Federal Reserve Bulletin, 1938-05

FEDERAL RESERVE BULLETIN MAY 1938 Reduction in Reserve Requirements Recent Credit and Business Developments Annual Reports of Central Banks— Switzerland and Germany ******** 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—Action to increase excess reserves—Recent credit and business developments 343-348 National summary of business conditions 349-350 Summary of financial and business statistics 352 Law Department: Supplement to Regulation D—Decreasing reserve requirements 353 Rulings of the Board: Pledged bank deposits as balances due from other banks in computing reserves 353 Sale of securities held in account but not delivered against sale 353-354 Effect of purchase and sale of same securities on given day 354-355 Condition of insured banks in the latter half of 1937 356-357 Condition of all member banks on March, 7 1938 (from Member Bank Call Report No. 75) 358-359 Earnings and expenses of State member banks 360 Balance of International Payments of the United States 360 Annual Report of the Swiss National Bank 361-365 Annual Report of the German Reichsbank 366-370 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 372 Federal Reserve bank statistics 373-377 Reserve position of member banks; deposits in larger and smaller centers 378 Currency in circulation 379 Gold stock and gold movements; bank suspensions; bank debits 380 All banks in the United States 381 All member banks 382-383 Reporting member banks in leading cities 384-387 Acceptances, commercial paper, and brokers' balances 388 Federal Reserve bank discount rates 389 Money rates and bond yields. 390 Security markets 391 Treasury finance 392-393 Governmental corporations and credit agencies; Postal Savings System 394-395 Production, employment, and trade 396-404 Wholesale prices 405 International financial statistics: Gold reserves of central banks and governments 408 Gold production 409 Gold movements 409-410 Central banks 411-414 Bank for International Settlements 415 Commercial banks 415-416 Discount rates of central banks 417 Money rates 417 Foreign exchange rates 418 Price movements: Wholesale prices 419 Retail food prices and cost of living 420 Security prices 420 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 422 Senior officers of Federal Reserve banks; managing directors of branches 423 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 MAY, 1938 No. 5 REVIEW OF THE MONTH The effect of the reduction in reserve requirements, as shown in the following table, As a part of the Government's recovery was an immediate increase in excess reserves program outlined by the President in his of all member banks, raising the total to message * to Congress on Action to increase April 14, the Treasury and about $2,500,000,000. This is the largest excess reserves volume of excess reserves held by member the Board of Governors banks since before the first increase in retook immediate action to expand the volume quirements on August 16, 1936, and comof member bank excess reserves. The Treaspares with an average level of $1,500,000,000 ury discontinued the inactive gold account and deposited with the Federal Reserve maintained during March of this year. Rebanks $1,392,000,000 of gold previously held quired and excess reserves for the weeks endin that account and in the working balance, ing April 15 and April 22 by classes of banks and the Board of Governors reduced mem- are shown in the following table. At New ber bank reserve requirements by approxi- York and Chicago banks the increase in exmately $750,000,000, effective April 16. cess reserves was larger than the reduction in required reserves and at country banks it In announcing the reduction in reserve rewas smaller, reflecting principally an inquirements the Board issued the following crease in balances held by country banks with statement to the press: city correspondents. "As a part of the Government's program for encouragement of business recovery, the EXCESS AND REQUIRED RESERVES OF MEMBER BANKS Board of Governors has reduced reserve re- [Daily averages for weeks ending Friday. In millions of dollars] quirements on all classes of deposits for all member banks, effective at the opening of Required Excess reserves reserves business on April 16, 1938. By this action Class of bank excess reserves of member banks will be in- April April April April 8-15 16-22 8-15 16-22 creased by about $750,000,000. "Reserve requirements in effect prior to Cen N tra e l w r e Y se o r r v k e city banks: 2,385 2,121 678 1,058 April 16, 1938, and thereafter are shown in Chicago 509 453 77 199 Reserve city banks . 1,862 1,619 499 756 the following table: Country banks.. 1,000 P849 413 P477 All member banks 5,756 P5, 042 1,666 v2, 491 p Preliminary. Figures for country banks and all member banks are Prior to Beginning estimates. Classes of member banks and of deposits April 16 | April 16 % | % On April 14 the Treasury transferred to Demand deposits: the gold certificate fund of the Federal Re- Central reserve city banks... Reserve city banks serve System $1,183,000,000 of gold from its Country banks inactive gold account and $209,000,000 of Time deposits: All classes of member banks. gold held in its working balance and thereby increased its balance with the Federal Re- * This message included the following as one of the measures proposed: "the Administration proposes immediately to make additional bank resources available for the credit needs of the country. This can be done without legislation. It will be done through the de-sterilization of ap-The Federal Reserve Board informs me that they are willing to do so. proximately one billion four hundred million dollars of Treasury gold, These measures will make more abundant the supply of funds for comaccompanied by action on the part of the Federal Reserve Board to re-merce, industry and agriculture. By themselves, however, monetary duce reserve requirements by about three-quarters of a billion dollars. measures are insufficient to start us on a sustained upward movement." 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN MAY 1938 serve banks to $1,500,000,000. As the new tember 11, 1937, the inactive gold stock was deposits with the Reserve banks are drawn built up to about $1,400,000,000. This is upon to meet the excess of Treasury cash shown on the chart in an increase in Treasdisbursements ove receipts, including dis- ury cash holdings. In this period there was bursements for retirement of debt, they will little change in the general level of member add to bank reserves. On April 22 the Treas- bank reserve balances. ury announced that until further notice, of In September 1937 the Secretary of the the $100,000,000 of Treasury bills maturing Treasury at the request of the Board of Govweekly, $50,000,000 would be redeemed in ernors released $300,000,000 of gold from its cash. This will have the effect of reducing inactive account. This additional gold was Treasury deposits at the Reserve banks and immediately added to member bank reserve thereby increasing member bank reserves balances, and excess reserves, which had demore rapidly than would otherwise be the clined in August to $700,000,000, were incase. creased to more than $1,000,000,000, at which The chart on page 351 shows weekly fluctu-level they continued for the rest of the year. ations since the beginning of 1934 in mone- In January 1938, excess reserves increased tary gold stock and in Treasury cash hold- to $1,400,000,000 chiefly as a result of the ings, both of which include inactive gold, in seasonal return flow of currency. Treasury deposits at Federal Reserve banks, On February 14 of this year the Secretary and in member bank reserve balances. As of the Treasury announced a change in proshown in this chart the increase in member cedure to be followed with respect to purbank reserve balances from the end of Jan- chases of gold, whereby gold acquired by uary 1934, when the dollar was revalued, to mints and assay offices after January 1, 1938, the end of 1936 corresponded roughly to the would be included in the inactive gold acgrowth in monetary gold stock, which during count only to the extent that such acquisitions this period amounted to about $4,000,000,000. in any one quarter exceed $100,000,000. As Toward the end of 1936 member bank reserve a result in part of this policy and in part of balances rose to about $6,800,000,000, and other factors, excess reserves of member excess reserves increased to $2,200,000,000, banks increased further to $1,720,000,000 on notwithstanding an increase of 50 percent April 15. in reserve requirements in August 1936. Dur- As previously pointed out, the reduction in ing the late 1920's member bank reserves had reserve requirements by the Board on April averaged about $2,300,000,000. These re- 16 raised excess reserves to about $2,500,serves corresponded closely to required re- 000,000. In addition as the result of the reserves, and many banks, in fact, were bor- lease of gold, funds in the amount of about rowing from the Reserve banks to maintain $1,400,000,000 were added to Treasury detheir reserves at that level. posits at the Federal Reserve banks, and as The Treasury's "gold sterilization" pro- these funds are expended by the Treasury gram, adopted at the end of 1936, had the they will correspondingly increase member effect of preventing further gold imports, bank reserves. which were continuing at a rapid rate at Currency in circulation showed a somethat time, from resulting in an additional ex- what greater than seasonal decrease in the pansion of bank reserves, and provided for early weeks of this year, followthe setting aside of a supply of gold which Currency in j g uch i than seasonal inn a m ess was available for export without reducing circulation ° crease last autumn, reflecting the bank reserves or for other uses by the Treasdecline in trade and employment. The amount ury. Between December 24, 1936, and Sepin circulation during February and March Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1938 FEDERAL RESERVE BULLETIN 345 was about $50,000,000 less than in the corre- end of each month since December 1933. It sponding months of last year. In the week will be noted that large denomination curending April 6, however, currency increased rency in circulation has shown a gradual inrapidly to practically the same level as a year crease since the beginning of 1935. Part of ago, reflecting in part a pre-Easter increase the increase shown in March of this year rein retail sales this year compared with a post- flected additions to vault cash holdings of Easter decline in sales in the same week last member banks, whereas the decline in the year. Subsequently circulation declined again spring of 1937 had reflected a return of curto somewhat below the level of last April. rency from bank holdings, which had in- At the end of March the amount of cur- creased with the growth in excess reserves rency in circulation was about $100,000,000 and were reduced with the raising of reserve less than at the end of July of last year, requirements. whereas ordinarily some increase is to be In the first four months of this year loans expected on the basis of seasonal factors. The at member banks in leading cities decreased decline from last July occurred entirely in substantially while investment currency of small denominations. Coin and Member bank holdings increased somewhat. credit currency of under $50 decreased by $160,- The decline in loans, which be- 000,000, while bills of $50 and over increased gan last October, reflected a reduction in comby more than $50,000,000. During the cor- mercial loans and a substantial liquidation responding period last year, coin and small of loans to brokers and dealers in securities. denomination bills increased by about $140,- On April 13, loans to brokers and dealers by 000,000 and large bills by $70,000,000. The reporting member banks amounted to $570,chart shows the amount of currency in circu- 000,000, which was close to the lowest levels lation of large and small denomination at the of 1932 and 1933, and was about $800,000,- 000 below the recent peak of last September. The increase in investments was in New York CURRENCY IN CIRCULATION City and mostly in securities other than BY LARGE AND SMALL DENOMINATIONS BILLIONS OF DOLLARS BILLIONS OF DOLLARS those of the United States Government. Holdings of United States Government obligations increased somewhat in the early weeks of the year but were substantially reduced in March, reflecting partly retirement of Treasury bills held by banks. They increased again in April. The volume of deposits at member banks showed little net change during the first four months of 1938. Adjusted demand deposits increased at banks in New York City but declined at banks in other leading cities and at country banks. Call report figures for March 7 show that both loans and investments of country member banks declined somewhat during the first two months of 1938. The decline in loans was largely in so-called "all other" loans, which include loans for commercial, industrial, and agricultural purposes. These loans declined 1934 1935 1936 1937 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN MAY 1938 at country banks in each Federal Reserve low of 2.22 percent in December 1936 and district except Dallas. Loans on securities to the high of 2.78 percent on April 1, 1937. customers also declined, while real estate Prices of 3- to 5-year Treasury notes and loans increased further following two years 3-month Treasury bills followed movements of steady growth. The decline in the invest- similar to Treasury bonds. At the high prices ment portfolio of country member banks, reached in December 1936, the average yield amounting to $90,000,000, was equally di- on Treasury notes was 0.92 percent. The yield vided between holdings of United States Gov- then rose to 1.70 percent in April 1937. In ernment obligations and other securities. The the latter part of April 1938 yields on Treastable shows changes in loans and investments ury notes declined to 0.81 percent, the lowest at city member banks, as well as at country yield ever reached. The average rate on banks, between the call report dates Decem- 3-month Treasury bills toward the close of ber 31,1937, and March 7,1938. April was about 0.03 percent, compared with an average level of 0.08 percent in March LOANS AND INVESTMENTS OF MEMBER BANKS and with last year's high of % of 1 percent [In millions of dollars] in April. Following sharp declines during the latter Change since Dec. 31, 1937 part of March, prices of common stocks and March 7, C re e s n er t v ra e l medium- and lower-grade 1938 me A m l b l er re a s n er d ve C b o a u n n k tr s y- Other securities corporate bonds showed a banks city banks markets ^ moderate recovery during Total loans and investments- 31, 521 -231 -65 -166 the first three weeks of April. Among the Total loans.. 13, 546 -412 -334 -77 highest-grade corporate bonds, industrial and Loans to brokers and public utility issues continued during March dealers 878 -72 -72 i Loans to others on se- and April close to their all-time highs. Railcurities 2,665 -87 -67 -20 Real estate loans 2,556 +9 -6 +14 road bonds of the highest rating, however, Purchased paper 489 -24 -21 o Loans to banks 96 +26 +28 -2 declined during the two months, showing the Other loans 6,863 -262 -197 -65 sharpest departure of these issues from the Total investments 17,975 +181 +269 -88 trend of other high-grade bonds since 1932. United States Governm an e te n e t, d d o ir b e l c ig t a a t n io d n g s uar- 12,452 +81 +125 -43 This weakness was largely responsible for a Other securities 5,523 +101 +145 -45 rise of average yields on all high-grade issues, as shown by Moody's Aaa bond average, from Following a period of advancing prices, in 3.23 percent in February to 3.38 percent about which average yields on long-term United the middle of April. During the last ten days States Government bonds of the month prices of corporate bonds rose, Government reached a low of 2.41 percent, while prices of common stocks declined. The market** the Government security market average yield on Moody's Aaa bonds declined was somewhat irregular in the to 3.30 percent. latter part of March and the first half of The volume of credit extended by member April and yields rose to 2.52 percent. After firms of the New York Stock Exchange to the President's message on April 14, the re- their customers decreased by about $100,lease of inactive gold by the Treasury, and 000,000 during March, and at the end of the the reduction in reserve requirements, prices month was about $830,000,000, as compared of Treasury bonds increased sharply. In the with a maximum for last year of $1,560,000,latter part of April yields on long-term bonds 000 at the end of April 1937 and a low level declined to 2.32 percent, compared with the in the summer of 1932 of less than $700,- 000,000. During March total borrowings of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

347 MAY 1938 FEDERAL RESERVE BULLETIN these firms decreased by about $60,000,000 prices continued to decline in the latter part and credit balances in the accounts of their of March and the first three weeks of April, customers were reduced by $40,000,000. following a small advance which reflected Industrial activity continued at a low level chiefly seasonal increases in prices of livein April, and the Board's index of production stock and meats. For the week ending April for the month is estimated at 23 the Bureau of Labor Statistics index of Recent business percent of the 1923-1925 all commodities was at 78.6 percent of the 78 developments ^ ,.-,!, 1926 average compared with a level of about average, slightly lower than 88 in the spring and summer of last year the average for the first quarter of this year and around 80 during most of 1935 and and in sharp contrast with the level of 116 for 1936. Currently, prices of agricultural comthe first eight months of last year. Changes modities generally are lower than in 1935 and in manufacturing output recently have been 1936 by more than 10 percent, while prices of small both in industries producing durable industrial commodities, as a group, are 5 goods, such as steel and automobiles, and inpercent higher. those manufacturing less durable products, Prices of wheat, hogs, and dairy products such as textiles and foods. Mineral output showed some decline from the middle of has also shown little change. March to the third week of April and there Factory employment declined in March were further decreases in prices of such inand was about 20 percent lower than a year dustrial materials as steel scrap, tin, rubber, earlier. The number employed on the rail- hides, and textile goods. In the middle of roads and in public utilities also decreased April buying of some commodities increased further, while most other nonmanufacturing and prices of print cloths, hides, rubber, and industries showed little change in employ- zinc advanced slightly from the lows reached ment. earlier in the month. Finished industrial Residential building contracts, which in products declined further in April, as is March had increased sharply, declined in the first half of April but were nevertheless con- WHOLESALE PRICES OF INDUSTRIAL COMMODITIES siderably above the low levels of January and February. Awards for other private work showed a similar decline, while public projects continued in substantial volume. Distribution of commodities to consumers has continued considerably above production, although it has been at a level somewhat lower than last year. At department stores, sales in April showed a smaller increase over March than would be expected in view of the late date of Easter, and the Board's seasonally Monthly figures; Federal Reserve classification of Bureau of Labor Statistics' data; all foods and feeds, both raw and adjusted index for April is estimated at 83 processed, are omitted. April 1938 figures estimated. percent of the 1923-1925 average, as com- shown on the accompanying chart, but by a pared with 86 in March and a level of about smaller amount than prices of raw and semi- 93 for most of last year. finished materials. The general level of wholesale commodity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN MAY 1938 Death of Charles S. Hamlin Appointment of Class C Directors at Federal Reserve Banks Mr. Charles S. Hamlin, Special Counsel to On April 5, 1938, Francis Biddle, a memthe Board of Governors, died on April 24, ber of the law firm of Barnes, Biddle & Myers, 1938. Mr. Hamlin was designated as the first Philadelphia, Pennsylvania, was appointed a Governor of the Federal Reserve Board at the Class C director of the Federal Reserve Bank time of the establishment of the Federal Reof Philadelphia for the unexpired portion of serve System in 1914 and served in that posithe term ending December 31, 1940. tion until August 9, 1916. Effective August On April 5,1938, St. George Holden, Presi- 10, 1916, he was reappointed a member of the dent, St. George Holden Realty Company, Federal Reserve Board and served continu- San Francisco, California, was appointed a ously in that capacity until February 3, 1936. Class C director of the Federal Reserve Bank On February 4, 1936, Mr. Hamlin was appointed by the Board of Governors as Special of San Francisco for the unexpired portion Counsel to the Board in which position he was of the term ending December 31, 1940. serving at the time of his death. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

349 MAY 1938 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 25 and released for publication April 27] In March and the first three weeks of April Declines were reported also for meat packing industrial activity continued at about the and sugar refining. At mines, where producsame rate as in January and February. Dis- tion decreased generally in February, output tribution of commodities to consumers of bituminous coal and nonferrous metals showed less than the usual seasonal increase continued to decline in March, while producand wholesale commodity prices declined tion of anthracite and crude petroleum infurther. creased somewhat. Production.—Volume of industrial produc- Value of construction contracts awarded tion showed little change from February to showed a considerable increase in March, ac- March and the Board's index, which is ad- cording to figures of the F. W. Dodge Corpojusted for the number of working days and ration. Awards for residential work, which for usual seasonal variations, remained at had advanced moderately in February, in- 79 percent of the 1923-1925 average. In the creased sharply in March but were still 12 steel industry, output of ingots averaged 33 percent less than in March 1937. Contracts percent of capacity in March and continued for other private work also increased in at about this level in the first three weeks of March, but remained considerably smaller April. Shipments of finished steel in March, than a year ago. The value of public projects as in other recent months, were at a some- showed an increase and was higher than last year. 1NDUSTRIAL PRODUCTION Employment.—Factory employment de- 140 clined somewhat and payrolls showed little 130 130 change from the middle of February to the middle of March, although increases are usual 120 120 s/ at this season. The number employed in the 110 110 \ machinery industries decreased considerably further and at woolen mills there was also a \J \ substantial decline, while most other manu- -v / \ facturing industries showed moderate de- //\ V/ clines or little change. Employment on the railroads and in the public utilities declined iywv somewhat further in March, while in other nonmanufacturing lines there was little Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. change in the number employed. what higher rate than output. Automobile Distribution.—Sales at variety stores and production, which usually expands sharply by mail order houses increased seasonally in at this time of the year, showed little change March, while sales at department stores from the low level of January and February, showed less than the usual rise. The Board's and output of tires and plate glass likewise seasonally adjusted index of department store remained at a low rate. In the lumber and sales declined from 88 in February to 86 in cement industries there were considerable March and figures for the first three weeks increases in output in March. At cotton and of April indicate some further decline. silk textile mills and shoe factories activity Freight-car loadings showed little change rose somewhat, while production at woolen from February to March, although a rise is mills declined following a rise in February. usual at this time of the year. Shipments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN MAY 1938 of coal declined substantially and miscellane- MEMBER BANK RESERVES ous loadings increased by less than the usual BILLIONS OF DOLLARS BILLIONS OF DOLLARS seasonal amount. Commodity prices.—Wholesale commodity prices generally declined from the middle of March to the third week of April. There WHOLESALE PRICES 1937 Wednesday figures of total member bank reserve balances at Federal Reserve banks, with estimates of required and excess reserves, January 3, 1934, to April 20, 1938. will occur as the Treasury draws upon these deposits to meet current expenditures and the retirement of Treasury bills. Money rates and bond yields.—Yields on Indexes compiled by United States Bureau of Labor Statistics, 1926 = 100. By weeks, January 6, 1934, to April 16, 1938. Treasury bonds declined from a level of 2.50 were further decreases in prices of a number percent in the first half of April to 2.32 perof raw and semifinished industrial commodi- cent on April 22. The average yield on 3-5 ties, and prices of some leading agricultural year Treasury notes declined to a new low of products also declined, reflecting in part sea- 0.81 percent, which compares with the presonal influences. In the middle of April MONEY RATES IN NEW YORK CITY prices of some industrial materials advanced slightly from the lows reached earlier in the month. Bank credit.—During March and the first three weeks of April, total loans at reporting member banks in 101 leading cities declined further, reflecting a substantial reduction in loans to brokers and dealers in securities and also declines in commercial loans. Holdings of investments showed little net change, declining in March and increasing in April. As a part of the Government's program for encouragement of business recovery, the Minimum rate on rediscounts for and advances to member banks by Federal Reserve Bank; weekly averages of daily yields on Board of Governors reduced reserve require- 3 to 5 year Treasury notes and Treasury bonds callable after 8 years, and weekly average of daily quotations on 90-day ments of member banks by about $750,- Treasury bills. For weeks ending January 6, 1934, to April 23, 1938. 000,000, effective April 16, and excess reserves correspondingly increased. As a part vious low of 0.92 percent in December 1936. of the same program the Treasury discon- The rate on three-month Treasury bills detinued the inactive gold account and de- clined to virtually a no-yield basis. Other posited about $1,400,000,000 of gold certifi- short-term open-market money rates recates with the Federal Reserve banks. Ad- mained unchanged in the first three weeks ditions to excess reserves from this source of April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

351 MAY 1938 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 14 14 13 13 —-^* 12 12 11 11 GOLD*3T0CK^—^ 10 10 9 8 8 /— MONEY IM CIRCULATION, 6 - 6 v 5 - - 4 V TREASURY CASH —....: 3 - RESERVE BANK : 2 CREDIT 2 I * TREASLJRY DEPOSITS • 1 At ft AT F- D DAM1/C 1 i o bL~ 1935 1936 1937 1938 1934 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 Latest figures for April 20. See table on page 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN MAY 1938 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 Annual averages Mar. Feb. Jan Mar. Feb. Jan, 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 2,597 2,598 2,603 2,472 2,475 2,485 2,554 2,481 2,475 2,502 2,429 1,459 B B U i . i l l l S l s s . b d G o is u o c v g o e h u r t n n t m ed ent securities _ 2,56 i l n v 5 1 2,56 1 4 2,56 1 4 2,43 Oa 32 2,43 oo 31 2,43 qO 30 2,54 1 l 1 i 3 0 t 2,43 4 0 2,4351 / 2,4 oo 23 aD 52 2, Z 0 o 85 o 32 9 2 2 5 4 0 2 1 8 Monetary gold stock 12, 778 12, 768 12,756 11, 503 11, 399 11, 310 12,162 10, 578 9,059 7,512 4,059 3,996 Treasury currency outstanding 2,673 2,662 2,643 2,537 2,531 2,531 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation _ 6,338 6,319 6,397 6,391 6,369 6,400 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings.. _ 3, 558 3,630 3,630 2,682 2,569 2,450 3,225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 221 164 127 205 167 200 158 446 128 81 55 22 Nonmember deposits and other accounts 605 685 664 530 554 561 595 551 507 438 497 406 Member bank reserve balances: Total 7,326 7,230 7,183 6,704 6,747 6,716 6,830 5,989 5,001 3,676 2,343 2,358 Excess _ 1,524 1,406 1,353 1,371 2,152 2,093 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 21,072 21, 214 21, 285 22, 610 22, 600 22, 734 22,198 22,064 19, 997 18, 672 17, 505 22, 599 Loans to brokers and dealers in securities 762 738 825 1,318 1,217 1,228 1,226 1,181 990 981 111 • 2, 208 Loans on securities to others (except banks)1 1,889 1,890 1,910 2,030 2,021 2,007 2,006 2,055 2,131 2,545 3,157 e 5,448 All other loans 6,233 6,308 6,402 5,938 5,744 5,763 6,314 5, 226 4,907 4,965 5,222 9,231 U. S. Government obligations: Direct 7,992 8,168 8,118 8,802 9,118 9,263 8,394 9,080 7,989 6,856 5,228 2,865 Fully guaranteed 1,159 1,147 1,131 1,206 1,212 1,230 1,164 1,250 928 «325 Other securities 3,037 2,963 2,899 3,316 3,288 3,243 3,094 3,272 3,052 '3,000 3,121 2,847 Reserve with Federal Reserve banks 5,724 5,646 5,614 5,205 5,326 5,292 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault 302 294 315 359 387 401 337 383 326 271 240 248 Balances with domestic banks 1,992 2,016 1,986 1,998 2,252 2,307 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted 14, 360 14, 509 14,438 15,429 15, 572 15, 516 15,097 14, 619 12, 729 (2) (2) (J) Time deposits (excluding interbank)3 5,239 5,237 5,210 5,142 5,094 5,052 5,202 4,999 4,883 4,937 4,946 6,788 Deposits of domestic banks4 5,280 5,286 5,286 5,679 5,988 6,085 5,298 5,810 4,938 3,814 2,822 2,787 Borrowings _ __ 7 3 4 3 1 3 12 5 6 8 115 674 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper 1.00 1.00 .88 .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 .38 .15 .17 .28 .17 .17 .28 •52* U. S. Treasury bonds, long term 2.45 2.46 2.47 2.50 2.31 2.29 2.57 2.47 2.70 3.10 3. 31$ 3.60 Corporate high grade bonds (Moody's Aaa). 3.26 3.23 3.20 3.32 3.22 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 245 199 121 382 511 603 323 518 392 180 89 959 New 126 82 92 185 190 244 173 164 121 116 60 841 Refunding _._ 119 117 29 197 321 360 150 354 270 64 29 118 Domestic corporate issues—total.. 82 103 49 319 377 300 198 382 189 41 32 781 New _ 24 41 46 138 152 96 99 99 34 15 13 667 Refunding 58 62 4 181 225 204 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926=100) 81 '82 130 130 126 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All commodities 80 81 88 86 86 86 81 80 75 66 95 Farm products _ 70 72 94 91 91 86 81 79 65 51 105 Foods 74 76 88 87 87 86 82 84 71 61 100 Other commodities 83 84 86 84 83 85 80 78 78 71 92 Retail food prices (1923-25=100) 78 80 85 85 85 85 82 80 74 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production P79 79 80 118 116 114 110 105 90 79 76 119 Manufactures P75 75 76 117 116 115 109 105 90 78 75 119 Minerals P103 102 108 128 ••116 110 115 104 91 86 82 115 Construction—total P46 51 52 56 62 63 59 55 37 32 25 117 Residential P34 32 26 45 47 45 41 37 21 12 11 87 Allother P57 66 '73 64 75 77 74 70 50 48 37 142 Factory employment P82 83 84 101 100 99 99 92 86 83 72 105 Factory payrolls (unadjusted). P73 73 72 101 96 91 98 82 71 63 49 109 Freight-car loadings 60 62 65 83 82 80 78 75 64 62 58 107 Department store sales _._ 86 88 90 93 95 93 92 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. P276 263 289 257 233 223 279 205 190 178 140 437 General imports P173 163 171 307 278 240 257 202 171 138 121 367 r Revised. p Preliminary. • Partly estimated. 1 Includes loans on securities to banks, 1929-1934. 2 Figures not available. * Includes time deposits of banks, domestic and foreign, 1929-1934. 4 Does not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1938 FEDERAL RESERVE BULLETIN 353 LAW DEPARTMENT Supplement to Regulation D.—Decreasing Reserve It was understood that, under an arrange- Requirements ment between the banks and the municipality, the member bank had certain funds on de- There is set forth below the text of a supposit with another bank which the member plement to its Regulation D which was bank did not have the right to withdraw withadopted by the Board of Governors of the out the consent of the municipality. On the Federal Reserve System on April 15, 1938: basis of these facts, the Board of Governors SUPPLEMENT TO REGULATION D expressed the view that the funds on deposit under this arrangement did not constitute Effective as to Each Member Bank at the Opening of "balances due from other banks" within the Business on April 16, 1938 meaning of the tenth paragraph of section RESERVES REQUIRED TO BE MAINTAINED BY MEMBER 19 of the Federal Reserve Act. In this con- BANKS WITH FEDERAL RESERVE BANKS nection it should be observed that section Pursuant to the provisions of section 19 of the 2 (b) of Regulation D provides for the deduc- Federal Reserve Act and section 2 (a) of its Regula- tion from gross demand deposits of "balances tion D, the Board of Governors of the Federal Re- subject to immediate withdrawal due from serve System hereby prescribes the following reserve other banks." balances which each member bank of the Federal Reserve System is required to maintain on deposit The Board of Governors also stated that with the Federal Reserve Bank of its district: pledged bank balances of the type described 5 per cent of its time deposits plus— above should not be reported by the deposit- 12 per cent of its net demand deposits if not in ing bank in its condition reports as "balances a reserve or central reserve city; due from other banks" but instead should be 17"V2 per cent of its net demand deposits if in a included in the schedule of "other assets." reserve city, except that if located in an outlying district of a reserve city or in territory added to such city by the extension of the city's cor- Sale of Securities Held in Account But Not Delivered porate limits such bank may, upon the affirmative Against Sale vote of five members of the Board of Governors of the Federal Reserve System, be permitted to In a case recently considered by the Board maintain 12 per cent reserves against its net under Regulation T, the adjusted debit baldemand deposits; 22% per cent of its net demand deposits if ance of a customer's general account exceeded located in a central reserve city, except that if the maximum loan value of the securities located in an outlying district of a central reserve city or in territory added to such city by the therein, and the account was "long" 100 extension of the city's corporate limits, such shares of XYZ, a registered nonexempt sebank may, upon the affirmative vote of five members of the Board of Governors of the curity. On the day in question the customer Federal Reserve System, be permitted to mainsold 100 XYZ and instructed the broker not tain 12 per cent or 17 Y2 per cent reserves against its net demand deposits. to deliver his "long" stock against the sale. The supplements to Regulation D which have pre- This was the only transaction in the cusviously been issued are hereby revoked and super- tomer's account on that day. The question seded. presented was whether any margin must be obtained because of the transaction. Pledged Bank Deposits as Balances Due From Other Banks in Computing Reserves The sale of XYZ stock with instructions not to deliver the stock held "long" in the The Board of Governors recently had occaaccount constitutes a short sale of the XYZ sion to rule upon the question whether a deposit of a member bank in another bank stock within the meaning of section 3(d) (3) which had been pledged by the member bank of the regulation which provides that the to secure a deposit with it by a municipality adjusted debit balance of the account shall should be considered as "balances due from include: other banks" which could be deducted from gross demand deposits in computing reserves, "the current market value of any securities pursuant to the provisions of section 19 of (other than unissued securities) sold short in the account plus, for each such security (other than the Federal Reserve Act and section 2(b) of an exempted security), such amount as the Regulation D. Board shall prescribe from time to time in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN MAY 1938 supplement to this regulation as the margin re- purchase and sale could be treated, to the quired for such short sales, except that such extent of $100, as a liquidation pursuant to amount so prescribed in the supplement need not be included when there are held in the section 3(e) of the regulation in lieu of a account securities exchangeable or convertible deposit of that amount of margin, and as within a reasonable time, without restriction other than the payment of money, into such also permitting a withdrawal of $50 on Tuessecurities sold short." day pursuant to the second paragraph of In view of this provision, the current mar- section 3(b). ket value of the securities sold short should Sections 3(b) and 3(e) of the regulation be added to the adjusted debit balance. Since read in part as follows: the XYZ stock held in the account could be " (b) General rule.—A creditor shall not effect delivered at any time against the short posi- for or with any customer in a general account tion, however, "there are held in the account any transaction which, in combination with the other transactions effected in the account on securities exchangeable or convertible * * * the same day, creates an excess of the adjusted into such securities sold short." Therefore, debit balance of the account over the maximum loan value of the securities in the account, or it would not be necessary to add any "margin increases any such excess, unless in connection * * * for such short sales." therewith the creditor obtains, as promptly as possible and in any event before the expiration Section 3 (d) (7) of the regulation provides of three full business days following the date of such transaction, the deposit into the account of that there shall be deducted from the adcash or securities in such amount that the cash justed debit balance: deposited plus the maximum loan value of the securities deposited equals or exceeds the excess "the net proceeds of sale of any securities (other so created or the increase so caused. than unissued securities) sold for the account "A transaction consisting of a withdrawal of but for which payment has not yet been credited cash or registered or exempted securities from thereto." a general account shall be permissible only on condition that no cash or securities need be de- The deduction made pursuant to section posited in the account in connection with a trans- 3(d) (7) would, on the day of the short sale, action on a previous day and that, in addition, the transactions (including such withdrawal) on exactly equal and offset the addition made the day of such withdrawal would not create an pursuant to section 3(d) (3). excess of the adjusted debit balance of the account over the maximum loan value of the securi- Accordingly, there would be no change in ties in the account or increase any such excess. the adjusted debit balance of the account and, * * * ** since there also would be no change in the "(e) Liquidation in lieu of deposit*—In any case in which the deposit required by section maximum loan value of the securities in the 3(b), or any portion thereof, is not obtained by account, the transaction would neither re- the creditor within the three-day period specified in that section, securities shall be sold or lease margin nor require that margin be covering or other liquidating transactions shall obtained. be effected in the account, prior to the expiration of such three-day period, in such amount that the resulting decrease in the adjusted debit Effect of Purchase and Sale of Same Securities on balance of the account exceeds, by an amount Given Day at least as great as such required deposit or the undeposited portion thereof, any resulting The Board recently considered a case under decrease in the maximum loan value of the securities in the account. Regulation T in which transactions effected on Monday in a general account resulted in a The Board expressed the view that the purrequirement of $100 margin, and on the day chase and sale of the same securities on following, Tuesday, a certain quantity of a Tuesday could be so treated. This follows particular stock was purchased and later in from the fact that such purchase and sale the day the same quantity of the same secu- would reduce by $150 any excess of the adrity was sold, resulting in a net profit of $150. * "This requirement relates to the action to be taken when There were no other transactions in the ac- a customer fails to make the deposit required by section 3(b), and it is not intended to countenance on the part of customers count on Tuesday. the practice commonly known as 'free-riding' or 'three-day riding', to prevent which the principal national securities ex- The question presented was whether this changes have adopted certain rules. See the rules of such exchanges and section 7s(e) of this regulation." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

355 MAY 1938 FEDERAL RESERVE BULLETIN justed debit balance of the account over the practice commonly known as "free-riding" maximum loan value of the securities in the or "three-day riding", to prevent which the account. It seems proper to treat such re- principal national securities exchanges have duction as consisting of two portions in the adopted certain rules. If the transactions manner suggested. on Tuesday were treated as indicated above, As indicated in the footnote to section the liquidation in lieu of a deposit of margin 3(e), that provision was not intended to would, of course, have to be considered in countenance on the part of customers the connection with such exchange rules. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN MAY 1938 CONDITION OF INSURED BANKS IN THE LATTER HALF OF 1937 According to the consolidated statement of that occurred were generally similar to those condition of insured banks in the United reported by country member banks. A de- States as of December 31, 1937, which has tailed statement of condition appears on the just been published by the Federal Deposit following page. Insurance Corporation, total loans and in- Total loans at both nonmember insured vestments and deposits at insured banks not banks and country member banks increased members of the Federal Reserve showed little during the period, in contrast to substantial change during the latter half of 1937. As declines at city banks. These increases were shown in the following table, the changes mostly in real estate loans and in commercial, industrial, and agricultural loans. Such loans CHANGES IN CONDITION OF INSURED COMMERCIAL BANKS, LAST HALF OF 1937 also increased at city banks but their total [In millions of dollars] loans declined as a result of a sharp liquidation in brokers' loans in New York City. City Member banks of the Federal Reserve banks, mostly outside New York, also re- System Non- duced their holdings of United States Gov- All member insured Central insured ernment obligations, while holdings at nonbanks reserve banks and Country member insured and country member banks reserve banks city banks increased slightly. Holdings of other securities declined at all classes of insured banks. Total loans and investments -998 -976 -10 -12 Balances of nonmember insured banks Loans -297 -433 +106 +30 U.S. Government secur- with correspondents, which were reduced by ities -295 -330 +13 +22 Other securities -406 -213 -129 -64 about $230,000,000 during the first half of Due from banks . +266 +133 +91 +41 1937, showed a moderate increase during the Deposits: Adjusted demand de- latter half of the year. Although deposits deposits1 ._ -1,073 -955 -59 -60 Time deposits 4-263 +59 +114 +90 clined considerably at city banks, reflecting U. S. Government deposits. _ .. +150 +144 +9 -3 principally the sale of securities and liquida- Interbank deposits: Banks in United tion of brokers' loans, there was little change States +148 +136 +9 +4 Banks in foreign countries -166 -166 (2) (2) in deposits outside the large cities, a moderate decrease in demand deposits being offset by a 1 Demand deposits other than interbank and U. S. Government, less cash items in process of collection. further increase in time deposits. » Less than 500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1938 FEDERAL RESERVE BULLETIN 357 FEDERAL DEPOSIT INSURANCE CORPORATION CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 31, 1937 AND JUNE 30, 1937 [Amounts in thousands of dollars] December 31, 1937 June 30, 1937 National State Banks National State Banks banks banks not banks banks not All banks members members members All banks members members members Federal Federal Federal Federal Federal Federal Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks 13,795 5,260 1,081 7,454 13, 885 5,293 1,064 7,528 ASSETS Loans, discounts, and overdrafts (including rediscounts) 16, 717,467 8, 796, 207 5,161, 616 2, 759, 644 17,014, 623 8, 796, 477 5, 488, 398 2, 729, 748 United States Government obligations, direct and fully guaranteed 13, 669, 352 8,059,346 4,312, 204 1,297,802 13,964, 712 8, 206,423 4,482,511 1, 275, 778 Other bonds, stocks and securities 6,807, 420 3, 678, 705 1, 743, 677 1, 385,038 7,213,851 3,890, 571 1,874,181 1,449,099 Total loans and securities 37,194, 239 20, 534,258 11, 217,497 5,442,484 38,193,186 20,893, 471 11,845,090 5,454,625 Customers' liability on account of acceptances 157,141 77,087 77, 417 2,637 190, 745 96,409 90, 734 3,602 Banking house, furniture, and fixtures 1,160, 501 630, 518 340, 947 189,036 1,172,617 633,923 346,452 192, 242 Other real estate owned 519, 572 155, 580 187,114 176, 878 537, 430 162,353 191, 361 183, 716 Reserve with Federal Reserve banks 7,005,209 4,172,915 2,832, 294 6,896,663 4,152, 889 2, 743, 774 Coin and currency.. 789, 519 418,483 170,974 200,062 844,197 440,696 188,609 214, 892 Balances with other banks 4, 817,035 2, 623, 720 860,393 1,332,922 4, 550, 555 2,487,643 771, 308 1, 291, 604 Cash items in process of collection 2,319,081 1,319, 976 939,375 59, 730 2,248,736 1, 284,067 916,762 47,907 Securities borrowed 1,162 188 707 267 818 229 116 473 Other assets 257,910 130,790 95, 279 31,841 256,629 128, 345 94, 382 33, 902 Total assets 54, 221, 369 30,063, 515 16,721, 997 7,435,857 54,891, 576 30, 280,025 17,188, 588 7, 422,963 LIABILITIES Demand deposits of individuals, partnerships, or corporations 22,106, 285 12,150, 449 7, 597,001 2, 358,835 22,624, 279 12,412, 525 7,859,907 2,351,847 Time deposits of individuals, partnerships, or corporations 13,959, 543 7, 476,823 3, 329, 223 3,153,497 13, 932, 794 7, 446, 341 3, 371, 541 3,114, 912 Public funds of states and political subdivisions. 3, 256,196 2,014,488 599, 217 642,491 3, 511,114 2,198, 662 671,063 641,389 U. S. Gov't and postal savings deposits 927, 269 584, 653 291, 034 51, 582 783,091 464,922 262,939 55, 230 Deposits of other banks; cash letters of credit; certified, officers, and travelers' checks outstanding 6,942,122 4, 260,356 2, 535, 412 146,354 6,948, 614 4,193,106 2,609,040 146,468 Total deposits 47,191,415 26,486, 769 14,351,887 6, 352, 759 47, 799,892 26,715, 556 14,774,490 Mortgage bonds and participation certificates outstanding ._ 18,924 15,080 3,844 21,823 16,969 4,854 Bills payable, rediscounts, and other liabilities for borrowed money 30,082 10,839 3,811 15, 432 35, 425 9,216 8,218 17,991 Securities borrowed 1,162 707 267 818 229 116 473 Acceptances outstanding executed by or for the account of reporting banks 176,128 88,123 85, 488 2,517 215, 267 113, 378 98,421 3,468 Dividends declared but not yet payable 46, 301 27, 401 16,022 2,878 46, 599 27, 696 16,403 2,500 Other liabilities 353,315 212, 664 115,358 25, 293 375, 694 208,373 140, 753 26, 568 Total liabilities, excluding capital account 47,817,327 26, 825,984 14, 588,353 6,402,990 48, 495, 518 27,074,448 15,055, 370 86, 365, 700 Capital stock and capital notes and debentures ._ 3,030,146 1, 574,056 856, 550 599, 540 3,053,970 1, 578, 356 865,893 609,721 Surplus 2,268,179 1,098, 204 912, 217 257, 758 2, 225,180 1,071,102 900; 362 253, 716 Undivided profits—net 202, 673 108, 756 198, 460 120, 094 f R e d s i e v r i v d e e n f d o s r contingencies and undeclared 711,186 399,757 157, 691 55, 513 707, 589 389,035 164, 583 64, 455 Retirement fund for preferred stock or cap- 366,868 153, 664 384,103 155,065 ital notes and debentures 4,513 11,300 3,920 89, 277 27, 663 11,850 25, 216 12,019 Total liabilities, including capital account 54, 221, 3 30, 063, 515 16,721,997 7,435,857 54,891, 576 30, 280,025 17,188, 588 7,422,963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN MAY 1938 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, JUNE 30, 1933 TO MARCH 7, 1938 [Amounts in thousands of dollars] 19331 1934 1935 1936 1937 1937 1938 June 30 March 5 March 4 March 4 March 31 Dec. 31 March 7 Loans (including overdrafts) 12,858,099 12, 705,759 11,953,152 12,098, 516 13, 699, 294 13, 957,823 13, 546, 245 United States Government direct obligations 6,887,123 8, 667,064 9,820, 993 10, 564,400 10,856,351 10, 574,143 10, 625, 221 Securities fully guaranteed by United States Government 180,888 1,199,664 1,879, 722 1, 861, 336 1, 797, 407 1, 826,966 Other securities 5,041,149 4,994, 500 5,297,641 5, 745,350 6,108, 022 5, 422, 382 5, 522, 737 Total loans and investments 24, 786,371 26,548,211 28,271,450 30,287, 988 32,525,003 31, 751, 755 31,521,169 Customers' liability on account of acceptances 424, 263 395, 503 217, 545 167, 534 202,067 154, 504 134,473 Banking house, furniture, and fixtures 982,036 982, 606 1,003, 788 998, 653 981, 712 971, 465 971, 875 Other real estate owned 227,074 290,329 324, 369 371, 344 342, 694 341,875 Reserve with Federal Reserve banks. ._ 2, 235,179 3,148,124 4, 517, 625 5, 784,077 6, 613, 340 7,005, 209 7, 248,811 Cash in vault 404, 502 486,086 534, 293 623, 518 662, 310 589,457 603,541 Balances with private banks and American branches of foreign banks () () () 38,070 27, 314 24, 787 29,110 Demand balances with banks in New York City 826,636 954,090 1,416, 791 1, 676, 670 1, 263, 080 1, 289, 310 1,377, 425 Demand balances with other domestic banks 1,181, 582 1,349, 359 1,849, 269 2,136, 395 2,049, 439 2, 030, 475 2,084,157 Time balances with other domestic banks (?) 72, 520 120,334 119,033 105, 539 69,818 70,416 D Ba u l e a n fr c o e m s w o i w th n b f a o n re k ig s n i n b r fo an re c ig he n s countries 1 1 0 0 8 6 , , 0 0 4 7 1 0 11 9 1 8 , , 0 2 5 8 3 2 135,190 5 3 6 , ,4 0 2 0 9 0 52 3 , , 7 6 8 4 7 1 69 3 , , 5 7 7 2 8 3 81 2 , , 3 7 2 3 6 7 C C R a a e s s d h h e m i i t t e e p m m tio s s n n i n f o u t p n r i d n o c a p e n r s o d s c o e d s f u s e c o o fr f l o l c e m o c l t l i U e o c n n t . i i o . t . e n d States Treasurer.. 1,4 3 8 7 5 , , 3 2 4 6 3 1 1,15 40 8 , , 6 9 7 9 4 5 1,47 3 4 8 , , 0 7 8 9 3 2 I 1 1,71 1 8 0 , , 3 0 0 5 6 2 1, 97 9 3 , , 8 5 6 7 21 2,259 8 , , 8 3 6 5 9 1 1, 40 7 6 , , 1 7 7 9 10 Acceptances of other banks and bills sold with endorse- 32, 620 ment 7,948 24, 741 2,602 7,221 11, 087 41, 226 39, 036 Securities borrowed 6,654 6,099 2,009 720 1,065 895 943 Other assets 227,820 258, 612 327,397 241, 688 215,834 172,396 244,090 Total assets.. 33,046, 780 35,925,284 40,268,157 44,240,698 47,066,564 46,785,512 46,164,873 LIABILITIES Demand deposits—Total. 17,583,067 19, 864, 013 24,008,376 28,021,554 29, 950,160 29,317,024 28,652,321 Individuals, partnerships, and corporations 11,830, 246 12, 251,863 14,872,114 17,927,045 20,084, 779 19, 747, 450 19,116, 334 United States Government 806, 297 1, 790,401 1, 269, 713 599, 587 414, 722 781, 034 752,141 States, counties, and municipalities 1,087, 329 1, 424, 731 1, 861, 412 2,173, 455 2, 564, 303 2,131, 984 2,236, 537 Banks in United States 3, 056, 527 3, 675, 699 5, 095, 059 6,148,144 5, 751, 796 5,436,442 5, 614, 646 Banks in foreign countries 145, 750 172, 768 169,424 457,911 452, 772 366, 265 Certified and officers' checks, cash letters of credit and travelers' checks, etc 656,918 548, 551 740, 654 779, 297 676, 649 767, 342 566, 398 Time deposits—Total 8,980,860 9,416,145 10,045,297 10, 451, 894 11,164,318 11,521,632 11,594,357 Individuals, partnerships, and corporations: Evidenced by savings pass books 6,127, 412 6,746, 532 7, 745,809 8, 309,030 9,105, 389 9, 461,126 9, 476, 590 Certificates of deposit 1,037, 747 879,665 884, 424 833, 941 758, 293 740, 327 739, 211 Open accounts 3 578, 812 3 595, 249 533,198 596,197 712, 380 575, 832 573, 094 Christmas savings and similar accounts 58, 656 36,162 39, 708 44, 548 63, 082 28, 761 56, 278 Postal savings 788, 492 754, 595 399,113 167,114 97, 371 94, 653 89, 588 States, counties, and municipalities 299, 659 304,926 290,033 343, 873 268, 739 481, 721 512,129 Banks in United States — 89,084 91, 846 145,105 151,833 152, 766 128, 641 136, 666 Banks in foreign countries 7,170 7,907 5,358 6,298 10, 571 10,801 Total deposits 26,563,927 29,280,158 34, 053, 673 38,473,448 41,114, 478 40,838, 656 40,246,678 Secured by pledge of loans and/or investments (4) 4,016, 730 3,312, 720 2, 773, 520 2, 817, 942 2,969,035 2,970, 498 Not secured by pledge of loans and/or investments. _. 25, 263, 428 30, 740,953 38, 296, 536 37,869, 621 37, 276,180 Due to own foreign branches 23, 529 44, 667 957 70, 831 84,142 117, 510 129,332 National bank notes outstanding. 727,110 786, 514 623, 585 Agreements to repurchase securities sold 14, 244 10,193 8,130 13,493 5,873 2,195 4,947 Bills payable and rediscounts 191, 228 90,941 16, 553 10, 776 17, 740 12, 426 27, 919 Acceptances of other banks and bills sold with endorsement 7,948 24, 741 2,602 7,221 11, 087 41, 226 39,036 Acceptances executed for customers 434, 997 413, 794 225,000 164, 302 200, 864 157, 592 132, 758 Acceptances executed by other banks for reporting banks.. 7,302 10,441 10,166 19, 280 25, 225 16,019 12, 473 Securities borrowed 6,654 6,099 2,009 720 1,065 895 943 Interest, taxes, and other expenses accrued and unpaid... 67, 111 88,330 79, 444 81, 244 98, 510 76, 306 93,062 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () () 12, 674 16, 830 33, 216 43,423 17, 762 Other liabilities 165, 648 163, 544 126, 055 200, 328 149, 689 108, 089 108,116 Capital notes and debentures 125, 673 119, 077 109, 827 71, 057 52,006 51, 274 Capital stock 2, 220, 330 2, 378,117 2, 560, 582 2, 511,884 2,383, 209 2, 378, 600 2, 375, 784 Surplus 1,847,462 1, 724,409 1, 654, 606 1, 721, 348 1,952, 805 2, 010, 421 2, 020, 279 Undivided profits—net 373, 258 376, 282 419, 272 493,141 580, 907 602, 430 611, 508 Reserves for contingencies.._ 396,032 401, 381 351, 586 339, 405 325,125 311,355 276,927 Retirement fund for preferred stock and capital notes and debentures 2,186 6,620 11, 572 16, 363 16, 075 Total liabilities (including capital account) 33,046, 780 35,925,284 40,268,157 44,240,698 47, 066, 564 46, 785, 512 46,164, 873 Net demand deposits 14,156, 304 15, 582, 434 19, 508, 098 22,498, 578 24, 668, 338 23, 740, 652 23, 789, 968 Demand deposits—adjusted6 12, 089,150 13, 066,150 15, 999, 388 19,161,491 21, 352,110 20, 387, 425 20, 512, 559 Number of banks 5,606 6,206 6,422 6,377 6,367 6,341 6,335 1 Beginning with 1933, figures relate to licensed banks only. 2 Included in "Other Assets." 3 Includes deposits the payment of which was deferred by agreement with depositors or otherwise aggregating $33,418,000 on June 30,1933, and $34,030,000 on March 5, 1934. Such deposits were reported separately from June 30, 1933, to June 30, 1934, inclusive. 4 Not reported separately. 6 Included in "Undivided profits." 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1938 FEDERAL RESERVE BULLETIN 359 ALL MEMBER BANKS—CONDITION ON MARCH 7, 1938, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er n m b a e t a A m i n o l k b n l s e a r l m b S e a A m t n a l k t b l e s er Ce m nt e r m al b r e e r s e b r a v n e k c s ity m R b e e c a s m i n e t k y r b v s e e r C m b o e a u m n n k b t s e ry r New York Chicago Loans (including overdrafts) 13, 546, 245 8, 614,121 4, 932,124 3, 531, 730 614,082 5,031,074 4,369, 359 United States Government direct obligations 10, 625, 221 6,756, 729 3, 868, 492 3,179, 528 1,007, 524 3, 961, 604 2,476,565 Securities fully guaranteed by United States Government- 1, 826, 966 1,320, 409 506, 557 431, 759 100,146 648,048 647,013 Other securities 5, 522, 737 3,711, 269 1, 811, 468 1,173, 531 274,795 1, 608, 981 2,465, 430 Total loans and investments 31,531,169 20,402,528 11,118, 641 8,316,548 1,996,547 11,249,707 9,958, 367 Customers' liability on account of acceptances 134,473 67, 301 67,172 97,085 3,429 32,177 1,782 Banking house, furniture, and fixtures 971,875 632, 220 339, 655 224, 521 21,703 338, 620 387,031 Other real estate owned 341, 875 155, 488 186, 387 33,038 6,217 126, 699 175,921 Reserve with Federal Reserve banks 7, 248, 811 4, 282, 582 2,966, 229 2,941,079 566, 393 2, 375,822 1, 365, 517 Cash in vault 603, 541 426,801 176, 740 59, 499 21, 637 212, 706 309, 699 Balances with private banks and American branches of foreign banks 29,110 19,039 10,071 2,141 3,687 19, 866 3,416 Demand balances with banks in New York City 1,377,425 1,029, 421 348,004 47, 353 98,986 717, 251 513,835 Demand balances with other domestic banks 2,084,157 1, 639, 228 444,929 45, 279 30, 984 871, 852 1,136,042 Time balances with other domestic banks 70, 416 55,979 14,437 36 1,350 22, 623 46,407 Balances witfe banks in foreign countries 81, 737 43,120 38, 617 61, 690 1,717 15,095 3,235 Due from own foreign branches 2,326 2,326 2,326 Cash items in process of collection 1,406, 710 869,169 537, 541 604,989 84,082 537, 566 180,073 Cash items not in process of collection 7,179 5,034 2,145 519 107 2,953 3,600 Acceptances of other banks and bills sold with endorsement 39,036 19,077 19,959 35, 469 164 3,047 356 Securities borrowed 943 178 765 660 283 Other assets 244,090 114, 262 129, 828 50, 541 18,401 19, 727 105,421 Total assets.. 46,164,873 29,763, 753 16, 401,120 12,520, 447 2,855, 404 16,598,037 14,190,985 LIABILITIES Demand deposits—Total 28,652,321 18,126,236 10,526,085 9,801,124 2,132,384 10,111,519 6,607,294 Individuals, partnerships, and corporations __. 19,116, 334 11,875, 734 7, 240, 600 6,429, 246 1, 269, 724 6,454, 763 4, 962, 601 United States Government 752,141 492,833 259, 308 360, 323 92, 254 233, 839 65, 725 States, counties, and municipalities 2, 236, 537 1, 677, 773 558, 764 184,819 169,512 809, 405 1,072, 801 Banks in United States 5, 614, 646 3, 637,936 1,976, 710 2,173, 381 576,485 2,461,468 403, 312 Banks in foreign countries 366, 265 171,429 194, 836 326, 642 7,173 30, 965 1,485 Certified and officers' checks, cash letters of credit and travelers' checks, etc 566, 398 270,531 295, 867 326, 713 17, 236 121,079 101, 370 Tim I e n d d i e v p id o u s a it l s s — , p T ar o tn ta e l rships, and corporations: 11,594,357 8, 059, 647 3,534,710 769,199 461, 794 4, 619, 406 5, 743, 958 Evidenced by savings pass books 9, 476, 590 6,638, 941 2,837, 649 408, 228 390, 222 3, 766, 281 4,911,859 Certificates of deposit 739, 211 579,300 159,911 30, 227 20,489 187, 393 501,102 Open accounts 573,094 248, 272 324,822 252, 612 34,197 224, 660 61,625 Christmas savings and similar accounts 56, 278 40,086 16,192 2,812 380 19, 811 33, 275 Postal savings 89, 588 78, 650 10, 938 33, 247 56, 341 States, counties, and municipalities 512,129 362,080 150,049 67,034 16, 354 269, 478 159,263 Banks in United. States 136, 666 102, 797 33, 869 460 152 115, 561 20,493 Banks in foreign countries 10,801 9,521 1,280 7,826 2,975 Total deposits 40,246, 678 26,185,883 14, 060, 795 10,570,323 2,594,178 14, 730, 925 12, 351,252 Secured by pledge of loans and/or investments 2, 970,498 2,168, 399 802,099 517, 797 225,102 1, 304,013 923, 586 Not secured by pledge of loans and/or investments. _ 37, 276,180 24,017, 484 13, 258, 696 10,052, 526 2, 369,076 13,426,912 11,427, 666 Due to own foreign branches 129, 332 112, 598 16, 734 129, 332 Agreements to repurchase securities sold 4,947 970 3,977 4,177 770 Bills payable and rediscounts 27, 919 13, 266 14,653 12,000 4,593 11, 326 Acceptances of other banks and bills sold with endorsement 39,036 19,077 19,959 35, 469 164 3,047 356 Acceptances executed for customers 132, 758 67, 425 65, 333 97,361 3,252 30, 765 1,380 Acceptances executed by other banks for reporting banks.. 12, 473 6,960 5,513 7,523 4,098 404 Securities borrowed 943 178 765 660 283 Interest, taxes, and other expenses accrued and unpaid... 93,062 55, 762 37, 300 21, 749 9,748 39, 548 22,017 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 17, 762 8,278 9,484 7,947 107 7,531 2,177 Other liabilities 108,116 43, 267 64, 849 41, 739 2,676 37,125 26, 576 Capital notes and debentures 51, 274 51, 274 558 26, 946 23, 770 Capital stock 2, 375, 784 1, 572,123 803, 661 562, 595 126, 400 765, 549 921, 240 Surplus 2, 020, 279 1,104, 391 915,888 801,030 66,145 615, 284 537, 820 Undivided profits—net 611, 508 403, 274 208, 234 156,144 19, 369 215, 505 220, 490 Reserves for contingencies 276, 927 158, 334 118, 593 75, 903 32, 915 108, 516 59, 593 Retirement fund for preferred stock and capital notes and debentures 16,075 11, 967 4,108 114 4,428 11, 531 Total liabilities (including capital account) 46,164, 873 29,763,753 16, 401,120 12,520,447 2,855,404 16,598, 037 14,190, 985 N De e m t d a e n m d a d n e d p o d s e it p s o — sit a s djusted1 2 20 3 , , 7 5 8 1 9 2 , , 9 5 6 5 8 9 1 1 4 2 , , 9 5 5 9 4 0 , , 8 3 6 7 9 9 9 7, , 1 5 9 57 9 , , 5 6 8 9 9 0 9 6, , 1 3 0 35 3 , , 5 7 0 8 3 9 1 1 , , 9 3 1 7 8 2 , , 3 6 9 1 0 5 7 6, , 9 8 8 47 7 , ,1 6 1 8 4 1 4 5 , , 7 9 8 5 0 6 , , 7 6 3 9 6 9 Number of banks 6,335 5,250 1,085 37 13 340 5,945 1 See footnote 6 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN MAY 1938 EARNINGS AND EXPENSES OF STATE MEMBER BANKS [In thousands of dollars] First Second First Second half of half of Year Year half of half of Year Year 1937 1937^ 1936 1937 1937 1937? 1936 1937 Earnings: Expenses (continued): Interest and discount on Real estate taxes 6,101 6,174 12, 409 12, 275 loans 87, 428 92, 362 166,448 179, 790 Other taxes 9,716 8,651 19, 234 18, 367 Interest and dividends on Other expenses 48, 726 47, 030 91,916 95, 756 investments 80, 413 76, 824 161, 329 157, 237 Interest on balances with Total current expenses 159,090 158, 467 307, 783 317, 557 other banks 132 114 302 246 Collection charges, commis- Net earnings 70, 631 76,177 139, 298 146, 808 sions, fees, etc 4,936 4,784 9,230 9,720 T Fo ru re s i t g n d e d p e a p rt a m rt e m n e t nt 29 2 , , 1 9 4 2 8 4 3,162 56 4 , , 5 5 0 8 8 5 5,310 Re e c tc o . v : eries, profits on securities, Service charges on deposit 31, 402 61, 326 Recoveries on loans 17,146 8,054 24, 732 25, 200 accounts 6,426 7,042 11, 948 13, 468 Recoveries on investments.. 11,813 4,741 39, 664 16, 554 Kent received 15, 572 15, 876 30, 303 31, 448 Profits on securities sold._. 19,321 10, 797 72, 807 30,118 Other current earnings 2,742 3,078 6,428 5,820 All other 6,623 6,295 10, 621 12, 918 Total earnings from cur- TotaL 54, 903 29, 887 147, 824 84, 790 rent operations . 229,721 234, 644 447,081 464, 365 Losses and depreciation: Expenses: On loans 16, 794 16, 219 52, 236 33, 013 Interes T t i m on e deposits: 24, 724 24, 904 48, 989 49, 628 O O n n b in a v n e k s i t n m g e h n o t u s se, furniture 29, 363 26, 460 39,471 55, 823 Demand 1,09' 616 1,993 1,713 and fixtures 5,368 6,904 12, 305 12, 272 Bank 334 224 750 558 All other 10,518 10, 831 31, 363 21, 349 Total 26,155 25, 744 51, 732 51, 899 Total losses and deprecia- Salaries—officers 23, 393 24, 071 44, 953 47, 464 tion 62,043 60, 414 135, 375 122, 457 Salaries and wages — emi ployees (other than offi- Net profits 63,491 45, 650 151, 747 109,141 cers) 43,916 45, 572 85, 320 i, 488 Cash dividends declared1. 39, 280 40, 286 77, 308 79, 566 Fees paid to directors and members of executive, dis- Capital funds2 3 2,133, 218 2,,113333,, 644 2,110, 555 2,133i,, 644 m co i u tt n e t e s and advisory com- 1,001 1,066 1,871 2,067 N N u u m m b b e e r r o o f f o e f m fic p e l r o s y 3 ees (full and 7,837 7,892 7, 662 7,892 Interest and discount on bor- part time)3 '58, 032 57, 499 '55, 857 57, 499 l rowed money 159 348 241Number of banks3 1,064 1,081 1,051 1,081 p Preliminary figures. rRevised. 1 Includes interest on capital notes and debentures. 2 The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc. 3 At end of period. BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES The Department of Commerce has published a preliminary summary of the international transactions of the United States in 1937. The summary is given below in substantially the same form as that employed by the Department of Commerce. In millions of dollars Items Dollar Dollar ce N ip e t t s re (+ - ) receipts payments or payments (—) Trade and services: Merchandise 3,345 3,084 + 261 Freight and shipping 100 210 - 110 Tourist expenditures 155 610 - 455 Remittances, contributions, etc 25 200 - 175 Interest, dividends, etc 620 275 + 345 Other transactions, adjustments, etc. 317 232 + 85 Trade and service transactions 4,562 4,611 - 49 2. Gold and silver: Gold exports and imports 1,632 -1,586 Gold earmarking operations (net) _ + 200 Silver exports and imports 92 - 83 Gold and silver movement _ -1,4 3. Capital: Reported long-term capital movement + 512 Reported movement of short-term banking and brokerage funds.. + 290 Paper and currency movements Miscellaneous capital transactions + 5 Capital movement + 807 4. Residual + 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

361 MAY 1938 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE SWISS NATIONAL BANK The annual report of the Swiss National Position of the Swiss franc.—The Swiss Bank for the year ending December 31, 1937, franc was notably stable throughout the was presented to the annual meeting of share- year. The enormous receipts of gold resultholders by the President of the Bank, Dr. G.ing from the decline of hoarding, from the Bachmann, on February 16, 1938. Sections repatriation of Swiss capital and the influx of the report are given herewith:1 of foreign funds, was checked at the end of 1936. In the early months of 1937 a temporary International monetary developments.—In reversal of the flow of capital was brought the monetary field primary place belongs to about by the withdrawal of German balances the course of events in the London gold marand the sale of Swiss securities held by Gerket, where large quantities of gold coming man nationals, and, later, by the repatriation from Russia (in the first half of April) and of French funds for investment in subscripfrom private hoards (up to the end of May) tions to the French national defense loan. In made their appearance. As these substantial supplies of gold came on the market at a time April rumors of a revaluation of the dollar when the increasing production of gold had which might check the business upturn already excited comment, and when the brought about a stronger demand for foreign United States—almost the sole buyer—was exchange, which added fuel to the flame of not obliged under the terms of the tripartite controversy over the reduction of the price of agreement to hold its gold price unchanged gold on the international market. It was not for more than twenty-four hours, there arose only a matter of capital movements but also considerable anxiety as to the ultimate price of payment for imports intended to supply of gold. The rumor spread that the United future needs. The Bank found it necessary States was about to reduce its gold price. to make available to the market about 150,- This brought about a sharp recession in prices 000,000 francs in foreign exchange. In the on the stock exchanges and a heavy decline second half of April demands for foreign exin prices on the raw material markets, and change came to an end. Later on, monetary continued until the American Government developments in France brought about a new announced that it would maintain its gold inflow of gold into Switzerland. An espepolicy; in other words, that it would con- cially large inflow of capital took place in the tinue to buy gold at the established price of autumn, and increased the already consider- $35 per ounce. Although, in the spring, dis-able holdings in gold and foreign exchange turbances on the gold market led to a con- of the Bank. Foreign exchange received by siderable dishoarding of gold, several months the Bank in the second half year exceeded later there was a new wave of hoarding. The 500,000,000 francs. These movements of precious metal, which had fallen into disre- capital arose out of the unstable political situpute almost everywhere, was again sought ation abroad, the monetary developments in as the medium in which values could be most France, and the widespread rumors regardsafely held. The hoarding movement was ing a fresh devaluation of the dollar and the caused by the instability of the French cur- Belgian franc. To the repatriation of a large rency, the discussions concerning possible de- volume of Swiss capital, the repayment of valuation of the United States dollar, and foreign loans was added. finally by the Sino-Japanese conflict. In spite Gold and foreign exchange reserve.—In of the resumption of hoarding, the gold prob- spite of the outflow of gold which took place lem will remain unsolved so long as gold pro- during the early months of 1937 and the deduction continues to increase, and until the liveries of gold abroad as a result of the placeconomic equilibrium which is essential for ing of several foreign loans in the Swiss marnormal functioning of the gold standard is ket, the reserve of gold and foreign exchange reestablished, together with a better distribu- of the Bank amounted to 3,170,000,000 Swiss tion of the monetary metal. A prompt stabili- francs at the end of 1937, an increase of zation of exchange rates would also be in the408,000,000 francs over 1936. Of this sum, interest of world economy. 2,679,000,000 francs was in gold (one Swiss franc equals 215 milligrams of fine gold) and 491,000,000 francs in foreign exchange. To 1 The report, available in French, contains in addition sections dealing with the international situation, price indexes, wages, this amount must be added the holdings of the foreign trade, Government finance, personnel, etc., together with Equalization Fund, the greater part of which a number of tables showing the operations of the Bank in detail. For earlier reports see BULLETIN for April 1937, May 1936, was in gold. April 1932, 1931, May 1930, April 1929, 1928, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN MAY 1938 The influx of gold and foreign exchange tional Bank undertook to make an agreement was not caused entirely by capital imports. with the banks with a view to limiting their It is reasonable to suppose that, in spite of foreign balances. Lengthy negotiations with the large deficit in the balance of foreign the Association of Swiss Banks resulted in a trade, the Swiss balance of revenues for 1937 "gentlemen's agreement" between the Nashows an active balance. The entry of gold tional Bank and the banks, designed to reduce and foreign exchange resulting from a sur- the excessive volume of foreign deposits held plus in the balance of revenues differs alto- by the banks in Swiss currency and to check gether from that arising out of the inflow of hoarding; the agreement became effective refugee funds or out of the repatriation of on November 15, 1937. The administrative Swiss capital. By buying and selling gold council of the Association of Swiss Banks adand foreign exchange, the National Bank vised banks and bankers to adhere to the maintained the gold parity of the Swiss "gentlemen's agreement" because it felt that franc at the value fixed in the instructions of for Switzerland the disadvantages arising the Federal Council to the Bank on Septem- from restriction of the liberty of the banks ber 27, 1936. There has been no reason of in their treatment of foreign deposits were an economic character to alter these instruc- less than the benefits resulting from the limitions, or in other words, to raise or lower the tation of "hot money." In brief, the "gentlerate of devaluation fixed around 30 percent. men's agreement" provides that foreign de- It is important, however, to remember that mand deposits in Swiss francs should bear the monetary measures of September 27, no interest and should be converted as soon 1936, did not include the definite establish- as possible into time deposits payable on at ment of a new parity for the Swiss franc, least three months notice; that no new forfor it is possible at any time to change the eign demand deposits should be accepted, but rate of devaluation between the legal limits, only such as are subject to the three months' namely, 25.944 percent and 34.556 percent. notice just mentioned. Furthermore, bal- In order to maintain the stability of the rate ances which are deposited for a period of of exchange, the National Bank bought gold less than six months are subject to an annual bullion from the banks of issue adhering to commission of 1 percent. There is no deducthe tripartite agreement. In order to pre- tion unless they have been on deposit for at vent arbitrage operations in gold, the Bank least nine months. Exceptions were provided no longer accepts any gold coins except those in favor of bank accounts so far as they were of Switzerland, from either banks or indi- in amounts necessary to settle normal busividuals. It no longer buys gold coins of for- ness transactions; accounts of commercial eign minting. houses so far as they were for purely com- "Gentlemen's agreement" on foreign funds. mercial purposes; foreign deposits designed —It is not desirable that foreign funds should to cover current interest payments, amortizaflow into Switzerland at the present time. tion, or the repayment of credits and loans in They automatically create a stock of gold and Switzerland; and finally, under certain conforeign exchange which involves a risk so ditions, in favor of holders of a deposit of long as the classic rules of the gold standard securities. The banks agreed to refuse to cannot have free play, so long as currencies hold Swiss bank notes deposited for foreign are not firmly linked to gold and governments account. They required from foreign deposhave recourse to monetary measures to in- itors or holders of safety deposit boxes a decfluence economic progress. Furthermore, thelaration showing that they were not placing presence of foreign demand deposits is unde- Swiss bank notes on deposit or storing them sirable because their total volume is in excess in their safety deposit boxes. of Swiss business requirements and because As the "gentlemen's agreement" is applithey seek only a temporary refuge in our cable only to accounts existing since Decemcurrency. They move from place to place ber 1, 1937, the short space of a month could for relatively greater security; when any not furnish enough data for an appraisal of doubt arises as to this security, or when its results. It is, however, gratifying to find better terms are to be found elsewhere, these that the measures for checking the import of liquid funds leave their refuge as rapidly as unwanted foreign balances have in general they came. been well received. The effort to bring this Because of the continuous rise in its hold- about by direct agreement among the interings of gold and foreign exchange, the Na- ested parties was everywhere greeted with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

363 MAY 1938 FEDERAL RESERVE BULLETIN satisfaction. The principle that neither the in raising the price of gold, devaluation money nor the capital market nor monetary creates new purchasing power out of nothing policy should any longer be subjected to pres- and artificially stimulates gold production. sure from foreign refugee capital was highly The increase in the value of gold also approved. It is understandable that some broadens the credit base of the bank of issue. theoretical and some practical objections Money market.—The repatriation of Swiss should have been made to the agreement, and funds and the influx of foreign capital that other methods should have been pro- further increased the liquidity of the Swiss posed, for example, putting gold coins into money market during 1937. From the end circulation. Such a measure could not even of 1936 to the end of 1937 demand obligabe considered, because at present the nom- tions of the National Bank rose by 352,000,inal value of the old gold coins no longer cor- 000 francs to a total of 1,716,000,000 francs. responds to their intrinsic value. As to the The official rates in force since November 26, minting of new gold coins, that will be impos- 1936—the discount rate at IV2 percent and sible until the Swiss franc shall be legally the rate for advances on collateral at 21/2 defined by a fixed weight of gold. percent—were unchanged. In spite of the The gold increment.—The so-called gold low level of these rates, the National Bank increment realized by the National Bank has lost all contact with the market. Demand for attracted much attention. As the increment its credit was almost negligible. As stated is purely a bookkeeping account and not a before, the Bank gave liberal assistance to commercial profit, the National Bank fol- business and semi-public corporations by aclowed the instructions of the Federal Council cording them opportunities for rediscount and allocated the increase resulting from the and loans on collateral. Because of the liquid devaluation of the gold reserve held on Sep- position of the banks, its credit has been tember 26, 1936, to the credit of the Ex- drawn upon only on rare occasions; and, change Equalization Fund, which belongs to moreover, by standing ready with credit fathe Bank. cilities it intervenes more effectively in the While certain groups would like to use part economic situation than its weekly condition of the gold increment to finance the execu- statements indicate. tion of programs of work creation or similar Under pressure of the abundance of funds, projects, the National Bank can affirm that the private discount rate was reduced from it has always made its credit freely available 1*4 percent to 1 percent in the second half in the service of Swiss economy. It has co- of February and kept at this level until the operated with the cantons and communes in end of the year by agreement among the helping them carry out their work creation banks. programs. When these programs were eco- Capital market.—One of the first and most nomically sound the Bank extended its credit important results of devaluation was the rein collaboration with the banks on a large laxation from which the capital market benescale and on favorable terms. The use of the fited. First of all, the long-term rate was gold increment for economic purposes, or its sharply reduced. In no other country has distribution by any means, involves a grave the rate of interest prevailing on the capital risk of inflation which, especially in existing market after the suspension of the gold standcircumstances, ought not to be overlooked. It ard declined so rapidly as in Switzerland; in is necessary to observe the greatest caution England, Sweden, and the United States the in utilizing the volume of supplementary yield of Government securities rose at first credit represented by the Exchange Equali- after the adoption of a similar measure. The zation Fund—above all, at a time when prices yield of the twelve loans of the Confederamust be kept as low as possible to enable tion and the Swiss Federal Railways, which Switzerland to hold her own with foreign serve as the basis for calculating the Swiss competition. There is an essential difference index of security values, declined from 4.58 between the effect on the price level of credits percent on September 25, 1936, to 3.55 pergranted by the National Bank on condition cent at the end of the same year. Then the that they shall be repaid at a fixed maturity, decline was checked, and not until June did and the influence of disbursements made a new downward tendency develop. At the without any such limitation and with funds end of 1937 the average yield on these loans arising, so to speak, from nowhere. Every was 3.22 percent. If one considers the nearest devaluation holds the possibility of inflation; redemption date, the yield of certain loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN MAY 1938 hardly amounts to 3 percent. It is still and that in many cases these effects do not slightly above 2V2 percent for the national show up clearly for a number of years. Bedefense loan which is a tax-free, short-term cause many factors, the effects of which freissue. The events which have occurred on quently offset one another, combine to deterforeign stock exchanges have had only a pass- mine the character of the economic position ing and hardly perceptible influence on the in Switzerland, it is extremely difficult to Swiss security market. The movement of determine the part played by devaluation. rates was constantly subjected to the pressure Foreign trade.—As might have been exof considerable supplies of funds. Not only pected, the value of our foreign trade was did part of the funds available on the money sharply increased after the change in our market overflow into the capital market, but monetary ^ unit. Inasmuch as merchandise large sums were released through loan re- imported into Switzerland since devaluation payments. Thus the Confederation itself cost approximately 42 percent more in Swiss supplied 310,000,000 francs through redemp- francs, whereas the price of exports as comtion of loans; it was also able to make avail- puted in the same currency usually rose less able to the market the greater part of the than the percentage of currency depreciation, yield of the national defense loan of 1936, of devaluation brought about a considerable which only a small part is needed at the mo- worsening of our trade balance. This worsment. To these funds should be added the ening is the more important for the reason amounts of repatriated Swiss capital which that Switzerland, because of its economic sought investment in Swiss securities. The structure—its dependence on foreign counabundance of capital was felt also in the tries in matters of raw materials and foodsmaller centers. stuffs—imports more commodities than it Economic recovery.—The economic posi- exports. tion of Switzerland has improved since 1936. A fairly large deficit in the trade balance Foreign economic relations (foreign trade is not in itself alarming. The essential reand tourist traffic) and the allied branches quirement is that the other items in the balof industry showed an encouraging recovery. ance of payments, such as tourist traffic, reve- On the other hand, the increase in domestic nue from capital invested abroad, income economic activity resulting from devaluation from services rendered, should make up for —to the extent that this can be ascertained— the deficit. Such is probably the case, alin many cases very soon declined. Devaluathough there are no absolutely reliable figures tion was beneficial to economic revival chiefly on the subject. As compared with 1936, the because it reduced the difference between income from tourist traffic has increased, and purchasing power in Switzerland and in forthe income from capital invested abroad has eign countries, and lowered the costs of proalso probably risen; in fact, with few excepduction by restoring the liquidity of the tions, investments denominated in foreign money and capital markets. currency represent more Swiss francs since Devaluation, however, was not the only devaluation, and the exchange of payments cause of economic recovery; in many cases with other countries has developed favorably. it was not even the fundamental cause. The But the tourist trade and loans to foreign improvement in the international economic countries are far from bringing in so large situation and the activity of the armaments an income as before the crisis; moreover, the industry also gave it a strong impetus. Switzerland also benefited from the increase trade balance has come to have greater weight of purchasing power abroad, especially in in the balance of payments. We cannot draw the raw material producing countries. The any conclusion from movements of gold and course of events during the past year demon- foreign exchange into and out of Switzerland strated again how largely the economic situa- as to the Swiss balance of payments, for its tion in Switzerland is dependent upon the actual position in 1937 was concealed by abinternational economic situation. But this normal capital movements. Statistics showdependence means that we must take into ing the value of Swiss foreign trade were account the instability of certain factors. The influenced not only by devaluation but also by fact needs to be stressed that the effects of the higher level of world prices. The value devaluation cannot be adequately reflected in both of imports and exports rose in greater statistics—this is even more true perhaps of proportion than their volume. As to the its disadvantages than of its advantages— markets for exports of Swiss industry, de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

365 MAY 1938 FEDERAL RESERVE BULLETIN valuation brought them no essential change; reprisal against the devaluation of the Swiss but the universal trade barriers are an ob-currency. Only Germany reduced the value stacle to any reorientation of commerce. It of its quotas, some of them temporarily, so is natural to give preference to countries that, valued in Swiss francs, the volume of which have no clearing agreements. In gen- Swiss exports has reached its pre-devaluation eral, foreign countries took no measures of level. BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DECEMBER 31, 1937, AND DECEMBER 31, 1936 [In thousands of Swiss francs] Assets 1937 1936 Liabilities 1937 1936 Swiss and foreign gold coin 573,415 793, 569 Notes in circulation - _ _ 1,530,516 1,482,222 Gold bars 1,459, 731 1, 288,844 Giro accounts 1, 602,631 1,093,851 Federal accounts 12 474 183,396 Total gold in vault 2,033,146 2,082,413 Other deposits 35,351 29,878 Gold earmarked abroad 646,104 626, 592 Foreign clearing accounts 71,935 62,935 Drafts and checks in circulation 1 244 847 Total gold. _ 2, 679, 250 2, 709,005 Rediscounts. 70 98 Capital _._ 50,000 50,000 I O n t c h r e e r m c e a n s t h f i r t o e m m s gold calculation _ i 3 6 0 , , 3 3 0 7 1 5 i 3 5 1 , , 4 3 5 2 9 3 NSuert pplurso fits _ _ _ 1 5 3 , , 2 00 5 0 3 12 5 , , 2 5 5 0 3 0 Foreign exchange. _ _ _ 490, 797 53,405 Dividend unpaid _ __ 15 11 Swiss portfolio: Reserve for uninsured risks 1,000 1,000 Swiss bills 5,254 7,715 Reserve for printing bank notes __ 1,000 1,000 Rescription 1,750 9,457 Exchange Equalization Fund 538, 584 538,584 Other discounts. 1,946 2,345 Miscellaneous liabilities _ 39, 274 44, 338 8,950 19, 517 Securities of the Loan Office of the Swiss Confederation 10, 300 28, 500 Advances on security: On call at 10 days' notice 34, 764 43,648 Other _ _ 40 3,120 34, 804 46, 768 Government securities 30 742 15 897 Due from postal check offices 2,337 2,190 Due from correspondents: Swiss _ _ _ 11,409 14, 212 Foreign __ _. ___ 22, 338 4,216 33, 747 18, 427 Items for collection 1,235 1,756 Coupons _ _____ 667 781 Interest accrued on securities 294 153 Unpaid capital 25,000 25,000 Bank premises ______ _ 3,000 3,000 Furniture and fixtures _ _ Exchange Equalization Fund 538, 584 538, 584 Miscellaneous assets 5,965 6,148 Total assets 3,902, 347 3, 505, 913 Total liabilities 3, 902, 347 3, 505,913 i From Sept. 28,1936, to Dec. 31,1937, the buying price of a kilogram of fine gold was maintained at 4,869.80 francs, which corresponds to a gold value of 203 milligrams fine per franc. The difference, resulting from the fact that gold bought at that price since devaluation has been carried on the condition statement at the price of 4,639.13 francs per kilogram fine, amounted in 1936 to 31,322,819.79 francs, and in 1937 to 30,374,583.80 francs, which is shown on the balance sheet as "Increment from gold calculation." 2 Carried at 1 franc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN MAY 1938 ANNUAL REPORT OF THE GERMAN REICHSBANK The Annual Report of the German Reichs- credits and in higher deposits at the banks. bank for the year ending December 31, 1937, For short-term investment of the resources was submitted on March 11, 1938, to the of the money market, in addition to Reich general meeting of shareholders by the Presi- Treasury bills and trade bills which served dent of the Bank, Dr. Hjalmar Schacht. The the purposes of the Government, bills of the main text of the report is given herewith.1 German Gold Discount Bank were in demand German economy, during the year under in very considerable amount. These latter— review, reached the highest level of activity which fluctuated especially in connection with since the end of the war. Production and the great loan issues—reached their highest turnover, as a result of the economic and figure on April 21 at RM 1,353,000,000, while financial measures of the Government, at the end of the year they amounted to especially along the line of work creation, RM 763,000,000. rearmament, and broadening of the raw ma- Interest rates.—The course of interest rates terial basis at home, considerably surpassed reflected the easy position of the money marthat of the boom period of 1928-1929. Con- ket. The private discount rate, which in the struction of plant and equipment continued preceding year temporarily fell below 3 perto be the predominant activity, yet there was cent, declined after the first quarter of 1937 hardly a branch of industry which did not to 2% percent and stood at this level for the participate both directly and indirectly in the rest of the year. The interest rate for call increasingly effective revival of the past five money, which only occasionally reached a years. Now that most of the important monthly average of 3 percent, and the disbranches of industry have reached full pro- count rate for Reich bills and non-interestduction capacity, the anxiety to alleviate un- bearing Reich treasury certificates also conemployment has given place to the necessity tinued their downward movement. of procuring new supplies of labor, training Credit policy.—On the balance sheet of the skilled workers, and introducing labor-saving Reichsbank the investment items—bills, semethods to an increasing extent. Efforts to curities, and loans against collateral—rose expand foreign trade were likewise success- as a whole by RM 476,000,000 to RM 6,584,ful, so that the raw material position showed 000,000 at the end of December 1937, though some improvement. there was a further decline in the proportion The execution of the great construction represented by securities. The fact that this program of the Government made it the duty increase is considerably less than that of the of the Reichsbank to continue to devote all its year before, is—aside from the higher income energies to harmonizing the provision of the of the Reich—chiefly the result of constant necessary money and credit with the possi- efforts on the part of the Reichsbank to place bilities offered by the economic structure, short-term Reich securities with other infinances and the currency. Economic develop- vestment-seeking institutions. The increase ments in Germany, which were supported by in the note circulation, which at the end of Government credit, took place under the pro- 1937 had risen by RM 513,000,000 to tection of a rigorous policy as to prices and RM 5,493,000,000, reflected the greater activwages. ity of commodity turnover and the growth of Money market.—The money market and employment and income. The aggregate circredit policy of the Reichsbank were in the culation rose during the same period by main influenced by the type and extent of the RM 533,000,000 to RM 7,478,000,000, and short-term financing of the great Govern- reached, as did the volume of industrial proment projects. The funds made available duction, the highest level since 1924. Reichsbrought about a further increase in purchas- bank clearing operations? were also at the ing power on the part of large groups of the highest level since 1924. population, without prejudicing the market The fact that in the course of the developfor short- and long-term Government paper. ment of the past five years the German eco- The abundance of funds in the money market nomic picture has undergone a steady transwas also reflected in further repayments of formation and that the economy as a whole has reached full employment, created a dif- 1 The report, available in German, contains in addition tables and charts showing the operations of the bank in detail. For ferent situation for the potentialities of the earlier reports, see BULLETIN for May 1937, 1936, 1935, April credit supply. The previous deliberate utili- 1934, May 1933, April 1932, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

367 MAY 1938 FEDERAL RESERVE BULLETIN zation to the full of public credit, in anticipa- The success of the loans proves that people tion of later savings and revenues, was justi- are coming to appreciate more and more how fied by the wish to revive all the human and necessary such funding is, if the burden of material energies lying dormant in past expenditure to be placed on taxable capacity years. That this remarkable economic suc- is not shortly to become excessive. cess could be achieved without sacrificing the As to the management of other capital decurrency proves the correctness of the finan- mand, it had to be kept in mind that in concial and economic program, which was able nection with the tasks of the four-year plan, to bring into employment these unemployed larger capital sums were needed by private but employable productive forces. Now that business enterprises along certain lines. The German economy is operating very near pro- favorable profit situation in a number of ductive capacity, its further expansion must branches of industry enabled them to finance be continued not with reference to money but themselves to some extent, but many larger chiefly with reference to commodities. The investments or investment expansions could currency and financial tasks of the past year be made only by recourse to the issue market. required both that the reduction of the out- Accordingly, issues of mortgage bonds of the standing short-term debt should be accele- mortgage banks, as well as industrial issues, rated and that new short-term money and increased during the year. Moreover, private credit should not be created to an extent investors took over larger amounts of shares greater than the production of marketable of certain great banks, in respect to which the commodities justifies. In order to avoid any Reich was breaking off the financial relations inflationary trend, it became highly impor- arising out of the support that it had given tant, with industry fully employed, that them during the crisis. Therefore the period short-term credits for public works should of financial help by the Government to the be granted in no greater amount than could German banking system may be regarded as be repaid within a reasonably short time out at an end. of budgetary resources and funded in the The general reduction of interest rates capital market. For the repayment of both effected in connection with earlier converold and new credits the only means available sions had a releasing and stimulating effect was and is the new savings by the com- on all types of long-term credit in public and munity. private business. Through administrative Capital market.—During the depression measures and in other ways the competent years before 1933, the position of the capital authorities endeavored to continue the policy market became more and more unsatisfac- of reducing interest rates, which had been tory. During the past year, however, the started in recent years. In particular these market was able to discharge even more fully efforts were also taken into account in the the duties assigned to it since 1933. At that flotation of industrial loans, where a 4!/2 pertime it was realized that large intermediate cent rate became more and more the rule. credits could be granted with the aid of the The declining yield resulting from the ad- Reichsbank only if, along with an effective vance in quotations of fixed interest-bearing tax policy, the systematic supervision and securities, especially of mortgages, showed control of the money and capital market were clearly that relief to business from the burassured. As has been stated in annual re- den of interest was making further progress. ports of recent years, a number of measures The loan stock law, originally promulgated helped to bring about this control. They for a period of three years, for the purpose were designed to regulate, foster, and of limiting the amount of dividends and imstrengthen the market and its agencies. As pounding excess dividends for investment in a result of this money and capital market public loans, was extended for another three policy, funding loans of the Reich could be years from December 9, 1937 (Reichsgesetzplaced more rapidly and in larger amounts blatt I, page 1340). The new law, as well as than in previous years. Longer maturities the third executive decree of the same date, were obtainable, without other change in fixed the time and method of distribution of the terms of loans. The total amount of the amounts accumulated at the German funding loans for the three years since the Gold Discount Bank as trustee of the loan beginning of 1935, including the 1936 Reich stock. Distribution will be made in the form railway loan of RM 500,000,000, was con- of non-interest bearing, tax credit certifisiderably in excess of RM 8,500,000,000. cates, which, after 1941, will be accepted in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN MAY 1938 payment of almost all Government taxes. of the agreements on tourist traffic and as to A decree of the Reich Government, issued border traffic. The Reichsbank and the other at the beginning of 1938 on the basis of the competent authorities tried to improve the law governing loan redemption, clarifies the methods of control in order to meet the need question of amortization for the so-called of the economic system for simplification so "new" holders' loans x of the States, com- far as possible. As the past year has shown, munes, and communal associations. Holders the advantage of being able to use the supply of the loans were given the choice between of freely disposable foreign exchange for the immediate payment at the market value and best interests of the national economy offsets payment in 1970 at nominal value. the unfortunately unavoidable disadvantages Gold and foreign exchange.—The gold and arising out of administrative handling of foreign exchange position of the Reichsbank foreign exchange control. At the same time, continued to be very unsatisfactory. The the German economic structure has been provolume of foreign trade was considerably tected from foreign influences which might increased, but the larger receipts of foreign disturb the German currency. Whenever exchange resulting from exports were offset these results can be achieved with less effort, by larger imports, of which foodstuffs the Reichsbank will not hesitate to favor the formed an important part. Moreover, it must greatest possible relaxation of foreign exbe remembered that by far the greatest part change control. But considering the still unof the receipts from foreign trade is not solved problems of currency, indebtedness, freely disposable foreign exchange but con-and foreign trade throughout the world, and tinues to be pledged through clearing agree- considering also the international economic ments of various kinds. Nevertheless, the disturbances to which Germany, in the abconsiderable demand for foreign exchange sence of foreign exchange control would be arising out of the general increase in produc- even more exposed, the measures of foreign tion and trade and out of the execution of exchange control must be maintained for the the four-year plan was satisfactorily met. present. In any case, serious disturbances of the in- The problem of further increasing the supdustrial economy did not occur. ply of foreign exchange in order to meet ex- Since foreign exchange control in previ- isting requirements could, for lack of other ous years had already been expanded to cover sources, be solved only by way of foreign the entire field of operations, the competent trade policy. For this policy, the new plan authorities could confine themselves last year introduced in 1934 continues to be authorito making minor elaborations which had be-tative and necessary; it was this plan, morecome necessary. Following the practice of over, which made it possible to achieve an recent years, the registration of claims on export surplus in the past three years. In foreign exchange arising from commerce, spite of the requirements of domestic econservices, and capital movements was pro- omy and in spite of handicaps originating vided for by the announcement of the board abroad, German exports were increased in of directors of the Reichsbank on March 31, 1937 by more than 40 percent as compared 1937 (Reichsanzeiger No. 72) ; also registra- with 1934. This means not only expansion tion of foreign securities was provided for of foreign markets for German products, but by the tenth executive decree to the law ofalso a correspondingly better position as re- September 16, 1937, on foreign exchange gards German imports of raw materials and control (Reichsgesetzblatt I, page 1018). foodstuffs. The announcement of the board of directors German foreign trade and the movement of the Reichsbank on October 31, 1936, re-of payments with foreign countries received garding operations in foreign currencies was a certain stimulus through the improvement supplemented by the first amendment to this of the various more or less short-term agreedecree (Reichsanzeiger No. 147, June 30, ments, which the world must still employ in 1937) ; the amendments had to do chiefly with place of long-term commercial contracts. The new regulations as to demands arising out renewal of agreements which had expired, the supplementary provisions made under 'New" holders' loans (Neubesitzanleihen) were paper-mark existing agreements, the regular conferences of Government committees for supervision favorable than those made ior old holders loans \ Aitbesitzan- of agreements which had been concluded, and leihen), acquired before July 1, 1920. [The Execution of the Experts' Plan, Third Annuity Year, Sept. 1, 1926, to Aug. 31, for the removal of misunderstandings which 1927, p. 66.] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

369 MAY 1938 FEDERAL RESERVE BULLETIN might arise, the combination of commodity view and adjusted to the capacity of German trade and the thawing of frozen capital debtors. claims with questions of tourist traffic and The total volume of the so-called standdebt amortization, constituted an exceedingly still obligations—regulated by the annual broad, many-sided and difficult sphere of credit agreement with foreign creditors— duties. of German banking firms, commercial and in- The clearing agreements with all their un- dustrial firms declined during the past year satisfactory corollary effects continued to to about RM 900,000,000. The reduction is dominate the situation. By the Franco-Ger- again to be ascribed chiefly to German payman agreement signed on July 10, 1937, re- ments in reichsmarks by means of registered garding trade as well as regarding payments mark accounts. Without essential change arising out of trade (Reichsgesetzblatt II, from earlier agreements, the German credit page 207), a new breach was made in the agreement of 1938, which was concluded in rigid clearing system. On the pattern of so- December 1937, provided for a renewal of the called payment agreements already entered standstill agreement for another year; and into with England, Belgium, and several it was also provided that the agreement other countries, all payment operations be- might be extended for an additional period tween Germany and France were again con- not exceeding three months if notification is verted to the normal foreign exchange basis, given to that effect during 1938. The possiand were thus freed to a great extent from bility of converting certain types of credits the bureaucratic difficulties of the clearing by way of "commercialization" into regumethods. On the same principle, payment lar acceptance credits was provided, in transfers with New Zealand were regulated order to conform mpre nearly with German by the agreement of November 9, 1937 foreign trade requirements, as well as to (Reichsgesetzblatt II, page 667). German meet the wishes of foreign banks. The commercial debts arising out of clearing further maintenance of credit lines granted agreements and out of special accounts with by one bank to another, even if they had not been utilized for some time, was guaranteed. foreign countries for domestic payments On the other hand, credit facilities granted to (Aski) were reduced by approximately German industrial and commercial debtors, RM 150,000,000 at the end of the past year to which have been unavailed continuously for RM 313,000,000, for the most part through at least two years prior to December 31, deliveries of German goods to foreign coun- 1937, may be wholly cancelled. While a retries. duction of stand-still credits through pay- The service of the foreign debt was disments in foreign exchange is barred, German charged without essential change from the Gold Discount Bank obligations which repretransfer reductions agreed upon in previous sent guarantees originally assumed, and in years and in accordance with the special respect of which the Gold Discount Bank is agreements concluded with a number of the sole debtor, will be gradually repaid, with countries. For the settlement of a series of an equitable distribution to all creditors. credit obligations which had already ma- Otherwise, payment of the installments due tured, but for which German debtors were and payable to foreign bank creditors under still having to pay to foreign creditors the the guarantee of the German Gold Discount excessive rates of interest originally agreed Bank, which were originally provided for, upon, the law of May 27, 1937 (Reichsgezet- continue to be suspended. blatt I, page 600), for the regulation of capi- The credit agreement for German public tal maturities payable in foreign countries debtors was also extended without essential was promulgated. This law aimed especially change for another year, to March 15, 1939. at a prolongation of the credits in agreement The amount covered by this agreement was with creditors and debtors, under conditions reduced by the end of the year to approxiendurable from the foreign exchange point of mately RM 27,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN MAY 1938 BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DECEMBER 31, 1937 AND DECEMBER 31, 1936 [In thousands of reichsmarks] Assets 1937 1936 Liabilities 1937 1936 Gold, not under lien (gold bars, domestic and Total bank note issue 16, 724, 325 13,977,951 foreign coins): Credit balances of giro and current accounts. 1,058,501 1,012,423 In the cash offices of the bank 50,306 40,266 Non-interest bearing deposits 27 27 With foreign banks of issue 20,334 26,186 Original capital 150,000 150,000 Legal reserve fund (including transfers from 70,640 66,452 net profits of the year) _ 83,286 79,277 Reserve for pension and unemployment fund. 80,000 80,000 Cash: Reserve for probable losses. 241, 962 241, 962 Reichsbank notes. 11,230,283 8, 996,009 Subsidiary eom... 110,958 122, 540 Reserves for: Rentenbank notes 7,607 35, 393 Printing of new notes 16, 537 14, 327 New buildings 52, 349 37,121 11,348,848 9,153,942 51, 449 Credit balances in foreign currencies (of which the equivalent of 3,132,0001 reichsmarks was Special reserve fund for future payments of assigned as cover for the notes in circulation). 21,282 14, 518 dividends — 40,289 40,280 Foreign notes 2,570 2,276 Foreign bills and checks__ _ 166,167 94, 498 Miscellaneous: Domestic bills and checks: Interest on bills due in 1938 43,128 37,385« Treasury bills of the Reich 118, 590 62,290 Dividends due but not yet paid 316 343 Other domestic bills and checks 5,847,206 5, 356, 416 Dollar Treasury notes of the Reich to be Silver 38 redeemed by the Reichsbank 142 146 Liabilities in foreign currencies 2,175 433 Loans against collateral (lombards), viz.: Unpaid claim of the German Government Loans against gold and silver (sec. 21, 3 a, —contra account 70,082 70,082 of the bank law) 1 1 Other book debts 53,494 46, 210 Loans against securities (sec. 21, 3 b, c, d, of the bank law) ___ 39,467 60,907 169, 338 154, 599 Loans against bills (sec. 21,3 e, of the bank law) 1,979 1,805 Net profits for the year less 10 percent as- Loans against goods (sec. 21, 3 f, of the signed? to the legal reserve 36,074 36, 036 bank law) 18,846 11,616 Loans against Treasury bills of the Reich (sec. 21, 3 g, of the bank law) 1 50 60,294 74,378 Securities eligible for note cover, purchased in virtue of sec. 21, par. 4 of the bank law 105,789 221,344 Other securities owned 297,991 312, 250 Overdue and doubtful claims 4,594 Land and buildings 30,000 30,000 Claims resulting from the settlement with the Reich 93, 758 94, 881 Miscellaneous: Bank notes no longer fit for collection 1,126 1,841 Postponed claim on the German Government in virtue of sec. 11, 4, of the law of Aug. 30, 1924, for the liquidation of Rentenbank notes in circulation 70,082 70,082 Credit balances with postal check offices.. 29,251 13,900 Investments for pension and unemployment fund 78,892 78, 567 Reichsmark claims on foreign correspondents 8,111 7,501 Revolving credit to the Reich 43,100 Claims against the Reich for sinking-fund purchases __ 23,062 22,193 Foreign exchange authorized but not yet delivered 120,880 31,038 Other claims _ 115,040 111,005 489, 545 336,128 Total assets.. 18, 652, 689 15,824,004 Total liabilities 18,652,689 15,824,004 1 3,395,000 reichsmarks on Dec. 31, 1936. * Interest on bills due in 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN MAY 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding Date co B d u i i n s ll t - s ed b B ou il g ls ht s U m G e e c . r o e u n v n S r - - t i . - R O c b e r a s t e h e n d e r k i v r t1 e Total M s g t t a o o o r c l n y d k e- T s r t e o c u r i a n n u e u r n c a r y g t d - - s y - - i r c n C e t u i n o u l c c a n r i y r - - - T h c i u r o n a e r l g s y a d h s - s - - T d R F b e r w e e e p a d s a n o i e e t s k s r h r u v i a s t r e s l y b p m N e o r e o s m n i d t e - s - - R c O F e o e a s t u e r c h e a d n - r e l t v - r s e r T es o e t r a v l e b E m a ( l x e a a c s n t e t e c i s d - e s ) s ties End of month figures: 1937—Feb. 27 2,430 2,465 11,436 2,536 6,399 194 253 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 3,648 150 388 260 7,237 1,383 Feb. 28 2,564 2,590 12, 776 2,668 6,334 3,594 180 423 257 7.248 1,415 Mar. 31 2,580 2,611 12, 795 2,679 6,355 3,550 316 315 262 7, 287 1,546 Wednesday figures: 1937—May 5 2,526 2,577 11,838 2,547 6,426 3,013 97 257 887 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 3,079 117 250 256 6,918 907 May 26 2,526 2,557 11,977 2,546 6,399 3,140 80 261 256 6,944 June 2 2,526 2,573 12,027 2,548 6,487 3,182 115 255 256 6,854 860 June 9 2,526 2,573 12,118 2,547 6,435 3,254 85 279 255 6,929 931 June 16 2,526 2,583 12, 220 2,548 6,415 3,348 250 267 263 6,808 752 June 23 2,526 2,562 12, 270 2,550 6,394 3,396 151 324 263 6,854 814 June 30 2,526 2,562 12,318 2,550 6,447 3,445 93 285 260 6,900 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 3,605 320 258 704 Aug. 11... 2,526 2,572 12,497 2,573 6,482 3,640 253 327 259 6,681 740 Aug. 18... 2,526 2,565 12, 527 2,577 6,500 3,672 156 340 258 6,744 782 Aug. 25... 2,526 2,565 12, 541 2,577 6,495 3,683 161 356 258 6,730 761 Sept. 1.... 2,526 2,579 12, 567 2,585 6,532 3,719 156 337 256 6,731 750 Sept. 8___. 2,526 2,572 12, 604 2,587 6,597 3,756 130 314 257 6,710 756 Sept. 15... 2,526 2,598 12,651 2,590 6,554 3,495 348 313 266 6,865 880 Sept. 22__. 2,526 2,578 12, 694 2,593 6,529 3,537 193 362 266 6,977 1,020 Sept. 29— 2,526 2,573 12,734 2,596 6,520 3,575 140 266 7,033 1,062 Oct. 6___. 2,526 2,583 12,765 2,596 6,569 3,610 76 421 265 7,003 1,090 Oct. 13... 2,526 2,558 12, 784 2,601 6,585 3,634 83 458 264 6,919 992 Oct. 20... 2,526 2,565 12, 793 2,605 6,546 3,654 82 479 264 6,939 1,021 Oct. 27___. 2,526 2,570 12, 801 2,607 6,519 3,666 94 485 264 6,951 1,073 Nov. 3_... 2,526 2,559 12,804 2,608 6,565 3,662 111 482 6,889 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. S.- 2,564 2,612 12,764 2,623 6,591 3,622 242 446 262 6,836 1,052 Dec. 15__ 2.564 2,631 12.765 2,625 6.596 3,620 232 419 270 6,884 1,057 Dec. 22 _. 2,564 2,658 12,765 2,630 6,681 3,625 153 470 269 6,855 1,007 Dec. 29.. 2,564 2,602 12,760 2,634 6,571 3,620 140 413 269 6,983 1,157 1938—Jan. 5—_ 2,564 2,603 12, 755 2,639 6,510 3,622 127 404 262 7,071 1,267 Jan. 12... 2,564 2,599 12, 755 2,640 6,395 3,628 115 401 262 7,193 1,386 Jan. 19... 2,564 2,610 12, 755 2,639 6,346 3,621 135 418 264 7,219 1,371 Jan. 26... 2,564 2,594 12, 755 2,654 6,294 3,642 117 393 261 7,296 1,440 Feb. 2_-_ 2,564 2,594 12,755 2,657 6,323 3,648 143 383 260 7,249 1,385 Feb. 9___ 2,564 2,594 12, 756 2,661 6,306 3,650 156 434 259 7,205 1,385 Feb. 16.. 2,564 2,600 12,781 2,662 6,302 3,626 187 454 258 7,216 1,364 Feb. 23... 2,564 2,591 12, 784 2,665 6,324 3,620 155 443 258 7,240 1,412 Mar. 2... 2,564 2,563 12, 767 2,669 6,343 3,579 185 256 7,215 1,391 Mar. 9... 2,564 2,594 12, 768 2,670 6,334 3,562 181 256 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.. 2,564 2,592 12, 781 2,674 6,325 3,545 270 312 263 7,333 1,559 Mar. 30.. 2,564 2,587 12, 794 2,680 6,329 3,551 292 315 263 7,312 1,560 Apr. 6_._ 2,564 2,596 12,803 2,682 6,394 3,554 244 334 259 7,296 1, 575 Apr. 13.. 2,564 2,602 12, 825 2,683 6,380 3,542 141 317 258 7,472 1,727 Apr. 20.. 2,564 2,583 12, 841 2,688 6,361 2,164 1,428 349 263 7,547 *2,492 i Includes industrial advances. NOTE.—For description of figuresi n 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.J352. •Reserve requirements reduced by approximately 13%% effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

373 MAY 1938 FEDEEAL KESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1938 1938 1937 Apr. 20 Apr. 13 Apr. 6 Mar. 30 Mar. 23 Mar. 16 Mar. 9 Mar. Feb. Mar. ASSETS Gold certificates on hand and due from U. S. Treasury 10,642,4139, 245,0029, 222,0039, 212, 708 9,197, 2039,188, 6029,178, 6019, 212, 7081 ,91,73,602 8I,, 844, 400 Redemption fund—F. R. notes 8,860 9,140 9,140 9,874 9,874 9,600 9,104 9,874 9,309 11,375 Other cash 452, 812 452,036 444, 855 473, 506 477, 843 478,179 471, 610 467,018 453, 853 285,028 Total reserves.. 11,104,0859, 706,1789, 675, 9989, 696,088 9, 684, 9209, 676, 3819, 659, 3159, 689, 6009, 636, 7649,140, 803 Bills discounted: For member banks 9,540 12, 924 11, 340 12,040 9,523 ,149 8,419 13, 300 10,048 11, 807 For nonmember banks, etc.. 200 Total bills discounted.. 9,540 12, 924 11,340 12, 040 9,523 8,419 13, 300 10, 048 12, 007 Bills bought: Payable in dollars 265 Payable in foreign currencies.. 550 550 550 3,082 Total bills bought.. 550 550 550 542 542 542 550 3,347 Industrial advances 17, 056 16,887 16, 952 17,177 17,314 17, 259 17, 357 17,176 22, 338 U. S. Government securities: Bonds 677, 831 785, 588 779, 539 733, 320 732, 320 723, 595 702, 683 749,093 714, 683 636, 890 Treasury notes 1,179,1711,160, 6911,165, 6911,165,6911,165, 6911,164,1911,185,1031,165, 6911,175,1031, 218, 843 Treasury bills 707,013 617,736 618, 785 665,004 666,004 676, 229 676, 229 665,004 674, 229 574,494 Total government securities.. 2,564,0152,564,0152, 564,015 2!,, 564,015 2, 564,01 2, 564,015 !2,, 564,015I 2,. 579, 78I8 ,2 ,564,0155,430, 227 Other Reserve bank credit -7,922 7,825 3,395 -7,019 1,015 18,316 3,517 -156 -1,829 -9, 680 Total Reserve bank credit outstanding.__ 2, 583, 2392, 602, 2012, 596, 252 2, 586, 763 2, 592, 4092,608, 2812, 593, 850 2, 610, 658 2, 590, 224,3458, 239 LIABILITIES F. R. notes in actual circulation 4,120,798 4,136, 806 4,158,154 4,121, 705 4,119, 858 4,124, 888 4,134,017. 4,142,186 4,139,017 4,174, 231 Deposits: Member bank—reserve accounts.. 7, 547, 076 7,. 472,1437, 296,340 7,,311,529 7, 333,0507, 328,137 73,10, 7617, 286,524 7,, 247, 546 6, 639, U.S. Treasurer—general account.. 1,427,718 140,874 244,166 292,237 269,586 263, 623 180,851 315,714 179,838 ~3'1~0,950 Foreign bank 135, 486 118,010 122,005 117,228 113,661 103,356 117, 260 121,961 125, 769 71,405 Other deposits 213, 212 198, 604 212,038 198,121 198, 646 222,136 272,052 193,159 296, 963 164,149 Total deposits. I, 323, 4927, 929, 631 7, 874, 549 7, 919,1157, 914,9437, 917, 25S7, 880,924 7,917, 3587, 850,1167,185, 584 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 82.6 80.5 80.4 •0.5 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o n d 6 a th y s s 6 1 m t y o o e n a t r hs 2 1 y t y o e e a a r r s 2 5 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Mar 30 12,040 10,289 525 445 299 443 39 April 6 11, 340 9,703 365 507 429 309 27 April 13 12, 924 11,274 412 430 466 317 25 April 20 9,540 7,830 280 589 547 283 11 Bills bought in open market: Mar 30 550 220 255 75 April 6 550 297 253 April 13 550 156 224 170 April 20 550 297 178 75 Industrial advances: Mar. 30 17,177 1,777 64 343 640 1,717 3,312 6,723 2,601 April 6 16, 952 1,563 192 502 552 1,776 3,255 6,790 2,322 April 13 16, 887 1,510 274 462 545 2,026 3,227 6,741 2,102 April 20 17, 056 1,669 153 570 496 1,930 3,584 6,684 1,970 U. S. Government securities: Mar. 30 2, 564,015 56, 482 72,472 183, 568 292,688 238,499 123, 851 349, 714 574, 647 672,094 April 6 . ._ _._ 2, 564,015 63, 623 72, 939 192, 321 287, 451 181,156 123,851 349, 714 574, 647 718, 313 April 13 2, 564,015 72,472 82,166 175,878 282, 846 178,079 123,851 349,714 574,651 724,358 April 20 2, 564,015 76, 209 113, 610 321, 701 225,169 144,029 126, 351 366, 694 573, 569 616, 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN MAY 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - lanta Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: A A M p p a r r r . . . 6 1 3 3 0 9 9 9 , ,, , 2 2 1 2 4 2 5, , 20 7 ,, 0 0 0 2 8 3 0 2 , 4 5 8 0, 4 1 3 9 , 4 , 9 , 4 1 3 9 94 7 , 8 1 3 483 3 ,, 5 , 9 48 , 0 ,5 9 0 4 8 4 , 4 84 , 3 8 1 2 4 0 5 9 6 4 9 8 , 4 ,7 6, 9 , 9 8 0 , 9 7 9 0 43 6 6 6 7 2 4 8 5 6 , , , 4 0 4 8 1 7 1 2 0 0 0 8 2 2 2 2 6 7T 6 3 9 6 3 ^ , , , 0 2 6 2 2 7 1 6 8 7 2 2 2 2 2 2 0 4 2! , ^ ;, 9 3 8 6 2 5 6 8 7 1 6 , 1 2 , 8 6 , 4 6 8 07 0 , 95 6 9, 0 7 4 2 2 2 7 5 5 6 7 8 1 , , , 9 8 6 5 9 7 6 8 21 1 1 7 7 7 6 1 0 , , , 8 6 7 7 0 4 8 7 7 2 2 2 5 5 5 1 4 6 , , , 8 9 5 2 3 5 5 2 0 1 1 6 1 6 7 6 4 t ' i; , 6 , , 9 8 , 8 9 4 1 6 72 6 6 7 8 0 7 4 3 8 , , , 8 1 7 4 2 5 9 4 4 Apr. 20 10, 664422,441133 556622 ,5 58800 4, 511, 302 547, 306720,165 292, 250 247',, 561 1,953, 837017, 780 220077,,071290, 991203, 481 798,055 Redemption fund—Federal Reserve notes: Mar. 30 9,874 471 1,714 924 607 581 1,246 610 631 733 404 457 1,496 Apr. 6 9,140 412 1,417 822 504 554 1,152 505 605 914 368 438 1,449 Apr. 13 9,140 412 1,417 822 504 554 1,152 505 605 914 368 438 1,449 Apr. 20 8,860 374 1,256 759 450 723 1,126 445 360 430 1,434 Other cash: Mar. 30 .. 473, 506 48, 057 113,153 35, 226 43, 699 28, 781 19, 235 73, 261 15, 698 10,026 30, 272 13, 847 42, 251 Apr. 6 444,855 46,904 107,493 30,094 43, 426 27, 798 16, 767 69, 435 14,195 9,139 28, 628 12, 965 38,011 Apr. 13 452,036 46, 657 112, 583 29, 872 40, 283 29,372 16, 842 69, 798 14, 891 8, 99129,097 13, 717 39, 933 Apr. 20 452, 812 45,094 112,132 32, 605 42,310 30, 289 67, 294 14, 903 9,269 29,122 13, 535 38, 931 Total reserves: 17, 328 Mar. 30 9, 696,088 530,026 4,099,123 505,893 669, 376 298,980 241, 466 1,701, 938 278. 187, 506 282, 608 1719,,300 721, 871 Apr. 6 9, 675, 998 551, 233 4,009, 720 518, 806690,340 "' 180,931 181, 284 724, 214 Apr. 13 9,706,178 541,983 3, 968, 483 530, 603719, 615 292, 952 240, 661 181, 512 285, 715 "1 8\0 ,627 745, 231 Apr. 20 11,104,085 608,048 4, 624, 690 580, 670762, 925 323, 262 266,015 2,021 \ 610 323^ 217, 249320, 473 217, 446 838,420 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Mar. 30 8,174 807 2,484 1,427 738 713 439 950 111 3: 180 Apr. 6 7,741 622 2,482 1, 743 742 493 41 550 111 359 37 185 Apr. 13_._ 9,730 2,162 2,173 1,541 794 762 448 1,255 111 252 67 165 Apr. 20 6,472 781 2,332 1,112 535 686 338 200 111 122 72 183 Other bills discounted: Mar. 30 3,! 220 264 713 231 258 1,187 26 40 334 254 278 Apr. 6 3,599 140 452 730 225 239 808 27 40 347 272 269 Apr. 13 3,194 152 377 714 239 271 493 15 40 303 239 301 Apr. 20 3,068 158 321 719 195 346 414 15 40 295 211 312 Total bills discounted: Mar. 30 12,040 1,027 2,748 2,140 971 1,626 976 151 622 291 458 Apr. 6 11, 340 762 2,934 2,473 732 1,225 577 151 706 309 454 Apr. 13 12,924 2,314 2,550 2,255 1,033 1,033 941 1,270 151 555 306 466 Apr. 20 9,540 939 2,653 1,831 730 1,032 752 215 151 417 283 495 Bills bought in open market: Mar. 30 550 41 215 56 51 24 19 3 16 16 39 Apr. 6 550 41 215 56 51 24 19 3 16 16 39 Apr. 13 550 41 215 56 51 24 19 3 16 16 39 Apr. 20 550 41 215 56 51 24 19 3 16 16 Industrial advances: Mar. 30 17,177 2, 609 4,320 3,275 944 1,790 122 682 154 555 467 912 1,347 Apr. 6 16, 952 2,607 4,306 3,227 850 1,743 121 682 160 54' 461 911 1,337 Apr. 13 16, 887 2,615 4,287 3,214 850 1,741 121 682 160 545 45' 910 1,305 Apr. 20 17, 056 2,495 4,636 3,166 845 1,738 119 682 160 551 456 907 1,301 U. S. Government securities: Bonds: Mar. 30 733,320 53, 837 211, 516 60, 521 72, 370 38,' 30, 734 80, 765 32, 742 23, 809 37, 782 28, 534 61, 728 A A A p p p r r r . . . 6 2 1 0 3 7 7 6 8 7 7 7 5 9 , , , 8 5 5 3 8 3 1 8 9 4 5 5 8 6 6 , , , 8 6 2 9 3 7 7 4 0 2 2 1 2 2 9 8 6 7 , , , 1 7 5 7 6 2 7 3 3 6 6 5 4 5 4 , , , 0 5 6 0 0 5 7 4 6 7 6 7 5 5 4 , , , 0 3 7 0 3 5 0 4 4 4 4 3 2 7 2 , , , 0 8 5 0 8 5 6 8 8 3 2 3 9 4 3 , , , 1 8 4 3 7 5 6 4 4 8 73 4 , , 9 2 4 9 3 2 3 3 31 6 6 , , , 5 2 5 4 2 r 6 8 2 2 2 7 3 6 , , , 0 3 8 7 6 6 7 3 9 3 3 3 8 7 2 , , , 1 8 9 8. 9 4 r 1 7 2 2 25 9 9 , , , 8 7 5 0 1 7 6 8 7 6 6 57 6 6 , , , 4 8 9 7 0 9 7 4 4 Treasury notes: Mar. 30 1,165, 69185, 581 336, 227 96, 205 115,040 61, 965 48, 856 128, 384 52, 045 37, 846 60,059 45, 357 98,126 Apr. 6 1,165, 69184,091 339,091 95, 713 111,785 63, 639 50, 654 126, 043 54, 202 40,178 56, 659 44, 228 99, 408 Apr. 13 1,160, 69183, 731 337, 636 95, 302 111,305 63, 366 50, 438 125, 502 53," 40,006 56, 416 44,039 Apr. 20 1,179,171 85,063 343, 012 96, 820 113,078 64, 374 51, 240 127, 500 54, 829 40, 643 57, 315 44, 740 100, 557 Treasury bills: Mar. 30 665, 004 48, 821 191,811 54, 884 65, 628 35, 350 27, 871 73, 241 29, 691 21, 591 34, 262 25, 876 55, 978 Apr. 6 618, 785 44, 637 180,001 50, 808 59, 338 33, 782 26,r~~ 66, 907 28, 772 21, 328 30,077 23,478 52, 769 Apr. 13 617, 736 44, 561 179, 696 50, 722 59, 238 33, 725 26, 842 66,794 28, 723 21, 292 30,026 23, 438 52, 679 Apr. 20 707,013 51, 002 205, 666 58, 052 67, 38, 599 30, 722 76,44" 32, 874 24, 369 34,365 26,825 60,293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

375 MAY 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 e r w k p d dh e 1 ! a m Ri o c n h d - la A n t t - a Chicago Lo S u t. is n M o e i l a n i p - s - K C s a i a n t s - y Dallas F c S i r s a a c n n o - ASSETS—Continued Total U. S. Government securities: Mar. 30 2, 564,015188, 239 739,554211, 253,038 36,297 107,461 282,390114,47883, 246132,103 99,767 215, 832 Apr. 6 ... . 2,564,015 184, 962 745, 855210, 528 245, 877 39, 979111,416 277,239119, 22088, 375124, 62797,283 218, 654 Apr. 13 2, 564,015184,962 745,855210, 528 245, 877 39,979111,416 277,239119,22088, 375124, 627 97,283 218,654 Apr. 20 2, 564,015 184:!,962 '45, 855 210, 528 245, 877.39, 979111,416 277,239119,22088, 375124, 627 97,283 218, 654 Total bills and securities: Mar. 30 2, 593, 782 191,916 746, 837217,081 255,002139, 082109, 228 284,116114,78683, 864133,208100,986 217, 676 Apr. 6 2, 592, 857188, 372 753, 310 216,284 247,745142, 478112, 781 278,566119,53488, 974125, 810 98, 519 220, 484 Apr. 13 2, 594, 376 1891,,932 752, 907216| 053 247, 811142, 777112,497 279,259119,53488, 972125, 65598,515 220, 464 Apr. 20 2, 591,161188, 437 753, 359215, 581 247, 503142, 773112, 306 278,204119,53488, 970125, 516 98,489 220, 489 Due from foreign banks: Mar. 30...;. 170 12 65 17 16 6 21 2 2 5 5 12 Apr. 6 169 12 65 17 15 6 21 2 2 5 5 12 Apr. 13 170 12 65 17 16 6 21 2 2 5 5 12 Apr, 20 170 12 65 17 16 6 21 2 2 5 5 12 Federal Reserve notes of other banks: Mar. 30 20,138 550 4,047 782 1,066 2,176 1,872 3,095 1,236 1,252 1,036 445 2,581 Apr. 6 19, 683 490 2,855 760 955 1,917 3,264 2,159 966 1,685 529 2,616 Apr. 13 16, 632 437 3, 914 835 1,085 782 2,064 2,192 1,219 962 1,274 463 1,405 Apr. 20 19,952 569 1,331 1,718 1,820 2,679 1,418 1,351 1,256 516 1,845 Uncollected items: Mar. 30 502,834 53, 076 129,871 40, 564 45,184 41, 473 19,283 64,60622,49013,711 26,039 20,258 26, 279 Apr. 6 520, 270 51, 599 127, 366 41,019 51,079 42, 639 20, 981 71,51423, 859 13, 589 27, 204 21,396 28,025 Apr. 13 663,496 60,391 206,649 50, 561 58, 682 50, 360 24, 289 82,5312787016, 759 28, 989 25, 602 30, 813 Apr. 20 578, 264 56, 223 148, 683 48,153 57, 488 47, 863 22, 738 75,10324,95516, 56628, 058 22,898 29, 536 Bank premises: Mar. 30 44, 83' 2,987 9,940 4,794 6,177 2,680 2,108 4,569 2,330 1,497 3,142 1,293 3,320 Apr. 6 44, 795 2,987 9,923 4,794 6,177 2, 680 2,108 4,558 2329 1,495 3,136 1,288 3,320 Apr. 13 44, 806 2,987 9, 923 4,794 6,177 2,680 2,108 4,558 2329 1,506 3,136 1,288 3,320 Apr. 20 44, 804 2,98: 9,923 4,794 6,177 2,680 2,106 4,558 2329 1,506 3,136 1,288 3,320 All other assets: Mar. 30 42, 940 2,678 12, 669 4,110 4,707 2,633 4,001 1676 1,488 2,052 1,557 3,668 Apr. 6 45, 831 2,824 13, 564 4,345 4,978 2,811 1,949 4,221 1882 1,637 1,980 1,647 3,993 Apr. 13 47, 978 2,;""' 13, 989 5,464 5,061 2,895 2, 032 j 4,318 1917 1,680 2,018 1,648 4,061 Apr. 20 44, 400 2,724 13, 092 4,186 4,858 2,736 1,9351 4,083 1808 1,592 1,948 1,571 3,867 Total assets: Mar. 30 12, 900, 789 '81, 2!4455 5'., 002, 552773,241 981, 528 48'', 033175, 66412,062, 346420521289, 320448,090303,844 975, 407 Apr. 6 12, 899, 603797, 5174, 916, 803786, 02;1, 001, 289 493;'31381, 9892,080,131423521287, 594443, 671304,668 982, 664 Apr. 13 13,073, 636"~;,637 4,955,930 808; 1,038,447492, 453383, 6572,118, 281426265291, 393446, 792308,1481,005, 306 Apr. 20 14.382,'"" 859, 0"0"0" 5\ , 554,181854, 4811, 080, 298521, 039 4• 061.,9262, 386, 258473323327, 236480, 392342,2131, 097, 489 LIABILITIES Federal Reserve notes in actual cir- I culation: I Mar. 30 4,121, 705300, 459 910, 304309,893 410, 370194, 582149, 666 962,252177011136,046164, 24078,800 328, 082 Apr. 6 4.158,154 309^', 769 917, 692 310,136 412, 403194, 599150, 463 966,999178, 380137, 733166, 449 79,878 333,653 Apr. 13 4,136,806 3091,,638 910, 950 3100,,941 411,851193, 742149, 501 962,463177599136, 674164, 611 78,343 330,493 Apr. 20 4,120, 798311, 738 903, 230 30'77,. 366 409, 337191, 226148, 570 962,802177079136, 931165, 36478, 589 328, 566 Deposits: Member bank—reserve account: A M p a r r . . 6 3 0 7 7 , , 2 3 9 1 6 1 , , 3 5 4 2 0 93 3 7 9 5 3 , , 9 2 8 24 6 3 3 1 :, , 3 4 5 7 8 5 , , 7 0 8 9 8 13 " 6 3" 9 8"i , 5, , 9 2 6 0 ' 3 4 48 6 1 3 , , 9 1 9 7 ' 9 2 23 1 0 3 , , 0 8 5 7 4 5 1 1 9 8 0 1 , , 4 2 1 4 1 6 9 94 6 2 7 , 9 8 5 61 21 1 9 9 5 1 2 1 6 2 7 41 11 1 8 9 , , 9 5 0 8 8 7 2 23 3 2 8 , , 1 3 0 1 5 3 1 1 7 7 8 9 , 4 8 7 1 3 3 5 56 6 3 1 , , 1 2 5 9 3 2 Apr. 13 7,472,143386, 0033, 442, 991394, 034 516,004 221,941 187, 6611,001758196689119,311236, 242182, 816 586, 693 Apr. 20 7,547,076413, 9733, 509, 803 4"0 4•,; 999 509, 499 208, 511168, 3511,074058200327110,136224, 841169,668 552, 910 U. S. Treasurer—general account: Mar. 30 292,237 15,110 173, 556 5,603 14, 833 12, 478 6,616 29, 348 7 230 4,645 5,219 6584 11,015 Apr. 6 244,166 3,739 186, 975 4,389 6,697 2,998 1,302 14771 3307 2,970 1,520 5443 10,055 Apr. 13 140,874 4,038 90, 395 4,511 2,269 4,748 2,726 10410 3,475 3,986 2,775 2744 8,797 Apr. 20 1,427,718 42, 909 652, 865 45, 900 51, 15049, 569 46, 683 20893849,374 48,025 44, 982 50,096 137, 227 Foreign bank: ! Mar. 30 117, 228 8,449 42, 005 11, 501 10, 797 5,046 4,107 13965 3521 2,699 3,403 3403 8,332 Apr. 6 122,005 8,715 44, 421 11, 862 11,135 5,205 4,236 14403 3631 2,784 3,510 3510 8,593 Apr. 13 118,010 8,492 42, 406 11, 559 10,851 5,072 4,128 14036 3539 2,713 3,420 3420 8,374 Apr. 20 135,486 9, 745 48, 732 13, 263 12, 451 5,820 4,73' 16106 4060 3,113 3,925 3925 9,609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN MAY 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - LIABILITIES—C on tinu ed Other deposits: Mar. 30 198,121 4,573 152, 541 1,230 3,1 4,820 2,118 1,350 7,' 3,094 366 2,691 14, 031 Apr. 6 212,038 5,165 163,780 1,416 7,183 4,201 2,357 1,227 7,196 3,247 222 2,517 13, 527 Apr. 13 198, 604 5,314 149, 841 4,404 7,393 3,682 2,500 1,270 5,383 3,107 183 2,255 13, 272 Apr. 20 213, 212 5,620 167, 432 1,603 7,452 3,855 2,555 1,343 5,287 2,975 478 2,034 12, 578 Total deposits: Mar. 30 7, 919,115 403, 356 3, 843,193,8, 301 493, 526 236,,219194, 252 987,524 209, 283130, 346 247r,,093191,491 594, 531 Apr. 6 7,874, 549 411, 605 3, 753, 964 402, 870506,194242,458 998, 353 209, 401127',, 588 2'3,75,65190, 943 595,467 A A p p r r . . 2 1 0 3 7 9 , , 9 3 2 2 9 3 , , 6 4 3 9 1 2 4 4 0 7 3 2 , , 8 2 4 4 7 7 3 4 , , 7 3 2 7 5 8 , , 6 8 3 3 3 2 4 4 1 6 4 5 , , 5 7 0 6 8 5 5 58 3 0 6 , , 5 5 1 5 7 2 2 22 3 66 5 77, , , 7 44 5 3 52 1 2 9 2 7 , ' 0 3 1 2 5 61 , , 3 0 0 2 0 7 ^ ,4 44 7 5 4 2 2 0 5 9 9 , , 0 0 4 8 8 6 1 1 6 2 4 9 , , 1 2 1 4 7 9 2 2 4 7 2 4 , , 6 2 2 2 0 6 2 1 2 9 5 1 , , 2 7 3 2 5 3 6 7 1 1 7 2 , , 1 3 3 2 6 4 Deferred availability items: Mar. 30 510,023 53,171 127, 77342, 320 45, 211 41,133 18, 791 67, 426 23, 610 13,471 26, 496 22, 423 28,198 Apr. 6 517,044 51,900 124,177 39,982 50,279 41, 601 20,419 69, 677 25,135 12, 753 29,479 22, 731 28,911 Apr. 13 655,841 60,925 198,160 48,962 57,433 48,159 24,158 83,186 28,951 16,139 29, 355 27,416 32,997 Apr. 20 586,356 50,625 150,439 48,361 57, 560 46,851 22,966 77, 651 26,486 16, 558 30,470 26,680 31, 709 Capital paid in: Mar. 30 133, 302 9,406 50.944 12,278 13,149 4,949 4,452 13,095 3,896 2,902 4,146 10.146 Apr. 6 133, 298 9,405 50.945 12, 278 13,149 4,949 4,451 13,095 3,897 2,902 4,146 3,934 10.147 A A p p r r . . 2 1 0 3 1 1 3 3 3 3 , , 4 4 8 9 9 5 9 9 , , 4 4 0 0 5 5 5 5 0 0 . , 9 9 4 4 6 6 1 1 2 2 , , 2 26 7 9 8 1 1 3 3 , , 3 35 5 7 8 4 4 , , 9 9 4 4 9 9 4 4 , , 4 4 5 5 1 1 1 1 3 3 , , 0 08 8 0 0 3 3, , 8 8 9 9 7 7 2 2, , 9 9 0 0 3 3 4 4, , 1 1 4 4 5 5 3 3 , , 9 9 3 3 4 8 1 10 0 , , 1 1 4 4 9 9 Surplus (section 7): Mar. 30 147, 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 Apr. 6 147, 739 9,900 51,943 13,466 14, 323 4, f ~ '5,626 22,387 4,667 3,153 3,613 3,892 9,805 Apr. 13 147, 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 Apr. 20 147, 739 9,900 51, 943 13,466 14, 323 4,964 5,626 22,38" 4,667 3,153 3,613 3,892 9,805 Surplus (section 13b): Mar. 30 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Apr. 6 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Apr. 13 27, •" 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Apr. 20 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. 30 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 Apr. 6 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 Apr. 13 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 Apr. 20 32,915 1,448 8,210 2,000 3,177 1,401 1,603 7,229 1,215 1,922 934 1,776 2,000 All other liabilities: Mar. 30 8,272 631 2,441 572 765 374 544 976 294 472 426 253 524 Apr. 6 8,186 616 2,128 882 757 350 556 934 281 535 343 244 560 Apr. 13 9,491 600 2,344 1,761 781 386 573 1,005 305 477 372 282 605 Apr. 20 10, 364 763 2,837 843 484 654 1,235 386 519 498 34J 815 Total liabilities: Mar. 30 12, 900, 789781, 2455,002, 552773, 241 981, 528487,031 664 2,, 062, 346 42,0 ,521289,320 448, 090 303, 844 975, 407 Apr. 6 12, 899, 603797, 5174, 916, 803 786i,,0251, 001, 2894 9439,3 ,7 31 ,989 2, 080,131423, 521287, 594 4431,,671304, 668 982, 664 Apr. 13 13,073, 636 ,,6374, 955, 930 8081,,3271,038, 447 492, 453 383, 6572 ,1,1,8, 281426,, 265291, 393446, 792308,1481,005, 306 Apr. 20 14, 382, 836859, 0005, 554,181854, 4811,080, 298 521, 039 406, 9262 2 ,3 83686 2, 5285487 437 33,2 3323 327, 236 480, 342, 2131,097, 489 Contingent liability on bills purchased for foreign correspondents: Mar. 30 22 9 Apr. 6 330 118 32 23 Apr. 13 523 188 51 37 Apr. 20 1,103 396 108 131 78 Commitments to make industrial advances: Mar. 30 13,110 1,483 4,251 121 1,509 1,542 279 485 302 268 2,829 Apr. 6 12,920 1,475 4,186 121 1,507 1,541 179 489 300 268 2,813 Apr. 13 12, 98f 1,473 4,191 121 1,507 1,536 181 489 295 268 2,882 Apr. 20 12,825 1,44" 4,055 121 1,51" 1,507 181 489 295 268 2,905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

377 MAY 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO APRIL 20, 1938 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- 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 h c r o n a t d n o C A i d o t i 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 e d n e n t r r i k - c v n a e e l g s s c R F t o m a b e e o m n a d s e u e d 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 o e n v d o - e 1 t d d E o r r a x r 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 - d b , - , y i s F n p p t t a g a u i a o n n t r t u i i t a i d 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, 531 984 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 8,226 77,903 7,208 1937—Jan. 27— 342, 999 2,506 149, 527 2,287 140,213 24, 781 20,238 7,697 80,500 6,997 Feb. 24 .. 8,427 343,904 2,517 149, 711 2,297 140, 515 24, 208 19, 523 7,709 82,163 6,912 Mar. 31 _ 8,483 346,911 2,543 150, 561 2,323 141,545 23,054 18,611 7,898 85,215 6,767 Apr. 28__ 8,510 348,342 2,563 152,724 2,336 144,564 23,904 17,528 9,045 7,281 May 26.. 8,524 349,288 2,577 153, 720 2,353 145,228 23,196 17,188 8,462 7,114 June 30 . 8,546 351,420 2,587 154,960 2,361 145, 758 23,014 16, 331 1,470 97,668 7,275 July 28... 8,554 352,024 2,590 155,023 2,367 145,887 22,462 15,726 1,098 99,271 7,330 Aug. 25 . 8,572 352,666 2,598 155,514 2,373 146, 457 21,752 15,179 1,151 101,139 7,236 Sept. 29.. 8,593 354,426 2,610 155,902 2,381 146,724 21,395 14,880 '537 '102, 608 7,304 Oct. 27 _. 8,606 354,872 2,618 156,413 2,386 147,295 20,875 14, 488 899 103,806 7,227 Nov. 24 . 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 3,369 107, 400 7,238 1938—Jan. 26 .. 8,711 364, 487 2,660 159, 370 2,419 151, 587 19, 861 13, 388 1,563 109,002 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. 30.. 8,906 373, 519 2,717 162, 648 2,464 154, 918 19,366 13,110 3,419 111, 198 7,825 Apr. 20*.. 376, 779 2,751 165, 564 2,491 156, 736 19, 439 12, 825 4,364 112, 358 7,750 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 $11,356,807 on April 20, 1938. 3 Tuesday. * April 27, not yet available. NOTE.—On April 20, 1938, there were 115 applications amounting to $6,015,300 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. r Revised. 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. 30 436,672337, 0121,005,153326,424 438, 321204, 289167, 285 987, 241189, 673139, 908 855 376,818 Apr. 6 _ 453, 791335, 9321,016, 863330,842 436,022204,101166, 797 990^ 904 190, 339 141, 813176,028 89, 894374, 256 Apr. 13 _ 443, 518 ~3"3\78;37 1,010, 624328,743 434, 576 203,959166,150 988, 602 189, ,308142,029 »,434 89,116377,140 Apr. 20 435, 562346,0211,004, 912326, 506 434,139202, 678165,176 987, 189,444141, 583175, 259 88,479 174,079 Held by Federal Reserve bank: Mar. 30 314,967 36, 553 94, 849 16, 531 27, 951 9,707 17,619 24, 989 12, 662 3,862 10, 453 11, 055 48, 736 Apr. 6 _ 295, 637 26,163 99*171 20, 706 23, 619 9,502 16,334 23,905 11, 959 4,080 9,579 10,016 40,603 Apr. 13.... 306, 712 28,199 99, 674 17, 802 22, 725 10,217 16, 649 •26,139 11, 709 5,355 10, 823 10, 773 46, 647 Apr. 20 314, 764 34, 283 101, 682 19,140 24, 802 11, 452 16, 606 24, 484 12, 365 4,652 9,890 45, 513 In actual circulation:: Mar. 30 121, 705 3001,,459 910, 304309, 893 410, 370 194, 581249,i 962, 252 177, 011136,046 164, 24078, 800 328;,, 0(82 Apr. 6 158,154309, 769 917, 692 ~3"1~0, 1'3"6' 4 '1 !2~,,4 0'3"" 194,599150, 463 966, 999 178, 380137, 733 166, 44979, 878 3c33,653 Apr. 13__._ 136,806 309, 910, 950 310,941 411,8.51193, 742149,501 962, 463 177. 599136, 674 164, 61178, 343 330, 493 Apr. 20 120, 798 311, 738 903, 230 307,366 409, 337191, 226148, 570 962, 802 177, 079136, 931 165, 36478, 589328,566 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Mar. 30 501,632341,000 1,,001155,,000 337, 000 441, 000 205,000 162,000 1, 000,000191, 632 136, 500177,000 500 404, 000 Apr. 6 489, 632341,000 1,015,000 337,000 441,000205,0'0""0 159,000 1,000,000191,632127, 500177,000 500 404,000 Apr. 13.._ 487, 632341, " • , 015,000 337,000 438, 000 205, 000159,000 1,000,000191, 632128, 500177,000 500 404,000 Apr. 20 527, 632356, 0001,015,000 337, 000 438, 000 205,000 169, 0001,000,000191, 632143, 500177, 000 500 404,000 Eligible paper: Mar. 30 10, 741 975 2,690 1,657 760 912 1, 976 111 61 611 273 446 Apr. 6 10, 223 702 2,877 2,035 768 672 1,000 572 111 50 694 295 447 Apr. 13.. _ . 11,7!" 2,255 2,482 1,798 834 973 709 1,265 111 50 553 291 459 Apr. 20 8,472 2,588 1,405 570 972 520 210 111 42 406 280 U. S. Government securities: Mar. 30 .1 _ 15,000 10, 000 5,000 Apr. 6 25,000 10,000 15,000 Apr. 13 25, 000 10, 000 15, 000 Apr. 20 _ _ _ Total collateral: Mar. 30 527, 373341,975 1L,,0 01177, 690 338, 657 441, 760 205, 912173, 1, 000, 976191, 743141, 561177, 611 91, 773 404, 446 Apr. 6 _ _ 524,855341,, 702 ,1017,877 339, 035 441, 768 205, 672170,0001.000, 572191, 743142, 550 77, 694 91, 795 404, 447 Apr. 13 524, 412343, 255 .1, 017, 482 338, 798 438, 834 205,973169, 7091.001, 265 19'1 .., 741343, 550 177',,553 91, 791 404, 459 Apr. 20 536,104356,880 1L, 017, 588 338,405 438, 570 205,972169,5201,000,210 191.,743143,542177,406 91, 780 404, » 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

378 FEDERAL RESERVE BULLETIN MAY 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, MARCH, 1938 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Classes of banks de- de- Time banks mem- serve try and districts m d a e n - d m d a e n - d po d s e i - ts ba b n e k r s1 New Chi- b c a i n ty ks banks* posits posits ] Re- Ex- York cago quired Held cess Total reserves held: 1937—February 6,747 2,812 546 2,128 1,261 All member banks. _ 28, 465 23, 664 11, 555 5,802 7,326 1,524 March 2 6,704 2,652 533 2,203 1,315 Cent N C r h a e l w i c r a e Y g s o e o r r v k e city banks: 9 2 . , 1 7 0 2 5 8 9 1 , , 0 9 8 0 5 0 4 7 6 5 1 7 2,4 5 0 2 7 2 3,0 5 3 7 9 4 6 5 3 2 1 J A J M u u p a n l r y y e i l 2 6 6 6 6 , , , , 8 9 8 8 2 3 4 7 4 2 5 8 2 2 2 2 , , , , 7 6 6 6 3 8 6 5 9 4 9 2 5 5 6 5 6 8 0 8 3 9 3 1 2 2 2 2 , , , , 2 2 2 2 0 7 3 5 1 2 0 2 1 1 1 1 , , , , 3 3 3 3 2 7 8 6 1 7 6 0 Rese A M D R S N P C S K C B r a t h h v i o l a t e a . i n e c l i e w l i n s n a l c v l L h t n s a a n F a o c e m o a s e d Y g n t i r l s u a a t e a a o o d y o i p n l n d C n s i r p d d o d c s i k d b i h i s d l t i i t s a r t s i s i d y i d d s t r a i c t n s r i c i i r i o t s i k c d s s t d i r d c t t c t t s i i i r t i r r t c s d : s i s i i t t c t i c c t r r s t t r t i i t i c c r c t i t - t c . . — - t - _ . 1 1 1 1 , , , , 3 8 0 9 6 3 8 6 5 7 1 1 4 0 0 0 5 9 3 8 6 0 1 6 3 2 8 5 1 1 1 1 4 9 3 6 1 1 , , 8 4 8 4 4 2 0 8 6 4 5 1 3 7 3 6 0 5 5 4 8 1 3 4 8 9 1 8 2 6 2 3 6 6 9 5 1, 2 2 7 5 9 1 1 1 1 1 1 9 0 4 1 2 1 3 6 0 5 7 7 3 4 9 0 1 7 5 9 4 4 2 3 4 2 1 1 1 1 1 1 8 3 9 5 1 8 9 7 0 3 1 5 8 7 6 9 3 2 9 8 6 2 9 7 2 2 3 2 5 1 1 1 1 1 4 2 6 6 4 0 3 7 4 0 0 4 9 3 6 3 5 5 0 1 2 8 4 4 W 193 e 8 e A M M M M k — p A D M N F S O a a a a e J r r r e r r e n a e u . o c . . . . a p n b d c t v g 1 r o t 2 4 e u 1 1 r i u e c e n b u m 5 a 1 8 m h s m g e r a t b r y b r b y e ( e e r F r r riday): 6 6 6 6 6 7 7 7 7 7 7 7 7 , , , , , , , , , , , , , 9 7 8 8 9 2 3 3 3 3 3 1 2 1 0 7 5 5 3 0 2 6 1 5 8 5 9 1 9 4 4 0 9 6 4 6 9 3 3 2 2 2 2 2 2 2 3 2 3 3 2 3 , , , , , , , , , , , , , 7 7 9 5 6 0 6 1 9 8 1 0 9 2 6 3 0 2 7 4 1 5 5 5 2 3 0 7 9 6 2 2 7 6 7 0 6 5 0 5 f 5 6 5 5 5 5 5 5 5 5 . 7 8 8 7 9 0 9 6 8 8 4 8 6 4 1 8 6 8 4 9 6 6 4 7 4 8 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 2 2 3 2 2 2 3 3 3 3 3 3 3 4 4 5 3 4 4 7 8 1 4 5 7 0 6 8 0 2 0 9 2 8 2 5 6 8 5 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 3 3 3 7 6 6 7 5 6 7 3 3 6 8 8 8 8 6 5 5 2 2 7 9 9 5 5 3 1 Total 10, 120 7, 956 4,6 2,349 A A p p r r . . 8 15 7 7 , , 3 4 0 4 6 2 3 3 , , 0 06 6 2 3 526 2 2 , , 3 3 6 4 0 2 1 1 , , 4 3 1 7 2 7 Country banks: Excess reserves: A B S M N C P R K C D S t a h h o l i t e a a . i n e c l i w i s n l n a l c L v l h t n s a a n a o F e m o a e s d Y g n t l r s u a a a e o a o o d i p n l d n s n C r i d p d o d i c k d s i s h i d l i i t s t t i s s r i d i y d t s d r a i c s t r i i c i r i o t i s c s s d t i r d c t t d c t t i i t r i r r c t d s i i s i i t s i c t c t c s r t t r t t i t r i r c i c i t c c t _ - t t_ . . _ . . 3 3 3 5 9 4 2 2 5 3 2 1 2 2 9 0 1 8 3 7 2 3 1 8 1 6 6 7 6 0 9 8 4 0 8 7 1, 2 8 3 2 6 2 2 5 6 4 1 1 9 5 6 3 7 3 7 6 6 1 5 1 7 3 6 2 5 4 4 3 4 7 2 2 1 1 1 9 6 5 1 1 1 1 5 5 6 4 5 1 5 1 2 1 1 1 6 4 8 5 5 9 7 7 5 7 4 2 8 0 3 9 8 6 8 9 7 3 5 8 2 3 2 2 8 3 5 1 2 1 1 1 5 4 2 0 2 3 8 4 7 1 8 5 1 1 9 9 3 3 7 8 — — J A J F A N D M M S O F J u u e e p e u e o a c a a n p l b b t n c r g v y y r o e t r i e u r u e c e l b u u m a 2 h m s m e a r a t r b y r r b b 2 y e y e e r r r 2 1 1 1 1 1 1 1 , , , , , , , , 8 9 8 1 7 9 3 5 0 4 0 1 3 7 7 7 2 5 5 4 0 5 7 0 0 5 6 6 7 1 0 0 2 3 2 1 6 4 3 4 2 2 3 3 5 1 1 1 4 3 4 0 0 7 3 7 5 0 9 3 9 6 0 1 3 6 5 3 4 8 9 0 9 1 5 1 1 7 3 4 5 5 6 8 0 2 5 5 8 7 0 4 3 1 0 9 4 1 8 9 8 6 2 6 4 2 4 3 3 2 3 4 2 3 3 4 5 8 9 8 1 0 3 8 5 6 8 6 0 1 9 0 8 6 1 3 9 1 8 7 6 7 5 3 4 4 3 3 3 3 3 3 3 3 3 3 4 2 0 2 6 5 2 1 2 3 2 5 1 1 8 5 1 1 7 3 9 8 3 4 5 Total 6,512 4,723 5,737 1,006 1, 365 359 Week M en a d r i c n h g (Friday): 1,524 631 52 481 359 Mar. 4 1,438 520 64 372 c q (e a u x 1 N s i h c r O G e e i d p T r t o t E e s t m . o s p — s r d b i S e i v e e n m a e h t p a e e t r n l a o d d b b c a l a e d e n s s e s k p a r s e o t o s f s e f a i o c r t n s o v o d t e l m l s e A o . i c f n m t u i p o e s a n r g d . ic e e a m n 3 a 8 n b 9 d r , a f b n o a c r l h a p e n e s c r c e o e s f n w t f a o i g t r h e e s i d g n o o m f b e d a s e n t p i k c o s s ) b it a a s n n r k d e s - A M A A M M p p p a a a r r r r r r . . . . . . 8 1 1 2 1 1 5 5 8 1 1 1 1 1 1 1 , , , , , , 5 4 5 6 5 5 6 8 2 6 7 9 4 2 3 6 9 1 6 5 5 7 6 7 7 7 5 3 9 3 1 8 5 4 2 0 4 5 4 5 4 5 3 8 8 6 4 4 4 5 4 5 4 9 0 5 8 1 9 9 3 4 5 3 4 3 3 3 3 3 7 1 7 3 3 7 6 2 5 6 7 7 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: and decreased April 16,1938; see table at foot of page 389 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] ill member banks Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Boston 1,702 1,718 673 672 1,592 1,605 547 546 110 113 126 126 New York 11,081 11,078 2,333 2,335 1 1,092 1 1,121 1 1,085 1 1,082 261 271 491 492 Philadelphia.-- .._ . 1,546 1,576 1,123 1,122 1,340 1,369 672 671 206 207 451 451 Cleveland 1,857 1,877 1,400 1,402 1,643 1,660 1,108 1,109 214 217 292 293 Richmond ... _ _ _ _ . _ 1,066 1,078 538 537 894 903 350 349 173 175 188 188 Atlanta 1,037 1,018 383 382 884 865 300 300 153 152 83 82 Chicago - -. . - _--_-- 3,971 4,000 1,624 1,627 1 1, 574 1 1, 575 1 892 1894 293 292 271 272 St. Louis 1,023 1,036 405 404 834 843 293 291 189 193 112 113 Minneapolis - _ . _ _ ._ 613 606 368 368 446 438 180 180 167 168 188 188 Kansas City 1,315 1,326 311 313 1,003 1,012 195 198 312 314 116 115 Dallas 1,096 1,114 218 216 821 829 174 173 275 285 44 43 San Francisco _ 2,159 2,199 2,180 2,169 2,045 2,083 2,083 2,071 113 116 97 98 Total __- 28, 465 28, 626 11, 555 11, 548 14,167 14, 304 7,878 7,865 2,465 2,504 2,459 2,460 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

MAY 1938 FEDERAL RESERVE BULLETIN 379 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c G c e a r o t t i l e f d s i- d S o il l v 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 i r d- M c i o n i o n r U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F n b e e o d s a e t n e e r r k s v a e l t n b i N o o a n t n a e - a k s l 1937—January... 6,349 1,012 329 140 276 4,118 300 February.. 6,399 1,022 329 140 288 4,155 294 March 6,377 1,022 333 141 287 4,139 287 April 6,426 1,039 335 142 291 4,171 281 May 6,462 1,062 338 143 289 4,189 275 June 6,447 1,078 341 144 281 4,169 269 July 6,460 1,088 341 144 286 4,175 263 August 6, 524 1,115 345 146 286 4,213 258 September. 6,542 1,127 348 147 284 4.222 253 October 6,555 1,129 349 147 285 4,238 248 November. 6,561 1,144 352 148 284 4,232 243 December. 6,550 1,137 350 148 283 4,237 239 1938—January... 6,320 1,085 339 145 264 4,099 234 February.. 6,334 1,097 338 144 267 4, 104 231 March 6,355 1,125 338 144 263 4,106 227 Back figures.—See Annual Report for 1936 (table 36.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency Total End of month i c n u c la ir- Coin $1 $2 $5 $10 $20 $50 and over a U ss n o - rttioni Total $50 $100 $500 $l,C00 $5,000 $10,000 ed* 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 6 555 535 502 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 12 1 February 6,334 520 473 32 863 1,489 1,421 1,538 382 708 138 291 7 13 2 March 6,355 521 473 31 860 1,487 1,412 1,573 385 718 144 300 9 18 3 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 11ncludes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1936 (table 37). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED [Held by Treasury and Federal Reserve banks and in circulation. In STATES PAPER CURRENCY millions of dollars] [By selected banks in New York City. In thousands of dollars] End of month Total d S s l o b a i i i l l o u l n v v l l n d a e - e 1 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 s d s n b F e e R o a r e r e t n a v d e - l k e - s t b n i N o a o 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 - 6 4 5 e to 7 5 4 R E e f u 8 9 4 r c 3 0 1 o r e , , o , m i 5 8 0 p p 8 3 5 e t 7 8 9 s m s N h e i e n p t t - s rec N 8 9 4 e 3 e 0 0 i , p t , , 2 t 5 2 s 7 0 4 1 5 2 1935._ 10, 628 19, 966 9,338 1936.. 34. 774 26, 216 8, 558 1937—January... 2,532 1,332 356 148 347 305 1937.. 21, 500 47, 550 ~26,~650 February. _. 2,536 1,343 356 149 347 298 March 2,541 I 355 357 149 347 291 1937—March 3,728 2,760 April 2,543 1. 365 357 150 347 284 April 1,434 3,023 1,589 May 2.547 1.375 358 150 347 278 May 909 1,865 956 June 2,550 1.382 359 151 34/ 272 June 7,000 1,972 5,028 July 2,572 1,409 361 151 347 266 July 809 2,586 1,777 August... 2, 585 1.424 363 152 347 262 August 877 2,839 1,962 September 2,599 1,441 364 153 347 257 September.. 1,946 2,271 325 October 2,609 1,455 367 154 347 251 October .... 781 4,531 3, 750 November. 2,621 1,468 370 155 347 247 November.. 336 13, 326 12, 990 December . 2,637 1,486 372 156 347 242 December.. 69 5,947 5,878 1938—January.... 2,655 1,509 373 156 347 237 1938—January... 189 4,6.58 4,469 February^.. 2,668 1,526 373 156 347 233 February. 28 3,824 3,796 March 2,679 1, 540 374 157 347 230 March 1,212 2,728 1,516 1 Includes silver held against silver certificates amounting to $1,468,- Back figures.—See Annual Report for 1936 (table 39). 000,000 on March 31, 1938 and $1,220,000,000 on March 31, 1937. Description.—See BULLETIN for January 1932, pp. 7-8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN MAY 1938 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO ANDFROM STOCK UNITED STATESl [In millions of dollars] [In thousands of dollars] Gold stock at Doen o d r m o o f n y t e h ar Inc i r n ease Net re N le e a t se m ti e c s- 1938 Year or month total gold from gold [nactive s g to o c ld k import m ea a r r - k p d r u o c - - From or to— March February Jan.-Mar. Total account tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 19341 8,238 4,202. 51,133.9 82.6 ^96.0 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 4,220 4,220 1937 12, 760 1, 227.9 1, 502. 51, 585. 5 -200.4 143.1 France 39 15 80 5,000 Germany 1936—April 10, 225 41.0 28.1 -.2 9.6 Netherlands May 10, 402 176.7 170.0 -3.2 10.4 Switzerland 10, 608 206.6 277.8 -24.8 10.0 Union of Soviet July 10, 648 39.2 15.4 2.3 12.8 Socialist Re- August 10, 716 68.4 67.5 -11.9 13.1 publics D S N O e e c o p c t v o e t e b e m m m e b r b b e e r e r r _ . - . _ 1 1 1 1 0 1 1 1 , , , , 1 0 8 2 8 4 4 5 4 5 5 8 ~"~26~5 1 1 13 7 2 9 9 3 9 9 . . . . 0 3 7 6 2 1 7 5 1 7 5 7 8 1 . . . . 0 8 8 8 - - 2 1 - 8 1 3 . . . 7 . 8 3 0 1 1 1 1 3 2 0 1 . . . . 8 9 1 8 U C C M a e n e n n i x t a t i e r c d d a o a l K A in m g e d r o ic m a 31 2 , , 7 3 7 3 7 4 2 9 3 1 0 5 15 5 6 8 3 9 2 8 1 3 9 3 1 1 62 1 2 31 4 2 , , , 0 5 3 9 6 2 3 9 3 1 0 8 2 3 2 4 3 5 Argentina 1937—January 11, 358 126.5 100.1 121.3 -48.3 9.5 Bolivia 31 57 February ... 11,436 204.7 78.2 120.3 -8.0 8.2 Chile 587 262 1,904 March 11, 574 342.5 137.9 154.3 -.4 10.8 Colombia 2,102 2,105 4,207 April 11, 799 568.0 225.6 215.8 7.2 9.1 Ecuador 126 167 467 May 11,990 759.1 191.1 155.4 26.2 12.3 Peru 276 280 707 June 12, 318 1,086.8 327.8 262.0 -15.9 11.2 Venezuela 36 14 125 July 12, 446 1,214.1 127.3 175.4 -35.5 12.6 Australia 458 1, 943 3,426 August 12, 567 1,335. 7 121.6 104.8 -5.3 16.8 British India 2,979 4,022 September. _ 12, 741 1, 210. 0 174.3 145.5 9.3 12.1 China and Hong N Oc o t v o e b m er ber. _ 1 1 2 2 , , 8 7 0 7 3 4 1 1 , , 2 2 7 4 1 2 . . 9 5 -2 6 9 2 . . 3 0 9 2 0 2 . . 5 1 - - 2 8 0 . . 0 1 1 1 4 3 . . 8 8 Ja K pa o n ng 4,484 4,484 December. _. 12, 760 1, 227. 9 -14.0 18.0 -101.6 11.8 Philippine Islands 2 240 1 330 5,246 All other countries2. _ 139 189 455 1938—January 12, 756 1, 223. 2 -4.6 2.1 -1.1 10.9 February ___ 12, 776 1, 200. 6 20.7 8.0 -18.2 9.9 Total 52, 947 20 8,211 174 68, 313 5,262 March. 12, 795 1,183.0 18.5 52.9 —.6 ^9.0 p Preliminary. c Corrected i Figures represent customs valuations which, with some exceptions, 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 are at rate of $35 a fine ounce. a fine ounce thereafter. 2 Includes all movements of unreported origin or destination. NOTE.—Figures for domestic production of gold are those published Back figures.—See table p. 409, and Annual Report for 1936 (tables in table, p. 409, adjusted to exclude production in Philippines. Adjust- 32 and 33). ment based on annual figures reported by Director of Mint and monthly imports of gold to IT. S. from Philippines. For back figures, other than those of domestic gold production, see Annual Report for 1936 (table 30.) BANK SUSPENSIONS1 Member Nonmember BANK DEBITS banks banks Total, [Debits to individual accounts. Amounts in millions of dollars] all banks ti N on a- al State su I r n e - d2 in N su o r t ed Num- 1938 1937 ber of Number of banks suspended: centers Mar. Feb. Mar. 1934 57 1 8 48 1935 34 4 22 8 1936 . 44 1 40 3 New York City 1 14, 746 10, 915 20,398 1937 . _. . 59 4 2 47 6 Outside New York City 140 17, 363 14, 623 21, 605 1938—Jan.-Mar 20 1 15 4 Federal Reserve districts: Deposits of suspended banks Boston 11 1,739 1,444 2,226 (in thousands of dollars) :3 New York. ... 7 15, 423 11, 504 21,131 1934 36, 937 40 1,912 34, 985 Philadelphia 10 1,523 1,265 2,096 1935 10, 015 5,313 3,763 939 Cleveland 13 1,603 1,386 2,148 1936 _ _ 11, 306 507 10, 207 592 Richmond. __ _. 7 664 561 763 1937 19, 723 7,379 1,708 10,156 480 Atlanta 15 892 773 972 1938—Jan.-Mar. 5,478 36 4,621 821 Chicago 21 4,615 3,710 6,011 St. Louis. 5 847 741 1,037 Minneapolis 9 536 461 616 1 Represents licensed banks suspended; does not include nonlicensed Kansas City 15 999 858 1,174 banks placed in liquidation or receivership. Dallas 10 689 621 733 2 3 F D e e d p e o r s a i l t s d o ep f o m si e t m in b s e u r r b a a n n ce k s b e a c n a d m i e n s o u p r e e r d a t n iv o e n m Ja e n m ua b r e y r b 1 a , n 19 k 3 s 4 s . uspended San Francisco _. 18 2,579 2,215 3,096 b ar a e n k a s s o ar f e d b at a e s s e d o f o s n u s t p h e e n s la io te n s , t a d n a d ta d e a p v o a s i i l t a s b le o f a t n o th n e in t s i u m re e d th no e n s m us e p m en b - er Total 141 32,109 25, 538 42, 003 sions were reported. 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

MAY 1938 FEDERAL RESERVE BULLETIN 381 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS2 Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Na- Mutual non- Call date All Total tional State s b a a v n in ks gs b m a b e n e m k r s - banks Total ti N on a a - l State M s b a a v u n i t n u k g s a s l b n e o O r n t b m h a e e n r m ks - 1933—June 30 14, 519 5,606 4,897 709 576 8,337 1933—June 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. 51.. 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 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 Jurffe 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 8. _ 53,287 35, 440 22, 926 12, 514 10, 213 7, 635 Dec. 31 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31 52, 440 34,810 22, 655 12,155 10, 257 7,373 1938—Mar. 7 ! 6,335 5,2£0 1,085 1938—Mar. 7 i. _ 34,118 22, 264 11, 854 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 Invest- Invest- Total Loans ments Total Loans ments 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—Juno 30 40,076 22,203 17,872 24, 786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 _ 40,319 21,977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 1 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 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 3 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. 31 48, 566 22,198 26, 368 31, 752 13,958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—Mar 7 i 31, 521 13, 546 17,975 1 Nonmember bank figures not available. * Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent (estimated as $150,000,000 on June 30, 1937) that they are not shown separately in a few State bank abstracts. 3 Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30,1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Back figures.—SeeA nnual Report for 1936 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN MAY 1938 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s t l s - Total C Y N k b o s T i i r e o u e t d o o y r r t w e - s - k i o se t t T o h i c e n e u o s r r s i- e l R o st a e a n a t s l e a b a p c o a R n i c o w n n c e e r g e k - p t n - s s t ' O c c u w a u u n s t n e r r i h s s e e - d e e e d d r - - L ba o t n o a k n s s a U a c b p A n n e l a c i e p c y t e - t e i - - s n dab B p a r b a i o l y l l a e s - db p C o m c a u o i p e a m g r e l h - r - t k L C Y N b e o i t r r o e o a t o s r y w n - k i i s n Total Direc ti t on a F g s n u u te a ll e r y - d s O e t c t i h e 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, 515 714 212 291 1,660 9,784 3,863 5,921 1933—June 302 24, 786 11,337 165 3,752 2,372 192 4,857 330 291 87 788 11,928 6,887 5,041 1934—Dec. 31 28,150 10, 509 187 3,110 2,273 232 4,708 155 256 232 843 16,122 9,906 989 5,227 1935—Dec. 31 29, 985 10, 548 196 2,893 2,284 169 5,006 98 181 272 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 82 164 280 1,089 18,189 10, 564 1,880 5,745 Dec. 31 33,000 11, 628 266 2,785 2,405 131 6,041 85 161 324 1,144 19,640 11,639 1,906 6,095 1937—Mar. 31 32, 525 11,862 258 2,816 2,440 128 6,220 99 170 386 1,159 18,826 10,856 1,861 6,108 June 30 32, 739 12, 369 258 2,829 2,505 113 6,663 115 131 377 1,278 18,454 10, 870 1,819 5,765 1938— D M e a c r . . 3 7 1 3 31 1 , , 7 52 5 1 2 1 1 2 2 , , 2 6 8 3 7 8 2 2 0 1 3 2 2 2 , , 6 7 6 5 5 2 2 2 , , 5 5 5 4 6 7 1 1 1 3 9 0 6 6 , . 7 9 4 9 5 6 9 7 6 0 1 1 2 0 6 2 3 3 6 6 8 4 6 7 7 3 5 8 1 1 7 7 , . 9 7 7 9 5 4 1 1 0 0 , , 6 5 2 7 5 4 1 1 , , 8 7 2 9 7 7 5 5 , , 5 4 2 2 3 2 NEW YORK CITY 3 1929—Dec. 31 8,774 4,964 2,145 169 2,595 322 128 1,202 2,091 1,112 979 1933—June 302 7,133 2,297 1,044 157 120 937 162 224 720 3,709 2,551 1,158 1934—Dec. 31 7,761 2,202 820 139 164 1,024 63 210 662 4,602 3,246 278 1,078 1935—Dec. 31 _ 8,418 2,196 793 140 107 1,096 42 158 1,018 4,985 3,425 401 1,159 1936—Mar. 4 8,802 2,215 792 148 99 1,112 29 141 1,043 5,355 3,602 505 1,248 Dec. 31 9,280 2,567 753 144 65 1,527 42 136 1,095 5,425 3,739 470 1,217 1937—Mar. 31 9,101 2,676 790 142 69 1,600 51 119 1,105 5,140 3,356 473 1,311 June 30 9,006 2,890 824 149 65 1,776 62 98 1,219 4,730 3,176 454 1,100 Dec. 31 8,313 2,817 733 141 74 1,811 29 112 703 4,640 3,207 388 1,045 1938—Mar. 7 8, 317 2,721 727 140 65 1,741 60 90 647 4,785 3,180 432 1,174 CITY OF CHICAGO » 1929—Dec. 31 1,757 1,330 240 533 5 5 309 116 193 1933—June 30 2 1,287 589 48 251 237 610 384 226 1934—Dec. 31 1,581 435 29 170 202 1,049 743 78 220 1935—Dec. 31 1,868 455 28 149 249 1,392 1,061 88 243 1936—Mar. 4 1,946 456 32 148 251 1,470 1,131 89 250 Dec. 31 2,100 613 50 140 402 1,467 1,107 94 266 1937—Mar. 31 1,868 629 52 155 407 1,220 853 94 273 June 30 1,969 651 50 145 437 1,295 907 94 294 Dec. 31 1,901 615 41 129 426 1,266 916 94 255 1938—Mar. 7 1,997 593 39 113 423 1,382 1,008 100 275 RESERVE CITY BANKS 1929—Dec. 31 12,029 8,418 425 2,775 1,538 3, 79 258 102 2,944 1,368 1,576 1933—June 30 « 8,492 4,258 63 1,340 1,131 1,678 99 38 45 4,011 2,483 1,528 1934—Dec. 31 10,028 4,024 90 1,124 1,090 1,671 55 108 105 5,715 3,809 279 1,628 1935—Dec. 31 10, 780 4,144 96 1,057 1,094 1,851 34 120 21 6,432 4,076 656 1,701 1936—Mar. 4 __ 10, 655 4,071 101 1,027 1,096 1,805 31 120 30 6,375 3,958 656 1,761 Dec. 31 11, 795 4,582 123 1,048 1,124 2,231 23 131 36 7,000 4,426 697 1,877 1937—Mar. 31 11,611 4,618 114 1,039 1,135 2,276 29 154 38 6,725 4,250 669 1,805 June 30 11, 629 4,739 114 1,032 1,164 2,389 34 145 44 6,635 4,267 635 1,733 Dec. 31 11, 414 4,996 97 1,066 1,176 2,610 27 132 26 6,211 3,961 637 1,612 1938—Mar. 7 11, 250 4,836 100 1,020 1,173 2,498 25 134 18 6,219 3,962 648 1,609 COUNTRY BANKS 1929—Dec. 31 13, 375 8,481 2,231 1,462 705 163 208 4,439 1,267 3,172 1933—June 30 * 7,873 4,194 1,117 1,055 2,005 27 10 3,598 1,469 2,129 1934—Dec. 31 8,780 3,849 996 1,026 1,810 92 50 4,756 2,108 355 2,293 1935—Dec. 31 8,919 3,754 894 1,035 1,810 135 5,002 1,940 623 2,439 1936—Mar. 4 _ 8,885 3,716 865 1,043 1,791 145 4,989 1,873 630 2,486 Dec. 31 9,825 3,866 843 1,123 1,881 178 13 5,747 2,368 645 2,734 1937—Mar. 31 9,945 3,940 833 1,150 1,937 216 5,741 2,397 626 2,719 June 30_ 10,134 4,089 828 1,179 2,062 211 5,794 2,520 635 2,639 Dec. 31 10,124 4,210 824 1,219 2,149 208 5,677 2,490 678 2,510 1938—Mar. 7 9,958 4,138 804 1,233 2,083 208 5,589 2,477 647 2,465 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. * Beginning June 30, 1933, figures relate to licensed banks only. « Central reserve city banks. Back figures.—See Annual Report for 1936 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

383 MAY 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 a R e r e r i n r v e e a t d v k h e - - l - e s s v C a i a u n s l h t b a w m B a n d t n i i e a c o c t k s e l - h - - s s1 r o i e t p e t i f l d p e r e o e i o s n c m o c n s a c o - r « s - s l t - - b m D a I t n i e n o c s k t - - e s rb b a F e a n i o n k g r k n - s S U m G e t e a r n e o d n t i n v e t - t - - s f P u l u n ic b d - s l c C e c c h o a f t e a e i f o e n t e f r s r e c f d i t d s h - r k i ' s - s s t p I p u i v n h c n o o a a o i e i d r n l d r p r r s a t i - - s - s - , - - , , j d i m u t e D s s a p t e a e n o - d d d s - - 4 D m D I t a n i e o n c t s k - e - s rb b a e F a n i o n g k r n k - s P s in t a o a g v s l s - - f P u l u n ic b d - s s t p p I u i h v n c n o o a a o e i i d r n d r l p r r a s t i - - - s s - , - - , , r B i o n o w g r s - credit» etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16,647 95 154 122 595 12,267 879 1933—June 30 6 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11, 830 12,089 89 1 788 300 7,803 191 1934—Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 452 294 9,020 13 1935—Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18, 801 151 5 218 361 9,680 6 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 5 167 344 9,784 11 Dec. 31 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20, 970 21, 647 153 6 104 296 10, 429 15 1937—Mar. 31 6,613 662 3,445 1,974 5,752 458 415 2,564 677 20,085 21, 352 153 6 97 269 10, 639 18 June 30 6,897 629 3,207 2,201 5,298 615 628 2,577 752 20,272 21,401 123 14 100 292 10,818 16 Dec. 31 7,005 589 3.414 2, 259 5,436 453 781 2,132 767 19. 747 20, 387 129 11 95 482 10.806 12 1938—Mar. 7 7,249 604 3,561 1,407 5,615 366 752 2,237 566 19,116 20, 513 137 11 90 512 10, 845 28 NEW YORK CITY 6 1929—Dec. 31. _ 827 68 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 18 33 1,112 179 1933—June 30 6 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 110 4 671 8 1934—Dec. 31. 1,576 86 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 56 4 591 1935—Dec 31 2,541 65 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 12 591 1936—Mar. 4 2,493 57 108 829 2,527 363 140 260 496 6,471 6,398 4 11 586 2 Dec. 31 2,658 61 133 1,087 2,493 393 225 285 457 7,274 6,929 4 13 679 12 1937—Mar. 31 2,719 56 123 853 2,171 419 129 314 354 7,237 7,051 5 14 758 1 June 30 2,749 60 105 996 2,014 575 306 368 427 6.934 6,733 12 17 767 3 Dec. 31 2,738 56 120 989 2,108 416 382 189 404 6. 507 6.111 7 4Q 696 1938—Mar. 7 2,941 59 95 605 2,173 327 360 185 327 6,429 6,336 8 67 694 12 CITY OF CHICAGO 8 1929—Dec. 31 169 13 133 158 310 26 8 42 32 1,041 957 19 7 2 58 332 41 1933—June 30 « 232 34 203 61 259 2 46 87 16 870 912 6 1 358 1934—Dec. 31 415 40 207 90 445 2 46 182 23 1,073 1,189 1 381 1935—Dec. 31 511 39 209 135 522 4 98 208 27 1,301 1,401 413 1936—Mar. 4 480 35 195 96 594 4 81 217 26 1,243 1,390 407 Dec. 31 558 32 188 159 599 5 72 191 27 1,495 1,554 449 1937—Mar. 31. 482 21 93 114 596 5 96 203 38 1,001 1,128 440 1 June 30 596 27 156 130 536 6 41 208 22 1,409 1,509 452 Dec. 31 596 27 179 146 528 5 64 207 23 1. 354 1.438 8 445 1938—Mar. 7 566 22 135 84 576 7 92 170 17 1,270 1,372 16 445 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 1,041 1,604 50 76 423 300 5,547 5,229 30 14 41 371 4,433 292 1933—June 30 B 705 122 1,002 401 1,315 15 312 349 108 3,708 3,764 59 3S8 208 2,941 16 1934—Dec. 31._ 1,268 207 1,543 537 1,984 17 620 585 169 4,919 5,136 117 1 186 206 3,494 1935 Dec. 31 1, 594 256 1,779 752 2,422 28 385 707 204 6,001 6,161 134 1 79 266 3 796 1936—Mar. 4. 1,794 264 1,910 607 2,594 26 285 733 151 5,961 6,238 135 1 72 251 3,853 1 Dec. 31-_ 2,108 285 1,816 971 2,826 33 407 843 230 7,023 7,126 137 1 35 203 4,026 1937 Mar 31 2 108 264 1 545 764 2 546 32 132 935 155 6 833 7 159 137 2 34 176 4 064 June 30. _ __ 2,215 212 1,392 805 2,339 33 212 934 163 6,840 7,132 108 2 35 190 4,140 1 Dec. 31 2,310 200 1,470 841 2.389 30 25fi 111 192 6,743 6.870 107 4 34 266 4,161 1938—Mar. 7 2,376 213 1,632 538 2,461 31 234 809 121 6,455 6,848 116 3 33 269 4,198 5 COUNTRY BANKS 1929—Dec. 31 627 321 908 291 405 3 39 742 169 5,091 5,711 6 61 133 6,390 367 1933—June 30 5 452 203 702 149 228 1 116 555 72 2,576 3,054 285 86 3,833 167 1934—Dec. 31 822 275 1,296 207 342 2 178 804 106 3,589 4,292 16 210 84 4,554 13 1935—Dec. 31 927 1,676 235 415 1 137 901 127 4,254 5,047 16 136 83 4,879 6 1936—Mar. 4 1,017 1,757 187 433 1 93 965 106 4,252 5,136 17 95 82 4,938 8 Dec. 31. 1,247 319 1,929 316 483 2 178 1,011 167 5,177 6,039 16 69 80 5,275 3 1937—Mar. 31 1,304 321 1,684 242 440 2 57 1,113 130 5,013 6,012 16 64 79 5,377 11 June 30 1,337 330 1,554 269 409 2 69 1,067 139 5,089 6,027 15 __ 64 85 5,459 12 Dec. 31. 1, 361 307 1,645 283 412 1 78 959 149 5,143 5, 968 21 61 158 5,504 12 1938—Mar. 7 1,366 310 1,700 180 403 1 66 1,073 101 4,963 5,957 20 56 159 5, 508 11 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." « Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. * Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935, * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. * Beginning June 1933 figures relate to licensed banks only. * Central reserve city banks. Back figures.—See Annual Report for 1936 (table 54) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN MAY 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollarsl 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 sa 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 investmentstotal: Mar 30 20, 810 1,185 8,432 1,095 1,773 621 553 2,909 656 380 642 489 2 075 7 576 1 883 Apr 6 _ 20,831 1,166 8,456 1,091 1,762 613 552 2,960 653 379 642 490 2,067 7,605 1,935 Apr. 13 . 20, 794 1,171 8,442 1,090 1,752 614 552 2,948 651 382 641 487 2,064 7,599 1,924 Apr 20 20, 809 1,158 8,524 1,085 1,730 608 554 2,914 649 379 630 483 2,095 7,681 1,887 Loans—total: Mar 30 8,771 630 3,569 446 705 244 285 941 305 161 255 231 999 3,158 614 Apr 6 _ 8,677 623 3,513 442 704 242 285 927 304 160 251 231 995 3,103 604 Apr 13 8,567 624 3,439 441 699 241 283 913 300 158 249 229 991 3,032 593 Apr 20 8,585 622 3,496 436 692 238 283 895 298 159 246 228 992 3,090 579 Commercial, industrial, and agricultural loans: On securities: Mar 30 568 38 233 49 48 12 12 50 48 9 17 10 42 220 29 Apr. 6 557 37 230 48 48 12 12 44 48 9 17 10 42 217 24 Apr 13 550 37 228 48 49 12 12 40 46 9 16 11 42 215 22 Apr. 20 546 37 227 48 48 12 12 40 45 9 16 10 42 214 22 Otherwise secured and unsecured: Mar 30 3,731 249 1,535 158 239 99 144 521 139 67 141 137 302 1 429 387 Apr 6 3,718 250 1,532 160 238 98 143 517 138 66 138 137 301 1,426 385 Apr. 13 '3, 696 249 n, 529 160 236 97 142 510 136 66 136 136 299 "1, 423 379 Apr 20 3,662 249 1,517 156 232 97 141 500 135 66 135 135 299 1 412 369 Open market paper: Mar 30 418 80 164 29 14 12 4 44 10 6 18 2 35 150 25 Apr 6 413 80 165 25 14 12 4 43 10 6 18 2 34 151 25 Apr. 13 406 80 160 25 13 12 3 43 10 6 19 2 33 146 25 Apr. 20 399 79 159 24 13 11 3 41 10 6 18 2 33 146 24 Loans to brokers and dealers: Mar. 30 680 24 548 17 22 3 6 38 4 1 4 2 11 542 34 Apr. 6 . 637 21 509 17 23 3 6 36 5 1 4 2 10 503 31 Apr. 13 573 22 446 16 24 3 6 34 5 1 4 2 10 440 29 Apr. 20 624 22 502 16 22 3 6 32 5 1 3 2 10 496 28 Other loans for purchasing or carrying securities: Mar. 30 605 34 279 34 38 17 15 84 13 8 12 14 57 205 71 Apr. 6 596 32 274 34 37 17 15 83 12 8 12 15 57 201 70 Apr. 13___ 591 32 271 34 37 17 15 82 13 7 12 14 57 199 70 Apr. 20 590 32 273 34 37 16 15 80 13 7 12 15 56 201 68 Real estate loans: Mar. 30 1,150 83 225 58 172 30 28 87 47 6 21 21 372 119 12 Apr. 6 _ 1,147 83 224 58 171 30 28 87 47 5 21 21 372 118 12 Apr 13 1,146 83 223 58 171 30 28 87 47 6 21 20 372 118 12 Apr. 20 1,148 83 224 58 171 30 28 88 47 5 21 20 373 118 12 Loans to banks: Mar 30 96 5 66 2 3 2 2 7 6 1 2 66 Apr 6 100 4 70 2 5 1 2 7 6 1 2 70 Apr. 13 103 4 75 2 3 1 2 7 6 1 2 Apr. 20 110 3 83 2 3 1 3 5 6 1 1 2 83 Other loans: On securities: Mar. 30 714 57 261 49 124 28 26 47 11 12 13 11 75 231 21 Apr. 6 705 56 256 48 123 28 26 47 11 12 13 10 75 226 22 Apr. 13 699 56 253 48 122 28 26 47 10 12 13 10 74 223 21 Apr. 20 695 55 251 48 122 28 26 46 10 12 13 10 74 221 21 Otherwise secured and unsecured: Mar. 30 809 60 258 50 45 41 48 63 27 52 28 34 103 196 35 Apr. 6 804 60 253 50 45 41 49 63 27 53 27 34 102 191 35 Apr. 13 803 61 254 50 44 41 49 63 27 51 27 34 102 193 35 Apr. 20 811 62 260 50 44 40 49 63 27 52 27 34 103 199 35 U. S. Government direct obligations: Mar. 30 7,778 399 3,055 304 751 278 160 1,392 205 166 228 175 665 2,829 896 Apr. 6 7,897 389 3,149 303 739 273 160 1,449 204 166 232 175 658 2,925 950 Apr. 13 7,960 393 3,205 302 737 275 161 1,449 205 165 233 175 660 2,987 949 Apr. 20 _ 7,977 382 3,250 302 721 272 161 1,433 206 163 227 173 687 3,030 928 Obligations fully guaranteed by U. S. Government: Mar. 30 1,156 19 485 87 61 40 32 162 49 14 46 33 128 434 91 Apr. 6 1,168 19 486 86 61 39 32 173 49 14 47 33 129 435 101 Apr. 13 1,171 19 486 87 60 39 33 173 50 14 47 34 129 435 100 Apr. 20 1,179 20 490 86 62 39 35 174 49 14 46 33 131 438 101 Other securities: Mar. 30 3,105 137 1,323 258 256 59 76 414 97 39 113 50 283 1,155 282 Apr. 6 _ 3,089 135 1,308 260 258 59 75 411 96 39 112 51 285 1,142 280 Apr 13 3,096 135 1,312 260 256 59 75 413 96 45 112 49 284 1,145 282 Apr. 20 3,068 134 1,288 261 255 59 75 412 96 43 111 49 285 1,123 279 Reserve with Federal Reserve bank: Mar. 30 5,755 288 3,087 239 349 132 102 746 130 71 166 106 339 2,958 543 Apr. 6 5,687 301 2,942 251 362 145 105 768 131 69 162 107 344 2,817 562 Apr 13 5,813 293 3,033 248 353 139 106 802 133 69 166 111 360 2,891 601 Apr. 20 — 5,980 323 3,129 271 355 129 96 877 141 63 159 102 335 3,007 690 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

385 MAY 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 Y N o ew rk P p d h h e i i l l - a a - - C la le n v d e- m Ri o c n h d - At t l a an- 'h g i o ca- Lo S u t i . s n M o e i l a n i p - s - K C s a i a n t s - y Dallas F c S r i a a s n c n o - Y N o e r w k Ch g i o ca- ASSETS—continued Cash in vault: Mar. 30 330 63 22 Apr. 6 325 21 Apr. 13 342 20 Apr. 20 330 37 21 Balances with domestic banks: Mar. 30 1,898 117 158 131 175 120 117 262 120 210 173 232 84 Apr. 6 1,929 127 143 140 179 119 118 286 123 210 170 232 106 Apr. 13 2,051 125 170 137 189 121 122 340 127 225 178 244 154 Apr. 20 2,188 134 154 152 230 141 129 374 120 248 192 242 173 Other assets, net: Mar. 30 1,285 77 103 35 38 85 23 22 204 476 53 Apr. 6 1,297 76 589 103 36 37 82 23 22 203 480 50 Apr. 13 1,288 76 575 103 36 37 23 22 207 51 Apr. 20 1,266 75 556 101 37 37 23 22 209 473 49 LIABILITIES Demand deposits—adjusted: Mar. 30 14,268 969 6,647 746 1,000 401 326 1,818 402 244 471 393 851 6,100 1,110 Apr. 6___ 14, 274 968 6,564 760 401 321 1,943 393 241 460 389 845 6,013 1,236 Apr. 13 14, 425 967 6,585 751 402 325 2,020 403 238 483 397 861 6,008 1,307 Apr. 20 14,451 981 6,544 765 1,018 403 325 2,065 397 226 471 393 6,024 1,350 Time deposits: Mar. 30 r5, 221 265 1,056 282 •743 199 182 876 184 121 145 130 1,038 648 Apr. 6 5,222 264 1,057 286 743 199 181 871 185 121 145 130 1,040 649 461 Apr. 13 5,218 263 1,061 737 199 182 872 185 120 144 130 1,037 656 463 Apr. 20 5,221 263 1,060 737 199 182 873 185 120 145 1,039 656 464 TJ. S. Government deposits: Mar. 30 696 12 296 18 13 145 23 7 18 92 116 Apr. 6 630 12 233 18 12 145 23 7 18 91 225 116 Apr. 13 627 12 230 18 13 144 23 7 18 91 222 116 Apr. 20 605 13 207 18 13 145 23 7 18 91 200 116 Interbank deposits: Domestic banks: Mar. 30 '5,080 208 2,024 '304 195 194 807 233 120 323 170 236 1,956 614 Apr. 6 5,192 222 2,088 267 319 203 202 790 242 120 329 172 238 2,018 594 Apr. 13 5,259 218 2,156 269 316 202 203 791 236 117 326 175 250 2,086 597 Apr. 20 5,544 232 2,365 284 311 203 202 817 242 119 340 179 250 2,294 623 Foreign banks: Mar. 30 355 11 314 1 1 1 12 312 Apr. 6 336 10 299 1 1 1 11 298 Apr. 13 339 10 299 1 1 1 13 297 Apr. 20 330 9 293 1 1 1 12 291 Borrowings: Mar. 30 11 Apr. 6 4 Apr. 13 . 3 Apr. 20 7 Other liabilities: Mar. 30 827 25 373 18 21 22 313 361 18 Apr. 6 787 23 347 15 18 21 311 335 18 Apr. 13 793 23 349 15 19 22 314 338 18 Apr. 20 788 24 343 16 18 22 316 331 18 Capital account: Mar. 30 3,620 240 1,606 226 350 367 329 1,476 242 Apr. 6 3,624 240 1,609 227 351 367 328 1,481 242 Apr. 13 3,624 240 1,610 226 351 367 329 1,482 242 Apr. 20 3,627 240 1,610 226 350 368 329 1,482 242 ••Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN MAY 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES FOR ALL REPORTING MEMBER BANKS, NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Loans1 Investments Re- Total U. S. Govern- serve Bal- Date or month i m n lo a v e n a e n n d s t s t s - Total b d i r e n a T o a n k l s o d e e e r - r s s ( s o t e i e x t e O c h c s u e e n r t r p i o s - t ba T n o ks e l R o st a e a n a t l s e O p m a k p p a e e r e t n - r - 1 l O o t a h n e s r 1 Total men t t i o o n b F s li u g l a ly - s O e t c i t u e h r s e i r - w s F e R e i e r r t e a v d h - l e - C va a in u sh lt d b o a w a t n m n i i c c t k e e h s s s curities1 banks)i Direct guar- banks anteed TOTAL—101 CITIES 1937—March 22, 610 1,318 2,030 86 1,152 4,289 13, 324 8,802 1,206 3,316 5,205 359 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 ,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 ,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 .,804 December 21,484 9,451 903 1,959 73 1,167 472 4,877 12,033 8,046 1,113 2,874 5,358 341 ,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 March 21,072 762 1,889 1,153 4,568 12,188 7,992 1,159 3,037 5,724 302 1,992 1938—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 ., 887 67 1,160 436 4,615 12, 271 8,147 1,150 2,974 5,673 313 2,041 Mar. 2 21, 231 769 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 86 1,155 431 4,574 12, 242 8,081 1,152 3,009 5,735 304 2,030 Mar. 16 21,144 759 .,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 ,881 87 1,148 422 4,546 12,107 7,876 1,166 3,065 5,773 316 1,945 Mar. 30 20, 810 8,771 680 ,887 96 1,150 418 4,540 12,039 7,778 1,156 3,105 5,755 330 1,898 Apr. 6 20, 831 8,677 637 ,858 100 1,147 413 4,522 12,154 7,897 1,168 3,089 5,687 325 1,929 Apr. 13 20, 794 8,567 573 1,840 103 1,146 406 4,499 12, 227 7,960 1,171 3,096 5,813 342 2,051 Apr. 20 20, 809 8,585 624 1,831 110 1,148 399 4,473 12, 224 7,977 1,179 3,068 5,980 330 2,188 NEW YORK CITY 1937—March 8,651 3,708 1,111 733 128 133 1,548 4,943 3,319 452 1,172 2,506 81 September 8,273 4,040 1.108 727 134 168 1,820 4,233 2,866 395 972 2,527 66 October 8,068 3,881 915 713 135 185 1,871 4,187 2,814 390 983 2,597 67 November 7,875 3,605 715 710 133 187 1,822 4,270 2,943 384 943 2,540 69 December 7,891 3,545 729 696 130 192 1,761 4,346 3,045 365 936 2,518 72 1938—January 7,834 3,373 665 668 128 184 1,690 4,461 3,098 386 977 2,683 71 February 7,826 3,260 587 664 126 169 1.674 4,566 3,131 404 1, 031 2,719 65 March 7,717 3,247 606 665 123 155 1,642 4,470 2,954 1,090 2,844 70 1938—Feb. 9 7,818 3,244 572 662 127 171 1,676 4,574 3,151 401 1,022 2,676 65 Feb. 16 7,837 3,267 588 663 126 165 1,679 4,570 3,123 405 1,042 2,695 67 Feb. 23 7, 826 3,242 578 664 126 163 1,671 4,584 3,127 411 1,046 2,741 65 Mar. 2 7,833 3,281 608 668 126 160 1,665 4,552 3,071 420 1,061 2,712 69 Mar. 9 7,867 3,367 700 672 125 158 1,653 4,500 3,016 417 1,067 2,788 68 Mar. 16 7,724 3,243 603 670 125 155 1,642 4,481 3,003 427 1,051 2,824 70 Mar. 23 7,584 3,187 575 660 118 152 1,627 4,397 2,851 429 1,117 2,938 Mar. 30 7,576 3,158 542 656 119 150 1,625 4,418 2,829 434 1,155 2,958 Apr. 6 7,605 3,103 503 644 118 151 1,617 4,502 2,925 435 1,142 2,817 Apr. 13 7,599 3,032 440 637 118 146 1,616 4,567 2,987 435 1,145 2,891 Apr. 20 7,681 3,090 496 636 118 146 1,611 4,591 3,030 438 1,123 3,007 OUTSIDE NEW YORK CITY 1937—March 13, 959 5,578 207 1,297 1,024 278 2,741 5,483 754 2,144 2,699 310 1,917 September., 13, 914 5,986 209 1,280 1,030 300 3,133 7, 5,202 736 1,990 2,786 252 1,637 October 13, 821 6,009 188 1,283 1,033 294 3,183 7,812 5,100 742 1,970 2,787 266 1,714 November 13, 681 5,954 166 1,266 1,036 294 3,156 7,727 5,027 743 1,957 2,808 261 1,735 December 13, 593 5,906 174 1,263 1,037 280 3,116 7,687 5,001 748 1,938 2,840 281 1,778 1938—January 13,451 5,764 160 1,242 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 1,034 277 2,961 7,712 5,037 743 1,932 2,927 243 1,951 March 13, 355 5,637 156 1,224 1,030 271 2,926 7,718 5,038 733 1,947 2,880 252 1,922 1938—Feb. 9 13, 408 5,681 142 1,228 1,034 279 2,971 7,727 5,051 745 1,931 2,941 252 1,907 Feb. 16 13, 394 5,677 159 1,223 1,032 276 2,960 7,717 5,037 745 1,935 2,927 231 1,971 Feb. 23 13, 341 5,654 153 1,223 1,034 273 2,944 7,687 5,020 739 1,928 2,932 259 1,976 Mar. 2 13,398 5,652 161 1,220 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 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 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 1,030 270 2,919 7,710 5,025 737 1,948 2,835 267 1,876 Mar. 30 13, 234 5,613 138 1,231 1,031 268 2,915 7,621 4,949 722 1,950 2,797 275 1,822 Apr. 6 13, 226 5,574 134 1,214 1,029 262 2,905 7,652 4,972 733 1,947 2,870 274 1,863 Apr. 13 13,195 5,535 133 1,203 1,028 260 2,883 7,660 4,973 736 1,951 2,922 289 1,985 Apr. 20 13,128 5,495 128 1,195 1,030 253 7,633 4,947 741 1,945 2,973 280 2,121 »Loan classification revisedMay 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

MAY 1938 FEDERAL RESERVE BULLETIN 387 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES FOR ALL REPORTING MEMBER BANKS, NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Cash Demand deposits Time deposits items Total report- De- Date or month i c n e t e o i s d o p l s 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 o t a t i b e i a l s 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 e t t n e e r t n s d - 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 te n o a d d s d - 2 - b m D a I e n o n s - k t ti e s c rb b a e F 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—March 1,602 1,356 33,130 5,546 428 369 573 16, 459 15, 429 133 5 5,142 3 894 3,578 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 March 1,301 1,298 31, 689 5,164 348 700 433 15, 227 14,360 116 9 5,239 7 820 3,626 1938— 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 Mar. 30.. 1, 218 1,285 31, 296 4,963 347 696 387 15,099 14, 268 117 8 5,221 11 827 3,620 Apr. 6__. 1,171 1,297 31, 240 5,075 328 630 372 15,073 14, 274 117 8 5,222 4 787 3,624 Apr. 13.. 1,349 1,288 31,637 5,145 329 627 348 15,426 14,425 114 10 5,218 3 793 3,624 Apr. 20.. 1,365 1,266 31, 938 5,431 321 605 463 15, 353 14,451 113 9 5,221 7 788 3,627 NEW YORK CITY 1937—March 774 485 12, 546 2,233 392 131 6,878 6,492 3 680 369 1,472 September 722 459 12,100 L, 896 516 346 332 6,397 6,007 14 726 6 390 1,477 October 675 459 11,926 1,941 466 303 287 6,324 5,936 18 728 1 380 1,478 November 695 478 11,716 1,940 390 232 301 6,228 5,834 15 747 1 381 1,481 December 749 473 11,763 1,984 375 310 319 6,232 5,802 12 674 6 368 1,483 1938—January. _. 601 471 11, 714 2,094 386 358 276 6,110 5,785 6 646 3 353 1,482 February 506 477 11, 644 2,095 347 343 222 6,143 5,859 7 660 2 339 1.486 March 614 475 11, 770 2,086 310 325 6,264 5,931 7 656 4 356 1,482 i938—Feb. 9 420 476 11,507 2,073 349 343 185 6,072 5,837 7 648 344 1,486 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 1,486 Mar. 2 571 476 11, 709 2,137 321 344 247 6,146 5,822 7 670 5 344 1,488 Mar. 9 602 476 11,852 2,134 316 343 292 6,242 5,932 7 670 14 349 1,485 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 7 646 361 1,479 Mar. 30 571 476 11,712 1,956 305 288 233 6,438 6,100 7 648 361 1,476 Apr. 6 499 480 11, 518 2,018 291 225 224 6,288 6,013 7 649 335 1,481 Apr. 13 596 480 11,685 2,086 290 222 203 6,401 6,008 7 656 338 1,482 Apr. 20 649 473 11, 927 2,294 284 200 294 6,379 6,024 7 656 331 1,482 OUTSIDE NEW YORK CITY 1937—March 828 20, 584 3,313 238 185 9,581 133 2 4,462 3 525 2,106 September. 846 827 20, 262 2,982 270 178 9,503 8,836 112 4 4,557 5 473 2,135 October 893 845 20,326 3,035 252 161 9,551 8,820 112 3 4,550 4 482 2,139 November. 816 827 20,128 2,988 192 166 9,453 8,802 111 4 4,540 5 492 2,142 December. _ 836 821 20,149 2,959 269 176 9,427 8,768 110 3 4,529 4 489 2,147 1938—January.... 733 799 20,090 3,080 307 157 9,229 8,653 112 2 4,564 1 461 2,142 February. _. 700 833 20, 042 3.077 295 145 9. 205 8, 650 114 2 4. 577 1 453 2,137 March 687 19, 919 3,078 375 153 8,963 8,429 116 2 4,583 3 464 2,144 1938—Feb. 9... 843 19,954 3,056 296 132 9,145 8,674 115 2 4,575 2 462 2,137 Feb. 16.. 784 844 20,151 3,125 295 149 9,273 112 1 4,576 451 2,137 Feb. 23.. 733 20,084 3,052 295 143 9,265 8,675 114 2 4,580 452 2,140 Mar. 2__. 743 854 20, 111 3,133 329 162 9,140 8,559 114 3 4,590 461 2,142 Mar. 9__. 636 20, 050 3,112 364 144 9,074 8,582 117 2 4,588 469 2.143 Mar. 16_. 762 20,100 3,110 381 172 9,091 8,501 117 2 4,578 5 463 2; 143 Mar. 23 . 649 794 19, 749 3,026 390 136 8,848 8,335 116 2 4,585 463 2.144 Mar. 30.. 647 809 19, 584 3,007 408 154 8, 661 8,168 117 1 4,573 11 466 2,144 Apr. 6... 672 817 19,722 3,057 405 148 8,785 8,261 117 1 4,573 4 452 2,143 Apr. 13.. 753 19, 952 3,059 405 145 9,025 8,417 114 3 4,562 3 455 2,142 Apr. 20.. 716 793 20, 011 3,137 405 8,974 8,427 113 2 4,565 7 457 2,145 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

388 FEDERAL RESERVE BULLETIN MAY 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding i By holders By classes Com- End of month p m c a i e p a r e l - r Total Held b b y a n ac k c s epting H R e e ld s e b rv y e F b e a d n e k r s al sto B r a e s d e d in o o n r g sh o i o D d D s ed out- out- on Based between points in stand- stand- For ac- Held im- on ex- Dollar ing^ ing Total O bi w ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p o u r o e r n n r i t g e d o n - - f ot b h y ers p U i o n .S r to . ts p U fr o o . r m S ts . ch e a x n - ge U. S. F c o o r u ei n g - n ents tries 1937—March 290 396 317 150 166 (2) 80 160 84 76 76 April 285 395 318 147 171 1 1 76 167 83 68 76 May 287 386 295 137 159 3 2 86 168 81 62 75 June - - - __ _ 285 364 273 130 143 1 4 87 157 77 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 68 69 September 331 344 274 148 127 1 69 127 77 ] 73 66 October 323 346 282 153 129 2 62 127 82 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 Januarv 299 326 266 147 119 2 59 106 82 o 75 60 February 293 307 ! 246 140 106 1 61 96 78 2 70 61 jVIarch 297 293 ! 236 143 93 57 91 75 2 63 62 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures—See Annual Report for 1936 (table 66). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances i Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c e i s a in n a v d c e c s t o r t u m a n d e t i n s n t g a in n a v d c e c s t o r t u m a n d e t i n s n t g a b n a d n k i s n ro b w o e r d - 2 Free O (n t e h t e ) r 1935—September 1,098 65 119 182 771 257 89 December. _ 1,258 75 135 179 930 286 79 1936—March- 1,351 67 168 181 995 303 89 June 1,267 67 164 219 985 276 86 September... 1,317 72 141 227 995 289 99 December 1,395 64 164 249 1,048 342 103 1937—March 1,549 61 175 223 1,172 346 115 April 1,559 58 163 227 1,215 314 111 May 1,503 56 149 209 1,188 284 101 June . - . 1,489 55 161 214 1,217 266 92 July __ 1,493 56 157 206 1,213 265 96 August 1,509 54 149 202 1,233 252 92 September __ 1,363 48 128 239 1,088 256 96 October 1,053 40 135 263 781 272 107 November 1,034 38 120 225 723 270 95 December 985 34 108 232 688 278 1938—January 958 31 103 220 641 288 February 937 31 104 207 628 280 March 831 29 95 215 576 239 oo oo oc Other credit balances In In partners' firm In invest- invest- capital ment and ment and accounts trading trading (net) accounts accounts 23 12 396 24 10 410 23 15 429 24 14 420 24 14 423 30 12 424 29 18 419 29 18 417 24 12 408 25 13 397 25 13 397 26 13 391 26 12 385 24 12 383 24 11 376 26 10 355 28 11 333 26 10 324 81 25 9 315 * Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, page 196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1938 FEDERAL RESERVE BULLETIN 389 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by d R e e r d s is e c es o . u 1 n 3 ts a a n n d d 1 3 a a d v o a f n t c h e e s F u e n d - - A 10 d v (b a ) n c o e f s th un e d F e e r d s e e r c a . l d t i h re e c t U o n b it l e ig d a t S io ta n t s e s of eral Reserve Act i Reserve Act (last paragraph of sec. 13 of the Federal Federal Reserve Bank Reserve Act) Pre- Rate In effect vious Rate In effect Rate In effect Apr. 30 beginning— rate Apr. 30 beginning— Apr. 30 beginning- Boston Sept. 2,1937 Sept. 2, 1937 April 29, 1938 New York Aug. 27,1937 Oct. 10, 1935 Feb. 8, 1934 Philadelphia-._ Sept. 4,1937 Sept. 4, 1937 4 Oct. 20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 May 11, 1935 Richmond Aug. 27,1937 Sept.10, 1937 4 Feb. 19, 1934 Atlanta Aug. 21,1937 Aug. 21, 1937 April 23,1938 Chicago Aug. 21,1937 Aug. 21, 1937 4'" Oct. 16, 1933 St. Louis iv Sept. 2,1937 Sept. 2, 1937 4 / Feb. 23, 1935 Minneapolis.., 2 Aug. 24,1937 Aug. 24, 1937 Apr. 15, 1933 Kansas City... Sept. 3,1937 Sept. 3, 1937 Wi Apr. 16, 1938 Dallas Aug. 31,1937 Aug.31, 1937 Apr? 16, 1938 San Francisco . Sept. 3,1937 Sept.17, 1937 4 Oct. 19, 1933 1 Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1936 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect Apr. 30 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 A ff a p ec t r e t . o i 3 n n 0 In g in ef n fe in c g t — be- Pre ra v t i e ous A in dv g a i n n c s e ti s tu t t o io f n i s n — anc- Advances direct to Commit- 1-15 days i._ Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 16-30 days... do 1 or com- tion for to make 31-45 days... do 1 mercial or- which On re- advances 46-60 days... .—-do 1 ganizations institu- maining 61-90 days... do 1 tion is portion 91-120 days.. do 1 obligated 121-180 days. do Boston 1 This rate also applies to acceptances bought under repurchase agree-New York 4-1 4-5 ments, which agreements are always for a period of 15 days or less. Philadelphia- 4-6 () NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The* same minimumRichmond 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 H Chicago 5-6 5-6 1-2 Back figures—See Annual Report for 1936 (table 41). St. Louis 4 Minneapolis.. Kansas City.. 4-6 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. » J F S l a a m t e c h a a s r g to e. borrower but not less than 4 percent. [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, May 1, Apr. 16, S P O a o t v h s i t e n a r g l s S t i a d m v e i e p n o g d s s i e t p d s o ep si o ts si t p s ay- Clas a s n e d s o b f a n d k ep s osits A 1 u 1 9 g 9 1 3 . 7 6 1 - 5, Fe 1 1 b 9 9 3 . 3 6 7 2 - 8, A 1 p 1 9 r 9 3 3 . 7 7 3 - 0, A 1 p 1 9 r 9 3 . 3 7 8 1 - 5, 1 a a 9 f n t 3 e d 8 r able in: 6 months or more On net demand 90 days to 6 months deposits:1 Less than 90 days Central reserve city_ 13 19^ 22M 26 22^ Reserve city _ 10 15 nx 20 17H Country 7 14 12 NOTE.—Maximum rates that may be paid by insured nonmember 12X banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for mem- All member banks.. 3 6 5 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on page 378 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

390 FEDERAL RESERVE BULLETIN MAY 1938 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on- Average rate on— 1929 1931 1932 1933 1934 1935 1936 1937 1938 Aver- U.S. Treas- age New York City: mo Y w n e e th a e , k r , or m P p c r a e o i p r m m c e i - r e a , l a a P b c n e a r c c i r n e m s e p k ' s t e - , - c S l t h o i t m e a a o x n n c e - g k s, e - c S h l c o e t a a o x a n l c n - l g k e is N s e u u w e r s y bi d l 9 l a s 1 y - y T i U 3 e u r - l . t e r d o y S a - o s 5 . - n J A F M M a e p n a a b r y r u i r c l a u h r a y ry 5 5 5 5 5 . . . . . 7 8 8 7 3 5 1 4 4 4 4 4 4 . . . . . 2 1 3 2 1 0 7 1 4 1 4 4 4 4 4 . . . . . 6 7 5 7 7 9 2 5 1 1 4 4 4 4 4. . . . . 2 1 8 3 1 4 2 8 3 1 3 3 3 3 3 . . . . . 3 4 4 3 5 9 2 3 1 8 2 2 2 2 2 . . . . . 6 6 9 6 8 9 4 0 1 3 2 2 2 2 2 . . . . . 5 5 5 6 6 6 4 1 1 4 2 2 2 2 2 . . . . . 4 5 5 5 4 4 0 3 0 ] 2 2 2 2 . . . . 3 4 3 3 6 0 4 6 4 to 6 90 90 re- of- deal- year June 5.93 4.13 4.61 4.10 3.30 2.66 2.44 2.34 months days days new- fered ers' notes July 5. 4.05 4.42 3.93 3.30 2.61 2.44 2.36 als p w e 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 . . 9 7 7 9 3 3. . 2 3 6 3 2 2 . . 6 7 7 2 2 2. . 4 4 0 2 2 2. . 3 4 9 1 October 6.08 4.27 4.35 3.76 3.28 2.72 2. 2.38 1935 average... .76 .13 .56 .56 .14 .17 1.29 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 4 7 4 4 . . 1 2 2 2 3 3 . . 4 5 8 2 3 3 . . 2 1 2 8 2 2 . . 7 6 7 1 2 2 . . 4 4 3 3 2 2 . .4 4 0 5 1936 average ... .75 .15 1.16 .91 .14 .17 1.11 1937 average.__ .95 .43 1.25 1.00 .45 .28 1.40 Year 5.8 4.22 4.49 4.02 3.33 2.70 2.49 2.43 IS37—March __ H-i Vie-Vi« IX 1.00 .58 .38 1.42 8 o e t a h s e t r e r n n o r c t i h ti e e r s n : and A M p a r y il .... l Vie IX 1 1. . 0 0 0 0 . . 7 6 0 5 . . 5 4 6 1 1 1 . . 5 4 9 8 J F a e n b u r a u r a y ry 5 5 . . 8 8 7 6 4 4 . . 6 6 1 3 5 5 . . 0 1 7 3 4 4 . . 8 8 9 4 3 3 . . 6 6 2 3 3 3 . . 3 4 6 3 3 3. . 2 3 9 7 June l Vw^/I ^X 1.00 .58 .36 1.54 March 5.91 4.62 5. 145.39 3.60 3.34 3.25 July l Vie IX 1.00 .49 .28 1.44 April 6.00 4.57 5. 105.09 3.47 3.36 3.26 August.. l Vie IX 1.00 .52 .29 1.45 May 6.09 4.55 5.14 4.99 3.45 3.45 Sept l Vie IX 1.00 .53 .31 1.50 June 6.02 4.49 5.13 4.97 3.51 3.32 October. l Vie IX 1.00 .34 .20 1.42 July 6.08 4.48 5.05 4.82 3.61 3.32 Nov l Vie IX 1.00 .15 .09 1.31 August 6.11 4.47 5. 124.68 3.47 3.29 Dec l Vie IX 1.00 .10 .11 1.27 September 6.24 4.48 5.03 4.65 3.45 3.33 1938— F J e a b n r u u a a r r y y - l l V 7/1 i 6 e I I X X 1 1 . . 0 0 0 0 . . 1 0 0 8 . . 0 1 8 0 1 1 . .0 1 9 3 N O o ct v o e b m er ber 6 6 . . 2 1 5 2 4 4 . . 6 8 2 7 4 4 . . 9 8 6 8 4 4. . 5 5 4 1 3 3 . . 4 5 7 0 3 3 . . 3 4 7 2 March. __ H-i Vis IX 1.00 .07 .08 1.01 December 5.94 4.91 4.8* 4.59 3.46 3.36 Wee M k a e r n . d 1 i 2 n _ g — : %—i Vie IX 1.00 .07 .07 .98 27 south Y e e rn ar and 6.04 4.61 5. 0^ 4.83 4.29 3.52 3.36 Mar. 19.— %-i Vie 1M 1.00 .07 .07 1.03 western cities: A A A M A p p p p a r r r r r . . . . . 9 2 2 1 2 3 6 6-_- M M M 3 M ^ ~ - - _ - i l l l \ V V V V V i i i i i e e e e e I I I I I X X X X X 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 0 1 0 1 0 9 4 4 5 6 . . . . . 1 0 1 1 0 4 8 1 3 5 1 1 1 1 . . . . . 0 0 0 0 82 6 7 1 1 J A F M M a e p n a a b r y r u i r c l a u h r a y ry 5 5 6 6 6 . . . . . 9 9 0 0 1 4 6 4 7 0 5 5 5 5 5 . . . . . 5 4 3 4 2 0 0 6 3 6 1 5 5 5 5 5 . . . . . 6 6 6 6 6 4 1 4 3 1?5 5 5 5 5 . . . . . 5 6 6 6 6 6 6 8 6 0 5 5 5 5 5 . . . . . 4 3 3 4 2 0 9 4 0 8 4 4 4 4 4 . . . . . 4 4 4 5 4 7 4 0 1 3 4 4 4 4 4 . . . . . 1 1 1 2 1 6 5 5 1 7 4 4 4 4 . . . . 1 0 1 1 6 9 3 5 June 6.16 5.34 5.62 5.62 5.19 4.39 4.18 July 6.17 5.30 5.63 5. 54 5.07 4.35 4.19 i Series comprises 182-day bills to February 23,1935, 273-day bills from August 6.22 5.28 5.68 5.53 5.05 4.25 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 4.29 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 4.23 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 4.24 4. 1 for 91-day Treasury bills available on request. December 6.20 5.56 5.60 5.43 4.92 4.14 4.15 Year 6.14 5.39 5.62 5.56 5.17 4.35 BOND YIELDS1 [Percent per annum] Corporate 4 Year, month, or week T U u r r . e y a S 2 s . - M ip u a n l i 3 c- Total Aaa Aa By ratings A Baa In tr d i u al s- By R ro g a a r i o d l- ups P ut u i b li l t i y c Number of issues 7-12 15 120 30 30 30 30 40 40 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 averase 2.57 3.10 3.98 3.27 3.50 4.04 5.11 3.55 4.46 3.93 1937—-March 2.50 3.19 3.87 3.32 3.50 3.98 4.69 3.55 4.17 3.90 April 2.74 3.24 3.98 3.42 3.58 4.05 4.86 3.65 4.29 3 99 May 2.67 3.14 3.92 3.34 3.49 3.99 4.87 3.55 4.27 3.95 June . 2.64 3.11 3.92 3.28 3.45 3.99 4.97 3.51 4.29 3.97 July 2.59 3.07 3.91 3.26 3.45 3.97 4.97 3.50 4.31 3.92 August .- 2.59 3.01 3.92 3.25 3.45 3.98 5.00 3.47 4.40 3.89 September 2.67 3.18 4.04 3.30 3.51 4.07 5.27 3.55 4.60 3.96 October 2.65 3.24 4.20 3.29 3.60 4.23 5.67 3.63 4.88 4.08 November 2.60 3.17 4.30 3.26 3.62 4.32 6.01 3.65 5.20 4.06 December 2.54 3.15 4.27 3.23 3.59 4.30 5.95 3.66 5.12 4 03 1938—January 2.47 3.03 4.33 3.20 3.61 4.32 6.19 3.54 5.44 4.01 February 2.46 2.99 4.39 3.23 3.65 4.38 6.31 3.57 5.54 4.07 March 2.45 2.99 4.56 3.26 3.73 4.52 6.74 3.58 6.06 4 05 Week ending: Apr 2 2.50 3.05 4.86 3.34 3.93 4.79 7.38 3.71 6.70 4. 17 Apr 9 _-_ ._. _ 2.51 3.08 4.83 3.37 4.00 4.79 7.17 3.73 6.56 4.20 Apr 16 2.48 3.09 4.76 3.37 3.96 4.73 6.99 3.67 6.47 4 15 Apr 23 - 2.37 3.00 4.76 3.35 3.93 4.70 7.05 3.61 6.58 4.08 * Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years, s Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa 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

MAY 1938 FEDERAL RESERVE BULLETIN 391 STOCK MARKET BOND PRICES 1 Stock prices1 Corporate3 Vol- Year, month, or date T U u r . e r y a S 2 s . - M ip u a n l ic- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or fe P r r r e e - d2 Comm I o n n d u (i s n - dex R , a 1 i 9 l- 26=100) u t m i r n a e g d 3 o - f Total trial road Utility Number of issues.. 7-12 20 20 20 1935 average.. 106.1 105.3 88.2 79.4 98.2 Number of issues.- 20 348 32 1 1 9 9 3 3 7 6 a a v v e e r r a a g g e e . . . . 1 1 0 0 7 4 . . 0 4 1 1 1 1 0 0 . . 8 3 9 9 7 3 . . 5 4 9 9 2 0. . 1 2 9 8 4 9 . . 7 6 1 1 0 0 5 0 . . 4 4 1 1 9 9 3 3 6 5 a a v v e e r r a a g g e e 1 1 3 3 8 3 . . 9 8 11 7 1 8 1 9 2 1 7 10 7 4 1 1 1 , , 8 4 2 1 4 1 1937—March 105. 2 108.9 98.5 93.5 98.3 103.6 1937 average 136.2 112 131 95 1,519 1938— A J J N M A S O D M F J u u e e p u c o e a a a n l p b r t n g c v y y e r o i t u r e u l c e e . b u a h m . s m m . e r t a r y b b b r e y e e r . r r . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 4 3 2 3 3 3 4 4 4 5 5 5 . . . . . . . . . . . . 0 5 6 3 5 3 0 0 7 0 3 4 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 0 0 1 1 0 1 1 8 9 9 0 0 9 1 8 1 9 2 2 . . . . . . . . . . . . 0 6 0 8 1 1 8 1 5 5 2 2 9 9 9 9 8 9 9 8 8 8 7 7 6 6 5 5 6 1 4 3 2 0 6 9 . . . . . . . . . . . . 6 2 0 3 4 3 8 3 7 6 0 3 9 9 9 9 9 9 8 8 8 8 8 7 2 1 1 1 0 5 2 1 1 1 0 9 . . . . . . . . . . . . 0 9 4 2 0 5 7 9 7 4 6 5 9 9 9 9 8 9 7 7 7 6 6 5 5 5 3 3 5 1 2 8 2 6 5 7 . . . . . . . . . . . . 3 0 2 2 6 0 1 4 5 2 0 3 1 1 1 1 1 9 9 9 0 0 9 9 0 0 9 9 0 8 5 5 2 1 0 1 4 4 2 1 1 . . . . . . . . . . . . 4 4 8 0 6 2 2 0 4 3 2 2 1 1 9 9 3 3 7 8 — — D J A M J A S O N F M u u J e e p e u c a o a n l a p c b y r t n g y v e r o i e t u r u c l e b e m u a h s m m e r a t b r y r b b e y r e e r r . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 3 3 5 6 5 3 8 6 3 2 5 7 3 2 . . . . . . . . . . . . 4 4 0 0 5 7 3 5 2 3 1 2 1 1 1 1 1 1 1 ' ' 9 8 0 3 2 8 1 2 1 1 8 8 1 3 6 0 5 1 6 1 4 8 2 2 1 1 1 1 1 1 1 1 ' 2 9 4 5 3 3 0 3 4 9 6 6 7 3 4 7 7 9 4 5 1 1 9 9 0 0 4 1 6 1 2 2 1 1 1 1 1 , , , , , , , 4 1 4 4 0 3 1 8 6 9 7 7 6 9 3 2 6 7 2 5 9 1 2 1 6 8 3 0 9 4 4 9 7 7 9 9 Mar. 23-. 104.6 112.2 74.8 79.4 54.6 90.3 March 132.2 93 922 Mar. 30.. 104.2 111.1 71.4 75.8 50.4 87.9 Mar. 23 131.6 1,231 A A A p p p r r r . . . 2 6 13 — 0 — - 1 1 1 0 0 0 4 5 4 . . . 2 1 1 1 1 1 1 1 1 0 2 0 . . . 6 0 5 7 7 7 2 3 3 . . . 8 6 6 7 7 7 6 8 7 . . . 4 3 5 5 5 5 3 3 2 . . . 2 3 1 8 9 9 8 0 0. . . 4 8 1 A A M p p a r r r . . . 6 1 3 3 0 1 1 1 2 2 2 7 7 7 . . . 7 0 3 64 1 1, , 3 0 8 6 0 2 5 1 0 Apr. 20 128.2 801 1 Monthly data are averages of daily figures except for municipal bonds, wh 2 i A ch v e a r r a e g e a v p e r r i a c g e e s s o o f f a W ll o ed u n ts e t s a d n a d y i n f g i g b u o re n s d . s due or callable after 8 years, 1 r S R t e a v n i d se a d rd . Statistics Co. Monthly data are averages of Wednesday ba 8 s e P d r i o ce n s q d u e o r t i a v t e i d o n f s r o f m ro m a v T e r ra e g a e s u y ry ie l D ds e , p a a s r t c m o e m n p t. uted by Standard Sta- fig 2 u A re v s e . rage prices of industrial high-grade, derived from yields. tistics Co. 3 Average daily volume of trading in stocks on the New York Stock Back figures.—See Annual Report for 1936 (table 73); for U. S. Treas- Exchange, in thousands of shares. Weekly figures are averages for the ury bonds, see BULLETIN for May 1936, p. 317. week ending Saturday. Back figures.—For stock prices, see Annual Report for 1936 (table 73). CAPITAL ISSUES [In millions of dollars] For newcapital ]For refunding Total Domestic Domestic Year or (new Total Total month f i a u r n n n e g d - d ) - 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 - Co B rp o o n r d ate e F i o g r n - 1 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 - Co B rp o o n r d a s te e F i o gn 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 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1, 864 1, 782 81 26 1936 6 914 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—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 (>) 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 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 (3) 1 117 117 22 32 62 62 0 0 Mar.... 245 126 126 94 9 24 23 1 0 119 119 16 45 58 58 0 0 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. « 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

392 FEDERAL RESERVE BULLETIN MAY 1938 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- :Interest-bearing bearing Publicly offeredi Total End of month gross Ad- Social debt Bonds justed se- All Ma- Total service curity other* tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U.S. war ury2 Savings 1932—June 19,487 19,161 e 18,816 • 753 13,460 1,261 616 105 240 60 266 X933—June 22,539 22,158 «21,782 753 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 1936—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 lf071 19 601 169 620 1937—March 34,728 34,064 32,722 79 19,936 722 9,783 2,203 461 322 559 136 528 April 34,941 34, 295 32,884 79 19,936 752 9,764 2,353 451 407 552 126 520 May 35, 213 34, 591 33,107 79 19,936 775 9,764 2,553 445 489 550 110 512 June 36,425 35,800 33, 734 79 19,936 800 10,617 2,303 926 579 560 119 506 July 36, 716 36,113 33,918 79 19,936 833 10, 617 2,453 915 649 632 103 499 August __ _ . 37,045 36,450 34,146 79 19,936 862 10,617 2,653 905 769 630 100 494 September 36,875 36,264 33,877 79 19,936 885 10, 575 2,403 896 868 623 122 489 October 36,956 36, 366 33,900 79 19,936 908 10, 575 2,403 888 957 620 109 482 November 37,094 36,511 33,924 79 19,936 932 10, 575 2,403 883 1,086 619 106 477 December 37, 279 36, 708 34,018 79 20, 476 964 10, 547 1,952 876 1,188 626 99 472 1938—January 37,453 36,887 34,114 79 20, 476 1,060 10, 547 1,952 872 1,263 638 99 466 February __ . 37,633 37,080 34,144 79 20,476 1,106 10,531 1,952 867 1,399 669 91 462 March 37, 556 37, 001 34, 032 79 20, 927 1,148 10,076 1,803 860 1,460 648 98 458 i Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. * Includes Liberty bonds. * Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates to the adjusted service fund. * Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement'account. 6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. «Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES1 OBLIGATIONS, MARCH 31, 1938 [In millions of dollars] [In millions of dollars] Federal Home Recon- Date maturing Total Bonds* Notes Bills Farm Owners' struction End of month Total Mortgage Loan Finance Corpora- Corpora- Corpora- 1938—Before July 1 2,270 618 1,652 tion tions tion July 1-Sept. 30 747 596 150 Oct. 1-Dec. 31 433 433 1939—Jan. 1-Mar. 31 942 942 1934—June 681 312 134 235 Apr. 1-June 30 1,294 1,294 December. 3,063 980 1,834 249 July 1-Dec. 31.._ 953 953 1935—June 4,123 1,226 2,647 250 1940. 2,854 2,854 December. 4,494 :, 387 2,855 252 1941. 2,219 834 1,385 1936—June 4,718 ,422 3,044 252 1942 _ 1,001 1,001 December. 4,662 ,422 2,988 252 1943 898 1945 2,124 2,124 1937—March 4,662 ,422 2,988 251 1946 _ 1,857 1,857 April 4,660 ,422 2,987 250 1947 2,146 2,146 May 4,660 ,422 2,987 250 1948 21,665 n, 665 June 4,665 1,422 255 1949 819 819 July 4,703 1,420 2,987 295 1951 1,223 1,223 August 4,633 1,400 2,937 296 1952 _ 1,250 1,250 September. 4,633 1,400 2,937 296 1953 _ 1,786 1,786 October.... 4,634 1,400 2,937 297 1954 2,663 2,663 November. 4,644 1,410 2,937 297 1955_ 755 755 December. 4,645 1,410 2,937 297 1956. 489 1938—January- 4,646 1,410 2,937 298 1959 _ 982 February __ 4,646 1,410 2,937 299 I960. 2,611 2,611 March 4,646 1,410 2,937 299 1961 50 50 Total 34,032 22,154 10,076 1,803 » Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal 1 Issues classified as of date of final maturity; most issues callable at Housing Administrator, amounting to $398,000 on March 31, 1938. earlier dates; most of the U. S. Savings bonds are redeemable at option * Excludes obligations guaranteed as to interest only. of holder*. * Includes unclassified U. S. Savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

393 MAY 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 l 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 etc.' General Excess excess of re- of re- Period Total c ta I o x n m - e e s s S ta e o i x c t c y e u i s a r 2 - l O i r n n e n u t t v h a e e e l e r 3 - - r o A th l e l r Total e I d n st e t e b o r t n - t f i V N a e d o n n e e n a d s - t - a - e l o A th l e l r r c a e R e o n l r e i v y d e - - f f ( v u n R i o n n e e l g d t v - ) s - 5 T f a t e e c r r r t u c a s c ' n s t 6 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 t + e e u ( e n i - ) r x p e ) d o - t s i s r - G b f a e u l n a n e n d r c a e l G d r e o b s t s erans' Adm.4 Fiscal year ending: June 1935 3,800 1,099 2,179 523 6,802 821 1,089 1,315 3,366 141 71 -3,002 +613 -741 +1, 648 June 1936 4,116 1,427 (8) 2,086 603 8,477 749 1,340 1,310 3,341 9 78 1,814 -4, 361 +123 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,001 866 1,436 1,994 3,079 9 244 868 -2, 707 -67 -128 +2, 646 9 months ending: Mar. 1936 3,100 1,046 1,603 451 4,968 538 969 941 2,436 9 56 141 -1,868 +135 +1,025 +2, 758 Mar. 1937 3,728 1,507 64 1,639 519 5,442 596 1,060 1,417 2,393 9 262 238 -1,713 -92 -856 +950 Mar. 1938 4,820 1,995 585 1,776 464 5,619 618 1,160 1,524 1,537 196 584 -800 +255 +587 +1,132 1937—March 1,012 700 50 190 71 754 159 121 225 252 9 46 45 +257 -98 +287 +127 April. __ 363 57 78 166 62 708 68 129 230 243 97 45 -345 +8 -124 +212 May 335 47 59 170 60 552 9 119 169 211 92 45 -217 -3 +52 +272 June - 868 547 53 212 56 1,300 194 128 179 232 27 540 -432 +20 +800 +1,212 July 409 57 53 221 77 659 12 128 197 198 9 2 125 -249 +44 +85 +291 August. __ _ 453 35 60 301 56 556 21 127 162 175 10 61 -103 +37 +263 +329 September. _. 788 501 50 186 51 680 159 125 161 159 20 55 +108 +20 -43 -170 October 333 40 52 189 52 616 67 126 183 168 16 55 -283 +18 -184 +81 November 327 37 60 182 49 542 9 128 165 159 25 55 -215 +10 -68 +137 December 866 487 138 192 49 730 163 134 141 173 56 63 +136 +43 +365 +186 1938—January 335 52 57 172 53 566 16 130 180 150 34 56 -231 +35 -23 +173 February 349 62 110 141 36 512 17 123 150 156 10 56 -162 +7 +25 +180 March 959 723 3 193 40 759 153 138 185 198 26 58 +201 +41 +166 -76 1 Excludes debt retirement. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc." 5 Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm Credit Administration, and Export-Import Banks. 8 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. ' 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. 9 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—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 ] 213 141 369 915 August 2,902 L, 335 141 375 1,051 September 2,860 ,209 141 382 1,128 October 2,676 L, 271 141 388 875 November 2,608 ,243 141 394 831 December 2,973 L, 228 142 401 1,202 1938—January 2,950 L, 223 142 413 1,172 February __. 2,975 L, 201 142 421 1,212 March 3,140 ,183 142 427 1,389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN MAY 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28, 1938 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Go\rernmentfunds Financed partl f y u n fr d o s m Government Total Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Feb. 28, Jan. 31, Feb. 28 Corpo- Corpo- istra- institu- institu- institu- institu- 1938 1938 1937 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions 283 1 188 10 481 486 494 Preferred stock etc 537 0) » 256 793 759 746 Home mortgage loans 2,348 2,348 2,371 2,699 Farm mortgage loans _ 15,863 2,863 2,868 2,930 Other agricultural loans 1 208 15 89 272 (0 585 572 584 All other loans 893 <A 394 1,331 1,324 1,204 Total loans and preferred stock 1,714 208 44 15 484 2,863 272 2,791 10 8,402 8,380 8,657 Cash _ 2 (0 9 79 63 25 111 21 311 350 264 United States direct obligations..-.- 48 5 34 51 119 22 371 649 617 514 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 0) 41 14 102 171 171 195 Other2 -. 26 7 37 36 30 Production credit association class (2)2 A stock 76 76 75 75 Accounts and other receivables..._ . 26 1 1 39 178 4 23 5 277 280 282 All other assets 13 0) 22 0) 421 155 C1) 484 21 1,117 1,141 718 Total assets other than interagency 2 1,803 209 66 146 1,059 3,312 468 3,447 530 11,039 11,050 10, 735 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States 299 0) 1,410 2,937 4,646 4,646 4,667 Other2 60 2 1.044 188 78 (l) 1,374 1,367 1,327 Other liabilities (including reserves) 57 (*) 4 £3 192 7 150 129 592 597 489 Total liabilities other than interagency J. 356 60 4 57 2,646 196 3,166 129 6,613 6,611 6,483 Excess of assets over liabilities, excluding interagency transactions. . 1,448 148 66 141 1,002 666 273 281 401 4,427 4,439 4,252 Privately owned interests 183 4 41 139 367 364 343 U. S. Government interests 1,448 148 66 141 1,002 483 269 240 261 4,059 4,075 3,908 i Less than $500,000. s Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Includes shares of Federal and other savings and loan associations subscribed by the HOLC; also shares of Federal savings and loan associations held by the Treasury formerly classified under "all other assets." NOTE.—For explanation of table and back figuress ee BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Mar. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, 1937 1937 1937 1937 1937 1938 1938 1938 Loans to financiali nstitutions 295, 654 261,104 256, 965 249, 594 251, 368 246, 598 245, 303 i 241, 428 Loans on preferred stock of banks and insurance companies. 41, 379 39,167 38, 949 38, 800 38, 650 38, 417 37, 854 37, 778 Preferred stock, capital notes, and debentures 596, 998 566, 090 563, 465 559 623 555, 312 551, 335 537,199 534, 363 Loans to railroads (including receivers) 340, 367 356, 279 355. 932 355, 923 355, 894 358, 216 361, 95] 368, 471 Loans for self-liquidating projects 208, 496 231,171 232; 414 234,113 237, 637 235, 263 233, 782 237, 170 Loans to industrial and commercial businesses 63, 493 73,101 73, 283 72, 686 74, 794 73, 703 73,196 72, 688 Loans to drainage, levee, and irrigation districts 67, 744 77,180 77,160 77,179 77, 522 77, 715 77, 802 77, 522 Other loans } 3,511 3,870 3,946 3,970 3,920 3,846 3,962 4,067 Securities purchased from Public Works Administration 121, 622: 85, 621 88,999 117,504 132, 564 140,916 140, 656 140, 997 Total loans and investments, other than interagency.. 1, 739, 2651, 693, 5841, 691,1141, 709, 3921, 727, 6611,726,009 1, 711, 70S1, 714, 481 Loans to Federal land banks 14, 517 13, 212 13, 042 12, 308 11,617 11, 481 j 7,82&, 7,521 Loans to Commodity Credit Corporation 79, 688 3,361 10,165 31, 298 63,120 80, 206! 88,016' 95, 049 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 43, 769 57,487 60,150 62, 779 66, 408 68, 207 69, 8881 71, 352 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 2, 000 8,000 8,000 8,000 10,000 10,000 10,000 10, 000 Loans to Rural Electrification Administration 598 8,423 11, 698 16, 849 21, 598 26,055 29, 505 31, 755 Capital stock and surplus of National Mortgage Assoc 11, 000 11, 000 Total loans and in vestments _. 1, 996, 8371,901,067 1, 911,1681, 957, 6242,017, 403 2,038, 957 2, 044, 9452, 058,157 1 Includes $79,000,000 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

MAY 1938 FEDERAL RESERVE BULLETIN 395 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mo b r y tg - age loans c a r n e d d i d t i b s a co nk u n l t o s a f n o s r — to Loans to cooperatives by- End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p s a c p c R o r n r c o r o e c d e u e r a d d i g a d l a g i u t b t i i t t u r o i t c i a i o r o c n - t a n a n i o n a s o k l s r s l - n s , - , f c i i e n o n O t t x i a o s i o t c n v p t h n i e c e e t e s p i s r u r n , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R u i a r t r e g a a c g t r l o i i i o c o r c u p n n re o l s a - d - l - c d r E g r l o o o e m p a n u e n a c g r s y n h - d t m F b c i e e n r a d d e t n e e d i k r a r i - s a t te l B in C c a a c B o t e n l i o a u n v k p n d t s e e r k i s a r f n , - o l g r i M A i r n 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 - t d - for cooperatives i 1934—December. 1,915,792 616,825 99, 675 55, 672 60, 852 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 4.1,017 105,212 25, 288 164,887 1.641 69, 647 53, 754 1937—March 2, 057, 930 833, 821 144, 250 42,367 131, 905 23, 892 174, 709 1,305 56, 736 51, 810 April 2,055, 397 832, 881 153, 795 44,042 143,902 23, 588 187,185 1,249 49, 314 48, 522 May 2,053, 558 831, 705 159,073 45,131 152,466 23, 453 189, 686 1,070 45,000 47, 732 June __. 2, 052, 319 830, 577 164, 977 47, 337 160, 051 22, 914 189,141 635 45,032 46, 854 July 2, 050, 522 828, 771 170,110 48,167 163, 553 22,069 187, 353 1,126 52, 405 45, 664 August 2,047, 650 826, 317 171, 270 162, 515 21,126 185, 802 1,047 56,341 44, 281 September- 2, 045, 276 823, 257 167, 477 46, 573 153, 977 19, 434 182,331 1,157 66,897 47, 236 October 2, 042, 637 820,163 159, 898 42, 414 142, 652 17, 491 177, 362 1,229 73,450 45, 296 November- 2,039,005 816,653 160,627 40,857 137,473 16,208 173,701 1,509 82.026 45, 284 December.. 2, 035, 307 812, 749 165,194 40,464 138,169 15, 592 172,130 1,813 87, 633 30,982 1938-January 2,031, 290 807, 788 164, 700 39, 263 138, 996 15, 488 170, 429 1,576 86, 856 30,259 February _. 2, 029, 517 804, 212 173, 384 38, 852 147, 983 15,198 169, 609 1, 502 87,113 27, 875 March 2, 025, 707 798, 776 186,137 39, 526 162, 600 15,164 175, 800 1,420 82, 323 27, 304 1 Some of the loans made by the regional agricultural credit corporations arid the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS Unmillions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- U.S. Government Depos- securities End of month L p O o o H r w a a o n n t m i e C o e r n o s r ' ! - 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 s n a f o s v c i i n a g ti s L o o n a re s a n - n d s m l F i o t n h b e i e l a s o o o a d m n t n a m n e s i n s b t k r e u a t e 2 o - l r End of month a i n b t a c o l e - rs s1 Total i b C n p t a o o a n r s d s y k i e h - - s Total t o r i D g e b o a i c l n - - i t s - G t o t i a e g u b o n e a l a n d - - i r s - - C f s e u e r a t n e 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, 491 639 455 69, 734 86, 658 1935—December 2, 897,162 1,023 881 315, 683 102,795 1937—January 1,266 1,303 136 1,060 893 167 107 1936—December 2,765.098 L212 1,065 544,107 145, 401 February 1,270 1,307 133 1,061 894 167 113 March _ 1,272 1,310 132 1,097 930 167 81 1937—February... 2, 698, 611 1,240 1,157 611,212 141,205 April - 1,270 1,307 134 1,100 933 167 73 March 2, 661, 542 1,249 1,168 630,680 142, 720 May 1,268 1,306 134 1,100 933 167 72 April 2, 625, 493 1,257 1,168 652, 557 146. 149 June _ 1,268 1,307 136 1,100 933 167 71 May __ -2, 591,115 1,270 1,166 679,949 153, 491 July 1,271 1,309 134 1,100 933 167 75 June 2, 556, 401 1,286 1,181 703,996 167,057 August 1,273 1,312 133 1,100 933 167 79 July 2, 524,129 1,293 1,181 722, 442 169,571 September 1,270 1,307 133 1,100 933 167 74 August. ._ - _ _. 2, 497, 224 1,296 1,200 746,958 175, 607 October 1,269 1,308 130 1,100 933 167 78 September.- __ 2, 472, 421 1,307 1,211 769,117 179, 511 November 1,270 1,306 129 1,101 934 167 76 October 2, 446,002 1,311 1,211 782, 846 184,041 December 1,270 1,308 130 1,097 930 167 81 November 2,422,149 1,318 1,194 782, 495 187, 336 1938—January 1,272 1,311 125 1,097 930 167 89 December 2, 397, 647 1,328 1,198 808, 546 200,095 February ..PI, 271 1938—January 2, 370, 984 1,332 1,250 843, 626 190,538 March __ . Pl, 268 February 2, 348, 025 1,334 rl, 283 '855, 619 187, 518 March 2, 323, 995 1,338 1,283 870, 221 183,125 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does ' Revised. not include accrued interest nor outstanding savings stamps. i In addition to loans the HOLC held en March 31,1938, $840,000,000 in 2 Includes working cash with postmasters, 5-percent reserve fund and other assets, consisting principally of investments in the Federal Savings miscellaneous working funds with the Treasurer of the United States, and Loan Insurance Corporation and in various savings and loan asso- accrued interest on bond investments, and accounts due from late postciations, real estate and other property, and accrued interest receivable. masters. J Includes loans to Federal savings and loan associations, all of which are members, and a negligible amount to other 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

396 FEDERAL RESERVE BULLETIN MAY 1938 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average—100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production** Construction contracts awarded (value)2 Fac- Factory em- tory Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment3 r p o a l y l - s3 loadings4* (value) month Ad- Unad- Ad- Unad- Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Unad Ad- Unad Ad- Unadjustedjusted justec justedjustedjustedjustedjustedjustedjustedjustedjustedjustedjusted justedjustedjustedjustet justed 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 19°9 119 119 115 117 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 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 86 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 54 86 86 71 63 64 77 61 Sept 91 90 92 89 87 93 43 44 25 25 58 59 86 88 74 64 71 81 86 Oct. „ 95 97 95 96 93 101 48 45 25 25 66 62 87 89 76 68 75 78 86 Nov 96 98 97 98 93 96 60 53 26 25 88 76 88 89 76 68 69 82 91 Dec 101 96 101 95 102 97 68 54 26 22 103 80 89 88 78 68 64 83 145 1936 Jan 97 95 96 95 104 100 62 50 25 21 92 75 89 87 74 70 65 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 87 87 74 71 68 83 66 Mar.___. 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 April_.__ 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 71 68 84 85 May.— 101 105 101 105 102 101 46 56 32 38 57 70 90 90 81 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 110 106 99 104 62 65 46 46 76 81 93 94 84 76 77 86 68 Sept 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct 110 111 111 110 105 115 57 54 43 41 69 65 94 97 89 77 86 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 66 99 98 95 83 77 92 161 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 '116 111 62 54 47 42 75 64 100 99 96 82 76 95 76 Mar 118 122 117 122 128 '119 56 56 45 47 64 63 101 101 101 83 80 93 90 April._._ 118 122 118 125 115 105 53 61 44 51 61 68 102 102 105 84 79 93 89 May 118 122 118 123 '117 117 56 68 44 52 66 81 102 102 105 80 80 93 95 June 114 115 114 114 '115 '118 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 '113 120 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 '123 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 '80 79 75 '115 '108 '61 49 30 25 '87 68 89 89 81 67 62 89 156 1938 Jan 80 79 76 75 108 103 52 '42 26 22 '73 '59 84 82 72 65 59 90 70 Feb 79 79 75 76 102 98 51 44 32 28 66 56 83 82 73 62 57 88 70 Mar P77 P103 P95 P46 P46 P34 P35 P57 P56 P82 P82 P73 60 57 86 77 p Preliminary. ' Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 397-398; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. 3 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. 399-402. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 404. Back figures.—See Annual Report for 1936 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car loadings, see pp. 522-529 of BULLETIN for June 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

397 MAY 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average= 1001 1937 1938 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total 116 117 118 118 114 114 117 110 101 85 79 76 75 IRON AND STEEL 129 126 130 134 119 140 142 125 100 68 49 52 50 49 Pig iron 107 108 109 114 107 121 123 119 95 67 50 47 46 45 Steel ingots _ _ _ 131 128 132 136 121 141 144 125 101 68 49 52 51 49 TEXTILES _ 128 124 123 126 111 115 108 91 80 77 75 80 P81 Cotton consumption . 132 136 130 130 136 125 129 121 101 91 88 82 85 89 Wool _.. 129 128 119 121 119 95 106 88 65 51 56 54 62 Consumption 132 139 128 132 129 102 120 96 63 51 54 52 61 Machinery activity * _ '138 125 118 120 118 96 96 80 74 58 66 67 71 P51 Carpet and rug loom activity1- 104 101 96 93 94 71 83 80 59 41 43 40 49 Silk deliveries 112 114 120 109 115 97 92 103 105 94 69 80 88 100 FOOD PRODUCTS: Slaughtering and meat packing 86 89 93 76 77 70 78 87 89 86 86 92 86 83 Hogs 66 69 75 54 49 44 50 67 76 74 72 77 66 59 Cattle 108 113 113 99 111 99 111 109 102 96 101 106 109 111 Calves 122 136 130 124 134 129 141 140 120 115 114 113 111 116 Sheep ._ 151 139 142 145 145 139 148 150 139 139 143 160 164 151 Wheat flour 89 89 95 89 94 91 83 83 86 86 88 86 89 90 Sugar meltings _ 89 108 123 98 69 91 96 45 73 101 142 99 83 63 PAPER AND PRINTING: Newsprint production _ 62 64 62 62 61 64 65 65 63 64 63 57 53 53 Newsprint consumption _ _ 145 144 144 147 145 140 141 147 145 130 134 132 129 126 TRANSPORTATION EQUIPMENT: Automobiles . _ 120 121 130 135 130 129 157 135 142 92 78 65 62 54 Locomotives 13 24 33 31 30 25 21 29 32 22 16 14 19 LEATHER AND PRODUCTS 134 132 131 133 119 115 109 98 '89 81 86 94 102 P105 Tanning 106 103 107 109 102 94 93 86 79 77 75 78 81 Cattle hide leathers 108 106 107 111 99 91 93 87 85 81 76 72 79 Calf and kip leathers 92 85 94 82 83 68 63 60 52 63 73 80 89 Goat and kid leathers 114 115 121 .133 128 127 124 108 92 83 74 91 81 Boots and shoes 153 151 147 148 129 130 120 106 95 84 93 105 115 z>121 CEMENT AND GLASS: Cement 85 93 87 78 74 75 73 73 79 76 71 59 57 65 Glass, plate __ 244 229 241 223 260 206 216 199 179 151 108 62 35 42 NONFERROUS METALS: Tin deliveriesJ 131 144 138 115 112 100 108 136 141 115 88 91 85 77 Zinc 83 107 110 116 115 112 110 116 115 108 108 98 90 87 Lead 70 75 85 76 70 82 82 77 81 79 87 69 67 64 FUELS, MANUFACTURED: Petroleum refining 194 190 195 200 202 206 207 216 217 211 201 200 194 Gasoline1 245 242 249 253 256 261 265 277 277 268 255 253 243 Kerosene 106 108 103 112 114 119 121 109 110 113 108 111 113 Fuel oil * 130 126 123 130 133 139 134 147 147 144 140 141 140 Lubricating oil* 126 120 131 131 129 124 121 126 134 127 123 116 114 Coke, byproduct _ _ _ 136 138 141 143 134 144 149 148 128 104 89 87 85 82 Coke, beehive 22 25 25 31 29 32 28 25 20 14 11 9 8 7 RUBBER TIRES AND TUBES l 133 132 133 132 123 102 93 106 94 75 66 66 56 61 Tires, pneumatic l 138 137 138 137 128 105 96 110 98 78 70 69 58 64 Inner tubes ! _. 99 99 100 94 84 73 69 75 69 53 42 44 41 42 TOBACCO PRODUCTS 168 153 158 155 150 164 159 162 155 155 170 157 157 160 Cigars 78 83 82 74 73 78 73 77 73 73 74 75 73 77 Cigarettes 242 212 220 221 212 233 229 231 221 221 247 225 226 227 Manufactured tobacco. _ 81 84 89 81 80 86 79 81 82 83 84 77 77 83 Minerals—Total '116 128 115 '117 '115 112 '113 115 113 109 -115 108 102 P103 Bituminous coal2 98 112 72 80 '81 79 78 '87 '84 78 '79 65 63 Anthracite2 '51 '83 '99 '64 '76 '48 '38 '53 '56 '67 '70 66 53 Petroleum, crude 168 173 174 176 172 174 181 177 176 174 176 177 171 P172 Iron ore 159 122 121 126 113 91 40 Zinc. 83 107 110 116 115 112 110 116 115 108 108 98 90 87 Lead... _ 70 75 85 76 70 82 82 77 81 79 87 69 67 64 Silver. 94 93 103 101 107 148 139 116 91 119 104 96 96. 1 Without seasonal adjustment. Preliminary. r Revised. 2 Revised figures for January 1937, bituminous coal 87; anthracite 57. 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

398 FEDERAL RESERVE BULLETIN MAY 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total. 118 122 125 123 110 106 99 IRON AND STEEL . 135 •142 = 143 146 119 130 123 55 Pig iron 109 114 115 116 105 115 116 95 48 Steel ingots... 138 145 146 149 121 131 124 56 TEXTILES __ _ 134 132 127 123 119 103 107 93 Cotton consumption 141 143 140 134 130 114 118 104 94 Wool _ 135 129 117 116 113 89 91 P55 Consumption _. 144 141 124 122 116 91 101 Machinery activity 138 125 118 120 118 96 74 Carpet and rug loom activity- 104 101 96 93 94 71 59 Silk deliveries 120 110 119 108 102 92 109 105 FOOD PRODUCTS: Slaughtering and meat packing.. 85 84 83 74 76 67 83 95 107 78 Hogs 73 69 67 52 50 50 64 81 104 60 Cattle _... 95 99 99 96 104 121 119 110 107 97 Calves 114 137 141 140 139 125 134 126 117 105 117 Sheep 142 126 133 142 142 139 173 153 137 161 137 Wheat flour __. 83 87 83 83 ' 98 96 93 84 84 Sugar meltings 127 143 109 82 111 48 79 74 PAPER AND PRINTING: Newsprint production 62 63 63 63 63 62 65 63 63 52 Newsprint consumption.. 143 149 154 151 144 124 144 154 139 131 TRANSPORTATION EQUIPMENT: Automobiles 120 140 158 163 147 132 53 100 111 62 Locomotives 13 24 30 30 29 25 30 32 23 19 LEATHER AND PRODUCTS 137 136 129 122 114 114 113 97 103 P108 Tanning 110 103 105 103 100 91 84 83 Cattle hide leathers... 116 107 107 105 97 91 88 84 Calf and kip leathers.. 85 76 85 78 80 79 70 62 82 Goat and kid leather?. 119 117 120 124 128 118 113 96 84 Boots and shoes 154 158 144 135 123 127 127 106 116 CEMENT AND GLASS: Cement 51 67 85 92 91 92 92 90 46 Glass, plate 244 241 265 234 234 185 199 179 62 44 NONFERROUS METALS: Tin deliveries... 131 144 138 115 100 108 136 141 Zinc... 89 113 114 117 104 103 110 112 110 92 Lead II" 72 77 84 75 79 79 73 84 65 FUELS, MANUFACTURED: Petroleum refining 194 190 195 200 201 206 207 216 218 212 202 200 194 Gasoline 245 242 249 253 256 261 265 277 277 268 255 253 243 Kerosene 108 104 102 108 106 110 115 112 115 122 117 115 Fuel oil 130 126 123 130 133 139 134 147 147 144 140 140 Lubricating oil 126 120 131 131 129 124 121 126 134 127 123 114 Coke, byproduct 140 142 142 142 132 140 145 145 128 106 90 87 85 Coke, beehive 28 30 27 28 24 25 23 22 20 15 12 10 RUBBER TIRES AND TUBES. 133 132 133 132 123 102 106 94 75 66 56 T In i n re e s r , t p u n b e e u s matic 138 137 1 1 0 3 0 8 1 9 3 4 7 1 8 2 4 8 1 7 0 3 5 1 7 1 5 0 7 5 8 3 7 4 0 2 4 5 1 8 42 TOBACCO PRODUCTS 153 146 145 157 164 178 170 179 167 158 138 150 143 152 Cigars II.I" 67 76 77 76 80 82 76 88 89 86 55 58 63 70 Cigarettes 220 201 200 224 234 256 247 254 233 219 202 221 206 216 Manufactured tobacco. 82 85 82 82 81 88 85 81 78 84 Minerals—Total... 111 105 117 118 120 125 123 112 108 103 Bituminous coal... 104 112 61 70 72 72 92 92 87 '84 72 Anthracite i '68 103 '64 '66 '39 '54 '72 '69 '69 72 Petroleum, crude.. 165 171 174 177 175 177 184 182 177 172 171 170 168 Iron ore 238 240 245 257 218 156 34 Zinc 113 114 117 111 104 103 110 112 108 110 103 97 92 Lead 72 77 84 75 72 79 79 73 84 82 88 70 69 65 Silver I 102 102 104 105 126 138 111 90 128 105 97 104 p Preliminary. ' Revised c Corrected. i Revised figure for January 1937, anthracite 62. 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

MAY 1938 FEDERAL RESERVE BULLETIN 399 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted toCensus of Manufactures through 1933 1923-25 average=100 1937 1938 Industry and group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 99.7 100.9 101.6 102.2 101.4 103.0 102.4 100.7 98.4 94.1 89.0 84.2 82.9 81.6 Durable goods 93.9 96.3 97.4 98.4 97.8 100.1 99.3 98.6 96.7 91.4 84.4 76.8 73.9 72.4 Nondurable goods 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 91.4 IBON, STEEL PRODUCTS 103.7 106.4 108.0 108.7 100.7 108.3 108.7 108.4 105.4 98.4 90.5 83.0 80.2 78.7 Blast furnaces, steel works 112 116 118 120 106 121 122 123 119 110 100 91 88 86 Bolts, nuts, washers, rivets 89 90 93 94 82 88 87 88 85 81 74 63 63 62 Cast-iron pipe 69 71 72 72 69 68 66 64 62 59 61 56 56 57 Cutlery, edge tools 87 87 87 89 86 89 92 91 88 86 83 79 77 74 Forgings „ 70 69 73 73 73 77 73 74 72 65 60 52 48 44 Hardware 96 99 99 98 96 96 93 93 94 91 83 71 67 65 Plumbers' supplies 90 95 97 98 91 89 92 95 93 90 82 81 79 78 Steam, hot-water heating 78 80 82 82 80 81 77 77 71 64 61 59 56 57 Stoves 117 116 113 113 118 107 111 105 99 85 80 75 80 79 Structural, ornamental 75 76 78 77 78 79 79 80 78 75 70 66 64 61 Tin cans, tinware 105 104 105 107 107 110 109 104 98 99 94 92 91 90 Tools 99 101 101 103 102 103 105 99 96 91 87 82 79 79 Wirework _ _ 176 187 186 183 181 176 171 170 187 180 161 135 126 123 MACHINERY 118.9 121.1 123.7 125 6 129.4 131 5 131.3 130.2 128.0 120.8 113.2 104.8 99.6 96.4 Agricultural implements 113 125 130 136 143 147 148 151 158 145 140 135 130 130 Cash registers, etc 127 131 131 134 136 137 135 137 136 134 129 127 128 127 Electrical machinery 109 111 115 118 120 121 121 121 119 113 105 96 90 86 Engines turbines, etc. 134 137 140 147 146 150 151 155 157 152 143 133 123 119 Foundry, machine-shop products. 104 106 108 110 113 114 114 112 110 105 99 91 87 84 Machine tools _ . 136 141 147 150 153 154 161 157 157 152 146 141 132 126 Radios, phonographs 196 190 189 155 190 214 201 180 162 127 115 104 110 100 Textile machinery 81 83 85 87 87 87 88 87 84 78 73 68 65 62 Typewriters 148 153 154 154 159 156 155 150 147 134 123 117 115 113 TRANSPORTATION EQUIPMENT 113.0 117.3 118.6 122 2 122.6 123.5 121.3 123.9 126.3 119.1 102.8 82.7 78.8 76.8 Aircraft 772 783 798 807 794 768 812 799 817 795 789 787 792 775 Automobiles _ 123 127 128 133 134 136 132 136 138 128 109 83 80 78 Cars, electric, steam railroad 66 71 70 71 70 69 69 67 71 73 61 50 44 38 Locomotives. 54 54 55 55 57 60 61 64 66 64 60 57 51 44 Shipbuilding 100 106 106 104 104 102 106 106 106 107 103 99 96 95 RAILROAD REPAIR SHOPS 61 9 62.2 62.4 62 4 63.7 64.4 62.4 60.1 58.7 57.4 53.2 48.4 45. 1 45.1 Electric railroad 63 64 64 63 63 63 63 63 63 63 64 63 62 62 Steam railroad 62 52 62 62 64 64 62 60 58 57 52 47 44 44 NONFERROUS METALS, PRODUCTS 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 86.7 Aluminum ... 121 119 121 123 132 138 138 131 103 122 114 106 101 97 Brass, bronze, copper 122 122 126 124 123 121 121 117 112 103 96 90 87 85 Clocks, watches 120 122 124 125 124 120 128 126 124 119 111 101 104 102 Jewelry 89 90 90 95 95 101 99 93 92 90 88 87 85 87 Lighting equipment 98 104 100 100 96 94 93 97 98 93 85 71 66 64 Silverware, plated ware 73 73 74 73 73 82 78 80 78 76 74 72 72 71 Smelting, refining. _ 79 81 85 88 89 94 94 94 90 86 84 81 77 75 Stamped, enameled ware 159 161 158 160 159 153 156 152 152 143 125 111 106 108 LUMBER PRODUCTS 68.1 71.4 71.4 71 7 72.3 72.9 71.4 69.3 66 4 62.1 58.8 56.9 56.2 56.3 Furniture 87 88 90 91 92 91 88 86 81 75 73 71 69 69 Lumber, millwork 57 58 58 56 56 56 55 55 54 51 48 46 48 47 Lumber, sawmills _ _ 50 54 53 54 54 56 54 53 51 47 44 43 42 42 STONE, CLAY, GLASS PRODUCTS 72.6 72.6 71.8 71.3 70.4 70.4 70.3 70.5 69.4 67.2 64.9 61.2 59.5 57.3 Brick, tile, terra cotta 55 54 54 52 50 51 48 49 47 44 43 42 42 39 Cement 68 70 66 62 62 61 64 66 67 67 67 61 59 61 Glass __ 109 109 108 110 109 110 112 111 109 105 100 92 87 82 Marble, granite, slate 43 43 43 44 42 41 41 42 41 41 39 38 40 39 Pottery 77 78 78 79 82 79 79 78 78 75 73 72 70 68 TEXTILES, PRODUCTS 107.3 107.0 107.9 107.6 105.4 106.2 105.9 100.9 96.4 91.6 88.4 85.4 86.9 85.9 A. Fabrics 100.7 101.1 103.8 103.2 101.3 102 0 100.9 95.9 90 4 85.8 82.6 80.1 79.6 78.9 Carpets, rugs _ 101 99 101 102 102 100 101 101 87 85 79 69 73 71 Cotton goods 102 103 105 106 104 105 106 101 93 90 87 85 84 84 Cotton small wares 102 102 103 96 100 102 104 101 97 91 85 79 77 76 Dyeing, finishing textiles 117 116 119 119 114 116 116 114 113 108 104 102 100 98 Hats, fur-felt 89 88 86 84 90 87 84 79 82 87 87 84 82 81 Knit goods 123 122 122 121 118 123 121 117 112 108 101 101 103 103 Silk, rayon goods 79 80 85 84 86 84 81 76 73 67 61 56 56 59 Woolen, worsted goods 85 88 94 90 87 84 78 70 68 60 61 59 55 50 B. Wearing apparel 119.8 117.9 115.0 115.3 112.0 113.1 115.1 109.7 107.4 103.0 99.7 95.8 101.5 99.9 Clothing, men's 111 110 113 116 109 109 108 103 100 94 89 87 92 91 Clothing, women's 161 156 146 144 142 145 156 147 143 139 136 132 140 134 Corsets, allied gHrmeritS 91 90 88 89 90 91 90 89 89 89 90 88 86 84 Men's furnishings 141 141 140 138 141 147 139 129 128 122 114 105 114 116 Millinery 57 58 54 53 54 52 54 51 50 48 50 51 52 51 Shirts, collars 129 129 124 119 118 119 117 115 114 109 107 99 106 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN MAY 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. LEATHER PRODUCTS 98.1 97.4 96.5 96.0 96.1 95.2 93.0 90.0 88.8 85.7 86.1 87.2 87.8 86.5 Boots, shoes _ _ 100 99 97 96 97 97 94 90 90 88 89 91 92 91 Leather 97 97 100 100 99 95 94 93 89 83 78 77 77 75 FOOD PRODUCTS 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 8 110 0 Baking 135 136 134 135 135 136 134 134 136 134 132 133 132 132 Beverages 202 205 199 203 206 209 210 209 199 209 204 207 211 206 Butter 88 88 86 88 90 91 88 87 86 84 84 87 88 87 Canning, preserving 157 152 154 144 143 169 155 151 138 141 135 134 134 128 Confectionery 81 80 79 78 77 81 82 76 80 80 78 79 78 75 Flour _ _ 75 75 77 76 75 78 77 74 75 75 75 74 74 74 Ice cream 73 73 73 76 77 76 75 76 72 74 75 72 72 70 Slaughtering, meat packing 91 93 91 90 89 91 88 88 89 90 87 90 88 86 Sugar, beet 89 95 98 90 90 91 89 108 110 105 79 39 75 81 Sugar refining, cane 78 77 84 78 75 79 75 66 67 69 76 68 74 69 TOBACCO MANUFACTURES 61.8 61.7 61.1 61.2 60.2 61.3 60.8 60.2 59.3 59.6 59.6 56.2 60.1 60.3 Tobacco, snuff 57 56 56 56 58 57 57 56 56 56 56 56 57 56 Cigars, cigarettes 62 62 62 62 61 62 61 61 60 60 60 56 61 61 PAPER, PRINTING 105.5 107.4 107.5 108 0 108.2 107.3 107.4 107.8 107.0 105.0 102.1 100.7 100.9 100.5 Boxes, paper _ _ 104 106 106 106 106 105 104 100 99 97 94 92 92 93 Paper, pulp 116 118 119 120 121 120 119 119 117 114 109 108 109 108 Book, job printing 96 98 97 98 98 98 98 99 99 98 95 94 94 93 Newspaper, periodical printing.__ 104 105 105 106 106 105 105 107 107 106 105 103 103 103 CHEMICALS, PETROLEUM PRODUCTS, _ 121.6 122.5 124.4 126.0 127.5 127.7 127.2 127.4 123.7 120.9 115.5 112.9 112.7 110.9 A Other than petroleum 121.8 122.7 124.8 126.1 128.0 128.1 127.3 127.9 123.4 120.2 114.2 111.4 111.2 109.0 Chemicals 133 135 136 138 137 138 137 137 135 129 123 120 117 112 Cottonseed oil, cake, meal 80 67 77 77 72 62 62 97 87 90 85 98 97 85 Druggists' preparations 109 111 113 112 114 112 114 112 110 109 108 104 105 103 Explosives 92 90 95 93 97 97 97 97 94 93 93 90 86 87 Fertilizers 86 88 94 98 110 104 105 94 89 86 89 82 84 75 Paints, varnishes 133 135 136 134 134 136 136 134 132 129 124 119 117 118 Rayon, allied products 363 370 378 392 408 413 407 407 380 367 330 312 323 331 Soap 110 111 107 103 103 104 103 102 99 98 96 96 97 96 B. Petroleum refining 121 122 123 125 125 126 127 125 124 124 121 119 119 119 RUBBER PRODUCTS 101.7 96.0 95.8 101.7 100.0 96.6 99.8 99.5 98.1 90.4 86.3 79.1 74.3 72.0 Rubber boots, shoes 73 82 82 81 76 67 77 76 74 66 63 58 56 56 Rubber goods, other 140 142 144 145 144 140 140 137 135 126 121 110 108 1C6 Rubber tires, inner tubes 94 80 79 89 89 87 90 91 90 83 79 73 C6 62 NOTE.—Figures for March 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

MAY 1938 FEDERAL RESERVE BULLETIN 401 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bure<m 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 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Total 99.0 101.1 94.7 88.6 82.2 82.2 81.7 95.8 101.1 89.5 80.9 71.6 73.2 73.3 Durable goods 93 2 96.4 92.4 84.3 75.1 73.3 72.5 92.5 100.0 89.9 77.0 63.8 63.7 63.9 Nondurable goods 105.2 106.1 97.3 93.3 89.9 91.8 91.6 99.9 102.6 89.0 85.8 81.5 85.2 85.1 IRON STEEL PRODUCTS 103.4 106.8 98.1 90.0 81.2 80.0 79.0 103.9 112.6 85.7 71.9 59.2 61.4 62.6 Blast furnaces, steel works 114 117 109 100 91 89 87 119 127 93 76 62 65 66 Bolts, nuts, washers, rivets 89 90 81 74 63 63 62 106 108 79 66 49 53 53 Cast-iron pipe _ _ __ . 67 69 58 60 55 55 56 52 56 43 44 36 35 39 Cutlery, edge tools 88 89 88 84 78 78 76 81 84 81 75 63 64 63 Forgings _ _ 71 73 65 61 52 48 47 68 72 56 49 36 34 34 Hardware 97 100 92 84 71 68 66 90 117 100 81 56 60 57 Plumbers' supplies 91 96 90 80 79 80 79 68 80 64 55 56 54 55 Steam, hot-water heating.. __ __ 77 80 66 62 57 56 57 75 79 53 49 43 42 43 Stoves 108 113 91 77 64 74 77 97 102 65 56 44 57 61 Structural, ornamental 72 74 75 70 64 61 60 68 72 75 68 59 56 55 Tin cans, tinware 98 100 97 91 86 86 87 99 104 100 94 88 89 92 Tools 100 102 92 88 82 80 79 109 111 90 82 76 73 77 Wirework 176 187 180 161 135 126 123 156 180 162 136 108 102 106 MACHINERY 118.6 121.2 121.4 113.1 104.0 99 7 96 8 118 2 125 5 121 2 110 6 95 5 91 4 88 2 Agricultural implements _ _ 119 132 143 140 138 138 137 140 162 185 174 172 176 178 Cash registers, etc. 127 131 134 129 127 128 127 130 140 141 138 129 123 124 Electrical machinery 109 111 113 105 96 90 86 107 112 114 103 88 82 78 Engines, turbines, etc. 135 140 148 141 130 125 121 131 139 155 144 128 120 119 Foundry, machine-shop products. 104 107 105 98 90 87 85 105 112 102 93 79 77 75 Machine tools . _ 138 143 154 148 139 134 128 142 153 158 149 132 120 112 Radios, phonographs 171 163 157 124 97 95 86 124 127 123 99 76 72 61 Textile machinery 83 85 78 74 69 66 63 88 90 70 63 53 52 50 Typewriters __ _ _ _ _ 147 153 138 127 118 114 113 138 153 106 107 77 88 80 TRANSPORTATION EQUIPMENT 116.0 121.0 121.8 105.5 84.3 80 6 79 1 112 3 123 6 120.0 92 4 68 6 67 0 67 4 Aircraft 756 791 795 781 772 776 783 652 703 725 701 675 699 704 Automobiles _ _ __127 132 133 113 87 83 82 122 132 126 91 64 62 64 Cars, electric, steam railroad 63 70 66 56 45 42 38 67 79 81 65 49 48 43 Locomotives _ __ 50 54 62 60 52 48 44 37 . 41 51 54 38 37 33 Shipbuilding 99 107 106 105 99 95 95 98 * 116 121 127 114 110 110 RAILROAD REPAIR SHOPS 61.6 62.2 57.4 52.7 47.6 44.9 45 1 63.4 65 8 63.3 55.7 47.3 45.6 45.4 Electric railroad 63 64 63 64 63 62 62 65 67 68 70 68 69 69 Steam railroad 62 62 57 52 46 44 44 63 66 63 55 46 44 44 NONFERROUS METALS, PRODUCTS 111.5 114.6 108.4 98.9 88.4 87.6 87.6 103.5 111.8 99.9 86.5 73.3 73.5 74.6 Aluminum _ . 122 124 124 114 104 102 101 122 130 128 111 97 97 101 Brass, bronze, copper 122 124 106 97 89 87 87 120 128 92 80 71 70 72 Clocks, watches.. 120 122 125 115 100 104 102 111 120 122 105 89 91 87 Jewelry 89 89 100 90 82 84 86 66 69 79 71 61 61 61 Lighting equipment. ._ _ _ 97 104 96 87 69 66 64 90 109 94 72 53 55 55 Silverware, plated ware 72 74 79 76 69 71 71 63 68 73 68 54 57 60 Smelting, refining... 79 81 88 85 81 77 75 69 75 84 80 74 69 67 Stamped, enameled ware ._ 159 165 144 123 105 106 110 155 163 142 115 89 93 101 LUMBER PRODUCTS 65.8 69.8 63.5 58.1 53.7 54.3 55 0 58.2 64 6 55.1 48.4 42.5 45.5 48.0 Furniture __ _ _86 88 80 75 69 68 68 75 77 66 60 49 53 54 Lumber, millwork 55 57 51 48 44 46 46 50 53 46 43 37 40 42 Lumber, sawmills 48 52 48 43 40 40 41 40 48 40 34 32 33 36 STONE, CLAY, GLASS PRODUCTS . 67.2 70.3 68.2 63.2 55.1 55.0 55.4 59.8 66.1 63.6 54.5 43.4 46.4 48.0 Brick, tile, terra cotta.._ 47 49 46 41 35 35 36 38 43 36 31 24 26 26 Cement 58 64 66 61 50 49 54 53 63 67 58 44 45 51 Glass __ 108 110 107 100 88 85 83 107 115 112 96 76 79 80 Marble, granite, slate 38 40 42 38 32 35 36 30 34 35 31 24 29 30 Pottery 78 81 77 74 70 71 71 68 74 70 60 51 59 60 TEXTILES, PRODUCTS 110.2 111.2 92.0 88. 2 84.6 89.1 89.3 100.1 103.2 71.5 68.7 65.3 74.3 74.4 A. Fabrics _ _ _ ._ 103.6 103.8 87.2 84.0 80.6 81.7 80.9 97.6 97.5 71.5 68.9 64.8 69.3 68.4 Carpets, rugs 100 102 86 78 67 73 73 98 103 50 54 46 55 58 Cotton goods _ __ _104 105 91 89 87 86 87 100 101 77 74 70 71 73 Cotton small wares 107 109 91 85 79 81 80 105 109 79 75 68 76 78 Dyeing, finishing textiles 123 123 109 105 104 105 104 112 113 89 87 84 90 88 Hats, fur-felt 90 91 83 84 83 84 84 94 90 61 65 65 73 66 Knit goods 123 124 112 103 99 103 104 127 127 112 95 90 103 106 Silk, rayon goods 84 83 68 63 58 59 60 71 71 51 48 40 46 47 Woolen, worsted goods 92 90 60 61 59 60 52 82 79 43 50 49 50 39 B Wearing apparel 122.6 125.5 101.0 95.6 91.7 103.9 106.4 100.9 110.4 68.6 65.2 63.7 81.1 83.4 Clothing, men's 114 116 91 84 83 95 97 99 106 61 56 58 73 75 Clothing, women's 166 170 135 131 128 144 146 125 138 84 86 83 108 109 Corsets, allied garments 92 93 88 88 84 86 87 93 98 82 80 75 84 89 Men's furnishings _ 143 148 130 119 98 115 121 114 123 104 90 67 88 94 Millinery 62 67 44 44 50 56 59 50 65 27 27 34 44 50 Shirts, collars 127 130 115 106 89 104 110 112 122 103 87 71 84 90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN MAY 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 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. LEATHER PRODUCTS __ 99.9 100.8 80.3 81.8 85.8 89.4 89.6 90.9 92.4 53.8 58.4 65.6 73.5 72.8 Boots, shoes 102 103 81 84 89 94 94 88 89 46 53 63 72 72 Leather . _ . 98 99 83 79 77 78 77 105 107 83 79 77 80 78 FOOD PRODUCTS . 105.1 105.7 114.6 107.3 102.7 101.5 100.1 101. 3 104.1 115.9 110.4 106.4 104.2 103.3 Baking 132 134 135 132 130 130 130 122 124 130 127 125 126 127 Beverages 182 193 194 187 186 190 194 189 211 213 202 200 209 217 Butter 81 82 84 82 81 81 81 64 64 67 66 66 66 67 Canning, preserving 92 90 119 89 82 79 75 97 90 111 87 79 78 74 Confectionery 79 79 92 87 76 76 74 76 76 90 87 74 74 72 Flour 75 74 76 75 74 74 73 71 70 77 74 73 73 72 Ice cream 62 65 65 64 61 62 63 57 59 62 60 58 58 60 Slaughtering, meat packing 91 91 91 91 93 88 84 88 92 102 105 108 96 92 Sugar, beet _ 37 39 252 146 34 32 33 44 45 267 136 41 42 43 Sugar refining, cane 75 76 70 75 66 71 69 66 81 67 72 59 64 61 TOBACCO MANUFACTURES 60.5 60.8 62.9 60.8 51.9 58.8 59.4 52.6 52.4 57.2 55.7 44.6 48.8 50.6 Tobacco, snuff 59 57 57 57 57 59 57 67 66 64 68 67 68 65 Cigars, cigarettes 61 61 64 61 51 59 60 51 51 56 54 42 46 49 PAPER, PRINTING 105.7 107.1 106.4 104.1 101.0 101.1 100.2 100.5 104.1 101.5 100.8 95.6 96.5 96.5 Boxes, paper 102 104 103 97 89 90 91 103 107 103 93 83 88 89 Paper, pulp.. . 116 118 114 109 108 109 108 114 117 105 99 98 103 103 Book, job printing 98 98 98 98 96 95 92 91 94 93 96 91 89 87 Newspaper, periodical printing 104 106 107 107 103 103 103 99 103 106 108 101 101 102 CHEMICALS, PETROLEUM PRODUCTS... 121.9 124.9 122.7 116.3 112.5 113.1 113.0 123.6 128.1 132.1 124.4 117.4 119.1 119. 5 A. Other than petroleum 122.4 126.0 122.4 115.4 111.0 111.9 111.9 123.9 128.8 129.6 120. 3 112.2 113.7 114.5 Chemicals... 131 134 130 123 118 116 111 135 140 142 130 125 123 118 Cottonseed oil, cake, meal 82 69 121 110 104 100 87 67 59 113 105 97 91 78 Druggists' preparations _ 110 112 113 111 106 106 105 119 121 126 124 118 116 115 Explosives 93 90 95 95 90 87 87 93 98 107 100 82 92 91 Fertilizers. 96 136 75 82 83 93 116 87 128 77 82 79 87 109 Paints, varnishes 131 135 128 121 116 116 117 127 133 125 116 106 111 113 Rayon, allied products _ 370 ,373 374 337 315 329 335 345 350 360 314 276 283 301 Soap 110 'ill 100 95 94 96 96 125 123 117 111 109 111 111 B. Petroleum refining 120 121 124 120 119 118 117 123 126 140 138 134 137 136 RUBBER PRODUCTS 101.6 96.7 90.9 86.0 78.3 74.3 72.6 104.4 99.8 82.0 77.1 65.9 58.9 60.6 Rubber boots, shoes 73 80 72 68 59 56 55 65 72 62 55 44 40 41 Rubber goods, other 142 144 128 121 109 109 107 141 146 122 111 95 97 99 Rubber tires, inner tubes 93 81 81 77 71 65 63 101 90 73 71 61 50 52 NOTE.—Figures for March 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

403 MAY 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 242.7 192. 2 78.4 36.2 37.0 6.6 21.5 15.4 68.5 '98.6 19.6 19.0 17.8 16.4 February 188.3 118.9 63.0 40.0 12.6 4.9 22.3 13.0 59.6 30.5 11.3 15.4 19.4 15.1 March 231.2 226.9 90.2 79.4 22.2 15.7 30.0 20.2 52.5 59.7 10.0 21.0 26.4 31.0 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 ' Revised. *Not strictly comparable with data for earlier years due to changes in classification, Comparable figures for 1937 are expected to be available for publication in the next BULLETIN. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Month 1933 1934 1935 1936 1937 January 83 186 100 215 243 February . _ 53 97 75 140 188 March 60 178 123 199 231 April... 57 131 124 235 270 May 77 134 127 216 244 June.. 102 127 148 233 318 July 83 120 159 295 322 August 106 120 169 275 281 September 120 110 167 234 207 October 145 135 201 226 202 November 162 112 188 208 December 207 93 264 200 Year 1,256 1,543 1,845 2,675 OO OC Publicly financed ! Privately financed l 1938 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 192 39 157 55 149 112 118 44 29 45 66 130 75 119 27 65 38 79 69 51 26 31 37 62 119 68 227 25 126 68 96 66 95 35 52 55 103 165 132 18 78 53 105 74 39 53 71 130 195 24 72 47 94 93 53 63 80 122 151 29 73 64 116 137 74 54 84 116 180 20 52 67 153 131 63 67 93 141 191 47 69 92 153 104 59 51 76 122 178 71 69 97 116 80 49 41 70 119 127 100 79 114 101 78 45 57 87 125 124 126 74 118 89 93 36 38 70 119 106 156 61 196 82 115 51 32 68 117 94 2,913 683 975 1,007 1,334 1,152 573 568 837 1,341 1,761 r Revised. 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 1938 1937 Federal Reserve district Federal Reserve 1938 1937 district Mar. Feb. Mar. Mar. Feb. Mar. Boston. _ . __ _ ..... 11,675 7,492 14, 308 N A P R C h l i e t e c l w i a v h l a n e m Y d t l a a o e o n n l r d p d k hia.. __ _ ._ _ _ _ .. 2 5 2 1 1 3 5 4 5 3 , , , , , 1 4 0 7 7 7 7 1 2 9 3 0 9 5 5 1 2 1 1 4 8 4 0 0 , , , , , 9 0 3 7 8 2 0 0 2 4 6 7 4 8 1 4 2 2 1 1 1 4 6 4 9 , , , , , 7 6 3 7 2 7 5 1 7 8 2 8 3 2 7 N B P C h o e le i w s l v t a o e d Y n l e a o l n p r d k h . i . a __ . 33 9 6 7 0 1 1 7 26 9 8 9 5 5 1 6 24 4 7 6 9 9 0 8 M S C t h . i i n c L n a o e g u a o i p s o l . i s . _ _ . .. 3 1 3 6 2 , , , 0 6 5 1 8 8 4 3 7 17 6 5 , , , 3 6 2 9 8 8 4 3 9 4 1 7 6 6 , , , 8 5 4 6 0 1 7 2 7 A R Ch i t c l i a c h n a m g ta o o nd 17 5 5 5 0 5 1 4 6 61 5 0 11 5 3 5 3 8 K D a a n ll s a a s s City 1 19 1 , , 0 7 1 6 4 3 5 7 , , 3 9 4 3 2 9 11 8 , ,3 0 5 0 0 0 M K St a . i n n L n sa o e s u a p is C o i l t i y s 4 4 1 0 7 7 4 5 2 9 2 3 2 5 1 1 6 4 Total (11 districts) 226,918 118, 945 231, 246 Dallas 19 25 San Francisco 126 119 «• Revised. Total 1,088 1,071 OC OO Liabilitie 1938 1937 Mar. Feb. Mar. 1,295 1,179 721 4,149 3,103 3,042 481 874 1,347 946 906 702 823 491 359 494 460 414 4,574 1,711 1,565 324 493 276 241 260 90 352 445 778 313 245 129 1,575 3,192 1,499 820 15, 567 13, 359 10, 922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN MAY 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 163 163 182 233 263 133 152 193 278 163 30 11 -11 -45 100 March__ 191 185 195 257 P276 158 177 199 307 *>173 33 8 -4 -51 P102 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 September 191 199 221 297 132 162 216 233 60 37 5 63 October 206 221 265 333 130 189 213 224 77 32 52 108 November 195 270 226 315 151 169 196 223 44 100 30 92 "Dp.oember 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 l Index of m s o to n c th k ) s (end of Mar. Nov. Dec. Jan. Feb. Mar. Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 83 71 67 65 62 60 1937 1938 1937 1938 1937 1938 1937 1938 Coal 87 72 70 62 54 49 Coke .__ _ 92 59 46 46 35 38 Grain and grain products. _ 68 92 88 89 76 77 January 93 90 72 70 74 71 66 63 Livestock 42 42 42 44 41 41 February 95 88 76 70 76 70 72 67 Forest products 51 41 40 40 38 36 March 93 86 90 77 76 69 78 71 Ore 114 73 86 82 78 76 Miscellaneous 94 76 69 69 69 67 April 93 89 76 79 Merchandise * 69 64 62 61 62 61 May 93 95 76 78 June 93 90 76 73 Without seasonal adjustment July... 94 65 77 69 August 92 72 78 74 September 94 100 77 80 Total 80 72 62 59 57 57 Coal 92 78 78 71 63 52 October... 93 103 76 85 Coke 96 59 51 54 47 39 November 91 101 75 86 Grain and grain products.. 62 86 75 80 69 71 December 89 156 72 68 Livestock 34 51 40 43 34 32 Forest products 52 40 34 35 37 37 Year 92 76 Ore 29 40 21 18 19 19 Miscellaneous 90 78 63 59 59 64 Merchandise * 69 65 59 58 60 61 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 1937. Based on daily average loadings. Basic data compiled August 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 the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1938 FEDERAL RESERVE BULLETIN 405 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Year, month, or week com- Farm modi- prod- Foods Hides and Fuel and Metals Building Chemi- Houseties ucts Total leather Textile lighting and metalmaterials cals and furnish- Miscelproducts products materials products I drugs ing goods laneous 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82 6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 I$9.1 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 73.5 75.1 64 4 1933 - 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 15.9 81.5 69 7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 i$0.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76. 2 87.0 86.7 I$0.4 81.7 70 5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 89.7 77.8 1937—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 I36 9 89.0 81.1 May 87.4 89.8 84.2 86.3 106.7 78.7 77.2 95.8 97.2 I34.5 89.3 80.5 87 ° 88 5 84.7 86.1 106.4 78.2 77.5 95.9 96 9 33.6 89 5 79 4 July 87 9 89.3 86.2 86.3 106.7 78.3 78.1 96.1 96.7 33.9 89.7 79 0 August 87.5 86.4 86.7 86.1 108.1 77.1 78.4 97.0 96.3 32.2 91.1 77.5 September 87.4 85.9 88.0 85.9 107.6 75.3 78.7 97.1 96.2 31 4 91.1 77.0 October 85.4 80.4 85.5 85.1 106.7 73.5 78.5 96.4 95.4 31.2 91.0 76 2 November 83.3 75.7 83.1 84.3 101.4 71.2 78.2 96.8 93.7 30.2 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 1938—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 March _. 79.7 70.3 73.5 82.6 93.6 68.2 77.7 96.0 91.5 78,7 87.7 74.4 Week ending— 1937—j)ec 4 82 0 73.9 80.7 83.9 99.8 69.8 78.6 96.3 93.0 79.4 92.1 75 1 Dec. 11 81.9 73.4 80.7 83.7 98.3 69.9 78.6 96.2 93.0 78.9 92.1 74.8 Dec. 18 81.5 73.2 79.7 83.7 98.2 69.5 78.6 96.4 92.8 79.1 92.1 74.8 Dec. 25 81.2 72.9 78.9 83.6 98.4 69.4 78.6 96.2 92.5 79.2 91.4 74.9 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 ?, 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 Mar. 19 79.5 70.5 73.4 82.8 94.2 67.8 78.1 96.1 90.6 78 4 89.6 74.5 Mar. 26 79.2 69.6 73.1 82.7 93.7 67.7 78.1 96.0 90.7 78.1 89.6 74.1 Apr. 2 78.8 68.8 72.6 82.4 93.4 67.1 78.1 96.0 90.2 77 6 89.5 73.4 Apr. 9 78.5 68.1 72.2 82.2 92.5 67.0 77.6 95.9 91.2 77.3 88.7 73.1 1937 1938 1937 1938 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 113.2 71.5 75.0 73.0 69.0 Agricultural implements . 93.1 96.1 96.2 96.2 96.2 Livestock and poultrv 93.7 78.4 78.5 78.1 82.7 Farm machinery 94.0 97.6 97.7 97 7 97 7 Other farm products 88.5 69.3 66.1 63.5 62.8 Tron and steel 97.5 99.0 99 6 99 3 99 4 FOODS: Motor vehicles2 86.3 95.6 95.6 95.6 95.6 Dairy products 90.2 90.2 83.3 78.3 76.7 Nonferrous metals... 101.1 75.1 75.0 72 1 71 6 Cereal products 90.1 82.0 83.0 83.2 80.9 Plumbing andheating 77.6 79.6 79.6 79.6 78.9 Fruits and vegetables 86.5 57.8 56.7 56.8 56.5 BUILDING MATERULLS: Meats 92.0 88.8 82.6 78.4 81.6 Brick and tile _ 91.8 92.0 91.8 91 5 91 1 Other foods 78.2 71.5 69.5 66.7 65.9 Cement 95.5 95 5 95 5 95 5 95 5 HIDES AND LEATHER PRODUCTS: Lumber 102.1 93.8 92.6 91.0 91.3 Shoes 102.3 105.6 104.7 104.6 104.6 Paint and Daint materials * 83.9 80.2 80 1 79 2 82 2 Hides and skins 118. 5 85.5 82.3 74.6 69.5 Plumbing andheating 77.6 79.6 79.6 79.6 78.9 Leather 97.1 86.9 86.6 84.4 83.3 Structural steel L12. 9 114 9 114 9 114 9 114 9 Other leather products 101.7 102.7 102.4 102.4 102.2 Other building materials. 98.9 96.9 95.8 95.3 94.8 TEXTILE PRODUCTS: CHEMICiLLS AND DRUGS: Clothing 84.8 86.7 86.3 85.8 84.6 Cheinicals _ 95.3 83.5 84.1 83.6 83.2 Cotton goods 94.0 68.7 68.2 67.6 67.5 Dni£;s and pharmaceuticaIs 83.0 75.1 74.0 73.9 73.8 Hosiery and underwe/ar 64.9 63.4 63.0 60.9 60.3 Fert lizer matei•ials.. 70.3 72.0 72.1 72.3 71.8 Silk and rayon 33.6 29.4 28.9 28.5 28.8 Mix*id fertilizers 71.7 74.4 73.4 72.3 71.6 W Ot o h o e l r e n te x a t n il d e w p o ro rs d t u ed c t g s oods 9 6 2 6 . . 6 5 8 6 3 8 . . 5 5 8 6 3 7 . . 8 7 8 6 1 7 . . 0 0 8 6 0 7 . . 2 0 HOUFSuEFrrlJ li R s N hi I n SH gs ING GOODS: 91.7 93.5 92.8 92.2 91.6 FUEL AND LIGHTING MATERIALS: Furriture 85.0 85.9 83.7 83.7 83.7 Anthracite 77.8 80.0 80.1 79.8 79.3 MlSCELLANEOUS: Bituminous coal 97.5 101.1 103.2 103.2 99.5 Auto tires andtubes 55.0 57.4 57.4 57.4 57.4 Coke 97.7 105.5 105.5 105.5 105.5 Cattle feed L35 0 81 7 91 6 86 7 85 1 Electricity 77.8 83.1 Paper and pulp 90.2 89.8 90.0 89.7 88.8 Gas 79 8 81.3 81 8 82.9 Rubber, crude 50 9 31 2 30 5 30 2 28 4 Petroleum products. 58.6 59.5 58.8 58.0 57.9 Other miscellarleous _ _ _ 84.8 82.7 82.4 82.2 82.1 1 Monthly figures from January 1937 to February 1938, inclusive, and weekly figures from January 16,1937, to April 2,1938, are subject to revision. 2 Preliminary revision. Back figures.—For monthly and annual indexes of groups, see Annual Eeport 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 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN MAY 1938 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of Month T c tr o o ( i 5 e u ta 2 s n ) l - i U S n ta i t t e e s d C a a d n a - c t r r E o o ( i 2 e u u p 6 s n - e ) - A L c tr o m i a ( i c 1 u e t a e 1 i s n n r ) - - O c t A i r a o c a i n e s u e i d a ( s n a 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 ? - d France m G a e n r y - It E a u ly r * ope g B iu e m l- N la e n th d e s r- t B i S N o a w n a n - i a 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 9,517 666 816 291 1,648 4,395 270 611 438 454 1936—December. 22, 630 11, 258 188 9,307 736 858 283 2,584 2,995 208 632 490 655 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 15 April 23, 204 11, 799 199 9,302 731 879 295 2,584 2,846 208 607 670 635 11 May 23, 529 11, 990 193 9,464 716 875 291 2,647 2,846 208 609 769 635 17 June 23, 845 12, 318 187 9,466 730 863 281 2,689 2,722 208 625 848 8 July 23, 656 12, 446 188 9,159 721 876 267 2,689 2,422 208 617 862 3 August 23, 592 12, 567 188 9,141 711 717 267 2,689 2,424 28 208 607 862 615 4 September 23, 733 12, 741 186 9,129 711 702 264 2,689 2,428 208 590 862 612 6 October 23, 845 12,803 187 9,191 706 691 2,428 572 906 646 4 November 23, 968 12, 774 187 9,359 695 687 2, 2,564 570 940 644 5 December. P23, 970 12, 760 184 '9,380 P693 687 2,689 2,564 208 597 930 648 5 1938—January... P24, 033 12, 756 186 P9, 451 P688 687 266 2,689 2,564 957 687 5 February .P23.945 12, 776 188 P9, 349 P261 2,689 2,428 977 5 March 12,795 P186 P9,328 2,689 2,428 208 531 7 E urope— C ontinued 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. 19 112 104 740 159 60 403 8 1935—December _ 19 112 109 735 185 63 444 17 1936—December. 20 91 114 718 240 82 501 25 1937—February.. 21 91 115 718 241 82 489 26 March 21 91 115 718 241 82 487 26 April 21 91 115 718 241 82 494 27 May _ 22 90 116 718 242 82 483 28 June __. 22 91 116 718 242 79 496 28 July 22 90 86 117 718 243 78 487 29 August 22 90 118 718 243 78 477 29 September- 22 90 118 718 243 78 481 30 October 23 90 119 718 244 78 479 30 November- 23 91 119 718 244 78 471 31 December. 24 92 120 718 244 78 469 32 1938—January.— 24 93 120 718 245 79 463 P32 February „ P24 93 121 718 253 P79 458 P32 March P121 718 261 P79 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b o m ia - - M ico ex- Peru g U u r a u y - c o t o r th i 4 u e e n s r - I B n is r d i h i t a - 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 u 3 e e n s r - 1934—December . 23 18 275 394 184 24 1935—December. 44 19 275 425 212 24 1936—December. 46 19 275 463 203 25 1937—January. __ 48 19 275 466 217 25 February- 50 20 275 469 230 25 March 52 18 275 456 237 25 April 47 19 274 459 215 25 May _ 46 19 274 452 211 25 June _ 45 19 274 443 201 25 July 45 19 274 412 187 25 August 43 19 274 261 189 23 September. 38 20 274 261 189 20 October .__ 34 20 274 261 189 22 November. 31 20 274 261 189 22 December. P31 P20 274 261 189 22 1938—January. — P31 P20 274 261 189 22 February.. P31 P20 274 261 184 P22 p Preliminary. r Revised 1 See notes under United Kingdom, Italy, and Spain. 2 Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $934,000,000 of gold on Mar. 31, 1937, and $1,395,000,000 on Sept. 30, 1937. 3 Official figure for December 1936 carried forward for January 1937; figures for February and March 1937 officially reported as of 20th of month; March figure carried forward for subsequent months. 4 No statements have been received from Bank of Spain since Aug. 1, 1936. Figure for that date has been carried forward. 6 Figure for March 7, 1938, date of latest statement received. 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

MAY 1938 FEDERAL RESERVE BULLETIN 409 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world produc- Africa North and South America Far East Year or month tion outside Total South Rho- West Belgian Colom- Austra- Japan British U.S.S.R. Africa desia Africa Congo Canada Mexico bia Chile lia proper India $1=25-8 /It1 grains of gold 9/10 fine; i e., an ounce of fine gold=$20.67 1929.. 382, 532 359,347 215,242 11,607 4,297 2, 390 45,835 39, 862 13,463 2,823 683 8,712 6,927 7,508 1930 _ 401,088 373,154 221, 526 11,476 4,995 2, 699 47,123 43, 454 13,813 3,281 428 9,553 8,021 6,785 1931. 426, 424 394,399 224,863 11,193 5, 524 3,224 49, 524 55, 687 12,866 4,016 442 12,134 8,109 6,815 1932. 458,102 421, 656 238,931 12,000 £, 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 60,868 13,169 6,165 3,009 16, 790 8,968 6,918 $1 = 15-5/21 grains of gold 9/10 fine;i. e., an ounce of fine gold=$S5 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 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 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 1936. 970,206 856,383 396,768 28. 053 16, 295 7,386 152, 509 131,181 26, 465 13, 632 9,018 39, 793 23,684 1937. 1,045, 428 P918, 311 410, 710 28, 296 20, 784 8,018 167, 723 143,172 29, 591 15, 478 11,063 46, 827 P25, 065 1936—September. 85, 304 75,139 33,816 2,363 1,444 696 14,409 11,635 2,346 1,236 467 3,515 2,246 October 87, 322 76,861 34,199 2,292 1,493 691 15,950 11, 749 1,943 1,108 784 3,596 2,075 November _ 83, 328 72, 730 33,042 2,270 1,506 634 13, 369 11, 229 2,291 1,035 758 3,467 2,162 December.- 83, 893 73, 752 33,858 2,262 1,544 631 13,106 11,612 1,647 1,113 708 4,170 2,118 1937—January 84, 278 73,348 34, 352 2,315 1,671 586 11, 597 11, 499 2,854 1,332 935 3,158 2,065 February __ 79, 256 68, 523 32, 330 2,109 1,563 579 10,285 10,853 2,227 1,117 769 3,714 2,077 March 84, 864 74, 203 34, 381 2,416 1,605 634 12,645 11, 420 2,510 1,285 620 3,550 2,156 April 83, 253 72, 660 34,308 2,391 1,669 638 11,245 11,317 2,111 1,269 926 3,725 2,106 May 87, 500 76,697 34,010 2,408 1,559 681 14,361 11, 904 1,678 1,234 1,860 3,897 2,122 June 87,133 76, 702 34,132 2,339 1,649 688 13,150 12,071 3,701 1,246 643 4,033 2,093 July.. 89,159 78,423 34,895 2,364 1,650 693 14,984 12,162 2,452 1,476 962 3,861 1,945 August *>92,439 *81, 747 34, 598 2,441 1,822 710 18,254 12,196 2,451 1,422 782 3,961 P2, 135 September. ?88, 338 P77, 806 34,170 2,421 1,890 695 15,059 12,184 2,246 1,298 847 3,964 P2, 100 October ?90,196 P79, 763 34, 559 2,399 1,896 698 16,111 12,559 2,449 1,281 907 3,878 P2.065 November.. P90, 240 *>79,864 34, 279 2,352 1,854 686 15,987 12, 349 2,849 1,373 724 4,374 P2,100 December.. ?88, 771 P78, 564 34, 696 2,341 1,957 729 14,046 12, 658 2,064 1,144 1,088 4,712 *>2, 100 19 38—January P87,091 ^76, 555 34, 573 2,381 1,964 661 12,618 12, 638 P% 518 1,456 P840 3,858 P2, 100 February. _. P$2,847 P72, 291 32, 524 2,246 Pl, 899 *>661 11, 207 11, 929 p% 448 1,175 P770 H 383 P2, 100 Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes VI UlU }JI UUKMlUll HI U. *J. *J. it.. X> VJ IGgUXCU KJ\J V CX XJJ-IXCJJ ^, ^ _ _ ,.._.... ^ ._, - - ^ 1 p i 9 r r r 3 o e 4 d g , u u $ c l1 1 a1 t 3 i r o 5 ly ; n , 1 g ' 9 i i n 3 v 5 e m , n $ il 1 o l 5 u i ' o 8 t ; ' n b s 1 y 9 o 3 o f 6 « f , d f• i o $ c 2 • l ia l 0 a 'l 0 s r . s o , -f a • s t h f e o ll g o o w ld s— m a in t i $ n 2 g 0 i .6 n 7 d- u p s et t rrf r y i > y fni , e to to o gg u ee n tht c he e er : r 1 w 9 w 2 iti 9 ht , h $ c 1 ce 5 ertr ; at 1 ai 9 nin 3 0 d d , i ri $ er 3 ec 1 ct ; t f 1 if 9 gig 3 uu 1 rer , es $ s 3 f 4 ofo ; r r 1 p 9 pa 3 as 2 st , t y $ y 4 ee 0 aa ; r rs 1 s, 9 ,a 3 af 3 ff , of o $ rdr 5 d 6 a ; a a b t ba a $ ss 3 isi 5 s f p of e or r r e f es i s n tit e mi m o a u ati n tni c ng e g : a 1 an 9 nn 3 n 3 uu , a al $ l 95; p Preliminary. 1 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: net Year or month i e m o x r ( p p - n o o ) e r r t t t s s U K d n i o i n m t g e - d France g B i e u l m - N la e e n r t d - h s - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a Japan B I r n i d ti i s a h o c t o A t r h i u l e e l n s r - 1934 i 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 4 76,820 32,316 1935 1, 739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15, 335 3,498 75,268 47,054 1936. 1,116, 584 174,093 573, 671 3,351 71,006 7,611 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—October 218,812 72,154 95,013 799 25, 745 8 12,222 530 4 2,157 1,869 5,782 2,530 November 75,836 44, 665 20 2,545 3,698 10, 660 368 1,628 3,781 6,182 2,289 December _ 56,970 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 145,495 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 1,025 1,043 1,870 February 8,036 -11 15 692 721 2,105 1,330 1,943 1,241 March _ 52, 927 31,395 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,536 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. NOTE.—For gross import and export figures and for additional countries see table on page 380. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN MAY 1938 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Ger- United Kingdom many Net imports from or net exports (—) to: Total Total Year or net im- South net immonth e o x p ( r p o ) o r n t r e s t t s U S n ta i t t e e s d France m G a e n r y - g B iu el m - N l e an th d e s r- U.S.S.R Au li s a tra- A A d W R f e f h r r s e i i o c i c s a - a a t , , B In ri d ti i s a h B O c t r o r t i i u h t e i n e s s - r h China c o t o A r th i u e l e n l s r - e o p x r ( o p r o n t r e ) s t t s 1934 716,269 -497,166 348,190 121,017 -13, 585 32, 575 41,790 335, 253206,693 62, 397 -90,920 1935 369, 722 -435, 502142,137 -4, 726 -17,476 10, 796 931 37,981 404,295 181, 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 -16,572 199,965 24,165 464, 837 66,330 22,079 15, 544 -3,718 1938—Oct... 7,615 -72,441 -383 3,964 -1,039 2,458 1,984 45,323 7,853 1,199 2,710 15,986 -3, 521 Nov.. 83,168 -49, 224 72, 506 -163 377 2,304 36, 230 14,896 1,610 4,727 -1,581 426 Dec... 100,505 -63,914 118,655 -624 -1,130 1^836 2,126 41,683 7,243 1,172 1,927 -8,467 5,098 1937—Jan.... -25, 523 -73, 568 22,453 -220 414 1,021 2,504 16,903 3,953 -5,305 17,426 Feb... 122, 296 -75, 615 163,919 153 452 1,756 1,968 24,113 8,705 786 -3,942 27,024 Mar.. 78,484 -104,399 124,121 507 1,587 965 22,520 2,727 5,760 592 -2,489 588 Apr... 12,036 -149,444 11,281 -1,055 104 927 98, 510 2,122 44.198 2,848 1,220 1,325 1,778 May- -48,319 -101,710 -274 -1, 786 -1,545 452 8,430 2,353 37,106 8,368 873 -586 2,956 June.. 22,957 -128,380 79,545 8,398 -7,915 997 14,027 1,552 46,933 2,782 1,251 3,767 -22,222 July.. 127,953 -79,498 112,113 16,348 -9,207 -208 14,153 705 57,861 6,129 1,296 7,227 1,032 -11,355 Aug... 122,643 -26,043 50,463 12,212 416 -662 16,914 1,981 54,463 7,178 1,171 8,454 -3,903 -11,467 Sept.. -29, 775 -86,14f -2,034 8,245 573 -420 19,784 2,039 36.199 4,735 989 • -13,739 -8,182 Oct... -6, 348 -16, 236 -2,831 3,171 8,176 -10,047 1,476 36,244 5,739 1,032 5 -33,071 63 Nov... 22,054 4,258 -2,488 84 -2, 215 -5, 663 2,359 47, 694 4,r~ 3,877 5 -30, 813 -79 Dec— 20,976 2,006-15,077 90 -12, 834 -5,689 2,379 36, 528 5,174 8,300 -137 236 -247 1938—J F a e n b . . . . . . 2 51 7 , , 4 3 8 5 7 6 3 1 , , 6 57 8 0 0 - - 1 2 0 , , 1 68 3 9 3 4 7 1 7 -1,21 2 5 2 - - 6 3, , 2 3 7 3 8 4 5,659 3 2 , , 7 9 8 5 7 6 3 43 2 , , 9 0 8 2 2 3 4 5 , , 4 0 9 2 6 7 10 7 , , 7 3 4 9 3 7 -65 6-l - l 7 , , 0 8 1 8 8 5 5 -2 ,3 0 5 0 9 Mar.p. 83, 495 -36, 472 -4,511 -1 55,455 3,396 11, 273 4,743 50, 500 2,750 7 _o.r Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Gold Change in: Y«»r or net net promonth imports imports duc- ! e o x ( r p ) o n r e t t s U S n ta i t t e e s d U K d n o i i n t m g ed - France g B iu el m - Italy N la e e n r t d - h s - c o t o r A th i u e l e n l s r - e o x r p o n r e t t s U S n ta i t t e e s d U K d n o i i n m t g ed - c o t o A r th i u e l e n l s r - I t n i i o n d n ia I s I e n i r d R n v ia e e * s - P i I n h n r g i o d v s i l a d a * i - 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 -4,352 11,222 173-219, 671 1935... -230, 788 647 -54,858 -181, 725 -13,940 25, 542 342 -6, 795—161,872 -46,172 -113, 953 -1,746 11,393 -150,472 1936... 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 61r" '-9, 951 ••—51, 583 »*-153 11,574 -50,073 1936—Oct... 14,848 19 „•„ ' 6 • 56 = 8,177 62 57 -112 -11,576 -8,025 -3,769 218 -10, 594 Nov.. 2,210 -3,676 2,892 1,241 1,723 -65 97 -9, 347 -7,116 -2,369 138 -8,381 Dec. -2,874 -4,916 2,293 -47 -33 20 -5, 506 -3,677. -1,953 124 983 -4, 523 1937— N D F M A J S J M A O u u e e J e o u p c a c a l p a b n g y v t n r , r t y . e . . . . . . - . . . . . . . . . . . . _ . - - 1 4 - - - - - - 2 1 4 6 7 1 1 7 9 , 4 - 6 , , , , , , , 1 6 4 0 1 1 , 0 . 4 5 1 8 5 3 3 7 3 4 3 3 0 1 9 1 7 5 0 9 4 7 8 8 6 7 2 3 5 - - - - - 3 1 1 6 6 6 , , , , , 1 2 2 2 6 - 7 4 4 7 4 8 4 3 7 5 2 8 - - - 1 4 1, 5 2 3 - - - 5 - , , 3 3 , , 4 1 9 ^ 3 , 2 4 2 8 9 7 6 8 5 5 2 3 8 1 3 3 7 6 3 1 7 6 6 0 - - - - - - - - 1 3 1 8 6 9 5 6 , - - - , , , , , , , 2 6 4 2 1 8 6 9 8 7 2 - 8 1 9 4 3 2 3 9 2 4 7 1 2 9 0 2 2 7 1 5 8 0 6 2 1 - 4 - - 5 , 1 2 - , 1 5 8 7 6 5 1 3 1 0 2 0 5 5 3 5 2 9 7 2 9 7 7 8 2 8 2 3 1 2 - - - 1 5 5 5 0 5 6 5 0 9 1 9 - - 2 1 - - 4 3 2 , , 5 5 , , , 2 1 5 2 5 2 3 6 7 7 8 5 7 5 5 7 5 6 5 8 6 9 5 3 5 4 0 -13 1 - 1 - 1 1 , , , , , - 8 3 8 5 6 1 4 9 3 3 2 5 7 5 1 5 1 8 1 0 5 0 5 9 4 9 6 1 4 4 7 8 7 - - - - - - - - - - 3 8 4 3 6 5 4 4 5 4 1 , , , , , , , , , , ~ 1 4 9 9 0 1 5 6 9 2 - 6 7 3 6 6 9 5 9 3 0 1 7 3 8 8 7 5 9 2 0 ' — - - 1 4 1 - - - - - , , , 2 8 6 4 9 1 0 6 3 6 2 2 7 0 8 4 6 3 0 4 6 7 1 4 - - - - - - - - - - - 5 3 3 3 7 2 4 4 4 3 4 , , , , , , , , , , , , 2 4 7 2 0 1 8 2 7 5 7 2 7 5 1 5 1 8 5 9 7 5 3 3 3 0 2 8 3 9 4 8 2 -1 - , — 1 3 2 4 1 3 1 1 2 0 0 2 2 1 9 5 7 2 4 2 9 8 7 1 8 4 2 3 5 1, 9 8 9 9 9 9 9 9 9 9 9 0 9 8 5 7 5 7 8 8 3 6 3 2 9 4 6 9 7 5 2 2 2 1 8 9 " - " - 3 " 4 8 I — - - - - - - - - - - 2 3 7 2 7 5 4 3 4 3 3 - , , , , , , , , , , , 8 2 9 4 9 7 0 6 2 9 6 2 5 6 5 2 9 8 0 7 0 7 9 6 3 2 2 1 3 6 6 4 0 0 4 2 1938—Jan.. _ 10,826 8 12,478 -13,978 10,409 -41 1,614 335 -5, 599 -414 -5,110 <7| 948 -4,651 Feb. _ 2,448 -35 11, 223 -11,518 -584 615 2,198 549 P-7, 326 P948|. p-6,378 Mar.? -3, 202 3,430 -9,148 -1,372 1,601 1,372 915 -3,268 "I" -2,320 * Preliminary r Revised *Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. »Includes exports of $50,661,000 to Sweden and $12,571,000 to Norway; and net imports of $53,465,000 from Switzerland. 1 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. 8 Figures for Sept., Oct., and Nov. 1937 include exports to Central and South America of $15,120,000, $27,511,000, and $24,996,000 respectively. • Includes net exports of $12,119,000 to Switzerland. 7 Includes $2,592,000 imported from Brazil; and exports of $7,586,000 to Sweden and $8,287,000 to Switzerland. « Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 9 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. " 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

MAY 1938 FEDERAL RESERVE BULLETIN 411 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o ur u e n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t ^ - Cash reserves 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 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 _ 147.6 38.8 40.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30_ 120.7 31.8 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 .8 23.6 18.6 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27_ 190.7 1.0 88.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26_ 102.3 .5 47.1 7.6 08.2 405.2 89.1 9.9 36.4 18.0 1035—Dec. 25. 200.1 .8 85.5 8.5 04.7 424.5 72.1 12.1 37.1 18.0 1936—Nov. 25. 248.7 .7 88.1 6.8 08.6 445.6 97.6 12.1 41.7 17.8 Dec. 30. 813.7 .6 46.3 17.6 155.6 467.4 150.6 12.1 39.2 18.0 1937—Jan. 27_. 813.7 .4 61.4 8.0 07.4 452.3 98.4 12.1 38.4 18.1 Feb. 24. 813.7 .7 68.6 4.0 105.3 455.1 100.4 13.0 37.9 18.2 Mar. 31. 313.7 1.0 30.8 7.1 123.4 473.8 62.3 52.2 38.5 18.3 Apr. 28. 313.7 1.0 44.8 6.6 110.7 468.8 87.6 26.2 39.6 17.7 May 26. 321.3 .0 46.0 4.0 110.7 475.2 91.4 24.9 37.5 17.8 June 30. 326.4 .0 38.0 6.3 164.3 488.4 140.5 10.8 40.2 18.0 July 28.. 326.4 LI 28.1 5.8 135.2 408.3 104.3 10.5 37.3 18.1 Aug. 25. 326.4 1.6 88.1 4.3 128.6 488.3 92.8 25.4 36.0 18.2 Sept. 29. 326.4 1.7 37.9 8.2 126.6 488.5 95.1 21.8 37.2 18.8 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 07.0 480.4 83.6 35.4 36.3 17.8 Dec. 29 . 326.4 .8 41.1 0.2 135.5 605.3 120.6 11.4 36.6 18.0 1938—Jan. 26_. 326.4 53.2 10.4 117.9 473.2 113.1 13.6 37.3 18.1 Feb. 23. 326.4 61.0 6.6 116.9 474.5 105.6 16.7 35.5 18.2 Mar. 30. 326.4 41.0 8.7 131.0 485.4 108.1 17.8 37.4 18.3 Apr. 27* 326.4 37.1 7.1 133.4 489.3 113.3 10.9 36.5 17.7 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 Other v m G a e n t r o e o n c v n - e - t s m G S t e o h e n v r o t e m r r t s n - e - - s O e t c t i h e u s e ri r - N c b u e l g r e i o t s i t e e ia - s - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1929—Dec. 27.. 41,668 25,942 8,624 2,521 5,612 5,603 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 8,429 2,901 6,304 6,609 76,436 12,624 11,698 2,241 1931—Dec. 30 _ 21, 111 7,389 2,730 7,157 8,545 85,725 5,898 22,183 1,989 1932—Dec. 30 _ 83,017 4,484 3,438 2,515 6,802 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29 _ 77,098 1,158 4,739 2,921 6,122 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28 _ 82,124 963 3,971 3,211 5,837 8,288 83,412 3,718 15,359 1,907 1935—Dec. 27 . 66.296 1,328 9.712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,118 1936—Nov. 27.. 64,359 1,466 925 8,056 12,298 702 3,464 5,640 8,029 86,651 2,069 13,058 8,160 Dec. 30- 60,359 1,460 1,379 8,465 17, 698 715 3,683 6,640 8,344 89,342 2,089 13, 655 2,557 1037—Jan. 29 57,359 1,435 1,620 8,553 10,772 1,168 3,701 5,640 8,209 87,688 1,955 15,280 2,534 Feb. 26 57,359 1,323 1,524 8,900 10,772 873 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 10,001 065 3,918 6,642 0,256 87,063 4,361 13.408 2,518 May 27 __ 1,053 1,437 8,377 10,080 385 3,777 5,642 8,158 85, 745 3,154 14, 766 2,502 June 24 54,859 1,058 1,260 0,356 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 0,799 25,009 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 Mar. 31_. 55, 807 845 573 10, 321 38, 574 997 3,825 5,575 8,361 2,233 21.409 3,141 v 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. » By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by law of October 1. By decree of July 22,1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853). « Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediseounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 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

412 FEDERAL RESERVE BULLETIN MAY 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 n ) d Se lo c a u n ri s ty E a c l s i o g n v i o e b t r l e e Other O as t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia ti t b e h i s e li r - 1929—Dec. 31.. 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31 _. 2,216 469 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31- 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31.. 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30_. 386 9 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31- 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31.. 82 5 53 4,498 84 349 315 853 4,285 1,032 923 1936—Dec. 31.. 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—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 June30.. 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 Mar. 31. 71 5 89 5,813 63 96 297 1,388 5,622 1,323 877 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 1938 1937 [Figures as of last report [Figures as of last report date of month] Mar. Feb. Jan. Mar. date of month] Mar. Feb. Jan. Mar. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Loans.. _ 54 30 29 38 Gold . .. 7,575 7,580 7,555 Other assets 464 464 466 314 Foreign assets 22, 320 22 524 24 522 Note circulation 4,419 4 325 4,282 4,404 Loans and discounts 4,195 4,047 3,668 Demand deposits—Treasury 37 10 33 166 Other assets 3,849 3 783 3 951 Other . 379 832 813 734 Note circulation. 10, 861 10,818 11,539 Other liabilities— 118 118 118 72 Other sight liabilities.. 15,191 15,184 16,382 Central Bank of Bolivia (thousands Other liabilities 11 887 11 931 11 775 of bolivianos): Central Bank of the Argentine Gold at home and abroad 51,996 50,421 Republic (millions of pesos): Foreign exchange 91,312 111, 320 Gold at home __ _ 1,336 1,345 1,224 Loans and discounts 34, 961 11, 642 Gold abroad and foreign ex- Securities—Government 398,926 414, 560 change . 63 47 286 Other 4,586 4,735 Negotiable Government bonds 115 96 Other assets 14, 738 13,968 Other assets 209 150 165 Note circulation _ 247,342 231, 293 Note circulation 1 166 1 149 1 140 Deposits 292,065 271,155 Deposits—Member bank 360 333 383 Other liabilities... 57,110 104,199 Government 125 114 117 Bank of Brazil (millions of milreis) : Other 3 Cash 239 Foreign exchange sold forward 29 Correspondents abroad 413 Other liabilities 39 38 31 Loans and discounts 2,441 Commonwealth Bank of Aus- Deposits 2,949 tralia (thousands of pounds): National Bank of Bulgaria (mil- Issue department: lions of leva): Gold and English sterling.._ 16,006 16,006 16,006 16,012 Gold 1,994 1,755 Securities 40,301 40, 302 40,801 39, 806 Foreign exchange 838 554 Banking department: Loans and discounts,. 1,061 921 Coin, bullion, and cash 1,273 1 307 1,317 1,109 Government debt 3,495 3,551 London balances 26, 699 25,688 31, 384 26, 299 Other assets 1,188 1,053 Loans and discounts... 11, 966 12, 533 12, 368 15,139 Note circulation 2,361 2,440 Securities 51, 098 51,718 52,653 38,251 Deposits 3,965 3,109 Deposits 86, 294 87, 291 93, 718 76,487 Other liabilities 2,250 2,287 Note circulation 49, 034 49,034 49,534 48, 289 Bank of Canada (thousands of Ca- Austrian National Bank (millions nadian dollars) : of schillings): Gold. . . . 180,865 180,144 179, 756 187,947 Gold i 243 243 243 243 Sterling and United States ex- Foreign exchange (non-reserve) __ 180 177 168 96 change 22,205 19,079 16,815 19, 706 Loans and discounts __ 185 186 188 197 Canadian Gov't. securities: Government debts 612 612 612 620 2 years or less 120,012 68,783 76, 329 50,975 Other assets 166 161 151 125 Over 2 years 41,457 86,497 90,753 101,797 Note circulation 900 953 892 891 Other securities 12, 287 12, 203 12, 201 Deposits 326 267 315 243 Other assets 8,616 8,395 8,514 10,184 Other liabilities 160 159 153 148 Note circulation 148,645 149,108 152,896 125,970 National Bank of Belgium 2 (mil- Deposits-Chartered banks 194,860 188, 750 198, 986 194, 275 lions of belgas): Dominion Government 25,928 20, 572 17, 800 36, 751 Gold 3,132 3,498 3,533 3,651 Other 2,303 3,665 1,735 1,452 Foreign balances and bills 1,093 1,092 1,012 3 1, 373 Other liabilities . . 13, 705 13,005 12, 951 12,160 Discounts 210 201 206 (4) i March 1938 figures for Austrian National Bank are for March 7, date of latest statement received. 1 Form of official statement revised effective December 1937. * Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937. • Not reported separately on bank statement; see notes 2 and 3. 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413 MAY 1938 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Central Bank of Chile (millions of Central Reserve Bank of El Salvape^os): dor—Cont. Gold 144 144 144 143 Government debt and securities 5,788 5,867 6,364 Discounts for member banks 23 18 5 13 Other assets.,. __ 2, 047 1,769 2,510 Loans to sovernment 782 791 791 799 Note circulation 16,137 15, 894 18,182 Other loans and discounts 112 120 115 115 Deposits 7,528 6,673 7,176 Other assets 54 35 50 50 Other liabilities 4,079 4,182 4,240 Note circulation 711 704 701 702 Bank of Estonia (thousands of Deposits— krooni): Bank 206 211 196 210 Gold 34, 222 34, 217 34, 216 34,180 Other 60 54 76 81 Foreign exchange (net) 17, 271 17,311 15, 731 17,164 Other liabilities 138 138 133 127 Loans and discounts 25,092 25,008 24, 833 26,121 Bank of the Republic of Colombia Other assets. 30, 663 30, 876 29, 781 21, 285 (thousands of pesos): Note circulation ' 50, 528 50, 774 48, 770 47,184 Gold 34 242 34,914 32,134 40, 212 Demand deposits 35, 528 34, 741 34, 942 36, 206 6 475 9 248 12 696 9,690 Other liabilities 21,192 21, 896 20, 847 15, 360 Loans and discounts 17, 342 16, 839 16, 370 7,024 Bank of Finland (millions of mark- Government loans and securities. 46, 585 46, 099 45, 722 45, 752 kaa): Other assets 26 282 26,146 26, 287 27, 015 Gold 635 635 635 816 Note circulation 47 708 48, 574 48,863 51, 478 Foreign assets 2,535 2,476 2,374 1,960 Deposits 42 368 43, 516 43, 492 41,158 Loans and discounts 1,456 1,332 1,157 1,085 Other liabilities 40 851 41,157 40, 855 37, 058 Domestic securities 299 297 349 308 National Bank of Czechoslovakia Other assets 366 361 400 320 (millions of koruny): Note circulation 2,292 2,189 2,015 1,913 Gold 2 661 2, 649 2,641 2,583 Deposits—Treasury 428 612 472 467 Foreign exchange 508 528 523 146 Other 885 659 828 483 Discounts 1 188 875 1,004 1,180 Other liabilities 1,686 1,642 1,600 1,627 Loans 1,154 730 993 1,069 Bank of Greece (millions of drach- Government debt 2,007 2,008 2,010 2,018 mas): Other assets. 1,179 1,177 1,225 1,046 Gold and foreign exchange (net)__ 3,406 3,382 3, 451 3,272 Note circulation 6 997 6,078 6,099 5,949 Loans and discounts _ 6,140 5,800 5,616 3,066 Demand deDosits 157 347 629 464 Government obligations 4,342 4,384 4,381 4,154 Other liabilities 1 544 1,544 1,668 1,628 Other assets 1,767 1,675 1,682 2,156 Bank of Danzig (thousands of Note circulation __ _ 6,572 6,357 6,358 6,368 gulden): Deposits 6,795 6,551 6,405 4,363 Gold 28, 376 28, 374 28, 370 29, 552 Other liabilities ___. 2,287 2,332 2,367 1,916 Foreign exchange of the reserve.. 2,330 2,215 2,991 310 National Bank of Hungary (mil- Other foreign exchange 385 417 397 2,076 lions of pengos) : Loans and discounts 15 882 16 228 16, 867 15, 341 Gold....!... 84 84 84 84 Other assets 3,545 3,533 3,434 4,136 Foreign exchange reserve 66 61 58 47 Note circulation 34 184 33 617 34, 735 32, 018 Discounts 457 385 386 451 Demand deposits 12 835 13, 296 13, 297 13, 243 Loans—To Treasury 119 119 117 102 Other liabilities 19 031 19 012 19 012 19, 019 Other 19 14 14 12 National Bank of Denmark (mil- Other assets 311 302 287 208 lions of kroner) * Note circulation 547 444 437 417 Gold 118 118 118 118 Demand deposits _ 235 237 219 200 Foreign exchange 76 88 83 17 Certificates of indebtedness... 70 70 70 93 Discounts 21 20 21 28 Other liabilities 204 214 220 194 Loans—To Government agencies 123 123 140 180 Reserve Bank of India (millions Other 99 104 113 141 of rupees): Securities 96 76 69 54 Issue department: Other assets 83 69 65 65 Gold at home and abroad 444 444 444 444 Note circulation 399 391 386 378 Sterling securities 788 788 788 793 Deposits _ __ 58 54 73 78 Indian Gov't. securities 274 274 274 224 Other liabilities 159 153 150 147 Rupee coin 634 632 629 619 Centra) Bank of Ecuador (thou- Note circulation 1,861 1,859 1,833 1,944 sands of sucres): Banking department: Gold 34, 006 Notes of issue department... 279 279 303 136 Foreign exchange 24, 706 Balances abroad __ 94 72 49 265 Loans and discounts 31, 794 Treasury bills discounted 10 Note circulation 58, 336 Investments... 71 64 60 76 Deposits 43, 462 Other assets 7 6 16 National Bank of EgyptJ (thou- Deposits 354 315 310 381 sands of pounds) * Other liabilities 108 107 107 106 Gold 6,545 6,545 6,545 Bank of Japan (millions of yen): Foreign exchange 2 825 2 593 3,515 Gold' . . . 801 801 801 540 Loans and discounts 5 361 5 818 4,136 Discounts 459 463 496 572 British, Egyptian, and other Loans—Government 3 3 3 204 Government securities 34 752 34 873 39,059 Other 61 107 161 93 Other assets 7, 255 7,231 8,086 Government bonds _. 1,032 1,175 1,210 629 Note circulation 20> 159 19, 830 21,153 Other assets 241 222 174 228 Deposits—Government .... 8,783 9,163 lft, 50.5 Note circulation 1,824 1,907 2,051 1,464 Other 19, 262 19, 685 21, 533 Deposits—Government __ 366 519 432 400 Other liabilities 8,534 8,381 8,151 Other 127 71 88 83 Central Reserve Bank of El Salva- Other liabilities 280 273 274 319 dor (thousands of colones): Bank of Java (millions of guilders): Gold 13 172 13,172 13,142 Gold 117 117 89 Foreign exchange 5,287 4,183 6,986 Foreign bills _ 3 3 3 Loans and discounts 1,450 1,758 597 Loans and discounts 67 66 68 * 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. 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414 FEDERAL RESERVE BULLETIN MAY 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Bank of Java—Cont. Bank of Portugal—Cont. Other assets 107 105 99 Loans and discounts. 332 Note circulation 183 185 182 Government debt 1 044 DeDosits 81 78 51 Other assets 1 290 Other liabilities 28 28 26 Note circulation.. _ _ 2 059 Bank of Latvia (millions of lats) * Other sight liabilities. _ 1 152 Gold 78 78 78 77 Other liabilities 1 111 Foreign exchange reserve 47 44 43 40 National Bank of Rumania (mil- Loans and discounts 128 128 130 118 lions of lei): Other assets 56 61 66 44 Gold 16 602 16 504 15 731 Note circulation 67 66 62 49 Special exchange accounts 5 307 5 915 4 460 Deposits 194 191 198 201 Loans and discounts _ _ 6,441 6 175 6 329 Other liabilities 49 53 56 30 Special loans «._ 1 989 1 989 2 157 Bank of Lithuania (millions of litu): Government debt 10,553 10,549 10,820 Gold 79 79 79 77 Other assets 9 769 9 174 9 267 Foreign exchange 5 4 4 6 Note circulation 30, 731 30 102 25 949 Loans and discounts 118 114 114 99 Demand deposits 10 570 10 642 11 657 Other assets 32 32 29 34 Other liabilities- 9,360 9 561 11 158 Note circulation 134 118 117 114 South African Reserve Bank Deposits 79 90 88 80 (thousands of pounds): Other liabilities 21 20 20 21 Gold 22 892 22 298 22 936 28 783 Netherlands Bank (millions of guil- Foreign bills - 6,440 5,535 3,176 5,455 ders): Other bills and loans 324 3,620 2,973 22 Gold 1,466 1,436 1,406 920 Other assets 12, 669 12,436 12 932 17 048 Silver (including subsidiary coin) 15 16 18 17 Note circulation 15,170 16,897 16,995 15,355 Foreiern bills 5 5 5 2 Deposits __ 23, 649 23,504 21, 757 31, 904 Discounts 9 9 9 21 Other liabilities 3,507 3,489 3,265 4,049 Loans 298 271 226 179 Bank of Sweden (millions of Other assets. 65 65 63 63 kroner): 900 902 886 814 Gold - . 575 557 540 531 Dfitiosits GovfirnniGnt 86 109 188 74 Foreign assets 914 968 1,030 891 Other 824 744 606 269 Discounts 13 12 12 11 Other liabilities 48 47 47 45 Loans 21 21 23 22 Reserve Bank of New Zealand Domestic securities 25 21 16 33 (thousands of pounds): Other assets 314 304 288 346 Gold 2,802 2,802 2,802 Note circulation 965 921 906 873 Sterling? exphancre reserve 17,249 16, 231 19,099 Demand deposits.. _ _ 758 829 879 775 Advances to State or State un- Other liabilities 138 134 125 185 dertakings 7,274 7,724 7,130 Swiss National Bank (millions of Investments 2,971 2,915 2,453 francs): Other assets 540 296 273 Gold — 2,885 2,890 2,842 2,718 Note circulation 13,772 14, 240 13,179 Foreign exchange 505 515 519 22 Demand deposits 15, 369 14,031 16,921 Discounts _ 14 13 15 30 Other liabilities 1,694 1,696 1,656 Loans 23 23 24 4a Bank of Norway (millions of Other assets _ _ 642 635 630 622 kroner): Note circulation. _ 1,539 1,471 1,451 1,394 Gold 199 179 180 215 Other sight liabilities _ 1,896 1,969 1,947 1,40ft Foreign assets 235 241 '237 100 Other liabilities.... 634 637 635 633 Total domestic credits and Central Bank of the Republic of securities 169 166 166 227 Turkey (thousands of pounds): Discounts 0) 68 67 149 Gold 36,848 36, 837 36, 753 36, 707 Loans 0) 29 32 25 Foreign exchange—Free 4 3 25 54 Securities 0) 69 67 53 In clearing accounts 22,800 26,781 23,857 48,927 Other assets 0) 24 15 16 Loans and discounts 52,700 49,783 45, 502 30,239 Note circulation 430 418 421 410 Securities 190, 284 188, 378 188,405 187,132 Demand deposits—Government- 59 56 56 46 Other assets 36, 242 41, 238 38, 237 26,202 Other 83 77 62 44 Note circulation _ 176, 374 176,376 176, 376 180,975 Other liabilities (i) 58 60 59 Deposits 49,804 44,195 40, 578 38,331 Central Reserve Bank of Peru Other liabilities— 112,698 122,449 115,825 09,955 (thousands of soles): Bank of the Republic of Uruguay Gold and foreign exchange 55, 900 57, 605 48,157 (thousands of pesos): Discounts 27, 612 40, 806 36,105 Issue department: Government loans 65, 512 46, 964 45,289 Gold and silver _ _ 42,087 41, 601 Other assets 9,013 11, 260 7,927 Note circulation 90, 826 92,162 Note circulation 94, 976 94,420 93,471 Banking department: DeDosits 45,048 42, 260 30,832 Cash reserves _ 22, 450 23,156 Other liabilities 18,012 19,955 13,175 Loans and discounts 93,857 82, 559 Bank of Poland (millions of zlotys) : Other assets 59,"S79 85; 977 Gold 438 437 436 406 Deposits -__ 81,179 101, 594 Foreign exchange 18 26 32 35 Other liabilities 95,107 90,097 Loans and discounts 671 610 622 640 National Bank of the Kingdom of Securities __ 127 126 128 135 Yugoslavia (millions of dinars): Other assets 424 459 465 453 Gold —. 1,782 1,725 1,719 1,650 Note circulation 1,107 1,016 1,014 1,000 Foreign exchange 381 448 461 623 Other sight liabilities 230 307 327 254 Loans and discounts 1,613 1,598 1,623 1,683 Other liabilities 342 336 343 415 Government debt 2,240 2,240 2,239 2,249 Bank of Portugal (millions of Other assets 3,260 3,192 3,055 1,835 escudos) * Note circulation 5,865 5,697 5,673 5,381 Gold 913 Other sight liabilities 2,607 2,725 2,661 1,980 Other reserves (net) 574 Other liabilities 804 780 762 679 Non-reserve exchange 169 ' Revised. »Figures not yet available. » Agricultural and urban loans in process of liquidation. 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415 MAY 1938 FEDERAL RESERVE BULLETIN BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1938 1937 1938 1937 Assets Liabilities Mar. 31 Feb. 28 Mar. 31 Mar. 31 Feb. 28 Mar. 31 Gold in bars _ 20,907 16,316 45,087 Demand deposits (gold)... 9,623 9,441 23, 309 Cash on hand and on current account with banks . _ 22,174 30,787 25,636 Short-term deposits (various curren- Sight funds at interest _ 15, 795 13, 917 26, 538 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 44,825 39, 249 24,148 (at cost): Time—not exceeding 3 months. 127,411 130, 783 105,482 Commercial bills and bankers' ac- Time—between 3 and 6 months 6,951 3,818 cent anofts 126, 779 127, 694 101,347 Treasury bills 102,832 100, 663 130, 696 Total 179,187 173, 850 129, 630 Total 229, 610 228, 357 232,043 Central banks for account of others: Dpmftnd 3,308 2,704 4,248 Time funds at interest: Other depositors : Not exceeding 3 months. 52,364 55, 665 27,012 Demand __ 1,022 3,082 229 Between 3 and 6 months 1,527 1,669 Time—not exceeding 3 months 1,170 1,243 8 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account. _ 153,126 154,334 153,158 Treasury bills 28, 679 34, 418 26,864 German Government deposit 76, 563 77,167 76, 579 Sundry investments. _ 117, 079 107,366 68, 036 French Government guaranty fund. 28,609 30, 433 42,819 Between 3 and 6 months: French Government deposit (Saar). 938 998 1,404 Treasury bills 26, 929 31,135 6,637 Sundry investments 37,119 45, 775 68,233 Total - . 259, 236 262,931 273,959 Over 6 months: Treasury bills 35, 756 26, 963 77,890 Capital paid in 125,000 125,000 125,000 Sundry investments _ 54, 930 55,121 11, 773 Reserves: Legal reserve fund 4,238 4,238 3,784 Total _ 300,493 300, 776 259, 432 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_. 1,424 1,402 1,354 sold . . 935 978 1,329 Sundry items __ 40,876 44,012 39, 045 226 53 96 Total liabilities. 644,031 646,850 618, 842 Total assets. 644,031 646, 850 618, 842 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 io d n K s o in f g p d o o u m nds sterling) re C se a r s v h es M ca o s l h n l o e a y r n t d at B co il u ls n d te i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - a O s t s h e e ts r Total D D e e p m os a i n ts d^ Time* lia O b t i h li e t r ies notice 10 London clearing banks 1030—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 1935—December 236 187 316 630 864 238 2,238 232 1937—December 236 155 295 605 954 242 2,250 237 11 London clearing banks2 1936—December 244 195 322 6flO 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 1,242 1,038 250 March 244 150 239 634 1,000 239 2,254 252 i Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936. * 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

416 FEDERAL RESERVE BULLETIN MAY 1938 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. fr F a 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 ro s m B co il u ls n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—December. 2,419 4,675 20, 448 10, 743 2,361 36, 681 35, 284 1,397 921 4,357 1931—December., 11,311 2,168 18, 441 9,274 2,130 38, 245 37, 023 1,222 576 4,503 1932—December. 9,007 1,786 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—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—January 2,852 3,589 18, 289 7,949 1,340 29, 831 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 3,596 16, 701 8,357 1,448 31,008 30, 465 543 600 3,732 April 2,891 3,579 16,043 8,116 1,481 27, 703 27,164 539 583 3,825 May 3,014 3,666 16,479 7,996 1,446 28, 242 27,682 560 542 3,817 June 2,761 3,933 15, 869 8,514 1,595 28,128 27, 568 560 591 3,954 July 2,764 4,176 16, 954 8,276 1, 602 29, 069 28,523 546 570 4,133 August 2,925 4,258 16, 842 8,008 1, 689 28,988 28,438 550 583 4,152 September 2,790 4,552 16, 802 8,723 1,832 29, 288 550 644 4,216 October... 2,698 4,434 19,079 8,172 1,952 31, 277 30, 708 569 695 4,364 November- 3,325 4,040 18,046 7,834 2,011 30,142 29, 539 604 695 4,419 December. 3,403 4,116 18, 249 7,624 2,134 30,348 29, 748 600 661 4,517 1938—January _._. 2,990 4,319 17, 921 7,905 1,400 30, 022 29, 386 636 740 3,773 Assets Liabilities Germany * (5 large B l e io rl n i s n o b f a r n e k ic s h . sm F a ig rk u s r ) es 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 si n t d s Time o C b b f r t a r e a o n d i m n k it e 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—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 February.. 141 278 2,997 2,631 1,058 855 6,146 2,818 3,328 463 1,350 Assets Liabilities (10 cha l r io te n r s e d o f b C a C a n a n k n a s d a . i d a a F n ig d u o r ll e a s r s i ) n mil- Ca E sh ntire S ly l e o c a i u n n r s i C ty an a a O n l d o d t a a h n e d s r is- S a f a o n l e f b o d r r d c r o e a u o u i m n e n g a r s i e n d t t y Se ti c e u s ri- Other ci N t r i c o o u t n l e a- D T ad o e a p ta o e l s x i c ts l d D u p e d e a p i m n y o g a s a b i n t i l s d n e t e in r T b C a im n a k n e - 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—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 O D N c e o c t v o e e m b m e b b r e e . r . r . . . 2 2 2 5 5 7 2 5 3 8 8 7 2 7 6 8 8 8 9 8 6 0 4 2 1 1 1 1 2 0 4 1 2 1 1 1 , , , 4 3 4 1 9 1 1 1 1 4 4 5 9 8 1 6 6 0 1 1 9 0 0 6 6 1 2 2 2 , , , 3 3 3 5 3 3 1 3 5 7 7 7 4 8 5 9 1 2 1 1 1 , , , 5 5 5 8 7 8 4 0 3 8 7 7 0 8 8 6 9 5 1938—January... 257 72 839 96 1,434 480 92 2,314 723 1,591 771 February.. 242 70 852 1,440 482 95 2,319 704 1,615 770 1 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 baek 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

MAY 1938 FEDERAL RESERVE BULLETIN 417 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective K U in n g i d te o d mFrance m G a e n r y - Italy N la e n th d e s r- Sw la i n tz d er- b C an e k n tr o a f— l R A 3 a p 0 t r e . ef D fec a t t i e ve b C an e k n tr of a — l R to at " e ef D fec a t t i e ve In effect Jan. 1, 1936 2 6 4 5 3^ 2H Jan. 2, 1936 5 Jan. 10. 4 Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 J F a e n b . . 1 4 6 3 A Be r l g g e i n um tina... 3 2 M M M a a y r. 1 1 6 , , 1 1 9 93 3 5 6 J L a a v t a via - 3 5 J N a o n v . . 1 1 4 , , 1 1 9 9 3 3 6 7 M M Fe a a b y r . . 7 7 28 V 5 6 A B B B u o ri l l t i g i v s a i h r a i a India 3 6 6 J N A u u o ly g v . . 2 1 5 8 5 , , , 1 1 1 9 9 9 3 3 3 2 5 5 N L M i e e t t x h h i u e c a r o l n a i n a d . _ s - 3 2 J D M u e a l c y r . . 3 1 1 , , , 1 1 1 9 9 9 3 3 3 6 6 7 May 18 Canada 2M Mar. 11, 1935 New Zea- May 30 VA Chile - 3-4K Dec. 16, 1936 land 2 June 29, 1936 June 4 4K Colombia... 4 July 18, 1933 Norway VA Jan. 5, 1938 J J J J J u u u u u l n n n n y e e e e 7 3 2 2 2 0 5 6 4 . 4 5 4 3 3 ^ D D E C c z a e v u e n n a c a z m k h d i i g o a a o s r r l k o- 3 4 4 4 J J N N a a o o n n v v . . . . 3 1 2 0 1 9 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 2 7 6 6 P R S P P o o o e u r u l r m u a t t u n h a g d n A a i l a frica _ 6 4 V 4 V - H A A 4K M D A D M e e u a a c c g y y . . . 2 1 1 1 1 0 8 5 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 2 3 7 4 J S S u e e l p p y t t . . 1 9 2 0 5 3 5 2 E F E i l s n t S o la n a n l ia v d ador- 4 4 4 K D A O e u c c t g . . . 2 3 3 1 , , , 1 1 1 9 9 9 3 3 3 4 5 5 S S S w w pa e i i t d n z e e n rland V 5 1H A J N D u e o l c y v . . 2 1 6 1 5 , , , 1 1 1 9 9 9 3 3 3 6 5 3 Oct. 2 . 3 France 3 Nov. 13, 1937 Turkey 5H Mar. 2, 1933 Oct. 9 Germany 4 Sept. 22, 1932 United King- Oct. 16 2 Greece 6 Jan. 4, 1937 dom 2 June 30, 1932 N O o ct v . . 2 2 0 6 2V2 IH H It u a n ly g - ary 4 4 M A M u a g y . 1 2 8 9 , , 1 1 9 93 3 6 5 Y U. u g S o . s S la . v R i . a _ . _ . 4 5 J F u e l b y . 1 1 , , 1 1 9 9 3 3 6 5 Dec 3 2 Jan. 28, 1937 4 Changes since Mar. 26: None June 15 6 July 7. 5 Aug 4 4 Sept. 3 Nov. 13- 3 In effect Apr. 30,1938 2 3 4 4H 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 t ' s 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 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 1937—March .75 3.00 2.86 3.10 1.00 April .75 2.90 2.71 2.55 1.00 May .75 2.88 2.63 2.69 1.00 June .79 2.88 2.63 2.78 1.00 July. .79 2.88 2.65 2.64 .92 August .75 2.88 2.69 2.85 .53 September .75 2.88 2.73 3.07 .50 October .75 2.88 2.91 2.81 .50 November. .75 2.88 2.81 2.65 .50 December. .75 2.88 2.84 2.96 .50 1938—Januarys- .75 2.88 2.88 2.98 .50 February— .75 2.88 2.88 2.73 .50 March .75 2.88 2.88 2.86 .50 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r i c 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—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 .00 3.54 5.00 4.75 2.46 October 1.00 .39 3.62 5.00 4.75 2.65 November. 1.00 .78 3.26 5.00 4.75 2.63 December, 1.00 ,72 3.00 5.00 4.75 2.59 1938—January 1.00 ..57 3.00 5.00 4-6** 4.75 2.38 February.. 1.00 .52 3.00 5.00 4.56 2.53 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

418 FEDERAL RESERVE BULLETIN MAY 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) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) (peso) 1929 95.127 480. 83 14.058 13. 912 11.8078 36. 202 .7216 99. 247 12.0601 41.901 96. 551 1930 83. 505 458. 60 14.089 13.952 10. 7136 36.067 .7209 99.842 12.0785 29.917 96. 493 1931 66. 738 351.50 14.023 13. 929 7.0290 33. 690 .7163 96. 353 12. 0669 22.437 96. 570 1932 58. 443 279. 93 13. 960 13. 914 7.1223 26.347 .7193 88.090 7.9079 21. 736 95.275 1933 72.801 337.07 15.448 17. 900 7.9630 31.816 1. 0039 91. 959 7.6787 28. 598 81.697 1934 33. 579 400.95 18. 793 23. 287 8. 4268 37. 879 1. 2852 101.006 10.1452 34. 094 61. 780 1935 32. 659 18. 831 18. 424 8. 2947 36. 964 1.2951 99.493 5.0833 36. 571 56.011 1936 33.137 395. 94 18. 792 16.917 8.5681 5. 8788 37. 523 1. 2958 99. 913 5.1240 29. 751 57.083 1937 32.959 393. 94 18. 770 16. 876 8.7190 6.1806 37. 326 1. 2846 100.004 5.1697 4.0000 29.606 56. 726 1937—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 5.1571 29. 650 56.997 September . 33. 020 394. 68 18. 845 16. 838 8. 7216 6. 3997 37. 390 1. 2855 5.1579 29. 660 56. 993 October 33.032 394. 80 18. 823 16. 859 8. 7232 5. 8322 37. 410 1. 2854 100.017 5.1694 29. 463 56.999 November- 33. 309 398.16 18.900 17.009 8. 7635 5. 7266 37. 711 1. 2844 100. 073 5.1680 4.0000 29. 444 55.958 December . 33. 312 398.10 18. 892 16.985 5. 4492 37. 711 1. 2732 99. 948 5.1697 4.0000 29. 468 54. 244 1938—January... 33. 334 398. 35 18. 893 16. 926 5. 5803 37. 747 1. 2616 5.1680 4. 0000 29. 489 55. 459 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 March 33. 233 397.14 2 18. 922 16. 880 5. 8744 37. 638 1. 2525 99. 716 5.1680 4. 0000 3 28. 219 54. 648 Year or month Cuba C s ; l k z o o e v r c a u h k n o a ia - ) ( m D kr e a o n r n - k e) ( E po g u y n p d t ) Fi ( k n m k la 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 ra e a c e ) h c - e ( K d H o o o l n l n a g g r) (p H 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 29.022 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—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. 958 March 99.916 3. 5017 22. 251 511.06 2. 2001 3.1224 40. 241 .9128 30. 987 19.831 5. 2605 28. 864 25.597 55. 556 Year or month Z ( e p N a o e l u a w n n d d ) N (k o r r o w ne a ) y P (z o l l o a t n y) d P (e o g sc r a u t l d u o - ) R ( u n le m i u a ) a- ( S A p o o fr u u i n t c h d a ) ( S p p es 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 (p u o r u k n e d y ) ( U K p d n o i o u i n m t n g e d d - ) ( g U p u e r s a u o y - ) Y s (d 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 1. 7591 193U 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—May 396.61 24.819 18. 934 4. 4723 .7290 489.17 5.348 57. 929 25. 465 22. 870 80.134 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 23.125 499. 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 2.3398 March i 400. 28 25.045 18.909 4. 5105 .7337 1493. 74 5.814 58.118 25. 674 23. 045 80.183 498.45 65. 597 2.3291 1 Quotations partly or wholly nominal April 1934-March 25, 1938, inclusive. 2 Quotations not available beginning March 14, 1938. 3 Quotations nominal beginning March 14, 1938. 4 Quotations not available March 19-21, 1938, inclusive; nominal thereafter. NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for March 1938, p. 244. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1938 FEDERAL RESERVE BULLETIN 419 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta it t e e d s Canada K U in n g it d e o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- Sw la it n z d er- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (19 1 2 0 6 0 - ) 30= (J = ul 1 y 0 0 1 ) 914 1926 100 100 695 134 237 106 144 1927 95 98 642 138 225 103 142 1928 97 96 645 140 100 226 102 145 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 502 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 197 64 1937 109 581 106 89 76 1937—February._ 83 104 533 106 83 230 74 111 March 86 107 550 106 85 240 76 113 April 86 109 552 106 86 248 77 113 May 85 111 550 106 88 241 77 113 June 85 111 557 106 90 238 76 112 July 88 112 582 106 90 239 78 112 August 86 111 603 107 91 235 78 111 September 85 111 630 106 92 239 77 111 October... 85 111 628 106 93 237 77 111 November 83 109 621 106 95 238 76 110 December. 83 108 631 106 96 241 76 110 1938—January... 84 108 '636 106 95 245 75 110 February.. 84 106 631 106 94 258 74 109 March 83 104 P1Q6 252 73 ' Preliminary. * Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month Indus- Farm Foods co O m th m e o r d- Foods In tr d ia u l s- an F d a r f m ood In tr d ia u l s- A t g u r r ic a u l l- Provi- a tr n ia d l s r e a m w i- tr I i n a d l u f s i - nproducts ities products products products products sions finished ished 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 85 102 112 562 598 H)5 96 96 125 1937—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 90 94 126 February 70 74 83 103 107 625 636 105 90 94 126 March 70 74 83 101 106 P90 P94 v Preliminary. Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN MAY 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 1 e e - 0 d s 019 E l J 1 a u 4 n n = l g y d 1 - 001 F 9 J 1 r u 4 a = l n y 1 c 0 e 019 m 1 G 1 9 4 a 1 e = 3 n r - 1 - y 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e - 1 s r 0 - 01 S 9 l 1 J w a e u 4 r i n = l t - y d 1 z 0 - 0 Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 1 e e - d 0 s 019 E l 1 J a 4 u n n = l g y d 1 - 001 F 9 J J 1 r a u 4 a n = n n . e 1 - c 0 e 019 m G 1 1 9 4 a e 1 = n r 3 1 - y - 00 N 19 l e 1 a 1 9 t 3 n 1 h = 1 d e - 1 s r 0 - 01 S 9 l J 1 w a e u 4 r n 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 85 139 601 122 127 129 1937 .. _ _ 84 154 619 125 137 137 1937—February 85 135 577 122 122 129 1937-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. _ 80 145 688 121 130 130 1938-January 159 125 139 138 February. 78 142 694 122 130 130 February 157 125 139 137 March 79 140 122 March 156 126 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 n ta it t e e d s England France Germany Nether- Nether- (a p v ri e c r e a ) g i e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands* U S n ta it t e e d s England France Germany (19 la 30 n = d 1 s 00) Number of issues. _ 60 87 36 139 8 420 278 300 329 100 1926 97 6 110.0 57.4 100.0 100.0 100.0 100 0 1927 100.7 110.7 71.7 118.3 107.0 123.2 145.0 1928 100 8 112.3 80.8 85.5 149.9 115.9 178.1 136 1 1929 98.0 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111. 8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100. 1931 90.9 108.4 96.9 '83.4 104.1 94.7 78.9 132.2 2 78.0 70. 1932 69.5 113.2 88.6 2 67.1 94.8 48.6 67.9 105.2 2 50.3 46. 1933 - - 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52. 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55. 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55. 1936 97.5 131.2 76.3 95.8 109.1 111.1 97.0 77.2 91.6 66. 1937 _ 93.4 124.6 75.1 98.7 4101.8 111.7 96.3 97.4 102.6 104. 1937— February 100.0 125.5 75.1 97.4 100.3 129.5 103.8 113.3 99.2 108.5 March 98.5 124.3 74.6 97.7 98.8 129.9 102.7 112.0 100.3 113 1 April 96.6 125.3 72.6 98.5 100.0 124.5 101.0 96.6 101.5 109.6 May 96.2 125.0 72.3 98.8 100.3 116.3 99.3 94.8 102.6 105 0 June 95.0 123.9 74.6 98.9 101.5 113.6 97.0 94.0 103.5 102 9 July 95.3 123.3 75.0 99.0 102.4 117.8 96.8 90.6 105.1 107.2 August 94.8 123.2 77.2 99.4 103.7 120.5 96.8 93.6 106.1 114.7 September... 91.3 122.8 74.8 99.3 103.7 106.4 92.7 90.1 105.3 108. 1 October 86.4 123.6 75.6 99.4 102.4 91.4 88.2 91.8 103.9 94.8 November... 83.3 124.1 76.4 99.6 104.3 82.9 85.8 90.1 102.7 92.0 December.__ 82.7 123.9 75.5 99.7 105.0 '82.2 86.8 87.6 102.1 93.7 1938—January 80.6 124.7 75.1 99.8 106.3 '81.6 86.5 85.0 104.4 98.3 February 79.3 125.1 74.7 99.9 107.2 80.7 83.8 84.5 104.2 97.5 March 76.0 121.0 101.1 104.3 '77.9 78.9 104.5 95.1 r Revised. i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. » 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 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZTMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CTJRRIE, 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) C. Q. CHANDLER 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 422 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 L. R. Rounds 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 2 Atlanta F. H. Neely. Oscar Newton.. R. S. Parker. H. F. Connifl W. S. McLarin, Jr. s M. H. Bryan Chicago R. E. Woodi...... G. J. Schaller. H. P. Preston W. H. Snyder C. S. Young J. H. Dillard St. Louis_. W. T. Nardin.._. W. McC. Martin. F. G. Hitt. O. M. Attebery J. S. Wood CM. Stewart * Minneapolis W. B. Geery J. N. Peyton O. S : Powell H E. . W I. . Z S ie w m a e n r s o 3 n 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. O. Stewart W. A. Day Ira Clerk S. G. Sargent W. M. Hale C. E. Earhart2 1 Deputy chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch. _ _ __ R. M. O'Hara Helena branch R. E. Towle Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch__ J. E. Olson Pittsburgh branch. P. A. Brown Oklahoma City branch C. E. Daniel Richmond: Omaha branch __ L. H. Earhart 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 PHICE 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. 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ^-~"— *V_ ^^\ AfONr. 1 NDAK- ^ / SL, ^ J 9 • MINN. : ^-^. ^ \ ! • / [ / IDA ^~T MINTNEAPOLISj J P1^ **- \ \ BO®* 7 SDAK S *-• PlS- ^ / 7—X.. / - L—_j IJ{ ( ry^ 3 t 7 i»~ NEBR \ >OWA CHICAGO^wo. r-r^ ' | _ l ILL. ' 1 Denver 10 \ «*.f\V/ J # ' C0/.0. KANSAS CITY^[ >® "^ KANS. j* M°sT.LOUIS i U 8Vi, - tJ > r ' TENN. j/C 1 1 1 Okla ° h * o L m Aa City \ 1 A AR R K K - M « e m — 'ph is •f""e—t / 1^^^ /'***H LittleWk/ ATLANTA —<j--^n NWEX. i ^^ / ..„ DALLAS® 1 "ifMisr! AUA* 5 ) Savannah^ j ^ S^ ? i «XPa«o "J J 11 '."1-'\ / ! XJ^-^W JacteonvilleV N \ -"•^« BOUNDARIES OF FEDERAL RESERVE DISTRICTS *. ® « .- B F O E U D N ER D A A L R I R E E S S E O R F V E F E B D A E N R K A L C R IT E IE SE S R VE BRANCH TERRITORIES ""S/7 >k V C ^ ^ a ^ A - - O T n « *o » n « iC ^ ) \ V ^^ /^' "^V-V^V ) FLA.\ • FEDERAL RESERVE BRANCH CITIES bi \ O FEDERAL RESERVE BANK AGENCY \ & 1 LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED \ if CITIES RATHER THAN ZONES DETERMINED BY STATEOR COUNTY LINES \M ft \ ; SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis