Federal Reserve Bulletin, 1938-09

FEDERAL RESERVE BULLETIN SEPTEMBER 1938 Recent Banking Developments Condition of All Member Banks Cuban Currency Legislation BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking and credit developments, 753-757 National summary of business conditions 758-759 Summary of financial and business statistics 761 Law department: Rulings of the Board: Limitation upon investment of funds of a trust in a common trust fund 762 Approval of acceptance of trusts by national bank . 762 Settlement of short sale by simultaneous borrowing of security 763 Advance made in individual capacity by partner of member firm 763-764 Condition of all member banks'on June 30, 1938 (from Member Bank Call Report No. 76) 765-766 Number of banks and branches, 1933-1938; analysis of changes in number of banks and branches, January l-June30, 1938 767 Cuban currency legislation 768-769 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 772 Federal Reserve bank statistics 773-777 Reserve position of member banks; deposits in larger and smaller centers 778 Currency in circulation 779 Gold stock and gold movements; bank suspensions; bank debits 780 All banks in the United States . _, 781 All member banks 782-783 Reporting member banks in leading cities 784-787 Acceptances, commercial paper, and brokers' balances 788 Federal Reserve bank discount rates - 789 Money rates and bond yields 790 Security markets 791 Treasury finance __- 792—793 Governmental corporations and credit agencies; Postal Savings System 794-795 Production, employment, and trade 796-804 Wholesale prices 805 Crop Report 806 International financial statistics: ' Gold reserves of central banks and governments 808 Gold production 809 Gold movements _ _ 809-810 Central banks 811-814 Bank for International Settlements 815 Commercial banks 815-816 Discount rates of central banks 817 Money rates 817 Foreign exchange rates 818 Price movements: Wholesale prices 819 Retail food prices and cost of living 1 820 Security prices 820 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council-__ 822 Senior officers of Federal Reserve banks; managing directors of branches 823 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 SEPTEMBER, 1938 No. 9 REVIEW OF THE MONTH other important Treasury receipts and expenditures. For the entire period from April Since the beginning of April member bank 1 to August 24, net disbursements by the reserves have increased by about $850,000,000 Treasury on account of the excess of current as a consequence of disbudget expenditures over receipts were large, increase in member bursements by the United amounting to about $1,000,000,000, reflecting bank reserves in part increased disbursements for relief. States Treasury of funds Payments for the purchase of gold amounted held on deposit with Federal Reserve banks. to about $250,000,000 in the period. These Reserves in excess of requirements during the expenditures were partly offset by net cash period increased by about $1,400,000,000, of receipts from other Treasury transactions, which $750,000,000 resulted from the reducincluding about $350,000,000 of net proceeds tion in reserve requirements by the Board of from the sale of notes of the Commodity Governors the middle of April. By the middle Credit Corporation and the Reconstruction of July excess reserves had increased to Finance Corporation, about $150,000,000 $3,150,000,000, close to the high level of Aufrom United States savings bonds, about gust 1936. They subsequently declined some- $200,000,000 of net receipts for the unemwhat and on August 24 amounted to $2,980,ployment trust fund under the Social Secur- 000,000. Fluctuations in member bank reity Act, and the return to the Treasury of serves and in Treasury balances with the Reabout $250,000,000 from Treasury deposits serve banks are shown in the charts on page with commercial banks. 760. Treasury balances with the Reserve banks, Treasury expenditures from its balances which were increased on April 14 by $1,400,- with the Reserve banks this year have re- 000,000 as the result of the release of in- sulted in some increase in active gold by the Treasury, were rapidly Recent banking hank deposits, as well as in drawn down until the middle of July, largely developments _ bank reserves. Deposits at for the retirement of $800,000,000 of Treascity banks are now at the highest level in ury bills. In the following four weeks current receipts, including proceeds from th§ sale over a year. The increase in bank deposits of Reconstruction Finance Corporation notes has been accompanied by a further decline in and Treasury bills, exceeded disbursements the turnover of deposits, i.e., in the rate at and Treasury balances increased by $200,- which they are used. At the present time the 000,000, with a consequent reduction in excess country's volume of demand deposits, as well reserves. In the latter part of August ex- as of total deposits including time accounts, penditures were again larger than receipts, is near the all-time peak reached at the end of Treasury balances declined somewhat, and 1936, while the turnover of these deposits is excess reserves increased. at the slowest rate on record. The principal factor in the variations in Although reserves and deposits of banks Treasury deposits at the Reserve banks since have increased, total loans and investments April has been changes in the amount of out- declined until July. Retirement of United standing Treasury bills, which was reduced States Government short-term obligations reby $800,000,000 from April 27 to July 20 and duced the supply of securities available to increased by $250,000,000 in the 5 weeks end- banks, and bank loans to commerce and ining August 24. There have been, however, dustry continued to decline as the result of 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN SEPTEMBBB 1938 reduced business activity and curtailment of in some areas had begun to pick up as early as inventories. In recent weeks there have been 1935. These developments are brought out by small increases in loans and investments of the chart on the next page, in which the twelve member banks in leading cities. While their Reserve districts are grouped into three broad holdings of direct obligations of the United geographical regions with (1) Boston, New States Government have declined somewhat, total investments increased through pur- COUNTRY MEMBER BANKS chases of Government guaranteed obligations BILLIONS OF DOLLARS CALL REPORT DATES BILLIONS OF DOLLARS and of other securities. Brokers' loans increased slightly in August, and commercial loans, which had declined sharply from last October, have also shown small increases. New call report figures as of June 30 show that while city banks have increased their holdings of investments since last autumn, country banks investments have been further reduced. At city banks loans have declined sharply until recent weeks. At country banks loans have been relatively stable. A drop in deposits at city banks last year has been followed by an expansion, whereas at country banks deposits have declined this year. Reserve balances of city banks have increased, but country banks have shown little change in their reserves, preferring to build up their deposits with city correspondents, which were already exceptionally large. Tables that show these developments are O u presented on pages 782-783. 1935 1936 1937 1938 A chart of selected items from the aggregate balance sheets of country member banks York, and Philadelphia classified as Northsince the end of 1934 is eastern districts, (2) Richmond, Atlanta, St. Developments at below. The largest Louis, and Dallas as Southern districts, and given country banks ' (3) the rest of the country as the Central recent change on the chart and Western districts. The chart is plotted is a decline of $430,000,000 in investment on a ratio scale so that equal vertical disholdings from June 1937 to June 1938. About tances represent equal percentage changes. $190,000,000 of this decline was in holdings of Following the general decline during the United States Government obligations, most depression, loans to customers by country of which has occurred since last March in banks began to increase in the Central and holdings of Treasury notes and of issues guar- Western districts in the spring of 1935. Elseanteed by the Government. The remaining where, however, country bank loans declined $240,000,000 represents the reduction in hold- further. By the spring of 1936 the expansion ings of other securities, principally those of had spread to the Southern districts, but in public utilities and railroads. the Northeastern districts the decline con- Total loans of country banks showed little tinued until last year. net change during the first half of 1938. They Loans on real estate were the only class of had increased substantially during 1937 and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 755 SEPTEMBER 1938 loans to show an increase at country banks year. The decline was larger than the usual this year. Increases occurred in all Federal seasonal amount, being $230,000,000 or nearly Reserve districts except Boston. Owing 4 percent. Each Federal Reserve district chiefly to the rise at country banks, real estate shared in this decrease, and the largest perloans at all member banks are now about centage decreases were in those districts that $310,000,000 larger than in the spring of 1936 usually show the greatest seasonal drop. Time deposits at country banks have shown LOANS TO CUSTOMERS AT COUNTRY MEMBER BANKS little change this year, after increasing stead- BILLIONS OF DOLLARS CALL REPORT DATES BILUONS OF DOLLARS ily since the early part of 1933. 10 10 9-- r I """" | 9 Country banks have continued to be well Q i 8 supplied with funds for lending and invest- 7 ment. Since June of last year they have built Q L L COUhTRY BUNKS up their balances with city correspondents by ...L — approximately $250,000,000, of which about 5 — ___ 5 a third represents the transfer from the Re- ] 4 (_. _ 4 serve banks of part of the reserve balances set ^v—+ free when reserve requirements were reduced last April. Country bank balances with city 3 — 3 NORTHEASTERN correspondents on June 30 amounted to V DlSTRICTS $1,800,000,000, which was not much below "-N the all time peak of $1,930,000,000 in Decem- 2 2 V- ,^ ber 1936 and about double the pre-depression volume. In addition to their large corres- CENTRAL ANC) pondent balances country banks now hold \ WE,STERND1STRICTS close to $500,000,000 of excess reserves with the Federal Reserve banks. — X _> y 1 — — 1 Partly as a result of the building up of \ \D S I O S U T T R H 1 E C R T N S / country bank balances with city banks, all of S—y ^ the additional bank reserves Banks in leading ftiak have recently been supcities 0 5 n plied by the Treasury have 1928 1930 193? 1934 1936 1938 been acquired by city banks. Excess reserves Total loans of country banks, excluding brokers' loans and purchased paper, plotted on ratio scale. Federal Reserve districts of city banks have accordingly been increased grouped as follows: Northeastern districts—Boston, New York, Philadelphia ; Central and Western districts—Cleveland, Chicago, by these additions to total reserves as well as Minneapolis, Kansas City, San Francisco; Southern districts— Richmond, Atlanta, St. Louis, Dallas. by the reduction in reserve requirements in and amount to $2,600,000,000. The increase April. at country banks is more than twice as large Notwithstanding this growth in excess reas that of all other member banks and prac- serves, total loans and investments declined tically all of it is in loans on non-farm real further during the first half of 1938 at banks estate. both in New York and in 100 other leading The volume of adjusted demand deposits cities. During July and August they in- (which exclude interbank balances, United creased somewhat. As shown by the follow- States Government deposits, and items in ing chart, United States Government obligaprocess of collection) declined substantially tions held by city banks have increased this at country banks in the first half of 1938, after year and have recently been larger than at any showing little change during the previous time since the spring of 1937. Their loans, however, declined steadily until August. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 increase in holdings of Government securities in Government security holdings by types of was chiefly at New York City banks, which issue and classes of member banks between toward the close of August held about $380,- March 7 and June 30, 1938. 000,000 more of Government direct and fully guaranteed obligations than they did in Sep- UNITED STATES GOVERNMENT SECURITIES HELD BY MEMBER BANKS, JUNE 30, 1938 tember 1937, the low point of their holdings [In millions of dollars] for the last three years. Present holdings of New York City banks are still about $1,000,- Total Change from March 7, 1938 holdings 000,000 less than the maximum amount they June 30, 1938 Direct obligations Guarheld in the summer of 1936. anteed BANKS IN 101 LEADING CITIES r D ec i- t G t a e u n e a - d r- Total Bonds Notes Bills t o i g b o a l n - i- s Central reserve city banks: New York 3,031 709 -149 +306 -171 -284 +277 Chicago^ ... 859 122 -148 +51 -58 -140 +22 Reserve city banks.. 3,940 718 -22 +367 -342 -46 +70 Country banks 2,385 579 -91 -8 -73 -11 -68 All member banks..- 10, 215 2,128 -410 1 +715 -644 -481 +301 Publicly-offered debt outstanding 33, 463 4,853 -743 + 1.490-1,384 -848 +207 Loans of city banks, which had increased rapidly from early in 1936 to the autumn of 1937, subsequently declined by about $2,000,- 000,000 or by 20 percent, to approximately the low levels of 1935. About $700,000,000 of this decline represents loans that security brokers and dealers repaid to New York City banks during the period of sharply declining stock prices last year and the first quarter of this year. More recently brokers' loans have remained comparatively stable notwithstanding a recovery in stock prices. 1935 1936 Most of the decline in loans at city banks Latest figures for August 17. Commercial loans based on newclass ificat ion beginning May 19, 1937. has been in commercial loans, which declined During the period from March 7 of this steadily from the middle of last October year to June 30, the latest two call dates, through the first week of July. The decline banks in New York and other leading cities amounted to about $450,000,000 in New York increased their holdings of Treasury bonds City and about $510,000,000 in 100 other leadand of obligations guaranteed by the Govern- ing cities. Outside of the Southern Federal ment. They reduced holdings of Treasury Reserve districts of Richmond, Atlanta, and notes and Treasury bills. These changes re- Dallas, declines in commercial loans were flected the Treasury's retirement of a sub- common to most of the large cities. Early in stantial volume of bills and the refunding of July the contraction in commercial loans ap- Treasury notes into bonds. Outstanding se- pears to have ceased. Small increases were curities carrying the Government guarantee reported at many leading cities outside New were increased in the period with the issuance York early in July and moderate increases of notes by the Commodity Credit Corpora- occurred in New York City during the first tion. The following table shows the changes half of August. In part this reflects seasonal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 757 SEPTEMBER 1938 influences that usually bring a resumption in activity and on the other hand an accumulacommercial borrowing at city banks during tion in city banks of a large volume of idle the third quarter of the year. balances awaiting investment or other uses. Although total loans and investments have decreased at city banks this year, demand de-1Appointment of Deputy Chairman at Federal Reserve Bank posits have increased. Drafts on deposits by | On August 22, 1938, the Board of Govercustomers of city banks to repay loans have nors of the Federal Reserve System appointed been exceeded by deposits derived from R. B. Caldwell, a Class C director of the Fed- Treasury expenditures out of balances at the eral Reserve Bank of Kansas City, as Deputy Federal Reserve banks. At banks in 101 lead- Chairman of the bank for the remainder of the current year. ing cities, the volume of adjusted demand deposits during the first half of August, as Annual Report shown by the chart, was about $600,000,000 larger than the average for the first quarter The complete edition of the Annual Report of the year and about $500,000,000 below the of the Board of Governors for 1937 is now peak level reached at the end of 1936. available. This edition includes the text of Accompanying the increase in demand de- the report and the record of action on quesposits at city banks during recent months tions of policy by the Board of Governors there has been a notable and by the Federal Open Market Committee, Decline in turnover slowing down in the ratewhich were available earlier this year in the brief edition of the Annual Report, and in of deposits . at which these deposits addition contains the usual statistical tables are utilized. This rate of turnover, or the and other matter of record usually published velocity of deposits, represents the ratio of in the complete edition. the amount of checks drawn against deposits over a period to the average volume of de- Revised Quotations of Netherlands Private Discount Rate posits during the same period. In recent months a considerable divergence During the three years 1935-1937, demand has appeared between the quotations of the deposits at New York City banks, exclusive private discount rate in Amsterdam pubof interbank deposits and United States Govlished by the Rotterdamsche Bankvereeniging ernment deposits, turned over at an average and by the Frankfurter Zeitung, which have rate of about 30 times per annum. From been the basis of quotations published in the February through July of this year the aver- FEDERAL RESERVE BULLETIN. In the future, age rate was about 25 V2 times per annum, a quotations will be based on information furdecline of 15 percent. In the other 100 leadnished by De Nederlandsche Bank, which has ing cities there was a comparable reduction, supplied the following table of figures for the the average rate from February through period since January 1936: July being 19^ times per annum as compared with an average of 22 times per annum during the previous three years. In 1926, a com- Percent per annum 1936 1937 paratively normal pre-depression year, de- January 2.21 0.52 0.13 mand deposits turned over at the rate of about February 1.19 0.28 0.13 March 1.11 0.19 0.13 80 times a year at banks in New York City April 1.07 0.19 0.13 May 2.15 0.17 0.13 and about 36 times at banks in other leading June 3 92 0.15 0.13 July 2.01 0.13 0.13 cities. The lower level of deposit turnover A Se u p g t u e s m t ber _ _ 1 1 . . 2 2 9 3 0 0 . . 1 1 4 3 in recent years, especially at New York City N O o ct v o e b m er ber -.. 0 1 . .8 8 7 5 0 0 . . 1 1 3 3 banks, has reflected on the one hand the lower December,,- 0.76 0.13 level of security market and general business Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 23 and released for publication August 25] Industrial activity increased in July, when what in July, and output of crude petroleum there is usually a considerable decline, and was at a much higher rate, reflecting chiefly rose somewhat further in the first three weeks a return to production on a six-day week of August. basis in Texas. Anthracite production de- Production.—Volume of industrial produc- creased sharply following a considerable voltion increased from 77 percent of the 1923- ume of output during May and June. 1925 average in June to 83 percent in July, Value of construction contracts awarded in according to the Board's index which is ad- 37 Eastern States showed little change from justed for changes in the number of working June to July, according to figures of the F. W. days and for usual seasonal variations. Steel CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION £9 1930 1931 1932 1933 1934 1935 Three-month moving averages of F. W. Dodge data for value of contracts awarded in 37 Eastern States, adjusted for seasonal variation. Latest figures based on data for June and July Monthly index of physical volume of production, adjusted for and estimate for August. seasonal variation, 1923-1925 average = 100. Dodge Corporation. Contracts for residenoutput rose sharply, lumber production also tial building continued to increase, and there increased, and output of cement and glass was an increase also in commercial building, was maintained. Automobile production de- reflecting the award of a contract for a large clined somewhat further. In the first three office building. Factory construction reweeks of August activity at steel mills was mained at a low level and declines were reat a rate of around 40 percent of capacity as ported in most other types of construction. compared with an average of 35 .percent in Employment.—Factory employment and July, while in the automobile industry there payrolls, which usually decline at this seawas more than the usual seasonal reduction son, increased somewhat from the middle of in output as producers closed plants some- June to the middle of July. There were subwhat earlier than in other recent years to stantial increases in the number employed at prepare for the shift to new model production. textile mills, clothing establishments, and At textile mills activity in July showed a shoe factories, and at railroad repair shops further rise, marked increases being reported there was a slight increase. In the machinery in mill consumption of cotton and wool and and automobile industries employment dein shipments of rayon yarn. Shoe produc- clined somewhat further. In non-manufaction also increased substantially, following a turing industries the principal changes in decline in June. employment were a decrease at mines and an Bituminous coal production advanced some- increase on the railroads. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 759 Agriculture.—A domestic cotton crop of third week of August than in the middle of 12,000,000 bales was indicated on August 1, July, while prices of most industrial comaccording to the Department of Agriculture. modities were unchanged. Steel scrap ad- Last season the crop was 19,000,000 bales vanced further in July, then declined someand, with world consumption of American what in the first half of August. Cotton grey cotton about 11,000,000 bales, the carryover goods also declined in the early part of Auincreased sharply to 13,500,000 bales. The gust, while prices of copper and rubber were wheat crop was forecast at 956,000,000 maintained, following increases in the latter % bushels, as compared with 874,000,000 bushels part of July. harvested last year and usual domestic con- Bank credit.—Excess reserves of member sumption of about 670,000,000 bushels. Pro- banks declined by about $230,000,000 in the duction estimates for most other major crops five weeks ending August 17 to a total of were slightly under the large harvests of a $2,930,000,000, following a steady growth year ago. Preliminary estimates by the De- from the middle of April to a peak on July 13. partment of Agriculture indicate that cash farm income, including Government pay- EXCESS RESERVES OF MEMBER BANKS ments, will total $7,500,000,000 for the cal- BILLIONS OF DOLLARS endar year 1938, a decline of 12 percent from last year, which was the highest since 1929. Distribution.—In July department store sales declined by less than the usual seasonal amount, while sales at variety stores and mailorder houses decreased seasonally. Retail sales of automobiles increased somewhat, although there is ordinarily a decline in July. In the first half of August sales at department stores showed less than the usual seasonal rise. Freight-car loadings increased from June Wednesday figures of estimated excess reserves for all member banks and for selected New York City banks, January 3, 1934, to to July, reflecting chiefly larger shipments of August 24, 1938. grain, coal, and miscellaneous freight. The decline in reserves was largely the result Commodity prices.—Prices of grains, cotof an increase in Treasury deposits with ton, livestock, and meats were lower in the the Reserve banks, reflecting receipts from weekly Treasury bill offerings in excess of WHOLESALE PRICES CENT maturities and a sale of Reconstruction Fi- 110 nance Corporation notes. Most of the decrease in excess reserves was at city banks. Following substantial declines since the 4_ j 90 autumn of last year, commercial loans and brokers' loans at reporting member banks in 101 leading cities increased somewhat during the first half of August. Member banks in leading cities added about $170,000,000 to their holdings of investments in the middle of July, mainly United States Government guaranteed obligations, but thereafter their Indexes compiled by United States Bureau of Labor Statistics, holdings showed little change. 1926 = 100. By weeks, January 6, 1934, to Aug. 20, 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 14 14 13 13 12 12 11 11 10 10 9 9 8 8 7 7 MONEY IN CIRCULATION^ ^ „. ^ 6 6 TREASURY CASH 2 RESERVE BANK ;...—••***" 2 CREDIT K i TREASURY DEPOSITS 1 A— AT F. R. BANKS — 1 f v i 0 0 1934 1935 1936 1937 1938 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 Latest figures for August 24. See table on page T<2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 761 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 Annual averages July June May July June May 1936 1935 1934 1929 RESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,478 2,577 2,554 2,481 2,475 2,502 2,429 1,459 Bills discounted _. 6 16 14 6 7 36 283 952 Bills bought _ 3 5 3 4 5 25 83 241 U. S. Government securities 2,430 2,526 2,540 2,430 2,431 2,432 2,052 208 Monetary gold stock 10, 514 11, 901 12,162 10, 578 9,059 7,512 4,059 3,996 Treasury currency outstanding 2,492 2,546 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation. 6,062 6,426 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings. _. 2,579 3,069 3,225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 793 85 158 446 128 81 55 22 Nonmember deposits and other accounts 567 511 595 551 507 438 497 406 Member bank reserve balances: Total 5,484 6,932 6,830 5,989 5,001 3,676 2,343 2,358 Excess _ _ 2,593 927 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, 53020, 69620, 732 22, 21922. 330 22, 201 22,198 22,064 19,997 18, 67217,505 22, 599 Loans—total 8,213 8,384 8,430 9,743 9,697 9,523 9,546 8,462 8,028 8,491 9,156 16,887 Commercial, industrial and agricultural 3,878 3,953 4,085 4,397 4,303 0) 0) C1) 0) 0) (0 0) To brokers and dealers in securities 629 686 602 1,375 1,393 1,326 1,226 1,181 990 981 777 "2,208 Other loans for purchasing or carrying securities.. 577 582 589 706 717 0) 0) 0) 0) 0) 0) 0) All other loans 3,129 3,163 3,154 3,265 3,284 0) 0) (0 C1) C1) 0) 0) Investments—total 12,317 12, 31212,302 12,476 12, 63312, 678 12, 65213, 60211,969 10,181 8,349 5,712 U. S. Government direct obligations 7,703 7,864 7,980 8,268 8,355 8,320 8,394 9,080 7,989 6,856 5,228 2,865 Obligations fully guaranteed by U. S. Govt 1,567 1,453 1,354 1,170 1,160 1,163 1,164 1,250 928 e325 Other securities 3,047 2,995 2,968 3,038 3,118 3,195 3,094 3,272 3,052 3,000 3,121 2,847 Reserve with Federal Reserve banks 6,675 6,407 6,070 5,291 5,332 5,350 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault 403 398 384 312 315 338 337 383 326 271 240 248 Balances with domestic banks _. 2,435 2,406 2,296 1,771 1,761 1,790 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted 15,021 14,932 14, 579 14,984 15,300 15, 420 15,097 14, 61912, 729 0) 0) (0 Time deposits (excluding interbank;2 5,211 5,231 5,214 5,254 5,233 5,194 5,202 4,999 4,883 4,937 4,946 6,788 Deposits of domestic banks3 5,936 5,847 5,706 5,085 5,028 5,138 5,298 5,810 4,938 3,814 2,822 2,787 Borrowings _ 6 5 1 17 25 20 12 5 6 8 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; percent per annum Commercial paper _ _ .75 1.00 1.00 1.00 .95 .75 ,76 1.02 1.72 5.85 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.00 1.16 7.61 U. S. Treasury bills (91 days) .07 .05 .05 .36 .41 .28 .17 .17 .28 U. S. Treasury bonds, long term 2.34 2.31 2.30 2.59 2.64 2.67 2.57 2.47 2.70 3.10 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 3.22 r3.25 3.28 3.33 3.26 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total._ 465 506 217 340 560 266 323 518 392 180 89 959 New _ 390 '346 157 247 360 150 173 164 121 116 60 841 Refunding 75 160 60 93 200 116 150 354 270 64 29 118 Domestic corporate issues—total.. 181 ••295 62 138 418 170 198 382 189 41 32 781 New _. 129 ••200 36 81 269 78 99 99 34 15 13 667 Refunding 52 95 26 57 149 92 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926=100) 118 116 112 111 78 Wholesale commodity prices (1926=100): All commodities 87 81 95 Farm products 90 81 105 Foods 84 82 100 Other commodities 86 80 92 Retail food prices (1923-25=100) 87 82 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1928-25—100 Industrial production _. 114 114 118 110 105 119 Manufactures 114 114 118 109 105 119 Minerals 112 115 117 115 104 115 Construction contracts awarded—total.. 67 61 56 59 55 117 Residential ... 44 42 44 41 37 87 All other 86 77 66 74 70 142 Factory employment _. 103 101 102 92 105 Factory payrolls (unadjusted) 100 103 105 82 109 Freight-car loadings 80 78 80 75 107 Department store sales 94 93 93 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. *>228 233 257 265 290 279 205 190 178 140 437 General imports P141 146 148 285 257 202 171 138 121 367 p Preliminary. r Revised. «Partly estimated. 1 Figures not available. 2 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

762 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 LAW DEPARTMENT Limitation Upon Investment of Funds of a Trust in Principles of Trust Institutions", approved a Common Trust Fund by the Executive Council of the American The Board recently considered an inquiry Bankers Association in 1933, to the effect involving an interpretation of the following that the responsibility for the investment of provision of section 17 (c) (5) of Regula- trust funds should not be reposed in an intion F: dividual officer or employee, but all invest- "No funds of any trust shall be invested in ments should be made, retained, or sold only a participation in a Common Trust Fund if such upon the authority of a committee composed investment would result in such trust having an interest in the Common Trust Fund in excess of of capable and experienced officers or direc- 10 per cent of the value of the assets of the Com- tors of the institution. The Board stated that mon Trust Fund, as determined by the trust investment committee, or the sum of $25,000, the question whether or not a particular trust whichever is less at the time of investment." should be accepted by a bank is a matter of The Board stated that where the present such importance that it felt that this principle value of the units of participation in a com- of collective judgment should be applied in mon trust fund which are held by a trust is such a case as well as in the case of invest- $25,000 or more, the regulation does not per- ment of trust funds, and that if such collecmit the investment of additional funds of the tive judgment should not be exercised until trust in the common trust fund, although the after a new trust has been accepted it might amount of funds of the trust previously in- be embarrassing and in some instances imvested therein is less than $25,000. practicable for the bank to relinquish the trust. Approval of Acceptance of Trusts by National Bank As a matter of practical operation, atten- The Board recently considered an inquiry tion was called to the fact that the board of relating to the ruling published at page 440 of directors of a bank, if it so desires, may desigthe FEDERAL RESERVE BULLETIN for June nate a special committee for the purpose of 1938 to the effect that the directors or the passing on the acceptance of new trusts and appropriate committee of a national bank it is not necessary that such committee be must approve the acceptance of trusts by the composed of directors of the bank. In fact, bank prior to their acceptance rather than under the regulation, the committee may be subsequent thereto in order to comply with composed exclusively of capable and experithe following provision of section 6 (b) of the enced officers. Board's Regulation F: The Board stated that it considered it to be consistent with the provisions of the regula- "* * * The acceptance of all trusts shall be approved by the board of directors or a com- tion for a new trust to be accepted by a bank mittee appointed by such board, and the closing upon the written approval of a majority of out or relinquishment of all trusts shall be approved or ratified by the board of directors or the members of the appropriate committee a committee appointed by such board; and such without a meeting of the committee, procommittee or committees shall be composed of capable and experienced officers or directors of vided such action is promptly reported to the the bank. Any such approval or ratification committee and the report incorporated in its shall be recorded in the minutes of the board of directors or of such committee as the case minutes. It was stated that it was undermay be." stood, of course, that at the time the accept- In commenting upon the considerations ance is approved in writing all of the availwhich prompted the incorporation of the able members of the committee will be given above-quoted provision in the regulation, the an opportunity to pass on the acceptance. It Board noted that such provision conforms to was noted that the Board's position in this the principle contained in the "Statement of matter was similar to that taken in a ruling Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 763 published at page 391 of the FEDERAL RE- The Board expressed the view that the SERVE BULLETIN for May, 1937, with refer- transaction in question might properly be ence to the actions of the trust investment considered to consist of two parts, first, a committee provided for in section 6 (c) of the sale of securities and its completion by deregulation. livery of the securities, and second, a borrow- It was also noted that the Board had ruled ing of securities for the purpose of effecting that alternates might be appointed for mem- the delivery. It appeared that the method bers of the trust investment committee and of settlement was such that the acceptance that when the regulation was amended effec- by the buying member of the due bill was tive December 31, 1937, a footnote contain- in effect a loan of the securities for the puring the following statement was included: pose of completing delivery. It was under- "* * * alternates appointed by the board of stood that, as a practical matter, the buying directors may serve in place of regular mem- member's books often would not differentiate bers of the committee who are unable to between such a receipt of the due bill and serve on account of vacations, illness, or other the making of an ordinary loan of securities. good and sufficient reasons if the minutes of Section 6(h) of the regulation provides the committee show the reason for the serv- that: ice of such alternate in place of the regular "Without regard to the other provisions of member." The Board expressed the opinion this regulation, a creditor (1) may make a bona fide deposit of cash in order to borrow that the appointment of alternates may prop- securities (whether registered or unregistered) erly be made for the committee provided for for the purpose of making delivery of such securities in the case of short sales, failure to in section 6(b) in the circumstances de- receive securities he is required to deliver, or scribed in the language just quoted. other similar cases, and (2) may lend securities for such purpose against such a deposit." Settlement of Short Sale by Simultaneous Borrowing Accordingly, in the circumstances cited of Security the selling member need not deposit margin The Board recently considered a case in with the buying member and it is immaterial which a member of a national securities exwhether the sale is for the member's own change sold short on the exchange certain account or for the account of a customer. securities at a price of $1000. The buying member later agreed to accept a due bill for the securities and a check for $1000. Pur- Advance Made in Individual Capacity by Partner of Member Firm suant to the rules of the clearing house of Section 2(b) of Regulation T defines the the particular exchange, the selling member term "creditor" to include, among others, delivered the due bill and the check to the "any member of a national securities exclearing house, and the transaction was setchange." Section 3 (a) of the Securities tled. As a part of the settlement, the selling Exchange Act of 1934, as incorporated in member received payment for the sale in the Regulation T, provides in part that : usual manner. The Board was asked whether Regulation "The term 'member' when used with respect to an exchange * * * includes any firm trans- T would require the selling member to deacting a business as broker or dealer of which posit with the buying member the usual a member is a partner, and any partner of any such firm." margin on a $1000 short sale ($500 under present requirements). The question was In a case recently considered by the Board, raised both as to a short sale for the selling A and B were partners of a firm which was member's own account and a short sale for a member firm of a national securities exthe account of a customer of the selling change. Transactions in the account of C, member. a customer of the firm, on a given day created Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 an excess of the adjusted debit balance of the made by A, neither his nor B's capital or account over the maximum loan value of the drawing account would be altered. securities in the account, and, therefore, re- Inasmuch as partner A is clearly a "credquired the brokerage firm to obtain a deposit itor" within the meaning of that term as used of margin. The inquiry related to an ad- in Regulation T, it is clear that such an advance of cash which A, in his individual vance which he might make to C would be capacity, proposed to make to C in the amount subject to the usual margin requirements of of the required margin. If the advance were the regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

