Federal Reserve Bulletin, 1938-04

FEDERAL RESERVE BULLETIN APRIL 1938 Recent Credit and Business Developments Annual Reports of Central Banks—France and Belgium Statistics of International Capital Transactions 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 credit and business developments 251-255 National summary of business conditions.. 256-257 Summary of financial and business statistics. 259 Law Department: Amendment of Regulation T 260 Ruling of the Board: Time when guarantee is filed with Secretary of exchange 260 United States Government corporations and credit agencies in 1937 261-266 Statistics of international capital transactions of the United States for 1937 267-277 Annual Report of the Bank of France ... 278-282 Annual Report of the National Bank of Belgium 283-287 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items __ 290 Federal Reserve bank statistics 291-295 Reserve position of member banks; deposits in larger and smaller centers 296 Currency in circulation. _ 297 Gold stock and gold movements; bank suspensions; bank debits 298 All banks in the United States 299 All member banks 300-301 Reporting member banks in leading cities 302-305 Acceptances, commercial paper, and brokers' balances 306 Federal Reserve bank discount rates 307 Money rates and bond yields 308 Security markets 309 Treasury finance 310-311 Governmental corporations and credit agencies; Postal Savings System 312-313 Production, employment, and trade 314-322 Wholesale prices 323 International financial statistics: Gold reserves of central banks and governments 326 Gold production 327 Gold movements 327-328 Central banks 329-332 Bank for International Settlements 333 Commercial banks 333-334 Discount rates of central banks 335 Money rates 335 Foreign exchange rates 336 Price movements: Wholesale prices 337 Retail food prices and cost of living 338 Security prices 338 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 340 Senior officers of Federal Reserve banks; managing directors of branches 341 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 APRIL, 1938 No. 4 REVIEW OF THE MONTH Treasury interest payments and the redemption in cash of $400,000,000 of Treasury bills During the first quarter of 1938 excess rematuring from March 16 through March 19, serves of member banks showed a substanwhich were largely held in the New York tial increase and at the end of market, substantially exceeded income taxes Growth of March exceeded $1,500,000,excess reserves paid by depositors of the New York banks. 000. This is about the volume of excess reserves held by member banks in EXCESS RESERVES OF MEMBER BANKS April of last year and compares with an BILLIONS OF DOLLARS ILL1ONS OF DOLLARS average level of about $1,000,000,000. in the last three months of 1937. The principal source of new reserves in the early weeks of this year was the post-holiday return of currency from circulation, which amounted to about $350,000,000, following a less-than-seasonal expansion in the period before Christmas. The banks also gained reserves from an addition to the active monetary gold stock, subsequent to the modification of the Treasury gold policy on February 14, from the issuance of silver certificates by the Treasury, and from a reduction in foreign central bank deposits at the Reserve banks, which had declined steadily since early last October. A 1934 1935 1936 1937 1938 reduction in required reserves, reflecting a Banks elsewhere lost reserves as the result of decline in deposits, also released excess repayments of income taxes, but met part of serves to member banks. A temporary inthese losses by withdrawals of correspondent crease in the latter part of March in Treasury balances from New York. The loss of redeposits with the Reserve banks was a factor serves by outside banks at this time is usually of decrease in member bank reserves. of short duration. In the interval between As shown on the accompanying chart, all the quarterly tax dates Treasury cash disclasses of banks shared the increase in excess bursements exceed receipts in most districts reserves from December to early March of and local banks are thereby provided with this year. Later in March excess reserves new reserve funds. of New York City banks continued to increase The Treasury quarterly financing on March sharply, reaching a total of nearly $800,000,- 15 was confined to the refunding of $455,- 000, while those of outside banks declined 000,000 of notes maturing somewhat. Treasury operations at the March Treasury financing Holders of Qn that date in March quarterly income tax collection period were the maturing notes were largely responsible for this shift in excess offered the option of exchanging them for reserves among classes of banks. The New 2% percent bonds maturing on September York banks gained reserves at this time as 15, 1948. The new issue met a favorable re- 251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN APRIL 1938 ception in the market, and practically all ofhave somewhat increased their holdings of the notes were presented for conversion. The American stocks and bonds. Treasury also sold $50,000,000 of bills each Following a statement by the President on week during March in addition to the regular February 18 that devaluation of the dollar offerings to replace weekly bill maturities. was not in contemplation, the leading foreign The new bills mature during the June tax currencies drifted irregularly lower in this collection period. They were sold on a book- market. In the second week of March, there credit basis to prevent a further rise in thewere political developments in Europe that Treasury balance at the Reserve banks, which profoundly affected international markets has recently been in excess of usual working-and led to a rapid decline in the dollar quotabalance needs. The book-credit feature was FOREIGN CENTRAL BANK AND PRIVATE BALANCES particularly attractive to city banks outside IN THE UNITED STATES of New York City, which purchased a large MILLIONS OF DOLLARS 1937 MILLIONS OF DOLLARS 2400 2400 portion of these bills at slightly lower rates than were paid on the regular 91-day bills issued within the period. On February 16, currencies of the four foreign countries in the Tripartite agreement other than France reached Recent their highest quotations in international this market since last Nocapital movements vember. Foreign uncertainties with regard to the dollar, while somewhat intensified early in February, had been operative in the exchange market since the beginning of the current recession in business. They were responsible in large measure for the heavy reduction in foreign dollar balances since last September. The necessity of paying for the excess of merchandise d private although they are known to central bank and other official balances. exports from this country, amounting to $600,000,000 during the six months ending tions of foreign currencies and to a cessation February, has also been a factor in the de-of the previous outward flow of capital from cline of foreign balances here. this country. The chart shows that both foreign central bank balances held with the Federal Reserve EXCHANGE RATES FOR LEADING FOREIGN CURRENCIES banks and other foreign balances with com- [In cents per unit of foreign currency] mercial banks in the United States were sub- Currency Feb. 16 Mar. 8 Mar. 18 Mar. 30 stantially reduced during the final months of 1937. This movement continued in both Sterling 503. 62 501. 59 495. 42 496. 72 French franc. 3.29 3.22 3.08 3.04 classes of balances throughout most of theGuilder 56.15 55.93 55.17 55.38 Swiss franc__. 23.31 23.22 22.91 22.94 first quarter of the current year, but at aBelga 17.02 16.93 16.82 16.90 somewhat slower rate. The withdrawal of short-term funds was at no time accompanied In France the Chautemps Cabinet, formed by a considerable volume of foreign selling in January and not fully representative of of American securities, however, and over thethe Popular Front, resigned on March 10 bewhole period since last September foreigners cause of the difficult fiscal situation and its in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

253 APEIL 1938 FEDERAL RESERVE BULLETIN ability to obtain full powers to take financial Member banks in 101 leading cities reand economic measures by decree. Former ported some decline in deposits during the Premier Blum, who was entrusted with the first three weeks of March. formation of a new Cabinet, first attempted Their a^re^ate loans and into form a broad coalition Government em- vestments also declined, owing bracing members of the conservative parties largely to redemption of Treasury bills in the as well as of the Popular Front. The attempt third week of March. As brought out in the failed. On March 13, a new Popular Front chart, from last October through January, cabinet was announced and the franc, which New York banks had steadily added to their had rallied from its earlier lows on the pros- holdings of Government securities, while pect that a broad non-partisan Government holdings at banks in 100 other leading cities would be formed, broke sharply to about 3.05 had shown little change. New York City cents on March 14. It fluctuated around this banks increased their holdings of other securilower level, more than 20 percent below its ties by nearly $200,000,000 in the first quarter 1929 parity with the dollar, throughout the of the year. rest of March. In the latter part of the Commercial and industrial loans at reportmonth legislation was passed which increased ing banks showed a moderate decline in Febby 5,000,000,000 francs the limit on Treasury ruary and March. Since last October these borrowing at the Bank of France. loans had been generally decreasing, owing in More widespread in its effects than the part to the seasonal decline in the demand for French developments was the European war credit. Ordinarily there is a small seasonal scare arising out of the announcement on increase in these loans in the early spring. In March 9 that a plebiscite on the question of the early part of March, loans to security Austrian independence would be held the fol- dealers showed an abrupt increase, in conlowing Sunday, the resignation of Chancellor nection with the public debt operations of the Schuschnigg on March 11, and the annexa- Treasury, followed by an equally sharp detion of Austria by Germany on the 13th. cline. Loans to brokers and dealers in securi- As the crisis developed, there was an increase in gold hoarding on the London market LOANS AND INVESTMENTS OF REPORTING MEMBER BANKS and European currencies fell. On March 15 WEDNESDAY FIGURES the dollar equivalent of the London gold BILLIONS OF DOLLARS BILLIONS OF DOLLARS NEW YORK CITY OUTSIDE NEW YORK CITY price declined to a level at which, for the first time since last September, it became profitable for American banks to buy gold in London for shipment to the United States, and several purchases were made on that and succeeding days. The decline of foreign currencies and the hoarding of gold abroad U.S.GOVT OBLIGATIONS continued. A further development that contributed JOMMERC1AL LOANSto uncertainty during the third week of March was the Polish ultimatum to Lithuania. With Lithuania's acceptance of the Polish terms on March 19, however, and the 1936 1937 1938 1938 gradual clarification of the Austrian situa- Total loans and investments include various types not shown tion, conditions in world markets became separately. Latest figures are for March 23, 1938. Figures shown for commercial loans, which include also industrial and some agricalmer. cultural loans, are based upon new classifications beginning May 19, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN APRIL 1938 ties by New York City banks are now about $1,560,000,000. The current level of these half of what they were last September prior balances and of brokers' loans is lower than to the sharp decline in stock prices. at any time since 1933. Government security prices, which had During the first quarter of this year, corshown a steady advance for the six months, porate security issues offered for new capital declined somewhat in March. The purposes totaled about a third Securities average yield on long-term Treas- apital issues j j foe correspondag muc1 ag n markets ,, , . -, -,,. -, , ~ A + ing period of 1937. A moderate amount of ury bonds, which declined to 2.41 corporate refunding was carried out in Febpercent early in March, closed the month at ruary and March, following several months 2.52 percent. The average yield on 3-5 year of virtual inactivity in this field. Despite Treasury notes declined to 0.96 percent, alinstability in the lower-grade bond market, most reaching the low level of 0.92 percent in a number of issues with medium ratings are December 1936, but rose toward the end of reported to have sold well. the month to above one percent. Rates on During the first three months of 1938 innew issues of Treasury bills were little afdustrial production continued at the low level fected by these fluctuations in longer-term reached at the beginning Government securities. New issues of 91- Business conditions of the year. Freight-car day Treasury bills sold during March at 0.07 of i938quarter loadings decreased furpercent, a yield slightly lower than in the ther, however, and retail two preceding months. distribution of commodities, which had been The most striking development in the sewell maintained in most lines during the latcurities markets during the first three months ter part of 1937, also declined during the of this year was a marked weakness in railquarter. Wholesale commodity prices genroad bonds of medium- and lower-grade. erally showed little change, but prices of some After declining sharply in January to the basic agricultural and industrial commodities lowest point since early 1933, prices of these declined and in the fourth week of March obligations recovered slightly during Febwere at lower levels than those reached last ruary, but in March declined again to new November. lows which were about 20 points below their The Board's index of industrial production, December level. which by January had declined to 80 percent Yields on highest-grade corporate bonds of the 1923-1925 average, was at 79 percent rose slightly during the latter part of March, in February, and preliminary estimates indiafter remaining fairly stable during the cate little change from this level in March. earlier part of the year at the low level In industries manufacturing nondurable reached in December, which was only slightly goods there were moderate increases in acabove the all-time lows reached at the end tivity in February at textile mills, clothing of 1936. Prices of industrial and public utility establishments, and shoe factories, while debonds of the medium- and lower-grades have creases were reported at rubber tire factories continued to fluctuate irregularly about their and meat-packing establishments. At steel low levels reached in the last quarter of 1937. mills, automobile factories, lumber mills and Common-stock prices declined in the latter in other durable goods industries, output conpart of March to below their lows of 1937. tinued at a low level in March, as well as in Customers' debit balances with stock ex- February, and such increases as occurred change firms declined during the first two were generally somewhat less than the usual months of this year by about $50,000,000 and seasonal amounts. Output of minerals deat the end of February were about $935,000,- clined in February but increased in March. 000 as compared with the peak last year of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 255 The extent of recent changes in activity in subsequently increased more than seasonally industries manufacturing durable goods and and in the first three weeks of March were in those producing nondurable goods is indi- 14 percent smaller than in the corresponding cated in the accompanying chart which shows period last year. The value of all contract the estimated number of man hours worked. awards in the first quarter was one fourth The figures are based on reports for the pay- smaller than a year ago, reflecting a smaller roll period ending nearest the middle of the volume of private projects, particularly for month and are adjusted for seasonal varia- factory, commercial, and public utility contion. struction. MAN-HOURS WORKED IN MANUFACTURING INDUSTRIES MILLIONS PER WEEK ADJUSTED FOR SEASONAL VARIATION MILLIONS PER WEEK Appointment of Mr. Draper to the Board of Governors On March 11, 1938, the President nominated Ernest G. Draper of Connecticut as a / member of the Board of Governors for the NONDURABL unexpired portion of the term of fourteen V V • years from February 1, 1936, which was \ made vacant by the resignation of Mr. Brodf DURAB_E erick on September 30, 1937. Mr. Draper's appointment was approved by the Senate on March 23, and he assumed his duties as a member of the Board on March 30, 1938. Mr. Draper was born in Washington, D. C, Based on data compiled by the Bureau of Labor Statistics. February 1938 figures estimated. May 15, 1885, and received his B.A. degree Distribution of commodities to consumers from Amherst in 1906. He began his busidecreased further in the first quarter of 1938. ness career in New York City in 1906. He Sales of automobiles and other durable con- was president of the American Creosoting sumers' goods, which had declined in the Company from 1912 to 1920, treasurer of latter part of 1937, continued at a low level The Hills Bros. Co. from 1920 to 1926, and in the first part of 1938, and sales by depart- vice president and treasurer of the same comment and variety stores and mail order sales, pany from 1926 to 1935. He has served as a which had been well maintained up to the member of the New York State Commission end of last year, declined. The Board's sea- on Unemployment, of the New York City Art sonally adjusted index of department store Commission, of the New York Advisory Comsales for March is estimated on the basis of mission on Minimum Wage, of the Business weekly figures to be around 85 percent of the Advisory Council for the Department of Com- 1923-1925 average as compared with 88 in merce, and as a representative of industry on February and a level of 93 during most of the National Labor Board. Since 1935 he has last year. The reduction from a year ago re- been Assistant Secretary of Commerce. flects a decline in retail prices as well as a smaller physical volume of sales. Inventories Appointment of Class C Director at a Federal at department stores by the end of February Reserve Bank had been reduced 10 percent from the level On March 11, 1938, Henry I. Harriman, prevailing last August. Boston, Mass., was appointed a Class C direc- In the construction industry, contracts for tor of the Federal Reserve Bank of Boston residential projects, which in January were for the unexpired portion of the term ending about 50 percent smaller than a year ago, December 31, 1940. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN APRIL 1938 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 23 and released for publication March 25] Volume of manufacturing production Value of construction contracts awarded, showed little change from January to Feb- as reported by the F. W. Dodge Corporation, ruary, while output of minerals declined showed a sharp decline from January to further. Awards for residential building February, reflecting chiefly a marked reducincreased somewhat in February and rose tion in awards for publicly-financed projects. considerably in the first half of March. Contracts for residential building increased Production.—The Board's seasonally ad- moderately. In the first half of March there justed index of industrial production, which was a considerable further increase reported includes both manufacturing and mining, for residential building and awards for other was 79 percent of the 1923-1925 average in construction also increased. February as compared with 80 percent in Employment.—Factory employment and payrolls increased by somewhat less than the INDUSTRIAL PRODUCTION usual seasonal amount between the middle PER CENT PER 140 of January and the middle of February. The Board's seasonally adjusted index of 130 factory employment was at 83 percent of the 120 A A 1923-1925 average in February as compared 110 S \ with 84 in January. In the durable goods 100 industries decreases were general in Feb- \I \ 90 ruary, though not so large as in preceding /\ 1'\yS V months. Employment in nondurable goods 80 ' V industries increased somewhat following a 70 period of rapid decline. Employment in 60 trade, at mines, on the railroads, and in the construction and public utility industries de- Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. creased somewhat from the January level. Distribution.—Value of department store January. The decline in the total index was sales, as measured by the Board's seasonally accounted for chiefly by a reduction in outadjusted index, declined from 90 percent of put of minerals, particularly of crude petrothe 1923-1925 average in January to 88 perleum. Steel ingot production showed about the usual seasonal increase and averaged 32 FREIGHT-CAR LOADINGS percent of capacity in February. Automobile production decreased slightly further, • and output of plate glass continued to decline. Lumber production rose seasonally. In the first three weeks of March activity at steel mills and automobile factories was at. about the same average rate as in February. In the nondurable goods industries there \ were moderate increases in output in February at textile mills and shoe factories, where production has recently been at low levels, while at meat-packing establishments activity declined. Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

257 FEDERAL RESERVE BULLETIN cent in February, and in the first three weeks which in the third week of the month held of March there was a further decrease. over $700,000,000 of excess reserves. Sales at variety stores and mail order houses EXCESS RESERVES OF MEMBER BANKS in February showed somewhat less than the BILLIONS OF DOLLARS BILLIONS OF DOLLARS usual seasonal increase. Freight-car loadings decreased further in February, reflecting chiefly reduced shipments of coal and grain, and showed a seasonal increase in the first two weeks of March. The current level of carloadings is about 25 percent less than a year ago. Commodity prices.—The general level of wholesale commodity prices, as measured by the Bureau of Labor Statistics' index, showed little change from the middle of February to 1934 1937 the third week of March. There were sea- Wednesday figures of estimated excess reserves for all member banks and for selected New York City banks, January 3, 1984, sonal increases in prices of livestock and to March 23, 1938. meats, while prices of such basic commodities During February and the first half of as wheat, cotton, rubber, zinc, and bitumi- March, there was little net change in denous coal declined. posits and in total loans and investments at reporting member banks in 101 leading cities. WHOLESALE PRICES PER CENT PER CENT Holdings of United States Government obli- 110 110 gations declined at banks in New York but increased in Chicago. Commercial loans, which had decreased sharply in the four pre- 90 90 ceding months, showed a further moderate \ decline. 80 80 Money rates and bond yields.—Conditions 70 70 in the short-term money market continued easy in March. Rates on Treasury bills were 60 60 slightly lower and prime commercial paper was quoted at a range of from % to 1 percent 50 50 as against the flat 1 percent rate which had Index compiled by United States Bureau of Labor Statistics, prevailed since a year ago. Yields on Treas- 1926 = 100. By weeks, January 6, 1934, to March 19, 1938. ury bonds and notes, after declining for the Bank credit.—Excess reserves of member past six months, advanced slightly around banks increased during the first three weeks the middle of March. Yields on corporate of March to over $1,500,000,000, the highest bonds also advanced in March, reflecting level since last April. The bulk of the in- principally declines in prices of railroad crease occurred at New York City banks, bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL. BESEEVE BULLETIN APEIL 1938 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 14 14 13 13 Ill II'"* / 12 12 11 11 GOLD \BTOCK--^ 10 10 3 8 7 - MONEY ISi CIRCULATION^ w 6 4 i---... TREASURY CASH 3 2 RESERVE BANK 2 CRED IT i TREASlJRY DEPOSITS 1 K ft AT F:.R. RANK'? 1 I- 0 1934 1935 1936 1937 1938 9 8 7 MEMBER BANK RESERVE BALANCES 6 5 4 ±241: REQUIRED RESERVES 3 2 1 0 1934 1935 1936 1937 1938 Latest figures for March 28. See table on page 290. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

259 APRIL 1938 FEDERAL RESERVE BULLETIN SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1938 1937 1937 1937 1936 Annual average5 Feb. Jan. Dec. Feb. Jan. Dec. 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 2,598 2,603 2,628 2,475 2,485 2,498 2,554 2,481 2,475 2,502 2,429 1,450 Bills discounted 11 11 16 3 3 14 6 7 36 283 952 Bills bought 1 1 3 3 3 3 3 4 5 25 83 241 U. S. Government securities 2,564 2,564 2,565 2,431 2,430 2,434 2,504 2,430 2,431 2,432 2,052 208 Monetary gold stock,__ . _ _ _ 12, 768 12, 756 12, 765 11,399 11,310 11,220 12,162 10, 578 9,059 7,512 4,059 3,996 Treasury currency outstanding 2,662 2,643 2,627 2,531 2,531 2,528 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation _ 6,319 6,397 6,618 6,369 6,400 6,563 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings 3,630 3,630 3,622 2,569 2,450 2,357 3,225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 164 127 188 167 200 155 158 446 128 81 55 22 Nonmember deposits and other accounts— _ _ _ _ 685 664 713 554 561 506 595 551 507 438 497 406 Member bank reserve balances: Total - 7,230 7,183 6,879 6,747 6,716 6,665 6,830 5,989 5,001 3,676 2,343 2,358 Excess. 1,406 1,353 1,071 2,152 2,093 2,046 1,220 2,512 2,469 1,564 528 43 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments * 21, 214 21, 285 21,484 22, 600 22,734 22,760 22,198 22,064 19,997 18, 672 17, 505 22,599 Loans to brokers and dealers in securities 738 825 903 1,217 1,228 1,248 1,226 1,181 990 981 777 •2,208 Loans on securities to others (except banks)1 1,890 1,910 1,959 2,021 2,007 2,034 2,006 2,055 2,131 2,545 3,157 •5,448 All other loans 6,308 6,402 6,589 5,744 5,763 5,748 6,314 5,226 4,907 4,965 5,222 9,231 U. S. Government obligations: Direct 8,168 8,118 8,046 9,118 9,263 9,241 8,394 9,080 7,989 6,856 5,228 2,865 Fully guaranteed- - _ _ 1,147 1,131 1,113 1,212 1,230 1,242 1,164 1,250 928 •325 Other securities 2,963 2,899 2,874 3,288 3,243 3,247 3,094 3,272 3,052 •3,000 3,121 2,847 Reserve with Federal Reserve banks 5,646 5,614 5,358 5,326 5,292 5,264 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault 294 315 341 387 401 427 337 383 326 271 240 248 Balances with domestic banks 2,016 1,986 1,850 2,252 2,307 2,439 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted 14, 509 14,438 14, 570 15, 572 15, 516 15,544 15,097 14,619 12,729 Time deposits (excluding interbank)8 5,237 5,210 5,203 5,094 5,052 5,045 5,202 4,999 4,883 4,937 Deposits of domestic banks4- 5,286 5,286 5,053 5,988 6,085 6,155 5,298 5,810 4,938 3,814 2^822 Borrowings - - 3 4 10 1 3 11 12 5 6 8 115 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper 1.00 1.00 1.00 .75 .75 .75 .95 .75 .76 1.02 1.72 5.85 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.00 1.16 7.61 U. S. Treasury bills (91 days) - .08 .10 .11 .15 .17 .12 .28 .17 .17 .28 .52 U. S. Treasury bonds, long term 2.46 2.47 2.54 2.31 2.29 2.27 2.57 2.47 2.70 3.10 3.31 3.60 Corporate high grade bonds (Moody's Aaa) 3.23 3.20 3.23 3.22 3.10 3.10 3.27 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total - - 199 121 164 511 603 726 1 323 518 392 180 89 959 New 82 92 122 190 244 266 173 164 121 116 60 841 Refunding 117 29 42 321 360 459 150 354 270 64 29 118 Domestic corporate issues—total * 103 49 57 377 300 626 198 382 189 41 32 781 New 41 46 43 152 96 218 99 99 34 15 13 667 Refunding 62 4 14 225 204 408 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926=100) 81 83 81 130 126 123 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All commodities 80 81 82 86 86 84 86 81 80 75 66 95 Farm products 70 72 73 91 91 89 86 81 79 65 51 105 Foods 74 76 80 87 87 86 86 82 84 71 61 100 Other commodities - 83 84 84 84 83 82 85 80 78 78 71 92 Retail food prices (1923-25=100) 78 80 83 85 85 83 85 82 80 74 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation,19X3-25=100 Industrial production P79 80 84 116 114 121 110 105 90 79 76 110 Manufactures . 76 79 116 115 121 109 105 90 78 75 110 Minerals P101 108 114 115 110 117 115 104 91 86 82 115 O onstruction—total 52 62 62 63 66 59 55 37 32 25 117 Residential - _ __ P30 26 30 47 45 45 41 37 21 12 11 87 All other P64 74 88 75 77 83 74 70 50 48 37 142 Factory employment _ - - P83 84 89 100 99 99 99 92 86 83 72 105 Factory payrolls (unadjusted) „- P74 72 81 96 91 95 98 82 71 63 49 100 Freight-car loadings 62 65 67 82 80 83 78 75 64 62 58 107 Department store sales 88 90 89 95 93 92 92 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month;in millions of dollars Exports, including re-exports 289 319 \ 233 223 230 1 279 205 190 178 140 437 General imports P163 171 209 278 240 245 1 257 202 171 138 121 367 p Preliminary. • Partly estimated. i Includes loans on securities to banks, 1929-1934. * Figures not available. »Includes time deposits of banks, domestic and foreign, 1929-1934. * Does not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN APRIL 193 LAW DEPARTMENT Time When Guarantee Is Filed With Secretary of Amendment of Regulation T Exchange The Board recently adopted Amendment Under section 6(c)(2) of Regulation T, No. 1 of its revised Regulation T. The amendone of the requirements for a guarantee being ment became effective on March 21, 1938, given effect for the purposes of the regulation and made certain technical changes to fais that "a duplicate original of the guarantee cilitate transactions involving withdrawals has been filed with the secretary of a national from special omnibus accounts, shipments of securities exchange of which the creditor is securities in connection with special cash a member or through which his transactions accounts, or financing of odd-lot dealers in are effected." special omnibus accounts. It amended the The Board recently considered a case in revised regulation as indicated below. which a creditor had received a guarantee that satisfied all other requirements for its 1. Section 4 (b) of said regulation was amended effectiveness under the regulation, but the by striking out the word "and" after the semicolon in paragraph (2) of said section, by strikcreditor's office was located at such a distance ing out the period at the end of paragraph (3) from an appropriate national securities ex- of said section and substituting therefor a semicolon and the word "and", and by adding at the change that it would require several days for end thereof a new paragraph reading as follows: the duplicate original to reach the secretary "(4) A transaction consisting of a withof the exchange by mail. The question pre- drawal of cash or registered or exempted sesented was whether in such circumstances, curities from the account shall not be subject to the restrictions specified in the second paraif the creditor mailed the duplicate original graph of section 3 (b)." to the secretary of the exchange and also 2. The second paragraph following paragraph advised the secretary of these facts by tele- (2) of section 4(c) of said regulation was amended by adding the following sentence at graph, the creditor might thereupon treat the the end thereof: guarantee as having been appropriately filed, "If any shipment of securities is incidental instead of allowing time for the duplicate to the consummation of a transaction in a special cash account, the period applicable to the original to reach its destination. transaction under the foregoing provisions of It is recognized that filing requirements of this paragraph or the preceding paragraph shall be deemed to be extended by the number other statutes or regulations frequently are of days required for such shipment, except that the total extension of such period purheld not to be complied with until the docusuant to this sentence shall not exceed 7 days ment in question has been received in the for any transaction." office of the person with whom it is to be filed. 3. Paragraph (2) of section 4(f) of said The Board expressed the opinion, however, regulation was amended to read as follows: that in view of the purposes of this require- "(2) Effect and finance, for any member of a national securities exchange who is regisment in Regulation T it would be proper in tered and acts as an odd-lot dealer in securia case such as that described to treat the ties on the exchange, such member's transactions as an odd-lot dealer in such securities, duplicate original of the guarantee as having or effect and finance, for any joint adventure been filed with the secretary of the exchange in which the creditor participates, any transactions in any securities of an issue with reas of the time when the duplicate original spect to which all participants, or all particihas been mailed to him and he has been ad- pants other than the creditor, are registered and act on a national securities exchange as vised by telegraph. odd-lot dealers." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

261 APRIL 1938 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1937 Total outstanding loans and investments in given in this table differ from those in statestock of financial institutions by Government ments released by the various agencies themcorporations and credit agencies were re- selves in that interagency assets and liabiliduced by $370,000,000 in 1937, or nearly as ties are here excluded. much as in 1936, and at the end of the year In Table 2 loans and investments are aramounted to $8,560,000,000. The proprie- ranged so as to show separately those agencies tary interest of the United States was which are not primarily lending agencies and $4,070,000,000 on December 31, 1937, an in- so as to group the lending agencies in five crease of $160,000,000 over 1936. Practically classes. This table is based in part on addiall of this increase resulted from the transfer tional data furnished by the Treasury Deto the United States Housing Authority, or- partment. Out of the total of outstanding ganized in 1937, of $150,000,000 of assets of loans and investments of $8,560,000,000 at the Public Works Administration which had not previously been reflected in the Treas- TABLE 1.—ASSETS AND LIABILITIES OP GOVERNMENT ury's combined statement of assets and lia- CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1937. bilities. There was a moderate increase in [In millions of dollars] the combined equity of private stockholders. Real estate and other property held for sale Dec. 31, 1937 Change from increased by $290,000,000 during the year to Dec. 31, 1936 a total of $620,000,000. Liabilities in the Fi- Fi- Fi- Fiform of bonds and notes were $6,010,000,000 nanced nanced nanced nanced at the end of 1937, or $90,000,000 less than a wholly partly wholly partly from from from from year earlier. Govt. Govt. Govt. Govt. funds funds funds funds The decrease in loans and investments of these agencies during 1937 reflected princi- ASSETS pally declines in home mortgage and farm Loans and preferred stock: mortgage loans that were made during the Loans to financial institutions... 290 211 -79 +59 emergency period. Loans to financial institu- H Pr o e m fe e rr m ed o r s t t g o a c g k e , e lo tc a ns . 555 2 i , 3 2 9 0 8 6 -95 -3 + 6 8 7 1 tions and others by the Reconstruction Fi- Farm mortgage loans 2,876 -61 nance Corporation and its holdings of pre- A O l t l h e o r t h a e g r r l i o c a u n lt s u ral loans . 1,343 266 "" + - 1 8 4 6 4 " +48 ferred stock, capital notes and debentures of Total loans and preferred stock. 2,484 5,957 -117 -241 banks declined much less in 1937 than in 1936. Further liquidation of Commodity U Ca n s i h ted States direct obligations 9 7 4 3 2 5 0 3 4 3 + + 1 4 4 1 + +6 2 0 6 Credit Corporation loans that were made in Obligations of Government credit agencies: 1934-1935 was partly offset by new loans on Fully guaranteed by U. S 14 166 -16 cotton. Agricultural production loans out- Prod O u t c h t e io r n credit association class A 27 34 -1 +3 standing increased as did also the outstand- stock 76 +1 Shares of Fed. sav. and loan associaing loans of Federal Home Loan Banks to tions held by U. S. Treasury 48 -1 their member institutions. Further invest- A Pr c o c p o e u r n t t y s h a e n l d d o fo th r e s r a l r e eceivables 7 3 7 9 2 5 0 8 0 0 + + 1 3 6 + - 2 1 7 1 3 ments were made in savings and loan associa- Other assets . 405 45 +200 -36 tions. The Federal Housing Administration Total assets other than interinsured a large volume of privately made agency 3,289 7,738 +157 +58 home mortgage loans, and the United States LIABILITIES Housing Authority was given the power to Bonds, notes, and debentures: issue obligations guaranteed by the United G O u th a e r r anteed by United States 29 6 7 4 3 4 1 , 3 2 4 9 7 9 + — 46 9 - — 7 0 57 States to obtain funds to lend to public hous- Other liabilities (including reserves). 111 475 +19 +104 ing agencies. Total liabilities other than in- Table 1 shows for December 31, 1937, the teragency _. 472 6,121 +56 -22 combined assets and liabilities of agencies Excess of assets over liabilities, excluding interagency transactions... 2,817 1,617 +101 +80 classified by the Treasury as wholly financed Privately owned interests 361 +22 from Government funds and of those classi- U. S. Government interests 2, 817 1,256 +101 +57 fied as financed partly from Government funds and partly from private funds. 1 Shares of Federal and other savings and loan associations held by Home Owners' Loan Corporation. Changes in the various items from the end 2 Less than $500,000. of the preceding year are also indicated. Data 3 Excludes $761,000,000 of Federal Land bank bonds held by Federal Farm Mortgage Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN APRIL 1938 TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT the end of 1937, $7,810,000,000 was held by CORPORATIONS AND CREDIT AGENCIES AND PRO- three groups of agencies, namely: (1) the PRIETARY INTEREST OF UNITED STATES, DECEMBER Reconstruction Finance Corporation, to- 31, 1937. gether with certain affiliated corporations, [In millions of dollars] and the Public Works Administration; (2) the farm mortgage institutions under the Outstanding Farm Credit Administration; and (3) the loans;investments in pre- Proprietary institutions under the Federal Home Loan ferred stock, capital notes interest Bank Board. Other agricultural loans and debentures of U. S. and shares of Government amounted to $580,000,000, and miscellaneous Agency or group of agencies financial loans of various agencies accounted for the institutions remaining $170,000,000. Change Change The Government's proprietary share in Dec. from Dec. from 31, Dec. 31, Dec. agencies which are, have been, or will be en- 1937 31, 1937 31, gaged primarily in lending, also shown in 1936 1936 Table 2, amounted to $3,500,000,000 at the Agencies engaged primarily in lending: end of 1937. The equity of the United States Reconstruction Finance Corporation in the assets of three insuring agencies, the and affiliated agencies 1 2,084 2 -137 1,781 -119 H Fa o r m m e m m o o r r t t g g a a g g e e a a g g e e n n c c ie ie s s4 3 2 2 , , 8 8 5 7 2 6 -2 — 3 6 3 1 4 2 8 4 7 1 + + 2 1 8 1 Federal Deposit Insurance Corporation, the Other agricultural credit agencies: Federal Savings and Loan Insurance Cor- Federal intermediate credit banks poration, and the Federal Housing Adand banks for cooperatives __. 5 266 +48 267 +14 Regional agricultural credit corpora- ministration, totaled $290,000,000. Certain tions and production credit corporations 92 —9 141 -6 other Government corporations and agencies Congressional appropriations adminare primarily operating organizations. The istered by Farm Credit Administration 6 98 —47 135 -46 Government's equity in three of these agen- Resettlement Administration 123 +35 123 +35 Other lending agencies: cies, the Tennessee Valley Authority, the U. S. Housing Authority __. 10 +10 147 +147 Panama Railroad Company and the Inland U. S. Maritime Commission 75 -7 103 -12 Other lending agencies financed Waterways Corporation, amounted to $270,wholly by United States 73 +25 69 +22 000,000 at the end of 1937 or $80,000,000 Total, lending agencies 8,548 2 -375 3,496 +74 more than the year before owing to an in- Other agencies: crease in equity in the Tennessee Valley Au- Federal Deposit Insurance Corporation, Federal Savings and Loan thority. Insurance Corporation, and Federal Housing Administration 11 +4 294 +10 Reconstruction Finance Corporation and T O e th n e n r e ss n e o e n - V le a n ll d e i y n g A u a t g h e o n r c i i t e y s financed 202 +75 affiliated agencies.—The decrease in outstandwholly by United States 5 (7) 82 +1 ing loans and investments of the Reconstruc- Total, all agencies 8,564 2 -371 4,073 +159 tion Finance Corporation, four corporations to which it supplies funds, and the Public NOTE.—Farm mortgage and home mortgage agencies, the Federal in- Works Administration, for whose loans the termediate credit banks and banks for cooperatives and the Federal Deposit Insurance Corporation and Federal Savings and Loan Insurance Reconstruction Finance Corporation acts as Corporation are classified in Treasury statements as agencies "partly distributing agent, amounted to $140,000,financed by the United States," as is also the War Finance Corporation, which is not included in groups shown in this table and for which the000 in 1937 as compared with $500,000,000 amounts were less than $500,000. in 1936. Table 3 shows in detail the loans 1 Including Commodity Credit Corporation, Export-Import Bank> and investments of this group of agencies. RFC Mortgage Company and Disaster Loan Corporation. Including also, though not an affiliated agency, the Public Works Administration. As shown in this table, Reconstruction 2 In computing these changes an adjustment has been made in previously published figures for loans outstanding on December 31, 1936.Finance Corporation investments in pre- See table 3. 3 The difference between this figure, derived from the Treasury De- ferred stock, capital notes and debentures of partment statement, and the sum of corresponding figures in the regular banks were reduced during 1937 by $100,000,- BULLETIN table on Farm Credit Administration loans is due to the inclusion of Federal Land bank "loans called for foreclosure" and matured 000. This was a much smaller amount of net "extensions" and of Federal Farm Mortgage Corporation "extensions" in the Treasury figure. repayments than was received in 1936 when 4 Including loans by Home Owners' Loan Corporation and Federal a few very large banks completely retired Home Loan banks, and investments in shares of building and loan associations by Home Owners' Loan Corporation and the Treasury. their preferred stock. Reconstruction Fi- 5 The difference between this figure and the sum of corresponding nance Corporation loans to banks and loans figures in the regular BULLETIN table on Farm Credit Administration loans is due to the exclusion from this figure of loans and discounts by theto aid in the reorganization or liquidation of Federal intermediate credit banks to the banks for cooperatives. 6 The difference between this figure and the sum of corresponding closed banks were also reduced further by figures in the regular BULLETIN table on Farm Credit Administration$50,000,000, as compared with a reduction of loans is due chiefly to deduction in the Treasury figure of reserves for uncollectible items. $180,000,000 in 1936. Outstanding loans on 7 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

263 FEDERAL RESERVE BULLETIN APRIL 1938 TABLE 3.—LOANS AND INVESTMENTS OF THE RECON- dating projects increased by $43,000,000, STRUCTION FINANCE CORPORATION AND AFFILIATED loans to industrial and commercial businesses AGENCIES1 DURING 1937. by $11,000,000, and loans to refinance in- [In millions of dollars] debtedness of drainage, levee and irrigation districts by $13,000,000. Outstanding loans Out- Change of the RFC Mortgage Company increased by bu D r i s s e - d p R a e id - st i a n n g d- f D ro e m c. $31,000,000, largely through purchases of 1 i 9 n 37 1 i 9 n 37 D 3 e 1 c , . 1 3 9 1 3 , 6 Federal Housing Administration insured 1937 loans on newly constructed homes. Loans by the Disaster Loan Corporation which was Investment in preferred stock, etc., of banks 2 17 116 566 -98 formed at the time of the floods in 1937 Loans for distribution to depositors amounted to $6,000,000 at the end of the of closed banks 38 60 86 -22 Other loans to banks (3) 28 94 -28 year. Miscellaneous loans 11 49 105 -37 Loans on commodities 4 200 -31 In summary, the net decline during 1937 in P.W.A. loans held by P.W.A. and outstanding loans and investments of the Re- R.F.C. 214 -34 Loans to railroads 20 10 356 +10 construction Finance Corporation and affili- Self-liquidating loans 46 4 238 +43 Loans to industrial and commercial ated agencies amounted to about $140,000,businesses 23 12 75 +11 000. Funds returned to the Treasury were Loans to drainage, levee and irrigation districts - - 14 1 78 +13 somewhat larger than this as a result of RFC Mortgage Company loans 67 5+31 Disaster Loan Corporation loans 6 +6 earnings of the Reconstruction Finance Corporation. The principal other changes in the Total .. 2,084 5-137 assets and liabilities of these agencies were an increase of $45,000,000 in Reconstruction 1 Including Commodity Credit Corporation, Export-Import Bank, RFC Mortgage Company, and Disaster Loan Corporation. Including Finance Corporation guaranteed notes held also, though not an affiliated organization, the Public Works Administration. Except as otherwise indicated by title or footnote all items are by the public, and the acquisition of $34,000,- Re 2 c I o n n c s lu tr d u i c n t g io l n o a F n i s n a se n c c u e r e C d o b rp y o r p a r t e i f o e n rr e lo d a n st s o o ck r , i n e v tc e . s , t o m f e b n a ts n . ks. 000 of United States securities by the Re- 3 Less than $500,000. construction Finance Corporation. There * Including all loans of Commodity Credit Corporation and Export- Import Bank in addition to Reconstruction Finance Corporation loans. was also a decrease of $12,000,000 in short- • * This change differs from that which will be found in comparing thisterm notes of the Commodity Credit Corporatable with the similar table in the April 1937 BULLETIN because adjustment has been made for a reclassification in the Treasury statement of tion outstanding. certain assets as loans rather than as investments. Farm mortgage loans.—Outstanding loans commodities by the Reconstruction Finance of the permanent Federal Land banks and Corporation, Commodity Credit Corporation of the emergency Federal Farm Mortgage and Export-Import Bank also declined some- Corporation (the loans of which are known what less than in 1936, in part as a result of as "Land Bank Commissioner loans" and may the new loans made by the Commodity be made until February 1, 1940) declined in Credit Corporation on the 1937 cotton crop. 1937. A smaller amount of new loans was A much smaller amount of new loans were made than in any year since 1932. Voluntary made by the Public Works Administration repayments and foreclosures exceeded new than in 1936; on the other hand, the transfer loans so that the outstanding balances of of such obligations to private investors mortgage loans were reduced by $60,000,000 through the agency of the Reconstruction Fi- to a total of $2,880,000,000, of which $2,060,nance Corporation amounted only to $65,000,- 000,000 are first mortgage loans of the Fed- 000 as compared with $215,000,000 in 1936. eral Land banks. Reconstruction Finance Corporation loans to Principal payments on Land Bank Commisrailroads increased slightly but there was a sioner loans, most of which are either first further small reduction in the outstanding mortgage loans or second mortgage loans amount of miscellaneous Reconstruction Fi- made in conjunction with a Federal Land nance Corporation loans to mortgage loan bank loan, are not required during the first companies, building and loan associations, three years of a loan. The first principal ininsurance companies, other financial institu- stalments came due on a large number of tions and certain other borrowers. Land Bank Commissioner loans in 1937. Four classes of loans made from Recon- There is a moratorium on principal paystruction Finance Corporation funds con- ments on Federal Land bank loans in good tinued to increase during 1937 as in preced- standing until July 1938 provided the loan ing years. Outstanding loans for self-liqui- was made before June 1935. Nevertheless, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN APRIL 1938 voluntary repayments of loans in full or in transferring about $10,000,000 to a general part continued to be substantial and were reserve against future losses on Federal larger than in 1936. The percentage of land Farm Mortgage Corporation loans. At the bank loans in good standing on December end of the year this reserve amounted to 31, 1937 was 79.4 percent as compared with about 4 percent of outstanding loans of the 77.5 percent a year earlier and 55.0 percent Federal Farm Mortgage Corporation and in 1932. will be increased further until it amounts to In 1937 Congress extended for another 10 percent of outstanding second mortgage year the period during which all borrowers loans and 2i/ percent of outstanding first 2 from the Federal Land banks are to pay inter- mortgage loans, a total about $25,000,000 est at a 31/2 percent rate instead of at the larger than at the end of 1937. rates fixed in their mortgage contracts which Home mortgage loans.—Government lendrange from 4 to 6 percent. At the same time ing agencies under the supervision of the Congress reduced the rate of interest pay- Federal Home Loan Bank Board include the able on Land Bank Commissioner loans until permanent Federal Home Loan banks, which July 1939 from 5 percent to 4 percent. Pay- lend to private home-financing institutions, ments by the Treasury to the Federal Land and the emergency Home Owners' Loan Corbanks and the Federal Farm Mortgage Cor- poration, whose loans were made directly to poration to reimburse them for these tem- home owners in a refinancing program which porary interest rate reductions amounted to terminated on June 12, 1936. about $40,000,000 in 1937. Outstanding loans of the Federal Home The following table, derived from a con- Loan banks on December 31, 1937, were solidation of Treasury statements for the $200,000,000. These loans are almost en- Federal Land banks and the Federal Farm tirely to member building and loan associa- Mortgage Corporation, gives a general indi- tions and the outstanding volume has been cation of the sources from which funds were increasing steadily since March 1935. The obtained and the uses to which they were following summary of changes in the conput in 1937. solidated condition statement of the Federal Home Loan banks during 1937 shows that Assets and liabilities1 other than funded debt: the increase in loans, amounting to $55,000,- Loans decreased $61,000,000 Cash and United States Government direct obligations 000, was financed by the sale of debentures: decreased 36,000,000 Real estate held for sale increased 2,000,000 Assets and liabilities other than members' deposits and Other assets less reserves and miscellaneous liabilities funded debt: decreased... 40,000,000 Loans increased $55,000,000 Cash and United States Government direct and guar- An aggregate net decrease of $135,000,000 anteed securities increased 40,000,000 Funded debt and net worth: An aggregate increase of $95,000,000 F.F.M.C. bonds fully guaranteed by United States decreased $12,000,000 Members' deposits, funded debt and net worth: Federal Land bank bonds decreased 164,000,000 Members' deposits increased $2,000,000 Private capital stock decreased 1,000,000 Consolidated debentures increased 78,000,000 Earned surplus increased 14,000,000 Capital paid in by members increased 6,000,000 United States Government proprietary interests: Earned surplus increased 2,000,000 Paid-in capital and surplus increased $32,000,000 . United States Government proprietary interest: Net liability to other agencies decreased. 4,000,000 Capital paid in by United States increased 7,000,000 —a net increase of 28,000,000 $135,000,000 $95,000,000 i Exclusive of interagency liabilities. Payments on capital subscription by the United States during the year brought the Outstanding bonds were reduced during total amount paid to within a few hundred the year by about $180,000,000 of which thousand of the $125,000,000 authorized by about $100,000,000 was made possible by re- Congress for this purpose. In May, 1937 payments and liquidation of loans and by re- the Federal Home Loan banks made their ductions in holdings of cash and United first offering of debentures; during the year States securities. The remainder was fi- three issues of consolidated debentures with nanced chiefly by temporary borrowings in maturities from one to three years were sold anticipation of further repayments, by capital to investors in an aggregate amount of $78,contributions by the United States Treasury, 000,000. and by earnings. The increase of $14,000,- Home Owners' Loan Corporation loans to 000 in earned surplus was after setting aside home owners were reduced by $370,000,000 valuation reserve appropriations as well as in 1937 and the amount outstanding at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

265 A.PRIL 1938 FEDERAL RESERVE BULLETIN end of the year was $2,400,000,000. These ance at any time during the year. Guaranloans are to be amortized in 15 years, with teed debentures outstanding at the end of the the exception of most of the loans made be- year, that were issued in settlement of infore April 27, 1934, on which a moratorium surance claims, amounted to $224,000, and was granted until June 13, 1936 and which property held was valued at $234,000. have been reamortized over a 12-year period. The Federal Housing Administration in- It appears that foreclosures and voluntary sured modernization and repair notes made transfers of title accounted for about three- by private lending institutions prior to April fifths of the reduction of outstanding loans 1,1937, and is again insuring such notes since in 1937. A peak of foreclosure actions au- the enactment of amendments to the National thorized by the Corporation was reached in Housing Act on February 3, 1938. The total August 1936. amount of notes which had been insured The Home Owners' Loan Corporation is through 1937 was about $560,000,000. Claims authorized to invest up to $300,000,000 in of $13,000,000 had been paid with Treasury shares of Federal and other savings and loan funds advanced through the Reconstruction associations. Investments of this kind in- Finance Corporation and $9,000,000 of claims creased by $81,000,000 to $206,000,000 at the paid were carried as recoverable assets at the end of 1937. In addition, the Treasury holds end of the year; the difference represented $48,000,000 of shares of Federal savings and chiefly collections and repossessions. loan associations which were acquired in Short-term agricultural loans.—Agricul- 1934 and 1935. tural loans and investments, other than those There follows a summary of changes in the of the Reconstruction Finance Corporation condition statement of the Home Owners' and its affiliated agencies—the Commodity Loan Corporation during 1937: Credit Corporation and the Export-Import Assets and liabilities other than funded debt: Bank—and other than farm mortgage loans Loans decreased $367,000,000 discussed above, totaled $580,000,000 at the Cash and United States Government direct obligations end of 1937, an increase of $30,000,000 in increased 1 46,000,000 Shares of Federal and other savings and loan associa- the year, as shown in Table 2. Of this total, tions increased 81,000,000 Other net assets (largely property held for sale) less mis- $358,000,000 were loans and investments of cellaneous liabilities increased 186,000,000 corporations and banks under the supervi- An aggregate net decrease of _ $54,000,000 sion of the Farm Credit Administration. Funded debt and net worth: These include the regional agricultural credit Bonds fully guaranteed by United States decreased* ___ $59,000,000 Earned surplus (United States Government proprie- corporations, the production credit corporatary interest) increased 5,000,000 tions, the Federal intermediate credit banks $54,000,000 and the banks for cooperatives. Loans of 1 Data include a small amount of bonds guaranteed as to interest only the regional agricultural credit corporations, which were called for redemption on July 1, 1935. which were originally financed by the Re- The Federal Housing Administration construction Finance Corporation and are makes no mortgage loans but insures apnow in liquidation, declined in 1937 to $16,proved lending institutions against losses on 000,000. Investments of the production home mortgages and housing project mortcredit corporations in class A stock of the gage loans that meet certain requirements. Federally chartered but privately managed Insured home mortgages that had become preproduction credit associations were $76,mium-paying by the end of 1937 had aggre- 000,000 at the end of the year, slightly larger gate principal amounts of about $830,000,000 than a year earlier. These investments, made and commitments on housing project loans almost entirely in 1933 and 1934, provide totaled about $40,000,000. The mutual mortcapital funds which are largely invested by gage insurance fund held $20,000,000 of United States securities at the end of 1937 or the associations in marketable securities to $6,000,000 more than a year earlier. The prin- be offered as additional collateral for rediscipal credits to the fund during the year came counts obtained from the Federal intermefrom appraisal fees at the rate of % of one diate credit banks. 0 percent on loans for which insurance approval Discounts and loans of the Federal interwas requested, and from annual premiums at mediate credit banks and the banks for cothe rate of V2 of one percent on the originaloperatives increased by $48,000,000 during principal amount of loans subject to insur- 1937, to $266,000,000. The total outstanding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN APRIL 1938 at the end of the year included $136,000,000 compared with $87,000,000 a year earlier. of discounts for production credit associa- Emergency crop loans and drought relief tions, $40,000,000 for other financing insti- loans, administered by the Farm Credit Adtutions (chiefly State-chartered agricultural ministration, were outstanding in the amount credit corporations), and $89,000,000 of loans of $72,000,000 after reserves for uncollectito cooperatives. bles. Loans of the old Federal Farm Board The following summary, derived from a and of the Agricultural Marketing Act Reconsolidation of Treasury statements for the volving Fund, to which the assets of the Fed- Federal intermediate credit banks and the eral Farm Board were transferred in 1933, banks for cooperatives, shows that expansion totaled $26,000,000 after reserves for uncolof their loans in 1937 was financed principally lectibles; these are principally loans to coby an increase of $31,000,000 in debentures operative marketing associations. outstanding, by payments on capital sub- Other loans.—A major part of loans not scriptions by the United States of $7,000,000, discussed above is made up of shipping loans, and by earnings. rural electrification loans, and wartime railroad loans. The Rural Electrification Ad- Assets and liabilities 1 other than funded debt: ministration had outstanding loans of about Loans increased $48,000,000 $30,000,000 at the end of 1937, the major Other assets less miscellaneous liabilities decreased 2,000,000 part of which was disbursed in 1937. Out- An aggregate net increase of $46,000,000 standing lpans of the United States Maritime Funded debt and net worth: Commission were $7,000,000 smaller on De- Federal intermediate credit bank debentures increased. $31,000,000 Private capital and equity in earned surplus of banks for cember 31, 1937, than a year earlier. Warcooperatives increased... 1,000,000 United States Government proprietary interests: time railroad loans carried by the Treasury Capital of banks for cooperatives increased 7,000,000 as a recoverable asset remained unchanged United States equity in earned surplus of the two systems increased 6,000,000 in amount. ^ The United States Housing Au- Net liability to other agencies increased 1,000,000 thority, which was organized in 1937, held $46,000,000 at the end of the year $10,000,000 of loans which had been taken over from the Public i Exclusive of interagency liabilities. Works Administration, and also housing pro- Other agricultural loans outstanding at the ject properties valued at $110,000,000 which end of 1937 were loans financed by special were similarly transferred. No loans had appropriations from Congress. Rural re- been made by the United States Housing Auhabilitation loans of the Farm Security Ad- thority under the enabling act which emministration, formerly the Resettlement Ad- powers it to issue $500,000,000 of obligations ministration, amounted to $123,000,000 as guaranteed by the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

267 APRIL 193S FEDERAL RESERVE BULLETIN STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES FOR 1937 Weekly statistics of international capital ury Regulation of November 12, 1934. transactions of the United States for the year Monthly and weekly data for the period from 1937 are published in the tables on this and May 1929 to the end of 1936, together with following pages. These statistics are colfive charts and a detailed description of the lected by the Federal Reserve banks from banks, bankers, brokers, and dealers in thestatistics, were published in the BULLETIN for ,United States in accordance with the Treas- May 1937, pages 394-431. TABLE 1.—TOTAL CAPITAL MOVEMENT Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from TJ. S.] In banking funds In security transactions In From Jan. 2, 1935, through— Total ' Increase in Decrease brokerage foreign in U. S. balances Total Domestic Foreign Total ' funds funds securities securities securities in U. S. abroad r 1935—Dec. 31. 1,412. 5 964.6 603.3 361.4 6.0 441.8 316.7 125.2 1936—Dec. 30. 8.4 1, 362. 0 930.5 431.5 12.9 1,233. 6 917.4 316.2 1937—Jan. 6_._ 2,620. 3 1,357. 8 924.0 433.8 15.6 1, 246. 8 918.5 328.3 Jan. 13.. 2,615.8 1,341.5 906.9 434.6 13.0 1, 261. 3 927.9 333.4 Jan. 20.. 2, 653.0 1, 359.1 931.6 427.5 7.6 1, 286. 3 948.9 337.4 Jan. 27.. 2.681.0 1,450. 6 1, 026. 8 423.8 8.1 1, 222. 2 957.9 264.3 Feb. 3._ 2, 718. 3 1, 472.1 1,051.4 420.8 10.9 1, 235. 3 968.3 266.9 Feb. 10. 2, 738.1 1,477. 7 1, 056.8 420.9 .9 1, 259. 6 1,000. 4 259.2 Feb. 17. 2,775. 3 1, 501. 4 1, 067. 3 434.0 7.3 1, 266. 6 1,004. 3 262.3 Feb. 24. 2,809. 2 1, 566. 8 1,136. 8 429.9 2.3 1, 240.1 1,014.5 225.6 Mar. 3-_ 2.830.1 1, 521. 9 1, 094. 8 427.0 4.7 1, 303. 5 1, 025. 7 277.9 Mar. 10- 2,875. 5 1, 540. 4 1,102. 9 437.4 2.9 1, 338. 0 1.054, 4 283.7 Mar. 17. 2, 901. 3 1, 517. 2 1,100. 0 417.2 5.6 1, 378. 5 1.064. 7 313.9 Mar. 24. 2,924.1 1, 541. 6 1,110.6 431.0 3.3 1, 379. 3 1,062.1 317.1 Mar. 31. 2,931. 4 1, 532. 5 1,121. 6 411.0 4.1 1, 394. 8 1,075. 7 319.1 Apr. 7-. 2,962. 3 1, 548. 6 1,140.0 408.6 1.0 1, 412. 7 1,083. 5 329.2 Apr. 14 _ 3,041.7 1, 614. 2 1,185. 9 428.3 8.6 1,418.9 1, 084. 0 334.8 Apr. 21. 3,075. 5 1,657. 3 rl, 222. 6 433.7 7.2 1,411.0 1, 075. 4 335.5 Apr. 28. 3,113. 3 1, 701.1 '1, 278. 8 422.3 9.4 1, 402. 8 1, 063. 7 339.1 May 5.. 3,151.1 1, 765. 3 '1,321.3 443.9 1, 370. 7 1, 040. 8 329.8 May 12. 3,198. 6 1, 866. 7 1, 353. 8 452.9 1, 382. 0 1, 050. 2 331.9 May 19. 3,237. 4 1,844. 0 rl, 376. 5 467.5 13.0 1, 380. 4 1,044. 8 335.6 May 26. 3, 306. 5 1,901.4 n, 438.0 463.4 12.4 1, 392. 6 1, 053. 6 338.9 June 2 _. 3, 342. 3 1, 895. 4 % 436. 2 459.2 14.2 1, 432. 7 1, 058. 3 374.4 June 9.. 3,412.8 1, 950. 6 1,490. 3 460.3 15.0 1, 447. 2 1, 064.1 383.1 June 16. 3, 499. 5 2,021. 8 n, 559. 0 462.8 19.2 1, 458. 5 1, 069. 9 June 23 _ 3, 562. 5 2,089. 5 'I, 615. 6 473.9 18.6 1, 454. 4 1, 062. 9 391.5 June 30. 3, 561. 9 2,078. 8 n, 612. 4 466.4 18.3 1, 464. 7 1, 069. 5 395.2 July 7... 3, 614. 8 2,130. 5 1, 673. 5 457.0 20.0 1, 464. 3 1.065. 7 398.7 July 14.. 3, 636. 0 2,142. 0 1, 676. 4 465.6 18.2 1, 475. 7 1, 073. 5 402.2 July 21 _. 3, 685. 8 2,188.1 1, 712.1 476.0 17.6 1, 480.1 1, 076. 4 403.7 July 28-. 3, 718. 4 2, 204. 7 1, 721. 7 483.0 14.1 1, 499. 6 1, 091. 5 408.0 Aug. 4 _. 3, 732. 5 2,187. 0 1, 718. 7 468. 3 14.3 1, 531. 2 1,099. 3 431.9 Aug. 11. 3, 767. 9 2, 204. 6 1, 712. 8 491.8 18.7 1, 544. 5 1,107. 4 437.1 Aug. 18. 3, 795.1 2, 233. 6 1, 716. 6 517.0 11.0 1, 550. 5 1,108.1 442.4 Aug. 25. 3, 820. 5 2, 246. 2 1, 722. 4 523.8 13.3 1, 561. 0 1,114. 0 447.1 Sept. 1.. 3, 826. 4 2, 217. 3 1, 706.1 511.2 14.9 1, 594. 2 1,114. 8 479.4 Sept. 8.. 3, 839.1 2, 221. 4 1, 712.1 509.3 15.5 1, 602. 2 1,117.8 484.4 Sept. 15. 3, 898. 6 2, 257. 5 1, 728.1 529.3 20.5 1, 620. 6 1,130.1 490.5 Sept. 22. 3, 879. 3 2, 234. 6 1, 721. 4 513.2 26.6 1, 618. 0 1,125. 4 492.6 Sept. 29. 3,911.9 2, 261. 7 1, 743. 6 518.1 31.9 1, 618. 4 1,125.1 493.3 Oct. 6-.. 3, 925. 9 2, 240. 0 1, 714. 6 525.4 40.3 1, 645. 6 1.122. 7 522.9 Oct. 13.. 3, 884.1 2, 206. 9 1, 684. 2 522.7 42.2 1, 635. 0 1,110.1 524.9 Oct. 20- 3, 840. 8 2,156. 2 1, 632. 0 524.2 47.2 1, 637. 4 1,106. 4 531.1 Oct. 27.. 3,811.9 2,110. 9 1, 594. 4 516.5 49.4 1, 651. 6 1,116. 3 535.3 Nov. 3- 3, 773. 8 2, 045. 6 1, 531. 6 514.0 49.6 1, 678. 6 1.123. 8 554.8 Nov. 10. 3, 692. 4 1, 964. 3 1, 490. 6 473.7 49.0 1, 679. 2 1,119.6 559.5 Nov. 17. 3, 645. 2 1, 908. 6 1, 431.1 477.5 48.5 1, 688.1 1,125. 0 563.2 Nov. 24. 3, 624. 9 1, 888. 7 1, 407. 8 480.9 48.7 1, 687. 5 1,121. 5 566.1 Dec. 1__ 3, 613. 5 1, 865.1 1, 392. 3 472.8 48.4 1, 700. 0 1,128. 4 571.6 Dec. 8.. 3, 519. 7 1, 760. 9 1, 294. 4 466.5 49.8 1, 709. 0 1,134. 5 574.5 Dec. 15. 3, 518. 3 1, 748. 2 1, 278. 8 469.4 49.5 1, 720. 6 1,143. 2 577.4 Dec. 22. 3, 454. 6 1, 673. 9 1,198. 6 475.3 48.2 1, 732. 5 1,151.3 581.2 Dec. 29. 3, 410. 3 1, 617. 6 1,168. 5 449.1 47.5 1, 745. 2 1,162.0 583. 2 r Revised. Figures in first, second, and fourth columns have been revised for dates prior to July 7, 1937F.or details see BULLETIN for January 1937, p. 14. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN APRIL 1938 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] From th r J o a u n g . h 2 — , 1935, Total' U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e i r n ic ' a E F a a s r t O A th ll er 1935—Dec. 31 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 0) 70.9 128.3 12.7 1936—Dec. 30 . 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Jan. 6. 2, 620. 3 843.7 295.7 226.5 340.7 84.0 43.8 233.7 2,068. 2 149.0 182.0 17.3 Jan. 13 2, 615. 8 834.6 297.8 228.0 342.9 83.7 41.6 232.4 2,061.1 144.3 206.2 188.4 15.9 Jan. 20 2, 653. 0 855.6 285.7 231.3 346.8 85.6 39.6 239.9 2, 084. 4 146.5 216.6 189.6 15.9 Jan. 27 2, 681.0 843.0 291.4 238.0 350.3 83.5 37.7 237.3 2, 081.1 143.9 256.4 182.9 16.6 Feb. 3 2, 718. 3 849.6 295.1 240.5 350.7 93.1 34.8 237.5 2,101. 4 151.1 261.5 187.8 16.5 Feb. 10 2,738.1 848.3 303.7 248.4 351.5 100.4 32.5 232.9 2,117. 7 154.3 262.4 186.1 17.7 Feb. 17 2,775. 3 871.7 301.1 249.8 357.4 101.3 29.9 236.1 2,147. 3 160.6 270.8 180.4 16.2 Feb. 24 2,809. 2 891.5 308.5 250.2 349.7 103.1 38.4 229.9 2,171. 4 161.5 272.3 186.2 17.9 Mar. 3 2, 830.1 312.2 257.3 354.1 106.7 34.9 221.3 2,186. 5 164.7 275.1 187.0 16.8 Mar. 10 2, 875. 5 921.5 316.8 259.8 359.0 102.3 40.8 224.1 2, 224. 3 168.8 278.2 185.3 19.0 Mar. 17 2,901. 3 931.6 309.6 260.3 359.8 103.4 39.1 242.7 2, 246. 5 168.0 284.4 183.3 19.1 Mar. 24 2,924.1 945.3 321.2 263.3 358.4 102.6 38.9 251.0 2, 280. 8 155.9 293.1 177.7 16.6 Mar. 31 2, 931. 4 927.2 308.9 267.1 363.5 103.5 37.0 258.1 2, 265. 2 142.0 336.6 170.4 17.2 Apr. 7 2,962.3 957.9 288.0 268.9 365.8 103.4 37.2 264.0 2, 285. 3 138.7 341.4 178.4 18.4 Apr. 14 3,041.7 1,007. 2 298.5 276.6 373.6 91.0 47.5 262.6 2,357. 0 131.8 347.8 186.3 18.7 Apr. 21 3,075. 5 1,020. 6 295.9 283.5 379.7 91.3 47.9 268.0 2,386. 9 130.7 346.8 191.2 19.8 Apr. 28 3,113. 3 1,014. 2 297.4 289.8 393.4 91.3 47.3 269.8 2, 403.1 136.5 361.3 191.4 21.0 May 5_ _ 3,151.1 1,018. 5 305.6 279.8 413.5 92.2 43.3 278.1 2, 431.1 134.9 369.0 194.4 21.7 May 12 3,198. 6 1,040. 8 301.3 281.4 432.0 81.9 50.0 280.0 2, 467. 4 135.0 374.1 200.6 21.6 May 19 3,237. 4 1,036.7 297.9 275.6 471.9 83.0 39.0 284.1 2, 488.1 138.2 379.4 211.2 20.5 May 26 3, 306. 5 1.064.3 311.2 286.9 493.8 85.0 32.8 281.7 2, 555. 6 141.1 382.5 204.8 22.4 June 2 3, 342. 3 1,061.2 319.7 291.9 '529. 4 86.7 26.1 282.6 2, 597. 4 134.4 383.2 204.9 22.4 June 9 3, 412. 8 1,080. 7 322.7 301.8 '568. 8 93.4 22.8 291.8 2, 681. 9 127.8 380.0 199.8 23.3 June 16 3, 499. 5 1,079. 6 334.3 322.7 '601. 9 95.2 27.0 298.9 2, 759. 5 137.2 376.9 203.7 22.2 June 23 3, 562. 5 1.087. 7 335.7 336.3 '616. 2 100.7 26.0 304.9 2,807. 5 151.1 376.0 205.1 22.8 June 30 3, 561. 9 1.078.7 343.5 356.7 '619.9 107.6 21.7 303.5 2, 831. 5 131.3 381.5 194.4 23.1 July 7 3.614.8 1.110.8 337.0 368.0 631.9 110.2 19.3 304.8 2, 882.1 126.2 381.2 203.3 22.2 July 14 3, 636. 0 1.088. 7 327.9 377.2 648.8 107.1 27.1 309.9 2, 886. 8 128. 7 382.3 215.5 22.7 July 21 3, 685. 8 1,096. 5 327.6 381.3 659.1 111.7 25.6 315.6 2,917. 3 138.2 384.9 220. 9 24.5 July 28 3, 718. 4 1,107. 4 324.8 383.4 665.5 114.8 25.5 321.9 2, 943. 3 149.1 387.5 213.4 25.0 Aug. 4 3, 732. 5 1,094. 0 325.0 385.1 671.6 115.2 23.8 321.8 2, 936. 5 159.0 395.5 218.4 23.1 Aug. 11 3.767.9 1.089. 7 321.7 390.1 686.5 112.5 21.9 327.8 2,950. 2 168.1 410.6 217.0 22.1 Aug. 18 3, 795.1 1.090. 8 325.6 394.1 697.0 110.3 22.3 328.9 2,969. 0 164.2 409.1 229.1 23.6 Aug. 25 3,820. 5 1.096.4 319.9 395.5 709.8 113.3 22.0 333.7 2,990. 6 175.6 406.6 224.2 23.4 Sept. 1 3, 826. 4 1,102. 5 324.6 394.8 710.3 119.3 21.9 332.4 3,005. 8 167.3 406.8 223.6 22.9 Sept. 8 3, 839.1 1,113. 7 327.2 389.8 723.1 118.8 22 5 338.2 3,033. 4 170.7 412.6 198.3 24.1 Sept. 15 3, 898. 6 1,122.3 334.7 397.7 734.5 120.9 22.8 342.3 3,075.1 177.5 406.4 216.1 23.5 Sept. 22 3,879. 3 1,106. 5 332.8 395.9 727.9 122.5 24.3 344.4 3, 054. 3 182.9 408.1 210.5 23.5 Sept. 29 3,911.9 1.105.9 338.1 390.8 737.7 127.3 24.4 358.9 3, 083.1 175.9 407.9 221.4 23.7 Oct. 6 3, 925. 9 1,090.0 345.1 390.3 764.5 127.2 24.7 359.6 3,101. 4 180.0 403.9 213.4 27.1 Oct. 13. 3, 884.1 1,079.0 337.3 380.1 758.7 129.3 25.2 359.7 3,069.1 182.7 399.0 209.1 24.2 Oct. 20....... 3, 840. 8 1, 071. 8 323.2 374.8 747.9 122.2 26.5 352.4 3,018. 7 181.8 401.4 213.7 25.1 Oct. 27 3,811.9 1,076. 0 306.9 376.2 733.1 121.1 25.1 348.0 2, 986. 3 181.4 399.9 220.4 23.9 Nov. 3 3, 773. 8 1,064. 2 308.2 376.1 709.5 123.6 21.8 347.5 2, 951. 0 183.4 394.9 219.6 24.9 Nov. 10 3, 692. 4 1,043. 9 303.6 354.2 694.4 124.3 16.2 322.1 2, 858. 6 183.6 391.0 235.4 23.8 Nov. 17 3, 645. 2 1,034. 2 285.8 349.2 686.9 119.7 19.0 323.3 2,818. 2 183.3 388.1 232.7 23.0 Nov. 24 3, 624. 9 1,019.9 348.5 689.5 118.5 19.8 316.9 2,800.0 178.7 387.4 238.3 20.6 Dec. 1 3, 613. 5 1,009. 4 283.8 353.1 683.4 119.2 25.7 310.4 2, 784. 9 174.1 393.4 240.6 20.5 Dec. 8 3, 519. 7 1,006. 0 280.0 304.0 683.0 116.3 26.3 313.4 2, 729.1 152.3 385.0 234.7 18.7 Dec. 15 3, 518. 3 1,003. 5 280.5 306.0 691.0 118.5 26.7 313.6 2, 739. 7 151.3 382.7 225.1 19.6 Dec. 22 3, 454. 6 1,005.5 276.3 309.6 606.4 120.3 26.3 313.3 2, 657. 8 161.9 386.3 230.4 18.2 Dec. 29 3, 410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 ' Revised. See page 267. i Inflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

269 APRIL 1938 FEDEKAL KESERVE BULLETIN TABLE 3.—T0TAL BANKING FUNDS, BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] From th J r a o n u . g 2 h ,1 - 935, Total r U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e i r n i c ' a E F a a s r t O A th ll er 1935—Dec. 31 964.6 337.4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 53.6 96.1 1936—Dee. 30 _ 1.362.0 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 174.2 120.7 10.8 1937—Jan. 6 1,357.8 354.0 201.8 59.0 117.4 69.2 37.6 103.7 942.6 113.0 176.5 119.2 Jan. 13. _ 1,341. 5 345.5 201.6 56.8 115.6 69.0 35.6 102.2 926.4 106.3 178.8 125.0 5.0 Jan, 20 1.359.1 361.0 188.4 57.5 114.3 71.6 33.7 108.4 935,0 105.7 188.9 124.6 5.0 Jan. 27 1,450. 6 345.4 192.6 61.8 114.4 69.7 31.8 104.5 920.2 180.1 228.6 116.3 5.4 Feb. 3 1,472.1 348.4 194.6 61.0 112.6 79.6 29.0 103.5 928.7 185.1 233.3 119.6 5.4 Feb. 10 1,477. 7 320.8 201.5 60.5 108.5 87.9 26.9 125.5 931.6 191.1 233.4 116.0 5.4 Feb. 17 1, 501.4 337.3 198.5 58.2 113.0 89.5 24.5 128.2 949.1 197.9 239.9 110.6 3.9 Feb. 24 1, 566. 8 348.0 203.2 52.5 91.8 33.1 117.7 946.1 206.6 294.5 114.6 4.9 Mar. 3—. 1, 521. 9 205.6 54.5 100.8 95.9 29.5 108.0 943.2 164.2 297.2 113.9 3.4 Mar. 10— 1, 540. 4 355.1 209.8 50.6 102.7 92.0 35.6 111.3 957.1 165.6 300.3 111.7 5.7 Mar. 17__. 1, 517.2 359.6 202.9 46.9 101.1 93.3 34.0 101.5 939.2 159.9 305.8 106.3 5.9 Mar. 24._. 1, 541. 6 371.1 215.9 49.8 99.5 92.6 34.0 108.8 971.7 152.4 314.3 99.9 3.2 Mar. 31... 1,532. 5 347.2 203.9 49.1 102.6 93.5 32.1 115.9 944.3 135.3 357.1 92.3 3.5 Apr. 7_— 1, 548. 6 378.9 183.7 45.7 104.0 93.3 32.5 122.1 960.2 126.2 358.1 99.7 4.4 Apr. 14. _ 1,614. 2 '418.8 194.0 53.3 113.3 81.0 42.9 119.7 1,023. 0 114.8 365.1 106.7 4.5 Apr. 21- 1,657. 3 '440. 9 191.1 60.7 116.8 81.3 43.4 125.1 1,059.2 115.6 365.1 111.9 5.4 Apr. 28.- 1,701.1 »-438. 2 194.0 70.0 129.8 81.4 42.6 125.8 1,081.9 120.3 380.3 112.2 6.4 May 5.-. 1, 765. 3 '453.4 202.9 62.0 144.4 82.5 38.4 132.9 1,116.4 116.7 409.8 115.4 May 12.. 1,806.7 '474.5 198.8 62.3 160.1 72.5 45.2 134.7 1,148.1 116.3 414.3 121.5 6.5 May 19- 1, 844. 0 '473.2 195.9 55.7 197.7 73.6 34.3 138.7 1,169. 3 117.7 418.8 133.0 5.2 May 26.. 1,901. 4 '495. 5 209.0 66.8 216.0 75. 8 28.2 136.0 1, 227. 2 118.4 421.6 127.0 7.2 June 2__. 1,895.4 '494.1 218.5 71.0 '252. 2 77.6 21.5 137.6 1,272. 5 109.3 379.0 127.4 7.2 June9._. 1,950. 6 '513.1 219.6 81.5 r281. 7 84.4 18.3 146.6 1, 345.1 103.8 371.1 122.3 8.3 June 16_. 2,021.8 '516. 5 230.3 100.6 '307.2 86.0 22.0 153. 3 1,415.9 105.9 366.0 126.1 7.9 June 23.. 2,089. 5 '527. 2 232.2 116.8 '320. 9 91.5 21.0 158.5 1,468.1 121.1 363.9 127.2 9.1 June 30-. 2,078.8 '517.5 239.7 137.1 r322. 3 98.2 16.8 155.9 1,487. 3 99.3 368.2 114.6 9.4 July 7_._. 2,130. 5 553.4 234.3 144.2 333.6 100.7 14.4 156.1 1, 536. 8 94.0 367.1 123.6 9.1 July 14— 2,142. 0 530.9 225.5 152.2 345.4 97.6 22.2 161.6 1, 535. 3 96.4 366.4 135.8 8.1 July 21— 2,188.1 536.9 224.6 155.0 353. 0 102.1 20.6 166.7 1, 558. 9 109.1 368.2 141.9 10.0 July 28... 2, 204.7 538.1 221.7 155.0 356.9 105.3 20.3 171.2 1, 568. 5 120.3 370.6 134.5 10.8 Aug. 4— 2,187.0 525.7 221.1 155.7 361.9 105.8 18.6 172.3 1, 561.1 129.8 346.2 140.8 9.1 Aug. 11... 2, 204. 6 517.3 216.4 157.1 374.2 103.1 16.9 178.3 1, 563.4 136.6 357.4 139.8 7.4 Aug. 18— 2, 233. 6 522.0 222.2 159.6 381.3 100.9 17.3 178.6 1, 581. 8 133.6 355.6 153.5 9.1 Aug. 25— 2,246. 2 524.5 215.8 160.6 390.4 104.0 17.1 184.0 1, 596. 4 140.6 351.5 148.8 8.9 Sept. 1— 2, 217. 3 534.6 221.7 160.0 393.7 109.9 16.8 181.5 1, 618. 2 131.6 311.3 148.4 Sept. 8— 2,221.4 546.9 223. 8 155.2 404.6 109.3 17.4 186.5 1, 643. 6 134.9 310.5 123.2 9.1 Sept. 15- 2, 257. 5 546.9 230.7 158.9 412.4 111. 5 17.6 189.5 1, 667. 6 138.9 300.5 141.1 9.4 Sept. 22- 2,234. 6 533.4 228.6 159.2 407.8 113.4 19.2 190.2 1, 651. 8 137.5 300.4 135.6 9.3 Sept. 29- 2, 261. 7 530.5 232.9 154.3 415.7 118.5 19.1 203.9 1,675.0 133.8 298.2 145.9 8.8 Oct. 6—. 2.240.0 517.2 239. 4 . 154.6 444.6 118.3 19.5 202.1 1, 695. 8 138.8 255.4 137.8 12.2 Oct. 13... 2, 206. 9 510.8 232.3 147.7 440.8 120.7 19.9 201.3 1, 673. 3 142.2 248.7 133.6 9.1 Oct. 20— 2,156. 2 503.9 218.2 142.8 432.9 113.5 21.2 191.4 1, 623. 9 136. 4 247.9 138.3 9.7 Oct. 27... 2,110. 9 497.4 202.3 142.6 423.4 112.2 19.7 184.2 1, 581. 8 132.3 244.2 144.3 8.3 Nov. 3... 2,045.6 482.0 202.9 143.5 400.0 114.7 16.2 180. 9 1, 540. 2 135.5 217. 4 143.4 9.2 Nov. ML. 1,964. 3 462.6 199.2 122.0 384.8 115.1 10.7 155.6 1, 449. 9 136.3 209.1 160.8 8.2 Nov. 17-. 1,908. 6 451.0 182.0 116.1 377.4 110.3 13.6 155.3 1, 405. 7 133.6 204.3 157.8 7.2 Nov. 24-. 1,888. 7 438.6 183.8 117.1 380.3 109.1 14.4 148.3 1, 391. 6 127.5 202.3 162.4 4.8 Dec. l-_- 1.865.1 426.4 181.3 120.6 374.3 109.9 17.9 137.0 1,367. 4 123.8 205.7 163.6 4.6 Dec. 8— 1, 760. 9 418.6 176.9 69.8 372.5 107.1 18.3 138. 2 1,301. 4 104.0 195.9 157.0 2.7 Dec. 15— 1, 748. 2 415.4 176.4 69.9 377.0 109.5 18.1 138.7 1,304.9 100.7 192.9 146.4 3.4 Dec. 22_. 1, 673. 9 412.1 171.9 71.3 292.7 111.2 17.6 137.4 1,214. 3 111.8 194.8 151. 2 1.8 Dec. 29— 1, 617. 6 396.7 177.0 71.9 291.0 114.7 13.4 136.3 1, 201. 0 54.6 217.9 144.8 r Revised—See page 267. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN APRIL 1938 TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31. 603.3 128.6 129.6 55.7 72.4 — 8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30. 930.5 163.5 144.2 65.9 109.8 2. 7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Jan 6._. 924.0 175.7 142.0 62.2 114.7 1.7 21.3 80.8 598.4 79.1 148.9 86.0 11.7 Jan. 13. 906.9 162.3 141.3 60.3 112.6 .9 19.6 79.3 576.3 75.9 152.2 91.9 10.6 Jan. 20. 931.6 176.8 128.5 60.1 111.3 2.4 17.5 85.5 582.1 82.5 161.2 95.2 10.6 Jan. 27. 1,026.8 159.2 "133. 4 63.0 111.5 16.0 81.3 564.9 162.7 200.1 87.9 11.2 Feb. 3. 1,051.4 168.6 134.9 61.3 109.3 9.9 13.9 80.5 578.3 165.7 204.5 91.1 11.7 Feb. 10. 1,056. 8 142.8 141.9 59.9 105.4 18.2 12.7 103.8 584.8 164.6 206.9 88.5 12.0 Feb. 17. 1,067.3 146.9 137.2 58.7 109.9 19.8 9.3 105.4 587.1 167.4 213.0 87.5 12.3 Feb. 24. 1,136. 8 156.9 142.4 53.3 96.9 23.3 18.4 98.6 590.0 176.2 268.7 89.8 12.1 Mar. 3—-. 1.094.8 149.0 144.4 55.2 97.7 26.6 15.1 89.4 577.5 128.5 268.4 109.0 11.5 Mar. 10— 1.102.9 156.5 148.2 50.0 99.6 22.2 20.1 90.7 587.4 125.4 275.6 101.2 13.3 Mar. 17— 1,100. 0 170.1 142.1 48.5 97.9 23.9 19.8 81.6 583.9 129.3 278.0 95.8 13.0 Mar. 24.... 1,110. 6 173.6 155.5 48.9 98.0 23.8 19.9 86.1 605.8 115.8 283.9 93.2 11.9 Mar. 31— 1,121. 6 154.7 140.9 47.6 99.4 24.5 17.9 94.2 579.2 110.7 326.4 94.7 10.5 Apr. 7... 1,140.0 183.0 125.5 44.6 100.7 24.8 18.7 99.8 597.1 106.9 328.1 96.9 10.9 Apr. 14. _ 1,185.9 '211.7 131.1 52.2 110.2 12.9 29.0 95.8 '642.9 100.2 334.7 97.3 10.8 Apr. 21_. 1, 223. 5 '233.7 129.5 58.7 112.9 12.2 29.0 99.6 '675. 5 102.8 335.0 99.6 10.5 Apr. 28— 1,278.8 '230.9 130.4 69.8 125.5 11.9 28.5 102.0 '699.0 108.1 349.3 110.7 11.7 May 5— 1,321.3 '236. 8 138.7 64.3 140.6 11.2 24.9 107.9 '724. 5 100.6 375.7 108.4 12.1 May 12.. 1,353. 8 '251.8 134.4 64.7 156.3 1.2 31.5 110.5 '750.4 100.9 381.2 108.3 12.9 May 19.. 1,376. 5 '254.1 131.2 57.2 193.5 .1 21.2 114.5 '771. 6 100.5 386.3 106.2 11.8 May 26.. 1,438.0 '277. 2 150.1 66.3 211.7 1.6 15.0 112.6 '834. 6 100.0 386.6 103.1 13.8 June 2... 1,436.2 '284. 6 155.9 67.2 '247.9 .5 8.9 113.1 '878.2 94.3 344.1 106.0 13. June 9__. 1,490. 3 '300. 0 157.9 76.6 '277.3 1.5 8.8 121.3 '943. 6 91.0 336.8 104.6 14.4 June 16.. 1.559.0 '306. 6 164.9 95.4 '302. 9 4.4 9.3 126.9 1,010.5 93.3 332.6 108.7 13.8 June 23.. 1,615. 6 '310.0 167.5 111.4 '316. 8 8.4 7.9 132.8 1,054.8 104.3 330.1 111.2 1 2 June 30.. 1,612. 4 '300.9 174.1 132.2 '317. 7 10.9 4.3 131.3 1,071.5 90.8 334.2 100.6 15.4 July 7_.._ 1,673. 5 339.4 168.1 138.3 329.2 11.6 2.2 132.1 1,121. 0 91.7 332.9 112.7 15.2 July 14— 1, 676.4 329.8 160.3 146.6 340.6 6.6 10.0 135.2 1,129.0 89.1 331.7 112.3 14.2 July 21— 1.712.1 330.0 156.8 150.2 348.4 10.1 7.6 141.1 1,144. 3 97.1 332.2 122.4 16.1 July 28... 1, 721. 7 324.8 154.2 150.9 352.2 11.7 7.3 145.4 1,146. 5 102.5 333.3 122.8 16.6 Aug. 4... 1.718.7 321.5 153.6 152.4 357.2 10.7 5.5 145.0 1.146.0 108.3 309.4 139.6 15.3 Aug. 11.. 1.712.8 307.9 149.5 153.9 369.6 9.7 5.5 150.8 1.146.8 112.8 297.8 141.6 13.9 Aug. 18_. 1, 716. 6 303.3 154.5 155.8 376.9 6.2 5.8 151.1 1,153. 8 112.6 294.2 140.5 15.4 Aug. 25.. 1, 722.4 303.8 148.1 156.6 385.7 8.8 5.9 156.5 1,165. 5 116.0 290.2 135.4 15.3 Sept. 1— 1,706.1 316.7 153.8 159.0 389.5 12.1 6.0 153.7 1.190.9 115.3 250.3 135.1 14.5 Sept. 8— 1,712.1 316.7 156.0 157.5 400.1 11.5 5.7 157.6 1.205.1 116.3 250.1 125.9 14.7 Sept. 15.. 1,728.1 316.2 163.3 156.1 408.1 12.2 7.3 160.1 1, 230. 7 117.5 241.8 123.5 14.5 Sept. 22.. 1,721.4 318.8 162.9 159.8 403.7 14.2 6.8 161.1 1, 226. 9 122.0 241.1 116.7 14.7 Sept. 29.. 1,743.6 313.7 165.2 154.8 411.8 19.4 8.8 176.9 1,250. 5 120.0 239.2 120.0 13.9 Oct. 6___. 1, 714.6 295.0 172.5 154.7 441.0 19.6 9.1 174.0 1,265.9 125.3 196.4 110.2 16.8 Oct. 13— 1, 684. 2 288.1 166.4 151.8 437.6 19.5 9.7 173.3 1,246.3 127.7 191.9 104.6 13.7 Oct. 20... 1.632.0 276.4 152.2 147.9 430.1 13.3 11.9 163.8 1,195. 5 127.1 189.9 105.4 14.1 Oct. 27 1, 594.4 272.1 135.9 148.8 420.7 12.3 11.3 157.5 1,158. 5 125.3 187.0 110.6 13.0 Nov. 3— 1,531. 6 259.1 136.6 147.9 397.9 14.3 6.3 155.0 1,117. 2 129.7 161.3 109.9 13.6 Nov. 10.. 1,490. 6 254.9 134.9 127.9 383.0 14.6 2.0 130.7 1,048.1 130.5 154.9 143.6 13.6 Nov. 17.. 1.431.1 243.7 117.3 121.9 375.9 7.8 5.3 132.3 1,004. 2 128.1 149.2 137.1 12.5 Nov. 24.. 1,407.8 229.5 119.4 121.9 378.2 5.7 5.7 126.0 986.3 124.2 146.8 138.9 11.5 Dec. 1_— 1, 392. 3 218.6 115.5 124.8 372.5 5.7 9.0 114.3 960.5 116.5 150.7 154.4 10.1 Dec. 8-._ 1, 294. 4 215.0 111.2 72.7 371.6 3.7 9.8 114.7 898.6 96.9 144.7 144.3 9.9 Dec. 15___ 1,278.8 211.0 111.2 72.9 375.3 5.0 9.6 113.1 897.9 94.0 141.7 134.7 10.5 Dec. 22.._ 1,198. 6 203.2 105.9 76.2 290.5 6.5 9.6 111.1 803.0 106.4 141.7 137.8 9.7 Dec. 29. _. 1,168. 5 111.8 76.3 288.4- 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 r Revised—See page 267. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

271 APRIL : FEDERAL RESERVE BULLETIN TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] From th r J o a u n g . h 2 — ,1935, Total' U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e i r n i c r a E F a a s r t O A th ll er 1935—Dec. 31_. 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30.. 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343. 7 36.9 24.9 30.4 -4.4 1937—Jan. 6-_. 433.8 178.3 59.8 -3.2 2.7 67.4 16.4 22.8 344.2 33.9 27.6 33.2 -5.1 Jan. 13... 434.6 183.2 60.3 -3.5 3.0 68.2 16.0 23.0 350.2 30.4 26.6 33.1 -5.6 Jan. 20__. 427.5 184.2 60.0 -2.6 3.0 69.3 16.2 22.9 352.9 23.2 27.7 29.3 -5.6 Jan. 27... 423.8 186.2 59.2 -1.2 3.0 69.1 15.8 23.2 355.3 17.4 28.5 28.4 -5.8 Feb. 3__. 420.8 179.8 59.7 -.3 3.4 69.7 15.2 22.9 350.3 19.4 28.8 28.5 -6.2 Feb. 10_. 420.9 178.0 59.6 .6 3.0 69.8 14.2 21.7 346.9 26.5 26.6 27.5 -6.6 Feb. 17_. 434.0 190.3 61.3 -.5 3.1 69.7 15.3 22.8 361.9 30.5 26.9 23.1 -8.5 Feb. 24_. 429.9 191.1 60.8 2.9 68.4 14.7 19.0 356.1 30.4 25.8 24.9 -7.2 Mar. 3... 427.0 199.8 61.2 -.7 3.1 69.3 14.4 18.6 365.7 35.7 28.8 4.9 -8.0 Mar. 10_ 437.4 198.6 61.6 .6 3.1 15.5 20.6 369.8 40.2 24.7 10.5 -7.7 Mar. 17. 417.2 189.5 60.8 -1.5 3.2 14.2 19.9 355.4 30.6 27.8 10.5 -7.1 Mar. 24_ 431.0 197.6 60.4 .9 1.5 14.1 22.7 365.9 36.6 30.5 6.7 -8.7 Mar. 31. 411.0 192.4 63.0 1.5 3.2 69.0 14.2 21.7 365.1 24.6 30.7 -2.4 -7.0 Apr. 7— 408.6 195.9 58.2 1.1 3.3 68.4 13.8 22.3 363.0 19.3 30.0 2.8 -6.4 Apr. 14_. 428.3 207.1 62.9 1.1 3.1 68.0 13.9 23.9 380.2 14.6 30.4 9.4 -6.3 Apr. 21.. 433.7 207.1 61.6 2.1 3.8 69.2 14.4 25.5 383.7 12.7 30.1 12.3 -5.1 Apr. 28.. 422.3 207.4 .2 4.3 69.5 14.0 23.8 382.9 12.2 31.1 1.5 -5.3 May 5... 443.9 216.6 64.2 -2.3 3.8 71.2 13.5 25.0 391.9 16.1 34.1 7.0 -5.3 May 12.. 452.9 222.7 64.4 -2.4 3.9 71.3 13.6 24.2 397.7 15.3 33.1 13.2 -6.4 May 19.. 467.5 219.1 64.8 -1.5 4.2 73.5 13.2 24.2 397.6 17.2 32.6 26.7 -6.6 May 26.. 463.4 218.2 58.8 .5 4.3 74.2 13.1 23.4 392.6 18.4 35.1 23.9 June 2__. 459.2 209.5 62.6 3.8 4.2 77.1 12.6 24.5 394.3 14.9 34.9 21.3 -6.3 June 9—. 460.3 213.0 61.7 4.8 4.4 82.9 9.4 25.3 401.6 12.8 34.3 17.7 -6.1 June 16.. 462.8 209.9 65.4 5.2 4.2 81.6 12.7 26.4 405.4 12.6 33.4 17.3 -6.0 June 23.. 483.9 217.2 64.7 5.4 4.1 83.1 13.1 25.7 413.3 16.9 33.8 15.9 -6.1 June 30- 466.4 216.5 65.6 4.9 4.6 87.3 12.4 24.6 415.9 8.4 34.0 14.0 -6.0 July 7... 457.0 214.0 66.2 5.9 4.3 89.1 12.2 2410 415.8 2.2 34.2 10.9 -6.1 July 14_. 465.6 201. i 65.2 5.6 4.8 91.0 12.1 26.4 406.3 7.3 34.7 23.4 -6.2 July 21.. 476.0 206.9 67.8 4.7 4.6 92.0 13.0 25.6 414.6 12.0 36.0 19.5 -6.2 July 28._ 483.0 213.3 67.5 4.1 4.7 93.6 13.1 25.8 422.0 17.9 37.2 11.7 -5.8 Aug. 4... 468.3 204.2 67.5 3.2 4.7 95.1 13.1 27.3 415.1 21.5 36.8 1.2 -6.2 Aug. 11.. 491.8 209.4 66.9 3.3 4.7 93.4 11.4 27.5 416.6 23.8 59.6 -1.7 -6.4 Aug. 18.. 517.0 218.6 67.7 3.7 4.4 94.7 11.5 27.5 428.0 21.0 61.4 12.9 -6.4 Aug. 25_. 523.8 220.7 67.7 4.0 4.7 95.2 11.2 27.5 430.9 24.7 61.3 13.4 -6.4 Sept. 1- 511.2 217.9 67.8 1.0 4.2 97.8 10.8 27.8 427.3 16.2 61.0 13.3 -6.6 Sept. 8- 509.3 230.2 67.8 -2.3 4.5 97.8 11.6 28.9 438.5 18.6 60.4 -2.6 -5.6 Sept. 15. 529.3 223.4 67.4 2.8 4.3 99.3 10.3 29.4 436.9 21.4 58.6 17.5 -5.1 Sept. 22. 513.2 215.1 65.6 -.6 4.1 99.1 12.4 29.2 424.9 15.5 59.2 18.9 -5.4 Sept. 29. 518.1 216.8 67.7 -.5 3.9 99.1 10.4 27.0 424.5 13.8 59.0 25.9 -5.0 Oct. 6— 525.4 222.2 67.0 i 3.6 98.7 10.4 28.1 429.9 13.5 59:1 27.5 -4.5 Oct. 13- 522.7 222.7 65.9 -4^2 3.2 101.2 10.2 28.0 427.1 14.5 56.8 29.0 -4.6 Oct. 20- 524.2 227.6 66.1 -5.1 2.8 100.1 9.3 27.6 428.4 9.2 58.0 33.0 -4.3 Oct. 27_. 516.5 225.4 66.4 -6.2 2.7 8.4 26.7 423.3 7.0 57.3 33.6 -4.6 Nov. 3- 514.0 222.9 66.3 -4.5 2.1 100.4 25.9 423.0 5.8 56.0 33.5 -4.4 Nov. 10- 473.7 207.7 64.3 -5.9 1.8 100.5 8.7 24.8 401.9 5.8 54.3 17.2 -5.5 Nov. 17. 477.5 207.3 64.7 -5.9 1.5 102.6 8.3 23.1 401.5 5.5 55.1 20.8 -5.3 Nov. 24. 209.1 64.4 -4.7 2.1 103.4 8.7 22.3 405.2 3.3 55.5 23.5 -6.7 Dec. 1— 472.8 207.8 65.8 -4.2 1.8 104.2 22.6 406.9 7.3 54.9 9.2 -5.5 Dec. 8__. 466.5 203.6 65.7 -2.9 .9 103.4 8.5 23.5 402.8 7.1 51.1 12.7 -7.2 Dec. 15.. 469.4 204.4 65.2 -3.0 1.7 104.5 8.5 25.5 407.0 6.6 51.2 11.7 -7.1 Dec. 22.. 475.3 208.9 66.0 -4.9 2.2 104.6 8.1 26.4 411.3 5.4 53.1 13.4 -7.9 Dec. 29.. 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 r Revised. See page 267. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN APRIL 1938 TABLE 6.—BROKERAGE BALANCES BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30 12.9 4.0 10.4 9.1 -.7 .4 22.6 -7.6 -4.2 2.1 1937—Jan. 6 _. 15.6 4.2 -.6 0) 1.7 24.1 -5.7 -4.4 1.7 -.1 Jan. 13 13.0 5.1 9.5 -.2 8.4 .4 23.5 -7.9 -4.3 1.7 .1 Jan. 20 7.6 4.6 9.2 -1.4 7.4 -.2 19.7 -8.6 -4.5 1.0 -.1 Jan. 27 _ 8.1 4.9 7.9 .1 22.0 -10.1 -4.6 1.0 -.1 Feb. 3 10.9 7.5 9.0 -.4 7.5 .2 -. 1 23.8 -9.2 -4.8 1.6 -.5 Feb. 10 .9 1.6 8.4 -1.5 7.6 0) 15.6 -10.3 -4.7 .4 2) Feb. 17 7.3 3.7 9.6 -1.0 9.4 0) 20.9 -9.1 -3.7 -.3 -.4 Feb. 24 2.3 2.5 8.0 -1.2 8.2 0) 17.0 -8.6 -5.1 -.8 Mar. 7 4.7 3.8 .4 7.7 21.5 -8.7 -5.8 -2.1 -.2 Mar. 10 -2.9 -.1 8.0 1.2 8.5 17.8 -9.8 -6.1 -4.6 -.1 Mar. 17 5.6 2.2 8.6 21.8 -6.4 -5.1 -4.9 .2 Mar. 24 3.3 2.4 10.3 () 24.1 r-11.5 -5.1 -4.5 .3 Mar. 31 4.1 9.4 2.7 10.3 24.3 -10.0 -5.4 -5.4 .5 -.1 Apr. 7 1.0 .3 9.4 0) 20.9 -10.4 -5.3 -4.8 Apr. 14 8.6 2.1 9.8 2.0 9.4 .0 24.4 -7.0 -6.0 -3.4 Apr. 21 7.2 3.6 9.6 1.8 9.3 -.1 1.3 25.7 -8.9 -7.2 -3.0 Apr. 28 9.4 7.3 10.1 1.3 9.6 1.4 29.8 -11.3 -7.1 -2.5 May 5 15.2 9.2 11.0 2.7 8.9 0) 1.6 33.5 -10.8 -7.5 -.8 May 12 9.9 4.4 10.6 3.5 8.3 0) 1.5 28.3 -10.2 -7.5 -1.3 .5 M M a a y y 2 1 6 9 1 1 3 2 . . 0 4 4 5 . . 4 3 1 1 1 1 . . 2 5 4 3. . 2 4 8 8. . 7 8 (2) 1 1 . . 6 4 3 3 0 0 . . 5 3 - - 1 1 0 1 . . 7 5 - - 5 6 . . 4 5 — ll Q 3 . . 7 2 June 2 14.2 4.8 10.9 3.8 10.0 -.1 1.7 31.2 -11.1 -5.2 -1.0 .3 June 9 15.0 7.3 10.7 3.7 10.9 -.1 1.7 34.3 -12.4 -5.6 -1.5 .3 June 16 19.2 6.1 12.4 5.7 12.1 1.3 37.7 -11.8 -5.9 -1.2 .3 June 23 18.6 6.7 12.2 4.8 11.0 2.1 36.9 -11.5 -6.0 -.8 June 30 18.3 6.1 11.7 4.2 11.8 2.0 35.8 -11.3 -5.5 -.5 July 7 20.0 7.5 11.1 6.7 12.2 3.2 40.8 -13.2 -5.9 -.4 1.3 July 14 18.2 6.5 10.6 4.9 12.5 2.4 36.9 -12.6 -5.6 -.8 .3 July 21 17.6 6.6 10.7 4.8 11.8 2.7 36.8 -12.8 -6.0 -.6 .3 July 28 14.1 7.0 10.3 4.4 10.7 2.5 34.8 -13.2 -6.6 Q Aug. 4 14.3 6.0 10.7 3. 6 11.0 2.4 33.6 -12.3 -6.3 Q -.3 Aug. 11 18.7 8.6 11.6 3.0 10.2 2.0 35.3 -10.6 -6.3 '.2 .1 Aug. 18 11.0 8.3 9.4 3.8 9.6 2.7 33.8 -16.4 -6.6 .2 Aug. 25 13.3 6.0 10.6 3.9 10.3 2.4 33.2 -14.1 -6.1 .4 ) Sept. 1 14.9 5.0 10.0 3.9 10.8 3.0 32.8 -12.8 -6.2 .9 Sept. 8 15.5 5.1 10.7 3. 6 11.2 3.3 33.9 -13.9 -5.9 1.2 Sept. 15 20.5 5.2 10.7 3.9 11.5 3.5 35.0 -11.2 -5.3 3.4 -1.4 Sept. 22 26.8 8.0 10.8 4.4 11.8 4.7 39.7 -9.9 -5.2 3.2 -1.0 Sept. 29 31.9 11.5 4.4 12.3 3.5 40.0 -8.6 -3.2 3.9 Oct. 6 40.3 11.2 11.9 5.2 14.2 4.4 46.9 -7.0 -2.9 3.7 -.5 Oct. 13 42.2 12.8 11.7 6.0 14.4 -. 1 4.7 49.5 -8.0 -2.6 3.6 -.3 Oct. 20 47.2 11.8 12.6 7.6 13.8 -.1 4.8 50.8 -5.8 -1.1 3.5 -.2 Oct. 27 49.4 11.6 13.0 6.7 12.8 (0 5.5 49.9 -2.9 -.5 3.0 Nov. 3 10.0 13.3 6.0 12.1 0) 5.7 47.4 .2 -.3 2.5 Nov. 10 49.0 11.7 13.8 5.7 11.7 0) 5.2 48.2 .3 C1) .6 -.2 N No o v v . . 1 2 7 4 48.5 1 1 1 1 . . 5 8 1 1 2 3 . . 7 2 5 5 . . 6 2 1 1 2 1 . . 1 5 0) .1 5 5 . . 0 1 4 46 7 . . 9 1 2 1 . . 0 2 -.4 .3 ( . * 3 ) o Dec. 1 48.4 11.8 12.3 5.2 10.9 5.4 45.7 1.8 .9 Dec. 8 49.8 11.3 12.2 4.8 11.4 0) 6.0 46.0 3.2 -.1 .8 -.1 D De e c c . . 2 1 2 5 4 48 9 . . 2 5 1 1 1 2 . . 4 0 1 1 2 1 . . 0 5 5 5 . . 4 2 1 1 1 0 . . 7 3 5 5 . . 2 3 4 4 5 4 . . 9 3 3 3. . 4 5 - — .5 # 7 1 1 . . 0 1 1 j^ Dec. 29 47.5 11.5 11.5 5.0 10.8 0) 5.0 44.0 3.5 -.5 .5 i Inflow less then $50,000. » Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

273 FEDERAL RESERVE BULLETIN TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] From th r J o a u n g . h 2 — ,1935, Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a er n i - t d z- m G a er n - y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31.. 441.8 217.5 30,2 57.9 53.9 7.9 2.9 59.1 429.4 16.4 29.3 3.7 1936—Dec. 30- 1,233. 6 483.8 82.9 168.0 213.9 15.1 6.1 126.4 1,096.2 34.4 31.2 61.2 10.6 1937—Jan. 6.... 1.246.8 485.4 84.0 168.1 214.6 14.9 6.0 128.4 1,101.4 41.8 31.7 61.1 10.8 Jan. 13... 1,261.3 484.0 86.7 171.4 218.9 14.6 5.8 129.8 1,111.2 45.9 31.6 61.8 10.8 Jan. 2O._. 1,286.3 490.0 88.0 175.2 225.1 14.0 5.8 131.7 1,129. 7 49.4 32.2 64.0 11.0 Jan. 27— 1.222.2 492.7 89.0 176.9 228.0 13.9 5.7 132.8 1,138.9 -26.1 32.5 65.6 11.3 Feb. 3... 1.235.3 493.7 91.5 179.9 230.6 13.3 5.7 134.2 1,148. 9 -24.8 33.0 66.6 11.5 Feb. ML. 1,259.6 526.0 93.8 189.4 235.4 12.5 5.4 108.0 1,170. 4 -26.5 33.7 69.7 12.3 Feb. 17.. 1,266. 6 530.7 93.0 192.6 235.0 11.8 5.3 108.9 1,177.4 -28.1 34.6 70.1 12.7 Feb. 24.. 1,240.1 540.9 97.4 198.9 241.7 11.3 5.0 113.1 1, 208. 2 -36.6 -17.1 72.4 13.2 Mar. 3... 1,303.5 547,3 97.8 202.4 245.6 10.8 5.1 112.9 1,221.9 9.2 -16.3 75.2 13.5 Mar. 10- 1.338.0 566.5 98.9 207.9 247.8 10.4 5.0 112.8 1,249. 3 13.0 -16.0 78.2 13.4 Mar. 17- 1,378. 5 569.9 98.0 212.7 248.9 10.2 4.9 140.8 1,285.4 14.5 -16.2 81.8 12.9 Mar. 24.. 1.379.3 571.8 95.1 212.7 249.1 10.0 4.8 141.4 1.285.0 15.0 -16.2 82.3 13.1 Mar, 31.. 1,394.8 579.2 95.6 215.3 250.5 10.0 4.7 141.3 1,296. 6 16.8 -15.2 83.4 13.2 Apr. 7... 1,412. 7 578.7 94.9 222.3 251.9 10.1 4.5 141.7 1,304. 2 22.9 -11.4 83.5 13.4 Apr. 14.. 1.418.9 586.3 94.7 221.3 250.9 10.1 4.4 142.0 1,309.6 24.0 -11.3 83.0 13.6 Apr. 21. _ 1,411.0 576.1 95.3 221.0 253.7 10.1 4.4 141.5 1,302.0 24.1 -11.2 82.3 13.7 Apr. 28.. 1,402.8 568.7 93.2 218.4 254.0 4.6 142.6 1,291.4 27.5 -11.9 81.7 14.1 May 5—_ 1, 370. 7 555.9 91.8 215.1 260.2 9.7 4.8 1, 281.1 29.0 -33.4 79". 8 14.2 May 12.. 1,3S2. 0 562.0 91.9 215.6 263.6 9.4 4.7 143.8 1, 291.0 28.9 -32.7 80.3 14.6 May 19.. 1.380.4 559.1 90.7 215.5 265.4 9.4 4.5 144.0 1,288.5 31.1 -33.0 79.0 14.6 May 26.. 1,392. 6 563.5 90.7 217.0 269.1 9.1 4.5 144.1 1,297.9 34.2 -33.7 79.1 15.0 June 2... 1, 432. 7 562.3 90.2 217.1 267.2 9.1 4.4 143.3 1.293.8 36.2 9.4 78.5 14.9 June9_._ 1,447. 2 560.3 92.5 216.7 276.2 9.1 4.4 143.5 1,302. 5 36.4 14.4 79.1 14.8 June 16. _ 1,458. 5 557.0 91.7 216.4 282.7 9.2 4.9 144.2 1.305.9 43.1 16.8 78.8 14.0 June 23.. 1,454.4 553.8 91.3 214.6 284.4 9.2 4.9 144.3 1,302. 5 41.4 18.1 78.6 13.8 June 30— 1,464. 7 555.2 92.1 215.5 285.8 9.4 4.8 145.6 1,308. 4 43.4 18.7 80.3 13.9 July 7_... 1.464.3 549.9 91.6 217.0 286.1 9.6 4.8 145.5 1,304. 5 45.4 20.0 80.0 14.4 July 14... , 475, 7 551.4 91.9 220.1 290.9 9.6 4.8 145.9 1,314. 6 44.8 21.5 80.5 14.3 July 21... , 480.1 553.0 92.2 221.5 294.3 9.7 4.8 146.2 1,321. 7 41.9 22.6 79.6 14.3 July 28... , 499.6 562.3 92.8 224.1 298.0 9.7 5.0 148.3 1,340.0 41.9 23.6 79.7 14.4 Aug. 4.__ ., 531. 2 562.3 93.3 225.8 298.7 9.6 5.0 147.1 1.341.8 41.5 55.7 77.9 14.3 Aug. 11.. ., 544.5 563.8 93.8 230.0 302.1 9.6 4.8 147.5 1,351.6 42.0 59.5 76.9 14.5 Aug. 18.. ., 550,5 560.5 94.0 230.8 306.1 9.6 4.8 147.6 1.353. 4 47.0 60.0 75.4 14.6 Aug. 25.. 1, 561.0 565.9 93.5 231.0 309.1 9.5 4.7 147.4 1.361.1 49.1 61.2 75.0 14.6 Sept. 1... 1,594. 2 562.9 92.9 230.9 305.8 9.5 5.0 147.8 1.354. 8 48.5 101.7 74.4 14.7 Sept. 8... 1,602. 2 561.8 92.8 231.1 307.3 9.6 5.0 148.4 1.355.9 49.7 108.0 73.8 14.7 Sept. 15. 1,620.6 570.1 93.3 234.8 310.5 9.5 5.0 149.3 1,372. 5 49.7 111.2 71.6 15.5 Sept. 22.. 1, 618. 0 565.0 93.4 232.3 308.3 9.2 5.0 149.4 1,362. 7 55.4 112.9 71.8 15.2 Sept. 29.. 1.618.4 567.2 93.7 232.0 309.7 5.1 151.5 1,368.0 50.8 112.9 71.6 15.1 Oct. 6.... 1,645.6 561.7 93.8 230.5 305.7 8.9 5.1 153.1 1,358,7 48.2 151.4 72.0 15.3 O Oc c t t . . 2 1 0 3 . . . . . . 1 1 , , 6 6 3 3 7 5 . . 4 0 5 5 5 5 5 6 . . 4 0 9 9 3 2 . . 3 3 2 2 2 2 6 4 . . 4 4 3 3 0 01 3 . . 2 5 8.7 5 5 . . 2 1 1 1 5 5 3 6 . . 7 2 1 1 . , 3 3 4 4 6 4 . . 2 0 4 5 8 1 . . 5 2 1 15 5 4 2 . . 7 9 7 7 1 1 . . 9 9 1 1 5 5 . . 6 5 Oct. 27... 1,651. 6 566.9 91.5 226.8 296.9 5.2 158.4 1,354. 6 52.0 156.2 73.1 15.7 Nov. 3_.. 1.678. 6 572.2 92.0 226.6 297.4 5.5 160.9 1.363.4 47.7 177.9 73.7 16.0 Nov. 10.. 1.679. 2 569.6 90.6 226.5 297.9 9.2 5.4 161.4 1.360.5 47.0 181.8 74.0 15.8 Nov. 17- 1.688.1 571.8 91.1 227. 5 297.4 9.3 5.3 162.9 1,365.4 48.5 183.5 74.8 15.9 Nov. 24.. 1,687. 5 569. 6 226.2 297.7 9.4 5.3 163.5 1.361.6 49.2 185.4 75.5 15.9 Dec. 1— 1, 700.0 571.2 90.2 227.3 298.2 9.3 7.6 168.0 1,371.8 48.5 187.7 76.1 15.9 Dec. 8... 1,709.0 576.1 90.9 229.4 299.0 9.2 7.9 169.2 1.381.8 45.0 189.2 76.8 16.1 Dec. 15.. 1, 720. 6 576.7 92.1 230.7 302.3 9.0 8.5 169.7 1.388.9 47.1 190.6 77.7 16.3 Dec. 22.. 1,732. 5 581.5 93.0 233.1 303.4 9.1 8.6 170.5 1,399.2 46.8 192.0 78.1 16.5 Dec. 29.. 1, 745. 2 585.5 93.1 235.1 305.6 9.2 8.6 170.9 1, 408.1 48.2 193.2 79.2 16.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN APRIL 1938 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] From th r J o a u n g . h 2 — , 1935, Total U K d n i o n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th l e l r 1935—Dec 3i 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Jan. 6 918.5 368.8 65.8 157.9 200.9 -7.7 -3.4 38.7 821.0 30.0 15.8 44.4 7.3 Jan. 13 927 9 367.1 67.9 161.0 204.3 -7.9 -3.5 39.5 828.4 31.1 15 9 44 8 7 6 Jan. 20 948.9 373.6 68.8 164.5 209.9 -8.9 -3.5 40.9 845.4 32.7 16.3 46.8 7.8 Jan. 27 957.9 376.5 69.2 165.6 212.5 -9.3 -3.6 41.1 852.0 33.5 16.3 48.1 8.0 Feb. 3 968 3 378.4 71.7 168.4 214.8 -9.8 -3.6 41.1 860.9 34.1 16.4 48 8 8 1 Feb. 10 1,000.4 393.6 73.5 176.6 218.8 -10.6 . -3.7 42.3 890.5 32.8 16.7 51.5 8.8 Feb. 17 1,004.3 397.8 72.6 179.0 217.8 -11.2 -3.8 42.4 894.6 32.1 16.7 51.8 9.0 Feb. 24 1,014. 5 404.6 74.6 182.2 216.4 -11.8 -4.0 43.3 905.3 29.9 16.6 53.5 9.2 Mar. 3 1,025 7 408.7 74.9 185.9 219.4 -12.3 -4.3 42.6 914.9 28.5 16.8 56 1 9 4 Mar. 10. 1,054.4 427.2 76.1 191.0 221.0 -12.7 -4.3 42.0 940.3 29.1 16.8 58.9 9.3 Mar. 17 _ 1,064.7 431.3 75.2 195.5 221.9 -13.1 -4.5 42.2 948.5 29.0 16.3 62.1 8.7 Mar. 24 1,062 1 432.3 72.4 195.2 221.7 -13.4 -4.5 42.0 945.7 28.9 16.2 62 4 8 9 Mar. 31_. 1,075. 7 438.7 72.9 197.5 222.7 -13.6 -4.6 42.4 956.0 30.2 16.9 63.6 9.0 Apr. 7 1,083. 5 437.9 72.1 204.3 223.9 -13.8 -4.6 42.5 962.3 31.9 16.7 63.6 8.9 Apr. 14 1,084 0 443.1 72.0 203.3 222.5 -13.9 -4.7 42.5 964.7 30.5 16 8 63 0 9 0 Apr. 21 1,075. 4 433.3 72.5 202.6 225.0 -14.0 -4.7 41.8 956.4 31.2 16.7 62.2 9.0 Apr. 28 1,063.7 424.7 70.5 198.6 224.9 -14.2 -4.6 42.9 942.8 33.2 17.1 61.3 9.2 May 51 1,040 8 407.7 69.3 194.2 227.6 -14.3 -4.6 42.5 922.3 32.5 17.9 58.7 9.4 May 12 1,050.2 414.0 69.1 194.5 230.5 -14.4 -4.6 42.9 932.0 31.2 18.2 59.0 9.8 May 19 1,044.8 410.9 68.0 194.2 232.0 -14.5 -4.8 42.7 928.6 31.5 17.4 57.5 9.8 May 26 1,053.6 414.2 68.0 195.3 234.9 -14t4 -4.8 42.6 935.9 33.6 16.7 57.3 10.2 June 2 1,058 3 418.3 67.5 195.8 235.9 -14.5 -4.9 42.5 940.6 33.8 16.6 57 2 10 0 June 9 1,064.1 416.9 69.7 194.9 242.7 -14.7 -4.9 42.5 947.1 32.6 16.5 58.1 9.8 June 16 1,069 9 413.9 68.7 194.4 248.2 -14.7 -4.9 43.0 948.4 37.4 17.1 57 8 9 1 June 23 1,062.9 411.1 68.3 192.4 249.0 -14.9 -5.0 43.2 944.0 35.4 17.1 57.5 8.9 June 30 _ 1,069. 5 412.2 69.0 193.1 249.7 -14.9 -5.0 44.2 948.2 36.4 16.8 59.2 9.0 July 7 1,065 7 407 5 68.7 194.4 249.3 -15.0 -5.0 44.2 944.2 36 4 17 2 58 8 9 1 July 14 _ 1,073. 5 409.5 68.8 196.7 253.1 -15.1 -5.0 44.6 952.6 34.8 17.8 59.2 9.0 July 21 1,076.4 411.7 69.1 197.7 255.7 -15.3 -5.0 44.9 958.9 32.2 18.2 58.1 9.0 July 28 1,091.5 420.3 69.7 200.0 258.8 -15.4 -4.8 45.7 974.4 31.6 18.5 58.3 8.8 Aug. 4. . 1,099. 3 424.2 70.0 202.0 261.9 -15.5 -4.8 46.0 983.9 31.4 18.7 56.6 8.8 Aug. 11 1,107. 4 425.4 70.4 206.1 264.8 -15.6 -4.9 46.2 992.3 32.0 18.6 55.7 8.8 Aug. 18 . 1,108.1 422.1 70.6 206.8 268.4 -15.7 -4.8 46.1 993.5 33.2 18.5 54.1 8.8 Aug. 25 1,114. 0 426.8 70.0 206.9 270.1 -15.8 -4.8 45.7 998.9 34.2 18.8 53.2 8.8 Sept. 1__ 1,114. 8 429.6 69.7 207.3 268.4 -15.8 -4.9 46.1 1,000.4 33.8 19.1 52.6 8.8 Sept. 8 1,117 8 428 6 69.6 207.6 271.9 -15.9 —4.9 46.4 1,003.3 34.6 19.0 52.0 8 8 Sept. 15 1,130.1 436.2 69.9 211.3 274.4 -16.0 -4.9 47.0 1,018.0 34.3 19.1 49.5 9.4 Sept. 22 1,125 4 431.4 69.9 208.6 271.6 -16.0 -4.9 46.9 1,007.4 40.2 19.2 49.5 9.1 Sept. 29 1,125.1 432.1 70.0 208.6 272.2 -16.1 -4.9 47.9 1,009. 8 39.7 17.6 49.2 8.9 Oct. 6 1,122 7 430.4 69.7 208.1 272.7 -16.2 -4.8 48.2 1,008.0 39.2 17.1 49.4 9.0 Oct. 13_. 1,110.1 424.2 69.2 204.2 270.5 -16.3 -4.8 47.7 994.7 40.2 16.9 49.2 9.0 Oct. 20 1,106. 4 423.7 68.3 202.3 268.2 -16.5 -4.8 48.3 989.5 41.9 16.7 49.1 9.1 Oct. 27 1,116.3 433.2 67.8 204.9 265.1 -16.6 -4.8 48.9 998.5 41.6 16.8 50.2 9.1 Mar. 3 1,123 8 439.3 68.6 205.7 266.9 -16.6 -4.8 49.7 1,008. 7 38.0 17.1 50.6 9.4 Mar. 10 1,119.6 436.2 67.3 205.8 267.8 -16.4 -4.8 49.4 1,005. 3 37.2 17.1 50.8 9.3 Nov. 17 1,125.0 438.3 67.9 206.9 267.5 -16.4 -4.8 49.8 1,009.0 38.1 17.1 51.5 9.4 Nov. 24 1,121. 5 436.0 66.6 205.7 267.9 -16.5 -4.8 49.8 1,004.8 38.0 17.4 52.0 9.4 Dec. 1 __ _ 1,128. 4 437.2 67.2 206.6 268.6 -16.7 -4.9 53.9 1,011.8 37.1 17.7 52.4 9.4 Dec. 8 1,134.4 441.1 67.8 208.6 269.4 -16.9 -4.9 55.0 1,020.1 34.4 17.6 53.0 9.5 Dec. 15 1,143. 2 441.0 69.2 209.7 272.6 -17.3 -4.9 55.0 1,025.4 36.7 17.8 53.7 9.6 Dec. 22 1,151.3 444.8 70.1 212.0 273.5 -17.3 -4.8 55.5 1,033. 7 36.2 17.9 53.8 9.7 Dec. 29 _ 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

275 APRIL 1938 FEDERAL RESERVE BULLETIN TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 _ 125.2 67.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30. 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Jan. 6— 328.3 116.6 18.3 10.2 13.7 22.6 9.3 280.4 11.8 15.8 16.8 3.5 Jan. 13_. 333.4 116.9 18.8 10.4 14.6 22.5 9.2 90.3 282. 8 14.8 15.7 17.0 3.2 Jan. 20- 337.4 116.4 19.2 10.8 15.1 22.9 9.3 90.7 284.3 16.6 16.0 17.2 3.3 Jan. 27- 264.3 116.2 19.7 11.3 15.5 23.2 91.7 286.9 16.2 17.5 3.3 Feb. 3__ 266.9 115.3 19.8 11.5 15.8 23.2 93.1 288.0 -58.9 16.6 17.8 3.4 Feb. 10- 259.2 132.4 20.3 12.8 16.6 23.1 9.1 65.7 279.9 -59.3 17.1 18.2 3.5 Feb. 17_ 262.3 133.0 20.3 13.6 17.2 23.1 9.0 66.5 282.7 -60.2 17.9 18.3 3.7 Feb. 24_ 225.6 136.3 22.8 16.6 25.4 23.1 9.0 303.0 -66.5 -33.7 18.8 4.0 Mar. 3- 277.9 138.6 22.9 16.5 26.1 23.1 9.4 70.3 307.0 -19.3 -33.1 19.1 4.1 Mar. 10- 283.7 139.3 22.8 16.9 26.8 23.1 9.4 70.7 309.1 -16.1 -32.8 19.3 4.2 Mar. 17_ 313.9 138.6 22.8 17.2 27.1 23.3 9.4 336.9 -14.5 -32.5 19.7 4.2 Mar. 24_ 317.1 139.6 22.7 17.5 27.4 23.4 9.3 339.3 -13.9 -32.3 19.9 4.2 Mar. 31. 319.1 140.5 22.7 17.8 27.8 23.6 340.6 -13.4 -32.1 19.8 4.2 Apr. 7___ 329.2 140.8 22.8 18.0 28.1 23.9 9.2 99.3 342.0 -9.0 -28.1 19.9 4.5 Apr. 14__ 334.8 143.2 22.7 18.0 28.4 24.0 9.1 99.4 344.9 -6.5 -28.1 20.0 4.6 Apr. 21__ 335.5 142.9 22.8 18.3 28.7 24.1 9.1 99.7 345.6 -7.1 -27.9 20.2 4.7 Apr. 28. _ 339.1 144.0 22.8 19.8 29.1 24.1 9.1 99.7 348.6 -5.7 -29.0 20.4 4.9 May 5_-. 329.8 148.2 22.5 20.9 32.6 24.1 9.4 101.1 358.8 -3.5 -51.2 21.0 4.7 May 12.. 331.9 148.0 22.8 21.2 33.1 23.8 9.3 100.9 359.0 -2.3 -50.9 21.3 4.8 May 19- 335.6 148.1 22.7 21.3 33.4 23.9 9.3 101.3 360.0 -.3 -50.4 21.5 4.8 May 26_. 338.9 149.2 22.7 21.7 34.2 23.5 9.3 101.5 362.1 .7 -50.4 21.8 4.9 June 2__. 374.4 144.0 22.7 21.4 31.4 23.6 9.3 100.7 353.1 2.5 -7.3 21.3 4.9 June 9__. 383.1 143.4 22.8 21.8 33.5 23.8 9.3 100.9 355.4 3.9 -2.1 21.0 4.9 June 16_. 388.6 143.1 22.9 22.0 34.5 23.9 101.2 357.5 5.6 -.3 21.0 4.8 June 23.. 391.5 142.7 23.0 22.2 35.4 24.1 101.1 358.4 6.1 1.0 21.2 4.8 June 30.. 395.2 143.0 23.1 22.4 36.2 24.3 101.4 360.2 7.0 1.9 21.2 4.9 July7_._ 398.7 142.3 22.9 22.6 36.8 24.5 101.3 360.3 9.0 2.9 21.2 5.3 July 14. _ 402.2 141.8 23.1 23.4 37.8 24.7 101.4 362.0 10.0 3.7 21.3 5.3 July 21.. 403.7 141.3 23.2 23.8 38.5 24.9 9.8 101.3 362.8 9.7 4.4 21.5 5.3 July 28.. 408.0 142.0 23.1 24.0 39.2 25.1 102.5 365.7 10.3 5.1 21.4 5.5 Aug. 4... 431.9 138.1 23.2 23.8 36.7 25.1 101.2 357.9 10.1 37.0 21.2 5.5 Aug. ll._. 437.1 138.5 23.4 23.9 37.3 25.2 9.7 101.3 359.2 10.1 40.8 21.2 5.7 Aug. 18.. 442.4 138.4 23.4 24.0 37.7 25.3 101.5 359.9 13.9 41.6 21.3 5.8 Aug. 25.. 447.1 139.2 23.4 24.1 39.0 25.2 101.7 362.2 14.9 42.4 21.8 5.8 Sept. 1— 479.4 133.2 23.2 23.6 37.4 25.3 101.8 354.4 14.7 82.6 21.8 5.9 Sept. 8— 484.4 133.1 23.2 23.5 35.5 25.4 102.0 352.6 15.1 89.0 21.8 5.9 Sept. 15_. 490.5 133.9 23.4 23.5 36.1 25.4 9.9 102.3 354.5 15.4 92.2 22.2 6.1 Sept. 22.. 492.6 133.7 23.5 23.7 36.7 25.2 9.9 102.6 355.3 15.2 93.8 22.3 6.1 Sept. 29.. 493.3 135.1 23.7 23.5 37.5 25.0 10.0 103.6 358.3 11.1 95.3 22.4 6.2 Oct. 6... 522.9 131.2 24.1 22.4 33.1 25.1 104.9 350.7 9.0 134.3 22.6 6.3 Oct. 13.. 524.9 131.2 24.1 22.2 33.0 25.1 106.0 351.6 8.2 136.0 22.7 6.4 Oct. 20._ 531.1 132.3 24.0 22.1 32.9 25.3 107.9 354.5 9.3 138.0 22.8 6.5 Oct. 27.. 535.3 133.7 23.8 22.0 31.8 25.4 10.0 109.5 356.2 10.3 139.4 22.9 Nov. 3... 554.8 132.9 23.5 20.9 30.5 25.5 10.3 111.3 354.7 9.7 160.8 23.0 6.6 Nov. 10.. 559.5 133.4 23.3 20.6 30.1 25.6 10.1 112.0 355.2 9.9 164.7 23.2 6.5 Nov. 17.. 563.2 133.5 23.2 20.7 30.0 25.8 10.1 113.1 356.4 10.5 166.4 23.4 6.5 Nov. 24.. 566.1 133.5 23.2 20.6 29.9 25.9 10.1 113.7 356.8 11.2 168.0 23.5 6.5 Dec. 1_._ 571.6 134.1 23.0 20.7 29.6 26.0 12.5 114.1 360.0 11.4 169.9 23.7 Dec. S.- 574.5 135.0 23.1 20.8 29.6 26.1 12.8 114.2 361.7 10.7 171.6 23.9 Dec. 15__ 577.4 135.7 22.9 21.0 29.7 26.3 13.3 114.7 363.5 10.3 172.8 24.1 6.7 Dec. 22__ 581.2 136.7 22.9 21.1 30.0 26.4 13.4 115.0 365.5 10.6 174.1 24.3 6.8 Dec. 29__ 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN APRIL 1938 TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES [Outstanding amounts, in millions of dollars.] Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1929—Dec. 31 2,672. 7 301.5 923.7 '99.1 " 105. 2 204.5 157.4 371.3 2,162. 8 241.8 188.2 49.0 31.0 1930— Dec. 31 2, 335. 0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30 1,303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27 392.0 48.9 27.0 28.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 Reported by Banks in United States 1934—Dec. 26 610.6 83.0 39.6 12.2 13.5 30.0 19.5 47.1 245.0 97.9 125.2 130.1 12.4 1935—Dec. 31 1,200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936— Dec. 30 1,491. 6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Jan. 6. 1,485.1 247.9 174.1 75.0 128.4 31.1 40.0 127-4 823.8 178.4 263.5 195.8 23.6 Jan. 13 1, 468.0 234.5 173.4 73.2 126.3 30.2 38.3 125.8 801.7 175.2 266.8 201.8 22.6 Jan. 20 1, 492.7 249.0 160.6 73.0 124.9 31.7 36.2 132.1 807.5 181.8 275.7 205.1 22.6 Jan. 27 _. 1, 587.9 231.3 165.5 75.8 125.1 29.9 34.8 127.9 790.3 262.0 314.7 197.8 23.1 Feb. 3 1, 612. 5 240.8 167.0 74.1 122.9 39.3 32.6 127.1 803.7 265.0 319.1 201.0 23.6 Feb. 10 1,617.9 214.9 174.0 72.8 119.1 47.5 31.5 150.4 810.2 263.9 321.4 198.4 24.0 Feb. 17 1,628. 5 219.1 169.3 71.6 123.5 49.1 28.0 152.0 812.5 266.7 327.6 197.4 24.3 Feb. 24 1,698.0 229.1 174.5 66.2 110.6 52.7 37.2 145.2 815.4 275.6 383.2 199.6 24.1 Mar. 3_-_. 1,656.0 221.2 176.5 68.1 111.4 55.9 33.8 136.0 802.9 227.8 383.0 218.9 23.4 Mar. 10 1.664.0 228.6 180.4 62.8 113.3 51.6 38.9 137.3 812.8 224.7 390.1 211.1 25.3 Mar. 17 1, 661.1 242.2 174.3 61.3 111.6 53.2 38.5 128.2 809.3 228.6 392.5 205.7 25.0 Mar. 24 1,671.7 245.7 187.6 61.8 111.7 53.1 38.7 132.7 831.2 215.1 398.4 203.1 23.8 Mar. 31 1, 682. 7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 Apr. 7 1, 701.1 255.1 157.7 57.4 114.3 54.2 37.5 146.4 822.6 206.2 442.7 206.8 22.8 Apr. 14 1, 747. 0 '283.9 163.2 65.0 123.9 42.3 47.7 142.4 '868.3 199.5 449.3 207.2 22.8 Apr. 21 1, 784. 7 '304. 9 161.6 71.5 126.6 41.5 47.7 146.1 '900.9 202.1 449.6 209.5 22.5 Apr. 28 1,839. 9 '303. 0 162.5 82.7 139.1 41.3 47.3 148.6 '924. 4 207.4 463.8 220.6 23.7 May 5 '1,882. 4 '308. 9 170.8 77.2 154.3 40.6 43.7 154.4 '949. 9 199.9 490.3 218.3 24.1 May 12 1, 914. 9 '323. 9 166.5 77.6 169.9 30.5 50.3 157.1 '975. 8 200.2 495.8 218.2 24.9 May 19 1, 937. 6 '326. 3 163.3 70.1 207.2 29.4 39.9 161.0 '997.1 199.8 500.9 216.1 23.7 May 26 1, 999.1 '349.4 182.2 79.1 225.4 31.0 33.8 159.1 '1,060.1 199.3 501.1 212.9 25.7 June 2 1,997. 3 '356. 7 188.0 80.1 '261.6 29.9 27.6 159.7 '1,103. 6 193.6 458.7 215.9 25.5 June 9 % 051. 4 '372. 3 190.0 89.5 '290.9 30.8 27.6 167.8 '1,169.0 190.3 451.4 214.5 26.3 June 16 •2,120.1 '378. 8 197.0 108.3 '316. 6 33.8 28.0 173.5 '1, 235. 9 192.6 447.1 218.6 25.8 June 23 % 176. 7 '382. 2 199.6 124.3 '330.4 37.8 26.6 179.3 '1, 280. 2 203.6 444.7 221.1 27.1 June 30 % 173. 6 '373.1 206.2 145.0 '331. 4 40.3 23.0 177.9 '1, 296. 9 190.1 448.8 210.4 27.4 July 7 2.234.7 411.6 200.2 151.2 342.9 40.9 20.9 178.6 1, 346. 4 191.0 447.5 222.6 27.2 July 14.... 2,237. 6 401.9 192.4 159.4 354.3 35.9 28.8 181.7 1,354. 5 188.4 446.3 < 222.2 26.2 July 21.. . 2, 273. 2 402.1 188.9 163.1 362.1 39.5 26.4 187.6 1, 369. 7 196.4 446.8 232.2 28.1 July 28.... 2.282.8 396.9 186.3 163.8 365.8 41.1 26.0 192.0 1,371.9 201.8 447.9 232.7 28.6 Aug. 4 2, 279. 8 393.7 185.7 165.3 370.9 40.1 24.3 191.5 1,371.4 207.6 424.0 249.5 27.3 Aug. 11..._ 2, 273. 9 380.0 181.6 166.7 383.2 39.0 24.3 197.3 1,372. 2 212.1 412.3 251.5 25.8 Aug. 18 2, 277. 7 375.5 186.7 168.7 390.6 35.5 24.5 197.7 1, 379. 2 211.9 408.7 250.4 27.4 Aug. 25 2, 283. 5 375.9 180.2 169.4 399.4 38.2 24.7 203.1 1,390.9 215.3 404.8 245.3 27.2 Sept. 1__ . 2, 267. 2 388.9 185.9 171.9 403.2 41.4 24.8 200.2 1,416.3 214.6 364.9 245.0 26.4 Sept. 8.... 2, 273. 2 388.9 188.1 170.3 413.8 40.9 24.5 204.2 1, 430. 5 215.6 364.7 235.7 26.7 Sept. 15 2, 289. 3 395.7 195.4 169.0 421.8 41.5 26.1 206.6 1, 456. 2 216.9 356.4 233.4 26.5 Sept. 22 2, 282. 5 390.5 195.0 172.7 417.4 43.6 25.5 207.6 1, 452. 3 221.3 355.7 226.6 26.7 Sept. 29 _ 2,304. 8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1, 475. 9 219.3 353.8 229.9 25.8 Oct. 6 2, 275. 7 367.2 204.6 167.5 454.7 48.9 27.8 220.6 1,491.3 224.7 310.9 220.1 28.7 Oct. 13. 2, 245. 3 360.2 198.5 164.7 451.2 48.8 28.4 219.8 1,471.7 227.0 306.4 214.5 25.7 Oct. 20... 2.193.1 348.5 184.3 160.8 443.8 42.7 30.6 210.3 1, 420. 9 226.4 304.5 215.2 26.0 Oct. 27... 2,155. 5 344.2 168.0 161.7 434.3 41.6 30.0 207.1 1, 383. 9 224.6 301.5 220.5 24.9 Nov. 3.... 2,092. 8 331.2 168.7 160.8 411.6 43.7 25.1 201.5 1,342. 6 229.0 275.9 219.7 25.6 Nov. 10 2,051. 7 327.1 167.0 140.8 396.7 44.0 20.7 177.3 1, 273. 5 229.8 269.4 253.5 25.6 Nov. 17 1,992. 2 315.8 149.4 134.8 389.5 37.1 24.1 178.8 1,229.6 227.4 263.8 246.9 24.5 Nov. 24 1, 968. 9 301.6 151.5 134.7 391.8 35.0 24.4 172.6 1,211.7 223. 5 261.4 248.8 23.4 Dec. 1 1, 953. 4 290.7 147.6 137.7 386.2 35.1 27.7 160.9 1,185. 9 215.8 265.3 264.3 22.1 Dec. 8.. 1,855. 5 287.1 143.3 85.6 385.2 33.0 28.5 161.2 1,124.0 196.2 259.3 254.2 21.8 Dec. 15 1,840.0 283.1 143.3 85.7 388.9 34.3 28.3 159.7 1,123. 4 193.3 256.3 244.5 22.4 Dec. 22 1, 759. 7 275.3 138.0 89.1 304.2 35.9 28.3 157.6 1,028. 4 205.7 256.2 247.7 21.6 Dec. 29 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017. 1 175.6 280.9 236.0 20.0 r Revised—See page 267. NOTE.—The outstanding amounts shown above for Dec. 30, 1936, and subsequent dates indicate movements since earlier dates shown that differ from the movements recorded in tables 1, 4, and 5, due to a change on Aug. 12, 1936 in the reporting practice of one bank. See BULLETIN for May 1937, pages 425 and 431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

277 APRIL 1938 FEDERAL RESERVE BULLETIN TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date— Total- U K d n i o i n t m g e - d r France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica E F a a s r t O A th ll er Reported by Banks in New York City 1931—Dec. 30 1,103.3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136. 5 41.8 2.6 1932—Dec. 28 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 Reported by Banks in United States 1934—Dec. 26- 1,132.6 281.8 85.7 17.6 8.3 233.6 29.7 81.0 737.6 94.0 175.2 117.8 8.0 1935—Dec. 31- 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30- 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Jan. 6... 670.3 113.8 19.0 21.8 5.4 163.7 10.8 56.9 391.5 62.4 138.4 64.4 13.6 Jan. 13- 669.5 109.0 18.4 22.2 5.1 163.0 11.2 56.8 385.6 65.9 139.4 64.5 14.1 Jan. 20_. 736.5 108.0 18.8 21.2 5.0 161.9 11.0 56.9 382.8 73.1 138.3 68.3 14.1 Jan. 27_. 680.3 105.9 19.5 19.8 5.1 162.1 11.4 56.6 380.5 78.8 137.5 69.2 14.3 Feb. 3— 683.3 112.3 19.0 18.9 4.7 161.5 12.1 56.8 385.4 76.9 137.2 69.1 14.7 Feb. 10- 683.2 114.2 19.2 18.0 5.0 161.4 13.0 58.0 388.9 69.8 139.4 70.1 15.1 Feb. 17- 670.1 101.8 17.5 19.1 5.0 161.5 11.9 57.0 373.8 65.7 139.0 74.5 16.9 Feb. 24_. 674.2 101.0 18.0 19.5 5.1 162.7 12.5 60.8 379.6 65.9 140.2 72.7 15.7 Mar. 3... 677.1 92.4 17.5 19.3 5.0 161.8 12.8 61.2 370.0 60.6 137.2 92.7 16.5 Mar. 10.. 666.6 93.6 17.2 18.0 5.0 161.4 11.7 59.2 366.0 56.1 141.2 87.1 16.2 Mar. 17_. 686.9 102.6 18.0 20.2 4.9 161.8 13.0 59.9 380.4 65.7 138.2 87.1 15.5 Mar. 24.. 673.1 94.6 18.3 17.7 6.6 162.4 13.1 57.1 369.9 59.7 135.5 90.9 17.2 Mar. 31- 693.1 99.7 15.8 17.1 4.9 162.2 13.0 58.1 370.7 71.7 135.3 100.0 15.5 Apr. 7— 695.5 96.2 20.6 17.5 4.8 162.7 13.4 57.5 372.7 77.0 136.0 94.8 14.9 Apr. 14- 675.8 85.0 15.8 17.5 5.0 163.1 13.3 55.9 355.6 81.7 135.6 88.2 14.7 Apr. 21- 670.4 85.0 17.1 16.5 4.3 162.0 12.8 54.2 352.0 83.5 135.9 85.3 13.6 Apr. 28- 681.8 84.8 15.1 18.4 3.7 161.7 13.2 56.0 352.9 84.1 134.9 96.1 13.8 May S.- 660.2 75.6 14.6 21.0 4.3 159.9 13.7 54.8 343.8 80.1 131.8 90.6 13.8 May 12.. 651.2 69.5 14.4 21.0 4.2 159.9 13.6 55.6 338.1 80.9 132.9 84.4 14.9 May 19.. 636.6 73.0 14.0 20.1 3.9 157.6 14.0 55.5 338.2 79.1 133.4 70.9 15.1 May 26.. 640.7 73.9 19.9 18.1 3.8 157.0 14.1 56.4 343.2 77.8 130.9 73.7 15.0 June2_.. 644.9 82.7 16.1 14.9 3.8 154.1 14.6 55.3 341.4 81.3 131.1 76.3 14.8 June 9... 643.8 79.2 17.1 13.8 3.6 148.3 17.8 54.5 334.2 83.5 131.7 80.0 14.6 June 16- 641.3 82.3 13.3 13.4 3.8 149.6 14.5 53.4 330.3 83.7 132.5 80.3 14.5 June 23- 630.2 75.0 14.0 13.2 4.0 148.1 14.1 54.1 322.4 79.4 132.2 81.7 14.6 June 30- 637.7 75.6 13.2 13.7 3.5 143.9 14.8 55.2 319.9 87.8 132.0 83.6 14.5 July 7_- 647.1 78.1 12.6 12.7 3.7 142.1 15.0 55.7 320.0 94.0 131.8 86.7 14.6 July 14.. 638.5 91.0 13.6 13.0 3.3 140.2 15.1 53.4 329.5 88.9 131.3 74.2 14.6 July 21. _ 628.1 85.2 11.0 13.9 3.4 139.2 14.3 54.2 321.1 84.2 130.0 78.1 14.7 July 28.. 621.1 78.8 11.3 14.5 3.4 137.6 14.1 54.0 313.8 78.4 128.8 85.9 14.3 Aug. 4.__. 635.8 88.0 11.3 15.4 3.4 136.1 14.1 52.5 320.7 74.8 129.2 96.4 14.7 Aug. 11... 612.3 82.7 11.9 15.4 3.4 137.8 15.8 52.3 319.2 72.5 106.3 99.3 14.9 Aug. 18... 587.1 73.5 11.1 14.9 3.7 136.5 15.7 52.3 307.7 75.3 104.5 84.7 14.9 Aug. 25— 580.3 71.5 11.0 14.6 3.4 136.0 16.0 52.3 304.9 71.6 104. 6 * 84.2 14.9 Sept. 1... 592.9 74.2 10.9 17.6 3.9 133.4 16.5 51.9 308.5 80.0 105.0 84.3 15.1 Sept. 8— 594.8 61.9 10.9 20.9 3.6 133.4 15.6 50.9 297.2 77.7 105.6 100.2 14.1 Sept. 15.. 574.8 68.8 11.4 15.8 3.8 131.8 16.9 50.3 298.9 74.9 107.3 80.1 13.6 Sept. 22_. 590.9 77.0 13.1 19.2 4.0 132.0 14.8 50.6 310.8 80.8 106.7 78.7 13.9 Sept. 29.. 586.0 75.3 11.1 19.1 4.2 132.0 16.8 52.8 311.3 82.5 107.0 71.7 13.5 Oct. 6._. 578.7 70.0 11.8 18.7 4.5 132.4 16.8 51.7 305.9 82.8 106.9 70.1 13.0 Oct. 13.. 581.4 69.4 12.9 22.8 4.9 130.0 17.0 51.8 308.7 81.8 109.1 68.6 13.1 Oct. 20.. 579.9 64.6 12.7 23.7 5.3 131.1 17.9 52.1 307.4 87.0 108.0 64.6 12.8 Oct. 27.. 587.6 66.8 12.3 24.8 5.4 131.2 18.8 53.1 312.5 89.3 108.7 64.0 13.1 Nov. 3.... 590.1 69.2 12.5 23.1 5.9 130.8 17.4 53.9 312.8 90.4 109.9 64.1 12.9 Nov. 10— 630.4 84.5 14.4 24.5 6.3 130.7 18.5 55.0 333.9 90.5 111.7 80.4 14.0 Nov. 17... 626.6 84.8 14.1 24.5 6.6 128.6 19.0 56.7 334.2 90.8 110.9 76.8 13.8 Nov. 24... 623.2 83.0 14.4 23.4 6.0 127.8 18.5 57.5 330.5 93.0 110.5 74.1 15.1 Dec. 1-. 631.3 84.3 13.0 22.9 6.3 127.0 18.3 57.1 328.9 89.0 111.0 88.4 14.0 Dec. 8— 637.6 88.6 13.0 21.6 7.1 127.7 18.7 56.3 333.0 89.1 114.8 84.9 15.7 Dec. 15- 634.7 87.7 13.5 21.6 6. 3 126.7 18.7 54.2 328.8 89.6 114.8 85.9 15.6 Dec. 22— 628.8 83.2 12.8 23.5 5.9 126.5 19.1 53.4 324.5 90.9 112.8 84.2 16.3 Dec. 29- 655.0 84.8 13.5 23.0 5.5 126. 1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 * Revised—see page 267. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN APRIL 1938 ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France Capital movements.—Capital movements for the year ending December 24, 1937, was varied from time to time both in amount and submitted to the general meeting of stock- direction. Purchases of foreign exchange in holders on January 28, 1938. The main text excess of strictly commercial requirements of the address of the Governor of the Bank, were made on a number of occasions, espe- M. Pierre Fournier, is given herewith:1 cially during the early weeks of the year, in During the past year, domestic conditions May and June, and in September. were often difficult and international devel- On the other hand, the measures taken to opments not always favorable. France, reestablish a free gold market, bring about nevertheless, consistently strove to adjust budget equilibrium, or lighten the burden her economic activity to the new conditions on the Treasury, caused large repatriations created by the fluctuations of her currency of short-term foreign balances; in March, and by the far-reaching social reforms ef- for subscription to the loan issued with an fected eighteen months ago. exchange guarantee; on a still larger scale Trade balance.—The primary cause of the in July and August; and in the last quarter wide fluctuations in franc exchange last year of the year, when the tendency of the market is to be sought in the trade import surplus. was reversed. The influx of tourists during The effects of our payments abroad were in- the period of the Exposition and, later on, tensified during certain periods, and at other the depression experienced in certain foreign times lessened, by capital movements be- markets, gave additional support to the fatween our country and foreign centers. vorable movements mentioned. The position of our foreign trade was de- This mobility of capital is evidence of the extreme sensitiveness of French opinion; it termined chiefly by the considerable increase also reflects the unstable conditions in which of imports. Purchases abroad were necesmost of the great financial markets, altersary in the early part of the year because of nating between confidence and alarm, have the temporary revival of industrial activity, operated since the war. which began as early as 1936 as a result of Transfers of capital also took place when the currency devaluation. Later on, in the credits were negotiated by the State railcase of certain raw materials, they reflected ways in several foreign markets. A loan of a decline in national production. £40,000,000, floated in London in February, The general rise of prices throughout the was repaid in December. Two credits, of world during the first three months, and 200,000,000 Swiss francs and 100,000,000 afterwards the weakening of our exchange, guilders, respectively, were obtained in Ocmade these imports very costly. Although tober and November, in Zurich and Amstertheir volume rose by only 23 percent during dam. the first nine months, their value in French Exchange quotations.—As a result of these currency was more than 73 percent higher various influences, franc exchange showed than for the corresponding period of 1936. wide fluctuations. During the first half year Exports increased less rapidly; with an it fluctuated between the values represented advance of 58 percent in value they rose less by 49 and 43 milligrams of gold .900 fine, than 5 percent in volume. They encountered as provided in the monetary law of October trade barriers in nearly all markets, and 1, 1936. In January and February it stood were adversely affected by increased costs around 105 to the pound sterling, between of production which, during much of the 106 and 107 until the middle of April, and year at least, often brought French prices somewhat above 110 until the end of June. above those of competing industries. For The law of June 30, giving the Governthe year as a whole the trade of France and ment more extensive powers for the purpose her colonies with foreign countries left us of bringing about financial recovery, and a with a debit balance of about 17,000,000,000 Cabinet decree of the same date, suspended francs, settlement of which exerted confor the time being any definition of the tinuous pressure on franc exchange. franc in terms of gold. During the second half year, accordingly, a new equilibrium 1 The report, available in French, contains in addition a section on personnel and tables showing the operations of the bank in for the franc outside the previously estabdetail. For earlier reports see BULLETIN for April 1937, March lished limits was sought. 1936, 1935, 1934, 1933, 1932, 1931, 1930, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

279 FEDERAL RESERVE BULLETIN The pound, quoted at 129 francs on July was called upon to collaborate in carrying 1, rose to 134 on July 22, remained at about out those which fell within its sphere of 133 until the end of August, and then rose operations. gradually to 151 on October 5. Thereafter, On March 5 the public departments were until the end of the year, the quotation was instructed to limit their expenditures, while around 147 francs. holders of gold ceased to be subject to pre- The Stabilization Fund, operated by the vious legislation. Governor of the Bank of France under in- On June 30 the Government was authorized structions of the Minister of Finance, inter- by a decree of the Cabinet to take measures vened whenever it seemed necessary, in order designed to resist attacks on the credit of the to prevent abnormal and temporary ex- Government, check speculation, and insure change movements and to safeguard the economic recovery, price supervision, budget regular functioning of the market. Its ef- and Treasury equilibrium, together with the forts were greatly facilitated by active co- defense of the central bank's reserve without operation on the part of the monetary setting up exchange control. authorities in the countries participating in Assistance to the Government.—The Bank the tripartite agreement. gave its utmost cooperation in carrying out Reserve of the Bank of France.—Accord- the measures in which it was concerned. ing as the Stabilization Fund was called upon Besides buying gold and foreign exchange to buy or sell foreign exchange, it had either from individuals as authorized by law, the to strengthen its franc resources by sales of Bank participated largely in Government isgold to the central bank, or to build up its sues intended to furnish resources for special foreign exchange holdings by purchases of expenditures, to procure liquid funds for the gold from the public or the Bank, by utiliz- Treasury, or to consolidate outstanding loans; ing the proceeds of foreign loans, or by it also offered its facilities for the sale of direct purchases of foreign exchange in the bonds of the Caisse des Pensions and securimarket. Thus the reserves of the Bank were ties of various public bodies. affected by the operations of the Stabiliza- In addition, since the Treasury resources, tion Fund. whether derived from taxation or loan issues, At the beginning of the year, the gold re- were insufficient for its requirements, we serve was 60,359,000,000 francs, valued at granted new temporary advances to the Govthe rate of 49 milligrams of gold .900 fine ernment for a maximum amount of 15,000,per franc. Three withdrawals, aggregating 000,000 francs under the convention of June 11,500,000,000 francs, brought it down to 30, 1937. These advances had been drawn 48,859,000,000 francs at the end of the first upon to the amount of 9,820,000,000 francs half year. on December 30. Under the monetary law of June 30 a con- Finally, the revaluation of the gold and vention with the Government was signed on foreign exchange reserve under the conven- July 21, revaluing the gold and foreign ex- tion of July 21 made it possible to set up a change holdings on the basis of 43 milli- fund for the support of rentes out of the ingrams of gold .900 fine per franc. In con- crement accruing from the revaluation. This sequence, the metallic stock of the bank was Fund is under the supervision of the Govshown on the weekly balance sheet of July ernor of the Bank of France. 29 at 55,677,000,000 francs, representing an Whatever cash balance shall be available increase in value of 6,818,000,000 francs. upon the liquidation of this Fund is to be used A transfer of 3,127,000,000 francs from for repayment of the direct advances made the Stabilization Fund on November 10 and by the Bank to the Treasury in execution of the repayment of several short-term foreign the conventions of June 18,1936, and June 30, investments increased the gold reserve of 1937. If the balance available for repayment the Bank to 58,933,000,000 francs, which is is less than the initial amount of the Fund, the figure shown on the final balance sheet the difference remaining due to the Bank for 1937, and which represents approxi- shall be provided out of the resources of the mately 2,534 tons of gold .900 fine. Exchange Stabilization Fund upon its liqui- The full covering of Treasury engagements dation. and the gradual improvement of Government Movement of prices.—The evolution of finance enabled the authorities to make im- Government finance, the investment of priportant decisions, and the Bank of France vate capital, and the development of the for- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN APRIL 1938 eign exchanges, like the currency itself, are The average of bills discounted by the Bank dominated by the economic and social prob- rose from 6,970,000,000 francs during the lems of the country. fourth quarter of 1936 to 9,331,000,000 francs The rise in prices, which began late in 1936 in July 1937, 10,111,000,000 francs in Ocand continued through 1937, threatens to put tober, and amounted to 8,568,000,000 francs our trade and industries in a difficult position. in December. The index of wholesale prices rose from 499 To these figures should be added the amount at the end of 1936 to 601 at the close of 1937, of rediscounts of bills created under the laws after reaching a peak of 620 on October 16. of August 15 and 19,1936. The first of these Retail prices followed, but lagged some- laws related to the financing of the wheat what behind, wholesale prices. The retail harvest, and the second provided for temprice index rose without interruption; it rose porary assistance to commerce and industry. gradually during the first half of the year Our portfolio showed these operations at a and then more rapidly until it reached 676 maximum of 728,000,000 francs and 1,187,in December, as compared with 550 for the 000,000 francs, respectively. corresponding period of 1936. This advance, We also continued to aid exporters by mowhich amounted to about 23 percent during bilizing the foreign balances which the Exthe year, tended to reduce domestic con- change Clearing Offices could not liquidate sumption. promptly. In this matter we cooperated To offset this danger the Government ap- closely with the Reichsbank for the repurpointed special committees to supervise prices chase of credit receipts issued under the forand to check any unjustified price increase. mer Franco-German agreement. It also appointed representatives of the Gov- In the distribution of these credits, howernment, agriculture, industry, commerce ever, we were always careful to verify the and labor, to make an extensive study of pro- commercial character of the paper, in coduction. The suggestions made by these ex- operation with the banks which assisted us perts as a result of their study of each branch in this difficult task. of our economic activity were made the basis The discount rate.—Although the Bank deof a number of decisions which seem likely sired to keep credit conditions as easy as posto assist economic recovery and increase na- sible, we were compelled to raise the official tional production. rates, both for discounts and for advances The money market.—The various economic on securities, when we found that demands and monetary trends of the past year in- for credit were creating tension in the exevitably had their effect on the capital mar- changes, but we never failed to lower the ket. Private establishments experienced rates a,s soon as circumstances permitted. great difficulty in obtaining long-term loans, We raised the discount rate from 2 to 4 perowing to the Government's appeals to the cent in January, from 4 to 6 percent in June, market. They were, therefore, compelled to and in the following months lowered it from have recourse to short and medium-term 5 to 4 percent in August, to 3^ percent in loans not only for the larger working capital September, and to 3 percent in November. required to meet increased costs of produc- Similarly, the rate for advances on securities tion, but also for purposes which represented was raised from 3^ to 5 percent in January, actual capital investment. from 5 to 7 percent in June; then it was re- Nor was the money market always in a duced to 6 percent in July, 5 percent in position to meet these demands easily. At August, 4i/2 percent in September and 4 pertimes when the market was cramped by the cent in November. conversion into foreign exchange and by The Bank remained firmly attached to the hoarding of part of its normal capital supply, tradition of limiting the costs imposed on inthe withdrawals of the Government against dustry and commerce during monetary crises the advances authorized by the existing con- by keeping its rates as moderate as possible. ventions supplied the market with new cash In this connection it is interesting to note that resources. The Bank, also, was compelled to the rate of discount remained at 4 percent increase its aid to private business whenever or less during more than three-fourths of the the effects of a sharp contraction of credit period between January 1, 1935, and Decemseemed dangerous. Relative ease, however, ber 31, 1937. was restored only as a result of repatriations Assistance to production.—We have wished during the last months of the year. to supply the needs of production so far as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

281 APRIL 1938 FEDERAL RESERVE BULLETIN permitted under our statutes, and have the money market, only by the extension of always given it a liberal measure of assist- medium-term credit. ance. We therefore favor the wider develop- Recent measures provide for the extension ment of the banker's acceptance market, be- of the medium-term market, under the auscause this mechanism is admirably suited to pices of specialized organizations such as the foreign commercial operations; and also—as Credit National, the Credit Foncier, the we have urged consistently—the creation of Caisse Nationale des Marches, and the Caisse trade bills for all transactions of a short-term des Depots et Consignations. The assistance character. of the Bank, should it ultimately be needed, We strongly urge that the influence of will be rendered only by way of rediscounting and without affecting the indispensable chambers of commerce and syndical organliquidity of our commercial portfolio. izations might be used to this end with those Conclusions.—During 1937 various incihouses that still refuse to accept bills drawn dents again exercised a depressing influence upon them by their creditors; this unjustion our economic life and on the position of fiable practice results in substituting bank our money market. These difficulties, howadvances for commercial drafts; it is more ever, are not peculiar to our own country; difficult to realize upon these advances, and the solution of the problems posed—f or every consequently the interest rate is more burdennation—by the necessity of developing its some. The intervention of the Caisse Naeconomic activity and improving the living tionale des Marches de TEtat has enabled conditions of its people, would be greatly the banks and the central bank to participate facilitated by the broadening of international more effectively in financing operations which relationships and by close collaboration behave been of importance to a large number tween all countries which are still suffering of enterprises. from the remote repercussions of the war. The extension of short-term credit, how- Without waiting for the results of agreeever, even if readily adjusted to current trade ments which should be sought in this sphere, requirements, could not remedy the insuffi- France should find in her own resources and ciency of working capital. An increase of in her traditional qualities of work and thrift working capital seems necessary if the new the elements needed to restore progressively conditions of production are to be met. This, the situation of her public finances, to dehowever, can be accomplished, while waiting velop her industry and trade, and to bring for enterprises to build up their own re- about a harmonious balance between the sources or for the possibility of recourse to forces of production, labor, and saving. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APRIL 1938 BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 23, 1937 AND DECEMBER 24, 1936 [In thousands of francs] Dec. 23, Dec. 24, Dec. 23, Dec. 24, Assets 1937 1936 Liabilities 1937 1936 Gold reserve (coin and bullion) 58, 932, 539 60, 358, 742 Demand liabilities: Silver and copper coins 378, 299 552, 350 Notes in circulation 91, 263, 046 87, 419, 591 Funds available on demand abroad 29,445 9,648 Current account of the Treasury 32, 274 136,687 Foreign bills: Current account of the Caisse Auto- Negotiable 1, 436, 914 nome d'Amortissement 2, 391, 067 1, 968, 446 Other 19, 769 15,313 Other current accounts and deposits... 16, 548, 443 12, 612, 957 Domestic bills: Other demand liabilities 109, 687 73, 525 Negotiable 307, 387 307, 291 Capital 182, 500 182, 500 Other 8, 744,174 7, 544, 433 Surplus (laws of June 9, 1857, and Nov. 17, Agricultural bills and warehouse receipts 1897) 303, 231 294,980' guaranteed by the National Wheat Board •Reserve invested in legal securities (law of (law of Aug. 15, 1936) 673, 857 584, 457 May 17, 1834; decree of Apr. 27 and May Bills rediscounted at the Central Coordin- 2, 1848; law of June 9, 1857) 22,106 22,106 ating Committee for the Banques Popu- Depreciation reserve (real estate) 4,000 4,000 laires (law of Aug. 19, 1936) 579 756, 743 Profit and loss: Advances against gold coin and bullion 1, 258, 498 Special reserve 25,000 23,000 Advances against securities 3, 692, 506 3, 508, 784 Provision against risk on foreign ex- Advances for 30 days against Government change 40, 000 47, 000 securities having a maturity of not more Provision for exceptional payment 266 than 2 years 529, 504 342, 263 Provision for payment to the Govern- Postal current accounts 625,959 769, 210 ment of an amount equal to part of Negotiable bills of the Caisse Autonome annual dividend in excess of 240 francs d'Amortissement (convention of June 23, net 1,100 1928, and Dec. 7, 1931) 5, 637, 303 5, 639, 771 Gross dividends 1501 francs 27, 375 22, 813 Loans to the Government without interest Carried forward 25, 454 25,826 (law of June 9, 1857; convention of Mar. Miscellaneous liabilities 2, 703, 958 2,141,652 29, 1878; law of June 13, 1878, extended; laws of Nov. 17, 1897, Dec. 29, 1918, and Total liabilities.. 113, 679, 242 104, 975, 349 June 25, 1928) 3, 200, 000 3, 200, 000 Temporary noninterest bearing advances to Total demand liabilities.... 110,344,517 102, 211, 206 the Government: Ratio of gold reserve to demand liabilities Convention of June 18, 1936 (approved (percent) 53.41 59.05 by law of June 23, 1936): Articles 1 and 2 12, 088, 806 12, 298, 092 Article 3 10, 000, 000 3, 800, 000 Convention of June 30, 1937 (decree of June 30, 1937)__i 4, 820, 000 Rentes earmarked for special purposes 112, 981 112, 981 Bank buildings and equipment 4,000 4,000 Miscellaneous resources 3,012, 246 2,475,860 Total assets.. 113, 679, 242 104, 975, 349 JFor the second half year 1937. Gross dividend for first half year 1937,135 francs. In accordance with the law of Dec. 23, 1933, and the decrees of July 11,1934, July 16,1935, and July 8,1937, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares of the Bank of France was 224.70 francs for the year for shares subject to a tax of 18 percent for the first half year and to a tax of 24 percent for the second half year; and 246.30 francs for the year for shares subject to a tax of 12 percent for the first half year and to a tax of 15 percent for the second half year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

283 APRIL 1938 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM The annual report of the National Bank of regulator of the market, it was authorized Belgium for the year ending December 25, to engage in "open market" operations, i. e., 1937, was presented to the general meeting ;o buy or sell Government securities in such of shareholders on February 28, 1938. Sec- amounts as seemed expedient to adjust the tions from the address of the Governor of volume of money to the needs of monetary the Bank, M. Georges Janssen, are given policy. In adopting a technique so new to herewith.1 our market, however, certain precautions Reform of the statutes of the bank.—For seemed desirable, in order to prevent this the National Bank of Belgium the year 1937 means of intervention from being diverted was important for the reform of its organic from its purposes. laws and its statutes. These changes were The amount of public securities which the effected under provisions of the royal decree Bank may buy under these provisions is limof July 23, 1937,2 issued in accordance with ited in two ways: the law of June 10, 1937, for coordination of (a) On the one hand, the maximum the activities, organization and functions of amount of short-term and medium-term certain institutions of public interest. Since securities which the bank may buy has the charter of the Bank is in the form of a been fixed at 500,000,000 francs, but contract, these reforms could not be made the total value of such bills shall not exwithout the consent of the shareholders—a ceed 200,000,000 francs for more than principle which the directors were at pains to 12 consecutive months. preserve by a convention concluded between (b) On the other hand, the maximum the Government and the Bank on June 8, amount of long-term Government securi- 1937. Amendment of the text of the statutes ties which the Bank may buy has been in conformity with that of the royal decree fixed at 1,000,000,000 francs; these seof June 23, 1937, was voted by the share- curities must have been issued at least holders in extraordinary session on August 2 years previously and be quoted on the 30, and September 3, 1937. Notwithstand- Bourse. This limit of 1,000,000,000 ing the publicity given to the prolonged dis- francs is increased by an amount equal cussions which preceded the voting, we be- to total repayments or realization of lieve it may be useful to review the essentials bills, annuities, and obligations of the of this reform. Belgian Treasury held by the Bank under Means of intervention in the credit market. the laws of December 27, 1930, and June —The rapid and far reaching changes in 19, 1932. economic life and organization made it neces- To complete the record, it should be stated sary to give the Bank power to intervene in that in addition to the securities which may the credit market. Within the limits of its be purchased by way of open market policy, statutory powers, the Bank is obligated to and in addition to those which are held by insure the stability of the currency and a virtue of the laws of December 27, 1930, and satisfactory distribution of credit. These July 19, 1932, the Bank may buy public sefunctions call for regulation of the means of curities to an amount corresponding to its payment available to the national economy. capital, surplus, and amortization accounts. For a long time discount policy was the ex- Inauguration of open market operations clusive technical means which could be used presuppposes not only a detailed preliminary for this purpose. study but also the realization of certain tech- Changes in banking organization and technical conditions. It would be premature to nique, along with the decline in the volume of go into details on this matter; suffice it to trade bills offered for discount at the Bank, say that this new policy—which is not a submade it increasingly difficult for the Bank to stitute for discount policy but rather comintervene in the money market. In order to plements it—will not be inaugurated until enable the Bank to perform its function as the conditions of intervention by the Bank shall have been exactly defined, both as re- 1 The report, available in French, contains in addition sections gards the public authorities and the market. dealing with credit agreements, industry, commerce and agriculture, and the Belgian Congo, as well as tables showing the opera- The provisions governing the Bank's distion of the bank in detail. For earlier reports see BULLETIN for March 1937, April 1936, 1932, 1931, May 1930, April 1929, etc count operations have been revised to bring pa 2 g e F s o r 10 fu 0 l 3 l - 1 t 0 e 0 x 6 t . of this decree see BULLETIN for October 1937 ; them in line with current market practice. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN The maximum maturity of trade bills which are likewise excluded from the Administrathe Bank may admit to discount has been ex- tive Council and the College of Censors. tended from 100 to 120 days. On the other Duration of the Bank.—The duration of hand, the form and the character of the the Bank has been extended from December paper admitted to discount has been left to 31, 1952, to December 31, 1961. This measthe judgment of the Bank, which enables it ure, taken on the initiative of the Governto follow the development of commercial and ment, postpones for nine years the maturity banking practice more easily. of the Government debt to the Bank. Administration.—The administration o f the Bank will henceforth be carried on by the ORGANIZATION OF CREDIT Committee of Management with the Governor of the Bank as chairman. The Adminis- The organization of credit has occupied the trative Council will not participate in the attention of the Government ever since 1935. daily conduct of the Bank but will advise the During the last months of 1937 it was made Committee of Management, as it is well the subject of important reforms. qualified to do because its members represent Several royal decrees issued in execution the various economic activities of the country. of the law of June 10, 1937, successively re- It is, therefore, the logical body to decide on vised the statutes of the National Bank, of the general policy of the bank of issue in the Caisse Generale d'Epargne et de Retraite, matters which concern interest rates and of the Office Central de Credit Hypothecate, conditions of discount operations and ad- of the Office National du Ducroire, and of vances. the Caisse Centrale du Petit Credit Profes- The number and complexity of the prob- sionnel. Other royal decrees created a Caisse lems to be dealt with by the management of.Nationale de Credit aux Classes Moyennes, the Bank, as well as the great number of an Institut National de Credit Agricole, and duties to be performed by its directors in a Conseil de Coordination des Institutions various organizations, led the general meet- de Credit aux Classes Moyennes. ing of shareholders to increase the number The royal decree of October 22,1937, which of managers from three to four. created the Conseil des Institutions de In order to guarantee the independence of Credit, went far toward completing the work the Bank, the disqualifications attaching to of reform inaugurated by the revision of the members of the General Council were made organic law of the central bank. more severe. The Governor, the Vice-Gov- The Conseil des Institutions de Credit is ernor, and the managers cannot be members to supervise the coordination of the activity, of any commercial enterprise, or of any enter- the organization and the functions of the prise which is commercial in form, except the credit organizations created by special law. bank of issue of the Belgian Congo, the Bank A basis of permanent collaboration has thus for International Settlements, and financial been established between the different credit organizations of public interest created by institutions. The National Bank will, of special law. course, be called upon to participate largely The Administrative Council and the Col- in the work of the Conseil. lege of Censors respectively can include no Besides its participation in the Conseil des more than two members who perform any Institutions de Credit and its long-standing duties in one of the banks referred to in collaboration in the Conseil General de la article 1 of royal decree No. 185 of July 9, Caisse Generale d'Epargne et de Retraite, 1935. Even these duties must be purely con- the National Bank is or will be represented sultative or supervisory, excluding any par- in the majority of the eight financial organiticipation in administration or current man- zations created by special law: la Societe agement if these duties are performed in Nationale de Credit a F Industrie, Tlnstitut banks constituted under the form of joint de Reescompte et de Garantie, 1'Office Nastock companies, limited liability companies, tional du Ducroire, la Caisse Nationale de or limited partnership companies. Credit aux Classes Moyennes, VOffice Central Persons holding any office in a commercial de Credit Hypothecaire, le Fonds d'Amorconcern or concern which is commercial in tissement de la Dette Publique, 1'Office Cenform, which controls directly or indirectly tral de la Petite Epargne, le Conseil de Co- 25 per cent of the capital of a bank consti- ordination des Institutions de Credit aux tuted under the forms previously mentioned, Classes Moyennes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 285 Under a provision of the new statutes, the fine ounce of gold averaged 142s. 0.1/2d. dur- Bank will be able to participate freely in sub- ing the first quarter of 1937, 140s. 9 5/6d. scriptions to the capital of financial organi- during the second quarter, 139s. 11 2/3d. in zations of public interest created by special the third quarter, and 140s. 113/15d. during law. It will, however, be able to do this only the fourth quarter. This decline in the value by permission of the Minister of Finance, of gold naturally brought a corresponding and then only to the amount of one-fourth appreciation in the pound sterling in foreign the total of its capital and reserves, irrespec- markets. tive of its share subscription to the capital Movements of gold were greatly influenced of the Bank for International Settlements. by the confidence of public opinion in the All these provisions make it easier for the metal as a medium for hoarding. Early in Bank to perform its appointed task of regu- the year, when it was rumored that the price lating credit. Its participation in the work of gold might be lowered in certain markets, of the Banking Commission supplies it with especially in the United States, a great part information which supplements that fur- of the gold hoarded by individuals went into nished directly by the private banks. It may the central banks and into exchange equalizabe noted in this connection that the royal tion funds. During the closing months of decree of November 24, 1937, has defined the the year purchases for private account were character and form of the reports which ar- resumed on a large scale. ticle 12 of the royal decree of July 9, 1935, The metallic reserve of the Bank fluctuated requires the banks to furnish periodically in response to movements of gold and certain to the National Bank. international exchanges. Up to the middle of Finally, the creation of a service of public March, the reserve was practically uncredit at the Ministry of Finance by royal changed. In the second quarter a reduction decree of December 2,1937, insures the necestook place. In June a rapid increase more sary cooperation between the public authorithan compensated for the earlier withties and the public credit institutions. drawals. Then followed a decline which con- Only the experience of several years will tinued at an increasing rate up to mid-Novemmake it possible to pass judgment on the ber. At that time, an opposite trend set in value of the reforms which have been briefly and lasted to the end of December. reviewed. Their results will depend to a To strike a balance of the total inflow and great extent on the manner in which they are outflow of gold, it is necessary to include also carried out. It is undeniable, however, that foreign debt payments made during the past the efforts made are in line with the necesyear. sity of adapting the organization of credit While the appeal to foreign markets for more closely to the needs of the general pubaccount of the Government and public orlic. Up to the present time, reforms in the ganizations was limited to the issue of the organization of public credit have been char- 31/2 per cent loan of 48,000,000 guildersacterized by the autonomy permitted to each representing 780,720,000 Belgian francs— institution, an independence tempered nevertheless by legitimate concern for the interests capital repayments amounted to 2,312,000,of the Government and by the necessity of 000 Belgian francs. During the same period insuring a coordination of the activity of the foreign debt repayments for account of privarious organizations. vate Belgian companies and those of the Bel- Movements of gold.—The Anglo-Saxo-n gian Congo amounted to 1,906,000,000 francs. markets, and particularly the United States, Currency and exchange.—The internahave absorbed almost all the increase in gold tional position of the Belgian currency was production during the past year. strong throughout the entire year. The belga Large quantities of the metal were also fluctuated very little in relation to the dollar sent to these markets as a result of exports and the Swiss franc, but showed an almost of foreign refugee capital. continuous depreciation in relation to the During the first months of the year gold guilder, which steadily grew stronger in moved principally toward the United States. terms of gold. The exchange rate on England At the end of October the situation changed for reasons given in discussing the gold somewhat, and gold moved in moderate market, rose during the year from 29.08 amount toward the Continent. belgas to 29.46 belgas. In New York the On the London gold market the value of a pound rose from $4,91 to $4.99%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN APRIL 1938 The year was marked by a new declifte of We might, however, call attention to the the French franc in the international mar- fact that the defense of currencies depends kets. In our own market the principal move- far more upon a sound economic policy and ments of this currency were as follows: In upon the equilibrium of public finances than March the average rate declined from 27.60 upon central banks, whose task—essentially belgas to 27.30 belgas. During the first 10 days that of regulator—cannot be adequately perof April it .declined to about 26.50 belgas and formed unless the preliminary conditions remained at about this level until the end of have been realized. It is a, matter of joint June. On July 1 the franc was detached from effort, for the success of which the collaboragold; it declined at once by 16 per cent, which tion of industrial leaders is no less essential brought it to a rate in the neighborhood of than that of the public authorities. 22.25 belgas. Then, about the beginning of Money market.—Discount operations and October, it declined to about 20 belgas, fluctu-advances, which had declined sharply in volating around this level until the end of the ume since the monetary reform of 1935, reyear. covered to a certain extent during 1937. This On the forward market, the tendency was recovery, however, was rather slight because consistently favorable to the belga. The the private banks had abundant resources pound sterling showed a slight discount until and had recourse to the bank of issue only August. Thereupon a moderate premium now and then and for relatively small developed and was maintained up to the end amounts. The development of the operations of the year. Dollar and guilder futures were of our discount offices do not seem to have slightly above the rate for spot transactions. been in harmony with the terms which they The Swiss franc maintained the same price were in a position to give to their clients. for spot and forward during the first three Our official rates remained unchanged during quarters of the year. During the fourth the entire year. The discount rate for acquarter forward quotations were a little cepted bills was lowered to 2 per cent on higher. The French franc was continuously May 16, 1935, and has not varied since that quoted at a heavy discount. time. The discount rate for promissory notes The technical arrangements made within and that on advances against Government the framework of the Tripartite Agreement securities have remained at the extremely —to which, as is well known, Belgium ad- low level of 2*4 per cent and 3 per cent per hered—continued to function normally. This annum. collaboration between central banks is still At the beginning of the year the Minister limited to certain countries. The Bank for of Finance decided to undertake the issue of International Settlements, on its part, tried Treasury certificates. Among the different to contribute by technical methods to the solu- methods which were considered in this contion of the difficult problem of international nection the choice fell upon that of making transfers. the award to the highest bidder, the system The political situation in various parts of employed with success for some time by the the world, together with the obstacles en- Government of the Colony and by Flnstitute countered by international trade, unfortu- de Reescompte et de Garantie, and for a connately seems more than likely to postpone siderable time in foreign centers. for some time longer a settlement of the whole The maximum issue, which was originally problem of international monetary relations. fixed at 300,000,000 francs, was increased at It is interesting at this point to note the the beginning of August by 200,000,000 remarkable stability of our monetary circu- francs, so that the total volume of certificates lation, which even shows a slightly downward in circulation was thus increased to 500,000,trend. Although in existing circumstances 000 francs. Every Friday—with certain exthis trend cannot be associated with the de- ceptions—awards are made for account of velopment of domestic prices, we can say the Treasury in the amount of 40,000,000 or that in relation to world prices this trend 50,000,000 francs, with a maturity of three has fostered the conditions which have as- months. The subscriptions are always many sured the favorable development of. Belgian times larger than the amount offered. economy since 1935. Generally speaking, Because of the importance of these issues the decline of French exchange does not seem from the point of view of credit policy and to have had unfortunate consequences in this particularly from the point of view of openrespect. market policy, the organization of the market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

287 APRIL 1938 FEDERAL RESERVE BULLETIN comes within the framework of the tasks to bills, sold under very favorable conditions. be performed by the National Bank. From The course of the short-term open market now on the Bank is entrusted with the busi- during 1937 can be summed up as follows: ness of awarding these certificates. During the early months an almost exces- Various issues of short-term bills floated sive abundance of funds was reflected in an by the Belgian Congo at irregular intervals abnormally low interest rate. From the sechave also provided investment for some avail- ond half of September until the second half able funds seeking employment. Further- of December the market experienced some more, Tlnstitut de Reescompte et de Garantie tension. End of year payments were made has continued to cooperate with credit insti- with the greatest ease, since the abundance tutions in granting medium-term facilities to of available funds was increased by the retheir clients. The financing of these opera- turn flow of capital brought about by maturtions has been made by issues of short-term ing forward foreign exchange contracts. BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM AS OF DEC. 25,1937 AND 1936 [In thousands of francs] Assets 1936 Liabilities Gold reserve.. 17, 612, 425 18, 684, 229 Bank notes in circulation 21,460,065 22, 451, 814 Foreign exchange 4, 747, 959 Current accounts: Belgian bills 1,107, 045 > 6, 874, 618: Treasury 287, 780 539, 864 Foreign bills 24, 093 Organizations created by a special law 933, 387 Subsidiary coin 254, 486 271, 834 Banks , 2, 367, 989 Advances on Belgian public securities 191,911 350, 535 Clearing 209, 457 4, 111, 207 Government debt: Private 140, 857 Treasury bonds (law of Dec. 27, 1930) 500, 000 Pu T b r l e ic a s s u e r c y u r c i e ti r e ti s f : icates (law of July 19, 1932).. 248, 042 > 773,512 3, 939, 470 4, 561, 071 Representing capital, reserve, and amortiz- Bills deposited for collection in current ation accounts 579, 803 account 80, 743 200, 631 Purchased under the convention of July Capital 200, 000 200,000 27, 1932, implementing the law of July 358, 091 Reserves: To 1 9 b , e 1 l 9 i 3 q 2 uidated 54 2 9 1 , , 1 9 8 9 4 0 S S p ta e t c u ia to l ry 2 1 2 0 5 2 , , 8 3 2 6 4 9 100, 050 Bills deposited for collection in current account 80, 743 200, 613 328,193 100, 050 Bank premises 157, 435 154, 693 Furniture and fixtures 3,050 2,772 Amortization account for bank premises, Provision for the manufacture of bank notes.. 3,496 2,041 furniture and fixtures 60, 202 59, 702 Interest earned on public securities 21, 889 21, 281 Treasury reserve 504 Assets written off and to be liquidated 2,796 Rediscount 2,695 1, 815 Taxes payable to the Government: Yield of discount and loan operations exceeding 33^ percent 105 Tax on fiduciary circulation 15, 836 16, 212 Share of the Government in profits 5,843 5,842 21, 784 22, 054 Unpaid dividends for second half year.. 9,984 9,894 Total liabilities 26,103, 551 27, 697, 032 Total assets. 26,103, 551 27, 697, 032 * Of which, it is stated in the Report, 5,442,953,382 francs represented foreign exchange, 907,041,636 francs represented Belgian bills, and 24,093,237 francs represented foreign bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN 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 r e k i v t r * e Total M s t g t a o o o r n c l y d k e- s r t o e c u i a n u n u r n g y r c t d - - y - i r c n C t e i u n o u l c c n a r 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 a p d s a n i o e e t s k s r h 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 s t u e r c h e a d n - e r l - t v r s e Total E m ( x e a c s t t e 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 6,781 2,152 Feb. 27 2,430 2,465 11,436 2,536 6,399 2,608 194 288 253 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 6,928 1,055 Nov. 30 2,564 2,606 12,774 2,621 6,561 3,631 121 465 261 6,962 1,169 Dec. 31 2,564 2,612 12,760 2,637 6,550 3,619 142 407 263 7,027 1,212 1938—Jan. 31 2,564 2,593 12,756 2,655 6,320 3,648 150 260 7,237 1,383 Feb. 28 2,564 2,590 12, 776 2,668 6,334 3,594 180 257 7,248 1,415 Wednesday figures: 1937—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 2,876 112 236 258 6,901 1,627 Apr. 21__. 2,487 2,523 11,737 2,540 6,388 2,914 119 245 259 6,877 1,587 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 97 257 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 3,140 261 256 6,944 938 June 2 2,526 2,573 12,027 2,548 6,487 3,182 115 255 256 6,854 June 9 2,526 2,573 12,118 2,547 6,435 3,254 85 279 255 6,929 931 June 16 2,526 2,583 12,220 2,548 6,415 3,348 250 267 263 752 June 23.__. 2,526 2,562 12,270 2,550 6,394 3,396 151 324 263 6,854 814 June 30 2,526 2,562 12,318 2,550 6,447 3,445 285 260 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 6,436 3,527 184 258 258 6,858 874 July 28.... 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 __^t. 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 1,021 Oct. 27... 2,526 17 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 3,625 153 470 269 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 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 Mar. 2... 2, 564 2,563 12, 767 2,669 6,343 3,579 185 421 256 7,215 1,391 Mar. 9... 2,564 2,594 12, 768 2,670 6,334 3,562 181 389 256 7,311 1,467 Mar. 16.. 2,564 2,608 12, 778 2,672 6,328 3,550 264 325 264 7,328 1,460 Mar. 23.. 10 2,564 2,592 12, 781 2,674 6,325 3,545 270 312 263 7,333 1,559 iIncludes 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. 259. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

291 APRIL 1938 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1938 1937 Mar. 23 Mar. 16 Mar. 9 Mar. 2 Feb. 23 Feb. 16 Feb. 9 Feb. Jan. Feb. ASSETS Gold certificates on hand and due from XJ. S. Treasury _ , 197, 203 9, 188, 660022 91,,178, 6019,173, 603 9,167,600 9),, 163,600 9),, 116, 0979,173, 9,116, 339999 8, 847,1 Redemption fund—F. R. notes 9,874 9,600 9,104 9,308 9,155 9,155 10,183 9,309 10,313 11,475 Other cash _ 477,843 478,179 471, 610 455, 851 439, 441 441, 200 437, 550 453, 853 428, 832 275,480 Total reserves. 684,920 9, 676, 3819, 659, 315 9, 638, 762 9, 616,196 9, 613, 955>, 563, 830 9, 636, 7649, 555, 5449,134, 353 Bills discounted: For member banks 1,523 8,149 8,419 9,634 10, 068 11,135 10, 048 12,082 4,619 For nonmember banks, etc.. 80 80 Total bills discounted. i,523 8,149 8,419 9,634 10,148 1,920 11,215 10, 048 12,162 4,619 Bills bought: Payable in foreign currencies . 542 542 542 550 550 548 548 550 548 3,083- Industrial advances 17, 314 17, 259 17, 357 17, 453 17, 517 17, 536 17, 625 17, 459 17, 939 23, 257 U- S. Government securities: Bonds 732, 320 723, 595 702, 683 702, 683 714,i 714, 683 719, 573 714, 683 727, 573 533, 682 Treasury notes 1,165, 6911,164,1911,185,1031,185,: ., 175,1031,175,1031,170, 213 , 175,1031,172, 2131, 303, 971 Treasury bills __ 666, 004 676, 229 676, 229 676, 229 674, 229 674, 229 674, 229 674, 229 664, 229 592, 574 Total Government securities.. 2, 564,015 2J,, 564, 0152, 564, 015 2, 5641,,0152, 564, 0152, 564, 015 2, 564L,, 0152, 564, 015, 564, 015 , 430, 227 Other Reserve bank credit 1,015 18, 316 3,517 -29,090 -1,637 7,674 226 -2,108 4,232 Total Reserve bank credit outstanding 2, 592,409 2, 608, 2812, 593, 850 2, 562, 5622, 590, 5932, 599, 6932, 593, 6292, 590, 2432, 592, 5562, 465, 418- LIABILITIES F. R. notes in actual circulation __. 4,119, 858 4,124, 888 4,134, 01 4,144, 6844,126, 230 4,119, 686 4,125,104 4,139,017 4,137, 916 4,190, 294 Deposits: Member bank—reserve account 7, 333,1 , 328,1377, 310, 7617,215,012 7',, 240, 498 7', ,215,592 7',, 204, 247,546 7,, 236, 7416, 694, 612 U. S. Treasurer—general account.. 269, 586 263, 623 180, 851 184, 501 155, 041 187, 286 156, 272 179, 150, 244 193, 854 Foreign bank 113, 661 103, 356 117, 260 124,158 145, 809 152, " 153, 380 125, 769 149, 647 114, 760 Other deposits. 198,646 222,136 272,052 296, 461 297, 660 301, 712 280, 341 296, 963 238, 547, 173, 541 Total deposits- 7, 914, 943 7, 917, 252 , 880, 924 ', 820,132 7, 839,008 7, 856, 670 7, 794, 701850,116 7, 775,1791 , 176, 767 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 80.5 80.2 0.2 ,0.4 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Within 16 to 30 31 to 60 61 to 90 91 t o d a 6 ys 6 m t o o nths 1 y to ear 2 y t e o ars Over 15 days days days days months 1 year 2 years 5 years 5 years Bills discounted: Mar. 2 9,634 7,832 425 758 292 313 14 Mar. 9 8,419 6,579 428 719 373 306 14 Mar. 16 8,149 6,489 426 584 320 316 14 Mar. 23 9,523 7,817 558 454 247 417 30 Bills bought in open market: Mar. 2 . _ 550 93 86 371 Mar. 9 542 47 297 198 Mar. 16 542 47 379 116 Mar. 23 542 449 93 Industrial advances: Mar. 2 17, 453 1,590 470 402 354 1,865 3,324 5,204 4,244 Mar. 9 _ . 17, 357 1,343 752 274 447 1,766 3,328 5,207 4,240 Mar. 16 17, 259 1,577 416 330 463 1,830 3,308 5,142 4 193 Mar. 23 17, 314 1,898 72 346 610 1,656 3,285 6,758 2,689 U. S. Government securities: Mar. 2 2, 564,015 126, 282 90,644 129, 204 183, 568 318,164 133, 569 303, 605 629, 629 649,350 Mar. 9 _ 2, 564, 015 104, 218 56, 383 136, 562 194,321 293, 578 133, 569 329,405 666,629 649,350 Mar. 16 2, 564,015 86, 903 56,482 158, 638 183, 218 369, 693 123, 851 348, 214 574, 647 662, 369 Mar. 23 2, 564, 015 56, 383 63, 623 173, 474 287, 477 263, 752 123,851 349, 714 574,647 671,094 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN APRIL 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B to os 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 hicago 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: Mar. 2 9,173, 603 488, 865819, 419478, 090 616, 210 285, 698 230,428, 692,108273,865 .86,009 262,266 .75,011 665, 634 Mar. 9 9,178,601 V "" 777, 708 ), 612 6—2 8,4•6"6 291, 509228,556 , 711, 462577,373 .87, 747 259, 520.75,192 669, 812 Mar. 16 9,188, 602 777, 331466, 545 646,291279,613 232,810 , 700, 52277 59, .256.81, 533 258,804.77, 698 695, 384 Mar. 23 9,197, 203 485,358 891,432 460,754 620,922272,043 227,180 , 672,038 265,465.77, 508 257, 562.68,832 698,109 Redemption fund — Federal Reserve notes: Mar. 2 9,308 547 1,064 1,072 789 702 1,338 776 697 354 442 478 1,049 Mar. 9 9,104 511 917 1,073 734 862 1,312 725 685 347 433 470 1,035 Mar. 16 9,600 500 1,835 977 657 847 1,265 658 642 338 412 462 1,007 Mar. 23 9,874 471 1,714 924 607 581 1,246 610 631 733 404 457 1,496 Other cash: Mar. 2 455, 851 48,920 111, 074 36, 075 39, 751 18, 002 66, 418 14, 329 9,477 27, 238 13,170 43, 311 Mar. 9 471, 610 50, 225 120,165 37,726 43, 28"27,882 18, 096 69, 720 14, 364 9,588 26, 777 12, 809 40,971 M M a a r r . . 2 16 3 4 4 7 7 8 7 , , 1 8 7 4 9 3 4 4 9 8, , 6 8 6 5 9 5 1 1 1 1 7 7 , , 3 56 6 7 4 3 3 7 6 , , 4 2 8 6 9 9 4 4 3 4 , , 1 7 5 9 9 32 2 7 7 , , 8 5 5 2 1 81 19 9 , , 0 3 0 6 3 0 7 7 4 3 , , 0 6 6 8 6 9 1 1 4 5 , , 2 4 7 5 2 0 1 1 0 0 , , 0 0 9 3 4 2 2 2 9 9 , , 0 6 7 7 5 7 1 1 3 3 , , 4 4 4 7 1 9 4 4 1 1 , , 9 8 5 8 8 2 Total reserves: Mar. 2 >, 638, 765238, 3323, 931, 55:515, 237 656, 750314, 486249, 7681, 759, 302 288, 891.95,840 289, 946188, 659 709,994 Mar. 9 >, 659, 315552, 377" "98,790"""1,411 672, 487320, 253247, 964 781, 910 292,422 97,682 286, 730188,471 711, 818 Mar. 16 >, 676, 385143,1653, 896, 733505,011 690, 741307,9"8"8 253, 078 , 775, 251294,170 91,965 288, 291191, 639 738,349 Mar. 23 ), 684, 920534, 4984, 010, 510497, 947 665, 688300, 475247, 786 , 746, 337281, 546188, 273 287, 643182, 730 741, 487 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Mar. 2 6,471 691 2,520 1,238 461 370 404 150 187 153 4' 250 Mar. 9 5,366 64' 2,098 960 314 350 426 65 55 164 4' 240 Mar. 16 5,193 641 1,859 975 306 500 426 65 60 138 58 165 Mar. 23 6,415 85^ 2,340 1,274 476 478 424 90 85 138 38 215 Other bills discounted: Mar. 2 3,163 87 440 888 156 149 455 18 100 463 271 136 Mar. 9 3,053 84 326 676 161 20: 554 16 40 76 466 254 193 M M a a r r . . 2 1 3 6 2 3, , 1 9 0 5 8 6 8 8 5 9 2 3 8 5 8 4 6 5 5 8 6 8 1 2 6 3 6 0 2 27 0 0 8 5 59 4 3 2 1 1 1 2 4 4 0 0 7 7' 5 4 3 3 5 3 4 2 25 5 4 5 2 1 4 9 6 8 Total bills discounted: Mar. 2 9,634 778 2,960 2,126 617 519 859 168 18' 100 616 318 386 Mar. 9 8,419 731 2,424 1,636 475 55: 980 81 9. 76 630 301 433 Mar. 16 8,149 726 2,21 1, 563 472 708 968 7 100 75 571 313 363 Mar. 23 9,523 946 2,628 1,930 706 748 1,017 101 12, 7 492 292 461 Bills bought in open market: Mar. 2 550 41 215 56 51 24 19 68 16 16 39 Mar. 9 542 41 207 56 51 24 19 .68 16 16 39 Mar. 16 542 41 207 56 51 24 19 68 16 16 39 Mar. 23 542 41 207 56 51 19 68 16 16 39 Industrial advances: Mar. 2 17, 453 2,650 4,316 3,413 990 1,706 126 682 201 573 468 927 1,401 Mar. 9 17, 357 2,660 4,312 3,319 990 1,705 124 682 201 574 468 922 1,400 Mar. 16 17, 259 2,668 4,332 3,293 995 1,696 122 682 154 562 467 913 1,375 Mar. 23 17, 31' 2,667 4,325 3,290 970 1,791 122 686 154 556 467 913 1,373 U. S. Government securities: Bonds: Mar. 2 702, 68351, 589 202, 678 57,992 69, 34737, 353 29, 451 77, 391 31, 373 22, 814 36, 203 27,341 59,150 Mar. 9 702, 683 51, 589 202, 67! 57,992 69, 34' 37, 353 29, 451 77, 391 31, 373 22, 814 36, 203 27, 341 59,150 Mar. 16 723, 59553,125 208, 71 59, 718 71,41 79, 693 28,154 60, 911 Trea M su a r r y . 2 no 3 tes: 732,320 53, 764 211, 227 60, 439 72, 271 3 3 8 8 , , 4 92 6 9 4 3 3 0 0 , , 3 6 2 9 7 3 80, 655 3 3 2 2 , , 3 6 0 9 7 7 2 2 3 3 , , 4 7 9 7 3 6 3 3 7 7 , , 2 7 8 3 1 0 28, 495 61, 644 Mar. 2 1,185,10: 87,00£ 341, 826 97, 808 116, 95£ 62, 99' 49, 668 130, 522 52, 913 38, 477 61, 059 46,113 99, 759 Mar. 9 1,185,102 87, 005 341, 826 97, 808 116, 95562, 99' 49, 668 130, 522 52, 913 38, 47^ 61,059 46,113 99, 759 Mar. 16 1,164,19: 85, 469 335, 794 96, 082 114, 891 61, 886 48, 793 128, 220 51, 979 37, 798 59, 981 45, 300 97, 998 Trea M su a r r y . b 2 i 3 lls: 1,165, 69:85, 580 336, 228 96, 205 115, 040 61, 965 48, 85£ 128, 384 52, 045 37, 84' 60, 059 45, 35r 98,126 Mar. 2 676, 22$ 49, 64c 195, 04t 55, 81C 66, 73i35, 94' 28,34 74, 47' 30,192 21, 955 34, 841 26, 313 56,923 Mar. 9 676, 22£ 49, 64E 195, 04! 55, 81C 66, 73635, 94' 28,34 74, 47' 30,192 21, 955 34,841 26,313 56, 923 Mar. 16 676, 229 49, 64£ 195, 04S 55, 810 66, 73635, 947 28,34 74, 47' 30,192 21, 955 34,84" 26,313 56, 923 Mar. 23 666, 004 48, 89, 192, 098 54, 966 65, 72735, 403 27, 91; 73, 35 29, 736 21, 623 34, 31' 25,915 56, 062 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

293 APRIL 1938 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - ASSETS—Continued Total U. S. Government securities: Mar. 2 2, 564,015 739, 554211, 610 253,038 136,, 297 07, 461 282, 390 114, 47883, 246 132!,, 10399, 767 215,832 Mar. 9 2, 564,015 739, 554211, 610 253, 038 113366 ,2 29977 "10^74|61 282, 390 114,478 83, !,103 99, 767 215,832 Mar. 16 2, 564,015188, 239 739, 554211,610 253, , 107,461 282, 390 114, 47883, 246 132!,,103 99, 767 215,832 Mar. 23 2, 564,015188, 239 739, 554211, 610 253,038 136, 297107,461 282, 390 114, 47883, 246 132,103 99, 767 215,832 Total bills and securities: 253,038 136, 297 Mar. 2 2, 591, 65291, 708 747,045217, 205 254, 696 138, 546 108, 465 283,,308 114, 869 83,921133, 203101,028 217, 658 Mar. 9 2, 590, 333191,671 746, 497216, 621 "" ,583 108,584 283,, 221114, 77783, 898 1"332;17 101, 006 217, 704 Mar. 16 2, 589,965191, 674 746, 306216,522 , 556 138, 725 108, 570228833, 221177 114, 73583!,, 885 1313,1,57101,009 217, 609 Mar. 23 2, 591, 394191, 893 746, 714 , 765 138, 860 108, 619283, 245 114, 76083,881133,078100,988 217, 705 Due from foreign banks: Mar. 2 169 12 64 5 5 12 Mar. 9 178 12 73 5 5 12 Mar. 16 177 12 72 5 5 12 Mar. 23 177 12 72 5 5 12 Federal Reserve notes of other banks: Mar. 2 19, 569 249 3,968 797 1,320 2,013 1,1 2,801 2,073 557 1,416 492 1,987 Mar. 9 17, 644 249 3,772 812 1,080 1,106 2,603 3,203 1,163 368 1,211 555 1,522 Mar. 16 20, 613 256 4,067 782 1,406 1,811 1,801 3,665 2,296 1,436 427 2,086 Mar. 23 19,889 383 3,502 910 1,295 1,503 2,075 2,578 1,933 1,908 539 2,331 Uncollected items: Mar. 2 568, 503 56,147 133, 584 45, 406 58, 638 47, 609 19, 747 81, 204 26, 527 13, 489 32,480 22, 792 30, 880 Mar. 9 500,039 49, 350 119, 366 36, 728 44, 945 44, 358 22, 590 63, 697 24,158 13,888 25, 677 23, 810 31, 472 Mar. 16 742,758 67, 729 54, 561 76, 794 56, 428 28, 728 105,132 29, 739 16, 557 36, 569 29,902 51, 633 Mar. 23 531, 219 52, 768 124, 596 40, 874 47, 961 23, 447 69, 557 26, 321 14, 418 26, 935 23, 716 33,946 Bank premises: Mar. 2 44,861 2,992 9,940 4,805 6,190 2,687 2,112 4,569 2,333 1,493 3,142 1,269 3,329 Mar. 9 44, 861 2,992 9,940 4,805 6,190 2,687 2,112 4,569 2,333 1,493 3,142 3,329 Mar. 16 44, 865 2,992 9,940 4,805 6,190 •2, 687 2,112 4,569 2,333 1,497 3,142 1^269 3,329 Mar. 23 44,852 2,991 9,940 4,805 6,190 2,687 2,109 4,569 2,333 1,497 3,142 1,269 3,320 All other assets: Mar. 2 46, 646 2,961 13, 701 4,453 5,097 2, 79J 1,865 4,442 1, 1,617 2,156 1,737 3,996 Mar. 9 49, 250 3,087 14, 111 5,637 5,254 2,904 1,929 4,618 1,897 1,664 2,241 1,771 4,137 Mar. 16 40, 698 2,533 11, 882 3,972 4,509 2,485 1,623 3,798 1, 591 1,411 1,883 1,515 3,496 Mar. 23 42,130 2,634 12, 344 4,070 4,645 2,567 1,673 3,962 1,652 1,454 1,955 1,571 3,603 Total assets: Mar. 2 12,910,162'7 92., 401 4,839, 859 787, 920 982, 706508,1433831,, 859 2,135, 647 436, 522296, 919 462, 348 315, 967, 856 Mar. 9 12, 861, 620 799, 738 4, 792, 549 773, 031984, 526509, 898385,788 2,,1 41',.., 239 436, 752:98, 995 452, 223 316,J 887 969, 994 Mar. 16 13,115,457 880088,,3614,, 857, 986785, 6701, 034, 212510,131395, 918 2,17755,, 653 444, 866 295, 897 464,483 i3,2 57,661, 016, 514 Mar. 23 12,914, 581 785,179 4,, 907, 678765, 509 980, 560492, 779385, 7ir2 ,~1 10, 26"9" 4"28™, 547290, 45•7— 4 5•4-,. 6~6~6~31 ~0,- 8181, 002, 404 LIABILITIES Federal Reserve notes in actual circulation: Mar. 2 4,144,684 277, 527 918, 258311, 083 417, 063197, 631153, 621 970, 012179, C59136,462167, 407 81, 350 335, 211 Mar. 9 4,134,017277, 219 910, 207310, 339 418, 808196,817 152, 516 967,110178, 321136, 304167, 511 81, 050 337, 815 Mar. 16 - 4,124,888 279, 051 911, 594 310; 849 414, 569196,877 152,068 964, 945178, 553136, 395165, 938 80,184 333, 865 Mar. 23 4,119,858 297, 776 902,189 308, 450 413,136195, 526150, 733 962,98! 177,11; 136, ~ "" -, 95879, 729 330, 842 Deposits: Member bank—reserve account: Mar. 2 7, 215, 012412, 8633, 249,1' 384, 596 450, 621 234:.,514187, 733 89, 375205, 991127, 777 238, 367186, 343 547, 657 Mar. 9 7, 310, 761427,9153, 291,151376, 40" 460, 61 241,199186, 5441,017,0" 207, 586130, 014 238, 273186, 977 547, 0C8 Mar. 16 7, 328,134"13, 6523, 350,9 2•4 362, 041 465, 345221, 910184, 209 989, 010203, 351122, 679 238, 770188, 797 587, 449 Mar. 23 7, 333, 050381, 7403, 45'5"," 631 357, 243 458, 460214,165178, 759 194, 275120,161 238, 022175, 583 570, 323 U. S. Treasurer—general account: Mar. 2 184, 501 8,033 98, 379 2,488 9,186 496 32, 756 3,352 3,408 8,344 4,058 11, 039 • Mar. 9 180, 851 6,576 87, "• 4,350 13, 512 2,991 4,442 30, 029 5,154 3,430 7,000 5,758 9,928 Mar. 16 263, 623 7,414 87, 561 12, 384 34, 967 13, 462 11,119 56, 95611, 720 5,824 9,002 6,699 6,515 Mar. 23 269, 586 15, 349 118,176 13,168 15, 624 12,011 12, 029 28,836 7, 4,181 9,426 12, 049 21, 040 Foreign bank: Mar. 2 124,158 44, 862 12,107 11, 366 5,312 4,324 14, 702 3,706 2,841 3,583 3,689 8,771 Mar. 9 117, 260 8,403 42, 452 11, 437 10, 737 5,019 4,085 13, 888 3,501 2,684 3,384 3,384 8, 286 Mar. 16 103, 356 7,385 37, 607 10, 052 9,437 4,410 3,590 12, 206 3,07" 2,359 2,975 2,975 7,283 Mar. 23 113, 661 8,148 41,495 11, 090 10, 411 4,866 3,590 13, 466 3,395 2, 60: 3,282 3, 8,034 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

£94 FEDERAL RESERVE BULLETIN APRIL 1938 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- ta Chicago Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - LIABILITIES—Continued Other deposits: Mar. 2 296,461 4,694 247, 828 762 4, 001 7, 979 2,960 949 6,245 3,450 87' 3,528 13,188 Mar. 9 272,052 4,759 227,187 909 4,042 4,660 3,036 954 6,345 3,661 709 3,062 12, 728 M M a a r r . . 2 1 3 6 2 1 2 9 2 8 , , 1 6 3 4 6 6 4 4 , , 7 3 4 3 8 6 1 1 7 4 5 9 , , 3 3 7 4 9 6 1 1 , , 1 2 0 1 9 3 4 4 , , 1 4 1 5 9 8 5, 250 2 2, , 6 7 1 8 5 5 2 1, , 2 0 8 4 2 7 8 5 , , 0 9 0 70 9 3 3, , 4 7 4 2 1 5 4 42 6 5 7 3 2 , , 4 8 3 7 4 0 1 1 3 3 , , 4 9 5 0 5 1 Total deposits: Mar. 2 7, 820,132 434, 485 !3,, 640, 243499, 953 475,174 248, 301197, 97'1, 037, 782 2119,.294137,476 225511,,117711 197, 618 580,655 Mar. 9 7, 880, 924 44'7,,6533, 648, 471393,103 488,903 253; 869 198,107 1, 061, 946 22!2,, 581639, 789 249, 366 199,181 577, 950 Mar. 16 7, 917,252 433,,1993, 651, 438 385, 586513, 868 245,032 201, 7031,059,454 224,118 134:;, 587 251, 214 201, 905615,148 Mar. 23— 7, 914, 943 4019,,5733,764,681382, 714 488,953 237,440 196,9"93 i; 033,037 213i 376 130, 385 251,155 193, 784 612, 852 Deferred availability items: Mar. 2 597, 762 56, 220 160, 836 44, 238 58, 283 47, 241 19, 382 83, 061 27, 651 13, 625 33, 696 25, 993 27, 536 Mar. 9 496, 700 50, 641 113,115 35,7 44,470 44,165 22, 227 67,147 25, 260 13, 465 25,192 25, 577 29, 652 Mar. 16 724, 619 71, 879 174, 285 56, 509 73, 448 53,198 29, 212 106, 238 31, ( 15, 514 37,165 32, 593 42, 940 Mar. 23 530, 381 53, 533 119, 932 41, 561 46, 069 44, 747 25, 054 69,160 27,460 14, 219 28, 351 26,200 34,095 Capital paid in: Mar. 2 133,217 9,404 50, 944 12, 277 13,154 4,952 4,446 13, 026 3,893 2,903 4,143 3,925 10,150 Mar. 9 133, 265 9,404 50, 942 12, 277 13,154 4,949 4,445 13, 085 3,894 2,903 4,144 3,925 10,143 Mar. 16 133, 297 9,404 50, 943 12, 276 13,157 4,948 4,451 13, 094 3,894 2,902 4,144 3,938 10,146 Mar. 23 133, 306 9,405 50, 943 12, 278 13,157 4,950 4,452 13,095 3,r 2,902 4,144 3,938 10,146 Surplus (section 7): Mar. 2 147, 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 Mar. 9 147, 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 Mar. 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 Mar. 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) Mar. 2 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Mar. 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 Mar. 16 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Mar. 23 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies: Mar. 2 32,984 1,448 8,210 2,000 3,177 1,401 1,602 7,285 1,215 1,936 934 1,77 2,000 Mar. 9 32, 985 1,448 8,210 2,000 3,177 1,401 1,603 7,285 1,215 1,936 934 1,776 2,000 Mar. 16__. _ 32, 950 1,448 8,210 2,000 3,177 1,401 1,603 7, 257 1,215 1,929 934 1,776 2,000 Mar. 23 32,950 • 1, 448 8,210 2,000 3,177 1,401 1,603 7,257 1,215 1,929 1,776 2,000 All other liabilities: Mar. 2 5,961 543 1,680 492 525 244 473 665 363 242 158 378 Mar. 9 8,307 599 1,91" 1,646 684 324 534 850 264 444 321 216 508 Mar. 16 7,029 606 1,829 573 663 302 525 849 236 416 333 208 489 Mar. 23 7,721 670 2,036 629 738 342 524 922 275 444 369 229 543 Total liabilities: Mar. 2 12, 910,162 792, 4014, 839, 859 787, 920982, 706 508,143 383, 859 2,135, 647 436, 522 2969,19 462, 348 315, 982 967, 856 Mar. 9 12, 861, 620 799, 738 4, 792, 549 773; 031984, 526 509, 898 385, 788 2,141, 239 436, 752 29989,5 452, 223 316, 88' 969,994 Mar. 16 13,115, 457 808, 361 4, 8579,86 785, 670 1,034, 212 510,131 395, 918 2,175, 653 444, 866 29859,7 464,483 325, 1,016,514 Mar. 23 12, 914, 581 785,179 4, 907, 678 765, 509"~ 560 492, 779 385, 715 2,110, 269 428, 547 2940,57 454, 666 310, 818 .1, 002, 404 Contingent liability on bills purchased for foreign correspondents: MaY. 2 640 230 45 Mar. 9 640 23C 45 Mar. 16 630 220 45 Mar. 23 222 73 16 Commitments to make industrial advances: Mar. 2 13, 031 1,508 4,344 141 1,555 284 485 2,862 Mar. 9 12,995 1, ~~ 4,328 146 1,462 1,552 282 485 2,836 Mar. 16 12, 911 1,485 4,273 146 1,462 1,549 281 485 268 2,824 Mar. 23 12, 904 1,483 4,261 121 1,510 1,547 281 485 2,818 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

295 APRIL 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO MARCH 23, 1938 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Eeserve banks (with and ommended for without conditions) Applications d ap u p st r r o i v al a l b A y d I v n i - - Date ( e l a a c st h W m e o d n n th es ) day of N r u ec m e b iv e e r n d e t t A o m da o t u e n , t Nu o s t ( e m o w u e r t i b s y t e c h r o n a t d n o C A i d o ti m m o w d n o m a i s u t t ) i h n e t - - , t Numbe T r ota A l mount a s R F d ta b e e v o n d a s a u d e n e n t r i r k - c v n a e e g l s s c R F t o m a b e e o m n a d s e u d e n e n m t r i r k - t v n a i s t e g l - A b p p u c l p e o t r t m e o n d v o - ^ e t d d E o r r a r x e c a e p p p a w w t p a i n c r n i l i . t e t i d , h - b d , - y , i s F n p p t t a g a u i a o n n t r t u i i d a t i n o i o t n i c - s n n n c i t s g - i - - ^ 1934—Dec. 26. 5,053 187, 696 1,122 54, 531 49, 634 13, 589 8,225 20, 966 5,558 1,296 1935—June 26. 6,618 263,482 1,815 102, 331 1,646 88, 778 27, 518 20, 579 11, 248 24, 900 4,533 Dec. 313 7,615 306, 708 2,176 132, 460 1,993 124, 493 32,493 27, 649 11, 548 44,025 8,778 1936—June 24. 8,158 331,391 2,394 142,811 2,183 133, 343 30, 487 24, 454 9,381 61,422 7,599 Dec. 30_. 8,379 342, 699 2,500 149,204 2,280 139,829 25, 533 20,959 77,903 7,208 1937—Jan. 27.. 342,999 2,506 149, 527 2,287 140,213 24, 781 20,238 7,697 80,500 6,997 Feb. 24 . 8,427 343,904 2,517 149, 711 2,297 140, 515 24,208 19, 523 7,709 82,163 6,912 Mar. 31 8,483 346,911 2,543 150, 561 2,323 141, 545 23,054 18,611 7,898 85,215 6,767 Apr. 28.. 8,510 348,342 2,563 152,724 2,336 144, 564 23,904 17,528 9,045 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. 354,426 2,610 155,902 2, 381 146,724 21,395 14,880 534 102,611 7,304 Oct. 27 _ 354, 872 2,618 156,413 2,386 147,295 20,875 14,488 899 103,806 7,227 Nov. 24. 8,633 359,706 2,624 156,533 2,392 148,208 20,616 13,316 1,382 105,749 7,145 Dec. 29_ 8,677 363,292 2,640 158, 743 2,406 150, 987 20,200 12, 780 3,369 109,400 7,238 1938—Jan. 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 Mar. 23* 8,873 372,337 2,707 162,354 2,458 154, 818 19, 504 12, 904 3,704 110, 966 7,740 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,321,017 on March 23, 1938. 3 Tuesday. 4 March 30, not yet available. NOTE.—On March 23, 1938, there were 91 applications amounting to $5,642,100 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: Mar. 2 4, 458, 426312, 365 , 016, 366 336, 990 443, 644 20677,6 70, 704 994, 658190, 682140, 268.74, 85290, 936 379>,,285 Mar. 9 4, 459, 063311, 000 016,209 334,701444,482 207; 849170,147 994,1" 190, 952140,187 .76, 36491,426381, 047 Mar. 16 ___4, 439, 952313, 950 , 009, 311 332, 045 44813,0 207, 050169, 252 987, 906190, 372140,439 .75, 76590, 812381, 220 Mar. 23 4,441,195331,916 , 005,441 329, 201 4397,79 204,428168, 735 189, 922 140),] 128.74,959 378,424 Held by Federal Reserve bank: Mar. 2 313, 742 34, 838 98,108 25, 907 26, 581 10,045 17, 083 24, 646 11, 623 3,806 7,445 44, 074 Mar. 9 325, 046 33, 781 106, 002 24, 362 25, 674 11, 032 17, 631 27, 589 12, 631 3,883 8,853 10, 376 43, 232 Mar. 16 315, 064 34,899 97, 717 21,196 27, 261 10,173 17,184 22, 961 11,819 4,044 9,827 10, 628 47, 355 Mar. 23 321,337 34,140 103, 252 20, 751 26, 643 8,902 18, 002 25, 354 12, 809 3,704 10,001 10,197 47, 582 In actual circulation:1 Mar. 2 4,144, 684277, 527 918, 258311, 083 417, 063 197, 631153, 621 970, 012 1791,,059136, 462167, 407 81, 350335, 211 Mar. 9 4,134, 017277, 219 910, 207310,339 4158,880088 '1'9"6,817 152, 516 967,110178, 321136, 304167, 511 81, 050 3377,!815 Mar. 16 4,124, 888279, 051 911, 594310, 849 4144,,569196, 877 152, 068 964, 945178,553 136,, 39,'165, 938 ~"), 184333, 865 Mar. 23 4,119, 858297, 776 902,189 308,450 413,136195, 526 150, 733 962, 982177,113 136,424 164:,, 95879, 729 330, 842 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Mar. 2 4, 532, 632341, 000 1, 035, 000 337, 000 448, 000 208, 001056, 0001, 000, 000196, 632136, 500177, 000 500 404, 000 Mar. 9 4, 536, 632341,000 1, 035, 000 337, 000 445, 000 209, 001056,0001, 000, 000196, 632142, 500177, 000 93, 500 404t,, 000 Mar. 16 4, 532, 632341, 000 1, 025, 000 337, 000 445, 000 2C9, 001062, 0001,000, 000196,632142, 500177, 000 93, 500 404:,,000 Eligible M pa a p r. e r 2 : 3 4, 509, 632341.,,00 00 010, 10,15,000 337,000 445, 000 207, 000162,000 :1, ooo, ooo193, 632136, 500177,000 91, 500 404 : ,,000 Mar. 2 8,466 728 2,919 1,446 468 519 63; 168 187 98 604 316 378 Mar. 9 7,308 672 2,394 1,141 321 557 678 81 55 75 612 299 423 Mar. 16 7,088 668 2,182 1,11 313 708 666 77 60 75 559 311 354 Mar. 23 8,349 900 2,607 1,472 688 708 101 77 280 453 U. S. Government securities: Mar. 2 25, 000 20, 000 5,000 Mar. 9 20, 000 20, 000 Mar. 16 10, 000 10, 000 Mar. 23 15,000 10,000 5,000 Total collateral: Mar. 2 4, 566, 098341, 7281, 037, 919 338, 446448, 468208, 519176, 6351, 000,168196, 819 141, 598177, 604 93,816 404:,,378 Mar. 9 4, 563, 940341, 6721, 037, 394 338,141445, 321 2~0~9~,,>5555rr176, 6781,000, 081196, 68~:* 142,575177, 612 93, 799 4C4:,,423 Mar. 16 4, 549, 720341, 6681, 027,182338,115445, 313 1,708172, 6661, 000, 077 119966,] 6699!2142, 575177, 559 93, 811 404, 354 Mar. 23 4, 532,981341, 9001,017, 607338,472445, 498 207r,,688172, 7081,000,101193, 717141, 577177,480 91,780 404, 453 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN APRIL 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, FEBRUARY, 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- Cl a a n s d se s d i o s f t r b ic a t n s ks m d d a e e n - - d m d d a e e n - - d p T o d im s e i - t e s banks b m a b e n e m k r s - 1 New Chi- b s c a e i r n t v y k e s b C a t o n r u y k n s* posits posits J qu R i e r - ed Held Ex- York cago Total reserves held: 1937—January _ 6,716 2,719 568 2,158 1,271 All member banks. _28, 626 23, 802 11, 548 5,824 7,230 1,406 February 6,747 2,812 546 2,128 1,261 March a __ 6,704 2,652 533 2,203 1,315 Cen N C tr h e a w i l c r a e Y g s o e o r r v k e city banks: 9 2, , 1 6 3 8 2 6 9 1 , , 0 89 7 1 9 7 4 6 6 2 1 2,4 5 0 1 6 9 2,906 78 J A M u p n a r e y il * _ _ _ _ _ _ 6 6 6 , , , 8 8 9 2 7 3 4 8 2 2 2 2 , , , 7 6 6 3 6 8 9 9 4 603 2 2 2 , , , 2 2 2 3 0 7 0 1 2 1 1 1 , , , 3 3 3 2 7 8 1 7 6 July _._ 6,845 2,652 581 2,252 1,360 Rese P B N R A M D K C C S S r h a t v o i l h e a t a . i c e n l i e s w i n l n a l v h c l L t a n s a o n a c F e m o a d e s Y g n i t l r s u a a e t a o a o y d o n l i p d n n C s p i r d d o d i c s d b k h i i s d l t i i s t a i t i r s s d y i d d t s r a i n c t s r i i c r i i o s t k i c s s d i t d r c d t c t s t t i r i t i r i r d c t : i s s s i i c t i t c c t t s t r r t t r t i i r i c c i c t t c . . t _ t . - . . 1 1 1 1 , , , , 0 3 8 1 9 6 3 5 7 1 2 2 7 1 1 6 2 1 7 7 2 6 7 3 3 1 6 2 1 1 1 1 , , 8 4 4 8 0 1 5 2 6 4 5 5 7 2 3 3 7 2 5 4 0 2 4 7 6 9 9 1 6 9 7 5 2 1, 2 2 7 1 1 5 1 1 9 1 1 4 0 9 0 3 1 6 7 0 7 5 2 7 3 3 9 7 0 2 2 2 7 0 4 2 1 1 1 4 1 1 1 6 3 8 0 8 9 8 1 3 2 9 5 0 7 0 8 6 6 8 9 4 0 8 7 2 3 2 1 2 4 1 1 1 1 1 7 3 4 4 5 6 0 9 5 7 0 6 1 0 4 0 5 4 7 5 1 1 5 1 W 93 ee 8 k — A S D N M O F F F F F e J e e e e e e n u e o c a a p b b b b b t c d n g v r o t . . . . e r u i u . e e b n u m a 4 2 m 1 1 m s 4 e g a r t 5 8 1 b r y r b b e y ( e e F r r r rida _ y _ ) _ : 6 6 6 6 6 7 7 7 7 7 7 7 , , , , , , , , , , , , 7 9 8 9 8 1 2 2 2 2 2 2 0 1 5 5 1 1 8 7 4 3 4 5 1 9 2 5 3 4 4 9 6 0 3 3 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 5 7 6 9 7 6 9 8 9 9 8 8 2 2 3 7 3 6 5 5 0 1 8 8 2 0 0 2 9 7 7 6 6 7 2 5 5 5 5 5 6 6 5 5 5 5 5 8 6 7 8 0 9 0 9 9 8 9 1 8 6 8 5 9 4 8 8 4 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 2 2 2 2 2 3 3 3 3 3 3 3 4 4 4 3 7 5 5 4 4 3 5 6 6 8 0 2 2 6 0 5 7 5 1 1 1 1 1 1 1 '. , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 3 , 6 6 8 7 7 8 6 5 7 7 7 3 6 6 4 5 5 3 7 2 2 2 378 Total 10,197 8,035 4,586 1,882 2,350 M M a a r r . . 1 1 1 8 7 7 , , 3 3 0 5 9 9 2 3, , 0 9 1 5 6 0 5 5 8 8 4 6 2 2 , , 3 3 7 8 8 8 , , 3 3 8 85 1 Excess reserves: Country banks: N B P R A C S M D C K S h a t o i h l e a t a . i e c n l i w s i l n n a l v h c L l t a n s a o n a F e m o a d s e Y g n t l r s u a a e a o a o d o i n l p d n n C s p r i d d o d i c s d k h i i s d l t i i s t t i s r s i d y i d t d r s a i c t s r i i c r i i t o s i c s s d i d t r c d t c t t t i r i t i r r c d i t i s s i i s c t i t c t c t s t r r t t r t i i i r c c c i t t c t . . . . . t . . . . 1,2 7 5 5 4 4 4 7 3 2 3 5 2 5 5 6 5 2 5 4 2 8 2 0 1 1 6 6 4 7 5 7 4 0 2 8 4 4 5 9 3 3 5 2 2 3 2 1 0 2 8 5 0 2 3 2 8 4 2 8 5 6 9 0 1 5 6 9 0 4 4 8 1, 8 6 5 3 4 2 6 2 2 2 1 6 1 6 7 9 3 5 1 3 7 6 5 3 5 5 1 7 4 6 0 2 5 5 6 . 2 1 1 1 9 1 4 1 6 4 4 4 1 5 5 1 7 8 9 6 5 6 3 7 2 5 3 6 3 1 1 1 1 1 8 4 8 4 3 7 6 6 6 5 5 1 4 4 1 1 1 3 0 9 9 8 8 1 1 9 9 3 3 7 8 — — J A J F M M A N D S O J J u u e e a p e o u c a a a n p b l n c t n r v y g r o y e t r u e i u e c e l u b u * m a a m h m e r s a r b y r y t b r 2 b . e y e . e r r r _ _ _ _ . 2 2 1 1 1 1 1 1 , , , , , , , , 3 1 0 5 0 1 0 3 9 8 8 9 7 7 5 5 7 0 9 5 4 7 2 7 0 5 1 2 2 1 4 3 3 3 6 0 7 0 6 8 4 7 5 2 2 3 3 4 1 3 1 1 0 6 6 3 0 3 7 7 5 6 9 0 0 1 8 7 0 3 5 3 6 4 1 9 5 8 1 1 10 5 5 7 3 4 2 4 5 5 1 4 1 0 4 3 8 7 2 9 4 4 6 6 3 2 3 2 2 3 3 4 3 5 9 8 8 1 3 6 0 8 6 5 8 0 1 0 8 9 6 3 2 1 9 6 1 7 7 3 4 3 5 5 4 3 3 3 3 3 3 3 2 3 4 1 1 0 5 2 2 2 3 2 5 8 1 1 8 9 5 7 1 4 8 3 3 5 Total 6,611 4,796 5,739 1,016 1,377 361 Week F e e n b d r in u g a ry (Friday): 1,406 361 Feb. 4 1,401 515 451 355 i Gross demand deposits minus demand balances with domestic banks Feb. 11 1,394 482 467 365 (except private banks and American branches of foreign banks) and Feb. 18 1,389 484 463 360 cash items in process of collection. Feb. 25 1,422 510 480 359 NOTE.—See table at foot of page 307, for percentages of deposits re- Mar. 4 PI, 436 520 482 P370 quired to be held as reserves. Mar. 11 H, 477 534 513 *>372 Mar. 18 n, 516 592 503 ^368 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 307 for amount of changes. p Preliminary. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Al! member banks Membe (p r la b c a e n s k o s v i e n r l 1 a 5 r , g 0 e 0 r 0 ) centers Memb ( e p r l a b c a e n s k u s n i d n e r s m 15 a , l 0 l 0 e 0 r ) centers Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Boston. __ 1,718 1,719 672 674 1,605 1,604 546 550 113 115 126 124 New York _ _ 11, 078 11,094 2,335 2,315 i 1,121 i 1, 092 i 1,082 i 1,077 271 264 492 492 Philadelphia 1,576 1, 602 1,122 1,114 1,369 1,392 671 662 207 210 451 451 Cleveland . _ 1,877 1,920 1,402 1,384 1,660 1,701 1,109 1,091 217 219 293 292 Richmond 1,078 1,087 537 535 903 909 349 347 175 178 188 188 Atlanta 1,018 1,008 382 380 865 859 300 299 152 149 82 82 Chicago . __ _ _ 4,000 4,026 1,627 1,624 i 1, 575 i 1, 593 1894 1895 292 292 272 273 St. Louis 1,036 1,049 404 404 843 851 291 291 193 198 113 112 Minneapolis _ 606 615 368 369 438 446 180 181 168 170 188 188 Kansas City _ _ 1,326 1,348 313 313 1,012 1,026 198 198 314 322 115 115 Dallas 1,114 1,116 216 215 829 831 173 172 285 285 43 43 San Francisco 2,199 2,226 2,169 2,177 2,083 2,106 2,071 2,080 116 120 98 98 Total 28, 626 28,811 11, 548 11, 503 14, 304 *14, 411 7,865 i 7, 842 2,504 2,522 2,460 2,459 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 297 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l lv la 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 8 e - s 9 s - 0 S s u i i a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d F R n e e o d s t e e e r r s a v l e R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e a - k s l 1936—No vember... 6,466 96 37 1,051 1 334 141 289 4,156 45 316 December... 6,543 95 38 1,057 1 337 142 289 4,233 44 307 1937—January 6,349 94 37 1,012 1 329 140 276 4,118 42 300 February 6,399 92 37 1,022 1 329 140 288 4,155 41 294 March _.. 6,377 91 37 1,022 1 333 141 287 4,139 40 287 April 6,426 90 37 1,039 1 335 142 291 4,171 40 281 May 6,462 89 38 1,062 1 338 143 289 4,189 38 275 June 6,447 88 38 1,078 1 341 144 281 4,169 38 269 July _ 6,460 87 38 1,088 1 341 144 286 4,175 37 263 August. 6,524 86 39 1,115 1 345 146 286 4,213 36 258 September— 6,542 86 39 1,127 1 348 147 284 4,222 35 253 October* 6,555 85 39 1,129 1 349 147 285 4,238 35 248 November.._ 6,561 84 40 1,144 1 352 148 284 4,232 34 243 December.., 6,550 83 40 1,137 1 350 148 283 4,237 33 239 1938—January 6,320 82 39 1,085 1 339 145 264 4,099 33 234 February 6,334 81 39 1,097 1 338 144 267 4,104 32 231 Back figures.—See Annual Report for 1936 (table 36). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total 1°aper currencyi Unin cir- $50 and over assort- End of month cula- Coin $1 $2 $5 $10 $20 ed > tion! Total $50 $100 $500 $1,000 $5,000 $10,000 1936—November. 6,466 513 492 33 900 1,548 1,486 1,501 390 690 132 258 7 23 7 December. 6,543 517 499 35 906 1, 563 1,501 1,530 399 707 135 265 7 18 8 1937—January... 6,349 506 472 33 864 1,500 1,458 1, 525 393 702 135 269 8 18 9 February.. 6,399 506 475 33 874 1,519 1,464 1,538 395 706 135 273 9 19 10 March 6,377 511 476 33 869 1,519 1,451 1,520 386 696 136 275 9 18 2 April 6,426 514 482 33 883 1,542 1,468 1,507 381 687 137 277 9 17 3 May 6,462 518 489 33 893 1,558 1,466 1,507 380 689 136 278 8 17 4 June 6,447 523 487 34 885 1,539 1,458 1,526 384 699 138 283 8 14 5 July.. 6,460 523 488 33 894 1,550 1,454 1,520 381 697 137 283 7 15 2 August 6,524 529 498 33 907 1,574 1,466 1,520 382 698 137 283 7 14 4 September 6,542 534 503 33 908 1,574 1,467 1,527 382 702 138 285 7 14 4 October ... 6,655 535 502 33 909 1,576 1,474 1,531 384 704 138 286 6 13 5 November. 6,561 540 504 33 912 1,574 1,480 1,525 381 701 136 287 5 14 6 December. 6,550 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938—January... 6,320 522 474 31 856 1,482 1,424 1,532 382 705 138 288 7 12 1 February _ 6,334 520 473 32 863 1,489 1,421 1,538 382 708 138 291 7 13 2 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.—SeeA nnual 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 l o u n l v v l d n l a e - e i r r r s s S i s i a l u i v d r b y e - - r M co in in or U S n n t o a i t t t e e e s d s n b F e R o a e r e n t a d e - k l - 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 3 2 4 Year _ or month m E S e u n h r t i o s p 3 5 5 p - 5 4 6 t e 4 5 7 o R E e f u 9 8 4 r c o 1 0 3 r e o , , , m i 0 5 8 p 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 e 4 e 3 0 i 0 p t , , , 2 5 2 ts 7 0 4 1 5 2 1935 10,628 19,966 1936 34,774 26,216 8,558 1936—November. 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—February.. 4,279 3,265 1,014 1937—January.... 2,532 1,332 356 148 347 305 March 968 3,728 2,760 February- 2,536 1,343 356 149 347 298 April 1,434 3,023 1,589 March 2,541 1,355 357 149 347 291 May. 909 1,865 956 April 2,543 1,365 357 150 347 284 June 7,000 1,972 5,028 May _. 2,547 1,375 358 150 347 278 July _ 809 2,586 1,777 June 2,550 1,382 359 161 347 272 August 877 2.839 1,962 July.. 2,572 1,409 361 151 347 266 September. 1,946 2,271 326 August 2,585 1,424 363 152 347 262 October __. 781 4,531 3,750 September. 2,599 1,441 364 153 347 257 November. 336 13, 326 12,990 October 2,609 1,455 367 154 347 251 December. 5,947 5,878 November. 2,621 1,468 370 155 347 247 December 2,637 1,486 372 156 347 242 1938—January... 189 4,658 4,469 February.. 28 3,824 3,796 1938—January... 2,655 1,509 373 156 347 237 February^ 2,668 1,526 373 156 347 233 Back figures.—See Annual Report for 1936 (table 39). Description.—See BULLETIN for January 1932, pp. 7-8. 1 Includes silver held against silver certificates amounting to $1,433,- 000,000 on Feb. 28, 1938 and $1,209,000,000 on Feb. 28, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN APRIL 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 or month in Net release tic Year or month total gold from gold gold import ear- pro- From or to— February January Jan.-Feb. Inactive stock mark duc- Total account tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 8,238 4,202. 51,133.9 82.6 96.3 1935 _ 10,125 1,887. 21,739.0 .2 110.7 1936 11, 258 26.5 1,132. 51,116.6 -85.9 131.6 Belgium 1937 12, 760 1, 227.9 1, 502. 51, 585. 5 -200.4 143.1 France _ _ 15 26 5,000 41 5,000 Germany 1936—March 10,184 17.2 5.5 1.0 9.6 Netherlands April 10, 225 41.0 28.1 -.2 9.6 Switzerland 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 August 10, 716 68.4 67.5 -11.9 13.1 United Kingdom.... 1 12 2 22 2 33 September- 10,845 129.0 171.8 -28.8 12.1 Canada 693 1 649 1,341 1 October 11,045 199.7 218.8 -11.3 13.8 Central America. _ 329 260 589 D N e o c v e e m m b b e e r r _ . _ _ 1 1 1 1 , , 1 2 8 5 4 8 26?5 1 7 3 3 9. . 6 3 7 5 5 7. . 0 8 - 3 .7 .0 1 1 1 0 . . 8 9 A M r e g x e i n c t o in .. a . 883 162 865 46 1,748 207 Bolivia _ 25 26 1937—January 11,358 126.5 100.1 121.3 -48.3 9.5 Chile ._ 262 rl, 056 1,318 February... 11,436 204.7 78.2 120.3 -8.0 8.2 Colombia 2,105 2,105 March _ 11, 574 342.5 137.9 154.3 -.4 10.8 Ecuador . . 167 175 341 A J M u p a n r y e i l _„ 1 1 1 2 1 1 , , , 3 9 7 1 9 9 8 9 0 1,0 7 5 8 5 6 6 8 9 . . . 0 1 8 3 2 1 2 2 9 7 5 1 . . . 6 8 1 2 2 1 6 1 5 2 5 5 . . . 0 8 4 -1 2 5 7 6 . . . 9 2 2 1 1 9 1 2 . . . 1 2 3 A P V e e u r n s u e tr z a u l e ia la . 1,9 2 4 8 1 3 0 4 rl, 0 1 2 5 7 5 2 4 2,9 4 6 3 8 8 1 8 July 12, 446 1,214.1 127.3 175.4 -35.5 12.6 British India 1,043 1,043 August 12, 567 1,335.7 121.6 104.8 -5.3 16.8 China and Hong September- 12, 741 1,210.0 174.3 145.5 9.3 12.1 Kong October 12,803 1, 271.9 62.0 90.5 -8.0 14.8 Japan November.. 12, 774 1, 242. 5 -29.3 22.1 -20.1 13.8 Philippine Islands._ 1,330 1,676 3,006 December— 12, 760 1, 227.9 -14.0 18.0 -101.6 11.8 All other countries2. _ 189 128 317 1938—January 12, 756 1, 223. 2 -4.6 2.1 -1.1 10.9 Total 8,211 174 r7,155 5,067 15, 365 5,241 February ... 12, 776 1, 200. 6 20.7 8.0 -18.2 Pll.3 p Preliminary. r Revised. NOTE.—Figures for domestic production of gold are those published 1 Figures represent customs valuations which, with some exceptions, in table, p. 327, adjusted to exclude production in Philippines. Adjust- are at rate of $35 a fine ounce. ment based on annual figures reported by Director of Mint and monthly 2 Includes all movements of unreported origin or destination. 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.) Back figures.—See table p. 327, and Annual Report for 1936 (tables 32 and 33). BANK SUSPENSIONS1 Member Nonmember banks banks Total, all BANK DEBITS banks ti N on a- al State su I r n e - d2 in N su o r t ed [Debits to individual accounts. Amounts in millions of dollars] Number of banks suspended: Num- 1938 1937 1934 57 1 8 48 ber 1935 34 4 22 8 of 1936 44 1 40 3 centers Feb. Jan. Feb. 1937 59 4 2 47 6 1938—Jan -Feb 16 1 12 3 New York City 1 10, 915 14, 477 16, 907 Deposits of suspended banks Outside New York City.. 140 14, 623 17, 597 17, 620 (in thousands of dollars) :3 1934 36, 937 40 1,912 34, 985 Federal Reserve districts: 1935 10, 015 5,313 3,763 939 Boston 1,444 1,743 1,951 1936 11, 306 507 10, 207 592 New York 11, 504 15,122 17, 588 1937 _ 19, 723 •7, 379 1, 708 r10,156 480 Philadelphia 1,265 1,564 1,525 1938—Jan -Feb 4,997 36 4,250 711 Cleveland 1,386 1,751 1,773 Richmond 561 680 649 Atlanta 773 881 819 »• Revised. Chicago 3,710 4,492 4,615 1 Represents licensed banks suspended; does not include nonlicensed St. Louis 741 902 835 banks placed in liquidation or receivership. Minneapolis 461 554 520 2 Federal deposit insurance became operative January 1, 1934. Kansas City 858 1,067 967 3 Deposits of member banks and insured nonmember banks suspended Dallas 621 724 640 are as of dates of suspension, and deposits of noninsured nonmember San Francisco 2,215 2,592 2,645 banks are based on the latest data available at the time the suspensions were reported. Total 25, 538 32, 073 34,526 Back figures—See Annual Report for 1936 (table 71). Back figures—See Annual Report for 1936 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 299 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 Total ti N on a- al State M s b a a u v n t i u n ks g a s l b m n a b o e n e m n r k - s - Call date ba A n l k l s Total ti N on a- al State M s b a a v u n i t n u k g a s s l b n e o O r n t b m h a e e n r m ks - 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38, 505 23,771 15,386 8,385 9,708 5,026 1934—Mar. 51 6,206 5,288 918 1934—Mar. 5*__ 25,293 16,203 9,090 June 30 _ 15,835 6,375 5,417 958 578 8,882 June 30— 41,870 26,615 17,097 9,518 9,780 5,475 Oct. 17 * 6,433 5,461 972 Oct. 17 i.- 27,484 17,693 9,791 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31— 44,770 28,943 18,519 10,424 9,828 6,000 1935—Mar. 4. _ 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4 ... 44, 455 28,589 18, 502 10,087 9,837 6,029 June 29 _ 15,994 6,410 5,425 985 571 9,013 June 29— 45, 766 29, 496 19,031 10,465 9,920 6,350 Nov. 1 _ 15,904 6,400 5,403 997 571 8,933 Nov. 1. 47, 522 31,072 20,128 10,944 9,936 6,513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31— 48,964 32,159 20,886 11,273 9,963 6,842 1936—Mar. 4. 15,808 6,377 5,375 1,002 569 8,862 1936—Mar. 4____ 48, 716 31,774 20, 605 11,169 9,972 6,970 June 30 15, 752 6,400 5,368 1,032 566 8,786 June 30— 51, 335 34,098 21,986 12,112 10,060 7,176 Dec. 31 _ 15,628 6,376 5,325 1,051 565 8,687 Dec. 31— 53, 701 35,893 23,107 12, 786 10,143 7,666 1937—Mar. 31 15, 569 6,367 5,305 1,062 565 8,637 1937—Mar. 31 ._ 52, 577 34, 746 22,355 12,390 10,157 7,674 June 30 3 15, 527 6,357 5,293 1,064 564 8,606 June 30 K. 53, 287 35, 440 22, 926 12, 514 10, 213 7. 635 Dec. 31 P 15, 391 6,341 5,260 1,081 563 8,487 Dec. 31P_. 52, 374 34, 810 22, 655 12,155 10, 257 7,307 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 ts t- 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 Pec. 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 1 27, 559 12,293 15,267 Dec. 31 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955] 2,571 1935—Mar. 4 .._ 43,747 20,394 23,353 28,271 11,953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20,272 24,145 28,785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 . 45, 717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar. 4 46,115 20,267 25,847 30,288 12,099 18,189 9,795 5,202 4,592 6,032 2,966 3,066 June 30 48,458 20,679 27,778 32,259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—Mar 31 49,138 21,790 27,348 32, 525 13, 699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 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. 31p 48, 565 22,198 26, 367 31, 752 13,958 17,794 10,171 4,980 5,191 6,643 3,260 3,382 1 Nonmember bank figures not available, P Figures for nonmember banks are preliminary. * Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures on all call dates include interbank deposits to the extent (estimated as $150,000,000 on June 30, 1937) that they were not shown separately in a few State bank abstracts. « Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30,1937 with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Back figures.See Annual Report for 1936 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN APRIL 1938 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Total To Re- Other- Loans tions loans bro- To port- wise Loans to Call date i m n a v e n e n d s t t s - Total C Y N k o si i e u o e d t r t r w y e s - k i o se t t o h i c e n e u s r r s i- e l R o st a e a n a t l s e a b a c o a i n c n w n c e g k e p n s s t- ' c c u a u u n s n e r r s e e d - e d d - ba t n o ks U a a c b A n n e f i c p e c t e i t - e n - s d a B p b a r a b i o l y l l e a s - d p > C m c a o o i p u e a m r g e l - h r - t k C Y N e b r i r o e s t o r w y - i k n i Total Direct a F g n u u t a e ll r e y - d s O e t t i 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 30a 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 M44 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 7,794 10, 574 1,797 5,422 NEW YORK CITY 8 1929—Dec. 31 8,774 4,964 55 2,145 169 V595 322 128 46 21 1,202 2,091 1,112 979 1933—June 30a 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 ,024 63 210 16 6 662 4,602 3,246 278 1,078 1935—Dec. 31 8,418 2,196 60 793 140 107 L,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 L, 112 29 141 13 4 1,043 5,355 3,602 505 1,248 June 30 9,556 2,338 76 813 146 65 ,238 28 123 8 3 1,028 6,028 4,196 567 1,265 Dec. 31 9,280 2,567 78 753 144 65 L, 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 L,600 51 119 6 4 1,105 5,140 3,356 473 1,311 June 30 9,006 2,890 76 824 149 65 ,776 62 98 1 5 1,219 4,730 3,176 454 1,100 Dec 31 8,313 2,817 58 733 141 74 L.811 29 112 6 6 703 4,640 3,207 388 1,045 CITY OF CHICAGO 8 1929—Dec. 31 1,757 1,330 240 533 21 5(5 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, )79 258 42 24 102 239 2,944 1,368 1,576 1933 June 30 2 8,492 4,258 63 1,340 1,131 46 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—Dec. 31 10,028 4,024 90 1,124 1,090 49 1,671 55 13 9 108 105 5,715 3,809 279 1,628 1935—Dec. 31 10, 780 4,144 96 1,057 1,094 46 1,851 34 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4 10, 655 4,071 101 1,027 1,096 43 1,805 31 18 9 120 30 6,375 3,958 656 1,761 June 30 _ __ 11, 306 4,242 115 1,044 1,101 40 1,941 31 16 7 113 34 6,863 4,349 651 1,863 Dec. 31 11, 795 4,582 123 1,048 1,124 56 2,231 23 17 5 131 36 7,000 4,426 697 1,877 1937—Mar. 31 _ 11,611 4,618 114 1,039 1,135 55 2,276 29 37 10 154 38 6,725 4,250 669 1,805 June 30 _ __ 11,629 4,739 114 1,032 1,164 39 2,389 34 25 7 145 44 6,635 4,267 635 1,733 Dec. 31 11, 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 2 7,873 4,194 15 1,117 1,055 2,005 38 4 1 27 10 3,598 1,469 2 129 1934—Dec. 31_ _ 8,780 3,849 14 996 1,026 2 1,810 27 5 2 92 50 4,756 2,108 355 2,293 1935—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 * 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

301 APRIL 1938 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e R R a e r e r i n r e e v a t d v - - k h e l - e s s va J i u a n s l h t b a w m B a n d t n e i o a i c t c s - k l e h - - s s1 r o i e t p e t i f l d r e e p o e i o n s c m o n c s - a c o r s 5 - s l t - - b m D a I t e n i n o c s - k t - e s rba F e n i o k g r n k - S U m G e t e n a r o e d n t i n v e t - t - - s P u l u n ic b ds c l C c c e h o a f e a i t e f o n e e t f s r r c e f d i d s t h - k r i ' s - s t I p p u v i n c n o o a a i o e d d r r l n r r s a t i - - - 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 a t n i n o e c t - s k e - s rb > a F e n a i o g n k r n k - s P s i t n a o a g s v l - s - f P u u l n i b c d - s s t p I p u i v n h c n o o a a o i e i d r r d n l p r r s a t i - - - s s - - , - , , r B i o n o w g r s - credit a etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 2,168 3,896 3,517 544 143 335 1,681 17,526 16,647 154 L2,267 879 1933—June 30 * 2,235 2,008 1,485 3,057 145 806 087 657 11,830 12,089 1 7,803 191 1934—Dec. 31 4,082 3.149 1,903 4,569 147 1,636 ,799 838 14,951 15,686 7 9,020 13 1935—Dec. 31 5,573 3,776 2,255 5,696 444 844 ,139 882 18,035 18,801 5 9,680 6 1936—Mar. 4 5,784 3,970 1,718 6,148 394 600 ,173 779 17,927 19,161 5 9,784 11 June 30 5,607 3,944 2,147 5,986 465 1,037 ,320 789 19,322 20,284 .0,099 6 Dec. 31 6,572 4,066 2,533 6,402 432 882 ,329 881 20,970 21,647 .0,429 15 1937—Mar. 31 6,613 3,445 1,974 5,752 458 415 ,564 677 20,085 21,352 .0,639 18 June 30 6,897 3,207 2,201 5,298 615 628 ,577 752 20,272 21,401 L0,818 16 Dec. 31 _ 7,005 3,414 2,259 5,436 453 781 ,132 767 19, 747 20, 387 L0,806 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 1934—Dec. 31 1,576 103 1,069 1,798 126 792 540 5,370 5,069 591 1935— 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 2,749 105 996 2,014 575 306 427 6,934 6,733 767 3 Dec. 31 2,738 120 989 2,108 416 382 404 6,507 6,111 696 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 1,041 957 19 332 41 1933—June 30 » 232 203 61 259 46 870 912 358 1934—Dec. 31 415 207 90 445 46 1,073 1,189 381 1935—Dec. 31 511 209 135 522 98 1,301 1,401 413 1936—Mar. 4 480 195 96 594 81 1,243 1,390 407 June 30 749 195 147 635 102 1,444 1,546 444 Dec. 31 558 188 159 599 72 1,495 1,554 449 1937—Mar. 31 482 93 114 596 96 1,001 1,128 440 June 30 596 156 130 536 41 1,409 1,509 452 Dec. 31 596 179 146 528 64 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 30 41 371 4,433 292 1933—June 30 s 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 186 206 3,494 1935—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. 31 627 321 908 291 405 39 742 169 5,091 5,711 61 133 6,390 367 1933—June 30 5 452 203 702 149 228 116 555 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— Dec. 31 927 Q| 1,676 235 415 137 901 127 4,254 5,047 136 83 4,879 6 1936—Mar. 4 1,017 62\1 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 80 5,094 6 ,Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 69 80 5,275 3 1937—Mar. 31 1,304 321 1,"' 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 not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 6 Beginning June 1933 figures relate to licensed banks only. • Central reserve city banks. Back figures.—See Annual Report for 1936 (table 54). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN APRIL 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 t n 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 k t l o d i e e e e - r r s s s ! ( b s o t e i e a x t e O c n h c s u k e n e r t r p s o i s ) t - ! ba T n o ks e l R o st a e a n a t l s e O p m k a p p a e e r e t n - r - 1 l O o t a h 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 F g s v li u u e g a l r a l n r y - - - s O e t c i t u e h r s e i r - b w s s F e a R e 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 a o w B a t n m n i a i c c t l k e - e h s s s anteed TOTAL—101 CITIES 1937—February 22,600 8,982 1,217 2,021 72 1,150 399 4,123 13,618 9,118 1,212 3, 288 5,326 387 2,252 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 Decamber.. _ _ __ 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 February 21, 214 8,936 738 1,890 67 1,160 446 4,635 12, 278 8,168 1,147 2,963 5,646 294 2,016 1938—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 4,641 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 Mar. 2 21, 231 8,933 769 1,888 82 1,158 431 4,605 12, 298 8,137 1,159 3,002 5,627 279 2,039 Mar. 9 21, 262 9,020 881 1,893 86 1,155 431 4,574 12, 242 8,081 1,152 3,009 5,735 304 2,030 Mar. 16 21,144 8,889 759 1,897 76 1,155 428 4,574 12, 255 8,089 1,164 3,002 5,733 282 2,045 Mar. 23 20, 912 8,805 721 1,881 87 1,148 422 4,546 12,107 7,876 1,166 3,065 5,773 316 1,945 NEW YORK CITY 1937—February 8,543 3,521 1,017 731 43 129 136 1.465 5,022 3,455 453 1,114 2,670 53 80 August 8,355 4,021 1,148 739 107 135 162 ,730 4,334 2,944 420 970 2,362 50 66 September 8,273 4,040 1,108 727 83 134 168 ,820 4,233 2,866 395 972 2,527 53 66 October 8,068 3,881 915 713 62 135 185 ,871 4,187 2,814 390 983 2,597 60 67 November 7,875 3,605 715 710 38 133 187 ,822 4,270 2,943 384 943 2,540 59 69 December 7,891 3,545 729 696 37 130 192 L, 761 4,346 3,045 365 936 2,518 60 72 1938—January 7,834 3,373 665 668 38 128 184 L690 4,461 3,098 386 977 2,683 54 71 February 7,826 3,260 587 664 40 126 169 1,674 4,566 3,131 404 1,031 2,719 51 65 1938—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 L, 659 4,540 3,150 396 994 2,769 52 67 Feb. 2 7,823 3,285 611 666 36 127 175 ,670 4,538 3,123 398 1,017 2,764 49 65 Feb. 9 . 7,818 3,244 572 662 36 127 171 L, 676 4,574 3,151 401 1,022 2,676 52 65 Feb. 16 7,837 3,267 588 663 46 126 165 L, 679 4,570 3,123 405 1,042 2,695 49 67 Feb. 23 7,826 3,242 578 664 40 126 163 L, 671 4,584 3,127 411 1,046 2,741 54 65 Mar. 2_ _ 7,833 3,281 608 668 54 126 160 L, 665 4,552 3,071 420 1,061 2,712 48 69 Mar. 9 7,867 3,367 700 672 59 125 158 L, 653 4,500 3,016 417 1,067 2,788 51 68 Mar. 16 7,724 3,243 603 670 48 125 155 ,64?, 4,481 3,003 427 1,051 2,824 47 70 Mar. 23 7,584 3,187 575 660 55 118 152 L. 627 4,397 2,851 429 1,117 2,938 49 69 OUTSIDE NEW YORK CITY 1937— February __ 14,057 5,461 200 1,290 29 1,021 263 2,658 8,596 5,663 759 2,174 2,656 334 2,172 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 February 13, 388 5,676 151 1,226 27 1,034 277 2,961 7,712 5,037 743 1,932 2,927 243 1,951 1938—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 L, 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 ,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 L, 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 1L, 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 L, 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 97fi Mar. 2 . 13, 398 5,652 161 1,220 28 1,032 271 2,940 7,746 5,066 739 1,941 2,915 231 1,970 Mar. 9___ 13, 395 5,653 181 1,221 27 1,030 273 2,921 7,742 5,065 735 1,942 2,947 253 1,962 Mar. 16 13, 420 5,646 156 1,227 28 1,030 273 2,932 7,774 5,086 737 1,951 2,909 235 1, 975 Mar. 23 13, 328 5,618 146 1,221 32 1,030 270 2,919 7,710 5,025 737 1,948 2,835 267 1,876 1 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

303 APRIL 1938 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Total Demand deposits Time deposits items report- assets De- Date or month i c n e t e o i s d o s p l l n r e a o o c s i f c - - O as t s h e e ts r l T i i a t o i b e t i a s l l - D b o a t I n m ic n k e t s e s- rb F a b o n a r k n 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 — s a p t n o e a d s d d - - b m D a I e n o n s - k t ti e s c rb b a F e a n i o n g k r k n - s Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - c t C a o a l u p n a i c t - - TOTAL—101 CITIES 1937—February 1,573 1,360 33, 498 5,854 410 409 573 16, 571 15, 572 134 4 5,094 1 880 3,568 August 1,322 1,269 32,051 4,880 568 515 402 15,838 14,918 99 18 5,245 36 843 3,607 September 1,568 1,286 32,362 4,878 559 616 510 15,900 14,843 112 18 5,283 11 863 3,612 October 1,568 1,304 32,252 4,976 503 555 448 15,875 14, 756 112 21 5,278 5 862 3,617 November 1,511 1,305 31,844 4,928 425 424 467 15,681 14,636 111 19 5,287 6 873 3,623 December 1,585 1,294 31,912 4,943 411 579 495 15, 659 14, 570 110 15 5,203 10 857 3,630 1938 January 1,334 1,270 31,804 5,174 421 665 433 15,339 14,438 112 8 5,210 4 814 3,624 February. _ 1,206 1,310 31, 686 5,172 383 638 367 15, 348 14, 509 114 9 5,237 3 792 3,623 1938—Jan. 12 1,423 1,275 31,918 5,155 424 675 462 15,424 14,463 109 8 5,203 6 826 3 626 Jan 19 1,400 1,268 31, 925 5,218 413 654 489 15, 398 14, 487 115 8 5,199 807 3 624 Jan. 26 1,155 1,283 31, 799 5,207 416 653 360 15, 378 14, 583 115 9 5,213 1 821 3 626 Feb. 2 1,223 1,276 31, 694 5,201 408 639 410 15, 277 14,464 115 9 5,225 2 787 3,' 621 Feb 9 1,023 1,319 31, 461 5,129 381 639 317 15, 217 14, 511 115 9 5 223 2 806 3 623 Feb. 16 1,333 1,325 31, 829 5,213 375 638 377 15,441 14, 485 112 8 5,248 9 786 3,622 Feb. 23 1,246 1,320 31, 760 5,146 366 638 363 15,459 14, 576 114 9 5,249 790 3 626 Mar. 2 1,314 1,330 31, 820 5,270 358 673 409 15, 286 14, 381 114 10 5,260 5 805 3,630 Mar 9 1,238 1,333 31, 902 5,246 353 707 436 15,316 14, 514 117 9 5,258 14 818 3,628 Mar. 16 1,423 1,272 31, 899 5,271 339 725 445 15,313 14, 335 117 9 5,223 5 826 3,626 Mar 23 1,311 1,269 31, 526 5,069 345 697 490 15,122 14, 301 116 9 5,231 824 3 623 NEW YORK CITY 1937—February 767 490 12, 603 2,392 375 138 398 6,825 6,457 3 631 367 ) 474 August 541 450 11,824 1,863 524 275 241 6,298 5,998 14 726 22 379 148^ September 722 459 12,100 1,896 516 346 332 6,397 6,007 14 726 6 390 L, 477 October 675 459 11,926 1,941 466 303 287 6,324 5,936 18 728 1 380 478 November __ 695 478 11,716 1,940 390 232 301 6,228 5,834 15 747 1 381 481 December „ 749 473 11,763 1,984 375 310 319 6,232 5,802 12 674 6 368 ,483 1938—January 601 471 11, 714 2,094 386 358 276 6,110 5,785 6 646 3 353 L, 482 February 5C6 477 11, 644 2,095 347 343 222 6,143 5,859 7 660 2 339 L, 486 1938—Jan 12 668 475 11,782 2,083 386 364 313 6,140 5,785 6 641 6 361 ,48? Jan.19 666 470 11, 830 2,131 378 352 329 6,159 5,822 6 641 351 ,483 Jan 26 499 474 11,718 2,126 381 351 217 6,151 5,869 6 651 353 L,482 Feb 2 542 472 11,715 2,125 373 343 255 6,139 5,852 6 651 337 1.486 Feb. 9 420 476 11, 507 2,073 349 343 185 6,072 5,837 7 648 344 ,486 Feb 16 549 481 11, 678 2,088 343 343 228 6,168 5,847 7 672 9 335 1,485 Feb. 23 513 477 11, 676 2,094 325 343 220 6,194 5,901 7 669 338 ,48fl Mar. 2 571 476 11, 709 2,137 321 344 247 6,146 5,822 7 670 5 344 ,488 Mar 9 602 476 11, 852 2,134 316 343 292 6,242 5,932 7 670 14 349 485 Mar. 16 661 473 11, 799 2,161 301 344 273 6,222 5,834 7 645 363 1,483 Mar 23 662 475 11, 777 2,043 306 307 354 6,274 5,966 7 646 361 1,479 OUTSIDE NEW YORK CITY 1937—February _ 806 870 20, 895 3,462 35 271 175 9,746 9,115 134 1 4,463 1 513 2,094 August 781 819 20, 227 3,017 44 240 161 9,540 8,920 99 4 4,519 14 464 2,125 September 846 827 20,262 2,982 43 270 178 9,503 8,836 112 4 4,557 5 473 2,135 October 893 845 20,326 3,035 37 252 161 9,551 8,820 112 3 4,550 4 482 2,139 November 816 827 20,128 2,988 35 192 166 9,453 8,802 111 4 4,540 5 492 2,142 December _ 836 821 20,149 2,959 36 269 176 9,427 8,768 110 3 4,529 4 489 2,147 1938—January 733 799 20,090 3,080 35 307 157 9,229 8,653 112 2 4,564 1 461 2,142 February 700 833 20, 042 3,077 36 295 145 9,205 8,650 114 2 4,577 1 453 2,137 1938—Jan 12 755 800 20,136 3,072 38 311 149 9,284 8,678 109 2 4,562 465 2,144 Jan.19 734 798 20,095 3,087 35 302 160 9,239 8,665 115 2 4,558 456 2,141 Jan. 26 656 809 20,081 3,081 35 302 143 9,227 8,714 115 3 4,562 1 468 2,144 Feb. 2 681 804 19,979 3,076 35 296 155 9,138 8,612 115 3 4,574 2 450 2,135 Feb. 9 603 843 19,954 3,056 32 296 132 9,145 8,674 115 2 4,575 2 462 2,137 Feb. 16 784 844 20,151 3,125 32 295 149 9,273 8,638 112 1 4,576 451 2,137 Feb. 23 . 733 843 20,084 3,052 41 295 143 9,265 8,675 114 2 4,580 452 2,140 Mar 2 743 854 20, 111 3,133 37 329 162 9,140 8,559 114 3 4,590 461 2,142 Mar 9 636 857 20 050 3,112 37 364 144 9,074 8,582 117 2 4,588 469 2,143 Mar. 16 762 799 20,100 3,110 38 381 172 9,091 8,501 117 2 4,578 5 463 2,143 Mar 23 649 794 19, 749 3,026 39 390 136 8,848 8,335 116 2 4,585 463 2,144 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 Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDEKAL RESERVE BULLETIN APRIL 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to os n - Y N o e r w k P p d h h e i i l l a - a - - C l l a e n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- L S ou t. is n M o e l a i i n p s - - K C s a a it 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 investments— total: Mar. 2 21, 231 1,205 8,678 1,100 1,802 618 549 3,025 653 388 644 486 2,083 7,833 1,995 Mar. 9 -. 21, 262 1,203 8,722 1,098 1,790 606 554 3,033 658 390 644 485 2,079 7,867 1,996 Mar. 16 21,144 1,195 8,574 1,103 1,785 610 3,071 657 383 648 490 2,077 7,724 2,032 Mar. 23 20, 912 1,197 8,436 1,102 1,775 604 653 382 640 492 2,078 7,584 1,969 Loans—total: Mar. 2 8,933 627 3,693 449 706 243 287 940 308 167 259 1,022 3,281 618 Mar. 9 9,020 631 3,790 447 704 242 286 939 307 165 258 232 1,019 3,367 617 Mar. 16 8,889 635 3,655 450 709 244 287 307 163 256 232 1,012 3,243 614 Mar. 23 8,805 634 3,598 448 706 243 285 931 305 162 255 231 1,007 3,187 606 Commercial, industrial, and agricultural loans: On securities: Mar. 2 559 234 48 221 23 Mar. 9 r562 237 224 23 Mar. 16 563 234 221 22 Mar. 23 558 38 234 221 23 Otherwise secured and unsecured: Mar. 2 3,798 247 1,576 155 239 145 525 141 145 139 319 1,469 390 Mar. 9 % 780 249 1,570 156 236 144 '521 141 144 139 315 1,463 387 Mar. 16 ._... 3,772 252 1,557 158 240 145 524 141 142 138 308 1,451 390 Mar. 23 3,748 254 1,542 159 240 144 517 140 142 138 305 1,436 385 Open market paper: Mar. 2 , 431 82 173 27 13 4 47 10 19 2 34 160 28 Mar. 9 431 81 172 27 14 4 47 10 19 2 35 158 28 Mar. 16 . 428 29 14 4 47 10 18 2 36 155 27 Mar. 23 422 29 14 4 46 10 18 2 36 152 27 Loans to brokers and dealers: Mar. 2 769 614 19 25 7 44 4 3 2 19 608 Mar. 9 881 715 19 24 7 50 4 4 2 22 700 45 Mar. 16 759 18 23 7 42 5 2 17 603 37 Mar. 23 721 581 18 22 6 38 4 2 18 575 33 Other loans for purchasing and carrying securities: Mar. 2 616 38 57 215 71 Mar. 9 '614 287 38 57 214 '70 Mar. 16 615 289 38 57 215 71 Mar. 23 282 38 57 208 71 Real estate loans: Mar. 2 1,158 232 173 372 126 12 Mar. 9 1,155 231 173 371 125 12 Mar. 16 1,155 231 172 371 125 12 Mar. 23 1,148 224 172 371 118 12 Loans to banks: Mar. 2 54 3 2 54 Mar. 9 60 3 2 59 Mar. 16 49 5 2 48 Mar. 23 56 3 2 55 Other Loans: On securities: Mar. 2 713 263 123 48 232 23 Mar. 9 '"717 265 124 234 '22 Mar. 16 719 265 124 234 21 Mar. 23 715 261 124 231 22 Otherwise secured and unsecured: Mar. 2 807 259 105 196 31 Mar. 9 794 253 103 190 30 Mar. 16 802 253 104 191 34 Mar. 23 798 253 27 102 191 33 U. S. Government direct obligations: Mar. 2 8,137 427 3,291 301 781 282 153 1,484 168 225 174 653 3,071 Mar. 9 8,081 419 3,235 304 769 265 160 1,501 204 172 229 174 3,016 Mar. 16 407 3,227 305 757 156 1,539 203 167 233 175 654 3,003 1,034 Mar. 23 7,876 407 3,076 306 752 262 161 1,480 201 167 226 176 662 2,851 Obligations fully guaranteed by U. S. Government: Mar. 2 1,159 21 90 60 189 126 420 101 Mar. 9 1,152 21 467 62 179 46 126 417 101 M Ma a r r . . 2 16 3 1 1 , , 1 16 6 6 4 2 2 0 0 478 6 6 2 1 1 17 7 4 6 4 4 6 6 1 1 2 2 6 7 4 4 2 2 9 7 1 1 0 0 1 0 Other securities: Mar. 2 3,002 130 1,225 260 255 412 114 282 1,061 278 Mar. 9 3,009 132 1,230 260 255 414 111 285 1,067 280 Mar. 16 3,002 133 1,214 260 257 417 113 285 1,051 284 Mar. 23 3,065 136 1,282 260 256 414 113 282 1,117 282 Reserve with Federal Reserve bank: Mar. 2 5,627 322 2,853 247 333 149 110 785 143 166 113 328 2,712 574 Mar. 9 5,735 338 2,916 238 345 151 108 814 144 165 113 324 2,788 592 Mar. 16 5,733 324 2,957 227 137 106 787 141 163 113 358 2,824 573 Mar. 23 . 5,773 296 3,063 224 344 132 101 791 132 168 103 349 2,938 578 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

305 APRIL 1938 FEDERAL RESERVE BULLETIN 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 - At t l a an- Ch g i o ca- L S ou t. is n M o e l a i i n p s - - K C s a a it 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 Cash in vault: Mar. 2_ „ ___ 279 36 63 16 34 16 11 51 9 5 10 9 19 48 22 Mar. 9_ 304 38 67 17 37 18 11 55 11 6 13 11 20 51 23 Mar. 16 282 41 62 15 35 16 10 49 10 5 11 9 19 47 20 Mar. 23 316 61 65 16 36 18 11 52 10 6 12 10 19 49 21 Balances with domestic banks: Mar. 2 2,039 127 154 157 207 123 118 352 121 72 217 184 207 69 162 Mar. 9. 2,030 124 149 146 206 138 125 320 119 72 222 194 215 68 138 Mar. 16 2,045 126 151 146 201 138 129 303 118 84 226 194 229 70 116 Mar. 23 . 1,945 119 148 133 179 143 117 289 118 81 214 181 223 69 115 Other assets, net: Mar. 2_ 1,330 79 606 84 103 34 38 86 23 17 23 27 210 476 53 Mar. 9 _ _ _ 1,333 79 608 84 103 37 39 84 24 16 23 27 209 476 52 Mar. 16 1,272 78 559 83 102 34 39 82 23 16 22 27 207 473 50 Mar. 23.__ 1,269 77 562 83 102 36 38 81 23 16 22 26 203 475 49 LIABILITIES Demand deposits—adjusted: Mar. 2 14,381 992 6,400 770 1 014 404 328 2,112 401 250 464 400 846 5,822 1,392 Mar. 9 14, 514 1,005 6,507 754 1,021 410 329 2,119 413 251 474 403 828 5,932 1,388 Mar. 16 _ 14, 335 996 6,363 745 1,011 400 328 2,090 402 246 473 404 877 5,834 1,359 Mar. 23 14, 301 987 6,492 735 990 402 324 2,019 398 240 468 392 854 5,966 1,303 Time deposits: Mar. 2 5,260 265 1,086 281 749 197 182 884 184 122 145 130 1,035 670 469 Mar. 9 __ 5,258 265 1,084 281 749 197 182 882 184 121 145 130 1,038 670 468 Mar. 16 5,223 265 1,059 281 747 197 182 881 185 121 145 130 1,030 645 468 Mar. 23 5,231 265 1,059 281 746 197 183 881 185 121 145 130 1,038 646 468 U. S. Government deposits: Mar. 2 673 23 352 23 18 13 17 117 11 1 14 21 63 344 92 Mar. 9__ 707 22 351 23 18 12 23 131 11 2 17 26 71 343 103 Mar. 16 725 12 352 23 18 12 23 144 13 18 24 79 344 116 Mar. 23 697 12 315 23 18 13 23 144 16 7 18 27 81 307 116 Interbank deposits: Domestic banks: Mar. 2___ 5,384 215 2,208 283 331 211 204 790 256 123 341 182 240 2,137 586 Mar. 9 5,363 216 2,206 277 325 216 208 778 251 125 335 184 242 2,134 576 Mar. 16 5,388 216 2,232 276 322 209 207 778 252 122 338 188 248 2,161 579 Mar. 23 5,185 210 2,112 269 311 204 196 771 240 122 329 177 244 2,043 578 Foreign banks: Mar 2 368 10 329 4 1 1 9 1 13 328 8 Mar. 9 362 10 324 4 1 1 8 1 13 323 7 Mar. 16 348 11 309 5 1 1 8 1 12 3U8 Mar. 23 354 11 314 6 1 1 8 1 12 313 7 Borrowings: Mar 2 5 5 5 Mar. 9 14 14 14 Mar. 16 5 3 2 2 Mar 23 Other liabilities: Mar. 2 805 25 356 16 17 23 5 20 8 7 3 5 320 344 17 Mar. 9 '818 24 '361 17 17 23 5 20 8 7 3 6 327 '349 17 Mar. 16 826 24 375 17 20 24 5 22 8 7 3 6 315 363 18 Mar. 23 824 25 373 18 20 24 5 22 8 7 3 5 314 361 18 Capital account: Mar. 2 3,630 239 1,618 227 349 92 89 367 89 56 93 81 330 1,488 242 Mar. 9__ '3, 628 240 'I, 615 227 350 92 89 368 89 56 93 81 328 '1, 485 242 Mar. 16 3,626 240 1,613 227 349 93 89 367 89 56 93 81 329 1,483 242 Mar. 23 3,623 240 1,609 226 350 93 89 367 89 57 93 81 329 1,479 242 rRevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN APRIL 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 p m c a i p e a r e l - r Total Held b b y a n a k c s cepting H R e e ld s e b rv y e F b e a d n e k r s al sto B re a d se i d n o o n r s g h o i o p d p s ed st o a u n t d - - st o a u n t d - - For ac- Held on o B n a s e e x d - Dollar between points in ing* ing For count of by p i o m rts ports ex- Total O bi w lls n bo B u il g ls ht o c w o n u n a t c- f s c o p o r o e r n i r g e d n - - others U in .S to . U fro .S m . change U. S. F c o o re u i n g - n ents tries 1937—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 February 293 307 246 140 106 1 61 96 78 2 70 61 * 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 1 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 ) i c t e e i s rs' a i b n n p a a d v l a c a e r c n s t o t n c t r u m a e e n s d r e t s i s n ' n i t n g a i b n n a a d v l c a e c f n s i o t r c t r m u m a e n s d e t i s n n i t n g C a b h a n a s a d n h n k d i s o n n r M o b w o o n e r d - e y 2 Free O (n th et e ) r p m i a n e r v n t I n n e t e s a t r n - s d ' m in e f n v i I r t n e m s a t n - d a c c a c I p o n i u t n a t l s trading trading (net) accounts accounts 1935—September 1,098 65 119 182 771 257 89 23 12 396 December __ _ _ _ 1,258 75 135 179 930 286 79 24 10 410 1936—March 1,351 67 168 181 995 303 89 23 15 429 June 1,267 67 164 219 985 276 86 24 14 420 September 1,317 72 141 227 995 289 99 24 14 423 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—February... 1,482 61 188 230 1.084 366 116 32 25 418 March 1,549 61 175 223 ,172 346 115 29 18 419 April 1,559 58 163 227 L, 215 314 111 29 18 417 May 1,503 56 149 209 ,188 284 101 24 12 408 June 1,489 55 161 214 L, 217 266 92 25 13 397 July. ._ 1,493 56 157 206 213 265 96 25 13 397 August 1,509 54 149 202 ,233 252 92 26 13 391 September 1,363 48 128 239 088 256 96 26 12 385 October. 1,053 40 135 263 781 272 107 24 12 383 November 1,034 38 120 225 723 270 95 24 11 376 December 985 34 108 232 688 278 85 26 10 355 1938—January 958 31 103 220 641 288 87 28 11 333 February 937 31 104 207 628 280 80 26 10 324 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. Th3 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 BULLETIN for March 1938, page 196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

307 APRIL 1938 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der sees. 13 and 13a of the Fed- 10 (b) of the Federal the United States eral Reserve Act» Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act) Rate In effect v P io re u - s Rate In effect Rate In effect Mar. 31 beginning- rate Mar. 31 beginning- Mar. 31 beginning— Boston IK Sept. 2, 1937 2 Sept.2, 1937 Oct. 20, 1933 New York.— Aug. 27, 1937 IK Oct. 10, 1935 Feb. 8, 1934 Philadelphia- IK Sept. 4, 1937 Sept.4, 1937 Oct. 20, 1933 Cleveland IK May 11,1935 2 Oct. 19, 1935 3K May 11, 1935 Richmond Aug. 27, 1937 2 Sept.10, 1937 Feb. 19, 1934 Atlanta IK Aug. 21, 1937 2 Aug.21, 1937 4 Mar. 17, 1934 Chicago IK Aug. 21, 1937 2 Aug.21, 1937 4 Oct. 16, 1933 St. Louis IK Sept. 2, 1937 2 Sept.2, 1937 4 Feb. 23,1935 M Ka i n n s n a e s a p C o i l t i y s- - I I K K S A e u p g t . . 2 3 4 , , 1 1 9 9 3 3 7 7 2 2 A Se u p g t . . 2 3 4 , , 1 1 9 9 3 3 7 7 4 3 K K A M p a r y . 1 1 0 5 , , 1 1 9 9 3 3 5 3 Dallas IK Aug. 31, 1937 2 Aug.31, 1937 4 Mar. 12, 1934 San Francisco IK Sept. 3, 1937 2 Sept.17, 1937 4 Oct. 19, 1933 2 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1936 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect Mar. 31, 1938, on advances and commitments under Sec. 13 (b) of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Maturity e R ff a ec te t i o n n In g i e n f n fe in ct g — be- Pre ra v t i e ous Advances to financ- Mar. 31 ing institutions— Advances direct to Commit- 1-15 days K. Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 4 3 1 6 1 6 - - - 6 3 4 0 0 5 d d d a a a y y y s s s — — —d d o do o 1 1 1 m ga o e n r r i c z c i a o al t m i o o - r n - s i t w n io s h n t i i c f t o u h - r m O a n in r i e n - g a t d o v m an a c k e e s 61-90 days— .—_do 1 tion is portion 91-120 days.. do 1 obligated 121-180 days do IX Boston 3K-6 3 3K i This rate also applies to acceptances bought under repurchase agree- New York— 4-6 3 4-5 1-2 ments, which agreements are always for a period of 15 days or less. Philadelphia- 4-6 22K (2) NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4K-6 3K 4 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-5 5 5 Chicago 5-6 i 2K 5-6 Back figures.—See Annual Report for 1936 (table 41). St. Louis 4-5K 3K 4 Minneapolis— 6 4K-5 4K-5 Kansas City- 4-6 4 4 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 K-2 Maxim t u h m e B ra o t a e r s d t o h f a t G m ov a e y r n b o e r s p a u i n d d b er y p m ro e v m is b i e o r n s b a o n f k R s e a g s u l e a s t t i a o b n l i Q sh . ed by 2 3 1 S F A a l u a m t t h e c o a h ri s a z r t e g o d e b . r o a r t r e o w 1 p er e r b c u en t t n a o b t o le v s e s p th re a v n a i 4 l i p n e g r c d e is n c t. ount rate. [Percent per annum] Back figures.—See Annual Report for 1936 (table 40). MEMBER BANK RESERVE REQUIREMENTS Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, S P 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 s d o ep si o ts s it p s ay- 2 2 K K Clas a se n s d o b f a d n e k p s osits A 1 u 1 9 g 9 1 . 3 7 6 1 - 5, Fe 1 1 b 9 9 . 3 3 6 2 7 - 8, A 1 p 1 9 r 9 3 . 3 7 3 7 - 0, a M nd 1 a 9 3 y a 7 f , 1 te , r able in: 6 months or more 2K 2K On net demand deposits: 9 L 0 e s d s a t y h s a t n o 9 6 0 m d o ay n s ths 2 2 K K 2 1 R C e e s n e t r r v a e l r c e i s ty erve city- 1 1 3 0 1 1 9 5 K 2 17 2 K U 2 2 6 0 Country 7 10K 12M 14 NOTE.—Maximum rates that may be paid by insured nonmember On time deposits: e b f a f n ec k t s i ve a s F es e t b a r b u l a is r h y e d 1 , b 1 y 9 3 t 6 h , e a r F e e d t e h r e a l s a D m e e p o a s s i t t h I o n s s e u r i a n n c e e f fe C ct o r f p o o r r m ati e o m n, - All member banks— 3 4K 5X ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on page 296 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

308 FEDERAL RESERVE BULLETIN APRIL 1938 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES I Weigh ted 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- New York City: Year, Prime Stock- Stock ury bills yield on January 5.74 L24 4.71 4.12 3.58 2.83 2.64 2.50 2.36 mo w n e th ek , or m m 4 P p c r o a e o t i p r n o m m c e t i h 6 - e r a , s la a b c d n e a c a 9 r c n e 0 y s e p k ' s s t - , - c l d t h o i a e m a a 9 y x n 0 n e s - g s, e c n h l c o e r e a a e x a w n l - n - l g - e i f N s e s o r e u f e w - e d s d d e 9 e r a 1 a s y - l ' - T n U 3 y u o r . e e r t t a o y S e a r s s . 5 - M A F J J M u u e p a n l a b y r r y e i r c l u h ary.. 5 5 5 5 5 5 . . . . . . 7 8 8 8 8 9 3 5 1 8 8 3 L L 1 L L L . 3 2 0 1 1 ll 1 0 5 3 7 4 4 4 4 4 4 . . . . . . 7 6 4 5 7 6 2 9 2 5 1 1 4 4 4 4 4 3 . . . . . . 8 1 2 3 1 9 8 0 4 3 1 3 3 3 3 3 3 3 . . . . . . 3 3 3 3 4 4 9 0 0 1 2 3 2 2 2 2 2 2 . . . . . . 6 9 6 6 6 6 4 0 1 6 9 1 2 2 2 2 2 2 . . . . . . 4 4 5 6 5 5 4 4 6 1 4 1 2 2 2 2 2 2 . . . . . . 3 5 4 3 5 4 4 0 4 6 3 1 2 2 . . 4 3 0 4 als w pe i r t i h o i d n 1 ta q t u i o o - n A Se u p g t u e s m t ber- 6 6. . 0 0 6 5 3 3 . .9 9 7 3 4 4. . 3 4 0 5 3 3. . 7 9 9 7 3 3. . 2 3 6 3 2 2 . . 7 6 2 7 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 1 1 9 93 3 6 5 a a v v e e r r a a g g e e . . . . . . . . 7 7 6 5 . .1 1 5 3 1 . .1 56 6 . . 5 9 6 1 . . 1 1 4 4 . . 1 1 7 7 1 1 . . 2 1 9 1 N De o c v e e m m b b e e r r .. _ 5 5. . 7 8 4 6 4 4 . . 6 6 7 4 4 4. . 2 1 2 2 3 3 . . 4 5 8 2 3 3 . . 1 2 8 2 2 2 . .7 6 7 1 2 2 . . 4 4 3 3 2 2. . 4 4 0 5 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 8 other northern and 1937—February X Vie IX 1.00 .38 .15 1.22 eastern cities: March.. M~l IS 1.00 .58 .38 1.42 January 5.87 4.61 5.07 4.89 4.65 4.08 3.62 3.36 3.37 April.... 1 1.00 .70 .56 1.59 February _ 5.86 4.63 5.13 4.84 4.49 4.02 3.63 3.43 3.29 M Ju a n y e 1 1 7Ae-V2 I I K K 1 1. . 0 0 0 0 . . 6 5 5 8 . .3 4 6 1 1 1 . . 5 4 4 8 A M p a r r i c l h 5 6. . 0 9 0 1 4 4. . 5 6 7 2 5 5 . . 1 1 4 0 5 5 . . 3 0 9 9 4 4 . . 5 5 2 2 4 3 . .9 0 9 5 3 3 . . 6 4 C 7 3 3. . 3 3 6 4 3.25 July 1 Vie IX 1.00 .49 .28 1.44 May __. 6.09 4.55 5.14 4.99 4.39 3.88 3.45 3.45 August — 1 Vie IX 1.00 .52 .29 1.45 June 6.02 4.49 5.13 4.97 4.30 3.78 3.51 3.32 O Se c p t t ober. 1 1 V V i i e e I I K X 1 1. . 0 0 0 0 r. . 5 3 3 4 . . 2 3 0 1 1 1 . .5 4 0 2 A Ju u l g y ust 6 6 . . 0 1 8 1 4 4. . 4 4 7 8 5 5. . 1 0 2 5 4 4 . . 6 8 8 2 4 4 . .1 1 2 5 3 3. . 7 8 9 7 3 3 . . 4 6 7 1 3 3 . . 2 3 9 2 N De o c v 1 1 V V i i e e I I X X 1 1 . . 0 0 0 0 . .1 1 0 5 . .0 1 9 1 1 1. . 2 3 7 1 S O e c p to te b m er ber 6 6 . . 2 2 4 5 4 4 . . 4 6 8 2 4 5 . . 9 0 6 3 4 4 . . 6 5 5 1 4 4. . 1 1 3 1 3 3 . . 7 7 5 5 3 3 . . 4 5 5 0 3 3 . .3 3 7 3 1938—January. 1 Vie IX 1.00 .10 .10 1.13 November 6.12 4.87 4.88 4.54 4.08 3.63 3.47 3.42 February 1 Vie IK 1.00 .08 .08 1.09 December 5.94 4.91 4.88 4.59 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 Feb. 12____ 1 Vie IK 1.00 .08 .08 1.13 27 southern and Feb. 19.___ 1 Vie IK 1.00 .09 .08 1.08 western cities: Feb. 26 1 Vie IK 1.00 .09 .09 1.05 January 5.94 5.50 5.61 5.60 5.40 4.95 4.47 4.16 4.16 Mar. 5 1 Vie IK 1.00 .07 .07 1.00 February 5.96 5.43 5.61 5.56 5.39 4.84 4.51 4.15 4.09 Mar. 12___. Vie IK 1.00 .07 .07 .98 March _ 6.04 5.40 5.64 5.66 5.40 4.85 4.44 4.15 4.15 M M a a r r . . 2 1 6 9 . — ._. H M - ~ i l V V i i e e I I K K 1 1 . . 0 0 0 0 . . 0 0 7 9 . . 0 0 7 8 1 1 . . 0 0 3 1 A M p a r y il 6 6 . . 0 1 7 0 5 5 . . 3 2 6 6 5 5. . 6 6 4 3 5 5. . 6 6 6 8 5 5 . . 3 2 4 8 4 4 . . 8 7 0 9 4 4 . . 4 4 0 3 4 4 . .1 2 7 1 June 6.16 5.34 5.62 5.62 5.19 4.76 4.39 4.18 July 6.17 5.30 5.63 5.54 5.07 4.58 4.35 4.19 1 Series comprises 182-day bills to February 23,1935, 273-day bills from August 6.22 5.28 5.68 5.53 5.05 4.63 4.25 4.18 March 1,1935, to October 15,1937, bills maturing about March 16, 1938, September 6.27 5.32 5.63 5.55 5.04 4.51 4.29 4.18 from October 22, to December 10, 1937, and 91-day bills thereafter. October 6.29 5.38 5.56 5.50 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 5.42 4.93 4.51 4.24 4.17 for 91-day Treasury bills available on request. December 6.20 5.56 5.60 5.43 4.92 4.55 4.14 4.15 r 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 U. S. Year, month, or week Treas- M ip u a n l i 3 c- By ratings By groups ury 2 Total Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 7-12 15 120 30 30 30 30 40 40 40 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—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 Sp.pt.p.mbfir 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 193g—January _ . 2.47 3.03 4.33 3.20 3.61 4.32 6.19 3.54 5.44 4 01 February _ . __ 2.46 2.99 4.39 3.23 3.65 4.38 6.31 3.57 5.54 * 4.07 Week ending: Feb 26 2.43 2.99 4.35 3.22 3.63 4.34 6.22 3.55 5.46 4 05 Mar 5 2.41 2.98 4.35 3.21 3.63 4.32 6.23 3.54 5.49 4.01 Mar. 12 . . 2.42 2.96 4.42 3.23 3.64 4.37 6.42 3.53 5.71 4.01 Mar 19 2.46 2.96 4.54 3.25 3.70 4.51 6.72 3.56 6 04 4 04 Mar 26 2.46 2.99 4.64 3.28 3. 78 4.60 6.92 3,59 6.29 4.06 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. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures.—See Annual Report for 1936 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 309 BOND PRICES * STOCK MARKET Corporate3 Stock prices* U. S. Year, month, or date T u r r e y a * s- M i u p n al i * c- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or Pre- Common (index, 1926=100) u t V m ra o e d l - - of ferred* ings Number of issues.. 7-12 15 20 20 20 Total In tr d i u al s- R ro a a i d l- Utility 1935 average.. 106.1 105.3 88.2 79.4 98.2 1936 average.. 107.0 110.8 97.5 92.2 94.7 105.4 Number of issues 20 420 348 32 40 1937 average.. 104.4 110.3 93.4 90.1 89.6 100.4 == 1935 average 133.8 78 91 I, 71 1,411 1937—February 107.2 112.7 100.0 94.7 100.2 105.1 1936 average _ 138.9 111 127 104 1,824 March 105.2 108.9 98.5 93.5 98.3 103.6 1937 average 136.2 112 131 95 1,519 April 102.6 108.0 96.6 92.0 95.3 102.4 May 103.3 109.6 96.2 91.9 95.0 101.8 1937—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 February. _. 105.4 112.2 79.3 65.0 92.2 November.. _ 132.3 83 96 80 1,420 December 132.1 81 94 78 1,174 Feb. 23.. 105.6 112.2 79.9 81.2 65.7 92.7 1938—January 133.5 83 97 76 1,069 Mar. 2... 105.8 112.3 79.8 81.2 64.6 93.6 February 133.3 81 96 71 719 Mar. 9__ 105.8 112.7 78.0 80.7 60.7 92.6 Mar. 16.. 4 104. 5 112.7 76.1 80.1 56.7 91.4 Feb. 23 133.2 85 73 904 Mar. 23.. 112.2 74.8 79.4 54.6 90.3 Mar. 2 134.0 83 72 496 Mar. 9 134.1 80 70 638 Mar. 16 133.7 77 68 903 1 Monthly data are averages of daily figures except for municipal bonds, Mar. 23 131.6 72 65 1,231 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 Statistics Co. Average prices of industrial high-grade, derived from yields. 4 Substitution of bonds lowered the average by 0.9 on March 15. 3 Average daily volume of trading in stocks on the New York Stock Back figures.—See Annual Report for 1936 (table 73); for U. S. Treas- Exchange, in thousands of shares. Weekly figures are averages for the ury bonds, see BULLETIN for May 1936, p. 317. week ending Saturday. Back figures.—For stock prices, see Annual Report for 1936 (table 73). CAPITAL ISSUES [In millions of dollars] ]For new capital ]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 s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - C B o o rp n o d r s ate e F ig o n r- 1 eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal notes pal cies* notes 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 "1,054 530 238 1929 11,513 10,091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 * 542 833 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 0 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3.387 3,187 200 119 1937 3,878 2,080 2,076 727 157 1,192 789 403 4 1,798 1,639 175 280 1,184 833 351 159 1937—Feb 511 190 190 34 4 152 96 56 0 321 255 9 21 225 140 84 66 Mar.... 382 185 185 47 0 138 99 39 0 197 197 12 4 181 162 19 0 Apr 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 Aug...- 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 Oct. ... 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 (3) 42 42 4 27 10 10 (3) 0 Dec 164 122 122 79 0 43 27 16 1 42 42 5 23 14 14 (3) 0 1938—Jan 121 92 92 41 6 46 39 6 0 29 29 8 18 4 3 1 0 Feb. 199 82 81 40 0 41 41 1 117 117 22 32 62 62 0 0 (3) 1 Includes issues of noncontiguous U. S. Territories and Possessions. s 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.—See Annual Report for 1936 (table 72). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN APRIL 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] Nonmterest- :Interest-bearing bearing Total Publicly offered i End of month gross Ad- Social debt Bonds justed se- All Ma- Total service curity other6 tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U.S. war ury2 Savings 1932—June _. 19,487 19,161 618,816 753 13,460 1,261 616 105 240 60 266 1933—June 22,539 22,158 «21,782 75.3 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 6 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—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 10,675 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 February.. 37, 633 37,080 34,144 79 20,476 1,106 10,531 1,952 867 1,399 669 91 462 * 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. * Includes special issues to old-age reserve account, unemployment trust fund, and railroad retiremenfaccount. B Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES* OBLIGATIONS, FEBRUARY 28, 1938 [In millions of dollars] [In millions of dollars] Date maturing Total Bonds* Notes Bills F F e a d r e m ral O H w o n m e e rs' st R ru ec c o ti n o - n End of month otal Mortgage Loan Finance Corpora- Corpora- Corpora- 1938—Before Apr. 1 1,206 455 751 tion tions tion Apr. l-June30 1,669 618 1,051 July 1-Sept 30 747 596 150 Oct. 1-Dec. 31 433 433 1934—June 681 312 134 235 1939—Jan. i-Mar. 31 942 942 December. 3,063 980 1,834 249 Apr 1-June 30 1,294 1,294 1935—June 4,123 1,226 2,647 250 July 1-Dec 31 953 953 December. 4,494 L,387 2,855 252 1940 2,854 2,854 1936—June 4,718 L,422 3,044 252 1941 2,219 834 1,385 December. 4,662 L,422 2,988 252 1942 1,001 1,001 1943 898 898 1937—February.. 4,662 1,422 2,988 252 1945 2,125 2,125 March 4,662 L,422 2,988 251 1946 1,858 1,858 April _ 4,660 1,422 2,987 250 1947 2,149 2,149 May 4,660 L,422 2,987 250 1948 2 1,168 i 1,168 June 4,665 L,422 2,987 255 1949 819 819 July 4,703 1,420 2,987 295 1951 1,223 1,223 August 4,633 •L,400 2,937 296 1952__ _ 1,250 1,250 September. 4,633 L,400 2,937 296 1953 1,786 1,786 October. __ 4,634 1,400 2,937 297 1954 2,663 2,663 November 4,644 L 410 2,937 297 1955 755 755 December. 4,645 1,410 2,937 297 1956 489 489 1938—January... 4,646 1,410 2,937 298 1959 982 982 February.. 4,646 L410 2,937 299 1960 2,611 2,611 1961 50 50 1 Principal amount of obligations guaranteed as to interest and princi- Total 34,144 21,661 10,531 1,952 pal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal Housing Administrator, amounting to $314,000 on February 28,1938. 1 Issues classified as of date of final maturity; most issues callable at 2 Excludes obligations guaranteed as to interest only. earlier dates; most of the U. S. Savings bonds are redeemable at option of holder. 8 Includes unclassified U. S. Savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

311 APRIL 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 1 T a ru c- 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 E o x f c r e e s - s e e x t c c e . s 7 s 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 2 O i n r n e n u t t v a h e e e l e r 8 - - 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 N a 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 g t d v ) - s * - a T f t e e c r r r t u c a c s ' n . s t * t s t s o . - p ( c t + e e u e n i r x ) p e d o - t s i s r - p ( c o t + e e u ( e f ) n i x r ) p r e d o * e t s i s r - - G b f a e u l n a n e n d r c a e l G d r e o b s t s erans' Adm.* Fiscal year ending: June 1935 3,800 1,099 2,179 523 821 1,089 1,315 3,366 141 71 -3,002 +613 -741 +1,648 June 1936 ____. 4,116 1,427 () 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 1,436 1,994 3,079 » 244 -2,707 -67 -128 +2, 646 8 months ending: Feb. 1936. 2,348 633 1,312 403 4,398 407 830 2,139 13 141 -2,050 +157 -75 +1,819 Feb. 1937 2,717 807 1,450 447 4,687 437 940 1,192 2,141 9 215 193 -1,971 +6 -1,143 +822 Feb. 1938 3,860 1,272 581 1,583 424 4,861 465 1,022 1,339 1.338 170 526 -1,000 +214 +421 +1, 208 1937—February.... 275 58 10 148 58 553 20 112 176 214 9 13 45 -279 -7 -187 +99 M Ap a r r i c l h _ 1,0 3 1 6 2 3 70 5 0 7 5 7 0 8 1 1 9 6 0 6 7 6 1 2 7 7 5 0 4 8 159 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 + + 1 2 2 1 7 2 May 335 47 59 170 60 552 119 169 211 92 45 -217 -3 +52 +272 June 547 53 212 56 1,300 194 128 179 232 27 540 -432 +20 +800 +1,212 July 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 __ 487 138 192 49 730 163 134 141 173 56 63 +136 +43 +365 +186 1938—January 52 57 172 53 566 16 130 180 150 34 56 -231 +35 -23 +173 February. __ 349 62 110 141 36 512 17 123 150 156 10 56 -162 +7 +25 +180 * Excludes debt retirement. 2 Includes taxes under Social Security Act and on carriers and their employees. »Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. * Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc." 8 Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm Credit Administration, and Export-Import Banks. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. 7 Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment trust fund, old-age reserve account, and railroad retirement account. s Less than $500,000. » Excess of credits. GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars] In- Incre- Seign- Work- End of month Total active ment iorage ing gold on gold balance 1932—June „ 417 417 1933—June 862 862 1934—June. _ 2,582 811 1,771 1935—June . 1,841 700 140 1,001 1936—June 2,682 140 316 2,225 1936—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 February 2,975 1,201 142 421 1,212 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN APRIL 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1938 [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- Jan. 31, Dec. 31, Jan. 31, Finance Credit Admin- credit Other gage credit gage Other 1938 1937 1937 Corpo- Corpo- istra- institu- institu- institu- instituration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions. _ 285 1 191 10 486 501 505 Preferred stock, etc 551 0) 3 207 759 762 762 Home mortgage loans. 2,371 2,371 2,398 2,729 Farm mortgage loans 2,868 2,868 2,876 2,932 Other agricultural loans 1 200 15 93 263 0) 572 561 590 All other loans 891 49 383 1,324 1,343 1,193 Total loans and preferred stock . _ 1,729 200 49 1 476 2,868 263 2,769 10 8,380 8,440 8 711 Cash 7 (l) 8 80 66 26 124 38 350 299 246 United States direct obligations 35 5 34 51 116 20 355 617 606 511 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 0) 42 14 102 171 180 195 Other 2 27 % 7 36 32 30 Production credit association class (2) 1 A stock 75 75 76 75 Accounts and other receivables 38 1 1 39 171 4 23 4 280 277 283 All other assets 12 C1) 22 0) 415 154 3 517 20 1,141 1,116 702 Total assets other than interagency 2 - 1,821 201 71 146 1,046 3,311 458 3,466 529 11, 050 11, 027 10, 754 LIABILITIES Bonds, notes, and debentures: O G t u h a e r r a 2 nteed by United States.__ 298 60 0) 2 1 1 , . 4 0 1 4 0 4 181 2,93 7 7 8 0) 4 1 , ,3 6 6 4 7 6 4 1 , ,3 6 6 4 3 5 4 1 , 6 3 8 2 7 4 Other liabilities (including reserves) 57 (') 4 52 197 6 151 129 597 585 449 Total liabilities other than interagency 2 _ 356 60 4 56 2,651 187 3,167 129 6,611 6,593 6,461 Excess of assets over liabilities, excluding interagency transactions.. 1,466 140 71 141 990 660 271 298 400 4,439 4,434 • 4,293 Privately owned interests 180 4 41 139 364 361 341 U. S. Government interests 1,466 140 71 141 990 480 267 258 261 4,075 4,073 3,952 i Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. « Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury amounting to $48,000,000 are classified under "All other assets." NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Feb. 28, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, 1937 1937 1937 1937 1937 1937 1938 1938 Loans to financial institutions. 304,815 266,283 261,104 256,965 249, 594 251,368 246, 598 1245,303 Loans on preferred stock of banks and insurance companies- 41, 465 39,414 39,167 38,949 38,800 38, 650 38, 417 37, 854 Preferred stock, capital notes, and debentures.. 607, 777 567,879 566,090 563,465 559, 623 555,312 551, 335 537,199 Loans to railroads (including receivers). _ 345,447 351,855 356, 279 355. 932 355, 923 355,894 358, 216 361, 951 Loans for self-liquidating projects.. _ _. 206, 721 227,108 231,171 232,414 234,113 237,637 235, 263 233, 782 Loans to industrial and commercial businesses 63, 838 72,833 73,101 73, 283 72,686 74, 794 73, 703 73,196 L O o th a e n r s l t o o a n dr s a 2 inage, levee, and irrigation districts 66 3 , , 3 5 5 5 5 3 7 3 5 , , 8 0 6 38 7 7 3 7 , , 8 1 7 8 0 0 7 3 7 , , 9 1 4 60 6 7 3 7 , , 9 1 7 79 0 77 3 , , 9 5 2 2 0 2 77 3 , , 8 7 4 1 6 5 77 3 , , 9 8 6 0 2 2 Securities purchased from Public Works Administration 108, 714 86,843 85,621 117, 504 132,564 140,916 140, 659 Total loans and investments, other than interagency-. 1, 748, 684 1,691,120 1,693, 584 1,691,114 1, 709,392 1,727, 661 1, 726,009 1, 711, 708 Loans to Federal land banks 22,191 13, 275 13, 212 13,042 12, 308 11,617 11,481 7,829 Loans to Commodity Credit Corporation 129, 320 1,876 3,361 10,165 31, 298 63,120 80, 206 88,016 Capital stock of Commodity Credit Corporation 97, 000 97,000 97,000 97,000 97,000 97,000 97,000 97, 000 Capital stock of, and loans to R. F. C. Mortgage Co 39, 233 53,073 57,487 60,150 62, 779 68, 207 69, 888 Preferred stock of Export-Import banks... 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20, 000 Capital stock of Disaster Loan Corporation 1,000 7,000 8,000 8,000 8,000 10,000 10,000 10,000 Loans to Rural Electrification Administration 5,948 8,423 11, 698 16,849 21, 598 26,055 29, 505 Capital stock and surplus of National Mortgage Assoc 11, 000 Total loans and investments.. 2, 057, 825 1,889, 291 1,901,067 1,911,168 1,957,624 2,017,403 2,038,957 2,044, 945 1 Includes $81,000,000 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

313 APRIL 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 a e r n e d d d e i r d t a i l b s a c in n o t k u e n r l t m o s a e f n o d s r i — a to te Loans to cooperatives by— End of month la F nd e d b e a r n al ks C s o L B i m o a a n n n m e d k r is- p s c p c R r o r c o r o e c u e e r a d d i g a l d a g u i t t i i t t u r i o c t i i o r c o n - t a a n i o n a s o l s r l s - n , - , f c i i n e o n t O x i a o s o t n c p t h n i c e e t e s i p 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 i u a r t r e g a a c g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a 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 n e 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 M A i n r n e t g g a g u v r r o r i f k A c a u l e u v l n c t l - d t - and banks tives for cooperatives i 1934—December. 1,915,792 616,825 99,675 55, 672 87,102 ••111, 182 33,969 27,851 54,863 1935—December. 2,071,925 794,726 104,706 47,162 94,096 43,400 172,489 2,731 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 February- 2,060,233 835, 509 130,139 41,061 114, 551 24,249 163,250 1,359 60,356 52,359 March 2,057,930 144,250 42,367 131, 905 174,709 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 2,047,650 826,317 171,270 162,515 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 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 February _ 2, 029, 517 804, 212 173, 384 38, 852 147, 983 15,198 169, 609 1,502 87,113 27,875 ••Revised i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- U. S. Government securities End of month L p O o o H r w a a o n n t m i e C o r e n o s r ' i - a N F s e s u l o d o m c e a i r n b a a e t l a i r o s s o n s a o f s v c i i n a g ti s L o o a n re a s n - n d s m l F i o t n h b i e e l a o s o o a d m n t n a m n e i s s b n t k r u e t a e 3 o - l r End of month D a i n b e t a o 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 b e o a i c l n - - i t - s G t o t i a e g u b o n e a a l n - d - i r s - C f s e u e r a t e n r c s - v d . h * 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. 2,379,491 455 69, 734 86,658 1935—December. 2,897,162 1,023 881 315,683 102,795 1936—December 1,260 1,296 145 1,058 891 167 93 1936—December. 2,765-098 1.212 1,065 544,107 145,401 1937—January 1,266 1,303 136 1,060 893 167 107 February 1,270 1,307 133 1,061 894 167 113 1937—February.. 2,698, 611 1,240 1,157 611,212 141,205 March 1,272 1,310 132 1,097 930 167 81 March 2,661,542 1,249 1,168 630,680 142, 720 April __ 1,270 1,307 134 1,100 933 167 73 April 2, 625,493 1,257 1,168 652, 557 146,149 May 1,268 1,306 134 1,100 933 167 72 May 2, 591,115 1,270 1,166 679,949 153,491 June 1,268 1,307 136 1,100 933 167 71 June 2, 556,401 1,286 1,181 703,996 167,057 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 1,200 746,958 175,607 September 1,270 1,307 133 1,100 933 167 74 September. 2,472, 421 1,307 1,211 769,117 179,511 October 1,269 1,308 130 1,100 933 167 78 October 2,446,002 1,311 1,211 782,846 184,041 November 1,270 1,306 129 1,101 934 167 76 November. 2,422,149 1,318 1,194 782, 495 187,336 December 1,270 1,308 130 1,097 930 167 81 1938— D J e a c n e u m ar b y e .. r . . . 2 2 , , 3 3 7 9 0 7 , , 9 6 8 4 4 7 1 1, , 3 3 3 2 2 8 1 1 , ,1 2 9 5 8 0 •• 8 8 0 4 8 3 , , 5 6 4 2 6 6 2 19 0 0 0 , , 0 5 9 3 5 8 1938— F J e a b n r u u a a ry ry . _ P vl I t , 2 2 7 7 1 2 February.. 2, 348, 025 1,334 1,250 187, 518 p Preliminary. r Revised. i Outstanding principal, represented by certificates of deposit. Does i In addition to loans the HOLC held en Feb. 28, 1938, $811,000,000 in not include accrued interest nor outstanding savings stamps. other assets, consisting principally of investments in the Federal Savings 8 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 posta 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

314 FEDERAL RESERVE BULLETIN APRIL 1938 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production** Construction contracts awarded (value) * Fac- Factory em- tory Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment8 r p ol a l y s - * loadings4* sto ( r v e a l s u a e l ) es* month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjusted justedjustedjustedjustedjustedjustedjustedjusted justed usted justed ustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 78 87 1922 85 86 74 79 68 88 90 82 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 101 104 107 106 1927 106 106 107 129 117 139 99 102 104 107 1928 111 112 106 135 126 142 99 102 104 108 1929 119 119 115 117 87 142 105 109 107 111 1930 96 95 99 92 50 125 91 89 92 102 1931 81 80 84 63 37 84 77 67 74 92 1932 64 63 71 28 13 40 66 46 55 69 1933 76 75 82 25 11 37 72 49 58 67 1934 79 78 86 32 12 48 83 63 62 75 1935 90 90 91 37 21 50 86 71 64 79 1936 105 105 104 55 37 70 92 82 75 88 1937 110 109 115 59 41 74 99 98 78 92 1935 Jan 90 88 90 87 95 92 27 22 12 10 39 32 84 82 65 63 59 76 59 Feb 90 91 88 91 97 93 28 24 14 13 39 33 85 85 70 66 62 77 61 Mar 88 91 87 91 97 90 26 26 16 16 35 34 86 86 72 65 63 79 71 April.... 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 May.— 85 87 84 87 90 88 27 32 21 25 32 39 85 85 69 61 60 74 76 June 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 July 86 83 87 83 85 85 35 39 25 25 43 50 85 84 67 59 59 80 55 Aug 88 87 89 87 83 86 38 40 24 24 50 64 86 86 71 63 64 77 61 Sept 91 90 92 89 87 93 43 44 25 25 68 59 86 88 74 64 71 81 86 Oct. 95 97 95 96 93 101 48 45 25 25 66 62 87 89 76 68 75 78 86 Nov 96 98 97 98 93 96 60 63 26 25 88 76 88 89 76 68 69 82 91 Dec 101 96 101 95 102 97 68 54 26 22 103 80 89 88 78 68 64 83 145 1936 Jan. 97 95 96 95 104 100 62 50 25 21 92 75 89 87 74 70 65 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 87 87 74 71 68 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 April 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 71 68 84 85 May.— 101 105 101 105 102 101 46 56 32 38 57 70 90 90 81 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 69 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 93 94 84 76 77 86 68 Sept 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct. 110 111 111 110 105 115 67 54 43 41 69 65 94 97 89 77 86 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 99 98 95 83 77 92 161 1937 Jan. 114 112 115 113 110 106 63 51 45 37 77 63 99 97 91 80 73 93 72 Feb 116 117 116 118 115 111 62 64 47 42 75 64 100 99 96 82 76 95 76 Mar 118 122 117 122 128 118 56 56 45 47 64 63 101 101 101 83 80 93 90 ApriL... 118 122 118 125 115 105 53 61 44 61 61 68 102 102 105 84 79 93 89 May.... 118 122 118 123 116 117 56 68 44 52 66 81 102 102 105 80 80 93 95 June 114 115 114 114 114 117 61 72 42 47 77 92 101 101 103 78 79 93 90 July 114 111 114 110 112 115 67 75 44 45 86 99 103 101 100 80 82 94 65 Aug 117 115 '117 114 112 120 62 66 40 40 81 87 102 102 104 79 81 92 72 Sept 111 109 110 106 115 125 56 56 37 37 71 72 101 102 100 78 87 94 100 Oct 102 102 101 99 113 122 52 49 36 35 65 61 98 101 100 76 84 93 103 Nov 88 90 85 86 109 112 56 50 32 31 76 65 94 95 90 71 72 91 101 Dec 84 79 79 75 114 107 62 49 30 25 88 68 89 89 81 67 62 89 166 •JQOQ Jan 80 79 76 75 108 103 52 43 26 22 74 60 84 82 72 65 59 90 70 Feb P76 P101 P97 P48 P42 P30 P64 P54 P83 P83 J>74 62 57 88 70 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 315-316; 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. * 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. 317-320. Underlying figures are for payroll period ending nearest middle of month. « For indexes of groups see p. 322. Back figures,—SQQ Annual Report for 1936 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car oadings, see pp. 522-529 of BULLETIN for June 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

315 APRIL 1938 FEDEKAL EESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100] r 193' 1938 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total 115 116 117 118 118 114 114 117 110 101 85 79 76 P75 IRON AND STEEL 139 129 126 130 134 119 140 142 125 100 68 49 52 50 Pig iron 107 107 108 109 114 107 121 123 119 95 67 50 47 46 Steel ingots _ 142 131 128 132 136 121 141 144 125 101 68 49 52 51 TEXTILES „ _ 124 126 128 124 123 126 111 115 108 91 80 77 75 Cotton consumption 129 132 136 130 130 136 125 129 121 101 91 88 82 85 Wool 121 129 128 119 121 119 95 106 88 65 51 56 54 C onsumption 126 132 139 128 132 129 102 120 96 63 51 54 52 ?61 Machinery activity l 137 125 118 120 118 96 96 80 74 58 66 67 pgg Carpet and rug loom activity!_ '93 104 101 96 93 94 71 83 80 59 41 '43 40 Silk deliveries 118 112 114 120 109 115 97 92 103 105 94 69 80 88 FOOD PRODUCTS: Slaughtering and meat packing... 87 86 89 93 76 77 70 78 87 89 86 86 92 86 Hogs 65 66 69 75 54 49 44 50 67 76 74 72 77 66 Cattle 111 108 113 113 99 111 99 111 109 102 96 101 106 109 Calves 130 122 136 130 124 134 129 141 140 120 115 114 113 111 Sheep 175 151 139 142 145 145 139 148 150 139 139 143 160 164 Wheat flour 87 89 89 95 89 94 91 83 83 86 86 88 86 89 Sugar meltings 98 89 108 123 98 69 91 96 45 73 101 142 99 83 PAPER AND PRINTING: Newsprint production 63 62 64 62 62 61 64 65 65 63 64 63 57 53 Newsprint consumption - 142 145 . 144 144 147 145 140 141 147 145 130 134 132 129 TRANSPORTATION EQUIPMENT: Automobiles 120 120 121 130 135 130 129 157 135 142 92 78 65 62 Locomotives 11 13 24 33 31 30 25 21 29 32 22 16 14 LEATHER AND PRODUCTS 137 134 132 131 133 119 115 109 98 '89 81 86 94 P100 Tanning 108 106 103 107 109 102 94 93 86 79 77 '75 78 Cattle hide leathers 111 108 106 107 111 99 91 93 87 85 '81 76 72 Calf and kip leathers 90 92 85 94 82 83 68 63 60 52 63 '73 80 Goat and kid leathers 119 114 115 121 133 128 127 124 108 92 83 74 91 Boots and shoes 155 '153 151 147 148 129 130 120 106 '95 84 93 105 P114 CEMENT AND GLASS: Cement _ __ 86 85 93 87 78 74 75 73 73 79 76 71 59 57 Glass, plate 77 244 229 241 223 260 206 216 199 179 151 108 62 35 NONFERROUS METALS: Tin deliveries 1 125 131 144 138 115 112 100 108 136 141 115 88 91 85 Zinc 80 83 107 110 116 115 112 110 116 115 108 108 98 90 Lead 76 70 75 85 76 70 82 82 77 81 79 87 69 67 FUELS, MANUFACTURED: Petroleum refining __ 189 194 190 195 200 202 206 207 216 217 211 201 200 Gasoline * 236 245 242 249 253 256 261 265 277 277 268 255 253 Kerosene „ 117 106 108 103 112 114 119 121 109 110 113 108 111 Fuel oill 136 130 126 123 130 133 139 134 147 147 144 140 140 Lubricating oil * 111 126 120 131 131 129 124 121 126 134 127 123 116 Coke, byproduct __ 137 136 138 141 143 134 144 149 148 128 104 89 87 85 Coke, beehive 21 22 25 25 31 29 32 28 25 20 14 11 9 8 RUBBER TIRES AND TUBES 1 _ 123 133 132 133 132 123 102 '93 106 94 75 66 66 56 Tires, pneumatic * 128 138 137 138 137 128 105 '96 110 98 78 70 69 58 Inner tubes l 91 99 99 100 94 84 73 '69 '75 '69 '53 '42 44 41 TOBACCO PRODUCTS _ 165 168 153 158 155 150 164 159 162 155 155 170 157 157 Cigars 83 78 83 82 74 73 78 73 77 73 73 74 75 73 Cigarettes _ 234 242 212 220 221 212 233 229 231 221 221 247 225 226 Manufactured tobacco 76 81 84 89 81 80 86 79 81 82 83 84 77 77 Minerals—Total 110 115 128 115 116 114 112 112 115 113 109 114 108 P101 Bituminous coal 86 98 112 72 80 80 79 78 86 83 78 77 65 P63 Anthracite 56 50 81 97 63 74 47 37 52 55 65 69 66 Petroleum, crude 164 168 173 174 176 172 174 181 177 176 174 176 177 P168 Iron ore 159 122 121 126 113 91 40 Zinc 80 83 107 110 116 115 112 110 116 115 108 108 98 90 Lead. _ 76 70 75 85 76 70 82 82 77 81 79 87 69 67 Silver . _ 99 94 93 103 101 107 148 139 116 91 119 104 96 i Without seasonal adjustment. * Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, 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

316 FEDERAL RESERVE BULLETIN APRIL 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total.. 113 118 122 125 123 114 110 114 106 75 P76 IRON AND STEEL . 134 135 '143 144 146 119 130 139 123 53 Pig iron 105 109 114 115 116 105 115 118 116 95 47 Steel ingots.- 136 138 145 146 149 121 131 141 124 53 TEXTILES 130 134 132 127 123 119 103 108 107 93 P84 Cotton consumption 136 141 143 140 134 130 114 116 118 104 91 Wool 123 135 129 117 116 113 89 102 91 P64 Consumption 130 144 141 124 122 116 91 111 101 P67 Machinery activity ._. 131 137 125 118 120 118 96 96 80 74 P69 Carpet and rug loom activity- '93 104 101 96 93 94 71 83 80 59 P49 Silk deliveries 135 120 110 119 108 102 92 96 109 105 94 FOOD PRODUCTS: Slaughtering and meat packing- 100 85 84 74 76 67 70 83 95 101 107 85 Hogs 87 73 67 52 50 38 50 64 81 94 104 73 Cattle 112 95 99 96 104 109 121 119 110 107 107 96 Calves 121 114 137 141 140 139 125 129 134 126 117 109 105 104 Sheep 176 142 126 133 142 142 139 150 173 153 137 140 161 154 Wheat flour 85 83 87 83 83 88 98 93 85 84 86 Sugar meltings 64 127 143 109 82 111 108 48 79 81 81 PAPER AND PRINTING: Newsprint production 63 62 63 63 63 62 64 65 63 63 58 53 Newsprint consumption. __ 137 143 149 154 151 144 124 126 144 154 139 138 127 127 TRANSPORTATION EQUIPMENT: Automobiles 120 120 140 158 163 147 132 116 53 100 111 94 62 Locomotives 10 13 24 30 30 29 25 23 30 32 23 17 LEATHER AND PRODUCTS '127 ••137 136 -129 122 114 -114 121 -113 97 73 P102 Tanning 104 110 103 105 103 100 94 91 84 -73 Cattle hide leathers 112 116 107 107 105 97 91 91 88 -74 Calf and kip leathers.. 75 85 76 85 78 80 79 76 70 62 -62 Goat and kid leathers. 113 119 117 120 124 128 118 122 113 96 80 Boots and shoes '141 154 -168 ••144 -135 123 127 138 -127 -106 74 95 P115 CEMENT AND GLASS: Cement 51 67 85 92 91 92 94 92 90 76 56 34 Glass, plate 244 241 265 234 234 185 216 199 179 151 108 62 35 NONFERROUS METALS: Tin deliveries 125 131 144 138 115 112 100 108 136 141 115 91 85 Zinc 85 89 113 114 117 111 104 103 110 112 108 110 103 97 Lead 77 72 77 84 75 72 79 79 73 84 82 70 FUELS, MANUFACTURED: Petroleum refining 189 194 190 195 200 201 206 207 216 218 212 202 200 Gasoline 236 245 242 249 253 256 261 265 277 277 268 255 253 Kerosene 119 108 104 102 108 106 110 115 112 115 122 117 113 Fuel oil 135 130 126 123 130 133 139 134 147 147 144 140 140 Lubricating oil 111 126 120 131 131 129 124 121 126 134 127 123 116 Coke, byproduct 138 140 142 142 142 132 140 145 145 128 106 90 88 87 Coke, beehive 24 28 27 28 24 25 23 22 20 15 12 10 10 RUBBER TIRES AND TUBES _ 123 133 132 133 132 123 102 '93 -106 94 75 66 56 Tires, pneumatic 128 138 137 138 137 128 105 -110 78 70 69 58 Inner tubes 91 100 94 84 73 -75 -53 -42 44 TOBACCO PRODUCTS 156 158 146 145 157 164 178 170 179 167 158 138 150 143 Cigars 64 67 76 77 76 80 82 76 88 89 86 55 58 63 Cigarettes 230 220 201 200 224 234 256 247 254 233 219 202 221 206 Manufactured tobacco. 77 82 85 82 82 81 88 85 81 78 78 Minerals—Total. 106 111 118 105 117 117 115 120 125 122 112 107 103 P97 Bituminous coal — 96 103 112 61 70 72 72 77 92 92 87 82 72 P67 Anthracite 61 54 67 101 63 65 38 37 53 70 67 68 72 P56 Petroleum, crude- 158 165 171 174 177 175 177 184 182 177 172 171 170 P165 Iron ore... 238 240 245 257 218 156 34 z n; 85 113 114 117 111 104 103 110 112 108 110 103 97 Lead 77 72 77 84 75 72 79 79 73 84 82 88 70 69 Silver 100 102 102 104 105 126 138 111 90 128 105 97 p Preliminary. - Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 FEDERAL RESERVE BULLETIN APRIL 1938 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] 1937 1938 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total .. 98.8 99.7 100.9 101.6 102.2 101.4 103.0 102.4 100.7 98.4 94.1 89.0 84.2 83.1 Durable goods 92.4 93.9 96.3 97.4 98.4 97.8 100.1 99.3 98.6 96.7 91.4 84.4 76.8 74.4 Nondurable goods 105.4 105.8 105.9 106.2 106.2 105.3 106.2 105.6 102.9 100.2 97.0 94.0 92.1 92.4 IBON, STEEL PRODUCTS 102.3 103.7 106.4 108.0 108.7 100.7 108.3 108.7 108.4 105.4 98.4 90.5 83.0 80.3 Blast furnaces, steel works 113 112 116 118 120 106 121 122 123 119 110 100 91 88 Bolts, nuts, washers, rivets... 87 89 90 93 94 82 88 87 88 85 81 74 63 63 Cast-iron pipe 68 69 71 72 72 69 68 66 64 62 59 61 56 56 Cutlery, edge tools 89 87 87 87 89 86 89 92 91 88 86 83 79 77 Forgings ; 69 70 69 73 73 73 77 73 74 72 65 60 52 48 Hardware 80 96 99 99 98 96 96 93 93 94 91 83 71 67 Plumbers' supplies 94 90 95 97 98 91 89 92 95 93 90 82 81 79 Steam, hot-water heating — 76 78 80 82 82 80 81 77 77 71 64 61 59 56 Stoves _ 114 117 116 113 113 118 107 111 105 99 85 80 75 80 Structural, ornamental 73 75 76 78 77 78 79 79 80 78 75 70 66 64 Tin cans, tinware. 103 105 104 105 107 107 110 109 104 98 99 94 92 91 Tools 98 99 101 101 103 102 103 105 99 96 91 87 82 79 Wirework 179 176 187 186 183 181 176 171 170 187 180 161 135 125 MACHINERY __ _ . 116.0 118.9 121.1 123.7 125.6 129.4 131.5 131.3 130.2 128.0 120.8 113.2 104.8 99.9 Agricultural implements 109 113 125 130 136 147 148 151 158 145 140 135 132 Cash registers, etc. _._ 123 127 131 131 134 136 137 135 137 136 134 129 127 128 Electrical machinery 104 109 111 115 118 120 121 121 121 119 113 105 96 90 Engines turbines etc. 128 134 137 140 147 146 150 151 155 157 152 143 133 123 Foundry, machine-shop products- 102 104 106 108 110 113 114 114 112 110 105 99 91 87 Machine tools 136 136 141 147 150 153 154 161 157 157 152 146 141 132 Radios, phonographs 201 196 190 189 155 190 214 201 180 162 127 115 104 111 Textile machinery 79 81 83 85 87 87 87 88 87 84 78 73 68 65 Typewriters __ 145 148 153 154 154 159 156 155 150 147 134 123 117 116 TRANSPORTATION EQUIPMENT 110.2 113.0 117.3 118.6 122 2 122.6 123.5 121.3 123.9 126.3 119.1 102.8 82.7 80.9 Aircraft 740 772 783 798 807 794 768 812 799 817 795 789 787 777 Automobiles 120 123 127 128 133 134 136 132 136 138 128 109 83 83 Cars, electric, steam railroad- 62 66 71 70 71 70 69 69 67 71 73 61 50 44 Locomotives 49 54 54 55 55 57 60 61 64 66 64 60 57 51 Shipbuilding 95 100 106 106 104 104 102 106 106 106 107 103 99 95 RAILROAD REPAIR SHOPS 62.3 61.9 62.2 62.4 62 4 63.7 64.4 62.4 60.1 58.7 57.4 53.2 48.4 47.2 Electric railroad 63 63 64 64 63 63 63 63 63 63 63 64 63 62 Steam railroad 62 62 62 62 62 64 64 62 60 58 57 52 47 46 NONFERROUS METALS, PRODUCTS 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 87.7 Aluminum 121 121 119 121 123 132 138 138 131 103 122 114 106 101 Brass, bronze, copper... 120 122 122 126 124 123 121 121 117 112 103 96 90 88 Clocks, watches 120 120 122 124 125 124 120 128 126 124 119 111 101 102 Jewelry 90 89 90 90 95 95 101 99 93 92 90 88 87 85 Lighting equipment 75 98 104 100 100 96 94 93 97 98 93 85 71 66 Silverware, plated ware- 72 73 73 74 73 73 82 78 80 78 76 74 72 71 Smelting, refining 80 79 81 85 88 89 94 94 94 90 86 84 81 77 - Stamped, enameled ware 163 159 161 158 160 159 153 156 152 152 143 125 111 106 LUMBER PRODUCTS... . 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 56.1 Furniture _ 89 87 88 90 91 92 91 88 86 81 75 73 71 69 Lumber, millwork 57 57 58 58 56 56 56 55 55 54 51 48 46 48 Lumber, sawmills 50 50 54 53 54 54 56 54 53 51 47 44 43 42 STONE, CLAY, GLASS PRODUCTS 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 59.4 Brick, tile, terra cotta 54 55 54 54 52 50 51 48 49 47 44 43 42 42 Cement 68 68 70 66 62 62 61 64 66 67 67 67 61 59 Glass __ 98 109 109 108 110 109 110 112 111 109 105 100 92 86 Marble, granite, slate __ 43 43 43 43 44 42 41 41 42 41 41 39 38 40 Pottery 77 77 78 78 79 82 79 79 78 78 75 73 72 70 TEXTILES, PRODUCTS 108.3 107.3 107.0 107.9 107.6 105.4 106.2 105.9 100.9 96.4 91.6 88.4 85.4 86.4 A. Fabrics 101.7 100.7 101.1 103.8 103.2 101.3 102.0 100.9 95.9 90.4 85.8 82.6 80.1 79.4 Carpets, rugs 101 101 99 101 102 102 100 101 101 87 85 79 69 72 Cotton goods _ 101 102 103 105 106 104 105 106 101 93 90 87 85 84 Cotton small wares 107 102 102 103 96 100 102 104 101 97 91 85 79 77 Dyeing, finishing textiles 120 117 116 119 119 114 116 116 114 113 108 104 102 100 Hats, fur-felt 90 89 88 86 84 90 87 84 79 82 87 87 84 82 Knit goods 123 123 122 122 121 118 123 121 117 112 108 101 101 103 Silk, rayon goods __ 81 79 80 85 84 86 84 81 76 73 67 61 56 56 Woolen, worsted goods ____ 93 85 88 94 90 87 84 78 70 68 60 61 59 56 B. Wearing apparel 120.9 119.8 117.9 115.0 115.3 112.0 113.1 115.1 109.7 107.4 103.0 99.7 95.8 100.9 Clothing, men's __ 114 111 110 113 116 109 109 108 103 100 94 89 87 91 Clothing, women's 159 161 156 146 144 142 145 156 147 143 139 136 132 139 Corsets, allied garments 93 91 90 88 89 90 91 90 89 89 89 90 88 86 Men's furnishings _ 140 141 141 140 138 141 147 139 129 128 122 114 105 114 Millinery 57 57 58 54 53 54 52 54 51 50 48 50 51 52 Shirts, collars 132 129 129 124 119 118 119 117 115 114 109 107 99 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN APRIL 1938 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average •= 100] 1937 1938 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb LEATHER PRODUCTS 98.1 97.4 96.5 96.0 95.2 93.0 90.0 85.7 87.2 87.6 Boots, shoes 101 100 99 97 96 97 97 94 90 90 88 91 92 Leather 97 97 97 100 100 95 94 83 78 77 76 FOOD PRODUCTS. 114.8 116.7 117.0 116.1 114.8 114.7 119.4 116.2 114.8 113.8 114.2 111.5 111.7 111.8 Baking. 133 135 136 134 135 135 136 134 134 136 134 132 133 132 Beverages 203 202 205 199 203 206 209 210 209 199 209 204 207 211 Butter 86 88 88 86 88 90 91 88 87 86 84 84 87 88 Canning, preserving 148 157 152 154 144 143 169 155 151 138 141 135 134 133 Confectionery 83 81 80 79 78 77 81 82 76 80 80 78 79 78 Flour _ 75 75 75 77 76 75 78 77 74 75 75 75 74 74 Ice cream _ 71 73 73 73 76 77 76 75 76 72 74 75 72 73 Slaughtering, meat packing 93 91 93 91 90 89 91 88 89 90 87 90 87 Sugar, beet 44 89 95 98 90 90 91 108 110 105 79 39 75 Sugar refining, cane. 64 78 77 84 78 75 79 75 67 76 68 74 TOBACCO MANUFACTURES 62.0 61.8 61.7 61.1 61.2 60.2 61.3 60.2 59.3 59.6 59.6 56.2 60.9 Tobacco, snuff 56 57 56 56 56 58 57 57 56 56 56 56 56 57 Cigars, cigarettes 62 62 62 62 61 62 61 61 60 60 56 61 PAPER, PRINTING 104.0 105.5 107.4 107.5 108.0 108.2 107.3 107.4 107.8 107.0 105.0 102.1 100.7 100.9 Boxes, paper 103 104 106 106 106 106 105 104 100 97 94 92 92 Paper, pulp _ 114 116 118 119 120 121 120 119 119 114 109 108 109 Book, job printing 94 96 98 97 98 98 98 98 99 98 95 94 94 Newspaper, periodical printing.. 103 104 105 105 106 106 105 105 107 107 106 105 103 103 CHEMICALS, PETROLEUM PRODUCTS. 120.7 121.6 122.5 124.4 126.0 127.5 127.7 127.2 127.4 123.7 120.9 115.5 112.9 112.7 A. Other than petroleum 120.9 121.8 122.7 124.8 126.1 128.0 128.1 127.3 127.9 123.4 120.2 114.2 111.4 111.3 Chemicals- 133 133 135 136 138 137 138 137 137 135 129 123 120 117 Cottonseed oil, cake, meal 85 80 67 77 77 72 62 62 97 87 90 85 98 97 Druggists' preparations 105 109 111 113 112 114 112 114 112 110 109 108 104 105 Explosives 94 92 90 95 97 97 97 97 94 93 93 90 86 Fertilizers 87 86 88 94 110 104 105 94 89 86 89 82 85 Paints, varnishes 131 133 135 136 134 134 136 136 134 132 129 124 119 117 Rayon, allied products 364 363 370 378 392 408 413 407 407 380 367 330 312 323 Soap 102 110 111 107 103 103 104 103 102 99 98 96 96 97 B. Petroleum refining 120 121 122 123 125 125 126 127 125 124 124 121 119 118 RUBBER PRODUCTS 102.3 101.7 96.0 95.8 101.7 100.0 99.8 99.5 98.1 90.4 86.3 79.1 74.8 Rubber boots, shoes __ 75 73 82 82 81 76 67 77 76 74 66 63 58 56 Rubber goods, other 140 140 142 144 145 144 140 140 137 135 126 121 110 110 Rubber tires, inner tubes 95 94 80 79 89 87 90 91 90 83 79 73 NOTE.—Figures for February 1938 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and page 259 of the BULLETIN for March 1937. Underlying figures are for payroll period ending nearest middle of month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 319 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 1937 1938 1937 Jan. Feb. Oct. Nov. Dec. Jan. Feb Jan. Feb. Oct. Nov. Dec. Jan. Feb Total 96.5 99.0 100.5 94.7 88.6 82.2 82.5 90.7 95.8 100.1 89.5 71.6 73.5 Durable goods 90.4 93.2 97.6 92.4 84.3 75.1 73.8 86.6 92.5 101.7 89.9 77.0 63.8 64.2 Nondurable goods. 103.0 105.2 103.6 97.3 93.3 91.8 96.0 98.2 89.0 85.8 81.5 85. 3 IRON, STEEL PRODUCTS ._. 100.0 103.4 105.8 98.1 90.0 81.2 80.1 103.9 106.8 85.7 71.9 59.2 61.5 Blast furnaces, steel works. _ 112 114 118 109 100 91 116 119 119 93 76 62 65 Bolts, nuts, washers, rivets. 87 89 85 81 74 63 98 106 97 79 66 49 53 Cast-iron pipe 68 67 62 58 60 55 55 51 52 46 43 44 36 35 Cutlery, edge tools 87 88 90 88 84 78 78 80 81 86 81 75 63 64 Forgings 69 71 72 65 61 52 49 65 68 68 56 49 36 34 Hardware 80 97 94 92 84 71 68 82 90 115 100 81 56 60 Plumbers' supplies 91 91 94 90 80 79 80 68 76 64 55 56 54 Steam, hot-water heating.__ 74 77 74 66 62 57 56 75 67 53 49 43 42 Stoves 97 108 108 91 77 64 74 97 94 65 56 44 56 Structural, ornamental 71 72 79 75 70 64 61 68 82 75 68 57 Tin cans, tinware 98 101 97 91 86 85 94 99 108 100 94 89 Tools 100 97 92 88 82 80 103 109 101 90 82 76 73 Wirework 179 176 187 180 161 135 125 161 156 202 162 136 108 101 MACHINERY 114.9 118.6 128.9 121.4 113.1 104.0 100.0 111.0 118.2 134.2 121.2 110.6 95.5 91.8 Agricultural implements 111 119 151 143 140 138 139 132 140 204 185 174 172 178 Cash registers, etc 123 127 136 134 129 127 128 121 130 148 141 138 129 123 Electrical machinery 104 109 119 113 105 96 90 97 107 125 114 103 88 82 Engines, turbines, etc 125 135 153 148 141 130 124 120 131 159 155 144 128 122 Foundry, machine-shop products. 101 104 110 105 98 90 87 99 105 114 102 93 79 77 Machine tools 135 138 158 154 148 139 134 137 142 170 158 149 132 120 Radios, phonographs 187 171 201 157 124 97 97 146 124 166 123 99 76 72 Textile machinery 80 83 83 78 74 69 66 83 88 81 701 63 53 52 Typewriters 146 147 148 138 127 118 115 131 138 128 106 107 77 90 TRANSPORTATION EQUIPMENT 112.7 116.0 122.7 121. 8 105.5 84.3 82.8 100.7 112.3 129.9 120.0 92.4 67.9 Aircraft 725 756 784 795 781 772 761 606 652 723 725 701 675 687 Automobiles 125 127 134 133 113 87 86 108 122 138 126 91 64 64 Cars, electric, steam railroad.. 56 63 68 66 56 45 42 59 67 83 81 65 49 48 Locomotives 45 50 64 62 60 52 48 31 37 56 51 54 38 37 Shipbuilding 95 107 106 105 94 97 124 121 127 114 108 RAILROAD REPAIR SHOPS. 61.2 61.6 59.0 57.4 52.7 47.6 47.0 61.2 63.4 64.9 55.7 47.3 48.2 Electric railroad 63 63 63 63 64 63 62 65 65 68 70 68 68 Steam railroad 61 62 59 57 52 46 46 61 63 65 55 46 47 NONFERROUS METALS, PRODUCTS.. 106.9 111.5 112.7 108.4 88.4 87.6 97.1 103.5 109.9 99.9 86.5 73.3 73.6 Aluminum 119 122 105 124 114 104 102 115 122 116 128 111 97 97 Brass, bronze, copper 119 122 113 106 97 89 88 113 120 107 92 80 71 71 Clocks, watches 118 120 128 125 115 100 102 109 111 133 122 105 89 88 Jewelry 84 89 106 100 90 82 84 62 66 89 79 71 61 61 Lighting equipment 73 97 100 96 87 69 65 69 90 104 94 72 53 55 Silverware, plated ware 69 72 81 79 76 69 71 58 63 81 73 54 57 Smelting, refining 80 79 92 88 85 81 77 69 69 91 84 74 70 Stamped, enameled ware 155 159 154 144 123 105 106 148 155 156 142 115 LUMBER PRODUCTS 65.0 65.8 69.5 63.5 58.1 53.7 54.2 54.9 58.2 65.3 55.1 48.4 42.5 45.3 Furniture 86 86 87 80 75 69 68 71 75 77 66 60 49 53 Lumber, millwork. 54 55 54 51 48 44 46 47 50 52 46 43 37 41 Lumber, sawmills.. 47 48 53 48 40 40 37 40 49 40 34 32 STONE, CLAY, GLASS PRODUCTS.. 62.5 67.2 71.4 68.2 63.2 55.1 54.9 52.7 59.8 69.6 63.6 54.5 43.4 45.8 Brick, tile, terra cotta 46 47 50 46 41 35 35 36 38 44 36 31 24 26 Cement 57 58 69 66 61 50 49 50 53 72 67 58 44 44 Glass 93 108 110 107 100 88 85 85 107 119 112 96 76 78 Marble, granite, slate 36 38 43 42 38 32 35 29 30 38 35 31 24 28 Pottery 75 78 79 77 74 70 70 73 70 60 51 TEXTILES, PRODUCTS 107.1 110.2 92.0 88.2 84.6 88.7 94.6 100.1 84.2 71.5 68.7 65.3 74.0 A. Fabrics 102.3 103.6 91.9 87.2 84.0 80.6 81.5 96.0 97.6 81.0 71.5 68.9 64.8 69.3 Carpets, rugs 98 100 89 86 67 72 96 98 64 50 54 46 55 Cotton goods 103 104 94 91 87 86 100 100 85 77 74 70 71 Cotton small wares 107 107 98 91 85 79 81 104 105 97 79 75 68 76 Dyeing, finishing textiles. 122 123 112 109 105 104 105 112 112 95 89 87 84 90 Hats, fur-felt 88 90 83 83 84 83 84 86 94 62 61 65 65 73 Knit goods 120 123 116 112 103 99 103 120 127 123 112 95 90 103 Silk, rayon goods 83 84 75 68 63 58 59 69 71 62 51 48 40 46 Woolen, worsted goods 93 92 68 60 61 59 61 82 53 43 50 49 51 B. Wearing apparel 115.6 122.6 112.1 101.0 95.6 91.7 103.3 100.9 87.0 68.6 65.2 63.7 80.2 Clothing, men's 110 114 104 91 84 83 94 99 80 61 56 58 72 Clothing, women's 155 166 150 135 131 128 144 108 125 110 84 86 83 107 Corsets, allied garments _. 89 92 90 88 88 84 87 85 93 87 82 80 75 Men's furnishings 130 143 136 130 119 98 115 93 114 112 104 90 67 Millinery 55 62 52 44 44 50 56 41 50 36 27 27 34 44 Shirts, collars 119 127 121 115 106 102 100 112 113 103 87 71 84 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN APRIL 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 1937 1938 1937 1938 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. LEATHER PRODUCTS 97.5 99.9 89.5 80.3 81.8 85.8 89.2 86.3 90.9 66.3 53.8 58.4 65.6 72.9 Boots, shoes 99 102 91 81 84 89 94 82 88 59 46 53 63 72 Leather 97 98 90 83 79 77 77 103 105 95 83 79 77 80 FOOD PRODUCTS 105.2 105.1 125.0 114.6 107.3 102.7 101.5 100.5 101.3 125.0 115.9 110.4 106.4 104.3 Baking 131 132 138 135 132 130 130 118 122 137 130 127 125 126 Beverages 182 182 203 194 187 186 190 188 189 222 213 202 200 210 Butter 80 81 86 84 82 81 81 62 64 70 67 66 66 66 Canning, preserving 90 92 186 119 89 82 79 86 97 188 111 87 79 77 Confectionery 80 79 96 92 87 76 76 76 76 98 90 87 74 74 Flour 75 75 77 76 75 74 74 71 71 81 77 74 73 73 Ice cream 61 62 69 65 64 61 62 56 57 64 62 60 58 58 Slaughtering, meat packing 96 91 89 91 91 93 88 96 88 100 102 105 108 96 Sugar, beet 38 37 253 252 146 34 32 42 44 224 267 136 41 42 Sugar refining, cane 62 75 69 70 75 66 72 51 66 64 67 72 59 65 TOBACCO MANUFACTURES 57.1 60.5 62.6 62.9 60.8 51.9 59.6 47.1 52.6 57.9 57.2 55.7 44.6 50.2 Tobacco, snuff 57 59 56 57 57 57 59 64 67 68 64 68 67 68 Cigars, cigarettes 57 61 63 64 61 51 60 45 51 57 56 54 42 48 PAPER, PRINTING 104.3 105.7 107.9 106.4 104.1 101.0 101.1 98.7 100.5 105.1 101.5 100.8 95.6 96.7 Boxes, paper 100 102 105 103 97 89 90 98 103 109 103 93 83 89 Paper, pulp 114 116 117 114 109 108 109 110 114 117 105 99 98 103 Book, job printing 96 98 99 98 98 96 95 91 91 93 93 96 91 89 Newspaper, periodical printing... 103 104 108 107 107 103 103 97 99 107 106 108 101 101 CHEMICALS, PETROLEUM PRODUCTS... 120.2 121.9 126.5 122.7 116.3 112.5 113.0 119.4 123.6 137.5 132.1 124.4 117.4 119.4 A. Other than petroleum 120.4 122.4 126.7 122.4 115.4 111.0 112.0 119.4 123.9 136.1 129. 6 120.3 112.2 113.9 Chemicals.. __ ._ 131 131 135 130 123 118 115 132 135 151 142 130 125 123 Cottonseed oil, cake, meal 91 82 127 121 110 104 100 76 67 119 113 105 97 90 Druggists' preparations ... __ 107 110 115 113 111 106 106 113 119 129 126 124 118 116 Explosives 94 93 97 95 95 90 87 98 93 111 107 100 82 93 Fertilizers 87 96 81 75 82 83 95 78 87 83 77 82 79 88 Paints, varnishes 128 131 132 128 121 116 116 120 127 134 125 116 106 111 Rayon, allied products 368 370 388 374 337 315 329 338 345 375 360 314 276 283 Soap 100 110 103 100 95 94 97 107 125 121 117 111 109 111 B. Petroleum refining 119 120 126 124 120 119 117 120 123 142 140 138 134 138 RUBBER PRODUCTS 101.3 101.6 97.7 90.9 86.0 78.3 74.7 99.4 104.4 94.3 82.0 77.1 65.9 59.2 Rubber boots, shoes 77 73 78 72 68 59 56 67 65 70 62 55 44 40 Rubber goods, other 139 142 137 128 121 109 111 136 141 140 122 111 95 99 Rubber tires, inner tubes 93 93 87 81 77 71 65 95 101 84 73 71 61 50 NOTE.—Figures for February 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

321 APRIL 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 o6.2 37.0 6.6 21.5 15.4 68.5 101.8 19.6 19.0 17.8 16.4 February 188.3 119.0 63.0 40.0 12.6 4.9 22.3 13.0 59.6 30.5 11.3 15.7 19.4 14.9 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 i Not strictly comparable with data for earlier years due to changes in classification, Comparable figures for 1937 are expected to be available for publicaticn 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 i Privately financed1 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 75 140 188 119 27 65 38 79 69 51 26 31 37 62 119 68 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 1 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 1937 Federal Reserve Federal Reserve district district 1938 1937 1938 1987 Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Boston 7,492 9,249 10,824 New York 20,007 73, 558 48, 758 Philadelphia 8,926 10,071 17, 292 Boston 96 133 61 1,179 2,348 666 Cleveland __ 14,397 19,379 17, 408 New York 265 374 242 3,103 4,441 3,899 Richmond 14, 741 19,438 22,103 Philadelphia 85 84 41 874 816 633 Atlanta 10, 828 11, 379 11,411 Cleveland _ 91 89 53 906 965 641 Chicago 17, 289 18,943 28,970 Richmond 45 59 44 491 719 402 St. Louis 6,683 11,986 10,193 Atlanta 60 84 21 460 527 251 Minneapolis 5,394 3,292 2,687 Chicago 161 201 107 1,711 2,093 1,724 Kansas City 5,342 7,631 8,966 St. Louis 52 50 19 493 454 162 Dallas 7,939 10, 546 9,646 Minneapolis 23 19 22 260 298 230 Kansas City 49 70 31 445 850 452 Total (11 districts) 119, 038 195, 472 188, 257 Dallas 25 25 18 245 217 218 San Francisco 119 132 62 3,192 1,307 493 Total 1,071 1,320 721 13, 359 15,035 9,771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN APRIL 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 January 172 176 199 223 289 136 167 187 240 171 37 9 11 -18 119 February 163 163 182 233 P263 133 152 193 278 P163 30 11 -11 -45 P100 IVCarch 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 May 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 -3 -15 3 August 172 172 179 277 120 169 193 246 52 3 -14 31 SeDtember 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 »-92 T) p.pp.m bp,r 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=100] [Index numbers based on value figures; 1923-25 average=100] 1937 1938 Index of sales i Index of stocks (end of month) Feb. Oct. Nov. Dec. Jan. Feb Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total - 82 76 71 67 65 62 1937 1938 1937 1938 1937 1938 1937 1938 Coal 77 81 72 70 62 54 Coke 76 74 59 46 46 35 Grain and grain products. 70 82 92 88 89 76 January 93 90 72 70 74 71 66 63 Livestock 41 45 42 42 44 41 February 95 88 76 70 76 70 72 67 Forest products 51 46 41 40 40 38 March 93 90 76 78 70 Miscellaneous 95 81 76 69 69 69 April 93 89 76 79 Merchandise * 68 66 64 62 61 62 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 76 84 72 62 59 57 Coal 91 89 78 78 71 63 October 93 103 76 85 Coke 102 74 69 51 54 47 November 91 101 75 86 Grain and grain products.. 64 82 86 75 80 69 December 89 156 72 68 34 63 51 40 43 34 Forest products 49 48 40 34 35 37 Year __ 92 76 Ore... 27 117 40 21 18 19 Miscellaneous 82 92 78 63 59 59 Merchandise1 66 69 65 59 58 60 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March 1 In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pages 522-529 of BULLETIN Back figures.—Department store sales, see p. 631 of BULLETIN for for June 1037. Based on daily average loadings. Basic data compiledAugust 1936; department store stocks, see p. 232 of BULLETIN for March by Association of American Railroads. Total index compiled by com-1938. bining indexes for classes with weights derived from revenue data of th« Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 323 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week com- prod- Foods m ti o e d s i- ucts Total H p l i r e d o a e d t s h u e a c r n ts d pr T o e d x u ti c le ts m F li a u g t e h e l r t i i a n a n l g d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e l r d i i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 96.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89 1 92 7 77 7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70 2 72.9 54.9 70.3 80 2 71.4 73 6 76 1 64 4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 76.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75 9 81 6 69 7 1935 80.0 78.8 83 7 77.9 89.6 70.9 73.5 86.4 85.3 B0 5 80. e 68.3 1936 80.8 80 9 82.1 79 6 95 4 71.5 76.2 87.0 86.7 80 4 81 7 70 5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1937—January 85.9 91.3 87.1 83.4 101.7 77.5 76.6 90.9 91.3 87.7 86 5 76 2 February 86.3 91.4 87 0 84,1 102.7 77.5 76.8 91 7 93.3 87 8 87 9 77 3 March 87.8 94.1 87.5 85.5 104.2 78.3 76.2 96.0 95.9 87 5 88 4 79.5 April 88 0 92.2 85.5 86.5 106.3 79.5 76.8 96.5 96.7 86 9 89 0 81 1 May 87.4 89.8 84 2 86.3 106.7 78.7 77.2 95.8 97.2 84 5 89 3 80 5 June 87.2 88.5 84.7 86.1 106.4 78.2 77.5 95.9 96 9 83 6 89 5 79 4 July- 87.9 89.3 86.2 86.3 106.7 78.3 78.1 96.1 96.7 83.9 89 7 79 0 August 87.5 86.4 86.7 86.1 108.1 77.1 78.4 97.0 96.3 82.2 91.1 77 3 September 87.4 85.9 8^.0 85.9 107.6 75.3 78.7 97.1 96.2 81.4 91.1 77.0 October 85 4 80.4 85.5 85.1 106.7 73.5 78.5 96 4 95 4 81 2 91 0 76 2 November 83.3 75.7 83.1 84.3 101.4 71.2 78.2 96.8 93.7 80.2 90 4 75 4 December 81.7 72.8 79.8 83.6 97.7 70.1 78.4 96.3 92.5 79.5 89.7 75.0 193g—January ._ _ 80.9 71.6 76.3 83.5 96.7 69.7 78.3 96.6 91.8 79.6 88.3 75.2 February. 79.8 69.8 73.5 83.0 94.7 68.6 78.5 96.0 91.1 79.1 88.0 74.8 Week ending— 1937—Nov. 6 83.8 77.7 84.3 84.3 104.2 71.6 78.9 95.1 94.4 80.1 92 2 75.5 Nov. 13 83.2 77.8 83.6 84.0 103.0 71.0 79.0 94.6 94.0 80 0 92 1 75 0 Nov. 20 82.9 75.9 83.2 84.2 101.8 70 5 78.6 96.6 93.8 79 8 92.1 75.4 Nov. 27 82.0 73.4 81.5 83.9 100.2 70 0 78.6 96.1 93.7 79.6 92 1 75 0 Dec. 4_ 82.0 73.9 80.7 83.9 99.8 69.8 78.6 96.3 93.0 79.4 92.1 75.1 Dec. 11 81.9 73.4 80.7 83.7 98.3 69.9 78.6 96.2 93.0 78.9 92 1 74 8 Dee. 18 81.5 73.2 79.7 83.7 98.2 69.5 78.6 96.4 92.8 79.1 92.1 74.8 Dec. 25 81.2 72.9 78.9 83.6 98.4 69.4 78.6 96.2 92.5 79.2 91 4 74 9 1938—Jan. 1 81.0 73.0 77.8 83.6 98.3 69.4 78.7 96.1 92.4 79 2 91.2 74.6 Jan. 8 80.8 72.7 76.8 83.5 97.9 69.2 78.8 96.1 92.3 79.2 90 8 74 5 Jan. 15 .. 81.0 73.4 76.8 83.6 97.4 69.3 78.8 96.5 92.1 79.5 90.8 75.0 Jan. 22 80.8 71.8 76.1 83.7 97.1 69.0 79.1 96 5 92.0 79.5 90 7 75 1 Jan. 29 80.3 70.8 74.6 83.5 96.3 68.9 79.0 96.3 91.8 79.2 90.7 75.2 Feb. 5 80.1 70.9 74.5 83.2 95.9 68.5 78.8 96.1 91.6 79 0 90.5 74.7 Feb. 12 79.6 70.1 73.2 83.1 95.6 68.2 78.7 96.2 91.2 78.9 89.7 74.6 Feb. 19.. 79.4 69.6 73.3 83.0 94.9 68.1 78.6 96.2 91.1 78.8 89.7 74.6 Feb. 26 79.6 70.2 73.5 83.1 94.6 67.8 78.9 96.2 91.1 78.9 89 6 74 7 Mar. 5 79.8 71.1 73.8 82.9 94.3 67.9 78.3 96.2 90.8 78.9 89.6 74.7 Mar. 12 79.8 71.7 73.8 82.9 94.2 67.8 78.3 96.1 90.6 78.6 89.6 74.5 1937 1938 1937 1938 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 111.5 69.2 71.5 75.0 73.0 Agricultural implements 93.1 95 9 96 1 96 2 96 2 Livestock and poultrv 89.9 86.2 78.4 78.5 78.1 Farm machinery2 92.8 97.6 97.6 97.7 97.7 Other farm products 86.3 70.7 69.3 66.1 63.5 Tron and steel 92.0 99 3 99 0 99 6 99 3 FOODS: Motor vehicles* _ 86.3 95.3 95.6 95.6 95.6 Dairy products 88.7 89.2 90.2 83.3 78.3 Nonferrous metals 89 4 78 5 75 1 75 0 72 1 Cereal products 89.3 81.5 82.0 83.0 83.2 Plumbing and heating 77.4 79 6 79 6 79 6 79 6 Fruits and vegetable3 87.8 61.5 57.8 56.7 56.8 BUILDING MATERIALS: Meats 90.3 98.3 88.8 82.6 78.4 Brick and tile 91.0 92.9 92 0 91.8 91 5 Other foods 78.8 73.6 71.5 69.5 66.7 Cement 95.5 95 5 95 5 95 5 95 5 HIDES AND LEATHER PRODUCTS: Lumber 99.0 94.8 93.8 92.6 91.0 Shoes _ 101.4 106.9 105.6 104.7 104.6 Paint and rtaint materials 83.4 81 5 80 2 80 1 79 2 Hides and skins 114.9 94.6 85.5 82.3 74.6 Plumbing and heating. 77.4 79.6 79 6 79.6 79 6 Leather 95.5 92.7 86.9 86.6 84.4 Structural steel 104 7 114 9 114 9 114 9 114 9 Other leather products.._ ._ 101.7 103.1 102.7 102.4 102.4 Other building materials. 95.0 98.7 96.9 95.8 95.3 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing- 84.2 87.3 86.7 86.3 85.8 Chemicals 95.6 84 2 83 5 84 1 83 6 Cotton goods 91.3 70.5 68.7 68.2 67.6 Drugs and pharmaceuticaIs 83.0 76.8 75.1 74.0 73.9 Hosiery and underwejar 1 64.7 64.2 63.4 63.0 60.9 Fertilizer materials 70.7 71.9 72.0 72.1 72.3 Silk and rayon 33.7 30.1 29.4 28.9 28.5 Mixed fertilizei•s 71.7 74 5 74 4 73 4 72 3 Woolen and worstedgoods 93.1 85.1 83.5 83.8 81.0 HOUSEFLJRNISHING GOODS: Other textile products._ _ __ 65.9 69.0 68.5 67.7 67.0 Funlishings 91.2 94.8 93.5 92.8 92.2 FUEL AND LIGHTING MATE RIALS: FurLliture 84.5 86.0 85 9 83.7 83 7 Anthracite 81.6 79.8 80.0 80.1 79.8 MISCELLANEOUS: Bituminous coal 97.4 99.2 101.1 103.2 103.2 Auto tires and tubes 53.1 57.4 57 4 57.4 57 4 Coke 97.6 105.4 105.5 105.5 105.5 Cattle feed 129.4 83.3 81.7 91.6 86.7 Electricity 80.8 83.1 83.1 Papt\r and miln 87.5 90 4 89 8 90 0 89 7 Gas 80.7 83.1 81.3 81.8 Rubber, crude. 44.3 30.6 31.2 30.5 30.2 Petroleum products. 59.1 60.6 59.5 58.8 ~58~6~ Other miscellaileous 84.2 83.5 82.7 82.4 82.2 1 Formerly called "knit goods." 2 New series. 3 Preliminary revision. 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). Figures for new and revised series available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN APRIL 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 t e e d s C a a d n a - c t r E r o o ( i 2 u e u p 6 s n - e ) - A c tr o m i ( i c 1 e u a e s 1 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 2 d - France m G a e n r y - g B iu e m l- N l e a t n h d e s r- 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 1935—December. 21,604 10,125 189 9,517 816 291 1,648 4,395 270 611 438 454 1936— November. 22,010 11,184 188 8,829 852 270 2,049 3,194 208 630 388 624 13 December. 22,630 11,258 188 9,307 736 858 283 2,584 2,995 208 632 490 655 11 1937—February... 22, 806 11,436 191 9,268 732 870 310 2,584 2,846 208 626 598 657 12 March 22, 971 11, 574 194 9,295 733 858 317 2,584 2,846 208 619 626 657 lfi 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 2,689 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 August 23, 592 12, 567 188 9,141 711 717 267 2,689 2,424 607 862 615 September. 23, 733 12, 741 186 9,129 711 702 264 2,689 2,428 590 862 612 October, __ 23, 845 12, 803 187 9,191 706 691 266 2,689 2,428 208 572 906 646 November. P23, 968 12,774 187 9,359 P695 687 266 2,689 2,564 208 570 940 644 December . ?23,970 12,760 184 9,379 P693 P687 2,689 2,564 208 597 648 1938—January !4, 032 12, 756 186 ?9, 451 2,689 2,564 208 599 957 687 February 12,776 188 v% 349 2,689 2,428 208 593 977 Europe—Continued Latin America End of month A tr u i s a - g B a u ri l a - C v z s a e lo k c - i h a o- m D a e r n k - Greece H ga u r n y - N w o a r y - l P a o n - d Po g r a t l u- Ru n m ia a- Spain^ 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 _. 112 104 740 159 403 8 1935—December,. 112 109 735 185 444 17 1936—November- 91 113 718 239 452 24 December-. 91 114 718 240 501 25 1937—February- 91 115 718 241 489 26 March 91 115 718 241 487 26 April 91 115 718 241 494 27 May 90 116 718 242 483 28 June 91 116 718 242 496 28 July 90 117 718 243 487 29 August 90 118 718 243 477 29 September- 90 86 69 118 718 243 481 30 October 90 119 718 244 479 30 November- 91 119 718 244 471 31 December. 92 120 718 244 32 1938—January _._ 120 718 245 463 P32 February— 93 53 83 P120 718 253 P79 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b m i o a - - M ico ex- Peru g U u r a u y - c o t o r th i 4 u e e n s r - I B n is r d i h i t a - 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 t i h 3 u e e n s r - 1934—December _ 82 18 275 394 184 24 1935—December. 77 19 275 425 212 24 1936—November. 77 19 275 459 191 25 December. 77 19 275 463 25 1937—January ___ 77 19 275 466 217 25 February— 77 20 275 469 230 25 March 77 18 275 456 237 25 April 77 19 274 459 215 25 May „ 77 19 274 452 211 25 June __ 77 19 274 443 201 25 July 77 19 274 412 187 25 August 77 19 274 261 189 23 September. 77 20 274 261 189 20 October. __ 77 20 274 261 189 22 November. 77 P20 274 261 189 22 December . 74 P20 274 261 189 J»22 1938—January-„ P74 P20 274 261 189 P22 p Preliminary. i See notes under United Kingdom, Italy, and Spain. » 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. »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. * 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 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547 August 1936, p. 667; and December 1937, p. 1262. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

327 APRIL 1938 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. f£n thousands of dollars] Estimated Production reported monthly world produc- Africa North and South America Far East Year or month tion U o . u S t . s S id .R e . Total A So fr u ic th a d R e h s o ia - A W fr e ic st a B C e o l n g g ia o n U St n at i e te s d * Canada Mexico Co b l i o a m- Chile Au l s ia tra- p J r a o p p a e n r B In r d it i i a sh $1=25-8/10 grains of gold 9/10 fine; i.e., an ounce of fine gold=$2O.67 1929.. 382, 532 359,347 215,242 11,607 4,297 2,390 45,835 3P, 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,CCO 5,992 3,642 50,626 62,933 12,070 5,132 788 14,563 8,198 6,782 469, 257 420,093 227,673 13,335 6,623 3,631 52,842 60,968 13,169 6,165 3,C09 16,790 8,968 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e.} an ounce of fine gold= $35 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. 71B 1934.. 823,000 723, 530 366, 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 C856,383 396. 768 28 053 16 295 7.386 P2.509 131,181 26. 465 13,632 9,018 39, 793 23,684 11, 599 1937. 1,045, 470 '918, 344 410, 710 28,296 20,784 8,018 167,723 143,172 J29,893 15, 478 10,803 46, 827 '25,065 11, 574 1936—August 84, 344 73,928 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 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 11,229 2,291 1,035 758 3,467 2,162 966 December.. 83,893 73, 752 33,858 2,262 1,544 631 13,106 11,612 1,647 1,113 708 4,170 2,118 983 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 2,077 899 March 84, 864 74, 203 34,381 2,416 1,605 634 12,645 11, 420 2,510 1,285 620 3,550 2,156 982 April _. 83, 253 72,660 34,308 2,391 1,669 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 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 13,150 12,071 3,701 1,246 643 4,033 957 July... 89,159 78,423 34,895 2,364 1,650 14,984 12,162 2,452 1,476 962 3,861 1,945 979 August P92,439 *81, 747 34, 598 2,441 1,822 710 18,254 12,196 2,451 1,422 782 3,961 P2, 135 975 September. P77, 806 34,170 2,421 1,890 15,059 12,184 2,246 1,298 847 3,964 P2, 100 932 October *>90,196 P79, 763 34, 559 2,399 1,896 16,111 12,559 2,449 1,281 907 3,878 P2.065 961 November.. *90,226 ?79,849 34, 279 2,352 1,854 15,987 C12,349 P2, 835 1,373 724 4,374 P2,100 938 December.. ?88,828 P78, 621 34,696 2,341 1,957 729 14,046 12,658 P2, 380 1,144 J>829 4,712 *>2, 100 1,029 1938—January z>87, 479 P76, 542 P34, 591 v2, 376 P1,941 P729 12,618 P12, 565 P2, 520 Pl, 456 3,858 v2,100 Gold production in V. 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— at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933,$>; at $35 per fine ounce: 1933, $95; 1934, $135; 1835, $158; 1936, $200. c Corrected. p Preliminary. i Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35; February 1934, p. 108; November 1934, p. 737, July 1937, p. 687; and March 1938, p. 265. 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: Year or month i e m o x r n p p e o n o t r e r t t t s s U K d n i o i n m t g e - d France g B iu e m l- 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 c o t o A t r h i u e l e n l s r - 1934 * 1,131,994 499,870 260, 223 8,902 94,348 12, 402 86,829 30,270 16,944 12,038 1,029 4 76,820 32,316 1935 1,739,019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10,899 15, 335 3,498 75, 268 47,054 1936 1,116, 584 174,093 573, 671 3,351 71,006 7,511 72,648 39, 966 11,911 21, 513 23,280 77,892 39, 745 1937 1. 585, 503 891, 531 -13,710 90,859 6,461 54,452 111,480 38,482 18, 397 25, 427 34, 713 246, 464 50,762 30,185 1936—September 171,824 8,204 136, 671 1,463 524 6,338 634 2,101 2,405 2,831 6,961 3, 693 October 218,812 72,154 95,013 799 25, 745 8 12, 222 530 2,157 1,869 5,782 2,530 November 75,836 44, 665 20 2,545 3,698 10,660 368 1,628 3,781 6,182 2,289 December 66,970 32,998 9 2 3,281 4,709 462 2,273 936 10,108 2,193 1937—January 121, 325 73,950 10,864 10, 691 271 6,506 5,865 1,945 1 2,123 1,617 6,028 1,463 February 120, 326 75, 238 1,138 14 8,155 10, 661 9,153 2,109 2,910 7,077 3,870 March 154, 332 121,451 76 1,131 1,086 4,925 3,242 3 1,944 3,467 5,696 4,017 7,296 April 215,811 175,165 596 5,399 7,225 1,973 4,261 2,231 2,388 9,978 4,857 1,737 May 155, 362 103,822 1,375 1,166 14,434 2,800 5,496 2,106 2,613 16, 593 3,797 1,160 June 262,022 156,943 11,059 5,228 1,392 36,235 20,946 665 2,177 2,064 2,167 15,316 3,966 3,866 July 175,417 76, 432 1,138 22, 556 3,177 2,390 7,428 5,348 2 2,410 3,796 44,459 4,355 1,925 August 104,844 30,147 10,118 521 12, 247 3,524 1 1,505 3,710 37, 697 3,613 1,761 September 145, 49.* 59,066 13. 703 14, 497 2,054 2,110 2,981 3.010 40,927 5,275 1.871 October 90,477 24,402 22,030 9,669 2,089 8 1,375 2,076 19,875 6,902 2,051 November 22,110 -5,046 -24,968 816 2, 285 4,323 2,286 3,173 37,148 767 1,326 December 17,982 -40 -14,987 2,767 3,404 16 2,292 3,786 18, 774 107 1,862 1938—January '2,088 -20 --4,974 649 819 1,676 n, 025 1,043 1, 870 February 8,036 -11 15 692 721 2,105 1,330 1,943 1,241 r Revised. i Diners 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 298. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN APEIL 1938 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Germany 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 United France m G a e n r- y g B iu e m l- N l e a t n h d e s r- U.S.S.E. Au li s a tra- A d W R e f h r s e i o i c s a - a t , , B In ri d ti i s a h B O c r o i t u h ti n e s - r h China c o o A th u l e n l r - e o p x r o p r n o t r e s t t s Africa tries tries 1934 716,269 -497,166 348,190 121,017 -13,585 32, 575 41,790 335, 253 62,397 -90,920 1935 369, 722 -435, 502142,137 -4, 726 -17,476 10, 796 931 37,981 404, 295181, 602 32, 754 14,051 42, 969 1936 1,169, 931 -276,830 756, 215 23, 292-15,133 -21,215 26, 723488, 814 128,421 28,067 13,930 3,715 1937 420, 427 -834,009 541,187 46,147 -21,993 -16, 572199,965 24,165 464, 837 66, 330 22,079 15, 544 -3, 718 1936—Sept. 151,814 -14,096 108,666 -1,029 2,084 36, 517 6,581 1,219 -3, 514 Oct., 7,615 -72,441 -383 3,964 -I,1 2,458 1,984 45,323 7,853 1,199 2,710 -3, 521 Nov. 83,168 -49, 224 72, 506 -163 377 1,486 2,304 14,896 1,610 4,727 426 Dec. 100, 505 -63,914 118, 655 -624 -1,130 1,836 2,126 41,683 7,243 1,172 1,927 1937—Jan.. -25, 523 -73, 568 22,453 -220 414 1,021 5,628 2,504 16,903 3,953 17,426 Feb. 122, 296 -75, 615 163,919 153 452 1,756 1,968 24,113 8,705 786 27,024 Mar. 78,484 -104,399 124,121 507 1,587 965 22, 520 2,727 26, 593 5,760 592 588 Apr. 12,036 -149,444 11,281 -1,055 104 927 98, 510 2,122 44.198 2,848 1,220 1,778 May -48, 319 -101, 710 -274 -1, 786 -1, 545 452 8,430 2,353 37,106 8,368 873 2,956 June. 22,957 -128, 380 79,545 -7,915 997 14,027 1,552 46,933 2,782 1,251 -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 -11,355 Aug. 122, 643 -26,043 50,463 12, 212 416 -662 16,914 1,981 54,463 7,178 1,171 8,454 -11,467 Sept. -29, 775 -86,145 -2,034 8,245 573 -420 19, 784 2,039 36.199 4,735 989 -8,182 Oct.. -6, 348 -16,236 -2,831 3,171 8,176 -10,047 1,476 36, 244 5,739 1,032 63 Nov. 22,054 4,258 -2,488 84 -2,215 -5, 663 2,359 47, 694 4,960 3,877 -79 Dec. 20,976 2,006-15,077 90 -12,834 5 2,379 36, 528 5,174 8,300 -137 -247 1938—Jan.. 27,487 1,570-10,689 41 -1,215 -6, 278 3,787 32,982 4,496 10, 743 -65 -200 Feb.. 51, 356 -2,133 77 22 -3, 334 5,659 2,956 43, 023 5,027 7,397 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 m t g e - d France Bel- Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x ( r p ) n o e rt t s United U K d n o i i n m t g e - d c o t o A r th i u e l e n l s r - I t n i i o n d n ia s I I s n e R i d r n e v i - a e * s P i I n h r n g i o v d s l d a i i - a t 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 -4,3521 11,222 173-219, 671 1935 -230, 788 647 -54,858 -181, 725 -13,940 25, 542 342 -6, 795-161,872 -46,172 -113,953 -1,746 11,393 -150,472 1936 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 -154| 11,574 -41 -50,073 1936—Sept. 33, 506 -575 40,875 -286 -641 487 42 -8, 273 -3, 653 -4,823 203 Oct. _ 14,848 19 656 8,177 57 —112 -11, 576 -8, 025 -3, 769 218 982 Nov. 2,210 -3, 676 2,892 1,241 1,723 -65 97 -9, 347 -7,116 -2, 369 138 Dec. -2, 874 -4,916 2,291 -47 659 -33 20 -5, 506 -3, 677 -1,953 124 1937—Jan.. -13; -6, 675 6,227 -612 732 -100 -575 1,1 -8,477 -596 -7,980 99 984 -7,493 Feb.. -17,034 -6,247 2,436 -1 852 -566 -13, 507 -3,161 —236 -3,052 127 899 —2, 262 Mar. 575 -463 -490 653 55 819 -3, 968 -620 -3,473 125 982 -2, 986 Apr. . -1, 506 -1,966 -289 192 584 -6,068 -863 -5,223 18 956 -38 -5,074 May -4, 479 -1,174 -1,987 -3,132 1,107 96 611 -4, 933 —1,101 -3, 710 -122 982 -3,951 June -49,417 -36,242 -4,351 -8, 740 521 274 -879 -1,809 -2,118 309 957 1 -853 July. -6,038 -1,243 -153 -1,831 -512 -2,278 -25 -1, 644 -7,253 208 979 —4 -7, 706 Aug. -1, ~~~ -393 -1,242 8 350 -354 -5,197 -424 -4, 759 -14 975 -4, 222 Sept. -7,147 -376 -6, 995 -37 -1,186 1,456 -4,532 -4,883 352 932 -3,600 Oct.. -1,138 3,286 -9, 627 -109 -561 4,559 1,307 -4, 655 -976 -3, 752 73 961 - -3, 694 Nov. 4,113 4,869 -6, 276 -227 559 3,275 1,914 -4, 200 -4,294 94 938 -3, 262 Dec.. 26.892 5,810 -5, 828 24, 558 -559 2,553 358 5r~~ -4, 578 — 1,4211 1,029] -4,970 1938—Jan... 10,826 12,478 -13,978 10,409 -41 1,614 335 -5,429 I P959' -4,470 Feb. 2,516 11,435 -11,435 457 2,058 686 p Preliminary 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, a 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. 6 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. «Includes net exports of $12,119,000 to Switzerland. 9 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred, w Figures derived from preceding columns; net imports plus production minus increase in reserves in India. 11 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

APBIL 1938 FEDERAL RESERVE BULLETIN 329 CENTRAL BANKS Asset3 of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o u u re n s d i s n s t m er i l l i l n io g n ) s of d m e e p n a t r ) t ^ - (Uash reserves co D u is n - ts Securi- ci t r i c o u n la- Deposits 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—Oct. 28 — 248.7 1.0 65.9 6.6 99.7 442.7 86.5 27.6 41.4 17.7 Nov 25 248.7 .7 63.1 6.8 98.6 445.6 97.6 12.1 41.7 17.8 Dec 30 - - 313.7 .6 46.3 17.5 155.6 467.4 150.6 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 62.2 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 Mar. 30P 326.4 .8 41.0 8.7 131.0 485.4 108.1 17.8 37.4 18.3 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 - ' 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 e h n v r o t e m r r s t n - e - - s O e t c i t e h u s e ri r - N c b u e le g r i o ti s 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 19Qn DPP 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 Dee 30 83,017 4,484 3,438 2,515 6,802 9,196 85,028 2,311 20,072 2,041 1933—Dec 29 77,098 1,158 4,739 2,921 6,122 8,251 82,613 2,322 13,414 1,940 1934—Dec 28 82,124 963 3,971 3,211 6,837 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—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 6,640 8,029 86,651 2,069 13,058 3,160 Dec 30 60,359 1,460 1,379 8,465 17,698 715 3,683 5,640 8,344 89,342 2,089 13,655 2,657 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 5,640 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, 255 2,689 23, 720 3,285 Feb. 24 55,807 874 821 11, 582 31, 904 866 3,652 5,575 7,187 92,740 2,226 20,147 3,154 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). 3 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills redisoounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83; July 1935, p. 463; July 1936, p. 603; and September 1937, p. 951. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN APRIL 1938 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu r r e e i s c h i s n m m ar i k ll s i ) ons 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 ) nd Se lo c a u n ri s ty E a c s li o g n v i e o b r t l e e Other a O s t s h e e ts r ci N t r i c o o u 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—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. 28 71 5 21 5,637 81 110 286 953 5,278 891 996 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] Feb. Jan Dec. Feb. date of month] Feb. Jan Dec. Feb. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Note circulation. 4,325 4,282 4,308 4,477 Gold _ _. 7,583 7,555 Demand deposits—Treasury 10 • 33 96 25 Foreign assets 22, 489 24, 234 Other 832 813 680 828 Loans and discounts 4,094 3,819 Other liabilities 118 118 118 72 Other assets 4,508 3,755 Central Bank of Bolivia (thousands Not© circulation 11,131 11,469 of bolivianos): Other sight liabilities.. 14, 810 16, 237 Gold at home and abroad 51,996 51,486 67,400 Other liabilities 12,733 11,657 Foreign exchange.. 91,312 96,146 71, 773 Central Bank of the Argentine Loans and discounts 34,961 29,824 11,068 Republic (millions of pesos): Securities—Government 398,926 393,434 413,360 Gold at home 1,345 1,354 1,224 Other 4,586 4,584 4,795 Gold abroad and foreign ex- Other assets.. 14,738 13,857 12, 524 change 47 307 Note circulation 247,342 252,459 220, 568 Negotiable Government bonds.. 96 87 Deposits 292,065 277, 504 256,097 Other assets _ 150 166 154 Other liabilities 57,110 59,367 104,255 Note circulation. 1,149 1,150 1,134 Bank of Brazil (millions of milreis): Deposits—Member bank 333 355 391 Cash 268 Government 114 125 124 Correspondents abroad 344 503 Other 3 5 6 Loans and discounts 2,032 2,439 Other liabilities 40 30 Deposits 2,562 2,952 Commonwealth Bank of Aus- National Bank of Bulgaria (miltralia (thousands of pounds): lions of leva): Issue department: Gold 1,994 1,994 1,755 Gold and English sterling-_. 16,006 16,008 16,012 Foreign exchange 838 696 622 Securities 40,801 45,284 38, 561 Loans and discounts, 1,061 1,386 765 Banking department: Government debt _ 3,495 3,495 3,551 Coin, bullion, and cash 1,317 1,297 Other assets 1,188 1,188 970 London balances 31,384 36,987 22,680 Note circulation _ 2,361 2,569 2,317 Loans and discounts 12,368 11, 516 17, 594 Deposits 3,965 3,831 3,111 Securities 52,653 42,974 38,251 Other liabilities _ 2,250 2,359 2,235 Deposits 93,718 88,417 76, 509 Bank of Canada (thousands of Ca- Note circulation 49, 534 54,034 47,039 nadian dollars): Austrian National Bank (millions Gold 180,144 179,756 179, 764 179,423 of schillings): Sterling and United States ex- Gold 243 243 243 change 19,079 16,815 14,885 14, 575 Foreign exchange (non-reserve) ~ 177 168 161 96 Canadian Gov't. securities: Loans and discounts 186 188 189 202 2 years or less 68,783 76,329 82,344 55,196 Government debts 612 612 612 620 Over 2 years 86,497 90,753 91,565 101,661 Other assets 161 151 177 130 Other securities 12,203 12,201 12,212 Note circulation. 953 892 944 893 Other assets 8,395 8,514 9,496 Deposits 267 315 253 241 Note circulation _._ 149,108 165,330 119, 218 Other liabilities 159 153 185 156 Deposits-Chartered banks 188, 750 196,040 195,045 National Bank of Belgium! (mil- Dominion Government 20, 572 17,800 11,083 30,038 lions of belgas): Other 3,665 1,735 3,457 1,315 Gold 3,533 3,525 3,690 Other liabilities- _._ 13,005 12,951 14,355 12,230 Foreign* balances and bills 1,092 1,012 954 2 1,363 D Lo is a c n o s u . n _ t _ s 2 3 0 0 1 2 2 0 9 6 2 3 2 2 8 (3) Other assets 464 464 34 316 1 Form of official statement revised effective December 1937. 2 Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937. 3 Not reported separately on bank statement; see note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

331 APRIL 1938 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank Feb. Jan. Dec. Feb. Feb. Jan Dec. Feb. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold 144 144 143 Government debt and securities 5,922 6,546 Discounts for member banks 5 13 12 Other assets 1,196 2,464 Loans to government 791 791 Note circulation. 15,149 18, 584 Other loans and discounts 115 106 213 Deposits 5,715 6,578 Other assets 50 49 40 Other liabilities 4,088 Note circulation 701 709 Bank of Estonia (thousands of Deposits- krooni): Bank 196 199 196 Gold _. 34,217 34,216 34,214 34,176 Other 76 64 106 Foreign exchange (net) 17,311 15,731 17,007 12,390 Other liabilities 133 131 124 Loans and discounts 25,008 24,833 26,697 25,871 Bank of the Republic of Colombia Other assets 30,876 29, 781 28,888 21, 228 (thousands of pesos):' Note circulation. 50, 774 48,770 49,081 46,005 Gold... 32,134 29,861 37,779 Demand deposits 34, 741 34,942 37,690 33,703 Foreign exchange 12,696 6,527 12,725 Other liabilities. _. 21,896 20,847 20,035 13,957 Loans and discounts 16,370 23,350 7,705 Bank of Finland (millions of mark- Government loans and securities. 45,722 46,671 45, 585 kaa): Other assets 26,287 26,122 26,871 Gold.. 635 635 635 815 Note circulation... 48,863 52,967 52, 730 Foreign assets _. 2,476 2,374 2,261 1,939 Deposits 43,492 38,205 41,413 Loans and discounts _ 1,332 1,157 1,080 1,051 Other liabilities _. 40,855 41,359 36, 521 Domestic securities 297 349 351 295 National Bank of Czechoslovakia Other assets __. 361 400 457 301 (millions of koruny): Note circulation 2,189 2,015 2,052 1,757 Gold _ 2,649 2,641 2,626 2,587 Deposits—Treasury __. 612 472 136 531 Foreign exchange 528 523 479 277 Other _ 659 828 972 513 Discounts 875 1,004 1,351 1,094 Other liabilities 1,642 1,600 1,623 1,601 Loans 730 993 1,284 791 Bank of Greece (millions of drach- Government debt 2,008 2,010 2,010 2,019 mas): Other assets _ 1,177 1,225 1,239 1,041 Gold and foreign exchange (net).. 3,382 3,451 3,489 3,229 Note circulation 6,078 6,099 6,902 5,787 Loans and discounts 5,800 5,616 5,866 2,957 Demand deposits 347 629 292 415 Government obligations.— 4,384 4,381 4,370 4,157 Other liabilities 1,544 1,668 1,795 1,607 Other assets 1,675 1,682 1,748 1,940 Bank of Danzig (thousands of Note circulation 6,357 6,358 6,776 6,061 gulden): Deposits. 6,551 6,405 6,386 4,208 Gold 28,374 28,370 28,355 29,342 Other liabilities. 2,332 2,367 2,310 2,015 Foreign exchange of the reserve- 2,215 2,991 3,088 1,615 National Bank of Hungary (mil- Other foreign exchange 417 397 387 2,354 lions of pengos): Loans and discounts 16,228 16,867 17,179 16,372 Gold _ 84 84 84 84 Otker assets 3,533 3,434 3,195 4,224 Foreign exchange reserve __. 61 59 47 Note circulation __. 33,617 34,735 36,245 31, 373 Discounts _ 385 450 462 Demand deposits 13,296 13,297 11,647 13,905 Loans—To Treasury , 119 117 115 101 Other liabilities 19,012 19,012 19,012 19,115 Other 14 14 17 12 National Bank of Denmark (mil- Other assets 302 287 275 199 lions of kroner) : Note circulation. _ 444 437 466 418 Gold... 118 118 118 118 Demand deposits 237 219 246 202 Foreign exchange 88 83 72 15 Certificates of indebtedness 70 70 70 93 Discounts ____. 20 21 23 32 Other liabilities 214 220 218 192 Loans—To Government agencies 123 140 212 173 Reserve Bank of India (millions Other 104 113 140 135 of rupees): Securities 76 69 73 56 Issue department: Other assets 69 65 67 63 Gold at home and abroad- 444 444 444 Note circulation 391 386 417 375 Sterling securities. 788 803 773 Deposits 54 73 125 72 Indian Gov't. securities 274 274 244 Other liabilities , 153 150 162 146 Rupee coin 629 626 622 Centra) Bank of Ecuador (thou- Note circulation _ 1,833 1,854 1,939 sands of sucres): Banking department: Gold 33,235 Notes of issue department.. 303 293 144 Foreign exchange 25,171 Balances abroad 49 36 251 Loans and discounts 38,879 Loans to Gov't 20 —---- Note circulation 57,313 Investments 60 62 Deposits 38,751 Other assets _ 6 11 6 National Bank of Egypt * (thou- 310 312 368 sands of pounds): Other liabilities 107 111 106 Gold.. 6,545 6,545 6,545 Bank of Japan (millions of yen): Foreign exchange 2,593 2,612 3,535 Gold* 801 801 801 556 Loans and discounts 5,818 6,585 5,059 Discounts 463 496 496 547 British, Egyptian, and other Loans—Government 3 3 3 199 Government securities 34,873 35, 275 38,742 Other 107 161 165 148 Other assets 7,231 6,234 5,999 Government bonds _._ 1,175 1,210 1,126 571 Note circulation 19, 830 20,674 21,545 Other assets 222 174 181 179 Deposits—Government 9,163 8,954 8,833 Note circulation 1,907 2,051 2,155 1,529 Other 19, 685 19, 350 21,321 Deposits—Government 519 432 219 314 Other liabilities 8,381 8,274 8,183 Other 71 88 112 83 Central Reserve Bank of El Salva- Other liabilities 273 274 286 275 dor (thousands of colones): Bank of Java (millions of guilders) Gold... 13,172 13,138 Gold 117 117 89 Foreign exchange 2,653 5,720 Foreign bills 3 4 2 Loans and discounts 2,009 1,279 Loans and discounts 67 67 i Items for issue and banking departments consolidated. » 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

332 FEDERAL RESERVE BULLETIN APRIL 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank Feb. Jan Dec. Feb. Feb. Jan Dec. Feb Bank of Java—Cont. Bank of Portugal—Cont. Other assets _.. 105 108 102 Loans and discounts 338 328 Note circulation 185 185 178 Government debt 1,042 1,044 Deposits 78 84 55 Other assets 1,409 1,220 Other liabilities _._ 28 26 25 Note circulation.__ __. 2,193 2,062 Bank of Latvia (millions of lats): Other sight liabilities.. _. 1,042 1,105 Gold 78 78 77 77 Other liabilities _. 1,177 1,054 Foreign exchange reserve 44 43 43 33 National Bank of Rumania (mil- Loans and discounts 128 130 137 117 lions of lei): Other assets 61 66 39 52 Gold... 16, 504 16,458 15,708 Note circulation 66 62 65 43 Special exchange accounts 5,915 5,652 4,670 Deposits _ — 191 198 197 203 Loans and discounts 6,175 5,994 6,146 Other liabilities 53 56 35 32 Special loans 2 1,989 1,997 2,432 Bank of Lithuania (millions of litu): Government debt _. 10, 549 10,531 10,555 Gold - 79 79 79 77 Other assets 9,174 9,163 9,188 Foreign exchange.. 4 4 6 7 Note circulation 30,102 29,391 24,961 Loans and discounts 114 114 116 100 Demand deposits 10,642 11,143 11,755 Other assets 32 29 29 32 Other liabilities.. 9,561 9,261 11,982 Note circulation.__ 118 117 117 113 South African Reserve Bank Deposits 90 88 92 80 (thousands of pounds): Other liabilities 20 20 21 21 Gold 22,936 22,937 27,962 Netherlands Bank (millions of guil- Foreign bills 3,176 6,875 6,014 ders) : Other bills and loans 2,973 3,818 22 Gold 1,436 1,406 1,366 879 Other assets 12,932 12,818 16,086 Silver (including subsidiary coin) 16 18 17 20 Note circulation 16,995 18,093 15,918 Foreign bills. _ ____ 5 5 5 2 Deposits _ 21,757 23,474 30,478 Discounts 9 9 23 21 Other liabilities _ 3,265 4,881 3,688 Loans 271 226 195 173 Bank of Sweden (millions of Other assets 65 63 62 kroner). Re (t s h N e O G D o r o o e t v u h p l t e s d e e o a r s n c B i l d i t i r s a a s c — n b u o k O i l G f a l i t t p t o h i o i o o v e e f n e u r s r . n N n .. d m e s w ) e : n t Zealand 2, 9 8 7 1 4 0 0 0 4 7 2 9 4 2 2,8 6 1 0 0 4 8 6 7 2 8 2,8 8 6 1 5 0 6 4 0 6 8 5 2 0 2, 2 8 7 6 7 4 0 7 1 6 5 4 2 ' N D D F O G L o o o o i o t s h r a m l t e c d e e n i o r e s g c u s n a i t n r s i c c t a s s u e s s l t s s a e e t c t i s u o r n ities.. 9 3 2 2 0 1 2 1 1 4 2 1 1,0 9 2 3 0 8 2 1 1 0 6 8 3 6 2 1,0 2 9 5 4 8 9 2 1 3 1 5 9 0 1 5 0 3 3 8 8 5 2 4 7 2 3 3 1 2 2 7 3 3 0 1 Sterling exchange reserve 17, 249 16,231 16,993 18,804 Demand deposits 829 879 813 795 Ad d v e a rt n a c k e i s n g to s. State or State un- 7,274 7,724 7,080 8,369 Swi O ss t h N e a r t l i i o ab n i a li l t ie B s ank (millions of 134 125 131 160 Investments 2,971 2,915 2,658 2,453 francs): Other assets 540 296 284 295 Gold 2,890 2,842 2,679 2,718 Note circulation 13, 772 14,240 15,233 12, 753 Foreign exchange 515 519 513 25 Demand deposits 15, 369 14,031 12,915 18, 327 Discounts 13 15 19 30 Other liabilities 1,694 1,696 1,669 1,644 Loans 23 24 35 40 Bank of Norway (millions of Other assets . 635 630 636 615 kroner): Note circulation 1,471 1,451 1,531 1,376 Gold 179 180 180 215 Other sight liabilities 1,969 1,947 1,716 1,412 Foreign assets , 241 238 233 93 Other liabilities 637 635 637 640 Total domestic credits and Central Bank of the Republic of Ot s h e e c r D S u L r e a o i i c s s t a i c u s n e o r e s s i u t ti s n e . t . s s 0 0 0 0 1 ) ) ) ) 66 0 0 0 1 ) ) ) 66 1 9 3 9 1 2 0 2 1 2 6 2 4 1 9 0 6 3 1 Tu L G F r o o o k r a l e e d n I y i n s g n ( a c t n l h e e d o x a u c r d i h s n i a a s g n c n o d g a s u c e c n — o o t f s u F _ p n r o e ts e unds): 3 2 4 6 9 6 , , , 8 7 7 3 8 8 3 1 3 7 3 2 45 3 6 , , , 8 7 5 5 5 2 0 7 3 5 2 3 6 2 0 6 3 , , , 7 6 4 2 1 5 6 6 3 8 9 3 4 2 6 6 2 , , , 7 1 7 6 0 8 2 2 4 2 8 Note circulation 418 0) 449 399 Securities __ 188, 378 188,405 .89,028 186,978 Cen D O tr e t a h m l e a r R n li d e a s b d e i e l r i v p ti o e e s s i B ts— an O G k t h o e v o r e f r n P m e e r _ n u t . - (9 7 5 7 6 ( 4 0 2 6 5 1 2 6 6 5 4 2 8 1 5 3 5 6 6 8 N D O O e o t t h h p te e e o r r s c i a l i t i r s s a c s b u e i l t l s a it t i i e o s n _. 1 1 4 7 4 2 1 6 4 2 , , , , 1 4 3 2 4 9 7 3 9 5 8 6 1 1 ~ 4 1 7 5 0 1 6 , , , , 5 2 3 8 3 7 7 2 7 6 8 5 . 2 4 1 7 2 8 8 6 , , , , 0 9 2 6 1 7 5 7 4 3 9 71 2 9 8 3 6 4 0 9 , , , , 9 9 9 7 8 7 1 4 1 5 4 6 (thousands of soles) : Bank of the Republic of Uruguay Gold and foreign exchange 58,463 46,964 (thousands of pesos): Discounts 39,624 37,663 Issue department: O N G t o o h v t e e e r r c n a ir m s c s u e e n t la s t t i l o o n ans 4 9 1 5 6 1 , , , 3 3 3 7 6 4 6 3 8 4 9 4 7 3 , , , 9 1 5 8 0 5 9 3 2 Ban N G ki o o n l t g d e d c a i n e r d p c a u s r l i a t l m v ti e o e r n nt: 4 9 2 0 , , 7 7 7 4 6 6 4 8 1 9 , , 6 6 0 5 1 4 D O e th p e o r s i l t i s a bilities _ , 3 1 8 9 , , 9 4 8 6 1 7 3 1 1 2 , , 7 3 3 3 1 4 L C o as a h n s r e a s n e d r v d e i s scounts 9 21 4 , , 6 8 3 5 3 8 8 2 1 5 , , 6 6 1 8 1 1 Bank of Poland (millions of zlotys): Other assets __ _. 60,093 84,168 Gold 437 436 435 400 Deposits.., 85,204 101,981 Foreign exchange 26 32 36 36 Other liabilities 91,381 89, 479 Loans and discounts 610 622 709 690 National Bank of the Kingdom of Securities 126 128 129 135 Yugoslavia (millions of dinars): Other assets 459 465 480 437 Gold 1,725 1,719 1,709 1,642 Note circulation 1,016 1,014 1,059 1,000 Foreign exchange 448 461 440 693 Other sight liabilities— 307 327 360 254 Loans and discounts 1,598 1,623 1,705 1,696 Other liabilities 336 343 369 444 Government debt 2,240 2,239 2,238 2,249 Bank of Portugal (millions of Other assets 3,192 3,055 2,948 1,686 escudos): Note circulation 5,697 5,673 5,834 5,347 Gold 917 912 Other sight liabilities 2,725 2,661 2,459 1,909 Other reserves (net) 550 554 Other liabilities 780 762 747 710 Non-reserve exchange 157 163 c Corrected. 1 Figures not yet available. 2 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDEKAL RESERVE BULLETIN 333 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1938 1937 1937 Assets Liabilities Feb. 28 Jan. 31 Feb. 28 Feb. 28 Jan. 31 Feb. 28 Gold in bars 16,316 16,318 35,272 Demand deposits (gold) 9,441 9,435 23,518 Cash on hand and on current account with banks 30,787 37, 604 39,245 Short-term deposits (various curren- Sight funds at interest 13,917 13,346 26, 505 cies): Central banks for own account: Rediscountable bills and acceptances Demand _ 39, 249 43,077 (at cost): Time—Not exceeding 3 months. 130,783 126, 063 110,222 Commercial bills and bankers' ac- Time—Between 3 and 6 months 3,818 7,812 ceptances. 127,694 127, 789 107,145 Treasury bills._ ... 100, 663 110,424 131, 574 Total.. 173,850 176,952 135,120 Total.. 228,357 238,213 238, 719 Central banks for account of others: Demand 2,704 3,170 3,572 Time funds at interest- Other depositors: Not exceeding 3 months.. 55, 665 38,414 26,095 Demand.. _ 3,082 4,509 284 Between 3 and 6 months.. 853 Time—Not exceeding 3 months. 1,243 1,049 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 154,334 153,836 153,280 Treasury bills 34,418 30,011 31,729 German Government deposit 77,167- 76,918 76, 640 Sundry investments 107,366 86, 999 56,804 French Government guaranty fund. 30,433 30,564 43,285 Between 3 and 6 months: French Government deposit (Saar). 1,002 1,419 Treasury bills 31,135 24, 312 6,249 Sundry investments 45, 775 65,465 78, 780 Total 262,931 262,320 274, 625 Over 6 months: Treasury bills 26,963 37,897 75,038 Capital paid in _ _ 125,000 125,000 125,000 Sundry investments 55,121 53,768 11,191 Reserves: Legal reserve fund _ 4,238 4,238 3,784 Total.. 300, 776 298,453 259,791 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,. 1,402 1,419 1,362 sold 978 996 1,351 Sundry items 44,012 42, 729 42,369 Sundry items. 53 55 Total liabilities 646,850 649,767 627,918 Total assets.. 646,850 649, 767 627,918 i See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures are as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities (Figures in U m ni il t l e i d o ns K o in f p g o d u o n m ds sterling) re C se a r s v h es M c n a o s l o h n l t o e i a c r y n t e a d t 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 i n ts d1 Time1 lia O b t i h li e t r ies 10 London clearing banks 1930—December 208 144 322 285 933 240 1,876 992 847 254 1931—December 184 119 246 297 905 222 1,737 868 846 237 1932—December _. _ 207 127 408 472 778 208 1,983 991 963 216 1933—December 213 119 311 565 740 237 1,941 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 236 187 316 630 864 238 2,238 232 1937—December 236 155 295 605 954 242 2,250 237 11London clearing banks2 1936—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 1,290 1,039 252 February 243 144 288 633 984 238 2,280 250 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

334 FEDERAL RESERVE BULLETIN APRIL 1938 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets ]Liabilities Franc© 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 c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—D ecember 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4 357 1931—December.. ._ 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December - 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December . __ ._ 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December 5,836 1,421 18, 304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December . «_ 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—November 3,173 2,835 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 27,955 629 473 4,289 1937—January 2,852 3,589 18, 289 7,949 1,340 29,831 29, 304 527 561 3,626 February— _ 2,798 3,770 17,825 8,056 1,397 29,644 29,061 583 602 3,600 March 5,237 3,59(5 16, 701 8,357 1,448 31,008 30,465 543 600 3,732 April _ _ 2,891 3,57!) 16,043 8,116 1,481 27,703 27,164 539 583 3,825 May 3,014 3,66( 16, 479 7,996 1,446 28,242 27, 682 560 542 3 817 June - -- - 2,761 3,93C\ 15,869 8,514 1,595 28,128 27, 568 560 591 3,954 July ._ 2,764 4,176 16,954 8,276 1,602 29,069 28,523 546 570 4.133 August 2,925 4,258 16,842 8,008 1,689 28,988 28,438 550 583 4,152 September 2,790 4,551I 16,802 8,723 1,832 29,838 29, 288 550 644 4,216 October 2,698 4,43'\ 19,079 8,172 1,952 31, 277 30, 708 569 695 4,364 November 3,325 4,04() 18,046 7,834 2,011 30,142 29, 539 604 695 4,419 December 3,403 4, IK> 18,249 7,624 2,134 30,348 29, 748 600 661 4,517 Assets Liabilities (5 large B l e io rl n i s n o b f a n re 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 t d e 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 s n it d s Time o C b b f r t a r e a o n d i m n k i e t s s d l O ia ti t b e h i s e li r - 1930—November _ __ 191 1,483 2,453 7,416 482 880 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 1,550 1933—November 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November... __ 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—November -- - - 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—November 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—January - 154 303 2,895 2,679 1,020 837 5,973 2,923 3,050 557 1,357 February 130 301 2,966 2,673 1,022 822 6,029 2,760 3,270 578 1,307 March 201 315 2,908 2,732 1,014 813 6,135 2,942 3,194 559 1,288 April 132 297 3,204 2,666 949 805 6,213 2,926 3,287 551 1 289 May 139 288 3,171 2,637 1,039 807 6,246 2,979 3,267 543 1,291 June 180 296 3,091 2,636 1,037 778 6,204 2,969 3,236 563 1,251 July . 145 298 3,099 2,676 981 760 6,164 2,918 3,245 533 1,261 August 153 282 2,995 2,701 1,083 758 6,175 2,892 3,283 533 1 265 September 216 322 2,860 2,754 1,070 781 6,172 2,916 3,256 539 1,292 October 136 277 3,041 2,667 1,050 806 6,141 2,862 3,279 510 1,327 November 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—January 147 283 2,942 2,594 1,083 834 6,081 2,839 3,242 465 1,336 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada excl d u e d p in o g si t i s nterbank abroad "Motfl (10 cha l r i t o e 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 rs i ) n mil- re C se a r s v h es S l e o c a u n r s ity an O lo d t a h n d e i s r s- a f n o f d r d r o e u i m e n g e n t Se ti c e u s ri- O as t s h e e ts r ci t r i c o u n la- Total Demand Time lia ti b e i s licounts 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— December 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937 January 247 119 796 173 1,412 468 103 2,330 782 1,549 781 February ._ _ 239 119 805 214 1,422 483 108 2,369 805 1,564 804 March _..__ .« 242 124 814 161 1,427 516 105 2,370 786 1,584 810 April 246 121 835 141 1,440 511 106 2,383 799 1,583 805 May . - - ._ -_ - 240 117 852 139 1,438 491 103 2,372 799 1,574 802 June _. _ -. - 238 116 853 128 1,442 520 107 2,379 809 1,570 811 July 231 114 852 139 1,431 472 107 2,322 750 1,572 810 August. _. __ 241 114 863 119 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 1,583 786 1938—January . 257 72 839 96 1.434 480 92 2,314 723 1,591 771 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

335 APRIL 1938 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annumj Central bank of— Date effective K U in n g i d te o d m France m G a e n r y - Italy N la e n th d e s r- Sw la i n t d zer- b C an e k n t o r f a — l M R 2 a a 6 t r e . ef D fec a t t i e ve b C an e k n t o r f a — l M R 2 a a 6 t r e . ef D fec a t t i e ve In effect Jan. 1, 1936 2 6 4 5 3H 2H J J J F M M J J J J J J J F M M S N D S O O O O a a a u u u u u u u e e e e o e c c c c n n n a a a a l n n l n n n b b p p y y t t c t t v . . y y . y r . e e . e e e . . . . t t . . . . . 1 2 1 1 1 9 4 2 7 2 4 7 3 2 1 3 7 3 2 2 2 2 , 0 9 2 6 _ 6 0 0 0 6 8 0 8 4 5 6 1 5 — _ . . 936 _ _ _ 5 4 3 6 5 5 4 3 3 2 2 5 H lA 4H 3 2 3 4 4 S 2 2 H * H K H 2 I D G H A A A B B C C D E E B B C C E F F G t l r i c z s h e u o o r a a e u r l u e r a v n a b e i t e u g l n n i r l l l n n s S a l t o g n l l i e o g c m a a e i z t a y e a m v k g a n c i h c s r m a n d n i d u - n i i l a i a h e e g i o r i a a a o v a a t a m d b i n r a s i r a r a y I i n l y k n a o d a . - d o — . i r _ _ a - _ 3- 4 3 4 4 4 3 4 4 6 3 6 V 4 4 4 6 3 2 6 4 M H H ^ A J J J A J J M A J N M D N N N M A A D S M O a a u u a u e e u e p u u o o o o c n n n a a a a l l l p c c g y t y y g g r v v v v y . . y . r r . . . t i . . . . . . . . . . l 3 1 2 2 2 1 1 1 1 2 1 1 1 1 2 4 8 5 3 0 1 2 9 8 1 9 1 6 8 3 3 5 1 6 0 1 , , , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 6 5 2 3 6 2 5 5 7 7 7 5 2 6 5 7 4 5 6 5 6 5 U J N J N N L S U Y L M P P S T P R S S a a o w p o e w o n i a u e e u o . u l d p v e t a r u a l r t w i t r r m g h e o x i S a a a u v t t h n i k t w t d e u o i n m u n n h z . i e d a c e d e a g s a e d a r S o n y n l A y a l r n a K Z i a . l l a f i v a n e r i a R n i i n d a . c a _ d g _ - . s _ a . _ - - - _ _ & 4 V 3 r 2 6 4 4 4 3 2 5 2 5 V 2 5 ^ . M H - ° A A 2 A 4 9 ^ J J J J J A M D A M J J M D M N N D D F a u u u u u a e e e e e u p o o n a a a n a n l n l l b c c c c y y g y r v v y . y r r . e e . . . . . . . . . . . 3 2 2 2 1 1 1 1 1 1 3 0 2 0 6 1 1 9 7 5 1 1 5 5 1 1 8 5 1 4 , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 6 2 6 6 5 6 6 3 3 5 7 4 6 6 7 8 7 7 3 Jan. 28, 1937 4 June 15 __ 6 Changes since Feb 28: None. July 7 5 Aug. 4 4 Sept. 3 3H Nov. 13 3 In effect Mar. 26,1938 2 3 4 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c m a ep n o t k a n e n t r h c s s e ' s T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n 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 c i a v o t a e u t n e t M 1 o m ne o y n t f h or 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—February— .55 .53 .75 3.00 2.86 2.47 1.00 March .55 .51 .75 3.00 2.86 3.10 .38 1.00 April .55 .53 .75 2.90 2.71 2.55 .38 1.00 May _ .55 .51 .75 2.88 2.63 2.69 .31 1.00 June .68 .68 .79 2.88 2.63 2.78 .25 1.00 July _. .56 .53 .79 2.88 2.65 2.64 .19 .92 August .55 .52 .75 2.88 2.69 2.85 .19 .53 September .55 .50 .75 2.88 2.73 3.07 .20 .50 October .55 .53 .75 2.88 2.91 2.81 .21 .50 November. .59 58 .75 2.88 2.81 2.65 .25 .50 December. .75 .75 .75 2.88 2.84 2.96 .25 .50 1938—January—_ .54 .51 .75 2.88 2.88 2.98 .25 .50 February. _ .53 .50 .75 2.88 2.88 2.73 .25 .50 Sweden Sw la it n z d er- ( B B e r l u g s i s u el m s) F (P ra ar n is c ) e (M It i a l l a y n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m 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 o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1937—January— 1.25 1.00 2.22 4.50 4.75 2.63 February.. 1.18 1.00 4.01 4.50 4.75 2.67 March 1.00 1.00 4.06 4.50 4.75 2.83 April 1.00 1.00 4.00 4.50 4.75 2.86 May 1.00 1.00 3.93 4.50 4.75 2.69 June 1.00 1.00 5.02 5.00 4.75 2.80 July 1.00 1.00 5.20 5.00 4.75 2.70 August 1.00 1.00 4.11 5.00 4.75 2.85 September 1.00 1.00 3.54 5.00 4.75 2.46 October 1.00 1.39 3.62 5.00 4.75 2.65 November. 1.00 1.78 3.26 5.00 4.75 2.63 December. 1.00 1.72 3.00 5.00 4.75 2.59 1938—January... 1.00 1.57 3.00 5.00 4.75 2.38 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

336 FEDERAL RESERVE BULLETIN APRIL 1938 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A ra u l s i - a A ( u sc s h tr il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada Chile (peso) China Co b lo ia m- (peso) (pound; ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) (peso) 1929. 95.127 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 I. 2846 100.004 5.1697 4.0000 29. 606 56. 726 1937—February 32.627 389.93 18.677 16. 861 8. 7053 6.1076 36.973 1. 2903 99.964 5.1731 29.600 57. 234 March 32. 570 389. 26 18. 677 16. 847 8. 7021 6.1069 36.888 1. 2884 100.051 5.1726 29. 664 57.008 April 32. 774 391. 78 18.687 16. 860 8. 7105 6. 2538 37.120 1. 2875 100.120 5.1725 29. 714 56. 956 May 32.928 393. 70 18. 719 16. 868 8. 7192 6. 4164 37. 280 1. 2839 100.149 5.1725 29. 798 56.967 June 32. 898 393. 25 18. 714 16.866 8. 7179 6. 5543 37. 245 1. 2830 99. 944 5.1738 29. 653 57.006 July 33.107 395.70 18. 775 16. 835 8. 7266 6. 6335 37. 483 1. 2825 99.858 5.1767 29.494 56.992 August 33. 206 396. 92 18. 851 16. 838 8. 7314 6. 5449 37. 601 1. 2845 99.982 5.1571 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 99. 983 5.1680 4.0000 29. 489 55. 459 February. __ 33.451 399. 81 18.939 16.975 5. 8303 37. 890 1. 2575 100. 023 5.1680 4. 0000 29. 602 55.066 Year or month C (p u es b o a ) C s ; l k o z o v e r c a u h k n o a ia - ) ^ m D k e r 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 ce - ( K d H o o o l n l n a g g r) [ H p g e a u n r g n 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 .9386 48. 217 29.602 8. 2471 28. 707 27. 778 67. 715 1936. 99.909 .4.0078 22.189 509.68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29. 002 27. 760 64. 481 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—February. _. 99.917 21. 847 501.78 2.1579 4. 6555 40. 226 .8965 30. 403 19. 782 5. 2608 28. 529 27. 750 54. 686 March 99.917 3. 4879 21. 807 500. 87 2.1531 4. 5945 40.215 .8951 30. 355 19.779 5. 2608 28.494 27. 750 54. 702 April 99.918 3.4862 21.945 504.07 2.1656 4. 4963 40. 206 .9003 30. 509 19. 785 5. 2607 28. 635 27. 751 54. 757 May 99. 917 3.4853 22.051 506. 49 2.1784 4. 4768 40.171 .9052 30. 600 19. 781 5. 2606 28. 780 27. 750 54.936* June. _- 99. 919 3. 4841 22. 031 506.05 2.1792 4.4399 40.071 . 9043 30. 349 19. 771 5. 2607 28. 711 27. 751 54. 976 July. 99. 916 3.4854 22.173 509. 30 2.1918 3. 8048 40.196 .9088 30. 343 19. 770 5. 2600 28.882 27. 751 55. 091 August 99.917 3. 4875 22. 236 510. 83 2.1964 3. 7501 40. 213 .9116 30.993 19. 764 5. 2603 29.027 27. 751 55.151 September. _ 99. 905 3.4936 22.109 507. 83 2.1888 3.5193 40.121 .9074 30.959 19. 745 5. 2603 28. 867 27. 750 55.150 October 99. 915 3. 4999 22.119 508. 05 2.1886 3. 3491 40.157 .9076 30. 975 19. 741 5. 2604 28.853 27. 750 55. 284 November. _ 99. 917 3. 5146 22. 301 512. 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 February. __ 99. 916 3. 5149 22.399 514. 50 2. 2155 3. 2814 40. 424 .9190 31.339 19. 841 5. 2607 29.035 27. 750 55. 95& 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 n e 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 ) S pe p s a e i t n a) S S m d t e o e r t l n a t la l i t e r t s ) - s k S d r w e o n n e- a) e ( S r f l r w a an i n t c d z ) - ( T po u u rk n e d y ) U p K d o n 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 la u 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—February... 392.92 24.589 18.929 4.4457 .7275 484.24 6.736 57.404 25. 232 22.829 79.700 489. 39 78. 856 2.3059* March 392. 32 24. 544 18.939 4. 4411 .7284 483. 81 6.149 C57.312 25.186 22.792 79.953 488. 51 78. 753 2. 3057 April 394. 76 24. 699 18.959 4.4599 .7286 486.89 5.711 57. 640 25.339 22. 824 80. 246 491. 63 78. 626 2. 3056- May 396. 61 24. 819 18.934 4. 4723 .7290 489.17 5.348 57.929 25. 465 22. 870 80.134 493.99 78. 659 2.3060 June... 396. 21 24.797 18. 928 4. 4689 .7279 488. 68 5.215 57.836 25. 444 22. 879 79. 897 493. 55 79.143 2. 3056 July... 398. 74 24.957 18.915 4. 4958 .7286 491.95 5.062 58. 240 25. 607 22. 920 80. 537 496. 72 79.373 2.3072 August 400.10 25.030 18. 902 4. 5053 .7270 493. 61 6.273 58. 414 25. 683 22. 963 80.393 498. 22 79. 250 2. 3051 September- 397. 58 24. 884 18.891 4.4864 .7313 490.66 6.477 58.076 25. 533 22. 965 79. 665 495. 30 79.118 2. 3019 October 397.72 24. 895 18. 890 4.4870 .7307 490.89 6.267 58.107 25. 546 23.021 79.824 495. 51 79.052 2. 3025 November.. 401. 08 25.100 18. 923 4. 5165 .7314 494.98 6.276 58. 572 25. 754 23.149 80.492 499. 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* February... 402. 87 25. 212 18.974 4. 5350 .7372 497.06 6.085 58. 759 25.861 23. 231 80. 800 501. 80 66. 021 2.3398c Corrected. NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of A" quotation, see note in BULLETIN for March 1938, p. 244. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1938 FEDERAL RESERVE BULLETIN 337 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t t e e 1 d 0 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 d 0 m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (19 e 1 r 3 m = a 10 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 p t = o 1 a b 0 n e 0 r ) ( N 1 l 9 e a 1 2 t n 0 6 h 0 d - e ) 3 s r 0 - = ( S J w = u la 1 l i y t 0 n z 1 0 d e 9 ) r 1 - 4 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 P85 109 P581 106 89 238 76 111 1937—January 86 81 103 538 105 82 233 73 108 February 86 83 104 533 106 83 230 74 111 March. __ 88 86 107 550 106 85 240 76 113 April 88 86 109 552 106 86 248 77 113 May. 87 85 111 550 106 88 241 77 113 June 87 85 111 557 106 90 238 76 112 July 88 88 112 582 106 90 239 78 112 August 88 86 111 603 107 91 235 78 111 September 87 85 111 630 106 92 239 77 111 October 85 85 111 628 106 93 237 77 111 November 83 83 109 621 106 95 238 76 110 December 82 83 108 631 106 96 '241 76 110 1938—January _ 81 84 108 637 106 95 245 75 110 February 80 84 106 P106 258 74 Preliminary. c Corrected. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) France (1913=100) Germany(1913=100) (1930=100) Year or month Induspr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods pr I o n tr d d ia u u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l t l 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 r e a m e w d i- tr I i i n s a d h l u e f d i s n - products products 1926.— 100 100 100 581 793 129 132 130 150 1927 . 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929__ - 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 .._ _._ 65 75 75 89 87 542 464 104 96 103 136 1932. . . .. 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 .. 65 71 78 85 90 393 361 96 76 91 116 1935. . 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937_._ — 86 86 85 102 112 P562 P598 105 96 96 125 1937—January 91 87 83 99 105 532 543 103 93 97 123 February 91 87 84 99 107 516 548 103 94 97 123 March... 94 88 86 101 111 528 570 104 95 98 124 April 92 86 87 102 113 522 577 104 95 97 124 May 90 84 86 102 115 520 576 104 98 97 124 June 89 85 86 102 115 532 579 105 98 97 124 July 89 86 86 103 116 549 610 106 98 96 125 August 86 87 86 103 116 572 629 106 98 96 125 September 86 88 86 104 115 612 645 105 97 96 126 October 80 86 85 105 113 607 646 105 97 95 126 November 76 83 84 105 110 613 628 105 96 94 126 December 73 80 84 104 109 636 626 105 94 94 126 1938—January. 72 76 84 105 109 634 638 105 96 94 126 Februarv 70 74 83 103 107 P105 P90 P94 P126 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

338 FEDERAL RESERVE BULLETIN APRIL 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 i 2 = 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 r 1 J a u 4= n ly 1 c 0 e 019 m G 1 1 9 4 a e 1 = n 3 r 1 - y - 00 N 19 l e 1 1 a 9 t 3 n h 1 = d 1 e 1 s - r 0 - 0 1 S 9 l 1 J w a e u 4 r n i = l - t d y 1 z 0 - 0 Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 e e 1 - s d 0019 E l J 1 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 = n r 3 1 - y - 00 N 19 l e 1 a 1 9 t 3 n h 1 = d 1 e 1 s - r 0 - 01 S 9 l 1 J 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 1132 130 1937 85 139 P600 122 127 129 1937 84 154 P619 125 137 137 1937—January. _ 85 136 562 121 124 126 1937-January 151 125 134 133 February 85 135 577 122 122 129 February 151 125 134 136 March ___ 85 135 577 122 123 129 March 84 151 581 125 134 136 April 86 135 580 122 125 129 April 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 August 86 140 594 124 130 130 August 155 126 139 137 September 86 140 627 122 129 130 September 85 155 630 125 139 137 October 85 143 644 121 130 130 October 158 125 140 138 November 84 146 645 121 131 130 November 160 125 140 138 December 83 146 659 121 130 130 December 85 160 658 125 139 138 1938—January. _ 80 145 C688 121 130 1938-January, _ 159 125 138 February. 78 142 122 February. 157 125 1 p Preliminary c Corrected i Revised index as from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month ( U S a p v r n t i e a c i r t t e a e e ) g d s i e ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 d e ) r (1 F 91 ra 3= n 1 c 0 e 0) G ( e a p v r r m e ic r e a a ) g n e y N l e a t n h d e s r ' - U S n ta it t e e d s England France Germany (1 N 9 l e 3 a t 0 n h = d e 1 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 83.3 104.3 149.8 102.6 187.6 100.2 166. 1931 90.9 108.4 96.9 »83.4 104.1 94.7 78.9 132.2 »78.0 70. 1932 69.5 113.2 88.6 »67.1 94.8 48.6 67.9 105.2 3 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 < 101.8 111.7 96.3 »>97.4 102. 6 104. 1937—January 100.3 129.7 77.5 96.7 < 100.9 126.4 104.2 114.6 97.8 100.9 February 100.0 125.5 75.1 97.4 100.3 129.5 103.8 113.3 99.2 108.5 March 98.5 124.3 74.6 97.7 98.8 129.9 102.7 112.0 100.3 113.1 April 96.6 125.3 72.6 98.5 100.0 124.5 101.0 96.6 101.5 109.6 May 96.2 125.0 72.3 98.8 100.3 116.3 99.3 94.8 102.6 105. a 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 February 79.3 125.1 99.9 80.7 83.8 104.2 p Preliminary. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. J 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. »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 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLBS, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEB ERNEST G. DRAPER CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEP 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. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) W. W. ALDRICH CHESTER C. DAVIS District No. 3 (PHILADELPHIA) HOWARD A. LOEB, ERNEST G. DRAPER Vice-President JOHN K. MCKEE OSCAR NEWTON District No. 4 (CLEVELAND) L. B. WILLIAMS J. N. PEYTON District No. 5 (RICHMOND) ROBERT M. HANES RONALD RANSOM District No. 6 (ATLANTA) EDWARD BALL G. J. SCHALLER District No. 7 (CHICAGO) EDWARD E. BROWN JOHN S. SINCLAIR District No. 8 (ST. LOUIS) WALTER W. SMITH M. S. SZYMCZAK President District No. 9 (MINNEAPOLIS) JOHN CROSBY CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) S. R. CARPENTER, Assistant Secretary District No. 11 (DALLAS) R. E. HARDING WALTER WYATT, General Counsel 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 340 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Bank of— Reserve Agent President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett 2 New York Owen D. Young G. L. Harrison. Allan Sproul W. R. Burgess W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke C. H. Coe Philadelphia R L Austin J S Sinclair F J Drinnen C A Mcllhenny 3 W. J. Davis E. C. Hill Cleveland E. S. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor * Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr J. G. Fry G. H. Keesee« Atlanta ... F. H. Neely Oscar Newton R. S. Parker H. F. Conniff W. S. McLarin, Jr.» 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 CM. Stewart» Minneapolis W. B. Geery J. N. Peyton 0. S. Powell H. I. Ziemer 3 E. W. Swanson Kansas City J. J. Thomas G. H. Hamilton C. A. Worthington_.._ H. G. Leedy J. W. Helm 3 Dallas J. H. Merritt B. A. McKinney R.R.Gilbert R. B. Coleman W. J. Evans San Francisco A. 0. Stewart W. A. Day Ira Clerk S. G. Sargent W TVT TTalft C. E. Earhart » 1 Deputy chairman. * Cashier. 8 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director* Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara Helena branch _ R. E. Towle Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch J. E. Olson Pittsburgh branch P. A. Brown Oklahoma City branch C. E. Daniel Richmond: Omaha branch L. H. Earhart Baltimore branch W. R. Milford Dallas: Charlotte branch W. T. Clements El Paso branch.__ J. L. Hermann Atlanta: Houston branch W. D. Gentry Birmingham branch _ P. L. T. Beavers San Antonio branch M. Crump Jacksonville branch. _ G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose New Orleans branch L. M. Clark Portland branch R. B. West Chicago: Salt Lake City branch W. L. Partner Detroit branch R. H. Buss Seattle branch C. R. Shaw St. Louis: Spokane branch D. L. Davis Little Rock branch— A. F. Bailey Louisville branch F. D. Rash 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. 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS «•••• BOUNDARIES OF FEDERAL RESERVE DISTRICTS — •.I BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SWERVE 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