Federal Reserve Bulletin, 1938-02

FEDERAL RESERVE BULLETIN FEBRUARY 1938 Recent Business and Credit Developments Group Banking in the United States Trends in Bank Earnings and Expenses 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 73-81 National summary of business conditions 82-83 Summary of financial and business statistics 85 Law Department: Rulings of the Board: Eligibility for discount of note given for purchase of machinery 86 Eligibility of finance company paper for discount by Federal Reserve banks 86-87 Inactive officers of a member bank subject to the provisions of section 22 (g) of the Federal Reserve Act and the Board's Regulation 0 87 Status of rulings published regarding Regulation T prior to revision of January 1, 1938 87-89 Special miscellaneous account under revised Regulation T 89-90 Debiting of transfer tax incident to reborrowing of securities sold short under Regulation T 90 Guarantees of accounts under revised Regulation T 90 Effect of stock becoming unregistered after loan is made under Regulation U 90-91 Group banking in the United States 92-101 Trends in bank earnings and expenses 102-124 Earnings and expenses of Federal Reserve banks during 1937 125-126 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 128 Federal Reserve bank statistics 129-133 Reserve position of member banks; deposits in larger and smaller centers 134 Currency in circulation 135 Gold stock and gold movements; bank suspensions; bank debits 136 All banks in the United States 137 All member banks 138-139 Reporting member banks in leading cities 140-143 Acceptances, commercial paper, and brokers' balances 144 Federal Reserve bank discount rates 145 Money rates and bond yields 146 Security markets 147 Treasury finance 148-149 Governmental corporations and credit agencies; Postal Savings System 150-151 Production, employment, and trade 152-160 Wholesale prices 161 International financial statistics: Gold reserves of central banks and governments 164 Gold production 165 Gold movements 165-166 Central banks 167-170 Bank for International Settlements 171 Commercial banks 171-172 Discount rates of central banks 173 Money rates 173 Foreign exchange rates 174 Price movements: Wholesale prices 175 Retail food prices and cost of living 176 Security prices 176 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 178 Senior officers of Federal Reserve banks; managing directors of branches 179 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 FEBRUARY, 1938 NO. 2 REVIEW OF THE MONTH lowing table shows excess reserves by classes of banks during January, 1938, compared Inflow of currency to the Reserve banks with those in September, when the Treasury from circulation carried excess reserves of released $300,000,000 of inactive gold, and member banks to a level of also in April and May, of last year. Member bank $1,400,000,000 at the end of reserves ^ > January. In the five weeks EXCESS RESERVES OF MEMBER BANKS, BY CLASSES ending January 26, as shown in the accom- OF BANKS panying chart, the post-holiday decline in cur- Averages of daily figures rency amounted to about $390,000,000, com- (In millions of dollars) pared with an increase of $260,000,000 be- Central reserve tween the end of July and Christmas. All city banks Remem- serve Coun- MONEY IN CIRCULATION ba b n e k r s New Chi- b c a i n ty ks ba tr n y ks OUTSIDE TREASURY AND FEDERAL RESERVE BANKS York cago MILLIONS OF DOLLARS ( Wednesday figures ) MILLIONS OF DOLLARS 7,000 | | | | | ] \—] 1 1 1 1- 1 7,000 1937 April 1,552 530 101 490 431 May 927 203 51 316 357 September 1-15-. 786 112 39 295 340 September 16-30 1,014 358 47 284 326 December 1,071 305 80 366 319 6,500 6,500 1938 January 1-7 Pi, 259 400 425 P357 January 8-14 P1, 342 455 455 P349 January 15-21___ Pl, 370 470 459 P350 January 22-28 __ vl, 409 494 *>460 p Preliminary. 6,000 6,000 During the latter half of 1937 total loans and investments of member banks declined by $1,000,000,000, accord- Member bank credit ing to preliminary figures 5,500 5,500 o" 1937""" half from call reports as of December 31, 1937. Investments declined by $700,000,000 and security loans by $660,000,000, while other loans in- 5,000 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept Oct. Nov. Dec. creased by $350,000,000. Decreases in loans and investments were reported for central All classes of banks shared in the increase reserve and reserve city banks, while at counin excess reserves during January. More try banks a decrease in investments was apthan one-half of the increase occurred at cen- proximately offset by a further growth in tral reserve city banks in New York City, loans. Detailed figures, with those for earlier reflecting in part an increase in correspond- dates, are given in the regular table on page ent balances held for outside banks. The fol- 138 of this Bulletin. 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN FEBRUARY 1938 As shown in the following table, the reduc- latter half of 1936. The largest increase in tion in security loans at member banks during these loans was at reserve city banks. Accordthe latter half of 1937 was almost entirely in ing to weekly reports of member banks in 101 loans made to brokers and dealers in securi- leading cities, commercial loans at city banks ties by New York City banks, which declined increased in the third quarter and declined by about $530,000,000. At the end of the in the last quarter of the year. Country year loans to brokers and dealers had been banks showed an increase of $80,000,000 in reduced to the 1935 level. Loans to others "other" loans in the latter half of 1937, comon securities also decreased somewhat, prin- pared with a growth of $180,000,000 in the cipally at New York City banks. Real estate first half of the year and with small decreases loans and so-called "other" loans, which in- in the latter half of 1936 and of 1935. clude loans for commercial, industrial, and All classes of member banks reduced their agricultural purposes, increased further, holdings of securities during the latter half of 1937. Of the total reduction of $695,000,while holdings of open-market acceptances 000, about $315,000,000 was in United States and commercial paper showed little change. Government obligations, mostly direct obli- Since the early part of 1935 real estate loans gations, and about $380,000,000 in other at member banks, which were reduced securities. Holdings of Government securisharply in 1932 and 1933, have been slowly ties showed a decline of $300,000,000 at reincreasing. The growth during the latter serve city banks, and little change at country half of 1937 amounted to about $40,000,000 banks and at central reserve city banks. New and, like the increase during the previous York City banks, according to weekly retwo years, occurred almost entirely at counports, have been steadily increasing their try banks. portfolio of Government securities since the end of last September, following large de- CHANGES IN LOANS AND INVESTMENTS AT MEMBER clines in the first three quarters of 1937. Of BANKS, LAST HALF OF 1937 the $380,000,000 decrease in other securities (In millions of dollars ; figures preliminary) in the last half of the year, $110,000,000 was Central reserve at central reserve city banks, $125,000,000 at m b A e e m l r l - city banks s c R e i r t e v y - e b C a t o r n u y k n s - reserve city banks, and $145,000,000 at counbanks New Chi- banks try banks. Thus country banks in the latter York cago half of 1937 participated in the general sell- Total loans and investments -1,006 -690 -68 -225 ing of securities by banks, whereas in the Total loans -311 -581 -39 +203 +107 first half of the year these banks had in- Open-market paper -11 +20 -1 -23 -6 creased their holdings of securities at a time Loans to security brokers and dealers -585 -534 -9 -35 when city banks were selling heavily. The Loans to others on se- Re c a u l r i e ti s e ta s te loans + -7 4 6 4 -9 -7 1 - - 1 2 6 + + 3 1 4 2 + - 4 4 0 sales by city banks were largely of United L A o ll a o n t s h t e o r l b o a a n n k s s + - 3 4 6 4 3 + -3 6 3 5 - - 1 1 1 +224 + - 8 2 4 States Government securities, while liquida- Total investments -695 -109 -29 -428 -129 tion at country banks was principally of U. S. Government ob- other securities. ligations -313 -35 +9 -302 +15 Other securities -382 -74 -39 -126 -144 The substantial reduction during the last six months of 1937 in United States Govern- The growth in "other" loans at member ment securities at member banks was chiefly banks amounted to $360,000,000 in the latter in Treasury notes and bills. In this period half of 1937. This growth was smaller than the total amount of Treasury bills outstandduring either the first half of 1937 or the ing was reduced by $350,000,000 and that of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 75 Treasury notes by $70,000,000, while Treas- October, but are still approximately $600,ury bonds were increased by $540,000,000. 000,000 larger than a year ago. Holdings of New York City banks increased their hold- United States Government securities inings of Treasury notes, while reducing hold- creased during the first three weeks of Janings of other types of obligations. Reserve uary, almost entirely at New York City banks. city banks reduced principally their holdings These banks added $120,000,000 to their holdof notes and bills, at country banks there ings, making a total increase of $340,000,000 was a moderate increase in guaranteed obli- since September 29, 1937, following a decline gations partly counterbalanced by reductions of $860,000,000 in the first three quarters of in Treasury bills. Holdings of bonds that 1937. At banks in leading cities outside New are direct obligations of the Government York, holdings of Government securities have showed no significant change at any class of shown little change in recent months. member banks in the last half of 1937, de- Interbank balances increased during the clining in the aggregate by $50,000,000. In first three weeks of January to the largest the first half of 1937 holdings of such bonds amount since last April. In the early months had shown a decrease of $370,000,000. of 1937 there was a substantial decrease in connection with the raising of reserve requirements and the growth in loans and in- UNITED STATES GOVERNMENT OBLIGATIONS HELD BY MEMBER BANKS vestments at country banks. Adjusted de- (In millions of dollars ; figures preliminary) mand deposits at reporting banks showed little net change in January, the effect of the Changes since June 30, 1937 Amounts seasonal return flow of currency from cirheld on Direct obligations Fully De 1 c 9 . 3 3 7 1, Total t g e u e a d r a o n b - - culation being offset by the decline in bank Bonds Notes Bills ligations loans. During most of the last seven months of 1937 these deposits had decreased. Central reserve city banks: Prices of United States Government secur- New York 3,595 -35 -32 +111 -49 -66 Chicago 1,011 +10 +8 +1 +2 I ities and of the highest-grade corporate and Reserve city banks.. 4,600 -303 -26 -189 -89 +2 Country banks 3,170 +15 +3 -8 -23 +43 municipal bonds rose further in All member banks __ 12, 376 -313 -48 -85 -159 -20 Security fae first three weeks of January i Increase of less than $500,000. markets with the result that yields were In the first three weeks of January, total lower than at any previous time except in loans and investments at reporting member the latter part of 1936 and at the beginning banks in 101 leading cities of 1937. Toward the end of January there Member bank declined, reflecting a reduccredit in January was some decline in prices of the highesttion of loans in excess of grade bonds, accompanying marked declines purchases of additional securities. The dein prices of lower-grade railroad bonds and cline in loans was principally in commercial of common stocks. accommodations both in New York City and The rate on new issues of 91-day Treasury in leading cities outside New York, amountbills continued during the month of January ing to about $160,000,000, and there was also at the exceptionally low level of less than YQ a further liquidation of loans to security of 1 percent, and the average yield on Treasbrokers and dealers in New York City, amounting to about $70,000,000. Commercial ury notes maturing in 3 to 5 years declined loans of weekly reporting banks have de- to below 1% percent. This compares with a clined by $430,000,000 since the middle of low of slightly less than 1 percent in December 1936 and a high of almost 1% percent in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 FEDERAL RESERVE BULLETIN FEBRUARY 1938 April 1937. The average yield on long-termsteel as a material decreased sharply, but Treasury bonds declined to a little more than ;hat this decline was not so great as at steel 2% percent, compared with a low of less than mills themselves. Inventories of steel, which 2^4 percent in December 1936 and a high of over 2% in, April 1937. INDUSTRIAL PRODUCTION Prices of stocks and of the lower-grade industrial and public utility bonds, which in the first three weeks of January remained generally somewhat above their low levels reached in the last quarter of 1937, declined in the last week of the month. Lower-grade railroad bonds declined sharply after the middle of January, and prices of these issues at the end of the month were at the lowest level since early in 1933. Preliminary estimates for January indicate that the volume of industrial output, as measured by the Board's season- Industrial jj ted index, was about the ally a( us production J J . ' . same as m December, when the index stood at 84 percent of the 1923-1925 average. Production of steel and automobiles increased somewhat from the low levels reached in the latter part of December and the output for January showed about the 10 usual seasonal change from December. Trade 1932 1933 1934 1935 1936 1937 reports indicate that output of shoes in- Figures shown for January 1938 are estimates made January 26. creased somewhat and that textile production showed little change from recent low levels, earlier had been accumulating, were being while mineral production, which had been reduced toward the end of the year. In the maintained at a high level throughout 1937, automobile industry, where output had been declined. maintained at a high level during the first The accompanying chart reviews the course ten months of 1937, assemblies increased less of industrial production and of output in than seasonally in November and declined in certain industries and groups of industries December. Activity in the machinery insince January 1932. The data shown are dustries and at railroad repair shops was expressed in terms of points in the total index curtailed each month after August. The of industrial production, so that movements decline shown in the chart for other durable in any group, as indicated on the chart, measmanufactures reflected principally a sharp ure the effect of these changes on the tota reduction in output of plate glass and a deindex. cline in activity at lumber mills, but man- The sharp drop in the index after August hours figures show that there were declines 1937 reflected to a considerable extent the also in industries producing furniture, nonrapid curtailment of activity in the iron and ferrous metal products, and other durable steel industry. Figures on man-hours worked goods. show that activity in the industries that use Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 77 In the textile and leather industries, where Awards for publicly-financed construction activity had declined moderately by early showed a moderate decline between the third summer, there was a sharp further decline and fourth quarters of 1937, but toward the in the last half of the year. Man-hour data end of the year some increase was reported. Reports for the first half of January 1938 indicate that curtailment in the clothing inshow a continuation of the decline in residustries began in April, somewhat earlier dential building and a further increase in than the decline at mills producing fabrics, public projects. Quarterly figures on conand continued to the end of the year. After tract awards in 1936 and 1937 are given in the middle of the year the decline in the manuthe following table. facture of textile fabrics was more rapid than that in clothing production. CONSTRUCTION CONTRACTS AWARDED Mineral output was in large volume (In millions of dollars) throughout 1937, and, with consumption reduced, stocks of most fuels and metals had Private increased considerably by the end of De- Quarters Total Public Resicember. Total dential Other Accompanying the decline in industrial ac- 1936 tivity in the autumn of 1937, there was a S F e ir c s o t n d _ 6 55 8 4 3 3 3 2 1 4 5 3 2 6 3 8 0 2 1 0 1 6 4 1 1 1 6 6 2 Third 804 422 382 202 180 sharp reduction in the amount Fourth 634 273 361 199 162 Construction ,. . , T -i /» 1937 oi contracts awarded for pri- First 662 248 414 207 207 Second 831 304 527 269 258 vately-financed construction. Residential Third 810 314 496 212 284 Fourth _. 610 286 324 158 166 building had shown some decline during the summer, reflecting in part the earlier rapid Source: F. W. Dodge Corporation data for 37 Eastern States. advance in construction costs. In the fourth Employment and payrolls showed a sharp quarter, although construction costs were decline during the latter part of 1937, parsomewhat lower, the decline in residential ticularly in November and Debuilding became more marked as uncertain- Employment cember. The largest decline in ties arose regarding income prospects durand payrolls ° . ing 1938. The number of new dwelling units employment was at iactories, built in 1937 was somewhat less than 300,000, where the number of wage earners decreased about the same as in 1936 and one-third of from a level of 102 percent of the 1923-1925 the peak number erected in 1925. average in the summer to 89 percent at the Contracts for other private construction end of the year. There were considerable likewise declined sharply in the autumn of declines also in construction, mining and 1937, with the most marked decrease in transportation. In trade, however, employawards for factory building, which had been ment increased by about the usual seasonal in large volume during the first eight months amount. In the aggregate the number emof the year, particularly in the summer. Sub- ployed in nonagricultural industries destantial reductions were reported also in com- creased by about 1,500,000 persons after mercial building and in construction by pub- August and there was also a seasonal delic utilities and the railroads. During 1937 crease in employment in agriculture. The the volume of construction of this general number employed on work relief and other such governmental projects increased sometype, though small in relation to the high what. level of the 1920's, was considerably larger At factories, there was a decrease in the than in other recent years. average number of hours worked in addition Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 FEDERAL RESERVE BULLETIN FEBRUARY 1938 to the decline in the number of employees. in a corresponding decrease in payrolls. At Changes in the number employed, in average the end of the year factory payrolls were at hours, and in total man-hours worked during about the same level as in the middle of 1936. the past four years are shown monthly on Volume of department store sales was subthe accompanying chart. By December 1937 stantially maintained in the latter part of 1937, although industrial produc- Retail trade EMPLOYMENT, HOURS, AND MAN-HOURS tion and employment declined IN MANUFACTURING INDUSTRIES sharply, and in December the Board's ad- ADJUSTED FOR SEASONAL VARIATION justed index of these sales stood at 89, as com- 340 / pared with a level of 93 during the earlier months of the year. Preliminary reports in- 320 TOTAL MAN-HOU/RS f \ dicate that sales in the first three weeks of 300 PtK Wfc. January were at about the same level as a \ r 280 / year ago. Although department store sales V \ have been maintained at a fairly high level, A / 1 many retailers have restricted their pur- / V :hases from wholesalers and manufacturers, 220 and inventories at department stores have HOURS HOURS 41 AVERAGE HOURS S* 41 declined in recent months. The Board's ad- PER WEEK ^ —^ justed index of department store stocks was A—/ \ 72 percent of the 1923-1925 average at the end of December 1937, compared with 78 last 33 August and a low level of 65 in the first half MILLIONS 90 9.0 of 1936. as as Sales at variety stores and by mail-order ao OF N E U M M P B L E O F YEES ^S / ao houses have increased by approximately the 7.5 \ 7.5 usual seasonal amount during recent months, while sales of automobiles, which had been 7.0 / V 7.0 at a high level, declined toward the end of the 65 6£ year. 6.0 Wholesale commodity prices, which had 1934 1935 1936 1937 declined sharply in October and November, Based on data of the Bureau of Labor Statistics. December 1937 figures estimated for total man-hours and average hours were firmer in December and per week. priTeT°dity the first three weeks of Janu" total man-hours had declined to the level of ary. Prices of basic commodiearly 1935, with the number employed some- ties, both agricultural and industrial, were what larger than at that time and average maintained, while prices of livestock prodhours somewhat smaller. The recent decline ucts and of finished industrial products conin average hours worked began considerably tinued downward. earlier than the reduction in employment, The general level of wholesale commodity owing in part to agreements shortening the prices, as shown in the accompanying chart, work week. declined by about 6 points from September During recent months average hourly earn- to January and is currently at the level preings at factories have continued near the vailing before the sharp advance last winter levels reached last summer and the sharp de- and spring. The extent to which changes in cline in man-hours worked has been reflected the general level of prices since 1934 have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

79 FEDERAL RESERVE BULLETIN FEBRUARY 1938 reflected changes in each of three groups of dairy products at the beginning of this commodities is shown in the chart. winter were at the highest level for any similar period since 1929, but, with a marked WHOLESALE PRICES increase in milk production and declining consumer demand, prices of these products 1926 AVERAGE FOR TOTAL= 100 90 declined sharply in the latter part of December and in January. Wool prices decreased considerably last autumn, owing in part to declines in other textile prices and to a sharp curtailment in woolen mill activity. Stocks of raw wool in this country were much larger on January 1 than a year ago, when mill consumption was at a high level, but about the COMMODITIES OTHER THAN same as the average for the preceding 10 FARM PRODUCTS AND FOODS years. Early last year prices of farm products and foods other than livestock and products began to reflect the prospect of large yields following the short crops of recent years. As the abundant supplies of grains, fruits, and vegetables were harvested in the summer and autumn of 1937, their prices declined further. With the forecasts of record cotton crops in both the United States and in for- 1934 1935 1936 1937 eign countries, cotton prices fell from above 12 cents per pound in the middle of July to Monthly figures ; Bureau of Labor Statistics' data, with Federal Reserve classification of livestock and products and other farm a level below 8 cents in November. Cotton products and foods. January 1938 estimated. consumption by domestic mills was reduced Price declines in wholesale markets have considerably in the latter part of the year been reflected to some extent in retail prices, and, with cotton exports only moderately with the largest decreases occurring in foods larger so far this season, large quantities of and clothing. Retail food prices, according the new crop have gone into Government to the index of the Bureau of Labor Sta- financed stocks. About 4,820,000 bales of the tistics, declined from 85.8 percent of the estimated 18,746,000 bale crop were reported 1923-1925 average in September to 82.6 in in the loan stock on January 27, including December, reflecting chiefly a decrease in loans made by private lenders against the meat prices. In January retail food prices Government guarantee as well as advances declined further. of Commodity Credit Corporation funds. In The decline in prices of livestock and live- addition the Commodity Credit Corporation stock products, which accounted for more still holds 1,670,000 bales of cotton from than half of the sharp drop in previous crops. Agricultural J^Q general level of wholesale Domestic wheat prices declined from about pric prices from September to Jan- $1.10 per bushel in September to below 95 uary, reflected chiefly a much larger than cents in November, reflecting chiefly the seasonal increase in slaughter supplies and general declines in the commodity and secura reduction in consumer income. Prices of ity markets and the failure of exports to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN FEBRUARY 1938 meet expectations. On the basis of exports as rayon, lumber, and nonferrous metals, of 90,000,000 bushels, the Department of though considerable, were nevertheless Agriculture expects the domestic carryover smaller than the decrease in sales and shipon July 1, 1938, to be about 200,000,000 ments, with the consequence that stocks held bushels, which would be larger than dur- by producers increased and prices fell. Lower ing the recent years of small crops but con- quotas for such commodities as rubber, tin, siderably smaller than during the 1930-1934 and copper were announced by control agenperiod. In December and January foreign cies in foreign countries, but visible supplies demand for cotton, wheat, and corn increased, were not immediately brought into line with and prices of these commodities advanced changes in demand, and prices of these comabove the November levels. modities dropped abruptly. Prices of all farm products as a group re- Output of fuels was maintained at high mained in December and January at the low- levels in the latter part of the year. Stocks est level in three years. Food prices con- of petroleum products increased and their tinued to show a marked decline in this prices declined, but prices of crude petroleum period, reflecting the sharp drop in dairy remained unchanged except for reductions in products and a further decrease in meat Pennsylvania oil. In the case of bituminous prices. coal, industrial users maintained stocks at a Prices of commodities other than farm high level partly in anticipation of an advance products and foods showed little change last in prices through governmental action. The year from April to September, as increase in prices became effective in the prices declines in prices of raw and semi- middle of December. finished materials were offset in Prices of finished industrial products, which the total by further increases in finished as a group began to decline in September, products. In the autumn of the year raw ma- have continued downward in recent months. terials declined considerably further and This decline has reflected for the most part there were also reductions in prices of finishedsharply lower material prices, particularly products. In December and the first three in textile products, reduced consumer demand weeks of January prices of raw and semi- for some commodities, and efforts by manufinished industrial materials were generally facturers and distributors in certain lines to maintained at about the same level as in liquidate inventories accumulated earlier in October 1936. Finished industrial products the year. continued to decline but were still somewhat higher than in October 1936. The decline in raw material prices last Appointment of Class C Directors at Federal Reserve Banks autumn reflected chiefly sharply reduced buying by manufacturers and the accumulation On January 19, 1938, Edmund E. Day, of stocks in the hands of producers. Decreas- President of Cornell University, Ithaca, New ing business activity and uncertainties re- York, was appointed a Class C director of garding future consumption of materials ac- the Federal Reserve Bank of New York for centuated the decline in prices. The supply the unexpired portion of the term ending Deof hides increased as a result of larger cattle cember 31, 1939. slaughter and of reduced activity in the On January 25,1938, W. D. Cochran, Presileather industry, and prices declined con- dent of the W. D. Cochran Freight Lines, siderably. Reductions in output of some Iron Mountain, Michigan, was appointed a other raw and semifinished materials, such Class C director of the Federal Reserve Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

81 FEBRUARY 1938 FEDERAL RESERVE BULLETIN of Minneapolis for the unexpired portion of December 31, 1939, to succeed F. W. Peck, the term ending December 31, 1940. resigned. On January 28, 1938, Rufus C. Harris, President of Tulane University, New Orleans, Designation of Chairman and Federal Reserve Agent Louisiana, was appointed a Class C director and Appointment of Deputy Chairman of the Federal Reserve Bank of Atlanta for Owen D. Young, Chairman of General Electhe unexpired portion of the term ending tric Company, New York, New York, has December 31, 1940. been designated as Chairman and Federal Effective February 1, 1938, Walter C. Cof- Reserve Agent at the Federal Reserve Bank fey, Dean of the Department of Agriculture of New York, and Beardsley Ruml, Treasurer of the University of Minnesota, St. Paul, Min- of R. H. Macy & Company, Inc., New York, nesota, was appointed a Class C director of New York, has been appointed as Deputy the Federal Reserve Bank of Minneapolis for Chairman of the bank to succeed Mr. Young, the unexpired portion of the term ending both for the remainder of the current year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN FEBRUARY 1938 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 25 and released for publication January 27] Industrial output declined further in De- In the first three weeks of January output cember and, according to preliminary reports, of steel and automobiles increased somewhat showed little change in the first three weeks from the extreme low levels reached in the of January. Prices of raw materials, which latter part of December. had declined sharply in October and Novem- Value of construction contracts awarded ber, have been maintained since that time. in December continued in about the same Production.—Volume of industrial produc- volume as in the preceding three months. tion declined further in December and the During this period there was a decline in Board's seasonally adjusted index was at 84 awards for privately-financed projects, repercent of the 1923-1925 average as compared flecting in large part further reductions in with 89 in November. The decline reflected residential building, while publicly-financed chiefly a continued sharp curtailment of ac- work increased. tivity in the durable goods industries. Steel Employment.—Factory employment and ingot production averaged about 26 percent of payrolls showed further declines between the capacity, output of automobiles and plate glass middle of November and the middle of Decemwas reduced considerably, and production of ber, and employment at mines, on the railroads, and in the construction industry also continued to decrease. The decline in the INDUSTRIAL PRODUCTION number employed at factories was larger than in earlier months in industries producing du- 130 120 Ji rable goods, and was particularly marked in the steel, machinery, and automobile indus- \ \ \ \ J \ A \ FACTORY EMPLOYMENT AND PAYROLLS \ f\r 'V V \ V n 60 f» 50 1929 1930 1931 1932 1933 1934 1935 1936 Employment A Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. V L/ A../; ^ lumber and cement also declined. Total out- Payrolls _> Ar put of nondurable goods declined seasonally. j There was a sharp decrease in output at silk mills, and cotton consumption declined fur- 1929 1930 1931 1932 1933 1934 1935 1936 1937 ther. At woolen mills and shoe factories, Monthly indexes of number employed and payrolls at factories, unadjusted for seasonal variation, 1923-1925 average = 100. however, output was maintained, following a considerable period of sharp decline. Ac- tries. For the nondurable goods industries as tivity at sugar refineries increased further. a group, the decline in December was about Mineral production in December, as in other the same as in each of the previous three recent months, was at a high level. Output months, after allowance for seasonal changes. of crude petroleum and bituminous coal de- There was some increase in employment at clined seasonally, while anthracite produc- shoe factories and little change at plants protion increased somewhat. ducing tobacco products, while most other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 83 industries in this group showed further de- Bank credit.—Excess reserves of member creases. banks increased in the four weeks ending Distribution.—Department store sales in- January 19 from $1,010,000,000 to $1,370,creased in December by about the usual sea- 000,000 and were larger than at any time sonal amount, and the Board's adjusted index since May 1. The post-holiday decline in was 90 percent of the 1923-1925 average as money in circulation, which accounted for this compared with 91 percent in November and growth of excess reserves, was larger than an average of 93 percent in the first ten the increase that occurred before Christmas. months of the year. Mail-order business and sales at variety stores showed somewhat more than the seasonal increase, while sales of auto- EXCESS RESERVES OF MEMBER BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS mobiles declined substantially. Preliminary reports indicate that in the first half of January sales at department stores were at about the same level as a year ago. Railroad freight-car loadings continued to decline in December, and in that month were 18 percent lower than the average for the first half of the year, making allowance for usual seasonal change. # Commodity prices.—Wholesale prices of basic commodities, after declining sharply in 1936 1937 the autumn, showed little change in Decem- Wednesday figures of estimated excess reserves for all member ber and the first three weeks of January. banks and for selected New York City banks, January 3, 1934, to January 19, 1938. Grains, cotton, print cloths, steel scrap, and bituminous coal increased somewhat, while The volume of loans at reporting member banks in 101 leading cities declined sharply in the five weeks ending January 19, while WHOLESALE PRICES their holdings of investments showed little net change. Declines occurred in loans to security brokers and dealers and in commercial FARM PRODUCTS/\ loans, which decreased both in New York FOODS 1^ '\\ City and in other leading cities. Interbank A V COMM TH O E D R ITIES V balances were built up during the period, while other deposits decreased somewhat, rer / flecting largely the repayment of bank loans, partly offset by a return flow of currency from circulation. Money rates and bond yields.—The average Indexes compiled by United States Bureau of Labor Statistics, rate on new issues of 91-day Treasury bills 1926 = 100. By weeks, January 6, 1934, to January 22, 1938. continued in January at less than VB of 1 percent, and yields on Treasury notes and bonds leather, rayon, and woodpulp prices were redeclined to new low levels for recent months. duced. Prices of a wide variety of finished industrial products showed further declines, Yields on the highest-grade corporate bonds and livestock products continued to decrease also declined somewhat, while those on the sharply. lower-grade railroad issues rose. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN FEBRUARY 1938 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 14 MONEY IN CIRCULATION TREASURY CASH RESERVE BANK CREDIT i TREASURY DEPOSITS AT F. R. BANKS MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 Latest figures for January 19. See table on page 128. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 85 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1937 1936 Annual averages Dec. Nov. Oct Dec. Nov. Oct 1937 1936 1935 1934 1933 1929 RESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,628 2,592 2,583 2,498 2,472 2,480 2,554 2,481 2,475 2,502 2,429 1,459 Bills discounted 16 19 22 7 6 7 14 6 7 36 283 952 Bills bought 3 3 3 3 3 3 3 4 5 25 83 241 U. S. Government securities 2,565 2,545 2, 527 2,434 2,430 2,430 2,504 2,430 2,431 2,432 2,052 208 Monetary gold stock. 12, 765 12,788 12, 782 11, 220 11,116 10, 983 12,162 10, 578 9,059 7,512 4,059 3,996 Treasury currency outstanding 2,627 2,613 2,603 2,528 2,517 2,512 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation 6,618 6,558 6,566 6,563 6,401 6,321 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings 3,622 3,642 3,636 2,357 2,373 2,413 3, 225 2,474 2,791 2,798 288 207 Treasury deposits with F. E. banks 188 125 95 155 86 146 158 446 128 81 55 22 Nonmember deposits and other accounts 713 750 717 506 461 502 595 551 507 438 497 406 Member bank reserve balances: Total 6,879 6,919 6,954 6,665 6,785 6,594 6,830 5,989 5,001 3,676 2,343 2,358 Excess 1,071 1,104 1,043 2,046 2,219 2,043 1,220 2,512 2,469 1,564 528 43 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments . 21, 484 21, 556 21, 889 22, 760 22, 444 22, 566 22,198 22,064 19, 997 18, 672 17, 505 22, 599 Loans to brokers and dealers in securities 903 881 1,103 1,248 1,156 1,163 1,226 1,181 990 981 111 •2,208 Loans on securities to others (except banks)1 1,959 1,976 1,996 2,034 2.024 2,025 2,006 2,055 2,131 2,545 3,157 •5,448 All other loans 6,589 6,702 6,791 5,748 5,575 5,530 6,314 5,226 4,907 4,965 5,222 9,231 U. S. Government obligations: Direct 8,046 7,970 7,914 9,241 9,232 9,310 8,394 9,080 7,989 6,856 5,228 2,865 Fully guaranteed 1,113 1,127 1,132 1,242 1,255 1,255 1,164 1,250 928 «325 Other securities 2,874 2,900 2,953 3,247 3,202 3,283 3,094 3,272 3,052 % 000 3,121 2,847 Reserve with Federal Reserve banks 5,358 5,348 5,384 5,264 5,422 5,276 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault 341 320 326 427 404 399 337 383 326 271 240 248 Balances with domestic banks 1,850 1,804 1,781 2,439 2,463 2,385 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted -* 14, 570 14, 636 14, 756 15, 544 15, 362 15,152 15, 097 14, 619 12, 729 (2) (2) Time deposits (excluding interbank) 3 5,203 5,287 5,278 5,045 5,032 5,070 5,202 4,999 4,883 4,937 4,946 Deposits of domestic banks* 5,053 5,039 5,088 6,155 6,236 6,080 5,298 5,810 4,938 3,814 2,822 2,787 Borrowings 10 6 5 11 1 1 12 5 6 8 115 674 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper 1.00 1.00 1.00 .75 .75 .75 .95 .75 .76 1.02 1.72 5.85 Stock exchange call loans -- 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.00 1.16 7.61 U. S. Treasury bills (91 days) .15 .15 .26 .12 .11 .13 .34 .17 .17 .28 .52 U. S. Treasury bonds, long term 2.54 2.60 2.65 2.27 2.29 2.42 2.57 2.47 2.70 3.10 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 3.23 3.26 3.29 3.10 3.15 3.18 3.27 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 164 134 196 726 372 464 324 518 392 180 89 959 New 122 93 89 266 158 186 174 164 121 116 60 841 Refunding 42 41- 107 459 214 278 151 354 270 64 29 118 Domestic corporate issues—total. 57 36 129 626 264 366 198 382 189 41 32 781 New... 43 26 59 218 109 95 99 99 34 15 13 667 Refunding 14 10 70 408 155 272 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926=100) 83 91 123 124 119 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All commodities 83 85 84 82 82 86 81 80 75 66 95 Farm products 76 80 89 85 84 86 81 79 65 51 105 Foods 83 86 86 84 83 86 82 84 71 61 100 Other commodities 84 85 82 81 80 85 80 78 78 71 92 Retail food prices (1923-25=100) __._ 84 85 83 83 83 85 82 80 74 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production 89 102 121 114 110 P110 105 90 79 76 119 Manufactures 85 100 121 115 111 P109 105 90 78 75 119 Minerals 109 113 117 112 105 P115 104 91 86 82 115 Construction—total... 56 52 66 58 57 P59 55 37 32 25 117 Residential 32 36 45 40 43 P41 37 21 12 11 87 Allother 76 65 83 72 69 P74 70 50 48 37 142 Factory employment 94 98 99 96 94 P99 92 86 83 72 105 Factory payrolls (unadjusted). 90 100 95 91 89 P98 82 71 63 49 109 Freight-car loadings.__ __. 71 76 83 82 77 78 75 64 62 58 107 Department store sales 91 93 92 94 90 93 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. P320 315 333 230 226 265 ^279 205 190 178 140 437 General imports P209 223 224 245 196 213 ?257 202 171 138 121 367 v Preliminary. e Partly estimated. i 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

88 FEDERAL RESERVE BULLETIN FEBRUARY 1938 LAW DEPARTMENT Eligibility for Discount of Note Given for Purchase of period of a number of years or indefinitely, Machinery would seem to constitute a permanent or fixed In view of the ruling regarding the dis- investment and, accordingly, a note given for count of consumers' paper by Federal Re- this purpose would not be eligible for disserve banks, which was published in the De- count. However, there may be machinery of cember 1937 issue of the Federal Reserve certain types which wears out rapidly and Bulletin at page 1190, the question was re- must be replaced within a comparatively cently presented as to whether a note given short time, and the purchase of such machinfor the purchase of machinery for use by an ery might be regarded as an eligible purpose. individual, firm or corporation engaged in The Board stated the question is one which manufacturing or some other enterprise appears to depend upon the type of machinery might be considered as given for an eligible in question as well as the other facts and cirpurpose. The Board of Governors stated cumstances of the particular case and upon that, under the ruling referred to, paper which no definite answer can be given in adwhose proceeds are used by the maker to pur- vance. chase goods for consumption may be considered as arising out of an actual commercial Eligibility of Finance Company Paper for Discount hy transaction, but in order to be eligible for Federal Reserve Banks discount the paper must meet the other appli- Under the provisions of the recent revision cable provisions of the law and Regulation A, of Regulation A, a note of a finance company including the requirement that the proceeds the proceeds of which are loaned to other borshall not be used for "permanent or fixed in- rowers for commercial purposes is eligible vestments of any kind, such as land, build- for discount by a Federal Reserve bank if the ings or machinery, or for any other fixed note complies with the applicable requirecapital purpose." ments of the regulation regarding maturity The Board has held in past years that agri- and other matters. In a case recently precultural implements which wear out rapidly sented to the Board of Governors, it appeared and in most cases have to be replaced within that the proceeds of a note of a finance coma comparatively short time are not permanent pany had been used in discounting for dealers* or fixed investments, and likewise that trac- paper evidencing the sale of goods on an intors, although their use is extended over sev- stallment basis and that the note of the finance eral seasons, are not fixed investments but, company at the time of discount had a maturlike horses and mules, are considered as being ity of ninety days or less. In view of these for current agricultural purposes. On the circumstances, the Board expressed the opinother hand, it has been held that motor trucks ion that, unless it failed to comply with the of a corporation furnishing n^otor transpor- requirements as to eligibility in some other tation and silos constitute permanent or fixed respect, the note would appear to be eligible investments within the Board's regulation. for discount. It is believed that no general rule can be The letter of inquiry indicated that the diffilaid down in answer to the question whether culty in considering the question of eligibility the purchase of machinery constitutes a per- of finance company paper for discount arose manent or fixed investment or is for any other out of the fact that under section 2(d) of fixed capital purpose. Generally speaking, Regulation A obligations of businesses printhe purchase of machinery by a manufactur- cipally engaged in extending credit on an ing concern, which is expected to last over a installment basis and in substantial accord- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 87 ance with the recommendations contained in Board does not feel that it should give encouragethe appendix to the regulation are included ment to the employment in an inactive capacity of persons who are given the titles of executive among the preferred classes of collateral officers and held out to the public as such. which may be used as security for advances After careful reconsideration of the matunder section 10 (b) of the Federal Reserve ter, the Board expressed the view that, for Act. The Board pointed out in this connec- the reasons stated above, it would not be justition, however, that not all paper of finance fied in excluding inactive officers from the companies is eligible for discount under sec- provisions of Regulation 0. tion 1 of the regulation. For example, if the proceeds of the note of a finance company are Status of Rulings Published Regarding Regulation T Prior to Revision of January 1, 1938 not used for a commercial purpose or if it has In the preparation of the revision of Regua maturity at the time it is offered for dislation T which became effective on January count in excess of that prescribed by the regu- 1, 1938, careful consideration was given to lation, it may not be discounted. On the the rulings published by the Board under the other hand, such paper may in any event be old regulation. Many of these rulings had utilized as security for an advance under secalready become obsolete. With reference to tion 10 (b) if satisfactory to the Federal the others it was decided that, so far as Reserve bank. practicable, the questions involved should be Inactive Officers of a Member Bank Subject to the covered appropriately by the text of the re- Provisions of Section 22 (g) of the Federal Revised regulation so that there would no longer serve Act and the Board's Regulation O The Board recently received a request that be any need to refer to the rulings themreconsideration be given to the matter of ex-selves. cluding inactive officers from the provisions It is believed that the text of the new reguof Regulation 0, relating to loans to executive lation covers all the questions involved in the officers of member banks. In reply, the Board old rulings, either by altering the previous stated that careful consideration was given position or covering the point more speto this question at the time Regulation 0 was cifically, except that a few rulings stated promulgated, and on several occasions since principles which, although still applicable, then the Board has reconsidered this partic- did not seem to merit more specific treatment ular matter. It has been the Board's posi- in the text of the revised regulation. For tion, however, that inactive officers should convenient reference the more important of not be excluded from the provisions of Regu- these principles are summarized below. lation 0 for the following reasons: Accordingly, there should be no further need to refer to the old rulings, and if any (1) It appears that the principal purpose underlying the enactment of section 22 (g) of question relating to the revised regulation the Federal Reserve Act was to prevent the exer- cannot be answered by reference to the text cise of undue influence by executive officers of member banks in obtaining credit from the banks thereof, the summaries set forth below, and they serve and it is the Board's view that the published rulings regarding the revised regexercise of such undue influence may be present in the case of inactive or honorary officers; ulation, it is suggested that inquiry be made (2) Congress did not make a distinction in through an appropriate national securities section 22 (g) between active and inactive officers and the legislative history of the section exchange or Federal Reserve bank as indiindicates that the chairman of the board of di- cated in the foreword to the printed copies rectors and the president of a member bank should appropriately be regarded as executive of the regulation. officers for the purposes of the law in question The summaries are arranged in approxieven though they may be inactive; (3) From the standpoint of the public, per- mately the same order as the provisions of sons having the usual titles of executive officers the revised regulation to which the sumin member banks are considered as executive officers whether or not they are active, and the maries relate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN FEBRUARY 1938 Effect of failure to obtain required margin. action from the customer's special cash ac- —Where a creditor allows a customer to ef- count to his general account or special omnifect a transaction in an account which would bus account and to complete the transaction create an excess of the adjusted debit bal- pursuant to the provisions of the regulation ance of the account over the maximum loan applicable to such accounts.— (Summarized value of the securities in the account and from ruling No. 46, 1935 BULLETIN 536.) fails to obtain, within the specified 3-day Provisions of law applicable to member period, the margin required for such trans- banks and relating to use of credit to finance action, such failure will constitute a violation transactions in securities.—The question as of Regulation T unless within such 3-day to what provisions of law are applicable to period the liquidation specified by section member banks and relate to the use of credit 3(e) of the revised regulation is effected or to finance transactions in securities within within such period an extension of time is the meaning of section 8 (a) of the Securities obtained as provided in section 3 (f).— (Sum- Exchange Act of 1934 and of the Board's marized from ruling No. 5, 1934 BULLETIN Forms T-l and T-2 is a question which re- 687.) quires the interpretation of a criminal stat- Granting of extensions of time by business ute rather than the interpretation of the conduct committee.—The jurisdiction of the Board's regulation and accordingly the Board business conduct committee or other suitable does not feel that it would be appropriate for committee of a national securities exchange it to express an opinion upon this question. to grant extensions of time in connection However, the Board advises nonmember with "cash transactions" is not confined to banks contemplating the execution of Form members of that exchange or to transactions T-l or Form T-2 to consider the possibility on that exchange. If the circumstances war- that it may be held that the above-mentioned rant an extension of time, the committee may language of section 8 (a) refers to the folgrant an extension to any member of its ex- lowing provisions, among others: Section change or to any broker or dealer who trans- 11 (m) of the Federal Reserve Act, the acts a business in securities through the seventh paragraph of section 19 of the Fedmedium of a member of that exchange and eral Reserve Act, the fourth paragraph after it may grant such an extension of time to paragraph "Eighth" of section 4 of the Fedthese persons not only in connection with eral Reserve Act, and those provisions of the transactions effected on the exchange but Securities Exchange Act which are contained also in connection with transactions not ef- in the appendix to Regulation T.— (Sumfected on the exchange, including trans- marized from ruling No. 10, 1934 BULLETIN actions in unregistered securities.— (Sum- 688.) marized from ruling No. 40, 1934 BULLETIN Effect of section 8 (a) of Securities Ex- 815.) change Act on existing loans.—The restric- Transfer after extension of time.—A busi- tions of section 8 (a) of the Securities Exness conduct committee of a national securi- change Act and of section 5 (a) of revised ties exchange, having, on proper application, Regulation T apply only to borrowings on granted a creditor an extension of time in registered nonexempted securities on or after which to receive payment from a customer October 1, 1934, the effective date of this who has purchased registered securities in a section of the Act, and do not require the bona fide cash transaction, may, in appro- paying off of money borrowed before that priate circumstances on further application date or prohibit the renewal or extension of a and before the expiration of the extension, loan obtained before that date, provided that authorize the creditor to transfer the trans- such renewal or extension involves no increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

