576,3976,3642,7282,6712,796

455 790 700 2,957 56 2,888

450

195364141153138126128

447

1,257758556564787668555

2,1451,044717702220209215

3,069

169157132132121124130

42

3221628595997741

3,020

2,595937

1,5411,499436427440

120 611 188 133 44 425

9,78411,92817,78318,68918,86319,04819,46219,60519,97920,22420,482

2,0913,7094,8405,2095,0725,3225,7005,9286,043

103 320

2516129314332

188

251109111707071

137 32 426

535237361351625759

17 41 13

6,815

309610

1,2811,3671,4301,4201,5071,487

16

168126163156149145138

23

6641089596119115115

61

2,7751,340998992242228221

16

1,5381,1311,2011,2171,2301,2491,284

258992622201712

62

3,6791,678

1,5361,6581,602

3,8636,88712,34313,01113,22213,35113,77713,81114,32814,42114,722

1,1122,5513,7403,9873,8574,0254,4834,5584,7724,9725,486

116384981

1,0471,1141,1001,1751,172

2491,113316313286303441

5202,0493,6533,7073,3892,6042,720

563 2,223

797

5863822225115868168

2,-543"

166987

1,3581,3421,142831908

315 797

421

3206121

59121185

1,092

1982313310291212234

1,2031,3191,258

153 176

2,3871,0811,0661,116

155 119 222 1,335 1,168

156

20135173156138142140

87

291252121252422

210

2,2311,117790784243226229

1,372

1,4621,0551,2691,3031,3531,3631,402

1,224

4,7052,0052,1262,1271,1491,1211,180

2,9444,0116,2986,5566,6916,6886,7516,7526,9436,8486,795

4,439

163 20 224 1,477 1,234

174 208 1,544 1,308

5,3645,5585,6695,6185,5045,4375,4565,3345,270

1,3682,4834,6584,8315,0185,0044,9914,9985,1945,0704,947

1,2671,4692,9643,1463,2333,2213,1273,0823,1593,0603,030

254

9120569475710078

161

165681

1,2681,2901,224977

1,014

819

87 839

171299715766732585563

31 431

451

3,0943,7256,246

7,2087,7837,786

8,261

9261,4511,5601,6632,0402,284

2,385

"27656"

9497535611655660621

701

710

1,1121,5972,6032,7522,9973,1053,010

3,339

3,052

1,1061,6571,7701,8931,9781,870

1,972

1,849

2,1282,2982,3402,6602,8312,9203,1443,1073,121

709834894,086,1231,157:,275,286,324

122126109108135155172139134

718743740823889909972963

579

597643

725719

1,3931,7442,1432,3172,4482,5552,5542,764

2,9052,888

222478394495517582480662579726634

87140144141149154147162175177

448598732775808823895897890928981

627581878903982

1,0011,0251,0581,0611,0761,097

4,5283,2973,2963,3613,1923,1423,1313,0302,9592,8982,873

758680707727698714736708

96138159175176171179168170164167

1,128

950866860866856860850

2,5461,5491,5221,5091,4531,3971,3511,2971,2361,1971,144

1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only.

* Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seoarately on some dates, and thetotal amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937.

* Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banksand 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 separately17 Central reserve city banks.Back figures—See Annual Report for 1937 (tables 52-58).



CONDITION OF A l l MEMBER BANKS—RESERVES AND LIABILITIES[In millions of dollars]

Re-serveswithFed-eralRe-

serveBanks

2,3742,2358,0048,1938,6949,112

10,01111,61711,60412,27913, 751

827846

3,5173,7434,1044,5824,9755,9295,9156,3867,072

169232936856884705897

1,080993909

1,187

751705

2,2892,3112,3542,4592,7353,0533,' 1183,3363,759

627452

1,2631,2821,3531,3671,4031,5551,5781,6481,733

Cashin

vault

558405712775746777712774841862789

6846657068636185898488

1334313235222637422539

156122300322321342318323348364334

321203316351322350307329363389328

Bal-anceswithdo-

mesticbanks1

2,1682,0084,0843,9374,2404,4034,674

6 5,3045,506

6 5,6345,751

17910111991

109156112109125

6 163119

133203208198235178235

6 2372836 195242

9471,0021,9511,8621,9402,1062,210

6 2,4852,485

6 2, 6322, 679

908702

1,8061,7861,9561,9632,117

6 2,4732,614

3 2,6452,711

De-mand

de-posits

ad-justed 2

16,64712,08920,89321,59622,29322,36423, 58725,11825,68126,46127,877

4,7504,3586,6987,0267,1687,6058,0128,6768,8999,562

10, 235

957912

1,5231,5851,6881,2501,6661,7471,7391,5441,898

5,2293,7646,9347,0787,2147,3267,6548,0178,1768,4008, 774

5,7113,0545,7385,9086,2246,1836,2556,6776,8666,9546,969

Demand deposits,except interbanl

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

17,52611,83019,81620,43921,11920,84522,44823,98324,60424,96526, 397

5,8474,6766,9007,1287,2737,6778,2818,8129,0309,652

10, 283

1,041870

1,3861,4551,5971,1821,5651,6321,6761,5031,782

5,5473,7086,6686,8437,0346,8997,3317,8038,0027,9788, 372

5,0912,5764,8635,0135,2155,0875,2725,7365,8965,8325,960

Statesand

polit-lcaisub-divi-sions

1,3351,0872,3142,0802,3862,4672,5322,3902,3212,4992,529

12896

273196280260288321251219258

4287

221204181141197195167133199

423349812711796889917801813942956

742555

1,008969

L, 128L, 176L, 130L,0731,090L, 205L, 115

Certi-fiedandoffi-cers'

checksetc.s

1,681657662538547533790666563558475

1,180461367280195272472349178260147

3216232429262227241817

300108146120170123160158190150147

16972

126114154114135131172131164

U. S.Gov-ern-

ment4

143806543707790775694675743725711

203321231811391358472746867

846866283836060808079

76312266356424420415410435431422

3911668

108143137136133154147143

Time deposits,except interbank


ships,andcor-

pora-tions

12,2677,803

10,87410,78910,84610,94011,06311,10411,21511,36811,459

1,112671694653652655653683693742732

332358443439452452471469483482489

4,4332,9414,2384,2094,2334, 2764,3204,3194,3624,3864,422

6,3903,8335,4995,488

,5,5095,5575,6195,6325,6775,7575,816

Statesand

polit-icallcaisub-divi-sions

595300454464462461441418432411410

334

326436534652433529

581

16219

121721101115

371208262233269243233198240214219

13386

144147147153145148140151147

Postalsav-

ings 4

122788837061685951515259

18110

26

3355

41388

312317221914141218

61285

524644464035353537

Interbank<leposits

Domesticbanks

De-mand

3,5173,0576,0966,0886,5106,8167,097

6 8,2438,507

6 8,7178,852

1,1981,2552,5142,4982,6872,7312,992

6 3,5683,542

e 3, 6293,840

310259688636658834746

6 853879

3997949

1,6041,3152,5142,5572,7192,8132,9206 3,3073,516

e 3, 5253,526

405228380398446438439

6 515571

6 566538

Time

9589

135130132133142

6 142144

«145134

4022

16 1

19

3059

113107108108115

6 1161176115105

67

2223232526

6 2626

6 2929

For-eign

banks

698146331466511629607

6 757759

6 737703

597128291411442553524

6670695

6 672650

3326

109

1012

6 149

3 77

64153243576469

6 7153

6 5 644

3122222

622

622

Bor-row-ings

879191

11126755323

1798

2

1

41

29216

2

367167

11116554323

CrSTac-

counts

6,7094,8375,3685,4105,4245,4675,4965,5305,5225,5625,608

2,105

:

1,582L, 587L, 589L, 593L, 5921,586L, 587L. 5921,6011, 599

316204249256257261270270250253260

2,0291,5331,7531,7641,7771,7951,8121,8211,8281,8331,873

2,2581,5171,7781,8011,7981,8181,8281,8521,8511,8751,876

Call date

Total—AllMember Banks

1929—Dec. 311933—June 301938—June 30

Sept. 28Dec. 31

1939—Mar. 29June 30Oct. 2Dec. 30

1940-Mar. 26June 29New York

City 51929—Dec. 311933—June 301938—June 30

Sept. 28Dec. 31


1940—Mar. 26June 29

City ofChicago 5

1929—Dec. 311933__j u n e 301938—June 30

Sept. 28Dec. 31


1940—Mar. 26June 29Reserve City

Banks1929—Dec. 311933—June 301938—June 30

Sept. 28Dec. 31


1940—Mar. 26June 29

CountryBanks

1929—Dec. 311933—June 301938—June 30

Sept. 28Dec. 31


1940—Mar. 26June 29

1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in"Other assets."

2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,less cash items reported on hand but not in process of collection.

3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec.31,1935.4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.8 Central reserve city banks.6 Partly estimatedBack figures—See Annual Report for 1937 (tables 52-58).

NOVEMBER 1940 1199


WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS

[Monthly data are averages of Wednesday figures. In millions of dollars.]

Date or month

Totalloansandin-

vest-ments

22,38423, 55523, 59123,78724,14024, 233

24,10124,12124,18024,157

24,18824,29424,28424,166

24, 32924, 32724,40224,489

8,3939,1729,2639,4009,5549,641

9,5279,5209,6009,568

9,5999,6789,6919,596

9,6879,6009,6089,651

13,99114,38314,32814,38714, 58614, 592

14,57414,60114,58014,589

14, 58914,61614, 59314, 570

14, 64214, 72714, 79414,838

Total

8,3228,5998,4468,4948,5048,653

8,4928,5068,5098,509

8,5668,6658,6928,689

8,7858,8008,8778,890

2,8692,9052,7632,7782,7522,813

2,7662,7542,7512,737

2,7652,8262,8332,828

2,8702,8462,8802,887

5,4535,6945,6835,7165,7525,840

5,7265,7525,7585,772

5,8015,8395,8595,861

5,9155,9545,9976,003

Com-mer-cial,in-

dus-trial,andagri-cul-tural

4,1664,3974,3834,4514,4564,551

4,4464,4614,4554,463

4,4804,5714,5784,575

4,6304,6724,7224,746

1,6201,6731,6711,7101,6981,734

1,7081,7031,6911,691

1,6911,7421,7501,753

1,7671,7811,8001,818

2,5462,7242,7122,7412,7582,817

2,7382,7582,7642,772

2,7892,8292,8282,822

2,8632,8912,9222,928

Openmar-ket

paper

316327313295295295

291294295299

294296296295

297299301301

116108101908375

84828382

77767474

79787879

200219212205212220

207212212217

217220222221

218221223222

Loans


Tobrok-

ersanddeal-ers

568574422399375400

384376377363

390392404415

446409437420

435433298281269290

275270273259

281285295301

324288307297

133141124118106110

109106104104

109107109114

122121130123

Toothers

511475471473470462

472469473467

463460462462

460462458454

177160159167164163

165164166162

162163164163

161163158156

334315312306306299

307305307305

301297298299

299299300298

Realestateloans

1,1781,1911,1991,2041,2141,221

1,2111,2131,2151,215

1,2191,2201,2221,223

1,2201,2211,2201,223

117120122122124124

123124124124

124124124123

120120119119

1,0611,0711,0771,0821,0901,097

1,0881,0891,0911,091

1,0951,0961,0981,100

1,1001,1011,1011,104

Loansto

banks

384742373945

39393940

4850

. 4535

41393938

274035303036

3028£931

38433627

33303030

1177799

911109

10798

8998

Otherloans

1,5451,5881,6161,6351,6551,679

1,6491,6541,6551,662

1,6721,6761,6851,684

1,6911,6981,7001,708

377371377378384391

381383385388

392393390387

386386388388

1,1681,2171,2391,2571,2711,288

1,2681,2711,2701,274

1,2801,2831,2951,297

1,3051,3121,3121,320

Investments

Total

14,06214,95615,14515,29315, 63615,580

15,60915, 61515,67115,648

15, 62215, 62915, 59215,477

15, 54415, 52715, 52515, 599

5,5246,2676,5006,6226,8026,828

6,7616,7666,8496,831

6,8346,8526,8586,768

6,8176,7546,7286,764

8,5388,6898,6458,6718,8348,752

8,8488,8498,8228,817

8,7888,7778,7348,709

8,7278,7738,7978,835

U. >

Total

10,69311,46011,60311,72811,99411,897

12,00512,00611,99411,969

11,95711,96411,88811,779

11,86211,85811,88811, 934

4,3014,9955,2075,2855,4075,381

5,4025,4045,4215,402

5,3985,4185,3945,314

5,3725,3275,3465,372

6,3926,4656,3966,4436,5876,516

6,6036,6026,5736,567

6,5596,5466,4946,465

6,4906,5316,5426,562

3. Governmeni

Bills

450638751777730677

738733735712

705710673619

628662689702

233242396392334312

341329343324

323330319274

292322333335

217396355385396365

397404392388

382380354345

336340356367

Notes

2,1441,9051,9932,0812,1132,083

2,1112,1142,1162,113

2,0952,0912,0912,056

2,1121,8141,8111,816

801950989

1,0351,0601,038

1,0551,0611,0621,062

1,0471,0461,0451,014

1,054945946949

1,343955

1,0041,0461,0531,045

1,0561,0531,0541,051

1,0481,0451,0461,042

1,058869865867

obligations

Bonds

5,8736,5106,4576,4556,5726,555

6,5876,5806,5606,562

6,5736,5766,5416,528

6,5406,7966,7836,799

2,1622,5282,5402,5702,6412,655

2,6372,6402,6432,644

2,6552,6682,6542,645

2,6212,6502,6342,646

3,7113,9823,9173,8853,9313,900

3,9503,9403,9173,918

3,9183,9083,8873,883

3,9194,1464,1494,153

Guar-an-teed

2,2262,4072,4022,4152,5792,582

2,5692,5792,5832,582

2,5842,5872,5832,576

2,5822,5862,6052,617

1,1051,2751,2821,2881,3721,376

1,3691,3741,3731,372

1,3731,3741,3761,381

1,4051,4101,4331,442

1,1211,1321,1201,1271,2071,206

1,2001,2051,2101,210

1,2111,2131,2071,195

1,1771,1761,1721,175

Othersecu-rities

3,36&3,4963,5423,5653,6423,68$

3,6043,60&3,6773,679

3,6653,665-3,7043,698-

3,6823,6693,6373, 665

1,22a1,2721,2931,3371,3951,447

1,3591,3621,428-1,42J>

1,43&1,4341,4641,454

1,4451,4271,3821,392

2,146.2,2242,2492,228.2,2472,236.

2,2452,2472,249»2,250*

2,2292,2312,240*2,244

2,2372,2422,2552,27a

Total—101 Cities

1939—September1940—May

JuneJuly . . . .AugustSeptember

Aug. 7Aug. 14Aug. 21Aug. 28

Sept. 4Sept. 11Sept. 18Sept. 25

Oct. 2Oct. 9.Oct. 16. _._Oct. 23.

New York City


JuneJulyAugust. _September

Aug. 7Aug. 14.Aug. 21Aug. 28


Oct. 2Oct. 9Oct. 16.Oct. 23..

Outside New YorkCity


June _-.JulyAugust. . .September


Sept. 4._Sept. 11Sept. 18Sept. 25 -

Oct. 2.Oct. 9.Oct. 16Oct. 23

NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). Forback 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.



WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDERESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars.]

Ke-serveswithFed-eralRe-

serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-Justedi

Demand deposits,except interbank


andcor-

pora-tions

Statesand



checks,etc.

U. S.Gov-ern-

ment*

Time deposits,excapt interbank

indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand


Postalsav-ings '

Interbankdeposits

Domesticbanks

De-mand Time

For-eign

banks

Bor-row-

Cap-italac-

countsDate or montb

9,64311,03211,50011,60011, 31611, 499

11,21211,26411,34811,449

11,41811,47111,49011, 616

11, 64611, 77011,84511, 991

5,6316,3846,6226,6576,4176,421

6,3946,4226,470

6,4016,3916,4176,474

6,4666,5656,5516,678

4,0124,6484,8784,9434,8995,078

4,8324,8604,9264,979

5,0175,0805,0735,142

5,1805,2055,2945,313

477474499

504

488505490

491517502508

485511489515

395417410416420

408420410423

407432420424

404427409432

2,9513,2403,2623,2143,1633,235

3,1133,1683,1733,201

3,1713,2263,2963, 248

3,3073,2443,4053,317

2,8793,1533,1793,1323,0843,154

3,0343,0893,0933,123

3,0903,1463,2143,166

3,2253,1623,3203,237

18, 20919,97120,52420,84720,87821,011

20,71220, 78920,95621,053

20,90121.07920,98421.080

21,15221, 23821, 31721, 643

8,1529,2039,5249,7169,6789,673

9,6349,6209,7329,727

9,6729,6819,6559,685

9,7379,695

10,05710,76811,00011,13111, 20011,338

11,07811,16911,22411,326

11, 22911, 39811,32911,395

11,46411, 50111, 62211, 754

17, 90419,46020,03420,38020,31920, 595

20,10120,36920,38120,424

20, 41520, 73820,61720, 610

20, 74120, 75421,27721,162

9,3069,6539,7709,6889,740

9,6419,6839,7239,705

9,7049,7999,7289,729

9,7599,7439,9089,894

9,63610,15410,38110,61010, 63110,855

10,46010,68610, 65810, 719

10, 71110,93910,88910,881

10, 98211,01111, 36911, 268

1,3311,5401,4941,4551,4661,421

1,4761,4271,4781,482

1,4401,4101,4131,421

1,4631,4301,3961,510

249267213280278249

264255296295

263225254252

271218301

1,0821,2731,2811,1751,1881,172

1,2121,1721,1821,187

1,1771,1851,1591,169

1,1801,1591,1781,209

448481402411360396

343373381344

393349388452

425402436423

278292224225195222

179205221177

216184210279

225235246241

170189178186165174

164168160167

177165178173

200167190182

528560561475506507

505506506506

509505508507

508507508507

479516518442471472

470471471471

474470473472

472472473472

5,0165,1195,1275,1415,1555,175

5,1505,1545,1615,156

5,1745,1745,1755,178

5,1875,1785,1815,182

601634647657

663667670671

685681681

685679680676

4,4154,4854,4804,4844,4874,492

4,4874,4874,4914,485

4,4884,4894,4944,497

4,5024,4994,5014,506

210192183178182179

183180183183

182184178172

170173170172

165166159151142137

146142143140

138139138132

130133131128

7,447

8,3618,3108,2588,465

8,2218,2808,2528,282

8,3958,4598,5768,429

8,623

8,8458,656

3,3003,7273,7243,7173,6293,702

3,6243,6303,6223,640

3,6543,7073,7583,687

3,7903,7533,8133,756

4,1474,6534,6374,5934,6294,763

4,5974,6504,6304,642

4,7414,7524,8184,742

4,8334,8555,0324,900

126115113111111111

112112110110

110111111112

111111111111

126115113111111111

112112110110

110111111112

111111111111

732708688676684679

685690679682

670671683692

678

687

657650634622

634624626

617618630636

623636627627

3,7163,7503,7733,7743,7833,784

3,7823,7813,7833,787

3,7903,7833,7813,781

3,7933,7963,7963,798

1,4751,5021,5001,4891,4951,493

1,4951,4941,4951,495

1,4951,4931,4921,491

1,4951,4971,4971,498

2,2412,2482,2732,2852,2882,291

2,2872,2872,2882,292

2,2952,2902,2892,290

2,2982,2992,2992,300

Total 101 Cities


JuneJulyAugustSeptember

Aug. 7Aug. 14Aug. 21Aug. 2&

Sept. 4Sept. 11Sept. laSept. 25-


New York City






OutsideNew York Citv






1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

NOVEMBER 1940 1201


WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS


Federal Reservedistrict and date

(1940)

Totalloansandin-

vest-ments

Loans

Total

Com-mer-cial,in-

dus-trial,andagri-cul-tural

Openmar-ket

paper


Tobro-kersanddeal-ers

Toothers

Realestateloans

Loansto

banksOtherloans

Investments

Total

U. S. Government obligations

Total Bills Notes BondsGuar-an-teed

Othersecu-rities

Boston (6 cities)Oct. 2Oct. 9___Oct. 16_Oct. 23

New York (8 cities)*Oct. 2Oct. 9_.__Oct. 16Oct. 23

Philadelphia (4 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Cleveland (10 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Richmond (12 cities)Oct. 2 ._ .Oct. 9Oct. 16_Oct. 23

Atlanta (8 cities)Oct. 2Oct. 9 . . .Oct. 16Oct. 23

Chicago (12 cities)*Oct. 2Oct. 9 . .Oct. 16Oct. 23

St. Louis (5 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Minneapolis (8 cities)Oct. 2.__Oct. 9.Oct. 16Oct. 23

Kansas City (12 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Dallas (9 cities)Oct. 2Oct. 9Oct. 16Oct. 23

SanFrancisco (7 cities)Oct. 2Oct. 9Oct. 16Oct. 23

City of Chicago*Oct. 2Oct. 9Oct. 16Oct. 23

1,1951,2071,2141,206

10,57510,48810,49410, 533

1,2011,2031,2061,206

1,9231,9301,9371,942

726733742739

646654659668

3,4063,4273,4503,471

714717726730

410414418422

695701712

543547546554

2,2992,3122,3092,306

2,2202,2302,2512,275

625630635627

3,2393,2163,2493,253

475476479478

738735736737

284284287289

321327333339

9931,0041,0251,032

335339344344

201203206210

314315318320

278

284

982991985977

623630643650

311316316310

1,9011,9151,9301,946

226226228227

299298299

129129132133

160164169172

597607623

186190194195

103105107108

184184187188

184185185189

350353352351

432441453460

12121412

328292313302

23232423

18161717

18181818

211212208206

31323132

242424

80

80

199200198198

50505050

179180180181

46464647

33333333

125126126127

57575757

11111212

31303031

23232323

385385384

18191919

138137138138

485485488488

108108108108

209208207208

81818181

110112112115

130131132133

65646565

76767679

65

52535354

172177175173

65646363

570577579579

7,3367,2727,2457,280

726727727728

1,1851,1951,2011,205

442449455450

325327326329

2,4132,4232,4252,439

379378382386

209211212212

377380383392

265267266270

1,3171,321, 324,329

,597,600,608,625

445452455456

5,7345,6885,7055,728

453456457457

910918924926

373381387381

215217215216

1,8711,8751,8701,878

271270272274

166169169169

244247250258

206208207211

974977977

1,2441,2461,2481,261

17182021

294324335340

322

250246249249

10101010

18202428

33353637

2222

250245247247

39393838

1,114986987990

33292929

155145145144

161112113113

413636

328256257257

323233

26212020

64575656

40363333

72656567

177135135135

336341343343

2,8462,8922,8752,878

326333335335

618636637639

147205205205

105111111112

1.021L'1011,0921,100

150156158159

112120121121

949593

85899295

708718719719

713762762775

53545454

1,4801,4861,5081,520

94949393

136134134134

65636659

67

272272272272

72727272

28282828

76767581

48484646

192192191192

104104104104

125125124123

1,6021,5841,5401,552

273271270271

275277277279

68

110110111113

542548555561

108108110112

43424343

133133133134

59595959

343344347349

353354360364

• Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures forthe New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.



WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSRESERVES AND LIABILITIES


Re-serveswithFed-eralRe-

serveBanks

684690694719

6,6556,7456,7266,844

487491498493

724716730734

213219225219

136143144146

1,6061,5971,6341,662

235241253255

108108109108

198204212202

144139142139

456477478470

1,2811,2741,2941,311

Cashin

vault

144146144147

9910599

105

20222122

47484850

21242224

13151315

7476747711131113

6777

16181618

11121112

23252325

42424142

Bal-anceswithdo-

mesticbanks

193178187184

238225239228

228220220231

358344363357

252250254255

211212216205

608602640603

171175183177

127124122116

319311337323

287288308296

315315336342

267272294281

De-mand

de-posits

ad-justed i

1,3571,3631,3801,398

10,40710,44110,40010, 592

1,0131,0171,0101,033

1,4601,4531,4751,494

547557559557

428437428434

2,8972,9042,9613,014

502511517524

311314316318

552555570565

499493501502

1,1791 1931,2001,212

1,9711,9782,0132,060

Demand deposits,except interbank


ships,andcor-

pora-tions

1,3131,2971,3251,322

10,32110,29110,46510,440

1,0191,0161,0411,042

1,4221,4051,4701,459

542551566557

417425437425

2,7242,7462,8302,836

513525548538

282287295293

537543573557

483483507494

1,1681 1851,2201,199

1,8781,8881,9431,965

Statesand


101113120136

462446400476

58605451

119117116114

55514951

63625962

317301319332

35363638

57535356

72676869

44434141

80818184

186180191191


checksetc.

19172318

247249265263

11899

21192219

13121312

5555

39364337

9778

7666

1099

10

1289

11

32262525

22212521

U.S .Gov-ern-

ment2

12121212

54535353

47474747

43434342

32323233

41414141

130130130130

13131313

1111

18181918

32323232

85858585

89898989

Time deposits,except interbank


ships,andcor-

pora-tions

233233231231

1,0511,0451,0461,042

258258258258

718718719720

201201201201

185185185186

958959961962

187188189189

117117117117

143143143144

126126126126

1,0101,0051,0051,006

492492493494

Statesand


2222

44444348

3333

24242323

3333

4444

16161616

3333

3333

8888

60636259

14141414

Postalsav-

ings 2

1111

7777

1111

2222

8888

2222

1111

1111

111

5555

Interbankdeposits

Domesticbanks

De-mand

398396401395

3,8713,8323,8963,835

452449464449

466457474459

325331346341

286295311304

1,3211,3181,3541,313

345355371365

166165166162

415416439432

256262276270

322332347331

1,0011,0011,0281,007

Time

16161616

9999

37373737

5555

3333

10101010

1111

2222

6666

22222222

For-eign

banks

18181722

624637628629

5454

1111

1

1222

8878

2111

1111

18191818

7767

Bor-row-ings

1111

2

Cap-italac-

counts

246247247247

1,6181,6201,6201,621

215215215215

382382383383

100989898

95959595

405406407407

95959595

61616162

106106106106

88898989

382"382380380

261261260261

Federal Reservedistrict and date

(1940)

Boston (6 cities)Oct. 2Oct. 9Oct. 16Oct. 23

New York (8 cities)*Oct. 2Oct. 9Oct. 16Oct. 23

Philadelphia (4 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Cleveland (10 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Richmond (12 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Atlanta (8 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Chicago (12 cities)*Oct. 2Oct. 9Oct. 16Oct. 23

St. Louis (5 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Minneapolis (8 cities)Oct. 2Ocr. 9Oct. 16Oct. 23

Kansas City (12 cities)Oct. 2Oct. 9Oct. 16Oct. 23

Dallas (9 cities)Oct. 2Oct. 9Oct. 16Oct. 23

San Francisco (7 cities)Oct. 2Oct. 9Oct. 16Oct. 23

City of Chicago*Oct. 2Oct. 9Oct. 16Oct. 23

* See note on preceding page.^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.

2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

NOVEMBER 1940 1203


COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING


End of month

1939—JuneJulyAugustSeptemberOctoberNovemberDecember


Com-mer-cial

paperout-

stand-ing i

181194201209205214210

219226233239234224232

r245251

Dollar acceptances outstanding

Totalout-

stand-ing

245236235216221223233

229233230223214206188182177

Held by

Accepting banks

Total

191188191177179172175

179188184178171166152148142

Ownbills

122119128115111103105

111123121118113112103103100

Billsbought

69696362676970

6865S3615854494442

Federal ReserveBanks

Forown ac-count

For ac-count offoreigncorre-

spond-ents

(J)(')(J)

Others

53484439425157

504546454340363435

Based on

Im-portsinto

UnitedStates

817579788596

103

1019590867879758080

Exportsfrom

UnitedStates

45414040403739

384447454743322422

Dollarex-

change

20191818181616

161514131213131111

Goods stored in orshipped between

points in

UnitedStates

39394043465054

515149464136353835

Foreigncoun-tries

60615936322422

232730333434322028

r Revised.i As reported by dealers; includes some finance company paper sold in open market.» Less than $500,000.Back figures.—See Annual Report for 1937 (table 70).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1935—December

1936—June _ _December

1937_june_December

1938—June _December

1939—JuneAugust _ .SeptemberOctoberNovember... __ _ _December

1940—JanuaryFebruary-MarchAprilMayJuneJulyAugust _.September

Debit balances

Customers'debit

balances(net) i

1,258

1,2671,395

1,489985

774991

834792856894914906

886893886910702653642631635

Debitbalances inpartners'

investmentand trading

accounts

75

6764

5534

2732

252220212016

15161515121212

to t

o

Debitbalances in

firminvestmentand trading

accounts

135

164164

161108

88106

737164727778

707278726758645657

Cash onhand

and inbanks

179

219249

214232

215190

178202217200195207

198195186192239223213215218

Credit balances

Moneybor-

rowed 3

930

9851,048

1,217688

495754

570556520577623637

602616615626459376376368370

Customers'credit balances i

Free

286

276342

266278

258247

230235305289272266

262253247252251267261256268

Other(net)

79

86103

9285

8960

705887766769

717470736862625756

Other credit balances

Inpartners'invest-

ment andtrading

accounts

24

2430

2526

2222

212022212123

222321212222222120

Infirm

invest-ment and

tradingaccounts

10

1412

1310

115

66

11987

677965655

Incapital

accounts(net)

410

420424

397355

298305

280275283284282277

272271270271274269264260255

i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) offirms' own partners.

* Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money bor-rowed 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 methodby which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last columnis not to be4taken as representing the actual net capital of the reporting firms.

Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).



OPEN-MARKET RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

1937 average. . .1938 average. . .1939 average. . .

1939—SeptOct.NovDec.

1940—Jan.. ._Feb.MarApril_._MayJuneJulyAugSept

Week ending:Oct. 5 . . .Oct. 12. _Oct. 19 . .Oct. 26 . .

Prevailing rate i on -

Primecom-

mercialpaper,4 to 6

months

.95

.81

.69

.69

.69

.63

.66

.56

.56

.66

.6656

.66

.56

.66

.56

H-H

m

Primebank-ers'

accept-ances,

90days

.43

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

Vn

vl!

