Federal Reserve Bulletin, 1938-03

FEDERAL RESERVE BULLETIN MARCH 1938 Recent Banking and Credit Developments Condition of All Member Banks 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 banking and credit developments 181-187 National summary of business conditions 188-189 Summary of financial and business statistics 191 Law Department: Ruling of the Board: Interpretation of term "Readily Marketable Assets" for purposes of Section 5144 of the Revised 192 Statutes Number of banks and branches, 1933-1937; analysis of changes in number of banks and branches during 1937 193 Condition of all member banks on December 31, 1937 (from Member Bank Call Report No. 74) 194-195 Customers' debit balances, money borrowed, and principal related items of stock exchange firms carrying margin accounts, 1931-1936 196 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 198 Federal Reserve bank statistics 199-203 Reserve position of member banks; deposits in larger and smaller centers 204 Currency in circulation 205 Gold stock and gold movements; bank suspensions; bank debits 206 All banks in the United States 207 All member banks 208-209 Reporting member banks in leading cities 210-213 Acceptances, commercial paper, and brokers' balances 214 Federal Reserve bank discount rates 215 Money rates and bond yields 216 Security markets 217 Treasury finance 218-219 Governmental corporations and credit agencies; Postal Savings System 220-221 Production, employment, and trade 222-230 Wholesale prices 231 Revised index of department store stocks 232 International financial statistics: Gold reserves of central banks and governments 234 Gold production 235 Gold movements 235-236 Central banks 237-240 Bank for International Settlements 241 Commercial banks 241-242 Discount rates of central banks 243 Money rates 243 Foreign exchange rates 244 Price movements: Wholesale prices . _ - 245 Retail food prices and cost of living 246 Security prices 246 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 248 Senior officers of Federal Reserve banks; managing directors of branches 249 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 MARCH, 1938 No. 3 REVIEW OF THE MONTH During 1937 member banks showed a substantial increase in their loans and a decrease On February 14 the Secretary of the Treasin their holdings of investments. Total deury announced that for the present addi- „ .. posits at all banks, excluding tions to the gold stock up to Banking . . _ .. _. .. Treasury $100,000,000 in any one quarter developments interbank balances, declined gold policy - ,, -n i. i i i in 1937 slightly in 1937 after increasoi the year will not be placed ing rapidly in the preceding three years. in the inactive gold account. This will have Interbank balances were reduced in the early the effect of permitting future gold acquisipart of the year but remained much larger tions up to the stated amount to increase memthan at any time prior to 1935. Other deber bank reserves. Gold acquired in excess mand deposits also declined, as a result in of $100,000,000 in any quarter will be added large part of purchases by depositors of seto the inactive account. Gold exports will curities sold by banks, while time deposits not enter into this calculation and will con- continued to increase. Important developtinue to be met out of the inactive account.ments during 1937 at the various classes of The procedure was made retroactive to themember banks are summarized in the followfirst of this year. In January and February ing table: approximately $40,000,000 of gold was ac-CONDITION OF MEMBER BANKS ON DECEMBER 31, quired by the Treasury. The Treasury an- 1937, AND CHANGES DURING YEAR [In millions of dollars] nouncement to the press follows: "On December 22, 1936, the Secretary of Changes during 1937 Conthe Treasury stated that, after conferring dition of all New with the Board of Governors of the Federal mem- York Other ber All cen- re- Coun- Reserve System, he proposed to take appro- banks mem- tral serve try Dec. 31, ber re- city banks priate action with respect to net additional 1937 banks s c e i r t v y e banks1 banks acquisitions or releases of gold by the Treasury Department whenever it was deemed ad- Loans 13, 958 +598 -182 +411 +368 visable and in the public interest to do so. Investments 17, 794 -1,846 -785 -990 -69 Total loans and invest- "In pursuance of that policy, the Secretary ments . . _31, 752 -1,248 -967 -580 +299 of the Treasury, after conferring with the Required reserves. 5,793 +1,161 +395 +492 +273 Excess reserves . _ 1,212 -727 -315 -253 -159 Board of Governors of the Federal Reserve Balances with domestic banks ___ 3,414 -652 -13 -355 -284 System, today announces that gold acquired Demand deposits—adjusteds 20,387 -1,260 -818 -372 -71 by the mints and assay offices after January 1, Time deposits—adjusted 3. , 11, 288 +562 +53 +202 +307 U. S. Government and 1938, will be included in the Inactive Gold Ac- Postal Savings deposits._. 876 -110 +157 -159 -108 Interbank deposits: count only to the extent that such acquisitions Domestic banks 5,565 -990 -385 -538 -66 Foreign banks. _ . 463 +26 +26 in any one quarter exceed $100,000,000. No i Including Chicago central reserve city banks. change is being made in the procedure where- 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. by any gold released by the mints and assay 3 Time deposits other than Postal Savings and interbank deposits. offices is taken from the Inactive Gold Ac- From October 1937 to February 1938 recount." porting member banks in 101 leading cities 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN MARCH 1938 showed a decline in loans and an increase in appears that the volume of bank deposits reinvestments. Reflecting largely holiday cur- mained substantially unchanged in the first rency movements deposits decreased at the two months of 1938. Demand deposits are end of 1937 and increased in the early weeks now greater by about $1,500,000,000, or 7 of 1938. percent, than in 1928 and 1929. While the Most of the decline in investments in the volume of deposits is above predepression first half of 1937 was at New York City banks, levels, the turnover of deposits remains comwhich showed the largest reduction in excess paratively low, reflecting the large amount of reserves, resulting in part from withdrawals deposits held idle by business enterprises and of balances by out-of-town banks. Toward by institutional and individual investors. the end of the year New York City banks gained reserves and increased their holdings TOTAL BANK DEPOSITS AND CURRENCY of securities. Loans of these banks increased BILLIONS OF DOLLARS CALL REPORT DATES BILLIONS OF DOL substantially until autumn, when brokers' 70 loans declined sharply and commercial loans also decreased. About two-thirds of the 60 60 year's decline in adjusted demand deposits T A O N T D A L C U D R E R P E O N S C IT Y S i.. ~ . for all member banks was in New York City. / 50 50 At reserve city banks security holdings de- \ clined throughout the year and loans in- / creased until the final quarter. Demand de- 40 40 posits at these banks declined, principally in the latter part of the year, while time deposits 30 TIME DEPDSITS 30 increased. At country banks a substantial increase in loans and a slight increase in hold- ^—. ^ ings of United States Government obligations 20 y 20 more than offset a decline in holdings of other IDEM A A D ND JU D S E T PO E S D IT ^ S -^' securities. Country banks continued to gain 10 I 10 deposits, reflecting a growth in time deposits CURRENCY OUTSIDEBANKS with little change in demand deposits. Coun- 0 try banks met a part of the increase in their 1929 1931 1933 1935 1937 Figures cover deposits in all banks in the United States and required reserves in the first half of the are partly estimated. Interbank and United States Government deposits are excluded and demand deposits are adjusted for year by drawing on balances with correspond- "float." Deposits in Postal Savings System and in mutual savings banks are included in time deposits. ents. These balances showed a slight increase in the latter part of the year. Discontinuance of the growth in bank de- The rapid expansion in the total volume of posits during 1937 was due largely to the fact deposits at all commercial and savings banks that the purchase by banks of United States and of currency outside banks Government securities, the principal cause Total volume that characterized the period of the previous increase in deposits, did not 1933-1936 came to a halt at the continue during this period. After more than beginning of 1937. As is shown three years of growth, the total volume of by the chart, in the past year total deposits Government and other securities held by all and currency continued at the exceptionally banks in the United States decreased by about high level reached at the end of 1936. Time $1,500,000,000 in 1937. The effect of sales deposits increased by an estimated $850,000,- of securities by banks in reducing deposits 000 during 1937, while adjusted demand de- held by the general public, however, was in posits declined by about $1,350,000,000. It large part offset by a further growth in bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE ]3TJLLETIN •L83 loans of $800,000,000 and by the Treasury'sshowed a decline in domestic bankers' derelease of $300,000,000 of gold from the "in-posits of nearly $400,000,000, and banks in active" account. other cities lost more in bankers' deposits One of the principal banking developments than they withdrew from their own correin 1937 was the sharp decline in the volume spondents. Nonmember banks, which were of domestic bankers' balances during the first not affected by the raising of reserve rehalf of the year. This decline represented quirements, withdrew about $350,000,000 of mainly the withdrawal by balances from member banks during the Withdrawals of country banks of substantialyear. bankers9 balances In 1937 there was a further marked inamounts of their balances crease in loans at member banks, as shown from city banks, in part for the purpose of by the chart. The growth in meeting higher reserve requirements pre- Increase the demand for bank accomscribed by the Board of Governors and in meXr banks modation on the part of comlarger part for use in expanding loans and mercial, industrial, and agriinvestments. cultural borrowers, which began in most of Correspondent balances of domestic banks the larger cities early in 1936, became more had expanded rapidly in 1934, 1935, and general in the first half of 1937, when there 1936. In the first half of 1937 they were was a larger demand for loans at country reduced to the level of the latter part of 1935. During the remainder of 1937 they showed MEMBER BANK LOANS little change and at the beginning of 1938 BILLIONS OF DOLLARS CALL REPORT DATES BILLIONS OF DOLLARS they increased somewhat. Notwithstanding the withdrawals in 1937, which amounted to 19 A 12 about $1,000,000,000, the volume of member bank deposits due to domestic banks was still \ in excess of $5,500,000,000 at the close of the v year, compared with a level of about $3,500,- in \ 10 000,000 in 1928 and 1929. The decrease in bankers' balances, like the OTHER LOANS TO CUSTOMERS previous increase, was to a large extent a Q _JL W \ v \ 8 cumulative process. A large part of these N balances represents the redeposit by banks \ y/ 6 with their correspondents of balances placed -OANS ON SECURITIES TO CUSTOMERS with them by other banks. As a consequence, \ funds withdrawn by banks from their corre- A 4 spondents were to a great extent obtained by J REAL ESI"ATE LC V. these correspondents by drawing upon their ' \ own balances at other banks. New York """""""" 2 LOANS TO BROKERS City banks do not maintain any considerable PUR5HASEC AND DEALERS ___~ \PER \ balances with correspondents, and when I funds are withdrawn from these banks they o~ " [ O 1929 1931 1933 1935 1937 have to use their reserves, liquidate assets, or borrow. During the first half of 1937 they banks as well as at city banks. At both counresorted to all three of these courses of action. try and city banks the increase in such loans For the year as a whole, country banks re- was larger in the first half than in the latter duced their balances with other banks by half of the year. At city banks these loans about $280,000,000, New York City banks declined in the final quarter, partly in re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN MARCH 1938 sponse to seasonal influences, and they de- flected in rates charged by banks to their clined further in January and February of customers. Rates on customer loans as rethis year. ported by banks in 36 leading cities continued Taking 1937 as a whole, the growth in com- in 1937 near the low level reached in the premercial, industrial, and agricultural loans at vious year. In 1929 customer rates in leadall member banks, as measured by so-called ing cities were almost universally close to "other loans," amounted to about $950,000,- 6 percent. In 1937 rates in New York City 000. The table shows that the growth was averaged near 2*4 percent, in 8 other northwidespread; increases at reserve city banks ern and eastern cities about 3% percent, and and for country banks are shown for each of in 27 southern and western cities about 4i/g the 12 Federal Reserve districts. The in- percent. crease amounted to $285,000,000 at central In addition to the expansion in loans to reserve city banks in New York, $400,000,000 customers for business purposes, during 1937 at other reserve city banks (including Chi- there was an increase of $150,000,000 in real cago), and $265,000,000 at country banks. estate loans of member banks, mostly at coun- The total amount of such loans at member try banks. Holdings of open-market paper banks at the end of 1937 was at the highest and loans to customers on securities showed level since the summer of 1932 and was about little change. In the latter part of the year two-thirds of the level of the 1920's. a large reduction at New York City banks in loans to brokers and dealers in securities "OTHER LOANS" AT MEMBER BANKS, 1937 * more than wiped out a considerable growth [In millions of dollars] in such loans in the first half of the year. Repayment of credit used for carrying securi- Reserve city banks 2 Country banks ties in this period accompanied a sharp drop in stock prices. In the early weeks of 1938 Federal Reserve district Out- Outstanding Increase standing Increase there was some further liquidation of loans on during on during Dec. 31, 1937 Dec. 31, 1937 to security brokers and dealers by New York 1937 1937 banks. At the end of January 1938 total bor- Boston.. 240 27 195 22 rowings by New York Stock Exchange mem- New York 3 68 9 363 26 Philadelphia 206 34 232 7 bers from banks and from others amounted Cleveland _ 253 32 167 17 to about $600,000,000 as compared with a Richmond 109 13 186 17 A Ch tl i a c n ag ta o 2___ 6 20 0 6 7 4 3 0 5 1 1 4 9 9 1 3 2 9 6 maximum of about $8,500,000,000 in 1929 St. Louis 179 35 111 20 and a low figure of about $250,000,000 in M Ka in n n sa e s a p C o i l t i y s. 1 1 1 9 9 4 3 1 8 0 1 9 5 5 2 2 1 3 7 1932. Dallas -- 178 29 162 37 San Francisco 674 101 145 18 In 1937 the investment portfolio of mem- Total 3,034 401 2,147 265 ber banks declined by about $1,850,000,000, or nearly 10 percent. This 1 Includes all loans other than loans to banks, loans on securities and on real estate, and holdings of acceptances and open-market commerical Decline in was the first reduction in total paper. 2 Central reserve city banks in Chicago included in table among re- membTrbanks investments of member banks serve city banks. s "Other loans" for New York central reserve city banks, not shown in any calendar year since in this table, amounted to $1,809,000,000 on December 31, 1937, showing an increase of $285,000,000 for the year. 1929 and followed a period of rapid increase Loans by banks to customers in 1937 car- to the largest amount ever held. At nonried the lowest interest rates ever reported. member banks, including mutual savings Although open-market rates for money ad- banks, preliminary figures indicate that sevanced somewhat in the first quarter of 1937 curity holdings increased in 1937. from the extremely low levels of 1936, this Holdings of United States Government sestiffening in open-market rates was not re-curities by member banks declined during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

185 MARCH 1938 FEDERAL RESERVE BULLETIN the year by $1,175,000,000 and holdings of ment securities declined the most, as shown other securities by $670,000,000. The de- by the table, while at country banks the decline in holdings of United States Govern- cline was chiefly in holdings of public utility ment securities at member banks in 1937 securities. was entirely at city banks. The following In recent weeks excess reserves of member table shows that most of it occurred in the banks have been approximately $1,400,000,first half of the year; in fact, the largest 000, or nearly $500,000,000 part of this decline was during the month Present reserve larger than they were last of March. portion of member ^^ ^ g ^^ ^ M&y increase in reserve require- UNITED STATES GOVERNMENT SECURITIES HELD BY MEMBER BANKS, 1937 X ments. Excess reserves now amount to about 24 percent of required reserves. The per- [In millions of dollars] centage is 15 at Chicago banks, 20 at New Change during York City banks, 25 at reserve city banks, Amount held Dec. 31, First Second and 35 at country banks. Changes in excess 1937 half half reserves at the different classes of member New York central reserve city banks. _ ___ 3, 595 -578 -35 banks are shown in the chart. Since last Other reserve city banks2. _ 5,609 -421 -294 Country banks 3,167 +143 +12 All member banks 12, 372 -856 -318 EXCESS RESERVES OF MEMBER BANKS 1 Includes direct and fully guaranteed obligations. 2 Includes Chicago central reserve city banks. Holdings of securities other than obligations of the United States Government showed little change in the opening quarter, but in the last three quarters of the year there was a substantial reduction which affected all of the main classifications of securities at both city and country member banks. At New York and other reserve city banks, holdings of State and local govern- 1937 '38 MEMBER BANK HOLDINGS OF SECURITIES OTHER THAN UNITED STATES GOVERNMENT OBLIGATIONS, 1937 May excess reserves have increased at cen- [In millions of dollars] tral reserve and reserve city banks but have shown little change at country banks. Changes during 1937 In addition to required and excess reserves, Amount held by New country banks in the aggregate have balances all York member All cen- Other Coun- of about $1,600,000,000 with city correspondbanks mem- tral re- try Dec. 31, ber re- serve banks ents. These balances are considerably larger 1937 banks serve city city banks1 than the customary amount in previous years banks and appear to be in excess of requirements Domestic securities: for operating purposes. Since these balances State and local govern- Ra m il e ro n a ts d s _ „ 1,0 8 3 8 2 6 - — 1 7 1 7 06 - — 8 2 3 8 - — 9 4 1 2 — -2 36 can be withdrawn on demand, the part of P O u th b e li r c s utilities 1,5 7 2 9 9 4 - - 2 1 0 2 8 6 — — 29 6 — —5 7 1 1 — - 6 1 8 08 them above current needs is in effect an addi- Foreign securities 181' -55 -25 -21 —9 tion to the excess reserves of country banks Total 5,422 -672 -172 -276 -224 and a potential deduction from those of city banks. 1 Includes Chicago central reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN MARCH 1938 On the basis of a recent survey of the re- ing table gives the distribution of the 383 serve position of individual member banks member banks in this group. made by the Board and of other information currently available, the present reserve MEMBER BANKS WITH LIMITED RESERVE FUNDS1 position of member banks may be summarized [Week ended January 14, 1938] as follows: Banks with limited 1. Excess reserves of member banks are free funds i All better distributed now than last spring after member banks, Perthe final increase in reserve requirements. number centage Number of all The recent growth in excess reserves has been banks in class entirely at city banks, chiefly in New York City, where excess reserves were previously Central reserve city banks: New York 37 6 16% the lowest and where most of the bankers' Chicago __ __ 11 1 9 balances are held. This represents a distri- Reserve city banks 338 17 5 bution of reserve funds more in accordance Country banks in places with population of: with the probable needs of the different 1 1 0 5 0 ,0 ,0 0 0 0 0 -1 o 0 r 0 , m 00 o 0 re 8 1 9 8 6 8 5 8 7 4 6 Under 15,000 4,864 294 6 classes of member banks. Total... . .._ _ 6,334 383 6 2. Although excess reserves of city banks have recently increased and those of country i Banks with excess reserves of less than 10 percent and balances due from domestic banks of less than 50 percent of required reserves. banks have shown little change, excess reserves are still relatively larger at country Among the central reserve banks in New banks than at city banks. York City and Chicago, 16 and 9 percent, 3. Correspondent balances of country respectively, had excess reserves of less than banks are as large as they were last March. 10 percent and balances due from banks 4. During the week ending January 14, of less than 50 percent of required reserves. 6 percent of member banks had excess re- Among reserve city banks and country banks serves of less than 10 percent and balances in larger cities about 5 percent were in this with correspondents of less than 50 percent group, and at other country banks the proporof required reserves. tion was 6 percent. The central reserve city According to the Board's recent survey, banks in this group customarily carry only approximately a quarter of all member banks small balances with other banks but they in the middle of January have substantial amounts of short-term open- HmtedWfree funds had eXCeSS reserVeS equal market assets. to less than 10 percent of In the middle of January about 4,695 memrequired reserves. Most of the 1,639 banks ber banks, or three quarters of the 6,334 in this position, however, had large balances member banks, had excess rewith correspondents. Half of these banks Distribution of serves amounting to 10 perhad such balances larger than their required excess reserves & ^ cent or more of required rereserves, and three-fourths had balances serves. For half the banks the percentage amounting to at least 50 percent of required was 25 percent or more, and approximately reserves. Such member banks as may be 10 percent of the banks had excess reserves pressed for funds would presumably be inas large as or larger than their required recluded in the group having excess reserves serves. As indicated by the following table, a of less than 10 percent and at the same time higher proportion of country banks than of balances due from domestic banks of less than city banks had high ratios of excess reserves. 50 percent of required reserves. The follow- Among country banks 25 percent had excess Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

187 MARCH 1938 FEDERAL RESERVE BULLETIN reserves amounting1 to 50 percent or more of as Assistant Director of the Division of Rerequired reserves, while among city banks 14 search and Statistics of the Board of Govpercent were in that position. ernors to become associated with a study of banking problems sponsored by the National MEMBER BANKS DISTRIBUTED ACCORDING TO PER- Bureau of Economic Research of New York CENTAGE OF EXCESS TO REQUIRED RESERVES City. [Week ended January 14, 1938] Malcolm H. Bryan, a senior economist in Percentage the Division since December 1936, was Number of banks distribution elected by the directors of the Federal Re- Percentage of r e e q x u c i e r s e s d to C tr e a n l - * C tr e a n l - serve Bank of Atlanta on February 11, 1938, reserves All se re rv - e Coun- All se r r e v - e Coun- to be a vice president of that bank. Mr. Bryan mem- and try mem- and try ber re- banks ber re- banks has been on leave from the University of banks serve banks serve city city Georgia. banks banks Under 10% * 1,639 117 1,522 26% 30% 26% 10-25% 1,767 125 1,642 28 32 28 25-50% 1,366 91 1,275 22 24 21 50-100% __ __ 893 35 858 14 9 14 List of Registered Stocks 100% or more 669 18 651 10 5 11 The Board of Governors of the Federal Total 6,334 386 5,948 100 100 100 Reserve System has published a "List of i Includes banks with reserves temporarily below requirements. Stocks Registered on National Securities Exchanges" as of January 31,1938, for the purpose of facilitating compliance by banks with Meeting of the Federal Advisory Council the provisions of Regulation U. Additions The first meeting of the Federal Advisory and changes in the list will be indicated in Council for 1938 was held on February 14 supplementary lists to be issued quarterly, and 15,1938. Walter W. Smith was reelected in May, August, and November 1938. These president and Howard A. Loeb was reelected vice president. These officers as ex officio lists will be similar in form to those published members and Messrs. Steele, Aldrich, Wil- by the Board during 1937. liams and Brown will comprise the executive Regulation U applies to loans by banks for committee. Walter Lichtenstein was reap- the purpose of purchasing or carrying stocks pointed secretary. registered on a national securities exchange, and in determining, for the purposes of Regulation U, whether or not a security is a "stock Appointment of Class C Director at a Federal registered on a national securities exchange", Reserve Bank a bank may rely upon the list published by On February 11, 1938, Robert B. Caldwell, the Board. a member of the law firm of McCune, Cald- A copy of this list has been mailed to each well & Downing, Kansas City, Missouri, was member and nonmember bank in the United appointed a Class C director of the Federal States. Copies have also been furnished to Reserve Bank of Kansas City for the unexpired portion of the term ending December bank examiners and supervisory authorities, 31, 1940. national securities exchanges, etc. Other persons may obtain copies of these lists, directly from the Board, at a charge of 25 cents for Changes in the Staff of Division of Research and the annual number and the three supple- Statistics of the Board of Governors ments, with a reduction on subscriptions for Effective as of the close of business on five or more copies. March 29, 1938, George W. Blattner resigned Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN MARCH 1938 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 24 and released for publication February 26] The decline in business activity, which had put of tobacco products remained at a high been rapid during the last quarter of 1937, level, while sugar meltings declined. At continued in January but at a slower rate. mines, bituminous coal production was con- Production.—Volume of industrial pro- siderably smaller than in December, and duction, as measured by the Board's season- there was also a reduction in output of nonally adjusted index, was at 81 percent of the ferrous metals. Petroleum production con- 1923-1925 average in January as compared tinued at th*e high level of other recent with 84 percent in December. Output of months. Value of construction contracts awarded INDUSTRIAL PRODUCTION in January was smaller than in December PER CENT J40 and somewhat below the level maintained during the last four months of 1937, according to figures of the F. W. Dodge Corpora- 120 1 tion. Contracts awarded for public projects 110 s / \ increased somewhat further, while awards , / for private work continued to decline, re- V \ flecting a further decrease in residential \ building and a sharp reduction in awards for ' V factory construction. In the first half of February awards for private projects were at about the same rate as in January, while Monthly index of physical volume of production, adjusted for those for public work showed a sharp deseasonal variation, 1923-1925 average == 100. cline. durable goods continued to decline, reflect- Employment.—Factory employment and ing chiefly considerable decreases in produc- payrolls declined substantially further betion of automobiles and plate glass and a tween the middle of December and the middle further decline in output of lumber. Steel ingot production increased somewhat, the FACTORY EMPLOYMENT AND PAYROLLS output for January averaging 30 percent of capacity. In the first three weeks of February, activity at steel mills showed little change at about 31 percent of capacity, while production of automobiles was at a lower rate than in January. In the textile industries, activity at silk and rayon mills in January showed a sharp rise from the low levels reached in December. At cotton mills, however, there was less than the usual seasonal increase and output of woolen products continued in small volume. Monthly indexes of number employed and payrolls at factories, unadjusted for seasonal variation, 1923-1925 average = 100. Shoe production, which also had been at a low rate in December, increased considerably of January. In the durable goods industries, in January, and activity at meat-packing decreases in employment were general and establishments rose somewhat further. Out- were particularly large at factories produc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 189 ing automobiles, steel, and machinery. Em- modities, while prices of cotton and silk adployment in nondurable goods industries vanced. Livestock products continued downshowed a somewhat smaller decline than in ward and a number of finished industrial previous months. There was some increase products declined further. Prices of pig iron in the number employed at shoe factories and most finished steel products have been and little change in the food industries as a reaffirmed for second quarter delivery. group, but in other nondurable goods in- Bank credit.—During the first three weeks dustries employment continued to decrease. of February excess reserves of member Employment on the railroads, in mining, andbanks were little changed from the level of in the construction industry also declined. $1,400,000,000 reached at the end of January Distribution.—Department store sales following the post-holiday return of curshowed a seasonal decrease from December rency from circulation. to January, while sales at variety stores and During January there were substantial remail order sales declined by more than the ductions in commercial loans and brokers' usual seasonal amount. loans and moderate increases in investments Freight-car loadings continued to decline at reporting member banks in 101 leading in January, reflecting principally a reduc- cities. In the first three weeks of February tion in shipments of coal. Commodity prices.—Prices of steel scrap MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BILLIONS OFDOLLARS and nonferrous metals declined from the middle of January to the third week of Feb- WHOLESALE PRICES Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to February 23, 1938. Commercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then reported. ^A~ loans and investments of these banks showed Index compiled by United States Bureau of Labor Statistics, little change. 1926 = 100. By weeks, January 6, 1934, to February 19, 1938. Money rates.—Rates on Treasury bills and ruary, following some advance in December yields on Treasury notes and bonds continued and the early part of January. There were in February at the low levels reached in the further decreases in some other basic com- latter part of January. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN MARCH 1938 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 14 14 13 13 12 12 11 GOLD!STOCK^-^^ 11 10 10 8 7 - MONEY 1N CIRCULATION s 6 h . ...—*" , - - * -^ r 5 4 - TREASURY CASH 3 ""•"••... ... 2 RESERVE BANK 2 CREDIT » TREASlIRY DEPOSITS 1 <\ A AT F" D DAM/Q 1 0 1934 1935 1936 1937 1938 9 8 7 MEMBER BANK RESERVE BALANCES 6 5 4 >^> REQUIRED RESERVES 3 2 1 0 1934 1935 1936 1937 1938 Latest figures for February 23. See table on page 198. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 191 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 1937 1936 Annual averages Jan. Dec. Nov. Jan. Dec. Nov 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 2,603 2,628 2,592 2,485 2,498 2,472 2,554 2,481 2,475 2,502 2,429 1,459 Bills discounted- 11 16 19 3 7 6 14 6 7 36 283 952 Bills bought _ 1 3 3 3 3 3 3 4 5 25 83 241 U. S. Government securities 2,564 2,565 2,545 2,430 2,434 2,430 2,504 2,430 2,431 2,432 2,052 208 Monetary gold stock 12, 756 12, 765 12,788 11,310 11,220 11,116 12,162 10, 578 9,059 7,512 4,059 3,996 Treasury currency outstanding 2,643 2,627 2,613 2,531 2,528 2,517 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation _ 6,397 6,618 6,558 6,400 6,563 6,401 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings 3,630 3,622 3,642 2,450 2,357 2,373 3,225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 127 188 125 200 155 86 158 446 128 81 55 22 Nonmember deposits and other accounts 664 713 750 561 506 461 595 551 507 438 497 406 Member bank reserve balances: Total _ 7,183 6,879 6,919 6,716 6,665 6,785 6,830 5,989 5,001 3,676 2,343 2,358 Excess _ _ - — 1,353 1,071 1,104 2,093 2,046 2,219 1,220 2,512 2,469 1,564 528 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments _ .__. 21, 285 21, 484 21, 556 22, 734 22, 760 22,444 22,198 22,064 19,997 18, 672 17, 505 22, 599 Loans to brokers and dealers in securities 825 903 881 1,228 1,248 1,156 1,226 1,181 990 981 777 •2,208 Loans on securities to others (except banks)1 1,910 1,959 1,976 2,007 2,034 2,024 2,006 2,055 2,131 2,545 3,157 •5,448 All other loans _ _ 6,402 6,589 6,702 5,763 5,748 5,575 6,314 5,226 4,907 4,965 5,222 9,231 U. S. Government obligations: Direct 8,118 8,046 7,970 9,263 9,241 9,232 8,394 7,989 6.856 5,228 2,865 Fully guaranteed _ 1,131 1,113 1,127 1, 230 1,242 1,255 1,164 1,250 928 «325 Other securities 2,899 2,874 2,900 3,243 3,247 3,202 3,094 3,272 3,052 «3,000 3,121 2,847 Reserve with Federal Reserve banks 5,614 5,358 5,348 5,292 5,264 5,422 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault _ 315 341 320 401 427 404 337 383 326 271 240 248 Balances with domestic banks 1,986 1,850 1,804 2,307 2,439 2,463 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted 14, 438 14, 570 14, 636 15,516 15, 544 15, 362 15,097 14,619 12, 729 (2) (2) (2) Time deposits (excluding interbank)s___ 5,210 5,203 5,287 5,052 5,045 5,032 5,202 4,999 4,883 4,937 4,946 6,788 Deposits of domestic banks4 5,286 5,053 5,039 6,085 6,155 6,236 5,298 5,810 4,938 3,814 2,822 2,787 Borrowings _ .- 4 10 3 11 1 12 5 115 674 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. 8. Treasury bills (91 days), .10 Ml '.09 .12 .17 .28 .52 U. S. Treasury bonds, long term 2.47 2.54 2.60 2.29 2.27 2.29 2.57 2.47 2.70 3.10 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 3.20 3.23 3.26 3.10 3.10 3.15 3.27 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total 121 164 ••136 603 726 372 '323 518 392 180 89 959 New 92 122 '94 '244 266 158 '173 164 121 116 60 841 Refunding 29 42 '42 360 459 214 '150 354 270 64 29 118 Domestic corporate issues—total- 49 57 36 '300 626 264 198 382 189 41 32 781 New 46 43 26 '96 218 109 99 99 34 15 13 667 RefundiDg... 4 14 10 204 408 155 99 282 155 26 18 115 Index numbers Common stocks (1926=100) 81 83 126 123 124 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All commodities 82 83 86 84 82 * 86 81 80 75 66 95 Farm products 73 76 91 89 85 86 81 79 65 51 105 Foods 80 83 87 86 84 86 82 84 71 61 100 Other commodities 84 84 83 82 81 85 80 78 78 71 92 Retail food prices (1923-25=100) 83 84 85 83 83 85 82 80 74 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation,1923-25=100 Industrial production »81 84 '88 114 121 114 110 105 90 79 76 119 Manufactures. P76 79 85 115 121 115 109 105 90 78 75 119 Minerals __ P108 114 109 110 117 112 115 104 91 86 82 116 Construction—total,. P53 62 56 63 66 58 59 55 37 32 25 117 Residential P26 30 32 45 45 40 41 37 21 12 11 87 Allother ?75 88 76 77 83 72 74 70 50 48 37 142 Factory employment P84 89 94 99 99 96 99 92 86 83 72 105 Factory payrolls (unadjusted).. P71 81 90 91 95 91 98 82 71 63 49 109 Freight-car loadings 65 67 71 80 83 82 78 75 64 62 58 107 Department store sales 90 89 91 93 92 94 '92 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. P289 319 315 223 230 226 279 205 190 178 140 437 General imports P171 209 223 240 245 196 257 202 171 138 121 367 ' Revised. v Preliminary. « Partly estimated. 1 Includes loans on securities to banks, 1929-1934. » Figures not available. »Includes time deposits of banks, domestic and foreign, 1929-1934. * Does not include time deposits 1929-1934. 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192 FEDERAL RESERVE BULLETIN MARCH 1938 LAW DEPARTMENT Interpretation of Term "Readily Marketable Assets" subsidiary banks through voluntary contrifor Purposes of Section 5144 of the Revised Statutes butions. Assets of any kind, other than The Board has been asked whether cash, bank stocks, will satisfy the requirements notes receivable, and accounts receivable con- of the law if they are in fact readily marstitute "readily marketable assets" within ketable. Quite clearly they need not consist the meaning of subsections (b) and (c) of only of stocks, bonds, and similar assets comsection 5144 of the Revised Statutes of the monly known as "securities". On the other United States which require holding com- hand, in view of the nature of the present pany affiliates holding voting permits to pos- inquiry, it should be pointed out that "readily sess or acquire certain amounts of readily marketable assets" cannot be properly conmarketable assets, other than bank stocks, strued to include all assets which may be after June 16, 1938. classified as "current assets". Thus, while The Board feels that the question whether notes, at least, may be readily marketable in certain assets are readily marketable assets some instances, notes and accounts receivable within the meaning of such statutory provi- cannot be considered readily marketable assions is a question of fact which should be sets merely because it is contemplated that determined primarily by the holding com- they will be collected within a relatively short pany affiliate itself, bearing in mind that the time. However, in the light of the purposes law apparently contemplates that the assets of the requirements under consideration, it shall be of such a nature that their fair is believed that cash, in the sense of United market value can be easily ascertained with States currency and demand bank deposits, reasonable accuracy and can be readily real- should be deemed to be a readily marketable ized in the market at any time in order to asset within the meaning of such requirepay assessments on bank stocks or to assist ments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

193 MARCH 1938 FEDERAL RESERVE BULLETIN NUMBER OF BANKS AND BRANCHES,1 1933-1937 Member Nonmember Member Nonmember banks banksi banks banksi Total Total Na- In- Not Na- In- Not tional State sured insured tional State sured insured Number of Banking Number of Banks Offices (Head Offices)—Continued December 31,1933 17,140 6,275 1,817 2 9,048 December 31, 1936 14,968 5,325 1,051 7,588 1,004 December 31, 1934 18,252 6,705 1,961 3 9, 586 June 30, 1937 14,862 5,293 1,064 7,522 983 December 31, 1935 18, 312 6,715 1,953 8,556 1,088 December 31, 1937 14, 741 5,260 1,081 7,446 954 December 31, 1936 18, 234 6,723 2,032 8,436 1,043 June 30, 1937 18,191 6,724 2,052 8,393 1,022 Number of Branches 3 December 31, 1937 18,142 6,744 2,074 8,332 992 December 31, 1933 2,788 1,121 960 2 707 Number of Banks December 31, 1934 3,009 1,243 981 (Head Offices) December 31, 1935 3,151 1,329 952 828 December 31, 1936.. ___ 3,266 1,398 981 848 December 31, 1933 14,352 5,154 857 2 8, 341 June 30, 1937 3,329 1,431 988 871 December 31, 1934 15,243 5,462 980 7, 1,108 December 31, 1937 3,401 1,484 993 38 December 31, 1935 15,161 5,386 1,001 7,728 1,046 1 Exclusive of mutual savings and private banks. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Includes branches of Morris Plan and industrial banks, as follows: Nonmember banks, 36 in 1933 and 36 in 1934; insured nonmember banks, 35 in 1935, 35 in 1936, and 37 in 1937; not insured nonmember banks, 3 in 1935, 3 in 1936, and 2 in 1937. Such branches heretofore have not been included in statistics on branches published by the Board. • Separate figuresn ot available for branches of insured and not insured banks. ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES DURING 1937 [Figures for nonmember banks are preliminary] M b e a m nk b s er m b N a e n m o k n b s - e * r M b e a m nk b s er m b N a em n o k n b s - e l r Total Total ti N on a a - l State su In re - d s N u in r o e - t d ti N on a a - l State su In re - d s N u in r o e - t d Analysis of Bank Changes Analysis of Branch Changes Number of banks at beginning of year. 14,968 5,325 1,051 7,588 1,004 Number of branches at beginning of 3,266 1,398 981 848 39 Increases in number of banks: Primary organizations (new banks)2 +60 +7 +3 +35 +15 Increases in number of branches: Reopenings of suspended banks +6 +1 +3 +2 De novo branches +84 +29 +2 +52 +1 Conversions of private banks into Banks converted into branches +91 +54 +11 +26 State banks. _. +5 +5 Decreases in number of branches: Decreases in number of banks: Suspensions of parent banks -3 —3 Suspensions _ -58 -4 o -47 -5 Otherwise discontinued -37 o -8 -20 -1 Voluntary liquidations3 -53 -7 -3 -23 -20 Consolidations, absorptions, etc -187 -65 -15 -91 -16 Inter-class branch changes: Branches of national banks which Inter-class bank changes: became branches of State banks__ -5 +5 Conversions— Branches of State banks which be- State into national +19 -7 -12 came branches of national banks. +16 -7 -9 National into state -16 +2 +12~""+2 Branches of State member banks Federal Reserve membership4 which became branches of non- Admissions of State banks +58 -54 -4 member banks -2 +2 Withdrawals of State banks -6 +6 Federal Reserve membership 3 Federal deposit insurance5 By admissions of parent banks +11 -11 Admissions of State banks . +25 -25 Federal deposit insurance 5 Withdrawals of State banks -1 +1 By admission of parent banks +1 -1 Net increase or decrease in num- Net increase or decrease in ber of banks -227 -65 +30 -142 -50 number of branches +135 +86 +12 +38 -1 Number of banks at end of year 14,741 5,260 1,081 7,446 954 Number of branches at end of year...3,401 1,484 993 886 38 1 Exclusive of mutual savings and private banks. 2 Exclusive of new banks organized to succeed operating banks. 3 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 4 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 6 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. Back figures.—See BULLETIN for November 1937, pages 1084-1122, for an analysis of changes in number of national and State banks during 1921- 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN MARCH 1938 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, DECEMBER 31, 1932, TO DECEMBER 31, 1937 [Amounts in thousands of dollars] 1932 1933 1934 1935 1936 1937 1937 Dec. 31 Dec. 30 * Dec. 31 Dec. 31 Dec. 31 June 30 Dec. 31 ASSETS Loans (including overdrafts) _ 15,204,050 12,833,483 12,028,103 12,175,102 13,359, 853 14, 284,875 13, 957, 823 United States Government direct obligations _ 6,539,706 7,254,234 9,905,692 10, 500, 527 11, 639,486 10, 870, 404 10, 574,143 Securities fully guaranteed by United States Government. 989,208 1,767,864 1,905, 718 1, 818, 530 1, 797,407 Other securities. _ _ ... 5,725,714 5,131,926 5,227,275 5, 541,381 6,094,627 5, 764, 752 5, 422,382 Total loans and investments 27,469,479 35,219,643 28,150,278 29,984,874 32,999,684 32,738,561 31,751,755 Customers' liability on account of acceptances 412,248 459,264 241,951 179,071 179,414 187,143 154, 504 Banking house, furniture, and fixtures _. 1,150,245 981, 206 1,001,087 991,684 981,975 980,375 971,465 Other real estate owned 268,945 274,966 313, 556 366,979 367,486 353, 714 342,694 Reserve with Federal Reserve banks _ __ 2, 511,374 2, 677, 693 4,081, 565 5, 573,212 6, 571, 694 6, 896, 663 7,005,209 Cash in vault 422,838 471,006 608,602 664,778 697,380 629,305 589,457 Balances with private banks and American branches of foreign banks __ ... 36,759 35,645 25,371 24,787 Demand balances with banks in New York City 992,405 793, 459 1, 280, 891 1,560,468 1, 599, 810 1,201, 514 1,289,310 Demand balances with other domestic banks 1, 423,251 1,175, 682 1, 754, 943 2,060,541 2,318, 810 1,898, 657 2,030,475 Time balances with other domestic banks (2) 61, 868 113,139 118, 111 112,192 81, 432 69,818 Balances with banks in foreign countries 91,175 158, 683 184, 515 50,788 55, 480 51, 977 69, 723 D Ca u s e h f r i o te m m s o w in n p f r o o r c e e ig ss n o b f r a c n o c ll h e e ct s ion 102, 706 143, 816 92, 536 f 2,25 5 4 , , 5 7 7 5 2 5 2, 5 1 3 4 3 , , 2 2 0 7 9 5 2, 20 4 0, , 5 8 9 2 2 9 2,25 3 9 , , 5 3 7 5 8 1 Cash items not in process of collection _.. 1,121,949 1,132,338 1,903,307 I 15,972 12,919 11,114 R A e c d ce e p m ta p n ti c o e n s f o u f n d o th a e n r d b d a u n e k f s ro a m nd U b n i i l t l e s d s o S l t d a te w s i t T h r e e a n s d u o r r e se r. - . 39,242 40, 307 33, 956 ment... ._ _ 14,869 46,349 1,761 11,137 10, 578 16, 312 41, 226 Securities borrowed .". _ 12,928 10, 827 1,896 791 589 345 895 Other assets 226,281 229,219 313, 208 246, 543 227,193 190, 709 172, 396 Total assets... 36, 259,926 33, 876, 326 40,077,191 44,122,035 48, 718,333 47,468,613 46, 785, 512 LIABILITIES Demand deposits—Total 18,140,258 18,041,733 23,940,477 28,040,086 31,896,215 30,142, 898 29,317,024 Individuals, partnerships, and corporations 12, 272,777 12,108, 621 14,951,169 18,035,082 20,970,304 20, 272,432 19,747,450 United States Government... 474, 741 967,167 1, 635, 516 844,041 881,961 628,125 781,034 States, counties, and municipalities 1,118,702 1, 319, 689 1,799, 435 2,139,464 2,329,180 2, 577, 445 2,131,984 Banks in United States 3, 608,839 3,138, 755 4, 569, 264 5, 695, 795 6,401,831 5,298,023 5,436,442 Banks in foreign countries _ 243, 395 129, 248 146,838 443,998 431,808 615, 259 452,772 Certified and officers' checks, cash letters of credit and travelers' checks, etc 421,804 378, 253 838, 255 881, 706 881,131 751, 614 767,342 Time deposits—Total 10,549,579 9,125,241 9,907,938 10, 414, 097 10, 989, 111 11,347,148 11,521,632 Individuals, partnerships, and corporations: Evidenced by savings pass books 7, 259, 337 6, 428, 536 7, 599,028 8, 293,860 8, 991, 216 9, 244, 567 9,461,126 Certificates of deposit 1,352, 347 900,043 881,978 815,901 765, 315 757, 618 740,327 Open accounts 799,136 3 610,402 520,089 548,372 647, 498 724,104 575,832 Christmas savings and similar accounts 18,061 19,347 21, 503 25, 319 91, 593 28, 761 Postal savings 708, 426 778, 205 451,988 217, 564 104, 369 99, 736 94, 653 States, counties, and municipalities 342,417 300,559 294,452 361, 346 296, 229 292, 280 481, 721 Banks in United States.. 86,627 82,793 133, 552 150,775 153, 372 123, 208 128,641 Banks in foreign countries _ 1,289 6,642 7,494 4,776 5,793 14,042 10, 571 Total deposits _ 28, 689, 837 27,166,974 33, 848,405 38, 454,183 42,885,326 41, 490,046 40,838, 656 Secured by pledge of loans and/or investments. _. (4) (4) 3, 694,023 3,100,721 3,181, 586 2, 994, 886 2, 969,035 Not secured by pledge of loans and/or investments... (*) 30,154, 382 35,353, 462 39, 703, 740 38, 495,160 37,869, 621 Due to own foreign branches.. 53,160 13,748 51,379 63, 968 143,498 117, 510 National bank notes outstanding 776, 749 775, 270 650,935 Agreements to repurchase securities sold 45, 579 11, 669 6,341 8,108 1,810 1,197 2,195 Bills payable and rediscounts 546, 785 143,340 12, 787 6,091 15, 325 16,194 12, 426 Acceptances of other banks and bills sold with endorsement 14, 869 46, 349 1,761 11,137 10, 578 16,312 41,226 Acceptances executed for customers... 429, 738 480, 969 253, 791 173, 204 173, 572 185, 650 157, 592 Acceptances executed by other banks for reporting banks. 7,335 10, 725 8,976 24, 367 27,915 26,149 16,019 Securities borrowed _ 12, 928 10, 827 1,896 791 589 345 895 Interest, taxes, and other expenses accrued and unpaid 73,276 69,120 63,378 68, 607 79, 523 87,381 76,306 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () () 40,312 41,019 45.431 44,099 43, 423 Other liabilities 200,501 184, 973 134,114 137, 977 139,117 118, 947 108,089 Capital notes and debentures... 103, 610 120,465 115,100 74.432 62,453 52,006 Capital stock.. _ 2,409, 859 2,312,019 2, 543,621 2, 518,640 2,379,408 2, 381, 796 2, 378,600 Surplus.. 2,148, 260 1, 749, 935 1,661, 656 1, 710, 599 1,936, 370 1, 971,464 2, 010,421 Undivided profits—net 438, 521 355, 386 391,013 458,292 560,324 587, 495 602,430 Reserves for contingencies 412, 529 441, 412 335,218 336, 375 309, 817 319, 648 311, 355 Retirement fund for preferred stock and capital notes and debentures 2, 522 6,166 14,828 15,939 16,363 Total liabilities (including capital account) . 36, 259, 926 33,876,326 40,077,191 44,122,035 48,718,333 47, 468, 613 46,785,512 Net demand deposits _ _ _ 15,193,116 14,821,139 18, 850, 646 22,169, 397 25, 449,917 24, 844, 886 23, 740, 652 Demand deposits—adjusted5 12, 691, 334 12,674, 225 15, 685, 552 18, 801, 497 21, 647, 340 21, 400, 662 20, 387, 425 Number of banks.. _ 6,816 6,011 6,442 6,387 6,376 6,357 6,341 * Beginning with 1933, figures relate to licensed banks only. 8 Included in "Other assets." 3 Includes $27,288,000 of deposits the payment of which was deferred by agreement with depositors or otherwise. Such deposits were reported separately from June 30,1933, to June 30,1934, inc. 4 Not reported separately. 6 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 195 ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1937, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city All All All State member banks Reserve Country member national member city member banks member banks member banks banks New York Chicago banks Loans (including overdrafts) __. 13, 957, 823 8, 796, 207 5,161, 616 3, 673, 433 635, 491 5, 202, 554 4, 446, 345 United States Government direct obligations 10, 574,143 6,752,842 3, 821,301 3, 206, 545 916,085 3, 961, 935 2,489, 578 Securities fully guaranteed by United States Government 1, 797, 407 1, 306, 504 490,903 388, 472 94, 368 636,967 677,600 Other securities 5,422, 382 3, 678, 705 1, 743, 677 1,044, 882 255,116 1, 612,154 2, 510, 230 Total loans and investments 31, 751, 755 20,534,358 11,217, 497 8,313, 332 1,901,050 11, 413, 610 10,123, 753 Customers' liability on account of acceptances 154, 504 77,087 77, 417 110, 752 3,446 38,137 2,169 Banking house, furniture, and fixtures 971,465 630, 518 340, 947 226,021 21,826 338,033 385, 585 Other real estate owned 342, 694 155, 580 187,114 33, 565 6,320 126, 708 176,101 Reserve with Federal Reserve banks 7,005, 209 4,172, 915 2, 832, 294 2, 737,972 596,044 2, 309, 707 1, 361, 486 Cash in vault 589, 457 418,483 170, 974 56,183 26, 758 199,881 306,635 Balances with private banks and American branches of foreign banks 24, 787 15, 732 9,055 1,769 4,654 15, 626 2,738 Demand balances with banks in New York City 1, 289,310 921,855 367,455 70,166 136, 242 593, 208 489, 694 Demand balances with other domestic banks 2,030, 475 1, 591, 805 438, 670 48, 234 37,063 840, 823 1,104, 355 Time balances with other domestic banks 69, 818 54, 862 14,956 36 940 20, 705 48,137 Balances with banks in foreign countries 69, 723 39, 466 30, 257 47, 943 1,731 16, 713 3,336 Due from own foreign branches 3,578 3,578 3,578 Cash items in process of collection 2, 259, 351 1, 319,976 939, 375 989, 331 145, 974 841, 384 282, 662 Cash items not in process of collection 6,163 2,706 742 75 3,707 4,345 Acceptances of other banks and bills sold with endorsement_. 41, 226 19, 965 21, 261 37, 745 281 2,989 211 Securities borrowed 895 188 707 895 Other assets 172, 396 101,084 71,312 47, 303 23, 863 60,"l55 41,075 Total assets.. 46, 785, 512 30,063, 515 16, 721,997 12, 721,094 2, 906, 277 16, 824, 964 14, 333,177 LIABILITIES Demand deposits—Total 29,317, 024 18, 459,255 10, 857, 769 10, 005, 888 2,182, 472 10, 386, 272 6,742,392 Individuals, partnerships, and corporations 19, 747,450 12,150,449 7, 597,001 6, 507,420 1,354,313 6,742, 833 5,142,884 United States Government 781,034 501,374 279, 660 382,016 64,813 255, 833 78, 372 States, counties, and municipalities 2,131,984 1, 655, 468 476, 516 188, 910 206, 989 777, 023 959,062 Banks in United States 5, 436,442 3, 512, 205 1,924, 237 2,107, 561 528,150 2, 388, 844 411, 887 Banks in foreign countries 452, 772 210, 843 241,929 415, 776 5,431 30,112 1,453 Certified and officers' checks, cash letters of credit Time a d nd e p t o ra s v it e s l — ers T ' o c t h a e l cks, etc.. 11,5 7 2 6 1 7 , , 3 6 4 3 2 2 8,0 4 2 2 7 8 , , 5 91 1 6 4 3,4 3 9 3 4 8 , , 1 4 1 26 8 4 75 0 2 4 , , 2 7 0 7 5 8 4 2 5 2 3, , 9 7 7 7 7 6 4, 1 5 9 7 1 1 , , 6 7 2 6 7 2 5, 1 7 4 4 8 3 , , 7 1 3 1 4 5 Individuals, partnerships, and corporations: Evidenced by savings pass books 9, 461,126 6, 626,879 2, 834, 247 405,934 391, 328 3, 747, 246 4, 916, 618 Certificates of deposit 740, 327 577, 531 162, 796 30, 785 20, 519 179, 621 509,402 Open accounts 575, 832 253, 508 322, 324 258, 729 30, 572 224,113 62,418 Christmas savings and similar accounts 28, 761 18,905 9,856 3,042 9,629 15, 242 Postal savings 94, 653 83, 279 11, 374 34,040 60, 613 States, counties, and municipalities _\ 481, 721 359,020 122, 701 49,167 8,354 266,053 158,147 Banks in United States 128, 641 99,101 29, 540 310 162 107,494 20, 675 Banks in foreign countries __ _. 10, 571 9,291 1,280 7,005 3,566 Total deposits 40,838, 656 26, 486, 769 14,351, 887 10, 758, 666 2, 636, 449 14,958, 034 12, 485,507 Secured by pledge of loans and/or investments 2,969,035 2,199, 769 769, 266 537,383 209,437 1, 342,095 880,120 Not secured by pledge of loans and/or investments... 37, 869, 621 24, 287,000 13, 582, 621 10, 221, 283 2,427,012 13, 615, 939 11, 605, 387 Due to own foreign branches 117, 510 102,157 15, 353 117, 510 Agreements to repurchase securities sold 2,195 996 1,199 1,347 Bills payable and rediscounts 12,426 2,590 364 12,062 Acceptances of other banks and bills sold with endorsement 41, 226 19,965 21, 261 37, 745 281 2,989 211 Acceptances executed for customers 157, 592 78, 338 79, 254 115,472 3,182 37,147 1,791 Acceptances executed by other banks for reporting banks. 16,019 9,785 6, 234 9,392 601 5,631 395 Securities borrowed 895 188 707 895 Interest, taxes, and other expenses accrued and unpaid-.. 76,306 45, 222 31,084 20,164 8,015 31,192 16, 935 Dividends declared but not yet payable and;amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 43, 423 27, 401 16,022 15, 954 1,093 15, 825 10, 551 Other liabilities 108,089 45, 327 62, 762 39, 968 2,003 38,052 28,066 Capital notes and debentures 52,006 52,006 562 27,354 24,090 Capital stock 2, 378, 600 1, 574,056 804, 544 562, 646 126, 400 765,008 924, 546 Surplus 2,010, 421 1,098, 204 912, 217 800, 249 66,020 610, 615 533, 537 Undivided profits—net 602, 430 399,757 202, 673 156, 396 28, 330 207, 781 209, 923 Reserves for contingencies 311,355 153, 664 157, 691 86, 297 33, 903 119, 377 71, 778 Retirement fund for preferred stock and capital notes and debentures 16, 363 11,850 4,513 73 4,747 11, 543 Total liabilities (including capital account) . 46, 785, 512 30,063, 515 16, 721,997 12, 721,094 16, 824, 964 14, 333,177 N D e e t m d a e n m d a d n e d p o d s e i p ts o — sit a s djusted ! 2 20 3, , 7 3 4 8 0 7 , , 6 4 5 2 2 5 1 1 4 2 , ,914, 857 9 7, , 4 1 7 1 2 3 , , 8 5 9 6 3 8 8 6 , , 1 8 1 9 1 8 , ,1 2 5 0 7 4 1 1, , 4 8 3 6 8 3 , , 1 0 0 7 4 2 8 6 , , 1 8 1 70 1 , , 0 3 9 3 9 6 4 5 , , 9 8 6 6 8 8 , , 0 0 1 8 8 7 Number of banks 6,341 5,260 1,081 37 13 340 5,951 1 See footnote on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN MARCH 1938 CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS, 1931-1936 [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances * - Other credit balances4 Debit Debit End of month C b u a ( d s n l t e a e o b n t m ) c i t e i e s rs' a i b n n p a a v d l a c a e r c n s t t o r n t c u a m e e d n s r e i t s n n i s ' n 4 t g a i b n n a a v d l c a e c f n t i s o r r c t m u a m e d n s e t i s n i n n 4 g t C a b h a n a s a d h n n k d i o n s n 4 r M o b w o o n e r d e - y V Free O (n th e e t) r 4 p m i a n e r v n I tn n t e e s a t r n - s d ' m in e f v n i I r n t e m s a t n - d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1931 November 3 1, 540 s 280 December 1,300 260 1 1932 January 1,220 260 February 1,190 260 Mi arch 1,160 250 April 920 230 May 780 210 June 690 200 July 710 220 August 890 280 September 890 260 October 810 250 November 820 240 December 800 230 1933—January 790 230 February 750 200 March 730 190 April 790 250 May 1,070 300 June 1,350 320 July 1,420 290 August 1,430 270 September 1,390 250 October 1,260 230 November.. 1,260 220 December 1,270 220 1934—January 1,350 260 February 1.400 270 March _ - L, 420 240 April L, 500 230 May L, 390 210 June 410 180 July L, 250 180 August ,220 180 September .180 170 October 1,160 170 November _ _ _ 1,160 170 December 1,170 170 1935—January 1,130 180 February 1,100 180 March. 1,040 170 April 1,050 200 May 1,040 210 June 1,040 210 July 1,050 220 August 3 1,070 3 240 September 1,098 65 119 182 771 257 89 23 12 396 October 1,147 68 119 187 806 277 93 22 10 405 November 1,212 73 134 189 859 294 92 22 13 415 December 1,258 75 135 179 930 286 79 24 10 410 1936—January 1,297 63 139 193 922 319 91 26 17 416 February 1,290 64 147 208 908 328 98 26 15 425 March 1,351 67 168 181 995 303 89 23 15 429 April 1,295 65 173 268 1,033 301 88 28 13 426 May 1,257 65 159 229 970 282 83 25 14 422 June 1,267 67 164 219 985 276 86 24 14 420 July 1,295 68 158 221 981 287 96 24 14 422 August 1,287 69 142 213 967 283 92 25 12 423 September— 1,317 72 141 227 995 289 99 24 14 423 October 1,333 69 151 235 989 318 99 25 17 428 November 1,364 65 150 260 986 346 110 24 17 435 December 1,395 64 164 249 1,048 342 103 30 12 424 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). 3 Figures for the period November 1931 to August 1935 inclusive are estimates based on data made available through the courtesy of the New York Stock Exchange. 4 Figures not available prior to September 1935. NOTE.—For current figures see page 214 of this issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN MARCH 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 n s ll - 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 t r * e Total M s t g t a o o o r n l c y d k e- s r t o e c u i a u n n u r n y r g c t d - - y - i r n c C e t u i n u o c l c a r n i - y r - - T h c i u r o n a e r l g s a y 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 s l y b p m N e o r e o s m d n it e - s - - R c O F e o e a t s e u r h c 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: 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 6,399 194 288 253 6,695 2,078 Mar. 31 2,430 2,458 11, 574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 30 2,525 2,565 11,799 2,543 6,426 2,967 88 288 257 6,881 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 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 1938—Jan. 31 2,564 2,593 12, 756 2,655 6,320 3,648 150 388 260 7,237 1,383 Wednesday figures: 1937—Mar. 3 2,430 2,457 11, 443 2,535 6,407 2,620 216 253 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 2,914 119 245 259 6,877 1,587 Apr. 28____ 2,526 2,571 11, 782 2,541 6,381 2,956 95 270 258 6,934 1,643 May 5 2,526 2,577 11,838 2,547 6,426 3,013 97 286 257 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 80 261 256 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 6,808 752 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 2,552 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 6,928 964 July 21 2,526 2,564 12,404 2,553 3,527 184 258 258 6,858 874 July28.___ 2,526 2,560 12, 433 2,574 6,424 3,576 228 305 258 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 3,575 140 369 266 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 3,626 113 485 261 6,949 1,138 Dec. 1 2,564 2,603 12, 774 2,621 6,568 3,627 177 459 261 6,906 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 6,855 1,007 Dec. 29.... 2,564 2,602 12,760 2,634 6,571 3,620 140 413 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 Jan. 26... 2,564 2,594 12, 755 2,654 6,294 3,642 117 393 261 7,296 1,440 Feb. 2___ 2,564 2,594 12,755 2,657 6,323 3,648 143 383 260 7,249 1, 385 Feb. 9-_. 2,564 2,594 12, 756 2,661 6,306 3,650 156 434 259 7,205 1,385 Feb. 16__ 2,564 2,600 12, 781 2,662 6,302 3,626 187 454 258 7,216 1,364 Feb. 23.. 2,564 2,591 12, 784 2,665 6,324 3,620 155 443 258 7,240 1,412 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. 191. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 199 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1938 1937 Feb. 23 Feb. 16 Feb. 9 Feb. 2 Jan. 26 Jan. 19 Jan. 12 Jan. Dec. Jan ASSETS Gold certificates on hand and due from U. S. Treasury .__9,167, 600 9,163, 600 9,116,097 9,116,097i 9,, 1178,95 9,, 118, 394, 9 ,119,8919,116, 399 9,1191,,8918, 849, 887 Redemption fund—F. R. notes ___ 9,155 9,155 10,183 10,612 9,443 9,393 8,324 10,313 9,436 12,121 Other cash _ 1,441 441,200 437,550 430,902 440,664 426, 665 403, 894 428,832 351, 688 293, 576 Total reserves 9, 616,196 9, 613,955 9, 563, 830 9, 5579,, 6 51618,002 9, 554, 452 9, 532,109 9, 555, 544 9, 481,015 9,155, 584 Bills discounted: For member banks __. 10, 068 9,840 11,135 11,140 11, 390 10, 710 11,115 12,082 3,171 For nonmember banks, etc._. 80 80 101 Total bills discounted _ _. 10,148 9,920 11,215 11, 220 11,470 10, 790 11,115 12,162 3,272 Bills bought: Payable in foreign currencies.. 550 548 548 548 548 548 540 548 540 3,081 Industrial advances 17, 517 17, 536 17, 625 17, 788 17,929 17,829 17, 883 17,939 18,049 23,829 U. S. Government securities: Bonds 714, 683 714, 683 719, 573 727, 573 727, 573 728,073 747,039 727, 573 751, 539 492,182 T Tr r e e a a s s u u r r y y n bi o l t l e s s 1, 6 1 7 7 4 5 , , 2 1 2 0 9 3 1, 6 7 1 4 7 , 5 , 2 1 2 0 9 31, 6 1 7 7 4 0 , , 2 2 21 2 13 9 3 1,, 6 6 1 4 7 , 2 , 2 2 2 9 131,1 6 7 6 2 4 , , : 229L, 6 6 1 4 7 , 1 2 , 2 7 9 131, 6 1 5 5 7 9 , , 4 4 9 7 7 9 1,1 6 7 6 2 4 , , 2 2 2 1 9 3 1, 6 5 1 7 5 , 4 4 , 7 9 9 97L ,1 5 , 9 3 2 4 , 5 0 , 8 9 2 63 Total Government securities. 2, 564,015 12,, 556644,,015 2, 564,015 2, 564,015 2, 564,01}5, 25,6 45,64,015 2, 564,015 2, 564,015 2, 564,0151 2,,224370, 7,674 226 36 -261 16, 600 5,726 -2,108 19, 666 36, 201 Other Reserve bank credit 2, 590, 5932, 599, 693 2, 593, 6229, 593, 607 2, 593, 7021, 609, 7822, 599, 2792, 592, 556 2, 612,136 2,496, 610 Total Reserve bank credit outstanding LIABILITIES 4,126,230 4,119,686 4,125,104 4,137,756 4,119,084 4,155, 272 4,190,134 4,137,916 4, 283,611 4,159,665 F. R. notes in actual circulation Deposits: 7, 240, 498 ,7, 215, 592' 7,, 2047,08 7,, 249, 296 ,7 ,295, 8717, 218,937 r7,, 1933,80 7,, 236,7417,026, 1,789 Member bank—reserve account 155,041 187, 286 156,272 142, 671 117,322 135,018 115,321 150,244 142,390 194,902 U. S. Treasurer—general account 145,809 152,080 153,380 151,864 157, 748 167,934 174, 704 149, 647 171, 750 76,893 Foreign bank 297, 660 301, 712 280, 341 231, 389 235, 604 250,047 226, 333 238, 547 235, 743 204, 514 Other deposits _ Total deposits 7, 839, 008 7, 856, 670 7, 794, 77,0 1775, 220 7, 806, 545 7, 771, 936 7, 709, 738 7, 7757,,1 75976, 692 7, 257,098 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 80.4 10.3 10.2 80.2 0.2 80.1 80.1 80.2 79.9 $0.2 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h 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 o t o n d 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 a r r s s 5 O y v e e a r rs Bills discounted: Jan 26 11,470 8,952 635 579 797 494 13 Feb. 2 11, 220 9,118 458 589 664 379 12 Feb 9 11,215 9,072 512 652 563 395 21 Feb. 16 ___ 9,920 7,755 398 893 575 277 22 Feb 23 10,148 8,093 424 894 464 259 14 Bills bought in open market: Jan 26 548 186 298 64 Feb 2 548 281 150 47 70 Feb 9 548 299 64 185 Feb. 16 548 152 46 350 Feb 23 550 101 47 402 Industrial advances: Jan 26 17,929 1,368 162 334 785 1,180 3,972 5,339 4,789 Feb 2 17, 788 1,250 270 619 496 1,738 3,549 5,314 4,552 Feb. 9 17,625 1,165 312 765 299 1,843 3,594 5, 264 4,383 Feb. 16 17, 536 1,670 174 687 383 1,749 3,439 5,178 4,256 Feb 23 17, 517 1,676 163 692 365 1,743 3,445 5,168 4,265 U. S. Government securities: Jan 26 2, 564,015 30, 630 37,720 234,085 120, 256 426, 671 133,569 303,105 603, 739 674, 240 Feb. 2 2, 564,015 33, 725 38, 857 243, 626 129, 204 403,950 133, 569 303,105 603, 739 674, 240 Feb. 9 2, 564,015 42, 920 40,367 242, 901 136, 812 394, 362 133, 569 303,105 603, 739 666, 240 Feb. 16 2, 564,015 40,157 144, 987 138, 671 158, 638 370, 409 133, 569 303,605 612, 629 661, 350 Feb. 23 .-. _ 2, 564, 015 40, 367 174, 018 120, 256 173, 474 344, 747 133, 569 303, 605 612, 629 661, 350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN MARCH 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 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 - ASSETS Gold certificates on hand and due from U. S. Treasury: Jan. 26 9,117,895 482, 331i, 739,087 $24,093271, 668217, 503 ,738,329284,991 .77,056 262, 490.72, 340567, 309 Feb.2 9,116,097 488, 546., 756, 35L778, 692>21, 978276,075218, 793 724,068275, 906.79,072 216"5, "4"0•4.75, 900355, 306 Feb.9 9,116,097 489,4293, 718, 208L75, 614i24,018276, 243225, 342 738,007278, 328.77, 205 26'7,989.70, 674175,040 Feb. 16 9,163, 600 485, 2263, 773,07179, 570518, 238277, 976222,198 . 732,441279,191 .78, 547267, ~~~.77, 915171,351 Feb. 23 9,167, 600 488,102S, 806, 930181, 420ill, 057 "218,56,02220, 288 , 715, 914278,81278, 563260, 850.70, 844.69, 218 Redemption fund—Federal Reserve notes: Jan. 26 9,443 1,710 342 1,007 767 1,466 505 751 380 512 1,125 Feb. 2 10,612 641 1, < 1,295 962 989 V 462 740 375 497 504 1,113 Feb. 9 10,183 626 1,399 1,295 924 979 413 729 370 468 496 1,084 Feb. 16 9,155 583 1,221 1,140 858 567 1,400 337 713 362 454 487 1, 067 Feb. 23 9,155 583 1,221 1,140 858 567 1,366 337 713 362 454 487 1,067 Other cash: 1,366 Jan. 26 440, 664 45,114 96, 816 33,125 37, 600 29, 414 21, 640 62,060 17, 633 11,438 26, 484 15,148 44,192 Feb. 2 430,902 46,078 90,877 33,077 37, 299 28,968 20, 871 61,108 16,168 10,992 26,915 14, 448 44,101 Feb. 9 437, 550 46, 713 97, 792 33, 683 37,923 29, 364 22, f" 60,998 16, 626 10, 266 26, 471 13, 801 41, 533 Feb. 16 441, 200 48, 091 91,814 33,027 38, 461 29, 524 21, 214 63, 863 16, 236 10, 797 27, 440 13, 772 46, 961 Feb. 23 439,441 46,148 34, 599 37,032 28, 875 19, 033 63,102 15, 661 10, 635 27, 350 13, 311 44, 998 Total reserves: Jan. 26 9, 568,002i28,114 837, 613>14,165662, 700301, 849 240,1 800, 894303,375188,874 289,486 .87, 697 12, 626 Feb. 2 9, 557, 611535, 265 848,822 13,064 660, 239306,032 241,,110 785, 638292, 814.9900,443399 229922,, 881166.90, 852 7010,,520 Feb. 9 9, 563, 830" 5136,; 7683,817, 399.10, 592662,865306, 586 249,122 799, 418295, 683.87,841 229944,, 992288.84, 971717, 657 Feb. 16 9, 613,955 5313,,900" 866,114.13, 737657, 557 308,067244,778 796, 641296,140 89, 706 229955 ,7 67262.92,174"19, 379 Feb. 23 616,196 534, 833 906, 848.17,159 148, 947 315, 044240, 687 779, 353295,186 ""556600 228888,665544 .84, 642 15, 283 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Jan. 26 7,632 632 3,233 1,639 532 315 673 105 49 168 1 190 Feb. 2 7,545 519 2,772 1,750 399 295 940 95 247 252 17 180 Feb. 9 7,450 1,024 2,736 1,877 387 329 429 65 87 78 147 46 245 Feb. 16 6,300 347 2,346 1,733 286 334 508 65 130 78 262 21 190 Feb. 23 6,661 2,552 1,593 325 345 392 50 211 3 487 47 170 Other bills discounted: Jan. 26 3,838 100 375 867 316 203 665 58 172 815 123 142 Feb. 2 3,675 113 341 874 310 192 640 50 159 733 120 141 Feb. 9 3,765 531 803 307 164 609 37 159 70! 182 176 Feb. 16 3,620 492 789 299 209 553 33 149 608 223 174 Feb. 23 3,487 100 437 763 275 193 569 28 149 540 27 156 Total bills discounted: Jan. 26 11, 470 732 3,608 2,506 848 518 1,338 163 51 251 983 140 332 Feb. 2 11, 220 632 3,113 2,624 709 487 1,580 145 249 238 985 13' 321 Feb. 9 11,215 1,117 3,267 2,680 694 493 1,038 102 89 237 849 228 421 Feb. 16 9,920 436 2,838 2,52r 585 54! 1,061 98 132 227 870 244 364 Feb. 23 10,148 586 2,989 2,356 600 538 961 78 213 152 1,02' 322 326 Bills bought in open market: Jan. 26 548 41 214 56 50 24 19 68 16 16 39 Feb. 2 _ _ 548 41 214 56 50 24 19 68 16 16 39 Feb. 9 548 41 214 56 50 24 19 16 16 39 Feb. 16 548 41 214 56 50 24 19 16 16 39 Feb. 23 550 41 217 56 50 24 19 16 16 39 Industrial advances: Jan. 26 17, 929 2,741 4,378 3,557 1,005 1,730 125 694 204 585 455 936 1,519 Feb. 2 17, 788 2,742 4,282 3,555 999 1,728 125 688 202 578 475 935 1,479 Feb. 9 17, 625 2,627 4,381 3,425 998 1,727 124 688 202 570 47- 933 1,475 Feb. 16 17, 536 2,632 4,324 3,418 998 1,707 124 202 558 48: 930 1,468 Feb. 23 17, 517 2,635 4,319 3,415 993 1,706 123 202 578 487 929 1,443 U. S. Government securities: Bonds: Jan. 26 727, 573 53, 415 209, 858 60,047 71, 802 38, 67' 30, 494 80,132 32, 485 23, 622 37, 486 28, 310 61, 245 Feb. 2 727, 573 53, 415 209, 858 60,047 71, 802 38, 677 30,494 80,132 32, 485 23, 622 37,486 28,310 61, 245 Feb. 9 719, 573 52,828 207, 550 59, 387 71,013 38, 251 30,158 79, 251 32,128 23, 363 37,07' 27,999 60, 571 Feb. 16 714, """ 52, 469 206,140 58, 984 70,530 37,991 29, 953 78, 712 31, 909 23, 204 36, 822 27, 809 60,160 Feb. 23 714, 52, 469 206,140 58, 984 70, 530 37, 991 29, 953 78, 712 31, 909 23, 204 36,822 27, 809 60,160 Treasury notes: Jan. 26 1,172, 21386,060 338,108 96, 744115, 685 62, 311 49,128 129,102 52,337 38,058 60,395 45, 611 98, 674 Feb. 2 1,172, 213 338,108 96, 74.115, 685 62, 311 49,128 129,102 52, 337 38,058 60, "" 45, 611 98, 674 Feb. 9 1,170, 21385,913 337,532 96, 578115, 48' 62, 205 49,045 128, 882 52, 247 37, 993 60, 291 45, 533 98, 507 Feb. 16 1,175,103 86, 272 338, 942 96, 115, 97C 62, 465 49, 25C 129, 421 52,466 38,152 60, 543 45, 723 98, 918 Feb. 23 1,175,103 86, 272 338, 942 115, 97C 62, 465 49, 25C 129, 421 52, 466 38,152 60, 543 45, 723 98, 918 Treasury bills: Jan. 26 664, 229 48, 764 191, 588 54, 819 65, 551 35,309 27, 83£ 73,156 29, 656 21, 566 34, 222 25, 846 55, 913 Feb. 2 664, 229 48, 764 191, 588 54, 819 65, 551 35, 309 27, 83£ 73,156 29,656 21, 566 34, 222 25, 846 55, 913 Feb. 9 674, 229 49, 498 194, 472 55, 645 66, 538 35, 841 28, 25S 74, 257 30,103 21, 890 34,738 26, 235 56, 754 Feb. 16 674, 229 49, 498 194, 472 55, 645 66, 538 35, 841 28, 25S 74, 25" 30,103 21, 890 34, 738 26, 235 56, 754 Feb. 23 674, 229 49, 498 194, 472 55, 64£ 66, 538 35, 841 28, 25£ 74, 25' 30,103 21, 890 34, 738 26, 235 56, 754 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 201 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n s p - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS—Continued Total TJ. S. Government securities: Jan. 26 2, 564,015188, 239 739, 554211,610 !53, 03836, 297107,461 282,390114,478 83, 246 32,103 99, 767215, 832 Feb. 2 2,564,015 ., 239739,554211,610 153,038 36,297107,461 282, 390114, 478 83, 246.32,103 99,767215, 832 Feb. 9 2, 564,015188, 239 739, 554211,610 153,038 .36, 297107, 461 282,390 114,478 83,246 .32,103 99, 767215, 832 Feb.16 2, 564,015i188, 239 739,554211,610 153,038.36,297107,461 2"8"2, ,390 114, 478 83, 246.32,103 99, 767215,832 Feb. 23 2, 564, 0151188, 239 739, 554211,610 !53, 03836, 297107, 461 282, 390114, 478 83, 246.32,103 99, 767215, 832 Total bills and securities: Jan. 26 2, 593, 962191, 753 747, 754217, 729154, 94138, 569 1,943 283, 315114, 736 84, 084.33, 557100, 859217, 722 Feb. 2 2,593,571191, 654 747,163217,845 !54, 796.38, 536109,185 283, 291114,932 84,064 33, 579100,855217, 671 Feb. 9 2,593,403192,024 747, 416217, 771 !54, 780.38, 541108, 642 283, 248114, 772 84,055 33,443100, 944217, 767 Feb.16 2,592,019191, 348 746, 930217, 606154, 671.38, 571108, 665 283, 243114,815 84,033 .33, 477100, 957~17, 703 Feb. 23 2,592,230191, 501 747, 079217, 437!54, 68138,565108, 564 283, 223114, 895 83, 978 33,633101,034217, 640 Due from foreign banks: Jan. 26 171 13 65 17 16 21 2 5 5 12 Feb. 2 171 13 65 17 16 21 2 5 5 12 Feb. 9 171 13 65 17 16 21 2 5 5 12 Feb. 16 171 13 65 17 16 21 2 5 12 Feb. 23 13 62 17 16 21 3 5 12 Federal Reserve notes of other banks: Jan. 26 24, 584 322 5,736 745 1,541 2,313 2,870 3,481 2,068 422 1,136 774 3,176 Feb. 2 21, 522 326 5,423 710 1,274 2,061 1,890 3,422 986 682 898 541 3,309 Feb.9 21, 636 335 5,004 795 1,344 1,393 2,144 2, 755 1,361 967 1,392 571 3,575 Feb. 16 20, 903 238 3,824 791 1,401 1,904 2,308 2,127 1,953 996 1,096 433 3,832 Feb. 23 16,155 243 3,296 640 1,042 1,304 1,766 2,203 972 1,187 1,240 346 1,916 Uncollected items: Jan. 26 503, 242 49, 668 126, 777 37, 895 46, 774 43,194 21, 317 64, 387 22, 920 12, 904 28, 569 23, 934 24, 903 Feb. 2 533, 885 54,048 129, 321 41, 772 55, 834 45,185 21,187 67, 409 23, 917 14, 092 30, 571 23, 651 26, 898 Feb. 9 479, 937 48,724 112, 891 37, 240 46, 860 41, 805 20, 507 61, 967 22, 318 12, 730 25, 233 21, 700 27, 962 Feb. 16 687, 258 61,180 186, 443 57, 735 65,191 50, 577 25, 545 92, 803 29, 515 18,131 34, 347 31, 224 34, 567 Feb. 23 493,619 48,342 116, 098 36, 037 46, 944 44, 377 23, 562 66,- 22, 254 14,178 25, 572 26, 245 23, 512 Bank premises: Jan. 26 45,011 3,001 9,973 4,815 6,216 2,700 2,116 4,589 2,340 1, 3,153 1,281 3,338 Feb. 2 44, 941 2, 9,956 4,815 6,203 2,694 2,115 4,579 2,336 1, 3,148 1,275 3,338 Feb. 9 44,940 2, 9,956 4,815 6,203 2,694 2,114 4,579 2,336 1, 3,148 1, 271 3,338 Feb. 16 .. 44, 950 2,996 9,956 4,815 6,203 2,694 2,115 4,579 2,336 1,495 3,148 1,275 3,338 Feb. 23 44, 929 9,956 4,805 6,203 2,694 2,113 4, 579 2,336 1,495 3,148 1,275 3,329 All other assets: J F a e n b . . 2 2 6 4 4 1 0 , , 8 f 4 " 0 2 2 , , 5 6 0 2 4 8 1 1 1 2 , , 3 8 2 3 2 5 4 3 , ,934 4 4, , 5 6 2 5 0 9 2 2, , 5 5 6 1 9 1 1 1 , , 5 6 9 6 4 1 3 3 , , 7 9 9 6 0 0 1 1 , , 5 6 5 2 0 7 1 1, ,4 4 8 3 8 3 v1,~89-6 1 1 , , 4 5 7 7 1 1 3 3, , 6 4 0 7 8 3 Feb. 9 42, 804 2, ""' 12, 664 4,107 4,717 2,606 1,679 4,016 1,656 1,502 1,! 1,558 3,658 Feb. 16 43,834 2,756 12,815 4,254 4, 821 2,660 1,735 4,135 1,700 1,538 2,067 1,609 3,744 Feb. 23 44, 634 2,812 13,141 4,291 4,897 1,751 4,219 1,722 1,558 2,104 1, "'" 3,805 Total assets: Jan. 26 12, 775, 812 775, 3754, 7"3t9, 753 779I,, 629976, 708 491,143 377, 455 2,160, 477446, 991289, 208 457,802316,021965, 250 Feb. 2 12,793,663 i, 930 4, 753,077282,157983,021497,084 377,1542.,1 48, .3 20 443366',, 661144 292, 253 462', 952 318', 750955, 356 Feb. 9 12, 746, 721 ""• ' ^05,395 775i;,337976/"7'8"5 493, 632 384, 214 2,156,004 438,128288, 583 460,109 311,024973, 969 Feb. 16 13,003,090 792, 431 4,826,147 798,95,989, 860504, 480385,152 2,183, 549 446', 461 295,901 469, 902 327, 697872, 575 Feb. 23 12, 807, 932 780, 740 4, 796, 480 780, 386962, 730504,679 3"7'8, 449 2,140, 096 437, 368 291, 958 454, 356 315,199635, 497 LIABILITIES Federal Reserve notes in actual circulation: Jan. 26 4,119,084 272,992 8,951309, 388 4191,,613198, 610155, 338 964, 495177, 512134, 315164,181 81,887331, 802 Feb. 2 4,137, 756 275, 703 917, 6801 310, 813416, 964198,158155, 743 966,026178,906135,421165,472 82, 267334, 603 Feb. 9 4,125,104 276,156 905,077 309,988419, 463196, 828154,046 967,035177,979135, 538165, 559 81,77"4"9 335,686 Feb. 16 4,119,686 275i,,159 908,657"310,712415,408195, 224154,035 966, 346178, 311135,138165, 392 81,105334,199 Feb. 23 4,126, 230 276i,, 706 909,, 5"97" 311, 333418,473195,050153,168 968,773177,878135,160165, 201 80, 905333,986 Deposits: Member bank—reserve account: Jan. 26 7, 295, 871 408, 052 3, 306, 576 379, 914498, 415 219, 519 176, 4613, 044, 617219, 982120, 808 236,, 7733185, 486548, 272 Feb. 2 7,249, 296 414,657 3,323,310 376,852450,017 221,201176, 544 11,002,934 220066',, 532118,702234,601188,000535,946 Feb. 9 . 7, 204, 708 411,397 3, 242, 435 376,427 414,6 6,78 223, 567181, 2321,013,929 210,, 6011 20,4622,39,153,183,19,1,555, 636 Feb. 16 7,215,592 409,467 3, 249,4953 37722,,334411 4 4'7 ,' 7"29 224,04"181,0"2"4' 11,017,436212,304 111188,332277 224422,332244 118866,116688 555544, """ Feb. 23 7, 240,498 414, 300 3, 281, 871 376, 245•4•50", 4•6-'' 230, 477 1^7,86,941, 004, 667212,165 112244, 446699 224400 ,2 28822183, 648553, 203 U. S. Treasurer—general account: Jan. 26 117,322 4,710 32, 766 3,234 11, 469 5,495 2,403 23, 215 4,148 4,379 13,501 3,760 8,242 Feb. 2 142, 671 3,752 23,04r 2,579 12, 744 7,835 2,045 44,352 5,329 7,478 17, 428 5,254 10, 833 Feb. 9 156, 272 7,"' 35, 660 3, 234 14, 432 7,407 7,567 47,324 4,072 3,743 15,126 3,542 6,272 Feb. 16 187,286 7,257 58, 610 10,918 11, 867 9,019 4,603 43,019 4,125 8,643 12, 505 6,927 9,793 Feb. 23 155, 041 2,756 66, 831 7,572 7,045 8,247 3,223 36, 266 3,484 3,922 6,116 4,198 5,381 Foreign bank: Jan. 26 157, 748 11, 506 55, 307 15, 662 14, 703 6,872 5,593 19,018 4,794 3,676 4, 4,635 11, 347 Feb. 2 151, 864 10,735 56, 293 14, 611 13, 7r 6,411 5,218 17, 743 4,473 3,429 4,324 4,324 10,586 Feb. 9 153, 380 11,048 55,021 15,038 14,11 6,598 5,371 18, 260 4,603 3,529 4,450 4,450 10, 895 Feb. 16 152,080 11, 048 53, 720 15, 038 14,117 6,598 5,371 18, 260 4,604 3,529 4,450 4,450 10, 895 Feb. 23 145, 809 10,484 52, 477 14, 269 13, 396 6,261 5,096 17, 327 4,368 3,349 4,222 4,222 10, 338 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN MARCH 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 i l l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t i . s 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 Other deposits: Jan. 26 .._. 235,604 3,852 191,469 If" 3,230 3,332 3,736 1,146 5,878 4,112 338 3,095 14,227 Feb. 2 _. 231,389 3,288 188, 747 1,099 3,654 3,619 3,379 1,019 5,458 316 3,007 13,973 Feb. 9 280,341 3,727 239,479 977 3,551 3,100 2,944 1,106 6,081 3,565 231 2,873 12, 707 Feb. 16 301, 712 4,211 256,946 987 3,757 5,061 2,863 822 6,010 3,492 582 3,339 13, 642 Feb. 23 297, 660 4,040 252,839 1,017 3,692 4,f~~ 2, 555 789 5,878 3,608 515 3,186 14, 633 Total deposits: Jan. 26 7, 806, 545 428,12)0 3, 586,118 400,033 478, 817 235, 211888,1951,087,996 234,802 132,975 255, 207196,976 582,088 Feb. 2 ', 775; 220 432,432 3, 591,392 395,141 480,132 239, 0"6"6, 1188671,066,048 221, 792 133, 439 256, 669 200 571, 338 Feb. 9 7',"79'4 '",' 7 0'1" '43 < 065 3^ 572^ 539955 ,36697576^6 4 67768, 478^ 778 240^ 672 197', 114 1,0802J2 56,1 93 522751^31, 299 258,960 194,056 585, 510 Feb. 16 7,856,670 431,983 3,618,771 399, 284 4"7"7 ,470 244'," 7"2 5 193) 86'11,079, 537227,043133,991 259, 861 200, 884 589,260 Feb. 23 7,839,008 431, 580 3, 654,018~~\ 113 464, 600 249, 893 189, 5618,059,049225, 895 135, 348 251,•"1"3"5 195; 254583,555 Deferred availability items: Jan. 26_ 503, 674 50,170 124,807 37, 247 46, 223 42,440 21,121 63,335 24, 201 12,601 28,375 26,154 27,000 Feb. 2_ 534,020 54, 649 123,531 43,657 53, 869 44,979 21,414 71, 617 25, 444 14,083 30, 808 24,911 25,058 Feb. 9_ 479, 882 49,210 107, 526 37,088 46, 409 41,211 20,197 63,611 24, 285 12, 251 25, 538 24,193 28,363 Feb. 16 679,755 61,193 178, 609 56,173 64,845 49, 620 24, 397 92,936 30, 618 17,450 34, 563 34, 687 34,664 Feb. 23 495, 425 48, 349 112, 641 37, 341 47, 455 44, 772 22,847 67,477 23,081 12, 091 27,898 28,011 23,462 Capital paid in: Jan. 26 133,069 9,397 50, 993 12, 277 13,138 4,915 4,428 13.015 3,878 2,895 4,115 3,918 10,100 Feb. 2 133,087 9,398 50, 973 12, 280 13,154 4,916 4,432 13.016 3,878 4,119 3,921 10,104 Feb. 9 133,131 9,400 50, 961 12, 281 13.154 4,917 4,448 13,023 4,127 3,930 10,102 Feb. 16 133,193 9,403 50,959 12, 277 13.155 4,930 4,448 13,026 3,894 2, 4,140 3,930 10,133 Feb. 23 133, 217 9, 404 50, 945 12, 277 13,154 4,952 4,449 13,025 3, 2,896 4,142 3,930 10,150 Surplus (section 7): Jan. 26 147, 739 9,900 51, 943 13,466 14, 323 4,964 5,626 22, 387 4,667 3,153 3,613 3 ! 9,805 Feb. 2 147,739 9,900 51,943 13,466 14, 323 4,964 5,626 22, 387 4,667 3,153 3,613 Z, 892 9,805 Feb. 9 147, 739 9,900 51, 943 13, 466 14, 323 4,964 22, 387 4,667 3,153 3,613 3,892 9,805 Feb. 16 147,739 9,900 51,943 13, 466 14, 323 4,964 5*626 22, 387 4,667 3,153 3,613 3,892 9,805 Feb. 23 147, 739 9,900 51, 943 13, 466 14, 323 4,964 5,626 22, 387 4,667 3,153 3,613 3,892 9,805 Surplus (section 13b) Jan. 26 27, 683 2,874 7,744 4, 411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Feb. 2 27, f" 2,874 7,744 4, 411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Feb. 9 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Feb. 16 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 54i 1,001 1,142 1,270 2,121 Feb. 23 27, 682 2,874 7,744 4,411 1,007 3,408 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies: Jan. 26 33,019 1,448 8,210 2,000 3,177 1,401 7,312 1,215 1,943 1,776 2,000 Feb. 2 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 Feb. 9 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 Feb. 16 32, 985 1,448 8,210 2,000 3,177 1,401 1,603 7,285 1,215 1,""" 934 1,776 2,000 Feb. 23 ^ 32, 985 1,448 8,210 2,000 3,177 1,401 1,' 7,285 1,215 1,936 934 1,776 2,000 All other liabilities: Jan. 26 4,999 474 807 410 186 414 171 325 235 148 334 Feb. 2 5,139 526 1,599 389 395 191 420 485 167 317 195 128 327 Feb. 9 5,462 488 1,339 427 474 230 450 191 499 236 158 382 Feb. 16 5,379 471 1,254 632 475 207 452 603 168 334 257 133 393 Feb. 23 5, i- • • 479 1,382 445 541 239 458 671 194 373 291 155 418 Total liabilities: Jan. 26 12, 775, 812 775, 37,4, 739, 753 77i9,, 629 976, 708 491,143 377,455 126,0, 477 446,991289, 208 457, 802 316,021 965, 250 Feb. 2 12, 793, 663 786,9304 ,4 ,753,072 78i2,, 157 983,021 4970,84 377', 154 2,148, 320 4366,14 292, 253 462,952 318, 750 955, 356 Feb. 9 12, 746, 721 ,, 4, 705, 395 775, 339776,785 493, 632384, 214 2,156,004 438,128 288, 583 460,109 311,024 973,969 Feb. 16 13, 003, 0907 8739,2 ,5 443114 ,4 826, ., 955 989,860 5044,8 0" 3"85,152 2,183, 549 446,' 4"6 1295,901 469,902 327, 677 982, 575 Feb. 23 12, 807, 9327 9728,0 4734104, 796, 480 78),0 ;386 962, 730 5046,79 378, 449 2,140,096 437, 368291,958 454, 356 315,193 965, 497 Contingent liability on bills purchased 780, 740 for foreign correspondents: Jan. 26 1,592 128 449 175 164 212 127 Feb. 2 1,379 100 494 135 127 164 Feb. 9 1,122 81 403 110 103 134 Feb. 16 1,010 81 291 110 103 134 Feb. 23 830 60 298 81 76 59 Commitments to make industrial advances: Jan. 26 13, 388 1,534 4,589 143 1,433 1,602 332 431 101 269 2,912 Feb. 2 13, 369 1,509 4,575 138 1,490 1, 614 332 430 99 269 2,871 Feb. 9 13,149 1,491 4,442 136 1,483 1,576 330 430 99 269 2,852 Feb. 16 •_ 13,108 1,468 4, 403 141 1,469 1,572 330 485 99 269 2,831 Feb. 23 13, 078 1,463 4,385 141 1,469 1,568 330 485 99 268 2,829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 203 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO FEBRUARY 23, 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 a s c t h W m e o d n n t e h s ) day of receive n d e t to date, s o t ( e o w u e r t i s y t c h o n a t d n o C i d o ti m o w n d m i s a t ) i h t t e - - Total a E F d b e e v o s d a a u e n e n t r - k r i c v n a e e l g s c R F o m b e e o m d a s e u e n e n m t r - k r t v i a s t e l - A b p p u c l p e o t r t m o e n v d - o e i t d d E o r r a r x e c a p p p a w w p a i n n r i l i t e t i d , - h b d , - y , i F p n p t g a a i u o n t r t u i i t a i n o i o t n c - s n n c i t s - i - - Number Amount Number Amount Number Amount standing etc. standing2 1936—July 29 8,197 331,659 2,413 143,978 2,198 134,233 30,217 23,711 8,429 64,342 7,534 Aug. 26 8,240 333,930 2,437 145,939 2,218 135,421 29,265 23,355 9,168 66,304 7,329 Sept. 30 8,284 336,119 2,463 147,191 2,243 137,251 28,885 23,307 8,566 69,217 7,276 Oct. 28 8,308 336, 763 2,477 148,237 2,259 138,731 27,038 22,790 8,544 72,915 7,444 Nov. 25____ 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 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.... 8,524 349,288 2,577 153, 720 2, 353 145,228 23,196 17,188 8,462 89,268 7,114 June 30 8,546 351, 420 2,587 154,960 2,361 145, 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 2,618 156,413 147,295 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. 26 8,711 364, 487 2,660 159,370 2,419 151, 587 19, 861 13, 388 1,563 9,002 7,773 Feb. 23-_._ 8,766 367, 754 2,683 160,603 2,433 152, 543 19, 659 13,078 2,059 109,992 7,755 * 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 $11,295,403 on February 23, 1938. NOTE.—On February 23, 1938, there were 50 applications amounting to $4,691,000 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] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- At- Chi- St. neap- sas Dallas Franton York phia land mond lanta cago Louis olis City cisco Federal Reserve notes: Issued to F. R. bank by F. R. agent: Jan. 26. 4,489,070311,127 177,101 995, 039 192, 747 138,413174, 989 93, 793 384[,, 459 Feb. 2 4,474, 787312, 220 I) 021, 589 333; 913 448; 955 209, 637 176; 069591,396 192,096 139>,, 1"60 174,16692,850 382;!, 740 Feb. 9 4,474,699313, 667 1,021,413 336,060 447,285 208, 501 174,145 638 192,824 140, 294 173, 98591, 835 381,,052 Feb. 16 4,458,159312,226 1,017,086 335, 524 444, 720 206, 524 173, 241990,0~8~1"1 92,158 140,011 174,829 91, 774 3791;,985 Feb. 23 4,450, 417311, 280 1,017, 268 333, 487 444, 37210 5',002 171, 332 993,159192,065 139,540173, 927 90,845 378,141 Held by Federal Reserve bank: Jan. 26 369, 986 38,135 113,799 26,921 30,186 13, 934 21, 763 30, 544 15, 235 4,098 10,808 11,906 52,657 Feb. 2 337,031 36, 517 103,909 23,100 31,991 11, 479 20, 322 25,370 13,190 3, 739 8,694 10, 583 48,137 Feb. 9 349, 595 37,511 116,336 26, 072 27, 822111, 673 20,099 26,603 14,845 4, 7561 8,426 10,086 45, 366 Feb. 16 338, 473 37,067 108,429 24, 812 29,312 11, 300 19, 206 23, 735 13,847 4,873 9,437 10,669 45, 786 Feb. 23 324,187 34, 574 107, 671 22,154 25, 8981 9,952 18,164 24,386 14,187 4,380 8,726 9,940 44,155 In actual circulation:1 Jan. 26 4,119, 084272, 992 908, 951309, 388 419,613 198, 610 155,338 964,495 177, 512 134:,,315164,181 81,887 331;i,,1 802 Feb. 2 4,137, 756275, 703 917, 680 331100,, 813 416; "9"6"4 ~~~ 158 155,743 966,026178,906 135,421165,472 82, 267 33144,,1603 Feb. 9 _.4,125,104276,156 905,077 309, 988 4'"1 9,4'"63 196,828 154,046 967,035177,9?'9 135; 538 165, 559 81, 749 335,1 Feb.16 4,119,r~ 275,159 657 310, 712 415,""" 195,224154,035 966,346178, 311135,138 165, 392 81,105 334,199 Feb. 23 4,126, 230276, 706 909,597 311,333 418,473195,050 153\; 168 968, 773177,*878 135,160 165, 201 80,905 333,986 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from TJ. S. Treasury: Jan. 26 4, 569, 632341,0001,035,000 347',,000 452,000 208,000161,000 1,010,000196, 632 136i,,500182,000 96, 500 404t,, 000 F F e e b b . . 2 9 4 4 , , 5 53 3 7 6 , , 6 6 3 3 2 2 3 3 4 4 1 1 , , 0 0 0 0 0 0 1 1 , , 0 0 3 3 5 5 , , 0 0 0 0 0 0 3 3 3 7 3 7 7 ,, ; 0 0 00 0 0 4 4 5 5 2 2 , ; 0 0 0 0 0 0 2 0 20 3 9 , ' 0 , 0 0 0 0 1 10 6 6 1 1 , , 0 0 0 0 0 0 9 99 9 5 5 , , 0 0 0 0 0 0 1 19 9 6 6 , , 6 63 3 2 2 1 1 '3 3 "6 6 , !\ 5 5 0 0 0 0 1 17 8 7 2 , , 0 0 0 0 0 0 9 9 3 3 , , 5 50 0 0 0 4 4 0 0 4 4 t ,! ,, 0 0 0 0 0 0 Feb. 16 4, 536,632341,0001, 035,000 337,000 448,000 207,000161,0001, 000,000196; 632 136,500177,000 93, 500 404,!000 Feb. 23 4, 536, 632341, 0C01,035, 000 337, 000 448, 000 207, 001061, 0001, 000, 000196, 632 136, 500177, 000 93, 500 404,;000 Eligible paper: Jan. 26 10,159 670 3,529 1,936 554 515 1,111 153 49 220 957 138 327 Feb. 2 9,907 570 3,034 2,051 415 484 1,353 135 241 202 965 135 316 Feb. 9 9, 936 1,075 3,198 2,122 400 490 811 92 201 829 224 407 Feb. 16 8,665 394 2,769 1,883 296 540 834 89 130 191 850 240 349 Feb. 23 8,944 539 2,940 1,823 335 535 734 68 211 116 1,014 317 312 U. S. Government securities: Jan. 26 33, 000 8,000 20,000 5,000 Feb. 2 33, 000 8,000 20,000 5, GOO Feb. 9 25, 000 20, 000 5,000 Feb. 16 25, 000 20,000 5,000 Feb. 23 25, 000 20,000 5,000 Total collateral: Jan.26 4, 612, 791341,6701,038, 529 348, 936 452, 554216, 515 182, 1111,010,153 196, 681141,720 182,957 96, 638 404, 327 Feb. 2 _ 4, 579, 539341, 5701,038,034 339,051 452,415 211,484182,353 995,135 196, 879141, 702 18122, ,965 93, 635 404, 316 Feb. 9 4, 572, 568342,0751,038,198 339,122 452, 400 209,490 118811, 811 995,092 196, 719141, 701177,829 93, 724 404, 407 Feb. 16.... . 4, 570, 297341, 3941,037,769 338,983 448, 296 207!5"4 0" "181, 8341, 000, 089 196, 762141, 691177, 850 93, 740 404. 349 Feb. 23 "_ 4, 570, 576341, 539 1,, 003377,, 9"40 338,823 448, 335 207!535 181, 7341,000, 068 196, 8~43 141, 616 178, 014 93,817 404,312 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. 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204 FEDERAL RESERVE BULLETIN MARCH 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, JANUARY, 1938 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Classes of banks de- de- Time banks mem- serve try and districts m d a e n - d m d a e n - d po d s e i - ts ba b n e k r s1 New Chi- b c a i n ty ks banks* posits posits x qu R i e r - ed Held c E e x s - s York cago I.,., ., Total reserves held: All member banks _ _28, 811 23, 873 11, 503 '*5, 829 7,183 1,353 1 1 9 9 3 3 6 7 — — D Ja e n c u e a m ry ber 6 6, , 7 6 1 6 6 5 2 2, , 7 6 1 6 9 2 6 5 0 6 5 8 2 2 , , 1 1 5 5 7 8 1 1 , , 2 2 4 7 1 1 Central reserve city banks: February 6,747 2,812 546 2,128 1,261 N Ch e i w ca Y go ork 9 2 , , 7 1 3 41 7 9 1 , , 0 8 3 8 7 8 7 4 4 5 6 6 2,3 5 9 1 4 8 2,8 6 5 0 6 4 4 8 6 6 1 A M M p a a r r y i c l h 2 2 6 6 6 , , , 7 8 9 0 2 3 4 4 2 2 2 2 , , , 7 6 6 3 8 5 9 4 2 5 5 5 8 3 6 9 3 3 2 2 2, , , 2 2 2 7 0 0 2 3 1 1 1 1, , , 3 3 3 8 1 2 6 5 1 Reserve city banks: June 6,878 2,669 603 2,230 1,377 P B N A R M D C S K S C h a t o i h l e a t a . i c e n l i s i w l n n a l h v c l L t a n s a n o a F m e d o a s e g Y n t l r s u e a a a o a o d o n l i p n d n C p s i d r d o d c i s d k h s i i d i l t i s t t i i s r s d y i d r t a s d i c t s r i i c r i o i s i c t d d s i t s d c r t c t t i t i r i i t d r s r s t c i s i t i c i t t c t r c r s r t , i i t t t i c c r c t i t . t c _ — _ _ t _ - _ _ 1 1 1 1 , , , , 0 3 1 8 9 6 7 3 5 6 1 9 3 5 2 9 5 3 1 1 0 6 7 1 6 6 3 3 2 0 7 5 9 8 6 0 1 1 , , 1 5 8 4 8 4 8 2 4 5 1 6 0 2 5 7 1 5 4 2 6 5 4 3 9 7 3 3 7 4 9 4 1 5 2 4 1,9 1 2 2 7 5 1 1 1 1 1 1 1 0 4 2 7 5 9 1 1 5 7 2 0 2 1 5 2 7 3 9 1 7 1 1 2 4 1 2 1 1 1 3 7 2 0 9 8 6 0 9 2 3 5 8 7 0 0 1 7 5 7 5 1 6 6 2 2 3 4 2 1 1 1 1 1 5 4 2 8 3 5 4 5 6 6 0 0 9 9 6 7 5 0 0 2 4 9 6 8 8 4 6 3 1 4 3 3 6 1 1 1 8 7 9 0 3 1 9 0 3 1 8 1 W 19 9 3 e 3 8 e 8 — k — J J A D J J S O N F e J u J a a a e e n a e u c o a n n l n p n b d c t n y g v . . . o . t . e u i u e e b n 2 2 1 m 7 a 4 m s m e g 1 8 r 4 t b y r b b e ( e e F r r r riday): 6 6 6 6 6 6 7 7 7 7 7 7 , , , , , , , , , , , , 9 7 8 8 9 1 1 8 2 0 2 2 1 0 5 6 8 5 1 7 4 4 5 6 9 1 2 3 4 7 4 9 5 6 5 7 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 6 5 6 7 7 6 8 9 8 8 7 9 5 2 7 2 6 5 5 3 2 8 1 6 2 2 2 0 7 7 6 9 8 1 2 1 5 5 5 5 5 6 5 5 6 6 6 5 8 7 6 0 8 9 8 8 1 1 9 0 1 6 8 4 8 9 1 9 0 8 8 3 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 2 2 2 2 2 2 3 3 3 3 3 3 5 3 4 4 7 4 4 4 5 5 2 3 2 2 0 6 2 8 5 9 5 8 1 5 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 3 3 5 6 6 8 6 7 7 7 6 7 7 7 2 0 2 4 6 5 6 8 5 6 9 3 Total 10, 286 8,099 4,569 1,894 2,345 451 Excess rese F r e v b e . s: 11 7,215 2,882 2,351 1,384 Country banks: 1936—December 2,046 697 175 675 N A P R B S M K D C C S h a t i o h l e t a a . i c e n l i w i s l n n a l v h c L l t a n s a n o a F e m o a d s Y e g t n l r s u a a e a o a o o d i n l p d n n C s p d r i d o d i c d s k h i i s d l i i t s t t i s i s r d y i d t d r s a i c t s r i i c r i i t o i s c d s s i d d r t c t t c t t i i r t i i r r d c t s i s i i s _ _ c t i t t c c t s r r t _ _ t t r i t i c r c i i t c _ t _ c . _ t . t - _ . . 1,1 7 4 5 4 4 7 3 2 5 3 5 8 6 7 6 4 3 6 8 6 3 3 0 1 7 2 6 0 8 1 5 4 3 3 8 9 3 5 4 4 3 5 2 3 2 1 2 3 9 3 3 1 0 8 5 3 3 3 9 4 9 5 9 6 3 3 1 3 2 3 1 1,4 8 3 6 2 5 6 2 2 2 1 1 7 1 5 3 6 5 7 9 3 6 5 2 3 0 9 3 4 7 6 6 1 5 6 2 1 1 1 1 9 6 4 4 1 1 1 5 4 4 5 6 8 7 3 9 8 4 7 5 7 8 2 3 1 1 1 1 4 8 0 4 6 8 6 3 7 6 7 5 6 3 1 4 0 1 9 1 1 2 0 9 3 2 8 3 1 5 1 1 2 2 1 1 9 1 5 3 3 6 6 7 1 8 5 1 1 1 9 9 3 3 7 8 — — A J J M F A D M S N O J u u J e e p a e u c o a a n l a p b n c t n y r g v r e o t y i r u e u c u e e l u b J m a a h m s m e a r r t y b y r 2 r b b y e e e r r r 2 2 1 1 1 1 1 1 , , , , , , , , 1 0 5 3 1 0 0 3 9 8 8 7 9 5 9 5 7 0 4 7 5 7 7 2 5 0 2 3 2 1 4 3 1 3 6 0 0 6 7 7 8 4 5 2 2 1 1 3 3 3 1 4 0 6 6 0 3 7 9 3 7 5 0 0 6 1 7 8 3 0 6 9 5 3 4 8 5 1 1 1 1 4 2 0 5 5 7 3 4 6 8 5 5 7 8 1 4 1 0 4 3 9 0 2 9 6 4 4 6 3 2 3 2 2 3 3 3 4 5 9 8 6 1 8 0 3 8 5 6 8 0 1 0 8 2 6 9 1 3 9 1 6 7 7 5 5 4 4 3 3 3 3 3 3 3 3 3 1 2 3 2 0 5 2 4 1 2 2 3 5 8 8 1 4 5 7 8 1 9 1 3 3 5 Total 6,647 4,850 5,732 1,023 \ 1,378 355 W 193 ee 8 k — J e J a n a n n d . . i n 1 7 g 4 (Friday): 1 1, , 3 2 4 5 2 9 4 45 0 5 0 4 4 5 2 5 5 3 3 5 4 7 9 i Gross demand deposits minus demand balances with domestic banks Jan. 21 1,376 470 459 356 (except private banks and American branches of foreign banks) and Jan. 28 1,416 494 466 360 cash items in process of collection. Feb. 4 1,401 515 451 355 NOTE.—See table at foot of page 215, for percentages of deposits re- Feb. 11 1,393 482 467 365 quired to be held as reserves. Feb. 18 PI, 387 484 463 *>358 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 215 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 centers j Ul member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Boston 1,719 1,709 674 676 1,604 1,590 550 552 115 119 124 124 New York __ _ 11, 094 10, 970 2,315 2,327 1 1, 092 1 1,097 1 1,077 1 1,068 264 263 492 489 Philadelphia 1,602 1,595 1,114 1,104 1,392 1,380 662 657 210 215 451 447 Cleveland 1,920 1,945 1,384 1,380 1,701 1,727 1,091 1,089 219 218 292 292 Richmond 1,087 1,104 535 529 909 921 347 343 178 184 188 186 Atlanta 1,008 978 380 382 859 836 299 300 149 142 82 82 Chicago 4,026 4,036 1,624 1,605 1 1, 593 1 1, 590 1895 1 888 292 292 273 271 St. Louis -_ _____ 1,049 1,020 404 401 851 830 291 290 198 191 112 111 Minneapolis 615 635 369 367 446 458 181 179 170 177 188 188 Kansas City _ _ _ 1,348 1,358 313 313 1,026 1,033 198 198 322 325 115 115 Dallas 1,116 1,118 215 212 831 830 172 168 285 288 43 44 San Francisco 2,226 2,252 2,177 2,144 2,106 2,123 2,080 2,047 120 129 98 97 Total 28, 811 28, 720 11, 503 11,441 114,411 114,415 1 7,842 1 7, 780 2,522 2,542 2,459 2,444 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 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205 MARCH 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 s 9 - 0 S s u i i a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d F R n e e o d se t e e r r s v al e R F n b e e o a d se t n e e r r k v s a e l t n b i N o o a n t n a e a k - s l 1936—November. 6,466 37 1,051 334 141 4,156 316 December. 6,543 1,057 337 142 289 4,233 307 1937—January ... 6,349 1,012 329 140 276 4,118 300 February.- 6,399 1,022 329 140 288 4,155 294 March 6,377 1,022 333 141 287 4,139 287 April 6,426 1,039 335 142 291 4,171 281 May 6,462 1,062 338 143 289 4,189 275 June 6,447 1,078 341 144 281 4,169 269 July 6,460 87 1,088 341 144 286 4,175 263 August 6,524 1,115 345 146 286 4,213 258 September. 6,542 1,127 348 147 284 4,222 253 October •___ 6,555 1,129 349 147 285 4,238 248 November. 6,561 1,144 352 148 284 4,232 243 December. 6,550 1,137 350 148 283 4,237 239 1938—January... 6,320 1,085 339 264 4,099 234 Back figures.See Annual Report for 1936 (table 36). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency 2 Total Unincir- $50 and over assort- End of month cula- Coin $1 $2 $5 $10 ed * tioni Total $50 $100 $500 $1,000 $5,000 $10,000 1936—No vember.. 6,466 513 492 900 1,548 1,486 1,501 390 690 132 258 December.. 6,543 517 499 906 1,563 1,501 1,530 399 707 135 265 1937—January 6,349 506 472 864 1,500 1,458 1, 525 393 702 135 9 February ___ 6,399 506 475 874 1,519 1,464 1,538 395 706 135 273 10 March 6,377 511 476 1,519 1,451 1,520 386 136 275 2 April 6,426 514 482 883 1,542 1,468 1,507 381 687 137 277 3 May 6,462 518 489 893 1,558 1,466 1,507 380 136 278 4 June 6,447 523 487 1,539 1,458 1,526 384 138 283 5 July_._ 6,460 523 488 1,550 1,454 1,520 381 137 283 2 August 6,524 529 498 907 1,574 1,466 1,520 382 137 283 4 September- 6,542 534 503 908 1,574 1,467 1,527 382 702 138 285 4 October 6,555 535 502 909 1,576 1,474 1,531 384 704 138 286 5 November.. 6,561 540 504 912 1,574 1,480 1,525 381 701 136 287 6 December.. 6,550 537 505 905 1,560 1,475 1,542 387 710 139 7 1938—January 6,320 522 474 1,482 1,424 1,532 382 705 138 1 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. * Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures—See Annual Report for 1936 (table 37). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation, In millions of dollars] [By selected banks in New York City. In thousands of dollars] End of month Total d S s l b o a i i i l o u l l n v v l n l d a - e e * r r r s s S i s i a l u i v d r b y e - - 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 n s b F e R e o a e r r e n t a v d e - k l e - s t n b i N o o a n n t a e a k - s l 1 1 1 9 9 9 3 3 3 2 3 4 Year or m _ onth m E S e u n h r t i o s p 3 5 5 p - 4 6 5 t e o 5 7 4 R E e f u 8 9 4 r c 1 0 3 o r e , , , o m i 0 8 p 5 p 5 8 3 e t 9 7 8 s m s N h e i e n p t t - s rec N 8 9 4 e 0 0 e 3 i , , p t , 2 2 t 5 7 s 4 0 1 2 5 1935 10, 628 19, 966 1936 _- 34,774 26,216 8,558 1936—No vember . 2,521 1,310 351 146 347 322 1937 21, 500 47, 550 26, 050 December _. 2,532 1,323 356 147 347 314 1937—January _._ 2,092 2,197 105 1937—January 2,532 1,332 356 148 347 305 February.. 4,279 3,265 1,014 February— 2,536 1,343 356 149 347 298 March 968 3,728 2,760 March 2,541 1,355 357 149 347 291 April 1,434 3,023 1,589 ADril 2,543 1,365 357 150 347 284 May 909 1,865 956 May___, 2,547 1,375 358 150 347 278 June 7,000 1,972 5,028 June 2,550 1,382 359 151 347 272 July 809 2,586 1,777 July 2,572 1,409 361 151 347 266 August 877 2,839 1,962 August 2,585 1,424 363 152 347 262 September. 1,946 2,271 325 September . 2,599 1,441 364 153 347 257 October __. 781 4,531 3,750 October 1,455 367 154 347 251 November. 336 13, 326 12,990 November . 2,621 1,468 370 155 347 247 December. 69 5,947 5,878 December 2,637 1,486 372 156 347 242 1938—January... 189 4,658 4,469 1938—January 2,655 1,509 373 237 Back figures.—See Annual Report for 1936 (table 39). i Includes silver held against silver certificates amounting to $1,393,- Description.—See BULLETIN for January 1932, pp. 7-8. 000,000 on Jan. 31, 1938 and $1,204,000,000 on Jan. 31, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN MARCH 1938 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES» [In millions of dollars] [In thousands of dollars] Gold stock at Doend of year Increase Net mes- 1938 1937 or month in Net release tic Year or month total gold from gold gold import ear- pro- From or to— January December Jan.-Dec. Inactive stock mark duc- Total account tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934... 8,238 4, 202. 5 1,133. 9 82.6 96.3 1935.. 10,125 1,887. 21,739.0 .2 110.7 Belgium 90,870 12 1936—January 10,182 57.2 45.6 -1.7 9.2 France 5,000 14 15,000 26, 291 40, 001 February _.. 10,167 -15.5 -16.6 -9.5 8.4 Germany March 10,184 17.2 5.5 1.0 Netherlands.. 6,461 April 10, 225 41.0 28.1 -.2 Switzerland.. 54,452 May _.. 10, 402 176.7 170.0 -3.2 10.4 Union of Soviet June 10, 608 206.6 277.8 -24.8 10.0 Socialist Re- July 10, 648 39.2 15.4 2.3 12.8 publics 504 August 10, 716 68.4 67.5 -11.9 13.1 United Kingdom 2 22 40 896, 713 5,183 September.. 10, 845 129.0 171.8 -28.8 12.1 Canada. 649 2,767 111, 528 47 October 11,045 199.7 218.8 -11.3 13.8 Central America 260 310 3,755 November.. 11,184 139.6 75.8 3.0 11.8 Mexico 865 46 3,415 39, 250 767 December .. 11, 258 26.5 73.3 57.0 -.7 10.9 Argentina 3 14 Bolivia 25 157 1,391 Year 11, 258 26.5 1,132. 5 1,116.6 -85.9 131.6 Chile 1,057 473 9,370 Colombia 16 18, 397 1937—January 11,358 126.5 100.1 121.3 -48.3 ••9.5 Ecuador 175 418 2,031 February _ _ 11,436 204.7 78.2 120.3 -8.0 '8.2 Peru 152 234 3,116 March 11, 574 342.5 137.9 154.3 -.4 10.8 Venezuela 74 13 544 April 11, 799 568. C 225.6 215.8 7.2 '9.1 Australia 1,052 3,786 34, 713 May 11, 990 759.1 191.1 155.4 26.2 12.3 British India 1,043 107 50, 762 June 12,318 1,086.8 327.8 262.0 -15.9 11.2 China and Hong July 12,446 1,214.1 127.3 175.4 -35.5 12.6 Kong 1,556 August 12, 567 1,335.7 121.6 104.8 -5.3 16.8 Japan 18, 774 246, 470 September. 12, 741 1,210. C 174.3 145.5 9.3 12.1 Philippine Islands. _ 1,676 2,292 25,428 October 12,803 1,271.8 62.0 90.5 -8.0 14.8 All other countries2. - 128 253 7,905 November. 12, 774 1,242. £ -29.3 22.1 -20.1 13.8 December. _ 12, 760 1,227. c -14.0 18.0 -101.6 11.8 Total.. 7,183 5, 067 33,033 15, 052 1, 631, 523 46,020 Year— 12, 760 1, 227. 9 1, 502. 51, 585. 5 -200.4 143.1 1 Figures represent customs valuations which, with some exceptions 1938—January 12, 756 1, 223. 2 -4.6 2.1 -1.1 P12.4 are at rate of $35 a fine ounce. 2 Includes all movements of unreported origin or destination. r Revised. Back figures—See table p. 235, and Annual Report for 1936 (tables p Preliminary. 32 and 33). NOTE.—Figures for domestic production of gold are those published in table, p. 235, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and monthly 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.) BANK SUSPENSIONS1 BANK DEBITS Member Nonmember banks banks [Debits to individual accounts. Amounts in millions of dollars] Total, all banks Na- In- Not Num- 1938 1937 tional State sured2 insured ber of centers Jan. Dec. Jan Number of banks suspended: 1934 1 48 1935 4 New York City 14,477 18, 277 19, 096 1936 . 1 Outside New York City... 17, 597 20, 825 20,383 1937 4 2 1938—January.. Federal Reserve districts: Boston 1,743 2,040 2,226 Deposits of suspended banks New York 15,122 18,999 19, 791 (in thousands of dollars) :3 Philadelphia 1,564 1,844 1,781 -1934 36, 937 40 1,912 34, 985 Cleveland 1,751 2,140 1935 . 10,015 5,313 3,763 939 Richmond 680 797 793 1936 11, 306 507 10, 207 592 Atlanta 881 1,029 960 1937 19, 565 •7,171 1,707 •10, 207 480 Chicago . 4,492 5,381 5,460 1938—January 3,752 3,090 662 St. Louis— 902 1,024 909 Minneapolis 554 652 599 r Revised. K Da a l n l s a a s s City 1,0 7 6 2 7 4 1,2 8 1 1 1 7 1,1 7 4 3 7 9 1 Represents licensed banks suspended; does not include non-licensed San Francisco 2,592 3,020 2,934 banks placed in liquidation or receivership. 2 3 D Fe e d p e o r s a i l t s d o e f p m os e it m i b n e s r u b ra a n n c k e s b an e d c a i m ns e u o re p d e r n a o ti n v - e m J e a m n b u e a r r y b a 1 n , k 1 s 9 3 s 4 u . spended Total- 32, 073 39,103 39,479 are as of dates of suspension, and deposits of non-insured nonmember banks are based on the latest data available at the time the suspen- Back figures .—See Annual Report for 1936 (table 67). sions were reported. Back figures.—See Annual Report for 1936 (table 71). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

207 MARCH 1938 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK 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 b m h a e e n r m ks - 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 3O.._ 37,998 23,338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 3O.._ 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 3O._. 41,870 26,615 17,097 9,518 9,780 5,475 Oct 17l 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. l..__ 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 30 3 15, 527 6,357 5,293 1,064 564 8,606 June 308.. 53,287 35,440 22, 926 12, 514 10, 213 7,635 Dec 31 * 6,341 5,260 1,081 Dec. 31 * _ 34, 810 22, 655 12,155 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 Dec. 30 40,319 21,977 18,342 25,220 12,833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar 5 » 26,548 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. 17 * 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 Pec. 31 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—Mar. 31 49,138 21,790 27, 348 32, 525 13, 699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 30» 49, 696 22, 514 27,182 32, 739 14, 285 18, 454 10,180 5,002 5,178 6,778 3,227 3,550 Dec 31l 31, 752 13, 958 17, 794 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. s 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

208 FEDERAL RESERVE BULLETIN MARCH 1938 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s t l s - Total C Y N k o b s T i i e r u o e t d o o r y r t w e - s - k * o se t t T o h i c e n e u o s r r s i- e l R o st a e a n a t l s e a b a p c o a R n i c o w n n c e e r g e k p - n t- s s t- ' O c c u w a u u n s t n r r e h i s s e e d - e e e d d - r- b L a o t n o a k n s s U a a c b p n A n e l a i e c p c y t e - e t m - - s d ab B p a r a b i o l y l l a e s - db p C o m c a u o i p e a m g r e l h - r - t k L C Y N e b o r i t r o e s o t a o r w y n - i k n i s Total Direc t t ion a F g s n u u t a e ll r e y - d s O e ti t c e h u s e r r i- 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 30» 24, 786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5,041 1934—Dec. 31 28,150 10,509 187 3,110 2,273 232 4,708 155 256 31 232 843 16,122 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 17,810 10, 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 18,189 10, 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 19, 717 11, 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 19,640 11,639 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 18,826 10, 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 18, 454 10,870 1,819 5,765 Dec. 31 31, 752 12, 638 212 2,752 2,547 130 6,996 70 126 23 364 738 17, 794 10, 574 1,797 5,422 NEW YORK CITY * 1929—-Dec. 31 8,774 4,964 55 2,145 169 2,595 322 128 46 21 1,202 2,091 1,112 979 1933—June 302 7,133 2,297 38 1,044 157 120 937 162 224 10 10 720 3,709 2,551 1,158 1934—Dec. 31 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 8,313 2,817 58 733 141 74 1,811 29 112 6 6 703 4,640 3,207 388 1,045 CITY OF CHICAGO 3 1929—Dec. 31 1,757 1,330 240 533 21 535 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. . - 1,901 615 41 129 12 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 3,379 258 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, 414 4,996 97 1,066 1,176 47 2,610 27 10 12 132 26 6,211 3,961 637 1,612 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 « 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 2,719 June 30 ._ 10,134 4,089 18 828 1,179 2 2,062 16 4 5 211 15 5,794 2,520 635 2,639 Dec. 31 10,124 4,210 16 824 1,219 2 2,149 13 3 3 208 9 5,677 2,490 678 2,510 1 Loans (secured by stocks and bonds) to brokers and dealers in securities * Beginning June 30, 1933, figures relate to licensed banks only. • Central reserve city banks. Back figures.—See Annual Report for 1936 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FBDEEAL RESERVE BULLETIN 209 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date b s s w F e R e R a e r e r i n r e e v a t d v - - k h e l - e s s 3 a i u a n s lt h b a w m B a n d t n e i o a i c s c t k - l e h - - s s 3 r o e t i p e i t f l d e r e p o e i o s n c m o n c a s - c o r s 2 s - t l - - b m D a I t e n i n o s c - k - te s rb b a F e a n i o n k g r k n - s S U m G e t e n a r e o d n t i n v e t - t - - s P "u l u i n e b ds c l C c c e h a o fi a e t e f o e n e t f s r r c f e d i d s t h - k r i ' s - s s t p I p u v i n h c n o o a a o i e i d r d l r n p r r s a t i - - - s s - , - - , , j d i m u t e D s s a p t e a n e o - d d d s - - 4 > D I t a n i o n c t - k e s rb D a F e n i a o g n k r n k - s P s in t a o a g v s l - s - P ru u li n b c d - s s t p p I u i v n c h n o o a a o e i i d r n r d l p r r s a t i - - - s s - , - - , , r B i o n o w g r s - credit 3 etc. etc. TOTAL—ALL MEM- BEE BANKS 1929—Dec. 31 2,374 558 2,168 3,896 3,517 544 143 335 1,681 17, 526 16, 647 2, 267 879 1933—June 30 6_ 2, 235 405 2,008 1,485 3,057 145 806 087 657 11, 830 12,089 7,803 191 1934—Dec. 31 _. 4,082 3,149 1,903 4,569 147 1,636 799 838 14,951 15,686 9,020 13 1935—June 29 4,933 3,396 1,183 4,978 273 779 091 417 16,206 17, 530 9,462 9 Dec. 31 5,573 3,776 2,255 5,696 444 844 139 882 18,035 18,801 9,680 6 1936—Mar. 4 5,784 3,970 1,718 6,148 394 600 173 779 17,927 19,161 9,784 11 June 30.. 5, 607 3,944 2,147 465 1,037 ,320 789 19,322 20, 284 L0,099 6 Dec. 31.. 6,572 4,066 2,533 6,402 432 882 ,329 881 20,970 21,647 iO, 429 15 1937—Mar. 31._ 6,613 3,445 1,974 5,752 458 415 (564 677 20,085 21, 352 L0,639 18 June 30 6,897 3,207 2,201 5,298 615 628 ,577 752 20, 272 21,401 0,818 16 Dec. 31 7,005 3,414 2,259 5,436 453 781 ,132 767 19, 747 20, 387 .0, 806 12 NEW YORK CITY 6 1929—Dec. 31 827 179 2,406 1,198 464 20 1,180 5,847 4,750 1,112 179 1933—June 30 « 846 101 874 1,255 127 332 461 4,676 4,358 671 8 1934—Dec. 31 1,576 103 1,069 1,798 126 792 540 5,370 5,069 591 1935—June 29 1,935 133 447 1,983 248 369 149 5,924 5,979 567 Dec. 31._ 2,541 111 1,133 2,338 410 224 524 6,479 6,193 591 1936—Mar. 4 2,493 108 829 2,527 363 140 496 6,471 6,398 586 June 30 2,106 114 982 2,390 428 215 489 6,891 6,756 601 Dec. 31 2,658 133 1,087 2,493 393 225 457 7,274 6,929 679 12 1937—Mar. 31 2,719 123 853 2,171 419 129 354 7,237 7,051 758 1 June 30 2,749 105 2,014 575 306 427 6,934 6,733 767 Dec. 31 2,738 120 2,108 416 404 6,507 6,111 CITY OF CHICAGO 8 1929—Dec. 31 169 133 158 310 42 1,041 957 19 332 41 1933—June 30 5 232 203 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 20 198 1,208 1,357 469 Dec. 31 511 209 135 522 98 208 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 72 191 1,495 1,554 449 1937—Mar. 31 482 93 114 96 203 1,001 1,128 440 June 30 596 156 130 41 208 1,409 1,509 452 Dec. 31 596 179 146 528 64 207 1,354 1,438 445 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 41 371 4,433 292 1933—June 30 * 705 122 1,002 401 1,315 312 349 108 3,708 3,764 388 208 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 79 266 3,796 1936—Mar. 4. 1,794 264 1,910 607 2,594 285 733 151 5,961 6,238 135 72 251 3,853 June 30 1,763 289 1,907 763 2,551 513 733 152 6,419 6,541 135 65 288 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 Dec. 31 2,310 200 1,470 841 2,389 256 777 192 6,743 6,870 107 34 266 4,161 COUNTRY BANKS 1929—Dec. 31 627 321 291 405 39 742 5,091 5,711 61 133 6,390 367 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 1,406 192 347 90 865 104 3,761 4,538 162 76 4,756 9 Dec. 31 927 1,676 235 415 137 901 127 4,254 5,047 136 83 4,879 6 1936—Mar. 4 1,017 1,757 187 433 93 965 106 4,252 5,136 95 82 4,938 8 June 30 989 322 1,727 256 410 207 1,008 121 4,567 5,440 87 5,094 6 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 69 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 69 1,067 139 5,089 6,027 64 85 5,459 12 Dec. 31 1,361 307 1,645 283 412 78 959 149 5,143 5,968 61 158 5,504 12 i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." * Does cot 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. « Beginning June 1933 figures relate to licensed banks only. * Central reserve city banks. Back figures.—Bee Annual Report for 1936 (table 54). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN MARCH 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] ]Loans1 Investments Re- Date or month i m T n lo a v o e n a e n t n d a s t s l t s - Total c b d u i r e a n r T o a i n s t k l o d e i e e e - r r s s s ( b s t o e i e a x t e O c n h c s u k e e n r t r p s o i 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 k a p p a e e r t e n - r l O oa th n e s r 1 Total U D m . i e r S e n . t c t i t G o o n o b a F g s v n l u i u e t g a e l r a l r n e y - - d - s O e t c i t u e h r s e i r - b w s s F a e e R e i e r n r r e t a v d v h k - l e - e s v C a a in u s l h t d b o a w a B t n m n i a i c c t k l e e h - s s s - TOTAL—101 CITIES 1937—January 22,734 8,998 1,228 2,007 59 1,153 379 4,172 13,736 9,263 1,230 3,243 5,292 401 2,307 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 1938—January 21, 285 9,137 825 1,910 67 1,163 461 4,711 12,148 8,118 1,131 2,899 5,614 315 1,986 1937—Dec. 15 21, 668 9,500 913 1,961 84 1,170 476 4,896 12,168 8,172 1,114 2,882 5,365 337 1,869 Dec 22 21, 480 9,418 887 1,952 71 1 166 472 4,870 12,062 8,067 1,110 2,885 5,335 367 1,825 Dec. 29 21, 402 9,387 894 1,951 66 1,165 461 4,850 12, 015 8,018 1,116 2,881 5,427 355 1,886 1938—Jan. 5 21, 249 9,226 840 1,921 69 1,163 465 4,768 12,023 8,056 1,125 2,842 5,473 322 1,918 Jan. 12 21,333 9,195 842 1,914 66 1,164 460 4,749 12,138 8,097 1,131 2,910 5,600 330 1,957 Jan. 19 21, 285 9,089 812 1,907 67 1,162 459 4.682 12.196 8,143 1,130 2,923 5,647 302 2,023 Jan. 26 _ 21,275 9,038 806 1,898 67 1,162 459 4,646 12, 237 8,176 1,139 2,922 5,735 305 2,046 Feb. 2 21, 234 8,981 762 1,897 65 1,161 455 3,641 12, 253 8,165 1,141 2,947 5,674 277 2,010 Feb. 9 21,226 8,925 714 1,890 63 1,161 450 4,647 12, 301 8,202 1,146 2,953 5,617 304 1,972 Feb. 16 21, 231 8,944 747 1,886 73 1,158 441 4,639 12, 287 8,160 1,150 2,977 5,622 280 2,038 Feb. 23 21,167 8,896 731 1,887 67 1,160 436 4,615 12, 271 8,147 1,150 2,974 5,673 313 2,041 NEW YORK CITY 1937—January _ 8,606 3,532 1,024 709 28 130 146 1,495 5,074 3,555 452 1,067 2,565 56 '5' 81 July 8,375 3,975 1,159 754 85 134 161 1, 682 4,400 2,986 441 973 2,486 51 68 August-. 8,355 4,021 1,148 739 107 135 162 1,730 4,334 2,944 420 970 2,362 50 66 September 8,273 4,040 1,108 727 83 134 168 1,820 4,233 2,866 395 972 2,527 53 66 October 8,068 3,881 915 713 62 135 185 1, 871 4,187 2,814 390 983 2,597 60 67 November 7,875 3,605 715 710 38 133 187 1,822 4,270 2,943 384 943 2,540 59 69 December 7,891 3,545 729 696 37 130 192 1,761 4,346 3,045 365 936 2, 518 60 72 1938—January... _. 7,834 3,373 665 668 38 128 184 1,690 4,461 3,098 386 977 2,683 54 71 1937—Dec. 15 7,981 3,570 732 701 48 130 194 1,765 4,411 3,111 359 941 2,530 60 73 Dec. 22 7,869 3,518 714 691 36 128 194 1,755 4,351 3,046 359 946 2,515 69 71 Dec. 29 7,857 3,513 719 683 34 129 192 1,756 4,344 3,031 366 947 2,553 61 73 1938—Jan. 5 7,776 3,417 674 670 38 128 191 1,716 4,359 3,052 375 932 2,586 56 73 Jan. 12 7,852 3,413 682 669 37 129 186 1,710 4,439 3,069 383 987 2,660 56 71 Jan. 19 7,852 3,344 654 669 38 128 181 1,674 4, 508 3,121 392 995 2.718 51 73 Jan.26. . 7,857 3,317 651 665 38 128 176 1,659 4,540 3,150 396 994 2,769 52 67 Feb. 2 7,823 3,285 611 666 36 127 175 1,670 4,538 3,123 398 1,017 2,764 49 65 Feb. 9 7,818 3,244 572 662 36 127 171 1,676 4,574 3,151 401 1,022 2,676 52 65 Feb. 16___ 7,837 3,267 588 663 46 126 165 1,679 4,570 3,123 405 1,042 2,695 49 67 Feb. 23 7,826 3,242 578 664 40 126 163 1,671 4,584 3,127 411 1,046 2,741 54 65 OUTSIDE NEW YORK CITY 1937—January. 14,128 5,466 204 1,298 31 1,023 233 2,677 8,662 5,708 778 2,176 2,727 345 2,226 July 13, 844 5,768 216 1,247 39 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 38 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 34 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 28 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 36 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 36 1,037 280 3,116 7,687 5,001 748 1,938 2,840 281 1,778 1938—January 13,451 5,764 160 1,242 29 1,035 277 3,021 7,687 5,020 745 1,922 2,931 261 1,915 1937—Dec. 15 13, 687 5,930 181 1,260 36 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 35 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 32 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 31 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 29 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 29 1,034 278 3,008 7,688 5.022 738 1,928 2,929 251 1,950 Jan.26. „ 13, 418 5,721 155 1,233 29 1,034 283 2,987 7,697 5,026 743 1,928 2,966 253 1,979 Feb. 2 13, 411 5,696 151 1,231 29 1,034 280 2,971 7,715 5,042 743 1,930 2,910 228 1,945 Feb. 9.. 13, 408 5,681 142 1,228 27 1,034 279 2,971 7,727 5,051 745 1,931 2,941 252 1,907 Feb. 16 13, 394 5,677 159 1,223 27 1,032 276 2,960 7,717 5,037 745 1,935 2,927 231 1,971 Feb. 23 13, 341 5,654 153 1,223 27 1,034 273 2,944 7,687 5,020 739 1,928 2,932 259 1,976 i Loan classification revised May 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

MARCH 1938 FEDERAL RESERVE BULLETIN 211 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] i C te a m sh s Total Demand deposits Time deposits Date or month i r c n t e e e o i s p d o p s l o l n r e a r o o c t s i f c - - - Other l a T 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 m n ic n k e t s e s- rb F a b o n a r k n e k ig s n G U S m o n t v a e i t e t n e e r t s d n- c C h f e e i e t e c r c . d t k i s, Other i j d t m u s e D s — a p t e n o e - a d s d d - - b m D a I e n n o s - k t t e i s c rb b a F e a n i o n k g r k n - s Other r B o o w r- - l O i i a t t i b h e i e s l r c t C a o l a u p a n i c t - - TOTAL—101 CITIES 1937—January 1,548 1,349 33,631 5,953 413 611 525 16,539 15,516 132 5,052 837 3,563 July - 1,497 1,277 32,367 4,984 606 447 480 16,001 14,984 101 5,254 863 3,597 August _~ 1,322 1,269 32,051 4,880 568 515 402 15,838 14, 918 99 5,245 843 3,607 September 1,568 1,286 32, 362 4,878 559 616 510 15,900 14,843 112 5,283 863 3,612 October _ 1,568 1,304 32,252 4,976 503 555 448 15,875 14, 756 112 5,278 862 3,617 November 1,511 1,305 31,844 4,928 425 424 467 15, 681 14, 636 111 5,287 873 3,623 December 1,585 1,294 31,912 4,943 411 579 495 15,659 14, 570 110 5,203 857 3,630 1938—January 1,334 1,270 31,804 5,174 421 665 15,339 14, 438 112 5,210 814 3,624 1937—Dec. 15 1,960 1,296 32,495 4,963 401 684 637 15,998 14,675 111 5,192 848 3,630 Dec. 22 1,558 1,288 31, 853 4,933 435 689 470 15, 511 14, 423 109 5,201 859 3,630 Dec. 29 1,550 1,267 31,887 4,981 433 691 446 15, 535 14, 431 109 5,205 843 3,626 1938—Jan. 5 1,358 1,255 31, 575 5,114 432 679 15,158 14, 219 110 5,225 801 3,620 Jan. 12 1,423 1,275 31, 918 5,155 424 675 15,424 14, 463 109 5,203 826 3,626 Jan. 19 1,400 1,268 31, 925 5,218 413 654 15, 398 14, 487 115 5,199 807 3,624 Jan. 26 1,155 1,283 31, 799 5,207 416 653 360 15, 378 14, 583 115 5,213 821 3,626 Feb. 2 1,223 1,276 31, 694 5,201 408 639 410 15, 277 14, 464 115 5,225 787 3,621 Feb. 9.— 1,023 1,319 31,461 5,129 381 639 317 15, 217 14, 511 115 5,223 806 3,623 Feb.46 - 1,333 1,325 31, 829 5,213 375 638 377 15,441 14,485 112 5,248 786 3,622 Feb.*23 1,246 1,320 31, 760 5,146 366 638 363 15, 459 14, 576 114 5,249 790 3,626 NEW YORK CITY 1937—January 714 493 12, 515 2,421 378 181 336 6,783 6,404 601 343 1,467 July 658 455 12,093 1,940 563 233 307 6,404 6,054 746 400 1,475 August 541 450 11,824 1,863 524 275 241 6,298 5,998 726 379 1,482 September 722 459 12,100 1,896 516 346 332 6,397 6,007 726 390 1,477 October 675 459 11, 926 1,941 466 303 287 6,324 5,936 728 380 1,478 November 695 478 11, 716 1,940 390 232 301 6,228 5,834 747 381 1,481 December 749 473 11, 763 1,984 375 310 319 6,232 5,802 674 368 1,483 1938—January __. 601 471 11, 714 2,094 358 276 6,110 5,785 646 353 1,482 1937—Dec. 15 1,034 470 12,148 2,021 366 364 452 6,408 5,826 662 1,483 Dec. 22 733 468 11, 725 1,972 3981 364 314 6,151 5,732 665 367 1,484 Dec. 29 691 467 11, 702 2,005 397 364 280 6,142 5,731 660 360 1,484 1938—Jan. 5 570 463 11, 524 2,034 365 243 5,991 5,664 652 347 1,481 Jan.12 668 475 11, 782 2,083 364 313 6,140 5,785 641 361 1,482 Jan. 19 666 470 11,830 2,131 378 352 329 6,159 5,822 641 351 1,483 Jan. 26 499 474 11,718 2,126 381 351 217 6,151 5,869 651 353 1,482 Feb. 2 542 472 11,715 2,125 373 343 255 6,139 5,852 651 337 1,486 Feb. 9 420 476 11, 507 2,073 349 343 185 6,072 5,837 344 1,486 Feb. 16 549 481 11, 678 2,088 343 343 '228 6,168 5,847 335 1,485 Feb. 23 513 477 11, 676 2,094 325 343 220 16,194 5,901 338 1,486 OUTSIDE NEW YORK CITY 1937—January _. 834 856 21,116 3,532 430 189 9,756 9,112 132 4,451 494 2,096 July 839 822 20, 274 3,044 214 173 9,597 8,930 101 4,508 463 2,122 August. _.. 781 819 20,227 3,017 240 161 9,540 99 4,519 464 2,125 September 846 827 20,262 2,982 270 178 9,503 8,836 112 4,557 473 2,135 October 893 845 20,326 3,035 252 161 9,551 8,820 112 4,550 482 2,139 November 816 827 20,128 2,988 192 166 9,453 8,802 111 4,540 492 2,142 December 836 821 20,149 2,959 269 176 9,427 8,768 110 4,529 489 2,147 1938—January 733 799 20,090 3,080 307 157 9,229 8,653 112 4,564 461 2,142 1937—Dec. 15 826 20, 347 2,942 320 185 9,590 8,849 111 4,530 482 2,147 Dec. 22 825 820 20,128 2,961 325 156 9,360 8,691 109 4,536 492 2,146 Dec. 29 859 800 20,185 2,976 327 166 9,393 8,700 109 4,545 483 2,142 1938—Jan. 5 788 792 20,051 3,080 314 176 9,167 8,555 110 4,573 454 2,139 Jan. 12 755 800 20,136 3,072 311 149 9,284 8,678 109 4,562 465 2,144 Jan.19 734 798 20, 095 3,087 302 160 9,239 8,665 115 4,558 456 2,141 Jan. 26 656 809 20,081 3,081 302 143 9,227 8,714 115 4,562 468 2,144 Feb. 2 681 804 19, 979 3,076 296 155 9,138 8,612 115 4,574 450 2,135 Feb. 9 603 843 19,954 3,056 296 132 9,145 8,674 115 4,575 462 2,137 Feb. 16 784 844 20,151 3,125 295 149 9,273 8,638 112 4,576 451 2,137 Feb. 23 733 843 20,084 3,052 295 143 9,265 8,675 114 4,580 452 2,140 1 Does not include cash items in process of collection reported in balances with domestic banks. * 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 Eesearch 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

212 FEDERAL RESERVE BULLETIN MARCH 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a - - C la le n v d e- m Ri o c n h d - At t l a an- .C g hi o ca- 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 - Y N o e r w k Ch g i o ca- ASSETS Loans and investmentstotal: Jan. 26 21, 275 1,218 8,706 1,115 1,803 624 551 2,966 653 385 653 490 2,111 7,857 1,936 Feb. 2 21, 234 1,214 8,671 1,117 1,805 629 553 2,964 652 386 650 493 2,100 7,823 1,933 Feb. 9 21, 226 1,210 1,119 1,798 635 552 2,969 647 387 650 490 2,101 7,818 1,936 Feb. 16 21, 231 1,211 8,681 1,111 1,801 629 550 2,978 645 390 648 487 2,100 7,837 1,947 Feb. 23 21,167 1,209 8,672 1,104 1,797 623 544 2,971 646 387 647 484 2,083 7,826 1,940 Loans—total: Jan. 26 637 3,741 456 695 245 290 318 175 266 236 1,033 3,317 616 Feb. 2 631 3,707 455 699 245 291 943 317 171 263 237 1,022 3,285 615 Feb. 9 3,925 628 3,665 457 697 245 290 945 314 170 263 235 1,016 3,244 618 Feb. 16 8,944 630 3,686 451 702 244 290 953 311 168 260 234 1,015 3,267 628 Feb. 23 630 3,657 450 702 244 287 944 310 167 259 230 1,016 3,242 620 Commercial, industrial, and agricultural loans: On securities: Jan. 26 563 231 10 219 Feb. 2 _ 566 235 223 29 Feb. 9 562 232 220 30 Feb. 16. 559 231 219 27 Feb. 23 562 233 220 27 Otherwise secured and unsecured: Jan. 26 3,832 255 1,582 159 231 148 523 147 152 140 324 1,467 381 Feb. 2 .__ 3,828 252 1,594 157 234 149 521 145 149 140 318 1,480 381 Feb. 9 3,840 251 1,602 159 233 148 530 144 149 139 315 1,489 390 Feb. 16 3,833 252 1,599 158 233 149 530 144 145 139 316 1,487 392 Feb. 23 3,816 1,588 157 235 147 527 142 145 139 319 1,478 Open market paper: Jan. 26 459 189 25 16 4 50 11 18 40 176 30 Feb. 2 _. 455 188 27 16 4 48 11 18 39 175 29 Feb. 9___ .._. 450 184 26 15 4 11 18 39 171 29 Feb. 16 441 178 26 15 4 10 19 35 165 29 Feb. 23 436 175 26 15 4 10 18 34 163 29 Loans to brokers and dealers: Jan. 26_ .__! 657 19 22 4 4 17 651 Feb. 2 762 617 19 22 4 4 14 611 37 Feb. 9 714 578 18 22 4 4 13 572 32 Feb. 16_ 747 594 18 27 4 4 14 588 42 Feb. 23 731 584 18 25 4 4 13 578 40 Other loans for purchasing or carrying securities: Jan. 26____ 617 287 57 212 73 Feb. 2 617 285 57 211 73 Feb. 9 615 285 57 211 73 Feb. 16 616 287 58 213 72 Feb. 23 614 58 212 71 Real estate loans: Jan. 26 1,162 234 174 372 128 13 Feb. 2 1,161 233 174 372 127 13 Feb. 9 1,161 233 174 372 127 12 Feb. 16 1,158 232 174 372 126 12 Feb. 23 1,160 232 174 372 126 12 Loans to banks: Jan. 26 3 3 38 1 Feb. 2 4 2 36 1 Feb. 9 4 2 36 1 Feb. 16 ! 3 2 46 1 Feb. 23 3 2 40 1 Other loans: On securities: Jan. 26 718 265 123 234 20 Feb. 2 714 263 123 232 20 Feb. 9_, 713 262 123 231 20 Feb. 16 711 261 123 231 22 Feb. 23 711 263 123 232 20 Otherwise secured and unsecured: Jan. 26 814 257 104 192 32 Feb. 2 813 255 106 190 32 Feb.9 807 252 105 187 31 Feb. 16 806 257 106 192 31 Feb. 23 799 256 104 193 31 U. S. Government direct obligations: Jan. 26 8,176 428 3,363 305 792 283 155 1,439 193 156 228 173 661 3,150 961 Feb. 2___ 8,165 429 3,337 308 789 288 155 1,441 194 162 227 173 662 3,123 958 Feb. 9 8,202 428 3,367 307 785 294 155 1,445 192 164 227 174 3,151 962 Feb. 16 _ 8,160 428 3,335 307 782 154 1,443 191 168 227 173 664 3,123 956 Feb. 23 8,147 426 3,345 302 778 151 1,442 192 167 227 174 657 3,127 956 Obligations fully guaranteed by U. S. Government: Jan. 26 1,139 444 189 129 396 101 Feb. 2 1,141 447 188 128 398 101 Feb. 9. 1,146 451 189 129 401 101 Feb. 16 ___ _.._ 1,150 453 188 129 405 101 Feb. 23 1,150 459 188 126 411 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 213 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 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 - A t tl a an-Ch g i o ca- 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 - Y N o e r w k Ch g i o ca- ASSETS—continued Other securities: Jan. 26 2,922 133 1,158 262 255 61 73 392 95 40 114 51 288 994 258 Feb. 2 . .. 2,947 134 1,180 262 256 61 74 392 94 39 115 52 288 1 017 259 Feb 9 2,953 134 1,185 263 255 61 74 390 94 39 115 51 292 1 022 255 Feb. 16 2,977 132 1,207 261 255 61 74 394 95 40 115 51 292 1 042 262 Feb. 23 2,974 132 1,211 260 255 61 74 397 95 39 115 51 284 1 046 264 Reserve with Federal Reserve bank: Jan. 26 5,735 317 2,925 248 331 133 104 846 157 71 163 110 330 2,769 625 Feb. 2 5,674 323 2,922 246 333 130 105 804 144 71 161 113 322 2 764 592 Feb. 9 5,617 322 2,833 243 330 134 105 818 148 73 166 109 336 2,676 607 Feb 16 5,622 318 2,841 239 330 137 106 818 150 68 169 111 335 2 695 604 Feb. 23 5,673 328 2,884 244 325 145 105 807 150 74 166 110 335 2 741 591 Cash in vault: Jan. 26 305 36 68 17 38 18 11 57 10 6 13 11 20 52 25 Feb. 2 277 35 63 16 34 16 10 50 10 5 11 9 18 49 22 Feb. 9 304 37 68 17 37 18 11 55 10 6 13 11 21 52 24 Feb. 16 280 35 64 15 35 16 10 51 9 5 11 10 19 49 22 Feb. 23 313 38 71 17 37 19 12 57 11 6 12 11 22 54 25 Balances with domestic banks: Jan. 26 2,046 124 142 144 204 139 113 348 121 76 227 188 220 67 162 Feb. 2 2,010 123 139 145 197 132 110 356 122 72 217 178 219 65 167 Feb. 9 1,972 118 137 141 195 126 109 342 125 69 215 182 213 65 160 Feb. 16 2,038 122 148 140 199 129 115 345 127 69 235 200 209 67 161 Feb. 23 r2, 041 124 147 149 207 125 119 341 122 72 225 192 r218 65 160 Other assets, net: Jan. 26 1,283 78 558 83 104 34 38 92 23 16 23 27 207 474 60 Feb. 2 1,276 77 561 82 102 35 37 93 23 16 22 27 201 472 61 Feb. 9 1,319 77 602 83 102 34 38 92 23 16 22 27 203 476 61 Feb. 16 1,325 78 602 85 102 35 38 93 23 16 23 27 203 481 60 Feb. 23 1,320 78 595 84 102 34 38 94 23 16 22 28 '206 477 61 LIABILITIES Demand deposits—adjusted: Jan. 26_._ _ 14, 583 997 6,415 786 1,033 420 328 2,176 406 253 480 402 887 5,869 1,441 Feb. 2 . 14, 464 994 6,401 782 1,019 409 323 2,149 399 247 467 396 878 5,852 1,421 Feb. 9 14, 511 992 6,425 779 1,013 412 321 2,165 406 246 472 396 884 5,837 1,435 Feb. 16 14, 485 992 6,419 766 1,010 409 320 2,155 406 242 486 402 878 5,847 1,426 Feb. 23.- 14, 576 1,003 6,471 773 1,017 412 324 2,155 407 248 481 403 882 5,901 1,421 Time deposits: Jan. 26 _ 5,213 265 1,065 275 738 196 182 881 184 122 145 128 1,032 651 464 Feb 2 5,225 264 1,064 277 745 197 183 886 184 122 145 128 1,030 651 469 Feb.9 5,223 264 1,061 278 746 197 183 886 184 122 145 128 1,029 648 469 Feb 16 5,248 264 1,086 279 748 197 182 884 184 122 145 129 1,028 672 469 Feb. 23 5,249 265 1,085 280 749 197 182 884 184 122 145 129 1,027 669 469 U. S. Government deposits: Jan. 26 _ 653 27 362 24 19 13 17 86 8 2 14 21 60 351 63 Feb. 2 639 27 354 23 18 12 17 85 8 2 14 21 58 343 62 Feb. 9 639 27 354 23 18 12 17 85 8 2 14 21 58 343 62 Feb. 16 _ 638 27 354 23 18 12 17 85 8 1 14 21 58 343 62 Feb. 23 638 27 354 23 18 12 17 85 8 1 14 21 58 343 62 Interbank deposits: Domestic banks: Jan. 26 5,322 209 2,193 275 323 203 195 767 269 113 345 187 243 2,126 569 Feb. 2 _ 5,316 216 2,193 276 322 210 197 759 263 115 340 188 237 2,125 562 Feb. 9 5,244 209 2,140 275 318 210 200 752 258 116 340 187 239 2 073 561 Feb. 16 5,325 211 2,156 274 325 213 205 773 259 119 346 196 248 2,088 576 Feb. 23 5,260 207 2,161 272 317 209 200 756 256 119 337 185 241 2,094 563 Foreign banks: Jan. 26 425 10 388 3 1 1 7 1 1 13 387 5 Feb. 2 417 9 380 4 1 1 7 1 14 379 6 Feb. 9 390 8 357 3 1 1 6 1 13 356 5 Feb. 16 383 8 351 3 1 1 6 1 12 350 5 Feb. 23- 375 12 333 6 1 1 7 1 1 13 332 6 Borrowings: Jan. 26 1 1 Feb. 2 _ 2 1 •1 Feb. 9 2 1 1 Feb. 16. _. _ 9 9 9 Feb. 23 . Other liabilities: Jan. 26 . _ 821 27 364 18 17 24 5 20 7 7 3 6 323 353 17 Feb. 2 787 23 348 17 16 23 5 18 7 7 3 6 314 337 15 Feb. 9 806 24 355 18 16 24 5 19 8 7 3 6 321 344 16 Feb. 16. 786 23 346 18 16 23 5 19 8 7 3 6 312 335 16 Feb. 23 _ 790 24 349 17 17 24 6 19 8 7 2 5 312 338 16 Capital account: Jan. 26 _ 3,626 238 1,612 226 349 92 88 372 90 56 92 81 330 1,482 249 Feb. 2 3,621 239 1,616 227 349 91 88 363 90 56 92 81 329 1,486 240 Feb. 9 3,623 239 1,616 227 349 92 88 363 89 57 92 81 330 1,486 240 Feb. 16 3,622 239 1,615 227 349 92 89 363 89 56 92 81 330 1,485 240 Feb. 23. 3,626 239 1,616 227 349 92 88 364 89 57 93 81 331 1,486 240 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN MARCH 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month s p m t o c a a u i p e n a t r e d l - - r - s T t o a o u n t t a d - l - Heldb b y a n a k c s cepting H E e e ld se b rv y e F F b e o a d r n e k a r c s a - l Held "R o a n sort o B n a s e e x d - Dollar s b to e B r t e a w d s e e i e d n n o o p n r o s g i h n o i t o p s d p s i e n d ing* ing Total O bi w lls n bo B u il g ls ht o c w F o n u o n r a t c- c f s o c o p o u r o e r n n i r t g e d o n - - f ot b h y ers p U i o n . t r S o t . s p U fr o o . r S m t . s ch e a x n - ge U.S. F c o o r u ei n g - n ents tries 1936—December.- . 215 373 315 151 164 57 126 86 2 83 76 1937—January 244 387 325 154 171 62 141 83 2 84 77 February 268 401 341 160 180 61 158 85 2 79 77 March. 290 396 317 150 166 (J) 80 160 84 2 76 76 April 285 395 318 147 171 1 1 76 167 83 1 68 76 May 287 386 295 137 159 3 2 86 168 81 1 62 75 June 285 364 273 130 143 1 4 87 157 77 1 55 74 July 325 352 265 144 121 (2) 3 83 143 71 2 65 71 August 329 344 263 143 120 2 79 133 71 2 68 69 September 331 344 274 148 127 1 69 127 77 1 73 66 October 323 346 282 153 129 2 62 127 82 1 75 62 November 311 348 279 148 131 2 67 122 84 1 79 61 December 279 343 278 147 131 2 63 117 87 2 78 59 1938—January 299 326 266 147 119 2 59 106 82 3 75 60 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 l Other credit balances Debit Debit End of month C b u a ( d s n l t e a e o b n t m ) c i t e e i s rs' a i b n n p a v d l a a e r n t s t r n t c a m e e d s r e i s n n i ' n g t a i b n n a v d la e f n t s i r r t c a m m e d s e i n n in g t C a b h a n a s a d n h n k d i o s n n r M o b w o o n e r d e - y 2 Other p i a n r v I tn n es e t r - s' in f v i I r n e m st- cap In ital accounts accounts Free (net) ment and ment and accounts trading j trading (net) accounts accounts 1935—September. 1,098 119 182 771 257 396 December. 1,258 135 179 930 286 410 1936—March 1,351 168 181 995 303 429 June 1,267 164 219 985 276 420 September. 1,317 141 227 995 289 423 December. 1,395 164 249 1,048 342 103 424 1937—January... 1,433 162 243 1,028 372 118 428 February- 1,482 188 230 1,084 366 116 418 March 1,549 175 223 1,172 346 115 419 April 1,559 163 227 1,215 314 111 417 May 1,503 149 209 1,188 284 101 408 June __ 1,489 161 214 1,217 266 92 397 July 1,493 157 206 1,213 265 96 397 August 1,509 149 202 1,233 252 92 391 September. 1,363 128 239 1,088 256 96 385 October ___ 1,053 135 263 781 272 107 383 November. 1,034 120 225 723 270 95 376 December. 232 688 278 85 355 1938—January... 958 103 220 641 87 333 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. Back figures.—See page 196 of this issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

215 MARCH 1938 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by d R e e r d s i e sc e e s o r . u a 1 n l 3 t R s a e n a s d n e d r 1 v 3 a e a d A v o a f c n t t » c h e e s F u e n d - - A 10 d v (b a R ) n e c o s e f e s r t v h u e e n A d F e c e r t d s e e r c a . l d t ( i h r la e e s c t t U p o n a b i r t l e a ig d g a r t a S i p o ta h n t s e o s o f f sec. 13 of the Federal Federal Reserve Bank Reserve Act) F R eb a . te 28 be I g n in ef n fe in ct g- v P r i a r o e t u - e s F R eb a . te 28 be I g n in ef n fe in ct g- F R eb a . te 28 be I g n in ef n fe in ct g- Boston Sept. 2, 1937 Sept.2, 1937 Oct.20, 1933 New York____ Aug. 27, 1937 Oct. 10, 1935 Feb. 8, 1934 Philadelphia- Sept. 4, 1937 Sept.4, 1937 Oct.20, 1933 Cleveland May 11,1935 Oct. 19, 1935 May 11, 1935 Richmond Aug. 27, 1937 Sept.10, 1937 Feb. 19, 1934 Atlanta Aug. 21, 1937 Aug.21, 1937 Mar. 17, 1934 Chicago Aug. 21, 1937 Aug.21, 1937 Oct. 16, 1933 St. Louis Sept. 2, 1937 Sept.2, 1937 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug.24, 1937 Apr. 15, 1933 Kansas City.. Sept. 3, 1937 Sept.3, 1937 May 10, 1935 Dallas Aug. 31, 1937 Aug.31, 1937 Mar. 12, 1934 San Francisco Sept. 3, 1937 Sept.17, 1937 Oct. 19, 1933 1 Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1936 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect Feb. 28, 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] Maturity e R F ff e a e b c t . e t 2 i o n 8 n In g i e n f n fe in c g t — be- Pre ra v t i e ous A i d n v g a i n n c s e t s it u to ti o fi n n s a — nc- Advances direct to Commit- 1-15 days 1.. Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 3 1 4 6 1 6 6 1 - - - - 3 6 9 4 0 0 0 5 d d d d a a a a y y y y s s s s _ — . . _ . . . . . -IIIIdoII"II~ m ga o e n r r i c z c i a o a t l m i o o - n r- s t i w t i n i o o s h n t n i i c t f u i h o s - r m p O o a n r in t i r i o e n n - g a t d o v m an a c k e e s 9 1 1 2 - 1 1 -1 2 8 0 0 d d a a y y s s .. . IldoIIIIII" obligated 1 This rate also applies to acceptances bought under repurchase agree- N Bo ew st o Y n ork 4-6 4-5 ments, which agreements are always for a period of 15 days or less. Philadelphia- 4-6 ) NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 43^-6 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, mad^,by other Federal Reserve banks. Atlanta 5 5 Chicago _ 5-6 5-6 1-2 Back figures.—See Annual Report for 1936 (table 41). St. Louis 4 Minneapolis.. 6 43^-5 Kansas City.. 4-6 4 Dallas... 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 YT-2 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. [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 O a o t v h s i t e n a r l g s S t i a d m v e e i p n o g d s s i e t p d s o ep si o ts s its pay- Clas a s n es d o b f a d n e k p s osits A 1 u 1 9 g 9 1 . 3 7 6 - 15, Fe 1 1 b 9 9 . 3 3 6 2 7 - 8, A 1 p 1 9 r 9 3 . 3 7 3 7 - 0, a M nd 19 a 3 y a 7 f , 1 te , r able in: 6 months or more 90 days to 6 months On net demand deposits;i Less than 90 days 1 Central reserve city _ 13 22M 26 Reserve city __ 10 15 173^ 20 Country 7 ioy2 12H 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 6 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on page 204 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

216 FEDERAL RESERVE BULLETIN MARCH 1938 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on- Average rate on- 1929 1931 1932 1933 1934 1935 1936 1937 1938 Aver- U.S. Treas- age New York City: Year, Prime Stock- Stock ury bills yield on January 5.74 4.24 4.71 4.12 3.58 2.83 2.64 2.50 2.36 month, or Prime bank- ex- ex- U. S. February 5.73 4.31 4.71 4.11 3.43 2.90 2.56 2.41 2.34 week com- ers' change change Treas- March ___ 5.81 4.20 4.72 4.88 3.31 2.64 2.61 2.50 mercialaccept- time call New 91- ury April 5.85 4.17 4.69 4.33 3.39 2.61 2.54 2.53 paper, ances, loans, loan issues day 3 to 5 May 5.88 4.11 4.55 4.24 3.42 2.69 2.51 2.44 4 to 6 90 90 re- of- deal- year June 5.93 4.13 4.61 4.10 3.30 2.66 2.44 2.34 months days days new- fered ers' notes July _ 5.88 4.05 4.42 3.93 3.30 2.61 2.44 2.36 als w pe i r t i h o i d n 1 ta qu ti o o - n A Se u p g t u em st ber 6 6 . .0 0 6 5 3 3 . . 9 9 7 3 4 4 . . 4 3 5 0 3 3 . . 7 9 9 7 3 3. . 2 3 6 3 2 2 . . 6 7 7 2 2 2. . 4 4 0 2 2 2. . 3 4 9 1 October 6.08 4.27 4.35 3.76 3.28 2.72 2.46 2.38 November 5.86 4.67 4.12 3.52 3.22 2.77 2.43 2.45 1935 average... .76 .13 .56 .56 .14 .17 1.29 December 5.74 4.64 4.22 3.48 3.18 2.61 2.43 2.40 1936 average.— .75 .15 1.16 .91 .14 .17 1.11 1937 average.— .95 .43 1.25 1.00 .45 '.28 1.40 Year 5.88 4.22 4.49 4.02 3.33 2.70 2.49 2.43 1937—January- X Vie-1 A IX 1.00 .36 r. 17 1.18 8 o e t a h s e te r r n n o c rt i h ti e e r s n : and February % IX 1.00 .38 '.15 1.22 January... _ 5.87 4.61 4.65 4.08 3.62 3.36 3.37 March __ 5/ie-9/i6 IX 1.00 .58 '.38 1.42 February __ 5.86 4.63 4.49 4.02 3.63 3.43 3.29 April 1 9/l6 1.00 .70 '.56 1.59 March 5.91 4.62 4.52 4.05 3.6C 3.34 May 1 V2-V16 IX 1.00 .65 '.41 1.48 April ____ 6.00 4.5! 4.52 3.99 3.47 3.36 June 1 V16-V2 IX 1.00 .58 r.36 1.54 May. 6.09 4.55 4.39 3.88 3.45 3.45 July 1 7/l6 V4. 1.00 .49 r. 28 1.44 June 6.02 4.49 4.30 3.78 3.51 3.32 August „ 1 Vie IX 1.00 .52 '.29 1.45 July _ 6.08 4.48 4.15 3.87 3.61 3.32 Sept 1 Vn 1.00 .53 '.31 1.50 August 6.11 4.47 4.12 3.79 3.47 3.29 October _ 1 7A« IX 1.00 .41 '.20 1.42 September 6.24 4.48 4.11 3.75 3.45 3.33 Nov 1 V16 IX 1.00 .15 '.09 1.31 October.. _ 6.25 4.62 4.13 3.75 3.50 3.37 Dec 1 Vie IX 1.00 .10 '.11 1.27 November 6.12 4.87 4.08 3.63 3.47 3.42 1938—January. 1 Vie IX 1.00 .10 .10 1.13 December 5.94 4.91 3.98 3.67 3.46 3.36 Week ending: Year 6.04 4.61 5.05 4.83 4.29 3.86 3.52 3.36 Jan. 8 1 7/]« ^-X 1.00 .10 .10 L. 18 27 southern and Jan. 15 1 Vie IX 1.00 .11 .11 .12 western cities: Jan. 22 1 Vie ^x 1.00 .10 .10 .09 January 5.94 5.50 5.61 5.40 4.95 4.47 4.16 4.16 Jan. 29 1 Vie ^•X 1.00 .08 .10 L. 14 February 5.96 5.43 5.61 5.39 4.84 4.51 4.15 4.09 Feb. 5 1 Vie IK 1.00 .08 .07 L.12 March _ 6.04 5.40 5.64 5.40 4.85 4.44 4.15 Feb. 12___. 1 Vie IX 1.00 .08 .08 L. 13 April 6.07 5.36 5.63 5.34 4.80 4.40 4.2] Feb. 19.___ 1 Vie IX 1.00 .09 .08 L.08 May _.__ 6.10 5.26 5.64 5.28 4.79 4.43 4.1/ June _ 6.16 5.34 5.62 5.19 4.76 4.39 4.18 July _ 6.17 5.30 5.63 5.07 4.58 4.35 4. It 1 Series comprises 182-day bills to February 23,1935, 273-day bills from August 6.22 5.28 5.68 5.05 4.63 4.25 4.1* March 1,1935, to October 15, 1937, bills maturing about March 16, 1938, September.. 6.27 5.32 5.63 5.04 4.51 4.29 4.18 from October 22, to December 11, 1937, and 91-day bills thereafter. October 6.29 5.38 5.56 5.05 4.55 4.23 4.16 Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures November 6.29 5.53 5.55 4.93 4.51 4.24| 4.17 for 91-day Treasury bills available on request. December 6.20 5.56 5.60 4.92 4.55 4.14] 4.15 ' Revised. Year 6.14 5. 39 5. 62 5. 56 5.17 4. 69 4.35 4.17 BOND YIELDS1 [Percent per annum] Corporate 4 Year, month, or week T U u r r . e y a S 2 s . - M ip u a n l i 3 c- Total Aaa Aa By ratings Baa In tr d i u al s- By R r o g a a r i o d 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 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 1938—January.... 2.47 3.03 4.33 3.20 3.61 4.32 6.19 3.54 5.44 4.01 Week ending: Jan. 29 2.47 2.99 4.43 3.24 3.69 4.40 6.41 3.55 5.70 4.05 Feb. 5 2.47 2.99 4.46 3.26 3.69 4.44 6.45 3.59 5.70 4.09 Feb. 12 2.47 2.99 4.43 3.24 3.66 4.43 6.38 3.59 5.61 4.08 Feb. 19 2.45 3.00 4.38 3.22 3.64 4.37 6.29 3.57 5.50 4.08 1 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. 4 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 STOUD from 10 to 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 217 BOND PRICES l STOCK MARKET Corporate3 Stock prices1 U.S. Year, month, or date T u r r e y a * s- M i u p n a i l c- Total In tr d ia u l s- R ro a a i d l- Utility Year, month, or Pre- Common (index, 1926=100) u t V m ra o e d l - - of ferred2 Indus- Railing^ Number of issues 7-12 15 20 20 20 Total trial road Utility 1935 average 106.1 105.3 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 40 1937 average. 104. 4 110.3 93.4 90.1 100.4 1935 average _. 133.8 78 91 71 1,411 1937—January—. 107.3 115.8 100.3 94.8 100.6 105.7 1936 average 138.9 111 127 104 1,824 February.. 107.2 112.7 100.0 94.7 100.2 105.1 1937 average— 136.2 112 131. 95 1,519 March 105.2 108.9 98.5 93.5 98.3 103.6 April 102.6 108.0 96.6 92.0 95.3 102.4 1937—January 141.8 126 147 114 2,667 May 103.3 109.6 96.2 91.9 95.0 101.8 February 141.2 130 152 111 2,564 June 103.5 110.1 95.0 91.2 93.2 100.6 March 138.0 130 153 106 2,133 July 104.0 110.8 95.3 91.4 93.2 101.2 April 136.0 125 147 101 1,466 August 104. 0 111.8 94.8 91.9 91.0 101.4 May. __ 135.4 116 137 94 859 September. 103.3 109.0 91.3 90.0 85.6 98.4 June — 135.2 114 134 91 697 October 103.5 108.1 86.4 85.5 78.4 95.2 July 135.7 118 139 96 917 November. 104.0 109.1 83.3 82.7 72.1 95.0 August 137.2 121 144 97 729 December.. 104.7 109.5 82.7 81.4 72.5 94.3 September... 136.4 106 126 89 1,498 1938—January 105.3 111.5 80,6 81.7 66.2 94.0 October 133.5 91 107 81 2,324 November... 132.3 83 96 80 1,420 Jan. 26 105.3 112.2 78.2 80.4 61.4 92.8 December 132. 1 81 94 78 1,174 Feb. 2 105.3 112.2 79.0 80.1 64.8 92.1 1938—January 133.5 83 97 76 1,069 Feb. 9..«_. 105.2 112. 2 78.8 80.1 64.7 91.7 Feb. 16..-. 105.5 112.0 79.5 65.5 92.2 Jan. 26 133.8 74 1,022 Feb.2 133.8 72 810 Feb. 9 133.0 70 611 1 Monthly data are averages of daily figures except for municipal bonds, Feb. 16 133.1 70 614 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 8 years, based on quotations from Treasury Department. * Standard Statistics Co. Monthly data are averages of Wednesday * Prices derived from average yields, as computed by Standard Sta- figures. tistics Co. »Average prices of industrial high-grade, derived from yields. Back figures.—See Annual Report for 1936 (table 73); for U. S. Treas- 3 Average daily volume of trading in stocks on the New York Stock ury bonds, see BULLETIN for May 1936, p. 317. Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. Buck figures.—For stock prices, see Annual Report for 1936 (table 73). CAPITAL ISSUES [In millions of dollars] For newcapital For refunding Total Domestic Domestic Year or (new Total Total month fu a i r n n n e g d - d ) - m ( a f d e o n o s 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 ate e F ig o n r- * m a ( f e d o n o s r d - t - ic Total S m a t n a u d t - e F e e ra d l - C B or o p n o d r s ate e F ig o n r- * eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies* notes pal cies8 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 11,533 10.091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 35 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 9 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, 878 '2, 080 2,076 727 157 1,192 789 403 '4 '1,798 1,639 175 280 1,184 833 351 '159 1937—January 603 '244 '244 '147 0 '96 '65 31 0 '360 289 '60 26 204 87 116 70 Feb.... '511 '190 '190 34 4 '152 '96 56 0 '321 255 9 21 225 140 84 66 March. 382 185 185 47 0 138 99 39 0 197 197 12 4 181 162 19 0 April „ '303 '159 '159 '70 '11 '78 '38 40 0 '144 '123 '14 '22 87 69 18 21 May.,. ••266 150 150 '44 29 78 47 31 0 '116 '116 8 16 '92 '71 21 0 June... 560 '360 '360 '91 0 269 187 82 0 200 200 21 30 149 139 11 0 July..,. '340 '247 '247 '77 89 '81 39 '42 0 93 93 8 29 57 20 37 0 August- 187 '79 '79 '28 0 '51 '34 '17 0 '109 '109 25 27 56 51 6 0 Sept.... ••221 '154 •"154 41 0 '113 87 25 '0 67 67 7 20 39 3 39 0 October '203 '96 '93 '27 0 '67 '46 21 3 107 '106 2 34 70 70 0 2 Nov.... 136 '94 '94 '43 25 26 22 4 r 3 '42 '42 4 27 10 10 r 3 0 Dec 164 122 122 79 0 43 27 16 1 42 42 5 23 14 14 3 '0 1938—January 121 92 92 41 6 46 39 6 0 29 29 8 18 4 3 1 0 1 ' Revised. * 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, * 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.—Bee Annual Report for 1936 (table 72). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN MARCH 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 Publicly offered 1 Total End of month Ad- Social Bonds justed se- All Ma- Total service curity other5 tured Other interest Total Notes Bills 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 21,782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28,701 27,645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33,779 32,989 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—January.... 34, 502 33,821 32, 582 79 19,452 509 10,289 2,253 489 119 632 137 544 February.. 34,601 33,926 32, 617 79 19,452 567 10,267 2,253 475 204 630 139 536 March 34,728 34,064 32,722 79 19,936 722 9,783 2,203 461 322 559 136 528 April 34,941 34, 295 32,884 79 19,936 752 9,764 2,353 451 407 552 126 520 May 35, 213 34,591 33,107 79 19,936 775 9,764 2,553 445 489 550 110 512 June 36,425 35,800 33, 734 79 19,936 800 10, 617 2,303 926 579 560 119 506 July 36, 716 36,113 33,918 79 19,936 833 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 1938—January... 37, 453 36,887 34,114 79 20,476 1,060 10, 547 1,952 872 1,263 638 99 466 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. * Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. • Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES1 OBLIGATIONS, JANUARY 31, 1938 [In millions of dollars] [In millions of dollars] Federal Home Recon- Date maturing Total Bonds* Notes Bills Farm Owners' struction End of month Total Mortgage Loan Finance Corpora- Corpora- Corpora- 1938—Before Apr. 1... 1,422 471 951 tion tion* tion Apr, 1-June 30.. 1,469 618 851 July 1-Sept. 30. 747 596 150 Oct. 1-Dec. 31.. 433 433 1934—June— 681 312 134 235 1939—Jan. 1-Mar. 31_. 942 942 December... 3,063 980 1,834 249 Apr. 1-Dec. 31.. 2,247 2,247 1935—June 4,123 1,226 2,647 250 1940. 2,854 2,854 December... 4,494 1,387 2,855 252 1941 2,219 834 1,385 1936—June 4,718 1,422 3,044 252 1942 1,001 1,001 December.. 4,662 1,422 252 1943_ 898 1945-.. 2,125 2,125 1937—January 4,662 1,422 2,988 252 1946 1,860 1,860 February... 4,662 1,422 252 1947_ 2,111 2,111 March 4,662 1,422 2,988 251 1948. 2 1,158 21,158 April 4,660 1,422 2,987 250 1949 819 819 May 4,660 1,422 2,987 250 1951 1,223 1,223 June 4,665 1,422 2,987 255 1952 1,250 1,250 July 4,703 1,420 2,987 295 1953 1,786 1,786 August 4,633 1,400 2,937 296 1954 2,663 2,663 September- 4,633 1,400 2,937 296 1955 755 755 October 4,634 1,400 2,937 297 1956 489 489 November.. 4,644 1,410 2,937 297 1959 982 982 December... 4,645 1,410 2,937 297 1960. 2,611 2,611 1938—January 4,646 1,410 2,937 298 1961 50 50 Total _ 34,114 21,615 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 * Issues classified as of date of final maturity; most issues callable at Housing Administrator, amounting to $248,000 on January 31, 1938. earlier dates; most of the U. S. Savings bonds are redeemable at option 2 Excludes obligations guaranteed as to interest only. of holder. 2 Includes unclassified U. S. Savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

219 MARCH 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 Receipts Expenditures * T a r c u - st I c n r c e r a e s a e s e d u o r r i n d g ecounts, period General Excess e e x t c c e .* ss Period Total c ta o I x n m e - s e s S t e a o i c x t c y u e ia r s - l s O i r n n e n u t t v h a e e e l e r 3 - - r ot A h l e l r Total e I d n s e t t e b o r t n - t f i V a N e o d 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 t d g v ) - s * - T a f t e e c r r r t c u a c s ' n s . t t 6 t s s o . - p ( c o t + e e u ( e f n i - x r ) p r e ) d o - e t s i s - r - p ( c o t + e e u ( e f n i - r ) x p r e ) d o - e t s i s - r - G b f a e u l n a n e n d r c a e l G d r e o b s t s erans' Adm.* Fiscal year ending: June 1935 _ 3,800 1,099 2,179 523 6,802 821 1,089 1,315 3,366 141 71 -3,002 +613 -741 +1,648 June 1936 _ 4,116 1,427 (8) 2,086 603 8,477 749 1,340 1,310 3,341 «78 1,814 -4,361 +123 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,001 866 1,436 1,994 3,079 » 244 868 -2,707 -67 -128 +2,646 7 months ending: Jan. 1936 2,130 590 1,180 359 3,902 377 724 807 1,851 4 141 -1,773 +120 +163 +1,816 Jan. 1937 _. 2,442 748 3 1,302 390 4,134 417 827 1,017 1,928 2,202 148 -1,692 +13 -956 +724 Jan. 1938 3,511 1,210 471 1,443 388 4,349 448 899 1,189 1,182 160 470 -838 +206 +396 +1,028 1937—January 284 43 3 168 70 631 14 116 159 230 67 45 -348 +72 -180 +95 February 275 58 10 148 58 553 20 112 176 214 »13 45 -279 -187 +99 A M p a r r i c l h .» ._ _ 1,0 3 1 6 2 3 70 5 0 7 5 7 0 8 1 16 9 6 0 6 7 2 1 7 7 5 0 4 8 1 6 5 8 9 1 1 2 2 1 9 2 23 2 0 5 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 + +2 1 1 2 2 7 May 335 47 59 170 60 552 9 119 169 211 »2 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 1938—January 335 52 57 172 53 566 16 130 180 150 34 56 -231 +35 -23 +173 1 Excludes debt retirement. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc." 5 Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm Credit 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 agenoies, unemployment trust fund, old-age reserve account, and railroad retirement account. * 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—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 1938—January 2,950 1,223 142 413 1,172 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN MARCH 1! GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 193 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed whollyfrom 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 Dec. 31, Nov. 30, Dec. Corpo- Corpo- istra- institu- institu- institu- institu- 1937 1937 193 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions 290 1 200 11 501 487 Preferred stock, etc 555 0) »206 762 764 Home mortgage loans 2,398 2,398 2,422 2, Farm mortgage loans 2,876 2,876 2,886 2 Other agricultural loans 1 183 16 95 266 0) 560 529 All other loans 884 81 378 1,343 1,296 1, Total loans and preferred stock 1,730 183 81 16 474 2,876 266 2,804 11 8,440 8,385 8, Cash 4 8 82 75 21 89 20 299 271 United States direct obligations 34 5 34 51 107 20 355 606 604 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 0) 0) 50 14 102 180 180 Other 2 26 2 3 32 31 Production credit association class (2) 1 A stock _ 76 76 77 Accounts and other receivables 36 (0 1 39 170 4 24 3 277 279 All other assets 12 22 0) 409 155 3 497 19 1,116 1,127 Total assets other than interagency 2 1,817 183 104 146 1,040 3,328 452 3,448 510 11,027 10, 953 10, LIABILITIES Bonds, notes, and debentures: G O u th a e r r a 2 nteed by United States.„ 297 60 0) 21 1 , ,4 0 1 4 0 6 175 2,93 7 7 8 (l) 4 1 , ,3 6 6 4 3 5 4 1 , ,3 6 4 4 0 4 4 1 , , Other liabilities (including reserves) 54 4 52 208 6 151 110 585 572 Total liabilities other than interagencyl 351 60 4 56 2,664 181 3,167 110 6,593 6,556 6, Excess of assets over liabilities, excluding interagency transactions. . 1,465 123 104 141 984 664 271 281 400 -4,434 4,397 4, Privately owned interests _._ 178 4 40 139 361 360 U. S. Government interests 1,465 123 104 141 984 487 267 241 261 4,073 4,038 3, 1 Less than $500,000. * Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. » Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasi 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] Jan. 31, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 3 1937 1937 1937 1937 1937 1937 1937 1938 Loans to financial institutions 313,335 271,009 266, 283 261,104 256, 965 249, 594 251, 368 i 246, Loans on preferred stock of banks and insurance companies. 41, 796 40,027 39, 414 39,167 38, 949 38,800 38,650 38, • Preferred stock, capital notes, and debentures _ 630, 272 576, 672 567,879 566,090 563, 465 559, 623 555, 312 551,: Loans to railroads (including receivers) 345, 502 351, 936 351, 855 356, 279 355, 932 355, 923 355, 894 358,: Loans for self-liquidating projects 200,181 225, 407 227,108 231,171 232,414 234,113 237, 637 235,: Loans to industrial and commercial businesses 63,079 71,181 72,833 73,101 73, 283 72,686 74, 794 73, L O o th a e n r s l t o o a n d s ra 2 inage, levee, and irrigation districts. 65 3, , 2 1 7 6 1 4 74 3 , , 7 6 9 0 8 5 7 3 5 , , 8 0 6 38 7 7 3 7, , 1 8 8 7 0 0 7 3 7, , 160 7 3 7 , ,1 97 7 0 77 3 , , 9 5 2 2 0 2 77 3 , ,: Securities purchased from Public Works Administration 113,076 87, 320 86,843 85,621 117, 504 132, 564 140, Total loans and investments, other than interagency. _1, 775, 6771, 701,9541, 691,1201,693, 5841,691,114 1, 709, 3921, 727, 6611, 726, < Loans to Federal land banks. 22, 784! 13, 586 13, 275 13, 212 13,042 12, 308 11,617 11,. Loans to Commodity Credit Corporation 135, 024 61, 238 1,876 3,361 10,165 31, 298 63,120 80,: Capital stock of Commodity Credit Corporation 97,000 97,000 97,000 97,000 97,000 97,000 97,000 97,i Capital stock of, and loans to R. F. C. Mortgage Co 38, 670 51, 302 53,073 57, 487 60,150 62, 779 66,408 68,: Preferred stock of Export-Import banks 20,000 20,000 20,000 20, 000 20,000 20,000 20,000 20,i Capital stock of Disaster Loan Corporation 7,000 7,000 8,000 8,000 8,000 10,000 Loans to Rural Electrification Administration 100 4,1 5,948 8,423 11, 698 16, 849 21, 598 Total loans and investments.. 2,089, 255 1,956, 977 1,889,291 1,901,067 1, 911,168 1, 957, 624 2,017, 403 2,038,' 1 Includes $84,000,000 of loans for distribution to depositors of closed banks. 2 Includes agricultural loans formerly shown separately. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

221 MARCH 1938 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mo b r y tg - age loans F c e re d d e i r t a l b a in n t k e r l m oa e n d s i a to te Loans to cooperatives byand discounts for— End of month la F nd e d b e a ra n l ks C s o L B i m o a a n n n m e d k r is- p s a 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 g a u i t 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 a i o s i o t n c v p t h n i e c e e t e s p i s r u n r , 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 u i a r t r e g a a c g t r l o i i i o c o r c u p n n r l o s e a - - d l - c d r E g r l o o o e m p a n u e a n 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 B in 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 f a r n , o - l g r i A M i n r n e t g g a g u v r r r o i f k A c a u l e u l v n c t l - t d - for cooperatives i 1934—December. 1,915,792 616, 825 99, 675 55, 672 60, 852 87,102 111,165 33, 969 27,851 54,863 1935—December. 2, 071, 925 794, 726 104, 706 47,162 94,096 48,400 172,489 2,731 50,013 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, 454 163,868 1,486 64,411 54,322 February.. 2,060, 233 835, 509 130,139 41,061 114,551 24, 249 163, 250 1,359 60,356 52, 359 March 2, 057, 930 833, 821 144, 250 42, 367 131, 905 23,892 174, 709 1,305 56, 736 51, 810 April 2,055, 397 832, 881 153, 795 44,042 143, 902 23, 588 187,185 1,249 49, 314 48, 522 May 2,053, 558 831, 705 159,073 45,131 152, 466 23, 453 189, 686 1,070 45, 000 47, 732 June. 2,052, 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 48, 386 162, 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 30,982 1938—January... 2, 031, 290 807, 788 164, 700 39, 263 138,996 15, 488 170, 429 1,576 86, 856 30, 259 1 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 Unmillions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- U. S. Government securities End of month L p O o o H r a w a n o n t m i e C o r e n o s r ' 1 - a N F s e s u l o d o m c e a i r b n a a e t l i a r o s s o n s a f o s v c i i n a g ti s L o o n a re s a n - n d s m l i F o t n h b i e e l a s o o o a m d n t n m a n i s e s b n t k r u t e 2 e a o - r l End of month D a i n b e to a c p l e r o - s s s 1 - Total i b C n p t a o o a n d r s s y k e i h - - s Total t o r i D g e b o a i c l n - - i t s - G t o t i a g e u b o n e a l a n - d - i r s - - f C s e u e r a t n r e c s v d - h 2 e s , , Re- ported Total porting 1934—June _ 1,198 1,225 695 453 418 35 77 1935—June 1,205 1,236 385 777 630 147 74 1936—June 1,232 1,265 203 967 800 167 95 1934—December- 2, 379, 491 639 455 69, 734 86,658 1935—December. 2, 897,162 1,023 881 315, 683 102, 795 1936—No vember 1,257 1,293 145 1,029 862 167 119 1936—December. 2, 765,098 1,212 1,065 544,107 145, 401 December 1,260 1,296 145 1,058 891 167 93 1937—January 1,266 1,303 136 1,060 893 167 107 1937—January.., 2, 729, 274 1,228 1,143 576, 299 143, 745 February 1,270 1,307 133 1,061 894 167 113 February. 2, 698, 611 1,240 ,157 611, 212 141, 205 March.__ 1,272 1,310 132 1,097 930 167 81 March 2, 661, 542 1,249 ,168 630,680 142, 720 April 1,270 1,307 134 1,100 933 167 73 April 2,625,493 1,257 L, 168 652, 557 146,149 May 1,268 1,306 134 1,100 933 167 72 May _. 2, 591,115 1,270 ],166 679,949 153,491 June 1,268 1,307 136 1,100 933 167 71 June^. 2, 556, 401 1,286 ,181 703, 996 167,057 July _ _ 1,271 1,309 134 1,100 933 167 75 July 2, 524,129 1,293 1,181 722, 442 169, 571 August 1,273 1,312 133 1,100 933 167 79 August 2, 497,224 1,296 L, 200 746,958 175, 607 September 1,270 1,307 133 1,100 933 167 74 September. 2,472, 421 1,307 ,211 769,117 179, 511 October 1,269 1,308 130 1,100 933 167 78 October.... 2, 446,002 1,311 .211 782, 846 184, 041 November 1,270 1,306 129 1,101 934 167 76 November. 2, 422,149 1,318 1,194 782, 495 187, 336 December P\, 269 December. 2, 397, 647 1,328 •1,198 '808, 546 200,095 1938—January pl, 272 1938—January- 2, 370, 984 1,332 ],198 817,041 190, 538 p Preliminary. r Revised. 1 Outstanding principal, represented by certificates of deposit. Does 1 In addition to loans the HOLC held on Jan. 31, 1938, $812,000,000 in not include accrued interest nor outstanding savings stamps. other assets, consisting principally of investments in the Federal Savings 2 Includes working cash with postmasters, 5-percent reserve fund and and Loan Insurance Corporation and in various savings and loan asso- miscellaneous working funds with the Treasurer of the United States, ciations, real estate and other property, and accrued interest receivable. accrued interest on bond investments, and accounts due from late post- 2 Includes loans to Federal savings and loan associations, all of which masters. are members, and a negligible amount to others than member institutions Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN MARCH I&38 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 2923-25 average=lOO. The terms "adjusted" and "unadjusted" refer to ad justment f or seasonal variation] Industrial production1* I Construction contracts awarded (value)2 Faci a n e d ar Total Ma tu n r u e f s ac- Minerals Total Residential All other -1 | F p a l c o t y o r m y e e n m t« - r t p o o a l r l y s y * - F l r o e a i d g i h n t g -c s* a * r D st e o ( p r v e a a r s l t u a m l e e ) e s n * t month j Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Ijusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justedjusted 1919 83 84 j, 63 44 79 I. 107 84 1920.... 87 87 i 30 90 I 108 118 91 94 1921.... 67 67 ! 70 56 i I 44 65 82 77 78 87 1922 85 86 ! 74 68 90 82 85 88 1923 101 101 |. 105 84 81 104 103 100 98 1924... 95 94 ' 96 94 95 94 96 96 99 1925.... 104 105 99 122 124 120 100 101 103 103 1926.. 108 108 108 129 121 135 101 104 107 106 1927.... 106 106 I 107 129 117 I 139 102 104 107 1928... 111 112 i 106 135 126 i 142 102 104 108 1929.... 119 119 I 115 117 87 | | 142 105 109 107 111 1930.... 96 95 99 92 50 125 91 89 92 102 1931 63 37 84 77 67 92 1932.. ._ 28 13 40 66 46 69 1933 25 11 37 72 49 f»7 1934.... 78 ; 86 32 12 48 83 63 75 1935.... 90 ; 91 37 21 50 86 71 79 1936.... 105 105 104 55 37 70 92 82 88 1937 no 109 ' 115 59 41 74 99 98 '92 ]934 Dec 86 85 j 85 25 12 10 36 | 82 64 60 135 90 87 95 92 12 10 76 59 Fob."™ 88 91 97 93 14 13 77 61 87 91 97 90 16 16 79 71 April... 86 91 88 79 18 22 75 79 May... 87 84 87 90 88 21 25 74 76 June... 85 84 99 97 24 26 79 76 July.... 87 83 85 85 25 25 80 55 Aug 89 87 83 86 24 24 77 61 Sept.... 91 92 89 87 93 25 25 81 86 Oct 95 95 96 93 101 25 25 87 78 86 Nov.... 96 97 98 93 96 26 25 82 91 Dec 101 101 95 102 97 26 22 103 83 145 •JO 1936 Jan 97 95 96 95 104 100 25 21 74 70 63 Feb.... 94 95 92 93 111 107 25 22 74 71 66 Mar 93 96 93 97 97 90 26 28 78 66 77 April... 101 104 100 105 106 95 30 35 79 71 85 May... 101 105 101 105 102 101 32 38 81 72 89 June... 104 104 105 105 100 101 36 39 81 73 84 July..._ 108 105 109 105 101 102 44 45 80 76 63 Aug 108 106 110 106 99 104 46 46 84 76 68 Sept 109 107 110 107 102 110 47 47 84 75 94 Oct 110 111 111 110 105 115 43 41 89 77 100 Nov.... 114 115 115 115 112 115 40 39 91 82 105 Dec 121 114 121 114 117 111 45 38 95 83 161 1937 Jan 114 112 115 113 110 106 45 37 97 91 80 72 Feb.... 116 117 116 118 115 111 47 42 100 99 96 82 76 Mar.... 118 122 117 122 128 118 45 47 101 101 101 83 April... 118 122 118 125 115 105 44 51 102 102 105 84 May... 118 122 118 123 116 117 44 52 102 102 105 80 95 June... 114 115 114 114 114 j 117 42 47 77 ! 101 101 103 78 90 July.... 114 111 114 110 112 I 115 44 45 86 103 101 100 80 65 Aug— 117 j 115 . 118 114 112 ! 120 40 40 81 102 102 104 79 72 Sept.... 111 i 109 | 110 106 115 125 37 37 71 101 102 100 7S 100 Oct 102 ! 102 101 99 113 122 36 35 65 ; 98 101 100 76 103 Nov.... '88 i 90 85 86 I 109 112 32 { 31 76 ! 94 95 90 71 101 Dec 84 79 79 75 ) 114 107 30 25 88 i 08 89 89 81 67 156 1938 Jan P43 pOO P71 65 59 90 70 *» Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 223-224; for description see BULLETIN for February and March 1927. * 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. 8 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. 225-228. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 230. 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

223 MARCH 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average= 100] 1936 1937 1938 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Dec. Jan. Manufactures—Total _„ 121 115 116 117 118 118 114 114 118 110 '101 85 79 m IRON AND STEEL __ 143 139 129 126 130 134 119 140 142 125 100 68 49 52 Pig iron _ 104 107 107 108 109 114 107 121 123 119 95 67 50 47 Steel ingots 147 142 131 128 132 136 121 141 144 125 101 68 49 52 TEXTILES 139 124 126 128 124 123 126 111 115 108 91 80 77 P75 Cotton consumption . 144 129 132 136 130 130 136 125 129 121 101 91 88 82 Wool 140 121 129 128 119 121 119 95 106 88 65 51 56 P54 Consumption 160 126 132 139 128 132 129 102 120 96 63 51 54 P54 Machinery activity *_-_ 134 130 137 125 118 120 118 96 96 80 74 58 66 P63 Carpet and rug loom activity1- 94 92 104 101 96 93 94 71 83 80 59 41 44 M0 Silk deliveries 134 118 112 114 120 109 115 97 92 103 105 94 69 SO FOOD PRODUCTS: Slaughtering and meat packing.._ 100 87 86 89 93 76 70 78 87 89 86 86 92 Hogs 85 65 66 69 75 54 49 44 50 67 76 74 72 77 Cattle. 117 111 108 113 113 99 111 99 111 109 102 96 101 106 Calves 125 130 122 136 130 124 134 129 141 140 120 115 114 113 Sheep 160 175 151 139 142 145 145 139 148 150 139 139 143 160 Wheat flour 87 87 89 89 95 89 94 91 83 83 86 86 88 86 Sugar meltings..- 115 98 89 108 123 98 69 91 96 45 73 101 142 99 PAPER AND PRINTING: Newsprint production 64 63 62 64 62 62 61 64 65 65 63 64 63 57 Newsprint consumption ___ 141 142 145 144 144 147 145 140 141 147 145 130 134 132 TRANSPORTATION EQUIPMENT: Automobiles 122 120 120 121 130 135 130 129 157 135 142 92 78 65 15 11 13 24 33 31 30 25 21 29 '32 22 LEATHER AND PRODUCTS 134 136 134 132 131 133 118 115 109 98 88 '81 86 Tanning 108 108 106 103 107 109 102 94 93 86 79 77 74 Cattle hide leathers 111 111 108 106 107 111 99 91 93 87 85 80 76 Calf and \cix) leather1? 98 90 92 85 94 82 83 68 63 60 52 63 72 Goat and kid leathers 111 119 114 115 121 133 128 127 124 108 92 83 74 Boots and shoes _ 161 154 152 150 146 148 129 129 120 105 94 '84 93 P105 CEMENT AND GLASS: Cement 91 86 85 93 87 78 74 75 73 73 79 76 71 59 Glass, plate 89 77 244 229 241 223 260 206 216 199 179 151 108 62 NONFERROUS METALS: Tin deliveries1 105 125 131 144 138 115 112 100 108 136 141 115 88 91 Zinc 98 80 83 107 110 116 115 112 110 116 115 108 108 98 Lead 80 76 70 75 85 76 70 82 82 77 81 79 87 69 FUELS, MANUFACTURED: Petroleum refining 191 189 194 190 195 200 202 206 207 216 217 211 201 Gasoline1 242 236 245 242 249 253 256 261 265 277 277 268 255 Kerosene 102 117 106 108 103 112 114 119 121 109 110 113 108 Fuel oil* 132 135 130 126 123 130 133 139 134 147 147 144 140 Lubricating oilJ 116 111 126 120 131 131 129 124 121 126 134 127 123 Coke, byproduct 137 137 136 138 141 143 134 144 149 148 128 104 89 87 Coke, beehive -_ 20 21 22 25 25 31 29 32 28 25 20 14 11 9 RUBBER TIRES AND TUBES 1 123 123 133 132 133 132 123 102 95 108 94 75 66 66 Tires, pneumatic * 128 128 138 137 138 137 128 105 97 112 98 78 70 69 Inner tubes J 91 91 99 99 100 94 84 73 73 .80 68 52 41 44 TOBACCO PRODUCTS 183 165 168 153 158 155 150 164 159 162 155 155 170 157 Cigars. 83 83 78 83 82 74 73 78 73 77 73 73 74 75 Cigarettes 265 234 242 212 220 221 212 233 229 231 221 221 247 225 Manufactured tobacco 92 76 81 84 89 81 80 86 79 81 82 83 84 77 Minerals—Total 117 110 115 128 115 116 114 112 112 115 113 109 114 i>108 Bituminous coal 97 86 98 112 72 80 80 79 78 86 83 78 77 PM Anthracite _ . 73 56 50 81 97 63 74 47 37 52 55 65 69 P%7 Petroleum, crude 161 164 168 173 174 176 172 174 181 177 176 174 176 P177 Iron ore 159 122 121 126 113 91 40 Zinc 98 80 83 107 110 116 115 112 110 116 115 108 108 98 Lead 80 76 70 75 85 76 70 82 82 77 81 79 87 69 Silver 113 99 94 93 103 101 107 148 139 116 91 119 104 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

224 FEDERAL RESERVE BULLETIN MARCH 193S INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] Annual Index 1937 1938 Industry 1930 1937 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactures—Total ._ _. 105 109 113 118 122 125 123 114 110 114 106 99 86 75 P75 IRON AND STEEL 110 118 134 135 142 144 146 119 130 139 123 98 63 43 50 Pig iron 85 102 105 109 114 115 116 105 115 118 110 95 08 49 47 Steel ingots _ 113 119 136 138 145 140 149 121 ••131 141 124 98 02 42 50 TEXTILES. 111 111 130 134 132 127 123 119 103 108 107 93 83 72 Cotton consumption 115 121 136 141 143 140 134 130 114 116 118 104 95 81 86 Wool 107 99 123 135 129 117 110 113 89 102 91 09 54 50 Consumption 119 105 130 144 141 124 122 110 91 111 101 09 55 55 P50 Machinery activity 106 101 130 137 125 118 120 118 90 96 80 74 58 00 Carpet and rug loom activity 77 80 92 104 101 90 93 94 71 83 80 59 41 44 PU) Silk deliveries 111 104 135 120 110 119 108 102 92 96 109 105 97 02 92 FOOD PRODUCTS: Slaughtering and meat packing 92 84 100 85 84 83 74 7(5 07 70 83 89 95 101 107 Hogs 72 04 87 73 69 07 52 50 39 38 50 04 81 94 104 Cattle 115 106 112 95 99 99 90 104 98 109 121 119 110 107 107 Calves _. 123 127 121 114 137 141 140 139 125 129 134 120 117 109 105 Sheep 145 146 170 120 133 142 142 139 150 173 153 137 140 101 Wheat flour 89 88 85 80 83 87 83 83 88 88 98 90 93 85 84 Sugar meltinus . .. 86 93 64 88 127 143 109 82 111 108 48 69 79 81 66 PAPER AND PRINTING: Newsprint production 62 63 p03 02 63 03 03 03 02 04 65 03 03 03 58 Newsprint consumption. . . 136 142 137 143 149 154 151 144 124 120 144 154 139 138 127 TRANSPORTATION EQUIPMENT: Automobiles 112 121 120 120 140 158 103 147 132 110 53 100 111 94 65 Locomotives 24 10 13 30 30 30 23 LEATHER AND PRODUCTS 115 113 120 130 136 12S 122 114 113 121 112 97 73 PSO Tannins 97 94 104 111) 103 105 103 100 93 94 91 84 70 Cattle hide leathers 97 90 112 110 107 107 105 97 88 91 91 88 80 73 Calf and kip leathers 81 74 75 85 70 85 78 SO 79 70 70 02 '00 01 Goat and kid leathers 113 111 113 119 117 120 124 128 118 122 113 90 82 80 Boots and shoes 120 125 140 153 157 143 134. 123 127 138 126 105 '79 74 P90 CEMENT AND GLASS: Cement.... _ _ 78 52 51 07 85 92 91 92 94 C)9 90 70 50 36 Glass, plate _ 199 194 77 244 241 205 234 234 185 216 199 179 151 108 62 NONFERROUS METALS.* Tin deliveries ._ 105 119 125 131 144 138 115 112 100 108 136 141 115 88 91 Zinc 94 100 85 89 113 114 117 111 104 103 110 112 108 110 103 Lead OS 78 . 77 72 77 84 75 72 79 79 73 84 82 88 70 FUELS, MANUFACTURED: Petroleum refining 182 202 189 194 190 195 200 201 200 207 216 218 212 202 Gasoline. _ . 030 257 230 245 242 941) 953 250 201 205 277 277 208 255 Kerosene 90 112 119 108 104 102 108 100 110 115 112 115 122 117 Fuel oil 122 135 135 130 120 123 130 133 139 134 147 147 144 140 Lubricating oil 109 125 111 120 120 131 131 129 124 121 120 134 127 123 Coke, byproduct 120 132 138 140 142 142 132 140 145 145 128 90 88 Coke, beehive 12 23 24 28 30 27 28 24 25 23 22 20 15 10 RUBBER TIRES AND TUBES 115 109 123 133 132 133 132 123 102 95 108 94 75 00 06 Tires, pneumatic 119 113 128 138 137 138 137 128 105 97 112 98 78 70 09 Inner tubes . 87 79 91 99 99 100 94 84 73 73 80 68 52 41 44 TOBACCO PRODUCTS 152 159 150 153 140 145 157 104 178 170 179 107 158 138 150 Cigars... 74 70 04 07 70 77 70 80 82 70 88 89 80 55 58 Cigarettes 213 220 230 220 901 200 2'M °34 °50 247 254 233 219 202 221 Manufactured tobacco 84 82 77 82 85 80 82 82 80 81 88 85 81 69 78 Minerals—Total 104 115 106 111 118 105 117 117 115 120 125 122 112 107 P103 Bituminous coal 83 84 90 103 112 01 70 72 79 92 92 87 82 P71 Anthracite 08 02 01 54 67 101 03 38 37 53 70 07 68 P72 Petroleum, crude 149 173 158 165 171 174 177 175 177 184 182 177 172 171 P170 Iron ore . 80 113 238 240 245 257 218 150 34 Zinc 94 100 85 89 113 114 in 111 104 103 110 112 108 110 103 Lead... 08 78 77 72 77 84 79 79 73 84 82 88 70 Silver.... 99 109 100 102 102 104 98 105 120 138 111 90 128 105 P Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 250. 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

225 MARCH 1938 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1936 1937 1938 Industry and group Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total ._ 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 84.4 Durable goods 92.7 92.4 93.9 96.3 97.4 98.4 97.8 100.1 99.3 98.6 96.7 91.4 84.4 77.6 Nondurable goods 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 91.8 IBON, STEEL PRODUCTS 101.0 102.3 103.7 106.4 108.0 108.7 100.7 108.3 108.7 108.4 105.4 98.4 90.5 82.4 Blast furnaces, steel works 110 113 112 116 118 120 106 121 122 123 119 110 100 90 Bolts, nuts, washers, rivets _ 84 87 89 90 93 94 82 88 87 88 85 81 74 64 Cast-iron pipe 68 68 69 71 72 72 69 68 66 64 62 59 61 56 Cutlery, edge tools 87 89 87 87 87 89 86 89 92 91 88 86 83 79 Forgings _ _ _ 68 69 70 69 73 73 73 77 73 74 72 65 60 52 Hardware 95 80 96 99 99 98 96 96 93 93 94 91 83 70 Plumbers' supplies 90 94 90 95 97 98 91 89 92 95 93 90 82 82 Steam, hot-water heating 72 76 78 80 82 82 80 81 77 77 71 64 61 59 Stoves 111 114 117 116 113 113 118 107 111 105 99 85 80 75 Structural, ornamental 70 73 75 76 78 77 78 79 79 80 78 75 70 66 Tin cans, tinware 97 103 105 104 105 107 107 110 109 104 98 99 94 90 Tools 95 98 99 101 101 103 102 103 105 99 96 91 87 81 Wirework 188 179 176 187 186 183 181 176 171 170 187 180 161 141 MACHINERY 114.0 116.0 118.9 121.1 123.7 125 6 129.4 131 5 131.3 130.2 128 0 120.8 113.2 104.7 Agricultural implements __ _ _ 103 109 113 125 130 136 143 147 148 151 158 145 140 135 Cash registers, etc. 121 123 127 131 131 134 136 137 135 137 136 134 129 127 Electrical machinery. 106 104 109 111 115 118 120 121 121 121 119 113 105 95 Engines turbines, etc. 125 128 134 137 140 147 146 150 151 155 157 152 143 133 Foundry, machine-shop products- 100 102 104 106 108 110 113 114 114 112 110 105 99 91 Machine tools __ 129 136 136 141 147 150 153 154 161 157 157 152 146 141 Radios, phonographs 188 201 196 190 189 155 190 214 201 180 162 127 115 104 Textile machinery __ __ 76 79 81 83 85 87 87 87 88 87 84 78 73 68 Typewriters 139 145 148 153 154 154 159 156 155 150 147 134 123 116 TRANSPORTATION EQUIPMENT 118.7 110.2 113.0 117.3 118.6 122.2 122.6 123.5 121.3 123.9 126.3 119.1 102.8 90.1 Aircraft 698 740 772 783 798 807 794 768 812 799 817 795 789 773 Automobiles 133 120 123 127 128 133 134 136 132 136 138 128 109 93 Cars, electric, steam railroad _ 62 62 66 71 70 71 70 69 69 67 71 73 61 50 Locomotives 44 49 54 54 55 55 57 60 61 64 66 64 60 62 Shipbuilding 89 95 100 106 106 104 104 102 106 106 106 107 103 98 RAILROAD REPAIR SHOPS 61.7 62.3 61.9 62.2 62.4 62 4 63.7 64.4 62.4 60.1 58 7 57.4 53.2 47.8 Electric railroad. __ 63 63 63 64 64 63 63 63 63 63 63 63 64 63 Steam railroad 62 62 62 82 . 62 62 64 64 62 60 58 57 52 47 NONFERROUS METALS, PRODUCTS 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 90.6 Aluminum 118 121 121 119 121 123 132 138 138 131 103 122 114 106 Brass, bronze, copper.. 115 120 122 122 126 124 123 121 121 117 112 103 96 90 Clocks, watches 117 120 120 122 124 125 124 120 128 126 124 119 111 94 Jewelry 91 90 89 90 90 95 95 101 99 93 92 90 88 87 Lighting equipment 99 75 98 104 100 100 96 94 93 97 98 93 85 74 Silverware, plated ware 71 72 73 73 74 73 73 82 78 80 78 76 74 73 S S m ta e m lt p i e n d g , , e re n f a i m ni e n l g ed ware 1 8 6 0 6 1 8 6 0 3 1 7 5 9 9 1 8 6 1 1 1 8 5 5 8 1 C 6 O 0 1 8 5 9 9 1 9 5 4 3 1 9 5 4 6 1 9 5 4 2 1 9 5 0 2 1 8 4 6 3 1 8 2 4 5 1 8 1 1 3 LUMBER PRODUCTS 67.9 68.8 68.1 71.4 71.4 71.7 72.3 72.9 »71. 4 69.3 66.4 62.1 58.8 56.9 Furniture 86 89 87 88 90 91 92 91 88 86 81 75 73 71 Lumber, millwork 55 57 57 58 58 56 56 56 55 55 54 51 48 46 Lumber, sawmills _. 51 50 50 54 53 54 54 56 54 53 51 47 44 43 STONE, CLAY, GLASS PRODUCTS 69.0 69.5 72.6 72.6 71.8 71.3 70.4 70.4 70.3 70.5 69 4 67.2 64.9 61.2 Brick, tile, terra cotta 51 54 55 54 54 52 50 51 48 49 47 44 43 41 Cement _ _ 68 68 68 70 66 62 62 61 64 66 67 67 67 60 Glass 101 98 109 109 108 110 109 110 112 111 109 105 100 94 Marble, granite, slate 42 43 43 43 43 44 42 41 41 42 41 41 39 38 Pottery 76 77 77 78 78 79 82 79 79 78 78 75 73 71 TEXTILES, PRODUCTS 106.8 108.3 107.3 107.0 107.9 107.6 105.4 106.2 105.9 100.9 96.4 91.6 88.4 85.2 A Fabrics 100.1 101.7 100.7 101.1 103.8 103.2 101.3 102.0 r100 9 95.9 90 4 85.8 82.6 79.9 Carpets, rugs 99 101 101 99 101 102 102 100 101 101 87 85 79 68 Cotton goods __ __ 99 101 102 103 105 106 104 105 106 101 93 90 87 84 Cotton small wares 106 107 102 102 103 96 100 102 104 101 97 91 85 79 Dyeing, finishing textiles 121 120 117 116 119 119 114 116 116 114 113 108 104 102 Hats, fur-felt 89 90 89 88 86 84 90 87 84 79 82 87 87 84 Knit goods ______ 119 123 123 122 122 121 118 123 121 117 112 108 101 101 Silk, rayon goods 79 81 79 80 85 84 86 84 81 76 73 67 61 56 Woolen, worsted goods 92 93 85 88 94 90 87 84 78 70 68 60 61 60 B. Wearing apparel __ _ _ 119.8 120.9 119.8 117.9 115.0 115.3 112.0 113.1 115.1 109.7 107.4 103.0 99.7 95.2 Clothing, men's 115 114 111 110 113 116 109 109 108 103 100 94 89 87 Clothing, women's 160 159 161 156 146 144 142 145 156 147 143 139 136 130 Corsets, allied garments 92 93 91 90 88 89 90 91 90 89 89 89 90 88 Men's furnishings 135 140 141 141 140 138 141 147 139 129 128 122 114 104 Millinery . _ _ 51 57 57 58 54 53 54 52 54 51 50 48 50 52 Shirts, collars 124 132 129 129 124 119 118 119 117 115 114 109 107 98 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN MARCH 19; 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 193 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan LEATHER PRODUCTS . _ . 98.8 99.1 98.1 97.4 96.5 96.0 96.1 95.2 93.0 90.0 88.8 85.7 86.1 87 Boots, shoes 100 101 100 99 97 96 97 97 94 90 90 88 89 91 Leather 98 97 97 97 100 100 99 95 94 93 89 83 78 77 FOOD PRODUCTS 115.0 114 8 116.7 117.0 116.1 114.8 114.7 119.4 116.2 114.8 113.8 114.2 111.5 111 Baking 132 133 135 136 134 135 135 136 134 134 136 134 132 133 Beverages 197 203 202 205 199 203 206 209 210 209 199 209 204 ?,05 Butter -._ 84 86 88 88 86 88 90 91 88 87 86 84 84 87 Canning, preserving 147 148 157 152 154 144 143 169 155 151 138 141 135 133 Confectionery .._ _ __ 81 83 81 80 79 78 77 81 82 76 80 80 78 80 Flour 74 75 75 75 77 76 75 78 77 74 75 75 75 74 Ice cream _ _ . 72 71 73 73 73 76 77 76 75 76 72 74 75 7?, Slaughtering, meat packing 95 93 91 93 91 90 89 91 88 88 89 90 87 89 Sugar, beet 93 44 89 95 98 90 90 91 89 108 110 105 79 38 Sugar refining, cane 70 64 78 77 84 78 75 79 75 66 67 69 76 TOBACCO MANUFACTURES 62.0 62.0 61.8 61.7 61.1 61.2 60.2 61.3 60.8 60.2 59.3 59.6 59.6 55 Tobacco, snuff 56 56 57 56 56 56 58 57 57 56 56 56 56 Cigars, cigarettes 63 63 62 62 62 62 61 62 61 61 60 60 60 56 PAPER, PRINTING 104.0 104.0 105.5 107.4 107.5 108.0 108.2 107.3 107.4 107.8 107.0 105.0 102.1 100 Boxes, paper 103 103 104 106 106 106 106 105 104 100 99 97 94 Paper, pulp . . _ 113 114 116 118 119 120 121 •120 119 119 117 114 109 108 Book, job printing 94 94 96 98 97 98 98 98 98 99 99 98 95 94 Newspaper, periodical printing 104 103 104 105 105 106 106 105 105 107 107 106 105 103 CHEMICALS, PETROLEUM PRODUCTS. . 118.6 120.7 121.6 122.5 124.4 126.0 127.5 127.7 127.2 127.4 123.7 120.9 115.5 112 A Other than petroleum 118. 3 120.9 121.8 122.7 124.8 126.1 128.0 128.1 127.3 127.9 123.4 120.2 114.2 111 Chemicals 129 133 133 135 136 138 137 138 137 137 135 129 123 Cottonseed oil, cake, meal 75 85 80 67 77 77 72 62 62 97 87 90 85 98 Druggists' preparations 105 105 109 111 113 112 114 112 114 112 110 109 108 103 Explosives 91 94 92 90 95 93 97 97 97 97 94 93 98 90 Fertilizers 87 87 86 88 94 98 110 104 105 94 89 86 89 82 Paints, varnishes 130 131 133 135 136 134 134 136 136 134 132 129 124 Rayon, allied products 355 364 363 370 378 392 408 413 407 407 380 367 330 312 Soap 100 102 110 111 107 103 103 104 103 102 99 98 96 B. Petroleum refining 120 120 121 122 123 125 125 126 127 125 124 124 121 119 RUBBER PRODUCTS 102.2 102.3 101.7 96.0 95.8 101.7 100.0 96.6 99.8 99.5 98 1 90 4 86 3 79 Rubber boots, shoes _ - _ _ 76 75 73 82 82 81 76 67 77 76 74 66 63 58 Rubber goods, other 138 140 140 142 144 145 144 140 140 137 135 126 121 109 Rubber tires, inner tubes 95 95 94 80 79 89 89 87 90 91 90 83 79 73 NOTE.—Figures for January 1938 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 ai 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

MAP.CH 1838 FEDERAL RESERVE BULLETIN 227 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Factory payrolls Industry and group Annual index 1937 j 1938 Annual index 1937 1938 1936 1937 Jan. Oct. Nov. Dec. Jan. 1936 1937 Jan. Oct. Nov. Dec, Jan. Total 91.9 99.3 96.5 100.5 94.7 88.6 82.5 82.4 98.0 90.7 100.1 89.5 71.1 Durable goods 84.7 95.5 90.4 r97.6 92.4 84.3 75.9 78.0 97.5 86.6 101.7 89.9 77.0 63.2 Nondurable goods 99.5 103.4 103.0 103. 6 97.3 93.3 89.6 87.9 98.5 96.0 89.0 85.8 81. 1 IRON, STEEL PRODUCTS 92.3 104.1 100.0 105.8 90.0 80.6 84.1 107.3 106.8 85.7 71.9 57. 5 Blast furnaces, steel works... 100.9 114.9 112 118 109 100 90 93.6 122.3 116 119 93 76 59 Bolts, nuts, washers, rivets. 75.6 86.3 87 85 81 74 64 78.5 97.3 98 97 79 66 50 Cast-iron pipe 63.1 66.6 62 58 60 55 44.3 52.6 51 46 43 44 36 Cutlery, edge tools 79.3 87.9 90 88 84 78 69.9 82.9 80 81 75 63 Forgings 59.5 70.6 72 65 61 53 50.5 66.6 65 56 49 37 Hardware 80.4 93.2 80 94 92 84 70 79.8 102.0 82 115 100 81 55 Plumbers' supplies 85.0 92.1 91 94 90 80 79 61.3 72.1 69 76 64 55 56 Steam, hot-water heating- __ 66.5 75.5 74 74 66 62 57 55.8 70.8 69 67 53 49 43 Stoves 102. 5 106. 3 97 108 91 77 64 85.8 90.6 77 94 65 56 44 Structural, ornamental 66.6 76.3 71 79 75 70 I 64 57.5 76.5 63 82 75 68 58 Tin cans, tinware 98.3 103. 9 96 101 97 91 83 95.6 109.1 94 108 100 94 85 Tools 83.4 98.6 98 97 92 88 81 83.9 104.9 103 101 90 82 76 Wirework ; 154. 0 178.1 179 187 180 161 141 136.7 171.6 161 202 162 136 112 MACHINERY 103. 7 124.0 114.9 128.9 121.4 113.1 103. 9 94.8 127.6 111.0 134. 2 121.2 110.6 94.9 Agricultural implements 113.1 136. 6 111 151 143 140 138 121.2 173.9 132 204 185 174 172 Cash registers, etc 115.0 132.4 123 136 134 129 127 108. 4 141.3 121 148 141 138 131 Electrical machinery 91.4 114.8 104 119 113 105 95 83.1 117,0 97 125 114 103 86 Engines, turbines, etc 119.4 145. 1 125 153 148 141 130 104.6 148.6 120 159 155 144 129 Foundry, machine-shop products. 90.4 108.1 101 110 105 98 91 83.1 110.7 99 114 102 93 79 Machine tools 117.6 149. 1 135 158 154 148 139 111.0 156.6 137 170 158 149 132 Radios, phonographs 189.9 174.3 187 201 157 124 97 143.5 141.0 146 166 123 99 76 Textile machinery 71.6 83.3 80 83 78 74 69 65.6 85.2 83 81 70 63 53 Typewriters 116.2 148. 0 146 148 138 127 117 104. 3 138.2 131 128 106 107 76 TRANSPORTATION EQUIPMENT 103.4 118.2 112.7 122.7 121.8 105.5 92.0 94.2 117.0 100.7 129.9 120.0 92.4 68.3 Aircraft 578. 6 789.4 725 784 795 781 757 482.4 703.7 606 723 725 701 656 Automobiles 114. 1 128.3 125 134 133 113 97 102.0 123.1 108 138 126 91 63 Cars, electric, steam railroad 53.8 68.4 56 68 66 56 45 51.3 79.5 59 83 81 65 49 Locomotives 33.7 58. 4 45 64 62 60 57 21.9 47.7 31 56 51 54 42 Shipbuilding 96.2 103. 8 95 107 106 105 98 95. 3 115.7 97 124 121 127 114 RAILROAD REPAIR SHOPS 58.3 60.9 61.2 59.0 57.4 52.7 47.0 59.4 64.3 61.2 64.9 63.3 55.7 47.0 Electric railroad 62. 5 63. 4 63 63 63 64 63 62.9 67.3 65 68 68 70 67 Steam railroad 58.0 60. 8 61 59 57 52 46 59.3 64.2 61 65 63 55 46 NONFERROUS METALS, PRODUCTS._ 99.6 111.4 106. 9 112.7 108.4 85.2 106.1 97.1 109.9 99.9 86.5 73.4 Aluminum 108.7 j 123.5 119 105 124 114 104 98.6 127.8 115 116 128 111 97 Brass, bronze, copper 103.8 117.2 119 113 106 97 89 89.7 114.3 113 107 92 80 71 Clocks, watches 108.9 121.8 118 128 125 115 94 98.7 118.5 109 133 122 105 83 Jewelry 82.9 92.6 84 106 100 90 82 60.4 72.3 62 89 79 71 60 Lighting equipment 80.9 94.4 73 100 96 87 72 73.3 93.1 69 104 94 72 57 Silverware, plated ware 65. 8 75.3 69 81 79 76 70 53.6 69.8 58 81 73 68 55 Smelting, refining 78.1 87. 0 80 92 88 85 81 63.5 82.3 69 91 84 80 74 Stamped, enameled ware . 142. 5 153.5 155 154 144 123 108 130. 1 152.0 148 156 142 115 91 LUMBER PRODUCTS 64.7 68.7 65.0 69.5 63.5 58.1 53.7 55.3 63.5 54.9 65.3 55.1 48.4 42.1 Furniture 78.2 85.8 86 87 80 75 68 63.6 74.3 71 77 66 60 49 Lumber, mill work 49.3 55. 1 54 54 51 48 44 43.2 51.9 47 52 46 43 36 Lumber, sawmills 50. 2 51.7 47 53 48 43 40 42.6 47.7 37 49 40 34 31 STONE, CLAY, GLASS PRODUCTS.. 64.2 I 70.0 62.5 71.4 68.2 63.2 55.1 54.2 65.6 52.7 69.6 63.6 54.5 43.5 Brick, tile, terra cotta 45.6 49.9 46 50 46 41 35 35.7 42.9 36 44 36 31 24 Cement 57.4 65.8 57 69 66 61 49 51.6 66.6 50 72 67 58 44 Glass 98.6 ' 107.6 93 110 107 100 89 91.1 111.7 85 119 112 96 78 Marble, granite, slate 39.7 ' 42.0 36 43 42 38 32 32. 6 35.9 29 38 35 31 24 Pottery 73.6 75 79 77 74 69 58.0 67.9 63 73 70 60 51 TEXTILES, PRODUCTS 100.7 102. 7 107.1 98.8 92.0 88.2 84.3 83.6 89.6 94.6 71.5 64.9 A. Fabrics 94.3 97.4 102.3 91.9 87. 2 84.0 80.4 81. 1 89.1 96.0 81.0 71.5 64.6 Carpets, rugs 86.3 96.7 98 89 86 78 66 75. 0 87.2 96 64 50 54 45 Cotton goods 93.1 100. 1 103 94 91 89 86 80.8 95.0 100 85 77 74 69 Cotton small wares 96.1 99.2 107 98 91 85 79 89.6 95.2 104 97 79 75 68 Dyeing, finishing textiles. 115.6 114.6 122 112 109 105 104 97. 2 100. 5 112 95 89 87 84 Hats, fur-felt 86.5 86.0 88 83 83 84 83 74.5 75.3 86 62 61 65 66 Knit goods 116.0 117.6 120 116 112 103 99 112.9 118. 7 120 123 112 95 89 Silk, rayon goods 77.8 78.0 83 75 68 63 58 61. 5 65.1 69 62 51 48 40 Woolen, worsted goods.. 826 79.7 93 68 60 61 60 65. 3 69.2 83 53 43 50 50 B. Wearing apparel 1128 112.5 115.6 112.1 101. 0 95. 6 91.1 85.2 86.7 88.1 87.0 68.6 65.2 62.8 Clothing, men's 106.8 106.6 110 104 91 84 83 81.7 85.3 88 80 61 56 57 Clothing, women's 1520 147.8 156 150 135 131 127 105. 5 104. 5 108 110 84 86 82 Corsets, allied garments. 87.8 89.8 89 90 88 88 84 85.5 87.0 85 87 82 80 74 Men's furnishings 1274 134.6 130 136 130 119 97 100. 1 104. 6 93 112 104 90 66 Millinery 549 53. 4 55 52 44 44 51 41.7 40.3 41 36 27 27 35 Shirts, collars 1140 119.2 119 121 115 106 88 100. 7 104. 7 100 113 103 70 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN MARCH 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=100] Factory employment Factory payrolls Industry and group Annual index 1937 1938 Annual index 1937 1938 1936 1937 Jan. Oct. Nov. Dec. Jan. 1936 1937 Jan. Oct. Nov. Dec. Jan. LEATHER PRODUCTS 91.9 93.6 97.5 89.5 80.3 81.8 85.7 72.8 78.2 86.3 66.3 53.8 58.4 65.9 Boots, shoes - 92.1 94.8 99 91 81 84 89 67.3 72.4 82 59 46 53 64 Leather - 95.8 93.6 97 90 83 79 77 94.2 100.6 103 95 83 79 77 FOOD PRODUCTS 111.1 115.5 105.2 125.0 114.6 107.3 102.5 101.3 115.5 100.5 125.0 115.9 110.4 106.1 Baking 128. 5 134.5 131 138 135 132 130 114.3 129.2 118 137 130 127 125 Beverages - -- 188.2 204.9 182 203 194 187 185 202.8 229.5 188 222 213 202 198 Butter 83.8 87.3 80 86 84 82 81 64.9 69.8 62 70 67 66 66 Canning, preserving _ _ 141.3 149.9 90 186 119 89 81 123.3 154.2 86 188 111 87 79 C onf ectionery 78.1 79.6 80 96 92 87 77 70.3 78.3 76 98 90 87 74 Flour . . 75.1 75.5 75 77 76 75 74 70.1 75.4 71 81 77 74 73 Ice cream 70.4 74.3 61 69 65 64 61 62 0 68.6 56 64 62 60 58 Slaughtering, meatpacking _ _ 88.8 89.9 96 89 91 91 92 84.7 97.9 96 100 102 105 108 Sugar beet 99 5 93.4 38 253 252 146 33 92 5 95 5 42 224 267 136 40 Sugar refining, cane 77.2 74.1 62 69 70 75 66 64.9 70.3 51 64 67 72 59 TOBACCO MANUFACTURES 61.0 60.8 57.1 62.6 62.9 60.8 51.4 50.0 54.5 47.1 57.9 57.2 55.7 43.6 Tobacco, snuff ___ 56.0 56.5 57 56 57 57 57 59.5 66.7 64 68 64 68 67 Cigars cigarettes 61.6 61.2 57 63. 64 61 51 48.8 53.0 45 57 56 54 41 PAPER, PRINTING 100.8 106.4 104.3 107.9 106.4 104.1 100.9 91.6 102.9 98.7 105 1 101 5 100.8 95.0 Boxes, paper _ _ _ _ _ 96.2 102.4 100 105 103 97 89 92.5 103.1 98 109 103 93 83 Paper, pulp 109.4 117.1 114 117 114 109 108 97.0 115.6 110 117 105 99 98 Book, job printing _ _ 91.0 97.3 96 99 98 98 96 81.7 92.5 91 93 93 96 90 Newspaper, periodical printing.._ 102.9 105.3 103 108 107 107 103 96.8 103.0 97 107 106 108 100 CHEMICALS, PETROLEUM PRODUCTS.._ 114.6 123.8 120.2 126.5 122.7 116.3 112.6 107.8 132.7 119.4 137.5 132.1 124.4 117.6 A. Other than petroleum 113.8 123.8 120.4 126.7 122.4 115.4 111.0 106.4 131.4 119.4 136.1 129.6 120.3 112.4 Chemicals .__ _. 121.3 134.1 131 135 130 123 118 115.5 145.6 132 151 142 130 125 Cottonseed oil, cake, meal 71.1 80.6 91 127 121 110 104 55.7 72.1 76 119 113 105 97 Druggists' preparations 102.5 110.6 107 115 113 111 105 105.4 121.1 113 129 126 124 117 Explosives 86 3 94.3 94 97 95 95 90 85.0 103.1 98 111 107 100 82 Fertilizers 82.1 93.0 87 81 75 82 83 72.2 94.6 78 83 77 82 80 Paints, varnishes 125.1 132.8 128 132 128 121 117 114.5 132.6 120 134 125 116 107 Rayon, allied products - 348.7 381.2 368 388 374 337 315 289.4 367.2 338 375 360 314 276 Soap 98.5 103.3 100 103 100 95 94 97.0 117.2 107 121 117 111 109 B. Petroleum refining. 118.3 123.7 119 126 124 120 119 112.4 137.0 120 142 140 138 134 RUBBER PRODUCTS 90.8 97.3 101.3 97.7 90.9 86.0 78.2 87.6 96.8 99.4 94.3 82.0 77.1 66.1 Rubber boots, shoes _ _ _ 74.0 74.2 77 78 72 68 60 59.9 67.1 67 70 62 55 46 Rubber goods, other._. 124.7 137.8 139 137 128 121 108 114.4 137.3 136 140 122 111 95 Rubber tires, inner tubes 81.5 87.2 93 87 81 77 71 85.1 89.9 95 84 73 71 61 NOTE.—Figures for January 1938 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

229 MARCH 1938 FEDERAL RESERVE BULLETIN 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 1937 1938 1937 1938 1937 1938 1937 1938 1937 19381 1937 19381 1937 19381 January 242.7 195.5 78.4 36.2 37.0 6.6 21.5 15.4 68.5 101.8 19.6 19.0 17.8 16.4 February _ 188.3 63.0 12.6 22.3 59.6 11.3 19.4 March. _ . 231.2 90 2 22.2 30 0 52.5 10.0 26.4 April 269.5 107.8 30.1 28.5 65.7 14.0 23.4 May 243.7 83.9 18.5 25.6 66.7 22.0 26.9 June 317 7 93.0 36.8 24 5 99 9 37 4 26 1 July 321 6 81 0 58.5 29 1 102.5 15.8 34.7 August. _ 281.2 73.4 37.9 29.6 90.6 17.2 32.5 September 207 1 65.6 12 9 25.3 65 8 15 8 21. 5 October 202.1 65 5 12.6 25.2 61.6 10.8 26.4 November 198.4 59.9 13 5 18 9 61 4 19 3 25.4 December 209 5 43 5 20.9 16 5 64.8 37.6 26.1 Year 2, 913.1 905 3 313.7 297 0 859.6 230.7 306.7 1 Not strictly comparable with data for earlier years due to changes in classification. Comparable figures for 1937 are expected to be availa ble for publication in the next BULLETIN. 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 l Privately financed i Month 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 January.. 83 186 100 215 243 195 39 157 55 149 112 121 44 29 45 66 130 75 February 53 97 75 140 188 27 65 38 79' 69 26 31 37 62 119 March . 60 178 123 199 231 25 126 68 96 66 35 52 55 103 165 April 57 131 124 235 270 18 78 53 105 74 39 53 71 130 195 May 77 134 127 216 244 24 72 47 94 93 53 63 80 122 151 June 102 127 148 233 318 29 73 64 116 137 74 54 84 116 180 July _. 83 120 159 295 322 20 52 67 153 131 63 67 93 141 191 August 106 120 169 275 281 47 69 92 153 104 59 51 76 122 178 September.. 120 110 167 234 207 71 69 97 116 80 49 41 70 119 127 October ._ 145 135 201 226 202 100 79 114 101 78 45 57 87 125 124 November 162 112 188 208 198 126 74 118 89 93 36 38 70 119 106 December.. __ 207 93 264 200 209 156 61 196 82 115 51 32 68 117 94 Year 1,256 1,543 1,845 2,675 2,913 683 975 1,007 1,334 1,152 573 568 837 1,341 1,761 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1938 1937 Federal Reserve district Fede d ra is l tr R ic e t serve 1938 1937 1938 1937 Jan. Dec. Jan. Jan. Dec. Jan. Jan. Dec. Jan. Boston 9,249 15, 842 12, 486 N A P R C h e i l t c e i w l l h a v a n m e d Y l t e o a o a l n n p r .. k d d h . i . a . . . .. . 7 1 1 1 1 9 3 0 9 1 , , , , , 3 0 3 5 4 7 7 7 5 3 9 1 9 8 8 2 2 3 1 1 0 6 8 3 9 , , , , , 9 2 5 3 9 5 9 7 4 9 8 4 2 1 9 2 5 2 3 1 2 2 8 1 2 , , , , , 5 6 7 2 6 8 2 9 4 7 6 4 1 8 7 B N P C h o l e e i w s l v t a o e d Y n l e a o l n p r d h k .. i . _ a . _ _ . _ . .. __ 3 1 8 8 7 3 4 9 4 3 2 9 7 6 5 6 9 2 2 2 8 8 4 4 5 0 4 6 4 2 , ,3 4 8 9 4 4 1 6 8 1 6 5 3 1, , 1 9 9 7 7 2 4 9 6 3 2 4 3,7 4 5 7 7 4 3 8 2 9 4 8 Chicago _ 18, 943 25, 938 43, 966 Richmond 59 43 61 719 357 523 St. Louis 11, 986 12, 676 16, 459 Atlanta _. . . 84 36 31 527 415 249 Minneapolis . . . 3,292 8,271 4,510 Chicago 201 140 103 2,093 2,438 1,114 Kansas City__ 7,631 8,554 9,694 St. Louis .__ 50 28 26 454 483 238 Dallas 10,546 19,007 7,679 M Ka in n n sa e s a p C o i l t i y s.._ 7 1 0 9 3 3 2 9 2 1 6 8 8 2 5 9 0 8 2 3 7 7 1 3 2 1 0 4 1 3 Total (11 districts) 195, 472 209, 451 242, 719 Dallas 25 19 11 217 168 42 San Francisco 132 106 80 1,307 1,951 608 Total 1, 320 932 811 15,035 13, 291 8,661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN MARCH 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 January 172 176 199 223 P289 136 167 187 240 P171 37 9 11 -18 P119 February 163 163 182 233 133 152 193 278 30 11 — 11 —45 March 191 185 195 257 158 177 199 307 33 8 —4 —51 April 179 164 193 269 147 171 203 287 33 —6 — 10 — 18 Mav 160 165 201 290 155 171 192 285 6 —5 9 5 June 171 170 186 265 136 157 191 286 34 13 — 5 —21 July 162 173 180 268 127 177 195 265 34 — 15 3 August 172 172 179 277 120 169 193 246 52 3 -14 31 September 191 199 221 297 132 162 216 233 60 37 5 63 October 206 221 265 333 130 189 213 224 77 32 52 108 November 195 270 226 315 151 169 196 223 44 100 30 91 December 171 223 230 319 132 187 245 209 38 37 -15 110 Year 2,133 2,283 2, 456 3.345 1,655 2,047 2,423 3,084 478 235 33 261 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937 p. 152, FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=!00] [Index numbers based on value figures; 1923-25 average=100] 1937 1938 Index of sales l Index of m s o t n oc th k ) s (ead of Jan. Sept. Oct. Nov. Dec. Jan. Month Adjusted Without Adjiisted Wit lOUt for seasonal seasonal for seEisonal seasonal Adjusted for seasonal variation variation adjustment varigition2 ad jus;ment Total 80 78 76 71 67 65 1937 1938 1937 1938 1937 1938 1937 1938 Coal 78 81 81 72 70 62 Coke 83 93 74 59 46 46 Grain and grain products. 73 71 82 92 88 89 Januarv .._ ._ 93 90 70 74 71 66 63 Livestock 43 44 45 42 42 44 Februarv 95 76 72 Forest products 48 49 46 41 40 40 March 93 90 76 78 Ore 117 104 79 73 86 82 M iscellaneous 90 86 81 76 69 69 April 93 89 76 79 Merchandise * 67 67 66 64 62 61 May_. 93 95 76 78 June 93 90 76 73 Without seasonal adjustment July 94 65 77 69 August 92 72 78 74 September.-. _ ._ 94 100 77 80 Total 73 87 84 72 62 59 Coal 89 84 89 78 78 71 October . 93 103 i 76 85 Coke _ .. 97 88 74 59 51 54 November.- 91 101 75 86 Grain and grain products. _ 65 79 82 86 75 80 December 89 156 72 68 49 56 63 51 40 43 Forest products 42 54 48 40 34 35 Year r92 76 Ore... _ 26 182 117 40 21 18 Miscellaneous 78 96 92 78 63 59 Merchandisel _ _ ._ 64 70 69 65 59 58 r Revised. 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and 1 In less-than-carload lots. holidays. Adjustment for seasonal variation makes allowance in March NOTE.—For description and back data see pages 522-529 of BULLETIN and April for the effects upon sales of changes in the date of Easter. for June 1937. Based on daily average loadings. Basic data compiled 2 Revised, see p. 232 of this BULLETIN. by Association of American Railroads. Total index compiled by com- Back figures.—department store sales, see p. 631 of BULLETIN for bining indexes for classes with weights derived from revenue data of August 1936; department store stocks, see p. 232 of this BULLETIN. the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 231 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities Year, month, or week Hides and Fuel and Metals Building Chemileather lighting and metalmaterials cals and products materials products drugs 1929. 95.3 104.9 91.6 90.4 94.2 1930. 86.4 88.3 85.2 80.3 89.1 1931. 73.0 64.8 75.0 66.3 79.3 1932 64.8 48.2 70.2 54.9 73.5 1933. 65.9 51.4 71.2 84.8 72.6 1934. 74.9 65.3 78.4 72.9 75.9 1935. 80.0 78.8 77.9 70.9 80.0 1936.. 80.8 79.6 71.5 80.4 1937. .3 85.3 76.3 83.9 1936—December 1937—January. . 101.7 76.2 February. 102.7 77.3 March. 87.8 104.2 79.5 April. _. 88.0 106.3 81.1 May—. .4 106.7 80.5 June.... 87.2 106.4 79.4 July.... 87.9 106.7 83.9 79.0 August. 87.5 108.1 82.2 77.3 September 87.4 107.6 81.4 77.0 October- 85.4 106.7 81.2 76.2 November. 83.3 101.4 80.2 75.4 December. 81.7 97.7 79.5 75.0 193S—January. Week ending— 1937—0 ct. 9_. 0 85.3 108.1 73.3 79.5 92.7 Oct. 16. 85.2 85.2 107.7 72.8 79.2 92.7 Oct. 23 84.9 85.0 106.9 72.8 79.1 92.7 Oct. 30. .0 84.7 106.4 72.6 78.9 92.6 Nov. 83.8 84.3 104.2 71.6 78.9 92.2 Nov. 13 83.2 84.0 103.0 71.0 79.0 92.1 Nov. 20. 82.9 84.2 101.8 70.5 78.6 92.1 Nov. 27. 82.0 83.9 100.2 70.0 78.6 92.1 Dec. 4. 82.0 83.9 78.6 92.1 Dec. 11 81.9 .7 78.6 92.1 Dec. 18. 81.5 83.7 78.6 92.1 Dec. 25 81.2 83.6 78.6 91.4 1938—Jan. 1 81.0 83.6 78.7 91.2 Jan. 8. 80. 83.5 78.8 90.8 Jan.15 81.0 83.6 90.8 Jan.22 83.7 90.7 Jan. 29 83.5 90.7 Feb. 5. 83.2 90.5 Feb. 12 83.1 89.7 Feb. 19 83.0 89.7 1936 J 1937 Jan. Dec. FARM PRODUCTS: METALS AND METAL PEODUCTS: Grains Agricultural implements Livestock and poultry Iron and steel Other farm products Motor vehicles FOODS: Nonferrous metals Dairy products 90.2 Plumbing and heating Cereal products 82.0 BUILDING MATERIALS: Fruits and vegetables 57. Brick and tile Meats 88.8 Cement Other foods 71.5 Lumber HIDES AND LEATHER PRODUCTS: Paint and paint materials Shoes 105.0 Plumbing and heating Hides and skins. 113.5 Structural steel Leather 96.8 Other building materials Other leather products 102.6 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chemicals Clothing 81.1 Drugs and Pharmaceuticals Cotton goods. 80.3 Fertilizer materials Hosiery and underwear 61.2 Mixed fertilizers Silk and rayon 31.2 HOUSEFURNISHING GOODS: Woolen and worsted goods 82.9 Furnishings Other textile products 67.0 Furniture FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: Anthracite 77.8 81.6 80.0 Auto tires and tubes Bituminous coal 97.4 .6 96.8 101.1 Cattle feed Coke 94.7 103.1 7.6 105.5 Paper and pulp Electricity 83.4 80.4 81.0 83.1 Rubber, crude Gas 85.2 82.4 82.2 81.3 Other miscellaneous Petroleum products 57.3 60.5 58.3 .5 1 Formerly called "knit goods." r Revised 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

232 FEDERAL RESERVE BULLETIN MARCH 1938 REVISED INDEX OF DEPARTMENT STORE STOCKS [Based on dollar volume of stocks at end of month; 1923-1925 average=100] Jan- Feb- Sep- Octo- No- Deuary ruary March April May June July August tember ber vember cember Year Without seasonal adjustment: 1919 65 68 72 73 72 70 73 82 92 98 100 87 79 1920 86 96 107 110 107 104 103 108 117 119 114 90 105 1921 78 82 88 90 89 86 84 89 97 100 101 83 89 1922 80 84 91 91 88 85 82 86 93 96 100 85 89 1923 . 83 90 98 101 99 93 91 96 105 110 113 '93 98 1924 89 96 105 107 103 97 93 96 105 111 112 94 101 1925 . 90 96 105 106 103 98 94 98 107 112 115 97 102 1926 93 98 107 107 104 98 93 97 107 114 117 96 103 1927 93 98 107 107 104 98 95 98 108 114 117 96 103 1928 92 98 105 M05 102 96 93 97 103 112 115 94 101 1929 89 95 102 103 101 95 92 96 103 112 115 94 100 1930 88 93 100 101 98 93 87 87 95 101 104 85 94 1931 . 78 81 87 87 85 80 75 77 84 89 90 73 82 1932 66 69 73 72 69 65 59 59 63 67 69 56 66 1933 _ 52 54 55 55 56 56 56 62 73 77 78 62 61 1934 59 63 67 68 68 63 59 61 67 71 74 60 65 1935 57 61 65 66 66 61 57 60 67 72 75 61 64 1936 58 62 67 68 67 62 59 65 71 76 80 67 67 1937 66 72 78 79 78 73 69 74 80 85 86 68 76 1938 63 Adjusted for seasonal variation: 1919 73 71 71 71 72 74 78 83 86 88 89 93 79 1920 97 101 105 107 107 108 110 110 110 107 101 96 105 1921 87 86 86 88 89 90 90 90 90 90 90 89 89 1922 89 89 89 88 88 89 88 88 88 87 90 91 89 1923 92 94 94 96 97 97 98 100 100 100 101 100 98 1924 100 101 101 102 102 101 101 100 100 101 100 100 101 1925 100 100 101 101 101 102 102 103 102 101 103 ' 104 102 1926 104 103 103 103 102 103 102 101 102 103 103 103 103 1927 103 103 103 103 103 103 103 103 104 103 102 103 103 1928 102 102 102 101 101 101 101 101 99 101 100 100 101 1929 100 100 99 100 100 99 100 100 100 100 100 100 100 1930 99 98 98 97 97 96 95 92 91 91 90 90 94 1931 ._ -. 88 86 85 84 84 83 82 81 81 80 78 76 82 1932 74 73 71 69 68 68 65 62 60 60 60 59 66 1933 58 56 54 54 55 58 61 65 70 69 68 65 61 1934 66 66 65 66 66 66 65 65 64 63 64 64 65 1935 _ __ 64 64 64 64 64 63 63 63 64 65 65 65 64 1936 65 65 65 65 65 65 66 67 68 68 69 71 67 1937 . 74 76 76 76 76 76 77 78 77 76 75 72 76 1938 71 * Kevised. SEASONAL ADJUSTMENT FACTORS FOR INDEX OF DEPARTMENT STORE STOCKS Jan- Feb- Sep- Octo- No- Deuary ruary March April May June July August tember ber vember cember 1919 89.5 95.0 102.0 103.0 100.0 95.5 93.0 98.5 107.0 111.0 112.0 93.5 1920 89.5 95.0 102.0 103.0 100.0 95.5 93.0 98.5 107.0 111.0 112.0 93.5 1921 89.5 95.0 102.5 103.0 100.0 95.5 93.0 98.5 107.0 110.5 112.0 93.5 1922 89.5 95.0 103.0 103.5 100.5 95.5 93.0 97.5 106.5 110.5 112.0 93.5 1923 89.5 95.5 103.5 104.5 101.5 95.5 92.0 96.5 105.5 110.5 112.0 93 c 1924 89.5 95.5 104.0 105.0 101.5 95.5 92.0 96.0 105.0 110.5 112.0 93.5 1925 90.0 95.5 104.0 105.0 101.5 95.5 92.0 95.5 104.5 110.5 112.5 93.5 1926 90.0 95.5 104.0 104.5 101.0 95.5 92.0 95.5 104.0 111.0 113.5 93.5 1927 90.0 95.5 103.5 104.0 101.0 95.0 92.0 95.5 104.0 111.5 114.5 93.5 1928. 90.0 95.5 102.5 104.0 101.0 95.0 92.0 95.5 104.0 111.5 115.0 94.0 1929. 89.5 95.5 102.5 103.5 101.0 95.5 92.0 95.5 104.0 111.5 115.0 94.5 1930. 89.0 95.0 102.5 103.5 101.5 96.5 92.0 94.5 104.0 111.5 115.0 95.0 1931. 89.0 95.0 102.0 103.5 101.5 96.5 92.0 94.5 104.0 111.5 115.5 95.0 1932. 89.0 95.0 102.0 103.5 101.5 96.5 92.0 94.5 104.0 111.5 115.5 95.0 1933. 89.5 95.0 102.0 103.5 102.0 96.5 91.5 94.5 104.0 111.5 115.5 94.5 1934. 89.5 95.5 102.0 103.5 102.5 96.5 91.0 94.5 104.0 111.5 115.5 94.0 1935. 89.5 95.5 102.0 104.0 102.5 96.5 90.0 95.0 104.0 111.5 115.5 94.0 1936. 89.5 95.5 102.0 104.0 102.5 95.5 90.0 96.0 104.0 111.5 115.5 94.0 1937. 89.5 95.5 102.0 104.0 102.5 95.5 90.0 96.0 104.0 111.5 115.5 94.0 1938. 89.5 95.5 102.0 104.0 102.5 95.5 90.0 96.0 104.0 111.5 115.5 94.0 NOTE.—The seasonal adjustment factors and the adjusted index have been revised for the entire period; the unadjusted index is shown as previously published except for December 1923 and April 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN MARCH 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 e u ta 2 s n ) l - * U S n ta it te e s d Can- c t r E r o o ( i 2 u 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 ( s n 8 n ) - - A c tr o f i ( r u e 5 i s c n ) a - U K d n o i i n m t g e s - 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 S. 1934—December. 21,051 8,238 134 11,010 601 805 263 1,584 5,445 518 590 573 624 4 1935—December. 21,604 10,125 189 9, 517 666 816 291 1,648 4,395 270 611 438 454 8 1936—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 9,307 736 283 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 '22, 971 11, 574 194 9,295 '733 858 317 2,584 2,846 208 619 657 15 April -•23, 204 11,799 199 9,302 -731 879 295 2,584 2,846 208 607 670 635 11 May '23, 529 11,990 193 9,464 -716 875 291 2,647 2,846 208 609 769 635 17 June '23,845 12,318 187 9,466 >730 863 281 2,722 208 625 848 635 8 July '23, 656 12,446 188 9,159 ^721 876 267 2,689 2,422 208 617 862 628 3 August '23, 592 12, 567 188 9,141 s-711 '717 267 2,689 2,424 208 607 862 615 4 September '23, 733 12, 741 186 9,129 '711 -702 264 2,689 2,428 590 862 612 6 October. _. 23, 845 12,803 187 9,191 706 '691 266 2,689 2,428 572 906 646 4 November P23, 968 12,774 187 9,359 P695 266 2,689 2,564 208 570 940 644 5 December P23, 971 12, 760 184 P9, 380 P695 P266 2,689 2,564 208 597 930 648 5 1938—January... 12, 756 186 P9, 451 2,564 208 599 687 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 l k c o h - ia o-i m D a e r n k - Greece H ga u r n y - I N w o a r y - l P a o n - d Po - r - t ' u- ' R n u i m a a- ' Spain4 S d w e e n - Y sl u av g i o a - 6 c t o o ri u t e h n s e - r g t A i e n r n a - - Brazil 1934—December 19 112 104 740 159 403 8 1935—December.. 19 112 68 109 735 185 444 17 1936—No vember.. 20 91 113 718 239 452 24 December. _ 20 91 114 718 240 501 25 1937—January 21 91 114 718 240 487 25 February... 21 91 115 718 241 489 26 March 21 91 115 718 241 '487 26 April 21 91 115 718 241 '494 27 May. __ 22 90 116 718 242 28 June 22 91 116 718 242 28 July 22 90 117 718 243 '487 29 August 22 90 118 718 243 '477 29 September.. 22 90 86 118 718 243 '481 30 October 23 90 119 718 244 '479 30 November.. 23 91 119 718 244 471 31 December.. 24 92 82 120 718 244 P31 1938—January 24 93 >>6Q ! 120 | 718 245 Latin America—Continued Asia and Oceania End of month Chile l C o b m o ia - - Mex- 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 h i i t a - Jhina Japan | Java N l Z a e e n a w d - T k u ey r- 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 r th i u e e n s r - 1934—December. 19 23 19 I 82 275 394 55 184 24 1935—December. 16 44 20 77 275 425 55 212 24 1936—October... 17 49 20 77 275 456 55 189 25 November. 18 47 20 77 275 459 55 191 25 December. 19 46 20 77 275 463 55 203 25 1937—January... 20 48 19 77 275 466 55 217 25 February. _ 22 50 20 77 275 469 55 230 25 March 23 52 20 77 275 456 55 237 25 April 18 47 20 77 274 459 55 215 25 May 14 46 20 77 274 452 55 211 25 June 16 45 20 77 274 443 55 201 25 July 15 45 20 77 274 412 55 187 25 August 16 43 j 20 77 274 261 55 189 23 September. 15 38 20 I 77 274 261 55 189 '20 October 16 34 20 ! 77 274 261 55 189 22 November. 15 31 20 77 274 P261 55 189 22 December. 16 P31 274 P55 189 P22 P Preliminary. ' Revised. 1 See notes under United Kingdom, Italy, and Spain. 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. 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 1923, 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

235 MARCH 1938 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. (In thousands of dollarsl Estimated Production reported monthly world Year or month pr t o io d n uc- North and South America Far East outside Total * South Rho- West BelgianUnited Colom- Austra- Japan British U.S.S.R.i Africa desia Africa Congo States2' Canada Mexico bia Chile lia proper India $1=25-8/10 grains of gold 9/10 fine; i e., an ounce of fine gold=$20.67 1929 382, 532 359,347 215, 242 11, 607 4,297 2,390 45,835 39,862 13, 463 2,823 683 8,712 6,927 7,508 1930 401,088 373,154 221,526 11,476 4,995 2,699 47,123 43,454 13, 813 3,281 428 9,553 8,021 6,785 1931. ._ 426, 424 394, 399 224,863 11,193 5, 524 3,224 49, 524 55,687 12,866 4,016 442 12,134 8,109 6,815 1932 458,102 421,656 238, 931 12,000 5,992 3,642 50, 626 62, 933 12,070 5,132 788 14,563 8,198 6,782 1933 469, 257 420,093 227, 673 13,335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 16,790 8,968 6,91& $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce jof fine gold $85 1933 794,498 711,260 385, 474 22. 578 11,214 6,148 89, 467 103,224 22,297 10, 438 5.094 28. 428 15,183 11, 715 1934 823,000 723,53G 366,795 24, 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 447 16,354 11, 223 1935 882, 533 771,827 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11, 517 9,251 31,117 20,043 11,394 1936 970, 206 •856,311 396. 768 28,053 16, 295 7,386 152, 509 131,181 26,465 13, 632 9,018 39,793 23,684 11, 599 1937.._ 1, 044, 875 '917, 696 P410, 853 '28, 299 P20, 772 PS, 069 167, 723 143,172 '29, 458 15, 478 10,698 '46, 629 '24,990 ll, 554 1936—August 84, 344 73, 928 33,830 2,425 1,412 675 13, 756 11, 568 1,818 1,098 1,029 3,422 1,916 981 September.. 85, 304 75,139 33,816 2,363 1,444 696 14,409 11,635 2,346 1,236 467 3,515 2,246 October 87, 322 76, 861 34,199 2,292 1,493 691 15,950 11,749 1,943 1,108 784 3,596 2,075 November _. 83, 328 72,730 33,042 2,270 1,506 634 13, 369 11,229 2,291 1,035 758 3,467 2,162 December __ 83,893 73,752 33,858 2,262 1,544 631 13,106 11,612 1,647 1,113 708 4,170 2,118 1937—January 84, 278 73, 348 34,352 2,315 1,671 586 11,597 11, 499 2,854 1,332 935 3,158 2,065 984 February .. 79, 256 68, 523 32,330 2,109 1,563 579 10,285 10,853 2,227 1,117 769 3,714 2,077 March 84,864 74, 203 34,381 2,416 1,605 634 12, 645 11,420 2,510 1,285 620 3,550 2,156 April 83, 253 72, 660 34, 308 2,391 1,669 638 11,245 11,317 2,111 1,269 926 3,725 2,106 956 May 87, 500 76, 697 34,010 2,408 1,559 681 14, 361 11,904 1,678 1,234 1,860 3,897 2,122 982 June 87,133 76, 702 34,132 2,339 1,649 688 13,150 12,071 3,701 1,246 643 4,033 2,093 957 July 89,159 78,423 34,895 2, 364 1,650 693 14, 984 12,162 2,452 1,476 962 3,861 1,945 979 August P92, 424 P81, 732 34, 598 2,441 1,822 710 18, 254 12,196 2,451 1,422 782 . 3,961 P% 120 975 September. »88, 323 P77, 791 34,170 2,421 1,890 695 15,059 12,184 2,246 1,298 ••847 3,964 P2, 085 932 October P90,188 ^79, 756 34, 559 2,399 1,896 16, 111 12,559 P2, 456 1,281 907 3,878 P.2,050 961 November.. P89, 762 P79, 397 34, 279 2,352 1,854 15,987 13,349 P2, 386 1,373 724 4,374 P2, 085 938 December,. *88, 734 ^78, 462 P34, 839 P2, 344 PI, 946 ^768 14,046 12, 658 P2, 386 1,144 P4, 514 P2, 085 Pl,008 Note on gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—a* $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $200. p Preliminary. T Revised. Monthly figures for United States for 1937 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $113,730 so that aggregate for 1937 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 1 Annual figures of world production outside U.S.S.R. through 1936 represent estimates of U. S. Mint; figure for 1937 represents total of monthly figures. Monthly figures are derived by adding to total production for which monthly reports are received by Board of Governors an estimate of all other production (exclusive of U.S.S.R.) based upon monthly statistics of American Bureau of Metal Statistics. 2 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, and July 1937, p. 687. For annual figures of world production, back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108-109. Figures for Canada beginning January 1937 are subject to official revision. GOLD MOVEMENTS fin thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: net Year or month i e m o x r p p n o o e ) r r t t t s s U K d n i o i n t m g e - d France g B iu el m - N la e e n r t d - h s - S l w a e n r i - t d z- C 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 u l s i - a Japan B I r n i d ti i s a h o c t o A t r h i u e l e n l s r - 1934 i. 1,131, 994 499,870 260, 223 8,902 94, 348 12, 402 30, 270 16,944 12,038 1,029 76,820 32,316 1935.. 1, 739,019 315, 727 934, 243 3 227,185 95,171 13, 667 10, 899 15,335 3,498 75, 268 47,054 1936.. 1,116, 584 174,093 573, 671 3,351 71,006 72, 648 39, 966 11,911 21, 513 23, 280 77,892 39, 745 1937 .. 1, 585, 503 891, 531-13, 710 90, 859 6,461 111, 480 38,482 18, 397 25, 427 34, 713 246, 464 50, 762 30,185 1936—September 171,824 8,204 1,463 634 2,101 2,405 2,831 6,961 3,693 October 218,812 72,154 799 25, 745 12,222 530 4 2,157 1,869 5,782 2,530 November. 75, 836 44, 665 2,545 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 10,691 271 6,506 5,865 1,945 2,123 1,617 6,028 1,463 February 120.326 75,238 14 8,155 10.661 9,153 2,109 2,910 7,077 3,870 March 154, 332 121, 451 1,131 4,925 3,242 3 1,944 3,467 5,696 4,017 7,296 April 215,811 175,165 5,399 7,225 1,973 4,261 2,231 2,388 9,978 4,857 1,737 May 155, 362 103, 822 1,166 14, 434 2,800 5,496 2,106 2,613 16,593 3,797 1,160 June..—.. 262,022 156,943 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 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 145,49r 066 13,703 14, 497 2,054 2,110 2,981 3,010 40,927 5,275 1.871 October 90,477 24,402 22,030 9,669 2,089 8 1,375 2,076 19,875 6,902 2,051 November _ 22,110 -5,046 -24,968 816 2,285 4,323 2,286 3,173 37,148 767 1,326 December 17,982 -40 -14,987 2,767 3, 404 16 2,292 3,786 18, 774 107 1, 862 1938—January. 2,116 -20 -4,975 649 819 1,676 1,052 1,043 1, 871 i J 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 206. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN MARCH 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 o n rt r e 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 el m - 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 r h r s e i i o c i c s a - a a t , , B In ri 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 r o n ) t r e s t t s 1934.. 716,269 -497,166 348,190 121,017 -13,585 32, 575 41, 790335, 253206, 693 62, 397 i 79,105-90, 920 1935 r 369, 722 -435, 502142,137 -4, 726 -17,476 10, 796 931 37,981 404,295 181, 602 32, 754 14,051 2 2,879 42,969 1936". 1,169,931 -276,830 756, 215 23,292 -15,133 -21,215 26, 723488, 814128, 421 28,067 13,930 3 17, 647 3,715 1937.. 420,427 -834,009 541,187 46,147 -21,993 -16,572 199,965 24,165 464, 837 22,079 15,544 * -87, 253-3, 718 1936—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 -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 r5,098 1937—Jan.... -25, 523 -73, 568 22,453 -220 414 1,021 5,628 2,504 16,903 3,953 694 -5,305 17,426 Feb. _. 122,296 -75,615 163,919 153 452 1,756 24,113 8,705 786 -3,942 27,024 Mar. - 78,484 -104,399 124,121 507 1,587 965 22,520 2^727 26,593 5,760 592 -2,489 588 Apr. _. 12,036 -149,444 11,281 -1,055 104 927 98, 510 2,122 44.198 2,848 1,220 1,325 1,778 May.. -48, 319 -101,710 -274 -1,786 -1, 545 452 8,430 2,353 37,106 8,368 873 -586 2,956 June.. 22,957 79,545 8,398 -7,915 99 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! 416 -662 16,914 1,981 54,463 7,178 1,171 8,454 -3,903 -11,467 Sept.. -29, 775 -86,145 -2,034 8,245 573 -420 19, 784 2,039 36.199 4,735 989 -13,739 -8,182 Oct... -6, 348 -16, 236 -2,831 3,171 8,176 -10,047 1,476 36, 244 5,739 1,032 -33, 071 63 Nov... 22, 054 4,258 -2,488 84 -2, 215 -5, 663 2,359 47, 694 3,877 -30, 813 -79 Dec... 20, 976 2,006-15,077 90 -12,834 -5, 689 2,379 36, 528 5)l74 8,300 -137 236 -247 1938—Jan.p.. 24,107 2,080-10,842 -4, 73, -7, 767 3,299 33,989 4,129 -34 -5,6 Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Gold Change in: 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 o i i n t m g ed - France g B iu el m - Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x ( r p ) o n r e t t s U S n ta i t t e e s d U K d n o i i n t m g ed - c o t o A r th i u e l e n l s r - I t n i i o d n n ia s In e R r d v e i - e a s 8 P i I n h r n g i o d v s l i d a a i t - n 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 11,222 173-219,671 1935 -230, 788 647 -54,858 -181, 725 -13, 940 25, 542 342 -6, 795 -161,872 -46,172 -113,953 -1,746 11,393 -6 -150,472 1936 122,279 -9,127 -1, 714 39,305 14,531 51,299 4,600 23,378 -121,066 -57,167 '-64, 349 "450 11, 599 -109,467 1937 -56,946 -51, 608 11,940 -45,061 27, 739 -657 6,553 -5,852 -61,689 -6, 459 -55,076 -154P11,553 - 50,094 1936—Aug.. 2,829 -113 3,176 -254 -20 -21 59 -7,983 -6, 273 -1,776 981 -7,002 Sept. 33, 506 -575 -6,396 40,875 -286 -641 487 42 -8, 273 -3, 653 -4,823 -7,307 Oct.. 14,848 19 656 8,177 57 -112 -11,576 -8,025 -3, 769 -10, 594 Nov.. 2,210 -3, 676 2,892 1,241 1,723 -65 97 -3 -9,347 r-7,116 '-2, 369 966 -8,381 Dec. -2,874 -4,916 2,291 -47 659 -33 20 -848 -5,506 r-3, 677 r-1,953 -4, 523 1937—Jan... -135 -6, 675 5,227 -612 732 -100 -575 1,866 -8,477 -7, 984 -7,493 Feb.. -17,034 -6,247 2,436 -1 852 -566 -13, 507 -3,161 -236 -3,052 899 —2,262 Mar. 575 -463 -490 653 55 819 "-3,968 -620 -3,473 982 < -2, 986 Apr. . -1, 506 -26 -1,966 -289 192 584 -6,068 -863 -5,223 956 -5,074 May. -4,479 -1,174 -1,987 -3,132 1,107 611 -4,933 -1,101 -3,710 982 -3,951 June -49,417 -36, 242 -4,351 -8, 740 521 274 -879 -1,809 -2,118 957 -853 July. -6,038 -1,243 -153 -1,831 -512 -2,278 -25 -8, 689 -1,644 -7,253 979 -7,706 Aug. -1, "~" -393 -1,242 8 350 —354 -5,197 -424 -4,759 975. -4,222 Sept. -7,147 -376 -6, 995 -37 -V 1,456 -4, 532 932. -3,600 Oct.. -1,138 -9, 627 -109 561 1,307 -4, 655 -976 -3' 752 961. -3, 694 Nov.. 4,113 -6, 276 -227 559 4,559 1,914 -4,200 -4,294 938 -3, 262 Dec. 26,892 5,810 -5,828 24, 558 559 3,275 358 -5,999 -4, 578 Pl, 008 P-4, 991 2,553 1938—Jan.?. 10, 978 12,579 -14,179 10, 520 1,601 457 —5,429 1,008 -4, 421 J» Preliminary. c Corrected. r Revised. 1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 2 Includes exports of $50,661,000 to Sweden and $12,571,000 to Norway; and net imports of $53,465,000 from Switzerland. 3 Includes $10,129,000 exported to Sweden and unspecified net imports of $19,684,000. • Includes $67,655,000 exported to Central and South America and net exports of $16,596,000 to Switzerland. 5 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. 7 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. » Figures derived from preceding columns; net imports plus production minus increase in reserves in India. io 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

MARCH 1938 FEDERAL RESERVE BULLETIN 237 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Figures in millions of depart- Cash reserves Dis- circula- Deposits pounds sterling) ment)^ counts Securi- tion Other and ad- ties liabili- 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—Sept. 30 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 18.3 Oct. 28 __ 248.7 1.0 65.9 6.6 99.7 442.7 86.6 27.6 41.4 17.7 Nov 25 248.7 .7 63.1 6.8 98.6 445.6 97.6 12.1 41.7 17 8 Dec. 30 313.7 .6 46.3 17.5 165.6 467.4 150.6 12.1 39.2 18.0 1937—Jan. 27 313.7 .4 61.4 8.0 97.4 452.3 98.4 12.1 38.4 18.1 Feb 24 313.7 .7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 18 2 Mar. 31 313.7 1.0 39.8 7.1 123.4 473.8 62.3 52.2 38.5 18 3 Apr. 28 313.7 1.0 44.8 5.5 119.7 468.8 87.6 26.2 39.6 17.7 May 26 321.3 .9 46.0 4.9 119.7 475.2 91.4 24.9 37.5 17.8 June 30 „ 326.4 .9 38.0 6.3 164.3 488.4 140.5 10.8 40.2 18.0 July 28 326.4 1.1 28.1 5.8 135.2 498.3 104.3 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 Feb. 23? 326.4 .8 51.9 6.5 116.9 474.5 105.6 16.7 35.5 18.2 Assets Liabilities Domestic bills :Loans 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 l - 3 Other v m G a e n t r o e o n c n v - e t - s m G S t e o h e n v o r t e m r r s t n - e - - s O e t c t i h e u s e ri r - N c b e u 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 11,737 7,850 1,812 1930—Dec 26 53 578 26 179 8,429 2,901 5,304 6,609 76,436 12,624 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—pec 28 82 124 963 3 971 3,211 5,837 8,288 83,412 3 718 15 359 1 907 1935—Dee 27 66,296 1,328 9.712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936—Sept. 25 50, 111 1,245 27 7,484 15,903 838 3,553 5,640 9,643 83, 750 1,679 6,660 2,356 Oct. 30 _ _ 64, 359 1,471 547 7,332 12,303 668 3,447 5,640 8,204 87,198 3,973 9,247 3,553 Nov. 27 _ 64, 359 1,466 925 8,056 12, 298 702 3,464 5,640 8,029 86, 651 2,069 13,058 3,160 Dec. 30 _ _ _ _ __ 60, 359 1,460 1,379 8,465 17, 698 715 3,583 5,640 8,344 89, 342 2,089 13, 655 2,557 1937—Jan. 29 57,359 1,435 1,620 8,553 19, 772 1,168 3,701 5,640 8,209 87,688 1,955 15,280 2,534 Feb. 26 57,359 1,323 1,524 8,990 19, 772 873 3,594 5,640 8,235 87,062 2,315 15,386 2,547 Mar 26 57, 359 1,194 1,514 8,440 20,066 225 3,698 6,640 8,543 85,746 1,977 16,404 2,552 Apr. 30 57,359 1,112 1,470 7,639 19, 991 965 3,918 5,642 9,256 87,063 4,361 13,408 2 518 May 27 57, 359 1,053 1,437 8,377 19, 980 385 3,777 5,642 8,158 85, 745 3,154 14, 766 2,502 June 24 54, 859 1,058 1,260 9,356 21, 380 776 4,013 5,641 8,110 85,985 2,209 15, 710 2,549 July 29 55,677 951 991 10,197 23,887 958 4,064 5,641 8,467 89, 307 2,563 15,812 3,152 Aug. 26 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 1938—Jan. 27 58.933 871 841 12,053 31, 904 925 3,824 5,580 7,019 92, 25 5 2,689 23, 720 3 285 Feb. 24P . 55, 806 873 11, 562 31,904 865 3,650 5,575 92, 740 2,226 20,147 p Preliminary. 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 rediseounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). «Figures not yet available. 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

238 FEDERAL RESERVE BULLETIN MARCH 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 t r l e e Other O as t s h e e ts r ci N t r i 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 1036—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 1938—Jan. 31 . 71 5 60 5, 459 66 108 286 982 5,199 851 986 Feb. 28P 71 5 I1) 81 110 286 5,278 891 I1) i Figures not yet available. NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1938 1937 Central bank 1937 [Figures as of last report [Figures as of last report date of month] date of month] Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. National Bank of Albania (thou- National Bank of Belgium— Cont. sands of francs): Note circulation 4,282 4,308 4,271 4,480 Gold 7,603 7,556 Demand deposits—Treasury 33 96 27 83 Foreign assets 22, 484 24, 509 Other 813 602 793 Loans and discounts 4,175 3,806 Other liabilities 118 Other assets 4,638 3,819 Central Bank of Bolivia (thousands Note circulation 11,396 10, 789 of bolivianos): Other sight liabilities 14, 703 17, 267 Gold at home and abroad 51, 996 51, 486 54, 209 66, 062 Other liabilities ______ 12, 803 11, 633 Foreign exchange... 91,312 96,146 138, 758 50, 605 Central Bank of the Argentine Loans and discounts 34,961 29,824 29,192 10, 650 Republic (millions of pesos): Securities—Go vernment 598, 926393, 434397, 851413, 364 Gold at home 1,354 1,353 1,224 Other.. 4,586 4,584 4,587 4,691 Gold abroad and foreign ex- Other assets 14, 738 13, 857 17, 699 12,211 change 68 81 291 Note circulation 247, 342252, 459250, 055214,913 Negotiable Government bonds... 87 65 D>eeppoossiitts. 292, 065277, 504331, 077239, 074 Other assets 166 175 153 O'tthheerr 1li]abilities 57, 110 59, 367 61,165 103, 597 Note circulation 1,150 1,112 1,106 Bank of Brazil (millions of milreis): Deposits—Member bank 355 371 407 Cash 409 273 Government 125 136 119 Correspondents abroad 137 406 Other 5 6 6 Loans and discounts 1,985 2,488 Other liabilities 40 51 30 Deposits 2,383 2.977 Commonwealth Bank of Aus- National Bank of Bulgaria (miltralia (thousands of pounds): lions of leva): Issue department: Gold 1,994 1,994 1,900 1, 705 Gold and English sterling__. 16,006 16, 008 16, 008 16,012 Foreign exchange Jfe. 838 696 637 814 Securities 40, 801 45, 284 40,551 38,561 Loans and discounts 1,061 1,386 1,384 710 Banking department: Government debt 3,495 3,495 3,523 3,551 Coin, bullion, and cash 1,317 966 11,165 1,360 Other assets 1,188 1,188 1,110 991 London balances.__ 31, 384 36, 987 35, 099 18, 838 Note circulation 2,361 2,569 2,744 2, 572 Loans and discounts 12, 368 11,516 10, 963 20, 426 Deposits 3,965 3,831 3,475 2,919 Securities 52, 653 42, 974 42, 838 37, 990 Other liabilities 2, 250 2, 359 2,334 2,280 Deposits 93, 718 88, 417 86, 507 75, 818 Bank of Canada (thousands of Ca- Note circulation 49,534 54, 034 49, 284 47, 039 nadian dollars): Austrian National Bank (millions Gold 179, 756179, 764179, 561179, 459 of schillings): Sterling and United States ex- Gold ._ 243 243 243 243 change 16,815 14, 885 22,187 11,843 Foreign exchange (non-reserve)-- 168 161 157 100 Canadian Gov't. securities: Loans and discounts 188 189 187 203 2 years or less 76, 329 82, 344 94, 790 61, 995 G O o th v e e r r n a m ss e e n ts t debts 6 1 1 5 2 1 6 1 1 7 2 7 6 1 2 8 0 3 6 1 2 3 0 1 Ot O h v er e r s e 2 c y u e r a it r i s es 9 1 0 2 , , 7 2 5 0 3 1 9 1 1 2 , , 5 2 6 1 5 2 9 1 7 2 , , 1 4 8 3 9 3 97, 784 Note circulation._ 892 944 907 895 Other assets 8,514 9,496 9,818 6,250 Deposits 315 253 299 245 Note circulation 152, 896165, 330156, 319123, 534 Other liabilities 153 185 185 156 Deposits-Chartered banks.. 198, 986 196, 040216,130 197,041 National Bank of Belgium* (mil- Dominion Government 17, 800 11,083 28, 376 23, 262 lions of belgas): Other 1,735 3,457 577 1,668 Gold 3,533 3,525 3,362 3,689 Other liabilities 12, 951 14, 355 14, 575 11,826 Foreign balances and bills 1,012 954 21, 266 21, 370 Discounts 206 228 (3)- Loans 29 32 35 53 Other assets 466 '464 309 316 J Form of official statement revised effective December 1937. r Revised. 2 Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937. s Not reported separately on bank statement; see note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1938 FEDERAL RESERVE BULLETIN 239 CENTRAL BANKS—Continued [Figures as of last report date of month] Central bank Central bank Jan. Dec. Nov. Jan Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold and foreign exchange in re- Note circulation. ___ _ 17, 462 serve 144 144 143 Deposits 5, 689 Loans and discounts 119 120 181 Other liabilities _ 3,696 Government debt 791 795 Bank of Estonia (thousands of Note circulation _ 709 663 643 krooni): Deposits - 263 312 300 Gold _ 34, 216 34, 214 34, 213 34,174 Bank of the Republic of Colombia Foreign exchange (net) 15, 731 17,007 15, 334 11,593 (thousands of pesos): Loans and discounts _ 24,833 26, 697 27,052 24, 230 Gold 32,134 29, 861 27,110 35, 589 Other assets _ 29, 781 28, 888 27, 561 21, 454 Foreign exchange _ 12, 696 6,527 10, 498 11, 630 Note circulation. 48, 770 49, 081 49. 806 44, 604 Loans and discounts 16, 370 23, 350 28, 717 7,500 Demand deposits 34, 942 37, 690 34, 973 32, 689 Government loans and securities. 45, 722 46, 671 47,156 45, 451 Other liabilities _._ 20, 847 20, 035 19, 379 14, 158 Other assets 26, 287 26,122 27,088 26,191 Bank of Finland (millions of mark- Note circulation 48, 863 52, 967 49, 564 52,465 kaa): Deposits 43. 492 38, 205 49,065 38,152 Gold 635 635 635 815 Other liabilities 40, 855 41, 359 41, 941 35, 745 Foreign assets _ _ 2,374 2,261 2,264 1,845 National Bank of Czechoslovakia Loans and discounts 1,157 1,080 1,020 976 (millions of koruny): Domestic securities 349 351 341 315 Gold 2,641 2,626 2,582 2,589 Other assets 400 457 437 385 Foreign exchange 523 479 474 390 Note circulation 2,015 2,052 1,996 1,600 Discounts 1,004 1,351 1,125 1,140 Deposits—Treasury 472 136 33 391 Loans 993 1,284 1,030 817 Other 828 972 980 714 Government debt 2,010 2,010 2,012 2,021 Other liabilities.... 1.600 1,623 1,687 1,631 Other assets 1,225 1.239 1,164 988 Bank of Greece (millions of drach- Note circulation 6,099 6,902 6,441 5,816 mas) : Demand deposits 629 292 217 601 Gold and foreign exchange (net).. 3, 451 3, 489 3,436 3, 169 Other liabilities 1,668 1,795 1,729 1, 527 Loans and discounts .. 5 616 5,866 5,359 4, 820 Bank of Danzig (thousands of Government obligations 4, 381 4, 370 4, 377 4,162 gulden) : Other assets 1,748 2,019 1, 640 Gold 28, 370 28, 355 28.115 29,091 Note circulation 6, 358 6, 776 6, 510 5,989 Foreign exchange of the reserve- 2, 991 3,088 2,912 857 Deposits 6, 405 6. 386 5,909 5,978 Other foreign exchange 397 387 343 1, 890 Other liabilities 2 367 2, 310 2,770 1.822 Loans and discounts 16, 867 17,179 16.116 14, 532 National Bank of Hungary (mil- Other assets 3. 434 3,195 3,693 4, 214 lions of pengos): Note circulation 34, 735 36, 245 34, 447 31, 764 Gold 84 84 84 84 Demand deposits 13, 297 11,647 13, 171 10, 270 Foreign exchange reserve 58 59 56 44 Other liabilities 19,012 19,012 19,012 19, 222 Discounts 386 450 422 National Bank of Denmark (mil- Loans—To Treasury 117 115 114 lions of kroner): Other.. 14 17 17 12 Gold 118 118 118 118 Other assets 287 275 281 I 182 Foreign exchange 83 72 59 12 Note circulation 437 466 431 ! 415 Discounts 21 23 25 34 Demand deposits 219 246 236 j 197 Loans—To Government agencies 140 212 222 147 Certificates of indebtedness- 70 70 89 j 93 Other 113 140 89 167 Other liabilities 220 218 219 ! 192 Securities 69 73 64 56 Reserve Bank of India (millions Other assets 65 67 71 65 of rupees): Note circulation 386 417 392 374 Issue department: Deposits 73 125 97 76 Gold at home and abroad 444 444 444 Other liabilities 150 162 159 149 Sterling securities 803 803 Central Bank of Ecuador (thou- Indian Gov't. securities 274 274 274 244 sands of sucres) : Rupee coin 629 626 628 631 Gold 32, 844 Note circulation 1, 833 1,854 1,799 1, 926 Foreign exchange 26, 076 Banking department: Loans and discounts 39,318 Notes of issue department.._ 303 293 350 116 Note circulation 57, 066 Balances abroad 49 36 56 213 Deposits 42, 343 Loans to Gov't 20 10 National Bank of Egyptl (thou- Investments 60 62 68 76 sands of pounds): Other assets 6 11 12 14 Gold 6,545 6, 545 Deposits 310 I 312 382 306 Foreign exchange 1,665 4,014 Other liabilities 107 111 113 113 Loans and discounts 6,535 Bank of Japan (millions of yen): British, Egyptian, and other Gldz 801 801 801 553 Government securities 35, 948 38,194 Discounts _ 496 496 550 536 Other assets 6,816 5,920 Loans—Government 3 3 3 193 Note circulation 21, 278 21,936 Other 161 165 207 196 Deposits—Government 8,126 8,725 Government bonds 1,210 1,126 677 602 Other 19,186 21, 964 Other assets 174 181 205 162 Other liabilities 8,920 8,046 Note circulation _ 2, 051 2,155 1, 787 1, 586 Deposits—Government. 432 219 283 298 Central Reserve Bank of El Salva- Other 88 112 84 76 dor (thousands of colones): Other liabilities 274 286 288 282 Gold 13,172 13,161 13, 076 Bank of Java (millions of guilders): Foreign exchange _ 2, 653 3,402 3,524 Gold . 117 117 89 Loans and discounts __ 2,009 1,362 1,657 Foreign bills . 4 3 2 Government debt and securities. 5,922 5,938 6,594 Loans and discounts. _ . _ 67 65 71 Other assets 1.196 2,094 1,995 1 Items for issue and banking departments consolidated. J 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

240 FEDERAL RESERVE BULLETIN MARCH 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Bank of Java—Cont. Bank of Portugal—Cont. Other assets 108 121 80 Loans and discounts 338 335 324 Note circulation 185 186 177 Government debt 1,042 1 042 1,044 Deposits 84 92 40 Other assets 1 409 1 422 1 230 Other liabilities 26 27 26 Note circulation.. 2 193 2 161 2,113 Bank of Latvia (millions of lats): Other sight liabilities 1,042 1,088 1,047 Gold 78 77 77 77 Other liabilities 1 177 1 190 1,062 Foreign exchange reserve 43 43 46 31 National Bank of Rumania (mil- Loans and discounts 130 137 133 116 lions of lei): Other assets 66 39 41 54 Gold 16 504 16 458 16 343 15 644 Note circulation __ _ 62 65 62 41 Special exchange accounts 5,915 5,652 5,942 4,633 Deposits 198 197 201 202 Loans and discounts 6,175 5,994 6 109 6,303 Other liabilities 56 35 34 33 Special loans 2. _ 1 989 1 997 2 014 2 423 Bank of Lithuania (millions of litu): Government debt _ 10, 549 10, 531 10, 695 9,446 Gold 79 77 75 Other assets 9 174 9 163 8 690 9 552 Foreign exchange 6 4 8 Note circulation 30 102 29 391 28 111 24 898 Loans and discounts 116 111 100 Demand deposits 10 642 11 143 12 190 10 989 Other assets 29 36 32 Other liabilities 9 561 9 261 9 493 12 114 Note circulation 117 121 112 South African Reserve Bank Deposits 92 83 82 (thousands of pounds): Other liabilities 21 24 21 Gold 22 937 22 937 26, 336 Netherlands Bank (millions of guil- Foreign bills 6,875 6,126 7,252 ders) : Other bills and loans __.=. 3 818 1 330 527 Gold 1,406 1,366 1,382 820 Other assets 12, 818 12 889 14, 959 Silver (including subsidiary coin) 18 17 17 20 Note circulation _ _ 18, 093 16,401 15, 760 Foreign bills 5 5 5 2 Deposits 23, 474 23 602 30, 078 Discounts 9 23 26 23 Other liabilities 4 881 3 279 3 236 Loans 226 195 194 187 Bank of Sweden (millions of Other assets _ 63 63 62 62 kronor): Note circulation 886 868 887 767 Gold 539 539 538 529 Deposits—Government 188 100 127 Foreign assets. 1 030 1 045 1 089 742 Other 606 656 754 174 Discounts _ _ 12 13 14 11 Other liabilities 47 45 46 45 Loans.. 23 25 27 25 Reserve Bank of New Zealand Domestic securities 16 10 7 33 (thousands of pounds) • Other assets 288 291 300 259 Gold. 2,802 2,802 2,802 2,802 Note circulation 906 980 893 827 Sterling exchange reserve _ 16,231 16, 993 16, 587 17, 902 Demand deposits 879 813 976 666 Advances to State or State un- Other liabilities . 125 131 105 107 dertakings __ 7,724 7,080 5,291 7, 910 Swiss National Bank (millions of Investments 2,915 2,658 2,658 3,160 francs): Other assets 296 284 230 241 Gold — 2 842 2 679 2 663 2 717 Note circulation 14, 240 15, 233 13,319 13, 068 Foreign exchange _ _. _ 519 513 508 40 Demand deposits 14, 031 12, 915 12, 529 17,313 Discounts 15 19 21 41 Other liabilities 1,696 1,669 1,719 1,633 Loans - 24 35 32 41 Bank of Norway (millions of Other assets 630 636 626 614 kroner): Note circulation. _ 1,451 1,531 1 453 1,385 Gold 180 180 189 215 Other sight liabilities 1 947 1 716 1 756 1 430 Foreign assets. 238 C233 213 109 Other liabilities 635 637 640 638 Total domestic credits and Central Bank of the Republic of securities 166 190 185 225 Turkey (thousands of pounds): Discounts 0) 91 93 153 Gold 36 753 36 723 36 720 34 842 Loans 0) 32 29 27 Foreign exchange—Free 25 16 2 41 Securities... _ 0) 66 63 45 In clearing acccounts 23, 857 23, 658 26, 773 38,188 Other assets _ 0) 8 6 8 Loans and discounts 45, 502 60,469 50 220 33, 552 Note circulation 421 449 422 401 Securities 188,405 189 028 186 290 187 351 Demand deposits—Government. 56 41 62 60 Other assets. ._ 38, 237 28, 014 35,070 22, 338 Other 62 62 45 35 Note circulation _ 176, 376 176, 677 177 171 185, 345 Other liabilities (0 58 64 60 Deposits 40, 578 42 259 46 123 37 280 Central Reserve Bank of Peru Other liabilities 115, 825 118, 973 111,781 93, 686 (thousands of soles) : Bank of the Republic of Uruguay Gold and foreign exchange 58, 488 47,147 (thousands of pesos): Discounts 41, 493 36,582 Issue department: Government loans 45, 484 45, 202 Gold and silver 42 087 41 601 Other assets 11, 245 7,299 Note circulation _ 84 960 88, 222 Note circulation 95, 423 93, 426 Banking department: Deposits 40, 343 30, 992 Cash reserves 28 541 27, 682 Other liabilities _ 20, 945 11,811 Loans and discounts _. 90, 790 84,113 Bank of Poland (millions of zlotys): Other assets _„ _ 60,022 73, 519 Gold. 436 435 434 397 Deposits 83 636 104, 884 Foreign exchange 32 36 35 32 Other liabilities 95, 716 80, 429 Loans and discounts . 622 709 650 722 National Bank of the Kingdom of Securities. _ 128 129 135 135 Yugoslavia (millions of dinars): Other assets 465 480 490 424 Gold 1,719 1 709 1 758 1 632 Note circulation 1,014 1,059 1,034 999 Foreign exchange 461 440 472 650 Other sight liabilities _ _ 327 360 324 233 Loans and discounts 1,623 1,705 1,614 1,691 Other liabilities 343 369 388 477 Government debt 2,239 2,238 2 253 2 248 Bank of Portugal (millions of Other assets 3,055 2,948 2,923 1,641 escudos): Note circulation _. 5,673 5,834 5,753 5,292 Gold 917 917 912 Other sight liabilities 2,661 2 459 2 515 1,895 Other reserves (net) 550 573 558 Other liabilities 762 747 751 674 Non-reserve exchange 157 151 154 c Corrected. 1 Figures not yet available. 8 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 241 MARCH 1938 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1938 1937 1938 1937 Liabilities Jan.31 Dec. 31 Jan. 31 Jan.31 Dec. 31 Jan. 31 Gold in bars 16,318 13, 775 38, 989 Demand deposits (gold).. 9,435 8,371 27,070 Cash on hand and on current account with banks__ 37, 604 52, 325 30, 708 Short-term deposits (various curren- Sight funds at interest 13,346 17,155 49, 386 cies): Central banks for own account: Rediscountable bills and acceptances Demand 43,077 46,826 37,739 (at cost): Time—Not exceeding 3 months. 126,063 125, 765 112,048 Commercial bills and bankers' ac- Time—Between 3 and 6 months 7,812 6,261 ceptances 127, 789 122,146 102,044 Treasury bills 110,424 110,572 144, 915 Total 176, 952 178,852 149, 788 Total.. 238, 213 232, 718 Central banks for account of others: Demand 3,170 2, 336 4,701 Time funds at interest- Other depositors: Not exceeding 3 months. 38, 414 32,138 25, 420 Demand 4,509 5,670 67 Between 3 and 6 months 6,368 6,272 Time—Not exceeding 3 months. 1,049 646 282 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 153, 836 153,528 153, 280 Treasury bills _ 30,011 29,972 24, 406 German Government deposit 76,918 76, 764 76, 640 Sundry investments... 83, 464 35, 244 French Government guaranty fund 30, 564 31, 598 43, 401 Between 3 and 6 months: French Government deposit (Saar). 1,002 1,036 1,423 Treasury bills 24, 312 27, 300 17,187 Sundry investments... 65, 465 64, 954 95, 340 Total.... 262, 320 262,925 274,744 Over 6 months: Treasury bills 37, 897 35,094 71, 412 Capital paid in 125,000 125,000 125,000 Sundry investments 53, 768 53, 792 9,710 Eeserves: Legal reserve fund 4,238 4,238 3,784 Total 298. 453 294, 576 253, 299 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.. 1,419 1,418 1,363 sold.. 996 1,027 1,359 Sundry items 42,729 41, 626 41, 205 Sundry items 55 38 160 Total liabilities... 649, 767 650, 026 646, 280 Total assets 649, 767 650,026 646, 280 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 in f g po 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 a ic y r n t e d at B co il u ls n d te i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - a O s t s h e e ts r Total :D D e e p m os a it n s d1 Time* lia O b t i h li e t r ies 10 London clearing banks 1930—D ecember 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 1937—December 236 155 295 605 954 242 2,250 237 11London clearing banks8 1936—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 December 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—January 251 154 331 636 970 240 2,329 252 1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936. 2 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

242 FEDERAL RESERVE BULLETIN MARCH 19-38 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France Deposits (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 d te i d s- Loans O as t s h e e ts r Total Demand Time a a O c n c w c e e p n s t- lia O b t i h l e it r ies 1930—December 2,419 4,675 20,448 10, 743 2,361 36,681 J5, 284 1,397 921 4,357 1931—December 11,311 2,168 18,441 9,274 2,130 38,245 $7,023 1,222 576 4,503 1932—December - 9,007 1, 766 22,014 7,850 749 37,759 $6,491 1,268 295 4,331 1933—December 5,870 1,416 19, 848 8,309 }>827 32, 635 |$1, 773 862 273 4,362 1934—December , . 5,836 1,421 18,304 8,159 717 30,943 JO, 039 904 193 4,301 1935—December 3,739 2,484 16,141 8,025 ]*900 27, 553 26,859 694 337 4,399 1936—October _ 3,186 2,766 17,070 7,452 727 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 ig37—January 2,852 3,589 18, 289 7,949 1,340 2S,831 29, 304 527 561 3,626 February 2,798 3,770 17, 825 8,056 1,397 ?fl,644 29,061 583 602 3,600 March 5,237 3,596 16, 701 8,357 1,448 31.008 •JO, 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 1,60? 29,069 28, 523 546 570 4.133 A Se u p g t u e s m t ber 2 2 , , 7 9 9 2 0 5 4 4 , , 2 5 5 5 8 2 1 16 6 , , 8 8 0 4 2 2 8 8 , , 7 0 2 0 3 8 1 1 , , 8 68 3 9 ? 2 2 8 9 , , 8 9 3 8 8 8 ,2 2 8 9 , , 4 2 3 8 8 8 5 5 5 5 0 0 6 5 4 8 4 3 4 4 , ,1 2 5 1 2 6 October 2,698 4,434 19, 079 8,172 1,952 31, 277 50, 708 569 695 4,364 November^ 3,325 4,040 18, 046 7,834 2,011 30,142 29, 539 604 695 4,419 Assets Liabilities Germany * (5 large B l e io rl n i s n o b f a r n e k i s c . h sm Fi a g r u k r s e ) s in mil- 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 d te i d s- Loans Se ti c e u s ri- a O s t s h e e ts r 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 i s t e s d l O ia t t i b h e i s e li r ig30—November 191 1,483 2,453 7,416 482 880 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, 55G 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 1,0?7 983 5,376 2,435 2,941 686 1,449 1936—October _ _- _ 130 273 2,569 2,735 1L, 075 858 5,712 2,644 3,068 586 1,342 November 137 269 2,567 2,729 ]L, 112 851 5,751 2,661 3,090 579 1,334 ig37—January 154 303 2,895 2,679 ],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 L, 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 ],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 ,070 781 6,172 2,916 3,256 539 1,292 October 136 277 3,041 2,667 L, 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 a l e b o c r a u o n r a s i d ty D ad e a p o e s x i c ts u d p d e a p in y o g s a i b i t n s le t e in rb 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 l e la 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 a O n lo d t a h d n e s i r s- a f n o f d r d r o e u i m n e g e n t Se ti c e u s ri- O as t s h e e t r s ci N t r i c o o u n te la- Total Demand Time l O ia t t i b h e i s 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—November 264 116 800 179 L, 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 ,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 241 114 863 119 1, 446 483 105 2,345 767 1,578 816 September __ . 238 100 883 110 1,446 507 103 2,371 797 1,575 809 October 252 82 890 114 1,411 496 106 2,333 749 1,584 806 November 273 87 884 121 1,391 486 101 2,351 781 1,570 789 December . _ ... 255 76 862 102 1,411 510 96 2,335 752 1,583 785 p Preliminary. 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

MARCH 1938 FEDERAL RESERVE BULLETIN 243 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective K U in n g i d te o d m France m G a e n r y - Italy N la e n th d e s r- Sw la i n tz d er- b C an e k n t o r f a — l R F 2 e a 8 b te . ef D fe a ct t i e ve b C an e k n tr of a — l R F 2 e a b 8 te . eff D ec a t t i e ve In effect Jan. 1, 1936 2 6 4 5 334 2H Jan. 2, 1936 5 Jan. 10 4 Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 Jan. 16 3 Argentina... 3H Mar. 1, 1936 Java 3 Jan. 14, 1937 M M F F e e a a b b y r . . . 4 7 7 2 8 „ 3 6 5 ^ 234 A B B B o e r u i l l s t g i t i v i r s u i i h a a m India 3 2 6 3 34 J J N M u u o a l l y y v y . 2 1 1 5 8 6 0 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 5 5 2 5 N M L L a i e e t t t x h v h i u i e c a r a o l n a i n a d . s .. 3 5 2 5 H J M N D u e o a l c y v r . . . 3 1 1 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 6 7 6 6 J M M u a a n y y e 4 3 1 0 8 . 434 3H B C C h u a i n l l g a e a d r a ia 3- 6 2 4 V ^ 2 A M D u e a c g r . . . 1 1 1 1 5 6 , , , 1 1 1 9 9 9 3 3 3 5 5 6 N N e o la w r n w d ay Zea- 2 J Ja u n n . e 2 5 9 , , 1 1 9 9 3 3 8 6 J J J J Ju u u u u l n n n n y e e e e 7 2 2 3 2 4 6 5 0 . __ 5 4 4 3K D D C Cz o a e v e n l n a o c z m k h m i i g o a a b s r i l k a o - . _ 3 4 4 J J J N u a a o n n ly v . . . 1 1 2 1 9 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 7 6 6 3 S P P P R o o e o u r u l r m a u t t u n h a g d n A a i l a frica 6 4 4 3 4 3 3 H r4 4 4 H M A D M D u e e a a c c g y y . . . 2 1 1 1 1 0 5 1 8 5 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 7 7 3 4 J S S u e e l p p y t t . . 1 9 2 0 5 3 5 2 E E E l s c t u o S a n a d i l a v o a r. d .. or. 4 4 4H N A O u o c g t v . . . 3 2 0 3 1 , , , 1 1 1 9 9 9 3 3 3 2 5 5 S S S w p w a e i i t d n z e e n rland- V 5 V A A J N D u o e l c y v . . 2 1 6 1 5 , , , 1 1 1 9 9 9 3 3 3 6 3 5 Oct. 2 3 Finland 4 Dec. 3, 1934 Turkey VA Mar. 2, 1933 O O c c t t . . 1 9 6 2 2 lA G Fr e a r n m c a e ny 4 3 N Se o p v t . . 2 13 2 , , 1 1 9 9 3 3 7 2 Un d i o te m d King- 2 June 30, 1932 N D O o e ct c v . . . 2 3 2 0 6 2 2 A 134 H I G ta u re l n y e g c a e ry 4 4 6 34 J A M a u n a g y . . 2 1 4 8 9 , , , 1 1 1 9 9 9 3 3 3 7 5 6 U Y . u g S o . s S la . v R ia . . . . . 4 5 J F u e l b y . 1 1 , , 1 19 9 3 3 5 6 Jan. 28, 1937 4 June 15 _ 6 Changes since Jan. 26: None. July 7 5 Aug. 4 4 Sept. 3 3H Nov. 13 3 In effect Feb. 28, 1938 2 3 4 2 VA MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherla d n am ds ) (Amster- Month ac 3 B c m a e n p 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 ll a o d n w e k p a e o n r s c s i ' e ts d P is r r i c a v o t a e 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 t a e u t n e t M 1 o m ne o y n t f h or 1937—January... 3.00 2.88 2.54 .63 1.01 February.. 3.00 2.86 2.47 .39 1.00 March 3.00 2.86 3.10 .38 1.00 April 2.90 2.71 2.55 .38 1.00 May 2.88 2.63 2.69 .31 1.Q0 June 2.88 2.63 2.78 .25 1.00 July 2.88 2.65 2.64 .19 .92 August 2.88 2.69 2.85 .19 .53 September 2.88 2.73 3.07 .20 .50 October. __ 2.88 2.91 2.81 .21 .50 November 2.88 2.81 2.65 .25 .50 December. 2.88 2.84 2.96 P. 19 0) 1938—January... 2.88 2.88 2.98 .25 .50 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o 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—December. 1.25 1.00 1.99 4.50 4-63^ 2M 4.75 2.74 1937—January... 1.25 1.00 2.22 4.50 2% 4.75 2,63 February.. 1.18 1.00 4.01 4.50 4-6^ 4.75 2.67 March 1.00 1.00 4.06 4.50 4-63^ 2% AA 4.75 2.83 April 1.00 1.00 4.00 4.50 4-63/6 2% 234-434 4.75 2.86 May 1.00 1.00 3.93 4.50 2% 4.75 2.69 June 1.00 1.00 5.02 5.00 4-634 2H 4.75 2.80 July 1.00 1.00 5.20 5.00 46^ 23J-43J 4.75 2.70 August 1.00 1.00 4.11 5.00 233^^433^ 4.75 2.85 September 1.00 1.00 3.54 5.00 234-43 4.75 2.46 October... 1.00 1.39 3.62 5.00 2% VAVA 4.75 2.65 N D o e v ce e m m b b e e r r . . 1 1 . . 0 0 0 0 1.78 3 3 . . 2 0 6 0 5 5 . . 0 0 0 0 4-6)4 2% 4 4 . . 7 7 5 5 2 2. . 6 5 3 9 p Preliminary. .c Corrected. 1 Not yet available. 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

244 FEDERAL RESERVE BULLETIN MARCH 1938 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Argen- Aus- Austria Bel- Brazil (milreis) British Bul- Chile (peso) Colom- Year or month tina tralia (schil- gium India garia Canada China bia (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) (peso) 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 1937 32. 959 393. 94 18. 770 16. 876 8. 7190 6.1806 37. 326 1. 2846 100. 004 5.1697 4.0000 29. 606 56. 726 1937—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 29. 650 56. 997 September.. 33. 020 394. 68 18. 845 16. 838 8. 7216 6.3997 37. 390 1. 2855 99. 982 5.1579 29. 660 56. 993 October 33. 032 394. 80 18. 823 16. 859 8. 7232 5. 8322 37. 410 1. 2854 100.017 5.1694 29. 463 56. 999 November.. 33. 309 398.16 18. 900 17.009 8. 7635 5. 7266 37. 711 1. 2844 100.073 5.1680 4. 0000 29. 444 55. 958 December... 33. 312 398.10 18. 892 16. 985 5. 4492 37. 711 1. 2732 99. 948 5.1697 4. 0000 29. 468 54. 244 1938—January 33. 334 398. 35 18. 893 16. 926 5. 5803 37. 747 1. 2616 5.1680 4.0000 29. 489 55. 459 Year or month ( C p u es b o a ) C s k lo z o e v r c u a h n k a o ia ) - ( m D kr e a o n r n - k e) ( E po g u y n p d t ) Fi ( k n m k l a a a r ) n - d F (f r r a an n c c ) e ( m m r G e a a i e c r n r h k y - ) s- G (d m r r e a a c e ) h c - e ( K d H o o o l n l n a g r g ) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M ( e p x es ic o o ) N ( l f e a l t o n h r d i e n s 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 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 31. 711 29. 558 7. 2916 29. 002 27. 760 64. 481 1937 99. 916 3. 4930 22.069 506. 92 2.1811 4. 0460 40. 204 .9055 30. 694 19. 779 5. 2607 28. 791 27. 750 55. 045 1937—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 '512.25 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 1938—January 99. 917 3. 5104 22. 317 512. 64 2. 2085 3. 3352 40. 281 .9162 31. 231 19. 826 5. 2608 29.052 27.750 55. 711 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 r a u t l 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 o en e n - a) e ( S r fr l w a a n 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 - ) ( g U p u e r s a u o y - ) Y s (d l u a in v 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 1937 396. 91 24.840 18. 923 4. 4792 .7294 489. 62 6.053 57.973 25. 487 22. 938 80.130 494. 40 79.072 2.3060 1937—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. 492 499. 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 1938—January 401. 36 25.120 18. 974 4. 5260 .7356 495. 35 6.137 58. 631 25. 770 23.125 80. 684 499. 98 66. 458 2. 3276 c Corrected. r Revised. NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina, Austria, Bulgaria, Chile (official), Colombia, Hungary, and Uruguay—since Apr. 1933; Australia, New Zealand, and South Africa—since Apr. 1934; Brazil—official rate, Apr. 1933-Nov. 1937; free market rate, Dec. 31,1937 and since Jan. 22,1938; no quotations available Jan. 8-21,1938; Chile (export rate)—since Nov. 30, 1937; China- Mar. 26-29 and August 18-23, 1937; Czechoslovakia—Sept. 26-Oct. 10, 1936; Finland—Sept. 26-Oct. 15, 1936; France—June 29-30, 1937; Greece— since Sept. 26, 1936; Hong Kong—Mar. 26-29, 1937; Italy—Nov. 23, 1935-Apr. 1, 1936 and Oct. 2-3, 1936; Japan—Jan. 9-Feb. 26,1937; Poland—Apr. 28-Aug. 4 and Sept. 26-Oct. 24, 1936; Portugal—Sept. 26, 1936-Oct. 7, 1937; Rumania—since Aug. 8, 1936; Spain—since July 31, 1936; Straits Settlements—Mar. 26-30, 1937; Turkey—since July 25, 1936; Yugoslavia—since Aug. 11, 1936. In Sept. 1936 exchange quotations on all other countries, with the exception of Canada, Egypt, Straits Settlements, and United Kingdom, were partly nominal; and quotations were unavailable on two days for Turkey, and on one day for Colombia, Egypt, Spain, and Straits Settlements. Quotations were unavailable for Uruguay for Jan. 4-7, 1938. Changes have occurred in the basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933; average for 1933 is for gold peso for Jan. 1-Dec. 10. Brazil—Official rate discontinued beginning Nov. 18, 1937; average official rate for 1937 is for Jan. 1-Nov. 17; free market rate quoted in addition to official rate beginning Aug. 3, 1936; average free market rate for 1936 is for Aug. 3-Dec. 31. Chile—Export rate quoted in addition to official rate beginning Nov. 30, 1937; average export rate for 1937 is for Nov. 30-Dec. 31. China—Beginning Apr. 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver; average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. Hungary—Reported on new basis beginning Aug. 3, 1936; average for 1936 is for rates reported on old basis for Jan. 1-Aug. 2; average for rates reported on new basis for Aug. 3-Dec. 31 was 19.775 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

245 MARCH 1938 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether- Switzer- Year or month (1 U S 92 n t 6 a i = t t e 1 e 0 d s 0) (1 C 9 a 26 n = a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = t d e 1 o 0 d m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (1 e 91 r 3 m = a 10 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 t p = o 1 a b 0 n e 0 r ) (1 l 9 a 1 2 0 n 6 0 - d ) 3 s 0= (J = u la l 1 y n 0 0 1 d 9 ) 14 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 1937 86 ^85 109 106 P239 76 111 1936—December. 84 80 101 519 105 215 107 1937—January... 86 81 103 538 105 233 108 February.. 86 83 104 533 106 230 111 March 88 86 107 550 106 240 113 April 88 86 109 552 106 248 113 May 87 85 111 550 106 241 113 June 87 85 111 557 106 238 112 July 88 88 112 582 106 239 112 August 88 86 111 603 107 235 111 September 87 85 111 630 106 239 111 October. __ 85 85 111 628 106 237 111 November 83 83 109 621 106 238 110 December. 82 83 108 631 106 245 110 1938—January.. _ 81 84 108 637 106 Preliminary. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month Induspr F o a d r u m cts Foods co O m it 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 o m c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g 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 d a i l s s h e ra e m w d i- tr I i i n s a d h l u e f d s in - products products 1926 100 100 581 793 129 132 130 150 1927 99 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 87 542 464 104 96 103 136 1932 48 61 70 85 482 380 91 86 118 1933 51 61 71 87 420 380 87 75 113 1934 65 71 78 90 393 361 96 76 116 1935 79 84 78 87 90 327 348 102 84 119 1936 81 80 92 426 397 105 86 121 1937 86 85 102 P562 P598 105 96 125 1936—December. 89 82 522 516 104 123 1937—January.... 91 83 105 532 543 103 123 February.. 91 107 516 548 103 123 March 94 101 111 528 570 104 124 April 92 102 113 522 577 104 124 May 90 102 115 520 576 104 124 June 102 115 532 579 105 124 July 103 116 549 610 106 125 August 86 103 116 572 629 106 125 September. 104 115 612 645 105 126 October 105 113 607 646 105 126 November. 105 110 613 628 105 126 December. 104 109 636 626 105 126 1938—January.... 105 109 634 638 105 P Preliminary. 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

246 FEDERAL RESERVE BULLETIN MARCH 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 = t t 3 e e 1 - d s 0019 E l J 1 a u 4 n n = l g y d 1 - 001 F 9 r J 1 a u 4= n ly 1 c 0 e 019 m G 1 1 9 4 a 1 e = 3 n r 1 - - y 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e 1 - s 0 r- 01 S 9 l J 1 w a e u 4 n r 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 t 3 e e 1 - d s 0019 E l 1 J a u 4 n n = l g y d 1 - 001 F 9 J J r 1 a u a 4 n n = n .- e 1 c 0 e 019 m G 1 1 9 4 a e 1 = r n 3 - 1 - y 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e 1 - s r 0 - 0 1 S 9 l J 1 w a e u 4 n r i = 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 1 132 130 1937 85 139 *»600 122 127 129 1937 154 ^619 125 137 137 1936-Dec 83 136 534 121 122 123 1936—Dec 82 151 540 124 133 132 1937—Jan 85 136 562 121 124 126 1937—Jan. 151 125 134 133 Feb 85 135 577 122 122 129 Feb. 151 125 134 136 Mar.... 85 135 577 122 123 129 Mar 84 151 581 125 134 136 Apr 86 135 580 122 125 129 Apr 151 125 136 137 May 87 136 584 122 126 129 May 152 125 136 136 June 86 136 576 123 129 131 June.,. 85 152 606 125 138 137 July 86 140 580 125 130 131 July 155 126 139 137 Aug 86 140 594 124 130 130 Aug. 155 126 139 137 Sept 86 140 627 122 129 130 Sept.... 85 155 630 125 139 137 Oct 85 143 644 121 130 130 Oct 158 125 140 138 Nov.... 84 146 645 121 131 130 Nov. _ 160 125 140 138 Dec 83 146 659 121 130 130 Dec 85 160 658 125 139 138 1938—Jan 80 145 130 i 121 1938—Jan. 159 125 p Preliminary 1 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 (1926=100) Year or month ( U S p av 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 9 r 1 a 3= 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 l e a t n h d e s r 8 - U S n ta it t e e d s England France Germany (1 N 9 l e 3 a 0 t 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 j 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. r 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 4 101.8 111.7 96.3 P97.4 102.6 104. 1936—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 4 100. 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 99.7 105.0 81.2 86.8 87.6 102.1 93.7 1938—January 80.6 124.7 75.1 99.8 82.7 86.5 85.0 104.4 98.3 p Preliminary. 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 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRTJDER 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 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. STEELB GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) W. W. ALDRICH CHESTER C. DAVIS District No. 3 (PHILADELPHIA) . . . .HOWARD A. LOEB, JOHN K. MCKEE Vice-President OSCAR NEWTON J. N. PEYTON District No. 4 (CLEVELAND) L. B. WILLIAMS RONALD RANSOM District No. 5 (RICHMOND) ROBERT M. HANES G. J. SCHALLER 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 S. R. CARPENTER, Assistant Secretary District No. 10 (KANSAS CITY) WALTER WYATT, General Counsel District No. 11 (DALLAS) R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel District No. 12 (SAN FRANCISCO) ... PAUL S. DICK E. A. GOLDENWEISER, Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account 248 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f s — erve Cha R irm es a e n rv a e n A d g F en ed t eral President First Vice President Vice Presidents Boston F. "FT. fJnrtiss R. A. Young W. W PnrlrlnpV W Willfitt. 2 NewYork__ Owen D. Youne _ . G. L. Harrison.. _ Allan SDroul W. R. Burgess L. R.Rounds Logan w. sWilliams J. H.. Gidney R. M. Knoke L. WCoe C. H Philadelphia R.L. Austin J. S. Sinclair F. J. Drinnen C. A.Mcllhenny 3 "W T E. C. Hill Cleveland E. S. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr J. G.Fry G. H Atlanta F H. Neely Oscar Newton S. Parker H. F.ConnifE W. SMcLarin, Jr. 3 Chicago R.E. Wood* G. J. Schaller.. H P. Preston W. H. Snyder 3 C. S.Young J. H.Dillard St. Louis _ W. T. Nardin W. McC. Martin F G. Hitt 0. M. Attebery J. S. ^Wood C. M. Stewart« Minneapolis W. B. Geery J. N. Peyton 0. S. Powell H. I.Ziemer 3 E. W. Swanson Kansas City TJ. Thomas G. H. Hamilton C A. Worthington H. G Leedy J. W.Helm3 Dallas J H. Merritt B. A. McKinney. . R.R. Gilbert R. B.Coleman 3 W. J.Evans San Francisco A 0. Stewart W. A. Day Ira Clerk S. G.Sargent W. IS[A. Hale C. E.EarhartJ 1 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 B altimore 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. 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS^ * vfi S.DAK. { KANSAS CITY MO HANS. ST. LOUIS I OKLA. Oklahoma City ARK. Little#Rock/ BOUNDARIES OF FEDERAL RESERVE DISTRICTS M M« BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 9 FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O 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