-16

U. S.-Balance of International Payments, 1932-40

129

- 46

-35

45

Source: United States Bureau of Foreign and Domestic Commerce; figures show millions of dollars
Items

1932 1933 1934 1935 1936 1937 1938 1939 1940
Commodity and Service Items.
Merchandise trade (as reported):
Exports (credit)

1,612 1.675 2,133

2,283 2,456

3,349
3,094 3,177

4,021 Imports (debit)

1.323 1,450 1.655 2,047 2,423 3,084 1.960 2,318 2,625 Balance.. + 289 +225 +478 +236 +33

+265 +1,134 +859 +1,396
Shipping and freight services:.
By Am, to foreigners (credit)

73 49 61 63
68 107 118 121

186 By foreigners to Am. (deblt)..

118
65
96 99

210 164

249 259 Balance..

-45 - 16
- 36 -61 - 103

- 128 -73
Tourist expenditures:
By foreigners in U. s. (credit)... 71 71 86 117

139 160 166 149

93 By Americans abroad (debit) 446 292

331 409 497 563 532 358 223 Balance.

- 375 - 221 - 245 - 292

- 358

403 - 366 209 - 130
Immi, remit., charity, etc.:
By foreigners to U.S. (credit).

6
3
5
5 24 25 40

35 By Ampericans to abroad (debit) 169 135 136 120 204

205
190
187

172 Balance..

- 163 - 132 -131 - 115 - 180 - 180 - 150 - 142 - 137 Interest and dividends: Pald by for. to U. S. Inv. (credit) 461

487 493 521

568
678 549

546 525 Paid to for invest. In U.S. (deb.) 68 103 126 171

238 280 196. 226 195 Balance..... +393 + 384 +367 +350 +330

+298 +353

+ 320 + 330 War-debt recepts.

+99
+ 20 +1

+1

+1
Government transactions:
Exp. and remit, by for govt. in
Ú. S. (credit)

31 32 31
28 30 30

33 44

32
Exp. and remit. by U.S. Govt.
abroad (debt)
101 85 68 84 96 126 98 96

123

- 86

Balance...

- 70 -53
- 37 56
-- 66 - 96

- 65 -52 -91 Misc. com'od, and ser. Items (net) +3 +8 +63 + 96 +148 + 206 +140 +111

+ 50
Bal, on com'od. and ser. ac..
+131 + 215 + 461 +183 - 153

-13 +1.001 +759 +1.345
Gold and Currency Movements.
Net gold movements

-11 +173 - 1,217 -1,739 1.030-1.386 - 1,640 3.040 Net silver movements

- 336

- 4,099 - 174 -83 - 224

- 55

--71 Net currency movements.

80 - 90 26

+22

+16

+117 +35
Bal.. gold, silver, cur. move. 91

+83 1.329 – 2,075 1.182 -1,469 -1,848 -- 2.994 4,119
Capital Movements.
Private long-term capital move.:
Credit..

862 1,505 1,160 1.991 3,490 3.183 1.742
Debit.

1.557 759
645
1,456

958 1.529 2.717 2,661 1.711 1.554 798
Balance
+217 +49 +202 + 462 +773 +522

+31 +3

- 39
Net capital inflow from transac-

tions of belligerent governments
Net short-term capital move'nt

- 409

- 385 +184 +1.076 +392 +359 +292 +1,266 Balance on capital account.. 192 336 +386 +1.538 +1,165 +881 + 323 +1.269 +1,402 Residual item

+152 +38 + 482 +354 +170 +601 + 524 +966 +1,372 The annual figures for certain items, notably currency movements, long-term and short-term capital movements, silver movements, and the interest and dividend items are not fully comparable owing to revisions in estimates, changes in methods of collecting data, etc.