Stockex-

changetime

loans,90

days

1.251.251.25

L.25L.25L.25L.25L.25L.25L.25L.25L.25L.25L.251.251.25

IK

IK

Average rate o n -

Stockex-

changecallloanre-

new-als

LOOLOOLOO

LOOLOOLOOLOOLOO1.001.001.001.001.001.001.001.00

1.001.001.001.00

U. S. Treas-ury bills

Newissues

of-fered

withinperiod*

.447

.053

.022

.102

.028

.018

.012

.001

.004

.003

.042

.071

.009

.019

.021

1

91-daydeal-ers'quo-

tation

.28

.07

.05

.14

.05

.05

.04

.01

.02

.02

.02

.06

.10

.05

.04

.05

.04

.02

.02

.02

Aver-

yield on3-to-5yearU.S.Treas-

urynotes

1.40.83.59

1.07.77.64.51.47.46.42.45.65.76.57.68.48

.45

.45

.43

.41

i Monthly figures are averages of weekly prevailing rates.» Series comprises 273-day bills to October 15, 1937, bills maturing

about March 16,1938, from October 22, to December 10,1937, and 91-daybills thereafter.

» Rate negative.Back figures—See Annual Report for 1937 (tables 43 and 44). Figures

for Treasury bills and Treasury notes available on request.

COMMERCIAL LOAN RATES

AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES


1934 average1935 average1936 average „.1937 average1938 average __.1939 average»

Monthly figures1938—January

FebruaryMarchAprilMay....JuneJulyAugustSeptemberOctober.NovemberDecember

1939—January.February

Quarterly figuresl

1939—March.JuneSeptemberDecember

1940—MarchJuneSeptember

talities

3.452.932.682.592.532.78

2.602.492.482.482.482.562.572.522.532.572.492.60

2.642.52

2.952.912.682.592.652.592.68

NewYorkCity

2.45L761.72L.73L 692.07

t. 70L.70L.65L.70L.70L.70L.70L.67L.70L.70L.701.70

1.731.70

2.132.152.041.962.032.002.14

7 otherNorth-

ern andEastern

cities

3.713.393.042.882.752.87

2.922.652.642.602.642.782.782.712.742.902.682.95

2.972.69

3.053.052.782.592.672.492.56

11 South-ern andWestern

cities

4.323.763.403.253.263.51

3.283.213.283.253.203.313.353.283.263.213.203.23

3.323.26

3.773.623.313.323.353.383.43

i Averages for 1939 and quarterly figures are on revised basis and aretherefore not strictly comparable with the earlier series of annual andmonthly figures.

Back figures—See November 1939 BULLETIN, pp. 963-969 for descrip-tion and for back figures.

BOND YIELDS1


Year, month, or week

Number of issues _

1937 average1938 average1939 average

1939—SeptemberOctober .NovemberDecember

1940—JanuaryFebruaryMarchAprilMayJuneJulyAugust ._September __ __

Week ending:Oct. 5Oct. 12Oct. 19Oct. 26

U.S.Treas-ury 2

2-6

2.682.562.36

2.652.602 462.352.302.322.252 252.382.392.282.252.18

2.142.092.092.09

Munic-ipal'

15

3.102.912.76

3.293.082.692.562.542.602.582.562.812.852.542.492.44

2.372.352.332.28

Corporate *

Total

120

3.944.193.77

3.953.833.703.693.633.603.583.543.653.723.573.553.50

3.483.473.463.45

By ratings

Aaa

30

3.263.193.01

3.253.153.002.942.882.862.842.822.932.962.882.852.82

2.792.792.782.78

Aa

30

3.463.563.22

3.493.353.163.143.083.053.042.993.083.103.013.033.01

3.023.023.013.00

A

30

4.014.223.89

4.053.943.783.743.693.683.653.593.653.703.573.553.52

3.513.493.473.47

Baa

30

5.035.804.96

5.004.884.854.924.864.834.804.744.945.114,804.764.66

4.594.574.564.54

By groups

Indus-trial

40

3.553.603.30

3.573.433 253.213.143.123.093 053.203.253.153.123.10

3.083.083.053.04

Rail-road

40

4.345.214.53

4.584.514.444.474.394.374.374.334.464.574.324.304.23

4.184.164.154.13

Publicutility

40

3.933.873.48

3.703 573 413.383.353.333 283 243.303.333 233.233.19

3.183.183.173.17

i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures,i Average of yields of all outstanding bonds due or callable after 12 years.3 Standard Statistics Co.* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each

been reduced from 10 to 4, and the railroad Aaa group from 10 to 5.Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.

NOVEMBER 1940 1205


BOND PRICES1 STOCK MARKET

Year, month, or date

Number of issues

1937 average1838 average1839 average —

1939— SeptemberOctober __NovemberDecember



U.S.Treas-ury 3

2-6

100.9102.5105.2

101.3102.0103.8105.3106.0105.7106.7106.7104.9104.8106.3106.7107.7

108.2108.9108.9108.9

Munic-ipal

15

110.3113.7116.3

107.1110.7117.5119.9120.2119.1119.7119.8115.3114.6120.4121.2122.3

123.6124.1124.4125.2

Corporate 3

Total

93.478.981.6

80.982.983.082.182.482.282.182.579.478.581.281.582.7

83.783.383.483.8

Indus-trial

20=====90.182.986.0

85.086.487.086.887.387.387.387.585.384.786.386.887.8

88.788.788.9

Rail-road

20

89.6

68.0

61.760.6

0.9

Publicutility

59.061.660.268.068.257.857.268.253.552.057.157.559.7

98.6100.5101.8101.6101.8101.6101.8101.799.398.7

100.2100.2100.6

100.6100.5100.5100.7

1 Monthly data are averages of daily figures except for municipal bonds,which are averages of Wednesday figures.

2 Prices derived from yield figures on basis of a 2% per cent, 16 yearbond. For description see this BULLETIN, pp. 1179-1180. Prices expressedin decimals. Weekly data are averages of daily figures for week ending onSaturday following date shown. Average for September for former seriesis 106.8.

3 Prices derived from average yields, as computed by Standard Sta-tistics Co.

Back figures.—See Annual Report for 1937 (table 79). Figures for U. S.Treasury bonds available on request.

Year, month, ordate

Number of issues

1937 average1938 average1939 average

1939—September.October. . . .November.December.

1940—January.February . .MarchAprilMayJuneJulyAugustSeptember.

Oct. 2.Oct. 9Oct. 16Oct. 23

Stock prices l

136.2137.7140.7141.4143.0142.9141.8142.3138.2133.2136.9137.3139.1

Vol-ume oftrad-ing»(in

thou-sands ofshares)

140.6140.5140.5140.1

1,5191,100

973

2,5951,060

907808678664740

1,1311,651

708310317553

635426569591

» Standard Statistics Co. Monthly data are averages of Wednesdayfigures.

> Average prices of industrial high-grade preferred stocks, adjusted to a$7 annual dividend basis.

8 Average daily volume of trading in stocks on the New York Stock.Exchange. Weekly figures are averages for the week ending Saturday.

Back figures.—For stock prices, see Annual Report for 1937 (table 79) *

CAPITAL ISSUES[In millions of dollars]

Year ormonth

19301931193219331934193519361937 - -19381939 - -

1939—Sept.. _.OctN o v . . . .Dec

1940—JanFebM a r . . . .

M^y""".JuneJ u l y . . . .AugSept.___

Total(newandre-

fund-ing)

7,6194,0381,7511,0632,1604,6996,2143,9374,4495,839

180743218335287451241345250226690281225

Total(do-

mesticandfor-

eign)

6,9123,0951,197

7201,3861,4571,9722,1382,3602,287

42338899894

10471

11812282

396129111

Total

6,0042,8601,165

7081,3861,4091,9492,0942,3252,237

42338899894

10470

11812282

396129111

]

Stateandmu-nici-pal

1,4341,235

762483803855735712971931

16426768596834683070626143

For new capital

Domestic

Fed-eral

agen-cies i

87757764

40515022

157481924

10276

00016632

28900

Corporate

Total

4,4831,551

325161178404

1,1921,225

873382

1620223135453154899

456868

Bondsand

notes

2,9801,239

30540

144334839817807285

1414152119431631808

435364

Stocks

1,50331120

1203569

3524086797

2669

163

15231022

154

For-eign >

90823532120

4823443560

00000010000

'10

For refunding

Total(do-

mesticandfor-

eign)

706944554343774

3,2424,2421,7992,0893,552

138404130237193347169227128145294152115

Total

527893498283765

3,2164,1231,6802,0613,464

138403130237193347169227128145294152112

Stateandmu-nici-pal

53218737

136365382191129195

810132226

11449182013201323

Domestic

Fed-eral

agen-cies i

0519326

317987353281665

1,537

512352619292217172529482826

Corporate

Total

474821319219312

1,8643,3871,2091,2671,732

7915791

19613721110419283

10222611162

Bondsand

notes

451789315187312

1,7823,187

8561,2361,595

7915788

18910219690

15483

10222310761

Stocks

23324

320

8120035231

137

0(8)

37

361414380

(3)341

For-eign *

1795156609

261191192888

0200000000003

r Revised.i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.»Includes issues of noncontiguous U. S. Territories and Possessions.»Less than $500,000.Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. 8. Department of Commerce. Monthly figures subject

to revision.Back figures.—See Annual Report for I 937 (table 78).

1206 FEDERAL RESERVE BULLETIN;


UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS

[On basis of daily statements of United States Treasury. In millions of dollars]

End of monthTotalgrossdebt

Interest-bearing

Totalinterestbearing

Publicly-offered *

Total

Bonds

Pre- Treas-ury a

U.S.Notes Bills

Ad-justedservice

Socialse-

curityAll

other*

Noninterest-bearing

Ma-tureddebt Other

1932—June1933—June1934—June.1935—June1936—June1937—June1938—June1939—June

1939—AugustSeptember.October....November.December.

1940—January...February-MarchAprilMayJuneJulyAugustSeptember.

19,48722,53927,05328,70133,77936,42537,16540,440

40,89140,85841,03641,30541,94242,11042,36542, 54042,65842,80842,96843, 77143,90544,073

19,16122,15826,48027,645

35,80036,576

40,35140,34240,52640,80741,44541,60141,83941,98342,11742,25342,37643,18643, 31743,480

•18,816•21,782•26,00626,91031,29733,73433,46335,715

35,86235,88636,02636,12336,82636,95737,09737,12737,23637,28537,22337,95738, 00938,045

75375375375379797979

7979797979797979797979797979

13,46013,41715,67914,01917,16819,93621,84625,218

25,21825,21825, 21825,21826,881

26,89726,90826,90826,90826, 55527, 22627,23627,235

62316800

1,2381,868

2,0152,0512,0922,1402,2092,4732,6102,7072,818

2,9052,9663,0083,044

1,2614,5486,65310,02311,38110,6179,1477,243

7,2437,2327,2327,2326,2036,2036,2036,1256,1256,1256,3836,3846,3846,384

616954

1,4042,0532,3542,3031,1541,308

1,3071,3061,4051,4541,4551,3071,3081,3091,3061,3041,3021,3021,3031,303

10592118156

1,071

839

795791791789787785784782780797773771771

19579

1,6012,511

2,7222,7462,7962,9813,0213,0493,1523,2693,2823,3633,5283,5363,6223,751

240284356580601560644820

915912911809807805803816824829920915913

6654231169119141142

1331121099899114132165150166205198205212

266315518825620506447411

406404401400398395394392391

386383381

1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.2 Includes Liberty bonds.3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series

and of certificates to the adjusted service fund.4 Includes special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.s Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.«Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000,1933—$2,108,000,000; 1934—$1,517,000,000.

MATURITIES OF PUJ

[

Date maturingor callable

1940—nct l-Dec 311941 Jan 1-Mar 31

Anr 1-June 30July 1-Sept. 30Oct. 1-Dec. 31

19421943 _19441945194619471948 -194919501951195219531954195519561958 - - -1959I960196119631965

Total

BLICLY-OFFERED DIRECT OBLIGATIONSSEPTEMBER 30, 1940

In millions of dollars]

Maturing

Total

2 040677504834204

1,0011,8741,2142,8331,8512,7951,9841,6431,3911,2232 4362,9042,663

7551,170

9822,611

50919

1,485

38,045

Bills

1 303

1,303

Notes

737677504

2041,0011,3301,214

718

6,384

Bonds

U 8Sav-ings

173317413498824

»819

3,044

Other

834

545

1,9411,5342,3831,487

819571

1,2232,4362,9042,663

7551,170

9822,611

50919

1,485

27,314

Bondscall-

able i

545

834

1,8552,5551,7552,3591,4732,2462,2781,1863,500

6812,611

'982919

1,48550

27,314

i Excludes U. S. savings bonds. Other bonds in the amount of $2,606,-000,000 not callable prior to maturity are shown as of date of maturity.

> Includes unclassified U. S. savings bonds.

FULLY GUARANTEES OBLIGATIONS, BY AGENCIES1


End ofmonth

1934—June..Dec...

1935—June-Dec. „

1936—June-Dec.-.

1937—June-Dec...

1938—June-Dec.—

1939—June..Ju ly . .Aug.. .Sept..Oct...Nov. _Dec...

1940—Jan...Feb.__Mar. .Apr...May..June-July..Aug...Sept. _

Total

6813,0634,1234,4944,7184,6624,6654,6454,8534,992

5,4505,4805,5835,4555,4485,7075,7035,6995,6735,6635,6565,5355,5285,5265,8115,809

FederalFarm

MortgageCorpora-

tion

312980

1,2261,3871,4221,4221,4221,4101,4101,388

1,3791,3791,3791,2791,2791,2691,2691,2691,2691,2691,2691,2691,2691,2691,2691,269

HomeOwners'

LoanCorpora-

tions

1341,8342,6472,8553,0442,9882,9872,9372,9372,888

2,9282,9582,8582,8302,8232,8172,8132,8092,7832,7702,7632,6412,6342,6312,6262,623

Recon-structionFinanceCorpora-

tion

235249250252252252255297299509

820820820820820

1,0961,0961,0961,0961,0961,0961,0961,0961,0961,0961,097

Com-modityCredit

Corpora-tion

206206

206206409409409407407407407407407407407407696696

i Principal amount of obligations guaranteed as to interest am

U.S.Hous-

ingAuthor-

ity

114114114114114114114114114114114114114114114114

I princi-pal. Excludes obligations held by U. S. Treasury and reflected in thepublic debt. The total includes guaranteed debentures of the FederalHousing Administrator, amounting to $9,100,000 on September 30, 1940.

* Excludes obligations guaranteed as to interest only. For August 1939and subsequent months includes matured bonds not presented for retire-ment amounting to $22,000,000 on September 30, 1940.

NOVEMBER 1940 1207


SUMMARY OF TREASURY OPERATIONS

[On basis of daily statements of United States Treasury. In millions of dollars]

Period

Fiscal yearending:

June 1938—June 1939...June 1940—

3 monthsending:

Sept. 1938..Sept.1939..Sept. 1940. .

1939—Aug..Sept..Oct...Nov..Dec...

1940—Jan...Feb...Mar.Apr—May.JuneJuly.."Aug..Sept-

Ge

Receipts

In-cometaxes

2,6402,1892,125

579409519

38329

3834

3194563

6654840

4645038

432

Mis-

cella-neousinter-nal

reve-nue

2,2792,2322,345

636715796

217311198191171167154192175179201237346213

Socialsecur-

itytaxes

755740838

166182208

1192736

1302945

1783039

1373239

13929

Allother

567507617

128140121

4652505250574946424388414337

re-ceipts

6,2425,6685,925

1,5091,4471,645

420719322407569315444934304400784367566711

Netre-

ceipts !

5,8555,1655,386

1,4001,3131,489

372676279364521315444799304400648331447711

neral and special accounts

Inter-eston

debt

926941

1,041

176185188

181516812

1903819

1466910

3052020

148

Expenditures (

Na-tional

de-fense

1,0281,1631,559

283331596

114108115118125132129143159154153177200219

Agri-cul-turalAd-just-mentPro-gram

362787

1,020

116169205

456897

117102119128105786243547675

excl. debt retirements)

Un-em-

ploy-ment

re-lief

1,9142,5951,919

654497432

172139145147162157145173173169151151142139

Trans-fers totrustac-

countsetc.i

220182208

118149149

187

101010• 510

204

1142510

Allother

2,7893,0403,251

741948713

406268285243243272238255284248235302243168

Total*

7,2398,7078,998

2,0872,2792,283

774741721648832712668822783647887818706759

Excessof ex-pendi-tures

- 1 , 3 8 4- 3 , 5 4 2- 3 , 612

- 6 8 7- 9 6 7- 7 9 4

- 4 0 2- 6 5

- 4 4 2- 2 8 4- 3 1 1- 3 9 8- 2 2 4

—22- 4 7 9- 2 4 7—238- 4 8 7- 2 5 9

- 4 8

Trustac-

countsetc.,*excessof re-ceipts(+) or

ex-pendi-tures

+306+890+137

+222-112+213

-44+46

- 1+267

- 1 6+37+36+11+58- 8 3—61+51

+320-158

Increase or de-crease during

period

Gen-eralfundbal-

ance 2

-338+622-947

+763- 6 6 1+524

-216- 5 3

-264+252+311- 1 9 4+67

+164-303-181—139+367+196

- 3 9

Grossdebt *

+740»+3,275-+2, 52$

+ 1 , 228-+418-

+1,105-

+230- 3 4

+178-+269+637"+167+25fr+175.+118+150+160+80$+135+16$

Period

Fiscal year end-ino"ing.

June 1938—June 1939—June 1940—

3 months end-ing:

Sept. 1938..Sept. 1939..Sept. 1940. .

1939—AugSeptOct. _.NovDec

1940—Jan.FebMarAprMayJuneJulyAugSept

Old-age insurancetrust fund and railroad

retirement account

Netre-

ceipts

550639704

152181212

66505353581010

135204

18056

14511

In-vest-

ments

461516573

109139144

5143434343

135• 5

175• 5

1148

Bene-fit

pay-ments

85120129

283140

1010101010101011121212131314

Details of trust accounts, etc.

Unemploymenttrust fund

Re-ceipts

763838959

202225268

1541354

1442979

1553053

1454659

14367

In-vest-

ments

560395443

789680

129• 1 9

7142

• 328

103•181881

1385

•18

Otherex-

pendi-tures

191442514

129122191

4140242932584547455854575381

Net expenditures in checkingaccounts of Government agencies

Recon-structionFinanceCorpora-

tion

• 9•658•234

•2266713

292215

•297• 5

• 2 0• 52

•3•61725

(4)• 1 3

Com-modityCredit

Corpora-tion

•18413610

68• 7 5

•135

• 8 65

192711• 6• 3• 4*4

(4)4510

•144• 1

UnitedStatesHous-ing Au-thority

1• 6 0

17

43434

91316

• 1 21614

• 1 117

•34•17

• 525• 6

15

Allother

• 1 2•186166

• 4 1131• 7 3

87•87• 1 1

• 7• 6

• 2 57

• 2 99

107• 1 1• 5 7• 3 2

16

All other

Re-ceipts

414440415

153159161

2025282021242029322062

1201824

Ex-pendi-tures

327324323

137131134

1515131425172

22101772

1031517

Details of general fundbalance (end of pe

Total

2,2162,8381,891

2,9782,1782,415

2,2312,1781,9132,1662,4762,2822,3502,5142,2102,0301,8912,2582,4542,415

In-cre-

menton

gold

142142143

142142143

142142143143143143143143143143143143143143

Seign-iorage

446536585

460554592

549554558561565568573577581584585588590592

riod)

ing "bal-ance

1,6282,1601,16$

2,376»1,4811,680

1,539-1,4811,21$1,4621,768-1,5711,6341,794:1,48$1,30$1,16$1,5271,7201,680

1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendmentsto the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlierperiods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expendi-tures, and from transfers to trust accounts.

2 Details given in lower section table.3 For details, see preceding page.< Less than $500,000.• Excess of credits.NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052.



GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 31, 1940[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

Assets

Xoans and preferred stock:Loans to financial institutionsPreferred stock, etc.. . _Loans to railroadsHome and housing mortgage

loansFarm mortgage loansOther agricultural loansAll other loans . . .

Total loans and preferredstock

<3ashU. S. Govt. direct obligationsObligations of Government credit

agencies:Fully guaranteed by U. S.Other *

Accounts and other receivablesBusiness propertyProperty neld for sale . . .Other assets

Total assets other than inter-agency •

Liabilities

Bonds, notes, and debentures:Guaranteed by United StatesOther* . . .

Other liabilities (including reserves).

Total liabilities other thaninteragency •

Excess of assets over liabilities, ex-cluding interagency transactions..

Privately owned interests

U. S. Government interests

Recon-structionFinanceCorpo-rationand

PublicWorksAdmin-istration

202459523

12 449

1,6338949

821

422

1,845

1,096

339

1,436

409

409

Home mortgage andhousing agencies

HomeOwners'Loan

Corpo-ration

194

1,996

2,190122

2

73

4001

2,725

2,626

76

2,702

23

23

Othermort-gageagen-cies

16827

229

0)

4243042

14

60)

0)1

518

13433

167

35154

297

UnitedStatesHous-

ingAu-

thority

111

11132

5

1128

0)

277

114

5

119

158

158

Farm credit agenciev

Farmmort-gageagen-cies

2,534

2,5349783

(5) 10216

6967

3,051

1,2705 978

107

2,355

696211

485

OtherFarmCreditAdm.banks

and cor-porations

75

312

387111116

11184

(0(0

653

2188

227

4264

422

Com-modityCreditCorpo-ration

304

3044

1328

486

933

696

136

832

101

101

5

Other

1943 375

56916

0)

5

591

193

193

398

398

Ten-nes-see

Val-leyAu-thor-ity

9

7330

345

86

14

331

331

In-sur-anceagencies

63

6342

414

105

641

3325

747

93

256

268

479139

340

Other

130

4*372

408164

6092

2146

726

76

88

638

638

Total

Aug.31,

1940

433756553

2,3362,534

8151,197

8,623566715

13136

519569

1,061191

2,410

5,8111,3541,234

8,400

4,010407

3,603

July31,

1940

430772552

2,3422,540

6931,185

8, 513462740

13135

394567

1,067184

12,092

5,5261, 351

964

7,842

4,250406

3,844

Aug.31,

1939

428844492

2,3372,6371,1281,033

8,900418735

14145

45053170495

12,017

5,4891,3451,052

7,886

4,131391

3,739

i Less than $500,000. 2 Includes $95,000,000 loans of Public Works Administration.3 Includes $307,000,000 loans of Farm Security Administration.4 Includes $230,000,000 loans of Rural Electrification Administration.6 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation.6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction

Finance Corporation.NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS[Amounts outstanding. In thousands of dollars]

Sept. 30,1939

Mar. 31,1940

Apr. 30,1940

May 31,1940

June, 31940

July 31,1940

Aug. 31, Sept. 30,1940

Loans to financial institutionsLoans on preferred stock of banks and insurance companies-Preferred stock, capital notes, and debenturesLoans to railroads (including receivers)Loans for self-liquidating projectsLoans to industrial and commercial businesses^.Loans to drainage, levee, and irrigation districtsOther loansSecurities purchased from Public Works Administration

Total loans and investments, other than interagency—

Preferred stock of Export-Import bank..Loans to Rural Electrification AdministrationCapital stock of, and loans to R. F. C. Mortgage CoCapital stock of, and loans to Fed. Natl. Mtge. AssnLoans to Tennessee Valley Authority•Capital stock of National Defense CompaniesLoans to Farm Security Administration

177,01133,162

515,157438, 835

85, 264125, 75383, 50223, 847

124, 476

159, 35329,840

472,345467,887

66, 753130, 70483,9664,260

114,066

155,65129,749

474,475471, 747

58, 578130,46683, 7234,235

112, 743

154,16329,685

471,072466,09361,273

130, 56683,7404,631

111,323

150, 46856, 952

469, 674475,85648,105

130, 73283, 5964,677

111, 065

147,18456, 924

465,909506, 62338, 754

129,95583, 2994,788

107,066

145,17856, 769

458,845507, 62742, 262

129,42783, 2234,801

110,090

142, 39656, 627

459, 941470,03938,476

133, 52183, 3604,746

116, 216

1, 607, 006

45, 000146, 49854, 62946, 5008,300

1,529,174

74,000146,49859,19868, 6168,300

1, 521, 365

74,000146,49859,35570, 3858,300

1, 512, 546

74,000146,49859,48471,8468,300

1, 531,124

74,000146, 49859,05073, 8638,300

1, 540, 502

74,000146,49858, 62876,4708,3001,000

10, 000

1, 538, 222

74,000146,49860,21278, 9768,3002,000

10,000

1, 505, 321

74,000146, 49861,16081,0398,3008,000

10, 000

Total loans and investments.. 1, 907, 932 1,885, 786 1,879, 903 1,872, 673 1,892,835 1, 915, 397 1,918, 206 1,894, 318

i Include national defense loans amounting to $4,993,000 on September 30, 1940.

NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.

NOVEMBER 1940 1209


FARM CREDIT ADMINISTRATION

LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS


End of month

Farm mortgage loansb y -

Federalland banks

LandBank

Commis-sioner

Federal intermediatecredit bank loans toand discounts for—

Regionalagri-

culturalcredit cor-porations,productioncredit as-

sociations,and banksfor cooper-

atives *

Otherfinancinginstitu-tions,except

coopera-tives

Produc-tion credit

associa-tions

Regionalagricul-

tural cred-it corpo-rations

Emer-gency

crop anddrought

loans

Loans to cooperatives b y -

Federalinter-

mediatecreditbanks

Banks forcooper-atives,

includingCentralBank

Agricul-tural

Market-ing Actrevolv-

ing fund

1934—December1936—December...193ft—December...1937—December...1938—December...

1939—September...OctoberNovember...December...

1940—JanuaryFebruaryMarchApriL _.May.._JuneJulyAugustSeptember __.

1,915,7922,071,9252,064,1582,035,3071,982,224

, 922, 577,916,431,910,336,904,655,900,408,896,507., 890,432, 886,272., 882, 516

616,825794,726836, 779812, 749752,851

703,840699, 274695,101690,880687,191

1,874,6081,871,4871,866,697

677,717673, 696670,723668,850665,073662, 592659,017

99,675104,706129,872165,194168,392

179,674169,731165,368165,236161,753165,106176,007185,373190,961196,408199, 238202,503197,451

55,67247,16241,01740,46433,545

37,64533,99633,41733,35433,62034,73836,32637,92138,37740,03342,16142,41640,901

60,85294,096105,212

148,037

174,032162,703156,526154,496153,949160,003173,840186,276194,662200,415203,693202, 796194, 558

87,10243,40025,28815, 59211,081

9,1278,3518,0428,0057,9047,9267,8887,9047,8457,7687,6147,4167,010

111, 238172,863165,369172,701171,489

175,667171,819169,460168,330167,957170,020176,045179,801180,938181,218180,824179, 984177,906

2, 7311,6411,813920

7781,4931,6961,8351,7562,0021,7541,6031,315

8971,217

763352

27,85150,01369,64787,63387,496

65,16070,42273,12076,25273,23871,77269,31167,45463,56462,17765, 11167,47373,132

54,86344,43353,75430,98223,723

21,66321,58220,58920,54720,42720,03&19,76318,53718,13718,20015,31114,78715,739

i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most ofthe loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column aretfcus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original creditis extended.

FEDERAL HOME LOAN BANK BOARDLOANS OUTSTANDING, BY INSTITUTIONS

[Loans in thousands of dollars]

End of month

Home mortgage loans by—

HomeOwners'

Loan Cor-poration

Federal savings andloan associations

Numberof asso-ciations

Loansi

Federalhomeloanbank

loans tomemberinstitu-tions »

POSTAL SAVINGS SYSTEM[In millions of dollars]

End of monthDepos-

itorsbal-

ances*

Assets

Total

Total

U. S. Governmentsecurities

Di-rectobli-ga-

tions

Guar-an-

teedobli-ga-

tions

Cashre-

fundsetc.*

1934—December _1935—December.1936—December _1937—December.1938—December.

1939-MayJuneJulyAugustSeptember-OctoberNovember.December.

1940—JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.

2,379,4912,897,1622,765,0982,397,6472,168,920

2,091,3242,080, 5122,067,8442,059,7922,054,8652,049,4212,043,2882,038,1862,031,3412,026,6142,021,9512,020, 5722,017,3952,012,7602,004,7371,996,4431,987,611

6391,0231,2121,3281,368

1,3831,3861,3851,3921,3941,3941,4011,4101,4031,4071,4131,4201,4211,4301,4311,4311,434

81, 300348,000586,700853, 500

1,034,162

1,117,2281,136, 2891,157,5361,186, 7841,206,8871, 231,6851,252,5591,271,1611,280,2001,296,4641,317,9751,348,0721,376,7001,405,1001,432,1001,461,8671,487, 974

86, 651102, 791145,394200,092198,840

157,911168,962161, 537159,470163,687168,654168,822181,313156,788144,515137,642133,811137,509157,397162,222168,402176,047

i Federal Home Loan Bank Board estimates for all Federal savingsand loan associations.

* Excludes loans to other than member institutions which are negli-gible in amount.

1935—June...1936—June—1937—June.. .1938—June..1939—June...

1939—SeptemberOctoberNovemberDecember

1940—JanuaryFebruaryMarch.AprilMayJuneJulyAugust. .September

1,2051,2321,2681,2521,262

1,2671,2701,2741,2791,2901,2971,3011,3031,2991,293

Pl,297

1,2361,2651,307J,290

,̂304

:,307,312,317,319

1,3311,3401,3431,3451,3421,337

385203136115

777967

1,1001,1031,157

1,1821,1821,1821,1921,1971,1941,2001,2141,2241,224

630800

1,011

1,0361,0361,0361,0461,0511,0481,0541,0681,0781,078

147167167167146

146146146146146146146146146146

, 297, 295

7495717378

70758074849797877469

v Preliminary.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

miscellaneous working funds with the Treasurer of the United States,accrued interest on bond investments, and accounts due from late post-masters.

Back figures.—See BULLETIN for August 1935, p. 502.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year andmonth

191919201921192219231924192519261927192819291930193119321933193419351936193719381939

1937

AugustSeptemberOctoberNovember. __ _-December

1938

JanuaryFebruaryMarch.AprilMay . .JuneJuly . . _ . .AugustSeptember .OctoberNovember __ _December

1939

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1940

JanuaryFebruaryMarch _ __AprilMayJune -JulyAugustSeptember

Incomepay-

ments(value)1

1929=100

Ad-justed

100.090.877 360.157.165.871.782.787.480.785.4

89.087.386.684.983.7

82.381.581.280.179.178.778.779.880.481.782.183.1

83.483.784.683.183.884.183.685.286.188.088.590.0

90.389.788.488.288.688.789.390.5

P91.5

Industrial production(physical volume) 2 *

1935-39=100

Total

Ad-justed

1201151079587

86848482808186909295

100101

102loj1019797

102104104113121124126

122116112111115121121121

P125

Unad-justed

72755873888291969599

110917558697587

10311388

108

1201151109786

82828482818185909599

102100

9899

1009899

1021Q2103116126126124

117113112111116121118120

P129

Manu-factures

Dur-able

Ad-justed

84935381

10495

108114107117133996841546684

10812278

108

1391281149480

757372696765717781889697

989796939097

101105114129133140

135124118113119131132135

P145

Non-dur-able

Ad-justed

6260576772697679838593847970798190

10010695

108

107104999287

8890908888909599

100100103104

104104104103104106106108111115117

117

113110106107110114112112

Min-erals

Ad-justed

7183667198899299

10099

10793806676808699

11297

106

115115112109107

103989795909294979898

102102

1031021039296

10510791

114119120114

118114117119118118120114

Constructioncontracts

awarded (value) 3

1923-25=100

Total

Ad-justed

636356798494

12212912913511792632825323755596472

6256525661

525146525154596678829696

867369676363677373768386

7563626464748590

Resi-den-tial

Ad-justed

443044688195

1241211171268750371311122137414560

4037363230

263233373742495356575657

555855585558626768686160

5356576264697782

Allother

Ad-justed

799065888694

120135139142142125844037485070748081

8171657687

736656656264687796

102128128

111858074686771787682

101107

9368666665779198

P96

Employment *

Non-agri-cul-

tural1935-39=100

Unad-justed

107.8101.192.483.083.690.794.2

100.3105.398.6

101.6

107.3107.8107.1104.6102.8

98.398.098.098.397.497.297.298.399.9

100.199.9

100.8

98.098.499.299 3

100.1101.4101.4102.3104.0105.1104 6105.2

101.9101.7102.4102.4103 4104.2104.4105.7

P107. 5

Factory1923-25=100

Ad-justed

111.7110.3107.8103.797.9

93.091.990.488.286.485.286.087.989.490 292.894.4

94.694.394.093 893.394.395.395.997.5

101.2103 4104.5

103.9102.1100.499.299 2

100.2101.4103.6

»104.8

Unad-justed

106.7107.182.090.7

103.896.499.8

101.799.599.7

106.092.478.166.373.485.791.399.0

108.689.796.8

112.3112.3110.3104.197.4

90.691.190.688.586.184.384.788.892.092.493.394.0

92.293.694.394 193.093.493.596.3

100.2103.6103 8104.1

101.4101 4100.899.699 099.499.5

103.6P107. 2

Fac-torypay-rolls *1923-25=100

Unad-justed

98.0117.275.681.2

102.996.0

101.1104.2102.4103.5110.489.467 846.750.164.574.185.8

102.577.990.8

108.7104.9104.993.384.6

75.377.577.674.973.271.171.177 381.684 284.487.1

83 786.087.685 585 086.584.489 793.8

101 6101 6103.7

98.397 898.296 396 397.996 5

103.8P109.4

Freight-car

load-ings *1923-25=100

Ad-justed

84917885

10098

10310710410410792745558626475786270

7978767167

656260575858616264686969

696766606267697077808278

787369707275757677

Depart-mentstoresales

(value)*1923-25=100

Ad-justed

789487889899

103106107108111102926967757988928590

9394939189

908886837882838386848989

888788888586868991909596

928989898791919999

Whole-salecom-

modityprices*

1926=100

Unad-justed

138.6154.497.696.7

100.698.1

103 5100.095 496.795.386.473 064 865.974.980 080.886 378 677.1

87.587.485.483.381.7

80 979.879.778.778.178 378.878 178.377 677.577.0

76 976.976.776 276.275.675.475 079.179 479 279.2

79.478 778.478.678 477.577.777.478.0

Costof

liv-ing*

1935-39=100

Unad-justed

124.5143.2127.7119.7121.9122.2125.4126.4124.0122.6122.5119.4108 797.692.495.798.199.1

102.7100.899.4

104.3

103.0

100.9

100 9

100.7

100.2

99.1

98.6

100.6

99.6

99.8

"loo. 's

100.4

p Preliminary. * Average per working day.1 Department of Commerce series on value of payments to individuals.* For indexes by groups or industries, see pp. 1212-1215; for description, see pp. 753-771 of BULLETIN for August 1940.3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see page 1220.* The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the

Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Gov-ernors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 1216-1219 for employmentand payrolls and p. 1222 for prices.

Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866,and October 1939, pp. 879-887; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918.

NOVEMBER 1940 1211


INDUSTRIAL PRODUCTION, BY INDUSTRIES(Adjusted for Seasonal Variation)

[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry

Industrial Production—Total

Manufactures—TotalDurable..Nondurable

Iron and SteelPig ironSteel ingots

Machinery

Transportation EquipmentAircraft..Automobiles *Railroad carsLocomotivesShipbuilding . .

Nonferrous Metals and ProductsNonferrous metal smelting *

Copper smeltingCopper deliveries.Lead shipmentsZinc shipments . . .Tin deliveries

Lumber and Products _Lumber __Furniture

Stone, Clay and Glass Products .CementCommon and face brick. .

Common brickFace brick

Glass containersPolished plate glass

Textiles and Products . >Textile fabrics

Cotton consumptionRayon deliveries .Silk deliveriesWool textiles.

Carpet wool consumption_Apparel wool consumptionWoolen yarnWorsted yarnWoolen and worsted cloth.

Leather and Products .Leather tanning

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Shoes

Manufactured Food ProductsWheat flourCane sugar meltingsManufactured dairy products

Ice creamButterCheeseCanned and dried milk

Meat packing.Pork and lardBeefVeal..Lamb and mutton .

Other manufactured foods

Alcoholic BeveragesMalt liquor .WhiskeyOther distilled spiritsRectified spirits

Tobacco ProductsCigars _Cigarettes..Manufactured tobacco and snuff..

1939

Aug.

104

107105108

111114111

104

92177

8474

102133

112105

10510798

105104107

11311212913112610895

11110911412982

10612110898

105103

10399

1059288

107

11110698

105104105105107113130978892

112

969859

117116

110105113109

Sept.

113

113114111

128129128

108

99181

9283

100136

128117

11712898

108107109

116114126125132110110

11411311712786

113121120105124107

103103108105

90104

11111810411012098

102110118135103

93101110

969851

120116

107103110103

Oct.

121

121129115

161154161

115

105194

9610597

138

144124

130146101

113112114

123120119117126121124

11911811913091

125124131113150118

105104104108103105

10910110710811497

103111113127989699

110

106112

57120118

111103117102

Nov.

124

124133117

161163161

123

102216

9112298

142

153130

144154118

121121121

120121125121138112112

12812412414689

132132125115151135

108103105101

98112

1109792

110114103102118116131101

98107111

98102

5787

123

110100118103

Dec.

126

128140

117

167169167

125

12823912113695

144

159135

136144159

121122118

128131142141143115124

1251 2 0

15278

115115104105112127

1051011079092

108

11210296

11512010510312312614910487

109111

95104

578892

109104115100

1940

Jan.

122

122135113

147161146

127

137256129156102149

154135144162119131180

115115117

123125119111136116122

11811312015169

1061111079998

111

1011021049799

101

11110095

10910211010212812414410488

108111

9810358

112108

10310710693

Feb.

116

116124110

118136117

123

137251129158101150

142129131145102126168

114114113

11310696

10381

118112

r10810511544

16493

10892899389

9896

100869299

113100

951141151091041261291541068699

112

969659

114126

10810310997

Mar.

112

112118106

106118105

123

131263120149101156

132130137125100122148

111110112

120117106106105124105

10097

10813964778780787571

939294849294

11210086

1121101071151231281561028797

112

980965

132108

10310010795

Apr.

I l l

110113107

9911797

123

115267103125103156

124127131111104115132

110109111

11511510810710711696

10097

10713861799768787676

858686809185

11110089

112113108116118117131106

8698

112

103102

78132123

11110211999

May

115

114119110

118127118

124

116281101121102164

126127130113110115137

112110115

11311510911110511291

10410010914258879582869083

878887918986

112105

97110

102117112117135101

8993

112

1009984

113114

110104117100

June

121

122131114

154148154

128

120315106111102170

129125131115119122141

111110113

11311812011211180

1071 0 31 1 414456897988929389

9690908891

100

11598

112111

105110117126152101

0199

115

1139984

131201

11598

12799

July

121

121132112

156157156

133

109339

871 2 0113189

136133140119127133146

107103

114

115110

117100

1131 0 91 2 113857

10069

113102112105

'948588758499

110100101112

1051141211161321010708

110

10810372

148154

10310110699

Aug.

121

122135112

158162157

138

104385

76126123213

144128135134128138

114113115

119115

114114

11411112413061

10695

108104118104

060208828409

1140900

113

104114132110141000106

116

010144

20887

10610511006

Sept.

P125

P127

P112

164166164

P145

P135*

109P148P142P227

152126127154126141

P121121

P121

P128125

123118

P114120

P12365

P125

P141P121

P123

P 9 5

P108100

105115130121147059395

1039371

231126

108102113100

' Revised. P Preliminary.1 Revised seasonal adjustment factor, September, 1940: 82. Factors for subsequent months will be revised later.2 Includes also lead and zinc production shown under "Minerals."* Comparable data not available. Revised figures January, 1938 to date will be published in the BULLETIN as soon as possible.



Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued

[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry1939

Aug. Sept. Oct. Nov. Dec.

1940

Jan. Feb. Mar. Apr. May June July Aug. Sept.

Paper and ProductsPaper and pulp

PulpGroundwood pulpSoda pulpSulphate pulpSulphite pulp

Paper _PaperboardFine paper.Newsprint productionPrinting paperTissue and absorbent paperWrapping paper

Paperboard containers

Printing and Publishing iNewsprint consumption..

Petroleum and Coal Products..Petroleum refining

GasolineFuel oil.Lubricating oilKerosene

CokeByproduct cokeBeehive coke

Chemicals..

Rubber ProductsRubber consumption-Tires and tubes

Pneumatic tires—Inner tubes

Minerals—Total..

Fuels _ ._.Bituminous coal...Anthracite—Crude petroleum..

Metals. _Iron ore shipments..

1121101091049713399110114102104111116107118

105

11011111010811411410410640

100

112112118119108

91

8910811579

105108

121119121110112141113119120120106118123117129

111104

11211211211010911611611769

106

122121125126116

114

113114120112

121119

131128136118129156131127129123103133131123142

118103

120118117116132117133131192

111

128129121122118

119

117123112116

128

Zinc-Gold...Silver..

10810010684

107104125111

11111613098

134132137108131157133131134129101132138127144

117101

120117118112125107140137244

111

126127114115112

120

11811997120

131155

109127113109

135134147116145176138132140122105132140128138

119107

119116116111129109139137217

112

123125109111

114

113106

118

124122

112130119116

123123138114129160134121127111106119119121120

10998

11711411211912697137137145

113

119120110112101

118

117119111116

127132147114130121101

114114133110117153130111112100112116119108112

108100

11611511211912412012312489

111

119120114116104

114

11210378118

130143140116133119120

11011013511011615113610610995112109105105111

106103

118117115121124123118119

109

116116117118108

117

11410984120

134153141117127124113

11611714011811816413611311499113115119114115

108101

11511411211712012011912084

111

115115115115109

119

11612083118

135151144118127124127

127128149118135175145125131110113125123127125

115106

114113111113118126123123101

114

117116121122112

118

11512282116

135153143124123124125

132132159118148186157128128118115135137126128

120106

115112110113122116132131142

116

115114126128113

118

116116113116

134155143117120122114

129130153116142178161126130121111'126131125128

102

112108106111113116139137206

117

10610610510695

120

117121129114

139160150120128125122

123122150118120179148118121114113116122117

110104

11310910911698111139136248

115

109110104104102

114

112122112108

12516414411712393

118

"III

104

142139252

P113

119120109110107

P115

P114

P113

P120156132108133

v Preliminary.*• Revised.i Includes also printing paper production shown under "Paper."NOTE.—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882.

NOVEMBER 1940 1213


INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Without Seasonal Adjustment)flndex numbers of the Board of Governors. 1935-39 average = 100]

Industry

Industrial Production—Total

Manufacture*—TotalDurable . . .Nondurable •

Iron and SteelPig iron .Steel ingots - -

Machinery . ._„

Transportation EquipmentAircraftAutomobiles ._Railroad carsT .IOC-TITI o t i VQ!?

Shipbuilding

Nonferrous Metals and ProductsNonferrous metal smelting1

Copper smeltingCopper deliveriesLead shipments. — _.Zinc shipments. .Tin deliveries .

Lumber and ProductsLumber. ^ „Furniture

Stone, Clay and Glass ProductsCement _ . _CJomirinTi ftnd f&Ofl brick

Common brickFace brick

Glass containers . . .Polished plate glass

Textiles and Products ._ -Textile fabrics

Cotton consumptionRayon deliveriesSilk deliveriesWool textiles

Carpet wool consumption-Apparel wool consumptionWoolen yarn __Worsted yarnWoolen and worsted cloth.

Leather and ProductsLeather tanning ._

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Shoes

Manufactured Food ProductsWheat flourCane sugar meltingsManufactured dairy products

Ice cream _ButterCheeseCanned and dried milk _ __

Meat packingPork and lardBeef.VealLamb and mutton

Other manufactured foods

Alcoholic Beverages _ , .Malt liquorWhiskeyOther distilled spirits . ._Rectified spirits

Tobacco Products.—CigarsCigarettes —Manufactured tobacco and snuff..

1939

Aug.

103

10599

110

108113107

102

471772975

103126

10899

1009996

114116110

12713715015314411778

10910610513875

109128112102107105

11196

1009687

121

1271071031401681161191119798988892

132

96114325691

115109119110

Sept.

116

116111119

125126126

106

74175627598

132

129119

11912697

117119115

130136157162145112110

11611511714688

110124120104119101

11110210710391

116

13513612411312997

105101110108115102113142

989941

164123

117118118111

Oct.

126

125131120

159154159

117

103194949992

140

147127

136148102

121119125

137139145148138124142

12312112114599

122122126111150114

106104105103102107

1171101048582859789

113120107106105123

1099254

318153

115125115104

Nov.

126

126136118

161163161

123

11821811111295

138

157135

154162112

120116125

126126137133148114127

131128128152101130129126113151134

99104109969597

109100767568817882

131157106100104112

1038371

182194

112119113102

Dec.

124

126139115

159160159

127

152239150132102146

156136

142149148

111105123

115105119115129107149

12612112515084

118107107105123134

95102109919491

10798777362837285

14819310482

103107

868166

110123

9480

10288

1940

Jan.

117

117128109

144153143

123

136251130133102144

151135143153121137169

9893

109

9069706096

104129

••121•116'12514872

107105105100101118

99102105959997

100101797151887397

14618710485

11397

8082777379

9886

10790

Feb.

113

114121108

121134120

123

138251130151103145

140129130139101128163

10196

113

8360504953

109106

115r i l l12314165

102118999797

102

1061041119196

107

99999383689482

10712416495769998

84827769

109

9890

10396

Mar.

112

112121105

113124112

126

14226313415899

162

135132137129100125151

107104113

10188716684

117111

101100

'11513266779880767271

9991957991

104

100979595859594

12011614093829498

94958186

103

97929997

Apr.

I l l

112119105

106123104

126

13926713014198

162

129133139116106116141

109109108

11411510310210711696

9795

11012760739163737268

888686799489

1019498

11210810711313311112499859598

1051118679

110

10597

11198

May

116

116125109

123133122

126

130286118137102172

128127132116109115146

114117108

12914013113312611991

'10097

109127

55859182869080

858685868785

1089595

148

1321541611171351019395

102

1071178468

100

112102119101

June

121

122134112

151149151

129

129321114124106176

129124131116113117148

116119110

'129143145152129117

79

101••98

1 0 8131

51887788929388

888785909188

11692

116168

147169173123148999294

110

1201266777

161

124104140101

July

118

'118127110

147154147

129

94339

701 1 8116185

129122126118118123143

'110112

'106

127136

12166

'105'101'109134'519867

108102107102

918282838396

12099

116161

1281471481091191029693

'117

1121274070

130

112105119101

Aug.

120

120127114

153161152

135

60385

23129124202

139122127133122127

123'126119

"133141

12493

112108114140

57109101113108120107

10389938682

112

13110095

151

1141281361021061009295

136

8910624

10068

11010811697

Sept.

P129

P130P143P119

161163161

P 1 4 2

J»117*89

P135P139P220

153126130156127138

P132134

P127

P 1 4 3150

126118

ni9P 1 1 6

120P141

65P122P117P141*120P127P117

PlOO

P106

P 1 3 0115

P 1 0 6

104119120112117107102106

P137

1089456

317134

118117121108

' Revised.v Preliminary.i Includes also lead and zinc production shown under "Minerals."* Comparable data not available. Revised figures January, 1938 to date will be published in the BULLETIN as soon as possible.



Industrial Production, by Industries (Without Seasonal Adjustment)—Continued

Industry

Paper and Paper ProductsPaper and pulp

PulpGroundwood pulpSoda pulpSulphate pulpSulphite pulp

PaperPaperboardFine paperNewsprint productionPrinting paperTissue and absorbentpaperWrapping paper .

Paperboard containers

Printing and PublishinglNewsprint consumption

Petroleum and Coal Products .Petroleum refining

Gasoline _. .. _ >Fuel oilLubricating oilKerosene

Coke _.Byproduct coke . . _ ._Beehive coke

Chemicals

Rubber ProductsRubber consumptionTires and tubes.

Pneumatic tiresInner tubes

Minerals—Total

FuelsBituminous coal.Anthracite

MetalsIron ore shipmentsCopperLeadZincGoldSilver

Index numbers of the Board of Governors. 1935-39 average

1939

Aug.

1-1110910788971339910911596101107116106119

9888

11111211410611311010410632

97

112112118119108

93

871008581

132204

1069511487

Sept.

12512111996113141113121128114106117128118142

111105

11411411611110911411611757

108

124124125126116

121

114118115112

160239

111101141109

Oct.

136132137110129159134131137123103135137126154

122110

122121120117132117133131198

116

128129121122118

129

121137118115

177270

109116163100

Nov.

133131137110131157135130134125104131136127141

119106

121118119113125111141137269

113

129131114115112

123

12013599116

141165

116128130108

Dec.

128128143121140167134126125120106131135125126

120109

118115114113128111140137253

114

11811910911198

111

11411793116

93

118134119117

= 100]

1940

Jan.

120122139118129161134119122112106119116121114

10693

116112108122122102138137170

111

122123110112101

115

120132128114

89

144114133114100

Feb.

116118137114121158134115115106111119124112110

10999

115113109120122121125125120

111

117117114116104

112

11612186117

89

142116135109123

Mar.

114114138118119154139110113102112114106108113

111107

114113109119123125120120100

113

116116117118108

110

11410486121

87

144115134103118

Apr.

119120144132122164138116116108113119121115115

114108

11511411111512512311812076

114

114114115115109

111

11310189121

9514150119131109130

May

127128150131135175145124128114114127122124123

119110

11511311111312312612212376

113

117116121122112

118

11310390119

149213141122123118120

June

130131157120147184154127128116116132135123127

119107

116113112112122113131131116

110

115114126128

5 S

£

100104116

16128814011611898114

July

'124123146104133174144120123110108'118124122125

10388

113109109109111110135134

171

110

10610610510695

121

111107101114

179315133112120134113

Aug.

122121148100120179148117123107110112122116

10291

11411011211397107138136198

112

••109110104104102

117

10911283111

16430813511411710191

Sept.

125

111

105

141139209

P115

121123109110107

P122

P115P123P100P113

P164301136112129

' Revised.p Preliminary.i Includes also printing paper production shown under "Paper."NOTE.—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882.

NOVEMBER 1940 1215


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]

Industry and group1939

Aug. Sept. Oct. Nov. Dec,

1940

Jan. Feb. Mar. Apr. May June July Aug. Sept.

TotalDurable goodsNondurable goods.

Iron, Steel, ProductsBlast furnaces, steel works. _Bolts, nuts, washers, rivets .Cast-iron pipeCutlery, edge toolsForgings .__HardwarePlumbers' suppliesStamped, enameled wareSteam, hot-water heating. __StovesStructural, ornamentalTin cans, tinwareToolsWirework

Machinery..-Agricultural implementsCash registers, etcElectrical machineryEngines, turbines, etcFoundry, machine-shop products.Machine toolsRadios, phonographsTextile machineryTypewriters

Transportation EquipmentAircraftAutomobiles _Cars, electric-, steam-railroadLocomotives.Shipbuilding

Nonferrous Metals, Products..AluminumBrass, bronze, copperClocks, watchesJewelryLighting equipmentSilverware, plated ware..Smelting, refining

Lumber, ProductsFurnitureLumber, mill work.Lumber, sawmills. _

Stone, Clay, Glass Products..Brick, tile, terra cotta...CementGlassMarble, granite, slate.. .Pottery

Textiles, ProductsFabrics

Carpets, rugsCotton goodsCotton small waresDyeing, finishing textiles..Hats, fur-feltHosieryKnitted outerwearKnitted underwearKnitted clothSilk, rayon goodsWoolen, worsted goods

Wearing apparelClothing, men'sClothing, women'sCorsets, allied garments...Men's furnishingsMillineryShirts, collars

95.985.3105.9

92.59798739456787815779

85121

97.312112588978514612678119

88.31,414

883129125

96.21571098595777075

66.4866060

78.15767995087

104.695.27691841299015580791407285121.410717411714077121

97.588.9105.7

96.410110274975995801598086719787149

12312792

15512978122

99.51,5121023428128

99.21521158591887177

67.4876161

79.0596610048

103.493.7891861298714975781407083120. 410617211613680121

101.294.6107.6

105.91151137710266998116284907510391164

105.7125126971089117014581123

105.61,6051084225132

107.01661308792957083

69.4896363

81.961681064990

106.097.78394911338615176791487590120.410717111713880121

103.497.3109.2

110.812211879

10770

1068316686917610394171

110.61281271001169518316085125

101.31,767

1004826133

110.1172137

7285

72.2936466

85.064701094993

107.599.78596921329015175801557795120.410817111712774123

104.5100.0108.9

112.112412079109721068516687937610096176

112.91311291031249719115386125

112.1.9051125328139

111.317013889969574

72.49364

85.465711095094

105.896.8495911319214668791467489121.611217111712275123

103.999.7107.9

110.412211775107721048316086937510196172

113.41331271031339819714486123

113.12,050

1115730140

111.71731379295957487

72.0946565

85.866681114695

104.495.08594881279114562801427185121.311016711712079132

102.197.4106.6

107.011711378103711018116185917510096162

113.61371281021349820414485119

110.8,0621076130146

107.5170i289193887187

70.09163

80.61

10348

102.793.18393831249014568771346681120.010716911412083125

100.495.9104.8

102.7110112761016798811588591729993161

113.313612810213297

20914585115

111.12,075

1076028148

106.61681279195847087

68.1906261

80.059651054590

99.188.67889771238413965771336571118.810716711312083122

99.295.0103.3

100.8107108751026797821558589719893158

113.413312810213497

21515384114

109.72,124

1065427148

105.917012590968570

67.2906160

79.8596810445

87.87989761216513960741306570112.410015611111578122

99.295.2

'103. 0

101.2109105761016695821538488719792156

113.41361281011429622015582113

109.92,260

1055228154

106.0173124

8470

67.9906061

78.9586610347

96.387.77688761236813461721276773111.69815811311472121

100.296.2104.1

103.711510475

10266828315385917310092151

114.913613010315297

22814479112

109.92,445

1024929164

108.217712894

6887

67.4906160

79.858671034791

96.888.07089761197413365721316477112.410215811311171116

101.4'97.5'105.1

107.31201107610470848415687957510095139

116.613313010416598

'23714577116

'108.41,677

975131175

110.7185132951008171

67.5896260

'81.36066

'1054594

100.291.37191771258513669761386385116.110516610612071116

103.6101.4105.7

111.112311678104739987169919678

152

120.013912910717510124714576119

118.72,891

1085033186

115.719314098100927092

69.090

81.8

1074594

101.192.67293791288313872751476286116.110416411312573118

104.8104.0105.6

112.912311981107771028917993958196101165

122.414113211118110324513879123

125.3

0)1145536188118.61971461009310173

70.5906564

82.861701094494

101.793.37593801298313869741506290116.210316511212478

118

r Revised.i Comparable data not available. Revised figures from January 1938 to date will be published in the BULLETIN as soon as possible.NOTE.—Figures for September 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and

for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.



Factory Employment (Adjusted)—Continued[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]

Industry and group

Leather, Manufactures...Boots, shoesLeather. _

Food, ProductsBakingBeveragesButterCanning, preservingConfectioneryFlourIce creamSlaughtering, meat packingSugar, beetSugar refining, cane

Tobacco ManufacturesTobacco, snuff.Cigars, cigarettes.

Paper, PrintingBoxes, paperPaper, pulpBook, job printingNewspaper, periodical p r in t ing . . .

Chemicals, Petroleum, and CoalProductsPetroleum refiningOther than petroleum

ChemicalsCottonseed oil, cake, mealDruggists' preparationsExplosivesFertilizersPaints, varnishesRayon, allied productsSoap

Rubber ProductsRubber boots, shoesRubber tires, inner tubesRubber goods, other

1939

Aug.

97.49687

129.7146269

96160867975

10110596

65.26266

112.011510799

115

111.9122109.411981

11293

10312525487

83.65868

138

Sept.

96.89587

128.1146269

95147828276

10213190

64.46265

112.811610998

116

116.4122115.212292

11298

11112329787

86.15870

144

Oct.

97.49688

126.914627195

137828078

103107100

63.56264

115.012111499

116

119.9122119.413298

11310210912530987

91.26074

154

Nov.

99.19888

129.614527997

150867779

10610595

63.16063

115.7122115100115

121.3123120.813791

11410410612631086

93.06175

159

Dec.

96.99686

131.414528597

154867979

10811898

64.76065

116.4121115101116

121.9122121.813891

11610611112631187

92.46175

157

Jan.

97.39687

130.7144280

95149858079

10816294

64.26265

115.5121114102114

121.4122121.313892

11910410512731086

90.25974

152

Feb.

95.49485

130.814427896

155868079

10910293

62.76063

114.7118113100116

120.6122120.313887

11810899

1243U984

87.95773

145

Mar.

93.89383

130.3145275

96152838080

11010297

64.36065

114.8116113100117

120.0123119.413784

11710910212430481

86.75772

142

Apr.

91.99082

128.814427497

150827979

1079894

65.05966

114.3115112101116

121.1122120.913697

11911610912331281

83.95770

136

M a y

87.98681

129.114527398

147848176

1079995

63.25964

115.3116115100117

••122.0122

'121.9137r9412212011912131182

83.55669

138

June

89.68881

131.914627897

161838077

10910296

65.25966

115.7118116100116

'122. 4123

•'122.3138'8312012712012231582

84.25769

140

July

90.98981

129.014626896

137867975

1119997

62.85864

116.4119117101116

'121. 7122

••121.4138'7812013311412430883

84.75669

141

Aug.

89.18782

129.914627296

147887876

10810696

63.05664

116.4119117100117

122.2122122.214175

11713911312630685

86.95471

148

Sept.

89.68881

127.1145265

96130867975

10911095

63.75765

115.611711799

116

121.4121121.314161

11614510912730981

89.85572

156

• Revised.

TOTAL NONAGRICULTURAL EMPLOYMENT[Thousands of persons]

Year and month

1929—average1930—average1931—average __1932—average1933—average1934—average..1935—average1936—average..1937—average1938—average1939—average . __

1938— SeptOct.Nov .Dec.

1939—Jan.F e b . . .Mar.Apr.May. . .June _JulyAug. .SeptOct.Nov . . .Dec.

1940—Jan.FebMar.AprMayJuneJuly .Aug.Sept..

Totalnon-

agricul-tural

employ-men t 1

36,71034,43931, 51528, 28928 47430,89032,07334,17035,88233 60234,614

34,03534 10934,03534,349

33 40133, 51833 80933,82034,10934,54434, 57934,85635,44735,80035, 64735,833

34,71134 65134,86934,90835, 23035,48535, 55336,01736,627

Employees in nonagricultural establishments

Total

30,85128,60925, 79122, 70622, 92425,13526, 23428,12529, 76327,46828,471

27,89127, 96827,89828, 218

27, 27327,38827, 66727,67227,96128,40028,43628, 71029, 29529,65129,50429,697

28, 57928, 51828, 72528,77429,08229, 34129,41329, 87233,475

Manu-factur-

ing

10,2039,0877,7516,5717,0368,1128,6409,350

10, 2738,7319,301

8,8878,9228,9889,048

8,9019,0259,0859,0728,9839,0239,0339,2609,5839,8629,8819,902

9,6919,6919,6449,5489,5029,5349,5449,866

10,152

Mining

1,064982847706714844855896949834790

805831837830

821819819546653793787807823871881866

853854849835845838837839850

Con-struc-tion

1,8061,4221,236

821755840908

1,211, 1,148

1,0011,213 '

1,1401,1561,089

991

954946

1,0121,1461,2701,3341,3881,4151,3991,3661,2491,076

952903953

1,0891,2481,3171,3791,4321,462

Trans-porta-

tion andpublic

utilities

3,8783,6473,2212,7892,6472,7272.7622,9443,1022,8352,904

2,8762.9052,8562,836

2,7762,7872,8162,8382,8672,9242,9362,9462,9933,0332,9882,943

2,8872,8932,8952,9162,9562,9913,0183,0393,076

Trade

6,4046,0655,5304,9144,9415,4765,6695,9416,2336,0126,078

6,0116,0526,0886,450

5,8725,8435,9235,9796,0086,0635,9925,9886,1616,2286,2636,614

6,0015,9616,1366,0616,1226,1746,0786,0876,244

Finan-cial, serv-

ice, andmiscel-laneous

4,1474,0283,7823,4713,4223,6273,7713,9784,1444,0594,108

4,1264,0614,0214,015

3,9763,9844,0164,0794,1334,1674,1744,1694,2094,1584,1154,116

4,0664,0714,0894,1484,1944,2144,2134,2214,252

Gov-ern-ment

3,3493,3793,4253,4343,4083,5093,6283,8053,9153,9974,077

4,0464,0414,0194,048

3,9733,9843,9964,0124,0474,0964,1264,1254,1274,1334,1274,18C

4,1294,1454,1594,1774,2154,2734,3444,3884,439

NOTE.—Compiled by the Bureau of Labor Statistics. Figures for September 1940 are preliminary.i Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.