89 FEBRUARY 1938 FEDERAL RESERVE BULLETIN in the amount of the loan.— (Summarized itor having a foreign branch office which from ruling No. 9, 1934 BULLETIN 688.) is carrying securities for a foreign customer Combination of individual*s participation executes within the United States an order in joint account with his personal account.—for the purchase of a registered security for An individual's proportionate share of the such foreign customer, such transaction is excess loan value in a joint account carried subject to the provisions of Regulation T. A for such individual and certain other persons creditor borrowing in the United States on jointly may not be combined with the indi- any registered security in the ordinary vidual's personal account carried simultane- course of business as a broker or dealer must ously with the same broker except, of course, comply with the provisions of Regulation T in a case in which the parties to the joint ac- and of the Act with respect to such borrowcount acting jointly have appropriately guar- ing, regardless of whether or not the security anteed the individual's personal account in is held for the account of a foreign customer. accordance with the provisions of the regu- — (Summarized from ruling No. 24, 1934 lation regarding guarantees.— (Summarized BULLETIN 692.) from ruling No. 31, 1934 BULLETIN 751.) Accounts transferred from banks.—The first paragraph of section 6 (d) of the revised Special Miscellaneous Account Under Revised Regulation T regulation refers to transfers from one Section 4(f) (4) of revised Regulation T "creditor" to another "creditor," and the provides for a special miscellaneous account term "creditor," as defined in section 2(b) of in which, subject to certain conditions, money the regulation does not include a bank which or securities may be received from or for any is not a member of a national securities excustomer and paid out or delivered to or for change.— (Summarized from ruling No. 7, the customer without regard to his general 1934 BULLETIN 688.) account. Section 4 (a) of the regulation pro- Deduction of withdrawable dividends from vides that if a customer has with a creditor amount of demand for margin.—Where cash both a general account and one or more spedividends have been received in a general cial accounts, the creditor shall treat each account within the preceding 35 days and special account as if the customer had with have not served to permit any transaction in the creditor no general account. the account, the broker may deduct the amount of such dividends from the amount The Board recently considered a case in of a demand for margin instead of demand- which a member of a national securities exing the full amount of margin without de- change demanded additional margin of a cusduction of the dividends. However, in order tomer, the additional margin being demanded to make it clear that the dividends are not because of declines in the market value of the thereafter available for other purposes and securities in the customer's general account in order to comply with the requirements of and not because of any transaction in the acthe regulation, the notation that the divi- count. In other words, the margin was dedends are no longer withdrawable should be manded merely for the broker's own protecmade on the date of the transaction in ques- tion and not because of any requirement of tion rather than on the later date on which the regulation. The question presented was margin is deposited in response to the de- whether cash deposited by the customer in mand.— (Summarized from 1937 BULLETIN response to such a demand for margin may, 294.) without violation of the regulation, be placed Transactions tvithin United States for cus- in a special miscellaneous account. The Board tomers of foreign branches.—When a cred-expressed the view that such a deposit of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN FEBRUARY 1938 cash in the special miscellaneous accoun tee must have been filed with the secretary would not constitute a violation of Regula- of a national securities exchange of which tion T. the creditor is a member or through which his transactions are effected. In response to a question as to whether this requirement would be satisfied if the creditor filed the Debiting of Transfer Tax Incident to Reborrowing of Securities Sold Short Under Regulation T original guarantee with the secretary of an appropriate exchange and merely kept a The first paragraph of section 6(g) of facsimile for his own records, the Board ex- Regulation T, as revised effective January 1 pressed the opinion that such procedure would 1938, provides: comply with the filing requirements of sec- "Interest on credit maintained in a general tion 6(c). account, communication charges with respect to The Board also stated that if a guarantee transactions in the account, shipping charges, premiums on securities borrowed in connection was outstanding under the old regulation the with short sales or to effect delivery, dividends adjustments made for such a guarantee puror other distributions due on borrowed securities, and any service charges (other than commis- suant to the old regulation need not be carsions) which the creditor may impose, may be ried over to the new regulation. In effect, all debited to the account in accordance with the usual practice and without regard to the othe adjustments for guarantees under the old provisions of this regulation, but such items so regulation may be considered as having been debited shall be taken into consideration in calculating the net credit or net debit balance of the automatically eliminated so far as the new account." regulation is concerned, and transactions ef- The Board recently considered a case in fected under the old regulation pursuant to which it was necessary for a broker to rebor- such an old guarantee need no longer be rerow securities which had been sold short in a flected in the guarantor's account. customer's account, and to pay the amount A guarantee may not be given effect under of the Federal stock transfer tax which is section 6(c) if the guarantor is a creditor. incident to such borrowing. The adjusted The term "creditor" as defined in section 2 (b) debit balance of the customer's account ex- of the regulation includes, among other perceeded the maximum loan value of the securi- sons, every member of a national securities ties in the account, and the question pre- exchange, and the term "member" as defined sented was whether in such circumstances the in section 3 (a) (3) of the Securities Examount of this tax could be debited to the hange Act of 1934 includes, among other percustomer's account pursuant to section 6(g) sons, "any firm transacting a business as without obtaining additional margin in the broker or dealer of which a member is a partamount of the tax. The Board expressed the ner, and any partner of any such firm." Acopinion that this would be permissible. ordingly, a partner of a member firm is a reditor within the meaning of this provision regardless of whether or not he holds an exchange membership, and a guarantee ex- Guarantees of Accounts Under Revised Regulation T ecuted by such a partner may not be given The Board has recently considered several ffect under section 6(c) of the regulation. questions regarding the provisions of section 6(c) of revised Regulation T which relate to guaranteed accounts. Iffect of Stock Becoming Unregistered After Loan Is Section 6(c) provides that in order for a Made Under Regulation U guarantee to be given effect pursuant to that The Board recently considered the question provision a duplicate original of the guaran- whether a loan is subject to Regulation U if Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDEKAL RESERVE BULLETIN 91 made to purchase a stock and the stock was change" should be determined on the basis of registered on a national securities exchange the present status of the stock. at the time the loan was made but has since The Board expressed the view that, at least under the existing regulation, the instant become unregistered. question should also be determined on the The ruling published at page 995 of the basis of the present status of the stock. Ac- October 1937 Federal Reserve Bulletin dealt cordingly, in the circumstances described, with the converse situation in which a stock the loan would not be subject to the regulahad become registered after the loan was tion, although it was subject to the regulation made. That ruling stated that the question at the time it was made and withdrawals and whether the loan there involved was a loan substitutions of collateral were also subject for the purpose of purchasing or carrying a to the regulation until the stock became unstock "registered on a national securities ex- registered. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL RESERVE BULLETIN FEBRUARY 1938 GROUP BANKING IN THE UNITED STATES A group system comprises separately in- as amended;3 (2) a holding company which corporated banks,1 with or without branches, would be a "holding company affiliate" if the which are owned or controlled, directly or Reconstruction Finance Corporation did not indirectly, by a corporation, business trust, own preferred stock in the subsidiary banks; association, or other similar organization. and (3) what is regarded generally as a bank Chain banking is similar to group banking group even though there is technically no except that control is held or exercised by an "holding company affiliate" as defined in secindividual or a group of individuals. tion 2(c) of the Banking Act of 1933. Some of the characteristics and features Systems classified as banking chains are of group banking were described in the fol-not included in the tabulations since satislowing statement at a Congressional hearing: factory data relating to them are not available. The distinction between a chain and "Group banking is the name that has come into common usage for this step in the evolution of the a group is not always clear and in specific in- American banking system, which has developed ex- stances the decision as to whether a number tensively in the Northwest, prompted by a need to of banks operating under joint ownership or meet a definite change in economic conditions. Group control should be classified as a group rather banking is not simply chain banking under another name. Chains of banks under common ownership or than a chain was a close one. common control, usually of a single individual, have A large amount of the data relating to existed for generations, the majority stockholder group banks was obtained from information or stockholders simply exercising that natural right compiled in connection with applications for to supervise the operations of all the corporations in which their holdings represented controlling inter- voting permits filed by holding company ests. Chain management generally reflected a single affiliates with the Board of Governors of the dominant individual. Group banking, on the other Federal Reserve System. hand, is the association of a number of corporately independent institutions within a single holding com- EXTENT OF GROUP BANKING pany for mutual advantages, the group being built around one or more large banks of a territorial na- Group banking includes banks of all classes ture and its management resting in the hands of the banking interests of the territory served." 2 and sizes and has developed in practically every section of the country. It varies, how- The banking groups which have developed ever, in the extent of its development in difin the United States have followed no stand- ferent areas and in the pattern of organizaard pattern. Some groups have been devel- tion and development of individual groups. oped within the framework of a corporation On the basis of statistics as of December 31, or business trust formed for the purpose of 1936, there were 52 groups comprehending owning bank stock. Many of such groups 479 banks and 1,326 banking offices with have been organized by interests identified loans and investments of $5,460,000,000 and with some large banking institution which deposits of $6,840,000,000.4 These groups came to be known as the "key" bank of the group. In other cases, and in States in which TABLE 1.—BANKS IN GROUPS AND ALL INCORPORATED COMMERCIAL BANKS, DECEMBER 31, 1936 banks may own stock, the groups have developed around State banks which themselves Num- Loans and owned the other banks in the groups. Not Num- ber of invest- Deposits ber of bank- ments (in (in thouall of the groups, however, include any one banks ing thousands sands of bank which may be termed a "key" bank. offices of dollars) dollars) Scope of survey.—Tabulations and compi- All incorporated commercial lations used in this survey are limited to banks in the United States 14, 929 18,157 38, 904, 029$49, 869, 319 groups each of which had three or more Banks in 52 groups i 479 1,326 5, 458, 413 6, 841,027 banks as of December 31,1936. They include Percentage of banks in groups of three or more banks controlled by groups to total banks 3.2 7.3 14.0 13.7 (1) a "holding company affiliate" as defined i This figure includes only incorporated commercial banks and exin section 2(c) of the Banking Act of 1933cludes such institutions among others as trust companies without deposits, industrial and Morris Plan banks, etc. 1 Official statistics on group banking have been confined to 3 See p. 98. groups comprising 3 or more banks. 4 Included in the group figures are a few comparatively large 2 Statement of Lyman E. Wakefield, Vice President, First Bank banks which dominate the group rather than being subsidiary- Stock Corporation of Minneapolis, Minn., U. S. Congress, 71st, banks. If the deposits of these banks were eliminated, the aggre- 2nd Session, Hearings before the Banking and Currency Com- gate amount of deposits involved would be decreased by approximittee, House of Representatives, April 1930, p. 904. mately $2,100,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 93 embraced 3.2 percent of all commercial banks in contrast with the distribution of all comand 7.3 percent of the banking offices, which mercial banks as of December 31,1935, which held 14 percent of the loans and investmentsindicated that about 40 percent of all such and nearly 14 percent of the deposits of all banks had loans and investments of less than banks in the United States. Table 1 shows $250,000 and less than 3 percent had loans these figures in detail. and investments of more than $10,000,000. Table 2 shows that national banks consti- Size of groups.—From the point of view tuted a larger proportion of the banks in of the number of banks controlled the groups groups than all of the other classes of banks vary in size considerably, as is shown in combined. table 4. Of the 52 groups covered in this study, each consisting of 3 or more banks, 33 groups each had from 3 to 5 banks, 8 each TABLE 2.—CLASSES OF BANKS IN 52 GROUPS, DECEM- BER 31, 1936 had from 6 to 9 banks, and 11 each had 10 or more banks. Class of bank N b u a m o n f k b s er L t o m h f o i o e n a d n u v n o t s s e s l a l s a a n t ( - r n i d s n d s ) D ( s d i a n e o n p l t d l o h a s s r o s i o u t ) f s - TAB O LE F 4 B . A — N G K R S O U IN P S S Y Y S S T T E E M M S , D CL E A CE S M SI B FI E E R D 3 B 1 Y , N 19 U 3 M 6 BER N N St o a a n t t i e m o m n em a e l m b .. e b . r e r i _ ns _ u r _ ed _ _ _ 2 1 4 8 3 3 5 8 $3 1 , , 1 3 9 3 3 3 6 5 4 , , , 1 6 4 3 4 2 9 6 9 $5 1 , , 4 0 3 0 6 2 4 2 1 , , , 9 5 6 3 2 7 7 3 4 S ti o i e o z f a n e c b — h c a l n n a g s u k r s s o m i f u i b i p c n e a r - N g u ro m o u f b p e s r N co u b n m a tr n b o k e l s r le o d f ( i i n n o L v f o t e d h a s o n o t l s u m l a s a e r a n s n n ) d t d s s (i o n D f t d h e o p o l o u l s a s i r a t s s n ) ds Nonmember non-insured . 13 52,199 51, 893 Total 479 5, 458, 413 6, 841, 027 3 19 57 $523,150 $681,496 4 ... 5 20 187, 326 280,097 5 9 45 894, 214 1,007, 990 6 ._ 3 18 111,535 149,005 Size of banks in groups.—Banks in groups 7 4 28 245, 047 381, 458 vary in size from those with less than $100,- 9 9 29, 935 63,083 10 10 171, 505 221, 769 000 of loans and investments to some of the11 11 1, 313, 541 1,488, 462 12 12 54,961 61,199 largest in the country. Table 3 shows that 13 13 500,201 687, 854 41 percent of the group banks had between 14 14 84, 252 102, 644 16 16 206, 830 275, 432 $500,000 and $2,000,000 of loans and invest- 18 36 442, 283 518, 223 ments and 39 percent of them had $2,000,000 2 7 0 8 2 7 0 8 3 7 0 9 1 , , 1 9 0 4 5 6 4 1 1 0 1 0 , , 6 8 6 8 0 6 or more. Loans and investments, and de- 92 92 312, 582 409, 769 posits, however, were concentrated in the Total 52 479 5, 458, 413 6, 841, 027 larger banks in the groups, 70 percent being in the 22 largest banks. BRANCH BANKING AMONG GROUPS Only 6 percent of the group banks had A considerable amount of branch banking loans and investments of less than $250,000 exists among banking groups. As shown in each, while 13 percent had loans and investtable 5, 69 of the banks in groups operments in excess of $10,000,000 each. This is ated 847 branches; 580 of these branches were outside of the head office cities of the TABLE 3.—NUMBER OF BANKS IN GROUPS AND THE parent banks of which 441 were in noncon- AMOUNT OF THEIR LOANS AND INVESTMENTS, AND tiguous counties. DEPOSITS, CLASSIFIED BY SIZE OF BANK, DECEMBER 31, 1936 TABLE 5.—NUMBER OF BANKS AND BRANCHES OR Loans and ADDITIONAL OFFICES IN GROUPS, AND LOCATION OF Size group—loans Num- Per- invest- Per- Deposits Per- BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, and investments ber cent ments cent (in cent 1936 (in thousands of of (in of thousands of of dollars) banks total thousands total of dollars) total of dollars) Group banks operating branches 69 Branches or additional offices operated by Under $100 3 $181 $268 group banks 847 100-149 9 1.9 1,211 1,737 In head office city 267 150-249 17 3.6 3,476 .1 4,844 .1 250-499 70 14.6 26,120 .5 35, 038 .5 Outside head office city 580 500-999 102 21.3 75, 317 1.4 93, 807 1.4 Head office county 43 2 1 , , 0 0 0 0 0 0 - - 4 1 , , 9 9 9 9 9 9 8 9 3 3 1 1 9 7 . . 4 3 2 1 5 3 1 4 , , 1 9 2 1 9 6 2 4. . 6 5 3 1 2 6 4 8 , , 4 5 1 7 2 7 4 2 . . 7 5 Contiguous counties 96 5,000-9,999 38 7.9 257, 991 4.7 331, 027 4.8 Noncontiguous counties .... 441 5 1 0 0 , , 0 0 0 0 0 0 - a 4 n 9 d ,9 9 o 9 ver 4 2 2 2 8 4 . . 8 6 3, 8 8 7 3 4 3 , , 6 3 7 9 3 9 7 1 0 6 . . 2 0 4 1 , ,1 7 2 5 1 9 , , 6 6 9 2 5 2 16.4 Group banks not operating branches 410 Total banking offices operated by groups.. 1,326 Total 479 100.0 5, 458, 413 100.0 6, 841, 027 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN FEBRUARY 1938 TABLE 7.—NUMBER, LOANS AND INVESTMENTS, AND DEPOSITS OF BANKS IN GROUPS AND ALL INCORPORATED COMMERCIAL BANKS BY STATES AND BY GEOGRAPHIC DIVISIONS, DECEMBER 31, 1936 Number Loans and investments Deposits Jtate a d n iv d i s g io eo n graphic ba A n l k l s g B r a o in n u k p s s g a b R l r a l o a n b u t k i p a o s n s i k o t n o s f w o G i f S t f r h i t c o a e h u t e e p i a n s d (in b th a A o n l u k l s s ands B o g f a r n o d k u o s p l l s a in rs) to b R g a a a r n l o l t k i u b o s p a i s n o n k f s(in b th a A n o l k u l s sands B o g f a r n o d k u o s p l l s i a n rs) to b R g a a a r n l o t l k i u b o s p a o i s n n f ks New England: (percent) (percent) (percent) Maine 70 3 4.3 1 180,954 8,646 4.8 203, 710 11, 229 5.5 New Hampshire 65 4 6.2 1 75,181 8,262 11.0 84,889 8,685 10.2 Vermont 77 106,246 105, 518 M assachusetts 202 21 10.4 2 1, 440, 476 625,180 43.4 1, 875, 367 883, 797 47.1 Rhode Island 26 3 11.5 1 272,510 107, 444 39.4 307,130 128, 598 41.9 Connecticut 120 3 2.5 1 436, 458 29, 567 6.8 548, 393 36,178 6.6 Total 560 34 6.1 6 2, 511, 825 779,099 31.0 3,125,007 1,068, 487 34.2 Middle Atlantic: New York 752 40 5.3 5 11, 651, 684 471, 445 4.0 14, 308, 513 533, 481 3.7 New Jersey 393 9 2.3 3 1,411,172 60,366 4.3 1, 736, 292 77, 773 4.5 Pennsylvania— ___ 1,103 40 3.6 6 4,012, 266 988,942 24.6 4, 702, 310 1,118,860 23.8 Total - - 2,248 89 4.0 14 17,075,122 1, 520, 753 8.9 20, 747,115 1, 730,114 8.3 East North Central: Ohio - --- 698 14 2.0 1 1, 711, 536 84, 252 4.9 2, 218,409 102, 644 4.6 Indiana 502 597,444 803,031 Illinois 882 2,962, 468 4,033,028 A/Tichiffan 471 1 .2 1,046,074 6,262 .6 1,430,468 7,662 .5 Wisconsin 603 22 3.6 1 693, 874 214, 206 30.9 863,966 284,117 32.9 Total 3,156 37 1.2 2 7,011, 396 304, 720 4.3 9, 348, 902 394, 423 4.2 West North Central: Minnesota 688 86 12.5 3 679, 563 419, 815 61.8 890, 519 564,842 63.4 Iowa 657 5 .8 458,137 43, 550 9.5 613, 589 54, 570 8.9 673 7 1.0 2 1,005, 527 119, 401 11.9 1,441, 406 196,165 13.5 North Dakota 196 27 13.8 57, 766 25, 691 44.5 71,639 32, 709 45.7 South Dakota 191 15 7.9 67, 263 28, 303 42.1 91,486 35, 686 39.0 Nebraska 435 10 2.3 1 236,510 54, 615 23.1 336,998 81, 556 24.2 Kansas 707 267,055 420, 245 Total 3,547 150 4.2 6 2, 771,821 691,375 24.9 3,865,882 965, 528 25.0 South Atlantic: Delaware - 46 141, 959 166,819 Maryland 187 477, 623 622, 390 District of Columbia.._ 22 229, 767 334,044 Virginia - 323 442, 205 573, 311 West Virginia. 187 . 214,359 281, 749 North Carolina 211 291,138 410,742 South Carolina 149 1 .7 97, 305 9,347 9.6 155, 215 16, 682 10.7 Georgia 282 17 6.0 2 302, 433 99, 830 33.0 424, 444 145, 702 34. 3. Florida 158 24 15.2 4 220, 396 116,180 52.7 334,490 182, 455 54.5- Total 1,565 42 2.7 6 2, 417,185 225, 357 9.3 3, 303, 204 344, 839 10.4 East South Central: Kentucky 434 6 1.4 1 369,541 40, 787 11.0 470, 253 50,091 10.7 Tennessee ______ 315 22 7.0 3 350,092 111,688 31.9 504, 630 160, 304 31.8- Alabama 218 199, 471 287, 351 Mississippi 208 129 799 205, 403 Total 1,175 28 2.4 4 1,048, 903 152,475 14.5 1, 467, 637 210,395 14.3 West South Central: Arkansas 222 107, 993 179, 871 Louisiana 146 310, 201 463,100 Oklahoma _ _ 403 282, 733 424, 709 Texas 882 10 1.1 2 871, 446 94,116 10.8 1, 347,357 123, 616 9.2 Total 1,653 10 .6 2 1, 572, 373 94,116 6.0 2,415,037 123, 616 5.1 Mountain: Montana - . 119 26 21.8 91, 630 52, 095 56.9 138, 210 74, 475 53.9 Idaho 53 7 13.2 1 65,110 24, 864 38.2 96, 692 38, 538 39.9 Wyoming . 58 3 5.2 38, 364 2,195 5.7 64,443 3,817 5.9 Colorado 151 203, 808 337,483 New Mexico 41 32, 763 53, 709 U A t r a iz h o na - _ 5 1 9 4 7 11.9 3 1 5 0 2 4 , , 0 4 9 1 6 6 54, 883 52.6 1 7 4 6 5 , , 0 3 6 8 0 3 81, 590 56.2 Nevada 10 1 10.0 22, 464 15,112 67.3 32,011 22, 607 70.5 Total 505 44 8.7 4 610, 651 149,149 24.4 943, 991 221,027 23.4 Pacific: Washington 183 24 13.1 5 335, 203 82,773 24.7 452, 328 111, 109 24.6 Oregon 92 4 4.3 215,166 74, 355 34.6 285,841 91,906 32.2 California 245 17 6.9 3 3, 334, 384 1,384, 241 41.5 3,914, 375 1, 579,583 40.4 Total 520 45 8.7 8 3, 884, 753 1, 541, 369 39.7 4, 652, 544 1, 782, 598 38.3 Total United States 14, 929 479 3.2 52 38,904,029 5, 458, 413 14.0 49, 869,319 6,841,027 13.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 95 Of the 847 branches among groups 607 The 15 States where the proportion (more were in States permitting branches on a than 25 percent) of loans and investments State-wide basis and 227 were in States re-controlled by banks in groups was largest stricting branches as to location, as is shown were Massachusetts, Rhode Island, Wisconin table 6. A few years ago most of the sin, Minnesota, North Dakota, South Dabranches among groups were in States re- kota, Georgia, Florida, Tennessee, Montana, stricting branches as to location. Recent Idaho, Utah, Nevada, Oregon, and California. changes in laws relating to the operation of Table 7 shows in detail the number, loans and branches have increased the number of States investments, and deposits of banks in groups permitting branches on a State-wide basis. and all commercial banks by States. Extent of areas of operation.—Banking TABLE 6.—BANKING OFFICES OF BANKS IN GROUPS, groups may be divided into State and regional BY GROUPS OF STATES, DECEMBER 31, 1936 systems. Forty-two groups operated banks within the limits of a single State and 10 Number operated in more than one State. Forty-five S la t w at e ( s J u cl n a e s s 1 if , i e 1 d 93 a 6 c ) c r o eg rd a i r n d g i n to g Banks b T a o n t k a - l operated within the confines of a single Fedbranch banking Banks oper- Branch ing eral Reserve district, 5 operated in two disating offices offices branches tricts, and 2 operated in three districts. Table 8 shows the groups classified by the State-wide branch banking per- number of States and the number of Federal mitted 86 26 607 693 Branches limited as to location.. 216 40 227 443 Reserve districts in which they operated and Establishment of branches pro- the number of banks and banking offices operhibited 137 2 6 143 No provision in law regarding ated by them. branch banking 40 1 7 47 Total—All States 479 69 847 1,326 TABLE 8.—GROUP SYSTEMS CLASSIFIED BY THE NUM- BER OF STATES AND FEDERAL RESERVE DISTRICTS IN WHICH THEIR BANKS OPERATED, DECEMBER 31, GEOGRAPHIC DISTRIBUTION OF GROUP 1936 BANKING ma B n a y n k se s c b ti e o l n o s n g o i f n g th t e o c g o r u o n u t p ry s . ar O e n l l o y c a s t i e x d te i e n n Nu g m ro b u e p r o o f p e S r t a a t t e e d s b in a n w k h s ich o N f u g m ro b u e p r s N of u b m a b n e k r s i N o n f g u b m o a f b f n ic e k e r - s States—Vermont in New England; Delaware, Maryland, District of Columbia, Vir- 1___ _._ 42 245 491 ginia, West Virginia, and North Carolina in 2 4 38 76 3 . 3 15 43 the South Atlantic division; Alabama, Mis- 4 1 11 522 sissippi, Arkansas, Louisiana, and Oklahoma 7 5 . 1 1 9 7 2 8 1 8 1 4 0 in the South Central division; Kansas in the Total 52 479 1,326 West North Central division; Colorado, New Mexico, and Arizona in the Mountain divis g i r o o n u — ps w o e f r e 3 o w r i t m ho o u re t . an S y ta t r e e s p w or i t t e h d th b e a n la k r s g e i s n t Nu i m n b w e h r i o ch f F g e r d o e u r p a l o p R e e r s a e t r e v d e b d a i n st k r s icts o N f u g m ro b u e p r s N of u b m a b n e k r s i N o n f g u b m o a f b f n ic e k e r - s number of banks (20 or more) in groups were 1 45 343 1,113 Massachusetts, New York, Pennsylvania, 2___ 5 41 95 Wisconsin, Minnesota, North Dakota, Flor- 3 2 95 118 ida, Tennessee, Montana, and Washington. Total _ 52 479 1,326 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN FEBRUARY 1938 Intrastate group systems—number of towns TABLE 10.—INTERSTATE GROUP SYSTEMS CLASSIFIED and counties served.—Table 9, giving the BY THE NUMBER OF TOWNS AND COUNTIES IN WHICH 42 intrastate groups classified according to THEIR BANKING OFFICES OPERATED, DECEMBER 31, 1936 the number of towns and counties in which banking offices were operated by them, shows t a h n a d t t 7 h a o t f 3 th 5 e o t g h r e o r u s p s s e r s v e e rv d e d fr o o m nl y 2 1 to t o 2 w 9 n t o e w ac n h s Number of o f t f o ic w es n s o p in e r w at h e i d ch banking o N f u g m ro b u e p r s N of u b m a b n e k r s n N o g f u b m o a f b f n i e c k e r - s each. It shows also that the operations of 16 3. _ _ _ 1 3 8 groups were each limited to 1 county and that 6 1 3 6 the others served from 2 to 20 counties each. 8 1 7 8 13 1 7 19 18 1 10 28 19 1 18 23 TABLE 9.—INTRASTATE GROUP SYSTEMS CLASSIFIED 2 7 5 3 1 1 78 5 2 8 7 4 BY THE NUMBER OF TOWNS AND COUNTIES IN WHICH 97 1 92 110 THEIR BANKING OFFICES OPERATED, DECEMBER 31, 1 11 522 1936 Total 10 234 835 Number of o f t f o ic w es n s o p in e r w at h e i d ch banking o N f u g m ro b u e p r s N of u b m a b n e k r s in N o g f u b m o a f b f n i e c k e r - s Number of o c f o fi u ce n s ti e o s p e in r a w te h d ich banking o N f u g m ro b u e p r s N of u b m a b n e k r s i N o n f g u b m o a f b f n i e c k e r - s 1 . 7 24 25 2 6 18 28 3 _. 1 3 8 3 4 16 17 5 . _ 1 3 6 4 3 13 14 7 1 7 8 5 7 33 53 13 _ 1 7 19 6 3 16 19 14 _ 1 10 28 7 1 7 24 16 1 18 23 8 1 6 17 22 _ 1 5 27 9 • 1 9 9 67 1 78 84 10 1 3 17 83 1 11 522 11 1 3 14 86 1 92 110 12 2 16 37 13 1 16 28 Total 10 234 835 14 1 14 26 19 1 13 58 21 _ 1 20 24 29. 1 18 81 Size of towns in which banking groups Total 42 245 491 operated.—Table 11 shows that 90 percent of the banks and 90 percent of the branches Number of counties in which banking Number Number N of u b m a b n e k r - operated by group systems were located in offices operated of groups of banks ing offices towns of 1,000 or over. Branches operated by banks in groups were concentrated in 1 16 56 78 large towns to a greater extent than the 2 7 26 30 3 3 14 17 banks, 44 percent of the branches being in 4 __ 2 9 34 towns of 100,000 population and over. 5 5 43 123 6 2 13 13 7 . . 1 4 14 1 8 1 2 1 29 3 3 1 3 4 TABLE 11.—NUMBER OF BANKS AND BRANCHES IN 12 1 16 28 GROUPS BY SIZE OF TOWN OF LOCATION, DECEMBER 13 1 14 26 31, 1936 20 1 18 81 Total 42 245 491 Number Number Percent of total Population of town of of banks branches Banks Branches Interstate group systems—number of towns and counties served.—Table 10, classifying Under 250 . 1 10 .2 1.2 the 10 interstate group systems according to 250-499 8 22 1.7 2.6 the number of towns and counties in which 5 1 0 ,0 0 0 -9 0 9 -2 9 ,499 - - - 3 6 7 2 11 5 3 1 1 7 2 . . 7 9 1 6 3 . . 0 3 banking offices were operated by them, shows 2,500-2,999 24 22 5.0 2.6 3,000-4,999 . . 44 58 9.2 6.8 that 6 groups each had banking offices in 5 000-5,999 25 16 5.2 1.9 from 3 to 19 towns, 1 in 25, 1 in 73, 1 in 97, 6 1 , 0 0 ,0 0 0 0 0 -9 -2 ,9 4 9 ,9 9 99 4 7 0 9 5 5 5 6 1 8 6 . . 4 5 6 6. . 6 5 and 1 in 311 towns. It also shows that 6 of 25,000-49,999 37 27 7.7 3.2 50,000-99,999 19 45 4.0 5.3 these 10 groups operated in from 3 to 16 100,000-499,999 79 131 16.5 15.5 counties each; that 1 operated in 22 counties, 500,000 and over 24 241 5.0 28.5 1 in 67, 1 in 83, and 1 in 86 counties. Total 479 847 100.0 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUAKY 1938 FEDERAL RESERVE BULLETIN 97 ORIGIN AND DEVELOPMENT OF GROUP report for 1930, however, he pointed out that BANKING it was his view "that group banking should be brought under the visitorial powers of the The early development of group banking Federal Government in those cases where is obscured because of the failure of early membership in the group is composed in records to distinguish between group and whole or in part of national or State member chain banking. Banking literature indicates banks of the Federal Reserve System" and that group banking was discussed to some said that legislation to this effect seemed to extent as early as 1892-1902 as a form of be necessary in the public interest. banking but there is no record of the organi- Four bills dealing with group banking zation of group systems during that period. were introduced in the House in January Chain banking, however, developed consider- 1930.3 On February 10, 1930, the Committee ably in the two decades prior to 1920 and in on Banking and Currency of the House of some respects may be considered as the Representatives was empowered "to make a antecedent of group banking. A few examstudy and investigate group, chain, and ples of group banking appear to have existed branch banking during the present session prior to 1920 but extensive development was of Congress." 4 Hearings were held by the a product of the late 1920's (1927 to 1930). House Committee from February to June In this period financial companies were de- 1930. In the latter month Senator Glass inveloped on a broad scale in the field of banktroduced in the Senate the first of a long series ing to acquire control through stock ownerof bills which led up to the Banking Act of ship of corporately independent banking in- 1933 and which included provisions relating stitutions. Many of the principal groups now to bank holding companies. in existence were established during this The Banking Act of 1933 recognized group period. banking and provided for its partial regula- As of December 31, 1931, there were 97 tion. The Banking Act of 1935 contained groups of 3 or more banks each operating a certain minor amendments but made no total of 978 banks with loans and investments fundamental change in the legislation on this of $8,716,000,000. Of these 97 groups, 34 subject. To provide a means to regulate were described as leading examples of the group banking, section 5144 of the Revised group movement, each having 6 or more Statutes was amended to provide that stock banks and loans and investments of $25,of a national bank controlled by a holding 000,000 or more. A total of 674 banks with company affiliate shall not be voted unless $6,301,000,000 of loans and investments was such organization first obtains a voting perincluded in these 34 groups.1 mit from the Board of Governors of the Federal Reserve System.5 Section 9 of the Fed- FEDERAL REGULATION OF GROUP BANKING eral Reserve Act was amended to require a State member bank affiliated with a holding In 1926 the Federal Reserve Board "adcompany affiliate to obtain and file with the dressed a letter to Congressman McFadden Board an agreement that such organization recommending that there be incorporated in shall be subject to the same conditions and the pending McFadden bill certain provisions limitations as are applicable in the case of designed to secure adequate information reholding company affilitates of national banks garding national and State member banks under section 5144. which are closely related in management, operations, or interests to other banking in- Section 5144 provides that the Board may stitutions and, in particular, to afford some grant or withhold a voting permit as the pubcheck upon the abuses frequently occurring' lic interest may require. It further provides from chain banking." 2 These suggestions, that in acting upon an application for a however, were not adopted by Congress. permit— Prior to 1930, the Comptroller of the Cur- ". . . . the Board shall consider the financial conrency made but little comment concerning dition of the applicant, the general character of its group banking in his annual reports. In his management, and the probable effect of the granting 1 As of December 31, 1931, there were 176 chain banking sys- SU. S. Congress, 71st, 2nd Session, H. R. 7966, H. R. 8005, tems with 3 or more banks operating a total of 908 banks with H. R. 8366., and H. R. 8367. total loans and investments of $926,733,000. 4 XL S. Congress, 71st, 2nd Session, Hearings under H. Res. 141, 2 Statement of Governor Roy A. Young of the Federal Reserve Vol. 1, Part 1, p. 1. Board before the Banking and Currency Committee of the House 5 Under an amendment contained in the Banking Act of 1935, of Representatives, U. S. Congress, 71st, 2nd Session, Hearings no voting permit is necessary to vote in favor of placing a bank under H. Res. 141, March 18, 1930, Vol. 1, Part 4, pp. 442-43. in liquidation or action pertaining to liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN FEBRUARY 1938 of such permit upon the affairs of such bank, but no reports must be published by the banks in the such permit shall be granted except upon the fol- same manner as their condition reports. lowing conditions..." It will be noted that the law deals only with The conditions prescribed by the law are "holding company affiliates." That term is designed (1) to authorize the examination defined 2 as including of the holding company affiliate, simultane- ". . . . any corporation, business trust, association, ously with banks affiliated with it, by exor other similar organization— aminers authorized to examine such banks; "(1) Which owns or controls, directly or indi- (2) to authorize the examination of any bank rectly, either a majority of the shares of capital controlled by the holding company affiliate, stock of a member bank or more than 50 per centum both individually and in conjunction with of the number of shares voted for the election of directors of any one bank at the preceding election, other such banks; (3) to authorize a requireor controls in any manner the election of a majorment that individual or consolidated state- ity of the directors of any one bank; or ments of condition of such banks be pub- "(2) For the benefit of whose shareholders or lished; (4) to require that after June 16, members all or substantially all the capital stock of a member bank is held by trustees. 1938, the holding company affiliate possess "Notwithstanding the foregoing, the term 'holding and/or acquire out of earnings a "reserve" company affiliate' shall not include (except for the of readily marketable assets and maintain purposes of section 23A of the Federal Reserve Act, such "reserve"; (5) to make officers, direc- as amended) any corporation all of the stock of which is owned by the United States, or any organization tors, agents, and employees of the holding which is determined by the Board of Governors of the company affiliate subject to the same criminal Federal Reserve System not to be engaged, directly penalties for false entries as officers, direc- or indirectly, as a business in holding the stock of, or tors, agents, and employees of member banks; managing or controlling, banks, banking associations, savings banks, or trust companies." (6) to require the complete divorcement of the holding company affiliate from "securities The last paragraph of the definition was companies" within five years from the date added by section 301 of the Banking Act of of its application; and (7) to require the 1935, in the light of experience in administerholding company affiliate to declare dividends ing the law. It made it clear that an organionly out of actual net earnings. As to most zation such as the Reconstruction Finance of these matters, the law requires that the Corporation need not obtain a voting permit. holding company affiliate execute agreements However, its principal purpose was to prowhen it applies for a voting permit. vide a means by which the voting permit re- The law further provides that, after afford- quirements might be made inapplicable to ing the holding company affiliate an oppor- "accidental" holding company affiliates, ortunity to be heard, the Board may revoke a ganizations which came within the terms of voting permit if it shall appear that the hold- the definition but not within its intent and ing company affiliate has violated any of the purposes. As of December 31, 1936, the provisions of the Banking Act of 1933 or of Board had made the prescribed determinaany agreement pursuant to section 5144. tion with respect to 91 organizations, most Revocation of its voting permit subjects the of which had previously applied for voting holding company affiliate to certain penalties. permits. While the facts have varied greatly, Entirely apart from the provisions relat- it may be said that the basic consideration ing to voting permits, section 23A of the throughout has been whether the organiza- Federal Reserve Act places certain restric- tions were engaged in group banking such as tions upon extensions of credit by a member the law was intended to regulate. Thus, in bank to its holding company affiliate and the great majority of the cases the organizaupon the bank's investments in, or advances tion in question has controlled only one bank. against, stock or obligations of the holding Procedure on voting permit applications.— company affiliate. Also, other provisions of Following the enactment of the Banking Act law1 require national banks and State mem- of 1933, the Board received applications for ber banks to obtain and file with the Comp- voting permits from a large number of holdtroller of the Currency and the Board, re- ing company affiliates. In handling such apspectively, reports of their holding company plications the Board found it necessary to affiliates as of the same call dates as condition adopt the practice of issuing limited voting reports are rendered by the banks. Such permits from time to time in many cases, de- 1 Section 5211, Revised Statutes ; section 9, Federal Reserve Act. 2 Section 2(c), Banking Act of 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 99 f erring action concerning general voting per- group bank suspensions are available by years mits pending the development and analysi for the seven years 1930 to 1936. Informaof information, the completion of reorgani- tion as to suspensions prior to 1930 is not zation plans, or the correction of unsatisfac- available separately for banks in groups as tory conditions.1 A large percentage of thedistinct from those in chains. applications was disposed of without the Decrease in groups, 1931-1936.—Between granting of general voting permits. While December 31, 1931 and December 31, 1936, some general voting permits were granted the number of banking groups which was earlier, it was not until December 1935 that reported decreased from 97 to 52. The charthe issuance of such permits to a substantial acter of this change is shown in table 12. number of major holding company affiliates was authorized. Since the initial rush in 1933 and 1934, relatively few applications TABLE 12.—CHANGES IN THE NUMBER OF BANKING have been received. GROUPS BETWEEN DECEMBER 31, 1931 AND DECEM- BER 31, 1936 It has been a common practice for the Board to authorize the issuance of voting Numpermits, both limited and general, subject to ber conditions. It is now the Board's policy to Banking" groups, December 31, 1931 97 Banking groups as of December 31, 1931, disrequire, as a condition to the issuance of any solved, decreased below defined size, or not congeneral voting permit, that the holding com- sidered group for other reasons, 1932-1936... 55 pany affiliate execute a comprehensive standard agreement designed to require the main- Banking groups operating both on December 31, tenance of a sound financial condition and 1931 and December 31, 1936 42 Banking group counted as one December 31,1931 proper policies and practices by the holding and counted as two groups December 31, 1936 1 company affiliate and its affiliated banks dur-Banking groups organized, increased to defined ing the life of the permit. The agreement size, or now considered group on basis of new was prescribed in substantially its present information, 1932-1936 9 form in December 1935, prior to the issuance Banking groups December 31, 1936 52 of general voting permits to the major holding company affiliates. Of the 52 groups which appeared in the statistics for December 31, 1936, 42 were CHANGES AND SUSPENSIONS IN BANKING listed on December 31, 1931, one was added GROUPS by dividing a group into two, and 9 other new During the past decade changes have taken ones were added. These 9 new groups are place in the number of active groups and included in the current list because of inforwithin the groups themselves. Among the mation not previously available, because the important changes has been the dissolution of number of associated banks was increased to many group systems because of suspensions 3 or more since December 31,1931, or because of constituent banks, because of conversions groups were newly organized by conversion of the constituent banks into branches of from chains or otherwise since December 31, other banks in the groups, or for other rea- 1931. sons. There also have been important changes The 55 groups disappeared from the stawithin the groups which are still in operation tistical records of groups between December because of conversions of some banks into 31, 1931 and December 31, 1936 for a variety branches, because of mergers between and of reasons. The dissolution of some resulted among banks within groups, because of disfrom the insolvency of the holding company position of group banks to outsiders, and ocbecause of suspensions, or from the fact that casionally because of suspensions. the group banks were consolidated with a key Data showing changes and suspensions for bank and operated as branches. Others have the entire period 1927 to 1936 are not availbeen omitted from the current compilation ble. Information for groups, as distinct from because they consist of less than three banks, chains, was compiled for December 31, 1931 or because the systems are no longer considand for December 31, 1936. Statistics of ered groups on the basis of information now 1A limited voting permit authorizes the voting of stock of a available. Combination of a number of facbank only at a designated meeting or at a meeting or meetings tors has operated in some cases. A classificaheld within a designated period of time and only for purposes stated in the permit, whereas a general voting permit authorizes tion of reasons which were compiled from the the voting of stock of a bank at all meetings and for all purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDEKAL RESERVE BULLETIN FEBRUARY 1938 best information available is presented be- Some of the banks are in independent operlow: ation with the same or new names; others are in an affiliation of only two banks which for Insolvency of holding company because of susstatistical purposes does not constitute a pensions 24 group. Some of the affiliations were reduced Conversions of banks into branches 17 Reclassified as being not a group on the basis of to two banks or were eliminated by the susadditional information 7 pension of banks in the group or their con- Dissolution of group and sale of banks 7 version into branches. Total 55 SUSPENSIONS OF BANKS IN GROUPS, Changes in banks in active groups.—The 1930-1936 42 groups which were in operation both on In the period 1930-1933 there were 200 December 31, 1931 and on December 31, suspensions of banks belonging to 39 groups. 1936 were operating 611 banks on the first There was one suspension of a bank belongdate and 443 banks on the second date. The ing to a group in 1934 and none in 1935 or change in the number of banks between the 1936. These 201 suspensions of group banks two dates is accounted for in table 13 below. during the seven years accounted for $1,- 115,916,000 of loans and investments and TABLE 13.—CHANGES IN THE NUMBER OF BANKS BE- $1,011,360,000 of deposits. TWEEN DECEMBER 31, 1931 AND DECEMBER 31, 1936 IN 42 GROUPS OPERATING BOTH ON DECEMBER 31, By geographic area.—Over one-half of the 1931 AND ON DECEMBER 31, 1936 suspended group banks were located in the East North Central and West South Central Number of active banks, December 31, 1931.... 611 States. Suspensions in the East North Central States accounted for almost two-thirds Decreases: Suspensions 3 of the loans and investments of all group Conversions to branches 88 banks which suspended. This concentration Mergers, absorptions, consolidations, and vol- was the result of two very large bank suspenuntary liquidations 55 sions in Detroit, Michigan. These two banks Affiliation with groups terminated 43 Reclassifications 6 accounted for nearly one-half of the loans and investments, and deposits of all group Total decreases 195 banks suspended 1930-1936. Table 14 shows group bank suspensions by geographic areas. Increases: Banks acquired by groups and suspended banks reopened 27 TABLE 14.—SUSPENSIONS OF GROUP BANKS BY GEO- GRAPHIC REGIONS, 1930-1936 x Number of active banks, December 31, 1936 443 Suspended banks Percent of total Num- Forty-five percent of the gross decrease ber of banks in these groups was accounted for Region Loans Loans of by the conversion of banks into branches. Num- in a v n e d st- p D os e i - ts Num- a i n n d - p D o e s - - gr i o n u - ps Such conversions were concentrated in States ments vest- its volved (In thousands of ments which changed their laws since 1931 so as to dollars) allow the operation of banking branches or New England 21 $152, 654 $125, 950 10.4 13.7 12.5 5 so as to extend the areas in which branches M Ea id s d t l N e o A . tl C a e n n ti t c r . al. 5 1 5 7 69 44 5 , , 2 21 0 9 5 65 3 7 8 , , 6 85 0 9 9 2 8 7 . . 5 3 6 4 2 . . 0 3 6 3 5 . . 8 0 1 9 0 could be organized. Six groups which were West No. Central 10 28, 611 25, 654 5.0 2.6 2.5 2 South Atlantic _„ 3 20, 499 14, 040 1.5 1.8 1.4 1 still in operation in 1936 accounted for 69 ofEast So. Central.. 10 88, 275 78,994 5.0 7.9 7.8 4 the 88 banks converted into branches. W Mo e u s n t t S ai o n . Central. 5 1 0 1 48 9 , , 9 1 0 6 3 4 37 9 , , 8 9 3 3 9 5 2 5 4 .9 5 4.3 9 3 1 . 8 0 5 2 Pacific 24 28, 386 22, 480 11.9 2.5 2.2 6 Disposition of banks in dissolved groups.— Total 201 1,115,916 1, 011, 360100.0 100.0 100.0 2 40 Of the 367 banks controlled by the 55 groups which disappeared from the group statistics 1 No group banks suspended in 1935 or 1936. 2 Suspensions occurred in the same group in two or more geographical between December 31, 1931 and December areas in some cases. The total eliminates the duplications. 31, 1936, 190 were eliminated directly or indirectly by suspensions, 100 converted to The States with the largest number of branches, and 34 were merged, absorbed, con- group bank suspensions 1930-1936 were solidated, or voluntarily liquidated. Arkansas, Michigan, Illinois, Washington, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 101 Massachusetts, and Idaho. These six States accounted for almost 70 percent of the deaccounted for 64 percent of all group bank posits of all group banks which suspended suspensions during this period. Michigan 1930-1936, as a result of the two large naaccounted for about 60 percent of the loans tional bank suspensions in Detroit. and investments and of deposits of group banks involved in suspensions during the TABLE 16.—SUSPENSIONS OF GROUP BANKS BY same period, owing to two large suspensions CLASSES, 1930-1936x in Detroit. By years.—Table 15 shows the 201 suspen- Loans and Deposits invest- (in thousions of group banks by years. There were Class of bank Number ments (in sands of 91 suspensions in 1933 compared with 109 t o h f o d u o s l a la n r d s s ) dollars) in the three preceding years, one in 1934, and none in 1935 or 1936. The group bank sus- National 57 $735,692 $694,787 State member _ 12 125,150 100,472 pensions during the seven years involved $1,- Nonmember 132 255,074 216,101 011,360,000 of deposits, over three-quarters Total 201 1,115,916 1,011, 360 of which were accounted for in the year 1933. i No group banks suspended in 1935 or 1936. TABLE 15.—SUSPENSIONS OF GROUP BANKS BY YEARS, 1930-1936x By size of bank.—For the group banks which suspended in 1930-1936 deposits aver- Suspended banks Percent of total aged $5,030,000. Of the 201 banks, 85, or Num- 42 percent, had loans and investments of Year N b u e m r - i m L n a v o e n e a n d s n t t s s - po D s e i - ts N b u e m r - L v a o i e n n a s d - n t- s p D os e i - ts v g b o r e i o l n r v u - e o p d f s h $ o 1, w 00 ev 0, e 0 r 0 , 0 in o c r lu m de o d re . m T an h y e s s u m s a p l e l n b si a o n n k s s in so 1 9 th 30 at , (In thousands of ments only 19 percent of the suspended group banks dollars) in that year had loans and investments of 1930 53 $117,332 $104,007 26.4 10.5 10.3 6 $1,000,000 or more. Table 17 presents de- 1931 21 76,830 70, 646 10.4 6.9 7.0 7 1932 _ 35 52,127 39, 562 17.4 4.7 3.9 9 tails of group bank suspensions by size of 1 19 9 3 3 4 3 2 . 91 1 861 7 , , 7 8 8 4 0 7 788 8 , , 6 5 0 3 7 8 45 . . 5 3 77 . . 7 2 78 . . 8 0 29 1 loans and investments. 1935-36 Total 201 1,115,9161,011,360 100.0 100.0 100.0 3 40 TABLE 17.—SUSPENSIONS OF GROUP BANKS, BY SIZE 1 No group banks suspended in 1935 or 1936. OI* LOANS AND INVESTMENTS, 1930-1936* 2 Includes 8 banks with $13,610,000 of loans and investments and $9,141,- 000 of deposits which suspended between January 1, 1933 and March 15, 1933; 6 licensed banks with $26,870,000 of loans and investments and Suspended banks Percent of total $22,342,000 of deposits which suspended between March 16, 1933 and a s $ l D i e 1 n c e q 2 d e c 0 u n e , $ e 6 s m 6 e 0 n 5 d 7 t b 0 l , e 0 y b ,3 r 0 y 0 0 3 p 0 J 1 l , o 0 a , u 0 c f n 1 e 0 9 e l d o 3 o 3 3 a f 0 ; n i n d , s 4 e 1 4 a l p 9 i b n 3 o q a 3 d s u n i i b t i k d s n u s a n v t t w e i o l o i s t i c n t t l e m h i n c o e $ s e r e n 7 n d 0 t s r s 0 e e a , d c 7 a t 6 e n f o 0 i o d v n , l 0 e l e 0 $ o r 0 1 t w s i 0 h o m i 6 i n f , p e 7 g l ; 5 o o t 5 a a h r ,0 n n e a 0 s d n 0 h a o o 3 o n t l 3 h d i f d e b d a r in a e y a n p v f a o k e te n s s s r i t d t m w s t s h e n i u a t n o h b t t t - s in S v i e z s e t m gr e o o n f u t d s p o — ( l i l n a lo r t s a h ) n o s u a sa n n d ds N b u e m r - a t o m n h f d o e L d n u i o o n t s a s l a v l n a n ( e s r i d s s n t s ) - N b u e m r - i m L n a o v e n a e n d n s t t s s date. s Suspensions occurred in the same group in two or more years in several cases. The total eliminates the duplications. Under $100 $1, 271 10.0 .1 100-149 1,820 7.5 .2 150-249 4,524 11.4 .4 By class of bank.—Of the 201 group banks250-499 8,308 11.9 .7 500-999 23, 977 16.9 2.2 which suspended during 1930-1936, 132 were 1,000-1,999 39, 314 13.4 3.5 nonmember banks, as shown in table 16. 2 5 , ,0 0 0 0 0 0- -9 4, ,9 9 9 99 9 8 7 3 6 , , 6 9 4 4 6 1 1 6 2 . . 0 4 6 7 . . 9 5 About two-thirds of the suspensions of na-10,000-49,999... 386, 471 9.5 34.6 50,000 and over 489, 644 1.0 43.9 tional banks in groups occurred in 1933 among banks which were not licensed fol- Total 201 1,115,916 100.0 100.0 lowing the banking holiday. National banks i No group banks suspended during 1935 or 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN FEBRUARY 1938 TRENDS IN RATES OF BANK EARNINGS AND EXPENSES Net profits of banks in relation to the vol- period of 48 years there were only 11 years ume of earning assets have declined over the in which the rate of net profits fell below past half century. The rate of return upon 6 percent. These years were during the great capital invested in banks has, nevertheless, been well maintained except during the de- CHART I pression years following 1929, owing to an increasing amount of earning assets per unit of invested capital. During the recent depression, however, large deficits have occurred and during the years since 1920 enormous losses have been suffered by both stockholders and depositors in many banks. From the point of view of continuous operation of the banks the most important question with respect to profits is whether they 1890 1895 1900 1905 1910 1915 1920 1925 193OJ 1935 '37 are sufficient to cover expenses and losses and leave a reasonable profit on invested capi- NATIONAL BANKS—ANNUAL NET PROFITS PER $1OO tal. The rate of return on invested capital OF INVESTED CAPITAL, AND LOANS AND INVEST- MENTS PER $1 OF INVESTED CAPITAL AND PER involves many interrelated factors such as $1 OF TOTAL RESOURCES, 189O-1937 (FISCAL YEAR BASIS) the rate of return on earning assets, experidepressions of the 1890's and the early 1930's. ence with respect to expenses and losses, and During the former the rate of profit did not the relation of invested capital to earning fall below 4 percent, while there were deficits assets. of considerable proportions in the 3 years Material for the analysis of trends in bank 1932, 1933, and 1934. There were 15 years earnings over a long period is incomplete. of this 48-year period when the rate exceeded The Comptroller of the Currency, however, 8 percent, while the average net profit on inhas published certain basic figures in his anvested capital for the period is 6.9 percent. nual reports by means of which it is possible This is a composite result, which averages to trace in broad outline the trend of earnings profitable banks with those which had small of national banks back into the previous cenearnings or which incurred deficits. Further tury. There is no comparable series of figcomments upon this factor in connection with ures for State banks as a whole. Kansas is the discussion of banks by size and geothe only State for which official earnings recgraphic groupings appear at a subsequent ords for banks cover a period of decades. point. Earnings returns for such State banks as be- For purposes of comparability it has been long to the Federal Reserve System are availnecessary to present the national bank figable for recent years. ures on a fiscal year basis,2 since figures on NATIONAL BANKS, 1890-1937 a calendar year basis are not available in the Net Profits.—Chart 1 shows among other earlier decades. Other adjustments of meththings net profits of the national banking sys- ods of present-day accounting to earlier protem per $100 of invested capital in each fiscalcedure have been necessary in places.3 While year from 1890 through 1937.1 During this 2 See footnote 1, appendix table II. 3 The most important adjustment of this character is the inclu- 1 For ratios shown in chart, see appendix tables I and II. sion of recoveries on charged-off assets and profits on securities Ratios are derived from dollar figures in tables III and IV. sold with gross earnings throughout the period. Total recoveries Net profits represent the final results of the year's operations on charged-off assets are available 1918-1926, and recoveries on after all expenses have been deducted and after losses on bad loans, recoveries on securities, and profits on securities sold are assets have been charged off. separately available 1927-1937 except for the years 1933-1935 when Invested capital includes capital stock (common and preferred), profits on securities sold were included with recoveries on securisurplus, undivided profits, reserves for contingencies, and retire- ties. In current statistical presentations of earnings and exment funds for preferred stock. pense data of member banks recoveries on loans and investments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 103 the dollar figures of various items of earn- from $2.40 to $4.00 from 1890 to 1914, from ings and expenses of national banks over the $4.00 to over $6.00 between 1915 and 1918, period are given in the appendix, ratios of and fluctuated irregularly about $6.00 thereincome and expenditures to certain asset or after. The alteration in this ratio was assoliability items have been used instead in this ciated with the large increase in deposits text since they tend to eliminate the effects and loans and investments in relation to inof changes in the number and size of banks vested capital during the first three decades with the result that significant trends and of this century. variations in the year-to-year comparisons Gross and Net Earnings.—Chart 2 shows become readily apparent. For example, in gross earnings, net earnings (after expenses the depression year 1894 all national banks but before losses), and net profits of national showed a net profit of $42,000,000 on an in- banks per $100 of loans and investments.1 vested capital of $1,000,000,000, a rate of re- The chart brings out the fact that the rate turn of 4.2 percent. This is to be contrasted of net earnings (before losses) has shown a with the year 1930 when invested capital downward trend similar to that of net profits. reached $4,000,000,000 and net profits were approximately $250,000,000, the rate being CHART 2 6.2 percent. DOLLAR3 PER Chart 2 shows that there has been a definite downward trend in the rate of net profits on earning assets, that is, on loans and investments. The rate was above 3 percent in 1890 and 1891; below 2 percent for a few years immediately preceding 1900; and subsequently it was above 2 percent until 1912 except for one year. After 1913 it was consistently below 2 percent and during the 890 1895 1900 1905 1910 1915 1920 1925 1930> 1935 37 prosperous years of the middle 1920's it approximated 1.25 percent. NATIONAL BANKS—ANNUAL GROSS EARNINGS (IN- CLUDING RECOVERIES. ETC.), NET EARNINGS, (BE- Relation of Loans and Investments to In- FORE LOSSES). AND NET PROFITS (AVAILABLE FOR DIVIDENDS) PER $1OO OF LOANS vested Capital.—The maintenance of a rela- AND INVESTMENTS, 189O-1937 (FISCAL YEAR BASIS) tively high rate of profits on invested capital during the period when the rate of profits on Net earnings (before losses) decreased loans and investments was declining reflected from over $4.00 per $100 of loans and investa marked growth in the amount of loans and ments in 1890 and 1891 to about $3.00 in investments per dollar of invested capital. 1895. In the following 15 years the rate fluc- As is shown in chart 1, this amount grew tuated around $3.00 although it was slowly and profits on sales of securities are added to net earnings (be- 1 For figures see appendix table II. fore losses) to arrive at net profits, rather than being included Gross earnings as shown in chart 2 and appendix table II with gross earnings. include recoveries on charged-off assets and profits on securities No adjustments were made in the officially published figures of sold, although these items have been separately available in most total resources, loans and investments, and invested capital, al- of the recent years. (See note 2, second column, p. 102.) Bethough the method of reporting these items has changed from time cause of the form of the earlier reports, the figures could not be to time. For example, currently reported figures of loans and adjusted so as to be comparable with current material. investments include rediscounts but exclude borrowed securities Net earnings represent gross earnings less expenses, which and acceptances of other banks and bills of exchange sold with comprise current operating costs, including salaries and wages, indorsement. In 1920 and some other years, on the other hand, interest on deposits and borrowed money, rent, supplies, taxes, rediscounts were deducted from gross loans while borrowed se- and other expenses. Expenses do not include losses on deprecurities were included in investments. Available information does ciated assets or depreciation on bank building and furniture and not permit the figures for the entire period to be placed on a fully fixtures. comparable basis. Tests indicate, however, that any conclusions Net profits represent net earnings (including recoveries and based on ratios of earnings, expenses, invested capital, etc., to profits on securities sold) less gross losses. loans and investments, calculated by using these unadjusted fig- Gross losses include total charge-offs or losses on loans and inures, would not be affected if all of the data were placed on a vestments, allowances for depreciation on banking house and more nearly comparable basis. furniture and fixtures, and all other losses and depreciation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN FEBRUARY 1938 decreasing, and 1907 was the last year in reduced by the prohibition of interest on dewhich it was as high as $3.00. The rate rose mand deposits and the lowering of the rate in the post-war years but in 1923-1933 it ap- paid on time deposits. proximated $2.00. Due to recoveries on Gross Losses.—The rate of gross losses on charged-off assets and profits on securities loans and investments is shown in chart 3.1 sold, which in the case of national banks have No distinct trend over the 48 years from 1890 been included with earnings, there has been through 1937 is apparent. The rate of loss a substantial rise in recent years. usually increased in periods of business slack- The difference between gross and net earn- ness such as 1894, 1908,1915,1921, and 1930ings as shown, in chart 2 is the measure of 1933, and declined when conditions were expenses per $100 of loans and investments more prosperous. Years when the rate of in each year. The movement of gross earn- failure among business concerns was large ings has been characterized by no clearly were years in which bank losses were also defined trend over the whole period although great. Except in years of depression gross there have been decided short-term move- losses charged off annually were usually well ments. Gross earnings amounted to about below $1 per $100 of loans and investments. $6.50 per $100 of loans and investments in The low ratio of losses between 1923 and 1890, but this rate declined considerably from 1930 relates only to active banks and does 1890 through 1899, reaching slightly less than not reflect losses realized on assets of banks $5.00 in the latter year, while expenses after they were closed, nor does it reflect fluctuated narrowly between $2.50 and $2.20 additional losses which would have been per $100 of loans and investments. Thus, the charged off in some cases except for the fact spread between gross earnings and expenses that depositors waived some of their claims narrowed gradually during this period. incident to reorganization of banks. The Somewhat irregular but moderate changes number of bank failures during these years in gross earnings and expenses between 1900 was large and the loss realized on their assets and 1905 were followed by a period of conin liquidation was substantial. Furthermore, siderable increase in both earnings and exbankers operating active banks may have penses per $100 of loans and investments, been reluctant to charge off losses during culminating in record high figures in 1921. those years when the rate of net earnings Expenses advanced more rapidly in these (before losses) on loans and investments was years than gross earnings, and that influence comparatively low. As a consequence, some was reflected in further declines in net earnbanks no doubt entered the depression carryings per $100 of loans and investments. ing assets at figures higher than were justi- Gross earnings decreased to a level of fied by the facts. After 1930 losses charged around 6.5 percent on loans and investments off rose to an unprecedented height and were in 1923. Expenses also declined sharply in the chief factor in the large deficits recorded relation to loans and investments but reby the national banking system in 1932, 1933, mained at a level substantially higher than and 1934. in any year prior to 1920. From 1923 through The gross losses recorded in the earnings 1933 gross earnings per $100 of loans and and expense statements of 1935, 1936, and investments fluctuated around $6.25 and ex- 1937 were also large but were to a great expenses around $4.25, and in those years net tent offset by substantial recoveries on loans earnings rates changed little. and investments and profits on securities During the years 1934-1936 the rate of sold, as chart 3 shows. In 1936 profits on gross earnings declined as a result of lower yields on earning assets, and expenses were xFor figures see appendix table II. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

105 FEBRUARY 1938 FEDERAL RESERVE BULLETIN securities sold accounted for approximately of this influence, however, is slight. Figures 35 percent of net profits of all national banks given with respect to member banks in this and in 1937 this proportion was nearly 45 section are not wholly comparable with those given for national banks in preceding para- CHART 3 graphs. The member bank data are on a calendar year basis, as published in the i i Board's annual reports, while the national bank statistics are for fiscal years, since they were available in no other way in early decades.2 A Net Profits on Invested Capital.—The rate of net profits (available for dividends) on 1 / \l Gross Loss\e 1 s /J/ V *x invested capital showed about the same movement for member banks as for national banks r ' -A \ ,Recoveres *......,.[ .-•* over the period covered. Table 1 shows that from a level above $8.50 per $100 of invested 1890 1895 1900 1905 1920 1925 1930 1935 "37 Including profits on securities sold 1927 -37 capital in each of the years 1927-1929 the NATIONAL BANKS—ANNUAL GROSS LOSSES AND rate dropped rapidly, and in 1932, 1933, and ANNUAL RECOVERIES (INCLUDING PROFITS ON SECURITIES SOLD. 1927-1937) PER $1OO OF 1934 sizable deficits were incurred. After LOANS AND INVESTMENTS. 189O-1937 (FISCAL YEAR BASIS) 1934 improvement was marked, and in 1936 the rate of net return available for dividends percent. Similar figures are not available was even higher than the 1927-1929 average. for 1933, 1934, and 1935, but on the basis of The improvement during the last two years scattered evidence it is known that profits on can be attributed to three factors: a substansecurities sold were important in 1934 and tial reduction in the volume of losses cur- 1935. rently charged off against depreciated assets, MEMBER BANKS, 1927-1936 an important increase in recoveries and Beginning in 1927 the official earnings and profits on securities sold, and to a lesser exdividends reports of members of the Federal tent the increasing proportion of loans and Reserve System were compiled in more deinvestments to invested capital. tail with respect to the components of earn- Net Profits on Loans and Investments.— ings, expenses, and losses than had been The ratio of net profits to loans and investthe case previously.1 The data which have ments evidenced much the same general tendbeen collected and compiled in the Board's encies as did that on invested capital. After annual reports are on an approximately unireaching a peak of nearly $1.60 per $100 of form basis from year to year, and are sufloans and investments in 1929, it fell off subficiently comprehensive to justify further stantially. Deficits were shown in 1932-1934, analysis even though the period covered is but in 1935 there were net profits (available relatively short. for dividends) of about $.70 per $100 of loans In the member bank figures there is someand investments, and in 1936 this rate was what more weight given to larger banks than more than doubled. in the case of the national bank data, because Loans and investments per $1 of resources, of the greater proportion of large banks included among State members. The net effect 2 The figures of loans and investments, total resources, and invested capital represent averages of call dates (December to December, inclusive, except 1933) in the case of member banks, 1 Members of the Federal Reserve System include all national banks in the continental United States and such State banks as for the call date nearest June 30. In the official publications of join the System. In 1927 the net profits of all member banks the Board of Governors earnings ratios have been related to balaggregated $447,009,000, of which $257,283,000 was earned by ance sheet items averaged for the several calls of the year. For national banks ; in 193.6 the similar figures were $465,317,000 and the long-term survey of national banks an averaging method did $313,570,000. not appear to justify the cost involved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN FEBRUARY 193S TABLE 1.—OPERATING RATIOS OF MEMBER BANKS BY CALENDAR YEARS, 1927-1936 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 Per $100 of loans and investments: Gross earnings (excluding recoveries, etc.). $6.15 $6.32 $6.71 $6.10 $5.51 $5.45 $4.95 $4.62 $4.17 $4.05 Expenses. 4.63 4.65 4.71 4.53 4.00 4.01 3.44 3.15 2.88 2.78 Net earnings (before losses) 1.52 1.67 2.00 1.57 1.51 1.44 1.51 1.47 1.29 1.27 Gross losses _ _ _ _ _ _ .63 .63 .82 1 03 1.85 2 73 3.43 3.24 1 86 1.41 Recoveries and profits on securities sold... .47 .41 .38 .33 .38 .40 .50 .94 1.30 1.62 Net losses __ .16 .22 .44 .70 1.47 2.33 2.93 2.30 .56 1+.21 Net profits* (available for dividends) 1.36 1.45 1.56 .87 .04 -.89 -1.42 -.83 .73 1.48 Other ratio items: Net profits* (available for dividends) per $100 of invested capital $8.66 $8.96 $8.75 $4.56 $.19 $-4.50 $-7. 26 $-4. 45 $4.14 $8.93 Loans and investments per $1 of invested capital 6.34 6.18 5.62 5.26 5.23 5.04 5.10 5.33 5.65 6.02 Loans and investments per $1 of total resources .77 .76 .75 .75 .76 .77 .75 .72 .69 .68 1 Net recovery. 2 Minus figures represent net deficits. NOTE.—For more detailed figures see appendix table VII; for dollar amounts see appendix table VIII. as shown in table 1, decreased in recent years with earnings in the national bank statistics because banks were holding unusually large for the entire period. Hence the trends amounts of idle funds. Consequently, net shown in the two series of earnings data are profits as a percentage of total resources in not completely comparable. The discrepancy recent years have compared less favorably has been particularly significant in recent with the period 1927-1929 than net profits years, when recoveries and profits on securias a percentage of loans and investments. ties sold have risen to such an extent that Loans and investments per dollar of in- in 1936 they more than offset the substantial vested capital at $6 in 1936 were somewhat losses on bad assets which were charged off. less than in 1927. However, there was a As shown in table 1, the gross earnings of material reduction in the ratio during 1927- member banks per $100 of loans and invest- 1932 to a low of about $5.00, followed by anments increased from 1927 to 1929 but after upturn which continued during 1933-1936. the latter year they started on a steady and It will be observed that in the case of national pronounced downward movement which conbanks1 the decline (based on mid-year fig- tinued through 1936. During the period ures) during the former period was not as 1929-1936 the reduction in the rate of gross great, but the growth in the proportion of earnings amounted to nearly 40 percent. loans and investments after 1933 was of This decrease reflected a corresponding somewhat greater magnitude. shrinkage in the rate of gross return on loans Gross Earnings on Loans and Investments. and investments, only minor changes being —For the period under consideration in this shown in most other types of earnings. An section, 1927-1936, it is possible to segregate analysis of changes during the period in the recoveries and profits on securities sold from relative rates of return on loans as against gross and net earnings figures. Owing to investments appears in subsequent parathe fact that profits on securities sold were graphs. not segregated from "other earnings" prior Expenses in Relation to Loans and Investto 1927 and that recoveries were not so segrements.—The sharp decline in earnings on gated prior to 1918, these items were included loans and investments during the 7 years subsequent to 1929 was to a considerable ex- 1 See chart 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 107 tent offset by a parallel reduction in interest The growth in recoveries and profits on paid on deposits. In fact the amount of in- securities sold in recent years, accompanied terest paid on deposits per $100 of loans and by diminishing charge-offs of losses on bad investments declined in every year of the assets, has been so large that it has much 1927-1936 decade, and in the final year was more than offset the declining tendency in only about $.60 as against almost $2.20 in the net earnings from operations (i.e., before first year of the period.1 losses) and has been the prime factor in the Annual salary and wage payments ex- recent improvement in the net profits ratios pressed as a percentage of loans and invest- of member banks. Even in 1935 and 1936 ments also showed a downward tendency gross losses charged off were larger than in from 1929 to 1936 but the amount of decline any of the years 1927-1930, and if it had not was relatively small. Tax payments as a per- been for the considerable volume of recentage of loans and investments were also coveries and profits on securities sold the reduced somewhat, although they turned up- banks would still have been operating at a ward in 1936. deficit as they did in the 3 preceding years. Total expenses fluctuated between $4.50 KANSAS STATE BANKS, 1902-1935 and $4.70 per $100 of loans and investments during 1927-1930, were at the $4.00 level in The analysis of earnings rates for a period the two subsequent years, and decreased of decades must of necessity be based upon steadily thereafter, amounting to about $2.75 national banks because similar data are not available for State banks generally. The only in 1936. State for which earnings and expense figures Net Earnings (Before Losses).—The net efare available over a long period is Kansas, fect of the fluctuations in gross earnings (exand the record of banks in this State cannot cluding recoveries, etc.) and expenses of be considered as typical of State banks as a member banks during the 10-year period was whole, since Kansas is predominantly agrian increase in net earnings (before losses) cultural and changed from a frontier to a from $1.50 per $100 of loans and investments settled community during the period under in 1927 to $2.00 in 1929, followed by an exreview. tended downward trend. By 1936 the rate Chart 4 2 presents data for Kansas State had declined to about $1.25. This movement banks similar to those for national banks is to be contrasted with the wider fluctuation used in charts 2 and 3. One of the principal registered by net profits. points to be noted in this chart is the distinct Losses and Recoveries.—While gross losses downward trend in gross earnings of Kansas rose to record high levels in the early 1930's, State banks per $100 of loans and investoffset to only a small degree by recoveries ments in contrast with the fluctuating rate, and profits on securities sold, the annual rate for national banks. The unusually high rate reflected a sharp reduction in 1935 and 1936 of Kansas State banks in the earlier years, coincident with a sharp expansion in the more than $9 per $100 of loans and investamount of recoveries (including profits on ments for the first decade of this century, securities sold) per $100 of loans and investmay be explained by the fact that Kansas at ments. the beginning of the century was in an early stage of economic development, when risks 1 Detailed figures for expenses appear in appendix table VII. Payment of interest on demand deposits by member banks was were comparatively great but opportunities prohibited by the Banking Act of 1933, and the Board of Governors of the Federal Reserve System was authorized to limit the for profitable use of funds were such as to rates payable on time deposits. The decline in interest paid on deposits was somewhat offset by the provision in the Banking encourage borrowing even at high rates of Act of 1933 for Federal deposit, insurance. Assessments against member banks for deposit insurance in 1936 amounted to 1/12 of 1% of deposits. 2 For figures see appendix table X. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN FEBRUARY 1938 interest. The expenses of Kansas State records of others. One means of further banks, which in the earlier years were con- analyzing the records is to examine the residerably more than twice as high per $100sults of smaller groups of banks in order to of loans and investments as those of. national determine whether certain classes of banks banks, showed little change between 1905 and are more profitable than others. 1918, while the expenses of national banks A long-term comparison of net profits on rose considerably. The higher level of ex-capital and surplus of national banks by geo- CHART 4 CHART 5 D LO O A L N L S A RS a P IN E V R E S $ T 1 M 0 E 0 N O TS F PER NEW ENGLAND WESTERN PER CENT 12 20 A I 20 12 15 15 1 0 ^V y\ ^Includ G in ro g s R s ec E o a ve rn rie in s g , s etc.J 10 1 5 0 r j I Si / 1 1 5 0 8 0 — \ 0 \ 8 -5 V \ -5 Expenses^.^^ s -10 -10 6 ^ N -15 1 _j_'-15 / **~ 6 -20 i -20 4 ^^\~> v .^ s s JB N ef e o t r e E a L r o n s i s n e g s s ) A 4 20 EASTERN PACIFIC 20 Net Prof 15 fa k I A- . 1 5 10 s I ^ Q Gross Lc 2 J \ \ 0 «s-—"x_ ^— —^ i 0 5 1 1 V \ 0 1900 1905 1910 1915 1920 1925 1930 1935 '37 -5 - -5 l\ -10 -10 KANSAS STATE BANKS—ANNUAL GROSS EARNINGS r (INCLUDING RECOVERIES, ETC.), EXPENSES. NET -15 1 5 EARNINGS (BEFORE LOSSES). GROSS LOSSES. -20 I -20 AND NET PROFITS PER $1OO OF LOANS AND INVESTMENTS, 19O2-1935 20 ALL NATIONAL BANKS 20 (CALENDAR YEAR BASIS) 15 r\ J / 15 penses per $100 of loans and investments 1 5 0 J f vJ ^ 1 \ 1 5 10 probably reflects the fact that most of the 0 \ \ i 1 \ 1 0 Kansas State banks were small institutions -5 \ -5 V which tend to have higher gross earnings and -10 -10 -15 -15 expenses per $100 of loans and investments -20 -20 than do larger banks. MIDDLEI WESTERN 1890 1900 1910 1920 1930 "37 20 These variations in levels of gross earnings 15 / A I and expenses over a period of years resulted 10 VJ 5 \ I in a greater decline, proportionately, in net 0 -5 earnings (before losses) of Kansas State u -10 banks over the years than was shown by na- -15 1 tional banks. Net profits per $100 of loans -?0 1 1890 1900 1910 1920 1930 '37 and investments also declined more for Kan- NET PROFITS PER $1OO O~ CAPITAL AND SURPLUS sas State banks than for national banks be- OF NATIONAL BANKS BY GEOGRAPHIC AREAS, tween 1902 and 1922. 189O-1936 (FISCAL YEAR BASIS) graphic regions is available from data con- RESULTS BY SPECIAL CLASSES OF BANKS tained in the annual reports of the Comp- The foregoing sections have dealt with the troller of the Currency. Data for 6 regions profits experience of the banking system in are presented in chart 5,1 which shows that general and are, therefore, a reflection of banks in the areas of more recent economic averages; the good records of profitable insti- development, notably the Western and Pacific tutions have been averaged with the poor 1 For figures see appendix table V. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

109 FEBRUARY 1938 FEDERAL RESERVE BULLETIN States, often had much higher annual rates to what may be called medium-size banks the of profits than banks in the older sections typical rate during these years was about where economic activities had become more 7.5 percent, while that for larger banks was diversified and stabilized. Equally impor- moderately higher. Typically, the unfavortant, the banks in the new regions had atable experience of small banks was associated times much lower profits rates than those in with relatively high operating expenses. Almore settled areas. In New England, for ex- though these were offset by relatively high ample, during the 41 years from 1890 gross returns, net profits were unsatisfactory through 1930 national banks had profits of because of the necessity for writing off large 4 percent or more on capital and surplus in proportions of depreciated assets. Since a every year, and the rate exceeded 8 percent large proportion of small banks were located in only 10 years. In the case of the Western in agricultural regions, the unfavorable ex- States, on the other hand, net profits exceeded perience of these banks during 1926-1930 re- 12 percent on capital and surplus in 14 years flected in part agricultural difficulties. while in 8 years they were less than 3 percent. It is apparent that the degree of economic ECONOMIC CONDITIONS AND RATES OF development and conditions of prosperity or EARNINGS AND EXPENSES depression are major factors in determining Business conditions influence the earnings the profitability of banks as a whole in any positions of banks by affecting the level of given area. Unfortunately, there is not suffi- interest rates and therefore the rate of gross cient statistical material available to illus- earnings on earning assets; by affecting the trate many other factors which are generally costs or expenses of banking; and by affectcharacteristic of unprofitable banks over the ing the losses and subsequent recoveries from whole period since 1890. Some of these char- such losses. While all of these elements in acteristics are suggested by records other the earnings of national banks have been inthan official earnings reports. For example, fluenced by changes in business conditions it is reasonable to assume that those types of during the period under review, there is no banks whose failure experience has been single factor which has shown wider year-toworse than the average have also been char- year changes than losses. The following acterized by unfavorable profits records. Theparagraphs present by periods some of the record of bank suspensions during 1921-1936 important influences of business conditions shows that the rates of failure among the on the earnings of national banks. groups of banks with small amounts of re- 1890-1900.—Several of the years between sources compared unfavorably with the aver- 1890 and 1900 were characterized by deage experience.1 For a bank to survive over pressed conditions in the economic system a long period of time its earnings must be generally, and banks suffered declines in sufficient to cover its expenses, its losses on gross earnings per dollar of loans and investbad assets, and, in addition, some return on ments as well as increases in losses on assets. invested capital. As a consequence, net profits on loans and in- One limited study of all national banks for vestments and on invested capital of national the period 1926-1930 showed that the typical banks were comparatively low from 1894 rate of net profits on invested capital of banks through 1899. with loans and investments of less than $500,- 1900-1920.—The period from a little be- 000 was less than 4 percent. For those with fore 1900 until 1920 was marked by an almost loans and investments of less than $250,000 continuous rise in commodity prices and farm it was scarcely half as good. With respect land values. The upward tendency of prices and values was an important factor in the 1 FEDERAL RESERVE BULLETIN for September and December 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN FEBRUARY 1938 growth of national income which enabled bor- time deposits points definitely to increased rowers generally to repay loans and helped interest costs, whether or not the rate paid maintain the value of bank investments. Its by banks was bid up. As a matter of fact, effect is reflected to some extent in the com- commercial banks did tend to raise their paratively low level of bank losses during rates paid on both time and demand accounts these years, and consequently in the small in an effort to attract deposits. portion of net earnings used in writing off One feature of the increase in time deposits worthless assets. Reflecting in part the small was the tendency to look upon time accounts losses, net profits on invested capital of na- as less subject to withdrawal than demand tional banks (see chart 1) ranged around 8 accounts, and as justifying increases in loans percent during much of this period, and in and investments which rested on capital the war years were considerably above that values rather than the turnover material of rate. business. The almost continuous apprecia- The relatively high level of bank profits tion in prices and values up to the war and after 1900 encouraged the opening of addi- the marked rise from 1915 to 1920 in incomes tional banks, charters for which were freely and net worth helped to sustain the value of granted by supervisory authorities. Many of capital assets. The ratio of losses to loans the new banks were located in small towns, and investments was low. often already served by banks, and conse- Not only did the total volume of loans and quently obtained relatively small amounts of investments, both short-term and long-term, deposits and assets. An effect of the marked increase sharply, but rates of return on loans increase in the number of small banks is seen and investments were gradually tending upin the fact that, despite considerable growth in the resources of the banking system, the average volume of loans and investments per bank was lower in 1915 than in 1900. Increases that became evident in bank operating expenses per $100 of loans and investments after 1907 may be ascribed in general terms to increased competition, partly growing out of the larger number of banks. It is impossible to analyze in detail the form of the increased costs since, with the exception of Kansas State banks, no segregated data of earnings and expenses are available for the period prior to 1918. Growth in the amount of interest paid by banks was an important factor, however, as is indicated by an analysis of deposits. At all commercial banks in the United States time accounts represented about 12 percent of total deposits, excluding interbank balances, in 1900. By 1915 time accounts included about 30 percent, and by 1900 1905 1910 1915 1920 1925 1930 1935 *37 1930 about 40 percent of total deposits. At ANNUAL INTEREST EARNINGS, INTEREST EXPENSE, national banks alone, time deposits repre- OTHER EXPENSE, AND NET SPREAD BETWEEN IN- TEREST EARNINGS AND INTEREST EXPENSE, sented about 43 percent of total deposits in PER $1OO OF LOANS AND INVESTMENTS OF ALL NATIONAL BANKS. 1 918-1937 (FISCAL 1930. This growth in the relative volume of YEAR BASIS), AND OF KANSAS STATE BANKS, 1902^1935 (CALENDAR YEAR BASIS) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 111 ward from 1900 until 1921. At the same the more drastic 1920-1921 drop in comtime, however, the increase in interest paid modity prices was followed by 8 years of comby banks helped narrow the spread between parative stability. In addition to the differgross earnings and expenses, resulting in the ence between changes from 1921 through steady decline in net earnings (before losses) 1929 in farm land prices and average prices per $100 of loans and investments. of all commodities, the contrast between Although no detailed classification of na- agricultural and non-agricultural conditions tional bank income and expenses is available is sharpened by noting that prices of corprior to 1918, the ratios of interest and other porate equities advanced markedly in these expenses to loans and investments for Kansas years. Prices of urban real estate, especially State banks since 1902 indicate what was in some large communities affected particuhappening in that State, and perhaps furnish larly by industrial conditions, also advanced a clue to the operating results of banks in considerably. general. As is shown by chart 6,1 the amount Gross earnings and expenses of national of interest paid by Kansas State banks per banks per $100 of loans and investments did $100 of loans and investments rose almost not change greatly between 1923 and 1929. continuously from 1902 until 1922. Expenses Revenue from the operation of trust departother than interest (mainly salaries, space, ments tended to increase, but it remained a and supplies) declined slightly between 1909 very small portion of total income. Among and 1917. In 1921, however, the ratio of nonthe expense items interest paid on deposits interest expenses to loans and investments at continued to grow, both because banks were all national banks and at Kansas State banks increasing their rates and because the proadvanced sharply. The absolute amount of portion of time deposits in the banking syssuch expenses increased only moderately in tem was growing rapidly. The increase in that year but the ratio increased considerably interest paid on deposits was partly offset by since large amounts of loans and investments reductions in interest paid on borrowed were liquidated. money and by reductions in taxes.2 The Post-War Decade.—After 1920 bank- Since neither earnings nor expenses of naers were confronted writh economic conditions tional banks per $100 of loans and investdifferent from those that had prevailed bements changed materially between 1923 and tween 1900 and 1920. Commodity prices de- 1929, the rate of net earnings (before losses) clined precipitously after the middle of 1920 was comparatively steady. The rising volume and in 1921; the volume of goods produced of production at a stable commodity price was sharply curtailed; and incomes of busilevel and the advancing prices of securities ness concerns and individuals were conseenabled most borrowers to repay bank loans quently reduced. Losses of national banks with reasonable promptness. Reflecting a per dollar of loans and investments rose lower rate of charge-offs for losses, net sharply, as shown in the difference between profits per $100 of loans and investments the curves of net earnings (before losses) increased slightly. Loans and investments and net profits in chart 2, owing to increased expanded proportionately more than capital charge-offs and the reduced volume of earnfunds after 1921, and the rate of net profits ing assets. on invested capital tended to rise. Farm real estate prices also started to de- Although the banking system as a whole cline in 1920. Unlike commodity prices, howmade high profits during the decade of the ever, they continued downward without interruption over a period of 13 years, whereas 2 Statistics of earnings for national banks are classified in less detail prior to 1927 than thereafter. Details of earnings and expense items of member banks in each year 1927-1936 appear in 1 For figures see appendix tables VI and XII. appendix tables VII and VIII. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN FEBRUARY 1938 1920's, some important portions did not underway for many years and has been part prosper. An indication of this was given in of a widespread movement on the part of earlier paragraphs dealing with the experi- corporate and other large-scale borrowers to ence of banks by location and by size. reduce short-term commercial loans and re- Depression and Post-Depression Years.— place them by longer-term securities. From Following the collapse in security prices in 1931 through 1936 the increased importance 1929 there was a severe decline in commodity of securities among bank assets was greatly prices, both agricultural and non-agricul- accelerated. Commercial loan demand grew tural, which extended over a period of more slowly, while borrowings of the Federal Govthan 3 years. This decline was accompanied ernment increased markedly. Banks acquired by an even greater proportionate contraction a considerable part of the new Government in national income. The net profits of na- issues, thus increasing their earning assets tional banks were also sharply reduced, and and at the same time making funds available for some time during and after the reaching to the Government, the expenditure of which of the lower depression levels there were net increased the amount of funds in the hands deficits for the banking system in general. of business and made less necessary addi- The outstanding factor responsible for the tional borrowing by business concerns. By movement of net profits from the high level the middle of 1936 investments represented of the 1920's to a point below zero was the 60 percent of the total loans and investments charging off of large amounts of depreciated of all commercial banks in the United States, assets. as compared with 27 percent in 1929 and 25 With the progress of recovery following percent in 1921. There has been some dethe banking crisis in 1933 values of bank cline in this proportion since the middle of assets appreciated. Charge-offs of losses con- 1936. tinued heavy in 1933 and 1934, however, Aside from reducing rates of gross earnsince many of the banks that did not fail had ings, an increasing proportion of securities been unable to write off all their losses in among bank assets has its bearing on bank previous years. As values continued to rise profits in other ways. To the extent that in 1934, 1935, and 1936, gross losses were banks hold long-term investments they are reduced, and banks began to obtain sub- subject to considerable change in the value stantial recoveries on assets previously of those assets because of changes in the charged off. Such losses as were written off long-term interest rate. An advance in that in the fiscal years 1936 and 1937 were sub- rate may be reflected in losses on securities stantially offset by recoveries on previous sold unless the securities have been written charge-offs and profits on securities sold. down previously. On the other hand, de- Without these unusually large recoveries and creases in interest rates during recent years profits on securities sold the banking system have given banks opportunities to realize would have been earning a rate of net profit profits from the sale of securities, and that substantially under the levels of the pre-de- source produced an important part of net pression period. profits of the banking • system in 1935 and Increased Proportion of Investments.—De- 1936, and to a lesser extent in the first half creases in gross earnings per $100 of loans of 1937. Beginning in 1927 the reports of and investments of national banks between member bank earnings and expenses have 1929 and 1936 resulted partly from a decline shown separately the amounts of interest inin the relative importance of loans which, on come on loans and discounts, and on investthe whole, yield more than investments. The ments. During the 10 years for which such vShift from loans to investments has been information is available the gross interest re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

113 FEBRUARY 1938 FEDERAL RESERVE BULLETIN turns on loans have averaged more than 1 charge-offs on loans exceeded those on investpercent1 above the gross interest returns on ments in every year except 1931. The highinvestments, the difference being greatest in est rate of net charge-offs per $100 of loans the latter half of the period. This differential during the period was $3.30 in 1934 comis shown by years in table 2. The decline in pared with $.40 in each of the years 1927, the gross interest return both on loans and 1928, and 1929. The highest rate on investon investments since 1929 may -also be obm-ents was $2.20 in 1933. served. The gross interest return on loans The rates of net charge-off do not fully redeclined about 1.5 percent while that on in-flect the year-to-year changes. It would apvestments was more than 2 percent lower in pear that the losses on investments are rec- 1936 than in the years 1927-1929. ognized and written off earlier than those on loans, and because of this lag the losses on loans did not increase as early in the de- TABLE 2.—GROSS INTEREST RETURN, NET CHARGE- OFFS, AND NET RETURN ON LOANS PER $100 OF pression years but persisted longer after the LOANS, AND ON INVESTMENTS PER $100 OF INVEST- banking holiday than the losses on invest- MENTS OF MEMBER BANKS, 1927-1936 ments. The difference in the time required Loans Investments for recognizing and writing off such losses Calendar probably results from the availability of maryear i r n G e t t e r u o r r e s n s s 1 t ch o N a ff r e s g t s e- re N tu e r t n i r n G e t t e r u o r r e s n s s 1 t ch o N a ff r e ^ g t e- re N tu e r t n ket quotations on investments which respond promptly to changes in the business outlook. 1927 , - $5. 50 $.40 $5.10 $4.70 3 $+. 80 $5.50 The proportion of investments in the port- 1928 5.70 .40 5.30 4.70 3 +.50 5.20 1929 6.10 .40 5.70 4.70 4.70 folios of banks varies in different parts of 1930 5.40 .70 4.70 4.50 .20 4.30 1931 4.90 1.20 3.70 4.10 1.50 2.60 the country as do rates charged on loans to 1932 5. 10 2.30 2.80 3.90 2.10 1.80 1933 4.70 3.10 1.60 3.50 2.20 1.30 customers. In general, the banks in the 1934 4.30 3.30 1.00 3.30 .90 2.40 1935 4.20 1.50 2.70 2.80 3 +.40 3.20 Northeastern part of the country have re- 1936 4.10 .90 3.20 2.60 3 +1. 40 4.00 ceived about as high a rate of net return from 1 Includes interest and discount in the case of loans, and interest and investments as from loans and consequently dividends in the case of investments. 2 The amount of net charge-offs is obtained by deducting recoveries have not been particularly sensitive to and profits on securities sold from gross losses. 3 A plus charge-off indicates an excess of recoveries and profits on changes in the proportions between the two securities sold over gross losses. Source: Appendix table XIV. major types of earning assets. Banks in the Western and Southern areas have received in The differences between the gross return the past and continue to receive higher net on loans and that on investments do not carry returns on loans than on investments. Bank over to net returns because of considerably earnings in these areas, therefore, are sensidifferent rates of charge-off. During the 10tive to changes in the portfolio proportions year period, the net return on investments of loans and of investments.2 exceeded that on loans in 1927, 1934, 1935, Easy Money Conditions.—Table 2 reflects and 1936. For the period as a whole, howthe decline in interest rates associated with ever, the average net rate of return on loans easy money conditions which have obtained was somewhat higher than on investments,— in recent years. In 1929 member banks about $3.90 on loans and $3.40 on investments. realized a gross return of 6 percent on their In three of these years recoveries and profits loans and more than 41/2 percent on their inon securities sold exceeded gross charge-offs vestments. For 1936 the comparable rates on securities so that the net return on securiwere 4 percent and 2y percent, respectively. 2 ties exceeded the gross return. The net The decline in interest rates was to a large 1 Percentages referred to in this section are percentage points, 2 Gross interest return, net charge-offs, and net return for all not actual changes measured in percentages. That is, a decline member banks, by Federal Reserve districts and by years, 1927from 5 to 4 is referred to as a decline of 1, not 20, percent. 1936, appear in appendix tables XV, XVI, and XVII. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN FEBRUARY 1938 degree an outgrowth of increasing amounts Although the movement had begun by of idle bank reserves seeking employment, 1933, widespread and substantial declines in but that broad influence was supplemented rates of interest paid on all deposits, and thus by competitive factors in the form of low in total operating costs, followed the passage rates offered bank customers by various of the Banking Act of 1933. The act progovernmentally sponsored agencies. Banks hibited payment of interest on demand defound it necessary to lower their rates some- posits and contained provisions under which what in order to retain loans, or, in the case the Board of Governors of the Federal Reof those paid off, to employ the funds by in- serve System in November 1933 set a maxivesting in lower-yield securities. At the end mum rate of 3 percent that member banks of 1937 banks continued to have a large vol- could pay on time and savings deposits. This ume of idle funds. maximum was lowered to 2V& percent effec- The rate of gross income on total assets tive February 1, 1935, with even lower rates on some types of time deposits. The Bankof banks has, of course, been affected by the ing Act of 1935 contained provisions under large volume of idle funds which banks have which the Federal Deposit Insurance Corheld. Loans and investments constituted poration issued similar regulations setting about 75 percent of total assets of member maximum rates which might be paid by inbanks during the pre-depression years but sured nonmember banks at the same levels as only 68 percent in 1936, as table 1 shows. those applying to member banks. From the standpoint of the rate of net profits With the impetus of these measures and this is of importance only in so far as the continued pressure of idle reserves, many offsetting liabilities of the banks in the form banks carried their reductions further, lowerof deposits cost something in interest and ing rates on ordinary savings deposits to 2 other out-of-pocket expenses. percent and IV2 percent or even less. Mainly Reduction of Interest on Deposits.—The because of these voluntary and mandatory decline in expenses of member banks per decreases in interest rates, total operating $100 of loans and investments which occosts of banks were reduced sufficiently in curred between 1929 and 1933 resulted 1934, 1935, and 1936 to offset almost entirely mainly from decreased interest payments on the effects of lowered rates of return on loans deposits. The substantial reduction in exand investments, and rates of net earnings penses in 1933 and 1934 was largely a result (before losses) declined only slightly. of the prohibition of interest on demand de- New Sources of Income.—The presence of posits and decreased interest payments on ample reserves and the slow rise in commertime deposits. Before the easy reserve posicial demand for loans have caused banks to tion of banks had become widespread in 1933, seek new employment for funds. Although many banks had begun to reduce rates paid no statistics on the subject are included in to depositors because they were having diffibank condition reports, it is known that in culty in employing their funds profitably, the past few years instalment and personal and because they were being pressed to reloans have grown substantially. Since gross duce operating costs. The reduction of rates rates of earnings on these advances are had often been postponed because of competihigher than on other types of loans, contive situations under which some banks hesitinued growth of the business may tend to tated to initiate lower rates at the risk of raise the average rate of return on loans. losing deposits, even though they may not Some addition to gross earnings of banks have been desirous of obtaining additional in recent years has resulted from extension deposits at high cost. of service charges in various forms. These Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 115 are primarily on deposit accounts, but some banks generally. Figures for service charges banks have installed such charges on small on deposit accounts were not reported sepaloans. While arguments for imposition of rately until 1933 and in that year they conservice charges on deposit accounts have been stituted somewhat less than 2 percent of widespread among bankers' associations re- gross returns of national banks. During the cently, such charges have not been of great fiscal year ending June 30, 1937, they constiimportance as a source of gross earnings to tuted about 3.6 percent of such returns. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN FEBRUARY 1938 APPENDIX TABLE I.—LOANS AND INVESTMENTS OF NATIONAL TABLE II.—ANNUAL GROSS EARNINGS, EXPENSES, BANKS PER $1 OF TOTAL RESOURCES AND PER $1 OF NET EARNINGS, GROSS LOSSES, AND NET PROFITS OF INVESTED CAPITAL, AND NET PROFITS PER $100 OF NATIONAL BANKS PER $100 OF LOANS AND INVEST- INVESTED CAPITAL, 1890-1937 a MENTS, 1890-19371 Year L m oa e n n s t s a p n e d r i $ n 1 v e o s f t : - p $ r 1 N p o 0 f e 0 e i r t t o s3 f Year r ( e i e n c a G o c r v n l r u o e in d s ri s g i e n s s g , Expenses e ( l a o b r N s e n s f e i e o n t s r g ) e s l G o r s o se s s s (a p v r N a f o o i e f l r i a t t b s le Total Invested invested etc.) dividends) resources capital2 capital 1890 $6.49 $2.30 $4.19 $.95 $3. 23 1890. $.73 $2.39 $7.71 1891 6.70 2.44 4.26 .91 3.35 1891. .73 2.29 7.67 1892..., 6.04 2.38 3.66 .94 2.71 1892. .71 2.43 6.59 1893 6.41 2.58 3.83 .93 2.91 1893. .74 2:30 6.68 1894 5.87 2.51 3.36 1.60 1.76 1894. .70 2.38 4.19 1895.... 5.50 2.43 3.07 1.16 1.90 1895. .71 2.50 4.75 1896 5.85 2.50 3.35 1.30 2.04 1896. .69 2.48 5.06 1897. ._ 5.59 2.48 3.11 1.31 1.80 1897. .69 2.56 4.60 1898 5.27 2.29 2.98 1.15 1.84 1898 .68 2.85 5.24 1899.... 4.95 2.17 2.78 1.07 1.72 1899. .67 3.34 5.74 1900 5.66 2.13 3.53 .98 2.55 1900 .69 3.37 8.61 1901 4.87 2.01 2.86 .74 2.12 1901. .68 3.64 7.70 1902.... 5.28 2.03 3.25 .70 2.54 1902 .70 3.54 9.00 1903.... 5.20 2.07 3.13 .70 2.44 1903. .72 3.51 8.55 1904... 5.25 2.17 3.08 .70 2.38 1904. .71 3.52 8.37 1905.... 4.81 2.17 2.64 .59 2.05 1905. .71 3.67 7.53 1906 5.06 2.18 2.88 .57 2.31 1906 .71 3.70 8.55 1907..__ 5.16 2.16 3.00 .51 2.50 1907. .72 3.80 9.49 1908 5.35 2.42 2.93 .81 2.11 1908. .71 3.73 7.87 1909 5.19 2.64 2.55 .60 1.96 1909. .71 3.85 7.52 1910 5.70 2.97 2.73 .55 2.18 1910. .71 3.82 8.33 1911... 5.80 3.14 2.66 .54 2.12 1911. .71 3.83 8.12 1912. . 5.74 3.30 2.44 .54 1.90 1912 .72 3.95 7.51 1913 6.20 3.53 2.67 .67 2.00 1913. .73 3.94 7.87 1914 6.17 3.61 2.56 .78 1.79 1914 .73 4.08 7.28 1915 6.05 3.69 2 36 .90 1.45 1915. .74 4.15 6.03 1916... 5.84 3.66 2.18 .61 1.56 1916. .73 4.81 7.49 1917 5.62 3.46 2.16 .53 1.64 1917. .73 5.40 8.84 1918 5.98 3.75 2.23 .67 1.56 1918. .74 6.05 9.44 1919 5.96 3.91 2.05 .52 1.54 1919 .74 6.62 10.17 1920 6.82 4.43 2.39 .69 1.70 1920. .71 6.33 10.76 1921 8.09 5.47 2.61 1.19 1.43 1921 . 74 5.42 7.73 1922 _.._ 7.02 4.63 2.38 1.22 1.16 1922. . 76 5.55 6.45 1923 6.51 4.36 2.15 .95 1.20 1923. .79 5.88 7.08 1924 6.47 4.47 2.00 .86 1.14 1924. .76 5.87 6.71 1925 6.32 4.34 1.99 .77 1.22 1925. .76 6.20 7.54 1926 6.41 4.37 2.04 .75 1.29 1926. .76 6.24 8.07 1927 6.28 4.33 1.94 .70 1.24 1927. . 77 6.28 7.79 1928 6. 19 4.29 1.90 .69 1.21 1928. .78 6.25 7.57 1929 6.80 4.60 2.20 .80 1.41 1929. .78 5.84 8.21 1930!~. 6.70 4.59 2.11 .98 1.13 1930 .75 5.48 6.19 1931 6.44 4.54 1.90 1.65 .25 1931. .75 5.55 1.40 1932] "II 6.47 4.42 2.06 2.86 2 -.80 1932. .78 5.33 4 -4. 26 1933 6.20 4.30 1.90 3.31 2 -1.41 1933. .74 5.42 4 -7.65 1934 5.53 3.27 2.26 4.04 2 -1.78 1934. .71 5.68 * -10. 11 1935 .... 5.53 3.06 2.47 2.08 .39 1935. .69 5.86 2.31 1936 5.43 2.73 2.70 1.50 1.20 1936. .68 6.40 7.64 19373 ... 5.38 2.76 2.62 1.25 1.37 1937. .69 6.52 8.93 1 For fiscal years ending August 31, 1890-1906; 10 months September 1, 1 Loans and investments, invested capital, and total resources as 1906-June 30, 1907; and thereafter for fiscal years ending June 30. of call nearest June 30 in each year. Net profits figures for fiscal years 2 Deficit. ending August 31, 1890-1906; 10 months September 1, 1906-June 30, 1907; 3 Member national banks. and thereafter for fiscal years ending June 30. See note below table II. 2 Invested capital includes common and preferred stock, surplus, NOTE.—In computing the above ratios for the years 1918-1937 the figures undivided profits, reserves for contingencies, and funds for the retire- of gross earnings and net earnings before losses were changed from the ment of preferred stock. form in which they were officially reported in order to establish a com- 3 Available for dividends. parability with the period prior to 1918. This change consisted of the ^ Deficit. addition to reported figures of earnings of (1) amounts of recoveries on charged-off assets for the years 1918-1937 and (2) the amounts of profits NOTE.—The data in this table and others relating to national banks on securities sold during 1927-1937. In current compilations these reinclude the figures of nonmember national banks located in U. S. pos- coveries and profits are added to net earnings (before losses) to arrive at sessions except for the year 1937, which covers only the member national net profits. Because of the form of the earlier reports the figures could banks. not be adjusted so as to be comparable with current material. Source: Ratios computed from dollar figures shown in tables III and IV. No adjustments were made in the officially published figures of total resources, loans and investments, and invested capital, although the method of reporting these items has changed from time to time. For example, currently reported figures of loans and investments include rediscounts but exclude borrowed securities and acceptances of other banks and bills of exchange sold with indorsement. In 1920 and some other years, on the other hand, rediscounts were deducted from gross loans while borrowed securities were included in investments. Available information does not permit the figures for the entire period to be placed on a fully comparable basis. Tests indicate, however, that any conclusions based on ratios of earnings, expenses, invested capital, etc., to loans and investments, calculated by using these unadjusted figures, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

117 FEBRUARY 1938 FEDERAL RESERVE BULLETIN TABLE III—TOTAL RESOURCES, LOANS AND IN- TABLE IV—ANNUAL GROSS EARNINGS, EXPENSES, VESTMENTS, AND INVESTED CAPITAL OF NATIONAL NET EARNINGS, GROSS LOSSES, AND NET PROFITS OF BANKS, 1890-1937X NATIONAL BANKS, 1890-19371 [In thousands of dollars] [In thousands of dollars] Year re T s o o t ur a c l es ve a L s n t o d m a n i e n n s - ts I c n a v p e i s ta te l2 d Year r ( e e in c a G o e c rn t v l r c u o i e . n d s r ) s i g i e n s s g , Expenses e ( a l b o r N e n s f e s i o n e t r s g e ) s l G o r s o s s e s s d ( i a v p v i r N a d f o o i e e f l r i a n t t b s d l s e ) 1890 3,061, 2, 229,891 934, 543 1891. 3,113, 2, 258, 753 987,551 1892. 3, 493, 2, 461,124 1,011,145 1890 144,614 51,266 93, 348 21, 292 72, 056 1893. 3, 213, 2,365,096 1,028, 870 1891 151, 335 55,036 96, 299 20, 535 75, 764 1894. 3, 422, 2, 379, 646 1,001, 388 1892 148, 559 58, 682 89, 877 23, 219 66, 658 1895 3, 470, 2, 463, 811 987, 228 1893 151, 695 60,909 90, 786 22,035 68, 751 1896. 3, 535, 2, 435, 462 982, 996 1894 139,725 59, 683 80,042 38,087 41, 955 1897. 3, 563, 2, 461, 823 962, 420 1895 135, 459 59, 990 75, 468 28, 602 46, 866 1898 3,977, 2, 718, 675 954, 988 1896 142, 443 61,006 81, 437 31, 695 49, 742 1899. 4, 708, 3,159, 498 947,187 1897 137, 728 61,153 76, 574 32, 301 44, 273 1900. 4,944, 3, 418, 788 1,013, 084 143, 394 62,182 81,212 31,179 50,033 1901. 5, 675, 3, 866, 624 1,062, 459 156, 520 68, 498 88,022 33, 675 54,347 1902. 6,008, 4,191, 446 1,184, 368 1900.. 193, 649 72, 714 120, 936 33,659 87, 277 1903 6, 286, 4, 507,077 1, 285, 6901901- 188, 266 77, 667 110, 598 28, 745 81, 853 1904. 6, 655, 4, 753,173 1, 349,017 1902.. 221, 278 85, 235 136,044 29,462 106, 582 1905. 7, 327, 5,169, 000 1, 406, 8581903.. 234, 583 93,121 141, 462 31,580 109, 882 1906 7, 784, 5, 520, 289 1, 491, 2931904.. 249, 412 103,050 146, 362 33, 425 112,937 1907 8, 476, 6,099, 632 1, 604,104 1905.. 248, 584 112, 206 136, 379 30, 470 105,909 1908. 8, 714, 6, 213,095 1, 667,802 1906.. 279,312 120, 448 158, 863 31, 337 127, 526 1909. 9, 471, 6, 709, 539 1, 744,075 1907.. 314, 702 131, 544 183,158 30,922 152, 236 1910 9, 896, 7,067,863 1,850,970 1908.. 332,454 150, 551 181,903 50,568 131, 335 1911. 10, 383, 7,396, 624 1,933,134 1909.. 348,674 177,035 171, 640 40, 454 131,186 1912. 10, 861, 7,835,034 1,984, 398 1910.. 402, 665 209, 785 192, 882 38, 714 154,168 1913 11,036, 8,051, 723 2,045, 667 1911.. 428, 973 232,062 196, 912 39, 926 156, 986 1914. 11,482, 8, 360, 443 2,049, 715 1912.. 450,043 258, 731 191,313 42, 256 149, 057 1915. 11, 795, 8, 733, 514 2,105, 364 1913.. 499, 252 284, 516 214, 736 53, 756 160,980 1916 13,926, 10,121,056 2,103, 288 1914.. 515, 624 301, 425 214, 200 64, 930 149, 270 1917. 16, 290, 11,865,511 2,198, 553 1915_. 527, 985 322, 451 205, 535 78, 482 127,053 1916.. 590, 642 370, 903 219, 740 62,196 157, 544 1918 18, 354,942 13, 606, 455 2, 249, 7931917.. 667, 406 410, 753 256, 653 62, 332 194, 321 1919 21, 234, 918 15, 639, 433 2, 363, 478 1920 23, 411, 253 16, 609,064 2, 622,075 1918.. 813, 997 510,185 303, 812 91,480 212, 332 1921 20, 517, 862 15,160,150 2, 796, 291 1919.. 931, 826 610, 780 321,046 80,680 240,366 1922 20, 706, 010 15, 820, 737 2, 848, 4561920.. 1,133,028 736,390 396, 638 114, 555 282,083 1923 21, 511, 766 16, 897, 804 2, 875, 7121921.. 1, 225,897 829,906 395,991 179, 885 216,106 1924 22, 565, 919 17,131,131 2, 916, 2451922.. 1,109,050 732,990 376,060 192, 390 183, 670 1925 24, 350, 863 18, 413, 863 2, 970,074 1923.. 1,100, 508 736, 582 363,926 160, 438 203, 488 1926 25, 315, 624 19, 269, 646 3,089, 358 1924.. 1,109,054 766,044 343,010 147, 304 195, 706 1925.. 1,163, 783 798, 714 365,069 141,134 223, 935 1927 26, 581, 943 20, 358, 702 3, 239, 539 1926.. 1, 236, 223 841, 666 394, 557 145, 39® 249,167 1928 28, 508, 239 22, 302, 581 3, 570,988 1929 27, 440/228 21, 467, 858 3, 674, 763 1927.. 1, 276, 382 882, 374 394,008 141, 689 252, 319 1930 29,116, 539 21, 785, 375 3,976,148 1928.. 1, 380, 875 957, 661 423, 214 153,056 270,158 1931 27, 642, 698 20, 860,112 3, 755, 730 1929.. 1, 460,128 473, 246 171, 442 301, 804 1932. 22,367,711 17, 483,029 3, 279,848 1930.. 1, 458,962 459, 896 213, 635 246, 261 1933. 20, 860, 491 15, 491, 403 2, 856, 554 1931.. 1, 344, 077 948,024 396, 053 343, 512 52, 541 1934 23, 901, 592 17,046,296 3,001,033 1932.. 1,132, 366 771, 598 360, 768 500, 548 2-139,780 1935 26,061,065 18,085,103 3,086, 418 1933.. 960, 921 666, 010 294, 911 513, 295 2 -218,384 1936 29, 702, 839 20, 245, 967 3,165, 728 1934.. 941, 877 557,043 384, 834 688, 380 2 -303, 546 1937! 30, 280, 025 20, 893, 471 3, 205, 577 1935.. 1,001, 366 553, 203 448,163 376, 791 71, 372 1936_. 1, 098, 331 552, 428 545, 903 303, 932 241, 971 19373. 1,124, 588 576, 497 548,091 261, 971 286,120 1 As of call nearest June 30 in each year. See note below table II. 2 Invested capital includes common and preferred stock, surplus, undivided profits, reserves for contingencies, and funds for the retire- 1 For fiscal years ending August 31, 1890-1906; 10 months September 1, ment of preferred stock. 1906-June 30, 1907; and thereafter for fiscal years ending June 30. 3 Member national banks. 2 Deficit. 3 Member national banks. Source: Annual Reports of the Comptroller of the Currency. Figures NOTE.—The above figures for the years 1918-1937 have been changed for 1937 are from the FEDERAL RESERVE BULLETIN for September 1937. from the form in which they are officially reported in order to establish a comparability with the period prior to 1918. Recoveries on charged-off assets for the years 1918-1937 and profits on securities sold 1927-1937 have would not be affected if all of the data were placed on a more nearly com- been included with gross earnings rather than added to net earnings beparable basis. fore the deduction of gross losses to arrive at net profits (available for The ratios for the items of recoveries and profits on securities sold per dividends). The figures for these items (in thousands of dollars) are as $100 of loans and investments are as follows: follows: Profits on securities Profits on 1 19 9 Y 1 1 9 8 e ar R $ e . c . o 1 1 v 3 2 eries Y 1 1 9 9 e 2 2 a 7 8 r Rec $ o . . v 1 1 6 e 6 ries s $ o . . 2 2 l 7 d 6 191 Y 8 ear . Re 1 c 6 o , v 1 e 0 r 7 ies Y 19 e 2 a 7 r Re 3 c 3 o , ve 33 r 9 ies se 5 c s 2 u o , r 6 l i d 6 ti 0 es 1920 .14 1929 .17 .16 1919 21,066 1928 36, 469 59, 328 1921 .16 1930 .15 .19 1920 23,912 1929 35, 643 35,085 1922 .26 1931 .17 .24 1921 ... 23.978 1930 31, 621 41, 783 1923 .30 1932 .24 .14 1922 41, 782 1931 35, 310 50, 342 1924 .20 1933 *. 51 1923 . 51,100 1932 42, 325 24,869 1 1 9 9 2 2 6 5 . . 2 2 3 2 1 1 19 9 9 3 3 3 6 5 4 * * 1 1 . . . 0 7 1 9 0 9 .3 * * 9 1 1 1 9 9 9 2 2 2 6 4 5 . . _ 3 4 3 4 4 9 , , , 0 6 4 0 8 9 5 6 5 1 1 1 9 9 9 3 3 3 4 3 5 * * * 1 1 7 9 3 8 8 5 , , , 5 2 3 5 3 5 9 2 1 * * * 1937 .74 .60 1936 220, 379 78, 956 1937 154, 676 124, 765 * Profits on securities sold included in recoveries for the years * Profits on securities sold included in recoveries for the years 1933-1935. 1933-1935. Source: Ratios computed from dollar figures shown in tables III and Source: Annual Reports of the Comptroller of the Currency. Figures IV. for 1937 are from the FEDERAL RESERVE BULLETIN for November 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN FEBRUARY 1938 TABLE V—NET PROFITS PER $100 OF CAPITAL AND TABLE VI—INTEREST RECEIVED, INTEREST PAID, SURPLUS OF NATIONAL BANKS, BY GEOGRAPHIC EXPENSE OTHER THAN INTEREST, AND THE DIF- AREAS, 1890-1936x FERENCE BETWEEN INTEREST RECEIVED AND INTER- EST PAID PER $100 OF LOANS AND INVESTMENTS OF Year b ti a n A o n a n l - k l a s l E N la n e n g w d - E e a r s n t- So e u rn th- W M e d r e l i n d e st - - West- Pacific NATIONAL BANKS, 1918-1937x D b i e ff t e w re e n e c n e 1 1 1 8 8 8 9 9 9 0 2 1 . . . $ 8 7 8 . . . 4 2 5 8 7 1 $ 6 5 5 . . . 4 1 5 6 2 9 $ 7 8 8 . . . 5 4 7 9 3 5 $1 9 7 0 . . . 2 1 3 7 2 5 $ 9 8 9 . . . 5 6 5 8 3 3 $10 9 7 . . .6 0 4 4 2 8 $1 1 2 9 2 . . . 7 0 8 2 0 6 Year r I e n c t e e i r v e e s d t In p te a r i e d st o E t i h n x e t p e r e r t e n h s s a t e n te r i a r e n e n c t s e e d t i r v e i p n e s a d - t id 1893. 7.40 5.71 8.00 7.46 7.87 7.80 8.94 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 8 8 . 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 0 0 9 9 9 9 9 9 0 0 0 1 0 1 0 1 0 0 1 1 0 0 2 6 7 4 5 4 8 9 0 8 4 2 9 3 7 5 3 1 1 6 . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 4 4 6 9 9 8 9 8 9 5 5 5 9 8 8 9 0 0 0 1 0 . . . . . . . . . . . . . . . . . . . . . 5 8 3 6 7 9 0 1 5 9 3 6 3 0 8 1 1 9 2 1 2 4 8 1 9 6 2 5 7 2 9 5 9 6 6 1 1 4 2 7 6 1 4 4 4 4 4 4 6 6 5 8 8 5 7 7 6 7 6 5 5 7 7 . . . . . . . . . . . . . . . . . . . . . 0 3 4 8 7 0 7 9 6 7 4 5 5 8 7 7 7 9 9 4 0 4 0 2 6 9 1 2 5 8 3 3 9 0 4 3 0 9 6 4 3 2 1 1 1 1 1 1 6 6 6 9 5 5 5 8 9 8 8 8 8 7 7 2 1 0 0 0 0 . . . . . . . . . . . . . . . . . . . . . 3 7 5 0 6 8 9 6 6 1 1 8 3 0 9 4 8 5 5 3 0 5 9 2 5 2 3 1 1 4 8 8 0 5 5 4 6 2 0 9 4 6 1 1 1 1 1 1 1 1 1 1 1 4 6 6 5 6 7 9 9 9 9 0 1 1 1 1 1 2 1 0 0 0 . . . . . . . . . . . . . . . . . . . . . 2 9 7 5 8 8 7 5 6 8 6 5 6 5 3 6 1 4 0 2 1 9 0 4 8 5 3 7 0 2 8 4 5 3 7 0 9 0 0 9 2 0 1 1 1 1 1 4 5 4 6 9 5 5 9 8 9 9 8 8 8 8 8 0 0 0 0 0 . . . . . . . . . . . . . . . . . . . . . 1 9 1 5 8 8 3 8 7 6 8 1 1 3 7 5 6 1 5 2 8 7 7 9 2 4 3 3 9 9 2 1 9 0 1 3 5 9 1 4 5 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 8 9 2 2 5 1 1 6 4 4 2 4 3 8 3 1 2 0 5 1 . . . . . . . . . . . . . . . . . . . . . 0 3 7 3 3 9 5 8 2 9 9 5 5 9 2 3 2 5 7 5 9 0 2 4 2 8 8 5 9 4 1 7 7 2 3 2 3 3 2 2 5 5 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 3 2 5 7 1 9 8 1 1 4 2 1 2 4 1 0 3 2 0 . . . . . . . . . . . . . . . . . . . . . 7 4 6 8 2 8 5 2 3 6 2 5 8 8 6 1 9 2 9 3 1 2 7 9 9 2 8 4 2 8 8 2 4 4 4 9 9 5 2 3 3 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 1 2 1 3 2 2 2 2 2 2 2 3 2 3 3 2 3 3 3 3 8 5 9 7 3 0 1 2 4 6 9 1 8 3 6 7 0 4 5 2 . . . 2 . . . . . . . . . . . . . . . . . . . . $5 6 6 5 7 5 5 5 5 3 3 5 5 5 5 5 5 4 4 3 . . . . . . . . . . . . . . . . . . . . 0 0 6 3 3 5 1 4 2 2 3 4 7 6 7 0 2 3 9 4 4 9 4 0 0 6 7 3 9 4 0 1 6 3 2 0 5 1 6 7 $ 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 . . . . . . . . . . . . . . . . . . . . 0 0 9 1 2 1 7 6 0 7 9 1 1 6 0 2 2 1 9 1 7 4 7 6 3 3 1 9 9 5 2 1 1 3 1 8 3 1 3 5 $ 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 . . . . . . . . . . . . . . . . . . . . 8 2 7 2 5 3 4 3 2 1 3 3 2 3 0 2 1 5 8 1 8 0 6 6 9 3 4 1 3 8 2 9 3 5 4 0 4 5 2 3 $ 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 2 2 2 2 3 . . . . . . . . . . . . . . . . . . . . 5 1 4 8 8 3 5 5 4 0 1 4 8 3 5 6 2 5 9 1 2 9 0 6 8 2 1 9 0 6 6 8 0 3 4 6 1 6 3 5 1915. 7.08 5.91 5.99 7.59 7.98 10.24 7.23 1 1 9 9 1 1 6 7 . . 1 8 0 . . 7 5 6 2 8 9 . . 1 0 3 4 1 9 1 . . 1 1 5 3 8 9 . . 3 9 1 7 1 8 0 . . 2 1 9 0 1 1 1 4 . . 8 2 9 6 7 8. . 5 4 6 9 1 Fiscal years ending June 30. 1918. 11.09 9.62 11.12 10.96 11.30 14.49 9.25 2 Member national banks. 1919. 12.11 9.93 13.65 11.14 11. 21 13.57 10.63 Source: Computed from dollar figures shown in the Annual Reports 1920. 12.78 10.33 12.61 14.24 12.59 13.51 13.62 of the Comptroller of the Currency. 1921. 9.40 8.38 9.60 8.12 11.29 7.14 8.86 1922. 7.79 6.64 9.84 6.20 7.93 2.39 5.98 1923. 8.48 7.86 11.58 7.34 6.75 2.23 6.05 19242 8.11 6.95 10.59 8.04 6.82 -.19 6.86 1925. 9.00 7.61 11.76 7.90 7.23 2.69 7.68 1926. 9.54 9.38 10.91 9.47 8.50 4.41 8.39 1927. 9.24 7.38 11.25 7.32 8.50 5.41 8.40 1928. 8.96 8.92 9.90 7.73 8.47 8.07 7.99 1929. 9.72 7.57 9.76 8.32 11.68 11.15 8.85 1930. 7.38 5.38 6.93 6.36 7.87 11.29 10.24 19312 1.65 .90 -.13 .94 3.95 5.36 6.16 19322 -4.94 -6.01 -5.74 -2.45 -7.69 -5.28 1.29 19332 -9.08 -9.95 -10.37 -8.76 -9.24 -7.26 -4.39 19342 -11.71 -6.41 -12.61 -8.05 -17.56 -12.63 -5.44 1935. 2.70 1.97 1.92 4.40 1.57 4.60 5.62 1936. 9.06 6.35 8.37 8.65 10.64 11.08 1 For fiscal years ending August 31, 1890-1906; 10 months September 1, 1906-June 30, 1907; and thereafter for fiscal years ending June 30. 2 Minus figures represent net deficits. 3 The capital as of June 30,1933, used in computing ratios for that year, did not include the small amount of preferred stock outstanding because most of it had been recently issued. Source: Annual Reports of the Comptroller of the Currency. In some years, particularly those prior to 1912, when the ratios were not shown or were not on a fiscal year basis, they were derived from other data reported by the Comptroller. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDEKAL RESERVE BULLETIN 119 TABLE VII—AMOUNTS OF EARNINGS, EXPENSES, LOSSES, RECOVERIES, AND NET PROFITS OF MEMBER BANKS PER $100 OF LOANS AND INVESTMENTS, BY CALENDAR YEARS, 1927-1936 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 Earnings: Interest, and discount on loans $3.83 $3.96 $4.37 $3.81 $3.21 $2.98 $2.42 $2.00 $1.72 $1.64 Interest and dividends on investments . . _ ._ 1.40 1.44 1.32 1.33 1.44 1.60 1.71 1.76 1.62 1.55 Interest on balances with other banks, . ... .11 .09 .09 .10 .08 .06 .03 .01 .01 Total interest earned 5.34 5.49 5.79 5.25 4.73 4.64 4.16 3.77 3.35 3.19 Collection charges, commissions, fees, etc.. __ .13 .13 .17 .14 .11 .10 .10 .11 .10 .10 Foreign department _ _ _ _. .10 .06 .07 .07 .08 .08 .08 .07 .04 .04 Trust department .16 .19 .22 .23 .23 .23 .24 .26 .27 .28 Service charges on deposit accounts 0) 0) 0) 0) 0) 0) .08 .10 .12 .13 Other current earnings __-__..._ .45 .46 .41 .36 .40 .29 .31 .29 .31 .42 Gross earnings (excluding recoveries, etc.) 6.15 6.32 6.71 6.10 5.51 5.45 4.95 4.62 4.17 4.05 Expenses: Interest on time deposits _ _ . _ _ 1.24 1.27 1.25 1.27 1.16 1.06 .93 .84 .68 .56 Interest on demand deposits .69 .68 .69 .64 .42 .34 .17 .05 .03 .02 Interest on bank deposits .25 .22 .19 .21 .16 .12 .05 .01 .01 .01 Total interest on deposits 2.18 2.17 2.13 2.12 1.74 1.52 1.15 .90 .72 .59 Interest and discount on borrowed money .07 .14 .18 .06 .06 .14 .06 .01 Salaries and wages 1.28 1.27 1.30 1.28 1.23 1.25 1.23 1.22 1.16 1.12 Fees paid to directors and members of executive, discount, and advisory committees _ (2) (2) (2) (2) (2) (2) (2) (2) (2) .02 Taxes - .34 .32 .31 .32 .26 .24 .23 .23 .22 .26 Other expenses ._ _ .76 .75 .79 .76 .71 .86 .77 .79 .78 .79 Total expenses _. _ __ 4.63 4.65 4.71 4.53 4.00 4.01 3.44 3.15 2.88 2.78 Net earnings (before losses)... 1.52 1.67 2.00 1.57 1.51 1.44 1.51 1.47 1.29 1.27 Losses and depreciation: On loans _ .38 .34 .39 .55 .88 1.41 1.70 1.68 .87 .66 On investments ___ .11 .13 .27 .31 .79 1.07 1.38 1.19 .69 .42 On banking house, furniture, and fixtures .08 .09 .09 .10 .09 .08 .14 .15 .12 .12 All other.. .06 .06 .07 .07 .09 .17 .21 .23 .18 .21 Total losses and depreciation. .63 .63 .82 1.03 1.85 2.73 3.43 3.24 1.86 1.41 Recoveries, profits on securities, etc.: Recoveries on loans .08 .08 .07 .07 .08 .09 .12 .16 .25 .30 R Pr e o c f o it v s e r o ie n s s o ec n u i r n it v ie e s s t s m ol e d nts . . . .. . .3 0 2 3 . .2 0 6 3 . . 2 0 1 5 . .2 0 0 3 . . 2 0 1 4 .32 .69 .96 ( ( . . 7 5 4 1 All other .04 .04 .05 .03 .05 .10 .06 .09 .09 .07 Total recoveries, etc ... .47 .41 .38 .33 .38 .40 .50 .94 1.30 1.62 Net profits 3 1.36 1.45 1.56 .87 .04 -.89 -1.42 -.83 .73 1.48 1 Included in "other current earnings." 2 Included partly in "salaries and wages" and partly in "other expenses." 3 Minus figures represent net deficits. Source: FEDERAL RESERVE BULLETIN and Annual Reports of the Board of Governors of the Federal Reserve System. For dollar amounts see appendix table VIII. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN FEBRUARY 1938 TABLE VIII—ANNUAL EARNINGS, EXPENSES, LOSSES, RECOVERIES, AND NET PROFITS OF MEMBER BANKS, AND AMOUNTS OF LOANS AND INVESTMENTS, TOTAL RESOURCES, AND INVESTED CAPITAL, BY CALENDAR YEARS, 1927-1936 fin thousands of dollars] 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 Earnings: Interest and discount on loans ... ___ 1, 254, 289 1, 374,130 1, 562, 769 1, 349, 364 1, 072, 927 851,007 604, 297 540,014 498, 419 513, 399 Interest and dividends on investments. 458, 401 498, 420 472, 868 472, 351 480, 296 457, 712 426, 391 473, 791 467, 217 487,101 Interest on balances with other banks _ 36, 318 33,178 33, 264 35, 799 28, 682 16, 759 7,705 2,425 1,681 1,207 Total interest earned.. .. _._ _ _ 1, 749,008 1,905, 728 2,068,901 1, 857, 514 1, 581, 905 1, 325, 478 1, 038, 393 1,016, 230 967, 317 1,001, 707 Collection charges, commissions, fees, etc. 41,127 44, 662 61, 299 50, 328 38, 389 27, 943 24, 487 27, 810 28, 825 31, 397 Foreign department __ . 32, 352 22, 913 26, 209 25,011 25, 727 22, 531 21, 791 17,975 12, 282 12,165 Trust department 52, 971 65,956 77, 589 80, 280 75,041 64, 822 59, 658 70, 994 77, 703 88,297 Service charges on deposit accounts 0) 0) 0) 0) 0) 0) 20, 574 27, 619 35, 634 39, 415 Other current earnings 138,112 154, 765 164, 995 144, 789 120, 302 112,844 71,961 83, 245 84, 888 97, 927 Gross earnings _. 2,013, 570 2,194,024 2, 398,993 2,157, 922 1, 841, 424 1, 553, 618 1, 236, 864 1, 243,873 1, 206, 649 1, 270, 908 Expenses: Interest on time deposits 405, 711 439, 384 444, 636 450, 865 387, 284 301, 863 231, 765 227, 371 196, 490 175,164 Interest on demand deposits. _ _ 225, 685 234, 926 246, 493 225, 280 140, 691 97, 862 42,802 12, 494 9,298 7,137 Interest on bank deposits 81,642 75, 352 68,131 72, 847 52,935 34, 599 13, 424 3,498 2,695 2,175 Total interest on deposits 713,038 749, 662 759, 260 748, 992 580, 910 434, 324 287, 991 243, 363 208, 483 184, 476 Interest and discount on borrowed money _ _ 24, 514 48, 443 64, 265 22,001 19,136 38, 814 15,178 3,637 1, 230 613 Salaries and wages 420,128 440,000 463, 847 451, 776 412, 531 356, 557 306,021 327, 424 334,468 351, 714 Fees paid to directors and members of executive, discount, and advisory committees _ . _ _ 6,269 Taxes 190, 778 113,759 112, 476 113,418 86, 367 67,077 58,028 62, 278 63, 680 81,145 Other expenses 248, 246 261, 947 283, 872 268,148 236,435 246, 612 192, 082 212, 687 224, 654 247, 897 Total expenses 1, 515, 704 1, 613, 811 1, 683, 720 1, 604, 335 1, 335, 379 1,143, 384 859, 300 849,389 832, 515 872,114 Net earnings (before losses) 497, 866 580, 213 715, 273 553, 587 506,045 410, 234 377, 564 394, 484 374,134 398, 794 Losses and depreciation: On loans 123, 745 119, 290 139, 588 194, 725 295, 241 403, 272 425, 442 451, 782 252, 374 206, 548 37 284 45, 293 95, 465 109, 028 264,170 304, 961 344,053 320, 496 198, 765 131, 406 On banking house, furniture, and fixtures . _ _ _ 27,172 31, 832 33,171 36, 601 29,661 21, 370 35, 758 39, 422 33, 586 38, 721 All other 20, 492 20, 779 27, 249 24, 960 31,984 48, 627 53,026 61, 244 53, 537 64, 873 Total losses and depreciation 208, 693 217,194 295, 473 365, 314 620, 456 778, 230 858, 279 872, 944 538, 262 441, 548 Recoveries, profits on securities, etc.: Recoveries on loans _ 26,010 26, 502 25, 204 23, 402 28,000 24, 584 28, 815 44, 389 71, 901 94, 247 R Pr e o c f o i v ts e r o i n e s s e on c u i r n it v ie e s s t s m ol e d nts _ 10 10 6 , , 7 8 0 3 7 0 8 11 9 , ,9 4 7 7 4 5 7 19 5 , , 1 9 0 5 6 6 7 1 0 2 , , 8 3 5 3 2 4 7 13 0 , , 0 5 7 4 8 1 | 60,191 80, 072 185, 591 277, 027 \ { 2 1 3 6 0 0 , ,3 6 1 9 8 8 All other 14, 289 12, 898 16, 448 11, 641 15,053 28, 334 15, 998 23, 979 27,078 22, 808 Total recoveries, etc 157, 836 140, 849 136, 714 118, 229 126, 672 113,109 124, 885 253, 959 376,006 508, 071 Net profits 3 _____ 447, 009 503, 868 556, 514 306, 502 12, 261 -254,887 -355, 830 -224, 501 211,878 465, 317 Loans and investments 4 32, 755 97034, 721, 87935, 727,12835, 395, 41233, 431, 79128, 522, 52024, 986, 27926, 930, 45728, 898, 45831, 382, 839 Total resources 4___ _ _ ______ ... 42, 800, 43245, 596,19847, 533, 08247, 164, 24043, 991, 17137, 042, 28933, 366, 54937,176,10041, 613, 26045, 903, 758 Invested capital 4_ __ _____ 5, 162, 702 5, 622, 312 6, 360, 306 6, 722, 782 6, 395, 866 5, 660, 145 4, 902, 319 5, 049, 525 5,118, 478 5, 209, 486 i Included in "other current earnings." 2 included partly in "salaries and wages" and partly in "other expenses." 3 Minus figures represent net deficits. 4 For 1933, figures of loans, investments, total resources, and invested capital are averages of amounts from reports of condition for 3 call dates (June 30, October 25, and December 30, 1933); for other years they are averages of amounts for all call dates during the year and the last call date in the previous year. Source: FEDERAL RESERVE BULLETIN and Annual Reports of the Board of Governors of the Federal Reserve System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 121 TABLE IX—INTEREST ON DEPOSITS, SALARIES AND TABLE X—GROSS EARNINGS, EXPENSES, NET EARN- WAGES, AND OTHER EXPENSES PER $100 OF LOANS INGS, GROSS LOSSES, AND NET PROFITS PER $100 OF AND INVESTMENTS OF KANSAS STATE BANKS X LOANS AND INVESTMENTS OF KANSAS STATE 1902-19352 AND OF ALL NATIONAL BANKS, 1918- BANKS,1 1902-1935 1937 2 Gross Ex- Net Gross Net Interest on Salaries Other Calendar year earnings penses earnings losses profits deposits and wages expenses Year 1902. $10. 57 $4.97 $5.60 $ .94 $4.66 Kansas National Kansas National Kansas National 1 1 9 9 0 0 3 4 . . 1 1 0 0 . . 2 3 6 0 4 5 . . 9 1 8 2 5 5 . . 1 3 4 2 . . 5 4 7 6 4 4 . . 5 8 7 6 1905. 10.40 5.47 4.93 .71 4.22 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 1 1 1 1 1 1 2 1 1 1 2 1 2 3 2 2 2 2 2 3 2 2 3 3 3 3 4 2 3 6 7 5 2 8 9 0 2 1 4 7 5 6 9 3 0 8 5 0 1 4 6 7 8 2 9 3 1 4 5 3 . .. $ 1 1 1 1 1 1 1 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . . . . . . . . . . . 9 9 3 7 7 7 8 9 9 8 6 6 7 6 8 3 1 6 7 0 0 8 8 9 8 0 1 0 4 6 6 9 2 5 9 8 4 2 5 5 0 2 2 6 8 2 5 8 2 9 5 9 6 0 5 6 5 1 1 7 6 5 8 7 7 0 5 1 $ 2 1 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . . . . . . . 6 9 8 8 9 8 0 6 0 1 0 0 1 7 0 7 9 1 6 7 9 6 2 5 0 4 4 0 2 2 2 9 3 1 3 1 $ 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 2 2 2 2 2 2 2 2 2 2 1 2 2 1 2 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 1 3 8 9 1 3 2 4 9 0 3 2 3 5 4 3 3 3 3 3 6 2 2 3 6 5 5 8 4 3 2 8 5 6 1 6 8 9 9 0 2 7 9 1 4 0 8 9 9 9 2 2 9 3 0 1 3 2 9 1 2 1 7 0 $ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . . . . . . . 0 2 2 2 3 3 8 3 1 1 1 1 8 2 3 1 1 2 6 7 0 7 7 4 9 2 9 9 8 8 5 2 9 6 4 3 $ 2 2 1 1 1 1 2 1 1 2 2 1 1 1 2 2 2 2 1 1 1 1 2 2 2 2 1 1 1 1 1 1 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0 8 2 8 8 8 7 8 3 7 7 7 7 0 7 9 7 1 8 4 0 8 8 0 2 8 1 9 3 1 2 7 7 9 9 0 0 4 0 7 5 6 6 9 7 8 5 7 6 9 4 0 6 6 5 8 9 3 1 8 3 5 1 1 1 3 7 $ 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . . . . . . . . 1 2 1 6 1 2 0 2 3 0 3 2 2 5 1 9 2 9 1 4 0 1 4 6 2 9 1 4 4 6 7 7 2 3 9 1 8 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 1 1 1 1 1 1 1 1 2 2 2 1 2 3 3 2 3 3 3 3 2 2 2 2 2 2 1 1 7 9 8 6 2 0 3 8 4 5 7 6 0 1 9 3 5 4 4 2 2 0 1 3 8 5 9 7 6 L I D _ , . . . , . . . . . . . . . . . . . . . . . . . . . . . n e c f lu ic d it e . s State and p 1 9 9 9 9 9 r 9 9 8 0 9 9 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 7 7 7 i . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v 8 1 2 9 3 2 3 0 8 1 4 9 1 2 1 4 6 7 2 5 3 4 3 3 0 9 1 3 a 9 0 6 8 5 7 1 9 1 1 1 5 8 9 0 4 1 5 2 1 8 1 7 7 8 4 9 0 9 1 t 3 6 e bank 4 5 5 5 5 5 5 5 5 5 5 6 5 5 5 6 6 6 5 6 6 6 6 6 6 6 6 5 5 5 s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1 3 5 6 4 4 0 5 4 6 6 5 2 6 9 4 6 8 3 7 2 0 0 0 3 0 7 8 3 a 5 0 3 1 0 5 9 8 3 9 7 7 0 7 0 7 8 8 4 8 4 5 7 5 3 2 8 5 3 2 nd trus 4 4 4 4 3 4 3 3 3 3 3 3 2 2 2 1 1 1 1 1 2 2 2 2 2 2 2 1 1 1 t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 7 8 3 1 8 8 8 2 9 8 2 4 7 2 2 6 6 6 9 0 0 3 0 8 6 2 9 2 3 c 4 9 9 8 8 2 2 6 8 5 7 5 2 8 1 6 5 3 1 4 7 0 0 6 4 8 9 2 1 o 1 mpanie 1 1 1 3 4 2 1 1 1 1 1 1 1 1 . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 4 3 4 4 4 7 4 5 4 6 0 4 7 4 5 0 1 3 1 3 0 5 0 5 2 4 1 8 . 6 0 8 9 9 7 0 8 3 2 3 5 5 8 8 0 0 5 2 9 7 2 2 2 2 7 6 8 3 3 2 2 2 - - 1 - 2 4 3 4 3 3 3 3 3 2 2 3 2 2 2 1 1 1 1 1 . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . 8 . . . 9 6 3 6 3 1 4 7 1 9 1 6 9 8 2 2 7 7 6 0 6 1 2 4 3 8 2 1 2 9 0 9 9 5 3 7 5 6 1 9 3 9 0 1 1 3 5 5 8 5 7 6 8 2 8 0 1 7 1 19 9 3 3 7 6 3 . . 6 6 3 9 1 1 . . 0 0 6 9 1.04 Dollar amounts shown in table XI. 1 Includes State and private banks and trust companies. 2 Kansas figures for calendar years; national bank figures for fiscal years ending June 30. 3 Member national banks. Dollar amounts for Kansas State banks in table XI; for national banks computed from dollar figures shown in the Annual Reports of the Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN FEBRUARY 1938 TABLE XI—LOANS AND INVESTMENTS, ANNUAL TABLE XII—INTEREST RECEIVED, INTEREST PAID, EX- GROSS EARNINGS, ANALYSIS OF EXPENSES, GROSS PENSE OTHER THAN INTEREST, AND THE DIFFERENCE LOSSES, AND NET PROFITS OF KANSAS STATE BETWEEN INTEREST RECEIVED AND INTEREST PAID BANKS,1 1902-19352 PER $100 OF LOANS AND INVESTMENTS OF KANSAS STATE BANKS,1 1902-1935 [In thousands of dollars] Expense Difference be- Expenses Calendar year Interest Interest other tween interest Year i m L n a o v e n a e n d n s t t s s - G e i a n r r o g n s s - s Total w a a S a r n a i g e l d e - s s e p In s o d t t s e e i - o r t n s - p O e e t n x h s - e e r s l G o r s o se s s s pr N of e i t ts 1 1 9 9 0 0 2 3 . ... _ rece $ i 8 9 v . e 1 8 6 d 0 pa $ id .8 8 1 1 in t t h e $ a 4 r 4 e n .1 3 s 7 t 1 r in ec te e $ r i 7 8 v e . e s 9 3 t d 5 9 p a a n id d 1904 9.07 .93 4.05 8.14 1905 8.97 .98 4.49 7.99 1902.... 32,483 3,433 1,616 769 248 599 306 1,511 1906 8.92 1.04 4 06 7 88 1903.... 37,677 3,866 1,929 859 282 788 216 1,721 1907 8 20 1 03 3 82 7 17 1904-... 40,510 4,172 2,019 935 359 725 187 1,966 1908 8.97 1.21 4 11 7 76 1905.... 44,657 4,644 2,442 1,051 412 979 319 1,883 1909 8 38 1 18 4 43 7 20 1906.... 50,985 5,042 2,602 1,179 503 920 232 2,208 1910 8.23 1.19 3 88 7 04 1907.... 61, 514 5,597 2,982 1,325 604 1,053 371 2,244 1911. 8 66 1 3? 4 20 7 34 1908.... 60,854 6,217 3,241 1,458 708 1,075 472 2,504 1912 8 51 1 48 3 98 7 03 1909.... 75, 593 7,542 4,236 1,653 797 1,786 361 2,945 1913. 8 46 1 57 3 92 6 89 1910.... 84, 878 7,856 4,308 1,863 910 1,535 417 3,131 1914 8.34 1.78 3 89 6 56 1911... 83, 510 7,806 4,605 2,000 1,007 1,598 322 2,879 1915 8 44 1 78 3 89 6 66 1912.... 92,200 8,550 5,026 2,131 1,239 1,656 398 3,126 1916 8 44 1 82 3 72 6 62 1913.... 99,155 9,230 5,445 2,255 1,456 1,734 642 3,143 1917 8 25 2 05 3 56 6 20 1914.... 102,929 9,209 5,837 2,354 1,623 1,860 480 2,892 1918 7.63 2.00 3 48 5 63 1915.... 115,170 10,464 6,527 2,529 1,847 2,151 493 3,444 1919. 7 75 2 09 3 59 5 66 1916.... 132,705 12,183 7,344 2,747 2,223 2,374 635 4,204 1920 7 58 2 16 3 68 5 42 1917.... 162, 615 14,332 9,112 3,115 3,178 2,819 849 4,371 1921. 7 84 2 29 4 22 5 55 1918.... 208,155 16,872 11, 399 3,766 3,772 3,861 830 4,643 1922 . 7.53 2.22 4 27 5 31 1919.... 245, 510 20,349 13,949 4,584 4,291 5,074 978 5,422 1923. 7 15 2 10 4 17 5 05 1920.... 287, 313 23, 264 16, 773 5,696 4,937 6,140 1,437 5,054 1924 7 66 2 27 4 70 5 39 1921.... 266, 724 22, 423 17, 346 5,960 4,820 6,566 2,093 2,984 1925. 7 43 2 24 4 50 5 19 1922.... 244,192 20,616 15, 851 5,660 4,702 5,489 2,575 2,190 1926 7 17 2 10 4 28 5 07 1923.... 240,024 19, 517 15,040 5,490 4,437 5,113 2,514 1,963 1927. 7.01 2 02 4 31 4 99 1924.... 219,649 19,210 15,311 5,568 4,508 5,235 2,262 1,637 1928 7 09 1 92 4 33 5 17 1925.... 224, 299 19, 316 15,122 5,352 4,625 5,145 2,519 1,675 1929. 7.06 1 85 4 22 5 21 1926.... 223, 201 18,703 14, 235 5,199 4,293 4,743 2,955 1,513 1930 6 73 1 75 4 08 4 98 1927.... 210,113 17,604 13, 286 5,011 3,909 4,366 2,923 1,395 1931. 6.60 1.85 4 20 4 75 1928.... 207, 265 17, 564 12,947 4,950 3,725 4,272 2,430 2,187 1932 6 16 1 94 4 14 4 22 1929.... 207,693 17,385 12,600 4,960 3,566 4,074 2,117 2,668 1933. 5.84 1.81 4 22 4 03 1930.... 193, 590 16,484 11,296 4,737 3,200 3,359 2,934 2,254 1934 5 77 1 50 4 25 4 27 1931._._ 155,967 12,460 9,430 4,094 2,617 2,719 2,371 659 1935.. 5.45 1.17 4 15 4 28 1932.... 129,842 9,597 7,893 3,406 2,195 2,292 2,376 8-672 1933 ... 105,737 7,508 6,375 2,737 1,744 1,894 3,457 -2,324 1934.... 104,351 8,394 6,004 2,622 1,453 1,929 4,362 -1,972 1 Includes State and private banks and trust companies. 1935.... 108,828 8,882 5,794 2,640 1,195 1,959 2,682 406 Dollar amounts shown in table XIII. i Includes State and private banks and trust companies. 2 Loans and investments as of June 30 each year; other data on calendar year basis, a Deficit. Source: Biennial reports of the Bank Commissioner of the State of Kansas. TABLE XIII—INTEREST RECEIVED, INTEREST PAID, AND EXPENSE OTHER THAN INTEREST OF KANSAS STATE BANKS,1 1902-1935 [In thousands of dollars] Interest paid Expense Interest paid Expense Calendar year r I e n c t e e i r v e e s d t O p n o s d it e s - Other Total in o t t h t e h a r e e n r st Calendar year r I e n c t e e i r v e e s d t O po n s i d t e s - Other Total in o t t h t e h a r e e n r st 1902 2,975 248 15 263 1,353 1919 ... 19,020 4,291 833 5,124 8,825 1903 3,314 282 24 306 1,623 1920 21,775 4,937 1,258 6,195 10,578 1904 3,673 359 18 377 1,642 1921 20, 912 4,820 1,278 6,098 11, 248 1905 4,007 412 26 438 2,004 1922 18, 398 4,702 723 5,425 10,426 1906 4,549 503 27 530 2,072 1923 17,164 4,437 606 5,043 9,997 1907 5,043 604 27 631 2,351 1924 16, 815 4,508 473 4,981 10, 330 1908 5,460 708 31 739 2,502 1925 16, 662 4,625 407 5,032 10,090 1909 6,331 797 94 891 3,345 1926 16,006 4,293 390 4,683 9,552 1910 6,989 910 103 1,013 3,295 1927 14,733 3,909 329 4,238 9,048 1911 7,228 1,007 94 1,101 3,504 1928 14, 701 3,725 247 3,972 8,975 1912 7,849 1,239 122 1,361 3,665 1929 14, 659 3,566 269 3,835 8,765 1913 8,393 1,456 102 1,558 3,887 1930.. 13,029 3,200 196 3,396 7,900 1914 8,577 1,623 208 1,831 4,006 1931 10, 298 2,617 271 2,888 6,543 1915 9,719 1,847 198 2,045 4,482 1932 8,003 2,195 321 2,516 5,377 1916 11,199 2,223 187 2,410 4,934 1933.... .. 6,174 1,744 166 1,910 4,465 1917 13,409 3,178 149 3,327 5,785 1934 6,019 1,453 112 1 565 4 439 1918 - 15,890 3,772 384 4,156 7,243 1935 5,927 1,195 83 1,278 4,516 1 Includes State and private banks and trust companies. Source: Biennial reports of the Bank Commissioner of the State of Kansas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 123 TABLE XIV—AVERAGE LOANS,1 AVERAGE INVESTMENTS,1 AND GROSS RETURN, GROSS LOSSES, RECOVERIES, NET LOSSES, AND NET RETURN ON LOANS AND ON INVESTMENTS OF ALL MEMBER BANKS, ANNUALLY, 1927-1936 [In millions of dollars] Average Gross return2 on Gross losses on Recoveries on Net losses on Net return on Calendar year In- In- In- In- In- In- Loans vest- Loans vest- Loans vest- Loans vest- Loans vest- Loans vestments ments ments ments3 ments4 ments 1927 23,006 9,750 1,254 458 124 37 26 118 98 +80 1,157 539 1928 24,154 10,568 1,374 498 119 45 27 101 93 +56 1,281 555 1929 25, 615 10,112 1,563 473 140 95 25 95 114 1,448 472 1930 25,018 10,377 1,349 472 195 109 23 83 171 26 1,178 447 1931 21, 732 11,700 1,073 480 295 264 28 84 267 181 806 300 1932 16, 744 11,779 851 458 403 305 25 60 379 245 472 213 1933 . 12,917 12,070 604 426 425 344 29 80 397 264 208 162 1934 12,477 14,454 540 474 452 320 44 186 407 135 133 339 1935 .. 11,985 16,913 498 467 252 199 72 277 180 +78 318 545 1936 12, 544 18,839 513 487 207 131 94 391 112 +260 401 747 1 Average of amounts reported on call dates, December through December, except in 1933. 2 Gross return is comprised of interest and discount on loans, and interest and dividends on investments. 3 Profits on securities sold are included in recoveries on investments. 4 A plus sign indicates an excess of recoveries and profits on securities sold over gross losses. Source: FEDERAL RESERVE BULLETIN and Annual Reports of the Board of Governors of the Federal Reserve System. TABLE XV—GROSS ANNUAL RATES OF RETURN ON LOANS AND ON INVESTMENTS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, 1927-1936 [Figures in percentages] Federal Reserve districts All mem- Calendar year ba b n er ks B to os n - Y N o ew rk P a p d h h e i i l l 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 a it n s y - Dallas F c S r is a a c n n o - Gross return 1 on loans 1927. 5.5 5.0 4.7 5.4 5.8 6.0 6.3 5.4 5.8 6.3 6.7 7.1 6.0 1928. 5.7 5.4 ' 5.2 5.5 5.9 6.1 6.4 5.5 5.9 6.4 6.8 7.0 6.2 1929. 6.1 6.1 5.9 5.8 6.1 6.1 6.6 6.0 6.2 6.8 7.0 7.4 6.3 1930. 5.4 5.2 4.6 5.4 5.8 5.8 6.1 5.6 5.6 6.5 6.8 7.0 6.1 1931. 4.9 4.8 4.1 5.2 5.4 5.6 5.8 4.6 5.3 6.0 6.5 6.6 5.9 1932. 5.1 5.0 4.4 5.1 5.5 5.5 5.7 4.9 5.6 5.9 6.5 6.6 5.7 1933. 4.7 4.6 3.8 4.9 5.5 5.5 5.3 4.3 5.2 5.5 6.3 6.4 5.6 1934. 4.3 4.3 3.3 4.6 5.2 5.3 5.1 4.2 4.9 5.0 6.0 6.3 5.2 1935. 4.2 4.1 3.0 4.5 5.0 5 2 5.0 4.2 4.7 4.7 5.8 6.4 5.0 1936. 4.1 4.0 2.9 4.5 4.9 5.2 5.1 4.0 4.7 4.7 5.8 6.5 5.1 Gross return2 on investments 1927.. 4.7 5.1 5.1 5.0 4.9 4.0 4.1 4.3 4.6 3.9 4.3 3.4 4.1 1928.. 4.7 4.9 5.0 5.0 5.0 4.1 4.2 4.6 4.6 4.2 4.3 3.5 4.3 1929.. 4.7 4.8 4.9 5.2 5.0 4.1 4.0 4.4 4.7 4.4 4.4 3.9 4.2 1930- 4.5 4.8 4.5 5.1 4.8 4.1 4.0 4.4 4.6 4.4 4.4 3.7 4.4 1931.. 4.1 4.3 3.9 4.7 4.6 3.8 3.8 3.8 4.3 4.3 4.2 3.4 4.0 1932.. 3.9 4.0 3.7 4.4 4.3 3.6 3.7 3.7 3.9 4.4 4.0 3.5 3.8 3.5 3.6 3.5 4.0 3.8 3.5 3.2 3.0 3.5 4.0 3.4 3.3 3.6 1934.. 3.3 3. 6 3.0 3.9 3.7 3.4 3.4 2.9 3.3 3.8 3.4 3.3 3.5 1935_. 2.8 3.0 2.3 3.7 3.3 3.1 3.0 2.4 3.1 3.1 3.0 2.9 3.1 1936.. 2.6 3.0 2.2 3.5 3.1 2.8 2.9 2.3 2.7 2.9 2.6 2.9 2.8 1 Interest and discount. 2 Interest and dividends. Source of basic figures from which percentages were computed: FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN FEBRUARY 1938 TABLE XVI—NET ANNUAL RATES OF LOSS ON LOANS AND ON INVESTMENTS OF MEMBER BANKS, BY FED- ERAL RESERVE DISTRICTS, 1927-1936 [Figures in percentages] Federa1 Reserve districts All Calendar year member banks Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Net loss1 on loans 1927 .4 .5 .3 .3 .4 .6 .7 .4 .4 .8 1.0 .9 .5 1928 .4 .6 .2 .4 .3 .5 .8 .3 .4 .8 .7 .8 .4 1929 .4 .5 .4 .3 .3 .6 .9 .5 .4 .7 .6 .8 .3 1930 .7 .7 .8 .6 .5 .6 1.3 .5 .5 .6 .8 1.3 .5 1931 1.2 1.0 1.5 1.2 .7 1.3 1.7 1.1 .9 .9 1.5 2.1 .6 1932 2.3 1.8 3.1 2.3 1.5 1.6 1.3 2.2 1.3 1.8 2.5 2.8 1.3 1933 3.1 3.4 2.7 2.6 2.5 3.1 3.1 6.2 3.2 2.8 3.3 4.2 1.9 1934 . . 3.3 2.8 3.7 3.2 3.5 3.1 3.2 3.4 2.7 4.3 3.1 3.3 2.3 1935 1.5 1.0 1.7 2.2 1.3 1.5 1.4 1.6 1.1 1.3 1.6 1.3 1.2 1936 .9 1.0 .8 1.4 1.2 .6 .9 1.0 .3 2 .2 .4 1.2 Net loss2 on investments 19273 +.8 +.6 +1.1 +1.0 +.7 +.6 19283 +.5 +.6 +.6 +.8 +.6 +.3 19293 1.8 +.2 +.3 +.2 .2 19303 .2 .2 . 7 .3 .2 1931 1. 5 1.8 1.8 1.7 1.8 1932 _ 2.1 2.8 2.0 4.2 1.9 2.4 1933 2 2 2.4 2.8 2.2 1.3 3.0 19343 .9 .7 1.3 1.4 1.0 +.1 19353 +.4 +.4 +.5 +.1 .1 19363 +1.4 +1.1 +1.9 +1.0 +.9 ++ CO OO +.4 +.8 +.7 +.2 +.3 +.3 +.7 +.4 +.6 +.5 +.1 +.6 . 1 +• 1 +. 1 2 +.1 + 2 .3 +.3 .3 .1 .2 +.2 1.3 1.0 1. 7 1.0 1 0 .4 1.0 2.3 1.6 2.6 1.0 .8 .6 1. 5 2.6 2.4 3.1 1.0 .5 .6 . 1 .4 1.1 1.9 .4 +.2 .5 +.7 +.4 +.5 +.4 +.6 +1.0 +1.0 +.9 + 1.3 +1.1 +.5 +.6 +.9 +1.2 1 Gross losses on loans less recoveries on loans. 2 Gross losses on investments less recoveries on investments and profits on securities sold. 3 A plus sign indicates an excess of recoveries and profits on securities sold over gross losses. Source of basic figures from which percentages were computed: FEDERAL RESERVE BULLETIN. TABLE XVII—NET ANNUAL RATES OF RETURN ON LOANS AND ON INVESTMENTS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, 1927-1936 [Figures in percentages>] Federal Reserve districts All Calendar year member San banks Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Net returnl on loans 1927 5 1 4 5 4 4 5 1 5.4 5.4 5.6 5.0 5.4 5.5 5 7 6 2 5.5 1928 5.3 4.8 5.0 5.1 5.6 5.6 5.6 5.2 5.5 5.6 6.1 6.2 5.8 1929 5 7 5.6 5. 5 5.5 5.8 5.5 5.7 5.5 5.8 6.1 6.4 6.6 6.0 1930 . . 4.7 4.5 3.8 4.8 5.3 5.2 4.8 5.1 5.1 5.9 6.0 5.7 5.6 1931 3.7 3.8 2.6 4.0 4.7 4.3 4.1 3.5 4.4 5.1 5.0 4.5 5.3 1932 2.8 3.2 1.3 2.8 4.0 3.9 4.4 2.7 4.3 4.1 4.0 3.8 4.4 1933 1.6 1.2 1.1 2.3 3.0 2.4 2.2 2-1.9 2.0 2.7 3.0 2.2 3.7 1934 1.0 1.5 2-. 4 1.4 1.7 2.2 1.9 .8 2.2 .7 2.9 3.0 2.9 1935. 2.7 3.1 1.3 2.3 3.7 3.7 3.6 2.6 3.6 3.4 4.2 5.1 3.8 1936 3.2 3.0 2.1 3.1 3.7 4.6 4.2 3.0 4.4 4.5 5.6 6.1 3.9 ]Vet return3 on investments 1927 5.5 5.7 6.2 6.0 5.6 4.6 4.5 5.1 5.3 4.1 4.6 3.7 4.8 1928 5.2 5.5 5.6 5.8 5.6 4.4 4.6 5.2 5.1 4.3 4.3 3.4 4.9 1929 4.7 3.0 5.1 5.5 5.2 3.9 3.9 4.5 4.8 4.3 4.2 3.8 4.4 1930 4.3 4.6 3.8 4.8 4.8 3.9 3.7 4.7 4.3 4.5 4.2 3.9 4.4 1931 2.6 2.5 2.1 2.2 2.9 2.0 2.5 2.8 2.6 3.3 3.2 2.7 3.6 1932 . .. 1.8 1.2 1.7 .2 2.4 1.2 2.7 1.4 2.3 1.8 3.0 2.7 3.2 1933 1.3 1.2 .7 1.8 2.5 .5 1.7 .4 1.1 .9 2.4 2.8 3.0 1934 2. 4 2.9 1.7 2.5 2.7 3.3 3.5 2.5 2.2 1.9 3.0 3.5 3.0 1935 3.2 3.4 2.8 3.8 3.2 3.4 , 3.7 2.8 3.6 3.5 3.6 3.9 4.1 1936 4.0 4.1 4.1 4.5 4.0 3.6 3.8 3. 6 3.8 3.4 3.2 3.8 4.0 1 Interest and discount, less net losses or plus net recoveries. 2 Deficit. 3 Interest and dividends, less net losses or plus net recoveries. Source of basic figures from which percentages were computed: FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1937 Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco CURRENT EARNINGS Discounted bills $212,410 $17,578 $85, 780 $26, 307 $8, 083 $9, 054 $23, 720 $6, 870 $5, 075 $4, 759 $6, 655 $9, 967 $8, 562 Purchased bills.. .. 24, 031 1,602 8,724 2,348 2,167 885 785 2,801 662 464 641 642 2,310 U. S. Government securities 39, 025, 450 2, 838, 673 11,035,951 3, 257, 295 3, 848, 643 2, 074, 526 1,726,139 4, 330, 806 1, 752, 810 1,292,462 1, 943, 299 1, 527, 738 3, 397,108 Industrial advances. _._ _ _ 1,091,417 136,260 261,114 222,940 46,056 122, 824 13,778 51,554 15, 801 43, 381 31, 787 69,611 76,311 Commitments to make industrial advances __ 189, 897 17,818 67, 704 1,766 11,288 17,640 1,620 196 11,514 636 2,129 3,465 54,121 All other 689, 930 4,771 89, 233 48, 438 70,382 25, 056 25, 355 183,356 16, 872 8,657 149, 847 12, 070 55, 893 Total current earnings 41,233,135 3, 016, 702 11,548,506 3, 559, 094 3, 986, 619 2, 249, 985 1, 791, 397 4, 575, 583 1, 802, 734 1, 350, 359 2,134,358 1, 623, 493 3, 594, 305 CURRENT EXPENSES Operating expenses: Salaries: Officers .. . . $2, 294, 321 $114,125 $525, 819 $117, 806 $185, 809 $158, 620 $157, 029 $244, 705 $173, 677 $106, 835 $165,122 $131,800 $212,974 Employees 16,223,573 1, 088, 402 4, 320,000 1, 286, 729 1, 464, 381 935, 458 804, 054 1,905,387 874,574 549,152 896, 692 739, 515 1, 359, 229 Retirement System contributions for current service 894,142 55, 514 233, 907 69,004 77, 519 53, 897 42,035 104,784 51, 633 33, 255 57, 439 38, 857 76, 298 Legal fees 63, 504 3,616 7,058 6,071 5,462 1,932 531 16 9,196 10, 256 9, 066 10,300 Directors' fees and expenses 138,483 6,334 10, 445 8,131 7,958 6,502 14, 130 6,577 12,623 12, 104 29,595 8, 265 15, 819 Federal Advisory Council fees and expenses 14,399 1,157 549 750 676 832 1,021 992 1,350 995 1,239 1,488 3, 350 Traveling expenses (other than of directors and members of Federal Advisory Council) 272, 761 15, 644 48,415 27, 801 22, 427 22, 827 17,725 23, 870 18,077 22, 630 12,917 12, 784 27, 644 Postage and expressage 3, 287, 856 361,891 555,155 299, 718 294, 961 261,133 219, 563 375, 500 151,251 123,536 215,021 162,382 267, 745 Telephone and telegraph . _ 536, 424 24, 841 110,661 33, 365 50, 201 33, 620 50, 960 34, 533 38, 742 19, 930 46, 574 37, 179 55, 818 Printing, stationery and supplies. 770,002 72,020 155,437 75,936 58,184 44, 388 49,403 86,126 42, 251 31, 070 45,150 44, 281 65, 756 tr1 Insurance on currency and security shipments 281,419 40, 235 54, 269 31, 873 29, 572 19, 961 15, 663 29, 895 6,203 8,728 10.054 9, 167 25, 799 Other insurance 236, 095 15, 620 30, 045 18, 859 18, 754 15, 554 17, 364 20,807 19,171 19, 792 22, 843 16, 256 21, 030 Taxes on bank premises 1,391,665 146, 541 413,865 69, 767 129,615 68, 274 58, 897 163,820 53, 277 72,103 87, 606 31,095 96, 805 Depreciation on bank building... 1,297,858 55, 832 297, 378 126, 532 156,770 109, 233 43, 076 130,837 48, 898 28, 809 127, 877 69, 492 103,124 Light, heat, power, and water. _. 379, 870 27, 547 73, 470 35, 312 41,998 20, 871 18, 029 42, 920 23, 110 17,161 34, 172 19, 849 25,431 Repairs and alterations to bank building 152,688 4, 373 22, 039 15, 586 11,691 5, 853 18,189 13,458 11,179 15, 150 10, 497 12, 801 11,872 Rent 176 823 240 1 284 82, 908 29, 217 4,513 3, 093 3,100 90 1,605 50, 773 Furniture and equipment 290,187 13,193 55, 883 29, 531 29,195 5,891 15, 007 33, 696 40, 462 19, 778 16, 614 18,141 12,796 All other 540, 465 28, 417 63, 886 66,012 51, 704 29, 908 40, 205 68, 529 37, 164 25, 549 36, 008 28, 430 64, 653 Total operating expenses 29, 242, 535 2, 075, 542 6, 978, 281 2, 320,067 2, 719, 785 1,822,039 1, 588, 795 3, 290, 060 1, 606,758 1,115,863 1, 825, 676 1, 392, 453 2, 507, 216 Less reimbursements for certain fiscal agency and other expenses 3, 947, 700 203,000 690, 443 220, 719 260, 018 262, 149 484, 835 549, 087 360, 893 153,449 219, 096 305, 025 238,986 Net operating expenses. ._. , 25, 294, 835 1,872,542 6, 287, 838 2, 099, 348 2, 459, 767 1, 559, 890 1,103, 960 2, 740, 973 1, 245, 865 962, 414 1, 606, 580 1, 087, 428 2, 268, 230 Assessment for expenses of Board of Governors. 1,748,380 126, 619 631. 679 171,565 161,223 75, 054 61, 248 203,408 51,615 40, 347 50,120 51,390 124,112 Federal Reserve currency: Original cost 1, 530, 802 143, 830 380, 620 122, 380 132, 281 81,218 67, 393 222, 781 62,215 43, 740 55, 361 60, 056 158,927 Cost of redemption. _ .. ........ 226, 597 17, 765 50,811 18, 541 16, 974 13,611 19, 926 32, 396 11,398 6, 359 8, 492 9, 984 20, 340 Total current expenses.. 28, 800, 614 2,160, 756 7, 350, 948 2,411,834 2, 770, 245 1, 729, 773 1,252,527 3, 199, 558 1,371,093 1, 052, 860 1,720,553 1, 208, 858 2,571,609 to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

K) EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1937—Continued New Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco PROFIT AND LOSS ACCOUNT Current earnings $41, 233,135 $3,016, 702 $11, 548, 506 $3, 559,094 $3, 986, 619 $2, 249, 985 $1,791,397 $4, 575, 583 $1,802, 734 $1, 350, 359 $2,134,358 $1, 623,493 $3, 594, 305 Current expenses 28, 800, 614 2,160, 756 7, 350,948 2,411,834 2, 770, 245 1, 729, 773 1, 252, 527 3,199, 558 1, 371,093 1,052,860 1, 720, 553 1, 208,858 2, 571, 609 Current net earnings 12, 432, 521 855,946 4,197, 558 1,147, 260 1, 216,374 520, 212 538,870 1, 376,025 431,641 297,499 413,805 414, 635 1, 022, 696 Additions to current net earnings: Profits on sales of U. S. Government securities _._ , 2, 413, 428 172,173 664, 580 200,909 239,359 127, 633 104, 366 276, 470 116, 946 82,119 122, 583 94, 275 212,015 Allother 945, 261 461 54,622 84 138 56, 577 139, 772 534, 718 1,802 85, 478 7,387 18, 273 45, 949 Total 3, 358, 689 172, 634 719, 202 200, 993 239,497 184, 210 244,138 811,188 118,748 167, 597 129,970 112,548 257, 964 Deductions from current net earnings: Losses and reserves for losses 516, 906 102,000 206, 500 17 113, 543 24, 868 15,000 54, 978 Special reserves and charge-offs H on bank premises 186,841 75 000 41,837 70 004 Prior service contributions to W As R se e s ti s r m em en e t n t f S o y r s tem building for 2, 520, 365 178,800 638, 544 193, 476 219,906 157,044 93, 840 332, 999 144, 900 83,040 170, 760 109,308 197, 748 d Board of Governors 1,423, 695 103,465 514,457 140, 073 131,1551 60, 953 49, 859 165,119 42,080 33, 088 40,840 41,878 100,728 Allother 342,156 1,229 12,893 5,546 23, 7494 849 292, 678 1,489 452 723 530 445 1,573 Total 4, 989, 963 385,494 1, 372, 394 339,112 374, 810 332, 389 536, 245 499, 607 187,432 173, 688 212,130 221, 635 355, 027 Net deductions from current net earnings 1, 631, 274 212, 860 653,192 138,119 135, 313 148,179 292,107 +311,581 68, 684 6,091 82,160 109,087 97, 063 Net earnings .._ _. . _ 10,801, 247 643, 086 3, 544, 366 1,009,141 1,081,061 372,033 246, 763 1, 687, 606 362,957 291,408 331, 645 305, 548 925, 633 Paid U. S. Treasury (sec. 13b) _ 176, 625 6,648 4,997 83, 968 13, 476 28, 354 4,152 9,994 25,036 Dividends paid 7,940, 966 562, 652 3,070, 594 734, 768 773,118 291, 235 260, 851 763, 115 229, 420 174,057 241, 360 231, 988 607, 808 Transferred to surplus (sec. 13b) 67, 304 86, 283 -13, 420 -24,263 12, 767 -1,751 7 688 Transferred to surplus (sec. 7) 2, 616, 352 73, 786 468, 775 104,122 294,467 94, 218 10,175 883, 370 129, 385 119,102 80, 291 40, 836 317, 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN FEBRUARY 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treas- reserve balances Date co B d u i i s n l - l t s ed bo B u il g ls ht s U m G e e . c o r e u n v n S - r - t i . - R O c b e r a s t e h e n d e r k i v r t1 e Total M s g t t a o o o r n l c y d k e- s r t o e c u i a n n u u r n c r y g t d - - y - i r c n C e t u i n o u c l c a n r i y - r - - T h c i u r o n a e r l g s y a d h s s - - T d R F b e r e w e e p a d s a n i o e e t s s k h r r u i v s a t r e l s y b m p N e o r e o s m d n it e - s - - R c O e F o e a s t u e r c h e a d n - e r l - t v r s e Total E m ( x e a c s t e t e i s - d s ) ties End of month figures: 1936—Dec. 31 2,430 2,500 11, 258 2,532 6,543 2,376 244 259 261 1,984 1937—Jan. 31 2,430 2,497 11,358 2,532 6,349 2,520 195 281 260 6,781 2,152 Feb. 27____ 2,430 2,465 11, 436 2,536 6,399 2,608 194 288 253 2,078 Mar. 31 2,430 2,458 11, 574 2,541 6,377 2,753 311 236 258 1,398 Apr. 30 2,525 2,565 11,799 2,543 6,426 2,967 88 288 257 1,594 May 31 2,526 2,585 11,990 2,547 6,462 3,144 73 272 255 6, 915 918 June 30 2,526 2,562 12, 318 2,550 6,447 3,445 93 285 260 6,900 865 July 31 2,526 2,574 12, 446 2,572 6,460 3,586 233 301 258 6,753 791 Aug. 31 2,526 2,577 12, 567 2,585 6, 524 3,720 139 337 257 6,751 773 Sept. 30 2,526 2,579 12,741 2,599 6,542 3,582 141 374 265 7,014 1.038 Oct. 30 2,526 2,580 12, 803 2,609 6,555 3,661 114 472 263 6,928 1,055 Nov. 30 2,564 2,606 12, 774 2,621 6,561 3,631 121 465 261 6.962 1,169 Dec. 31 2,564 2,612 12, 760 2,637 6,550 3,619 142 407 263 7,027 1,212 Wednesday figures: 1937—Feb. 3 2,430 2,463 11,364 2,531 6,348 2,529 176 286 261 6,758 2,150 Feb. 10 2,430 2,477 11, 387 2,531 6,360 2,563 132 310 259 6,771 2,184 Feb. 17 2,430 2,478 11,403 2,530 6,351 2,575 162 300 256 6,768 2,186 Feb. 24 2,430 2,460 11,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3 2,430 2,457 11,443 2,535 6,407 2,620 216 280 253 6,660 1,310 Mar. 10 2,430 2,454 11,484 2,537 6,376 2,672 186 238 254 6,749 1,380 Mar. 17 2,430 2,450 11,515 2,538 6,385 2,697 87 243 261 6,830 1,449 Mar. 24 2,430 2,463 11, 541 2,537 6,375 2,723 279 326 260 6,578 1,269 Mar. 31 2,430 2,458 11, 574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 7 2,459 2,493 11,592 2,539 6,387 2,774 275 247 258 6,684 1,442 Apr. 14 2,487 2,528 11, 697 2,541 6,383 2,876 112 236 258 6,901 1,627 Apr. 21 2,487 2,523 11, 737 2,540 6,388 2,914 119 245 259 6,877 1,687 Apr. 28 2,526 2,571 11, 782 2,541 6,381 2,956 95 270 258 1,643 May 5. 2,526 2,577 11,838 2,547 6,426 3,013 97 257 6,882 887 May 12 2,526 2,576 11,882 2,545 6,405 3,056 106 237 257 6,943 936 May 19 2,526 2,565 11,907 2,547 6,399 3,079 117 250 256 6,918 907 May 26 2,526 2,557 11, 977 2,546 6,399 3,140 261 256 6,944 938 June 2 2,526 2,573 12,027 2,548 6,487 3,182 115 255 256 6,854 860 June 9 2,526 2,573 12,118 2,547 6,435 3,254 85 279 255 6,929 931 June 16 2,526 2,583 12,220 2,548 6,415 3,348 250 267 263 752 June 23 2,526 2,562 12, 270 2,550 6,394 3,396 151 324 263 6,854 814 June 30 2,526 2,562 12,318 2,550 6,447 3,445 93 285 260 6,900 865 July 7-__ 2,526 2,578 12,376 2,562 6,524 3,511 101 285 258 6,827 875 July 14... 2,526 2,585 12,423 2,551 6,457 3,550 90 275 258 964 July 21... 2,526 2,564 12,404 2,553 6,436 3,527 184 258 258 6,858 874 July 28._ 2,526 2,560 12,433 2,574 6,424 3,576 305 258 6,776 813 Aug. 4... 2,526 2,561 12, 462 2,572 6,468 3,605 309 320 258 6,636 704 Aug. 11.. 2,526 2,572 12,497 2,573 6,482 3,640 253 327 259 6,681 740 Aug. 18.. 2,526 2,565 12, 527 2,577 6,500 3,672 156 340 258 6,744 782 Aug. 25.. 2,526 2,565 12, 541 2,577 6,495 3,683 161 356 258 6,730 761 Sept. 1... 2,526 2,579 12, 567 2,585 6,532 3,719 156 337 256 6,731 750 Sept. 8... 2,526 2,572 12, 604 2,587 6,597 3,756 130 314 257 6,710 756 Sept. 15_. 2,526 2,598 12, 651 2,590 6,554 3,495 348 313 266 6,865 880 Sept. 22.. 2.526 2,578 12, 694 2,593 6,529 3,537 193 362 266 6,977 1,020 Sept. 29.. 2,526 2,573 12, 734 2,596 6,520 3,575 140 266 7,033 1,062 Oct. 6..., 2,526 2,583 12, 765 2,596 6,569 3,610 76 421 265 7,003 1,090 Oct. 13... 2.526 2,558 12, 784 2,601 6,585 3,634 83 458 264 6,919 992 Oct. 20... 2,526 2,565 12,793 2,605 6,546 3,654 82 479 264 6,939 1,021 Oct. 27... 2,526 2,570 12, 801 2,607 6,519 3,666 94 485 264 6,951 1,073 \ Nov. 3... 2,526 2,559 12,804 2,608 6,565 3,662 111 482 263 1,046 Nov. 10.. 2,537 2,576 12, 789 2,611 6,564 3,648 139 483 263 6,879 1,066 Nov. 17._ 2,555 2,590 12, 789 2,611 6,534 3,633 135 503 262 6,922 1,100 Nov. 24 .. 2,564 2,596 12,774 2,619 6,554 3,626 113 261 6,949 1,138 Dec. 1__. 2,564 2,603 12, 774 2,621 6,568 3,627 177 459 261 1,119 Dec. 8__. 2,564 2,612 12, 764 2,623 6,591 3,622 242 446 262 6,836 1,052 Dec. 15. 2,564 2.631 12. 765 2,625 6.596 3,620 232 419 270 6,884 1,057 Dec. 22. 2,564 2,658 12, 765 2,630 6,681 3,625 153 470 269 6,855 1,007 Dec. 29 _ 2,564 2,602 12, 760 2,634 6,571 3,620 140 413 269 6,983 1,157 1938—Jan. 5.... 2,564 2,603 12, 755 2,639 6,510 3,622 127 404 262 7,071 1,267 Jan. 12.. 2,564 2,599 12, 755 2,640 6,395 3,628 115 401 262 7,193 1,386 Jan. 19... 2,564 2,610 12, 755 2,639 6,346 3,621 135 418 264 7,219 1,371 i 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 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

129 FEBRUARY FEDEKAL EESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1937 1937 1936 Jan.19 Jan.12 Jan. 5 Dec. 29 Dec. 22 Dec. 15 Dec. 8 Dec. Nov Dec. ASSET3 Gold certificates on hand and due from U. S. Treasury _ _ 9,118,394 9,, 119, 891, 119, 892 91,20, 391 , 120, 390 ,9 ,121, 907) ,9 1,21, 907,119,891 , 122,408 \8,. 851, 880 Redemption fund—F. R. notes 9,393 8,324 9,436 9,913 9,912 8,920 9,688 9,436 9,940 12, 741 Other cash _ ._ 426, 665 403, 894 362, 631 330, 544 283, 366 313,180 311, 282 351, 688 318,036 256, 534 Total reserves 9, 554, 452 9, 532,109 9, 491, 959 9, 460, 848 9, 413, 668 9, 444, 007 9, 442,877 9, 481,015 9, 450, 384 9,121,155 Bills discounted: For member banks 10, 710 11,115 11, 080 12, 847 16,121 15, 771 17, S 16, 584 2,612 For nonmember banks, etc... 80 1 2 301 Total bills discounted 10, 790 11,115 11, C 12, 847 16,121 15, 772 17,390 9,866 16, 586 2,913 Bills bought: Payable in foreign currencies 548 540 540 2,827 2,825 2,825 2,825 540 2,828 3,089 Industrial advances 17, 829 17, 883 17, 894 18, 291 18, 380 18, 432 18, 450 18, 049 18, 557 24, 650 U. S. Government securities: Bonds 728, 073 747, 039 '51, 539 751, 539 751, 539 771, 539 738, 073 751, 539 738,073 490,643 Treasury notes 1,171, 7131,159, 4971,154, 9971,154, 9971,154, 9971,134, 9971,168, 4631,154, 9971,168, 4631, 340, 963 Treasury bills 664, 229 657,479 657, 479 657,479 657, 479 657, 479 657,47 657, 479 657, 479 598, 621 Total Government securities 2, 564,015 2, 564, 015 2, 564, 015 2, 564, 015 2,,5 6546,4, 015 2, 564,015 2, 564, 015 ,25,6 546,4,015J 2,, 556644,,015 2, 431,02,27 16, 600 5,726 9,282 56, 533 29, 533 9,008 19, 666 4' ,4"5"8 39, 284 Other Reserve bank credit _ 2, 609, 782 2, 599, 279 2, 602, 821,1 601, 557 2, 657, 874 2, 630, 577611, 688 2, 612,136 2, 606, 444 2, 500,163 Total Reserve bank credit outstanding LIABILITIES 4,155, 272 4,190,134 4, 257, 846 4, 283, 385 4, 346, 383 4, 293, 307 4, 294, 885 4, 283, 611 4, 273, 526 4, 283, 53 F. R. notes in actual circulation Deposits: 7, 218, 937 71,93,380 7J,, 071, 249 6, 982, 752 6, 854, 904 6, 884, 407 6, 836, 282, 026, 809 ,69,61,735 6, 5,430 Member bank—reserve account 135, 018 115, 321 126,896 139,604 152,593 231,540 241,843 142, 390 121, 300 243, 662 U. S. Treasurer—general account 167, 934 174, 704 175,313 172,634 188,837 216,438 225,938 171, 750 271,662 98, 620 Foreign bank 250, 047 226, 333 228,428 239,983 280,868 202,583 219,700 235, 743 193,161 160, 207 Other deposits _ Total deposits 7, 771, 936 7, 709, 738 7,601,886 7, 534,973 7, 477, 202 7, 534, 9687, 523, 763 7, 576, 692 7, 547, 858 7,108, 919 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) __ 80.1 79.i 79.9 79.9 79.9 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d to a y 9 s 0 m 91 t o o d n a t 6 h y s s 6 1 m t y o o e n a t r hs 2 1 y t y e o e a a r r s 2 5 y y t e e o a ar rs s 5 O y v e e a r rs Bills discounted: Dec. 29 _ 12,847 10,697 395 582 414 728 31 Jan. 5 11,080 8,966 314 681 437 661 21 Jan. 12 . . 11,115 8,701 430 742 636 586 20 Jan. 19 10,790 8,215 714 578 774 492 17 Bills bought in open market: Dec. 29 2,827 438 400 1,989 Jan.5 _ 540 138 262 140 Jan. 12 . _ 540 185 215 140 Jan. 19 548 91 259 198 Industrial advances: Dec. 29 18, 291 1,334 302 577 438 1,431 3,490 5,502 5,217 Jan. 5 17, 894 1,201 538 319 624 1,261 3,606 5,293 5,052 Jan 12 17, 883 1,156 467 324 803 1,098 3,625 5,332 5,078 Jan. 19 17, 829 1,415 87 415 742 1,175 3,762 5,315 4,918 U. S. Government securities: Dec. 29 2, 564, 015 24, 385 33, 296 68, 350 265,085 381,170 213, 895 283, 389 593, 739 700, 706 Jan. 5 _ . 2, 564,015 27, 720 32, 746 72, 582 259, 626 379, 612 213,895 283, 389 593, 739 700, 706 Jan. 12 2, 564,015 33,296 30, 630 78,087 260,101 390 961 193 106 285, 889 595 739 696, 206 Jan. 19 _. . - 2, 564, 015 32, 746 33, 725 217, 424 121, 791 413, 111 164,134 303.105 603, 239 674, 740 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN FEBRUARY 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, 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 l i 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 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 i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: Dec. 29... 9,120,391509, 298 3, 556,816 490, 479 676, 706 297, 524 230,093 ,1, 75.8 ,0'76 284,300185, 417 267,800184,191 679, 691 Jan. 5 9,119, 892 495; 296 3; 596; 835 498, 6896 56643, ,2 85, 724 22,4,—91 9 1,,7 6746,47,7 778 280,411485, 550 262, 482 18'7,,454 681,108 Jan. 12. 9,119,891 4'8"4;" 6 "14" 3,620,195 492, 534 644, 960 283, 366 224,0441, 763,039 287, 181, 630 267,046 181,159 689,441 Jan. 19 .. 118, 394 487,155 3, 676, 775 487, 430 127 276,197 219, 862 1, 756, 308 280,182 177, 202164, 349 176, 889 676,919 Redemption fund—Federal Reserve notes: Dec. 29 9,913 850 1,318 586 722 853 1,568 761 806 453 554 245 1,197 Jan. 5 9,436 804 1,124 501 659 921 1,535 695 792 446 543 236 1,180 Jan.12 8,324 704 875 470 559 620 1,495 570 763 386 523 217 1,142 Jan. 19 9,393 1,710 406 507 1,119 1,493 505 751 380 512 216 1,125 Other cash: 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 Jan. 5 362, 631 35, 552 84, 641 28, 445 29, 855 25,004 18,441 44, 226 16, 355 9,090 24,125 14,141 32, 756 Jan. 12 403, 89440, 409 93,891 30,145 32, 819 27,032 20, 528 51, 756 17, 802 10, 629 25, 504 15, 626 37, 753 Jan. 19 426, 66543, 385 94,180 32, 380 36,601 28, 426 20,585 58,980 17, 258 26,653 15,463 41, 864 Total reserves: Dec. 29 ), 460, 848 542, 4331 ,3 ,638,388 514,385 702, 579 319,976 246, 868 1, 799, 438 299,011194,681292, 226197,304 713, 559 Jan. 5 - 9, 491,959 531, 652 3, 682^ 600 ^5,2673^5 687,157 311, 649 244,895 1, 809, 699 297, 561195,086 287,150 201, 831 715,044 Jan. 12 532,109 525, 727 3, 714, 961523,149 678, 338 311,018 246, 067 1, 815, 365 306, 412982, 645 293,073197,002 728, 336 Jan. 19 9, 554, 452 531, 209 3, 772, 665 520, 216676, 235 305, 742 241, 940 1, 815, 793 298,119818, 471291, 514 192, 568 719, 908 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Dec. 29 9,340 3,596 678 385 521 150 734 352 57 285 Jan. 5 7,096 491 2,806 428 340 851 150 71 144 17 160 Jan.12 7,420 681 3,338 1,574 576 350 386 150 134 17 145 Jan. 19 6,979 442 3,282 1,427 491 328 386 150 104 138 17 160 Other bills discounted: Dec. 29 3,507 150 258 673 231 263 719 82 179 900 41 10 Jan. 5. 3,984 95 385 1,249 189 165 624 76 172 904 26 98 Jan.12 3,695 95 374 773 288 117 675 75 149 944 82 123 Jan. 19 3,811 90 385 853 317 185 642 73 163 854 11 129 Total bills discounted: Dec. 29 12,847 846 3,854 2,559 909 648 1,240 232 735 179 1,252 295 Jan. 5 11,080 586 3,191 2,88" 617 505 1,475 226 72 172 1,048 43 258 Jan. 12. 11,115 776 3,712 2,347 864 467 1,061 225 69 149 1,078 99 268 Jan. 19 10,790 532 3,667 2,280 513 1,028 223 57 267 992 134 289 Bills bought in open market: Dec. 29 2,827 205 1,006 293 269 110 353 78 54 200 Jan. 5 540 41 212 55 50 23 19 65 3 2 16 38 Jan. 12 540 41 212 55 50 23 19 65 3 2 16 38 Jan. 19 41 215 56 51 23 19 68 2 2 16 39 Industrial advances: Dec. 29 18, 291 2,872 4,577 3,645 762 1,773 128 705 237 638 464 1,524 Jan. 5 17, 894 2,709 4,382 3, 552 867 1,766 128 700 235 631 458 945 1,521 Jan.12 17,883 2,719 4,394 3,549 867 1,761 126 696 235 617 456 943 1,520 Jan.19 17,829 2,724 4,381 3,561 856 1,745 125 695 235 590 461 937 1,519 TJ. S. Government securities: Bonds: Dec. 29 751, 53954, 751 216, 814 63, 561 73,157 39, 394 32,899 82, 655 32, 969 24, 332 36, 717 29, 231 65,059 Jan. 5 751, 539 55,174 216,771 62,025 74,168 39,950 31, 498 82, 771 33,555 24,400 38,721 29,243 63, 263 Jan. 12 747,039 54, 844 215, 473 61, 654 73, 723 39, 711 31, 309 82, 276 33, 354 24, 254 38,489 29,068 62, 884 Jan. 19. 728,073 53, 452 210,002 60,088 71, 852 38, 703 30, 514 80,187 32,507 23, 639 37, 512 61,287 Treasury notes: Dec. 29 1,154, 99784,144 333, 211 97, 685 112, 432 60, 540 50,559 127,026 50,670 37, 392 56, 426 44, 926 Jan. 5 1,154, 99784, 796 333,142 95, 323 113, 985 61, 397 48,407 127, 207 51, 568 37,500 59, 507 44,941 97, 224 Jan. 12 1,159, 49785,126 334, 440 95, 694 114, 430 61, 636 48, 596 127, 702 51, 769 37, 646 59, 739 45,116 97,603 Trea J s a u n r . y 1 9 bills: 1,171, 71386,023 337,964 96, 703 115, 635 62, 285 49,108 129,047 52, 315 38,041 60, 369 45, 591 98, 632 Dec. 29__ 657, 47947,! 189,679 55, 607 64,002 34, 462 28, 780 72,310 28,844 21, 285 32,120 25, 574 56,917 Jan. 5 657,479 48, 269 189, 641 54, 262 64,885 34,950 27, 556 72, 412 29,355 21, 346 33, 875 25, 583 55, 345 Jan.12 657,479 48, 269 189, 641 54, 262 64,885 34,950 27, 556 72, 412 29, 355 21,346 33, 875 25, 583 55, 345 Jan. 19 664, 22948, 764 191, 588 54, 819 65, 551 35, 309 27, 839 73,156 29, 656 21, 566 34, 222 25, 846 55, 913 Total U.S. Government securities: Dec. 29 2, 564, 015186, 794 739, 704 216, 853 249, 591134, 396 112, 238 281,991112,483 83,009 125, 263 99, 731 221,962 Jan. 5 2, 564, 0151 81888,; 239 739, 554 21.11, 610 253,038136, 297 107,461 282, 390114,478 83, 246 132,103 99, 767 215, 832 Jan. 12 2, 564,015188, 239 739, 554 2111, 610 253,038136, 297 107, 461 282, 390114, 478 83, 246 132,103 99, 767 215, 832 Jan. 19 2,564,015 188,239 739, 1,610 253,038 136, 297107,461 282, 390114,478 83, 246 132,103 99,767 215, 832 Total bills and securities: Dec. 29 2, 597, 190, 717 749,141223, 350 251, 531136,927113,705 283, 281113, 533 83, 880 127,059 100, 875 223, 981 Jan. 5 2, 593, 529191, 575 747, 339 218,104 254, 572 138!;, 591109,083 283, 381114,788 84,051 •" 625 100,771 217, 649 Jan. 12 2, 593, 553191, 775 747, 872 2177,.561 254,819 138, 548 1'08 \, 667 283,376 1141;, 78584, 014 100, 825 217, 658 Jan.19 2, 593,182 1"91 , 536 747, 817 2117, 507 254,753 138,578 108, 633 283, 376 114I;, 77284,105 133, 572 100, 854 217, 679 Due from foreign banks: Dec. 29 179 13 16 21 13 Jan. 5 179 13 17 21 13 Jan. 12 179 13 17 21 13 Jan. 19 171 13 64 16 21 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

131 FEBRUARY 1938 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y Ne o w rk P p d h h e i l i - l a a- C la le n v d e- m Ri o c n h d - la A n t- ta Chicago L S o t u . is n M o e i l a n i p - s - K C s a a i n s t - y Dallas F c S i r s a a c n n o - ASSETS—Continued Federal Reserve notes of other banks: 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 Jan. 5 27,441 411 6,582 987 1,616 2,332 2,605 4,108 1,377 1,566 948 3,214 Jan.12 30,477 415 974 1,920 2,163 2,656 5,231 2, 528 1,134 1,742 903 3,823 Jan. 19 27, 260 31' 6,768 885 1,473 2,266 2,311 3,724 2,136 1,559 1,553 767 3,501 Uncollected items: Dec. 29 685, 237 71, 414 177,089 58,904 69,939 52,416 23,490 90,043 29,433 18,022 32,281 26,307 Jan. 5 637,442 65,085 148,643 55, 246 57, 522 55,811 25,330 84,424 29,418 16, 560 35,848 28, 505 35,050 Jan.12 574,127 58,565 138,409 41,835 53,907 48,332 23, 721 77, 368 27,280 15,806 30,613 24, 806 33, 485 Jan. 19 614, 313 59, 838 152, 552 44, 710 59, 222 51, 346 28,127 81,154 29,678 14, 766 31,460 29, 728 31, 732 Bank premises: 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 Jan. 5 45,021 3,001 9,973 4,826 6,215 2,700 2,119 4,589 2,341 1,477 3,153 1,281 3,346 Jan. 12 45,034 3,001 9,973 4,826 6,216 2,700 2,119 4,589 2,341 1,489 3,153 1,281 3,346 Jan. 19 45,033 3,001 9,973 4,826 6,215 2,700 2,119 4,589 2,341 1,489 3,153 1,281 3,346 All other assets: 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 Jan. 5 . 37, 361 2,317 10, 972 3,626 4,183 2,321 1,462 3,437 1,422 1,330 1,701 1,360 3,230 Jan.12 38, 480 2,367 11,380 3,701 4,250 2,411 1,496 3,531 1,458 1,351 1,837 1,388 3,310 Jan.19 39, 625 2,458 11, 531 3,816 4,421 2,451 1,581 3,713 1,517 1,410 1,856 1,450 3,421 Total assets: Dec. 29 12,853, 021810,118 4, 590, 371807,371 1, 035, 703 516, 637 390, 7621,184, 935 447,439 301, 237 457, 465 327, 983, 015 Jan. 5 12; 832; 932 794; 054 4,606,177 810,442 1, Oil, 282 513,412 385, 500 2,189, 659 447, 228 299,883 463; 048 334; 701977, 546 Jan. 12 12,813,959 781,863 4,629,651 792,064 999,467 505,180 384, 732 2,189,481 454, 823 296,441 464,076 326, 210 989,971 Jan. 19 12,874,036 788,372 4,701,370 791,977 1,002,335 503,090 384,717"2,192,370 448,638 291,802 463,113326,653 979, 599 LIABILITIES Federal Reserve notes in actual circulation: Dec. 29 4, 283,385 285, 832 953,606 320, 375 436,919 211, 833 16\22,, 016 994, 662 182, 765 137,965 168,42487,039 341, 949 J D a e n c. . 1 5 2 4 4 , , 1 2 9 5 0 7' , ,, 1 3 8 4 4 6 2 7 2 8 8 ; 3 6;88 9 9 5 2 1 5 , , 7 90 7 5 2 3 31 1 6 4 , , 3 2 9 6 1 8 4 4 3 2 1 7 , , 6 5 5 6 0 4 2 2 0 0 3 7 , , 8 2 5 8 1 5 1 1 5 6 8 1, ,3 1 5 5 51 9 9 8 7 8 6 , , 8 5 4 7 4 2 1 1 7 8 9 1 , , 0 1 5 9 3 6 1 1 3 3 5 7, , 8 6 9 5 0 2 1 1 6 6 6 7 , , 2 9 9 1 5 1 8 8 6 4 , , 0 3 3 1 3 8 3 3 4 3 4 9 , , 4 3 0 4 9 2 Jan. 19 4,155,272 275, "" 920,159 311,179 420, 778 202,181157,914 970, 462 178,351135,036165,308 83,003 335,819 Deposits: Member bank—reserve account: Dec. 29 982, 752 406,079 3,041, 232 373, 430 465,906 219, 012 178,0601,006, 555 204, 582 124, 778 234, 934187, 987 540,197 Jan.5 071, 249 401, 739 3,126, 502 387, 265 461,422 226,414175, 350 991, 500 207, 290 126, 499 236,164 191, 966 539,138 Jan. 12 193,380 399, 571 3,181,445 383, 649 459,432 226, 594178,355 1,029, 799 219, 872 124,317243, 244192,181 554,921 Jan.19 218, 937 407,427 3,228, 324 377, 679 457, 414 222,868175,4 1,034,644 210,065 122,603 242,978 188,458 551,038 U. S. Treasurer—general account: Dec. 29 139, 604 5,712 42,021 2,390 12, 601 8,729 6,234 26, 744 7,067 4,156 6,685 3,351 13, 914 Jan. 5 126, 896 4,527 16, 766 2,210 11, 982 858 3,774 57, 565 6,213 2,761 7,282 6,534 6,424 Jan. 12 115,321 3,665 24,831 2,667 7,746 1,116 3,655 38, 551 6,328 4,227 8,604 3,923 10, 008 Jan. 19 135,018 6,356 37.454 11, 791 2,626 1,724 37, 826 6,477 2,836 5,770 5,284 10,068 Foreign bank: Dec. 29 172, 634 12, 587 62, 453 16,898 15,863 7,415 6,035 20,002 5,173 3,966 5,000 5,000 12, 242 Jan. 5 175, 313 12, 665 64.455 17,002 15, 961 7,460 6,072 20,124 5,205 3,990 5,031 5,031 12, 317 Othe J J r a a n n d . . e p 1 1 2 9 o sits: . 1 1 7 6 4 7 , , 9 7 3 C 4 4 1 1 2 2 , , 1 6 0 6 3 5 6 59 3 , , 6 8 0 4 5 5 1 1 7 6 , , 4 0 7 0 4 2 1 1 5 5 , , 9 4 6 6 1 5 7 7 , , 4 4 6 6 0 0 6 6 , , 0 0 7 7 2 2 2 20 0 , , 1 0 2 0 4 4 5 5 , , 2 0 0 4 5 3 3 3 , , 9 8 9 6 0 6 5 4 , , 0 8 3 7 1 5 5 5 , , 0 0 3 3 1 1 1 1 1 2 , , 9 3 3 1 6 8 Dec. 29 239, 983 4,070 197, 449 2,259 2,956 3,000 2,497 1,361 5,212 2,958 342 2,745 15,134 Jan. 5 228,428 3,904 184,706 1,041 3,550 3,703 1,693 1,056 5,675 3,180 564 2,900 16,456 Jan.12 226, 333 4,542 182,147 984 3,822 4,236 2,014 1,049 5,366 3,166 650 3,043 15,314 Jan.19 250,047 4,705 196, 555 1,764 5,415 3,700 4,387 3,276 7,082 3,338 1,331 3,059 15, 435 Total deposits: Dec. 29 7, 534, 973 428,448 3i,, 343,155 394, 977497, 326 238,156 192, 826 1,, 0 05544., 662 222, 034 135, 858 246, 916919, 083 581,487 Jan. 5 7, 601, 886 422, 835 i3,, 392,429 407, 518492,915 238,435 186i", "8"8'91 , 070, 245 224", 383 136; 430 249', 04'1 2\0 463;1 574, 335 Jan. 12 7, 709, 738 420, 443 i3,, 452, 268 404, 302486,961239,406 190, 0961,089,523 236,771135,700 257, 529 204,178 592, 561 Jan. 19 7, 771,936 430, 5913, 521,938 402, 723 490,085 236,654187,6221,095, 750 228, 6671 13322 ;6 4634 32 255449; 5945 42 0210,l i832 588, 477 Deferred availability items: Dec. 29 681,839 71,454 171,116 57, 839 69,024 51, 564 23,002 90,449 32,007 17,928 31,926 30,623 34,907 Jan. 5_. _ 628,339 64,021 142,345 54,022 54, 905 52,826 24, 325 86, 381 31, 236 16, 526 36,178 30, 993 34, 581 Jan.12 568, 580 58, 742 131, 696 40,905 52, 881 47, 086 23, 551 78, 552 28, 562 15, 527 30, 296 27, 021 33, 761 Jan.19 597,884 58, 591 138, 75943, 045 59, 476 49, 411 26, 408 81, 575 31,185 14,829 32, 850 30, 745 31,010 Capital paid in: Dec. 29 132, 737 9,386 51,059 12, 258 13,036 4,896 4,400 12,920 3,868 2,893 4,084 3,891 10, 046 Jan. 5 132,927 9,387 51,079 12, 258 13,125 4,897 4,402 12,987 3,869 2,892 4,093 3,892 10,046 Jan. 12 133,071 9,392 51,102 12, 259 13.131 4,901 4,416 13,004 3,871 2,895 4,099 3,910 10,091 Surp J l a u n s . 1 ( 9 section 7) : 133,041 9,394 51,003 12, 276 13.132 4,911 4,425 13,010 3,877 2,895 4,110 3,915 10,093 Dec. 29 145, 854 51, 474 13, 362 14, 323 4,869 5,616 21, 504 4,655 3,116 3,613 3,851 9,645 Jan.5 147,739 ),900 51, 943 13, 466 14, 323 4,964 5, 626 22, 387 4,667 3,153 3,613 3,892 9,805 Jan.12 147, 739 ),900 51, 943 13, 466 14, 323 4,964 5, 626 22,387 4,667 3,153 3,613 3,892 9,805 Jan. 19... 147, 739 >,900 51, 943 13,466 14, 323 4,964 5, 626, 22,387 4,667 3,153 3,613 3,892 9,805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN FEBRUARY 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - LIABILITIES—Continued Surplus (section 13b): Dec. 29 27, 615 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 2,121 Jan. 5__ . 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Jan. 12 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Jan.19 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies: Dec. 29 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 Jan. 5 33, 052 1,448 8,210 2,000 3,176 1,401 1,603 7,340 1,215 1,949 934 1,776 2,000 Jan. 12 33,052 1,448 8,210 2,000 3,176 1,401 1,603 7,340 1,215 1,949 934 1,776 2,000 Jan. 19 _ __. 33, 019 1,448 8,210 2,000 3,177 1,401 1,603 7,312 1,215 1,943 934 1,776 2,000 All other liabilities: Dec. 29 __ .- 10, 945 728 3,100 1,236 947 400 432 1,656 391 461 374 373 847 Jan. 5 3,460 364 655 376 267 195 374 318 117 136 249 Jan. 12 3,962 376 783 453 338 162 395 402 139 326 168 130 290 Jan. 19 7,462 492 1,614 2,877 357 159 389 445 131 302 202 220 274 Total liabilities: Dec. 29 ___ 12, 853, 021810,1184, 590, 371807,3711,035, 703516, 637390,7612,184, 935447, 439301, 237457,465327, 969 983,015 Jan. 5 12, 832, 932794, 0544, 606,177810, 4421,011,282513,412385, 5002,189, 659447, 228299, 883463, 048334, 701 977, 546 Jan.12 12, 813, 959781, 8634, 629, 651792,064 999, 467505,180384, 7322,189, 481454, 823296, 441464, 076326,210 989, 971 Jan.19 12,874, 036788, 3724, 701, 370791, 9771,002,335503, 090384, 7172,192, 370448,638291,802463,113326, 653 979, 599 Contingent liability on bills purchased for foreign correspondents: Dec. 29 1,696 123 623 165 154 72 59 195 50 38 49 49 119 Jan. 5 _ . 1,466 124 382 166 156 73 59 197 51 39 49 49 121 Jan. 12 1,836 96 995 129 121 57 46 153 40 30 38 38 93 Jan. 19 1,784 128 691 175 164 57 46 212 53 41 52 38 127 Commitments to make industrial advances: Dec 29 12, 780 1,706 4,555 173 753 1,634 345 176 51 111 269 3,007 Jan 5 12 792 1 670 4,703 173 727 1,612 345 176 51 109 2,957 Jan 12 12, 895 1,699 4,655 173 896 1,609 332 176 52 101 269 2,933 Jan 19 12, 723 1,534 4,620 143 833 1,603 332 326 43 101 269 2,919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY FEDERAL RESERVE BULLETIN 133 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO JANUARY 19, 1938 [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 ac st h W m e o d n n t e h s ) day of receive n d e t t o i date, o s t ( e o w u e r t i s y t c h o n a t d n o C d i o t i m o w n d m i s a t ) i h t t e - - Total a R F d b e e v a d s a e n e n r k r c v a e e l s c R F o m b e e m a d s e e n e m n r k r t v i a s t e l - A b p u c p t o r m o n v o - e t d d E o r r r a x e a p p p w w p a ir n i l i e t i d h - d b , - , y i F n p p t g i a a u n r t t i i t a i n o i o n c s n n c i t s - i - - Number Amount Number Amount Number Amount sta o n u d t i - ng sta o n u d t i - ng pletedi c e a t n c. t, sta o n u d t i - ng2 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 8,666 69,217 7,276 Oct. 28.. 336, 763 2,477 148, 237 2,259 138, 731 27,038 22,790 8,544 72,915 7,444 Nov. 25. 8,339 339.903 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. 31 346,911 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 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 2,361 145,758 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 2,386 147, 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 1938—Jan. 19 3 8,704 364, 312 2,652 159, 003 2,411 151,194 19, 761 12, 723 2,667 108,858 7,185 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,223,404 on January 19, 1938. 3 Jan. 26, not yet available. NOTE.—On January 19, 1938, there were 39 applications amounting to $3,238,200 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 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 - 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 a it n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F.R. bank by F.R. agent: Dec. 29 4, 683,094328,956 1., 091,838 349169 467, 997 227,487184,4861,030,395197,474143, 595179,153 97,489 392,, 255 Jan. 5 4, 623, 282320, 3511,069, 532 338!610 461, 749 222, 593182,0401,024, 284196,261142, 746 178,42496, 268 390,, 424 Jan.12 4, 587, 496314, 0"7"4' 11,, 065,498 3414'12 457,170 218, 587179,9101,014,446 19"51,, 511141, 757176,012 95, 365 387,, 754 Jan.19 4, 516, 887312, 4381,027, 614 338;7 277: 452, 096 214, 550178, 3061,003,886 194,395 13"9 ";I, 251174, 832 94, 515 386,, 277 Held by Federal Reserve bank: 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 Jan. 5 365, 436 37,126 117, 760 22,219 30,185 15, 308 20, 489 35, 712 15, 065 5,094 10,513 9,950 46, 015 Jan. 12 397, 362 35,386 139, 593 27,144 29, 520 14, 736 21, 595 37, 602 16, 458 5,867 9,717 11,332 48, 412 Jan. 19 361,615 37, 356 107,455 27, 548!31,318 12, 369 20, 392 33, 424 16, 044 4,215 9,524 11, 51250, 458 In actual circulation:* Dec. 29 4,283, 385285, 832 953, 606 320, 375 436,919 211,833 162, 016 994, 662 182, 765137, 965 168, 42487, 039 341,949 J J a a n n . . 5 12 4 4, , 1 2 9 5 0 7 , , 1 8 3 4 4 62 27 8 8 3 , , 2 6 2 8 5 8 9 92 5 5 1 , , 7 9 7 0 2 5 3 3 1 1 6 4 , , 3 2 9 6 1 8 4 4 3 2 1 7 , , 5 6 6 5 4 0 2 2 0 0 7 3 , , 2 8 8 5 5 11 1 5 6 8 1 , , 3 1 5 5 51 99 9 88 7 88 6 ,, , 8 55 4 77 4 22 1 1 7 ~8 9 i , ; 0 •1 5 9" 3 6 1 3 1 5 3 , 7 , 8 6 9 5 0 2 1 6 1 6 6 , 7 2 , 9 9 5 118 8 6 4 , , 3 0 1 3 8 3 3 3 4 3 4 9 : 1 , ,, , 3 4 4 0 2 9 Jan. 19. 4,155, 272275,082 920,159 311,179 420, 778 202,181157, 914 970, 462 178, 351135, 036 165, 30883, 003 335i,, 819 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Dec. 29 4, 735,132341,000 1,, 100,000 347,000 471,500 228, 000 166, 0001,055,000 200, 632 140, 500 182, 00099, 500 404:.,000 Jan. 5 4, 685, 632341,0001,080, 000 347,000 467,000 22133,, 000166,000 1, 035,000 200, 632 140, 500 182,000 99, 500 4041,,000 Jan. 12 _ 4, 671,132341,0001, 080, 000 347,000 459, 500 2199,,0 00000 166,000 1,035, 000 200, 632 140, 500182,000 96, 500 404, 000 Jan. 19 4, 606, 632341, 0" 0•0 • 1., 050, 000 3470,00 455, 000 20188,, 000166, 000 1, 020,000 200, 632 136, 501082,000 96, 500 404,,000 Eligible paper: Dec. 29 11, 950 784 3,812 2,161 804 648 1,046 232 735 102 1,233 295 Jan. 5 ________ 9,538 520 3,146 1,876 512 505 1,245 226 72 106 1,029 43 258 Jan. 12 9,998 710 3,667 1,846 652 467 832 225 104 1,059 99 268 Jan.19 9,472 470 3,598 1,710 514 510 801 214 221 964 132 283 U. S. Government securities: Dec. 29 25, 000 20,000 5,000 Jan. 5 _ 25,000 20,000 5,000 Jan. 12 25, 000 20,000 5,000 Jan. 19 33,000 8,000 20, 000 5,000 Total collateral: Dec. 29 4,772,082 341, 784 1,103, 812 349,161 472, 304 228, 648 187, 041,6 055, 232 201, 367145, 602 183, 233 598 404, 295 Jan. 5 4, 720,170341,520 1,083,146 348, 876 467, 512 223, 505 187, 245 1, 035, 226 200, 174054, 606 183,029 , 543 404, 258 Jan. 12 _.4, 706,130341, 710 1,083,667 348,846 460; 152 219, "4^61786,832 1,035,225 200,701145, 604183,059 96, 599 404, 268 Jan. 19 4,649,104 341, 470 1, 053,598 348, 710 455, 514 216, 510 186,8011, 020, 214 200, 681741, 721182, 964 96, 632 404, 283 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN FEBRUARY 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, DECEMBER, 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 Cl a a n s d se s d i o s f t r b ic a t n s ks m G d d r a e e o n - - s d s m N d d a e e e n - - t d p T o d i e s m - it e s Feder b a a l n R ks eserve b m a b A n e e l m k r l s - * N c e i w ty ban C k h s i- b s c R e a i r n e t v - y k e s b C a t o n r u y k n s - 1 posits posits » qu R i e r - ed Held Ex- York cago Total reserves held: All member banks. _28,720 23,860 11,441 5,808 6,879 1,071 1936—No vember 6,785 2,695 651 2,185 1,254 December 6,665 2,662 605 2,157 1,241 Central reserve city banks: 1937—January 6,716 2,719 568 2,158 1,271 New York 9,609 770 2,351 2,657 305 February 6,747 2,812 546 2,128 1,261 Chicago 2,154 1,893 446 519 599 80 March 2 6,704 2,652 533 2,203 1,315 April _.. 6,824 2,739 563 2,201 1,321 Reserve city banks: May 2 6,932 2,684 589 2,272 1,386 Boston district 944 844 110 175 255 June 6,878 2,669 603 2,230 1,377 New York district 173 145 154 38 39 July... 6,845 2,652 581 2,252 1,360 Philadelphia district _. 1,012 852 240 185 212 August 6,701 2,522 568 2,248 1,362 Cleveland district 1,379 1,138 723 271 324 September 6,854 2,672 576 2,232 1,375 Richmond district 611 481 198 108 135 October 6,954 2,767 581 2,240 1,366 Atlanta district 556 425 173 95 105 November 6,919 2,720 588 2,246 1,365 Chicago district 1,114 858 509 202 238 December 6,879 2,657 599 2,272 1,352 St. Louis district 693 550 171 120 144 Weekending (Friday): Minneapolis district. __ 340 258 92 57 65 Dec. 3.... _. 6,926 2,711 605 2,260 1,350 Kansas City district._. 917 651 157 140 168 Dec. 10... 6,851 2,621 606 2,263 1,361 Dallas district 608 427 117 108 Dec. 17 2,660 611 2,270 1,346 San Francisco district. 1,911 1,539 1,884 480 Dec. 24 6,838 2,657 585 2,260 1,336 Dec. 31 6,945 2,689 593 2,297 1,366 Total 10, 257 8,169 4,528 1,906 2,272 366 1938—Jan. 7 7,055 2,761 589 2,321 1,384 Jan. 14 7,162 2,828 603 2,355 1,376 Country banks: Excess reserves: Boston district 765 613 565 120 141 1936—No vember 2,219 751 221 724 523 New York district 1,188 943 1,403 216 284 December .. 2,046 697 175 675 498 Philadelphia district.. 584 453 864 115 143 1937—January 2,093 767 147 662 518 Cleveland district 566 426 657 130 February 2,152 868 128 651 505 Richmond district 493 345 331 85 March 2 1,371 401 54 488 428 Atlanta district 422 298 209 54 67 April 1,552 530 101 490 431 Chicago district 768 564 650 118 168 May » 927 203 51 316 357 St. Louis district 327 235 230 47 60 June 876 176 70 289 341 Minneapolis district.._ 295 200 275 44 62 July 876 199 52 301 324 Kansas City district... 441 283 156 49 71 August __ 750 108 34 287 321 Dallas district 510 334 95 53 82 September 900 235 43 289 333 341 238 261 49 60 October 1,043 354 59 307 323 San Francisco district- November 1,104 373 328 6,700 4,932 5,6 1,032 1,352 319 December 1,071 305 319 Total Week ending (Friday): Dec. 3 1,133 374 85 358 317 1 Gross demand deposits minus demand balances with domestic banks Dec. 10 1,067 285 363 329 (except private banks and American branches of foreign banks) and Dec. 17 1,052 291 359 314 cash items in process of collection. Dec. 24 1,019 298 351 304 NOTE.—See table at foot of page 145, for percentages of deposits re- Dec. 31 1,141 340 392 333 quired to be held as reserves. 1938—Jan. 7 Pl, 254 400 425 P352 Jan.14 Pi, 337 455 455 P344 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased March 1, 1937, and May 1, 1937; see table at foot of page 145 for amount of changes. p Preliminary. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centeri Ml member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Boston.. . .. 1,709 1,725 676 686 1,590 1,602 552 558 119 123 124 128 New York 10. 970 10, 904 2,327 2,417 1 1,097 1 1,101 1 1, 068 1 1, 075 263 271 489 492 Philadelphia 1.595 1,602 1,104 1,123 1,380 1,381 657 672 215 221 447 450 Cleveland.. _ . - 1,945 1,956 1,380 1, 395 1,727 1,736 1,089 1,103 218 221 292 292 Richmond 1,104 1,120 529 535 921 934 343 349 184 186 186 186 Atlanta 978 974 382 383 836 835 300 302 142 139 82 81 Chicago _ - 4,036 4,037 1,605 1,606 1 1, 590 1 1, 594 1 888 1890 292 299 271 271 St. Louis 1,020 1,021 401 404 830 827 290 292 191 194 111 112 Minneapolis 635 650 367 369 458 470 179 180 177 180 188 188 Kansas City _. - 1,358 1,365 313 316 1,033 1,039 198 200 325 326 115 116 Dallas 1,118 1,106 212 211 830 819 168 168 288 287 44 43 S an Francisco 2,252 2,258 2,144 2,110 2,123 2,126 2,047 2,013 129 132 97 96 Total 28,720 28, 717 11, 441 11,555 114, 415 114, 462 1 7, 780 1 7, 804 2,542 2,578 2,444 2, 456 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

135 FEBRUARY 1938 FEDERAL RESERVE BULLETIN KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c G c 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 e 8 s 9 s - 0 S s u i i b a lv r s y e id r - M c i o n in or U S n n t o a i t t t e e e s s d F R n e e d o se e te r r s v al e R F n b e e o a d se n t e e r r k v s a e l t n b i N o o a n n t a e a k - s l 1936—October __ 6,351 97 37 1,020 1 329 139 282 4,076 46 324 November. 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 92 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 April 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 4,175 37 263 August 6,524 86 39 1,115 1 345 146 286 4,213 36 258 September 6,542 86 39 1,127 1 348 147 284 4,222 35 253 October' 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 December __ 6,550 83 40 1,137 1 350 148 283 4,237 33 239 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] Total 1 iper currency 2 Unin cir- $50 and over assort- End of month cula- Coin $1 $2 $5 $10 $20 ed a tion1 Total $50 $100 $500 $l,C00 $5,000 $10,000 1936— October 6,351 505 484 33 882 1,516 1,460 1,478 385 679 132 255 7 19 November.. 6,466 513 492 33 900 1,548 1,486 L, 501 390 690 132 258 7 23 December.. 6,543 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 1937—January 6,349 506 472 33 864 1,500 1,458 1,525 393 702 135 269 8 18 February... 6,399 506 475 33 874 1,519 1,464 1,538 395 706 135 273 9 19 10 March 6,377 511 476 33 869 1,519 1,451 1,520 386 696 136 275 9 18 2 April 6,426 514 482 33 883 1,542 1,468 L, 507 381 687 137 277 9 17 3 May __. 6,462 518 489 33 893 1,558 1,466 1,607 380 689 136 278 8 17 4 June.. 6,447 523 487 34 885 1,539 1,458 1,526 384 699 138 283 8 14 5 July 6,460 523 488 33 894 1,550 1,454 L,520 381 697 137 283 7 15 2 August 6,524 529 498 33 907 1,574 1,466 1,520 382 698 137 283 7 14 4 S O e c p to te b m er ber.. 6 6 , , 5 5 4 5 2 5 5 5 3 3 4 5 5 5 0 0 2 3 3 3 3 3 9 9 0 0 8 9 1 1 , , 5 5 7 7 4 6 1 1, , 4 4 7 6 4 7 1 I, , 5 5 2 3 7 1 3 38 8 4 2 7 7 0 0 2 4 1 1 3 3 8 8 2 28 8 6 5 6 7 1 1 4 3 4 5 November.. 6,561 540 504 33 912 1, 574 1,480 I, 525 381 701 136 287 5 14 December.. 6,550 537 505 33 905 1,560 1,475 :1,542 387 710 139 288 6 12 1 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] d S o il l v la e r r s Sub- United F e e ra d l - Na- Year or month m E S e u n h r t i o s p p - e to R E e f u r c r o e o m i p p e ts m s N h e i e n p t t - s rec N e e ip t ts End of month Total s a il n v d er i s a id ry - M c i o n in or S n t o a t t e e s s s R er e v - e t b io a n n a k l bul- silver bank notes 1932 567 83, 838 83,271 lion1 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—October 2,515 1,303 346 145 347 47 329 1937 21, 500 47, 550 26, 050 November. 2,521 1,310 351 146 347 46 322 December.. 2,532 1,323 356 147 347 45 314 1936—December 8,469 745 7,724 1937—January 2,532 1,332 356 148 347 44 305 1937—January . 2,092 2,197 105 February... 2,536 1,343 356 149 347 42 298 February . __ 4,279 3,265 1,014 March 2,541 1,355 357 149 347 42 291 March 968 3,728 2,760 April 2,543 1,365 357 150 347 40 284 April 1,434 3 023 1,589 May 2,547 1,375 358 150 347 39 278 May 909 1,865 956 June 2,550 1,382 359 151 347 38 272 June 7 000 1 972 5 028 July 2,572 1,409 361 151 347 37 266 July 809 2 586 1,777 August 2,585 1,424 363 152 347 37 262 August . ._ 877 2,839 1, 962 September. 2,599 1,441 364 153 347 36 257 September 1,946 2 271 325 October 2,609 1,455 367 154 347 36 251 October 781 4 531 3,750 November. 2,621 1,468 370 155 347 35 247 November _ 336 13, 326 12, 990 December 2,637 1,486 372 156 347 34 242 December 69 5,947 5,878 1 Includes silver held against silver certificates amounting to $1,400,- Back figures.—See Annual Report for 1936 (table 39). 000,000 on Dec. 3J, 1937 and $1,234,000,000 on Dec. 31, 1936. Description.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN FEBRUARY 1938 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Gold stock at Doend of year Increase Net mes- 1937 or month in Net release tic Year or month total gold from gold gold import ear- pro- December November Jan.-Dec. Inactive stock mark duc- From or to— Total account tion Im- Ex- Im- Ex- Im- Ex 1934 8,238 4202. 51,133. 9 82.6 96.3 ports ports ports ports ports ports 1935—November. _ 9,920 226.7 210.6 .6 9.6 Belgium 90, 870 12 December... 10,125 205.2 190.0 1.3 11.5 France 14 15,666 33 25, 001 26, 291 40,001 Year 10,125 1, 887. 21, 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 Re- March 10,184 17.2 5.5 1.0 9.6 publics 504 J J D N A M A S O u u e e p u o c n l a p c y t r g v y e o i e t u e l e b m s m m e t b r b b e e e r r r . . . _ . . 1 1 1 1 1 1 1 1 1 0 0 0 0 1 0 0 1 1 , , , , , , , , , 1 0 6 2 2 6 7 4 8 8 4 4 5 1 2 0 0 4 4 5 8 8 6 5 8 2 5 26.5 2 1 1 1 1 4 3 7 6 0 2 7 3 9 1 9 3 8 6 9 6 9 9 . . . . . . . . . 0 2 0 6 4 3 7 6 7 2 2 1 1 2 1 1 6 7 7 5 7 7 8 8 5 5 7 7 7 0 1 . . . . . . . . . 8 4 0 8 0 1 8 8 5 - - - - 2 1 1 2 -3 - 8 1 1 4 3 2 . . . . . . 2 2 . . 9 8 3 8 0 3 1-7 1 1 1 1 1 1 1 1 9 0 0 2 0 3 1 3 2 . . . . . . . . . 6 9 4 0 8 8 8 1 1 A E U M P C C C C e c h o e a r n e r g u n n i l i x u l o e t a t a e i e r m n d c d d a o t o a b l i r n i K A a a i m n e g r d ic o a m . _ .. . ~~2 3 , , 4 3 4 4 2 7 1 1 1 3 7 6 1 5 0 8 4 3 3 7 6 4 n 0 4 2 ,3 3 8 4 3 1 1 0 2 8 1 3 2 7 1 7 8 6 3 1 6 8 5 5,06 2 0 3 1 8 1 9 3 1 1 6 9 1 8 3 2 9 3 , , , , , , , , 1 0 3 7 2 3 5 7 1 3 7 5 5 2 9 1 1 6 1 0 5 0 8 7 3 4 5,1 7 8 6 4 3 7 7 Uruguay Year 11, 258 26.5 1,132. 51,116.6 -85.9 131.6 Venezuela 13 104 544 1937— F J e an b u r a u r a y ry... 1 1 1 1 , , 4 3 3 5 6 8 2 1 0 2 4 6 . . 7 5 1 7 0 8 0 . . 2 1 1 1 2 2 0 1 . .3 3 -4 -8 8 . . 0 3 8 9 . . 1 4 A B C r h u i i s t n t i r s a a h l i I a a n n d d ia Hong 3,7 1 8 0 6 7 3,1 7 7 6 3 7 3 5 4 0 , , 7 7 6 1 2 3 March 11, 574 342.5 137.9 154.3 -.4 10.6 Kong 1,556 April 11, 799 568.0 225.6 215.8 7.2 8.9 Dutch East Indies. J M J A u u u a l n y g y e ust 1 1 1 12 1 2 2 , , , , 4 9 5 3 4 9 6 1 6 0 7 8 1 1 1 , , , 3 7 0 2 3 5 8 1 5 6 9 4 . . . . 1 1 7 8 3 1 1 1 2 2 2 9 7 1 7 1 . . . . 6 8 1 3 2 1 1 1 6 0 7 5 2 4 5 5 . . . . 0 4 8 4 - - - 1 3 2 5 5 5 6 . . . 3 . 9 5 2 1 1 1 1 6 2 1 2 . . . . 6 0 5 1 J A P a h l 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 2 , . 18 2 , , 2 4 7 9 1 7 2 1 4 3 2 7 , ,1 2 1 4 8 0 8 6 0 24 2 6 9 5 , , , 4 2 4 2 9 7 8 6 0 6 2 1 S O e c p to te b m er ber. . 1 1 2 2 , , 8 7 0 4 3 1 1 1 , , 2 2 1 7 0 1 . . 0 9 1 6 7 2 4 . . 0 3 1 9 4 0 5 . . 5 5 -8 9 . . 0 3 1 1 4 2 . . 6 0 Total 33,033 15,052 52,194 30, 084 1, 631, 523 46, 020 November. _ 12, 774 1, 242. 5 -29.3 22. 1 -20.1 13.6 December. __ 12, 760 1, 227. 9 -14.0 18.0 -101.6 P13. 6 1 Figures represent customs valuations which, with some exceptions, Year 12, 760 1,227.9 1, 502. 51, 585. 5 -200. 4 P143. 1 are 1 I a n t c r l a u t d e e o s f a $ l 3 l 5 m a o v fi e n m e e o n u t n s c o e. f unreported origin or destination. Back figures.—See table p. 165, and Annual Report for 1936 (tables 32 p Preliminary. and 33). NOTE.—Figures for domestic production of gold are those published in table, p. 165, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and monthly BANK DEBITS imports of gold to U. S. from Philippines. For back figures, other than those of domestic gold production, see Annual Report for 1936 (table 30.) [Debits to individual accounts. Amounts in millions of dollars] BANK SUSPENSIONS1 Num- 1937 1936 ber Member Non-member of banks banks Dec. Nov. Dec. Total, centers all banks ti N on a a - l State su I r n e - d2 in N su o r t ed N O e u w tsi d Y e o r N k e w C i Y ty o . rk City . . _ 140 1 2 18 0 , , 2 8 7 2 7 5 1 1 3 8 , , 1 4 6 3 0 2 2 2 2 3 , , 2 6 3 5 8 8 Federal Reserve districts: Number of banks suspended: Boston 11 2,040 1,966 2,476 1934 57 1 8 48 New York 7 18,999 14,119 23, 464 1935. . 34 4 22 8 Philadelphia . 10 1,844 1,458 2,062 1936 ___ 44 1 40 3 Cleveland 13 2,289 1,841 2,503 1937 59 4 2 47 6 Richmond... - . 797 708 844 Atlanta 15 1,029 846 1,019 Deposits of suspended banks Chicago 21 5,381 4,694 6,383 (in thousands of dollars):3 St. Louis... _. 5 1,024 925 1,130 1934 36,937 40 1,912 34, 985 Minneapolis 9 652 633 739 1935 10,015 5,313 3,763 939 Kansas City. 15 1,211 1,086 1,252 1936. ._ _ 11,306 507 10, 207 592 Dallas. 10 817 694 786 1937 19, 545 7,158 1,707 10, 200 480 San Francisco 18 3,020 2,623 3,238 i Represents licensed banks suspended; does not include non-licensed Total 141 39,103 31, 593 45, 896 banks placed in liquidation or receivership. J 8 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 c s e a b n e d c a in m s e u r o ed p 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 ks , s 1 u 9 s 3 p 4 e . nded Back figures.—See Annual Report for 1936 (table 67). 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.—Bee Annual Report for 1936 (table 71). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 137 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figuresf rom June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS2 Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Na- Mutual non- Call date All Total tional State s b a a v n in k g s s b m a b e n e m k r s - banks Total ti N on a a - l State M s b a a v u n i t n u k g s a s l b n e o O r n t m b h a e e n r m ks - 1933—June 30 14, 519 5,606 4,897 709 576 8,337 1933—June 30 37, 998 23,338 14, 772 8,566 9,713 4,946 Oct. 25 i 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. 51 6,206 5,288 918 1934—Mar 5* 25, 293 16,203 9,090 June 30 15,835 6,375 5,417 958 578 8,882 June 30 41,870 26,615 17,097 9,518 9,780 5,475 Oct. 171 6,433 5,461 972 Oct. 171 . 27, 484 17, 693 9,791 Dec. 31 16,039 6,442 5,462 980 579 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 5,403 997 571 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, 963 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 303 15, 527 6,357 5,293 1,064 564 8,606 June 30 3__ 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 Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 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 * _ 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 J 26,548 12, 706 13, 842 June 30 42,502 21,278 21, 224 27,175 12, 523 14, 652 9,904 5,648 4,256 5,423 3,108 2,315 Oct. 17i 27, 559 12, 293 15, 267 Dec. 31 43, 458 20, 473 22,984 28,150 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 303 _ 49, 696 22, 514 27,182 32, 739 14, 285 18, 454 10,180 5,002 5,178 6,778 3,227 3,550 1 Nonmember bank figures not available. 2 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. 3 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.—See Annual Report for 1936 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN FEBRUARY 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- Total To Re- Other- Lroans tions loans bro- To port- wise Loans to Call date i m n a v e n e n d s t t s - Total C Y N k o s i i e u o e d t r w t r y e s - k i o se t t o h i c e n u e s r r s i- e l R o st a e a n a t l s e a b a c o a n i c w n n c e g k e n p s s t- ' c c u a u u n s n e r r s e e d - e d d - 3a to nks a c b p A n e l a c p e c y e - m t - - s a B b p a r a b i o l y l l e a - s d C p m c a o i e p a m r e l - - r k C Y N b e i r r o e t s o r w y - k i i n Total Direct a F g n u u t a e ll r e y - d s O e t t i c h e u s e r r i- United bought States TOTAL—ALL MEM- BER BANKS 1929—Dec. 31__ 35,934 23,193 803 7,685 3,191 11, 15 714 212 80 291 1,660 9,784 3,863 5,921 1933—June 302 24, 786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 1,928 6 887 5,041 1934—Dec. 31_. . 28,150 10, 509 187 3,110 2,273 232 4,708 155 256 31 232 843 6,122 9,906 989 5,227 1935—Dec. 31 29,985 10, 548 196 2,893 2,284 169 5,006 98 181 29 272 1,047 7,810 0,501 1,768 5,541 1936—Mar. 4 30, 288 10, 460 211 2,832 2,301 156 4,960 82 164 25 280 1,089 8,189 0,564 1 880 5,745 June 30 . ,_ 32, 259 10, 943 266 2,863 2,340 117 5,355 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 1937—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 8,454 0,870 1,819 5,765 Dec. 31? 31, 733 12, 652 212 2,753 2,549 131 7,008 71 126 22 364 739 7,759 0,578 1,798 5,383 NEW YORK CITY 3 1929—Dec. 31 8,774 4,964 55 2,145 169 V95 322 128 46 21 1,202 2,091 1,112 979 1933_june 30 2 7 133 2 297 38 1,044 157 120 937 162 224 10 10 720 3,709 2,551 1,158 1934—Dec. 3i 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 1,078 1935—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 1936—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 9,556 2,338 76 813 146 65 1,238 28 123 8 3 1,028 6,028 4,196 567 1,265 Dec. 31 9,280 2,567 78 753 144 65 1,527 42 136 10 5 1,095 5,425 3,739 470 1,217 1937—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 Dec. 31* 8,316 2,839 58 733 142 74 1,832 29 112 6 6 703 4,621 3,207 388 1,026 CITY OF CHICAGO 3 1929—Dec. 31 1 757 1,330 240 533 21 55 88 9 5 5 11 309 116 193 1933—June 30 2 - 1,287 589 48 251 30 24 237 30 27 7 12 13 610 384 226 1934—Dec. 31, 1,581 435 29 170 18 16 202 11 29 5 27 26 1,049 743 78 229 1935—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 Dec. 31 __ 2,100 613 50 140 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 50 145 13 6 437 2 3 1 16 1 1,295 907 94 294 Dec. 31* 1,901 613 41 129 11 6 426 1 1 2 16 1,266 916 94 255 RESERVE 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 2 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—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 1,048 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 1,733 Dec. 31* 11, 404 4,991 97 1,066 1,176 47 2,605 27 10 12 132 26 6,207 3,963 637 1,607 COUNTRY BANKS 1929—Dec. 31 13, 375 8,481 83 2,231 1,462 4,705 45 33 5 163 208 4,439 1,267 3,172 1933—June 30 2 7,873 4,194 15 1,117 1,055 3 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—Dec. 31 _. 8,919 3,754 13 894 1,035 2 1,810 17 3 2 135 7 5,002 1,940 623 2,439 1936—Mar. 4 . 8,885 3,716 15 865 1,043 2 1,791 17 3 1 145 14 4,989 1,873 630 2,486 June 30 __ 9,446 3,850 17 861 1,078 2 1,891 16 2 1 152 16 5,407 2,163 640 2,605 Dec. 31 9,825 3,866 16 843 1,123 3 1,881 14 4 2 178 13 5,747 2,368 645 2,734 1937—Mar. 31 9,945 3,940 17 833 1,150 2 1,937 15 12 5 216 16 5,741 2,397 626 2,718 June 30 10,134 4,089 18 828 1,179 2 2,062 16 4 5 211 15 5,794 2,520 635 2,630 Dec. 31* 10,112 4,208 16 824 1,219 3 2,145 14 3 2 209 10 5r665 2,492 678 2,495 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Beginning June 30,1933, figures relate to licensed banks only. 3 Central reserve city banks. p Preliminary figures. Back figures.—See Annual" Report for 1936 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

139 FEBRUARY 1938 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 t v d k - - e h l e - s s v C a i a u n s l h t b a w m B a n d t n e i i o a c c t s k - e l h - - s s 1 r o i t e p e t i f l d p e r e o e i o s n c m o n c a s c - o r 2 s s - t l- - b m D a I t n i e n o c s k t - - e s rb b a F e a n i o n k g r k n - s S U m G e t e r a n o e n d t n i v e t - t - - s f P u l u n i b c d - s l c C e c c h a o f t e a i e o f e n t e r f s r e f c d i t d h s - r i k ' - s s s t p I p u v n h c i o a n a i e i o o r r d l r d r n p a t i s s s - - - - - - , , , j d i m u t e D s s a p t e a e n o - d d d s - - 4 b m D I a t n e n i o c s t k - e - s rb b a F e a n i o n g k r k n - s P s i t o a n a s g v l - - s f P u u li n b c d - s s t p I p u v n h c i o n a a e i o i o r d r l r r d p n a i t s - s - s - - - - , , , r B i o n o w g r s - - ;redit 3 etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Bee. 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 6 2,235 405 2,008 1,485 3,057 145 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 1,799 838 14,951 15,686 134 7 452 294 9,020 13 1935—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 2,255 444 844 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 19,161 152 167 344 9,784 11 June 30 5,607 713 3,944 2,147 465 1,037 2,320 789 19,322 20,284 151 152 378 10,099 6 Dec. 31 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21,647 153 104 296 10,429 15 1937—Mar. 31 6,613 662 3,445 1,974 5,752 458 415 2,564 677 20,085 21,352 153 97 269 10,639 18 June 30 6,897 3,207 2,201 5,298 615 628 2,577 752 20, 272 21,401 123 14 100 292 10,818 16 NEW YOBK CITY 8 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 18 1,112 179 1933—June 30 * 846 101 874 1,255 127 332 96 461 4,676 4,358 1 110 671 8 1934—Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 7 56 591 1935—June 29_ 1,935 133 447 1,983 248 369 354 149 5,924 5,979 4 27 567 Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 591 1936—Mar. 4 2,493 108 2,527 363 140 260 496 6,471 6,398 4 586 June 30 2,106 114 2,390 428 215 357 489 6,891 6,756 5 601 Dec. 31 2,658 133 1,087 2,493 393 225 285 457 7,274 6,929 4 679 12 1937—Mar. 31 2,719 123 853 2,171 419 129 314 354 7,237 7,051 5 758 1 June 30 2,749 105 2,014 675 306 427 6,934 6,733 12 767 3 CITY OF CHICAGO 8 1929—Dec. 31 169 133 158 310 42 1,041 957 332 1933—June 30 6 232 203 61 259 46 87 870 912 358 1934—Dec. 31 415 207 90 445 46 182 1,073 1,189 381 1935—June 29 675 249 73 504 20 1,208 1,357 469 Dec. 31 511 209 135 522 98 1,301 1,401 413 1936—Mar. 4 480 195 96 594 81 217 1,243 1,390 407 June 30 749 195 147 635 102 221 1,444 1,546 444 Dec. 31 558 188 159 599 72 191 1,495 1,554 449 1937—Mar. 31 482 93 114 596 96 203 1,001 1,128 440 June 30 _ 156 130 536 41 1,409 1,509 452 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 41 371 4,433 292 1933—June 30 * 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 186 206 3,494 1935—June 29 1,403 213 1,607 471 2,145 299 674 140 5,314 5,656 119 118 203 3,670 Dec. 31 1,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 79 3,796 1936—Mar. 4 1,794 264 1,910 607 2,594 285 733 151 5,961 6,238 135 72 3,853 June 30 1,763 289 1,907 763 2,551 513 733 152 6,419 6,541 135 65 3,960 Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 35 203 4,026 1937—Mar. 31 2,108 264 1,545 764 2,546 132 935 155 6,833 7,159 137 34 176 4,064 June 30 2,215 212 1,392 805 2,339 212 934 163 6,840 7,132 108 35 190 4,140 COUNTRY BANKS 1929—Dec. 31 627 321 291 405 39 742 169 5,091 5,711 61 133 6,390 1933—June 30 » 452 203 702 149 228 116 555 72 2,576 3,054 285 86 3,833 167 1934—Dec. 31 _ 822 275 1,296 207 342 178 804 106 3,589 4,292 210 84 4,554 13 1935—June 29._ 920 236 1,406 192 347 90 865 104 3,761 4,538 162 76 4,756 Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 136 83 4,879 1936—Mar. 4 1,017 268 1,757 187 433 93 965 106 4, 252 5,136 95 82 4,938 June 30 989 322 1,727 256 410 207 1,008 121 4,567 5,440 87 80 5,094 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 69 80 5,275 3 1937—Mar. 31 1,304 321 1,684 242 440 57 1,113 130 5,013 6,012 64 79 5,377 11 June 30 1,337 330 1,554 269 409 1,067 139 5,089 6,027 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." 2 Doe.3 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. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. * 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. 6 Beginning June 1933 figures relate to licensed banks only. • Central reserve city banks. Back figures—Sze Annual Report for 1936 (table 54). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN FEBRUARY 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans* Investments Re- Date or month i m T n lo a v o e n a e t n d n a s t s l t s - Total b d s i u r e a n o T r a n i s k t l o d e i e e e - r s r s 1 s ( b s o t e e i a x t e O c n h c s u k e n e r s t r p i o ) s - t 1 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 r t n - r3 l O oa th n e s1 r Total U D m . i e r S e n t . c t i t G o o n o b F g s v l u i u e g a l r a l r n y - - - s O ec t u h r e i- r b w s s F e a R e e i e r n r r t e a v d v h k - l - e e s v C a a i u s n l h t d b o a w a B t m n i n i a c c t e k l e h - s s s anteed TOTAL—-101 CITIES 1936—D ecember.. 22, 760 9,030 1, 248 2,034 64 1,154 338 4,192 13, 730 9,241 1,242 3,247 5,264 427 2,439 1937—June 22,330 9,697 1,393 2,006 131 1,167 474 4,526 12,633 8,355 1,160 3,118 5,332 315 1,761 July 22, 219 9,743 1,375 2,001 124 1,164 463 4,616 12,476 8,268 1,170 3,038 5,291 312 1,771 August 22,332 9,929 1,362 2,002 145 1,164 467 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 1,164 468 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 1,168 479 5,054 11,999 7,914 1,132 2,953 5,384 326 1,781 November 21, 556 9,559 881 1,976 74 1,169 481 4,978 11,997 7,970 1,127 2,900 5,348 320 1,804 December 21, 484 9,451 903 1,959 73 1,167 472 4,877 12,033 8,046 1,113 2,874 5,358 341 1,850 1937—Nov. 10 21,608 9,600 877 1,980 73 1,169 481 5,020 12,008 7,972 1,128 2,908 5,309 331 1,755 Nov. 17 .„. 21, sao 9,532 865 1,978 65 1,169 485 4,970 11, 998 7,974 1,125 5,365 314 1,867 1938— J N D D D D D J J a a e e e e e o a n n c c c c c v n . . . . . . . . . 1 1 5 8 2 1 2 1 2 2 9 9 2 5 4 .. 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 4 2 6 4 3 4 4 3 2 8 4 3 8 6 8 3 0 8 9 9 3 0 8 1 2 2 5 9 9 9 9 9 9 9 9 9 , , , , , , , , , 5 5 2 0 4 4 1 4 3 0 0 8 2 1 8 7 9 4 0 9 9 6 8 7 9 5 1 8 9 8 8 8 9 8 8 8 7 4 4 8 1 8 4 1 9 6 6 0 7 3 1 2 2 4 1 1 1 1 1 1 1 1 1 , , , , , , , , , 9 9 9 9 9 9 9 9 9 6 1 6 0 5 6 5 2 6 1 4 7 7 2 5 1 1 5 6 7 6 8 7 4 1 1 1 1 1 1 1 1 1 , , , , , , , , , 1 1 1 1 1 1 1 1 1 6 6 7 6 6 6 6 6 6 4 3 0 6 8 2 7 8 5 4 4 4 4 4 4 4 4 4 7 6 7 5 6 7 6 7 7 6 0 6 9 5 2 1 5 9 4 4 4 4 4 4 4 4 4 , , , , , , , , ,9 8 7 8 8 8 8 6 7 2 9 4 7 5 7 8 8 6 2 6 9 0 0 7 8 2 8 1 1 1 1 1 1 1 1 1 2 1 2 2 1 2 2 1 2 , , , , , , , , , 0 1 9 1 0 9 1 0 9 2 9 8 3 1 4 6 6 5 3 6 0 8 5 0 8 2 3 8 8 8 8 8 8 8 7 7 , , , , , , , , , 0 0 0 1 1 0 0 9 9 9 5 6 7 4 1 1 6 6 7 6 7 2 3 3 8 6 3 1 1 1 1 1 1 1 1 1 , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 3 2 1 3 2 1 0 0 4 0 5 6 1 0 8 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , 9 9 8 8 8 8 8 8 8 1 2 8 6 5 8 4 8 6 0 3 1 5 9 5 2 2 7 5 5 5 5 5 5 5 5 5 , , , , , , , , , 6 3 3 3 2 6 3 4 4 0 9 3 4 7 6 9 2 7 0 4 5 7 4 5 1 7 3 3 3 3 3 3 3 3 3 3 3 3 6 2 4 0 5 1 0 0 7 7 2 0 4 5 7 2 2 1 1 1 1 1 1 1 1 , , , , , , , , , 9 9 8 8 8 8 8 8 0 5 1 6 6 0 8 2 5 2 7 8 9 9 3 6 5 0 3 NEW YORK CITY 1936—December __ 8,750 3,581 1,053 712 34 130 140 1,512 5,169 3,666 451 1,052 2,509 86 1937—June _„_ 8,491 3,969 1,184 758 88 132 163 1,644 4,522 3,059 437 1,026 2,506 66 July 8,375 3,975 1,159 754 85 134 161 1,682 4,400 2,986 441 973 2,486 68 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 2,943 384 943 2,540 69 December 7,891 3,545 729 37 130 192 1,761 4,346 3,045 365 936 2,518 72 1937—Nov. 10 7,888 3,628 709 711 37 134 188 1,849 4,260 2,929 382 2,499 68 Nov. 17 7,867 3,578 701 711 28 133 190 1,815 4,289 2,958 384 947 2,551 72 Nov, 24 7,833 3,559 718 705 27 132 190 1,787 4,274 2,976 378 920 2,569 69 Dec. 1 7,819 3,534 710 701 30 131 191 1,771 4,285 2,990 375 920 2,543 76 Dec. 8 7,927 3,590 770 702 38 131 191 1,758 4,337 3,049 364 924 2,451 66 Dec. 15 7,981 3,570 732 701 48 130 194 1,765 4,411 3,111 359 941 2,530 73 Dec. 22 7,869 3,518 714 691 36 128 194 1,755 4,351 3,046 359 946 2,515 71 Dec. 29 7,857 3,513 719 683 34 129 192 1,756 4,344 3,031 366 947 2,553 73 1938—Jan. 5 7,776 3,417 674 670 38 128 191 1,716 4,359 3,052 375 932 2,586 73 Jan. 12 7,852 3,413 682 669 37 129 186 1,710 4,439 3,069 383 987 2,660 71 Jan. 19 _. 7,852 3,344 654 38 128 181 1,674 4,508 3,121 392 995 2,718 73 OUTSIDE NEW YORK CITY 1936—December.. 14,010 5,449 195 1,322 1,024 2,680 8,561 5,575 791 2,195 2,755 364 2,353 1937—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 December _. 13, 593 5,906 174 1,263 1,037 280 3,116 7,687 5,001 748 1,938 2,840 281 1,778 1937—Nov. 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 Nov. 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 Nov. 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 Dec. 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 Dec. 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 Dec. 16.. 13, 687 5,930 181 1,260 1,040 282 3,131 7,757 5,061 755 1,941 2,835 277 1,796 Dec. 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 Dec. 29- 13, 545 5,874 175 1,268 1,036 269 3,094 7,671 4,987 750 1,934 2,874 294 1,813 1938—Jan. 5.___ 13, 473 5,809 166 1,251 1,035 274 3,052 7,664 5,004 750 1,910 2,887 266 1,845 Jan. 12... 13, 481 5,782 160 1,245 1,035 274 3,039 7,699 5,028 748 1,923 2,940 274 1,886 Jan. 19... 13, 433 5,745 158 1,238 1,034 278 3,008 7,688 5,022 738 1, 928 2,929 251 1,950 1 Loan classification revised Ma7 19.1937 and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revision see June, 1937 BULLETIN, pages 530-531. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 141 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 Date or month i r c n e t e e o i s p d o p l s l o n r e a o r o c s t i c f - - - a O s t s h e e ts r l T a i i s a t o s i b e t e i a s t l l s - D b o a t I n m ic n k e t s e s' rb F a b o n a r k n ei k g s n G U S m o n t v a e i e t t n e e r t s n d c C h f e e e i t e r c c t d k . i- s, Other i j d t u m s e s D — a p te e n o d a - d s d * - b m D a I e n n o s k t t - i e s c rb b a F e a n i o n g k r k n - s 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 o l u a n p c t - TOTAL—101 CITIES 1936—December 1,787 1,370 34, 047 6,025 435 601 617 16,714 15, 544 130 5 5,045 909 3, 555 1937—June 1,569 1, 325 32, 632 4,927 579 378 489 16, 380 15, 300 101 12 5,233 906 3,602 July 1,497 1, 277 32, 367 4,984 606 447 480 16, 001 14, 984 101 17 5,254 863 3,597 August 1,322 1,269 32, 051 4,880 568 515 402 15, 838 14,918 99 18 5,245 843 3, 607 September 1,568 1,286 32, 362 4,878 559 616 510 15, 900 14, 843 112 18 5,283 863 3,612 October 1,568 1,304 32, 252 4, 976 503 555 448 15, 875 14, 756 112 21 5,278 862 3,617 November 1,511 1,305 31, 844 4,928 425 424 467 15, 681 14, 636 111 19 5,287 873 3,623 December 1,585 1,294 31,912 4, 943 411 579 495 15, 659 14, 570 110 15 5,203 857 3, 630 1937— Nov. 10 1,499 1,292 31, 794 4,868 428 416 512 15, 644 14, 657 112 20 5,302 867 3, 623 Nov. 17 1,580 1,308 31, 964 5,010 414 416 455 15, 737 14,612 112 19 5,296 877 3,624 Nov. 24 1,360 1,310 31, 663 4,906 402 418 410 15, 615 14, 665 110 18 5,273 884 3,624 Dec. 1 1,588 1,313 31, 829 4,951 397 416 493 15,707 14, 612 109 21 5,234 864 3,631 Dec. 8 1,267 1,307 31, 497 4,885 388 417 431 15, 543 14, 707 111 20 5,183 872 3,634 Dec. 15 1,960 1,296 32, 495 4,963 401 684 637 15, 998 14, 675 111 14 5,192 848 3,630 Dec. 22..__:___. 1,558 1,288 31, 853 4,933 435 689 470 15, 511 14, 423 109 9 5,201 859 3,630 Dec. 29 1, 550 1,267 31, 887 4,981 433 691 446 15, 535 14, 431 109 9 5, 205 843 3,626 1938—Jan. 5 1,358 1, 255 31, 575 5,114 432 679 419 15,158 14, 219 110 9 5,225 801 3, 620 Jan.12 1,423 1,275 31,918 5,155 424 675 462 15, 424 14, 463 109 8 5, 203 826 3, 626 Jan. 19 1,400 1,268 31, 925 5,218 413 654 489 15, 398 14, 487 115 8 5,199 8C7 3, 624 NEW YORK CITY 1936—December 878 492 12, 778 2,468 397 155 415 6,893 6,430 4 613 372 1,451 1937—June 716 474 12,306 1,911 540 179 311 6,729 6,324 11 723 404 1,477 July 658 455 12,093 1,940 563 233 307 6,404 6,054 14 746 400 1,475 August 541 450 11, 824 1,863 524 275 241 6,298 5,998 14 726 379 1,482 September 722 459 12,100 1,896 516 346 332 6,397 6,007 14 726 390 1. 477 October 675 459 11,926 1,941 466 303 287 6,324 18 728 380 1,478 November 695 478 11,716 1,940 390 232 301 6,228 5, 15 747 381 1,481 December 749 473 11, 763 1,984 375 310 319 6,232 5,802 12 674 368 1,483 1937—Nov. 10 712 482 11,711 1,895 393 228 317 6, 245 5,850 16 759 377 1, 481 Nov. 17 701 485 11, 730 1,959 380 228 302 6,232 5,833 15 751 383 1,480 Nov. 24 582 483 11, 595 1,952 367 228 254 6,169 5,841 15 742 388 1,480 Dec. 1 725 483 11,698 1,985 362 228 292 6,235 5, 802 18 722 373 1,483 Dec. 8 563 477 11, 540 1,936 353 228 257 6,223 5,917 17 662 374 1,483 Dec. 15 1,034 470 12,148 2,021 364 452 6,408 5,826 12 662 366 1,483 Dec. 22 733 468 11, 725 1,972 364 314 6,151 5,732 665 367 1,484 Dec. 29 691 467 11, 702 2,005 397 364 280 6,142 5,731 6 660 360 1,484 1938—Jan. 5 570 463 11, 524 2,034 398 365 243 5,991 5,664 6 652 347 1,481 Jan. 12 475 11,782 2,083 386 364 313 6,140 5,785 6 641 361 1,482 Jan.19 470 11, 830 2,131 378 352 329 6,159 5,822 6 641 351 1, 483 OUTSIDE NEW YORK CITY 1936—December 909 21, 269 3,557 446 202 9,821 9,114 130 1 4,432 537 2,104 1937—June.._. 853 851 20,326 3,016 199 178 9,651 8,976 101 1 4,510 502 2,125 July 839 822 20, 274 3,044 214 173 9,597 8,930 101 3 4,508 463 2,122 August 781 819 20, 227 3,017 240 161 9,540 8,920 99 4 4,519 464 2,125 September 846 827 20, 262 2,982 270 178 9,503 8,836 112 4 4,557 473 2,135 October 845 20, 326 3,035 252 161 9,551 8,820 112 3 4,550 482 2,139 November 827 20,128 2,988 192 166 9,453 8,802 111 4 4,540 492 2, 142 December 836 821 20,149 2,959 269 176 9,427 8,768 110 3 4,529 489 2,147 1937—Nov. 10 787 810 20,083 2,973 188 195 9,399 8,807 112 4 4,543 490 2,142 Nov. 17 879 823 20, 234 3,051 188 153 9,505 8,779 112 4 4,545 494 2,144 Nov. 24 778 827 20, 068 2,954 190 156 9,446 8,824 110 3 4,531 496 2,144 Dec. 1 863 830 20,131 2,966 188 201 9,472 8,810 109 3 4,512 491 2,148 Dec. 8 704 830 19, 957 2,949 189 174 9,320 8,790 111 3 4, 521 498 2,151 Dec. 15 926 826 20, 347 2,942 320 185 9,590 111 2 4,530 482 2,147 Dec. 22 825 820 20,128 2,961 325 156 9,360 8,691 109 2 4,536 492 2,146 Dec. 29 859 20,185 2,976 327 166 9,393 8,700 109 3 4,545 483 2,142 1938—Jan. 5 788 20, 051 3,080 314 176 9,167 8,555 110 3 4,573 454 2,139 Jan. 12 755 20,136 3,072 311 149 9,284 8,678 109 2 4,562 465 2,144 Jan. 19 734 798 20, 095 3,087 302 160 9,239 8,665 115 2 4,558 456 2.141 1 Does not include cash items in process of collection reported in balances with domestic banks. 2 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 BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research 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

142 FEDERAL RESERVE BULLETIN FEBRUARY 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 os n - Y N o e r w k p ^ d h h e i i l- a la - - C l l a e n v d e- m Ri o c n h d - Atlan- Ch g i o ca- St. n M o e i l a i n p s - - K C s a i a t n s y - Dallas San Y N o e r w k i g h o ica- ASSETS Loans and investments— total: Dec. 29 21, 402 1,198 8, 725 1,110 1,828 645 2,973 658 387 672 509 2,141 7,857 1,925 Jan. 5 21,249 1,197 8,630 1,104 1,823 640 554 2,972 655 384 667 503 2,120 7,776 1,937 Jan. 12 21, 333 1,216 8,714 1,108 1,815 640 548 2,979 649 387 665 497 2,115 7,852 1,941 Jan. 19 21, 285 1,220 8,710 1,117 1,806 622 549 2,956 653 385 661 491 2,115 7, 852 1, 929 Loans—total: Dec. 29 9,387 644 3,957 458 712 257 295 981 324 179 278 253 1,049 3,513 641 Jan. 5 9,226 642 3,853 454 710 252 293 959 321 179 275 247 1,041 3,417 624 Jan. 12 9,195 643 3,844 457 707 251 291 955 319 178 273 243 1,034 3,413 622 Jan.19 9,089 643 3,769 459 698 249 290 947 320 176 269 237 1,032 3,344 617 Commercial, industrial, and agricultural loans: On securities: Dec. 29 579 241 227 34 Jan. 5 570 235 223 30 Jan.12 234 222 30 Jan.19 568 234 222 Otherwise secured and unsecured: Dec. 29 4,022 260 1,684 243 100 149 543 151 158 150 336 1, 560 395 Jan. 5 3,947 262 1,644 165 240 99 148 529 149 157 146 330 1,523 385 Jan. 12 3,932 260 1,639 164 238 99 148 533 147 156 144 327 1,518 389 Jan.19 3,870 258 1,600 161 233 97 148 528 148 154 141 327 1,484 384 Open market paper: Dec. 29 461 79 203 18 17 15 4 47 10 21 3 37 192 27 Jan. 5 465 77 203 21 18 15 4 48 10 20 3 39 191 27 Jan. 12 460 80 197 23 17 14 4 47 10 19 3 38 186 26 Jan. 19 459 82 193 24 16 14 4 48 11 19 3 38 181 28 Loans to brokers and dealers: Dec. 29 30 733 21 24 4 6 47 5 4 3 719 39 Jan. 5 _, 840 29 685 19 23 4 6 45 5 4 3 674 38 Jan.12 842 29 689 19 24 3 45 5 4 3 682 37 Jan.19 812 31 660 20 22 4 41 4 4 3 654 36 Other loans for purchasing or carrying securities: Dec. 29 635 293 39 90 60 217 75 Jan. 5 628 289 39 59 214 74 Jan. 12 625 288 39 58 213 73 Jan.19 621 287 39 58 212 73 Real estate loans: Dec. 29 .... 1,165 236 175 373 129 13 Jan. 5 1,163 235 174 373 128 13 Jan. 12 1,164 235 174 374 129 13 Jan.19 1,162 234 174 373 128 13 Loans to banks: Dec. 29 35 3 3 34 1 Jan. 5 39 3 3 38 1 Jan.12 38 3 37 1 Jan. 19 67 3 1 Other loans: On securities: Dec. 29 737 270 125 21 Jan. 5 723 264 126 233 21 Jan. 12 720 265 125 234 21 Jan.19 718 126 235 20 Otherwise secured and unsecured: Dec. 29 828 53 262 105 36 Jan. 5 821 259 105 193 35 Jan.12 817 259 105 192 32 Jan.19 812 256 105 190 32 U. S. Government direct obligations: Dec. 29 8,018 402 3,244 299 796 279 153 1,408 194 154 235 178 676 3,031 926 Jan. 5 8,056 407 3,262 301 793 279 155 1,434 195 152 233 178 667 3,052 958 Jan.12 8,09: 3,285 301 792 282 152 1,443 192 155 234 175 665 3,069 962 Jan. 19 8,143 424 3,341 305 793 276 155 1,430 192 155 234 174 664 3,121 954 Obligations fully guaranteed by U. S. Government: Dec. 29 1,116 23 415 91 190 45 125 366 102 Jan. 5 1,125 22 423 91 63 190 45 124 375 102 Jan. 12 1,131 22 433 91 60 190 44 126 383 102 Jan.19 1,130 22 438 92 59 189 44 129 392 102 Other securities: Dec. 29 2,881 129 1,109 262 258 394 114 291 947 256 Jan. 5 2,842 126 1,092 258 257 389 114 288 932 253 Jan. 12 2,910 130 1,152 259 256 391 114 290 987 255 Jan. 19 2, 923 131 1,162 261 256 390 114 290 995 256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 143 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o ew rk P p h d h i e i l l a a - - - C l l a e 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 i . s n M o e i l a i n p s - - K C s a i a t n s y - Dallas F c S r i a s a c n n o - Y N o e r w k Ch g i o ca- ASSETS—continued Reserve with Federal Reserve bank: Dec. 29 5,427 314 2,678 239 345 130 107 807 141 161 113 319 2,553 595 Jan. 5 5,473 306 2,728 252 341 135 103 796 142 162 116 3J9 2,586 582 Jan.12 5,600 304 2,792 250 334 137 105 832 155 169 117 332 2,660 618 Jan. 19 5,647 309 2,850 245 337 135 104 837 145 168 113 333 2,718 610 Cash in vault: Dec. 29 355 40 80 20 43 20 13 73 12 13 12 23 61 34 Jan.5 322 39 73 18 39 18 11 63 11 12 11 21 56 28 Jan. 12 330 39 73 19 41 19 12 64 11 13 11 22 56 28 Jan. 19 302 37 17 38 18 11 57 10 12 10 20 51 25 Balances with domestic banks: Dec. 29 1,886 115 154 146 188 103 98 105 222 158 193 73 169 Jan. 5 1,918 131 153 150 186 109 103 111 200 160 199 73 169 Jan. 12 1,957 122 148 146 189 114 110 329 116 218 170 219 71 149 Jan. 19 2,023 117 158 145 199 137 111 339 117 224 185 216 73 156 Other assets: Dec. 29 1,267 80 539 105 36 37 90 23 23 28 201 467 59 Jan. 5 1,255 76 539 102 37 37 88 23 22 28 202 463 58 Jan. 12 1,275 553 103 36 37 89 23 22 27 207 475 58 Jan. 19 1,268 549 103 33 37 90 23 22 206 470 60 LIABILITIES Demand deposits—adjusted: Dec. 29 14.431 966 6, 267 792 1,070 404 2,182 408 261 488 391 881 5, 731 1,457 Jan. 5 14, 219 970 6,201 783 1,052 403 316 2,132 401 256 460 382 863 5, 664 1.417 J J a a n n . . 1 1 2 9 1 1 4 4 , , 4 4 8 6 7 3 9 9 8 8 6 2 6 6, , 3 3 6 2 3 0 7 7 8 8 2 5 1 1, , 0 0 4 4 5 4 4 4 1 1 4 5 3 3 2 2 0 2 2 2 , , 1 1 5 6 5 3 2 2 5 5 2 6 3 3 9 9 9 6 8 89 8 0 6 5 5, , 8 7 2 8 2 5 1 1, , 4 4 1 3 6 0 Time deposits: Dec. 29 5,205 268 1,069 272 733 193 183 872 183 121 145 128 1,038 660 455 Jan.5 5,225 268 1,063 276 736 196 183 883 184 122 145 128 1,041 652 465 Jan.12 5,203 266 1,052 275 733 196 182 883 184 122 145 128 1,037 641 465 Jan.19 5,199 267 1,049 274 735 196 182 882 184 122 145 1,035 641 465 U. S. Government deposits: Dec. 29 691 40 375 25 20 14 18 10 2 14 62 364 65 Jan.5 679 28 376 25 19 14 18 30 2 14 61 365 65 Jan. 12 675 28 375 25 20 13 18 8 2 14 61 364 Inte J rb an a . n k 1 9 deposits: 654 27 363 25 19 13 17 8 2 13 59 352 Domestic banks: Dec. 29 5,090 2,068 259 316 203 190 723 240 113 349 191 240 2,005 532 Jan. 5 5,224 2,102 276 318 211 195 755 251 113 349 198 243 2,034 557 Jan. 12 5,264 212 2,150 273 317 207 194 760 257 114 347 188 245 2,083 564 Jan. 19 5,333 2,200 279 318 199 758 260 112 353 190 247 2,131 566 Foreign banks: Dec. 29 442 405 3 1 13 403 Jan. 5 441 405 3 1 13 404 Jan. 12 432 394 3 1 14 392 Jan.19 421 385 3 1 14 384 Borrowings: Dec. 29 9 Jan.5 8 Jan.12 6 Jan. 19 Other liabilities: Dec. 29 843 26 373 20 23 319 360 19 Jan. 5 801 23 358 20 16 19 312 347 15 Jan. 12 826 23 372 20 17 19 323 361 15 Jan. 19 807 24 362 19 16 20 316 351 16 Capital account: Dec. 29 3,626 238 1,615 227 349 371 324 1,484 248 Jan. 5 3,620 238 1,611 226 349 372 328 1,481 250 Jan. 12 3, 626 239 1,611 226 350 372 329 1,482 249 Jan. 16 3,624 239 1,612 226 349 371 329 1, 483 248 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN FEBRUARY 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Commer- Held by accepting Held by Federal cial banks Reserve banks Based on goods End of month s p t o i a a n u p n g t e d 1 - r - s T t o i a o n u n t g t a d - l - Total O bi w ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s F o c o p o o u r o e r r n n i r g t a e d c o n - - - f o H t b h e y e ld rs B p U i i a o n o m . s r t n e o t S - s d . o B p U f n r a o o . s r e m e t S x s d . - c D h o e a x l n l - g ar e s b to U e r t e . w S d e . e in n o p r o F s i c o h n o r i t u e p s i n p g i - e n n d ents tries 1936—October,-. 199 330 296 150 147 110 77 November. 191 349 309 157 152 112 76 December. 215 373 315 151 164 126 76 1937—January. _. 244 387 325 154 171 141 77 February- 268 401 341 160 180 158 77 March 290 396 317 150 166 160 76 April 285 395 318 147 171 167 76 May 287 386 295 137 159 168 75 June 285 364 273 130 143 157 74 July _. 325 352 265 144 121 143 71 August 329 344 263 143 120 133 September. 331 344 274 148 127 127 October ___ 323 340 282 153 129 127 62 November. 311 348 279 148 131 122 61 December. 279 343 278 147 131 117 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures—See Annual Report for 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 2 Free O (n th et e ) r m in e v nt e s a t n - dm 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 65 119 182 771 257 89 23 12 396 December 1,258 75 135 179 930 286 79 24 10 410 1936 -March ___ 1,351 67 168 181 995 303 89 23 15 429 June 1,267 67 164 219 985 276 86 24 14 420 September 1,317 72 141 227 995 289 99 24 14 423 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—January 1,433 62 162 243 1,028 372 118 32 19 428 February 1,482 61 188 230 1,084 366 116 32 25 418 March 1,549 61 175 223 1,172 346 115 29 18 419 April 1,559 58 163 227 1,215 314 111 29 18 417 May —_ 1,503 56 149 209 1,188 284 101 24 12 408 June 1,489 55 161 214 1,217 266 92 25 13 397 July 1,493 56 157 206 1,213 265 96 25 13 397 August _ 1,509 54 149 202 1,233 252 92 26 13 391 September 1 363 48 128 239 1,088 256 96 26 12 385 October 1,053 40 135 263 781 272 107 24 12 383 November 1,034 38 120 225 723 270 95 24 11 376 December 985 34 108 232 688 278 85 26 10 355 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money 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 figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

145 FEBRUARY 1938 FEDERAL RESERVE BULLETIN 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 t ( h la e s t U p n a i r te a d g ra S p ta h t e o s f eral Reserve Act i Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act) Ja R n a . te 31 be I g n in ef n fe in ct g- v P r i a r o e t u - e s Ja R n a . t 3 e 1 be I g n in ef n fe in ct g- Ja R n a . t 3 e 1 be I g n in ef n fe in ct g- Boston IK Sept. 2, 1937 Sept.2, 1937 4 Oct. 20, 1933 New York____ Aug. 27, 1937 Oct. 10, 1935 3K Feb. 8, 1934 Philadelphia.. Sept. 4, 1937 Sept.4, 1937 Oct. 20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 4 May 11, 1935 Richmond Aug. 27, 1937 Sept.10, 1937 3K Feb. 19, 1934 Atlanta Aug. 21, 1937 Aug.21, 1937 Mar. 17, 1934 Chicago Aug. 21, 1937 Aug.21, 1937 4 Oct. 16, 1933 St. Louis Sept. 2, 1937 Sept.2, 1937 4 Feb. 23, 1935 Minneapolis. _ Aug. 24, 1937 Aug.24, 1937 4 Apr. 15, 1933 Kansas City._ Sept. 3, 1937 Sept.3, 1937 4 May 10, 1935 Dallas K Aug. 31, 1937 Aug.31, 1937 4K Mar. 12, 1934 San Francisco IK Sept. 3, 1937 Sept.17, 1937 3K Oct. 19, 1933 4 i Rates indicated also apply to United States Government securities bought under repurchase agreement. 4 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 Jan. 31, 1938, 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] Rate in In effect be- Previous Maturity ef J f a e n c . t 3 o 1 n ginning— rate A i d ng v a i n n c s e ti s t u to ti o fi n n s a — nc- Advances direct to Commit- 1-15 days i.. Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 3 4 1 6 1 6 - - - 6 3 4 0 0 5 d d d a a a y y y s s s . . . . . . . . . — _ _ . . . . _ _ .d d d o o o m ga o e n r r i c z c i o a a t l m i o o - n r- s t i w i n o s h n t i i c t f u o h - r m O a n in r i e n - g a t d o v m an a c k e e s 61-90 days._. ____do tion is portion 91-120 days-. —.do obligated 121-180 days ____do me i n T ts h , i s w r h a i t c e h a a ls g o r e a e p m pl e i n e t s s t a o r e ac a c l e w p a ta y n s c f e o s r b a o p u e g r h io t d u n o d f e 1 r 5 r d e a p y u s r c o h r a l s e e s s a . gree- N B Ph o e i w s l t a o d Y n e o l r p k hia.. 3K 4 4 - - - 6 6 6 *2K 3 3 3 4- K 5 K 1 - - l 2 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4K-6 3K K-2 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 6 5 5 Chicago 5-6 1 2K 5-6 Back figures.—See Annual Report for 1936 (table 41). St. Louis 3K 4 Minneapolis __ 43^-5 4K-5 Kansas City__ 4-6 4 4 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 K-2 Maxim t u h m e B ra o t a e r s d t o h f a t G m ov a e y r n b o e r s p a u i n d d b er y p m ro e v m is b i e o r n s b a o n f k R s e a g s u l e a s t t i a o b n l i Q sh . ed by 1 2 3 A S F a l u a m t t h e c o h a ri a s z r t e g o d e . b r o a r te ro 1 w p e e r r b ce u n t t n a o b t o l v es e s p t r h e a v n a i 4 li n p g e rc d e is n c t o . unt rate. [Percent per annum] Back figures.—See Annual Report for 1936 (table 40). MEMBER BANK RESERVE REQUIREMENTS Nov• 1,1933 Feb. 1, 1935 In effect to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, S P a o v s i t n al g s S a d v e i p n o g s s i t d s eposits 3 3 2 2 V K * 2 2 K K Clas a s n es d o b f a d n e k p s osits Au 1 1 g 9 9 . 1 3 7 6 - 15, Fe 1 1 b 9 9 . 3 3 6 7 - 28, Ap 1 1 9 r 9 . 3 3 7 7 - 30, a M n 1 d 9 a 3 y a 7 , f 1 te , r Other time deposits payable in: 6 months or more 3 2V? 2K On net demand deposits;i 9 L 0 e s d s a t y h s a t n o 9 6 0 m d o ay n s ths 3 3 2K 2 1 R C e e s n e t r r v al e r c e i s t e y rve city 1 1 3 0 1 1 9 5 K 2 17 2 K H 2 2 6 0 Country 7 10K 12K 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- All member banks 3 4K 5K 6 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by- i See footnote to table on page 134 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

146 FEDERAL RESERVE BULLETIN FEBRUARY 1938 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Percen per annum] [Weighted averages of prevailing rates; percent per annum) Prevailing rate on— Average rate on- 1929 1931 1932 1933 1934 1935 1936 1937 1938 Averu. s.freas- age New York City: mo Y w n e e th a e r , k , or m P p c r a e o i r p m m c e i - e r a , la P a b c n e a r c i c r n e m s e k p ' s e t - , - c S l t h o i t e m a o a x n n c e - g k s, e - c S h l c o t e a a o x a n l c n - l g k e i N ss e u u w e ry s bil d 9 ls a 1 y - y T i 3 U e u r l t . e r d o S y a . o s 5 - n J F M A M a e p n a a b r r u y i r c l a u h r a y ry ___ 5 5 5 5 5 . . . . . 7 8 8 8 7 4 8 5 1 3 4 4 4 4 4 . . . . . 3 2 1 2 1 1 4 7 0 1 4 4 4 4 4 . . . . . 7 7 6 5 7 1 2 9 5 1 4 4 4 4 4 . . . . . 1 2 8 3 1 2 4 8 3 1 3 3 3 3 3 . . . . . 5 4 3 4 3 8 2 9 3 1 2 2 2 2 2 . . . . . 8 6 9 6 6 3 4 0 9 1 2 2 2 2 2 . . . . . 6 5 6 5 5 4 6 1 1 4 2 2 2 2 2 . . . . . 5 5 4 5 4 C 0 4 3 1 2.36 m 4 o t n o t h 6 s d 9 a 0 ys da 9 y 0 s n r a e e l w s - - w p f e e i o r t r h i f e o - i d n d1 t d a q e e t u r i a s o o l ' - - n n y o e t a e r s J J A S u u e u n l p y g e t _ u e _ s m t ber.. 5 6 6 5 . . . . 0 0 8 9 6 5 8 3 4 3 3 4 . . . . 9 9 0 1 7 3 5 3 4 4 4 4 . . . . 3 4 4 6 0 2 5 1 4 3 3 3 . . . . 7 9 1 9 9 7 0 3 3 3 3 3 . . . . 3 2 3 3 0 6 3 0 2 2 2 2 . . . . 7 6 6 6 2 7 6 1 2 2 2 2 . . . . 4 4 4 4 4 0 4 2 2 2 2 2 . . . . 4 3 3 3 1 4 6 9 October 6.08 4.27 4.35 3.76 3.28 2.72 2. 46 2.38 1935 average ... .76 .13 .56 .56 .14 .17 1.29 D N e o c v e e m m b b e e r r 5 5. . 7 8 4 6 4 4. . 6 6 4 7 4 4 . . 1 2 2 2 3 3. . 4 5 8 2 3 3 . . 1 2 8 2 2 2 . . 7 6 7 1 2 2 . . 4 4 3 3 2 2 . .4 4 0 5 1936 average... .75 .15 1.16 .91 .14 .17 1.11 1937 average... .95 .43 1.25 1.00 .45 .34 1.40 Year 5.88 4.22 4.49 4.02 3.33 2.70 2.49 2.43 1936—Dec H 3/16 IK 1.00 .21 .12 1.04 8 o e t a h s e t r e r n n o c rt i h ti e e r s n : and 1937— A M M F j e a p a a n b r . y r . . .... vA 1 1 5 3 / l / 6 18 - - 5 V / 1 9 l 6 / l6 l6 /4 I I I I K K K K 1 L L L L . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 7 3 5 6 6 0 8 8 5 . . . . 4 6 2 5 2 2 0 5 7 2 1 1 1 1 1 . . . . . 1 4 2 4 5 8 8 2 2 9 J A J M M F u a e p n a a n b r y r u e i r c l a u h r a y ry _ 5 5 5 6 6 6 . . . . . . 8 8 0 0 0 9 7 6 9 0 2 1 4 4 4 4 4 4 . . . . . . 4 5 6 6 6 5 9 7 2 1 3 5 5 5 5 5 5 5 . . . . . . 0 1 1 1 1 1 7 4 4 0 3 3 4 4 4 4 5 5 . . . . . . 8 3 0 8 9 9 4 9 9 9 9 7 4 4 4 4 4 4 . . . . . . 4 3 5 6 3 5 9 9 2 5 0 2 4 4 4 3 3 3 . . . . . . 8 7 9 0 0 0 8 8 9 2 8 5 3 3 3 3 3 3 . . . . . . 4 6 6 4 6 5 7 0 2 5 3 1 3 3 3 3 3 3 . . . . . . 3 3 3 3 4 4 6 2 4 6 3 5 3.37 J Ju u l n y e 1 1 Vie I iK K L L. . 0 0 0 0 . .4 5 9 8 . .3 4 4 1 1 1 . . 5 4 4 4 J A u u ly gust 6 6 . . 0 1 8 1 4 4. . 4 4 7 8 5 5. . 1 0 2 5 4 4 . . 6 8 8 2 4 4 . . 1 1 5 2 3 3. . 7 8 9 7 3 3 . . 4 6 7 1 3 3 . 3 2 2 9 Aug. 1 Vie IK .00 .52 .34 1.45 September __ 6.24 4.48 5.03 4.65 4.11 3.75 3.45 3^33 Sept 1 Vie IK .00 .53 .37 1.50 October 6.25 4.62 4.96 4.51 4.13 3.75 3.50 3.37 Oct 1 Vie IK .00 .41 .26 1.42 November 6.12 4.87 4.88 4.54 4.08 3.63 3.47 3.42 Nov 1 Vie IK .00 .15 .15 1.31 December 5.94 4.91 4.88 4.59 3.98 3.67 3.46 3.36 Dec 1 Vie IK 1.00 .10 .15 1.27 Week ending: 27 south Y e e rn a r and 6.04 4.61 5,05 4.83 4.29 3.86 3.52 3.36 Dec. 11 1 7/i6 IK 1.00 .12 .18 1.27 western cities: Dec. 18.__. 1 Vie IK 1.00 .10 .18 1.28 January 5.94 5.50 5.61 5.60 5.40 4.95 4.47 4.16 4.16 Dec. 25 1 Vie 1.00 .10 .11 1.26 February ___ 5.96 5.43 5.61 5.56 5.39 4.84 1.51 4.15 J J J a a a n n n . . . 1 8 15 1 1 1 V 7A ie e I I I K K K 1 1 1 . . . 0 0 0 0 0 0 . . . 1 0 1 0 7 1 . . . 1 1 1 0 1 1 1 1 1. . . 1 2 1 8 3 2 M A M p a a r r y i c l h 6 6 6 . . . 0 0 1 4 7 0 5 5 5 . . . 3 2 4 6 6 0 5 5 5 . . . 6 6 6 4 4 3 5 5 5 . . . 6 6 6 6 8 6 5 5 5 . . . 3 4 2 4 0 8 4 4 4 . . . 8 8 7 5 0 9 AL L L 4 4 4 4 0 3 4 4 4 . . . 2 1 1 1 7 5 Jan. 22 1 Vie IK L.00 .10 .10 1.09 June 6.16 5.34 5.62 5.62 5.19 4.76 1.39 4.18 July 6.17 5.30 5.63 5.54 5.07 4.58 L35 4.19 August 6.22 5.28 5.68 5.53 5.05 4.63 4.25 4.18 1 Series comprises 182-day bills to February 23, 1935, 273-day bills from September.. 6.27 5.32 5.63 5.55 5.04 4.51 4.29 4.18 March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938, October 6.29 5.38 5.56 5.50 5.05 4.55 4.23 4.16 from October 22, to December 11, 1937, and 91-day bills thereafter. November _ 6.29 5.53 5.55 5.42 4.93 4.51 4.24 4.17 Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures December 6.20 5.56 5.60 5.43 4.92 4.55 4.14 4.15 for 91-day Treasury bills available on request. Year 6.14 5.39 5.62 5.56 5 17 4.69 LL35 4.17 BOND YIELDS1 [Percent per annum] Corporate i U. S. Year, month, or week T u r r e y a s 2 - M ip u a n l i 3 c- Total A B a y ratings Baa In tr d i u al s- By R g a r i o l- ups P ut u i b li l t i y c Number of issues_ 7-12 15 120 30 30 30 30 40 40 1935 average.. 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 1937 average.. 2.57 3.10 3.98 3.27 3.50 4.04 5.11 3.55 4.46 3.93 1936—December __ 2.27 2.76 3.67 3.10 3.28 3. 78 4.53 3.37 3.96 3.69 1937—January 2.29 2.79 3.67 3.10 3.30 3.77 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 3.50 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 June 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 2.59 3.01 3.92 3.25 3.45 3.98 5.00 3.47 4.40 3.89 September.. 2.67 3. 18 4.04 3.30 3.51 4.07 5.27 3.55 4.60 3.96 October 2.65 3.24 4.20 3.29 3.60 4.23 5.67 3.63 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 December.. 2.54 3.15 4.27 3.23 3.59 4.30 5.95 3. 66 5.12 4.03 Week ending: Jan.1 2.51 3.12 4.28 3.21 3.57 4.29 6.02 3.65 5. 13 4.05 Jan. 8 2.50 3.08 4.28 3.19 3.57 4.29 6.07 3.58 5.23 4.03 Jan. 15 2.47 3.04 4.25 3.18 3.57 4.25 5.99 3.51 5.25 3.98 Jan. 22 2.44 3.00 4.31 3.18 3.60 4.29 6.15 3.51 5.43 3.98 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. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures—See Annual Report for 1936 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 147 BOND PRICES * STOCK MARKET Corporate3 Stock prices1 Year, month, or date T U u r . r e y a S * s . - M i u p n a i l3 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 fe P rr r e e d - 2 Common (index, 1926=100) u t V m i r n a o e g d l 3 - - of Number of issues. 7-12 15 60 20 20 20 Total In tr d i u al s- R ro a a i d l- Utility 1935 average « . 106.1 105.3 88.6 88.2 79.4 98.2 1936 average 107.0 110.8 97.5 92.2 94.7 105.4 Number of issues.._ 20 420 348 32 40 1937 average . . 104.4 110.3 93.4 90.1 89.6 100.4 1935 average 133.8 78 91 34 71 1,411 1936—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 1937 average 136.2 112 131 49 95 1,519 February 107.2 112.7 100.0 94.7 100.2 105.1 March „ __ 105.2 108.9 98.5 93.5 98.3 103.6 1936—December 140.2 123 143 54 111 2,095 April 102.6 108.0 96.6 92.0 95.3 102.4 1937—January 141.8 126 147 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 '•104.0 110.8 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 91 697 October 103.5 108.1 86.4 85.5 78.4 95.2 July 135.7 118 139 52 96 917 November 104.0 109.1 83.3 82.7 72.1 95.0 August._. __ 137.2 121 144 51 97 729 December 104.7 109.5 82.7 81.4 72.5 94.3 September... 136.4 106 126 43 89 1,498 October 133.5 91 107 35 81 2,324 Dec. 29 104.9 110.0 81.3 80.2 70.2 93.5 November... 132.3 83 96 31 80 1,420 Jan. 5 -_ _ _ 105.1 110.6 81.5 81.5 68.7 94.3 December 132.1 81 94 31 78 1,174 Jan. 12 105.2 111.3 82.5 83.0 69.3 95.2 Jan. 19 105.7 112.0 80.3 82.1 64.7 94.1 Dec. 29 131.6 77 90 28 74 1,795 Jan. 5 132.8 81 94 28 77 1,120 Jan.12 133.6 86 102 31 79 1,315 r Revised. Jan. 19 133.7 84 99 30 76 876 1 Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 8 years, 1 Standard Statistics Co. Monthly data are averages of Wednesday based on quotations from Treasury Department. figures. 3 Prices derived from average yields, as computed by Standard Sta- 2 Average prices of industrial high-grade, derived from yields. tistics Co. 3 Average daily volume of trading in stocks on the New York Stock Back figures—See Annual Report for 1936 (table 73); for U. S. Treas- Exchange, in thousands of shares. Weekly figures are averages for the ury bonds, see BULLETIN for May 1936, p. 317 week ending Saturday. Back figures.—For stock prices, see Annual Report for 1936 (table 73). CAPITAL ISSUES [In millions of dollars] For newr capital ?or refunding Total Domestic Domestic Year or (new Total Total month fu i a 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 ig o n r- ^ m a ( f e d o n s r o 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 i o g r n - ' eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies a notes pal cies* notes 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 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 38 1930 . 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934. 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 0 1935 ___ 4,699 1,457 1,409 855 150 404 334 69 48 3, 242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3.387 3,187 200 119 1937 3,891 2,083 2,076 727 157 1,192 789 403 7 1,808 1,639 175 280 1,184 833 351 168 1936—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 9 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 (3) 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 Dec 164 122 122 79 0 43 27 16 1 42 42 5 23 14 14 (3) (3) 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury, s Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1936 (table 72). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN FEBRUARY 1938 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 Total Publicly offered i End of month debt Bonds ju A s d te - d So se c - ial All Ma- Total service curity others tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U. S. war ury2 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 6 21, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27, 053 26, 480 8 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 2,053 156 580 231 825 1936—June 33, 779 32, 989 31, 297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1936—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 A M p a r r i c l h 3 3 4 4 , , 9 7 4 2 1 8 3 34 4 , , 0 2 6 9 4 5 3 3 2 2 ? , 8 7 8 2 4 2 7 7 9 9 1 1 9 9 , , 9 9 3 3 6 6 7 7 2 5 2 2 9 9, , 7 7 6 8 4 3 2 2, , 3 2 5 0 3 3 4 4 6 5 1 1 3 40 2 7 2 5 5 5 5 2 9 1 1 3 2 6 6 5 52 2 0 8 Mav 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, 936 833 10, 617 2,453 915 649 632 103 499 August _ _ 37,045 36,450 34,146 79 19, 936 862 10, 617 2,653 905 769 630 100 494 September 36,875 36, 264 33, 877 79 19,936 885 10, 575 2,403 896 868 623 122 489 October _ _36, 956 36,366 33,900 79 19,936 908 10, 575 2,403 888 957 620 109 482 November 37,094 36, 511 33, 924 79 19, 936 932 10, 575 2,403 883 1,086 619 106 477 December 37, 279 36, 708 34,018 79 20, 476 964 10, 547 1,952 876 1,188 626 99 472 i Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System, a Includes Liberty bonds. 8 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. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 6 Includes pdstal 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, DECEMBER 31,1937 [In millions of dollars] [In millions of dollars] Federal Home Recon- Date maturing Total Bondsi Notes Bills Farm Owners' struction End of month Total Mortgage Loan Finance Corpora- Corpora- Corpora- 1938—Before Apr. 1__. 1,623 471 1,152 tion tion' tion Apr. 1-June 30 „ 1,268 618 650 July 1-Sept. 30.. 747 596 150 Oct. 1-Dec. 31__ 433 433 1933—December. 180 »180 1939—Jan. 1-Mar. 31_. 942 942 1934—June 681 312 134 235 Apr. 1-Dec. 31.. 2,247 2,247 December. 3,063 980 1,834 249 1940 2,854 2,854 1935—June 4,123 1,226 2,647 250 1941. 2,219 834 1,385 December. 4,494 1,387 2,855 252 1942 1,001 1,001 1936—June 4,718 1,422 3,044 252 1943 1945 2,126 2,126 1936—December. 4,662 1,422 252 1 1 9 9 4 4 6 7 ! 1 2 , , 8 1 6 3 1 5 2 1 2 , , 8 1 6 3 1 5 1937— F J e a b n r u u a a r r y y .. . . . 4 4 , , 6 6 6 6 2 2 1 1 , , 4 4 2 2 2 2 2 2 5 5 2 2 1948. 1,036 1,036 March 4,662 1,422 2,988 251 1949_.__ 819 819 April 4,660 1,422 2,987 250 1951 1,223 1,223 May 4,660 1,422 2,987 250 1952 1,250 1,250 June 4,665 1,422 2,987 255 1953.. 1,786 1,786 July 4,703 1,420 2,987 295 1954 2,663 2,663 August 4,633 1,400 2,937 296 1955 755 755 September. 4,633 1,400 2,937 296 1956 489 489 October... 4,634 1,400 2,937 297 1959 982 982 November 4,644 1,410 2,937 297 1960 2,611 2,611 December. 4,645 1,410 2,937 297 1961 50 50 Total- 34, 018 21, 519 10, 547 1,952 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal i Issues classified as of date of final maturity; most issues callable atHousing Administrator, amounting to $186,000 on December 31,1937. earlier dates; most of the U. S. Savings bonds are redeemable at option 2 Excludes obligations guaranteed as to. interest only. of holder. 3 Includes notes given in purchase of gold which were retired in Feb- * Includes unclassified U. S. Savings bonds. ruary 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

149 FEBRUARY 1938 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] "General and special accounts Trust Increase or de- Receipts Expenditures i ac- crease during counts, period General Excess e e x t c c e 7 ss of re- of re- Period Total c ta o I x n m e - e s 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 e r 2 - - r ot A h l e l r3 Total e I d n s e t t e b o r t n - t f V i N a 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 r c r r t u a c s c n s t t 6 s t o s . - p ( c t + e u e ( e n i - ) r x p ) e d - t o s i s - r p ( c t + e u e ( e n i - x r ) p ) e d o - t s i s r - G b f a e u l n a n e n d r c a e l G de ro b s t s erans' Adm.* Fiscal year ending: June 1935 _ 3,800 1,099 2,179 523 6,802 821 1,089 1,315 3,366 141 71 -3,002 +613 -741 +1, 648 J J u u n n e e 1 1 9 9 3 3 6 7 4 5 , , 1 2 1 9 6 4 2 1 , ,4 1 2 5 7 8 •"< 2 • 5 ) 3 " 2 2 , , 1 0 8 8 7 6 6 6 0 9 3 7 8 8 , , 0 4 0 7 1 7 8 7 6 4 6 9 1 1 , , 4 3 3 4 6 0 1 1 , , 9 3 9 1 4 0 3 3 , ,0 3 7 41 9 9 9 2 4 7 4 8 1,8 8 1 6 4 8 - - 2 4 , , 3 7 6 0 1 7 + - 1 6 2 7 3 + -1 8 2 4 8 0 + +5 2, , 0 6 7 4 8 6 6 months ending: Dec. 1935 1,902 555 1,040 308 3,446 358 614 717 1,550 67 141 -1,544 +55 +367 +1,856 Dec. 1936 2,158 706 (8) 1,133 319 3,503 403 711 858 1,698 9 270 103 -1,345 -59 -776 +628 Dec. 1937 3,176 1,157 414 1,270 335 3,783 432 769 1,009 1,032 126 414 -607 +171 +419 +855 1936-December____ 517 286 175 57 656 140 118 150 294 947 1 -138 +26 +500 +613 1937—January 284 43 W3 168 70 631 14 116 159 230 67 45 -348 +72 -180 +95 February 275 58 10 148 58 553 20 112 176 214 9 13 45 -279 -187 +99 M Ap a r r i c l h 1,0 3 1 6 2 3 70 5 0 7 7 5 8 0 1 1 9 6 0 6 7 6 1 2 7 7 5 0 4 8 1 6 5 8 9 1 12 2 9 1 2 2 2 3 5 0 2 2 5 4 2 3 9 9 4 7 6 4 4 5 5 + -3 2 4 5 5 7 - + 98 8 + -1 2 2 8 4 7 + + 1 2 2 1 7 2 May 335 47 59 170 60 552 9 119 169 211 92 45 -217 -3 +52 +272 June 868 547 53 212 56 1,300 194 128 179 232 27 540 -432 +20 +800 +1,212 July _.__ 409 57 53 221 77 659 12 128 197 198 92 125 -249 +44 +85 +291 August 453 35 60 301 56 556 21 127 162 175 10 61 -103 +37 +263 +329 September __ 788 501 50 186 51 680 159 125 161 159 20 55 +108 +20 -43 -170 October 333 40 52 189 52 616 67 126 183 168 16 55 -283 +18 -184 +81 November. __ 327 37 60 182 49 542 9 128 165 159 25 55 -215 +10 -68 +137 December _._ 866 487 138 192 49 730 163 134 141 173 56 63 +136 +43 +365 +186 1 Excludes debt retirement. 2 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 8 Includes customs and miscellaneous receipts. 4 Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc" 6 Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm uredit Administration, and Export-Import Banks. 8 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. 7 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. s Less than $500,000. » Excess of credits. GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars] In- Incre- Seign- 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—June 2,682 140 316 2,225 1936—July 2,230 141 319 1,771 August _ 1,904 140 323 1,441 September 2,188 140 329 1,719 October. ___ 1,764 141 332 1,291 November 1,406 141 333 931 December. 1,906 26 141 337 1,401 1937—January 1,726 127 141 340 1,118 February 1,539 205 141 344 849 March.. . 1,826 343 141 348 995 April 1,702 568 141 350 642 May . 1,754 758 141 354 501 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 1,271 141 388 875 November 2,608 1,243 141 394 831 December.. ... 2, 973 1,228 142 401 1,202 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN FEBRUARY 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1937 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Financed partl f y u n fr d o s m Government Total Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Nov. 30, Oct. 31, Nov. 30, Corpo- Corpo- istra- institu- institu- institu- institu- 1937 1937 1936 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financiali nstitutions _. 288 1 187 11 487 492 522 Preferred stock, etc 560 0) 3 205 764 767 772 Home mortgage loans 2,422 2,422 2,446 2,802 Farm mortgage loans 2,886 2,886 2,887 2,938 Other agricultural loans 1 151 16 101 260 0) 529 ••552 604 All other loans _ ,.. 863 109 323 1,296 n, 279 1,203 Total loans and preferred stock 1,712 151 109 16 425 2,886 260 2,814 11 8,385 8,422 8,842 Cash . - 2 0) 7 88 73 23 70 8 271 265 247 United States direct obligations 28 5 34 51 108 18 361 604 600 503 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 0) 50 14 102 180 170 197 Other2 26 % (2) 4 31 37 29 Production credit association class A stock 77 77 75 Accounts and other receivables 35 (0 1 45 164 4 25 4 279 282 288 All other assets 12 0) 22 0) 436 157 1 3 476 23 1,127 996 620 Total assets other than interagency 2 1,789 151 131 146 1,030 3,331 449 3,416 508 10, 953 10, 849 10, 800 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States. __ 297 0) 1,410 2,937 4,644 4,634 4,667 Other2 60 2 l, 050 172 53 0) 1,340 1,413 1,438 Other liabilities (including reserves) 52 0) 4 47 203 7 149 109. 572 547 403 Total liabilities other than interagency 2 349 60 4 51 2,663 180 3,140 109 6,556 6,594 6,509 Excess of assets over liabilities, excluding interagency transactions.. 1,441 91 131 141 979 668 269 276 400 4,397 4,255 4,292 Privately owned interests 176 4 40 139 360 357 348 U. S. Government interests 1,441 91 131 141 979 492 266 236 260 4,038 3,898 3,943 »• Revised. i Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. s 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] Dec. 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, 1936 1937 1937 1937 1937 1937 1937 1937 Loans to financial institutions 325, 620 271, 858 271, 009 266,283 261,104 256, 965 249, 594 i 251, 368 Loans on preferred stock of banks and insurance companies. 43, 509 40, 483 40, 027 39, 414 39,167 38, 949 38, 800 38, 650 Preferred stock, capital notes, and debentures 650, 777 581, 900 576, 672 567,879 566, 090 563,465 559, 623 555. 312 Loans to railroads (including receivers) 345, 980 354, 320 351,936 351,855 356, 279 355, 932 355,923 355; 894 Loans for self-liquidating projects 195,044 221, 907 225, 407 227,108 231,171 232, 414 234,113 237, 637 Loans to industrial and commercial businesses 63, 592 70, 549 71,181 72, 833 73,101 73, 283 72,686 74, 794 Loans to drainage, levee, and irrigation districts 64, 343 72,424 74, 605 75, 038 77,180 77,160 77,17" 77, 522 Other loans 2 3, 297 3,882 3,798 3, 867: 3,870 3,946 3,970 3,920 Securities purchased from Public Works Administration 118, 822 119, 585 87, 320 86, 843 85, 621 117, 504 132, 564 Total loans and investments, other than interagency. _1, 810, 9841, 736, 909 1, 701, 954 1, 691,120 1, 693, 584 1, 691,114 1, 709, 3921, 727, 661 Loans to Federal land banks,. 24, 750 13, 586 13, 275 13, 212 13,042 12, 308 11,617 Loans to Commodity Credit Corporation 98, 721 61, 238 1,876 3,361 10,165 31, 298 63,120 Capital stock of Commodity Credit Corporation 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 37, 406 51, 302 53, 073 57,487 60,150 62, 779 66, 408 Preferred stock of Export-Import banks 20, 000 20,000 20, 000 20, 000 20, 000 20, 000 20,000 Capital stock of Disaster Loan Corporation 7,000 7,000 8,000 8,000 8,000 10, 000 Loans to Rural Electrification Administration 100 4r~~ 5,948 8,423 11,' 16, 849 21, 598 Total loans and investments. 2,088,961 1, 973,345 1,956,977 1, 889, 291 1,901,067 1,911,168 1,957, 6242,017,403 1 Includes $86,000,000 of loans for distribution to depositors of closed banks. 2 Includes agricultural loans formerly shown separately. NOTE.—For explanation of table and back figures,s ee BULLETIN for April 1936, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 151 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byby- and discounts for— End of month lan F d 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 a s c p c R r o n r c o r o e c d u e e r a d d i g a l d a g u t i b t i i t t u r o i t c i a i o c r o n - t a n a n i o n a s o l k s r l s - n s - , , f c i i n e o n O t t x i a o s i o t n c v t p h n i e c e e t e s p i s u r r n , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R i u a t r r e a g c a g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a u n n e a c g r s y n h - d t m F b c i e e n r a d d e t n e e d i k a r r i s - a t te l i B n C c a a c B o t e n l i o a u n k v p n d t s e e r k i s a f r n , o - l g r i M A i r n n e g t g a g v u r r o r i f k A c a u l e v u l n c t - l d t - for cooperatives * 1933—December. 1,232, 707 70,738 73, 263 27 144,636 91,090 15,211 18, 697 157, 752 1934—December. 1,915, 792 616,825 99, 675 55,672 80,852 87,102 111,165 33,969 27,851 54,863 1936—December. 2,071,925 794, 726 104, 706 47,162 94,096 43,400 172,489 2,731 50,01? 44,433 1936—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 1,486 64,411 64,322 February- 2,060,233 835, 509 130,139 41,061 114, 551 24, 249 163,250 1,359 60, 356 52,359 March 2,057, 930 833,821 144,250 42, 367 131,905 23,892 174, 709 1,305 56, 736 61,810 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 2,052,319 830,577 164,977 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, 317 171,270 162,515 21,126 185,802 1,047 56, 341 44, 281 September. 2,045,276 823, 257 167,477 46, 573 153, 977 19,434 182,331 1,157 66, 897 47, 236 October 2, 042, 637 820,163 159, 898 42, 414 142, 652 17, 491 177, 362 1,229 73,450 45, 296 November. 2,039,005 816, 653 160, 627 40,857 137,473 16, 208 173, 701 1,509 82,026 45, 284 December, 2,035, 307 812, 749 165,194 40, 464 138,169 15, 592 172,130 1,813 87, 633 0,982 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. 8. Government Depos- securities End of month L p O o o H r a w a n o n t m i e C o e r n o s r ' i - a N F s e u s l o o d m c a e i n b r a a e t l a r i o s s o s n a o f s v c i i n a g ti s L o a n o re n s a - d ns l F m i t o n h i b e l a o e s o o d a n n m t m a n e i s s n t r k b u e a t 2 e o - l r End of month a i b t n o a c l r - e s s ' 1 Total b i C p t n a o o a n r s s d y k i h e - s - Total t o r i D g b o e a c l i n - i - t s - G t o t i a g e u b o n a e l a n - - d i r s - - f C s e u e r t a r n e c s - v . d h * e s , , Total p R i o n e r g - t- ported 1 1 9 9 3 3 3 4 — — J J u u n n e e __. 1 1 , , 1 1 8 9 7 8 1 1 , , 2 2 0 2 7 5 9 6 7 9 7 5 4 1 5 3 3 1 4 1 1 3 8 1 35 9 7 9 7 1935—June 1,205 1,236 385 777 630 147 74 1936—June 1,232 1,265 203 967 800 167 95 1 1 1 9 9 9 3 3 3 6 3 4 — — — D D D e e e c c c e e e m m m b b b e e e r r r . . . 2 2, , 8 1 3 9 3 7 2 7 9 , , , 1 4 3 6 8 9 2 6 1 1,0 6 2 3 5 3 9 9 8 4 8 5 1 5 3 6 1 9 5 , . 7 6 3 8 4 3 1 8 8 02 5 6 , , , 4 6 7 4 5 9 2 8 5 1936— N D O e o c c v to e e b m m e b r b e e r r 1 1 1 , , , 2 2 2 5 5 6 7 5 0 1 1 1 , , , 2 2 2 9 9 9 6 3 0 1 1 1 4 4 58 5 5 1 1 1 , , , 0 0 0 2 5 1 9 8 1 8 8 8 6 9 44 2 1 1 1 1 6 6 6 7 7 7 1 1 2 9 1 1 3 9 1 1 9 9 3 3 6 7 — — J M J A A S N F M O u u D J e e p u o c a l n a a p e b y r g v t y n r e c t i o r u e c e l u . e u b h m m s m a e a t r b b r b r y . e y e e . . . r r . r . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 4 6 6 6 4 4 5 5 7 5 7 9 7 6 4 2 9 2 2 2 5 9 6 7 6 1 2 5 8 9 2 4 6 1 5 , , , , , , , , , , , , 4 1 4 6 1 2 4 1 5 0 0 2 4 2 9 2 1 2 4 1 0 0 9 7 9 1 9 3 1 4 2 5 1 2 8 4 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 3 3 2 2 2 2 2 2 2 2 2 1 1 0 9 9 7 8 5 4 4 2 1 8 1 7 6 3 0 6 7 9 0 8 2 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 2 2 1 1 1 2 1 1 1 1 0 9 0 1 6 6 8 1 6 8 5 4 6 4 0 1 6 8 1 1 8 1 7 3 5 7 7 7 6 7 7 6 6 7 5 6 5 8 5 3 4 7 8 0 6 7 2 1 4 2 2 0 6 6 2 3 9 9 2 1 4 , , , , , , , , , , , , 8 9 9 9 1 4 2 1 4 6 2 5 4 5 4 9 1 4 1 0 9 8 9 5 6 8 9 6 7 2 2 7 5 0 9 7 1 1 1 1 1 1 1 1 1 1 1 1 7 6 4 7 8 4 6 4 4 4 5 8 9 9 2 5 1 3 5 4 7 6 3 7 , , , , , , , , , , , , 0 6 0 1 3 4 5 5 7 4 2 7 5 0 4 3 4 9 7 1 2 0 4 0 7 7 1 6 9 1 1 1 0 5 5 1 1937— O J A D N M A M J S F u J u e c e e u o p a a l a n p t b c y g n r v o r y e t e i r u u c e e l b m u h a _ s m m e a t r . _ b r y b r b e y e e r r r „ . P P 1 1 1 1 1 1 1 1 1 1 l i , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 2 2 7 7 7 7 7 6 6 7 6 7 6 6 0 0 3 1 0 6 8 2 8 0 9 9 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 0 0 0 0 1 0 0 0 1 0 7 7 7 6 2 9 3 7 0 8 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 4 4 4 3 6 6 3 0 2 3 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , 1 1 1 1 1 1 0 0 0 1 0 0 0 0 0 6 0 9 6 0 0 0 0 0 0 0 0 7 1 0 8 8 9 9 9 9 9 9 9 9 9 3 3 3 9 3 3 3 3 3 4 0 3 3 3 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 7 7 7 7 7 8 7 1 7 7 9 4 8 3 2 1 5 3 1 December. 2, 397, 647 1,328 1,178 783,069 200,095 p Preliminary. i In addition to loans the HOLO held on Dec. 31, 1937, $768,000,000 in 1 Outstanding principal, represented by certificates of deposit. Does other assets, consisting principally of investments in the Federal Savings not include accrued interest nor outstanding savings stamps. and Loan Insurance Corporation and in various savings and loan asso- * Includes working cash with postmasters, 5-percent reserve fund and ciations, real estate and other property, and accrued interest receivable. miscellaneous working funds with the Treasurer of the United States, 8 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

152 FEDERAL RESERVE BULLETIN FEBRUARY 1938 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100 The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production** Construction contracts awarded (value)2 Fac- Factory em- tory Freight-car Department Year Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment8 r p o a ll y s - * loadings** sto ( r v e a l s u a e l ) es* month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjusted justedjustedjustedjusted justedjustedjustedjusted justedjusted justedjustedjustedjustedjusted 1Q1Q 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1Q91 67 67 70 56 44 65 82 77 78 87 1922 85 86 74 79 68 88 90 82 85 88 1QO9 101 101 105 84 81 86 104 103 100 98 1Q94. 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 108 108 108 129 121 135 101 104 107 106 1Q97 106 106 107 129 117 139 99 102 104 107 1Q9R 111 112 106 135 126 142 99 102 104 108 1Q9Q 119 119 115 117 87 142 105 109 107 111 •1QOA 96 95 99 92 50 125 91 89 92 102 81 80 84 63 37 84 77 67 74 92 1QOO 64 63 71 28 13 40 66 46 55 69 76 75 82 25 11 37 72 49 58 67 79 78 86 32 12 48 83 63 62 75 1Q9K 90 90 91 37 21 50 86 71 64 79 -_ 105 105 104 55 37 70 92 82 75 88 p110 P109 P115 P59 P41 P74 P99 ^98 78 93 1934 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 April.— 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 May..- 85 87 84 87 90 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 50 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 58 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 Nov 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 54 26 22 103 80 89 88 78 68 64 83' 145 1936 Jan. _ _ 97 95 96 95 104 100 62 50 25 21 92 75 89 87 74 70 65 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 87 87 74 71 68 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 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 56 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 108 106 110 106 99 104 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 Oct 110 111 111 110 105 115 57 54 43 41 69 65 94 97 89 77 86 90 100 Nov..— 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 99 98 95 83 77 92 161 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 Mar.____ 118 122 117 122 128 118 56 56 45 47 64 63 101 101 101 83 80 93 90 April 118 122 118 125 115 105 53 61 44 51 61 68 102 102 105 84 79 93 89 May — 118 122 118 123 116 117 56 68 44 52 66 81 102 102 105 80 80 93 95 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 '67 75 44 45 '86 '99 103 101 100 80 82 94 65 Aug 117 115 118 114 112 120 ••62 66 40 40 81 '87 102 102 104 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 98 101 100 76 84 93 103 Nov 89 90 85 86 109 112 56 50 32 31 76 65 94 95 90 71 72 91 101 Dec P84 P80 ?80 *76 J»114 *>107 ?66 P52 P30 P25 P95 P74 P89 P89 *81 67 62 89 156 ' Revised. p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 153-154; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. «The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by F R. Board of Governors see pages 950-978 of BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 155-158. Underlying figures are for payroll period ending nearest middle of month. « For indexes of groups see p. 160. Back figures.—See Annual Report for 1936 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car loadings, see pp. 522-529 of BULLETIN for June 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 153 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal vanation. 1923-25 average= 100] 1936 1937 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total __ 115 121 115 116 117 118 118 114 114 118 110 100 85 m IRON AND STEEL 137 143 139 129 126 130 134 119 140 142 125 100 68 49 Pig iron 99 104 107 107 108 109 114 107 121 123 119 95 67 50 Steel ingots _ _ _. 141 147 142 131 128 132 136 121 141 144 125 101 68 49 TEXTILES „_ _ _ _. _ 121 139 124 126 128 124 123 126 111 115 108 91 80 P77 Cotton consumption 123 144 129 132 136 130 130 136 125 129 121 101 91 88 Wool 118 140 121 129 128 119 121 119 95 106 88 65 51 Consumption 128 160 126 132 139 128 132 129 102 120 96 63 51 P53 M Ca a r c p h e i t n a e n ry d r a u c g ti v lo i o ty m L a . c . tivity1. 1 9 1 2 8 1 9 3 4 4 1 9 3 2 0 1 10 3 4 7 1 1 0 2 1 5 1 9 1 6 8 1 9 2 3 0 1 9 1 4 8 9 7 6 1 8 9 3 6 8 8 0 0 7 5 4 9 4 5 1 8 p v Q t K e Silk deliveries 125 134 118 112 114 120 109 115 97 92 103 105 94 69 FOOD PRODUCTS: Slaughtering and meat packing... 109 100 87 86 89 93 76 77 70 78 87 89 86 86 Hogs 100 85 65 66 69 75 54 49 44 50 67 76 74 72 Cattle _. . _. 115 117 111 108 113 113 99 111 99 111 109 102 96 101 Calves 122 125 130 122 136 130 124 134 129 141 140 120 115 114 Sheep 169 160 175 151 139 142 145 145 139 148 150 139 139 143 Wheat flour. 83 87 87 89 89 95 89 94 91 83 83 86 86 88 Sugar meltings 83 115 98 89 108 123 98 69 91 96 45 73 101 142 PAPER AND PRINTING: Newsprint production 67 64 63 62 64 62 62 61 64 65 65 63 64 63 Newsprint consumption __ 150 141 142 145 144 144 147 145 140 141 147 145 130 134 TRANSPORTATION EQUIPMENT: Automobiles 105 122 120 120 121 130 135 130 129 157 135 142 92 78 Locomotives 11 15 11 13 24 33 31 30 25 21 29 34 LEATHER AND PRODUCTS 116 134 136 134 132 131 133 118 115 109 98 88 80 ,87 Tanning _. 104 108 108 106 103 107 109 102 94 93 86 r79 77 Cattle hide leathers 111 111 111 108 106 107 111 99 91 93 87 85 80 Calf and kip leathers 79 98 90 92 85 94 82 83 68 63 60 52 63 Goat and kid leathers . 112 111 119 114 115 121 133 128 127 124 108 92 83 Boots and shoes. _ 124 151 154 152 150 146 148 129 129 120 105 94 83 CEMENT AND GLASS: Cement 91 91 86 85 93 87 78 74 75 73 73 79 76 71 Glass, plate 164 89 77 244 229 241 223 260 206 216 199 179 151 108 NONFERROUS METALS: Tin deliveries * 97 105 125 131 144 138 115 112 100 108 136 141 115 88 Zinc 100 98 80 83 107 110 116 115 112 110 116 115 108 108 Lead . 74 80 76 70 75 85 76 70 82 82 77 81 79 87 FUELS, MANUFACTURED: Petroleum refining 188 191 189 194 190 195 200 202 206 207 216 217 211 Gasolinel. 241 242 236 245 242 249 253 256 261 265 277 277 268 Kerosene 92 102 117 106 108 103 112 114 119 121 109 110 113 Fuel oilJ 124 132 135 130 126 123 130 133 139 134 147 147 144 Lubricating oil *__ 114 116 111 126 120 131 131 129 124 121 126 134 127 Coke, byproduct 130 137 137 136 138 141 143 134 144 149 148 128 104 Coke, beehive 20 20 21 22 25 25 31 29 32 28 25 20 14 pll RUBBER TIRES AND TUBES 1 126 123 123 133 132 133 132 123 102 Tires, pneumatic l 130 128 128 138 137 138 137 128 105 Inner tubes 1 92 91 91 99 99 100 94 84 73 TOBACCO PRODUCTS . 150 183 165 168 153 158 155 150 164 159 162 155 155 170 Cigars 75 83 83 78 83 82 74 73 78 73 77 73 73 74 Cigarettes.. _ 209 265 234 242 212 220 221 212 233 229 231 221 221 247 Manufactured tobacco 86 92 76 81 84 89 81 80 86 79 81 82 83 84 Mineral*—Total 112 117 110 115 128 115 116 114 112 112 115 113 109 Bituminous coal 95 97 86 98 112 72 80 80 79 78 86 83 78 P77 Anthracite _ _ 69 73 56 50 81 97 63 74 47 37 52 55 65 Petroleum, crude 152 161 164 168 173 174 176 172 174 181 177 176 174 Pi 74 Iron ore 110 159 122 121 126 113 91 40 Zinc . . . 100 98 80 83 107 110 116 115 112 110 116 115 108 108 Lead 74 80 76 70 75 85 76 70 82 82 77 81 79 87 Silver.. 99 113 99 94 93 103 101 107 148 139 116 91 119 i Without seasonal adjustment v 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, 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

154 FEDERAL RESERVE BULLETIN FEBRUARY 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; withoutseasonal adjustment 1923-25 average = 100] 1936 1937 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total- _ 115 114 113 118 122 125 123 114 110 114 106 99 86 p76 IRON AND STEEL 127 125 134 135 142 144 146 119 130 139 123 98 63 43 Pig iron 100 102 105 109 114 115 116 105 115 118 116 95 68 49 Steel ingots 130 128 136 138 145 146 149 121 132 141 124 98 62 42 TEXTILES 125 132 130 134 132 127 123 119 103 108 107 93 83 Cotton consumption 128 133 136 141 143 140 134 130 114 116 118 104 95 81 Wool 125 141 123 135 129 117 116 113 89 102 91 69 54 Consumption 140 161 130 144 141 124 122 116 91 111 101 69 55 Machinery activity 118 134 130 137 125 118 120 118 96 96 80 74 58 ^65 Carpet and rug loom activity. 92 94 92 104 101 96 93 94 71 83 80 59 41 Silk deliveries _ 129 119 135 120 110 119 108 102 92 96 109 105 97 62 FOOD PRODUCTS: Slaughtering and meat packing.._ 121 117 100 85 84 83 74 76 67 70 83 89 95 101 Hogs 110 111 87 73 69 67 52 50 39 38 50 64 81 94 Cattle 133 122 112 95 99 99 96 104 98 109 121 119 110 107 Calves 124 119 121 114 137 141 140 139 125 129 134 126 117 109 Sheep - _ 167 157 176 142 126 133 142 142 139 150 173 153 137 140 Wheat flour. 90 84 85 86 83 87 83 83 88 88 98 96 93 85 Sugar meltings 65 66 64 88 127 143 109 82 111 108 48 69 79 81 PAPER AND PRINTING: Newsprint production __ 66 64 64 62 63 63 63 63 62 64 65 63 63 63 Newsprint consumption 160 145 137 143 149 154 151 144 124 126 144 154 139 138 TRANSPORTATION EQUIPMENT: Automobiles 127 147 120 120 140 158 163 147 132 116 53 100 111 94 Locomotives __ 12 15 10 13 24 30 30 29 25 23 30 34 LEATHER AND PRODUCTS 112 114 126 136 136 128 122 114 113 121 112 97 77 P74 Tanning 102 105 104 110 103 105 103 100 93 94 91 84 76 Cattle hide leathers 109 108 112 116 107 107 105 97 88 91 91 88 80 Calf and kip leathers 75 84 75 85 76 85 78 80 79 76 70 62 59 Goat and kid leathers 111 120 113 119 117 120 124 128 118 122 113 96 82 Boots and shoes „ „ __ 118 119 140 153 157 143 134 123 127 138 126 105 78 P74 CEMENT AND GLASS: Cement __ - 90 71 52 51 67 85 92 91 92 94 92 90 76 56 Glass, plate _ 164 89 77 244 241 265 234 234 185 216 199 179 151 108 NONFERROUS METALS." Tin deliveries 97 105 125 131 144 138 115 112 100 108 136 141 115 88 Zinc 100 100 85 89 113 114 117 111 104 103 110 112 108 110 Lead 77 81 77 72 77 84 75 72 79 79 73 84 82 88 FUELS, MANUFACTURED: Petroleum refining 189 192 189 194 190 195 200 201 206 207 216 218 212 Gasoline 241 242 236 245 242 249 253 256 261 265 277 277 268 Kerosene 100 111 119 108 104 102 108 106 110 115 112 115 122 Fuel oil 124 132 135 130 126 123 130 133 139 134 147 147 144 Lubricating oil 114 116 111 126 120 131 131 129 124 121 126 134 127 Coke, byproduct 133 138 138 140 142 142 142 132 140 145 145 128 106 Coke, beehive 21 21 24 28 30 27 28 24 25 23 22 20 15 P12 RUBBER TIRES AND TUBES 126 123 123 133 132 133 132 123 102 Tires, pneumatic . . 130 128 128 138 137 138 137 128 105 Inner tubes 92 91 91 99 99 100 94 84 73 TOBACCO PRODUCTS 153 149 156 153 146 145 157 164 178 170 179 167 158 138 Cigars _ 90 62 64 67 76 77 76 80 82 76 88 89 86 55 Cigarettes 207 217 230 220 201 200 224 234 256 247 254 233 219 202 Manufactured tobacco 83 75 77 82 85 86 82 82 86 81 88 85 81 69 Minerals—Total . 115 111 106 111 118 105 117 117 115 120 125 122 112 Bituminous coal 106 103 96 103 112 61 70 72 72 77 92 92 87 P82 Anthracite __ 71 72 61 54 67 101 63 65 38 37 53 70 67 Petrol pi] m, orudp ••151 156 158 165 171 174 177 175 177 184 182 177 172 P169 Iron ore y3 238 240 245 257 218 156 34 Zinc -.. 100 100 85 89 113 114 117 111 104 103 110 112 108 110 Lead 77 81 77 72 77 84 75 72 79 79 73 84 82 88 Silver . 106 114 100 102 102 104 98 105 126 138 111 90 128 p Preliminary. »• 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, 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

155 FEBRUARY 1938 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) flDdex numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1936 1937 Industry and group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 96.2 98.6 98.8 99 7 100.9 101.6 102.2 101.4 103.0 102.4 100.7 98.4 94.1 89.0 Durable goods _ . 89.9 92.7 92.4 93.9 96.3 97.4 98.4 97.8 100.1 99.3 98.6 96.7 91.4 84.2 Nondurable goods 102.9 104.9 105.4 105.8 105.9 106.2 106.2 105.3 106.2 105.6 102.9 100.2 97.0 94.0 IRON, STEEL PRODUCTS 99.6 101.0 102.3 103.7 106.4 108.0 108.7 100.7 108.3 108.7 108.4 105.4 98.4 90.7 Blast furnaces, steel works 109 110 113 112 116 118 120 106 121 122 123 119 110 101 Bolts, nuts, washers, rivets 81 84 87 89 90 93 94 82 88 87 88 85 81 73 Cast-iron pipe 67 68 68 69 71 72 72 69 68 66 64 62 59 61 Cutlery, edge tools 84 87 89 87 87 87 89 86 89 92 91 88 86 83 Forgings __ 64 68 69 70 69 73 73 73 77 73 74 72 65 59 Hardware 91 95 80 96 99 99 98 96 96 93 93 94 91 83 Plumbers' supplies 86 90 94 90 95 97 98 91 89 92 95 93 90 82 Steam, hot-water heating _ 71 72 76 78 80 82 82 80 81 77 77 71 64 62 Stoves 107 111 114 117 116 113 113 118 107 111 105 99 85 80 Structural, ornamental - - 73 70 73 75 76 78 77 78 79 79 80 78 75 69 Tin cans, tinware. _. 98 97 103 105 104 105 107 107 110 109 104 98 99 93 Tools 93 95 98 99 101 101 103 102 103 105 99 96 91 87 Wirework _ 175 188 179 176 187 186 183 181 176 171 170 187 180 163 MACHINERY . __ _ 110.4 114.0 116.0 118 9 121.1 123.7 125 6 129.4 131 5 131.3 130.2 128.0 120.8 112.8 Agricultural implements 95 103 109 113 125 130 136 143 147 148 151 158 145 140 Cash registers, etc. 120 121 123 127 131 131 134 136 137 135 137 136 134 129 Electrical machinery 103 106 104 109 111 115 118 120 121 121 121 119 113 104 Engines, turbines, etc. 122 125 128 134 137 140 147 146 150 151 155 157 152 144 Foundry, machine-shop products. 97 100 102 104 106 108 110 113 114 114 112 110 105 99 Machine tools 127 129 136 136 141 147 150 153 154 161 157 157 152 146 Radios, phonographs 171 188 201 196 190 189 155 190 214 201 180 162 127 113 Textile machinery 75 76 79 81 83 85 87 87 87 88 87 84 78 73 Typewriters 135 139 145 148 153 154 154 159 156 155 150 147 134 123 TRANSPORTATION EQUIPMENT 112.3 118.7 110.2 113.0 117.3 118.6 122.2 122.6 123.5 121.3 123.9 126.3 119.1 101.5 Aircraft 646 698 740 772 783 798 807 794 768 812 799 817 795 793 Automobiles _. 123 133 120 123 127 128 133 134 136 132 136 138 128 107 Cars, electric, steam railroad 64 62 62 66 71 70 71 70 69 69 67 71 73 60 Locomotives _ 42 44 49 54 54 55 55 57 60 61 64 66 64 60 Shipbuilding 98 89 95 100 106 106 104 104 102 106 106 106 107 104 RAILROAD REPAIR SHOPS 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 A 53.4 Electric railroad 63 63 63 63 64 64 63 63 63 63 63 63 63 64 Steam railroad _ _ 60 62 62 62 62 62 62 64 64 62 60 58 57 53 NONFERROUS METALS, PRODUCTS 106.7 110.7 109.6 111.7 113.2 114.3 115.4 115.0 115.4 115.9 113.7 109.4 105.1 97.9 Aluminum 118 118 121 121 119 121 123 132 138 138 131 103 122 113 Brass, bronze, copper 111 115 120 122 122 126 124 123 121 121 117 112 103 96 Clocks watches 115 117 120 120 122 124 125 124 120 128 126 124 119 111 Jewelry _ _ _. _ 91 91 90 89 90 90 95 95 101 99 93 92 90 88 Lighting equipment 94 99 75 98 104 100 100 96 94 93 97 98 93 85 Silverware, plated ware 70 71 72 73 73 74 73 73 82 78 80 78 76 74 Smelting, refining 78 80 80 79 81 85 OQ 89 94 94 94 90 86 84 Stamped, enameled ware 154 166 163 159 161 158 160 159 153 156 152 152 143 125 LUMBER PRODUCTS 66.2 67.9 68.8 68.1 71.4 71.4 71.7 72.3 72.9 71.3 '69. 3 66.4 62.1 59.1 Furniture 84 86 89 87 88 90 91 92 91 88 86 81 75 73 Lumber, millwork 54 55 57 57 58 58 56 56 56 55 55 54 51 48 Lumber, sawmills 49 51 50 50 54 53 54 54 56 54 53 51 47 45 STONE, CLAY, GLASS PRODUCTS 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 65.0 Brick, tile, terra cotta 48 51 54 55 54 54 52 50 51 48 49 47 44 43 Cement . _ _ _ 65 68 68 68 70 66 62 62 61 64 66 67 67 67 Glass 96 101 98 109 109 108 110 109 110 112 111 109 105 106 Marble, granite, slate 42 42 43 43 43 43 44 42 41 41 42 41 41 39 Pottery 75 76 77 77 78 78 79 82 79 79 78 78 75 73 TEXTILES, PRODUCTS 104.4 106.8 108.3 107.3 107.0 107.9 107.6 105.4 106 2 105.9 100.9 96.4 91.6 88.3 A. Fabrics _ _ _ _ 97.3 100.1 101.7 100.7 101.1 103.8 103.2 101.3 102.0 100.8 95.9 90.4 85.8 82.4 Carpets, rugs 93 99 101 101 99 101 102 102 1G0 101 101 87 85 80 Cotton goods 98 99 101 102 103 105 106 104 105 106 101 93 90 87 Cotton small wares 104 106 107 102 102 103 96 100 102 104 101 97 91 85 Dyeing, finishing textiles 117 121 120 117 116 119 119 114 116 116 114 113 108 104 Hats, fur-felt 87 89 90 89 88 86 84 90 87 84 79 82 87 87 Knit goods 116 119 123 123 122 122 121 118 123 121 117 112 108 101 Silk, rayon goods. _ 79 79 81 79 80 85 84 86 84 81 76 73 67 62 Woolen, worsted goods 84 92 93 85 88 94 90 87 84 78 70 68 60 62 B. Wearing apparel 118.4 119.8 120.9 119.8 117.9 115.0 115.3 112.0 113 1 115.1 109.7 107 4 103.0 99 4 Clothing, men's _ __ 111 115 114 111 110 113 116 109 109 108 103 100 94 89 Clothing, women's 163 160 159 161 156 146 144 142 145 156 147 143 139 137 Corsets, allied garments _. 91 92 93 91 90 88 89 90 91 90 89 89 89 90 Men's furnishings 134 135 140 141 141 140 138 141 147 139 129 128 122 113 Millinery 53 51 57 57 58 54 53 54 52 54 51 50 48 51 Shirts, collars . 119 124 132 129 129 124 119 118 119 117 115 114 109 107 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN FEBRUARY 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. LEATHER PRODUCTS 94.9 98.8 99 1 98 1 97 4 96.5 96.0 96.1 95.2 93.0 90 0 88.8 85.7 86.0 Boots, shoes. 95 100 101 100 99 97 96 97 97 94 90 90 88 89 Leather 99 98 97 97 97 100 100 99 95 94 93 89 83 78 FOOD PRODUCTS.. __. 113.4 115 0 114.8 116.7 117.0 116.1 114.8 114.7 119.4 116.2 114.8 113.8 114.2 112.2 Baking 132 132 133 135 136 134 135 135 136 134 134 136 134 132 Beverages 197 197 203 202 205 199 203 206 209 210 209 199 209 204 Butter 82 84 86 88 88 86 88 90 91 88 87 86 84 85 Canning, preserving _ 135 147 148 157 152 154 144 143 169 155 151 138 141 139 Confectionery _. _ 80 81 83 81 80 79 78 77 81 82 76 80 80 77 Flour 73 74 75 75 75 77 76 75 78 77 74 75 75 75 Icecream _ 70 72 71 73 73 73 76 77 76 75 76 72 74 75 Slaughtering, meat packing 96 95 93 91 93 91 90 89 91 88 88 89 90 87 Sugar, beet 114 93 44 89 95 98 90 90 91 89 108 110 105 79 Sugar refining, cane _. 67 70 64 78 77 84 78 75 .79 75 66 67 69 76 TOBACCO MANUFACTURES 62.4 62.0 €2.0 61.8 61.7 61.1 61.2 60.2 61.3 60.8 60.2 59.3 59.6 59.4 Tobacco, snuff 57 56 56 57 56 56 56 58 57 57 56 56 56 56 Cigars, cigarettes 63 63 63 62 62 62 62 61 62 61 61 60 60 60 PAPER, PRINTING __ . _. _ 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 1C2.0 Boxes, paper 100 103 103 104 106 106 106 106 105 104 100 99 97 94 Paper, pulp 112 113 114 116 118 119 120 121 120 119 119 117 114 109 Book, job printing 95 94 94 96 98 97 98 98 98 98 99 99 98 94 Newspaper, periodical printing._. 104 104 103 104 105 105 106 106 105 105 107 107 106 105 CHEMICALS, PETROLEUM PRODUCTS, _ 118.1 118.6 120.7 121.6 122.5 124.4 126.0 127.5 127.7 127.2 127.4 123.7 120.9 115.2 A. Other than petroleum._. _ 117.4 118. 3 120.9 121.8 122.7 124.8 126.1 128.0 128.1 127.3 127.9 123.4 120.2 114.0 Chemicals 129 129 133 133 135 136 138 137 138 137 137 135 129 122 Cottonseed oil, cake, meal 77 75 85 80 67 77 77 72 62 62 97 87 90 84 Druggists' preparations __ 102 105 105 109 111 113 112 114 112 114 112 110 109 108 Explosives 93 91 94 92 90 95 93 97 97 97 97 94 93 93 Fertilizers . _ . . 80 87 87 86 88 94 98 110 104 105 94 89 86 88 Paints, varnishes 127 130 131 133 135 136 134 134 136 136 134 132 129 123 Rayon, allied products - . 357 355 364 363 370 378 392 408 413 407 407 380 367 330 Soap 100 100 102 110 111 107 103 103 104 103 102 99 98 96 B. Petroleum refining 121 120 120 121 122 123 125 125 126 127 125 124 124 120 RUBBER PRODUCTS _ _ 99.4 102.2 102.3 101.7 96.0 95.8 101.7 100.0 96.6 99.8 99.5 98.1 90.4 85.0 Rubber boots, shoes 74 76 75 73 82 82 81 76 67 77 76 74 66 62 Rubber goods, other __ _ _ 133 138 140 140 142 144 145 144 140 140 137 135 126 121 Rubber tires, inner tubes 93 95 95 94 80 79 89 89 87 90 91 90 83 77 NOTE.—Figures for December 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 of month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 157 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1623-25 average=100] Factory employment Factory payrolls Industry and group 1936 1937 1936 1937 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total 96.9 98.1 102.3 102.1 100.5 94.7 88.5 90.7 r95. 2 103.8 100.1 100.1 89.5 80.9 Durable goods 91.0 92.7 98.1 97.3 97.5 92.4 84.2 88.9 '93.4 104.0 99.4 101.7 89.9 77.2 Nondurable goods 103.3 104.0 106.9 107.3 103.6 97.3 93.2 92.9 '97.5 103.5 100.9 98.2 89.0 85.6 RON, STEEL PRODUCTS 99.3 100.4 108.7 108.8 105.8 98.1 90.2 95.8 103.2 120.4 '112.8 106.8 85.7 72.0 Blast furnaces, steel works 108 109 121 121 118 109 100 105 115 142 130 119 93 76 Bolts, nuts, washers, rivets 81 84 87 88 85 81 73 89 98 101 97 97 79 65 Cast-iron pipe 66 67 68 65 62 58 60 48 53 54 49 46 43 45 Cutlery, edge tools 86 87 89 90 90 88 84 83 85 85 87 86 81 74 Forgings 64 68 72 73 72 65 60 58 68 67 70 68 56 49 Hardware — 92 96 90 93 94 92 84 106 116 104 101 115 100 81 Plumbers' supplies 86 87 94 95 94 90 80 63 70 77 73 76 64 55 Steam, hot-water heating 74 73 76 77 74 66 62 66 67 72 72 67 53 51 Stoves 115 108 113 113 108 91 77 103 96 97 98 94 65 56 Structural, ornamental 73 70 81 82 79 75 69 66 66 85 84 82 75 68 Tin cans, tinware 96 94 118 114 101 97 90 92 94 129 123 108 100 93 Tools — 94 96 100 98 97 92 88 98 105 107 104 101 90 83 Wirework 175 188 171 170 187 180 163 173 183 161 167 202 162 136 MACHINERY 111.4 114.1 130.2 130.7 128.9 121.4 112.7 105.6 113.6 137.1 134. 3 134.2 121.2 110.4 Agricultural implements 93 103 141 147 151 143 140 102 122 184 189 204 185 174 Cash registers, etc 120 121 135 137 136 134 129 112 123 140 147 148 141 138 Electrical machinery 103 106 121 121 119 113 104 97 103 127 124 125 114 102 Engines, turbines, etc 118 124 151 154 153 148 142 106 118 156 159 159 155 145 Foundry, machine-shop products. 97 99 113 112 110 105 98 93 100 119 114 114 . 102 93 Machine tools _. 128 131 155 158 158 154 148 124 136 160 166 170 158 149 Radios, phonographs 211 203 204 208 201 157 122 169 168 176 174 166 123 96 Textile machinery 74 77 86 84 83 78 74 67 79 88 85 81 70 64 Typewriters 139 144 152 151 148 138 127 134 138 144 143 128 106 107 TRANSPORTATION EQUIPMENT 115.0 122.1 111.8 107.0 122.7 121.8 104.2 113.4 120.9 112.8 104.4 129.9 120.0 92.0 Aircraft - 646 691 812 767 784 795 786 553 620 751 670 723 725 702 Automobiles __. 128 139 119 113 134 133 111 126 136 115 106 138 126 90 Cars, electric, steam railroad 58 57 73 69 68 66 55 58 60 87 80 83 81 64 Locomotives 41 44 63 64 64 62 60 28 31 53 55 56 51 54 Shipbuilding 97 90 102 106 107 106 106 97 91 119 119 124 121 128 RAILROAD REPAIR SHOPS 60.6 61.2 62.1 60.4 59.0 57.4 53.0 65.2 65.5 67.3 63.1 64.9 63.3 56.9 Electric railroad 63 63 63 63 63 63 64 66 67 69 68 68 68 69 Steam railroad 60 61 62 60 59 57 52 65 66 67 63 65 63 56 NONFERROUS METALS, PRODUCTS— 110.0 111.6 112.8 114.1 112.7 108.4 98.9 102.0 105.5 109.9 110. 1 109.9 99.9 86.8 Aluminum 119 118 133 131 105 124 113 115 115 141 136 116 128 111 Brass, bronze, copper 113 116 117 115 113 106 97 104 112 117 113 107 92 80 Clocks, watches 121 121 124 127 128 125 115 122 118 122 128 133 122 110 Jewelry 101 93 96 101 106 100 90 78 75 74 82 89 79 70 Lighting equipment 97 101 91 97 100 96 87 97 104 87 99 104 94 72 Silverware, plated ware 74 74 76 80 81 79 76 72 71 73 81 81 73 68 Smelting, refining 79 81 92 93 92 88 85 70 70 92 89 91 84 81 Stamped, enameled ware 156 162 153 153 154 144 123 155 164 157 149 156 142 115 LUMBER PRODUCTS 67.8 67.1 73.0 '71.8 '69. 5 63.5 58.4 60.8 60.5 71.4 68.2 65.3 55.1 48.8 Furniture 88 88 89 89 87 80 75 78 78 79 78 77 66 60 Lumber, millwork 53 54 57 56 54 51 48 50 51 56 53 52 46 43 Lumber, sawmills 50 49 56 55 53 48 43 43 42 56 53 49 40 34 STONE, CLAY, GLASS PRODUCTS 67.3 67.1 71.9 72.7 71.4 68.2 63.2 61.1 59.1 70.5 69.9 69.6 63.6 54.8 Brick, tile, terra cotta 50 49 52 52 50 46 41 41 41 46 46 44 36 31 Cement 64 62 70 70 69 66 61 63 59 77 73 72 67 59 Glass 98 101 110 111 110 107 100 99 95 120 119 119 112 97 Marble, granite, slate 43 41 45 45 43 42 38 34 33 40 40 38 35 31 Pottery 77 76 77 79 77 74 67 65 65 67 73 70 60 TEXTILES, PRODUCTS 104.8 106.4 102.8 101.6 98.8 92.0 88.0 87.2 94.6 92.1 87.1 84.2 71.5 68.5 A. Fabrics 98.8 101.7 97.3 94.9 91.9 87.2 83.9 86.7 96.8 90.0 85.3 81.0 71.5 68.9 Carpets, rugs 94 98 101 99 89 86 79 90 97 98 85 64 50 56 Cotton goods 100 101 101 98 94 91 89 88 98 97 '93 85 77 74 Cotton small wares 104 106 96 98 98 91 85 98 107 91 96 97 79 75 Dyeing, finishing textiles 118 123 109 111 112 109 105 101 116 94 95 95 89 87 Hats, fur-felt 83 86 89 86 83 83 84 68 83 87 69 62 61 65 Knit goods — 121 122 116 117 116 112 103 124 126 119 117 123 112 96 Silk, rayon goods 80 81 80 80 75 68 63 64 68 66 68 62 51 48 Woolen, worsted goods 84 92 78 70 68 60 61 66 84 69 58 53 43 49 B. Wearing apparel 116.0 114. 8 113.0 114.4 112.1 101.0 95.3 84.6 86.3 92.4 87.0 87.0 68.6 64.8 Clothing, men's 107 108 111 109 104 91 83 79 85 92 84 80 61 55 Clothing, women's 158 154 146 152 150 135 131 103 104 115 106 110 84 85 Corsets, allied garments 90 89 88 89 90 88 87 88 88 82 84 87 82 79 Men's furnishings 143 141 128 128 136 130 118 126 115 102 95 112 104 89 Millinery 48 45 53 57 52 44 45 31 29 40 49 36 27 28 Shirts, collars 125 123 116 119 121 115 106 116 112 103 103 113 103 89 *• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN FEBRUARY 1938 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100J Factory employment Factory payrolls Industry and group 1936 1937 1936 1937 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. LEATHER PRODUCTS 89.0 94.0 96.6 92.7 89.5 80.3 81.7 67.3 78.3 83.7 71.6 66.3 53.8 58.4 Boots, shoes 88 94 99 94 91 81 84 58 71 79 65 59 46 53 Leather 98 98 94 93 90 83 79 101 105 104 99 95 83 78 FOOD PRODUCTS 114.1 110.6 132.5 137.8 125.0 114.6 107.8 108.3 105.7 131.2 133.2 125.0 115.9 110.6 Baking _ - -- 133 132 135 137 138 135 132 120 120 132 136 137 130 128 Beverages— 183 181 231 223 203 194 188 191 188 273 253 222 213 202 Butter 82 82 94 92 86 84 82 65 63 78 74 70 67 66 Canning, preserving 113 97 278 312 186 119 92 98 91 294 307 188 111 90 Confectionery 92 91 73 85 96 92 86 85 86 75 89 98 90 86 Flour -.- 75 74 78 77 77 76 75 70 70 80 81 81 77 74 Ice cream__ ___ 62 61 90 82 69 65 64 56 55 84 74 64 62 61 Slaughtering, meat packing 97 99 87 87 89 91 91 100 102 97 98 100 102 105 Sugar, beet 274 173 71 92 253 252 146 269 152 75 101 224 267 136 Sugar refining, cane 68 69 77 67 69 70 75 59 59 81 60 64 67 72 TOBACCO MANUFACTURES 65.9 63.3 61.8 62.1 62.6 62.9 60.6 54.8 55.4 57.2 56.5 57.9 57.2 54.9 Tobacco, snuff 57 56 56 56 56 57 57 62 65 66 70 68 64 65 Cigars, cigarettes 67 64 63 63 63 64 61 54 54 56 55 57 56 54 PAPER, PRINTING _. 105.0 106.0 106.3 107.7 107.9 106.4 104.0 98.6 102.6 102.6 103.7 105.1 101.5 100.6 Boxes, paper 106 106 103 103 105 103 97 109 108 103 103 109 103 93 Paper, pulp 112 113 119 119 117 114 109 105 109 124 118 117 105 99 Book, job printing 96 97 97 99 99 98 98 88 93 90 93 93 93 95 Newspaper, periodical printing.__ 105 106 103 106 108 107 107 102 105 99 104 107 106 108 CHEMICALS, PETROLEUM PRODUCTS... 119.7 119.3 124.9 128.6 126.5 122.7 116.0 114.7 118.3 140.7 139.0 137.5 132.1 124.4 A. Other than petroleum 119.4 119.3 124.1 128.9 126.7 122.4 115.1 113.3 118.0 137.7 137.7 136.1 129.6 120.4 Chemicals 130 129 137 137 135 130 122 128 133 156 151 151 142 131 Cottonseed oil, cake, meal 104 98 54 121 127 121 109 83 82 48 112 119 113 105 Druggists' preparations 106 107 112 114 115 113 111 113 113 123 127 129 126 124 Explosives 95 93 96 98 97 95 95 98 98 107 106 111 107 100 Fertilizers 70 80 73 85 81 75 81 63 72 79 97 83 77 82 Paints, varnishes. 125 128 133 132 132 128 121 117 122 135 132 134 125 116 Rayon, allied products 364 362 403 407 388 374 337 298 321 401 394 375 360 314 Soap 103 99 102 103 103 100 95 102 104 118 122 121 117 111 B. Petroleum refining 121 120 128 127 126 124 120 119 120 151 143 142 140 138 RUBBER PRODUCTS 100.0 101.9 97.9 98.0 97.7 90.9 84.8 101.2 104.8 97.0 97.4 94.3 82.0 76.5 Rubber boots, shoes 80 83 77 79 78 72 67 69 77 73 76 70 62 52 Rubber goods, other 136 138 135 135 137 128 121 131 139 134 133 140 122 110 Rubber tires, inner tubes 91 93 88 88 87 81 75 99 100 90 90 84 73 71 NOTE.—Figures for December 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 159 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.] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1936 1937 1936 1937 1936 1937 1937 1936 1937 1936 1937 1937 January. „. 214.8 242.7 37.4 78.4 9.0 37.0 15.5 21.5 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 '317.7 73.6 '93.0 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 '281.2 100.5 73.4 15.0 37.9 22.0 29.6 94.4 '90.6 12.3 17.2 31.1 32.5 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 12.6 22.0 25.2 67.0 61.6 13.4 10.8 25.3 26.4 November. 208.2 198.4 68.4 59.9 14.1 13.5 23.0 18.9 73.9 61.4 13.1 19.3 15.7 25.4 December. 199.7 209.5 65.5 43.5 23.1 20.9 23.2 16.5 61.3 64.8 13.0 37.6 13.6 26.1 Year. 2, 675. 3 2,913.1 801. € 905.3 8.0 313.7 249.1 297.0 920.4 859.6 226.1 230. 7 10.0 306.7 r Revised. 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 financed1 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 60 178 123 199 231 45 25 126 68 96 66 67 35 62 55 103 165 April 122 57 131 124 235 270 61 18 78 53 105 74 61 39 63 71 130 195 May 146 77 134 127 216 244 93 24 72 47 94 '93 54 53 63 80 122 '151 June 113 102 127 148 233 318 64 29 73 64 116 137 49 74 54 84 116 180 July 129 83 120 159 295 322 85 20 52 67 153 131 44 63 67 93 141 191 August 134 106 120 169 275 r281 81 47 69 92 153 '104 53 59 51 76 122 178 September 128 120 110 167 234 207 80 71 69 97 116 80 47 49 41 70 119 127 October 107 145 135 201 226 202 61 100 79 114 101 78 46 45 67 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 2C9 52 156 61 196 82 115 29 51 32 68 117 94 Year 1,351 1,256 1,543 1,845 2,675 2,913 768 683 975 1,007 1,334 1,152 583 573 568 837 1,341 1,761 ' Revised. 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 dollars.] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1937 1936 Federal Reserve 1937 1936 1937 1936 Federal Reserve district district Dec. Nov. Dec. Dec. Nov. Dec. Dec. Nov. Dec. Boston 15, 842 13, 890 15,104 N P C h l e e i w l v a e d Y la e o n l r p d k hia 3 2 1 8 6 3 , , , 9 5 9 9 5 7 2 8 9 3 2 1 6 5 6 , , , 3 3 3 2 2 9 7 5 1 2 4 1 0 3 4 , , , 6 6 4 0 3 7 9 8 5 N P B h o e i w s l t a o d Y n e o . l r p k h ia ... 2 9 7 5 6 9 2 24 6 2 7 6 8 2 3 2 7 7 8 5 3,9 9 7 2 4 9 2 3 4 3,1 7 3 9 4 3 2 5 8 6 1, , 1 3 3 4 4 6 8 6 8 A R S M K D C t i h t a a . i c l i n n l a L c h l n s n a a m o a e g s t u s a a o , o . i p s n C o d i l t i y s 2 2 1 1 1 0 9 8 5 9 8 2 , , , , , , , 5 2 3 9 6 2 0 7 5 4 3 7 0 9 1 4 4 8 6 7 1 1 2 1 1 1 1 9 6 8 3 0 3 5 , , , , , , , 9 1 1 3 3 0 4 7 4 9 3 2 5 3 7 5 4 4 7 8 3 3 1 1 1 4 8 9 6 1 7 7 , , , , , , , 9 2 3 4 2 7 7 6 7 6 5 4 6 9 1 9 3 7 6 8 8 A R C C S M K t h l i t a . i e c l i n n a v L c h n s n a e m o a e g t l s u a a a o o i n p s n C d o d i l . t i y s 1 6 4 3 4 2 3 3 3 6 0 8 2 2 9 9 5 4 5 2 2 3 4 9 2 5 9 0 4 4 2 8 3 2 2 1 4 2 2 3 0 7 9 2 1, , 1 4 3 4 4 2 3 7 3 5 1 8 7 7 6 8 7 5 3 3 1 1,7 7 6 3 5 2 2 0 6 2 8 0 1 3 0 0 0 1 5 8 0 1,2 7 2 2 2 1 2 1 5 5 7 2 0 4 0 0 8 5 7 7 3 Dallas 19 21 13 168 380 171 Total (11 districts) 209, 451 198, 402 199, 696 San Francisco 106 91 92 1,951 1,009 1,185 Total 932 786 692 13, 291 10, 078 12, 288 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN FEBRUARY 1938 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars] Merchandise exports l Merchandise imports 3 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 95 158 177 199 307 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 r277 155 120 169 193 246 —23 52 3 -14 '31 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 184 195 270 226 315 129 151 169 196 223 56 44 100 30 91 December __ 193 171 223 230 P320 134 132 187 245 P209 59 38 37 -15 Pill Year 1,675 2,133 2,283 2,456 P3, 346 1,450 1,655 2,047 2,423 ?3,084 225 478 235 ^33 ,262 p Preliminary. r Revised. 1 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=100] 1936 1937 Index of salesl Index o m f s o to n c th k ) s (end of Dec. Aug. Sept. Oct. Nov. Dec. Month fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t fo A r d s j e u a s s t o e n d al Adjusted for seasonal variation variation adjustment variation Total 83 79 78 76 71 67 1936 1937 1936 1937 1936 Coal 82 77 81 81 72 70 Coke 88 98 93 74 59 46 Grain and grain products. _ 83 77 71 82 92 88 January 81 93 63 72 Livestock 46 42 44 45 42 42 February... _ . 83 95 66 76 Forest products . 54 53 49 46 41 40 March 84 93 77 90 Ore 92 103 104 79 73 86 Miscellaneous 92 88 86 81 76 69 April 84 93 85 89 Merchandise 1 69 68 67 66 64 62 May 87 93 89 95 June 87 93 84 90 Without seasonal adjustment July 91 94 63 65 August. 86 92 68 72 September _ 88 94 94 100 Total 77 81 87 84 72 62 Coal -. 92 68 84 89 78 78 October 90 93 100 103 Coke 97 80 88 74 59 51 November . _ 94 91 105 101 Grain and grain products. _ 71 93 79 82 86 75 December 92 89 161 156 Livestock 45 42 56 63 51 40 Forest products 46 55 54 48 40 34 Year 88 93 Ore 23 190 182 117 40 21 Miscellaneous 84 89 96 92 78 63 Merchandise *• 66 68 70 69 65 59 1 In less-than-carload lots. NOTE.—For description and back data see pages 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. cocoec co co»c Without seasonal adjustment 1937 1936 1937 74 58 66 76 62 72 76 67 78 65 76 68 79 66 76 67 78 64 75 62 73 64 74 59 69 67 78 65 74 68 77 71 80 69 77 76 85 71 76 80 86 71 72 67 68 67 76 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Back figures.—Department store sales, see p. 631 of BULLETIN for August 1936; department store stocks, see pp. 254-255 of BULLETIN for April 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 161 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li a u g t e e h l r t i i a a n 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 s r e u m a gs n i- d i f n H u g r o n g u i o s s o e h d - - s l M an is 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 73.0 648 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84 9 69 8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70 3 80 2 71 4 73 5 75 1 64 4 1933 65.9 514 60.5 71.2 80.9 64.8 66.3 79.8 77 0 72.6 76 8 62 5 1934 .- 74.9 653 70 5 78.4 88.6 72.9 73.3 86.9 86.2 75.9 81.fi 69.7 1935 80.0 788 83.7 77.9 89.6 70.9 73.5 86.4 85 3 80.fi 80 6 68 3 1936 80.8 80.9 82,1 79.6 95.4 71.5 76.2 87.0 86.7 80 4 81.7 70. 5 1936 November 82.4 85.1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.5 82.3 73.4 December 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.6 89.5 85.3 83.2 74.5 1037—j anuary 85.9 91.3 87.1 83.4 101.7 77.5 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 87.5 85.5 104.2 78.3 76.2 96.0 95.9 87.5 88.4 79.5 April 88.0 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 86.3 106.7 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 76.2 November 83.3 75 7 83.1 84.3 101.4 71.2 78.2 96.8 93.7 80.2 90.4 75.4 December 81 7 72 8 79.8 83.6 97.7 70.1 78.4 96.3 92.5 79.5 89.7 75.0 Week ending— Aug. 28 86.5 .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 8fi 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 80.7 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 80.0 92.1 75.0 Nov. 20 82.9 11.9 83.2 84.2 101.8 70.5 78.6 96.6 93.8 79.8 92.1 75.4 Nov. 27 82.0 72 4 81.5 83.9 100.2 70.0 78.6 96.1 93.7 79.6 92.1 75.0 Dec. 4 82.0 119 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 1938—Jan. 1 _ _ 81.0 73.0 77 8 83.6 98.3 69.4 78.7 96.1 92.4 79.2 91.2 74.6 Jan 8 80 8 > 7 76.8 83.5 97.9 69.2 78.8 96. 1 92.3 79.2 90.8 74.5 Jan. 15 81.0 71.4 76.8 83.6 97.4 69.3 78.8 96.5 92.1 79.5 90.8 75.0 1936 1937 1936 1937 Subgroups Subgroups Dec. Sept Oct. Nov. Dec. Dec. Sept. Oct. Nov. Dec. FARM PRODUCTS: METALS AND METAL PRODU CTs: Grains 109.0 91.9 77.0 69.2 71.5 Agricultural implements 93.0 94.2 94.2 95.9 96.1 Livestock and poultrv 85.0 106.7 98.5 86.2 78.4 Iron and steel 90.9 qq8 99.7 99.3 99.0 Other farm products 84.4 71.2 70.1 70.7 69.3 Motor vehicles 93.0 96.6 97.8 102.5 102.8 FOODS: Nonferrous metals 78.6 92.6 85.5 78.5 75.1 Dairy products . 88.9 84.8 85.7 89.2 90.2 Plumbing anc1 heating, _ 76.7 80.6 80.6 79.6 79.6 Cereal products 87.1 86.1 84.6 81.5 82.0 BUILDING MATERIALS' Fruits and vegetable3 . 75.4 64.0 62.2 61.5 57.8 Brick and tile 88.5 95.0 93.4 92.9 92.0 Meats 87.2 113.4 107.4 98.3 88.8 Cement 95.5 95.5 95.5 95.5 95.5 Other foods 84.0 75. 5 73.4 73.6 71.5 Lumber 89.6 qq0 97 3 94 8 93.8 HIDES AND LEATHER PRODUCTS: Paint and paint materials 82.4 84 6 84.2 81.5 80.2 Shoes 99.4 107.5 107.6 106.9 106.0 Plumbing and heating. _ 76.7 80.6 80.6 79.6 79.6 Hides and skins 110.4 120.7 117.1 94.6 85.5 Structural steel 101.7 114q 114 9 114 9 114.9 Leather... __ .. 92.6 98.9 97.2 92.7 86.9 Otlier building materials 92.6 100.8 100.2 98.7 96.9 Other leather products 96.3 103.3 103.3 103.1 102.7 CHEMIDALS AND DRUGS: TEXTILE PRODUCTS: Chemicals 93.3 85.7 85.3 84.2 83.5 Clothing 83.1 89.7 89.4 87.3 86.7 Driigs and pharmaceutk;als 77.4 78.3 78.3 76.8 75.1 Cotton goods 90.3 76.8 73.1 70.5 68.7 Feitilizpr materials 68.6 718 72 5 71 9 72.0 Knit goods 63.0 66.5 65.8 64.2 63.4 Mixed fertilizsrs 71.4 74.8 74.9 74.5 74.4 Silk and rayon 33.8 32.4 30.6 30.1 29.4 HOUSEFURNISHINT- Goons- Woolen and worsted eoods. 90.5 92.4 90.1 85.1 83.5 Fumishines 86.9 94.q 94 9 94 8 93.5 Other textile produd s 65.3 70.0 69.0 69.0 68.5 Furniture 79.4 87.1 87.1 86.0 85.9 FUEL AND LIGHTING MA TERIALS: MlSCELLANEOUS: Anthracite _ 82.3 78.7 78.8 79.8 80.0 Auto tires and tubes 50.1 56.4 56 4 57.4 57.4 Bituminous coal 97.3 99.2 99.3 99.2 101.1 Cattle feed 130.7 81.2 83.6 83.3 81.7 Coke 97.8 105.0 105.3 105.4 105.5 PaLipx and nuln 82.9 4 92 4 90 4 89.8 Electricity 82.7 80.5 81.0 Rubber, crud3 41.9 38.4 33.6 30.6 31.2 Gas . 83. 1 84.0 83.6 83.1 Other miscellEmeous __ 82.2 85.1 84.6 83.5 82.7 Petroleum products. 58.0 62.2 61.7 60.6 59. £ Back figures.—For monthly and annual indexes of groups, see Annual Report for 1936 (table 80); for indexes of subgroups see Annual Report for 1936 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN FEBRUARY 1938 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Europe End of month T c tr o o ( i 5 u e t 2 s n a ) l - 1 U S n ta it t e e d s C a a d n a - c t r E r o o ( i u 2 u e p - 6 s n e ) - A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i a r o c a i n e u e d ( a n s 8 n ) - - A c tr o f i ( r u e 5 i n c s) a - U d K o n i m i n t g e ? d - France m G a e n r y - Italy* g B iu e m l- N l e a t n h d e s r- t B i S N o a w n a n - a i k t l zer B la .I n . d 8. 1934—December. 21,051 8,238 134 11, 010 601 805 263 1,584 5,445 518 590 573 624 1935—December. 21, 604 10,125 189 9,617 666 816 291 1,648 4,395 270 611 438 454 1936—October __. 21,810 11,045 186 8,774 690 847 269 2,049 3,194 208 621 583 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 2,846 208 626 657 12 March 23,003 11, 574 194 9,295 765 858 317 2,584 2,846 208 619 657 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 23, 710 12, 567 188 9,141 821 725 267 2,689 2,424 208 607 862 615 4 September 23,862 12,741 186 9,129 816 726 264 2,689 2,428 590 862 612 6 October. __ P23, 986 12,803 187 9,191 P814 726 266 2,689 2,428 572 906 646 4 November P24, 123 12,774 187 P9, 359 J»811 P726 2,689 2,564 570 940 644 5 December 12, 760 P184 P9, 377 2,564 597 930 648 5 Europe—Continued Latin America End of month A tr u i s a - g B a u ri l a - C v z s a e lo k 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 a o n - d Po g r a t l u- Ru n m ia a- Spain4 S d w e e n - Y sla u v 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. 19 112 40 104 740 159 60 403 1935—December. 19 112 34 68 109 735 185 63 444 1936—October.... 20 91 26 113 718 79 455 23 November. 20 91 26 113 718 79 452 24 December. 20 91 26 114 718 240 82 501 25 1937—January.... 21 91 26 114 718 240 82 487 25 February... 21 91 27 68 115 718 241 82 489 26 March 21 91 27 115 718 241 82 519 26 April 21 91 27 115 718 241 82 536 27 May 22 90 26 116 718 242 82 565 28 June 22 91 23 116 718 242 79 581 28 July 22 90 24 117 718 243 78 587 29 August 22 90 24 118 718 243 78 587 29 September. 22 90 24 118 718 243 78 587 30 October 23 90 24 119 718 244 78 586 30 November. 23 91 24 119 718 244 P78 P586 31 December. P23 92 P24 82 718 244 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b o m ia - - M ico ex- Peru g U u r a u y - c o t o r th i 4 u e e n s r - I B n is r d i h i t a - China Japan Java N l Z a e e n a w d - Tur- c o t o r th i 2 u e e n s r - Egypt A So fr u ic th a c o t o t r h 3 u ie e n s r - 1934—December. 18 275 394 184 24 1935—December. 19 275 425 212 24 1936—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.. 20 275 469 230 25 March 18 275 456 237 25 April 19 274 459 215 25 May 19 274 452 211 25 June 19 274 443 201 25 July 19 274 412 187 25 August 19 274 261 189 23 September. 20 274 261 189 21 October P20 274 261 189 22 November. P20 274 P261 189 p Preliminary. 1 See notes under United Kingdom, Italy, Spain, and China. 2 Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $934,000,000 of gold on Mar. 31, 1937, and $1,395,000,000 on Sept. 30, 1937. 3 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. 4 No statements have been received from Bank of Spain since Aug. 1, 1936. Figure for that date has been carried forward. 6 No statements have been received from Central Bank of China since July 31, 1937. Figure for that date has been carried forward. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Danzig, 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 32, 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

165 FEBRUARY 1938 FEDERAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars] Production ieported monthly Estimated world Africa North and South America Far East Year or month production Total A So fr u ic th a d R e ho s - ia A W fr e i s c t a B C e o l n g g ia o n Canada U S n ta i t t e ed s1 Mexico Co b l i o a m- Chile Au l s ia tra- Japan B I r n i d ti i s a h $1'-• 25-8/10 grains ol gold 9,10 fine, i. c, an ounce of fine gold = 1929 397,153 359,347 215,242 11,607 4,297 2,390 39, 862 45, 835 13,463 2,823 683 8,712 6,927 7, 508 1930- 432,119 373,154 221, 526 11,476 4,995 2, 699 43, 454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931 460, 651 394, 399 224,863 11,193 5,524 3,224 55, 687 49, 524 ]2,866 4,016 442 12,134 8,109 6, 815 1932 498,164 421, 656 238, 931 12, 000 5,992 3,642 62, 933 50, 626 12,070 5,132 788 14,563 8,198 6,782 1933 525, 071 420, 093 227, 673 13,335 6,623 3,631 60, 968 52, 842 13,169 6,165 3,009 16, 790 8,968 6,919 $1 ^16-6/tl grains of gold 9/10 fine; t. «., an ounce of fine gold*=%$6 1933 711, 260 385, 474 22. 578 11,214 6,148 103, 224 89, 467 22,297 10, 438 6.094 28. 428 15,183 11. 71fi 1934.. 723,530 366, 795 24, 264 12,153 6,549 104, 023 108,191 23,135 12, 045 8, 350 30, 447 16, 354 11, 223 1935 8 7 5 7 5 1 , , 8 7 2 1 7 2 3 39 7 6 7 , ,0 7 9 6 0 8 2 28 5 , , 4 0 7 5 7 3 1 1 3 6 , , 2 6 9 2 5 5 7 7 , , 1 3 5 8 9 6 1 1 3 1 1 4 , , 1 9 8 7 1 1 1 1 5 2 2 6 , ,3 5 2 0 5 9 2 26 3 , , 8 4 5 6 8 5 1 1 2 1 , , 5 9 1 6 7 1 9 9 ; , 0 2 1 5 8 1 3 3 1 9 , , 1 7 1 9 7 3 2 2 3 0 , , 6 0 8 4 4 3 1 1 1 1 , , 3 5 9 9 4 9 July 75,840 33, 846 2,354 1,352 676 11, 239 15,171 2,632 1,235 776 3,602 1,977 981 August 73, 928 33, 830 2,425 1,412 675 11, 568 13, 756 1,818 1,098 1,029 3,422 1,916 981 September 75,139 33, 816 2,363 1,444 696 11,635 14, 409 2,346 1,236 467 3,515 2,246 October 76,861 34,199 2,292 1,493 691 11, 749 15, 950 1,943 1,108 784 3, 596 2,075 November , 72, 730 33, 042 2,270 1,506 634 11, 229 13,369 2,291 1,035 758 3,467 2,162 December.. 73, 752 33, 858 2,262 1,544 631 11,612 13,106 1,647 1,113 708 4,170 2,118 983 1937—January 91, 73, 235 34,352 2,315 1,671 586 11,499 11,483 2,854 1,332 935 3,158 2,065 984 February ... 87,240 68, 408 32, 330 2,109 1,563 579 10,853 10,171 2,227 1,117 769 3,714 2,077 899 March 94,121 74, 090 34, 381 2,416 1,605 634 11, 420 12, 531 2,510 1,285 620 3,550 2,156 982 April 92,818 72, 547 34,308 2,391 1,669 638 11,317 11,131 2,111 1,269 926 3,725 2,106 956 May 101, 655 76, 584 34, 010 2,408 1,559 681 11, 904 14, 248 1,678 1,234 1,860 3,897 2,122 982 June _-_ 106, 940 76, 589 34,132 2,339 1,649 688 12, 071 13,036 3,701 1,246 643 4,033 2,093 957 July 114,901 78, 309 34,895 2,364 1,650 693 12,162 14, 870 2,452 1,476 962 3,861 1,945 979 August P119, 650 *81, 618 34, 598 2,441 1,822 710 12,196 18,140 2,451 1,422 782 3,961 P2, 120 975 September. P115, 699 *>77, 668 34,170 2,421 1,890 695 12,184 14, 946 2,246 1,298 837 3,964 P2, 085 932 October P121, 298 *>79, 427 34, 559 2,399 Pl.925 698 12,559 15, 997 v2, 386 1,281 P732 3,878 P2,050 961 November. _ P116, 854 P79, 303 P34, 244 P2, 399 P1,855 P688 12, 349 15, 873 P2, 386 Pl, 281 P837 M, 333 P2, 085 p Preliminary. i 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 beginn ing January 1937 are subject to official revision. Estimated production of the U.S.S.R. for November 1937, in thousands of dollars: $28, 320. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: Year or month net imports e o x r p n o e rt t s U K d n i o i n m t g e - d France g B i e u l- m N la e e n r t d - h s - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra us l - ia Japan B I r n i d ti i s a h c o t o A r th i u l e l n t s r - 1934 i 1,131,994 94,348 12, 402 30, 270 16,944 12,038 1,029 4 76, 820 32, 316 1935. 1, 739,019 227,185 968 95,171 13, 667 10,899 15,335 3,498 75, 268 47,054 1936. 1,116, 584 71,006 7,511 72, 648 39, 966 11,911 21, 513 23, 280 77, 892 39, 745 1937 . 1, 585, 503 6,461 54, 452 111, 480 38, 482 18, 397 25, 427 34, 713 246~464 50, 762 30,185 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 2,545 3,698 10, 660 368 1,628 3,781 6,182 2,289 December 56,970 2 3,281 4,709 462 2,273 936 10,108 2,193 1937—January 121, 325 73,950 10, 864 10, 691 271 6,506 1,945 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 March 154, 332 121, 451 76 1,131 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 3,797 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 August 104,844 30,147 10,118 521 12, 247 3,524 1 1,505 3,710 37, 697 3,613 1,761 September 145, '" 59, 066 13. 703 14,49' 2,054 2,110 2,9*1 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 1,326 December 17, 982 -40 -14,98" 2,76' 3,404 16 2, 292 3,786 18, 774 107 1,862 1 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 136. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN FEBRUARY 1938 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Ger- United Kingdom many Net imports from or net exports (—) to: Total Total Year or net im- South net immonth e o x p r ( p o ) n o rt e r s t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N l e a t n h d e s r- U.S.S.R Au li s a tra- A A d W R f e f h r r s e i o i i c c s a - a a t , , B I r n i d ti i s a h B O c t r o r t i i u h t e i n e s s - r h China c o t o A r th i u e l e n l s r - e o p x r o p n r o t e s r t ts 1934.. 716, 269 -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 » 17,458 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 3 17, 644 1,868 1936—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 -74' -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, Oil 1,407 3, 502, 2,013 1,580 Sept.. 151, 814 -14,096 108, 666 6,086 6,369 -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 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,e 2,504 16,903 3,953 694 -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 96r 22, 520 2,727 26, 593 5,760 592 -2,489 588 Apr. _ 12,036 -149,444 11, 281 -1,055 104 92' 98, 510 2,122 44.198 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, 21 f 416 -662 16, 914 1, 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._ 22,054 4,258 -2,488 84 -2, 21. -5,663 2,359 47, 694 4,960 3, ~ — -30,813 -79 Dec.p. 17, 572 1,319-11,686 -10,006 -3, 343 2,321 33, 618 1,319 7,139 -3, 065 Switzerland British India Net imports from or net exports (—) to: Net imports from or net Change in: Total Total exports (—) to: Gold Year or net net promonth imports imports duce 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 i o i n m t g e - d France g B iu e m l- 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 i o i n m t g e - d 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 e n v i - e a s 7 P i I n h r n g i o d v s l i d a a i - t 8 n e 1934 -46, 065 -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500 -230,720 -82,183 -144,185 -4,352 11,222 -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, -150,472 1936 122, 279 -9,127 •-1,714 39, 305 14, 531 51, 299 4,600 23, 378 -121,342 -47, 711 - 73,806 175 11, 599 -109,743 1936—June. 5,188 -4 -1,704 2,057 -235 2,952 2,113 -10,355 -3, 563 -6, 641 -151 958 -9, 397 J A u u ly g . . . . 2 -3 ,8 2 2 1 9 -7 -1 8 1 2 3 0 3 -2 ,1 4 7 9 6 1 -2 ,1 5 6 4 6 - - 2 2 0 0 - - 1 2 2 1 1 -1,91 5 1 9 - - 1 7 5 , , 0 98 3 3 2 - - 6 6 , , 2 2 7 6 3 7 - - 1 8, , 7 32 7 9 6 -43 6 6 6 -1 -7 4 , , 0 0 0 5 2 1 Sept. 33, 506 -575 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 '-8, 025 ••-3, 769 218 982 -10,594 Nov.. 2,210 -3, 676 2,892 1,241 1,723 -65 97 -3 -9, 347 -1,066 -8, 420 139 966 -8, 381 Dec.. -2, 874 -4,916 2,291 -47 659 -33 20 -848 -5, 506 -271 -5, 359 124 983 -4, 523 1937--Jan.. -135 -6, 675 5,227 -612 732 -100 -575 -8,477 -596 -7, -7,493 Feb.. -17,034 -6, 247 2,436 -1 852 -566 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 -I,1 -289 192 584 -6,068 -863 -5. 223 18 956 -38 -5,074 J M u a n y e _ . -4 -4 9 , , 4 4 7 1 9 7 - - 3 1 6 , , 1 2 7 4 4 2 -V - - 8 3 , ,1 7 3 4 2 0 1,1 5 0 2 7 1 2 9 7 6 4 -8 6 7 1 9 1 - - 4 1 , , 9 " 3 " 3 -1,101 - -2 3, , 1 7 1 10 8 -1 3 2 0 2 9 9 9 8 5 : : -3 - , 8 9 5 5 3 1 July.. -6,038 -1,243 -4,351 -1,831 -512 -2, 278 -25 -1, 644 -7, 253 208 979 -4 -7, 706 Aug.. -1,630 -153 -1,242 8 350 -354 -5,197 -424 -4, 759 -14 975 -4, 222 Sept.. -7,147 -393 -6, 995 -37 -1,186 1,456 -4, 532 -4, 883 352 932 -3, 600 Oct._. -1,138 -376 -9, 62r -109 -561 4,559 1,307 -4, 655 -3, 752 73 961 -3, 694 Nov.. 4,113 3,286 -6, 276 -227 559 3,275 1,914 P-4, 180 P-3,219 Dec.p. 26, 758 A,'" -6, 404 24, 700 2,516 687 5,946 p Preliminary. r Revised. i Includes $17,465,000 exported to Rumania. 3 Includes exports of $50,661,000 to Sweden; $12,571,000 to Norway; $15,714,000 to Switzerland; and unspecified net imports of $91,874,000. 8 Includes $10,129,000 exported to Sweden. 4 Includes $15,120,000 exported to Central and South America and $4,007,000 imported from Japan. 6 Includes $27,511,000 exported to Central and South America. «Includes $24,996,000 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. 8 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. 9 Includes $14,292,000 exported to Germany. NOTE.—Germany, Switzerland, and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. German gold movements by individual countries not available beginning July 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 167 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t ! - Cash reserves a c n o D d u i n s 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 b h i e li r - Coin Notes vances Bankers' Public Other ties 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 36.5 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—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 86.5 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 L937—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 5.8 135.2 498.3 104.3 10.5 37.3 18.1 Aug. 25 326.4 1.5 38.1 4.3 128.5 488.3 92.8 25.4 36.0 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 36.6 17.7 Nov. 24 326.4 1.5 66.0 8.6 97.0 480.4 83.6 35.4 36.3 17.8 Dec. 29 326.4 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Jan. 26? 326.4 .6 53.2 10.4 117.9 473.2 113.1 13.6 37.3 18.1 Assets Liabilities Domestic bills ]1/oans on— Deposits Bank of France Ad- (Figures in millions of francs) Gold* ch F e e a i o x g n - r n g - e S ci p a e P - Other v m G a e n t r e o o n c n v - e t - s m G S e t o h e n v r o t e m r r t s 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 t n e 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 1Ll, 737 7,850 1,812 1930—Dec 26 53, 578 26,179 8,429 2,901 5,304 6,609 76,436 L2, 624 11, 698 2,241 1931—Dec 30 68,863 21,111 7,389 2,730 7,157 8,545 85,725 5,898 22,183 1,989 1932—Dec 30 83,017 4,484 3,438 2,515 6,802 9,196 85,028 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—j)ec 27 66. 296 1.328 9.712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936— A ug 28 54,511 1,250 7,063 14, 333 809 3,454 5,640 8,125 84, 324 1,523 7,037 2,301 Sept 25 50,111 245 27 7,484 15,903 838 3,653 5,640 9,643 83, 750 1,679 6,660 2,356 Oct. 30 64, 359 }471 547 7,332 12, 303 668 3,447 6,640 8,204 87,198 3,973 9,247 3,553 Nov. 27 64,359 466 925 8,056 12,298 702 3,464 6,640 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 2,557 1937—Jan. 29 57, 359 435 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 l' 323 1,524 8,990 19, 772 873 3,594 5,640 8,235 87,062 2,315 15, 386 2,647 Mar 26 57,359 194 1,514 8,440 20,066 225 3,698 5,640 8,543 85, 746 1,977 16, 404 2,552 Apr. 30 57, 359 1 11? 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 J'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 05H 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 . 2,563 15,812 3,152 Aug. 26C 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 5,637 7,343 90,131 2,686 17, 893 3,452 Dec. 30 58,933 911 652 10,066 31,909 675 3,781 5,580 7,277 93,837 3,461 19,326 3,160 p Preliminary. c Corrected. 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. 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), reductions in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936, to Nov. 10, 1937, £60,000,000; Nov. 17,1937, to Jan. 12, 1938, £40,000,000; since Jan. 19, 1938, £60,000,000. 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. 2 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, pp. 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 by 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 increment 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 Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). NOTE.—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

168 FEDERAL RESERVE BULLETIN FEBRUARY 1938 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu r r e e i s c h i s n m m a i r l 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 l s i o g n v i o e b r t l e e Other O as t s h e e ts r ci N r ti c o o u t n 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 98 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 1936—May 30 70 5 37 4,606 60 219 319 648 4,430 729 807 June 30 72 6 98 4,699 56 220 311 704 4,389 960 816 July 31 _ 72 5 90 4,623 67 220 310 711 4,471 787 840 Aug 31 69 6 74 4,693 65 220 309 686 4,540 729 853 Sept. 30 63 6 51 4,875 59 219 308 695 4,657 744 875 Oct. 31 65 5 55 4,888 79 219 305 685 4,713 689 897 Nov. 30 66 5 57 4,852 67 219 303 770 4,674 753 911 Dec 31 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—Jan. 30___ 67 6 23 4,835 65 223 302 959 4,799 707 973 Feb. 27 67 6 35 4,777 102 222 302 1,059 4,816 785 968 Mar. 31 - 68 6 10 5,101 51 167 312 1,021 4,938 970 826 Apr 30 68 6 29 5,124 52 106 310 896 4,979 794 816 May 31 69 6 54 5,001 50 104 310 947 4,902 804 835 June 30 69 6 61 5,262 55 104 300 878 4,992 880 862 July 31 69 6 29 5,316 52 104 299 860 5,112 732 892 Aug. 31 .. . .— 70 6 33 5,283 52 104 299 905 5,116 736 901 Sept 30 70 6 53 5,538 51 105 293 905 5,256 838 927 Oct. 30 70 6 7 5,578 44 105 293 844 5,275 711 959 Nov 30 70 6 27 5,520 46 105 286 870 5,196 766 967 Dec. 31 71 6 119 6,013 60 106 286 861 5.493 1,059 970 NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and JuJy iy35, p. 463. Central bank 1937 1936 Central bank 1937 1936 [Figures as of last report [Figures as of last report date of month] Dec. Nov. Oct. Dec. date of month] Dec. Nov. Oct. Dec. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Note circulation 4,308 4, 271 4,349 4,540 Gold 7,553 7,556 Demand deposits—Treasury. _ 96 27 16 120 Foreign assets 21,717 24, 560 Other 685 602 538 769 Loans and discounts 4,353 3,818 Other liabilities.... 72 72 72 72 Other assets 4,823 4,457 Central Bank of Bolivia (thousands Note circulation 11,053 10, 653 of bolivianos): Other sight liabilities 14, 780 17, 352 Gold at home and abroad ._ 54, 209 53, 569 64, 203 Other liabilities 12, 614 12, 385 Foreign exchange 138, 758 133, 870 41, 432 Central Bank of the Argentine Loans and discounts 29,192 28, 065 10, 762 Republic (millions of pesos): Securities—Government,. 397, 851 394,120 413,406 Gnlr) pf- hnmfl 1,353 1,314 1,224 Other 4,587 4,667 4,726 Gold abroad and foreign ex- Other assets 17, 699 15, 847 12,452 change 81 147 303 Note circulation 250, 055 253, 862 210, 296 Negotiable Government bonds 65 41 Deposits 331,077 319, 672 232, 672 Other assets 175 194 147 Other liabilities 61,165 56, 603 104,013 Note circulation 1,112 1,119 1,094 Bank of Brazil (millions of milreis): Deposits—Member bank 371 405 426 Cash 409 277 211 Government 136 115 121 Correspondents abroad 137 178 328 Other 6 6 5 Loans and discounts 1,985 2,396 2,471 Other liabilities 51 51 30 Deposits 2,383 2,635 3, 174 Commonwealth Bank of Aus- National Bank of Bulgaria (miltralia (thousands of pounds): lions of leva): Issue department: Gold 1,900 1, 871 1,652 Gold and Enerlish sterling 16, 008 16,008 16, 002 Foreign exchange 637 587 772 Securities 40, 551 40, 304 42, 046 Loans and discounts 1,384 1,570 1,441 Banking department: Government debt 3,523 3,523 2,551 Coin bullion and cash 1,165 1,232 1,132 Other assets 1,110 957 955 London balances 35,099 35, 994 22, 838 Note circulation 2,744 2,968 2,571 Loans and discounts 10, 963 13,853 15, 852 Deposits _ _ _ . 3,475 3,216 2,382 Securities 42, 838 37, 719 35, 319 Other liabilities 2,334 2,323 2,420 Deposits 86, 507 84, 879 68, 956 Bank of Canada (thousands of Ca- Note circulation 49, 284 48, 784 50, 539 nadian dollars): Austrian National Bank (millions Gold 179, 764 179, 561 179,579 179, 377 of schillings) : Sterling and United States ex- Gold 243 243 243 243 change _. » 14, 885 22, 187 26, 743 9,125 Foreign exchange (non-reserve) __ 161 157 154 99 Canadian Gov't. securities: Loans and discounts 189 187 188 209 2 years or less _ 82, 344 94, 790 82. 487 61, 299 Government debts 612 620 620 620 Over 2 years _. 91, 565 97, 433 96, 792 99, 016 Other assets 177 183 186 166 Other securities 12, 212 12,189 12,193 Note circulation 944 907 922 944 Other assets _ 9,496 9,818 7,236 8,168 Denosits 253 299 279 204 Note circulation 165 330 156 319 160 356 135 735 Other liabilities 185 185 191 189 Deposits-Chartered banks 196, 040 216,130 198,572 186, 974 National Bank of Belgium (mil- Dominion Government 11, 083 28, 376 31, 581 18, 776 lions of belgas): Other 3,457 577 976 2,060 Gold 3,525 3,362 3,377 3,728 Other liabilities 14, 355 14, 575 13, 544 13, 441 Discounts, domestic and foreign.. 1,296 1,266 1,256 1,390 Loans 32 35 37 68 Other assets 309 309 305 316 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY : FEDERAL RESERVE BULLETIN 169 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Central Bank of Chile (millions of C^»itral Reserve Bank of El Salvapesos): dor— Cont. Gold and foreign exchange in re- Note circulation . 16,104 16,352 15, 656 144 143 Deposits 5 228 6 002 4 556 TjOftns and discounts 119 168 Other liabilities 4,624 4 732 3 498 Government debt 795 699 Bank of Estonia (thousands of Note circulation 674 653 krooni) : DPDosits 308 288 Gold 34 214 34,213 34, 214 34 179 Bank of the Republic of Colombia Foreign exchange (net) 17,007 15, 334 16, 229 8,775 (thousands of pesos): Loans and discounts 26, 697 27, 052 26, 221 25, 936 Gold 27,110 28, 892 33, 232 Other assets 28, 888 27, 561 26, 284 19 809 10, 498 5,242 8,746 Note circulation _ 49 081 49, 806 50 327 44 452 28, 717 23, 232 13, 055 Demand deposits 37, 690 34, 973 34, 446 31, 574 Government loans and securities. 47,156 46, 318 45, 379 Other liabilities 20,035 19, 379 18,175 12, 673 Othpr assets 27, 088 28,173 25, 796 Bank of Finland (millions of mark- 49, 564 50, 735 57, 229 kaa): Dpnosits 49, 065 40, 375 33,135 Gold 635 635 635 815 Othpr liabilities 41, 941 40, 748 35 843 Foreign assets 2 261 2 264 2 260 1 668 National Bank of Czechoslovakia Loans and discounts 1,080 1,020 1,016 950 (millions of koruny): Dnmfistirt .spnnritips 351 341 351 348 Gold 2,626 2,582 2,569 2,592 Other assets 457 437 381 358 Foreign exchange 479 474 447 439 Note circulation 2,052 1,996 2,020 1,630 1,351 1,125 1,263 1,253 Deposits—Treasury 136 33 89 376 Loans 1,284 1,030 1,184 1,086 Other 972 980 842 571 Govprnmpnt debt 2,010 2,012 2,013 2,022 Other liabilities 1 623 1,687 1 693 1 561 Other assets 1, 239 1,164 1,067 1,100 Bank of Greece (millions of drach- Note circulation 6,902 6,441 6,516 6,478 mas) : Demand deDOsits 292 217 304 410 Gold and foreign exchange (net) . 3, 436 3,446 3,173 Other liabilities 1,795 1,729 1,722 1,605 Loans and discounts _ 5,359 5,462 4,914 Bank of Danzig (thousands of Government obligations . _ 4,377 4,377 4,162 tnilden) * Other assets 2,019 2,043 1,500 Gold 28, 355 28,115 28,113 29, 661 Note circulation _. 6,510 6, 839 6,203 Foreign exchange of the reserve.. 3,088 2,912 1,499 121 Deposits 5,909 5,921 5,715 Other foreicn exchange 387 343 320 1,343 Other liabilities 2 770 2 567 1 831 Loans and discounts 17,179 16,116 16, 451 18, 263 National Bank of Hungary (mil- Other assets 3,195 3,693 3,859 3,830 lions of pengos): Note circulation 36, 245 34, 447 34, 786 32,045 Gold....!... ... 84 84 84 84 Demand deposits 11,647 13,171 12, 832 8,292 Foreign exchange reserve 59 56 55 42 Other liabilities 19,012 19, 012 19, 012 19, 329 Discounts.. 450 422 425 535 National Bank of Denmark (mil- Loans—To Treasury 115 114 114 98 lions of kroner): Other . 17 17 17 14 Gold 118 118 118 118 Other assets 275 281 270 177 Forpisrn exchange 72 59 38 15 Note circulation 466 431 468 436 Discounts 23 25 25 35 Demand deposits.._ 246 236 191 213 Loans—To Government agencies 212 222 196 239 Certificates of indebtedness... _ 70 89 89 93 Other 140 89 138 170 Other liabilities _. __ 218 219 216 209 Securities 73 64 58 50 Reserve Bank of India (millions Other assets 67 71 70 68 of rupees): Note circulation 417 392 413 399 Issue department: Deposits . _ 125 97 70 139 Gold at home and abroad 444 444 444 Other liabilities 162 159 160 156 Sterling securities 803 803 673 Central Bank of Ecuador (thou- Indian Gov't. securities 274 274 234 sands of sucres): Rupee coin 628 624 640 Gold 38, 742 32, 586 Note circulation . 1,799 1,816 1,899 Foreign exchange 25, 477 24,330 Banking department: Loans and discounts 49, 402 39,138 Notes of issue department 350 328 93 Note circulation 70, 823 56, 599 Balances abroad _ _ 56 96 166 Deposits 39, 332 34, 363 Loans to Gov't._ __ _ 10 10 National Bank of Egypt * (thou- Investments 68 64 63 sands of pounds) : Other assets 12 11 14 Gold 6,545 6,545 6,545 Deposits 382 388 226 Foreign exchange 1,665 2,387 4,064 Other liabilities . _ 113 112 120 Loans and discounts 6,535 6,495 6,902 Bank of Japan (millions of yen): British, Egyptian, and other Golds 801 801 801 548 Government securities 35, 948 36, 608 37, 719 Discounts _ 496 550 634 602 Other assets 6,816 7,153 4,978 Loans—Government ... 3 3 3 186 Note circulation 21, 278 21, 783 23,138 Other . . 165 207 200 206 Deposits—Government 8,126 7,989 7,712 Government bonds 1,126 677 664 765 Other 19,186 20, 393 21, 449 Other assets _ 181 205 177 147 Other liabilities 8,920 9,024 7,911 Note circulation 2,155 1,787 1,787 1,790 Deposits—Government— __ __ 219 283 335 302 Central Reserve Bank of El Salva- Other 112 84 78 88 dor (thousands of colones): Other liabilities 286 288 279 275 Gold 13,161 13,161 13,054 Bank of Java (millions of guilders): Foreign exchange 3,402 5,001 1,450 Gold .. 117 117 89 Loans and discounts 1,362 635 1,695 Foreign bills 3 4 2 Government debt and securities. 5,938 5,962 6, 626 Loans and discounts 65 85 63 Other* assets 2,094 2,327 884 1 Items for issue and banking departments consolidated. 2 By law of August 10, 1937, gold revalued on August 25 at rate of 290 milligrams fine gold per yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN FEBRUARY 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Bank of Java—Cont. Bank of Portugal—Cont. Other assets 121 107 68 Loans and discounts . 335 328 350 Note circulation 186 191 162 Government debt 1,042 1,042 1,044 92 96 34 Other assets ... 1 422 1 435 1 238 Other liabilities 27 26 25 Note circulation 2,161 2,121 2,257 Bank of Latvia (millions of Ms): Other sight liabilities 1,088 1,143 '926 Gold 77 77 77 77 Other liabilities 1,190 1 197 1,071 Foreign exchange reserve 43 46 45 26 National Bank of Rumania (mil- Loans and discounts 137 133 131 118 lions of lei): Other assets 39 41 42 50 Gold 16 343 16 258 15 568 Note circulation 65 62 57 44 Special exchange accounts.. 5,942 6,455 4,479 Deposits 197 201 205 193 Loans and discounts 6,109 6,395 6,474 Other liabilities 35 34 34 34 Special loans 2._ 2,014 2 027 2,430 Bank of Lithuania (millions of litu): Government debt 10, 695 12,115 9,442 Gold 77 77 73 Other assets 8,690 8 582 9,291 Foreign exchange 4 7 10 Note circulation 28,111 27,896 25, 663 Loans and discounts 111 106 100 Demand deposits 12,190 12 234 10,300 Other assets 36 42 27 Other liabilities 9,493 11, 702 11, 722 Note circulation 121 123 110 South African Reserve Bank Deposits 83 85 78 (thousands of pounds): Other liabilities 24 24 21 Gold 22, 937 22,938 24,635 Netherlands Bank (millions of guil- Foreign bills 6, 12;6 6,186 10, 794 ders) * Other bills and loans 1,330 1,829 831 Gold 1,366 1,382 1,331 720 Other assets 12, 889 12, 661 13, 705 Silver (including subsidiary coin) 17 17 18 18 Note circulation 16,401 17,356 16, 416 Foreign bills 5 5 5 2 Deposits 23, 602 22 980 28, 035 Discounts 23 26 10 23 Other liabilities 3,279 3,279 5,514 Loans 195 194 212 320 Bank of Sweden (millions of Other assets 63 62 61 62 kronor): Note circulation 868 887 856 792 Gold 539 538 537 529 Deposits—Government 100 94 Foreign assets __ _ 1,045 1,089 1,095 720 Other 656 754 736 216 Discounts 13 14 13 12 Other liabilities 45 46 45 43 Loans 25 27 24 25 Reserve Bank of New Zealand Domestic securities 10 7 6 33 (thousands of pounds): Other assets 291 300 297 258 Gold 2,802 2,802 2,802 Note circulation 980 893 931 893 Sterling exchange reserve 16, 587 17, 595 16, 534 Demand deposits 813 976 925 590 Advances to State or State un- Other liabilities 131 105 117 95 dertakings 5,291 4,266 7,860 Swiss National Bank (millions of Investments 2,658 2,658 2,700 francs): Other asset*? 230 304- 212 Gold 2,679 2,663 2,672 2,709 13, 319 13, 274 13, 641 Foreign exchange 513 508 495 58 12, 529 12, 591 14, 832 Discounts 19 21 22 48 Other liabilities 1,719 1,761 1,634 Loans 35 32 27 47 Bank of Norway (millions of Other assets 636 626 610 626 kroner): Note circulation 1,531 1,453 1,450 1,482 Gold 180 189 189 215 Other sight liabilities. . _ 1,716 1,756 1,737 1,363 Foreign assets _ _ _ 194 213 201 106 Other liabilities 637 640 639 642 Total domestic credits and Central Bank of the Republic of securities. _ 190 185 183 265 Turkey (thousands of pounds): Discounts 0) 93 91 196 Gold 36, 723 36, 720 36, 716 32,073 Loans 1 29 28 21 Foreign exchange—Free . _ 16 2 30 69 0) 63 65 48 In clearing acccounts 23, 658 26, 773 25, 327 33,620 Other assets 0) 6 6 7 Loans and discounts _ 60, 469 50, 220 51,181 36,923 Note circulation 449 422 425 429 Securities 189,028 186, 290 186, 937 187,834 Demand deposits—Government. 41 62 47 49 Other assets _ 28, 014 35,070 30, 933 20, 217 Other 62 45 43 55 Note circulation _ 176, 677 177,171 176,171 179,184 Other liabilities (i) 64 65 59 Deposits 42, 259 46,123 47, 621 37,002 Central Reserve Bank of Peru Other liabilities 118, 973 111,781 107, 330 94, 549 (thousands of soles): Bank of the Republic of Uruguay Gold and foreign exchange 58, 488 58, 689 48, 544 (thousands of pesos): Discounts 41,493 39,389 38,074 Issue department: Government loans 45,484 45, 246 45, 635 Gold and silver 42, 087 42,087 41, 601 Other assets 11,245 12, 545 7,336 Note circulation 84, 960 86,427 88, 579 Note circulation 95,423 96,215 95,858 Banking department: Deposits 40,343 37, 901 31,803 Cash reserves 28, 541 32, 531 28, 474 Other liabilities 20,945 21, 753 11,927 Loans and discounts 90, 790 88, 571 86, 753 Bank of Poland (millions of zlotys): Other assets 60, 022 58, 480 65, 983 Gold 435 434 433 393 Deposits 83, 636 84, 614 101,082 Foreign exchange 36 35 36 30 Other liabilities 95, 716 94, 969 80,128 Loans and discounts... 709 650 635 856 National Bank of the Kingdom of Securities 129 135 136 136 Yugoslavia (millions of dinars): Other assets 480 490 459 441 Gold 1,709 1,758 1,749 1,626 Note circulation 1,059 1,034 1,094 1,034 Foreign exchange. __ 440 472 537 552 Other sight liabilities 360 324 215 292 Loans and discounts 1,705 1,614 1,612 1,717 Other liabilities 369 388 390 530 Government debt 2,238 2,253 2,252 2,248 Bank of Portugal (millions of Other assets . _ > 2,948 2,923 2,863 1,592 escudos): Note circulation 5,834 5,753 5,85f 5,409 Gold 917 916 912 Other sight liabilities 2,459 2,515 2,423 1,629 Other reserves (net).. . 573 595 570 Other liabilities 747 751 732 698 Non-reserve exchange 151 146 141 i 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

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 171 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1937 1936 1937 1936 Assets Liabilities Dec. 31 Nov. 30 Dec. 31 Dec. 31 Nov. 30 Dec. 31 Gold in bars _ 13, 775 13, 775 33,135 Demand deposits (gold) 8,371 8,391 27,263 Cash on hand and on current account with banks _ _ 52, 325 25, 886 23, 356 Short-term deposits (various curren- Demand funds at interest 17,155 18, 643 5,253 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 41,120 20, 577 (at cost): Time—Not exceeding 3 months. 125, 765 134, 423 Commercial bills and bankers' ac- Time—Between 3 and 6 months 6,261 6,253 ceptances 122,146 123, 337 134,022 Treasury bills.. 110, 572 146,124 147, 671 Total 178,852 181, 796 119, 246 Total 232, 718 269, 461 281, 693 Central banks for account of others: Demand _ 2,336 2,551 6,242 Time funds at interest—Not exceeding Other depositors: 3 months— 32,138 39, 822 25, 642 Demand 5,670 5,822 52 Between 3 and 6 months .._. 6,272 7,754 Time—Not exceeding 3 months. 1,025 38 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account _ 153, 528 153, 713 153,280 Treasury bills 29, 972 18, 958 21, 370 German Government deposit 76, 764 76,856 76, 640 Sundry investments 83, 464 74, 839 33, 317 French Government guaranty fund 31, 598 31, 622 43,490 Between 3 and 6 months: French Government deposit (Saar). 1,036 1,037 1,426 Treasury bills 27, 300 33, 994 Sundry investments 64, 954 55, 636 63, 074 Total—. 262,925 263, 228 274,836 Over 6 months: Treasury bills 35, 094 39, 257 64, 653 Capital paid in.. 125,000 125,000 125,000 Sundry investments 53, 792 53, 052 35, 247 Reserves: Legal reserve fund ... 4,238 4,238 3,784 Total— __ 294, 576 275, 736 245, 730 Dividend reserve fund 6,315 6, 315 6,092 General reserve fund _ 12, 631 12, 631 12,183 Other assets: Other liabilities: Guaranty of central banks on bills Guaranty on commercial bills sold_. 1,418 2,421 1,385 sold._._ 1,027 1,007 1,383 Sundry items 41,626 39,844 40,164 Sundry items 38 1,177 91 Total liabilities 650,026 653, 262 616, 284 Total assets _._ 650, 026 653, 262 616, 284 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 n i i l t l e io d n s 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 a d t B co il u ls n t d e i d s- Se ti c e u s ri- L c o u a s e t n r o s s m t - o O as t s h e e ts r Total D D e e p m os a i n ts d^ 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 () 232 11 London clearing banks2 1936—September. 229 166 344 648 882 226 2,257 1,228 1,000 238 October... 227 164 351 655 892 231 2,280 1,238 999 239 November. 233 181 329 656 895 238 2,287 1,241 1,006 243 December. 244 195 322 660 • 890 249 2,315 1,288 1,012 245 1937—January... 238 179 345 669 885 239 2,307 1,254 1,005 247 February.. 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 1,238 1,025 252 « Corrected. Figures for 10 banks not available in 1936. i Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. i 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

172 FEDERAL RESERVE BULLETIN FEBRUARY 1938 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- Loans Other Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—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 27,653 26, 859 694 337 4,399 1936—September. 3,083 2,757 14,876 7,301 1,554 25,137 24, 613 524 368 4,066 October. __ 3,186 2,766 17,070 7,452 1,727 27,549 27,028 521 408 4,244 November 3,173 2,839 17,298 7,625 1,824 28,015 27,467 548 454 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 3,589 18,289 7,949 1,340 29,831 527 561 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, 438 550 583 4,152 September 2,790 4,552 16,802 8,723 1,832 29,838 29, 288 550 644 4,216 October 2,698 4,434 19,079 8,172 1,952 31, 277 30, 708 4,364 Assets Liabilities Germany1 (5 large B l e io rl n i s n o b f a r n e k ic s. h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se t c ie u s ri- Other Total D D e e p m o a si n t d s Time o C b b f r t a r e a o n d i m k n it s e s d l O ia ti t b e h i s e li r - 1930—November. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November. 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 1,027 983 5,376 2,435 2,941 686 1,449 1936—October.._ 130 273 2,569 2,735 1,075 858 5,712 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 1,292 October... 136 277 3,041 2,667 1,050 806 6,141 2,862 3,279 510 1,327 November. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 Assets Liabilities Canada Entirely in Canada S l e o c a u n r s ity D ad e a p o e s x i c ts l u p d a i y ng a b i l n e te in r b C an a k n- (10 cha l r io te n r s e d o f b C a a n n k a s d . ia F n ig d u o r ll e a s r s i ) n mil- re C se a r s v h es S l e o c a u n r s ity an O lo d t a h n e d s r is- a f a o n f b d r r d r o e u o i m e n g a e n d t Se ti c e u s ri- Other ci N t r i c o o u n t l e a- Total d D e e p m os a i n ts d Time l O ia t b h i e li r counts banks 1930—December. 207 205 1, 275 171 604 602 133 2,115 689 1,426 816 1931—December. 201 135 1,253 146 694 510 129 2,058 698 1,360 752 1932—December. 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December. 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December. 228 83 945 141 1,155 485 111 2.180 694 1,486 745 1936—October... 232 109 816 146 1,363 491 112 2,261 751 1,510 784 November 264 116 800. 179 1,316 485 109 2,269 722 1,547 783 December. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—January... 247 119 796 173 1,412 468 103 2,330 782 1,549 781 February.. 239 119 805 214 1,422 483 108 2,369 805 1,564 804 March 242 124 814 161 1,427 516 105 2,370 786 1,584 810 April 246 121 835 141 1,440 511 106 2,383 799 1,583 805 May 240 117 852 139 1,438 491 103 2,372 799 1,574 802 June 238 116 853 128 1,442 520 107 2,379 809 1,570 811 July 231 114 852 139 1,431 472 107 2,322 750 1,572 810 August 241 114 119 1,446 483 105 2,345 767 1,578 816 September. 238 100 110 1,446 507 103 2,371 797 1,575 809 October... 252 82 890 114 1,411 496 106 2,333 749 1,584 November. 273 87 121 1,391 101 2,351 781 1,570 i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice. (See BULLETIN for June 1935, p. 389). 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

173 FEBRUARY 193S FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annumj Central bank of— Date effective K U in n g i d te o d mFrance m G a e n r y - Italy N la e n th d e s r- Sw la i n t d zer- b C an e k n t o r f a — l R J 2 a a 6 n te . ef D fe a ct t i e ve b C an e k n t o r f a — l R J 2 a a 6 n te . ef D fec a t t i e ve I J n a n e . f f 2 e , c t 1 9 J 3 a 6 n. 1, 1936 2 6 5 4 5 3H 2V2 Jan. 10 . 4 Albania. 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 J F a e n b . . 1 4 6 _ . - 3 A Au rg s e tr n ia tina. __ V V A A J M u a ly r . 1 1 0 , , 1 1 9 9 3 3 6 5 J L a a v tv a i . a - _ _ _3 5 J N a o n v . . 1 1 4, , 1 1 9 9 3 3 7 6 Feb 7 Belgium 2 May 16, 1935 Lithuania. __ &A July 1, 1936 Mar. 28 5 Bolivia 6 July 5, 1932 Mexico 3 Mar. 1, 1937 May 7 6 British India 3 Nov. 28, 1935 Netherlands 2 Dec. 3, 1936 May 18 ly Bulgaria 6 Aug. 15, 1935 New Zea- J J J J J T M u u u u u u n n n n n a ly y e e e e e 7 3 2 4 3 2 24 0 5 0 6 _ ._ 4 5 2 4 5 3 4 * K H D D C C C Cz o h a a e v e n n l i n a o l c z a e m k h m i d i g o a a a b s r i l k a o - _ ._ _ . . 3- 4 3 4 4 2 4 ^ ^ J J J N M D u a a e o n n a l c y v . . r . . . 1 1 1 1 2 1 1 9 6 8 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 5 6 6 7 6 3 N P P P R So o o e u o l r a u l r r m u a t n w t u n h d a g a d n A y a i l a frica 2 3 6 4 4 4 3 H H ^ K -4^ J J M D A D M a u e u e n a n a c c g y . y e . . . 2 2 1 1 1 1 0 5 9 1 8 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 7 2 7 8 4 3 6 J S S u e e l p p y t t . . 1 9 2 0 5 3 5 2 E E E l c s t u S o a a n d l i o v a r ador. 4 4 4 ^ N A O u o ct g v . . . 3 2 0 3 1 , , , 1 1 1 9 9 9 3 3 3 5 2 5 S S S w p w a e i i t d n z e e n rland- 2 5 V H A J N D u e o l c y v . . 2 1 6 1 5 , , , 1 1 1 9 9 9 3 3 3 6 3 5 O Oc c t t . . 9 2 3 F F r in an la c n e d 4 3 N De o c v . . 1 3 3, , 1 1 9 9 3 3 7 4 U T n u i r t k e e d y King- &A Mar. 2, 1933 Oct. 16 2 Germany 4 Sept. 22, 1932 dom 2 June 30, 1932 Oct. 20 Greece 6 Jan. 4, 1937 U. S. S. R._ 4 July 1, 1936 N De o c v . . 3 26 2 VA I H ta u l n y gary 4 4^ A M u a g y . 2 18 9 , , 1 1 9 93 3 6 5 Yugoslavia.. 5 Feb. 1, 1935 Jan. 28, 1937 4 .Tune 15 6 Changes since Dec. 31: Norway—Jan. 5, down from 4 to 3>£ percent. July 7 5 Aug. 4 4 Sept. 3 Nov. 13 3 In effect Jan. 26, 1938 2 3 4 2 IY2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c m a ep n o t k a 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 l l a d o n e w k p a e o n r s c s i e ' ts 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 i c a v o te a u t n e t M 1 o m ne o y n t f h or 1936—December. 3.00 2.88 3.05 1.48 1937—January... 3.00 2.88 2.54 1.01 February._ 3.00 2.86 2.47 1.C0 March 3.00 2.86 3.10 1.00 April 2.90 2.71 2.55 1.00 May 2.88 2.63 2.69 1.00 June 2.88 2.63 2.78 1.00 July 2.88 2.65 2.64 .92 August 2.88 2.69 2.85 .53 September 2.88 2.73 3.07 .50 October... 2.88 2.91 2.81 .50 November. 2.88 2.81 2.65 .50 December. Sw la i n tz d er- ( B B e r l u g s i s u el m s) F (P ra ar n i c s) e (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) 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 te a u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o te a 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 1936—November. 1.00 1.96 4.50 2% 2^-43-2 4.75 2." 86 December.. .25 1.00 1.99 4.50 2% 2^4^ 4.75 2.74 1937—January .25 1.00 2.22 4.50 2% 4.75 2.63 February... .18 1.00 4.01 4.50 2% 4.75 2.67 March .00 1.00 4.06 4.50 4-6^ 2% 4.75 2.83 April .00 1.00 4.00 4.50 46^ 2% 4.75 2.86 May .00 1.00 3.93 4.50 2% 4.75 2.69 June .00 1.00 5.02 5.00 2% 4.75 2.80 July .00 1.00 5.20 5.00 2H 4.75 2.70 August .00 1.00 4.11 5.00 4- 2% 4.75 2.85 S O e c p to te b m er ber. . . 0 0 0 0 1 1 . . 0 3 0 9 3 3 . . 6 5 2 4 5 5 . . 0 0 0 0 4-H 2 2 % % 4 4 . . 7 7 5 5 2 2 . . 4 6 6 5 November.. 1.00 1.78 3.26 5.00 4-63/2 4.75 2.63 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

174 FEDERAL RESERVE BULLETIN FEBRUARY 1938 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 i g n e a n- t A r u a s l - ia A ( u s s c t h r il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada Chile (peso) China Co b lo ia m- (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) 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 13. 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 1936—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 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 2 8. 7635 5. 7266 37. 711 1. 2844 100. 073 5.1680 3 4. 0000 29. 444 55.958 December _ 33. 312 398.10 18. 892 16. 985 5. 4492 37.711 1. 2732 5.1697 4. 0000 29. 468 54. 244 Year or month ( C p u es b o a ) C s k l z o o e v r c u a h n k o a ia ) - [ m D k e r a o n r - n k e) ( E p g o y u p n t d) Fi ( k n m k l a a r a ) - nd F ( r fr a a n n c c) e ( m m G r a a e e i r r n c - k h y s ) - G (d m r r e a a e ) ch c - e ( K H do o o l n l n a g g r)( H p g e u a n r n g y - o) I (l t i a r l a y ) J ( a y p e a n) n M ( e p x es ic o o ) N ( l e f a l t n o h r d e i s n r ) - 1929 99.965 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 99.952 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 99.930 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 99.941 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 99. 946 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 99.936 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 99.920 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 99. 909 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—December.. 99. 916 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 99.917 3. 4922 21. 908 503.17 2.1607 4. 6672 40. 225 .8984 30. 566 19. 776 5. 2610 28. 537 27.750 54. 752 February... 99. 917 3. 4883 21. 847 501. 78 2.1579 c 4. 6555 40.226 .8965 30.403 19. 782 5. 2608 28. 529 27. 750 54. 686 March 99. 917 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 99.918 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 99. 917 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 99. 919 3. 4841 22. 031 506.05 2.1792 * 4. 4399 40.071 .9043 30. 349 19. 771 5. 2607 28. 711 27. 751 54.976 July 99.916 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 99.917 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.. 99.905 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 99.915 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.. 99.917 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 December. _ 99. 916 3. 5130 22. 302 512. 29 2.2068 3. 3948 40.296 .9157 31.186 19. 836 5. 2606 29.081 27.750 55. 602 Year or month Z ( e p N a o e l u a w n n d d ) N (k o r r o w ne a ) y P (z o l l o a t n y) d ( P e o g sc a r u l t * d u o - ) R ( u n le m i u a ) a- ( S A p o o fr u u i n t c h d a ) Spain S S m (d t e o e r t l n a t la l i t e r t s ) s - (k S d r w e o n e n - a) e ( S r f l w r a an i n t c d z ) - T (p u o r u k n e d y ) ( U K p d n o i o u i n m t n g e d d - ) ( U g p u r e u s a - o y ) Y s ( l d a u i v n g a i o a r - ) 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—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 486. 89 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. 3056 July 398. 74 24. 957 18. 915 4. 4958 .7286 491. 95 5.062 58. 240 25. 607 22. 920 80. 537 496. 72 79. 373 2. 3072 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 58. 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 December. 401.06 25.103 18.943 4.5227 .7353 495. 04 6.184 58. 594 25. 750 23. 122 80. 657 499. 64 79. 936 2. 3143 c Corrected. 1 Quotations nominal August 18-23, 1937. 2 Quotations discontinued beginning Nov. 18, 1937; average for November is for Nov. 1-17. 3 Export rate first reported Nov. 30, 1937; quotations nominal. 4 Quotations nominal June 29-30, 1937. 6 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

FEBRUARY 1938 FEDERAL RESERVE BULLETIN 175 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether- Switzer- Year or month U S n ta it t e e d s Canada K U in n g it d e o d m France Germany Italy (O Ja c p to a b n er lands land (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (19 1 2 0 6 0 - ) 30= (J = u 1 ly 0 1 0) 914 1926 - 100 100 695 134 237 106 144 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 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 _ 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 197 64 96 1936—November 82 77 98 492 104 78 204 70 105 December 84 80 101 519 105 79 215 71 107 1937—January 86 81 103 538 105 82 233 73 108 February 86 83 104 533 106 83 230 74 111 March 88 86 107 550 106 85 240 76 113 April -_. _. 88 86 109 552 106 86 248 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 r62I 106 95 238 76 110 December 82 83 108 631 106 76 - Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom UnitedStates (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 ia u u l s c - ts p A r t g o u r d 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 a d i l s s r e h a m e w d i- tr I i i n s a d h l u e fi d s n - products products 1926 .. 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929.. „ . 105 100 92 579 669 130 125 132 157 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—November 85 84 81 97 99 500 484 103 86 95 123 December 89 86 82 99 102 522 516 104 91 96 123 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 May 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 80 86 85 105 113 607 646 105 97 95 126 November _ . 76 83 84 105 110 '613 628 105 96 94 126 December 73 80 84 104 109 636 626 105 94 94 126 r Revised. Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN FEBRUARY 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 S 9 1 2 n t 9 5 a 2 i = 3 t t - 1 e e 0 d s 019 E l J 1 a n u 4 n g = ly - d 1001 F 91 J r u 4 a = l n y 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 1 a t 9 3 n h 1 = d 1 e 1 - s r 0 - 0 1 S 9 l J w 1 a e u 4 r n i = 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 2 i = t 3 t - e 1 e d s 0019 E l J 1 a n u 4 n g = ly - d 1001 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 = 3 n r - 1 - y 00 N 19 l e 1 a 1 t 9 3 n 1 h = 1 d e - 1 s r 0 - 0 1 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 * 132 130 1936-Nov.... 83 136 520 121 124 123 1936—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 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... 84 146 645 121 131 130 Nov. 160 125 140 138 Dec 83 146 659 121 Dec 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 t e a e e ) g 1 d s e ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 d e ) r (1 F 91 r 3 a = n 1 c 0 e 0) G ( e a p r v r m e ic r e a a ) g n e y N la e n th d e s r s - U S n ta it t e e d s Engla ( n 19 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 1928 100.8 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 98.0 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149. 8 102.6 187.6 100.2 100. 1931 90.9 108.4 96.9 2 83.4 104.1 94.7 78.9 132.2 2 78.0 70. 1932 69.5 113.2 88.6 2 67.1 94.8 48.6 67.9 105.2 2 50.3 46. 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52. 1934 . - 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55. 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55. 1936 97.5 131.2 76.3 95.8 109.1 111.1 97.0 77.2 91.6 66. 1937 93.4 124.6 P75. 1 98.7 111.7 96.3 ?97.4 102.6 P104. 1936—November... 99.8 132.0 78.8 96.3 120.0 124.2 103.2 89.7 97.8 88.6 December _.- 99.9 130.9 78.4 96.4 120.3 123.1 103.5 94.8 96.7 91.2 1937—January 100.3 129.7 77.5 96.7 < 100. 9 126.4 104.2 114.6 97.8 100.9 February 100.0 125.5 75.1 97.4 100.3 129.5 103.8 113.3 99.2 108.5 March 98.5 124.3 74.6 97.7 98.8 129.9 102.7 112.0 100.3 113.1 April 96.6 125.3 72.6 98.5 100.0 124.5 101.0 96.6 101.5 109.6 May 96.2 125.0 72.3 98.8 100.3 116.3 99.3 94.8 102.6 105.0 June 95.0 123.9 74.6 98.9 101.5 113.6 97.0 94.0 103.5 102.9 July 95.3 123.3 75.0 99.0 102.4 117.8 96.8 90.6 105.1 107.2 August 94.8 123.2 77.2 99.4 103.7 120.5 96.8 93.6 106.1 114.7 September... 91.3 122.8 74.8 99.3 103.7 106.4 92.7 90.1 105.3 108.1 October 86.4 123.6 75.6 99.4 102.4 91.4 88.2 91.8 103.9 94.8 November. .. 83.3 124.1 76.4 99.6 104.3 82.9 85.8 90.1 102.7 '92.0 December... 82.7 123.9 75.5 99.7 81.2 86.8 87.6 102.1 93.7 p Preliminary. r 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. 3 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. 1172. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MABRINER 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 O. 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) ROBERT M. HANES 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 WALTER LICHTENSTEIN, Secretary W. RANDOLPH BURGESS, Manager of System Open Market Account * Died January 19,1938. 178 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B er a a n l k R of e — serve Chai R rm es a e n rv a e n A d g F e e n d t eral President First Vice President Vice Presidents Boston F. H. Curtiss R. A Young W. W- Paddnnlr W Willett2 New York Owen D. Young . G. L Harrison _ AllanSproul W. R. Burgess W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke C. H. Coe Philadelphia R. L. Austin J. S.Sinclair F. J.Drinnen. C. A. Mcllhenny 3 W. J. Davis E. C. Hill Cleveland .-. E. S. Burke, Jr M. J Fleming F. J.Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor « Richmond Robert Lassiter _ Hughi Leach J. S.Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely Oscar Newton. .._ __ R. S.Parker H. F. Conniff W. S. McLarin, Jr. 3 Chicago R. E. Wood i G. J.Schaller H. P Preston W. H. Snyder 3 C. S. Young J. H. Dillard St Louis W T. Nardin W IV[cC Martin F G Hitt 0 M Attebery J. S. Wood CM. Stewart» Minneapolis W. B. Geery J. N. Peyton 0 S Powell H I Ziemer 3 E. W. Swanson Kansas City. J. J. Thomas G. H Hamilton C. A.Worthington H. G. Leedy J. W. Helm 3 Dallas J. H. Merritt B. A.MnTCTirmp.y R. R Gilhe.rt. R. B. Coleman 3 W. J. Evans San Francisco.. A. 0. Stewart _ W. A. Day Ira Clerk _ S. G. Sargent W. M. Hale C. E. Earhart» i Deputy chairman. 2 Cashier. 3 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 P. A. Brown Oklahoma City branch C. E. Daniel Richmond: Omaha branch L. H. Earhart Baltimore branch W. R. Milford 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 179 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 FEDERAL RESERVE BANK AGENCY LOUISVILLE. 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