+575
+866

Stock of Money, Classified by Kind, at End of Each Fiscal Year

The United States Treasury Department

Pct. of gold to tot. money

Gold coin

and bullion

June
30

Dollars.
Dollars Dollars

Dollars

Dollars Dollars
1915... | 1,985,539,172 568.271.655 185,430,250 84,260,500 819,273,593 4,050,782.821 49.02
1920...2.865,482,492 268.857.494 258.855.239 3.405,877.120 719.037.730 8,158,495,864 35.12
1925.. 4,360,382.000 522.061,078 283.471.971 1.942.239.530 733.366.074 8.303,631.583 52.54
1930... 4,534,865,716 539.959.520 310,978.375 1.746.500,885 698,317,468 8,306,564,064 54.59
1935., 9,1i5,643,492 545.642,265 313,423,778 3,492,853,620 769.095,645 15,113,034,715 60.31
1936.. 10.608,416,678 547,080,503 331.715,133 4,296,309,560 371.721.815 17.402,493,297
1937.. 12,318,871,165 547,079,989 358,975,368 4,508,972,920 272,164.455 19,376.690,005 63.57
1938.. 12,962,953,931 547.079,506 373,461.187 4,420,815,000 220, 687,930 20,096,864,732 64.52
1939.. 16.110,078,913 547.078.920 379,811.734 4.763,988,750 189,291,607 23.754.736,319 67.82
1940.. 19.963,090,869 547,078,371 402,260,615 5,481,778.345 167,190.377 28,457,959,138 63.41
1941. .22,624,197,712 547,078,002 447,247,697 7,001,520,625 151,909,100 32,774,554,351 69.02

Gold coin and bullion (June 30. 1938 and since), excludes gold net held in the Treasury.

Commercial and Industrial Failures in the United States
Number and Current Liabilities of Failed Concerns not Including Banks

Source: Dun & Bradstreet, Inc., N. Y.
Current
Current

Current
Year
Failures Liabil. Year
Failures Liabil. Year

Failures Liabil.

(Cal.)
Number $1,000 (Cal.)
Number $1,000 (Cal.)

Number $1,000 1940 13,619 166,684 1926 21,773 409,233 1910.

12,652 201,757 1939 B 14.768 182,520 1925

21,214 443,744

1909

12,924 154,340 1939 A 11,408 168,204 1924. 20.615 543,226 1908

15,690 222,316 1938 12.836 246.505 || 1923. 18,718 539,387 1907

11,725 197,386 1937. 9,490 183,253 1922 23,676 623,895 1906

10,682 119,202 1936 9,607 203,173 1921 19,652 627,401 1905

11,520 102,676 1935. 12,244 310,580 1920 8,881 295,121 1904

12,199 144,202 1934. 12,091 333,959 1919.

6,451 113,291 1903

12,069 155,444 1933. 19,859 457,520

1918
9,982 163,020 1902

11,615 117,477 1933 20,307 502,830 1917 13,855 182,441 1901

11,002 113,091 1932. 31,822 928,313 1916 16,993 196,212 1900

10.774 138,496 1931 28,285 736.310 1915

22,156 302,286

1899

9,337 90.881 1930 26.355 668,282 1814 18,280 357,909 1898

12,186 130,663 1929. 22,909 483,252 1913 16,037 272,673 1897

13.351 154,333 1928. 23.842 489,559 1912. 15,452 203.118 1896

15.088

226.101 1927 23,146 520.105 1911 13.441 191,062 1895

13,197 173, 196 The 1939A figures are comparable with previous years; figures for 1939B are due to complete coverage of some branches of business which were not reporting all voluntary discontinuances with loss to creditors of all small concerns forced out by attachments, executions, foreclosures, etc.

BANK SUSPENSIONS

Source: Federal Reserve System The figures for bank suspensions represent banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). Federal deposit insurance became uperative January 1, 1934.

Bank suspensions (with deposits) have numbered (1934) 57, $36,937,000; (1935) 34, $10,015,000: as follows: (1921) 505, $172,188,000; (1922) 367,1 (1936) 44, ($11,306,000): (1937) 59' ($ 19, 123,000); $93,043,000 (1923) 646, $149.601,000 (1924) 775, (1938) 56 ($13,012,000): (1939) 42, ($34,998,000): $210,151,000; (1925) 618. $167,555.000; (1926) (1940) 22, ($5,943.000). 976, $260,378,000; (1927) 669, $199,329,000; (1928)

Figures for 1933 do not include 2,113 banks with

deposits of $2,523,938,000 that were not licensed 499, $142,580,000; (1929) 659, $230,643.000; (1930) following the banking holiday'' since placed in 1,352, $853.363,000; (1931) 2,294, $1,690,669,000; liquidation or receivership. The holiday began on (1932) 1,456, $715,626,000; (1933) 628, $361,051,000; | March 6 and closed March 15, 1933.

Capital Issues, 1931-1940

Source: Domestic issues, Commercial and Financial Chronicle; foreign issues, U. S. Dept. of Commerce;

figures show millions of dollars
For New Capital

For Refunding
Domestic

Domestic
Corporate

Corporate
Year

Total

Tot'i

Total

Total

1931.. 4,039 3,095 2,860 1,235 75 1,551 1,239 235 944 893 21 51 821 789 51 1932 1.751 1.197 1.165 762 77 325 305 32 554 498 87 93 319 315 56 1933. 1,063 720 708 483 64 161 40 12 343 283 37 26 219 187 60 1934.. 2.160 1.386 1.386 803 405 178 144 0 774 765 136 317

312 312 9 1935. 4,699 1.457 1,409 855 150

404

334 48 3,242 3,216 365 987 1,864 1,782 26 1936..

6,214 1.972 1,949 735 22 1,192 839 23 4,242 4.123 382 353 3,387 3,187 119 1937 3,937 2,138 2,094 712157 1,225 817 44 1,799|1,680 191 2811,209 856) 119 1938. 4,449 2.360 2,325 971 481 873 807 35 2,0892,061 129 665 1.287) 1,236 28 1939. 5,842 2,289 2,239 931 924

383

287 50 3,553 3,465 195 1,537 1.733 1,596 88 1940. 4,7641 1,943 1.942 7571 461 724 589 1 2,821/2,8181 478 3441 1.996 1,804 3.

Domestic new capital and refunding issues by federal agencies include publicly offered issues of
federal credit agencies, but excludes direct obligations of U. S. Treasury.
Foreign issues include issues of noncontiguous U. S. Territories and Possessions.

National Wealth of the United States
Source: United States Bureau of the Census
Total

Per Cent Increase Form of Wealth

1922
1912
1904

1900 1912 to 1904to 1900 to

1922 1912 1904 1.000 Dolls. 1,000 Dolls. 1.000 Dolls. 1.000 Dolls. Total .......

320.803,862 186,299,664 107,104,194 88,517,307 72.2 73.9 21.0 Real prop, and Imp. tax'd.. 155.908,625 96,923,406 55,510,228 46,324,839 60.9 74.6 19.8 Real prop. and imp., exempt 20.505.819 12,313,520 6,831,245 6,212,789 66.5 80.3 10.0 Livestock

5,807,104 6,238,389 4,073.792 3,306,473 6.9 53.1 23.2 Farm Impl. and machinery.. 2,604,638 1.368,225 844,990 749,776 90.4 61.9 12.7 Manuf, mach., tools, Impl.. 15,783,260 6,091,451 3,297,754 2,541.047 159.1 84.7 29.8 Rallroads and their equip. 19,950,800 16,148,532 11,244,752 9,035,732 23.5 43.6 24.4 Motor vehicles..

4,567,407 Street rallways, etc.

15,414,447 10,265,207 4,840,547 3,495,228 50.2 112.1 38.5 All other....

80,261,762 36.950,934 20,460,886 16,851,423 117.2 80.6 21.5 Percentages in black type show decreases.

3

All Banks—Principal Assets and Liabilities by States

Banks

Source: The United States Treasury Department

Loans Investments Deposits

Dec. 30.

1939

June 29,

1940

Dec. 31,

1940

Dec. 31.

1940

Dec. 31,

1940

No.

$1.000

$1,000

$1,000

100
107

82
390
35

337,271
285.008

173,484
4,056,384

51 4,891 1,448,451

100 107 82 390

35 202

101
107

84
390

35 205

202

183,780
154 308

62,215
1,819 309

259.350 612, 403 11.760,165

983.177 2,962,510

870

385 1,087

111,3861
110,224

95,046
1,759,329

186,625 581,109 7,491,556

717, 100 1,629,637 1,001.161

335,796
1,158,973

500,037
310,331

22,168,4821
2,254,074
5,288,365

696
506

2,661.175

957,523 4,238, 400 1.780.077

944,800

971,866

380,330
2,233,968

795,922
431,333

840 443 572

677 647 625 160 164 417 664

390,627 189.327 594,837 24.219 30.254 107,460 124,974

ew England:
Maine
New Hampshire
Vermont...
Massachusetts
Rhode Island,

Connecticut.
Middle Atlantic:

New York..
New Jersey

Pennsylvania
East North Central:

Ohio....
Indiana.
Illinois
Michigan.

Wisconsin
West North Central:

Minnesota
Iowa. ...
Missouri
North Dakota
South Dakota
Nebraska.

Kansas
South Atlantic:

Delaware.
Maryland
Dist of Col.
Virginia.
West Virginia
North Carolina
South Carolina
Georgia.

Florida
East South Central:

Kentucky
Tennessee
Alabama

Mississippi
West South Central:

Arkansas
Louisiana
Oklahoma

Texas
Mountain:

Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah

Nevada
Pacific:

Washington
Oregon
California..

917.180 666,744 1,224,420

82.617 102.241 288,366 396,855 274.858 908.567 380,560 603, 155 302,117 418,436 177,986 445,895 408,480

182

399,722
333.836
530,392

47,165
52,037
144,360
190,468

81,464 233123 128,221 333, 723 140, 223 205,318

70,166 266,011 139,305 237,962 271,192 136,883 74,597

119,209 491,403 136.389 170,124

81,453 157,715

38.391 122,473 156,364

45 187

22 314 181 228 150 283 173

46 189

22 315 181 228 151 285 171

228 151 285 173

412 300 217 205

147,181
160.667
103.877
69,953

217
145
393
840

1

70,797 186,450 166 291 603,373

48,696 40,373 27.027 104,437 23.103 39,752 69,834 15,573

56,591 182.525 143,533 457,525 53.709 37.627 18.007 90,075 19.329 27,502 48.302 16.843

450,493
301,335
327,466
204,960
189,859
453,209

391.649
1.439,537

149,050
106.268

70,813
315,710
66,115
97,464
154,083

46,239 608, 183

334.913 4,407,240 65,021,466

145
41
12
59
11

143

75 228

247.712

107,917 1.984,794

229.246

142,591 1.897,898

14,955

15,034

14.895

30,447,836

Bank Clearings in Chief United States Cities

Source: Except as to Los Angeles, the Commercial and Financial Chronicle, N. Y.
Yr. (Cal.)] New York, Chicago Phila. Boston Baltimore Pittsb'rgh San Fran. Los Ang.

$1,000 $1,000 $1,000 $1,000 $1,000 $1.000 $1,000 $1,000
1925, 283,619,245 35,391,600 29,079.000 22.482.000 5.832.394 8,856,572 9,479.464 7.945,493
1935. 181,551,008 13,194,988 16.909.000 10,645,822 2,910,637 5,245,718 6,468,835 5,852,244
1936 193,548,797 15,727,768 18,745,000 11,862,695 3.349,477 6,663,998 7,230,152 7.084.296
1937 186,739,7781 17,013,475 19,724,000 11,913,702 3,642,965 7,387,019 7,913,846 7,599,601
1938. 165,155,897 14,561,389 17,969.000 10,506,875 3,274,045 5,560,826 7,052,520 6,597,556
1939 165,913,543 15,556,139 19,823,000 11,515,739 3,586,289 6,118,971 7,350,410 6,817,263
1940

160,878,038 16,684,672 21,455,000 12,105,845 4,201,985 7,074,775 7,773,877| 7.543,880

Yr. (Cal.) Detroit Cleveland St. Louis Kan. City N. Orleans Minneap. Cincin., Louisville

$1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1.000 1925.. 8,430.797 5,996.668 7,626,577 7.036.500 3.169,574 4,462,950 3,709,955 1.743.589 1935.