NOVEMBER 1940 1217


FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES(Without Seasonal Adjustment)

[index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]

Industry and group

TotalDurable goodsNondurable goods. __

Iron, Steel, ProductsBlast furnaces, steel worksBolts, nuts, washers, rivets _.Cast-iron pipeCutlery, edge tools.ForgingsHardware - . »Plumbers' supplies .Stamped, enameled ware _Steam, hot-water heatingStovesStructural, ornamental . ...Tin cans, tinwareTools . . _ _Wirework

MachineryAgricultural implementsCash registers, etc.Electrical machinery .Engines, turbines, etc.Foundry, machine-shop products-Machine toolsRadios, phonographs.. . . . .Textile machineryTypewriters . . .

Transportation EquipmentAircraftAutomobiles « .Cars, eleotric-, steam-railroad

Shipbuilding

Nonferrous Metals, ProductsAluminumBrass, bronze, copper..Clocks, watchesJewelry . __Lighting equipmentSilverware, plated wareSmelting, refining _

Lumber, ProductsFurniture ...Lumber, millwork

Stone, Clay, Glass Products _ .Brick, tile, terra cottaCement . . _. _- _GlassMarble, granite, slate.Pottery

Textiles, Products.—Fabrics _ .

Carpets, rugs .Cotton goodsCotton small wares _Dyeing, finishing textilesHats, fur-feltHosieryKnitted outerwear . .Knitted underwearKnitted clothSilk, rayon goodsWoolen, worsted goods

Wearing apparel _Clothing, men's _ .Clothing, women'sCorsets, allied garmentsMen's furnishingsMillineryShirts, collars

Factory employment

1939

Aug.

96.383.9

108.1

92.397977592567678

153789072

10784

116

96.8114125889784

14013678

118

75.21,414

703229

122

94.71541088394736975

68.7886263

80.86273995385

103.293.0768781

12294

1527877

1407286

122.111017411413178

120

Sept.

100.289.8

110.2

97.21011017597599480

157819274

10786

145

100.3116127929986

15615077

122

97.01,467

993328

129

100.315111586

100887177

70.0916263

81.76371

1015286

104*. 393.3788984

12590

1507978

1437382

124.811117911613389

123

1940

M a y

99.096.5

'101.4

101.910910676

103679682

1568591719692

161

113.914012910214997

22113782

113

115.02,328

1105628

158

105.31731269089847086

68.0876162

82.06171

1044991

96.087.0768976

12366

1346274

1276272

112.195

16311411575

121

June

99.497.0

101.7

103.711410477

101668283

153859374

10392

152

115.113713010315897

22914179

111

112.32,519

1055129

163

106.61771279191846887

68.3886262

82.96372

1054990

93.785.7708774

11671

1306373

1286076

107.899

14811211066

115

July

99.595.6

103.3

106.21191097899688384

152849276

10694

136

116.113113010416898

23514377

114

'97. 52,703

'825131

170

106.91811309093776389

68.2886362

'82.46472

'1034887

94.588.0718874

11683

1316672

1366183

104.910313710311055

111

Aug.

103.699.5

107.6

110.712211580

102739687

164909880

10896

146

119.213112910717510123815776

118

102.62,891

865133

181

113.81891389599886991

71.3916465

84.56475

1074991

99.890.4718977

12287

1367073

1486387

116.810816411011773

117

Sept.

107.2104.8109.5

113.612311882

10777

10189

17795

10184

106100160

123.013413211218210324616078

123

122.20)

1105336

189

119.9196146101102101

7393

73.3956766

85.56575

1094794

102.492.6769178

12586

1387374

1536489

120.410817111212187

121

Factory payrolls

1939

Aug.

89.781.599.0

88.093

1046880598071

156687864

11579

116

96.912411993

11478

16112375

117

78.31,381

752727

128

88.71631118577585971

62.9765057

71.65070

1034174

88.180.2647576

10384

1626468

117557298.386

13311212067

103

Sept.

93.887.8

100.5

92.895

111638563

11472

159718263

11782

161

100.912512498

11680

182139

73122

99.51,362

1032826

135

96.51671238884756671

63.5785057

71.75068

1053974

86.581.0687982

10874

1566267

121566892.180

11812012181

102

1940

M a y

96.397.594.9

97.1103110679273

10273

162758462

10190

170

122.316413411419495

290127

77114

116.62,213

1115027

180

103.62021349473726184

63.3754858

74.64969

1123984

77.973.96078689946

1345065

104496081.065

1121179654

101

June

97.9100.0'95.6

102.81141117092748673

163778365

11489

161

125.115813811821196

30313474

112

118.82,514

1124529

186

105.52041419276705686

63.6764958

73.45170

1113676

75.472.55575679358

1285164

107466576.67195

109954792

July

96.5'96.197.1

104.3116

'1127591788674

166788168

11392

141

125.714913611822496

308139

73117

'96.42,635

'814331

193

105.81941469176645187

60.7744954

'71.15268

'1053471

77.776.45478699578

1305463

117477475.67789

100983788

Aug.

103.8105.0102.5

113.5125139769486

10780

182858973

12296

163

131.015213612423910130315074

125

113.13,014

984733

212

117.022516110183776189

68.3825362

76.75473

1163780

87.480.9598073

10283

1446066

129517894.882

12910811465

102

Sept.

109.4113.1105.3

118.312813980

10191

11481

201929875

118104181

137.7156140132248105327162

76137

136.5

,34937

230

128.023917810990917192

70.9875563

78.95477

1203785

92.384.7668577

10777

1466468

1375182

101.782

14012211994

107

' Revised.1 Comparable data not available. Revised figures from January 1938 to date will be published in the BULLETIN as soon as possible.



Factory Employment and Payrolls—Continued[Index numbers of the Bureau of Labor Statistics:

Industry and group

Leather, ManufacturesBoots, shoesLeather

Food, Products.. __BakingBeverages _ __ _ _ _ _ButterCanning, preserving _Confectionery _ _ _FlourIce creamSlaughtering, meat packingSugar, beetSugar refining, cane

Tobacco ManufacturesTobacco, snuffCigars, cigarettes

Paper, PrintingBoxes, paperPaper, pulpBook, job printing___Newspaper, periodical printing —

Chemicals, Petroleum, and CoalProductsPetroleum refiningOther than petroleum _

ChemicalsCottonseed oil, cake, mealDruggists' preparationsExplosives. _FertilizersPaints, varnishesRayon, allied products—Soap. _

Rubber ProductsRubber boots, shoes. _Rubber tires, inner tubesRubber goods, other

adjusted to Census of Manufactures through

Factory employment

1939

Aug.

100.710086

147.0147295103289798089

1008899

66.66167

110.911410798

112

109.2123105.9119

571109374

12225586

82.65968

133

Sept.

97.89787

150.714828799

304918482

10112191

66.46167

113.211910998

116

118.0123116.7124120114100

9812230089

86.06070

142

1940

M a y

86.88581

121.7145279100100767984

1064795

62.25963

115.011411599

117

'120. 6122

'120.4136'6411811812912630481

83 85469

140

June

86.88580

129.7147302105141757892

1085398

64.95866

114.511511697

116

'119.0123

'118.0138

11612689

12630682

83 45569

138

July

91.69180

135.5147300105180748092

11158

101

62.45663

114.711611799

114

'118. 5123

'117. 4140'4511413380

12530781

83.55469

138

Aug.

92.09180

146.0147299103265808091

1078998

64.45566

115 2118117100114

119.4123118.6142

5211514081

12430884

85.85571

143

Sept.

90.58980

147.7147283100270968181

10810296

65.85667

115.312011799

116

122.6123122.6143

7911814897

12631282

89.75772

153

1937. 1923-25 average=100]

Factory payrolls

1939

Aug.

84.68383

135.113535087

251777774

1068681

62 76762

103 712510883

102

119.0136113.813648

12110963

126247102

86 35879

127

Sept.

76.67284

139.713933684

264929469

10811786

62.96762

109.313311386

110

124.6135121.514010012411486

128286107

91.06283

135

1940

M a y

63.65877

121.51383318590757370

1104980

60.76760

113.112512488

112

'133.5137

'132. 5162'5712914111813631198

87.25480

132

June

67.06376

129.014137691

117727278

1155489

66.96767

'112. 312712685

'111

133.2137

'132.0165'4612615478

136314100

86.45678

133

July

76.47576

131.414235390

147697678

1185691

62.36762

111.2'12812687

106

'133.4137

'132. 4169'4612516770

132315100

85.25177

132

Aug.

77.17577

139.214035789

251777678

1128885

62.36562

110.913112586

106

134.8137134.017149

127172

71132318102

87.85776

142

Sept.

74.27277

138.414133188

230988270

11311582

65.86766

113.113412488

111

138.2140137.8172

7513217586

135324107

96.06085

153

' Revised.NOTE.—Figures for September 1940 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are

for payroll period ending nearest middle of month.

HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES[Compiled by the Bureau of Labor Statistics]

Industry group

Total

Durable goods

Iron, Steel, ProductsMachinery __ _Transportation Equipment— ___Nonferrous Metals, ProductsLumber, Products—.Stone, Clay, Glass Products

Nondurable goods.

Textiles, ProductsFabricsWearing apparel

Leather, Manufactures _Food, Products-Tobacco Manufactures _Paper, PrintingChemicals, Petroleum, and Coal

ProductsPetroleum refining _Other than petroleum refining.

Rubber Products _ _

Average hours worked per week

1939

July

36.7

36.2

34.238.035.137.436.935.1

37.1

35.235.933.637.839.937.037.5

37.834.739.136.5

Aug.

38.0

38.4

37 039.038.139.039.637.7

37.8

36.136.735.037.740.536.938.1

38.435.839.537.0

1940

Apr.

37.2C38.2

36 040.538.338.638.436.5

36.2

34.234.533.632.539.434.738.1

38.536.539.236.0

M a y

37.2

38.2

36 640.536.738.838.737.1

36.3

33.734.332.730.940.136.438.8

38.836.239.736.4

June

37.5

38.7

37 640.838.139.038.536.3

36.4

33.534.132.533.240. 138.138.5

38.535.739.636.4

July

37.3

37.9

37 240.536.238.637.035.5

36.7

33.834.831.935.939.936.838.4

38.535.339.735.7

Aug.

38.4

39.8

38 841.239.940.140.137.0

37.2

34.935.733.535.840.436.138.2

38.735.839.836.3

Average hourly earnings (cents per hour)

1939

July

63.7

70.2

75 972.488.667.249.864.6

58.7

47.246.049.652.261.347.677.2

76.698.567.877.2

Aug.

63.4

69.9

75 772.188.866.850.264.6

58.5

48.346.052.352.659.647.276.8

76.697.568.077.0

1940

Apr.

66.5

72.9

76 473.990.270.051.866.4

60.9

49.548.251.954.364.349.379.3

74.297.466.577.9

M a y

66.9

73.0

76.774.190.270.152.166.4

61.5

49.648.451.855.564.749.779.4

76.097.568.677.8

June

67.2

73.2

77 474.390.570.252.366.4

61.7

49.648.451.855. 364.150.579.7

77.798.370.278.0

July

66.7

72.7

77.774.489.170.151.966.5

61.5

50.248.653.455.3

'62. 5'50.279.1

78.398.6

'70.978.5

Aug.

66.7

72.8

77.774.589.770.351.766.8

61.3

51.248.655.855.461.549.278.9

77.897.770.777.9

c Corrected. ' Revised.

NOVEMBER 1940 1219


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

JanuaryFebruary .MarchAprilMay _JuneJuly.__AugustSeptember _OctoberNovember

Year

Total

1939

251.7220.2300.7330.0308.5288.3299.9312.3323. 2261.8299.8354.1

3, 550. 5

1940

196.2200.6272.2300.5328.9324.7398.7414.9

Residentialbuilding

1939

80.279.0

125.2114.4133.8111.9109.3127.2129.7118.3116.688.7

1,334. 3

1940

77.474.9

121.7135.4145.9135.3140.4153.0

Nonresidential building

Factories

1939

7.19.5

13.017.513.015.817.410.420.716.818.515.3

174.8

1940

12.915.421.823.523.215.249.539.6

Commercial

1939

17.313.517.421.319.526.822.921.126.622.620.417.4

246.9

1940

15.920.223.124.026.133.138.928.6

Educational i

1939

31.721.827.621.116.412.519.413.810.19.59.77.7

201.4

1940

6.18.19.3

17.415.314.316.514.4

Other i

1939

28.924.739.834.827.837.828.724.624.923.829.217.4

342.5

1940

17.726.919.624.025.629.434.136.6

Public worksand publicutilities >

1939

86.571.677.7

121.097.983.6

102.1115.3111.170.8

105.5207.7

1, 250. 6

1940

66.355.276.776.392.897.5

119.3142.8

Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING

[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dcdge Corporation. Value of contracts in millions of dollars.]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugust _-September.OctoberNovemberDecember

Year

Total

1935

10075

123124127148159169167201188264

1,845

1936

215140199235216233295275234226208200

2,675

1937

243188231270244318322281207202198209

2,913

1938

192119227222283251240313301358302389

3,197

1939

252220301330308288300312323262300354

3,551

1940

196201272301329325399415348

Publicly-financed *

1935

553868534764679297

114118196

1,007

1936

1497996

10594

116153153116101

00 0

0to

co

1,334

1937

11269667493

137131104807893

115

1,152

1938

118519599

14410898

171160203179279

1,705

1939

14811112816013512813715814492

144225

1,708

1940

938295

103112147205195144

Privately-financed i

1935

453755718084937670877068

837

1936

6662

103130122116141122119125119117

1,341

1937

13011916519515118019117812712410694

1,761

1938

7568

132123139143142142141154123110

1,492

1939

104109173170174161163154179170156129

1,842

1940

104119177197217177194220204

i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars.]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis _Minneapolis.Kansas CityDallas

Total (11 districts)

1940

Sept.

26, 70053,90023,93434, 64334,19231,32369,15625,46712,02813, 74422, 564

347, 651

Aug.

23, 71155, 22017,95135, 68547,36397, 50962,48525,17012,19511,41026, 242

414,941

1939

Sept.

21,28858,46518, 90734, 23232,05827,98265, 70919,9898, 92311,19124, 483

323, 227

COMMERCIAL FAILURES, BY DISTRICTS[Figures reported by Dun & Bradstreet.

dollars.]Amounts in thousands of

Federal Reservedistrict

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisM inneapolisKansas City ._DallasSan Francisco

Total

Number

1940

Sept.

4432175363743

14536204923

147

976

Aug.

77408

62464253

17742185234

117

1,128

1939

Sept.

71385

74493645

1542622602299

1,043

Liabilities

1940

Sept.

6303,918

7011,049

348488

1,337665240255159

1,607

11, 397

Aug.

1,0824,258

680684713424

2,379638219239384

1,297

12,997

1939

Sept.

1,2043,4841,096

781386336

1,292301105300259

1,001

10,545

New series. Includes cases of discontinuances where loss to creditorswas involved even though actual legal formalities were not invoked.Back figures, available for 1939 only, may be obtained from Dun andBradstreet, Inc.



MERCHANDISE EXPORTS AND IMPORTS


Month /

JanuaryFebruaryMarch

AprilMayJune

July .AugustSeptember . . .

OctoberNovemberDecember _ _.

Year

Merchandise exports 1

1936

199182195

193201186

180179221

265226230

2,456

1937

223233257

269290265

268277297

333315323

3,349

1938

289262275

274257233

228231246

278252269

3,094

1939

213219268

231249236

230250289

332292368

3,177

1940

370347351

324325350

317350

P295

Merchandise imports *

1936

187193199

203192191

195193216

213196245

2,423

1937

240278307

287285286

265246233

224223209

3,084

1938

171163173

160148146

141166168

178176171

1,960

1939

178158190

186202179

169176182

215235247

2,318

1940

242200217

212211

gg g

P195

Excess of exports

1936

11—11- 4

- 1 09

- 5

- 1 5—14

5

5230

- 1 5

33

1937

- 1 8- 4 5- 5 1

- 1 85

- 2 1

33163

10892

115

265

1938

11899

102

11510987

876579

1007698

1,134

1939

356177

454757

6174

107

11757

121

859

1940

128147135

112114139

85129

P100

p Preliminary.1 Including both domestic and foreign merchandise.2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.Source.—Bureau of Foreign and Domestic Commerce.Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT-CAR LOADINGS, BY CLASSES

[Index numbers; 1923-25 average=100]

TotalCoalCoke _ .Grain and grain products..Livestock _Forest productsOre.MiscellaneousMerchandise *

TotalCoalCokeGrain and grain products. __LivestockForest productsOreMiscellaneousMerchandise 1

1939

Sept. May June

1940

July Aug. Sept.

Adjusted for seasonal variation

778582884545858263

727873743845967760

758191743845

1008260

7583

105803546968061

7685

108743849968261

778099794251

1068461

Without, seasonal adjustment

858978995749

1499265

716770663447

1348060

756985733148

1708560

777089

1103146

1828260

787588893851

1788361

868394895456

1859464

1 In less-than-carload lots.NOTE.—For description and back data see pp. 522-529 of BULLETIN

for June 1937. Based on daily average loadings. Basic data compiledby Association of American Railroads. Total index compiled by com-bining indexes for classes with weights derived from revenue data ofthe Interstate Commerce Commission.

DEPARTMENT STORE SALES AND STOCKS

[Index numbers based on value figures; 1923-25 average=100]

Month

JanuaryFebruaryMarch

AprilMayJune

July _AugustSeptember _

OctoberNovember. _ _December

Year

Sales i

Adjustedfor seasonal

variation

1939

888788

888586

868991

909596

1940

9289S9

8987

-OC

O

CO

99

Withoutseasonal

adjustment

1939

696982

888783

606997

99106168

90

1940

717186

868987

6477

105

Stocks (end of month)

Adjustedfor seasonal

variation

1939

676868

676667

676768

697168

1940

687170

696867

686970

Withoutseasonal

adjustment

1939

606569

696864

606571

778264

68

1940

616871

717064

616672

1 Based on daily average sales—with allowance for changes frommonth to month in number of Saturdays and in number of Sundays andholidays. Adjustment for seasonal variation makes allowance in Marchand April for the effects upon sales of changes in the date of Easter.

Back figures.—Department store sales, see BULLETIN for August1936, p. 631, and for October 1938, p. 918; department store stocks, seeBULLETIN for March 1938, p. 232.

N O V E M B E R 1940 1221


WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926=100]

Year, month, or week

19291930 _1931 .19321933.1934 _1935 .19361937.. .19381939

1939—AugustSeptemberOctoberNovemberDecember

1940—JanuaryFebruaryMarch...AprilMay.. .JuneJuly .AugustSeptember

Week ending—1940—August 3

August 10August 17...August 24August 31September 7September 14 _.September 21September 28 _October 5October 12October 19October 26

Allcom-modi-

ties

95.386.473.064.865 974.980 080.886 378.677.1

75.079.179.479.279.2

79.478 778.478 678.477 577.777 478.0

77.076.977.277.277.778 077.977 777.777 878.178.478.6

Farmprod-ucts

104.988.364 848.251 465.378 880.986 468 565.3

61.068 767.167.367.6

69.168 767.969 467 966 266.565 666 2

65.265.265.365.666.767 666.865 765.765 566.166.767.0

Subgroups

Farm Products:GrainsLivestock and poultryOther farm products

Foods:Dairy productsCereal productsFruits and vegetablesMeats . . .Other foods

Hides and Leather Products:ShoesHides and skins ...LeatherOther leather products

Textile Products:Clothing _ .Cotton goods. _Hosiery and underwearSilk» . .Rayon * .Woolen and worsted goods .Other textile products

Fuel and Lighting Material:AnthraciteBituminous coalCokeElectricityGasPetroleum products..

Foods

1939

Sept.

65 176.364 6

74.578 862.881.071 7

101 897.492.097.1

81.770.462 849 72§.O84.069 8

72 596.7

104 277 587 253.3

99 990.574 661.060 570.583 782 185 573 670.4

67.275 173.372.371.9

71.771 170 271 671 470 370.370 171 5

69.169.370.170.071.471 671.371 170.870 771.071.070.8

June

64 464.767 0

72.277 473.970 7̂61 3

107 981.992.4

100.0

85.368.461 646 129.583.774.0

77.195.7

109 674 287 450.0

Other commodities

Total

91.685.275.070.271.278.477 979.685 381.781.3

80.182.183.884.083.9

83.983 282.982 582.582 282.382 082.3

82.382.282.182.182.282 382.582 582.682 983.183.583.7

Hides andleather

products

1]

]

]]]

]

1940

July

60 869.865 6

73.776 269.072 961 3

107 0 184.691.499.7

85.368.861 543 329.583.973 0

78 195.8

109 6 1

88 249.5

Aug.

59.371.563.3

74.375.163.276.160 4

07.077.188.399.7

85.668.661.543.029.583 771.9

79.096.209. 6

84 549.2

09.100.086.172.980.986.689.695.404.692.895.6

92.798.504.604.0L03.7

103.6L02.4L01.8L01.8L01.399.299.096.998.3

98.197.997.797.097.197.898.699.099.399.9

LOO. 3100.7101.9

Sept

61.772.463.2

75.176.060.879.062.6

107.084.088.999.7

85.669.261.442.829.584.271.6

79.696.8

109.6

48.9

Textileproducts

90.480.366.354.964.872.970.971.576 366.769.7

67.871.775.576.478.0

77.975.474.072.972.972.672.472.372.5

71.871.871.771.771.771.871.972.072.172.572.673.573.6

Fuel andlightingmaterials

83.078.567.570.366.373.373.576.277.676.573.1

72.672.873.974.172.8

72.772.472.271.871.771.471.171.171.0

71.771.671.771.771.771.871.871.971.872.372.372.372.2

Metalsand metalproducts

100.592.184.580.279.886.986.487.095.795.794.4

93.294.895.896.096.0

95.895.395.594.594.594.795.194.995.4

94.994.994.994.995.095.095.395.395.795.896.497.497.4

Buildingmaterials

95.489.979.271.477.086.285.386.795.290.390.5

89.690.992.893.093.0

93.493.293.392.592.592.492.793.594.6

92.892.893.193.493.594.294.494.294.795.195.195.095.6

Subgroups

Metals and Metal Products:Agricultural implementsFarm machineryIron and steelMotor vehiclesNonferrous metalsPlumbing and heating

Building Materials:Brick and tile _—COTTlGTlt.LLPa

unberint and naint materials

Plumbing and heatingStructural steelOther building materials

Chemicals and Allied Products:*Chemicals * _Drugs and Pharmaceuticals l

Fertilizer materials l

Mixed fertilizers i _Oils and fats i

Housefurnishing Goods:Furnishings. _ __Ft

Miscelirniturelaneous:

Auto tires and tubes..Cattle feed _ .Paper and pulpRubber , crudftOther miscellaneous

Chemi-cals and

alliedproducts*

ii

»-

»•

)4.0W 7ro. 3ra 972.1r5.3r9.o!* 7

82.6

•

1939

Sept.

93.594.795.592.184.779.3

91.091.393.784.779.3

L07.390.3

84.578.467.272.454.2

91.781.3

60.593.481.847.782.8

r7.or6 o

H ?,re. 6r7 6T7.A17 7

17 777.577 0re. 876 7r« 177 076.776 8

76.876 776.576 476.576 876 876 876 776.876 876.977.0

House-furnish-ing goods

94.392.784.975.175.881.580.681.789.786.886.3

85.686.687.888.488.5

87.988.088.088.488.588.588.588.588.5

90.090.090.090.090.090.090.090.090.090.190.090.090.0

Miscel-laneous

82.677.769.864.462.569.768.370.577.873.374 8

73.376.677.877.077.4

77.777.376.977.777.777.377,776.776.5

77.476.776.476.476.276.476.376.376.176.476.476.877.0

1940

June

92.593.694 394.881 280.5

90 290.696.085 ?,80.5

107 393 0

85 182.267 472 845.1

94 981.7

58.280 091 746.383.7

July

92.493.594.695.680.880.5

90.190.696.784.680.5

107.393.6

84.995.967.372.843.0

94.881.8

58.883.293.544.283.5

Aug.

92.393.594.895.679.180.5

90.190.6

100.384.280.5

107.393.4

84.896.268.074.239.1

94.881.8

58.874.593.541.082.8

Sept.

92.493.794.996.180.780.5

90.290.6

104.684.180.5

107.393.5

84.896.068.174.239.9

94.881.8

58.875.993.239.882.6

i Revised series.• N e w series.Back figures.—For mon th ly and annual indexes of groups, see Annual Repor t for 1937 (table 86); for indexes of subgroups, see Annua l Repor t

for 1937 (table 87).



STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES

Chartbook

1940

Sept.25

Oct.2

Oct. Oct.16

Oct.23

Chartbookpage

1940

July Aug. Sept,

WEEKLY FIGURESRESERVES, GOLD, AND

CURRENCY

Reserve Bank credit—total.Bills discounted. _U. S. Gov't. securities __

Gold stockMoney in circulationTreasury cashTreasury depositsMember bankJbalancesRequired reserves e ._-Excess reserves—total2 •

New York City * _Chicago 2

Reserve city banks 2

Country banks 2 •

3 6677777

WEEKLY REPORTINGMEMBER BANKS

Total, 101 cities:Loans and investments. 14

Investments .__. 14Loans 14

Adjusted demanddeposits 15

Time deposits 15U. S. Gov't. deposits _>. 15Domestic bank balances 15Foreign bank balances.. 15

New York City:U. S. Gov't. obligations. 16Other securities... _ 16Commercial loans 16Brokers' loans 16

100 cities outside New York:U. S. Gov't. obligations. 17Other securities 17Commercial loans.. 17

MONEY RATES AND SECURITYMARKETS

F. R. Bank discountrate, N. Y 19

C ommercial paper 19Bankers' acceptances 19U. S. Treasury bills.. . . 21U. S. Treasury notes 21U. S. Treasury bonds 21, 25Corporate Aaa bonds 25Corporate Baa bonds 25

Stock prices, t o t a l 4 . 27, 29Industrial 27Railroad 27Public u t i l i ty . . . . 27

Volume of trading2 (mill,shares) 29

Brokers' loans (mill, dollars) 29

BUSINESS CONDITIONS

Wholesale commodity prices:4

All commodities 33Farm products 33Foods 33Other commodities 33

Steel plant operations(per cent of capacity) 38

Automobile production(thous. cars)._ 38

Electric power production(mill. kw. hrs.) 39

Total freight-car loadings(thous. cars) 39

Wednesday figures; in billions ofdollars

2.470)2.4321.178.092.30.79

13.707.066.643.35.621.82.85

24.1715.488.69

21.085.35.53

8.54.69

5.311.451.75.30

6.472.242.82

2.48.12.4221.278.172.29.68

13.807.08

P6.703.35.601.83P. 91

24.3315.548.79

21.155.36.53

8.73.68

5.371.451.77.32

6.492.242.86

2.45.1

2.4021.358.202.29.58

13.937.11P6.803.40.611.86P. 93

24.3315.538.80

21.245.35.538.72.69

5.331.431.78.29

6.532.242.89

2.480)2.3821.378.232.27.46

14.027.15P6.873.44.621.88P. 93

24.4015.538.88

21.325.35.53

8.96.68

5.351.381.80.31

6.542.262.92

2.390)

2.3521.438.242.23

.3814.157.21

24.4915.60

21.645.36

.538.77

5.371.391.82

.30

6.562.272.93

Averages of daily figures9; per centper annum

1.00.56.44.04.452.152.814.62

1.00.56.44.04.452.142.794.59

1.00.56.44.02.452.092.794.57

1.00.56.44.02.432.092.784.56

1.00.56.44.02.41

2.092.784.54

Wednesday figures; in unit indicated

82962781

.65415

82962880

.64446

80932779

.43409

81942780

.57437

.59420

Figures for week3; in unit indicated

77.765.770.882.6

92.5

96.0

2,670

822.4

77.865.570.782.9

92.6

105.2

2,641

806.0

78.166.171.083.1

94.2

108.5

2,665

811.9

78.466.771.083.5

94.4

114.7

2,687

813.9

78.667.070.883.7

94.9

117.1

2,711

837.7

p Preliminary. • Estimated,i Less than $5,000,000.* Averages of daily figures, see footnote 3.3 Figures are shown under the Wednesday date included in the weekly

period.* Index numbers, 1926=100.* Adjusted for seasonal variation, 1935-39=100.

MONTHLY FIGURESBUSINESS CONDITIONS

Wholesale commodity prices:4

United States:All commodities 31, 32Farm products 31Foods.. 31Other commodities 31

Eng land . . . _ 32France 32Germany 32

Industrial production 6_. 35Durable manufactures8 37Nondurable manufactures6 37Minerals « 37

Factory employment 43Factory payrolls _ 43Freight-car loadings 5— _ 45Department store sales 5__ 47Department store stocks 5 47

Construction contracts awarded:7

Total. 41Residential 41Other 41

Exports and imports:Exports (incl. re-exports) ___ 49General imports 49Excess of exports 49

Income payments:Tota l 6 50Total unadjusted 50Salaries and wages6 50Other 5 60

Cash farm income:TotaH 51Crops8 51Livestock and products 8_. 51Government payments 51

OTHER

'entral gold reserves:Uni ted States 8England 8France 8Nether lands 8

U. S. Gov ' t . interest-bearingdebt—total 20

Bonds 20Notes 20Bills 20Special issues 20

QUARTERLY FIGURES"

Domestic corporation securityissues, t o t a l . . _ 28

New 28Refunding __ 28

Customers' ra tes:New York C i t y . . 237 other Nor the rn and

Eas te rn cities 2311 Southern and Western

cities 23

Index numbers1928-25=100

77.766.570.382.3

112.7

82.4121

50.0»-52. 618.299.596.5

7591

77.465.670.182.0

113.0

82.4121

51.052.517.3

103.6103.8

7699

78.066.271.582.3

Pin. 8

82.2P125

P55.2P52.3P 1 7 . 5

P107.2P109. 4

779970

In millions of dollars

347141206

31723285

6,107'6,103'3,870*-2,237

70826640735

371150221

350221129

6,1895,7873,9402,249

74930440342

P 1 5 7P 2 1 7

P295P195PIOO

P6, 258P6,446P3, 988P2, 270

P894P420P419

In billions of dollars

20.460)

P2.00.63

43.1930.27

6.381.305.23

Jan.-Mar.1940

20.910)

P2.00.62

43.3230.326.381.305.31

Apr.-June1940

21.24

P2.00P. 62

43.4830.366.381.305.44

July-Sept.1940

In millions of dollars

563111452

530153377

581181400

Per cent per annum

2.03

2.67

3.35

2.00

2.49

3.38

2.14

2.56

3.43

6 Points in total index of industrial production.7 Three-months moving average adjusted for seasonal variation.8 Series revised for the period from January 1936 to November

939, inclusive. Back figures may be obtained from the Divisionof Research and Statistics.

9 Banking statistics for call report dates are shown in tableon following page.

NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each.

NOVEMBER 1940 1223


STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES[In billions of dollars]

BANK DEPOSITS AND CURRENCYTotal deposits and currency __._Deposits at all banks in U. S:

Demand deposits adjusted _. _Time deposits

Currency outside banksMEMBER BANKS

Demand deposits adjustedTime deposits—Interbank balancesLoans and investments . . _. _ _ .Investments, total

U. S. Government obligations, totalDirect obligations __ __ _. -Guaranteed obligations

Other securities, total .State and local government securitiesOther domesticForeign securities

Loans, totalSecurity loans, total1 *

Brokers' loansLoans on securities (excluding brokers'

loans) 2Real estate loansOther loans, total 1 *

Commercial loans 2 _ _Open-market paperLoans to banksAll other loans 8

Chartbookpage

10

101010

11111111

1112131312131313111213

1312, 13

12131313

1937

Dec.31

56.83

24.0526 265.69

20 3911.525 44

31.75

17 7912 3710.571.805.422.033 21.18

13 963.70

95

2 752.557 717.00.64.07

1938

Mar.7

56.78

24.1326.345.50

20.5111.595.62

31.52

17.9812.4510.631.835.522.193.15.18

13.553.54.88

2.672.567.456.75.61.10

June30

56.74

24.3926 275.47

20.8911.566 10

30.72

17 7812.3410.222.135.442.i33.13.18

12 943.32

70

2.612.617 016.40.49.12

Sept.28

57.65

25.1026.275.50

21.6011.466.09

31.63

18 6913.0110.712.305.682.303.19.18

12.943.30.71

2.592.666.976.36.48.13

Dec.31

59.12

26.0126.385.83

22.2911.516.51

32.07

18.8613.2210.882.345.642.453.01.18

13.212 1.75

.97

2.782.72

2 8.742 5.45

.44

.123 2.73

1939

Mar.29

59.15

26.0126.585.68

22.3611.626.82

32.10

19.0513.3510.692.665.702.552.96.18

13.051.57.84

.732.758.735.53.42.10

2.67

June30

61.00

27.3226.836.05

23.5911.727.10

32.60

19.4613.7810.952.835.692.552.94.19

13.141.47.73

.742.838.855.57.42.06

2.80

Oct.2

P63. 03

P29. 10P26. 91P6.23

25.1211.73*8. 2433.08

19.6113.8110.892.925.792.76

13.47

( 6 )

( 5 )

( 6 )( 5

( 6

Dec.30

P64.40

P30. 05P27. 00P6.50

25.6811.858.51

33.94

19.9814.3311.183.145.652.692.77.19

13.961.49.79

.702.969.516.12.45.06

2.89

1940

Mar.26

P65. 05

P30. 60P27. 30P6.30

26.4611.98

* 8. 7234.16

* 20.2214.4211.313.115.802.90

13.94a(5)(5)(6)«(6)

June29

P67.09

P32. 01P27.45P6.79

27.8812.078.85

34.45

20.4814.7211.603.125.762.892.70

• .17

13.971.12

.45

.673.079.796.27

.45

.043.02

p Preliminary.»In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans"

since that date.* Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates

on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332.3 Not originally plotted in chart book. * Partly estimated.6 Detailed breakdown of loans and investments now available on June and December dates only.

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS[Based on estimates of the Department of Agriculture, by States, as of October 1, 1940]

[In thousands of units]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicago . -_St. LouisMinneapolisKansas CityDallasSan Francisco

Total


BostonNew York .PhiladelphiaClevelandRichmondAtlanta...ChicagoSt. Louis . .MinneapolisKansas CityDallasSan Francisco

Total

Cotton

Produc-tion1939

Bales

1,3412,354

1 3,429

4373,631

625

11,817

EstimateOct. 1,

1940

Bales

1,6172,493

2 3,345

6353,997

654

12, 741

Oats

Produc-tion1939

Bushels7,189

26, 95716,50343, 75921,10314, 594

359, 52946,847

257,91476, 92431,31934, 577

937, 215

EstimateOct. 1,

1940

Bushels7,190

27, 95719,10254,88120, 79615, 256

525,07761,011

295,420124,01737, 65829,908

1, 218, 273

Corn

Produc-tion1939

Bushels7,827

28, 31051, 372

212,109141, 280141, 510

1,132, 703342,860285,022182,10587,166

6,873

2, 619,137

EstimateOct. 1,

1940

Bushels7,648

25,99348, 626

148,971131,818174,414915,150309, 337255,400219,307108,478

7,043

2, 352,185

Tame hay

Produc-tion1939

Tons3,3644,4281,9445,0943,7083,172

17,4267,643

10,1825,9021,430

11,433

75, 726

EstimateOct. 1,

1940

Tons3,4975,7952,3735,9324,0223,148

20, 4727,898

10, 6706,9361,686

12,075

84, 504

Winter wheat

Produc-tion1939

Bushels

7,05817, 26342,03424, 2705,506

56, 63957,92725, 846

226,48828, 70371, 697

563, 431

EstimateOct. 1,

1940

Bushels

7,95616, 65247, 85726,2356,438

61,13562, 39225,149

203,87826, 99971,148

555, 839

Tobacco

Produc-tion1939

Pounds34,7642,276

35, 967126, 363

1,121, 254205,900

32, 608282, 074

2,7244,724

1, 848, 654

EstimateOct. 1,

1940

Pounds31, 6452,259

38,146102, 864644,936173, 824

35, 254232, 727

3,0774,180

1, 268, 912

Spring wheat

Produc -tion1939

Bushels84

108150115

2,04497

157,0534,514

7527, 300

191, 540

EstimateOct. 1,

1940

Bushels8092

173141

2,26083

194,7856,679

9732,103

236,493

White potatoes

Produc-tion1939

Bushels47,63230,85321, 63820, 22923,20514,66446, 21112,04844, 75231,2193,349

68, 216

364,016

EstimateOct. 1,

1940

Bushels55,30432,41225,02119,81628,02815,14843, 52213,47151, 54331, 3223,763

69, 741

389,091

1Includes 20,000 bales grown in miscellaneous territory.* Includes 18,000 bales grown in miscellaneous territory.



CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS,JUNE 29, 1940 AND DECEMBER 30, 1939

[Amounts in thousands of dollars]

Number of banks _.

Assets

Loans, discounts, and overdrafts (includingrediscounts)

United States Government obligations,direct and fully guaranteed

Other bonds, stocks and securities

Total loans and securities

Customers' liability on account of accept-ances

Total bank premises, furniture and fixtures,and other real estate

Reserve with Federal Reserve BanksCoin and currencyBalances with other banksCash items in process of collectionIncome accrued but not yet collectedPrepaid expenses ._Other assets

Total assets

Liabilities

Demand deposits of individuals, partner-ships, or corporations

Time deposits of individuals, partnerships,or corporations.

Public funds of states and political sub-divisions

U. S. Gov't. and postal savings deposits . . .Deposits of other banks; cash letters of

credit: certified officers', and travelers'checks outstanding

Bills payable, rediscounts, and other liabili-ties for borrowing money

Acceptances executed by or for account ofreporting banks and outstanding

Dividends declared but not yet payableIncome collected but not yet earnedExpenses accrued and unpaidOther liabilities

Total liabilities, excluding capitalaccount

Capital stock, notes, and debenturesSurplusUndivided profitsReserves for contingenciesAll other capital accounts

Total liabilities, including capitalaccount __

June 29, 1940

All banks

13,480

17,014, 372

15, 900,8856, 920,404

39, 835, 661

81,104

1, 588,02813, 750, 656

983,8887, 556, 2911, 573,048

109, 39811, 28999,817

65, 589,180

28, 899,054

14, 779, 568

3, 601,093829, 606

10, 316,070

13, 844

96,11438,01976,19491, 075

242,044

58, 982, 681

2, 892, 2332, 483, 865

836,841332, 995

60, 565

65,589,180

Nationalbanks

membersFederalReserveSystem

5,164

9,156, 258

9,094,3063, 787,485

-22, 038,049

42, 337

780, 5337,837,068

575,3294,464, 736

979,87258, 5115,432

34,440

36,816,307

15, 957,445

7,848,881

2, 264, 461559, 529

6, 383,398

2,910

50,63922,63341,36249, 675

166,918

33,347,851

1, 530, 8491, 247, 556

467, 965187, 95834,138

36,816,307

Statebanks


1,234

4,812, 512

5,627, 2991,973,147

12,412,958

36,854

507, 7175,913, 588

213,3621,302, 243

543,19843, 9303,948

52, 241

21,030,039

10,439,155

3,610,100

674,381209, 927

3, 781, 843

513

43, 55613,64519, 74132,46265,420

18,890, 743

826, 444959, 752243, 330101, 642

8,128

21,030,039

Banksnot


7,082

3,045,602

1,179, 2801,159, 772

5, 384, 654

1,913

299, 778

195,1971,789,312

49,9786,9571,909

13,136

7, 742,834

2, 502,454

3, 320, 587

662, 25160,150

150,829

10,421

1,9191,741

15,0918,9389,706

6,744,087

534,940276, 557125, 556

43, 39518,299

7, 742,834

December 30, 1939

All b a n k s

13,535

16,866,021

15, 567,4806, 860, 359

39, 293, 860

109,891

1, 656, 69911,603,5041,067,1557, 343,8731,861,058

107, 29111,62091, 575

63,146,526

27,196,842

14,471,056

3, 413,160859,402

10,135,889

13, 609

126,10740,73169, 85976, 562

218,939

56, 622,156

2,914,0042,442,853

789, 340318,432

59, 741

63,146, 526

Nationalbanks


5,187

9,021, 748

9,057,6403, 730,947

21, 810,335

55,843

795,8856,493, 792

611,3394,231,0751,153, 289

57,8725,712

42,232

35, 257, 374

14,921,445

7,693, 612

2,076,768584,827

6, 282, 298

2,882

64,17323,66837, 69440,948

131,676

31,859,991

1,529,1031, 213,857

445, 206176, 96032,257

35, 257, 374

Statebanks


1,175

4,940,072

5,270,5151,919, 586

12,130,173

51,700

546,8715,109, 712

229,8761, 299,090

654,08142, 287

4,59935,186

20,103, 575

9, 682, 537

3, 521,497

676, 739209,069

3, 691, 360

359

59, 58214,30018, 61627, 74277,398

17,979,199

834,126952, 535229, 528

99, 6538,534

20,103, 575

Banksnot


7,173

2,904, 201

1, 239,3251, 209, 826

5, 353, 352

2,348

313, 943

225,9401,813, 708

53, 6887,1321,309

14,157

7, 785, 577

2,592,860

3, 255,947

659, 65365, 506

162, 231

10, 368

2,3522,763

13, 5497,8729,865

6, 782,966

550,775276,461114.60641,819>18, 950

7, 785, 577

NOVEMBER 1940 1225


INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments 1228Gold production 1229Gold movements 1229-1230International capital transactions of the United States 1230-1234Central banks 1235-1238Money rates in foreign countries 1239Commercial banks 1239-1240Foreign exchange rates 1241Price movements:

Wholesale prices 1242Retail food prices and cost of living 1243Security prices 1243

Tables on the following pages include the principal available statistics of current signifi-cance relating to gold, international capital transactions of the United States, and financialdevelopments abroad. The data are compiled for the most part from regularly publishedsources such as central and commercial bank statements and official statistical bulletins;some data are reported to the Board directly. Figures on international capital transactionsof 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 November12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and fromAnnual Reports of the Board of Governors for 1937 and earlier years. Daily and monthlypress releases giving daily and monthly average foreign exchange rates will be sent withoutcharge to those wishing them. Other data on the following pages are not regularly releasedprior to publication.

NOVEMBER 1940 1227


GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End of month

1936—Dec... .1937—Dec. „1938—Dec. . .1939—Dec...

1940—JanF e b . . . .Mar . . . .AprM a y . . .JuneJuly. . . .AugSept. . .

Total i

22,71624,04525,54425, 776

25,98326, 27425, 77726,020

'26, 269'27,137'27, 616••28,043.28, 353

End of month

1936—Dec,1937—Dec.1938—Dec...1939—Dec,

1940—Jan,F e b . . . .MarAprM a y . . .JuneJulyAugSept

UnitedStates

11,25812, 76014,51217,644

17,93118,17718, 43318, 77019, 20919, 96320, 46320,913

P21, 244

Hun-gary

25253724

2424242424242424

/24

Ar-gen-tina

501469431466

466472482

2 403403403403

c402P385

Iran(Persia)

25252626

/26/26/26/26/26/26/26/26/26

Bel-gium

632597581609

/609/609/609/609/609

4 734/734/734/734

Italy

208210193144

/144/144

137/137/137/137/137/137/137

Brazil

25323240

41424244454646

/47/47

Japan

463261164164

164164164164164164164164

/164

Brit-ish

India

275274274274

274274274274274274274

/274/274

Java

60798090

909090

10010098

103'103

ao3

Bul-garia

20242424

24242424

/24/24/24/24/24

Mexico

46242932

272325272831333025

Can-ada

188184192214

21121321121235

888

/8

Neth-erlands

491933998692

692692692650646625627624

/624

Chile

29303030

3030303030303030

/30

NewZealand

23232323

2323232323232323

/23

Co-lombia

19162421

232423232322181515

Nor-way

98829494

848484

/84/84/84/84/84/84

Czecho-slo-vakia

91928356

5656565656565656

/56

Peru

20202020

202019202019

/19/19/19

Den-mark

54535353

5353535353535353

/53

Poland

758385

(5)

Egypt

55555555

55555555

/55/55/55/55/55

Portu-gal

68696969

69696969696969

/69/69

France

2,9952,5642,4302,709

2,7092,7092,0002,0002,000

/2,000n, 000/2,000n, 000

Ruma-nia

114120133152

152153153154155155156

/156/156

Ger-many

272829

/29

/29/29/29/29/29/29/29/29/29

SouthAfrica

203189220249

253268272279298302305308

/308

Greece

26242728

2828282828282828

/28

Spain

/718/718'525/525

/525/525/525/525/525/525/525/525/525

End of month

1936—Dec.1937—Dec1938—Dec.1939—Dec

1940—Jan..Feb..Mar.Apr.MayJuneJuly.Aug.Sept.

Swe-den

240244321

258218173179189199173153/153

Switz-erland

657650701549

536527520515501493488490/490

Tur-key

/86/86

UnitedKing-dom

2,5842,6892,690

1

Uru-guay

/68/68/68

Vene-zuela

595252

/52

/52/52/52/52/52/52/52/52/52

Yugo-slavia

/69

B.I.S.

101010

no

Othercoun-tries 6

182184141148

137147149154155154

'155155155

p Preliminary. r Revised. c Corrected./ Figure carried forward from last previous official report, as indicated by last previous

figure without footnote /, except in the case of Germany, Spain, and Venezuela; last officialGerman report dated June 15, 1939, Spanish figures officially reported on Aug. 1, 1936, and April30, 1938, and last Venezuelan report is for end of March 1939.

1 Totals do not include Government gold reserves shown in separate section at end of table,or other central reserves which are unreported or which are too minor to be included. Amongunreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlandsstabilization funds, and certain German holdings. Totals may include some figures which arepreliminary or carried forward from previous report dates (see footnote 0.

1 Beginning April 1940, reports on certain Argentine gold reserves no longer available.a On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con-

trol Board.4 Figure reported in special semi-annual statement of National Bank of Belgium; change

from previous Dec. due largely to inclusion of gold formerly not reported separately.5 Last official Polish report for July 31, 1939: 84.«These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian

Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guate-mala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for csrtain of thesecountries have been carried forward from latest report date (see footnote / ) .

NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reportedfigures through April 1940 appear on p. 926 in that issue.

1 Correction to BULLETIN for September 1940, pp. 1000 and 1001. Total figures for 1934 shouldread: Jan. (old basis)—12,000.4, Jan. (new basis)—20,312.2, Feb.—20,602.8, Mar.—20,809.7, Apr.—20,906.9, May—21,041.2, June—21,247.3, July—21,383.5, Aug.—21,569.0, Sept.—21,611.9, Oct.—21,673.4, Nov.—21,735.6, Dec—21,859.6; and for 1935: Jan.—21,971.5, Feb.—22,119.3, Mar.—22,198.0, Apr.—21,971.2, May—21,588.1, June—21,796.7, July—21,792.2, Aug.—21,878.8, Sept.—22,052.7, Oct.—21,604.4, Nov.—21,519.8, Dec—21,687.6.

Government gold reserves l not includedin previous figures

End ofmonth

1936—Dec . . .1937—Dec—

1938—Mar...J u n e . .Sept.Oct.Nov.D e c —

1939—Jan. _Feb.M a r . . .Apr.M a y . .June._Sept..D e c . . .

1940—Mar...June.--

UnitedStates

""""4" 44"

80

154

8516415614586

UnitedKing-dom

2 9343 1,395

1,489

759

1,732

France

4 103130331381465559455477

Bel-gium

9381

62

44

17

17

17

1 Reported at infrequent intervals or on de-layed basis: U. S.—Exchange Stabilization Fund(Special A/c No. 1); U. K.—Exchange Equaliza-tion Account; France—Exchange StabilizationFund and Rentes Fund; Belgium—Treasury.

2 Figure for Mar. 1937, first date reported.

3 Figure for Sept. 1937.4 First date reported.

NOTE.—For details regarding special goldtransfers in 1939-40 between the British E. E. A.and the Bank of England, and between theFrench E. S. F . and the Bank of France, seeBULLETIN for September 1940, p. 926.



GOLD PRODUCTIONOutside U. S. S. R.


Year or month

Estimatedworld

produc-tion

outsideU.S.S.R.

Production reported monthly

TotalAfrica

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

UnitedStates i

Canada 2 Mexico Colom-bia Chile

Other

Austra-!lia

BritishIndia

1933..

1933_.1934..1935_.1936_.1937..1938..1939_.

1939—AugustSeptember..OctoberNovember..December..

1940—January.._February-MarchAprilMay.. . . . . .JuneJuly..August

469,257 1 411,208$1=25-8/10 grains of gold 9/10 fine;

227,673 | 13, 335 | 6, 623 | 3,631 |$1=15-5/21 grains of gold 9/10 fine,

i. e., an ounce of fine gold=$20.6752,842 | 60,968 | 13,169 | 6,165 |

; i. e.t an ounce of fine gold=$3i53,009 | 16,873 | 6,91

794,498823,003882, 533971,514

1,041, 5761,132,8561, 206,126

107,357106, 990

107, 244103,675101,438104,63697,605

104,067P106, 869P106, 580P104, 233P109, 791P107, 518

696,218707,288751,979833,088892, 535957,212

1,019, 569

91, 52090,05790,99987, 52585,102

88, 79381,36288,075

P90, 325P89, 824P87, 515P93,018P90, 639

385,474366, 795377,090396, 768410,710425,649448, 753

38,49437,81738,45938, 60038, 534

39,77738, 57540,16240,87941, 74240,43741,936

P42, 000

22, 57824,26425,47728,05328, 29628, 53228,009

2,4312,4422,4522,4252,330

2,3842,3452,3722,4542,442

P2,415P2, 450P2, 450

11,21412,15313, 62516,29520,78424,67028, 538

2,3792,4322,4792,4972,589

2,6632,7402,6782,7472,643

P2, 553P2, 658

6,1486,5497,1597,3868,0188,4708,759

731705715686709

739728732P732P767P732P732P732

89,467108,191126,325152, 509168,159178,143196, 391

16,94719, 72821, 78517, 51215, 936

16,97213,31716,21716,40816, 50014,86218,86616,052

103,224104,023114,971131,181143, 367165,379178,303

15,73214, 78415,15814,87515, 209

14,85314,18815,04514,65215,48815, 79515,982

P15, 982

22,29723,13523,85826,46529, 59132, 30632, 300

6,5192,3021,8322,3331,209

3,0781,9011,6514,2331,356

P2, 555P2, 555P2, 555

10,43812,04511,51513,63215,47818,22519,951

1,7351,8031,6771,8731,367

1,9581,6331,7171,9411,8251,7151,9522,184

5,0948,3509,2519,0189,54410,29011,376

7771,0121,111934

1,044

7351,759766

1,271780P780P780

28, 56830, 55931,24040,11846,98254,26456,182

4,8546,1454,3974,8865,251

4,4864,4114,791P4,721P4, 826P4, 721P4, 721P4,686

11,71511, 22311,46811,66311,60711,28411,008

923

903925

891

860P860

P490P560

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 changesirregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annualproduction as follows—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $85 per fineounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, '$187,000,000; 1937, 185,000,000; 1938, $180,000,000.

p Preliminary. r Revised.1 Includes Philippine Islands production received in United States.2 Figures for Canada beginning January 1940 are subject to official revision.NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for March 1939, p. 227; February 1939, p. 151; June

1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Reportof Director of Mint for 1939, p. 106; and 1936, pp. 108-109.

GOLD MOVEMENTSU N I T E D STATES

[In thousands of dollars at approximately $35 a fine ounce]

Year ormonth

Totalnet

importsor netexports

Net imports from or net exports (—) to:

UnitedKing-dom

France Bel-gium

Neth-er-

landsSwe-den

Switz-er-

landCan-ada

Mex-ico

Colom-bia

Philip-pine

IslandsAus-tralia

SouthAfrica Japan British

India

Allothercoun-tries

1934 i193519361937.19381939

JulyAugSeptOctNovDec

1940JanFeb.MarAprMayJuneJulyAugSept. . . . .

1,131,9941, 739,0191,116,5841, 585,5031,973, 5693, 574,151

499,870315,727174,093891, 531

1,208,7281,826,403

260,223934,243573,671-13,71081,1353,798

8,9023

3,35190,85915,488165,122

94,348227,18571,0066,461

163,049 60,341, 618 28, 715

12,402968

7,51154,4521,363

86, 987

86,82995,17172, 648111,48076,315

612, 949

30,27013,66739, 96638,48236,47233, 610

16,94410,89911,91118,39710, 55723, 239

1,0293,498

12,03815,33521, 513 23^ 28025,427 34, "~27,880 39,35, 636 74,

4,7139,1624,250

12658

181401

22, 862

246,464168, 740165, 605

76, 82075, 26877,89250,76216,15950,956

32,304

39, 73529,998

2 67, 9753102, 404

278, 636259,921326,07469, 726167,980451,172

236,391201,422459,827249,851435,132

1,162,975519,974351, 553334,100

177,805163,738162,45010,18218,55610,417

23,90621,32135,26843, 56762,042128,003301, 73410,8193,650

28

45, 55422, 640

12,990

5,628

~I,~482

8,781 .31, 526 19,

5,113>, 743

974

40241,603

30,415 16, 60116,181 32,448

5,9913, 273 39, 6549,4313,671

3,1583,637

2,9905,119

1,20813,93128, 90732,61711,4522,138

326

27

15,19634, 299120,837' 940

65,067308, 773

52, 71646,866249,85854,967281,182716, 685172, 268264, 328217, 627

4,1503,956

6531,7943.4453,972

2,5502,0062,2152,3962,3314,1821,891

10, 335545

2,1232,1202,102

2,1172,116

33

2,1162,1112,1132, 1305,85fi4,5162,330

3,0222,7753,9473,1882,6432,646

3,3601,:"" "4,1373,3762,4053,8952,8303,7383,764

5,0345,6895,4748,42012, 5056,472

6,1554,2417,4093,3745,1776,6035,2626,746

14, 605

505211

2,14210,4499,885

20,29718,87224, 50328, 79831,47723,0913,482

11,68717, 854

10,93810,93116,42512,4979,48720,101

37,6804,9195,7974,7104,7433,399

2,7609, 2594,0652,70310,1387,592

9,7436,722

11,8133,1394,3172,377

13, 228954523

6,3654,460* 8, 54115,87016,66222,812

31, 69831,00121,49327, 86618, 423

12 25,19713 23,463H 34, 789

69, 946

1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.2 Includes $31,830,000 from Argentina.3 Includes $28,097,000 from China and Hong Kong; $15,719,000 from Italy; $10,953,000 from Norway; $10,077,000 from Chile.4 Includes $5,157,000 from Hong Kong.5 Includes $6,363,000 from Italy; $4,087,000 from Hong Kong.6 Includes $6,414,000 from Norway; $5,586,000 from Italy.7 Includes $19,527,000 from Norway; $5,452,000 from Hong Kong.8 Includes $13,878,000 from Norway; $5,570,000 from U. S. S. R.; $5,566,000 from Italy.9 Includes $11,760,000 from Italy.

i° Includes $16,108,000 from Italy; $5,984,000 from Hungary.11 Includes $8,248,000 from Italy.12 Includes $13,673,000 from Yugoslavia.13 Includes $6,608,000 from Portugal; $6,307,000 from Brazil.H Includes $17,386,000 from Portugal; $6,377,000 from Netherlands Indies.is Includes $17,815,000 from Argentina; $15,325,000 from Portugal; $13,092,000 from Netherlands Indies; $11,175,000 from U. S. S. R.; $5,239,000 from

Curapao.NOTE.—For gross import and export figures and for additional countries see table on p . 1196.

NOVEMBER 1940 1229


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESNET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2 , 1 9 3 5

[In millions of dollars. Minus sign indicates net movement from United States]

TABLE 1.—TOTAL CAPITAL MOVEMENT

From Jan. 2, 1935, through- Total

Increase in foreign bankingfunds in U. S.

TotalCentralbankfunds

in N. Y.iOther

Decreasein U. S.banking

fundsabroad

Foreignsecurities:

Returnof U. S.funds

Domesticsecurities:Inflow offoreignfunds

Inflow inbrokeragebalances

1935—Dec. 31.D

1937—Dec.

1938—Mar.JuneSept.Dec.

1939—Mar.June

JulyJulyJulyJuly

Aug.Aug.Aug.Aug.Aug.

Sept,Sept,Sept,Sept,

Oct.Oct.Oct.Oct.

Nov.NovNov.NovNov.

Dec.Dec.Dec.Dec.

1940—Jan.Jan.Jan.Jan.Jan.

FebFeb.Feb.Feb.

Mar.Mar.Mar.Mar.

Apr.Apr.Apr.Apr.

MavMayMayMayMay

29

30 , — .29 .2828 . .2928

5 _121926

2 _ _ _9 _.

2330. _

. 6

.13 _ .

. 20

. 27

411 _1825

. 1 „8

. 15.22

. 29

6 .132027

31017 . . . .2431 __ _

714 _2128.. __. _

613 _ .20

,27

3101724

I815 _2229

June 5JuneJuneJune

JulyJulyJulyJulyJuly

1219 __

:26

310172431

1,412.52,608.43,410. 3

3, 207. 23,045.83,452. 93, 779. 24,134. 74, 593. 6

4,611.64, 588 94, 591.04,613. 4

4, 635. 14, 662. 74,709.84,827 94,863. 3

4,882.34,940. 34,976. 04,955. 4

4,896. 84,872. 84,871 24,882.0

4,858.64,825. 04,862 74,822 94,875. 6

4,867 64,860. 04,904. 84,893.0

4, 881 14, 920 44,922. 64, 943. 14, 918. 9

4,912. 34, 930. 14,902. 84, 930. 7

4, 906. 54, 928. 84. 973. 44,989. 6

5,002. 84, 988. 25,022. 65.064. 9

5,049. 35,058. 25.065. 35,123. 95,076.4

5,110. 55, 076. 95,284.45, 280. 4

5, 377. 35, 403. 55, 445. 85, 447. 85, 471. 9

603.3930.5

1,168. 5

949.8786.2

1,161. 21,432. 71.693.02,048.3

2,049.72,031. 22,042. 52,066.2

2,093. 92.139.12,182. 22, 287. 32, 334. 2

2,341.5

2, 434. 62,412.4

2, 386. 52, 370. 62, 360. 62, 384. 7

2, 366. 92,341. 62, 362. 42, 329. 32,377. 4

2, 366. 92, 366. 62, 398 52,383. 5

2, 321. 82,360. 22,368. 42, 384. 22,368. 5

2,363. 42, 380. 82, 343.12, 365. 4

2, 323. 72, 348. 02, 386. 62,409. 6

2,426. 02, 407. 72, 425. 22, 453. 5

2,449.42,453. 72, 448.42, 500. 32,440.2

2, 461. 22, 427. 92, 628.02, 617. 7

2, 716. 62, 736. 32, 774. 32, 774. 52, 786. 7

9.881 1

243.9

149.9125.9168.0216.3256.8361.8

293.6288.6801.2

327 1323.2305.5352.5371.6

409.0464.7510 7485.1

483.6462 8441.6442.9

494.8490.3481.6433.9435.9

430.9413.3441.0430.0

433.5445.2435.2456.1449.6

427.8452.0409.9432.9

395. 3404.3423.8431.2

426.1414.4419.4409.0

398.5404.1444.5499.7487.5

511.3511.2722.9726.7

818.3854.5864.7880.6

593.5849.4924.6

799.9660.4993.2

1, 216. 51,436. 21,686. 5

1,742. 91, 737. 51,753. 91,765.0

1,766. 81,815. 81,876. 71,934 91,962 6

1,932. 51,924. 61,923. 91, 927. 3

1,902. 91,907. 71,919.01,941.9

1.872.01,851 31,880 81,895 31,941 5

1,936 11,953 31,957 51,953. 5

1,888. 31,915.01,933.21,928. 21, 918. 9

1,935. 61, 928. 71, 933. 31, 932. 5

1,928. 41,943. 81,962. 81,978. 4

1,999. 91,993. 32,005. 82,044. 5

2,050.92,049. 72,003. 92,000. 61,952. 7

1,949. 81, 916. 71.905.11, 891.0

1, 907.81, 918.11, 919. 81, 909. 91,906.1

361.4431.5449.1

434.4403.3477.2478.1550.5607.5

608.0607.9604.5606.9

609.9622.8633.0620.6

623.5621 7612.5618.4

594.6598.1601 7601.0

599 6597.3618.8615 3622.0

626.8619.7619 6612.8

650.4644.5636.1640.1626.1

623.3621.5627.0627.7

638.5633.5638.7636.9

631.6634.1644.9659.0

643.4647.0657.3664.1684.0

679.1674.5681.2690.0

684.1692.3699.4698.7714.1

125.2316.2683.2

618.5643.1625.0610.0646.7664.5

678.5677.1677.0678.0

680.2652.8654.5656.9657.8

661.7668.9674.4676.9

684.6685.2686.7687.3

688.7690.4693 2694.3695.4

699.0700.7711.8720.1

725.7731.7733.7736.1738.0

741.0743.3745.5748.7

752.4755.2757.2758.1

761.6762.4764.7767.2

771.1773.2774.8774.9775.6

778.9780.4782.1782.6

785.7786.6788.3788.6788.9

316.7917.4

1,162 0

1,150.41,155. 31,125.41, 210. 91,180. 61,199. 3

1,199. 31,194. 41,185.01.180.0

1,182 21,176.51,164 91,165.11,165. 7

1,171. 31,181.31,173.41,164. 4

1,150 21,144.41,141.71,130. 6

1,123 71,115.91,109. 21,107. 11,103. 7

1,098.91,096. 51.096. 81.098. 5

1,102. 61,102. 31,100. 61.099. 01.098.1

1.097. 41,097. 81,099.11.102. 0

1.103. 41,102. 21.100. 61.097. 8

1.094. 81.095. 51.098. 41.096. 9

1.097.01.095. 71.096. 81,090. 31.081. 5

1.094.11.097. 21,094. 61,092. 4

1,092.01,088. 81.084. 81.085. 81.082. 2

6.012.947.5

54.257.864.147.663.974.0

76.178.481.082.3

82.184.585.485.585.0

84 279.281.183.1

80.974.680.578.5

79.879 979.276.977.1

75.976.578 178.1

80.681.783 883.688.2

87.386.788.187.0

88.489.990.287.3

88.788.689.488.2

88.588.094.295.1

97.296.998.597.6

99.599.0

100.1

i Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this headingsee BULLETIN for April 1939, p. 285.

NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESNET 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 Jan. 2, 1935,through- Total

UnitedKing-dom

FranceNeth-

er-lands

Switzer-land

Ger-many Italy Other

EuropeTotal

Europe CanadaLatin

America Asiai Allother i

1935—Dec. 31. _1936—Dec. 30. _1937—Dec. 29._1938—Dec. 28._

1939—Oct. 25___Nov. 29..Dec. 27._

1940—Jan. 31. . .Feb. 28..Mar. 27..Apr. 24..May 29..June 26...

July 3—_July 10...July 17. __July 24. _.July 31. . .

1.412.52,608.43,410. 33, 779.2

4,882.04.875.64,893.0

4,918.94,930.74,989. 65,064.95,076.45.280. 4

5, 377.35,403. 55,445. 85,447.85,471.9

554.9829.3993.7

1,186.1

1,301.41,157. 21,117.3

1,029.11,006.2

961.6964.5975.7981.6

1,013.1998.5989.1981.4962.4

210.2299.5281.7339.5

430.9453.1442.3

471.2468.1462.9468.9494.8

681.4677.4674.9674.7675.7

114.5229.7311.9324.6

446.8457.8469.9

466.1469.0466.0486.4471.9463.8

459.6459.8457.6457.0454.1

130.4335.5607.5554.0

686.5719.1759.1

798.3826.3855.4879.8851.3868.5

876.8879.6883.1884.6884.0

36.683.1

123.9140.7

159.1162.9163.3

166.3166.0167.3166.9171:5170.7

171.4171.4173.4174.8175.9

24.045.622.133.0

48.055.855.9

61.760.768.587.778.363.3

66.366.265.865.364.5

130.0228.5312.2463.8

710.3725.3753.8

811.2838.0863.6859.5874.1866.2

885.3886.0885.0890.8899.0

1, 200. 62.051.32, 653.03,041. 7

3,783.13, 731. 23,7615

3,803.93.834.43,845. 23,913. 73,917. 74,078.1

4,153.94,138.94,129.04,128. 64,115. 6

()150.5106.3157.2

239.0263.2229.2

227.8225.4232.2219.4215.9217.6

230.2250.1280.7282.2324.5

70.9201.2410.6389.5

522.2504.0505.9

503.9507.7527.1535.2558.4565.5

579.2581.1593.9589.1581.6

128.3184.0224.6156.8

260.2287.3299.4

297.3285.7315.2325.7311.9342.8

338.4351.0359.1365.4367.8

12.721.415.934.1

77.589.996.9

86.177.569.970.872.676.3

75.782.483.182.582.3

TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES

From Jan. 2, 1935,through—

1935—Dec. 311936—Dec. 301937—Dec. 291938—Dec. 28.

1939—Oct. 25Nov 29Dec. 27

1940—Jan. 31Feb. 28Mar. 27Apr 24Mav29June 26

July 3July 10_ ._.July 17July 24. .__July 31

Total

603.3930.5

1,168. 51,432. 7

2,384. 72,377 42,383. 5

2,368. 52,365. 42,409. 62 453 52, 440. 22, 617. 7

2, 716. 62, 736. 32,774 32,774. 52, 786. 7

UnitedKing-dom

128.6163.5189.3366.7

558.5429.4396.2

332.3304.4271.2271.5282.4295.2

325.8310.9301.8290.7270.9

France

129.6144.2111.8158.8

227.8244.1231.6

258.5256.4252.9259 0287.0455.3

472.7468.5465 5464.2465.2

Neth-er-

lands

55.765.976.384.4

172.0180.7190.8

186.3186.2184.6200.5184.4175.4

170.8170.9168.3167.6164.4

Switzer-land

72.4109.8288.4203.7

293.8320.4352.0

381.8397.3418.0434.6399.9418.6

427.4430.8435.0435.9435.5

Ger-many

- . 82.79.6

- 9 . 8

-20.0-18.4-22.2

-20.5-21.2-20.5-21.5-19.7-20.1

-19.9-19.5-17.7-16.8-16.0

Italy

7.323.06.93.8

12.816.716.7

24.9. 25.7

35.554.546.210.1

11.09.39.38.27.0

OtherEurope

60.779.7

109.4203.0

428.7446.9473.1

522.1546.6570.9562.5572.4562.0

578.8579.0577.8582.5587.8

TotalEurope

453.5588.9791.7

1,010.6

1,673.51,620.01,638.2

1,685.41,695. 41, 712. 51,761.11,752. 61,896.4

1,966. 61,950.01,940.01,932. 31,914.7

Canada

46.086.876.3

135.1

209.0227.4185.0

166.8168.5173.1148.5135.8143.1

159.0178.8208.2210.1253.8

LatinAmerica

33.5149.3166.3134.0

258.1240.0243.6

231.2233.6251.0264.6281.5289.4

300.5300.9312.8309.4299.9

Asiai

58.890.4

126.2132.7

186.4218.5238.9

22fi.2217.4230.4236.4223.6238.5

242.2251.8257.7267.6263.5

Allother *

11.515.28.0

20.4

67.671.477.8

58.050.442.642 946.650.3

48.354.955.655.154.8

TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES

From Jan. 2, 1935,through- Total

UnitedKing-dom

FranceNeth-

er-lands

Switzer-land


EuropeTotal

Europe CanadaLatin

America Asia* Allother»

1935—Dec. 31.1936—Dec. 30.1937—Dec. 29.1938—Dec. 28.

1939—Oct. 25..Nov. 29.Dec. 27.

1940—Jan. 31..Feb. 28.Mar. 27_Apr. 24.May 29.June 26..

July 3 . . .July 10..July 17..July 24..July 31..

361.4431.5449.1478.1

601.0622.0612.8

626.1627.7636.9659.0684.0690.0

684.1692.3699.4698.7714.1

208.8178.0207.4204.5

227. 7245.6247.8

236.0247.4245.1255. 4262.0259.0

260.1261.0261.0262.6263.9

48.162.065.365.5

70.273.373.8

73.573.472.973.070.872.9

72.672.673.174.274.2

- . 4- 3 . 3- 4 . 4

9.312.012.0

11.412.99.8

13.115.415.8

16.016.116.316.616.8

1.62.72.62.6

4.23.43.1

3.02.61.71.63.14.0

4.34.64.85.15.6

29.766.0

105.1140.3

170.5172.7177.2

178.9179.4180.3181.0183.8183, 4

183.9183.6183.7184.2184.6

13.716.36.5

13.9

15.417.816.3

13.511.710.010.38.9

12.3

13.014.214.815.917.6

8.822.026.933.0

31.327.826.8

30.330.530.431.635.236.6

38.839.139.540.543.2

310.2343.7409.3453.0

528.6552.6557.0

546.7557.8550.2566.0579.3583.9

588.6591.1593.1599.0605.8

-4 .636.9

-21.730.6

45.252.750.0

56.252.153.660.269.566.7

61.063.164.964.464.9

20.124.951.666.8

54.052.048.5

55.856.256.553.052.647.4

49.049.750.248.049.7

37.330.418.7

-65.0

-20 .0-26 .7-34 .3

-32.0-37.7-22.8-20.0-16.9-7 .4

-15.3-12.5-9 .9

-13.5-7 .2

-1.6-4.4-8.7-7.2

-8.7-8.5-8.4

- . 7

- . 2- . 5

.91.1

1.0

» Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "Allother".

2 Inflow less than $50,000.NOTE —Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April

1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.

NOVEMBER 1940 1231


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESNET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued

[In millions of dollars. Minus sign indicates net movement from United States]TABU 5.—FOREIGN SECURITIES, BY COUNTRIES

Net Purchases by Foreigners


1935—Dec. 31._ .1936—Dec. 301937—Dec. 291938—Dec. 28

1939—Oct. 25Nov 29 _Dec. 27

1940—Jan. 31Feb. 28-_Mar. 27Apr. 24May 29June 26

July 3July 10July 17July 24July 31

Total

125.2316.2583.2610.0

687.3695.4720.1

738.0748.7758.1767.2775. 6782.6

785. 7786.6788.3788.6788.9

UnitedKing-dom

67.8116.1136.8129.1

124.8124.3125.6

126.2129.0130.7131.6132.4131.9

131.8131.8131.6131.5131.4

France

6.818.222.826.2

41. 141.742.1

42.542.642.742.742.842.9

42.942.942.942.942.9

Neth-er-

lands

7.410.421.227.3

29.429.229.4

29.630.231.431.231.031.0

31.031.031.031.031.0

Switz-er-

land

- 1 . 213.730.437.1

43.343.344.8

46.047.748.849.849.048.8

48.848.748.648.648.6

Ger-many

13.322.526.633.1

36.436.536.6

36.536.436.336.236.236.2

36.236.236.236.236.2

Italy

2.99.4

13 520.5

24.926.127.6

27.827.927.727.527.828.0

28.028.028.028.028.0

OtherEurope

46.187.9

115.2165.9

185.0186.5188.6

190.6191.7192.7194.0194.5194.8

194.8194.7194.8194.8194.9

TotalEurope

143.1278. 3366.4439.1

485.0487 6494.6

499.1505. 5510.3513.1513. 7513.5

513. 5513.3513.1513.1513.2

Canada

-39 .71.7

10.5-38 .9

-29 .7-26 .7-11 .5

- 21.74.08.4

12.616.0

17.618.119.219.218.9

LatinAmerica

12.715.7

175.0166.3

181.1182.3183.0

184.5185. 6186.8188.2190.6192.7

194.3194.6195.2195.4195.6

Asia*

7.917.024. 533.8

39.840.842.8

43.244.245.245.646.247.7

47.747.948.148.348.5

Allother i

1.13 56.89.7

11 111.411.3

11.311.611.712.112.412.6

12.612.612.612.712.7

TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES

Net Purchases by Foreigners


1935—Dec. 311936—Dec. 301937—Dec. 291938—Dec. 28 _

1939_Oct. 25Nov 29Dec. 27.

1940—Jan. 31Feb. 28Mar. 27Apr. 24May 29June 26

July 3 . . .July 10July 17July 24July 31

Total

316.7917.4

1,162.01, 210. 9

1,130. 61, 103. 71,098.5

1,098 11.102 01,097. 8, 096. 9.081.5

1,092. 4

L, 092. 0. 088. 8

1,084. 81, 085. 81,082. 2

UnitedKing-dom

149.8367.7448.7472.6

369.8338.2328.2

315 7306.5295.62S7. 5281.3279.0

278.8278.4278.3280.0279.5

France

23.464.770.376.5

72.974 976.3

77 176.875 776 375.874.7

74.774.774.874.874.8

Neth-er-

lands

50.5157.6213.8212.9

227.0226.2227.1

229.4230.4231.2231.4230. 7230.4

230.4230.3230.4230.4230.4

Switz-er

land

55.1200.2275.3301.7

329.1336 3342.8

349.2359.7367.2372. 6380. 9379.3

378. 3377.4377.0376.8376.3

Ger-many

- 5 . 4- 7 . 5

-17.4-22 .7

-27.6-28.0-28.2

-28 .3-28.4-28.7-28 .7-28 .7-28 .7

-28 .7-28.7-28 .7-28 .7-28 .7

Italy

- . 1- 3 . 3- 4 . 9- 5 . 4

- 5 . 4- 4 . 9- 4 . 9

- 4 . 7—4.7- 4 . 9- 4 . 9—4.712.9

14.314.713.713.111.8

OtherEurope

12.938.555.766.6

59.459.160.1

62.463.464.265.764.864.8

64.864.864.764.764.8

TotalEurope

286.2818.0

1,041.61,092. 3

1,025.11,001.81,001.4

1,000.81, 003. 81,000. 4

999.91,000.01,012. 5

1,012.61,011.61,010. 21,011.11, 008. 9

Canada

2.832.637.627.8

5.3.7

- 3 . 1

- 5 . 9- 7 . 5- 8 . 0- 8 0

— 12.4-19 .1

-19 .4-21 .5-23 .3-22 .9-24 .2

LatinAmerica

3.715.518.223.4

27.028.629.8

30.631.531.62<1 527 327.8

27.927.827.727.627.7

Asia *

21.444.154.756.4

59.258.756.1

58.259.859.561.253. 358.1

57.757.757.156.956.8

Allother i

2.67.19.8

11.0

13.913.814 3

14 614.414 414 313.413.2

13.213.213.213.113.1


1935-Dec. 311936-Dec. 301937—Dec. 291938—Dec. 28

1939—Oct. 25Nov. 29Dec. 27

1940-Jan. 31Feb. 28Mar. 27Apr. 24May 29June 26

July 3July 10July 17July 24July 31

Total

6 012 947.547.6

78 577 178 1

88.287 087.388.295 197.6

98.999.599.0

100.199.9

UnitedKing-dom

O)1 0

11.513 2

20.719 619.5

18 918 919.018.517.616.4

16.616.416.416.616.7

TABLE 7.—BROKERAGE BALANCES,' BY

France

2 410 411.512 6

19 019 018 5

19.619 018.717.918.418.2

18 518.718.518.518.5

Neth-er-

lands

1.3Q

5 06.8

9 09 6

tO 7

9.49.29.0

10.210.511.2

11.411.411.611.411.5

Switz-er

land

2.59 1

10 88 8

16. 115 716 4

18.319. 119.721.218 517.8

18 018.117.718.218.0

Ger-many

- . 2- . 7(»)

- . 2

- . 1(*)

- 2

- . 2- . 2- . 2

(4)

—. i- . 1- . 1

COUNTRIES

Italy

'.'

.1

.

LI

I

I

I

OtherEurope

1.4.4

5.05.3

6.05.05.2

5.75.85.55.77.18.1

8.18.38.38.38.3

TotalEurope

7.622.644.046.7

70.969.170.2

71 971.971.873.672.171.7

72.772.972.573.172.9

Canada

- 4 . 5-7 .6

3.52.6

9 29.08 9

10.910.59.5

10.410.310.8

12.011.611.711.511.1

LatinAmerica

1 0- t . 2- 5

g

2.0I 11.1

1.7.8

1.2- 16.38.4

7.68.18.18.78.8

Asia*

2 92.1.5

- 1 . 0

- 5 . 2-4 .0- 4 . 0

1.72.02.92.65.86.0

6.06.16.06.06.3

Allother i

- . 9

.2

1.51 82.0

2.01.91.81.8.6.7

.7

.7

.7

.9

.8

1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "Allother".

* For explanation see BULLETIN for May 1937, pp. 395-396.3 Inflow less than $50,000.* Outflow less than $50,000.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESOUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES

[Outstanding amounts in millions of dollars

TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES

Date TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

land


EuropeTotal

Europe CanadaLatin

America Asia*All

other i

Reported by Banks in New York City

1929—Deo. 3 1 — . .1930—Dec. 31 . . . . .1931—Dec. 301932—Dec. 28. . . . .1933—Dec. 271934—Nov. 283 _..

1934—Dec. 5 »„1935—Jan. 2 . . .

Dec. 31..

1936—Mar. 25..June 24._Sept. 30..Dec. 30-

1937—Mar. 31_.June 30—Sept. 29..Dec. 29..

1938—Mar. 30..June 29-Sept. 28..Dec. 28..

1939—Jan. 25—Feb. 22..Mar. 29..April 26-.May 31. .June 28..July 26...Aug. 30_.Sept. 27-Oct. 25...Nov. 29..Dec. 27__.

1940—Jan. 31Feb. 28...Mar. 27._Apr. 24._May 29..June 26__.

July 3 —July 10—July 17—July 24-_July 31-_

2,672. 72,335.01,303. 5

745.8392.0466.7

301.5214.5104.9169.748.959.1

923.7799.4649.271.127.032.7

99.1122.244.611.98.0

12.7

105.2222.2

66.078.011.59.7

204.5161.041.132.917.525.8

157.4111.233.239.811.714.3

371.3281.3122.266.231.141.7

2,162.81,911.7

961.2469.6155.7196.0

241.8216.8148.398.286.191.9

188.2130.8103.3121.796.7

106.6

49.038.269.043.542.760.3

Reported by Banks in United States

584.8597.0

1,200. 2

1,177. 21,426. 21,459. 61,491.6

1,682. 72,173. 62,304.81, 729. 6

1, 521.01,357. 41, 732. 42,003. 9

1,992. 62,089.02. 264. 22, 505. 62, 612. 72, 619. 52, 637. 42, 905. 42,983. 63,010. 93,003. 63,009. 7

2, 994. 72, 991. 63,035. 83, 079. 73, 06fi. 43, 243.9

3, 342.83,362. 53,400. 53,400.73, 412. 9

79.676.9

205.5

186.6270.6293.7235.7

226.9373.1385.8261.5

248.1217.4308.5438.8

419.2445.2473.9548.9578.0607.4667.5594.5656.7630.6501.6468.4

404.5376.6343.4343.73/54. 5367.3

397.9383.1373.9362.8343.0

36.133.9

163.5

145.8157.8163.2176.3

173.0206.2197.3143.9

126.3102.2165.6190.9

199.9216.5219.5269.0275.3284.4284.2315.9295.9259.9276.3263.7

290.6288.5285.0291.1319.1487.4

504.8500.6497.7496.3497.3

13.512.968.6

65.8102.876.878.8

60.4145.0167.689.1

48.548.682.208.4

103.4119.4143.9154.9137.1146.0153.8168.7186.0186.0194.7204.7

200.3200.1198.5214.4198.3189.3

184.7184.9182.3181.5178.3

12.113.786.1

86.3128.3147.3123.5

113.1331.4425.5302.1

236.7173.8191.0217.4

226.8238.4247.1244.2238.4240.8248.8283.6299.9307.4334.1365.6

895.5411.0431.6448.2413.6432.2

441.0444.5448.6449.5449.2

28.429.929.0

21.620.619.232.0

63.940.348.739.0

25.727.317.619.9

16.816.718.713.915.715.113.811.17.89.6

11.37.5

9.18.49.18.19.99.6

9.810.112.012.913.6

16.818.826.1

18.725.329.241.7

36.623.027.525.7

14.918.217.222.6

18.413.014.813.114.312.212.811.417.131.635.535.5

43.744.554.373.365.028.9

29.828.128. U27.025.8

40.646.8

107.5

118.3123.1128.8126.3

140.8177.9223.4156.0

135.7121.0232.8249.9

269.1257.7314.7365.3370.5366.9379.6431.0446.4475.6493.8620.0

569.0593.5617.8609.4619.3608.9

625.7625. 9624.7629.4634.7

227.1232.9686.3

643.1828.2858.3814.3

804.71,296. 91,475.91,017.1

835.8709.4

1,015.01,237.8

1, 253. 61,306. 81,432. 71,609. 31,629. 31, 672. 71, 660.41,806. 21,909. 71,900. 71,847. 21,865. 4

1,012. 61, 922. 61,939. 71. 9*8. 31,979.82,123. 6

2,193.82,177. 22,167. 22,159. 52,141. 9

103.399.3

145.3

144.2160.6170.7186.1

210.0190.1219.3175.6

186.4173.5190.8235.2

205.3223.2236.6267.0309.4291.7293.6356.2325.3309.2327.6285.1

266.9268.7273.2248.6236.0243.3

259.2278.9308.4310.2353.9

117.4122.8156.3

189.3207.4200.5263.9

441.0448.8353.8280.9

257.9261.7285.0254.9

250.0264.6300.7330.6371.7363.0375.5389.8383.0379.0361.0364.5

352.2354.6372.038.5. 6402.4410.3

421.4421.8433.7430.4420.8

125.1130.1188.9

183.1208.2210.2200.2

204.6210.4229.9236.0

219.5194.4207.9243.7

247.2258.5250.9251.4253.8242. 5253.6283.7299.5352.4384.5404.9

392.1383.4396.4402. 33K9. 6404.5

408.2417.8423.7433.6429.5

31.037.521.612.610.911.9

12.012.023.4

17.521.719.827.1

22.627.425.820.0

21.318.433.732.4

36.435.943.347.348.649.754.469.466.269.683.489.7

70.962.454.554.958.662.2

60.366.967.567.066.7

Additional Detail Available from January 3,19404

Date

1940—Jan. 3 . _Jan.31.Feb. 28.Mar. 27Apr. 24.May 29June 26.

July 3. .July 10..July 17.July 24.July 31.

5 European countries

Total

407.1448.1458.8482.1457.1443.3434. 4

457.0455.5452.6454.8457.7

Bel-gium

159.2166.2176.6179.2184.0172.0165.8

161.3160. 5158.3156.5154.9

Den-mark

28.128.727.229.923.821.119.8

19.518.618.718.318.4

Fin-land

21.423.823.725.226.929.529.5

29.629.929.229.029.1

Nor-way

56.367.069.468.467.664.160.0

59.058.357.958.157.8

Swe-den

142.2162.4161.9179.4154. 7156.7159.4

187.6188.1188.4193.0197.5

6 Latin American countries

Total

250.7259.3263.7279.0292.fi311.8316.6

326.5325.5333.9332.0321.3

Ar-gen-tina

57.766.568.768.176.483.389.0

88.790.797.297.093.1

Bra-zil

36.431.830.034.936.934.838.6

39.037.838.538.038.0

Chile

26.824.424.723.423.724.830.2

30.230.230.830.529.2

Cuba

37.038.338.344.345.649.647.1

49.749.550.651.848.1

Mex-ico

58.862.165.268.867. C68.666.1

65.364.061.56i.O60.3

Pan-amaandC. Z.

34.036.236.739.442.550.645.7

53.553.355.453.652.7

4 Asiatic countries

Total

323.9332.1325.3332.9339. 2333.9331.8

334.9339.6343.7347.3333.4

China

165.4171.9176.3177.6180.2174.8178.6

177.7177.4176.2177.9176.8

HongKong

71.472.268.575.477.679.477.5

78.481.584.184.484.3

Japan

68.058.060.847.148.243.541.9

43.343.146.747.134.0

Philip-pine

Islands

29.130.029.732.833.336.233.8

35.637.736.737.938.2

i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under"All other".

* Last report date on old basis.3 First report date on new basis.* The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin

America, and Asia.NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting prac-

tice of reporting banks which occurred on August 12, 1936, January 5, 1938, and October 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939,p. 295; and April 1940, p. 362).

NOVEMBER 1940 1233


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESOUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES

[Outstanding amounts in millions of dollars]

TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES

Date TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landGer-

many Italy OtherEurope

TotalEurope Canada

LatinAmerica Asiai

Allother *

1931—Dec. 30..._.1932—Dec. 28 . . . .1933—Dec. 27.....1934—Nov. 28 * -.

1934—Dec. 6«. . .1936—Jan. 2

Dec. 31

1936-Mar. 25...June 24Sept. 30—Dec. 30

1937—Mar. 31—June 30Sept. 29—Dec. 29....

1938—Mar. 30...June 29Sept. 28...Dec. 28

1939—Tan. 25___.Feb. 22_._.Mar. 29—April 28...May 3 1 . . .June 28—.July 26....Aug. 30.. .Sept. 27—Oct. 25... .Nov. 29—Dec. 27

1940—Jan. 31.._.Feb. 28_._.Mar. 27...Apr. 24 . . .May 29.. .June 26_...

July 3July 10....July 17....July 24....July31_...

1,103.3937.9898.8827.1

166.287.3

192.5201.3

29.562.966.994.1

20.913.018.415.9

12.66.2

12.38.5

467.2434.9260.9178.8

18.711.816.710.7

Reported by Banks in New York City

149.2 I97.083.260.2

864.3713.1651.0569.5

68.142.282.364.4

136.5155.2159.7124.4

41.824.049.746.2

1,137.81,139.9

778.6

736.3691.6647.9672.6

693.1637.7686.0655.0

669.7760.8626.9626.0

603.2669.1553.6492.3604.3496.6497.2483.5485.7558.1537.1546.3

533.0531.4622.2500.0475.0469.0

475.0466.8459.7460.4444.9

266.4296.988.1

82.777.375.8

114.1

99.775.675.384.8

120.6141.4121.987.7

98.582.083.064.265.465.465.266.966.064.546.544.4

66.244.747.036.730.133.1

32.031.231.129.528.2

108.280.632.5

26.523.981.516.8

15.813.211.113.5

11.416.211.413.3

8.712.413.811.710.710.77.38.78.78.65.45.0

5.35.45.85.87.95.9

6.26.25.64.64.5

19.218.619.0

22.921.221.521.9

17.113.719.123.0

23.525.222.625.5

23.822.420.117.918.719.721.710.39.69.36.66.6

7.25.78.95.53.22.8

2.62.52.32.11.9

Reported by Banks in

8.38.26.6

5.44.55.25.4

4.93.54.26.6

4.85.94.46.4

4.64.23.63.63.44.53.22.52.93.94.74.9

5.16.56.36.55.04.0

3.83.53.32.92.5

239.6231.7202.0

198.6187.0160.6165.1

162.2143.9132.0126.1

112.0102.699.190.9

88.684.081.479.479.277.474.773.067.160.768.663.9

52.361.850.850.247.347.8

47.347.647.547.046.6

26.527.213.6

12.612.711.010.9

13.014.816.820.8

18.116.117.013.3

14.413.316.413.511.99.59.3

12.612.211.89.4

10.9

13.715.517.316.918.314.9

14.213.112.411.39.6

United States

81.380.071.2

64.857.852.057.8

68.165.262.862.9

51.049.046.346.7

43.948.048.844.741.139.939.144.741.648.562.063.0

49.549.349.448.244.643.2

41.040.640.339.336.6

749.5743.2433.0

413.5384.4407.6392.1

370.7319.9311.3326.5

341.4356.4322.7282.8

282.4266.3267.1235.0220.4217.0210.3218.6208.1207.2183.1178.7

189.1177.9185.6169.8156.5151.8

147.2144.7142.6136.8130.0

91.296.3

100.9

78.778.049.169.4

71.787.882.5

118.0

93.387.684.065.7

62.449.046.348.049.454.062.744.049.761.143.646.3

40.144.242.736.126.729.6

35.333.231.431.931.3

170.7174.6164.5

158.7144.0126.6141.1

135.3132.0107.0114.4

113.5116.694.299.2

05.798.399.594.9

111.1110.3111.8104.1108.5112.0114.0117.5

110.2109.8109.5112.9113.3118.6

117.0116.3115. 7117.9116.3

118.1117.480.1

74.373.954.467.2

100.083.671.778.9

104.1126.4113.6162.6

157.9140.4125 7103.8110.6100.8108.7103.3104.0172.6179.3186.9

184.6190.3175.4172.6169.6160.0

167.9165.1162.5166.1159.8

2.63.50.22.6

8.38.S

10.1

11.211.410.212.9

16.514.618.517.2

17.413.812.415.7

14.815.014.910.912.814.813.613.515.416.217.016.9

9.19.29.18.79.09.0

7.77.67.47.77.5

Additional Detail Available from January 3,1940 *

Date

1940—Jan. 3 . .Jan. 31.Feb. 28.Mar. 27Apr. 24.May 29June 26.

July 3 . .July 10.July 17.July 24July 31_

5 European countries

Total

23.422.220.419.718.314.111.3

10.610.19.69.49.1

Bel-gium

6.57.27.48.18.45.13.9

3.43.33.13.12.9

Den-mark

3.23.72.92.21.41.1.8

. 7

.7

.6

. 5

.4

Fin-land

1.41.2

. 8

. 81.01.51.5

1.51.51.51.61.6

Nor-way

3.63.74.03.93.62.41.7

1.51.41.41.31.3

Swe-den

8.76.55.44.73.94.23.5

3.43.23.02.92.8

6 Latin American countries

Total

76.171.569.970.172.973.978.3

77.575.675.677.475.6

Ar-gen-tina

16.812.912.012.212.416.416.7

16.716.216.417.216.4

Bra-zil

32.231.231.831.634.532.134.0

33.732.932.133.532.8

Chile

9.79.69.79.49.69.59.8

9.79.79.79.7

10.3

Cuba

10.510.411.111.210.29.8

11.4

11.410.611.410.89.9

Mex-ico

5.96.54.44.75.05.05.1

4.84.84.84.74.7

Pan-amaand

C.Z.

