Federal Reserve Bulletin, 1938-01

FEDERAL RESERVE BULLETIN JANUARY 1938 Recent Business and Credit Developments Changes in Regulation on Common Trust Funds International Capital Movements ****?**** '***«*** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent business and credit developments 1-5 Changes in regulation on common trust funds 4-5 Election of directors of Federal Reserve banks -r 5 National summary of business conditions.. 6-7 Summary of financial and business statistics - - Law Department: Revision of Regulation F 10-13 Time for obtaining statements in connection with special omnibus accounts _- 13 Extension of time by business conduct committees in connection with cash transactions- * 13 Statistics of International Capital Transactions of the United States, July-September, 1937 14-18 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items --- 20 Federal Reserve bank statistics 21-25 Reserve position of member banks; deposits in larger and smaller centers 26 Money in circulation . 27 Gold stock and gold movements; bank suspensions; bank debits 28 All banks in the United States - 29 All member banks.._ - 30-31 Reporting member banks in leading cities 32-35 Acceptances, commercial paper, and brokers' balances 36 Federal Reserve bank discount rates 37 Money rates and bond yields 38 Security markets . . . 39 Treasury finance ... 40-41 Governmental corporations and credit agencies; Postal Savings System 42-43 Production, employment, and trade 44-52 Wholesale prices 53 Crop report 54 International financial statistics: Gold reserves of central banks and governments . 56 Gold'production _ 57 Gold movements -„__,. - 57-58 Central banks 59-62 Bank for International Settlements 63 Commercial banks __ 63-64 r Discount rates of central banks 65 Money rates 65 u Foreign exchange rates 66 Price movements: Wholesale prices 67 Retail food prices and cost of living 68 Security prices- 6g Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 70 Senior officers of Federal Reserve banks; managing directors of branches •_ _ 71 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 JANUARY, 1938 No. 1 REVIEW OF THE MONTH After Christmas excess reserves were rapidly built up at all classes of banks through In December industrial activity declined further to a level about 25 percent below the return of currency from circulation and the first eight months of 1937. net disbursements of foreign bank and other Recent business Retail trade at the holiday nonmember deposits with the Reserve banks. developments season showed slightly less On December 31, excess reserves totaled than the usual increase and $1,200,000,000, the largest amount held by was somewhat smaller than a year before. member banks since the final increase in Wholesale commodity prices, which declined reserve requirements on May 1, 1937. sharply in October and November, were The decline in reserves before Christmas firmer in December. Prices of the highest- was smaller than usually occurs because of grade bonds rose to the highest levels since the reduced seasonal demand for currency. last March, while prices of stocks and lower- From the middle of November to December grade bonds fluctuated slightly above the low 22, money in circulation increased by only levels reached in November. Demand for $150,000,000, as compared with an increase currency in December was less than usually of $300,000,000 in the corresponding period occurs, and excess reserves of member banks last year, and a customary seasonal increase were only slightly reduced before Christmas. of about $260,000,000. In the week ending Banks in leading cities increased their hold- December 29, the decrease in money in cirings of securities, and the decline in their culation was $110,000,000, which was only loans was smaller than in October or Novemslightly less than the customary seasonal deber. Total deposits at reporting banks increase. creased as the result of a substantial increase Following a substantial decline in October in United States Government deposits. and November, total loans and investments Excess reserves of member banks in Deof reporting member banks in cember averaged somewhat over $1,000,000,- Member bank leading cities showed little net 000, the approximate level credit change in the month of De- ^XDece^n1ferrVes PrevailinS generally since the cember. These banks purchased substantial release of $300,000,000 of inamounts of the new notes and bonds sold by active gold by the Treasury last September. the Treasury on December 15, but this in- At the end of November excess reserves excrease in investments was partially offset by ceeded $1,100,000,000; in the first three redemption of Treasury bills maturing in the weeks of December they declined to $1,000,following week. Commercial and industrial 000,000, reflecting primarily the seasonal rise in money in circulation just before loans declined somewhat less in December Christmas and variations in Treasury and than in November, and loans to brokers and other nonmember deposits at the Federal dealers in securities continued at around Reserve banks. The decline in excess re- $900,000,000, the low level reached early in serves in the first three weeks of December November after a sharp decline in the two was mostly at New York City banks. preceding months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1938 Adjusted demand deposits at reporting have remained unchanged in recent months. member banks showed a decline in December, The average yield on long-term Treasury while deposits of the United States Govern- bonds declined to about 2Y percent, which 2 ment increased. The increase in Government compares with 2% percent about the middle deposits at these banks, amounting to $275,-of November and nearly 2% percent in Sep- 000,000, represented purchases of Govern-tember. The yield on the highest-grade ment securities by book-credits. Collection corporate bonds declined to below 3^ perof income taxes by the Treasury, sales of Government securities by reporting banks, Prices of stocks and lower-grade corporate and a decline in bank loans were the principal bonds, which declined in November to the factors in the reduction of about $180,000,000lowest levels since 1935, recovered somewhat in adjusted demand deposits at these banks. during the last week of November and the Time deposits and bankers' balances at re- first week of December. This recovery was porting member banks showed little change followed by irregular movements until the during the month. closing days of December when prices again The Treasury's quarterly financing in De- declined. At the end of December average cember consisted of the sale of $290,000,000prices of common stocks were only slightly of 8-year bonds and of $220,000,-above the November lows and about 40 per- Treasury 000 of 5-year notes for cash, and cent below the high level of the year reached financing exchanges of $250,000,000 of thein March. Average yields on lower-grade new bonds and $10,000,000 of the new notes corporate bonds, as shown by Moody's Baa for Treasury notes maturing on February 1, bonds, were about 6 percent at the end of 1938. Both of the new issues advanced in the December, as compared with 4i/ percent at 2 market to substantial premiums, the bonds the beginning of the year. being quoted toward the end of December at a The volume of new securities sold by dopremium of 2V& points and the notes at amestic corporations continued to decline premium of 1% points. From the proceeds sharply in November and Deof these sales of securities and from tax re-New security cember but there was a modceipts, the Treasury met interest and other issues . . **?„** erate increase m other otterpayments, retired about $450,000,000 of ings, which include those of State and local Treasury bills maturing around the middle governments and Federal agencies. Total of the month, and added substantially to itssecurity offerings, exclusive of direct obligaworking balance. The Government debt tions of the United States Government, were showed little change as the result of these about $150,000,000 each month, including security operations. those for refunding and for new capital; this Open-market money rates on Treasury is a somewhat smaller volume than during bills and notes continued in December the the immediately preceding months. decline which began about The small volume of security issues during Money and the middle of September the final quarter of 1937 indicates the greatly security markets and reached new low levels reduced activity in the capital markets that since early in the year. The new issues of has accompanied recent developments in the 91-day Treasury bills sold in the last half security markets and in the business situaof December at below one-eighth of one per- tion. During this quarter security offerings cent, and the average yield on 3 to 5 year totaled about $500,000,000, which is one- Treasury notes declined to below 1*4 percent third of the average quarterly volume during as compared with almost 1% percent in Sep- 1936 and the first quarter of 1937- Issues tember. Other short-term open-market rates by domestic corporations in the fourth quar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN ter of 1937 amounted to only $200,000,000, woolen mills, rayon mills, and shoe factories or about one-fifth of the quarterly volume have been particularly marked and in Noduring the earlier period. vember these industries were operating at Department store sales have shown slightly rates little above those of the lowest levels of less than the usual seasonal increase during the depression. At cotton mills and silk recent months, and preliminary mills also activity has declined considerably. itoSTs^ea11 information for December indi- Output of minerals in recent months has been maintained at near the level of the earliercates that the Board's seasonally part of the year. Crude petroleum producadjusted index for that month will be a little tion has continued in large volume, while below 90 percent of the 1923-1925 average, output of coal has shown some decline. as compared with a level of 93 percent during the first eight months of the year. While The general level of wholesale commodity department store sales have continued some- prices, after a broad decline from 87.5 perwhat above the average for 1936 and con- cent of the 1926 average for the siderably above that for 1935, production of Wholesale week ending September 25 to textiles, shoes, and many other commodities commodity 82.0 for the week of November prices sold by department stores has been drastically 27, declined slightly further in curtailed to a level below the average for December. In the latter part of the month, as 1935. It appears that current output of shown in the accompanying table, the general these products is below the rate of consumer index had returned to the level prevailing purchases and that inventories of many of before the sharp advance that had occurred them have been considerably reduced from between the end of October 1936 and April the large volume of a few months ago. 1937. Industrial production was further reduced WHOLESALE COMMODITY PRICES in December, and the Board's seasonally ad- (Indexes, 1926 = 100) justed index is estimated on the Percentage change prodSn basis of Partial information at Week since— ending about 83 percent of the 1923- Dec. 25, 1937 Apr. 3, Oct. 31, 1925 average as compared with 89 in Novem- 1937 1936 ber and an average of 116 in the first eight All commodities.. 81.2 0 months of the year. The sharp decline in Farm products 72.9 -24 -13 recent months has reflected chiefly decreased Foods 78.9 -10 -4 Other commodities 83.6 -3 +4 activity in the durable goods industries which Durable: Metals and metal products.. 96.2 0 +U had operated at a high rate during the first Building materials 92.5 -4 +6 Housefurnishing goods 91.4 +1 +10 eight months of the year. Steel production Nondurable: Hides and leather products- 98.4 -7 +3 has shown the greatest decline, with the rate Textile products 69.4 -11 -3 Chemicals and drugs 79.2 -3 of activity averaging 38 percent of capacity Miscellaneous _ __. 74.9 +4 in November and approximately 26 percent Fuel and lighting materials. 78.6 +2 +2 in December, as compared with 85 percent in Source: Bureiu of Labor Statistics. August. There have been substantial reduc- Prices of raw materials, which as a group tions also in output of lumber and plate glass. advanced most rapidly in that period, de- Automobile assemblies showed considerably clined steadily from the beginning of April less than the usual seasonal increase in Noto the latter part of November, but in Devember and a decrease in December. cember showed little change. Some com- In the nondurable goods industries activ- modities, such as cotton, hides, and steel ity has continued the decline that has been scrap, advanced in December. Prices of most in progress since spring. Reductions at finished products, which earlier had advanced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1938 by a smaller amount, continued to increase collective investment of funds of individual last summer but since that time have been trusts if such funds were too small to be indeclining- slowly. vested separately to advantage, and this pro- In general, prices of durable goods continu vision in the amended regulation continues substantially higher than they were in Octo- the authority to invest collectively such odd ber 1936, while most nondurable goods, in- balances to the credit of various trusts with cluding farm products and foods, are lower. as few regulatory provisions as possible. Prices of finished steel, which had advanced The Board also amended subsections (b) sharply last spring, have since remained and (c) of section 6 of Regulation F, in cerunchanged and automobile prices have ad- tain minor respects, with respect to the trust vanced. Building materials, other than steel department committees already provided for and cement, have declined somewhat in re- in the regulation. cent months. Farm products as a group are In the Revenue Act of 1936 Congress recat the lowest level in the past three years. ognized the desirability, under proper safeguards, of permitting banks to operate com- REGULATION RELATING TO COMMON TRUST mon trust funds when it granted certain tax FUNDS exemptions to common trust funds adminis- The Board of Governors of the Federal Retered by any bank in conformity with rules serve System has issued, effective December and regulations prescribed for national banks 81, 1937, an amendment to its Regulation F by the Board of Governors. Some States to provide for the collective investment of have enacted legislation specifically authoriztrust funds by national banks under certain ing the operation of common trust funds and conditions in States where this is permitted in other States similar legislation has been by State law. The amended regulation proconsidered. vides for two general types or classes of such In upholding and construing provisions of investments. First, it permits a national law relative to the exercise of trust powers bank, subject to certain regulatory proviby national banks, the courts have recognized sions, to invest funds of various individual that the regulation of the administration of trusts in participations in a common trust trusts is a matter peculiarly within the provfund, provided that the amount so invested ince of the States. In issuing the present from any one trust may not exceed $25,000, or ten percent of the value of the assets of amendment, the Board has permitted the colsuch common trust fund, whichever amount lective investment of funds of various trusts is less. It has been urged upon the Board in common trust funds only when the laws of that it is not practicable or efficient for trust the State in which the particular national institutions to invest the funds of relatively bank is located authorize or permit such insmall trusts separately with the desired di- vestments by State banks, trust companies, versification of investments, and this pro- or other corporations which compete with vision is designed to facilitate the investment national banks. of the funds of such small trusts. Second, Issuance of such an amendment was recomthe amended regulation permits a national mended by a special committee of the Ameribank, with a minimum of specific regulatory can Bankers Association, and the amendment requirements, to make collective investment was drafted after consultation with the comof funds of individual trusts in participations mittee and after submission of a tentative in a common trust fund, provided the amount draft of the proposed regulation to and reinvested from any one such trust account ceiving criticisms and comments from that does not exceed $1,200. The regulation has committee, all Federal Reserve banks and heretofore permitted national banks to make other interested groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY : FEDERAL RESERVE BULLETIN The Board's regulations have been drawn Designation of Chairmen and Federal Reserve Agents and Appointment of Deputy Chairmen specifically with a view to preventing com- The Board of Governors designated the mon trust funds from being operated as infollowing Federal Reserve agents and chairvestment trusts for other than strictly fidumen of the boards of directors of Federal ciary purposes and to providing safeguards reserve banks for the year 1938: to prevent preferences or other inequities Boston—F. H. Curtiss (redesignated). between trusts participating in common trust Philadelphia—R. L. Austin (redesignated). Cleveland—E. S. Burke, Jr. (redesignated). funds. The text of these amendments is Richmond—Robert Lassiter (redesignated). printed herein on pages 10-13. Atlanta—F. H. Neely. St. Louis—W. T. Nardin (redesignated). Minneapolis—W. B. Geery (redesignated). Kansas City—J. J. Thomas (redesignated). Dallas—J. H. Merritt. Election of Class A and B Directors San Francisco—A. 0. Stewart (redesignated). The Board of Governors appointed the The member banks elected the following following deputy chairmen of Federal Reserve Class A and Class B directors of the Federal banks for the year 1938: Reserve banks for the three-year term begin- Boston—H. S. Dennison. ning January 1, 1938: New York—Owen D. Young (reappointed). Philadelphia—T. B. McCabe. CLASS A Cleveland—G. C. Brainard (reappointed). Richmond—W. G. Wysor. Boston—Lewis S. Reed (reelected). Chicago—R. E. Wood (reappointed). New York—William C. Potter. Philadelphia—John B. Henning (reelected). Cleveland—H. B. McDowell. Retirement of Chairmen and Federal Reserve Agents Richmond—James C. Braswell (reelected). at the Federal Reserve Banks of Atlanta and Dallas Atlanta—W. D. Cook (reelected). Effective at the close of December 31,1937, Chicago^—E. R. Esthers (reelected). St, Louis—(election being held). Messrs. W. H. Kettig and C. C. Walsh retired Minneapolis—M. 0. Grangaard (reelected). as Class C directors and Chairmen and Fed- Kansas City—Frank W. Sponable (reelected). eral Reserve Agents at the Federal Reserve Dallas—Pat E. Hooks (reelected). Banks of Atlanta and Dallas, respectively. San Francisco—C. K. Mclntosh (reelected). Mr. Kettig served as a Class C director of CLASS B the Federal Reserve Bank of Atlanta from Boston-^E. S. French (reelected) the date of its establishment, and also as New York—Thomas J. Watson (reelected). Deputy Chairman of the bank from January Philadelphia—C. Frederick C. Stout (re- 1, 1922, to May 27, 1937, on which date he elected) . was designated as Chairman and Federal Cleveland—R. P. Wright (reelected). Richmond—John H. Hanna (reelected). Reserve Agent. Mr. Kettig also served as an Atlanta—Fitzgerald Hall (reelected). appointee of the Board on the board of direc- Chicago—S. T. Crapo (reelected). tors of the Birmingham Branch of the Atlanta St. Louis—Harvey C. Couch. bank from August 1, 1918, through 1935. Minneapolis—W. 0. Washburn (reelected). Kansas City-r-J. M. Bernardin (reelected). Mr. Walsh was appointed a Class C direc- Dallas—Harry C. Wiess. tor and designated as Chairman and Federal San Francisco—Elmer H. Cox (reelected). Reserve Agent at the Federal Reserve Bank of Dallas on July 1,1925, and served in these capacities until his retirement on December 31, 1937. Appointment of Class C Directors The Board of Governors appointed the following Class C directors of Federal Reserve Appointment of First Vice President of the Federal Reserve Bank of St. Louis banks for the three-year term beginning January 1, 1938: On December 6, 1937, the Board approved the appointment by the board of directors of CLASS C the Federal Reserve Bank of St. Louis, effec- New York—Owen D. Young (reappointed). tive December 16,1937, of Mr. F. Guy Hitt as Cleveland—G. C. Brainard (reappointed). First Vice President of the bank for the un- Richmond—Robert Lassiter (reappointed). expired portion of the five-year term ending Chicago—F. J. Lewis (reappointed). St. Louis—Oscar Johnston. February 28, 1941. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY 1938 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 22 and released for publication December 24] In November, volume of industrial produc- in output of bituminous coal and in iron ore tion continued to decline sharply, and em- shipments, while crude petroleum production ployment and payrolls also decreased. Dur- continued in large volume. ing the first half of November commodity Total value of construction contracts prices declined further but for the past month awarded, as reported by the F. W. Dodge Corthey have been steady. poration, showed little change in November Production and employment.—Volume of and the first half of December. Awards for industrial output, as measured by the Board's privately-financed projects declined, reflectseasonally adjusted index, declined from 103 ing chiefly a further reduction in residential percent of the 1923-1925 average in October building, while contracts for publicly-financed work increased. INDUSTRIAL PRODUCTION Employment and payrolls at factories PERCENT showed an unusually sharp decline between the middle of October and the middle of November, and there were decreases also in the number employed in trade and other non- 3 manufacturing lines. The Board's seasonally 90 adjusted index of factory employment was at 94 percent of the 1923-1925 average in November as compared with a level of 102 last summer and 96 in November last year. In 50 1929 1930 I93t 1932 1933 1934 1935 1936 1937 Monthly index of physical volume of production, adjusted for FACTORY EMPLOYMENT AND PAYROLLS seasonal variation, 1923-1925 average — 100. 1 P 2 ER 0 CENT ^-CE& to 90 percent in November, reflecting chiefly no H a sharp reduction in the manufacture of dur- ft 100 able goods. There was a further curtail- \ Employment' /v ment of activity at steel mills and output for / ., rJ \ the month was at a rate of 38 percent of ca- J V /v \ pacity, a decline of one-third from October. 60 Payrolls^ / In the first three weeks of December steel pro- VJ duction was at about 28 percent of capacity. Output of lumber and plate glass also de- 30 1929 1930 1931 1932 1933 t934 1935 1936 1937 clined substantially in November, and auto- Monthly indexes of number employed and payrolls at factories, unadjusted for seasonal variation, 1923-1925 average = 100. mobile production showed considerably less than the usual seasonal increase. Production the steel, machinery, lumber, and textile inof nondurable goods, which had decreased by dustries the number employed decreased by a substantial amount earlier this year, de- substantially more than the usual seasonal clined further in November, reflecting a con- amount, and there was some decline at autotinued reduction in output of textiles and mobile factories, although an increase is usual shoes, partly offset in the total by an increase at this season. There were declines also in in activity at sugar refineries. Output of the seasonally adjusted indexes for most other minerals, as well as manufactures, declined lines, except foods and tobacco which showed in November. There were marked decreases little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN Agriculture,—Department of Agriculture wholesale commodity prices, which had deestimates recently issued indicate that most lined sharply from the latter part of Sepcrops will be about the same size as forecast tember to the third week of November, has earlier but that cash farm income will be shown little change since that time. Prices lower than had been anticipated, largely be- of nonferrous metals, leather, wool, textile cause of price declines both for crops and live- yarns, and finished cotton goods have declined stock. Cash income in 1937 is expected to be somewhat further in this period, while steel $8,500,000,000, as compared with $7,918,- scrap, hides, rubber, cotton, print cloths, and 000,000 in 1936. The increase over a year bituminous coal have recently shown some ago is due primarily to increased income from advance. marketings of wheat, tobacco, and fruits and Bank credit.—Excess reserves of member to larger Government payments. banks showed a small decline but for the first Distribution.—Distribution of commodities three weeks of December remained somewhat to consumers, which earlier had been mainover $1,000,000,000. The increase in demand tained, declined slightly in November. There for currency during December has been was a slight decline in sales at department smaller than usual, reflecting largely the efstores, and mail order sales decreased considerably, while sales at variety stores showed fects of the recent sharp decline in business little change. Preliminary information for activity and payrolls. the first half of December indicates that de- Total loans and investments of reporting partment store sales increased by approxi- member banks in 101 leading cities increased mately the usual seasonal amount. Freight-car loadings declined by consider- MEMBER BANK CREDIT ably more than the seasonal amount in No- BlUUONS OF DOLLARS BILLIONS Of COLLA 2 R 4 S vember and the Board's adjusted index for ^^ £3 ^ 22 that month was 71 percent of the 1923-1925 21 average as compared with 76 percent in Octo- * 20 y£ ber and an average of 81 percent in the first O U b . l & ig G ot o io v n t s ^fe 11 10 half of the year. The decline from October 9 to November reflected principally marked de- 8 T creases in loadings of coal and miscellaneous 4 freight. 3 US. Go* Deposit* Commodity prices.—The general level of 5rfc Z ^ ^ - ^i 2 O '34 1935 1936 t937 '34 1935 1936 1937 WHOLESALE PRICES Wednesday figures for reporting member banks in 101 leading PERCENT PERCENT cities, September 5, 1934, to December 15, 1937. Loans on real 120 120 estate, loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown 110 110 separately. 100 somewhat during the four weeks ending De- 90 cember 15, reflecting a growth of $190,000,- 000 in holdings of United States Government obligations, mostly in New York City. A fac- 70 J tor in this increase was the purchase by banks of the December 15 issues of Government securities. Commercial loans, which 1929 1930 1931 1932 1933 1934 1935 1936 1937 had begun to decline in October, showed a Index compiled by United States Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931; by weeks, Jan. 2. 1932, further reduction. to December 18, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY 1038 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 13 13 12 12 11 11 10 10 8 8 I MONEY IN CIRCULATION / *****. 9 +»+m+m* »* ^H**«»^ ...„«„,.«•'»*••i.—* . - ^ -* 5-^ ^-O _. TREASURY CASH 3 3 /' 2 .RESERVE BANK CREDIT 2 h* 1 TREASURY DEPOSITS 1 0 -L6*-firfJt \A j_.A-i 1932 1933 1934 1935 1936 1937 8 1932 1933 1934 1935 1936 1937 Latest figuics for December 29. See table on page 20. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL BESERVE BULLETIN 9 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1037 1 1936 Annual averages Nov. Oct. Sept. Nov. Oct. Sept. 1936 1035 1034 1933 1932 1929 HBSEBVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; In millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,592 2,533 2,684 2,472 2,480 2,479 2,481 2,475 2,502 2,429 2,077 1,459 Bills discounted- 19 22 24 6 8 6 7 36 283 621 952 Bills bought 3 3 3 3 3 3 5 25 83 71 241 U. S. Government securities 2,645 2,527 2,526 2,430 2,430 2,430 2,430 2,431 2,432 2,052 1,461 208 Monetary gold stock - .2,788 12,782 12,653 11,116 10,983 10,764 10,578 9,059 7,512 4,059 3,952 3,996 Treasury currency outstanding „ 2,613 2,603 2,690 2,517 2,512 2,507 2,503 2,478 2,331 2,271 2,096 2,016 Money in circulation . 6,558 6,566 6,558 6,401 6,321 6,258 6,101 5,585 5,403 5,576 6,328 4,476 Treasury cash holdings 3,642 3,636 3,618 2,373 2,413 2,385 2,474 2,791 2,798 288 236 207 Treasury deposits with F. R. banks - 125 95 190 86 146 233 446 128 81 55 39 22 Nonmember deposits and other accounts 750 717 607 461 502 528 551 C07 438 497 407 406 Member bank reserve balances: Total - 6,919 6,654 6,854 6,785 6,694 6,345 6,989 5,001 3,676 2,343 2,114 3,368 Excess 1,104 1,043 900 2,219 2,043 1,852 2, 512 2,469 1,564 528 256 REPORTING MEMBEB BANES Averages of Wednesday figures; in millions of dollars Total loans and Investments 21,556 21,889 22,187 22,444 22,566 22,520 22,064 19,997 8,672 17,505 19,080 22,599 Loans to brokers and dealers insecurities 881 1,103 1,317 1,156 1,163 1,195 1,181 990 981 777 618 •2,208 Loans on securities to others (except banks)1 1,976 1,996 2,007 2,024 2,025 2,035 2,055 2,131 2,545 3,157 4,226 •5,448 All other loans 6,702 6,791 6,702 5,575 5,530 5,226 4,907 4,965 5,222 6,578 9,231 U. S. Government obligations: Direct 7,970 7,914 8,068 9,232 9,310 9,320 9,080 7,989 6.856 5,228 4,413 2,865 Fully guaranteed. 1,127 1,132 1,131 1,255 1,255 1,246 1,250 928 •325 Other securities 2,900 2,953 2,962 3,202 3,283 3,326 3,272 3,052 •3,000 3,121 3,245 2,847 Keserve with Federal Reserve banks 5,348 5,384 5,313 5,422 5,276 4,995 4,799 4,024 2,875 1,822 1,673 1,725 Cash in vault 320 326 305 404 399 383 383 326 271 240 214 248 Balances with domestic banks 1,804 1,781 1,703 2,463 2,385 2,311 2.358 2,112 1,688 1,322 1,250 1f,142t. Demand deposits—adjusted , _. 14,636 14,756 14,843 15,362 15,152 14,962 14,619 12,720 <•) (») Time deposits (excluding interbank)* 5,287 5,278 5,283 5,032 5,070 5,036 4,999 4,883 4,937 & 5,666 B D o ep rr o o s w its i n o p f domestic banks* ,- — — 5,039 6 6,088 5 4,990 6,236 6,080 1 5,89 1 0 5 6,810 5 4,93 6 8 3,81 8 4 2,8 1 2 1 2 5 2 2 7 2 7 8 2 MONET RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper 1.00 1.00 1.00 .75 .75 .75 • .75 .76 1.02 L72 2.73 5,85 Stock exchange call loans __ 1.00 1.00 1.00 1.00 1.00 1.00 .91 .66 1.00 1.16 2.05 7.61 U. 8. Treasury bills (91 days) .15 .26 .37 .11 .13 .16 .17 .17 .28 .52 .88 U. S. Treasury bonds, long term 2.60 2.65 2.67 2.29 2.42 2.41 2.47 2.70 3.10 3.31 3.65 3.60 Corporate high grade bonds (Moody's Aaa) 3.26 3,29 3.30 3.15 3.18 3.18 3.24 3.60 4.00 4.49 5.01 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All Issues—total- 134 196 223 372 464 409 518 392 180 89 146 959 New _ 93 89 156 158 186 178 164 121 116 60 100 841 Refunding — 41 107 67 214 278 231 354 270 64 29 46 118 Domestic corporate issues—total 36 129 152 264 366 250 382 189 41 32 M 781 New.. 26 59 112 109 95 75 99 34 15 13 27 667 Refunding 10 70 39 155 272 175 282 155 26 18 27 116 PRICES Index numbers Common stocks (1926=100) 83 91 106 124 119 114 111 78 72 63 49 190 Wholesale commodity prices (1926=100): All commodities _ 85 87 82 82 82 81 80 75 66 65 65 Farm products 80 86 85 84 84 81 79 65 51 43 105 Foods 86 88 84 83 83 82 84 71 61 61 100 Other commodities 85 86 81 80 80 80 78 78 71 70 02 Retail food prices (1923-25=100) „ 85 86 83 83 84 82 80 74 66 68 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-^5=100 Industrial production— -. *>89 102 111 114 110 109 105 90 79 76 64 119 Manufactures P85 100 110 115 111 110 .105 90 78 75 63 119 Minerals *108 113 115 112 105 102 104 91 88 32 71 115 Construction—total *>55 52 56 58 57 59 55 37 32 25 28 117 Residential P32 36 37 40 43 47 37 21 12 11 13 87 All other - *74 65 71 72 69 69 70 50 48 37 40 142 Factory employment _. J>94 98 101 96 94 94 92 88 83 72 66 106 Factory payrolls (unadjusted).. *>89 100 100 91 89 84 82 71 63 49 46 109 Freight-car loadings 71 76 78 82 77 75 75 64 62 58 65 107 Department store sales .... 91 93 94 94 90 88 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports *315 333 297 226 265 221 205 100 178 140 134 437 General imports— P223 224 233 196 213 216 202 171 138 121 110 367 p Preliminary. • Partly estimated. 1 Includes loans on securities to banks, 1929-1934. * Figures not available. > Includes time deposits of banks, domestic and foreign, 1929-1934. « Does not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY 1938 LAW DEPARTMENT AMENDMENTS TO REGULATION F There is set forth below the text of amend- for other than strictly fiduciary purposes is hereby prohibited. No bank administering a Common Trust ments to its Regulation F, regarding trust Fund shall issue any document evidencing a direct powers of national banks, which have been or indirect interest in such Common Trust Fund in any form which purports to be negotiable or assignadopted by the Board of Governors of the able. The trust investment committee of a bank Federal Reserve System, effective December operating a Common Trust Fund shall not permit any funds of any trust to be invested in a Common 31, 1937. The amendment to section 10 and Trust Fund if it has reason to believe that such the new section 17 which has been incorpo-trust was not created or is not being used for bona fide fiduciary purposes. rated in the regulation relate to the invest- Common Trust Funds administered under this secment of funds held by a national bank as a tion shall be subject to the following requirements: fiduciary in common trust funds, and the (1) Assets in a Common Trust Fund shall be considered as assets held by the bank as amendments to section 6 of the regulation fiduciary; relate to trust department committees of na- (2) A bank administering a Common Trust tional banks. Fund shall not invest any of its own funds in such Common Trust Fund and if a bank, because Subsection (c) of section 10 of Regulation of a creditor relationship or any other reason, acquires any interest in a participation in a Com- F was amended to read as follows: mon Trust Fund under its administration the participation shall be withdrawn on the first (c) Collective investment of trustl funds.—Funds date on which such withdrawal can be effected in received or held by a national bank as fiduciary shall accordance with the provisions of this section; not be invested collectively2 except as permitted in (3) A bank administering a Common Trust section 17 of this regulation. Fund shall not have any interest5 in the assets held in such Common Trust Fund, other than A new section 17 was inserted in Regulain its capacity as fiduciary, except to the extent tion F and reads as follows: permitted for a temporary period as provided in the immediately preceding paragraph. SECTION 17. COMMON TRUST FUNDS (b) Common Trust Funds for investment of small (a) In general.—Funds received or held by a na- amounts.—Subject to all other provisions of this tional bank as fiduciary may be invested collectively regulation except subsection (c) of this section, cash in any Common Trust Fund established and main- balances received or held by a bank in its capacity tained in accordance with the provisions of this sec- as trustee, executor, administrator, or guardian, tion whenever the laws of the State in which the which the bank considers to be individually too small national bank is located authorize or permit such to be invested separately to advantage may be ininvestments by State banks, trust companies, or other vested, with the approval of the trust investment corporations which compete with national banks. committee, in participations in a Common Trust As used in this regulation the term "Common Trust Fund, provided the total investment of the funds of Fund" means a fund maintained by a national bank any one trust in one or more such Common Trust exclusively for the collective investment and rein- Funds shall not exceed $1,200. vestment of moneys contributed thereto by the bank (c) Common Trust Funds for general investment, in its capacity as trustee, executor, administrator, —Subject to all other provisions of this regulation or guardian.* except subsection (b) of this section, funds received The purpose of this section is to permit the use of or held by a bank in its capacity as trustee, executor, Common Trust Funds, as denned in section 169 of administrator, or guardian may be invested in parthe Revenue Act of 1936,* for the investment of fundsticipations in a Common Trust Fund. All participaheld for true fiduciary purposes; and the operation tions in such a Common Trust Fund shall be on the of such Common Trust Funds as investment trusts basis of a proportionate interest in all of the assets of the Common Trust Fund. 1 Unless the context otherwise indicates, the term "trust**, as used m this section or in any other part of this regulation, refers (1) Common Trust Fund to be operated under to any fiduciary relationship which a national bank is authorized written plan.—Each Common Trust Fund adto enter into under the provisions of section 11 (k) of the Federal Reserve Act. ministered by a bank shall be established and 2 This does not prevent the bank from investing the funds of maintained in accordance with a written plan several trusts in a single real estate loan of the kind which could (referred to herein as the Plan) approved by a be made by the bank under the provisions of section 24 of the Federal Reserve Act, as amended, if the bank owns no participa- resolution of the bank's board of directors and tion in the loan and has no interest therein except in its capacity approved in writing by competent legal counsel. as fiduciary. ian 8 A or s c u o s m ed m i i n tt e t e h i o s f r t e h g e u e la s t t i a o t n e o th f e a n te r in m f an "g t, u i a n r c d o ia m n p " e t m en e t a , n o s r g a u b a s r e d n - - ^A,baVtk ^aU.not be deemed to have an interest in assets in tee, by whatever name known in the State in which a particular which collective investments are made merely because of the fact national bank is located. that the bank owns in its own right other stocks, or bonds or other 4 For applicable provisions of the Revenue Act of 1936, Bee o o b r li o g t a h t e io r n o s b l o i f g a a t io p n e s r s o o f n , w fi h r i m ch , o a r r e c o a r m p o o n ra g t i t o h n e , a th ss e e s ts to o ck f s a , o C r o m bo m n o d n s Appendix. Trust Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 JANUARY 1938 FEDERAL RESERVE BULLETIN The Plan shall provide that the Common Trust narily would be rendered or shall send advice to Fund shall be administered in conformity with each such person annually that the report is the rules and regulations, prevailing from time available and that a copy will be furnished to time, of the Board of Governors of the Fed- without charge uoon request. eral Reserve System pertaining to the collective (U) Value of assets to be determined periodinvestment of trust funds by national banks, ically.—Not less frequently than once during and shall contain full and detailed provisions each period of three months the trust investment not inconsistent with the provisions of such rules committee of a bank administering a Common and regulations as to the manner in which the Trust Fund shall determine the value of the Common Trust Fund is to be operated, including assets in the Common Trust Fund. No parprovisions relating to the investment powers of ticipation shall be admitted to or withdrawn the bank with respect to the Common Trust from the Common Trust Fund except on the Fund, the allocation of income, profits and losses, basis of such valuation and on the date of the the terms and conditions governing the admission determination of such valuation or, if permitted or withdrawal of participations in the Common by the Plan, within two business days subsequent Trust Fund, the auditing and settlement of ac- to the date of such determination. No parcounts of the bank with respect to the Common ticipation shall be admitted or withdrawn unless, Trust Fund, the basis and method of valuing in accordance with provisions of the Plan, prior assets in the Common Trust Fund, the basis to the date of the determination of such valuaupon which the Common Trust Fund may be tion, notice of intention to participate or to terminated, and such other matters as may be make such withdrawal shall have been given in necessary to define clearly the rights of par- writing to the bank administering the Comticipants in the Common Trust Fund. A copy mon Trust Fund, or a written notation of the of the Plan shall be available at the principal contemplated participation or withdrawal shall office of the bank for inspection, during all bank- have been made in the records of the bank. ing hours, to any person having an interest in (5) Miscellaneous limitations.—No funds of a trust any funds of which are invested in a any trust shall be invested in a participation participation in the Common Trust Fund; and in a Common Trust Fund if such investment upon reasonable request a copy of the Plan shall would result in such trust having an interest in be furnished to such person. the Common Trust Fund in excess of 10 per (2) Trust investment committee to approve cent of the value of the assets of the Common participation.—No funds of a trust shall be Trust Fund, as determined by the trust investinvested in a participation in a Common Trust ment committee, or the sum of $25,000, which- Fund without the approval of the trust investever is less at the time of investment. If the ment committee. Before permitting any funds bank administers more than one Common Trust of any trust to be invested in a participation in Fund, no investment shall be made which would a Common Trust Fund, the trust investment cause the aggregate investment of funds of any committee shall review the investments comone trust in all such Common Trust Funds to prising the Common Trust Fund; and, if it exceed such limitations. In applying the limitafinds that any such investment is one in which tions contained in this paragraph, if two or funds of such trust might not lawfully be inmore trusts are created by the same settlor or vested at that time, funds of such trust shall settlors and as much as one-half of the income not be invested in a participation in such Comor principal or both of each trust is payable or mon Trust Fund. applicable to the use of the same person or At the time of making the first investment of persons, such trusts shall be considered as one. funds of a trust in a participation in any Com- No investment for a Common Trust Fund shall mon Trust Fund, the bank shall send a notice be made in stocks, or bonds or other obligations of such investment to each person to whom an of any one person, firm, or corporation which accounting ordinarily would be rendered. 1 (3) Common Trust Fund to be audited an- would cause the total amount of investment in stocks, or bonds or other obligations issued or nually.—A bank administering a Common Trust guaranteed by such person, firm, or corpora- Fund shall, at least once during each period of twelve months, cause an audit to be made of tion to exceed 10 per cent of the value of the the Common Trust Fund by auditors responsible Common Trust Fund, as determined by the trust only to the board of directors of the bank. The investment committee, provided that this limitareport of such audit shall include a list of the tion shall not apply to investments in obligations investments comprising the Common Trust Fund of the United States or for the payment of the at the time of the audit which shall show the principal and interest of which the faith and valuation placed on each item on such list by the credit of the United States shall be pledged. trust investment committee of the bank as of the No investment for a Common Trust Fund date of the audit, a statement of purchases, shall be made in any one class of shares of stock sales and any other investment changes and of of any one corporation which would cause the income and disbursements since the last audit, total number of such shares held by the Comand appropriate comments as to any invest- mon Trust Fund to exceed 5 per cent of the ments in default as to payment of principal or number of such shares outstanding. If the bank interest. The reasonable expenses of any such administers more than one Common Trust Fund audit made by independent public accountants no investment shall be made which would cause may be charged to the Common Trust Fund. the aggregate investment for all such Common The bank shall, without charge, send a copy Trust Funds in shares of stock of any one corof the latest report of such audit annually to poration to exceed such limitation. each person to whom an accounting of the trusts Any bank administering a Common Trust participating in the Common Trust Fund ordi- Fund shall have the responsibility of maintain- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY 1938 ing in cash and readily marketable securities6 penses incurred by it in the administration such part of the assets of the Common Trust thereof as would have been chargeable to the Fund as shall be deemed by the bank to be respective participating trusts if incurred in the necessary to provide adequately for the needs separate administration of such participating of participating trusts and to prevent inequities trusts. between such trusts. In any event, prior to any (B) Effect of mistakes.—No mistake made in admissions to or withdrawals from a Common good faith and in the exercise of due care in Trust Fund, the trust investment committee connection with the administration of a Comshall determine what percentage of the value of mon Trust Fund shall be deemed to be a violathe assets of a Common Trust Fund is composed tion of this regulation if promptly after the of cash and readily marketable securities; and if discovery of the mistake the bank takes whatsuch committee determines that, after effecting ever action may be practicable in the circumthe admissions and withdrawals which are to stances to remedy the mistake. be made pursuant to notice given as required in subdivision (4) of this subsection, less than 40, The second sentence of subsection (b) of per cent of the value of the remaining assets of section 6 of Regulation F was amended to read the Common Trust Fund would be composed of cash and readily marketable securities, no admis- as follows: sions to or withdrawals from the Common Trust Fund shall be permitted as of the valuation The acceptance of all trusts shall be approved date upon which such determination is made, ex- by the board of directors or a committee apcept that ratable distribution upon all partici- pointed by such board, and the closing out or pations is not prohibited. relinquishment of all trusts shall be approved (6) Distribution upon withdrawal of partici- or ratified by the board of directors or a compation.—When participations are withdrawn mittee appointed by such board; and such comfrom a Common Trust Fund, distributions may mittee or committees shall be composed of capabe made in cash or ratably in kind, or partly in ble and experienced officers or directors of the cash and partly ratably in kind, provided that bank. all distributions as of any one valuation date shall be made on the same basis. Before any The first sentence of subsection (c) of secdistribution in cash is made, the trust investtion 6 of Regulation F was amended by apment committee shall determine whether any investment remaining in the Common Trust Fund pending thereto a footnote reading as follows: would be unlawful for one or more participating trusts if funds of such trusts were being in- It is contemplated that there shall be a comvested at that time; and no distribution shall mittee the members of which shall have a conbe made in cash until any such unlawful invest- tinuity of responsibility for the discharge of the ment shall have been eliminated from the Com- duties of the committee. However, alternates mon Trust Fund either through sale, distribution appointed by the board of directors may serve in in kind, or segregation as provided in the sub- place of regular members of the committee who division immediately following hereafter. are unable to serve on account of vacations, ill- (7) Segregation of investments.—If for any ness, or other good and sufficient reasons if the reason an investment is withdrawn in kind from minutes of the committee show the reason for a Common Trust Fund for the benefit of all the service of such alternate in place of the trusts participating in the Common Trust Fund regular member. at the time of such withdrawal and such investment is not distributed ratably in kind it shall The following additions were made to the be segregated and administered or realized upon Appendix to Regulation F: for the benefit ratably of all trusts participating in the Common Trust Fund at the time of withdrawal. There are printed below certain provisions of the (8) Management of Common Trust Fund and Revenue Act of 1936 which are pertinent to some of fees.—A national bank administering a Common the subject' matter of this regulation. Trust Fund shall have the exclusive management thereof and shall not charge a fee for SEC. 169. COMMON TRUST FUNDS. the management of the Common Trust Fund, or (a) DEFINITIONS.—The term "common trust fund" receive, either from the Common Trust Fund or means a fund maintained by a bank (as defined in from any trusts the funds of which are invested section 104)— in participations therein, any additional fees, commissions, or compensations of any kind by (1) exclusively for the collective investment reason of such participation. The bank shall not and reinvestment of moneys contributed thereto pay a fee, commission, or compensation out of by the bank in its capacity as a trustee, executor, the Common Trust Fund for management Noth- administrator, or guardian; and ing in this paragraph shall be construed as pro- (2) in conformity with the rules and regulahibiting a bank from reimbursing itself out of a tions, prevailing from time to time, of the Board Common Trust Fund for such reasonable ex- of Governors of the Federal Reserve System pertaining to the collective investment of trust funds by national banks. 6 A readily marketable security within the meaning of this section means a security which is the subject of frequent dealings in ready markets with such frequent quotations of price as to make (b) TAXATION OF COMMON TRUST FUNDS.—A com- (a) the price easily and definitely ascertainable and (b) the mon trust fund shall not be subject to taxation under security itself easy to realize upon by sale at any time. this title, Title IA, or section 105 or 106 of the Reve- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAEY 1938 FEDERAL RESERVE BULLETIN 13 nue Act of 1935, and for the purposes of such titles curities exchange of which he is a member, that the and sections shall not be considered a corporation. customer is a broker or dealer who is subject to the (c) INCOME OF PARTICIPANTS IN FUND.—Each par- provisions of Regulation T or has places of business ticipant in the common trust fund shall include in only in foreign countries. Section 4(b) also procomputing its net income its proportionate share, vides that in a special omnibus account no security whether or not distributed and whether or not dis- shall have loan value and no short sales of securities tributable, of the net income of the common trust shall be carried except securities and short sales as to fund. The net income of the common trust fund shall which the member shall have accepted in good faith be computed in the same manner and on the same a signed statement of the customer that he is in turn basis as in the case of an individual. The propor- carrying such securities and such short sales for the tionate share of each participant in the amount of account of his customers other than his partners. interest specified in section 25(a) received by the In order to facilitate the transition from the old common trust fund shall for the purposes of this regulation to the revised regulation, the Board has Supplement be considered as having been received by prescribed that a member who on December 31, 1937, such participant as such interest. was carrying for a customer an account that com- (d) ADMISSION AND WITHDRAWAL.—No gain or plied with the provisions of section 3(b) of Regulaloss shall be realized by the common trust fund by tion T as then-in effect, may, until March 1, 1938, or the admission or withdrawal of a participant. The such earlier time as he may be able to obtain from withdrawal of any participating interest by a par- the customer the statements referred to above, use ticipant shall be treated as a sale or exchange of in lieu of such statements of the customer, the memsuch interest by the participant. ber's own signed statement that he believes the facts (e) RETURNS BY BANK.—Every bank (as defined to be as they are required to be stated by the customer in section 104) maintaining a common trust fund in such statements under the revised regulation. shall make a return under oath for each taxable year, stating specifically, with respect to such fund, the items of gross income and the deductions allowed by Extensions of Time by Business Conduct Committees this title, and shall include in the return the names in Connection with Cash Transactions Under Reand addresses of the participants who would be en- vised Regulation T. titled to share in the net income if distributed and Section 4(c) of Regulation T, as revised effective the amount of the proportionate share of each par- January 1, 1938, provides for a special cash account, ticipant. The return shall be sworn to as in the and the section contemplates that the usual purchase case of a return filed by the bank under section 52. or sale in such an account will be settled in full by the (f) DIFFERENT TAXABLE YEARS OF COMMON TRUST customer not later than 7 days after the transaction. FUND AND PARTICIPANT.—If the taxable year of the In connection with this time limit, however, certain common trust fund is different from that of a par- exceptions are provided and the business conduct ticipant, the proportionate share of the net income of committees of national securities exchanges are authe common trust fund to be included in computing thorized to extend the time in certain circumstances. the net income of the participant for its taxable year The Board recently considered a case in which a shall be based upon the net income of the common member of a national securities exchange who is domitrust fund for any taxable year of the common trust ciled in this country maintains for a customer who is fund (whether beginning on, before, or after January domiciled abroad a special cash account that conforms 1, 1936) ending within the taxable year of the par- to section 4(c) of the revised regulation. Securities ticipant. sold "regular way" in this account are shipped by the SEC. 104. BANKS AND TRUST COMPANIES. customer to the member promptly after the sale. Due to the time required in transit, the average interval (a) DEFINITIONS.—As used in this section the term between the sale and the receipt of the securities by "bank" means a bank or trust company incorporated the member is greater than 7 days, but less than 15 and doing business under the laws of the United days. Such sales and shipments are of frequent oc- States (including laws relating to the District of currence. Columbia), of any State, or of any Territory, a sub- The inquiry indicated that the business conduct stantial part of the business of which consists of committee of the member's exchange was satisfied receiving deposits and making loans and discounts, that the facts are such that under section 4(c) it or of exercising fiduciary powers similar to those would be justified in extending the time to 15 days permitted to national banks under section 11 (k) of separately for each such transaction if the member the Federal Reserve Act, as amended, and which is made a separate application in connection with each subject by law to supervision and examination by transaction. The member and the committee would, State or Federal authority having supervision over however, like to avoid the necessity for repeated sepabanking institutions. rate applications and extensions on the occasion of each such transaction between the given member and customer. Additional Time for Obtaining Statements in Con- The question presented was whether in the circumnection with Special Omnibus Accounts Under Restances described the committee may, on the basis of vised Regulation T. a single application by the member, extend the period Section 4(b) of Regulation T, as revised effective to 15 days for all transactions of the type described January 1, 1938, provides that in a special omnibus that the member may effect in the future for the cusaccount carried by a member of a national securi- tomer named in the application. The Board expressed ties exchange for a customer, transactions may be the opinion that section 4(c) permits such an exeffected in reliance upon a signed statement which tension of time, and that repeated individual applicathe member has accepted from the customer in good tions and extensions in connection with such transfaith, and a duplicate original of which has been filed actions between the member and the customer may by the member with the secretary of a national se- thus be avoided. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY 193S STATISTICS OF. INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES JULY-SEPTEMBER 1937 Statistics of international capital transac- for July, pages 639-642, and October, pages tions of the United States through the third 998-1001. Monthly and weekly data for the quarter of 1937 are published in the tables on period from M&y 1929 to the end of 1936, tothe following pages. Similar tables covering gether with five charts and a detailed descripthe first and second quarters of 1937 were tion of the statistics, were published in the published in the Federal Reserve Bulletins Bulletin for May 1937, pages 394-431. NOTE ON REVISIONS IN PREVIOUSLY PUBLISHED FIGURES The inclusion of certain figures on outstand- ously published figures for other dates may be ing short-term foreign liabilities and assets revised on the basis of the information given not previously reported by certain institu- in the tables below. These tables show ditions has necessitated revisions in some of the rectly the changes to be made in Table 10, statistics of international capital transactions Outstanding Short-term Liabilities to Forpublished in the Bulletins for May, July, and eigners, and Table 11, Outstanding Short- October, 1937. Figures in the tables on the term Foreign Assets; and provide the data following pages for dates prior to July 7, for computing the corresponding revisions in 1937, have been revised accordingly. Previ- Tables 1, 2, 3, 4, and 5. CORRECTIONS TO TABLE 10.—OUTSTANDING SHORT-TERM LIABILITIES TO FOREIGNERS Amounts to be added Date Total United Switzer- Total Kingdom land Europe (Millions of dollars) April 14, 1937, to May 12,1937, inclusive. 1.0 1.0 1.0 May 19, 1937, to May 26,1937, inclusive. 2.0 2.0 2.0 On June 2,1937 5.0 4.0 1.0 5.0 On June 9, 1937 8.4 6.8 1.6 8.4 June 16,1937, to June 30,1937, inclusive. 7.0 1.6 8.6 CORRECTIONS TO TABLE 11.—OUTSTANDING SHORT-TERM FOREIGN ASSETS Amounts to be Amounts to be added subtracted Date nonfat Latin United Total loiai America Kingdom Europe (Millionsof dollars) Aug. 26,1931, to Feb. 3,1932, inclusive.. 1.0 1.0 Feb. 10,1932, to July 26,1933, inclusive- 19.7 24.9 5.2 5.2 Aug. 2,1933, to Dec. 27,1933. inclusive.. 19.0 24.2 5.2 5.2 Jan. 3,1934> to June 27,1934, inclusive- 18.3 23.5 5.2 5.2 July 3,1934, to Jan. 30,1935, inclusive.. 17.6 22.8 5.2 5.2 Feb. 6,1935, to July 31,1935, inclusive.. 16.8 22.0 5.2 5.2 Aug. 7,1935, to July 29,1936, inclusive.. 16.5 21.7 6.2 5.2 Aug. 5,1936, to April 28,1937 inclusive.. 15.9 21.1 5.2 5.2 May 5,1937, to June 30,1937, inclusive.- 15.5 20.7 5.2 5.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 15 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT In banking funds In security transactions In From Jan. 2, 1935, through— Total Increase In Decrease brokerage Total f f o u r n ei d g s n in f u U nd . s 8. balances se T cu o r t i a ti l es D se o c m ur e it s i t e i s c s F ec o u re ri i t g i n es In U. S. abroad 1935—Dec. 31.. '1,412.5 ^964.6 603.3 ••361.4 6.0 441.8 316.7 125.2 1936—Dec. 30.. ••2,608.4 '1,362.0 930.5 '431.5 12.9 1,233.6 917.4 316.2 1937^Mar. 31. ••2,931.4 '1,532.5 1,121.6 '411.0 4.1 1,394.8 1,075.7 319.1 June 30.. ••3,661.9 ••2,078.8 '1,612.4 '466.4 18.3 1,464.7 1,069.5 305..2 July 7... 3,614.8 2,130.5 1,673.5 457.0 20.0 1,464.3 1,065.7 398.7 July 14.. 3,636.0 2,142.0 1,676.4 465.6 18.2 1,475.7 1,073.5 402.2 July 2i_. 3,685.8 2.1R8.1 1.712.1 476.0 17.6 1.480.1 1.076.4 403.7 July 28.. 3,718.4 2,204.7 1,721.7 483.0 14.1 1,499.6 1,091.5 408.0 Aug. 4... 3,732.5 2,187.0 1,718.7 468.3 14.3 1,531.2 1,099.3 431.9 Aug. 11. 3,767.9 2,204.6 1,712.8 491.8 18.7 1,544.5 1,107.4 437.1 Aug. 18. 3,795.1 2,233.6 1, 716.6 517.0 11.0 1,550.5 1,108.1 442.4 Aug. 25. 3,820.5 2,246.2 1,722.4 523.8 13.3 1,561.0 1,114.0 447.1 Sept. 1.. 3,826.4 2,217.3 1,706.1 511.2 14.9 1,594.2 1,114.8 479.4 Sept. 8-. 3,839.1 2,221.4 1,712.1 509.3 15.5 1,602.2 1,117.8 484.4 Sept. 15. 3,898.6 2,257.5 1, 728.1 529.3 20.5 1,620.6 1,130.1 490.5 Sept. 22. 3,879.3 2,234.6 1, 721.4 513.2 26.8 1,618.0 1,125.4 492.6 Sept. 29. 3,911.9 2,261.7 1,743.6 518.1 31.9 1,618.4 1,125.1 493.3 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES} From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n i r t d - z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 0) '70.9 128.3 12.7 1936—Dec. 30 '2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 '201.2 J84.0 21.4 1937—Mar. 31 '2,931.4 927.2 308.9 267.1 363.5 103.5 37.0 258.1 2,265.2 142.0 '336.6 170.4 17.2 June 30 '3,561.9 "•1,078.7 343.5 356.7 '619.9 107.6 21.7 303.5 "2,831.5 131.3 '381.5 194.4 23.1 July 7 3,614.8 1,110.8 337.0 368.0 631.9 110.2 19.3 304.8 2,882.1 126.2 381.2 203.3 22.2 July 14 3,636.0 1,088.7 327.9 377.2 648.8 107.1 27.1 309.9 2,886.8 128.7 382.3 215.5 22.7 July 21 3,685.8 1,096.5 327.6 381.3 659.1 111.7 25.6 315.6 2,917.3 138.2 384.9 220.9 24.5 July 28 3,718.4 1,107.4 324.8 383.4 665.5 114.8 25.5 321.9 2,943.3 149.1 387.5 213.4 25.0 Aug. 4 3,732.5 1,094.0 325.0 385.1 671.6 115.2 23.8 321.8 2,936.5 159.0 395.5 218.4 23.1 Aug. 11 3,767.9 1,089.7 321.7 390.1 686.5 112.5 21.9 327.8 2,950.2 168.1 410.6 217.0 22.1 Aug. 18 3,795.1 1,090.8 325.6 394.1 697.0 110.3 22.3 328.9 2,969.0 164.2 409.1 229.1 23.6 Aug. 25 3,820.5 1,096.4 319.9 395.5 709.8 113.3 22.0 333.7 2,990.6 175.6 406.6 224.2 23.4 Sept. 1 ..... 3,826.4 1,102.5 324.6 394.8 710.3 119.3 21.9 332.4 3,005.8 167.3 406.8 223.6 22.9 Sept. 8 3,839.1 1,113.7 327.2 389.8 723.1 118.8 22.5 338.2 3,033.4 170.7 412.6 198.3 24.1 Sept. 15 3,898.6 1,122.3 334.7 397.7 734.5 120.9 22.8 342.3 3,075.1 77.5 406.4 216.1 23.5 Sept. 22 3,879.3 1,106. 5 332.8 395.9 727.9 122.5 24.3 344.4 3,054.3 82.9 408.1 210.5 23.5 Sept. 29 3,911.9 1,105.9 338.1 390.8 737.7 127.3 24.4 358.9 3,083.1 175.9 407.9 221.4 23.7 TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES From th J ro an u . g 2 h , - 1935, Total U K d n i o i n m t g e , d - France N la e e n r t d - h s - S l w a e n i r t d - z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31... '064.6 337.4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 '53.6 96.1 9.9 1936— Dec. 30. __ 1,362.0 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 '174.2 120.7 10.8 1937—Mar. 31... '1,532.5 347.2 203.9 49.1 102.6 93.5 32.1 115.9 944.3 135.3 '357.1 92.3 3.5 June 3O._- '2,078.8 '517. 5 239.7 137.1 '322.3 98.2 16.8 155.9 1,487.3 99.3 '368.2 114.6 9.4 July7_ — 2,130.5 553.4 234.3 144.2 333.6 100.7 14.4 156.1 1,536.8 94.0 367.1 123.6 9.1 July 14... 2,142.0 530.9 225.5 152.2 345.4 97.6 22.2 161.6 1,535.3 96.4 366.4 135.8 8.1 July 21... 2.18S. 1 538.9 224.6 155.0 353.0 102.1 20.6 166.7 1,558.9 109.1 368.2 141.9 10.0 July 28 — 2,204.7 538.1 221.7 155. C 356.9 105.3 20.3 171.2 1,568.5 120.3 370.6 134.5 10.8 Aug. 4 2,187.0 525.7 221.1 155.7 361.9 105.8 18.7 172.3 1,561.1 129.8 346.2 140.8 9.1 Aug. 11.... 2,204.6 517.3 216.4 157.1 374.2 ' 103.1 16.9 178.3 1,563.4 136.6 357.4 139.8 7.4 Aug. 18— 2.233.6 522.0 222.2 159.6 381.3 100.9 17.3 178.6 ,581.8 133.6 355.6 153.5 9.1 Aug. 25... 2.246.2 524.5 215.8 160.6 390.4 104.0 17.1 184.0 ,596.4 140.6 351.5 148.8 8.9 Sept. U... 2.217.3 534.6 221.7 160.0 393.7 109.9 16.8 181.5 [, 618.2 131.6 311.3 148.4 7.9 Sept. 8.... 2,221.4 546.9 223.8 155.2 404.6 109.3 17.4 186.5 1,643.6 134.9 310.5 123.2 9.1 Sept. 15.. 2,257.5 546.9 230.7 158.9 412.4 111.5 17.6 189.5 ,667.6 138.9 300.5 141.1 9.4 Sept. 22... 2,234.6 633.4 228.6 159.2 407.8 113.4 19.2 190.2 :,651.S 337.5 300.4 135.6 9.3 Sept. 29... 2.261.7 530.5 232.9 154.3 415.7 118.5 19.1 203.9 1,675.0 133.8 298.2 145.9 8.S ' Revised. See note on revisions, page 14. i Inflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY 1933 STATISTICS OR INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES JULY-SEPTEMBER 1937 Statistics of international capital transac- for July, pages 639-642, and October, pages tions of the United States through the third 998-1001. Monthly and weekly data for the quarter of 1937 are published in the tables on period from May 1929 to the end of 1936, tothe following pages. Similar tables covering gether with five charts and a detailed descripthe first and second quarters of 1937 were tion of the statistics, were published in the published in the Federal Reserve Bulletins Bulletin for May 1937, pages 394-431. NOTE ON REVISIONS IN PREVIOUSLY PUBLISHED FIGURES The inclusion of certain figures on outstand- ously published figures for other dates may be ing short-term foreign liabilities and assets revised on the basis of the information given not previously reported by certain institu- in the tables below. These tables show ditions has necessitated revisions in some of the rectly the changes to be made in Table 10, statistics of international capital transactions Outstanding Short-term Liabilities to Forpublished in the Bulletins for May, July, and eigners, and Table 11, Outstanding Short- October, 1937. Figures in the tables on the term Foreign Assets; and provide the data following pages for dates prior to July 7, for computing the corresponding revisions in 1937, have been revised accordingly. Previ- Tables 1, 2, 3, 4, and 5. CORRECTIONS TO TABLE 10.—OUTSTANDING SHORT-TERM LIABILITIES TO FOREIGNERS Amounts to be added Date Total United Switzer- Total Kingdom land Europe (Millions of dollars) April 14,1937, to May 12, 1937, inclusive 1.0 1.0 1.0 May 19,1937, to May 26, 1937, inclusive. 2.0 2.0 2.0 On June 2, 1937 5.0 4.0 1.0 5.0 On June 9,1937 8.4 6.8 1.6 8.4 June 16, 1937, to June 30, 1937, inclusive. 8.6 7.0 1.6 8.6 CORRECTIONS TO TABLE 11.—OUTSTANDING SHORT-TERM FOREIGN ASSETS Amounts to be Amounts to be added subtracted Date Total Latin United Total America Kingdom Europe (Millions of dollars) Aug. 26, 1931, to Feb. 3,1932, inclusive 1.0 1.0 Feb. 10,1932, to July 26,1933, inclusive 19.7 24.9 5.2 5.2 Aug. 2,1933, to Dec. 27,1933. inclusive— 19.0 24.2 5.2 5.2 Jan. 3,1934, to June 27,1934, inclusive 18.3 23.5 5.2 5.2 July 3,1934, to Jan. 30,1935, inclusive 17.6 22.8 5.2 5.2 Feb. 6,1935, to July 31,1935, inclusive ..._ 16.8 22.0 5.2 5.2 Aug. 7,1935, to July 29, 1936, inclusive 16.5 21.7 5.2 5.2 Aug. 5,1936, to April 28,1937 inclusive... 15.9 21.1 5.2 5.2 May 5,1937, to June 30,1937, inclusive 15.5 20.7 5.2 5.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 15 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign Indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT In banking funds In security transactions In From Jan. 2, 1935, through— Total Increase in Decrease brokerage Total f f o u r n ei d g s n in f u U nd . s S. balances se T cu o r t i a ti l es D se o c m ur e it s i t e i s c s F ec o u re ri i t g ie n s in U. S. abroad 1936—Dec. 31 ••1,412.5 r964.6 603.3 '361.4 6.0 441.8 316.7 125.2 1936—Dec. 30 '2,608.4 *1,362.0 930.5 '431.5 12.9 1,233.6 917.4 316.2 1937-v-Mar 31 -.~ "•2,931.4 '1, 532.5 1,121.6 '411.0 4.1 1,394.8 1,075.7 319.1 June 30 '3,561.9 '2,078.8 '1,612.4 ••466.4 18.3 1,464.7 1,069.5 39S..2 July 7 3,614.8 2,130.5 1,673.5 457.0 20.0 1,464.3 1,065 7 398.7 July 14 - 3,636.0 2,142.0 1,676.4 465.6 18.2 1,475.7 1.073.5 402.2 July 2i -~ ~ 3,685.8 2.188.1 1.712.1 476.0 17.6 1.480.1 L. 076.4 403.7 July 28-.". 3,718.4 2,204.7 1,721.7 483.0 14.1 1,499.6 1,091.5 408.0 Aug. 4 3,732. 5 2,187.0 1,718.7 468.3 14.3 1,531.2 1,099.3 431.9 Aug. 11 3, 767.9 2,204.6 1,712.8 491.8 18.7 1,544.5 1,107.4 437.1 A AU ug g . 1 2 8 5 ~ . fc 3 3 , , 8 7 2 9 0 5 . . 5 1 2 2 , , 2 2 3 4 3 6 . . 6 2 1 1 , , 7 7 1 2 6 2 . . 6 4 5 5 1 2 7 3 . . 0 8 1 1 1 3 . . 0 3 1 1 , , 5 5 5 6 0 1 . . 5 0 , , 1 1 1 0 4 8 . . 0 1 4 4 4 4 2 7 . . 4 1 Sept 1 . 3,826.4 2,217.3 1,706.1 511.2 14.9 1,594.2 1,114.8 479.4 Sept. 8 3,839.1 2,221.4 1,712.1 509.3 15.5 1,602.2 1,117.8 484.4 Sept 15 3,898.6 2,257.6 1,728.1 529.3 20.5 1,620.6 L. 130.1 490.5 Sept. 22 „ 3,879.3 2,234.6 1,721.4 513.2 26.8 1,618.0 1,125.4 492.6 Sept 29 - 3,911.9 2,261.7 1,743.6 518.1 31.9 1,618.4 1,125.1 493.3 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n i r t d - z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 "1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 0) '70.9 128.3 12.7 1936—Dec. 30 '2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 '20L2 J84.0 21.4 1937—Mar. 31 '2,931.4 927.2 308.9 267.1 363.5 103.5 37.0 258.1 2,265.2 142.0 '336. 6 170.4 17.2 June 30 '3, 561.9 '1,078.7 343.5 356.7 '619.9 107.6 21.7 303.5 '2,831.5 131.3 '381.5 194.4 23.1 July 7 3,614.8 1,110.8 337.0 368.0 631.9 110.2 19.3 304.8 2,882.1 126.2 381.2 203.3 22.2 July 14 3,636.0 1,088.7 327.9 377.2 648.8 107.1 27.1 309.9 2,886.8 128.7 382.3 215.5 22.7 July 21 3,685.8 1,096.5 327.6 381.3 659.1 111.7 25.6 315.6 2,917.3 138.2 384.9 220.9 24.5 July 28 3,718.4 1,107.4 324.8 383.4 665.5 114.8 25.5 321.9 2,943.3 149.1 387.5 213.4 25.0 Aug. 4 3,732.5 1,094.0 325.0 385.1 671.6 115.2 23.8 321.8 2,936.5 159.0 395.5 218.4 23.1 Aug. 11 3,767.9 1,089.7 321.7 390.1 686.5 112.5 21.9 327.8 2,950.2 168.1 410.6 217.0 22.1 Aug. 18 3,795.1 1,090.8 , 325.6 394.1 697.0 110.3 22.3 328.9 2,969.0 164.2 409.1 229.1 23.6 Aug. 25. 3,820.5 1,096.4 319.9 395.5 709.8 113.3 22.0 333.7 2,990.6 175.6 406.6 224.2 23.4 Sept. 1 3,826.4 1,102. 5 324.6 394.8 710.3 119.3 21.9 332.4 3,005.8 167.3 406.8 223.6 22.9 Sept. 8._ 3,839.1 1,113.7 327.2 389.8 723.1 118.8 22.5 338.2 3,033.4 170.7 412.6 198.3 24.1 Sept. 15 3,898.6 1,122.3 334.7 397.7 734.5 120.9 22.8 342.3 3,075.1 77.5 406.4 216.1 23.5 Sept. 22 3,879.3 1,106.5 332.8 395.9 727.9 122.5 24.3 344.4 3,054.3 82.9 408.1 210.5 23.5 Sept. 29 3,911.9 1,105.9 338.1 390.8 737.7 127.3 24.4 358.9 3,083.1 175.9 407.9 221.4 23.7 TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g ed , - France N la e e n r t d - h s - S l w a e n i r t d - z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th l e l r 1935—Dec. 31 '964.6 337.4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 '53.6 96.1 9.9 1936—Dec. 30 '1,362.0 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 '174.2 120.7 10.8 1937—Mar. 31 '1,532.5 347.2 203.9 49.1 102.6 93.5 32.1 115.9 944.3 135.3 '357.1 92.3 3.5 June 30 '2,078.8 '517.5 239.7 137.1 '322.3 98.2 16.8 155.9 '1,487.3 99.3 '368.2 114.6 9.4 July 7._ 2,130.5 553.4 234.3 144.2 333.6 100.7 14.4 156.1 1,536.8 94.0 367.1 123.6 9.1 July 14 2,142.0 530.9 225.5 152.2 345.4 97.6 22.2 161.6 1,535.3 96.4 366.4 135.8 8.1 July 21 2.188.1 536.9 224.6 155.0 353.0 102.1 20.6 166.7 1,558.9 109.1 368.2 141.9 10.0 July 28 2,204.7 538.1 221.7 155. C 356.9 105.3 20.3 171.2 1,568.5 120.3 370.6 134.5 10.8 Aug. 4 2,187.0 525.7 221.1 155.7 361.9 105.8 18.7 172.3 1,561.1 129.8 346.2 140.8 9.1 Aug. 11 2,204.6 517.3 216.4 157.1 374.2 ' 103.1 16.9 178.3 1,563.4 136.6 357.4 139.8 7.4 Aug. 18 2,233.6 522.0 222.2 159.6 381.3 100.9 17.3 178.6 1,581.8 133.6 355.6 153.5 9.1 Aug. 25 2,246.2 524.5 215.8 160.6 390.4 104.0 17.1 184.0 1,596.4 140.6 351.5 148.8 8.9 Sept. 1 2,217.3 534.6 221.7 160.0 393.7 109.9 16.8 181.5 1,618.2 131.6 311.3 148.4 • 7.9 Sept. 8~~~_ 2,221.4 546.9 223.8 155.2 404.6 109.3 17.4 186.5 1,643.6 134.9 310.5 123.2 9.1 Sept. 15 2,257.5 546.9 230.7 158.9 412.4 111.5 17.6 189.5 1,667.6 138.9 300.5 141.1 9.4 Sept. 22 2,234.6 533.4 228.6 159.2 407.8 113.4 19.2 190.2 1,651.8 137.5 300.4 135.6 9.3 Sept. 29 2,261.7 530.5 232.9 154.3 415.7 118.5 19.1 203.9 1,675. C 133.8 298.2 145.9 8.8 ' Revised. See note on revisions, page 14. i Inflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY 1938 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars* Minus sign indicates net movement from United States] TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.6 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Mar. 31 1,121.6 154.7 140.9 47.6 99.4 24.5 17.9 94.2 579.2 110.7 326.4 94.7 10.5 June 30 '1,612.4 r300.9 174.1 132.2 '317.7 10.9 4.3 131.3 '1,071.5 90.8 334.2 100.6 15.4 July 7 1,673.5 339.4 168.1 138.3 329.2 11.6 2.2 132.1 1,121.0 91.7 332.9 112.7 15.2 July 14 1,676.4 329.8 160.3 146.6 340.6 6.6 10.0 135:2 1,129.0 89.1 331.7 112.3 14.2 July 21 1,712.1 330.0 , 156.8 150.2 348.4 10.1 7.6 141.1 1,144.3 97.1 332.2 122.4 16.1 July 28 1,721.7 324.8 154.2 150.9 352.2 11.7 7.3 145.4 1,146.5 102.5 333.3 122.8 16.6 Aug. 4- 1,718.7 321.5 153.6 152.4 357.2 10.7 5.5 145.0 1,146.0 108.3 309.4 139.6 15.3 Aug. 11 1,712.8 307.9 149.5 153.9 369.6 9.7 5.5 150.8 1,146.8 112.8 297.8 141.6 13.9 Aug. 18 1, 716.6 303.3 154.5 155.8 376.9 6.2 5.8 151.1 1,153.8 112.6 294.2 140.5 15.4 Aug. 25 - 1,722.4 303.8 148.1 156.6 385.7 8.8 5.9 156.5 1,165.5 116.0 290.2 135.4 15.3 Sept. 1 <. - 1,706.1 316.7 153.8 159.0 389.5 12.1 6.0 153.7 1,190.9 115.3 250.3 135.1 14.5 Sept. 8 1,712 1 316.7 156.0 157.5 400.1 11.5 5.7 157.6 1,205.1 116.3 250.1 125.9 14.7 Sept. 15 1,728.1 316.2 163.3 156.1 408.1 12.2 7.3 160.1 1,230.7 117.5 241.8 123.5 14.5 Sept. 22 1,721.4 318.8 162.9 159.8 403.7 14.2 6.8 161.1 1,226.9 122.0 241.1 116.7 14.7 Sept. 29 1,743.6 313.7 165.2 154.8 411.8 19.4 8.8 176.9 1,250.5 120.0 239.2 120.0 13.9 TABLE 5.—UNITED STATES BANKING FUNDS .ABROAD, BY COUNTRIES5 From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935-Dec. 31 ••361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 '20.1 37.3 -1.6 1936—Dec. 30 ••431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 '24.9 30.4 -4.4 1937-Mar. 31 '411.0 192.4 63.0 1.5 3.2 69.0 14.2 21.7 365.1 24.6 '30.7 -2.4 -7.0 June 30 '466.4 216.5 65.6 4.9 4.6 87.3 12.4 24.6 415.9 8.4 ' '34.0 14.0 -6.0 July 7 457.0 214.0 66.2 5.9 4.3 89.1 12.2 24.0 415.8 2.2 34.2 10.9 -6.1 July 14 465. 6 201.1 65.2 5.6 4.8 91.0 12.1 26.4 406.3 7.3 34.7* 23.4 -6.2 July 21 476.0 206.9 67.8 4.7 4.6 92.0 13.0 25.6 414.6 12.0 36.0 19.5 -6.2 July 28 483.0 213.3 67.5 4.1 4.7 93.6 13.1 25.8 422.0 17.9 37.2 11.7 -5.8 Aug. 4 468.3 204.2 67.5 3.2 4.7 95.1 13.1 27.3 415.1 21.5 36.8 1.2 -6.2 Aug. 11 491.8 209.4 66.9 3.3 4.7 93.4 11.4 27.5 416.6 23.8 59.6 -1.7 -6.4 Aug. 18 517.0 218.6 67.7 3.7 4.4 94.7 11.5 27.5 428.0 21.0 61.4 12.9 -6.4 Aug. 25 523.8 220.7 67.7 4.0 4.7 95.2 11.2 27.5 430.9 24.7 61.3 13.4 -6.4 Sept. 1 511.2 217.9 67.8 1.0 4.2 97.8 10.8 27.8 427.3 16.2 61.0 13.3 -6.6 Sept. 8 509.3 230.2 67.8 -2.3 4.5 97.8 11.6 28.9 438.5 18.6 60.4 -2.6 -5.6 Sept. 15_ 529.3 223.4 67.4 2.8 4.3 99.3 10.3 29.4 436.9 21.4 58.6 17.5 -5.1 Sept. 22 513.2 215.1 65.6 -.6 4.1 99.1 12.4 29.2 424.9 15.5 59.2 18.9 -5.4 Sept. 29 518.1 216.8 67.7 -.5 3.9 99.1 10.4 27.0 424.5 13.8 59.0 25.9 -5.0 TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i * t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Mar. 31 4.1 .8 9.4 2.7 10.3 -.1 .2 .9 24.3 -10.0 -5.4 -5.4 June 30 18.3 6.1 11.7 4.2 11.8 (*) .2 2.0 35.8 -11.3 -5.5 -.5 " -! July 7 20.0 7.5 11.1 6.7 12.2 -.1 .2 3.2 40.8 -13.2 -5.9 -.4 -1.3 July 14 18.2 6.5 10.6 4.9 12.5 -.1 .2 2.4 36.9 -12.6 -5.6 -.8 .3 July 21 17.6 6.6 10.7 4.S 11.8 -.1 .3 2.7 36.8 -12.8 -6.C -.6 .3 July 28 14.1 7.0 10.3 4.4 10.7 -.2 .2 2.5 34.8 -13.2 -6.6 -.8 -.2 Aug. 4 . 14.3 6.0 10.7 3.6 11.0 -.2 .2 2.4 33.6 -12.3 -6.3 -.3 -.3 Aug. 11 _ 18.7 8.6 11.6 3.0 10.2 -.1 .2 2.0 35.3 -10.6 -6.3 .2 .1 Aug. 18 11.0 8.3 9.4 3.8 9.6 -.2 .2 2.7 33.8 -16.4 -6.6 .2 -.1 Aug. 25 13.3 6.0 10.6 3.9 10.3 -.1 .1 2.4 33.2 -14.1 -6.1 .4 Sept. 1—. — 14.9 5.0 10.0 3.9 10.8 (»T"1 .1 3.0 32.8 -12.8 -6.2 .9 .2 Sept. 8 _ 15.5 5.1 10.7 3.6 11.2 .1 3.3 33.9 -13.9 -5.9 1.2 .2 Sept. 15 20.5 5.2 10.7 3.9 11.5 .1 3.5 35.0 -11.2 -5.3 3.4 -1.4 Sept. 22 26.8 8.0 10.8 4.4 11.8 -.'i .1 4.7 39.7 -9.9 -5.2 3.2 -1.0 Sept. 29 31.9 8.2 11.5 4.4 12.3 -.i .2 3.5 40.0 -8.6 -3.2 3.9 -.3 i Inflow less than $50,000. » Outflow less than $50,000. Eevised. See note on revisions, page 14. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 17 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o an u . g 2 h ,1 - 935, Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935—Dec. 31-._ 441.8 217.5 30.2 57.9 53.9 7.9 2.9 69.1 429.4 -36.9 16.4 29.3 3.7 1936—Dec. 30... 1,233.6 483.8 82.9 168.0 213.9 15.1 6.1 126.4 ,096.2 34.4 31.2 61.2 10.6 1937—Mar. 31_._ 1,394.8 579.2 95.6 215.3 250.5 10.0 4.7 141.3 [,296.6 16.8 -15.2 83.4 13.2 June 30.^ 1,464.7 555.2 92.1 215.5 285.8 9.4 4.8 145.6 1,308.4 43.4 18.7 80.3 13.9 July7.___. 1,464.3 549.9 91.6 217.0 286.1 9.6 4.8 145.5 [,304.5 45.4 20,0 80.0 114 July 14.... 1,475.7 551.4 9L9 220.1 290.9 9.6 4.8 145.9 1,314.6 44.8 21,5 80.5 113 July 21... 1,480.1 553.0 92.2 221.5 294.3 9.7 4.8 146.2 [,321.7 41.9 22.6 79.6 14.3 July28___. 1,499.6 562.3 92.8 224.1 298.0 9.7 5.0 148.3 [,340.0 41.9 23.6 79.7 14.4 Aug. 4...., 1,531.2 562.3 93.3 225.8 298.7 , 9.6 5.0 147.1 ,341.8 41.5 55.7 77.9 14.3 Aug. ll.._. 1, 544. 5 563.8 93.8 230.0 302.1 9.6 4.8 147.5 ,351.6 42.0 59.5 76.9 14.5 Aug. 18^_. 1, 550. 5 560.5 94.0 230.8 306.1 9.6 4.8 147.6 ,353.4 47.0 60.0 75.4 14.6 Aug. 25.... 1, 561.0 565.9 93.5 231.0 309.1 9.5 4.7 147.4 1,361.1 49.1 6L2 75.0 116 Sept. l-__ 1,594.2 562.9 92.9 230.9 305.8 9.5 5.0 147.8 ,3548 48.5 101.7 74.4 117 Sept. 8—- 1,602.2 561.8 92.8 231.1 307.3 9.6 5.0 148.4 1,355.9 49.7 108.0 73.8 117 Sept. 15... 1,620.6 570.1 93.3 234.8 310.5 9.5 5.0 149.3 1,372.5 49.7 111.2 71.6 15.5 Sept. 22... 1,618.0 565.0 93.4 232.3 308.3 9.2 6.0 149.4 [,362.7 55.4 112.9 71.8 15.2 Sept. 29... 1,618.4 567.2 93.7 232.0 309.7 8.8 5.1 151.5 1,368.0 50.8 112.9 71.6 15.1 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935_Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 411 7.1 1937—Mar. 31 1,075.7 438.7 72.9 197.5 222.7 -13.6 -16 42.4 956.0 30.2 16.9 63.6 9.0 June 30 1,069.5 412.2 69.0 193.1 249.7 -119 -5.0 44.2 948.2 36.4 16.8 59.2 9.0 Julv7-- — 1,065.7 407.5 68.7 194.4 249.3 -15.0 -5.0 44.2 944.2 36.4 17.2 58.8 9.1 July 14 1,073.5 409.5 68.8 196.7 253.1 -15.1 -5.0 44.6 952.6 318 17.8 59.2 9.0 July 21 1,076.4 411.7 69.1 197.7 255.7 -15.3 -5.0 44.9 958.9 32.2 18.2 58.1 9.0 July 28 1,091. 5 420.3 69.7 200.0 258.8 -15.4 -18 45.7 9714 31.6 18.5 58.3 8.8 Aug 4 1,099.3 424.2 70.0 202.0 261.9 -15.5 -4.8 46.0 983.9 31.4 18.7 56.6 8.8 Aug. 11 1,107.4 425.4 70.4 206.1 2618 -15.6 -19 46.2 992.3 32.0 18.6 55.7 8.8 Aug. 18 1,108.1 422.1 70.6 206.8 268.4 -15.7 -18 46.1 993.5 33.2 18.5 54.1 8.8 Aug. 25 1,1110 426.8 70.0 206.9 270.1 -15,8 -18 45.7 998.9 34.2 18.8 53.2 8.8 Sept 1 1,114.8 429.6 69.7 207.3 268.4 -15.8 -19 46.1 1,000.4 33.8 19.1 52.6 8.8 Sept. 8 1,117.8 428.6 69.6 207.6 271.9 -15.9 -19 46.4 1,003.3 34.6 19.0 52.0 8.8 Sept. 15 1,130.1 436.2 69.9 211.3 2714 -16.0 -19 47.0 1,018.0 34.3 19.1 49.5 9.4 Sept. 22 _ 1,125.4 431.4 69.9 208.6 271.6 -16.0 -19 46.9 1,007.4 40.2 19.2 49.5 9.1 Sept. 29 1,125.1 432.1 70.0 208.6 272.2 -16.1 -19 47.9 1,009.8 39.7 17.6 49.2 8.9 TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - d tz- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th l e l r 1935—Dec. 31 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Mar. 31 319.1 140.5 22.7 17.8 27.8 23.6 9.3 98.9 340.6 -13.4 -32.1 19.8 4.2 June 30 395.2 143.0 23.1 22.4 36.2 213 9.8 101.4 360.2 7.0 1.9 21.2 19 July 7 '398.7 142.3 22.9 22.6 36.8 24.5 9.8 101.3 360.3 9.0 2.9 21.2 5.3 July 14 402.2 141.8 23.1 23.4 37.8 217 9.8 101.4 362.0 10.0 3.7 21.3 5.3 July 21 403.7 141.3 23.2 23.8 38.5 219 9.8 101.3 362.8 9.7 4.4 21.5 5.3 July 28 4oao 142.0 23.1 210 39.2 25.1 9.8 102.5 365.7 10.3 5.1 21.4 5.5 Aug. 4_ - 431.9 138.1 23.2 23.8 36.7 25.1 9.8 101.2 357.9 10.1 37.0 2L2 5.5 Aug. 11 437.1 138.5 23.4 23.9 37.3 25.2 9.7 101.3 359.2 10.1 40.8 21.2 5.7 Aug. 18 442.4 138.4 23.4 210 37.7 25.3 9.6 101.5 359.9 13.9 41.6 21.3 5.8 Aug. 25 447.1 139.2 23.4 211 39.0 25.2 9.6 101.7 362.2 119 42.4 21.8 5.8 Sept. 1 479.4 133.2 23.2 23.6 37.4 25.3 9.9 101.8 3514 117 82.6 21.8 5.9 Sept. 8 4814 133.1 23.2 23.5 35.5 25.4 9.9 102.0 352.6 15.1 89.0 21.8 5.9 Sept. 15 490.5 133.9 23.4 23.5 36.1 25.4 9.9 102.3 3515 15.4 92.2 22.2 6.1 Sept. 22 492.6 133.7 23.5 23.7 36.7 25.2 9.9 102.6 355.3 15.2 93.8 22.3 6.1 Sept. 29 493.3 135.1 23.7 23.5 37.5 25.0 10.0 103.6 3£8.3 11.1 95.3 22.4 6.