4,523,167 3,417.055 3,940.654 4,348,113 1.434.458 3,044,735 2.466,3191 1,295,116 1936

5,350,618 4,265,017 4,497,830 4,768,638 1,706,496 3,336,541 2,880.750 1,631,058 1937. 5,868,434 5,128,345 4,815,0021 5,258,142 1,972,629 3,686.111 3,229,667 1,786,445 1938

4,420, 417 4,352, 355 4.210,545 4,405,693 1,905,392 3,256,315 2.779,941 1,636.000 1939. 5,053,800 5,028,185 4.527,900 4,766,827 2,067,058 3,466,996 2,985,476 1.778,588 1940... 6,312,233 5,734,407 4,822,016 4,997,593 2.149,775 3,787,088 3,245,329 1,932,731

Total clearings in 191 cities (1938) $292.710,865,663: (1939) $304,323,157,503; (1940) $311,978,207,097.

226

Total resources..

5,672 6,115 7,041 8,442) 11,026 12,525|12,880 · 15,581 19,027 23,262 LIABILITIES Fed. Reser. notes in circ.

2,624 2,739 3,080 3.221 3,709 4,284 4,284 4,452 4,959 5,931 Fed. Res. Bank notes in circ.

209 26) Deposits:

Member bank reserve acc. 1,961 2,509 2,729 4,096 5.587 6.606 7,027 8,724 11.653 14,026
Government.

54
8
3 121 544 244 142

923 634 368 Foreign bank.

79 19
19 29 99 172

199 397 1,133 Other deposits. 31 24 128 169

160

236 242 256 600 Total deposits.

2,125 2,561 2,865 4,405 6,386 7,109 7,577 10.088 12.941 16,127 Deferred availability items..

478 368 431 455 592 786 674 694 777 833 Capital paid in... 161 151 145 147

131 133 135 136 139 Surplus (Section 7) 259 279 278 145 146 146 148

149 152 157 Surplus (Sect. 13b)

8 24 27 28

27 27 27 All other liabilities.

25 *17 34 34 39 42 37 36 37 49 Total liabilitles..

5.672 6,115 7.041 8,442 11,026 12,525 12,880 15,581 19,027 23,262 (a) Less than $500,000.

RESERVE BANK CREDIT AND RELATED ITEMS

Annual averages of daily figures, in millions of dollars
Reserve Bank Credit Outstanding

131

Other Fed.
Reserve

172

327

1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940

736 227 186 56 1.205 3.774 1.991 4,535 1,873 255 27 280 373

402 49 996 4,152 2,017 4,592 2,023 260 27 263 490 287 359 59 1,195 4,094 2,000 4.582 2,167 244 31 264 572 281 350 55 1.258 4.165 1,985 4.645 2,209

242 28 284 442 263 417 53 1,175 4,277 2.000 4,605 2,290 226

31 300 840 328 297 40 1,505 3,919 2,008 4,496 2,355 225 29 952 241 208 59 1,459 3,996 2,015 4,476 2.358 229 30 376 272 213 564 38 1,087 4,173 2,025 4.245 2,379 239 28 393 327 245 669 33 1,274 4.417 2,025 4,672 2,323 251

97 373 521

71 1,461 24 2,077 3.952 2,096 5,328 2,114 275 66 351 283

83 2,052 11 2.429 4,059 2,271 5,576 2.343 343 147 350 36 25 2,432 10 2,502 7,512 2,381 5,403 3,676 2,879 185

253 7

5 2,431 32 2,495 9,059 2,478 5,585 5,001 2,919 252 255 6

4 2,431 41 2,181 10,578 2.503 6,101 5,989 2,920 282 269 14

3 2,504 33 2.554 12.162 2.567 6,475 6.830 3,383 335 200 9 1 2,565 26 2.600 13,250) 2.711 6,510 7.935 3.457

398 260 5 (A) 2,584 39 2,628 16,055 2.879 7.058 10,352 3,307 625 252 2,417 67 2,487 19,865

3,018

7,879 13,149 2,796 1,185 261 FEDERAL RESERVE BANK HOLDINGS OF BILLS DISCOUNTED

Annual averages of daily figures, in millions of dollars 1933 1934 1935 1936 1937 1938 1939 1940 Bank 1933 1934 1935 1936 1937 1938 1939 1940

Bank

Boston. 11 1 1

1 1

St. Louis.. 4 New York 95 17 5

7 3 2

Minneap. 7 1 Philadel. 45 10

1 2 1

Kans. City 10 Cleveland 32 2

1 1

Dallas

4 Richmond 16 1

1

San Fran. 29 1 Atlanta, 14 1

1 1 Chicago 17 1

Total. 283 36

6 14 Where there are no figures in 1934-1940 columns, the amount is less than $500,000.

Total Income Payments, by States, 1930 to 1939

1 Per capita income not computed for District of Columbia or for New Jersey. See text.

Income by Industrial Divisions

National

Source: U. S. Department of Commerce; in millions of dollars
Item

1930
1931

1932 1933 1934 1935 1936 1937 1938 1939 1940 Total national income. 68,983 54,277 39,991 42,489 50,436 55,808 65,144 71,436 64,418 70,674 76,035 Agriculture.

5,622 3.729 2,551 3.419 4.553 5,276 5,970 6.378 5,432 5,750 5,950 Mining

1.327 748 524 590 992) 1,028 1,308 1.564 1.146) 1.299) 1.422 Manufacturing

15.082 10.280 6,066 8,205 10,577 12,473 15,186 17.488 13,303 16,384 19,168 Contract construction.

2.603 1.764 845 534 668 872 1,439 1.781 1.777 2,134 2,401 Transportation.

6,167 4,962 3.653 3.605 3,831 4,144 4,840 5,191 4,417 4,960 5.293 Power and gas.

1,324 1.240 1,096 1.026 1,127 1,152 1.239 1,398 1,365 1.4181 1,450 (Communication

1.010 9061 722 637 676 720 771 854 858 917 984 Trade

9,020 7,202 5,073 5.855 6.833 7,473 8,606 9.550 8.952 9,585 10.070 Finance

7.975 6,465 4,909 4.429 4,729 5.215 5,936 6 388 5.888 6,051 6.195 Government, inc. work relief 6,458 6,534 6,496 6,5797,595 7,922 9,228 9,045 9.795 9,934 10.221 Service

8,925 7,480 5,659 5,418 6.250 6.838 7.707 8,573 8.342 8.8391 9.285 Miscellaneous.

3,4701 2,967/ 2,397| 2,192 2,515 2,695 2,915 3,226 3.143 3,403) 3,596

Can.

Securities Issued to the Public, 1920-1940
Source: Commercial ard Financial Chronicle; figures show millions of dollars
Corporate Issues, Including Refun sing Other Issues, Including Refunding

Farm
For- Loan

Sold

Total Year Long Short Pref. Com. Can. Other Total eign & Gov. Munic- in

Incl. (CI.) Term Term Stocks Stocks Issues

For.

Corpo. Govts. Agen. ipal U.S. Corp. 1920 1.124.7 625,6 483. 554.1 138.2 30.9 2.966.3 291.0

683.2 53.3 4,010.0 1930 2,810.3 620.2 421.5 1,105.0 297.1 219.0 5,473.3 481.9 86.5 1,487.3 137.7 7,677.0 1932 405.8 214.0 10.9 13.1

643.9

169.6 849.5 66.0 1,730.3 1933 138.5 88.8 15.2 137.4 0.1 1.6 381.6

90.1 520.5 60.0 1.053.7 1934 287.0 168.3 3.2 31.4

1.2 491.1 10.0 721.7 939.5

50.0

2,212,3 1935 2.066.1 50.5 123.7 27.2

2.267.4

1,137.1 1,220.1 116.0 4,752.3 1936 3.963.3 62.9 270.8 282.0 53.0

4,631.9 78.5 375.2 1.117.4 48.0 6,254.3 1937 1.578.6 94.7 468.4

292.0

2,433.7 134.0 437.7 902.3 88.2 4.001.3 1938 2.032.3 10.5 78.6 19.1

0.1
2,140.4 25.0 1.146.0 1.099.8

40.0 4,459.1 1939 1,8039 78.8.

161.2
72.8 79.5

2,196.1

2,461.5 1.125.9 67.5 5,853.0 1940 2.369.9 22.8 246.3 81.6

2.720.7
804.3 11,234.8

4.765.2 Totals in last column include issues by U.S. Possessions-(1920) 16.3; (1930) 10.3; (1931) 1.7; (1932) 1.3; (1933) 1.5; (1935) 11.7; (1936) 3.3; (1937) 5.4; (1938) 7.9; (1939) 2.0; (1940) 5.3.