1.0. 9. 9

1.01.21.11.2

1.31.41.31.41.5

4 Asiatic countries

Total

152.5161.9168.0165.4161.7160.1148. 5

155.2152.2149.2152.5145.3

China

22.022.525.425.724 324.524.7

30.230.330.330.030.5

HongKong

1.9

:L.6J.2L.51.41.92.5

1.61.41.61.52.7

Japan

102.1111.2111.2109.6108.1103.289.7

90.687.384.687.878.6

Philip-pine

Islands

26.426.628.228.628.030.531.6

32 733.232.833.333.6

i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under"All other".

* Last report date on old basis.• First report date on new basis.4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin

America, and Asia.NOTE.—-The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting prac-

tice of reporting banks which occurred on August 12, 1936, and October 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363).



CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

Assets ofissue dept.

Gold* Other

Assets of banking department

Cash reserves

Coin Notes

Dis-countsand ad-vances

Securi-ties

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers*

71.0132.4126.4102.4101.289.172.1

150.6120.6101.0

91.490.1

107.1116.8103.5117.3

98.199 498.0

103.494.982.7

106.3118.7116.0

Public

8.86.67.78.9

22.29.9

12.112.111.415.9

26.031.119.812.627.829.7

39.745.743.140.736.158.022.7

8.813.5

Other

35.836.240.333.836.536.437.139.236.636.8

36.739.040.539.240.242.0

44.338.942.240.650.550.352.351.851.9

Otherliabili-

ties

1929—Dec. 25 __1930—Dec. 31 __1931—Dec. 30._1932—Dec. 2 8 . .1933—Dec. 2 7 . .1934—Dec. 26 . .1935—Dec. 2 5 . .1936—Dec. 30 . .1937—Dec. 29 . .1938—Dec. 28 . .

1939— July 26—Aug. 30..Sept. 27_.Oct. 25...Nov. 29..Dec. 27. .

1940—Jan. 31. . .Feb. 28. .Mar. 27..Apr. 24. .May 29..June 2L-July 31_.Aug 2 8 -Sept. 25 _

145.8147.6120.7119.8190.7192.3200.1313.7326.4326.4

3 246. 4263.0

3 . 1.2.2.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

260.0260.0275.0275.0260.0260.0260.0200.0220.0230.0

300.0300.0580.0580.0580.0580.0

580.0580.0580.0580.0580.0630.0630.0630.0630.0

1.0.5

.6

.7

.7

.91.11.0

.81.01.11.01.41.5

26.338.831.623.658.747.135.546.341.151.7

35.533.538.353.051.625.6

52.549 037 143 123.428.120.720.225.5

22.349.027.318.516.87.68.517.59.228.5

8.06.42.54.64.54.3

3.12.86.14.92.94.73.33.93.5

84.9104.7133.0120.1101.498.294.7155.6135.590.7

128.0137.8144.2127.7132.1176.1

143.9149.4157.2153.5171.6174.6174.4172.6169.7

379.6368.8364.2371.2392.0405.2424.5467.4505.3504.7

510.9529.5541.8527.1528.7554.6

527.7531.2543.1537.1556.9602.2609.5610.0604.8

17.918.018.018.018.018.018.018.018.018.0

18.118.218.317.717.817.9

18.0 '18.118.217.717.817.918.018.118.1

Assets

Bank of France

(Figures in millions of francs) Gold 4For-eignex-

change

Domestic bills

Openmarket6

Spe-cial 8 Other

Ad-vances

toGov-ern-

ment 7

Loans o n -

Short-term

Govern-ment se-curities

Othersecuri-

ties

Otherassets

Liabilities

Notecircula-

tion

Deposits

Govern-ment Other

Otherliabili-

ties

1929—Dec. 27._1930-Dec. 26—1931 -Dec . 3 0 -1932 -Dec. 30__1933 -Dec. 29._1934 -Dec . 2 8 -1935-Dec. 2 7 -1936—Dec. 3 0 -1937—Dec. 30—1938—Dec. 2 9 -

1939—Mar. 30..April 27.May 25..June 29- _July 27 . .Aug. 3 1 -Sept. 28..Oct. 26. _Nov. 30..Dec. 28—

1940—Jan. 25...Feb. 29—Mar. 28..Apr. 25—May 3 0 -

41,66853, 578

83,01777,09882,12466, 29660,35958,93387, 265

87,26692,26692, 26692, 26692, 2668 97,26697, 26697, 26697, 26697, 267

97,26897,275

884,61484, 61584, 616

25,94226,17921, 1114,4841,158

9631,3281,460

911821

75875675472272221821285

120112

111109111112102

5,6125,3047,1576,8026,1225,8375,8005,6405,5807,422

8,631

8,6248,4297,389

8,1648,0748,3169,3969,73410,03810, 56511,273

11,86112, 50542,64542,69444,083

1,379652

1,797

2,0542,1652,2762,2792,2751,7081,9582,0071,6262,345

2,2351,8101,8701,7811,889

3,4384,7393,9719,7128,465

10,0667,880

5,7336,0124,7745,0095,00015,00914,830

5,2065,149

5,0114,6305,0055,76914, 473

17,69831,90920, 627

20,62720, 57720,57720, 57720, 57720,57722, 77725, 47330, 47334,673

35, 67340, 52320,55020,90032,600

573715675443

17212778374472

2,412930336454174

229465320228

2,320

2,5212,9012,7302,5152,9213,2113,2533,5833,7813,612

3,3323,3623,4013,4713,4613,8053,6613,5763,5813,482

3,4443,4033,3763,4113,716

5,6036,6098,5459,1968,2518,2887,8798,3447,27714,442

14,55814,45214,26414,75314,45816,01616,48217,10017,76916,438

15,96316,91715,97015, 666

68, 57176,43685, 72585,02882, 61383, 41281,15089,34293,837110,935

119,748124, 666121,391122, 611123,239142,359144, 562144,379149,370151,322

151, 738156,150156,032156, 285170,853

11,73712,624

2,3112,3223,7182,8622,0893,4615,061

3,9553,7554,5735,1885,4683,3042,3422,0041,9531,914

1,8341,2031,1541,1711,046

7,85011,69822,18320,07213,41415, 3598,71613,65519,32625, 595

16,70217, 25517, 57016,90916,05818,03818,02214,79012, 39214, 751

14,96517,12814,26214,68125, 782

1,8122,2411,9892,0411,9401,9072,1132,5573,1602,718

2,7262,6493,0202,8162,7812,7082,9263,0063,3462,925

3,2593,1563,0143,0382,811

» Effective Mar. l, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271).* Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12, 1940; for information concerning

previous status of fiduciary i^sue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339.3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000

(at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank;on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account.

4 By decree of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407), gold revalued on basis of 23.34 milligrams gold 0.900 fine per franc. In-crement of about 17,000,000,000 francs supplemented by certain other funds was applied to the full repayment of advances to the Government grantedunder authority of the decree of Nov. 12, 1938, in the amount of 20,473,000,000 francs. Gold also revalued in Oct. 1936, July 1937, and Nov. 1938.For further details see BULLETIN for November 1936, pp. 878-880; September 1937, p. 853; and January 1939, p. 29.

5 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, fromMar. 28, 1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization Fund on Mar. 7, 1940.

8 Bills and warrants endorsed by National W heat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills redis-counted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).

7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22,1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; Convention of Sept. 29, 1938, approved by decree of Sept. 1, 1939; and Conven-tion of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407).

8 On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of France; on Mar.7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund.

NOTE.—For further explanation of table see BULLETIN for July 1935, p . 463, and February 1931, pp . 81-83.

NOVEMBER 1940 1235


Central Banks—Continued

Reichsbank(Figures in millions of

reichsmarks)

Assets

Reserves of gold andforeign exchange

Totalreserves Goldi

Bills (andchecks),includingTreasury

bills

Securityloans

Securities

Eligibleas notecover

Other

Otherassets

Liabilities

Notecircula-

tionDeposits

Otherliabili-

1929—Dec. 31_.1930—Dec. 31..1931—Dec. 31..1932—Dec. 3 1 -1933—Dec. 30..1934—Dec. 31..1935—Dec. 31..1936—Dec. 31..1937—Dec. 31_.1938—Dec. 31..

1939—Sept. 30.Oct. 31...Nov. 30.Dec. 30-

1940—Jan. 3 1 . .Feb. 29..Mar. 30.Apr. 30..May 31. .June 29—July 31 ._Aug. 3lP.Sept. 3UP

2,6872,6851,156

9203968488727676

77777778

777778787777787778

2,2832,216

984806386

7982667171

2,8482,5724,2422,8063,2264,0664,5525,5106,1318,244

10,1059,35810,14811,392

11,14311,82512,24212,18812, 56912,61112, 61312, 89113, 206

25125624517618314684746045

24353630

33373131312528(»)16

259445349221106557

1,3241,440997804

374172144221142143114(*)50

92102161398322319315303286

365

401367394364363454408

656638

1,0651,114

735827853765861

1,621

1,9632,3752,2572,498

2,4872,3802,5572,6512,1352,5952,377

(2)()

5,0444,7784,7763,5603,6453,9014,2854,9805,4938,223

10,99510,82010, 97411,798

11,50511,87712,17612,48012, 59412,78512,75013,02612,847

755652755540640984

1,0321,0121,0591,527

1,6021,5201,5742,018

,760,714,470,854

1,620

1,795

736822

1,3381,313836

1,001923953970

1,091

1,2871,3121,3321,378

1,3821,4221,5091,3381,2531,2661,248

(2)

p Preliminary.i Not shown separately on Reichsbank statement after June 15, 1939.* Figures not yet available.NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.

Central Bank[Figures as of last report

date of month]

National Bank of Albania (thou-sands of francs):

Gold _Foreign assetsLoans and discountsOther assets —Note circulationOther sight liabilities..Other liabilities

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange.Negotiable Government bonds.Rediscounted paperOther assetsNote circulationDeposits—Member bank

GovernmentOther

Foreign exchange sold forward-Other liabilities

Commonwealth Bank of Australia(thousands of pounds):

Issue department:Gold and English sterling...Securities

Banking department:Coin, bullion, and cashLondon balancesLoans and discounts..SecuritiesDeposits

Note circulationBank of Belgian Congo (millions of

Belgian francs) :GoldForeign (gold) exchangeLoans and discountsOther assetsNote circulationDeposits T..Other liabilities. __..

1940

Sept. Aug. July

1,220150223

19224

1,202383173

513

16,08154,304

6,73644,78635,16739, 026117,15761, 619

(Mar.)i7,56765,13510,3157,82928,41946, 83015, 598

1,22415524223

2221,21841515741560

16, 08254,312

5,32352,05234, 20735,884119,38861, 619

(Jan.)1

1715

617526421735164

1939

Sept.

7,56752,6315,1067,993

26, 24732,37214, 679

1,224135277

2201,163497

16,03043, 995

1,86915, 64018,06062, 25091, 35551, 025

171

532492385643167

Central Bank[Figures as of last report

date of month]

National Bank of Belgium (millionsof belgas):

GoldOther gold and foreign ex-

changeDiscountsLoansOther assetsNote circulationDemand deposits—Treasury . . .

OtherOther liabilities

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsSecurities— G o vernment. _

OtherOther assetsNote circulationDepositsOther liabilities __

National Bank of Bulgaria (mil-lions of leva):

GoldNet foreign exchange in reserve..Foreign exchangeLoans and discounts _.Government d e b t . . .Other assets _Note circulationDepositsOther liabilities

Bank of Canada (thousands of Ca-nadian dollars):

GoldsSterling and United States ex-

changeCanadian Gov't. securities:

2 years or lessOver 2 years

Other assetsNote circulationDeposits—Chartered banks.

Dominion Gov'tOther

Other liabilities

1940

Sept. Aug. July

20,336

412, 359120,74243, 356

331, 957231, 336

4,4419,961

19,098

2,723

430,113121,189

18, 222306, 534215, 53932,8573,610

13, 707

(June)i4,329

2 701,170

5111,0366,690

14273139

(June)i96,83179, 406

229,145423, 713

12, 98220, 236

422,171348,805

91, 338

(Apr.)i2,006

41,8001,1103,3932,0304,5263,4212,396

5,700

392, 235123, 5989,318

291, 676194, 42a24,1408,22212, 389

1939

Sept.

3,628

942440171553

5,4014

206124

91, 73848, 20671, 758

407, 8497,39372,142

325, 313293,085

2,006

7052,4093,4171,3864,4263,2062,291

!25, 675

44,448

55, 05463, 5887,234

212, 490221,127

11, 38012, 774

1 Latest month for which report is available for this institution.2 Foreign exchange only; total gold holdings now included in item "Gold."3 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July

1940, pp. 677-678).




Central bank[Figures as of last report

date of month]

Central Bank of Chile (millions of

Gold _ _Discounts for member banksLoans to government.Other loans and discountsOther assets.Note circulationDeposi ts-

Bank _ _Other _

Other liabilitiesBank of the Republic of Colombia

(thousands of pesos):GoldForeign exchange.Loans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities

National Bank of Bohemia and Mo-ravia (millions of koruny):

GoldForeign exchange _~DiscountsLoansOther assetsNote circulationDemand depositsOther liabilities ___

National Bank of Denmark (millions of kroner):

GoldForeign exchangeClearing accounts (net)Discounts _.Loans—To Government agencies

Other.SecuritiesOther assets _Note circulationDepositsOther liabilities

Central Bank of Ecuador (thou-sands of sucres):

GoldForeign exchange (net)Loans and discounts.Other assets _Note circulation.Demand depositsOther liabilities.

National Bank of Egypt3 (thou-sands of pounds):

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other

Government securities.Other assetsNote circulationDeposits—Government


Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchangeLoans and discountsGovernment debt and securities.Other assetsNote circulation _DepositsOther liabilities

Bank of Estonia (thousands ofkrooni):

Gold and net foreign ex-change _-_

Loans and discountsOther assetsNote circulation.Demand depositsOther liabilities

1940

Sept. Aug. July

12, 59426,25842,95931, 53254, 92354,15130, 656

14615874637023

1,018

146116163

26, 87011,01224,85940, 32131, 61255, 23753, 23226, 204

1,5977123764090)

5,7641,196(0

13, 2011,8762,7895,3321,36113, 9095,3235,327

14616074637122

1,028

154104160

30,9458,56622, 24238, 37931, 92554,95751, 76625,333

1,597735864700)

5,4431,343

0)(June) 2

1179

11325228175184156697169141

May)231, 929

68,17925,416

36, 03226, 605

(Apr.)*6,5442,7298,141

30, 6086,99525,4892,39218,0769,060

13, 2192,6602,4355,2981,311

14, 1875,5875,149

47, 84657,39947,43788, 49228, 28535, 905

Sept.

14681754240

19154157

37,3835,54421,13137,10531,01854,06946,06032,052

1,659793

1,8951,0194,5856,438851

2,661

11739

101182218

118169

39, 3185,30762,05621, 74666,18744, 59017, 649

6,5451,6538,615

30, 2079,06026, 2634,49316, 6098,715

13, 2083,9011,2615,1001,12714,1296,8423,627

48, 27445,04838,115"1,46126, 77435, 203


date of month]

Bank of Finland (millions of mark-kaa):

GoldForeign assets.__Loans and discountsDomestic securitiesOther assets .__Note circulationDeposits—Treasury

Other _Other liabilities _

Bank of Greece (millions of drach-mas):

Gold and foreign exchange (net). .Loans and discounts..Government obligationsOther assets _ _Note circulationDeposits. ,Other liabilities __

National Bank of Hungary (mil-lions of pengo):

Gold ._Foreign exchange reserveDiscounts..Loans—To Treasury

OtherOther assets __ _Note circulationDemand depositsCertificates of indebtednessOther liabilities

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroad. . .Sterling securities _Indian Gov't. securitiesRupee coinNote circulation _.

Banking department:Notes of issue department. . .Balances abroadTreasury bills discountedLoans to GovernmentInvestmentsOther assetsDepositsOther liabilities

Bank of Japan (millions of yen):GoldSpecial foreign exchange fundDiscountsLoans—To Government

OtherGovernment bondsOther assetsNote circulationDeposits—Government

Other . . . .Other liabilities

Bank of Java (millions of guilders):GoldForeign bills _ _Loans and discountsOther assetsNote circulation _ _.DepositsOther liabilities

Bank of Latvia (millions of lats):Gold __Foreign exchange reserveLoans and discounts...Other assets _Note circulation _ _DepositsOther liabilities

Bank of Lithuania (millions, of litu):GoldForeign exchangeLoans and discountsOther assets. . . _.Note circulationDepositsOther liabilities _

1940

Sept. Aug.

4,96714, 6834,0493,19711,07713, 5852,233

12450

84933644316

1,20020887226

5013007523

1622,620434

3,533714109416

July

(Oct.1939)21,1802,0852,059328343

3,378

5532,064

4,79014, 5804,0493,08710, 60313. 5562,346

1245769333747382

1,15811494275

4441,315496383

2, 379

2592082128912

479111

501300618382

2,495423

3,32665193352

1512287129205157

72292344512320452

679

183751979442

1939

Sept.

1,1812,2141,269331274

2,547132561

2,028

3.12613, 6514,2071,993

10, 63910, 3401,996

1249862734232331

1,08714899220

444645374751

2,029

185136616335306120

5013004513

1401,805397

2,634544111308

1299709219975

351764711818751

589

1454217045

1 Figures not yet available.2 Latest month for which report is available for this institution.3 Items for issue and banking departments consolidated.

NOVEMBER 1940 1237




date of month]

Netherlands Bank (millions of guil-ders):

GoldSilver (including subsidiary coin)Foreign billsDiscounts _LoansOther assetsNote circulation.Deposits—Government . .

OtherOther liabilities __

Reserve Bank of New Zealand(thousands of pounds):

Gold _Sterling exchange reserveAdvances to State or State un-

dertakings __InvestmentsOther assets _Note circulation.Demand depositsOther liabilities __ __

Bank of Norway (millions ofkroner):

Gold _Foreign assetsTotal domestic credits and

securitiesDiscounts _ _LoansSecurities _

Other assetsNote circulation _Demand deposits—Government-


Central Reserve Bank of Peru(thousands of soles):

Gold and foreign exchangeDiscountsGovernment loansOther assetsNote circulationDepositsOther liabilities

Bank of Portugal (millions ofescudos):

GoldOther reserves (net)Non-reserve exchange.Loans and discounts __Government debtOther assetsNote circulationOther sight liabilitiesOther liabilities ___

National Bank of Rumania (mil-lions of lei):

Gold 3Special exchange accounts __Loans and discountsSpecial loans 4

Government debtOther assetsNote circulationDemand depositsOther liabilities

South African Reserve Bank (thou-sands of pounds):

GoldForeign bills.. _Other bills and loans.-Other assetsNote circulationDepositsOther liabilities-

1940

Sept. Aug. July

2,80212,217

2,544380

20, 06622, 3302,452

37, 350840

1,90334, 49323, 66444, 8476,076

(Apr.)i1,160

121

1022671

1,1662522859

2,80213,027

25, 2262,544426

19, 62322,1682,233

(Mar.)1186102

435)

112

57, 79115, 833121,4138,332

136,10846, 23521,025

921356155552

1,0331,6282,704938

1,003

31, 7474,34425,146

8817,95912, 82458,96115,0008,939

37, 0321,4353,95833,88021,78850, 3254,192

1939

Sept.

1,10472

9024974

1,142

336

2,8025,312

20,8433,816

59816, 64814, 7102,014

23778

38418275126275382181

48,19122, 78199, 7564,953

134, 55324,42916, 700

920495225415

1,0361,2492,374952

1,013

20, 3934,76221, 8691,38210,19713, 70047, 9778,93315, 393

7,12518

18, 22520, 54529, 8803,341


date of month]

Bank of Sweden (millions ofkronor):

GoldForeign assets (net)Domestic loans and investments.Other assetsNote circulation _Demand depositsOther liabilities-

Swiss National Bank (millions offrancs):

Golds . . .Foreign exchange...Discounts. . . _Loans _Other assets _Note circulation. _ _Other sight liabilitiesOther liabilities. _ __

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign Exchange—Free

In clearing accountsLoans and discounts...Securities. _Other assetsNote circulationDeposits—Gold

Othe r . . . _Other liabilities

Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silverNote circulation

Banking department:Gold _.Notes and coinLoans and discountsOther assets __.DepositsOther liabilities

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign exchangeLoans and discountsGovernment debtNational defense billsOther assetsNote circulationOther sight liabilities.Other liabilities

Bank for International Settle-ments (thousands of Swiss goldfrancs6):

Gold in barsCash on hand and on current

account with banksSight funds at interestRediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investmentsOther assetsDemand deposits (gold)Short-term deposits (various

currencies):Central banks for own ac-

countOther

Long-term deposits: Special ac-counts

Other liabilities

1940

Aug. July

338685693822

1,451271817

2,11954825454

2722,119

380578727839

1,430295800

2,114489248

2,161752271

107, 92339

21, 451297, 411195, 69238, 603356, 93878,12490, 661135, 394

2,330556

1,6513,0734,5983,01712, 2412,181

29,385

38, 86215,400

143, 67321, 355208, 4022,71415, 846

21, 5302,462

229, 001190, 953

786475285535

1,259'650173

2,4192859449684

2,082802

36,8373

2,419205, 985197,85228,109

288, 521

(June)i86, 23596, 728

21, 45446,034113,630119,80799, 931200,994

2,286513

1,8553,0734,0913,11712,1791,941815

31, 007

29, 48016, 270

145,87621, 228209,1952,30314,092

19,8202,456

229, 001189, 990

1939

Sept.

64,072118,612

86, 23587,296

21,00352, 327112,004106,34988,948202, 735

1,987582

2,4942,400

3,9619,1081,0951,221

16, 523

27,33711, 536

176,06232, 979226,0083,02710,688

40,1693,002

250, 906188, 706

r Revised.1 Latest month for which report is available for this institution.2 Figures not yet available.3 Gold revalued May 19, 1940, at 0.0043 gram fine gold per lea.4 Agricultural and urban loans in process of liquidation.* Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.e See BULLETIN for December 1936, p. 1025.



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS


Centralbank of—

RateOct.

28Date

effectiveCentral

bank of—RateOct.28

Dateeffective

Centralbank of—

RateOct. Date

effectiveCentral

bank of—RateOct.

28

Dateeffective

AlbaniaArgentinaBelgiumBolivia..British India-BulgariaCanadaChileColombiaCzecho-

slovakiaDenmark

32

3

3-43/6 Dec,

Mar. 21, 1940Mar. 1, 1936Jan. 25, 1940Aug. 9, 1938Nov. 28, 1935Sept. 16, 1940Mar. 11, 1935~ i. 16, 1936July 18, 1933

Jan. 1, 1936Oct. 16, 1940

EcuadorEl Salvador.EstoniaFinlandFranceGermanyGreeceHungaryItalyJapanJavaLatvia

73

2

3

May 26, 1938Mar. 30, 1939Oct. 1, 1935Dec. 3, 1934Jan. 4, 1939Apr. 9, 1940Jan. 4, 1937Oct. 22, 1940May 18, 1936Apr. 7, 1936Jan. 14, 1937Feb. 17, 1940

LithuaniaMexico.Netherlands __New Zealand _NorwayPeruPortugalRumaniaSouth Africa..SpainSwedenSwitzerland-__

JulyMar.Aug. iMay \May ]Aug.

Sept. ]May 1'Mar.:May 1Nov.;

15, 19391, 1937

29, 193927, 194013, 19401, 1940

4-4^ Aug. 11, 193712, 194015, 193329,193917, 194026, 1936

OPEN MARKET RATES[Per cent per annum]

TurkeyUnited King-

domU. S. S. RYugoslavia

July 1, 1938

Oct. 26, 1939July 1, 1936Feb. 1, 1935

c Corrected.i Not officially confirmed.Changes since Sept. 28: Denmark

Oct. 16, down from 4^ to 4 per-cent; Hungary-Oct. 22, down from4 to 3 per cent.

Month

United Kingdom

Bankers'acceptances3 months

Treasurybills, 3months

Day-to-daymoney

Bankers'allowanceon deposits

Germany

Privatediscount

rateDay-to-day

money

Hungary

Primecommer-cial paper

Day-to-daymoney

Nether-lands

Moneyfor

1 month

Sweden

Loansup to3

months

Switzer-land

Privatediscount

rate

1937—Aug1938—Aug1939—Aug

1939—Dec1940—Jan

FebMarAprMayJuneJulyAug

.55

.531.58

1.231.101.041.031.031.031.031.031.03

.52

.511.92

1.241.091.021.021.031.021.021.021.02

.75

.751.35

1.031.021.00.99

1.001.001.001.001.00

2.882.882.75

2.632.502.502.502.382.382.382.38

2.852.512.50

2.392.032.082.161.901.981.981.73

.53

.501.53

2.752.642.502.492.75

13.21

23^-523^-523^-5

3-53-53-53-53-5

2.83

1.001.001.00

1.251.251.251.251.251.411.501.501.50

p Preliminary.i Figures are for period May 1-9, inclusive; no quotations available May 10-June 30.NOTE.—For back data, figures for other countries, and references to explanation of table see BULLETIN for September 1940, p. 1018.

COMMERCIAL BANKS

United Kingdom *

(Figures in millions ofpounds sterling)

1930—December1931—December1932—December1933—December1934—December1935—December1936—December

1936—December •1937—December1938—D ecember

1939—AugustSeptemberOctoberNovemberDecember

1940—JanuaryFebruaryMarchApiilMayJuneJulyAugust

Assets

Cashreserves

Money atcall andshortnotice

Bills dis-counted

Treasurydeposit

receipts2Securi-

tiesLoans tocustom-

ersOtherassets Total

LiabilitiesDeposits

Demand 3 Time 3 Otherliabilities

10 London clearing banks

208184207213216221236

144119127119151159187

322246408311255322316

285297472565594605630

933905778740759784864

240222208237247231238

1,8761,7371,9831,9411,9712,0912,238

992868991

1,0151,0441,140

847846963900910924

254237216244251231232

11 London clearing banks «

244244243

233268256245274

242247249254257270262273

195163160

148146159142174

154149142153144166146148

322300250

279236289353334

388353336338409384415430

2626

660635635

599603605611609

610609611618633636658682

890984971

9901,0161,0201,0001,015

1,0101,0071,014

991972983940927

249256263

270276271242290

267259273260260295271255

2,3152,3302,254

2,2452,2782,3272,3452,441

2,4102,3662,3632,3542,4132,4692,4542,481

1,2881,2841,256

1,2391,2721,2991,3031,398

1,3731,3471,3551,3511,3821,4431,4651,486

1,0121,026

997

1,0071,0061,0281,0421,043

1,0361,0191,0081,0031,0311,026

989995

245252269

273266272248256

261258260261261264264260

>ank rate.

0 .District ±$anK mcmaea Deginnmg in iydo.NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640.

NOVEMBER 1940 1239


Commercial Banks—Continued

France

(4 large banks. End of month figuresin millions of francs)

1930—December.1931—December.1932—December.1933—December.1934—December.1935—December.1936— December.1937—December.1938—December.

1939— MarchAprilMayJuneJulyAugustSeptember.October.. .November.December.

1940—January.._February..March i.._

Assets

Cashreserves

2,41911,3119,0075,8705,8363,7393,1003.4033,756

3,6043. 5225,1483,5383,4646,3575,0624,5344,1714.599

4,0664,2934.110

Due frombanks

4,6752,1681,7661,4161,4212,4842,9754,1164,060

3, 5193,7453,7693,8573,5803.7183,8623,6983.7143. 7654,080ii,9933,920

Bills dis-counted

20,44818,44122,01419,84818, 30416,14117, 58218, 24921,435

23, 94525,66725,10225, 26325, 71718, 78420,88823,17025, 64929,546

29,80830,81034, 123

Loans

10,7439,2747,8508,3098,1598,0257,6317,6247,592

6,6546,4147,0616.5386.8507,3537,7107,8097,9077,546

7, 7567,5797,499

Otherassets

2,3612,1301,7491,8271,7171,9001,9572,1341,940

1,3101,3531,4091,4721,5321,6741,7351,9362.0682,440

1,7451,8491,961

Liabilities

Deposits

Total

36,68138, 24537, 75932.63530,94327, 55328,48430, 34833, 57834,79336, 36838,12036, 23136,65033,29334,64236, 28538,42342,44342,85043,73746, 608

Demand

35,28437,02336,49131, 77330,03926,85927,95529, 74833,04234,12735, 70037,44435, 54735, 99132,66834,04835, 67537,83541, 872

42, 30243,19546,064

Time

1,3971,2221,268

862904694529600537

667667676684659626594610588571

548542544

O w naccept-ances

921576295273193337473661721541558519486430455427534631844938

1,0341,105

Otherliabilities

4,3574,5034,3314,3624,3014,3994,2894,5174,484

3,6973,7753,8493,9514,0634,1384,1904,3284,4554,609

3,6673, 7533,901

Germany 2

(5 large banks. End of month figuresin millions of reichsmarks)

Assets

Cashreserves

Duefrom

banksBills dis-counted Loans Securi-

tiesOtherassets

Liabilities

Deposits

Total Demand Time

Creditsobtained

frombanks

Otherliabili-

ties

1930—November..1931—November. .1932—November..1933—November..1934—November..1935—November..1936—November..1937—November..

1938—AugustSeptember..OctoberNovember..

1939—JanuaryFebruary. . .MarchAprilMayJune 3

191173143131115139137148199270179195184175219189237214

1,483817583471393316269299255295261270285307308271292

2,4531,4311,6311,7022,0372,1622,5673,2053,5893,3843,6203,6433,9343,8883,9044,3644,5374,108

7,4165,3774,5703,7313,3312,8842,7292,6282,7312,8172,7432,685

2,7082,7982,8332,7612,772

482807938860874

1,0271,1121,0201,098,097,183L, 4061,178., 145,112,082,073,080

1,127991

1,003

851812844876895893895902901891852829

9,0916,0626,1615,7545,8165,3765,7516,264

6,9336,9157,0317,234

7,3347,3777,4587,7457,9817,793

3,8573,2522,9582,6242,7312,4352,6612,912

3,2193,3113,3733,531

3,6193,576

3,8703,9963,793

5,2332,8103,2033,1303,0852,9413,0903, 3523,7143,6033,6583,703

3,7163,8013,7653,8753,9853,999

1,9861,3281,146

661485686579513416424422420414410401398396390

1,8282,341

, 550,481,432,449,3341,335

,368,400,427,438

,436,427,418,414,385,342

Assets Liabilities

Canada

(10 chartered banks. End of monthfigures in millions of Canadian dollars)

Entirely in Canada

Cashreserves

Securityloans

Otherloans

and dis-counts

Securityloans

abroadand net

duefrom

foreignbanks

Securi-ties

Otherassets

Notecircula-

tion

Deposits payable in Can-ada excluding interbank

deposits

Total Demand Time

Otherliabili-

ties

1930—December—1931—December...1932— December....1933—December...1934—December....1935—December....1936—December...1937—December....1938—December—.1939—August

September...OctoberNovember...December....

1940—JanuaryFebruaryMarchAprilMayJuneJulyAugust

207201211197228228240255263265279304295292290273265281300272277291

20513510310610383114766549515356534857525444393938

1,2751,2531,1041,036977945791862940957

1,0201,0831,1021,0881,0731,1041,1151,0721,0631,0671,0531,062

171146155134155141161102166

245214209157132

134140166180194184166162

604694778861967

1,1551,3841,4111,463

1,5071,5021,6621,6651,646

1,6541,6381,5991,5921,6171,5831,5761,569

602510439432449485507510474461475474475490466476451488475469454440

1331291151211241111039688

8895908985

8286888491938990

2,1152,0581,9161,9202,0352,1802,3032,3352,500

2,5242,5832,8372,8092,774

2,7552,7722,7242,7432,7852,7062,6742,689

689698538563628694755

. 752840822891

1,1281,0741,0331,0051,1131,0631,0711,1421,0981,0621,055

,426,360,378,357,407,486,548,583,6601,702,692,7091,735L, 741,7511,6591,661,6721,643., 609,6131,634

816752760725718745790785782873862858851842827829836840818814802783

i No figures available since March 1940.* Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large

Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting prac-tice (see BULLETIN for June 1935, p. 389).

3 No figures available since June 1939.NOTE.—For other back figures and explanation of tables see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp.



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

1933..1934..1935..

1937 „1938—_1939

1939—OctNov.Dec

1940—JanFebMarApri l—M a y . . . .JuneJulyAugSept

Argen-tina

(peso)

72.80133. 57932. 65933.13732. 95932. 59730.850

29. 77029. 77229. 773

29. 77229. 77329. 77329. 77329. 77329. 77329. 77329. 77329. 773

Australia(pound)

Official Free

322.80322.80322.80322. 80322.80322. 80

337.07400.95388. 86395.94393.94389. 55353. 38

319. 51312. 66313.13

315.82315. 79299.50280.90260.80287. 04303.11317.02321.47

Bel-gium

(belga)

17.90023.28718. 42416.91716.87616. 89416. 852

16. 72916.49016. 577

16.83416. 85916.98016. 89116. 736

Brazil (milreis)

Official Free

7.96308.42688. 29478. 56818. 64375. 84386.0027

6.05756.05806.0576

6.05626. 05696.05746.05766.04886.05276.05756. 05756.0574

5. 87886.1983

5.~l248~

5.05035.03225.0263

5.01325. 02375.02695. 02915.02325.03295.02595.02195.0107

BritishIndia(rupee)

31.81637.87936.96437. 52337. 32636. 59233. 279

30. 29630.12730.032

30.14030.16330.17930.19830.12030.10630.14930.13230.162

Bul-garia(lev)

1.00391.28521. 29511.29581.28461. 24241.2111

Canada (dollar)

Official Free

90.90990.90990.90990.90990.90990. 90990. 909

91.959101.00699.49399.913100.00499.41996.018

89.33187. 75587. 615

88.01886. 65482.88384. 23880.97080.07286. 92486.86585. 469

Chile (peso)

Official Export

7. 678710.14525.08335.12405.16975.17165.1727

5.17135.17145.1705

5.16705.16555.16505.16495.16705.16785.16785.16805.1680

4.00004.00004.0000

4.00004.00004.0000

4.00004.00004.00004.00004.00004.00004.00004.00004.0000

China(yuanShang-

hai)

28.59834.09436. 57129.75129.60621.36011.879

7.6388.3537.487

7.8337.0126.4095.9925.0835.7606.0485.4765.206

Colom-bia

(peso)

81.69761. 78056.01157.08356. 72655.95357.061

57.15157.20657.022

57. 20557. 26457.13056.99057.04657. 22057.09656. 98556. 985

Czecho-slovakia(koruna)

3.82324. 24244.16424.00783.49303. 46743. 4252

Year or monthDen-mark

(krone)

Egypt(pound)

Fin-land

(mark-ka)

France(franc)

Ger-many(reichs-mark)

Greece(drach-ma)

HongKong

(dollar)

Hun-gary

(pengo)Italy(lira)

Japan(yen)

Mexico(peso)

Nether-lands

(guilder)

NewZealand(pound)

Norway(krone)

19341935 __-1936193719381939

1939—Oct....Nov. . .Dec—

1940—Jan....F e b . . .Mar . . .ApriL.M a y -June . .J u l y . .Aug.. .Sept...

19.07122. 50021.88322.18922.06921.82520. 346

19. 29119. 29419. 297

19. 30419. 31019.31119.307

434. 39516. 85502. 60509. 68506. 92501.30478.83

1.87082. 22772.16272.19032.18112.15671.9948

1.89431.89641.8136

1.81561. 70781. 52521. 77431.89611. 97761. 96431. 96911. 9619

5.03136. 56886. 60136.11414.04602. 87812. 5103

2. 27362. 22462. 2269

2. 24612. 24592.12961.99801. 85162. 0052

30. 51839. 37540. 25840. 29740. 20440.16440.06140.09240.12740.097

40.11840.11740.11440.11540.02539. 96539. 97839. 95139. 926

.7233

.9402

.9386

.9289

.9055

.8958

.8153

.7345

.7244

.7157

.7155

.7176

.7007

.6546

.6270

.6529

.6654

.6628

.6602

29.45238. 71648. 21731.71130. 69430. 45727. 454

25.03024.49124. 482

24.62924. 57223. 24721.83420.28822.38823. 58222. 51022. 623

22. 36029. 57529. 60229. 55819. 77919. 72719. 238

17.60217.600

17. 58617.60517. 59217. 58617. 58217. 59118.48119.37019. 367

6. 70948. 56178.24717.29165. 26075. 26055.1959

5.04655.04445.0452

5.04705.04675.04705.04525.04265. 03615.03235.03345.0357

25. 64629. 71528. 70729.02228. 79128. 45125.963

23. 51023.44023.441

23. 43823.43823. 43823.43823.43823. 43223.43223. 43123. 435

28.10327. 74227. 77827. 76027. 75022.12219.303

20.15120.49718.185

16. 66316. 65416. 65216. 65616. 65418. 36519.91319. 98819. 941

51.72167. 38367. 71564. 48155.04555.00953.335

53.11553.08053.107

53. 20853.13753.10153.08253.079

340.00402.46391. 26398. 92396.91392. 35354.82

320.81313. 96315.03

317.09317.06300. 72282.05261.87288.19

21. 42925 31624. 62724. 97424.84024. 56623. 226

22. 69722. 70322. 701

22. 70622. 70922. 71222. 707

304.32318. 25322. 74

Year or month Poland(zloty)

Portu-gal

(escudo)

Ruma-nia

(leu)

SouthAfrica

[pound)Spainpeseta)

StraitsSettle-ments(dollar)

Swe-den

(krona)

Switzer-land

(franc)Turkey

(pound)

United Kingdom(pound)

Official Free

Uruguay (peso)

Con-trolled

Non-con-trolled

Yugo-slavia(dinar)

1933..1934..1935..1936-.1937-1938..1939..

14. 41418.84618.88218. 87518. 92318.86018.835

3.91654. 60894.45754. 51304.47924.42674.0375

.77951.0006.9277.7382.7294.7325.7111

1939—Oct...Nov..Dec.

3. 64443.60673.6044

.7088

.7055

1940—JanFebMarAprilMayJuneJulyAugSept

3. 62283.49853.40903. 26503. 59693. 80213.83113. 9629

414.98498. 29484. 66491. 65489. 62484.16440.17

396.12397.15397.41

397.86398.00398.00398.00398.00398.00398.00398.00398.00

10.71913. 61513. 67812.3146.0535.60010.148

10.14810.0399.950

9.9509.9509.8149.1449.1309.1309.1309.1309.130

49. 23259.00557.17358. 25857.97356.91751. 736

47.01746. 24646.102

46.48446.48346. 75047.13647.11947.11447.11347.11647.102

22.03225.98225. 27125.62625.48725.19723.991

23. 79223. 79823. 796

23.80623.80723.81623.69123. 79123.80423. 83623.81323. 810

24. 83632.36632.49730.18922.93822. 87122. 525

22.43322.42822.422

22.41922. 41822.41722.41822. 25322.46122. 68422. 75522. 784

60.44079.04780.31280. 35780.13080.10980.243

423.68503.93490.18497.09494.40

403. 50403. 50403. 50403. 50403. 50403. 50403. 50

488.94443. 54

401.05392.47393.01

396.39396.34375.91352. 59327. 36360.16380.47397. 88403. 42

60.33679.95680. 25179.87479.07264.37062.011

65.83065.830

65.83065.83065.83065.83065.83065. 83065. 83065.83065. 830

36.789

39.02237.06336.457

36.36037.46638.83939.09038. 60337. 71435. 95634. 93936. 366

1. 76072. 27192. 28372.29652. 30602.31152.2716

2. 26492. 2657

2.25952.25602.24852. 24442. 24732. 24412 24392. 24362. 2436

NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct.16, 1939; Belgium—since May 9, 1940; Brazil—Sept. 1, 1939; Bulgaria—since Aug. 29, 1939; Canada—official rate Mar. 1-21, 1940, first reported inaddition to free rate beginning Mar. 22; Denmark—Aug. 26-31, 1939, and since Apr. 8, 1940; Egypt—since Sept. 1, 1939; Finland—Aug. 26-Sept. 1and Sept. 3-5,1939; France—since June 15,1940; Hungary—Aug. 26-Nov. 8,1939, and Jan. 27-Feb. 8,1940; Netherlands—since May 9,1940; Norway—Aug. 26-29,1939, and since April 8,1940; Poland—since Aug. 25, 1939; Rumania—Aug. 26-Nov. 5,1939, and since Jan. 31,1940; Spain—Mar. 30-Apr.1, 1940; Turkey—Aug. 25-28, and since Sept. 1,1939; United Kingdom—official rate Mar. 1-24, 1940, first reported in addition to free rate beginningMar. 25; Uruguay—controlled rate Sept. 1-Nov. 28, and non-controlled rate Oct. 17-Nov. 28,1939; Yugoslavia—Aug. 26-Nov. 5,1939. Official ratefor Australia first reported in addition to free rate beginning Apr. 1, 1940.

Changes in nominal status of quotations since July 1939 noted only if affecting quotations for at least five days a month. Quotations commencedbeing nominal as follows: Aug. 1939—Australia; Sept. 1939—British India, Germany, Hong Kong, Japan, South Africa, and Straits Settlements;Nov. 1939—Yugoslavia; Dec. 1939— Finland; Apr. 1940—Sweden; and June 1940—Italy. Quotations have ceased being nominal as follows: Sept.1939—Australia; Oct. 1939—South Africa; Nov. 1939—Hong Kong, Japan, and Straits Settlements; Mar. 1940—British India; Apr. 1940—Finland;May 1940—New Zealand; July 1940—Sweden. For further information concerning the bases and nominal status of exchange quotations, and con-cerning temporary suspensions of quotations prior to the end of July 1939, see BULLETIN for September 1939, p. 831; March 1939, p. 236; andMarch 1938, p. 244.

NOVEMBER 1940 1241


PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1926

1929 _ _ .19301931193219331934 . . .19351936193719381939 _

1939—August

OctoberNovemberDecember

1940—JanuaryFebruaryMarchAprilMayJuneJuly _. .AugustSeptember

UnitedStates

(1926=100)

100

9586736566758081867977

7579797979

797978797878787778

Canada

(1926=100)

100

9687726767727275857976

7278798082

8383838382828283

UnitedKingdom

(1930=100)

» 124

100888686888994

109101103

98106111119122

125128129132134

'134140140

P141

France

(1913=100)

695

627554500427398376338411581663

>681

674

Germany

(1913=100)

134

137125111979398

102104106106107

107107107107108

108108109110110110111111111

Italy

(1928=100)

95857570636268768995

a 97

Japan

(October1900=100)

237

220181153161180178186198238251278

272288293300314

320317312314312308306306308

Nether-lands

(1926-30=100)

106

10090766563636264767274

7175818485

8688888889

Switzer-land

(July 1914=100)

144

1411261109691909096

111107111

107117120123125

128130132134135139141146

p Preliminary. r Revised.* Approximate figure, derived from old index (1913=100).1 Average based on figures for 8 months for France, 7 months for Italy.8 No figures available since July 1939, when figure was 96.4 No figures available since August 1939.

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Indexes for groups included in total index above]

Year or month

1926

1929 _1930193119321933 _.ig3419351936 . ._193719381939

1939—AugustSeptemberOctober

"DfiPftmbflr

1940—JanuaryFebruarvMarchAprilM a yJuneJulyAugustSeptember

United States (1926=100)

Farmproducts

100

10588654851657981866965

6169676768

696968696866676666

Foods

100

10091766161718482867470

6775737272

727170727170707072

Othercommod-

ities

100

9285767071787880858281

8082848484

848383838382828282

United Kingdom(1930=100)

Foods

100898883858792

1029798

90101109114118

122126124126128130134136

Indus-trial

products

100878587909096

112104106

102108111121124

127129131135136

1 3 6142142

France (1913=100)

Farmand foodproducts

581

579526542482420393327426562641

1653

616

Indus-trial

products

793

669679464380380361348397598663

1707

726

Agricul-tural

products

129

130113104918796

102105105106108

109108108108108

108108110111112112112112111

Germany

Provi-sions

132

1251139686757684869691

193

92

1913=100)

Indus-trial rawand semi-finishedproducts

130

1321201038988919294969495

9595969797

989899989898989999

Indus-trial fin-

ishedproducts

150

157150136118113116119121125126126

126126126126127

127127128128128129130131131

r Revised.i Average based on figures for 8 months.»No figures available since August 1939.Source*.—See BULLETIN for April 1937, p. 372; March 1937, p. 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p. 159.



Year ormonth

1926 _.

1929. _1930. .193119321933193419351936193719381939

1939-AugustSeptemberOctober. __NovemberDecember.

1940- January. . .February..MarchAprilMayJuneJulyAugustSeptember

Price MeRETAIL FOOD PRICES

[Index numbers]

UnitedStates >(1935-39=100)

137

133126104878494

1001011059895

9498989795

959796969798979697

UnitedKing-dom

(Julyl914=100)

161

154145131126120122125130139141141

137138154157157

157161161158159158168164166

France(Julyl914

=100)

554

611614611536491481423470601702

«742

749CO

Ger-many

(1913-14=100)

146

156146131116113118120122122122123

125122122122123

124124126127129129131133

Nether-lands

(1911-13=100)

161

162150136119120124118120127130130

124128133136137

138140141(7)

wemei

Switz-erland

(Junel914=100)

160

156152141125117115114120130130132

131133136138138

139139140142143145145146

its—Continued

Year ormonth

1926

19291930193119321933193419351936193719381939

1939- AugustSeptemberOctober _NovemberDecember

1940-JanuaryFebruary.MarchAprilMayJuneJulyAugustSeptember

UnitedStates i(1935-39=100)

126

1231191099892969899

10310199

101

100

100

101

100

COST OF LIVING[Index numbers]

UnitedKing-dom

(Julyl914=100)

170

164158148144140141143147154156158

155155165169173

174177179178180181187185187

France(1930

=100)

100979187837886

102117

<122

(5)

Ger-many

(1913-14=100)

142

154147136121118121123125125126126

127126126126126

127127129129130131132133

Nether-lands

(1911-13=100)

168

168161151141139140136

3 132137139140

137139143144146

146148149149149

Switz-erland

(Junel914=100)

162

161158150138131129128130137137138

137138140142142

144145145147148150151151

1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of livinmay b e obtained from the Bureauof Labor Statistics.

2 Revised index from March 1936 (see BULLETIN for April 1937, p . 373).8 Average based on figures for 8 months.* Average based on two quarterly quotations.6 No figures available since May 1939, when figure was 123.8 No figures available since August 1939.* No figures available since March 1940.Sources—See BULLETIN for October 1939, p . 943, and April 1937, p . 373.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues. _

1926

1929.__19301931 _193219331934.__19351936193719381939

1939—AugustSeptember..OctoberNovemberDecember

1940—JanuaryFebruaryMarch __AprilM a y . . . „__JuneJuly.AugustSeptember

Bonds

UnitedStates

(averageprice) i

60

97.6

98.199.390.969.573.484.588 697.593.478.981.6

81.080.982.983.082 1

82.482.282.182.579.478 581.281 582.7

UnitedKingdom

(December1921=100)

87

110.0

110.2111.8108.4113.2119.7127.5129.9131.2124.6121.3112.3

110.9106.9109.5112.3112.4

117.6119.9119.8119.4116.8113.4116.4117.8117.9

France(1913=100)

36

67.4

85.195.896.988.681.382.183.576.375.177.3

»84.9

82.9CO

Germany(average

price)

139

81.483.3

»83.4«67.1

82.590.795.395.898.799.999.0

99.098.998 999.099.0

99.199.699.9

100.2100.7100 8100.8100 9

Nether-lands a

8

100.0104.3104.194.8

105.3113.4107 8109.1101.8105.990.9

92.679.680.380.977 2

77.976.776.474.2

(7)

Common stocks

(1926=100)

UnitedStates

420

100.0

190.3149.894.748.663.072.478 3

111.0111 883.389.2

86.392.495 394.291 8

92.791.591.592 983 073 376 177 580.9

UnitedKingdom

278

100.0

119.5102.678.967.978.685.786 397.096.380.875.9

75.372.074 976.075 7

75.777.177.977 473 164 963 565 666.2

France

300

100.0

217.6187.6132.2105.299.683.379 777.297 489.7

6 98.2

94.0

Germany

329

100.0

122.8100.2»78.0»50.3

61.771.182 991.6

102.6100.194.1

93.292.892 394.597 8

101.0103.1106.6109 3112.2112 6112.8115 9

Nether-lands

(1930=100)

100

100704662556566

1049690

88.692.187.785.884.3

85.484.785.783.9

1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.»Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index

beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January -

June; index for 1932 represents average of months May-December.4 New index. See note 2.6 Average based on figures for 8 months• No figures available since August 1939.7 No figures available since April 1940.Sources— See BULLETIN for November 1937, p. J172; July 1937, p . 698; April 1937, p . 373; June 1935, p . 394; and February 1932, p . 121.

NOVEMBER 1940 1243


*Tedetal Publication*

Copies of the publications and releases listed below may be obtained from Board of Governors of theFederal Reserve System, Washington, D. C.

CURRENT RELEASES

DAILY

Foreign Exchange Rates (for previous day)

WEEKLY

Monday:Condition of Reporting Member Banks in 101

Leading CitiesBank Debits

Tuesday:Money Rates—Open-Market Rates in New York

CityWednesday:

Weekly Review of PeriodicalsThursday:

Condition of Federal Reserve BanksCondition of Reporting Member Banks in New

York City and Chicago (Also a part of state-ment of Condition of Reporting Member Banksin 101 Leading Cities released on followingMonday)

Friday:Department Store Sales

MONTHLY

Federal Reserve Bulletin—released about the 4thof the month (subscription price $2.00 perannum, single copies 20 cents; outside of theUnited States, Canada, Mexico, and the insularpossessions, annual subscription $2.60, singlecopies 25 cents)

Federal Reserve Inter-District Collection System(Par List)—including list of State bank mem-bers. Semi-annual issues, January-July, andmonthly supplements—released about 7th of themonth

National Summary of Business Conditions—re-leased about the 16th of the month

Business Indexes—released about the 16th of themonth

Bank Debits—released between the 6th and 12thof the month

Foreign Exchange Rates—released about the 1stof the month

Money Rates—released about the 3rd of the month

QUARTERLY

Member Bank Call Report (3 or 4 times a yeardepending upon number of calls for conditionreports)

List of Stocks Registered on National SecuritiesExchanges. Issued annually in February withquarterly supplements (subscription price 25cents for the List and three supplements; five ormore copies on one order, 20 cents per copy; fiftyor more copies on one order, 15 cents per copy.)

ANNUALLY

Bank Debits—released ordinarily in FebruaryAnnual Report (covers calendar year)

BOOKS AND PAMPHLETS(Partial List)

THE FEDERAL RESERVE SYSTEM—ITS PURPOSES ANDFUNCTIONS. Obtainable in cloth binding at 50 centsa copy and in paper cover without charge. 128 pages.

A set of FEDERAL RESERVE CHARTS ON BANKCREDIT, MONEY RATES, AND BUSINESS has been pub-lished by the Board and is for sale to the public at50 cents a copy. Data available as of June 14, 1940,are plotted on the latest edition.

DIGEST OF RULINGS—from 1914 to October 1, 1937.Digests of rulings of Board; compilation showingtextual changes made in the Federal Reserve Act;digests of court decisions and opinions of the At-torney General involving a construction of the Fed-eral Reserve Act; and digests of court decisions in-volving Federal Reserve Banks. Price $1.25 percopy. 683 pages.

PROBLEMS OF BANKING AND BANK SUPERVISION.Excerpts from the 1938 Annual Report of the Boardof Governors of the Federal Reserve System. 33pages.

MONETARY MEASURES AND OBJECTIVES. Three state-ments by the Board on objectives of monetary policy,on proposals to maintain prices at fixed levels throughmonetary action, and on legislative proposals relat-ing to monetary measures and objectives. 8 pages.July 1937, April 1939, and May 1939.

THE HISTORY OF RESERVE REQUIREMENTS FORBANKS IN THE UNITED STATES. Legislation, designa-tion of reserve cities, and changes in the reserve posi-tion of banks. 20 pages. November 1938.

SUPPLY AND USE OF MEMBER BANK RESERVEFUNDS. Explanation of analysis of sources of mem-ber bank reserve funds and uses to which such fundsare put as indicated by Federal Reserve and Treas-ury statements. 31 pages. July 1935.

ANALYSES OF THE BANKING STRUCTURE—As ofDecember 31, 1935. Number, deposits, and loans andinvestments of banks classified by size of bank andtown and by other factors. 33 pages.

THE PAR COLLECTION SYSTEM OF THE FEDERALRESERVE BANKS, by George B. Vest—reprint ofarticle, 8 pages, February 1940.

THE BANKS AND IDLE MONEY, by Woodlief Thomas—reprint of article, 9 pages, March 1940.

CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,by E. A. Goldenweiser—reprint of article, 5 pages,May 1940.

OWNERSHIP AND UTILIZATION OF THE MONETARYGOLD STOCK—reprint of article, 3 pages, May andJune 1940.

NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO-DUCTION—reprint of article, 77 pages, August 1940.

MEASUREMENT OF PRODUCTION—reprint of article,16 pages, September 1940.

GOLD RESERVES OF CENTRAL BANKS AND GOVERN-MENTS—reprint of article, 18 pages, September1940.



BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES, ChairmanRONALD RANSOM, Vice Chairman

M. S. SZYMCZAKJOHN K. MCKEE

CHESTER C. DAVISERNEST G. DRAPER

LAWRENCE CLAYTON, Assistant to the ChairmanELLIOTT THURSTON, Special Assistant to the ChairmanCHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryFRED A. NELSON, Assistant Secretary

WALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselGEORGE B. VEST, Assistant General CounselB. MAGRUDER WINGFIELD, Assistant General Counsel

E. A. GOLDENWEISER, Director, Division of Research and StatisticsWOODLIEF THOMAS, Assistant Directory Division of Research and Statistics

LEO H. PAULGER, Chief, Division of ExaminationsR. F. LEONARD, Assistant Chief, Division of ExaminationsC. E. CAGLE, Assistant Chief, Division of Examinations

EDWARD L. SMEAD, Chief, Division of Bank OperationsJ. R. VAN FOSSEN, Assistant Chief, Division of Bank OperationsJ. E. HORBETT, Assistant Chief, Division of Bank Operations

CARL E. PARRY, Chief, Division of Security LoansPHILIP E. BRADLEY, Assistant Chief, Division of Security Loans

0. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

MARRINER S. ECCLES, ChairmanGEORGE L. HARRISON, Vice ChairmanCHESTER C. DAVISWILLIAM A. DAYERNEST G. DRAPERJOHN K. MCKEEROBERT S. PARKERRONALD RANSOMGEORGE J. SCHALLERJOHN S. SINCLAIRM. S. SZYMCZAK

CHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistJOHN H. WILLIAMS, Associate EconomistR. G. ROUSE, Manager of System Open Market Account

FEDERAL ADVISORY

Boston District

New York District

Philadelphia District

Cleveland District

Richmond District

At lanta District

Chicago District

St. Louis District

Minneapolis District

Kansas City District

Dallas District

San Francisco District

COUNCIL

THOMAS M. STEELE

LEON FRASER

HOWARD A. LOEB

Vice President

B. G. HUNTINGTON

ROBERT M. HANES

RYBURN G. CLAY

EDWARD E. BROWN

PresidentS. E. RAGLAND

JOHN CROSBY

JOHN EVANS

R. E. HARDING

PAUL S. DICK

WALTER LICHTENSTEIN, Secretary

NOVEMBER 1940 1245


CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

FederalReserve

Bank of—

Boston..

New York

Philadelphia-

Cleveland

Richmond

Atlanta

Chicago

St. Louis __

Minneapolis

Kansas City___

Dallas

San Francisco. _

Chairman andFederal Reserve

Agent

Frederic H. Curtiss...

Owen D. Young _

Thomas B. McCabe..

George C. Brainard...

Robert Lassiter

Frank H. Neely

Robert E. Wood

William T. Nardin....

Walter C. Coffey

Robert B. Caldwell...

James H. Merritt

Raymond C. Force

Deputy Chairman

Henry S. Dennison

Beardsley Ruml. _

Alfred H. Williams....

Reynold E. Klages

William G. Wysor

Joe Frank Porter _

Frank J. Lewis _

Oscar G. Johnston

Roger B. Shepard

John J. Thomas

Jay Taylor

St. George Holden

President

Roy A. Young

George L. Harrison

John S. Sinclair

Matthew J. Fleming

Hugh Leach...

Robert S. Parker

George J. Schaller

William McC. Martin..

John N. Peyton...

George H. Hamilton

Robert R. Gilbert

William A. Day

First Vice President

William W. Paddock

Allan Sproul

Frank J. Drinnen

Frank J. Zurlinden.

John S. Walden, Jr

William S. McLarin, Jr...

Howard P. Preston

F. GuyHitt

Oliver S. Powell

Carroll A. Worthington..

Ethan B. Stroud

Ira Clerk __._

Vice Presidents

William Willetti

Ray M. Gidney

Walter S. LoganLeslie R. RoundsRobert G. RouseJohn H. Williams

W. John DavisTPrnocfr (~\ "prillClarence A. Mcllhenny8

William H. FletcherWilliam F. Taylor»George H. Wagner

John G. FryGeorge H. Keesee»

Malcolm H. BryanHarry F. Conniff

James H. DillardWilliam H. Snyder 2Clifford S. Young

Olin M. AtteberyClarence M. Stewart 1

Ernest W. SwansonHarry I. Ziemer 2

James W. Helm 2Harold G. Leedy

Robert B. Coleman

Walter 0. Ford 1

Cecil E. Earhart 1William "M" TTnloRichard B. West

1 Cashier. 2 Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo Branch

Cleveland:Cincinnati Branch _Pittsburgh Branch

Richmond:Baltimore Branch __Charlotte BranchAtlanta:Birmingham BranchJacksonville Branch _Nashville BranchNew Orleans Branch . .

Chicago:Detroit Branch _

St. Louis:Little Rock BranchLouisville Branch..Memphis Branch

Managing Director

Robert M O'Hara

Benedict J. LazarPercy A. Brown

W. Robert MilfordWilliam T Clements

Paul L. T. BeaversGeorge S. Vardeman, Jr.Joel B. Fort, Jr.Lewis M. Clark

Arthur F. BaileyCharles A. SchachtWilliam H. Glasgow

Federal Reserve Bank of—

Minneapolis:Helena Branch

Kansas City:Denver Branch __ __Oklahoma City BranchOmaha BranchDallas:El Paso BranchHouston Branch.,San Antonio Branch _ _

San Francisco:Los Angeles BranchPortland Branch _ __ »Salt Lake City BranchSeattle Branch

Managing Director

Robert E. Towle

Joseph E. OlsonGeorge H. PipkinLloyd H. Earhart

Joseph L. HermannWilliam D. GentryMiers Crump

W. Norman AmbroseDavid L. DavisWinnie L. PartnerClarence R. Shaw



1

CO

o

FEDERAL RESERVE DISTRICTS

MINN.

MINNEAPOLISjS.DAK.

I V / ----- I

rs6-J J11 n-n-H} TEXAS >

O

BOUNDARIES OF FEDERAL RESERVE DISTRICTS

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

(APPROXIMATE IN THE ST. LOUIS DISTRICT)

FEDERAL RESERVE BANK CfTIES

FEDERAL RESERVE BRANCH CITIES

FEDERAL RESERVE BANK AGENCY

This map incorporates recent intra-district transfers of territory described in the Bulletin for August 1940 on page 778.


Documents

Federal Reserve Bulletin November 1940 · 2018-11-06 · FEDERAL RESERVE BULLETIN VOL. 26 NOVEMBER 1940 No. 11 /2ecent an Large defense contracts Contract awards by the War and Navy