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY 1938 OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [In millions of dollars] TABLE 10.—LIABILITIES TO FOREIGNERS Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La er t i i c n a E F a a s r t O A th ll er Reported by Banks in New York City 1929-Dec. 31... 2,672.7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162.8 241.8 188.2 49.0 31.0 1930—Dec. 31__. 2,335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931-Dec. 30,.. 1,303.5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 23... 745.5 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27... 392.0 43.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 Reported by Banks in United States 1934—Dec. 26.... 610.6 83.0 39.6 12.2 13.5 30.0 19.5 47.1 245.0 97.9 125.2 130.1 12.4 1935—Dec. 31... 1,200.2 205.5 163.5 68.6 86.1 '29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30.-, 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Mar. 31... 1,682.7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 1937—June 30... "2,173.6 '373.1 206.2 145.0 '331.4 40.3 23.0 177.9 •-1,296.9 190.1 448.8 210.4 27.4 July 7 2,234.7 411.6 200.2 151.2 342.9 40.9 20.9 178.6 1,346.4 191.0 447.5 222.6 27.2 July 14..., 2,237.6 401.9 192.4 159.4 354.3 35.9 28.8 181.7 1,354.5 188.4 446.3 222.2 26.2 July 21.... 2,273,2 402.1 188.9 163.1 362.1 39.5 26.4 187.6 1,369.7 196.4 446.8 232.2 28.1 July 28.... 2,282.8 396.9 186.3 163.8 365.8 41.1 26.0 192.0 1,371.9 201.8 447.9 232.7 28.6 Aug. 4..... 2,279.8 393.7 185.7 165.3 370.9 40.1 24.3 191.5 1,371.4 207.6 424.0 249.5 27.3 Aug. II—. 2,273.9 380.0 131.6 166.7 383.2 39.0 24.3 197.3 1,372.2 212.1 412.3 251.5 25.8 Aug. 18.-., 2,277.7 375.5 186.7 168.7 390.6 35.5 24.5 197.7 1,379.2 211.9 408.7 250.4 27.4 Aug. 2.1..-, 2,283.5 375.9 180.2 169.4 399.4 38.2 24.7 203.1 1,390.9 215.3 404.3 245.3 27.2 Sept. 1—. 2,267.2 383.9 185.9 171.9 403.2 41.4 24.8 200.2 1,416.3 214.6 364.9 245.0 26.4 Sept. 8.... 2,273.2 388.9 188.1 170.3 413.8 40.0 24.5 204.2 1,430.5 215.6 364.7 235.7 26.7 Sept. 15... 2,289.3 395.7 195.4 169.0 421.8 41.5 26.1 206.6 1,456.2 216.9 356.4 233.4 26.5 Sept. 22... 2,282.5 390.5 195.0 172.7 417.4 43.6 25.5 207.6 1,452.3 221.3 355,7 226.6 26.7 Sept. 29... 2,304.8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1,475.9 219.3 353.8 229.9 25.8 TABLE 11.—FOREIGN ASSETS Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er Reported by Banks in New York City 1931—Dec, 30 ••1,103.3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 ••136.5 41.8 2.6 1932—Dec. 28 '937.9 ••87.3 62.9 13.0 6.2 434.9 11.8 97.0 '713.1 42.2 '155.2 24.0 3.5 1933—Dec. 27 ••192.5 66.9 18.4 12.3 260.9 16.7 83.2 '651.0 32.3 '159.7 49.7 6.2 Reported by Banks in United States 1934-Dec. 26_._. 1,132.6 '281.8 85.7 17.6 8.3 233.6 29.7 81.0 •737.6 94.0 '175.2 117.8 8.0 1935—Dec. 31.... '778.6 '88.1 32.5 19.0 6.6 202.0 13.5 71.2 '433.0 100.9 '154.5 80.1 10.1 1936—Dec. 30.... '672.6 '114.1 16.8 21.9 5.4 165.1 10.9 57.8 '392.1 59.4 '141.1 67.2 12.9 1937—Mar. 31— '693.1 '99.7 15.8 17.1 4.9 162.2 13.0 58.1 '370.7 71.7 '135.3 100.0 15.5 1937—June 30—. '637.7 '75.6 13.2 13.7 3.5 143.9 14.8 55.2 '319.9 87.8 '132.0 83.6 14.5 July 7 647.1 78.1 12.6 12.7 3.7 142.1 15.0 55.7 320.0 94.0 131.8 86.7 14.6 July 14.... 638.5 91.0 13.6 13.0 3.3 140.2 15.1 53.4 329.5 88.9 131.3 74.2 14.6 July 21.... 628.1 85.2 11.0 13.9 3.4 139.2 14.3 54.2 321.1 84.2 130.0 78.1 14.7 July 28. 621.1 78.8 11.3 14.5 3.4 137.6 14.1 54.0 313.8 78.4 123.8 85.9 14.3 Aug. 4 635.8 83.0 11.3 15.4 3.4 136.1 14.1 52.5 320.7 74.8 129.2 96.4 14.7' Aug. 11.... 612.3 82.7 11.9 15.4 3.4 137.8 15.8 52.3 319.2 72.5 106.3 99.3 14.9 Aug. 18— 587.1 73.5 11.1 14.9 3.7 136.5 15.7 52.3 307.7 75.3 104.5 84.7 14.9 Aug. 25— 580.3 71.5 11.0 14.6 3.4 136.0 16.0 52.3 304.9 71.6 104.6 84.2 14.9 Sept. 1 592.9 74.2 10.9 17.6 3.9 133.4 16.5 51.9 308.5 80.0 105.0 84.3 15.1 Sept. 8 594.8 61.9 10.9 20.9 3.6 133.4 15.6 50.9 297.2 77.7 105.6 100.2 14.1 Sept. 15—, 574.8 68.8 11.4 15.8 3.8 131.8 16.9 50.3 298.9 74.9 107.3 • 80.1 13.6 Sept. 22.... 590.9 77.0 13.1 19.2 4.0 132.0 14.8 50.6 310.8 80.8 106.7 78.7 13.9 Sept. 29—. 586.0 75.3 11.1 19.1 4.2 132.0 16.8 52.8 311.3 82.5 107.0 71.7 13.5 ' Revised. See note on revisions, page 14. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding eserve balances Treas- Treasury Other Date co B d u i i n s ll - t s ed bo B u il g ls ht U m G e . r e o , n S n v - . t - R O b e a s th e n r e k v r e Total M s S t o o B n ck e- s r t o e c u i a n u n u r n g y r c t d - - y - M in c ti u o o c l n n a i e r - - y T h c i u r o n a e r l g s y a d h s s - - d R F b e e e w p a d s n o i e e t k s r h r i v s a t e l s b p m N e o r e o s m n i d t - e s - - R c F o e e a s u e r c e a d n - r l - t v s e Total E m ( x e a c s t e t e i s d - s ) securi- credit* ties End 1 1 o 9 9 f 3 3 6 7 m — — o F D n J e a t e b n h c . . . 3 f 2 3 i 1 7 g 1 ur . e . s .. : 3 3 5 3 3 3 2 2 2 , , , 4 4 4 3 3 3 0 0 0 6 6 2 4 0 7 2 2 2 , , , 5 4 4 0 6 9 0 5 7 1 1 1 1 1 1 , , , 2 4 3 3 5 5 6 8 8 2 2 2 , , , 5 6 5 3 3 3 2 6 2 6 6 6 , , , 5 3 3 9 4 4 9 3 9 2 2 2 , , , 5 6 3 2 0 7 0 8 6' 2 1 1 4 9 9 4 5 4 2 2 2 5 8 8 9 1 8 2 2 2 6 6 5 1 0 3 6 6 6 , , , 6 7 6 8 0 9 1 6 5 1 2 2 , , , 9 1 0 8 5 7 4 2 8 Mar 31~""" 12 3 2,430 12 2,468 11,574 2,541 6,377 2,753 311 236 258 S'«? 1,398 Apr. 30. ™. 12 2,525 24 2,565 11,799 2,543 6,426 2,967 88 288 257 6,881 1,594 May 31 17 6 2,526 35 2,585 11,990 2,547 6,462 3,144 73 272 255 6,915 918 June 30 10 4 2,526 22 2,562 12,318 2,550 6,447 3,445 93 285 260 6,900 865 July 31..... 15 3 2,526 30 2,574 12,446 2,572 6,460 3,586 233 301 258 6,753 791 Aug. 3l"I*- 22 3 2,526 26 2,677 12,567 2,585 6,524 3,720 139 337 257 6,751 773 Sept. 30~~JL— 22 3 2,526 28 2,579 12,741 2,599 6,642 3,582 141 374 265 7,014 1.038 Oct. 30 21 3 2,526 30 2,580 12,803 2,609 6,555 3,661 114 472 263 6,928 1,055 Nov. 361 17 3 2,564 23 2,606 12,774 2,621 6,561 3,631 121 465 261 6,962 1,169 Wedoesday figures: 1937—Jan. 6 3 3 2,430 28 2,464 11,271 2,531 6,473 2,395 232 278 261 6,627 2,010 Jan.13 2 3 2,430 40 2,476 11,306 2,528 6,371 2,439 190 308 261 6,740 2,103 Jan. 201 2 3 2,430 32 2,468 11,317 2,633 6,339 2,463 188 312 261 6,755 2,130 Jan. 27 3 3 2,430 42 2,478 11,345 2,531 6,318 2,503 180 315 259 6,770 2,160 Feb.3 3 3 2,430 28 2,463 11,364 2,531 6,348 2,529 176 286 261 6,758 2,150 Feb. 10 3 3 2,430 42 2,477 11,387 2,631 6,360 2,563 132 310 269 6,771 2,184 Feb. 17 3 3 2,430 41 2,478 11,403 2,630 6,351 2,575 162 300 256 6,768 2,186 Feb. 24 4 3 2,430 22 2,460 11,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3 7 3 2,430 17 2,457 11,443 2,530 6,407 2,620 216 280 253 6,660 ]1,310 Mar. 10 5 3 2,430 16 2,454 11,484 2,537 6,376 2,672 186 238 254 6,749 :1,380 Mar. 17 4 3 2,430 12 2,450 11,515 2,538 6,385 2,697 87 243 261 6,830 1,449 Mar. 24 8 3 2,430 22 2,463 11,541 2,537 6,376 2,723 279 326 260 6,578 :1,269 Mar. 31 12 3 2,430 12 2,468 11,574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 7 8 3 2,459 23 2,493 11,692 2,539 6,387 2,774 275 247 258 6,684 1,442 Apr. 14 11 4 2,487 27 2,528 11,697 2,541 6,383 2,876 112 236 258 6,901 1,627 Apr. 21 8 3 2,487 25 2,523 11,737 2,540 6,388 2,914 119 245 259 6,877 1,687 Apr. 28 11 4 2,526 29 2,571 11,782 2,541 6,381 2,956 95 270 258 6,934 1,643 May 5 17 4 2,526 30 2,577 11,838 2,547 6,426 3,013 97 286 257 6,882 887 May 12 16 5 2,528 29 2,576 11,882 2,545 6,405 3,066 • 106 237 257 6,943 036 May 19 15 4 2,526 19 2,565 11,907 2,547 6,399 3,079 117 250 256 6,918 907 May 26 16 6 2,526 9 2,557 11,977 2,546 6,399 3,140 80 261 256 6,944 938 June 2 17 6 2,526 23 2,573 12,027 2,548 6,487 3,182 115 255 256 6,854 860 June 9 * - 14 6 2,526 26 2,573 12,118 2,647 6,435 3,254 85 '279 255 6,929 931 June 16 14 5 2,526 38 2,583 12,220 2,648 6,415 3,348 250 267 263 6,808 752 June 23 13 4 2,526 19 2,662 12,270 2,550 6,394 3,396 151 324 263 6,854 814 June 30 10 4 2,526 22 2,562 12,318 2,550 6,447 3,445 93 285- 260 6,900 865 July 7 13 4 2,526 35 2,578 12,376 2,652 6,524 3,511 101 285 258 6,827 875 July 14 15 4 2,526 40 2,585 12,423 2,551 6,457 3,550 90 275 258 6,928 964 July 21 12 3 2,526 22 2,564 12,404 2,563 6,436 3,527 184 258 258 6,858 874 July 28 15 3 2,526 16 2,560 12,433 2,574 6,424 3,576 228 305 253 6,776 813 Aug. 4 15 3 2,526 17 2,561 12,462 2,572 6,468 3,605 309 320 258 6,636 704 Aug. 11 17 3 2,626 26 2,572 12,497 2,573 6,482 3,640 253 327 259 6,631 740 Aug. 18 18 3 2,626 18 2,565 12,527 2,577 6,500 3,672 156 340 258 6,744 782 Aug. 25 19 3 2,526 17 2,565 12,541 2,577 6,495 3,683 161 356 258 6,730 761 Sept. 1 24 3 2,526 26 2,579 12,567 2,685 6,532 3,719 156 337 256 6,731 750 Sept. 8 24 3 2,526 20 2,572 12,604 2,687 6,597 3,756 130 314 257 6,710 756 Sept. 15.—- 23 3 2,526 46 2,598 12,651 2,590 6,554 3,495 348 313 266 6^865 880 Sept. 22 24 3 2,526 24 2,678 12,694 2,593 6,529 3,537 193 362 266 6,977 1,020 Sept. 29 24 3 2,526 20 2,573 12,734 2,596 6,520 3,575 140 369 266 7,033 1,062 Oct. 6 23 3 2,526 31 2,583 12,765 2 596 6,569 3,610 76 421 265 7,003 1 090 Oct. 13 23 3 2.526 6 2,558 12,784 2,601 6,585 3,634 83 458 264 6,919 *992 Oct. 20 18 3 2,526 17 2,565 12,793 2,605 6.546 3,654 82 479 264 6,939 1,021 Oct. 27 23 3 2,526 17 2,570 12,801 2,607 6,519 3,666 94 485 264 6,951 1,073 Nov. 3 24 3 2,526 6 2,559 12,804 2,608 6,565 3,662 111 482 263 6,889 1,046 Nov. 10 21 3 2,537 15 2,576 12,789 2,611 6,564 3,648 139 483 263 6,879 1,066 Nov. 17 19 3 2,555 14 2,590 12,789 2,611 6,534 3,633 135 503 262 6,922 1,100 Nov. 24 ..„ 16 3 2,664 13 2,596 12,774 2,619 6,554 3,626 113 485 261 6,949 1,138 Dec. 1.. 17 3 2,564 18 2,603 12,774 2 621 6,568 3,627 177 9fi1 a Qf\a i no Dec. 8 17 3 2,564 27 2,612 12,764 2,623 6,591 3,' 622 242 446 262 D, m)\ If XIV Dec. 15 16 3 2,564 48 2.631 12.765 2.625 6.596 3,620 232 419 270 66.,888346 11,,005527 Dec. 22 16 3 2,564 75 2,658 12,765 2,630 6,681 3,625 153 470 269 6,855 1,007 Dec. 29 13 3 2,564 22 2,602 12,760 2,634 6,571 3,620 140 413 269 6,983 1,157 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1936 (tables 3 and 4) and for excess reserves in BULLETIN for August 1035, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

21 JANITART 1938 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1937 1937 1936 Dec. 29 Dec. 22 Dec 15 Dec. 8 Dec. 1 Nov. 24 Nov. 17 Nov. Oct. Nov. ASSETS Gold certificates on hand and doe from U. S. Treasury . 9,120,3919,120,390 9,121,907 9,121,9079,121,905 9,122,402 9,123,8989,122,4089,124,892 8,799,020 Redemption fund—F. R. notes— I_.I" 9,913 —9,9"1"2 -8—,9 20 9 688 9,787 9,940 9,287 9,940 11,407 Other cash „ .. „„„_„ 330,644 283,366 313,180 311,282 322,264 319,183 325,221 318,036 314,255 237,476 Total reserves. 9,460,848 9,413,668 9,444,0079,442,8779,453,9569,451,525 9,458,4069,450,3849,448,529 9,047,903 Bills discounted: For member banks 12,847 16,121 15,771 17,388 17,031 15,861 18,694 16,584 20,862 6,146 For nonmember banks, etc.... 2 2 2 2 2 2 503 Total bills discounted _ 12,847 16,121 15,772 17,390 17,033 15,863 18,696 16,586 20,864 6,649 Bills bought: Payable in foreign currencies. 2,827 2,825 2,825 2,825 2,828 2,828 2,831 2,828 2,832 3,087 Industrial advances 18,291 18,380 18,432 18,450 18,464 18,589 19,256 18,557 19,414 25,828 XJ. S. Government securities: Bonds 751,539 751,539 771,539 738,073 738,073 738,073 738,073 738,073 738,073 381,326 Treasury notes.* 1,154,997 1., 154,999977 11,,134,997 ,168,4631,168,463 1, 168,463 1,,168,4631,168,4631,158,463 1,,449,163 Treasury bills - 657,479 657,479 657,479 657,479 657,479 657,479 648,179 657,479 629,654 599,738 Total Government securities,. 2,564,015 2,564,015 2,564,015 2, 564,015 2,564,015 2,564,015 2,554,715 2,564,015 2,526,190 2,430,227 Other Reserve bank credit- 3,577 56,533 29,633 9,008 495 -5,632 -5,102 4,458 10,976 -12,734 Total Reserve bank credit outstanding....2,601,557 2,657,8742,630,577 2,611,688 2,602,835 2,595,763 2,590,396 2,606,444 2,580,276 2,463,057 LIABILITIES F. R. notes in actual circulation 4,283,385 4,346,383 4,293,307 4,294,885 4,279,489 4,264,829 4,249,618 4,273,526 4,278,921 4,198,618 Deposits: Member bank—reserve account __ 6,982,752 6,854,904 6,884,407 6,836,282 6,906,472 6,948,927 6,922,400 6,961,735 6,927, 591 6,788,055 U. S. Treasurer—general account 139,604 152, 593 231,540 241,843 176,637 113,302 135,165 121,300 Ho, Vbo J 78,377 Foreign bank _ 172,634 188,837 216,438 225,938 272,492 270,068 266,227 271,662 258,775 57,489 Other deposits _ 239,983 280,868 202,583 219,700 186,855 214,742 237,178 193,161 212,798 143,879 Total deposits.. 7,634,973 7,477,2027,534,968 7,523,763 7,542,456 7,547,039 7,560,970 7,647,868 7,513,1370,067,800 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 80.1 79.6 79.8 79.9 80.0 SO.O 80.1 79.9 80.1 80.3 MATURITY DISTRIBUTION OF BILLS AND U, S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i t d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d t a o y 9 s 0 m 91 t o o d n a t 6 h y s s 6 l m y t o e o n ar ths 2 1 y t y e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Dec. 1 17,033 14,889 478 604 383 645 Dec. 8 17,390 15,349 3S1 625 275 727 Dec. 15 15,772 13,326 826 434 428 717 Dec. 22__ 16,121 13,061 914 972 426 707 Dec. 29__ 12,847 10,697 395 582 414 728 Bills bought in open market: 2,828 586 1,451 791 Dec. 1 - 2,825 767 1,269 174 615 Dec. 8.. 2,825 1,545 173 1,107 Dec. 15_. 2,825 268 1,288 Dec. 22 2,827 438 400 1,989 Dec. 29 _ Industrial advances: 18,464 1,091 244 751 802 1,367 3,666 4,804 5,739 Dec. 1 18,450 1,037 596 799 392 1,386 3,317 5,384 5,539 D D D D e e e e e c c c . . . . 8 2 1 2 _ 5 9 2 — 1 1 1 8 8 8 , , , 2 3 4 9 8 3 1 0 2 1 1 , , 9 3 3 2 0 3 1 5 4 3 2 5 0 7 6 2 1 3 6 6 7 8 7 5 4 7 8 4 4 5 7 3 1 1 8 5 1 1 1 , , , 6 4 4 0 4 3 4 6 1 3 3 3 , , , 4 4 3 9 9 6 0 2 6 5 5 5 , , , 4 6 5 6 1 0 2 4 2 5 5 5 , , , 2 3 2 1 4 9 7 9 1 tr. S D D D D D . e e e e G e c c c c c o . . . . 8 l v 2 2 1 _ e 9 2 5 rnment securities: 2 2 2 2 2 , , , , , 5 5 6 5 5 6 6 6 6 6 4 4 4 4 4 , , , , , 0 0 0 0 0 1 1 1 1 1 5 5 5 5 5 2 4 3 4 2 4 9 3 6 6 , , , , , 3 0 1 0 3 8 1 0 8 3 5 1 3 3 3 4 2 3 2 2 1 3 4 6 7 , , , , , 7 2 3 3 7 8 9 3 8 2 3 6 3 5 0 1 6 6 6 5 4 8 6 3 7 1 , , , , , 3 4 6 9 9 8 5 7 2 3 1 0 1 6 2 2 2 1 1 6 7 4 8 4 5 0 0 0 7 , , , , , 0 2 4 5 8 8 9 1 2 8 5 9 6 4 2 3 4 3 4 4 8 1 8 2 1 1 5 9 6 4 , , , , , 1 7 9 7 4 7 8 2 0 6 0 4 0 7 7 3 3 2 2 2 5 1 2 1 3 2 3 9 2 5 . , , , , 4 8 3 7 9 7 9 2 1 1 6 5 6 2 2 2 2 2 2 7 8 1 1 5 3 1 1 , , , , 1 3 2 2 8 8 9 9 9 9 8 8 6 6 5 5 4 4 8 9 0 0 2 3 , , , , 9 9 2 7 1 3 1 3 6 9 5 9 6 6 7 7 7 8 2 0 8 0 7 0 0 7 0 , , , , , 2 7 7 2 7 4 0 0 4 0 0 6 6 0 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY 193& ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Phila- Min- Kan- San Total B t o o s n - Y N o ew rk p d h e i l- a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n o e l a i p s - C sa it s y Dallas F c r is a c n o - ASSETS Gold certificates on band and due from U. S. Treasury: D D D D D e e e e e c c c c c . . . . . 2 8 2 1 1 9 2 5 —. 9 9 9 9 9 . . , , , 1 1 1 1 1 2 2 2 2 2 0 0 1 1 1 , , , , , 3 3 9 9 9 9 9 0 0 0 1 0 5 7 7 4 5 5 5 5 7 2 0 0 0 8 2 2 9 5 , , , , , 9 8 2 6 9 9 5 9 2 0 0 6 8 2 2 3 3 3 3 3 , , , , , 5 4 5 5 5 5 5 0 5 4 9 8 4 6 2 , , , , , 7 2 1 8 4 4 6 1 1 1 1 3 2 6 0 4 4 4 4 4 8 9 8 9 8 1 9 8 0 9 , , , , , 9 2 1 4 3 2 3 8 7 2 7 8 4 9 1 6 6 6 6 6 7 8 7 7 7 7 7 6 4 5 , , , , ,9 6 7 5 " 7 1 8 0 6 • 0 6 1 9 6 6 -3 3 3 3 2 0 1 1 - 1 9 5 5 5 7 " 7 ; , , , , 0 8 " 9 5 3 2 5 • 3 4 1 4 2 8 3 4 2 2 2 2 2 1 2 2 3 9 7 3 0 1 , , 0 , , 3 6 , 7 7 4 9 0 2 0 1 1 9 9 9 3 1 l 1 ! , , 1 7 7 7 7 , 7 6 5 7 7 8 2 9 6 5 ; , , , 8 1 7 8 3 , 7 8 0 6 0 4 9 9 9 7 2 6 2 2 2 7 8 8 8 2 5 4 1 4 8 ; , , , 4 1 6 9 6 , 1 2 7 3 3 1 3 9 3 00 1 — . . . . 8 9 8 8 9 8 9 2 8 5 9 1 , , , , , , 2 6 7 2 4 6 " 8 6 8 3 1 9 " 2 4 2 7 7 1 " 2 72 2 2 2 6 6 8 8 7 " 7 8 1 0 8 , , , , , 4 8 4 6 1 '~2 0 3 0 9 C 0 0 2 5 . . . . 8 8 8 9 8 5 4 6 0 7 , , , , , 9 1 9 0 3 4 9 7 7 6 6 1 6 0 0 6 6 6 6 67 8 9 8 9 9 2 3 4 6 , , , , , 6 9 9 9 0 9 7 9 6 5 1 9 5 5 7 Redemption fund—Federal Reserve notes: Dec. 1 9,787 908 1, 752 873 1,648 421 841 78 261 1,243 Dec. 8 9,688 907 1,619 689 872 667 1,647 404 839 468 76 260 1,240 Dec. 15 8,920 865 1,437 689 806 362 1,615 332 821 461 62 251 1,219 Dec. 22.. 9,912 850 1,318 586 722 853 1,567 761 806 453 554 245 1,197 Dec. 29 9,913 850 1,318 722 853 1,568 761 806 453 554 245 1,197 Other cash: Dec. 1 322,264 31,496 77,368 22,526 24,377 20,750 14,057 39,601 15,015 9,152 22,141 13,587 32,194 Dec. 8 311,282 30,937 77,917 19,865 22,986 20,118 13,367 39,193 13,609 8,716 21,617 12,757 30,200 Dec. 15 313,180 31,230 77,389 20,218 22,320 20,452 13,384 38,479 14,112 8,600 23,377 13,021 30,598 Dec. 22 283,366 28,874 19,241 20,649 18,001 11,699 34, 259 12,244 7,504 21,844 11,484 28,539 Dec. 29 330, 54432,285 80,254 23,320 25,151 21,599 15,207 40,601 13,905 8,811 23,872 12,868 32,671 Total reserves: Dec. 1 9,453,956 511,394 3,638,733 505,216 701,166 338,450 233,396 1,799,731290,479 198,358 303,621203, 918 729,494 Dec. 8 9,442,877 534,466 3,583,648 508,738 701,567 336, 723 235,743 1,815,966 296; 427 201J 848 302i 321399,993 725,435 Dec. 15 9,444,007 554,951 3,537,089 520,134 710,692 336,357 246,718 1.,881177,,700 300,566 200,752 301,634 J20000,6|32 716,782 D D e e c c . . 2 2 9 2 9 9 , , 4 4 6 1 0 3 , , 8 6 4 6 8 8 5 5 4 3 2 5 , , 4 6 3 2 3 6 3 3 , ,6 6 1 3 2 8 , , 7 3 5 8 6 8 5 5 1 0 4 9 , , 3 1 8 4 5 8 7 6 0 9 2 6 , , 5 0 7 5 9 2 3 3 2 19 4 , , 9 6 7 7 6 8 2 2 4 4 2 6 ,, , .6 8 .0 6 6 8 1 1, , 7 9 7 7 9 , 9 1 , 9 4 4 3 s 8 2 2 9 9 7 9 , , 1 0 6 1 1 1 1 19 9 4 7 , , 6 2 8 3 1 9 2 2 9 9 2 0 , , 2 8 2 1 6 8 L .9 9 7 7, , 3 6 0 7 4 5 7 7 1 1 3 2 , , 7 5 1 5 5 9 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Dec. 1 12,072 3,120 2,639 840 392 2,632 255 510 139 282 385 Dec. 8 12,210 1,208 3,650 2,396 635 546 2,451 200 160 279 262 373 Dec. 15 12,004 816 3,993 2,439 1,027 416 2,036 220 303 214 162 328 Dec. 22 11,699 851 4,633 2,281 817 415 1,471 125 312 297 172 290 Dec. 29 9,340 3,596 It"" 678 385 521 150 734 352 57 285 Other bills discounted: Dec. 1 4,961 495 457 493 175 183 1,953 85 22 214 703 181 Dec. 8 5,180 246 448 483 147 243 2,370 109 15 212 739 163 5 Dec. 15 3,768 150 312 716 139 299 883 112 15 253 759 125 5 Dec. 22 4,422 110 395 739 233 234 1,441 79 13 249 797 127 5 Dec. 29 3,507 150 258 673 231 263 719 82 179 900 41 10 Total bills discounted: Dec. 1 17,033 1,323 3,577 3,132 1,015 575 4,585 340 532 264 842 463 385 Dec. 8 17,390 1,454 2,879 782 789 4,821 309 175 262 1,018 425 37S Dec. 15 15,772 966 4^305 3,155 1,166 715 2,919 332 318 303 973 287 333 Dec. 22 16,121 961 5,028 3,020 1,050 649 2,912 204 325 284 1,094 299 295 Dec. 29 12,847 846 3,854 2,559 909 648 1,240 232 735 179 1,252 98 295 Bills bought in open market: Dec. 1 2,828 205 1,007 293 110 353 78 54 80 80 200 Dec. 8 2,825 205 1,004 293 269 110 353 78 54 80 200 Dec. 15 2,825 205 1,004 293 269 110 353 78 54 80 200 Dec. 22 2,825 205 1,004 293 269 110 99 353 78 54 80 80 200 Dec. 29.. 2,827 205 1,006 293 110 353 78 54 80 80 200 Industrial advances: Dec. 1 _ 18,464 2,842 4,605 3,601 779 1,809 136 753 239 477 1,005 1,530 Dec. 8 18,450 2,922 4,599 3,585 767 1,794 127 753 237 663 477 998 1,528 Dec. 15 18,432 2,881 4,584 3,685 765 1,783 127 750 239 655 465 970 1,528. Dec. 22. 18,380 2,873 4,583 3,675 762 1,775 127 750 237 642 464 968 1,524 V. S D . e G c. o v 2 e 9 rnment securities: 18,291 2,872 4,577 3,645 762 1,773 128 705 237 638 464 966 1,524: Bonds: Trea D D D D D s e u e e e e c c c c c r . . y . . . 2 8 2 1 l n 9 2 5 otes: 7 7 7 7 7 5 5 7 3 3 1 1 1 8 8 , , , , , 5 0 0 5 5 7 3 7 3 3 3 9 3 9 9 5 5 5 5 5 4 4 3 3 6 , , , , , 7 7 7 7 2 5 5 7 7 0 1 1 0 0 8 2 2 2 2 2 1 1 1 2 1 6 6 2 2 2 , , , , , 8 8 9 5 9 1 1 3 8 3 4 4 0 4 0 6 6 6 6 6 3 3 2 2 5 , , , , , 5 5 4 4 2 6 6 2 2 5 1 1 3 3 2 7 7 7 7 7 1 5 3 1 3 , , , , , 1 8 1 8 1 0 5 4 4 5 4 7 7 7 7 3 3 4 3 3 9 8 9 8 0 , , , , , 3 6 3 6 4 9 8 9 8 4 4 7 4 7 2 3 3 3 3 2 3 2 2 , , , , 8 8 7 3 9 9 7 0 9 9 5 8 8 8 8 8 8 2 1 1 2 4 , , , , , 6 1 1 6 8 7 5 7 5 5 3 5 3 5 4 3 3 3 3 3 2 2 2 3 2 , , , , , 3 9 9 8 3 7 6 6 4 7 9 9 9 7 9 2 2 2 2 2 3 4 3 4 4 , , , , , 9 8 8 3 3 7 9 9 3 3 9 5 5 2 2 3 3 3 3 3 6 6 6 7 6 , , , , , 6 0 0 7 7 9 5 5 1 1 4 8 8 7 7 2 2 3 2 2 8 8 0 9 9 , , , , , 7 7 0 2 2 0 0 0 3 3 9 9 9 1 1 6 6 6 65 5 6 3 , , , , 0 0 7 8 5 5 9 9 9 9 1 4 * Trea D D D D D s e e u e e e c c c c c r . . y . . . 2 2 8 1 1 b 2 9 5 ills: 1 1 1 1 1 , , , , , 1 1 1 1 1 3 6 5 6 5 4 8 4 8 4 , , , , , 4 9 9 4 9 6 9 9 6 9 3 7 7 3 7 8 8 8 8 84 2 4 5 5 , , , , , 1 6 1 1 1 4 8 4 2 2 4 7 4 5 5 3 3 3 3 3 2 3 3 3 3 7 7 3 3 7 , , , , , 4 2 2 0 0 4 1 1 9 9 1 1 1 5 5 9 9 9 7 7 5, , , 9 6 6 9 8 8 4 5 5 1 1 1 1 1 1 1 1 1 1 3 0 2 2 3 , , , , , 7 4 4 4 7 4 8 3 3 4 2 5 2 2 2 6 6 5 6 6 1 1 0 9 0 , , , , , 2 2 5 4 5 4 4 4 9 4 7 7 0 2 0 4 5 5 5 5 9 0 0 1 1 , , , , , 6 5 5 1 1 8 5 5 5 5 3 9 9 0 0 1 1 1 1 1 2 2 2 2 2 4 8 8 7 7 , , , , , 5 0 0 8 5 0 2 2 2 0 8 6 6 7 8 5 4 5 5 5 1 9 0 0 1 , , , , , 2 7 6 6 2 6 6 9 7 7 0 0 2 0 0 3 3 3 3 3 7 7 6 7 7 . , , , , 8 8 7 3 3 2 2 4 9 9 9 9 5 2 2 5 5 5 5 5 5 7 7 6 6 , , , , , 4 0 0 4 4 4 8 8 2 2 9 5 5 6 6 4 4 4 4 4 5 5 4 4 4 , , , , , 4 4 1 9 9 4 4 2 2 4 8 8 6 6 8 1 1 9 9 9 0 0 9 8 9 1 1 , , , , , 9 2 9 1 1 8 5 8 5 5 6 4 6 1 1 - , . Total U. D D D D D S e e e e e . c c c c c G . . . . . 2 8 2 1 o 1 9 2 5 v ernme . n _ t _ securities: 6 6 6 6 6 5 5 5 5 5 7 7 7 7 7 , , , , , 4 4 4 4 4 7 7 7 7 7 9 9 9 9 9 4 4 4 4 4 7 7 7 7 7 , , , , , 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 8 8 8 8 8 9 9 9 9 9 , , , , , 6 6 6 6 6 7 7 7 7 7 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 , , , , , 6 6 6 6 6 0 0 0 0 0 7 7 7 7 7 6 6 6 6 6 4 4 4 4 4 , , , , , 0 0 0 0 0 0 0 0 0 C 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 , , , , , 4 4 4 4 4 6 6 6 6 6 2 2 2 2 2 2 2 2 2 2 8 8 8 8 8 , , , , , 7 7 7 7 7 8 8 8 8 8 0 0 0 0 0 7 7 7 7 7 2 2 2 2 2 , , , , , 3 3 3 3 3 1 1 1 1 1 0 0 0 0 0 2 2 2 2 2 8 8 8 8 8 , , , , , 8 8 8 8 8 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 1 1 1 1 1 , , , , , 2 2 2 2 2 8 8 8 8 8 5 5 5 5 5 3 3 3 3 3 2 2 2 2 2 , , , , , 1 1 1 1 1 2 2 2 2 2 0 0 0 0 0 2 2 2 2 2 5 5 5 5 5 , , , , , 5 5 5 5 7 5 7 7 7 ? < ^ - ' 5 5 5 5 5 6 6 6 6 6 , , , , , 9 9 9 9 9 1 1 1 1 1 7 7 7 7 7 " D D D D D e e e e e c c c c c . . . . . 2 8 2 1 1 . 9 2 5 _ _ ____ 2 2 2 2 2 , , , , , 5 5 5 5 5 6 6 6 6 6 4 4 4 4 4 , , , , , 0 0 0 0 0 1 1 1 1 1 5 5 5 5 51 1 1 1 1 8 8 8 8 8 6 6 6 6 6 , , , , , 7 7 7 7 7 9 9 9 9 9 4 4 4 4 4 7 7 7 7 73 3 3 3 3 9 9 9 9 9 , , , , , 7 7 7 7 7 0 0 0 0 0 4 4 4 4 4 2 2 2 2 2 1 1 1 1 1 6 6 6 6 6 , , , , , 8 8 8 8 8 5 5 5 5 5 3 3 3 3 3 2 2 2 2 2 4 4 4 4 4 9 9 9 9 9 , , , , , 5 5 5 5 5 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 • 3 3 3 3 3 4 - 4 4 4 4 ; , , • , , 3 3 3 3 3 - 9 9 9 9 9 - 6 6 6 6 6 • • 1 1 1 1 11 1 1 1 1 2 2 2 2 2 ; , , , , 2 2 2 2 2 3 3 3 3 3 8 8 8 8 8 2 2 2 2 2 8 8 8 8 8 1 1 1 1 1 , , , , , 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 , , , , , 4 4 4 4 4 8 8 8 8 8 3 3 3 3 3 8 8 8 8 8 3 3 3 3 3 , , , , ,0 0 0 0 0 0 0 0 0 0 9 9 9 9 9 1 1 1 1 1 2 2 2 2 2 5 5 5 5 5 , , , , , 2 2 2 2 2 6 6 6 6 6 3 3 3 3 3 9 9 9 9 9 9 9 9 9 9 , , , , , 7 7 7 7 7 3 3 3 3 3 : : 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 , , , , , 9 9 9 9 9 6 6 6 6 6 2 2 2 2 2 ! ; ; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAKT 1938 FEDERAL RESERVE BULLETIN 23 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is n M o e l a i i n s p - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS—Continued Total bills and securities: Dec. 1 2,602,340 191,164 748,893 223,879 251,654 [36,890 17,058 283,437 13,332 84,015 .26,662 01,279 224,077 Dec. 8 2,602,680 191,375 749,405 223,610 251,409 137,089 17,285 283,406 12,973 .26,838 01,234 224,068 Dec. 15 2,601,044 190,846 749,597 223,986 251,791 [37,004 .15,383 283,426 13,118 84,021 ,26, 78101,068 224,023 Dec. 22 2,601,341 I190,833 775500,,331199 223,841 251,672 36,930 15,376 283,298 13,123 83,989 26,901 01,078 223,981 Dec. 29 2, 597,980190,717 749,141223,350 251,531 .36,927 13,705 283,281 13,533 83,880 27,059 00,875 223,981 Due from foreign banks: Dec. 1 178 18 16 8 21 2 5 5 13 Dec. 8 181 18 16 21 2 5 5 13 Dec. 15 181 18 16 21 2 5 5 13 Dec. 22 181 18 16 21 2 5 6 13 Dec. 29 179 18 16 21 2 5 5 13 Federal Reserve notes of other banks: Dec. 1 25,784 547 5,967 817 1,281 3,384 2,394 3,147 1,837 1,522 992 504 3,392 Dec. 8 26,314 451 8,402 811 1,246 1,947 1,913 3,333 2,001 782 1,538 502 3,388 Dec. 15 23,358 459 5,947 901 1,452 1,616 2,012 1,722 855 1,646 542 2,318 Dec. 22 21,629 466 4,144 906 1,827 1,172 2,204 2,948 2,242 1,195 1,632 604 2,289 Dec. 29 25,740 411 4,546 1,281 1,401 2,316 3,107 4,219 1,768 1,820 1,135 785 2,951 Uncollected items: Dec. 1 670,245 69,161 169,390 52,745 61,894 60,977 22,645 85,567 27,423 20,622 37,222 24,859 37,740 Dec. 8 569,040 56,562 135,667 47,379 52,264 51,047 20,116 73,942 26,709 16,756 31,930 24,070 32,598 Dec. 15 774,034 70,922 193,335 60,234 79,940 64,365 29,230 107,031 33,700 21,380 38,609 29,458 45,830 Dec. 22 681,498 63,173 166,892 57,611 61,668 56,392 26, 815 92,460 31,765 20,589 35,081 28,878 40,174 Dec. 29 685,237 71,414 177,089 58,904 52,416 23,490 90,043 29,433 18,022 32,281 26,307 35,899 Bank premises: Dec. 1 45,268 3,006 - 9,969 4,836 6,228 2,709 2,198 4,599 2,345 1,508 3,159 1,356 3,355 Dec. 8 45, 269 3,006 9,969 4,836 6,228 2,709 2,198 4,599 2,345 1,509 3,159 1,356 3,355 Dec. 15 45,284 3,006 9,969 4,836 6,228 2,709 2,198 4,601 2,345 1,522 3,159 1,356 3,355 Dec. 22 45,251 3,006 9,909 4,836 6,215 2,700 2,195 4,601 2,345 1,522 3,159 1,357 3,346 Dec. 29 45,235 3,001 4,826 6,215 2,700 2,195 4,601 2,344 1,522 3,159 1,357 3,346 All other assets: Dec. 1 44,161 2,637 12,940 4,902 4,677 2,663 1,698 4,062 1,646 1,537 1,895 1,634 3,870 Dec. 8.. 46,223 2,687 13,215 6,418 4,723 2,700 1,704 4,117 1,674 1,551 1,913 1,590 3,931 Dec. 15 36,066 2,036 10,693 4,205 3,872 2,243 1,328 3,162 1,298 1,264 1,526 1,275 3,164 Dec. 22 36,956 2,109 10,833 4,490 3,936 2,220 1,359 3,265 1,330 1,299 1,565 1,338 3,212 Dec. 29 37, 802 2,129 11,169 4,607 4,022 2,294 1,390 3,332 1,347 1,310 1,600 1,336 3,266 Total assets: D D e e c c . . 8 1 1 1 2 2 , , 8 73 4 2 1 , , 5 9 8 3 4 2 7 7 7 8 7 8 , , 9 5 2 6 2 0 44 4- ,, , 5 ,5 50 8 00 5 0, , ,3 9 37 6 77 0 7 ' '7 9 7 1 9 , 2 8 , 1 4 0 1 1 3 , 1 0 , 1 0 7 2 , 6 4 , 5 9 3 1 5 5 64 3 I5 2 , , 0 2 .8 2 1 3 3 3 7 7 9 8 , , 3 9 9 6 5 5 2 ' ,1 1 8 8 0 5 , , 5 3 6 8 4 4 t [ 3 4 7 2 , , 0 1 6 3 5 23 3 0 0 6 7 , , 4 5 3 6 6 4 1 t6 7 7 3 , , 7 5 0 5 6 6 3 3 2 3 8 3 , , 7 5 5 5 0 5 0 9 0 9 1 2 , , 9 7 4 8 1 8 Dec. 15 12,923,974 822,233 4J, 506,701 881144,,331144 1,053,991 544,302 396,8752| 219,829 152,752309,796 173,360334,336 995,485 Dec. 22 _. 12, 800,524 795,226 4, 554,984800,850 1,021,386 524,100 390,5612,183,787 147,969305,835 159,161330,935 9S5,730 Dec. 29 12,853,021 810,118 4,590,371807,371 1,035,703 516,637 390,761" 184,935 147,439301,237157,465327,969 983,015 LIABILITIES Federal Reserve notes in actual circulation: Dec. 1 , 4,279,489 285,151 954,736319,791 433,149213,703162,773 OSS, 778 80,738 38,684 68,307 89,40' 344, 275 Dec. 8 4,294,885"2S8,739 948,653322,903 438,519:2 14.,340162,721 992,066 SO, 991 39,095 68,84: 89,234 345, 783 Dec. 15 4,293,307288,026 955,207 323,411 437,549 213,210163,233 989, 545 .81,854.38,431 68,50: 88,190 346f 149 Dec. 22 4,346, 383290,003 9C6,056 325, 720 444,657 2r17,856166,7401,002,134 84, 536.40,012 70,193 89,302 349,174 Dec. 29 4,283,385 285,83! 953,606 320,375 436,919211,833162,016 994, 662 .82, 765.37,965 68,424 87,039 341,949 Deposits: Member bank—reserve account: Dec. 1 6,906,472 372,568 3,018,691352,74' 452,611231,421 167,6281,006,400197,782 125,254240,280192,34 548,740 Dec. 8 6,836,282 395,158 2,938,379 347,490 449,407224, 51: 169,0631,006,48: 204,440 1!29,19: 240,754 187, 55S 543,847 Dec. 15 6.884,40' "-I 2,980,729 353, """ 450,042215., 12:L 172,4351,012,68' 200,042125,95 237,18' 189,606 547,515 Dec. 22 6,854,904 396; 4002,986,485 357,849 449,083216,809 171,739 998,856 203,250123,62 234,679185,457 530,676 Dec. 29 6,982,752 406,079 3,04l| 232 373,430 465,906 219,0122 178,060 ,006,555 204,582124,77S234,934187, 987 540,197 U. S. Treasurer—general account: Dec. 1 176, 63: 4,093 92,101 3,136 10,996 10,318 3,090 20,542 6,156 5,51 9,073 3,3S7 8,229 Dec. 8 241, 843 4,211 111,656 13,360 17,303 15,290 4,484 39,977 6,145 3,827 9,897 6,728 8,965 Dec. 15 231, 540 18,24' 29,442 21,307 36,842 26,803 12,812 41,101 13,778 7,702 13,835 4,117 5,557 Dec. 22 152,593 5,577 19,997 7,424 18,901 13,859 9,017 33,887 7,060 6,682 5,832 8,18: 16,170 Dec. 29 _ 139, 604 5,712 42,021 2,390 12,601 8,729 6,234 26,744 7,067 4,156 6,685 3,35: 13,914 Foreign bank: Dec. 1 272, 492 19,831 98,000 26,623 24,993 11,682 9,508 31, 512 8,150 6,245 7,87£ 7,878 19,288 Dec. 8 225,938 16, 385 82,514 21,996 20,650 9,651 7,856 26,03e 6,734 5,162 6, SOS 6,509 15,936 Dec. 15 216,438 15,754 78,539 21,149 19,854 9,280 7,553 25,032 6,474 4,964 6,25£ 6,25$ 15,322 Dec. 22 188,837 13,780 68, 213 18,500 17,36" 8,117 6,607 21,897 5,663 4,342 5,4^ 5,474 13,403 Dec. 29 172, 634 12,5S7 62,453 16,898 15,863 7,41£ 6,035 20,002 5,173 3,96( 5,00C 5,0OC 12,242 Other deposits: Dec. 1 186,855 2,558 133,382 5,290 10,824 3,394 2,03e l,50S 5,131 2,62C 31' 1,825 17,972 Dec. 8 219,700 2,743 168,422 4,968 7,570 3,343 2,021 1,220 5,784 3,351 375 2,035 17,868 Dec. 15 202,583 3,917 158,578 2,092 3,670 3,395 2,28: 1,675 5,642 2,871 446 2,924 15,095 Dec. 22 280,868 4,118 238,164 1,949 3,030 2,973 1,961 1,22- 5,851 3,092 348 2,583 15,558 Dec. 29 239,983 4,070 197,449 2,259 2,956 3,000 2,491 1," 5,21! 2,958 342 2,74£ 15,134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANXTABT 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e* m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it s n y - Dallas F c S i r s a a c n n o - LIABILITIES—Continued Total deposits: Dec. 1_ 7,542,456 399,050 3,343,074 387,796 499,424 256.,819 182,262 1,059,964217,219139,638257,545205,436 594,229 Dec. 8 7,523; 763 418,497 3,300,971 387,814494,930 252,797 -' 1,073,714223,103141,531257,535202,831 586,616 Dec. 15 7,534,968 437,544 3,247,288 398,014 510,408 254,599 195,0811,080,493225,936141,488257,723202,905 583,486 Dec. 22 7,477,202 419,875 3,312,859 385,722488,381 2"4"1 ,"758 189,330 1,055,867221,832137,737246,333201,701 575,807 Dec. 29 7,534,973 428,448 3,343,155 394,977 497; 326 238,156 192,826 1,054,662222,034135,858246,961199,083 581,487 Deferred availability items: Dec. 1_ 669,928 69,575 166,374 51,120 62,229 59, 58521,494 86,956 28,564 19,830 37,715 27,567 38,919 Dec. 8 560,213 55,309 129,123 45,824 51,823 50,081 19,940 74,673 27,449 16,345 31,312 25,547 32,787 Dec. IS 744,682 72,437 182,176 59,100 73,797 61,490 25,657 104,807 34,388 20,401 37,050 32,108 41,271 Dec. 22 _ 625,146 61,069 154,006 55,292 56,051 49,438 21,596 80,680 30,995 18,607 32,511 28,756 36,145 Dec. 29 681,839 71,454 171,116 57,839 69,024 51, 56423,002 90,449 32,007 17,928 31,926 30,623 34,907 Capital paid in: Dec. 1 132,518 51,045 12,262 12,946 4,885 4,392 12,902 3,843 2,892 4,070 3,877 10,021 Dec. 8 132,534 51,053 12,262 12,947 4,r~ 4,390 12,903 3,849 2,892 4,070 3,877 10,022 D D D e e e c c c . . . 2 2 1 9 2 5 . 1 1 1 3 3 3 2 2 2 , , , 7 6 5 3 1 5 7 9 0 9 9 9, , , 3 3 3 8 8 8 6 3 3 5 5 5 1 1 1 , , , 0 0 0 5 4 5 6 9 9 1 1 1 2 2 2 , , , 2 2 2 5 5 6 8 8 2 1 1 1 3 2 2 , . . 9 0 9 5 3 5 9 6 8 4 4 4 , , , 8 8 8 8 9 8 7 6 8 4 4 4 , , , 3 4 4 0 0 9 0 2 1 1 1 1 2 2 2 , , , 9 9 9 0 2 0 5 0 7 3 3, , 8 8 6 5 7 6 2 2 , , 8 8 9 9 3 3 4 4 4 , , , 0 0 0 7 8 8 3 3 4 3 3 3, , , 8 8 8 9 7 7 1 7 7 1 1 1 0 0 0 , , , 0 0 0 1 4 4 6 6 6 Surplus (section 7): Dec. 1 _. 145,854 51,474 13,362 14,323 4,1 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Dec. 8 145,854 9,826 51,474 13,362 14,323 4,J 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Dec. 15 145,854 9,826 51,474 13,362 14,323 4,869 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Dec. 22 145,854 9,826 51,474 13,362 14,323 4,r" 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Dec. 29 145,854 9,826 51,474 13,362 14,323 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Surplus (section 13b): 4,! Dec. 1 27,615 2,874 7,744 4,32, 1,007 3,422 754 1,416 545 1,003 1,142 262 2,121 Dec. 8 27,615 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 262 2,121 Dec. 15 27,615 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 262 2,121 Dec. 22 27,615 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 262 2,121 Dec. 29 27,615 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 262 2,121 Reserve for contingencies: Dec. 1 35,734 1,570 9,117 3,000 3,121 1,497 1,715 7,694 1,175 2,020 941 ,847 2,037 Dec. 8 35,733 1,570 9,117 3,000 3,121 1,497 1,715 7,694 1,174 2,020 941 ,847 2,037 Dec. 15 35,697 1,570 9,117 3,000 3,121 1,496 1,715 7,C" 1,174 2,013 941 ,847 2,037 Dec. 22 35,673 1,570 9,117 3,000 3,121 1,497 1,714 7,< 1,174 2,013 941 1,847 2,013 All o D t e h c e . r 2 li 9 abilities: 35,673 1,570 9,117 2,999 3,121 1,497 1,715 7,666 1,174 2,013 941 1,847 2,013 Dec. 1 8,338 493 2,396 757 717 301 1,350 326 381 223 311 Dec. 8 11,987 2,362 2,242 2,320 783 331 405 1,414 366 434 252 301 777 Dec. 15 9,301 573 2,646 839 828 329 428 1,493 344 451 317 296 757 Dec. 22 10,032 626 2,672 1,171 887 372 409 1,613 365 454 345 339 779 Dec. 29_._ 10,945 728 3,100 1,236 947 400 432 1,656 391 461 374 373 847 Total liabilities: Dec. 1 _... 12,841,932 777,922 4,585,960 792,413 1,026,916 545,081 379,395 2,180,564437,065 307,564'473,556 333,555 1,001,941 Dec. 8 12,732,584 788,560 4,500,377 79lj 8101,017,453 532,223 378,965 2,, 185,,3 84442,132 306,436 467,706 328,750 992,788 Dec. 15. _„. 12,923,974 822,233 4,506, 701 814, "1,053,991 554444,,330022 339966,,887755 2.,219,829 452,752 309,796 473,360 334,336 995,485 Dec. 22 _ 12,800,524 795,226 4, 554,984 800, 1,021,386 "52'4 ,100 390, 5612,183,787 447,969 305,835 459,161 330,935 985,730 Con D ti e n c g . en 2 t 9 liability on bills pur- 12,853,021 810,118 4,590,371 807,3711,035,703 516,637 390,761 2,184,935 447,439 301,237 457,465 327,969 983,015 chased for foreign correspondents: Dec.l _ I, 138 682 185 174 219 134 Dec. 8 1, 138 476 185 174 219 134 Dec. 15 1,785 138 579 185 174 219 134 Dec. 22 1,680 123 606 165 154 195 119 Com D m ec i . t m 2 e 9 nts to make industrial 1,"" 123 623 165 154 195 119 advances: D D D D D e e e e e c c c c c . . . . . 2 8 1 1 2 2 5 9 _ _ _ 1 1 1 1 1 2 2 2 3 3 , , , , , 8 9 2 7 1 4 4 5 8 3 1 9 5 0 7 1 1 1 1 1 , , , , , 7 7 7 7 7 7 3 0 6 2 1 4 6 4 2 4 4 4 44, , , , , 7 6 7 5• 7 1 7 •5• 4 2 5 5 1 1 1 1 1 3 4 4 4 7 6 1 1 3 3 ' 8 8 7 7 8 0 3 6 5 1 5 3 1 3 2 1 1 1 1 1 , , , , , 6 6 6 6 6 5 5 5 4 3 1 8 7 0 4 3 3 3 3 3 5 5 5 4 5 0 0 0 5 0 1 1 1 1 1 8 8 7 7 7 3 1 6 6 6 1 1 1 1 1 1 1 1 1 1 4 1 2 2 2 2 2 2 2 6 6 6 6 9 9 9 9 3 3 3 3 3 , , , , , 0 1 0 0 0 1 2 0 2 0 6 0 9 3 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABT 1938 FEDERAL RESERVE BULLETIN 25 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO DECEMBER 29, 1937 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) Applications a d p u p st r r o i v al a l b A y d I v n i - - Date ( e la a s c t h W m e o d n n t e h s ) day of N r u e m ce b iv er e n d e t t A o m da o t u e n , t Nu o s t ( e m o w u e r t b s i y t e h c r o n a t d n o C A d it o i m m o w n o d m i s u a t ) i h n t t e - - t Numbe T r ota A l mount a s R F d ta b e e v o n a d s a u d e n e n t r i k - r c v n a e e g l s s c R F t m o a b e e o m n a d s e u d e n n e m t r i k - r t v n s i a t e g l - A b p p u c l p e o t r t m e o n d v - o * e t d d E o r r a r x e c a e p p p a w w t p i a n c n r . i l i t e t i d , - h d b , - , y i s F n p p t t a g a i a u o n n t r t u i i t a i d n o i t o n c i - s n n n c i t s - i - g - 3 1936-July 29 8,197 331,659 2,413 143,978 2,198 134,233 30,217 23,711 8,429 64,342 7,534 Aug. 26.. 8,240 333,930 2,437 145,939 2,218 135,421 29,265 23,355 9,168 66,304 7,329 Sept. 30 , 8,284 336,119 2,463 147,191 2,243 137,251 28,885 23,307 8,566 69,217 7,276 Oct. 28 _ 8,308 336,763 2,477 148,237 2,259 138,731 27,038 22,790 8,544 72,915 7,444 Nov. 25 339,903 2,483 148,317 2,266 138,938 26,720 22,040 7,719 75,045 7,414 Dec. 30 , 8,379 342,699 2,500 149,204 2,280 139,829 25,533 20,959 8,226 77,903 7,208 1937-Jan. 27. 342,999 2,506 149,527 2,287 140,213 24,781 20,238 7,697 80,500 6,997 Feb. 24 .„_ 8,427 343,904 2,517 149,711 2,297 140, 515 24,208 19,523 7,709 82,163 6,912 Mar. 31 8,483 346,911 2,543 150,561 2,323 141,545 23,054 18,611 7,898 85,215 6,767 Apr. 28 8,510 348,342 2,563 152,724 2,336 144,564 23,904 17,528 9,045 86,806 7,281 May 26 >_ 8,524 349,288 2,577 153,720 2,353 145,228 23,196 17,188 8,462 89,268 7,114 June 30 8,546 351,420 2,587 154,960 2,361 145,768 23,014 16,331 1,470 97,668 7,275 July 28 8,554 352,024 2,590 155,023 2,367 145,887 22,462 15,726 1,098 99,271 7,330 Aug. 25 8,572 352,666 2,598 155,514 2,373 146,457 21,752 15,179 1,151 101,139 7,236 Sept. 29 8,593 354,426 2,610 155,902 2,381 146,724 21,395 14,880 534 102,611 7,304 Oct. 27 8,606 354,872 2,618 156,413 147,295 20,875 14,488 899 103,806 7,227 Nov. 24 _. 8,633 359, 706 2,624 156,533 2,392 148,208 20,616 13,316 1,382 105,749 7,145 Dec. 29 8,677 363,292 2,640 158,743 2,406 150,987 20,200 12,780 3,369 109,400 7,238 * Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. * Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,168,763 on December 29,1937. NOTE.—On December 29,1937, there were 46 applications amounting to $3,583,250 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S r is a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Dec. 1 4,623,603 335,848 ,064,619335,406 [61,148 226,780.81,792 014,391 .94,317 44,301 11,326 96,792390,883 D D e e c c . . 8 15 4 4 , , 6 6 6 6 9 5 , , 1 9 9 6 8 2 3 3 3 3 9 6 , , 5 3 0 6 6 6 , ,0 8 0 4 7 , 9 9 , 9 5 3 293 3 3 4 8 3 , , 9 5 3 0 8 2 4 4 t 6 6 4 5, , , 5 5 4 7 0 2 2 2 2 2 6 7 , , 9 0 6 8 3 5 8 S 2 2 , , 5 2S 6 4 9 0 0 2 2 1 0 , , 2 2 7 8 3 8 . 9 9 4 5 , , 6 4 7 4 4 1 . 4 4 4 4 , , 2 44 4 6 3 . 1 8 7 0 9 , , 5 9 6 1 4 1 9 97 8 , , 8 0 4 8 4 25 3 9 9 3 3 , , 4 1 4 0 5 2 Dec. 22 4,709,922 336,759 ,094,666343,982 4i68,191231,676 .84,907 037,197 .97,600.44,765 [81,260 97,912391,007 Dec. 29 „_ 4,683,094 328,956 ,091,838341,969 167,997 2"2"7,,487 84,486 030,395 .07,474.43,595 L79,153 97,489392,255 Held by Federal Reserve bank: Dec. 1 344,114 50,697 109,883 15,615 27,999 13,077 19,019 25,613 13,579 5,617 9,019 7,388 46,608 Dec. 8 371,077 50,767 130,876 16,035 27,053 12,745 19,563 29,207 14,450 5,148 11,723 8,848 44,662 Dec. 15_.._ _ 375,891 48,340 129,786 20,090 26,991 13,753 19,336 30,743 12,820 6,015 11,410 9,654 46,953 Dec. 22 363, 539 46,756 128,610 18,262 23,534 13,820 18,167 35,063 13,064 4,753 11,067 8,610 41, 833 Dec. 29 _ 399,709 43,124 138,232 21,594 31,078 15,654 22,470 35,733 14,709 5,630 10,729 10,450 50,306 In actual circulation;! Dec. 1 4,279,489 285,151 954,736319,791 133,149213,703162,773 988,778L80,738.38,684[68,307 404 344,275 Dec. 8.. 4,294,885 288,739 948,653322,903 138, 519214,340162,721 992,066180,991 .39,095168,841 89,234348,783 Dec. 15. 4,293,307 288,026 955,207 323,412137,549213,210 63,233 989,545 .81,854.38,431.68,501 88,190346,149 Dec. 22 4,346,383 290,003 966,056 325,720144,657217,856 .66,740 002,134 .84,536.40,012.70,193 89,,3 02!349,174 Dec. 29 4, 283,385 285,832 953,606320,375L36,919211,833 .62,016 994,662 82,765[37,965.68,424 87,039 341,949 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: D D e e c c . . 8 1 __ 4 4 , , 6 6 4 9 5 0 , , 6 6 3 3 2 2 3 3 4 4 1 1 , ,0 0 "0 0 *0 0 1 \1 , , 0 0 7 8 0 0 , , 0 0 0 0 0 0 3 3 3 4 7 2 , , 0 0 0 0 0 0 4 4 6 6 2 6 , , 5 5 0 0 0 0 2 22 2 22 7 88 , ,,0 0 00 0 00 0 01 . 6 6 2 2 , , 0 0 0 0 0 0 1 , 0 0 2 4 0 0 , , 0 00 0 0 02 20 0 0 0 , , 6 6 3 3 2 2L L 4 4 7 7 , , 0 0 0 0 0 0 8 8 0 0 , , 0 00 0 0 0 9 9 9 9 , , 5 5 0 0 0 0 3 4 9 0 9 4 , , 0 00 0 0 0 Dec. 15 _„. 4,705,632 341,000 1i,, 090,000347,000 466,50012 28,,000162,000 ,.0 40,.0 00(200,632147,000 .80,000 99,500 404,000 Dec. 22 _ _ 4,730,632 341,000 I., 100,003047,000 471,500 232,000166,000 ,040,000 200,632147,000 82,000 99,500 404,000 Dec. 29 4,735,132 341,000 L.,100,000347,000 4^71,500 228,000 166,000 056,000 200,632140,500 £2,000 99,500 404,000 Eligible paper: Dec. 1 16,450 1,323 3,517 2,974 1,015 560 4,349 340 532 179 813 463 385 Dec. 8 16,677 1 435 4,023 2,675 777 789 4,548 284 175 177 990 426 378 Dec. 15 14,801 893 4,275 2,701 1,161 715 2,659 306 318 208 945 287 333 Dec. 22 15,118 894 4,997 2,581 945 649 2,676 204 325 18S 1,065 299 295 Dec. 29 11,950 784 3,812 2,161 804 648 1,046 232 735 102 1,233 98 295 U. S. Government securities: Dec. 1 - 20,000 20,000 Dec. 8 20,000 20,000 Dec. 15 20,000 20,000 Dec. 22 20,000 20,000 Dec. 29 25,000 20,000 5,00C Total collateral; Dec. 1 4,682,082342,3231,073,51"339,974463,515227,560186,349 1,020,34C201,, 164 147',,1:79 180,812 99,963399,385 Dec. 8. 4,727,305342,435 1., 08.4,0"23 344,675467,277228,789186, 5483 11,,004400..228844 220000, ,£807 147,177 180,99C 9999,,9922€6 440044,,337788 Dec. 15 - 4,740,433341.893 1.,0 94,.2 75 34'9,,701467,661228,715184,659 11, 0"4'"0•, ,3~0"6 200,9501147,208 180,945 99,78;404,333 Dec. 22 _ 4,765,75C 341.889944 11,,110044,,999977 '34 9",581472,445 232; 64!188,6761,040,204 200,957147,188 183,065 99,799 404,295 Dec. 29 4,772,082341,784 1,103,812349,161472,304 228,648187,0461,055,232 201,367 145,602183,233 99,598 404,295 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. 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26 FEDERAL RESERVE BULLETIN JANUARY 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, NOVEMBER, 1937 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Classes of banks de- de- Time banks mem- serve try and districts m d a e n - d m d a e n - d po d s e i - ts ba b n e k r s1 New Chi- b c a i n ty ks banks* posits posits * qu R i e r - ed Held c E e x ss - York cago Total reserves held: All member banks.. 28,717 23,875 11,555 5,815 6,919 1,104 1936— N O o c v to e b m er ber 6 6 , , 7 5 8 9 5 4 2 2 , , 5 6 7 9 4 5 6 6 5 3 1 7 2 2 , , 1 1 8 5 5 3 1 1 , , 2 2 3 5 0 4 Central reserve city banks: December _. 6,665 605 2,157 1,241 New York 9,532 8,832 850 2,347 2,720 373 1937—January 6,716 2,719 568 2,158 1,271 Chicago 2,144 1,892 445 519 588 69 February 6,747 2,812 546 2,128 1,261 March» 6,704 2,652 533 2,203 1,315 Reserve city banks: April 6,824 2,739 563 2,201 1,321 Boston district 944 843 111 175 219 44 May* 6,932 2,684 589 2,272 1,386 New York district 175 145 154 38 42 4 June 6,878 2,669 603 2,230 1,377 Philadelphia district-. 1,030 861 249 187 217 30 July _ 6,845 2,652 581 2,252 1,360 Cleveland district 1,386 1,142 733 272 318 46 August 6,701 2,522 568 2,248 1,362 Richmond district 620 468 203 106 134 28 September 6,854 2,672 576 2,232 1,375 Atlanta district 556 423 173 95 104 9 October. 6,954 2,767 581 2,240 1,366 Chicago district 1,112 855 509 202 238 37 November. 6,919 2,720 588 2,246 1,365 St. Louis district 683 544 172 119 140 21 Week ending (Friday): Minneapolis district- 348 269 93 59 68 9 Nov. 5 6,901 2,741 582 2,217 1,361 Kansas City district... 922 669 159 143 173 29 Nov. 12 6,878 2,685 580 2,233 1,381 Dallas district 605 429 117 93 107 14 Nov. 19 6,916 2,712 583 2,246 1,374 San Francisco district. 1,914 1,558 1,852 423 485 62 Nov. 26 6,954 2,750 593 2,261 1,351 Dec. 3 6,926 2,711 605 2,260 1,350 Total 10,298 8,206 4,525 1,913 2,246 333 D D e e c c . . 1 1 0 7 _-__ 6 6 , , 8 8 5 8 1 7 2 2 , , 6 66 2 0 1 6 6 0 1 6 1 2 2 , , 2 2 6 7 3 0 1 1, , 3 3 4 6 6 1 Country banks: Dec. 24 2,657 585 2,260 1,336 Boston district 780 620 575 121 146 24 Excess reserves: New York district 1,196 938 1,413 216 284 68 1936— October 2,043 639 205 502 Philadelphia district.. 573 452 874 116 144 28 November. 2,219 751 221 724 523 Cleveland district 571 428 663 100 134 34 December 2,046 697 175 675 498 Richmond district 500 345 332 68 94 26 1937—January 767 147 662 518 Atlanta district 418 291 210 53 65 11 February 2,152 868 128 651 505 Chicago district 781 573 652 119 167 48 March» _. 1,371 401 54 488 428 St. Louis district 333 237 231 47 60 13 April __. 1,552 530 101 490 431 Minneapolis district- 302 202 276 45 61 16 May * __. 927 203 51 316 357 Kansas City district- 443 285 157 49 72 23 June 876 176 70 289 341 Dallas district 501 332 94 52 79 27 July 876 199 52 301 324 San Francisco district. 344 242 258 49 60 10 August 750 108 34 287 321 September 900 235 43 289 333 Total 6,742 4,945 5,735 1,036 1,365 328 October 1,043 354 307 323 November. 1,104 373 333 328 Week ending (Friday): i Gross demand deposits minus demand balances with domestic banks Nov. 5 _ 1,060 377 297 321 (except private banks and American branches of foreign banks) and Nov. 12 1,059 339 317 341 cash items in process of collection. Nov. 19 1,099 367 330 338 NOTE.—See table at foot of page 37, for percentages of deposits re- Nov. 26 1,151 404 356 318 quired to be held as reserves. Dec. 3 1,133 374 358 317 Dec. 10 1,066 285 363 329 Dec. 17 PI, 052 291 359 P313 Dec. 24 n,019 298 351 P303 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. » Reserve requirements increased March 1,1937, and May 1, 1937; see table at foot of page 37 for amount of changes. p Preliminary. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Nov. Oct. Nov. Oct, Nov. Oct. Nov. Oct, Nov. Oct. Nov. Oct, Boston 1,725 1,745 686 1,602 1,618 558 564 123 128 128 128 New York.... 10,904 11,194 2,417 2,405 1 1,101 i 1,121 i 1,075 11,078 271 275 492 496 Philadelphia.. 1,602 1,628 1,123 1,132 1,381 1,401 672 681 221 227 450 451 Cleveland 1,956 1,989 1,395 1,395 1,736 1,762 1,103 1,103 221 227 292 292 Richmond 1,120 1,121 535 537 934 935 349 350 186 185 1S6 187 Atlanta 974 984 383 385 835 847 302 304 139 137 81 81 Chicago 4,037 4,070 1,606 1,599 1 1,594 U,611 1890 1886 299 304 271 269 St. Louis 1,021 1,022 404 403 827 822 292 290 194 200 112 113 Minneapolis- 650 649 369 369 470 468 180 181 180 181 188 189 Kansas City.. 1,365 1,381 316 317 1,039 1,052 200 201 326 329 116 116 Dallas 1,106 1,110 211 210 819 827 168 167 287 283 43 43 San Francisco., 2,258 2,286 2,110 2,125 2,126 2,151 2,013 2,028 132 134 96 97 * Total..- 28,717 29,179 11,555 11,569 l14,462 U4,616 17,804 17,832 2,578 2,611 2,456 2,462 * Excluding central reserve city banks, for which figures for latest month are shown in table above. 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27 JANUARY FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a S e s 9 s - 0 S s u i i a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v al e R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e a - k s l 1936—September .__ 6,267 98 37 998 1 326 138 278 4,011 47 332 October 6,351 97 37 1,020 1 329 139 282 4,076 46 324 6,466 96 37 1,051 1 334 141 289 4,156 45 316 December 6,543 95 38 1,057 1 337 142 289 4,233 44 307 1937—January *. ........... 6,349 94 37 1,012 1 329 140 276 4,118 42 300 February 6,399 02 37 1,022 1 329 140 288 4,155 41 294 March . 6,377 91 37 1,022 1 333 141 287 4,139 40 287 6,426 90 37 1,039 1 335 142 291 4,171 40 281 May ...... 6,462 89 38 1,062 1 338 143 289 4,189 38 275 June — 6,447 88 38 1,078 1 341 144 281 4,169 38 269 July 6,460 87 38 1,088 1 341 144 286 4,176 37 263 August „ - 6,524 86 39 1,115 1 345 146 286 4,213 36 258 Sept.GTTiber 6,542 86 39 1,127 1 348 147 284 4,222 35 253 6,555 85 39 1,129 1 349 147 285 4,238 35 248 November ~_~_^ 6,561 84 40 1,144 1 352 148 284 4,232 34 243 Back figures.See Annual Report for 1936 (table 36). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency * Total Unin cir- $50 and over assort- End of month cula- Coin $2 $5 $10 $20 ed* tiom Total $50 $100 $500 Sl.CCO $5,000 $10,000 1936—September. 6,267 501 477 33 1,488 1,437 1,467 383 673 130 253 4 October... 6,351 505 484 33 882 1,516 1,460 1,478 385 679 132 255 7 November. 6,466 513 492 33 900 1,548 ;, 486 1,501 390 690 132 258 December. 6,543 517 499 35 906 1,563 ,501 1,530 399 707 135 265 8 1937—January... 6,349 506 472 33 864 1,500 i,458 1,525 393 702 135 269 9 February.- 6,399 506 475 33 874 1,519 ,464 1,538 395 706 135 273 10 March 6,377 511 476 33 869 1,519 ,451 1,520 386 696 136 275 2 April 6,426 514 482 33 883 1,542 ,468 1,507 381 687 137 277 3 May 6,462 518 489 33 893 1,558 ,466 1,507 380 689 136 278 4 June 6,447 523 487 34 885 1,539 ,458 1,526 384 138 283 5 July 6,460 523 488 33 894 1,550 ,454 1,520 381 137 283 2 August 6,524 529 498 33 907 1,574 .,466 1,520 382 137 283 4 September. 6,542 534 503 33 908 1,574 ,467 1,527 382 702 138 285 4 October... 6,555 535 502 33 909 1,576 1,474 1,531 384 704 138 286 5 November. 6,561 540 504 33 912 1,574 1,480 1,525 381 701 136 287 6 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. * Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1936 (table 37). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] [By selected banks in New York City. In thousands of dollars] Ship- Receipts Net End of month Total d S s b o a i i l u l n l v v l l d - a e e r r r s s S i i s u a l i r v d b e y - * r M c i o n i o n r U S n n t o i a t t t e e e s d s s b F e R e a e r r e n a v d - k l e - t n b i N o o a n t n a e - a k s l 1932. Year or month m E e u n r t o s 5 p 6 t e 7 o E f u 8 r 3 o ro , m 8 p 3 e 8 m sh e i n p t - s rec N 8 e e 3 i t p ,2 ts 71 lioni notes 1933. 554 91,059 90,505 1934. 345 40,587 40,242 1935. 10,628 19,966 9,338 1936. 34,774 26,216 8,558 1936—September. 2,512 1,294 341 143 347 339 October 2,515 1,303 346 145 347 329 1936—No vember.. 5,960 1,536 4,424 November. 2,521 1,310 351 146 347 322 December.. 8,469 745 7,724 December.. 2,532 1,323 356 147 347 314 1937—January 2,092 2,197 105 1937—January 2,532 1,332 356 148 347 305 February 4,279 3,265 1,014 February- 2,536 1,343 356 149 347 298 March 968 3,728 2,760 March 2,541 1,355 357 149 347 291 April 1,434 3,023 1,589 April 2,543 1,365 357 150 347 284 May 909 1,865 956 May 2,547 1,375 358 150 347 278 June 7,000 1,972 5,028 June 2,550 1,382 359 151 347 272 July 809 2,586 1,777 July 2,572 1,409 361 151 347 266 August 877 2.839 1,962 August 2,585 1,424 363 152 347 262 September- 1,946 2,271 325 September. 2,599 1,441 364 153 347 257 October 781 4,531 3,750 October 2,609 1,455 367 154 347 251 November.. 336 13,326 12,990 November. 2,621 1,468 370 155 347 •35 247 For description and back figures see BULLETIN for January 1932, * Includes silver held against silver certificates amounting to $1,380,- pp. 7-9. 000,000 on Nov. 30, 1937 and $1,211,000,000 on Nov. 30, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY 1938 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES* [In millions of dollars] [In thousands ot dollars] Gold stock at Doend of year Increase Net mes- 1937 or month in Net release tic Year or month total gold from gold Inactive s g to ol c d k import m ea a r r - k p d r u o c - - From or to— November October Jan.-Nov. Total account tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 8,238 4202.5 1,133.9 82.6 96.3 1936—November. 9,920 226.7 210.6 9.6 Belgium .„_. 22,030 90,870 12 December- 10,125 205.2 190.0 1.3 11.5 France »- 33 25,001 26,278 25,001 Germany Year 10,125 1,887.2 1,739.0 .2 110.7 Netherlands 6,461 Switzerland 54,452 1936—January 10,182 57.2 45.6 -1.7 9.2 Union of Soviet February __ 10,167 -15.5 -16.6 -9.5 8.4 Socialist He- March 10,184 17.2 5.5 1.0 9.6 publics 504 April 10,225 41.0 28.1 -.2 9.6 United Kingdom.. 15 5,060 24,402 896,713 5,143 May 10,402 176.7 170.0 -3.2 10.4 Canada 816 108,761 47 June 10,C08 206.6 277.8 -24.8 10.0 Central America. _, 331 290 3,445 July 10,648 39.2 15.4 2.3 12.8 Mexico , 2,308 23 2,313 224 35,835 756 August 10,710 68.4 67.5 -11.9 13.1 Argentina 11 September- 10,845 129.0 171.8 -28.8 12.1 Chile _ 487 1,165 8,897 October-— 11,045 199.7 218.8 -11.3 13.8 Colombia 4,323 8 18,381 November. 11,184 139.6 75.8 3.0 11.8 Ecuador 126 145 1,613 December _ 11, 258 26.5 73.3 57.0 -.7 10.9 Peru....— 178 149 2,882 Uruguay Year;.... 11,258 26.5 1,132.5 1,116.6 -85.9 131.6 Venezuela 104 49 531 Australia 3,173 2,076 30,927 1937—January 11, 358 126.5 100.1 121.3 -48.3 9.4 British India 767 6,902 50,655 February._ 11,436 204.7 78.2 120.3 -8.0 8.1 China and Hong March , 11,574 342. 137.9 154.3 -.4 10.6 Kong 1,556 April 11, 799 soao 225.6 215.8 7.2 8.9 Dutch East Indies. J J A M u u u a l n y g y e u ^ _ st , _, 1 1 1 1 2 2 1 2 , , , , 4 5 9 3 4 9 6 1 6 0 7 8 1 1 , , 2 0 7 1 8 59 4 6 . . . 1 8 1 3 1 1 1 2 2 2 9 1 7 1 7 . . . . 6 3 1 8 2 1 1 1 0 7 6 5 4 5 5 2 . . . . 8 4 4 0 - - 1 3 - 2 5 5 5 6 . . . 3 9 5 .2 1 1 1 1 2 6 1 2 . . . . 6 5 0 1 A J P a l h p l i a o li n t p h p e i r n c e o u Is n l t a r n ie d s s ' . . 3 2 7 , , 2 1 1 8 4 0 6 8 0 1 1 9 , , 3 8 2 7 8 5 6 2 2 22 2 7 3 , , 1 6 3 9 6 6 S O e c p to te b m er ber- 1 1 2 2 , , 7 8 4 0 1 3 1 1 , , 3 2 3 1 5 0 . . 0 7 1 6 7 2 4 . . 0 3 1 9 4 0 5 . . 5 5 -8 9 .0 .3 1 1 2 4 . . 0 6 Total 52,194 30,084 90,709 232 1,598,490 30,968 November.. 12,774 1,271.9 -29.3 22.1 -20.1 *13.7 1,242. 5 * Figures represent customs valuations which, with some exceptions, J» Preliminary. are at rate of $35 a fine ounce. NOTE.—Figures for domestic production of gold are those published > Includes all movements of unreported origin or destination. In table, p. 57, adjusted to exclude production in Philippines. Adjust- Back figures.—See table p. 57, and Annual Report for 1936 (tables 32 ment based on annual figures reported by Director of Mint and monthly and 33). imports of gold to 17. S. from Philippines. For back figures, other than those of domestic gold production, see Annual Keport for 1936 (table 30.) BANK DEBITS BANK SUSPENSIONS1 [Debits to individual accounts. Amounts in millions of dollars] Member Non-member banks banks Num- 1937 1936 Total, ber all of banks ti N on a a - l State su I r n e - d1 in N su o r t ed centers Nov. Oct. Nov. New York City 13,432 16,151 17,394 Number of banks suspended: Outside New York City.. 140 18,160 19,923 18,475 1934 67 1 8 48 1935 34 4 22 8 Federal Reserve districts: 1936 44 1 40 3 Boston. __ 1,966 1,981 1937, Jan.-Nov 56 4 2 44 6 New York 14,119 16,883 Philadelphia 1,458 1,622 Deposits of suspended banks Cleveland 1,841 2,137 (in thousands of dollars):* Richmond 708 810 1934 . 36,937 40 1,912 34,985 Atlanta 846 952 1935 10,015 6,313 3,763 939 Chicago 4,694 5,096 1936. 11,306 507 10,207 692 St. Louis 925 1,075 1937, Jan.-Nov 18,602 7,158 1,707 9,257 480 Minneapolis 633 691 Kansas City 1,086 1,200 ba i n R ks e p p r l e a s c e e n d t s i n li c li e q n u s i e d d a t b i a o n n k o s r s r u e s c p e e iv n e d r e s d h ; i p d . oes not include non-licensed S D a a n ll a F s rancisco 2,6 6 2 94 3 2,8 7 7 54 1 * 1 F D e e d p e o r s a i l t s d o e f p m os e i m t b in e s r u b r a a n n k ce s a b n e d c a in m s e u r o e p d e n r o a n ti - v m e e J m a b n e u r a b ry a n 1 k , s 1 s 9 u 3 s 4 p . ended Total.. 141 31,593 36,073 35,869 are as of dates of suspension, and deposits of non-insured non-member banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Annual Report for 1936 (table 67). Back figuret.—Bto Annual Report for 1936 (table 71). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

29 JAKTOABT 1938 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency, For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS* Member banks Non b m an e k m s ber [In millions of dollars] Member banks Nonmember banks Call date Total Other Total ti N on a a - l State M s b a a u v n t i u n k g s al s b m n a b o e n e m n r k - s - Call date ba A n l k l s Total ti N on a- al State M s b a a v u n i t n u k g a s s l b n e o O r n t b m h a e e n r m k - s 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30... 37,998 23,33S 14,772 8,566 9,713 4,946 Oct 25 l 5,818 5,052 766 Oct. 251 23,453 15,070 8,383 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38,505 23,771 15,386 8,385 9,708 5,026 1934—Mar. 5*. 6,206 5,288 918 1934—Mar. 5 »„ 25,293 16,203 9,090 June 30 15,835 6,375 5,417 958 578""1"882 June 30—."41,"870" 26,615 17,097 9,518 9,780 5,475 Oct 17l 6,433 5,461 972 Oct 17l 27,484 17,693 9,791 Dec. 31 16,039 6,442 6,462 980 579 9,018 Dec. 31 44,770 28,943 18,519 10,424 9,828 6,000 1935— Mar. 4 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4.... 44,455 28,589 18,502 10,087 9,837 6,029 June 29 15,994 6,410 5,425 985 571 9,013 June 29.._ 45,766 29,496 19,031 10,465 9,920 6,350 Nov. 1 15,904 6,400 6,403 997 571 8,933 Nov. 1_._. 47,522 31,072 20,128 10,944 9,936 6,513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31... 48,964 32,159 20,886 11,273 9,903 6,842 1936—Mar. 4 15,808 6,377 5,375 1,002 569 8,862 1936—Mar. 4.... 48,716 31,774 20,605 11,169 9,972 6,970 June 30 15,752 6,400 5,368 1,032 566 8,786 June 30... 51,335 34,098 21,986 12,112 10,060 7,176 Dec. 31 _ 15,628 6,376 5,325 1,051 565 8,687 Dec. 31... 53,701 35,893 23,107 12,786 10,143 7,666 1937—Mar. 31 15,569 6,367 5,305 1,062 565 8,637 1937—Mar. 31... 52,577 34,746 22,355 12,390 10,157 7,674 June 30*. 15,527 6,357 5,293 1,064 564 8,606 June30»__ 53,287 35,440 22,926 12,514 10,213 7,635 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Oct. 25 l 24,953 13,059 11,894 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 * 26,648 12,706 13,842 June 30 42,602 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Oct. 17 * 27,559 12,293 15,267 Dec. 31 43,458 20,473 22,984 28,160 12,028 16,122 9,782 5,491 4,291 5,526 2,955) 2,571 1935—-Mar. 4 43,747 20,394 23,353 28,271 11,953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20,272 24,145 28,785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov 1 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31. 45,717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar 4 46,115 20,267 25,847 30,288 12,099 18,189 9,795 5,202 4,592 6,032 2,966 3,066 June 30 „.. 48,458 20,679 27,778 32,259 12,542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—Mar. 31 49,138 21,790 27,348 32,525 13,699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 30« 49,696 22,514 27,182 32,739 14,285 18,454 10,180 6,002 5,178 6,778 3,227 3,550 * Nonmember bank figures not available. » Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures on all call dates include interbank deposits to the extent (estimated as $150,000,000 on June 30, 1937) that they were not shown separately in a few State bank abstracts. * Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31,1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30,1937 with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Back figures.—Bee Annual Report for 1936 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL EESERVE BULLETIN JANUARY 1938 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s l t s - Total C Y N k b o s T i i o r e u e d t o o r r w t y e s - - k i o se t t T o h i c e n o u e s r r s i- e l H o st a e a n a t l s e b a p c o a R n i c o w n n c e e r g k e n p - t- s s t ' - O c c u w a u u n s t n r i r h e s s e e d - e e e d d - r- L > o a to a n n k s s a c S A n e e c p c i e - t n - s B p a b a b r i o l y l l e a - s d p C m c a o i p e a m r e l - r - L C Y e b t o f i r t o r e t o a s o r y w n i - k n i s Total irec t t ion F g s n u u t a l e l r e y - d O e ti t c e h u s e r r i- [Jnited ought States TOTAL—ALL MEM- BER BANKS 1 1 19 9 9 3 3 2 4 3 9 — — -D D Ju e e n c c e . . 3 3 3 1 0 1 » 3 2 2 5 8 4 , , , 9 1 7 3 5 8 4 0 6 2 1 1 3 1 0 , , , 1 3 5 9 3 0 3 7 9 8 1 1 0 6 8 3 5 7 3 7 3 , , , 7 1 6 5 1 8 2 0 5 3 2 2 , , , 1 3 2 9 7 7 1 2 3 1 2 1 9 3 1 2 2 , 1 4 4 5 , , 8 7 5 0 7 8 7 3 1 3 1 5 0 4 5 2 2 2 1 9 5 2 1 6 8 2 3 0 5 1 2 2 8 9 3 7 1 2 1,6 7 8 6 8 4 0 8 3 9 1 6 , , , 7 1 9 8 2 2 4 2 8 3 6 9 , , , 8 8 9 8 6 0 7 3 6 "989" 5 5 5 , f , 2 9 0 2 2 4 7 1 1 1935— D Ju e n c e . 3 2 1 9 2 2 8 9 , . 7 9 8 8 5 5 1 1 0 0 , , 3 5 6 4 9 8 1 19 9 6 2 2 2, , 8 9 9 3 3 1 2 2 , , 2 2 7 8 7 4 1 1 3 6 5 9 4 5, , 0 8 0 3 6 4 1 9 1 8 9 2 1 0 8 1 1 2 1 9 7 2 2 4 7 7 2 1,0 9 4 7 7 5 6 7 , , 8 8 5 1 7 0 0 9 , , 5 8 0 7 1 1 1 1 , , 5 7 5 6 8 8 5 5 , , 4 5 2 4 7 1 1936—-Mar. 4 30,288 10,460 211 2,832 2,301 156 4,960 82 164 25 2S0 1,089 8,189 0,664 1,880 5,745 June 30 — 32,259 10,943 266 2,863 2,340 117 6,355 81 144 18 278 1,079 9,717 1,721 1,950 6,045 Dec 31 33,000 11,628 266 2,785 2,405 131 6,041 85 161 18 324 1,144 9,640 1,639 1,906 6,095 1037—Mar. 31 32,525 11,862 258 2,816 2,440 128 6,220 99 170 22 386 1,159 8,826 0,856 1,861 6,108 June 30 -.— 32,739 12,369 258 2,829 2,505 113 6,663 115 131 15 377 1,278 8,464 0,870 1,819 5,765 . NEW YORK CITY ' 1929—Dec. 31 8,774 4,964 55 2,145 169 2,595 322 128 46 21 1,202 2,091 1,112 979 1 1 Q 93 1& 4— — D Ti e m c e . 3 "^ 1 0* 7 7 ,7 1 6 3 1 3 2 2 ,2 2 0 9 2 7 3 64 8 1,0 8 4 20 4 1 1 5 39 7 1 16 2 4 0 1,0 9 2 3 4 7 1 6 6 3 2 2 21 2 0 4 1 1 6 0 1 6 0 7 66 2 2 0 3 4 , , 7 6 0 0 9 2 3 2 , , 2 5 4 5 6 1 278 1 1 , , 0 1 7 5 8 8 1935—June 29 8,303 2,146 58 783 138 82 1,085 48 183 7 5 930 4,983 3,462 348 1,174 Dec 31 8,418 2,196 60 793 140 107 1,096 42 158 16 5 1,018 4,985 3,425 401 1,159 1036-Mar. 4 8,802 2,215 64 792 148 99 1,112 29 141 13 4 1,043 5,355 3,602 505 1,248 June 30 - -- 9,656 2,338 76 813 146 65 1,238 28 123 8 3 1,028 6,028 4,196 567 1,265 Pec. 31 9,280 2,567 78 753 144 65 1,527 42 136 10 5 1,095 5,425 3,739 470 1,217 19^7 Mar 31 9 101 2,676 74 790 142 69 1,600 51 119 6 4 1,105 5,140 3,356 473 1,311 June 30 -..., 9,006 2,890 76 824 149 65 1,776 62 98 1 5 1,219 4,730 3,176 454 1,100 CITY OF CHICAGO * 1929 Dec 31 1,757 1,330 240 533 21 5S5 88 9 5 5 11 309 116 193 toqq Tune 30 * 1 287 589 48 251 30 24 237 30 27 7 12 13 610 384 220 1934—Dec. 31 1,681 435 29 170 18 16 202 11 29 5 27 26 1,049 743 78 229 1936—June 29 1,592 458 33 163 15 12 236 7 4 1 14 1 1,107 766 87 254 Dec. 31 1,868 455 28 149 15 14 249 6 1 1 12 1 1,392 1,061 88 243 1936—Mar. 4 1,946 456 32 148 13 12 251 5 2 1 10 1 1,470 1,131 89 250 June 30 1,951 513 59 145 14 10 284 5 3 2 10 1 1,419 1,014 92 312 Pec. 31 2,100 613 60 140 13 8 402 6 3 1 10 1 1,467 1,107 94 266 1937—Mar. 31 1,868 629 52 155 14 2 407 4 2 1 12 1 1,220 853 94 273 June 30 1,969 651 60 145 13 6 437 2 3 1 16 1 1,295 907 94 294 EESERVE CITY BANKS 1929—Dec. 31 12,029 8,418 ' 425 2,775 1,538 3, >79 258 42 24 102 239 2,944 1 368 1,576 1933—June 30 * 8,492 4,258 63 1,340 1,131 46 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—Dec. 31 - — 10,028 4,024 90 1,124 1,090 49 1,671 55 13 9 108 105 5,715 3 809 279 1,628 1935—June 29 10,151 3,967 87 1,053 1,105 40 1,682 43 10 7 112 25 5,986 3 712 571 1,703 Dec. 31 10,780 4,144 96 1,057 1,094 46 1,851 34 19 10 120 21 6,432 4,076 656 1,701 1936-Mar. 4 10,655 4,071 101 1,027 1,096 43 1,805 31 18 9 120 30 6,375 3,958 656 1,761 June 30 11,306 4,242 115 1,044 1,101 40 1,941 31 16 7 113 34 6,863 4 349 651 1,863 Dec. 31 11,795 4,582 123 1048 1,124 56 2,231 23 17 5 131 36 7,000 4 426 697 1,877 1937—Mar 31 11 611 4,618 114 1,039 1,135 55 2,276 29 37 10 154 38 6,725 4,250 669 1 805 June 30 11,629 4,739 114 1,032 1,164 39 2,389 34 25 7 145 44 6,635 4,267 635 l|733 COUNTRY BANKS 1929—Dec. 31 13,375 8,481 83 2,231 1,462 '05 45 33 5 163 208 4,439 1,267 3,172 1933—June 30 > 7,873 4,194 15 1,117 1,055 2,005 38 4 1 27 10 3,598 1,469 2,129 1934—Dec. 31 8,780 3,849 14 996 1,026 2 1,810 27 5 2 92 50 4,756 2,108 ""355 2,293 1935—June 29 8,739 3,798 13 932 1,020 2 1,831 21 3 2 116 18 4,780 1,931 553 2,29« Dec. 31 8,919 3,754 13 894 1,035 2 1,810 17 3 n 135 7 5,002 1,940 623 2,439 1936—Mar. 4. , . 8,885 3,716 15 865 1,043 2 1,791 17 3 £ 145 14 4,989 1,873 630 2,486 J P u e n c e . 3 3 1 0 9 9 , , 4 8 4 2 6 5 3 3 , , 8 8 5 6 0 6 1 1 7 6 8 8 6 4 1 3 1 1 , , 0 1 7 2 8 3 2 3 1 1 , , 8 8 9 8 1 1 1 1 6 4 4 1 1 t 1 1 5 7 2 8 1 1 6 3 5 5 , , 4 7 0 4 7 7 2 2 ,3 1 6 6 8 3 6 6 4 4 0 5 2 2 , , 6 73 0 4 5 1937- J M u a n r e . 3 3 0 1 1 9 0 , , 9 1 4 3 5 4 4 3 , , 0 9 8 4 9 0 1 1 7 8 8 8 2 3 8 3 1 1, , 1 1 7 5 9 0 2 2 2 1 , , 0 9 6 3 2 7 1 1 5 6 1 4 2 A 5 5 2 21 1 6 1 1 1 5 6 5 5, , 7 7 9 4 4 1 2 2 , , 3 5 9 2 7 0 6 6 2 3 6 5 2 2 , , 6 7 3 1 1 9 1 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. > Beginning June 30,1633, figures relate to licensed banks only. » Central reserve city banks. Backfigures.—See Annual Report for 1936 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

31 JANUARY FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e a R R e r e r n r i v e e a v t d k - - h e l e - s s v C a i a u n s l h t b a w m B a d n t n e i a i o c c t k s l e - h - - s s 1 r o t i e p e i t f l d e e p r o e c i - o s n n m o s a c r c s s - t o * l - - b m D a t I n i e n o c s k t - - e s rb b a e F a n i o n g k r k n - s S U m G e t e r a n e o n d t n i v e - t t - - s f P u l u n ic b d - s l c C e c c h a o f t a e e o i e f n t e f s r r e f c d i d h t s - r k i ' s - s ' s t I p p u i h n v c n o o a a o e i i d n r p d l r r r a s i t s - - s - - - , - , , j d i m u t e D s s a p t e e a n o - d d d s * - - b m D a I t n i n e o c s t k - e - s rb b e F a a i n o n g k r k n - s i P s o n t a s- a g v l s - f P u l u n ic b- ds s t p I p u i v h n c n o o a a o i e i d n r d p l r r r a s t i s - - - s - , - - , , r B i o o w n r - - gs credit > etc. etc. TOTAL—ALL MEM* BER BANK? 1929-Dec.31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17,526 16,647 95 154 122 595 12,267 879 1933—June 30 • 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 1 788 300 7,803 191 1934—Dec. 31... — 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 452 294 9,020 13 1936 June 29 - 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 5 307 285 9,462 9 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18,801 151 5 218 361 9,680 6 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 5 167 344 9,784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19,322 20,284 151 6 152 378 0,099 6 Dec. 31- 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21,647 153 6 104 296 0,429 15 1937—Mar 31 6,613 662 3,445 1,974 5,752 458 415 2,564 677 20,085 21,352 153 6 97 269 0,639 18 June 30 „ 6,897 629 3,207 2,201 5,298 615 628 2,577 752 20,272 21,401 123 14 100 292 0,818 16 NEW YORK CITY ' 1920—Dec. 31 827 68 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 18 33 1,112 179 10^3 June 30 5 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 110 4 671 8 1934 T)ec 31- 1,576 86 103 1,069 1,798 126 792 229 540 6,370 5,069 1 7 56 4 591 ltns June 29 1,935 51 133 447 1,983 248 369 354 149 5,924 5,979 4 27 6 567 Dec 31 - — 2,541 65 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 12 591 IQQA Mar 4 2,493 67 108 829 2,627 363 140 260 496 6,471 6,398 4 11 586 2 June 30 - 2,106 65 114 982 2,390 428 215 357 489 6,891 6,756 5 10 601 Dec. 31 2,658 61 133 1,087 2,493 393 225 285 457 7,274 6,929 4 13 679 12 1007 Mar 31 2,719 56 123 853 2,171 419 129 314 354 7,237 7,051 5 14 758 1 June 30 2,749 60 105 996 2,014 675 306 368 427 6,934 6,733 12 17 767 3 CITY OF CHICAGO 6 IQ2Q Dec 31 169 13 133 158 310 26 8 42 32 1,041 957 19 7 2 58 332 41 1933—June 30 B 232 34 203 61 259 2 46 87 16 870 912 6 1 358 1934—Dec. 31 - -. 415 40 207 90 445 2 46 182 23 1,073 1,189 1 381 I935—June 29. --_ 675 37 249 73 504 3 20 198 24 1,208 1,357 469 Dec. 31. 511 39 209 135 522 4 98 208 27 1,301 1,401 413 1936—Mar. 4 480 35 195 96 594 4 81 217 26 1,243 1,390 407 June 30 749 38 195 147 635 5 102 221 27 1,444 1,546 444 Dec. 31 558 32 188 159 599 5 72 191 27 1,495 1,554 449 1937—Mar. 31 482 21 93 114 596 5 96 203 38 1,001 1,128 440 1 June 30- 696 27 156 130 536 6 41 208 22 1,409 1,509 452 RESERVE CITY BANKS 1929—Dec 31 751 156 947 1,041 1,604 50 76 423 300 6,547 5,229 30 14 41 371 4,433 292 1933—June 30 B ... 705 122 1,002 401 1,315 15 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec. 31. 1,268 207 1,543 537 1,984 17 620 585 169 4,919 5,136 117 1 186 206 3,494 1035 June 29 1,403 213 1,607 471 2,145 21 299 674 140 5,314 5,656 119 1 118 203 3 670 Dec. 31... 1,594 256 1,779 752 2,422 28 385 707 204 6,001 6,161 134 1 79 266 3,796 1936—Mar 4 1,794 264 1,910 607 2,594 26 285 733 151 5,961 6,238 135 1 72 251 3,853 1 June 30 - 1,763 289 1,907 763 2,551 30 513 733 152 6,419 6,541 135 1 65 288 3 960 Dec. 31 2,108 285 1,816 971 2,826 33 407 843 230 7,023 7,126 137 1 35 203 4 026 1937 Mar 31 2,108 264 1,545 764 2,546 32 132 935 155 6,833 7,159 137 2 34 176 4,064 5 June 30 - 2,215* 212 1,392 805 2,339 33 212 934 163 6,840 7,132 108 2 35 190 4,140 1 COUNTRY BANKS « 1929—Dec. 31 627 321 908 291 405 3 39 742 169 5,091 5,711 6 61 133 6,390 367 1933-June 30 * 452 203 702 149 228 1 116 555 72 2,576 3,054 7 285 86 3,833 167 1934—Dec 31 822 275 1,296 207 342 ' 2 178 804 106 3,589 4,292 16 210 84 4,554 13 I935—jUne 29 920 236 1,406 192 347 1 90 865 104 3,761 4,638 16 162 76 4,756 9 Dec. 31 927 305 1,676 235 415 1 137 901 127 4,254 5,047 16 136 83 4 879 6 1936—Mar. 4 1,017 268 1,757 187 433 1 93 965 106 4,252 5,136 17 95 82 4 938 8 June 30 989 322 1,727 256 410 1 207 1,008 121 4,567 5,440 16 87 80 5,094 6 Dec. 31- 1,247 319 1,929 316 483 2 178 1,011 167 5,177 6,039 16 69 80 5 275 3 1937—Mar. 31 1,304- 321 1,684 242 440 2 57 1,113 130 5,013 6,012 16 64 79 5 377 11 June 30 1,337 330 1,554 269 409 2 69 1,067 139 5,089 6.027 15 64 85 5,459 12 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." * Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. * Includes t4Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. »Beginning June 1933 figures relate to licensed banks only. * Central reserve city banks. Back figures.—Bee Annual Report for 1936 (table 54). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans1 Investments Re- Total XI. S. Govern- serve Bal- Date or month i m n lo a v e n a e n n d s t s t s - Total b d i r e a n T o a n k l o d s e e e r - r s s ( s e t o e i x t e O c h c s u e e n r t r p i o s - t ba T n o ks e l R o st a e a n a t l s e p O m a k p p a e e e t r n - rs l O o t a h n e s r ' Total men t t i o o n b F s l u ig l a ly - s O e t c i t u e h r s e i r - w s F e e R i e r r e t a v d h - l e - v C a i a n u s l h t d b o a w a t n m n i i c e t k e h e s s s curities! banks)i Direct guar- banks anteed TOTAL—101 CITIES 1936—November 22,444 8,755 ,156 2,024 62 1,148 323 4,042 13,689 9,232 1,255 3,202 5,422 404 2,463 1937—May 22,201 9,523 .,328 12,061 120 • 160 S382 2 4,477 12,678 8,320 1,163 3,195 5,350 338 1,790 June 22,330 9,697 ,393 2,006 131 167 474 4,526 12,633 8,355 1,160 3,118 5,332 315 1,761 July 22,219 9,743 ,375 2,001 124 164 463 4,616 12,476 8,268 1,170 3,038 5,291 312 1,771 August 22,332 9,929 ,362 2,002 145 164 467 4,789 12,403 8,229 1,160 3,014 5,149 296 1,683 September 22,187 10,026 1,317 2,007 117 ,164 468 4,953 12,161 8,068 1,131 2,962 5,313 305 1,703 October 21,889 9,890 1,103 1,996 90 ,168 479 5,054 11,999 7,914 1,132 2,953 5,384 326 1,781 November 21,556 9,559 881 1,976 74 ,169 481 4,978 11,997 7,970 1,127 2,900 5,348 320 1,804 1937—October 20 21,800 9,913 1,119 1,939 ,167 482 5,063 11,977 7,896 1,132 2,949 5,368 318 1,787 October 27 21, 694 9,682 956 1,979 i,169 481 5,016 12,012 7,933 1,133 2,946 5,404 334 1,742 November 3 21,654 9,625 901 1,981 ,169 477 5,001 12,029 7,968 1,137 2,924 5,325 318 1,744 November 10 21,60S 9,600 877 1,980 .,169 481 5,020 12,008 7,972 1,128 2,908 5,309 331 1,755 November 17 21,530 9,532 865 1,978 ,169 485 4,970 11,998 7,974 1,125 2,899 5,365 314 1,867 November 24 21, 432 9,479 881 1,965 i,16S 479 4,922 11,953 7,966 1,120 2,867 5,394 317 1,850 December 1 21,381 9,441 876 1,967 ,167 475 4,888 11, 940 7,963 1,118 2,859 5,374 304 1,869 December 8 _. 21, 489 9,509 946 1,965 .,168 476 4,877 11,980 8,013 1,102 2,865 5,291 340 1,803 December 15 21,6C8 9,500 913 1,961 1,170 476 4,896 12,168 8,172 1,114 2,882 5,365 337 1,869 December 22 21, 480 9,418 887 1,952 1,166 472 4,870 12,062 8,067 1,110 2,885 5,335 367 1,825 December 29 21,402 9,387 1,951 1,165 461 4,850 12,015 8,018 1,116 2,881 5,427 355 1,886 NEW YORK CITY 3936—November 8,622 3,420 978 710 30 130 135 1,437 5,202 3,721 461 1,020 2,575 78 1937—May 8.335 3,804 * 1,133 *733 76 129 3103 1,632 4,531 3,024 435 1,072 2,492 70 J J u u n ly e 8 8 , , 4 3 9 7 1 5 3,975 1 1 , , 1 1 8 5 4 9 7 7 5 5 4 8 8 8 8 5 1 1 3 3 2 4 1 16 6 1 3 1 1 , , 6 6 4 8 4 2 4 4 , , 5 40 2 0 2 3,059 4 44 3 1 7 1, 9 0 7 2 3 6 2 2, t5 4 0 8 6 6 6 6 6 8 August 8,355 4,021 1,148 739 107 135 162 1,730 4,334 2,944 420 970 2,362 66 September 8,273 4,040 1,108 727 83 134 168 1,820 4,233 2,866 395 972 2,527 66 October 8,068 3,881 915 713 62 135 185 1,871 4,187 2,814 390 983 2,597 67 November 7,875 3,605 715 710 38 133 187 1,822 4,270 2,943 2,540 69 1937—October 20 8,075 3,903 929 708 66 135 187 1,878 4,172 2,799 984 2,578 69 October 27 7,914 3,702 779 702 55 134 186 1,846 4,212 2,849 974 2,624 68 November 3 7,913 3,657 732 711 59 134 182 1,839 4,256 2,907 392 957 2,539 November 10 7,888 3,628 709 711 37 134 188 1,849 4,260 2,929 382 949 2,499 November 17 7,867 3,578 701 711 28 133 190 1,815 4,289 2,958 384 947 2,551 72 November 24 7,833 3,559 718 705 27 132 190 1,787 4,274 2,976 378 920 2,569 69 December 1 7,819 3,534 710 701 30 131 191 1,771 4,285 2,990 375 920 2,543 76 December 8 7,927 3,590 770 702 38 131 191 1,758 4,337 3,049 364 924 2,451 66 December 15 7,981 3,570 732 701 48 130 194 1,765 4,411 3,111 359 941 2,530 73 December 22 7,869 3,518 714 691 36 128 194 1,755 4,351 3,046 359 946 2,515 71 December 29 7,857 3,513 719 683 34 129 192 1,756 4,344 3,031 366 947 2,553 73 OUTSIDE NEW YORK CITY 1936—November 13.822 5,335 178 1,314 1,018 188 2,605 8,487 5,511 794 2,182 2,847 346 2,385 1937—May 13,866 5,719 U95 * 1,328 1,031 *279 *2,845 8,147 5,296 728 2,123 2,858 284 1,720 June 13,839 5,728 209 1,248 1,035 311 2,882 8,111 5,296 723 2,092 2,826 262 1,695 July 13,844 5,768 216 1,247 1,030 302 2,934 8,076 5,282 729 2,065 2,805 261 1,703 August 13,977 5,908 214 1,263 1,029 305 3,059 8,069 5,285 740 2,044 2,787 246 1,617 September.... 13,914 5,986 209 1,280 1,030 300 3,133 7,928 5,202 736 1,990 2,786 252 1,637 October 13, 821 6,009 188 1,283 1,033 294 3 183 7,812 5,100 742 1,970 2,787 266 1,714 November 13,681 5,954 166 1,266 1,036 294 3,156 7,727 5,027 743 1,957 2,808 261 1,735 1937—October 20 13, 815 6,010 190 1,281 1,032 295 3,185 7,805 5,097 743 1,965 2,790 260 1,718 October 27 13,780 177 1,277 1,035 295 3,170 7,800 5,084 744 1,972 2,780 272 1,674 November 3_.. 13,741 5,968 169 1,270 1,035 295 3,162 7,773 5,061 745 1,967 2,786 256 1,676 November 10 13,720 5,972 168 1,269 1,035 293 3,171 7,748 5,043 746 1;959 2,810 269 1,687 November 17 13,663 5,954 164 1,267 1,036 295 3,155 7,709 5,016 741 1,952 2,814 260 1,795 November 24 13,599 5,920 163 1,260 1,036 289 3,135 7,679 4,990 742 1,947 2,825 258 1,781 December 1 13,562 5,907 166 1,266 1,036 284 3,117 7,655 4,973 743 1,939 2,831 252 1,793 December 8 13, 562 5,919 176 1,263 1,037 285 3,119 7,643 4,964 738 1,941 2,840 284 1,737 December 15 13, 687 5,930 181 1,260 1,040 282 3,131 7,757 5,061 755 1,941 2,835 277 1,796 December 22 13, 611 5,900 173 1,261 1,038 278 3,115 7,711 5,021 751 1,939 2,820 298 1,754 December 29 13,545 5,874 175 1,268 1,036 3,094 7,671 4,987 750 1,934 2,874 294 1,813 i Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revision see June BULLETIN, pages 530-531. * Average of figures for May 5 and 12 only (see note above). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

33 JANUARY 1938 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Demand deposits Time deposits items Total De- Date or month i r n e e e s p d p s o r a o o r s t f c - - O as t s h e e ts r Total Do I m n e te s- rbank G U S o n t v a i e t t e e r s n d - c C h f e e ie r c t d k i- s, Other j i d t u m s e s — p a te n o a d d s d ! - - D I o n - terba F n o k r- Other B r i o n o w g r s - - O li i a t t i b h e i e s l r - c ta C o l u a n p ac t i - collec- liabil- tic Foreign ment etc. mestic eign tion i ities banks banks banks banks TOTAL—101 CITIES 1936—November ,663 ,318 33, 714 6,106 448 548 584 16,441 15,362 130 5,032 3,539 1937—May 1,460 ,338 32,467 5,032 528 201 441 16,429 15,420 106 5,194 915 3,593 June ,569 .,325 32,632 4,927 579 378 489 16,380 15,300 101 5,233 906 3,602 July ,497 ,277 32,367 4,984 606 447 480 16,001 14,984 101 5,254 863 3,597 August _. ,322 ,269 32,051 4,880 568 515 402 15,838 14,918 99 5,245 843 3,607 September ,568 ,286 32,362 4,878 559 616 510 15,900 14,843 112 5,283 863 3,612 October ,568 ,304 32, 252 4,976 503 555 448 15,875 14,756 112 21 5,278 862 3,617 November ,511 ,305 31,844 4,928 425 424 467 15,681 14,636 111 5,287 873 3,623 1937—October 20 ,571 ,314 32, 248 4,975 497 508 503 15,857 14,789 113 5,2R5 866 3,617 October 27 ,479 ,311 31, 964 4,836 472 471 456 15,827 14,804 110 5,274 872 3,620 November 3... 1,607 L,309 31,957 4,929 457 447 489 15,728 14,610 111 5,278 865 3,621 November 10.. 1,499 i,292 31, 794 4,868 428 416 512 15,644 14,657 112 5,302 867 3,623 November 17.. 1,580 1,308 31,964 5,010 414 416 455 15,737 14,612 112 5,296 877 3,624 November 24.. 1,360 .,310 31,663 4,906 402 418 410 15,615 14,665 110 5,273 884 3,624 Dec. 1 1,588 ,313 31,829 4,951 397 416 493 15, 707 14,612 109 5,234 864 3,631 Dec. 8 , 1,267 ,307 31, 497 4,885 388 417 431 15,543 14,707 111 5,183 872 3,634 Dec. 15 1,900 1,296 32,495 4,963 401 684 637 15,998 14,675 111 5,192 848 3,630 D D e e c c . . 2 2 9 2 1 1, , 5 5 5 5 0 8 1 1 , , 2 2 6 8 7 8 3 3 1 1 , , 8 8 8 5 7 3 4 4, , 9 9 8 3 1 3 4 4 3 3 5 3 6 69 8 1 9 4 44 7 6 0 1 15 5 , , 5 5 3 1 5 1 1 1 4 4 , , 4 4 3 2 1 3 1 1 0 0 9 9 5 5, t2 2 0 0 1 5 8 84 5 3 9 3 3, , 6 6 2 3 6 0 NEW YORK CITY 1936—November 795 468 12,596 2,529 102 402 6,756 6,363 583 369 1,442 1937—May... 622 482 12,055 1,926 490 50 274 6,730 6,382 697 394 1,475 June 716 474 12,306 1,911 540 179 311 6,729 6,324 723 404 1,477 July , 658 455 12,093 1,940 563 233 307 6,404 6,054 746 400 1,475 August , 541 450 11,824 1,863 524 275 241 6,298 5,998 726 379 1,482 September 722 459 12,100 1,896 516 346 332 6,397 6,007 726 390 1,477 October _. 675 459 11,926 1,941 466 303 287 6,324 5,936 728 380 1,478 November..... 695 478 11,716 1,940 390 232 301 6,228 5,834 747 381 1,481 1937—October 20 694 463 11,937 1,942 459 279 329 6,312 5,947 734 384 1,478 October 27..... 683 458 11,809 1,887 436 257 300 6,324 5,941 734 375 1,479 November 3.... 786 462 11,830 1,954 421 245 332 6,266 5,812 736 374 1,480 November 10... 712 482 11,711 1,895 393 228 317 6,245 5,850 759 377 1,481 November 17.. 701 485 11,730 1,959 380 . 228 302 6,232 5,833 751 383 1,480 November 24... fi82 483 11, 595 1,952 367 228 254 6,169 5,841 742 388 1,480 Dec. 1 _. 725 483 11,698 1,985 362 228 292 6,235 5,802 722 373 1,483 Dec. 8 563 477 11,540 1,936 353 228 257 6,223 5,917 662 374 1,483 Dec. 15 1,034 470 12,148 2,021 366 364 452 6,408 5,826 662 366 1,483 Dec. 22 733 468 11,725 1,972 398 364 314 6,151 5,732 665 367 1,484 Dec. 29 _„. 691 467 11,702 2,005 397 364 280 6,142 5,731 660 360 1,484 OUTSIDE NEW YORK CITY 1936—November 868 850 21,118 3,577 446 182 9,685 8,999 130 4,449 511 2,097 1937—May 82S 856 20,412 3,106 151 167 9,699 9,038 106 4,497 521 2,118 J J u u n ly e , 8 83 5 9 3 8 8 5 2 1 2 2 2 0 0 , , 3 2 2 7 6 4 3 3, , 0 0 4 1 4 6 2 1 1 9 4 9 1 1 7 7 8 3 9 9, , 6 5 5 9 1 7 8 8, , 9 9 3 7 0 6 1 1 0 0 1 1 4 4, , 5 5 1 0 0 8 5 46 0 3 2 2 2, f 1 1 2 2 2 5 August. 781 819 20,227 3,017 240 161 9,540 8,920 99 4,519 464 '2,125 September 846 827 20,262 2,982 270 178 9,503 8,836 112 4,557 473 2,135 October. _. 893 845 20,326 3,035 252 161 9,551 8,820 112 4,550 482 2,139 November 816 827 20,128 2,988 192 166 9,453 8,802 111 4,540 492 2,142 1937—October 20 , 877 851 20,311 3,033 229 174 9,545 8,842 113 4,551 482 2,139 October 27 796 853 20,155 2,949 214 156 9,503 8,863 110 4,540 497 2,141 November 3.... 821 847 20,127 2,975 202 157 9,462 8,798 111 4,542 491 2,141 November 10... 787 810 20,083 2,973 188 195 9,399 8,807 112 4,543 490 2,142 November 17... 879 823 20,234 3,051 188 153 9,505 8,779 112 4,545 494 2,144 November 24... 778 827 20,068 2,954 190 156 9,446 8,824 110 4,531 496 2,144 Dec. 1... 863 830 20,131 2,966 188 201 9,472 8,810 109 4,512 491 2,148 Dec. 8... 704 830 19,957 2,949 189 174 9,320 8,790 111 4,521 498 2,151 Dec. 15. 926 826 20,347 2,942 320 185 9,590 8,849 111 4,530 482 2,147 Dec. 22.. 825 820 20,128 2,961 325 156 9,360 8,691 109 4,536 492 2,146 Dec. 29. 859 800 20,185 2,976 327 166 9,393 8,700 109 4,545 483 2,142 i Does not include cash items in process of collection reported in balances with domestic banks, s Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. NOTE.—For back figures and description of figures see BUILETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Besearch and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a * - C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- Lo S u t. is n M o e l a i i n p s - - K C s a i a n t s - y Dallas F c S r is a a c n n o - Y N o e r w k Ch g i o ca- ASSETS Loans and investmentstotal: D D e e c c . .8 1 2 2 1 1 , , 4 3 8 8 9 1 1 1 , , 2 2 2 2 5 2 8,794 1 1 , , 1 1 3 2 0 6 1 1 , ,8 8 4 4 4 8 6 6 2 3 5 3 5 5 5 5 3 6 2 2 , , 9 9 6 7 9 0 6 6 5 5 2 4 3 3 9 9 3 2 6 67 8 9 5 5 5 0 0 7 8 2 2 , , 1 1 0 1 6 1 7 7 , , 8 9 1 2 9 7 1 1, , 9 9 2 1 0 9 Dec. 15 21,668 1,217 8,857 1,127 1,857 648 565 3,000 663 392 685 512 2,145 7,981 1,944 Dec. 22.... 21,480 1,208 8,744 1,116 1,834 645 564 2, 988 658 389 676 514 2,144 7,869 1,936 Dec. 29 21, 402 1, 198 8,725 1,110 1,828 645 556 2,973 658 387 672 509 2,141 7,857 1,925 Loans—total: D D D D D e e e e e c c c c c . . . . .8 2 2 1 1 9 2 5 9 9 9 9 9 , , , , , 4 4 3 5 5 4 1 0 8 0 1 8 0 7 9 6 6 6 6 6 6 5 4 4 6 7 8 4 9 2 4 4 3 3 3 , , , , , 0 9 0 9 9 1 5 7 3 6 8 7 7 4 7 4 4 4 4 4 5 6 5 6 5 9 2 9 0 8 7 7 7 7 7 2 1 2 1 1 1 5 0 4 2 2 2 2 2 2 5 5 5 5 5 4 7 3 5 2 2 2 2 2 2 9 9 9 9 9 2 3 5 5 8 1, 9 9 9 9 0 8 9 0 9 8 1 9 2 5 1 3 3 3 3 3 2 2 2 2 2 3 0 4 4 2 1 1 1 1 1 8 8 7 8 8 1 5 9 5 2 2 2 2 2 2 8 8 8 8 7 0 1 0 0 8 2 2 2 2 2 5 5 5 5 5 1 2 2 3 4 1 1 1 1 1 , , , , , 0 0 0 0 0 4 4 5 5 4 9 9 5 2 9 3 3 3 3 3 , , , , , 5 5 5 5 5 1 3 1 7 9 8 3 4 0 0 6 6 6 6 6 6 5 4 6 4 5 9 9 6 1 Commercial, industrial, and agriculture loans: On securities: Dec. 1 - 579 249 235 31 Dec.8 576 247 233 31 Dec. 15 574 247 233 31 Dec. 22 _. 576 247 233 31 Dec. 29 579 241 227 34 Otherwise secured and unsecured: Dec. 1 4,058 274 1,700 167 248 144 554 145 159 148 337 1,575 410 Dec.8 •4,052 271 1,692 165 250 145 559 146 158 149 337 1,568 411 Dec. U 4,071 265 1,701 170 252 148 560 148 158 149 341 1,576 414 Dec. 22 4,041 262 1,686 171 248 99 151 546 149 159 151 339 1,561 400 Dec. S9 4,022 260 1,684 169 243 100 149 543 151 158 150 336 1,560 395 Open market paper: Dec. l._. --- 475 83 202 21 18 15 4 52 10 23 3 37 191 29 Dec. 8 - 476 82 202 22 18 15 4 53 10 23 3 37 191 30 Dec. 15 476 81 206 20 20 15 4 50 10 23 3 37 194 29 Dec. 22 472 80 206 20 19 15 4 49 22 3 38 194 28 Dec. 29 -- 4G1 79 203 18 17 15 4 47 .21 3 37 192 27 Loans to brokers and dealers: Dec. 1 876 31 719 19 23 4 45 4 3 16 710 39 Dec. 8.. 946 32 781 20 23 4 50 4 4 16 770 44 Dec. 15 913 36 745 19 24 5 49 4 3 16 732 43 Dec. 22 887 31 727 19 23 4 49 4 3 15 714 42 Dec. 29.. 894 30 733 21 24 4 47 4 3 16 719 39 Other loans for purchasing or carrying securities: Dec. 1 650 306 39 229 77 Dec.8 654 309 40 232 77 Dec. 15 654 308 40 232 77 Dec. 22.... 649 304 40 227 76 Dec. 29 635 293 39 217 75 Real estate loans: Dec. 1 1,167 239 176 372 131 13 Decs.... 1,168 239 176 373 131 13 Dec. 15 1,170 238 176 374 130 13 Dec. 22 1,166 236 175 373 128 13 Dec. 29.. ._ 1,165 236 175 373 129 13 Loans to banks: Dec. 1 31 4 3 2 Dec.8 39 6 3 2 Dec. 15 49 3 3 1 Dec. 22 37 3 3 2 Dec. 29 35 3 3 1 Other loans: On securities: Dec. 1..: 738 121 237 22 Dec. S 735 269 121 237 21 Dec. 15 733 268 120 236 22 Dec. 22 727 263 120 231 21 Dec. 29 737 270 125 30 239 21 Otherwise secured and unsecured: Dec. 1 830 262 103 196 36 Dec.8 825 256 103 190 36 Dec. 15 . 825 256 105 36 Dec. 22 829 261 107 194 36 Dec. 29 828 262 105 196 36 U. S. Government direct obligations: Dec. 1 „ 7,963 409 3,207 310 811 263 151 1,396 193 151 240 179 653 2,990 904 Dec.8 _., 8,013 410 3,263 310 803 272 153 1,389 194 151 238 179 651 3,049 899 Dec. 15 '8,172 408 3,328 310 814 284 160 rl,4l7 198 154 245 182 672 3,111 920 Dec. 22 8,067 406 3,261 303 797 280 157 1,420 195 153 238 182 675 3,046 929 Dec. 29..., ., 8,018 402 3,244 299 796 279 153 1,408 194 154 235 178 676 3,031 926 Obligations fully guaranteed by U. S. Government: Dec. 1 1,118 421 94 189 118 375 100 Dec.8 1,102 410 187 121 364 100 Dec. 15.... a, 114 407 ••191 126 359 103 Dec. 22.... 1,110 408 189 124 359 102 riw OQ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 35 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued Iln millions of dollars] Federal Reserve District City Total B to o n s- Y N o ew rk P p d h h e i i l l a - a - - C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- L S ou t. is n M o e l a i i n p s - - C K s i a a t s n y - Dallas F c S i r s a a c n n o - York h g i o ca- ASSETS—continued Other securities: Dec. 1 2,859 126 1,083 267 261 65 76 392 94 43 116 50 280 920 256 Dec 8 2,865 127 1,087 264 200 66 77 393 94 42 115 50 290 921 256 Dec. 15 2.882 128 1,104 263 260 65 76 393 95 42 114 50 292 941 255 Dec. 22 2,885 130 1,108 263 260 63 76 394 94 41 113 50 293 9 in 250 Dec. 29 2,881 129 1,109 262 258 63 76 394 94 41 114 50 291 947 256 Reserve with Federal Reserve bank: Dec 1 5,374 286 2,661 222 333 138 101 808 137 72 106 117 333 ,543 607 Dec. 8 5,291 306 2,579 217 330 135 101 810 142 75 165 112 319 ,451 60S Dec. 15 5,305 308 2,640 222 334 129 105 818 140 73 163 113 320 ,530 613 Dec. 22 5.335 311 2,635 229 328 131 104 802 141 72 160 111 311 ,515 595 Dec. 29. .- 5,427 314 2,678 239 345 130 107 807 141 73 101 113 319 , 553 595 Cash in vault: Dec 1 304 36 69 18 37 17 10 61 10 5 11 10 20 52 29 Dec. 8 340 38 75 21 42 20 11 68 11 6 13 12 23 50 31 Dec. 15 - . 337 40 78 20 42 19 11 67 10 6 12 11 21 60 31 Dec. 22 367 41 89 21 44 21 12 74 12 G 13 12 22 09 33 Dec. 29 355 40 80 20 43 20 13 73 12 6 13 12 23 61 34 Balances with domestic banks: Dec. 1 1,869 117 153 130 181 135 90 319 97 76 194 158 213 70 1G1 Dec. 8 • 1,803 109 141 122 173 123 94 313 94 77 191 164 202 00 159 Dec. 15. 1,869 108 158 136 174 113 95 317 91 77 209 172 219 73 104 Dec 22 1,825 109 151 128 171 107 97 306 92 i i 216 104 207 71 100 Dec. 29 1,886 115 154 146 188 103 9S 324 105 80 222 158 193 73 109 Other assets: Dec. 1 - 1,313 81 571 88 108 36 38 95 24 16 23 29 204 483 02 Dec. 8 1,307 80 565 88 108 39 38 95 23 17 23 29 202 477 63 Dec 15 1,296 80 558 88 105 39 38 91 23 17 23 29 205 470 59 Dec 22 1,288 81 559 87 106 37 37 8S 23 17 22 28 203 4 OS 58 Dec. 29 1,207 80 539 89 105 36 37 90 23 16 23 28 201 407 59 LIABILITIES Demand deposits—adjusted: Dec. 1 14, 612 981 6,340 785 1,072 417 324 2,206 408 264 489 401 925 \ 802 1,480 Dec. 8 _ 14,707 999 6,469 776 1,066 416 321 2,212 411 205 478 402 892 5,917 1,486 Dec. 15... 14, 675 976 6,374 785 1,091 412 329 2,223 412 263 491 407 912 5, 820 1,496 Dec. 22 14,423 976 6,286 772 1,060 406 323 2,178 404 485 393 883 5, 732 1,458 Dec 29 14,431 966 6,267 792 1,070 4C4 321 2,182 40S 261 488 391 881 5,731 1,457 Time deposits: Dec 1 5,234 270 1,130 275 739 193 185 870 184 121 145 127 995 722 453 Dec. 8 5,183 270 1,068 275 738 193 184 871 183 121 145 127 1,008 602 454 Dec 15 5,192 270 1,070 271 730 193 183 870 183 121 145 127 1,029 602 454 Dec 22 5,201 269 1,074 271 729 192 185 871 183 121 145 127 1,034 605 455 Dec 29 5,2C5 268 1,069 272 733 193 183 872 183 121 145 128 1,038 060 455 U. S. Government deposits: Dec. I - 416 18 235 8 9 6 10 61 4 2 10 16 37 22S 45 Dec 8 417 18 235 8 9 6 11 01 4 2 11 16 36 228 45 Dec 15 684 40 374 25 17 14 17 89 9 2 14 22 61 364 05 Dec 22 689 40 375 25 20 14 18 88 10 «? 14 22 61 364 65 Dec 29 691 40 375 25 20 14 18 89 10 2 14 22 62 364 65 Interbank deposits: Domestic banks: Dec. l 5,060 203 2,051 '265 315 215 180 716 228 110 340 188 249 1,985 529 Dec. 8 4,996 195 2,000 260 309 216 186 712 228 113 342 190 245 1,936 523 Dec 15 5,074 194 2,084 257 305 211 186 712 225 113 346 192 249 2,021 524 Dec 22 5,042 192 2,035 258 304 209 189 719 232 115 348 198 243 1,972 530 Dec °9 5,090 198 2,068 259 316 203 190 723 240 113 349 191 240 2,005 532 Foreign banks: Dec 1 418 9 382 3 1 1 7 1 14 3S0 6 Dec 8 408 9 371 3 1 1 / 1 1 14 370 6 Dec 15 415 g 379 3 1 2 7 1 14 378 6 Dec. 22 444 8 406 3 1 1 1 8 1 1 14 405 7 Dec 29 442 10 405 3 1 2 i 1 13 403 6 Borrowings: Dec 1 6 1 2 3 Dec 8 13 1 4- 3 2 7 Dec. 15. 17 14 2 1 14 Dec. 22 - 9 1 4 4 2 9 4 OtheDr elci a2b9ilities: Dec 1 864 26 386 24 19 28 6 22 7 7 3 8 328 373 18 Dec 18 872 26 387 24 21 26 6 23 8 8 3 7 33S 37-1 19 Dec 15 ... 848 27 379 25 19 25 6 22 8 8 3 319 366 19 Dec 22 859 26 381 25 20 26 7 24 i 8 3 6 326 367 20 Dec. 29 843 26 373 26 20 25 6 23 8 8 6 319 360 19 Capital account: Dec 1 3,631 237 1,618 228 350 92 89 370 89 57 92 81 328 1,483 247 Dec 8 .. - 3,634 237 1,617 228 350 93 89 370 90 57 92 82 329 1,48; 248 Dec. 15 3,630 238 1,617 227 349 93 89 37C 89 57 93 82 326 1,483 247 Dec. 22 3,630 238 1,617 227 349 93 89 37C 9C 57 92 82 321 1,48- 247 Dec. 29 3,626 238 1,615 227 349 93 89 371 90 56 92 82 324 1,484 248 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month s p m t o i c a a n u i p n e a g t r e d l - ! - r - s T t o i a o n u n t g t a d - l - To H ta e l ld b b O y b a i n w l a l k c s n s cep b ti o B n u g il g ls ht H o R c w e o F e l n u o d s n e r a b r t c v y - e c F f s F o c b o p e o o u r a o d e r r n n n i r e g a t k e d r c n - a s o - - l f o H t b h e y e ld rs B p U i i n a o o m . s t r n S o e t - s . d o B U p f n r a o o . s r S e m e t x s . d - c D h e o a x n ll - g a e r s b to U e B r t e a . w S d s e e . e i d n n o o p n r o F s g i c o h n o o r i t o u e p s d i n p i g s - n e n d ents tries 1936—September. 197 315 276 139 137 107 76 October. __ 199 330 296 150 147 110 75 77 November. 191 349 309 157 152 112 83 76 December. 215 373 315 151 164 126 83 70 1937—January... 244 387 325 154 171 141 84 77 February.. 268 401 '341 160 180 158 79 77 March 290 396 r317 150 166 (*) 160 76 76 April 285 395 318 147 171 167 68 76 May. _ 287 386 295 137 159 168 62 75 June 285 364 273 130 143 157 55 74 July 325 352 265 144 121 <2) 143 65 71 August.... 329 344 263 143 120 133 68 N S O e o c p t v o t e e b m m er b b e e r r . . 3 3 3 1 2 3 1 3 1 3 3 3 4 4 4 6 8 4 2 2 2 7 8 7 9 2 4 - 1 • 1 1 4 5 4 8 3 8 1 1 1 3 2 2 1 9 7 1 1 1 2 2 2 7 2 7 7 7 7 5 9 3 6 6 1 2 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 1936 (table 66). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances* Other credit balances Debit Debit End of month Customers' balances in balances In Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)i an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks rowed * Free O (n th et e ) r m in e v n e t s a t n - d m i e n n v t e a s n t- d a c c a c p o i u t n al ts trading trading (net) accounts accounts 1935—September 1,098 119 182 771 257 89 December. 1,258 135 179 930 286 79 410 1938— March—. 1,351 168 181 995 303 89 429 June 1,267 164 219 985 276 86 420 September, 1,317 141 227 995 289 99 423 November. 1,364 150 260 986 346 110 435 December. 1,395 164 249 1,048 342 103 424 1937—January.... 1,433 162 243 1,028 372 118 428 February- 1,482 188 230 1,084 366 116 418 March 1,549 175 223 1,172 346 115 419 April 1,559 163 227 1,215 314 111 417 May 1,503 149 209 1,188 284 101 408 June.-l 1,489 161 214 1,217 266 92 397 July 1,493 157 206 1.313 265 96 397 August 1,509 149 202 1,233 252 92 391 September. 1,363 128 239 1,088 256 96 385 October. __ 1,053 135 263 781 272 107 383 November. 1,034 120 225 723 270 95 376 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. s Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figuresa re 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 37 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der sees. 13 and 13a of the Fed- 10(b) of the Federal the United States eral Reserve Actl Reserve Act (last paragraph of sec. 13 of the Federal Federal Reserve Bank Reserve Act) D R ec a . t e 31 be In g in ef n fe i c n t g- v r P i a r o t e u e - s D R ec a . t e 31 be I g n in ef n f i e n ct g- D R ec a . t e 31 be I g n in ef n fe in ct g- Boston Sept. 2, 1937 2 Sept.2, 1937 Oct.20, 1933 N Ph e i w la Y de o l r p k hia... S A e u p g t . . 2 4 7 , , 1 1 9 9 3 3 7 7 lH S O e c p t t . . 1 4 0 , , 1 19 9 3 3 5 7 O F c e t b . . 20 8 , , 1 1 9 9 3 3 3 4 Cleveland May 11, 1935 Oct. 19, 1935 May 11, 1935 A M D B R S K C t a h i a t a . i c n l l i n n a c L l h s a n n a F m o a s e g t r s u a o a o a i p n n s C d o ci l i s i t s c y . o . - . .. S A A S A A S A e e e u u u u u p p p g g g g g t t t . . . . . . . . 3 2 2 2 2 3 3 2 1 7 4 1 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 7 7 7 7 7 7 7 7 2 2 2 2 2 2 2 2 A A S A A S S S e e e e u u u u p p p p g g g g t t t t . . . . . . . . 3 2 2 2 1 1 3 2 1 4 1 1 7 0 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 7 7 7 7 7 7 7 7 , W W 4 4 4 4 2 4 A M M O M F O F c c p e a e a a t t r b b r r y . . . . . . . 2 1 1 1 1 1 1 1 3 5 9 7 2 6 0 9 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 0 9 9 9 9 9 3 3 3 3 3 3 3 3 5 3 3 4 5 4 3 4 2 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1936 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect Dec. 31,1937, on advances and commitments under Sec. 13(b) of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Maturity e R ff a ec te t i o n n In g i e n f n fe in c g t — be- Pre ra v t i e ous Advances to financ- Dec. 31 ing institutions— Advances direct to j Commit- 1-15 days J_. Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 4 3 1 6 6 1 1 6 - - - - 6 9 4 3 0 0 5 0 d d d d a a a a y y y y s s s s — — . . . . . . d d d d o o o o . 1 1 1 1 m ga o e n r r i c c z i o a a m t l i o o * r n - s t i t w i n i o o s h n t n i i c t f i u o h s - r m p O o a n r in t i r i o e n n - g a t d o v m an a c k e e s 91-120 days.. do 1 obligated 121-180 days. do IK Boston 3M~6 3 3^ 1-1 i This rate also applies to acceptances bought under repurchase agree- New York.... 4-6 3 4-5 ments, which agreements are always for a period of 15 days or less.. Philadelphia- 4-6 *2H (*) NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4^-6 2V2 4 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 6 5 5 1-1 Chicago 5-6 I2H 5-6 Back figures.—See Annual Report for 1936 (table 41). St. Louis 4-5M 4 M Ka i n n s n a e s a p C o i l t i y s. . . . 4-6 6 4M-5 4M-5 *•} Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 H-2 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. * 1 S F a la m t e c h as a r t g o e b . orrower but not less than 4 percent. [Percent per annum] Back figures,—See Annual Report for 1936 (table 40). MEMBER BANK RESERVE REQUIREMENTS Nov. It1933 Feb. 1, 1935 In effect to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31,1935 Jan. 1, 1936 June 21, Aue. 16, Mar. 1, S P a o v s i t n al g s S a d v e i o n o g s s i t d s eposi - t - s * 3 3 ?M 2 2 H H Clas a s n es d o b f a d n e k p s osits A 1 u 1 9 g 9 1 . 3 7 6 1 - 5, Fe 1 1 b 9 9 . 3 3 6 2 7 - 8, A 1 p 1 9 r 9 3 . 3 7 3 7 - 0, a M nd 1 a 9 3 y a 7 f , 1 te , r Other time deposits payable in; 6 months or more 3 2lA 2H On net demand deposits:! 90 days to 6 months — 3 2 Central reserve city. 13 19H 22% 26 Less than 90 days 1 Reserve city 10 15 17H 20 Country 7 12 M 14 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for mem- AH member banks 3 4H 6 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on page 26 for explanation of method of computlower maximum rates established by State authority. ing net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETfN JANUARY 1938 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES Il>f NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES (Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on- 1929 1930 1931 1932 1933 1934 1935 1936 1937 Aver- U. S. Treas- age New York City: Year, Prime Stock- Stock ury bills yield on January fi 74 5.64 4,24 4.71 4.12 3.58 2.83 2.64 2.50 month* or Prime bank- ex- ex- U.S. February 6.73 5.35 4 31 4 71 4.11 3.43 2.90 2.56 2.41 week com- ers' change change Treas- March 5.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 2.50 mercialaccept- time call New 91- ury April 5.85 4.91 4.17 4,69 4.33 3.39 2.61 2.54 2.53 paper, ances, loans, loan issues day 3-5 year May 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 2.44 m 4 o t n o t h 6 s da 90 ys da 9 y 0 s n r e e w - - fe o r f e - d d e e rs a ' l- notes J J u u n ly e —— 5 5 .8 9 8 3 4 4 . . 5 4 9 8 4 4 .1 O 3 fi 4 4 . . 6 4 1 2 4 3 . . 1 9 0 3 3 3 . . 3 3 0 0 2 2 , . 6 6 1 6 2 2 .4 4 4 4 2 2 . 3 34 6 als within quo- August 6.05 4.41 3 97 4 45 3,97 3.33 2.67 2.42 2.41 period1 tation September 6.06 4.29 3.93 4.30 3.79 3.26 2.72 2.40 2.39 October 6.08 4.26 4.27 4 36 3 76 3 B8 2.72 2.46 ?, 38 November. 5.86 4.17 4.67 4.12 3.52 3.22 2.77 2.43 2.45 1934 average.*. 1.02 .25 ,90 1.00 .26 .28 2.11 December 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2,43 2.40 1035 average... .76 .13 .56 .56 .14 .17 1.29 1936 average... .75 .15 1.16 .91 .14 .17 1.11 Year 5.88 4.69 4.?? 4 49 4 02 3,33 2.70 2.49 2.43 8 other northern and 1936—No v H */» IK 1.00 .10 .11 .99 eastern cities; Dec % Vie IK 1.00 .21 .12 1.04 January 5.87 5.88 4.61 5.07 4.89 4.65 4 08 3.62 3 36 February 5.86 5.66 4.63 5.13 4.84 4.49 4.02 3.63 3.43 1937—Jan U IK 1.00 .36 .22 1.18 March 5.91 5.47 4.62 6.14 5.39 4.52 4.05 3.60 3.34 Feb U 5/l« IK 1.00 .38 .25 1.22 April 6.00 5.22 4.67 5.10 5.09 4.52 3.99 3.47 3.36 Mar..... U- Vu~Vis IK 1.00 .58 .42 1.42 May 6.09 5.13 4.55 5.14 4.99 4.39 3.88 3.45 3.45 Apr IK 1.00 .70 .60 1.59 June — -*.ft 0? 5.06 4 49 5 13 4 97 4,30 3,78 3.51 3.32 May Vr-Vu IK 1.00 .65 .57 1.48 July 6.08 4.81 4.48 5.05 4.82 4.15 3.87 3.61 3.32 June 1.00 .58 .41 1.54 August , 6.11 4.79 4.47 5.12 4.68 4 1? 3 79 3 473 99 July Vie IK 1.00 .49 .34 1.44 September 6.24 4.74 4.48 5.03 4.65 4.11 3.75 3.45 3.33 Aug V« iK 1.00 .52 .34 1.45 October 6.25 4.75 4.62 4.96 4.51 4.13 3.75 3.50 3.37 Sept Via IK 1.00 .53 .37 1.50 November 6.12 4.66 4.87 4.88 4.54 4.08 3.63 3.47 3.42 Oct Vw !H 1.00 *.41 .26 1.42 December 5.94 4.68 4.91 4.88 4.59 3.98 3.67 3.46 3.36 Nov Vu 1.00 .15 .15 1.31 Year 6.04 5.07 4.61 6.05 4.83 4.29 3.86 3.62 3.36 Week ending: 27 southern and Nov. fL..._ Vi« 18 1.00 .20 .20 1.34 western cities: Nov. 13.... VII 1.00 .14 .16 1.32 January 5.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 4 Ifl Nov. 2O.___ Vie 1.00 .12 .12 1.28 February 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 4.15 Nov. 27.... 7* IIKK 1.00 .12 .12 1.30 March 6.04 6.98 5.40 5.64 5.66 5.40 4.85 4.44 4.15 Dec. 4 1 VII IK 1.00 .13 .16 1.31 April 6.07 5.86 5.36 5.63 5.68 5.34 4.80 4.40 4.21 Dec. 11__ 1 VI« IV* 1.00 .12 .18 1.27 May 8.10 5.75 5.26 5.64 5.66 5.28 4.79 4.43 4.17 Dec. 18.... 1 Vie IK 1.00 .10 .18 1.28 June 6.16 5.69 5.34 5.62 5.62 5.19 4.76 4.39 4.18 July 6.17 5.63 5.30 5.63 5.54 6.07 4.58 4.35 4.19 f Revised. A Se u p g te u m st b - er f 6 t . 2 ? 7 ? 5 5 . . 5 5 8 5 6 5 .3 ? 2 8 5 5 . . 6 6 8 3 5 5 . . 5 5 3 5 5 5. . 0 0 4 5 4 4. . 5 6 1 3 4 4 . . 2 2 9 5 4 4 . .1 1 8 8 fro 1 m S e M rie a s r c c h o m 2, p 1 ri 9 s 3 e 4 s , t 9 o 1 - F d e ay b ru b a il r l y s u 2 n 3 t , i l 1 9 F 35 e , b 2 ru 73 a - r d y ay 2 3 b , il 1 l 9 s 3 4 fr , o 1 m 8 2 M -da a y r ch b i 1 ll , s N O o ct v o e b m er ber 6 6 . . 2 2 9 9 5 5 . . 5 5 4 0 5 5 . . 3 5 8 3 5 6. .5 55 6 5 5 .4 5 2 0 6 4 .9 0 3 5 4 4 .5 5 1 5 4 4 .2 2 4 3 4 4 .1 1 7 6 1 O 9 c 3 t 5 o , b t e o r 2 O 2 c , t t o o b D er ec 1 e 5 m , 1 b 9 e 3 r 7 , 1 1 b , i 1 ll 9 s 37 m , a a t n u d r i 9 n 1 g *d a a b y o b u i t l ls M t a h r e c r h e af 1 te 6 r , . 1938, from December 6.20 5.43 5.56 5.60 6.43 4.92 4.55 4.14 4.15 * Average of 3 issues of 273-day bills. Year 6.14 6.72 5.39 5.62 5.56 5.17 4.69 4.35 4.17 Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures for 91-day Treasury bills available on request. BOND YIELDS1 I Percent per annum] Corporate* Year* month, or week T U r . e S a . s- M ip u a n l i * c- By ratings By groups ury * Total Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of Issues 7-12 15 120 30 30 30 30 40 40 40 3.10 4.03 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 averaE© 2.70 3.41 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 1936 average - .* 2.47 3.07 3.87 3.24 '3.46 4.02 4.77 3.50 4.24 3.88 1936—November 2.29 2.85 3.71 3.15 3 31 3.85 4.52 i-3. 37 4.00 3.74 December..... _ 2.27 2.76 3.67 3.10 3.28 3.78 4.63 3.37 3.96 3.69 1937—January 2.29 2.79 1-3.67 *3 10 3.30 r3.77 4 50 3 36 3.95 3.68 February . , 2.31 2.96 3.75 3.22 '3.40 3.85 4.54 3 46 4.04 3.76 March 2.50 3.19 3.87 3.32 3.60 3.98 4.69 3.55 4.17 3.90 April _ 2.74 3.24 3.98 3 42 3.58 4.05 4.86 3.65 4.29 3.99 May 2.67 3.14 3 92 -"3.34 3.49 3 99 4 87 3 55 4.27 3.95 2.64 3.11 '3.92 3.28 3.45 3 99 4.97 3 51 4.29 3.97 July 2.59 3.07 3.91 3.26 »-3.45 3 97 4.97 3 50 4 31 3.92 August 2.im 3.01 3.92 3.2.1 3.45 3.98 «*5 00 3 47 4.40 3.89 peptfiTTibar r- - , 2.67 3.18 4.04 '3 30 3.51 4.07 5.27 '3.55 4.60 *\ {6 October . . .. ... . 2.65 3.24 4.20 3.29 3 60 4 23 5 67 r3 63 4 88 4.08 November , _. 2.60 3.17 4.30 3.26 3.62 4.32 6.01 3.65 5.20 4.06 Week endinjr: Nov. 27 2.58 3.18 4.38 3.27 3.65 4.38 6.21 3.71 5.34 4.08 Dec. 4 2.56 3.19 4.34 3.26 3.63 4.36 6.12 3.71 5.27 4.06 Dec. 11 ... . _ 2.55 3.15 4.28 3.25 3.60 4.32 5.93 3.68 5.12 4.04 Dec 18 2.54 3.15 4.26 3.24 3.58 4.30 5.92 3.66 5.11 4.02 Dec 24 2.52 3.13 4.24 3.22 3.57 4.28 5.88 3.65 5.06 4.01 • Revised. i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * Average of yields of all outstanding bonds due or callable after 8 years. « Standard Statistics Co., revised series. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial A ft" «™«* »»«»• *"«"* ~*A—At ***-*» J*\.-*-J.__-.. » ^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 39 BOND PRICES * STOCK MARKET Corporate3 Stock prices> U.S. Year, month, or date T u r r e y a * s- M i u p n a i l c- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or Pre- Common (index, 1926=100) u t V m ra o e d l - - of Number of issues 7-12 15 60 20 20 20 ferred* Total In tr d i u al s- R ro a a i d l- Utility ing 1934 average 103.5 96.1 84.5 81.9 83.8 87.8 1935 average.. r106.1 105.3 88.6 88.2 79.4 98.2 Number of issues... 20 420 348 32 40 1936 average 107.0 110.8 97.5 92.2 94.7 105.4 1934 average 120.7 72 8T iT 69 1,204 1936—November 108.2 114.6 99.8 94.2 99.2 106.0 1935 average 133.8 78 91 34 71 1,411 December.* '107.9 116.3 99.9 94.5 99.6 105.6 1936 average .. 138.9 111 127 51 104 1,824 1937—~ January 107.3 115.8 100.3 94.8 100.6 105.7 February 107.2 112.7 100.0 94.7 100.2 105.1 1936—November. _. 139.0 124 144 58 109 2,575 March 105.2 108.9 98.5 93.5 98.3 103 6 December '140.2 123 143 54 111 2,095 April 102.6 108.0 96.6 92.0 95.3 102.4 1937—January 141.8 120 147 56 114 2,667 May 103.3 109.6 96.2 91.9 95.0 101.8 February..... 141.2 130 152 58 111 2,564 June 103.5 110.1 95.0 91.2 93.2 100.6 March 138.0 130 153 63 106 2,133 July 104.3 110.8 95.3 91.4 93.2 101.2 April ._.. 136.0 125 147 60 101 1,466 August 104.0 111.8 94.8 91.9 91.0 101.4 May 135.4 116 137 57 94 859 September 103.3 109.0 91.3 90.0 85.6 98.4 June _ 135.2 114 134 54 91 097 October - ___ 103.5 108.1 86.4 85.5 78.4 95.2 July. 135.7 118 139 52 96 017 November 104.0 109.1 83.3 82.7 72.1 95.0 August. 137.2 121 144 51 97 729 September... 13G.4 106 126 43 89 1,498 Nov 24 104.3 108.9 81.1 80.1 69.3 93.8 October 133.5 91 107 35 81 2.324 Dec. 1 104.5 108.8 82.3 81.5 71.3 94.2 November... 132.3 83 90 3t 80 1, 420 Dec. 8 104.6 109.4 83.5 81.8 74.2 94.5 Dec. 15 104.6 109.4 82.8 81.4 72.7 94.3 Nov. 24 131.9 76 87 28 76 1,470 Dec 22 104.8 109.8 83.0 81.3 73.7 94.5 Dec. 1 131.6 81 94 31 SO 1,121 Dec. 8 132.6 84 98 32 81 1,087 Dee. 15 132. 6 81 94 30 77 <J57 1 Monthly data are averages of daily figures except for municipal bonds, Dec. 22 132.3 84 07 32 79 1,146 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 8 years, based on quotations from Treasury Department. r Revised. • Prices derived from average yields, as computed by Standard Sta- i Standard Statistics Co. Monthly data are averages of Wednesday tistics Co. Municipal series revised back to 1934. figures. Back figures.—See Annual Report for 1936 (table 73); for U. S. Treas- i Average prices of industrial high-grade, derived from yields. ury bonds, see BULLETIN for May 1936, p. 317 3 Average daily volume of trading in stocks on the New York Stock Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. Back figures.—For stock prices, see Annual Report for 1936 (table 73). CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or Total Total month fu a i r n n n e g d d - ) - m a ( f d e o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o g r n - i m a ( f e d o n s o r d t - - ic Total S m a t n a u d t - e F e e ra d l - {C B o o rp n o d r s ate e F ig o n r > eign) n p i a c l i- a c g ie e s n * - Total n a o n t d es Stocks eign) n p ic a i l - a c g ie e s n 1 - Total n a o n t d es Stocks 1027 9,774 7,555 6,219 1,475 87 4,657 3,183 1,474 1,337 2,218 1,978 35 03 1,850 1,586 264 241 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,684 1,054 530 238 1929 11,513 10,091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 3fi 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 627 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 940 893 21 61 821 789 32 60 1932 . . 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 03 310 315 4 69 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 210 187 32 00 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 0 1935__ 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,804 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 362 23 4,242 4.123 382 353 3,387 3,187 200 110 1936—Nov. 372 158 158 49 0 109 97 12 0 214 199 16 28 155 145 10 16 Dec 726 266 266 48 0 218 100 118 0 459 459 49 3 408 395 13 0 1937—Jan . 603 241 241 146 0 95 64 31 0 362 289 59 26 204 87 116 73 Feb.. 497 168 168 34 4 130 74 56 0 329 255 0 21 225 140 84 74 Mar.... 382 185 185 47 0 138 99 39 0 197 197 12 4 181 162 19 0 Apr.... 272 152 152 67 0 85 45 40 0 121 101 13 1 87 69 18 20 May... 261 150 150 43 29 78 47 31 0 111 111 8 16 87 66 21 0 June 560 359 359 90 0 269 187 82 0 200 200 21 30 149 139 11 0 July.... 344 250 250 79 89 82 39 43 0 93 93 8 29 57 20 37 0 Aug 184 76 76 26 0 49 33 16 0 108 108 25 27 56 51 6 0 Sept. 223 156 153 41 0 112 87 25 3 67 67 7 20 39 (*) 39 0 Oct 196 89 86 26 0 59 39 21 3 107 105 2 34 70 70 0 2 Nov.... 134 93 93 42 25 26 22 4 0 41 41 4 27 10 10 0 0 1 Includes issues of noncontiguous U. S. Territories and Possessions. 8 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figuret.—See Annual Report for 1936 (table 72). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN JANUARY 193S TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Publicly offered» Total End of month g d r e o b s t s Bonds ju A st d e - d So se c - i al " All Ma- Total service curity other* tured Other interest Total Notes Bills issues3 debt bearing Pre- Treas- U.S. war ury* Savings 1932—June 19,487 19,161 18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22,539 22,158 821,782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 «26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28,701 27,645 26,910 753 14,019 62 10,023 2,053 156 680 231 825 1936—June 33,779 32,989 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1936—November. 33,794 33,088 31,877 79 18,149 447 10,849 2,353 526 47 637 143 563 December. 34,407 33,700 32,497 79 19,452 475 10,289 2,203 504 64 635 153 554 1937—January... 34, 502 33,821 32,582 79 19,452 509 10,289 2,253 489 119 632 137 544 February.. 34,601 33,926 32,617 79 19,452 567 10,267 2,253 475 204 630 139 536 March 34,728 34,064 32,722 79 19,936 722 9,783 461 322 559 136 528 April 34,941 34,295 32,884 79 19,936 752 9,764 2,353 451 407 552 126 620 May 35,213 34,591 33,107 79 19,936 775 9,764 2,553 445 489 550 110 512 June 36,425 35,800 33,734 79 19,936 800 10,617 2,303 926 579 560 119 506 July 36,716 36,113 33,918 79 19,936 10,617 2,453 915 649 632 103 499 August 37,045 36,450 34,146 79 19,936 10,617 2,653 905 769 630 100 494 September. 36,875 36,264 33,877 79 19,936 885 10, 575 2,403 868 623 122 489 October... 36,956 36,366 33,900 79 19,936 908 10,575 2,403 957 620 109 482 November. 37,094 36,511 33,924 79 19,936 932 10, 575 2,403 883 1,086 619 106 477 » Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. * Includes Liberty bonds. * Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates to the adjusted service fund. * Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. «Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation * Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES * OBLIGATIONS, NOVEMBER 30,1937 [In millions of dollars] [In millions of dollars] Date maturing Total Bonds* Notes Bills Federal Home Recon- Farm Owners' struction End of month Total Mortgage Loan Finance 1 1 9 9 3 3S 7— — D Ja e n c . e 1 m -M be a r r. 31 1,6 7 3 0 3 1 732 9 7 0 0 1 1 Co t r i p o o n ra- Co ti r o p n o » ra- Co t r io p n ora- Apr. 1-June 30. 1,268 618 650 1 1 1 1 9 9 9 9 4 4 4 3 2 0 1 9 — A J O . J u a p c l n y r t. . . 1 1 l 1 - - - - S D M D e e e p a c c r t . . . . 3 3 3 3 1 1 1 0 2 2 2 , , , 2 2 8 9 7 4 7 1 5 4 4 3 4 6 9 4 7 2 3 7 8 834" 2 2 1 , , ,3 8 2 9 4 5 7 8 5 4 4 9 3 6 5 4 7 2 6 3 8 150 1 1 1 1 9 9 9 9 3 3 3 3 4 6 3 5 — — — - D D J J J D u u u e e n n n e c c e e e c e e e m m m b b b e e e r r r - . . , . . . . . 3 4 4 4 , , , , 0 6 7 1 4 1 8 6 1 2 9 8 1 3 0 8 3 4 1 1 1 , , , 9 3 2 4 3 8 2 1 8 2 0 2 6 7 2 2 3 2 1 , , , , 0 6 8 8 1 4 3 4 3 5 4 4 4 7 5 » 2 2 2 1 2 2 4 5 8 5 5 3 9 0 0 2 2 5 1 1 1 9 9 9 4 4 4 6 3 5 „ 1 1 , , 8 5 8 6 8 9 2 5 8 1 1 , , 5 8 8 6 8 9 2 5 8 1936— D N e o c v e e m m b b e e r r .. - 4 4 , , 6 6 6 6 2 2 1 1, , 4 4 2 2 2 2 2 2 , , 9 9 8 8 8 8 2 2 5 5 2 2 1947 - 3 2,101 l 2,101 1937—January 4,662 1,422 2,988 252 1948 .„ 1,036 1,036 February.... 4,662 1,422 252 1949 819 819 March 4,662 1,422 2,988 251 1951 1,223 1,223 April 4,660 1,422 2,987 250 1952 1,250 1,250 May 4,660 1,422 2,987 250 1953 1,786 1,786 June 4,665 1,422 2,987 255 1954 2,663 2,663 July 4,703 1,420 2,987 295 1955 755 755 August 4,633 1,400 2,937 296 1956 489 489 September- 4,633 1,400 2,937 296 1959 982 982 October 4,634 1,400 2,937 297 I960 2,611 2,611 November.. 4,644 1,410 2,937 207 1961 50 50 i Principal amount of obligations guaranteed as to interest and princi- Total 33,924 20,946 10,575 2,403 ™w- ^^Jf^V1?118 held by U' S* Treasury and reflected in the $£«?« A A ? w total includes guaranteed debentures of the Federal * Issues classified as of date of final maturity; most issues callable at i H i f t ^' amounting to $124,086 on November 30,1937. earlier dates; most of the U. S. Savings bonds are redeemable at option * Excludes obligations guaranteed as to interest only, of holder. rua 1934 6S giVeD in purchase of S°ld which W(*e retired in Feb- »Includes unclassified U. S. Savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 41 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures * T a r c u - st I c n r c e r a e s a e s e d u o r r i n d g ecounts, period General Excess etc7 of re- excess Period Total c ta o I x n m e - s e s S t e a o i c x t c y u e ia r s - l O i n r n e n u t t v a h e e e l r e ^ - * r ot A h l e l r » Total e I d n s e t t e b o r t n - t f V i a N e d o n n e e n a s d t - a - - e l o A th l e l r r c a e R e o n l r i e v y d e - - f f ( v u n R i o n n e l e g d t v - ) s - ' T f a t e e c r r r t u a c c s . n t s * t s t s o . - p < c t e u ( e + e n - i r x ) p e ) d - o t s i s r - p ( c o t + e ( e u e f - n i r ) x p ) r e d o - e t s i * s r - G b f a e u l n a n e n d r c a e l G d r e o b s t s erans' Adm.* Fiscal year ending: June 1935 3,800 1,099 2,179 523 821 1,089 1,315 3,366 141 71 -3,002 +613 -741 +1,648 June 1936 4,116 1,427' <8> 2,086 603 8,477 749 1,340 1,310 3,341 9 78 1,814 -4,361 +123 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,001 866 1,436 1,994 3,079 »244 868 -2,707 -67 -128 +2,646 5 months ending: Nov. 1935 1,468 326 264 2,856 250 508 584 1,244 128 141 -1,387 +47 -407 +933 N No o v v . . 1 1 9 9 3 3 7 6 , 2 1 , ,6 3 4 1 1 1 4 6 2 7 0 1 ( 2 8 7 ) 6 1, 9 0 5 7 9 9 2 28 6 5 2 2 3 , , 8 0 4 5 7 3 263 5 6 9 3 3 5 708 1, 8 4 5 0 9 3 »22 7 3 0 3 1 5 0 1 2 -1 - , 7 2 4 0 2 6 + - 1 8 2 5 8 -1, + 2 5 76 5 + + 6 1 6 6 9 1936—November.., 233 8 148 52 535 8 114 153 272 » 14 -303 -17 -358 -38 December..., 517 175 57 656 140 118 150 294 9 47 1 -138 +26 +500 +613 1937—January.—_. 284 43 168 70 631 14 116 159 230 67 45 -348 +72 -180 +95 February 275 58 148 58 553 20 112 176 214 »13 45 -279 -187 +99 M Ap a r r i c l h 1, 3 0 6 1 3 2 70 5 0 7 1 1 9 6 0 6 7 6 1 2 7 7 5 0 4 8 159 1 12 2 9 1 2 2 3 2 0 5 2 2 4 5 3 2 M •7 6 4 4 5 5 + -3 2 4 5 5 7 -~ + 9 8 8 + -1 2 2 8 4 7 + +2 1 1 2 2 7 May 335 47 170 60 552 119 169 211 92 45 -217 -3 +52 +272 June 868 547 212 56 1,300 194 128 179 232 27 540 -432 +20 +800 +1,212 July 409 57 221 77 659 12 128 197 198 »2 125 -249 +44 +85 +291 August 453 35 301 56 556 21 127 162 175 10 61 -103 +37 +263 +329 September _. 788 501 186 51 680 159 125 161 159 20 55 +108 +20 -43 -170 October 333 40 189 52 616 67 126 183 168 16 55 -283 +18 -184 +81 November... 327 37 182 49 542 128 165 159 25 55 -215 +10 -68 +137 1 Excludes debt retirement. * Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. * Includes customs and miscellaneous receipts. * Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc." e Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm Credit Administration, and Export-Import Banks. * Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. »Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment trust fund, old-age reserve account, and railroad retirement account. «Less than $500,000. 9 Excess of credits. GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars] In- Incre- Work- End of month Total active ment iorage ing gold on gold balance 1932—June 417 417 1933—June . 862 862 1934—June 2,582 811 1,771 1935—June- 1,841 700 140 1,001 1936-May 2,358 141 308 1,910 June 2,682 140 316 2,225 July 2,230 141 319 1,771 August 1,904 140 323 1,441 September- 2,188 140 329 1,719 October .,764 141 332 1,291 November.. ,406 141 333 931 December.- ,906 26 141 337 1,401 1937—January ,726 127 141 1,118 February,.. .,539 205 141 344 849 March , ,826 343 141 343 995 April ,702 568 141 350 642 May ,754 758 141 354 501 June 2,553 1,087 141 356 970 July 2,639 1,213 141 369 915 August 2,902 1,335 141 375 1,051 September. 2,860 1,209 141 382 1,128 October __.. 2,676 1,271 141 3SS 875 November. 2,608 1,243 141 394 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY 193S GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1937 [Based on compilation by D. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Financed partly from Government Total funds Recon- Com- Public Agricul- Farm Other Home s F tr i u n c a t n i c o e n m C o re d d it i y t A W d o m r i k n s * c t r u e r d a i l t Other m ga o g r e t- c f r a e r d m it m ga o g r e t- Other Oct. 31,Sept. 30, Oct. 31, Corpo- Corpo* istra* institu- institu- institu- institu- 1937 1937 1936 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions^. 296 1 184 11 492 488 534 Preferred stock, etc 563 0) 3 203 767 766 769 Home mortgage loans - 2,446 2,446 2,472 2,835 Farm mortgage loans 2,887 2,887 2,892 2,939 Other agricultural loans 1 130 17 170 259 0) 578 561 614 All other loans 834 124 295 .1,253 1,272 1,221 Total loans and preferred stock 1,694 130 124 17 466 2,887 259 2,833 11 8,422 8,452 8,912 Cash 1 0) 9 56 78 38 73 9 265 248 265 United States direct obligations 27 5 34 51 107 18 359 600 597 500 Obligations of Government credit agencies: Fullv guaranteed by U. S 14 (i) " 40 14 102 170 170 197 Others 25 2 25 6 37 40 29 Production credit association class A stock 77 77 77 75 Accounts and other receivables 33 (0 1 35 177 5 26 4 282 279 297 All other assets 11 (0 22 0) 322 160 t1) »458 23 996 964 628 Total assets other than interagency 2 __ 1,766 130 146 148 915 3,357 456 3,422 508 10,849 10,827 10,904 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States.__ 297 (0 1,400 2,937 4,634 4,669 4,682 Other2 60 = 1,115 181 54 0) 1,413 1,423 1,446 Other liabilities (including reserves) 53 (*) 5 47 175 7 151 109 547 529 439 Total liabilities other than interagency 2 350 60 5 51 2,689 188 3,142 109 6,594 6, 621 6,567 Excess of assets over liabilities, excluding interagency transactions.. 1,416 70 146 143 864 668 208 280 399 4,255 4,206 4,337 Privately owned interests _. 175 3 39 139 357 355 350 U. S. Government interests 1,416 70 146 143 864 493 264 241 260 3,898 3,851 3,987 i Less than $500,000. * Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. » Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury amounting to $48,000,000 are classified under "All other-assets." NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS {Amounts outstanding. In thousands of dollars] Nov. 30, May 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, 1936 1937 1937 1937 1937 1937 1937 1937 Loans to financial institutions 330,883 277,349 271,858 271,009 266,283 261,104 256,965 i 249,594 Loans on preferred stock of banks and insurance companies.. 47, 586 40,677 40,483 40,027 39,414 39,167 38,949 38,800 Preferred stock, capital notes, and debentures , 658,654 587,668 581,900 576,672 567,879 566,090 563, 465 559,623 Agricultural loans 1,273 1,402 1,349 1,236 1,073 973 1,035 1,028 Loans to railroads (including receivers) 345,190 344,823 354,320 351,936 351,855 356,279 355,932 355,923 Loans for self-liquidating projects 194,184 218,589 221,907 225,407 227,108 231,171 232,414 234,113 Loans to industrial and commercial businesses... 61,645 69,524 70,549 71,181 72,833 73,101 73,283 72, 686 Loans to drainage, levee, and irrigation districts 63,125 71,253 72,424 74,605 75,038 77,180 77,160 77,179 Other loans 1,935 2,312 2,533 2,562 2,793 2,911 2,941 Securities purchased from Public Works Administration... 136,850 120,404 119,585 87,320 86,843 85,621 88,999 117, 504 Total loans and investments, other than interagency. 1,841,325 1,734,001 1,736,909 1,701,954 1,691,120 1,693,584 1,691,114 1,709,392 Loans to Federal land banks 27,620 13,934 13,757 13,586 13,275 13,212 13,042 12,308 Loans to Commodity Credit Corporation ..._._ 98,417 50,371 47,393 61,238 1,876 3,361 10,165 31,298 Capital stock of Commodity Credit Corporation.. 97,000 97,000 97,000 97,000 97,000 97,000 97,000 97,000 Capital stock of, and loans to R. F. C. Mortgage Co 35,701 45,994 48,286 51,302 53,073 57,487 60,150 62,779 -Preferred stock of Export-Import banks 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Capital stock of, and loans to other agencies 100 7,400 10,000 11,898 12,948 16,423 19,698 24,848 Total loans and investments 2,120,163 1,968,700 1,973,345 1,956,977 1,889,291 1,901,06' 1,911,168 1,957,624 * Includes $79,000,000 of loans for distribution to depositors of closed banks. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 43 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans Federal intermediate by- credit bank loans to Loans to cooperatives by— and discounts for— Regional agri- Produc- Regional Emer- End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p s c p c r o r c o r o e c u e r d d i a d l a u t i t i t t u i t c i o c r o t a a n o i n s o l s r s - n , - , f c i i n e o n O t x i a o s o t n c p t h n i e c e t e s p i r u r n , a t - g - ti a o s t n s i o o c c n r i s a e - dit t i u a r t r g a c a t r l o i i o c r c p u n r l o s e - - d- c d r g r l o o o e p a u n a n c g n s y h d t m F c b i e e n r a d e d t n e e d i k a r r i - s a t te l B in C c a a c o t e n l i o n u k v p d t s e e r i s a f r n , o - l g r M A i r n e t g a g v u r r o r i k A c a l e u v l c t l - t - and banks tives Bank ing fund for cooperatives 1 1933—December 1,232,707 70,738 73,263 60,989 27 144,636 "91,090 15,211 18,697 157,752 1934—December 1,915,792 616,825 99,675 55,672 60,852 87,102 111,165 33,969 27,851 54,863 1935—December 2,071,925 794,726 104,706 47,162 94,096 43,400 172,489 2,731 60,01? 44,433 1936—November 2,065,719 836,194 131,644 41,277 105,441 26,491 166,291 1,336 72,600 56,216 December 2,064,158 836,779 129,872 41,017 105,212 25,288 164,887 1,641 69,647 53,754 1937—January 2,061,472 836,062 125,825 40,080 106,081 24,454 163,868 1,486 64,411 54,322 February 2,060,233 835, 509 130,139 41,061 114,551 24,249 163,250 1,359 60,356 62,359 March 2,057,930 833,821 144,250 42,367 131,905 23,892 174,709 1,305 66,736 51,810 April 2,055,397 832,881 153,795 44,042 143,902 23,588 187,185 1,249 49,314 48, 522 May 2,053,558 831,705 159,073 45,131 152,466 23,453 189,686 1,070 45,000 47,732 June 2,052,339 830,577 164,977 47,337 160,051 22,914 189,141 635 45,032 46,854 July , 2,050,522 828,771 170,110 48,167 163,553 22,069 187,353 1,126 52,405 45,664 August 2,047,650 826,317 171,270 48,386 162,515 21,126 185,802 1,047 56,341 44,281 O Se c p to te b m er ber 2 2 , , 0 0 4 4 5 2 , , 2 7 6 6 37 8 8 2 2 3 0 , , 2 16 5 3 7 1 1 6 5 7 9 , , 4 8 7 9 7 8 4 4 2 6 , , 4 57 1 3 4 1 14 5 2 3 , , 9 6 7 5 7 2 1 1 9 7 , , 4 4 3 9 4 1 1 1 8 7 2 7 , , 3 3 3 6 1 2 1 1 , , 1 2 5 2 7 9 6 7 6 3 , , 8 4 9 5 7 0 4 4 7 5 t , 2 2 3 9 f 6 l November.,. 2,039,005 816, 653 160,627 40,857 137,473 16,208 173,701 1,509 82,026 45,284 *• Revised. i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- U. B. Government Depos- securities itors' Cash Cash, End of month O H w o n m er e s' N F u e lo d m a e n b ra e a l r s s o s a o f v c i i n a g ti s o a n n s d l F o h b e l a o o d a n m a n e s n r k e t a o l End of month a b n a c l- es' Total b I p t n a o o n r s d y k i e - s - Total o r D e b i c l - i t - G o t a e u b n e a l - d i r - - f s e u e r t e n r c - v d 2 e s, Loan Cor- associations member tions gaporation i Loans institu- tions re- tions * Total p R i o n e r g - t- ported 1 1 1 9 9 9 3 3 3 3 4 5 — — — J J J u u u n n n e e e . . . . . , 1 1 1 , , , 1 1 2 8 9 0 7 8 5 1 1 1 , , , 2 2 2 0 3 2 7 6 5 9 6 3 7 9 8 5 5 7 4 7 1 5 7 3 3 1 7 4 6 1 3 1 3 0 8 1 1 3 4 5 7 9 7 7 9 7 4 1936—June.. 1,232 1,265 203 967 800 167 95 1 1 9 9 3 3 4 3 — — D D e e c c e e m m b b e e r r . , . . 2,3 1 7 3 9 2 , ,3 4 8 9 6 1 455 69,734 8 8 5 6 , , 4 6 4 5 2 8 1936— O S c e to p b te e m r ber— 1 1, , 2 2 5 5 5 1 1 1, , 2 2 9 8 0 5 1 1 6 5 2 8 1,0 9 1 82 1 8 84 1 4 5 1 1 6 6 7 7 1 1 4 2 1 1 1935—December.. 2,897,162 1,023 881 316,683 102,795 November 1,257 1,293 145 1,029 862 167 119 1 1 9 9 3 3 6 7 — — J M J A A F M D N u u J e p u a e n a l a o b y n r g c y e r v i r u e u c l e u a m h s m a r t y b r b y e e r r — , 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 4 5 5 5 6 6 6 7 8 7 9 2 5 6 9 9 2 2 0 6 7 4 6 1 1 8 5 9 5 1 , , , , , , , , , , 2 1 4 5 6 1 2 4 0 8 2 2 0 4 1 7 1 9 9 2 4 9 1 2 1 4 5 3 8 7 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 9 9 8 7 4 5 4 2 1 0 3 6 6 0 9 7 0 8 2 6 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 2 1 1 1 1 1 0 1 0 8 0 8 6 6 6 5 4 6 8 1 0 1 6 8 8 7 3 5 0 7 7 6 7 6 6 5 6 5 5 0 4 2 3 7 5 7 1 4 4 3 6 2 9 0 2 6 1 4 4 , , , , , , , , , , 9 4 9 9 6 5 2 2 1 1 9 4 4 5 5 8 9 1 3 0 6 2 9 8 7 0 9 2 0 7 1 1 1 1 1 1 1 1 1 1 7 6 6 5 4 4 4 4 3 4 9 5 7 3 6 2 1 3 7 5 , , , , , , , , , , 5 0 6 1 4 7 2 7 2 4 7 5 0 4 2 9 0 4 6 0 1 7 7 9 0 1 5 5 1 1 1937— O J A M J D A S F M u u J e e u c p e l a a a n p b y c g r t r y n e t i o r e u c e l u u m h b s m a a t e r b r b y y r e e . . r . r .. P 1 1 1 1 1 1 1 1 1 1 i, , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 2 7 6 6 7 7 7 7 7 6 6 6 0 6 0 0 2 3 1 0 8 8 9 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 2 3 3 3 3 3 3 3 3 3 9 0 0 0 0 1 0 0 1 0 6 3 7 7 7 2 9 6 0 7 1 1 1 1 1 1 1 1 1 1 4 3 3 3 3 3 3 3 3 3 5 6 3 4 4 3 4 2 6 3 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 0 0 1 0 1 1 1 1 1 6 5 0 9 0 6 0 0 0 0 0 8 0 7 0 1 0 0 0 0 8 8 8 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 1 3 4 3 0 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 1 1 0 9 7 7 1 7 7 8 7 7 7 3 3 3 2 5 9 1 1 4 S O e c p to te b m er ber 2 2, . 4 4 4 7 6 2 , . 0 4 0 2 2 1 1 1 , , 3 30 1 7 1 1 1 , , 2 2 1 1 1 1 7 78 6 2 9 , , 8 1 4 1 6 7 1 1 7 8 9 4 , , 5 0 1 4 1 1 November. Pi, 270 November 2,422,149 1,318 1,194 782, 495 187,336 p Preliminary. i Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. »Includes working cash with postmasters, 5-percent reserve fund and c o i u a U ti o IJ n U s C , L I r I e a lU l o e li s r t a a D te C o a n \J d u o rp th or e u r i H p J r J o j p a e u rt u y , t u a n v d m a iu cc u r o u e o d a r i i n u t g e o r e a s u t u r e iu c a e u iv a w b w l u e. - miscellaneous working funds with the Treasurer of the United States, * Includes loans to Federal savings and loan associations, all of which accrued interest on bond investments, and accounts due from late postare members, and a negligible amount to others than member institutions. masters. Back figures.See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY 1938 PRODUCTION, EMPLOYMENT, AND TRADE (Index numbers; 1923-25 average-100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Y a e n a d r Total Industri M a a l t n u p u r r f e o a s d c u - ction M ^ in era Is Cons T t o r t u a c l tion c R o e n s t i r d a e c n t t s i a al warde Al d l ( o v t a h l e u r e) * Fa p c l t o o y r m y e n e t m 1 - r F t p o a o l a l r c y s - y - * Fr l e o i a g d h i t n - g c s a * r * D s e to p ( r a v e r a s1 t u a m e l ) e e s n * t month UJUJ-lLrU A A. Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadflu justed ustedjusted ustedjusted justedjusted ustedjusted usted lusted usted usted usted usted usted usted usted justed 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 S9 63 30 90 108 118 91 94 1 1Q 9 O 2 1 2 8 6 5 7 8 6 6 7 - 7 7 4 0 5 7 6 9 6 4 8 4 I" II" 8 6 8 5 IIIII 8 9 2 0 8 7 2 7 E: 8 7 5 8 IE 8 8 7 8 1923. 101 101 105 :::::: 84 81 86 104 103 100 98 1024 95 94 -•"" 96 94 95 94 96 96 98 99 1 1 1 1 1 1 9 9 9 9 9 9 2 2 2 2 2 3 5 6 7 9 8 0 1 1 1 1 1 9 0 1 0 0 1 6 4 1 6 8 9 — "I ~ "' - . * 1 1 1 1 1 9 0 1 0 0 1 5 6 9 5 8 2 :'.'.III I 1 1 1 1 fV Oy 9 1 0 0 l . y 4 9 5 6 8 7 Q 1 1 1 1 i 9 9 n 3 2 1 9 n 9 2 5 7 ------ 1 1 1 1 8 5 2 1 2 2 7 0 1 7 4 6 1 1 1 1 1 1 3 3 4 2 2 4 9 5 2 0 5 2 1 1 1 9 9 9 0 0 0 9 9 1 5 1 0 1 1 1 1 1 8 0 0 0 0 0 9 4 1 9 2 2 "" 1 1 1 1 1 0 0 9 0 0 0 3 7 2 4 4 7 .— — 1 1 1 1 1 1 0 0 1 0 0 0 3 6 1 7 8 2 1 1 1 1 1 9 9 9 Q 9 3 O 3 3 3 4 1 5 3 2 . ::::: 8 9 6 7 7 1 4 6 9 0 8 7 9 6 7 0 8 3 5 0 8 0 8 9 7 4 6 2 1 1 D 3 3 2 2 O 2 7 8 5 "III. 3 1 2 1 1 7 2 1 3 1 -III-I 4 CO 4 3 6 M* 8 0 7 0 — 7 6 7 8 8 7 6 2 3 6 4 6 6 4 7 6 3 7 9 1 — 5 6 7 5 6 5 2 4 8 4 0\ 6 6 77 )9 9 7 59 £ 1936 105 105 104 0B0E 0071 iV 09 O0i0 /o 88 1934 Oct 74 75 72 73 81 87 31 29 12 12 46 43 81 82 62 59 65 74 82 Nov. 75 74 74 73 81 84 31 28 11 11 48 41 81 80 61 59 60 75 83 Dec 86 78 85 76 90 85 31 25 12 10 47 36 82 82 64 60 57 77 135 1935 Jan 90 88 90 87 95 92 27 22 12 10 39 32 84 82 65 63 59 76 59 Feb 90 91 88 91 97 93 28 24 14 13 39 33 85 85 70 66 62 77 61 Mar..... 88 91 87 91 97 90 26 26 16 16 35 34 86 86 72 65 63 79 71 ApriU.. 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 May.— 85 87 84 87 00 88 27 32 21 25 32 39 85 85 69 61 60 74 76 June.... 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 July 86 83 87 83 85 85 35 39 25 25 43 60 85 84 67 59 59 80 55 Aug 88 87 89 87 83 86 38 40 24 24 60 54 86 86 71 63 64 77 61 Sept 91 90 92 89 87 93 43 44 25 25 68 59 86 88 74 64 71 81 86 Oct. 95 97 95 96 93 101 48 45 25 25 66 62 87 89 76 68 75 78 86 96 98 97 98 93 96 60 53 26 25 88 76 88 89 76 68 69 82 91 Dec 101 96 101 95 102 97 68 £4 26 22 103 £0 89 88 78 68 64 83 145 1936 M J F a e a n b r . 9 0 M 9 i 7 43 9 9 9 5 5 6 9 9 9 6 2 3 9 9 9 3 5 7 1 1 1 9 0 1 7 4 1 1 9 0 0 0 7 0 5 4 6 2 7 2 4 4 6 5 7 0 2 2 2 5 5 6 2 2 2 2 1 8 Q 7 y 6 9 * 6 3 i 66 t f o 32 , 8 Q O 8 t Q 7 f 8 8 8 0 0 7 / 7 8 7 7 4 4 % 8 7 T 6 ( 1 ( U 6 \ 6 6 6 8 5 4 8 8 8 1 3 4 6 6 7 6 3 7 April.... 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 71 68 84 85 May..._ 101 105 101 105 102 101 46 66 32 38 57 70 90 90 81 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 no 106 90 104 62 65 46 46 75 81 93 94 84 76 77 86 68 Sept 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 N D Oc e o t c v . 1 1 12 1 1 1 4 0 1 1 1 1 1 1 1 5 4 1 i 1 i 1 2 5 1 i 1 1 1 1 1 1 5 0 4 1 1 1 0 1 1 5 2 7 1 1 11 1 1 1 5 5 5 5 6 8 7 6 6 5 6 4 1 3 4 4 4 3 0 5 3 4 3 9 1 8 A o 7 8 Q y 2 3 6 ( D 6 • O 2 r 6 9 9 6 9 Q V 9 9 7 I 7 8 e o 99 y 1 n 5 8 7 8 2 7 3 8 8 7 4 6 7 9 9 9 0 4 2 1 1 1 0 6 0 5 1 0 1937 Jan 114 112 115 113 110 106 63 51 45 37 77 63 99 •97 01 80 73 93 72 Feb 116 117 116 118 115 111 62 54 47 42 75 64 100 99 96 82 76 95 76 M M Ap a a r y r i . l. . . . . . . 1 1 1 1 1 1 8 8 8 1 1 1 2 2 2 2 2 2 1 1 1 1 1 1 7 8 8 1 1 1 2 2 2 2 5 3 1 1 1 1 2 1 6 8 6 1 1 1 1 0 1 8 5 7 5 5 5 6 3 6 6 5 6 8 6 1 4 4 4 5 4 4 4 5 5 7 1 2 6 6 6 4 1 6 6 8 6 3 1 8 1 1 1 0 0 0 2 1 2 1 1 1 0 0 0 2 1 2 1 1 1 0 0 0 1 6 5 8 8 8 3 4 0 8 7 8 0 9 0 9 9 9 3 3 3 9 9 8 0 5 9 June 114 115 114 114 114 117 61 72 42 47 77 92 101 101 103 78 79 93 90 July 114 111 114 110 112 115 68 75 44 45 87 100 103 101 100 80 82 94 65 Aug 117 115 118 114 112 120 63 66 40 40 81 88 102 102 104 79 81 92 72 Sept,.... 111 109 110 106 115 , 125 56 56 37 37 71 72 101 102 100 78 87 94 100 Oct 102 102 100 99 113 122 52 49 36 35 65 61 98 1C1 100 76 84 93 103 Nov P&9 J>85 J>86 *108 Pill *55 *32 *31 *74 *63 P94 *>95 *89 71 72 91 101 p Preliminary. • Average per working day. t For indexes of groups and separate industries see pp. 45-46; for description see BULLETIN for February and March 1927 S;?0?*? mov,m8,sverage of F. W. Dodge Corporation data centered at second month; for description see page 35S of BULLETIN for July 1931. • The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bu^au of Labour Statistics For descriptiont and back figures for the seasonal y adjusted index of factory employment compiled by F. R. Board o^Governors Yw pagi 95^978 of R wdUu^^trriddleofmonth * ° £r°UPS ^ Separate mdustrles See PP- ^ Underlying figures are forplyrollperiod * For indexes of groups see p. 52. loading%%5£m*2t£S£&J%S&t W)- F°r d6PartmeDt St°re S8le3 See P" m of »™*™ "* »4 1836' and f°r " «« Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

45 JANCART 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100] 1936 1937 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ^ov. Manufacture*—Total „ Ill 115 121 115 116 117 118 118 114 114 118 110 100 *>S5 IRON AND STEEL _ __ 127 137 143 139 129 126 130 134 119 140 142 125 100 G8 Pig iron 98 99 104 107 107 108 109 114 107 121 123 119 95 67 Steel ingots 130 141 147 142 131 128 132 136 121 141 144 125 101 08 TEXTILES .. _ . 114 121 139 124 126 ••128 124 123 126 111 115 108 91 P80 Cotton consumption 120 123 144 129 132 136 130 130 136 125 129 121 101 <J1 Wool . 105 118 140 121 129 128 119 121 119 95 106 88 G5 P51 Consumption.. . __ 109 128 160 126 132 139 128 132 129 102 120 96 63 *>51 Machinery activity i * 104 118 134 130 137 125 118 120 118 96 96 80 74 *>59 Carpet and rug loom activity1 95 92 94 92 104 101 96 93 94 71 83 80 59 P40 Silk deliveries . 121 125 134 118 112 114 120 109 115 97 92 103 105 94 FOOD PRODUCTS: Slaughtering and meat packing.... 105 109 100 87 86 89 93 76 77 70 78 87 89 86 Hogs 94 100 85 65 66 69 75 54 49 44 50 67 76 74 Cattle - 115 115 117 111 108 113 113 99 111 99 111 109 102 96 Calves. „. 129 122 125 130 122 136 130 124 134 129 141 140 120 115 Sheep 162 169 160 175 151 139 142 145 145 139 148 150 139 139 Wheat flour .. 82 83 87 87 89 89 95 89 94 91 83 83 86 86 Sugar meltings.— 68 83 115 98 89 108 123 98 69 91 96 45 73 101 PAPER AND PRINTING: N N e e w w s s p p r r i i n n t t p co ro n d su u m cti p o t n ion _ ... 14 6 0 2 15 6 0 7 14 6 1 4 14 6 2 3 14 6 5 2 1 6 4 4 4 14 6 4 2 14 6 7 2 14 6 5 1 14 6 0 4 14 6 1 5 1 6 4 5 7 1 0 4 3 5 13 6 0 4 TRANSPORTATION EQUIPMENT: Automobiles . 93 105 122 120 120 121 130 135 130 129 157 135 142 92 Locomotives3.— 1 K 11 24 31 30 25 21 29 34 LEATHER AND PRODUCTS 112 116 134 136 134 132 131 133 118 115 109 '98 88 *82 Tanning 93 104 108 108 106 103 107 109 102 94 93 '86 80 Pottln hirta Innf-hons 100 111 111 111 108 106 107 111 99 91 93 '87 85 Calf and kip leathers ... 65 79 98 90 92 85 94 82 83 68 63 60 52 Goat and kid leathers 103 112 111 119 114 115 121 133 128 127 124 108 92 Boots and shoes . 125 124 151 154 162 150 146 148 129 129 120 ••105 94 "~*S3 CEMENT AND GLASS: Cement . . ...... .. ...... 87 91 91 86 85 93 87 78 74 75 73 73 79 76 Glass, plate - — 242 164 89 77 244 229 241 223 260 206 216 199 179 151 NONFERROUS METALS: Tin deliveries1 105 97 105 125 131 144 138 115 112 100 108 136 HI 115 Zinc 101 100 98 80 83 107 110 116 115 112 110 116 115 108 Lead 71 74 80 76 70 75 85 76 70 82 82 77 81 79 FUELS, MANUFACTURED: Petroleum refining. 191 188 191 189 194 190 195 200 202 206 207 216 217 Gasoline1 249 241 242 236 245 242 249 253 256 261 265 277 277 90 92 102 117 106 108 103 112 114 119 121 109 110 Fuel oil* 124 124 132 135 130 126 123 130 133 139 134 147 147 Lubricating oil» 110 114 116 111 126 120 131 131 129 124 121 126 134 finite, byproduct _ ... 12« 130 137 137 136 138 141 143 134 144 149 148 12S Coke, beehive -- - 19 20 20 21 22 25 25 31 29 32 28 25 20 14 RUBBER TIRES AND TUBES » _ 118 126 123 123 133 132 133 132 123 102 121 130 128 128 138 137 138 137 128 105 Inner tubes» 94 92 91 91 99 99 100 94 84 73 146 150 183 165 168 153 158 155 150 164 159 162 155 155 Cigars 74 75 83 83 78 83 82 74 73 78 73 77 73 73 Cigarettes . 202 209 265 234 242 212 220 221 212 233 229 231 221 221 Manufactured tobacco . »-. 86 86 92 76 81 84 89 81 80 86 79 81 82 83 lUlnArnla Total 105 112 117 110 115 128 115 116 114 112 112 115 113 J»108 86 95 97 86 98 112 72 80 80 79 78 86 83 *>75 52 69 73 56 50 81 97 63 74 47 37 52 55 *>65 Petroleum, crude 152 152 161 164 168 173 174 176 172 174 181 177 176 P175 98 110 169 122 121 126 113 91 40 Zinc .. 101 100 98 SO 83 107 110 116 115 112 110 116 115 108 Lead 71 74 SO 76 70 75 85 76 70 82 82 77 81 79 Silver OQ no 94 93 103 101 107 148 139 116 91 i Without seasonal adjustment. * Preliminary. ' Revised. NOTE —For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, Sep* tember 1933 DD 584-587* November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table^ are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment 1923-25 average= 100] 193fi 193: Industry Oct. Nov. Dec Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total - 110 115 114 113 118 122 125 123 114 110 114 106 99 p86 IRON AND STEEL 123 127 125 134 135 142 144 146 119 130 139 123 98 63 Pig iron . ... 98 100 102 105 109 114 115 116 105 115 118 116 95 68 Steel ingots 126 130 128 136 138 145 146 149 121 132 141 124 98 62 TEXTILES 118 125 132 130 134 132 127 123 119 103 108 107 93 »83 Cotton consumption 123 128 133 ••136 141 143 140 134 130 114 116 118 104 95 Wool til 125 141 123 135 129 117 116 113 89 102 91 69 P53 Consumption __ -.*_.__ 120 140 161 130 144 141 124 122 116 91 111 101 69 *>55 Machinery activity 104 118 134 130 137 125 118 120 118 96 96 80 IX ^59 Carpet and rug loom activity. 95 92 m 92 104 101 96 93 94 71 83 80 59 P40 Silk deliveries ...» 121 129 135 120 110 119 108 102 92 96 109 105 97 119 FOOD S la P u R g O h D te U r C in T g S : and meat packing.. 1 8 0 0 4 1 1 2 1 1 0 1 1 1 1 1 7 1 8 0 7 0 8 7 5 3 8 6 4 9 8 6 3 7 7 5 4 2 7 5 6 0 6 3 7 9 3 7 8 0 8 5 3 0 8 6 9 4 9 8 5 1 Cattle 134 133 122 112 95 99 99 96 104 98 109 121 119 110 Calves 135 124 119 121 114 137 141 140 139 125 129 134 126 117 Sheep 167 167 157 176 H2 126 133 142 142 139 150 173 153 137 Wheat flour 92 90 84 85 86 83 87 83 83 88 88 98 96 93 Sugar meltings --- -- -- 65 65 66 64 88 127 143 109 82 111 108 48 69 79 PAPER AND PRINTING: 62 66 64 64 62 63 63 63 63 62 64 '65 63 63 NewsDrint consumption 149 160 145 137 143 149 154 151 144 124 126 144 154 139 TRAN A S u P t O o R m T o A b T i I l O e N s EQUIPMENT: 65 127 147 120 120 140 158 163 147 132 116 53 100 111 Locomotives1 7 12 15 10 13 oo OK nO CM LEAT T H a E n R n in A g ND PRODUCTS 1 9 2 8 3 1 1 1 0 2 2 1 1 0 14 5 1 1 0 2 4 6 113160 1 1 3 0 6 3 1 1 0 2 5 8 1 1 2 0 2 3 1 1 1 0 4 0 1 9 1 3 3 1 9 2 4 1 1 9 1 1 2 9 8 7 4 J>79 Cattle hide "leathers 102 109 108 112 116 107 107 105 97 88 91 '91 88 Calf and kip leathers 77 75 84 75 85 76 85 78 80 79 76 70 62 BootOsf iafint df lsnhdo eVsi*r—l I.f,t jittaf-ir.s. ~-- 1 1 0 4 7 0 1 1 1 1 8 1 1 1 2 1 0 9 1 1 1 4 3 0 1 15 1 3 9 1 1 1 5 7 7 1 1 4 2 3 0 1 1 3 24 4 1 1 2 2 8 3 1 12 18 7 1 1 2 3 2 8 "• 1 1 1 2 3 6 1 9 0 6 5 P79 CEMENT AND GLASS: Cement 09 90 71 52 51 67 85 92 91 92 94 92 90 76 Qlass, plate .. - - -.._« -- 242 164 89 77 244 241 265 234 234 185 216 199 179 151 NONFERROUS METALS: Tin deliveries 105 97 105 125 131 144 138 115 112 100 108 136 141 115 Zinc — - - .. - - 98 100 100 85 89 113 114 117 111 104 103 110 112 108 73 77 81 77 72 77 84 75 72 79 79 73 84 82 FUELS, MANUFACTURED: Petroleum refining 192 189 192 189 194 190 195 200 201 206 207 216 218 Gasoline 249 241 242 236 245 242 249 253 256 261 265 277 277 Kerosene 95 100 111 119 108 104 102 108 " 106 110 115 112 115 Fuel oil -. -_ .. 124 124 132 135 130 126 123 130 133 139 134 147 147 Lubricating oil 110 114 116 111 126 120 131 131 129 124 121 126 134 Coke, byproduct 12P 133 138 138 140 142 142 142 132 140 145 145 128 106 Coke, beehive 19 21 21 24 2S 30 27 28 24 25 23 22 20 15 RUBBER TIRE** AND TUBES . 118 126 123 123 133 132 133 132 123 102 Tires, pneumatic . _ _. 121 130 128 128 138 137 138 137 128 105 Inner tubes _. . 94 92 91 91 99 99 100 94 84 73 TOBACCO PRODUCTS 157 163 149 156 153 146 145 157 164 178 170 179 167 158 Cigars . . . 91 90 62 64 67 76 77 76 80 82 76 88 89 86 Cigarettes - .. 212 207 317 230 220 201 200 224 234 256 247 254 233 219 90 83 75 77 82 85 86 82 82 86 81 88 85 81 Minerals—Total 115 115 111 06 111 118 105 117 117 115 120 125 122 Pill Bituminous coal,_ . . - 94 106 103 96 103 112 61 70 72 72 77 92 92 P85 A Pe n t t r h o r i a e c u i m te t . c . m de 1 6 5 7 3 1 7 5 1 0 1 7 6 2 6 1 6 5 1 8 1 5 6 4 5 1 6 7 7 1 1 17 0 4 1 1 6 7 3 7 1 6 7 5 5 1 3 7 8 7 1 3 8 7 4 18 5 2 3 1 7 7 0 7 P1 P 7 67 4 Iron ore 167 93 238 240 245 257 218 156 34 Zinc .......... 98 100 100 85 89 113 114 117 111 104 103 110 112 108 Lead 73 77 81 77 72 77 84 75 72 79 79 73 84 82 Silver. „ 118 106 114 100 102 102 104 98 105 126 138 111 90 p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932. pp 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boi board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 47 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1936 1937 Industry and group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 94.4 96.2 98.6 98.8 99.7 100.9 101.6 102.2 101.4 103.0 102.4 100.7 1)8.4 94.1 Durable noods 88.2 89.9 92.7 92.4 93.9 96.3 97.4 98.4 97.8 100.1 99.3 98. G % 7 91.3 Nondurable troods 101.2 102.9 104.9 105.4 105.8 105.9 106.2 106.2 105.3 106.2 105.6 102.9 100.2 07.0 IRON STEEL PRODUCTS 98.4 99.6 101.0 102.3 103.7 106.4 108.0 108.7 100.7 108.3 108.7 108.4 105.4 98,6 Blftst furnaces steel works 100 109 110 113 112 116 118 120 106 121 122 123 119 lit) Bolts nuts washers rivets 79 81 84 87 89 90 93 94 82 88 87 88 85 81 Cast-iron pipe 66 67 68 68 69 71 72 72 69 68 CG 64 G2 59 Cutlerv edce tools 82 84 87 89 87 87 87 89 86 89 92 91 88 80 Fondncs 61 64 68 69 70 69 73 73 73 77 73 74 72 05 84 91 95 80 96 99 99 98 96 96 93 93 94 Wl Pliimhprs* sunnlip^ 85 86 90 94 90 95 97 98 91 89 92 95 93 90 Stcani hot-water heating 70 71 72 76 78 80 82 82 80 81 77 77 71 04 Stoves 107 107 HI 114 117 116 113 113 118 107 111 105 99 85 Structural ornjunpntfil 73 73 70 73 75 76 78 77 78 79 79 80 78 74 Tin cans tinw&re 100 98 97 103 105 104 105 107 107 110 109 104 98 101 Tools 89 93 95 98 99 101 101 103 102 103 105 t)9 90 91 Wire work 164 175 188 179 176 187 186 183 181 176 171 170 187 177 M ACIIINERY 108.4 110.4 114.0 116.0 118.9 121.1 123.7 125.6 129.4 131.5 131.3 130.2 128.0 120.8 Agricultural imnlpnifiTits 102 95 103 109 113 125 130 136 143 147 148 151 158 140 Ofrsh rppist^rs Ate 119 120 121 123 127 131 131 134 136 137 135 137 136 134 TMpptripAl mflchitiprv 100 103 106 104 109 111 115 118 120 121 121 121 119 113 PnEnnes turbines etc 117 122 125 128 134 137 140 147 146 150 151 155 157 150 Foundry, machine-shop products- 96 97 100 102 104 106 108 110 113 114 114 112 110 10G Machine tools 125 127 129 136 136 141 147 150 153 154 161 157 157 153 Radios Dhonocranhs 176 • 171 188 201 196 190 , 189 155 190 214 201 180 102 120 TPXHIP miohiticrv 75 75 76 79 81 83 85 87 87 87 88 87 84 78 T VD R wri t ers 132 135 139 145 148 153 154 154 159 156 155 150 147 131 TRANSPORTATION EQUIPMENT 105.0 112.3 118.7 110.2 113.0 117.3 118.6 122.2 122.6 123.5 121.3 123.9 126.3 118.4 Aircraft 645 646 698 740 772 783 798 807 794 768 812 799 817 751 Automobiles 113 123 133 120 123 127 128 133 134 136 132 130 138 128 61 64 62 62 66 71 70 71 70 69 69 G7 71 74 Locomotives 41 42 44 49 54 54 55 55 57 60 61 G4 66 64 Shipbuilding 102 98 89 95 100 106 106 104 104 102 106 • 10G 106 106 R. AIT ROAD TIFPAIR SHOPS 60.1 60.6 61.7 62.3 61.9 62.2 62.4 62.4 63.7 64.4 62.4 60.1 58.7 57.3 Electric railroad 63 63 63 63 63 64 64 63 63 63 • 63 63 63 63 Steam railroad 60 60 62 62 62 52 62 62 64 64 62 GO 58 57 NONFERROUS METALS, PRODUCTS 105.2 106.7 110.7 109.6 111.7 113.2 114.3 115.4 115.0 115.4 115.9 113.7 109.4 105.6 115 118 118 121 121 119 121 123 132 138 138 131 103 122 110 111 115 120 122 122 126 124 123 121 121 117 112 104 CMOPV*? watcher 114 115 117 120 120 122 124 125 124 120 128 126 124 119 Jewelry 88 91 91 90 89 90 90 95 95 101 99 93 92 90 89 94 99 75 98 104 100 100 96 94 93 97 98 93 Silvprwarp nlatfid w&tfc 70 70 71 72 73 73 74 73 73 82 78 SO 78 SG fiTneitinf? rGflnint? 78 78 80 80 79 81 85 88 89 94 94 94 90 87 fitfiTtin^H Atiflmplpd ware 153 154 166 163 159 161 158 160 159 153 156 152 152 140 T TTHfRlTTl PRODUCTS 66.2 66.2 67.9 68.8 68.1 71.4 71.4 71.7 72.3 72.9 71.3 69.2 66.4 61.8 81 84 86 89 87 88 90 91 92 91 88 86 81 75 Lumher millworlc 53 54 55 67 57 58 58 56 56 56 55 55 54 51 T iimViPr Sawmills 50 49 51 50 50 54 53 54 54 56 54 53 51 47 flTnKF Of AV OT ASS PRODUCTS 67 2 66.3 69.0 69.5 72.6 72.6 71.8 71.3 70.4 70.4 70.3 70.5 69.4 67.2 T^rirt tilp tprrfi cott& 47 48 51 54 55 54 54 52 50 51 48 49 47 44 64 65 68 68 68 70 66 62 62 61 64 66 67 08 Glass 103 96 101 98 109 109 , 108 110 109 110 112 111 109 105 A/Tarhlp eranitft slat6 42 42 42 43 43 43 43 44 42 41 41 42 41 41 Pottery 76 75 76 77 77 78 78 79 82 79 79 78 78 75 TFTTITFS PRODUCTS 101,7 104.4 106.8 108.3 107.3 107.0 107.9 107.6 105.4 106.2 105.9 100.9 96.4 91.5 A Fabrics 95.5 97.3 100.1 101.7 100.7 101.1 103.8 103.2 101.3 102.0 100.8 95.9 90.4 85.5 Oarnpts Tii£S 92 93 99 101 101 99 102 102 100 101 101 87 86 CJnttnn Crtods 97 98 99 101 102 103 105 106 104 105 106 101 93 89 f^nttnn <iTTiall WfltftS 101 104 106 107 102 102 103 96 100 102 104 101 07 91 Dyeing, finishing textiles - 115 117 121 120 117 116 119 119 114 116 116 114 113 108 TTntq fur-felt 82 87 89 90 89 88 86 84 90 87 84 79 82 1.87 117 116 119 123 123 122 122 121 118 123 121 117 112 107 SilV rflvnn troocls 79 79 79 81 79 80 85 84 86 84 81 76 73 68 \Vnnlpn wnr<;tP<i Foods 78 84 92 93 85 88 94 90 87 84 78 70 68 60 TK Wparint? atittflrel 113.4 118.4 119.8 120.9 119.8 117.9 115.0 115.3 112.0 113.1 115.1 109.7 107.4 103.1 ("MntJiinu m fin's 105 111 115 114 111 110 113 116 109 109 108 103 100 95 155 163 160 159 161 156 146 144 142 145 156 147 143 139 89 91 92 93 91 90 88 89 90 91 90 89 89 89 TVTpn^ fiirnishinffS 130 134 135 140 141 141 140 138 141 147 139 129 128 122 \f illinprv 55 53 51 57 57 58 54 53 54 52 54 51 50 48 ^hfrt«? collars 117 119 124 132 129 129 124 119 118 119 117 115 114 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDEKAL KESERVE BULLETIN JANUARY 1938 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average «= 100] 1936 1937 Industry and group Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov LEATHER PRODUCTS 92.0 94.9 98.8 99.1 98.1 97.4 96.5 96.0 96.1 95.2 93.0 90.0 86.1 Boots, shoes - 92 95 100 101 100 99 97 96 97 97 94 90 90 88 Leather 96 99 98 97 97 97 100 100 99 95 94 93 83 FOOD PRODUCTS 112.7 113.4 115.0 114.8 116.7 117.0 116.1 114.8 114.7 119.4 116.2 114.8 113.8 113.8 Baking 131 132 132 133 135 136 134 135 135 136 134 134 136 134 Beverages 187 197 197 203 202 205 199 203 206 209 210 209 199 209 Butter _ 82 82 84 86 88 88 86 88 90 91 88 87 86 82 Canning, preserving 146 135 147 148 157 152 154 144 143 169 155 151 138 140 Confectionery j 76 80 81 83 81 80 79 78 77 81 82 76 80 80 Flour 74 73 74 75 75 75 77 76 75 78 77 74 75 75 Ice cream 69 70 72 71 73 73 73 76 77 76 75 76 • 72 73 Slaughtering, meat packing 91 96 95 93 91 93 91 90 89 91 88 89 90 Sugar, beet 118 114 93 44 89 95 98 90 90 91 108 110 107 Sugar refining, cane 74 67 70 64 78 77 84 78 75 79 75 66 67 TOBACCO MANUFACTURES 81.1 62.4 62.0 62.0 61.8 61.7 61.1 61.2 60.2 61.3 60.8 60.2 59.3 59.7 Tobacco, snuff 57 57 56 66 57 56 56 56 58 57 57 56 56 56 Cigars, cigarettes 62 63 63 62 62 62 62 61 62 61 61 60 PAPER, PRINTING 103.1 103.6 104.0 104.0 105.5 107.4 107.5 108.0 108.2 107.3 107.4 107.8 107.0 105.0 Boxes, paper 100 100 103 103 104 106 106 106 106 105 104 100 99 97 Paper, pulp 111 112 113 114 116 118 119 120 121 120 119 119 117 113 N Bo ew ok s , p j a o p b e p r, r i p n e t r i i n o g dical printing. 1 9 0 4 5 1 9 0 5 4 1 9 0 4 4 1 9 0 4 3 1 9 0 6 4 1 9 0 8 5 1 9 0 7 5 1 9 0 8 6 1 9 0 8 6 1 9 0 8 5 1 9 0 8 5 1 9 0 9 7 1 9 0 9 7 1 9 0 8 6 CHEMICALS, PETROLEUM PRODUCTS, 117.9 118.1 118.6 120.7 121.6 122.5 124.4 126.0 127.5 127.7 127.2 127.4 123.7 120.6 A. Other than petroleum 117.4 117.4 118.3 120.9 121.8 122.7 124.8 126.1 128.0 128.1 127.3 127.9 123.4 119.9 Chemicals 129 129 129 133 133 135 136 138 137 138 137 137 135 128 Cottonseed oil, cake, meal_._ 71 77 75 85 80 67 77 77 72 62 62 97 87 89 Druggists' preparations 100 102 105 105 109 111 113 112 114 112 114 112 110 108 F E e x r p t l i o li s z i e v r e s s 8 9 5 0 9 8 3 0 9 8 1 7 9 8 4 7 9 8 2 6 9 8 0 8 9 9 5 4 9 9 3 8 1 9 1 7 0 1 9 0 7 4 1 9 0 7 5 9 9 7 4 9 8 4 9 9 8 3 6 Paints, varnishes 129 127 130 131 133 135 136 134 134 136 136 134 132 129 Rayon, allied products 354 357 355 364 363 370 378 392 408 413 407 407 380 367 Soap , 103 100 100 102 110 111 107 103 103 104 103 102 99 98 B. Petroleum refining 119 121 120 120 121 122 123 125 125 126 127 125 124 124 RUBBER PRODUCTS 98,3 99.4 102 102.3 101.7 96.0 95.8 101.7 100.0 96.6 99.8 99.5 98.1 91.6 Rubber boots, shoes 75 74 76 75 73 82 82 81 76 67 77 76 74 66 R R u u b b b b e e r r g ti o r o es d , s , i n o n t e h r e r tubes 1 9 3 2 0 1 9 3 3 3 13 9 8 5 1 9 4 5 0 1 9 4 4 0 142 1 7 4 9 4 1 8 4 9 5 144 1 8 4 7 0 1 9 4 0 0 1 9 3 1 7 1 9 3 0 5 12 8 6 5 Ii?^EiT?'i^ures for November 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and page 259 of the BULLETIN for March 1937. Underlying figures are for payroll period ending nearest middle oimonth, ^ecemper uwo ana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY FEDEHAL EESERVE BULLETIN 49 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) flndex numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1936 1937 1936 1937 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. uly •Ug. ept. Oct. Total 96.7 96.9 101.4 102.3 02.1 ,00.5 94.7 89.0 90.7 00.4 03.8 00.1 00.1 89.3 Durable goods 89.2 91.0 98.9 98.1 97.3 97.5 92.3 85.3 88.9 00,7 04.0 99.4 01.7 89.6 Nondurable goods. 104.7 103.3 104.1 106.9 ,07.3 LO3.6 97.3 93.7 92.9 00.0 .03.5 00.9 98.2 88.9 IRON, STEEL PRODUCTS 98.9 19.3 107.6 108.7 105.8 8.2 3.2 95.8 13.5 20.4 12.9 06.8 85.6 Blast furnaces, steel works,- 108 108 120 .21 18 09 02 05 32 42 .30 19 93 Bolts, nuts, washers, rivets. 79 81 87 85 81 87 89 94 01 97 97 79 Cast-iron pipe 66 66 68 65 62 58 50 48 54 54 49 46 43 Cutlery, edge tools 83 86 84 89 90 90 88 78 83 78 85 87 86 80 Forcings ,. 61 64 72 72 73 72 65 52 58 04 67 70 68 56 Hardware - 85 92 93 90 93 94 91 93 .06 OS 04 01 15 99 P T T W S S S t t l o t i o e u r n i o r u a v m e l m c c e s w b a t s u , o n e r h r s r a k s o , l ' t t , - i s n w o u w r p a n p t a a e l r m i r e e e h s n e t a a t l ing... 1 1 1 8 7 1 7 9 0 6 6 3 7 5 0 3 4 1 1 8 7 7 9 9 1 7 G 4 3 6 4 5 5 1 1 1 1 9 8 0 7 7 1 0 3 1 5 7 6 5 2 1 1 1 1 9 7 1 8 0 7 1 4 6 3 1 0 1 8 1 1 9 1 7 8 9 7 1 5 3 7 2 8 0 4 [ , 9 7 9 7 0 0 8 4 4 7 9 1 8 7 L 9 9 6 9 9 7 7 0 1 7 9 2 5 7 . 6 6 9 6 9 5 0 6 6 4 9 7 2 9 L 7 6 6 9 9 6 0 3 3 6 8 2 6 3 7 7 8 O 8 2 7 2 1 2 S 2 2 2 M 7 9 7 8 0 2 2 7 7 5 7 9 7 9 7 8 0 2 6 3 8 2 4 4 3 7 0 G 9 0 0 8 2 6 7 4 8 1 2 1 10 6 5 6 9 5 7 1 4 9 5 0 3 4 MAC E A C E F M R T H o n l e a a g I e a N x s g u d r c c h i t i n E i t h c i n o r l R d u i r i e e s n e c r Y l s , t y g a e m , u p l , i r t s t h a u o a m m t o c e l o r h n a r a b l i s s i c o c i m n , — n h h g _ e e i e p i r n r n t a s l y c e e e p , - m r h e s y t h s e c o n p ts p _ r - odu . c _ t _ s 1 1 1 2 1 1 1 9 0 1 1 1 0 9 2 7 3 9 8 9 3 8 0 6 6 3 3 .6 1 1 1 2 1 1 1 9 1 2 1 1 9 0 7 2 3 1 3 0 1 8 7 3 4 8 9 .4 1 1 1 1 1 1 1 1 1 2 2 3 3 5 5 8 1 5 9 9 1 9 7 2 3 6 3 2 7 .9 1 1 1 1 2 1 1 1 1 4 3 2 5 3 0 8 1 5 5 0 1 1 1 5 4 6 3 5 2 .2 1 1 1 2 1 1 1 1 3 4 2 5 3 0 1 8 5 5 0 7 1 4 7 8 2 4 8 1 .7 1 2 1 1 . 1 . 0 3 1 5 8 5 4 5 2 1 1 6 9 3 3 8 8 8 1 0 .9 1 1 . . L 2 4 4 5 5 7 1 3 O 1 4 6 5 4 7 5 3 4 .4 1 1 1 1 . . 0 9 9 0 6 2 2 7 0 1 2 3 0 0 6 2 9 8 6 7 .7 1 [ . 9 9 1 2 6 3 6 0 0 0 7 3 5 2 4 9 4 7 2 6 .6 . . 1 . 3 5 0 1 5 4 7 2 4 6 3 5 0 5 9 6 3 4 7 6 .6 . . . i . 3 4 8 1 7 G 8 2 5 4 7 0 8 9 6 O 4 7 6 4 .1 . . . . 3 8 6 8 7 1 2 4 5 4 i 9 6 5 4 4 4 7 9 3 .3 . . . 0 . . 5 8 1 2 4 2 3 0 7 1 9 1 4 4 8 8 5 6 0 .2 1 1 1 1 1 1 1 1 1 8 4 2 5 1 2 0 5 0 r 0 3 1 4 3 3 2 8 6 o .9 Typewriters TRAN A L A S C S h o a u i P r i c r t c O p s o o r b , R m a m u T e f o t o l i A e l b t d T c i i v i I t l O n r e e i g N s s c . — , — E st Q u e U a . I m PM r E a N ilr T oad.. 6 1 1 1 1 0 1 5 4 0 2 9 0 9 0 3 .1 6 1 1 4 1 5 4 2 9 5 6 8 1 8 7 .0 7 1 1 1 9 1 3 7 6 0 9 1 0 2 3 0 .9 8 1 1 1 1 1 7 1 6 0 1 2 3 9 3 2 .8 7 1 1 1 6 0 6 6 1 0 7 7 9 4 3 6 .0 7 1 1 1 8 2 6 6 3 0 2 4 8 4 4 7 .7 1 1 1 ' 2 6 3 6 0 5 1 6 3 2 5 1 ,2 5 1 [ 9 6 2 2 0 0 5 0 8 7 3 2 .8 5 L 1 5 2 9 5 2 3 8 8 7 3 6 .4 5 [ . 8 5 8 1 2 1 3 1 7 3 4 2 .5 ' . 8 1 5 1 5 1 2 7 3 5 1 9 .8 [ > 0 8 5 1 0 7 4 0 5 9 6 0 .4 . r . . 8 5 2 3 2 2 3 6 9 3 8 4 .9 1 6 1 1 1 8 2 8 2 5 8 9 4 4 0 1 .8 RAIL E R l O ec A t D ri c R E ra P i A lr I o R a d SHOPS. 6 6 0 3 .4 63 6 6 3 3 .8 6 6 2 3 .1 6 6 0 3 .4 5 6 9 3 .0 5 6 7 3 .3 6 6 3 4 .9 6 6 5 6 .2 6 6 3 7 .5 6 6 7 9 .3 6 6 3 S .1 6 6 4 8 .9 6 6 2 8 .9 Steam railroad 60 64 62 60 59 57 04, 65 63 67 63 65 63 NON A FE lu R m RO in U u S m M ETALS, PROD - UCTS.. 1 1 0 1 8 7 .3 1 1 1 1 0 9 .0 1 1 1 3 1 2 .5 1 13 12 3 .8 1 1 1 3 4 1 .1 1 1 1 0 2 5 .7 1 1 2 08 4 .9 1 9 1 9 1 .7 1 1 0 1 2 5 .0 1 1 0 3 5 5 .3 1 1 0 4 9 1 .9 1 1 1 3 0 6 .1 1 1 0 1 9 6 .9 1 1 0 2 0 8 .5 Brass, bronze, copper 111 113 119 117 115 113 106 103 104 117 117 113 107 92 Clocks, watches 118 121 115 124 127 128 125 116 122 108 122 128 133 124 J L S S S e i m t i w l a g v m h e e e l t l r t p i r w i n y e n g d a g r , , e e r e q , e n u p f a i i l m p n a m t i e e n l d e g e n d - w , t - . w . ar a e re 1 1 9 7 0 7 5 1 2 2 9 4 1 1 0 9 7 7 5 1 7 4 9 6 1 9 9 7 9 5 1 2 4 2 1 1 9 9 7 9 5 6 1 6 2 3 1 1 9 0 8 9 5 7 1 0 3 3 1 1 1 0 8 9 0 5 6 1 2 0 4 1 1 0 9 9 8 4 0 6 0 9 1 1 8 8 6 6 5 4 3 8 8 4 1 7 9 7 7 5 8 7 2 0 5 1 6 8 6 8 4 8 9 7 7 6 1 7 8 7 5 9 4 7 3 7 2 1 8 9 8 8 4 2 9 1 9 9 1 1 8 0 8 9 5 9 4 1 1 6 1 7 9 8 8 3 9 8 3 5 6 69.2 67.8 72.9 73.0 71.7 69.4 63.2 63.1 60.8 67.3 71.4 68.2 65.3 54.9 LUMBER PRODUCTS 87 88 88 89 89 87 79 77 78 74 79 78 77 66 Furniture 53 53 57 57 56 54 51 50 50 55 56 53 52 46 Lumber, millwork... 52 50 56 56 55 53 47 47 43 53 56 53 49 40 Lumber, sawmills .— 69.1 67.3 71.7 71.9 72.7 71.4 68. 62. i 61.1 66.1 70.5 69.9 69.6 63.7 STONE, CLAY, GLASS PRODUCTS.. 50 50 54 52 52 50 45 41 41 46 46 46 44 37 Brick, tile, terra cotta 66 64 70 70 70 69 67 62 63 72 77 73 72 68 Cement 104 98 108 110 111 110 107 103 99 109 120 119 119 112 Glass 44 43 44 45 45 43 42 38 34 40 40 38 35 Marble, granite, slate 77 77 73 76 77 77 66 67 65 67 73 70 Pottery TEX A T B I . . L H W E D K M C S S C C M W C C C F h i S i a o o a l l y a o n i l l o e , o e o k r b r t t t r e l i n a o P t t t t p s s t t , i i r o o h h r R l , ' e s n e i n s r i e g i n i n , t c n O f a t g e n n n s o s u f s y r c g , D g g , s u g , o , r f . o y o m - — a , , o U r d w i l r a f n n n l u l o e m w s C p l a o a i g l d i i — s T l r p g e t r o s e l s s h s s S o d a h m n t i w o r e n i ' g s e e d n d a g n l a s r g s . e ' r g . s t m s e o x o e t d n il s t e s . s . . . . . 1 1 1 1 > 1 1 1 1 1 9 0 2 8 8 1 0 7 9 1 0 6 2 3 5 7 4 1 3 2 5 2 9 0 8 8 3 4 8 7 . . . 1 3 3 1 1 1 1 1 1 1 1 1 1 9 2 9 8 8 0 0 0 1 8 1 0 9 5 4 2 4 8 4 1 4 3 4 0 4 8 0 6 7 0 8 3 5 8 . . . 8 8 0 1 1 1 1 1 1 1 1 1 1 9 0 0 0 9 8 0 £ 8 1 0 0 8 3 3 1 1 0 8 0 2 6 4 9 0 1 6 2 7 8 0 9 7 3 . . . 0 0 0 1 1 1 1 1 1 1 1 1 1 9 0 0 8 0 9 0 8 7 1 1 1 4 8 2 5 1 7 2 1 1 9 6 9 0 8 6 1 3 6 8 8 3 6 . . . 3 8 0 1 1 1 1 1 1 1 1 9 0 8 1 8 7 1 1 0 8 2 5 5 1 4 1 6 1 0 0 4 7 9 9 8 2 7 9 . . . 6 9 1 1 1 1 1 1 1 9 9 8 9 9 8 1 7 1 6 9 0 1 5 3 5 2 8 1 9 4 8 3 6 5 2 8 2 0 4 0 6 2 1 . . . 8 9 1 1 1 9 8 8 9 9 8 0 1 1 6 7 0 1 3 9 2 . . 9 9 1 1 1 1 1 8 8 9 8 9 6 0 6 2 6 9 8 9 1 3 1 1 5 8 0 7 8 1 0 7 4 0 1 2 1 9 8 8 6 . . . 1 1 1 1 1 8 8 9 9 8 0 6 2 6 6 8 7 0 8 3 2 1 6 7 8 0 8 1 8 4 4 6 4 9 3 8 1 6 6 . . . 2 1 8 8 9 9 9 8 9 1 6 7 7 8 7 8 9 2 9 5 9 7 7 0 1 4 3 3 7 2 6 1 0 7 4 6 . . . 5 6 1 1 1 1 9 9 9 9 9 9 1 8 6 6 9 9 1 8 0 0 4 2 0 7 8 1 4 9 7 2 6 9 2 5 2 3 2 0 . . . 0 1 1 1 8 8 8 9 9 9 1 6 6 8 5 8 0 8 9 0 4 7 5 5 2 6 5 7 9 7 8 8 4 6 4 5 3 9 . . . 3 1 1 1 1 8 8 6 8 9 2 9 6 6 8 5 8 1 8 1 1 3 4 1 4 5 7 3 5 2 7 2 0 3 0 7 2 3 6 . . . 0 2 1 1 1 7 4 7 7 7 8 1 6 4 5 6 0 8 6 8 2 0 1 1 9 6 8 9 2 1 2 8 2 3 5 1 3 7 2 . . . 3 0 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN JANUARY 1938 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued I Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1936 1937 1936 1937 Oct. Nov. July Aug. Sept. Oct. Nov, Oct. Nov. July Aug. Sept. Oct. Nov. LEATHER PRODUCTS. 92.8 19.0 96.3 96.6 92.7 89.5 74.0 67.3 83.7 71.6 66.3 54.5 Boots, shoes 93 98 99 94 91 81 67 58 79 65 59 47 Leather 97 95 94 93 90 99 101 104 104 99 95 82 FOOD PRODUCTS 124.2 114.1 124.9 132.5 137.8 125.0 114.3 111.5 108. 3 128.3 131.2 133.2 125.0 115.7 Baking 133 133 137 135 137 138 135 119 120 135 132 136 137 130 Beverages 191 183 234 231 223 203 194 199 191 285 273 253 222 212 Butter 83 82 97 94 92 86 82 65 65 78 78 74 70 67 Canning, preserving 197 113 210 278 312 186 117 179 98 245 294 307 188 108 Confectionery,. 91 92 69 73 85 96 92 86 85 64 75 89 98 89 Flour. _ 77 75 78 78 77 76 73 70 80 80 81 81 77 Ice cream 66 62 93 90 82 69 65 58 56 86 84 74 64 62 Slaughtering, meat packing.. 92 97 90 87 87 89 91 89 100 100 97 98 100 102 Sugar, beet 272 274 53 71 92 253 258 202 269 56 75 101 224 276 Sugar refining, cane 76 SI 77 67 69 61 59 81 81 60 64 65 TOBACCO MANUFACTURES.. G4.5 65.9 60.6 61.8 62.1 62.6 63.0 54.7 54.8 55.8 57.2 56.5 57.9 57.2 Tobacco, snuff 57 57 55 56 56 56 57 61 62 66 66 70 68 64 Cigars, cigarettes 65 67 61 63 63 63 64 54 54 55 56 55 57 56 PAPER, PRINTING.. 1010 105.0 106.0 106.3 107.7 107.9 106.4 96.5 98.6 101.6 102.6 103.7 105.1 101.6 Boxes, paper.. 106 106 102 103 103 105 104 108 109 100 103 103 109 103 Paper, puullpp.... 111 112 120 119 119 117 113 102 105 119 124 118 117 105 Book, job printing 94 96 96 97 99 99 99 85 88 90 90 93 93 93 Newspaper, periodical printing... 105 105 103 103 106 108 107 101 102 100 104 107 106 CHEMICAL, PETROLEUM PRODUCTS... 120.3 119.7 124.3 124.9 128.6 126.5 122.4 114.4 114.7 136.8 140.7 139.0 137.5 132.0 A. Other than petroleum 120.2 119.4 123.5 124.1 128.9 126.7 122.1 113.9 113.3 134.9 137.7 137.7 136.1 129.5 B. E S P R C D F C P e o e x a a o h r r t p i a u y e t r t n t p l g m i o o o o t l . g n l i s n . s i e z , i , c i s s u e v a e v a t r m e l e s a l s s s l ' d r i n e r p e o d i r s f i e i l h p n p , e i r a c s n o r a g a d k . t . u e io , c n m ts s . e . al 3 1 1 1 1 1 1 9 7 2 6 0 2 3 0 0 3 7 1 2 7 9 0 4 4 3 1 1 1 1 1 1 9 2 7 6 0 0 0 2 3 5 1 0 4 3 6 4 5 0 4 1 1 1 1 1 9 0 4 7 2 3 0 0 4 5 1 2 0 8 6 2 6 0 4 1 1 1 1 1 9 7 0 5 2 3 0 3 1 6 3 3 4 8 3 2 7 2 4 1 1 1 1 1 1 9 8 0 2 0 3 2 1 3 8 5 7 7 3 2 1 4 7 3 1 1 1 1 1 1 9 8 2 8 0 1 3 3 2 7 1 6 8 3 5 5 2 7 3 1 1 1 1 1 1 9 7 7 2 0 2 2 1 3 5 4 6 4 0 8 0 2 0 3 1 1 1 1 1 9 0 8 7 1 0 1 2 2 6 8 5 0 6 5 3 0 5 2 1 1 1 1 1 8 9 6 9 1 1 0 1 2 3 8 3 8 9 3 2 7 8 3 1 1 1 1 1 1 9 3 7 4 3 1 0 1 5 3 5 7 3 8 7 4 2 4 4 1 1 1 1 1 1 7 0 5 4 0 1 2 3 5 9 1 1 8 7 8 3 5 6 3 1 1 1 1 1 1 1 9 9 4 5 2 0 3 2 1 7 4 3 1 2 6 2 7 2 3 1 1 1 1 1 1 1 8 7 1 1 2 2 4 5 3 3 5 1 9 9 1 2 1 4 3 1 1 1 1 1 1 1 7 6 1 1 4 0 2 4 2 8 0 1 6 0 7 5 2 5 RUB R R R B u u u ER b b b b b b F e e e R r r r O g b t D i o o r V e o o C s d t , s T s , S , i n s o h n t o e h r e e s r tubes. 1 7 9 3 7 8 3 .9 1 2 8 9 3 0 0 1 6 0.0 1 9 9 6 3 0 6 2 7 .2 1 9 8 7 3 7 8 7 5 .9 1 9 7 3 8 9 5 .0 1 8 9 7 3 7 7 8 7 .7 1 8 9 7 2 3 2 2 8 .1 1 9 6 9 2 6 5 4 8 .8 1 1 9 6 3 0 9 9 1 1 .2 1 9 9 5 3 4 6 5 6 .8 1 9 9 7 3 0 7 3 4 .0 1 9 9 7 3 0 6 3 7.4 1 8 9 7 4 0 0 4 4.3 1 8 6 7 2 2 5 3 2 .3 NOTE.—Figures for November 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936 Bark data mav be o.bbttaaiined from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearestlmiddle of month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 51 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation Value of contracts in millions of dollars.l Public works Total Residential Factories Commercial and public Educational AH other Month utilities 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 January 214.8 242.7 37.4 78.4 9.0 37.0 15.5 21.5 86.9 68.5 39.5 19.6 26.5 17 8 February 140.4 188.3 31.2 63.0 13.4 12.6 12.6 22.3 46.6 59.6 21.1 11.3 15.5 19.4 March 198.8 231.2 55.2 90.2 18.4 22.2 17.3 30.0 62.3 52.5 19.0 10.0 26 6 26 4 April 234.6 269.5 67.2 107.8 25.5 30.1 24.3 28.5 73.4 65.7 23.2 14.0 21.1 23.4 May 216.1 243.7 70.3 83.9 12.9 18.5 18.8 25.6 63.6 66.7 20.7 22 0 29.8 26 9 June 232.7 317.8 73.6 93.1 10.2 36.8 21.9 24.5 80.0 99.9 18.3 37.4 28.7 26.1 July 294.7 321.6 72.0 81.0 19.1 58.5 28.6 29.1 126.6 102.5 23.3 15.8 25.1 34 7 August 275.3 285.1 100.5 73.4 15.0 37.9 22.0 29.6 94.4 94.4 12.3 17.2 31.1 32.6 September ..... _..- 234.3 207.1 80.7 65.6 18.8 12.9 20.1 25.3 84.5 65.8 9.2 15.8 21.0 21.5 October 225.8 202.1 79.7 65.5 18.4 12.0 22.0 25.2 67.0 61.0 13.4 10.8 25.3 2fi.4 November 208.2 198.4 68.4 59.9 14.1 13.5 23.0 18.9 73.9 GI. 4 13.1 19.3 15.7 25.4 December 199.7 65.5 23.1 23.2 61.3 13.0 13.6 Year 2,675.3 801.6 198.0 249.1 920.4 226.1 280.0 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts In millions of dollars.] Total Publicly financed* Privately financed* Month 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937 January.. __._. 85 83 186 100 215 243 39 39 157 55 149 112 45 44 29 45 66 130 February 89 53 97 75 140 188 34 27 65 38 79 69 55 26 31 37 62 119 March 112 60 178 123 169 231 45 25 126 68 96 66 67 35 62 55 103 166 April 122 57 131 124 235 270 61 18 78 63 106 74 61 39 53 71 130 195 May 146 77 134 127 216 244 93 24 72 47 94 92 54 53 63 80 122 162 June .-... _.-.. 113 102 127 148 233 318 64 29 73 64 116 137 49 74 64 84 116 180 July 129 83 120 159 295 322 85 20 52 67 153 131 44 63 67 93 141 191 August 134 106 120 169 276 285 81 47 69 92 153 108 63 59 61 76 122 178 September 128 120 110 167 234 £07 80 71 69 97 116 80 47 49 41 70 119 127 October 107 145 135 201 226 £02 61 100 79 114 101 78 46 45 57 87 125 124 November 105 162 112 188 208 198 73 126 74 118 89 93 32 36 38 70 119 106 December 81 207 93 264 200 52 156 61 196 82 29 61 32 68 117 Year 1,351 1,256 1,543 1,845 2,675 768 683 975 1,007 1,334 583 673 668 837 1,341 i Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dottaTS.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] :Number Liabilities 1937 1936 Federal Reserve district Federal Reserve 1937 1936 1937 1936 Nov. Oct. Nov. district Nov. Oct. Nov. Nov. Oct. Nov. Boston _ _ 13,890 13,010 14,623 New York 36,327 45,878 38,597 Philadelphia 16,391 15, 773 14,077 Boston . 66 56 70 745 513 785 Cleveland 25,325 17,139 21,034 New York 247 249 205 3,192 3,090 4,550 A Ri t c la h n m ta ond 1 1 9 3 , , 4 3 3 5 3 8 1 1 4 5 , , 8 9 2 4 0 4 2 2 0 8 , , 8 6 9 8 1 9 P C h le il v a e d la e n lp d hia 2 5 8 9 3 6 6 1 3 5 7 0 3 7 3 0 8 5 1,0 6 7 4 5 2 1,3 4 0 1 9 5 Chicago 28,147 39,470 35,678 Richmond 52 38 44 660 564 1,201 St. Louis 13,194 12,688 10,864 Atlanta 49 35 24 520 263 376 Minneapolis 6,975 6,542 7,597 Chicago 94 101 92 1,700 1,210 1,203 Kansas City 10,334 9,047 8,591 St. Louis 25 19 25 381 173 553 Dallas ._ 15,027 11,771 7,564 Minneapolis 20 16 12 218 77 83 Kansas City. 34 32 32 230 356 157 Total (11 districts) 198,402 202,081 208, 204 Dallas 21 19 15 3S0 205 204 San Francisco 91 106 82 1,009 1,161 696 f Total . 786 7G8 688 10,078 9,335 11,532 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN JANUARY 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports * Excess of exports Month J933 1934 1935 1936 1937 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 January 121 172 176 199 223 96 136 167 187 240 25 37 9 11 -18 February 102 163 163 182 233 84 133 152 193 278 18 30 11 -11 -45 March 108 191 185 195 257 95 153 177 199 307 13 33 •8 -4 -51 April 105 179 164 193 269 88 147 171 203 287 17 33 -6 -10 -18 May 114 160 165 201 290 107 155 171 192 285 7 6 -5 9 5 June 120 171 170 186 265 122 136 157 191 286 -2 34 13 -5 -21 July 144 162 173 180 268 143 127 177 195 265 1 34 -3 -15 3 August 131 172 172 179 278 155 120 169 193 246 -23 52 3 -14 32 September 160 191 199 221 297 147 132 162 216 233 13 60 37 5 63 October 193 206 221 265 333 151 130 189 213 224 42 77 32 52 108 November 184 195 270 226 P315 129 151 169 196 J>223 56 44 100 30 P91 December 193 171 223 230 134 132 187 245 59 38 37 -15 Year 1,875 2,133 2,283 2,456 1,450 1,655 2,047 2,423 225 478 235 34 p Preliminary. *Including both domestic and foreign merchandise. * General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923*25 average «»100J 1936 1937 Index of sales i Index of stocks (end of month) Nov. July Aug. Sept. Oct. Nov. Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Tota C l oal ,. 8 8 5 2 8 7 0 6 7 7 9 7 8 7 1 8 8 7 1 6 7 7 1 2 1936 1937 1936 1937 1936 1937 1936 1937 Coke 96 104 98 93 74 59 L G F O o i r r v e r a e e in s st t o a p c n r k d _ o d g . u r .. c a t i s n pr „ oducts _ .. . 13 7 4 5 3 8 9 0 10 8 3 5 7 1 7 7 10 7 4 5 3 7 2 3 10 7 4 4 4 1 4 9 4 8 4 7 5 2 6 9 9 4 4 7 2 2 1 3 J M F a e n a b u r r c a u h r a y . r y „ „- 8 8 8 3 1 4 9 9 6 5 3 3 6 7 6 6 7 3 7 9 7 6 0 2 6 6 6 6 6 5 7 7 7 4 6 6 0 6 6 8 2 7 6 7 7 6 2 8 M M e is r c c e h l a l n a d n i e s o e u 1 s... 6 9 7 0 8 6 8 8 8 6 8 8 8 6 6 7 6 8 6 1 7 6 6 4 A M p a r y il. 8 8 4 7 9 9 3 3 8 8 5 9 8 9 9 5 6 6 6 5 * 7 7 6 6 6 6 8 7 7 7 9 8 June 87 93 84 90 64 75 62 73 Without seasonal adjustment July 91 94 63 65 64 74 59 69 August .- 86 92 68 72 67 78 65 74 Total 84 82 81 87 84 72 September 88 94 94 100 68 77 71 80 L C C G i o o r v a a k e i l e n st o a c n k d grain products.. 9 9 7 5 3 6 3 9 11 8 3 6 1 8 2 4 6 8 4 9 8 0 2 3 8 8 5 7 4 8 6 9 8 7 8 6 9 4 2 3 7 8 5 5 8 6 9 1 D N O e o c c t v o e e m b m e b b r e . e r r * „ 9 9 9 0 4 2 9 9 1 3 1 1 1 0 6 0 0 1 5 1 1 0 0 1 3 7 6 7 1 9 1 7 7 6 7 6 s 7 7 o 6 8 8 6 5 F O o re rest products 4 7 9 3 20 5 3 7 19 5 0 5 18 5 2 4 11 4 7 8 4 4 0 0 Year 88 67 Miscellaneous 92 90 89 96 92 78 Merchandise *... 69 67 68 70 69 65 i Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and 1 In less-than-carload lots. holidays. Adjustment for seasonal variation makes allowance in March NOTE.—For description and back data see pages 522-529 of BULLETIN and April for the effects upon sales of changes in the date of Easter. for June 1937. Based on daily average loadings. Basic data compiled Back figures.—Department store sales, see p. 631 of BULLETIN for by Association of American Railroads. Total index compiled by com- August 1936; department store stocks, see pp. 254-255 of BULLETIN for bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 53 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1920-100] Other commodities All Farm Year, month, or week com- prod- Foods m t o ie d s i- ucts Total H P l r i e d o a e d t s u h a c e n r ts d pr T o e d x u ti c le ts m F li a u g t e e h l r t i i a n a n l g d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e l r d i i a n l g s c C a d l h r s e u m a g n s i d - l f e H u g r o n g u i o s s o h e d - - s l M an ls e c o e u l* s 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.6 79 2 79 3 84 9 69 8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64. 4 1933 65.9 SI. 4 60.5 71.2 80.9 84.8 66.3 79.8 77.0 72.6 76 8 6° 5 1934 74.9 65.3 70.6 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.6 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.fi 86.4 85.3 80.5 80 6 68 3 1936 80 8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 • 86.7 SO.4 81.7 70.5 1936—Octobar 81.6 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82.0 71.5 November 82.4 85.1 83.9 81.0 97.0 73.6 76.8 87.9 87.7 82.5 82.3 7a 4 December 84.2 88.5 85.5 82.2 99.7 76.3 76.6 89.6 89.5 85.3 83.2 74.5 1937—January 85.9 91.3 87.1 83.4 101.7 77.6 76.6 90.9 91 3 87.7 86.5 76 2 February 86 3 91.4 87.0 84.1 102.7 77.5 76.8 91.7 93 3 87 8 87.9 77 3 March 87 8 94.1 87.6 85.5 104.2 78.3 76.2 96.0 95.9 87.5 88.4 79 5 April 8S.0 92.2 85.5 86.5 106.3 79.5 76.8 96.5 96.7 86.9 89.0 81.1 May 87.4 89.8 84.2 8,6.3 106.7 78.7 77.2 95.8 97.2 84.5 89.3 80.5 June - --- 87.2 88.5 84.7 86.1 106.4 78.2 77.5 95.9 96.9 83.6 89.5 79.4 July 87.9 89.3 86.2 86.3 106.7 78.3 78.1 96.1 96.7 83.9 89.7 79.0 August 87.5 86.4 86.7 86.1 108.1 77.1 78.4 97.0 96.3 82.2 91.1 77.3 September 87.4 85.9 8S.0 85.9 107.6 75.3 78.7 97.1 96.2 81.4 91. 1 77 0 October 85.4 80.4 85.5 85.1 106.7 73.5 78.5 96.4 95.4 81.2 91.0 70.2 No vembef _„„„-„ 83.3 75.7 83.1 84.3 101.4 71.2 78.2 96.8 93.7 80.2 90.4 75.4 Week ending— Aug. 7 - 87.4 86.9 86.3 86.0 109.1 77.4 78.9 95.4 96.7 82.4 92.8 77.4 Aug 14 87.5 87.5 86.5 86.0 108.6 76.9 78.9 95.5 96.7 82.0 92.7 77.4 Aug 21 87.3 87.1 86.8 85.9 108.6 76.6 78.9 95.5 96.4 81.7 92.7 77.2 Aug. 28 86.5 85.0 85.3 85.8 108.7 76.1 79.1 95.5 96.5 81.2 92.7 77.0 Sept 4 - 86.4 84.6 85.7 85.9 108.6 75.8 79.2 96.4 96.3 81.0 92.7 76.6 Sept. 11 86.8 84.5 86.6 86.0 108.5 75.5 79.8 96.4 96.4 80.9 92.8 76.9 Sept. 18 87.4 86.5 88.6 85.9 108.3 75.1 79.4 96.4 96.3 81.2 92.8 76.9 Sept. 25 87.5 87.3 88.7 85.9 108.3 74.5 79.6 96.4 96.5 81.2 92.7 77.1 Oct 2 86.9 85.4 87.8 85.6 108.2 73.9 79.4 95.8 96.2 81.0 92.7 76.8 Oct 9 ~ . 86.0 82.7 86,9 85.3 108.1 73.3 79.5 95.6 95.9 81.2 92.7 76.6 Oct. 16 85.2 80.3 85.4 85.2 107.7 72.8 79.2 95.9 95.9 80.9 92.7 76.3 Oct 23 84.9 SO. 7 85.0 85.0 106.9 72.8 79.1 95.6 95.4 80.6 92.7 76.0 Oct. 30 84.0 77.8 83.8 84.7 106.4 72.6 78.9 95.3 95.0 80.6 92.6 75.7 Nov. 6 83.8 77.7 84.3 84.3 104.2 71.6 78.9 95.1 94.4 80.1 92.2 75.5 Nov 13 83.2 77.8 83.6 84.0 103.0 71.0 79.0 94.6 94.0 sao 92.1 75.0 Nov. 20 . - . 82.9 75.9 83.2 84.2 101.8 70.5 78.6 96.6 93.8 79.8 92.1 75.4 Nov 27 82.0 73.4 81.5 83.9 100.2 70.0 78.6 96.1 93.7 79.6 92.1 75.0 Dec. 4 82.0 73.9 80.7 83.9 99.8 69.8 78.6 96.3 93.0 79.4 92.1 75.1 Dec. 11 81.9 73.4 80.7 83.7 98.3 69.9 78.6 96.2 93.0 78.9 92.1 74.8 Dec 18 81.5 73.2 79.7 83.7 98.2 69.5 78.6 96.4 92.8 79.1 92.1 74.8 Dec 25 81.2 72.9 78.9 83.6 98.4 69.4 78.6 96.2 92.5 79.2 91.4 74.9 1936 1937 1936 193* Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. Sept. Oct. Xov. FARM PRODUCTS: METALS AND METAL PRODUCTS; Grains 102.9 92.0 91.9 77.0 69.2 Agricultural implements 92.9 94.2 94.2 94.2 95.9 L O i t v h e e s r t o fa c r k m a n p d r o p d o u u c l t t s r . y 8 7 2 9 . . 9 7 1 7 0 1 8 . . 4 2 1 7 0 1 6 . . 2 7 9 7 8 0 . . 1 5 8 7 6 0 . . 7 2 I M ro o n t o a r n v d e h st i e c e le l s 8 92 8 . . 0 9 9 9 6 9 . . 0 9 9 96 9 . . 6 8 9 99 7 . . 8 7 1 9 0 9 2 . . 3 5 FOODS: Nonferrous metals 75.4 93.3 92.6 85.5 78.5 88.2 79.7 84.8 85.7 89.2 Plumbing ami heating 76.7 78.8 80.6 SO. 6 79.6 85.9 87.9 86.1 84.6 81.5 BUILDING MATERIALS: Fruits and vegetables 74 8 65 3 64 0 62.2 61.5 Brick and tile 88.8 95.5 95.0 93.4 92.9 Meats 85.2 112.1 113.4 107.4 98.3 Cement 95.5 95. 5 95.5 95.5 95.5 81.4 73.6 75.5 73.4 73.6 Lumber 86.6 99.5 99.0 97.3 94.8 HIDES AND LEATHER PRODUCTS: Paint and paint materia s 80.5 84.1 84.6 84.2 81.5 Shoes 99.3 107.4 107.5 107.6 106.9 Plumbing and heating.. 76.7 78.8 80.6 SO. 6 79.6 Hides and skins 101. 2 122.1 120. 7 117.1 Leather 88.4 100.0 98.9 97.2 92.7 Other building materials 90.9 101.0 100.8 LOO. 2 98.7 Other leather products 95.9 103.2 103.3 103.3 103.1 CHEMI:ALS AND DRUGS: TEXTILE PRODUCTS: Chemicals 89.2 87.0 85.7 85.3 84.2 Clothing _ 81.5 90.0 89.7 89.4 87.3 Drugs and pharmaceuticals 77.9 78.2 78.3 78.3 76.8 Cotton goods 61.2 65.7 66.5 6 70 5 .8 i 64.2 M T?O i T xed fertilizers 69.6 7 7 1 4 .8 7 7 7 1 4 . f 8 t 7 7 9 4 . * 9 ! 7 7 1 4 . Q 5 33.4 32.9 32.4 30.6 30.1 HOUSEFURNISHING GOODS: 84 3 93 9 92 4 90.1 85.1 Furnishings.— _ 85.7 95.0 94.9 94.9 94.8 66 5 71.1 70.0 69.0 69.0 Furniture 78.8 87.1 87.1 87 1 S6.0 FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: 82.4 76.8 78.7 78.8 79.8 Auto tires and tubes 50.1 MA 56.4 56.4 57.4 97 2 98 7 99 2 99.3 99.2 Cattle feed 126.0 82.9 81.2 83.6 83.3 E PG C e l o a e ts k r c e o tr l i e c u i m ty products- 9 8 8 5 2 1 8 7 . . . . 9 1 8 7 1 7 8 6 0 9 2 2 4 . . . . 4 0 6 9 1 S 8 6 0 O 4 2 5 . . . . 0 2 0 5 1 8 6 0 3 1 5 . . . 6 7 3 1 6 0 0 5 . . 6 4 P O a t p he e r r m an i d sc e p l u la lp neous 8 81 1 . . 7 5 9 85 4 . . 4 1 9 8 3 5 . . 4 1 9 • 8 !• 2 4 ? . . 4 6 (• 9 o S r 3 0 i . . a 4 5 Back figures.—"For monthly and annual indexes of groups, see Annual Report for 1936 (table SO); for indexes of subgroups see Annual Report for 1936 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN JANUARY 1938 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1,1937] [In thousands of units Cotton Total wheat Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Dec. 1, tion Dec. 1, tion Dec. 1, tion Dec. 1, 1936 1937 1936 1937 1936 1937 1936 1937 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston . * - - 119 76 119 76 New York 6,601 9,256 6,496 9,164 105 92 Philadelphia .. .. . 17,730 20,952 17,555 20, 783 175 169 Cleveland 45,817 53,646 45, 624 53,526 193 120 Richmond . 1,446 1,841 25,501 28,459 25,501 28,459 Atlanta 2,996 4,161 5,938 7,530 5,938 7,530 Chicago 63,355 79,707 61,504 78,012 1,851 1,695 St. Louis i 3,404 4,710 60,807 79,133 60,630 78,966 177 167 Minneapolis 55,101 131,841 8,249 14,346 46, 852 117,495 Kansas City 352 685 213,951 299,495 206,251 291, 374 7,700 8,121 Dallas 3,587 6,387 19,441 42,912 19,348 42,807 93 105 San Francisco 614 962 112,405 120, 986 62, 778 60,135 49,627 60,851 Total 12,399 18, 746 626, 766 873,993 519,874 685,102 106,892 188,891 Corn Oats Tame hay Tobacco White potatoes Federal Reserve Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate district tion Dec. 1 tion Dec. 1, tion Dec. 1. tion Dec. 1, tion Dec. 1, 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 Bushels Bushels Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7,674 7,693 6,900 6,142 3,107 3,492 27,748 31,749 55,459 57,609 New York .,_ 23,778 28, 379 19,819 20,194 4,443 6,007 1,008 1,451 31,005 33,561 Philadelphia 48,734 55,607 15,104 15,557 1,788 2,343 33,650 28,520 24,662 25, 334 Cleveland 155, 673 207,157 50,268 45,850 3,805 4,928 80,888 122,520 21,369 18, 603 Richmond _. 124,649 139,866 15,286 18,885 2,496 3,745 659,694 832,231 19,620 30,352 Atlanta _. 149,800 182,250 10,496 13, 571 2,559 3,118 152,515 178,690 9,921 14, 722 Chicago..„ 527,836 1,140,744 362,048 544, 644 14,232 15,360 18,752 24,629 47,443 51,039 St. Louis 202,956 363,227 38,026 55,561 4,533 6,162 176,493 280,036 8,333 12,716 D M K a a i l n n l n s a a s e s a p C o i l t i y s 1 S 7 0 O 0 7 , , , 9 3 6 4 4 2 4 1 3 2 1 8 4 7 6 8 7 , , , 9 3 0 4 5 2 5 2 2 1 2 8 2 2 4 9 , , , 5 9 6 7 0 3 7 7 0 2 1 3 5 1 1 3 3 , , , 0 1 6 8 7 5 7 2 6 6 1 7 , , , 1 1 4 9 2 0 3 7 0 9 6 1, , , 2 3 4 1 9 2 1 6 7 2 1 , , 0 33 5 1 2 4 1 , ,8 0 9 4 3 3 1 2 2 3 9 8 , , , 6 3 3 0 2 0 0 0 3 3 46 4 0 , , , 2 1 4 7 6 9 8 8 7 San Francisco 7,081 7,753 30,445 27,939 11,853 11,596 52, 883 66,280 Total _. 1,507,089 2,644,995 785, 506 1,146,258 63, 536 73, 785 1,154,131 1, 505, 762 331,918 391,159 1 Includes 16,000 bales grown in miscellaneous territory. 1 Includes 18,000 bales grown in miscellaneous territory. NOTE.—1936 figures for all crops except cotton are as revised in December, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN JANUARY 1938 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars] Latin Asia Europe Total* Eu- Amer- and Africa Switzerland End of month c tr o ( i 5 u e 2 n s - )' U S n ta i t t e e s d C a a d n a - c r o o (2 u p 6 n e - co i ( c 1 u a 1 n- O c i o c a e u a ( n 8 n - c tr o i ( u e 5 s n ) - U K d n i o i n m t g ed - France m G a e n r y - Italy a g B iu e m l- N l e a t n h d e s r- ti N on a- al B.I.S. tries) tries) »• tries) Bank 1934—December. 21,051 8,238 134 11,010 601 805 263 1,584 5,445 518 590 573 624 4 1935—December. 21,604 10,125 189 9,617 666 81b 291 1,648 4,395 270 611 438 464 8 1936— September. 21,751 10,845 191 8,919 671 857 269 2,049 3,322 208 631 456 12 October ... 21,810 11,045 186 8,774 690 847 269 2,049 3,194 208 621 13 November. 22,010 11,184 188 8,829 686 852 270 2,049 3,194 208 630 624 13 December. 22,630 11,258 188 9,307 736 858 283 2,584 2.995 208 632 490 655 11 1937—January... 22, 661 11,358 190 9,225 726 865 • 297 2,584 2,846 208 625 558 657 13 February.. 22,806 11,436 191 9,268 732 870 310 2,584 2,846 208 626 598 657 12 March 23,003 11,574 194 9,295 765 858 317 •2,584 2,846 208 619 626 657 15 April 23,246 11,799 199 9,302 773 879 295 2,584 2,846 208 607 670 635 11 May 23,610 11,990 193 9, 464 798 875 291 2,647 2,846 208 609 769 635 17 June 23,929 12,318 187 9,466 815 863 281 2,689 2,722 208 625 848 635 8 July 23,756 12,446 188 9,159 821 876 267 2,689 2,422 208 617 862 628 3 August P23,710 12,567 188 9,141 P821 725 *2fi7 2,689 2,424 208 607 862 615 4 September- P23,862 12,741 186 9,129 P816 726 P264 2,689 2,428 208 590 862 612 6 October *>23,984 12,803 187 9,191 J>813 726 P264 2,689 2,428 208 572 906 646 4 November. 12,774 187 J>9,359 2,689 2,564 208 570 940 644 5 Europe—Continued Latin America End of month A tr u ia s- g B a u ri l a - C v z s a e l k o c i - h a o- m D a e r n k - Greece H ga u r n y - N w o a r y - l P an o d - Portu- Ru n m ia a- Spain S d w en e- Y sl u av g i o a - 6 c t o o ri u t e h n s e - r g t A i e n r n a - - Brazil 1934—December. 112 104 740 159 60 403 8 1935—December. 112 109 735 185 63 444 17 1936—September. 108 .113 4 718 238 78 437 23 October.... 91 113 718 239 79 455 23 November. 91 113 718 239 79 452 24 December. 91 114 718 240 82 501 25 1937—January 91 68 114, 718 240 82 487 25 February... 91 115 718 241 82 489 26 March 91 115 718 241 82 519 26 April 91 115 718 241 82 536 27 May 90 116 718 242 82 565 28 June 91 116 718 242 79 581 28 July 90 117 718 243 78 587 29 August 90 118 718 243 78 587 29 September. 90 118 718 243 78 587 30 N O o ct v o e b m er ber. 9 9 0 1 1 1 1 1 9 9 7 7 1 1 8 8 2 24 4 4 4 P7 7 8 8 P5 6 8 8 6 6 t> 3 3 0 0 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b m i o a - - M ico ex- Peru g U u ru ay - c o t o r th i 4 u e e n s r - I B n i r s d i h i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o t r h u i 2 e e n s r * Egypt A So fr u ic th a c o t o r th i u e e n s r - 1934—December. 18 275 394 184 24 1935—December. 19 275 425 212 24 1936—September. 19 275 453 189 25 October. __ 19 275 456 189 25 November. 19 275 459 191 25 December. 19 275 463 203 25 1937—January.,. 19 275 466 217 25 February _ 20 275 10 469 230 25 March 18 275 12 456 237 25 April 19 274 16 459 215 25 May 19 274 19 452 211 25 June 19 274 16 443 201 P25 July 19 274 55 412 187 *25 August P19 274 6 55 261 189 J>23 September. P19 274 55 261 180 P21 October... P19 274 55 261 189 P20 p Preliminary. * Revised. Uruguayan gold holdings revised beginning September 1935 to include gold in custody for account of the Exchange Office; figure of 77 million dollars applies to every month covered by the revision. i See notes under United Kingdom, Italy, Spain, and China. •Decline in gold holdings of Bank of Italy from official figure for December 1935 to that for December 1936 has been distributed monthly on basis of gold imports from Italy reported by other countries. December 1936 figure carried forward for January 1937; figures for February and March 1937 officially reported as of 20th of month; March figure carried forward for subsequent months. > According to official announcement British Exchange Equalization Account held $934,000,000 of gold on Mar. 31,1937. Gold of the Account is not included in above figures since this is first occasion on which amount has been reported. For detailed statement of statistics included in above table see BULLETINS to which reference is made in note at foot of page. * No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date Is given for August 1936 and carried forward for subsequent months. * No statement has been received from Central Bank of China since July 31,1937. Figure for that date carried forward for subsequent months. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, DaDzig, Estonia, Finland, Latvia, and Lithuania; In Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; August 1936, p. 667; and December 1937, p. 1262. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDEHAL EESERVE BULLETIN 57 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month p w ro o d r u ld c- Africa North and South America Far East tion Total A So fr u ic th a d K e h s o ia - A W fr e ic st a B C e o l n g g ia o n Canada U S n ta it t e e d d Mexico Co b l i o a m- Chile Au li s a tra- Japan B I r n i d ti i s a h %l—t5-8/10 grains of gold 9/10 fine; i. c, an ounce of fine gold~$ZO,67 1929. 397,153 359,347 215,242 11,607 4,297 2,390 30,862 45,835 13,463 2,823 683 8,712 6,927 7,M)8 1930 432,119 373,154 221,526 11,476 4,995 2, G99 43,454 47,123 13,813 3,281 428 9,553 8,021 6,785 1031 460,651 394,399 224,863 11,193 5,524 3,224 55,687 49,524 12,8C6 4,016 442 12,134 8,109 6,815 1932 498,164 421, 656 238,931 12,000 5,692 3, 642 62,933 £0,626 12,070 5,132 788 14,563 8,198 6,782 1933 625,071 420,093 227,673 13,335 6,623 3,031 60,9C8 52,842 13,169 6,165 3,009 16,7&O 8,968 6,919 %1-15-6/SI grains of gold 9/10 fine; i. e., an ounce of fine gold=%S5 1933 888,997 711,260 385,474 22. 578 6,148 103. 224 89,467 22,297 10,438 6.094 28,428 1934 , 968,033 723,530 366, 795 24,264 6,549 104,023 108,191 23,135 12,045 8,350 30,447 1935 1,040,217 771,827 377,090 25,477 7,159 114,971 126,325 23,858 11,517 9,251 31,117 1936 1,166,488 ••855,712 396,768 28,053 7,386 131,181 152,509 26,465 •12,961 9,018 39,793 - - - =a«"g 1936—June 98,056 71,224 33,086 2,384 585 1U33 12,077 2,570 1,065 61? 3,476 1,994 July 107, S72 75,840 33,846 2,354 676 11,239 15,171 2,632 1,235 776 3,G02 1,977 August 107.160 73,928 33,830 2,425 675 11,568 13, 756 1,818 1,098 1,029 3,422 1,916 September. 108,371 75,139 33,816 2,363 696 11,635 14,409 2,346 1,236 467 3,515 2,246 October 113,293 '76,861 34,199 2,292 691 11,749 15,950 1,943 '1,108 784 3,596 2,075 November _ 105,561 72,730 33,042 2,270 634 11,229 13,369 2,291 1,035 768 3,467 2,162 December— 96,583 73,752 33,858 2,262 631 11,612 13,106 1,647 1,113 708 4,170 2,118 1937—January 91,826 73,235 34,352 2,315 1,671 586 11,499 11,483 2,854 1,332 935 3,158 2,065 February .- 87,240 68,408 32,330 2,109 1,563 579 10,853 10,171 2,227 1,117 769 3,714 2,077 March 94,121 74,090 34,381 2,416 1,605 634 11,420 12,531 2,510 1,285 620 3,550 2,156 April 92,818 72,547 34,308 2,391 1,669 638 11,317 11,131 2,111 1,269 926 3,725 2,106 May. 101,655 76,584 34,010 2,408 1,559 681 11,904 14,248 1,678 1,234 1,860 3,897 2,122 June 306,940 76,589 34,132 2,339 1,649 12,071 13,036 3,701 1,246 643 4,033 2,093 July 114,901 78,309 34,895 2,364 1,650 12,162 14,870 2,452 1,476 '902 3,861 1,945 August P119.651 P81,619 34, 598 2,441 1,822 710 12,196 18,140 *>2,452 1,422 782 3,961 *2,120 September. *>115,695 P77,663 34,170 2,421 1,890 695 12,184 14,946 *2,242 1,298 837 3,964 P2,085 October *>121,050 *79,179 P34.380 *2,421 "1,925 P730 12,559 15,997 "2,312 1,281 "732 P3,859 *2,050 p Preliminary. •• Revised. 1 Includes production in the Philippines. NOTE —For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737. July 1936, p. 600, March 1937, p. 267, April 1937, p. 363, May 1937, p. 487, July 1937, p. 687, and August 1937, p. 769. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1937 are subject to official revision. Estimated production of the U.S.S.B. for October 1937, in thousands of dollars: $32,640. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Net imports from or net exports(-) to: Total Year or month net Imports All e o x r p o n r e t t s U K d n o i i n m t g ed - France g B iu el m - N la e e n r t d - h s - S l w a e n r i - t d z- C ad an a - M ic e o x- Co b l i o a m* P Is p h l i a i n l n i e p d - s t A ra u l s i - a Japan B In ri d ti i s a h c o t o r th u ie e n s r * 1934 I 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 4 76,820 32,316 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 75,268 47,054 1936 1,116,584 174,093 573,671 3,351 71,006 7,511 72,648 39,966 11,911 21,613 23,280 77,892 39,745 1936—September 171,824 8,204 136,671 1,463 524 6,338 634 2,101 2,405 2,831 6,961 3,693 October 218 812 72,154 95,013 799 25,745 8 12,222 530 4 2,157 1,869 5,782 2,530 November 75,836 44,665 20 2,645 3,698 10,660 368 1,628 3,781 6,182 2,289 December 56,970 32,998 9 2 3,281 4,709 462 2,273 936 10,108 2,193 1Q37 JflniiflTV 121 325 73,950 10,864 10,691 271 6,506 5,865 1,945 1 2,123 1,617 6,028 1,463 February 120,326 75,238 1,138 14 8,155 10,661 9,153 2,109 2,910 7,077 3,870 154 332 121,451 76 1,131 1,086 4,925 3,242 3 1,944 3,467 5,696 4,017 7,296 April 215 811 175,165 596 5,399 7,225 1,973 4,261 2,231 2,388 9,978 4,857 1,737 May 155 362 103,822 1,375 1,166 14,434 2,800 5,496 2,106 2,613 16,593 3t797 1,160 June __. 262,022 156,943 11,059 5,228 1,392 36,235 20,946 665 2,177 2,064 2,167 15,316 3,966 3,866 July 175,417 76,432 1,138 22,556 3,177 2,390 7,428 5,348 2 2,410 3,796 44,459 4.355 1,925 104 844 30,147 10,118 521 12,247 3,524 1 1,505 3,710 37,697 3,613 1,761 September 145.40* 59. 066 13,703 14.497 2,054 2,110 2,981 3.010 40,927 5.275 1.871 October 90,477 24,402 22,030 9,669 2,089 8 1,375 2,076 19,875 6,902 2,051 November 22,110 -5,046 -24,968 816 2,285 4,323 2,286 3,173 37,148 767 1,32€ » Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. NOTE.—For gross import and export figures and for additional countries see table on page 28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL KESERVE BULLETIN JANUARY 1938 GOLD MOVEMENTS—Continued fin thousands of dollars at approximately $35 a fine ounce! Ger- United Kingdon many Net imports from or net exports (—) to: Total Total Year or net im- South net immonth ports Africa, Other All ports e o x r p o n r e t t s U S n ta i t te e d s France m G a e n r y - g B iu el m - N la et n h d e s r-U.S.S.R. Au li s a tra- A d W R e f h r s e o i i s c - a t a , B In ri d ti i s a h B c t r o r i i u t e i n s s - h China c o t o r th i u e e n s r - e o x r ( p - n ) o e rt t s 1934.. 716,2G9 -497,166 348,190 121,017 -13,585 32,575 41, 790 335,253 206,693 62,397 i 79,105-90,920 1935.. 369,747 -435, 502 142,137 -4,726 -17,476 10, 796 931 37,981 404,295 181,627 32, 744 —518 217,458 42,969 1936.. 1,170,023 -276,813 756, 204 23,295 -15,133 -21,130 26,723 488,814 128,421 28,068 13,930 s 17,644 1,868 1936—May- 74,590 -12,011 26,936 1,875 -17, 602 1,761 2,167 53,802 13, 289 2,645 2,327 -630 June.. 69,447 -26,802 27,060 3,903 -536 606 1,610 45,147 10,860 1,378 6,221 1,130 July.. 195,066 -4,384 142, 535 1,913 -747 -2,421 2,531 43,122 9,657 1,153 1,708 3,248 Aug.. 281,401 -16,120 240,868 1,789 -804 -2,907 2,089 34, 552 15,011 1,407 3,502 2,013 1,580 Sept.. 151,814 -14,096 108,666 6,086 -1,029 2,084 36, 517 6,581 1,219 -583 -3, 514 Oct.... 7,615 -72,441 -383 3,964 -1,039 2,458 1,984 45,323 7,853 1,199 2,710 15,986 -3,521 Nov.. 83,168 -49,224 72,506 -163 377 1,486 2,304 36,230 14,896 1,610 4,727 -1,581 426 Dec. 100,505 -63,914 118,655 -624 -1,130 1,836 2,126 41,683 7,243 1,172 1,927 -8, 467 4,763 1937—Jan.... -25, 523 -73, 568 22,453 -220 414 1,021 5,628 2,504 16,903 3,953 -5,305 17,426 Feb.., 122,296 -75,615 163,919 153 452 1,756 1,968 24,113 8,705 786 -3,942 27,024 Mar... 78,484 -104,399 124,121 507 1,587 965 22, 520 2,727 26, 593 5,760 592 -2,489 588 Apr. „ 12,036 -149,444 11,281 -1,055 104 927 98, 510 2,122 44.198 2,848 1,220 1,325 1,778 May... -48,319 -101,710 -274 -1,786 -1, 545 452 8,430 2,353 37,106 8,368 873 -586 2,956 June... 22,957 -128,380 79, 545 8,398 -7, 915 997 14,027 1,552 46,933 2,782 1,251 3,767 -22, 222 July... 127,953 -79,498 112,113 16,348 -9,207 -208 14,153 705 57, 861 6,129 1,296 7,227 . 1,032-11,355 Aug... 122,643 -26,043 50,463 12, 212 416 -662 16,914 1,981 54,463 7,178 1,171 8,454 -3,903 -11,467 Sept. _. -29, 775 -86,145 -2,034 8,245 573 -420 19, 784 2,039 36.199 4,735 989 -13,739 -8,182 Oct -6, 348 -16,236 -2,831 3,171 8,176 -10,047 1,476 36,244 5,739 1,032 -33,071 63 Nov.P. 21,753 4,990 -3,209 81 -2,583 -5,892 2,358 46,432 5,419 5,291 -31,132 Switzerland British India Total Net imports from or net exports (—) to: Total Net e x im po p r o ts r t ( s — fro ) m to : or net Gold Change in: Year or net net promonth imports imports duce o x r p n or e t t s U S n ta i t t e e s d U K d n o i i n m t g ed - France g B iu el m - Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x r p n o e rt t s U S n ta i t t e e s d U K d n o i i n m t g ed - c o t o A r th i u e l e n l s r - I t n i i o n d n ia ! s In e R r i d n v e ia - e * s P i I n h r n g i o d v s l i d a a i - n t * e 1934 -46, 065 -12, 784 -45,95o -29,235 18,397 19,431 2,580 1,500 -230,720 -82,183 -144,185 -4,352 11,222 173 -219, 671 1935...... -230, 788 647 -54,858 -181,725 -13,940 25,542 342 -6, 795 -161,872 -46,172 -113,953 -1,746 11,393 -150,472 1936 121,788 -9,127 -2,205 39,305 14,531 51,299 4,600 23,378-121,342 -43,963 r- 77,554 175 11,599 -109,743 —= 1936—May . 13,386 32 -4,: 284 1,449 132 9 15, 794 -11,392 -8, 451 -3,201 260 979 -10,413 June _ 5,188 -4 -1,704 2,057 -235 2,952 2,113 9 -10,355 -3,563 -6,641 -151 -9,397 July.. -321 -7 820 -249 1,166 -20 -121 -1,911 -15,032 -6,267 -8,329 -436 -14,051 Aug.. 2,829 -113 3,176 -254 -20 -21 59 -7,983 -6,273 -1,776 66 981 -7,002 Sept.. 33,506 -575 -6,396 40,875 -286 -641 487 42 -8,273 -3, 653 -4,823 203 966 -7,307 Oct.._ 14,848 19 656 8,177 62 57 -112 -11,576 -4,277 -7, 517 218 982 -10,594 N De o c v .. .. -2 2 , , 8 2 7 1 4 0 - - 3 4 , , 6 9 7 1 6 6 2 2, , 2 8 9 9 1 2 1, - 2 4 4 7 1 1,7 6 2 5 3 9 - - 6 3 5 3 9 2 7 0 -848 o - -5 9 , , 5 3 0 4 6 7 -1 - ,0 2 6 7 6 1 - - 8 5 , , 4 3 2 5 0 9 1 1 3 2 9 4 - - 8 4 , , 3 5 8 2 1 3 1937—Jan... -135 -6,675 5,227 -612 732 -100 -575 1,866 -8,477 -596 -7,! 99 -7,493 Feb.. -17,034 -6, 247 2,436 -1 852 -566 io-13,507 -3,161 -236 -3,052 127 899 -2,262 Mar.. 575 -463 -490 653 55 819 -3,494 -620 -3,473 599 982 -2,512 Apr. _ -1,506 -26 -289 192 584 -6,068 -863 -5,223 18 956 -38 -5,074 May. -4,479 -1,174 -1,987 -3,132 1,107 611 -4,933 -1,101 -3,710 -122 982 -3,951 June . -49,417 -36,242 -4,351 -8, 740 521 274 -879 -1,"" -2,118 309 957 -853 July.. -6,038 -1,243 -153 -1,831 -512 -2,278 -25 -1,644 -7,253 208 979 —4 -7,706 Aug.. -1,630 -393 -1,242 8 350 -354 -5,197 -424 -4,759 -14 975 -4,222 N S O O e c p V t. t . . P . . . - - 1 7 4 , , , 1 1 1 3 4 1 8 7 7 5 3 - , 3 , 0 2 7 3 8 6 1 6 - - - 9 6 6, , , 6 9 4 2 9 0 7 5 3 - - 2 1 2 0 9 9 -5 6 6 8 1 7 -1 3 4 , , , 1 2 5 8 5 0 6 9 2 1 1 1 , , , 4 8 3 5 3 0 6 0 7 *> - - 4 4 , , 5 5 3 9 2 8 -4,883 352 P 9 9 3 32 2 p Preliminary. T Revised. i Includes $17,465,000 exported to Rumania. ' Kde? $lS%$Spoffl°to° lweedlS:$12'571'00010 Norway' $15,714,000 to Switzerland; and unspecified net imports of $91,874,000. * Includes $15,120,'000 exported to Central and South America and $4,007,000 imported from Janan * Includes $27,511,000 exported to Central and South America. ' * Includes $24,828,000 exported to Central and South America. ' Through March 1935 gold held by government;, subsequently, gold held by Reserve Bank of India to which government gold was transferred, s Figures derived from preceding columns; net imports plus production minus increase in reserves in India government golu was irau •Includes $15,433,000 imported from Czechoslovakia. * i° Includes $14,292,000 exported to Germany. NOTE.—Germany, SuitzetUmd, and United Kingdom—In seme cases annual aggregates of official monthly figures differ somewhat from re vised official totals published for year as a whole. German gold movements by individual countries not availablePbSnntag July M37. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL RESERVE BULLETIN 59 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Noto (Fi p g o ur u e n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t ! - Cash reserves a c n o D d u i s n a - t d s - Se ti c e u s ri- ci t r i c o u n la- Deposits l O ia t t i b h e i s e li r - Coin Notes vances Bankers' Public Other 1929—Dec. 25 145.8 .2 26.3 22 3 84.9 379 6 71 0 8 8 35 8 17 9 1930—Dec. 31 147.6 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 .6 31 6 27.3 133 0 364 2 126 4 7.7 40 3 18 0 1932—Dec. 28 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 1.0 58.7 16.8 101 4 392.0 101.2 22 2 36 6 18.0 1934—Dec. 26 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—July 29 239.9 1.0 61.4 7.1 115.5 448.6 75,2 42.3 39.4 18.1 Aug. 26 244.8 1.1 61.3 9.2 102.6 443.4 100.9 17.2 37.8 18.2 Sept 30 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 18.3 Oct. 28 248 7 1.0 65.9 6.6 99.7 442.7 86.6 27.6 41.4 17.7 Nov. 25 248.7 .7 63.1 6.8 98.6 445.6 97.6 12.1 41.7 17.8 Dec. 30 313.7 .6 46.3 17.5 155.6 467.4 160.6 12.1 39.2 18.0 1937—Jan. 27 313.7 .4 61.4 8.0 97.4 452.3 98.4 12.1 38.4 18.1 Feb 24 313.7 .7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 18.2 Mar. 31 313.7 1.0 39.8 7.1 123.4 473.8 62.3 52.2 38.5 18.3 Apr. 28 . . 313.7 1.0 44.8 5.5 119.7 468.8 87.6 26.2 39.6 17.7 May 26 321.3 .9 46.0 4.9 119.7 475.2 91.4 24.9 37.5 17.8 June 30 326.4 .9 38.0 6.3 164.3 488.4 140.5 10.8 40.2 18.0 July 28 326.4 1.1 28.1 5.8 135.2 49S.3 104.3 10.5 37.3 18.1 Aug. 25 326.4 1.5 38.1 4.3 128.5 488.3 92.8 25.4 30.0 18.2 Sept. 29 326.4 1.7 37.9 6.2 126.6 488.5 95.1 21.8 37.2 18.3 Oct. 27 326.4 1.6 43.3 8.1 121.1 483.1 87.7 32.2 30. 0 17.7 Nov 24 326 4 1.5 66.0 8.6 97.0 480.4 83.0 35.4 30.3 17.8 Dec 29 P 326.4 .8 41.1 9.2 135.5 505.3 120. 6 11.4 30. 0 18.0 Assets Liabilities Domestic bills ]Loans on— Deposits Dank of France Ad- (Figures in millions of francs) Gold* ch e F e a i o g x n r n - g - e S c p ia e l - Other v m G a e n t r o e o n c n v - c t - s m G S t e o h e n v r o t e m r s r t n e - - - s O e t c t i h e u s e ri r - N c b u e l g r e i o t s i t e e ia - s - O as t s h e e ts r c N i t r i c o o u n te la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1929—Dec 27 41,668 25,942 8,624 2,521 5,612 5,603 68,571 11,737 7,850 1,812 1Q30 Dec 26 53 578 26 179 8,429 2,901 6,304 6,609 76,436 12,624 11,698 2,241 68 863 21 111 7,389 2,730 7,157 8,545 85,725 5,808 22,183 1,989 1932 Dpf» 30 83 017 4^ 484 3,438 2,515 6,802 9,196 85,02S 2,311 20,072 2,041 1933—Dec 29 77,098 1,158 4,739 2,921 6,122 8,251 82,613 2,322 13,414 1,940 1934 Dec 28 82 124 963 3,971 3,211 5,837 8,288 83,412 3,718 15,359 1,907 1935—jw 97 66 296 1.328 9.712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936 A Tu u lv g 3 2 1 8 5 5 4 4 , , 9 5 4 1 2 1 1 1 , , 2 2 7 5 0 0 6 7 , , 0 0 4 6 1 3 1 1 4 4 , , 3 3 3 3 3 3 1,4 8 6 0 1 9 3 3 , , 5 45 5 4 5 5 5 , , 7 6 0 4 8 0 8 8 , , 6 12 9 5 9 8 8 5 4 , ,3 8 2 9 4 2 1 1 , , 6 5 9 2 4 3 6 7 . , 2 03 5 7 4 2 2 , , 2 3 6 0 7 1 Sept. 25 50,111 1,245 27 7,484 15,903 838 3,553 6,640 9,643 83,750 1,679 6,660 2,356 Oct. 30 64,359 1,471 547 7,332 12,303 668 3,447 5,640 8,204 87,198 3,973 9,247 3,553 Nov. 27 64,359 1,466 925 8,056 12,298 702 3,464 5,640 8,029 86,651 2,069 13,058 3,160 Dec. 30 60,359 1,460 1,379 8,465 17,698 715 3,583 5,640 8,344 89,342 2,089 13, 655 2,567 1037—Jan. 29 57,359 1,435 1,620 8,553 19, 772 1,168 3,701 5,640 8,209 87,688 1,955 15,280' 2,534 Feb. 26 — —57,359 1,323 1,524 8,990 19, 772 873 3,594 6,640 8,235 87,062 2,315 15,386 2,547 Mar 26 57,359 1,194 1,514 8,440 20,066 225 3,698 5,640 8,643 85,746 1,977 16,404 2,552 Apr 30 . 57,359 1,112 1,470 7,639 19,991 965 3,918 5,642 9,256 87,063 4,361 13,408 2,518 May 27 57,359 1,053 1,437 8,377 19,980 385 3,777 5,642 8,158 85,745 3,154 14,766 2,502 June 24 54,859 1,058 1,260 9,356 21,380 776 4,013 5,641 8,110 85,985 2,209 15,710 2,549 July 29 55,677 951 991 10,197 23,887 958 4,064 5,641 8,467 89,307 2,5C3 15,812 3,152 Aug. 25 55,718 911 833 8,655 25,218 476 3,763 5,637 8,417 88,255 2,251 15,927 3,196 Sept 30 55,805 825 600 9,799 25,999 1,340 4,175 5,637 8,558 91,370 2,351 15,886 3,133 Oct 28 55,805 829 562 10,620 26,918 483 3,710 5,637 7.218 91,336 2,648 14,679 3,121 Nov. 25 58,932 965 722 9,655 26,918 314 3,675 6,637 7,343 90,131 2,6S6 17,893 3,452 Dec. 30 ?- - — 58,932 955 728 10,050 31,908 676 3,782 5,580 4 93,836 3,461 19,326 4 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £200,000,000. However, by direction of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reduction of £60,000,000 in amount of fiduciary issue (and securities held as cover) was in effect from pec. 16, 1936, to Nov. 10, 1937; beginning Nov. 17, 1937, amount of reduction was changed to £40,000,000. From August 1, 1931, to March 31, 1933, increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under Section 8 of Currency and Bank Notes Act. » By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, Ep. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established y law of October 1. By decree of July 22,1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting incre* ment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853). * Bills and warrants endorsed by National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populates (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 4 Figures not yet available. NOTK.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, July 1936, p. 603, and September 1937, p. 951. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN JANUARY 1933 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu re re ic s h i s n m m ar il k l s io ) ns of Gold e F x o c r h e a i n g g n e Tr b e i a l s ls ury b c i O h ll e s t c h ( k e a s r n ) d Se lo c a u n ri s ty E a c s li o g n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec. 31 _.. 2,283 404 241 2,608 251 92 656 5,044 755 736 1930-Dec. 31 „_, 2,216 469 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31_.._. 984 172 93 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31_... 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30.... 386 9 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31 79 5 45 4.021 146 445 319 827 3,901 984 1,001 1935— Dec. 31__... 82 5 53 4,498 84 349 315 853 4,285 1,032 923 ig36-May 30____ 70 5 37 4,606 60 219 319 648 4,430 729 807 June 30____ 72 6 98 4,699 £6 220 311 704 4,389 960 81fl July 31..... 72 6 90 4,623 67 220 310 711 4,471 787 840 Aug. 31... 69 6 74 4,693 65 220 686 4,540 729 853 Sept. 30.... 63 6 51 4,875 59 219 695 4,657 744 87S Oct. 31 .... 65 5 55 4,888 79 219 305 685 4,713 689 897 Nov. 30.... 5 57 4,852 67 219 303 770 4,674 753 911 Dec. 31 62 5,448 74 221 303 765 4,980 1,012 953 1937—Jan. 30 23 4,835 65 223 302 959 4,799 707 973 Feb. 27 35 4,777 102 222 302 1,059 4,816 785 968 Mar. 31.... 10 5,101 51 167 312 1,021 4,938 970 826 Apr. 30 29 5,124 52 106 310 896 4,979 794 816 May 31____, 54 5,001 50 104 310 947 4,902 804 835 June 30 61 5,262 55 104 300 878 4,992 880 862 July 31 29 5,316 52 104 299 860 5,112 732 892 Aug. 31.... 33 5,283 52 104 299 905 5,116 736 901 Sept. 30____ 53 5, 538 51 105 293 905 5,256 838 927 Oct. 30 7 5,578 44 105 293 844 5,275 711 959 Nov. 30 ... 27 5,520 46 105 286 870 5,196 766 967 Dec. 31 P... 60 5,443 1,059 i Figures not yet available. v Preliminary. NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1937 1936 Central bank 1937 1936 (Figures as of last report [Figures as of last report date of month] Nov. Oct. Sept. Nov. date of month] Nov. Oct. Sept, Nov. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Note circulation.,. „ 4,271 4,349 4,436 446 Gold 7,553 7,553 7,556 Demand deposits—Treasury 27 16 42 34 Foreign assets 21,717 22,042 23,804 Other 602 538 536 916 Loans and discounts _ 4,353 4,073 3,707 Other liabilities 72 72 72 72 Other assets . ___ 4,823 4,556 5,082 Central Bank of Bolivia (thousands Note circulation... 11,053 11,035 10,850 of bolivianos): Other sight liabilities _ 14,780 14,636 16,772 Gold at home and abroad1 54,209 53,569 53,014 28,701 Other liabilities 12,614 12,554 12, 527 Foreign exchange 138,758 133,870 122,294 32,268 Central Bank of the Argentine Loans and discounts * 29,192 28,065 15,368 7,786 Republic (millions of pesos): Securities—Government 397,851 394,120 384,092 415,441 Gold at home 1,314 1,254 1,224 Other 4,587 4,667 4,667 4,651 Gold abroad and foreign ex- Other assets 17,699 15,847 15,947 16,238 change _ 147 226 166 Note circulation 250,055 253,862 253,516 196,913 Negotiable Government bonds.. 41 25 50 Deposits ._„ 331,077 319,672 286,794 240,674 Other assets 194 167 166 Other liabilities 61,165 56,603 55,072 67,498 Note circulation,. , 1,119 1,114 1,038 Bank of Brazil (millions of milreis): Deposits—Member bank, , 405 401 385 Cash „ 257 244 Government 115 101 140 Correspondents abroad, 176 400 Other 6 7 6 Loans and discounts 2,476 2,448 Other liabilities "[ 51 50 37 Deposits 2,614 2,992 Commonwealth Bank of Aus- National Bank of Bulgaria (miltralia (thousands of pounds): lions of leva): Issue department: Gold 1,900 1,871 1,834 1,618 Gold and English sterling... 16,008 16,008 16,002 Foreign exchange 637 587 399 708 Securities 40,304 39,806 38, 559 Loans and discounts 1,384 1,570 1,437 1,490 Banking department: Government debt 3,523 3,523 3,523 2,572 Coin, bullion, and cash 1,232 1,279 1,206 Other assets V 1,110 957 965 1,010 London balances 35,994 35,820 21,803 Note circulation 2,744 2,968 2,950 2,584 Loans and discounts 13,853 12,832 17,569 Deposits.._ __ 3,475 3,216 2,972 2,332 Securities 37, 719 37,864 35,702 Other liabilities IIIIIII 2,334 2,323 2,235 2,483 Deposits 84, 879 83,776 72,485 Bank of Canada (thousands of Ca- Note circulation,. 48, 784 48, 284 47,039 nadian dollars): Austrian National Bank (millions Gold._ 179, 561179,579 179, 505179,148 of schillings): Sterling and United States" ex" Gold 243 243 243 243 change _. 22,187 26,743 28,134 17,607 Foreign exchange (non-reserve) _ 157 154 142 105 Canadian Gov't. securities: Loans and discounts 187 188 191 208 2 years or less 94,790 82,487 63,298 66,480 N l a io t D G N D O G i O n o s i o e o t o t n s h h l p t o v c d a e e e o o f e r r l s r u c b i n l a B i n t e i r m s s a t l c a s s g b u e e , n a i l t n d l s a k s i t ) o t t : i i m d o o e e s n f e b s B t t s i e c l a g n i d u I m _ fo _ r _ ( e m I i I g I i n I l I - " I 3 1, , 2 9 2 3 1 6 1 6 9 0 8 6 2 8 9 6 7 5 0 3 2 3 1 , , 9 2 3 2 1 6 1 5 9 2 7 7 8 2 6 1 2 9 7 6 0 3 1 , ,2 4 9 2 1 6 1 5 8 1 7 7 2 6 1 3 4 2 7 0 7 3 1 , ,3 7 9 2 1 6 1 6 1 7 1 4 2 5 7 7 1 5 7 4 3 D N O O O e o t t t O h h h p te e e e v o r r r e s c r i l a s i i t r e s 2 a s c s c - b u y e u C D O i t l e l r s a h i a o i t t t t h a r i m i i s e o e r e s t r i n s e n r io ed n G ba _ o n v k e s r . n ._ m I_ e _ n II I t 2 1 9 2 1 1 1 5 9 7 4 8 6 2 6 , , , , , , , 8 4 3 1 5 1 3 5 1 3 8 7 7 3 1 7 8 3 9 7 6 0 9 5 1 1 9 3 1 1 9 6 1 7 6 2 3 8 0 , , , , , , , 9 7 2 1 3 5 5 5 7 9 9 3 5 7 4 8 6 2 3 6 6 2 4 1 1 1 9 3 1 7 1 6 6 0 7 0 9 1 3 , , , , , , , 1 1 2 6 9 3 5 6 0 1 0 6 9 5 3 7 2 9 6 1 5 2 1 5 2 1 1 1 1 1 2 0 7 4 6 4 5 2 1 , , , , , , , 1 8 4 3 9 6 4 2 4 5 7 6 4 2 9 9 3 0 4 0 8 Loans ___ 35 37 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

61 JANUARY 1938 FEDEKAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor— Cont. Gold and foreign exchange in re- Note circulation 16,352 16, 251 14,854 serve 144 144 143 6,002 6,9H8 4,435 Loans and discounts 119 107 140 Other liabilities 4,732 4| 471 4,913 Government debt 795 795 702 Bank of Estonia (thousands of 674 666 621 krooni): Deposits 308 321 279 Gold 34,213 34,214 34,216 34,178 Bank of the Republic of Colombia Foreign exchange (net) 15,334 16,229 17,506 6,140 (thousands of DesosV Loans and discounts 27,052 26,221 2G, 515 21,070 Gold 27,110 28,892 27,209 31, 266 Other assets 27, 5G1 26,284 24, 111 20,002 Foreien exchange 10,498 5,242 10,417 5,327 Note circulation 49,800 50,327 47,121 44,992 Loans and discounts 28,717 23, 232 17, 624 11,409 Demand deposits 34, 973 34,446 38,693 25,633 Government loans and securities. 47,156 46,318 45, 753 45,497 Other liabilities 19, 379 18,175 16, 533 13,764 Other assets „ - . 27,088 28,173 26,950 26,125 Bank of Finland (millions of mark- Note circulation «, 49,564 50, 735 50,045 51,108 kaa): Deposits 49,065 40,375 37,517 33,498 Gold 635 G35 . 635 715 Other liabilities 41,941 40, 748 40,391 35,018 Foreign assets 2,264 2,260 2,301 1,530 National Bank of Czechoslovakia Loans and discounts .. 1, 020 1,016 1,014 8U5 (millions of koruny): Domestic securities . 341 351 358 354 Gold 2,582 2,569 2,571 2,590 Other assets 437 381 451 356 Foreign exchange 474 447 390 486 Note circulation „ 1,996 2,020 2,005 1,565 Discounts 1,125 1,263 1,243 691 Deposits—Treasury 33 89 100 285 Loans 1,030 1,184 1,140 869 Other 980 842 917 523 Onvcmmpnt dpbt 2,012 2,013 2,014 2,025 Other liabilities 1,687 1,093 1,676 1,477 Other assets 1,164 1,067 898 1,132 Hank of Greece (millions of drach- Note circulation 6,441 6,516 6,469 5,662 mas): Demand deposits 217 304 170 576 Gold and foreign exchange (net).. 3,436 3,446 3,252 2,765 Other liabilities 1,729 1,722 1,617 1,555 Loans and discounts 5,359 5,462 5,181 5,274 Bank of Danzig (thousands of Government obligations _. 4,377 4,377 4,376 4,162 gulden): Other assets 2,019 2,043 1,803 1,669 Gold 28,115 28,113 28,114 29,409 Note circulation 6,510 6,839 6,735 5*969 Foreign exchange of the reserve.. 2,912 1,499 1,320 489 Deposits —- 5,909 5,921 5,660 5,890 Other forpiim exchange 343 320 549 4,403 Other liabilities 2,770 2,507 2,217 X 011 Loans and discounts 16,116 16,451 16,504 15,282 National Bank of Hungary (mil- Other assets 3,693 3,859 5,663 4,079 lions of pengos): 34,447 34, 786 34, 535 30, 646 Gold .„. 84 84 84 84 Demand deposits 13,171 12,832 13, 647 10,964 Foreign exchange reserve 56 55 58 31 Othpr TiahiiiTiM 19 012 19 012 19,015 19,435 Discounts * 422 425 419 508 National Bank of Denmark (mil- Loans—To Treasury .. 114 114 112 95 lions of kroner): Other 17 17 17 12 Gold 118 118 118 118 Other assets 281 270 265 170 Forpiun exchange 59 38 28 16 Note circulation 431 46S 457 402 Discounts 25 25 27 32 Demand deposits 236 191 197 194 Loans—To Government agencies 222 196 235 229 Certificates of indebtedness 89 89 93 93 Other 89 138 102 132 Other liabilities 219 216 209 212 Securities - 64 58 53 55 Reserve Bank of India (millions Other assets 71 70 66 80 of rupees): Note circulation „ 392 413 385 385 Issue department: Deposits 97 70 87 117 Gold at home and abroad 444 444 444 444 Other liabilities 159 160 157 160 Sterling securities 803 803 803 673 Central Bank of Ecuador (thou- Indian Gov't. securities 274 274 274 234 sands of sucres): Rupee coin 628 624 617 671 Gold 32,372 Note circulation 1, 799 1,816 1,798 1,748 19,953 Banking department: 38,051 Notes of issue department... 350 328 341 274 "Kntp pirpiilfltion 54,347 Balances abroad 56 96 127 111 36, 238 Loans to Gov't 10 10 National Bank of Egyptl (thou- Investments 68 • 64 79 58 sands of pounds): Other assets 12 11 10 11 Gold 6,545 6,fi45 6,545 Deposits 382 388 446 345 Foreign exchange 2,387 1,795 2,946 . Other liabilities 113 112 110 Loans and discounts 6,495 4,781 6,651 Bank of Japan (millions of yen): British, Egyptian, and other 36,608 37,371 39,171 Discounts s 5 n 50 i 634 8 5 0 4 1 9 568 7,153 7,686 4,804 Loans—Government 3 3 3 ISO 21,783 21,676 22,850 Other 207 200 158 197 7,989 7,333 6,931 Government bonds 677 664 554 501 Other 20,393 20,203 21, 748 Other assets 205 177 222 179 fi+har linhiliti'p*? 9,024 8,966 8,588 Note circulation 1,787 1,787 1,570 1,491 Deposits—Government ' 283 335 358 334 Central Reserve Bank of El Salva- Other 84 78 77 71 dor (thousands of colones): Other liabilities 288 279 281 273 Gold 13,161 13,161 13,040 Bank of Java (millions of guilders) : 5,001 5,694 1,686 Gold _.... 117 117 89 635 383 1,335 Foreign bills 4 5 3 Government debt and securities. 5,962 5,979 6,636 Loans and discounts 85 73 64 2,327 2,493 1,506 1 Items for issue and banking departments consolidated. 2 By law o i August 10, 1937, gold revalued on August 25 t Irate of 290 milligrams fine gold per yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN JANUARY 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Bank of Java—Cont. Bank of Portugal—Cont. Other assets . 107 109 54 Loans and discounts 321 328 339 353 Note circulation 191 195 160 Government debt — 1,042 1,042 1,042 1,044 D O e th p e o r s i l t i s abilities 26 o 2 n 5 24 N f O ^ o t + h t V e e i r a c t * s i r i a g c c u h c l t o a t l c t i i a o b n ilities 2 1 1 , , 1 1 4 3 0 2 2 6 8 % 1 1 ,1 4 1 4 2 3 3 1 5 2 1 1 , , 1 1 4 5 2 3 3 4 9 2 1 1 , , 1 0 2 0 4 1 7 9 3 Ban G F k o o r o l e d f i g L n a e tv xc ia h a ( n m ge il l r i e o s n e s r v o e f Iats): 7 46 7 7 4 7 5 7 4 7 5 7 2 7 5 Nat O io t n h a e l r l B ia a b n i k li t o ie f s R ... u . mania (mil- 1,195 1,197 1,205 1,042 Loans and discounts 133 131 126 117 lions of lei): Other assets 41 42 42 50 Gold.— — 16,343 16, 258 16,168 15,494 D N Oe o fhp t p e o rs c i i lt r isa c b u i l l a i t t i i o e n s 2 3 0 6 1 2 4 2 3 0 4 5 2 3 0 3 3 1 3 9 3 4 L Sp o e a c n i s a l a e n x d c h d a i n s g co e u a n c t c s ounts 6 5 , , 1 9 0 4 9 2 6 6 , , 3 4 9 5 5 5 6 6 , , 6 39 8 4 6 3 6 , , 8 6 2 21 2 Bank of Lithuania (millions of litu) Snecia.1 loans ^ 2,014 2,027 2,040 2,442 Gold 77 77 77 71 Government debt 10,695 12,115 12,094 9,421 4 7 6 8 Other assets 8,690 8,582 8,820 9,515 111 106 103 92 28, 111 27,896 27,386 24,542 36 42 38 29 Demand deposits 12,190 12,234 12,527 11,111 121 123 117 113 Other liabilities __ 9,493 11, 702 12,288 12,072 Deposits 83 85 83 64 South African Reserve Bank Other liabilities 24 24 25 23 (thousands of pounds): Netherlands Bank (millions of guil- 22,938 22,938 23,146 ders): Foreign bills 6,186 6,385 9,653 Gold 1,382 1,331 1.266 570 Other bills and loans 1,829 623 34 Silver (including subsidiary coin) 17 18 19 19 Other assets 12,661 12,385 13,238 5 5 5 2 Note circulation 17,356 15,241 15,291 26 10 11 22 Deposits 22,980 23,955 27,960 194 212 182 314 Other liabilities 3,279 3,135 2,820 Other assets... 62 61 63 61 Bank of Sweden (millions of Note circulation 887 856 834 806 kronor): 79 31 Gold — - . 538 537 536 528 Other 754 736 588 110 Foreign assets 1,089 1,095 1,078 655 Other liabilities 46 45 44 42 Discounts 14 .13 13 13 Reserve Bank of New Zealand Loans 27 24 26 28 (thousands of pounds): Domestic securities 7 6 6 33 Gold 2,802 2,802 2,802 Other assets 300 297 319 255 Sterling exchange reserve 17, 595 19,066 16, 579 Note circulation 893 931 947 812 Advances to State or State un* Demand deposits 976 925 899 599 dertakings 4,266 4,566 5,095 Other liabilities 105 117 133 101 Investments 2,658 2,906 2,350 Swiss National Bank (millions of Other assets ..... _. 304 196 307 francs): * 13,274 12,994 11,838 Gold 2,663 2,672 2,531 2,581 Demand deposits 12,591 14,722 13,636 Foreign exchange - 508 495 414 56 Other liabilities 1,761 1,820 1,659 Discounts. 21 22 21 38 Bank of Norway (millions of Loans 32 27 28 42 kroner)* Other assets 626 610 609 80 Gold 189 189 189 215 Note circulation 1,453 1,450 1,442 1,403 Foreign assets 213 201 189 89 Other sight liabilities 1,756 1,737 1,523 1,280 Total domestic credits and Other liabilities. 640 639 638 114 securities 185 183 193 250 Central Bank of the Republic of Discounts . . (0 91 103 188 Turkey (thousands of pounds): Loans _. 0) 28 26 20 Gold 36,720 36, 716 36,712 30,223 Securities 0) 65 64 43 Foreign exchange—Free . * 2 30 46 33 Other assets - (0 6 14 12 In clearing acccounts 26,773 25,327 29,833 25,172 Note circulation _. 422 425 423 406 Loans and discounts 50,220 51,181 50,177 39,686 Demand deposits—Government 62 47 42 64 Securities . 186,290 186,937 187,160 185, 233 Other _ 45 43 58 33 Other assets. ._ 35,070 30,933 33,807 20, 702 Other liabilities . „ 0) 65 61 64 Note circulation 177,171 176 171 173,252 176,684 Central Reserve Bank of Peru Deposits . 46,123 47,621 44,497 38,586 (thousands of soles): Other liabilities 111,781 107, 330 119,987 85,778 Gold and foreign exchange 58,689 56,143 46,705 Bank of the Republic of Uruguay D G i o s v c e o r u n n m ts ent loans 3 4 9 5 , , 3 2 8 4 9 6 3 4 8 5 0 03 9 9 9 3 4 & 5,f8 5 4 86 7 (thousands of pesos): Other assets 12,545 11,279 9,244 TQQITPG fo^PldT\ Qartn"Tdn *siTiilfvr •er 42 087 42 087 41,601 96,215 97,428 92,215 Notp cirniifltinn 86 427 87 166 82,291 Deposits 37,901 33 251 32,658 Other liabilities 21,753 19,882 13,510 32 531 28 578 35,654 Bank of Poland (millions of zlotys) Loans and discounts 88 571 85 554 87,461 Gold.__ . 434 433 431 379 Other assets 58 480 66 292 61,793 Foreign exchange ,_. 35 36 35 25 DeDosits 84 614 86 040 99,953 Loans and discounts 650 635 650 818 Other liabilities 94 969 94 383 84,954 Securities . 135 136 136 135 National Bank of the Kingdom of Other assets .. , 490 459 456 419 Yucoslflvifi (millions of tiinflrsV Note circulation 1,034 1,094 1,045 1,032 Gold 1 758 1 749 1 704 1,599 Other sight liabilities 324 215 280 221 Foreicn exchange 472 537 712 573 Other liabilities 388 390 383 523 Loans and discounts 1 614 1 612 1 589 1,716 Bank of Portugal (millions of Government debt 2,253 2,252 2,252 2,262 escudos): Other assets... ...fc „ 2,923 2,863 2,678 1,547 Gold 917 916 916 912 Note circulation 5 753 5 857 5 843 5,236 Other reserves (net) 574 595 592 542 Other sieht liabilities 2 515 2 423 2 357 1,593 Non-reserve exchange 151 146 154 135 Other liabilities 751 732 '737 867 1 Figures not yet available. • Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1938 FEDERAL EESERVE BULLETIN 63 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1937 1936 1937 1936 Assets Liabilities Nov. 30 Oct. 31 Nov. 30 Nov. 30 Oct. 31 Nov. 30 Gold In bars ; 13, 775 13,401 40, COG Demand deposits (gold) 8,391 8,415 27,516 Cash on hand and on current account with banks 25,886 20,212 19,262 Short-term deposits (various curren- Demand funds at interest 18,043 16,810 5,050 cies): Central banks for own account: Rediscountable bills and acceptances Demand 41,120 40,985 11,904 (at cost): Time—Not exceeding 3 months. 134,423 154,238 98, 506 Commercial bills and bankers' ac- Time—Between 3 and 6 months 6,253 ceptances 123,337 115,558 129,672 Time—Between 6 and 9 months 6,216 Treasury bills 146,124 148,389 1G0,964 Total , 181,790 201,440 110,409 Total.. 269,461 263,948 290, 036 Central banks for account of others: Time funds at interest—Not exceeding Demand 2,551 2,622 4,201 3 months 39,822 50,553 27, 0G0 Other depositors: Between 3 and 6 months 7,754 1,631 Demand. 5,822 6,019 70 Between 6 and 9 months 6,185 Time—Not exceeding 3 months. 1,025 1,026 3S9 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 153,713 153,280 153,280 Treasury bills 18,958 46,232 17,993 German Government deposit 76,856 76,640 70,640 Sundry investments 74,839 103,113 42,729 French Government guaranty fund 31,622 31,439 43,398 Between 3 and 6 months: French Government deposit (Saar). 1,037 1,031 ],423 Treasury bills 33,994 20,655 31,463 Sundry investments 55, 636 34, 383 52, 739 Total , 263, 228 262,390 274,741 Over 6 months: Treasury bills 39,257 47,500 41,371 Capital paid in 125,000 125,000 125,000 Sundry investments 53,052 35,445 33,830 Reserves: Legal reserve fund , 4,238 4,238 3,784 Total.. 275,73G 2%, 328 220,131 Dividend reserve fund 6,315 6,315 6,092 General reserve fund 12,031 12,031 12,183 Other assets: Other liabilities: Guaranty of central banks on bills Guaranty on commercial bills sold.. 2,421 2,432 1,377 sold - 1,007 1,015 1,372 Sundry items....... 39,844 38,731 39,115 Sundry items. 1,177 1,177 120 Total liabilities. 653, 202 671, 200 601,907 Total assets... 653, 262 671,260 604,907 i See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures are as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities (Figures in U m ni il t l e i d o ns K o i f n p g o d u o n m ds sterling) re C se a r s v h es M c n a o s l o h n l t o e i a y c r n t e d at B co il u ls n t d e i d s- Se ti c e u s ri- L cu o s a e t n r o s s m t - o a O s t s h e e ts r Total D D e e p m os a it n s d1 Time» lia O b t i h li e t r ies 10 London clearing banks 1930—December 208 144 322 285 933 240 1,876 992 847 254 1931—December -~~~ 184 119 246 297 905 222 1,737 868 846 237 1932—December 207 127 408 472 778 208 1,983 991 963 216 1933—December ^ 213 119 311 565 740 237 1,941 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936— December 236 187 316 630 864 238 2,238 1,288 1,012 232 11London clearing banks' 1936—August 233 163 345 641 877 226 2,246 1,212 991 240 September 229 166 344 648 882 226 2,257 1,228 1,000 238 October - 227 164 351 655 892 231 2,280 1,238 999 230 233 181 329 656 895 238 2,287 1,241 1,006 243 December 244 105 322 660 890 249 2,315 1,2S8 1,012 245 1937—January -~~ - ~. 238 179 345 669 885 239 2,307 1,254 1,005 247 230 167 307 671 909 243 2,274 1,217 997 252 March.. 226 170 248 667 939 254 2,244 1,200 1,003 259 April 230 177 241 661 951 256 2,252 1,194 1,008 263 May 233 168 244 657 957 259 2,255 1,203 1,006 263 June 241 171 259 654 969 261 2,293 1,253 1,022 261 July 235 163 282 647 975 251 2,293 1,239 1,010 259 August- - .__._.._._ 234 162 277 645 973 244 2,283 1,235 1,001 253 September - ....... .„ 238 162 281 641 978 240 2,287 1,242 1,009 251 October 234 165 296 639 988 244 2,312 1,244 1,019 253 November 235 161 298 634 991 245 2,311 252 * Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. » District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN JANUARY 1938 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France Deposits Own (4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k ro s m B co il u ls n d te i d s- Loans O as t s h e e ts r Total Demand Time a a c n c c e e p s t- li O ab t i h li e t r ies 1630—December.. 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December.. 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December,. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December- 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December.. 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December.. 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936—August 3,097 2,326 15,445 7.031 1,451 24,979 24,451 528 335 4,035 September.. 3,083 2,757 14,876 c7,301 '1,554 25,137 24,613 524 368 4,066 October 3,186 2,766 17,070 7,452 1,727 27,549 27,028 521 403 4,244 November.. 3,173 17,298 7,625 1,824 28,015 27,467 648 454 4,290 December.. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—January 2,852 18,289 7,949 1,340 29,831 29,304 627 561 3,626 February. __ 2,798 3,770 17,825 8,056 1,397 29,644 29,061 583 602 3,600 March 5,237 3,596 16,701 8,357 1,448 31,008 30,465 543 600 3,732 April 2,891 3,579 16,043 8,116 1,481 27,703 27,164 539 583 3,825 May 3,014 3,666 16,479 7,996 1,446 28,242 27,682 560 542 3,817 June _ 2,761 3,933 15,869 8,514 1,595 28,128 27,568 560 591 3,954 July 2,764 4.176 16,954 8,276 1,602 29,069 28,523 546 570 4.133 August 2,925 4,258 16,842 8,008 1,689 28,988 28,438 550 583 4,152 September. 2,790 4,552 16,802 8,723 1,832 29,838 550 644 4,216 Assets Liabilities Germany1 (5 large B l e io rl n i s n o b f a r n e k i s c . h sm Fi a g r u k r s e ) s in mil- Cash b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Securi- Other Total D D e e p m o a si n t d s Time o C b f r t r e a o d i m n it e s d l O ia t t i b e h i s e li r banks 1930—November 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—No vember 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—November 139 316 2,162 2,884 1,027 933 5,376 2,435 2,941 686 1,449 1936—September.... 180 287 2,360 2,779 1,066 847 5,621 2,575 3,045 575 1,323 October.. 130 273 2,569 2,735 1,075 858 6,712 2,644 3,068 586 1,342 November 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—January 154 303 2,895 2,679 1,020 837 5,973 2,923 3,050 557 1,357 February 130 301 2,966 2,673 1,022 822 6,029 2,760 3,270 578 1,307 March , 201 315 2,908 2,732 1,014 813 6,135 2,942 3,194 559 1,288 April 132 297 3,204 2,666 949 805 6,213 2,926 3,287 551 1,289 May 139 288 3,171 2,637 1,039 807 6,246 2,979 3,267 543 1,291 June 180 296 3,091 2,636 1,037 778 6,204 2,969 3,236 563 1,251 July 145 298 3,099 2,676 981 760 6.164 2,918 3,245 533 1,261 August 153 282 2,995 2,701 1,083 758 6,175 2,892 3,283 533 1 265 September 216 322 2,860 2,754 1,070 781 6,172 2,916 3,256 539 1,2P2 October 136 277 3,041 2,667 1,050 806 6,141 2,862 3,279 510 1,327 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada excluding interbank abroad deposits (10 chartered banks. Figures in mil- and net Securi- Other Note Other lions of Canadian dollars) Cash Security O lo t a h n e s r f d ro u m e ties assets ci t r i c o u n la- lia ti b e i s lireserves loans and dis- foreign Total Demand Time counts banks 1930—December 207 205 1,275 171 604 602 133 2,115 689 1,426 816 1 1 1 1 1 1 19 9 9 9 9 9 9 3 3 3 3 3 3 3 6 3 5 2 1 7 4 — — — — — — — A S M F A M J N O D J O S D D D D J u u D e e u p c a o e e c a a p l n e e e e b g n t e c r t y p v r c c c y c o e t o r i c u u e c t e e e e l e e . u b b e e a m h s m m m m m m e a e m m r t y r b r r b b b b b b y b b e e e e e e e e e r r r r r r r r r....- 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 2 5 3 3 4 4 4 3 3 4 6 4 4 2 3 2 9 2 1 0 2 8 1 1 0 6 8 9 7 4 0 2 8 2 6 7 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 2 8 1 1 1 2 1 1 0 0 0 0 0 8 3 2 4 6 0 7 1 9 9 4 4 4 6 9 5 3 3 6 3 5 1 1 1 , , , 1 0 2 8 8 8 8 8 8 8 8 8 7 8 7 9 9 0 3 5 5 0 6 0 5 5 1 9 0 1 3 7 9 4 4 6 3 2 5 3 0 2 3 4 6 7 6 5 7 1 5 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 1 1 1 4 7 4 7 3 6 2 3 6 4 5 4 5 4 4 9 4 0 9 1 3 6 9 9 1 8 4 1 6 5 1 5 6 1 1 1 1 1 l 1 1 1 1 1 1 1 1 1 ', , , , , , , , , , , , , , , 4 4 4 3 4 4 4 4 4 3 3 4 4 3 1 8 9 6 7 4 3 1 4 1 1 4 1 2 2 6 8 3 5 8 6 9 6 7 0 8 1 2 6 6 6 2 2 7 3 0 1 5 4 7 4 1 8 4 4 4 4 4 4 5 4 4 4 4 4 4 5 5 5 4 6 5 9 7 6 9 8 3 1 8 9 0 2 9 4 8 0 3 3 1 1 1 2 8 1 3 3 1 5 4 7 0 6 9 5 7 9 2 6 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 2 1 1 0 0 0 1 0 0 2 0 0 1 0 2 0 0 3 3 1 2 1 8 6 9 1 3 5 4 7 7 5 6 9 6 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 2 2 , , , , , , , , , , , , , , , , , , , 2 0 3 2 3 3 3 3 3 9 9 2 3 1 3 3 3 3 0 6 6 7 3 8 6 1 2 3 0 7 6 4 8 3 7 2 7 5 9 1 1 5 3 9 6 0 0 3 2 3 5 0 3 9 2 0 8 6 6 7 7 5 5 6 7 7 7 7 3 7 7 8 7 7 7 7 5 9 9 5 6 6 3 8 2 2 9 9 8 0 0 4 5 6 9 1 4 8 5 3 2 8 6 8 2 9 9 2 9 5 9 0 7 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , , , ^ , 3 6 3 3 4 5 5 4 5 5 5 5 5 6 5 5 5 5 4 5 4 8 6 0 7 0 1 6 7 8 4 8 7 7 8 7 7 8 7 7 6 0 7 8 1 0 4 4 4 9 4 0 2 3 8 6 7 7 7 7 7 8 7 8 8 7 7 7 7 8 8 8 8 8 6 2 4 1 8 1 5 ) 1 0 8 8 0 1 0 9 3 0 5 5 8 1 0 2 1 0 2 5 4 4 6 5 0 e Corrected. Berlin brnks^ BeSw hf m< fit™*l^5^ f°,r Decembet, *™J to merger of two of the banks in February 1932 figures refer to six large (Sec! BULLETIN fw June 1935? p389^f e rely comparable Wlth those shown *» Previous years due to changes In reporting practice. NOTE.-For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

65 JANUARY 1938 FEDERAL EESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annum Central bank of— Date effective K U in n g i d te o d m France m G a e n r y - Italy N la e n th d e s r- Sw la i n tz d er- b C an e k n t o r f a — l R D 3 a e 1 t c e . eff D ec a t t i e ve b C an e k n t o r f a — l R D 3 a e 1 t c e . eff D ec a t t i e ve In effect Jan. 1, 1936 2 6 4 5 VA 2^ J J J a a a n n n . . . 2 1 1 , 6 0 1936 4 5 3 A A A r u lb g s a e tr n n i i t a a ina— V 3 6 H A J A M u p l a y r r i . l 1 1 1 0 , , , 1 1 1 9 9 9 3 3 3 7 6 5 J J L a a a v p t a a v n ia 3 3 5 .29 J A N a p o n r v . . . 1 7 1 4 , , , 1 1 1 9 9 9 3 3 3 6 7 6 F F e e b b . . 4 7 _ VA zy2 B B o el l g iv iu ia m 2 6 J M ul a y y 1 5 6, , 1 1 9 9 3 3 5 2 L M i e t x h i u c a o nia... 3 J M ul a y r . 1 1 , , 1 19 9 3 3 G 7 Mar. 28 5 British India 3 Nov. 28, 1935 Netherlands 2 Dec. 3, 1936 May 7 6 Bulgaria 6 Aug. 15, 1935 New Zea- M M a a y y 1 3 8 0 .. VA VA C Ch a i n le ada. tYl/L D M e a c r . . 1 1 1 6 , , 1 1 9 9 3 3 5 6 No la r n w d ay 4 2 J D u e n c e . 2 7 9 , , 1 1 9 9 3 3 6 6 J J u u n n e e 2 4 4 5 VA C Cz o e l c o h m os b lo ia - ... 4 July 18, 1933 P P o er la u nd a 6 * M De a c y . 2 1 0 8 , , 1 1 9 9 3 3 2 7 J J S J J J S u u u u u e e l l n n n p p y y e e e t t . . 1 7 2 3 2 2 9 0 0 6 5 5 ^ . 3 5 4 V 3 4 /2 2 E E E D D Fi c l s a v e n t u n S a o n l a a z k n a m d i n i l i g o a v a d a r a r d k o .. r . . 4 4 4 4 3 4 K2 J J A D N N O a a e u o o c n n c t g v v . . . . . . . 3 2 1 3 2 0 3 9 1 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 6 2 5 4 6 7 5 T S S S S P R w o w u p o u u r r a m e i t k t t i d u h z n a e e g e y n . n A a r . i l l a f a r n ic d a . m 2 H 5 y2 i J M A M D N D u e e u o a l a c c y g v y r . . . . . 2 1 1 1 1 2 6 5 1 1 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 5 7 3 6 4 3 3 Oct. 2 3 France 3 Nov. 13, 1937 United King- N O O O o c c c t t t v . . . . 2 9 1 2 0 6 6 2 IX I G H G ta e r u e l r n y e m g c a a e n ry y 4 4 4 6 K J A M S a e u n a p g y . t . . 2 1 2 4 2 9 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 6 2 7 5 Y U u . d g S o o m . s S . la . v R ia . . . . . 4 5 2 J J F u u e l n b y e . 3 1 l 0 f, , 1 1 1 9 9 9 3 3 3 6 5 2 Dec. 3 2 Tan 98 1Q^7 4 June 15 6 Changes since Nov30: Poland—Dec. 18, down from 5 to 4^ percent July 7 5 Aug. 4 4 Sept. 3 . 3K Nov 13 3 In effect Dec. 31,1937 2 3 4 4M 2 IX MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ic 3 B c m a e n p o k ta n e n t r h c s s e ' s T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a d o n w e k p a e o n r s c s i e t ' s d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1936—November 3.00 2.84 2.79 1.00 December. 3.00 2.8S 3.05 .82 1937—January... 3.00 2.88 2.54 .63 February.. 3.00 2.86 2.47 .39 March 3.00 2.86 3.10 .38 April 2.90 2.71 2.55 .38 May 2.88 2.63 2.69 .31 June 2.88 2.63 2.78 .25 July 2.88 2.65 2.64 .19 August.. __. 2.88 2.69 2.85 .19 September 2.88 2.73 3.07 .20 October-.. 2.88 2.91 2.81 .21 November. 2.88 2.81 2.65 .25 Sw la it n z d er- ( B B e r l u g s i s u el m s) F (P r a a r n is c ) e (M It i a la ly n) Hungary S (( h w SS oi tt e o l o hm d ck e ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m ri p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1<J36—October... 1.69 1.29 2.52 4.50 4.75 2.92 November 1.46 1.00 1.96 4.50 2X-V. 4.75 2.86 December. 1.25 1.00 1.99 4.50 2M+X 4.75 2.74 1937—January. _. 1.25 1.00 2.22 4.50 4.75 2.63 February.. 1.18 1.00 4.01 4.50 4.75 2.67 March 1.00 1.00 4.06 4.50 4.75 2.83 April , 1.00 1.00 4.00 4.50 4.75 2.86 May 1.00 1.00 3.93 4.50 4.75 2.69 June 1.00 1.00 5.02 5.00 4.75 2.80 July 1.00 1.00 5.20 5.00 4.75 2.70 August 1.00 1.00 4.11 5.00 4.75 2.85 September. 1.00 1.00 3.54 5.00 4.75 2.46 October.... 1.00 1.39 3.62 5.00 4.75 2.65 NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN JANUARY 193S FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A ( t r p i e g n s e a o n ) - ( t p A r o a u u l s n i - a d) A ( u l s i s c n t h g r i ) l i - a ( g b B i e u e lg m l- a) O B f r fi a < z ^ il (m n il S re e is t ) B ( I r r n u i p d t e i i s e a h ) g B ( a le u r v l i - ) a C (d a o n l a la d r a ) C (p h e i s l o e ) C (y h u i a n n a ) C (p o b e l i o s a o m ) - C (p u es b o a ) 1929 95.127 480.83 14. 058 13.912 11.8078 36.202 .7216 99. 247 12.0601 41.901 96.551 1930 83. 505 458.60 14. 089 13.952 10.7136 36.067 .7209 99.842 12.0785 29.917 96.493 1931 66. 738 351. 50 14.023 J3.929 7.0290 33. 690 .7163 96.353 12.0669 22.437 96. 570 1932 58.443 279. 93 13.960 13. 914 7.1223 26.347 .7193 88.090 7.9079 21.736 95.275 1933 72.801 337. 07 15. 448 17.900 7.9630 31.816 1.0039 91. 959 7.6787 28.598 81.697 1934 33.579 400.95 18. 793 23.287 8. 4268 37.879 1. 2852 101.006 10.1452 34.094 61.780 1935 32. 659 388. 86 18.831 18. 424 8. 2947 36. 964 1.2951 99.493 5.0833 36.571 56.011 1936 33.137 395. 94 18.792 16. 917 8.5681 5.8788 37. 523 1.2958 99. 913 5.1240 29,751 57.083 193G—November. 32. 583 389. 54 18.687 16. 907 8.6662 5.8631 30.913 1. 2795 100.120 5.1688 29.466 57.097 December. 32.718 390. 99 18.692 16. 901 8.6981 5.9525 37.088 1. 2779 100.062 5.1719 29. 525 57.390 1937—January 32.718 390. 98 18.682 16.860 8.7080 6.0812 37.094 1.2873 99.960 5.1726 29.654 57. 390 February.. 32. 627 389. 93 18. 677 16.861 8. 7053 6.1076 36. 973 1.2903 99.964 5.1731 29. 600 57.234 March 32. 570 389. 26 18. 677 16. 847 8. 7021 6.1069 36. 888 1.2884 100.051 5.1726 29.664 57.008 April 32. 774 391. 78 18.687 16.860 8. 7105 6. 2538 37.120 1.2875 100.120 5.1725 29.714 56. 956 May 32.928 393. 70 18.719 16.868 8. 7192 6. 4164 37. 280 1. 2839 100.149 5.1725 29.798 56. 967 June 32.898 393. 25 18. 714 16.866 8.7179 6.5543 37. 245 1.2830 99. 944 5.1738 29.653 57.006 July 33.107 395. 70 18.775 16.835 8.7266 6. 6335 37. 483 1. 2825 99. 858 5.1767 29.494 56.992 August 33. 206 396. 92 18.851 16.838 8. 7314 6.5449 37. 601 1.2845 99.982 5.1571 i 29.650 56.997 September. 33. 020 394. 68 18.845 16.838 8.7216 6.3997 37.390 1. 2855 99.982 5.1579 29. 660 56. 993 October..- 33.032 394.80 18. 823 16.859 8.7232 5.8322 37.410 1. 2854 100.017 5.1694 29. 463 56. 999 November, 33.309 398.16 18.900 17.009 8.7635 5.7266 37. 711 1. 2844 100.073 5.1680 29.444 55.958 Year or month C s (k l z o o e v r c u a h n k o a ia ) - ( m k D r e a o n n r - k e) ( E p g ou y n p d t ) Fi ( k n m k l a a a r ) n - d F (f r r a an n c c ) e ( m m r G e a a i e c r n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e u a n n r g - y o) I ( t li a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o N ( l e f a l t n o h r d e i s n r ) - 1929... 2.9609 26. 680 498.07 2. 5160 3.9161 23.809 1. 2934 47.167 17. 441 5. 2334 46.100 48.183 40.162 1930 2. 9640 26. 765 498.60 2. 5169 3.9249 23.854 1.2959 33.853 17.494 5.2374 49.390 47.133 40. 225 1931 2.9619 25.058 465.11 2.3875 3. 9200 23. 630 1. 2926 24.331 17.452 5.2063 48.851 35.492 40. 230 1932 2. 9618 18.832 359.54 1. 5547 3.9276 23.749 .8320 23.460 17.446 5.1253 28.Ill 31.850 40. 295 1933 3.8232 19.071 434.39 1.8708 5.0313 30. 518 .7233 29.452 22.360 6 7094 25. 646 28.103 51. 721 1934 4. 2424 22. 500 516. 85 2.2277 6.5688 39.375 .9402 38. 716 29. 575 8. 5617 29.715 27. 742 67.383 1935 4.1642 21.883 502.60 2.1627 6.6013 40. 258 .9386 48. 217 29.602 8.2471 28.707 27. 778 67.715 1936 - 4.0078 22.189 509.68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29.002 27.760 64.481 1936—November- 3.5380 21.818 501.17 2.1531 4. 6472 40. 223 .8935 30.462 19. 776 5.2603 28.559 27.750 53.991 December . 3.5200 21. 907 503.20 2.1611 4. 6675 40. 230 .8973 30.540 19.778 5.2609 28.512 27.750 54. 566 1937—January ... 3.4*922 21. 908 503.17 2.1607 4. 6672 40. 225 30. 566 19.776 5.2610 28.537 27.750 54. 752 February. . 3.4883 21. 847 501. 78 2.1579 5.6555 40. 226 .8965 30.403 19.782 5.2608 28.529 27.750 54. 686 March..... 3. 4879 21.807 500.87 2.1531 4. 5945 40.215 .8951 30. 355 19.779 5.2608 28.494 27.750 54.702 April. 3. 4862 21.945 504.07 2.1656 4.4963 40.206 .9003 30.509 19.785 5.2607 28. 635 27. 751 54.757 May 3.4853 22.051 506.49 2.1784 4.4768 40.171 .9052 30.600 19. 781 5. 2606 28. 780 27.750 54. 936 June 3.4841 22.031 506.05 2.1792 5 4.4399 40.071 .9043 30.349 19. 771 5. 2607 28.711 27. 751 54.976 July ... 3.4854 22.173 509.30 2.1918 3.8048 40.196 .9088 30.343 19. 770 5.2600 28.882 27. 751 55. 091 August 3. 4875 22. 236 510.83 2.1964 3. 7501 40. 213 .9116 30.993 19.764 5.2603 29.027 27. 751 55.151 September. 3. 4936 22.109 507.83 2.1888 3. 5193 40.121 .9074 30.959 19.745 5.2603 28.867 27. 750 55.150 October... 3.4999 22.119 508.05 2.1886 3. 3491 40.157 .9076 30.975 19. 741 5.2604 28.853 27.750 55. 284 November. 3. 5146 22.301 512. 27 2.2061 3.3946 40.364 .9152 31.124 19.819 5.2623 29.095 27.750 55. 452 Year or month Ze N a e la w nd Norway Poland Po g r a t l u- Ru n m ia a- A So fr u i t c h a Spain S S t e r t a tl i e ts - S d w en e- e S r w la i n t d z- Turkey U K n i i n t g ed - f U tu ru a - y Y sl u av g i o a - (pound) (krone) (zloty) (escudo) (leu) (pound) (peseta) m (do e l n la t r s ) (krona) (franc) (pound) (p d o o u m nd) (peso) (dinar) 1929 483.21 26. 683 11.194 4. 4714 .5961 483.27 14. 683 56.012 26. 784 19.279 48. 411 485.69 98. 629 1.7591 1930 468.22 26.760 11.205 4.4940 .5953 483. 79 11. 667 55.964 26.854 19.382 47.061 486. 21 85.865 1. 7681 1931 415.29 25.055 11.197 4. 2435 .5946 480. 76 9.545 52.445 25.254 19.401 47.181 453. 50 55.357 1.7680 1932 320.19 18.004 11.182 3.1960 .5968 476. 56 8.044 40. 397 18.471 19.405 47. 285 350.61 47.064 1. 6411 1933 340.00 21.429 14.414 3.9165 .7795 414.98 10. 719 49. 232 22.032 24.836 60.440 423.68 60.336 1.7607 1934 402.46 25,316 18.846 4.6089 1.0006 498.29 13. 615 59.005 25.982 32.366 79.047 503.93 79.956 2. 2719 1935 391.26 24.627 18.882 4.4575 .9277 484.66 13. 678 57.173 25.271 32.497 80.312 490.18 80.251 2.2837 1936 398.92 24.974 18.875 4. 5130 .7382 491. 65 12. 314 58.258 25.626 30.189 80.357 497.09 79.874 2. 2965 1936—November. 392.36 24. 555 18.825 4.4373 .7289 483.43 8.798 57.314 25.196 22.984 79.883 488.80 80.045 2.2990 December. 393.87 24.656 18.853 4. 4514 .7285 485.33 7.727 57.544 25.300 22.985 80.162 490.78 80.000 2.3003 1937—January.,.. 393.82 24.658 18.924 4. 4487 .7273 485.40 7.099 57. 549 25. 301 22.936 80.156 490. 75 78.926 2.3022 February.. 392.92 24. 589 18.929 4. 4457 .7275 484.24 6.736 57.404 25.232 22.829 79.700 489.39 78. 856 2.3059 March 392.32 24.544 18.939 4.4411 .7284 483.81 6.149 57.194 25.186 22.792 79.953 488.51 78.753 2.3057 April 394.76 24.699 18. 959 4. 4599 .7286 5.711 57.640 25.339 22.824 80.246 491. 63 78.626 2.3056 May 396. 61 24.819 18.934 4.4723 . 7290 489.17 5.348 57.929 25. 465 22.870 80.134 493.99 78.659 2.3060 June 396. 21 24.797 18.928 4.4689 '. 7279 488.68 5.215 57.836 25. 444 22.879 79.897 493. 55 79.143 2. 3050 July 398.14 24.957 18.915 4. 4958 .7286 49L95 5.062 5$. 240 25. 607 22.920 80. 537 496.72 79.373 2. 3C72 August 400.10 25.030 18.902 4. 5053 .7270 493. 61 6.273 58.414 25. 683 22.963 80.393 498. 22 79.250 2. 3051 September. 397.58 24.884 18. 891 4. 4864 .7313 490. 66 6.477 5S.076 25. 533 22.965 79. 665 495. 30 79.118 2.3019 October 397. 72 24. 895 18.890 4.4870 .7307 490.89 6.267 58.107 25. 546 23.021 79.824 495. 51 79.052 2.3025 November. 401.08 25.100 18. 923 4.5165 .7314 494.98 6.276 58. 572 25.754 23.149 80.493 499.61 79.140 2.3096 * Quotations nominal August 18-23, 1937. * Quotations nominal June 29-30, 1937. 3 Quotations nominal Sept. 26, 1936-Oct. 7, 1937. NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages and changes in the basis of quotation, see note in BULLETIN for April 1937, p. 371. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

67 JANUARY 1938 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t te e 1 d s 00) (1 C 9 a 26 n = a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = t d e 1 o d 0 m 0) (1 F 91 ra 3= n 1 c 0 e 0) G (1 e 91 r 3 m = a 10 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) ( N 1 l 9 e a 2 t n 6 h - d e 3 s 0 r- = ( S J w u l l a i y n t z d 1 e 91 r- 4 1.00) =100) 1926 100 100 C95 134 237 106 144 1927 - 95 98 642 138 225 103 142 1928 97 96 645 140 100 226 102 145 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 _ 73 72 88 502 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 . 66 67 86 398 93 63 ISO 63 Ut 1934 75 72 88 37G 98 G2 .178 63 90 1935 .. _ 80 72 89 338 102 68 186 02 90 1936 81 75 94 411 104 76 197 64 96 1936—-October „ 82 77 98 471 104 77 200 68 103 November.. 82 77 98 492 104 78 204 70 105 December 84 80 101 519 105 79 215 71 107 1937—January ._ 8G 81 103 538 105 82 233 73 108 February 86 83 104 533 106 83 230 74 111 March 88 86 107 550 100 85 240 76 113 April 88 86 109 552 106 80 248 77 113 May 87 85 111 550 106 88 241 77 113 June 87 85 111 557 106 90 238 76 112 July ... 88 88 112 582 106 90 239 78 112 August 88 86 111 603 107 91 235 78 111 September 87 85 111 630 106 92 239 77 111 October 85 85 111 628 106 93 237 77 111 November 83 83 109 622 PIOO 238 76 p Preliminary. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) France (1913=100) Germany (1913-100) (1930^100) Year or month Induspr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t R o u d r r i u c a u c l l t * s P s r io o n v s i- a t f r n i i n d a i l s s r h e a m e w d i- tr I i i n a s d h l u e f d i s n - products products 1926 100 100 100 581 793 129 132 130 150 1927 991 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 069 130 125 132 157 1930 _.- 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1936—October 84 83 80 98 97 487 457 104 SO 95 122 November 85 84 81 97 99 500 484 103 86 95 123 December 89 86 82 99 102 522 516 104 91 90 123 1937—January - 91 87 83 99 105 532 543 103 93 97 123 February. 91 87 84 99 107 516 548 103 94 97 123 March -- 94 88 86 101 111 528 570 104 95 98 124 April 92 86 87 102 113 522 577 104 95 97 124 90 84 86 102 115 520 576 104 98 97 124 June 89 85 86 102 115 532 579 105 98 97 124 July 89 86 86 103 116 549 610 106 98 96 125 August - 86 87 86 103 116 572 629 106 98 96 125 September 86 88 86 104 115 612 645 105 97 96 126 October SO 86 85 105 113 607 646 105 97 95 126 November 76 83 84 105 110 615 628 P105 i>96 J>94 P126 Sources— See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 270, and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN JANUARY 1938 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING .[Index numbers] [Index numbers] Y m e o a n r t o h r 1 U 9 S 2 1 n t 9 5 a 2 ^ i 3 t = t - e e 1 d 0 s 019 E l 1 J a u 4 n n = l g y d 1 - 00 1 F 9 r J 1 u a 4= l n y 1 c 0 e 019 m G 1 1 9 4 a 1 e = 3 n r - 1 - y 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e - 1 s r 0 - 0 1 S 9 l J 1 w a e u 4 r i n = l - t y d 1 z 0 - 0 Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 e 1 e - d s 0019 E l 1 J a u 4 n n = l g y d 1 - 001 F 9 J J r 1 a u 4 a n n = n . e 1 - c 0 e 019 m G 1 1 9 4 a e 1 = n r 3 1 - y - 00 N 19 l e 1 a 1 9 t 3 n 1 h = 1 d e - 1 s r 0 - 01 S 9 l 1 J w a e u 4 r i n = l t - y d 1 z 0 - 0 1926 109 161 554 146 161 160 1926 103 170 505 142 168 162 1927 105 156 557 153 163 158 1927 101 164 514 148 168 160 1928 103 157 549 153 166 157 1928 100 166 519 152 169 161 1929 105 154 611 156 162 156 1929 100 164 556 154 168 161 1930 100 145 614 146 150 152 1930 97 158 581 148 161 158 1931 82 131 611 131 136 141 1931 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932 80 144 526 121 141 138 1933 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 79 141 516 121 140 129 1935 80 125 423 120 118 114 1935. 81 143 483 123 136 128 1936 82 130 470 122 120 120 1936 82 147 507 125 t 132 130 1936—Oct. . 83 132 504 122 124 123 1936—Oct. 148 124 134 132 Nov 83 136 520 121 124 123 Nov. 151 124 134 132 Dec 83 136 534 121 122 123 Dec 82 151 540 124 133 132 1937—jan. , 85 136 562 121 124 126 1937—Jan. 151 125 134 133 Feb.. 85 135 577 122 122 129 Feb. 151 125 134 136 Mar.. 85 135 577 122 123 129 Mar.... 84 151 581 125 134 136 Apr. 86 135 580 122 125 129 Apr 151 125 136 137 May. 87 136 584 122 126 129 May... 152 125 136 136 June.... 86 136 576 123 129 131 June,._ 85 152 606 125 138 137 July. 86 140 580 125 130 131 July 155 126 139 137 Aug., 86 140 594 124 130 130 Aug. 155 126 139 137 Sept.... 86 140 627 122 129 130 Sept.... 85 155 630 125 139 137 Oct.. 85 143 644 121 130 130 Oct. 158 125 140 138 Nov 84 146 645 121 Nov.... 160 125 i Revised index as from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S a p v r n t i e a c i r t e t a e e ) g * d s e ( 1 E D 92 e n 1 c g — e l m a 1 n 0 b 0 e d ) r (1 F 91 r 3 a = n 1 c 0 e 0) G ( e a p v r r m e ic r e a a ) g n e y N l e a t n h d e s r 3 - U S n ta it t e e d s Engla (1 n 9 d 26=10 F 0 r ) ance Germany (1 N 9 l e 3 a t 0 n h = d 1 e s 0 r 0 - ) Number of issues. _ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110.7 71.7 118.3 107.0 123.2 145.0 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 2 3 2 3 4 6 1 0 2 9 5 8 3 . . 1 9 9 9 8 8 6 7 9 0 8 0 8 9 4 3 9 7 0 . . . . . . . . . 0 9 4 6 3 5 5 5 8 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 2 2 3 8 0 9 1 2 3 9 7 1 . . . . . . . . . 4 2 7 8 3 2 9 2 5 8 8 8 9 9 8 8 8 7 0 8 5 6 5 3 1 2 6 . . . . . . . . . 8 6 1 9 8 5 3 1 3 * '6 8 8 8 8 9 9 9 8 7 1 5 3 0 2 5 5 3 . . . . . . . . 1 4 . 5 7 3 5 3 8 4 1 1 1 1 1 1 1 9 1 0 0 0 0 0 0 4 3 0 4 5 4 7 9 . . . . . . . . 8 4 0 3 3 8 1 1 1 1 1 1 9 4 7 7 6 4 4 9 1 2 4 8 8 3 9 9 0 1 . . . . . . . . . 4 7 6 0 3 9 8 3 1 1 1 1 7 6 7 8 8 9 0 1 1 8 8 7 5 6 7 2 5 9 . . . . . . . . . 6 9 9 7 0 3 6 9 5 2 1 1 1 1 9 8 7 7 1 3 7 8 0 9 9 7 3 7 2 8 7 5 . . . . . . . . . 7 6 6 2 3 2 1 6 2 S » 1 1 1 5 7 6 7 8 9 3 2 0 0 8 1 1 2 1 6 2 0 . . . . . . . . . 0 3 7 6 9 1 1 8 2 10 4 7 5 6 5 5 0 6 0 6 2 5 5 . . . . . . . 1936— N D O o e c c v to e e b m m er b b e e r r . . . . . . 9 9 9 9 9 9 . . . 6 9 8 1 1 1 3 3 3 2 2 0 . . . 0 9 9 8 7 7 0 8 8 . . . 4 8 8 9 9 96 6 6 . . . 4 2 3 1 1 1 2 2 1 0 0 7 . . . 0 3 5 1 1 1 2 1 2 4 8 3 . . . 2 7 1 1 1 1 0 0 0 3 3 2 . . . 2 5 1 8 8 9 9 3 4 . . . 7 7 8 9 9 96 7 7 . . . 7 2 8 8 9 7 1 8 8 . . . 2 9 6 1937— J J A S N A M M O F u J u e e u p o c a a l n a p b t n y g r v y r e o i t r u u c e l e b u a h s m m e a r t y r r b b y e e r r . . . . . . 1 1 9 9 9 9 9 8 8 9 9 0 0 6 6 5 1 3 4 8 5 6 0 0 . . . . . . . . . . . 4 6 3 3 3 8 5 0 2 0 3 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 5 3 3 3 9 4 5 3 5 4 . . . . . . . . . . . 8 0 6 2 9 7 3 3 3 5 1 7 7 7 7 7 7 7 7 7 7 7 6 5 4 2 4 5 7 4 2 5 7 . . . . . . . . . . . 4 0 6 6 6 6 2 8 3 1 5 * 9 9 9 9 9 9 9 9 9 9 9 7 7 9 9 9 8 6 8 8 9 9 . . . . . . . . . . . 7 4 4 4 0 9 7 8 5 3 6 U 1 1 1 1 1 1 1 1 1 0 9 0 0 0 0 0 0 0 0 0 0 8 0 0 2 3 3 2 1 0 4 . . . . . . . . . . . 9 8 0 3 4 7 7 4 5 3 3 1 1 1 1 1 1 1 1 1 9 8 2 2 1 2 0 1 1 2 2 1 2 6 9 6 6 3 9 7 4 0 . . . . . . . . . . . 4 4 9 9 4 3 6 5 8 5 5 1 1 1 1 9 9 9 9 9 8 8 0 0 0 0 7 9 2 6 6 8 5 4 3 2 1 . . . . . . . . . . . 0 7 8 8 3 2 2 8 8 7 0 1 1 1 9 9 9 9 9 9 9 9 1 1 1 6 4 0 3 4 0 1 0 4 2 3 . . . . . . . . . . . 6 0 6 6 8 6 1 0 8 3 1 P 1 1 1 1 1 1 1 1 1 9 9 0 0 0 0 0 0 0 0 0 9 7 0 1 2 3 5 6 3 5 2 . . . . . . . . . . . 2 8 3 5 6 5 9 1 1 3 8 r • ' ' ' • ' ' r r 1 1 1 1 1 • l • l 1 O O 0 1 9 1 0 0 1 9 0 7 0 O S 3 5 9 4 4 8 0 . 2 . . . . . . . . . . 0 6 7 1 8 9 5 2 9 5 1 v Preliminary. ' Revised 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. a Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent. * New index. See note 3 Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p. 373, July 1937, p. 698, and November 1937, p. J172. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) W. W. ALDRICH CHESTER C. DAVIS District No. 3 (PHILADELPHIA) HOWARD A. LOEB, WM. A. DAY Vice-President WM. MCC. MARTIN JOHN K. MCKEE District No. 4 (CLEVELAND) L. B. WILLIAMS B. A. MCKINNEY District No. 5 (RICHMOND) CHARLES M. GOHEN RONALD RANSOM District No. 6 (ATLANTA) EDWARD BALL JOHN S. SINCLAIR District No. 7 (CHICAGO) EDWARD E. BROWN M. S. SZYMCZAK District No. 8 (ST. LOUIS) WALTER W. SMITH President District No. 9 (MINNEAPOLIS) JOHN CROSBY CHESTER MORRILL, Secretary WALTER WYATT, General Counsel District No. 10 (KANSAS CITY) W. T. KEMPER J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) R. E. HARDING E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO) ... PAUL S. DICK JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Bank of— Eeserve Agent President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young... W. W. Paddock.. W. Willett a New York _ Owen D. Young ! G. L. Harrison. Allan Sproul W. H. Burgess L. R. Rounds W. S. Logan J. IL Williams R. M. Gidney L. W. Knoke C. II. Coe Philadelphia R. L. Austin J. S.Sinclair F. J. Drinnen.. C. A. Mcllhenny * W. J. Davis E. C. Hill Cleveland E. S. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher W. F.Taylor* Richmond — Robert Lassiter _ _ Hugh Leach J. S. Walden, Jr.. J. G. Fry G. H. Keesee * Atlanta ._. F. H. Neely Oscar Newton _ II. S. Parker. II. F. Conniff W. S. McLarin, Jr. a Chicago --, R. E. Woodi G. J. Schaller: - H. P. Preston W. II. Snyder' C. S. Young J. H. Dillard St. Louis W. T. Nardin. W. McC. Martin..— F. G. Hitt 0. M. Attebery J. S. Wood CM. Stewart a Minneapolis— W. B. Geery J. N. Peyton O.S.Powell H. I. Zicmer» E. W. Swanson Kansas City. J. J t Thomas.. G. H. Hamilton.... C, A. Worthington.... J. W. Helm * Dallas J. H. Merritt. B. A. McKixmey... R. R. Gilbert R. B. Coleman a W. J. Evans San Francisco.. A. O. Stewart W.A. Day Ira Clerk.. S. G. Sargent W. M. Hale C. E. Earhart > * Deputy chairman. » Cashier. * Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara Helena branch R. E. Towle Cleveland: Kansas City: Cincinnati branch ._ B. J. Lazar Denver branch J. E. Olson Pittsburgh branch G. H. Wagner Oklahoma City branch C. E. Daniel Richmond: Omaha branch L. H. Earhart Baltimore branch W. R. Miliord Dallas: Charlotte branch W. T. Clements El Paso branch J. L. Hermann Atlanta: Houston branch _ W. D. Gentry Birmingham branch P. L. T. Beavers San Antonio branch M. Crump Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose New Orleans branch L. M. Clark Portland branch R. B. West Chicago: Salt Lake City branch _ W. L. Partner Detroit branch _ R. H. Buss Seattle branch C. R. Shaw St. Louis: Spokane branch D. L. Davis Little Rock branch __ A. F. Bailey Louisville branch Memphis branch _ W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents, 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS •— BOUNDARIES OF FEDERAL RESERVE DISTRICTS . _- BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES & FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES ' o FEDERAL RESERVE BANK AGENCY LOUISVIILE, LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis