COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING

[In millions of dollars]
End of mont h
1938—September _ _
October
November
1939—January
February
March
April
May
June .
Jul y
August.
September
October
November
Com-
mer-
cial
paper
out-
stand-
i ng 1
212
213
206
187
195
195
191
192
189
181
194
201
209
205
214
Dollar acceptances outstanding
Total
out-
stand-
i ng
261
270
273
270
255
248
245
238
247
245
236
235
216
221
223
By holders
Held
Total
221
223
222
212
204
198
191
189
192
191
188
191
177
179
172
by accepting
banks
Own
bi l l s
129
130
124
121
122
122
117
118
124
122
119
128
115
111
103
Bills
bought
92
93
98
91
82
76
74
72
68
69
69
63
62
67
69
Held by
Reserve
For
own ac-
count
Federal
banks
For ac-
count of
foreign
corre-
spond-
ents
( 2 )
W
8
Held
by
others
40
46
51
58
52
50
54
49
55
53
48
44
39
42
51
on
im
ports
into
U. S.
89
94
94
95
89
87
87
86
82
81
75
79
78
85
96
Based
on ex-
ports
from
U. S.
57
57
59
60
57
57
58
56
51
45
41
40
40
40
37
By classes
Dollar
ex-
change
2
3
3
3
2
2
2
1
19
20
19
18
18
18
16
Based on goods
stored in or shipped
between points in
U. S.
56
59
59
57
52
48
42
38
36
39
39
40
43
46
50
Foreign
coun-
tries
57
56
57
56
55
54
56
57
59
60
61
59
36
32
24
i As reported by dealers; includes some finance company paper sold in open market .
> Less t han $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of mont h
1937—March
June
SeDtember
D ecember
1938—March
June
SeDtember
November
December ._
1939—January - -
February
March
April
May -
June
Jul y _
August
September
October.
November
Debit balances
Customers'
debit
balances
(net) 1
1,549
1,489
1,363
985
831
774
823
939
991
971
967
953
831
828
834
839
792
856
894
914
Debit
balances in
partners'
investment
and trading
accounts
61
55
48
34
29
27
29
30
32
34
29
27
26
26
25
24
22
20
21
20
Debit
balances in
firm
investment
and trading
accounts
175
161
128
108
95
88
76
78
106
75
83
84
83
76
73
84
71
64
72
77
Cash on
hand
and in
banks
223
214
239
232
215
215
213
18y
190
192
168
174
190
183
178
183
202
217
200
195
Money
bor-
rowed
2
1,172
1,217
1,088
688
576
495
559
662
754
713
709
699
579
561
570
589
556
520
577
623
Credit balances
Customers'
credit balances 1
Free
346
266
256
278
239
258
257
252
247
235
222
225
236
230
230
238
235
305
289
272
Other
(net)
115
92
96
85
81
89
68
65
60
60
62
59
60
69
70
67
58
87
76
67
Other credit balances
In
part ners'
invest-
ment and
trading
accounts
29
25
26
26
25
22
2Q
20
22
22
20
20
20
21
21
20
20
22
21
21
In
firm
invest-
ment and
trading
accounts
18
13
12
10
9
11
7
8
5
12
5
9
7
6
6
6
6
11
9
8
I n
capital
accounts
(net)
419
397
385
355
315
298
300
303
305
298
294
294
290
284
280
278
275
283
284
282
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes both money borrowed from banks and trust companies in New York Ci t y and elsewhere in t he Uni t ed 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 t he method
by which the figures are derived and reported, distinguishes t he table from a "st at ement of financial condition," and explains t hat t he last column
is not to be taken as representing t he 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).
38 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1938_October
November
December
1939—January __ . __
February
March __
April
May.
June
July- .
August
September
October
Novprnhftr
December
Com-
mer-
cial
paper
out-
stand-
ing i
213
206
187
195
195
191
192
189
181
194
201
209
205
214
210
Dollar acceptances outstanding
Total
out-
stand-
ing
270
273
270
255
248
245
238
247
245
236
235
216
221
223
233
By holders
Held
Total
223
222
212
204
198
191
189
192
191
188
191
177
179
172
175
by accepting
banks
Own
bills
130
124
121
122
122
117
118
124
122
119
128
115
111
103
105
Bills
bought
93
98
91
82
76
74
72
68
69
69
63
62
67
69
70
Held by Federal
Reserve banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
(*)
(8)
(
f
)
(
J
)
(J)
(
2
)
Held
by
others
46
51
58
52
50
54
49
55
53
48
44
39
42
51
57
By classes
on
ports
into
U.S.
94
94
95
89
87
87
86
82
81
75
79
78
85
96
103
Based
on ex-
ports
from
U. S.
57
59
60
57
57
58
56
51
45
41
40
40
40
37
39
Dollar
ex-
change
3
3
3
2
2
2
1
19
20
19
18
18
18
16
16
Based on goods
stored in or shipped
between points in
U.S.
59
59
57
52
48
42
38
36
39
39
40
43
46
50
54
Foreign
coun-
tries
56
57
56
55
54
56
57
59
60
61
59
36
32
24
22
1
As reported by dealers; includes some finance company paper sold in open market.
* Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1937—March
June
September
December _ _
1938—March
June
September
December
1939—January
February
March
April _
May
June -
July .._
August
September .
October
November.
December
Debit balances
Customers'
debit
balances
(net) i
1,549
1,489
1,363
985
831
774
823
991
971
967
953
831
828
834
839
792
856
894
914
906
Debit
balances in
partners'
investment
and trading
accounts
61
55
48
34
29
27
29
32
34
29
27
26
26
25
24
22
20
21
20
16
Debit
balances in
firm
investment
and trading
accounts
175
161
128
108
95
88
76
106
75
83
84
83
76
73
84
71
64
72
77
78
Cash on
hand
and in
banks
223
214
239
232
215
215
213
190
192
168
174
190
183
178
183
202
217
200
195
207
Credit balances
Money
bor-
rowed *
1,172
1,217
1,088
688
576
495
559
754
713
709
699
579
561
570
589
556
520
577
623
637
Customers'
credit balances
i
Free
346
266
256
278
239
258
257
247
235
222
225
236
230
230
238
235
305
289
272
266
Other
(net)
115
92
96
85
81
89
68
60
60
62
59
60
69
70
67
58
87
76
67
69
Other credit balances
In
partners'
invest-
ment and
trading
accounts
29
25
26
26
25
22
2Q
22
22
20
20
20
21
21
20
20
22
21
21
23
In
firm
invest-
ment and
trading
accounts
18
13
12
10
9
11
7
5
12
5
9
7
6
6
6
6
11
9
8
7
In
capital
accounts
(net)
419
397
385
355
315
298
300
305
298
294
294
290
284
280
278
275
283
284
282
277
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
Includes 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69)
138 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of mont h
193g—November
December
1939—Januarv
February
March
April
May
June
Jul y
August
September __ „_
October
"PpcpTnbfir
1940—January
C om-
mer-
cial
paper
out-
stand-
ing 1
206
187
195
195
191
192
189
181
194
201
209
205
214
210
219
Dollar acceptances outstanding
Total
out-
stand-
ing
273
270
255
248
245
238
247
245
236
235
216
221
223
233
229
Held by
Accepting banks
Tot al
222
212
204
198
191
189
192
191
188
191
177
179
172
175
179
Own
bills
124
121
122
122
117
118
124
122
119
128
115
111
103
105
111
Bills
bought
98
91
82
76
74
72
68
69
69
63
62
67
69
70
68
Federal Reserve
banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
1
Others
51
58
52
50
54
49
55
53
48
44
39
42
51
57
50
Based on
Im-
into
U.S.
94
95
89
87
87
86
82
81
75
79
78
85
96
103
101
Exports
from
U.S.
59
60
57
57
58
56
51
45
41
40
40
40
37
39
38
Dollar
ex-
change
3
3
2
2
2
1
19
20
19
18
18
18
16
16
16
Goods stored in or
shipped between
points in
U.S.
59
57
52
48
42
38
36
39
39
40
43
46
50
54
51
Foreign
coun-
tries
57
56
55
54
56
57
59
60
61
59
36
32
24
22
23
*~As reported by dealers; includes some finance company paper sold in open market .
* Less t han $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of mont h
1937—-March
June .
September
December
1938—March
June —
September
December
1939—January
February
March __ _
April
May
June
Jul y
August _ .
September
October
November
December
1940—January
Debit balances
C ustomers'
debit
balances
(net) 1
1,549
1,489
1,363
985
831
774
823
991
971
967
953
831
828
834
839
792
856
894
914
906
886
Debit
balances in
partners'
investment
and trading
accounts
61
55
48
34
29
27
29
32
34
29
27
26
26
25
24
22
20
21
20
16
15
Debit
balances in
firm
investment
and trading
accounts
175
161
128
108
95
88
76
106
75
83
84
83
76
73
84
71
64
72
77
78
70
C ash on
hand
and in
banks
223
214
239
232
215
215
213
190
192
168
174
190
183
178
183
202
217
200
195
207
198
C redit balances
Money
bor-
rowed *
1,172
1,217
1,088
688
576
495
559
754
713
709
699
579
561
570
589
556
520
577
623
637
602
C ustomers'
credit balances 1
Free
346
266
256
278
239
258
257
247
235
222
225
236
230
230
238
235
305
289
272
266
262
Other
(net)
115
92
96
85
81
89
68
60
60
62
59
60
69
70
67
58
87
76
67
69
71
Other credit balances
In
part ners'
invest-
ment and
trading
accounts
29
25
26
26
25
22
20
22
22
20
20
20
21
21
20
20
22
21
21
23
22
I n
firm
invest-
me n t and
trading
accounts
18
13
12
10
9
11
7
5
12
5
9
7
6
6
6
6
11
9
8
7
6
I n
capital
accounts
(net)
419
397
385
355
315
298
300
305
298
294
294
290
284
280
278
275
283
284
282
277
272
* Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges, and (2) of
firms' own partners.
*Includes both money borrowed from banks and trust companies in New York C i t y and elsewhere in t he 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 t he method
by which t he figures are derived and reported, distinguishes the table from a "st at ement of financial condition," and explains t hat t he last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for dat a in detail) Annual Report for 1937 (table 69).
230 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
March 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
E nd of mont h
1938—December .
logo Januarv
February
Mi arch
April
M ay
June
Jul y
August _ „«...
October _ _ _ _
November
D ecember
1940—January
February
C om-
mer-
cial
paper
out-
stand-
ing i
187
195
195
191
192
189
181
194
201
209
205
214
210
219
226
Dollar acceptances outstanding
Total
out-
stand-
ing
270
255
248
245
238
247
245
236
235
216
221
223
233
229
233
Held by
Accepting banks
Total
212
204
198
191
189
192
191
188
191
177
179
172
175
179
188
Ow n
bills
121
122
122
117
118
124
122
119
128
115
111
103
105
111
123
Bills
bought
91
82
76
74
72
68
69
69
63
62
67
69
70
68
65
Federal Reserve
banks
For
ow n ac-
count
For ac-
count of
foreign
corre-
spond-
ents
3
3
3
Others
68
62
50
54
49
55
53
48
44
39
42
51
57
50
45
Based on
Im-
ports
into
U.S.
95
89
87
87
86
82
81
75
79
78
85
96
103
101
95
E xports
from
U. S.
60
57
57
68
56
51
45
41
40
40
40
37
39
38
44
Dollar
ex-
change
3
2
2
2
1
19
20
19
18
18
18
16
16
16
15
Goods stored in or
shipped betw een
points in
U. 8.
57
62
48
42
38
36
39
39
40
43
46
50
54
51
51
Foreign
coun-
tries
56
55
54
56
57
59
60
61
59
36
32
24
22
23
27
1
As reported by dealers; includes some finance company paper sold in open market.
a
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[M ember firms of New York Stock E xchange. Ledger balances in millions of dollars]
E nd of month
1937—March
June
September
1938—March
June
September
December
1939—February
M arch. . _> _
April
M ay
June
July
August _ _ > _ .
September
October
November
December
1940—January _
February
Debit balances
C ustomers'
debit
balances
(net) i
1,549
1,489
1,363
985
831
774
823
991
967
953
831
828
834
839
792
856
894
914
906
886
893
Debit
balances in
partners'
investment
and trading
accounts
61
55
48
34
29
27
29
32
29
27
26
26
25
24
22
20
21
20
16
15
16
Debit
balances in
firm
investment
and trading
accounts
175
161
128
108
95
88
76
106
83
84
83
76
73
84
71
64
72
77
78
70
72
C ash on
hand
and in
banks
223
214
239
232
215
215
213
190
168
174
190
183
178
183
202
217
200
195
207
198
195
C redit balances
M oney
bor-
row ed «
1,172
1,217
1,088
688
576
495
559
754
709
699
679
561
570
589
556
520
577
623
637
602
616
C ustomers'
credit balances
l
Free
346
266
256
278
239
258
257
247
222
226
236
230
230
238
235
305
289
272
266
262
253
Other
(net)
115
92
96
85
81
89
68
60
62
59
60
69
70
67
58
87
76
67
69
71
74
Other credit balances
In
partners'
invest-
ment and
trading
accounts
29
25
26
26
25
22
20
22
20
20
20
21
21
20
20
22
21
21
23
22
23
In
firm
invest-
me nt and
trading
accounts
18
13
12
10
9
11
7
5
5
9
7
6
6
6
6
11
9
8
7
6
7
In
capital
accounts
(net)
419
397
385
355
315
298
300
305
294
294
290
284
280
278
275
283
284
282
277
272
271
1
E xcluding balances w ith reporting firms (1) of member firms of New York Stock E xchange and other national securities exchanges and (2) of
firms' own partners.
* Includes both money borrow ed from banks and trust companies in New York C ity and elsew here in the United States and also money bor-
row ed from other lenders (not including member firms of national securities exchanges).
NOTE . —For explanation of these figures see "Statistics on M argin Accounts" in BULLE TIN for September 1936. The article describes the method
by w hich the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.See BULLE TIN for M arch 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69)
332 FE DE RAL RE SE RVE BULLE TIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
April 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1938—December
1939—January
February .-
March
April
Ma y
June >.
July
August _ . „ _ > .
October
November
December
1940—January
February _
March
Com-
mer-
cial
paper
out-
stand-
ing
l
187
195
195
191
192
189
181
194
201
209
205
214
210
219
226
233
Dollar acceptances outstanding
Total
out-
stand-
ing
270
255
248
245
238
247
245
236
235
216
221
223
233
229
233
230
Held by
Accepting banks
Total
212
204
198
191
189
192
191
188
191
177
179
172
175
179
188
184
Own
bills
121
122
122
117
118
124
122
119
128
115
111
103
105
111
123
121
Bills
bought
91
82
76
74
72
68
69
69
63
62
67
69
70
68
65
63
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
«
8
Others
58
52
50
54
49
55
53
48
44
39
42
51
67
50
45
46
Based on
Im-
ports
into
U. S.
95
89
87
87
86
82
81
75
79
78
85
96
103
101
95
90
Exports
from
U. S.
60
57
67
58
56
51
45
41
40
40
40
37
39
38
44
47
Dollar
ex-
change
3
2
2
2
1
19
20
19
18
18
18
16
16
16
15
14
Goods stored in or
(.shipped between
points in
U. S.
57
52
48
42
38
36
39
39
40
43
46
50
54
51
51
49
Foreign
coun-
tries
56
55
54
56
57
59
60
61
59
36
32
24
22
23
27
30
1
As reported by dealers; includes some finance company paper sold in open market.
> Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1937—March
June
September.. _ _
December
1938—March .
June
September _ _ _
December
1939—March. . -
April
May
June „
July
August
September _
October
November
December _
1940—January
February
March
Debit balances
Customers'
debit
balances
(net) i
1,549
1,489
1,363
985
831
774
823
991
953
831
828
834
839
792
856
894
914
906
886
893
886
Debit
balances in
partners'
investment
and trading
accounts
61
55
48
34
29
27
29
32
27
26
26
25
24
22
20
21
20
16
15
16
15
Debit
balances in
firm
investment
and trading
accounts
175
161
128
108
95
88
76
106
84
83
76
73
84
71
64
72
77
78
70
72
78
Cash on
hand
and in
banks
223
214
239
232
215
215
213
190
174
190
183
178
183
202
217
200
195
207
198
195
186
Credit balances
Money
bor-
rowed *
1,172
1,217
1,088
688
576
495
559
• 754
699
679
561
570
589
556
520
577
623
637
602
616
615
Customers'
credit balances
l
Free
346
266
256
278
239
258
257
247
225
236
230
230
238
235
305
289
272
266
262
253
247
Other
(net)
115
92
96
85
81
89
68
60
59
60
69
70
67
58
87
76
67
69
71
74
70
Other credit balances
In
partners'
invest-
ment and
trading
accounts
29
25
26
26
25
22
20
22
20
20
21
21
20
20
22
21
21
23
22
23
21
In
firm
invest-
ment and
trading
accounts
18
13
12
10
9
11
7
5
9
7
6
6
6
6
11
9
8
7
6
7
7
In
capital
accounts
(net)
419
397
385
355
315
298
300
305
294
290
284
280
278
275
283
284
282
277
272
271
270
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
* 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—Bee BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
438 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
May 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—January
February
March
April
May
JllTlft _ _„ „ „ „ „ . _„
July
August . . . . . .^
September
October
December
1940—January
February
March
April
Com-
mer-
cial
paper
out-
stand-
ing i
195
195
191
192
189
181
194
201
209
205
214
210
219
226
233
239
Dollar acceptances outstanding
Total
out-
stand-
ing
255
248
245
238
247
245
236
235
216
221
223
233
229
233
230
223
Held by
Accepting banks
Total
204
198
191
189
192
191
188
191
177
179
172
175
179
188
184
178
Own
bills
122
122
117
118
124
122
119
128
115
111
103
105
111
123
121
118
Bills
bought
82
76
74
72
68
69
69
63
62
67
69
70
68
65
63
61
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
s
Others
52
60
64
49
65
53
48
44
39
42
51
57
50
45
46
45
Based on
Im-
into
U. S.
89
87
87
80
82
81
75
79
78
85
96
103
101
95
90
86
Exports
from
U.S.
57
67
68
66
51
45
41
40
40
40
37
39
38
44
47
45
Dollar
ex-
change
2
2
2
1
19
20
19
18
18
18
16
16
16
15
14
13
Goods stored in or
shipped between
points in
U. S.
62
48
42
38
36
39
39
40
43
46
50
64
51
51
49
46
Foreign
coun-
tries
55
54
56
57
59
60
61
59
36
32
24
22
23
27
30
33
1
As reported by dealers; includes some finance company paper sold in open market.
» Less than $500,000.
Back figures.—Bee Annual Keport for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1937—June
September
December
1938—March
June
September
December _ _
1939—March
April
May
June
July
August __
September. .
October
November_._
December
1940—January
February
March
April
Debit balances
Customers'
debit
balances
(net ) i
1,489
1,363
985
831
774
823
991
953
831
828
834
839
792
856
894
914
906
886
893
886
910
Debit
balances in
partners'
investment
and trading
accounts
55
48
34
29
27
29
32
27
26
26
25
24
22
20
21
20
16
15
16
15
15
Debit
balances in
firm
investment
and trading
accounts
161
128
108
95
88
76
106
84
83
76
73
84
71
64
72
77
78
70
72
78
72
Cash on
hand
and in
banks
214
239
232
215
215
213
190
174
190
183
178
183
202
217
200
195
207
198
195
186
192
Credit balances
Money
bor-
rowed *
1,217
1,088
688
576
495
559
754
699
579
661
570
589
566
520
577
623
637
602
616
615
626
Customers'
credit balances »
Free
266
250
278
239
258
257
247
225
236
230
230
238
235
305
289
272
266
262
253
247
252
Other
(net)
92
96
85
81
89
68
60
59
60
69
70
67
58
87
76
67
69
71
74
70
73
Other credit balances
In
partners'
invest-
ment and
trading
accounts
25
26
26
25
22
20
22
20
20
21
21
20
20
22
21
21
23
22
23
21
21
In
firm
invest-
ment and
trading
accounts
13
12
10
9
11
7
5
9
7
0
6
6
6
11
9
8
7
6
7
7
9
In
capital
accounts
(net)
397
385
355
315
296
300
305
294
290
284
280
278
275
288
284
282
277
272
271
270
271
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
1
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 method
by which th« figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—Bee BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
566 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
June 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—February..
March
April.—...
May
June
July
August
September
October,...
November.
December_
1940—January,...
February..
March
April
May
Com-
mer-
cial
paper
out-
stand-
ing i
195
191
192
189
181
194
201
209
205
214
210
219
226
233
239
234
Dollar acceptances outstanding
Total
out-
stand-
ing
248
245
238
247
245
236
235
216
221
223
233
229
233
230
223
214
Held by
Accepting banks
Total
198
191
189
192
191
188
191
177
179
172
175
179
188
184
178
171
Own
bills
122
117
118
124
122
119
128
115
111
103
105
111
123
121
118
113
Bills
bought
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
Others
Based on
Im-
ports
into
United
States
Exports
from
United
States
87
87
86
82
81
75
79
78
85
96
103
101
95
90
Dollar
ex-
change
Goods stored in or
shipped between
points in
United
States
Foreign
coun-
tries
54
56
57
59
60
61
59
36
32
24
22
23
27
30
33
34
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1937—June
September.
December.
1938—March
June ---
September.
December.
1939— March
April
May
June
July
August
September.
October _ _ _
November.
December .
1940—January _ _.
February..
March
April
May
Debit balances
Customers'
debit
balances
(net) i
1,489
1,363
831
774
823
991
831
828
834
839
792
856
894
914
910
702
Debit
balances in
partners'
investment
and trading
accounts
Debit
balances in
firm
investment
and trading
accounts
161
128
108
95
88
76
106
84
83
76
73
84
71
64
72
77
78
70
72
78
72
67
Cash on
hand
and in
banks
214
239
232
215
215
213
190
174
190
183
178
183
202
217
200
195
207
195
186
192
239
Credit balances
Money
bor-
rowed
2
1,217
1,088
576
495
559
754
699
579
561
570
589
556
520
577
623
637
602
616
615
626
459
C u s t o m e r s '
credit balances i
F r e e
256
278
239
258
257
247
225
236
230
230
238
235
305
289
272
266
262
253
247
252
251
Other
(net)
In
partners'
invest-
ment and
trading
accounts
Other credit balances
In
firm
invest-
ment and
trading
accounts
25
26
26
25
22
20
22
20
20
21
21
20
20
22
21
21
23
22
23
21
21
22
In
capital
accounts
(net)
397
385
355
315
298
300
305
294
290
284
280
278
275
283
284
282
277
272
271
270
271
274
* Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
700 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
July 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—March
April
May
June
July
August
September
October
November
December
1940—January
February
March
April
Ma y
June •__
Com-
mer-
cial
paper
out-
stand-
ing i
191
192
189
181
194
201
209
205
214
210
219
226
233
239
234
224
Dollar acceptances outstanding
Total
out-
stand-
i ng
245
238
247
245
236
235
216
221
223
233
229
233
230
223
t
o

t
o
Hel d by
Accepting banks
Total
191
189
192
191
188
191
177
179
172
175
179
188
184
178
171
166
Own
bills
117
118
124
122
119
128
115
111
103
105
111
123
121
118
113
112
Bills
bought
74
72
68
69
69
63
62
67
69
70
68
65
63
61
58
54
Federal Reserve
Banks
1
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
( 2)
Others
54
49
55
53
48
44
39
42
51
57
50
45
46
45
43
40
Based on
Im-
ports
into
United
States
87
86
82
81
75
79
78
85
96
103
101
95
90
Rfi
C
O
O
O
Exports
from
United
States
58
56
51
45
41
40
40
40
37
39
38
44
47
45
47
43
Dollar
ex-
change
2
1
19
20
19
18
18
18
16
16
16
15
14
13
12
13
Goods stored in or
shipped between
points in
United
States
42
38
36
39
39
40
43
46
50
54
51
51
49
46
41
36
Foreign
coun-
tries
56
57
59
60
61
59
36
32
24
22
23
27
30
33
34
34
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
Debit balances
Customers'
debit
balances
(net) i
Debit
balances in
partners'
investment
and trading
accounts
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Credit balances
Money
bor-
rowed
2
Customers'
credit balances
l
Free
Other
(net)
In
partners'
invest-
ment and
trading
accounts
Other credit balances
In
firm
invest-
ment and
trading
accounts
In
capital
accounts
(net)
1937—June
September
December.
1938—March
June
September
December.
1939— March
May
June
Jul y
August
September
October. _.
November.
December.
1940—January. _.
February. .
Mar ch. . . . .
April
May. .
June
1,489
1,363
831
774
823
991
953
828
834
839
792
856
894
914
906
910
702
653
161
128
108
95
88
76
106
84
76
73
84
71
64
72
77
78
70
72
78
72
67
58
214
239
232
215
215
213
190
174
183
178
183
202
217
200
195
207
198
195
186
192
239
223
1,217
1,088
576
495
559
754
699
561
570
589
556
520
577
623
637
602
616
615
626
459
376
256
278
239
258
257
247
225
230
230
238
235
305
289
272
262
253
247
252
251
267
397
385
355
315
298
300
305
294
284
280
278
275
283
284
282
277
272
271
270
271
274
269
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
800 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
August 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—April
May
June
July ___ . . .
August
September
October
November
December.
1940—January
February __ _
March
April
May
June .
July .
Com-
mer-
cial
paper
out-
stand-
ing i
192
189
181
194
201
209
205
214
210
219
226
233
239
234
224
232
Dollar acceptances outstanding
Total
out-
stand-
ing
238
247
245
236
235
216
221
223
233
229
233
230
223
214
206
188
Ace
Total
189
192
191
188
191
177
179
172
175
179
188
184
178
171
166
152
Helc
opting banks
Own
bills
118
124
122
119
128
115
111
103
105
111
123
121
118
113
112
103
Bills
bought
72
68
69
69
63
62
67
69
70
68
65
63
61
58
54
49
I by.
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
(
2
)
(J)
(
2
)
Others
49
55
53
48
44
39
42
51
57
50
45
46
45
43
40
36
Based on
Im-
ports
into
United
States
86
82
81
75
79
78
85
96
103
101
95
90
86
78
79
75
Exports
from
United
States
56
51
45
41
40
40
40
37
' 39
38
44
47
45
47
43
32
Dollar
ex-
change
1
19
20
19
18
18
18
16
16
16
15
14
13
12
13
13
Goods stored in or
shipped between
points in
United
States
38
36
39
39
40
43
46
50
54
51
51
49
46
41
36
35
Foreign
coun-
tries
57
59
60
61
59
36
32
24
22
23
27
30
33
34
34
32
i As reported by dealers; includes some finance company paper sold in open market.
a Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
Debit balances
Customers'
debit
(net) i
Debit
balances in
partners'
investment
and trading
accounts
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Credit balances
Money
bor-
rowed
2
Customers'
credit balances i
Free
Other
(net)
In
partners'
invest-
ment and
trading
accounts
Other credit balances
In
firm
invest-
ment and
trading
accounts
In
capital
accounts
(net)
1937—June.
September.
December.
1938—March
June.
September.
December.
1939—March
June
July
August
September.
October...
November.
December.
1940—January...
February..
March
April
May
June
July
1,489
1,363
985
831
774
823
991
953
834
839
792
856
894
914
906
910
702
653
642
161
128
108
95
88
76
106
84
73
84
71
64
72
77
78
70
72
78
72
67
58
64
214
239
232
215
215
213
190
174
178
183
202
217
200
195
207
198
195
186
192
239
223
213
1,217
1,088
576
495
559
754
570
589
556
520
577
623
637
602
616
615
626
459
376
376
266
256
278
239
258
257
247
225
230
238
235
305
289
272
266
262
253
247
252
251
267
261
397
385
355
315
298
300
305
294
280
278
275
283
284
282
277
272
271
270
271
274
269
264
i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
3
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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
972 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
September 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—May
June
July
August
September
October
November
December
1940—January
February
March
April
May
June
July
August
Com-
mer-
cial
paper
out-
stand-
ing i
189
181
194
201
209
205
214
210
219
226
233
239
234
224
232
247
Dollar acceptances outstanding
Total
out-
stand-
ing
247
245
236
235
216
221
223
233
229
233
230
223
214
206
188
182
Held by
Accepting banks
Total
192
191
188
191
177
179
172
175
179
188
184
178
171
166
152
148
Own
bills
124
122
119
128
115
111
103
105
111
123
121
118
113
112
103
103
Bills
bought
68
69
69
63
62
67
69
70
68
65
63
61
58
54
49
44
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
i i
Others
55
53
48
44
39
42
51
57
50
45
46
45
43
40
36
34
Based on
Im-
ports
into
United
States
82
81
75
79
78
85
96
103
101
95
90
86
78
79
75
80
Exports
from
United
States
51
45
41
40
40
40
37
39
38
44
47
45
47
43
32
24
Dollar
ex-
change
19
20
19
18
18
18
16
16
16
15
14
13
12
13
13
11
Goods stored in or
shipped between
points in
United
States
36
39
39
40
43
46
50
54
51
51
49
46
41
36
35
38
Foreign
coun-
tries
59
60
61
59
36
32
24
22
23
27
30
33
34
34
32
29
i As reported by dealers; includes some finance company paper sold in open market.
» Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December.
1936—June
December.
1937—June
December.
1938—June
December.
1939—June
July
August
September.
October
November.
December.
1940—January . . .
February..
March
April
May.
June
July
August
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
985
774
991
834
839
792
856
894
914
906
910
702
653
642
631
Debit
balances in
partners'
investment
and trading
accounts
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
106
73
84
71
64
72
77
78
70
72
78
72
67
58
64
56
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
183
202
217
200
195
207
198
195
186
192
239
223
213
215
Credit balances
Money
bor-
rowed
2
930
985
1,048
1,217
495
754
570
589
556
520
577
623
637
602
616
615
626
459
376
376
368
Customers'
credit balances
1
Free
286
276
342
266
278
258
247
230
238
235
305
289
272
266
262
253
247
252
251
267
261
256
Other
(net)
In
partners'
invest-
ment and
trading
accounts
79
103
Other credit balances
In
firm
invest-
ment and
trading
accounts
10
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
278
275
283
284
282
277
272
271
270
271
274
269
2-64
260
i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
* Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back See figures—BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1118 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
October 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—June
July
August
September
October
November
December
1940—January
February
March
April
May
June
July
August
September
Com-
mer-
cial
paper
out-
stand-
ing i
181
194
201
209
205
214
210
219
226
233
239
234
224
232
r
245
251
Dollar acceptances outstanding
Total
out-
stand-
ing
245
236
235
216
221
223
233
229
233
230
223
214
206
188
182
177
Held by
Accepting banks
Total
191
188
191
177
179
172
175
179
188
184
178
171
166
152
148
142
Own
bills
122
119
128
115
111
103
105
111
123
121
118
113
112
103
103
100
Bills
bought
69
69
63
62
67
69
70
68
65
S3
61
58
54
49
44
42
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
( J )
(')
(J)
Others
53
48
44
39
42
51
57
50
45
46
45
43
40
36
34
35
Based on
Im-
ports
into
United
States
81
75
79
78
85
96
103
101
95
90
86
78
79
75
80
80
Exports
from
United
States
45
41
40
40
40
37
39
38
44
47
45
47
43
32
24
22
Dollar
ex-
change
20
19
18
18
18
16
16
16
15
14
13
12
13
13
11
11
Goods stored in or
shipped between
points in
United
States
39
39
40
43
46
50
54
51
51
49
46
41
36
35
38
35
Foreign
coun-
tries
60
61
59
36
32
24
22
23
27
30
33
34
34
32
20
28
r
Revised.
i As reported by dealers; includes some finance company paper sold in open market.
» Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December
1936—June _ _
December
1937_j
une
_
December
1938—June _
December
1939—June
August _ .
September
October
November... __ _ _
December
1940—January
February-
March
April
May
June
July
August _.
September
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
792
856
894
914
906
886
893
886
910
702
653
642
631
635
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
22
20
21
20
16
15
16
15
15
12
12
12
t
o

t
o
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
71
64
72
77
78
70
72
78
72
67
58
64
56
57
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
202
217
200
195
207
198
195
186
192
239
223
213
215
218
Credit balances
Money
bor-
rowed
3
930
985
1,048
1,217
688
495
754
570
556
520
577
623
637
602
616
615
626
459
376
376
368
370
Customers'
credit balances i
Free
286
276
342
266
278
258
247
230
235
305
289
272
266
262
253
247
252
251
267
261
256
268
Other
(net)
79
86
103
92
85
89
60
70
58
87
76
67
69
71
74
70
73
68
62
62
57
56
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
20
22
21
21
23
22
23
21
21
22
22
22
21
20
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
6
11
9
8
7
6
7
7
9
6
5
6
5
5
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
275
283
284
282
277
272
271
270
271
274
269
264
260
255
i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
* Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be
4
taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1204 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
November 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—July
August
September
October
November
December
1940—January
February
March
April
Ma y
June
July *
August
September
October
Com-
mer-
cial
paper
out-
stand-
ing i
194
201
209
205
214
210
219
226
233
239
234
224
232
245
251
252
Dollar acceptances outstanding
Total
out-
stand-
i ng
236
235
216
221
223
233
229
233
230
223
214
206
188
182
177
187
Helc
Accepting banks
Total
188
191
177
179
172
175
179
188
184
178
171
166
152
148
142
149
Own
bills
119
128
115
111
103
105
111
123
121
118
113
112
103
103
100
96
Bills
bought
69
63
62
67
69
70
68
65
63
61
58
54
49
44
42
53
I by
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
0)
Others
48
44
39
42
51
57
50
45
46
45
43
40
36
34
35
38
Based on
Im-
ports
into
United
States
75
79
78
85
96
103
101
95
90
86
78
79
75
80
80
91
Exports
from
United
States
41
40
40
40
37
39
38
44
47
45
47
43
32
24
22
20
Dollar
ex-
change
19
18
18
18
16
16
16
15
14
13
12
13
13
11
11
11
Goods stored in or
shipped between
points in
United
States
39
40
43
46
50
54
51
51
49
46
41
36
35
38
35
37
Foreign
coun-
tries
61
59
36
32
24
22
23
27
30
33
34
34
32
29
28
28
i As reported by dealers; includes some finance company paper sold in open market.
* Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December - -
1936—June
1987—June
December.
1033—June
December
1939—June
September
October
November
December
1940—Jftn n ftry
February.
March
April
May
Jrme
July ,
August
September
October _
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
856
894
914
906
886
893
886
910
702
653
642
631
635
653
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
20
21
20
16
15
16
15
15
12
12
12
12
12
12
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
64
72
77
78
70
72
78
72
67
58
64
56
57
70
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
217
200
195
207
198
195
186
192
239
223
213
215
218
203
Credit balances
Money
bor-
rowed
J
930
985
1,048
1,217
688
495
754
570
520
577
623
637
602
616
615
626
459
376
376
368
370
381
Customers'
credit balances»
Free
286
276
342
266
278
258
247
230
305
289
272
266
262
253
247
252
251
267
261
256
268
269
Other
(net)
79
86
103
92
85
89
60
70
87
76
67
69
71
74
70
73
68
62
62
57
56
58
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
36
22
22
21
22
21
21
23
22
23
21
21
22
22
22
21
20
20
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
6
0
11
9
8
7
6
7
7
9
6
0
6
5
5
5
In
capital
accounts
(net)
410
420
424
395
375
298
305
280
283
284
282
277
272
271
270
271
274
269
264
260
255
253
firms' own partners.
1
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1300 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1940
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1030— Aueust
October -
November
December
1040—January
February
March
April
May
June
July
August
September
October
November
C om-
mer-
cial
paper
out-
stand-
ing 1
201
209
205
214
210
219
226
233
239
234
224
232
245
251
252
232
Dollar acceptances outstanding
Total
out-
stand-
ing
235
216
221
223
233
229
233
230
223
214
206
188
182
177
187
197
Held by
Accepting banks
Total
191
177
179
172
175
179
188
184
178
171
166
152
148
142
149
159
Own
bills
128
115
111
103
105
111
123
121
118
113
112
103
103
100
96
99
Bills
bought
63
62
67
69
70
68
65
63
61
58
64
49
44
42
53
60
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
( i )
Others
44
39
42
51
57
50
45
46
45
43
40
36
34
35
38
38
Based on
Im-
ports
into
United
States
79
78
85
96
103
101
95
90
86
78
79
75
80
80
91
98
Exports
from
United
States
40
40
40
37
39
38
44
47
45
47
43
32
24
22
20
20
Dollar
ex-
change
18
18
18
16
16
16
15
14
13
12
13
13
11
11
11
9
Goods stored in or
shipped between
points in
United
States
40
43
46
50
54
51
51
49
46
41
36
36
38
35
37
41
Foreign
coun-
tries
59
36
32
24
22
23
27
30
33
34
34
32
29
28
28
29
i As reported by dealers; includes some finance company paper sold in open market.
> Less than $500,000.
Back figures.—BeeTAimuBl Report for 1937 ( table 70) .
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
193&—December
1936—June
December
1037—June
1088—June
December
1030—June
October
November
Decani ber
1940—January .
February
March .
April
May
J une . . . —. - . .
July
August
September
October _
November
Debit balances
C ustomers'
debit
balances
( net) i
1,258
1,267
1,395
1,489
985
774
991
834
894
914
906
886
893
886
910
702
653
642
631
635
653
666
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
21
20
16
15
16
15
15
12
12
12
12
12
12
12
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
72
77
78
70
72
78
72
67
58
64
56
57
70
64
C ash on
hand
and in
banks
179
219
249
214
232
215
190
178
200
195
207
198
195
186
192
239
223
213
215
218
203
214
C redit balances
Money
bor-
rowed »
930
985
1,048
1,217
688
495
754
570
577
623
637
602
616
615
626
459
376
376
368
370
381
383
C ustomers'
credit balances *
Free
286
276
342
266
278
258
247
230
289
272
266
262
253
247
252
251
267
261
256
268
269
280
Other
( net)
79
86
103
92
85
89
60
70
76
67
69
71
74
70
73
68
62
62
57
56
58
59
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
29
22
22
21
21
21
23
22
23
21
21
22
22
22
21
20
20
20
In
firm
invest-
ment and
trading
accounia
10
14
12
13
10
11
6
t
6
5
5
5
4
In
capital
accounts
( net)
410
420
424
397
355
298
305
280
284
282
277
272
271
270
271
274
269
264
260
255
253
253
i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and ( 2) of
firms' own partners.
* Includes both money borrowed from banks and trust companies in New York C ity and elsewhere in the United States and also monty 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 method
b y which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
i s not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 ( table 69) .
48 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—September
October
November
December
1940—January
February
March
April
May _
June
July
August
September
October
November
December
Com-
mer-
cial
paper
out-
stand-
ing i
209
205
214
210
219
226
233
239
234
224
232
245
251
252
232
218
Dollar acceptances outstanding
Total
out-
stand-
ing
216
221
223
233
229
233
230
223
214
206
188
182
177
187
197
209
Held by
Accepting banks
Total
177
179
172
175
179
188
184
178
171
166
152
148
142
149
159
167
Own
bills
115
111
103
105
111
123
121
118
113
112
103
103
100
96
99
100
Bills
bought
62
67
69
70
68
65
63
61
58
54
49
44
42
53
60
67
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
Others
39
42
51
57
50
45
46
45
43
40
36
34
35
38
38
42
Based on
Im-
ports
into
United
States
78
85
96
103
101
95
90
86
78
79
75
80
80
91
98
109
Exports
from
United
States
40
40
37
39
38
44
47
45
47
43
32
24
22
20
20
18
Dollar
ex-
change
18
18
16
16
16
15
14
13
12
13
13
11
11
11
9
10
Goods stored in or
shipped between
points in
United
States
43
46
50
54
61
51
49
46
41
36
35
38
35
37
41
44
Foreign
coun-
tries
36
32
24
22
23
27
30
33
34
34
32
29
28
28
29
27
i As reported by dealers; Includes some finance company paper sold in open market.
» Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December > _
1936—June
1937—June
December
1938—June- _
December
1939—June
December
1940—January _
February
March___ ... _
April
May . . .
June
July
August
September
October
November
December
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
886
893
886
910
702
653
642
631
635
653
666
677
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
15
16
15
15
12
12
12
12
12
12
12
12
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
70
72
78
72
67
58
64
56
57
70
64
99
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
198
195
186
192
239
223
213
215
218
203
214
204
Credit balances
Money
bor-
rowed
3
930
985
1,048
1,217
688
495
754
570
637
602
616
615
626
459
376
376
368
370
381
383
427
Customers'
credit balances
1
Free
286
276
342
266
278
258
247
230
266
262
253
247
252
251
267
261
256
268
269
280
281
Other
(net)
79
86
103
92
85
89
60
70
69
71
74
70
73
68
62
62
57
56
58
59
54
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
23
21
21
22
22
22
21
20
20
20
22
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
7
6
7
7
9
6
5
6
5
5
5
4
5
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
277
272
271
270
271
274
269
264
260
255
253
253
247
i Excluding balances with reporting firms (1) of member firms of New York*Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
• Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in[detail) Annual Report for 1937 (table 69).
146 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939— October
November _
December
1940—January
February .
March
April
May
June
July
August
September
October
November
December
1941—January
Com-
mer-
cial
paper
out-
stand-
ing i
205
214
210
219
226
233
239
234
224
232
245
251
252
232
218
232
Dollar acceptances outstanding
Total
out-
stand-
ing
221
223
233
229
233
230
223
214
206
188
182
177
187
197
209
213
Held by
Accepting banks
Total
179
172
175
179
188
184
178
171
166
152
148
142
149
159
167
168
Own
bills
111
103
105
111
123
121
118
113
112
103
103
100
96
99
ion
103
Bills
bought
67
69
70
68
65
63
61
58
54
49
44
42
53
60
67
65
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
Others
42
51
57
50
45
46
45
43
40
36
34
35
38
38
42
45'
Based on
Im-
ports
into
United
States
85
96
103
101
95
90
86
78
79
75
80
80
91
98
109
115
Exports
from
United
States
40
37
39
38
44
47
45
47
43
32
24
22
20
20
18
16
Dollar
ex-
change
18
16
16
16
15
14
13
12
13
13
11
11
11
9
10
11
Goods stored in or
shipped between
points in
United
States
46
50
54
51
51
49
46
41
36
35
38
35
37
41
44
44
Foreign
coun-
tries
32
24
22
23
27
30
33
34
34
32
29
28
28
29
27
26
1 As reported by dealers; includes some finance company paper sold in open market.
« Less than $500,000.
Back figures .—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of mont h
1935—December
1936—June
December
1937—June
December
1938—June
December _
1939—June
December _
1940—January
February
March
April
May
June
July
August
September
October
November
December
1941—January
Debit balances
Customers'
debit
balances
(net) 1
1,258
1,267
1,395
1,489
985
774
991
834
906
886
893
886
910
702
653
642
631
635
653
666
677
661
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
15
16
15
15
12
12
12
12
12
12
12
12
11
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
70
72
78
72
67
58
64
56
57
70
64
99
73
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
198
195
186
192
239
223
213
215
218
203
214
204
207
Credit balances
Money
bor-
rowed
2
930
985
1,048
1,217
688
495
754
570
637
602
616
615
626
459
376
376
368
370
381
383
427
399
Customers'
credit balances
!
Free
286
276
342
266
278
258
247
230
266
262
253
247
252
251
267
261
256
268
269
280
281
275
Other
(net)
79
86
103
92
85
89
60
70
69
71
74
70
73
68
62
62
57
56
58
59
54
54
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
23
21
21
22
22
22
21
20
20
20
22
22
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
7
6
7
7
9
6
5
6
5
5
5
4
5
6
In
capital
accounts
(net)
410
420
424
397"
355
298
305
280
277
272
271
270
271
274
269
264
260
255
253
253
247
238
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes 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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," 1
is not to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
' and explains that the last column
236
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
March 1941
COMMERCIAL PAPER AND BANKERS
7
ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—November _
December
1940—January
February
March _
April
May -
June
July .
August
September
October
November.
December
1941—January
February
Com-
mer-
cial
paper
out-
stand-
ing i
214
210
219
226
233
239
234
224
232
245
251
252
232
218
232
241
Dollar acceptances outstanding
Total
out-
stand-
ing
223
233
229
233
230
223
214
206
188
182
177
187
197
209
213
212
Held by
Accepting banks
Total
172
175
179
188
184
178
171
166
152
148
142
149
159
167
168
164
Own
bills
103
105
111
123
121
118
113
112
103
103
100
96
99
100
103
99
Bills
bought
69
70
68
65
63
61
58
54
49
44
42
53
60
67
65
65
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
Others
51
57
50
45
46
45
43
40
36
34
35
38
38
42
45
48
Based on
Im-
ports
into
United
States
96
103
101
95
90
86
78
79
75
80
80
91
98
109
115
119
Exports
from
United
States
37
39
38
44
47
45
47
43
32
24
22
20
20
18
16
18
Dollar
ex-
change
16
16
16
15
14
13
12
13
13
11
11
11
9
10
11
7
Goods stored in or
shipped between
points in
United
States
50
54
51
51
49
46
41
36
35
38
35
37
41
44
44
42
Foreign
coun-
tries
24
22
23
27
30
33
34
34
32
29
28
28
29
27
26
26
i As reported by dealers; includes some finance company paper sold in open market.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December _ _ .
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—February
March
April
May __ _
June
July
August
September
October
November _
December..
1941—January
February _ __ _
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
893
886
910
702
653
642
631
635
653
666
677
661
634
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
16
15
15
12
12
12
12
12
12
12
12
11
11
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
72
78
72
67
58
64
56
57
70
64
99
73
78
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
195
186
192
239
223
213
215
218
203
214
204
207
199
Credit balances
Money
bor-
rowed
2
C
O

O
C
1.048
1,217
688
495
754
570
637
616
615
626
459
376
376
368
370
381
383
427
399
375
Customers'
credit balances *
Free
286
276
342
266
278
258
247
230
266
253
247
252
251
267
261
256
268
269
280
281
275
267
Other
(net)
79
86
103
92
85
89
60
70
69
74
70
73
68
62
62
57
56
58
59
54
54
53
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
23
21
21
22
22
22
21
20
20
20
22
22
22
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
7
7
7
9
6
5
6
5
5
5
4
5
6
6
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
277
271
270
271
274
269
264
260
255
253
253
247
238
237
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
336 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
April 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1939—December
1940—January
February
March
April
May. . . _ __.
June
July. .
August
September
October
November
December
1941—Januarv
February _
March
Com-
mer-
cial
paper
out-
stand-
ing i
210
219
226
233
239
234
224
232
245
251
252
232
218
232
241
263
Dollar acceptances outstanding
Total
out-
stand-
ing
233
229
233
230
223
214
206
188
182
177
187
197
209
213
212
217
Hel d by
Accepting banks
Total
175
179
188
184
178
171
166
152
148
142
149
159
167
168
164
170
Own
bills
105
111
123
121
118
113
112
103
103
100
96
99
100
103
99
107
Bills
bought
70
68
65
63
61
58
54
49
44
42
53
60
67
65
65
63
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
Others
57
50
45
46
45
43
40
36
34
35
38
38
42
45
48
47
Im-
ports
into
United
States
103
101
95
90
86
78
79
75
80
80
91
98
109
115
119
120
Export s
from
Uni t ed
States
39
38
44
47
45
47
43
32
24
22
20
20
18
16
18
24
Based
Dollar
ex-
change
16
If
15
14
13
12
13
13
11
11
11
9
10
11
7
8
on
Goods stored in or
shipped between
points in
United
States
54
51
51
49
46
41
36
35
38
35
37
41
44
44
42
41
Foreign
coun-
tries
22
23
27
30
33
34
34
32
29
28
28
29
27
26
26
25
1
As reported by dealers; includes some finance company paper sold in open market.
Back figures.—Bee Annual Eeport for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—D ecember
1936—June
"DficflTnhpr
1937—June.—
December
1938—June
December
1939—June
December
1940—March
April
May
June
July
August
September
October
November
December . _
1941—January
February
March
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
886
910
702
653
642
631
635
653
666
677
661
634
633
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
65
34
27
32
25
16
15
15
12
12
12
12
12
12
12
12
11
11
9
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
78
72
67
58
64
56
57
70
64
99
73
78
81
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
186
192
239
223
213
215
218
203
214
204
207
199
199
Credit balances
Money
bor-
rowed
2
930
985
1,048
1,217
688
495
754
570
637
615
626
459
376
376
368
370
381
383
427
399
375
387
Customers'
credit balances i
Free
286
276
342
266
278
258
247
230
266
247
252
251
267
261
256
268
269
280
281
275
267
268
Other
(net)
79
86
103
92
85
89
60
70
69
70
73
68
62
62
57
56
58
59
54
54
53
56
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
21
21
22
22
22
21
20
20
20
22
22
22
21
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
6
6
7
7
9
6
5
6
5
5
5
4
5
6
6
6
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
277
270
271
274
269
264
260
255
253
253
247
238
237
231
* Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Eeport for 1937 (table 69)
434 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
May 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—January „ _ _
February
March
April
May.
June
July
August
September
October
November
December
1941 January __ _ _
February
March
April _
Com-
mer-
cial
paper
out-
stand-
ing i
219
226
233
239
234
224
232
245
251
252
232
218
232
241
263
275
Total
out-
stand-
ing
229
233
230
223
214
206
188
182
177
187
197
209
213
212
217
220
Dollar acceptances outstanding
Held by
Accepting banks
Total
179
188
184
178
171
166
152
148
142
149
159
167
168
164
170
170
Own
bills
111
123
121
118
113
112
103
103
100
96
99
100
103
99
107
105
Bills
bought
68
65
63
61
58
54
49
44
42
53
60
67
65
65
63
66
Federal Reserve
Banks
For
own ac-
count
For ac-
count of
foreign
corre-
spond-
ents
Others
50
45
46
45
43
40
36
34
35
38
38
42
45
48
47
49
Based on
Im-
ports
into
United
States
101
95
90
86
78
79
75
80
80
91
98
109
115
119
120
126
Exports
from
United
States
38
44
47
45
47
43
32
24
22
20
20
18
16
18
24
25
Dollar
ex-
change
16
15
14
13
12
13
13
11
11
11
9
10
11
7
8
7
Goods stored in or
shipped between
points in
United
States
51
51
49
46
41
36
35
38
35
37
41
44
44
42
41
38
Foreign
coun-
tries
23
27
30
33
34
34
32
29
28
28
29
27
26
26
25
23
1
As reported by dealers; includes some finance company paper sold in open market.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of mont h
1935—December
1936 —June
December
1937—j une
December
1938—June
December
1939—June
December __ _
1940—April
May
June
July
August
September __. __
October _
November
December
1941—January __ .
February _ _
March __ _
ApriL_
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
910
702
653
642
631
635
653
666
677
661
634
633
606
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
15
12
12
12
12
12
12
12
12
11
11
9
10
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
72
67
58
64
56
57
70
64
99
73
78
81
86
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
192
239
223
213
215
218
203
214
204
207
199
199
199
Credit balances
Money
bor-
rowed
2
930
985
1,048
1,217
688
495
754
570
637
626
459
376
376
368
370
381
383
427
399
375
387
368
Customers'
credit balances
1
Free
286
276
342
266
278
258
247
230
266
252
251
267
261
256
268
269
280
281
275
267
268
265
Other
(net)
79
86
103
92
85
89
60
70
69
73
68
62
62
57
56
58
59
54
54
53
56
60
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
21
22
22
22
21
20
20
20
22
22
22
21
20
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
7
9
6
5
6
5
5
5
4
5
6
6
6
8
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
277
271
274
269
264
260
255
253
253
247
238
237
231
227
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2; of
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
558 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
June 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—February
March
April
May
June
July
August
September
October
November
December
1941—January
February
March _
April
May
Com-
mer-
cial
paper
stand-
ing i
226
233
239
234
224
232
245
251
252
232
218
232
241
263
275
295
Dollar acceptances outstanding-
Total
stand-
ing
233
230
223
214
206
188
182
177
187
197
209
213
212
217
220
215
Held by
Accepting banks
Total
188
184
178
171
166
152
148
142
149
159
167
168
164
170
1
170
164
Own
bills
123
121
118
113
112
103
103
100
96
99
100
103
99
107
105
105
Bills
bought
65
63
61
58
54
49
44
42
53
60
67
65
65
63
.66
60
Other s*
45
46
45
43
40
36
34
35
38
38
42
45
48
47
49
51
Based on
Im
ports
into
United
States
95
90
86
78
79
75
80
80
91
98
109
115
119
120
126
125
Exports
from
United
States
44
47
45
47
43
32
24
22
20
20
18
16
18
24
25
24
Dollar
ex-
change
15
14
13
12
13
13
11
11
11
9
10
11
8
7
3
Goods stored in or
shipped between
points in
United
States
51
49
46
41
36
35
38
35
37
41
44
44
42
41
38
41
Foreign
coun-
tries
27
30
33
34
34
32
29
28
28
29
27
26
26
25
23
22
1 As reported by dealers; includes some finance company paper sold in open market.
2 None held by Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December
1936—June
December
1937—June
December —._
193g__j
une
December
1939—June
Deoember
1940_May . . .
June
July
August .
September
October
November _ .
December
1941—January
February. _
March
April
May
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
702
653
642
631
635
653
666
677
661
634
633
606
622
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
12
12
12
12
12
12
12
12
11
11
9
10
10
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
67
58
64
56
57
70
64
99
73
78
81
86
102
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
239
223
213
215
218
203
214
204
207
199
199
199
185
Credit balances
Money
bor-
rowed
2
930
985
1,048
1,217
688
495
754
570
637
459
376
376
368
370
381
383
427
399
375
387
368
403
Customers'
credit balances *
Free
286
276
342
266
278
258
247
230
266
251
267
261
256
268
269
280
281
275
267
268
265
262
Other
(net)
79
86
103
92
85
89
60
70
69
68
62
62
57
56
58
59
54
54
53
56
60
61
Other credit bal
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
22
22
21
20
20
20
22
22
22
21
20
17
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
7
6
5
6
5
5
5
4
5
6
6
6
8
ances
In
capital
accounts
(net)
410
420
424
397
355
298
30fi
280
277
274
269
264
260
255
253
253
247
238
237
231
227
223
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
660 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
July 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—March
April
May
June
July
August
September
October ._
November
December ._ ___ . - - .. -
1941—January
February _ ._
March
April
Mav _ - - -
June.. _ - .- -
Com-
mer-
cial
paper
stand-
ing i
233
239
234
224
232
245
251
252
232
218
232
241
263
275
295
299
Dollar acceptances outstanding
Total
stand-
ing
230
223
214
206
188
182
177
187
197
209
213
212
217
220
215
213
Held by
Accepting banks
Total
184
178
171
166
152
148
142
149
159
167
168
164
170
170
164
161
Own
bills
121
118
113
112
103
103
100
96
99
100
103
99
107
105
105
101
Bills
bought
63
61
58
54
49
44
42
53
60
67
65
65
63
66
60
59
Others?
46
45
43
40
36
34
35
38
38
42
45
48
47
49
51
52
Based on
Im-
ports
into
United
States
90
86
78
79
75
80
80
91
98
109
115
119
120
126
125
123
Exports
from
United
States
47
45
47
43
32
24
22
20
20
18
16
18
24
25
24
24
Dollar
ex-
change
14
13
12
13
13
11
11
11
9
10
11
7
8
7
3
3
Goods stored in or
shipped between
points in
United
States
49
46
41
36
35
38
35
37
41
44
44
42
41
38
41
43
Foreign
coun-
tries
30
33
34
34
32
29
28
28
29
27
26
26
25
23
22
20
1 As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
iMember 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—June _ _
December
1940—Tune __
July
August
September... _ _
October.
November ,
December
1941—January _
February
March _
April
May
June
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
653
642
631
635
653
666
677
661
634
633
606
622
616
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
12
12
12
12
12
12
12
11
11
9
10
10
11
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
58
64
56
57
70
64
99
73
78
81
86
102
89
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
223
213
215
218
203
214
204
207
199
199
199
185
186
Credit balances
Money
bor-
rowed
2
930
985
1,048
1,217
688
495
754
570
637
376
376
368
370
381
383
427
399
375
387
368
403
395
Customers'
credit balances *
Free
286
276
342
266
278
258
247
230
266
267
261
256
268
269
280
281
275
267
268
265
262
255
Other
(net)
79
86
103
92
85
89
60
70
69
62
62
57
56
58
59
54
54
53
56
60
61
65
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
22
21
20
20
20
22
22
22
21
20
17
17
In
firm
invest-
ment and
trading
accounts
10
14
12
13
JO
11
5
6
7
5
fi
5
5
5
4
5
6
6
6
8
7
7
In
capital
accounts
(net)
410
420
424
397
35fi
298
30S
280
277
269
264
260
255
253
253
247
238
237
231
227
223
222
* Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTI.— For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for Septen ber 1936. T he article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
768 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
August 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—April
May -- --
June - __ --
July
August
September
October
November _
December
1941—January
February
March _ _
April
Ma y
J u n e _ _ _ _ _ _ _ _
July
Com-
mer-
cial
paper
out-
stand-
ing i
239
234
224
232
245
251
252
232
218
232
241
263
275
295
299
330
Dollar acceptances outstanding
Total
stand-
ing
223
214
206
188
182
177
187
197
209
213
212
217
220
215
213
210
HelcL by
Accepting banks
Total
178
171
166
152
148
142
149
159
167
168
164
170
170
164
161
161
Own
bills
118
113
112
103
103
100
96
99
100
103
99
107
105
105
101
106
Bills
bought
61
58
54
49
44
42
53
60
67
65
65
63
66
60
59
55
Others
2
45
43
40
36
34
35
38
38
42
45
48
47
49
51
52
49
Based on
Im-
ports
into
United
States
86
78
79
75
80
80
91
98
109
115
119
120
126
125
123
121
Exports
from
United
States
45
47
43
32
24
22
20
20
18
16
18
24
25
24
24
22
Dollar
ex-
change
13
12
13
13
11
11
11
9
10
11
7
8
3
3
3
Goods stored in or
shipped between
points in
United
States
46
41
36
35
38
35
37
41
44
44
42
41
38
41
43
47
Foreign
coun-
tries
33
34
34
32
29
28
28
29
27
26
26
25
23
22
20
16
1 As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
193 5 —December
1936—June __ __ __
December
1937—June
December
1938—June
December
1939—June
December
1940—June
July
August
September.— _
October
November
December
1941—January
February,
March
April
May _ _- -
June
July
Debit balances
Customers'
debit
balances
( net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
653
642
631
635
653
666
677
661
634
633
606
622
616
628
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
12
12
12
12
12
12
12
11
11
9
10
10
11
10
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
58
64
56
57
70
64
99
73
78
81
86
102
89
87
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
223
213
215
218
203
214
204
207
199
199
199
185
186
189
Credit balances
Money
bor-
rowed
a
930
985
1,048
1,217
688
495
754
570
637
376
376
368
370
381
383
427
399
375
387
368
403
395
388
Customers'
credit balances i
Free
286
276
342
266
278
258
247
230
266
267
261
256
268
269
280
281
275
267
268
265
262
255
266
Other
(net)
79
86
103
92
85
89
60
70
69
62
62
57
56
58
59
54
54
53
56
60
61
65
70
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
22
21
20
20
20
22
22
22
21
20
17
17
17
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
6
6
7
5
6
5
5
5
4
5
6
6
6
8
7
7
8
In
capital
accounts
(net)
410
420
424
397
356
298
305
280
277
269
264
260
255
253
253
247
238
237
231
227
223
222
221
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
908 FEDERAL RESERVE BUL L ETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
September 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—May
June
July
August
September
October..- . . _
November
December
1941—January
February .
March
April _
Ma y
June _
July
August
Com-
mer-
cial
paper
st and-
ing i
234
224
232
245
251
252
232
218
232
241
263
275
295
299
330
354
Dollar acceptances outstanding
Tot al
st and-
ing
214
206
188
182
177
187
197
209
213
212
217
220
215
213
210
197
Held by
Accepting banks
Total
171
166
152
148
142
149
159
167
168
164
170
170
164
161
161
148
Own
bills
113
112
103
103
100
96
99
100
103
99
107
105
105
101
106
100
Bills
bought
58
54
49
44
42
53
60
67
65
65
63
66
60
59
55
47
Others*
43
40
36
34
35
38
38
42
45
48
47
49
51
52
49
50
Based on
Im-
ports
into
United
States
78
79
75
80
80
91
98
109
115
119
120
126
125
123
121
114
Exports
from
United
States
47
43
32
24
22
20
20
18
16
18
24
25
24
24
22
21
Dollar
ex-
change
12
13
13
11
11
11
9
10
11
7
8
7
3
3
3
3
Goods stored in or
shipped between
points in
United
States
41
36
35
38
35
37
41
44
44
42
41
38
41
43
47
49
Foreign
coun-
tries
34
34
32
29
28
28
29
27
26
26
25
23
22
20
16
11
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December.
1936—June
December _ _
1937—June
December
1938—June
December
1939—June _
December
1940—June
July
August.
September
October
November _ „
December
1941—January
February
March
April
Ma y
June
July
August
Debit balances
Customers'
debit
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
653
642
631
635
653
666
677
661
634
633
606
622
616
628
628
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
65
34
27
32
25
16
12
12
12
12
12
12
12
11
11
9
10
10
11
10
10
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
58
64
56
57
70
64
99
73
78
81
86
102
89
87
160
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
223
213
215
218
203
214
204
207
199
199
199
185
186
189
189
Money
bor-
rowed
a
930
985
1,048
1,217
688
495
754
570
637
376
376
368
370
381
383
427
399
375
387
368
403
395
388
460
Credit 1
Customers'
credit balances i
Free
286
276
342
266
278
258
247
230
266
267
261
256
268
269
280
281
275
267
268
265
262
255
266
262
Other
(net)
79
86
103
92
85
89
60
70
69
62
62
57
56
58
59
54
54
53
56
60
61
65
70
72
Dalances
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
22
21
20
20
20
22
22
22
21
20
17
17
17
16
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
7
6
6
5
5
5
4
5
6
6
6
8
7
7
8
7
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
277
269
264
260
255
253
253
247
238
237
231
227
223
222
221
221
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1022 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
October 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—June
July . . . .
August
September
October. .
November
December
1941—January _-. .
February _ _
March
April
May ___
June
Jul y .
August . . . _ _ - _ - _ -
Sept ember
Com-
mer-
cial
paper
st and-
ing i
224
232
245
251
252
232
218
232
241
263
275
295
299
330
354
371
Dollar acceptances out st andi ng
Tot al
st and-
ing
206
188
182
177
187
197
209
213
212
217
220
215
213
210
197
177
Hel d by
Accepting banks
Tot al
166
152
148
142
149
159
167
168
164
170
170
164
161
161
148
131
Own
bills
112
103
103
100
96
99
100
103
99
107
105
105
101
106
100
85
Bills
bought
54
49
44
42
53
60
67
65
65
63
66
60
59
55
47
46
Others*
40
36
34
35
38
38
42
45
48
47
49
51
52
49
50
46
Based on
Im-
ports
into
United
States
79
75
80
80
91
98
109
115
119
120
126
125
123
121
114
105
Expor t s
from
United
States
43
32
24
22
20
20
18
16
18
24
25
24
24
22
21
13
Dollar
ex-
change
13
13
11
11
11
9
10
11
7
8
7
3
3
3
3
4
Goods stored in or
shipped between
points in
United
States
36
35
38
35
37
41
44
44
42
41
38
41
43
47
49
45
Foreign
coun-
tries
34
32
29
28
28
29
27
26
26
25
23
22
20
16
11
9
5
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
fMerober firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of mont h
1935—December
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
September
October
November
December
3941—January
February
March
April .__
Mav
June
July
August
September
Debit balances
Cust omer s'
debi t
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
653
635
653
666
677
661
634
633
606
622
616
628
628
633
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
12
12
12
12
12
11
11
9
10
10
11
10
10
10
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
58
57
70
64
99
73
78
81
86
102
89
87
160
83
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
223
218
203
214
204
207
199
199
199
185
186
189
189
196
Credit balances
Money
bor-
rowed
a
930
985
1.048
1,217
688
495
754
570
637
376
370
381
383
427
399
375
387
368
403
395
388
460
396
Customers'
credit balances
1
Free
286
276
342
266
278
258
247
230
266
267
268
269
280
281
275
267
268
265
262
255
266
262
260
Other
(net)
79
86
103
92
85
89
60
70
69
62
56
58
59
54
54
53
56
60
61
65
70
72
78
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
20
20
20
22
22
22
21
20
17
17
17
16
16
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
5
6
7
5
5
5
4
5
6
6
6
8
7
7
8
7
8
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
277
269
255
253
253
247
238
237
231
227
223
222
221
221
219
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report or 1Q37 (table 69).
NOVEMBER 1941 1161
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
November 1941
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—July
August - - -
September
October
November - - -
December
1941—January
February __
March
April
May . -
June
July _
August
September
October _
Com-
mer-
cial
paper
stand-
ing
1
232
245
251
252
232
218
232
241
263
275
295
299
330
354
371
378
Dollar acceptances outstanding
Total
stand-
ing
188
182
177
187
197
209
213
212
217
220
215
213
210
197
177
185
Held by
Accepting banks
Total
152
148
142
149
159
167
168
164
170
170
164
161
161
148
131
138
Own
bills
103
103
100
96
99
100
103
99
107
105
105
101
106
100
85
90
Bills
bought
49
44
42
53
60
67
65
65
63
66
60
59
55
47
46
47
Others*
36
34
35
38
38
42
45
48
47
49
51
52
49
50
46
47
Based on
ports
into
United
States
75
80
80
91
98
109
115
119
120
126
125
123
121
114
105
109
Exports
from
United
States
32
24
22
20
20
18
16
18
24
25
24
24
22
21
13
12
Dollar
ex-
change
13
11
11
11
9
10
11
7
8
7
3
3
3
3
4
4
Goods stored in or
shipped between
points in
United
States
35
38
35
37
41
44
44
42
41
38
41
43
47
49
45
48
Foreign
coun-
tries
32
29
28
28
29
27
26
26
25
23
22
20
16
11
9
11
1 As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June..
October
November
December
1941—January
February
March
April
May
June
July
August
September
October.
Debit balances
Customers'
debi t
balances
(net) i
1,258
1,267
1,395
1,489
985
774
991
834
906
653
653
666
677
661
634
633
606
622
616
628
628
633
628
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
12
12
12
12
11
11
9
10
10
11
10
10
10
9
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
58
70
64
99
73
78
81
86
102
89
87
160
83
102
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
223
203
214
204
207
199
199
199
185
186
189
189
196
186
Credit balances
Money
bor-
rowed *
930
985
1,048
1,217
688
495
754
570
637
376
381
383
427
399
375
387
368
403
395
388
460
396
414
Customers'
credit balances
l
Free
286
276
342
266
278
258
247
230
266
267
269
280
281
275
267
268
265
262
255
266
262
260
255
Other
(net)
79
86
103
92
85
89
60
70
69
82
58
59
54
54
53
56
60
61
65
70
72
78
74
Other credit balances
In
partners'
invest-
ment and
trading
accounts
24
24
30
25
26
22
22
21
23
22
20
20
22
22
22
21
20
17
17
17
16
16
16
In
firm
invest-
ment and
trading
accounts
10
14
12
13
10
11
6
6
7
6
5
4
5
6
6
6
g
7
7
8
7
8
7
In
capital
accounts
(net)
410
420
424
397
355
298
305
280
277
269
253
253
247
238
237
231
227
223
222
221
221
219
217
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on M argin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1254 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1941
End of month
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1940—August
September...
October
November...
December...
1941—January
February
March
April
May
June
July
August
September...
October
November...
245
251
252
232
218
232
241
263
275
295
299
330
354
371
378
387
182
177
187
197
209
213
212
217
220
215
213
210
197
177
185
194
148
142
149
159
167
168
164
170
170
164
161
161
148
131
138
144
103
100
96
99
100
103
99
107
105
105
101
106
100
85
90
93
44
42
53
60
67
65
65
63
66
60
59
55
47
46
47
51
34
35
38
38
42
45
48
47
49
51
52
49
50
46
47
50
80
80
91
98
109
115
119
120
126
125
123
121
114
105
109
116
24
22
20
20
18
16
18
24
25
24
24
22
21
13
12
14
11
11
11
9
10
11
7
8
7
3
3
3
3
4
4
5
38
35
37
41
44
44
42
41
38
41
43
47
49
45
48
48
29
28
28
29
27
26
26
25
23
22
20
16
11
9
11
12
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December . .
1936—June . ..
December
1937—June
December
1938—June
December
1939—June
December
1940—June
November
December
1941—January
February
March
April
May
June
July
August
September
October
November
Debit balances
Customers'
debit
balances
(net )
1
1,258
1,267
1,395
1,489
985
774
991
834
906
653
666
677
661
634
633
606
622
616
628
628
633
628
625
Debit
balances in
part ners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
12
12
12
11
11
9
10
10
11
10
10
10
9
9
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
58
64
99
73
78
81
86
102
89
87
160
83
102
100
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
223
214
204
207
199
199
199
185
186
189
189
196
186
195
Credit balances
I
Money
borrowed
2
930
985
1,048
1,217
688
495
754
570
637
376
383
427
399
375
387
368
403
395
388
460
396
414
409
Customers'
credit balances
1
Free
286
276
342
266
t
o

t
o
5
o

o
o
247
230
266
267
280
281
275
267
268
265
262
255
266
262
260
255
264
Other
(net)
79
86
103
92
85
89
60
70
69
62
59
54
54
53
56
60
61
65
70
72
78
74
72
Other credit balances
In part ners'
investment
and trading
accounts
24
24
30
25
26
22
22
21
23
22
20
22
22
22
21
20
17
17
17
16
16
16
15
In firm
investment
and trading
accounts
10
14
12
13
10
11
5
6
7
5
4
5
6
6
6
8
7
7
8
7
8
7
8
In capital
accounts
(net)
410
420
424
397
355
298
305
280
277
269
253
247
238
237
231
227
223
222
221
221
219
217
217
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes
NOTE.—For ex;
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
planation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
44
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1940—September
October. . .
November.
December.
1941—January...
February..
March
April
May
June
July
August
September
October. . .
November.
December.
251
252
232
218
232
241
263
275
295
299
330
354
371
378
387
375
177
187
197
209
213
212
217
220
215
213
210
197
177
185
194
194
142
149
159
167
168
164
170
170
164
161
161
148
131
138
144
146
100
96
99
100
103
99
107
105
105
101
106
100
85
90
93
92
42
53
60
67
65
65
63
66
60
59
55
47
46
47
51
54
35
38
38
42
45
48
47
49
51
52
49
50
46
47
50
49
80
91
98
109
115
119
120
126
125
123
121
114
105
109
116
116
22
20
20
18
16
18
24
25
24
24
22
21
13
12
14
15
11
11
9
10
11
7
8
7
3
3
3
3
4
4
5
4
35
37
41
44
44
42
41
38
41
43
47
49
45
48
48
48
28
28
29
27
26
26
25
23
22
20
16
11
9
11
12
11
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figurel—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING.MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1935—December
1936—June
December
1937—June
December ^.
1938_j u n e
December
1939—June
December
1940—June
December
1941—January
February
March
April
May
June
July
August
September
October
November
December
Debit balances
Customers'
debit
balances
(net)
1
1,258
1,267
1,395
1,489
985
774
991
834
906
653
677
661
634
633
606
622
616
628
628
633
628
625
600
Debit
balances in
partners'
investment
and trading
accounts
75
67
64
55
34
27
32
25
16
12
12
11
11
9
10
10
11
10
10
10
9
9
8
Debit
balances in
firm
investment
and trading
accounts
135
164
164
161
108
88
106
73
78
58
99
73
78
81
86
102
89
87
160
83
102
100
86
Cash on
hand
and in
banks
179
219
249
214
232
215
190
178
207
223
204
207
199
199
199
185
186
189
189
196
186
195
211
Credit balances
Money
borrowed
2
930
985
1,048
1,217
688
495
754
570
637
376
427
399
375
387
368
403
395
388
460
396
414
409
368
Customers'
credit balances
1
Free
286
276
342
266
278
258
247
230
266
267
281
275
267
268
265
262
255
266
262
260
255
264
289
Other
(net)
79
86
103
92
85
89
60
70
69
62
54
54
53
56
60
61
65
70
72
78
74
72
63
Other credit balances
In partners'
investment
and trading
accounts
24
24
30
25
26
22
22
21
23
22
22
22
22
21
20
17
17
17
16
16
16
15
17
In firm
investment
and trading
accounts
10
14
12
13
10
11
5
6
7
5
5
6
6
6
8
7
7
8
7
8
7
8
5
In capital
accounts
(net)
410
420
424
397
355
298
305
' 280
277
269
247
238
237
231
227
223
222
221
221
219
217
217
213
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in* detail) Annual Report for 1937 (table 69).
I4 6 FEDERAL RESERVE BULLETIJ
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1940—October
November
December
1941—January
February
March
April
May
June
July
August
September
October
November
December
1942—January
252
232
218
232
241
263
275
295
299
330
354
371
378
387
375
381
187
197
209
213
212
217
220
215
213
210
197
177
185
194
194
197
149
159
167
168
164
170
170
164
161
161
148
131
138
144
146
154
96
99
100
103
99
107
105
105
101
106
100
85
90
93
92
103
53
60
67
65
65
63
66
60
59
55
47
46
47
51
54
52
38
38
42
45
48
47
49
51
52
49
50
46
47
50
49
43
91
98
109
115
119
120
126
125
123
121
114
105
109
116
116
116
20
20
18
16
18
24
25
24
24
22
21
13
12
14
15
11
9
10
11
7
8
3
3
3
3
4
4
5
4
37
41
44
44
42
41
38
41
43
47
49
45
48
51
28
29
27
26
26
25
23
22
20
16
11
9
11
12
11
11
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures .—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
193(5—j
une
December.. . .
1937—June
December
1938—June
December ..
1939—June
December .
1940—j
une
December
1941—January
February
March...
April
May
June
July
August
September
October
November . ...
December
1942—January
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1 267
1,395
1,489
985
774
991
834
906
653
677
661
634
633
606
622
616
628
628
633
628
625
600
547
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
11
9
10
10
11
10
10
10
9
9
8
8
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
73
78
81
86
102
89
87
160
83
102
100
86
74
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
207
199
199
199
185
186
189
189
196
186
195
211
219
Ledger balances in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
399
375
387
368
403
395
388
460
396
414
409
368
308
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
275
267
268
265
262
255
266
262
260
255
264
289
274
Other
(net)
86
103
92
85
89
60
70
69
62
54
54
53
56
60
61
65
70
72
78
74
72
63
72
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
22
22
21
20
17
17
17
16
16
16
15
17
18
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
5
5
6
6
6
8
7
7
8
7
8
7
8
5
6
In capital
accounts
(net)
420
424
397
355
298
305
280
217
269
247
238
237
231
227
223
222
221
221
219
217
217
213
209
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition, " and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
March 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1940—November
December
1941—January
F e b ru ary . . . . .
March
April
May
June . .
July
August . . .
Sept ember
Oct ober
Nove mbe r
December
1942—January
Fe b ru ary
Commer-
paper
out -
st anding
1
232
218
232
241
263
275
295
299
330
354
371
378
387
375
381
388
Dollar accept ances out st anding
Tot al
out -
st anding
197
209
213
212
.217
220
215
213
210
197
177
185
194
194
197
190
Held by
Accept ing b ank s
Tot al
159
167
168
164
170
170
164
161
161
148
131
138
144
146
154
144
Own
bills
99
100
103
99
107
105
105
101
106
100
85
90
93
92
103
92
Bills
bought
60
67
65
65
63
66
60
59
55
47
46
47
51
54
52
53
Ot h e rs
2
38
42
45
48
47
49
51
52
49
50
46
47
50
49
43
46
Based on
I mp ort s
int o
Unit e d
St at e s
98
109
115
119
120
126
125
123
121
114
105
109
116
116
116
112
Ex p ort s
from
Unit e d
St at e s
20
18
16
18
24
25
24
24
22
21
13
12
14
15
17
18
Dollar
exchange
9
10
11
7
8
7
3
3
3
3
4
4
5
4
3
2
Goods stc
shipped
poin
Unit ed
St at es
41
44
44
42
41
38
41
43
47
49
45
48
48
48
51
44
red in or
bet ween
si n
Foreign
count ries
29
27
26
26
25
23
22
20
16
11
9
11
12
11
11
13
1
As report ed by dealers; includes some finance company paper sold in open mark e t .
2
None held by Federal Reserve Bank s.
Back figures.—See Annual Re port for 1937 ( t able 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December ...
1940—June
December
1941—February.
March
April
May
June
July
August
Sept ember
Oct ober
. Nove mbe r
December
1942—January
Fe b ru ary
De b it balances
Cust ome rs'
de bit
balances
( ne t )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
634
633
606
622
616
628
628
633
628
625
600
547
534
De b it
balances in
p art ne rs'
inve st me nt
and t rading
account s
67
64
55
34
27
32
25
16

*

t
o

t
o
9
10
10
11
10
10
10
9
9
8
8
8
De b it
balances in
firm
invest ment
and t rading
account s
164
164
161
108
88
106
73
78
58
99
78
81
86
102
89
87
160
83
102
100
86
74
74
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
199
199
199
185
186
189
189
196
186
195
211
219
203
Cre dit balances
Money
borrowed
985
1,048
1,217
688
495
754
570
637
376
427
375
387
368
403
395
388
460
396
414
409
368
308
307
Cust ome rs'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
267
268
265
262
255
266
262
260
255
264
289
274
262
Ot her
(net )
86
103
92
85
89
60
70
69
62
54
53
56
60
61
65
70
72
78
74
72
63
72
66
Ot he r c re dit balances
I n p art ne rs'
inv e st me nt
and t rading
account s
24
30
25
26
22
22
21
23
o

t
o

t
o
21
20
17
17
17
16
16
16
15
17
18
18
I n firm
inve st me nt
and t rading
account s
14
12
13
10
11
5
6
7
5
5
6
6
g
7
7
8
7
8
7
8
5
6
5
I n capit al
account s
(net )
420
424
397
355
298
305
280
277
269
247
237
231
227
223
222
221
221
219
217
217
213
209
206
1
Excluding balances wit h report ing firms (1) of member firms of New York St ock Exchange and ot he r nat ional securit ies exchanges and (2) of firms'
own p art ne rs.
t o be t ake n as represent ing t he ac t ual ne t c apit al of t he report ing firms.
Back figures.—See B ULLE T I N for Marc h 1938, p . 196, and (for dat a in det ail) Annual Re p ort for 1937 ( t able 69).
me t hod by
last column is not
350
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
April 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDI NG
[In millions of dollars]
End of month
1940—December
1941—January
February
March
April «
May
July
August
September
October , ,
December ....«.«»_«.«»
1942—January
w
. ,
February
March .
Commer-
ri'ai
paper
out-
standing
1
218
232
241
263
275
295
299
330
354
371
378
387
375
381
388
384
Tot al
out-
standing
209
213
212
217
220
215
213
210
197
177
185
194
194
197
190
183
Dollar acceptances outstanding
Held by
Accepting banks
Total
167
168
164
170
170
164
161
161
148
131
138
144
146
154
144
146
Own
bills
100
103
99
107
105
105
101
106
100
85
90
93
92
103
92
89
Bills
bought
67
65
65
63
66
60
59
55
47
46
47
51
54
52
53
57
Ot hers
2
42
45
48
47
49
51
52
49
50
46
47
50
49
43
46
37
Based on
Imports
into
United
States
109
115
119
120
126
125
123
121
114
105
109
116
116
116
112
103
Export s
from
United
States
18
16
18
24
25
24
24
22
21
13
12
14
15
17
18
17
Dollar
exchange
10
11
7
8
3
3
3
3
4
4
5
4
3
2
2
Goods st(
shipped
poin
United
States
44
44
42
41
38
41
43
47
49
45
48
48
48
51
44
45
>red in or
between
t sin
Foreign
countries
27
26
26
25
23
22
20
16
11
9
11
12
11
11
13
16
1
As reported by dealers; includes some finance company paper sold in open market .
2
None held by Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGI N ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—March
April
May
June
July
August
September
October
November
December
1942—January
February
March. . . ,
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
633
606
622
616
628
628
633
628
625
600
547
534
531
Debit
balances in
part ners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
9
10
10
11
10
10
10
9
9
8
8
8
8
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
81
86
102
89
87
160
83
102
100
86
74
74
70
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
199
199
185
186
189
189
196
186
195
211
219
203
195
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
387
368
403
395
388
460
396
414
409
368
308
307
306
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
268
265
262
255
266
262
260
255
264
289
274
262
249 -
Other
(net)
86
103
92
85
89
60
70
69
62
54
56
60
61
65
70
72
78
74
72
63
72
66
67
Other credit balances
In part ners'
investment
and trading
accounts
24
30
25 ,
26
22
22
21
23
22
22
21
20
17
17
17
16
16
16
15
17
18
18
16
Infirm
investment
and trading
accounts
14
12
13
10
11
5
6
5
5
6
8
7
8
7
8
7
8
5
6
5
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
231
227
223
222
221
221
219
217
217
213
209
206
201
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own part ners.
which 1
to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for dat a in detail) Annual Report for 1937 (table 69).
476
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
May 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1941—January . .» .
February
March
April
Mav
June
July
August
September
October
November
December
1942—January
February
March
April
Commer-
cial
paper
out-
standing
1
232
241
263
275
295
299
330
354
371
378
387
375
381
388
384
373
Dollar acceptances outstanding
Total
out-
standing
213
212
217
220
215
213
210
197
177
185
194
194
197
190
183
177
Held by
Accepting banks
Total
168
164
170
17©
164
161
161
148
131
138
144
146
154
144
146
139
Own
bills
103
99
107
105
105
101
106
100
85
90
93
92
103
92
89
86
Bills
bought
65
65
63
66
60
59
55
47
46
47
51
54
52
53
57
53
Others
2
45
48
47
49
51
52
49
50
46
47
50
49
43
46
37
38
Based on
Imports
into
United
States
115
119
120
126
125
123
121
114
105
109
116
116
116
112
103
97
Exports
from
United
States
16
18
24
25
24
24
22
21
13
12
14
15
17
18
17
17
Dollar
exchange
11
7
8
7
3
3
3
3
4
4
5
4
3
2
2
1
Goods stc
shipped
poin
United
States
44
42
41
38
41
43
47
49
45
48
48
48
51
44
45
48
red in or
jetween
tsin
Foreign
countries
26
26
25
23
22
20
16"
11
9
11
12
11
11
13
16
14
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, . AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGI N ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
Debit balances
Customers'
debit
balances
(net)
1
* Debit
balances in
partners'
investment
and trading
accounts
Debit m
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Credit balances
Money
borrowed
2
Customers'
credit balances
1
Free
Other
(net)
Other credit balances
In partners'
investment
and trading
accounts,
Infirm
investment
and trading
accounts
In capital
accounts
(net)
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—April
May
June
July
August
September
October......
November
December
1942—January
February
March
April
1,267
1,395
1,489
985
774
991
834
906
653
677
606
622
616
628
628
633
628
625
600
547
534
531
515
67
64
55
34
27
32
25
16
12
12
10
10
11
10
10
10
9
9
8
8
8
164
164
161
108
88
106
73
78
58
99
86
102
89
87
160
83
102
100
86
74
74
70
68
219
249
214
232
215
190
178
207
223
204
199
185
186
189
189
196
186
195
211
219
203
195
195
985
1,048
1,217
688
495
754
570
637
376
427
368
403
395
388
460
396
414
409
368
308
307
306
300
276
342
266
278
258
247
230
266
267
281
265
262
255
266
262
260
255
264
289
274
262
249
247
86
103
92
85
89
60
70
69
62
54
F 60
61
65
70
72
78
74
72
63
72
66
67
61
24
30
25
26
22
22
21
23
22
22
20
17
17
17
16
16
16
15
17
18
18
16
16
14
12
13
10
11
5
6
7
5
5
8
7
7
8
7
420
424
397
355
298
305
280
277
269
247
227
223
222
221
221
219
217
217
213
209
206
201
196
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures —See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
574
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
June 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United Foreign
States countries
1941—February..
March
April
May
June
July
August
September.
October. . .
November.
December.
1942—January...
February. .
March
April
May
241
263
275
295
299
330
354
371
378
387
375
381
388
384
373
354
212
217
220
215
213
210
197
177
185
194
194
197
190
183
177
174
164
170
170
164
161
161
148
131
138
144
146
154
144
146
139
133
99
107
105
105
101
106
100
85
90
93
92
103
92
89
86
82
65
63
66
60
59
55
47
46
47
51
54
52
53
57
53
51
48
47
49
51
52
49
50
46
47
50
49
43
46
37
38
41
119
120
126
125
123
121
114
105
109
116
116
116
112
103
97
101
18
24
25
24
24
22
21
13
12
14
15
17
18
17
17
16
42
41
38
41
43
47
49
45
48
48
48
51
44
45
48
43
26
25
23
22
20
16
11
9
11
12
11
11
13
16
14
13
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
1938—June ..
December
1939—June
December
1940—J
un
e
December
1941—April
May
June
July
August
September
October
November
December . . .
1942—January
February
March
April
May
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
606
622
616
628
628
633
628
625
600
547
534
531
515
502
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
10
10
11
10
10
10
9
9
0
0

0
0

0
0

0
0
8
7
Debit
m
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
86
102
89
87
160
83
102
100
86
74
74
70
68
79
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
199
185
186
189
189
196
186
195
211
219
203
195
195
177
Ledger balances in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
368
403
395
388
460
396
414
409
368
308
307
306
300
300
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
265
262
255
266
262
260
255
264
289
274
262
249
247
238
Other
(net)
86
103
92
85
89
60
70
69
62
54
60
61
65
70
72
78
74
72
63
72
66
67
61
59
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
20
17
17
17
16
16
16
15
17
18
18
16
16
16
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
8
7
7
8
7
8
7
8
5
6
5
4
5
3
In capital
accounts
(net)
420
424
307
355
298
305
280
277
269
247
227
223
222
221
221
219
217
217
213
209
206
201
196
194
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
684 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
July 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDI NG
[In millions of dollars]
End of month
1941—March
April
May
June
July
August
September
October
November
December • . . . « . . » .
1942—January . . . . . . , ,..,....
February
March
April
M a y
June
Commer-
cial
paper
out-
standing
1
263
275
295
299
330
354
371
378
387
375
381
388
384
373
354
315
Dollar acceptances outstanding
Total
out-
standing
217
220
215
213
210
197
177
185
194
194
197
190
183
177
174
163
Held by
Accepting banks
Total
170
170
164
161
161
148
131
138
144
146
154
144
146
139
133
122
Own
bills
107
105
105
101
106
100
85
90
93
92
103
92
89
86
82
78
Bills
bought
63
66
60
59
55
47
46
47
51
54
52
53
57
53
51
44
Others
2
47
49
51
52
49
50
46
47
50
49
43
46
37
38
41
41
Based on
Imports
into
United
States
120
126
125
123
121
114
105
109
116
116
116
112
103
97
101
94
Exports
from
United
States
24
25
24
24
22
' 21
13
12
14
15
17
18
17
17
16
13
Dollar
exchange
8
7
3
3
3
3
4
4
5
4
3
2
2
1
1
Goods stc
shipped
poin
United
States
41
38
41
43
47
49
45
48
48
48
51
44
45
48
43
52
>red in or
tsin
Foreign
countries
25
23
22
20
16
11
9
11
12
11
11
13
16
14
13
4
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks. •
8
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY' BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGI N ACCOUNTS
End of month
1936—Tune
December
1937—June
December
1938—June
December ..
1939—June . . .
December
1940—J
une
December
1941—June
July
August
September
October
November
December
1942—January
February
March
April
May
June
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
628
628
633
628
625
600
547
534
531
515
502
496
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
10
10
10
9
9
8
8
8
8
8
8
9
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
87
160
83
102
100
86
74
74
70
68
79
86
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
189
189
196
186
195
211
219
203
195
195
177
180
Ledger balances in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
388
460
396
414
409
368
308
307
306
300
300
309
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
266
262
260
255
264
289
274
262
249
247
238
240
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
70
72
78
74
72
63
72
66
67
61
59
56
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
16
16
15
17
18
18
16
16
[16
16
Infirm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
8
7
8
7
8
5
6
5
4
5
3
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
221
221
219
217
217
213
209
206
201
196
194
189
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
to be taken as representing the actual net capital of the reporting firms.
Back figures —See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
824
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
August 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars 1
End of month
1941—April
May ..
June
July
August
September
October
November
December
1942—January
February
March
April
May
June
July
Cornmer-
paper
out-
standing
1
275
295
299
330
354
371
378
387
375
381
388
384
373
354
315
305
Total
out-
standing
220
215
213
210
197
177
185
194
194
197
190
183
177
174
163
156
Dollar acceptances outstanding
Held by
Accepting banks
Total
170
164
161
161
148
131
138
144
146
154
144
146
139
133
122
119
Own
bills
105
105
101
106
100
85
90
93
92
103
92

86
82
78
77
Bills
bought
66
60
59
55
47
46
47
51
54
52
53
57
53
51
44
42
Others
2
49
51
52
49
50
46
47
50
49
43
46
37
38
41
41
38
Based on
Imports
into
United
States
126
125
123
121
114
105
109
116
116
116
112
103
97
101
94
92
Exports
from
United
States
25
24
24
22
21
13
12
14
15
17
18
17
17
16
13
8
Dollar
exchange
7
3
3
3
3
4
4
5
4
3
2
2
1
(
3
)
(3)
Goods stored in or
shipped between
points in
United
States
38
41
43
47
49
45
48
48
48
51
44
45
48
43
52
45
Foreign
countries
23
22
20
16
11
9
11
12
11
11
13
16
14
13
4
11
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
July
August
September
October
November
December
1942—January
February
March. . ..
April
May
June
July
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit-
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
628
628
633
628
625
600
547
534
531
515
502
496
491
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
10
10
10
9
9
8
8
8
8
8
8
9
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
87
160
83
102
100
86
74
74
70
68
79
86
95
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
189
189
196
186
195
211
219
203
195
195
177
180
172
Ledger balances in millions of dollarsl
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
388
460
396
• 414
409
368
308
307
306
300
300
309
307
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
266
262
260
255
264
289
274
262
249
247
238
240
238
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
70
72
78
74
72
63
72
66
67
61
59
56
57
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
16
16
15
17
18
18
16
16
16
16
16
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
8
7
8
7
8
5
6
5
4
5
3
4
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
221
221
219
217
217
213
209
206
201
196
194
189
185
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" inBULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—Set BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
934
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
September 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1941—May
June
July
August
September..
October... .
November..
December..
1942—January
February...
March
April
May
June
July
August
295
299
330
354
371
378
387
375
381
388
384
373
354
315
305
297
215
213
210
197
177
185
194
194
197
190
183
177
174
163
156
139
164
161
161
148
131
138
144
146
154
144
146
139
133
122
119
108
105
101
106
100
85
90
93
92
103
92
89
86
82
78
77
71
60
59
55
47
46
47
51
54
52
53
57
53
51
44
42
37
51
52
49
50
46
47
50
49
43
46
37
38
41
41
38
31
125
123
121
114
105
109
116
116
116
112
103
97
101
94
92
78
24
24
22
21
13
12
14
15
17
18
17
17
16
13
41
43
47
49
45
48
48
51
44
45
48
43
52
45
41
22
20
16
11
9
11
12
11
11
13
16
14
13
4
11
11
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
July
August
September
October
November
December
1942—January
February
March
April
May
June
July
3
[Member firms of NewYork Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
628
628
633
628
625
600
547
534
531
515
502
496
491
Debit
balances in
m partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
10
10
10
9
9
8
8
8
8
8
8
9
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
87
160
83
102
100
86
74
74
70
68
79
86
95
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
189
189
196
186
195
211
219
203
195
195
177
180
172
Ledger balances in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
388
460
396
414
409
368
308
307
306
300
300
309
307
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
266
262
260
255
264
289
274
262
249
247
238
240
238
Other
(net)
86
103
92
85
89
60
70
69
62
54
' 65
70
72
78
74
72
63
72
66
67
61
59
56
57
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
16
16
15
17
18
18
16
16
16
16
16
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
8
7
8
7
8
5
6
5
4
5
3
4
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
221
221
219
217
217
213
209
206
201
196
194
189
185
1
Excluding balances with reporting firms (1) of member firms of NewYork Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
Collection of monthly figures discontinued after July 31; figures to be collected and published on semiannual basis beginning December 31, 1942.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" inBULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
IO1O FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
October 1942
COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDI NG
[In millions of dollars]
End of month
1941_j
une
July
August
September . . . .
October
November
December
1942—January
February
March
April
May
June
July
August
September
Commer-
cial
paper
out-
standing
1
299
330
354
371
378
387
375
381
388
384
373
354
315
305
297
282
Dollar acceptances outstanding
Total
out-
standing
213
210
197
177
185
194
194
197
190
183
177
174
163
156
139
123
Held by
Accepting banks
Total
161
161
148
131
138
144
146
154
• 144
146
139
133
122
119
108
97
Own
bills
101
106
100
85
90
93
92
103
92
89
86
82
78
77
71
64
Bills
bought
59
55
47
46
47
51
54
52
53
57
53
51
44
42
37
33
Ot hers
2
52
49
50
46
47
50
49
43
46
37
38
41
41
38
31
26
Based on
Imports
into
United
States
123
121
114
105
109
116
116
116
112
103
97
101
94
92
78
66
I
Exports
from
United
States
24
22
21
13
12
14
15
17
18
17
17
16
13
8
g
6
Dollar
exchange
3
3
3
4
4
5
4
3
2
2
1
1
( 3 )
Goods sto
shipped
point
United
States
43
47
49
45
48
48
48
51
44
45
48
43
52
45
41
41
red in or
Detween
s i n
Foreign
countries
20
16
11
9
11
12
11
11
13
16
14
13
4
11
11
10
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS* DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
Debit balances
Customers'
debit
balances
(net)
1
Debit
balances in
partners'
investment
and trading
accounts
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Credit balances
Money
borrowed
2
Customers'
credit balances
1
Free
Other
(net)
Other credit balances
In part ners'
investment
and trading
accounts
In firm
investment
and trading
accounts
In capital
accounts
(net)
1936—June
December..
1937—June
December..
1938—June
Dec ember. .
1939—June
December. .
1940—June
Dec ember. .
1941- June
September
October
November
December
1942—January
February ..
March
April
May
June
Jul y
August.
September
1,267
1,395
1,489
985
774
991
834
906
653
677
616
633
628
625
600
547
534
531
515
502
496
491
e
490
67
64
55
34
27
32
25
16
12
12
11
10
9
9
8
164
164
161
108
106
73
78
58
99
89
83
102
100
86
74
74
70
68
79
86
95
219
249
214
232
215
190
178
207
223
204
186
196
186
195
211
219
203
195
195
177
180
172
985
1,048
1,217
688
495
754
570
637
376
427
395
396
414
409
368
308
307
306
300
300
309
307
6
300
e
310
276
342
266
278
258
247
230
266
267
281
255
260
255
264
289
274
262
249
247
238
240
238
e
240
c
240
86
103
92
' 85
89
60
70
69
62
54
65
78
74
72
63
72
66
67
61
59
56
57
24
30
25
26
22
22
21
23
22
22
17
16
16
15
17
18
18
16
16
16
16
16
14
12
13
10
11
5
6
7
5
5
7
8
7
8
5
6
5
4
5
3
4
4
420
424
397
355
298
305
280
277
269
247
222
219
217
217
213
209
206
201
196
194
189
185
e
Estimated. Complete reports now collected semiannually; mont hl y figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges)
NOTE. —F or explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a " st at ement of financial c ondition, " and explains t hat the last column is not
t o be taken as representing the actual net capital of the reporting firms.
Back figures.-See BULLETI N for March 1938, p . 196, and (for dat a in detail) Annual Report for 1937 (table 69).
IIZX
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
November 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Tnd of month
1941—July
August
September
October
November
December
1942—January
February
March
April
May
June
Julv
August
September
October
Commer-
cial
paper
out-
standing
330
354
371
378
387
375
381
388
384
373
354
315
305
297
282
271
Dollar acceptances outstanding
Total
out-
standing
210
197
177
185
194
194
197
190
183
177
174
163
156
139
123
119
Held by
Accepting banks
Total
161
148
131
138
144
146
154
144
146
139
133
122
119
108
97
94
Own
bills
106
100
85
90
93
92
103
92
89
86
82
78
77
71
64
63
Bills
bought
55
47
46
47
51
54
52
53
57
53
51
44
42
37
33
31
Others
2
49
50
46
47
50
49
43
46
37
38
41
41
38
31
26
25
Based on
Imports
into
United
States
121
114
105
109
116
116
116
112
103
97
101
94
92
78
66
60
Exports
from
United
States
22
21
13
12
14
15
17
18
17
17
16
13
8
8
6
6
Dollar
exchange
3
3
4
4
5
4
3
2
2
1
1
(
3
)
(
3
)
8
Goods stc
shipped
poin
United
States
47
49
45
48
48
48
51
44
45
48
43
52
45
41
41
40
>red in or
tsin
Foreign
countries
16
11
9
11
12
11
11
13
16
14
13
4
11
11
10
12
1
As reported by dealers; includes some finance company paper sold in open mark et.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
193g_j
u ne
December
1939—June
December
1940—June
December
1941—June
September
October
November
December
1942—January
February
March
April
May
June
July
September
October
[Member firms of New York Stock Exchange.
Customers'
debit
balances
( net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
633
628
625
600
547
534
531
515
502
496
491
«490
e
500
e
510
Debit balances
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
10
9
9
8
8
8
8
8
8
9
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
83 '
102
100
86
74
74
70
68
79
86
95
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
196
186
195
211
219
203
195
195
177
180
172
Ledger balances in millions of dollars]
Credit balances .
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
396
414
409
368
308
307
306
300
300
309
307
e
300
«310
"310
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
260
255
264
289
274
262
249
247
238
240
238
e
240
«240
e
260
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
78
74
72
63
72
66
67
61
59
56
57
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
16
16
15
17
18
18
16
16
16
16
16
Infirm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
g
7
8
5
6
5
4
5
3
4
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
219
217
217
213
209
206
201
196
194
189
185
* Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data-in detail) Annual Report for 1937 (table 69).
IX2O FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1942
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1941—August
September
October
November
December
1942—January .
February
March
April
May
June
July
August •
September
October
November
Commer-
cial
paper
out-
standing
1
354
371
378
387
375
381
388
384
373
354
315
305
297
282
271
. 261
Dollar acceptances outstanding
Total
out-
standing
197
177
185
194
194
197
190
183
177
174
163
156
139
123
119
116
Held by
Accepting banks
Total
148
131
138
144
146
154
144
146
139
133
122
119
108
97
94
90
Own
bills
100
85
90
93
92
103
92
89
86
82
78
77
71
64
63
61
Bills
• bought
47
46
47
51
54
52
53
57
53
51
44
42
37
33
31
29
Others
2
50
46
47
50
49
43
46
37
38
41
41
38
31
26
25
26
Based on
Imports
into
United
States
114
105
109
116
116
116
112
103
97
101
94
92
78
66
60
57
Exports
from
United
States
21
13
12
14
15
17
18
17
17
16
13
8
8
6
6
6
Dollar
exchange
3
4
4
5
4
3
2
2
1
1
(* * )
( 3)
3
3
3
Goods stored in or
shipped between
points in
United
States
49
45
48
48
48
51
44
45
48
43
52
45
41
41
40
39
Foreign
countries
11
9
11
12
11
11
13
16
' 14
13
4
n
11
10
12
12
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 ( table 70) .
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—Tune
December
1939-June
December
1940—June
December
1941—June
November
December
1942—January
February
March
April
May
June
July
•August
September
October
November
Customers'
debit
balances
( net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
625
600
547
534
531
515
502
496
491
e
490
e
500
e
510
e
52O
Debit balances
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
9
8
8
8
8
8
8
9
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
100
86
74
74
70
68
79
86
95
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
195
211
219
203
195
195
177
180
172
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
409
368
308
307
306
300
300
309
307
e
300
e
310
e
310
e
320
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
264
289
274
262
249
247
238
240
238
e
240
e
240
e
260
e
270
Other
( net)
86
103
92
85
89
60
70
69
62
54
65
72
63
72
66
67
61
59
56
57
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
15
17
18
18
16
16
16
16
16
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
8
5
6
5
4
5
3
4
4
In capital
accounts
( net)
420
424
397
355
298
305
280
4
277
269
247
222
217
213
209
206
201
196
194
189
185
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms ( 1) of member firms of New York Stock Exchange and other national securities exchanges and ( 2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders ( not including member firms of national securities exchanges) .
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" inBULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.See BULLETIN for March 1938, p. 196, and ( for data in detail) Annual Report for 1937 ( table 69) .
66 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1943
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1941—September
October
November
December
1942—Tanuarv
February
March
April
May
June
July
August
September
October
November
December..
Commer-
cial
paper
out-
standing
371
378
387
375
381
388
384
373
354
315
305
297
282
271
261
230
Dollar acceptances outstanding
Total
out-
standing
177
185
194
194
197
190
183
177
174
163
156
139
123
119
116
118
Held by
Accepting banks
Total
131
138
144
146
154
144
146
139
133
122
119
108
97
94
90
93
Own
bills
85
90
93
92
103
92
89
86
82
78
77
71
64
63
61
60
Bills
bought
46
47
51
54
52
53
57
53
51
44
42
37
33
31
29
34
Others
2
46
47
50
49
43
46
37
38
41
41
38
31
26
25
26
25
Based on
Imports
into
United
States
105
109
116
116
116
112
103
97
101
94
92
78
66
60
57
57
Exports
from
United
States
13
12
14
15
17
18
17
17
16
13
8
8
6
6
6
9
Dollar
exchange
4
4
5
4
3
t
o
t
o
1
1
(
3
)
(
3
)
?
ft
(
3
)
Goods st(
shipped
poin
United
States
45
48
48
48
51
44
45
48
43
52
45
41
41
40
39
38
:>red in or
tsin
Foreign
countries
9
11
12
11
11
13
16
14
13
4
11
11
10
12
12
14
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—January..
February
March
April
May
June
July
August
September
October
November
December
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
547
534
531
515
502
496
491
e
490
e
500
e
510
«520
543
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
8
8
8
8
8
9
7
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
74
74
70
68
79
86
95
154
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
219
203
195
195
177
180
172
160 "
Ledger bahinces in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
308
307
306
300
300
309
307
e
300
e
310
e
310
6
320
377
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
274
262
249
247
238
240
238
c
240
e
240
e
260
e
27O
270
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
72
66
67
61
59
56
57
54
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23 .
22
22
17
17
18
18
16
16
16
16
16
15
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
6
5
4
5
3
4
4
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
209
206
201
196
194
189
185
182
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number ci
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners. %
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.— See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
i6x FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1943
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1941—October
November
December.
1942—January
February
March
April
May
June
July
August
September .
October
November
December
1943—January
Commer-
cial
paper
out-
standing
1
378
387
375
381
388
384
373
354
315
305
297
282
271
261
230
220
Dollar acceptances outstanding
Tot al
out-
standing
185
194
194
197
190
183
177
174
163
156
139
123
119
116
118
120
Held by
Accepting banks
Tot al
138
144
146
154
144
146
139
133
122
119
108
97
94
90
93
95
Own
bills
90
93
92
103
92
89
86
82
78
77
71
64
63
61
60
60
Bills
bought
47
51
54
52
53
57
53
51
44
42
37
33
31
29
34
35
Ot hers
2
47
50
49
43
46
37
38
41
41
38
31
26
25
26
25
24
Based on
Imports
into
United
States
109
116
116
116
112
103
97
101
94
92
78
66
60
57
57
57
Exports
from
United
States
12
14
15
17
18
17
17
16
13
8
8
6
6
6
9
12
Dollar
exchange
4
5
4
3
2
2
1
1
(
3
)
(»)
ft
ft
(
3
)
(
3
)
Goods st<
shipped
poin
United
States
48
48
48
51
44
45
48
43
52
45
41
41
40
39
38
38
ired in or
tsin
Foreign
countries
11
12
11
11
13
16
14
13
4
11
11
10
12
12
14
12
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBI T BALANCES, MONEY BORROWED, AND PRI NCI PAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYI NG MARGI N ACCOUNTS
End of month
1936—j
une
December
1937—June
December
1938 Tune
December
2939—June
December
1940—June
December
1941—June .. .
December
1942—Tanuarv
February . . .
March
April
May
Tune . . . .
July
Sentember
October
November
December
1943 Tanuarv
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
547
534
531
515
502
496
491
c
490
e
500
e
510
543
e
540
Debit
balances in
part ners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
8
8
8
8
8
9
7
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
74
74
70
68
79
86
95
154
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
219
203
195
195
177
180
172
160
Ledger balances in millions of dollars]
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
308
307
306
300
300
309
307
e
300
e
310
e
310
e
320
r
378
e
290
Credit balances
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
t
o

t
o
262
249
247
238
240
238
e
240
e
240
r
250
r
250
270
e
280
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
72
66
67
61
59
56
57
54
Other credit balances
In part ners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
18
18
16
16
16
16
16
15
In firm
i nvest ment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
6
5
4
5
3
4
4
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
209
206
201
196
194
189
185
182
e
Estimated. Complete reports now collected semiannually; monthly figuresjfor three items estimated on basis of reports from a small number of
large firms. ^Revised.
1 Excluding balances with reporting firms (1) of member firms]of New York Stock Exchange and other national securities exchanges and (2) of firms'
artners.
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
M4
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
March 1943
End of month
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Commer-
I cial
I paper
I
OU
V 1
{ standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1941—November..
December..
1942—January
February...
March
April
May
June
July
August
September.
October....
November .
December.
1943—January
February...
387
375
381
388
384
373
354
315
305
297
282
271
261
230
220
209
194
194
197
190
183
177
174
163
156
139
123
119
116
118
120
127
144
146
154
144
146
139
133
122
119
108
97
94
90
93
95
102
93
92
103
92
89
86
82
78
77
71
64
63
61
60
60
64
51
54
52
53
57
53
51
44
42
37
33
31
29
34
35
38
50
49
43
46
37
38
41
41
38
31
26
25
26
25
24
25
116
116
116
112
103
97
101
94
92
78
66
60
57
57
57
60
14
15
17
18
17
17
16
13
6
6
6
9
12
14
48
48
51
44
45
48
43
52
45
41
41
40
39
38
38
41
12
11
11
13
16
14
13
4
11
11
10
12
12
14
12
12
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940-June
December
1941—June
December
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
547
534
531
515
502
496
491
6
490
e
500
e
510
e
520
543
e
540
e
55O
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
8
8
8
8
8
9
7
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
74
74
70
68
79
86
95
154
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
219
203
195
195
177
180
172
160
Ledger bal mces in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
308
307
306
300
300
309
307
c
300
e
310
e
310
e
320
378
c
290
e
320
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
274
262
249
247
238
240
238
*240
e
240
e
250
e
250
270
e
280
c
310
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
72
66
67
61
59
56
57
54
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
18
18
16
16
16
16
16
15
and trading! "*%*£*
accounts i
l n e i ;
14
12
13
10
11
5
6
7
5
5
7
5
6
5
4
5
3
4
4
4
420
424
397
355
298
305
280
277
269
247
222
213
209
206
201
196
194
189
185
182
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual.Report for 1937 (table 69).
32.4
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
April 1943
E*nd of month
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
4
3
2
2
1
1
(
3
)
(
3
)
(»)
(I)
(!)
(
3
)
(
3
)
(
3
)
(
3
)
(*)
Goods stored in or
shipped between
points in
United
States
48
51
44
45
48
43
52
45
41
41
40
39
38
38
41
39
Foreign
countries
11
11
13
16
14
13
4
11
11
10
12
12
14
12
12
10
1941—December
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
375
381
388
384
373
354
315
305
297
282
271
261
230
220
209
201
194
197
190
183
177
174
163
156
139
123
119
116
118
120
127
130
146
154
144
146
139
133
122
119
108
97
94
90
93
95
102
101
92
103
92
89
86
82
78
77
71
64
63
61
60
60
64
62
54
52
5 3
57
53
51
44
42
37
3 3
31
29
34
35
38
39
49
43
46
37
38
41
41
38
31
26
25
26
25
24
25
29
116 15
116
112
103
97
101
94
92
78
66
60
57
57
57
60
69
17
18
17
17
16
13
8
8
6
6
6
9
12
14
12
1
As reported by dealers; includes some finance company paper sold in open market .
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936 Tune
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—March
April . . .
May
June
July
August
September
October
November
December
1943—January
February
March
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
531
515
502
496
491
c
490
e
500
e
510
e
52O
543
e
540
e
550
e
6l0
Debi t
balances in
m part ners'
i nvest ment
and t rading
account s
67
64
55
34
27
32
25
16
12
12
11
8
8
8
8
9
7
7
Debi t
balances in
firm
invest ment
and t rading
account s
164
164
161
108
88
106
73
78
58
99
89
86
70
68
79
86
95
154
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
195
195
177
180
172
160
Ledger balances in millions of dollars]
Credi t balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
306
300
300
309
307
*300
e
310
e
310
e
320
378
e
290
e
320
e
350
Cust omers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
249
247
238
240
238
*240
e
240
e
250
c
250
270
e
280
e
310
e
340
Ot her
(net)
86
103
92
85
89
60
70
69
62
54
65
63
67
61
59
56
57
54
Ot her credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
16
16
16
16
15
In firm
invest ment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
5
3
4
4
4
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
201
196
194
189
185
182
e
Est imat ed. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
May 1943
End of month
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
1942—January
February
March
April
May
June
July
August..
September
October
November
December
1943—January
February
March
April
Commer-
cial
paper
out-
standing
1
381
388
384
373
354
315
305
297
282
271
261
230
220
209
201
179
Total
out-
standing
197
190
183
177
174
163
156
139
123
119
116
118
120
127
130
128
Dollar acceptances out st andi ng
Held by
Accepting banks
Total
154
144
146
139
133
122
119
108
97
94
90
93
95
102
101
99
O w n
bills
103
92
89
86
82
78
77
71
64
63
61
60
60
64
62
61
Bills
b ou g h t
52
53
57
53
51
44
42
37
33
31
29
3 4
35
38
39
38
O th e r s
2
43
46
37
38
41
41
38
31
26
25
26
25
24
25
29
29
Based on
Import s
into
United
States
116
112
103
97
101
94
92
78
66
60
57
57
57
60
69
71
Exports
from
United
States
17
18
17
17
16
13
8
8
6
6
6
9
12
14
12
9
Dollar
exchange
©
(
3
)
3 (
3
)
(
3
)
Goods stored in or
shipped between
points in
United
States
51
44
45
48
43
52
45
41
41
40
39
38
38
41
39
38
Foreign
countries
11
13
16
14
13
4
11
11
10
12
12
14
12
12
10
11
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June . . . .
December
1940—June
December
1941—June
December
1942—April
May
June
July
September
October
N o vember
December
1943 Tanuarv
February
March
April
[Member firms of New York Stock Exchange.
Debi t balances
Customers'
debit
balances
(net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
515
502
496
491
*500
«510
e
520
543
e
540
e
550
e
610

670
Debi t
balances in
par t ner s'
i nvest ment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
8
8
9
7
7
Debi t #
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
68
79
86
95
154
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
195
177
180
172
160
Ledger balances in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
300
300
309
307
e
310
e
310
«320
378
e
290
e
320
e
350
e
410
Cust omers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
247
238
240
238
e
240
e
25O
e
250
270
c
280
e
310
6
340
e
350
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
61
59
56
57
54
Other credit balances
In part ners'
i nvest ment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
16
16
16
15
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
5
3
4
4
4
I n capi t al
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
196
194
189
185
182
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
l Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
544
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
June 1943
End of month
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
1942—February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
Commer-
cial
paper
out-
standing
1
388
384
373
354
315
305
297
282
271
261
230
220
209
201
179
160
Dollar acceptances outstanding
Total
out-
standing
190
183
177
174
163
156
139
123
119
116
118
120
127
130
128
136
Held by
Accepting banks
Total
144
146
139
133
122
119
108
97
94
90
93
95
102
101
99
105
O w n
bills
92
89
86
82
78
77
71
64
63
61
60
60
64
62
61
65
Bills
bought
53
57
53
51
44
42
37
33
31
29
34
35
38
39
38
40
Others
2
46
37
38
41
41
38
31
26
25
26
25
24
25
29
29
31
Based on
I mports
into
United
States
112
103
97
101
94
92
78
66
60
57
57
57
60
69
71
79
Exports
from
United
States
18
17
17
16
13
6
6
6
9
12
14
12
9
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
44
45
48
43
52
45
41
41
40
39
38
38
41
39
38
37
Foreign
countries
13
16
14
13
4
11
11
10
12
12
14
12
12
10
11
12
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS
1
DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars!
End of month
1936-June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
515
502
496
491
e
490
e
500
e
510
e
520
543
6
540
e
55O
e
610
e
670
e
760
Debi t balances
Debi t
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
8
8
9
7
7
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
68
79
86
95
154
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
195
177
180
172
160
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
300
300
309
307
e
300
c
310
e
310
e
320
378
e
290
e
320
e
35O
r
570
e
550
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
247
238
240
238
e
240
e
240
e
250
e
250
270
e
280
e
310
e
340
e
350
e
350
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
61
59
56
57
54
Other credit balances
I n partners'
i nvestment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
16
16
16
15
I n firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
5
3
4
4
4
I n capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
196
194
189
185
182
r
Revised.
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETI N for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETI N for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
646 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
July 1943
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
1942—March
April
May
June
July
August
September.
October... .
November .
December .
1943—January
February...
March
April
May. .
June
Commer-
cial
paper
out-
standing
1
384
373
354
315
305
297
282
271
261
230
220
209
201
179
160
143
Total
out-
standing
183
177
174
163
156
139
123
119
116
118
120
127
130
128
136
140
Held by
Total
146
139
133
122
119
108
97
94
90
93
95
102
101
99
105
102
Accepting banks
Own
bills
89
86
82
78
77
71
64
63
61
60
60
64
62
61
65
62
Bills
bought
57
53
51
44
42
37
33
31
29
34
35
38
39
38
40
40
Othe
37
38
41
41
38
31
26
25
26
25
24
25
29
29
31
38
Based on
Dollar
exchange
Goods stored in or
shipped between
points in
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.— See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY _BORRO WED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937_j
une
December
1938-June
December . .
1939—June
December
1940—June
December
1941—June
December
1942—June
July
August
September
October
November
December
1943—January . . . .
February
March
April
May
June
[Member firms of New York Stock Exchange.
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
491
e
490
e
500
e
510
e
520
543
e
540
8
550
e
670
r
740
761
Debit balances
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
9
7
7
9
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
95
154
190
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
172
160
167
Ledger balances in millions of dollars]
Money
orrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
307
«300
c
310
e
310
«320
378
e
290
e
320
e
350
e
57O
e
55O
529
Credit balances
Customers'
credit balances
1
Free
276 -
342 *
266
278
258
247
230
266
267
281
255
289
240
238
e
240
c
240
e
250
e
250
270
"280
e
310
r
320
r
330
r
330
334
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
57
54
6 6 "
Othe
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
16
15
15
r credit bala
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
4
4
4
7
nces
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
185
182
212
r
Revised.
* Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
764 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
August 1943
End of mont h
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Commer-
cial
paper
out -
standing
1
Dollar acceptances out st anding
Tot al
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Ot hers
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1942—April
May
Tune
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
373
354
315
305
297
282
271
261
230
220
209
201
179
160
143
150
177
174
163
156
139
123
119
116
118
120
127
130
128
136
140
139
139
133
122
119
108
97
94
90
93
95
102
101
99
105
102
102
86
82
78
77
71
64
63
61
60
60
64
62
61
65
62
64
53
51
44
42
37
33
31
29
34
35
38
39
38
40
40
38
38
41
41
38
31
26
25
26
25
24
25
29
29
31
38
36
97
101
94
92
78
66
60
57
57
57
60
69
71
79
82
81
17
16
13
6
6
6
9
12
14
12
9
8
10
12
(
3
)
48
43
52
45
41
41
40
39
38
38
41
39
38
37
36
35
14
13
4
11
11
10
12
12
14
12
12
10
11
12
12
10
1
As reported by dealers; includes some finance company paper sold in open market .
2
None held by Federal Reserve Banks.
3
Less t han $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of mont h
1936—June . . .
December
1937—June
December
1938—J
U
ne
December
1939—June
December
1940—June
December
1941—June
December
1942—June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
[Member firms of New York Stock Exchange.
Debit balances
Customers'
debit
balances
(net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
491
«490
e
500
e
510
e
52O
543
6
540
e
55O
e
610
e
67O
e
740
761
e
780
De bi t
balances in
p art n e rs'
i nve st me nt
an d t rading
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
7
9
De bi t
balances in
firm
inve st me nt
and t rading
account s
164
164
161
108
88
106
73
78
58
99
89
86
86
95
154
190
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
172
160
167
Ledger balances in millions of dollars]
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
307
«300
c
310
e
310
e
320
378
e
290
e
320
e
350
c
570
e
55O
529
e
530
Cust ome rs'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
238
e
240
e
240
e
250
e
250
270
e
280
•310
e
320
e
330
e
330
334
e
340
Ot her
( net )
86
103
92
85
89
60
70
69
62
54
65
63
56
57
54
66
Ot her credit balances
I n p art n e rs'
i nve st me nt
and t rading
account s
24
30
25
26
22
22
21
23
22
22
17
17
16
16
15
15
I n firm
invest ment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
4
7
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
185
182
212
e
Est imat ed. Complete report s now collected semiannually; mont hly figures for t hree items estimated on basis of report s from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own part ners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of nat ional securities exchanges).
NOTE. —For explanation of these figures see "St at ist ics on Margin Accounts" in BULLETI N for September 1936. The article describes t he method by
which the figures are derived and reported, distinguishes the table from a "st at ement of financial condit ion, " and explains t hat t he last column is not
t o be taken as representing t he actual net capital of t he reporting firms.
Back figures.—See BULLETI N for March 1938, p. 196, and (for dat a in detail) Annual Report for 1937 (table 69).
87O FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
September 1943
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1942—May
June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
August
Commer-
cial
paper
out -
standing
1
354
315
305
297
282
271
261
230
220
209
201
179
160
143
150
156
Tot al
out-
standing
174
163
156
139
123
119
116
118
120
127
130
128
136
140
139
130
Doll ar acceptances out st andi ng
Held by
Accepting banks
Tot al
133
122
119
108
97
94
90
93
95
102
101
99
105
102
102
94
Own
bills
82
78
77
71
64
63
61
60
60
64
62
61
65
62
64
59
Bills
bought
51
44
42
37
33
31
29
34
35
38
39
38
40
40
38
36
Ot hers
2
41
41
38
31
26
25
26
25
24
25
29
29
31
38
36
36
Based on
Import s
i nt o
United
States
101
94
92
78
66
60
57
57
57
60
69
71
79
82
81
77
Exports
from
United
States
16
13
8
8
6
6
6
9
12
14
12
9
8
10
12
10
Dollar
exchange
1
(3)
/3 \
(
3
)
/ 3\
( )
Goods stc
shipped
poin
United
States
43
52
45
41
41
40
39
38
38
41
39
38
37
36
35
33
>red in or
between
tsin
Foreign
countries
13
4
11
11
10
12
12
14
12
12
10
11
12
12
10
11
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1036—Tune
December
1937—June
December
1938—June
December
1939—Tune
December
1940—June
December
1941—Tune
December.
1942—June
1942—August
September
October
November
December
1943—January
February
March
April
May
June
July
August
Cust omer s'
debi t
bal ances
( net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
c
490
c
500
e
510
e
520
543
c
540
e
55O
e
610
e
670
e
740
761
e
780
e
740
Debi t bal ances
Debi t
bal ances in
par t ner s '
i nvest ment
and t radi ng
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
Debi t
bal ances in
firm
i nvest ment
and t radi ng
account s
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
Credi t bal ances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
c
300
e
310
e
310
e
320
378
e
290
e
320
e
350
«570
e
550
529
e
530
e
490
Cust omers'
credi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
c
240
e
240
e
250
c
250
270
c
280
e
310

320
e
330
e
330
334
e
340
e
340
Ot her
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
Ot her credi t bal ances
In par t ner s '
i nvest ment
and t radi ng
account s
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
IOO4 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
October 1943
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1942—June
July
August....
September
October...
November
December
1943—January...
February..
March
April
May.
June
July
August
September.
315
305
297
282
271
261
230
220
209
201
179
160
143
150
156
170
163
156
139
123
119
116
118
120
127
130
128
136
140
139
130
117
122
119
108
97
94
90
93
95
102
101
99
105
102
102
94
84
78
77
71
64
63
61
60
60
64
62
61
65
62
64
59
50
44
42
37
33
31
29
34
35
38
39
38
40
40
38
36
3 3
41
38
31
26
25
26
25
24
25
29
29
31
38
36
36
3 3
94
92
78
66
60
57
57
57
60
69
71
79
82
81
77
69
6
6
6
9
12
14
12
9
8
10
12
10
7
(
3
J
( J )
52
45
41
41
40
39
38
38
41
39
38
37
36
35
3 3
30
4
11
11
10
12
12
14
12
12
10
11
12
12
10
11
11
1
As reported by dealers; includes someJmancei, company? paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See AnnualfReport'for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMSSCARRYINGJ1MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.^ Ledger balances in millions of dollars!
End of month
1936-June
December
1937—June
December
1938 June
December
1939—Tune
December
1940—Tune
December
1941 Tune
December
1942—June
1942—September
October
November
December
1943—January
February
March
April
May
July
August
September
Debit balances
Customers'
debi t
balances
(net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
«500
e
510
«520
543
«540
c
550
*510
e
67O
e
74O
761
•780
e
740
e
77O
Debi t t
balances in
part ners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
9
7
Debit
m
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
9 : 190
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
e
310
e
310
e
320
378
e
290
e
320
e
350
«570
e
550
529
c
530
e
490
e
77O
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
N
267
281
255
289
240
e
240
e
250
e
250
270
e
280
e
310

320
e
330
e
330
334
e
340
c
340
e
320
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
r
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
l Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own part ners.
2
. Includes money borrowed from banks.and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69),
1088 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
November 1943
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1942—July
August
September
October
November
December
1943—January . .
February
March
April
May
June
July . . .
August
September
October
Commer-
cial
paper
out-
standing
1
305
297
282
571
s
o

t
o

t
o
O

C
o

O
v
209
201
179
160
143
150
156
170
188
Total
out-
standing
156
139
123
119
116
118
120
127
130
128
136
140
139
130
117
115
Doll.ir acceptances outstanding
Held by
Accepting banks
Total
119
108
97
94
90
93
95
102
101
99
105
102
102
94
84
88
Own
bills
77
71
64
63
61
60
60
64
62
61
65
62
64
59
50
48
Bills
bought
42
37
33
31
29
34
35
38
39
38
40
40
38
36
33
39
Others
2
38
31
26
25
26
25
24
25
29
29
31
38
36
. 36
33
27
Imports
into
United
States
92
78
66
60
57
57
57
60
69
71
79
82
81
77
69
67
Exports
from
United
States
8
8
6
6
6
9
12
14
12
9
8
10
12
10
7
9
Based on
Dollar
exchange
i
(
3
)
(
3
)
/ 3\
(
3
)
(
3
)
(
3
)
(
3
)
Goods stc
shipped
poin
United
States
45
41
41
40
39
38
38
41
39
38
37
36
35
33
30
29
red in or
Detween
tsin
Foreign
countries
i l
11
10
12
12
14
12
12
10
11
12
12
10
11
11
10
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See AnnuaPReport for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—June
December
1938—June
December
1939_j
u n e
December
1940—June
December
1941—June
December
1942—June
1942—October
November
December
1943—January
February
March
April
May
June
July
August
September
October
[Member firms of New York Stock Exchange.
1
Cust omers'
debi t
bal ances
(net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
e
510
e
520
543
e
540
e
550
e
610
e
67O
e
740
761
e
78O
e
740
e
77O
e
780
Debi t bal ances
Debi t
bal ances in
par t ner s'
i nvest ment
and t radi ng
accounts
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
Debi t
bal ances in
firm
i nvest ment
and t radi ng
account s
164
164
161
108
88
106
73
78
58
99
89
86
86
• 154
190 " " '
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167 "
Ledger bal ances in millions of dollars]
Credi t bal ances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
e
310
*320
378
6
290
6
320
c
350
e
57O
e
550
529
e
530
6
490
e
77O
e
740
Cust omers'
credi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
e
25O
e
25O
270
e
280
e
310
e
320
e
330
e
330
334
e
340
e
340
e
320
e
330
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
Ot her credi t bal ances
I n par t ner s'
i nvest ment
and t radi ng
account s
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
I n firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis ot reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE .—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1 1 72 .
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1943
COMMERCIAL PAPER AND BANKERS
1
ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer
cial
paper
out-
standing
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
11
10
12
12
14
12
12
10
11
12
12
10
11
11
10
9
1942—August....
September
Oct ober ...
November
December
1943—January...
February..
March
April
May
June
Jul y
Augus t . . . .
September.
Oct ober...
November.
297
282
271
261
230
220
209
201
179
160
143
150
156
170
188
202
139
123
119
116
US
120
127
130
12S
136
140
139
130
117
115
111
108
97
94
90
93
95
102
101
99
105
102
102
94
84
71
64
. 63
61
60
60
64
62
61
65
62
64
59
50
48
53
37
S3
31
29
34
35
38
39
38
40
40
38
36
33
39
35
31
26
25
26
25
24
25
29
29
31
38
36
36
33
27
23
78
66
60
57
57
57
60
69
71
79
82
81
77
69
67
59
8
6
6
6
9
12
14
12
9
8
10
12
10
7
9
11
1
(
3
)
(3)
41
41
40
39
38
38
41
39
3$
37
36
35
33
30
29
31
1
As reported by dealers; includes some finance company paper sold in open market.
3
None held by Federal Reserve Banks.
8
Less than $500,000.
Back figures.—See Annual Report for;i937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRI NCI PAL RELATED I TEMS OF S TOCK EXCHANGE
FIRMS CARRYI NG MARGI N ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollarsl
End of month
1936—June
December.
1937-June
December..
1938-June
iber.
1939—Tune
December -
1940-June
December
1941—June
December
1942—June
1942—November.
December..
1943—January
February
March
April
May
June
July
August
September
October
November
Debit balances
;ustomers'
debit
balances
let)
1
1,267
1,395
1,469
985
774
991
834
906
653
677
616
600
496
e
52O
543
e
540
"550
' 610
*67O
e
74O
761
e
78O
e
74O
*77O
*780
c
74O
Debi t
balances in
pa r t ne r s '
i nvest ment
and t r adi ng
account s
Debit
balances in
firm
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
164
164
161
108
88
106
73
78
53
99
86
86
154
190
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
Cr edi t bal ances
Money
bor r owed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
•320
378
*290
e
320
e
350
"570
e
55O
529
e
530
"490
*77O
*74O
e
600
Cust omer s*
cr edi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
«250
270
«280
*310
e
320
e
330
e
330
334
e
34O
e
340
e
320
*330
c
340
Other
(net)
In partners'
investment
and trading
accounts
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
Other credit balances
24
30
25
26
22
22
21
23
22
22
17
17
16
15
In firm
nvest ment
and trading
accounts
14
12
13
10
11
5
6
7
5
7
5
In capital
accounts
(net)
420
424
397
355
305
277
269
247
222
213
189
182
212
' firm's*^'
C
°
m p l e t e
^ ^
n
°
W c o l l e c t e d s
e*ni - annual l y; mont hl y figures for t hr e e i t e ms e s t i ma t e d on ba s i s of r e p or t s fr om a s ma l l
E l u d i n g bal ances wi t h r epor t i ng firms (1) of member firms of New York St ock Exchange a nd ot her nat i onal s ecur i t i es exchanges a n d (2) of &*
own partners.
b
Back figures.—See BULLETI N for Mar ch 1938, p . 196, and (for da t a in det ai l ) Annual Repor t for 1937 ( t abl e 69).
FEDERAL RESERVE
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1942—September
October
November
December
1943—January
February
March
April
May
June
July ••
August
September
October
November
December
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
282
271
261
230
220
209
201
179
160
143
150
156
170
188
203
202
123
119
116
118
120
127
130
128
136
140
139
130
117
115
111
117
97
94
90
93
95
102
101
99
105
102
102
94
84
88
88
90
Held by
Accepting banks
Total
Own
bills
Bills
bought
64
63
61
60
60
64
62
61
65
62
64
59
50
48
53
52
33
31
29
34
35
38
39
38
40
40
38
36
33
39
35
38
Ot her s
2
26
25
26
25
24
25
29
29
31
38
36
36
33
27
23
27
Based on
Imports
into
United
States
6 6
6 0
57
57
57
60
69
71
79
82
81
77
69
67
59
66
Exports
from
United
States
6
6
6
9
12
14
12
9
8
10
12
10
7
9
11
11
Dollar
exchange
()
(3 )
(
3
)
Goods stored in or
shipped between
points in
United
States
41
40
39
38
38
41
39
38
37
36
35
33
30
29
31
30
Foreign
countries
10
12
12
14
12
12
10
11
12
12
10
11
11
10
9
9
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of mont h
Debi t bal ances
1936—June
December
1937—June
December
1938—June
December
1939—June
December .
1940—June
December . .
1941—June
December..
1942—June
December.
1943—January
February...
March
April
May
June
July
August
September.
October. . .
November.
December .
Cust omers'
debi t
bal ances
(net)
1
,
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
«540
e
550
e
610
c
670
e
740
761
e
78O
e
740
r
820
r
830
r
78O
788
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
3 2
25
16
12
12
11
Debi t
bal ances in
firm
i nvest ment
and t radi ng
account s
164
164
161
108
106
73
78
58
99
89
86
86
154
190
188
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
Cr edi t bal ances
Cust omer s'
credi t bal ances
1
Money
borrowed
2
Free
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
«290
e
320
e
350
e
57O
e
550
529
e
530
c
490
c
77O
e
740
e
600
557
276
342
266
278
258
247
230
266
267
281
255
289
240
2 7 0
e
280
e
310
e
320
e
330
c
330
334
e
340
e
34O
e
32O
e
330
e
340
354
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
O th er credit balances
In partners'
investment
and trading
accounts
In firm
investment
and trading
accounts
24
3 0
25
26
22
2 2
21
23
22
22
17
17
16
15
14
14
12
13
10
11
5
In capital
accounts
(net)
4 2 0
4 2 4
397
355
298
305
280
277
269
247
222
213
189
182
212
198
r
Revi sed est i mat e.
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges)
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
170
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others*
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1942—October
November
December
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January
271
261
230
220
209
201
179
160
143
150
156
170
188
203
202
209
119
116
118
120
127
130
128
136
140
139
130
117
115
111
117
120
94
90
93
95
102
101
99
105
102
102
94
84
90
94
63
61
60
60
64
62
61
65
62
64
59
50
48
53
52
55
31
29
34
35
38
39
38
40
40
38
36
33
39
35
38
38
25
26
25
24
25
29
29
31
38
36
36
33
27
23
27
60
57
57
57
60
69
71
79
82
81
77
69
67
59
66
6
6
9
12
14
12
9
8
10
12
10
7
9
11
11
40
39
38
38
41
39
38
37
36
35
33
30
29
31
30
29
12
12
14
12
12
10
11
12
12
10
11
11
10
9
9
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
8
Less than $500,000.
Back figures— See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars!
End of mont h
1936_ j u n e . . . .
December
1 9 3 7 _ j u n e
December
1938—June
December
1939—June
December
1940—June
December
1941__j
une
December
1942—June
December
1943—January
February
March
April
May
June
July
August
Sept ember
Oct ober
November
December
1944—January
Debi t balances
Cust omers'
debit
balances
( net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
e
540
c
55O
c
610
e
67O
e
740
761
«780
«740
e
820
e
83O
6
780
788
c
78O
Debi t
balances in
part ners'
invest ment
and t rading
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
Debi t
balances in
firm
invest ment
and t rading
account s
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
ie> 7
181
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
e
290
*320
e
350
«57O
e
550
529
6
530
e
490

77O
e
740
e
600
557
e
560
Cust omers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
«280
e
310
«320
e
330
e
330
334
6
340
e
340
e
320
e
330
e
340
354
e
37O
Ot her
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
Ot her credi t balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
5
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
March 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1942—November
December
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January , . .
February
261
230
220
209
201
179
160
143
150
156
170
188
203
202
209
214
116
118
120
127
130
128
136
140
139
130
117
115
111
117
120
135
90
93
95
102
101
99
105
102
102
94
84
90
94
106
61
60
60
64
62
61
65
62
64
59
50
48
53
52
55
57
29
34
35
38
39
38
40
40
38
36
33
39
35
38
38
49
26
25
24
25
29
29
31
38
36
36
33
27
23
27
27
29
57
57
57
60
69
71
79
82
81
77
69
67
59
66
71
83
6
9
12
14
12
9
8
10
12
10
7
9
11
11
12
12
8
39
38
38
41
39
38
37
36
35
33
30
29
31
30
29
32
12
14
12
12
10
11
12
12
10
11
11
10
9
9
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—Tune
December
1943—February
March
April
May
June
July
August
September
October
November
December
1944—January
February
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
e
55O
c
610
e
670
c
740
761
c
780
e
740
e
82O
e
830
e
78O
788
e
78O
e
800
Debit
balances in
part ners'
invest ment
and t rading
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
Debi t
balances in
firm
invest ment
and t rading
account s
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
isi
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
e
320
c
350
c
570
e
550
529
e
530
«490
e
77O
e
740
e
600
557
e
560
e
650
Cust omers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
e
310
e
320
e
330
e
330
334
e
340
e
340
e
32O
e
330
e
340
354
e
37O
e
370 .
Ot her
( net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
6 6 "
65
Ot her credit balances
In part ners'
i nvest ment
and t rading
account s
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
5
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms. , . , .,
Back figures—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
FEDERAL RESERVE BULLETIN
372-
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
April 1944
COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1942—December
1943—January...
February..
March
April
May
June
Jul y. . . . . . .
August
September
October...
November.
December
1944—January...
February..
March
230
220
209
201
179
160
143
150
156
170
188
203
202
209
214
195
118
120
127
130
128
136
140
139
130
117
115
111
117
120
135
129
93
95
102
101
99
105
102
102
94
84
90
94
106
100
60
60
64
62
61
65
62
64
59
50
48
53
52
55
57
52
34
35
38
39
38
40
40
38
36
33
39
35
38
38
49
48
25
24
25
29
29
31
38
36
36
33
27
23
27
27
29
30
57
57
60
69
71
79
82
81
77
69
67
59
66
71
83
79
12
14
12
9
8
10
12
10
7
9
11
11
12
12
12
()
I
I
w
(
3
)
38
38
41
39
38
37
36
35
33
30
29
31
30
29
32
31
14
12
12
10
11
12
12
10
11
11
10
9
9
9
8
7
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936— June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—March
April
May
June
July
August
Sept ember
Oct ober
November
December
1944—January
Febr uar y
March
Debi t bal ances
Cust omers'
debi t
bal ances
( net )
1
1,267
1,395
1,489
985
774
991
834
906
653
• 677
616
600
496
543
c
610
c
670
e
740
761
"780
e
740
e
820
e
830
6
780
788
6
780
e
800
e
820
Debi t
bal ances in
par t ner s'
i nvest ment
and t radi ng
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
"'"if""
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
1 8 8 * "
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
e
350
e
570

550
529
e
530
c
490
e
77O
e
740
e
600
557
e
560
e
650
e
630
Cust omers'
credi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
6
320
6
330
e
330
334
e
340
c
340
e
320
e
330
c
340
354
e
37O
e
370
e
380
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
Ot her credi t bal ances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
In firm
i nvest ment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
5
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (l),of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners. •
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" i n BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
47X FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
May 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January
February
March
April
220
209
201
179
160
143
150
156
170
188
203
202
209
214
195
172
Dollar acceptances outstanding
Total
out-
standing
120
127
130
128
136
140
139
130
117
115
111
117
120
135
129
126
Held by
Accepting banks
Total
95
102
101
99
105
102
102
94
84
90
94
106
100
96
O w n
bills
6 0
6 4
62
61
65
6 2
64
59
5 0
48
53
5 2
55
57
52
51
Bills
bou gh t
35
38
39
38
40
4 0
38
3 6
33
39
35
3 8
3 8
49
48
45
Oth er s
2
2 4
25
29
29
31
38
36
3 6
33
27
23
2 7
27
29
30
29
Based on
Imports
into
United
States
57
60
69
71
79
82
81
77
69
67
59
66
71
83
79
77
Exports
from
United
States
Dollar
exchange
I
12
14
12
9
8
10
12
10
7
9
11
11
12
12
12
12
(3)
t
3
)
(3)
(3)
I
Goods stored in or
shipped between
points in
United
States
38
41
39
38
37
36
35
33
30
29
31
30
29
32
31
30
Foreign
countries
12
12
10
11
12
12
10
11
11
10
9
9
1
As reported by dealers; includes some finance company paper sold in open market .
2
None held by Federal Reserve Banks.
3
Less t han $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description; see p. 427.
CUSTOMERS* DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of mont h
1936—June
December
1937—Tune
December
1938—J
un
e
December
1939—June
December
1940—June
December
1941—June
De c e mb e r. . , . _ _ _ .
1942—June
December
1943—April
May
June
July
August
September
October
November
December
1944—January
February
March
April
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
e
670
e
740
761
e
78O
e
740
e
820
e
830
e
78O
788
e
780
e
800
e
820
e
78O
De bit
balances in
#
p art ne rs'
inve st me nt
and t rading
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
e
57O
e
550
529
e
530
e
490
e
77O
e
740
e
600
557
e
560
e
650
e
630
e
600
Customers'
credit balances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
e
330
e
330
334
e
340
e
340
e
320
e
330
e
340
354
e
37O
e
370
e
380
e
390
Ot her
(net )
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
Ot he r c re dit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
In firm
invest ment
and trading
accounts
14
12
13
10
11
6
5
7
5
4
4
7
5
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
e
Est imat ed. Complete reports now collected semiannually; mont hly figures for three items estimated on basis of report s from a small number of
large firms.
i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own part ners.
. - - . - - - . ribes the method by
which the figures are derived and reported, distinguishes the table from a "st at ement of financial condition, " and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for dat a in detail
at semiannual dates prior to 1942.
584 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
June 1944
COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1943—February
March
April
May
June
July
August
September
October
November
December
1944—January
February
March
April
May
209
201
179
160
143
150
156
170
188
203
202
209
214
195
172
151
127
130
128
136
140
139
130
117
115
111
117
120
135
129
126
113
102
101
99
105
102
102
94
84
90
94
106
100
96
90
64
62
61
65
62
64
59
50
48
53
52
55
57
52
51
49
38
39
38
40
40
38
36
33
39
35
38
38
49
48
45
41
25
29
29
31
38
36
36
33
27
23
27
27
29
30
29
24
60
69
71
79
82
81
77
69
67
59
66
71
83
79
77
71
14
12
9
8
10
12
10
7
9
11
11
12
12
12
12
10
41
39
38
37
36
35
33
30
29
31
30
29
32
31
30
28
12
10
11
12
12
10
11
11
10
9
9
9
8
7
7
4
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Lnd of month
1936—June
December
1937—June
December
1938—J
U
ne
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—May
June
Tulv
September
October
November
December
1944—January
Febr uar y
March
April
Ma y
Debi t bal ances
Cust omer s'
debi t
bal ances
(net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
"740
761
e
780
e
740
e
820
e
830
e
78O
788
e
78O
e
800
e
820
e
78O
c
790
Debi t
bal ances in
par t ner s '
i nvest ment
and t radi ng
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
Debi t
bal ances in
firm
i nvest ment
and t radi ng
account s
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
Money
bor r owed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
e
550
529
e
530
e
490
c
77O
«740
e
600
557
e
560
e
650
6
630
6
600
e
550
Cr edi t bal ances
Cust omer s'
credi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
e
330
334
e
340
«340
e
320
«330
*340
354
e
37O
e
370
e
380
e
390
e
400
Ot her
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
Ot her credi t bal ances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
In firm
i nvest ment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
5
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own part ners. .
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE. —For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "st at ement of financial condition," and explains t hat the last column is not
to be taken as representing the actual net capital of the reporting firms. # , ™ , , . . . CA? t A • i -i
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for dat a in detail
at semiannual dates prior to 1942.
FEDERAL RESERVE BULLETIN
698
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
July 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1943—March
April
May
June
July
August
September
October
November
December
1944—January
February
March
April
May
June
201
179
160
143
150
156
170
188
203-
202
209
214
195
172
151
137
130
128
136
140
139
130
117
115
111
117
120
135
129
126
113
112
101
99
105
102
102
94
84
90
94
106
100
96
90
87
62
61
65
62
64
59
50
48
53
52
55
57
52
51
49
44
39
38
40
40
38
36
33
39
35
38
38
49
48
45
41
43
29
29
31
38
36
36
33
27
23
27
27
29
30
29
24
25
69
71
79
82
81
77
69
67
59
66
71
83
79
77
71
74
12
9
8
10
12
10
7
9
11
11
12
12
12
12
10
11
(
3
)
(3)
8
39
38
37
36
35
33
30
29
31
30
29
32
31
30
28
24
10
11
12
12
10
11
11
10
9
9
9
8
7
7
4
3
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—Sec Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
End of month
1936—June
December
1937—j
une
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June . . . .
December
1943—Tune
July
August
September
October
November
December
1944—January
February
March
April
May
June
[Member firms of New York Stock Exchange.
Cust omer s'
debi t
bal ances
( net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
761
e
78O
e
740
e
820
6
830
e
780
788
e
780
e
800
e
820
e
780
e
79O
887
Debit balances
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
"
5
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
1 8 8 "
2 5 3 " "
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
196"
Ledger balances in millions of dollars!
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
529
e
530
e
490
e
77O
e
74O
e
600
557
e
560
c
650
c
630
e
600
e
55O
618
Cust omers'
credi t bal ances
1
Free
276
342
266
278
258
247
230
2b6
267
281
255
289
240
270
334
*340
e
320
«330
354
e
37O
e
37O
6
380
c
390
e
400
424
Ot her
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
95
Ot her credi t bal ances
I n par t ner s'
i nvest ment
and t radi ng
account s
24
30
25
26
22
22
21
23
22
22
17
17
16
IS
15
14
15
In firm
investment
and trading
accounts
14
12
13
10
11
6
7
5
5
7
5
4
4
7
5
11
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
216
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
l Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
_ -
o F
, „
to be taken as representing the actual net capital of the reporting firms.
Back figures—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
704
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
August 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollarsl
End of month
Commer-
cial
paper
out-
standing
1
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
! Others
2
Based on
Imports
into
United
States
Exports
from
United
States
DOIIL/
exchange
Goods stored in or
shipped between
points in
United Foreign
States countries
1943—April
May
June
July
August . . .
September.
October....
November.
December
1944—January
February..
March
April
May
June
July
179
160
143
150
156
170
188
203
202
209
214
195
172
151
137
143
128
136
140
139
130
117
115
111
117
120
135
129
126
113
112
110
99
105
102
102
94
84
90
94
106
100
96
90
87
61
65
62
64
59
50
48
53
52
55
57
52
51
49
44
46
38
40
40
38
36
33
39
35
38
38
49
48
45
41
43
41
29
31
38
36
36
33
27
23
27
27
29
30
29
24
25
23
71
79
82
81
77
69
67
59
66
71
S3
79
77
71
74
72
10
12
10
7
9
11
11
12
12
12
12
10
11
12
(3)
(3)
38
37
36
35
33
30
29
31
30
29
32
31
30
28
24
24
11
12
12
10
11
11
10
9
9
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary*Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June...
December
1940—j
une
December
1941—June
December
1942—June
December
1943—June
Tulv
August
September
October
November
December
1944—January
February
March
April
May
June
July
Debit' balances
Customers'
debit
balances
( net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
761
e
780
e
740
e
820
e
830
e
780
788
c
780
e
800
e
820
e
780
e
790
887
e
940
Debit
balances in
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
5
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188
253
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
196
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
529
«530
e
490
e
77O
e
740
e
600
557
c
560
e
650
e
630
e
600
c
550
r
619
e
660
Cust omer s' j
credi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
334
e
340
e
340
e
320
e
330
e
340
354

37O
e
37O
e
380
c
390
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
65 14
c
400 i
424
e
420
95 15
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
5
11
In capital
account s
( net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
216
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
r
Revised.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Inclu
%
NOTE.-
which the _
o
, „-—
to be taken as representing the actual net capital of the reporting firms.
Back figures.—-See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
FEDERAL RESERVE BULLETIN
9°4
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
September 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1943—May
June
July
August
September.
October...
November.
December
1944—January...
February..
March
April
May
June
July
August... .
160
143
150
156
170
188
203
202
209
214
195
172
151
137
143
141
136
140
139
130
117
115
111
117
120
135
129
126
113
112
110
110
105
102
102
94
84
90
94
106
100
96
90
87
65
62
64
59
50
48
53
52
55
57
52
51
49
44
46
44
40
40
38
36
33
39
35
38
38
49
48
45
41
43
41
38
31
38
36
36
33
27
23
27
27
29
30
29
24
25
23
28
79
82
81
77
69
67
59
66
71
83
79
77
71
74
72
75
10
12
10
7
9
11
11
12
12
12
12
10
11
12
10
37
36
35
33
30
29
31
30
29
32
31
30
28
24
24
22
12
12
10
11
11
10
9
9
9
8
7
7
4
3
2
3
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940-June
December
1941-June
December
1942- June. . . .
December
1943—June
August
September
October
November
December
1944—January
February
March
April
May
fune
July
August
Debit balances
Customers'
debit
balances
(net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
761
e
740
c
820

830
e
780
788
e
78O
e
800
e
820
e
780
e
79O
887
e
940
*940
Debi t
balances in
m
part ners'
i nvest ment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
5
Debi t
balances in
firm
i nvest ment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188
253
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
196
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
529
*490
e
77O
*740
c
600
557
c
560
*650
e
630
e
600
e
550
619
e
660
e
630
Credit balances
Customers'
credit balances
1
Free
276
342
266 -
278
258
247
230
266
267
281
255
289
240
270
334
e
340
e
320
e
330
c
340
354
c
370
e
370
e
380
c
390
c
400
424
e
420
6
4l0
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
95
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
15
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4^
7
5
11
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
216
6
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
99°
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
October 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
Dollar acceptances outstanding
Total
out-
standing
Held by
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1943—June
July
September
October
November
December
1944—January
February
March
April
May
June
July
August
September
143
150
156
170
188
203
202
209
214
195
172
151
137
143
141
141
140
139
130
117
115
111
117
120
135
129
126
113
112
110
110
111
102
102
94
84
90
94
106
100
96
90
87
88
82
85
62
64
59
50
48
53
52
55
57
52
51
49
44
46
44
42
40
38
36
33
39
35
38
38
49
48
45
41
43
41
38
43
38
36
36
33
27
23
27
27
29
30
29
24
25
23
28
26
82
81
77
69
67
59
66
71
83
79
77
71
74
72
75
78
10
12
10
7
9
11
11
12
12
12
12
10
11
12
10
11
()
(3)
(3)
(!)
()
0
36
35
33
30
29
31
30
29
32
31
30
28
24
24
22
19
12
10
11
11
10
9
9
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
September
October
November
December
1944—January
February
March
April
May
June
July
August. ,
September
Debit balances
Customers'
debit
balances
( net)
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
761
e
820
e
830
e
78O
788
«78O
e
800
e
820 •
e
780
887
e
940
e
940
e
940
Debi t
bal ances in
par t ner s'
i nvest ment
and t radi ng
account s
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
ii
5
Debit
balances in
firm
investment
and trading
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
188
253
Cash on
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
196
Credi t bal ances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
529
e
77O
c
740
e
600
557
c
560
c
650
e
630
e
600
e
550
619
e
660
c
630
e
640
Cust omer s'
credi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
334
e
320
e
330
«340
354
e
370
e
370
e
380
e
390
e
400
424
e
420
e
410
e
400
Ot her
( net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
95
Ot her credi t bal ances
I n par t ner s'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
15
Infirm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
7
5
11
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
216
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
November 1944
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
Commer-
cial
paper
out-
standing
1
1943—July
August
September
October
November
December
1944—January
February
March
April
May
June. .
July
August .
September
October
150
156
170
188
203
202
209
214
195
172
151
137
143
141
141
142
Dollar acceptances outstanding
Total
out-
standing
139
130
117
115
111
117
120
135
129
126
113
112
110
110
111
115
Held by
Accepting banks
Total
102
94
84
90
94
106
100
96
90
87
88
82
85
85
Own
bills
64
59
50
48
53
52
55
57
52
51
49
44
46
44
42
40
Bills
bought
38
36
33
39
35
38
38
49
48
45
41
43
41
38
43
45
Others
2
36
36
33
27
23
27
27
29
30
29
24
25
23
28
26
30
Based on
Imports
into
United
States
Exports
from
United
States
81
77
69
67
59
66
71
83
79
77
71
74
72
75
78
79
12
10
7
9
11
11
12
12
12
12
10
11
12
10
11
13
Dollar
exchange
I
(
3
)
( 3 )
(
3
)
9
( ! )
Goods stored in or
shipped between
points in
United
States
35
33
30
29
31
30
29
32
31
30
28
24
24
22
19
21
Foreign
countries
10
11
11
10
9
9
9
8
7
7
4
3
2
3
3
2
J As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBI T BALANCES, MONEY BORROWED, AND PRI NCI PAL RELATED ITEMS OF STOCK EXCHANGE
FI RMS CARRYI NG MARGI N ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
October
November
December
1944—January
February
March
April
May. . . .
June. . . . . . .
J ul y. . .
August . .
Sept ember.
Oct ober . . .
Customers'
debit
bal ances
(net )
1
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
761
«830
e
780
788
e
78O
e
800
e
820
"780
e
790
887
e
940
e
940
e
940
e
950
Debi t balances
Debit
balances in
U CL X CirXX^*\*£t X.XX
partners'
investment
and trading
accounts
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
Debit
H^liincp^ in UC*lGLill\-'\stJ XXX
firm
i nvest ment
and t radi ng
accounts
164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
l i
!
1 8 8 " "
5 253'
hand
and in
banks
219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
196 "
Credit balances
Money
borrowed
2
985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
529
e
740
e
600
557
e
560
c
65O
e
630
e
600
e
55O
619
e
660
e
630
%40
e
67O
Cust omers'
credi t bal ances
1
Free
276
342
266
278
258
247
230
266
267
281
255
289
240
270
334
c
330
«340
354
e
37O
e
37O
e
380
e
390
e
400
424
e
420
e
4l0
e
400
e
410
Other
(net)
86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
9 5 "
Other credit balances
In partners'
investment
and trading
accounts
24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14
15
In firm
investment
and trading
accounts
14
12
13
10
11
5
6
7
5
5
7
5
4
4
1
5
" l l
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
216
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking ana Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1944

Sign up to vote on this title
UsefulNot useful