765 SEPTEMBER 1938 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, JUNE 30, 1933, TO JUNE 30, 1938 [Amounts in thousands of dollars] 1933 1 1934 1935 1936 1937 1938 1938 June 30 June 30 June 29 June 30 June 30 March 7 June 30 ASSETS Loans (including overdrafts) 12, 858,099 12, 522,980 11,927,966 12, 541,845 14, 284,875 13,546, 245 12, 937,600 United States Government direct obligations 6,887,123 9,136,684 9,871,126 11, 721,475 10,870, 404 10,625,221 10,215,007 Securities fully guaranteed by United States Government 276,144 1, 558,381 1,950,457 1,818, 530 1,826,966 2,127, 964 Other securities 5,041,149 5,239,031 5,427,145 6,045,033 5, 764,752 5, 522, 737 5,439, 938 Total loans and investments 24, 786,371 27,174,839 28, 784,618 32,258,810 32,738,561 31,521,169 30,720,509 Customers' liability on account of acceptances 424, 263 252,916 157, 751 156,954 187,143 134,473 109,083 Banking house, furniture, and fixtures 982,036 997,817 994,921 980,375 971,875 966,978 Other real estate owned 227,074 286,348 339,086 379,457 353, 714 341,875 336,819 Reserve with Federal Reserve banks 2, 235,179 3,819,410 4,933, 277 5, 607,119 6, 896, 663 7,248,811 8,004,090 Cash in vault 404,502 472,643 537,010 713,421 629,305 603, 541 712,030 Balances with private banks and American branches of foreign banks () () () 34,463 25,371 29,110 36,194 Demand balances with banks in New York City 826,636 1,116,655 1, 379,856 1,607, 991 1, 201, 514 1,377,425 1, 680,647 Demand balances with other domestic banks 1,181, 582 1, 549,622 1,905, 547 2,184,747 1,898,657 2,084,157 2, 292,148 Time balances with other domestic banks (2) 94,009 110, 700 116,311 81,432 70,416 74, 682 Balances with banks in foreign countries. 108,070 140,680 71, 244 51, 698 51,977 81, 737 116,236 Due from own foreign branches 106,041 91,926 2,502 4,592 2,326 1,830 C C a a s s h h i i t t e em m s s n in o t p r i o n c p e r s o s c o e f s s c o o l f l e c c o ti l o le n ction 1,485,343 1,056,779 1,18 1 3 0 , , 3 9 7 58 3 \ / 2,14 1 7 1 , , 4 0 9 2 3 7 2, 2 1 0 1 0 , , 1 8 1 2 4 9 1, 40 7 6 , , 1 7 7 9 10 1,89 1 9 0 , , 3 0 7 51 1 Redemption fund and due from United States Treasurer.. 37,261 36,249 Acceptances of other banks and bills sold with endorse- 11,842 ment 7,948 1,920 6,042 10,340 16,312 39,036 25,189 Securities borrowed 6,654 2,524 918 555 345 943 895 Other assets 227, 820 290,474 293,777 256,178 190, 709 244,090 182,009 Total assets.. 33,046, 780 37,384,811 40, 724,644 46,533,987 47, 468, 613 46,164,873 47,168,761 LIABILITIES Demand deposits—Total 17,583,067 21,201,214 24, 743,783 29, 918, 691 30,142,898 28,652,321 29,752,261 Individuals, partnerships, and corporations 11, 830, 246 13, 348,724 16, 206,243 19,321,998 20, 272,432 19,116,334 19,816,196 United States Government 806,297 1,657,793 778,716 1,036, 575 628,125 752,141 542,852 States, counties, and municipalities.. 1,087,329 1, 597,870 2,090,608 2,320,453 2, 577,445 2, 236, 537 2,313,673 Banks in United States _ 3,056, 527 4,070,319 4,978, 426 5, 985,886 5, 298,023 5, 614, 646 6,096,156 Banks in foreign countries _ 145, 750 154,842 273,179 464,642 615, 278 366, 265 321,141 Certified and officers' checks, cash letters of credit and travelers' checks, etc 656, 918 371,666 416, 611 789,137 751, 595 566,398 662, 243 Time deposits—Total 8, 980, 860 9, 811,153 10,194,344 10, 786,873 11,347,148 11,594,357 11,556, 057 Individuals, partnerships, and corporations: Evidenced by savings pass books... 6,127, 412 7,168,239 7,985, 646 8, 565, 632 9, 244, 567 9,476, 590 9,458,043 Certificates of deposit 1,037, 747 930, 705 868, 780 843, 255 757, 618 739, 211 744, 215 Open accounts s 578,812 4 604,845 542, 607 613,013 724,104 573,094 578,444 Christmas savings and similar accounts 58,656 59,449 64,733 77, 295 91, 593 56, 278 93,281 Postal savings 788,492 585,027 306, 603 152,234 99,736 89, 588 82,859 States, counties, and municipalities 299, 659 332,674 285,076 377,998 292,280 512,129 453,878 Banks in United States 122,078 135, 750 151, 248 123, 208 136, 666 135, 379 Banks in foreign countries 8,136 5,149 6,198 14,042 10,801 9,958 Total deposits . 26,563, 927 31, 012,367 34,938,127 40,705,564 41,490,046 40,246,678 41,308,318 N Se o c t u s re e d cu b re y d p b le y d g p e le d o g f e lo o a f n s lo a a n n d s / a o n r d i / n o v r e i s n tm ve e s n t t m s ents. _. () 2 3 7 , ,1 8 8 2 8 4 , , 2 1 3 3 0 7 31 3 , , 0 8 8 5 3 4 , , 5 5 9 3 5 2 37 3 , , 4 2 3 7 2 2 , , 8 7 2 4 2 2 38 2, , 4 9 9 9 5 4 , , 1 8 6 8 0 6 37 2 , , 2 9 7 7 6 0, , 1 4 8 9 0 8 38 2 , , 7 5 4 5 9 8 , , 7 5 3 8 0 8 Due to own foreign branches 23,529 4,241 101,159 143,498 129, 332 102, 541 National bank notes outstanding 727,110 694,790 222, 045 Agreements to repurchase securities sold 14, 244 5,314 7,409 13, 697 1,197 4,947 595 Bills payable and rediscounts 191, 228 34,840 8,867 5,850 16,194 27, 919 11, 203 Acceptances of other banks and bills sold with endorse- 7,948 1,920 6,042 10,340 16, 312 39,036 25,189 ment 434, 997 266,646 160, 219 151,155 185, 650 132, 758 106, 786 Acceptances executed for customers 7,302 11,352 14, 350 27,066 26,149 12, 473 13,374 Acceptances executed by other banks for reporting banks.. 6,654 2,524 918 555 345 943 895 Securities borrowed 67,111 70, 759 80,105 87, 381 93, 062 81, 582 Interest, taxes, and other expenses accrued and unpaid... Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures. () () 36, 276 43,999 44,099 17,762 43, 009 Other liabilities 165,648 179, 375 142, 635 159,130 118,947 108,116 107, 720 Capital notes and debentures 154,839 117, 332 106, 844 62,453 51, 274 50, 742 Capital stock 2, 220, 330 2,497,343 2, 565, 987 2, 460, 353 2, 381, 796 2, 375, 784 2, 378,664 Surplus 1,847, 462 1, 690, 560 1, 647,024 1, 806, 516 1,971, 464 2,020, 279 2,035,073 Undivided profits—net 373, 258 387, 228 436,366 520, 283 587, 495 611, 508 616,062 Reserves for contingencies 396, 032 374, 257 319, 648 276,927 268, 214 Retirement fund for preferred stock and capital notes and 343, 528 331, 310 debentures 697 15,939 16, 075 18, 794 3,389 10, 061 Total liabilities (including capital account) 33, 046, 780 37,384,811 47, 468, 613 46,164, 873 47,168, 761 40, 724, 644 46,533, 987 Net demand deposits 14,156, 304 17, 066, 519 21,045, 206 23, 985, 757 24,844,886 23, 789, 968 23, 990,173 Demand deposits—adjusted6 12, 089,150 14, 261, 481 17, 530, 089 20, 284,095 21,400,662 20, 512, 559 20, 892, 741 Number of banks 5,606 6,375 6,410 6,400 6,357 6,335 6,338 1 Beginning with 1933, figures relate to licensed banks only. 2 Included in "Other Assets." s Includes $33,418,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 4 Includes $14,473,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 6 Not reported separately. 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 ALL MEMBER BANKS—CONDITION ON JUNE 30, 1938, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er m n b a e t a A m i n o ll k b n s e a r l m b e S a t A m n l a b l t k e e s r Ce m nt e r m al b r e e r s e b r a v n e k c s ity m R b e e c a s m i n e ty k b rv s e e r C m b o e a u m n n k b t s r e y r New York Chicago ASSETS Loans (including overdrafts) _ 12,937, 600 8,316,371 4, 621, 229 3,172,318 525,136 4,852.511 4,387,635 United States Government direct obligations 10, 215, 007 6, 495, 419 3, 719, 588 3, 030, 620 859, 269 3,940,008 2,385,110 Securities fully guaranteed by United States Government. 2,127, 964 1, 477, 358 650, 606 708, 928 121, 602 718,167 579,267 Other securities 5, 439, 938 3, 644, 870 1, 795, 068 1,100,851 299, 743 1,639, 334 2, 400,010 Total loans and investments 30, 720,509 19, 934, 018 10, 786, 491 8, 012, 717 , 805, 750 11.150, 020 9, 752, 022 Customers' liability on account of acceptances 109,083 54, 610 54, 473 83, 529 3,167 20, 703 1,684 Banking house, furniture, and fixtures 966, 978 627, 679 339, 299 223, 384 21, 451 337,087 385,056 Other real estate owned 336, 819 153,948 182,871 32,028 6,140 126,007 172, 644 Reserve with Federal Reserve banks 8. 004,090 4, 618.177 3, 385, 913 3, 516, 659 935, 501 2288, 769 1, 263,161 Cash in vault 712, 030 524, 513 187, 517 64, 614 30, 893 300, 089 316, 434 Balances with private banks and American branches of foreign banks 36,194 23, 577 12,617 1,736 7,346 23, 981 3,131 Demand balances with banks in New York City 1, 680, 647 1,254,438 426, 209 70, 738 152,898 890, 257 566, 754 Demand balances with other domestic banks 2, 292,148 1, 799, 809 492, 339 46, 682 46, 280 1010, 260 1, 188, 926 Time balances with other domestic banks 74, 682 60, 968 13,714 37 1, 285 26, 376 46, 984 Balances with banks in foreign countries 116,236 49, 294 66, 942 89. 753 2,304 18, 480 5,699 Due from own foreign branches 1,830 954 876 876 954 Cash items in process of collection _ 1,899,371 1,107,071 792, 300 841, 960 106, 306 692. 661 258, 444 Cash items not in process of collection 10,051 7,209 2,842 715 106 4. 625 4, 605 Acceptances of other banks and bills sold with endorse- 25. 189 9, 522 15, 667 23, 725 34 1. 118 312 ment -.. Securities borrowed _._ 895 203 692 600 OQn Other assets.. 182, 009 100,666 81, 343 60,110 15, 906 63. 78S 42, 205 Total assets.. 47,168. 761 30,326, 656 16. 842,105 13. 069. 863 3.135. 367 16. 955.175 14. 008, 356 LIABILITIES Demand deposits—Total 29, 752, 261 18, 703, 422 11, 048, 839 10, 459, 442 2, 409, 573 10, 436, 847 6, 446, 399 Individuals, partnerships, and corporations 19, 816,196 12, 120, 304 7, 695, 892 6, 899, 682 1, 385, 644 6, 668,189 4, 862, 681 United States Government 542, 852 391, 559 151, 293 122, 588 86, 494 265, 987 67, 783 States, counties, and municipalities 2,313,673 1, 746, 541 567,132 273,436 220, 534 812,028 1,007, 675 Banks in United States _ 6,096,156 3, 951, 581 2, 144, 575 2, 513, 757 687, 754 2, 514, 376 380, 269 Banks in foreign countries 321, 141 150,137 171, 004 283, 299 6,379 29, 878 1,585 Certified and officers' checks, cash letters of credit and travelers' checks, etc ___ 662, 243 343, 300 318, 943 366, 680 22, 768 146,389 126, 406 Time deposits—Total 11, 556, 057 8, 059, 377 3, 496, 680 732, 987 459,436 4, 646,681 5, 716, 953 Individuals, partnerships, and corporations: Evidenced by savings pass books 9, 458, 043 6, 618, 863 2, 839,180 407,165 394, 338 3, 768, 415 4,888,125 Certificates of deposit— 744, 215 581, 595 162, 620 32, 360 14, 874 200, 474 496, 507 Open accounts 578. 444 258, 859 319, 585 248,631 33, 059 237,160 59, 594 Christmas savings and similar accounts 93, 281 65, 585 27, 696 5, 386 717 31,956 55, 222 Postal savings 82, 859 72, 438 10,421 31, 294 51, 565 States, counties, and municipalities 453, 878 353, 865 100,013 31, 657 16, 354 261, 559 144, 308 Banks in United States 135, 379 100, 494 34, 885 160 94 113,493 21, 632 Banks in foreign countries 9,958 7, 678 2,280 7,628 2, 330 Total deposits 41,308,318 26,762, 799 14, 545, 519 11,192, 429 2, 869,009 15, 083, 528 12,163, 352 Secured by pledge of loans and/or investments 2,749,730 2,121, 251 628, 479 267, 327 262, 332 1. 337, 450 882, 621 Not secured by pledge of loans and/or investments. _. 38,558,588 24,641, 548 13.917,040 10, 925, 102 2, 606. 677 13, 746,078 11.280,731 Due to own foreign branches 102, 541 96, 807 5, 734 Agreements to repurchase securities sold 595 560 35 35 560 A Bi c l c ls e p p t a a y n a ce b s le o a f n o d t h re e d r is b c a o n u k n s t s and bills sold with endorse- 11,203 9, 020 2,183 195 11,008 ment 25, 189 9, 522 15, 667 23, 725 34 1,118 312 Acceptances executed for customers 106, 786 53, 696 53, 090 84, 075 2,458 18. 789 1,464 Acceptances executed by other banks for reporting banks.. 13.374 7,248 6,126 8,024 880 4,245 225 Securities borrowed 895 203 692 600 295 Interest, taxes, and other expenses accrued and unpaid._. 81,582 49, 083 32, 499 18,185 7,427 36, 944 19,026 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 43, 009 27, 778 15, 231 15, 579 2,485 15, 659 9,286 Other liabilities 107, 720 43, 372 64, 348 37, 337 3,583 41, 642 25,158 Capital notes and debentures ___ _ 50, 742 50, 742 558 27, 211 22, 973 Capital stock _ ._ __. 2, 378, 664 1, 569,125 809, 539 561, 985 126, 500 770, 640 919, 539 Surplus 2,035,073 1, 116,291 918, 782 801, 216 67,150 625, 557 541,150 Undivided profits—net 616, 062 408, 894 207,168 159, 700 22, 376 216, 682 217, 304 Reserves for contingencies 268, 214 109, 980 63,791 33, 464 107, 5.50 63, 409 Retirement fund for preferred stock and capital notes and 158, 234 debentures 18, 794 4,770 118 1 5,380 13, 295 14, 024 Total liabilities (including capital account) 47,168, 761 16,842,105 13, 069, 863 3,135, 367 16, 955,175 14, 008,356 30, 326, 656 N De e m t d a e n m d a d n e d p o d s e it p s o — si a ts djusted1 2 2 3 0 , , 8 89 9 2 0 , , 1 7 7 4 3 1 1 1 4 3 , , 1 5 0 4 3 6 , , 0 3 7 9 4 5 9 7 , , 3 7 4 8 3 9 , , 7 6 7 6 8 7 9 6, , 6 5 9 0 7 0 , , 0 8 6 3 2 8 2 1 , , 1 5 0 2 4 2 , , 6 3 4 5 0 1 7 6 . , 8 93 4 3 7, . 2 9 2 4 1 5 4 5 , , 4 7 3 3 8 8 , , 3 5 1 3 8 9 Number of banks 6,338 5,242 1,096 36 13 343 5,946 1 See footnote on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 767 NUMBER OF BANKS AND BRANCHES,1 1933-1938 Member Nonmember Member Nonmember banks banksl banks banks 1 Total Total ti N on a a - l State su In re - d in N su o r t ed ti N on a- al State su I r n e - d in N su o r t ed Number of Banking Number of Banks Offices (Head Offices)—Continued December 31, 1933 17,140 6,275 1,817 2 9,048 December 31, 1936 14,968 5,325 1,051 7,588 1,004 December 31, 1934 . 18, 252 6,705 1,961 4 9,586 June 30, 1937 14, 862 5,293 1,064 7,522 983 December 31, 1935 18,312 6,715 1,953 8,556 1,088 December 31, 1937 14, 740 5, 260 1,081 7,449 950 December 31, 1936 18, 234 6,723 2,032 8,436 1,043 June 30, 1938 _ „ 14, 646 5,242 1,096 7,382 926 June 30, 1937 _ _ 18,191 6,724 2,052 8,393 1,022 December 31, 1937 18,147 6,745 2.075 8,340 987 Number of Branches 3 June 30, 1938 18,076 6,737 2,089 8,287 963 December 31, 1933 2,788 1,121 960 2707 Number of Banks December 31, 1934 3,009 1,243 981 i 785 (Head Offices) December 31, 1935 3,151 1,329 952 828 42 December 31, 1936 . . 3,266 1,398 981 848 39 December 31, 1933 14, 352 5,154 857 2 8,341 June 30, 1937 3,329 1,431 988 871 39 December 31, 1934 15, 243 5,462 980 7,693 1,108 December 31, 1937 3,407 1,485 994 891 37 December 31, 1935 ... __ 15,161 5,386 1,001 7,728 1,046 June 30, 1938 3,430 1,495 993 905 37 i 1 Exclusive of mutual savings and private banks. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Includes branches of Morris Plan and industrial banks, as follows: Nonmember banks, 36 in 1933 and 36 in 1934; insured nonmember banks, 35 in 1935, 35 in 1936, and 38 in 1937; not insured nonmember banks, 3 in 1935, 3 in 1936, 2 in 1937, and 2 in 1938. Such branches heretofore have not been included in statistics on branches published by the Board. 4 Separate figures not available for branches of insured and not insured banks. ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES, JANUARY 1 - JUNE 30, 1938 (Figures are preliminary) Member Non- Nonbanks m ba e n m k b s e 1 r M b e a m nk b s er m b e a m nk b s e ! r Total Total ti N on a- al State su In re - d s N u in r o e - t d ti N on a a - l State su In r - ed s N u in r o e - t d Analysis of Bank Changes Analysis of Branch Changes Number of banks on December 31, Number of branches on December 1937- . . __ - 14, 740 5,260 1,081 7,449 950 31, 1937 - . 3,407 1,485 994 891 37 Increases in number of banks: Increases in number of branches: Primary organizations (new banks)2 +18 +13 +5j De novo branches.- __. _ _ +25 +3 +4 + 18 Reopenings of suspended banks. _. +2 +1 +1 I Banks converted into branches... +26 +12 + 13 + 1 Conversions of private banks into 1 State banks _ +2 +2 Decreases in number of branches: Voluntary liquidations of parent De V S c u r o e s l p a u s e n e n t s a s i r i o y n n s l n i u q m ui b da er ti o o n f s b 3 anks: - -3 3 0 2 — 2 2 - - 2 1 8 9 - — 3 9 i I Ot b h a e n rw ks ise discontinued. . _ -1 o~ - — 1 4 -13 — 9 -1 Consolidations, absorptions, etc -54 -12 — 4 -34 -4 Inter-class branch changes: Branches of nonmember banks Inter-class bank changes: which became branches of Conversions— State member banks +2 State into national _- +4 -3 — 1 Federal Reserve membership4 Fe N de a r t a io l n R al e s i e n r t v o e s m ta e te mbership4 -j-7 By admissions of parent banks „__„ +6 — 6 Admissions of State banks +22 -21 — 1 Net increase or decrease in Withdrawals of State banks — 1 + 1 • number of branches +23 + 10 ^ + 14 Federal deposit insurance5 Admissions of State banks + 14 -14 Withdrawals of State banks 9 +2 Net increase or decrease in number of banks -94 -18 +15 -67 -24 Number of branches on June 30, Number of banks on June 30, 1938 14, 646 5,242 1,096 7,382 926 1938 3,430 1,495 993 905 37 3 Exclusive of mutual savings and private banks. 2 Exclusive of new banks organized to succeed operating banks. 3 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 4 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 5 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. Back figures.—See Annual Report for 1937 (tables 72 and 73), and BULLETIN for November 1937, pp. 1084-1122. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 CUBAN CURRENCY LEGISLATION A series of measures affecting the currency remainder will be kept as a special fund have been enacted in Cuba in recent months. which may be drawn upon for the following Provision has been made to coin additional purposes: appropriations specified in the ansilver pesos and to issue further silver cer- nual budget; monthly Government expenses tificates; banks operating in Cuba are re- of an emergency character; expenditures quired to give as favorable treatment to ac- authorized by laws of Congress for purposes counts and transactions in Cuban currency of public welfare and administration. Other as to those in United States and other foreign items chargeable against the seigniorage are currencies; and banks operating in Cuba are 1,000,000 pesos for urgent needs under the required to maintain a portion of their re- budget of 1937-38. serves in Cuban currency. A brief resume Two executive decrees issued subsequent of these measures is given below. to the above-mentioned law are designed to A law of June 23, 1938, provides for themaintain the value of the Cuban currency. coinage of 20,000,000 silver coins of one peso, Decree No. 1327 of June 28,1938, calls attenwhich will bring the total of such coins tion to Article No. 180 of the Code of Comminted since 1932 to 79,600,000 pesos. An merce, which directs that banks shall keep earlier issue of 2,800,000 pesos of such coins in their vaults cash equal to at least 25 perwas minted during 1915-16 following the cent of their deposits and current accounts, enactment of the National Monetary Law ofand provides as follows: October 29, 1914. Nickel coin in small de- "1. Deposits shall be considered to be: deposits nominations to the amount of 20,000 pesos in current and savings account; certificates of will also be minted under the present law. deposit; certified checks; officers' checks; letters of credit issued; and all other deposits of money, The law further provides for the manufac- securities, or bills which can be used by banks in their active operations. ture of 37,000,000 pesos of silver certificates "2. The total amount of the deposits shall be of various denominations. Five million pesos ascertained by adding together all obligations of this amount are set aside for replacement detailed in the preceding section and deducting from such sum the amounts receivable on deof worn or mutilated notes when required. mand which each bank may have in other bank- Of the remainder, 20,000,000 pesos are in- ing institutions located in Cuba. Overdrafts shall be considered as credits in favor of the tended to be placed in circulation against the respective banks and, consequently, shall not be corresponding amount of new silver pesos deducted from deposits. "3. The Secretary of the Treasury shall deterreferred to above, which will be held in vault mine, periodically, and after considering the as reserve. The remaining 12,000,000 pesos needs of the market, the proportion in which each of the various classes of currency shall of certificates will be used to replace in circucompose the reserve referred to in Article 180 lation an equal amount of silver coin issued of the Code of Commerce. before 1934. The present law increases the "4. The Secretary of the Treasury shall adopt such measures as are necessary to exact of the authorized circulation of silver certificates to banking institutions which operate in Cuba com- 82,000,000 pesos. The first of the issues, pliance with the provisions of this Decree, to which end he shall order made immediately by which occurred in 1934, is described in the the Bureau of General Inspection of Banks of FEDERAL RESERVE BULLETIN for July 1934, the General Accounting Office audits, inspections, and other verifications conducive to this p. 468. objective." Profits arising from the seigniorage on the In accordance with Section 3, the Secretary silver peso issue will be used in part to meet of the Treasury promulgated a Treasury the expenses incurred under the new law, in- Resolution on August 2, 1938, requiring cluding minting, engraving and printing, and banks to maintain at least 75 percent of the the construction of a vault for storage of reserve mentioned in Article 180 of the Code silver pesos in custody of the Treasury. The of Commerce in Cuban national currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 769 Decree No. 1418 of July 12, 1938, requires established in Cuba are required to submit banks operating in Cuba to accord as favor- daily reports of the transactions of the previable treatment to accounts and transactions ous day indicating: in Cuban currency as to those in United "(1) The aggregate deposits according to States and other foreign currencies. The what is established in Section Two of Decree Cuban Government, local governments, and No. 1327, of June 28, 1938, indicating the kind of currency in which said transactions have official institutions are forbidden to make de- been effected. posits in banks which fail to comply with the "(2) Cash on hand, indicating the kind of currency. above requirements. In order to implement "(3) Items subject to call on that day, also the carrying out of Decree No. 1327, banks indicating the kind of currency." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treas- reserve balances Date o B u d i i n l s l t - s ed bo B u il g ls ht s U G m e e c . r o e u n v n S r - - t i . - R O c b e r a s t e h n e d e r k i v r t1 e Total M s g t t a o o o r n l c y d k e- s r t o e c u i a n u n u r n y g r c t d - - y - i r c n C e t u i n u o l c c a n r i y - r - - T h c i u r o n a e r l g s a y d h s s - - T d R F b e r e w e e p a d s a n i o e e t s s k h r r u i v s a t r e l s y b p m N e o r e o s m d n it e - s - - R c O e F o e a s t u e r c h e a d n - r e l - t v r s e Total E m ( x e a c s t e t e i s d - s ) ties End of -nonth figures- 1937 -June 30 10 4 2,526 22 2,562 12,318 2,550 6,447 3,445 93 285 260 6,900 865 July 31 15 3 2,526 30 2,574 12,446 2,572 6,460 3,586 233 301 258 6,753 791 Aug 31 22 3 2,526 26 2,577 12,567 2,585 6,524 3,720 139 337 257 6,751 773 Sept 30.... 22 3 2,52fi 28 2,579 12,741 2,599 6,542 3,582 141 374 265 7,014 1,038 Oct 30 21 3 2,526 30 2,580 12,803 2,609 6,555 3,661 114 472 263 6,928 1,055 Nov 30—. 17 3 2,564 23 2,606 12, 774 2,621 6,561 3,631 121 465 261 6,962 1,169 Dec 31 10 1 2,564 38 2,612 12, 760 2,637 6,550 3,619 142 407 263 7,027 1,212 1938—Jan. 31 12 1 2,564 16 2,593 12,756 2,655 6,320 3,648 150 388 260 7, 237 1,383 Feb 28 10 1 2,564 15 2,590 12, 776 2,668 6,334 3,594 180 423 257 7, 248 1* 415 Mar. 31 13 1 2,580 17 2,611 12, 795 2,679 6,355 3,550 316 315 262 7,287 1,546 Apr. 30 9 1 2,564 21 2,594 12,869 2,690 6,397 2,195 1,320 355 263 7,623 *2, 548 May 31 9 1 2,564 9 2,582 12,919 2,702 6,467 2,263 1,157 390 261 7,665 2,568 June 30 8 1 2, 564 23 2,596 12,963 2,713 6,461 2,303 860 363 261 8.024 2,875 July 31 7 1 2,564 18 2,589 13,017 2,721 6,452 2,348 721 384 257 8,164 3,022 Wednesday figures* 1937—Sept. 1 24 3 2, 526 26 2,579 12, 567 2, 585 6,532 3,719 156 337 256 6,731 750 ^ept 8 24 3 2,526 20 2,572 12,604 2,587 6,597 3,756 130 314 257 6,710 766 Sept 15.. 23 3 2,526 46 2,598 12, 651 2,590 6,554 3,495 348 313 266 e!86P 880 Sept 22 24 3 2,626 24 2,578 12,694 2,593 6,529 3,537 193 362 266 6,977 1,020 Sept 29, 24 3 2,626 20 2,573 12, 734 2,596 6,520 3,575 140 369 266 7,033 1,062 Oct 6 23 3 2,526 31 2,583 12, 765 2,596 6,569 3,610 76 421 265 7,003 1,090 Oct 13 23 3 2.526 6 2,558 12, 784 2,601 6,585 3,634 83 458 264 6,919 992 Oct 20.._ 18 3 2,526 17 2,565 12,793 2,605 6,546 3,654 82 479 264 6,939 1,021 Oct 27 23 3 2,526 17 2,570 12,801 2,607 6,519 3,666 94 485 264 6,951 1,073 Nov. 3 24 3 2,526 6 2,559 12,804 2,608 6,565 3,662 111 482 263 6,889 1,046 Nov 10... 21 3 2,537 15 2,576 12, 789 2,611 6,564 3,648 139 483 263 6^879 1,066 Nov 17 19 3 2,555 14 2,590 12, 789 2,611 6,534 3,633 135 503 262 6,922 1,100 Nov 24.. 16 3 2,564 13 2,596 12,774 2,619 6,654 3,626 113 485 261 6,949 1,138 Dec. 1. 17 3 2,564 18 2,603 12,774 2,621 6,568 3,627 177 459 261 6,906 1,110 Dec. 8 17 3 2,564 27 2,612 12,764 2,623 6,691 3,622 242 446 262 6,836 1,062 Dec. 15 16 3 2,564 48 2.631 12.765 2,625 6,596 3,620 232 419 270 6,884 1,057 Dec. 22 ... 16 3 2,564 75 2,658 12,765 2,630 6,681 3,625 153 470 269 6,855 1,007 Dec. 29 13 3 2,564 22 2,602 12,760 2,634 6,571 3,620 140 413 269 6,983 1,157 1938- Jan 5 11 1 2,564 27 2,603 12,755 2,639 6,510 3,622 127 404 262 7 071 1,267 Jan.12 11 1 2,564 24 2,599 12,755 2,640 6,395 3,628 115 401 262 7^193 1*386 Jan 19 _ . 11 1 2,564 35 2,610 12,755 2,639 6,346 3,621 135 418 264 7 219 1 371 Jan. 26 11 1 2,564 18 2,594 12, 755 2,654 6,294 3,642 117 393 261 7! 296 1,440 Feb. 2 ... 11 1 2,564 18 2,594 12,755 2,657 6,323 3,648 143 383 260 7,249 1,385 Feb 9 . 11 1 2,564 18 2,594 12,756 2,661 6,306 3,650 156 434 259 7,205 1,386 Feb. 16 10 1 2,564 26 2,600 12, 781 2,662 6,302 3,626 187 454 258 7,216 1,364 Feb 23- 10 1 2,564 16 2,591 12,784 2,665 6,324 3,620 155 443 258 7.240 1,412 Mar. 2 10 1 2,564 12 2,563 12, 767 2,669 6,343 3,579 185 421 256 7,215 1,391 Mar 9 8 1 2,564 21 2,594 12, 768 2,670 6,334 3,562 181 389 256 7, 311 1,467 Mar 16 8 1 2,564 35 2,608 12, 778 2,672 6,328 3,550 264 325 264 7,328 1,460 Mar 23 10 1 2,564 18 2,592 12, 781 2,674 6,325 3,545 270 312 263 7,333 1,559 Mar. 30 12 1 2,564 10 2,587 12, 794 2,680 6,329 3,551 292 315 263 7,312 1,560 Apr. 6_ __ 11 1 2,564 20 2,596 12,803 2,682 6,394 3,554 244 334 259 7,296 1,575 Apr. 13 13 1 2,564 25 2,602 12,825 2,683 6,380 3,542 141 317 258 7,472 1,727 Apr. 20-__-_ 10 1 2,564 9 2,583 12,841 2,688 6,361 2,164 1,428 349 263 7 547 •2,492 Apr. 27 8 1 2,564 13 2,586 12,860 2,690 6,355 2,192 1,321 ?43 264 7,661 2,579 May 4 8 1 2,564 16 2,589 12,870 2,693 6,407 2,196 1,429 353 263 7,504 2,442 May 11 8 1 2,564 16 2,589 12,880 2,695 6,396 2,215 1,361 370 262 7,560 2,483 May 18 8 1 2,564 17 2,589 12,892 2,697 6,402 2,226 1,283 383 261 7,622 2,555 May 25 9 1 2,564 10 2,583 12,905 2,701 6,393 2,248 1,183 387 261 7,716 2,632 June 1 8 1 2,564 20 2,593 12, 918 2,703 6,469 2, 254 1,093 393 260 7 745 2 640 June 8 9 1 2,564 9 2,582 12, 940 2,703 6,437 2,277 1,005 399 261 7, 848 2, 711 June 15 9 1 2,564 24 2,598 12,950 2,707 6,420 2,289 935 438 267 7,904 2,726 June 22 10 1 2,564 17 2,591 12,957 2,710 6,402 2,293 929 445 267 7,922 2,782 June 29 10 1 2,564 16 2,590 12,962 2,712 6,428 2,299 864 366 266 8,041 2,900 July 6 8 1 2,564 30 2,603 12,967 2,715 6,514 2,303 770 363 261 8,074 2,985 July 13 9 1 2,564 22 2,596 12,979 2,716 6,444 2,315 628 372 261 8,273 3,153 July 20 8 1 2,564 13 2,585 12, 989 2,717 6,433 2,321 724 353 259 8.202 3,039 July 27 7 1 2,564 11 2,583 13,002 2,719 6,416 2,328 732 383 258 8,188 3,036 Aug. 3 6 1 2,564 4 2,574 13,025 2,721 6,465 2,357 775 392 257 8,074 2,924 Aug. 10 7 1 2,564 11 2,582 13,033 2,723 6,466 2,367 839 365 256 8,046 2,920 Aug. 17 — 7 1 2,564 16 2,587 13,052 2,724 6,485 2,386 802 349 256 8,085 2,927 Aug. 24___. 7 1 2,564 8 2,579 13,079 2,727 6,470 2,417 771 315 256 8,156 2,975 1 Includes industrial advances VOTE - 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 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and vears are shown in rhp table on p. 761. * Reserve requirements reduced by approximately 13M percent effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEK FEDERAL RESERVE BULLETIN 773 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousandsof dollars] Wednesday figures End of month 1938 1938 1937 Aug. 24 Aug. 17 Aug. 10 Aug. 3 July 27 July 20 July 13 July 6 July June July ASSETS Gold certificates on hand and due from U. S. Treasury 10,632,41110,632,40710, 632, 90710, 632, 90410, 633,40010,633,42310, 634, 92210, 634,92710, 633, 40510, 635,928 8, 833, 900 Redemption fund—F. R. notes 9,112 9,112 8,680 9.437 9.098 9,996 9,884 9,884 8,937 9,388 9 284 Other cash _ __ .__ 396,893 390, 598 394,085 397,013 421,229 406, 959 401,129 374,414 406, 282 395,413 317,081 Total reserves 11,038,41611,032,11711,035,67211039,35411,063,72711,050,37811,045,93511,019,22511,048,62411,040, 729 9,160, 265 Bills discounted: For member banks 6,741 6,632 6, 874 6,466 7, 322 7,585 9, 266 7,958 7,127 8,214 14,989 For nonmember banks, etc. 1 Total bills discounted. 6,741 6, 632 6,874 6,466 7,322 7,585 9,266 7,958 7,127 8,214 14,990 Bills bought: Payable in dollars. 537 3 Payable in foreign currencies 540 540 539 539 540 540 537 539 537 3,074 Total bills bought 537 540 540 539 539 540 540 537 539 537 3,077 Industrial advances 15,852 15, 816 15, 965 15, 647 16,308 16,214 16, 274 16,361 15, 785 16, 521 21,163 U.S. Government securities: Bonds.. . .. 744,105 744,105 744,105 744,105 744,105 744,105 744,105 744,105 744,105 744,105 732, 508 Treasury notes 1,196,188 1,196,188 1,196,188 1196,188 1190,870 1,174,105 1,174,105 1,165,105 1,190,870 1,165,105 1,160, 713 Treasury bills 623, 722 623, 722 623, 722 623, 722 629,040 645, 805 645, 805 654, 805 629,040 654,805 632, 969 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, 564,015 2, 526.190 Other reserve bank credit.__ -8,434 204 -5,415 -12,384 -4,954 -3,138 6,270 14,126 1,752 6,239 8,608 Total reserve bank credit outstanding. _2, 578, 711 2,587, 207 2, 581,979 2 574,283 2 583, 230 2, 585, 216 2, 596, 365 2, 602,997 2, 589, 218 2, 595, 526 2, 574,028 LIABILITIES F. R. notes in actual circulation _ 4 144, 760 4,150,214 4,135, 656 4 138,706 4 109,643 4,124,138 4,134,161 4,174,869 4,135, 314 4,148, 537 4, 220,663 Deposits: Member bank—reserve account _ . 8 156,037 8,085,198 8,045, 525 8 074, 340 8 187, 723 8, 201,896 8,273,069 8,073,675 8,164,160 8,023, 527 6, 753,495 U. S. Treasury—general account _ _ 770, 784 802,104 838, 820 774,757 732, 462 723,989 627, 928 770,193 721,446 859,901 233,084 Foreign bank 119,166 115,867 117, 267 123, 956 125, 243 126, 908 128, 957 134, 865 123, 549 138,151 183, 496 Other deposits 195, 662 233,198 247, 425 267, 742 257,455 226, 518 242,816 227, 997 260, 841 225,109 117, 980 Total deposits 9241, 649 9,236,367 9, 249,037 9 240,795 9302,883 9, 279,311 9, 272, 770 9, 206, 730 9, 269, 996 9, 246, 688 7, 288,055 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 82.5 82.4 82.4 82.5 82.5 82.4 82.4 82.3 82.4 82.4 79.6 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a t y o s 60 61 d a to y s 90 m 91 o t o d n a t 6 h y s s 6 1 m t y o o e n a th r s 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: July 27 7,322 5,478 529 418 613 280 4 Aug. 3 6,466 4,916 255 426 628 236 5 Aug. 10 6,874 5,340 302 694 383 152 3 Aug. 17 6,632 5,031 325 743 411 121 1 Aug. 24 6,741 4,980 418 824 373 145 1 Bills bought in open market: July 27 539 307 105 90 37 Aug. 3 539 105 125 70 239 Aug. 10 540 201 137 202 Aug. 17 540 125 117 23 275 Aug. 24 537 137 118 282 Industrial advances: July 27 16, 308 1,728 47 380 ' 626 2,441 2,401 6,334 2,351 Aug.3 15, 647 1,123 193 469 730 2,185 3,127 5,494 2,326 Aug. 10 15, 965 1,046 249 614 569 2,298 3,038 5,511 2,640 Aug. 17 15,816 1,201 184 563 767 2,060 3,028 5,412 2,601 Aug. 24 15,852 1,241 132 584 762 2,075 3,044 5,411 2,603 U. S. Government securities: July 27 2, 564,015 86, 493 87, 710 215, 480 223, 779 58,363 168, 763 479,410 579, 257 664,760 Aug. 3 2, 564,015 92, 335 88, 950 215, 480 193, 257 76,485 168, 763 479, 410 584, 575 664, 760 Aug. 10 2, 564,015 87, 710 83, 330 237, 520 160,187 97, 760 168, 763 479,410 584,575 664, 760 Aug. 17 2, 564,015 88, 950 103, 830 213, 650 172,432 87, 645 168, 763 479, 410 584, 575 664, 760 Aug. 24 2, 564,015 83, 330 131,150 207, 279 159,113 85, 635 168,763 479,410 584, 575 664, 760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Kan- Total lama sas Dallas! Fran- City • cisco ASSETS Gold certificates on hand and due from U. S. Treasury: July 27 10, 633, 400613, 850 4, 534, 489 467, 849 691,037309, 724 225, 720 2,106. 569 311,221223, 213274, 994186, 963 687, 771 Aug. 3 10, 632, 904626, 916 4, 537, 899 473, 244 682,174313, 873 235i,, 3332), 076, 214312, 097219, 470 276i,,607182,522 696, 555 Aug. 10 10, 632,90' 624. 882 4, 526,180 465, 860 691, 997316, 696 236i., 4872,057, 685318, 452 226, 921281, 87'i5 182!.,904 702, 968 Aug. 17 10, 632, 407609. 772 4, 543, 941 461, 532697, 970 313, 979 235, 889 2, 012,67,1430' 59 229, 674291, 772185, 914 727.491 Aug. 24 10, 632, 411613, 786 4, 551,115 463, 632 714,655:3 13", 886 231, 710 !2,, 031, 243409, 556219, 331291, 362 182i..966 700.168 Redemption fund—Federal Reserve notes: July 27 9,098 902 1,398 1,124 1,218 732 164 384 821 214 334 1, 109 Aug. 3 9,43' 867 1,398 1,059 1, 218 733 664 644 384 821 214 326 1. 109 Aug. 10 8, 680 827 1,23' 1,059 1,151 402 635 577 368 814 202 315 1,093 Aug. 17 9,112 827 1,23' 992 1,151 901 635 577 368 814 202 315 1, 093 Aug. 24 9,112 827 1,23' 992 1,151 901 635 577 368 814 202 315 1, 093 Other cash: July 27 421, 229 43,711 112, 185 28,028 30, 671 23, 380 17, 895 57, 537 18, 684 10, 808 21. 595 17, 10: 39, 628 Aug. 3 : 397,013 41, 506 108, 257 28, 635 28, 829 21,031 14,926 54,091 16, 216 9,744 18, 673 16,008 39, 097 Aug. 10 394,085 41, 099 112,381 30, 071 23, 654 21,168 14, 532 53, 092 15, 382 9,244 18,018 15, 484 39, 960 Aug. 17 1 390,598 41,231 110,289 30, 446 24, 854 20, 701 13, 757 53, 240 14, 839 9,387 17, 690 14, 871 39, 293 Aug. 24 396, 893 41, 507 113,890 31, 386 25,104 22, 414 14, 527 51, 503 15, 565 9,621 18, 770 13, 476 39,130 Total reserves: July 27 11,063,72' 658, [, 648,• 20 '497,,001 22, 926 333, 836 243. 779 2,164, 804 330, 289 234, 842 296, 802304, 404 728,60S Aug. 3 11,039,354 669, [, 647, 5, !, 938 712, 221335, 63:250, 9<2)3 2,130, 949 328, 697 230, 035 295, 494198,856 736, 761 Aug. 10 11,035,672 666, 808 4t., 639, 798 49i6,; 990 716. 802 338, 266 251.,, 6542. Ill, 354 334, 202 236, 979 300,095198, 703 744,021 Aug. 17 11,032,117 651, I, 655, 464:92, 970 723, 9' 135, 581250, 2812,080,531 H01, 100 767, 877 Aug. 24 11, 038, 416656,120 4I., 666, 242 49i6,, 010 740, 910 33!:7, 201246,872 2, :, 324 325, 489 229, 766 310, 313946. 757 749,391 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: July 27 4.162 240 1, 133 921 374 606 191 115 95 111 38| 140| 198 Aug. 3 3,339 120 801 773 304 402 187 11 r 95 111 29* 164 238 Aug. 10 3,775 145 1,276 564 284 502 122 205 135 111 28 190 213 Aug. 17 3,724 50 1,494 561 277 417 107 185 80 108 41 196 208 Aug. 24 3,699 90 1,443 439 343 357 93 165 120 73 41 25: 278 Other bills discounted: July 27 3,160 395 606 211 398 606 00 70 147) 235J 323 Aug. 3 3,12' 88 32' 640 200 415 643 60 64 122J 279, 289 Aug. 10 3, 099 60 329 659 181 417 633 60 49 113| 308 265 Aug. 17 2,908 60 294 610 141 401 536 60 57 167 330j 237 Aug. 24 3,042 40 362 597 140 393 584 60 56 159? 406 245 Total bills discounted: July 27 7,322 33' 1,528 1,52 585 1, 004 797 127 155 181 185J 3751 521 Aug. 3 6, 466 208 1,128 1,413 504 817 830 115 155 175 151 4431 527 Aug. 10 6,874 205 1, 605 1,223 465 919 755 230 195 160 141 498! 478 Aug. 17 6, 632 110 1,788 1, 171 418 818 643 200 140 165 208 S 526 445 Aug. 24 6,741 130 1,805 1,036 483 750 677 165 180 129 2001 663 523 Bills bought in open market: July 27 539 40 212 5f 49 23 19 67 2 16 38 Aug. 3 539 40 212 55 49 23 19 67 2 16' 16 38 Aug. 10 540 40 213 55 49 23 19 67 2 2 16 16! 38 Aug. 17 540 40 213 55 49 23 19 67 2 2 16 16; 38 Aug. 24 537 40 210 55 49 23 19 67 2 2 16 38 Industrial advances: July 27 16, 308 2, 390 4,190 2, 950 768 1,487 120 523 13, 1,176 418 80 1,344 Aug. 3 15,647 2,381 3,695 2,904 741 1,481 119 448 135 1,126 417} 852 1,348 Aug. 10 15, 965 2,381 3,699 3, 244 740 1,481 115 448 135 1,119 4061 850 1.347 Aug. 17 15,816 2,381 3,690 3,243 736 1, 478 115 448 135 1,119 427 8471 1, 197 Aug. 24 15, 852 2,373 3,68' 3,302 735 1,476 115 441 135 1,118 427 846 1,197 U. S. Government securities: Bonds: July 27 744,105 56, 941 226, 407 66, 972 69, 72' 36, 922 32, 271 80, 919 33, 203 21, 310 34, 429 24, 656 60, 348 Aug. 3 744,105 56, 940 226. 408 66, 972 69, 727 36, 921 32, 270 80, 920 33, 204 21, 310 34, 428 24, 657 60, 348 Aug. 10 744, 105 56, 940 226, 408 66, 972 69, 727 36, 921 32, 270 80, 920 33, 204 21,310 34, 428, 24, 657 60, 348 Aug. 17 744,105 56, 940 226, 408 66, 972 69, 727 36, 921 32, 270 80, 920 33, 204 21, 310 34, 428 24, 657 60, 348 Aug. 24 744,105 56,940 226, 408 66, 972 69, 727 36, 921 32, 270 80, 920 33, 204 21,310 34, 428 24,657 60.348 Treasury notes: July 27 1,190,870 91,127 362, 343107,183 111,591 59, 090 51, 645 129,505 53,139 34,105 55,098 39.462 96, 582 Aug. 3 1,196,188 91, 535 363, 960107,662 112,089 59, 355 51, 876 130,083 53, 375 34,257 55, 345 39,638 97,013 Aug. 10 1,196,188 91, 535 363. 960107. 662 112,089 59, 355 51,876 130,083 53, 375 34, 257 55, 345 39, 638 97,013 Aug. 17 1,196, 188 91. 535 363, 960107, 662 112, 089 59, 355 51,876 130, 083 53. 375 34, 257 55, 345 39, 638 97.013 Aug. 24 1,196,188 91, 535 363,960107, 662 112,089 59,355 51,876 130,083 53,375 34, 257 55,345|39,638 97,013 Treasury bills: July 27 629, 040 48, 13.r 191, 391 56, 616 58, 944 31,212 27, 280 68, 40' 28, 069 18,015 29,104 20, 845 51,016 Aug. 3 623, 722 47. 728 189, 779 56. 13 58,446 30,948 27. 050 67. 828 27, 832 17, 863 28, 858 20, 668 50, 585 Aug. 10 623, 722 47, 728 189, 779 56.137 58,446 30,1 27,050 67, 828 27, 832 17, 863 28, 858 20, 668 50, 585 Aug. 17 623, 722 47. 728 189,779 56. 137 58, 446 30, 948 27,050 67, 828 27, 832 17.863 28, 858 20. 668 50. 585 Aug. 24 623, 722 47, 728 189,779 56,137 58, 446 30,948 27,050 67, 828 27, 832 17, 863 28,858 20,668| 50, 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 775 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 h d h i e i l l - a a- C l l a e n v d e- m Ri o c n h d - lanta 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 ! Total V. S. Government securities: July 27 2,564,015 196, 203 780,147 240, 262 127, 224111, 196 278, 831114, 41173,430118, 631 84,963 207,946 Aug. 3 2,564,015 196, 203 780,147 230, 771 240, 262 127, 224111, 196 278,831114, 411 '3, 430 118, 63184,963 207, 946 Aug. 10 i 2,564,015196, 203 780,147 230, 240, 262 127,224111, 196 278,831114, 41173,430 118,631 84,963 207,946 Aug. 17 2,564,015196, 203 780,147 230, 771 240, 262 127, 224111, 196 278, 831114,411 73', 43'0"" 118,63184,963 207,946 Aug. 24 2,564,015 196,203 780,147 230, 77' 240; 262 127, 224 111, 196 278,831114,411 73,430 118,631 84,963 207,946 Total bills and securities: : July 27 2,588,184 198, 970 786,077 235, 303 241, 664129, 738 112,132 279, :, 70374, 789119, 250 86,161 209, 849 Aug. 3 ; 2,586,667 198, 832 785,182 235,143 241, 556129, 545 112,164 279, 461114, 703 74, 733119, 215 86, 274 209,859 Aug. 10 2,587,394 198, 829 785, 664 235, 293 241, 516129,647 112,085 279, 557766 114, 743 74, 711119,194 86, 327 209,809 Aug. 17 2,587,003 198, 734 785,838 235, 240 241,465129, 543 111, 973 279, :,688 74, 716119, 282 86, 352 209,626 Aug. 24 . ! 2,587,145 198,746 785,849 235,164 241, 529 129,473 112,007 279, 504114,728 74,679 1"119,i274 86,488 209,704 Due from foreign banks: July 27.—1 181 14 5 5 13 Aug. 3 181 14 5 5 13 Aug. 10 ! 180 14 5 5 13 Aug. 17 180 14 5 5 13 Aug. 24 ! 184 14 5 5 13 Federal Reserve notes of other banks: July 27 23,516 1,214 5,115 1,577 1,070 1,281 1,472 2,269 1,055 1,547 443 3,804 Aug. 3 22,948 1,186 3,883 1,341 l,; 1,381 1,035 2,826 1,687 1,762 375 4,200 Aug. 10 23,587 1,360 3,995 1, 997 1,963 2,083 3,356 1,331 2,177 1,264 391 3,033 Aug. 17 23,032 1,567 4,225 1,618 1,440 1,495 1,846 2,251 1,825 855 1,950 470 3,490 Aug. 24 24,955 1,893 4,565 1,573 1,239 1,446 2,341 2,573 1,724 1,572 1,705 512 3,812 Uncollected items: July 27 534,141 50, 774 131,021 41,028 60,095 40,196 17,060 69, 465 22, 540 17,165 30, 47825, 530 28, 789 Aug. 3 547,727 56, 860 126, 799 41, 499 60,852 45, 613 21,168 74,192 24,048 17, 203 29, 239 19,876 30, 378 Aug. 10 ! 507,628 49, 602 123, 96943,129 51, 483 43, 585 17, 670 67, 270 22,305 15, 969 28,104 19, 708 24,834 Aug. 17 ! 589,565 57, 310 149,134 46, 234 63, 732 49, 213 21, 403 75, 409 26, 860 18,066 29,400 24, 848 27, 956 Aug. 24 501,237 50, 281 121,133 40,085 56,032 44,935 17,165 64, 530 22,014 14,894 27,116 23,163 Bank premises: i July 27 44,559 2,973 9,874 4,752 6,143 2,654 2,094 4,528 2,316 1,547 3,121 1.271 3,286 Aug. 3 44,486 2,968 9,857 4,752 6,117 2,654 2,094 4,518 2,314 1,545 3,115 1, 266 3,286 Aug. 10 44,486 2,968 9,857 4,752 6,117 2,654 2,094 4,518 2,314 1,545 3,115 1,266 3, 286 Aug. 17 44,486 2,968 9,857 4,752 6,117 2,654 2,094 4,518 2,314 1,545 3,115 1,266 3,286 Aug. 24 44,462 2,968 9,857 4,741 6,117 2,654 2,090 4,518 2,314 1,545 3,115 1,266 3,277 All other assets: July 27 49,113 3,182 14, 638 5,157 5,162 3,010 2,241 4,656 1,917 1,510 2,076 1,545 4,019 Aug. 3 49,585 3,255 14, 873 4,885 5,204 3,024 2,297 4,767 1,962 1,542 2,076 1,593 4,107 Aug. 10 50,674 3,324 15, 224 4,944 5,283 3,108 2,350 4,937 2,003 1,578 2,107 1,639 4,177 Aug. 17 51,280 3,379 15, 369 5,002 5, 356 3,114 2,392 4,934 2,039 1,597 2,182 1,675 4,241 Aug. 24 51,950 3,417 15,630 5,029 5,419 3,142 2,416 4r~" 2,067 1,625 2,221 1,' 4,294 Total assets: : July 27 - - 14,303.421915, 5905, 594, 864 784,8361,037,077510, 723 378, 784 2, 525, 693 474,037 330,910 453, 280 319, 359978, 268 Aug. 3 114,290,948 932,404 55,, 588, 215 790, 1,027, 355 5"1 •7 ,• 8 62 : 389, 687 2, 496, 736 473, 611 3264,5 07,49706 308', 245 Aug. 10 14,249,621922, 905 5", 578, 573 786, 1,022, 215 519, 231 387; 943 2, , .4_7.i;; 033 476J 901332,961453,""' •,173 Aug. 17 14,327,663915,802 5,, 61,9, 956 785, 1,042,102 521, 608 389, 999 6 22, 444477, 21144 770, ,6 9655 336,. .6.56 465, 598 315, 7169 19,3 ,061564, 489 Aug. 24 14,248,349913, 439 5, 603,346 782, 1,051, 263 518,859 382,898 2, 439, 469 468, 339 324; 083 463; 770 306; 609 LIABILITIES Federal Reserve notes in actual circulation: July 27 4.109,643 354, 966 898, 328 300, 283 405, 740186, 431 139, 562 955, 621171,886131, 441162, 74875, 388 327, 249 A A A A u u u u g g g g . . . . 2 3 1 1 4 7 0 j ! 4 4 4 4 , , , . 1 1 1 1 3 5 4 3 8 0 4 5 , , , , 7 2 7 6 0 1 6 5 6 4 0 6 3 3 3 3 5 5 5 5 5 6 5 6 , , , , 8 4 5 5 8 0 1 9 4 6 9 8 9 9 9 9 9 1 0 0 0 0 2 7 3 7 3 , , , , , 6 9 2 7 2 1 1 8 9 1 0 4 3 3 3 3 0 0 0 0 2 2 2 , 1, , , , 0 1 0 2 2 5 3 2 4 4 7 6 4 5 4 4 4 4 4 0 0 0 0 6 4 5 8 , , , , 7 7 8 2 0 9 8 8 7 6 6 8 1 1 1 1 9 9 9 9 1 5 3 6 , , , , 0 3 6 7 9 0 5 4 3 5 2 0 1 1 1 1 3 4 4 4 9 2 2 2 , , , , 8 1 0 3 8 3 5 9 2 0 5 2 9 9 9 9 5 5 5 5 6 7 7 5 , , , 1 , 2 7 9 2 6 8 6 4 5 4 3 1 1 1 11 1 ^ 7 7 7 77 7 22 1 1 22 ,, , , ,, 1 6 1 " 1 77 5 8 5 • 9 77 4 6 4 4 99 1 11 1 1 33 3 3 3 22 1 2 1 ,, , , , 1 9 11 6 0 3 99 3 0 5 99 5 1 1 1 1 6 6 6 6 5 4 5 5 , , , , 1 7 2 5 7 4 0 3 3 1 1 4 7 7 7 7 5 5 6 5 , , , , 1 7 5 2 8 8 6 4 4 3 7 3 3 3 3 3 3 3 3 3 2 1 1 3 , , , , 6 4 7 5 9 6 9 9 8 3 6 6 Deposits: Member bank—reserve account: July 27 8,187,723434, 720 3, 907,142 369, 336 473, 419 222, 106161,959 1., 334, 264 229,891023,185 223, 713167, 564 540, 425 Aug. 3 8,074,340 444, 684 "3 ,835, 461 367, 278 474,128 227, 057161, 2611, 302,851 224, 292118, 292 214, 703167, 390 536,943 Aug. 10 8,045,525436, 442 3~, 798, 756 357, 40' 472, 231 226,803169, 5041, 283,045 234,931 126, 309 2c2,4 !271165, 390 550, 441 Aug. 17 8,085,198439I,, 666\ 3,846, 859 354, 290 483,017226,202168, 3061, 261, 777 224, 361825,3314 226, 32f166, 974 562,100 Aug. 24 8,156,037 443!,, 468: 3,, 907, 583 351, 668502,141224, 664166, 2~3~7~ 1, 276,142 225, 821117,6640 228, 253164,649 547, 771 V. S. Treasurer—general account: July 27 732.462 37, 407 26,123 45,152 38, 829 38, 371 101, 337 27, 78043, 531 21, 986 30, 906 31,151 Aug. 3 774, 757 37, 392 344, 209 32,183 33, 600 31,860 43, 285 95,840 25, 546 43, 647 21, ' 25, 576 39, 951 Aug. 10 838,820 40, 395 400, 889 35, 599 39, 836 32, 072 37,173 102, 373 25, 956 44, 248 19, 385 27, 708 33,186 Aug. 17 802,104 25, 972 376, 94034, 947 37, 026 29,116 36,039 89,190 25,953 45,925 28, 591 27, 45' 44, 948 Aug. 24 770,784 26, 515 361, 242 42,031 29, 822 31, 429 37,449 78,869 27, 707 43, 359 26,937 26, 596 Foreign bank: July 27 125,243 9,021 44, 930 12, 279 11,527 5,388 4,385 14,910 3,759 2,882 3,633 3,633 Aug. 3 123,956 9,021 43, 643 12, 279 11, 527 5,:"" 4,385 14, 910 3,759 2,882 3,633 3,633 8,896 Aug. 10 117,267 8,404 42, 444 11, 439 10,739 5,019 4f"" 13, 891 3,502 2,685 3,385 3,385 8,288 Aug. 17 115,867 8,404 41, 044 11, 439 10, 739 5,019 13, 891 3,502 2,685 3,385 3,385 8,288 Aug. 24 119,166 8,1"- 42, 526 11, 717 11,000 5,141 4,185 14, 228 3,587 2,750 3,467 3,467 8,489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN SEPTEMBER 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 ew rk P p d h h e i i l l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l i a i n p s - - K C s a i a t n s y - Dallas F c S r is a a c i n a o - LIABILITIES—Continued Other deposits: July 27 I 257,455 3,784 204, 620 2, 654 9,335 2,801 4, 743 1,845 6,156 3,492 471 2, 484; 15, 070 Aug. 3 267,742 3,885 214, 703 2,451 9, 540 3, 495' 4,063 1,654 6,257 3,943 1,007 2, 604 14,140 Aug. 10 247,425 7,344 191, 658 2,568 9,616 3, 222 3, 696! 1,858 6,450 3,496 808 2, 240 14, 469 Aug. 17 ; 233,198 5,113 179, 635 2,020 10, 589 2, 2981 5,122! 1,738 6,455 3,213 883 2, 566! 13, 566 Aug. 24 „_.! 195,662 4,711 143,094 2,263 10, 420 2,051 5,178 1,617 5,914 3,970 725 2,184 13, 535 Total deposits: July 27 9, 302, 883484, 932 4,446, 581410, 392 539, 433 124 209, 4581,452, 356 267, 585173, 090249, 803 204, 587 595, 542 A A A A u u u u g g g g . . . . 2 3 1 1 4 0 7 9 9 9 9, , , , 2 2 2 2 4 4 3 4 1 0 6 9 , , , , 3 0 6 7 6 3 4 9 7 7 9 5 4 • 9 "4 2 "9 , 4 3 1 5 ", 0 5 8 "9 3 5 " 5 8 4 2 4 4 t; , ,, , 4 , 4 4 3 4 , 3 4 4 8 3 5 4 , , 4 0 ,4 , 7 1 7 4 4 6 8 ' 4 5 4 4 4 1 0 4 0 4 7 0 2 :; , 7 , , 0 , 6 0 9 1 8 9 6 1 5 5 5 5 _ 5 3 2 4 _2 3 8 1 _, , , , 3 3 4 7 2 7 8 9 2 1 3 5 2 2 2 2 6 6 6 6 2 7 3 7 ,, , , , 1 2 6 1 8 63 8 6 5 35 0 5 0 2 2 1 2 1 2 3 1 4 1 , 3 , 2 0 , 4 , 4 5 5 9 9 9 5 9I 1 1 1 3 4, , , , 4 3 3 4 1 6 7 0 5 6 0 1 , , , , 8 1 2 5 5 6 5 9 6 : 5 6 2 2 2 2 7 6 5 6 0 3 9 0 , , , , 0 8 2 8 2 3 9 5 7 9 4 81 1 1 1 6 6 7 7 7 8 6 7 , , , , 1 7 7 7 3 1 6 3 7 9 4 8 2 ~ 2 2 2" 5 5 74 4 9 1" 9 7, 1, , , , 0 1 8 " 1 8 3 4 1 4 8 9 " 2 1 1 ' 2 9 9 0 1 8 0 6 9 " , , ^1 9 , 8 , 7 9 3 2 2 6 8 3 0 2 3 6 6 6 5 2 0 0 9 8 8 6 9 , , , , 9 6 3 9 2 0 8 3 3 2 4 0 Deferred availability items: July 27 _ . 539,276 51, 340 128, 67741, 002 59,147 40, 026 16, 714 72, 351 23,858 16,861 30,410 28,198 30, 692 Aug. 3 ... 560,292 56, 655 121,160 42, 336 60, 54743, 62021, 240 78, 857 30, 268 16, 28335, 393 21, 621 32, 312 Aug. 10 513,223 49, 351 119, 46944, r 52, 22243, 202 17, 580 68, 471 23, 640 15, 08830, 225 22, 947 26,147 Aug. 17 ... 589,541 56, 394 141, 91247, 733 61,103 48,161 21, 232 78, 444 27, 560 18, 086 30, 34728, 406 30,163 Aug. 24 ___; 509,855 50, 236 119,714 39,958 56,377 44, 294 16, 959 66, 037 23, 396 14, 74628, 874 22, 956 26,308 Capital paid in: July27 ' 133,7851 9,415 50,959 12, 228 13, 389 4,962 4,460 13, 250 3,919 2,911 4,177 3,941 10,174 Aug. 3 i 133,814 9,413 50, 966 12, 220 13, 391 4,972 4,467 13,2 3,924 2,906 4,179 3,941 10,169 Aug. 10 _ 133,829 9,407 50, 966 12, 216 13, 392 4,977 4,469 13, 269 3,926 2,907 4,188 3,940 10,172 Aug. 17 133,953 9,408 50, 959 12, 216 13, 389 4,988 4,471 13, 267 3,925 2,908 4,190 3,940 10, 292 Aug. 24 133,991 9. 408 50,956 12, 215 13, 388 4,988 4,473 13, 267 3,918 2,908 4,190 3 10, 342 Surplus (section 7): July 27 147,739 9,900 51,943 13, 466 14, 323 4,964 5,1 22, 387 3,153 3,613 3,892 9,805 Aug. 3 147,739 9,900 51,943 13, 466 14, 323 4,964 5,626 22, 38" 4,1 3,153 3,613 3,r~ 9,805 Aug. 10 147,739 9,900 51,943 13, 466 14, 323 4,f 5,626 22, 387 4,667 3,153 3,613 9,805 Aug. 17 i 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 Surp A lu u s g . ( s 2 e 4 c tion 13b): 147,739 9,900 51, 943 13, 466 14, 323 4,964 5,626 22,387 4,667 3,153 3,613 3 3 , , 8 8 9 9 2 2 9, 805 July 27 27,683 2,874 7,744 4.411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Aug. 3 . i 27,682 2,873 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Aug. 10 _ 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Aug. 17 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Aug. 24 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: i July 27 ! 32,810 1,448 8,210 2,000 3,176 1,401 1,603 7,146 1,215 1,901 934 1,776 2,000 Aug. 3. .. 32, 810 1,448 8,210 2,000 3,176 1,401 1,603 7,146 1,215 1,901 934 1,776 2,000 Aug. 10 . _ 32,809 1,448 8,210 2,000 3,176 1,401 1,602 7,146 1,215 1,901 934 1,776 2,000 Aug. 17 32,774 1,448 8,210 2,000 3,176 1,401 1,602 7,118 1,21 1, "" 934 1,776 2,000 Aug. 24 32,775 1,448 8,210 2,000 3,176 1,401 1,603 7,118 1,215 1,894 934 1,776 2,000 All other liabilities: i July 27 _ _ 9,602 715 2,422 1,054 862 406 631 1,153 362 552 453 307 685 Aug. 3 9,110 727 2,392 707 82< 391 632 1,131 359 540 400 299 704 Aug. 10 9,645 741 2,584 757 87' 422 655 1,201 383 538 432 307 748 Aug. 17 . . 9,392 739 2,499 738 847 398 652 1,186 351 542 447 283 710 Aug. 24 : 9,897 752 2,705 755 902 425 653 1,251 375 462 757 Total liabilities: July 27 _. 14, 303,421915, 590 5, 5948,64 784, 8361,037,077 510, 723 378,784 2, 525, 693 474, 033730, 910453, 280319, 359 978, 268 Aug. 3 14, 290,948 932,404 5i,, 588, 21759 0, ,5761,027, 355 517, 862 389,687 2,' "4 976,36 473,611 332266,, 747450,906 330088, 245 988, 604 Aug. 10 14, 249,621 922, 905 5, 578, 57738 67,8 67,631,022,215 519,231 3"8"7; 943 2,4^71', 033 476,901 33926,196415 3453; 884 3,0083i9 989,173 Aug. 17 14,327,663 915,802 5,619,956 785, 8341, 042,102 521, 608 389, 996 2,447, 211 470,639356, 656 465, 598315, 7161,016,489 Aug. 24 14, 248,349913,439 5; 603; 346 782, 620 1,051, 263 518, 859 382, 898 2, 439, 469 4683,2 343098 332 44;6 30 8737 40633;, 677009 3069,93,654 Contingent liability on bills purchased for foreign correspondents: July 27 879 31& 105 63 Aug. 3 727 254 88 53 Aug. 10 704 231 88 53 Aug. 17 697 224 88 53 Aug. 24 604 2171 7: 43 Commitments to make industrial advances: July 27 13,731 1,414 3,933 405 1,482 1,840 183 586 237 3,096 Aug. 3 13,809 1,407 3,945 405 1, 487 1,839 181 586 23: 3,168 Aug. 10 13,767 1,385 3,944 405 1,487 1, 83J 180 586 236 3,157 Aug. 17 j 13,740 1, 366 3,878 400 1,483 1,811 180 585 23' 3,297 Aug. 24 13,684 1.360 3,853 340 1,532 1,811 180 585 23' 3,279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 777 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO AUGUST 17, 1938 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e l a a c st h W m e o d n n t e h s ) day of N r u ec m e b iv e e r n d e t t o A m da o t u e, nt Nu s t o ( e m o w u e r t s i b y t e h c r o n a t d n o C A i d o ti m m o w d n o m a i s u t t ) i h e n t - - , t Numbe T r ota A l mount a s R F d ta b e e v o n d a s a u e d n e n t r i k r - c v n a e e g l s s c R F t o m a b e e o m n d a s e u e d n e n m t r r i k - t v n a i s t e l g - A b p p u c l p e o t r t m o e n v d - o e t 1 d d e o R r x r a c a e p p e a w w p t i p c n r a n . i l e t t i i , - h d d b - , , y s i F n t p p t a g a i a u o n n t r t u d i i a t i n o i t o i n c - n s n n c i t g s - i - - s 1934—Dec. 26._.. 5,053 187,696 1,122 54, 531 49,634 13, 589 8,225 20,966 5,558 1,296 1935—June 26.._. 6,618 263,482 1,815 102,331 1,646 88, 778 27, 518 20, 579 11, 248 24,900 4,533 Dec. 3P ___ 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 8,398 342,999 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 17,628 9,045 7,281 May 26 8,524 349,288 2,577 153,720 2,353 145,228 23,196 17,188 8,462 89,268 7,114 June 30 .... 8,546 351, 420 2,587 154,960 2,361 145, 758 23,014 16,331 1,470 97,668 7,275 July 28 8,554 352,024 2,590 155,023 2,367 145,887 22,462 15, 726 1,098 99, 271 7,330 Aug. 25 .... 8,572 352,666 2,598 155, 514 2,373 146,457 21,752 15,179 1,151 101,139 7,236 Sept. 29-__ 354,426 2,610 155,902 2,381 146,724 21,395 14,880 ••537 r102,608 7,304 Oct. 27 ..___ 354,872 2,618 156, 413 2,386 147, 295 20,875 14, 488 899 103,806 7,227 Nov. 24.,... 8,633 359,706 2,624 166,533 2,392 148,208 20,616 13,316 1,382 106, 749 7,145 Dec. 29.„_ 8,677 363, 292 2,640 158, 743 2,406 150,987 20,200 12,780 3,369 107, 400 7,238 1938—Jan. 26 8,711 364, 487 2,660 159, 370 2,419 151, 587 19, 861 13, 388 1,563 109,002 7,773 Feb. 23 8,766 367, 754 2,683 160, 603 2,433 152, 543 19,659 13,078 2,059 109,992 7,755 Mar. 30___ 8,906 373, 519 2,717 162, 648 2,464 154,918 19,366 13,110 3,419 111, 198 7,825 Apr. 27 9,012 377, 778 2,760 165, 921 2,497 156,933 19,357 12, 735 3,957 113,128 7,758 May 25 9,096 380, 648 2,813 167, 695 2,536 158,962 18, 583 13, 260 3,522 115, 628 7,969 June 29 9,152 383, 535 2,836 168,894 2,566 161,158 18,439 13, 649 3,084 117, 560 8,426 July 27 9,182 388, 350 2, 861 173, 759 2,592 166,498 18,189 13, 731 6,703 119,391 8,484 Aug. 174 9,215 390,231 2, 865 173,830 2,597 116,619 17.711 13, 740 5,400 120, 693 9,075 r Revised 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,884,390 on Aug. 17, 1938. 3 Tuesday. 4 Aug. 31 not yet available. NOTE.—On Aug. 17, 1938, there were 55 applications amounting to $4,374,700 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is n M o e l a i i n p s - - Dallas F c S r is a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: July 27 _ 4, 433, 662379, 422 998. 768 319, 612 430, 056 197, 796 155, 12 996, 709185,100137, 551173, 59683, 485376, 446 Aug. 3 4, 431,040 380,865 I, 002,098 317, 388 428, 386 200,040 157,732 543 184,112 137, 774173,039 82, 731377, 332 Aug. 10 4,445,959 378,9111,002,161 320. 439 429,128 204,028 158,910 988,114 184,525 13884,44422176,442 381,961 Aug. 17 4, 448,170 379, 77—8 1., 000, 924 323^ 241 429,035 204,824 158, 583 985,992185, 776137, 676176, 29582,477383, 569 Aug. 24 4, 443, 342379, 6301,002, 640 321, 274 430,178 204,856157, 641 984.927184,952 1381!,221175, 45082,650 380,923 Held by Federal Reserve bank: July 27 324, 019 24,456 100,440 19, 329 24,316 11,365 15,559 41,088 13,214 6,110 10,848 8,097 49,197 Aug. 3 292, 33 V.24,459 94,314 16,143 23,098 8,735 15, 337 32,278 11,333 5,575 8,805 6,488 45, 769 Aug. 10 310,303 22, 312 98, 251 18,415 24, 332 10,288 16, 088 32,151 12,839 6,r~~ 10,941 7,714 50,165 Aug. 17 297, 956 23, 894 88, 71320, 667 22,149 9,172 16. 453 29,208 13,622 5,741 10, 554 6,710 51,073 Aug. 24 298, 582 24,112 95,011 19,138 21,471 8, 76317,836 27,803 13,758 6,121 10,277 7,067 47, 225 In actual circulation: ; July 27 4,109, 643354,966 898, 328 300I., 283 405, 740186,431139, 562 955, 621 171,886 131, 441162,748 75,388 3277,, 249 Aug. 3 4,138, 706 356, 408 907, 784 301, 245 40155,, 288191,305 14•22,, 395 957, 265 172, 12,199164, 23476, ,563 Aug. 10 4,135,r""' 356,599 903, 910302,024 404, 796 193, 740142, 822 955, 963 171,686 131, 635165, 50175,184331, 796 Aug. 17 4,150, 214355, 884 912,211302, 574 406, 195, 652 142,1,30 956, 784 172,154131, 935165, 74175,7'67 332, 496 Aug. 24 4,144, 760355, 518 907, 629 302,136 408, 707196,093139,805 957,1241171,194132,100165,173 75, , 698 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: July 27 4, 528, 632390,000 1, 010,000 327,000 434,000 202,000 159,000 1,010,000J188, 632141, 500177,000 85, 500 404,000 Aug. 3 4, 528,632390,0001,010,000 327,000 434,000 202,000 159,000 1,010,000 188,632141, 5C0 177,000 85, 500 404,000 Aug. 10 4, 539,632 390,0001,010,000 327,000 434,000 205,000 164,000 1,010,000 188,632141, 500180,000 85, 500 404, 000 Aug. 17 4, 539, 632390,0001,010,000 327,000 434,000 205,000 164,000 1,010,000 188,632141, 500 180,00085, 500 404,000 Aug. 24 4, 544, 632390,0001,010,000 327, 000 434,000 210,000 164,000 1,010.000 188, 632 141, 500 180, 000 85, 500 404, 000 Eligible paper: July 27 6,292 302 1,452 1,0 410 7141 127 95 167 353 517 Aug. 3 5,449 173 1, 068 354 673 737! 115 95 161 142 443 523 Aug. 10 5,'" ' 165 1,575 710 326 788 533; 210 135 146 132 498 476 Aug. 17 __ .. _ 5,629 70 1,757 703 318 500! 190 80 142 199 526 445 Aug. 24 5,727 90 1,775 546 383 631 534 165 120 106 191 663 523 Total collateral: July27 __ 4, 534,924390,3021,011,452 328,099 434,410 202,880159,7141,010,127188, 727141,667177,176 85, 853404, 517 Aug. 3 4, 534,081390,1731,011,068 327, 965 434, 354 202, 673159, 7371,010,115188,727141,661177,142 85, 943404,523 Aug. 10 4, 545, 326390, 16"5 1, 011, 575 327, 710 434, 326 205, 788164, 533I) 0101210 188,767141, 646180,132 85,998 404, 476 Aug. 17 4, 545. 261390,0701,011. 757 327, 703 434, 318 205, 699164, 500 1,"0""1•0 ,1'9"0 188,712141,642180,199 86;026 404, 445 Aug. 24 4, 550, 359390,0901,011, 775 327, 546 434, 383 210, 631164, 534 1, 0101.65 188, 752141, 606180,191 86,163404, 52g 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, JULY, 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' New Chi- banks banksl posits posits i Re- Ex- York quired Held cess Total reserves held: All member banks.. 29, 457 24, 031 11, 469 5,141 8,167 3,026 1937—June 6,878 2,669 603 2,230 1, 377 July 6,845 2,652 581 2,252 1,360 Central reserve city banks: August 6,701 2,522 568 2,248 1,362 New York 10,121 9,480 730 2 193 3,545 1 352 September 6,854 2,672 576 2,232 1,375 Chicago __ 2,385 2,100 457 501 925 424 October 6,954 2,767 581 2,240 1,366 November 6,919 2,720 588 2,246 1,365 Reserve city banks: December 6,879 2,657 599 2,272 1, 352 Boston district 1,004 897 108 162 300 138 1938—January 7,183 2,856 604 2,345 1,378 New York district 170 136 150 31 36 5 February 7,230 2,906 598 2,350 1,377 Philadelphia district.. 1,057 874 253 166 237 72 March 7,326 3,039 574 2,349 1,365 Cleveland district 1,389 1,063 740 223 350 127 April 7,469 3,150 622 2,348 1,350 Richmond district 604 464 205 91 136 44 May 7,587 3,204 794 2,311 1,278 Atlanta district 573 419 173 82 99 17 June 7,878 3,341 899 2,359 1,280 Chicago district _. 1,126 817 530 169 243 74 July 8,167 3,545 925 2,396 1, 302 St. Louis district 724 560 173 107 176 69 Week ending (Friday): Minneapolis district- 360 241 89 47 66 19 June 24 7,898 3,363 920 2,349 1.267 Kansas City district... 938 575 156 108 160 52 July 1 . 7.984 3,438 938 2,338 1,270 Dallas district 614 391 122 74 99 24 July 8 8,025 3,423 931 2,367 1. 304 San Francisco district- 1,938 1,551 1,910 367 494 127 July 15 8,218 3, 557 931 2,428 1, 302 July 22 8, 257 3,630 916 2,408 1,304 Total 10, 496 7,989 4,609 1,628 2,396 767 July 29 8,201 3,583 924 2,397 1,298 August 5 8,111 3, 522 897 2,377 1,315 Country banks: August 12 8, 061 3.470 871 2,406 1,314 Boston district 770 573 532 95 138 43 Excess reserves: New York district 1,162 881 1,391 175 302 126 1937—June 876 176 70 289 341 Philadelphia district. 552 400 873 92 138 46 July 876 199 52 301 324 Cleveland district 532 372 655 77 123 46 August 750 108 34 287 321 Richmond district 445 299 334 53 79 26 September 900 235 43 289 333 Atlanta district 413 271 214 43 62 19 October 1,043 354 59 307 323 Chicago district 748 490 650 91 166 75 November 1.104 373 69 333 328 St. Louis district 324 216 232 38 57 20 December 1,071 305 366 319 Minneapolis district. __ 286 175 271 35 56 22 1938—January 1.353 461 451 355 Kansas City district.. 430 266 155 40 63 23 February 1,406 499 78 468 361 Dallas district 475 302 99 41 69 28 March _ 1, 524 631 52 481 359 San Francisco district- 317 215 264 39 49 10 April 2 2,071 884 146 609 432 May 2,525 1,065 321 689 451 Total 6,455 4,463 5,672 819 1,302 483 June 2,762 1,153 404 747 459 July 3.026 1, 352 424 767 483 Week ending (Friday): 1 Gross demand deposits minus demand balances with domestic banks June 24 794 1,184 422 741 447 (except private banks and American branches of foreign banks) and July 1 1,250 436 731 451 cash items in process of collection. July 8 2,934 1,261 432 754 487 NOTE.—See table at foot of p. 789, for percentages of deposits required July 15__. - 3.088 1,378 430 796 485 to be held as reserves. July 22 3, 084 1,410 416 775 483 July 29 3,031 1,374 422 759 477 August 5 P2, 963 1,330 397 741 P494 August 12 P2. 922 1,287 377 766 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements decreased April 16, 1938; see table at foot of p. 789 for amount of changes. 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 i Ul member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time July June July June July June July June July June July June Boston 1,774 1,758 640 666 1,659 1,648 517 541 115 110 124 124 New York . 11,452 11,511 2,272 2,286 i 1,066 i 1,108 i 1, 051 i 1,057 266 257 490 488 Philadelphia . . 1,609 1,601 1,126 1,123 1,403 1,399 676 674 206 201 450 449 Cleveland ._ 1,921 1,894 1,396 1,388 1,714 1,688 1,104 1,096 207 206 292 292 Richmond . 1,050 1, 057 539 539 886 893 352 353 164 164 187 187 Atlanta 986 991 387 386 855 854 304 304 131 137 83 82 Chicago 4,259 4,245 1,638 1,636 i 1, 583 i 1, 578 1909 1909 291 291 272 271 St. Louis . 1,048 1,024 406 404 858 835 295 293 191 189 111 111 Minneapolis 645 634 361 360 478 465 176 175 167 168 185 185 Kansas City.. ._ 1,368 1,323 311 311 1,052 1,014 197 197 316 309 114 113 Dallas 1,089 1,078 221 221 829 818 177 177 261 260 44 44 San Francisco 2,255 2,197 2,173 2,200 2, 144 2,086 2,077 2,104 110 111 96 96 Total 29, 457 29, 311 11, 469 11, 521 i 14, 526 114, 387 i 7, 834 i 7, 880 2,424 2,403 2,447 2, 445 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 779 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l lv la e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a e 8 s 9 s - 0 S s u i i a l b v r s y e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o s d e t e e r r s v a e l R F b n e e o a d se n t e e r k r s v a e l t b n i N o o an n t a e k - a s l 1937—July 6,460 87 1,088 341 144 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 June 6,461 1,230 342 146 262 4,114 217 July 6,452 1,247 341 145 258 4,098 214 Back figures.—Bee Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currency ' Large denomination currency 2 Un- End of month i t c n i u o c l n a i r - i - Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 as e s d o 2 rt- 1937—July 6,460 4,942 523 488 894 ,550 1,454 1,520 381 697 137 283 August 6,524 5,007 529 498 907 ,574 1,466 1,520 382 698 137 283 September. 6,542 5,019 534 503 908 ,574 1,467 1,527 382 702 138 285 October. __ 6,555 5,029 535 502 909 ,576 1,474 1,531 384 704 138 286 November. 6,561 5,043 540 504 912 ,574 1,480 1,525 381 701 136 287 December. 6,550 5,015 537 505 905 ,560 1,475 1,542 387 710 139 288 1938—January... 6,320 4,789 522 474 856 .,482 1,424 1,532 382 705 138 288 February. . 6,334 4,798 520 473 863 .,489 1,421 1,538 382 708 138 291 March 6,355 4,784 521 473 860 .,487 1,412 1,573 385 718 144 300 April 6,397 4,807 522 476 866 1,498 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 June 6,461 4,837 527 481 875 1,503 1,420 1,627 391 732 152 309 July 6,452 4,836 526 481 879 1,508 1,410 1,618 152 307 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 1 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED [Held by Treasury and Federal Reserve banks and in circulation, In STATES PAPER CURRENCY millions of dollars] [By selected banks in New York City. In thousands of dollars] d S o il l v la e r r s Sub- United F er e a d l - Na- Year or month m E S e u n h r t i o s p p - t e o R E e f u r c o r e o m i p p e ts m s N h e i e n p t t - s rec N e e ip t ts End of month Total s l b a i i l o n u v n d l e - i r s i s i a l i v d r e - y r M c i o n i o n r S n t o a t t e e s s n s b R e o a r e t n v e - k e s t n b io o a n t n e a k s l 1 1 1 9 9 9 3 3 3 3 5 4 . . . 10, 3 5 6 4 5 2 5 4 8 9 4 1 1 0 9 , , , 0 5 9 5 8 6 9 7 6 9 4 9 0 0 , , , 3 5 2 3 0 4 8 5 2 1936. 34, 774 26, 216 8,558 1937_ 21, 500 47, 550 "26," 050 1937—July 2,572 1,409 361 151 347 266 August 2,585 1,424 363 152 347 262 1937—July.__ 809 2,586 1,777 September. 2,599 1,441 364 153 347 257 August 877 2,839 1,962 October 2,609 1,455 367 154 347 251 September.. 1,946 2,271 325 November. 2,621 1,468 370 155 347 247 October 781 4,531 3,750 December . 2,637 1,486 372 156 347 242 November.. 13, 326 12, 990 December.. 5,947 5,878 1938— January 2,655 1,509 373 156 347 237 February*. _ 2,668 1,526 373 156 347 233 1938—January.. 189 4,658 4,469 March 2,679 1,540 374 157 347 230 February. 28 3, 824 3,796 April— 2,690 1,554 374 157 347 226 March 1,212 2,728 1,516 May..... 2,702 1,570 374 157 347 223 April 503 2,618 2,115 June 2,713 1,584 374 157 347 221 May 155 6,179 6,024 July 2.721 1,596 374 157 347 217 June . 379 3,486 3. 107 July 85 3,753 3, 668 1 Includes silver held against silver certificates amounting to J ,530,- 000,000 on July 30, 1938 and $1,322,000,000 on July 31. 1937. Back figures,—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN SEPTEMBER 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— July June Jan.-July Inactive stock mark duc- Total account tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 19341 8,238 4,202. 51,133.9 82.6 96.0 L935 10,125 1,887.2 I, 739.0 .2 110.7 1936 _. 11,258 26.5 1,132. 51,116. 6 -85.9 131.6 Belgium 3 248 10 297 L937 12, 760 1,227.9 1, 502. 51,585. 5 -200.4 143.9 France . _._ 898 13 1,044 5,000 1936—June 10, 608 206.6 277.8 -24.8 10.0 Netherlands 571 571 July.... 10, 648 39.2 15.4 2.3 12.8 Spain 105 105 August..—_ 10, 716 68.4 67.5 -H.9 13.1 Sweden 7 685 11, 520 29,426 September.- 10, 845 129.0 171.8 -28.8 12.1 Switzerland 226 226 October 11,045 199.7 218.8 -11.3 13.8 United Kingdom... 4,980 4 20,599 95,317 54 November.- 11,184 139.6 75.8 3.0 11.8 Canada 974 12 738 12 5 185 63 December ._ 11, 258 26.5 73.3 57.0 -.7 10.9 Mexico.._ . 11,172 49 835 119 24, 295 697 Central America. 322 414 2,219 1937—January 11,358 126.5 100.1 121.3 -48.3 '9.3 Bolivia... 103 February... 11,436 204.7 78.2 120.3 -8.0 r8. 3 Chile 390 549 4,687 March 11, 574 342.5 137.9 154. 3 -.4 10.8 Colombia 1 6 319 April 11, 799 568.0 225.6 215.8 7.2 '9.2 Ecuador 109 618 1 847 May 11,990 759.] 191.1 155.4 26.2 ••12.4 Peru 253 380 2 418 June 12, 318 1,086. 8 327.8 262.0 -15.9 11.2 Venezuela 62 7 297 July 12, 446 1,214.1 127.3 175.4 -35.5 '12.7 Australia 3 434 2,984 14, 668 August 12, 567 1,335.7 121.6 104.8 -5.3 r16. 9 British India 1,148 2,252 9,781 September. . 12, 741 , 1, 210. 0 174.3 145.5 9.3 r\f I China and Hong October 12,803 1, 271.9 62.0 90.5 -8.0 r Kong 1,171 1,125 2,592 November.. 12, 774 1,242. 5 -29.3 22.1 -20.1 13.8 Japan 28 670 5 782 84,195 December... 12,760 1,227.9 -14.0 18.0 -101.6 rll. 9 Philippine Islands 2 422 3 232 15,070 1 All other countries2- 188 239 1 192 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 63,880 65 55, 438 131 311, 854 5,814 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 11.4 1 Figures represent customs valuations which, with some ex June 12, 963 44.2 55.3 -15.5 9.5 are at rate of $35 a fine ounce. July 13, 017 54.5 63.8 -20.9 P10.3 2 Includes all movements of unreported origin or destination Back figures.—See table p. 809, and Annual Report for 193^ (tables p Preliminary. r Revised, 31 and 32). i Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published in table, p. 809, 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 1937 (table 29). BANK SUSPENSIONS1 BANK DEBITS [Debits to individual accounts. Amounts in millions of doliars] Member Nonmember banks banks Total, Num- 1938 1937 all ber banks Na- In- Not of tional State sured^ nsured centers July June July Number of banks suspended: New York City 1 13, 828 15, 637 16, 751 1934, -._ 57 1 8 48 Outside New York City 140 16,677 17,160 20,163 1 11 9 99 3 33 5 76 . 4 3 5 4 4 9 4 4 1 2 4 2 47 0 2 8 3 6 Fede B ra o l s t R o e n s . e . rve districts: 11 1,673 1,696 1,995 1938—Jan.-Jul3 38 1 32 5 New York . . 14,479 16, 398 17, 525 Philadelphia 10 1,467 1,675 1,680 Deposits of suspenled banks Cleveland 13 1,585 1,609 2,184 (in thousands oi dollars) :3 Richmond 7 632 643 740 1934 36 937 40 1 912 34 985 Atlanta .. 15 812 796 876 1935 10 015 5 313 3 763 939 Chicago 21 4,130 4,472 5,208 1936 11 306 '507 10 207 592 St. Louis... -. 5 842 864 1,012 1937 19 723 7 379 1 708 10 156 480 Minneapolis. - 9 556 553 675 1938—Jan.-Juljj 10, 479 36 9,425 1,018 Kansas City..- 15 1,098 999 1,375 Dallas. . _ .. 10 647 661 758 * Represents licensed banks suspended; does not include nonlicensed San Francisco . 18 2, 584 2, 431 ba 2 n F ks e d p e l r a a c l e d d ep in o s l i i t q u in id su a r ti a o n n c e o r b e r c e a c m ei e v e o r p s e h r i a p t . ive January 1, 1934. Total 141 30, 505 32, 797 36.914 8 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember Back figures.—SeeAnnual Report for 1937 (table 71) banks are based on the latest data available at the time the suspensions were reported. Back figures—See Annual Report for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 781 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS2 Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Total ti N on a a - l State M s b a a v u n i t n k u g s a s l b m n a b o e n e m n k r - s - Call date ba A n l k l s 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 k - s 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30... 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38. 505 23, 771 15,386 8,385 9,708 5,026 475 1934—June 30 15,835 6,375 5,417 958 578 8,882 1934—June 30 41,870 26,615 17,097 9,518 9,780 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31__. 44,770 28,943 18,519 10,424 9,828 6,000 1935—Mar. 4 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4.... 44,455 28,589 18,502 10,087 9,837 6,029 June 29 15,994 6,410 5,425 985 571 9,013 June 29... 45, 766 29,496 19,031 10,465 9,920 6,350 Nov. 1 15,904 6,400 5,403 997 571 8,933 Nov. 1. 47, 522 31,072 20,128 10,944 9,936 6,513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31___ 48, 964 32,159 20,886 11, 273 9,963 6,842 1936— Mar. 4 15,808 6,377 5,375 1,002 569 8,862 1936—Mar. 4.... 48, 716 31, 774 20, 605 11,169 9,972 6,970 June 30 15, 752 6,400 5,368 1,032 566 8,786 June 30. _ 51, 335 34,098 21,986 12,112 10,060 7,176 Dec. 31_ 15,628 6,376 5,325 1,051 565 8,687 Dec. 31— 53, 701 35,893 23,107 12, 786 10,143 7,666 1937—Mar. 31 15, 569 6,367 5,305 1,062 565 8,637 1937—Mar. 31— 52, 577 34, 746 22, 355 12,390 10,157 7, 674 June 30«._- 15, 527 6,357 5,293 1,064 564 8,606 June 30»_. 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 June 30 6,338 5,242 1,096 June 30-.- 34, 745 22, 553 12,193 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— June 30 42, 502 21,278 21,224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dec 31 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—Mar. 4 43,747 20,394 23,353 28,271 11,953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 _— 45,717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar. 4 . 46,115 20,267 25,847 30,288 12,099 18,189 9,795 5,202 4,592 6,032 2,966 3,066 June 30 . 48, 458 20,679 27,778 32,259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49,524 21,449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 . 6,464 3,062 3,402 1937—Mar 31 49,138 21,790 27,348 32, 525 13, 699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 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 June 30 30, 721 12, 938 17, 783 1 Nqnmember 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 figures exclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30,1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Back figures—See Annual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN SEPTEMBER 193* ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e a n e n t n d a s t s t l s - Total C Y N k o b s T i i o u r e e t d o o r r y t w e - s - k » o se t t T o h c ie n u o e s r ri s - e l R o st a e a n a t l s e a b a p c o a R i n c o w n n e c e r g k p n e - t- s s t- ' O c c u w a u u n s t n r i r e h s s e e - d e e e d d r - - L ba o t n a o k n s s a a c f A n i e e p c c S e - t n - s B 3 il £ ls p C m c a o i p e a m r e l - r - k L C Y N e b o r t i o r e a s o t o r w y n i - k n i s Total Direc t t ion a F g s n u u t a l e l r e y - d s O e ti t c h e u s e r r i- Unitedabroadbought States TOTAL—ALL MEM- BER BANES 1929—Dec. 31 . 35,934 23,193 803 7,685 3,191 11, >15 714 212 80 291 1,660 9,784 3,863 5,921 1933— June 30 > 24,786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5,041 1934—Dec. 31 28,150 10,609 187 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 0,541 1936—Dee. 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 8,095 1937—Mar. 31 32,525 11,862 258 2,816 2,440 128 6,220 99 170 22 386 1,159 18,826 10,856 1,861 6 108 June 30 32,739 12,369 258 2,829 2,505 113 6,663 115 131 15 377 1,278 18,454 10,870 1,819 5,765 Dec. 31 31,752 12,638 212 2,752 2,547 130 6,996 70 126 23 364 738 17,794 10,574 1,797 5 422 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 June 30 30, 721 11,914 178 2,614 2,613 112 6.397 120 73 13 293 523 17, 783 10, 215 2,128 5,440 NEW YORE CITY « 1929—Dec. 31 8,774 4,964 55 2,145 169 2,1)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 1 158 1934—Dec. 31 _ 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 1 078 1935—Dec. 31 8,418 2,196 60 793 140 107 1,096 42 158 16 5 1,018 4,985 3,425 401 1,159 1936— Dec. 31 9,280 2,567 78 753 144 65 1,527 42 136 10 5 1,095 5,425 3,739 470 1,217 1937—Mar. 31 9,101 2,676 74 790 142 69 1,600 51 119 6 4 1,105 5,140 3,356 473 1,311 June 30 9,006 2,890 76 824 149 65 1,776 62 98 1 5 1,219 4,730 3,176 454 1 100 Dec. 31 8,313 2,817 58 733 141 74 1,811 29 112 6 6 703 4,640 3,207 388 1,045 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 June 30 8,013 2,499 47 717 132 62 1,541 85 65 4 10 509 4,840 3,031 709 1,101 CITY OF CHICAGO * 1929—Dec. 31 — , 1,757 1,330 240 533 21 5(5 88 9 5 5 11 309 116 198 1933—June 30 * 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 78 220 1935—Dec. 31 1,868 455 28 149 15 14 249 6 1 12 1 1,392 1,061 88 248 1936—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 94 278 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 94 256 1938—Mar. 7 1,997 593 39 113 11 6 423 1 2 19 1,382 1,008 100 278 June 30 1,806 513 29 109 10 3 361 1 11 1,281 859 122 300 RESERVE CITY BANES 1929—Dec. 31 _ 12,029 8,418 425 2,775 1,638 3, $79 258 42 24 102 239 2,944 1,368 1,576 1933—June 30 » 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—Dec. 31 11,795 4,582 123 1,048 1,124 56 2,231 23 17 5 131 36 7,000 4,426 697 1,877 1937—Mar. 31 11,611 4,618 114 1,039 1,135 55 2,276 29 37 10 154 38 6,725 4,250 669 1 805 June 30 11,629 4,739 114 1,032 1,164 39 2,389 34 25 7 145 44 6,635 4,267 635 1,733 Dec. 31 11,414 4,996 97 1,066 1,176 47 2,610 27 10 12 132 26 6,211 3,961 637 1,612 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 June 30 11,150 4,701 88 998 1,201 45 2,369 26 7 7 104 8 6,298 3,940 718 1,639 COUNTRY BANES 1929—Dec. 31 13, 375 8,481 83 2,231 1,462 4705 45 33 5 163 208 4,439 1,267 3,172 1933—June 30 » 7,873 4,194 15 1,117 1,055 3 2,005 38 4 1 27 10 3,598 1,469 2,129 1934—Dec. 31 8,780 3,849 14 996 1,026 2 1,810 27 5 2 92 50 4,756 2,108 355 2,293 1935—Dec. 31 8,919 3,754 13 894 1,035 2 1,810 17 3 2 135 7 5,002 1,940 623 2,439 1936—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 June 30 9,752 4,201 14 790 1,269 2 2,126 9 2 1 168 6 5,364 2,385 579 2,400 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Beginning June 30, 1933, figures relate to licensed banks only, a Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 54-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 783 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e R R a e r e r i n r v e e a t d v k - h e - l - e s s v C a i a u n s l h t b a w m B a n d t n i i a e c o c t k l s e - h - s - s * r o i t p e t i f l p e r e o e i o s n c m o n c s c o r - s a - l t - - b m D a I t n i e n o c s k t - - e s rb b a F e a n i o n k g r k n - s S U m G e t e n a r o e d n t i n v e t - t - - s f P u l u n i b c d - s l c C e c c h a o f t e e a i o f e n t e f r s r e c f d i d t s h - r k i ' s - s s t p I p u i v n h c n o o a a o i e i d r n d r l p r r a s t i - - - s s - , - - , , j d i m u t e D s s a p t e e a n o - d d d s * - - b m D I a t n n i e o c t s k - e - s rb b a F e a n i o n g k r k n - s s P in t a o a g v l s s - - f P u l u n i b c d - s s t p I p u i v n h c n o o a a o i e i d r r n d l p r r a s t i - - - s s - - , - , , r B i o n o w g r s - credit« etc. etc TOTAL—ALL MEM- BER BANKS 1929—Dec. 31. _ 2,374 558 2,168 3,896 3.517 544 143 1,335 1,681 17, 526 16,647 95 154 122 595 12,267 878 1933—June 30 s 2 235 405 2,008 1 485 3,057 145 806 1,087 657 11, 830 12,089 89 1 788 300 7,803 191 1934—Dec. 31._ 4,082 609 3.149 1,903 4,569 147 1.636 1,799 838 14, 951 15,686 134 7 452 294 9,020 13 1935—Dec 31 5. 573 665 3 776 2 255 5,696 44d 844 2,13Q 882 18,035 18,801 151 5 218 361 9,680 6 1936—Dec. 3i 6,572 697 4,066 2 533 6,402 432 882 2,329 881 20, 970 21, 647 153 6 104 296 10, 429 15 1937—Mar. 31 6,613 662 3,445 1,974 5,752 458 415 2,564 677 20,085 21, 352 153 6 97 269 10, 639 18 June 30 6,897 629 3,207 2,201 5,298 615 628 2,577 752 20, 272 21, 401 123 14 100 292 10, 818 16 Dec. 31 7,005 589 3.414 2,259 5,436 453 781 2,132 767 19, 747 20, 387 129 11 95 482 10, 806 12 1938—Mar. 7 7,249 604 3,561 1,407 5,615 366 752 2,237 566 19,116 20,513 137 11 90 512 10,845 28 June 30 8,004 712 4,084 1,899 6, 096 321 543 2,314 662 19,816 20, 893 135 10 83 454 10, 874 11 NEW YORK CITY 8 1929—Dec. 31___ 827 68 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 18 33 1,112 179 1933—June 30 5 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 110 4 671 8 1934—Dec. 31._ 1.576 8fi 103 1 OfiQ 1,798 126 792 229 540 5,370 5,069 1 7 56 4 591 1935 Dec 31 2,541 65 111 1 133 2,338 410 224 323 524 6,479 6.193 4 3 12 591 1936—Dec. 31 2, U68 61 133 1,087 2,493 393 225 285 457 7,274 6,929 4 13 679 12 1937—Mar. 31 2,719 56 123 853 2,171 419 129 314 354 7,237 7,051 5 14 758 1 June 30 2,749 60 105 996 2,014 575 306 368 427 6,934 6, 733 12 17 767 3 Dec. 31.__ 2,738 56 120 989 2.108 416 382 189 404 6,507 6,111 7 49 696 193g—Mar 7 2,941 59 95 605 2.173 327 360 185 327 6,429 6,336 8 67 694 12 June 30 3, 517 65 119 842 2,514 283 123 273 367 6,900 6,698 8 32 694 CITY OF CHICAGO 8 1929—Dec. 31. _ 169 13 133 158 310 26 8 42 32 1,041 957 19 7 2 58 332 41 1933—June 30 B 232 34 203 61 259 2 46 87 16 870 912 6 1 358 1934—Dec. 31 415 40 207 90 445 2 46 182 23 1,073 1,189 1 381 1935—Dec 31 511 39 209 13R 522 4 Q« 208 27 1, 301 1 401 413 1936 Dec. 31 558 32 188 159 599 5 72 191 27 1,4?5 1,554 449 1937—Mar. 31__ 482 21 93 114 596 5 96 203 38 1.001 1,128 440 1 June 30 596 27 156 130 536 6 41 208 22 1,409 1, 509 452 Dec. 31 596 27 179 146 528 5 64 207 23 1,354 1,438 S 445 1938—Mar 7 566 22 135 84 576 7 92 170 17 1,270 1,372 16 445 June 30 936 31 208 106 688 6 86 221 23 1,386 1,523 16 443 RESERVE CITY BANKS 1929— Dec. 31. _ 751 156 947 1,041 1,604 50 76 423 300 5,547 5,229 30 14 41 371 4,433 292 1933—June 30 « 705 122 1,002 401 1,315 15 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec 31 1,268 207 1,543 537 1,984 17 620 585 169 4,919 5,136 117 1 186 206 3,494 1935—Dec. 31 1,594 256 1,779 752 2,422 28 385 707 204 6,001 6,161 134 1 79 266 3,796 1936—Dec. 31 2,108 285 1,816 971 2,826 33 407 843 230 7,023 7,126 137 1 35 203 4,026 1937~Mar. 31 _ 2,108 264 1,545 764 2,546 32 132 935 155 6,833 7,159 137 2 34 176 4,064 fi June 30 2,215 212 1,392 805 2,339 33 212 934 163 6,840 7,132 108 2 35 190 4,140 1 Dec 31 2,310 200 1,470 841 2,389 30 256 777 192 6,743 6,870 107 4 34 266 4,161 1938—Mar. 7 _ 2,376 213 1,632 538 2,461 31 234 809 121 6,455 6,848 116 3 33 269 4,198 5 June 30 2, 289 300 1,951 693 2,514 30 266 812 146 6,668 6,934 113 2 31 262 4,238 COUNTRY BANKS 1929—Dec. 31 627 321 908 291 405 3 39 742 169 5,091 5,711 6 61 133 6,390 367 1933—June 30 « 452 203 702 149 228 1 116 555 72 2,576 3,054 7 285 86 3,833 167 1934—Dec. 31 822 275 1,296 207 342 2 178 804 106 3,589 4,292 16 210 84 4,554 13 1935—Dec. 31 927 305 1,676 235 415 1 137 901 127 4,254 5,047 16 136 83 4,879 6 1936—Dec. 31. 1,247 319 1,929 316 483 2 178 1,011 167 5,177 6,039 16 69 80 5,275 3 1937—Mar. 31 1,304 321 1,684 242 440 2 57 1,113 130 5,013 6,012 16 64 79 5,377 11 June 30 1,337 330 1,554 269 409 2 69 1,067 139 5,089 6,027 15 64 85 5,459 12 Dec. 31. _ 1,361 307 1,645 283 412 1 78 959 149 5,143 5,968 21 61 158 5,504 12 1938—Mar. 7 1,366 310 1,700 180 403 1 66 1,073 101 4,963 5,957 20 56 159 5,508 11 June 30 1,263 316 1,806 258 380 2 68 1,008 126 4,863 5,738 22 52 144 5,499 11 i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." * Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. »Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935, * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. & Beginning June 1933 figures relate to licensed banks only. « Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 54-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Loans Investments Reserve Bal- Total Com- Other U. S. Govern- with ances loans mercial, To loans ment obliga- Fed- Cash with Date or month and indus- Open brokersfor pur- Real Loans tions Other eral in domesinvest- Total trial, mar- and chas- estate to Other Total securi- Re- vault tic ments and ket dealers ing or loans banks loans ties serve banks agri- paper in se- carry- Fully banks cul- curities ing se- Direct guartural curities anteed TOTAL—101 CITIES 1937—July 22, 219 9,743 4,397 463 1,375 706 1,164 124 1,514 12, 476 8,268 1,170 3,038 5,291 312 1,771 1938—January 21, 285 9,137 4,462 461 825 623 1,163 67 1,536 12,148 8,118 1,131 2,899 5,614 315 1,986 February ___ 21, 214 8,936 4,391 446 738 616 1,160 67 1,518 12, 278 8,168 1,147 2,963 5,646 294 2,016 March .__ 21,072 8,884 4,328 426 762 611 1,153 86 1,518 12,188 7,992 1,159 3,037 5,724 302 1,992 April 20, 819 8,604 4, 229 403 622 592 1,147 104 ]. 507 12, 215 7,955 1,179 3,081 5,885 342 2,107 May 20, 732 8,430 4,085 380 602 589 1,154 115 ,505 12,302 7,980 1,354 2,968 6,070 384 2,296 June 20, 696 8,384 3,953 354 686 582 1,158 125 ,526 12,312 7,864 1,453 2,995 6,407 398 2,406 July 20, 530 8,213 3,878 334 629 577 1,159 121 L, 51512, 317 7,703 1,567 3,047 6,675 403 2,435 1938—June 8 20,944 8,625 3,962 361 873 582 1,159 167 L, 52112,319 7,891 1,434 2,994 6,355 404 2,388 June 15 20, 866 8,361 3,958 354 663 581 1,157 121 ,527 12, 505 8,032 1,451 3,022 6,405 385 2,446 June 22 20, 572 8,279 3,916 348 640 580 1,159 113 ,523 12, 293 7,782 1,481 3,030 6,448 397 2,409 June 29 20,561 8,321 3,936 340 652 583 1,160 113 1, 537 12, 240 7,770 1,488 2,982 6,574 417 2,415 July 6 20, 476 8,252 3 880 335 661 577 1,157 120 1,522 12, 224 7,727 1,499 2,998 6,577 403 2,428 July 13 20,468 8,231 3,885 335 638 578 1,159 118 1,518 12, 237 7,730 1,505 3,002 6,737 415 2,462 July 20 20, 618 8,208 3,878 332 623 578 1,159 128 1,510 12, 410 7,696 1, 622 3,092 6,709 389 2,428 July 27 20,556 8,161 3,869 334 595 577 1,162 116 1,508 12, 395 7,659 1,640 3,096 6,675 405 2,423 Aug. 3 ___ 20, 560 8,165 3,865 336 602 574 1,161 111 1,516 12, 395 7,655 1,646 3,094 6,570 378 2,399 Aug. 10 20, 611 8,199 3,889 336 622 574 1,159 106 1,513 12, 412 7,669 1,650 3,093 6,550 393 2,365 Aug. 17 20, 632 8,223 3,900 337 632 578 1,160 115 1,501 12, 409 7,674 1,628 3,107 6,568 382 2,437 Aug. 24 20, 713 8,217 3,890 335 636 580 1,158 114 1,504 12, 496 7,724 1,653 3,119 6,639 396 2,419 NEW YORK CITY 1937—July 8,375 3,975 1,742 161 1,159 274 134 85 420 4,400 2,986 441 973 2,486 51 68 1938—January 7,834 3,373 1,719 184 665 213 128 38 426 4,461 3,098 386 977 2,683 54 71 February... 7,826 3,260 1,704 169 587 212 126 40 422 4,566 3,131 404 1,031 2,719 51 65 March 7,717 3,247 1,670 155 606 212 123 56 425 4,470 2,954 426 1,090 2,844 50 70 April 7,647 3,078 1,628 147 489 201 118 77 418 4,569 2,995 443 1,131 2,946 51 68 May 7,614 3,007 1,565 139 473 205 118 87 420 4,607 3,033 564 1,010 3,010 50 70 June... __ 7,671 3,038 1,511 131 549 200 118 97 432 4,633 2,973 650 1,010 3,208 53 75 July 7,492 2,922 1,457 131 497 194 118 93 432 4, 570 2,821 723 1,026 3,380 52 74 1938—June 8 7,947 3,244 1,511 133 714 200 118 139 429 4 703 3,041 643 1,019 3,091 52 80 June 15 7,793 3,009 1,514 131 522 197 118 93 434 4,784 3,105 652 1,027 3,174 49 73 June 22 7,584 2,974 1,501 130 515 197 119 84 428 4,610 2,911 663 1,036 3,219 50 71 June 29 7,552 3,000 1,504 129 520 201 118 86 442 4,552 2,885 678 989 3,339 58 71 July 6 7,494 2,968 1,463 130 537 195 118 92 433 4,526 2,844 684 998 3,277 53 72 July 13 7,449 2,932 1,464 132 496 193 119 93 435 4,517 2,837 687 993 3,412 52 77 July 20 7,537 2,910 1,451 131 486 194 117 101 430 4,627 2,815 753 1,059 3,444 49 76 July 27 7,490 2,879 1,450 131 469 193 118 88 430 4,611 2,787 770 1,054 3,386 52 70 Aug. 3 7,488 2,877 1,443 132 474 192 118 83 435 4,611 2,778 781 1,052 3,313 48 69 Aug. 10 7,527 2,915 1,460 132 499 191 118 79 436 4,612 2,780 786 1,046 3,301 50 69 Aug. 17 7,542 2,942 1,470 133 508 196 118 89 428 4,600 2,781 773 1,046 3,339 50 70 Aug. 24 7,613 2,951 1,480 132 507 198 118 87 429 4,662 2,820 797 1,045 3,375 51 69 OUTSIDE NEW YORK CITY 1937—July 13, 844 5,768 2,655 302 216 432 1,030 39 1,094 8,076 5,282 729 2,065 2,805 261 1,703 1938—January 13,451 5,764 2,743 277 160 410 1,035 29 1,110 7,687 5,020 745 1,922 2,931 261 1,915 February... 13, 388 5,676 2,687 277 151 404 1,034 27 1,096 7,712 5,037 743 1,932 2,927 243 1,951 March 13, 355 5,637 2,658 271 156 399 1,030 30 1,093 7,718 5,038 733 1,947 2,880 252 1,922 April__ _ 13,172 5,526 2,601 256 133 391 1,029 27 1,089 7,646 4,960 736 1,950 2,939 291 2,039 May 13,118 5,423 2,520 241 129 384 1,036 28 1,085 7, 695 4, 947 790 1,958 3,060 334 2,226 June. 13,025 5,346 2,442 223 137 382 1,040 28 1,094 7,679 4^891 803 1,985 3,199 345 2,331 July 13, 038 5,291 2,421 203 132 383 1,041 28 1,083 7,747 4,882 844 2,021 3,295 351 2,361 1938—June 8 12,997 5,381 2,451 228 159 382 1,041 28 1,092 7,616 4,850 791 1,975 3,264 352 2,308 June 15 13,073 5,352 2,444 223 141 384 1,039 28 1,093 7,721 4,927 799 1,995 3,231 336 2,373 June 22 12, 988 5,305 2,415 218 125 383 1,040 29 1,095 7,683 4,871 818 1,994 3,229 347 2,338 June 29 13,009 5,321 2,432 211 132 382 1,042 27 1,095 7,688 4,885 810 1,993 3,235 359 2,344 July 6 12, 982 5,284 2,417 205 124 382 1,039 28 1,089 7,698 4,883 815 2,000 3,300 350 2,356 July 13 13,019 5,299 2,421 203 142 385 1,040 25 1,083 7,720 4,893 818 2,009 3,325 363 2,385 July 20 13, 081 5,298 2,427 201 137 384 1,042 27 1,080 7,783 4,881 869 2,033 3,265 340 2,352 July 27 13, 066 5,282 2,419 203 126 384 1,044 28 1,078 7,784 4,872 870 2,042 3,289 353 2,353 Aug. 3 13, 072 5,288 2,422 204 128 382 1,043 28 1,081 7,784 4,877 865 2,042 3,257 330 2,330 Aug. 10 13, 084 5,284 2,429 204 123 383 1,041 27 1,077 7,800 4,889 864 2,047 3,249 343 2,296 Aug. 17 13, 090 5,281 2,430 204 124 382 1,042 26 1,073 7,809 4,893 855 2,061 3,229 332 2,367 Aug. 24 13,100 5,266 2,410 203 129 382 1,040 27 1.075 7,834 4,904 856 2,074 3,264 345 2,350 Note: For description of figures see BULLETIN for November 1935, pages 711-738, or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for June 1937, pages 530-531. For back figures see BULLETIN for November 1935, pages 711-738, or reprint, page 876 of BULLETIN for December 1935, Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

785 SEPTEMBER 1938 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN 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 items assets De- Date or month re e p d o a r s t- Other Interbank United Certi- d m e a p n os d - 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 t n i m c k e s s-F b o a r n e k ig s nG S m o ta v e t e n e r t s n- ch f e i e t e c c d . ks, Other i ju ts s - te a d d 1 - m b D a e n o s k t - i s c b F e a i o n g r k n - s Other ings ities count TOTAL—101 CITIES 1937—July 1,497 1,277 32, 367 4,984 606 447 480 16,001 14, 984 101 17 5,254 17 863 3,597 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 3,624 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 June 1,477 1,328 32, 712 5,736 305 501 536 15, 873 14, 932 111 9 5,231 5 756 3,649 July 1,322 1,269 32, 634 5,821 302 452 443 15, 900 15, 021 115 8 5,211 6 731 3,645 1938—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 June 29. . 1,353 1,280 32, 600 5,664 311 465 426 15, 963 15,036 116 9 5,239 1 758 3,648 July 6 1,317 1,263 32 464 5,847 309 463 416 15, 702 14, 801 116 9 5,229 732 3,641 July 13 1,509 1,261 32, 852 5,878 304 455 521 15,982 14, 994 114 8 5,209 7 729 3,645 July 20 1,296 1,271 32, 711 5,825 299 449 462 15, 961 15,127 114 8 5,208 11 727 3,647 July 27 1,167 1,282 32, 508 5,734 295 441 371 15, 956 15,160 116 8 5,200 5 736 3,646 Aug. 3 1,132 1,275 32, 314 5,812 301 436 350 15, 733 14, 951 115 8 5,193 5 712 3,649 Aug. 10 1 115 1,271 32 305 5,777 305 430 364 15, 760 15, 009 112 9 5,193 700 3,655 Aug. 17 1,184 1,268 32 471 5,840 311 425 337 15, 867 15,020 113 9 5,215 1 697 3,656 Aug 24 1,071 1,262 32, 500 5,763 316 421 359 15,926 15, 214 112 9 5,217 717 3,660 NEW YORK CITY 1937—July 658 455 12, 093 1,940 563 233 307 6,404 6,054 14 746 11 400 1,475 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 June 748 495 12 250 2,430 269 120 368 6,609 6,228 7 654 4 303 1,486 July 602 485 12, 085 2,443 266 108 279 6, 559 6,236 6 648 298 1,478 1938—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 June 29 661 491 12 172 2 402 275 109 268 6,670 6,277 655 301 1,485 July 6 573 482 11,951 2,435 272 110 248 6,440 6,115 7 655 308 1,476 July 13 730 478 12,198 2,456 268 109 352 6,584 6,206 6 649 294 1,480 July 20 590 487 12,183 2,455 264 110 297 6,636 6,343 6 644 291 1,480 July 27 516 492 12,006 2,424 259 104 217 6,577 6,278 6 645 297 1,477 Aug. 3. _ 443 494 11,855 2,436 264 105 192 6,439 6,188 6 637 295 1,481 Aug. 10 480 486 11 913 2,421 268 104 220 6,489 6,229 6 638 285 1,482 Aug 17 473 483 11,957 2,453 273 104 192 6,505 6,224 6 660 282 1,482 Aug. 24 465 478 12,051 2,424 276 104 217 6,590 6,342 6 659 292 1,483 OUTSIDE NEW YORK CITY 1937—July 839 822 20, 274 3,044 43 214 173 9,597 8,930 101 3 4,508 6 463 2,122 1938—Janua-ry 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 May 673 816 20, 227 3,242 38 399 151 9,095 8,574 110 2 4,578 455 2,157 June_._ __ 729 833 20, 462 3,306 36 381 168 9,264 8,704 111 2 4,577 1 453 2,163 July 720 784 20, 549 3,378 36 344 164 9,341 8,785 115 2 4,563 6 433 2,167 1938—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 June 29 692 789 20, 428 3,262 36 356 158 9,293 8,759 116 2 4,584 1 457 2,163 July 6 744 781 20, 513 3,412 37 353 168 9,262 8,686 116 2 4,574 424 2,165 July 13 779 783 20, 654 3,422 36 346 169 9,398 8,788 114 2 4,560 7 435 2,165 July 20 706 784 20, 528 3,370 35 339 165 9,325 8,784 114 2 4,564 11 436 2,167 July 27 651 790 20, 502 3,310 36 337 154 9,379 8,882 116 2 4,555 5 439 2,169 Aug. 3_._ 689 781 20, 459 3,376 37 331 158 9,294 8,763 115 2 4,556 5 417 2,168 Aug. 10 635 785 20, 392 3,356 37 326 144 9,271 8,780 112 3 4,555 415 2,173 Aug. 17 711 785 20, 514 3,387 38 321 145 9,362 8,796 113 3 4,555 1 415 2,174 Aug. 24 606 784 20, 449 3,339 40 317 142 9,336 8,872 112 3 4,558 425 2,177 1 Does not include cash items in process of collection reported in balances with domestic banks. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO [In millions of dollars] Loans Investments Reserve Bal- ! Total Com- Other U. S. Govern- with ances Federal Reserve i loans mercial, To loans ment obliga- Fed- Cash I with district and J and indus- Open brokers for pur- Real Loans tions Other eral in domesdate (1938) I invest- Total trial, mar- and chas- estate to Other Total securi- Re- vault tic ments and ket dealers ing or loans banks loans ties serve banks agri- paper in se- carry- Fully banks cul- curities ing se- Direct guartural curities anteed BOSTON (6 cities) j July 27 ! 1,108 583 268 64 21 32 82 113 525 365 31 129 349 123 139 Aug. 3 1,103 580 267 63 21 31 82 113 523 364 31 128 356 122 140 Aug. 10.. • 1,110 585 269 63 21 32 82 115 525 366 31 128 349 i 123 134 Aug. 17 1,106 583 271 63 21 31 82 112 523 363 30 130 349 i 123 134 Aug. 24 1,101 580 267 62 22 31 82 113 521 381 30 130 356 I 124 131 NEW YORK (8 cities)* July 27 8,305 3,271 1,563 142 475 263 222 518 5,034 3,001 821 1,212 3,511 69 163 Aug. 3 8,305 3,270 1,557 142 480 261 222 525 5,035 2,993 831 1,211 3,452 j 63 159 Aug. 10 8,344 3,307 1,575 143 504 260 221 525 5,037 2,999 833 1,205 3", 4~31 66 158 Aug. 17 8,358 3,332 1,583 144 513 265 221 517 5,026 3,001 820 1,205 3, 471 65 163 Aug. 24 ! 8,341 3,339 1, 591 143 512 287 221 517 5,092 3,042 846 1^204 3,516 67 158 PHILADELPHIA(4 cities) July 27 1,133 417 191 19 16 34 59 96 716 341 95 280 240 i 17 148 Aug. 3 1,135 418 191 19 16 34 59 97 717 340 95 282 234 I 16 154 Aug. 10 1,136 419 193 19 16 34 58 97 717 340 94 283 226 ; 17 148 Aug. 17 1,133 419 193 20 16 34 58 96 714 337 94 283 : 224 16 161 Aug. 24 1,129 418 192 20 16 34 58 96 711 334 94 283 223 16 155 CLEVELAND (10 cities) July 27 I 1,770 664 253 11 21 37 172 168 1,106 743 97 266 ; 359 I 39 287 Aug. 3 I 1,768 664 254 11 21 37 172 167 1,104 741 97 266 361 : 35 279 Aug. 10 I 1,766 662 256 11 20 37 172 164 1,104 740 97 267 357 ] 37 270 Aug. 17 1,765 662 255 11 21 36 172 165 1,103 745 91 267 367 36 268 Aug. 24 j 1,771 659 253 11 21 36 171 165 1,112 749 91 272 ! 384 i 37 261 RICHMOND (12 cities) ! July 27 606 230 99 10 3 16 32 68 376 282 33 61 142 19 136 Aug. 3 | 606 230 100 10 3 16 32 68 376 282 33 61 ; 148 ; 17 134 Aug. 10 I 606 229 99 11 3 16 32 67 377 282 34 61 147 I 18 135 Aug. 17 I 608 229 11 3 16 32 67 379 283 34 62 148 i 17 144 Aug. 24 I 609 228 11 3 16 31 67 381 284 34 63 j 147 j 18 150 ATLANTA (8 cities) j July 27 551 285 155 3 6 15 28. 73 266 142 44 97 | 12 126 Aug. 3 556 288 156 3 6 15 28 74 268 142 43 83 : 96 I 11 124 Aug. 10 552 284 154 3 5 15 28 741 268 142 43 83 103 ! 11 127 Aug. 17 551 282 154 3 5 15 27 74 269 142 43 84 , 103 11 133 Aug. 24 I 551 280 152 3 6 15 27 74; 271 144 43 84 i 101 j 12 I 139 CHICAGO (12 cities)* July 27 2,844 816 466 32 28 79 92 115 2,028 1,349 225 454 : 1,139 |65 ! 426 Aug. 3 \ 2,842 819 465 34 29 79 92 116 2,023 1,345 224 454 | 1,110 !60 ! 429 Aug. 10 i 2,852 823 468 34 30 79 92 116 2,029 1,352 223 454 ; 1,087 |61 | 425 Aug. 17 2,865 830 474 34 31 79 93 115 2,035 1,352 224 459 ! 1,060 59 i 428 Aug. 24 2,870 832 467 34 35 79 93 120 2,038 1, 352 226 460 i 1,076 |62 ! 424 ST. LOUIS (5 cities) IS I July 27 648 285 174 5 5 12 48 34 363 201 64 98 \ 172 ! 126 Aug. 3 652 286 177 5 5 13 48 32 366 205 64 97 167 i 124 A A A u u u g g g . . . 2 1 1 4 7 0 6 6 6 5 5 5 2 5 5 2 2 2 8 8 8 3 4 7 1 1 1 7 7 7 4 5 8 5 5 5 4 5 5 1 1 1 3 3 3 4 4 4 8 8 8 3 3 £ 2 2 2 3 3 3 6 7 6 9 1 8 2 2 2 1 0 1 2 6 0 6 6 5 4 3 8 1 1 1 6 6 7 6 4 6 j ! 1 1 1 1 1 0 I 1 1 1 3 3 2 1 3 3 MINNEAPOLIS (8 cities) July 27 356 153 72 4 1 62 203 148 14 41 78 120 Aug. 3 355 153 71 5 1 63 202 148 14 40 i 73 123 Aug. 10 355 153 71 5 1 63 202 148 14 40 82 : 120 Aug. 17 354 153 71 5 1 62 201 147 14 40 81 119 Aug. 24 357 155 72 5 1 63: 202 149 13 40 i 73 ! 127 KANSAS CITY (12 cities) July 27 617 244 150 17 3 39 373 209 45 119 158 ; 13 ! 305 Aug. 3 i 622 245 151 17 3 39 377 210 46 121 j 150 | 11 ; 295 Aug. 10 ! 624 245 151 16 4 39 379 210 47 122 159 12 ! 285 Aug. 17_. 624 245 151 16 4 39 379 209 47 123 159 11 i 302 Aug. 24 629 244 150 16 4 39 385 211 49 125 162 i 12 j 284 Jul D y A L 2 L 7 A S (9 cities) ; 487 226 143 2 2 44 261 171 39 51 I 102 11 I 207 Aug. 3 487 227 143 2 2 44 260 171 38 51 ! 102 ! 10 211 Aug. 10 490 228 144 2 3 43 262 171 40 51 101 ! 11 211 Aug. 17.. 491 227 144 2 2 43| 264 172 40 52 ' 102 ; 10 ( 223 Aug. 24 492 227 143 2 44 265 172 41 52 | 100 i 11 • 215 SAN FRANCISCO (7 cities) ! July 27 ! 2,131 335 378 178 1,144 707 132 305 I 328 i 20 240 Aug. 3 2,129 333 377 178 1,144 714 130 300 321 ! 18 227 Aug. 10 2,121 977 331 377 178 1,144 713 130 301 i 332 i 20 ' 229 Aug. 17 2,122 977 330 378 179 1,145 713 128 304 I 340 j 19 231 Aug. 24 : 2,121 972 330 378 174 1,149 714 128 307 335 j 20 | 242 CITY OF CHICAGO* July 27 1,827 513 338 12 52 1,314 871 128 315 • 934 j 34 ! 208 Aug. 3 1,832 516 338 12 52 1,316 872 128 316 I 896 I 33 208 Aug. 10 ! 1,838 520 341 12 52 1,318 874 128 316 I 875 34 204 Aug. 17 I 1,848 52' 347 12 52 1,321 875 127 319 856 32 212 Aug. 24 I 1,847 526 342 12 53 1,321 874 127 320 873 i 34 i 209 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 787 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued [In millions of dollars] Cash Demand deposits Time deposits d F i e s d tr e i r c ( a t 1 l 9 a 3 R n 8 e d ) s e d r a v t e e r i c n i e e t e t o i s p d e o p l s o m l n r e a o r o c s s t i c f - - - a O s t s h e e ts r l T a T i i s a o t o s i b t e e t a i a s t l l s l - D b o a t I m n ic n k e t s e s- rb F a b o n a r k n e k ig s n G U S m o n t v a e i e t t n e e r t s n d - c C h f e e i e t e r c c d t . k i- s, Other d i j m t u e s D p s — a t o e n e s - a d d - d ! - b m D a e I n o n s k - t t i s e c rb b a F e a n i o n g k r k n - s Other r i o B n w g o s r - - l O i i a t t i b h e i e s l r - t c C a o l a u p a n i c - t - BOSTON (6 cities) July 27 75 1,844 228 14 1,062 1,026 262 20 240 Aug. 3 74 1,848 233 9 15 1,065 1,027 259 19 240 Aug. 10 73 1,837 232 9 14 1,056 1, 022 258 19 240 Aug. 17 74 1,840 232 10 15 1,057 1,018 257 20 240 Aug. 24 73 1,833 226 10 13 1,057 1,02 2 258 20 240 NEW YORK (8 cities)* July 27 544 565 13,157 2,478 261 112 231 6,786 1,038 308 1,605 Aug. 3 475 567 13, 021 2,493 266 113 208 6, 972 6,705 1,029 305 1,610 Aug. 10 510 560 13, 069 2,477 269 112 236 7,019 6,745 1,030 295 1,611 Aug. 17 520 557 13,134 2,509 275 112 204 7,059 6,743 1,052 292 1,610 Aug. 24 493 551 13, 216 2,479 278 112 231 7,128 1,054 302 1,612 PHILADELPHIA(4 cities' July 27 83 1, 673 277 4 20 7 821 776 291 16 225 Aug. 3 82 1,675 286 5 20 7 813 766 292 15 225 Aug. 10 82 1,660 286 5 20 7 797 753 293 15 226 Aug. 17 82 1, 677 294 5 20 804 751 294 15 226 Aug. 24 83 1,655 282 6 20 793 751 294 16 226 CLEVELAND (10 cities) July 27 10, 2,631 312 1 18 1,118 1,069 745 17 361 Aug. 3 104 2,610 314 1 18 1,101 1,054 746 17 361 Aug. 10 105 2,598 312 1 18 1,091 1,043 747 17 361 Aug 17 105 2,614 315 1 18 1,103 1,045 748 17 361 Aug. 24 105 311 1 18 1,112 1,067 746 18 361 RICHMOND (12 cities) July 27 36 33 972 193 13 437 410 199 23 92 Aug. 3 38 35 978 197 13 438 410 199 22 93 Aug. 10 37 35 978 196 13 440 412 199 22 93 Aug. 17 41 33 991 205 13 444 413 199 21 93 Aug. 24 37 34 995 207 13 446 418 199 22 93 ATLANTA (8 cities) July 27 32 38 856 179 23 367 339 183 5 90 Aug. 3 39 38 864 186 23 368 333 183 5 90 Aug. 10 36 38 867 189 23 370 337 183 5 90 Aug. 17 39 39 876 192 23 370 335 186 90 Aug. 24 34 39 876 191 23 372 341 186 90 CHICAGO (12 cities)11 July 27 152 83 4,709 900 2, 395 2,274 875 375 Aug. 3 144 83 4,668 914 2,349 2,236 874 376 Aug. 10 145 83 4,653 901 2,354 2,237 875 376 Aug. 17 157 83 4, 652 901 2,357 2, 229 874 378 Aug. 24 134 4,650 887 2,372 2,267 874 379 ST. LOUIS (5 cities) July 27 39 1,019 259 453 419 185 Aug. 3 55 1,031 269 454 404 186 89 Aug. 10 40 1,028 267 453 418 90 Aug. 17 41 1,024 266 450 414 186 90 Aug. 24 36 1,021 265 448 417 186 90 MINNEAPOLIS(8 cities) July 27 26 604 125 285 265 119 57 Aug. 3 26 599 124 283 263 119 56 Aug. 10 26 605 126 287 267 119 56 Aug. 17 28 603 126 284 262 120 56 Aug. 24 26 605 128 284 264 119 56 KANSAS CITY (12 cities) July 27 58 1,173 358 535 491 143 95 Aug. 3 76 1,176 360 533 474 144 94 Aug. 10 58 1,160 354 526 481 144 95 Aug. 17 61 1,179 356 543 495 144 95 Aug. 24 55 1,164 350 534 492 144 95 DALLAS (9 cities) July 27 36 188 428 400 132 Aug. 3 33 191 426 402 132 Aug. 10 31 870 193 424 400 133 Aug. 17 35 887 197 439 411 132 83 Aug. 24 32 875 191 431 407 132 83 SAN FRANCISCO (7 cities) July 27 212 3,002 237 956 905 1,028 304 334 Aug. 3._ 204 2,975 245 931 877 1,030 291 333 Aug. 10 208 2,980 244 943 894 1,026 289 334 Aug. 17 208 2,994 247 957 904 1.023 288 334 Aug. 24 207 2,992 246 902 1,025 293 335 CITY OF CHICAGO* July/27 51 3,149 692 1,637 1,560 464 17 247 Aug. 3 52 3,109 696 1,600 1,529 464 15 248 Aug. 10 52 3,092 684 1,600 1,527 464 16 248 Aug. 17 51 3,095 1,605 1,526 464 15 250 Aug. 24 52 3,099 1,619 1,552 464 16 250 1 Does not include cash items in process of collection reported in balances with domestic banks. 2 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection. * See note on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS9 BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Commer- Held by accepting Held by Federal End of month s p t o i c a a n u i p n g a t e * l d - r - s T t o i a o n u n t g t a d - l - Total b O b a i n w ll k s n s bo B u il g ls ht o R c w o F e n u o s e n r a r t c v - e c f F s b o c o p o o a u r o e r r n n n i r k a g t e d c o s n - - - f o H t b h e y e ld rs B p U i i a o n o m . s r t n e S o t - s d . B o U p f n r a o o . s S r m e e t . x s d - c D h e o a x l n l - g ar e s b to U e B r t . a e w S s d e e . e d in n o o p n r o F g c s i o n o h o r o t i e u s p d i n g p s i - n n ed ents tries 1937—July 325 352 265 144 121 143 August 329 344 263 143 120 133 September. 331 344 274 148 127 127 October 323 346 282 153 129 127 62 November. 311 348 279 148 131 122 61 December. 279 343 278 147 131 117 59 1938—January. _. 299 326 266 147 119 106 60 February.. 293 307 246 140 106 96 61 March 297 293 236 143 93 91 62 April 271 279 229 141 86 61 May 251 268 218 139 81 64 June 225 264 210 135 79 63 July 211 265 217 133 78 63 i As reported by dealers; includes some finance company paper sold in open market. * Less than $500,000. Back figures—See Annual Report for 1937 (table 70). 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 e s rs' a i b n n p a a v d l c a a e c r n t s t o r n c t u a m e e d n s r e t i s s n n i ' n g t a i b n n a a d v l c a e c f n t i s o r r t c m u a m e d n s e i t s n n in g t C a b h a n a s a d n h n k d i o s n n r M o b w o o n e r- d e y 2 Free O (n th et e ) r m p i a n e r n v t In n t e e s a t r - n s d ' m in e f n v i I r n t e m s a t- nd a c c a c p I o n i u t n a t l s trading trading (net) accounts accounts 1936—March 1,351 67 168 181 995 303 89 23 15 429 June 1,267 67 164 219 985 276 86 24 14 420 September _ 1,317 72 141 227 995 289 99 24 14 423 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—March 1,549 61 175 223 1,172 346 115 29 18 419 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 June 774 27 88 215 495 258 89 22 11 298 July 843 28 80 209 528 284 82 22 10 303 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. > 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). N9TE.—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

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 789 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) A R u a g t . e 31 be In g in ef n fe i c n t g- v P r i a r o e t u e - s A R u a g t . e 31 be I g n in e n ff i e n c g t - A R ug a . t e 31 se I g n i n e n f i f n e g c — t Boston Sept. 2, 1937 2 Sept. 2, 1937 April 29, 1938 N C Ph l e e w i v la e d Y la e n o l d p rk h . i . a . - . A M Se u a p g y t . . 1 27 1 4 , , , 1 1 1 9 9 9 3 3 3 7 7 5 2 2 iy2 S O O e c c p t t t . . . 1 1 4 0 9 , , , 1 1 1 9 9 9 3 3 3 5 5 7 k W2 M F O e c a b t y . . 1 2 8 1 0 , , , 1 1 1 9 9 9 3 3 3 5 4 3 Richmond Aug. 27, 1937 2 Sept.10, 1937 Feb. 19, 1934 Atlanta __ Aug. 21, 1937 2 Aug.21, 1937 April 23,1938 Chicago _ Aug. 21, 1937 2 Aug.21, 1937 Oct. 16, 1933 St. Louis Sept. 2, 1937 2 Sept. 2, 1937 4 Feb. 23, 1935 Minneapolis- Aug. 24, 1937 2 Aug.24, 1937 Apr. 15, 1933 Kansas City- Sept. 3, 1937 2 Sept. 3, 1937 Apr. 16, 1938 Dallas Aug. 31, 1937 2 Aug.31, 1937 Apr. 16, 1938 San Francisco Sept. 3, 1937 2 Sept.17, 1937 Oct. 19, 1933 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect, Aug. 31, 1938, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Maturity e A R ff u a e g c te t . o 3 in n 1 In g i e n f n fe in c g t — be- Pre ra v t i e ous A i d ng v a i n n c s e ti s t u to ti o fi n n s a — nc- Advances direct to Commit- 1-15 days i_. Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 3 4 1 6 1 6 - - - 6 3 4 0 0 5 d d d a a a y y y s s s . . . . . . . . . -IZIId do oIIIZIII! m ga o e n r r i c z c i o a a t l m i o o - r n - s i t w n io s h n t i i c t f u o h - r m O a n in r i e n - g a t d o v m an a c k e e s 61-90 days... __do. _. tion is portion 91-120 days.. do obligated 121-180 days _.do Boston 11 I This rate also applies to acceptances bought under repurchase agree- New York 4-6 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 4^-6 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta- 5-6 5 5 y Chicago 5-6 5-6 2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4 1-2 Minneapolis- Kansas City- 4-6 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by * 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 1937 (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 19^ 22% 26 22% Reserve city 10 15 20 17H Country 7 1QL£ 12% 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 4^ 5% 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. 778 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

790 FEDERAL RESERVE BULLETIN SEPTEMBER 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 u. s.Treas- age New York City: Year, Prime Stock Stock ury bills yield on January 5.74 4.24 4.71 4.12 3.58 2.83 2. 2.50 2.36 month, or Prime bank- ex- ex- U. S. February 5.73 4.31 4.71 4.11 3.43 2.90 2.56 2.41 2.34 week com- ers' change change Treas- March 5.81 4.20 4.72 4.88 3.31 2.64 2.61 2.50 2.40 mercial accept- time call New 91- ury April 5.85 4.17 4. 4.33 3.39 2.61 2.54 2.53 2.36 4 p a t p o e r 6 , an 9 c 0 es, loa 90 ns, lo re a - n iss o u f e - s d d e a a y l- 3 y - e to a - r 5 J M un ay e 5 5. .88 4 4 . . 1 1 1 3 4 4 . .6 5 1 5 4 4 . . 2 1 4 0 3 3. . 3 4 0 2 2 2 . . 6 6 9 6 2 2. . 4 5 4 1 2 2 . . 4 3 4 4 2 2 . . 4 3 0 6 months days days new- fered ers' notes July 5.88 4.05 4.42 3.93 3.30 2.61 2.44 2.36 2.27 als w pe i r th io in d1 t q a u ti o o - n A Se u p g t u em st ber 6 6 . . 0 0 5 6 3 3 . .9 9 ! 7 4 4. . 3 4 0 5 3 3 . . 9 7 7 9 3 3 . .2 3 6 3 2 2 . . 6 7 7 2 2 2 . . 4 4 2 0 2 2 . . 4 3 1 9 2.16 October 6.08 4.27 4.35 3.76 3.28 2.72 2.46 2.38 November 5.86 4.67 4.12 3.52 3.22 2.77 2.43 2.45 1935 average... .76 .13 .56 .56 .14 .17 1.29 December 5.74 4.64 4.22 3.48 3.18 2.61 2.43 2.40 1936 average ... .75 .15 1.16 .91 .14 .17 1.11 1937 average.— .95 .43 1.25 1.00 .45 .28 1.40 Year 5.88 4.22 4.49 4.02 3.33 2.70 2.49 2.43 8 other northern and 1937—July 1 Vie IX 1.00 .49 .28 1.44 eastern cities: A Se u p g t ust _. 1 1 \llt I I X X 1 1 . . 0 0 0 0 . . 5 5 2 3 . . 2 3 9 1 1 1 . .5 4 0 5 J F a e n b u r a u r a y ry 5 5 . .8 8 7 6 4 4. . 6 6 3 1 5 5 . . 1 0 3 7 4 4 . . 8 8 4 9 4 4. . 4 6 9 5 4 4 . .02 3 3 . . 6 6 3 2 3 3 . .3 4 6 3 3 3 . . 2 3 9 7 October _ 1 V" IX LOO .34 .20 1.42 March.. __ 5.91 4.62 5.14 5.39 4.52 4.0J 3.60 3.34 3.25 1938— N D J e o a c v n . ua . ry _ - 1 1 1 V V V i i i e e 1 IX L L LO O . O O 00 . . . 1 1 1 5 0 0 . . . 0 1 1 9 0 1 1 1 1 . . .2 1 3 7 3 1 J A M u p n a r e y il .. 6 6 6 . . . 0 0 0 0 2 9 4 4 4 . . . 5 4 5 7 9 5 5 5 5 . . . 1 1 1 0 4 3 4 5 4 . . . 0 9 9 9 9 7 4 4 4 . . . 3 3 5 9 0 2 3 3 3 . . . 9 7 9 8 3 3 3 . . . 4 5 4 7 1 5 3 3 3 . . . 3 3 4 6 2 5 3 3 3 . . . 2 3 2 7 8 6 February 1 Vie LOO .08 .08 1.09 July 6.08 4.48 5.05 4.82 4.15 3.87 3.61 3.32 3.28 March... U-l Vie % :LOO .07 .08 1.01 August 6.11 4.47 5.12 4.68 4.12 3.79 3.47 3.29 3.26 April Vi IX LOO .08 .09 .94 September 6.24 4.48 5. 4.65 4.11 3.75 3.45 3.33 J M u a n y e M 34 ~ -l i V V i i < 1\4 L L O O O O . . 0 0 2 3 . . 0 0 5 5 . . 6 7 7 7 N O o ct v o e b m er ber _ 6 6. . 1 2 2 5 4 4 . . 4 4. . 96 4 4 . .5 5 1 4 4 4 . .13 3 3. . 6 7 3 5 3 3. . 4 5 7 0 3 3 . . 3 4 7 2 July U Vi IK i.oo .05 .07 .70 December 5.94 4.91 4. 4.59 3. 3.67 3.46 3.36 Week ending: July 9 3^ 7, j ^X 1.00 .04 .06 .69 27 south Y er e n a r and 6.04 4.61 5.05 4.83 4.29 3.86 3.52 July 16 3/ 7 ^ IX 1.00 .05 .06 .69 western cities: July 23.... 3 71 IX 1.00 .06 .07 .72 January 5.94 5.50 5.61 5.60 5.40 4.95 4.47 4.16 4.16 July 30 3, IX 1.00 .06 .07 .70 February 5.96 5.43 5.61 5.56 5.39 4.84 4.51 4.15 4.09 Aug. 6 Vi IX 1.00 .04 .07 .70 March 6.04 5.40 5.64 5.66 5.40 4.85 4.44 4.15 4.15 Aug. 13.._. 3/ Vie IX 1.00 .05 .06 .70 April 6.07 5.36 5.63 5. 5.34 4. 4.40 4.21 4.13 Aug. 20.... i IX 1.00 .05 .06 .71 May 6.10 5.26 5.64 5.66 5.28 4.79 4.43 4.17 4.13 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 4.12 i Series comprises 182-day bills to February 23, 1935, 273-day bills from August 6.22 5.28 5. 5.53 5.05 4.63 4.25 4.18 4.12 March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938, September 6.27 5.32 5.63 5.55 5.04 4.51 4.29 4.18 from October 22, to December 10, 1937, and 91-day bills thereafter. October 6.29 5.38 5.56 5.50 5.05 4.55 4.23 4.16 Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures November 6.29 5.53 5.55 5.42 4.93 4.51 4.24 4.17 for 91-day Treasury bills available on request. December 6.20 5.56 5.60 5. 4.92 4.55 4.14 4.15 Year 6.14 5.39 5.62 5.56 5.17 4.35 4.17 BOND YIELDS1 [Percent per annum] Corporate i Year, month, or week T U r . e a S s . - 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 3.94 3.26 3.46 4.01 5 03 3.55 4 31 3.93 1937—July 2 59 3 07 3 88 3.25 3.41 3.94 4 91 3.50 4.21 3.92 August 2.59 3.01 3.88 3.24 3.41 3.94 4.92 3.47 4.28 3.89 September _ 2.67 3.18 3.98 3.28 3.46 4.02 5.16 3.55 4.43 3.96 October 2 65 3 24 4.32 3.27 3 53 4.16 5.52 3.63 4.66 4.08 November 2.60 3.17 4.21 3.24 3.54 4.24 5.82 3.65 4.91 4.06 December 2 54 3 15 4 16 3 21 3 50 4 20 5 73 3 66 4.79 4.03 1938—January 2.47 3 03 4.19 3.17 3.50 4.20 5.89 3.54 5.02 4.01 February _ _ 2.46 2.99 4.23 3.20 3.51 4.24 5.97 3.57 5.06 4.07 March 2.45 2.99 4.36 3.22 3.56 4.34 6 30 3.58 5.44 4.05 April 2.43 3 03 4.50 3.30 3 73 4.49 6 47 3.64 5.75 4.11 May- 2.30 2.91 4.28 3.22 3 56 4.28 6.06 3.51 5.44 3.90 June 2 31 2.91 4.40 3.26 3.68 4.41 6.25 3.55 5.75 3.90 July- 2.34 2.87 4.17 3.22 3.62 4.21 5.63 3.48 5.25 3.79 Week ending: July 30 2.34 2.84 4.11 3.20 3.60 4.16 5.47 3.45 5.11 3.76 August 6 2.33 2.82 4.09 3.18 3.57 4.14 5 46 3.42 5.09 3.76 August 13 _. 2.32 2.79 4.09 3.18 3.58 4.14 5.47 3.43 5.09 3.76 August 20 2.31 2.78 4.11 3.18 3.58 4.14 5.53 3.44 5.12 3.76 August 27 . 2.31 2.82 4.09 3.18 3.57 4.11 5.49 3.43 5.07 3.76 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * Average of yields of all outstanding bonds due or callable after 8 years. »Standard Statistics Co. « Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, 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. Series revised back to Jan. 1, 1937 in July, 1938 because of changes in railroad bond yield averages in all rating groups. Back figures.—See Annual Report for 1937 (table 80). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

791 SEPTEMBER 1938 FEDEKAL RESERVE BULLETIN BOISD PRICES i STOCK MARKET Stock pricesi Corporate3 Vol- Year, month, or date T U u r r e . y S a * . s- M i u p n a i l3 c- Total Year, d m a o te nth, or fe P rr r e e d - * To C ta o l mmo I n n t r d i u ( a i s l n - dex, R r o a 1 a i 9 d l- 26=1 U 0 t 0 il ) ity u t m i r n a e g d * - of Number of issues.. 7-12 1935 average.. 106.1 105.3 Number of issues.. 20 420 348 32 40 1 1 9 9 3 3 7 6 a a v v e e r r a a g g e e . . . . 1 1 0 0 7 4 . . 0 4 1 1 1 1 0 0 . . 8 3 9 9 7 3 . . 5 4 1 19 9 3 3 6 5 a a v v e e r r a a g g e e 1 1 3 3 3 8 . . 8 9 11 7 1 8 12 9 7 1 3 5 4 1 10 7 4 1 1 1 , , 8 4 2 1 4 1 1937—July 104.0 110.8 95.3 .2 1937 average 136.2 112 131 49 95 1,519 1938— A N S O D M J F M A J J u u e e u o c e p a a n p l a b t c g n v r y r o e t y r i e u u e c e l b u m a m h . s m e a . r t . b r y r b b y e e e r r r __ _ 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 4 3 4 3 4 5 5 5 6 4 6 5 . . . . . . . . . . . . 0 3 0 5 7 4 0 3 0 8 1 7 1 1 1 1 1 1 1 1 1 1 1 1 0 1 0 0 1 1 1 0 1 1 1 1 9 1 9 2 1 8 2 9 1 3 3 4 . . . . . . . . . . . . 0 8 1 2 2 5 6 5 6 1 6 2 9 9 8 8 8 8 7 7 7 7 7 1 4 6 3 0 2 9 6 3 5 6 . . . . . . . . . . . 8 3 4 6 7 3 0 3 8 3 5 9 8 7 7 6 6 7 5 5 5 6 5 1 5 8 2 6 5 7 2 2 3 0 5 . . . . . . . . . . . . 0 6 4 1 2 0 3 5 0 5 2 1 1 1 9 9 3 3 7 8 — — D A S J N O M A F M J J u u e e e u c a p o a n a l p b c n t g y r v y r e o t e r i u u c e l e b u m a h s m m e a r t r y b r b b y e e e _ r r . r _ . . - - . . 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 2 3 6 5 2 3 7 2 3 2 3 1 7 2 . . . . . . . . . . . . 4 7 2 3 5 2 1 5 7 3 9 3 1 1 1 0 8 1 9 8 8 2 8 7 7 7 7 6 3 8 1 2 2 1 1 8 1 4 3 1 1 1 1 2 3 4 9 0 9 9 9 8 9 8 8 6 9 4 6 7 5 6 6 4 3 7 6 4 5 5 3 3 3 2 2 2 2 2 2 3 2 1 5 1 1 9 8 6 1 2 1 8 9 9 8 8 7 7 6 7 6 7 6 9 6 7 0 1 9 6 9 1 4 0 9 2 1 1 1 1 1 , , , , , , 4 4 3 1 0 0 9 9 7 7 7 6 9 2 7 3 6 2 2 7 2 1 2 1 8 0 4 4 9 3 7 2 8 9 9 0 July 27 105.8 114.8 82.0 July 135.6 105 27 77 1,762 August 3 105.8 115.1 81.9 July 27 137.1 107 1,474 August 10. _ 106.0 115.7 81.8 August 3 137.7 108 895 August 17.. 106.1 115.9 80.8 August 10... 139.0 109 1,024 August 24. _ 106.0 115.1 81.3 August 17. _. 138.0 106 615 August 24__. 138.0 91 109 871 1 Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. i Standard Statistics Co. Monthly data are averages of Wednesday * Average prices of all outstanding bonds due or callable after 8 years, figures. ba 1 s e P d r i o ce n s q d u e o r t i a v t e io d ns fr o f m ro m a v T e r r e a a g s e u y ry ie l D ds e , p a a s r t c m o e m n p t. uted by Standard Sta- J 3 A A v v e e r r a a g g e e d p a ri i c ly es v o o f l u in m d e u s o t f r i t a r l a d h i i n g g h - i g n r a s d to e, c k d s e r o i n ve t d h e f r N om e w y i Y e o ld rk s. Stock: tistics Co. Exchange, in thousands of shares. Weekly figures are averages for the* Back figures.—See Annual Report for 1937 (table 79); for U. S. Treas- week ending Saturday. ury bonds, see BULLETIN for May 1936, p. 317. Back figures.—For stock prices, see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or (new Total Total month f i u a r n n n e g d - d ) - m a ( f e d o n s o r d - t - ic Total S m a t n a u d t - e F er e a d l - Co B rp o o n r d a s te e F i o g r n - 1 m ( a f d e o n o s r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o g r n - ' 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 69 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—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 Bept...._ 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 (a) 42 42 4 27 10 10 (3) 0 Dec 164 122 122 79 0 43 27 16 42 42 5 23 14 14 (3) 0 1938—Jan. „___ 122 93 93 41 6 46 40 6 0 29 29 8 18 4 3 0 Feb.... 199 82 81 40 0 41 41 (3) 1 117 117 22 32 62 62 0 0' Mar 245 126 126 94 9 24 23 1 0 119 119 16 45 58 58 0 0 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 June.._ 506 ••346 »"343 130 14 ••200 '190 10 3 160 160 14 52 95 95 0 0 July... 465 390 389 44 216 129 127 2 1 75 75 3 20 52 52 0 0' r Revised. 1 Includes issue8 of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. » Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—Bee Annual Report for 1937 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN SEPTEMBER 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 Ad- Social Bonds justed se- All Ma- Total service curity other* tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U.S. war ury2 savings 1932—June 19,487 19,161 818,816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 • 21, 782 753 13,417 4,548 954 92 284 66 315 1934—June - 27, 053 26, 480 8 26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28, 701 27, 645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June __ . 33, 779 32, 989 31,297 1 79 17,168 316 11, 381 2,354 1,071 19 601 169 620 1937—June . 36, 425 35,800 33, 734 79 19, 936 800 10, 617 2,303 926 579 560 119 506 1937—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, i4f) 79 IV. 930 862 10, 61/ 2,653 90o 76^ 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 June 37,165 36,576 33,463 79 21,846 1,238 9,147 1,154 868 1,601 644 141 447 July 37,191 36, 642 33,400 79 21,846 1,275 9,147 1,054 864 1,641 738 106 443 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES > OBLIGATIONS, JULY 31, 1938 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- Date maturing Total Bonds1 Notes Bills Farm Owners' struction modity End of month Total Mortgage Loan Finance Credit Corpora- Corpora- Corpora- Corpora- 1938—Before Oct. 1 671 18 653 tion tion2 tion tion Oct. 1-Dec. 31 834 433 401 1939—Jan. 1-Mar. 31. _ 942 942 Apr. l-June30 1,294 1,294 1934—June 681 312 134 235 July 1-Sept. 30 427 427 December 3,063 980 1,834 249 Oct. 1-Dec. 31 526 526 1935—June 4,123 1,226 2,647 250 1940. - 2,854 2,854 December 4,494 1,387 2,855 252 1941. - 2,219 834 1,385 1936—June 4,718 1,422 3,044 252 1942 _.._ 1,001 1,001 December 4,662 1,422 2,988 225 1943_ - - 1,166 268 1937—June 4,665 1,422 2,987 255 1945 2,122 2,122 1946 1,8P3 1,853 1937—July 4,703 1,420 2,987 295 1947 2,138 2,138 August 4,633 1,400 2,937 296 1948 — , 806 U, 806 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 1959 982 982 May 4,852 1,410 2,937 299 206 1960. 2,611 2,611 June 4,853 1,410 2,937 299 206 1961 - 50 50 July 5,064 1,410 2,937 510 206 1963 919 919 Total 33,400 23,199 9,147 1,054 * Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal * Issues classified as of date of final maturity; most issues callable at Housing Administrator, amounting to $581,000 on July 31, 1938. earlier dates; most of the U. S. savings bonds are redeemable at option * Excludes obligations guaranteed as to interest only. of holder. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

793 SEPTEMBER 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 d e u o r r i n d g ecounts, period General Excess etc' of re- Period Total c ta o I x n m e - e s s S ta e o i x c t c y e u i s a r 2 - l O i r n n e n u t t v h a e e e l e r 3 - - r o A th l e l r Total e I d n s e t t e b o r t n - t f i V a N e d o n n e e n a s d - t a - e - l o A th l e l r r c a e R e o l n r e i v y e d - - f f ( v u n i R o n n e e l g d t v - ) s * - T a f t e e c r r r t c a u c s n ' . s t « t t s s o . - p ( c t + e ( u e e n i r x ) p e d o - t s i s r - p ( c t + e u e o e n i r x f ) p e d o - r t s i e s r - - b G a e f l u a n n n e c d ra e l 7 G d r e o b s t s erans' Adm.* Fiscal year ending June 1932 2,006 1,057 504 4,035 1,492 1,535 125 62 221 -2,029 -711 -55 +2, 686 June 1933 2,080 746 858 475 3,560 1,431 1,163 82 74 121 -1,480 -1,126 +445 +3,052 June 1934 3,116 818 1,823 475 5,994 757 986 938 2,746 496 71 -2, 878 +83 +1, 720 +4, 514 June 1935 3,800 1,099 2,179 523 7,007 821 1, 89 1,315 3,366 345 71 -3, 206 +818 -741 +1,648 June 1936 4,116 1,427 2,086 603 8,566 749 1,340 1,310 3,341 11 1,814 -4, 450 +213 +840 +5,078 Jun 1937 5,294 2,158 253 2,187 697 8,446 1,436 1,994 3,077 204 868 -3,152 +378 -128 +2,646 June 1938 6,242 2,635 755 2,285 7,619 1,556 2,178 2,230 121 607 -1,377 +299 -338 +740 1937—July 409 57 53 221 677 12 128 197 197 18 125 -268 +62 +85 +291 August 453 35 60 301 558 21 127 162 174 13 61 -104 +38 +263 +329 September- 788 501 50 186 673 159 125 161 157 16 55 +115 +13 -43 -170 October 333 40 52 189 67 126 183 166 9 55 -273 +8 -184 +81 November- 327 37 60 182 494 9 128 165 155 » 18 55 -167 -37 -68 +137 December.. 866 487 138 192 676 163 134 141 167 7 63 +190 -11 +365 +186 1938—January 335 52 57 172 531 16 130 180 145 4 56 -196 (8) -23 +173 February _ _ 349 62 110 141 515 17 123 150 153 17 56 -166 +11 +25 +180 March 959 723 3 193 748 153 138 185 196 18 58 +211 +31 +166 -76 April 273 49 34 155 642 130 215 202 9 19 -369 -36 -451 -46 May 375 40 131 169 568 134 201 206 16 2 -193 +158 -122 -88 June 774 550 5 185 930 233 132 238 314 12 1 -156 +63 -351 -258 July 311 47 32 186 762 13 137 256 216 5 135 -451 +325 -100 +27 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age reserve and Unemployment Net expenditures in railroad retire- trust fund checking accounts of All Period ment accounts Government agencies other, excess In- Workof re- In- cre- Seign- ing Bene- With- Recon- Com- ceipts Total active ment iorage bal- Re- In- fit Re- In- drawals struction modity All (+)or gold on ance ceipts vest- pay- ceipts vest- by Finance Credit other expen- gold ments ments ments States Corpora- Corpora- 10 ditures tion 10 tion Fiscal year ending: June 1932 706 417 417 June 1933 1 121 —5 862 862 June 1934 585 164 3 +835 2,582 811 1,771 June 1935 9 142 9 60 9 432 +184 1,841 700 140 1,00 June 1936 19 19 9 239 130 100 +204 2,682 140 316 2,225 June 1937 267 267 294 293 1 9 334 9 112 128 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 48 1 9 246 +87 2,216 142 446 1,628 1937—July 52 41 3 30 29 r9 61 91 '4 4 2,639 1,213 141 369 915 August. ___ 61 51 4 77 69 93 9 20 +1 2,902 1,335 141 375 1,051 September 55 51 5 48 48 (•) 4 2 97 +11 2,860 1,209 141 382 1,128 October 55 51 5 34 38 6 97 2,676 1,271 141 388 875 November 55 51 6 85 78 (\ 23 20 6 2,608 1,243 141 394 831 December ... 63 51 9 52 51 18 31 9 29 +5 2,973 1,228 142 401 1,202 1938—January 56 51 8 50 24 34 12 19 9 22 +19 2,950 1,223 142 413 1,172 February 56 51 7 95 85 6 9 15 9 1 +3 2,975 1,201 142 421 1,212 March... 58 51 8 43 10 36 3 6 9 28 +15 3,140 1,183 142 427 1,389 April 19 1 14 37 93 41 34 7 7 +8 2,689 142 433 2,114 May . _ __ 2 95 9 128 85 34 6 91 9 149 +7 2,567 142 440 1,985 J J u u l n y e. ._ 6 1 0 7 4 1 0 7 9 9 8 3 2 5 46 3 3 6 9 9 9 2 6 1 0 4 9 1 9 1 6 9 3 5 8 5 + + 1 2 0 2 2, , 1 2 1 1 6 6 1 1 4 4 2 2 4 4 5 4 1 6 1 1 , , 5 62 2 8 3 1 Excludes debt retirements. r Revised. 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." s Includes revolving funds of Public Works Administration and Farm Credit Administration. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc.". 7 Details given in lower section of table. 8 Less than $500,000. 9 Excess of credits. io Monthly figures for the fiscal year 1938 subject to revision. i Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. NOTE.—This table is arranged to correspond with classifications published in the daily Treasury statements beginning July 1,1938. The principal changes as compared with former statements are the transfer of financial transactions of the Reconstruction Finance Corporation, Commodity Credit Corporation, and Export-Import Bank from "Revolving funds (net)" under "General and special accounts" to "Trust accounts, etc.," and the inclusion of greater detail on certain trust account items. As in the former BULLETIN table, footnotes to certain columns indicate items in. the daily Treasury statements which are combined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN SEPTEMBEK 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 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 m rt- June 30, May 31, June 30, Finance Credit Admin- credit Other gage credit gage Other 1938 1938 1937 Corpo- Corpo- istra- institu- institu- institu- instituration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions. _ 272 1 196 26 494 487 488 Preferred stock, etc. .. 534 (i) 260 793 795 r813 Home mortgage loans 2,265 2,265 2,282 2,556 Farm mortgage loans 2,804 2,804 2,842 2,906 Other agricultural loans 1 241 15 101 304 0) 662 641 556 All other loans 943 29 446 1,419 1,401 1,279 Total loans and preferred stock 1,750 241 29 15 548 2 804 304 2 721 26 8,438 8,448 rS, 598 Cash 1 94 6 73 50 20 178 20 444 336 288 United States direct obligations 48 5 25 59 126 27 362 651 649 551 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 0) 33 9 103 158 165 196 Other 2 26 (2) 4 12 42 40 28 Production credit association class A stock 76 76 76 76 Accounts and other receivables 25 2 1 39 194 4 18 3 287 275 287 All other assets 14 0) 22 0) 520 187 0) 528 21 1,293 1,177 -•811 Total assets other than interagency 2 1,839 338 52 143 1,205 3,298 500 3,482 533 11, 389 11,167 10, 835 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States . 299 206 1 1,410 2,937 4, 853 4,852 4,689 Other 2 0) 35 2 1,015 218 77 0) 1,346 1,346 1,326 Other liabilities (including reserves) 38 72 4 120 194 7 177 131 743 575 520 Total liabilities other than interagency 2_. 337 278 4 156 2, 619 225 3,192 131 6,941 6,773 6,536 Excess of assets over liabilities, excluding interagency transactions. _ 1,502 59 52 139 1,049 680 275 290 402 4,447 4,394 4,299 Privately owned interests 184 4 43 139 370 379 355 U. S. Government interests 1,502 59 52 139 1,049 496 271 247 263 4,078 4,014 3,943 1 Less than $500,000. ' Revised. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 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] July 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, July"31, 1937 1938 1938 1938 1938 1938 1938 1938 Loans to financial institutions 271,009 246, 598 245,303 241, 428 241, 294 237, 588 234, 897 i 241, 721 Loans on preferred stock of banks and insurance companies. _ 40,027 38,417 37,854 37, 778 37, 679 37, 651 37, 525 37,439 Preferred stock, capital notes, and debentures 576, 672 551, 335 537,199 534, 363 536, 637 535, 934 533, 761 531, 712 Loans to railroads (including receivers) 351, 936 358, 216 361,951 368, 471 369, 379 390, 233 398,304 Loans for self-liquidating projects 225,407 235, 263 233, 782 237,170 240, 566 243, 885 245,080 196,360 Loans to industrial and commercial businesses 71,181 73, 703 73,196 72, 688 73,072 73, 741 76, 369 82,310 Loans to drainage levee, and irrigation districts 74, 605 77, 715 77,802 77, 522 78, 740 78,993 79,406 79, 529 S O e t c h u e r r i t l i o e a s n p s u rchased from Public _ Wvorks Administration 87 3 , , 7 3 9 2 8 0 140 3 , , 8 9 4 1 6 6 140 3 , , 9 6 6 5 2 9 14 4 0 , , 0 9 6 9 7 7 143 4 , , 1 3 7 7 3 8 14 4 4 , , 2 8 8 2 4 9 14 4 5 , , 3 1 2 4 4 8 13 4 8 , , 3 1 7 3 2 2 Total loans and investments, other than interagency-. 1, 701, 954 1, 726,0091, 711, 708 1, 714, 481 1, 724,919 1, 747,139 1, 750, 210 1,709,878 Loans to Federal land banks 13, 586 11, 481 7,829 7,521 6,614 6,584 5,017 4,992 Loans to Commodity Credit Corporation 61, 238 80, 206 88,016 95,049 101,273 Capital stock of Commodity Credit Corporation 97,000 97,000 97,000 Capital stock of, and loans to R. F. C. Mortgage Co _. 51, 302 68, 207 69, 888 71, 352 72, 938 48, 293 40, 011 41,186 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 7,000 10,000 10,000 Loans to Rural Electrification Administration... 26,055 29, 505 31, 755 33, 755 35,155 46,498 46,498 Capital stock and surplus of National Mortgage Assoc 11,000 11,000 11,000 11,000 11,000 11,000 Total loans and investments. 1,956, 977 2,038, 957 2,044,945 1, 951,157 1,970,499 1,868,170 1,872, 735 1,833, 554 1 Includes $77,000,000 of loans for distribution to depositors of closed banks. 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

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 795 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm m b or y tg - age loans c a r n e d d i d t i b s a co n u k n l t o s a f n or s — to Loans to cooperatives by— End of month la F nd e d b e a ra n l ks Co L B m a a n n m d k is- p c s a p c R o r r n c o r o e c d u e e r a d d i g a l d g a t i u b i t i u t t r o i c t i a i o r o n c t - n a a n i n o a o s k l s s r l - n s , - , f c i i n e o n O t t x i a o s i o n t v c t p h n i e c e e t e s p i s u r n r , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R u i a r t r e g a c a g t r o l i i i o c o r c p u n n r o l e s a - d - l - c d r E g r l o o o e m p a n u n e c g a r y s n h - d t m F b c i e n e r a d e d t n e e d i k a r r i a - s t t e l B in C c a a c B o t e n l i o a n u k v p n d t e s r e k i s a r f n , o l - g r i A M i r n n e t g g a g u v r r r o i f k A c a u l u e l v n c t l - t d - for cooperatives i 1934—December. 1,915, 792 616,825 99, 675 55, 672 60, 852 87,102 111, 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—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 June 2,017, 696 786,068 207, 988 42, 894 184,327 14,788 184, 532 19 81,190 24,604 July __ 2,013, 645 781, 703 199, 288 42, 582 183, 891 14, 442 183, 289 118 75,264 25,028 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 Federal Depos- securities home End of month itors Cash Cash, End of month L O o H w an o n m e C r e o s r ' - F N l e u o d a m e n r b a e a l r s s s a o v c i i n a g ti s o n an s d m l i o n b e a l s o a m n t a n i s b t n k u t e o - r an b c a e l- s1 Total b in p t a o o n d r s y k e i- - s Total o r D g b e a i c l - - i t - G o t a e u b n e a l d - i r - - f s e u e r t n e r c v - d .* e s, poration i of asso- Loans 2 tions 3 tions ti g o a n - s ciations 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 1 4 9 6 9 8 2 1 1 1, , 2 0 6 1 2 39 2 3 3 5 8 4 8 8 6 1 , , , 3 0 7 0 0 0 0 0 0 1 1 4 0 8 5 2 6 , , , 4 6 7 0 5 9 1 8 5 1 1 1 9 9 9 3 3 3 4 5 6 — — — J J J u u u n n n e— e e . . . . 1 1 1 , , , 1 2 2 9 3 0 8 2 5 1 1 1 , , , 2 2 2 3 2 6 6 5 5 2 3 0 8 3 5 4 9 7 6 5 7 7 3 7 4 6 8 1 0 3 8 0 0 1 1 4 3 6 7 5 7 7 7 9 7 4 5 1 1 9 9 3 3 7 8 — — J N A J A D F M M S O J u u J e u e p o u e c a a l a n p l b y c t r v g y n y r e o t i r e e c u e l u b u m h m s m a e a t r r b b b r y e y e e . r . r r . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 2 4 3 3 2 4 4 3 3 2 4 3 5 8 2 2 4 7 0 9 9 7 6 4 4 2 1 2 3 8 2 1 7 7 5 0 8 6 4 , , , , , , , , , , , , , 8 1 9 1 9 0 1 0 4 8 9 9 4 8 6 2 5 8 2 2 0 9 4 5 2 8 9 4 2 3 4 5 9 2 1 2 4 7 4 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 3 3 3 3 3 3 2 3 3 3 2 3 3 4 4 4 3 4 9 3 3 0 2 9 1 1 6 8 5 4 2 6 2 8 7 8 3 8 1 9 8 8 9 9 8 8 8 8 8 9 7 7 6 4 3 7 1 5 9 3 6 0 8 2 6 1 7 0 4 9 3 5 2 5 2 4 6 4 , , , , , , , , , , , , , 4 0 9 3 3 5 8 3 9 7 3 2 5 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 2 1 1 1 1 1 1 1 1 1 1 1 1 9 9 8 8 9 0 8 8 7 6 7 8 8 1 6 3 7 0 5 0 6 3 9 9 7 4 , , , , , , , , , , , , , 8 5 1 0 0 5 5 3 7 2 5 5 6 9 4 1 7 1 2 9 3 5 2 1 3 0 2 1 0 1 1 5 5 6 0 5 8 8 7 1 1 9 9 3 3 7 8 — — M J J J A N M D S O A F M J u u u e e u a o e c p a a l n n p a b n c y t g v r r y e e o y t u i e r c u e e l b u m a h m s m e r a t y b r b r b y e e e r r r 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 2 2 2 2 7 6 6 6 7 7 7 7 6 7 5 5 7 6 0 9 8 8 3 1 0 0 6 1 5 2 2 8 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 3 3 3 3 3 3 3 3 2 3 3 3 3 0 0 0 0 0 1 0 0 9 0 1 1 0 9 7 6 6 7 2 8 8 6 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 2 3 3 3 3 3 2 1 2 1 2 3 6 9 4 4 3 0 0 5 6 1 9 4 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 0 0 9 9 0 0 1 0 1 0 1 0 0 0 0 7 7 0 0 2 1 0 8 3 9 9 9 9 9 9 9 9 9 4 4 4 3 3 3 3 3 3 1 4 6 3 3 3 3 3 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 6 7 7 7 7 7 7 7 7 7 8 7 7 7 7 7 7 8 7 7 7 7 7 9 2 1 5 4 8 6 1 5 2 9 2 2 July , 252 1 In addition to loans the HOLC held on July 31, 1938, $874,000,000 in v Preliminary. other assets, consisting principally of investments in the Federal Savings and Loan Insurance Corporation and in various savings and loan asso- 1 Outstanding principal, represented by certificates of deposit. Does cia 2 ti F o e n d s e , r r a e l al H e o s m ta e te L a o n a d n o B th a e n r k p B ro o p a e r r d t y e , s a ti n m d a a te c s c ru fo e r d a i l n l t e F r e e d st e r r a e l c e s i a v v a i b n l g e s . m no i 2 t s I c i n e n c l c l l a l u u n d d e e o e s u a s w c o c w r r u o k e r in k d g i n i g n c a te s fu r h e n s w d t s i n th w o r i p t o o h s u t t t m s h t e a a s n T t d e r i r e n s a , g s u 5 s r - a e p v r e i r n c o g e f s n t t h s r t e e a s m U er p n v s i e t . e f d u n S d t a a t n es d , an 3 d In lo c a l n u d a e s s s o lo c a ia n t s io t n o s . Federal savings and loan associations, all of which m ac a c s r t u e e r d s . interest on bond investments, and accounts due from late postare 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

796 FEDERAL RESERVE BULLETIN SEPTEMBER 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)8 Fac- Factory em- tory Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential 1 All other ployment3 r p o a l y ls - * 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- Unadjusted justed justedjusted justed justed justed justed justed justedjusted justed justedjusted justed justed justed justedjusted 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 119 119 116 117 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 65 69 1933 76 76 82 25 11 37 72 49 58 67 1934 79 78 86 32 12 48 83 63 62 75 1935 90 90 91 37 21 50 86 71 64 79 1936 105 105 104 55 37 70 92 82 75 88 1937 110 109 115 59 41 74 99 98 78 92 1935 June 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 July..... 86 83 87 83 85 85 35 39 25 25 43 50 85 84 67 59 59 80 66 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 26 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 63 26 25 88 76 88 89 76 68 69 82 91 Dec 101 96 101 95 102 97 68 54 26 22 103 80 89 88 78 68 64 83 145 1936 Jan 97 95 96 95 104 100 62 50 25 21 92 76 89 87 74 70 66 81 63 Feb 94 95 92 93 111 107 52 45 25 22 76 63 87 87 74 71 68 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 April.... 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 71 68 84 85 May..._ 101 105 101 105 102 101 46 56 32 38 57 70 90 90 81 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 110 106 99 104 62 65 46 46 76 81 93 94 84 76 77 86 68 Sept..... 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct 110 111 111 110 106 115 57 54 43 41 69 65 94 97 89 77 86 90 100 Nov 114 115 116 116 112 115 58 51 40 39 72 62 96 97 01 82 84 94 105 Dec 121 114 121 114 117 111 66 53 46 38 83 65 99 98 95 83 77 92 161 1937 Jan _ 114 112 118 U3 110 106 63 fil 45 37 77 63 99 97 91 80 73 93 72 Feb 116 117 116 118 116 111 62 54 47 42 75 64 100 99 96 82 76 95 76 Mar 118 122 117 122 128 119 56 66 45 47 64 63 101 101 101 83 80 93 90 April.... 118 122 118 126 115 105 53 61 44 61 61 68 102 102 105 84 79 93 89 May.... 118 122 118 123 117 117 56 68 44 52 66 81 102 102 106 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 76 77 73 75 91 90 51 61 37 44 62 76 78 77 69 58 57 78 80 June 77 77 74 75 92 91 54 63 42 46 64 76 76 76 67 58 58 82 79 July P83 P81 P81 P79 *>93 *>93 P54 P59 P46 P47 *>60 ?69 P78 *76 *>68 61 62 85 58 p Preliminary. * Average per working day. i For indexes of groups and separate industries see pp. 797-798; for description see BULLETIN for February and March 1927. a 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. 799-802. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 804. Back figures.—See Annual Report for 1937 (table 81). 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

797 SEPTEMBER 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—Total _____ 114 114 117 110 101 85 79 76 75 75 73 73 IRON AND STEEL 119 140 142 125 100 68 49 52 50 49 50 47 Pig iron 107 121 123 119 95 67 50 47 46 45 44 40 Steel ingots 121 141 144 125 101 68 49 52 51 49 50 48 TEXTILES 126 111 115 108 91 80 77 75 80 81 74 77 Cotton consumption 136 125 129 121 101 91 88 82 85 89 77 81 Wool 119 95 106 88 65 51 56 54 62 54 50 60 C onsumption 129 102 120 96 63 51 54 52 61 57 55 73 Machinery activity L.. _ 118 96 96 80 74 58 66 67 71 51 42 53 Carpet and rug loom activity1 _ 94 71 83 80 59 41 43 40 49 49 47 Silk deliveries 115 97 92 103 105 94 69 80 88 100 101 FOOD PRODUCTS: Slaughtering and meat packing.__ 77 70 78 87 89 86 86 92 86 83 84 Hogs 49 44 50 67 76 74 72 77 66 59 66 Cattle 111 99 111 109 102 96 101 106 109 111 105 Calves 134 129 141 140 120 115 114 113 111 116 111 Sheep 145 139 148 150 139 139 143 160 164 151 151 Wheat flour 94 91 83 83 86 86 88 86 89 90 90 Sugar meltings 69 91 96 45 73 101 142 99 83 63 77 PAPER AND PRINTING: Newsprint production 61 64 65 65 63 64 63 57 53 53 46 Newsprint consumption 145 140 141 147 145 130 134 132 129 126 125 TRANSPORTATION EQUIPMENT: Automobiles _ 130 129 157 135 142 92 78 65 61 54 54 Locomotives 30 25 21 29 32 22 16 14 19 23 17 LEATHER AND PRODUCTS 119 115 109 98 89 81 86 94 102 104 104 Tanning 102 94 93 86 79 77 75 78 81 78 72 Cattle hide leathers 99 91 93 87 85 81 76 72 79 77 72 Calf and kip leathers 83 68 63 60 52 63 73 80 89 87 72 Goat and kid leathers 128 127 124 108 92 83 74 91 81 74 73 Boots and shoes _ 129 130 120 106 95 84 93 105 116 121 124 CEMENT AND GLASS: Cement 74 75 73 73 79 76 71 59 57 65 67 Glass, plate 260 206 216 199 179 151 108 62 35 42 42 NONFERROUS METALS: Tin deliveriesl _ 112 100 108 136 141 115 88 91 85 77 71 Zinc 115 112 110 116 115 108 107 98 90 87 80 Lead 70 82 82 77 81 79 87 69 67 64 74 FUELS, MANUFACTURED: Petroleum refining 202 206 207 216 217 211 201 200 194 191 196 Gasoline1 256 261 265 277 277 268 255 253 243 239 250 Kerosene 114 119 121 109 110 113 108 111 113 120 114 Fuel oil i 133 139 134 147 147 144 140 141 140 133 134 Lubricating oil! __. 129 124 121 126 134 127 123 116 114 113 109 Coke, byproduct __ 134 144 149 148 128 104 89 87 85 82 79 Coke, beehive _,_._ 29 32 28 25 20 14 11 9 8 7 6 RUBBER TIRES AND TUBES I 123 102 93 106 94 75 66 67 57 62 '64 Tires, pneumatic l 128 105 96 110 98 78 70 70 59 64 '67 Inner tubes 1 84 73 69 75 69 53 42 45 41 42 '40 TOBACCO PRODUCTS 150 164 159 162 155 155 - 170 157 157 160 159 Cigars 73 78 73 ' 77 73 73 74 75 73 77 69 Cigarettes 212 233 229 231 221 221 247 225 226 227 230 Manufactured tobacco 80 86 79 81 82 83 84 77 77 83 84 Minerals—Total 115 112 113 115 113 109 115 108 102 103 101 Bituminous coal 81 79 78 87 84 78 79 65 63 58 62 Anthracite 77 48 38 53 56 67 70 66 53 68 45 Petroleum, crude 172 174 181 177 176 174 176 177 171 172 170 Iron ore 122 121 126 113 91 40 Zinc _ 115 112 110 116 115 108 107 98 90 87 80 Lead 70 82 82 77 81 79 87 69 67 64 74 Silver 107 148 139 116 91 119 104 96 96 98 96 CO 00 June July 74 *81 46 62 36 42 47 64 87 88 101 75 92 plll 69 P74 38 101 105 84 81 83 66 58 62 103 108 107 110 110 112 164 151 152 86 98 98 81 78 85 53 51 54 125 122 124 49 46 43 12 14 '105 90 P100 75 74 77 74 68 74 '74 74 124 100 ^118 69 69 71 44 80 77 69 73 68 79 70 69 60 64 54 197 192 253 248 118 117 130 123 108 103 73 69 5 5 p5 '65 72 82 '68 75 86 '42 48 53 163 154 154 70 73 71 237 219 219 84 84 84 91 92 57 57 64 71 P47 156 153 ^163 19 34 38 79 70 69 60 64 54 92 91 1 Without seasonal adjustment. » Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactures—Total 114 110 114 106 99 86 76 75 IRON AND STEEL - 119 130 139 123 55 58 Pig iron 105 115 118 116 95 47 39 Steel ingots__ - 121 131 141 124 56 56 59 TEXTILES 119 103 108 107 93 76 P90 Cotton consumption __ _ 130 114 116 118 104 82 92 Wool 113 89 102 91 49 Consumption 116 91 111 101 54 Machinery activity _ 118 96 80 74 42 P74 Carpet and rug loom activity 94 71 80 59 47 P43 Silk deliveries 102 92 109 105 100 100 FOOD PRODUCTS: Slaughtering and meat packing 76 70 83 95 101 107 85 78 76 82 79 Hogs 50 38 50 64 81 94 104 73 60 58 64 56 Cattle 104 109 121 119 110 107 107 96 97 93 100 101 106 Calves — 139 125 129 134 126 117 109 105 104 117 121 125 114 109 Sheep 142 139 150 173 153 137 140 161 154 137 142 161 148 152 Wheat flour _ -- 83 88 98 96 93 85 84 86 84 81 81 86 95 Sugar meltings 82 108 48 79 81 81 74 91 93 104 PAPER AND PRINTING: Newsprint production 63 62 64 65 63 63 63 58 53 52 47 54 52 53 Newsprint consumption 144 124 126 144 154 139 138 127 127 131 134 129 121 111 TRANSPORTATION EQUIPMENT: Automobiles 147 132 116 53 100 111 61 63 66 45 Locomotives 29 25 23 30 32 23 19 23 15 LEATHER AND PRODUCTS 114 114 121 113 97 78 104 107 102 Tanning _ _ 100 94 91 84 76 83 77 71 71 Cattle hide leathers 97 91 91 88 80 84 78 72 73 Calf and kip leathers 80 79 76 70 62 60 82 77 65 65 Goat and kid leathers 128 118 122 113 96 82 84 76 73 69 Boots and shoes 123 127 138 127 106 79 95 117 127 122 ••113 CEMENT AND GLASS: Cement 91 92 94 92 90 76 56 87 Glass, plate 234 185 216 199 179 151 108 72 NONFERROUS METALS: Tin deliveries 112 100 108 136 141 115 91 Zinc 111 104 103 110 112 108 109 103 80 64 Lead 72 79 79 73 84 82 70 52 FUELS, MANUFACTURED: Petroleum refining. 201 206 207 216 218 212 202 200 194 190 196 197 191 Gasoline 256 261 265 277 277 268 255 253 243 239 250 253 248 Kerosene 106 110 115 112 115 122 117 113 115 117 113 114 109 Fuel oil 133 139 134 147 147 144 140 141 140 133 134 130 123 Lubricating oil 129 124 121 126 134 127 123 116 114 113 109 108 103 Coke, byproduct 132 140 145 145 128 106 90 88 87 85 72 Coke, beehive _. ' 24 25 23 22 20 15 12 10 10 5 RUBBER TIRES AND TUBES 123 102 106 94 75 67 57 62 '64 '65 72 82 Tires, pneumatic _ 128 105 110 78 70 70 59 64 ••67 '68 75 86 Inner tubes _ 84 73 75 53 42 45 41 42 '40 '42 48 53 TOBACCO PRODUCTS ___ _ 164 178 170 179 167 158 138 150 143 152 146 165 169 167 Cigars _ _. 80 82 76 88 89 86 55 58 63 70 65 72 80 74 Cigarettes __ 234 256 247 254 233 219 202 221 206 216 210 240 241 241 Manufactured tobacco 82 81 85 81 78 78 84 84 84 Minerals—Total 118 115 120 125 123 108 103 95 91 90 91 Bituminous coal 72 72 77 92 92 87 84 72 67 58 52 49 51 P55 Anthracite 67 '40 38 54 72 69 72 57 56 47 64 62 P39 Petroleum, crude _ 175 177 184 182 177 172 171 170 168 170 170 158 156 P169 Iron ore_ _-_ __ 240 245 257 218 156 34 28 67 78 Zinc _ 111 104 103 110 112 108 109 103 97 92 80 68 64 Lead _ 72 79 79 73 84 82 70 69 65 59 65 52 Silver __ 105 126 138 111 90 128 104 106 89 p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk loom activity and on production of book paper, wrapping paper, fine paper boxboard, 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

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 799 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1937 1938 Industry and group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 101.4 103.0 102.4 100.7 98.4 94.1 89.0 84.2 83.0 81.6 79.2 77.5 76.3 77 6 Durable goods 97.8 100.1 99.3 98.6 96.7 91.4 84.4 76.8 73.8 72.3 69.3 67.2 65.2 64 9 Nondurable goods 105.3 106.2 105.6 102.9 100.2 97.0 94.0 92.1 92.7 91.6 89.9 88.6 88.1 91.3 IRON, STEEL PRODUCTS 100.7 108.3 108.7 108.4 105.4 98.4 90.5 82.9 80.2 78.6 76.3 74.6 72.6 72 7 Blast furnaces, steel works 106 121 122 123 119 110 100 91 88 86 83 80 78 79 Bolts, nuts, washers, rivets 82 88 87 88 85 81 74 63 63 62 61 61 59 59 Cast-iron pipe 69 68 66 64 62 59 61 56 56 57 58 57 56 54 Cutlery edge tools 86 89 92 91 88 86 83 79 76 73 73 71 71 64 Forgings _ 73 77 73 74 72 65 60 52 48 44 44 43 41 42 Hardware 96 96 93 93 94 91 83 71 67 65 61 59 57 54 Plumbers' supplies _ «. 91 89 92 95 93 90 82 81 78 78 80 81 79 77 Steam hot-water heating 80 81 77 77 71 64 61 59 56 57 56 57 57 62 Stoves 118 107 111 105 99 85 80 75 80 79 74 74 74 72 Structural, ornamental 78 79 79 80 78 75 70 66 64 61 61 58 55 56 Tin cans, tinware 107 110 109 104 98 99 94 92 91 91 90 91 88 91 Tools 102 103 105 99 96 91 87 82 79 79 76 75 73 71 Wirework 181 176 171 170 187 180 161 133 124 121 117 116 104 98 MACHINERY 129.4 131 5 131.3 130.2 128.0 120.8 113.2 104.8 99.6 96.4 92.4 89.1 86.1 83 9 Agricultural implements 143 147 148 151 158 145 140 135 130 130 129 126 120 99 Cash registers, etc 136 137 135 137 136 1-34 129 127 128 127 126 124 122 123 Electrical machinery 120 121 121 121 119 113 105 96 90 86 82 78 75 73 Engines turbines, etc. 146 150 151 155 157 152 143 133 123 119 116 107 102 91 Foundry, machine-shop products- 113 114 114 112 110 105 99 91 87 84 80 78 76 75 Machine tools _ _ 153 154 161 157 157 152 146 141 132 126 122 116 109 105 Radios phonographs 190 214 201 180 162 127 115 104 110 100 105 96 96 103 Textile machinery 87 87 88 87 84 78 73 68 65 62 59 60 56 57 Typewriters 159 156 155 150 147 134 123 117 115 113 111 113 116 116 TRANSPORTATION EQUIPMENT 122.6 123.5 121.3 123.9 126.3 119.1 102.8 82.7 78.8 75.5 68.3 65.1 60.6 59.1 Aircraft 794 768 812 799 817 795 789 787 792 773 754 730 681 678 Automobiles _ _ 134 136 132 136 138 128 109 83 80 77 69 65 60 58 Cars, electric, steam railroad 70 69 69 67' 71 73 61 50 44 39 34 29 26 25 Locomotives 57 60 61 64 66 64 60 57 51 44 36 31 29 21 Shipbuilding 104 102 106 106 106 107 103 99 96 94 88 91 94 93 RAILROAD REPAIR SHOPS 63.7 64.4 62.4 60.1 58.7 57.4 53.2 48.4 45.1 44.4 41.8 40.3 39.7 40.8 Electric railroad _ _ 63 63 63 63 63 63 64 63 62 62 61 60 60 59 Steam railroad 64 64 62 60 58 57 52 47 44 43 40 39 38 39 NONFERROUS METALS, PRODUCTS 115.0 115.4 115.9 113.7 109.4 105.1 97.9 90.3 87.8 86.4 84.1 82.6 80.4 81.2 Aluminum 132 138 138 131 103 122 114 106 101 97 94 93 93 97 Brass, bronze, copper 123 121 121 117 112 103 96 90 87 85 84 83 82 84 Clocks, watches 124 120 128 126 124 119 111 98 101 99 95 92 89 92 Jewelry 95 101 99 93 92 90 88 87 85 87 81 79 81 86 Lighting equipment 96 94 93 97 98 93 85 71 70 67 65 64 60 60 Silverware plated ware 73 82 78 80 78 76 74 72 72 71 70 67 66 65 Smelting, refining 89 94 94 94 90 86 84 81 77 75 73 71 68 68 Stamped enameled ware 159 153 156 152 152 143 125 111 106 107 105 104 97 91 LUMBER PRODUCTS 72.3 72.9 71.4 69.3 66 4 62.1 58.8 56.9 56.1 57.1 55.7 54.4 53.7 54.2 Furniture 92 91 88 86 81 75 73 71 69 69 68 67 67 67 Lumber, millwork 56 56 55 55 54 51 48 46 47 47 46 43 44 45 Lumber, sawmills 54 56 54 53 51 47 44 43 42 44 42 42 40 41 STONE, CLAY, GLASS PRODUCTS __ 70.4 70.4 70.3 70.5 69.4 67.2 64.9 61.2 59.5 57.4 56.0 54.9 54.3 54.4 Brick, tile, terra cotta 50 51 48 49 47 44 43 42 42 39 39 38 37 38 Cement 62 61 64 66 67 67 67 61 59 60 60 56 56 57 Glass 109 110 112 111 109 105 100 92 87 83 79 79 77 76 Marble, granite, slate 42 41 41 42 41 41 39 38 40 38 36 36 36 35 Pottery 82 79 79 78 78 75 73 72 70 68 66 66 70 70 TEXTILES, PRODUCTS 105.4 106.2 105.9 100.9 96.4 91.6 88.4 85.6 87.0 86.0 84.4 82.4 81.7 87.9 A. Fabrics _ _ 101.3 102 0 100.9 95.9 90.4 85.8 82.6 80.2 79.6 78.9 77.9 77.4 77.7 83.0 Carpets, rugs 102 1G0 101 101 87 85 79 69 73 70 67 64 57 67 Cotton goods 104 105 106 101 93 90 87 85 84 84 82 81 81 86 Cotton small wares 100 102 104 101 97 91 85 79 77 76 74 76 78 79 Dyeing, finishing textiles 114 116 116 114 113 108 104 102 100 99 100 102 101 103 Hats, fur-felt 90 87 84 79 82 87 87 84 82 81 79 68 59 77 Knit goods 118 123 121 117 112 108 101 101 104 103 102 99 100 106 Silk, rayon goods 86 84 81 76 73 67 61 56 56 58 62 63 58 57 Woolen, worsted goods 87 84 78 70 68 60 61 59 55 50 49 53 59 68 B. Wearing apparel 112.0 113.1 115.1 109.7 107.4 103.0 99.7 95.8 101.8 100.4 97.1 91.8 89.0 97.1 Clothing, men's. 109 109 108 103 100 94 89 87 93 92 89 79 74 84 Clothing, women's 142 145 156 147 143 139 136 132 140 134 129 125 122 135 Corsets, allied garments 90 91 90 89 89 89 90 88 86 84 83 84 86 85 Men's furnishings 141 147 139 129 128 122 114 105 114 115 111 111 116 125 Millinery 54 52 54 51 50 48 50 51 52 51 54 49 45 48 Shirts, collars ___ 11* 119 117 115 114 109 107 99 105 109 106 105 107 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN SEPTEMBER 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July LEATHER PRODUCTS 96.1 95.2 93.0 90.0 88.8 85.7 86.1 87.2 87.8 87.0 86.4 83.3 80.4 85.6 Boots, shoes _ _ 97 97 94 90 90 88 89 91 92 91 91 87 83 89 Leather 99 95 94 93 89 83 78 77 77 75 75 75 75 76 FOOD PRODUCTS. 114.7 119.4 116.2 114.8 113.8 114.2 111.5 111.9 112.0 110.4 107.6 107.6 109.2 111.3 Baking 135 136 134 134 136 134 132 133 132 132 131 130 131 132 Beverages 206 209 210 209 199 209 204 207 211 207 200 200 195 196 Butter 90 91 88 87 86 84 84 87 88 87 88 87 85 85 Canning, preserving 143 169 155 151 138 141 135 135 135 128 112 120 129 139 Confectionery 77 81 82 76 80 80 78 79 78 76 77 73 75 76 Flour 75 78 77 74 75 75 75 74 74 74 74 74 74 75 Ice cream _ 77 76 75 76 72 74 75 72 73 71 74 74 71 70 Slaughtering, meat packing 89 91 88 88 89 90 87 90 88 86 85 84 85 87 Sugar, beet 90 91 89 108 110 105 79 38 76 83 86 74 77 79 Sugar refining, cane 75 79 75 66 67 69 76 68 74 69 67 76 76 72 TOBACCO MANUFACTURES 60.2 61.3 60.8 60.2 59.3 59.6 59.6 56.2 60.1 60.2 59.9 60.8 60.4 57.7 Tobacco, snuff 58 57 57 56 56 56 56 56 57 56 56 56 56 56 Cigars, cigarettes 61 62 61 61 60 60 60 56 61 61 60 61 61 58 PAPER, PRINTING 108.2 107.3 107.4 107.8 107.0 105.0 102.1 100.7 100.9 100.6 100.0 98.8 98.4 98.0 Boxes, paper 106 105 104 100 99 97 94 92 92 93 92 91 91 91 Paper, pulp 121 120 119 119 117 114 109 108 109 108 107 105 105 104 Book job printing 98 98 98 99 99 98 95 94 94 93 92 91 90 91 Newspaper, periodical printing. __ 106 105 105 107 107 106 105 103 103 103 104 103 103 101 CHEMICALS, PETROLEUM PRODUCTS.. 127.5 127.7 127.2 127.4 123.7 120.9 115.5 113.0 112.8 111.1 109.1 108.9 107.1 107.2 A Other than petroleum 128.0 128.1 127.3 127.9 123.4 120.2 114.2 111.4 111.2 109.2 106.8 106.5 104.7 104.7 Chemicals 137 138 137 137 135 129 123 120 117 113 110 108 107 107 Cottonseed oil, cake, meal 72 62 62 97 87 90 85 98 97 85 99 92 79 74 Druggists' preparations 114 112 114 112 110 109 108 104 105 104 105 107 109 109 Explosives » 97 97 97 97 94 93 93 90 86 87 89 87 87 87 Fertilizers 110 104 105 94 89 86 89 83 84 75 76 85 91 85 Paints, varnishes 134 136 136 134 132 129 124 119 117 118 116 114 112 114 Rayon, allied products 408 413 407 407 380 367 330 312 323 331 303 310 296 299 Soap - 103 104 103 102 99 98 96 96 97 96 93 92 92 95 B Petroleum refining 125 126 127 125 124 124 121 120 119 119 119 119 117 117 RUBBER PRODUCTS 100.0 96.6 99.8 99.5 98.1 90.4 86.3 79.2 74.5 72.3 72.0 70.2 69 9 68 4 Rubber boots, shoes 76 67 77 76 74 66 63 58 56 56 58 56 56 44 Rubber goods other 144 140 140 137 135 126 121 110 108 106 107 106 104 106 Rubber tires, inner tubes 89 87 90 91 90 83 79 73 66 63 61 59 60 60 NOTE.—Figures for July 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 801 SEPTEMBER 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 average10=0] Factory employment Factory payrolls Industry and group 1937 1938 1937 1938 June July Mar. April May June July June July Mar. April May June July Total 101.1 101.4 81.7 79.6 77.4 75.9 76.4 102.9 100.4 73.3 70.7 69.2 67.2 67.5 Durable goods 98.8 9,8.9 72.4 70.0 68.2 65.8 64.2 104.6 100.7 63.8 61.8 60.5 58.1 55.6 Nondurable goods. 103.5 104.1 91.7 89.8 87.4 86.7 89.4 100.8 100.0 85.3 82.0 80.3 78.8 82.6 IRON, STEEL PRODUCTS _ , 101.4 107.6 78.9 76.9 75.5 73.1 72.3 110.4 113.5 62.1 61.2 60.9 57.4 56.1 Blast furnaces, steel works 106 120 87 84 82 79 79 123 132 66 65 64 59 58 Bolts, nuts, washers, rivets 82 88 62 61 61 59 59 93 94 53 51 56 52 50 Cast-iron pipe .. 71 69 56 57 57 57 55 60 54 39 41 41 41 42 Cutlery, edge tools 86 84 75 75 72 71 60 86 78 63 60 58 58 49 Forg;ngs 73 72 47 44 43 41 39 72 64 34 32 31 28 29 Hardware 97 93 66 61 60 58 53 97 108 57 52 54 53 49 Plumbers' supplies 93 93 78 79 80 80 81 76 72 52 54 59 57 56 Steam, hot-water heating 80 77 57 56 57 57 59 76 71 43 42 43 46 47 Stoves 119 105 77 75 77 75 71 106 82 61 59 62 58 54 Structural, ornamental __ 79 81 60 59 58 56 57 82 82 55 53 53 50 53 Tin cans, tinware 109 115 87 88 89 90 95 117 122 92 91 94 95 100 Tools 102 102 79 77 75 73 70 115 108 76 70 69 65 62 Wirework _ _ _ _ 181 176 121 117 116 104 98 189 172 105 102 98 86 79 MACHINERY 129.2 129.9 96.8 93.2 89.6 86.0 82.9 137.2 133.6 88.7 84.2 81.3 76.9 73.3 Agricultural implements. 141 139 137 137 130 117 93 183 , 173 178 169 163 141 106 Cash registers, etc. 136 137 127 126 124 122 123 147 147 124 115 116 116 118 Electrical machinery..- 120 121 86 82 78 75 73 126 124 78 73 69 67 65 Engines, turbines, etc 150 152 121 119 109 104 92 156 155 119 115 102 95 85 Foundry, machine-shop products- 113 113 85 82 79 76 74 120 115 75 72 70 66 64 Machine tools 153 153 128 122 116 109 104 165 159 112 101 97 86 82 Radios, phonographs 182 197 86 88 86 92 95 156 166 '61 69 70 75 77 Textile machinery _ 87 86 64 60 60 56 56 94 90 50 49 48 47 46 Typewriters 154 152 113 111 113 112 113 151 146 81 78 79 80 78 TRANSPORTATION EQUIPMENT 126.4 119.9 77.8 72.0 68.2 62.3 57.5 127.8 117.5 66.0 65.4 59.9 57.7 51.9 Aircraft 834 791 781 769 745 715 699 751 683 700 689 684 656 632 Automobiles 138 130 80 73 69 62 56 135 124 62 63 56 54 48 Cars, electric, steam railroad- 77 72 39 37 32 29 26 91 83 44 40 34 31 27 Locomotives 60 63 44 38 33 31 22 51 51 33 26 22 20 14 Shipbuilding _ 103 100 95 91 93 93 91 115 112 109 106 107 109 104 RAILROAD REPAIR SHOPS 64.0 63.8 44.5 42.3 41.0 39.9 40.4 68. 7 63.5 45.5 43.2 42.5 41.0 40.7 Electric railroad 63 63 62 61 60 60 59 67 67 68 68 67 66 64 Steam railroad 64 64 43 41 40 38 39 69 63 44 42 41 39 39 NONFERROUS METALS, PRODUCTS 113.9 111.5 87.4 84.9 82.5 79.6 78.2 111.5 105.3 74.2 69.3 68.7 65.5 65.4 Aluminum ... _ _ __ 130 132 101 97 95 92 92 136 135 101 93 92 85 87 Brass, bronze, copper 122 119 87 85 84 82 83 125 117 72 69 71 67 72 Clocks, watches 122 115 99 94 91 87 89 119 108 84 68 68 63 66 Jewelry 89 91 85 78 74 76 77 70 68 60 52 51 54 55 Lighting equipment 96 92 67 66 64 60 58 95 89 55 51 51 50 48 Silverware, plated ware. 74 74 72 70 69 68 59 69 67 60 54 54 52 44 Smelting, refining... _ _ _ 89 92 75 73 71 68 67 85 87 66 65 64 61 57 Stamped, enameled ware 159 151 110 108 105 97 91 162 146 101 98 93 85 79 LUMBER PRODUCTS 72.9 72.9 55.8 55.0 54.4 54.2 54.2 72.3 67.3 48.7 47.1 47.4 48.1 45.7 Furniture 89 88 68 65 64 65 65 79 74 54 49 48 50 48 Lumber, millwork 58 57 46 45 44 45 46 58 55 42 41 42 42 44 Lumber, sawmills 56 56 42 42 42 42 41 57 53 37 37 38 38 35 STONE, CLAY, GLASS PRODUCTS 74.0 71.7 55.5 56.9 57.4 57.2 55.7 71.4 66.1 48.1 49.4 52.6 51.3 48.3 Brick, tile, terra cotta 55 54 36 39 40 40 40 49 46 26 29 32 33 32 Cement... 70 70 54 61 62 64 65 75 72 50 59 66 66 66 Glass 112 108 84 82 81 80 74 119 109 81 77 79 77 69 Marble, granite, slate. _ 44 44 35 36 37 38 38 38 38 30 32 34 33 32 Pottery _ _ 80 73 71 70 69 68 65 70 59 60 57 58 54 47 TEXTILES, PRODUCTS 103.4 100 0 89.4 86.3 82.3 80.2 82.5 91.3 85.5 74.6 68.5 63.7 60.3 65.3 A. Fabrics _ . 99.7 98.0 80.9 78.1 76.8 76.5 79.7 93.8 89.6 68.4 63.9 62.7 62.0 67.2 Carpets, rugs _ 102 100 73 68 64 57 67 100 97 57 52 47 47 56 Cotton goods 103 102 87 83 81 80 83 101 97 73 68 66 64 71 Cotton small wares 97 96 80 78 78 75 75 92 90 77 71 72 69 68 Dyeing, finishing textiles 110 109 105 103 102 98 97 96 94 89 86 83 77 79 Hats, fur-felt. 84 84 84 81 67 55 74 74 81 67 54 48 41 62 Knit goods _ 118 116 105 103 99 100 101 119 113 107 103 98 96 95 Silk, rayon goods 79 80 60 60 59 54 54 68 67 47 46 47 41 42 Woolen, worsted goods 86 81 52 47 52 58 66 79 72 39 34 37 45 54 B. Wearing apparel 109.3 102.0 106.9 103.0 93.2 86.9 86.9 82.5 73.8 83.8 74.6 63.0 54.6 58.9 Clothing, men's _ 107 107 98 91 76 72 83 87 86 76 65 48 43 58 Clothing, women's 137 117 146 143 133 119 109 92 71 110 99 88 72 70 Corsets, allied garments 90 88 87 87 87 86 82 85 80 89 86 85 77 71 Men's furnishings _ _ 137 130 121 116 114 112 110 104 97 94 84 80 82 78 Millinery 51 39 59 61 52 43 36 37 24 51 47 35 28 23 Shirts, collars.._ 118 113 110 108 106 107 101 102 96 91 86 84 80 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through1933. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1937 1938 1937 1938 June July Mar. April May June July June July Mar. April May June July LEATHER PRODUCTS.. 93.8 96.3 90.1 88.0 82.5 78.5 86.7 80.6 84.6 72.7 67.1 58.3 55.1 68.5 Boots, shoes 94 98 95 93 86 81 91 73 80 72 66 54 50 66 Leather 98 95 76 75 74 74 76 108 104 78 74 75 76 79 FOOD PRODUCTS ._ 112.6 124.9 100.4 101.0 101.8 107.3 115.8 115.8 128.3 103.4 104.1 107.0 111.1 117.7 Baking. 137 137 130 130 130 132 133 134 135 127 126 128 130 132 Beverages 224 234 194 198 204 213 219 261 285 217 223 233 245 259 Butter 96 97 82 85 88 90 91 77 78 66 68 74 75 75 Canning, preserving 123 210 76 81 83 111 172 124 245 75 80 85 107 164 Confectionery _ 69 69 75 72 67 68 65 68 64 73 66 64 67 62 Flour 74 78 73 72 72 73 75 74 80 72 71 71 74 78 Ice cream 91 93 63 70 79 83 86 82 86 61 67 74 78 81 Slaughtering, meat packing _ 89 90 84 83 83 85 86 99 100 92 92 95 96 98 Sugar, beet 49 53 34 39 39 42 46 55 56 42 46 47 50 51 Sugar refining, cane 75 81 68 67 76 76 74 68 81 60 65 73 72 71 TOBACCO MANUFACTURES 60.1 60.6 59.3 59.1 59.4 60.3 57.1 55.7 55.8 50.7 49.3 52.5 55.2 52.7 Tobacco, snuff 56 55 57 56 56 55 55 69 66 65 66 64 68 66 Cigars, cigarettes __ 61 61 60 59 60 61 57 54 55 49 47 51 54 51 PAPER, PRINTING _ _ _ _ 106.9 106.0 100.3 99.7 98.5 97.2 96.8 104.9 101.6 96.6 94.6 93.8 91.4 91.6 Boxes, paper 103 102 91 90 89 89 89 104 100 89 87 88 86 89 Paper, pulp 121 120 108 107 105 105 104 124 119 103 100 99 96 98 Book, job printing __• 95 96 93 92 90 88 89 91 90 88 85 84 80 81 Newspaper, periodical printing... 105 103 103 104 103 102 100 104 100 102 102 101 100 97 CHEMICALS, PETROLEUM PRODUCTS.._ 123.9 124.3 113.2 110.4 107.2 103.9 104.1 137.4 136.8 119.4 116.3 117.7 114.8 114.2 A. Other than petroleum 123.4 123.5 112.1 108.6 104.8 100.6 100.6 135.7 134.9 114.5 110.9 111.3 108.0 107.7 Chemicals 139 140 111 109 108 108 108 154 154 118 117 116 117 116 Cottonseed oil, cake, meal 44 42 88 75 57 48 50 39 35 79 65 51 43 46 Druggists' preparations 109 106 105 104 104 104 103 121 112 115 115 115 115 113 Explosives 95 95 87 86 85 85 85 103 104 91 87 86 89 92 Fertilizers 76 70 117 123 90 62 57 79 77 111 121 96 66 63 Paints, varnishes 139 136 117 118 119 117 115 143 138 113 117 122 118 114 Rayon, allied products 391 401 334 303 304 284 290 392 393 300 260 275 258 266 Soap 103 102 96 94 92 92 93 115 117 112 109 107 107 109 B. Petroleum refining 126 128 118 118 117 118 119 143 143 135 134 138 137 135 RUBBER PRODUCTS 101.2 96.2 72.9 72.7 71.5 70.6 68.1 103.8 96.8 60.6 61.7 63.1 63.2 62.6 Rubber boots, shoes. 73 62 55 54 52 54 41 70 55 40 38 40 41 32 Rubber goods, other 142 137 108 109 107 103 103 145 136 98 99 97 93 94 Rubber tires, inner tubes 93 90 64 63 62 62 62 98 94 52 55 57 58 59 NOTE.—Figures for July 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 803 SEPTEMBER 1938 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 Month Total Residential Factories Commercial an u d ti l p it u ie b s l 1 ic Educationall All othei1 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 January _ _ 242.7 192.2 78.4 36.2 37.0 6.6 21.5 15.4 68.0 98.6 18.8 19.0 19.0 16.4 February 188.3 118.9 63.0 40.0 12.6 4.9 22.3 13.0 60.1 30.5 10.9 15.4 19.4 15 1 March - 231.2 226.9 90.2 79.4 22.2 15.7 30.0 20.2 51.9 59.7 9.1 21.0 27.9 31.0 April 269.5 222.0 107.8 74.6 30.1 11.5 28.5 18.9 65.4 67.0 13.7 16.9 24.1 33.1 May. .. 243.7 283.2 83.9 83.2 18.5 8.6 25.6 19.2 65.8 122.2 21.4 11.8 28.4 38.2 June 317.7 251.0 93.0 85.7 36.8 10.7 24.5 18.8 98.9 83.5 36.9 14.7 27.7 37.7 July 321.6 239.8 81.0 88.0 58.5 9.7 29.1 26.2 101.4 79.3 14.8 10.7 36.7 26.1 August 281 2 73 4 37 9 29 6 89 6 16 7 34 0 September 207.1 65.6 12.9 25.3 65.3 15.3 22.6 October _ . - 202.1 65.5 12.6 25.2 61.3 10.1 27.3 November 198 4 59 9 13 5 18.9 59.2 18.5 28 4 December 209.5 43.5 20.9 16.5 64.8 37.0 26.8 Year 2, 913.1 905.3 313.7 297.0 851.6 223.2 322.2 *Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly financed l Privately financed ! Month 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 January _ 83 186 100 215 243 192 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 102 127 148 233 318 251 29 73 64 116 137 108 74 54 84 116 180 143 July 83 120 159 295 322 240 20 52 67 153 131 98 63 67 93 141 191 142 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 » 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 July June July July June July July June July Boston 16,373 16,094 15,922 N A S P C R C t h l h i e t . e c l w i i a l v L c h a n a e m o Y d g t l u a a e o o o i n l s n r p d k d hia 2 6 2 4 1 1 1 0 1 1 2 4 0 9 , , , , , , , 5 3 8 7 2 5 2 6 7 9 7 5 5 1 0 7 4 0 0 4 4 2 2 5 4 1 1 1 4 8 9 1 8 1 6 , , , , , , , 8 6 8 9 1 7 2 5 8 5 7 8 2 3 8 5 2 8 1 5 9 7 3 1 5 2 5 1 4 7 3 2 7 2 7 , , , , , , , 4 0 9 6 6 0 7 9 8 3 8 8 5 7 3 8 6 3 6 4 7 B N A P R C h o i e l t c l e i s w a l h v t a o n m e d Y t n l a e o a o l n n p r d k d h - ia 2 6 6 6 5 8 7 4 8 1 6 8 1 2 1 6 5 3 8 9 0 ' 1 6 5 5 7 4 1 4 3 2 2 9 5 7 3 7 5 4 2 3 1 , ,1 7 4 6 8 5 2 0 4 2 1 0 0 0 0 6 1 8 3 1 , ,7 5 9 6 5 3 3 9 4 7 3 9 9 7 7 3 4 1 2 1 , ,2 1 6 7 3 1 0 9 4 0 1 8 1 5 5 0 0 0 Minneapolis 8,278 7,647 8,761 Chicago 168 152 99 1,606 2,062 1,206 D K a a l n l s a a s s City 1 9 5 , , 4 0 3 9 4 5 1 12 2 , , 8 9 2 2 6 1 1 1 0 0 , , 8 3 7 3 1 1 S M K t a . i n n L s n o a e u s a i p C s o i . l t i y s 4 3 1 1 7 2 4 2 3 2 6 6 2 1 7 3 7 2 5 1 7 5 6 4 7 0 4 6 2 0 8 0 2 5 1 2 1 8 5 3 6 5 3 Total (11 districts) 239,799 251,006 321, 603 Dallas _ 14 15 16 129 160 87 San Francisco 115 109 78 862 845 768 Total 995 1,018 618 10,79,3 12, 236 7,766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollarsl Merchandise exports i Merchandise imports 3 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 ••103 April 179 164 193 269 275 147 171 203 287 160 33 -6 -10 -18 115 May 160 165 201 290 257 155 171 192 285 148 6 -5 9 5 109 June _ . . _ 171 170 186 265 233 136 157 191 286 146 34 13 -5 -21 87 July 162 173 180 268 P228 127 177 195 265 P141 34 -3 -15 3 P87 August 172 172 179 277 120 169 193 246 52 3 —14 31 SeDtember 191 199 221 297 132 162 216 233 60 37 6 63 October 206 221 265 333 130 189 213 224 77 32 52 108 November 195 270 226 315 151 169 196 223 44 100 30 92 T)ftPATTll")PT 171 223 230 '323 132 187 245 209 38 37 -15 ••114 Year 2,133 2,283 2,456 % 349 1,655 2,047 2,423 3,084 478 235 33 '265 v Preliminary. rRevised. i Including both domestic and foreign merchandise. » General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1937 1938 Index of sales i Index of stocks (end of month) July Mar. Apr. May June July Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 80 60 57 58 58 61 1937 1938 1937 1938 1937 1938 1937 1938 Coal 76 49 55 57 58 62 Coke 104 38 39 35 37 43 Grain and grain products.. 81 77 77 77 82 89 January _ 93 90 72 70 74 71 66 63 Livestock _ 37 41 38 42 39 39 February 95 88 76 70 76 70 72 67 Forest products 57 36 33 35 35 37 March 93 86 90 77 76 70 78 71 Ore 107 26 36 32 MM^e riscchealnladniesoe u>s 8688 6 6 7 1 6 6 0 0 6 6 1 0 6 5 2 9 6 6 5 0 A M p a r y il. 9 9 3 3 8 7 3 8 8 9 9 5 8 8 6 0 7 7 6 6 6 6 9 9 7 7 9 8 7 7 1 1 June 93 82 90 79 76 68 73 65 Without seasonal adjustment July 94 85 65 58 77 67 69 61 August 92 72 78 74 September _ 94 100 77 80 Total 82 57 55 57 58 62 Coal 64 52 47 49 49 52 October.. 93 103 76 85 Ooke 88 39 33 34 34 36 November 91 101 75 86 Grain and grain products __ 111 71 68 69 80 123 December. _ 89 156 72 68 Livestock 32 32 35 37 32 34 Forest products _ 57 37 34 36 37 37 Year _. 92 76 Ore 203 19 21 37 62 60 Miscellaneous 90 64 63 64 64 66 Merchandise * 67 61 61 60 59 59 * 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 iln 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 BuiLETIN Back figures.—Department store sales, see p. 631 of BULLETIN for for June 1937. Based on daily average loadings. Basic data corapiled August 1936; department store stocks, see p. 232 of BULLETIN for March by Association of American Railroads. Total index compiled bjr com- 1938. bining indexes for classes with weights derived from revenue cat8 of the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

805 SEPTEMBER 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 H p l r i e d o a e d t s h u a e 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 t a i i n a n l g d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e l r d i i a n l g s1 c C a d l h r s u e a m g n s i d - in f H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929. 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931. 73.0 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 61.4 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—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 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 June 78.3 68.7 73.1 81.3 90.1 65.5 76.4 96.1 89.7 76.3 87.1 72.9 July 78.8 69.4 74.3 81.4 91.5 66.1 76.8 95.2 89.2 77.7 86.4 72.7 Week ending— 1938— 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. 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 June4 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 11... 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 June 25. _. 78.2 68.8 73.2 81.5 91.0 64.9 76.8 96.4 90.0 76.1 88.4 72.8 July 2 77.9 68.5 72.7 81.5 91.9 65.3 77.0 95.1 89.5 76.7 88.4 72.9 July 9 78.3 69.4 73.6 81.4 91.5 65.7 77.2 95.3 88.5 76.8 88.1 72.5 Julyl6.._. 78.9 70.7 74.4 81.6 92.1 65.7 77.4 95.3 89.3 77.1 88.0 72.6 July 23.._ 78.7 69.3 74 3 81.6 92.4 65.8 77.4 95.3 89.3 77.0 87.9 72.5 July 30—. 78.6 68.6 74.1 81.6 92.5 65.7 77.3 95.4 89.2 77.0 87.9 72.5 Aug. 6_._. 78.4 68.7 73.5 81.7 92.2 65.5 77.7 95.5 89.3 77.4 87.9 72.3 Aug. 13... 77.9 67.0 72.2 81.8 92.5 65.5 78.0 95.5 89.3 77.2 87.8 72.3 Aug. 20... 77.4 65.9 72.0 81.6 92.5 65.3 77.6 95.5 89.3 77.1 87.8 72.1 1937 1938 1937 1938 Subgroups Subgroups July Apr. May June July July Apr. May June July FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 105.2 66.0 62.3 62.7 58. 3 Agricultural implements 94.2 96.3 96.3 96.1 95.9 Livestock and poultry 105.0 79.3 77.9 80.2 84.4 Farm machinery 96.1 97.8 97.8 97.6 97.3 Other farm products 75.1 62.0 62.2 63.0 63.0 Iron and steel 99.8 100.4 101.8 100.9 97.2 FOODS: Motor vehicles2 87.0 95.6 95.8 96.0 96.0 Dairy products 76.4 71.7 69.1 68.5 69.5 Nonferrous metals 92.7 70.7 68.8 67.2 71.8 Cereal products 92.3 79.8 78.4 80.2 78.8 Plumbing and heating 78.7 77.2 77.2 77.2 79.5 Fruits and vegetables 71.2 56.8 58.7 61.7 56.4 BUILDING MATERIALS: Meats 106.0 82.2 82.1 84.5 89.7 Brick and tile 95.4 90.4 90.5 90.6 90.7 Other foods 74.6 64.5 65.4 64.7 66.7 Cement 95.5 95.5 95. 5 95.5 95.5 HIDES AND LEATHER PRODUCTS: Lumber 101.3 91.1 89.3 88.7 88.8 Shoes 107.4 104.5 102.5 101. 8 101.2 Paint and paint materials * _ 83.9 81.4 80.9 80.1 80.5 Hides and skins 116.2 62.6 63.4 62.3 70.8 Plumbing and heating 78.7 77.2 77.2 77.2 79.5 Leather 98.7 82.2 82.1 81.6 82.5 Structural steel 114.9 114.9 114.9 113.0 107.3 Other leather products 102.7 102.2 102.4 97.7 97.5 Other building materials 101.0 94.8 94.1 93.3 91.2 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 90.1 84.6 82.2 82.2 81.7 Chemicals 89.9 81.9 81.2 80.6 81.7 Cotton goods 86.8 65.7 65.0 63.9 65.1 Drugs and Pharmaceuticals.. 78.2 73.8 72.8 71.9 74.8 Hosiery and underwear 64.8 60.6 60.5 59.7 59.8 Fertilizer materials 71.3 70.1 69.6 69.5 66.9 Silk and rayon 3.3.9 28.9 28.4 27.6 29.9 Mixed fertilizers 74.2 69.7 69.3 69.3 72.9 Woolen and worsted goods 94.4 77.1 76.0 75.6 75.9 HOUSEFURNISHING GOODS." Other textile products 69.3 66.0 65.3 65.0 65.4 Furnishings 92.6 90.9 90.8 90.7 90.5 FUEL AND LIGHTING MATERIALS: Furniture „ 86.8 83.6 83.6 83.5 82.2 Anthracite 76.6 76.0 73.8 74.5 76.2 MISCELLANEOUS: Bituminous coal 98.6 97.5 97.5 97.5 97.9 Auto tires and tubes 56.4 57.4 57.4 57.4 57.4 Coke 104.9 105.5 105.5 105.3 104.2 Cattle feed 116.5 79.0 78.6 7,8.4 76.8 Electricity 80.0 87.0 86.4 Paper and pulp 94.2 87.5 86.9 85.5 82.8 Gas 84.0 85.2 88.3 90.4 Rubber, crude 39.6 24.5 24.2 26.3 31.9 Petroleum products 61.8 57.5 56.4 56.3 56.8 Other miscellaneous. , 85.7 81.8 81.5 81.1 80.7 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. 3 Preliminary revision. Back figures.—FOT monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). Figures for revised series available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1938] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. 1, 1937 1938 1937 1938 1937 1938 1937 1938 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,693 7,929 76 115 New York._ 28,379 29, 498 9,-64 8,219 92 111 Philadelphia 55, 607 54, 661 20, 783 20, 250 169 131 Cleveland. - _ _ _ _ _ 207,157 192,953 53, 526 53, 343 120 107 Richmond 1, £43 1,162 139,866 137,096 28,459 27, 653 Atlanta 4,218 2,542 182, 250 195, 338 7,530 6,451 Chicago.. _.- 1,140, 744 957, 513 78,012 69, 796 1,695 1,841 St. Louis... _ - - -. _ . ... 1 4, 891 2 3,021 363,227 323, 683 78, 966 67,121 167 149 Minneapolis 248,022 246, 483 14, 346 28,180 117, 495 213,369 Kansas City. _ _ _ _ __ 642 538 177, 352 313, 643 291, 374 288,094 8,121 9,989 Dallas 6,329 4,146 86, 945 101,063 42, 807 36, 371 105 105 San Francisco __ 1,020 579 7,753 6,361 60,135 82,980 60, 851 41, 614 Total 18, 946 11,988 2, 644,995 2, 566, 221 685,102 688, 458 188, 891 267,531 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. 1, 1937 1938 1937 1938 1937 1938 1937 1938 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston _ _ _ 6,142 6,629 3,492 3,453 30,439 29,867 57,609 53, 702 New York 20,194 26,170 6,007 5,319 1,371 1,838 33, 561 32,082 Philadelphia 15, 557 17, 521 2,343 2,396 28, 990 32, 710 25, 334 23, 299 Cleveland. __ ._ _ 45, 850 50,040 4,928 5,642 131, 698 128,078 18, 603 20, 740 Richmond 18, 885 20,082 3,745 3,841 839,494 748, 287 30, 352 28, 921 Atlanta _ . 13, 571 15,188 3,118 3,344 187, 312 202, 778 14, 722 15, 236 Chicago 544, 644 425, 823 15, 360 18, 577 26, 635 35,057 51,039 53, 489 St. Louis 55, 561 46, 902 6,162 6,669 301,156 291, 346 12, 716 14,084 Minneapolis _ - 251, 656 240,017 9,396 10, 626 1,966 2,865 46, 497 45, 750 Kansas City 113,172 132 695 6,427 7,359 4,344 6,025 32 308 34, 596 Dallas . 33,087 37, 778 1,211 1,441 4,268 3,765 San Francisco _ 27, 939 22,164 11, 596 11, 648 66, 280 59, 851 Total 1,146, 258 1,041,009 73, 785 80, 315 1, 553, 405 1, 478, 851 393, 289 385, 515 1 Includes 23,000 bales grown in miscellaneous territory. 2 Includes 17,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Eu- Latin Asia Europe End of Month T c tr o o ( i 5 e u ta 2 s n l ) - i U S n ta i t t e e s d C a a d n a - c t r r o o ( i 2 e u p 6 s n e ) - A c tr o i m ( i c 1 u e a e 1 s n r ) - - O c t i a r o c a i n e u e ( d a s n 8 n ) - - A c tr o f i ( r u e 5 i s c n ) a - U K d n 2 i i n t g e - d France m G a e n r y - Italy3 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 5,445 518 590 573 624 4 1935—December. 21,604 10,125 189 9,517 666 816 291 1,648 4,395 270 611 438 454 8 1936—December. 22,630 11, 258 188 9,307 736 858 283 2,584 2,995 208 632 490 655 11 1937—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 2,564 208 570 940 644 5 December. 23,964 12, 760 184 9,381 685 687 2,564 210 597 930 648 5 1938—January ___ 24, 036 12, 756 186 9,453 687 2,689 2,564 210 599 957 687 5 February . 23,944 12,776 188 9,351 261 2,689 2,428 210 593 977 699 5 March 23, 928 12,795 186 9,330 P665 266 2,689 2,428 210 531 998 698 7 April P23, 765 12, 869 189 P9, 100 658 686 263 2,428 210 529 1,007 697 7 May P23. 747 12,919 187 »9,032 P655 687 266 2,690 2,428 210 456 1,008 686 11 June , 813 12, 963 185 P9, 057 687 P265 2,690 2,428 210 481 1,008 679 10 July 13,017 189 P9,083 2,690 2,428 210 501 1,008 674 E urope—C ontinued Latin America End of month A tr u i s a - g B a u ri l a - C v z s a e l k o c i - h a o- m D a en rk - Greece H ga u r n y - N w o a r y - l P an o d - Po g r a t l u- Ru n m ia a- Spain< S d w e e n - Y sl u av g i o a - 6 c t o o ri u t e h n s e - r g t A i e n r n a - - Brazil 1934—December _ _ 112 104 740 159 403 1935—December.. 112 109 735 185 444 17 1936—December.. 91 114 718 240 501 25 1937—June 91 116 718 242 496 28 July... 90 117 718 243 487 29 August 90 86 118 718 243 477 29 September- 90 118 718 243 481 30 October 90 119 718 244 479 30 November.. 91 119 718 244 471 31 December.. 92 120 718 244 469 32 1938—January 93 82 120 718 245 463 32 February... 93 81 121 718 253 458 30 March 93 90 122 718 261 447 31 April 93 90 122 525 261 442 31 May 93 90 122 525 272 440 32 June 93 90 123 525 279 439 P32 July 101 P123 525 280 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b m i o a - - M ico ex- Peru g U u r a u y - c o t o r th i 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 t r h 3 u ie e n s r - 1934—December. 23 19 18 275 394 184 24 1935—December . 44 20 19 275 425 212 24 1936—December. 46 20 19 275 463 203 25 1937—May 46 20 19 274 452 211 25 June 45 20 19 274 443 201 25 July 45 20 19 274 412 187 25 August 43 20 19 274 261 189 23 September. 38 20 20 274 261 189 20 October... 34 20 20 274 261 189 22 November. 31 20 20 274 261 189 22 December . 24 20 20 274 261 189 22 1938—January __- 32 21 20 274 261 189 22 February.. 30 20 20 274 261 184 22 March 25 19 P20 274 261 189 22 April 25 20 20 274 261 186 22 May P25 20 20 274 261 188 23 June P20 P20 274 261 187 p Preliminary. 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, $1,395,000,000 on Sept. 30, 1937, and $1,489,000,000 on March 31, 1938. 3 Figure for March 1937 officially reported as of 20th of month and carried 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. 6 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

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 809 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 id .R e . Total A So fr u ic th a d R e h s o ia - A W fr e i s c t a B C e o lg ng ia o n States^ Canada Mexico C*m" Chile Au li s a t ra- B In ri d ti i s a h $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929 382,532 ••362, 237 215,242 11, 607 4,297 2,390 45, 651 39,862 13,463 2,823 683 8,712 7,508 1930 401,088 '365, 258 221, 526 11, 476 4,995 2,699 47, 248 43,454 13,813 3,281 428 9,553 6,785 1931 426, 424 ••386, 293 224, 863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932 458,102 '413,459 238, 931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 788 14, 563 6,782 1933 469, 257 '411, 208 227, 673 13,335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 16,873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933 794,498 '696,218 385, 474 22, 578 11,214 6,148 89, 467 103,224 22, 297 10,438 5,094 28, 568 11,715 1934 823,003 '707.288 366,795 24, 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30,559 11, 223 1935 882,533 '751,979 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11, 515 9,251 31, 240 •11,468 1936 970,206 '833,088 396, 768 28,053 16, 295 7,386 152, 509 131,181 26,465 13, 632 9,018 40,118 •11,663 1937 1,045, 864 '893,826 410, 710 28, 296 20, 784 8,018 168,159 143,172 29, 591 15, 478 11,063 46, 982 11, 574 1936—December. '83,093 '71,666 33,858 2,262 1,544 631 13,106 11, 612 1,647 1,113 708 4,197 '989 1937—January... '84,314 '71,332 34,352 2,315 1,671 586 '11, 633 11,499 2,854 1,332 935 3,171 984 February.. '79,293 '66,495 32, 330 2,109 1,563 579 '10, 322 10,853 2,227 1,117 769 3,727 899 March '84, 901 '72, 096 34, 381 2,416 1,605 634 '12, 681 11,420 2,510 1,285 620 3,562 982 April '70, 603 34, 308 2,391 1,669 638 '11, 281 11,317 2,111 1,269 926 3,738 956 May 17, 536 '74, 624 34,010 2,408 1,559 681 '14,398 11,904 1,678 1,234 1,860 3,910 982 June '87,169 '74, 658 34,132 2,339 1,649 688 '13,186 12,071 3,701 1,246 643 4,046 957 July '89,196 '76, 527 34,895 2,364 1,650 693 '15,020 12,162 2,452 1,476 962 3,874 979 August 92, 475 79, 661 34, 598 2,441 1,822 710 '18, 290 12,196 2,451 1,422 782 3,974 975 September 88,374 75, 755 34,170 2,421 1,890 695 '15,096 12,184 2,246 1,298 847 3,977 932 October... 90, 232 77, 748 34, 559 2,399 1,896 698 '16,147 12, 559 2,449 1,281 907 3,891 961 November. 90, 277 77,813 34, 279 2,352 1,854 686 '16,023 12,349 2,849 1,373 724 4,386 938 December. 76,513 34, 696 2,341 1,957 729 '14, 083 12, 658 2,064 1,144 1,088 4,725 1,029 1938—January... 87,469 74, 842 34,573 2,381 1,964 661 12,618 12,638 2,948 1,456 797 3,858 948 February.. 82, 595 69,927 32, 524 2,246 1,887 642 11, 207 11,929 2,266 1,175 846 4,333 872 March 89,508 77,066 35, 519 2,387 2,002 673 12, 850 13,161 3,253 1,403 676 4,204 939 April *>87, 395 J>74, 627 34, 351 2,374 2,024 702 12, 339 12, 895 2,389 1,664 701 4,280 906 May *90,030 P77, 734 35, 794 2,415 1,989 P702 13,715 13,338 P2, 459 1,338 P771 4,278 935 June *90, 559 ?77,102 35, 509 P2, 380 P2, 037 P702 12, 711 13, 674 P2, 634 1,365 *»4,453 *>900 Gold production in 77. 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; 1937, $180. r Revised. P Preliminary. 1 Includes production in the Philippines. NOTE.—For monthly figures bacjkk 1to January 1929 and for explanation of table see BULLETINS for June 1938, pp. 539-540, and April 1933, pp. 233i--3355.. FFoorr aannnnuuaall ffiigguurreess ooff wwoorrlldd pprrooduction 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. GOLD MOVEMENTS fin thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: net Year or month i e m o x r p p 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 i e u l m - N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- C ad an a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a Japan B I r n i d ti i s a h c o t o A r th i u l e e l n s r - 1934 i 1,131,994 499,870 260, 223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 l,02S 4 76,820 32,316 1935 1,739,019 316,727 934,243 227,185 968 95,171 13,667 10,899 16,335 3.498 75, 268 47.064 1936 1,116,684 174,093 673,671 3,351 71,006 7,511 72, 648 39,966 11,911 21, 61323,280 77,892 39, 743 1937. 1,585, 503 891, 531-13,710 90,859 6,461 6 54,452 111, 480 38, 482 18,397 25, 42734, 713 246,464 50, 762 30,179 1936—December.. 66,970 32,998 9 2 2 3,281 4,709 462 2,273 936 10,108 2,191 1937—January 121,325 73,960 10,864 10,691 271 2 6,506 6,86,5 1,945 1 2,123 1,617 6,028 1.461 February. 120, 326 75, 238 1,138 14 8,155 10,661 9,153 2,109 2,910 7,077 3,870 March 164, 332 121,451 76 1,131 1,086 4,925 3,242 3 1,944 3,467 6,696 4,017 7,296 April 215,811 175,165 596 6,399 7,225 1,973 4,261 2, 231 2,388 9,978 4,867 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 J J A u u u l n y g e ust 2 1 1 6 0 7 2 4 5 , , , 0 8 4 2 4 1 2 4 7 1 7 3 5 6 0 6 , , , 4 1 9 3 4 4 2 7 3 1 1 1 , , 1 0 3 5 8 9 2 1 2 5 0 , , , 2 1 5 2 1 5 8 8 6 3 1 , ,3 1 5 9 7 2 2 7 1 4~ 3 2 6 , , 3 2 9 3 0 5 2 1 7 0 2 , , , 4 9 2 2 4 4 6 8 7 3 5 , , 5 3 6 2 4 6 4 8 5 2,177 2 1 2 2 1 , , ,5 4 0 0 6 1 5 4 0 2 3 3 , , , 1 7 7 6 1 9 7 0 6 4 3 1 4 7 5 , , , 4 6 3 5 9 1 9 7 6 4 3 3 , , , 3 6 9 5 1 6 5 3 6 3 1 1 , , , 7 9 8 2 5 6 6 7 6 September _ 145,495 59,066 13, 703 14, 497 2,054 2,110 2,981 3,010 40,927 5,275 1,871 October 90,477 24,402 22,030 9,669 2,089 8 1,375 2,076 19,875 6,902 2,051 November _ 22,110 -5,046 -24, 968 816 2,285 4,323 2,286 3,173 37,148 767 1,326 December.. 17,982 -40 -14, 987 2,767 3,404 16 2,292 3,786 18, 774 107 1,862 1938—January 2,088 -20 -4,974 649 819 1,676 1 025 1,043 1,870 February _ 8,036 -11 15 692 721 2,105 1,330 1,943 1,241 March 62,927 31,395 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,636 April 71,091 35, 429 18 1,938 747 1,812 1 1,883 1,241 23,311 2,359 2,353 May 52,775 2,895 35 891 10, 221 630 5,650 2,108 2,285 3, 582 21,950 2,530 June 55, 307 20, 599 13 3,248 57111, 520 226 726 715 1 3,232 2,984 5,782 2,252 3,438 July 63, 815 4,976 898 7,685 962 11,123 1 2,422 3,434 28,669 1,148 2,495 » Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. NOTE.—For gross import and export figures and for additional countries see table on p. 780. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Ger- United Kingdom many Net imports from or net exports (—) to: Total Total Year or net im- South net immonth ports Africa, Other All ports e o x r p o n r e t t s U S n ta i t t e e s d France m G a e n r- y g B iu e m l- U.S.S.K. Au li s a tra- d W R e h s e o i s a - t , B I r n i d ti i s a h B c t r o r i i u t e i n s s - h China c o t o t r h i u e e n s r - e o x r p o n r e t t s1 Africa 1934 716,269 -497,166 348,190 121,017 41, 790335, 253206,693 62,397 1935 369, 722 -435, 502142,137 -4, 726 37,981 404,295 181, 602 32, 754 14,051 1936 1,169,931 -276,830 756, 215 23, 292 26, 723488,814 128, 421 28,067 13,930 1937 420,427 -834,009 541,187 46,147 24,165 464, 837 66, 330 22,079 15, 544 1937—Mar. 78,484 -104,399 124,121 507 22, 520 2,727 26, 593 5,760 -2, Apr. 12,036 -149,444 11, 281 -1,055 98, 510 2,122 44.198 2,848 1,220 1,325 1,778 May -48,319 -101,710 -274 -1,786 8,430 2,353 37,106 8,368 873 -586 2,956 June 22,957 -128,380 79,545 14,027 1,552 46,933 2,782 1,251 3,76; -22, 222 A Ju u l g y . . 1 1 2 2 7 2 , , 6 9 4 5 3 3 - - 2 7 6 9 , , 0 4 4 9 3 8 11 6 2 0 , , 1 46 1 3 3 1 12 6 , , 2 3 1 4 2 8 1 1 4 6 , , 1 9 5 1 3 4 V 705 5 54 7 , , 8 4 6 6 1 3 6 7 , , 1 1 2 7 9 8 1 1, , 1 2 7 9 1 6 8 7, , 2 4 2 5 7 4 -3 1 ,9 ,0 0 3 3 2 - -1 1 1 1 , , 4 3 6 5 7 5 Sept. -29,775 -86,145 -2,034 8,245 19, 784 2,039 36.199 4,735 989 6 -13,739 -8,182 Oct. -6, 348 -16,236 -2,831 3,171 1,476 36, 244 5,739 1,032 e -33,071 63 Nov. 22, 054 4,258 -2.488 84 2,359 47, 694 4,960 3,877 e -30,813 -79 Dec.. 20,976 2,006-15,077 90 2,379 36, 528 5,174 8,300 -137 236 -247 1938—Jan.. 27, 245 1,487 -9,848 41 3,775 32, 889 4,425 10,063 -60 -7, -200 Feb.. 51,387 3,528 -1,940 78 2,958 43,092 5,002 7,036 -10,973 5,359 Mar. 79, 037 -35, 535 -4,276 49 3, 620 50, 540 5,101 2,786 -13,586 -27 Apr.. 53,186 -18, 507 -3,039 86 4,168 35,077 3,586 3,590 -13,763 '6,009 May 97, 478 -5, 233 -119 168 2,46: 35, 407 3,824 2,139 -139 -10,784 18,058 June 8 3 9 1 , , 8 5 8 8 6 0 - - 2 7 0 , , 9 8 7 1 3 1 -6 3 , , 1 2 3 3 7 4 138 2 2 , , 0 0 2 1 4 7 4 3 0 1 , , 5 6 1 2 7 3 3 5 , , 7 0 2 4 5 2 9 6 , , 9 2 2 0 9 9 -8 - - 2 1 6 2 , , 7 8 3 0 2 8 7,626 Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Change in: Year or net net month imports imports or net United Neth- All or net Re- Private ex ( p ) orts U S n ta i t t e e s d K d i o n m g- France g B iu el m - Italy la e n r d - s c o t o r th i u e e n s r - exports s In e d r in v ia e 1 s 1 i I n h n g o d s l i d a i - n « 1934 -46,065 -29, 235 18,397 19,431 2,580 1,500-230,720 173 -219, 670 1935 -230,788 -181, 725 -13, 94025, 542 342 -6, 795—161,872 •-150, 398 1936 122, 279 39,305 14, 531 51, 299 4,600 23,378 -121,066 '-109,403 1937 -56,946 -45,061 27, 739 -657 6,553 -5,852 -61,689 -41 -50,073 1837—Mar. 575 653 55 -2,986 -1, 506 192 -6,068 -38 -6,074 MaV- -4,479 -1,174 1,107 96 -4, 933 -3,951 June. -49,417 -36,242 521 274 -1,1 1 -853 July.. -6,038 -1,243 -612 -2,278 -8,689 —4 -7, 706 Aug.. -1,630 8 350 -5,197 —4,222 Sept.. -7,147 -8 -37 -1,186 -4, 532 -3,600 Oct._. -1,138 8 -109 -561 4,559 -4, 655 —3,694 Nov.. 4,113 -227 559 3,275 -4,200 -3,262 Dec— 5,810 24, 558 -559 2,553 -5,999 -4,970 1938—Jan... 10,826 12,478 -13,978 10,409 -41 1,614 -5, 599 -4, 651 Feb. . 2,448 -35 11, 223 -11,518 -584 615 2,198 -7, 423 -6, 551 Mar._ -3,188 3,595 -9, 257 -943 1,763 1,421 -2, 749 -1,810 Apr. _ -7, 632 7 -2,391 -6,084 -266 5,397 2,467 -4,r~ -3,482 May -5, 201 33 4,860 -2,943 -1,549 -2, 009 2,396 -3, 452 -2, 517 J J u u l n y e p . . -8 5 , , 9 9 1 7 9 8 -220 16 5 , , 0 2 0 5 9 6 - - 1 7 4 , , 1 8 8 3 0 9 -6 - , 4 1 8 7 4 5 5 - , 2 8 2 1 8 4 4 5 , , 1 65 1 7 7 P-4,424 P-3, 524 p Preliminary. r Revised. c Corrected. 1 Beginning with April 1938, figures represent gold movements of Greater Germany. The correct figure for December 1936 is $4,763,000. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. a Includes exports of $50,661,000 to Sweden and $12,571,000 to Norway; and net imports of $53,465,000 from Switzerland. 4 Includes $10,129,000 exported to Sweden and unspecified net imports of $19,684,000. 6 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. 7 Includes net exports of $12,082,000 to Switzerland. 8 Includes net exports of $6,000,000 to Switzerland and $7,590,000 to Sweden. 9 Figures for April and May 1938 include exports to Sweden of $10,088,000 and $13,996,000 respectively. 10 Figures for June and July include exports to Sweden of $7,673,000 and $11,428,000, and net exports to Switzerland of $5,407,000 and $15,838,000 respectively. 11 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 12 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. is Figures for April, May, and July 1938 include exports to Germany of $9,953,000, $6,182,000, and $8,919,000 respectively. NOTE.—Switzerland and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revise! official totals published for year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 811 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t ^ - Cash reserves co D u is n - ts Securi- ci t r i c o u n la- Deposits Other and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25. H5.8 26.3 22.3 84.9 379 6 71.0 8.8 35.8 17.9 1930—Dec. 31 _ 147.6 38.8 49.0 104 7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 1.0 68.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 .6 36.8 8 6 94.7 424 5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 .6 46.3 17.6 1.56. 6 487.4 150. 6 1.2.J 39.2 18.0 1937—Apr. 28. 313.7 1.0 44.8 8 5 119,7 468.8 87.6 26.2 39.6 17.7 May 26. 321.3 .9 46.0 4 9 119.7 475. 2 91.4 24.9 37.5 17.8 June 30. 326.4 .9 38.0 6.3 164.3 488.4 140.5 10.8 40 2 18.0 July 28. 326.4 1.1 28.1 6.8 136.2 498.3 104.3 10.5 37 3 18.1 Aug. 25. 326.4 1.8 38.1 4.3 128.5 488.3 92.8 25.4 36.0 18.2 Sept. 29 329. 4 1.7 37,9 6,2 126.6 488.5 95.1 21 8 37.2 18.3 Oct. 27. 326.4 1.6 43.3 8.1 121.1 483 1 87.7 32.2 36.6 17.7 Nov. 24 326.4 1.8 66.0 8 6 97.0 4804 83.6 35.4 36.3 17.8 Dec. 29 326.4 41.1 9.2 136.5 505.3 120.6 11.4 36.6 18.0 1938—Jan. 26_. 326.4 83.2 10.4 117.9 473.2 113.1 13.6 37.3 18.1 Feb. 23. 326.4 61.9 6.5 116.9 474.5 105.6 16.7 35.5 18.2 Mar. 30_ 326.4 41.0 8.7 131.0 485. 4 108.1 17.8 37.4 18.3 Apr. 27 . 326.4 37.1 7.1 133.4 489.3 113.3 10.9 36.5 17.7 May 25 326.4 46.2 9.5 115.1 480.2 91.2 26.5 36.1 17.8 June 29 326.4 41.2 7.3 140.6 485.2 125.5 10.5 36.1 17.9 July 27. 326.4 33.1 9.5 137.0 493.3 116.4 11.2 35.1 18.1 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- (Figures in millions of francs) Gold' ch F e e a i o x g n r - n g - e S ci p a e l - * Other v m G a e n t r o e o n c v n - e - t s 4 m G S t e o h e n v o r t e m r r s t n - e - - s O e t c t i h e u s e ri r - N c b u e l g r e i o t s i t e e i - a s - Other c N i t r i c o o u n te la- G m ov e e n r t n- Other l O i t a t i b e h s i e l r icurities 1929—Dec. 27.. 41,668 26,942 8,624 2,521 8,612 6,603 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 _ 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 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, 359 480 1,379 8,465 17, 698 718 3,683 8,640 8,344 89, 342 2,089 13, 888 2,86T 1937—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 2,618 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 2,649 July 29 . 55,677 951 991 10,197 23,887 958 4,064 8,641 8,467 89,307 2,563 15,812 3,152 Aug. 26 . 55, 718 911 833 8,656 25, 218 476 3,763 6,637 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 8,637 7,218 91, 336 2,648 14, 679 3,121 Nov. 25 _ 58.932 965 722 9,655 26,918 314 3,675 6,637 7,343 90,131 2,686 17,893 3,452 Dec. 30 . 58,933 911 652 10,066 31,909 675 3,781 8,580 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 23,720 3,285 Feb. 24_. 55, 807 874 821 11,582 31,904 866 3,652 5,675 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.. 813 596 9,024 40,134 113 3,454 5,575 7,334 98,923 3,248 17, 525 3,155 June 30.. 55,808 804 177 5,772 40,134 552 3,614 5,574 8,258 102,087 3,245 12,769 2,592 July 28. _. 55, 808 782 7,394 40,134 623 3,545 5,574 7,117 101,117 3,135 14, 207 2,608 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. 1 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by law of October 1. By decree of July 22, 1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853). 3 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). * Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22 1938, and April 14, 1938 (see BULLETINS for July 1936, p. 536; August 1937, p. 720; June 1938, p. 452; and August 1938, p. 650). 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

812 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu r r e e ic s h i s n m m ar il k l s io ) 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 cu an ri s ty E as li 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 t t i b h e i s e li r exchange cover 1929— Dec. 31 2,283 404 241 2,608 251 92 666 5,044 755 736 1930—Dec. 31 2,216 469 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31 .. 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 386 9 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31. . 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31 82 6 53 4,498 84 349 315 853 4,285 1,032 923 1936 -Dec. 31 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—July 31. _. 69 6 29 6,316 52 104 299 860 6,112 732 892 Aug. 31 70 6 33 5,283 52 104 299 905 6,116 736 901 Sept. 30 70 6 63 6,538 51 105 293 906 5,256 838 927 Oct. 30 70 6 7 5,578 44 105 293 844 5,275 711 959 Nov. 30 70 6 27 5,520 46 105 286 870 5,196 766 967 Dec. 31 71 6 119 6,013 60 106 286 861 5,493 1,059 970 1938—Jan. 31 71 5 60 5,459 66 108 286 982 5,199 851 986 Feb. 28 _ 71 5 21 5,637 81 110 286 953 5,278 891 996 Mar. 31 71 5 89 5,813 63 96 297 1,388 5.622 1,323 877 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 June 30 _. 71 39 6,136 71 547 300 1,322 6,440 1,119 932 July 30 71 5 17 6,247 49 549 298 1,285 6,650 920 951 NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1937 Central bank 1937 [Figures as of last report [Figures as of last report date of month] July June May July date of month] July June May July National Bank of Albania (thou- Central Bank of Bolivia—Cont. sands of francs): Securities—Government 396,807 402, 285 378,138 Gold _ 7,554 Other.. ._ 6,091 4,366 4,750 Foreign assets 23, 265 Other assets 19, 210 20, 537 15,198 Loans and discounts 3,600 Note circulation.. _. 267, 335 265,805 255,006 Other assets 4,288 Deposits 225, 775 283, 228 252,823 Note circulation 11,239 Other liabilities 63,100 61,090 55, 661 Other sight liabilities 15,410 Bank of Brazil (millions of milreis) : Other liabilities 12, 059 Cash 253 Central Bank of the Argentine Correspondents abroad 528 Republic (millions of pesos):1 Loans and discounts _. 2,432 Gold reported separately 1,224 1,224 1,224 Deposits 3,007 Other gold and foreign exchange- 116 122 320 National Bank of Bulgaria (mil- Negotiable Government bonds... 63 107 40 lions of leva): Other assets 171 169 168 Gold - 1,994 1,994 1,801 Note circulation 1,086 1,100 1,179 Foreign exchange __ 855 815 390 Deposits—Member bank 312 327 406 Loans and discounts _ 965 961 1,142 Government 118 142 120 Government debt 3,468 3,495 3,523 Other __. 2 2 Other assets _. 1,366 1,331 1,009 Foreign exchange sold forward.. 9 11 Note circulation 2,313 2,350 2,543 Other liabilities 49 42 42 Deposits _ _. 4,052 3,996 3,127 Commonwealth Bank of Aus- Other liabilities „ 2,282 2,250 2,195 tralia (thousands of pounds): Bank of Canada (thousands of Ca- Issue department: nadian dollars): Gold and English sterling... 16,007 16, 007 16, 010 Gold.... 180,415 181,608 181, 705 179, 525 Securities 39, 341 40, 302 38, 559 Sterling and United States ex- Banking department: change 23,461 31, 607 31,807 19, 747 Coin, bullion, and cash 1,238 1,310 1,165 Canadian Gov't. securities: London balances.__ 28, 261 26, 718 36, 861 2 years or less ___ 116,318 113,730 122,046 36, 212 Loans and discounts 12,832 12,780 13,443 Over 2 years 52, 612 52,167 39,534 94,901 Securities _„_ 48, 615 49,857 38,028 Other securities _ 1,013 9,607 9,996 Deposits 85, 786 86,106 85, 359 Other assets 9,240 6,950 5,494 11,691 Note circulation.. 49,034 49,034 47,034 Note circulation 156,796 154,112 155, 306 138, 920 National Bank of Belgium (mil- Deposits-Chartered banks _ 187, 534 195,447 189,131 182, 567 lions of belgas): Dominion Government 15, 233 21,197 27, 238 16,882 Gold 2,954 2,836 2,693 3,642 Other 2,769 1,568 3,071 648 Foreign balances and bills 820 756 748 2 1,376 Other liabilities 19, 714 14,751 15,447 13,056 D Lo is a c n o s unts 34 5 3 2 42 7 4 5 4 1 9 3 0 3 (3) Central Bank of Chile (millions of Other assets 454 461 464 36 Gold _. 145 144 144 Note circulation 4,205 4,163 4,116 301 Discounts for member banks . 10 12 15 Demand deposits—Treasury 16 43 14 4,440 Loans to government 771 782 795 Other 284 228 279 215 Other loans and discounts 144 128 95 Other liabilities 119 118 118 628 Other assets 39 50 46 Central Bank of Bolivia (thousands 72 Note circulation 723 731 669 of bolivianos) : Deposits- Gold at home and abroad 54,142 54,158 51, 260 Bank.. _ _ 180 185 206 Foreign exchange.. 59,971 107,076 97,106 Other __ 71 59 89 Loans and discounts 19, 990 21, 701 17,038 Other liabilities.. 135 142 131 1 Form of official statement revised effective June 30, 1938. Gold at home: extension of Exchange Fund, formerly reported separately and included in table with gold at home, now reported together with gold abroad and foreign exchange. ^Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937. 3 Not reported separately beginning December 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 813 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank July June May July July June May July Bank of the Republic of Colombia Bank of Finland (millions of mark- (thousands of pesos): kaa): Gold 35,981 33,499 26,071 Gold.. 621 621 620 640 Foreign exchange 7,122 6,839 16, 223 Foreign assets 2,209 2,291 2,384 2,288 Loans and discounts 21, 307 18, 408 14, 698 Loans and discounts... _ 1,546 1 563 1 585 1 036 Government loans and securities. 46, 753 46, 825 45,865 Domestic securities 239 245 272 '386 Other assets 25, 942 26, 449 26,640 Other assets 305 318 319 429 Note circulation 52,632 50,037 52, 312 Note circulation _. 2,047 2 105 2,184 1 841 Denosits 41,435 40, 528 37, 345 D eposits—Treasury 71 141 292 241 Other liabilities 43,040 41, 455 39, 839 Other 1,178 1,096 1,050 991 National Bank of Czechoslovakia Other liabilities 1,624 1,695 1,655 1,705 (millions of koruny): Bank of Greece (millions of drach- GoJd 2,653 2,652 2,653 2,576 mas): Foreign exchange _ - __« 246 317 363 348 Gold and foreign exchange (net) 3,108 3,241 3,310 3,147 Discounts 2,194 2,346 2,289 1,041 Loans and discounts _ 7,133 6,905 6,510 3 855 Loans 1,236 1,287 1,260 1,226 Government obligations 4,285 4,360 4, 355 4,100 Government debt 2,006 2,006 2,007 2,015 Other assets 2,205 2,186 2,257 2 397 Other assets 1,126 1,172 1,238 968 Note circulation 6,551 6,467 6,481 6,330 Note circulation 7,641 7,947 7,937 6,037 Deposits 7,647 7,837 7,673 5 025 Demand deposits 259 264 335 296 Other liabilities 2,534 2,387 2,276 2,145 Other liabilities . 1,560 1,567 1,539 1,842 National Bank of Hungary (mil- Bank of Danzig (thousands of lions of pengos): gulden): Gold 84 84 84 84 Gold. — 28,965 28,953 28, 377 28,110 Foreign exchange reserve 74 72 73 56 Foreign exchange of the reserve 5,347 4,900 4,525 1,229 Discounts 391 439 470 398 Other foreign exchange 581 581 533 551 Loans—To Treasury 148 120 120 112 Loans and discounts 16, 270 16,659 16,117 16, 245 Other 14 14 14 17 Other assets _ __ _ 2,886 3,401 3,570 3,812 Other assets.. 319 321 316 245 Note circulation 38, 554 35, 486 35, 538 34, 621 Note circulation 582 581 584 460 Demand deposits _ . - 18, 473 17, 443 15, 616 11,135 Demand deposits 180 205 221 156 Other liabilities 19,016 19,016 19,016 19,193 Certificates of indebtedness. 70 70 70 93 National Bank of Denmark (mil- Other liabilities 198 194 203 205 lions of kroner): Reserve Bank of India (millions Gold 118 118 118 118 of rupees): Foreign exchange 95 88 81 8- Issue department: Discounts 20 20 21 28 Gold at home and abroad- 444 444 444 Loans—To Government agencies 117 150 122 237 Sterling securities- 761 788 803 Other 82 98 103 109 Indian Gov't securities._ 324 324 274 Securities 113 116 110 52 Rupee coin 628 599 595 Other assets 105 84 75 67 Note circulation 1,754 1,802 1,787 Note circulation _. 403 414 409 386 Banking department: Deposits 80 96 63 78 Notes of issue department _ 403 352 328 Other liabilities 167 164 159 155 Balances abroad 20 20 165 Central Bank of Ecuador 1 (thou- Treasury bills discounted 3 2 sand of sucres): Investments 66 67 84 Gold 37,196 36, 658 Other assets 10 11 9 Foreign exchange (net) 7,023 27,064 Deposits 393 344 479 Loans and discounts 52,145 46, 285 Other liabilities 110 107 107 Other assets 16, 774 19,996 Bank of Japan (millions of yen): Note circulation 60, 530 63, 335 Gold' . 801 801 488 Demand deposits 38,718 53, 741 Discounts 439 458 562 Other liabilities 13, 889 12, 927 Loans—Government 3 3 245 National Bank of Egypt 2 (thou- Other 46 66 109 sands of pounds): Government bonds 1,280 1,237 780 Gold 6,545 6,545 6,545 Other assets 198 174 202 Foreign exchange 1,320 1,574 1,701 Note circulation 1,946 1,881 1,580 Loans and discounts 4,264 4,297 3,101 Deposits—Government 258 445 271 British, Egyptian, and other Other 194 94 74 Government securities 33, 614 34,172 35,198 Other liabilities 370 319 462 Other assets 7,318 7,182 9,334 Bank of Java (millions of guilders): Note circulation 19,182 19, 811 19,198 Gold 117 117 117 Deposits—Government 6,901 7,360 8,530 Foreign bills 2 2 5 Other 18, 380 18,140 19, 339 Loans and discounts_._ __ 67 63 68 Other liabilities 8,599 8,461 8,813 Other assets 85 92 103 Central Reserve Bank of El Salva- Note circulation __ . 185 185 195 dor (thousands of colones): Deposits 62 62 72 Gold 13,172 13,161 Other liabilities 25 27 25 Foreign exchange 4,267 6,768 Bank of Latvia (millions of lats): Loans and discounts 751 345 Gold 78 78 78 77 Government debt and securities 5,552 6,079 Foreign exchange reserve 39 39 42 40 Other assets 1,752 2,914 Loans and discounts 126 131 134 119 Note circulation 14, 091 16, 852 Other assets 64 55 54 47 Deposits 7,035 8, 232 Note circulation 61 63 65 47 Other liabilities 4,368 4,183 Deposits 197 196 198 204 Bank of Estonia (thousands of Other liabilities 48 44 44 32 krooni): Bank of Lithuania (millions of litu): Gold 34, 265 34, 253 34, 248 34,196 Gold 79 79 79 77 Foreign exchange (net) 16,389 15,817 15, 362 17,499 Foreign exchange 6 5 5 6 Loans and discounts. _ 22,061 22, 580 23,127 24, 289 Loans and discounts 100 105 109 93 Other assets 30, 491 29, 587 29, 464 21, 987 Other assets . .. 32 32 32 40 Note circulation _ 47,897 46, 775 48, 296 43, 992 Note circulation 123 123 126 110 Demand deposits 33, 865 34, 944 32, 951 37, 719 Deposits . 72 76 78 83 Other liabilities 21,443 20, 520 20,952 16, 260 Other liabilities 23 23 21 22 i Form of official statement revised effective December 1937. * Items for issue and banking departments consolidated. » By law of August 10, 1937, gold revalued on August 25 at rate of 290 milligrams fine gold per yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank July June May July July June May July Netherlands Bank (millions of guil- National Bank of Rumania— Cont. ders) : Loans and discounts r7,408 6 685 6 303 Gold. 1,481 1,481 1,481 1,266 Special loans 2 rl, 944 1,952 2,062 Silver (including subsidiary coin) 20 21 20 19 Government debt '10, 402 10,483 11,069 Foreign bills 5 5 5 2 Other assets rll 084 11 088 8 402 Discounts 8 8 9 15 Note circulation _ r30 103 30 208 26 487 Loans 323 330 331 171 Demand deposits 12 634 11 504 12, 783 Other assets 64 63 67 63 Other liabilities r9 484 10 362 10 232 Note circulation 919 911 944 822 South African Reserve Bank Deposits—Government 176 145 136 106 (thousands of pounds): Other _ 761 809 786 563 Gold 22, 724 22, 862 22, 700 Other liabilities 45 44 47 44 Foreign bills 8 253 6 245 4 930 Reserve Bank of New Zealand Other bills and loans 23 3 829 1,841 (thousands of pounds): Other assets 13,004 13,106 13, 242 Gold 2,802 2,802 2,802 Note circulation 15 930 17 371 17, 095 Sterling exchange reserve 16, 609 18, 279 20,859 Deposits... . ^ 24, 859 25, 401 21, 794 Advances to State or State un- Other liabilities 3,214 3,268 3,825 dertakings 4,757 3,776 4,578 Bank of Sweden (millions of Investments 2,732 2,736 2,906 kronor): Other assets 305 296 194 Gold . 616 615 600 534 Note circulation 13, 775 13, 817 12, 591 Foreign assets 860 873 875 981 Demand deposits 11,825 12,274 17,143 Discounts. _ _ _ 12 13 13 13 Other liabilities 1,605 1,797 1,606 Loans 23 22 21 29 Bank of Norway (millions of Domestic securities 60 45 40 6 kroner): Other assets 381 390 334 340 Gold 222 199 199 189 Note circulation 950 972 931 863 Foreign assets 205 235 272 153 Demand deposits 839 830 836 880 Total domestic credits and Other liabilities 163 155 116 160 securities 202 181 174 224 Swiss National Bank (millions of Discounts _ _. 78 76 140 francs): Loans 33 29 24 Gold _ 2,786 2,806 2,837 2,594 Securities . 0) 69 69 60 Foreign exchange 385 397 407 96 Other assets 0) 36 49 11 Discounts _ 12 32 44 23 Note circulation 456 445 436 424 Loans 20 22 21 28 Demand deposits—Government- 37 9 76 43 Other assets _ 697 700 700 606 Other _ 97 113 109 49 Note circulation. 1,541 1,541 1,529 1,412 Other liabilities 0) 83 73 61 Other sight liabilities 1,723 1,778 1,845 1,299 Central Reserve Bank of Peru Other liabilities 637 637 635 637 (thousands of soles): Central Bank of the Republic of Gold and foreign exchange . 45, 837 55, 363 Turkey (thousands of pounds): Discounts 30, 526 36, 657 Gold 36,867 36, 863 36, 862 36, 710 Government loans 69, 679 45,122 Foreign exchange—Free 27 6 17 5 Other assets 5,492 9,300 In clearing accounts _ 10, 276 9,678 15, 251 35, 599 Note circulation 95, 541 98, 976 Loans and discounts 67,450 65, 957 61, 742 48, 522 Deposits 40, 865 30, 591 Securities 190, 001 190, 622 189,802 187,199 Other liabilities 15,129 16, 875 Other assets 30,016 33, 292 35, 325 29,977 Bank of Poland (millions of zlotys): Note circulation _ 175, 691 175, 691 175, 766 173, 252 Gold 447 446 440 427 Deposits 56, 316 55,844 51, 201 41,436 Foreign exchange . 12 12 20 30 Other liabilities 102,631 104,885 112, 032 123, 325 Loans and discounts 756 741 719 604 Bank of the Republic of Uruguay Securities 128 128 128 136 (thousands of pesos): Other assets. _ _ 399 419 441 446 Issue department: Note circulation 1,123 1,137 1,123 1,019 Gold and silver* 103, 585 41,957 Other sight liabilities 264 259 278 230 Note circulation 87, 980 89, 758 Other liabilities _. - 355 350 347 393 Banking department: Bank of Portugal (millions of Cash reserves 50, 975 20, 883 escudos): Loans and discounts 95, 090 77, 834 Gold 918 917 916 Other assets 72 186 81, 676 Other reserves (net) 486 505 560 Deposits 82, 889 88, 787 Non-reserve exchange 143 174 154 Other liabilities _ 135, 362 91, 607 Loans and discounts 380 358 317 National Bank of the Kingdom of Government debt 1,040 1,040 1,043 Yugoslavia (millions of dinars): Other assets 1,234 1,229 1,382 Gold 1,837 1,834 1,828 1,686 Note circulation 2,031 1,982 2,038 Foreign exchange 361 446 350 723 Other sight liabilities 1,190 1,281 1,180 Loans and discounts 1,574 1,534 1,550 1,581 Other liabilities 980 961 1,154 Government debt 2,241 2,241 2,241 2,251 National Bank of Rumania (mil- Other assets 3,210 3,225 3,321 2,366 lions of lei): Note circulation 6,142 6,036 5,985 5,687 Gold 16, 872 16, 777 16, 016 Other sight liabilities 2,256 2,418 2,503 2,177 Special exchange accounts '4, 510 5,088 5,651 Other liabilities 826 825 801 743 r Revised. 1 Figures are not yet available. * 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

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 815 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1938 1937 1938 1937 Assets Liabilities July 31 June 30 July 31 July 31 June 30 July 31 Gold in bars 27,384 29,340 9,844 Demand deposits (gold) 9,206 9,807 8,816 Cash on hand and on current account with banks 34, 920 41,072 28, 553 Short-term deposits (various curren- Sight funds at interest— __. 16,481 15,310 34, 631 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 34,112 57,368 46, 967 (at cost): Time—not exceeding 3 months. 124, 777 125,574 169, 575 Commercial bills and bankers' ac- Time—between 3 and 6 months 12,938 ceptances 140,804 141, 848 133, 201 Treasury bills _ 81, 439 106,568 138, 076 Total _ — 158,889 182,942 229,481 Total. 222, 243 248,416 271, 276 Central banks for account of others: Demand.— _ 2,363 4,248 Time funds at interest: Other depositors: Not exceeding 3 months 55, 759 54, 687 34, 487 Demand 1,088 1,376 503 Between 3 and 6 months _. 87 17 11, 529 Time—not exceeding 3 months. 1,525 1,390 1,010 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account _ 153, 280 153, 589 153, 219 Treasury bills 24,424 23, 265 10, 369 German Government deposit 76,640 76,794 76,609 Sundry investments _. 54,418 50, 419 85, 927 French Government guaranty fund- 25, 702 25,931 34,907 Between 3 and 6 months: French Government deposit (Saar)_ 843 850 1,145 Treasury bills 30,922 32,180 44, 946 Sundry investments 81,579 84,503 66,165 Total _ 256,465 257,164 265,880 Over 6 months: Treasury bills _ 35,480 35, 556 58,289 Capital paid m_._ _ 125,000 125,000 125,000 Sundry investments 31,759 31,982 37, 503 Reserves: Legal reserve fund 4,688 4,688 4,238 Total 258,582 257,904 303,199 Dividend reserve fund 6,528 6,528 6,315 General reserve fund _ 13,055 13,055 12,631 Other assets: Other liabilities: Guaranty of central banks on bills Guaranty on commercial bills sold. 1,397 1,396 1,368 sold__ .__ 824 830 1,095 Sundry items __ 36,162 34,768 35,649 Sundry items 87 259 522 Total liabilities 616,367 647,836 695,137 Total assets.. 616, 367 647,836 695,137 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 l e li d on K s i o n f g p d o o u m nds sterling) re C se a r s v h es M c n a o s l o h n l t o e i a c r y n t e d at B co il u ls n d te i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - a O s t s h e e ts r Total D D ep em os a it n s d1 Time1 lia O b t i h li e t r ies 10 London clearing banks 1930—December 208 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 11 London clearing banks' 1036—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—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 1,220 1,043 256- June 247 154 289 630 985 251 2,299 1,245 1,054 256 July 244 159 302 633 985 242 2,309 255. 1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936. 2 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 639-640. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. Figures in millions of Cash Due from Bills dis- Other Deposits Own Other francs) banks counted Loans assets Total Demand Time a a c n c c e e p s t- liabilities 1930—December. 2,419 4,675 20,448 10,743 2,361 36,681 35, 284 1,397 921 4,357 1931—December. 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,827 32,635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—Deeember. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 337 4,399 1936—December. 3,100 2.975 17,582 7,631 1,957 28,484 27,955 473 4,289 1937—May .. 3,014 3,666 16,479 7,996 1,446 28,242 27,682 560 542 3,817 June 2,761 3,933 15,869 8,514 1,595 28,128 27, 568 560 591 3,954 July _. 2,764 4,176 16,954 8,276 1,602 29,069 28, 523 546 570 4,133 August 2,925 4,258 16,842 8,008 1,689 28,988 28,438 550 583 4,152 September 2,790 4,552 16,802 8,723 1,832 29,838 29,288 550 644 4,216 October... 4,434 19,079 8,172 1,952 31, 277 30, 708 569 695 4,364 November. 3,325 4,040 18,046 7,834 2,011 30,142 29,539 604 695 4,419 December. 3,403 4,116 18, 249 7,624 2,134 30,348 29,748 600 661 4,517 1938—January.. _ 2,990 4,319 17,921 7,905 1,400 30,022 29,386 636 740 3,773 February- 3,218 4,357 17, 617 7,994 1,475 30,198 29, 542 656 781 3,682 March 3,025 4,302 17, 533 7,331 1,546 29, 234 28, 620 614 780 3,722 April 3,063 4,128 18,817 7,423 1,617 30,454 29,874 580 781 3,813 May 5,976 3,944 20, 271 7,153 1,573 34, 394 33, 828 566 676 3,847 Assets Liabilities Germany1 (5 large B l e io rl n i s n o b f a r n e k ic s. h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se ti c e u s ri- a O s t s h e e ts r Total D D e e p m o a si n t d s Time o C b b f r t a r e a o n d i m n k it e s s d l O ia ti t b e h i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 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—No vember.. 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 6,816 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—June 180 296 3,091 2,636 1,037 778 6,204 3,236 563 1,251 July... 145 298 3,099 2,676 981 760 6,164 2,918 3,245 533 1,261 August 153 282 2, 995 2,701 1,083 758 6,175 2,892 3,283 533 1,265 September- 216 322 2,860 2,754 1,070 781 6,172 2,916 3,256 539 1,292 October 136 277 3,041 2,667 1,050 806 6,141 2,862 3,279 510 1,327 November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—January 147 283 2,942 2,594 1,083 834 6,081 2,839 3,242 465 1,336 February... 141 278 2,997 2,631 1,058 855 6,146 2,818 3,328 463 1,350 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 May 167 260 3,328 2.604 1,094 826 6.509 3,050 3,459 444 1, 327 June 208 271 3,270 2,704 1,107 811 6,635 3,159 3,476 433 1,303 Assets Liabilities Canada Entirely in Canada S a l e b o c r a u o n r a s i d ty D ad e a p o e s x it c s l d u p e d a p i y n o g a s b i t i l s n e te in r b C an an k - (10 cha l r io te n r s e d o f b C a a n n k a s d . ian F ig do u l r l e a s r s i ) n mil- re C se a r s v h es S l e o c a u n r s ity a O n lo d t a h n e d s r is- a fo n f d r r d o e u i m e n g e n t Se ti c e u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time l O ia ti t b e h i s e li r counts banks 1930—December.. 207 205 1,275 171 604 602 133 2,115 689 1,426 816 1931—December.- 201 135 1,253 146 694 510 129 2,058 698 1,360 752 1932—December _ _ 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December.. 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December.. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December. _ 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December. _ 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—June 238 116 853 128 1,442 520 107 2,379 809 1,570 811 July... 231 114 852 139 1,431 472 107 2,322 750 1,572 810 August 241 114 863 119 1,446 483 105 2,345 767 1,578 816 September- 238 100 883 110 1,446 507 103 2,371 797 1,575 809 October 252 82 890 114 1,411 496 106 2,333 749 1,584 806 November.. 273 87 884 121 1,391 486 101 2,351 781 1,570 789 December. _ 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938—January — 257 72 839 96 1,434 480 92 2,314 723 1,591 771 February... 242 70 852 98 1,440 482 95 2,319 704 1,615 770 March.. 247 63 870 110 1,438 477 96 2,338 715 1,623 772 April ' 248 64 906 121 1,456 483 95 2,414 783 1,631 769 May 247 66 900 129 1,449 479 91 2,403 777 1,626 777 June 247 69 921 119 1,462 520 99 2,459 838 1,621 781 i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice. (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 817 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective U K d n i o i n m t g e - d France m G C a e n e r- y ntra g l B i b u el m a - nk N l o a f e e — n r t d - h s - S la w e n r i - d tz- Japan b C an e k n t o r f a — l A R 3 u a 1 g te . ef D fe a ct t i e ve b C an e k n t o r f a — l R A 3 a u 1 t g e . ef D fec a t t i e ve Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 Argentina. ~ 334 Mar. 1,1936 Java 3 Jan. 14, 1937 In effect June 30, Belgium 3 May 30, 1938 Latvia 5 Nov. 1, 1936 1936 2 4 4 2 I* 234 3.29 Bolivia 6 July 5, 1932 Lithuania- 5 July 1, 1938 July 7 _ British India 3 Nov. 28, 1935 Mexico 3 Mar. 1, 1937 July 10 3 Bulgaria 6 Aug. 15, 1935 Netherlands 2 Dec. 3, 1936 Sept. 9 _ 2 Canada 234 Mar. 11, 1935 New Zea- Sept 25 5 Chile. 3-4*4 Dec. 16, 1936 land 2 June 29, 1936 Oct. 2 _ 3 Colombia ... July 18, 1933 Norway 3K Jan. 5, 1938 Oct. 9 234 Czechoslo- Peru 6 May 20, 1932 Oct. 16 2" vakia 3 Jan. 1, 1936 Poland 434 Dec. 18, 1937 N O o c v t. 2 2 0 6 2y 2 IK D D a e n n z m ig ark 4 4 J N a o n v . . 19 2 , , 1 1 9 9 3 3 6 7 P R o u r m tu a g n a i l a 4 3H -4^ A M u a g y . 1 5 1 , , 1 1 9 9 3 3 7 8 Dec. 3 2 Ecuador 4 Nov. 30, 1932 South Africa 3K May 15, 1933 Jan. 28,1937 4 El Salvador. 4 Aug. 23, 1935 Spain 5 July 15, 1935 June 15 6 Estonia 4J4 Oct. 1, 1935 Sweden 234 Dec. 1, 1933 July 7 5 Finland Dec. 3, 1934 Switzerland- Nov. 26, 1936 Aug. 4 4 France 2K May 13, 1938 Turkey 4 2 July 1, 1938 Sept 3 Germany Sept. 22, 1932 United King- Nov. 13 3 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 4K May 18, 1936 Yugoslavia- 5 Feb. 1, 1935 May 30 3 In effect Aug. 31 Changes since July 31: None. 1938 , 2 234 4 3 2 IK 3.29 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c m a e n p o k ta n e n t r h c s s e ' s T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o n w k a e n r c s e ' 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 t o e a u * t n 1 e t M 1 o m ne o y n f t o h r 1929—July 5.38 5.39 4.54 334 7.39 9.35 8.21 5.20 4.90 1930—July 2.37 2.38 1.78 1 3.40 4.57 4.30 1.85 1.85 1931—July 2.58 2.44 2.05 i 7.00 18.98 18.89 1.53 1.40 1932—July .92 .66 .67 4.58 5.75 5.49 .49 1.00 1933—July .48 .40 .62 3.87 5.50 5.19 3.54 2.64 1934—July .87 .76 .85 3.75 4.44 4.67 .74 1.00 1935—July .65 .59 .75 3.00 2.97 3.10 3.25 2 77 1936—July .58 .58 .75 2.88 2.73 2.96 2.01 1.73 1937—July .56 .53 .79 2.88 2.65 2.64 .13 .92 1938—January.. .54 .51 .75 2.88 2.98 .13 .50 February. .53 .50 .75 2.88 2.88 2.73 .13 .60 March.... .53 .50 .75 2.88 2.88 2.86 .13 .50 April .53 .51 .75 2.88 2.88 3.04 .13 .50 May .53 .51 .75 2.88 2.88 2.66 .13 .50 June .59 .75 2.88 2.88 3.06 .13 .50 July .55 .75 2.93 2.88 2.96 .13 .50 Sw la it n z d er- ( B B e r l u g s i s u e m ls) . 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 ck e ) n - Japan (Tokyo) Month d P is ri c v o a u t n e t d P is ri c v o a u t n e t d P is r c iv o a u t n e t d P is r c iv o a u t n e t co P m ri m m e e r- Day-to-day Loa to n s 3 up Discounted m C o a n l e l y rate rate rate rate cial paper money months bills overnight 1929—June 3.26 3.97 3.50 6.75 7-9 4H 5. 48-5. 66 3.29 1930—June 2.06 2.78 2.11 5.50 334-534 5.48 3.83 1931—June 1.12 2.13 1.06 5.25 3-5 5. 29-5. 48 2.19 1932—June 1.50 3.16 1.22 5.50 4-4^ 4-534 6. 02-6. 57 4.56 1933—June 1.50 2.31 1.50 4.00 3-5 5.11-5. 48 2.74 1934—June 1.50 2.11 2.09 3.00 434-734 334 234-434 c5.20 2.44 1935—June 2.60 1.88 5.72 3.50 434-734 34 5.11 2.45 1 19 9 3 3 7 6 — — J J u u n n e e 2 1. . 0 2 0 5 1 1 . .0 3 0 8 5 5 . . 0 6 2 0 4 5. . 0 5 0 0 4 4 - - 6 6 3 3 4 4 J2H 4 4 . . 7 8 5 3 2 2 . .8 6 0 3 1937—December. 1.00 1.72 3.00 5.00 4-634 23/2-4V2 4.75 2.59 234-434 1938—January... 1.00 1.57 3.00 5.00 VA 4.75 2.38 February. 1.00 1.52 3.00 5.00 4-634 234 234-434 4.56 2.53 March 1.00 1.50 3.01 5.00 M63^ 234 23A4A-434 4.56 2.51 April 1.00 1.50 3.25 5.00 V23A4-^43A4 4.56 2.45 May -. 1.00 1.50 2.62 5.00 234-434 4.56 2.40 June 1.00 2.40 5.00 4.56 2.37 c Corrected. r Revised: for explanation see page 757. 1 Based on data for part of month, no quotations being available for remainder of month. 9; July'1929, p. 503; November 1929, p. 736, and NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p.'. May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A r u al s i - a Au ( s sc t h r il i - a g B i el u - m 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 Col bi o a 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—September_- 33.020 394.68 18.845 16. 838 8. 7216 6.3997 37.390 1. 2855 5.1579 29. 660 56. 993 October 33. 032 394.80 18. 823 16. 859 8. 7232 5. 8322 37. 410 1.2854 100. 017 5.1694 29. 463 56. 999 November- 33. 309 398.16 18.900 17.009 8. 7635 5. 7266 37. 711 1. 2844 100. 073 5.1680 4.0000 29. 444 55. 958 December ... 33. 312 398.10 18.892 16.985 5.4492 37. 711 1. 2732 99. 948 5.1697 4. 0000 29. 468 54. 244 1938—January 33. 334 398.35 18. 893 16.926 5. 5803 37. 747 1. 2616 5.1680 4.0000 29. 489 55. 459 February 33.451 399.81 18.939 16.975 5. 8303 37. 890 1. 2575 100.023 5.1680 4.0000 29. 602 55. 066 March 33. 233 397.14 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 May 33.118 395. 77 16. 835 5.8566 37. 052 1. 2466 99.177 5.1683 4.0000 23. 804 55. 447 June 33. 053 395. 02 16. 956 5. 8564 36. 738 1. 2395 98. 908 5. 1682 4. 0000 18. 835 55. 370 July 32. 862 392. 77 16. 919 5. 8528 36. 762 1. 2370 99.437 5.1694 4.0000 18. 205 56. 223 Year or month C (p u es b o a ) k l I o z o v e r a u c k n h a o ia - ) [ m D k e r a o n r - n k e) ( E p g o y u p n t d) Fi ( k n m k l a a 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 k h y - ) s- G (d m r r e a a c e ) h c - e ( K H do o o l n n la g g r) p H g e u a n n r g - y o) I ( t li a r l a y ) J ( a y p e a n) n M (p e e x s i o c ) o N (g l e u a t i n l h d d e e s r 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—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 June 99. 933 3. 4754 22.132 508. 36 2.1878 2. 7824 40. 266 .9078 30. 856 19. 759 5. 2604 28. 884 20. 914 55. 343 July 99. 935 3. 4580 22.004 505. 39 2.1751 2. 7663 40.188 .9031 30. 755 19. 701 5. 2604 28. 722 20.104 55.040 Year or month (p e 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 t e o e r t l n a t la l i t e r t s ) s - k S d r w o en n e- a) e S ( r f w l r a an i n t c z d ) - T (p u o r u k n e d y ) ( U K p d n o i o u i n t m n g e d d - ) ( U g 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 483. 27 14. 683 56. 012 26. 784 19. 279 48.411 485. 69 98. 629 1. 7591 1930 468.22 26. 760 11. 205 4. 4940 .5953 483. 79 11. 667 55. 964 26.854 19. 382 47.061 486. 21 85. 865 1. 7681 1931 415.29 25.055 11.197 4. 2435 480. 76 9.545 52. 445 25. 254 19. 401 47.181 453. 50 55. 357 1. 7680 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 2 4 3 5 6 7 3 4 3 3 3 3 9 0 2 9 4 9 1 2 6 0 0 8 . . . . . . 1 0 9 4 2 9 9 0 2 6 6 1 2 2 1 2 2 2 5 4 4 1 8 4 . . . . . . 4 0 8 3 6 9 2 0 4 1 2 7 9 4 0 6 7 4 1 1 1 1 1 1 4 8 1 8 8 8 . . . . . . 1 9 8 8 4 8 8 2 8 7 1 4 2 3 2 5 4 6 3 3 4 4 4 4 . . . . . . 1 9 4 6 5 4 9 1 7 0 1 5 6 6 9 8 3 7 0 5 2 9 0 5 1 . . . . . 7 0 9 7 7 7 0 2 2 3 9 0 7 9 8 5 6 7 4 2 4 4 4 4 4 4 7 1 8 9 8 9 6 4 4 1 9 8 . . . . . 2 9 5 6 6 6 9 8 6 2 6 5 1 1 1 1 8 3 3 2 0 6 . . . . . . 0 7 0 6 6 3 4 1 5 1 7 1 9 4 3 5 8 4 4 4 5 5 5 5 0 9 9 8 7 7 . . . . . . 0 1 9 3 2 2 0 7 7 9 3 5 5 3 3 7 2 8 2 2 1 2 2 2 5 8 5 5 2 5 . . . . . . 0 4 9 4 2 6 3 8 7 8 7 2 2 7 1 2 1 6 2 3 1 3 3 2 4 9 2 0 . . . . . 1 3 8 4 4 8 6 3 9 0 9 6 6 7 5 4 6 7 8 8 8 7 0 0 0 9 0 . . . . . . 4 0 1 2 3 3 4 4 3 8 1 5 0 7 0 5 2 7 3 4 5 4 4 4 5 2 0 9 9 9 0 3 3 0 7 4 . . . . . . 9 1 0 4 6 6 3 8 9 0 1 8 4 7 6 8 7 7 9 0 0 9 7 9 . . . . . . 0 0 3 2 9 8 6 7 3 5 5 7 4 2 6 1 6 4 2 1 1 2 2 2 . . . . . . 3 2 2 2 0 7 6 7 8 9 6 4 6 1 3 6 0 1 0 9 7 5 1 7 1937—September- 397. 58 24.884 18. 891 4. 4864 .7313 490. 66 6.477 58.076 25. 533 22. 965 79. 665 495.30 79.118 2. 3019 October 397. 72 24.895 18. 890 4. 4870 .7307 490.89 6.267 58.107 25. 546 23.021 79. 824 495. 51 79.052 2.3025 November- 401.08 25.100 18.923 4. 5165 .7314 494.98 6.276 58. 572 25.754 23.149 80.492 499. 61 79.140 2.3096 December— 401.06 25.103 18.943 4. 5227 .7353 495.04 6.184 58. 594 25.750 23.122 80. 657 499. 64 79.936 2.3143 1938—January 401.36 25.120 18.974 4. 5260 .7356 495. 35 6.137 58. 631 25. 770 23.125 80.684 499.98 66. 458 2. 3276 February _>. 402.87 25. 212 18. 974 4.5350 .7372 497. 06 6.085 58. 759 25. 861 23.231 80.800 501.80 66.021 2.3398 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 24.95' 18.845 .7336 491.92 5.846 57.509 25. 604 22.840 79. 701 496.73 65. 352 2.3239 June 398.13 24.911 18. 835 4. 4811 .7303 490. 94 5.766 57.432 25. 561 22.887 79. 919 495.80 65. 240 2. 3256 July 395.86 24.767 18.839 4.4713 .7318 488.07 5.666 57.452 25. 412 22. 885 79. 620 492.91 64.864 2. 3241 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

819 SEPTEMBER 1938 FEDERAL RESERVE BULLETIN 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 0 d s 0) (1 C 9 a 26 n = a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = t d e 1 o 0 d m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (19 e 1 r 3 m =1 a 0 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 p t = o 1 a b 0 n e 0 r ) ( N 1 l 9 e a 1 2 t n 0 6 h 0 - d e ) 3 s r 0= - ( S J w = u la l 1 i y t 0 n z 1 0 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—june 87 85 111 557 106 90 238 76 112 July 88 88 112 582 106 90 239 78 112 August._ _ _ 88 86 111 603 107 91 235 78 111 September 87 85 111 630 106 92 239 77 111 October 85 85 111 628 106 93 237 77 111 November 83 83 109 621 106 95 238 76 110 December 82 83 108 631 106 96 241 76 110 1938—January __ 81 84 108 636 106 95 245 75 110 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 80 102 654 105 96 249 72 107 June » 78 80 101 660 106 96 254 72 107 July . 79 79 101 652 P106 254 71 Preliminary. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month Induspr F o a d r u m cts Foods co O 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 o m c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n i i n a d i l s s h r e a e m w d i- tr I i i n a s d h l u e f d s in - products products 1926 100 100 100 581 793 129 132 130 150 1927 _ _ 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 _ 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 _ 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1937—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 94 126 938—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 82 100 103 650 657 106 . 90 93 126 June 69 73 81 99 101 657 663 106 90 94 12C July 69 74 81 98 102 630 671 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

820 FEDERAL RESERVE BULLETIN SEPTEMBER 1938 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 1 e e - 0 s d 019 E l 1 J a 4 u n n = l g y 1 d - 001 F 91 r J a u 4= n ly 1 c 0 e 019 m G 1 1 9 4 a e 1 = n r 3 1 - y - 00 N 19 l e 1 1 a 9 3 t n 1 h = 1 d 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 t o h r 1 U S 9 1 2 n t 9 5 a i = 2 t t 3 1 e e 0 - d s 019 E l 1 J a 4 u n n = l g y 1 d - 001 F 9 J J r 1 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 0 - 0 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d 1 e — 0 s r 0 - 1 S 9 l 1 J w a e 4 u n r = i l t - 1 y d z 0 - 0 1926 109 161 554 146 161 160 1926 103 170 505 142 168 162 1927 105 156 557 153 163 158 1927 101 164 514 148 168 160 1928 103 157 549 153 166 157 1928 100 166 519 152 169 161 1929. 105 154 611 156 162 156 1929 100 164 556 154 168 161 1930 100 145 614 146 150 152 1930 97 158 581 148 161 158 1931 82 131 611 131 136 141 1931 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932 . . 80 144 526 121 141 138 1933 - - 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 79 141 516 121 140 129 1935 80 125 423 120 118 114 1935 81 143 483 123 136 128 1936 82 130 470 122 120 120 1936 82 147 507 125 1 132 130 1937 85 139 601 122 127 129 1937 84 154 619 125 137 137 1937—June 86 136 576 123 129 131 1937-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 79 139 705 123 132 128 May 156 126 139 136 June 80 138 698 123 134 130 June 83 155 692 126 140 137 July 80 146 671 124 July 159 127 i Revised index as from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month U S n ta it t e e d s England France Germany Nether- Nether- (a p v ri e c r e a ) g 1 e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands* U S n ta it t e e d s England France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues. _ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110.7 71.7 118.3 107.0 123.2 145.0 1928 100.8 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 _ _ _ 98.0 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102. 6 187.6 100.2 100. 1931 90.9 108.4 96.9 >83.4 104.1 94.7 78.9 132.2 2 78.0 70. 1932 69.5 113.2 88.6 »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—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 N Oc o t v o e b m er ber. __ 8 8 6 3 . . 4 3 1 1 2 2 3 4 . . 6 1 7 7 6 5. . 6 4 ( 9 9 9 9 . . 4 6 1 1 0 0 2 4 . . 4 3 9 8 1 2 . . 4 9 8 8 8 5 . . 2 8 9 9 0 1. . 8 1 1 1 0 0 3 2 . . 9 7 9 9 2 4 . . 0 8 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 76.1 100.0 108.0 73.9 79.7 92.7 103.4 92.7 June 75.3 121.9 77.2 100.0 107.0 73.1 78.5 91.4 101.4 91.6 July 80.8 123.4 76.5 P100. 0 107.0 88.0 82.1 88.8 P99.0 97.2 p Preliminary. * 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 821 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 THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief Division of Examinations t E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CTJRRIE, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) W. W. ALDRICH CHESTER C. DAVIS District No. 3 (PHILADELPHIA). . . .HOWARD A. LOEB, ERNEST G. DRAPER V ice-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 S. R. CARPENTER, Assistant Secretary District No. 10 (KANSAS CITY) .... C. Q. CHANDLER WALTER WYATT, General Counsel District No. 11 (DALLAS) R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel District No. 12 (SAN FRANCISCO) ... PAUL S. DICK E. A. GOLDENWEISER, Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account 822 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R irm es a e n rv a e n A d g F en ed t eral President First Vice President Vice Presidents Boston _ F. H. Curtiss R. A. Young W. W. Paddock. W. Willett 2 New York Owen D. Young G. L. Harrison Allan Sproul W. R. Burgess L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia R. L. Austin J. S. Sinclair F. J. Drinnen C. A. Mcllhenny 3 W. J. Davis E. C. Hill Cleveland E. 8. Burke, Jr __ M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter Hugh Leach. J. S. Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely Oscar Newton R. S. Parker H. F. Connifl W. S. McLarin, Jr. 3 M. H. Bryan Chicago R. E. Woodi _ G. J. Schaller H. P. Preston. _ W. H. Snyder 3 C. S. Young J. H. Dillard St. Louis W. T Nardin W McC Martin F. G. Hitt 0. M. Attebery J. S. Wood C. M. Stewart2 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 3 W. J. Evans San Francisco A. 0. Stewart W. A. Day _ — - Ira Clerk S. G. Sargent W. M. Hale C. E. Earhart2 1 Deputy chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch ___ R. M. O'Hara Helena branch R. E. Towle Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch J. E. Olson Pittsburgh branch P. A. Brown Oklahoma City branch C. E. Daniel Richmond: Omaha branch.. L. H. Earhart Baltimore branch W. R. Milford Dallas: Charlotte branch W. T. Clements El Paso branch J. L. Hermann Atlanta: Houston branch __ W. D. Gentry Birmingham branch P. L. T. Beavers San Antonio branch M. Crump Jacksonville branch __ G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose New Orleans branch L. M. Clark Portland branch R. B. West Chicago: Salt Lake City branch W. L. Partner Detroit branch R. H. Buss Seattle branch C. R. Shaw St. Louis: Spokane branch D. L. Davis Little Rock branch ___ A. F. Bailey Louisville branch F. D. Rash Memphis branch W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS We w '^ *& MONT N.DAK. \ **'^i 9 \ MINN. ] **f^ ^" MINNEAPOLIS ( loAHo S.DAK. | ^jrKTs- /M»ca, •*M° WYO. '21 IOWA NEBR- Omaha) 10: UTAH Derive t*V COLO. KANSAS CITYJ Y^ VA- <*L. KANS. i 1 sT LOUIS J.. F*" ••••«•• iL*y TENN. L0s^eies\ ^fl/2. Oklahoma City p ARK. ^ ^ N.MEX. •—4. I Birmingham ^ \ j^ 1 i p^ AUA;VN6 vannah]T «—-^ 11 DALLAS® f Sa I TEXAS ^ '""""* v £ Houston •HM BOUNDARIES OF FEDERAL RESERVE DISTRICTS ' —— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES lSanAntonio% (APPROXIMATE IN THE ST. LOUIS DISTRICT) o ® 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