Federal Reserve Bulletin, 1938-07

FEDERAL RESERVE BULLETIN JULY 1938 Treasury Operations, Bank Credit, and the Money Market Revision of Bank Examination Procedure Statistics of International Capital Transactions ********* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Treasury operations, bank credit, and the money market 557-562 Revision in bank examination procedure and in the investment securities regulation of the Comptroller of the Currency 563-566 National summary of business conditions 567-568 Summary of financial and business statistics 570 Law Department: Rulings of the Board: Limitation on amount of paper of one borrower acquired by a Federal Reserve bank 571 Reports by executive officers of member banks of indebtedness to a Federal Land bank or the Land Bank Commissioner 571-572 Applicability of section 22 (g) of Federal Reserve Act to acquisition by member bank from its affiliate of note guaranteed by executive officer 572 Loans to executive officers—substitution of executive officer's note for that of wife 572 Amendments to section 12B of Federal Reserve Act: Waiver of double liability of stockholders by Federal Deposit Insurance Corporation 573 Authority of Federal Deposit Insurance Corporation to make loans to or purchase assets from insured banks 573 Statistics of international capital transactions of the United States, January-March 1938 574-577 All banks in the United States assets and liabilities 578-582 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items _ 584 Federal Reserve bank statistics 585-589 Reserve position of member banks; deposits in larger and smaller centers 590 Currency in circulation 591 Gold stock and gold movements; bank suspensions; bank debits 592 All banks in the United States 593 All member banks 594-595 Reporting member banks in leading cities 596-599 Acceptances, commercial paper, and brokers' balances 600 Federal Reserve bank discount rates. 601 Money rates and bond yields 602 Security markets 603 Treasury finance 604-605 Governmental corporations and credit agencies; Postal Savings System 606-607 Production, employment, and trade 608-616 Wholesale prices 617 International financial statistics: Gold reserves of central banks and governments 620 Gold production 621 Gold movements — 622-623 Central banks 624-627 Bank for International Settlements 628 Commercial banks 628-629 Discount rates of central banks 630 Money rates 630 Foreign exchange rates 631 Price movements: Wholesale prices 632 Retail food prices and cost of living 633 Security prices 633 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 636 Senior officers of Federal Reserve banks; managing directors of branches 637 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 JULY, 1938 No. 7 REVIEW OF THE MONTH showed an increase of $400,000,000. The growth in total and excess reserves and the Reserves of member banks have increased principal factors of these changes are shown steadily since early in April as a consequence in the chart on page 569 of this Bulletin. of disbursements by the Disbursements by the Government from Treasury operations United States Treasury its balances in this period reflected chiefly bank^erTes Out of funds held OH deretirement of Treasury bills, in accordance posit with the Federal with the policy inaugurated on April 27, and Reserve banks. Such disbursements result the excess of current expenditures over rein transfers of funds on the books of the ceipts, augmented by the additional appro- Federal Reserve banks from accounts to the priation for relief provided by Congress in credit of the Treasury to member bank re- March. The retirement of Treasury bills serve accounts. As a consequence reserves amounted to $600,000,000, and the budget in excess of legal requirements toward the deficit to about $370,000,000, and in addition end of June increased to about $2,900,000,the Treasury purchased $140,000,000 of gold 000, the largest volume since August 1936. from foreign and domestic sources. Pay- In the latter part of 1937 excess reserves had ments from Treasury deposits at the Reserve averaged $1,000,000,000 and in the first quarbanks were partly offset by cash receipts ter of this year $1,400,000,000. from other Treasury transactions. Proceeds Excess reserves have been increased since from the sale of Commodity Credit Corporathe middle of April through the reduction by tion notes, amounting to $150,000,000 more the Board of Governors of reserve require- than maturities, and $30,000,000 from the ments by $750,000,000 and through expendi- sale of Federal National Mortgage Associature by the Treasury of funds arising from tion notes were deposited in the Treasury the deposit of $1,400,000,000 previously held account at the Reserve banks. Net receipts in inactive gold accounts. Net disbursements from other sources, including sales of United by the Treasury from its balance at the Re- States Savings bonds and the unemployment serve banks amounted to about $670,000,000 trust fund, amounted to about $100,000,000, from the middle of April to the end of June. and commercial banks returned to the Treas- The effect of these disbursements on member ury about $170,000,000 of Treasury deposits bank reserves was partly offset by a seasonal with them. growth in money in circulation and by an in- Recent Treasury purchases of gold have crease in nonmember deposits at Federal Re- been paid for by the Treasury by drawing serve banks. In addition, owing to a growth upon its balances with the Reserve banks, in deposits at member banks, there was an and while the gold acquired has been held in increase in required reserves. As a net result the Treasury working balance, the resultant of these developments total reserves of mem- decrease in Treasury deposits with the Reber banks increased by $550,000,000 from serve banks had the effect of increasing ex- April 16 to June 29, and their excess reserves cess reserves of member banks. 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDEKAL RESERVE BULLETIN JULY 1938 Of the increase in member bank excess ceeding weeks owing partly to maturities reserves amounting to over $1,100,000,000 of Treasury bills held in the Chicago marsince the middle of April, the ket. The increase in required reserves at Distribution of g ter part was at city banks. Chicago banks occasioned by the rapid exrea excess reserves . pansion in their deposit liabilities offset the The following table shows the effect of the reduction in reserve requirechanges in reserve balances, required re- ments. serves, and excess reserves by classes of New York City banks also had a large gain banks during the period from the second in reserves, arising in part from an increase week in April, before the decrease in reserve in bankers' deposits. This growth in total requirements and the Treasury release of reserves and the reduction in reserve regold, to the latter part of June. quirements resulted in an increase in excess reserves at New York City banks to about CHANGES IN RESERVES OF MEMBER BANKS BETWEEN$1,300,000,000 at the end of June. This com- WEEKS ENDING APRIL 15 AND JUNE 24, 1938 pares with a minimum for recent years of less [Averages of daily figures. In millions of dollars] than $100,000,000 in August 1937 and with a maximum of about $1,500,000,000 in Decem- Reserve Required Excess balances reserves 1 reserves ber 1935. Central reserve city banks: The recent piling up of excess reserves in New York +300 -206 +506 Chicago +334 -11 +345 the larger cities is characteristic for periods Reserve city banks -20 -250 +230 Country banks -137 -178 +41 of rapid increase in excess re- All member banks . +476 -646 +1,122 bLnVk^'nfunfds serves of member banks. At such times many banks, pari Includes effect of reduction in reserve requirements, amounting to about $750,000,000 for all member banks. Figures for required and ticularly country banks, ordinarily carry in excess reserves at reserve city and country banks for latest week are preliminary estimates. their accounts with city correspondents any idle funds they acquire, keeping their excess Country bank balances with city correbalances with the Reserve banks at a relaspondents, which had increased following the tively stable level. reduction of reserve requirements, have con- Since early in April banks outside leading tinued to grow as idle funds have accumucities have added about $200,000,000 to their lated. At the middle of June total reserves balances with reporting member banks. This of country banks were about $140,000,000 increase was divided between country membelow the amount held the middle of April, ber banks and nonmember banks, which are but owing to the large reduction in their remostly country banks. City banks outside quired reserves, their excess reserves showed a small increase. New York receiving funds from other banks At reserve city banks reserve balances have generally deposited somewhat more in were little changed, and with the decrease in New York than they have received from other reserve requirements excess reserves showed banks. In addition to these movements of a gain of $230,000,000. Central reserve city bankers' funds, there have also been, as albanks in Chicago, which had held a relatively ready pointed out, large repayments by the small volume of excess reserves during the Treasury of its maturing bills, most of which first three months of this year, showed the were held in the cities. Chiefly as a conselargest percentage gain after the middle of quence of these developments the growth of April. Their deposits which had been tem- excess reserves has been largest in New York porarily reduced before April 1, the Illinois City, Chicago, and other financial centers and State property tax date, rose rapidly in suc- smallest at country banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

559 JULY 1938 FEDEKAL RESERVE BULLETIN Movements of funds by individuals and of member banks located outside of the leadbusiness concerns, i.e., by others than banks ing cities have continued to decline in recent and the Treasury, appear not months, as during the first two months of the Deposits at ^ h played any significant year. The decrease in loans at city banks has 0 ave member banks , , . ,, . . -. . part during this period in the MEMBER BANKS IN LEADING CITIES distribution of bank reserves. Deposits ex- BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 clusive of interbank and United States Government deposits have shown some decline at country banks and increases at other member banks both in New York and outside. Earlier in the year and during the last quarter of 1937 demand deposits had declined considerably at country banks, while time deposits had increased further. Taking the net change over the twelve months ending with May in order to avoid the effect of seasonal movements, demand deposits at country banks decreased by about $320,000,000, or 5 percent, and time deposits increased by $130,000,000, or 2 percent. Declines in demand deposits were rather widespread among country banks, although in the South they were generally somewhat smaller than elsewhere. The net movement in deposits, excluding interbank deposits, has been smaller at city banks than at country banks over the past year. At reporting member banks in 101 leading cities time deposits showed no change, while adjusted demand deposits declined by 1935 1936 1937 1938 about $180,000,000, reflecting decreases prin- Latest figures are for June 22, 1938. cipally in the Reserve districts of Philadelbeen principally in commercial loans, accomphia, Cleveland, Chicago, and San Francisco. panying reduction in inventories of business Bank credit, as measured by loans and inconcerns and generally lower business acvestments of member banks, contracted tivity, which has curtailed the demand for further in the first half of loans. Loans to brokers and dealers in se- Credit6r bank thiS yeai>' notwithstanding the curities also declined to the smallest amount abundance of funds available since 1933. Member banks in New York have to banks for lending or investment. Bank de- increased their holdings of United States posits have increased and banks have ac- Government obligations, and reporting banks cumulated large amounts of excess reserves in other leading cities have shown little and idle balances with correspondents. Pres- change in these holdings, notwithstanding a sure of these funds has resulted in a decline reduction during recent months in the outof money rates to new low levels. standing amount of the publicly-offered debt Weekly reports show that loans at member of the United States Government. This debanks in 101 leading cities declined sharply crease occurred in short-term bills and notes, during the first half of this year, and partial which are largely held by banks. data indicate that total loans and investments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN JULY 1938 Loans for commercial and industrial pur- During June there was an abrupt but temposes, which ordinarily show only small porary rise in bank loans to brokers and changes during the spring and summer dealers in securities, as Government security months, have continued this year the sharp, dealers in New York borrowed heavily from banks in order to purchase Treasury notes MEMBER BANKS IN LEADING CITIES BILLIONS OF DOLLARS WEDNESDAY FIGURES maturing June 15 and September 15, which NEW YORK CITY 100 OTHER LEADING CITIES the Treasury accepted in exchange for the new bonds issued on June 15. Thereafter, as the new securities were marketed dealers repaid these loans. New York City banks also purchased large amounts of Government securities in the first half of June. Their hold- COMMERCIAL LOANS ings were reduced in the latter half of the month as a result principally of the Treas- COMMERCIAL LOANS ury's retirement of bills. Reporting banks in leading cities outside New York continued to show little change in their holdings of Government obligations. _L 1936 1937 1938 1936 1937 1938 The pressure of increasing bank demand U. S. Government obligations include direct and fully guaran- for investments at the time of reduction in teed securities. Commercial loans, which include also industrial and agricultural loans, are based upon new classification begin- the available supply of United ning May 12, 1937. Latest figures are for June 22, 1938. Government States Government obligasteady decline that began last October. The security market total decline at all reporting member banks tions has been reflected in a since last October has amounted to about sharp increase in prices of Government se- $950,000,000, about half of which was at New curities since the middle of April. The aver- York City banks and most of the remainder age yield on long-term Treasury bonds, which at banks elsewhere in the Northeastern and had been about 2.50 percent early in April, in the Midwestern Federal Reserve districts. declined to 2.25 percent on June 10, slightly Banks in these districts have shown the larg- above the all-time low of 2.22 percent in Deest declines not only in dollar amounts but cember 1936. Prices of 3- to 5-year Treasury also in terms of percentages. Little change notes also increased in May and June. The was reported at city banks in the Southern average yield on these issues declined to a districts of Richmond, Atlanta, and Dallas, new low of 0.62 percent on June 14. The avera moderate growth in the Atlanta district age dealers' quotation on 3-month Treasury being about matched by decreases in the bills remained on practically a no-yield basis, Richmond and Dallas districts. and the average rate on new issues of bills offered weekly by the Treasury declined to COMMERCIAL LOANS AT REPORTING MEMBER BANKS about 0.01 percent. IN 101 LEADING CITIES On April 27 the Treasury began a policy [Amounts in millions of dollars] of retiring part of its outstanding bills by Amount Decrease since out- Oct. 13, 1937 offering $50,000,000 of bills for sale each standing June 22, week against current weekly maturities of 1938 Amount Percent $100,000,000. On June 8 the weekly offer- All reporting member banks 3,916 955 20 ings were increased to $100,000,000, which New York City 1,501 445 23 for two weeks equaled maturities, but be- Northeast (districts 1-4, excl. N.Y. C.j. 844 170 17 Midwest (districts 7-10) _ __ 846 274 24 ginning on June 22 the weekly maturities in- South (districts 5, 6, 11) . 388 21 5 Far West (district 12) 337 45 12 creased to $150,000,000 and bills were again Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 561 being retired at the rate of $50,000,000 each One effect of the recent shift in the composiweek. A further reduction of Treasury bills tion of the debt has been to raise substanoccurred on June 16, 17, and 18, when a total tially the price of the shorter maturities and of $250,000,000 of the so-called tax-date bills to reduce the yield on Treasury bills and were paid off in cash. As a result of the notes to present record low levels. redemption of Treasury bills, the total The accompanying chart shows the disamount of bills outstanding had been re- tribution of the publicly-offered Government duced by the end of June to about $1,150,- debt by call or maturity periods. This chart 000,000, compared with over $2,000,000,000 brings out the fact that practically the entire in 1936 and 1937. With continuation of increase in the Government debt since 1930 weekly offerings of $100,000,000, the amount has been in the longer maturities, that is, of of outstanding bills will decline to $1,000,- 5 years and more. Such issues have in- 000,000 by July 20 but by the end of August creased during this period from $3,000,000,it will increase to $1,300,000,000. 000 to $20,000,000,000. Issues callable or The Treasury quarterly financing on June maturing in 5 years or less were slightly 15 consisted of the refunding of the notes maturing on that date and of notes maturing PUBLICLY-OFFERED UNITED STATES GOVERNMENT on September 15, 1938. Holders of these OBLIGATIONS OUTSTANDING issues were given the option of exchanging IILLIONS OF DOLLARS RRANGE.D BY CALL OR MATURITY PERIODS BILLIONS OF DOLLARS 40 them for either lVs percent notes maturing June 15, 1943, or 2% percent bonds of 1958-63. Exchanges totaled $920,000,000 for the new bonds and $270,000,000 for the new notes, making the total exchanges 98 percent of the outstanding maturing notes. Toward the end of June, the new notes were quoted at about 101% and the new bonds were quoted at about 102. By this conversion the amount of outstanding Treasury notes was reduced by $900,- 000,000, while Treasury bonds were increased by a similar amount. Outstanding 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 bonds reached a new high level of about Figures are for June 30 from 1929 to 1932, for end of quarter dates from December 1932 to December 1936, and for end of $23,600,000,000, compared with approxi- month dates thereafter Include publicloffered Treasury bonds mately $15,000,000,000 outstanding from the war issues. end of 1931 until early in 1936. Treasury notes outstanding, which increased for four more than $12,000,000,000 at the end of June, years to a maximum of about $12,000,000,- which compares with a peak of $17,000,000,- 000 ea rly in 1936, had declined by the end000 in 1934 and is the smallest amount of v of June 1938 to $9,100,000,000. such issues outstanding since early in 1932. The amount of short-term Government se- Maturities of less than one year have been curities available for investment both in thereduced to $3,800,000,000 from $4,800,000,form of notes and of bills has consequently 000 in August 1937, and are not much larger decreased greatly in the past two years. The than they were in 1929 and 1930, when there demand for securities for the portfolios of were available in the money market large commercial banks is generally greater for amounts of bankers' acceptances and call short-term than for long-term obligations. loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN JULY 1938 Prices of stocks and of lower-grade cor- increased somewhat in recent months from porate bonds, which moved irregularly during the low level of last win- May and the first half of New security issues ^ accQrding to sta tisticS Corporate security J l j somewhat compiled by the Commercial and Financial une at eves markets . .. _ , Chronicle, which exclude direct obligations below those of the first of the United States Government. Until quarter of this year rose sharply in the last June, however, the increase was in offerings ten days of June. Trading activity, which of Federal agencies and of State and local had been exceptionally small, also increased Governments, and the volume of new issues considerably. The largest increase was in by corporations continued small. prices of railroad securities, which had pre- In the first five months of 1938 domestic viously been at their lowest levels since 1932. security issues averaged $230,000,000 a Prices of highest-grade corporate bonds month, which is only half as large as the have not risen during the past three months average monthly amount during the period to the same extent as those of United States of activity in the capital market which began Government bonds. The average yield on in the early part of 1935 and ended in June the Aaa bonds included in Moody's index 1937. As shown in the following table, the was about 3.30 percent in June as com- amount of securities sold by corporations in pared to 3.35 percent in April. In compari- the first five months of 1938 was greatly re- BOND YIELDS duced from the level of the earlier period AVERAGES OF DAILY FIGURE; while the total offered by Federal agencies and by State and local Governments showed little change. With the continuance of extremely low yields on high-grade securities, a number of large corporate offerings for new capital as well as for refunding have appeared in recent weeks. Municipal financing has also been larger. Total security issues during June accordingly increased to about $550,- 000,000, the largest volume since June 1937. DOMESTIC SECURITY ISSUES 12 [In millions of dollars 13 1932 1933 1934 1935 1936 1937 1938 Sources: U. S. Government bonds, Treasury Department; cor- Corporate Other * porate bonds, Moody's Investors' Service. Latest figures are for Monthly average Total week ending June 22, 1938. Refunding New Refunding New son with earlier periods, prices of industrial and public utility bonds rated Aa or better 1935-1936 446 219 67 87 73 are near the highs reached in early 1937, 1937— Ju j a l n y - - J D u e n c e . 4 20 1 8 1 1 4 5 1 6 1 6 3 3 5 4 3 1 6 7 6 9 8 while prices of railroad bonds with similar 1938—Jan.-May 227 43 32 53 99 ratings are from 10 to 30 points lower than at that time. Source: Commercial and Financial Chronicle. 1 Includes State and municipal issues and publicly-offered issues of The volume of new security offerings has Federal credit agencies, but excludes direct obligations of the United States Government. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

563 FEDERAL RESERVE BULLETIN JULY 1938 REVISION IN BANK EXAMINATION PROCEDURE AND IN THE INVESTMENT SECURITIES REGULATION OF THE COMPTROLLER OF THE CURRENCY In his message to Congress on April 14, the It provides that, in addition to such securities President announced the desterilization of ap- as have been authorized heretofore, member proximately $1,400,000,000 of Treasury gold, banks of the Federal Reserve System may accompanied by action on the part of the purchase investment securities, of such sound Board of Governors to reduce reserve require- value or so secured as reasonably to assure ments by about three-quarters of a billion dol- payment, issued by established commercial or lars, for the purpose of making additional industrial businesses or enterprises that can bank resources available immediately for the demonstrate the ability to service such securicredit needs of the country. At the same time ties, without requiring that the securities be the President expressed the hope that Federal offered for public distribution or that they banking supervision could be better coordi- must be readily marketable, provided, hownated. This was desirable in order to facili- ever, that they mature not later than 10 years tate the flow of credit to commerce, industry, after the date of issuance and that 75 percent and agriculture. of the principal be amortized by maturity The Secretary of the Treasury initiated a through substantial, periodic payments, none series of conferences with representatives of of which would be required during the first the Federal Deposit Insurance Corporation, year. the Office of the Comptroller of the Currency, With respect to bank examination reports, and the Board of Governors of the Federal the program provides that what has been com- Reserve System for the purpose of reviewing monly called the "slow" classification will be the policies and regulations of the Federal abolished altogether. The "slow" classificabanking supervisory authorities and deter- tion has long been a misnomer and a cause of mining wherein they might be improved and complaint. In place of this, and of the classibetter coordinated in furtherance of this ob- fications heretofore headed "doubtful" and jective, consistent with sound banking prin- estimated loss", there will be substituted the ciples. designations II, III, and IV. Class II includes As a result of the conferences, unanimous loans or portions of loans which appear to agreement was reached on a program which involve a substantial and unreasonable degree for the first time brings about uniformity in of risk, by reason of an unfavorable record or the treatment of loans and securities by the other unsatisfactory characteristics, and in Federal agencies in their administration of which the possibility of future loss exists bank examinations. unless they receive the careful and continued The program adopted is expected to be of attention of the bank's management. Class benefit both now and in the future in two im- III includes loans or portions of loans the portant respects; first, in broadening the op- ultimate collection of which is doubtful and portunity for small and medium-sized busi- in which a substantial loss is probable but ness concerns to obtain credit from the bank; not yet definitely ascertainable in amount, on a sound basis, and, second, in relieving and Class IV is for listing loans or portions pressures that tend to reduce outstanding of loans which are estimated as loss. Loans credit or prevent extension of new credit to in Class I are those in which the repayment sound borrowers. appears to be assured, and such loans will Included in the program is a broad revision not be listed in the examination reports. of the Regulation of the Comptroller of the Under the new designations, the principle Currency governing bank investment policy is clearly recognized that in making loans, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN JULY 1938 whether for working capital or fixed capital in and for which quotations are not available purposes, the banks should be encouraged to will be shown at estimated value. place the emphasis upon intrinsic value rather In the case of Group III and IV securities, than upon liquidity or quick maturity. net depreciation will continue to be classified Similarly, the revised examination pro- as loss. cedure recognizes the principle that bank With respect to loans and securities, in investments should be considered in the light estimating the net sound capital of banks, of inherent soundness rather than on a basis the total of loans classified as loss, as well of day to day market fluctuations. It is based as the total depreciation in defaulted bonds on the view that the soundness of the banking and stocks will be deducted. In addition, 50 system depends in the last analysis upon the percent of the more doubtful loans, as shown soundness of the country's business and in- in Class III, and 50 percent of the net depredustrial enterprises, and should not be meas- ciation of bonds listed in Group II, will be ured by the precarious yardstick of current deducted. market quotations which often reflect specu- Previously, it has been the practice of some lative and not true appraisals of intrinsic of the supervisory authorities to deduct the worth. total of all loans classified as doubtful. Ex- The revised procedure broadly divides se- perience has indicated, however, that in gencurities into those of investment character eral an allowance of 50 percent for loss in and those of speculative character. The items classified as doubtful is reasonable. former will be listed in Group I, the latter Likewise, in the past it has been the practice in Group II. Defaulted bonds will be listed of some of the supervisory authorities to dein Group III and stocks in Group IV. duct net depreciation as reflected by current It is estimated that approximately 90 per- market quotations for the entire investment cent of the total securities held by the banks portfolio. are in Group I. In conformity with the princi- A primary purpose of the program is to ple of measuring such securities by invest- encourage the private banking system of the ment and not by fluctuating market standards, country to adapt its lending and investment daily quotations will not be taken into account functions to present-day requirements of comin examination reports, in which such securi- merce, industry, and agriculture. It is deties will be shown at their book value, whether signed to afford the banks a broader opporthey be listed securities or unlisted securities. tunity for service to the community and for Where book value includes a premium, the profitable outlet for some of their abundant, premium must be properly amortized. By idle funds. As the banks avail themselves of severing appraisal of bank investments from the opportunity, the necessity will be dicurrent market quotations, it is believed that minished for creation of government agencies the banks will be encouraged to purchase to furnish credit facilities which the banks securities of sound business and industrial should provide. concerns, whether large or small, for their The program is based upon sound banking true worth and not for speculative gains. principles. The banks will be required to Securities in Group II are estimated to continue the present practice of charging off comprise not more than 5 percent of the losses and of establishing and maintaining banks' holdings, and will be shown in exami- adequate reserves against doubtful and specunation reports at their average market price lative loans and securities. for 18 months just preceding the examination. The statement issued regarding the revised Securities in this group which are not traded procedure in bank examinations and the re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

565 JULY 1938 FEDERAL RESERVE BULLETIN vised regulation of the Comptroller of the Group II securities are those in which the investment characteristics are distinctly or pre- Currency follow: dominantly speculative. This group includes general market obligations in grades below the REVISION OF PROCEDURE IN BANK EXAMINATIONS AS four highest, and unrated securities of equiva- AGREED TO BY THE SECRETARY OF THE TREASURY, lent value. THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THE DIRECTORS OF THE FEDERAL DEPOSIT Present practice will be continued under which net INSURANCE CORPORATION, AND THE COMPTROLLER OF depreciation in the securities in Group III and Group THE CURRENCY IV are classified as loss. Group III securities: Securities in default. THE CLASSIFICATION OF LOANS IN BANK EXAMINATIONS Group IV securities: Stocks. The present captions of the classification units, namely, "Slow," "Doubtful," and "Loss" are to be Present practice will be continued under which abandoned. premiums on securities purchased at a premium must The classification units hereafter will be desig- be amortized. nated numerically and the following definitions Present practice of listing all securities and showthereof will be printed in examination reports: ing their book value will be continued. I. Loans or portions thereof the repayment of which appears assured. These loans are not THE TREATMENT OF SECURITIES PROFITS IN BANK classified in the examination report. EXAMINATIONS II. Loans or portions thereof which appear Until losses have been written off and adequate to involve a substantial and unreasonable degree reserves established, the use of profits from the sale of risk to the bank by reason of an unfavorable of securities for any purpose other than those, will record or other unsatisfactory characteristics not be approved. noted in the examiner's comments. There exists Present practice will be continued under which in such loans the possibility of future loss to the estimated losses must be charged off. bank unless they receive the careful and con- Present practice will be continued under which the tinued attention of the bank's management. No establishment and maintenance of adequate reserves, loan is so classified if ultimate repayment seems including reserves against the securities account, are reasonably assured in view of the sound net encouraged. worth of the maker or endorser, his earning Present practice will be continued under which capacity and character, or the protection of speculation in securities is criticised and penalized. collateral or other security of sound intrinsic value. III. Loans or portions thereof the ultimate INVESTMENT SECURITIES REGULATION collection of which is doubtful and in which a substantial loss is probable but not yet definitely ISSUED BY THE COMPTROLLER OF THE CURRENCY ascertainable in amount. Loans so classified By virtue of the authority vested in the Compshould receive the vigorous attention of the troller of the Currency by paragraph Seventh of management with a view to salvaging whatever Section 5136 of the Revised Statutes, the following value may remain. regulation is promulgated: IV. Loans or portions thereof regarded by the examiner for reasons set forth in his comments SECTION I as uncollectible and as estimated losses. Amounts (1) An obligation of indebtedness which may be so classified should be promptly charged off. purchased for its own account by a national bank or Present practice will be continued under which the State member bank of the Federal Reserve System, totals of II, III, and IV above are included in the in order to come within the classification of "investrecapitulation or summary of examiners' classifi- ment securities" within the meaning of paragraph cations. Seventh of said Section 5136, must be a marketable Fifty per cent of the total of III above and all of obligation, i.e., it must be salable under ordinary IV above will be deducted in computing the net circumstances with reasonable promptness at a fair sound capital of the bank. value; and with respect to the particular security, there must be present one or more of the-following THE APPRAISAL OF BONDS IN BANK EXAMINATIONS characteristics: Neither appreciation nor depreciation in Group I securities will be shown in the report. Neither will (a) A public distribution of the securities be taken into account in figuring net sound capital must have been provided for or made in a manof the bank. ner to protect or insure the marketability of the issue; or, Group I securities are marketable obligations (b) Other existing securities of the obligor in which the investment characteristics are not must have such a public distribution as to prodistinctly or predominantly speculative. This tect or insure the marketability of the issue group includes general market obligations in the under consideration; or, four highest grades and unrated securities of (c) In the case of investment securities for equivalent value. which a public distribution as set forth in (a) The securities in Group II will be valued at the or (b) above can not be so provided, or so made, average market price for eighteen months just pre- and which are issued by established commercial ceding examination and fifty per cent of the net or industrial businesses or enterprises, that can depreciation will be deducted in computing the net demonstrate the ability to service such securisound capital. ties, the debt evidenced thereby must mature not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN JULY 1938 later than ten years after the date of issuance (a) It is permissible for the bank to purchase of the security and must be of such sound value "investment securities" from another under an or so secured as reasonably to assure its pay- agreement whereby the bank has an option or a ment; and such securities must, by their terms, right to require the seller of the securities to provide for the amortization of the debt evi- repurchase them from the bank at a price stated denced thereby so that at least 75% of the prin- or at a price subject to determination under the cipal will be extinguished by the maturity date terms of the agreement, but in no case less than by substantial periodic payments: Provided, the value at the time of repurchase. That no amortization need be required for the (b) It is permissible for the bank to purchase period of the first year after the date of issuance "investment securities" from another under an of such securities. agreement whereby the seller or a third party (2) Where the security is issued under a trust guarantees the bank against loss on resale of agreement, the agreement must provide for a trus- the securities. tee independent of the obligor, and such trustee must (c) It is not permissible for the bank to purbe a bank or trust company. chase "investment securities" from another (3) All purchases of investment securities by na- under an agreement whereby the seller reserves tional and State member banks for their own account the right or the option to repurchase said semust be of securities "in the form of bonds, notes, curities itself or through its nominee at a price and/or debentures, commonly known as investment stated or at a price subject to determination securities"; and every transaction which is in fact under the terms of the agreement, notwithstandsuch a purchase must, regardless of its form, com- ing the fact that the bank may also, under such ply with this regulation. agreement, have the right or option to compel the seller to repurchase the securities at a price SECTION II stated or at a price subject to determination (1) Although the bank is permitted to purchase under the terms of the agreement. "investment securities" for its own account for pur- (8) As to repurchase agreements accompanying poses of investment under the provisions of R. S. sales of securities, 5136 and this regulation, the bank is not permitted (a) It is permissible for the bank selling seotherwise to participate as a principal in the marketcurities to another to agree that the bank shall ing of securities. have an option or right to repurchase the securi- (2) The statutory limitation on the amount of the ties from the buyer at a price stated or at a "investment securities" of any one obligor or maker price subject to determination under the terms which may be held by the bank, is to be determined of the agreement, but in no case in excess of on the basis of the par or face value of the securithe market value at the time of repurchase. ties, and not on their market value. (b) It is not permissible for the bank selling (3) The purchase of "investment securities" in securities to another to agree that the purchaser which the investment characteristics are distinctly shall have the right or the option to require the or predominantly speculative, or the purchase of bank to repurchase said securities at a price securities which are in default, either as to principal stated or at a price subject to determination or interest, is prohibited. under the terms of the agreement, notwith- (4) Purchase of an investment security at a price standing the fact that the bank may also, under exceeding par is prohibited, unless the bank shall: such agreement, have the right or option to re- (a) Provide for the regular amortization of purchase the securities from the buyer at a price the premium paid so that the premium shall be stated or at a price subject to determination entirely extinguished at or before the maturity under the terms of the agreement. of the security and the security (including premium) shall at no intervening date be carried In view of the fact that some banks may have at an amount in excess of that at which the bought or sold securities under a form of agreement obligor may legally redeem such security; or which is prohibited by this regulation, the bank (b) Set up a reserve account to amortize the should either terminate or modify same so as to premium, said account to be credited periodically conform to this regulation, where such action may with an amount not less than the amount re- lawfully be taken. Existing agreements of the proquired for amortization under (a) above. hibited type must not be renewed. (5) Purchase of securities convertible into stock at the option of the issuer is prohibited. EXCEPTION (6) Purchase of securities convertible into stock The restrictions and limitations of this regulation at the option of the holder or with stock purchase do not apply to securities acquired through forewarrants attached is prohibited if the price paid for closure on collateral, or acquired in good faith by such security is in excess of the investment value of way of compromise of a doubtful claim or to avert the security itself, considered independently of the an apprehended loss in connection with a debt prestock purchase warrants or conversion feature. If viously contracted, or to real estate securities acit is apparent that the price paid for an otherwise quired pursuant to Section 24 of the Federal Reserve eligible security fairly reflects the investment value Act, as amended. of the security itself and does not include any specu- This regulation supersedes prior regulations govlative value based upon the presence of a stock pur- erning the purchase of "investment securities" and chase warrant or conversion option the purchase of is effective from and after July 1, 1938. such a security is not prohibited. Signed and promulgated this 27th day of June, (7) As to purchase of securities under repurchase 1938. agreement, subject to the limitations and restrictions MARSHALL R. DIGGS, set forth in the law and this regulation: Acting Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

567 JULY 1938 FEDERAL KESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 22 and released for publication June 24] In May and the first three weeks of June In the first three weeks of June output of industrial activity showed little change from steel and petroleum increased somewhat, but the April level. Wholesale commodity prices the rate of activity in these industries regenerally declined further, but in June wheat mained below the average for May. Autoand cotton prices advanced and at the endmobile production showed a further decline of the period some other staple commodities and continued below sales, so that stocks of showed increases. new cars were further reduced. Production.—In May the Board's season- Value of construction contracts awarded, ally adjusted index of industrial production as reported by the F. W. Dodge Corporation, was at 76 percent of the 1923-1925 average showed a substantial increase in May, reas compared with 77 in April and an average flecting chiefly a marked rise in awards for of 79 in the first quarter of the year. Steel publicly-financed projects. Contracts for residential building increased moderately INDUSTRIAL PRODUCTION and were in about the same amount as in May a year ago. Other privately-financed work remained in small volume. / 120 Employment.—Factory employment and payrolls continued to decline from the mid- 110 1/ \ dle of April to the middle of May. There \ were further decreases in employment in the machinery, steel, and automobile industries ' V and a sharp decrease in the number employed in the men's clothing industry. In most other manufacturing lines changes in 1/W employment were small in amount. The Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. number employed at mines and on the railingot production, which in March and April roads continued to decline. had been at a rate of 33 percent of capacity, Distribution.—Department store sales deaveraged about 31 percent in May, and auto-clined considerably in May and the Board's mobile output also showed a decrease. Tex- seasonally adjusted index was at 79 percent tile production increased in May. Activity at woolen mills rose sharply and there was FREIGHT-CAR LOADINGS PER CENT PER CENT some increase at cotton mills, while silk mills 110 showed a decline. Changes in output in most too other manufacturing industries were largely 90 seasonal in character. Output of crude pey troleum was curtailed sharply in May, and80 \ bituminous coal production declined some- 70 what, while anthracite production increased V considerably. Lake shipments of iron ore 60 V were in very small volume, reflecting both 50 the low rate of activity in the iron and steel 40 industry and the large supply of ore remaining from the previous season. Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN JULY 1938 of the 1923-1925 average as compared with ments from its deposits with the Reserve 83 in April. Sales at variety stores and by banks. Excess reserves increased chiefly at mail order houses also decreased from April to May. Reports for the first half of June EXCESS RESERVES OF MEMBER BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS indicate about the usual seasonal decline in department store sales. The volume of railroad freight traffic showed little change in May following sharp declines in previous months. Commodity prices.—Prices of both agricultural and industrial commodities decreased in the latter part of May. In the WHOLESALE PRICES 1937 Wednesday figures of estimated excess reserves for all member banks and for selected New York City banks, January 3, 1934, to June 22, 1938. city banks, reflecting retirement of Treasury bills and further expansion of bankers' balances. Demand deposits at reporting member banks in 101 leading cities increased further during the first half of June, and total loans and investments, which had declined in May, also increased, reflecting substantial pur- Indexes compiled by United States Bureau of Labor Statistics, chases of United States Government obliga- 1926 = 100. By weeks, January 6, 1934, to June 18, 1938. tions by New York City banks. first weeks of June wheat and cotton prices Money rates.—Yields on Treasury bonds advanced, while prices of industrial products declined further in the four weeks ending generally continued to decline. June 18, and those on Treasury notes reached Bank credit.—Reserves of member banks new low levels. Rates on open-market comcontinued to increase in May and June, mercial paper declined somewhat about the largely as the result of Treasury disburse- middle of June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

569 JULY 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! 10 10 8 8 MONEY IH CIRCULATION, >„+. •/—^—* 6 - „ +„****"* 4 J TREASURY CASH 3 - • *• ** *• * 2 - RESERVE BANK 2 CREDIT * TREASLJRY DEPOSITS 1 K ft AT F• D DAM/Q 1 A 0 1934 1935 1936 1937 1938 9 9 8 8 7 7 MEMBER BANK RESERVE BALANCES 6 6 5 5 4 •••:r::x- REQUIRED RESERVES 4 3 3 2 2 1 1 0 0 1934 1935 1936 1937 1938 Latest figures for June 22. See table on page 584. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN JULY 1938 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 Annual averages May Apr. Mar, May Apr. Mar 1937 1936 1935 1934 1933 1929 EESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,594 2,606 2,597 2,577 2,522 2,472 2,554 2,481 2,475 2,502 2,429 1,459 Bills discounted ___ _ 8 11 10 16 10 6 14 6 7 36 283 952 Bills bought -. 1 1 1 5 4 3 3 4 5 25 83 241 U. S. Government securities 2,564 2,569 2,565 2,526 2,480 2,432 2,540 2,430 2,431 2,432 2,052 208 Monetary gold stock 12, 891 12, 829 12, 778 11, 901 11, 68611,503 12,162 10, 578 9,059 7,512 4,059 3,996 Treasury currency outstanding 2,697 2,685 2,673 2,546 2,541 2,537 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation... 6,415 6,387 6,338 6,426 6,397 6,391 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings 2,227 2,769 3,558 3,069 2,863 2,682 3,225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 1,315 900 221 85 159 205 158 446 128 81 55 22 Nonmember deposits and other accounts 637 594 605 511 506 530 595 551 507 438 497 406 Member bank reserve balances: Total 7,587 7,469 7,326 6,932 6,824 6,704 6,830 5,989 5,001 3,676 2,343 2,358 Excess 2,525 2,071 1,524 927 1,552 1,371 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 20, 73220,819 21,072 22, 201 22, 28022, 610 22,198 22,064 19, 99718,672 17,505 22, 599 Loans to brokers and dealers in securities 602 622 762 1,326 1,276 1,318 1,226 1,181 990 981 777 •2,208 Loans on securities to others (except banks) i 1,842 1,840 1,889 2,028 2,046 2,030 2,006 2,055 2,131 2,545 3,157 • 5,448 All other loans 5,986 6,142 6,233 6,169 6,077 5,938 6,314 5,226 4,907 4,965 5,222 9,231 U. S. Government obligations: Direct _ 7,980 7,955 7,992 8,320 8,447 8,802 8,394 9,080 7,989 6,856 5,228 2,865 Fully guaranteed 1,354 1,179 1,159 1,163 1,181 1,206 1,164 1,250 928 «325 Other securities _ _ 2,968 3,081 3,037 3,195 3,253 3,316 3,094 3,272 3,052 •3,000 3,121 2,847 Reserve with Federal Reserve banks 6,070 5,885 5,724 5,350 5,340 5,205 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault. _ _ _ _ 384 342 302 338 346 359 337 383 326 271 240 248 Balances with domestic banks... _ 2,296 2,107 1,992 1,790 1,967 1,998 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted 14, 579 14, 437 14,360 15, 42015, 28315,429 15,097 14,619 12, 729 b) (2) (?) Time deposits (excluding interbank)3 5,214 5,223 5,239 5,194 5,145 5,142 5,202 4,999 4,883 4,937 4,946 6,788 Deposits of domestic banks4 5,706 5,407 5,280 5,138 5,544 5,679 5,298 5,810 4,938 3,814 2,822 2,787 Borrowings 1 3 7 20 3 3 12 5 6 8 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; percent per annum Commercial paper 1.00 1.00 .95 1.02 1.72 5.85 Stock exchange call loans __ 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.16 7.61 U. S. Treasury bills (91 days) .05 .09 .41 .56 .38 .28 U. S. Treasury bonds, long term 2.30 2.43 2.45 2.67 2.74 2.50 2.57 2.47 2.70 3.10 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 3.27 3.35 3.26 3.34 3.42 3.32 3.27 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 217 352 245 266 303 382 323 518 392 180 89 New 157 197 126 150 159 185 173 164 121 116 60 841 Refunding 60 155 119 116 144 197 150 354 270 64 29 118 Domestic corporate issues—total.. 62 79 82 170 165 319 198 382 189 41 32 781 New _ 36 12 24 78 78 138 99 99 34 15 13 667 Refunding... 26 67 58 92 87 181 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926=100). 71 78 116 125 130 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All commodities 79 80 87 88 88 86 81 80 75 66 95 Farm products 68 70 90 92 94 86 81 79 65 51 105 Foods 72 74 84 86 88 86 82 84 71 61 100 Other commodities 82 83 86 87 86 85 80 78 78 71 92 Retail food prices (1923-25=100) 79 79 87 86 85 85 82 80 74 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production 77 79 118 118 118 110 105 90 79 76 119 Manufactures.. __ 73 75 118 118 117 109 105 90 78 75 119 Minerals J>94 101 103 117 115 128 115 104 91 86 82 115 Construction—total P51 52 46 56 53 56 59 55 37 32 25 117 Residential 37 33 44 44 45 41 37 21 12 11 87 All other _. 65 56 66 61 64 74 70 50 48 37 142 Factory employment. ___ 79 82 102 102 101 99 92 86 83 72 105 Factory payrolls (unadjusted). 71 73 105 105 101 98 82 71 63 49 109 Freight-car loadings 57 60 80 84 83 78 75 64 62 58 107 Department store sales 83 86 93 93 93 92 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. P257 274 276 290 269 257 279 205 190 178 140 437 General imports P148 160 173 285 287 307 257 202 171 138 121 367 p Preliminary. e Partly estimated, i Includes loans on securities to banks, 1929-1934. * Figures not available. > Includes time deposits of banks, domestic and foreign, 1929-1934. * Does not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 571 LAW DEPARTMENT Limitation on Amount of Paper of One Borrower A and the provisions of law upon which they Acquired by a Federal Reserve Bank are based are not applicable to advances made Consideration was recently given by the under the provisions of section 10 (b). It is Board to certain questions arising in connec- assumed, of course, that a Federal Reserve tion with the provisions of the Board's Regu- bank, in extending credit in any case, will lation A relating to the amount of paper of avoid the acquisition from any member bank any one borrower which may be discounted of an undue amount of paper upon which one for a member bank. Section 1 (i) of Regula-person is liable. tion A reads as follows: Reports by Executive Officers of Member Banks of "(i) Limitations.—The aggregate of notes, Indebtedness to a Federal Land Bank or the Land drafts, and bills upon which any person, co- Bank Commissioner partnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guaran- The Board was recently presented with a tor, discounted for any member bank shall at no question whether, under section 22 (g) of the time exceed the amount for which such person, copartnership, association, or corporation may Federal Reserve Act and Regulation O, the lawfully become liable to a national bank under liability of an executive officer of a member the terms of section 5200 of the Revised Statutes of the United States, as amended. The law bank for the payment of a mortgage loan forbids a Federal Reserve bank to discount for made by a Federal Land bank or a mortgage any State member bank notes, drafts, or bills of exchange of any one borrower who is liable for loan made by the Land Bank Commissioner, borrowed money to such State member bank in to another person, under the provisions of the an amount greater than that which could be borrowed lawfully from such State member bank Emergency Farm Mortgage Act of 1933, as were it a national bank." amended, should be reported by such officer It will be noted that the above quoted para- to his board of directors. graph relates in terms only to discounts by a Under the provisions of the statutes creat- Federal Reserve bank for a member bank; ing and defining the powers of the Federal but the Board stated in this connection that, ^and banks it is provided, among other things, in order to comply with the spirit of the law, that such banks may issue and sell farm loan a Federal Reserve bank, in making advances bonds, make real estate loans secured by first to a member bank secured by paper eligible mortgages, borrow money, and accept defor discount, as well as in discounting paper posits of securities or of current funds of for a member bank, should not acquire paper national farm loan associations. Such banks upon which one person is liable in an aggre- may also be designated by the Secretary of gate amount in excess of the limitations pre- the Treasury as depositaries of public money scribed in section l(i) of the regulation. On and may also be employed as fiscal agents of the other hand, however, in view of the fact the Government. In the circumstances, it is that section 10 (b) of the Federal Reserve the view of the Board that a Federal Land Act, which authorizes advances to a member bank should properly be regarded as a "bank" bank on any security satisfactory to the Fed-within the meaning of the provision in seceral Reserve bank, was enacted subsequently tion 22 (g) of the Federal Reserve Act which to the provisions of the Federal Reserve Act requires an executive officer of a member bank relating to the amount of paper discountable to report to his board of directors indebtedfor one borrower and in view of the purposesness "to any bank other than a member bank sought to be accomplished by the provisions of which he is an executive officer." of section 10 (b), it is the Board's opinion that While the Land Bank Commissioner has the limitations of section l(i) of Regulation the power to make certain real estate loans, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN JULY 1938 he does not have the power to accept deposits bank from its affiliate does not affect this nor does the law provide that he may be desig- conclusion. nated as a depositary of public money or as a fiscal agent of the Government. Therefore, the Land Bank Commissioner is not a "bank" Loans to Executive Officers—Substitution of Executive Officer's Note for That of Wife within the meaning of section 22 (g). The Board was recently requested to rule Accordingly, an executive officer of a memwhether section 22 (g) of the Federal Reserve ber bank who is indebted to a Federal Land Act applied to the following transaction: The bank is required to report such indebtedness wife of the president of a member bank, who to his board of directors in accordance with the provisions of section 5 of the Board's is reputed to be highly responsible in her own Regulation 0; but an indebtedness of an ex- right, gave her note to the member bank in ecutive officer to the Land Bank Commissioner 1932. The proceeds of such note were credneed not be so reported. ited to the account of her husband and ha has paid interest since the date of the note at the rate of 1 per cent per annum. Since the previous examination of the bank it ap- Applicability of Section 22 (g) of Federal Reserve pears that this note has been removed from Act to Acquisition by Member Bank from its Affiliate of Note Guaranteed by Executive Officer the assets of the bank and the personal note of the president of the bank, in an identical In an inquiry recently received by the amount, has been substituted therefor. Board as to the applicability of section 22 (g) While not specifically so stated in the inof the Federal Reserve Act to a transaction quiry, it is understood that the executive ofinvolving an executive officer of a member ficer in question was not liable upon the note bank, it was stated that the member bank of his wife as maker, drawer, endorser, guarpurchased from one of its affiliates a note of antor or surety, or otherwise obligated to the the personal secretary to an executive officer bank for the payment of the amount advanced of such bank and that the note in question on his wife's note. However, when the note was made for the accommodation of the exof the executive officer was given to the bank ecutive officer and was guaranteed by such in lieu of his wife's note, he became legally officer. liable to the bank upon the indebtedness. Section 1 (c) of the Board's Regulation 0 This transaction, by which the bank acquired defines the terms "loan", "loaning", "extenthe note of the executive officer, constitutes sion of credit", and "extend credit" to include a loan or extension of credit by the bank as the acquisition by discount, purchase, exdefined in Regulation 0. Inasmuch as it is change, or otherwise of any note, draft, bill stated that his wife is reputed to be highly of exchange or other evidence of indebtedness responsible in her own right, it does not apupon which an executive officer may be liable pear that the substitution of the executive as maker, drawer, indorser, guarantor, or officer's note was for the protection of the surety. Since the member bank purchased bank, nor does the transaction appear to be the note upon which one of its executive offi- within any other exception to the provisions cers is liable as guarantor, it seems clear that of the regulation. It must, therefore, be rethe transaction falls within the provisions of garded as falling within the prohibitions of section 22 (g) and Regulation 0. The fact section 22 (g) of the Federal Reserve Act and that the note in question was acquired by the Regulation 0. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

573 JULY 1938 FEDERAL RESERVE BULLETIN Waiver of Double Liability of Stockholders by Federal portion of his deposit: Provided, That, with respect Deposit Insurance Corporation to any bank which closes after the date this paragraph as amended takes effect, the Corporation shall There is set forth below the text of an waive, in favor only of any person against whom amendment to section 12B of the Federal Re- stockholders' individual liability may be asserted, any claim on account of such liability in excess of the serve Act, approved May 25,1938, which pro- liability, if any, to the bank or its creditors, for the vides for the waiver by the Federal Deposit amount unpaid upon his stock in such bank; but any such waiver shall be effected in such manner and on Insurance Corporation, in connection with such terms and conditions as will not increase rethe liquidation of closed insured banks, of the coveries or dividends on account of claims to* which the Corporation is not subrogated: Provided further, so-called double liability of stockholders in That the rights of depositors and other creditors of any State bank shall be determined in accordance States in which such double liability has not with the applicable provisions of State law." already been abolished by statute. Approved, May 25, 1938. [PUBLIC—No. 544—75TH CONGRESS] [CHAPTER 276—3D SESSION] Authority of Federal Deposit Insurance Corporation [H. R. 7187] to Make Loans to or Purchase Assets from Insured Banks AN ACT To amend section 12B of the Federal Reserve Act, as amended. There is set forth below the text of an Be it enacted by the Senate and House of Represen- amendment to section 12B of the Federal Retatives of the United States of America in Congress serve Act, approved June 16, 1938, making assembled, That paragraph (7) of subsection (1) of section 12B of the Federal Reserve Act, as amended permanent the authority of the Federal De- (U. S. C, 1934 edition, Supp. II, title 12, sec. 264), posit Insurance Corporation to make loans to be amended to read as follows: "In the case of a closed national bank or District or purchase assets from insured banks in bank, the Corporation, upon the payment oi any de- order to facilitate mergers or consolidations positor as provided in paragraph (6) of this subsection, shall be subrogated to all rights of the depositor of insured banks and reduce or avert threatagainst the closed bank to the extent of such pay- ened losses to the Corporation. ment. In the case of any other closed insured bank, the Corporation shall not make any payment to' any [PUBLIC RESOLUTION—No. 116—75TH CONGRESS] depositor until the right of the Corporation to be subrogated to the rights of such depositor on the [CHAPTER 489—3D SESSION] same basis as provided in the case of a closed national [H. J. RES. 655] bank under this section shall have been recognized either by express provision of State law, by allowance JOINT RESOLUTION of claims by the authority having supervision of such Amending paragraph (4) of subsection (n) of section 12B of bank, by assignment of claims by depositors, or by the Federal Reserve Act. as amended. any other effective method. In the case of any closed insured bank, such subrogation shall include the Resolved by the Senate and House of Representaright on the part of the Corporation to receive the tives of the United States of America in Congress same dividends from the proceeds of the assets of assembled, That paragraph (4) of subsection (n) of such closed bank and recoveries on account of stock- section 12B of the Federal Reserve Act, as amended, holders' liability as would have been payable to the is amended by striking out "Until July 1, 1938, whendepositor on a claim for the insured deposit, but such ever" and inserting in lieu thereof "Whenever". depositor shall retain his claim for any uninsured Approved, June 16, 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN JULY 1938 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES JANUARY-MARCH 1938 Weekly statistics of international capital pages 267-277. Monthly and weekly data for transactions of the United States for the first the period from May 1929 to the end of 1936, quarter of 1938 are published in the tables on together with five charts and a detailed dethis and following pages. Similar statistics scription of the statistics, were published covering the year 1937 were published in thein the BULLETIN for May 1937, pages 394- FEDERAL RESERVE BULLETIN for April 1938, 431. NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT In banking funds In security transactions In From Jan. 2, 1935, through— Total Increase in Decrease brokerage Total f f o u r n ei d g s n in f u U nd . s S. balances se T cu o r t i a ti l es D se o c m ur e it s i t e i s c s F ec o u re ri i t g ie n s in U. S. abroad 1935—Dec 31 1,412. 5 964.6 603.3 361.4 6.0 441.8 316.7 125.2 1936—Dec. 30 2, 608. 4 1,362.0 930.5 431.5 12.9 1,233.6 917.4 316.2 1937—Dec. 29. . _ - _ . 3, 410. 3 1, 617. 6 1,168. 5 449.1 47.5 1, 745. 2 1,162.0 583.2 1938—Jan. 5 3,379. 5 1, 573.9 1,157. 7 416.3 51.9 1, 753. 7 1,163. 9 589.8 Jan. 12 . _ 3, 384. 9 1, 581. 4 1,129. 2 452.2 50.5 1, 752. 9 1,164. 9 588.0 Jan. 19 3, 362. 2 1, 553. 9 1,102. 6 451.3 49.5 1, 758. 8 1,168.0 590.8 Jan. 26 . _ 3,357.7 1, 547.9 1,092. 7 455.2 50.1 1, 759. 7 1,167.9 591.8 Feb. 2 3, 329. 2 1, 514. 8 1,059. 7 455.1 51.9 1, 762. 5 1,170. 2 592.4 Feb. 9 3,300. 7 1, 491.1 1,025. 4 465.8 53.3 1,756.3 1,165. 2 591.1 Feb. 16 3, 279.1 1, 469. 2 1,010. 6 458.6 53.4 1, 756. 5 1,160. 6 595.9 Feb. 23 _ _ . 3, 274. 3 1, 466. 4 1,009. 7 456.7 51.1 1, 756. 9 1,159.8 597.1 Mar. 2 _ 3, 223. 9 1, 421. 8 974.4 447.4 51.0 1, 751. 2 1,150.1 601.1 Mar. 9 3, 208.1 1, 402.1 962.4 439.7 51.2 1,754. 8 1,150.7 604.1 Mar. 16 3,195.1 1, 390.1 948.0 442.1 51.2 1, 753. 8 1,147. 9 605.9 Mar. 23 3,211.3 1,398. 4 949.6 448.8 51.6 1, 761. 3 1,148. 7 612.6 Mar. 30 3,197. 2 1, 374.1 949.8 424.4 54.2 1, 768. 9 1,150. 4 618.5 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l z a w e n r i d - t- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 0) 70.9 128.3 12.7 1936—Dec. 30 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Dec. 29 3,410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 224.6 15.9 1938—Jan. 5 3,379.5 975.3 275.4 310.9 611.1 128.3 21.1 313.7 2, 635.9 104.6 406.5 216.7 15.8 Jan.12 3,384.9 988.4 276.2 307.8 609.9 126.9 21.5 315.6 2, 646. 2 134.0 380.1 206.3 18.3 Jan.19 3, 362. 2 990.2 275.7 303.8 591.2 127.8 20.0 318.0 2, 626. 7 126.2 382.8 210.8 15.8 Jan. 26 3,357. 7 991.0 271.3 302.4 589.6 129.1 18.1 320.2 2,621. 8 130.3 383.3 206.2 16.1 Feb. 2 3, 329. 2 977.1 271.6 294.1 578.3 126.8 17.4 323.9 2, 589. 3 133.9 385.5 205.3 15.1 Feb. 9 3,300 7 972.0 268.7 284.9 568.8 121.9 17.2 325.6 2, 559.1 131.4 388.0 206.8 15.4 Feb. 16 3, 279.1 954.6 268.2 280.8 572.5 124.9 17.7 325.0 2, 543. 6 129.3 389.7 201.3 15.1 Feb. 23 3, 274. 3 964.5 265.1 272.7 567.6 123.3 20.9 322.1 2, 536.1 131.8 389.4 201.7 15.2 Mar. 2 3, 223. 9 965.9 267.7 256.5 545.8 124.6 17.6 320.6 2,498. 7 123.9 393.2 194.1 14.1 Mar. 9 3, 208.1 961.1 261.9 256.7 542.8 128.0 16.7 316.8 2,484.0 129.7 391.0 188.4 14.9 Mar. 16 3,195.1 952.1 263.7 255.9 540.9 126.6 16.1 313.5 2,468. 8 125.5 395.3 189.5 16.1 Mar. 23 3,211.3 947.2 268.7 259.0 546.7 126.0 15.1 312.6 2, 475. 2 133.7 393.9 191.6 16.9 Mar. 30 3,197. 2 938.2 266.4 260.2 544.1 125.8 15.7 315.3 2, 465. 8 124.7 400.3 187.7 18.8 i Inflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 575 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l z a w e n r i d - t- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 964.6 337.4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 53.6 96.1 1936—Dec. 30 1, 362. 0 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 174.2 120.7 10.8 1937—Dec. 29 1,617.6 396.7 177.0 71.9 291.0 114.7 13.4 136.3 1, 201. 0 54.6 217.9 144.8 -.7 1938—Jan. 5 1, 573. 9 379.6 170.7 291.4 119.0 12.2 134.6 1,177.3 53.0 207.9 136.5 Jan.12 1, 581. 4 397.8 170.9 65.2 290.9 117.6 12.4 136. 0 1,190.8 83.6 179.9 125.7 1.5 Jan.19 1, 553. 9 396.7 169.9 60.8 271.3 118.4 10.4 138.1 1,165.6 78.1 181.7 129.6 -1.1 Jan. 26 1, 547.9 394.6 166.0 59.0 270.9 119.8 8.3 140.5 1,159.1 181.2 124.4 -.7 Feb. 2 1, 514. 8 379.4 165.7 52.1 259.1 117.5 7.4 142.0 1,123.3 88.4 182.5 122.8 -2.1 Feb. 9 1,491.1 378.0 162.4 44.6 250.8 112.4 7.0 142.4 1,097. 6 87.6 184.0 123.8 -1.9 Feb. 16 1,469. 2 364.3 162.5 41.9 255.4 115.3 7.5 137.5 1,084. 4 84.6 184.6 118.3 -2.6 Feb. 23 1, 466. 4 377.0 159.0 33.7 251.5 113.5 10.7 134.1 1,079. 6 87.7 183.3 118.4 -2.6 Mar. 2 1,421.8 378.5 161.1 28.4 229.3 114.8 7.4 128.5 1,048.0 187.0 110.7 -3.9 Mar. 9 1,402.1 374.3 155.3 28.0 225.7 118.0 6.2 123.9 1,031.5 85.3 183.7 104.6 -3.0 Mar. 16 1, 390.1 365.9 158.6 26.6 225.3 116.5 5.7 120.0 1,018.5 81.7 186.3 105.4 -1.8 Mar. 23 1,398. 4 359.2 163.1 28.6 229. 8 115.5 4.7 116.3 1,017.2 91.0 184.6 106.7 -1.2 Mar. 30 1, 374.1 347.5 161.5 29.7 226.3 115.3 5.3 117.5 1,003.0 79.2 189.5 102.0 .4 TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES 1935— Dec. 31_. 603.3 128.6 129.6 55.7 72.4 o 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30._ 930.5 163.5 144.2 65.9 109.8 2^7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29_. 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Jan. 5__._ 1,157. 7 183.7 104.4 73.8 289.0 12.7 5.7 108.7 777.9 81.0 157.2 133.2 8.4 Jan. 12___ 1,129. 2 189.2 104.0 69.5 288.0 11.1 5.4 108.4 775.7 86.6 130.0 125.5 11.4 Jan. 19... 1,102. 6 190.6 103.8 66.6 268.3 10.0 3.6 110.7 753.5 78.9 130.5 130.4 9.4 Jan. 26... 1,092. 7 188.7 99.8 66.0 267.7 10.5 1.1 112.9 746.9 81.1 130.8 124.4 9.6 Feb. 2... 1, 059. 7 177.7 99.1 59.2 256.3 8.0 (2) 114.1 714.3 86.5 130. 4 120.5 8.0 Feb. 9___ 1, 025. 4 171.9 95.8 50.0 248.7 1.1 -1.4 115.4 681.4 85.4 131.3 119.0 8.2 Feb. 16._ 1,010.6 160.5 96.5 48.7 253.4 2.1 -1.9 110.0 669.3 83.1 131.8 119.2 7.3 Feb. 23._ 1,009. 7 177.9 92.6 40.0 249.9 -.5 1.1 106.0 667.0 85.6 131.7 117.9 7.5 Mar. 2... 974.4 185.1 94.6 35.2 227.6 -1.5 -1.8 102.1 641.3 80.5 133.5 113.0 6.0 Mar. 9... 962.4 184.4 88.8 35.3 223.4 -1.5 -3.2 97.4 624.7 83.5 134.3 113.1 6.8 Mar. 16.. 948.0 172.0 92.6 34.5 223.0 -2.6 -3.4 92.0 608.2 83.7 134.3 114.6 7.3 Mar. 23.. 949.6 170.7 95.8 36.1 227.1 -4.2 -4.4 88.3 609.4 89.5 132.8 109.9 8.0 Mar. 30.. 949.8 175.9 94.1 34.6 223.0 -3.9 -3.9 88.8 608.6 86.3 137.0 108.5 9.3 TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES 1935—Dec. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Jan. 5 416.3 195.9 66.3 -3.9 2.4 106.4 6.5 25.9 399.4 -28.0 50.7 3.3 -9.2 Jan.12 452.2 208.6 66.8 -4.3 2.8 106.5 7.0 27.6 415.1 -3.0 49.9 2 -9.9 Jan.19 451.3 206.1 66.1 -5.7 3.0 108.4 6.8 27.4 412.1 -.8 51.3 -.*8 -10.4 Jan. 26 455.2 205.8 66.2 -7.0 3.2 109.3 7.2 27.5 412.2 2.7 50.5 .1 -10.3 Feb. 2 455.1 201.7 66.6 -7.0 2.8 109.5 7.4 27.9 408.9 1.9 52.1 2.3 -10.2 Feb. 9 465.8 206.1 66.6 -5.4 2.1 111.3 8.5 27.0 416.2 2.2 52.7 4.9 -10.1 Feb. 16 458.6 203.8 65.9 -6.9 2.0 113. 2 9.5 27.5 415.1 1.5 52.8 -.9 -9.9 Feb. 23 456.7 199.1 66.5 -6.3 1.6 114.0 9.7 28.1 412.6 2.1 51.6 .5 -10.1 Mar. 2 447.4 193.4 66.5 -6.8 1.7 116.3 9.2 26.4 406.7 -.6 53.5 -2.3 -9.9 Mar. 9 439.7 189.9 66.5 -7.4 2.3 119.5 9.5 26.5 406.8 1.8 49.4 -8.4 -9.9 Mar. 16 442.1 193.8 66.0 -7.9 2.3 119.1 9.0 28.0 410.4 -2.0 52.0 -9.2 -9.1 Mar. 23 448.8 188.5 67.3 -7.5 2.7 119.7 9.1 28.0 407.8 1.5 51.9 -3.2 -9.1 Mar. 30 424.4 171.5 67.4 -4.9 3.3 119.2 9.1 28.7 394.4 -7.1 52.5 -6.5 -8.9 TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Jan. 5 51.9 12.8 11.3 5.2 12.7 -.1 .2 5.7 47.7 4.0 -1.1 1.2 Jan. 12 _. 50.5 12.3 11.7 5.0 12.0 -.1 .2 5.7 46.7 3.5 -1.0 1.4 (i) Jan.19 49.5 12.3 12.0 5.2 11.4 .2 5.6 46.7 2.9 -1.0 1.0 -.1 Jan. 26 50.1 12.1 13.5 5.2 9.0 1 .2 5.9 45.7 3. 6 -.8 1.7 Feb. 2 51.9 11.5 13.9 5.3 9.5 .2 6.0 46.4 4.7 -1.3 2.0 .1 Feb. 9 _ 53.3 12.2 13.8 5.6 9.8 . 2 6.1 47.6 4.3 -1.5 2.9 .1 Feb. 16 53.4 12.1 13.3 5.5 9.5 -.1 .2 6.1 46.6 5.0 -1.3 2.7 .4 Feb. 23 51.1 11.0 12.8 5.6 9.0 .2 6.0 44.6 4.6 -1.1 2.6 .4 Mar. 2 51.0 11.1 12.8 5.8 8.8 .2 5.7 44.5 5.3 -1.3 2.1 .4 Mar. 9 51.2 11.6 12.7 5.6 9.5 .2 5.3 45.1 4.8 -1.2 2.1 .5 Mar. 16 51.2 11.4 13.3 5.6 8.2 .1 .2 5.4 44.2 5.2 -.7 2.2 .4 Mar. 23 51.6 12.4 13.6 5.8 8.4 .1 .2 4.7 45.1 5.6 -1.4 2.1 .2 Mar. 30 54.2 13.0 13.4 6.6 8.7 0) .2 5.2 47.2 5.5 -1.2 2.6 .1 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN JULY 1938 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l z a w e n r i d - t- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec 31 441.8 217.5 30.2 57.9 53.9 7.9 2.9 59.1 429.4 -36.9 16.4 29.3 3.7 1936—Dec. 30 1,233. 6 483.8 82.9 168.0 213.9 15.1 6.1 126.4 1,096. 2 34.4 31.2 61.2 10.6 1937—Dec. 29 1, 745. 2 585.5 93.1 235.1 305.6 9.2 8.6 170.9 1,408.1 48.2 193.2 79.2 16.6 1938—Jan 5 1, 753. 7 582.9 93.4 235.8 307.1 9.3 8.8 173.5 1,410.8 47.6 199.6 79 0 16.7 Jan. 12 „ _ 1, 752. 9 578.4 93.7 237.6 307.0 9.3 8.9 173.9 1,408. 7 47.0 201.2 79.2 16.8 Jan. 19 1, 758. 8 581.3 93.7 237.7 308.5 9.4 9.4 174.3 1, 414. 4 45.3 202.1 80.2 16.9 Jan. 26 - 1, 759. 7 584.4 91.8 238.2 309.7 9.4 9.6 173.8 1, 416. 9 42.9 202.9 80.1 16.8 Feb. 2 1, 762. 5 586.2 92.0 236.6 309.7 9.4 9.8 175.8 1, 419. 6 40.9 204.4 80.5 17.1 Feb. 9 1, 756. 3 581.9 92.6 234.6 308.3 9.6 9.9 177.1 1,413. 9 39.6 205.5 80.1 17.2 Feb. 16 1, 756. 5 578.1 92.4 233.5 307.6 9.6 9.9 181.4 1, 412. 6 39.7 206.4 80.3 17.4 Feb. 23 1, 756. 9 576.5 93.2 233.4 307.1 9.8 9.9 182.0 1, 411. 9 39.5 207.2 80.8 17.4 Mar. 2 1, 751. 2 576.2 93.7 222.3 307.7 9.9 10.1 186.3 1, 406. 2 38.7 207.4 81.3 17.5 Mar. 9 1, 754. 8 575.2 93.8 223.1 307.6 9.9 10.2 187.5 1, 407. 4 39.6 208.5 81.7 17.5 Mar. 16 1, 753. 8 574.9 91.8 223.8 307.4 10.0 10.2 188.0 1, 406.1 38.6 209.7 81.9 17.5 Mar. 23 1, 761. 3 575.7 92.0 224.7 308.4 10.4 10.2 191.5 1, 412. 9 37.0 210.7 82.8 17.9 Mar. 30 1, 768. 9 577.8 91.5 223.9 309.1 10.5 10.2 192.6 1, 415. 6 40.0 212.0 83.1 18.2 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l z a w e n r i d - t- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 __ 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1, 041. 6 37.6 18.2 54.7 9.8 1938—Jan. 5 1,163. 9 447.1 70.7 214.6 277.1 -17.5 -4.8 55.9 1, 043.1 37.5 19.0 54.4 9.9 Jan.12 1,164. 9 444.4 70.9 216.5 277.7 -17.6 -4.8 56.3 1, 043. 3 38.2 18.9 54.5 9.9 Jan. 19 1,168. 0 446.6 71.0 216.6 278.6 -17.6 -4.8 56.2 1, 046. 6 37.5 18.7 55.2 10.1 Jan. 26 1,167. 9 449.1 69.0 216.9 279.6 -17.7 -4.7 55.5 1, 047. 6 36.5 18.8 55.0 10.0 Feb. 2 1,170. 2 450.4 68.9 215.4 279.6 -17.8 -4.8 56.7 1, 048. 6 37.0 19.4 55.1 10.0 Feb. 9 1,165. 2 447.1 69.1 213.6 278.7 -17.8 -4.8 57.4 1, 043. 3 37.8 19.5 54.5 10.1 Feb. 16 1,160. 6 444.5 69.1 212.5 278.4 -17.9 - 4.8 56.9 1, 038. 7 37.5 19.5 54.7 10.1 Feb. 23 1,159. 8 443.3 69.8 212.5 277.8 -17.9 -4.7 56.9 1, 037. 6 37.5 19.5 55.0 10.1 Mar. 2 1,150.1 443.9 70.2 201.3 278.8 -18.0 -4.8 57.2 1, 028. 6 36.8 19.5 55.0 10.1 Mar. 9 1,150. 7 442.8 70.3 202.0 278.7 -18.0 -4.8 57.4 1, 028. 4 37.4 19.8 54.9 10.2 Mar. 16 1,147. 9 442.3 68.1 202.7 278.4 -18.0 -4.9 57.6 1,026. 2 36.7 20.0 54.7 10.1 Mar. 23 1,148. 7 441.5 68.3 203.2 279.1 -18.0 -4.9 57.9 1, 027. 2 35.6 20.2 55.4 10.3 Mar. 30 1,150. 4 441.9 67.7 202.4 279.6 -18.2 -4.9 58.1 1,026. 7 36.8 20.7 55.6 10.5 TABLE.9.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l z a w e n r i d - t- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—j a n. 5 589.8 135.8 22.8 21.2 30.0 26.8 13.6 117.6 367.8 10.1 180.6 24.6 6.8 Jan. 12 588.0 134.0 22.7 21.1 29.4 26.9 13.7 117.6 365.4 8.7 182.3 24.7 6.8 Jan. 19 590.8 134.8 22.7 21.1 29.9 27.0 14.3 118.1 367.8 7.8 183.4 25.0 6.8 Jan. 26 591.8 135.3 22.9 21.4 30.1 27.1 14.3 118.3 369.3 6.4 184.1 25.1 6.8 Feb. 2 592.4 135.8 23.1 21.2 30.1 27.1 14.6 119.1 371.1 3.8 185.0 25.4 7.1 Feb. 9 _ _ 591.1 134.7 23.5 21.0 29.5 27.4 14.7 119.7 370.6 1.8 186.0 25.5 7.2 Feb. 16 595.9 133.6 23.3 20.9 29.2 27.5 14.7 124.6 373.9 2.2 186.9 25.7 7.2 Feb. 23 597.1 133.1 23.4 20.9 29.3 27.7 14.7 125.2 374.3 2.0 187.7 25.8 7.3 Mar. 2 601.1 132.4 23.5 21.0 28.9 27.8 14.9 129.1 377.6 1.9 187.9 26.3 7.4 Mar. 9 604.1 132.4 23.6 21.1 29.0 27.9 15.0 130.1 379.1 2.2 188.7 26.8 7.3 Mar. 16 605.9 132.6 23.6 21.1 29.1 28.0 15.1 13Q.4 379.9 1.9 189.6 27.2 7.3 Mar. 23 612.6 134.2 23.7 21.5 29.3 28.4 15.1 133.6 385.7 1.4 190.5 27.4 7.6 Mar. 30 618.5 135.9 23.7 21.5 29.5 28.6 15.1 134.6 388.9 3.1 191.3 27.5 7.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 577 OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [In millions of dollars] TABLE 10.—LIABILITIES TO FOREIGNERS Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l z a w e n r i d - t- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1929—Dec. 31__ 2, 672. 7 301. 5 923.7 99.1 105.2 204. 5 157. 4 371. 3 2,162.8 241.8 188.2 49.0 31.0 1930—Dec. 31__ 2, 335. 0 214. 5 799.4 122. 2 222.2 161.0 111. 2 281. 3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30- 1, 303. 5 104. 9 549.2 44.6 66.0 41.1 33.2 122. 2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28— 745.6 169. 7 71.1 11.9 78.0 32 9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27- 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 Reported by Banks in United States 1934—Dec. 26.. 610.6 83.0 39.6 13.5 30.0 19.5 47.1 245.0 97.9 125.2 130.1 12.4 1935—Dec. 31_. 1,200.2 205.5 163.5 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30_. 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29_. 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1, 017.1 175.6 280.9 236.0 20.0 1938—Jan. 5*__ 1, 718. 8 255.8 136.5 86.7 302.7 42.0 24.4 155.2 1,003. 3 180.3 271.8 243.1 20.3 Jan. 5... 1, 728. 9 255.8 136.5 87.8 302.7 42.3 24.4 155.6 1, 005.1 181.1 278.1 244.2 20.3 Jan. 12.. 1, 700. 4 261.4 136.1 83.4 301.7 40.7 24.2 155.3 1, 002. 9 186.7 250.9 236.5 23.3 Jan. 19- 1, 673. 8 262.7 135.9 80.5 281.9 39.7 22.4 157.6 980.7 179.0 251.4 241.4 21.3 Jan. 26.. 1, 663. 9 260.9 131.9 80.0 281.4 40.2 19.9 159.8 974.1 181.2 251.7 235.3 21.5 Feb. 2._ 1, 630. 9 249.9 131.2 73.1 269.9 37.6 18.7 161.0 941.5 186.6 251.4 231.5 20.0 Feb. 9- 1, 596. 6 244.0 127.9 63.9 262.4 30.7 17.3 162.3 908.6 185.6 252.2 229.9 20.2 Feb. 16. 1, 581. 8 232.6 128.6 62.7 267.1 31.8 16.8 156.9 896.5 183.3 252.7 230.2 19.2 Feb. 23_ 1, 580. 9 250.0 124.7 54.0 263.6 29.2 19.8 152.9 894.2 185.7 252.6 228.9 19.5 Mar. 2__ 1, 545. 6 257.2 126.7 49.2 241.3 28.1 17.0 149.0 868.5 180.6 254.4 224.0 18.0 Mar. 9_. 1, 533. 6 256.6 121.0 49.3 237.0 28.2 15.6 144.3 851.9 183.6 255.2 224.1 18.8 Mar. 16. 1, 519. 3 244.2 124.7 48.4 236.7 27.0 15.4 138.9 835.4 183.8 255.2 225.6 19.3 Mar. 23. 1, 520. 8 242.8 127.9 50.1 240.8 25.4 14.4 135.2 836.6 189.7 253.7 220.9 19.9 Mar. 30. 1, 521. 0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 TABLE 11.—FOREIGN ASSETS Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l z a w e n r i d - t- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1 | 1931—Dec. 30 1,103. 3 2 29.5 20 9 12.6 467 2 18.7 149. 2 864.3 58.1 136. 5 41.8 2.6 1932—Dec. 28 937.9 16867..3 62.9 13 0 6.2 434 9 11.8 97.0 713.1 42.2 155. 2 24.0 3.5 1933—Dec. 27 898.8 192. 5 66.9 18 4 12.3 260 9 16.7 83.2 651.0 32.3 159. 7 49 7 6.2 Reported by Banks in United States 1934—Dec. 26 1,132. 6 281.8 85.7 17.6 8.3 233.6 29.7 81.0 737.6 94.0 175.2 117.8 8.0 1935—Dec. 31 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Jan. 5 687.8 96.2 12.5 22.5 5.7 124.8 20.7 53.9 336.4 124.2 115.2 94.3 17.7 Jan. 12 651.9 83.6 11.9 22.9 5.2 124.6 20.2 52.2 320.7 99.3 116.1 97.4 18.4 Jan.19 652.8 86.0 12.6 24.4 5.1 122.8 20.4 52.4 323.7 97.1 114.7 98.4 18.9 Jan. 26 648.9 86.3 12.5 25.7 4.9 121.9 20.0 52.2 323.5 93.6 115.5 97.5 18.8 Feb. 2 649.0 90.5 12.1 25.6 5.3 121.7 19.8 51.9 326.8 94.3 113.9 95.3 18.7 Feb. 9 638.3 86.1 12.2 24.0 6.0 119.9 18.7 52.7 319.6 94.1 113.3 92.7 18.6 Feb. 16 645.5 88.3 12.8 25.5 6.1 118.0 17.7 52.3 320.7 94.8 113.2 98.5 18.4 Feb. 23 647.4 93.0 12.3 24.9 6.5 117.2 17.5 51.7 323.2 94.1 114.4 97.1 18.6 Mar. 2 656.7 98.7 12.2 25.5 6.3 114.9 18.1 53.4 329.1 96.8 112.4 99.9 18.4 Mar. 9 664.4 102.3 12.2 26.0 5.8 111.7 17.8 53.2 329.0 94.4 116.6 106.0 18.3 Mar. 16 662.0 98.3 12.8 26.6 5.8 112.1 18.2 51.7 325.4 98.3 113.9 106.8 17.6 Mar. 23 655.3 103.6 11.4 26.2 5.4 111.5 18.1 51.8 328.0 94.7 114.1 100.8 17.6 Mar. 30 679.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 103.3 113.5 104.1 17.4 * Figures adjusted to the basis employed in previous weeks. Certain of the figures for Jan. 5, 1938, and succeeding weeks are not precisely comparable with the corresponding figures for weeks preceding Jan. 5, owing to a revision in the instructions to reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN JULY 1938 ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 7, 1938 AND DECEMBER 31 AND MARCH 31, 1937, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total Loans Investments Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. 1938 1937 1937 1938 1937 1937 1938 1937 1937 1938 1937 1938 1938 1937 1937 ALL BANKS 1 Boston 5,652 5,659 5,676 2,719 2,734 2,793 2,933 2, 925 2,883 5,844 5,868 5,876 883 883 888 New York. . 17, 957 18,011 18, 921 8,394 8,578 8,881 9,563 9,433 10,040 18,199 18, 352 18, 942 1,237 1,237 1,241 Philadelphia 3,380 3 409 3,456 1,257 1,274 1,267 2,122 2,135 2,189 3,536 3,608 3,678 942 943 948 Cleveland 3,578 3,625 3,578 1,462 1,473 1,374 2,116 2,152 2,204 3,822 3,926 3,860 1,253 1,254 1,265 Richmond . _ 1,920 1,957 1, 931 889 903 840 1,031 1,054 1,091 2,176 2,194 2,198 1,080 1,083 1,060 Atlanta 1, 302 1 304 1,291 686 700 611 615 604 681 1,541 1,516 1,535 1,044 1,046 1 089 Chicago 5,403 5,333 5,195 1,904 1,952 1,849 3,499 3,380 3,346 6,197 6,325 5,888 2,529 2,533 2,556 St. Louis . _ 1,488 1,497 1,497 717 '735 672 771 762 825 1,632 1,655 1,756 1,573 1,578 1,599 Minneapolis 1,088 1,093 1,083 438 454 415 649 638 668 1,218 1,241 1,238 1,347 1,356 1,368 Kansas City 1,348 1,379 1,356 631 658 600 716 722 757 1,615 1,656 1,740 1,888 1,898 1,921 Dallas 991 1 008 948 513 525 465 478 483 484 1,288 1, 295 1,211 972 980 991 San Francisco 4,213 4,292 4,205 2,166 2,212 2,025 2,047 2,080 2,181 4,628 4,802 4,656 600 602 643 Total 48, 319 48, 566 49,138 21, 779 22,198 21, 790 26, 540 26, 368 27, 348 51, 697 52, 440 52, 577 15, 348 15, 393 15, 569 MEMBER BANKS Boston 1,942 1,949 2,020 988 1,006 1,031 954 943 989 2,138 2,158 2,187 357 357 360 New York 10 776 10 829 11,642 4 576 4,760 5,045 6,200 6,069 6,597 10,927 11,086 11 651 776 776 789 Philadelphia 2,279 2,311 2,366 941 957 941 1,338 1,355 1,424 2,384 2,462 2,522 656 655 658 Cleveland 2,729 2,772 2,796 1,084 1, 091 1,040 1,645 1,681 1,756 2,934 3,023 3,005 622 622 623 Richmond .. 1 191 1 226 1, 232 556 571 533 636 655 699 1,376 1,385 1 415 405 405 405 Atlanta 1,008 1,015 1,024 514 530 469 493 485 555 1,172 1,153 1,155 323 324 327 Chicago 4,272 4,196 4,109 1,369 1,415 1,361 2,903 2,780 2,748 4,824 4,954 4,499 771 769 752 St. Louis ... _ 1,078 1,086 1,091 494 512 457 584 573 634 1,146 1,166 1,123 391 392 388 Minneapolis 757 758 762 296 310 287 461 448 476 846 870 868 466 469 476 Kansas City 1,071 1,101 1,100 467 491 444 604 610 656 1,259 1,290 1,267 733 733 727 Dallas 849 868 816 427 443 385 421 425 431 1,111 1,106 1,032 546 547 548 San Francisco . 3,569 3,640 3,566 1,833 1,871 1,706 1,736 1,769 1,860 4,000 4,157 4,020 289 292 314 Total 31,521 31,752 32, 525 13, 546 13, 958 13, 699 17, 975 17, 794 18, 826 34,118 34, 810 34, 746 6,335 6,341 6,367 NONMEMBER BANKS Boston 3,710 3,710 3,655 1,731 1,729 1,762 1,979 1,981 1,894 3,706 3,711 3,689 526 526 528 New York 7 181 7 189 7 279 3 818 3 818 3 836 3 363 3 364 3 443 7 273 7 266 7 291 461 461 452 Philadelphia 1,100 1,098 1,090 316 317 325 785 781 765 1,152 1,146 1,156 286 288 290 Cleveland 849 852 782 378 381 334 471 471 448 888 904 854 631 632 642 Richmond 728 731 699 334 332 306 395 399 392 800 809 783 675 678 655 Atlanta 294 289 268 172 171 142 122 119 126 369 363 380 721 722 762 Chicago 1,132 1,137 1,087 536 537 488 596 600 598 1,373 1,371 1,388 1,758 1,764 1,804 St. Louis 410 411 406 223 223 215 187 189 191 486 489 633 1,182 1,186 1,211 Minneapolis 331 334 321 143 144 129 188 190 192 372 371 370 881 887 892 Kansas City . _ . 276 278 256 164 166 156 112 112 100 355 366 473 1,155 1,165 1,194 Dallas. 142 139 132 85 82 79 57 58 53 178 189 178 426 433 443 San Francisco. _ 645 652 639 334 342 319 311 311 320 628 645 636 311 310 329 Total 16, 798 16, 814 16, 613 8,233 8,241 8,091 8,565 8,574 8,522 17,579 17, 630 17, 832 9,013 9,052 9,202 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 581. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

579 JULY 1938 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 7, 1938 AND DECEMBER 31 AND MARCH 31, 1937, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1938 1937 1937 1938 1937 1937 1938 1937 1937 1938 1937 1937 New England: Maine 108,354 109, 201 107, 358 208, 654 208, 044 209, 254 316, 794 319,351 327, 253 102 102 103 New Hampshire 98, 565 99, 226 100, 602 173,941 174, 001 169, 462 268,157 268, 572 265, 087 109 109 110 Vermont 86,612 86, 705 85, 969 77, 391 78,074 80, 508 166, 670 167, 526 169, 052 91 91 91 Massachusetts ., 800, 6801, 814,0451, 857, 9381, 778, 8551, 758, 7621, 726,8183, 685, 6723, 696, 7243, 711, 528 392 392 395 Rhode Island 174, 471 175, 478 179, 594 271,156 280, 574 279, 642 462,365 465, 437 461, 293 35 35 35 Connecticut 589, 704 588,148 597, 203 558, 441 560, 355 552, 481 1, 236,4091, 246,0501, 234, 639 196 196 197 Middle Atlantic: New York J, 655, 3197, 827, 4478,138, 2438,613,111 8, 473,006 9,070,15616, 267,05716, 382, 548 1i6,, 997, 728 902 902 897 New Jersey 713, 834 728, 387 729,812 967, 998 981, 333 1,000,199 1, 963,1782, 006,0021, 993,053 411 411 419 Pennsylvania L, 561, 2111, 565, 9381, 511, 5742, 896,141 2, 909, 6693, 003, 6234, 475, 2474, 557,9164, 647, 8351,114 1,115 1,125 East North Central: Ohio 831, 761 847, 961 826, 324 1,012, 6511, 035, 9892,109, 4912,178, 3472,144,109 709 710 713 Indiana 263, 248 266, 655 244,167 392, 389 393, 987 383,554 774, 499 787, 488 758, 801 524 524 536 Illinois __ 951, 933 981, 643 958, 766 1, 972,1851, 859, 2381,805, 9153, 201, 9903, 322, 0242, 925,140 873 876 882 Michigan 364, 482 376, 295 345,172 712, 677 718, 056 711,093 1, 331, 7421, 364, 7761, 309, 087 464 464 471 Wisconsin 250, 669 254, 978 240, 077 463, 530 456, 774 457, 521 818, 566 806, 810 802, 649 599 602 607 West North Central: Minnesota 303, 263 316, 434 286,113 433, 278 420, 443,575 791, 232 805, 978 800,573 690 Iowa 251, 825 254, 350 229, 293 216, 739 213, 517 244,194 568, 653 551, 203 583, 955 65' 659 657 Missouri 446, 518 459, 450 416, 557 566, 603 560, 405 591, 3901, 024, 8541,041, 7441, 217, 917 659 659 673 North Dakota 24,146 24, 328 23, 263 31, 624 32, 332 32, 941 65,117 66, 850 67,132 183 185 192 South Dakota 32, 598 34,132 31, 385 32, 444 32, 844 36, 734 77, 408 80, 059 84, 329 177 181 184 Nebraska 107, 792 113,616 105, 013 114,957 114,489 120, 449 251, 517 256, 569 258,721 429 432 435 Kansas 136, 222 142, 389 128, 471 135, 455 137, 362 138,164 350,037 363, 221 356, 295 692 705 South Atlantic: Delaware 78,193 80, 627 78, 973 99, 540 105, 035 102, 482 182, 373 199,047 176, 428 48 48 Maryland 212, 319 215, 768 207, 317 446, 756 454, 303 480, 852 717, 920 720, 919 721, 230 196 196 199 District of Columbia 100, 531 103, 831 97, 915 135, 489 135, 867 147, 771 307, 879 299, 613 316, 371 22 22 22 Virginia 273, 075 276,199 259,198 177, 371 187, 305 177, 710 489, 866 492, 725 494,836 321 322 323 West Virginia 124, 828 126, 466 119, 245 98, 724 99, 529 98, 348 269, 529 270, 701 269, 588 184 184 187 North Carolina 154, 413 153, 425 136, 268 148, 341 152, 244 155, 667 320, 567 332,130 311, 676 235 236 209 South Carolina 52, 382 55, 216 46, 750 45, 921 47,141 53, 453 131, 418 138, 637 147, 097 150 151 149 Georgia 209, 652 210, 260 185, 503 84, 878 84, 810 113,174 321, 602 320, 212 340, 603 284 285 325 Florida 80, 801 84, 333 76, 940 142, 716 166, 949 314, 971 285, 934 322, 559 163 162 162 East South Central: Kentucky 212, 990 218, 784 206, 672 153, 826 148, 871 163, 359 402, 311 405, 377 411, 670 425 425 434 Tennessee 215, 801 221, 57." 191, 902 137,897 137, 156,193 404, 021 408, 454 391, 610 304 305 312 Alabama 118, 255 121, 791 95, 646 90, 284 91, 569 108, 975 243, 689 248, 804 249, 780 217 217 218 Mississippi 67, 289 65, 657 56, 525 79,153 74, 654 78, 535 199, 691 182, 565 187, 048 207 208 207 West South Central: Arkansas 62,136 63,114 47, 200 56, 530 55, 390 62, 597 149, 841 151,161 152,846 220 223 222 Louisiana 140, 491 144,805 123, 241 176,184 173, 456 171, 397 367, 091 379, 797 343, 465 146 14' 146 Oklahoma 135,813 140, 565 124, 471 152, 929 149, 052 157, 769 368,091 375,988 358, 928 399 400 401 Texas 458, 626 470,135 418, 576 437, 376 443, 428 445, 366 1,152,149 1,154,180 1,080,877 868 Mountain: Montana 30, 011 30, 386 28, 822 60, 901 61, 62,146 121,518 126, 861 123, 945 115 115 117 Idaho 26, 912 28, 385 24, 255 40, 350 40, 746 41,190 89, 413 93, 715 94, ~ 52 52 53 Wyoming 23, 052 22,843 21, 216 18, 065 18, 442 18, 519 54,919 58, 700 54, 748 58 58 58 Colorado 85, 416 90, 624 79, 942 114, 770 121, 637 126, 657 270, 968 276, 448 278, 454 145 147 149 New Mexico 17, 899 17, 696 15, 601 17, 918 18, 247 19, 017 52, 607 54, 807 51,011 41 41 41 Arizona 26, 835 28, 512 23, 443 32, 634 32, 459 26, 804 82, 739 80, 777 12 1 13 Utah 54, 511 57,178 50, 915 52, 314 54, 440 53, 523 127, 766 131, 292 124,168 59 59 59 Nevada 8,271 8,295 6,669 14, 918 15, 027 14, 325 33, 323 33, 607 30,180 9 9 10 Pacific: Washington 188, 40: 200, 386 176, 573 204, 940 202, 731 215, 864 452, 61' 466,003 457,402 160 16: 185 Oregon 84, 464 87, 309 77,149 133, 913 134, 260 141,371 262, 677 270, 366 266,165 77 77 83 California L, 782, 2661, 807, 4541, 670, 6521, 575, 7551, 607, 9801, 694, 2383, 599,0473, 744, 2803, 623, 531 235 23, 244 Total.. 21, 778, 84122,198, 423 21, 790, 473 26, 540, 299 26, 367, 5247', 347, 913 51, 697, 258 52, 439,916 52, 577, 207 15, 3154,8 39315, 569 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 581. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN JULY 1938 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 7, 1938 AND DECEMBER 31 AND MARCH 31, 1937, BY STATES [Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p s o i s v i e t s of inter- Nu b m a b n e k r s of State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1938 1937 1937 1938 1937 1937 1938 1937 1937 1938 1937 1937 New England: Maine 37,975 38, 614 36, 990 65,092 66, 516 68,801 110, 219 112, 043 118,383 39 39 40 New Hampshire 29, 224 29,885 28, 822 30, 312 30, 372 33, 242 61, 662 62,077 61, 964 52 52 52 Vermont 23,863 23, 956 21, 637 25,130 25, 813 27, 257 51,187 52, 043 50,344 42 42 42 Massachusetts 530,062 546, 493 552, 445 467, 867 447,168 481, 231 1,072, 4011, 082, 9871,117,452 127 127 128 Rhode Island 43,014 44, 614 46, 279 33, 384 38, 545 40, 275 85, 570 88, 776 78, 657 12 12 12 Connecticut 111, 286 108,024 113, 470 105, 237 106, 347 106, 827 256, 091 261, 684 258, 836 54 54 54 Middle Atlantic: New York 1, 633, 6961, 623, 5531, 745, 7332, 498, 4292, 506, 2792, 641, 6364, 058, 2644,045, 6814, 294, 789 443 443 451 New Jersey 229, 872 234, 351 233, 237 386, 677 396, 793 398, 927 733, 802 755, 888 745, 536 229 229 233 Pennsylvania 809, 316 810, 467 779,660 1, 403, 6281, 408, 6781, 479, 4892,172, 4632, 223, 5562, 284, 739 697 697 703 East North Central: Ohio 314, 763 315, 488 306,166 455, 694 472, 944 493, 269 893, 653 923, 986 918, 784 248 248 248 Indiana 112, 562 115,171 104, 081 218, 364 218,405 219, 547 384, 981 393, 752 372, 380 127 126 124 Illinois 682,416 706, 352 697, 613 1, 403, 6861, 298, 2931, 238, 4112,194, 2792, 288, 6951, 960, 959 314 314 309 Michigan 155,858 165,137 155, 012 390, 309 393, 854 393,127 684, 219 701, 214 673, 205 83 83 83 Wisconsin 103, 726 107, 701 105, 502 264, 708 255,170 256, 690 426, 296 415, 500 417, 497 106 105 105 West North Central: Minnesota 205,137 217, 853 199, 822 294, 616 281,122 300, 884 528, 249 545, 415 540, 872 195 195 197 Iowa 74, 874 75, 522 73, 290 86,193 84, 742 105,099 188, 824 184, 066 194, 435 111 111 113 Missouri 182, 668 190, 943 181, 211 238, 889 234, 280 268, 673 425, 910 433, 335 432, 373 86 86 86 North Dakota 14, 224 14,406 13, 884 22, 885 23 593 25, 515 43, 368 45,101 46, 910 53 55 57 South Dakota 18,097 18, 801 17, 650 21, 528 22', 029 24, 847 46, 911 49,173 50, 722 45 47 48 Nebraska 75, 450 80, 581 73, 490 94, 405 93, 890 98, 322 183, 726 187, 308 185, 653 136 136 136 Kansas 61,289 65, 849 59, 066 83, 036 84, 527 86, 393 192, 297 199, 316 189,950 185 186 188 South Atlantic: Delaware 8,040 7,965 7,646 10, 381 10, 667 10, 530 17, 694 18, 416 18, 512 16 16 16 Maryland 64,164 66, 473 60, 070 153, 604 162, 777 186,124 240, 539 238, 262 249, 936 63 63 63 District of Columbia 46, 226 49,180 44, 569 80, 780 83, 437 88,832 169, 566 166, 079 172,196 9 9 9 Virginia 145,899 147, 882 138, 501 117, 884 127, 965 117, 644 291, 659 295, 390 301,074 132 132 132 West Virginia 63, 367 64, 390 58, 719 53,775 54,552 52, 877 143, 685 144, 074 139,299 79 79 79 North Carolina 40, 111 39, 721 38, 945 28, 349 29, 226 31, 039 88, 216 92, 211 87, 690 43 43 43 South Carolina 27, 492 29, 847 26,102 22, 618 23, 491 30,139 68, 306 72, 638 76, 060 20 20 20 Georgia.. 130, 741 131, 349 122, 783 58, 543 58,475 81, 332 202, 394 201,004 218, 822 53 54 56 Florida 56, 382 59, 272 55, 513 117, 534 112, 648 135, 705 232, 505 211,013 241, 572 53 53 53 East South Central: Kentucky 96, 252 102, 046 96, 266 82,024 77, 069 86, 699 198, 797 201, 863 201, 246 99 99 100 Tennessee 148, 880 154, 652 131, 979 106,115 106, 211 124, 240 282, 339 286, 772 269, 594 71 72 72 Alabama 79, 713 83, 249 69, 879 64,282 65, 567 79, 487 165, 631 170, 746 173, 463 66 66 69 Mississippi 20,636 21.190 18, 436 25, 964 25, 497 28, 855 70, 526 60, 755 63, 569 25 25 25 West South Central: Arkansas 33, 517 33, 928 27, 591 35, 968 34, 776 40, 830 85,126 84, 749 84, 407 50 50 50 Louisiana 92,968 95, 661 80,848 120, 353 119, 514 120, 349 235, 450 238, 973 215, 818 30 30 30 Oklahoma 116, 527 122, 043 106, 987 135, 735 132, 381 142, 216 317, 644 325,108 309, 605 215 216 214 Texas 379, 837 395, 047 348, 853 385, 295 389, 407 396, 780 987, 057 980, 990 922, 788 451 453 457 Mountain: Montana 13, 873 14, 236 13, 297 37,197 37, 982 37, 939 69, 294 72,154 71,155 43 43 44 Idaho 12, 515 12, 991 10, 650 21, 905 22, 089 22, 318 44, 667 46, 907 42, 971 20 20 20 Wyoming 14, 780 14, 601 13, 490 14, 449 14, 789 14, 730 39, 206 41, 847 38, 615 26 26 26 Colorado 65, 497 69, 933 60, 446 96, 569 103, 264 108, 413 216, 356 220, 035 223,827 77 78 77 New Mexico 13, 605 13, 432 11, 726 14, 618 15, 111 15, 680 41, 043 42, 671 40,049 22 22 22 Arizona 19, 579 21, 299 16,190 22,187 21, 989 17, 753 57, 214 56, 552 53, 646 5 5 6 Utah IIIIIIIIIIIII 21, 605 22,071 20, 304 25,076 26, 927 24, 992 56, 694 58, 828 - 54,679 13 13 13 Nevada 7,638 7,643 5,278 13, 700 13, 847 12,161 30, 932 31, 256 25, 266 5 5 5 Pacific: Washington 134,065 143,118 108, 083 144,978 143, 612 150, 701 323, 612 334, 768 297, 657 49 50 55 Oregon 69, 684 71, 981 62, 783 115, 913 116, 759 122, 469 225, 057 231, 379 226, 852 28 28 32 California 1, 241,1561, 267, 2461,158, 5561,092, 5421,118, 6621,153, 3002, 568, 6192,678, 2932, 540, 492 103 103 108 Total 8, 614,1218, 796, 2078, 459, 55011, 788,40711, 738,05112, 222, 59622, 264, 20022, 655, 32922, 355,3005,250 5,260 5,305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

581 JULY 1938 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued STATE BANKS x—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 7, 1938 AND DECEMBER 31 AND MARCH 31, 1937, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1938 2 1937 2 1937 2 1938 2 1937 2 1937 2 19382 1937 2 19372 1938^ 19372 19372 New England: Maine 70,379 70, 587 70, 368 143, 562 141, 528 140, 453 206, 575 207, 308 208,870 63 63 63 New Hampshire 69, 341 69, 341 71, 780 143, 629 143, 629 136, 220 206, 495 206, 495 203,123 57 57 58 Vermont 62, 749 62, 749 64, 332 52, 261 52, 261 53, 251 115, 483 115, 483 118, 708 49 49 49 M assachusetts 1, 270, 6181,267, 5521, 305,4931, 310,9881, 311, 5941, 245, 5872, 613, 2712, 613, 7372, 594, 076 265 265 267 Rhode Island 131,457 130,864 133, 315 237, 772 242, 029 239, 367 376, 795 376, 661 382, 636 23 23 23 Connecticut 478,418 480,124 483, 733 453, 204 454,008 445, 654 980,318 984, 366 975, 803 142 142 143 Middle Atlantic: New York 6,021, 6236, 203, 8946, 392, 5106,114, 6825, 966, 7276, 428, 52012, 208, 793 12, 336, 86172, 702,939 459 459 446 New Jersey 483, 962 494,036 496, 575 581, 321 584, 540 601, 272 1,229,376 1, 250,1141, 247, 517 182 182 186 Pennsylvania 751,895 755, 471 731, 914 1,492, 5131, 500, 9911, 524,1342, 302, 7842, 334, 3602, 363,096 417 418 422 East North Central: Ohio 516, 998 532, 473 520,158 530, 372 539, 707 542, 720 1, 215, 838I, 254, 3611, 225, 325 461 462 465 Indiana 150, 686 151, 484 140, 086 174, 025 175, 582 164, 007 389, 518 393, 736 386,421 397 398 412 Illinois 269, 517 275, 291 261,153 568, 499 560, 945 567, 504 1,007, 7111,033, 329 964,181 559 562 573 Michigan 208, 624 211,158 190,160 322, 368 324, 202 317, 966 647, 523 663, 562 635,882 381 381 388 Wisconsin 146,943 147, 277 134, 575 198,822 201, 604 200, 831 392, 270 391, 310 385,152 493 497 502 West North Central: Minnesota 98,126 98, 581 86, 291 138, 662 139, 727 142, 691 262, 983 260, 563 259, 701 495 495 491 Iowa 176, 951 178, 828 156, 003 130, 546 128, 775 139, 095 3 379, 829 367,137 3 389, 520 546 548 544 Missouri 263, 850 268, 507 235, 346 327, 714 326,125 322, 71 ~ 598, 944 4 785, 544 573 573 587 North Dakota 9,922 9,922 9,379 8,739 8,739 7,426 21, 749 21, 749 20, 222 130 130 13,5 South Dakota 14, 501 15, 331 13, 735 10,916 10, 815 11, 887 30, 497 30, 886 33, 607 132 134 136 Nebraska 32, 342 33, 035 31, 523 20, 552 20, 599 22,127 67, 791 69, 261 73,068 293 296 299 Kansas 74, 933 76, 540 69,405 52,419 52, 835 51, 771 3 157, 740 3 163, 905 3 166, 345 503 506 517 South Atlantic: Delaware 70,153 72, 662 71, 327 89,159 94, 368 91, 952 164, 679 180, 631 157, 916 32 32 32 Maryland 148,155 149, 295 147, 247 293,152 291, 526 294, 728 477, 381 482, 657 471, 294 133 133 136 District of Columbia 54, 305 54, 651 53, 346 54, 709 52, 430 58, 939 138, 313 133, 534 144,175 13 13 13 Virginia 127,176 128, 317 120, 697 59, 487 59, 340 60, 066 198, 207 197, 335 193, 762 189 190 191 West Virginia 61,461 62, 076 60, 526 44, 949 44, 977 45, 471 125, 844 126, 627 130, 289 105 105 108 North Carolina 114, 302 113, 704 97, 323 119, 992 123, 018 124, 628 232, 351 239, 919 192 193 166 South Carolina 24,.""" 25, 369 20, 648 23, 303 23, 650 23, 314 63,112 65, 999 3 71,037 130 131 129 Georgia 78, 911 78, 911 62, 720 26, 335 26, 335 31, 842 119, 208 119, 208 121, 781 231 231 269 Florida 24, 419 25, 061 21, 427 31, 453 30, 068 31, 244 82, 466 74, 921 110 109 109 East South Central: Kentucky 116, 738 116, 738 110, 406 71, 802 71, 802 76, 660 203, 514 203, 514 210, 424 326 326 334 Tennessee 66, 921 66, 921 59, 923 31, 782 31, 782 31, 953 121, 682 121, 682 122, 016 233 233 240 Alabama 38, 542 38, 542 25, 767 26, 002 26, 002 29, 488 78, 058 78, 058 76, 317 151 151 149 Mississippi 46, 653 44,467 38,089 53,189 49,157 49, 680 129,165 121, 810 123, 479 182 183 182 West South Central: Arkansas 28, 619 29,186 19, < 20, 562 20, 614 21, 767 64, 715 66, 412 68, 439 170 173 172 Louisiana 47, 523 49,144 * 42, 393 55, 831 53, 942 51,048 131, 641 140,824 127, 647 116 117 116 Oklahoma 19, 286 18, 522 17, 484 17,194 16, 671 15, 553 50, 447 50,880 49, 323 184 184 187 Texas , 78, 789 75, 088 69, 723 52,081 54,021 48, 586 165, 092 173,190 158,089 409 415 421 Mountain: Montana 16, 16,150 15, 525 23, 704 23, 911 24, 207 52, 224 54, 707 52, 790 72 72 73 Idaho 14, 397 15, 394 13, 605 18, 445 18, 657 18, 872 s 44, 746 3 46, 808 3 51,067 32 32 33 Wyoming 8,272 8,242 7,726 3,616 3,653 3,789 15, 713 16,853 16,133 32 32 32 Colorado 19, 919 20,691 19, 496 18, 201 18, 373 18, 244 54, 612 56, 413 54, 627 68 69 72 New Mexico 4,294 4,264 3,875 3,300 3,136 3,337 11, 564 12,136 10, 962 19 19 19 Arizona 7,256 7,213 7,253 10, 447 10, 470 9,051 3 25, 525 3 25, 846 3 27,131 7 7 7 Utah 32, 906 35,107 30,611 27, 238 27,513 28, 531 71, 072 72, 464 69, 489 46 46 46 Nevada 633 652 1,391 1,218 1,180 2,164 3 2, 391 3 2,351 3 4, 914 4 4 5 Pacific: Washington 54, 337 57, 268 68, 490 59, 962 59,119 65,163 129,005 131,235 159, 745 111 112 130 Oregon 14, 780 15, 328 14, 366 18,000 17, 501 18, 902 37, 620 39,313 49 49 51 California 541,110 540, 208 512, 096 483, 213 489, 318 540,938 1,030, 4281,065, 9871, 083,039 132 132 136 Total 13,164, 720 13, 402,216 13, 330, 923 14, 751, 892 14, 629, 496 15,125, 317 29,433,058 29, 784, 587 30, 221, 907 101,0,133 10, 264 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. After March 1937 the figures exclude private banks in Georgia, which no longer report to the State banking department (43 such banks with deposits of $2,491,000 and loans and investments of $1,087,000 are included in the March 1937 figures). Morris Plan and industrial banks in New York and North Carolina were not included until June 1937, when there were 45 siich banks with deposits of $50,287,000 and loans and investments of $61,165,000. 2 All figures for State commercial banks and trust companies in the March 1938 columns are as of March 7, except as follows: Maine and Louisi ana, March 26; New Hampshire, June 30,1937; Minnesota, March 31; Kansas, April 11; Tennessee, November 10; Vermont, North Dakota, Georgia, Kentucky and Alabama, December 31; New York, New Jersey, Indiana, Missouri and Maryland, December 31 as adjusted by the increase or decrease in the figures of State bank members between December 31, 1937 and March 7, 1938. All figures in the December 1937 columns are as of December 31, except for New Hampshire and Tennessee, which are as of June 30 and November 10, 1937, respectively. For call dates of figures included in the March 1937 columns see footnote on page 646 of the July 1937 BULLETIN. For call dates of mutual savings bank and private bank figures see footnotes on page 582 of this BULLETIN. 3 Includes relatively small amounts of interbank deposits. 4 Includes interbank deposits, estimated at about $155,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL KESERVE BULLETIN JULY 1938 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 7, 1938 AND DECEMBER 31 AND MARCH 31, 1937, BY STATES [Figures in this table are also included in the table on page 581 covering"State Banks. Amounts in thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p s o iv s e it s of inter- Nu b m an b k e s r of State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 19381 1937 1937 i 1938 1 1937 1937 1 1938 1 1937 1937 i 19381 1937 19371 Connecticut: District No. 1. 315 314 311 222 215 213 458 453 449 3 3 3 District No. 2 123 133 132 122 122 122 301 370 364 1 1 1 Georgia 800 287 2,491 43 Indiana: District No. 7 1, 525 1,525 1,830 1,370 1,370 1,380 4,343 4,343 5,379 19 19 25 District No. 8 167 167 254 51 51 170 248 248 532 2 2 4 Iowa__ 175 170 161 285 267 260 509 502 546 2 2 2 Kansas 2 2 3 25 11 16 82 1 1 1 New Jersey Dist. No. 2 15 15 16 12 12 11 7 7 6 1 1 1 New York 82, 204 83, 356 93, 856 315, 982 319,839 407, 263 352,428 346, 469 435,083 14 14 14 Ohio.. _ 2,144 2,141 2,157 572 570 648 2,965 3,030 3,345 13 13 14 Pennsylvania: District No. 3 9,386 7,422 9, 785 34, 569 35,462 45, 582 56,903 52,808 67,175 15 16 17 District No. 4 1,088 1,137 1,086 1,348 1,416 1,103 2,474 2,644 2,207 4 4 5 South Carolina 678 679 735 50 237 237 748 944 1,311 1 1 1 Total 97, 822 97,061 111,126 354, 583 359,561 457,301 421,396 411,834 518,970 76 77 131 i All figures in the March 1938 columns are as of March 7, except as follows: Indiana and New Jersey are as of December 31,1937, Kansas, April 11, and New York, March 31. For call dates of figures included in the March 1937 columns see footnote on page 647 of the July 1937 BULLETIN. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 7, 1938 AND DECEMBER 31 AND MARCH 31, 1937, BY STATES [Figures in this table are also included in the table on page 581 covering "State Banks." Amounts in thousands of dollars] Number of Loans Investments Deposits banks State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1938 i 19371 1937 i 1938 1 1937 » 1937 1 1938 1 1937 1 1937 i 19381 1937 * 19371 California 33,680 33,364 32,903 59, 537 59, 603 61, 277 86, 744 87,259 87, 684 Connecticut: District No. 1_. 272,854 273,001 276, 308 273,456 271, 635 262,133 558,805 558,440 555,513 59 District No. 2_. 81, 879 81,489 78,926 83,312 82, 554 80,095 163, 650 163, 521 159, 670 14 Delaware 12, 653 12, 636 12,024 27,906 27,142 26,032 36, 560 36,230 34, 563 2 Indiana: District No. 7_. 7,874 7,874 8,085 4,191 4,191 3,494 12,993 12,993 13,028 4 4 4 District No. 8_. 4,545 4,545 4,461 2,930 2, 2,340 8,068 7,630 1 1 1 Maine 30,362 30, 504 30, 778 104,745 102, 721 99,956 127,061 126,902 126,623 32 32 32 Maryland 44,315 44,315 45, 541 173,128 173,128 163, 982 222, 532 222, 532 216, 639 12 12 12 Massachusetts 1,057,893 1,057,893 1,074, 983 1,082,790 1,082, 790 1,016, 9.73 2,145,368 2,145, 368 2,128, 242 193 193 193 Minnesota 9,837 9,984 10,071 53, 962 54, 749 54, 111 66, 587 66, 378 67,389 1 1 1 New Hampshire- 61, 273 61, 273 63, 824 134, 637 134, 637 127, 772 190,546 190, 546 186,860 44 44 45 New Jersey: District No. 2__ 131, 920 131, 920 136, 581 169,127 169,127 168, 511 320,749 320, 749 314,929 22 22 22 District No. 3.. 4,970 4,970 5,048 8,088 8,900 14,485 14, 485 14, 656 3 3 3 New York.. 2, 997, 574 2, 997, 574 3,007, 537 2, 283, 517 2, 283, 517 2, 283,128 5, 291, 876 5, 291, 876 5, 246,086 134 134 135 Ohio 43, 654 44,102 39,113 67, 327 67, 273 71, 785 119, 483 119, 543 118, 297 3 Oregon _ 1,067 752 731 727 723 1,763 1,691 1,479 1 Pennsylvania: District No. 3.. 74, 438 75,027 73,144 438, 798 434,094 410,139 530, 576 529, 594 521,345 District No. 4.. 11, 901 12,042 12, 965 41,737 41, 777 40,429 54,067 53, 894 52,140 Rhode Island 52, 309 52, 309 51, 340 126,096 126,096 125, 859 175,948 175, 948 173,762 Vermont 31, 550 31. 550 32, 464 26,683 27, 721 63,138 63,138 65, 733 14 Washington 26,153 26; 876 27,057 35,844 34,993 32, 444 63,461 63, 240 60,547 3 Wisconsin: District No. 7.. 2,177 2,155 2,067 2,128 2,087 1,790 4,381 4, 450 4,255 District No. 9.. 65 65 50 59 57 57 109 109 Total.. 4, 994,943 4,996,461 5,026,022 5, 200, 729 5,190, 599 5,069, 65110, 258, 95010, 256, 95410,157,168 563 563 565 i Allf iguresi n the March 1938 columns are as of March 7 except as follows: Vermont, Massachusetts, Rhode Island, New York, New Jersey, Indiana, and Maryland, which are as of December 31,1937; Maine, March 26; New Hampshire, June 30,1937; and Minnesota, March 31. All figures in the December 1937 columns are as of December 31, except New Hampshire, which are as of June 30.1937. For call dates of figures included in the March 1937 columns see footnote on page 647 of the July 1937 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN JULY 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treas- reserve balances Date co B d u i i n s ll - t s ed bo B u il g ls ht s U m G e e . c o r e u n v n S r - - t i . - R O c b e r a s t e h e n d e r k i v r t1 e Total M s t g t a o o o r n l c y d k e- s r t o e c u i a n u n u r n y r c g t d - - y - i r c n C t e u i n o u c l c a n r ir y - - - T h c i u r o n a e r l g s y a d h s - s - - T d R F b e r e w e e p a d s a n i o e e t s k s h r r u i v s a t r e l s y b p m N e o r e o s m d i n t e - s - - R c O e F o e t s a u e r c h e a n d - e r l t - r v s e Total m E ( x e a c s t t e e i s - d s ) ties End of month figures: 1937—Apr. 30 2,525 2,565 11,799 2,543 6,426 2,967 257 6,881 1,594 May 31 2,526 2,585 11,990 2,547 6,462 3,144 73 272 255 6,915 918 1938— J J A M S N D M F A O J u u e e u e o a c p a b l a n p c g n v t y r . y r . e . . . t . . . . 3 3 3 2 3 3 3 3 3 3 3 3 0 1 1 8 1 1 0 1 0 1 0 0 _ _ _ - _ _ _ . . 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 5 5 5 5 5 5 5 5 5 5 5 5 8 6 6 6 2 6 6 2 2 2 2 6 0 4 4 4 6 4 4 6 6 6 6 4 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 6 5 5 5 5 5 5 6 5 5 6 5 9 1 7 7 7 8 8 0 6 1 9 9 0 1 9 4 7 2 0 6 2 2 3 4 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 3 7 8 7 7 7 9 5 8 7 7 4 1 7 6 4 9 5 1 0 6 6 7 4 8 4 9 1 5 6 9 3 0 7 6 6 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 5 6 6 5 7 6 5 6 6 5 6 6 9 7 6 7 3 0 0 5 8 5 2 9 9 9 8 2 7 2 9 0 5 5 1 0 6 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , , 3 4 3 5 3 5 5 4 4 5 3 5 3 6 5 4 2 2 4 6 6 5 9 5 4 7 5 2 0 1 4 7 0 0 7 5 3 3 3 3 3 2 3 3 3 3 3 2 , , , , , , , , , , , , 5 5 6 2 6 5 5 6 6 7 4 1 5 1 9 6 8 4 6 3 8 2 4 9 9 0 4 3 1 1 6 8 2 0 5 5 1 1 , , 1 3 3 2 1 1 1 1 1 1 1 5 2 1 9 3 8 5 3 1 4 4 2 7 0 3 3 6 0 0 9 4 2 1 1 4 3 3 3 4 4 3 2 3 3 4 3 2 1 9 7 0 8 6 0 3 8 7 5 3 5 0 4 1 8 5 7 7 5 2 5 2 2 2 2 2 2 2 2 2 2 2 2 6 6 5 6 6 6 6 6 5 6 5 6 1 2 7 0 1 0 3 3 8 5 7 3 7 6 6 7 6 7 7 7 6 6 7 7 , , , , , , , , , , , , 0 2 2 7 9 2 6 9 0 7 9 6 1 5 8 3 0 4 6 2 6 5 2 2 4 1 7 7 0 8 5 7 2 3 8 3 * 2 1 2 1 1 1 1 1 1 , , , , , , , , , 5 4 0 3 0 1 2 5 8 7 7 5 4 1 3 6 5 8 1 6 6 7 9 4 6 5 8 9 5 3 2 8 5 3 1 8 Wednesday figures: 1937—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 3,605 320 258 6,636 704 Aug. 11 2,526 2,572 12, 497 2,573 6,482 3,640 253 327 259 6,681 740 Aug. 18 2,526 2,565 12, 527 2,577 6,500 3,672 156 340 258 6,744 782 Aug. 25 2,526 2,565 12, 541 2,577 6,495 161 356 258 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 3,610 76 421 265 7,003 1,090 Oct. 13 2,526 2,558 12, 784 2,601 6,585 3,634 458 264 6,919 992 Oct. 20 2,526 2,565 12, 793 2,605 6,546 3,654 479 264 6,939 1,021 Oct. 27 2,526 2,570 12,801 2,607 6,519 94 485 264 6,951 1,073 Nov. 3... 2,526 2,559 12,804 2,608 6,565 3,662 111 482 263 1,046 Nov. 10_. 2,537 2,576 12, 789 2,611 6,564 3,648 139 483 263 6,879 1,066 Nov. 17_. 2,555 2,590 12, 789 2,611 6,534 3,633 135 503 262 6,922 1,100 Nov. 24 . 2,564 2,596 12, 774 2,619 6,554 3,626 113 485 261 6,949 1,138 Dec. 1__. 2,564 2,603 12, 774 2,621 6,568 3,627 177 459 261 6,906 1,119 Dec. 8__. 2,564 2,612 12, 764 2,623 6,591 3,622 242 446 262 6,836 1,052 Dec. 15. 2,564 2.631 12.765 2,625 6.596 3,620 232 419 270 6,884 1,057 Dec. 22 _ 2,564 2,658 12, 765 2,630 6,681 3,625 153 470 269 6,855 1,007 Dec. 29. 2,564 2,602 12,760 2,634 6,571 3,620 140 413 1,157 1938—Jan. 5____ 2,564 2,603 12, 755 2,639 6,510 3,622 127 404 262 7,071 1,267 Jan. 12... 2,564 2,599 12, 755 2,640 6,395 3,628 115 401 262 7,193 1,386 Jan. 19 2,564 2,610 12, 755 2,639 6,346 3,621 135 418 264 7,219 1,371 Jan. 26__. 2,564 2,594 12, 755 2,654 6,294 3,642 117 393 261 7,296 1,440 Feb. 2___ 2,564 2,594 12, 755 2,657 6,323 3,648 143 260 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 3,579 185 421 256 7,215 1,391 Mar. 9___ 2,564 2,594 12, 768 2,670 6,334 3,562 181 389 256 7,311 1,467 Mar. 16__ 2,564 2,608 12, 778 2,672 6,328 3,550 264 325 264 7,328 1,460 Mar. 23.. 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 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 Apr. 27_. 2,564 2,586 12, 860 2,690 6,355 2,192 1,321 343 264 7,661 2,579 May 4__. 2,564 2,589 12, 870 2,693 6,407 2,196 1,429 353 7,504 2,442 May 11.. 2,564 2,589 12, 880 2,695 6,396 2,215 1,361 370 262 7,560 2,483 May 18.. 2,564 2,589 12, 892 2,697 6,402 2,226 1,283 383 261 7,622 2,555 May 25.. 2,564 2,583 12, 905 2,701 6,393 2,248 1,183 387 261 7,716 2,632 June l.__ 2,564 2,593 12, 918 2,703 6,469 2,254 1,093 393 260 7,745 2,640 June 8 2,564 2,582 12, 940 2,703 6,437 2,277 1,005 399 261 7,848 2,711 June 15__ 2,564 2,598 12, 950 2,707 6,420 2,289 935 438 267 7,904 2,726 June 22. _ 2,564 2,591 12, 957 2,710 6,402 2,293 929 445 267 7,922 2,782 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1936 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in thp table on p. 570. •Reserve requirements reduced by approximately 13M% effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

585 JULY 1938 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1938 1938 1937 June 22 June 15 June 8 June 1 May 25 May 18 May 11 May April May ASSETS Gold certificates on hand and due from U. S. Treasury.. 10,635,912 10, 637,40110,637,400 10,638,90010,639,41710,639, 91610,640, 91210, 638, 90010, 641,412 8. 838,416 Redemption fund—F. R. notes 9,900 9,164 9,619 8,186 8,881 8,948 8,886 8,930 8,839 11, 341 Other cash 411, 562 401,326 397, 797 389, 350 411,903 414,244 427,070 381, 986 440,839 285, 236 Total reserves 11,057,374 11, 047, 89111,044,81611,036, 43611,060,20111,063,10811,076, 86811,029,816 11,091,090 9,134, 993 Bills discounted: For member banks 9,508 9,396 8,568 8,414 8,668 7,835 8,165 9,040 8,790 17,425 For nonmember banks, etc Total bills discounted 9,508 9,396 8,568 8,414 8,668 7,835 8,165 9,040 8,790 17,425 Bills bought: Payable in dollars 3,189 Payable in foreign currencies 537 537 536 534 534 534 550 534 550 3,075 Total bills bought 537 537 536 534 534 534 550 534 550 6,264 Industrial advances _ 16, 535 16, 635 16, 732 16, 818 16, 771 16, 899 16,421 16,913 16,867 22,404 U. S. Government securities: Bonds.. _ 744,105 744,105 657, 253 657, 253 657, 253 657, 253 657, 253 657, 253 657, 253 732, 608 Treasury notes 1,141,819 1,132,053 1,191,905 1,191,905 1,191, 905 1,191, 905 1,191, 905 1,191, 905 1,191, 905 1,152, 213 Treasury bills 678,091 687, 857 714, 857 714, 857 714, 857 714, 857 714, 857 714,857 714, 857 641, 469 Total government securities 2, 564, 015 2, 564,015 2, 564,015 2, 564,015 2, 564,015 2, 564,015 2, 564, 015 2, 564,015 2,564,015 2, 526, 290 Other reserve bank credit 447 7,155 -7, 764 3,277 -6, 850 -205 233 -8, 490 3,905 12, 892 Total reserve bank credit outstanding 2, 591,042 2, 597, 738 2, 582,087 2, 593,058 2, 583,138 2, 589,078 2, 589, 384 2, 582,012 2, 594,127 2, 585, 275 LIABILITIES F. R. notes in actual circulation 4,108, 568 4,123,102 4,135, 785 4,157,156 4,116, 875 4,123, 513 4,132, 337 4,157,204 4,148, 222 4, 223, 418 Deposits: Member bank—reserve accounts. __7, 921, 888 7, 904, 250 7, 847, 605 7, 744,949 7, 716, 352 7, 622, 253 7, 560, 482 7, 664, 601 7, 623, 481 6, 915, 388 U. S. Treasury—general account.__ 928, 590 934, 887 1,004, 684 1,092, 819 1,182, 761 1, 283, 396 1, 361,133 1,157,181 1, 319, 633 73,449 Foreign bank ... __ 149, 500 139,487 131,989 130, 200 133,118 137,609 133, 908 128,159 123,108 120, 365 Other deposits 295, 508 298, 579 267,141 262, 794 253, 844 245, 233 236, 245 261, 728 231, 555 151,460 Total deposits 9, 295, 486 9, 277, 203 9, 251, 419 9, 230, 762 9, 286,075 9, 288, 491 9, 291, 768 9,211,669 9, 297, 777 7, 260,662 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 82.4 82.4 82.5 82.4 82.5 82.5 82.5 82.5 82.5 79.5 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 9 m 1 o t o d n a t 6 h y s s 6 1 m t y o o e n a t r hs 2 1 y t y 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: June 1—- 8,414 6,677 599 369 169 594 6 June 8 8,568 6,913 559 321 235 535 5 June 15 9,396 7,685 464 358 292 591 6 June 22 9 508 7,556 477 477 403 589 6 Bills bought in open market: June 1 534 117 164 253 June 8 536 127 4 247 158 June 15 ... 537 128 110 299 June 22 537 4 107 298 128 Industrial advances: June 1 16, 818 1,607 263 262 798 2,017 3,125 6,710 2,036 June 8 16, 732 1,544 263 405 1,022 1,663 3,099 6,729 2,007 June 15_. 16, 635 1,259 274 298 885 2,058 3,010 6,703 2,148 June 22 16, 535 1,290 160 316 920 2,101 2,939 6,679 2,130 U. S. Government securities: June 1 2, 564, 015 183,017 186,171 208, 287 174, 203 136, 884 126, 351 376,428 580, 569 592,105 June 8 2, 564, 015 264, 905 109, 604 204, 754 181, 285 128, 014 126, 351 376, 428 580, 569 592,105 June 15 . 2, 564,015 155, 437 101, 541 193, 239 171, 040 109, 385 168, 763 420, 593 579, 257 664, 760 June 22 2, 564,015 117,172 128,893 173, 696 192, 780 108, 335 168, 763 430, 359 579, 257 664, 760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN JULY 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i 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 i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: June 1 -. 10,638,900 238 4, 659, 544521,141 715, 347 300, 391216, 522 2!,, 019, 367 305,884190,065 266, 089178, 785 698, 527 June 8 -- 10,637, 400 268 4,, 465, 733565, 850 729,342 229988,,118844 223322,, 228811 2:,103,109 292, 884 206i;, 087271, 416176, 452 704, 794 J Ju u n n e e 2 1 2 5 1 1 0 0 , , 6 6 3 3 7 5 , , 4 91 0 2 1 583; 0 0 5 4 6 4 4 4 ;r ,, 5 4 1 3 4 6 , , 9 9 3 6 1 1 5 52 3 6 3 , , 0 9 2 0 4 3 7 7 1 1 2 2 , , 8 3 9 5 1 9 33 3 00 0 44 6 ,, , 1 44 9 44 0 55 2 22 1 22 5 33 , ,, 7 44 5 55 5 772 2, , 1 1 8 4 1 0 , , 3 8 5 5 0 2 2 3 7 2 8 5 , , 5 6 5 8 9 7 2 21 0 2 0 , , 6 7 7 8 5 0 2 2 6 6 9 1 , , 9 5 6 9 5 9182, 260 7 6 0 9 1 0 , , 4 5 1 2 3 2 Redemption fund—Federal Reserve notes: June 1 91 1,330 1,501 605 354 429 571 510 290 380 1,257 June 8 — 9,619 1,091 1,330 1, 434 605 854 429 571 510 868 290 380 1,257 June 15 9,164 1, 068 1,235 1,397 573 666 412 540 503 864 283 375 1,248 June 22 9,900 1,033 1,085 1,337 1,516 842 382 484 857 274 368 1,233 Other cash: June 1 389, 350 37, 448 83, 485 23, 658 36, 336 29, 603 19, 570 54, 633 18, 492 1,166 28, 701 14, 493 33, 765 June 8 397, 797 38, 935 93, 776 24,472 35, 740 27, 075 19,556 56, 344 18, 701 1,429 27, 457 13, 781 32, 531 June 15 401, 326 38, 606 93, 452 24, 642 34, 970 26, 691 21, 860 57,147 18, 547 1,404 26, 818 15, 837 33, 352 June 22 411, 562 39, 841 27, 218 33,193 25, 521 24, 264 57, 814 18, 750 1,855 26, 559 15, 923 33, 978 Total reserves: June 1 11, 036,,436 604, 777 4, 744, 359 546, 300 752, 288 330, 348 236, 5212, 074, 571324, 886 200, 099295, 080193, 658 733, 549 June 8 11, 044, 816 -6•31 ," •29 44,560,839 591,756 765, 687326,113252, 2662,160, 024 312, 216,384299,163190, 613 738, 582 June 15 11,047, 891 616,7 7330 4, 609, 618 559, 063748, 434 331, 802245, 729' 98,037297, 609210,943297, '" 1, 847736, 013 June 22 11, 057,374 623, 918 4, 536, 692 555, 458 747, 068332, 553240,4012,240,150 3"4 4-, 922623,492 288,432198, 551 725, 733 Bills discounted: Secured by U. S. Government, obligations direct or fully guaranteed: June 1 5,479 633 1,777 940 433 410 320 190 120 14 204 June 8 5,442 653 1,669 771 378 310 322 190 120 414 207 338 June 15 5,992 521 2,813 839 326 344 287 235 45 19 210 333 June 22 6,054 595 2,772 721 552 359 262 200 45 45 195 Other bills discounted: June 1 .-- 2,935 334 178 312 10 62 235 June 8 3,126 485 547 184 276 614 10 62 222 266 242 June 15 3,404 202 507 528 197 283 775 54 224 323 301 June 22 3,454 174 525 546 203 340 79 195 417 285 Total bills discounted: June 1 8,414 824 2,111 1,520 611 722 789 200 182 249 472 654 June 8 8,568 861 2,154 1,318 562 586 936 200 182 636 473 580 June 15 9,396 723 3,320 1,367 523 627 1,062 235 30 99 243 533 634 June 22 9,508 769 3,297 1,267 755 699 942 200 30 124 240 612 573 Bills bought in open market: June 1 534 40 209 55 49 23 19 3 15 15 June 8 536 40 211 55 49 23 19 3 15 15 38 June 15 537 40 211 55 49 23 19 3 15 16 38 June 22 _ 537 40 211 55 49 23 19 3 15 16 38 Industrial advances: June 1 16, 818 2,364 4,343 3,040 891 1,548 69 673 158 1,081 467 864 1,320 June 8 . 16, 732 2,367 4,341 2, 950 889 1,548 115 672 137 1,074 461 862 1,316 June 15 16, 635 2,447 4,293 2,956 891 1,540 115 137 1,068 437 1,315 June 22 16, 535 2,457 4,271 2,947 852 1,537 120 563 137 1,066 436 1,321 TJ. S. Government securities: Bonds: June 1 657, 253 47, 412 191,191 53, 966 63, 027 35, 882 28, 560 71, 067 30, 561 22, 654 31, 947 24, 937 56, 049 June 8 657, 253 47,412 191,191 53,966 63, 027 35, 882 28, 560 71, 067 30, 561 22, 654 31, 947 24, 937 56, 049 June 15 744,105 53, 679 216, 454 61, 097 71, 357 40, 622 32, 336 80,45" 34, 600 25, 647 36,168 28, 232 63,456 June 22 744,105 53, 678 216, 454 61, 098 71, 357 40, 622 32, 335 80, 458 34, 600 25, 647 36,168 28, 232 63, 456 Treasury notes: June 1 1,191, 905 85, 982 346, 716 97, 866 114, 299 65, 070 51, 793 128, 877 55,420 41, 081 57,934 45, 223 101, 644 June 8 1,191, 905 85, 982 346, 716 97,"" 114, 299 65, 070 51, 793 128, 877 55, 420 41, 081 57, 934 45, 223 101, 644 June 15 1,132, 053 81, 663 329, 307 92, 952 108, 558 61, 804 49,191 122, 406 52, 637 39, 019 55, 025 42, 952 96, 539 June 22 1,141, 819 82, 368 332,148 93,753 109,494 62, 337 49, 616 123, 461 53,091 39, 356 .55, 50043, 323 97, 372 Treasury bills: June 1 714, 857 51, 568 207, 948 58, 696 68,551 39, 027 31, 063 77, 295 33, 239 24, 640 34, 746 27,123 60, 961 June 8 714, 857 51, 568 207, 948 58, 696 68, 551 39,027 31,063 77, 295 33, 239 24, 640 34, 746 27,123 60, 961 June 15__ 687, 857 49, 620 200, 094 56, 479 65, 962 37, 553 29, 889 74, 376 31, 983 23, 709 33,434 26, 099 58, 659 June 22 678, 091 48, 916 197, 253 55, 677 65, 026 37, 020 29, 465 73, 320 31, 529 23, 372 32, 959 25, 728 57, 826 Total U.S. Government securities: June 1 2, 564,015184, 962 745, 855 210i,,528 245, 877139, 9'•9 111,416 277, 239119, 220 88, 375124, 627 97, 283 218,654 June 8 2, 564, 015184, 962 745, 855210, 528 245, 87 139, 979111,416 277, 239119, 220 88,37 124, 627 97, 283 218, 654 June 15 2, 564, 015184, 962 745, 855210,528 245, 877139, 979111,416 277,239119, 220 88, 375124, 627 97, 283 218, 654 June 22 2, 564,015184,962 745, 855210, 528 245, 877139, 979111,416 277, 239119, 220 88, 375124, 627 97, 283 218, 654 Total bills and securities: June 1 2, 589, 781188,190 752, 518 215i,, 143 247, 428142, 272112, 278,178119, 461 89, 640125, 358 98, 634 220,666 June 8 2, 589, 851188, 230 752, 561214, 851 247, 377142,136112, 488 278,177119, 440 89, 633125, 739 98, 633 220, 588 June 15 2, 590, 583188,172 753, 679 214, 906 247, 340142,169112,612 278,148119, 390 89,544125, 322 98, 660 220, 641 June 22 2, 590, 595188, 228 753, 634214, 797 247, 533142,238 112,497 278, 068119, 390 89, 567125, 318 98, 739 220, 586 Due from foreign banks: June 1 186 14 71 17 23 13 June 8 184 14 69 17 23 13 June 15 183 14 68 1 23 13 June 22 183 14 68 1 23 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 587 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 i r s a a c n n o - ASSETS—Continued Federal Reserve notes of other banks: June 1 18,742 336 3,448 620 1,185 1,581 2,962 1,826 1,320 1,264 362 2,370 June 8 20,816 440 3,747 1,067 1,342 1,440 2,254 3,238 1,948 1,810 1,068 597 1,865 June 15 22,109 763 3,824 786 1,304 1,811 2,072 3,626 2,447 1,769 1,496 531 1,680 June 22 22,473 610 3,720 1,121 1,545 1,796 2,246 3,490 2,348 1,041 1,908 485 2,163 Uncollected items: June 1 582,086 57, 290 147,144 44, 715 62, 473 48, 452 19, 612 78, 452 25,110 15, 556 30, 788 23, 528 28, 966 June 8 513, 229 52, 285 121, 074 41, 263 54,868 44, 608 21,157 63,134 23, 800 14, 605 27, 362 21,813 27, 260 June 15 682, f •"63, 405 164,876 53, 738 82, 351 58,157 24, 602 92, 404 29, 989 18, 443 33, 589 26,149 35, 206 June 22 549, 768 57,868 135,871 42, 295 56, 201 44, 781 17,959 71, 372 22, 940 16, 337 29, 296 21, 585 33,263 Bank premises: June 1 44, 641 2,978 4,773 6,151 2,667 2,101 4,538 2,320 1,517 3,126 1,277 3,303 June 8 44, 641 2,978 4,773 6,151 2,667 2,101 4, 538 2,320 1,517 3,126 1,277 3,303 June 15 44, 657 2,978 4,773 6,151 2,667 2,101 4,538 2,320 1,533 3,126 1,277 3,303 June 22 44, 621 2,r 4,762 6,138 2,667 2,097 4,538 2,320 1,533 3,126 1,277 3,295 All other assets: June 1 48, 070 2,1 13, 977 4,467 5,178 3,117 2,187 4,473 1,997 1,724 2,084 1,740 4,142 June 8 49, 267 3,015 14, 208 5,172 5,228 3,155 2,168 4,521 2,042 1,749 2,097 1,716 4,196 June 15 41, 525 2, 514 12,137 3,904 4,525 2,745 1,918 3,801 V~~ 1,783 1,450 3,562 June 22 42, 560 2,565 12, 385 3,980 4,625 2,804 1,959 3,949 1,754: 1,538 1,843 1,507 3,651 Total assets: June 1 14, 319, 942 856, 569 5, 6,7 1407 816, 037 ,1 074, 720 528, 445 374,189 2,443,197 475, 603029, 858 457, 705 319, 204 993,009 June 8 14,262,804 878,256 5;,4 46622,, 388 858,, 9011,,0 8_0__,, 6 70 520,,12 7 392,, 439 2, 513, 655 461, 643725, 700 458, 560 314, 654 995, 807 June 15 14, 429, 857 874, 576 5, 554, 092 837,18^9o g1o,^ 090,122 539, 359 389, 040„ 2 , 580, 57„7 4.5„3, 342536, 372232, 476222, 436827, 332847,9191, 000, 418 June 22 14, 307, 574 876,181 5,452, 260 822, 432, 1 0,6 036,3,127 526, 847 377,165 2, 601, 590 493, 638331, " 5"1"0 4—4 9, "92"8 3"2"2,"149 988, 704 LIABILITIES Federal Reserve notes in actual circulation: June 1 4,157,156 356, 911, 857 302, 633 , 152 187, 550 144,166 964, ...176, 565 135,136 163, 93077, < 328, 294 June 8 4,135, 785 356, 889933,9 92255 300, 806 , 163 190, 092 143, 353961, 782 174, 89' 164,151 77, 480 329, 335 June 15 4,123,102 354, 8"9"5 , 559944 302,850 , 523 142, 507 957, 475 _____ 163,110 76, 77 328, 003 June 22 4,108, 568 353; 888,"820 300, 439 405; 468 188, 000 141, 447 957, 648 464 133, 786 162, 48076, 474 326, 876 Deposits: Member bank—reserve account: June 1 7, 744, 949 363, 367 3, 708, 633 373,046485, 791212,177160,1371, 217, 668209, 546 108,115215, 337162, 808 528, 324 June 8 7, 847, 605 399, 512 3, 580, 222 424, '"5"03, 431218, 592 161 1, 299, 759 212, 831013,190222, 657159, 821 551, 202 June 15 7, 904, 250 392, 624 3, 645, 480 385, 469484, 684220; 312 154, 529 1, 343, 310 209, 519134, 469 228^ 780 166,108 558, 892 June 22__ 7, 921, 888 383, 502 3, 708,180 378, 365471, 329214,4141"5'4 ,"18"6 1, 326, 248 247, ~003 118, 582'17, 804161, 21 < 541, 053 U. S. Treasurer—general account: June 1 1, 092, 81941, 347 524, 017 49, 059 65, 009 55, 080 30, 850 118,315 42, 043 37,133 32, 603 36, 947 60, 416 June 8 1,004, 68430, 808 479, 374 44, 246 59, 11142, 918 46, 806 121, 021 27, 095 48,143 29, 700 36, 512 38, 950 June 15 934, 887 23, 787 434, 219 42, 288 63, 057 50, 878 45, 213 124, 336 17, r" 42, 792 22, 761 36,316 31, 371 June 22 928, 590 43, 028 299, 932 52, 654 75, 224 56, 497 41, 057 179,186 27, 074 49, 492 24, 606 42,611 37, 229 Foreign bank: June 1 130, 200 9,378 46, 709 12, 765 11, 983 5,601 4,559 15, 500 3,907 3,777 3,777 9,248 June 8 131, 989 9,378 48, 498 12, 765 11, 983 5,601 4,559 15, 500 3,907 2,996 3,777 3,777 9,248 June 15 139, 487 9, 995 50, 507 13, 604 12, 771 5,969 4,858 16, 519 4,164 3,193 4,026 4,025 9,856 June 22 149, 500 10, 755 53, 753 14, 638 13, 742 6,423 5,228 17, 775 4,481 3,436 4,332 4,332 10, 605 Other deposits: June 1 262, 794 4,832 213, 320 1,088 9,728 5,170 3,371 2,106 6,127 2,801 201 2,022 12, 028 June 8 267,141 5,770 218, 673 1,917 9,732 3,496 2,875 1,392 6,222 2,500 183 1,954 12, 427 June 15 _ 298, 579 5,388 247, 793 1,781 9,593 3,517 4,148 1,495 6,041 2,709 279 1,877 13, 958 June 22 295, 508 4,119 246, 523 1,497 9,42; 2,698 1,575 6,556 2,940 180 1,918 14, 468 Total deposits: June 1 9, 230, 762 418, 9244, 492, 679 41355, ,958 572, 511278, 028 198, 9171, 353, 589261, 623151,04 251, 918 205, 554 610, 016 J J u u n n e e 8 15 9 9 , , 2 2 7 5 7 1 , , 2 4 0 1 3 9 4 4 3 4 1 5 , , 7 46 94 8 4 t , , i 3 3 1 2 " 6 "9 , 9 7 9 6 7 4 4 4 3 "I8 , ,3 1 .6 4 1 2 8 5 58 7 4 0 , , 1 2 0 5 5 77 3 2 2 28 7 80 0 0, , , 6 6 76 0 67 7 62 2 0 1 8 5 1, , , 9 7 3 4 9 8 1 1 , , 4 4 3 8 7 5 , , 6 66 7 0 22 ~ 5 ~2 0 "3 , 7 ,6 05 6 4 7 1 1 6 6 6 3 , , 1 8 6 2 3 9 2 2 5 5 5 6 , ^ 3 8 1 46 2 22 0 00 2 88 , ,, 0 3 6 2 4 6 6 61 1 1 4 , , 0 8 7 2 7 7 June 22 9, 295, 486 441, 404 4, 308, 388 '4,4175!4 1, 722 280, 032204, 0781, 524, 784285,114174, 455246, 922 '2 10\,078 603, 355 Deferred availability items: June 1 578, 995 56, 883 144, 88444,149 61,149 47, 689 18, 025 79, 300 26, 675 14,164 31, 55424, 732 29, 791 June 8 521,177 51, 981 119, 53340, 734 54, 281 44, 217 20,046 68, 745 25, 935 14, 38527, 765 23, 854 29, 701 June 15 675, 93764,193 158,137 58,136 80, 445 54, 953 24, 671 91, 959 30, 976 17, 46933, 060 28, 561 33, 377 June 22 549, 50456, 597 132, 63741, 750 54, 907 43, 584 18, 511 73, 58724, 327 15, 68730,120 24, 306 33, 491 Capital paid in: June 1 133, 582 9,405 50, 961 12, 260 13, 368 4,950 4,445 13,147 3,903 2,903 4,147 3,944 10.149 June 8 133,558 9,405 50, 937 12,260 13, 375 4,949 4,447 13,147 3,904 2,903 4,147 3,934 10.150 June 15 133, 551 9,405 50, 937 12, 245 13, 375 4,951 4,447 13.152 3,904 2,903 4,147 3,934 10.151 June 22 133, 569 9,405 50, 937 12, 245 13, 377 4,954 4,449 13.153 3,904 2,907 4,159 3,937 10,142 Surplus (section 7): June 1 147, 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 June 8 147, 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 June 15 147, 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 June 22 147, 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN JULY 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C 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 i r s a a c n n o - LIABILITIES—Continued Surplus (section 13b): June 1 27, 683 2,874 7,744 4,411 1,007 3,409 730 V 545 1, 001 1,142 1,270 2,121 June 8 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 June 15 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 June 22 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: June 1 32, 880 1,448 8,210 2,000 3,177 1,401 1,603 7,201 1,215 1,915 934 1,776 2,000 June 8 32, 880 1,'"" 8,210 2,000 3,177 1,401 1,603 7,201 1,215 1,915 934 1, 776 2,000 June 15. 32, 846 1,< 8,210 2,000 3,177 1,401 1,603 7,174 1, 215 1,908 934 1,77" 2,000 June 22 32,846 1,448 8,210 2,000 3,177 1,401 1,603 7,174 1,215 1,908 934 1,776 2,000 All other liabilities: June 1 11,145 837 3,129 1,160 1,033 454 677 1,238 409 541 467 367 833 June 8 _ 12, 563 837 3,329 1,087 488 695 1, 292 430 1,056 491 June 15 11, 796 881 3,528 '939 1,100 482 708 1,341 410 604 535 384 June 22 12,179 887 3,581 1,146 503 721 1,428 445 613 558 416 914 Total liabilities: June 1 14, 319,942 856, 569 5, 671, 408716, 0371, 074, 720 528, 445 374,189 2, 443,197 475, 602 309, 858 457, 7051, 230149. 993, 009 J J u u n n e e 8 15 1 1 4 4 , , 4 26 2 2 9 , , 8 8 0 5 4 7 8 8 7 7 8 4 , , 2 5 5 7 6 6» , 5 5 , ,5 5 4 "4 6 , 2 ' , 0 9 3 2 8 8 8 3 8 17 5 ,8 8 9 , " 19 "1. ,0 , 10 8 0 0 9 , 0 , 6 1 7 2 0 2 5 5 2 3 0 9 , , 1 2 3 7 5 9 39 3 2 8 , 9 , 4 3 0 9 4 0 2, 2 , 5 1 5 3 8 , 0 , 6 5 5 5 7 7 46 4 1 5 , 3 , 6 4 4 7 5 6 32 3 5 2 , 3 , 7 0 7 0 2 4 2 5 4 8 6 , 2 , 5 6 3:0,8 67 35 1 344 2 ' 4.,, 9 9 9 5 01 , 09 0 8 ,1 0 .4 7 18 June 22 14, 307, 574 876,1815,452, 260 8224,32 1,.063,127 526, 847 377,.1-6-5. -2-,- 6.01, 590 493, 638313, 510 449, 928 322,149 988, 704 Contingent liability on bills purchased for foreign correspondents: June 1 1,530 110 549 150 141 182 109 June 8 1,703 123 611 167 157 203 121 June 15 1,840 133 180 170 219 131 June 22 lf~" 121 605 165 155 201 120 Commitments to make industrial advances: June 1 13,140 4,028 117 1,499 1,688 176 557 277 2,950 June 8 13, 373 1,373 4,021 118 1,864 176 570 276 366 3,005 June 15 13, 638 1,437 3,992 118 1* 555 1,861 176 277 366 3,171 June 22__ 13,600 1,415 3,965 118 1,536 1,859 186 569 277 443 3,117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

589 JULY 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO MAY 18, 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 la a s c t h W m e o d n n t e h s ) day of receive n d e t t o date, s t o ( e o w u e r t s i y t h co n a t d o n C i d o ti m o w d n m a i s t t ) i h e t - - , Total a R F d b e e v o d a s a u e n e n t r k r - c v a e e l s c R F o m b e e m d a s e e n e m n r k r t v a i s t e l - A b p p u c l p e o t r t m o e n v d - o e t d i d e o R r x r a a e p p w w p i p r a n i l e t i i d - h d b , - , y i F n p p t g a a i u n t r t i i t a i n o i o n c s n n c i t s - i - - Number Amount Number Amount Number Amount standing sta o n u d t i - ng c e a t n c. t, stan o d u i t- ng 2 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 86,806 7,281 May 26 8,524 349,288 2,577 153, 720 2,353 145,228 23,196 17,188 8,462 89,268 7,114 June 30 8,546 351, 420 2,587 154,960 2,361 145, 758 23,014 16,331 1,470 97,668 7,275 July 28 8,654 352,024 2,590 155,023 2,367 145,887 22,462 15, 726 1,098 99, 271 7,330 Aug. 25 8,572 352,666 155, 514 2,373 146,457 21, 752 15,179 1,151 101,139 7,236 Sept. 29 354,426 2,610 155,902 2,381 146,724 21,395 14,880 ••537 • 102,608 7,304 Oct. 27 354,872 2,618 156, 413 147,295 20,875 14, 488 899 103,806 7,227 Nov. 24 8,633 359,706 2,624 156, 533 2,392 148,208 20,616 13,316 1,382 105, 749 7,145 Dec. 29 8,677 363, 292 2,640 158, 743 2,406 150, 987 20,200 12,780 107, 400 7,238 1938—Jan. 26 8,711 364, 487 159, 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. 27 9,012 377, 778 2,760 165, 921 2,497 156,933 19, 357 12, 735 3,957 113,126 7,758 May 18 4 9,083 380,193 2,784 166, 987 2,524 158, 784 19,496 13,144 3,752 114,363 8,029 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 "^oes not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,681,957 on May 18, 1938. 8 Tuesday. 4 May 25, not yet available. NOTE.—On May 18, 1938, there were 126 applications amounting to $6,347,850 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] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: June 1 4,425, 573 383,321 997,895 315,610 430,,444195, 563157,872 991,109 360 139, 338 172, 939 84, 747 366, 375 June 8 4, 434, 946382,004 997," 091318, 636 432,481199, 794158,652 987, 773 188," 9"61',39,595 173. "" 85, 323 370, 682 June 15 4, 420,471 379, 731 994,105 331199; 335544 443300,; 917197,810 157i,017 983,033 188,, 139,402173,817 84, 386 372, 525 June 22 4,416,044 381, 300 995, 565 429, 542198, 243157,014 981, 650 , 37'24 139,007173,012 84,100 371, 897 Held by Federal Reserve bank: 187,47" June 1 268,417 27,023 86,038 12, 977 22, 292 8,013 13, 706 26, 203 13, 795 4,202 9,009 7,078 38,081 June 8 299,161 25, 661 103,166 17,830 23,318 9,702 15, 299 25, 991 14,070 5,137 9,797 7, r • • 41, 347 June 15 297, 369 25, 650 98, 511 16, 504 24, 327 9,287 14,510 25, 558 14, 302 5,881 10, 707 7,610 44, 522 June 22 307, 476 27, 634 106, 422 17,126 24, 074 10, 243 15, 567 24, 002 14,008 5,221 10, 532 7,626 45,021 In actual circulation: June 1 4,157,156 356,298 911,857 302.633 408,152187, 550144, 964,906 1.76, 565135,136 163, 77, 669 328,,294 June 8 4,135, 785 356, 343 893, 925 300J 806 409"i|, 163190,092143,353 961, 782174,897134, 458 164:, ,151 77, 480 3291,,335 June 15 4,123,102 354, 081 895, 594302, 850 406, 590188,523142, 507 957, 475174, 072133,521163,110 76, 77'i6 328,, 0(03 June 22 4,108, 568 353, 666 888, 820 300, 439 405, 188,000141, 447 957, 648173, 464133,786 162, 480 76,47'4 326,876 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: June 1 4, 535, 632390, 000 1,010,000 337,000 436,000 200, 000159,0001,000,000192, 632141, 500177,000 88, 500 404, 000 June 8 4, 535, 632390,000 1, 010,000 337,000 436, 000 200,000159,0001,000,000192,632 141,500177,000 88, 500 404,000 June 15 4, 535, 632390, 000 1,010,000 337,000 436, 000 200, 001059, 0001,000,000 192, 632 141,500177,000 88, 500 404,000 June 22 4, 531, 632390, 000 1,010,000 337,000 432,000 200,000159, 000 1, 000, 000 192.632 141,500 177, 000 88, 500 404,000 Eligible paper: June 1 7,047 784 2,002 1,186 455 649 157 200 182 240 471 650 June 8 7,659 821 2,044 995 407 546 719 200 182 626 472 576 June 15 8,321 683 3,178 1, 045 348 587 732 23, 233 533 628 June 22 8,505 739 3,145 941 580 640 712 200 124 226 612 566 Total collateral: June 1 4, 542, 679390, 7841,012,002338,186 436, 455 200, 159,1571, 000,200 192, 703141, 682177, 240 1,971404, 650 J J J u u u n n n e e e 8 1 2 5 2 4 4 4, , , 5 5 5 4 4 4 3 3 0 , , , 1 9 2 3 5 9 7 3 1 3 3 3 9 9 9 0 0 0 , , , 7 6 8 3 8 2 9 3 1 1 1 1, , , 0 0 0 1 1 1 3 3 2 , , , 1 1 4 7 0 5 8 4 4 3 3 3 3 3 3 7 7 8 , , , 9 ' 9 0 4 9 4 " 1 5 5 4 4 4 3 3 3 2 6 6 , ; , 5 8 3 4 0 4 0 8 7 2 2 " 0 0 ~ 20 0 0 I , , , 0 , 6 ;5 54 4 80 6 7 1 1 1 5 5 5 9 9 9 , , , 7 7 7 1 1 3 2 9 2 1 1 1 , , , 0 0 0 0 0 0 0 0 0 , , , 2 2 2 0 0 3 0 0 5 1 1 1 9 9 9 2 2 2 , , , 6 6 7 5 5 0 2 3 2 1 1 1 4 4 4 1 1 1 , , , 6 5 6 2 9 8 9 4 2 1 1 1 7 7 7 7 7 7 , , , 2 2 6 3 2 2 3 6 6 8 5 , 9 8 9 , , , 0 9 1 3 1 7 3 2 2 4 4 4 0 0 0 4 4 4 , , , 5 5 7 66 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN JULY 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, MAY, 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- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banks i New Chi- banks banks * posits posits i qu R i e r - ed Held c E e x s - s York cago Total reserves held: All member banks. _28, 856 23, 691 11, 502 5,062 7,587 2,525 1937—April 6,824 2,739 563 2,201 1,321 May 6,932 2,684 589 2,272 1,386 Central reserve city banks: June 6,878 603 2,230 1,377 New York 9,849 9,245 728 2,140 3,204 1,065 July.. 6,845 2,652 581 2,252 1,360 Chicago 2,263 1,980 456 473 794 321 August 6,701 2,522 568 2,248 1,362 September 6,854 2,672 576 2,232 1,375 Reserve city banks: October 6,954 2,767 581 2,240 1,366 Boston district 992 894 108 162 256 94 November 6,919 2,720 2,246 1,365 New York district 170 138 154 32 38 6 December 6,879 2,657 2,272 1,352 Philadelphia district._ 1,052 872 251 165 257 91 1938—January 7,183 2,856 604 2,345 1,378 Cleveland district 1,364 1,075 728 225 373 148 February 7,230 2,906 598 2,350 1,377 Richmond district 614 468 205 92 134 42 March 7,326 3,039 574 2,349 1,365 Atlanta district 577 420 172 82 97 15 April 7,469 3,150 622 2,348 1,350 Chicago district 1,120 818 518 169 238 69 May 7,587 3,204 794 2,311 1,278 St. Louis district 700 549 170 104 143 38 Week ending (Friday): Minneapolis district... 328 231 91 45 56 11 Apr. 29 7,619 3,282 724 2,330 1,284 Kansas City district... 897 585 156 110 156 46 May 6 7,521 3,168 757 2,300 1,295 Dallas district _ 599 377 121 72 94 22 May 13 7,515 3,122 785 2,315 1,293 San Francisco district. 1,888 1,522 1,937 363 471 108 May 20- __ 7,589 3,189 806 2,327 1,267 May 27 7,673 3,274 812 2,327 1,259 Total 10,300 7,951 4,612 1,622 2,311 689 June 3 7,718 3,348 813 2,296 1,262 June 10 7,824 3,289 863 2,369 1,303 Country banks: June 17 7,866 3,270 917 2,393 1,287 Boston district 751 556 560 95 129 34 Excess reserves: New York district 1,194 907 1,397 179 292 113 1937—April 1,552 530 101 490 431 Philadelphia district.. 544 398 874 91 131 39 May 2 927 203 51 316 357 Cleveland district 527 372 660 78 124 46 June 876 176 70 289 341 Richmond district 446 303 335 53 78 25 July 876 199 52 301 324 Atlanta district 433 287 212 45 65 20 August 750 108 34 287 321 Chicago district 747 503 648 93 168 75 September 900 235 43 289 333 M S D S K t a a a . i n n l n L l n s a F o a e s r u s a a d i p n s C i o c s d i l t i t i s r i y s i c s c o t d t r d i i d i c s s t i t s t r r tr i i c i c c t t t . - - . 3 4 4 3 2 7 2 1 7 2 4 0 3 2 2 2 2 2 3 1 2 1 6 1 7 0 3 6 3 8 2 2 2 1 9 6 3 7 5 8 4 3 1 5 3 3 4 4 3 8 5 0 3 9 5 5 4 6 7 6 3 8 4 0 1 2 1 2 1 8 7 8 5 0 1938— N D M O F J e o e c a a b c t n v r o e u r c e b u m a h m e r a b r y b r e y e r r .. _ 1 1 1 1 1 1 , , , , , , 0 0 1 3 4 5 4 7 5 0 0 2 3 1 3 4 6 4 3 3 3 4 4 6 5 7 6 0 3 9 4 3 1 5 1 9 6 8 5 8 7 5 9 0 9 6 8 2 3 3 3 4 4 4 0 3 6 6 8 5 7 3 6 8 1 1 3 3 3 3 3 3 2 5 1 2 5 6 8 9 9 3 5 1 Total 6,444 4,515 5,706 827 1,278 451 A M p a r y il 2 2 2 , , 0 5 7 2 1 5 1, 8 0 8 6 4 5 3 1 2 4 1 6 609 4 4 3 5 2 1 Week ending (Friday): i Gross demand deposits minus demand balances with domestic banks Apr. 29 2,539 1,119 260 712 448 (except private banks and American branches of foreign banks) and May 6 2,456 1,018 291 682 464 cash items in process of collection. May 13 2,451 984 315 463 NOTE.—Reserve requirements changed as of April 16, 1938. See table May 20 2,531 1,058 330 702 441 at foot of p. 601, for percentages of deposits required to be held as May 27.. __. 2,609 1,136 334 704 435 reserves. June 3 P2, 651 1,193 335 P437 June 10 P2, 713 1,103 375 756 P478 June 17 P2, 708 1,061 414 770 463 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 p. 601 for amount of changes. p Preliminary. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time May Apr. May Apr. May. Apr. May Apr. May Apr. May Apr. Boston 1,743 1,706 668 670 1,632 543 545 111 111 125 125 New York 11,213 11,121 2,279 2,317 1,100 1,063 1,075 264 257 488 490 Philadelphia ... 1,596 1,568 1,125 1,129 1,394 676 678 202 205 449 450 Cleveland 1,892 1,864 1,388 1,389 1,685 1,097 1,099 207 210 291 291 Richmond 1,060 1,056 539 539 893 352 351 167 169 187 188 Atlanta 1,009 1,031 384 384 867 302 301 142 151 82 82 Chicago 4,131 3,922 1,623 1,613 1, 577 , 552 897 1888 290 288 270 270 St. Louis 1,020 1,017 402 405 832 830 291 293 189 187 112 112 Minneapolis.— 600 599 362 365 435 434 176 178 164 165 186 187 Kansas City._. 1,319 1,306 311 312 1,008 997 197 197 311 309 114 115 Dallas 1,073 1,075 219 218 810 806 175 174 263 269 44 43 San Francisco.. 2,200 2,203 2,201 2,179 2,089 ,090 2,104 2,082 112 113 97 97 Total 28, 856 1,466 11,502 11,520 114,323 114,167 i 7,872 i 7, 862 2,421 2,434 2,445 2,450 i 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

591 JULY 1938 FEDERAL RESERVE BULLETIN KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y 8 a e 9 s s- 0 S s u i i a l b v r s y e i r d- M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F n b e e o a d s t e n e e r k r s v a e l t n b i N o o a t n n a e - k a s l 1937—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 April 6,397 1,162 339 144 264 4,112 224 May 6,467 1,215 341 145 268 4,127 220 Back figures.—See Annual Report for 1936 (table 36.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 Unin cir- End of month cula- assorttion ! Total Coin $13 $5 $10 Total $50 $100 $500 $1,000 $5,000 $10,000 ed 2 1937—May 6,462 4,957 518 489 893 1,558 1,466 1,507 380 136 278 June 6,447 4,926 523 487 885 1,539 1,458 1,526 38,4 138 283 July 6,460 4,942 523 488 1,550 1,454 1,520 381 697 137 283 August 6,524 5,007 529 498 907 1,574 1,466 1,520 382 698 137 283 September. 6,542 5,019 534 503 1,574 1,467 1,527 382 702 138 285 October... 6,555 5,029 535 502 1,576 1,474 1,531 384 704 138 286 November. 6,561 5,043 540 504 912 1,574 1,480 1,525 381 701 136 287 December. 6,550 5,015 537 505 905 1,560 1,475 1,542 387 710 139 1938—January. __ 6,320 4,789 522 474 856 1,482 1,424 1,532 382 705 138 288 February.. 6,334 4,798 520 473 863 1,489 1,421 1,538 382 708 138 291 March 6,355 4,784 521 473 860 1,487 1,412 1,573 385 718 144 300 April 6,397 4,807 522 476 866 1,4.8 1,414 1,593 388 725 146 304 May 6,467 4,856 526 487 877 1,512 1,422 1,616 389 727 152 307 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Tre asury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1936 (table 37). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED [Held by TreasuryT 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] Ship- Receipts Net Silver Fed- Year or month ments to from ship- Net End of month Total d s l o b a i i l l o u n v l n d l a e - i r r s s S i s i a u l i v d b ry - e - r M co in in or Pu S n T D t o T a ir t i t c+ e e ea s s rcl s b n e R e a o r r e n t a v - e k l e s t n b i N o o a n t a n e k a - s l 1 1 1 9 9 9 3 3 3 3 5 4 . . . Eu 10 r , o 5 3 6 p 5 4 2 e 4 5 8 Eu 9 4 1 1 0 9 r , , , o 0 5 9 p 5 8 6 e 9 7 6 ments rec 9 4 e 0 0 ip , , t 5 2 s 0 4 5 2 1936. 34, 774 26, 216 8,558 1937. 21, 500 47, 550 26,050 1937—May 2,547 1,375 358 150 347 39 278 June 2,550 1,382 359 151 347 38 272 1937—May 1,865 956 July 2,572 1,409 361 151 347 37 266 June 7,000 1,972 5,028 August 2, 585 1,424 363 152 347 37 262 July 809 2,586 1,777 September. 2,599 1,441 364 153 347 36 257 August 877 2,839 1,962 October 2,609 1,455 367 154 347 36 251 September.. 1,946 2,271 325 November. 2,621 1,468 370 155 347 35 247 October 781 4,531 3,750 December _ 2,637 1,486 372 156 347 34 242 November.. 336 13, 326 12,990 December.. 5,947 5,878 1938—January.... 2,655 1,509 373 156 347 33 237 February^. 2,668 1,526 373 156 347 33 233 1938—January ... 189 4,658 4,469 March 2,679 1, 540 374 157 347 32 230 February.. 28 3,824 3,796 April 2,690 1,554 374 157 347 32 226 March 1,212 2,728 1,516 May _ 2,702 1,570 374 157 347 31 223 April 503 2,618 2,115 May 155 6,179 6,024 i Includes silver held against silver certificates amounting to $1,484,- 000,000 on May 31, 1938 and $1,269,000,000 on May 31, 1937. Back figures—See Annual Report for 1936 (table 39). Description.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN JULY 1938 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Gold stock at Doend of year Increase Net mes- 1938 or month in Net release tic Year or month total gold from gold gold import ear- pro- From or to— May April Jan.-May Inactive stock mark duc- Total account tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 19341.. 8,238 4, 202. 5 1,, 133. 9 82.6 96.0 1935.. 10,125 1,887. , 739.0 .2 110.7 1936_. 11, 258 26. 1,132.5 1,116. 6 -85.9 131.6 Belgium 891 1,938 7 049 1937.. 12, 760 1,227.9 1, 502. 5 1, ,585. 5 -200.4 143.1 France 35 18 133 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 Sweden 10, 221 10,221 June _. 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 September- 10, 845 129.0 171.8 -28.8 12.1 United Kingdom 2,909 14 35, 431 2 69, 738 50 October 11,045 199.7 218.8 -11.3 13.8 Canada , 638 8 772 26 3 473 39 November.. 11,184 139.6 75.8 3.0 11.8 Mexico _ 5,838 189 1,929 117 12, 288 528 December . 11, 258 26.1 73.3 57.0 -.7 10.9 Central America 265 288 1,483 Argentina 4 4 1937—January 11, 358 126.5 100.1 121.3 -48.3 9.5 Bolivia 44 1 102 February... 11,436 204.7 78.2 120.3 -8.0 8.2 Chile. . 958 886 3,748 March 11, 574 342.5 137.9 154.3 -.4 10.8 Colombia 2,108 1 6,316 April 11, 799 568.0 225.6 215.8 7.2 9.1 Ecuador 136 517 1,120 May 11,990 759.1 191.1 155.4 26.2 12.3 Peru 813 265 1,785 June 12,318 1.086.8 327.8 262.0 -15.9 11.2 Venezuela 36 67 228 July 12, 446 1.214.1 127.3 175.4 -35.5 12.6 Australia 3,583 1,241 8,250 August 12, 567 1,335.7 121.6 104.8 -5.3 16.8 British India 2,359 6,381 September- 12, 741 1,210.0 174.3 145.5 9.3 12.1 China and Hong N O o ct v o e b m er ber. 1 12 2 , , 8 7 0 7 3 4 1 1, . 2 2 4 7 2 1 . . 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 21, 9 9 4 4 9 23, 2 3 0 1 3 1 49, 2 7 9 4 6 3 December.. 12, 760 1, 227. 9 -14.0 18.0 -101.6 11.8 Philippine Islands. _ 2,286 1 1,884 1 9,416 1 All other countries2. _ 183 123 761 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, 987 212 71, 236 145 192, 536 5,618 March 12, 795 1,183.0 18.5 52.9 —.6 10.6 April 12, 869 74.3 71.1 -1.2 10.5 May 12, 919 49.8 52.8 -53.9 P10.1 1 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. p Preliminary. 2 Includes all movements of unreported origin or destination. i Figures based on rate of $20.67 a fine ounce in January 1934 and $35 Back figures.—See table p. 622, and Annual Report for 1936 (tables a fine ounce thereafter. 32 and 33). NOTE.—Figures for domestic production of gold are those published in table, p. 621, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures, other than those of domestic gold production, see Annual Report for 1936 (table 30). BANK SUSPENSIONS1 BANK DEBITS Member Nonmember [Debits to individual accounts. Amounts in millions of dollars] banks banks Total, all Num- 1938 1937 banks ti N on a- al State su I r n e - d2 in N su o r t ed b o e f r centers May Apr. May Number of banks suspended: 1934 57 1 8 48 New York City 1 12, 828 14, 572 15,114 1935 34 4 22 8 Outside New York City.. _ __ .. 140 16,013 16, 597 '19, 302 1936 _ 44 1 40 3 1937 59 4 2 47 6 Federal Reserve districts: 1938—Jan.-May 31 1 26 4 Boston 11 1,551 1, 648 1,930 New York . 7 13, 562 15, 276 15,914 Deposits of suspended banks Philadelphia 10 1,514 1,446 1,788 (in thousands of dollars):3 Cleveland 13 1,567 1,649 2,029 1934 36, 937 40 1,912 34,985 Richmond 7 596 641 691 1935 10,015 5,313 3,763 939 Atlanta ._ _ _ 15 795 811 867 1936 11, 306 507 10, 207 592 Chicago 21 3,951 4,222 5,020 1937 19, 723 7,379 1,708 10,156 480 St. Louis 5 873 812 1,024 1938—Jan.-May 6,994 36 6,137 821 Minneapolis 9 579 618 621 Kansas City 15 922 978 1,099 Dallas 10 624 663 1 Represents licensed banks suspended; does not include nonlicensed San Francisco 18 2,308 2,406 2,743 banks placed in liquidation or receivership. 2 3 F D e e d p e o r s a i l t s d o e f p m os e it m i b n e s r u b ra a n n c k e s b a e n c d a m in e s u o r p e e d r a n t o iv n e m J e a m n b u e a r r y b a 1 n , k 1 s 9 3 s 4 u . spended Total 141 28, 841 31,169 '34, 416 are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspen- r Revised back to January 1937 to include 5 additional reporting sions were reported. banks in city of Dallas. 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

593 JULY 1938 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS2 Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Na- Mutual non- Call date All Total tional State s b a a v n in k g s s b m a b e n e m k r s - banks Total ti N on a a - l State M s b a a v u n i t n u k g a s s l b n e o O r n t m b h a e e n r m ks - 1933—June 30 14, 519 5,606 4,897 709 576 8,337 1933—June 30.. 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15, Oil 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 June 30 15, 752 6,400 5,368 1,032 566 8,786 June 30 __ 51, 335 34,098 21,986 12,112 10,060 7,176 Dec. 31 15,628 6,376 5,325 1,051 565 8,687 Dec. 31— 53,701 35,893 23,107 12, 786 10,143 7,666 1937—Mar. 31 15,569 6,367 5,305 1,062 565 8,637 1937—Mar. 31— 52, 577 34,746 22,355 12,390 10,157 7,674 June30 3.___ 15, 527 6,357 5,293 1,064 564 8,606 June30»_. 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 15, 348 6,335 5,250 1,085 563 8,450 1938—Mar. 7-.. 51, 697 34,118 22, 264 11,854 10, 259 7,320 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1933—June 30 40,076 22,203 17,872 24, 786 12,858 11,928 10,044 5,'941 4,103 5,246 3,404 1,841 Dec. 30. _ 40,319 21,977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 1 _ 26, 548 12, 706 13,842 June 30 42, 502 21,278 21,224 27,175 12, 523 14,652 9,904 6,648' 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 6,341 4,511 5,779 3,003 2,777 Nov. 1 . 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 45, 717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar. 4 46,115 20, 267 25, 847 30,288 12,099 18,189 9,795 5,202 4,592 6,032 2,966 3,066 June 30 48, 458 20, 679 27,778 32, 259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—Mar. 31 49,138 21, 790 27, 348 32, 525 13, 699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 303 . . 49, 696 22, 514 27,182 32, 739 14, 285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 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 48, 319 21, 779 26, 540 31, 521 13, 546 17,975 10,196 4,995 5,201 6,602 3,238 3,364 1 Nonmember bank figures not available. 2 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures 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 figurese xclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30,1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Back figures—See Annual Report for 1936 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN JULY 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 l a o v o e n a e n t n d a s t s l t s - Total C Y N k o b s T i i e o r u e d t o o r r t w y e s - - k i o se t t T o h i c e n o u e s r r s i- e l R o st a e a n a t l s e a b a p c o a R n i c o w n n c e e r g k e n p - t- s s t- ' O c c u w a u u n s t n i r r h e 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 n A n e l a e i c p c y t e - t e i - - s n d ab B p a r a b i o l y l l e a - s d b p C o m c a u o i p e a m g r e l - h r - t k L C Y N e b o r i t o r e s o t a o r w y n - i k i n s Total Direc t t ion a F g s n u u t a e ll r e y - d s O e t t i c h e u s e r r i- States TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 35,934 23,193 803 7,685 3,191 11, >15 714 212 80 291 1,660 9,784 3,863 5 921 1933—June 308 24,786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5 041 1934—Dec. 31 28,150 10,509 187 3,110 2,273 232 4,708 155 256 31 232 843 16,122 9,906 989 5 227 1935—Dec. 31 29,985 10, 548 196 2,893 2,284 169 5,006 98 181 29 272 1,047 17,810 10, 501 1,768 5 541 1936—Mar. 4 30,288 10, 460 211 2,832 2,301 156 4,960 82 164 25 280 1,089 18,189 10, 564 1,880 5* 745 Dec. 31 33,000 11,628 266 2,785 2,405 131 6,041 85 161 18 324 1,144 19, 640 11, 639 1,906 6 095 1937—Mar. 31 32, 525 11,862 258 2,816 2,440 128 6,220 99 170 22 386 1,159 18,826 10, 856 1,861 M08 June 30, 32, 739 12, 369 258 2,829 2,505 113 6,663 115 131 15 377 1,278 18,454 10, 870 1,819 5 765 Dec 31 31, 752 12, 638 212 2,752 2,547 130 6,996 70 126 23 364 738 17, 794 10, 574 1 797 5* 422 1938—Mar. 7 31, 521 12, 287 203 2,665 2,556 119 6,745 96 102 19 368 675 17,975 10,625 1,827 5,523 NEW YORK CITY « 1929—Dec. 31 8,774 4,964 55 2,145 169 V>95 322 128 46 21 1,202 2,091 1,112 979 1933—June 30* 7,133 2,297 38 1,044 157 120 937 162 224 10 10 720 3,709 2,551 1 ifig 1934—Dec. 31 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 L 078 1935—Dec. 31 8,418 2,196 60 793 140 107 1,096 42 158 16 5 1,018 4,985 3,425 401 I 159 1936—Mar. 4 8,802 2,215 64 792 148 99 1,112 29 141 13 4 1,043 5,355 3,602 505 1L 248 Dec. 31 9,280 2,567 78 753 144 65 1,527 42 136 10 5 1,095 5,425 3,739 470 L 217 1937 Mar 31 9,101 2,676 74 790 142 69 1,600 51 119 6 4 1,105 5,140 3,356 473 [' 311 June 30 9,006 2,890 76 824 149 65 1,776 62 98 1 5 1,219 4,730 3,176 454 1L 100 Dec 31 8,313 2.817 58 733 141 74 1,811 29 112 6 6 703 4,640 3,207 388 1938—Mar. 7 8, 317 2,721 49 727 140 65 1,741 60 90 5 8 647 4,785 3,180 432 1,174 CITY OF CHICAGO 3 1929—Dec 31 1,757 1,330 240 533 21 5 5 88 9 5 5 11 309 116 193 1933—June 30 i 1,287 589 48 251 30 24 237 30 27 7 12 13 610 384 226 1934—Dec. 31 1,581 435 29 170 18 16 202 11 29 5 27 26 1,049 743 78 229 1935—Dec. 31 1,868 455 28 149 15 14 249 6 1 1 12 1 1,392 1,061 88 243 1936—Mar. 4 1,946 456 32 148 13 12 251 5 2 1 10 1 1,470 1,131 89 250 Dec. 31 2,100 613 50 140 13 8 402 6 3 1 10 1 1,467 1,107 94 266 1937—Mar. 31 1,868 629 52 155 14 2 407 4 2 1 12 1 1,220 853 94 273 June 30 _ 1,969 651 50 145 13 6 437 2 3 1 16 1 1,295 907 94 294 Dec 31 1.901 615 41 129 12 6 426 1 1 2 16 1,266 916 94 255 1938—Mar 7 1,997 593 39 113 11 6 423 1 2 19 1,382 1,008 100 275 RESERVE CITY BANKS 1929—Dec 31 12,029 8,418 425 2,775 1, 538 3, 79 258 42 24 102 239 2,944 1,368 1 576 1933—June 30 a _ 8,492 4,258 63 1,340 1,131 46 1,678 99 36 6 38 45 4,011 2,483 1 528 1934—Dec. 31 10, 028 4,024 90 1,124 1,090 49 1,671 55 13 9 108 105 5,715 3,809 279 1 628 1935—Dec. 31 10,780 4,144 96 1,057 1,094 46 1,851 34 19 10 120 21 6,432 4,076 656 1 701 1936—Mar. 4 10, 655 4,071 101 1,027 1,096 43 1,805 31 18 9 120 30 6,375 3,958 656 1 761 Dec. 31 _ 11, 795 4,582 123 1,048 1,124 56 2,231 23 17 5 131 36 7,000 4,426 697 1 877 1937—Mar. 31 11,611 4,618 114 1,039 1,135 55 2,276 29 37 10 154 38 6,725 4,250 669 1 805 June 30 11, 629 4,739 114 1,032 1,164 39 2,389 34 25 7 145 44 6,635 4,267 635 1 733 Dec. 31 11,414 4,996 97 1,066 1,176 47 2,610 27 10 12 132 26 6,211 3, 9fil 637 1 612 1938—Mar. 7 _ 11, 250 4,836 100 1,020 1,173 45 2,498 25 8 11 134 18 6,219 3,962 648 1,609 COUNTRY BANKS 1 1 1 1 9 9 9 9 3 2 3 3 4 9 5 3 — — — — D D D Ju e e e n c c c e . . . 3 3 3 3 1 1 1 0 _ « _ 1 8 8 7 3 , , , , 9 7 3 8 1 7 8 7 9 5 0 3 8 4 3 3 , , , , 4 1 8 7 9 8 4 5 4 1 9 4 8 1 1 1 3 4 5 3 2 1, , 1 2 9 8 1 3 9 9 7 1 6 4 1 1 1 1 , , , , 0 4 0 0 2 6 5 3 6 2 5 5 3 2 2 ' 70 2 1 1 5 , , , 8 8 0 1 1 0 0 0 5 4 3 2 1 5 8 7 7 33 4 3 5 2 5 1 2 1 1 9 6 2 3 2 3 7 5 20 1 5 8 0 0 7 3 4 4 5 , , , , 7 4 5 0 5 3 9 0 6 9 8 2 2 1 1 1 , , , , 2 9 4 1 6 4 6 0 7 0 9 8 3 62 5 3 5 2 2 2 3 , , , 1 1 2 4 7 2 9 3 2 9 3 9 1936—Mar. 4 8,885 3,716 15 865 1,043 2 1,791 17 3 1 145 14 4,989 1,873 630 2 486 Dec. 31 9,825 3,866 16 843 1,123 3 1,881 14 4 2 178 13 5,747 2,368 645 2,734 1937—Mar. 31 _ 9,945 3,940 17 833 1,150 2 1,937 15 12 5 216 16 5,741 2,397 626 2 719 June 30_ _ 10,134 4,089 18 828 1,179 2 2,062 16 4 5 211 15 5,794 2,520 635 2,639 Dec. 31 10,124 4,210 16 824 1,219 2 2,149 13 3 3 208 9 5,677 2,490 678 2,510 1938—Mar. 7 9,958 4,138 15 804 1,233 3 2,083 11 3 1 208 9 5,589 2,477 647 2,465 » 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.—Bee Annual Report for 1936 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

595 JULY 1938 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e R R a e r r e i r n e e v t a d - v - h k 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 e n i a o i c t s c - l k e - h - s s1 r o i e t p e t i f l d p e e r o e i s c n o c m o n a - s o c r s 2 s l - t - - b m D a I t e n o i n s c - k - te s rb b a F e a n i o n g k r k n - s S U m G e t e r n a e o n d t i n v - t e t - - s f P u u l n i b c d - s l c C e c c h o a f t e e a i n f o e t e r f r s f d e c i d t s h - r k i ' - s s s t p I p u v i h n c n o o a a o i e i d d r r n r r p l - - s - a t i s s , - - - , , j i m u ts D s a t e n e - a d d d - 4 b m D I a t n e i n o c s t - k - e s rb b a F e a i n o n g r k k n - s P i t n o a g s l - s f P u u l n i b c d - s s t I p p u v h i n c n o o a i a o e i d d r n r p l r r - s a 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 3,517 544 1431,335 1,681 17, 526 16,647 95 154 122 595 12,267 879 1933—June 30 « 2,235 2,008 1,485 3,057 145 owu 1,087 657 11,830 12,089 89 1 788 300 7,803 191 1934—Dec. 31 4,082 3,149 1,903 4,569 147 1,636 1,779999 14,951 15,686 134 7 452 294 9,020 13 1 1 1 9 9 9 3 3 3 5 6 7 — — — D D M M e e c a a c . r r . . . 3 3 4 3 1 1 1 5 6 6 5 , , , , 6 5 7 5 1 8 7 7 3 4 2 3 6 6 6 6 2 9 5 4 7 3 3 4 3 , , , , 7 9 0 4 7 7 6 4 6 0 6 5 2 1 2 1 , , , , 2 7 9 5 7 1 5 3 5 4 8 3 6 6 5 , , , 1 4 7 4 0 5 8 2 2 4 3 4 4 4 9 3 5 4 4 2 8 Q8 O 66 o8 4o 0 1 0 4 8 Ai n 0 l 5 0 2 4A 2 A c2 O k , , , 1 X 5 3 1 1 o O1 7 6 2 3 7 n JO 3 4 7 9 9 n 3 fl 8 7 6 8 7 7 1 9 7 2 1 1 2 0 8 7 0 , , , , 0 9 9 0 3 2 7 8 5 7 0 5 1 2 2 1 1 8 9 1 , , , , 8 1 3 6 0 6 5 4 1 1 2 7 1 1 1 1 5 5 5 5 1 2 3 3 5 5 2 1 1 9 1 6 0 7 8 7 4 3 3 2 2 6 4 9 6 1 4 6 9 1 1 9 9 0 0 , , , , 6 7 4 6 8 8 2 3 9 0 4 9 1 l 1 f 1 8 6 i June 30 6,897 3,207 2,201 5,298 615 662288 22,,557777 752 20,272 21,401 123 100 292 10,818 16 Dec. 31 7,005 589 3,414 2,259 5,436 453 781 2,132 767 19, 747 20,387 129 95 482 10,806 12 1938—Mar. 7 7,249 604 3,561 1,407 5,615 752 2,237 566 19,116 20, 513 137 90 512 10,845 28 NEW YORK CITY 8 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 18 1,112 179 1933—June 30 8 846 101 874 1,255 127 332 461 4,676 4,358 1 110 671 8 1934—Dec. 31 1,576 103 1,069 1,798 126 792 540 5,370 5,069 7 56 591 1935—Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 591 1936—Mar. 4 2,493 108 829 2,527 363 140 260 496 6,471 6,398 4 586 2 Dec. 31 2,658 133 1,087 2,493 393 225 285 457 7,274 6,929 679 12 1937—Mar. 31 2,719 123 853 2,171 419 129 314 354 7,237 7,051 758 1 June 30 2,749 105 2,014 575 306 368 427 6,934 6,733 767 Dec. 31 2,738 120 2,108 416 382 189 404 6, 507 6,111 696 1938—Mar. 7 2,941 95 605 2,173 327 360 185 327 6,429 6,336 694 12 CITY OF CHICAGO 6 1929—Dec. 31 133 158 310 42 1,041 957 19 332 41 1933—June 30 6 232 203 61 259 87 870 912 358 1934—Dec. 31 415 207 90 445 182 1,073 1,189 381 1935—Dec. 31 511 209 135 522 208 1,301 1,401 413 1936—Mar. 4 480 195 96 594 217 1,243 1,390 407 Dec. 31 558 188 159 599 191 1,495 1,554 449 1937—Mar. 31 482 93 114 596 203 1,001 1,128 440 June 30 596 156 130 536 208 1,409 1,509 452 Dec. 31 596 179 146 528 207 1, 354 1,438 445 1938—Mar. 7 566 135 84 576 170 1,270 1,372 16 445 RESERVE CITY BANK; 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 41 371 292 1933—June 30 * 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 3S8 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 186 206 3,494 1935—Dec. 31 1,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 79 3,796 1936—Mar. 4 1,794 264 1,910 607 2,594 285 733 151 5,961 6,238 135 72 251 3,853 Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 35 4,026 1937—Mar. 31 2,108 264 1,545 764 2,546 132 935 155 7,159 137 34 4,064 June 30 2,215 212 1,392 805 2,339 212 934 163 6,840 7,132 108 35 190 4,140 Dec. 31 2,310 200 1,470 841 2,389 256 777 192 6,743 6,870 107 34 266 4,161 1938—Mar. 7 2,376 213 1,632 538 2,461 234 121 6,455 6,848 116 269 4,198 COUNTRY BANKS 1929—Dec. 31. 627 321 291 405 39 742 169 5,091 5,711 61 133 367 1933—June 30 6 452 203 702 149 228 116 555 72 2,576 3,054 285 3,833 167 1934—Dec. 31 822 275 1,296 207 342 178 804 106 3,589 4,292 210 4,554 13 1935—Dec. 31 927 1,676 235 415 137 901 127 4,254 5,047 136 83 4,879 1936—Mar. 4 1,017 1,757 187 433 93 965 106 4,252 5,136 95 4,938 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 69 5,275 1937—Mar. 31 1,304 321 1,684 242 440 57 1,113 130 5,013 6,012 64 79 5,377 11 June 30 1,337 330 1,554 409 69 1,067 139 5,089 6,027 64 85 5,459 12 Dec. 31 1, 361 307 1,645 412 78 959 149 5,143 5,968 61 158 5,504 12 1938—Mar. 7 1,366 310 1,700 180 403 1,073 101 4,963 5,957 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." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935, 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 6 Beginning June 1933 figures relate to licensed banks only. • Central reserve city banks. Back figures.—See Annual Report for 1936 (table 54). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL EESERVE BULLETIN JULY 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 o s 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 oa th n e s r 1 Total men t t i o o n b F s l u ig l a ly - s O e t c i t u e h r s e i r - w s F e e R i e r r t e a v d h - l e - C va a in u sh lt d b a o w a t n m i n i c c t k e e h s s s curities1 banks)1 Direct guar- banks anteed TOTAL—101 CITIES 1937—May 22, 201 9,523 2 1, 328 2 2, 061 120 1,160 2 3822 4,477 12, 678 8,320 1,163 3,195 5,350 338 1,790 November__ __ _ 21, 556 9,559 881 1,976 74 1,169 481 4,978 11, 997 7,970 1,127 2,900 5,348 320 1,804 December 21, 484 9,451 903 1,959 73 1,167 472 4,877 12,033 8,046 1,113 2,874 5,358 341 1,850 1938—January 21,285 9,137 825 1,910 67 1,163 461 4,711 12,148 8,118 1,131 2,899 5,614 315 1,986 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 8,884 762 1,889 86 1,153 426 4,568 12,188 7,992 1,159 3,037 5,724 302 1,992 April 20, 819 8,604 622 1,840 104 1,147 403 4,488 12, 215 7,955 1,179 3,081 5,885 342 2,107 May __ _20, 732 8,430 602 1,842 115 1,154 380 4,337 12, 302 7,980 1,354 2,968 6,070 384 2,296 1938—Apr. 6 . 20,831 8,677 637 1,858 100 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 Apr. 27 ._ 20, 844 8,587 652 1,832 104 1,149 393 4,457 12, 257 7,987 1,199 3,071 6,060 372 2,256 May 4 20,842 8,517 646 1,846 107 1,150 390 4,378 12, 325 8,001 1,322 3,002 5,943 361 2,266 May 11 — 20, 810 8,451 595 1,838 120 1,152 385 4,361 12, 359 8,017 1,344 2,998 6,001 391 2,277 Mav 18 20, 679 8,408 590 1,843 120 1,157 376 4,322 12, 271 7,979 1,364 2,928 6,107 379 2,315 Mav 25 20, 597 8,345 578 1,841 113 1,156 367 4,290 12, 252 7,922 1,385 2,945 6, 230 403 2,328 June 1 20, 536 8,334 603 1,834 114 1,156 365 4,262 12, 202 7,844 1,411 2,947 6,252 390 2,373 June 8 20, 944 8,625 873 1,838 167 1,159 361 4,227 12, 319 7,891 1,434 2,994 6,355 404 2,388 June 15 20, 866 8,361 663 1,833 121 1,157 354 4, 233 12, 505 8,032 1,451 3,022 6,405 385 2,446 June 22 20, 572 8,279 640 1,826 113 1,159 348 4,193 12, 293 7,782 1,481 3,030 6,448 397 2,409 NEW YORK CITY 1937—May 8,335 3,804 2 1,133 2 733 76 129 2 10321, 632 4,531 3,024 435 1,072 2,492 54 70 November __ _ 7,875 3,605 715 710 38 133 187 1,822 4,270 2,943 384 943 2,540 59 69 December 7,891 3,545 729 696 37 130 192 1,761 4,346 3,045 365 936 2,518 60 72 1938—January 7,834 3,373 665 668 38 128 184 1,690 4,461 3,098 386 977 2,683 54 71 February 7,826 3,260 587 664 40 126 169 1,674 4,566 3,131 404 1,031 2,719 51 65 March __ 7,717 3,247 606 665 56 123 155 1,642 4,470 2,954 426 1,090 2,844 50 70 April- _ _ 7,647 3,078 489 638 77 118 147 1,609 4,569 2, 995 443 1,131 2,946 51 68 May. 7,614 3,007 473 656 87 118 139 1,534 4,607 3, 033 564 1,010 3,010 50 70 1938—Apr. 6 7,605 3,103 503 644 70 118 151 1,617 4,502 2,925 435 1,142 2,817 51 66 Apr. 13 7,599 3,032 440 637 75 118 146 1,616 4,567 2,987 435 1,145 2,891 53 66 Apr. 20 7,681 3,090 496 636 83 118 146 1,611 4,591 3,030 438 1,123 3,007 50 67 Apr. 27._._ 7,705 3,087 516 638 79 118 144 1,592 4,618 3,039 464 1,115 3,070 53 70 May 4 7,702 3,056 515 656 80 118 144 1,543 4,646 3,060 541 1,045 2,926 50 65 May 11 .. 7,694 3,018 468 652 92 118 143 1,545 4,676 3,076 560 1,040 2,957 51 67 May 18 7,562 2,998 462 658 92 118 137 1,531 4,564 3,025 565 974 3,019 50 71 May 25 7,500 2,957 447 659 84 118 134 1, 515 4,543 2,972 589 982 3,136 51 76 June 1 7,482 2,964 472 656 85 118 134 1,499 4,518 2,926 612 980 3,214 57 81 June 8 7,947 3,244 714 656 139 118 133 1,484 4,703 3,041 643 1,019 3,091 52 80 June 15 ._ 7,793 3,009 522 652 93 118 131 1,493 4,784 3,105 652 1,027 3,174 49 73 June 22 7,584 2,974 515 653 84 119 130 1,473 4,610 2,911 663 1,036 3,219 50 71 OUTSIDE NEW YORK CITY 1937—May 13, 866 5,719 2 195 2 1, 328 44 1,031 2 2792 2,845 8,147 5,296 728 2,123 2,858 284 1,720 November 13, 681 5,954 166 1,266 36 1,036 294 3,156 7,727 5,027 743 1,957 2,808 261 1,735 December ._ 13, 593 5,906 174 1,263 36 1,037 280 3,116 7,687 5,001 748 1,938 2,840 281 1,778 1938—January 13,451 5,764 160 1,242 29 1,035 277 3,021 7,687 5,020 745 1,922 2,931 261 1,915 February. 13, 388 5,676 151 1,226 27 1,034 277 2,961 7,712 5,037 743 1,932 2,927 243 1,951 March 13, 355 5,637 156 1,224 30 1,030 271 2,926 7,718 5,038 733 1,947 2,880 252 1,922 April 13,172 5,526 133 1,202 27 1,029 256 2,879 7,646 4,960 736 1,950 2, 939 291 2,039 May. 13,118 5,423 129 1,186 28 1,036 241 2,803 7,695 4,947 790 1,958 3,060 334 2,226 1938—Apr. 6 13, 226 5,574 134 1,214 30 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 28 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 27 1,030 253 2,862 7,633 4,947 741 1,945 2,973 280 2,121 Apr. 27 . 13,139 5,500 136 1,194 25 1,031 249 2,865 7,639 4,948 735 1,956 2,990 319 2,186 May 4 .__ 13,140 5,461 131 1,190 27 1,032 246 2,835 7,679 4,941 781 1,957 3,017 311 2,201 May 11 - 13,116 5,433 127 1,186 28 1,034 242 2,816 7,683 4,941 784 1,958 3,044 340 2,210 May 18 _. 13,117 5,410 128 1,185 28 1,039 239 2,791 7,707 4,954 799 1,954 3,088 329 2,244 May 25 13,097 5,38H 131 1,182 29 1,038 233 2,775 7,709 4, 950 796 1,963 3,094 352 2, 252 June 1 13, 054 5,370 131 1,178 29 1,038 231 2,763 7,684 4,918 799 1,967 3,038 333 2,292 June 8 _ _ 12,997 5,381 159 1,182 28 1,041 228 2,743 7,616 4,850 791 1,975 3,264 352 2,308 June 15 13, 073 5,352 141 1,181 28 1,039 223 2,740 7,721 4,927 799 1,995 3,231 336 2,37a June 22 __ 12, 988 5,305 125 1,173 29 1,040 218 2,720 7,683 4,871 818 1,994 3,229 347 2,338 1 Loan classification revised May 19, 1937 and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revision see June, 1937 BULLETIN, pp. 530-531. 2 Average of figures for May 5 and 12 only (see note above). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

597 JULY FEDERAL RESERVE BULLETIN 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] Demand deposits Time deposits Cash Total Date or month r i e e t p d e o m a r s s t- Other assets Interbank United Certi- d m e D a p e n o - d s- Interbank B ro o w r- - l O ia t b h i e l r - t C a a l p a i c - c t e o i s o l s l n e o c i f - l T i i a t o i b e t i a s l- l D b o a ti n m c k e s s- F b o a r n e k ig s n G S m o t v a e t e n e r t s n- ch f e i e t e c c . d ks, Other i j t u s s — te a d d 2 - b m D a e n o s k - ti s c b F e a i o n g r k n - s Other ings ities count TOTAL—101 CITIES 1937—May _ 1,450 1,338 32, 467 5,032 528 201 441 16, 429 15, 420 106 8 5,194 20 915 3,593 November 1,511 1,305 31,844 4,928 425 424 467 16,681 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 April 1, 275 1,281 31, 709 5,292 327 612 393 15,318 14, 437 115 9 5, 223 3 791 3,626 May 1,226 1,307 32,015 5, 596 309 549 407 15, 397 14, 579 110 9 5,214 1 778 3,645 1938—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 Apr. 27 1,213 1,274 32,019 5,518 328 585 390 15, 421 14, 598 114 9 5,230 794 3,630 May 4 . 1,276 1,310 31, 998 5,612 319 568 447 15, 279 14, 450 108 9 5,226 793 3,637 May 11 1,268 1,293 32,040 5,567 307 546 402 15, 464 14, 598 111 9 5,207 785 3,642 May 18 1,202 1,306 31, 988 5,622 306 545 372 15, 399 14, 569 110 9 5,209 768 3,648 May 25 . 1,156 1,319 32,033 5, 585 304 538 406 15, 447 14, 697 111 10 5,212 3 766 3,651 June 1 1,554 1,323 32, 428 5,723 306 533 558 15, 585 14, 589 109 9 5,216 1 738 3,650 June 8 1,415 1, 350 32, 856 5,798 303 520 620 15, 829 15,034 108 9 5,230 24 762 3,653 June 15 1,862 1,342 33, 306 5,819 300 506 717 16, 210 15,065 108 9 5,227 1 765 3,644 June 22 1,200 1,345 32, 371 5,676 306 483 358 15, 778 14, 936 114 9 5,242 1 756 3,648 NEW YORK CITY 1937—May 622 482 12, 055 1,926 490 50 274 6,730 6,382 6 697 13 394 1,475 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 2,086 310 325 280 6,264 5,931 7 656 4 356 1,482 April 568 476 11, 756 2,187 288 206 236 6,361 6,029 7 654 335 1 482 May 553 491 11, 788 2,354 271 150 256 6,302 6,005 7 636 1 323 1,488 1938—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 Apr. 27 529 469 11, 896 2,349 289 179 223 6,376 6,070 7 656 335 1,482 May 4 600 481 11, 824 2,359 280 165 288 6,259 5,947 7 643 336 1,487 May 11 563 488 11, 820 2,353 270 148 253 6,347 6,037 7 633 321 1 488 May 18 518 494 11,714 2,362 266 146 226 6,267 5,975 7 633 319 1,488 May 25 _ 530 500 11, 793 2,343 267 140 258 6,334 6,062 8 634 3 318 1,488 June1_ 779 501 12,114 2,392 269 135 356 6,524 6,101 7 641 1 300 1,489 June 8 733 504 12, 407 2,482 266 128 459 6,590 6,316 7 657 22 309 1,487 June 15 1,036 486 12, 611 2,481 264 119 542 6,754 6,260 7 656 303 1,485 June 22 532 490 11,946 2,394 270 110 213 6,506 6,187 7 659 303 1,484 OUTSIDE NEW YORK CITY 1937—May 828 856 20, 412 3,106 38 151 167 9,699 9,038 106 2 4,497 7 521 2,118 November 8i6 827 20,128 2,988 35 192 166 9,453 8,802 111 4 4 o4U 5 492 2,142 December 836 821 20,149 2,959 36 269 176 9, 42? 8,768 110 3 4,529 4 489 2,147 1938—January 733 799 20,090 3,080 35 307 157 9,229 8,653 112 2 4,564 1 461 2,142 February 700 833 20, 042 3,077 36 295 145 9,205 8,650 114 2 4.577 1 453 2,137 March 687 823 19, 919 3,078 38 375 153 8,963 8,429 116 2 4,583 3 464 2,144 April 707 805 19,953 3,105 39 406 157 8,957 8,408 115 2 4,569 3 456 2,144 Mav 673 816 20, 227 3,242 38 399 151 9,095 8,574 110 2 4,578 455 2,157 1938—Apr. 6_ 672 817 19, 722 3,057 37 405 148 8,785 8,261 117 1 4,573 4 452 2,143 Apr. 13 753 808 19, 952 3,059 39 405 145 9,025 8,417 114 3 4,562 3 455 2,142 Apr. 20 716 793 20, 011 3,137 37 405 169 8,974 8,427 113 2 4,565 7 457 2,145 Apr 27 684 805 20,123 3,169 39 406 167 9,045 8,528 114 2 4,574 459 2,148 May 4 676 829 20,174 3,253 39 403 159 9,020 8,503 108 2 4,583 457 2,150 May 11 .__ 705 805 20, 220 3,214 37 398 149 9,117 8,561 111 2 4,574 464 2,154 May 18 684 812 20, 274 3,260 40 399 146 9,132 8,594 110 2 4,576 449 2,160 May 25 626 819 20, 240 3, 242 37 398 148 9,113 8,635 111 2 4,578 448 2,163 June I. _ 775 822 20, 314 3,331 37 398 202 9,061 8,488 109 2 4,575 438 2,161 June 8 682 846 20, 449 3,316 37 392 161 9,239 8,718 108 2 4,573 2 453 2,166 June 15 826 856 20, 695 3,338 36 387 175 9, 456 8,805 108 2 4,571 1 462 2,159 June 22 668 855 20, 425 3,282 36 373 145 9,272 8,749 114 2 4,583 1 453 2,164 * 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

598 FEDERAL RESERVE BULLETIN JULY 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a a - - - C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- L S o t u . 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 - Y N o e r w k Ch g i o ca- ASSETS Loans and investmentstotal: June 1 _ - 20, 536 1,156 8,324 1,091 1,759 619 552 2,841 618 360 619 473 2,124 7,482 1,827 June 8 .__ 20, 944 1,151 8,781 1,101 1,740 592 547 2,850 624 362 612 474 2,110 7,947 1,843 June 15 20,866 1,151 8,639 1,121 1,750 610 550 2,841 642 362 605 477 2,118 7,793 1,831 June 22 20, 572 1,152 8,413 1,119 1,744 605 544 2,817 619 360 600 476 2,123 7,584 1,810 Loans—total: June 1 - 8,334 603 3,365 426 692 235 282 848 284 152 239 224 984 2,964 537 June 8 8,625 607 3,645 429 686 232 281 864 283 153 238 223 984 3,244 551 June 15 8,361 599 3,409 426 683 233 281 848 283 154 237 222 986 3,009 537 June 22 8,279 594 3,371 422 679 230 280 828 277 154 236 222 986 2,974 521 Commercial, industrial, and agricultural loans: On securities: June 1 553 37 242 46 47 13 10 38 42 9 15 10 44 229 20 June 8 559 38 246 46 47 12 10 38 42 9 16 10 45 233 20 June 15 __ 552 38 241 46 47 12 11 37 42 9 15 10 44 228 20 June 22 546 37 240 45 46 12 11 37 39 9 16 10 44 228 20 Otherwise secured and unsecured: June 1 3,439 239 1,399 150 228 92 138 455 125 61 129 132 291 1,298 336 June 8 3, 403 236 1,379 150 224 90 139 449 126 61 128 130 291 1,278 330 June 15 3,406 234 1,388 149 223 90 137 447 125 61 128 130 294 1,286 330 June 22 . -_. 3,370 234 1,374 148 221 88 137 433 124 62 126 130 293 1,273 319 Open market paper: June 1 365 72 146 22 13 9 3 38 8 5 18 1 30 134 21 June 8 . 361 73 145 22 12 10 3 36 7 5 17 1 30 133 19 June 15 354 72 142 22 11 10 3 34 7 5 17 2 29 131 18 June 22 _. __ 348 69 141 21 11 10 3 33 7 4 17 2 30 130 18 Loans to'brokers and dealers: June 1 603 20 480 16 24 3 7 30 5 2 3 3 10 472 27 June 8, _ . __ _ _ _ 873 25 723 18 24 3 7 49 5 2 4 2 11 714 46 June 15 663 22 531 17 22 3 7 36 5 3 4 2 11 522 32 June 22 . 640 20 523 16 21 2 6 29 5 2 4 2 10 515 26 Other loans for purchasing or carrying securities: June 1 583 31 274 34 37 16 15 76 12 7 12 14 55 203 65 June 8_._ _ _ 582 32 271 34 37 16 15 77 12 7 12 14 55 200 66 June 15 581 32 268 34 37 16 15 78 13 7 12 14 55 197 67 June 22 . 580 32 267 34 37 17 15 78 12 7 12 14 55 197 67 Real estate loans: June 1 __ _ _ 1,156 83 224 58 174 30 28 89 48 6 22 20 374 118 12 June 8 1,159 83 224 59 174 31 28 90 48 • 6 22 20 374 118 12 June 15 1,157 83 223 58 173 31 28 90 48 6 22 20 375 118 12 June 22 ._ 1,159 83 224 58 173 31 28 91 48 6 22 20 375 119 12 Loans to banks: June 1 114 4 85 2 2 2 4 4 7 1 1 2 85 June 8 167 3 139 2 2 1 4 5 7 1 1 2 139 1 June 15 121 4 93 2 2 1 4 5 7 1 1 1 93 1 June 22 113 4 85 2 2 1 4 5 7 1 2 84 1 Other loans: On securities: June 1 698 55 254 47 122 28 26 45 11 11 13 10 76 224 21 June 8 _ 697 55 253 48 122 28 26 45 11 11 12 11 75 223 21 June 15 _ _ 700 55 257 48 123 28 26 45 10 11 12 10 75 227 21 June 22 — 700 55 258 48 123 28 26 46 9 11 12 10 74 228 21 Otherwise secured and unsecured: June 1 823 62 261 51 45 42 51 73 26 51 26 33 102 201 35 June 8 _ 824 62 265 50 44 41 49 75 25 52 26 34 101 206 36 June 15 827 59 266 50 45 42 50 76 26 52 26 33 102 207 36 June 22 . 823 60 259 50 45 41 50 76 26 53 26 34 103 200 37 U. S. Government direct obligations: June 1 7,844 396 3,165 309 733 291 153 1,365 174 153 223 169 713 2,926 870 June 8 7,891 387 3,268 310 716 269 149 1,360 189 152 221 169 701 3,041 872 June 15 8,032 394 3,342 332 728 286 151 1,350 204 152 214 172 707 3,105 866 June 22 ._ 7,782 398 3,132 333 725 284 146 1,341 186 149 207 171 710 2,911 864 Obligations fully guaranteed by U. S. Government: June 1 1,411 27 655 93 85 32 40 194 58 16 40 30 141 612 118 June 8 1,434 26 688 90 85 30 39 192 60 16 40 32 136 643 118 June 15 1,451 26 697 90 85 29 39 204 60 16 39 33 133 652 122 June 22 1,481 27 713 90 85 29 39 212 61 16 42 33 134 663 122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 599 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a - - C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S ra a n n - Y N o e r w k Ch g i o ca- ASSETS—continued Other securities: June 1 2,947 130 1,139 263 249 434 102 117 286 302 June 8 2,994 1,180 272 253 434 92 113 289 1,019 302 June 15 3,022 132 1,191 273 254 439 95 115 292 1,027 306 June 22 3,030 133 1,197 274 255 95 115 293 1,036 303 Reserve with Federal Reserve bank: June 1 6,252 284 3,326 245 368 134 1,019 152 146 324 3,214 814 June 8 6,355 316 3,210 296 139 1,099 161 157 333 3,091 888 June 15 6,405 306 3,289 260 367 142 1,134 151 161 340 3,174 924 June 22 6,448 298 3,341 255 356 138 1,126 190 151 333 3,219 924 Cash in vault: June 1 390 122 73 16 37 17 60 10 11 19 57 32 June 8 404 125 17 19 63 11 12 20 52 33 June 15 385 124 16 17 60 10 11 20 49 32 June 22 397 124 17 18 63 10 12 20 50 33 Balances with domestic banks: June 1 2,373 138 175 160 251 135 126 107 115 265 218 220 81 245 June 8 2,388 129 176 154 247 161 129 430 123 121 269 213 236 80 213 June 15 2,446 134 167 154 267 142 133 429 124 125 291 223 257 73 210 June 22 2,409 138 160 159 267 137 132 432 126 120 294 217 227 71 215 Other assets, set: June 1 1,323 75 605 82 103 33 38 87 23 17 22 26 212 501 53 June 8 1,350 74 621 82 104 37 38 86 23 16 23 26 220 504 53 June 15 1,342 72 627 81 102 34 81 23 16 22 26 220 486 49 June 22 1,345 73 637 82 101 34 79 23 16 23 25 214 490 48 LIABILITIES Demand deposits—adjusted: June 1 14, 589 1,000 6,650 736 1,040 406 328 2,158 306 253 463 395 854 6,101 1,446 June 8 15, 034 1,016 6,882 801 1,039 409 325 2,211 366 257 471 392 865 6,316 1,503 June 15 15,065 1,004 6,854 781 1,047 407 324 2,225 382 263 484 400 894 6,260 1,514 June 22 14,936 1,010 6,776 775 1,030 405 2,213 402 266 478 395 865 6,187 1,512 Time deposits: June 1 5,216 261 1,035 289 738 199 183 875 186 119 144 130 1,057 641 463 June 8 5,230 261 1,052 286 738 199 183 877 186 119 144 131 1,054 657 463 June 15 5,227 262 1,052 287 735 199 183 877 186 119 144 131 1,052 656 464 June 22 5,242 261 1,053 291 740 199 185 186 119 145 1,054 659 464 U. S. Government deposits: June 1 __. 533 12 143 20 18 13 23 144 23 2 18 92 135 116 June 8 520 12 136 20 18 12 23 140 23 2 18 91 128 111 June 15 506 12 127 20 18 13 23 134 23 2 18 91 119 106 June 22 483 12 118 20 18 13 23 124 19 2 18 91 110 96 Interbank deposits: Domestic banks: June 1 5,832 230 2,466 303 343 206 191 299 122 341 186 251 2,392 678 June 8 5,906 234 2,553 297 338 212 196 271 129 341 186 251 2,482 June 15 5,927 238 2,551 299 344 208 194 907 263 127 346 190 260 2,481 692 June 22 5,790 231 2,463 299 337 200 190 265 123 341 187 255 2,394 687 Foreign banks: June 1 315 10 278 5 1 1 1 12 276 June 8 312 10 275 5 1 1 1 12 273 June 15 309 273 4 1 1 1 12 271 June 22 315 279 5 1 1 1 12 277 Borrowings: June 1 1 1 June 8 24 23 June 15 1 1 June 22 1 1 Other liabilities: June 1. 738 21 312 15 18 20 304 300 16 June 8__ 762 21 320 15 19 21 316 309 18 June 15 765 22 314 15 19 23 319 303 19 June 22 756 22 315 17 20 23 310 303 20 Capital account: June 1 3,650 241 1,618 226 360 90 372 329 1,489 246 June 8 3,653 241 1,616 226 361 374 89 330 1, 487 246 June 15 3,644 240 1,614 226 360 372 327 1,485 245 June 22 3,648 240 1,613 225 360 373 1,484 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL RESERVE BULLETIN JULY 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month s p m t o c a a u i p e n a t r e d l - - r - s T t o a o u n t t a d - l - Held b b y a n a k c s cepting H R e e ld se b rv y e F F b e o a d r n e k a r c s a - l Held Ba o s n ed B on a s e e x d - Dollar s b to e B r t e w as d e e e d in n o o p n r o g s in o h o t i s p d p s i e n d 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 e o u r o n e r n n i r t g t e s d n - o - f ot b h y ers p U in o . t r o t S s . p T fr o J o . r m t S s . ch e a x n - ge U.S. F c o t o r r i u e e i n s g - n 1937—May _ 287 386 295 137 159 3 2 86 168 81 1 62 75 June 285 364 273 130 143 1 4 87 157 77 1 55 74 July .. . . 325 352 265 144 121 (2) 3 83 143 71 2 65 71 August 329 344 263 143 120 2 79 133 71 2 68 69 September 331 344 274 148 127 1 69 127 77 1 73 66 October 323 346 282 153 129 2 62 127 82 1 75 62 November 311 348 279 148 131 2 67 122 84 1 79 61 December 279 343 278 147 131 2 63 117 87 2 78 59 1938—January 299 326 266 147 119 2 59 106 82 3 75 60 February 293 307 246 140 106 1 61 96 78 2 70 61 March_ _ _. _ _ 297 293 236 143 93 (2) 57 91 75 2 63 62 April _ . _ 271 279 229 141 89 48 86 71 1 60 61 May 251 268 218 139 80 2 48 81 65 1 57 64 i As reported by dealers; includes some financec ompany paper sold in open market. * Less than $500,000. Back figures—See Annual Report for 1936 (table 66). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances i Other credit balances Debit Debit End of month C b u a ( d s n l t e a e o b n t) m i c t e i e s rs' a i b n n p a a v d l a c a e c r n t s t o r n c t u a m e e d n s r e i t s n s n i ' n g t a i b n n a a v d l c a e c f n t s i o r r t c u a m m e d n s e i t n s n in g t C a b h a n a s a d n h n k d i o n s n r M o b w o o e n r d e - y 2 Free O (n th et e ) r m p t i a r n e a r v n I t d n n e t i s e n a t r g n - s d ' m t i r n e f a n v i I d r n t e m i s a n t g n - d a c c ( a c n I p o n e i u t t n ) a t l s accounts accounts 1935—December 1,258 75 135 179 930 286 79 24 10 410 1936—March 1,351 67 168 181 995 303 89 23 15 429 June _ 1,267 67 164 219 985 276 86 24 14 420 Spptp/mhfir 1,317 72 141 227 995 289 99 24 14 423 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—March ._ . 1,549 61 175 223 1,172 346 115 29 18 419 May 1,503 56 149 209 1,188 284 101 24 12 408 June 1,489 55 161 214 1,217 266 92 25 13 397 July_ 1,493 56 157 206 1,213 265 96 25 13 397 August 1,509 54 149 202 1,233 252 92 26 13 391 September . 1,363 48 128 239 1,088 256 96 26 12 385 October.. 1,053 40 135 263 781 272 107 24 12 383 November 1,034 38 120 225 723 270 95 24 11 376 December 985 34 108 232 688 278 85 26 10 355 1938—January 958 31 103 220 641 288 87 28 11 333 February 937 31 104 207 628 280 80 26 10 324 March 831 29 95 215 576 239 81 25 9 315 April 763 26 97 203 485 248 88 24 9 309 May _ 760 25 85 208 482 243 92 22 8 301 i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 1 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, p. 196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

601 JULY 1938 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der sees. 13 and 13a of the Fed- 10(b) of the Federal the United States eral Reserve Act i Reserve Act (last paragraph of sec. 13 of the Federal Federal Reserve Bank Reserve Act) Ju R n a e t e 30 be In g in ef n fe in ct g- v P r i a r o e t u e - s Ju R n a e t e 30 be In g in ef n fe in ct g- Ju R n a e t e 30 be In g in ef n fe i c n t g- 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 Oct. 20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 May 11, 1935 Richmond VA Aug. 27, 1937 Sept.10, 1937 Feb. 19, 1934 Atlanta Aug. 21, 1937 Aug.21, 1937 April 23,1938 Chicago Aug. 21, 1937 Aug.21, 1937 Oct. 16, 1933 St. Louis Sept. 2, 1937 Sept. 2, 1937 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug.24, 1937 Apr. 15, 1933 Kansas City.. Sept. 3, 1937 Sept. 3, 1937 Apr. 16, 1938 D Sa a n l la F s rancisco iy y 2 A Se u p g t . . 3 3 1, , 1 1 9 9 3 3 7 7 A Se u p g t . . 3 1 1 7 , , 1 1 9 9 3 3 7 7 A O p ct r . . 1 16 9 , , 1 1 9 9 3 3 3 8 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 June 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] Rate in In effect be- Previous Maturity e J f u fe n c e t 3 o 0 n ginning— rate A i d ng v a i n n c s e ti s t u to ti o fi n n s a — nc- Advances direct to Commit- 1-15 days 1.. Oct. 20, Federal Reserve Bank industrial On por- ments 16-30 days._. do.. or com- tion for to make 31-45 days... ____do_. mercial or- which On re- advances 46-60 days... do.. ganizations institu- maining 61-90 days... ____do_. tion is portion 91-120 days.. do.. obligated 121-180 days. Boston 3 VA K-l 1 This rate also applies to acceptances bought under repurchase agree- New York . 4-6 3 4-5 1-2 ments, which agreements are always for a period of 15 days or less. Philadelphia 4-6 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland. (\ 1 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 Chicago __ __ 5-6 5-6 1—2 Back figures.—See Annual Report for 1936 (table 41). St. Louis 4-5}^ zx\ 4 zlA Minneapolis 6 1 Kansas City 4-6 4 ^4 Dallas 5-6 4 5-6 l MAXIMUM RATES ON TIME DEPOSITS San Francisco _ __ 5-6 3-4 4-5 M-2 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. * Same as to borrower but not less than 4 percent. 3 Flat charge. [Percent per annum] Back figures—See Annual Report for 1936 (table 40). MEMBER BANK RESERVE REQUIREMENTS Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Savings deposits Classes of deposits 1917- 1936- 1937- 1937- 1938- Postal Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Other time deposits pay- 1936 1937 1937 1938 after able in: 6 months or more On net demand 90 days to 6 months deposits:1 Less than 90 days Central reserve city. 13 19H 22% 26 22^ Reserve city 10 15 VIA 20 17J^ Country _ _ 7 10J^ 12ii 14 12 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for mem- All member banks. _ 3 PA 5H 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 p. 590 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

602 FEDERAL RESERVE BULLETIN JULY 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— Aver- 1929 1931 1932 1933 1934 1935 1936 1937 1938 u. s.Treas- age New York City: mo Y w n e e th a ek r , , or m m 4 P p c o r a e o t i r n p o m m c e t i h - e r a 6 , s l a a P b c d n e a r c a 9 c i r n e 0 y m s e p k ' s s e t - , - c S l d t h o i t a e m a 9 a o y x n n 0 c e s - g k s, e c S n h l c o a t e r e a a o e x l a w n l s - c n - l g - k e p w i f N e s e i s o r t r e u i u f h e o w - e d i r d n s y 1 b t i d a q l d e 9 l e u t r a s i 1 a o s o y - l ' - - n y T i n U 3 e y u r o - l e . t e r d t o a y S a e - r o s s 5 . - n J J A J F M A S M a u u e e p u n n l a a p b y r g u r y e t i r c u e l a u h m s r a t y r b y e . r _. 5 5 5 5 5 5 6 6 5 . . . . . . . . . 7 7 0 8 8 9 8 0 8 4 3 6 1 8 5 3 5 8 4 4 4 4 4 4 4 3 3 . . . . . . . . . 2 2 1 1 9 3 1 0 9 4 0 7 3 1 1 7 5 3 4 4 4 4 4 4 4 4 4 . . . . . . . . . 3 7 6 4 6 5 4 7 7 0 2 1 2 9 5 5 1 1 4 4 4 4 3 3 3 4 4 . . . . . . . . . 1 9 2 7 9 3 8 1 1 0 4 7 9 3 8 3 2 1 3 3 3 3 3 3 3 3 3 . . . . . . . . . 3 3 2 3 3 4 3 4 5 0 0 6 3 9 2 1 3 8 2 2 2 2 2 2 2 2 2 . . . . . . . . . 7 6 6 6 6 6 6 9 8 2 7 6 9 1 4 1 0 3 2 2 2 2 2 2 2 2 2 . . . . . . . . . 4 4 4 4 5 5 6 5 6 0 4 2 4 4 1 1 6 4 2 2 2 2 2 2 2 2 2 . . . . . . . . . 3 3 4 3 4 5 5 5 4 9 6 4 4 1 3 0 0 1 2 2 2 2 2 2 . . . . . . 3 3 4 3 4 3 6 6 0 4 0 6 October 6.08 4.27 4.35 3.76 3.28 2.72 2.46 2.38 1 1 9 9 3 3 5 6 a a v v e e r r a a g g e e .— ... . . 7 7 6 5 . . 1 1 3 5 1 . . 5 1 6 6 . . 5 9 6 1 . . 1 1 4 4 . . 1 1 7 7 1 1 . . 2 1 9 1 N D o ec v e e m m b b e e r r 5 5 . . 8 7 6 4 4 4 . . 6 6 7 4 4 4 . . 1 2 2 2 3 3 . . 5 4 2 8 3 3 . . 2 1 2 8 2 2 . .7 6 7 1 2 2 . .4 4 3 3 2 2 . . 4 4 5 0 1937 average... .95 .43 1.25 1.00 .45 .28 1.40 Year 5.88 4.22 4.49 4.02 3.33 2.70 2.49 2.43 1937—May 1 1M 1.00 .65 .41 1.48 8 o e t a h s e te r r n n o c rt i h ti e e r s n : and 1938— F M A M J J A O D N S u u J e e p c u e o a a a l n b p c t r y g v n y r e o r i t u u c l u b s a h a e t r . r r y — . y . _ . M M M - - - i i i 1 1 1 1 1 1 1 1 1 Vi V V V V V V V V V V r V - i i i i i i i l i i i V a a a a a a a 6 a a e i I I I I I I I I I I I K K K K K K K X X X X 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 r . . . . . . . . . . . . 4 5 0 0 1 3 1 0 0 5 1 5 9 3 7 5 4 0 8 8 2 0 3 6 . . . . . . . . . . . . 0 0 1 0 0 0 2 1 2 2 3 3 8 5 0 9 9 8 0 1 9 8 6 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . 7 9 5 4 5 0 1 4 4 0 2 3 7 4 4 4 0 9 3 2 5 1 7 1 J A J J A N D M F M S O a u u e e e p u o c n n l a a p b c t y g v r u r y o e t i e r c u e e l a b u m m h m s r e a t y b r r b b y e e e r r r 6 6 6 6 6 6 6 5 6 5 5 . . . . . . . . . . . . 8 0 9 2 0 1 1 8 0 0 2 9 7 2 4 0 4 2 1 8 6 9 5 1 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . 6 4 8 6 6 4 4 4 5 6 9 5 2 7 7 2 3 8 8 9 7 1 1 5 4 4 4 5 5 5 5 5 5 5 5 5 . . . . . . . . . . . . 1 1 1 9 8 8 0 1 0 1 1 0 6 8 8 4 4 0 7 3 5 2 3 3 4 4 4 4 4 4 4 4 4 4 5 5 . . . . . . . . . . . . 9 5 8 8 8 5 9 0 6 5 3 6 7 1 4 2 9 4 9 8 9 9 5 9 4 4 4 4 4 4 4 4 4 4 4 3 . . . . . . . . . . . . 1 3 4 3 5 1 5 6 1 9 0 1 1 0 9 9 2 2 2 5 5 8 8 3 3 4 4 4 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 7 9 7 8 8 0 0 6 6 7 0 7 8 9 9 7 2 8 8 5 7 3 5 5 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 4 4 5 5 6 6 4 4 6 4 6 4 7 7 1 0 1 0 6 7 2 5 3 5 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 2 3 3 3 4 3 3 4 3 3 3 4 9 7 6 2 2 4 6 5 6 2 3 3 3 3 3 3 3 3 . . . . . . 2 2 3 2 3 2 6 7 8 9 7 5 Week ending: May. 14 3X-i Via IK 1.00 .03 .06 .79 27 south Y er e n a r and 6.04 4.61 5.05 4.83 4.29 3.86 3.52 3.36 May 21 H-i Via IK 1.00 .03 .05 .76 western cities: May 28-.. H-i Via IK 1.00 .03 .04 .72 January 5.94 5.50 5.61 5.60 5.40 4.95 4.47 4.16 4.16 J J J J u u u u n n n n e e e e 1 4 2 1 1 5 8 -. H % H % - - - i i i V V V V i i i i a a e a I I I I K K K K 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 0 0 0 0 4 3 2 1 . . . . 0 0 0 0 4 5 5 5 . . . . 6 6 6 6 7 6 8 5 A F M M e p a a b r r y i r c l u h ary 5 6 6 6 . . . . 9 0 0 1 6 7 4 0 5 5 5 5 . . . . 4 2 4 3 0 6 3 6 5 5 5 5 . . . . 6 6 6 6 4 4 1 3 5 5 5 5 . . . . 5 6 6 6 6 6 6 8 5 5 5 5 . . . . 3 2 3 4 9 8 4 0 4 4 4 4 . . . . 8 7 8 8 4 9 0 5 4 4 4 4 . . . .4 4 4 5 4 0 3 1 4 4 4 4 . . . . 1 2 1 1 7 1 5 5 4 4 4 4 . . . . 0 1 1 1 9 3 5 3 June 6.16 5.34 5.62 5.62 5.19 4.76 4.39 4.18 4.14 July 6.17 5.30 5.63 5.54 5.07 4.58 4.35 4.19 ' Revised. August 6.22 5.28 5.68 5.53 5.05 4.63 4.25 4.18 i Series comprises 182-day bills to February 23,1935, 273-day bills from September 6.27 5.32 5.63 5.55 5.04 4.51 4.29 4.18 March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938, October 6.29 5.38 5.56 5.50 5.05 4.55 4.23 4.16 from October 22, to December 10, 1937, and 91-day bills thereafter. November 6.29 5.53 5.55 5.42 4.93 4.51 4.24 4.17 Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures December 6.20 5.56 5.60 5.43 4.92 4.55 4.14 4.15 for 91-day Treasury bills available on request. Year 6.14 5.39 5.62 5.56 5.17 4.69 4.35 4.17 BOND YIELDS1 [Percent per annum] Corporate 4 Year, month, or week T U re .S as . - Munic- By ratings By groups ury 2 Total Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 7-12 15 120 30 30 30 30 40 40 40 1935 average 2 70 3.41 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 1936 average 2.47 3.07 3.87 3.24 3.46 4.02 4.77 3.50 4.24 3.88 1937 average _. 2.57 3.10 3.98 3.27 3.50 4.04 5.11 3.55 4.46 3.93 1937—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 193g—January 2.47 3.03 4.33 3.20 3.61 4.32 6.19 3.54 5.44 4.01 February _» _ 2.46 2.99 4.39 3.23 3.65 4.38 6.31 3.57 5.54 4.07 March 2.45 2.99 4.56 3.26 3.73 4.52 6.74 3.58 6.06 4.05 April 2.43 3.03 4.76 3.35 3.95 4.70 7.02 3.64 6.52 4.11 May 2.30 2.91 4.55 3.27 3.78 4.51 6.65 3.51 6.25 3.90 Week ending: May 28 2.29 2.91 4.61 3.27 3.80 4.56 6.80 3.51 6.40 3.91 June 4 2.27 2.91 4.67 3.28 3.85 4.62 6.91 3.54 6.55 3.91 June 11 2.25 2.90 4.68 3.28 3.88 4.63 6.91 3.53 6.60 3.90 June 18 2.32 2.89 4.79 3.32 3.96 4.73 7.14 3.56 6.90 3.91 June25.._ 2.36 2.91 4.77 3.35 3.99 4.73 6.99 3.57 6.84 3.89 L Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * Average of yields of all outstanding bonds due or callable after 8 years, s Standard Statistics Co. « Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9. Back fidures.—Qee Annual Report for 1936 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

603 JULY 1938 FEDERAL RESERVE BULLETIN BOND PRICES * STOCK MARKET Stock prices1 Corporate3 Vol- Year, month, or date T U u r . e r y a S 2 s . - M ip un al i 3 c- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or fe P rr r e e d - * To C t o al mm I o n t n r d i u a ( l s in - dex R r , o a 1 a i 9 d l- 26=1 U 0 t 0 i ) lity u t m i r n a e g d ' o - f Number of issues. 7-12 15 60 20 20 Number of issues... 20 420 348 32 40 1935 average 106.1 105.3 88.6 88.2 79.4 1936 average 107.0 110.8 97.5 92.2 94.7 1935 average 133.8 78 91 34 71 1,411 1937 average 104.4 110.3 93.4 90.1 1936 average 138.9 111 127 51 104 1,824 1937 average. 136.2 112 131 49 95 1,519 1937—May 103.3 109.6 96.2 91.9 95.0 June... 103.5 110.1 95.0 91.2 93 2 1937—May 135.4 116 137 57 94 859 July... 104.0 110.8 95.3 91.4 93^2 June.. _ 135.2 114 134 54 91 697 August 104.0 111.8 94.8 91.9 91.0 July 135.7 118 139 52 96 917 September. 103.3 109.0 91.3 90.0 85.6 August 137.2 121 144 51 97 729 October.... 103.5 108.1 86.4 85.5 78.4 September... 136.4 106 126 43 89 1,498 November. 104.0 109.1 83.3 82.7 72.1 October 133.5 91 107 35 81 2,324 December.. 104.7 109.5 82.7 81.4 72.5 November... 132.3 83 96 31 80 1,420 1938—January 105.3 111.5 80.6 81.7 66.2 December 132.1 82 95 31 79 1,174 February- 105.4 112.2 79.3 80.6 65.0 1938—January 133.5 82 96 29 76 1,069 March 105.0 112.2 76.0 79.5 57.3 February 133.3 81 96 28 71 719 April 104.8 111.6 73.8 77.8 53.5 March . 132.2 78 93 26 69 922 May 106.1 113.6 76.5 80.4 55.1 April. 127.9 71 84 21 64 778 May 131.7 74 87 22 70 620 May 25 106.1 113.6 75.6 80.2 53.0 June 1 106.3 113.6 75.1 79.3 52.3 May 25 132.0 71 84 21 68 566 June 8 106.5 113.7 74.9 79.4 51.6 93.6 June 1 131.3 70 83 20 68 457 June 15 4 105. 6 113.9 73.8 79 2 49.1 93.3 June 8 131.8 71 84 20 68 412 June 22 105.7 113.6 75.8 80.5 52.5 94.4 June 15 132.0 72 85 20 68 332 I June 22 132.5 79 94 22 75 1,873 1 Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. 1 Standard Statistics Co. Monthly data are averages of Wednesday 2 Average prices of all outstanding bonds due or callable after 8 years, figures. based on quotations from Treasury Department. 2 Average prices of industrial high-grade, derived from yields. 8 Prices derived from average yields, as computed by Standard Sta- 3 Average daily volume of trading in stocks on the New York Stock tistics Co. Exchange, in thousands of shares. Weekly figures are averages for the 4 Substitution of bonds lowered the average by 0.8 on June 15. week ending Saturday. Back figures—Sea Annual Report for 1936 (table 73); for U. S. Treas- Back figures.—For stock prices, see Annual Report for 1936 (table 73). ury bonds, see BULLETIN for May 1936, p. 317. CAPITAL ISSUES [In millions of dollars] For newcapital For refunding Total Domestic Domestic Year or (new Total Total month f a u r n n e d - d- m a ( e d n s o d t - ic S a t n a d te Fed- Corporate e F i o g r n - 1 m a (d e n o s d t - ic S a t n a d te Fed- Corporate e F i o gn r- 1 ing) for- Total mu- eral Bonds for- Total mu- eral Bonds eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies2 notes pal cies2 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 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,878 2,080 2,076 727 157 1,192 789 403 4 1,798 1,639 175 280 1,184 833 351 159 1937—May... 266 150 150 44 29 78 47 31 0 116 116 8 16 92 71 21 0 June... 560 360 360 91 0 269 187 82 0 200 200 21 30 149 139 11 0 July.... 340 247 247 77 89 81 39 42 0 93 93 8 29 57 20 37 0 Aug 187 79 79 28 0 51 34 17 0 109 109 25 27 56 51 6 0 Sept. 221 154 154 41 0 113 87 25 0 67 67 7 20 39 (3) 39 0 Oct. _._ 203 96 93 27 0 67 46 21 3 107 106 2 34 70 70 0 2 Nov.... 136 94 94 43 25 26 22 4 (3) 42 42 4 27 10 10 (3) 0 Dec 164 122 122 79 0 43 27 16 1 42 42 5 23 14 14 « I 1938—Jan 121 92 92 41 6 46 39 6 0 29 29 8 18 4 3 0 Feb 199 82 81 40 0 41 41 (8) 1 117 117 22 32 62 62 0 0 Mar 245 126 126 94 9 24 23 0 119 119 16 45 58 58 0 0 Apr 352 197 197 45 140 12 11 1 0 155 155 4 84 67 67 0 0 May... 217 157 157 88 33 36 20 16 0 60 60 4 31 26 26 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

604 FEDERAL RESERVE BULLETIN JULY 1938 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Total Publicly offeredl End of month debt Bonds ju A st d e - d So s c e i - al All Ma- Total service curity others tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U.S. war ury8 Savings 1932—June 19,487 19,161 818,816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 6 21, 782 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 54 618 1935—June 28,701 27, 645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33,779 32,989 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—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 April __ „ 37,510 36, 963 34,016 79 20, 927 1,181 10,076 1,753 856 1,458 635 92 454 May 37, 422 36, 871 33, 845 79 20, 927 1,210 10, 076 1,553 852 1,538 637 101 450 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. * Includes Liberty bonds. 1 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement"account. B Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES * OBLIGATIONS, MAY 31, 1938 [In millions of dollars] (In millions of dollars] Federal Home Recon- Com- Date maturing Total Bonds* Notes Bills Farm Owners' struction modity End of month Total Mortgage Loan Finance Credit Corpora- Corpora- Corpora- Corpora- 1938—Before July 1 1,469 618 851 tion tion tion tion July 1-Sept. 30 1,298 596 702 Oct. 1-Dec. 31 433 433 1939—Jan. i-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-Sept. 30 427 427 1935— June 4,123 1,226 2,647 250 Oct. 1-Dec. 31 _ 526 526 December... 4,494 1,387 2,855 252 1940.. 2,854 2,854 1936—June 4,718 1,422 3,044 252 1941 2,219 834 1,385 December.. 4,662 1,422 2,988 225 1942_ . . 1,001 1,001 1943 898 898 1937—May 4,660 1,422 2,987 250 1945.. 2,123 2,123 June _- 4,665 1,422 2,987 255 1946 1,854 1,854 July 4,703 1,420 2,987 295 1947 2,141 2,141 August 4,633 1,400 2,937 296 1948... . .. 21, 736 *1, 736 September.. . 4,633 1,400 2,937 296 1949 819 819 October 4,634 1,400 2,937 297 1951 1,223 1,223 November 4,644 1,410 2,937 297 1952 _. 1,250 1,250 December 4,645 1,410 2,937 297 1953_ 1,786 1,786 1938—January 4,646 1,410 2,937 298 1954 2,663 2,663 February 4,646 1,410 2,937 299 1955 755 755 March 4,646 1,410 2,937 299 1956 489 489 April 4,647 1,410 2,937 299 1 1 9 9 5 6 9 0 . . 2,6 9 1 82 1 2,6 9 1 82 1 May 4,852 1,410 2,937 299 206 1961 50 50 i Principal amount of obligations guaranteed as to interest and princi- Total... 33,845 22, 216 10,076 1,553 pal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal Housing Administrator, amounting to $515,000 on May 31,1938. 1 Issues classified as of date of final maturity; most issues callable at * Excludes obligations guaranteed as to interest only. earlier dates; most of the U. S. Savings bonds are redeemable at option of holder. * Includes unclassified U. S. Savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

605 JULY 1938 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures 1 T a r c u - st I c n r c e r a e s a e s e d u o r r i n d g ecounts, period 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 n r n e n u t t v a h e e e l e r 3 - - r o A th l e l r Total e I d n s e t t e b o r t n - G t f i V e N a e d o n n n e e n a e d s - t - a - e r l al o A th l e l r r c a e R e o l n 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 - e T a f t e e c r r r t c a u s c ' n s t 8 t t s s o . - E p ( c t o + e u x e e f n i c r x ) p r e d e - o e t s s i s - r - s p ( e c t e + e x e o u e t n c i f x r c ) p e e d . - o r * s t s i e s s r - - b G a f e l u n a n n e 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 () 2,086 603 8,477 749 1,340 1,310 3,341 »78 1,814 -4,361 +123 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,001 1,436 1,994 3,079 »244 -2,707 -67 -128 +2, 646 11 months ending: May 1936.._. 3,587 1,116 1,913 557 6,140 618 1,224 1,163 3,025 9 31 141 -2, 553 +135 +517 +2,936 May 1937.... 4,426 1,610 200 1,975 641 6,702 673 1,308 1,815 2,847 9 271 328 -2, 276 -87 -928 +1,434 May 1938.... 5,468 2,085 750 2,100 533 6,880 693 1,424 1,941 1,948 268 606 -1, 412 +428 +13 +998 1937—May 335 47 59 170 60 552 119 211 45 -217 -3 +52 +272 June 868 547 53 212 56 1,300 194 128 179 232 27 540 -432 +20 +800 +1,212 July 409 57 53 221 77 659 12 128 197 198 92 125 -249 --44 +85 +291 August 453 35 60 301 56 556 21 127 162 175 10 61 -103 --37 +263 +329 September. _. 788 501 50 186 51 680 159 125 161 159 20 55 +108 --20 —43 -170 October 333 40 52 189 52 616 67 126 183 168 16 55 -283 --18 -184 +81 November, _. 327 37 60 182 49 542 9 128 165 159 25 55 -215 --10 -68 +137 December 866 487 138 192 49 730 163 134 141 173 56 63 +136 +43 +365 +186 1938—January 335 52 57 172 53 566 16 130 180 150 34 56 -231 +35 -23 +173 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 April 273 49 34 155 35 66 130 215 204 51 19 -413 +8 -451 -46 May 375 40 131 35 134 201 20 2 -199 +165 -122 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. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. 7 Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment trust fund, old-age reserve account, and railroad retirement account. s Less than $500,000. » Excess of credits. GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars] In- Incre- Seign- Work- End of month Total active ment iorage ing gold on gold balance 1932—June 417 417 1933—June . 862 862 1934—June 2,582 811 1,771 1935—June . 1,841 700 140 1,001 1936—June 2,682 140 316 2,225 1936—December 1,906 26 141 337 1,401 1937—January 1,726 127 141 340 1,118 February 1,539 205 141 344 849 March 1,826 343 141 348 995 April. 1,702 568 141 350 642 May 1,754 758 141 354 501 June 2,553 1,087 141 356 970 July 2,639 1,213 141 369 915 August 2,902 1,335 141 375 1,051 September _ 2,860 1,209 141 382 1,128 October 2,676 1,271 141 388 875 November 2,608 1,243 141 394 831 December 2,973 1,228 142 401 1,202 1938—January 2,950 1,223 142 413 1,172 February. _ 2,975 1,201 142 421 1,212 March .__ __ _. 3,140 1,183 142 427 1,389 April 2,689 142 433 2,114 May -. 2,567 142 440 1,985 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN JULY 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, APRIL 30, 1938 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Financed partly from Government Total funds Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Apr. 30, Mar. 31, Apr. 30, 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 279 1 184 26 489 475 480 Preferred stock etc 537 0) 3 258 794 791 752 Home mortgage loans 2,302 2,302 2,324 2,625 Farm mortgage loans 2,849 2,849 2,856 2,916 Other agricultural loans 1 221 15 102 290 0) 629 608 558 All other loans 908 30 425 1,363 1,354 1,235 Total loans and preferred stock 1,725 221 30 15 527 2,849 290 2,743 26 8,427 8,409 8,567 Cash 2 (l) 6 67 71 20 145 18 329 328 326 United States direct obligations 48 5 35 59 121 26 360 654 652 534 Obligations of Government credit agencies: Fully guaranteed by U S 14 39 13 102 168 169 193 Other 2 26 (2) 3 11 43 38 29 Production credit association class A stock 76 76 76 76 Accounts and other receivables 21 1 1 39 185 4 20 4 276 266 285 All other assets. _ 14 22 0) 432 156 C1) 512 22 1,158 1,140 751 Total assets other than interagency 2 1,809 223 53 143 1,101 3,323 487 3,459 532 11,130 11,078 10, 760 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States. __ 299 0) 1,410 2,937 4,647 4,646 4,674 Other« 60 a 1,043 207 77 (i) 1,391 1,384 1,350 Other liabilities (including reserves) 32 C1) 4 51 187 6 161 130 572 587 516 Total liabilities other than interagency * 331 60 4 56 2,640 213 3,176 130 6,610 6,618 6,541 Excess of assets over liabilities, excluding interagency transactions.. 1,478 162 53 139 1,046 683 273 284 402 4,519 4,460 4,220 Privately owned interests. 190 4 42 139 376 372 350 U. S. Government interests 1,478 162 53 139 1,046 492 270 241 262 4,144 4,088 3,869 1 Less than $500,000. * 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 figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars! May 31, Nov. 30, Dec. 31, Jan/31, Feb. 28, Mar. 31, Apr. 30, May 31, 1937 1937 1937 1938 1938 1938 1938 1938 Loans to financial institutions 277, 349 249, 594 251,368 246, 598 245, 303 241,428 241, 294 i 237, 588 Loans on preferred stock of banks and insurance companies. 40, 677 38,800 38,650 38,417 37, 854 37, 778 37, 679 37, 651 Preferred stock, capital notes, and debentures... 587, 668 559, 623 555, 312 551, 335 537,199 534, 363 536,637 535, 934 Loans to railroads (including receivers) 344, 823 355, 923 355,894 358, 216 361, 951 368, 471 369, 379 390, 233 Loans for self-liquidating projects 218, 589 234,113 237, 637 235, 263 233, 782 237,170 240,566 243, 885 Loans to industrial and commercial businesses _ 69, 524 72, 686 74, 794 73,703 73,196 72,688 73,072 73, 741 Loans to drainage, levee, and irrigation districts 71, 253 77,179 77, 522 77, 715 77, 802 77, 522 78,740 78, 993 Other loans 3,714 3,970 3,920 3,846 3,962 4,067 4,173 4,284 Securities purchased from Public Works Administration 120,405 117, 504 132, 564 140,916 140,659 140, 997 143, 378 144,829 Total loans and investments, other than interagency.. 1, 734,0011, 709, 3921, 727, 6611, 726,009 1, 711, 7081, 714, 481 1, 724, 919 1, 747,139 Loans to Federal land banks __ 13,934 12, 308 11,617 11, 481 7,829 7,521 6,614 6,584 Loans to Commodity Credit Corporation 50, 371 31, 298 63,120 80, 206 88,016 95,049 101, 273 Capital stock of Commodity Credit Corporation 97,000 97,000 97,000 97,000 97, 000 r 2 r 2 Capital stock of, and loans to R. F. C. Mortgage Co 45, 994 62, 779 66,408 68, 207 69, T"" 71,352 72,938 48, 293 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 5,000 8,000 10,000 10, 000 10, 000 r 2 r 2 Loans to Rural Electrification Administration.. _ _ 2,400 16,849 21, 598 26,055 29, 505 31, 755 33, 755 35,155 Capital stock and surplus of National Mortgage Assoc 11,000 11,000 11,000 11,000 Total loans and investments., 1,968, 700 1,957, 624 2,017, 403 2,038,957 2,044, 945 I, 951,157 1,970,499 1,868,170 r Revised. 1 Includes $81,000,000 of loans for distribution to depositors of closed banks. 2 Investments transferred to Secretary of Treasury in March, under authority of Act of February 24, 1938. 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

607 JULY 1938 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mo b r y tg - age loans F c a e r n e d d d e i r t d a i l b s a c in n o t k u e n r l t m o s a e f n o d s r i — a to te Loans to cooperatives by— Regional 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 a s c p c r o n r c o r o e c d u e r a d d i a l d a g u i t b t i t t u r i t c i a i o r c o - t a n a n i o n s o k l s r s - n s , - , f c i i e n o n O t t x i a o s i o t v c n p t h n i e c e e t e s p s i r u r n , a t - g - ti P a o s r t n s i o o o d c c n u r i s e a c - d - it t R u i a t r r e g a a c g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a n u e a n c g r s y n h - d t m F b c i e e n r a d d e t n e e d i k a r r i - a s t te l B in C c a a c B o t e n l i o a u n k v p n d t s e e r k i s a f r n , o - l g r i M A i n r n e t g g a g u v r r o r i f k A c a u l e u v l n c t l - t d - for cooperatives * 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 41.017 105,212 25, 288 164,887 1.641 69, 647 53, 754 1937—May 2,053, 558 831, 705 159,073 45,131 152, 466 23, 453 1,070 45, 000 47, 732 June 2,052, 319 830,577 164,977 47, 337 160,051 22,914 189,141 635 45,032 46, 854 July 2,050, 522 828, 771 170,110 48,167 163, 553 22,069 187,353 1,126 52,405 45, 664 August 2,047, 650 826,317 171, 270 48, 386 162, 515 21,126 185,802 1,047 56, 341 44, 281 September. 2,045, 276 823, 257 167, 477 46, 573 153,977 19,434 182, 331 1,157 66,897 47, 236 October... 2,042,637 820,163 159, 898 42, 414 142, 652 17, 491 177, 362 1,229 73, 450 45, 296 November. 2,039,005 816, 653 160, 627 40, 857 137, 473 16, 208 173, 701 1,509 82,026 45, 284 December. 2,035, 307 812, 749 165,194 40,464 138,169 15, 592 172,130 1,813 87, 633 30, 982 1938—January... 2,031, 290 807,788 164,700 39, 263 138,996 15,488 170, 429 1,576 86,856 30, 259 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 April 2, 022, 846 794, 916 195, 899 40, 650 173,113 15, 060 183, 467 793 79, 926 26, 335 May 2,019, 930 790, 772 202,147 41,312 179, 790 14,834 184, 766 655 78, 417 25, 332 i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by— U. S. Government securities Federal Deposhome End of month itors Cash Cash, End of month L p O o o H r a w a n o n t m i e C o r e n o s r ' i - F N o c e l i f u o a d m a t a e i n s o r b s a n e o a l s r s - s s a o v c i L i n a o g ti a s o n n a s n s 2 d m l i o t n b i e a l o s o a m n t n a n s i s b n t k u e t 3 - o r an ba c l e - s1 Total b i p n t a o o n r s d k y i e - 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 a l n d - - i r s - - f s e u e r t n e r c - v d .* e s, 1 1 1 9 9 9 3 3 3 4 6 5 — — — D D D e e e c c c e e e m m m b b b e e e r r r . . . . . 2 2 2 , , , 3 8 7 7 9 6 9 7 5 , , ,0 4 1 9 9 6 8 1 2 1 1, , 2 0 1 2 2 3 3 5 4 8 8 1 8 6 , , , 7 0 3 0 0 0 0 0 0 1 1 4 8 02 5 6 , , , 4 6 7 0 5 9 1 8 5 1 1 1 9 9 9 3 3 3 4 6 5 — — — J J J u u u n n n e e e 1 1 1 , , , 2 1 2 3 9 0 2 8 5 1 1 1 , , , 2 2 2 6 3 2 5 6 5 2 3 6 0 8 9 3 5 5 9 4 7 6 5 7 7 3 7 8 4 6 0 3 1 0 0 8 1 1 3 4 6 5 7 7 9 7 7 5 4 7 1 19 9 3 3 7 8 — — J J D A N F M M A S O M J u u e e p a e u o c a a n l p a b n c t r y g v y r e o y i t u r e c u e l e b u a m h m s m e r a t y r b b r b e y e e r . r r . . . . . . , . 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 2 3 3 3 3 4 3 5 4 4 4 5 5 8 2 7 9 0 7 5 9 4 2 4 2 9 3 0 1 7 1 6 2 7 8 2 6 4 1 , , , , , , , , , , , , , 0 1 0 1 8 1 9 9 8 6 4 4 2 8 4 2 0 2 8 9 9 4 1 2 0 2 4 9 5 2 9 4 4 5 7 5 1 1 4 1 1 1 1 1 1 1 1 1 1 1 1 1, , , , , , , , , , , , , 3 3 3 3 3 2 3 3 2 2 3 2 3 4 4 3 3 2 8 3 7 1 9 9 1 0 5 2 4 8 8 6 2 0 8 6 3 1 7 9 8 9 8 8 8 8 8 7 7 7 8 7 3 7 1 9 5 0 0 3 8 4 6 6 2 0 4 9 5 4 6 2 3 2 2 5 4 6 , , , , , , , , , , , , , 9 0 2 9 3 7 3 8 5 4 6 4 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 1 1 1 1 1 1 1 1 1 1 1 8 0 8 8 6 6 7 8 5 8 9 8 7 6 0 3 7 9 7 5 7 3 3 4 0 9 , , , , , , , , , , , , , 1 0 5 5 5 0 5 5 0 6 7 3 4 4 2 1 3 1 9 1 5 7 3 9 5 0 1 5 1 8 0 8 0 5 6 1 1 7 7 1 1 9 9 3 3 7 8 — — M M N A J J A D A S O F M J u u e e o p e u p a c a a n p l b a n c t r v g r r y e o y r t i i e u r c e u l e c l - b u m h a m _ s h m e r a t y b r b r b — y e e e r r r _ P 1 1 1 1 1 1 1 1 1 1 1 1 L 1 , , , , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 2 2 2 2 6 7 7 7 6 7 6 7 6 7 7 6 7 7 8 0 0 1 8 2 9 3 8 0 1 2 0 2 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 0 0 0 0 1 0 0 0 0 1 1 1 0 7 7 6 6 0 9 7 8 8 2 1 1 6 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 2 3 3 3 2 2 2 3 4 4 4 2 0 9 0 3 6 5 1 4 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 1 1 1 0 1 0 0 1 1 1 1 1 1 1 0 9 0 0 9 1 9 0 0 0 0 0 2 1 7 0 0 7 3 7 0 0 0 0 0 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 4 3 3 4 3 3 3 3 3 3 3 0 3 6 0 4 6 3 3 3 3 3 0 3 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 8 8 7 7 7 8 7 7 7 7 7 2 6 9 1 9 4 8 1 5 2 3 1 5 May.. .Pl, 255 1 In addition to loans the HOLC held on May 31, 1938, $879,000,000 in p Preliminary. other assets, consisting principally of investments in the Federal Savings i Outstanding principal, represented by certificates of deposit. Does and Loan Insurance Corporation and in various savings and loan asso- not include accrued interest nor outstanding savings stamps. cia 2 t F io e n d s e , r r a e l al H e o s m ta e t e L a o n a d n o B th a e n r k p r B o o p a e r r d ty , e s a t n im d a a t c e c s r u fo ed r a in ll t e F re e s d t e r r a e l c e s i a v v a i b n l g e s . mi * s c In el c l l a u n d e e o s u s w o w r o k r i k ng in g c a f s u h n w ds i th w i p t o h st t m he a s T te re rs a , s u 5 r - e p r e r o ce f n t t h r e e s U e n rv it e e d fu n S d t a a te n s d , and loan associations; this series replaces figures formerly shown for accrued interest on bond investments, and accounts due from late postass 3 o I c n i c a l t u io d n e s s r lo ep an o s r ti t n o g F e ea d c e h ra l m s o a n v t in h. gs and loan associations, all of which masters. 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

608 FEDERAL RESERVE BULLETIN JULY 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 Freij*ht-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 ls - s loadings4* sto ( r v e al s u a e l ) es* month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjusted justedjustedjustedjustedjustedjusted justedjusted justed justedjusted justedjustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 78 87 1922 85 86 74 79 68 88 90 82 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 101 104 107 106 1927 106 106 107 129 117 139 99 102 104 107 1928 111 112 106 135 126 142 99 102 104 108 1929 119 119 115 117 87 142 105 109 107 111 1930 96 95 99 92 50 125 91 89 92 102 1931 81 80 84 63 37 84 77 67 74 92 1932 64 63 71 28 13 40 66 46 55 69 1933 76 75 82 25 11 37 72 49 68 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 66 37 70 92 82 75 88 1937 110 109 115 59 41 74 99 98 78 92 1935 April. 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 May.— 85 87 84 87 90 88 27 32 21 25 32 39 85 85 69 61 60 74 76 June 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 July 86 83 87 83 85 85 35 39 25 25 43 60 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 83 146 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 62 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 85 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 62 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 93 94 84 76 77 86 68 Sept 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct 110 111 111 110 105 115 57 54 43 41 69 65 94 97 89 77 86 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 Dec 121 114 121 114 117 111 66 63 46 38 83 65 99 98 95 83 77 92 161 1937 Jan 114 112 116 113 110 106 63 51 45 37 77 63 99 97 91 80 73 93 72 Feb 116 117 116 118 116 111 62 64 47 42 76 64 100 99 96 82 76 95 76 Mar 118 122 117 122 128 119 56 56 46 47 64 63 101 101 101 83 80 93 90 April.... 118 122 118 125 115 105 63 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 79 80 75 77 103 95 46 46 33 35 56 55 82 82 73 60 57 86 77 April __. 77 78 73 76 101 91 52 59 37 43 65 73 79 80 71 57 55 83 86 May P76 P78 P73 *>75 m P92 P51 P61 P37 *>43 P63 *>76 P69 58 57 78 80 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 609-610; 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 p. 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 pp. 950-978 of BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 611-614. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 616. 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

609 JULY 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average= 100] 1937 1938 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—Total 118 118 114 114 117 110 101 85 79 76 75 75 73 P73 IRON AND STEEL 130 134 119 140 142 125 100 68 49 52 50 49 50 47 Pig iron ._ _ 109 114 107 121 123 119 95 67 50 47 46 45 44 40 Steel ingots 132 136 121 141 144 125 101 68 49 52 51 49 50 48 TEXTILES 124 123 126 111 115 108 91 80 77 75 80 81 74 P77 Cotton consumption _ 130 130 136 125 129 121 101 91 88 82 85 89 77 81 Wool 119 121 119 95 106 88 65 51 56 54 62 54 50 P$\ C onsumption 128 132 129 102 120 96 63 51 54 52 61 57 55 ^74 Machinery activity * 118 120 118 96 96 80 74 58 66 67 71 51 42 z>53 Carpet and rug loom activity*. 96 93 94 71 83 80 59 41 43 40 49 49 47 Silk deliveries 120 109 115 97 92 103 105 94 69 80 88 100 101 87 FOOD PRODUCTS: Slaughtering and meat packing... 93 76 77 70 78 87 89 86 86 92 86 83 84 84 Hogs 75 54 49 44 50 67 76 74 72 77 66 59 66 66 Cattle 113 99 111 99 111 109 102 96 101 106 109 111 105 103 Calves __ 130 124 134 129 141 140 120 115 114 113 111 116 111 110 Sheep 142 145 145 139 148 150 139 139 143 160 164 151 151 164 Wheat flour 95 89 94 91 83 83 86 86 88 86 89 90 90 86 Sugar meltings... 123 98 69 91 96 45 73 101 142 99 83 63 77 81 PAPER AND PRINTING: Newsprint production 62 62 61 64 65 65 63 64 63 57 53 53 46 53 Newsprint consumption 144 147 145 140 141 147 145 130 134 132 129 126 125 125 TRANSPORTATION EQUIPMENT: Automobiles 130 135 130 129 157 135 142 92 78 65 '61 54 54 49 Locomotives 33 31 30 25 21 29 32 22 16 14 19 23 17 LEATHER AND PRODUCTS 131 133 119 115 109 98 89 81 86 94 102 104 103 P103 Tanning 107 109 102 94 93 86 79 77 75 78 81 78 72 Cattle hide leathers 107 111 99 91 93 87 85 81 76 72 79 77 72 Calf and kin leathers 94 82 83 68 63 60 52 63 73 80 89 87 72 Goat and kid leathers 121 133 128 127 124 108 92 83 74 91 81 74 73 Boots and shoes _ _ 147 148 129 130 120 106 95 84 93 105 116 '121 122 2*122 CEMENT AND GLASS: Cement 87 78 74 75 73 73 79 76 71 59 57 65 67 69 Glass, plate._ 241 223 260 206 216 199 179 151 108 62 35 42 42 44 NONFERROUS METALS: Tin deliveries1 __ 138 115 112 100 108 136 141 115 88 91 85 77 71 69 Zinc 110 116 115 112 110 116 115 108 107 98 90 87 80 79 Lead 85 76 70 82 82 77 81 79 87 69 67 64 74 60 FUELS, MANUFACTURED: Petroleum refining 195 200 202 206 207 216 217 211 201 200 194 191 196 Gasoline * 249 253 256 261 265 277 277 268 255 253 243 239 250 Kerosene 103 112 114 119 121 109 110 113 108 111 113 120 114 Fuel oil * 123 130 133 139 134 147 147 144 140 141 140 133 134 Lubricating oil * 131 131 129 124 121 126 134 127 123 116 114 113 109 Coke, byproduct 141 143 134 144 149 148 128 104 89 87 85 82 79 73 Coke, beehive 25 31 29 32 28 25 20 14 11 9 8 7 6 5 RUBBER TIRES AND TUBES 1 . . 133 132 123 102 93 106 94 75 66 '67 '57 '62 63 68 Tires, pneumatic * 138 137 128 105 96 110 98 78 70 '70 '59 64 66 71 Inner tubes L.. _ . .. 100 94 84 73 69 75 69 53 42 '45 41 42 39 41 TOBACCO PRODUCTS 158 155 150 164 159 162 155 155 170 157 157 160 159 163 Cigars __ __ 82 74 73 78 73 77 73 73 74 75 73 77 69 70 Cigarettes 220 221 212 233 229 231 221 221 247 225 226 227 230 237 Manufactured tobacco 89 81 80 86 79 81 82 83 84 77 77 83 84 84 Minerals—Total 115 117 115 112 113 115 113 109 115 108 102 103 101 m Bituminous coal . 72 80 81 79 78 87 84 78 79 65 63 58 62 P59 Anthracite ._ ._ 99 64 76 48 38 53 56 67 70 66 53 68 45 P64 Petroleum, crude 174 176 172 174 181 177 176 174 176 177 171 172 170 P160 Iron ore 159 122 121 126 113 91 40 IS Zinc .— 110 116 115 112 110 116 115 108 107 98 90 87 80 79 Lead 85 76 70 82 82 77 81 79 87 69 67 64 74 60 Silver 103 101 107 148 139 116 91 119 104 96 96 98 96 > Without seasonal adjustment. P Preliminary. r Eevised. 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

610 FEDERAL RESERVE BULLETIN JULY 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Manufactures—TotaL 125 123 114 110 114 106 86 IRON AND STEEL. 143 146 119 130 139 123 55 51 Pig iron 115 116 105 115 118 116 95 47 41 Steel ingots... 146 149 121 131 141 124 56 52 TEXTILES _ 127 123 119 103 108 107 93 76 Cotton consumption 140 134 130 114 116 118 104 82 83 Wool 117 116 113 89 102 91 49 Consumption 124 122 116 91 111 101 54 Machinery activity 118 120 118 96 96 80 74 42 P53 Carpet and rug loom activity- 96 93 94 71 83 80 59 47 P40 Silk deliveries 119 108 102 92 109 105 100 FOOD PRODUCTS: Slaughtering and meat packing.. 83 74 76 70 83 95 101 107 85 78 76 Hogs 67 52 50 38 50 64 81 94 104 73 60 58 64 Cattle 99 96 104 109 121 119 110 107 107 96 97 93 100 Calves 141 140 139 125 129 134 126 117 109 105 104 117 121 125 Sheep 133 142 142 139 150 173 153 137 140 161 154 137 142 161 Wheat flour 87 83 83 88 98 93 85 84 86 84 81 81 Sugar meltings 143 109 82 108 48 79 81 81 74 91 PAPER AND PRINTING: Newsprint production 63 63 62 64 65 63 63 63 58 53 52 47 54 Newsprint consumption.. 154 151 144 124 126 144 154 139 138 127 127 131 134 129 TRANSPORTATION EQUIPMENT: Automobiles 158 163 147 132 116 53 100 111 63 66 Locomotives __ 30 30 25 23 32 23 23 15 LEATHER AND PRODUCTS 129 122 114 114 121 113 97 78 107 100 Tanning 105 103 100 93 94 91 84 76 77 70 Cattle hide leathers... 107 105 97 88 91 91 88 80 84 78 72 Calf and kip leathers.. 85 78 80 79 76 70 62 60 82 77 65 Goat and kid leathers. 120 124 128 118 122 113 96 82 84 76 73 Boots and shoes 144 135 123 127 138 127 106 79 117 127 120 CEMENT AND GLASS: Cement 85 92 91 92 94 92 90 76 56 82 Glass, plate 265 234 234 185 216 199 179 151 108 47 NONFERROUS METALS: Tin deliveries 138 115 112 100 108 136 141 115 91 69 Zinc 114 117 111 104 103 110 112 108 109 103 80 Lead.... _ 84 75 72 79 79 73 84 82 70 59 FUELS, MANUFACTURED: Petroleum refining 195 200 201 206 207 216 218 212 202 200 194 190 196 Gasoline 249 253 256 261 265 277 277 268 255 253 243 239 250 Kerosene 102 108 106 110 115 112 115 122 117 113 115 117 113 Fuel oil 123 130 133 139 134 147 147 144 140 141 140 133 134 Lubricating oil 131 131 129 124 121 126 134 127 123 116 114 113 109 Coke, byproduct 142 142 132 140 145 145 128 106 90 88 87 85 Coke, beehive 27 28 24 25 23 22 20 15 12 10 10 RUBBER TIRES AND TUBES . 133 132 123 102 106 75 66 '67 Tires, pneumatic 138 137 128 105 110 78 70 r70 '59 64 71 Inner tubes 100 94 84 73 75 53 42 '45 41 42 39 41 TOBACCO PRODUCTS 145 157 164 178 170 179 167 158 138 150 143 152 146 Cigars __ 77 76 80 82 76 88 89 86 55 58 63 70 65 Cigarettes 200 224 234 256 247 254 233 219 202 221 206 216 210 240 Manufactured tobacco. 82 82 81 85 81 78 78 84 80 84 Minerals—Total. 105 117 118 115 120 125 123 112 108 103 95 91 Bituminous coal- 61 70 72 72 77 92 92 87 84 72 67 58 52 Anthracite 103 64 66 39 38 54 72 69 69 72 57 56 47 Petroleum, crude.. 174 177 175 177 184 182 177 172 171 170 168 170 170 P162 Iron ore. 238 240 245 257 218 156 34 28 Zinc. _ 114 117 111 104 103 110 112 108 lO9 103 92 80 Lead 84 75 72 79 79 73 84 82 88 70 65 59 Silver 104 105 126 138 111 90 128 105 97 104 106 p Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

611 JULY 1938 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100J 1937 1938 Industry and group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 101.6 102.2 101.4 103.0 102.4 100.7 98.4 94.1 89.0 84.2 83.0 81.6 79.2 77.6 Durable goods 97.4 98.4 97.8 100.1 99.3 98.6 96.7 91.4 84.4 76.8 73.8 72.3 69.3 67.4 Nondurable goods 106.2 106.2 105.3 106.2 105.6 102.9 100.2 97.0 94.0 92.1 92.7 91.6 89.9 88.6 IBON, STEEL PRODUCTS 108.0 108.7 100.7 108.3 108.7 108.4 105.4 98.4 90.5 82.9 80.2 78.6 76.3 74.6 Blast furnaces, steel works 118 120 106 121 122 123 119 110 100 91 88 86 83 80 Bolts, nuts, washers, rivets 93 94 82 88 87 88 85 81 74 63 63 62 61 62 Cast-iron pipe _- 72 72 69 68 66 64 62 59 61 56 56 57 58 57 Cutlery, edge tools 87 89 86 89 92 91 88 86 83 79 76 73 73 71 Forgings _ _ _ 73 73 73 77 73 74 72 65 60 52 48 44 44 43 Hardware 99 98 96 96 93 93 94 91 83 71 67 65 61 59 Plumbers' supplies 97 98 91 89 92 95 93 90 82 81 78 78 80 81 Steam, hot-water heating 82 82 80 81 77 77 71 64 61 59 56 57 56 57 Stoves 113 113 118 107 111 105 99 85 80 75 80 79 74 74 Structural, ornamental 78 77 78 79 79 80 78 75 70 66 64 61 61 58 Tin cans, tinware 105 107 107 110 109 104 98 99 94 92 91 91 90 91 Tools 101 103 102 103 105 99 96 91 87 82 79 79 76 75 Wirework 186 183 181 176 171 170 187 180 161 133 124 121 117 116 MACHINERY _ _ _ _ _ _ 123.7 125.6 129.4 131.5 131.3 130.2 128.0 120.8 113.2 104.8 99.6 96.4 92.4 89.2 Agricultural implements 130 136 143 147 148 151 158 145 140 135 130 130 129 125 Cash registers, etc. 131 134 136 137 135 137 136 134 129 127 128 127 126 124 Electrical machinery 115 118 120 121 121 121 119 113 105 96 90 86 82 79 Engines, turbines, etc. 140 147 146 150 151 155 157 152 143 133 123 119 116 107 Foundry, machine-shop products. 108 110 113 114 114 112 110 105 99 91 87 84 80 78 Machine tools 147 150 153 154 161 157 157 152 146 141 132 126 122 116 Radios, phonographs 189 155 190 214 201 180 162 127 115 104 110 100 105 96 Textile machinery 85 87 87 87 88 87 84 78 73 68 65 62 59 60 Typewriters 154 154 159 156 155 150 147 134 123 117 115 113 111 113 TRANSPORTATION EQUIPMENT 118.6 122 2 122.6 123.5 121.3 123.9 126.3 119.1 102.8 82.7 78.8 75.5 68.3 65.4 Aircraft _ _. __ __ 798 807 794 768 812 799 817 795 789 787 792 773 754 730 Automobiles 128 133 134 136 132 136 138 128 109 83 80 77 69 66 Cars, electric, steam railroad 70 71 70 69 69 67 71 73 61 50 44 39 34 29 Locomotives- 55 55 57 60 61 64 66 64 60 57 51 44 36 31 Shipbuilding 106 104 104 102 106 106 106 107 103 99 96 94 88 91 RAILROAD REPAIR SHOPS _ 62.4 62 4 63.7 64.4 62.4 60.1 58.7 57.4 53.2 48.4 45.1 44.4 41.8 40.9 Electric railroad 64 63 63 63 63 63 63 63 64 63 62 62 61 60 Steam railroad 62 62 64 64 62 60 58 57 52 47 44 43 40 39 NONFERROUS METALS, PRODUCTS 114.3 115.4 115.0 115.4 115.9 113.7 109.4 105.1 97.9 90.3 87.8 86.4 84.1 82.9 Aluminum _ 121 123 132 138 138 131 103 122 114 106 101 97 94 93 Brass, bronze, copper 126 124 123 121 121 117 112 103 96 90 87 85 84 83 Clocks, watches 124 125 124 120 128 126 124 119 111 98 101 99 95 95 Jewelry 90 95 95 101 99 93 92 90 88 87 85 87 81 79 Lighting equipment . . 100 100 96 94 93 97 98 93 85 71 70 67 65 64 Silverware, plated ware 74 73 73 82 78 80 78 76 74 72 72 71 70 67 Smelting, refining _ 85 88 89 94 94 94 90 86 84 81 77 75 73 71 Stamped, enameled ware 158 160 159 153 156 152 152 143 125 111 106 107 105 104 LUMBER PRODUCTS 71.4 71 7 72.3 72.9 71.4 69.3 66 4 62.1 58.8 56.9 56.1 57.1 55.7 54.4 Furniture 90 91 92 91 88 86 81 75 73 71 69 69 68 67 Lumber, millwork _ 58 56 56 56 55 55 54 51 48 46 47 47 46 44 Lumber, sawmills 53 54 54 56 54 53 51 47 44 43 42 44 42 41 STONE, CLAY, GLASS PRODUCTS . 71.8 71.3 70.4 70.4 70.3 70.5 69.4 67.2 64.9 61.2 59.5 57.4 56.0 54.8 Brick, tile, terra cotta 54 52 50 51 48 49 47 44 43 42 42 39 39 38 Cement __ _ 66 62 62 61 64 66 67 67 67 61 59 60 60 56 Glass 108 110 109 110 112 111 109 105 100 92 87 83 79 79 Marble, granite, slate 43 44 42 41 41 42 41 41 39 38 40 38 36 36 Pottery 78 79 82 79 79 78 78 75 73 72 70 68 66 66 TEXTILES, PRODUCTS 107.9 107.6 105.4 106.2 105.9 100.9 96.4 91.6 88.4 85.6 87.0 86.0 84.4 82.4 A. Fabrics 103.8 103.2 101.3 102.0 100.9 95.9 90.4 85.8 82.6 80.2 79.6 78.9 77.9 77.4 Carpets, rugs 101 102 102 100 101 101 87 85 79 69 73 70 67 64 Cotton goods 105 106 104 105 106 101 93 90 87 85 84 84 82 81 Cotton small wares 103 96 100 102 104 101 97 91 85 79 77 76 74 76 Dyeing, finishing textiles 119 119 114 116 116 114 113 108 104 102 100 99 100 102 Hats, fur-felt _ 86 84 90 87 84 79 82 87 87 84 82 81 79 68 Knit goods 122 121 118 123 121 117 112 108 101 101 104 103 102 98 Silk, rayon goods 85 84 86 84 81 76 73 67 61 56 56 58 62 63 Woolen, worsted goods 94 90 87 84 78 70 68 60 61 59 55 50 49 53 B. Wearing apparel 115.0 115.3 112.0 113.1 115.1 109.7 107.4 103.0 99.7 95.8 101.8 100.4 97.1 91.8 Clothing, men's . 113 116 109 109 108 103 100 94 89 87 93 92 89 79 Clothing, women's 146 144 142 145 156 147 143 139 136 132 140 134 129 126 Corsets, allied garments 88 89 90 91 90 89 89 89 90 88 86 84 83 84 Men's furnishings ._ 140 138 141 147 139 129 128 122 114 105 114 115 111 111 Millinery _ 54 53 54 52 54 51 50 48 50 51 52 51 54 50 Shirts, collars 124 119 118 119 117 115 114 109 107 99 105 109 106 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN JULY 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May LEATHER PRODUCTS 96.5 96.0 96.1 95.2 93.0 90.0 88.8 85.7 86.1 87.2 87.8 87.0 86.4 83.4 Boots, shoes _ _ 97 96 97 97 94 90 90 88 89 91 92 91 91 87 Leather 100 100 99 95 94 93 89 83 78 77 77 75 75 74 FOOD PRODUCTS 116.1 114.8 114.7 119.4 116.2 114.8 113.8 114.2 111.5 111.9 112.0 110.4 107.6 107.6 Baking 134 135 135 136 134 134 136 134 132 133 132 132 131 130 Beverages _ _ _ 199 203 206 209 210 209 199 209 204 207 211 207 200 200 Butter 86 88 90 91 88 87 86 84 84 87 88 87 88 87 Canning, preserving 154 144 143 169 155 151 138 141 135 135 135 128 112 120 Confectionery 79 78 77 81 82 76 80 80 78 79 78 76 77 74 Flour 77 76 75 78 77 74 75 75 75 74 74 74 74 74 Ice cream _ __ __ 73 76 77 76 75 76 72 74 75 72 73 71 74 73 91 90 89 91 88 88 89 90 87 90 88 86 85 84 Sugar, beet 98 90 90 91 89 108 110 105 79 38 76 83 86 74 Sugar refining, cane 84 78 75 79 75 66 67 69 76 68 74 69 67 76 TOBACCO MANUFACTURES 61.1 61.2 60.2 61.3 60.8 60.2 59.3 59.6 59.6 56.2 60.1 60.2 59.9 60.7 Tobacco, snuff 56 56 58 57 57 56 56 56 56 56 57 56 56 56 Cigars, cigarettes .. > _. 62 62 61 62 61 61 60 60 60 56 61 61 60 61 PAPER, PRINTING . _. _ _ __ 107.5 108 0 108.2 107.3 107.4 107.8 107.0 105.0 102.1 100.7 100.9 100.6 100.0 98.8 Boxes, paper 106 106 106 105 104 100 99 97 94 92 92 93 92 91 Paper, pulp 119 120 121 120 119 119 117 114 109 108 109 108 107 105 Book, job printing. 97 98 98 98 98 99 99 98 95 94 94 93 92 91 Newspaper, periodical printing. __ 105 106 106 105 105 107 107 106 105 103 103 103 104 103 CHEMICALS, PETROLEUM PRODUCTS._ 124.4 126.0 127.5 127.7 127.2 127.4 123.7 120.9 115.5 113.0 112.8 ••111.1 109.1 109.2 A. Other than petroleum.. 124.8 126.1 128.0 128.1 127.3 127.9 123.4 120.2 114.2 111.4 111.2 "109. 2 106.8 106.8 Chemicals 136 138 137 138 137 137 135 129 123 120 117 110 108 Cottonseed oil, cake, meal 77 77 72 62 62 97 87 90 85 98 97 85 99 92 Druggists' preparations 113 112 114 112 114 112 110 109 108 104 105 104 105 107 Explosives 95 93 97 97 97 97 94 93 93 90 86 87 89 87 Fertilizers _ _ ._ 94 98 110 104 105 94 89 86 89 83 84 75 76 86 Paints, varnishes , 136 134 134 136 136 134 132 129 124 119 117 118 116 114 Rayon, allied products 378 392 408 413 407 407 380 367 330 312 323 331 303 310 Soap 107 103 103 104 103 102 99 98 96 96 97 96 93 92 B. Petroleum refining 123 125 125 126 127 125 124 124 121 120 119 119 119 119 RUBBER PRODUCTS 95.8 101.7 100.0 96.6 99.8 99.5 98.1 90.4 86.3 79.2 74.5 72.3 72.0 70.2 Rubber boots, shoes 82 81 76 67 77 76 74 66 63 58 56 56 58 56 Rubber goods, other 144 145 144 140 140 137 135 126 121 110 108 106 107 106 Rubber tires, inner tubes 79 89 89 87 90 91 90 83 79 73 66 63 61 59 r Revised. NOTE.—Figures for May 1938 are preliminary. For description and back data see pp. 950-978 of the BULLETIN for December 1936 and p. 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

FEDERAL RESERVE BULLETIN 613 JULY 1938 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1937 1938 1937 1938 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May Total 102.1 102.3 82.2 82.3 81.7 79.6 77. 5 104.9 105.2 71.7 73.2 73.3 70.7 69.4 Durable goods .. 98.6 99.9 75.1 73.3 72.4 70.0 68.3 106.4 107.5 63.9 63.7 63.8 61.8 60.9 Nondurable goods 105.9 104.8 89.9 92.1 91.7 89.8 87.4 102.9 102.3 81.6 85.1 85.3 82.0 80.3 IRON, STEEL PRODUCTS 108.9 110.1 81.1 80.0 78.9 76.9 75.5 124.5 124.7 59.1 61.3 62.1 61.2 61.0 Blast furnaces, steel works - 120 122 91 89 87 84 82 146 146 62 65 66 65 64 Bolts, nuts, washers, rivets 93 94 63 63 62 61 62 116 113 49 53 53 51 56 Cast-iron pipe 71 72 56 55 56 57 57 62 62 36 35 39 41 41 Cutlery, edge tools 90 89 78 78 75 75 72 86 87 63 64 63 60 58 Forgings 74 74 52 48 47 44 43 76 74 36 34 34 32 31 Hardware 100 99 71 68 66 61 60 114 117 56 60 57 52 54 Plumbers' supplies 95 96 78 79 78 79 80 78 77 53 52 52 54 59 Steam, hot-water heating 82 82 57 56 57 56 57 85 83 43 42 43 42 43 Stoves 115 117 64 74 77 75 77 106 107 44 57 61 59 62 Structural, ornamental 76 77 64 61 60 59 58 79 79 59 56 55 53 53 Tin cans tinware 102 105 86 86 87 88 90 108 112 88 89 92 91 95 Tools 102 103 82 80 79 77 75 116 114 76 73 76 70 69 Wirework 186 183 133 124 121 117 116 184 189 108 102 105 102 98 MACHINERY. __ _ _ 124.3 126.1 104.0 99.7 96.8 93.2 89.7 133.9 134.9 95.9 91.8 88.7 84.2 81.4 Agricultural implements 138 140 138 138 137 137 129 180 184 172 176 178 169 162 Cash registers, etc 131 134 127 128 127 126 124 148 149 129 123 124 115 117 Electrical machinery 115 118 96 90 86 82 79 121 124 88 82 78 73 70 Engines, turbines, etc. 144 149 130 125 121 119 109 153 157 128 120 119 115 102 Foundry, machine-shop products. 110 112 90 87 85 82 79 119 119 80 78 75 72 70 Machine tools 147 150 139 134 128 122 116 159 162 132 120 112 101 97 Eadios, phonographs.. . 158 140 97 95 86 88 87 127 109 76 72 61 69 71 Textile machinery 87 88 69 66 64 60 60 96 95 53 52 50 49 48 Typewriters 154 154 118 114 113 111 113 157 155 77 88 81 78 79 TRANSPORTATION EQUIPMENT 125.4 128.3 84.3 80.6 77.8 72.0 68.6 128.6 134.1 68.6 67.0 66.0 65.4 61.3 Aircraft 814 823 772 776 781 769 745 739 739 675 699 700 689 684 Automobiles... 136 140 87 83 80 73 69 136 144 64 62 62 63 58 Cars, electric, steam railroad 75 78 45 42 39 37 32 89 90 49 48 44 40 34 Locomotives _ _____ 57 59 52 48 44 38 33 45 47 38 37 33 26 22 Shipbuilding 109 107 99 95 95 91 93 123 119 114 110 109 106 107 RAILROAD REPAIR SHOPS 63.3 63.6 47.6 44.9 44.5 42.3 41.6 67.4 67.1 47.3 45.6 45.5 43.2 43.4 Electric railroad 64 63 63 62 62 61 60 68 66 68 69 68 68 67 Steam railroad. __ _ _ _ 63 64 46 44 43 41 40 68 67 46 44 44 42 42 NONFERROUS METALS, PRODUCTS 115.5 115.5 88.1 87.6 87.4 84.9 82.8 114.2 113.1 73.2 73.4 74.2 69.3 68.8 Aluminum 124 126 104 102 101 97 95 131 135 97 97 101 93 92 Brass, bronze, copper 128 126 89 87 87 85 84 133 127 71 70 72 69 71 Clocks, watches 123 123 97 101 99 94 94 122 122 87 89 84 68 69 Jewelry. __ _ 88 89 82 84 85 78 74 68 69 61 61 60 52 51 Lighting equipment 101 100 69 69 67 66 64 107 102 53 55 55 51 50 Silverware, plated ware 74 74 69 71 72 70 69 69 70 54 57 60 54 54 Smelting, refining. . _ __ 85 88 81 77 75 73 71 82 85 74 69 66 65 64 Stamped, enameled ware 162 163 105 106 110 108 105 164 166 89 93 101 98 93 LUMBER PRODUCTS . _ _ _ 70.6 71.6 53.7 54.2 55.8 55.0 54.4 68.3 68.2 42.5 45.3 48.7 47.1 47.4 Furniture 87 87 69 68 68 65 64 79 77 49 53 54 49 48 Lumber, mill work 58 57 44 46 46 45 45 56 55 37 40 42 41 42 Lumber, sawmills 53 55 40 40 42 42 42 52 53 32 33 37 37 38 STONE, CLAY, GLASS PRODUCTS _ 73.0 74.4 55.1 55.0 55.5 56.9 57.3 71.1 72.0 43.6 46.6 48.1 49.4 52.5 Brick, tile, terra cotta. 53 55 35 35 36 39 40 49 49 24 26 26 29 33 Cement . 67 69 50 49 54 61 62 69 71 44 45 50 59 67 Glass _ ._ . 111 112 88 86 84 82 81 120 119 77 80 81 77 78 Marble, granite, slate 43 45 32 35 35 36 37 39 41 24 29 30 32 34 Pottery. 82 82 70 70 71 70 69 72 75 51 59 60 57 58 TEXTILES, PRODUCTS. _ __ 109.9 107.3 84.7 89.2 89.4 86.3 82.3 100.2 96.2 65.5 74.5 74.6 68.5 63.9 A. Fabrics 103.7 102.2 80.7 81.7 80.9 78.1 76.7 100.3 98.0 65.0 69.5 68.4 63.9 62.9 Carpets, rugs 103 102 67 73 73 68 64 102 101 46 55 57 52 47 Cotton goods _ __ ._ __ _ 106 106 87 86 87 83 81 108 107 70 71 73 68 66 Cotton small wares 108 98 79 81 80 78 78 108 96 68 76 77 71 72 Dyeing, finishing textiles 123 119 104 105 105 103 102 115 106 84 90 89 86 84 Hats, fur-felt _ 88 83 83 84 84 81 67 66 69 65 73 67 54 48 Knit goods 123 122 99 104 105 103 99 128 125 91 104 107 103 98 Silk, rayon goods 82 79 58 59 60 60 59 71 68 40 46 47 46 47 Woolen, worsted goods 89 88 59 60 52 47 52 83 81 49 50 39 34 38 B. Wearing apparel 121.8 116.5 91.7 104.2 106.9 103.0 93.2 95.7 88.9 63.8 81.4 83.8 74.6 63.1 Clothing, men's - 115 112 84 96 98 91 76 96 90 58 74 76 65 48 Clothing, women's 162 153 128 144 146 143 134 113 106 83 108 110 99 89 Corsets, allied garments 92 91 85 87 87 87 87 96 92 75 84 89 86 85 Men's furnishings. __ __ 147 142 98 115 121 116 114 116 106 67 88 94 84 79 Millinery 61 56 50 56 59 61 53 49 39 34 44 51 47 35 Shirts, collars 127 120 89 103 110 108 105 115 102 71 84 91 86 84 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through ]L933. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1937 1938 1937 1938 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May LEATHER PRODUCTS __ 98.3 95.1 85.8 89.4 90.1 88.0 82.6 87.7 81.6 65.6 73.2 72.7 67.1 58.7 Boots, shoes 99 95 89 94 95 93 86 82 74 63 72 72 66 55 Leather 100 99 77 78 76 75 74 111 110 77 80 78 74 75 FOOD PRODUCTS. 107.7 107.9 102.9 101.7 100.4 101.0 101.8 108.2 111.6 106.5 104.3 103.4 104.1 107.0 Baking__ 133 135 130 130 130 130 130 123 130 125 126 127 126 128 Beverages 197 207 186 190 194 198 204 220 237 200 209 217 223 234 Butter __ 84 89 81 81 82 85 88 66 71 66 66 66 68 74 Canning, preserving __ 111 100 82 79 76 81 83 113 109 80 78 75 80 85 C onfectioner y 74 71 76 76 75 72 67 71 69 74 74 73 66 64 Flour 74 74 74 74 73 72 72 72 73 73 73 72 71 71 Ice cream__ ._ 69 82 62 62 63 70 79 64 76 59 59 61 67 74 Slaughtering, meat packing 88 89 93 88 84 83 83 99 99 108 96 92 92 95 Sugar, beet- 44 47 33 31 34 39 39 50 51 40 41 42 46 47 Sugar refining, cane ._ .. 84 78 66 71 68 67 76 81 72 59 64 60 65 73 TOBACCO MANUFACTURES 60 2 59.9 51 9 58.8 59.3 59.1 59.4 52.3 53.6 44.6 48.8 50.7 49.3 52. 5 Tobacco, snuff 56 56 57 59 57 56 56 66 66 67 68 65 66 64 Cigars, cigarettes 61 60 51 59 60 59 60 51 52 42 46 49 47 51 PAPER, PRINTING 107.2 107.7 101.0 101.1 100.3 99.7 98.5 104.8 105.9 95.4 96.4 96.6 94.6 93.8 Boxes, paper 104 104 89 90 91 90 89 108 106 83 88 89 87 88 Paper, pulp 119 120 108 109 108 107 105 120 122 98 103 103 100 99 Book, job printing 97 97 96 95 93 92 90 93 95 91 89 88 85 84 Newspaper, periodical printing. _. 106 106 103 103 103 104 103 104 105 101 101 102 102 101 CHEMICALS, PETROLEUM PRODUCTS.— 126.6 124.5 112. 7 113.1 '•113. 2 110.4 107.5 136.4 136.7 117.5 119.2 119.4 116.3 117.9 A. Other than petroleum 127. 7 124.6 111.0 111.8 108.6 105.0 136.2 136.2 112.2 113.6 114.5 110.9 111.4 Chemicals 136 138 118 115 111 109 108 151 153 124 123 118 117 116 Cottonseed oil, cake, meal 59 48 104 100 88 75 57 50 42 97 90 79 65 51 Druggists' preparations 112 108 106 106 105 104 104 120 118 118 116 115 115 114 Explosives 92 91 90 87 87 86 85 108 103 82 92 91 87 86 Fertilizers 152 105 83 94 117 123 91 151 116 80 88 111 121 97 Paints, varnishes. __ ._ 138 140 116 116 117 118 119 142 145 106 111 113 117 121 Rayon, allied products 378 384 315 329 334 303 304 365 382 276 283 300 260 275 Soap _- 108 103 94 96 96 94 92 116 114 109 111 112 109 107 B. Petroleum refining 122 124 119 118 118 118 118 137 138 135 137 135 134 139 RUBBER PRODUCTS 96.7 103.6 78.4 74.4 72.9 72.7 71.5 100.3 109.2 66.1 59.2 60.6 61.7 63.1 Rubber boots, shoes 76 76 59 56 55 54 52 68 73 44 40 40 38 40 Rubber goods, other 147 147 109 109 108 109 107 151 154 95 97 98 99 97 Rubber tires, inner tubes 81 94 72 66 64 63 62 91 103 61 50 52 55 57 r Revised. NOTE.—Figures for May 1938 are preliminary. For description see pp. 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

FEDERAL RESERVE BULLETIN 615 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 19383 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 5 222 0 107.8 74.6 30.1 11.5 28.5 18.9 65.7 67.0 14.0 16.9 23.4 33.1 May 243 7 283 2 83 9 83 2 18.5 8.6 25.6 19.2 66.7 122 2 22 0 11 8 26 9 38 2 June 317.7 93.0 36.8 24.5 99.9 37.4 26.1 July 321 6 81 0 58.5 29 1 102.5 15 8 34 7 August 281.2 73.4 37.9 29.6 90.6 17.2 32 5 September 207 1 65.6 12.9 25 3 65 8 15.8 21 5 October 202 1 65 5 12.6 25.2 61.6 10 8 26 4 November 198 4 59.9 13.5 18.9 61.4 19.3 25.4 December 209 5 43.5 20 9 16.5 64.8 37 6 26 1 Year 2, 913.1 905.3 313 7 297.0 859. 6 230 7 306 7 1 Not strictly comparable with data for earlier years due to changes in classification, Comparable figures for 1937 are expected to be avail able for publication in a later BULLETIN. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly financed * Privately financed l Month 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 193S Tanuary 83 186 100 215 243 192 39 157 55 149 112 118 44 29 45 66 130 75 February 53 97 75 140 188 119 27 65 38 79 69 51 26 31 37 62 119 68 March . 60 178 123 199 231 227 25 126 68 96 66 95 35 52 55 103 165 132 April 57 131 124 235 270 222 18 78 53 105 74 99 39 53 71 130 195 123 May 77 134 127 216 244 283 24 72 47 94 93 144 53 63 80 122 151 139 June 102 127 148 233 318 29 73 64 116 137 74 54 84 116 180 July 83 120 159 295 322 20 52 67 153 131 63 67 93 141 191 August 106 120 169 275 281 47 69 92 153 104 59 51 76 122 178 September 120 110 167 234 207 71 69 97 116 80 49 41 70 119 127 October 145 135 201 226 202 100 79 114 101 78 45 57 87 125 124 November 162 112 188 208 198 126 74 118 89 93 36 38 70 119 106 December 207 93 264 200 209 156 61 196 82 115 51 32 68 117 94 Year 1,256 1,543 1,845 2,675 2, 913 683 975 1,007 1,334 1,152 573 568 837 1,341 1,761 i Back figures—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1938 1937 Federal Reserve Federal Reserve district district 1938 1937 1938 1937 May Apr May May Apr. May May Apr. May Boston 26, 306 15, 961 20, 816 N A P C R M S K D C h t l i h e t a a . i e c l i w i n l n a l v L c l h n a s a n a e m o a d Y s e g t l s u a a e a o o o i p n l s n C r p d o k d h i l t i i y s a 8 2 2 2 5 1 1 1 2 0 8 2 9 3 0 0 1 7 , , , , , , , , , , 8 4 1 1 1 3 4 8 6 6 8 0 9 5 5 1 9 8 8 8 1 1 3 7 2 5 8 7 6 0 3 2 2 3 1 1 1 1 1 2 9 7 6 4 0 6 5 7 6 , , , , , , , , , , 5 3 1 3 9 8 3 0 2 2 1 7 1 0 7 9 8 8 0 0 6 0 4 6 6 7 4 0 5 7 2 3 5 2 1 1 1 1 6 7 9 5 8 8 8 1 4 3 , , , , , , , , , , 1 8 0 3 4 3 0 7 7 3 4 1 3 3 1 0 7 3 1 5 2 5 0 3 2 2 9 5 8 6 N A B P K R C S C M h t o h i l e t a . i e c l i w i s n n a l c v h L t a s n n o a e m o a d Y e g n t l s u a a e a o o o i n p l n C s r p . d o d k . h i l . t i i y s a __ __ . _ . 1 1 4 4 3 3 2 7 5 6 0 8 9 4 0 0 2 5 3 9 3 1 1 8 3 4 4 5 0 2 9 5 0 7 9 8 5 6 5 3 0 8 5 2 1 8 4 4 4 4 5 3 2 2 1 3 2 7 2 8 9 3 8 0 6 4 2 1 1 , , , , 2 1 2 8 8 9 4 2 3 2 1 2 8 9 9 6 8 8 4 3 6 8 0 6 7 2 5 4 3 6 4 8 1 , , ,2 6 0 9 4 7 4 6 5 7 6 8 0 2 2 9 6 8 4 8 5 6 7 1 1 3 1 0 6 3 2 1 , ,5 7 4 2 5 3 2 3 7 1 3 1 5 0 8 2 1 0 6 3 0 5 2 3 4 4 0 9 6 4 Total (11 districts) 283,156 222, 016 243, 738 D Sa a n l la F s rancisco 1 2 2 1 5 1 2 3 8 2 10 1 3 3 1,3 4 9 3 5 7 1,2 2 8 5 9 4 1,05 8 3 4 Total 1.053 1,116 834 14, 559 20,106 8,364 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN JULY 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollarsi Merchandise exports 1 Merchandise imports 8 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 191 185 195 257 276 158 177 199 307 173 33 8 -4 -51 102 April 179 164 193 269 274 147 171 203 287 160 33 -6 -10 -18 115 May 160 165 201 290 P257 155 171 192 285 P148 6 -5 9 5 P109 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 NTovp/mbftr 195 270 226 315 151 169 196 223 44 100 30 92 "DeofiTnbP.r 171 223 230 '320 132 187 245 209 38 37 -15 ••111 Year 2,133 2,283 2,456 rS, 346 1,655 2,047 2,423 3,084 478 235 33 ••262 p Preliminary. »• Revised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1937 1938 Index of sales i Index o m f s o t n o t c h k ) s (end of May Jan. Feb. Mar. Apr. May Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 80 65 62 60 57 58 1937 1938 1937 1938 1937 1938 1937 1938 Coal 77 62 54 49 55 57 Coke _ 88 46 35 38 39 35 Grain and grain products _ _ 64 89 76 77 77 77 January .. 93 90 72 70 74 71 66 63 Livestock 44 44 41 41 38 42 February 95 88 76 70 76 70 72 67 Forest products 53 40 38 36 33 35 March.. __ _ 93 86 90 77 76 70 78 71 Ore 133 82 78 76 52 26 M iscell aneous 90 69 69 67 60 61 April 93 83 89 86 76 69 79 71 Merchandise * 69 61 62 61 60 60 May 93 78 95 80 76 69 78 71 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 59 57 57 55 57 Coal 66 71 63 52 47 49 October 93 103 76 85 Coke 85 54 47 39 33 34 November 91 101 75 86 Grain and grain products _ _ 58 80 69 71 68 69 December 89 156 72 68 Livestock 39 43 34 32 35 37 Forest products 55 35 37 37 34 36 Year 92 76 Ore.- 187 18 19 19 21 37 Miscellaneous 93 59 59 64 63 64 Merchandise l 69 58 60 61 61 60 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March i 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 pp. 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 by Association of American Railroads. Total index compiled by com-August 1936; department store stocks, see p. 232 of BULLETIN for March bining indexes for classes with weights derived from revenue data of1938. the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

617 JULY 1938 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total E p l r l e i o d a d e th s u e a c r n ts d p T ro e d x u ti c le ts m F li a u g t e h e l r ti i a n a n l g d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s1 c C a d h l r s e u m a g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929. 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931. 73.0 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 75.9 81.5 69.7 1935 _ 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936. 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1937. 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1937—April 88.0 92.2 85.5 86.5 106.3 79.5 76.8 96.5 96.7 86.9 89.0 81.1 May 87.4 89.8 84.2 86.3 106.7 78.7 77.2 95.8 97.2 84.5 89.3 80.5 June 87.2 88.5 84.7 86.1 106.4 78.2 77.5 95.9 96.9 83.6 89.5 79.4 July 87.9 89.3 86.2 86.3 106.7 78.3 78.1 96.1 96.7 83.9 89.7 79.0 August 87.5 86.4 86.7 86.1 108.1 77.1 78.4 97.0 96.3 82.2 91.1 77.3 September.. 87.4 85.9 88.0 85.9 107.6 75.3 78.7 97.1 96.2 81.4 91.1 77.0 October 85.4 80.4 85.5 85.1 106.7 73.5 78.5 96.4 95.4 81.2 91.0 76.2 November.. 83.3 75.7 83.1 84.3 101.4 71.2 78.2 96.8 93.7 80.2 90.4 75.4 December. _ 81.7 72.8 79.8 83.6 97.7 70.1 78.4 96.3 92.5 79.5 89.7 75.0 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 April 78.7 68.4 72.3 82.0 92.1 67.2 76.8 96.3 91.2 77.5 87.3 73.4 May 78.1 67.5 72.1 81.6 91.3 66.1 76.2 96.7 90.4 76.8 87.2 73.1 Week ending— 1938-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 Apr. 16__ 78.6 68.9 72.3 82.1 92.0 67.0 77.5 95.9 91.1 77.5 88.7 73.1 Apr. 23.. 78.6 69.1 72.2 82.1 92.6 66.7 77.3 95.9 91.0 77.3 88.7 73.3 Apr. 30__ 78.3 67.8 71.9 82.2 93.0 66.5 77.2 96.4 91.7 77.1 88.6 73.3 May 7.__ 77.9 67.4 71.4 82.0 92.2 66.1 77.1 96.3 90.9 77.0 88.6 73.0 May 14__ 77.8 67.4 71.5 81.9 92.3 66.1 76.8 96.3 90.9 76.7 88.6 73.1 May 21.. 78.2 68.8 72.9 81.7 91.7 66.0 76.6 96.3 90.4 76.4 88.6 73.1 May 28.. 78.1 68.8 73.0 81.5 91.6 65.8 76.5 95.7 90.9 76.0 88.6 72.7 June 4___ 77. 7 67.2 72.3 81.4 91.5 65.5 76.5 95.7 90.2 75.9 88.6 72.5 June ll-_ 77.8 68.3 72.7 81.2 91.1 64.9 76.5 95.7 90.1 75.9 88.6 72.4 June 18__ 78.4 69.7 73.5 81.5 91.1 64.8 76.7 96.5 89.8 75.8 88.6 72.7 1937 Subgroups Subgroups May Feb. Mar. Apr. May Feb. Mar. Apr. May FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 113.9 73.0 69.0 66.0 62.3 Agricultural implements 93.8 96.2 96.2 96.3 96.3 Livestock and poultry 95.9 78.1 82.7 79.3 77.9 Farm machinery 95.8 97.7 97.7 97.8 97.8 Other farm products 79.0 63.5 62.8 62.0 62.2 Tron and steel 99.6 99.3 99.4 100.4 101.8 FOODS: Motor vehicles2 86.9 95.6 95.6 95.6 95.8 Dairy products 73.1 78.3 76.7 71.7 69.1 Nonferrous metals 91.7 72.1 71.6 70.7 68.8 Cereal products 88.7 83.2 80.9 79.8 78.4 Plumbing and heating 78.7 79.6 78.9 77.2 77.2 Fruits and vegetables 84.1 56.8 56.5 56.8 58.7 BUILDING MATERIALS: Meats 95.9 78.4 81.6 82.2 82.1 Brick and tile 95.0 91.5 91.1 90.4 90.5 Other foods 75.2 66.7 65.9 64.5 65.4 Cement 95.5 95.5 95.5 95.5 95.5 HIDES AND LEATHER PRODUCTS: Lumber 103.0 91.0 91.3 91.1 89.3 Shoes 106.1 104.6 104.6 104.5 102.5 Paint and paint materials *. 83.7 79.2 82.2 81.4 80.9 Hides and skins 117.7 74.6 69.5 62.6 63.4 Plumbing and heating 78.7 79.6 78.9 77.2 77.2 Leather 100.6 84.4 83.3 82.2 82.1 Structural steel 114.9 114.9 114.9 114.9 114.9 Other leather products 102.3 102.4 102.2 102.2 102.4 Other building materials 101.3 95.3 94.8 94.1 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 87.2 85.8 84.6 84.6 82.2 Chemicals 91.1 83.6 83.2 81.9 81.2 Cotton goods 92.6 67.6 67.5 65.7 65.0 Drugs and Pharmaceuticals. 79.2 73.9 73.8 73.8 72.8 Hosiery and underwear 65.7 60.9 60.3 60.6 60.5 Fertilizer materials 70.6 72.3 71.8 70.1 69.6 Silk and rayon 32.5 28.5 28.8 28.9 28.4 Mixed fertilizers 72.2 72.3 71.6 69.7 69.3 Woolen and worsted goods 93.3 81.0 80.2 77.1 76.0 HOUSEFURNISHING GOODS: Other textile products 68.9 67.0 67.0 66.0 65.3 Furnishings 92.5 92.2 91.6 90.9 90.8 FUEL AND LIGHTING MATERIALS: Furniture 86.1 83.7 83.7 83.6 Anthracite ,_ 74.2 79.8 79.3 76.0 73.8 MISCELLANEOUS: Bituminous coal 98.5 103.2 99.5 97.5 97.5 Auto tires and tubes.. _ 56.4 57.4 57.4 57.4 57.4 Coke 105.1 105.5 105.5 105.5 105.5 Cattle feed 139.9 86.7 85.1 79.0 78.6 Electricity 78.8 89.6 86.8 Paper and pulp 94.6 89.7 88.8 87.5 86.9 Gas 83.0 82.9 83.4 85.2 Rubber, crude— 44.6 30.2 28.4 24.5 24.2 Petroleum products 60.9 58.0 57.9 57.5 Other miscellaneous 85.5 82.2 82.1 81.8 81.5 i Monthly figures from January 1937 to February 1938, inclusive, and weekly figures from January 16,1937, to April 2,1938, are subject to revision. *Preliminary revision. Back figures.—TOT monthly and annual indexes of groups, see Annual Report for 1936 (table 80); for indexes of subgroups, see Annual Report for 1936 (table 81). Figures for revised series available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN JULY 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 ) - * 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 u e 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 d i 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 2 - d France Ger- It E a u ly r 3 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 - a i k t l zer B la .I n . d S. 1934—December. 21,051 8,238 134 11,010 601 805 263 1,584 5,445 518 573 624 1935—December. 21, 604 10,125 189 9,517 666 816 291 1,648 4,395 270 611 438 454 1936—Deeember. 22, 630 11, 258 188 9,307 736 858 283 2,584 2,995 208 632 490 655 1937—ApriL 23, 204 11, 799 199 9,302 731 879 295 2,584 2,846 208 607 670 635 11 May 23, 529 11, 990 193 9,464 716 875 291 2,647 2,846 208 609 769 635 17 June— 23, 845 12,318 187 9,466 730 863 281 2,722 208 625 848 635 8 July 23, 656 12,446 188 9,159 721 876 267 2,689 2,422 208 617 862 628 3 August 23, 592 12, 567 188 9,141 711 717 267 2,424 208 607 862 615 4 September 23, 733 12, 741 186 9,129 711 702 264 2,428 208 590 862 612 6 October _._ 23, 845 12, 803 187 9,191 706 691 266 2,689 2,428 208 572 906 646 4 November 23,968 12, 774 187 9,359 695 687 266 2,689 2,564 208 570 940 644 5 December. 23,964 12, 760 184 r9, 381 685 687 2,689 2,564 '210 597 648 5 1938—January... 24, 036 12,756 186 '9, 453 687 266 2,689 2,564 '210 957 687 5 February . 23, 945 12,776 188 9,351 ^683 686 261 2,689 2,428 '210 593 977 699 5 March P23,928 12,795 186 9,330 686 266 2,428 >"210 531 998 698 7 April , 769 12,869 189 P9, 100 P263 2,689 2,428 '210 529 1,007 697 7 May.. 12, 919 187 P9, 032 2,690 2,428 210 456 1,008 686 11 Europe—Continued Latin America End of month A tr u i s a - g B a u r l i - a C v z s a e lo k c - i h a o- m De a n r - k Greece H g u a n r - y Nor- l P a o n - d Po ga r l tu- Ru ni m a a- S d w en e- Y sl u av g i o a - 6 c t o o ri u t e h n s e - r g t A i e n n r a - - Brazil 1934—December.. 45 112 104 740 159 403 1935—December._ 46 112 109 735 185 444 17 1936—December.. 46 91 114 718 240 501 25 1937—April 46 91 115 718 241 494 27 May 46 90 116 718 242 483 28 June _ 46 91 116 718 242 496 28 July 46 90 117 718 243 487 29 August 46 90 118 718 243 477 29 September.. 46 90 118 718 243 481 30 October 46 90 119 718 244 479 30 November.. 46 91 119 718 244 471 31 December. _ 46 92 120 718 244 32 1938—January 46 93 120 718 245 463 P32 February 46 93 121 718 253 458 P32 March 5 46 93 122 718 261 447 P32 April 93 122 '525 261 442 P32 May 93 P122 525 272 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b m o ia - - M ico ex- Peru g U u r a u y - c o t o r th i u 4 e e n s r - I B n is r d i h i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 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. 18 275 394 184 24 1935—December. 19 275 425 212 24 1936—December. 19 275 463 203 25 1937—March 18 275 456 237 25 April 19 274 459 215 25 May 19 274 452 211 25 June __ 19 274 443 201 25 July 19 274 412 187 25 August 19 274 261 189 23 September. 20 274 261 189 20 October- __ 20 274 261 189 22 November. 20 274 261 189 22 December. 20 274 261 189 22 1938—January.— 20 274 261 189 22 February.. 20 274 261 184 22 March P2Q 274 261 189 22 April P20 274 261 186 J>22 p Preliminary. r Revised. 1 See notes under United Kingdom, Italy, and Spain. * Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $934,000,000 of gold on Mar. 31, 1937, and $1,395,000,000 on Sept. 30, 1937. 3 Figure for March 1937 officially reported as of 20th of month and car ried forward through November 1937. Figures for December 1937 through March 1938, officially reported and carried forward for subsequent months. 4 Figure for August 1,1936 carried forward through March 1938; April 1938 figure officially reported and carried forward. * Figure for March 7,1938, date of latest statement received; Austrian National Bank subsequently absorbed by Reichsbank in accordance with- German decree of March 17, 1938, 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 description of table see BULLETIN for June 1933, pp. 368-372 and July 1936, pp. 544-547; also see footnotes to table in BULLE- TIN for August 1936, p. 667; and December 1937, p. 1262. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 621 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East U o . u S t . s S i . d R e . Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n U St n a i t t e e s d * Canada Mexico Co b l i o a m- Chile Au l s ia tra- p J r a o p p a e n r B I r n i d ti i s a h $1=25-8/10 grains of gold 9/10 fine; ie.., an ounce of fine gold=$20.67 1929 382, 532 359,164 215, 242 11, 607 4,297 2,390 45, 651 39,862 13, 463 2,823 683 8,712 6,927 7,508 1930 401,088 373, 279 221, 526 11, 476 4,995 2,699 47, 248 43, 454 13,813 3,281 428 9,553 8,021 6,785 1931 426, 424 394, 402 224, 863 11,193 5,524 3,224 49, 527 55, 687 12,866 4,016 442 12,134 8,109 6,815 1932 458,102 421, 656 238,931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 788 14, 563 8,198 6,782 1933 469, 257 ••420,176 227, 673 13, 335 6,623 3,631 52, 842 60, 968 13,169 6,165 3,009 16,873 8,968 6,919 $1=15-5/21 grains of gold 9/10 fine;. e.f an ounce of fine gold=$85 1933 794,498 '711,401 385, 474 22, 578 11, 214 6,148 89, 467 103, 224 22, 297 10, 438 5,094 '28, 568 15,183 11, 715 1934 823,003 '723, 642 366, 795 24, 264 12,153 6,549 108,191 104, 023 23,135 12,045 8,350 '30, 559 16, 354 11, 223 1935 882, 533 '771, 950 377, 090 25, 477 13, 625 7,159 126, 325 114, 971 23, 858 11, 515 9,251 '31, 240 20,043 11, 394 1936 970, 206 '856, 708 396, 768 28, 053 16, 295 7,386 152, 509 131,181 26, 465 13, 632 9,018 '40,118 23, 684 11, 599 1937 1, 045, 428P918, 456 410, 710 28, 296 20, 784 8,018 167, 723 143,172 29, 591 15, 478 11,063 46,982 P25, 065 11, 574 1936—October 86, 347 '76, 888 34,199 2,292 1,493 691 15, 950 11, 749 1,943 1,108 784 '3, 623 2,075 November.. 82, 215 '72, 757 33,042 2,270 1,506 634 13, 369 11, 229 2,291 1,035 758 '3, 494 2,162 December.. 83, 237 '73, 779 33,858 2,262 1,544 631 13,106 11, 612 1,647 1,113 708 '4,197 2,118 1937—January.... 84, 278 73, 361 34, 352 2,315 1,671 586 11, 597 11, 499 2,854 1,332 935 3,171 2,065 984 February... 79, 256 68, 535 32, 330 2,109 1,563 579 10, 285 10, 853 2,227 1,117 769 3,727 2,077 899 March 84,864 74, 216 34, 381 2,416 1,605 634 12, 645 11,420 2,510 1,285 620 3,562 2,156 982 April 83, 253 72, 673 34, 308 2,391 1,669 638 11, 245 11,317 2,111 1,269 926 3,738 2,106 956 May 87, 500 76, 710 34,010 2,408 1,559 681 14, 361 11, 904 1,678 1,234 1,860 3,910 2,122 982 June 87,133 76, 715 34,132 2,339 1,649 688 13,150 12,071 3,701 1,246 643 4,046 2,093 957 July 89,160 78, 436 34, 895 2,364 1,650 693 14, 984 12,162 2,452 1,476 962 3,874 1,945 979 August P92, 439 *81, 760 34, 598 2,441 1,822 710 18, 254 12,196 2,451 1,422 782 3,974 P% 135 975 September. P88, 338 *>77, 819 34,170 2,421 1,890 695 15,059 12,184 2,246 1,298 847 3,977 *2,100 932 October P90, 196 P79, 776 34, 559 2,399 1,896 698 16, 111 12, 559 2,449 1,281 907 3,891 P2,065 961 November.. P90, 240 *>79, 876 34, 279 2,352 1,854 686 15,987 12, 349^ 2,849 1,373 724 4,386 P2, 100 938 December.. P88, 771 *>78, 577 34, 696 2,341 1,957 729 14,046 12, 658* 2,064 1,144 1,088 4,725 P2,100 1,029 1938—January.... P87, 469 P76, 942 34, 573 2,381 1,964 661 12, 618 12, 638 2,948 1,456 797 3,858 P2, 100 February... P$2, 402 P72, 027 32, 524 2,246 1,887 642 11, 207 11, 929 2,266 1,175 846 4,333 P2,100 872 March P88, 901 *>78, 507 35, 519 2,387 Pl, 996 P521 12, 850 13,161 P2, 441 1,403 P985 4,204 P2, 100 939 April P87, 711 ^77, 209 34, 351 P2, 376 P2, 028 P661 12, 339 P12, 775 v% 441 1,664 P985 *4, 554 P2,100 P934 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185 (revised); 1937, $180. ' Revised. v Preliminary. 1 Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for June 1938, pp. 539-540, and April 1933, pp. 233-35. 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 and 1937 p. 104. Figures for Canada beginning January 1937 are subject to official revision. Correction to BULLETIN for June 1938, p. 539.—In the third line in italics the value given for an ounce of fine gold should be $20.67 instead of $35. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BULLETIN JULY 1938 GOLD MOVEMENTS fin thousands of dollars at approximately $35 a fine ounce) United State Total Net imports from or net exports (—) to: net Year or month i e m o x r p p o n o r e r t t t s s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra us l - ia Japan B I r n i d ti i s a h o co A th u l e n l r - () tries 1934 1 1,131,994 499,870 260, 223 8,902 94,348 12, 402 86, 829 30, 270 16, 944 12,038 1,029 76, 820 32, 316 1935 1, 739,019 315,727 934, 243 3 227,185 968 95,171 13, 667 10, 899 15, 335 75, 268 47,054 1936 1.116, 584 174,093 573, 671 3,351 71,006 7,511 72,648 39,966 11,911 21, 513 23,280 77,892 39, 745 1937 1, 585, 503 891, 531-13,710 90, 859 6, 461 54, 452 111, 480 38, 482 18, 397 25, 427 34, 713 246, 464 50, 762 30,185 1936—October.,.. 218,81: 72,154 95,013 799 25, 745 12, 222 530 2,157 1,869 5,782 2,530 November- 75,836 44, 665 20 2, 545 3,698 10,660 368 1,628 3,781 6,182 2,289 December. 56,970 32,998 2 3,281 4,709 462 2,273 936 10,108 2,193 1937—January.... 121,325 73,950 10,864 10, 691 271 5,865 1,945 2,123 1,617 6,028 1,463 February... 120, 326 75, 238 1,138 14 8,155 10, 661 9,153 2,109 2,910 7,077 3,870 March 154, 332 121, 451 76 1,131 4,925 3,242 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, 24' 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 3.010 40,927 5,275 1.871 October 90, 477 24,402 22,030 2,089 8 l)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 April 71,091 35, 429 18 1,938 747 1,812 1 1,883 1,241 23, 311 2,359 2, 353 May 52, — 2,895 35 891 5,650 2,108 2,285 3,582 21,950 ! 12, 750 * Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $10,221,000 imported from Sweden. NOTE.—For gross import and export figures and for additional countries see table on p. 592. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

623 JULY 1938 FEDERAL RESERVE BULLETIN 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 immontb 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 Oer- g B iu el m - N l e a t n h d e s r- U.S.S.E. Au li s a tra- A A d W R e f f h r r s e i i o i c 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 1 79,105-90, 920 1935.. 369, 722 -435, 502142,137 -4, 726 -17, 476 10,796 931 37,981 404, 295181, 602 32, 754 14,051 » 2, 879 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 17, 647 3,715 1937.. 420, 427 -834,009 541,187 46,147 -21, 993-16, 572199,"965 24,165 464, 837 66, 330 22,079 15, 544* -87, 253-3, 718 1936—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 24,113 8,705 -3,942 27,024 Mar.. 78, 484-104,399 124,121 507 1,587 965 22, 520 2^727 26, 593 5, 7601 -2,489 588 Apr.. 12,036 -149,444 11,281 —1,055 104 927 98, 510 2,122 44,198 2,848 1,325 1,778 May.. -48,319 -101, 710 -274 -1, 786 -1, 545 452 8,430 2,353 37,106 8, 368 -586 2,956 June.. 22,957 -128,380 79,545 8,398 -7,915 997 14,027 1,552 2,782 3,767 -22,222 July.. 127,953 -79,498 112,113 16,348 -9, 207 -208 14,153 705 57,861 6,1 7,227 1,032 -11,355 A Se u p g t . . . . - 1 2 2 9 2 , , 7 6 7 4 5 3 - - 8 2 6 6 , , 1 0 4 4 5 3 - 5 2 0 , , 0 4 3 6 4 3 12 8 , , 2 2 4 1 5 2 4 5 1 7 6 3 - -4 6 2 6 0 2 1 19 6 , , 7 9 8 1 4 4 2 1 , ,9 0 8 3 1 9 3 5 6 4 , , 1 4 9 6 9 3 4 7, , 1 7 7 3 ! 5 i 8,454 5 - - 1 3 3 , , 9 7 0 3 3 9 - - 1 8 1 , , 1 4 8 6 2 7 Oct. _. -6, 348 -16, 236 -2,831 3,171 8,176 -10,047 1,476 36, 244 5, 739 s -33,071 63 Nov.. 22,054 4,258 -2,488 84 —2, 215 -5, 663 2,359 47, 694 4, 960 s -30, 813 -79 Dec... 20,976 2,006-15,077 90 -12,834 2,379 36, 528 5,174 -137 236 -247 1938—Jan... 27, 245 1,48' -9, 848 41 -1,4 -6,055 3,775 32, 889 4,425 10,063 -60 -200 Feb... 51, 387 3,528 -1,940 78 -3,067 5, 2,958 43,092 5,002 7,036 6 -10,973 5,359 Mar.. 79,037 -35, 535 -4, 276 49 55, 448 3,625 11, 273 3,620 50, 540 5,101 2,786 7 -13,586 -27 Apr... 53,186 -18, 50^ -3, 039 86 15, 03c -4,139 31, 089 4,168 35, 077 3, 586 3,590 s -13, 763 9 6,011 112, 535 -18,965 -1,04' -50 60, 300 -8, 750 33, 714 2,402 48, 227 4,657 1,114 -8, 927 Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Gold Change in: Year or net net pro- \ month imports imports due- i 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 i a | ; | I s n e R d i r n v e ia e - 1 s 0 P i I n h r n g i o d v s l i d a a i t - n e » 1934... -46,065 -45,955 -29,235 18,397 19, 431 1,500-230, 720 -82,183 -4,352; 11,222 173-219, 671 1935... -230, 788 -54,858 -181, 725 -13,940 25, 542 -6, 795—161,872 -46,172 -1,746 11,393 -6 -150,472 1936... 122,279 -1,714 39,305 14, 531 51,299 23, 378 -121,066 -57,167 450 11,599 -109,467 1937 „ -56, 946 11,940 -45,061 27, 739 -657 -5,852 -61, 689 -15,246 -153| 11,574! -41 -50,073 1936—Dec.. -2,874 2,291 i -47— 659 -33 -848 -5, 506 -3, 677 -1,953 124! -4~523 1937—Jan.._ -135 5,227 -612 732 -100 1,866 -8,477 -4,087 984; -7,493 Feb.. -17,034 2,436 —1 852 •• -13, 507-3,161 -2, 750 127 8991 -2,262 Mar.. 575 -463 -490 653 819 r-3, 401 125 9821 -2,986 Apr.. -1,506 -26 —1,1 -289 192 584 -863 18! 956! -5,074 May. -4,479 -1,174 -1,987 -3,132 1,107 611 -4, -1,101 —122 982 -3,951 June. -49,417 -36,242 -4,351 -8, 740 521 274 -879 -1,809 309 957, 1 -853 J A u u l g y . . . . - -1 6 , ,0 " 3 " 8 -1,243 - - 1 3 5 9 3 3 - - 1 1 , , 8 2 3 4 1 2 -512 8 -2,2 3 7 5 8 0 - - 3 2 5 5 4 -5,197 -1 - , 4 6 2 4 4 4 - 2 1 0 4 8! 9 97 7 5 9 ! -4 - - 4 7 , , 7 22 0 2 6 Sept.. -7,147 -376 -6, 995 -37 -1,186 1,456 -4,532 352 932 -3, 600 Oct... -1,138 -9, 627 -109 -561 4,559 1,307 -4, 655 -976 73 961! -3,694 Nov.. 4.113 4, -6, 276 -227 559 3,275 1,914 -4,200 94! 938 -3, 262 Dee— 26,892 5,810 -5,828 24, 558 -559 2,553 358 -5,999 1,4211 1, 029^ -4,970 1938—Jan... 10,826 12,478 -13,978 10,409 -41 1,614 335 -5, 599 -414 —75' -4, 651 M Fe a b r . .. . -3 2 ,1 ,4 8 4 8 8 -35 1 3 1 , , 5 2 9 23 5 -1 -9 1 , ,5 2 1 5 8 7 - - 5 9 8 4 4 3 1,7 6 6 1 3 5 2 1, , 4 1 2 9 1 8 2 54 3 9 3 ) - - 7 2 , , 7 423 - - 1 1 , , 7 0 1 1 1 0 9 8 3 7 9 2. . - - 1 6, , 8 5 1 5 0 1 Apr. _ -7,632 -2, 391 -6,084 -266 5,397 2,467 "-6, 761 -4, 344 P934-. P-3,410 May? -5, 260 4,803 -2, 973 -1,1""" 2,973 i3-6, 404 p Preliminary. r Revised. 1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 2 Includes exports of $50,661,000 to Sweden and $12,571,000 to Norway; and net imports of $53,465,000 from Switzerland. 3 Includes $10,129,000 exported to Sweden and unspecified net imports of $19,684,000. i Includes $67,655,000 exported to Central and South America and net exports of $16,596,000 to Switzerland. 6 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. 6 Includes net exports of $12,082,000 to Switzerland. 7 Includes net exports of $6,000,000 to Switzerland and $7,590,000 to Sweden, s Includes $10,088,000 exported to Sweden. 9 Does not include gold movements of Austrian State with Germany proper or foreign countries. w Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 11 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. !2 Includes $14,292,000 exported to Germany. 13 Figures for April and May 1938 include exports to Germany of $9,953,000 and $6,175,000 respectively. 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

624 FEDERAL RESERVE BULLETIN JULY 1938 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t 1 - C C oi a n sh reser N v o es tes a v c n o a D d n u i s c n a - e t d s s - Se ti c e u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1929—Dec. 25. 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 _ 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28_ 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26_ .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30.. 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Feb. 24. .7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 18.2 Mar. 31. 1.0 39.8 7.1 123.4 473.8 62.3 52.2 38.5 18.3 Apr. 28. 1.0 44.8 5.5 119.7 468.8 87.6 26.2 39.6 17.7 May 26. 46.0 4.9 119.7 475.2 91.4 24.9 37.5 17.8 June 30. 38.0 6.3 164.3 488.4 140.5 10.8 40.2 18.0 July 28.. 1.1 28.1 5.8 135.2 498.3 104.3 10.5 37.3 18.1 Aug. 25. 1.5 38.1 4.3 128.5 488.3 92.8 25.4 36.0 18.2 Sept. 29. 1.7 37.9 6.2 126.6 488.5 95.1 21.8 37.2 18.3 Oct. 27. 1.6 43.3 8.1 121.1 483.1 87.7 32.2 36.6 17.7 Nov. 24 1.5 66.0 8.6 97.0 480.4 83.6 35.4 36.3 17.8 Dec. 29 . .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Jan. 26_. 53.2 10.4 117.9 473.2 113.1 13.6 37.3 18.1 Feb. 23_ 51.9 6.5 116.9 474.5 105.6 16.7 35.5 18.2 Mar. 30_ 41.0 8.7 131.0 485.4 108.1 17.8 37.4 18.3 Apr. 27 . 37.1 7.1 133.4 489.3 113.3 10.9 36.5 17.7 May 25 . 46.2 9.5 115.1 480.2 91.2 26.5 36.1 17.8 June 29P 42.1 7.3 140.6 485.2 125.5 10.5 36.1 17.9 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold» ch e e a i x g n - n ge S c p ia e- l' Other m G e t r o e o n n v - t - m G S t e o h e n v o r 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 e u l g r e i o ti s t e e ia - s - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1929—Dec. 27... 41,668 25,942 8,624 2,521 5,612 5,603 68,571 11,737 7,850 1,812 1930—Dec. 26... 53,578 26,179 8,429 2,901 5,304 6,609 76, 436 12,624 11, 698 2,241 1931-Dec. 30 _. 68,863 21, 111 7,389 2,730 7,157 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30 _. 83,017 4,484 3,438 2,515 6,802 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29 _. 77,098 1,158 4,739 2,921 6,122 8,251 82,613 2,322 13,414 1,940 1934—Dec. 28 _. 82,124 963 3,971 3,211 5,837 8,288 83,412 3,718 15,359 1,907 1935—Dee. 27 _. 66.296 1,328 9,712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30... 60,359 1,460 1,379 8,465 17, 698 715 3,583 5,640 8,344 89, 342 2,089 13,855 2,557 1937— Feb. 26... 57, 359 1,323 1,524 8,990 19, 772 873 3,594 5,640 8,235 87,062 2,315 15, 386 2,547 Mar. 26.. 57, 359 1,194 1,514 8,440 20,066 225 5,640 8,543 85, 746 1,977 16,404 2,552 Apr. 30 _. 57,359 1,112 1,470 7,639 19,991 965 3,918 5,642 9,256 87,063 4,361 13, 408 2,518 May 27.. 57,359 1,053 1,437 8,377 19, 980 385 3,777 5,642 8,158 85, 745 3,154 14, 766 2,502 June 24... 54,859 1,058 1,260 9,356 21,380 776 4,013 5,641 8,110 85,985 2,209 15, 710 2,549 July 29 _. 55,677 951 991 10,197 23,887 958 4,064 5,641 8,467 89,307 2,563 15,812 3,152 Aug. 26... 55,718 911 833 8,655 25,218 476 3,763 5,637 8,417 88, 255 2,251 15,927 3,196 Sept. 30 . 55, 805 825 600 9,799 25,999 1,340 4,175 5,637 8,558 91, 370 2,351 15,886 3,133 Oct. 28... 55,805 829 562 10,620 26,918 483 3,710 5,637 7,218 91, 336 2,648 14, 679 3,121 Nov. 25.. 58.932 965 722 9,655 26,918 314 3,675 5,637 7,343 90,131 2,686 17,893 3,452 Dec. 30 _. 58,933 911 652 10,066 31,909 675 3,781 5,580 7,277 93,837 3,461 19,326 3,160 1938-Jan. 27._. 58.933 871 841 12,053 31,904 925 3,824 5,580 7,019 92, 255 2,689 23, 720 3,285 Feb. 24.. 55, 807 874 821 11, 582 31,904 866 3,652 5,575 7,187 92, 740 2,226 20,147 3,154 Mar. 31_. 55,807 845 573 10, 321 38, 574 997 3,825 5,575 8,361 98,095 2,233 21,409 3,141 Apr. 28.. 55, 807 830 632 10, 865 40,134 879 3,700 5,575 7,288 98, 519 2,802 21, 237 3,154 May 25_. 55, 808 813 596 9,024 40,134 113 3,454 5,575 7,334 98,923 3,248 17, 525 3,155 p Preliminary. i 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 rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 4 Includes advances granted under Convention of March 22, 1938, between Bank of France and Treasury (see page 452); Convention authorizes 5,000,CC0,000 francs of such advances (see also BULLETINS for July, 1936, p. 603, and September 1937, p. 951). NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83; and July 1935, p. 463. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1938 FEDERAL RESERVE BULLETIN 625 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu re re ic s h i s n m m a i r l k li s o ) ns of Gold Foreign 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 l s i g n i o b t l e e Other O as t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia ti t b e h i s e li r exchange cover 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 25y 322 735 3,645 640 836 1934—Dec. 31 _. 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31 82 5 53 4,498 84 349 315 853 4,285 1,032 923 1036— Dec. 31 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—May 31 69 6 54 5,001 50 104 310 947 4,902 804 835 June 30 - 69 6 61 5,262 55 104 300 878 4,992 880 862 July 31 69 6 29 5,316 52 104 299 860 5,112 732 892 Aug. 31 70 6 33 5,283 52 104 299 905 5,116 736 901 Sept. 30 70 6 63 6,638 51 105 293 905 5 26o 838 927 Oct. 30 - 70 6 7 5,578 44 105 293 844 6,275 711 959 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 Apr. 30 _ _ _ _ 71 5 12 5,841 59 121 297 1,614 6,086 1,031 903 May 31 71 5 18 5,832 57 545 300 1,373 6,269 1,021 911 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] May Apr. Mar May date of month] May Apr. Mar. May National Bank of Albania (thou- Central Bank of Bolivia—Cont. sands of francs): Securities—Government 402, 790 402, 395 413, 247 Gold 7,575 7,554 Other 4,379 4,500 4,735 Foreign assets 21, 241 23, 471 Other assets 20, 339 20,374 15, 582 Loans and discounts 4,428 3,332 Note circulation 262, 627 255, 659 246, 698 Other assets 4, 350 4,255 Deposits 271,119 291, 723 259, 705 Note circulation 11,152 11, 275 Other liabilities ____ 61,163 60, 243 105, 430 Other sight liabilities 14, 325 15, 649 Bank of Brazil (millions of milreis): Other liabilities 12,117 11, 690 Cash 302 Central Bank of the Argentine Correspondents abroad 494 Republic (millions of pesos): Loans and discounts 2,375 Gold at home 1,307 1,314 1,224 Deposits 3,127 Gold abroad and foreign ex- National Bank of Bulgaria (mil change 32 262 lions of leva): Negotiable Government bonds... 130 92 32 Gold 1,994 1,994 1,994 1,766 Other assets 182 193 157 Foreign exchange ___ 815 858 919 477 Note circulation __ 1,128 1,138 1,137 Loans and discounts 961 983 977 1,031 Deposits—Member bank 355 331 363 Government debt 3,495 3,495 3,495 3,551 Government 113 108 135 Other assets.. _ 1,331 1,258 1,254 1,015 Other 2 3 6 Note circulation 2,350 2,441 2,356 2,430 Foreign exchange sold forward-. 12 16 Deposits 3,996 3,894 3,962 3,171 Other liabilities 42 42 33 Other liabilities 2,250 2,252 2,320 2,239 Commonwealth Bank of Aus- Bank of Canada (thousands of Ca tralia (thousands of pounds): nadian dollars): Issue department: Gold 181, 705180, 678 180, 865 187, 454 Gold and English sterling. __ 16,007 16,006 16, 012 Sterling and United States ex- Securities 42, 296 40, 301 38, 559 change 31, 807 17, 327 22, 205 14, 613 Banking department: Canadian Gov't. securities: Coin, bullion, and cash 1,322 1,273 1,109 2 years or less 122,046 119, 706 120,012 47,165 London balances 27,189 26,699 33,100 Over 2 years !9, 534 39, 981 41, 457 100,816 Loans and discounts 12,857 11,966 13, 953 Other securities 9,607 12, 267 12, 287 Securities 49,193 51,098 38,032 Other assets 5,494 17, 541 8,616 7,010 Deposits 85, 892 86, 294 83, 366 Note circulation 155, 306155, 921 148, 645 131,113 Note circulation.. 51, 034 49, 034 47, 039 Deposits-Chartered banks 189,131 195, 803 194, 860 190, 604 National Bank of Belgium *(mil- Dominion Government 27, 238 18, 242 25, 928 21, 541 iions of belgas): Other. 3,071 2,820 2,303 923 Gold 2,693 3,123 3,132 3,591 Other liabilities 15, 447 14, 715 13, 705 12,878 Foreign balances and bills _. 748 1,135 1,093 2 1, 341 Central Bank of Chile (millions of Discounts 490 194 210 (3) pesos): Loans 133 32 54 35 Gold 144 144 143 Other assets 464 462 464 310 Discounts for member banks 63 23 32 Note circulation 4,116 4,390 4,419 4,380 Loans to government 782 782 799 Demand deposits—Treasury 14 40 37 117 Other loans and discounts 118 112 118 Other __. 279 399 379 708 Other assets 49 54 74 Other liabilities 118 118 118 72 Note circulation 739 711 710 Central Bank of Bolivia (thousands Deposits— of bolivianos): Bank... 219 206 231 Gold at home and abroad 53, 635 52, 810 52,006 Other — 58 92 Foreign exchange... 93, 612 97,310 110, 537 Other liabilities — 140 133 Loans and discounts 20,154 30, 235 15, 725 1 Form of official statement revised effective December 1937. 2 Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937. 3 Not reported separately on bank statement; see notes 1 and 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL RESERVE BULLETIN JULY 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank May Apr. Mar. May May Apr. Mar. May Bank of the Republic of Colombia Bank of Finland (millions of mark- (thousands of pesos): ka a): Gold 34, 896 34, 242 24,880 Gold.. 620 620 635 812 6,693 6,475 20,457 Foreign assets. ... 2,384 2,588 2 535 2 023 Tynans and discounts 16, 760 17, 342 12, 581 Loans and discounts 1,585 1,527 1,456 1 135 Government loans and securities 46, 843 46, 585 45,832 Domestic securities 272 277 299 324 26,803 26, 282 25, 811 Other assets _ 319 362 366 382 Notfi circulation 48, 544 47, 708 51, 728 Note circulation 2,184 2,272 2,292 1 900 42, 525 42, 368 39, 958 D eposits—Treasury 292 369 428 396 Other liabilities 40, 924 40,851 37, 875 Other 1,050 1,089 885 671 National Bank of Czechoslovakia Other liabilities 1,655 1,643 1,686 1,709 (millions of koruny): Bank of Greece (millions of drach- Gold 2,653 2,658 2,661 2,578 mas): Foreign exchange 363 422 508 444 Gold and foreign exchange (net). 3,310 3,452 3,406 3,248 Discounts 2,289 1,565 1,188 967 Loans and discounts 6,510 6,205 6,140 3,614 Loans 1,260 1,155 1,154 897 Government obligations. 4,355 4,342 4,342 4 104 Govprnment debt 2,007 2,007 2,007 2,017 Other assets.__ _ . 2,257 1,972 1,767 2 359 Other assets 1,238 1,114 1,179 980 Note circulation _ 6,481 6,795 6,572 6 329 Note circulation 7,937 7,123 6,997 5,789 Deposits 7,673 7,050 6,795 4 928 Dfimand deDosits 335 245 157 402 Other liabilities 2,276 2,126 2,287 2 067 Other liabilities 1,539 1,552 1,544 1,692 National Bank of Hungary (mil- Bank of Danzig (thousands of lions of pengos) : gulden): Gold 84 84 84 84 Gold 28, 377 28, 376 28, 376 29, 579 Foreign exchange reserve 73 71 66 51 Foreign exchange of the reserve 4,525 2,734 2,330 108 Discounts.. 470 471 457 405 Othftr foreicrn exchange 533 418 385 1,750 Loans—To Treasury 120 119 119 107 Loans and discounts 16,117 15, 836 15, 882 15, 656 Other 14 14 19 12 Other assets 3,570 3,298 3,545 4,426 Other assets „. . 316 316 311 238 Note circulation 35, 538 35, 400 34,184 31, 515 Note circulation 584 585 547 421 Demand deposits 15, 616 12, 501 12,835 13,164 Demand deposits... _ 221 214 235 187 Other liabilities. 19, 016 19, 017 19, 031 19, 077 Certificates of indebtedness 70 70 70 93 National Bank of Denmark 'mil- Other liabilities 203 206 204 197 lions of kroner): Reserve Bank of India (millions Gold 118 118 118 118 of rupees): Foreign exchange 81 75 76 9 Issue department: Discounts 21 21 21 30 Gold at home and abroad 444 444 444 Loans—To Government agencies 122 140 123 202 Sterling securities 788 788 803 Other 103 106 99 137 Indian Gov't. securities 324 274 274 Securities 110 106 96 53 Rupee coin 591 634 551 Other assets 75 76 83 66 Note circulation 1,829 1,861 1,903 Note circulation 409 420 399 384 Banking department: Deposits 63 64 58 83 Notes of issue department. _ 318 279 169 Other liabilities 159 159 159 147 Balances abroad 47 94 245 Central Bank of Ecuador (thou- Treasury bills discounted 10 sands of sucres): Investments 71 71 70 Gold 35, 344 Other assets . 9 7 7 Foreign exchange 25, 709 Deposits _ 338 354 385 Loans and discounts 40, 478 Other liabilities- . 107 108 105 Note circulation 62, 056 Bank of Japan (millions of yen): Deposits 40, 758 Golds 801 801 801 535 National Bank of Egypt * (thou- Discounts 458 478 459 509 sands of pounds): Loans—Government __ _ 3 3 3 218 Gold 6,545 6,545 6,545 Other 66 88 61 112 Foreign exchange 2,108 2,688 2,236 Government bonds 1,237 1,176 1,032 713 Loans and discounts 4,728 4,874 3,291 Other assets _ 174 208 241 174 British Egyptian, and other Note circulation 1,881 1,986 1,824 1 502 Government securities 34, 549 34, 875 37, 446 Deposits—Government _ 445 370 366 339 Other assets 7,401 7,419 8,964 Other _ 94 90 127 84 Note circulation 19, 901 19, 936 20, 111 Other liabilities 319 307 280 338 Deposits—Government _ _ 8,124 7,867 9,604 Bank of Java (millions of guilders): Other 19, 039 20, 215 20, 407 Gold 117 117 109 Other liabilities 8 267 8,384 8,361 Foreign bills 1 2 5 Central Reserve Bank of El Salva- Loans and discounts 65 63 68 dor (thousands of colones): Other assets 105 113 117 Gold 13,172 13,143 Note circulation 186 184 191 Foreign exchange 5,549 6,870 Deposits 74 83 81 Loans and discounts 1,162 260 Other liabilities 27 28 25 Government debt and securities 5,620 6,197 lank of Latvia (millions of lats): Other assets 2,137 2,816 Gold - 78 78 78 77 Note circulation 15, 733 17,023 Foreign exchange reserve __ 42 47 47 42 Deposits 7,981 8, 059 Loans and discounts 134 131 128 122 Other liabilities . . 3,926 4,203 Other assets 54 56 56 47 Bank of Estonia (thousands of Note circulation. _ 65 66 67 46 krooni): Deposits 198 197 194 212 Gold 34, 234 34, 222 34,187 Other liabilities 44 48 49 31 Foreign exchange (net) 15, 948 17, 271 15, 229 Bank of Lithuania (millions of litu): Loans and discounts 24,163 25, 092 24, 625 Gold 79 79 79 77 Other assets 29, 708 30, 663 22, 024 Foreign exchange 5 6 5 6 Note circulation 50, 618 50, 528 43, 901 Loans and discounts... 109 109 118 92 Demand deposits 32,807 35, 528 36,901 Other assets 32 32 32 34 Other liabilities 20, 628 21,192 15, 263 Note circulation _ 126 129 134 108 Deposits 78 75 79 78 Other liabilities 21 22 21 22 1 Items for issue and banking departments consolidated. 2 By law of August 10, 1937, gold revalued on August 25 at rate of 290 milligrams fine gold per yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JXJLT 1938 FEDERAL RESERVE BULLETIN 627 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 Central bank Central bank May Apr. Mar. May May Apr. Mar. Netherlands Bank (millions of guil- National Bank of Rumania—Cont. ders) : Loans and discounts 6,698 6,386 6,281 Gold 1,481 1,466 1,130 Special loans * _ 1,972 1,982 2,075 Silver (including subsidiary coin) 20 18 15 19 Government debt 10,467 10, 558 10, 955 Foreign bills _ 5 5 5 2 Other assets 10,610 10, 566 9,798 Discounts _ 9 9 9 19 Note circulation. _ 30, 574 30, 735 26,158 Loans 331 321 298 183 Demand deposits 11, 052 10, 960 12, 991 Other assets 67 67 65 63 Other liabilities 10, 081 9,784 11, 588 Note circulation.__ 944 901 900 836 South African Reserve Bank Deposits—Government 136 106 86 64 (thousands of pounds): Other 786 845 824 473 Gold _ _— 22, 582 22,892 25, 628 Other liabilities 47 48 48 44 Foreign bills 5,415 6,440 5,615 Reserve Bank of New Zealand Other bills and loans 2,729 324 37 (thousands of pounds): Other assets 12, 747 12, 669 14, 771 Gold 2,802 2,802 2,802 Note circulation 17, 700 15,170 16, 852 Sterling exchange reserve _ 18, 327 16, 930 22, 327 Deposits _ 22, 620 23, 649 26, 325 Advances to State or State un- Other liabilities 3,153 3,507 2,874 dertakings 4,071 5,109 4,873 Bank of Sweden (millions of Investments 2,424 2,972 2,906 kroner): Other assets _. 327 504 179 Gold 600 576 575 533 Note circulation 14,082 13, 554 12, 975 Foreign assets 875 900 914 923 Demand deposits 11, 789 13, 057 18, 489 Discounts 13 13 13 12 Other liabilities 2,079 1,705 1,624 Loans 21 20 21 26 Bank of Norway (millions of Domestic securities 40 35 25 6 kroner): Other assets _ 334 315 314 374 Gold 199 199 195 Note circulation 931 948 965 837 Foreign assets 272 255 235 124 Demand deposits 836 786 758 853 Total domestic credits and Other liabilities : 116 125 138 186 securities __ 175 172 169 239 Swiss National Bank (millions of Discounts (0 74 72 161 francs) : Loans 0) 30 29 25 Gold 2,837 2,882 2,885 2,624 Securities 0) 69 68 53 Foreign exchange 407 496 505 22 Other assets 0) 24 29 14 Discounts 44 11 14 26 Note circulation 436 444 430 403 Loans 21 21 23 30 Demand deposits—Government- 76 70 59 62 Other assets 700 713 642 608 Other 109 77 83 47 Note circulation 1, 529 1,538 1,539 1,374 Other liabilities 0) 60 59 60 Other sight liabilities 1,845 1,952 1,896 1,301 Central Reserve Bank of Peru Other liabilities 635 634 634 635 (thousands of soles): Central Bank of the Republic of Gold and foreign exchange 50,926 49,056 Turkey (thousands of pounds): Discounts 27, 815 36, 958 Gold 36, 862 36, 861 36, 848 36, 709 Government loans 67, 408 45, 206 Foreign exchange—Free 17 22 4 66 Other assets 7,623 9,261 In clearing accounts 15, 251 16, 839 22, 800 41,694 Note circulation 94, 593 96, 790 Loans and discounts 61, 742 53, 946 52, 700 37,477 Deposits 42, 381 27, 904 Securities 189, 802 190, 500 190, 284 186,748 Other liabilities.. ___ 16, 798 15, 787 Other assets 35, 325 38, 283 36, 242 16, 982 Bank of Poland (millions of zlotys): Note circulation 175, 766 176, 294 176, 374 173, 327 Gold 440 439 438 412 Deposits 51, 201 47, 527 49, 804 36, 277 Foreign exchange 20 15 18 41 Other liabilities 112,032 112, 630 112, 698 120, 072 Loans and discounts 719 709 671 580 Bank of the Republic of Uruguay Securities _ 128 127 127 135 (thousands of pesos): Other assets __ 441 416 424 475 Issue department: Note circulation 1,123 1,141 1,107 975 Gold and silver3 103, 585 41, 601 O Ot t h h e e r r l s i i a g b h i t l i l t i i a e b s ilities _ _ 2 3 7 4 8 7 2 3 2 4 4 2 3 2 4 3 2 0 3 2 9 6 9 8 Ban N ki o n t g e d ci e r p c a u r la tm tio e n nt: 95, 627 89, 973 Bank of Portugal (millions of Cash reserves 43, 684 23, 031 escudos): Loans and discounts 97, 976 75, 927 Gold 917 914 Other assets _ 72,848 83, 481 Other reserves (net) 493 569 Deposits.., 80, 517 91, 981 Non-reserve exchange _- 177 164 Other liabilities 133, 991 90, 457 Loans and discounts 357 315 National Bank of the Kingdom of Government debt 1,041 1,043 Yugoslavia (millions of dinars): Other assets 1,210 1,326 Gold ____ 1,828 1,824 1,782 1,669 Note circulation 2,033 2,006 Foreign exchange 350 389 381 764 Other sight liabilities. ___. 1,201 1,216 Loans and discounts 1,550 1,550 1,613 1,712 Other liabilities 962 1,109 Government debt 2,241 2,240 2,240 2,250 National Bank of Rumania (mil- Other assets 3,321 3,287 3,260 1,944 lions of lei): Note circulation 5,985 5,898 5,865 5,433 Gold 16, 721 16, 688 15, 842 Other sight liabilities 2,503 2,649 2,607 2,176 Special exchange accounts 5,238 5,299 5,785 Other liabilities.. 801 744 804 731 1 Figures are not yet available. 2 Agricultural and urban loans in process of liquidation. 3 By law of January 18,1938, gold revalued in March at rate of 0.585018 gram fine gold per peso. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN JULY 1938 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs*] 1938 Assets Liabilities May 31 Apr. 30 May 31 May 31 Apr. 30 May 31 Gold in bars 32, 272 21,084 51, 041 Demand deposits (gold) 9,794 9,800 16, 641 Cash on hand and on current account with banks 21,012 20, 613 42, 643 Short-term deposits (various curren- Sight funds at interest 16, 473 19, 607 43, 556 cie C s) e n : tral banks for own account: Rediscountable bills and acceptances Demand 56, 345 35, 977 47, 667 (at cost): Time—not exceeding 3 months. 122, 953 129, 511 155, 204 Commercial bills and bankers' ac- Time—between 3 and 6 months 4,584 5,347 12, 889 ceptances 140,112 132, 256 117,834 Treasury bills 100, 292 90, 333 131,417 Total 183, 882 170, 834 215, 760 Total 240, 404 222, 589 249, 251 Central banks for account of others: Demand 1,861 1,861 3,517 Time funds at interest: Other depositors: Not exceeding 3 months 51, 720 56, 008 21, 898 Demand 1,262 1,135 428 Between 3 and 6 months _. 1,528 1,627 14, 281 Time—not exceeding 3 months. 1,613 1,252 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 153,158 153, 343 152, 911 Treasury bills 30,110 26, 879 17, 899 German Government deposit 76, 579 76, 671 76, 456 Sundry investments 83,078 110,337 86, 707 French Government guaranty fund- 25, 876 28, 545 41, 483 Between 3 and 6 months: French Government deposit (Saar). 936 1,360 Treasury bills 24, 210 26, 952 15, 498 Sundry investments 74, 866 39, 402 68, 784 Total 256,461 259, 495 272, 210 Over 6 months: Treasury bills 36, 457 37, 624 80, 410 Capital paid in 125,000 125,000 125, 000 Sundry investments 34,085 52,088 4,577 Reserves: Legal reserve fund 4,688 4,238 4,238 Total 282, 805 293, 282 273, 874 Dividend reserve fund 6,528 6,315 6,315 General reserve fund 13, 055 12, 631 12, 631 Other assets: Other liabilities: Guaranty of central banks on bills Guaranty on commercial bills sold. 2,513 1,428 1,389 sold 820 935 1,319 Sundry items 33, 843 41, 870 32,155 Sundry items 1,370 115 355 Total liabilities 648, 405 635, 859 '8, 219 Total assets 648, 405 635, 859 698, 219 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 i t ll e i d on K s o in f p g o d u o n m ds sterling) re C se a r s v h es M c n a o s l o h n l t o e a i r y c n t e d at B co il u ls n t d e i d s- Se t c ie u s ri- L cu oa s e t n r o s s m to - O as t s h e e ts r Total D D e e p m os a i n ts d* Time* lia O b t i h li e t r ies 10 London clearing banks 1930—December 208 144 322 285 933 240 1,876 992 847 254 1931—December 184 119 246 297 905 222 1,737 868 846 237 1932—December 207 127 408 472 778 208 1,983 991 963 216 1933—December 213 119 311 565 740 237 1,941 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 11 London clearing banks2 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—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 1,221 1,033 252 April 246 150 249 638 998 240 2,268 1,228 1,040 252 May 231 146 280 631 986 246 2,263 256 1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not availabeginning 1936. 2 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 639-640, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

629 JULY 1938 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n t d e i d s- Loans Other Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li O ab t i h li e t r ies 1930—December. 2,419 4,675 20,448 10, 743 2,361 36,681 35,284 1,397 921 4,357 1931—December. 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 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—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 16,479 7,996 1,446 28,242 27,682 560 542 3,817 June 2,761 3,933 15,869 8,514 1,595 28,128 27, 568 560 591 3,954 July 2,764 4,176 16,954 8,276 1,602 29,069 28, 523 546 570 4,133 August 2,925 4,258 16,842 8,008 1,689 28, 438 550 583 4,152 September 2,790 4,552 16,802 8,723 1,832 29,838 29,288 550 644 4,218 October 2,698 4,434 19,079 8,172 1,952 31, 277 30, 708 569 4,364 November. 3,325 4,040 18,046 7,834 2,011 30,142 29,539 604 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 February.. 3,218 4,357 17, 617 7,994 1,475 30,198 29, 542 656 781 3,682 March P__. 3,025 4,302 17, 533 7,331 1,546 29, 234 28, 620 614 780 3,722 Assets Liabilities Germany * (5 large B l e io rl n in s o b f a n re k i s c . hsm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se t c ie u s ri- a O s t s h e e ts r Total D D e e p m os a i n ts d Time o C b b f r t r a 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 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—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 3,258 539 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 March 197 308 3,081 2,714 1,000 853 6, 338 2,910 3,428 460 1,356 April 151 273 3,083 2,680 1,150 834 6,384 2,978 3,406 453 1,334 Assets Liabilities (10 cha l r i t o e 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 l e la s r s i ) n mil- Ca E sh ntire S ly e c i u n r i C ty ana O l d o a t a h n e s r S a a n l e f b o d r d c r o a u u o m n e n r a s i e d t t y Se t c ie u s ri- O as t s h e e ts r ci N r ti 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 u d D p d e e a p i m n y o g a s a b i n t i l s n e d te in r T b C a im n a k n e - l O ia t t i b h e i s e li r loans and dis- foreign counts banks 1930— December. 207 205 1,275 171 604 602 133 2,115 1,426 816 1931—December. 201 135 1,253 146 694 510 129 2,058 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 1,486 746 1936—December. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—April _ 246 121 835 141 1,440 511 106 2,383 799 1,583 805 May 240 117 852 139 1,438 491 103 2,372 799 1,574 802 June 238 116 853 128 1,442 520 107 2,379 809 1,570 811 July 231 114 852 139 1,431 472 107 2,322 750 1,572 810 August 241 114 119 1,446 483 105 2,345 767 1,578 816 September. 238 100 110 1,446 507 103 2,371 797 1,575 809 October... 252 82 114 1,411 496 106 2,333 749 1,584 806 November 273 87 121 1,391 486 101 2,351 781 1,570 789 December. 255 76 102 1,411 510 96 2,335 752 1,583 785 1938—January... 257 72 1,434 480 92 2,314 723 1,591 771 February.. 242 70 852 1,440 482 95 2,319 704 1,615 770 A M p a r r i c l h 2 2 4 4 7 8 6 6 3 4 870 1 1 2 1 1 0 1 1 , , 4 4 5 3 6 8 4 48 7 3 7 9 9 6 5 2,414 7 7 8 1 3 5 1 1 , , 6 6 3 2 1 3 772 p Preliminary. i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice. (See BULLETIN for June 1935, p. 389). NOTE.—For other 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

630 FEDERAL RESERVE BULLETIN JULY 1938 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S la w e n r i - d tz- Japan b C an e k n tr of a — l J R u 3 a n 0 t e e ef D fec a t t i e ve b C an e k n tr of a — l R Ju 3 a n 0 te e eff D ec a t t i e ve Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 Argentina... Mar. 1, 1936 Java 3 Jan. 14, 1937 In effect June 30, Belgium 3 2 May 30, 1938 Latvia 5 Nov. 1, 1936 1936 2 4 4 2 Vi 3.29 Bolivia 6 July 5, 1932 Lithuania.._ July 1, 1936 July 7 3' British India 3 Nov. 28, 1935 Mexico 3 2 Mar. 1, 1937 July 10 3 Bulgaria 6 Aug. 15, 1935 Netherlands 2 Dec. 3, 1936 Sept 9 2 Canada VA Mar. 11, 1935 New Zea- Sept 25 5 Chile Dec. 16, 1936 land _ 2 June 29, 1936 Oct 2 3 Colombia 4 2 July 18, 1933 Norway Jan. 5, 1938 Oct 9 Czechoslo- Peru 6 2 May 20, 1932 Oct 16 2 vakia 3 Jan. 1, 1936 Poland Dec. 18, 1937 Oct 20 2H Danzig 4 Jan. 2, 1937 Portugal 4-4H Aug. 11, 1937 Nov. 26 134 Denmark... 4 Nov. 19, 1936 Rumania May 5, 1938 Dec 3 2 Ecuador 4 Nov. 30, 1932 South Africa May 15, 1933 Jan 28 1937 4 El Salvador. 4 Aug. 23, 1935 Spain 5 2 July 15, 1935 June 15 6 Estonia Oct. 1, 1935 Sweden Dec. 1, 1933 July 7 5 Finland Dec. 3, 1934 Switzerland- Nov. 26, 1936 Aug 4 4 France W2 May 13, 1938 Turkey.. Mar. 2, 1933 Sept 3 Germany Sept. 22, 1932 United King- Nov 13 Greece _ 6 Jan. 4, 1937 dom 2 June 30, 1932 May 10 1938 4 Hungary 4 Aug. 29, 1935 U. S. S. R._. 4 July 1, 1936 May 13 Italy May 18, 1936 Yugoslavia- 5 Feb. 1, 1935 May 30 2 3 In 1 e 9 f 3 f 8 ect June 30, 2 2H 4 3 2 IK 3.29 Changes since May 31: None. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) Month ac 3 B c m a e n p o k ta n e n t r h s c 1 s es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h or 1929—May 5.21 5.21 4.67 7.49 9.65 9.32 5.37 1930—May 2.16 2.11 1.93 3.89 5.00 3.62 2.29 2.53 1931—May 2.24 2.21 1.87 4.65 5.83 5.38 1.39 1.55 1932—May 1.44 1.10 1.29 4.87 5.96 5.91 .60 1.03 1933—May .50 .37 .58 3.87 5.50 5.24 2.11 1.69 1934—May .91 .85 .85 3.87 5.13 4.72 1.33 1.22 1935—May .59 .51 .75 3.09 3.10 3.17 3.78 2.96 1936—May .55 .54 .75 2.92 2.89 2.76 2.27 1.82 1937—May .55 .51 2. 88 2.63 2.69 .31 1.00 1937—November .58 .75 2.88 2.81 2.65 .25 .50 December. .75 .75 .75 2.88 2.84 2.96 .25 .50 1938—Januarys- .54 .51 .75 2.88 2.88 2.98 .25 .50 February __ .53 .50 .75 2.88 2.88 2.73 .25 .50 March .53 .50 .75 2.88 2.88 2.86 .25 .50 April .53 .51 .75 2.88 2 88 3.04 .25 .50 May .53 .51 .75 2.88 2.66 Sw la it n z d er- ( B B e r l u g s i s u el m s) F (P ra ar n is c ) e (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) 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 i c a v o t a e u t n e t d P is r r c i a v o te a u t n e t c c ia o P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929—April. . 3.45 3.97 3.44 6.75 83^ 7-9 5. 48-5. 66 3.65 1930—ApriL. 2.61 3.33 2.57 6.43 -6M 5.48 3.65 1 1 9 9 3 3 2 1 — — A A p p r r i i L L . . 1 1. . 5 0 0 6 2 3. . 2 2 6 5 1 1. . 6 4 6 7 5 6. . 0 4 0 8 534-9 4-5 3 5- - 7 5 6 5 . . 2 2 0 9 - - 6 5 . . 4 5 8 7 2 5 . . 9 4 2 8 1933—April _. 1.50 2.50 1.87 4.00 4H7 5. 48-5. 84 2.37 1934—ApriL. 1.50 2.14 2.70 3.00 5.29 2.46 1935—ApriL. 1.80 2.38 2.14 3.50 5.11 2.54 1936—ApriL. 2.25 1.38 5.03 5.00 4.97 3.11 1937—ApriL. 1.00 1.00 4.00 4.50 4.75 2.86 1937—October ... 1.00 1.39 3.62 5.00 4.75 2.65 November.. 1.00 1.78 3.26 5.00 4-63 4.75 2 63 December.. 1.00 1.72 3.00 5.00 4.75 2.59 1938—January. __ 1.00 1.57 3.00 5.00 4.75 2.38 February.. 1.00 1.52 3.00 5.00 4.56 2.53 March 1.00 1.50 3.01 5.00 4.56 2.51 April 1.00 3.25 5.00 4.56 2.45 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

631 JULY 1938 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A r u a s l - ia A ( u sc st h r il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada Chile (peso) China Co b lo ia m- (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) (peso) 1929. 95.127 480. 83 14.058 13.912 11. 8078 36. 202 .7216 99. 247 12.0601 41.901 96. 551 1930. 83. 505 458. 60 14.089 13. 952 10. 7136 36.067 .7209 99.842 12. 0785 29. 917 96.493 1931. 66. 738 351. 50 14.023 13. 929 7.0290 33. 690 .7163 96. 353 12.0669 22. 437 96. 570 1932. 58. 443 279. 93 13.960 13. 914 7.1223 26.347 .7193 88.090 7. 9079 21. 736 95. 275 1933. 72.801 337.07 15. 448 17.900 7.9630 31.816 1.0039 91. 959 7. 6787 28. 598 81. 697 1934. 33. 579 400. 95 18. 793 23. 287 8. 4268 37.879 1. 2852 101.006 10.1452 34. 094 61. 780 1935. 32. 659 388.86 18. 831 18. 424 8. 2947 36. 964 1. 2951 99.493 5.0833 36. 571 56. 011 1936. 33.137 395. 94 18. 792 16. 917 8. 5681 5. 8788 37. 523 1. 2958 99. 913 5.1240 29. 751 57.083 1937'. 32.959 393.94 18. 770 16. 876 8. 7190 6.1806 37.326 1. 2846 100.004 5.1697 4.0000 29.606 56. 726 1937—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 99. 983 5.1680 4.0000 29. 489 55. 459 February 33.451 399. 81 18.939 16. 975 5. 8303 37.890 1. 2575 100. 023 5.1680 4.0000 29. 602 55.066 March 33. 233 397.14 18. 922 16. 880 5. 8744 37. 638 1. 2525 99. 716 5.1680 4.0000 28. 219 54. 648 April 33. 208 396. 85 16. 854 5. 8680 37. 432 1. 2506 99. 446 5.1683 4.0000 26. 905 54. 813 Mav 33.118 395. 77 16. 835 5. 8566 37. 052 1. 2466 99.177 5.1683 4. 0000 23. 804 55. 447 Year or month C (p u es b o a ) ] i k l ! o o z v e ru a c n h k a o ia ) - [ m D k e r a o n r - n k e) ( E po g u y n p d t ) Fi ( k n m k l a a a r ) n - d F (f r r a an n c c ) e ( m m r G e a a i e c r n r h k y - s ) - G (d m r r e a a c e ) h ce - ( K H do o o l n l n a g g r) ( H p g e u a n n r g - y o) I (l t i a ra ly ) J ( a y p en a ) n M ( e p x es ic o o ) N ( l f e a l t o n h r d i e n s r ) - 1929. 99.965 2.9609 26. 680 498. 07 2. 5160 3. 9161 23.809 1. 2934 47.167 17. 441 5. 2334 46.100 48.183 40.162 1930. 99. 952 2. 9640 26. 765 498.60 2. 5169 3. 9249 23. 854 1. 2959 33. 853 17. 494 5. 2374 49. 390 47.133 40. 225 1931. 99.930 2.9619 25.058 465.11 2. 3875 3. 9200 23. 630 1.2926 24. 331 17. 452 5. 2063 48. 851 35. 492 40. 230 1932. 99. 941 2. 9618 18. 832 359. 54 1. 5547 3. 9276 23. 749 .8320 23. 460 17. 446 5.1253 28. Ill 31. 850 40. 295 1933. 99. 946 3. 8232 19. 071 434.39 1. 8708 5.0313 30.518 .7233 29. 452 22. 360 6. 7094 25. 646 28.103 51.721 1934. 99.936 4. 2424 22. 500 516. 85 2. 2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29. 715 27. 742 67. 383 1935. 99.920 4.1642 21. 883 502. 60 2.1627 6. 6013 40.258 .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—July 99. 916 3. 4854 22.173 509. 30 2.1918 3. 8048 40.196 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 April 99. 916 3. 4833 22. 236 510. 54 2.1987 3.1020 40.200 .9115 30. 828 19. 778 5. 2605 29. 013 23.109 55. 564 May 99. 926 3. 4792 22. 174 509. 30 2.1938 2. 8148 40.160 .9100 30. 849 19. 769 5. 2604 28. 938 22. 275 55. 351 Year or month Z ( e p N a o e l u a w n n d d ) N (k o r r o w n e a ) y P (z o l l o a t n y) d ( P e o g sc r a u t l d u o - ) R ( u n le m i u a ) a- ( S A p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) S m S (d e t o e r t l n a t la l i t e r s t - s ) (k S d r w o en n e a - ) e ( S r f l r w a an n it 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 r e u s a - o y ) Y s (d la u in v g a i o a r) - 1929 483. 21 26. 683 11.194 4. 4714 .5961 483. 27 14. 683 56. 012 26. 784 19. 279 48. 411 485. 69 98. 629 1. 7591 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—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. 963 498. 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 400. 28 25.045 18. 909 4. 5105 .7337 493. 74 5.814 58.118 25. 674 23. 045 80.183 498.45 65.597 2. 3291 April 399. 95 25.028 18. 852 4. 5032 .7341 493. 22 5.766 57. 965 25. 670 22. 990 80. 039 498.12 65. 550 2. 3270 May 398. 87 24.957 18. 845 4. 4869 .7336 491. 92 5.846 57. 509 25. 604 22. 840 79. 701 496. 73 65. 352 2. 3239 NOTE.—For 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. Subsequent developments have been as follows: Australia, New Zealand, and South Africaquotations not nominal beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning March 14; Mexico—quotations not available March 19-21 and nominal thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN JULY 1938 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t t e 1 e d 0 s 0) (1 C 9 a 2 n 6= a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = t d e 1 o d 0 m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (1 e 91 r 3 m = a 10 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 p t = o 1 a b 0 n e 0 r ) ( N 1 l 9 e a 1 2 t n 0 6 h 0 d - e ) 3 s r 0 - = ( S J w = u l l a 1 i y t 0 n z 0 1 d e ) 9 r 14 - 1926 100 100 695 134 237 106 144 1927 _ 95 98 642 138 225 103 142 1928 97 96 645 140 100 226 102 145 1929 . 95 96 627 137 95 220 100 141 1930 _. 86 87 100 554 125 85 181 90 126 1931. 73 72 88 502 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 __ 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 _ 81 75 94 411 104 76 197 64 96 1937 86 85 109 581 106 89 238 76 111 1937—April 88 86 109 552 106 86 248 77 113 May 87 85 111 550 106 88 241 77 113 June 87 85 111 557 106 90 238 76 112 July 88 88 112 582 106 90 239 78 112 August 88 86 111 603 107 91 235 78 111 September 87 85 111 630 106 92 239 77 111 October 85 85 111 628 106 93 237 77 111 November __ 83 83 109 621 106 95 238 76 no December 82 83 108 631 106 96 241 76 no 1938—January. 81 84 108 636 106 95 245 75 no February 80 84 106 631 106 94 258 74 109 March .. _ 80 83 104 634 106 94 252 73 108 April _ 79 82 103 643 106 95 247 73 108 May _ 78 80 102 654 P106 250 72 107 Preliminary. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) France (1913=100) <Germany (1913=100) (1930=100) Year or month Induspr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods pr I o n tr d d ia u u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u d r r i u c a u c l t l s - P s r i o on v s i- a t f r n i i n d a i l s s h r e e a m d w i- tr I i i n a s d h l u e f d s i - nproducts 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 85 102 142 562 598 105 96 96 125 1937—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 83 101 106 620 647 106 90 94 126 April 68 72 82 100 104 633 651 106 90 94 126 May 68 72 82 100 103 650 657 P106 P94 p Preliminary. Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

633 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r th or 1 U 9 S 1 2 n t 9 5 a i 2 = t t 3 1 e e - 0 s d 019 E l 1 J 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 G 1 1 9 4 a 1 e = 3 n r - 1 - y 00 N 19 l e 1 1 a 9 3 t n 1 h = d 1 1 e s - 0 r 0 - 1 S 9 l 1 J w e a 4 u r n i = l - t y d 1 z 0 - 0 Y m e o a n r th or 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 e 1 e d - 0 s 019 E l 1 J a u 4 n n = l g y d 1 - 001 F 9 J J 1 r a u 4 a n = n n . 1 e - c 0 e 019 m G 1 1 9 4 a e 1 = n r 3 1 - y - 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e 1 — s 0 r 0 - 1 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 82 147 507 125 132 130 1937 85 139 601 122 127 129 1937 84 154 619 125 137 137 1937—April 86 135 580 122 125 129 1937-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 79 140 698 122 128 129 March 83 156 688 126 138 137 April _ __. 79 137 702 122 129 129 April 154 126 138 137 May 79 139 705 123 May 156 126 136 r Revised. i Revised index as from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S a p v r n t i e a i c r t t e a e e ) g d 1 s e ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 d e ) r (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic r e a a ) g n e y N l e an th d e s r ' - U S n ta it t e e d s Engla (1 n 9 d 26=100 F ) rance Germany (1 N 9 l 3 e a 0 t n = h d 1 e s 0 r 0 - ) Number of issues. _ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110.7 71.7 118.3 107.0 123.2 145.0 1928 100.8 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929. 98.0 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122 8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100. 1931 90.9 108.4 96.9 2 83.4 104.1 94.7 78.9 132.2 2 78.0 70. 1932. 69.5 113.2 88.6 2 67.1 94.8 48.6 67.9 105.2 2 50.3 46. 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52. 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55. 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55. 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66. 1937 93.4 124.6 75.1 98.7 •101.8 111.7 96.3 97.4 102.6 104. 1937—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 73.2 100.1 104.3 77.9 78.9 82.0 104.5 95.1 April 73.8 124.2 75.6 100.1 106. 3 70.7 81.7 93.6 105.3 •"92.2 May - 76.5 122.1 76.1 noo. o 108. 0 73.9 79.7 92.7 nO3. 5 92.7 p Preliminary. r Revised. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11, 1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent. 4 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 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THTJRSTON, 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. PATJLGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief Division of Examinations y C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations OARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) W. W. ALDRICH CHESTER C. DAVIS District No. 3 (PHILADELPHIA) HOWARD A. LOEB, 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 636 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal President First Vice President Vice Presidents Bank of— Reserve Agent Boston F. H. Curtiss R. A. Young W. W. Paddock „ W. Willett * New York Owen D. Young G. L. Harrison Allan Sproul W. R. Burgess W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia R. L. Austin J. S. Sinclair F. J. Drinnen C. A. Mcllhenny» W. J. Davis E. C. Hill Cleveland E. S. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor» Richmond Robert Lassiter _ Hugh Leach J. S. Walden, Jr J. G. Fry G. H. Keesee J Atlanta F H Neely Oscar Newton R S Parker H. F. Conniff W. S. McLarin, Jr. 3 M. H. Bryan Chicago R. E. Woodi G. J. Schaller H. P. Preston W. H. Snyder 3 0. S. Young J. H. Dillard St. Louis W. T. Nardin W. McC. Martin F. G. Hitt 0. M. Attebery T CJ Wr»nH CM. Stewart * Minneapolis W. B. Geery J. N. Peyton 0. S. Powell H. I. Ziemer 3 E. W. Swanson Kansas City J. J. Thomas G. H. Hamilton C. A. Worthington.— H. G. Leedy J. W. Helm 3 Dallas. J. H. Merritt B. A. McKinney R.R.Gilbert R. B. Coleman » W. J. Evans San Francisco A. 0. Stewart W. A. Day Ira Clerk . _ ._ S. G. Sargent W. M. Hale C. E. EarhartJ 1 Deputy chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara Helena branch R. E. Towle Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch.. _ _. J. E. Olson Pittsburgh branch P. A. Brown Oklahoma City branch C. E. Daniel Richmond: Omaha branch L. H. Earhart 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 PKICE 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS OliLA' K ARK Memphis Oklahoma City I? ARK. ^ «...—- I.. DALLAS® ]11 ^..J—\ /s TEXAS \ Jacksonville ••MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS • «•«« BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis