Federal Reserve Bulletin, 1938-10

FEDERAL RESERVE BULLETIN OCTOBER 1938 n Recent Business and Credit Developments Revised Employment Index Statistics of International Capital Transactions ********* w****j»** 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 business and credit developments 825-829 National summary of business conditions 830-831 Summary of financial and business statistics 833 Law department: Ruling of the Board: Advance by bank to finance purchase of stock called for retirement 834 Amendment of Regulation L 834 Revised indexes of factory employment adjusted for seasonal variation 835-866 Repeal of embargo on gold exports by Netherlands Government 867 Statistics of international capital transactions of the United States, April-June 1938 868-871 Member bank earnings and expenses, first half of 1938 872-873 Condition of insured banks, first half of 1938 874-875 Banks and branches in the United States 876-881 Revision of Bulletin table on governmental corporations and credit agencies 882-884 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 886 Federal Reserve bank statistics 887-891 Reserve position of member banks; deposits in larger and smaller centers 892 Currency in circulation 893 Gold stock and gold movements; bank suspensions; bank debits 894 All banks in the United States 895 All member banks 896-897 Reporting member banks in leading cities 898-901 Acceptances, commercial paper, and brokers' balances 902 Federal Reserve bank discount rates 903 Money rates and bond yields 904 Security markets 905 Treasury finance 906-907 Governmental corporations and credit agencies; Postal Savings System 908-909 Production, employment, and trade 910-918 Wholesale prices 919 Crop Report 920 International financial statistics: Gold reserves of central banks and governments 922 Gold production 923 Gold movements 923-924 Central banks 925-928 Bank for International Settlements 929 Commercial banks 929-930 Discount rates of central banks 931 Money rates 931 Foreign exchange rates 932 Price movements: Wholesale prices 933 Retail food prices and cost of living 934 Security prices 934 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 936 Senior officers of Federal Reserve banks; managing directors of branches 937 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 OCTOBER, 1938 No. 10 REVIEW OF THE MONTH index of industrial production. Limited data available indicate that in September the During August and September industrial index was at about 90 percent of the 1923production increased considerably further, 1925 average as compared with 88 in August, continuing the advance begun 83 in July, and an average of 77 in the second Recent business in June# There wag alg() a developments quarter of this year. Increases in industrial substantial growth m employproduction have been general but have been ment and payrolls at factories. Contracts most marked in the textile and steel indusfor public construction increased substantries. Activity at cotton and woolen textile tially in August. Volume of private residenmills, which began to increase in May, adtial building was about the same as in July, vanced very rapidly and in August was at following six months of advance, and was about the same rate as in the middle of 1936. close to that in the spring of 1937 before There has also been a marked advance in the the decline in residential building began. rayon industry. Other private construction remained at a Steel ingot production, which had been at low level. Railroad freight traffic increased a low level during the first half of 1938, adin August and September by a larger amount vanced steadily from 26 percent of capacity than is usual at the season. Recent changes in the middle of June to a rate of 47 percent in the volume of industrial production and at the end of September. This increase rein the value of construction contracts awarded flected in large part an adjustment of outare shown in charts on page 830. put to the level of current consumption. Out- Total income payments to individuals likeput of automobiles during August and Sepwise increased in August. During the latter tember remained at a low rate as producers part of 1937 and the first half of 1938 total were shifting to production of 1939-model income payments had declined by about 10 cars. Sales were in excess of production with percent, according to recently revised figures the result that stocks of new cars were furof the Department of Commerce. At facther reduced to an unusually low level. tories, mines, and on the railroads payments Stocks of used cars have also been materially to employees showed large declines, reflectreduced from the large supplies held in the ing substantial decreases in activity, but in early part of this year. trade, service, and other lines, where activity Wholesale prices of commodities generally declined only moderately, employees' comshowed little change during August and Seppensation was maintained at levels closer to tember, fluctuations in the weekly index of those prevailing earlier. Distribution of comthe Bureau of Labor Statistics reflecting modities to consumers throughout this period largely seasonal changes in prices of livewas in excess of output of consumers' goods. stock and products. Wheat prices fluctuated In recent months distribution of such comwidely from day to day and at the end of modities has increased somewhat and there September were moderately lower than at has been an increase in production of some the beginning of August. Cotton and cotton consumers' goods such as textile products goods declined somewhat following advances and shoes. in June and early July, while rubber and non- The increase in activity that has occurred ferrous metals showed some further insince early summer has been reflected in a creases. Announcement was made that prices sharp rise in the Board's seasonally adjusted 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN OCTOBER 1938 of most finished steel products, which had in the early months of this year. The averbeen reduced materially in June, would be age yield on long-term Treasury bonds moved unchanged for the fourth quarter. between 2.38 and 2.31 percent from the Prices of common stocks declined in Sep-middle of June to the end of August. While tember, reflecting largely the effects of un-long-term bonds showed a slight tendency to favorable European devel- rise in price during this period, shorter-term Corporate security pments. At their lows issues showed a slight downward trend. The O markets x yield on 3- to 5-year Treasury notes fluctuated near the end of the month between 0.67 percent and 0.73 percent. prices had lost about half of the advance made in the summer. Medium- and lower- Between August 27 and September 27 grade corporate bonds were also weak, show- prices of long-term Treasury bonds declined ing declines of 2 to 4 points in price during by 1% points and the yield on these bonds the month, and the highest-grade corporate advanced to 2.48 percent. Treasury notes issues declined somewhat. A large part of had a similar movement during the same these declines in security prices were re- period, and by September 26 the average gained in the last few days of September. yield had risen to 0.93 percent, compared Corporate new security flotations have in- with 0.71 percent on August 27. The average creased in recent months, as shown in the rate on new issues of bills offered by the table. Issues for new capital during June, Treasury advanced to 0.14 percent, the high- July, and August averaged about $150,- est since the issue dated April 13, compared 000,000 per month, as compared with a with an average of 0.05 percent in August. monthly average of $32,000,000 earlier in the Changes in average yields on Treasury bonds, year and with an average of $99,000,000 in notes, and bills are shown in the chart on 1936 and 1937. Refunding issues, which page 831. In the last few days of September have generally been in small volume since Government securities prices rose sharply the early part of 1937, increased in August. and about three-fourths of the previous loss During September a number of large issues was regained. were postponed and the volume of corporate In September total loans and investments financing was smaller than in the preceding and total deposits of member banks in 101 months. leading cities continued to in- DOMESTIC SECURITY ISSUES Member crease. The growth in total [In millions of dollars] bank credit . ° Corporate Other loans and investments amounted Total New fu R n e d - - i I New fu R n e d - - to $400,000,000, which was almost entirely ing | ing in holdings of United States Government 1936—monthly average 506 282 ! 61 1937—monthly average 310 securities. Loans showed little change in the 1938—January-May monthly! month. Commercial, industrial, and agriaverage | 227 32 43 ! June 508 201 99 ; cultural loans this year have not shown the July 465 130 52 ; August 415 125 211 I 55 growth that usually takes place during the Source: Commercial and Financial Chronicle. Includes publicly- third quarter. Selected loans and investoffered issues of Federal credit agencies but excludes direct obligations of the United States Government. ments for banks in New York City and in Government security prices, which had 100 other leading cities are shown in the fluctuated within a relatively narrow range chart. at a high level from the At New York City banks security holdings Government middle of June to nearly the increased by about $160,000,000 during Sepsecurity market J . tember, following a sizeable growth during end of August, declined in the previous month. Additions of $120,000,- September, but continued to be higher than 000 to holdings of direct obligations of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 827 United States Government representing prin- banks increased by $30,000,000 in August cipally purchases of notes and bonds issued and by $100,000,000 in September. by the Treasury in connection with its finan- Between the middle of August and the cing operations of September 15, accounted end of September the monetary gold stock for the bulk of this increase. There was a of the United States inmoderate decline in loans, reflecting decreases Recent gold and creased by $700,000,000. capital movements J Y ' ' LOANS AND INVESTMENTS This gold inflow reflected OF REPORTING MEMBER BANKS largely a movement of capital from abroad WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS which began in August and became intensified in September as the result of increasing tension over developments in Europe. The movement of funds to this country was so great that, notwithstanding extensive sales of foreign gold to the United States, sterling and other European currencies declined sharply against the dollar. The table shows the extent of the declines in leading currencies since June 15, which marked the recent high level of most of these currencies. The rates shown for September 28 do not in most Banks in 101 leading cities; latest figures for September 21. Commer- cases represent the lowest quotations reached cial loans based on new classification beginning May 19, 1937. on that day. In London, before announcein both commercial loans and loans to secument that an international conference would rity brokers and dealers. At banks in 100 be held in Munich on the following day, sterother leading cities outside New York, inling fell to $4.61, and the franc was quoted vestment holdings increased by about $250,at about 2.57 cents. Subsequently the two 000,000, mostly in United States Government currencies rose sharply and on September 30, securities, and commercial loans rose modfollowing signature of the four-power acerately. cord, they were quoted at about $4.83 and As a result largely of the inflow of foreign 2.69 cents respectively. The advance in forfunds and of the growth in bank loans and eign exchange rates was widespread. investments, deposits of member banks in leading cities increased somewhat in Septem- FOREIGN EXCHANGE RATES FOR LEADING CURRENCIES ber. Adjusted demand deposits, which do [In cents per unit of foreign currency] not include interbank and United States Government deposits and are adjusted by the Currency Ju 1 n 9 e 3 1 8 5, S b e e 1 p r 9 t 3 e 2 8 m 8, subtraction of items in process of collection, continued the increase begun last spring and British pound 497. 5277 471. 2777 French franc 2. 7881 2. 6405 are now near the all-time peak reached at Belgian belga 17. 0227 16.9700 Netherlands guilder- 55.5300 53.9633 the end of 1936. United States Government Swiss franc 22. 9872 22. 5412 deposits were increased during September by $60,000,000 at New York City banks and The decline in the pound was accompanied by $120,000,000 at banks in other leading by a rise in the sterling price of gold to new cities as a result of book credits given by high levels for recent years. Nevertheless, banks in payment for part of the new issues at the lower sterling-dollar rates, private of securities purchased from the Treasury. purchase of gold in London for shipment to Balances held in New York City for foreign the United States became profitable. Shift- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN OCTOBER 1938 ing insurance rates after the middle of Sep- in Europe. In August and September, for tember, however, which at times created un- the first extended period in a year, the intercertainty as to actual shipping costs, and a national flow of funds increased rather than lack of adequate shipping facilities, interfered offset the influence of the surplus of merwith gold arbitrage operations in London chandise exports on gold movements to the during the latter half of the month. United States. For several months prior to the current In the latter part of August and in Sepmovement gold had moved to the United tember member bank reserves were sub- States largely because of an excess of mer- stantially increased by the chandise exports over imports. In the eleven Member bank renewed heavy gold inflow. reserves months ending with August this surplus Total reserve balances inamounted to $1,100,000,000 as against an im- creased in the five weeks ending September port surplus of nearly $50,000,000 in the cor- 14 by $380,000,000, while required reserves responding period of the previous year. This increased by $170,000,000, reflecting a growth extensive shift in the country's trade balance in deposits. Excess reserves on September was induced partly by increased agricultural 14 totaled $3,130,000,000, which was close to output in the United States, which resulted in the highest level of the year. In the week larger exports and smaller imports of some ending September 21 reserves were sharply agricultural commodities, and partly by a reduced by payments to the Treasury for sharp reduction in imports of raw materials cash purchases of new securities and quarowing to industrial recession. At first, how-terly income tax collections, and excess reever, the excess of exports was more than off- serves declined by $390,000,000. Subseset by withdrawals of foreign funds, which quently Treasury payments from its balances assumed large proportions early in October with the Federal Reserve banks for gold 1937. For five months these withdrawals acquisitions and for other current expendiwere on a scale such as to take gold from the tures in excess of receipts resulted in a United States notwithstanding the surplus of growth of excess reserves to $2,890,000,000 merchandise exports. In March, however, on September 28. tension in Europe in connection with the Ger- Treasury deposits with Federal Reserve man-Austrian situation checked the repatria- banks, which had increased somewhat betion of European funds. Although the move- tween the middle of July ment was thereafter resumed, it was in re-Treasury financial j jddle of August, an( t he m duced volume. During the period from March operations .-MI 7 were rapidly drawn down through July, with the outflow of foreign principally by payments for gold imports in funds diminished, the surplus of merchanthe latter part of August and the first half dise exports resulted in an inflow of gold to of September. On September 14 these dethe United States at the rate of about $40,posits amounted to about $350,000,000 as 000,000 a month. compared with $840,000,000 on August 10. Early in August, as a consequence of In the following week they were increased to various developments abroad, the movement $920,000,000. of European short-term money out of the The principal factor accounting for the United States was reversed and, although sharp increase in the week ending September there was continuous European selling of 21 was the receipt of $540,000,000 for cash American securities on a small scale, the net purchases of new Treasury bonds and notes movement of foreign funds as a whole turned issued on September 15. The September inwards. This movement was intensified by Treasury financing consisted of sales of the following month's political developments $460,000,000 of 2i/ percent 12-14 year bonds 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

829 OCTOBER 1938 FEDERAL RESERVE BULLETIN and $340,000,000 of 1V percent notes ma- Federal Reserve Bank of New York and 8 turing in June 1943. In addition, notes due as Manager of the System Open Market to mature in December of this year were Account. Since December 1, 1920, Mr. Burexchanged for $400,000,000 of bonds and gess had served in various positions at the $30,000,000 of notes. Although bank sub- Federal Reserve Bank of New York. He was scribers to the new issues were granted the appointed Deputy Governor of the bank on customary privilege of making payment by May 1, 1930, and Vice President on March 1, book credit, only $260,000,000 of the total 1936. He had served as Manager of the Sysallotments were paid for by book credit, tem Open Market Account since March 19, while cash payments amounted to $540,000,- 1936. 000. Allan Sproul, First Vice President of the In addition to receipts from securities Federal Reserve Bank of New York, was sesales, the Treasury also received in the week lected to succeed Mr. Burgess as Manager of ending September 21 about $380,000,000 of the System Open Market Account. income taxes. It paid out in that week $130,- 000,000 of interest on outstanding debts and $170,000,000 for the purchase of gold. On Discontinuance of Federal Reserve Bank Branch and September 21 the Treasury added to its bal- Agency ances with the Reserve banks by a transfer In accordance with the action taken by the of $90,000,000 to the gold certificate fund Boards of Directors of the Federal Reserve of these banks. Additional transfers of this Banks of Atlanta and San Francisco, with nature were made in the following week, and, the approval of the Board of Governors, the notwithstanding substantial payments for Agency of the Federal Reserve Bank of Atgold and other expenditures, Treasury deposlanta, located in Havana, Cuba, and the its with the Reserve banks declined in the Branch of the Federal Reserve Bank of San week by little over $50,000,000 to $860,000,- Francisco located in Spokane, Washington, 000 on September 28. were discontinued effective October 1, 1938. Resignation of Class C Director and Chairman and Federal Reserve Agent at the Federal Reserve Bank of San Francisco Federal Reserve Chart Book Effective as of October 1,1938, A. O. Stew- The Board has available for sale to the genart resigned as Class C director and as Chair- eral public copies of a chart book prepared man and Federal Reserve Agent at the Fed- for use of Federal Reserve officials. The eral Reserve Bank of San Francisco. Mr. chart book, which is of brief-case size, con- Stewart was appointed a Class C director on tains about 30 charts on bank credit, money July 8,1936, and was designated as Chairman rates, security markets, and business condiand Federal Reserve Agent on January 1, tions. Many of the charts cover the period 1937. since 1919 and all contain space for figures through 1940 to aid in keeping them up to Resignation of Mr. Burgess date. A list of sources for current and back Effective September 13, 1938, W. Randolph figures is given. The price of the book is 50 Burgess resigned as Vice President of the cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN OCTOBER 1938 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 24 and released for publication September 26] Industrial activity increased considerably showed less than the usual seasonal decline. in August and advanced further in Septem- Production of bituminous coal and crude peber. Factory employment and payrolls also troleum increased somewhat further. showed a substantial rise in August, and dis- In the first three weeks of September steel tribution of commodities to consumers in- ingot production continued to increase, while creased seasonally. automobile production remained at the low Production.—Volume of industrial produc- level reached in August. Output of crude tion showed a further considerable increase petroleum was reduced, as wells in Texas in August, and the Board's seasonally ad- were closed on both Saturdays and Sundays, justed index rose from 83 to 88 percent of the whereas in August only Sunday closings had 1923-1925 average. In manufacturing, in- been required. creases in output were general except in the Value of construction contracts awarded automobile industry where there was a sharp in 37 Eastern States increased considerably seasonal decline as plants were closed for in- in August, according to figures of the F. W. ventory taking and for preparation for the CONSTRUCTION CONTRACTS AWARDED MILLIONS OF DOLLARS INDUSTRIAL PRODUCTION 140 i30 1 no r / \ 100 \ , / V / 1933 1934 1935 1936 1937 liWN Three-month moving averages of F. W. Dodge data for value of contracts awarded in 37 Eastern States, adjusted for seasonal variat'on. Monthly index of physical volume of production, adjusted for seasonal Latest figures based on data for July and August and estimate for Sepvariation, 1923-1925 average=100. tember. shift to new model production. At steel mills, Dodge Corporation. The increase was in where activity had risen considerably in July, publicly-financed projects and reflected partly there was a further advance in August and the expansion of the Public Works Adminproduction was at an average rate of 42 per- istration program and the award of the first cent of capacity as compared with 35 percent contract for the slum clearance projects in the previous month. Output of lumber and of the United States Housing Authority. plate glass also increased. In the textile Awards for private residential building conindustry the sharp advance that had been tinued at about the same rate as in July and under way since early summer continued. were close to the level reached in the spring Mill consumption of wool and cotton increased of 1937. Commercial building, which had further, and deliveries of rayon were main- increased in July owing to the award of a tained at the high level reached in July. contract for a large office building, declined Shoe production showed a further increase in August to about the level of other recent and activity at meat-packing establishments months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 831 Employment.—Factory employment and member banks in leading cities increased payrolls showed a marked rise from the sharply during August and the first three middle of July to the middle of August, weeks of September, reflecting chiefly an while in nonmanufacturing industries em- increase in holdings of United States Govployment showed little change. The number employed at factories producing durable MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BilLIONS OF DOLLARS goods increased for the first time since the summer of 1937 and in the nondurable goods industries, where employment had increased in July, there was a further rise. Most leading industries reported increases in the number of workers. Distribution.—Distribution of commodities to consumers increased seasonally from July to August. Department store sales showed about the usual rise and mail order sales increased, while variety store sales declined. Wednesday figures for reporting member banks in 101 leading cities, In the first half of September sales at de- September 5, 1934, to September 21, 1938. Commercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937, partment stores increased more than sea- so-called ''Other loans" as then reported. sonally. ernment obligations. Balances held in New Freight-car loadings increased somewhat York City for foreign banks showed a subfurther in August, reflecting chiefly larger stantial increase. shipments of miscellaneous freight. Money rates and bond yields.—The aver- Commodity prices.—Prices of silk and age yield on long-term Treasury bonds inrubber showed some advance from the middle creased in September from the low point of August to the third week of September and reached at the end of August. The average there were also increases at the end of the rate on new issues of Treasury bills increased period in nonferrous metals. Wheat prices fluctuated considerably but showed little net MONEY RATES IN NEW YORK CITY change in this period. Prices of cotton and wool declined somewhat, and there were further decreases in prices of some finished industrial products. Bank credit.—A heavy inflow of gold from abroad during the five weeks ending September 21 resulted in an increase of over $500,- 000,000 in the monetary gold stock. Member bank reserves were increased by Treasury payments for gold acquired but were sharply reduced in the last week of the period by payments to the Treasury for cash purchases of 1934 1935 1936 1937 1938 Minimum rate on rediscounts for and advances to member banks by new securities and quarterly income tax col- Federal Reserve Bank; weekly averages of daily yields on 3- to 5-year Treasury notes and Treasury bonds callable after 8 years, and weekly lections. As a consequence of these trans- average of daily quotations on 90-day Treasury bills. For weeks ending January 6, 1934, to September 24, 1938. actions, excess reserves, which had increased to $3,130,000,000, were reduced to $2,740,- to 0.11 percent, compared with 0.05 percent. 000,000 on September 21. Yields on high-grade corporate bonds in- Total loans and investments of reporting creased slightly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN OCTOBER 1938 MEMBER BANK RESERVES AND RELATED ITEMS B1LLIQNS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 14 14 13 13 12 12 11 11 GOLD STOCK 10 10 9 8 8 7 MONEY IN CIRCULATION. 6 5 ....••#V###< TREASURY CASH T 2 RESERVE BANK 2 CREDIT TREASURY DEPOSITS j\ 1 AT F. R. BANKS — 1 4** 0 1934 1935 1936 1937 1938 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 Latest figures for September 21. See table on p. 886. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 833 OCTOBER 1938 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 Annual averages Aug. July June Aug. July June 1937 1936 1935 1934 1933 1929 RESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total ._ _ _2,590 2,599 2,592 2,573 2,574 C2,578 2,554 2,481 2,475 2,502 2,429 1,459 Bills discounted 7 8 9 17 13 "15 14 6 36 283 952 Bills bought .. 1 1 1 3 3 c 5 3 4 5 25 83 241 U S Government securities 2,564 2,564 2,560 2,527 2, 526 c 2, 526 2,540 2,430 2,431 2,432 2,052 208 Monetary gold stock 13,057 12, 985 12,946 12, 512 12, 404 «12,189 12,162 10,578 9,059 7, 512 4,059 3,996 Treasury currency outstanding. 2,724 2,716 2,707 2,576 2,555 c 2, 548 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation 6,482 6,464 6,433 6,500 6, 475 c 6,435 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings . __ - 2,392 2,318 2,283 3,655 3,532 '3,322 3, 225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 774 717 967 212 137 158 446 128 81 55 22 Nonmember deposits and other accounts 606 634 683 592 543 595 551 507 438 497 406 Member bank reserve balances: Total . 8,119 8,167 7,878 6,701 6,845 C6,878 6,830 5,989 5,001 3,676 2,343 2,358 Excess 2,955 3,026 2,762 750 876 C876 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 20,675 20, 530 20, 696 22,332 22, 219 22, 330 22,198 22,064 19, 997 18, 672 17, 505 22, 599 Loans—total 8,215 8,213 8,384 9,929 9,743 9,697 9,546 8,462 8,028 8,491 9,156 16, 887 Commercial, industrial and agricultural 3,886 3,878 3,953 4,558 4,397 4,303 0) 0) 0) (0 0) T O o th b e r r o l k o e a r n s s a fo n r d p d u e r a c l h er a s s i i n n g s o ec r u c r a i r ti r e y s ing securities.. 6 5 3 7 6 7 6 5 2 7 9 7 6 5 8 8 6 2 1,3 6 6 9 2 8 1,3 7 7 0 5 6 1,3 7 9 1 3 7 1, 0 22 ) 6 1, 0 18 ) 1 0 9 ) 90 S 9 I 81 07)77 « 2 0 , ) 208 All other loans . 3,116 3,129 3,163 3,311 3,265 3,284 (0 0) 0) 0) 0) Investments—total 12, 460 12, 317 12,312 12,403 12, 476 12, 633 12, 652 13, 602 11, 969 10,181 8,349 5,712 U S Government direct obligations.__ __ __ 7,702 7,703 7,864 8,229 8,268 8,355 8,394 9,080 7,989 6,856 5,228 2,865 Obligations fully guaranteed by U. S. Govt 1,646 1,567 1,453 1,160 1,170 1,160 1,164 1,250 928 e 325 Other securities 3,112 3,047 2,995 3,014 3,038 3,118 3,094 3,272 3,052 3,000 3,121 2,847 Reserve with Federal Reserve banks__ __ 6,602 6,675 6,407 5,149 5,291 5,332 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault 387 403 398 296 312 315 337 383 326 271 240 248 Balances with domestic banks 2,416 2,435 2,406 1,683 1,771 1,761 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted 15,118 15,021 14, 932 14, 918 14,984 15, 300 15,097 14, 619 12, 729 0) 0) 0) Time deposits (excluding interbank)2 5,206 5,211 5, 231 5,245 5,254 5,233 5,202 4,999 4,883 4,937 4,946 6,788 Deposits of domestic banks 3 5,920 5,936 5,847 4,979 5,085 5,028 5,298 5,810 4,938 3,814 2,822 2,787 Borrowings 1 6 5 36 17 25 12 5 6 8 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; percent per annum Commprcial Daner .75 .75 .88 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) .06 .07 .05 .29 .28 .36 .28 .17 .17 .28 U S Treasury bonds, long term _ ___ 2.32 2.34 2.31 2.59 2.59 2.64 2.57 2.47 2.70 3.10 3.31 3.60 Corporate high grade bonds (Moody's Aaa) 3.18 3.22 3.26 3.24 3.25 3.28 3.26 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total 415 ••466 '511 187 340 560 323 518 392 180 89 959 New _ _ 180 390 '347 79 247 360 173 164 121 116 60 841 Refunding 235 75 ••164 109 93 200 150 354 270 64 29 118 Domestic corporate issues—total 336 181 ••300 107 138 418 198 382 189 41 32 781 New 125 ••130 '201 51 81 269 99 99 34 15 13 667 Refunding 211 52 ••99 56 57 149 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926=100) 90 88 73 121 118 114 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All commodities __ __ __ 78 79 78 88 88 87 86 81 80 75 66 95 Farm products 67 69 69 86 89 89 86 81 79 65 51 105 Foods 73 74 73 87 86 85 86 82 84 71 61 100 Other commodities __ _ _ __ 81 81 81 86 86 86 85 80 78 78 71 92 Retail food prices (1923-25=100) 78 80 80 86 86 86 85 82 80 74 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-*25=100 Industrial production . 83 77 117 114 114 110 106 90 79 76 119 Manufactures ^87 82 74 117 114 114 109 105 90 78 75 119 Minerals. __ __ P93 93 92 113 112 115 115 ••105 91 86 82 115 Construction contracts awarded—total 59 54 62 67 61 59 55 37 32 25 117 Residential __ _ _ 49 42 40 44 42 41 37 21 12 11 87 All other P84 68 64 81 86 77 74 70 50 48 37 142 Factory employment4 _ __ 83 82 109 109 108 106 98 91 86 73 106 Factory payrolls (unadjusted)4_ P77 71 71 108 105 107 102 86 74 65 50 110 Freight-car loadings 62 61 58 79 80 78 78 75 64 62 58 107 Department store sales __. 83 82 r93 93 92 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month,- in millions ofdollars Exports, including re-exports 228 233 277 268 265 279 205 190 178 140 437 General imports _ _ P166 141 146 246 265 286 257 202 171 138 121 367 p Preliminary. T Revised. e Partly estimated. c Corrected. 1 Figures not available. 2 Includes time deposits of banks, domestic and foreign, 1929-1934. 3 Does not include time deposits 1929-1934. « Revised series. See pages 835-866 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN OCTOBER 1938 LAW DEPARTMENT Advance by Bank to Finance Purchase of Stock issuer for retirement, the exemption would Called for Retirement not apply, unless, of course, the transaction In a case recently considered by the Board qualified as an ordinary cash purchase under under Regulation U, a bank made a tempo- the conditions described in section 2(f). rary advance to finance a broker's or dealer's It is to be noted that in connection with the purchase of certain shares of a preferred exemption mentioned, just as at other points stock which was registered on a national in the regulation, it is necessary to distinsecurities exchange and had been called for guish between the purpose of a loan and the retirement. The bank, acting for the broker collateral for a loan. The exception in secor dealer, took up the stocks, paid for them, tion 2 (f) relates to purpose. Thus it exempts and delivered them to the issuer for retire- loans of the type described, but does not inment. crease the loan value to which securities of The question presented was whether an ad- the type described are entitled when they are vance made for the broker or dealer by the collateral for a loan that is subject to the bank in taking up the securities was covered regulation. by section 2(f) of the regulation which exempts : "Any temporary advance to finance the purchase or sale of securities for prompt delivery Amendment of Regulation L which is to be repaid in the ordinary course of Regulation L, which relates to interlocking business upon completion of the transaction;". bank directorates under the Clayton Act, was The Board expressed the view that if the recently amended by the Board, effective call for retirement had already been issued February 1, 1939, by eliminating the words when the securities were purchased, and in "Morris Plan bank" from subsection (a) of addition the securities were promptly desection 3, so that that subsection of the regulivered to the issuer for such retirement, a lation as thus amended will read as follows: temporary advance of the type described would come within the exemption. On the "(a) Any private banker or any director, officer, or employee of a member bank of the other hand, if the stocks had not been called Federal Reserve System may be at the same for retirement when they were purchased, time a director, officer, or employee of not more than one cooperative bank, credit union or other or if they were not promptly delivered to the similar institution;". Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

835 FEDERAL RESERVE BULLETIN OCTOBER 1938 REVISED INDEXES OF FACTORY EMPLOYMENT ADJUSTED FOR SEASONAL VARIATION The Board's seasonally adjusted indexes vision to the extent of about 4 percent for the of factory employment have been revised to period since 1935 reflected adjustment to the take account of changes in the employment level of employment shown by the Census of data of the Bureau of Labor Statistics from Manufactures for that year.3 Two-thirds of which the Board's indexes are derived and the individual series were adjusted upward, to incorporate the results of a reexamination some by considerably more than 4 percent, of the seasonal movements in the individual while one-third were lowered or not changed. employment series.1 The revised index of Upward revision of the level of the total total factory employment is shown on theindex, amounting to 2 or 3 percent in recent chart below, together with the corresponding years, reflected elimination from the index index of the Bureau of Labor Statistics, of railroad repair shops, which are now claswhich is not adjusted for seasonal varia- sified by the Bureau of the Census and the tion. Bureau of Labor Statistics with nonmanuf ac- FACTORY EMPLOYMENT PERCENT ADJUSTED TO CENSUS OF MANUFACTURES THROUGH 1935, 1923-25 AVERAGE = 100 PERCENT 130 130 120 120 \ 110 A 110 \ 1/ V \ 100 100 90 V N fy V 90 80 \ fA 80 70 VJ 70 — 60 ADJUSTE.D FOR SEASONAl. VAR1ATON 60 W1TH0U1r SEASOslAL ADJJSTMEN1 50 50 40 1919. 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Nature and extent of revisions.—Revisions turing rather than with manufacturing inmade by the Bureau of Labor Statistics dustries. In comparison with earlier years raised the level of the total index by 6 or 7employment in this important industrial percent for most of the period since the end group has recently been at a much lower of 1935 and by 8 percent in recent months; level than factory employment. Removal of resulted in smaller changes in level in earlier these series also accounted for most of the years; and altered somewhat the month-to- revisions made for earlier years in the index month movements throughout.2 Upward re- of total factory employment. Other changes, which affected mainly the movements of indi- 1 For a description of the previous revision of the index of factory vidual industry or group indexes, were the employment, see FEDERAL RESERVE BULLETIN for December 1936. 2 Corresponding revisions made in the Bureau of Labor Statistics' shift of the stamped and enameled ware series index of factory payrolls raised the level of that index by about 4 percent in most of the period since 1935 and by 5 percent in recent months and altered the figures for earlier years to some extent. Revised employ- 3 On the basis of experience with past adjustments, it seems likely ment and payroll indexes, without seasonal adjustment, for individual that the index of total factory employment for the period since the end industries, groups of industries, and for total manufacturing, together of 1935 will be raised further when subsequent census adjustments are with a detailed description of the revised indexes, may be obtained from made in accordance with the regular practice of the Bureau of Labor the Bureau of Labor Statistics. Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN OCTOBER 1938 from the nonferrous metals group to the iron for the period since 1929 in the accompanyand steel group, the inclusion of tractor man- ing chart, which shows the revised index and ufacturing in the series for agricultural im- the one formerly published. plements rather than in that for engines and Method of seasonal adjustment.—The turbines, and the division of the knit goods method of making seasonal adjustments was industry into four separately weighted com- basically the same as that previously used by ponents. For the period since 1935 there were the Board.4 Differences between the new also numerous reclassifications of individual seasonal factors and those previously used reporting establishments from one industry resulted mainly from a more extensive use to another as well as additions of individual of freehand curves as the base from which reports that had been received late and had to measure seasonal variation and from the not been included before. availability of additional data. All except one of the 90 individual factory Freehand curves were used to represent employment series now compiled by the Bu- the cyclical movements of the individual emreau were found to have a measurable degree ployment series wherever the twelve-month of seasonal variation. Seasonal adjustment moving average appeared to be inadequate factors designed to eliminate this variation for this purpose. Twelve-month moving were computed separately for each series and averages and the former adjusted indexes the adjusted series were then weighted and were generally used as guides in establishcombined to form the seasonally adjusted ing the levels and turning points of the freegroup and total indexes. In most cases the hand curves. In cases where the underlying new seasonal factors differ somewhat from series had not previously been adjusted for those previously used and for some series, seasonal variation the accuracy of the freeparticularly in recent years, these differences hand curve was checked by comparison with are substantial. The resulting changes in a preliminary adjusted index computed for the monthly movements of the individual ad- the series. Freehand curves were used to justed series, however, are largely offsetting some extent in every series but they were in the total index. especially helpful for series having sharp cyclical movements. The shortest of the individual employment FACTORY EMPLOYMENT PERCENT ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE*! series still cover less than 8 years, but it was possible on the basis of the additional data A which have become available since the pre- R^ISED SERIES / vious revision to make considerable improve- V ment in their seasonal adjustments. Four- \ rH teen of these 29 short series now have chang- A ' , /- ing seasonal factors whereas at the time of V ER SERIES the last revision the period covered was too \ FOR^ V short for changes in seasonal variation to have become clearly established. Most of the remaining series now cover 15 years or more, but, in many cases, their seasonal movements 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 have changed considerably in recent years The combined effect on the Board's index and the addition of data for the last two years of changes in the underlying series and of revisions in the seasonal factors is indicated 4 See FEDERAL RESERVE BULLETIN for December 1936, June 1934, November 1930, and April 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

837 OCTOBER 1938 FEDERAL RESERVE BULLETIN provided a broader basis for the selection of employment is shown in Table 2 and indexes seasonal factors. by groups and by industries are given in Tables.—Table 1 shows the Bureau of Tables 5 and 6. Table 4 shows the seasonal Labor Statistics' revised indexes of total factors for 1938. Table 3 gives the initial factory employment and payrolls, without year of each series and the average number seasonal adjustment. The Board's revised of employees in the 1923-1925 base period, seasonally adjusted index of total factory and in 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 1.—REVISED INDEXES OF FACTORY EMPLOYMENT AND PAYROLLS, WITHOUT SEASONAL ADJUSTMENT [Compiled by Bureau of Labor Statistics. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] EMPLOYMENT Year Ja a n ry u- r F u e a b ry - March April May June July g A u u s - t t S b e e e m p r - - O b c e t r o- v N b e e o m r - - c D b e e m e r - - A a v g e e r- 1919 104.5 101.2 101.7 101.9 102.6 103.9 106.6 109.3 111.3 110.9 112. 1 113.9 106.7 1920 114.3 113.3 115.6 114.0 111. 1 110.1 107 5 107 4 106 1 102 1 95 6 88 0 107 1 1921 79 5 81 7 82 9 82 3 82 0 81.2 79.7 81.1 83.0 83.7 83.7 82.7 82.0 1922 82.4 84.5 85.8 85.7 87.9 89.6 90 5 93 1 95 1 96 6 98 0 99 1 90 7 1923 . _ .. _. 100.2 102.4 104.6 105.1 105.2 105.7 104.6 104.8 105. 3 104.0 102.8 101.1 103.8 1924... 100.1 101.7 101.9 100.1 96.8 93.8 90.6 92.0 94 2 95.0 94 5 96 1 96 4 1925 96.6 98.3 99.2 99. 1 98.6 98.4 98 3 100 0 101 9 102 6 102 2 101 8 99 8 1926. 101.0 102.0 102.5 101.8 100.8 100.8 99.7 101. 8 104.0 103.6 101.6 100.3 101.7 1927 98.6 100.2 100.9 100.3 99.6 99 7 98 6 99 9 101 2 100 2 98 0 96 5 99 5 1928 95.3 97.2 98.2 97.8 97.8 98.5 98.4 101.1 103.3 103.5 102.6 102.1 99.7 1929_. 101.7 104.1 105.4 106.7 106.5 106.8 107.3 109.2 110.3 109.0 104.6 100.7 106.0 1930 98.2 98.3 97.9 97.3 95.6 93.6 90 4 89 7 90 7 88 7 85 4 82 9 92 4 1931 80.1 80.8 81.2 81.2 80.6 78.8 77.7 77.9 78.3 75.5 72.0 78.1 1932 70.0 71.2 70.1 67.8 65.2 63.2 61 0 62 7 66 1 67 2 66 3 65 1 66 3 1933 63 3 64 7 62 3 63 9 66 8 71 6 76 2 81 3 85 0 84 6 81 2 79 5 73 4 1934__ 78.8 83.7 87.2 88.8 89.0 87.8 86.3 87.4 83.5 85.9 84.3 85 6 85 7 1935 86.6 89.6 91. 1 91.3 90.0 88.3 88.9 91.7 93.8 95.2 94.5 94.0 91.3 1936.. . 92.1 92.2 93.4 94.7 95.4 95.9 97.1 99.9 101.9 103 2 103 3 104 4 97 8 1937 102 7 105 3 107.7 108.8 108.9 107.5 108.0 109.1 109. 0 107.2 101.1 94.5 105.8 1938 87.8 88.2 87.7 85.7 83.4 81.6 81.9 ^85. 9 PAYROLLS Year Ja a n ry u- r F u e a b r - y March April May June July g A u u s - t t S b e e m e p r - - O b c e t r o- v N b e e m o r - - c D b e e m e r - - A a v g e e r- 1919 _ . _ 93.8 89.3 90.0 89.2 90.1 92.7 95.6 101.7 106.3 103.6 107.8 115.4 98.0 1920 119.1 117.4 125.4 122.3 123.0 124.4 120 0 120 6 118 9 114 4 105 0 95 5 117 2 1921 80.6 80.1 81.0 78.8 77.4 75.6 71.6 73.6 73 3 71 9 70 9 72 7 75 6 1922 69.6 72.5 74.4 73.6 77.0 80.0 80.2 84.1 87.0 88.7 92.2 94.5 81.2 1923 93.9 97.8 102.6 103.8 107.3 107.2 102.9 103.1 103.8 105.9 103.9 102.7 102.9 1924 98.9 104.5 104.5 102.0 97.6 91.9 85.3 89.1 92.4 94.6 93.1 97 6 96.0 1925 96.0 101.0 102.8 100.4 101.4 99.2 97.5 100.1 99 4 105 3 105 1 105 5 101 1 1926 . 101.6 105.7 107.2 104.9 103.5 103.7 99.4 103.8 105.1 108.0 104.3 103.6 104.2 1927 98.6 104.8 106.6 105.0 104.8 103.2 99.1 102.5 102 1 102 7 98 9 100 0 102 4 1928 96 6 102 0 103.5 101.3 102.3 102.7 100.2 104.6 106.2 109.5 106.2 106.9 103.5 1929 103.8 110.8 113.0 114.1 114.3 112.7 108 6 113.5 114 4 113 7 104 9 101 2 110 4 1930 96.5 99.6 99.7 98.5 96.1 92.9 85.0 83.8 84.8 82.9 77.3 75.4 89.4 1931 70.3 74.4 75.9 74.7 73.6 69.9 66.6 66.4 63.8 61.8 58.3 57.8 67.8 1932 54.0 55.4 53.6 49.6 46.8 43.7 40.4 41.4 44.0 45.8 43.6 42.4 46.7 1933 40.3 41.4 38.3 40.4 44.4 49.1 52.7 58.6 61.3 61.1 57.3 56.5 50.1 1934 56.1 62.9 67.2 69.6 69.7 67.4 62.8 65.1 60.8 64.0 62.5 66.2 64.5 1935 67.5 72.6 74.3 74.4 71.7 69.9 69.1 74.0 76.7 79 4 78 6 80 4 74 1 1936 76.7 76.6 80.3 82.3 83.9 84.1 83.4 87.1 86.9 92.5 94.0 98.8 85.6 1937 94.4 99.7 105.5 109.3 109.7 107.0 104.6 108.2 104.4 104.5 92.9 84.2 102.0 1938 75.0 76.9 77.1 74.6 72.9 70.8 70.6 ^76. 9 ' Preliminary. TABLE 2.—REVISED INDEX OF FACTORY EMPLOYMENT, ADJUSTED FOR SEASONAL VARIATION [Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Year Ja a n ry u- r F u e a b r - y March April May June July g A u u s - t t S b e e e m p r - - O b c e t r o- v N b e e o m r - - c D b e e m e r - - A a v g e e r- 1919 106.4 102.6 101.6 102.1 102.9 104.3 107.2 108.5 109 5 109 4 111 6 114 3 106 7 1920 -- . ___ 116.3 114.8 115.6 114.1 111.4 110.4 107.8 106. 4 104.2 100.8 95.2 88.3 107.1 1921 80.7 82.6 82.8 82.5 82.3 81.6 80.2 80.6 81.7 82.5 83.1 82.9 82.0 1922 83.6 85.3 85.7 86.0 88.2 89.8 91.0 92.3 93 4 95 3 97 5 99 4 90 7 1923 . 101.7 102.7 103.9 104.9 105.5 106.1 105.6 104.7 103.8 102.7 102.4 101.6 103.8 1924 101.7 101.8 101.3 100.0 97.1 94.2 91 6 91 9 92 9 93 7 94 2 96 4 96 4 1925 98.1 98.6 98.7 99.0 99.0 98.9 99.4 99.7 99 9 101 1 102 0 102 4 99 8 1926 102 7 102 4 102 0 101.7 101.1 101.3 101.0 101.5 102.0 102.0 101.4 101.0 101.7 1927 100.4 100.8 100.4 100.2 100.1 100.1 99.7 99.6 99.1 98.4 97.9 97.4 99.5 1928 97.3 97.8 97.9 97.7 98.2 98.7 99.2 100.4 100 9 101 7 102 7 103 3 99 7 1929 . . 104.2 105.0 105.3 106.4 106.6 107.0 108.1 108.4 107.3 106.6 104.4 101.9 106 0 1930 100.6 99.0 97.7 97.0 95.7 93.9 91.2 89.0 87 7 86 7 85 3 83 8 92 4 1931 . . 82.4 81.4 81.1 81.0 80.7 79.2 78.7 77.5 76.0 73.9 72.6 72.4 78.1 1932 71.8 71.4 69.9 67.6 65.3 63.6 61.9 62.4 64.4 65.8 66.2 65.5 66.3 1933 64.9 65.0 62.2 63.8 67.1 72.2 77.4 81 0 82 8 82 9 81 2 80 1 73 4 1934 .80.7 83.9 86.9 88.3 89.0 88.3 87.3 86.4 81.3 84.4 84.6 86.4 85.7 1935 88.8 90.0 90.7 90.8 90. 1 89.2 90.1 91.1 91.8 93.0 94.1 94.5 91.3 1936 94.3 92 8 93.0 94.3 95. 7 96. 7 98 4 99 3 99 9 100 8 102 8 104 9 97 8 1937 105.2 106.0 107.3 108.4 109. 1 108.4 109.3 108.6 107 2 105 1 100 6 95 1 105 8 1938 90.0 88.9 87.4 85.4 83.7 82.4 82.9 P$5. 1 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 839 TABLE 3.—INDUSTRIES INCLUDED IN INDEX OF FACTORY EMPLOYMENT Average number Average number Initial of wage earners Initial of wage earners Industry and group year of In thousands)4 Industry and group year of (in thousands) 4 month- month- 1937 1923-25 1937 5 IRON AND STEEL AND THEIR PRODUCTS, NOT TEXTILES AND THEIR PRODUCTS I , 629. 4 767. 2 INCLUDING MACHINERY * 892.3 994.2 Fabrics * 1,105. 094.2 Blast furnaces, steel works, and rolling Carpets and rugs 1923 33.9 32.5 mills 1923 406.4 487.7 Cotton goods 1919 441.8 422.1 Bolts, nuts, washers, and rivets 1931 14.2 16.1 Cotton small wares 1931 15.7 14.1 Cast-iron pipe 1923 22.5 16.6 Dyeing and finishing textiles_ 1919 65.1 74.7 Cutlery (not including silver and plated Hats, fur-felt 1931 15.7 14.9 cutlery), and edge tools 1931 16.7 15.7 Knit goods 1919 184.8 226.0 Forgings, iron and steel 1931 23.8 16.5 Hosiery 1923 97.5 142.8 Hardware 1919 51.4 50.9 Knitted outerwear 1923 34.2 30.8 Plumbers' supplies 1931 30.2 24.9 Knitted underwear 1923 46.6 40.0 Stamped and enameled ware 1923 33.2 57.0 Knitted cloth 1923 6.5 12.4 Steam and hot-water heating apparatus Silk and rayon goods 1919 125.7 98.0 and steam fittings 1923 43.2 37.2 Woolen and worsted goods 1923 178.0 148.5 Stoves 1923 47.0 47.9 Wearing apparel! 474.1 607.9 Structural and ornamental metal work___ 1923 49.4 39.1 Clothing, men's 1919 182.2 210.3 Tin cans and other tinware 1931 30.2 31.8 Clothing, women's 1919 127.7 235.3 Tools (not including edge tools, machine Corsets and allied garments,,. 1931 15.3 15.6 tools, files, and saws) 1931 17.9 17.6 Men's furnishings 1931 20.0 29.6 Wirework 1931 18.0 35.1 Millinery 1919 31.8 23.4 Shirts and collars 1919 57.6 71.5 MACHINERY, NOT INCLUDING TRANSPORTA- TION EQUIPMENT I 885.5 1,097.1 LEATHER AND ITS MANUFACTURES I 323. 5 315.9 Agricultural implements (including trac- Boots and shoes 1919 212.6 206.6 tors) 1923 44.5 74.5 Leather 1919 54.7 50.0 Cash registers, adding machines, and calculating machines 1931 13.9 FOOD AND KINDRED PRODUCTS I 664.5 855.2 Electrical machinery, apparatus, and Baking 1919 162.4 238.2 supplies 1929 222.4 255.4 Beverages 1931 27.9 68.0 Engines, turbines, water wheels, and Butter 1931 19.0 20.1 windmills 1923 31.9 33.0 Canning and preserving 1929 83.6 133.2 Foundry and machine-shop products 1923 397.5 439.1 Confectionery 1923 62.4 51.3 Machine tools 1923 28.3 44.9 Flour 1919 33.5 26.1 Radios and phonographs 1929 29.4 45.4 Ice cream 1923 23.3 19.0 Textile machinery and parts 1923 30.7 24.8 Slaughtering and meat packing,. 1919 126.7 125.7 Typewriters and parts 1931 14.0 21.3 Sugar, beet 1931 8.2 8.5 Sugar refining, cane 1919 14.7 13.0 TRANSPORTATION EQUIPMENT * 563.5 663.3 Aircraft 1931 2.8 25.5 TOBACCO MANUFACTURES 138.4 90.3 Automobiles 1919 402.7 516.7 Chewing and smoking tobacco and snuff. 1923 15.9 9.9 Cars, electric- and steam-railroad.. 1923 63.5 38.1 Cigars and cigarettes 1923 122.5 80.5 Locomotives 1923 19.4 9.3 Shipbuilding 1923 54.4 60.4 PAPER AND PRINTING I 531.1 593.2 Boxes, paper 1919 56.9 60.6 NONFERROUS METALS AND THEIR PRODUCTS 249.4 271.4 Paper and pulp 1919 120.6 137.8 Aluminum manufactures 1931 15.3 25.1 Printing and publishing: Brass, bronze, and copper products 1923 65.1 79.7 Book and job 1923 133.1 142.5 Clocks and watches and time-recording Newspapers and periodicals 1923 116.9 126.2 devices 1931 21.8 23.2 Jewelry 1931 25.1 23.6 CHEMICALS AND ALLIED PRODUCTS, AND Lighting equipment 1931 22.6 23.0 PETROLEUM REFINING 2 331.4 415.1 Silverware and plated ware 1931 17.0 11.0 Petroleum refining 1923 64.8 82.4 Smelting and refining— copper, lead, and Other than petroleum refining J 266.6 332.8 zinc 1931 33.9 27.8 Chemicals 1929 57.0 77.8 Cottonseed oil, cake, and meal 1931 14.5 13.9 LUMBER AND ALLIED PRODUCTS l 909.9 697.1 Druggists' preparations 1923 13.7 15.7 Furniture 1919 172.9 162.6 Explosives 1923 5.9 5.2 Lumber: Fertilizers 1923 18.5 19.1 Millwork 1923 106.5 Paints and varnishes 1931 23.9 30.6 Sawmills 1923 478.5 297.2 Rayon and allied products 1929 16.0 57.0 Soap 1931 16.2 15.4 STONE, CLAY, AND GLASS PRODUCTS l 350.3 282.2 Brick, tile, and terra cotta 1923 102.1 61.7 RUBBER PRODUCTS 134.3 130.1 Cement 1919 36.9 26.2 Rubber boots and shoes 1923 25.2 18.9 Glass 1919 69.8 75.0 Rubber tires and inner tubes_. 1923 75.7 63.6 Marble, granite, slate, and other products 1931 38.3 18.8 Rubber goods, other 1931 33.4 47.6 Pottery 1923 37.4 31.1 Total nondurable goods industries 4, 042.1 4, 347. 8 Total durable goods industries * 3, 851. 0 4,005. 2 Total manufacturing *, 3 7, 893.1 8, 353. 0 1 This total includes allowance for other industries not currently reported. 2 This group is a combination of chemical and petroleum groups less manufactured gas and includes allowance for other industries not currently reported. 3 Excluding manufactured gas; motion pictures; coffee and spices; and peanuts, walnuts, and other nuts included in manufacturing by the Bureau of the Census but not by the Bureau of Labor Statistics. Railroad repair shops are no longer classified as manufacturing industries by the Census and have been excluded from factory employment data by the Bureau of Labor Statistics. 4 This table and indexes of factory employment shown elsewhere in the BULLETIN refer only to wage earners and other manual workers; supervisors, office workers, and other salaried employees are not included. * Adjusted to Census of Manufactures through 1935. On the basis of past experience, adjustment to the 1937 Census will raise the figure for total factory employment somewhat and will make substantial changes in the figures for many individual industries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 4.—FACTORY EMPLOYMENT: SEASONAL ADJUSTMENT FACTORS FOR 1938 Industry and group J a a r n y u- ru F a e r b y - March April May June July g A u u st - t S b e e m e p r - - O b c e t r o v N b e e m o r - - c D b em e e r - - IRON, STEEL, PRODUCTS Blast furnaces, steel works 1 99.0 100.5 101.5 101.0 100.5 99.5 99.0 99.5 100.0 100.0 100.0 99.5 Bolts, nuts, washers, rivets 100.0 101.0 100.0 101.0 101.0 100.0 99.0 99.0 99.0 100.0 100.0 100.0 Cast-iron pipe 1 99.0 97.5 98.5 100.0 100.0 102.5 103.0 102.5 101.0 100.0 97.5 98.5 Cutlery, edge tools 98.0 101.0 102.0 102.0 101.0 99.0 95.0 98.0 100.0 102.0 102.0 100.0 Forgings 101.0 101.0 101.5 100.0 100.5 100.0 97.0 99.0 100.0 99.0 100.0 101.0 Hardware 1 100.0 100.5 101.0 101.5 100.5 100.0 99.0 97.5 99.5 100.5 100.0 100.0 Plumbers' supplies 99.0 101.0 101.0 100.0 100.0 100.0 100.0 100.0 99.0 101.0 100.0 99.0 Stamped, enameled ware 1 98.5 100.5 102.0 103.0 102.0 100.0 97.5 97.0 98.5 101.0 100.0 100.0 Steam, hot-water heating1 96.5 99.5 100.5 100.0 101.0 100.0 97.0 99.0 102.0 103.0 102.0 99.5 Stoves i 84.0 94.0 98.0 102.5 103.0 102.0 96.5 102.0 107.0 108.5 106.0 96.5 Structural, ornamentall 97.5 96.0 97.5 98.5 99.5 101.0 102.0 103.0 103.5 102.0 100.5 99.0 Tin cans, tinware1 93.0 93.0 95.0 96.5 98.5 102.5 106.0 110.0 110.0 102.5 97.5 95.5 Tools1 100.0 100.0 101.5 100.5 100.0 100.0 99.0 98.0 98.5 100.5 101.0 101.0 Wirework 100.0 100.0 101.0 102.0 103.0 101.0 98.0 96.0 97.0 101.0 101.0 100.0 MACHINERY Agricultural implements 1 102.0 103.0 105.5 106.5 103.0 101.0 98.0 94.5 94.5 94.5 97.5 100.0 Cash registers, etc 99.5 100.0 100.0 100.5 101.0 100.0 100.0 100.0 100.0 100.0 100.0 99.0 Electrical machinery .._ 99.0 99.5 100.0 100.0 100.5 100.0 100.0 99.5 100.5 100.5 100.5 100.0 Engines, turbines, etc.1 94.0 99.0 102.0 105.0 105.0 104.0 101.5 100.0 100.5 97.5 95.0 96.5 Foundry, machine-shop products 1 99.5 100.0 100.0 100.5 101.0 100.0 99.5 99.5 100.0 100.0 100.0 100.0 Machine tools J 100.0 100.5 101.0 100.5 100.5 100.5 99.0 96.0 100.5 100.5 100.5 100.5 Radios, phonographs 1 95.0 88.0 84.0 84.0 88.0 9B.0 99.0 108.0 116.0 122.0 112.0 106.0 Textile machinery i 100.5 101.0 101.0 101.0 100.0 100.0 99.5 100.0 98.5 99.0 99.5 100.0 Typewriters 100.0 99.0 100.0 100.0 100.5 99.0 98.5 99.0 100.0 100.5 102.0 101.5 TRANSPORTATION EQUIPMENT Aircraft 1 99.0 99.0 101.0 102.0 103.0 103.0 101.0 100.0 97.0 97.0 99.0 99.0 Automobiles 1 104.0 106.0 107.0 106.0 105.0 102.5 97.0 88.0 82.0 97.0 102.5 103.0 Cars, electric-, steam-railroad i 92.0 97.0 102.0 106.0 107.0 105.0 100.0 102.0 97.0 97.0 97.0 98.0 Locomotives 1 95.0 97.0 100.0 102.0 102.5 102.0 101.0 100.5 99.5 100.5 100.5 99.5 Shipbuilding 1 98.5 98.0 101.5 103.5 103.0 99.0 97.0 97.5 100.5 101.0 100.0 100.5 NONFERROUS METALS, PRODUCTS Aluminum 98.5 100. 5 102.0 101.0 100.0 99.5 98.0 98.0 99.5 101.5 101.5 100.0 Brass, bronze, copper 1 99.0 100.0 101.0 101.0 101.0 99.5 98.5 99.0 100.0 101.0 100.0 100.0 Clocks, watches 99.0 100.0 100.0 99.0 98.0 97.0 94.5 97.5 101.0 103.5 106.0 104.5 Jewelry 1 94.0 97.5 97.0 94.0 92.0 92.5 93.0 99.5 109.5 115.5 112.5 103.0 Lighting equipment1 98.0 99.5 102.0 101.0 100.0 98.0 94.5 95.0 100.0 103.5 105.0 103.5 Silverware, plated ware 97.0 99.5 100.5 100.5 100.5 100.0 89.0 98.0 101.0 104.0 106.0 104.0 Smelting, refining 100.0 99.5 100.0 99.5 99.5 100.0 99.5 99.0 100.0 101.0 101.0 101.0 LUMBER, PRODUCTS Furniture1 96.5 98.0 98.5 96.5 96.5 97.5 98.0 101.5 104.5 106.5 104.5 101.5 Lumber, millwork 1 95.0 97.0 98.5 100.0 101.0 101.5 101.0 102.5 102.5 101.5 100.5 99.0 Lumber, sawmills 1 91.5 93.5 98.0 101.0 102.0 103.5 102.5 104.5 104.0 104.0 99.5 96.0 STONE, CLAY, GLASS PRODUCTS Brick, tile, terra cotta 1 86.0 87.0 91.5 99.0 105.5 108.0 106.5 107.5 106.5 106.0 100.5 96.0 C G e la m s e s1 nt V -1 9 0 5 . . 5 0 - 1 1 0 0 0 . . 5 0 1 - 0 5 1 .5 .5 10 0 1 . . 0 0 + 10 5 1 . . 0 5 + 10 5 1 . . 5 5 + 9 6 8 . . 0 0 + 10 6 0 . . 0 0 + 10 5 0 . . 0 5 + 10 3 1 . . 5 0 10 0 0 . . 0 0 - 10 4 0 .5 .0 Marble, granite, slate 84.0 89.0 95.0 101.0 104.0 104.0 106.0 107.0 107.0 104.0 102.0 97.0 Pottery 1 97.0 100.0 103.0 104.0 103.5 98.5 92.5 97.0 99.5 102.0 102.0 101.0 TEXTILES, PRODUCTS Fabrics Carpets, rugs 1 97.0 99.5 102.5 101.0 100.0 100.0 99.5 99.5 100.5 100.5 100.0 100.0 Cotton goods i — 102.0 102.5 103.0 101.5 100.5 97.5 96.5 95.5 98.0 100.0 101.0 102.0 Cotton small wares 99.5 102.5 105.0 104.0 100.0 97.0 95.5 96.5 98.0 101.5 100.5 100.0 Dyeing, finishing textiles 1 102.0 104.5 104.5 103.5 100.0 97.0 93.0 95.0 97.0 100.0 102.0 101.5 Hats, fur-felt 1 100.0 102.0 102.5 101.0 97.5 96.0 97.5 104.0 103.0 99.5 98.0 99.0 Hosiery 1 99.0 100.5 101.0 100.5 99.5 98.0 96.5 98.5 100.5 102.0 102.5 101.5 Knitted outerwear * 96.0 99.5 101.0 100.0 100.5 97.5 95.5 97.5 105.5 108.0 103.0 96.0 Knitted underwear 1 94.5 100.0 102.5 104.0 102.0 101.0 95.5 98.0 99.5 102.0 101.0 100.0 Knitted cloth 1 97.0 100.5 101.5 100.5 100.0 98.0 98.5 100.5 102.0 103.0 99.5 99.0 Silk, rayon goods * 102.5 104.0 102.0 99.5 93.0 93.0 96.0 101.0 103.5 102.5 101.0 102.0 Woolen, worsted goods 1 102.0 105.0 100.5 95.5 98.0 98.0 97.5 101.0 99.0 101.0 99.5 103.0 Wearing apparel Clothing, men's 1 96.0 103.0 105.0 103.5 97.0 97.0 98.5 103.0 104.0 102.5 96.5 94.0 Clothing, women's 1 97.0 104.0 108.5 108.0 103.0 93.5 82.5 100.0 104.0 104.5 98.5 96.5 Corsets, allied garments 1 98.5 101.0 103.0 103.5 101.5 99.0 97.0 97.5 100.0 100.5 99.5 99.0 Men's furnishings L__ 93.0 100.5 103.5 102.5 101.0 98.5 91.5 93.5 97.5 104.5 108.0 106.0 Millinery ! 99.0 108.0 116.0 112.0 103.0 92.5 76.5 101.0 111.0 103.0 90.0 88.0 Shirts, collars 1 90.5 100.0 103.0 102.5 100.5 99.0 95.5 99.0 102.0 104.5 103.5 100.0 LEATHER, MANUFACTURES Boots, shoes J_ 100.0 104.5 105.5 103.0 98.5 96.5 101.5 104.5 101.5 98.5 91.0 95.0 Leather1 100.5 102.0 101.5 100.5 99.5 99.0 98.5 98.5 99.0 100.0 100.0 101.0 FOOD, PRODUCTS Baking i_ 98.0 98.5 99.0 99.0 100.0 100.5 100.5 100.5 101.5 101.5 101.0 100.0 91.0 91.5 95.0 98.0 102.0 108.5 112.0 110.0 107.0 100.0 93.5 91.5 Butter i_. 93.0 92.5 94.0 97.0 102.0 108.0 109.5 107.0 104.0 100.0 97.5 95.5 Canning, preserving 1 61.0 59.0 58.0 69.0 68.0 87.0 131.0 180.0 207.0 133.0 81.0 66.0 Confectionery 1 97.5 98.0 98.5 94.0 91.0 89.5 86.0 91.0 111.5 118.0 114.0 111.0 Flour 1 99.0 99.5 99.0 98.5 97.5 97.5 101.5 101.5 102.5 103.0 101.0 99.5 Ice cream 1 84.5 84.5 88.0 95.0 110.0 119.0 123.5 119.5 108.0 94.0 88.0 86.0 Slaughtering, meat packing 1 103.5 100.0 98.0 97.0 98.5 99.5 100.0 99.0 99.0 100.0 102.0 103.5 Sugar, beet1 43.0 37.0 39.0 45.0 48.0 52.0 58.0 84.0 92.0 268.0 272.0 162.0 Sugar refining, cane J 95.5 99.0 99.0 100.0 100.5 102.0 104.0 102.5 101.0 100.5 98.5 97.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 841 TABLE 4.—FACTORY EMPLOYMENT: SEASONAL ADJUSTMENT FACTORS FOR 1938—Continued Industry and group Ja a n ry u- r F u e a b r - y March April May June July g A u u st - t b em er - O b c e t r o- v N b e e m o r - - c D b e e m e- - TOBACCO, MANUFACTURES Tobacco, snuff* 102.0 104.0 101.0 99.5 98.5 98.5 97.5 98.5 99.0 100.0 101.0 100.5 Cigars, cigarettes i 90.5 97.5 98.5 97.5 98.5 99.5 99.5 102.5 103.5 105.5 105.5 101.5 PAPER, PRINTING Boxes, paper i 96.5 97.5 98.5 98.5 98.0 97.5 97.5 99.0 102.5 106.0 105.5 103.0 Paper, pulp 3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Book, job printing i 101.0 101.5 99.5 99.0 99.5 97.5 98.0 99.5 100.0 100.5 101.0 103.0 Newspaper, periodical printing 99.5 99.5 100.0 100.5 100.5 100. 0 98.0 97.5 100.0 101.0 101.5 102.0 CHEMICALS, PETROLEUM Petroleum refining i 99.5 99.0 99.0 99.5 99.5 100.5 100.5 100.5 101.0 100.5 100.5 100.0 Other than petroleum Chemicals i 98.5 98.5 99.0 99.5 99.5 100.0 101.5 100.5 101.5 101.5 100.5 99.5 Cottonseed oil, cake, meal V 112.0 112.0 106.0 82.0 68.0 62.0 58.0 70.0 130.0 142.0 132.0 126.0 Druggists' preparations i.._ 100.0 101.5 101.5 100.0 97.0 96.5 95.0 98.0 101.5 103.5 103.0 102.5 Explosives i 99.5 98.0 98.5 98.0 98.0 99.5 99.5 100.5 102.0 102.5 102.5 101.5 Fertilizers * 100.0 110.0 149.0 160.0 108.0 74.0 70.0 72.0 89.0 90.0 86.0 92.0 Paints, varnishes 97.5 99.0 99.5 101.5 104.0 103.5 100.5 98.0 99.0 100.0 99.0 98.5 Rayon, allied products i 101.0 101.5 101.5 98.0 98.0 97.0 99.5 100.5 101.0 100.5 101.0 100.5 Soap i 97.5 100.0 101.5 100.5 99.0 99.0 98.0 98.5 102.0 103.5 103.0 97.5 RUBBER PRODUCTS Rubber boots, shoes 1 101.0 99.0 100.0 98.5 96.5 95.5 96.5 101.0 103.0 103.0 102.0 104.0 Rubber tires, inner tubes 1,z 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Rubber goods, other i 99.0 100.5 101.5 102.5 101.5 99.0 97.5 96.5 98.5 102.0 101.5 100.0 1 In these industries there was evidence of progressive change in seasonal movement from year to year. Seasonal factors for previous years may be obtained from the Division of Research and Statistics. 2 In computing the seasonally adjusted index the seasonal factor is subtracted (algebraically) from the unadjusted index; for discussion see page 953 of FEDERAL RESERVE BULLETIN for December 1936. 3 No seasonal variation in employment has been evident in the paper and pulp industry nor, since 1934, in the rubber tire and tube industry. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 5.—FACTORY EMPLOYMENT: INDEXES BY GROUPS [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average—100] Durable goods Nondurable goods Non- Year and month g T d a o o b u o t l r d a e - s l s p I u t r r e o c o e t n d s l , , - c M e h r i a y n - - T p e m t q o r i e a o u rt n n n i a p t s - - - m p r u f e r o e c o t u r a t d - s s l - s, L p b u r u e c o m r t d , s - - S p c g u l r t l c a o o a y t s n d s s , e - , g T n d a o o o b u o t n l r d a e - - s l p t T u i r l c e o e x t s d s , - - . L m t f u e e a a r r a c n e , t - u s h - F p u o r c o o t d d s - , T m t o f u a C a b r O c n e a - u s c P p a r in p in g e t r - , C p i l c e e h a u t e l r m s m o , - p R u b r c u o e t b d r s - - 1919 100.1 11Q.6 94.3 86.4 98.8 108.1 114 5 113 4 96 0 1920 108.1 128.6 89.6 89.8 99.0 98.5 109.6 111.3 103.4 1921 66.8 77.5 76.6 72.2 92.6 86.6 93.3 108.3 88.0 1922 84.2 81.7 97.4 85.5 97.3 97.3 96 5 105.8 92 2 1923 104.1 104.1 105.8 107.6 104.8 101.5 100.4 103.6 105.2 106.6 101.4 105.7 99.2 102 9 102 6 1924 96.4 97.0 94.9 93.1 96.8 98.3 98.9 96.4 94.9 96.3 98.3 98.8 99.7 96.8 91.8 1925 99.5 98.9 99.3 99.3 98.4 100.2 100.7 100.0 99.9 97.1 100 3 95 5 101 1 100 3 105 6 1926 102.5 102.3 107.4 99 1 100.3 103.8 100.9 99.9 96.6 99.7 90.9 104.1 106 5 105 1 1927 96.5 97.1 102.4 87.9 97.0 93.9 99.9 102.3 104.0 97.7 100.2 93.4 104.1 104.2 105.7 1928 97 7 97.0 104.9 96 2 92.1 95.7 101.6 101.3 95.6 103 8 90 7 105 0 103 0 111 1 1929 106.2 103.3 125.9 103 5 110.2 95.2 93.8 105.9 104.8 98.5 111.1 83.9 111.3 115 7 111 0 1930 87.6 89.9 104.9 80.2 75.8 80.2 96.9 92.9 91.2 107.8 78.3 108.0 109.4 85.9 1931 67 7 70.3 78.3 66 3 72.4 56.0 63.7 87.9 87.2 84.3 95 6 72 1 96 3 95 4 73 9 1932 52.8 57.4 57.0 55.5 58.0 43.6 46.7 79.2 77.9 81.2 88.6 65.6 85.5 85.6 67.6 1933 - 57.5 65.8 60.8 54.5 62.6 49.9 49.4 88.5 90.5 87.2 100.3 63.1 86.7 97 1 79 1 1934 73 0 80.2 79.4 83 4 76.3 56.6 61.6 97.8 96.7 94.0 119.2 68.1 97 4 110 8 88 8 1935 . _ 81.3 87.1 89.1 95.3 86.3 63.6 66.6 100.7 103.5 96.1 120.1 65.4 102.0 112.5 85.4 1936 91.5 99.0 103.3 102.9 96.2 71.1 73.9 103.8 106.7 95.8 123.8 65.5 105.8 115.4 90.4 1937 104 0 111.4 123.9 117 7 108.8 76.6 80.6 107.6 108.5 97.7 128.7 65.3 111 7 125 3 96 8 1919—January 110.2 120.4 86.8 75.8 90.0 103.1 121.9 129.8 94 6 February . _ 103.2 117.6 86.6 74.9 83.9 102.4 117.7 127.4 94. 2 March 98.6 113.9 88.4 75 8 86.2 102 3 112 7 125 8 94 3 April 93.7 112.7 87.7 82.2 91.1 103.4 113.6 126.7 93.9 May 92 4 109.7 88 7 86 8 95 9 106 0 111 9 123 7 92 8 June 94.4 107.4 88.6 89 8 100.4 107.5 112 1 112 9 95 3 July 101.9 108.1 92.5 84.4 106.3 108.1 113.0 101.2 96.8 August . 103.7 113.6 96.1 93.4 106.0 109.8 112.1 90.8 97.6 September 103.5 117.4 100.1 90 4 105.6 110 6 113 0 95.6 97 4 October 91 9 121 7 103 8 93 9 105 6 112 4 114 8 100 0 96 9 November 100.9 126.2 105.3 91.6 106.7 115.1 113.1 114.7 98.2 December 107 3 130 6 108 2 91 9 108 8 116 4 115 9 114 0 100 4 1920—January _ _ _ 112.3 134.1 106.7 94.2 109.1 115.7 115.3 118.9 102 8 February 111.3 132.5 106.4 93.7 107.7 112 3 112 1 112 2 101 7 March _ 112.3 135.0 106.1 91.4 109.7 113.4 111.5 112.7 103 3 April 111.1 133.8 99.3 88.6 109.9 113.2 113.3 116.3 103.5 May 106.4 131.4 91.8 89.6 109.2 110.8 113.5 111.1 103.7 June -_ 110.5 132.7 85.4 89.8 106.4 106.1 113.7 110.6 103 9 July 112.0 133.3 79.6 90 4 99.2 97 7 112 3 109 9 105 9 August 109 1 130 8 87 3 88 5 96.9 93 9 109 9 109 4 105 6 September 109 7 127 7 84 4 88 4 95 0 83 9 108 1 109 0 104 9 October 108.4 123.1 82.3 87.2 90.3 81.5 104 2 106 9 104 3 November 102 9 117.8 76 8 90 2 81.4 77 6 100 9 109 4 102 5 December 91.1 110.5 72.3 88.3 72.7 75.1 96.2 109.5 98 8 1921—January. 74.6 103.1 73.0 77.7 69.9 72.1 91.2 110.3 94.7 February 76.3 95.0 75.4 69.8 81.9 77.6 93.4 105 3 93 7 March 72.8 90 0 76 5 70 1 87.0 80 7 92 4 100 3 92 4 April 65.8 84.4 76.8 71.2 91.4 81.8 92.1 109.4 88 1 May 66.1 79.0 76 4 71.7 93.7 85 7 92 5 110 8 82 8 June _ . . ._ _ _ 62.2 74.9 76.3 71.2 95.6 89.3 92.8 111.7 83 4 July 55.7 69.2 74.8 71.3 97.2 91.4 92 4 110 4 84 1 August 59.6 67.7 —— - 74.6 70.4 97.9 92.7 91.8 110.7 85.4 September 61.8 66.7 76.2 72.7 100.9 92.5 93.6 109.4 86 1 October 66.1 65.7 77.8 72.0 100.4 91.9 95.4 109.4 87.2 November 69.8 66.1 81 0 72 5 98.4 91 1 96 6 106 6 88 8 December 70.6 68.2 81 9 73.6 97.8 92.6 93 1 105 4 88 7 1922—January 67.6 70.6 89.8 74.3 96.9 93.2 92.9 99.4 91.4 February 71.3 71.4 93.7 74.9 98.3 93.2 93.9 103.8 91.3 March 72.9 74.7 96.9 79.4 94.6 91.9 94.3 104.2 90.1 April 78.0 76.9 95 2 81 4 92.9 90 0 93 6 101 2 88 4 May _ _ - _ -_ 81.4 79.6 98.5 84.6 92.9 90.6 93.9 103.8 90 9 June _ 86.6 80.1 100.9 84.9 93.3 93.1 95.4 103.8 90.8 July 88.4 80.1 100.4 86.6 95.0 97.3 97.0 111.8 91.4 August _. . 88.7 81.2 99.7 88.3 97.1 99.2 98.0 110.9 93 2 September 88.9 86.1 97.9 90.2 98.8 101.9 96.4 108.4 93 7 October __ 93.1 89.1 98.8 91.2 100.0 103.2 97.1 108.4 94.2 November ._ 95.8 92.7 99.4 92.9 102.4 105.6 99.7 106.8 94 4 December 98.7 97.4 98.2 93.9 104.9 107.7 98.7 106.9 95.7 1923—January 100.2 101.6 99.2 101.0 99.2 97.0 103.1 106.0 109.2 97.0 110.1 96.3 100.5 111.4 February 101.6 101.6 102.3 104.1 99.9 97.7 103.6 106.3 109.3 98.5 107.7 97.2 102.1 114.2 March 103 0 102 7 104 3 106 3 100.6 97.4 104.9 107.4 109.5 99.3 109.2 99.3 102.6 115.3 April 104 2 103.3 107 1 107.4 100.7 99.4 105.7 108.1 110.0 101.4 110.1 100.2 102.3 114.9 May 105.0 104.9 108.1 107.0 101 4 100 6 106.0 108 7 108 6 101 1 107 2 99 8 108 0 114 8 June 106.3 107.8 108.5 108.1 102.7 101.9 106.0 108.1 107.9 102.0 106.5 100.7 107.0 111.4 July 106 4 106 5 109 8 107 5 103.6 103.4 104.8 107.4 105.1 102.4 104.7 100.2 105.4 103.3 August 105.9 107.2 108.3 107.4 103.4 102.1 103.6 105.4 105.1 102.8 102.7 100.2 104.4 92.3 September 105.3 105.6 108.0 108.6 102.6 102.5 102.4 103.5 104.3 103.4 103.4 99.4 102.0 85.8 October __ _ 104.4 104.4 105.2 111.1 102.0 101.4 101.1 101.1 103.4 103.6 103.7 99.6 100.2 86.4 November 104.2 103.0 105.3 112.4 102.0 100.1 100.8 100.4 103.6 103.3 102.8 99.3 101.0 89.2 December 103.0 100.9 103.8 111.6 101.0 100.2 100.3 100.1 102.7 102.0 102.2 99.3 100.0 91.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

843 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 5.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average—100] Durable goods Nondurable goods Non- Year and month g T a d o o b u o t l r d a e - l s s I p u t r r e o c o e n t d l s , , - c M e h r i a y n - - T p i t o q r i a o r u t n n i a p s - - - m p r u e f r o e c o t u r a t d - s s l - s, L p b u r u e c o m r t d , s - - S p c g u l t r l a o c a o y t n s d s s , e - , T g n d a o o o b u o t n l r d a e - - l s p t T u i r l e c o e x t s d s , - - L m tu f e e a a r a r c n e , t - h u s - - F p u r o c o o t d s d - , T m t o f a u c b a r n a o e c u c s - - p a r in p in g e t r - , C p i l c e e h a u t e l r m s m o , - - p R u b r u c o e t b d r s - - 1924—January 103.1 102.8 103.2 109.4 100.2 101.1 100.4 100.2 101.1 102.1 103.3 100.0 100.0 92.6 February 103.2 105.4 101.4 106.9 101.1 100.9 100.5 100.4 100.6 103.0 102.3 100.2 100.2 92.1 March 103.1 106.2 101.0 105.0 100.9 101.7 99.7 99.0 101.3 101.4 101.1 100.0 100.2 92.0 April 101.8 105.7 100.2 100.3 100.2 102.1 98.2 96.1 98.6 100.6 101.4 100.3 100.2 90.4 May 97.8 99.2 96.4 92.2 99.4 100.3 96.4 94.3 95.6 98.6 98.4 100.2 100.4 89.6 June 93.9 94.8 92.9 86.2 96.5 98.1 94.5 92.6 92.3 96.9 97.3 99.8 94.6 88.3 July 90.8 9.2 .9.7 95.4 95.7 92.3 89.0 90.8* 96.7 99.3 98.2 94.2 84.5 A S O e u c p t g o t u e b s m e t r ber 9 9 9 0 1 2 . . . 2 5 90.4 8 8 8 4 6 4 . . . 0 0 8 9 9 9 5 6 7 . . . 6 4 4 9 9 9 6 6 7 . . . 8 8 3 9 9 9 4 4 3 . . . 4 9 2 9 9 9 3 0 1 . . . 7 6 3 9 9 9 4 6 1 . . . 0 9 3 9 9 95 7 7 . . . 7 2 5 9 Qy 9 8 y 0 Q . . . oo 32 9 9 9 8 9 9 . . . 3 6 8 9 9 9 3 3 3 . . . 3 4 9 8 9 9 5 2 4 . . . 0 8 4 November 92.2 90.9 86.4 97.6 97.1 95.4 93.7 96.3 96.6 97.3 94.3 99.6 December 95.5 96.5 93.3 90.5 98.4 98.3 97.3 96.1 96.7 99.0 96.9 95.6 99.3 1925—January 97.6 100.4 95.0 92.2 100.5 98.4 97.4 97.7 99.7 98.0 100.0 96.3 99.9 February 97.9 100.9 96.4 90.9 100.6 99.2 98.6 98.6 100.4 96.4 100.6 96.8 101.4 March 98.0 100.8 95.9 93.0 99.8 99.3 98.8 99.1 99.5 97.5 101.2 97.9 102.3 April 98.4 96.! 97. 100.0 99.6 99.8 98.6 99.4 93.4 101.2 99.4 102.8 May 97.9 97.7 8.7 99.4 99.4 99.5 97.8 98.7 96.9 100.8 98.2 106.4 June 97.3 98.0 99.8 99.6 99.8 95.1 99.2 94.7 100.7 98.9 108.6 July 98.4 96.8 99.2 99.7 100.5 101.1 96.1 100.1 95.3 101.0 100.8 109.9 August 98.8 96.9 99.2 98.8 99.8 100.7 100.8 96.9 100.3 95.7 100.8 101.0 110.6 September 99.7 96.9 100.3 101.4 100.5 100.1 99.2 97.0 101.0 94.2 100.9 102.4 108.3 October 101.6 98.0 102.6 106.8 101.0 100.6 100.7 97.4 95.2 101.9 103.0 104.2 November 103.0 99.4 104.8 110.0 101.0 101.2 101.6 96.2 93.6 102.2 103.7 105.1 December 103.9 102.5 106.3 108.4 101.1 101.1 101.2 94.6 100.2 94.4 102.4 105.2 107.4 1926—January 103.9 103.0 106.! 106.3 104.1 101.6 101.4 95.2 101.2 91.4 103.2 105.3 108.9 February 103. 103. 107.1 105.1 103.7 101.1 100.5 95.6 100.2 92.3 103.0 105.2 107.3 March 103.2 102.1 107.1 104.5 101.5 100.8 100.3 95.0 99.8 92.1 103.4 105.3 106.8 April 102.8 102.9 106.8 101.1 101.4 100.6 99.9 94.4 99.2 92.2 103.8 105.6 105.7 May 102.0 102.0 106. 96.5 102.9 100.4 99.4 95.0 99.4 89.9 104.0 106.9 102. 8 June 102.2 101.9 107.1 97. 104.1 100.4 98.7 95.7 99.4 92.4 104. 2 107.9 102.4 July 102.4 102.2 107.6 98.4 104.6 99.5 97.6 96.3 99.4 90.3 104.0 107.4 97.5 August 102.8 102.4 108.2 98.9 105.4 100.3 98.3 96.9 99.9 89.3 104.3 107.7 105.4 September 102.9 103.0 108.3 99.0 105.5 101.1 99.6 97.7 99.9 89.7 104.9 107.6 107.7 October 102.4 102.5 108.6 96.0 104.9 101.4 100.4 98.7 99.8 89.7 105.4 107.2 108.9 November 101.4 101.9 106.9 94.6 104.4 101.4 100.5 99.3 99.7 89.6 105.7 106.8 105.0 December 100.2 100.5 106.6 91.3 102.9 101.8 102.2 99.6 99.0 90.2 104.7 105.9 103.1 1927—January 98.7 99.3 105. 87.3 97.3 102.3 102.2 102.6 100.4 89.6 104.0 108.2 102.4 February ___ 99.1 99.3 105.6 92.2 96.3 102.0 102.4 103.1 98.1 99.9 91.3 104.7 107.8 102.8 March 6 104.0 92.1 94.9 103.0 102.3 102.8 98.3 99.5 916 104.7 108.0 103.6 April 97.9 103.3 91.7 93.4 102.4 102.4 103.1 97.7 100.1 92.9 105.0 107.2 106.6 May 97.6 102.9 90.3 94.0 101.4 102.4 103.5 98.1 100.0 929 104.0 105.4 109.3 June 97.2 98.4 103.4 88.9 93.6 100.5 102.9 103.9 98.5 101.7 946 103.8 104.3 108.9 July 96.2 97.4 102.2 ,4 94.0 99.2 103.0 105.4 97.4 100.7 961 103.5 103.9 105.8 August 6.1 6.4 102.0 87.8 93.9 98.3 102.9 105.8 98.1 100.3 904 104.3 102.8 106.3 September.. 95.1 95.8 100.7 85.3 93.7 97.8 102.8 105.2 98.0 100.7 962 104.2 102.3 105.5 October 94, 94.6 100.8 84.2 93.3 97.4 102.2 104.4 97.4 99.4 958 104.1 100.7 105.1 November,. 93.6 93.2 99.5 83.3 92.4 98.0 102.0 104.4 95.8 99.5 955 104.0 100.6 104.7 December.. 93.1 93.1 99.0 84.5 91.0 96.7 101.5 104.1 95.7 99.2 934 103.9 106.8 1928—January 93.0 92.8 84.8 91.0 97.0 101.4 103.4 96.4 99.7 944 104.0 99.0 108.0 * ebruary 93. 94.4 99.1 86. 91.4 95.9 101.5 102.9 96.9 100.9 921 104.5 100.1 110.0 March 94.4 95.3 99.3 87. 92.0 95.9 101.2 101.8 96.9 102. 4 920 103.8 99.9 108.6 April 94.7 95.7 100.1 88.4 91.6 94.4 100. 100.9 95.4 102.6 913 103.5 99.5 106.7 May 95.9 96.2 102.3 92.0 91.2 95.7 100.3 99.7 95.4 102.7 915 104.5 99.2 106.3 June 97.1 97.2 103.7 95.4 91.6 95.4 100.3 99.9 95.9 102.5 910 104.8 101.1 106.2 July 97.8 104. 99.1 91.4 95.9 100.6 99.8 95.3 103.4 862 105.1 101.7 111.7 August 107.0 102.8 92.3 96.7 101.2 100.2 94.8 103.9 923 105.6 101.9 113.6 September 100.4 108.8 105.4 92.6 95.9 101.3 99.6 95.1 104.3 906 105.6 104.2 115.2 October 101 110.0 105.6 93.0 95.1 102.3 101.4 95.0 104.7 904 106.4 107.5 116.4 November 102.0 111.7 106.0 93.6 94.4 103.3 102.8 94.7 106.7 894 106.9 108.4 116.3 December 102.5 100." 113.4 103.9 93.8 95.4 104.1 103.4 95.6 108.6 889 106.7 110.4 115.0 1929—January 104.4 102.2 117.1 107.0 94.5 96.4 103.9 103.2 95.3 857 107.3 112.2 115.9 February 105.4 101.7 119. 110.3 95.0 95.2 104.5 103.3 95.4 109.1 868 109.1 113.2 115.9 March 105. 101.9 121.6 109.1 95.0 94.3 104.8 104.0 95.1 108.5 858 109.1 114.8 116.4 April 106.8 102.9 124.0 108.7 95.6 94.3 106.1 104.8 95.5 113.5 863 109.5 116.5 116.3 May 107.4 104.0 126.9 106.9 95.9 94.3 105.7 105.4 97.2 109.4 848 110.3 114.0 116.4 June 108.2 105.2 130.0 105.4 96.3 94.0 106.0 106.0 97.6 109.2 844 111.3 114.6 115.1 July 109.2 105.6 132.2 106.3 97.5 93.7 107.1 106.5 98.4 112.1 836 112.1 116.3 115.4 August 109.7 106.1 133.4 105.4 98.0 94.9 107.3 106.3 99.4 113.2 85.0 112.6 116.9 113.3 September 108.2 105.4 130.4 104.2 96.7 94.0 106.5 105.4 100.8 111.1 830 114.3 117.5 110.4 October 106.4 103. 129.7 3.4 95.2 93.4 106.8 105.7 102.1 112.4 81.9 113.8 118.3 105.6 November 102.8 102.1 125.1 90.0 92.7 92.1 105.8 104.0 104.0 112.9 822 113.7 117.7 96.2 December 99.3 98.9 120.3 86.3 90.3 89.1 104.3 102.4 100.7 112.1 782 113.7 116.4 93.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 5.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Durable goods Nondurable goods Non- Year and month g T d a o o b u o t l r d a e - s l p s I u r t r e c o o e t n d s l , - , c M e h r i a y n - - T p e m t q o r i a e u o r n t n i n a p s t - - - m p r u f e r o e c o t u r a t d - s s l - s L p u b r u c e o m t r d s , - - S p c g u r t l l c o o a a t n y s d s s e , - , g T n d a o o o b u o t n l r d a e - - s l p t T u i r l c e o e t x d s s - , - L m t f u e e a a r a r c n e , t - u s h - F p u o r c o o t d d s - , T m t o f u a a c b r c n o e a - u c s - - p P r i a n i p n g e t- r, C p l i e c e h u a t e r l m m o s - , - p R u b r c u o e t b d r s - - 1930—January 98.0 118.4 87.4 88.3 87.0 103.1 101.0 98.1 110.4 81.6 112.9 115.6 93.0 February 96.5 116.1 86.2 85.6 85.9 101.3 98.3 96.2 109. 79. 112.2 114.8 91.3 March 95.1 114. .4 84.6 86.1 100.2 97.0 95.3 109.0 79. 111.8 113.3 90.5 April 96.3 111.9 84.3 82.6 85.6 100.1 96.8 95.3 109.8 80.3 110.8 112.4 91.7 May 92.2 95.8 108.9 84.3 80.7 84.0 99.0 94.9 93.8 109.0 81.1 110.7 111.5 90.4 June 89.7 93.1 105.8 82.3 78.1 81.9 97.9 93.8 92.6 108.3 80.3 109.6 110.7 July 86.3 89.9 102.1 78.8 74.7 78.6 95.9 90.4 90.8 107.9 79.8 108.5 110.4 August 83.4 86.1 99.4 76.9 71.4 76.8 94.3 89.0 89.3 106.6 75.4 107.2 108.8 83.7 September 81.2 83.2 97.9 75.0 68.6 75.9 93.8 88.9 87.7 106.7 76.9 105. 1 107.2 80.4 October 80.2 81.8 96.0 75.4 68.0 75.2 92.9 88.4 86.1 105.4 75.4 104.0 104.6 79.2 November 78.4 80.0 93.6 74.9 65.7 73.7 91.9 88.0 85.6 103.7 74.3 102.4 102.8 78.1 December 76.5 78.6 91.2 72.0 64.0 72.7 90.7 87.1 83.2 101.4 75.7 102.0 102.0 78.9 1931—January 74.7 77.4 89.4 78.3 62.2 70.3 89.7 85.6 83.2 101.3 74.1 100.6 100.8 77.4 February. __ 73.3 75.7 87.7 67.3 77.1 61.2 69.5 89.1 86.1 82.5 99.2 75.9 99.6 99.1 75.4 March 72.6 75.3 85.7 68.6 76.3 59.9 69.2 89.2 87.8 85.0 98.0 75.1 99.3 95.2 72.7 April 72.0 75.0 84.4 68.1 75.9 59.5 68.4 89.5 88.9 85.3 95.8 74.3 98.9 98.4 73.6 May 70.8 73.0 82.2 68.6 75.1 59.0 67.7 90.1 89.7 85.8 96.4 74.3 98.6 98.1 75.4 June 69.0 70.5 79.4 67.6 73.8 57.8 66.6 89.0 88.9 85.7 95.6 73.0 96.7 96.4 76.0 July 67.3 70.1 76.3 66.1 73.9 56.1 63.4 90.4 87.6 95.4 72.8 95.9 95.1 75.1 August 65.7 68.8 74.1 65.9 70.2 54.6 61.7 89.6 87.8 95.2 71.7 95.7 93.3 73.2 September.. 64.2 66.1 72.4 66.3 69.1 53.0 60.3 87.3 87.8 85.7 94.8 70.6 93.8 92.4 73.3 October 61.9 64.4 70.4 61.4 67.2 51.4 57.9 85.4 84.8 82.1 93.0 69.6 93.5 92.3 71.1 November- 60.9 63.8 68.9 61.4 66.6 50.3 56.2 83.8 83.4 78.4 91.3 69.0 92.2 91.3 72.0 December _. 60.6 63.8 68.3 64.1 48.3 55.2 83.8 83.4 82.0 91.3 65.8 91.4 90.9 71.3 1932—January.... 59.8 63.2 67.0 63.2 65.6 48.1 53.4 83.2 82.5 81.7 90.2 69.5 90.9 91.2 70.7 February- 59.2 62.5 66.3 63.4 65.0 47.4 52.7 83.0 82.4 82.6 90.2 67. 3 89.7 90.7 70.6 March 57.4 61.0 64.1 62.0 63.3 45.4 51.0 81.7 80.1 83.3 89.6 66.1 89.0 89.2 69.6 April 55.0 59.4 60.9 56.6 60.6 44.4 49.2 79.6 76.1 82.5 89.2 65.4 88.0 89.1 68.1 May 53.2 57.7 58.7 56.3 58.0 42.8 46.0 77.0 72.1 79.0 89.3 64.0 86.1 87.7 67.0 June 51.9 56.4 56.1 57.3 56.7 41.9 43.4 74.8 69.1 78.1 65.3 84.8 81.3 67.8 July 50.1 54.1 53.4 57.3 51.9 41.0 42.8 73.0 66.8 76. 3 64.9 83.7 79.8 66.0 August 48.8 53.3 51.6 52.5 54.0 40.5 42.6 75.4 72.9 79.2 86.7 64.1 82.1 78.7 65.0 September.. 48.7 54.0 50.9 48.6 54.3 41.6 43.8 79.4 80.6 81.8 87.8 64.7 83.1 83.3 64.9 October 49.4 55.3 51.4 46.9 55.2 43.1 45.4 81.4 83.9 84.5 65.1 83.6 84.6 66.2 November.. 50.3 56.2 51.7 49.9 56.0 43.4 46.0 81.4 83.7 85.1 65.6 82.9 85.4 67.4 December.. 49.9 55.3 52.0 48.7 55.7 43.7 45.0 80.4 82.7 80.4 65.1 82.0 86.0 67.4 1933—January 49.1 53.8 50.3 50.4 54.2 43.2 43.4 80.0 81.2 90.4 63.4 81.9 86.5 65.7 February... 49.0 55.3 50.7 48.3 53.4 42.7 43.5 80.2 80.7 81.1 91.4 61.9 82.0 87.1 65.7 March 46.8 52.6 49.4 43.3 51.4 41.2 42.1 76.9 75.2 80.4 90.9 56.6 80.6 85.8 63.7 April 47.5 54.3 50.3 42.3 52.3 42.1 42.0 79.2 79.1 80.4 94.7 56.4 80.4 86.2 63.7 May 50.1 57.6 52.5 45.1 55.2 44.6 43.7 83.4 84.8 85.1 97.5 63.4 81.4 88.9 67.6 June 54.6 63.2 56.8 49.2 59.7 48.4 48.4 88.9 94.4 89.9 98.1 64.8 83.4 93.3 75.1 July 60.0 70.1 60.7 57.8 64.1 52.3 52.7 94.1 103.6 92.7 98.1 64.2 85.6 97.7 83.3 August 64.8 76.3 67.2 62.5 70.2 54.8 55.4 96.4 103.0 93.8 102.4 64.6 90.0 103.6 93.4 September.. 67.8 78.4 70.6 69.0 73.4 57.2 55.4 97.1 100.2 92.9 108.8 63.7 93.0 107.5 94.9 October 67.9 76.9 72.9 68.7 73.2 57.4 54.8 97.2 98.6 92.9 111.4 65.2 94.1 109.2 94.0 November.. 66.3 75.3 73.2 61.4 72.4 56.6 55.0 95.3 95.7 89.8 109.9 66.3 93.7 109.8 92.0 December.. 66.3 75.1 72.7 63.1 70.7 56.3 56.0 93.2 91.8 109.6 65.4 93.7 109.4 89.2 1934—January.... 67.0 74.3 72.6 71.1 54.4 59.1 93.7 92.7 88.3 109.3 63.0 93.8 110.4 87.9 February... 70.2 76.7 74.8 81.4 73.1 55.3 60.0 97.1 98.3 92.0 111.1 67.2 94.8 112.0 90.6 March 73.4 79.8 79.0 89.4 76.7 55.9 61.0 99.7 100.9 94.1 116.7 69.8 95.7 112.2 93.7 April 76.0 83.1 82.4 93.1 77.9 56.7 62.7 100.0 101.9 96.0 114.3 71.4 97.4 112.2 96.0 May 77.2 86.2 82.7 92.3 79.6 58.2 64.1 100.3 101.6 98.8 116.9 67.3 98.2 109. 3 96.7 June 76.9 87.6 82.4 91.0 78.1 57.1 63.9 99.2 99.2 96.2 119.4 68.2 98.0 109.9 93.5 July 75.8 87.4 81.6 87.4 76.3 56.4 62.4 98.4 97.2 95.0 119.9 67.1 97.4 110.7 90.1 August 73.4 79.8 81.4 84.9 76.0 56.4 60.7 98.7 96.6 94.9 124.2 69.7 97.8 111.5 86.6 September.. 71.3 76.0 79.2 80.7 75.0 56.2 60.7 90.8 78.7 91.0 125.1 68.8 98.2 110.2 83.7 October 70.3 75.7 78.7 74.1 75.4 56.9 60.1 98.0 96.6 91.3 125.3 68.3 98.6 109.9 81.2 November.. 70.4 76.4 78.9 71.4 76.9 57.3 62.1 98.1 96.8 95.4 123.3 67.1 99.2 109.9 81.4 December.. 72.9 78.7 80.1 79.9 79.0 58.1 62.2 99.3 99.4 95.6 123.7 67.8 99.6 110.5 83.6 1935—January 76.6 82.6 82.5 90.3 60.2 64.1 100.4 102.9 95.5 119.8 68.4 100.0 110.9 February... 79.2 85.0 84.4 96.7 82.8 62.0 64.8 100.4 102.6 95.7 120.9 65.1 101.1 110.8 87.6 March 80.1 85.7 86.7 98.0 83.4 62.2 64.8 100.8 103.0 96.4 119.8 65.5 101.9 112.1 87.3 April 80.4 85.9 87.4 97.4 84.6 62.7 64.5 100.7 102.9 97.3 121.0 65.4 102.0 111.9 86.3 May 79.7 86.1 86.5 94.9 84.7 61.4 65.0 100.0 102.0 95.9 120.8 64.8 101.8 111.7 85.6 June 78.3 85.6 86.4 91.6 84.8 57.9 66.1 99.6 101.8 119.7 65.8 101.7 113.4 84.9 July 79.7 85.7 88.4 89.9 84.9 62.4 66.8 100.1 102.0 120.8 65.8 102.2 112.4 82.4 August 81.4 87.1 89.9 92.4 85.4 65.6 67.0 100.2 103.2 95.6 119.3 64.4 102.2 113.0 83.2 September.. 82.3 87.8 92.4 89.5 87.9 66.8 67.1 100.8 104.2 96.2 120.3 64.9 102.4 112.3 84.4 October 84.3 89.9 94.2 94.9 90.9 66.9 68.2 101.4 105.0 96.0 118.9 64.9 102.4 113.9 85.0 November- 85.7 91.2 95.1 99.3 92.1 67.3 69.6 102.0 105.9 97.2 119.4 64.5 102.8 113. 9 85.1 December .. 86.4 92.5 95.0 101.1 92.4 67.4 70.4 102.3 106.3 98.2 120.1 65.2 103.4 113.4 85.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

845 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 5.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Dui•able goods Nondurable goods Year and month T g d a o o b u o t l r d a e - l s I p s u r t r o e c o e n t d s l , , - c M e h r i a y n - - T p e m t o q r i a e o u rt n n n i a p t s - - - m p N r u f e r o e c o o t u r a t n d - s s l - - s, L p u b r u c e o m t r d s , - - S p c g u t r l l c o o a a t n y s d s s , e - , T g n d a o o o b u o t n l r d a e - - s l p t T u i r l c e o e x t d s s - , - L m tu f e e a a r a r c n e , t - h u s - - F p u r o c o o t d s d - , T m t o u f c a b a r o n c e a - u s c - - P p a r in i p n g e t r - , C p i l c e e h a u t e r l m m s o , - - p R u b r u c o e b t d r s - - 1936—January 86.6 92.7 95.4 99.4 92.9 68.9 69.9 101.7 105.1 96.8 120.2 64.2 103.1 112.8 85.3 February _ 85.2 91.2 95.6 95.1 92.1 67.9 67.7 100.0 102.4 94.7 118.8 64.2 103.7 111.0 84.7 March 85.5 91.3 96.9 94.7 90.9 68.0 69.4 100.1 103.0 93.4 120.0 64.2 104.0 112.1 75.0 April _ _ 87.5 93.4 99.3 98.9 90.7 68.4 71.9 100.8 103.4 92.4 121.0 64.2 104.4 111.4 87.0 May 89 4 95 8 101.7 100.9 91.9 69.9 72.4 101.6 103.7 93.3 122.2 65.3 104.7 113.5 88.6 June 90.6 97.7 102.9 102.4 93.6 69.9 73.9 102.5 105.2 93.1 123.0 65.0 105.0 113.6 90.2 July 92.4 100.4 104.1 104.0 95.1 71.6 76.0 104.2 108.1 94.6 123.8 65.4 105.0 115.9 91.7 August 92.8 102 0 104.4 102.0 97.1 72.0 75.7 105.4 109.4 95.4 125.9 66.1 106.2 116.1 92.7 September _ _ 93.8 103.1 106.4 101.1 98.9 73.2 76.0 105.7 108.7 97.2 126.3 66.3 107.4 118.8 93.9 October, 95.4 105.0 108.3 104.2 101.4 73.4 77.2 106.0 108.4 97.9 126.2 65.9 107.9 119.0 96.4 November 97.7 106.1 110.5 112.6 103.4 74.1 77.1 107.6 110.8 100.0 126.8 67.3 108.7 119.7 98.7 December 100.6 108.6 113.7 119.1 105.8 75.5 78.9 109.1 113.0 102.0 128.8 66.9 109.3 120.3 100.8 1937_j anuar y___ 100.3 109.8 115.6 109.8 104.8 77.1 79.7 109.9 114.4 101.7 128.4 66.8 109.9 122.0 101.0 February 102.1 111 4 119 2 110 7 108 5 76.9 82.6 109.8 113.4 100.3 129.9 66.2 110.9 122.6 101.1 March 104.3 113.5 121.6 114.1 110.1 78.7 83.4 110.2 113.4 100.4 130.4 66.2 112.8 123.7 96.0 April 106.2 115 6 124 2 118 4 112 4 78.9 83.4 110.4 113.7 100.0 130.4 66.1 112.9 125.9 95.8 May- 107.4 117.1 125.6 122.1 113.0 79.4 82.4 110.6 113.7 100.5 128.7 65.3 113.3 126.9 103.1 June 106.6 108.7 128.9 123.4 113.0 80.2 82.0 110.0 112.4 100.9 128.0 65.0 113.3 128.5 101.6 July 108.6 115.8 130.3 123.0 113.6 80.7 81.4 109.9 111.2 99.6 131.6 65.7 112.8 128.7 96.9 August 108.3 116.0 130.7 123.4 112.7 79.1 80.1 108.9 109.9 97.7 129.6 65.0 112.4 129.0 98.5 September 107.6 115 4 130 0 124 5 110 8 77.3 80.8 106.8 106.4 95.8 127.9 64.7 112.7 128.5 97.5 October _ _ 105.4 112.2 128.0 125.4 106.2 74.4 79.4 104.7 102.4 94.5 127.1 64.0 112.0 125.8 96.1 November 99.8 104.6 120.7 119.4 103.4 70.2 77.7 101.3 97.0 90.5 127.3 64.2 110.1 122.9 89.7 December _ 91.9 97 0 112.8 101.2 97.2 66.2 74.1 98.1 93.4 89.0 124.5 64.3 107.4 117.7 85.1 1938—January.. 83.7 88.2 104.8 80.9 90.4 64.1 69.8 96.0 90.6 89.5 124.7 60.7 106.4 114.8 78.0 February 81.0 85.7 100.0 77.0 88.4 63.6 67.6 96.4 92.2 89.9 124.2 64.2 106.1 114.4 74.1 March- 79.0 83 8 96.9 73 3 86.5 63.4 65.7 95.4 91.4 89.9 122.4 64.6 105.6 112.7 72.4 April _ . 76.2 81.6 92.8 68.3 84.5 61.9 64.9 94.1 89.4 89.8 120.4 64.9 105.0 110.9 72.2 May 74 1 80 2 89 1 65 1 82 4 60.9 63.4 92.9 87.6 87.1 120.0 64.8 103.7 110.2 71.3 June 71.9 77.8 86.0 61.1 81.3 59.9 63.2 92.4 87.4 84.4 121.2 65.2 103.0 108.4 71.3 July 70.7 77.4 83.3 56.9 82.0 60.2 63.4 94.5 92.1 88.4 122.2 61.9 103.0 108.3 69.5 August? _ 72.1 79.3 85.1 56.4 84.6 61.7 64.4 97.5 96.8 89.1 123.4 63.7 103.7 110.9 74.3 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Iron and steel group Year and month w n B s f a t o u l c e a r r e e k s - s l t s , w r B n i e v u o a r e s s l t t s , h t s , s - , C p ir i a o p s n e t- l t C e e o d u r o g y t l - e s , F i o n r g g s - H w a a r r d e - P p l s e u u l r i m p s e ' - s b- S e t w a e n m l a a e m p r d e e - d, S b w t h e e a a o a t t t e m i - n r g , Stoves m S t o u t e r r r n n u a a t c l a - , - l c w T t a i i a n n n r - ^ - e Tools W wo ir r e k - 1923 104.5 112.5 96.0 99.6 116.5 101.6 89.9 110.1 102.2 106.0 104.4 101.0 105.7 93.1 1924 97.1 89.5 101.6 102.4 97.4 96.6 100.1 95.7 97.7 95.0 97.7 100.0 102.2 100.0 1925 98.4 98.0 102.4 98.0 86.1 101.8 110.0 94.2 100.1 99.0 97.9 99.0 92.1 106.9 1926 101 0 110 1 100.8 96 9 102.6 104.2 107 5 1927 95.7 96.0 101.8 94.6 65.5 93.0 96.7 93.0 99.3 96.2 106.1 98.4 91.7 120.4 1928 96 2 92 4 92 8 104 1 92 4 94.0 106 5 1929 103.2 114.0 87.8 89.5 87.8 101.7 92.5 120.5 91.6 99.3 111.2 104.3 107.6 124.2 1930 90 3 80.4 88.6 106.3 78.3 83.1 98.9 1931 68.4 74.2 71.5 74.2 41.9 70.3 65.1 85.4 67.1 69.4 76.0 83.7 60.4 95.6 1932 57.8 55.2 46.3 67.4 32.1 58.9 48.3 79.5 47.4 55.0 49.7 73.3 48.8 87.6 1933 71 0 59.8 42.1 64.5 33.4 63.4 52.6 97.2 51.6 64.3 43.3 77.3 53.5 97.9 1934 86.2 76.0 57.5 80.0 46.3 76.5 46.3 131.9 58.9 78.4 54.3 88.6 64.6 124.1 1935 92 1 88.1 60 3 81.9 51.5 80.8 66.6 150.5 62.7 88.9 55.2 91.0 70.4 139.7 1936 105.4 99.5 69.9 84.6 58.6 85.5 75.9 160.2 75.6 98.2 69.1 99.5 83.2 164.2 1937 - -_ 120.0 113.6 73.7 93.7 69.4 99.0 82.6 171.6 86.1 102.0 79.2 105. 4 98.4 194.8 1923 January 100 90 100 117 102 120 97 February 101 91 101 116 101 108 98 ML arch 102 92 102 115 104 If 9 103 April 102 93 103 117 105 110 103 M^av 105 93 102 117 105 108 103 June 109 97 103 114 105 109 107 July 107 98 104 114 105 111 103 August 109 98 103 107 103 103 108 Sentember 107 98 102 104 102 102 108 October 106 99 101 100 100 99 108 November 105 101 98 98 98 99 107 December 102 102 98 101 97 99 105 1924 January 104 103 100 104 99 96 105 February 108 104 102 110 97 98 105 March 109 104 100 > 109 100 97 103 April 108 105 101 105 103 97 101 May 99 104 99 100 102 96 99 June 94 102 96 93 99 95 98 July 89 99 91 88 97 88 96 Ausust 86 100 89 89 96 93 95 September 87 99 92 85 96 94 95 October 91 101 94 88 96 95 92 November 91 100 96 87 95 94 91 December 98 98 98 90 92 96 95 1925 Tanuarv 102 99 99 91 98 97 97 February 102 101 100 92 97 100 97 March 102 101 101 92 97 98 98 April 100 100 100 91 97 95 97 98 101 102 92 97 96 97 June 96 100 101 93 97 98 98 July 96 100 100 91 98 95 100 August 95 102 102 94 99 99 97 Sep tember 95 105 103 95 101 101 97 October 96 105 104 97 104 101 99 November 97 106 105 101 106 103 98 December 101 109 106 102 108 104 99 2926—January 102 108 106 101 106 106 101 February 102 109 106 100 105 104 103 March 101 109 104 99 104 103 104 April 101 110 103 99 104 106 106 May 101 108 102 97 103 103 106 June 101 110 99 96 104 103 107 July 100 113 99 96 102 106 112 August 101 112 99 97 102 105 110 September 102 113 99 96 103 104 111 October 101 112 99 97 101 104 111 November 101 110 98 94 100 104 109 December 100 108 95 91 97 103 109 1927—January 98 107 96 92 98 102 107 February 98 106 96 91 99 100 108 Mi arch 99 106 96 93 99 100 108 April 98 105 95 92 100 98 108 May 98 105 94 93 100 98 107 June 97 103 94 93 100 98 107 July 96 102 93 94 102 92 106 August 95 100 89 94 101 95 106 September 94 97 91 94 103 95 105 October 93 96 91 93 100 94 104 November 91 96 90 93 97 QO 104 December 91 98 90 93 94 91 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

847 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Iron and steel group Blast Bolts, Year and month fur- nuts, Cast- Cut- Plumb- Stamped, Steam, Struc- Tinn w s a t o c e r e e k s l s , w ri e v a r s e s h , ts - p ir i o p n e t l e o e d r o g y l e s , F in o g r s g- H w a a r r d e - p s e u l r i p s e ' - s e w e n l a a e m r d e - h w e h a a o t t t i e - n r g Stoves m t o u e r r n n a a t l a - , l c w t a i a n n r s - e , Tools W wo ir r e k - 1928—January 92 96 89 92 91 88 105 February 94 95 90 95 91 92 105 March 95 94 90 98 93 91 105 April 95 94 90 102 94 92 104 May 95 94 90 105 95 94 105 June 96 94 91 105 95 94 107 July 96 90 91 106 93 95 105 August . 97 91 94 108 97 95 107 September 97 92 95 108 93 95 107 October 98 91 96 108 92 96 107 November 100 89 98 110 90 97 109 December 101 89 £9 113 86 98 113 1929—January 101 89 99 116 95 101 111 February 101 84 102 115 96 100 111 M arch 101 86 102 116 94 99 112 April 103 86 101 118 94 100 111 May 104 85 102 120 91 100 110 June 106 87 102 122 91 99 110 July 106 90 103 124 89 101 111 August 107 92 102 125 90 100 112 September 106 93 103 124 90 100 113 October.. _ 103 90 103 124 90 100 113 November 102 87 101 125 90 96 111 December 98 84 100 119 89 95 109 1930—January.. 99 81 100 112 85 95 108 February 99 83 98 116 85 94 105 March 97 84 96 116 82 89 104 April 98 84 94 113 82 87 104 May 97 83 92 112 81 86 103 June 95 83 89 110 77 85 102 July. 90 81 86 108 76 84 101 August... 86 80 84 104 75 81 95 September 83 79 83 99 74 76 94 October _ 82 78 81 97 74 75 92 November 80 75 80 95 74 76 90 December 78 71 79 93 75 72 90 1931—January 77 78 71 78 45 77 71 91 75 72 87 93 63 89 February. 75 78 75 76 42 75 70 90 72 72 85 93 62 86 March 75 79 75 76 41 74 69 87 72 74 83 92 62 89 April 75 78 76 77 41 74 66 88 70 73 81 93 62 88 May 72 79 75 74 40 73 65 87 68 73 78 90 60 89 June 69 79 73 74 39 71 65 87 68 71 75 84 60 92 July 68 75 72 76 41 70 66 87 68 68 75 82 61 97 August 66 74 71 73 43 68 64 86 64 69 74 80 60 109 September 63 69 68 72 43 66 63 85 62 68 72 73 61 105 October.. 61 69 67 71 42 66 63 82 64 66 69 75 59 101 November 60 66 67 71 44 66 62 78 62 65 68 75 58 102 December 61 66 67 72 42 65 59 78 60 63 67 77 58 102 1932—January 61 65 63 72 39 64 59 78 56 61 64 79 56 96 February. 61 63 58 73 39 63 57 78 55 61 61 76 55 97 March 60 61 52 73 39 63 53 80 54 59 59 76 53 92 April 59 58 47 73 33 61 53 78 49 57 56 75 52 88 May.. _ 58 51 46 72 34 59 52 79 43 55 52 72 51 86 June 57 56 42 69 32 59 51 79 43 51 49 73 48 87 July 55 54 43 65 31 55 49 76 43 48 46 70 45 83 August 54 51 41 64 29 55 47 77 43 48 45 68 42 87 September 55 51 39 63 26 56 40 82 44 53 43 72 45 89 October 57 52 41 62 29 57 39 80 46 55 41 74 45 84 November 58 50 43 62 27 58 43 84 48 57 41 73 47 82 December 58 50 42 61 27 58 35 82 44 56 41 71 46 80 1933—January 57 47 39 58 26 57 33 80 42 49 40 71 46 77 February. 59 47 35 58 25 58 41 83 45 49 39 72 45 82 March 56 45 29 52 24 56 45 77 39 46 39 70 43 79 April 58 45 34 54 24 56 40 82 44 47 39 71 44 78 May 62 48 36 56 27 59 51 • 86 48 51 38 73 46 82 June 68 56 41 60 31 64 60 95 52 56 39 75 50 94 July.... 76 66 45 64 35 68 64 102 58 68 42 77 55 106 August, _ 84 73 46 69 39 73 63 113 61 75 45 81 62 117 September 85 75 48 74 43 70 69 114 61 80 49 83 62 122 October 84 73 50 77 40 66 63 114 56 82 51 82 63 117 November 82 71 50 76 43 66 52 112 57 84 50 85 63 111 December 81 69 52 76 44 69 50 111 57 77 50 88 63 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Iron and steel group Year and month w n B s f a t o u l c e a r r e e k s - s l t s , B w r n i e o u v a r l s t e s t s h t , s , s - , C p ir i a o p s n e t- t l C e o e d u r o g y t l e - s , F i o ng rg s - H w a a r r d e - P p l s e u u l r i m p s e ' - s b- ed S w , e t e a l a e n m r d a e p m - - h S w e h te a a o a t t t i e m - n r g , Stoves m S t o u t e r r n r n u a a t c l a - , - l c w T t a i a i n n n r - s e , Tools W wo ir r e k - 1934—January . 79 67 56 74 * 45 78 41 113 57 72 50 84 64 119 February 81 71 56 75 47 82 48 123 57 75 52 84 65 118 March _ _ . 84 74 54 80 52 90 49 136 58 79 52 88 67 120 April _ _. 88 77 57 83 50 94 47 147 58 81 54 89 67 125 May 93 81 57 82 51 91 47 145 59 84 56 91 67 137 June 97 81 58 81 50 81 53 140 61 84 56 92 66 137 July 100 79 57 80 45 73 43 137 61 80 55 92 65 133 August 86 78 60 82 44 73 42 132 59 77 55 88 64 128 September 81 74 59 81 40 63 45 127 58 75 54 89 63 125 October 81 75 59 81 42 60 47 122 59 77 54 89 62 115 November 82 76 59 82 43 62 46 124 59 78 56 89 62 112 December 83 79 58 81 46 69 50 134 59 79 56 86 63 121 1935—January 87 85 59 81 48 78 53 143 59 85 55 89 66 133 February 90 83 59 82 51 85 55 149 60 84 54 88 68 140 March 91 85 59 82 52 85 56 154 60 84 55 87 69 140 April 91 87 57 82 53 81 57 153 60 86 55 88 70 143 May 91 87 60 81 51 80 61 151 61 88 55 90 69 140 June 91 87 60 82 49 77 64 145 61 88 54 90 69 136 July 91 86 61 79 50 75 71 144 60 92 55 92 68 133 August 93 88 59 81 50 75 75 145 64 91 55 93 67 139 September _ 93 90 61 81 51 78 78 149 64 91 55 92 71 126 October.. 95 92 61 82 53 83 78 152 67 92 56 94 74 141 November 95 93 63 84 55 86 77 158 69 92 57 94 76 148 December. 97 94 64 86 56 87 76 162 68 93 56 94 78 157 1936—January 97 95 64 86 56 87 74 156 68 94 58 95 79 159 February 95 93 66 84 55 85 74 152 69 92 59 96 78 152 March 95 93 66 82 55 82 75 152 69 92 61 97 78 154 April. . - __ 99 96 67 81 56 82 76 154 71 92 64 97 78 154 May 102 97 69 80 57 82 76 152 73 93 68 99 78 156 June 105 98 70 82 58 82 76 155 74 98 70 100 80 156 July 108 100 71 82 59 83 76 156 77 100 72 99 81 159 August 111 101 72 83 58 75 77 161 79 102 75 102 84 159 September. 112 102 72 85 58 80 76 162 81 101 75 105 86 164 October 113 103 73 87 61 90 75 170 81 103 76 102 89 173 November 113 106 74 90 64 97 76 174 82 104 76 100 92 184 December 115 110 75 93 67 102 78 179 84 107 73 101 95 200 1937—January 118 114 76 95 67 85 81 178 87 110 75 104 97 191 February _ 118 116 76 93 69 102 80 180 88 110 78 107 100 187 March___ 120 119 78 93 70 105 84 180 90 111 79 106 100 201 April . _ 124 121 79 94 73 104 85 176 93 108 80 107 101 199 May 127 122 79 94 72 104 86 179 92 109 80 108 103 194 June 111 108 76 93 71 103 84 178 91 112 81 108 101 196 July 126 117 74 94 73 100 83 173 91 104 82 110 103 197 August 127 115 73 97 71 98 84 170 88 106 82 109 102 196 September. 127 116 71 96 72 99 86 170 87 102 83 107 100 192 October 123 112 69 94 71 100 83 170 81 96 80 101 96 207 November 113 106 66 92 64 97 81 161 74 82 77 100 91 198 December 105 97 68 90 59 89 73 143 71 77 73 97 87 180 1938—January 95 83 62 84 51 75 71 124 67 73 68 95 81 148 February 92 82 62 82 47 71 71 122 64 75 66 93 79 138 March 90 81 62 79 45 70 70 126 64 75 64 93 78 133 April 87 79 63 78 44 64 71 122 64 70 62 92 76 128 May . 85 80 63 76 43 63 72 120 64 71 60 89 75 126 June 83 77 62 76 40 61 73 113 65 70 58 87 73 114 July . 83 78 60 67 40 57 73 108 69 71 58 86 70 112 August^. --_ _ 84 79 61 77 42 59 73 116 70 75 58 90 74 110 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

849 OCTOBER FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Machinery group Transportation equipment group Foun- Y m ea o r n a th nd m A t c p u i e m u g l r e n l r a - - - i t l - s r C t e e e g a t r c s i s . s h , - t c E m r e h i l r c e i a y n c a - - - l b g E t e i i u n n t n c r e e - - . s s , , c p s d u h m r h r c i o o n a y t d s - e p , - - c t M o h o i a n l - s e R p g a h ra d o p i n o h o s s - , c T m t e h i e r l i a x y e n - - - w T r y it p er e s - c A ra ir f - t A b m i u l o t e o - s - s C t r e r t e o a l r a e a i a i r c c l m d s - - - , , - L t m i o v o c e o - s - b S u i h n i i g l p d- 1923 110.2 107.4 103.0 99.0 108.4 108.1 89.5 116.4 100.0 103.6 100.6 126.9 157.7 114.5 1924 86.8 97.2 97.9 90.0 93.9 92.0 105.9 92.7 100.0 100.0 93.6 93.8 76.4 93.2 1925 103.0 95.4 99.1 111.0 97.7 99.9 104.6 90.9 100.0 96.4 105.8 79.3 65.9 92.3 1926 117 8 121.9 103.3 119.3 90.1 104.8 75.0 86.2 97.4 1927 116.1 103.1 C1) 117.3 97.7 114.3 0) 85.3 111.5 157.9 91.9 59.9 66.7 101.3 1928 132 0 118 3 98.8 127.9 78.5 108.1 48 4 45.4 79.5 1929 145.5 120.8 127.3 129.0 111.3 167.2 204.5 88.1 121.1 525.2 111.3 63.1 56.8 101.3 1930 115.2 107.1 98.4 94.2 126.0 141.0 71.2 80.3 54.7 52.3 107.3 1931 65.8 87.3 80.9 70.3 69.7 74.7 124.4 61.3 77.8 353.1 71.0 29.6 28.0 83.0 1932 . . _ 36.5 74.9 60.6 44.8 51.1 42.1 80.4 48.4 61.6 244.2 60.5 24.9 17.7 66.7 1933 43.3 78.2 58.8 48.3 54.6 44.9 112.1 60.5 68.5 279.6 60.6 22.5 12.2 56.8 1934 72.2 108.0 73.0 62.0 71.0 75.8 158.6 67.6 102.5 358.5 94.5 36.6 23.9 74.6 1935 118.9 116.0 80.7 69.2 78.5 99.5 152.7 62.1 110.0 407.2 110.4 33.9 19.5 82.4 1936 139.4 130.3 91.5 81.4 92.4 125.2 168.1 69.3 119.5 655.6 113.9 46.4 27.6 103.9 1937 167.4 150.6 114.9 103.6 110.5 158.7 154.3 80.6 152.3 908.9 128. 3 60.0 47.9 111.0 \ 923—January 107 87 102 101 111 92 131 151 113 February 116 93 105 106 112 96 129 155 111 March 120 96 107 111 116 98 127 160 117 April 122 99 110 115 119 100 125 157 118 May 120 90 111 117 121 100 125 162 116 June 118 95 111 116 118 101 126 161 119 July 113 104 112 114 120 100 124 167 116 August 106 105 112 96 118 100 127 168 115 September 103 103 111 108 120 101 128 166 113 October 98 97 107 107 118 104 135 164 114 November 99 113 107 102 114 107 132 148 113 December 98 106 105 102 109 110 115 134 109 1924—January 100 102 104 99 107 112 99 101 103 February 99 103 101 100 103 111 92 80 104 March 99 104 100 100 102 110 86 70 101 April 93 104 100 98 98 103 91 70 99 May 86 70 95 95 94 92 100 74 90 June 78 79 91 93 93 84 98 79 91 July 74 75 88 87 89 83 97 77 90 \ugust 75 86 88 83 88 83 93 68 86 September 77 86 88 85 84 84 93 68 86 October 81 89 89 85 85 86 92 72 88 November 86 89 90 87 84 86 92 77 87 December 90 93 93 89 86 91 92 82 89 1925—January 92 97 94 92 90 93 97 72 93 February 94 98 96 93 90 91 96 69 94 March 97 103 95 93 87 94 94 69 95 April 99 112 96 93 88 100 89 70 97 May 100 119 97 95 90 104 82 64 95 June 101 114 98 96 89 103 79 63 92 July 101 109 97 99 91 106 75 63 94 August 105 111 97 102 91 106 72 60 94 September 109 114 98 103 92 112 65 61 91 October 110 120 100 107 91 119 65 62 87 November 114 122 101 112 94 123 65 67 87 December 116 112 102 115 97 120 71 71 90 2 926—January 119 113 102 117 98 116 74 83 92 February 119 116 103 117 97 113 75 86 94 March 118 114 104 119 97 112 79 86 94 April 118 117 104 118 96 107 81 85 92 May 117 130 104 118 92 101 82 87 93 June 117 133 103 117 89 103 80 87 94 July 117 130 104 119 87 104 76 86 96 August 118 125 104 119 86 105 72 87 97 September 118 124 105 120 85 105 73 85 101 October 118 119 104 122 83 101 69 85 101 November 117 118 102 123 85 98 68 84 105 December 117 124 102 122 85 93 67 92 110 1927—January 117 125 102 121 83 89 64 79 109 February 117 132 102 120 85 95 61 78 113 March 116 125 101 118 86 96 58 75 111 April 114 120 100 117 86 96 61 70 109 May 115 117 99 115 86 94 62 67 106 June 115 117 98 114 87 92 65 66 104 July 116 114 97 112 86 90 61 67 99 August 116 113 97 110 86 92 60 70 97 September 115 113 94 112 86 89 59 69 94 October 116 112 95 112 86 88 59 59 93 November _„ 116 110 93 110 83 88 56 51 90 December 120 107 93 110 83 91 49 48 88 1 Data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Machinery group Transportation equipment group Y m ea o r n a th nd m A t c p u im e u g l r e n r l a - - i - t l - s r C t e e e g a t r c s i s s . h , - t E c e m r h l i r e c i y a n c a - - - l b g t E e i i u n n t n c r e e - - . s s , , F c p s m d h o h ro r i u o a n y d n p - e , - - - c t M o h o i a n l - s e R p g h r a a o d p n i h o o s s - , c T m e t h i e r l i a x y n e - - - w T r y i p te e r - s c A ra ir f - t A b m u il o t e o - s - s C t t e r e r a l a i a e c i r c l m - s - - , , - L t m o i o c v - e o s - b S u i h i n i l g p ducts 1928—January 121 110 94 111 93 85 February... 121 111 94 113 96 80 March 124 112 94 115 97 77 April 127 112 95 118 98 77 May 129 116 97 122 102 77 June 132 119 98 125 107 78 July 133 121 99 128 112 78 August 135 117 100 132 117 September.. 137 121 102 135 121 October 141 125 103 140 121 79 November.. 143 129 105 145 121 81 December. . 144 128 105 150 117 86 1929—January.... 142 112 135 107 154 180 121 90 February.. 143 115 136 109 158 179 124 90 March 147 118 133 110 163 *194 122 96 April 152 122 133 111 165 201 120 100 May 154 126 133 113 166 215 116 102 June 151 132 133 114 169 224 114 102 July 150 136 133 114 172 242 114 104 August 144 137 130 114 183 247 112 104 September.. 142 136 127 113 173 218 110 104 October 141 135 123 113 175 213 102 105 November.. 140 131 117 110 170 184 89 109 December.. 138 127 114 108 161 132 109 1930—January 140 124 112 106 155 139 84 115 February.. 140 121 110 104 149 135 84 115 March 141 119 106 102 146 131 82 114 April 137 116 108 101 141 116 83 111 May 133 111 107 99 136 113 84 109 June ill 108 100 97 132 116 82 109 July 99 103 93 122 127 79 106 August 94 100 90 113 143 77 108 September, 93 88 112 153 75 106 October 85 108 162 77 103 November. 83 101 165 79 97 December.. 81 97 154 76 94 1931—January 92 147 411 71 93 February 89 147 391 70 90 March 88 * 135 390 72 87 April 85 147 372 72 86 May 82 131 378 74 85 June _. 77 128 396 72 84 July 84 72 125 352 71 83 August 68 122 307 72 78 September 65 118 325 73 77 October 63 110 305 67 76 November 57 108 298 66 80 December 57 104 304 70 78 1932—January 55 117 294 70 76 February 54 108 288 69 76 March 51 99 288 67 75 April 47 85 265 61 75 May 41 85 251 61 72 June 40 81 236 63 70 July 36 74 222 64 65 August 36 67 210 58 62 September 36 63 203 53 58 October 35 70 214 50 57 November 36 68 226 54 57 December 38 69 230 53 56 1933—January 38 58 222 55 55 February.. 37 65 225 53 53 March 33 65 232 47 49 April 33 75 242 47 44 May 34 92 284 50 48 June 74 38 99 292 55 49 July 41 99 301 65 54 August 50 110 293 70 September., 53 132 299 78 October 57 157 318 78 November. 61 170 325 68 66 December,. 63 165 325 69 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

851 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Machinery group Transportation equipment group Y m ea o r n a t n h d m A t c p u i e m g u l r n e r l a - - - i t l - s r C t e e e t g a r c s i s . s h , - t E c e r m h l i r e c i y a n c a - - - l b g t e E i i u n n t n c r e e - - . s s , , F c p s m d o h r h o r u i o a y n d - n p , e - - - c t M o h o i a n l - s e R p g h r a a o d p n io h o s s - , c T m e t h i e r i l a y x e n - - - w T r y i p te e r - s c A ra ir f - t A b m u il o t e o - s - s C t r t e r e r o l a a i e a a i c r c l m d s - - - , , - L t m i o v c o e o - s - b S u i h n i i g l p ducts 1934—January _ . . 62 98 66 57 64 63 159 71 92 326 78 30 16 68 February. 66 101 68 57 66 72 159 73 99 352 93 34 15 71 March 67 103 70 60 71 76 173 73 106 392 103 35 18 72 April.. ___ _ . 75 106 72 62 74 77 186 72 111 404 107 38 19 73 May 77 108 74 56 75 78 175 74 85 388 105 42 22 75 June 72 101 75 64 76 77 162 71 71 425 102 47 25 81 July _ . _ _ 69 111 75 65 73 77 165 70 107 410 98 47 27 76 August 70 113 76 65 73 77 162 65 109 370 95 43 30 78 September 71 114 75 65 70 77 149 62 110 338 91 37 29 76 October _ __ _ 76 116 74 65 70 77 142 60 113 303 83 30 29 76 November 79 116 74 65 69 78 141 59 114 283 80 27 28 75 December 84 111 75 63 70 81 147 61 112 301 92 27 27 74 1935—January 88 111 76 67 74 83 151 62 111 344 105 29 23 76 February 93 111 77 68 75 86 155 62 109 342 112 36 22 81 March. _ __ 102 113 79 70 77 89 162 62 105 345 113 41 23 81 April 104 115 81 66 78 92 156 63 103 364 112 45 22 80 May ___ 110 113 80 68 77 94 133 61 105 367 108 46 20 82 June 124 114 79 68 77 96 116 62 107 389 106 36 19 75 July.. 132 115 79 69 78 102 133 61 109 413 105 22 15 81 August _ _ _ __ 136 115 80 70 79 108 143 60 109 437 108 23 16 82 September 135 118 83 70 80 108 164 61 112 457 104 24 17 83 October . _ 134 121 85 71 81 110 172 62 115 478 110 29 18 87 November 136 122 85 72 82 112 179 64 116 478 114 35 20 91 December 139 125 84 71 84 114 159 65 117 480 116 38 20 91 1936—January 142 128 83 72 84 115 164 66 115 496 113 38 19 94 February _ 145 129 82 73 85 116 163 67 115 535 107 39 20 92 March 145 131 82 73 86 116 162 68 115 570 105 42 22 99 April 147 132 86 77 88 119 164 67 117 601 109 45 23 107 May 151 134 87 78 90 121 179 68 117 639 111 44 26 106 June..- 150 126 90 82 92 123 181 68 88 653 113 47 28 107 July _ 139 129 92 84 94 127 173 69 104 700 114 47 30 110 August 131 113 93 84 95 127 173 69 116 698 111 50 30 110 September 129 133 96 83 96 131 165 72 125 712 109 51 31 110 October 130 136 99 88 98 134 158 72 136 727 113 52 32 110 November 127 136 103 92 99 135 166 72 140 745 125 51 33 105 December. . „ 134 139 106 93 102 138 169 75 146 797 135 50 36 97 1937—January 140 141 105 91 104 144 174 77 150 842 120 52 39 104 February 146 146 110 98 107 146 172 79 152 881 120 56 43 109 March 151 149 111 100 109 150 172 81 157 903 123 60 45 114 April 156 149 115 101 112 155 167 83 159 920 129 61 46 114 May . 165 150 117 105 113 158 141 85 157 921 134 63 47 112 June 169 154 120 107 115 162 165 85 160 933 135 65 48 114 July 174 156 121 109 116 164 176 84 159 902 135 64 51 109 August 184 154 122 107 116 171 167 83 158 936 135 63 52 111 September 190 155 121 110 114 167 159 83 156 911 137 63 53 112 October _ _ 192 155 119 112 113 167 145 81 151 932 138 62 52 112 November 180 152 113 103 107 163 124 76 140 926 130 60 50 112 December _ 168 148 105 100 100 157 103 71 129 897 107 50 49 110 1938—January 156 144 97 98 93 148 91 66 120 886 81 43 45 106 February 148 144 90 92 89 142 96 63 118 892 77 38 41 103 March ... 142 142 87 88 87 134 91 61 115 879 74 34 36 99 April 139 141 82 88 83 129 93 58 114 857 69 31 30 92 May _. _ 130 139 78 86 80 123 87 58 115 823 65 27 26 96 June _ _ 124 137 75 82 77 115 83 54 116 790 60 24 25 99 July 102 138 73 81 76 112 82 54 117 787 55 23 20 99 AugustP __ _ 106 135 75 83 77 111 86 58 119 760 55 24 18 90 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDEEAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Nonferrous metals group pr L o u d m uc b t e s r g a r n o d up Stone, clajr and glass group Year and month m A in lu u - m b B c r p o r o e a n p r s z - s e , , w Cl a e o t s c c k h s - , J e e l w ry - L e m q i i n e g u g n h ip t t- - S p w w i l l a a a v r t r e e e e r d , - S re i i m n f n i g g e n , l - t- n F i u tu r- re L w m b u o e i m l r r l k , - - L m s b a u e i w m l r l , s - - B c t t e o i r l r i t e r c t a , a k, m C e e n - t Glass g M s b i r l t l a a e a e t n , r , e - - P te o r t y - 1923 106.3 103.4 97.6 105.1 101.3 100.6 102.8 98.1 96.7 103.6 100.6 95.0 105.1 104.5 98.5 1924 100.0 96.6 100.0 99.8 100.0 100.0 100.0 96.2 98.8 98.8 98.7 101.0 95.5 100.0 103 8 1925 93.7 100.0 102.4 95.1 98.7 99.4 97.2 105.7 104.5 97.6 100.7 104.0 99.4 95.5 97.7 1926 102.7 110.3 102.7 95.5 102.9 102.1 103.8 99 7 1927 _. 96.6 101.2 102.9 96.2 92.9 98.4 89.9 108.8 90.7 86.6 99.0 98.3 94.3 105.6 98.0 1928 107 3 106.7 86.7 84.4 92.3 92.6 92.6 98 8 1929 138.4 121.5 98.2 111.4 104.2 92.6 91.3 111.9 84.6 87.7 91.5 90.3 96.7 98.7 94 7 1930 .. 96.6 89.0 64.4 67.6 72.2 84.6 83.8 82.9 1931 90.2 74.9 74.3 74.1 65.3 65.3 54.4 73.7 51.1 41.1 50.2 65.8 71.5 72.2 72.3 1932 . 73.0 62.5 58.1 59.5 47.0 53.7 41.4 57.4 35.0 31.7 31.8 45.8 59.6 47.9 58.6 1933 89.1 73.4 58.9 59.3 46.5 54.1 42.9 61.0 33.2 39.6 31.3 42.8 71.3 43.1 63.2 1934 106 0 86 6 74 1 73.0 58.3 62.4 57.2 64.6 36.8 48.2 38.0 55.4 91.5 43.3 74 5 1935 _. 125.9 96.7 82.6 78.7 73.6 60.1 66.2 75.6 45.3 53.4 43.7 56.0 96.1 39.7 77.1 1936 144 4 108 5 94 8 83.4 87.3 57.0 73.7 84.8 54.1 59.1 55.2 62.0 98.4 46 8 78 6 1937 .. 164 0 122 4 106 4 94.1 101.6 64.9 82.1 94.0 60.7 62.1 60.5 71.1 107.4 49.1 83.0 1923—January 101 98 94 101 96 93 104 93 February 103 97 94 102 96 95 105 92 March 105 97 95 103 97 95 103 93 April.. 107 98 95 103 100 93 106 93 May 106 99 98 103 100 93 109 96 June 106 99 100 104 101 93 112 98 July 104 100 99 105 102 96 109 107 August 105 101 98 105 104 96 105 101 September 102 99 97 105 104 96 105 102 October 100 98 96 104 103 95 103 102 November 100 97 96 105 101 97 101 102 December 100 95 97 104 100 100 100 103 1924—January 101 95 97 103 101 105 97 106 February 102 96 99 103 100 105 99 102 March 101 96 100 103 101 103 101 106 April 101 96 100 102 101 102 103 106 May 100 95 101 100 100 101 99 104 June 96 94 99 97 98 99 95 103 July 90 94 97 96 95 99 93 99 August 89 94 97 96 98 100 91 105 September 91 97 98 96 96 99 92 105 October 94 98 98 97 98 98 92 102 November 96 99 98 97 98 100 90 103 December 99 101 100 97 99 101 93 103 1925—January 99 104 101 99 99 103 96 101 February 98 104 102 99 100 101 96 102 March 99 104 101 98 101 102 95 102 April... 97 104 102 98 101 104 98 103 May 99 104 103 97 101 104 96 101 June 100 104 103 98 100 104 97 100 July 101 105 105 97 100 104 101 81 August 101 105 105 97 100 105 101 96 September 101 106 107 97 100 106 102 97 October 101 108 108 97 100 106 104 98 November 102 109 108 97 101 105 103 96 December 102 109 110 97 103 106 104 95 1926—January 103 110 108 97 105 104 105 96 February 104 111 106 96 104 103 104 97 March... 104 110 107 96 100 100 104 97 April 102 110 104 97 99 100 104 99 May 102 110 103 97 102 102 103 99 June . . 102 110 102 96 103 103 104 100 July 100 110 102 96 104 103 103 103 August 102 110 102 96 105 103 104 101 September 104 111 100 95 105 103 105 101 October 104 112 101 94 104 103 104 100 November 104 111 100 93 103 102 104 102 December 103 111 97 93 101 101 102 101 1927—January 103 109 96 91 102 100 97 101 February 101 108 94 90 101 98 98 102 March 102 108 93 88 103 100 98 102 April 102 108 92 86 103 100 97 99 May 103 109 91 87 102 100 95 99 June 102 110 92 86 101 99 94 99 July 101 111 91 86 100 99 95 90 August 103 110 90 86 98 98 92 94 September 101 109 89 86 97 99 91 94 October 100 109 89 85 95 97 91 96 November 98 108 87 84 95 96 93 98 December 98 107 86 83 93 94 90 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

853 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Nonferrous metals group pr L o u d m uc b t e s r g a r n o d up Stone, clay and _;lass group Year and month m A in lu u - m b B c r p r o o e a n p r s z - s e C w l a o e t s c c k h s J e e l w ry - e L m q i i n e g u g n i h p t t - - S p w w l il a a a v r t r e e e e r c , -S r i i e m n n f g g i e n , l - t- n F i u tu r r - e L w m b u o e il m r r l , k - - L m s b a u e i w m l r l , s - - B c t t e o i r l r i t e r c t a , a k, m C e e n - t Glass g M s b i r l t l a a e a e t n , r , e - - P te o r t y - 1928—January 98 106 87 83 94 94 91 100 February 100 106 87 83 94 93 88 101 Mi arch 100 107 86 84 94 92 90 99 April 102 107 87 84 91 92 91 97 103 106 87 83 91 93 94 98 June 106 106 87 84 91 92 94 99 July 107 106 87 83 92 92 95 100 August 110 106 87 85 93 94 96 99 September 111 106 87 85 92 92 96 99 October 114 107 86 86 91 92 94 99 November 117 108 87 86 92 93 91 97 December 119 110 85 86 94 93 93 97 1929—January 120 110 88 87 94 94 97 98 February 123 110 88 87 92 93 96 96 March 124 110 89 87 91 93 96 97 April 125 111 88 88 91 91 96 95 May 124 112 87 88 91 90 96 96 June 123 112 87 88 92 90 96 94 July 122 115 87 89 93 90 95 95 August 123 116 86 90 94 90 98 94 September 122 116 84 89 93 89 98 93 October 121 114 81 87 91 88 99 93 November 117 111 76 86 89 89 99 93 December 114 105 72 85 86 88 94 93 1930—January 110 102 73 82 82 84 94 92 February 107 98 73 79 79 84 93 90 March 104 97 71 78 79 88 94 88 April 102 96 69 76 78 90 92 87 May 100 94 67 73 76 91 90 83 June 99 92 66 70 74 90 86 82 July 96 88 63 66 71 86 80 81 August 93 85 60 63 70 86 75 80 September 90 82 57 59 68 83 76 79 October 87 81 59 58 66 81 77 79 November 86 79 58 55 64 78 76 78 December 85 77 57 53 63 75 75 77 1931—January 99 83 78 81 70 70 61 77 56 50 57 71 73 90 77 February 101 80 76 79 69 71 60 76 56 48 57 72 72 86 75 March .. 101 80 76 78 68 70 58 77 56 45 57 73 73 84 74 April __ __ ___ 103 78 75 78 68 67 58 78 55 45 56 73 73 80 75 May 101 78 74 78 67 66 56 77 54 44 54 72 74 78 76 June _ 99 76 71 76 67 67 55 76 52 43 53 66 76 76 75 July 100 74 74 79 68 70 52 74 51 41 50 66 73 67 73 August 80 72 72 74 67 64 51 73 50 39 48 62 72 65 72 September 77 72 74 70 64 62 50 72 47 38 46 60 72 64 70 October 76 69 74 66 60 60 52 70 46 36 43 60 69 63 69 November. . 72 69 74 66 60 59 51 69 46 35 42 58 66 60 67 December. _ __ _____ 74 69 73 67 58 60 49 68 45 32 40 58 67 59 64 1932—January _ 76 68 70 66 57 58 50 67 44 32 39 57 64 57 63 February.._ __ _ 76 68 69 66 55 57 49 68 41 32 37 56 65 55 64 March 76 66 66 66 53 56 47 64 39 31 35 53 65 51 64 April 74 63 61 62 51 55 45 61 37 31 33 50 63 49 63 May -_ _ _ _ 70 61 59 59 48 54 43 57 36 31 32 44 59 45 59 June 69 61 57 57 48 53 41 54 34 31 30 41 58 39 56 July 68 58 43 52 34 52 39 51 32 31 29 39 57 43 50 August 72 59 56 55 43 51 36 50 32 31 30 37 54 47 52 September 73 60 53 57 43 52 36 53 32 31 30 42 55 48 53 October 73 60 54 58 44 53 38 55 32 33 30 44 57 49 57 November _____ 74 62 55 59 44 52 36 55 32 33 30 46 59 46 60 December 75 62 56 57 44 51 37 55 31 34 29 42 59 46 59 1933—January 76 60 54 55 43 49 37 53 30 34 27 43 57 44 55 February 76 60 53 55 40 51 35 52 30 33 27 42 57 45 55 March _ __ 75 57 49 53 36 50 35 49 27 32 26 40 58 43 55 April 77 60 49 54 37 49 35 50 28 33 25 42 60 36 54 May . _ 80 64 52 56 39 50 34 55 30 34 27 40 65 36 56 June 85 72 58 59 43 52 34 60 33 37 30 43 72 41 62 July 91 79 60 60 47 48 39 63 37 41 35 46 75 44 68 August _ _ __ 100 87 65 64 52 49 47 68 37 44 37 49 79 44 70 September 104 89 67 64 54 60 54 73 38 45 37 45 81 45 71 October 101 87 69 64 55 63 55 73 37 46 35 40 82 48 71 November . 101 85 67 63 56 65 55 69 36 46 34 43 84 45 71 December 103 82 62 63 56 62 53 65 36 47 34 43 85 47 72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Lumber and Nonferrous metals group products group Stone, clay and glass gro Year and month Brass,Clocks, Light-Silver- Smelt- Lum- Lum- Brick, M b a l r e - , m A i l n u u - m br c o o n p z - e, watch- J e e lr w y - eq i u n i g p- p w l a a r t e e , d r i e n f g in * - n F i u t r u - re m be i r l , l s b a er w , - t t e i r le r , a m C e e n - t Glass gran- P te o r t y per es ment ware ing work mills cotta ite, slate 1934—January __.. 103 82 63 64 55 63 53 62 35 46 36 49 90 49 72 February, _ 105 83 69 67 57 64 55 63 35 46 36 55 91 43 73 March 107 89 73 72 57 65 55 64 36 47 37 53 94 43 75 April 110 90 76 74 57 68 53 63 37 49 38 54 96 45 76 May _.. 108 94 78 75 59 66 55 64 38 50 39 60 95 46 77 June 107 92 75 73 56 64 57 65 38 49 40 60 94 45 76 July 100 89 76 73 58 59 58 65 36 48 38 59 93 44 75 August 101 86 74 72 58 62 60 65 36 48 38 56 89 42 71 September. 101 83 75 73 58 61 58 65 36 48 37 56 88 42 73 October 107 81 75 75 60 60 60 65 37 49 37 54 87 41 73 November- 109 83 76 76 61 60 61 66 39 49 39 56 90 41 75 December. 112 86 78 80 64 59 61 68 39 50 39 53 90 39 77 1935—January.., 115 89 78 79 66 60 61 70 39 51 41 54 93 38 February.. 120 94 77 77 69 59 62 72 40 53 42 55 93 40 79 March 122 95 78 77 70 60 62 75 41 53 43 54 94 37 78 April 124 96 80 78 70 62 64 76 42 53 40 56 94 39 78 May 126 95 81 76 70 63 65 74 43 52 40 59 95 40 77 June 125 94 82 76 70 63 67 73 42 47 42 61 95 39 75 July 125 93 83 78 72 61 66 76 45 52 43 58 96 41 76 August 127 94 81 79 74 60 67 77 48 55 44 54 97 41 77 September. 130 97 85 81 77 59 68 78 51 56 45 53 97 39 78 October 132 102 88 82 82 59 69 78 51 56 47 56 98 40 75 November. 133 106 88 80 81 59 71 78 50 57 48 56 100 40 77 December. 134 105 89 80 82 58 73 79 50 57 50 56 100 42 76 1936—January... 134 105 90 79 83 58 74 79 50 59 51 54 99 40 76 February.. 133 104 91 79 82 56 74 79 50 58 49 54 95 37 76 March 136 102 91 77 77 56 73 78 50 58 50 56 95 42 77 April 136 102 91 78 77 55 73 80 51 58 53 59 98 45 77 May 138 103 92 79 82 55 72 81 52 59 54 61 98 45 76 June 143 105 94 80 84 54 73 82 53 59 55 61 98 49 77 July 150 106 95 82 83 55 74 85 54 60 57 62 101 49 81 August 150 108 97 86 88 56 73 87 56 59 57 63 100 51 79 September. 149 112 97 87 92 57 74 89 56 60 57 65 99 50 81 October.. _ 153 115 99 89 95 59 74 89 58 60 57 67 102 50 81 November. 155 118 99 90 100 60 74 92 59 60 60 69 97 50 81 December, 156 121 101 91 106 61 76 94 60 61 61 72 100 49 81 1937—January.. _ 160 125 104 91 81 61 76 97 62 61 64 72 97 50 82 February, _ 161 127 105 92 105 62 75 96 62 61 65 74 107 49 83 March 162 128 106 92 109 63 77 97 63 63 65 74 108 50 84 April 164 132 108 94 108 64 80 98 64 63 65 72 110 50 84 May 167 130 110 97 107 64 83 99 62 64 63 69 110 50 84 June 173 128 110 98 106 64 84 100 62 65 61 70 111 50 87 July 178 126 107 99 104. 71 87 98 62 66 61 69 110 49 84 August 180 123 111 99 103 67 88 97 61 65 59 70 109 49 83 September. 175 120 110 94 105 68 88 94 60 63 59 71 110 49 83 October. _. 137 117 108 94 104 67 86 89 59 61 57 71 109 49 82 November. 162 110 103 91 98 64 82 84 56 58 55 72 107 48 80 December. 152 101 96 89 90 63 80 81 53 54 52 70 100 46 1938—January 140 94 85 89 75 62 77 78 51 52 50 65 92 44 77 February. _ 134 91 88 88 74 62 73 76 52 52 49 64 85 45 75 March 131 90 86 89 70 61 71 76 51 52 48 63 82 43 73 April 128 88 83 85 70 60 69 74 50 50 47 65 81 41 72 May 126 86 81 82 68 59 67 73 48 50 46 62 80 42 71 June 122 86 78 84 65 58 65 73 49 48 45 63 78 42 74 July 124 87 78 85 66 57 64 73 50 49 46 64 76 42 75 August?.,. 131 89 82 87 71 55 66 75 51 50 47 64 80 40 74 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

855 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Textile group Fabrics Year and month Total p r C u e a t g s r s , - g C t o o o o n d t- s w s C m a o r a t e l - s l D t f e i y x n i e n t i i s i g n l h e g - s , H f f u e a r l t - t s, Total s H ie o r - y K K n o w i u n t t i e g e t a t o r e r - o d ds K u w n n i e d t a t e e r r d - K c n lo it t t h ed r g S a o i y o l o k d n , s W w g o o o r o o s l d t e e s n d , 1923 . .. 105.4 103.8 106.7 104.4 97.4 106.4 105.1 99.4 121.4 104.1 111.4 99.7 109.3 1924 94.2 96.2 92.5 92.6 93 9 97 1 93 9 94 0 96 7 92.3 89 7 94 8 97 9 1925 _ 100.4 100.0 100.8 103.0 108.7 96.5 101.0 106.6 81.9 103.6 98.9 105.5 92.8 1926 99.2 97.8 101.9 110 8 101 4 110 0 73 1 105 1 95 6 102 9 84 1 1927 101.3 96.9 105.8 95.3 113.5 101.2 103.0 115.8 72.2 99.1 100.9 101.5 86.7 1928 96.2 92.8 95 5 114 9 104 8 120 5 78 3 90 7 108 9 101 0 83 1 1929 99.2 96.2 96.1 97.4 121.8 105.3 112.9 132.9 84.8 89.0 130.8 103.8 82.6 1930 86.0 74.2 80.7 112 0 103.2 123.1 78.2 76.7 126.8 95.1 67.2 1931 80.3 67.5 74.5 81. 7 103.3 89.6 96.3 115 2 76.5 68.5 116.2 86 9 67 1 1932 71.9 52.9 67.1 72.2 92.8 72.6 94.2 114.6 74.8 63.0 114.3 74.0 56.0 1933 - - 86.4 62.8 85.9 84 3 101 8 79 8 102 7 120 9 78.7 77.0 137 9 87 8 71 4 1934 --- ._ .__ 90.4 68.7 89.3 86.0 113.6 86.4 110. 5 132.0 88.4 75.0 159.1 88.4 67.5 1935 95.0 81.5 83.5 85 8 118 2 93 3 119 0 141 6 103 7 74.9 175 1 86 5 90 4 1936 96.3 85.4 88.8 87.0 115.8 96.3 121.8 145.0 98.0 81.6 186.7 77.8 86.5 1937 99.0 95.7 95.5 89.8 114.8 95.2 122.3 146.5 90.0 85.9 190.2 78.0 83.4 1923—January - 105.6 102 109 99 104 100 119 103 108 99 106 February _ _ 106.2 100 110 99 104 99 117 103 107 99 108 March 107.4 100 111 99 103 98 118 104 110 100 111 April 108.7 101 112 101 107 101 127 104 112 101 113 May 109 6 102 113 101 108 102 129 106 115 101 114 June 108.9 106 112 99 107 100 127 105 119 101 113 July 107.4 111 108 98 108 101 128 106 116 100 114 August 105.4 108 105 94 107 100 128 106 114 100 111 September . __ _ _ _, 103.3 107 103 94 104 98 122 103 116 100 108 October 100.4 105 99 96 104 99 118 103 115 99 105 November. .,_ _ ___ 100.7 103 100 95 104 99 116 104 110 98 105 December 100.4 102 99 96 101 97 108 104 97 97 104 1924—January 99.2 101 98 87 102 100 107 103 91 97 103 February 99.4 102 98 93 103 102 110 103 87 98 104 March 98.4 103 95 93 102 101 109 101 86 96 105 April 95.6 99 92 93 100 99 106 98 89 94 99 May 93.8 95 91 92 96 96 105 94 82 93 97 June . 91.8 90 90 92 93 91 99 91 88 92 94 July 87.9 89 88 92 83 84 93 75 90 90 90 August - 89.3 91 89 91 85 87 87 79 92 93 90 September 90.9 93 89 95 88 89 85 87 91 95 95 October _ _ 93.3 95 92 98 89 90 86 89 94 97 98 November 93 8 96 92 99 90 93 85 89 93 96 99 December 96.7 99 96 102 93 95 86 94 95 96 100 1925—January _ 98.3 100 99 104 95 98 85 96 98 98 99 February 99.3 100 100 105 98 101 84 100 100 99 98 March, __ 99.5 100 100 107 98 103 83 100 101 100 97 April 100.8 102 101 109 100 105 84 102 105 102 96 May - __ 100.9 102 102 109 100 106 80 102 107 104 94 June 100.7 102 102 107 100 106 82 103 94 106 93 July 101.0 100 101 109 103 109 82 107 92 108 93 August 100.7 99 101 110 103 109 82 106 93 109 92 September 98.7 99 96 109 103 110 82 105 96 110 90 October 101 1 98 102 111 103 111 79 107 96 110 88 November _ - 101.8 99 103 112 104 111 80 107 102 110 88 December 101.4 99 103 112 104 110 80 108 101 110 87 1926—January 101.7 99 103 112 103 110 78 109 99 111 87 February 100.3 99 103 112 103 110 77 109 98 109 82 March 100.1 99 104 112 103 111 77 108 97 105 81 April 99.4 99 104 111 102 110 75 107 96 102 81 May 98.5 97 102 110 101 108 76 107 95 100 82 June. „ _ _ . 97.4 96 101 111 100 108 74 106 97 99 82 July 96.7 96 100 108 99 107 71 103 94 99 83 August _ _ 97.0 97 99 111 100 110 70 104 93 100 82 September 98.5 98 101 111 100 110 70 103 89 101 85 October 99 5 98 102 111 101 112 71 102 92 103 88 November 99.6 98 102 111 101 112 70 102 95 103 88 December.- - ._ 100.0 98 102 111 102 113 69 102 100 102 88 1927—January 100.4 98 103 110 102 114 69 102 102 102 89 February 100 7 98 104 111 101 113 69 100 104 101 90 March 100.4 97 104 112 101 113 69 100 103 102 88 April 100.8 97 104 113 102 114 67 101 103 103 87 May 101.1 97 106 113 102 115 68 100 102 103 86 June... .__ 101.6 99 107 114 103 115 71 100 99 102 86 July 102 9 101 111 114 101 116 71 93 100 102 84 August 103.2 98 110 116 104 116 75 99 98 102 87 September . 102.2 97 108 115 105 118 78 99 97 102 87 October 100.9 94 106 115 105 118 76 99 96 100 86 November 100.6 93 105 115 105 119 76 99 101 99 85 December 99.8 95 103 115 105 119 77 97 105 101 86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Textile group Fabrics Year and month Total p C ru e a t g r s s - , g C t o o o o n t d - s w s C m t a o o r a n t e l - s l D t f e i y n x i e n i t i s g i n l h e g - s , H f f u a e r l t - t s, Total s H ie o r - y K K n o i w n t u i e t g t e a t o r e r - o d ds K u w n n i d e t e a te r r- d K c n l i o t t t h ed r g S a o y i o l o k d n , s w W g o o e r o o n s o d , te l s - d 1928—January 98.8 93 101 114 106 118 81 97 105 101 85 February 98.1 j 94 99 115 105 119 79 97 105 103 84 March 97.0 ! 93 97 114 105 119 79 95 104 103 83 April 95.8 \ 92 96 113 104 118 79 93 102 100 83 May 94.4 92 92 113 105 120 80 92 104 101 83 June 94.5 1 91 92 114 103 119 77 90 105 101 84 July 94.4 92 93 114 105 120 80 90 108 99 82 August 94.7 j 91 94 116 103 122 76 84 111 99 82 September 93.7 1 91 92 114 104 122 74 88 114 100 79 October 95.7 94 94 115 105 122 78 88 116 102 82 November 97.3 J 94 96 117 106 124 78 87 115 102 84 December 98 5 1 96 98 119 106 125 78 87 116 102 85 1929—January 98.1 97 98 118 107 127 76 87 117 101 84 February 98.1 ! 97 97 120 108 128 79 88 114 101 83 March 98.4 96 97 121 110 129 84 88 119 103 84 April 99.3 96 96 122 112 131 85 88 125 105 87 May 100.0 96 97 123 113 133 83 90 129 105 85 June 100.2 1 97 98 124 113 133 85 90 131 105 83 July 100.9 ! 97 98 125 116 137 86 90 134 107 83 August 100.5 97 97 123 116 137 87 91 140 106 83 September 100. 0 ! 96 96 123 116 136 89 91 141 105 82 October 99.8 96 96 123 116 137 88 90 144 104 83 November 97.8 95 93 120 115 135 88 89 143 103 78 December 96.2 J 94 92 119 113 132 87 87 133 102 76 1930—January 94 2 91 90 119 110 129 83 87 134 101 74 February 91.6 1 88 87 118 109 128 83 85 134 100 70 March 90 3 84 86 118 106 124 80 84 130 102 67 April 90.3 83 86 116 106 126 79 81 131 102 67 May 88.4 77 84 115 105 126 79 79 128 98 68 June 87.2 ! 72 82 111 105 124 84 79 128 97 69 July 83.7 1 65 79 108 100 120 76 73 129 92 69 August 81.8 1 68 77 108 99 119 74 69 122 88 67 September 80.9 67 75 104 100 120 75 72 126 86 67 October 80.8 66 74 109 100 121 76 71 126 89 64 November 81 3 65 74 109 100 121 76 71 119 93 62 December 80 3 61 74 109 98 119 74 70 114 92 62 1931—-January 78.0 63 72 83 109 95 92 113 72 62 114 91 61 February 78.5 | 66 71 85 109 95 94 114 72 65 113 91 63 March 80.7 ; 68 74 87 108 95 94 115 70 66 112 92 66 April 81.8 70 75 87 108 95 95 115 72 67 113 92 69 May . 83.1 72 78 88 107 91 96 116 75 69 116 91 70 June 82 2 72 77 85 103 88 97 116 77 68 118 84 73 July 83.4 72 78 83 103 94 99 117 79 73 122 82 August 82.8 72 77 80 103 90 100 118 82 73 121 79 76 September.. 80.7 68 75 79 102 89 97 115 83 69 121 84 71 October ___ . ._ 77.8 64 73 75 97 86 96 113 79 70 117 86 61 November 77.1 61 71 76 95 79 97 115 78 70 114 85 60 December.- _.. ._ 77.3 62 72 74 96 77 97 116 70 111 85 59 1932—January 76.2 62 70 76 96 76 96 116 77 65 107 84 60 February.. 76.6 60 72 77 97 72 95 116 75 64 109 81 61 March 74.2 58 72 74 97 72 94 115 76 62 109 71 56 April.. 69.8 55 67 72 94 68 93 113 75 62 105 68 50 May 64.9 53 62 69 90 64 90 111 72 60 101 63 44 June . - 61.9 51 57 68 89 65 90 110 71 59 104 59 42 July 61.4 44 56 67 84 67 85 109 63 50 106 60 49 August 68.4 46 62 66 87 72 91 112 73 57 114 72 60 September 75 7 47 71 70 96 78 96 116 79 63 126 80 64 October 78.3 52 73 75 94 83 100 119 82 69 128 84 65 November 77.3 53 72 77 94 80 101 119 80 73 131 81 60 December 76.4 53 72 75 94 74 99 119 73 71 127 80 60 1933—January 75.2 52 71 73 94 72 98 115 81 70 126 . 80 59 February 74.2 49 70 74 92 72 94 115 72 65 117 78 61 March _ 68.8 46 68 69 89 70 90 113 55 62 112 71 47 April.. 72.2 47 70 71 93 73 93 114 62 67 122 76 54 May 78.9 76 79 96 77 98 117 74 71 130 87 62 June 90.5 59 ^ 90 89 104 79 106 122 84 81 145 92 79 July 100.9 70 101 99 118 81 113 126 94 93 153 102 91 August 102.3 74 105 103 121 89 110 124 91 89 157 102 91 September _ . . 98.1 78 100 98 99 90 111 128 87 87 149 99 87 October 95.7 80 99 93 94 87 110 129 85 85 151 90 83 November 92.5 76 94 85 112 85 106 125 80 80 147 91 74 December 89.0 73 91 81 111 82 104 123 79 76 146 86 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

857 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Textile group Fabrics Year and month Total p r C u e a g t r s s - , g C t o o o o t d n - s w s C m t a o o r a n t e l - s l D t f e i y x n i e n t i i i s g n l h e g - s , H f f u e a r l t - t s, Total s H ie o r - y K K n o i w n t u i e t g t a e t o e r r o d - d s K u w n n i e d t a t e e r r d - K c n l i o tt t e h d r g S a o y i o l o k d n , s w W g o o e r o o n s o d , te l s - d 1934—January 89.3 111 102 124 146 72 February.. 94.0 116 108 129 151 95 74 March 96.6 120 112 132 90 156 97 74 April 97.1 121 115 134 162 93 73 May 96.5 121 116 134 162 92 71 June 93.4 94 116 114 134 159 95 65 July 92.0 114 110 133 81 157 91 67 August 89.5 113 109 132 82 160 86 63 September.. 63.9 100 104 129 85 149 66 35 October 89.2 114 110 131 90 170 87 64 November . 89.2 87 112 135 92 168 87 71 December. _ 93.1 114 137 97 169 79 1935—January 95.9 123 116 140 102 172 February. _ 95.4 121 117 140 102 171 84 March 95.3 120 118 141 102 170 86 April 94.4 119 119 142 101 172 85 87 May 93.4 118 118 141 101 174 83 88 June 93.6 119 117 140 100 177 80 94 July 93.0 117 117 140 101 175 92 August 94.0 116 121 143 109 176 91 September- 95.0 116 120 143 109 177 92 October 95.8 117 121 143 107 177 93 November . 97.1 85 117 122 144 106 179 84 98 December.. 96.6 85 117 97 121 144 104 179 85 94 1936—January 95.1 82 116 120 143 102 176 91 February _. 92.7 79 113 95 119 142 101 177 73 March 92.9 81 115 94 120 143 100 180 74 April 93.3 81 115 95 119 143 180 77 May 93.0 82 115 99 119 142 179 June 94.5 82 115 101 119 144 89 179 84 July 97.0 82 118 101 122 145 97 189 78 86 August 99.0 85 117 96 124 147 97 198 79 85 September. 98.2 89 115 94 125 148 96 197 79 82 October 97.9 92 115 93 123 148 91 190 80 81 November- 99.6 93 116 94 124 146 101 195 79 88 December-. 102.1 97 121 96 127 148 108 198 80 93 1937—January 103.3 100 120 129 151 102 200 81 95 February. _ 102.8 97 118 128 149 101 203 80 92 March 103.2 97 118 127 149 99 206 81 94 April 104.8 101 99 119 127 148 101 205 83 97 May 104.7 101 100 119 126 148 100 204 85 94 June 104.1 101 101 113 124 148 91 199 85 92 July 103.2 101 118 126 150 91 195 87 August 101.2 101 115 123 147 190 81 September.. 97.0 96 114 120 146 185 77 74 October 92.4 90 112 118 145 180 74 71 November.. 87.6 86 107 114 143 165 67 63 December.. 83.9 83 104 107 135 151 62 62 1938—January. __ 81.4 81 102 106 136 144 56 61 February. 81.1 101 108 138 146 57 60 March 80.3 101 107 138 143 59 54 April 78.9 100 107 139 140 60 51 May 78.6 63 102 103 133 132 64 55 June 79.3 101 106 135 137 58 62 July 83.4 104 109 138 139 57 70 A 87.9 108 111 141 150 61 75 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Textile group—continued Leather and manufactures group Weairing apparel Year and month Cloth- Cor- Men's Total C m i l n e o g n t , h 's - w e in o n g m 's , - m a s g l e l e a i t n e r s - t d , s n i f n i u s g r h - s - li M ne il r - y Sh l c a o i r r l s - ts, B sh o o o e ts s , Le e a r th- 1923 105.4 107 0 104 3 105 2 94 6 103.2 107.9 106 0 109 1 1924 _ 96.1 97.3 96.6 100.0 100.1 94.8 93.0 96.7 95.4 1925 98.5 95.7 99. 1 94.8 105.3 102.0 99.1 97.3 95.5 1926 99.8 97.4 104.2 98.0 101.7 95 6 96 7 1927 105.8 102.5 121.0 90.0 125.7 104.8 105.1 95.6 96.6 1928 108.3 101.3 133.7 105.7 106.3 92.7 94 3 1929 113.3 103.2 146.8 89.2 132. 7 101.3 109.1 96.7 91.1 1930 . 105.0 91.4 142.2 91.3 102.7 90.2 84.6 1931 99.7 84.9 135.8 91 3 120.1 83.7 104.0 85.3 76 9 1932 _ . 89.1 79.4 116.9 89.3 103.8 73.9 91.0 84.5 68.8 1933 97.7 90.5 125.1 91.6 110.7 71.0 103. 1 89.8 80.7 1934 108.7 99.3 150.3 97.8 117.8 72.9 107. 1 95.0 89.8 1935 121.0 111.3 172.7 102.2 125.1 71.6 113.9 95.1 92.9 1936 128.9 115.7 189.0 99.6 141.4 75.6 120.1 94.3 93.7 1937 .._ 128.2 115.4 184.2 101.7 148.1 73.6 124.2 97.2 91.5 1923—January 107.3 110 106 105 109 108 112 February 106.6 109 105 104 109 108 113 March __ __ .___ ..__ ___ 107.6 111 105 104 109 109 113 April 107.0 110 105 103 108 109 114 May. _ ______ 107.1 111 105 104 107 108 111 June 106.9 108 107 104 108 107 111 July _ 107.4 107 110 109 109 104 110 August 105.8 106 105 109 108 104 107 September 104.4 106 104 103 107 104 105 October 102.8 104 101 101 107 103 105 November 100.5 102 99 97 107 103 105 December _ _ ______ ___ ... 100.0 101 99 96 106 103 102 1924—January 103.0 106 102 95 104 101 101 February 102.8 106 102 94 101 101 101 March 100.4 102 101 92 100 102 100 April _ _ 97.3 97 100 91 97 99 99 May 95.2 96 96 92 94 96 95 June _ 94.7 98 92 93 92 92 93 July 91.4 96 86 96 86 91 89 August ____________ _ __ 92.3 95 93 95 82 93 89 September 93.3 94 94 98 88 95 93 October. __ 94.2 94 96 98 89 97 94 November 93.1 91 96 98 89 97 95 December __ __ _ 94.9 93 99 98 91 97 96 1925—January 95.6 94 97 100 92 98 96 February __ _ _ _ ._ _ 96.7 96 97 100 94 99 97 March 96.6 95 97 102 95 100 97 April 97.4 96 97 102 97 99 96 May 96 0 93 96 100 99 98 95 June. _ _ 97.7 95 98 103 100 95 95 July 100.7 96 104 107 102 96 93 August ..__ __._ _.__ 100.4 96 102 105 102 97 94 September _ __ _ _ 99.6 97 100 100 101 97 95 October 99 5 97 101 100 100 98 96 November __ _ _ 100.9 97 102 102 102 96 96 December 100.1 97 100 102 103 94 95 1926—January 99.9 97 101 100 103 95 95 February 99.8 97 101 99 103 95 96 March... _ _ 99.3 96 102 100 103 94 97 April 99 3 97 102 99 101 93 97 May _ _ 100.0 97 105 100 101 94 96 June . __ _ _ _ 99.7 97 106 95 101 95 94 July 97 3 95 101 95 102 95 96 August _ 98.7 97 105 94 100 96 97 September 99. 1 98 105 95 101 96 98 October 99.7 98 106 96 102 97 98 November _ _ 99.9 99 105 100 101 98 98 December 104.0 102 114 102 101 98 98 1927—January 104.4 101 118 102 102 98 97 February ______ 104.8 101 118 101 102 96 99 March. _ _ 104.0 100 119 101 101 96 98 April 104 5 101 120 100 102 96 96 May 105.0 102 120 102 103 96 96 June 104 6 102 119 103 104 97 97 July -. 106.1 103 122 105 106 95 97 August 106.4 103 121 107 108 96 96 September _ 106.4 104 121 107 107 96 96 October 107.1 104 123 107 108 95 96 November __ 108.0 104 126 111 109 93 96 December 107.9 104 126 112 110 93 96 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

859 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Textile group—continued Leather and manufactures group Wearing apparel Year and month Total C m l i e o n n t g ' h , s - C w l e i o n o n ' m t g s - h , - m a s C l g e e l o a n t i r r t s e - - s , d M n i f e i u n n s r g h ' - s - s l M i i n l er - y Sh l c a o i r r l s t - s, B sh o o o e t s s, Lea e t r h- 1928—January 108.3 104 128 108 110 97 February... 108.2 104 129 109 108 93 98 March 107.2 102 128 108 108 94 97 April 106.9 101 129 108 106 92 95 May 106.7 101 129 108 105 92 96 June 107.2 101 131 108 104 93 96 July 107.6 100 135 104 105 92 95 August 108.0 100 136 103 104 92 94 September,. 108.4 101 136 103 105 92 93 October 109.4 100 139 103 106 93 92 November^. 110.5 101 142 104 107 93 90 December. _ 110.4 101 142 102 107 94 1929—January 110.1 100 143 102 106 93 February-._ 110.4 100 143 102 107 94 89 March 111.4 101 144 102 108 93 April 112.4 102 146 104 109 94 May 113.9 104 147 104 110 96 June 114.9 105 149 104 109 96 91 July 115.0 105 149 103 110 96 92 August 115.1 105 149 102 112 98 92 September- 113.8 104 146 99 111 99 93 October 114.4 104 149 99 110 100 94 November- 114.2 105 149 97 108 103 93 December __ 113.0 103 147 97 110 99 93 1930—January 112.7 102 148 96 109 97 90 February... 109.9 99 144 95 109 95 March 108.4 96 145 95 106 94 April 107.7 94 144 94 106 94 May 106.1 94 143 93 103 93 87 June 105.1 93 141 90 103 92 86 July 102.2 91 135 88 102 90 84 August 102.1 88 139 89 100 88 83 September.. 103.6 89 143 89 100 87 82 October 102.2 86 143 89 100 85 82 November.. 99.8 83 139 88 99 85 80 December.. 98.9 82 140 87 97 83 78 1931—January 99.8 83 141 92 126 84 97 83 78 February... 100.1 83 141 88 126 84 99 83 77 March 100.7 84 141 89 125 84 101 86 78 April 101.7 86 141 92 123 83 104 86 78 May 101.7 86 140 94 124 82 106 87 78 June 100.7 84 139 92 122 84 107 87 78 July 102.6 86 140 91 123 89 109 89 August 102.0 87 139 92 118 87 109 89 September- 100.7 87 134 93 118 83 108 87 77 October 97.4 86 125 92 117 81 107 83 74 November.. 95.0 83 124 91 108 81 103 80 72 December.. 94.2 82 125 89 113 82 84 72 1932—January 93.7 81 124 85 111 85 84 71 February... 92.6 82 122 93 106 84 85 71 March 91.1 80 121 93 107 80 86 71 April 88.3 77 120 90 102 74 85 71 May 86.0 75 118 89 95 66 82 68 June 83.7 70 117 89 98 63 82 64 July 77.4 70 98 85 89 61 80 64 August 80.7 75 103 86 88 68 81 83 65 September- 89.3 81 115 87 106 76 90 68 October 94.2 85 121 92 110 80 96 70 November. 96.0 90 120 91 115 74 100 72 December.. 87 121 91 113 71 102 71 1933—January 92.3 82 121 92 116 69 93 70 February. .. 93.6 84 123 91 110 70 93 70 March 88.0 81 113 89 103 63 90 April 92.9 83 125 88 103 72 93 May 96.0 86 130 89 103 71 95 74 June 100.7 92 131 92 113 75 106 81 July 107.0 98 136 94 130 75 119 87 August 101.5 96 122 95 132 76 113 92 September.. 102.3 97 128 97 115 70 111 93 October 102.8 96 130 88 112 71 113 90 November.. 100.2 96 125 92 107 70 109 87 December. _ 95.6 94 118 92 91 72 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average = 100] . Textile group—continued Leather and manufactures Wearing apparel group Year and month Total C m i l n e o g n t , h 's - C w e i l n o n o g m ' t , s h - - m a s C g l e l e a o i t n e s r r - , d t - s M n i f n i u e s g r n h - s ' - s li M ne il r - y Sh l c a i o r r l t s - s, B sh o o o e ts s , Le e a r th- 1934—January 97.9 93 129 93 94 72 99 88 91 February - - - 104.9 96 142 95 114 75 105 93 91 March _ - - - - - - - - -- 108.1 98 148 97 121 73 108 95 93 April 110.3 99 151 98 126 74 112 97 92 May - _ - . 110.4 j 99 153 99 118 76 113 101 91 June _-- - - 109.7 99 152 95 112 72 113 98 91 July 106.4 98 145 98 114 70 106 96 91 August - - _ _ -- 110.1 102 152 99 117 70 106 96 88 September _ _ __ - - . -_ __ - - 111.4 102 154 98 120 73 110 92 86 October 111.2 101 155 99 122 72 107 92 86 November _ - - 112.1 100 159 101 128 74 106 96 87 December _ ,_ - - _._ - . 111.6 102 159 102 124 73 99 96 90 1935—Januarv 116.6 106 167 105 121 72 110 96 91 February 117.0 108 167 102 124 70 109 96 91 March __ _ - __. 118.3 109 169 103 124 69 111 96 92 April 120.4 111 171 103 127 72 112 97 92 May - - 119.9 111 169 103 125 71 116 95 91 June 118 5 110 168 102 123 73 110 92 91 July 121.0 111 173 103 120 74 115 93 92 August -_ . _- >- - - - -- 122.4 112 175 102 127 71 117 94 93 September - _ - -- - 123.4 113 177 102 128 72 118 95 93 October 123.9 114 179 102 123 72 116 94 94 November - - _ _ 124.1 114 179 101 128 72 117 95 97 December 126 3 118 181 100 130 73 116 97 97 193g—January 126 2 117 181 99 132 75 114 95 94 February _ _ - - 122.8 114 176 99 130 70 113 93 92 March 124 1 113 179 98 132 81 113 92 92 April 124.9 111 184 99 134 78 116 91 92 May _ -- -. --- .-__.. 126.4 113 187 98 138 76 115 92 92 June 127 8 117 186 99 141 72 118 92 92 July 131.2 118 194 99 150 73 121 93 93 August 131 6 115 195 99 150 80 124 93 95 September 131.0 114 195 100 149 79 125 95 96 October. _ . _ _. 130.8 114 194 101 146 77 125 97 95 November 134 6 120 200 103 146 74 127 99 96 December - ._ -__- _.. __ .. 136.0 124 199 102 147 70 130 101 95 1937—January _ _ __ .. . .-. . _ .. - _ _ _ - 137.7 124 199 102 155 76 136 101 94 February 135.8 120 198 103 156 78 132 100 93 March . - _„ . „_. _ _ .-_ - 134.8 120 195 102 157 79 131 100 95 April _ _ _ - - 131.7 120 186 101 157 74 128 99 97 May 132 3 125 184 102 154 75 124 99 97 June - - -- -------- 129.7 119 183 102 152 76 124 100 97 July 127.4 118 177 103 156 70 124 99 94 August - . _ ------------- 128.0 117 182 102 150 73 122 97 93 September 126.2 113 183 101 144 71 122 95 91 October 123 5 109 179 101 143 70 120 94 88 November _ - . _ _. 116.9 102 171 100 133 68 115 91 81 December 113.6 97 169 100 123 70 111 90 76 1938—January 109.8 94 165 97 116 71 103 92 75 February 116.2 101 173 97 126 72 110 92 74 March _ -_ _ _ - ._ _ . . 115.2 101 168 96 129 71 114 92 74 April 112.2 95 165 96 125 76 112 92 73 May... ---------- . . - - 106.6 85 161 97 125 71 111 89 73 June .- _----_ . -- 104.1 81 158 98 126 65 115 85 73 July 109.8 91 163 96 132 65 113 90 75 August? .---.- . _ - -- _--.._ _--- 115.4 101 165 98 136 67 119 90 78 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

861 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Tobacco Food products group manufactures group Year and month B in a g k- e B ra e g v e - s Butter n C s p i i e r n a n r e g n v g - - - , t C f e i e o o r c y n n - - - Flour cr I e c a e m S te p m l r i a a i n e u c n g a k g g t - h , - S b u e g e a t r, f S i c n u r a i e g n n - a e g r , b s a n T c u o c f - o f , C r c e i i g t g t a a e r - s s, 1923__. 100.1 104.9 106.7 97.7 101.7 104.9 99.2 104.7 92.1 103.4 102.7 106.2 1924 101.1 97.0 100. 0 86.9 96.5 99.7 102.0 100.3 100.0 98.2 102.7 98.2 1925 . . _ _ 98.8 98.1 93.3 115.4 101.8 95.4 98.8 95.0 107.9 98.4 94.6 95.6 1926 101 4 105.8 91.8 96.3 93.2 94.8 93. 1 90.4 1927 - - 105. 9 96.6 105. 6 112.0 101. 1 89.4 94.0 94.0 90.0 94.9 82.6 94.9 1928 112 2 98.9 85.5 95.5 94.8 89.4 75.6 92.8 1929 123.6 101.3 100.3 134.6 101.7 80.6 96.0 96.7 91.2 94.3 68.0 86.0 1930 121. 5 138.8 92.1 73.9 89.0 92.1 92.3 69.8 79.4 1931 112.6 85. 5 82.0 106.1 82.0 68.1 76.0 84.1 75.8 80.3 71.9 72.1 1932 106.8 79.1 80.6 86.1 74.8 65.7 64.6 80.6 90.4 73.9 71.0 64.9 1933 112.2 138.2 86.7 112.7 81.0 69.2 61.6 89.3 130.0 77.9 64.2 62.9 1934 _ 130.3 188.9 98.2 143.7 82.6 79.0 71.9 108.8 101.3 90.7 67.1 68.2 1935 134.4 200.6 96.9 155.0 83.4 79.0 74.3 92.0 112.1 93.7 63.3 65.6 1936 - 139.9 223.9 100.9 151.8 80.6 77.1 77.1 97.8 105.7 91.9 61.9 65.9 1937 - 146.7 243.7 105.7 159.4 82.2 78.0 81.5 99.2 103.6 88.4 62.1 65.7 1923—January 94 99 103 81 99 112 106 111 February 97 101 103 81 99 113 100 109 March 99 103 105 85 100 114 95 111 April 99 103 106 89 103 114 99 112 May 99 100 106 102 104 111 105 107 June 101 101 104 109 105 105 108 106 July 103 101 103 107 106 98 107 104 August 102 101 109 102 108 88 102 103 September 103 101 105 103 109 94 103 104 October 103 103 106 105 109 101 104 104 November 100 107 104 108 108 103 104 103 December 101 98 103 109 107 86 100 102 1924—January 101 96 103 108 106 84 107 103 Februarv 103 95 104 107 106 101 105 102 March 103 97 102 107 105 97 105 101 April 102 96 102 107 103 98 108 101 May 102 93 101 104 100 103 104 98 June 102 96 101 98 98 104 100 97 July 100 98 99 101 98 103 101 99 August 100 100 97 101 98 100 99 100 September 100 98 97 101 98 105 103 98 October 99 98 97 99 95 97 101 89 November 101 93 97 97 96 91 100 97 December 101 97 97 96 99 93 99 97 1925—January 100 98 99 95 99 91 96 98 February 100 101 101 96 98 96 96 96 March 98 101 97 96 96 100 93 98 April 98 101 95 97 94 99 92 94 May 98 102 94 96 93 99 94 97 June 98 101 95 109 93 98 94 95 July 98 102 96 102 93 98 96 95 August 97 105 92 97 95 97 97 95 September 98 100 94 102 95 98 96 94 October - - 100 100 94 98 94 99 96 95 November 100 104 93 97 95 98 93 94 December . . . 99 107 94 97 94 105 93 95 1926—January 99 108 93 97 94 103 92 91 February 98 110 91 97 93 102 94 92 March 100 108 92 96 92 99 98 91 April 100 107 90 95 92 97 97 92 May 102 107 91 98 93 94 95 89 June 102 104 91 98 92 95 95 92 July 103 106 92 96 92 90 95 90 August 102 104 94 96 94 91 95 88 September 102 105 92 93 94 92 91 90 October " 103 105 92 96 95 92 90 90 November 103 104 92 96 94 93 88 90 December 103 102 90 96 93 90 87 91 1927—January 103 103 89 96 94 93 85 90 February 104 102 89 96 94 89 87 92 March 104 101 90 96 93 91 86 92 April 106 102 89 95 94 93 83 94 May 105 101 91 94 95 96 82 94 June 107 104 92 93 97 98 81 96 July 106 101 90 93 97 98 81 98 August 106 102 89 92 94 97 81 92 September _ . . 107 103 90 92 94 97 81 98 October 107 99 89 93 93 97 83 98 November _ _ 107 98 88 96 93 94 82 97 December 107 99 88 95 92 94 80 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Tobacco Food products group manufactures group Year and month B in a g k- e B ra e g v e - s Butter s C n p i e i n r a r n e g n v g - - - , C t f i e e o o r c y n n - - - Flour cr I e c a e m S t p m e l i a a r n e c u i g n a k g g t - h , - S b u e g e a t r, f S i c n u r a e i g n n - a e g r , b s a T n c u o c f - f o, C r c e i i g t g t a a e r - s s, 1928—January 108 98 88 94 92 87 80 96 February _ 108 99 88 94 96 89 79 94 March. _____ 109 99 89 95 98 87 77 94 April 110 99 88 96 96 88 78 93 May _ __ 112 99 87 95 95 84 77 94 June 111 98 84 93 95 82 75 93 July 112 98 83 98 95 90 72 88 August 113 97 84 97 94 91 74 95 September 115 96 84 96 93 91 74 93 October 115 100 84 95 93 93 73 93 November 117 101 84 96 95 95 73 92 December. . . 118 101 85 96 97 97 72 91 1929—January _____ 118 134 100 83 96 98 95 71 88 February 120 132 101 85 95 96 96 70 89 March 121 125 101 83 93 96 98 70 88 April 122 163 100 81 98 96 95 69 89 May. 123 126 102 79 93 96 94 68 87 June _ _ 123 123 101 79 97 96 97 68 87 July 124 139 103 81 96 97 94 67 86 August.. ___ 125 143 104 80 96 97 96 65 88 September 126 127 100 80 98 97 90 68 85 October 127 132 103 79 97 97 96 65 84 November 126 139 102 79 96 96 92 66 84 December 127 131 103 77 95 97 91 70 79 1930—January . 126 121 103 76 93 96 96 69 83 February 125 122 99 77 92 96 95 68 82 March 123 125 98 77 92 95 95 69 81 April... 124 133 97 75 93 94 94 70 82 May 123 133 95 75 96 94 98 70 83 June _ _ 123 132 94 75 89 94 94 70 82 July 122 137 93 74 88 92 98 71 81 August-. _ 121 143 88 73 87 91 90 71 76 September 120 148 88 72 85 90 90 71 78 October __ 118 151 85 72 85 89 86 70 76 November _ _ 117 140 85 71 85 89 87 70 75 December 117 129 85 71 84 87 84 69 77 1931—January.. _ 116 87 82 123 87 70 83 88 118 84 72 74 February 114 87 83 119 88 69 82 86 68 83 73 76 March. __ 113 86 81 117 87 68 81 86 60 81 74 75 April. _ . 113 86 84 101 84 69 78 86 60 82 69 75 May 113 87 82 107 85 68 76 85 59 78 73 75 June 113 85 81 107 85 68 75 84 58 79 71 73 July . _ 114 86 83 109 77 69 75 83 63 81 71 73 August _ 113 85 82 109 79 68 75 83 65 81 72 72 September 112 84 84 109 80 67 75 82 66 80 71 71 October 111 85 82 101 78 67 72 82 74 76 71 69 November. _ 110 84 82 90 78 68 71 82 80 79 73 68 December 110 84 80 88 78 67 71 83 78 81 73 65 1932—January 109 83 80 90 75 67 71 82 50 80 73 69 February 108 82 76 93 74 66 70 82 73 77 73 66 March 108 80 81 92 72 67 68 81 79 74 71 65 April _ 108 81 81 90 71 67 66 81 80 72 73 64 May 107 80 81 92 70 68 65 82 84 73 71 63 June _ 107 80 80 93 71 66 65 80 91 72 73 64 July 106 76 80 84 67 64 62 80 89 72 72 64 August _ 106 73 81 79 77 64 61 80 83 72 71 63 September 105 78 81 81 78 65 62 82 90 73 70 64 October. __ 106 79 81 84 81 65 62 82 99 74 70 64 November 105 81 82 88 80 65 62 79 103 73 68 65 December 106 78 83 93 77 66 62 78 102 74 66 65 1933—January 107 79 83 105 77 66 62 76 120 72 66 63 February _ 106 79 85 107 76 65 61 78 162 74 62 62 March _ 105 fO 83 107 72 64 60 78 36 71 61 56 April 107 127 83 111 78 67 57 80 129 72 60 56 May 107 142 82 117 80 68 55 83 126 74 63 63 June 109 157 84 107 80 67 58 85 129 74 65 65 July 110 158 84 97 82 69 57 88 127 76 63 64 August 114 157 87 95 93 67 60 97 125 79 66 64 September __ . 119 161 90 118 84 73 67 105 125 82 67 63 October 120 163 93 133 86 74 69 104 119 88 68 65 November _ _ 121 160 92 128 85 75 68 100 130 88 66 66 December 121 169 94 131 78 75 66 97 148 82 65 66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

863 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Tobacco Food products group manufactures group Year and month Can- Con- Slaugh- Sugar B in ak g - e B ra e g v e - s Butter s n p i e i r n r n e g v - g - , t f i e e o r c y n - - Flour cr I e c a e m t p e m i r a n i e c n g a k g t - , S b u e g e a t r, fi c n r a i e n n - e g, b s a T n c u o c - ff o, C r c e i i g t g t a a e r - s s, 1934—January 122 172 97 126 78 76 67 96 128 85 65 63 February 124 174 96 130 83 78 66 98 90 86 68 67 March 126 176 98 164 84 77 66 99 93 88 70 70 April 128 182 98 137 82 78 68 99 96 88 70 71 May _ 130 189 100 142 81 78 74 103 101 87 69 67 June 131 193 100 147 79 79 74 107 109 92 66 69 July . _ _ 133 194 99 138 80 79 75 110 116 86 67 67 August_ _ _ 133 196 99 151 82 80 75 119 109 91 67 70 September 132 193 98 138 86 81 73 129 105 93 67 69 October _. 133 199 98 145 85 81 75 123 101 95 66 69 November 134 196 98 151 83 80 74 112 97 100 66 67 December _ _ 136 198 98 155 85 81 73 109 83 98 65 68 1935—January 129 196 97 158 84 80 74 99 97 97 65 69 February- _. _ _ 134 198 97 157 86 80 75 95 120 94 64 65 March 133 198 97 151 87 79 76 93 120 92 65 66 April . __ _ 135 198 97 157 87 79 76 93 116 95 64 66 May 135 198 96 161 8,6 79 74 91 114 95 63 65 June 136 195 95 150 85 80 74 91 113 93 63 66 July 133 198 96 166 84 77 74 91 113 95 63 66 August 134 202 97 154 81 79 75 90 117 92 62 65 September __ __ _____ 136 201 98 157 83 79 72 90 116 92 62 65 October 136 206 98 147 80 79 74 90 112 94 63 65 November _ 136 209 98 149 79 79 74 91 111 92 62 65 December __ __ _ ___ _ 136 210 99 150 82 77 74 91 108 94 63 66 1936—January 137 211 100 150 79 78 74 92 105 94 62 65 February 137 207 100 143 78 78 73 92 92 94 61 65 March. _ _ ______ _ 138 214 100 145 79 78 75 92 97 95 62 65 April 138 214 101 147 79 77 78 93 96 96 62 65 May.. _ 139 225 101 149 80 76 80 95 98 96 62 66 June 139 218 102 156 79 76 78 95 100 93 62 65 July 140 234 102 143 80 79 78 100 98 92 62 66 August ._ 141 232 102 151 84 78 77 102 105 94 62 67 September 141 233 100 159 82 77 78 101 104 92 62 67 October 142 227 100 159 80 76 77 101 108 89 62 66 November 143 233 101 150 83 76 105 107 82 62 68 December ... __ . _ 144 235 103 158 84 77 78 106 116 84 62 68 1937—January 145 238 105 159 85 77 79 103 95 62 68 February 146 237 106 169 84 78 80 101 108 91 63 67 March.. _ _ _. 147 241 106 167 83 77 80 102 106 92 62 67 April 146 239 105 173 82 78 80 101 105 100 62 67 May.__ -. _ __ 147 242 106 158 81 78 82 100 104 93 62 66 June 148 246 107 152 79 78 83 98 102 88 63 65 July _ 148 249 108 173 83 79 83 99 99 93 62 66 August 147 249 107 167 83 79 83 97 95 90 62 65 September 147 248 107 158 79 77 84 97 106 79 62 65 October _ _ _ _ _ 149 241 105 144 84 77 81 99 105 82 62 64 November 146 247 104 151 83 78 81 98 106 85 62 65 December _. 144 244 104 139 81 78 82 97 103 92 62 65 1938—January 145 243 105 139 81 77 80 99 88 82 62 61 February.. 144 246 106 139 80 76 81 97 95 86 62 65 March 143 243 106 134 78 76 79 95 99 82 61 65 April _ _ _ 143 240 107 120 79 75 81 94 98 80 62 65 May _- _ 142 237 105 126 76 76 79 93 91 91 62 65 June 143 232 102 131 78 77 77 94 91 89 62 66 July 144 232 101 136 78 77 77 95 92 85 61 62 August P 144 236 103 142 79 77 78 95 92 88 61 64 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Chemicals and petroleum group Rubber prod- Paper and printing group ucts groLip Other than petroleum refining Year and month B pa o p x e e r s, P p a u p l e p r, B pr j i o o n i o n b g k t- , p p p N e a i r i r e c p n i i a w n g o e l t d r s - , - - r l e e t P i r n f u e o i g - m - n- Total C i h ca e l m s - c m s C t o o a e o e i e k n l a t d , e - - l , D p g t a i r i r o r s e u a t n p g s - s - ' - s p E iv l x o e - - s i F z ti e e l- r r - s P n a v is i a n h r e t - s s , a p R u l o r l c a o n i t y e d , s d - - Soap b s R o b h u o e o b t r e s - s , t t R i u n b i r u n b e e e b - r e s r - , s g o R o b t o u e h d r b e s r - , 1923 100.0 100.0 98.3 98.9 103.0 102.9 105.7 87.8 97.7 108.5 100.5 95.6 87.3 104.9 117.0 97.7 103.1 1924 99.5 97.3 100.7 101.0 96.1 96.9 98.0 100.5 96.8 94.8 93.1 97.6 93.1 100.0 83.6 94.5 91.6 1925 100.5 102.7 101.0 100.1 100.9 100.2 96.3 111.7 105.5 96.7 106.4 106.8 119.6 95.1 99.4 107.8 105.3 1926 102.1 105.8 104.9 101.7 110.8 105.4 108.3 98.7 112.8 103.0 105.* 1927 99.2 102.2 106.9 102.2 109.9 102.8 127.0 110.4 98.5 100.8 117.5 164.8 82.9 106.8 103.3 110.3 1928 96.3 100.8 107.4 104.5 104.7 102.5 106 6 95 4 107.6 105.0 109.9 1929 97.9 106.1 113.1 111.0 124.4 113.6 109.2 109.0 116.4 95.3 113.4 122.3 244.4 88.6 102.1 110.0 120.3 1930 90 7 102. 5 110.9 109.9 124.9 105.6 99 5 108 2 79 7 111 0 242.2 82.0 79.0 1931 81.8 89.5 100.7 101.8 106.2 92.7 85.1 84.5 103.2 80.4 78.8 94.4 241.9 87.4 63.2 64.9 102.3 1932 73.5 81.9 85.3 92.9 98.7 82.4 76.0 95 2 92.3 63.6 56.5 87.3 214.3 82.7 59.6 59.8 91.3 1933 83.0 89.0 78.5 93.4 106.5 94.8 93.3 98.1 94.7 70.8 70.7 95.9 276.7 88.3 72.0 69.9 105.3 1934 93.2 102.9 88.6 99.5 119.8 108.6 115.6 94.7 105.4 84.8 93.8 110.4 292.3 91.0 77.5 80.2 116.7 1935 97.2 105.3 95.0 101.6 119.4 110.8 115.5 91.1 106.5 77.6 94.6 116.0 315.7 85.9 68.6 75.4 120.6 1936 100.2 106.8 100.0 105.5 121.3 114.0 123.4 83.4 106.4 79.9 90.4 120.5 325.6 85.2 75.2 78.5 129.0 1937 106.6 114.3 107.0 107.9 127 2 124.8 136.5 96.2 114.7 88.2 103.1 128.2 356.0 95.3 75.1 84.0 142.5 1923—January 94 96 96 98 99 101.0 98 103 99 109 112 February 95 97 98 98 99 102.7 98 105 102 112 115 March 99 102 98 98 101 102.9 98 109 90 115 115 April 98 104 99 98 106 101.4 97 109 87 122 112 100 103 97 99 111 107.4 97 109 99 126 111 June 103 104 98 99 108 106.8 96 110 106 128 106 July 103 101 99 99 107 105.0 100 110 113 129 95 August 102 102 98 99 105 104.4 97 109 110 125 81 September 101 99 98 100 103 101.7 96 111 101 113 77 October 101 98 99 100 101 100.0 98 116 106 111 78 November 101 97 99 100 99 101.5 97 107 105 109 83 December. __ 100 98 99 100 96 100.9 100 104 105 106 87 1924 January 101 97 100 102 96 100.8 103 105 100 101 90 February 101 98 100 102 97 101.0 100 104 100 97 91 Mi arch 101 98 100 101 97 100.9 98 104 96 92 92 April 100 99 100 102 98 100.8 97 99 93 89 91 May 99 98 101 102 98 101.0 96 95 97 87 90 June 100 98 100 101 97 94.0 93 91 88 85 89 July 97 94 100 101 97 93.6 96 89 84 77 87 August 98 95 99 101 96 93.5 95 90 81 57 94 September 99 96 101 102 94 93.0 95 88 88 65 102 October 100 98 102 100 94 93.3 96 89 90 65 104 November 100 98 101 100 95 94.2 96 91 94 91 102 December 99 98 102 100 95 95.8 98 93 99 92 102 1925—January 99 98 103 100 95 96.6 101 94 98 96 101 February 101 100 102 99 95 97.1 99 95 94 101 102 March 99 103 102 100 95 98.4 102 96 99 100 103 April 100 103 102 99 97 100.0 103 98 110 99 104 May 101 103 100 99 98 98.3 107 100 95 98 110 June 101 101 100 101 100 98.8 107 99 99 98 112 July 100 103 100 101 102 100 4 109 99 108 100 113 August 99 103 100 101 103 100.5 108 99 112 98 115 September 101 102 101 100 105 101 8 110 98 112 100 111 October 101 105 101 100 106 102.4 107 94 116 99 106 November 102 105 102 100 107 103 0 108 94 115 100 107 December 102 106 101 101 108 104.6 107 93 118 104 109 1926—January 103 106 103 101 107 105 0 106 92 120 106 110 February 102 106 102 101 107 104.8 107 91 123 104 108 March 102 106 103 101 107 105.0 108 92 115 108 106 April 102 107 104 101 109 104.8 109 91 102 108 105 May 102 107 104 102 109 106.4 110 92 110 107 101 June 103 106 105 101 111 107.3 110 96 116 106 101 July 104 105 105 101 112 106 4 105 99 115 81 103 August 103 105 105 102 111 106.8 108 100 113 105 105 September 102 106 107 102 113 106.2 109 106 115 104 108 October 101 106 107 103 115 105.3 109 108 113 103 110 November 102 106 108 103 115 104.8 109 109 113 102 105 December. __ 101 104 107 102 114 103.8 109 108 102 101 103 1927—January __ 101 104 105 103 116 106.2 111 105 106 103 101 February..., 100 104 107 103 117 105.6 110 101 105 104 101 March 99 104 107 103 118 105 6 109 98 100 104 102 April 100 104 107 103 115 105.1 110 97 102 104 106 May 99 101 107 103 113 103. 6 110 95 106 106 109 June 99 101 107 103 111 102 7 111 98 98 108 107 July 99 101 105 102 110 102.4 108 99 97 102 105 August 99 102 107 102 107 101.7 111 99 97 106 104 September 100 102 107 101 106 101.4 111 98 99 110 102 October 98 102 107 101 104 100.0 112 98 98 111 101 November 98 102 108 101 102 100.3 111 97 99 111 100 December... 98 101 108 101 101 99.4 111 98 100 113 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

865 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Chemicals and petroleum group Paper and printing group Rubber piod- Other than petroleum refining ucts groiip Year and month B pa o p x e e r s, P p a u p l e p r, B pr j i o o n i o n b g k t- , N o p p p d r a i e e n i i p w r n c g e i a t - s - r l - , r l e e t P i r f n u e o i g - m - n- Total I C i h ca e l m s - c m C s t o a o e o e k i e n l a t e d , - - l , D p g t a i r i r o r s e u a n t p g s - s - ' - s p E i l v x o e - - s i F z ti e e l r r - - s P n a v is i a n h r e t - s s , a p R u l o r l c a o n i t y e d , s d - - Soap b s R o b h o u e o r t b e s - s , R t t i u b n i r u n e e b e b - r r s e - , s g o R o b t o u e h d r b e - s r , i nog—January 98 100 108 102 102 98.3 100 97 101 111 104 February 98 99 109 102 102 99.7 105 99 108 109 107 M[arch 98 100 106 103 102 99 3 104 94 111 103 107 April 96 99 105 103 101 99.1 104 93 105 107 104 May 96 99 107 104 101 98.7 105 94 102 107 103 June 96 100 107 105 103 100.7 107 92 107 100 105 July 95 100 108 105 104 101.1 104 92 108 106 110 August 94 101 108 105 105 101.1 109 89 106 104 113 September 95 102 107 105 108 103.2 111 95 109 103 115 October 96 102 108 106 108 107.4 110 98 110 104 117 November 97 104 108 106 109 108.3 110 99 109 104 117 December 96 102 108 107 110 110.4 111 102 113 102 116 1929—Januarv 96 103 108 108 111 112.6 109 114 103 109 240 101 117 February 97 104 112 108 113 113.2 111 119 103 105 243 100 117 March 97 104 111 108 116 114.6 112 118 103 110 247 100 118 April 98 105 111 109 119 115.9 113 117 102 119 248 99 118 May 98 105 112 110 122 112.0 111 115 101 114 228 100 118 June 98 106 113 111 123 112.4 110 115 98 112 235 102 115 July 98 106 115 111 127 113.7 108 117 94 119 243 105 115 August 98 107 114 112 129 114.0 109 116 93 118 246 109 110 September. _ 98 108 118 113 132 114.1 108 117 91 114 247 107 107 October 100 109 114 114 134 114.4 107 117 90 115 252 105 102 November 99 108 115 113 134 113. 7 106 117 86 116 253 99 92 December 98 108 115 114 132 112.6 108 115 79 110 251 99 88 1930—January 96 108 114 113 133 111.3 105 114 78 117 250 97 87 February 95 108 113 112 133 110.4 103 111 76 116 249 96 84 March 94 108 113 112 131 108.9 102 110 76 119 251 95 83 April 93 107 113 111 129 108.4 101 109 76 109 250 92 85 May _ .. 92 106 113 111 127 107.7 101 110 108 247 84 85 June 92 105 112 110 126 106.9 99 111 81 111 246 80 84 July 91 101 113 111 126 106.6 89 109 81 116 245 76 79 August _ . 91 101 110 109 125 104.9 98 107 82 115 237 78 76 September 89 99 107 109 121 103.7 98 106 82 113 237 72 74 October 87 97 108 107 118 101 3 97 104 83 106 232 73 71 November 85 95 107 107 115 99.9 96 104 82 100 231 72 69 December 85 95 107 105 115 98.9 96 103 83 99 230 71 69 1931—January . 85 92 106 105 114 97.7 94 113 105 84 93 97 217 88 67 69 105 February 84 92 105 104 112 95.8 92 96 106 83 88 96 220 87 67 66 102 March 83 91 104 106 102 93.5 90 84 105 83 81 97 229 86 54 65 103 April 83 91 104 104 111 95.2 87 101 103 83 87 97 235 88 61 65 102 May _. .. 84 92 103 104 112 94.7 85 86 103 81 88 97 244 90 64 67 103 June 82 90 101 103 108 93.6 85 81 101 79 82 96 251 88 66 66 105 July 81 90 100 102 106 92.6 84 73 104 81 77 94 254 89 66 65 105 August 81 90 100 101 104 90.7 80 65 104 81 75 93 256 88 60 64 104 September.. 81 88 98 99 102 90.1 83 60 105 78 69 93 251 88 64 63 103 October 80 88 97 99 102 89.9 82 73 103 78 66 92 251 86 63 62 98 November.. 79 86 96 98 101 89.0 80 87 100 77 64 90 246 85 65 63 99 December... 79 85 95 97 101 88.5 78 88 98 76 64 91 247 86 61 63 99 1932—January 78 85 95 96 102 88.7 78 92 99 75 63 90 250 85 61 62 98 February... 76 85 92 96 101 88.3 78 95 97 72 64 90 249 84 58 62 100 March 76 85 90 95 99 86.7 79 98 98 67 53 91 238 84 58 61 98 April _ __ 75 84 89 94 100 86.6 78 113 95 65 64 88 231 83 57 61 94 May 73 82 87 93 100 84.8 77 116 96 64 64 86 217 82 58 60 91 June 74 80 85 92 99 77.0 75 94 94 61 50 86 157 84 59 60 92 July .. . 71 79 84 92 98 75.4 74 100 88 56 47 86 154 82 55 60 88 August 70 79 80 92 97 74.2 73 88 88 57 50 85 152 82 57 59 86 September. _ 71 81 81 91 98 79.9 73 91 87 58 52 86 217 80 58 58 87 October 72 82 82 91 97 81.6 75 91 87 61 54 87 230 82 62 58 88 November _ _ 73 82 80 91 97 82.6 76 91 88 63 56 87 234 83 65 59 88 December... 73 79 79 90 99 83.0 77 90 89 64 50 86 243 82 67 59 87 1933—January 74 78 78 92 99 83.6 78 81 93 62 54 85 245 83 64 58 85 February... 75 79 78 92 100 83.9 80 86 89 62 56 85 244 82 62 58 85 March 75 78 75 90 100 82.3 80 87 89 62 51 84 233 80 59 57 83 April 73 79 75 91 101 82.7 79 85 89 62 80 85 221 81 57 57 85 May 76 81 74 90 102 85.6 82 89 89 61 67 91 245 83 57 61 90 June.- -_ 81 84 76 91 103 90.8 87 115 92 61 62 97 261 87 59 69 101 July 86 89 76 92 103 96.3 94 119 95 67 68 102 278 89 66 76 112 August 93 96 78 93 106 103.1 103 115 95 74 72 106 309 97 81 82 128 September.. 94 102 81 95 111 106.6 106 110 98 83 78 106 325 97 89 82 128 October 93 103 82 97 116 107.6 108 106 100 85 87 105 323 97 87 81 128 November.. 89 101 83 98 118 107.8 109 97 102 85 90 103 321 93 89 79 123 December... 87 100 85 99 119 107.2 111 98 105 83 90 102 314 91 88 78 114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1935. 1923-25 average=100] Chemicals and petroleum group Paper and printing group Rubber products groLip Other than petroleum refining Year and month Pe- B pa o p x e e r s, P p a u p l e p r, B pr j i o o n i o n b g k t- , p N p p e a i r i e r c n i p i w n a g o e l t s d r - - , - l r e e t i r n f u o i g m n - - Total C i h ca e l m s - c m C s t o a o e e o i k e n l a t e d , - - l , D g p t a i i r r o r s e u a n t p g s - s - ' - ! s p E iv l x o e - - s i F z ti e e l r r - - s P n a v is i a n h r e - ts s , a p R u l o r l c a o n i t e y d , s d - - Soap b s R h o b o o u e e r t b s s - , R t t i u n b i r u n b e e e b - r r e s - , s g o R o b t o u e h d r b e s r - 1934—January 88 99 85 99 119 108.4 113 104 104 84 94 107 307 89 86 77 114 February. __ 90 101 85 99 119 110.2 113 112 105 86 97 109 310 91 83 81 118 March __ _ 93 103 85 99 120 110.4 116 102 106 88 95 110 307 93 82 85 123 April 95 105 87 99 117 111.1 119 95 106 91 95 112 309 93 83 88 125 May 95 105 89 99 119 107.1 119 91 105 90 91 114 260 93 82 88 127 June _ _ - 94 104 89 100 120 107.5 119 91 105 87 93 113 266 91 81 86 120 July 94 102 89 100 120 108.4 119 92 103 85 93 111 283 91 78 81 119 August 94 102 89 100 122 109.0 118 101 105 84 90 111 286 91 75 78 115 September. _ 93 103 90 100 121 107.5 114 97 106 83 95 109 288 87 73 75 111 October 93 104 91 100 122 107.0 113 91 106 81 90 109 286 93 71 73 108 November.. 95 104 92 100 121 107.2 112 80 107 80 94 110 297 92 70 74 108 December... 95 104 92 100 120 108.3 112 85 106 80 96 110 306 89 68 76 112 1935—January 96 104 92 101 118 109.0 113 86 106 79 98 110 312 88 69 79 117 February. _. 97 105 94 101 117 109.2 112 81 106 79 98 112 318 88 71 79 119 March 98 106 94 101 118 110.5 113 92 106 78 103 114 319 88 70 79 120 April 97 106 95 101 118 110.3 116 87 108 76 89 117 314 88 65 79 120 May 97 106 94 101 118 110.1 116 86 108 79 95 117 306 84 67 77 120 June 96 105 95 101 120 111.8 117 98 108 77 102 118 308 85 67 76 118 July 96 105 96 102 121 110.4 116 98 108 77 94 117 302 86 65 73 117 August 97 105 96 102 122 110.8 116 99 107 78 92 116 310 85 69 72 118 September. _ 97 105 96 102 119 110.7 115 89 108 77 88 116 323 86 69 73 122 October 98 105 96 102 120 112.3 116 95 106 78 94 118 326 86 70 73 123 November. _ 99 105 96 102 120 112.4 118 95 105 77 93 119 323 85 70 72 125 December. __ 98 106 98 103 120 111.9 118 92 104 76 88 118 327 83 70 73 126 1936—January 99 105 96 104 119 111.2 118 85 105 78 89 118 321 83 71 73 124 February.. _ 97 105 97 105 119 109.0 118 77 104 77 82 117 314 80 71 73 123 March 96 106 97 105 119 110.4 118 81 105 76 91 117 318 79 72 55 122 April 96 106 98 106 120 109.3 118 73 106 77 83 119 310 80 74 75 124 May 97 107 98 105 120 111.9 120 75 108 77 98 119 320 82 75 77 126 June 98 106 99 105 120 112.0 121 70 108 79 88 120 324 83 73 80 127 July 99 106 100 105 124 113.9 123 81 109 80 92 121 326 81 76 81 128 August 101 107 102 105 121 114.9 124 75 106 81 93 122 331 88 76 83 128 September.. 103 108 103 106 124 117.4 127 89 105 81 96 123 333 90 77 83 131 October 104 108 103 106 123 118.0 130 87 105 82 94 124 336 88 77 86 135 November.. 105 109 104 106 124 118.8 132 94 107 84 89 122 337 93 80 88 138 December. __ 108 110 104 107 123 119.8 132 93 108 85 96 125 337 94 81 89 143 1937—January 108 111 105 107 123 121.7 135 96 111 85 96 126 340 95 78 89 145 February 108 113 106 107 124 122.3 136 87 112 86 96 128 341 101 75 90 146 March 110 115 108 108 125 123.4 138 77 115 86 101 130 343 100 82 78 147 April 110 116 108 108 126 125.9 139 85 116 88 105 131 360 98 78 78 148 May 110 117 108 108 128 126.7 141 84 116 87 108 130 366 96 80 90 149 June 110 118 108 108 129 128.4 141 84 117 89 114 129 377 96 77 89 148 July 109 117 107 108 131 128.2 140 86 116 90 111 131 376 97 65 86 145 August 108 116 107 108 131 128.4 139 92 118 90 113 131 375 96 77 85 145 September _. 104 116 109 109 130 128.2 138 112 117 90 106 129 376 93 77 85 142 October 103 115 108 109 129 125.1 136 108 115 90 99 127 360 91 76 84 139 November _ _ 102 111 107 108 127 121.9 131 110 113 88 97 125 346 90 71 78 131 December. __ 98 107 105 107 124 116.3 125 104 112 88 98 119 313 90 66 74 125 1938—January 96 106 104 106 123 112.8 122 112 110 85 92 115 291 89 59 69 113 February 96 106 103 106 123 112.4 119 107 108 84 95 113 303 89 57 63 112 March 96 105 103 106 122 110.3 115 99 107 84 87 114 307 88 55 62 110 April „. . 95 104 102 106 122 108.2 112 109 108 83 85 113 289 86 55 61 110 May 95 103 100 105 122 107.5 110 101 111 82 93 110 290 86 55 60 109 June 95 102 99 105 120 105.5 110 93 112 81 93 109 274 86 56 60 107 July 95 102 100 104 121 105.2 106 102 113 81 91 110 272 89 44 61 109 August? 96 103 99 105 121 108.4 110 98 111 81 93 113 292 92 54 62 117 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

867 OCTOBER 1938 FEDEKAL RESERVE BULLETIN REPEAL OF EMBARGO ON GOLD EXPORTS BY NETHERLANDS GOVERNMENT Early in August the Netherlands Govern- On proposal of our Minister of Finance of June 14, 1938, No. 121, Department of Monetary Affairs ment announced the formal lifting of the (General Treasury); embargo on gold exports which had been put Have decreed and hereby do decree: into effect by the Royal decree of September Article 1. Our Royal decree of September 26, 1936, 26, 1936.1 A translation of the decree is No. 52, prohibiting the export of gold coin and gold bullion, to which the force of law was given by the given below. law of September 30, 1936 (Staatsblad No. 101), is hereby repealed. Art. 2. This decree shall come into force on the REPEAL OF THE GOLD EXPORT EMBARGO day following its final appearance in the Netherlands Official Journal. June 28, 1938, No. 27. Our Minister above-mentioned is charged with the We Wilhelmina, by the grace of God, Queen of the carrying out of this law, which shall be published in Netherlands, Princess of Orange-Nassau, etc. the Netherlands Official Journal. Considering that the public interest no longer re- WILHELMINA. quires the maintenance of the export embargo on gold coin and gold bullion, promulgated by Royal decree Soestdijk, June 28, 1938. of September 26, 1936, No. 52,1 to which statutory basis was given by the law of September 30, 1936,1 The Minister of Finance, (Staatsblad No. 101); J. A. DE WILDE. Referring to Article I, second sentence, of the above-mentioned law of September 30, 1936 (Staatsblad No. 101); 1 See BULLETIN for December 1936, p. 979. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 FEDERAL RESERVE BULLETIN OCTOBER 1938 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES APRIL-JUNE 1938 Weekly statistics of international capital 1938, pages 267-277, respectively. Monthly transactions of the United States for the sec- and weekly data for the period from May ond quarter of 1938 are published in the tables 1929 to the end of 1936, together with five on this and following pages. Similar statistics charts and a detailed description of the stafor the first quarter of 1938 and the year 1937 tistics, were published in the for BULLETIN were published in the May 1937, pages 394-431. FEDERAL RESERVE BULfor July 1938, pages 574-577 and April LETIN NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Inbanking funds In security transactions In From Jan. 2, 1935, through- Total Increase in Decrease brokerage Total foreign in U. S. balances Total Domestic Foreign funds funds securities securities securities inU. S. abroad 1935—Dec. 31. 1,412. 5 964.6 603.3 361.4 6.0 441.8 316.7 125.2 1936—Dec. 30- 2, 608. 4 1, 362. 0 930.5 431.5 12.9 1, 233. 6 917.4 316.2 1937—Dec. 29- 3,410. 3 1, 617. 6 1,168. 5 449. 1 47.5 1, 745. 2 1,162.0 583.2 1938—Mar. 30. 3,197. 2 1, 374.1 949.8 424.4 54.2 1, 768. 9 1,150. 4 618.5 Apr. 6__ 3,169. 5 1, 334. 2 899.1 435.1 59.5 1, 775.8 1,150.3 625.5 Apr. 13. 3,174.1 1, 333. 9 894.8 439.0 61.2 1, 779. 0 1,152. 3 626.7 Apr. 20- 3,184. 0 1, 337.1 892.7 444.5 60.1 1, 786. 7 1,159. 2 627.5 Apr. 27. 3,196. 2 1, 347. 2 897.6 449.6 59.5 1, 789. 5 1,160. 8 628.7 May 4__ 3,155.1 1, 297. 7 863.9 433.9 58.8 1, 798. 5 1,159. 4 639.0 May 11. 3,113.8 1, 259.1 831.4 427.8 58.1 1, 796. 6 1,156. 9 639.6 May 18. 3, 099. 8 1,241. 7 817.3 424.4 58.2 1, 799. 9 1,156. 5 643.4 May 25. 3,100. 6 1,241.8 824.6 417.3 59.3 1, 799. 4 1,156. 0 643.4 June 1__ 3,074.1 1, 213. 7 804.4 409.3 60.8 1, 799. 6 1,156. 4 643.2 June 8.. 3,067. 4 1, 206. 2 790.5 415.7 61.4 1, 799. 8 1,155. 7 644. 1 June 15. 3,060. 3 1, 203. 7 787.6 416.1 61.4 1, 795. 2 1,152. 8 642.4 June 22. 3,049. 0 1,194. 3 793.2 401.1 59.1 1, 795. 6 1,154. 9 640.7 June 29- 3,035. 8 1,179. 5 786.2 393.3 57.8 1, 798. 4 1,155. 3 643.1 TABLE 2.-—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica E F a a s r t O A th ll er 1935—Dec. 31 1, 412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200.6 0) 70.9 128.3 12.7 1936—Dec. 30 2, 608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2, 051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29 3, 410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Mar. 30 3,197. 2 938.2 266.4 260.2 544.1 125.8 15.7 315.3 2, 465. 8 124.7 400.3 187.7 ' 18.8 Apr. 6 3,169. 5 934.7 271.7 258.7 540.6 127 A 16.5 311.7 2, 461. 2 124.1 399.0 166.6 18.5 Apr. 13 3,174.1 939.8 269.8 258.2 537.9 128.2 17.8 309.2 2, 461. 0 122.3 407.5 166.2 17.1 Apr. 20 3,184. 0 944.6 261.4 257.8 537.6 129.9 17.2 305.4 2, 453. 9 131.9 407.0 172.7 18.5 Apr. 27 3,196. 2 950.6 259.4 264.7 529.9 129.0 17.7 307.3 2, 458. 6 130.7 409.6 179.2 18.1 May 4 3,155.1 930.0 266.7 264.2 522.1 127.5 18.5 302.0 2, 430. 9 125.1 407.2 173.3 18.6 May 11 3,113.8 923.5 245.4 260.9 503.8 131.8 19.2 306.0 2, 390. 6 131.0 406.7 166.7 18.9 May 18 3,099. 8 919.9 242.1 259.1 494.5 131.3 17.4 310.2 2, 374. 5 130.3 406.4 168.5 20.1 May 25 3,100. 6 900.3 245.1 262.6 493.1 135.2 18.9 321.1 2, 376. 3 130.0 407.9 165.2 21.2 June 1 3, 074.1 879.5 238.7 262.7 485.7 133.6 23.7 321.9 2, 345. 9 133.2 416.1 158.0 20.9 June 8 3,067. 4 886.5 239.5 261.0 486.9 135.5 24.7 317.9 2,352. 2 127.5 416.7 152.3 18.7 June 15 3,060. 3 886.8 239.8 261.0 486.8 135.9 24.6 314.5 2, 349. 4 127.6 413.0 150.8 19.5 June 22 3, 049. 0 884.1 239.4 261.8 485.6 135.6 24.5 312.6 2, 343. 6 126.5 414.2 146.6 18.1 June 29 3, 035. 8 889.7 237.4 266.0 484.1 137.7 21.4 313.4 2,349. 7 114.1 412.0 140.5 19.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

869 OCTOBER 1938 FEDERAL RESERVE BULLETIN NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 964. 6 337.4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 53.6 96.1 9.9 1936—Dec. 30 1,362.0 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 174.2 120.7 10.8 1937—Dec. 29 _ _ 1,617.6 396.7 177.0 71.9 291.0 114.7 13.4 136.3 1, 201.0 54.6 217.9 144.8 -.7 1938—Mar 30 1, 374.1 347.5 161.5 29.7 226.3 115.3 5.3 117.5 1, 003.0 79.2 189.5 102.0 .4 Apr 6 1, 334. 2 342.2 166.2 27.9 221.2 116.6 6.0 112.5 992.6 76.3 184.7 80.5 Apr. 13 1,333.9 347.0 164.9 25.5 218.3 117.5 7.3 109.1 989.7 74.1 192.0 79.6 — 1.5 Apr 20 1, 337.1 349.5 156.9 23.6 219.5 119.0 6.8 105.0 980.2 80.9 190.9 85.4 -.3 Apr. 27 1, 347. 2 354.2 154.2 30.0 213.4 118.1 7.2 106.7 983.8 80.0 192.7 91.6 -.8 May 4 1, 297. 7 332.4 160.9 29.9 207.3 116.4 8.0 93.8 948.7 73.3 189.5 86.6 — .4 May 11 . __ 1, 259.1 327.7 141.3 26.5 189.2 120.6 8.6 97.2 911.1 80.1 188.6 79.6 -.1 May 18 1, 241. 7 323.2 137.9 24.0 179.9 120.1 6.7 100.0 891.7 79.6 188.3 80.9 1.1 May 25 1,241.8 304.1 140.6 27.5 178.5 123.8 8.2 111.4 894.1 79.1 189.1 77.6 2.1 June 1 . 1, 213. 7 283.8 134.1 26.8 170.4 122.6 13.0 111.2 862.0 81.8 196.3 71.8 1.7 June 8 1, 206. 2 291.2 135.5 25.0 170.3 124.1 14.0 106.8 866.9 78.4 196.3 65.1 —.5 June 15 1, 203. 7 291.4 135.6 24.7 168.8 124.5 13.8 106.2 864.9 82.2 192.2 64.0 .4 June 22 1,194. 3 290.0 134.2 24.8 167.5 124.1 13.8 103.9 858.3 83.6 193.1 59.7 -.4 June 29 1,179. 5 295.9 132.7 28.0 162.4 126.2 10.5 105.8 861.6 72.1 190.2 54.6 1.1 TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES 1935—Dec. 31 603.3 128. 6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2 7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 ___ 1,168. 5 189.3 111.8 76.3 288.4 9^6 6.9 109.4 791.7 76.3 166.3 126.2 8 0 1938—Mar 30 949.8 175.9 94.1 34.6 223.0 -3.9 -3.9 88.8 608.6 86.3 137.0 108.5 9.3 Apr. 6 899.1 156.9 98.8 32.4 218.1 -3.2 -3.2 83.8 583.5 83.2 133.2 91.5 7 7 Apr 13 894.8 157.5 97.0 31.0 214.9 -2.9 -2.6 79.4 574.4 80.9 142.0 90.7 6.8 Apr. 20 892.7 162.2 89.8 28.8 216.5 -1.9 -3.6 76.0 567.9 85.7 139.6 92.5 6 9 Apr. 27 897.6 168.0 86.0 33.3 210.6 -2.8 -3.6 76.8 568.4 86.4 141.4 95.2 6.2 May 4 __ 863.9 160.9 92.8 33.0 203.9 -2.8 -2.6 63.2 548.4 79.4 138.5 91.3 6 4 May 11 831.4 149.2 79.8 32.3 185.7 -2.0 -2.4 66.2 508.8 85.7 140.2 90.8 5.8 May 18 817.3 153.1 75.4 30.4 176.6 -2.6 -2.9 67.9 497.9 83.3 138.3 91.0 6 8 May 25 824.6 141.0 76.6 34.4 175.1 .6 -1.7 79.4 505.5 83.4 139.1 88.8 7.8 June 1 804.4 127'.4 74.6 33.2 167.4 -2.8 1.0 79.3 480.0 86.4 146.0 84.3 7.7 June 8 790.5 132.7 73.6 30.5 167.3 -2.1 2.3 75.1 479.4 81.8 147.4 76.8 5.0 June 15. _ 787.6 134.3 72.9 30.0 165.8 -2.6 2.2 74.0 476.7 83.6 143.0 78.4 5 9 June 22 793.2 139.0 73.1 30.8 164.9 -4,2 1.6 71.4 476.6 85.8 143.2 81.6 6.1 June 29 786.2 145.2 70.1 34.7 160.1 -2.3 -.5 75.0 482.2 73.4 140.8 83.4 6.5 TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES 1935—Dec. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30_ _ 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 —4 4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Mar. 30 424.4 171.5 67.4 -4.9 3.3 119.2 9.1 28.7 394.4 -7.1 52.5 -6.5 -8.9 Apr. 6 435.1 185.3 67.4 4.5 3.2 119.8 9.2 28. 8 409.1 -6.9 51.5 -11.0 -7.7 Apr. 13 439.0 189.5 . 67.9 -5.4 3.4 120.4 9.9 29.7 415.4 -6.8 50.0 -11.1 -8.4 Apr. 20 444.5 187.3 67. 1 -5.2 3.0 120.9 10.4 28.9 412.4 -4.8 51.2 -7.1 -7.3 Apr. 27 449.6 186.2 68.2 -3.3 2.8 120.8 10.8 29.9 415.4 -6.4 51.2 -3.6 -7.0 May 4 433.9 171.5 68.1 -3.1 3.5 119.2 10.5 30.6 400.3 -6. 1 51.1 —4. 7 —6 8 May 11 427.8 178.5 61.5 -5.8 3.4 122.6 11.0 31.0 402.2 -5.6 48.3 -11.3 -5.9 May 18 424.4 170.1 62.5 -6.4 3.3 122.6 9.6 32.1 393.8 -3.7 50.0 -10.0 -5.6 May 25 417.3 163.1 64.0 -6.9 3.3 123.2 9.9 31.9 388.6 -4.3 49.9 -11.2 -5.7 June 1_ _- 409.3 156.4 59.6 —6. 3 3.0 125.3 12.0 32.0 382.0 -4.6 50.3 -12.5 -5.9 June 8 415.7 158.4 61.9 -5.5 3.0 126.1 11.7 31.7 387.4 -3.5 48.9 -11.7 -5.5 June 15 416.1 157.1 62.6 -5.3 2.9 127.1 11.7 32.2 388.2 -1.4 49.2 -14.4 -5.5 June 22 401.1 151.0 61.1 -6.0 2.6 128.3 12.2 32.5 381.7 -2.2 49.9 -21. 9 -6.5 June 29 393.3 150.7 62.6 -6.6 2.2 128.6 11.1 30.8 379.3 -1.3 49.4 -28.8 -5.3 TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES 1935— Dec. 31__ 6.0 0) 2.4 1.3 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 3O._ 12.9 4.0 10.4 -.9 9.1 -.7 .4 22.6 -4.2 2.1 1937—Dec. 29- _ 47.5 11.5 11.5 5.0 10.8 (0 5.0 44.0 3.5 -.5 .5 1938—Mar. 3O._ 54.2 13.0 13.4 6.6 8.7 0) 5.2 47.2 5.5 -1.2 2.6 Apr. 6... 59.5 14.6 14.7 7.1 9.2 5.7 51.5 6.0 -1.0 3.0 0) Apr. 13__ 61.2 13.9 14.3 7.3 9.4 5.9 51.0 7.8 2.8 .1 Apr. 20.. 60.1 13.7 13.5 7.4 9.8 5.7 50.3 -'.5 2.3 .1 Apr. 27.. 59.5 13.9 14.3 7.2 8.9 5.8 50.4 -.5 2.2 0) May 4... 58.8 13.9 14.5 7.2 8.7 5.8 50.4 7.1 2.2 (0 May 11.. 58.1 13.8 13.3 7.0 8.5 5.9 49.0 7.3 2.3 0) May 18 . 58.2 13.3 13.5 6.9 9.1 (0 6.5 49.6 7.5 1.9 ((2)) May 25_. 59.3 13.8 14.2 7.0 8.5 5.6 49.4 8.3 2.4 0) June 1... 60.8 14.3 14.8 7.1 8.9 2 5.9 51.2 7.8 2.4 .1 June8__. 61.4 15.1 15.0 6.8 8.6 0)' 6.0 51.8 7.0 2.9 .1 June 15.. 61.4 15.4 14.7 6.8 9.7 5.8 52.7 6.7 2.4 .1 June 22.. 59.1 14.8 14.0 6.7 8.8 6.0 50.6 6.3 2.7 .1 June 29.. 57.8 15.7 13.9 6.8 8.4 6.2 51.2 4.0 2.6 .1 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDERAL RESERVE BULLETIN OCTOBER 1938 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31.- 441.8 217.5 30.2 57.9 53.9 7.9 2.9 59.1 429.4 -36.9 16.4 29.3 3.7 1936—Dec. 30__ 1,233.6 483.8 82.9 168.0 213.9 15.1 6.1 126.4 1,096. 2 34.4 31.2 61.2 10.6 1937—Dec. 29__ 1, 745. 2 585.5 93.1 235.1 305.6 9.2 8.6 170.9 1, 408.1 48.2 193.2 79.2 16.6 1938—Mar. 30_. 1, 768. 9 577.8 91.5 223.9 309.1 10.5 10.2 192.6 1,415.6 40.0 212.0 83.1 18.2 Apr. 6__. 1, 775. 8 577.9 90.8 223.7 310.2 10.8 10.3 193.4 1,417.1 41.8 215.3 83.1 18.5 Apr. 13__ 1, 779. 0 578.9 90.6 225.4 310.2 10.7 10.3 194.2 1,420. 3 40.5 215.9 83.8 18.6 Apr. 20__ 1, 786. 7 581.4 91.0 226.9 308.3 10.8 10.2 194.7 1, 423. 3 43.0 216.6 85.0 18.7 Apr. 27.. 1, 789. 5 582.5 90.9 227.6 307.6 10.9 10.2 194.7 1, 424. 4 43.3 217.5 85.4 18.8 May 4___ 1, 798. 5 583.8 91.2 227.2 306.1 10.9 10.2 202.4 1, 431. 8 44.7 218.5 84.5 19.0 May 11.. 1, 796. 6 582.0 90.9 227.4 306.1 11.0 10.2 202.9 1, 430. 5 43.6 218.6 84.8 19.0 May 18.. 1, 799. 9 583.4 90.7 228.2 305.5 11.3 10.4 203.7 1,433. 2 43.2 219.0 85.7 18.9 May 25.. 1, 799. 4 582.4 90.3 228.1 306.1 11.4 10.4 204.1 1,432. 8 42.6 219.6 85.3 19.1 June I... 1, 799. 6 581. 4 89.7 228.7 306.4 11.2 10.4 204.8 1, 432. 7 43.5 220.5 83.8 19.1 June 8-__ 1, 799. 8 580.3 89.1 229.2 308.0 11.4 10.5 205.2 1, 433. 6 42.1 220.8 84.3 19.0 June 15._ 1, 795. 2 580.1 89.5 229.5 308.4 11.4 10.5 202.4 1, 431. 8 38.7 221.3 84.3 19.0 June 22. _ 1,795. 6 579.3 91.2 230.3 309.3 11.5 10.5 202.7 1, 434. 7 36.6 221.7 84.3 18.4 June 29.. 1, 798.4 578.1 90.8 231.1 313.4 11.5 10.6 201.5 1,437. 0 38.0 221.9 83.3 18.2 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 F2.6 1936—Dec. 30 _ 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1, 041. 6 37.6 18.2 54.7 9 8 1938—Mar. 30 1,150. 4 441.9 67.7 202.4 279.7 -18.2 -4.9 58.1 1, 026. 7 36.8 20.7 55.6 10.5 Apr. 6 1,150. 3 441.4 67.0 202.2 280.2 -18.2 -4.9 57.8 1, 025. 5 37.6 21.2 55.4 10.5 Apr. 13 . 1,152. 3 442.5 66.8 203.6 280.1 -18.4 -4.9 57.8 1, 027. 5 37.1 21.3 55.9 10 5 Apr. 20 1,159. 2 444.9 67.2 205.0 278.6 -18.5 -4.9 58.1 1, 030. 4 39.7 21.3 57.2 10 6 Apr. 27 1,160. 8 445.7 67.1 205.5 277.8 -18.5 -4.9 57.9 1,030. 7 40.4 21.6 57.4 10.7 May 4 1,159. 4 445.1 67.4 205.1 277.9 -18.6 -4.9 58.0 1,030.1 40.3 21.9 56.4 10.7 May 11-— 1,156. 9 443.4 67.1 205.2 277.9 -18.6 -4.9 57.9 1,027.9 40.0 21.6 56.7 10 7 May 18 1,156. 5 443.3 67.0 206.0 277.0 -18.6 -4.9 58.0 1,027. 9 39.5 21.2 57.4 10.6 May 25 1,156.0 442.5 66.7 206.1 277. 5 -18.6 -4.9 58.2 1, 027. 4 40.1 21.1 56.8 10.7 June 1 1,156. 4 443.1 66.0 206.6 277.7 -18.7 -4.9 58.4 1, 028. 1 40.6 21.2 55.8 10.7 June 8 1,155. 7 441.8 65.2 207.0 279.2 -18.8 -4.9 58.5 1, 028.1 39.7 21.2 56.2 10.5 June 15 1,152. 8 442.3 65.7 207.3 279.0 -18.9 -4.9 55.6 1, 026. 2 38.8 21.3 56.0 10.5 June 22 1,154. 9 442.2 67.4 208.0 279.5 -18.9 -5.0 55.5 1,028. 7 38.7 21.3 55.8 10.4 June 29 1,155. 3 440.2 67.1 208.6 283.1 -19.0 -5.0 54.2 1, 029. 2 40.1 21.1 54.7 10.2 TABLE.9.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31_. 125.2 67.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 1.1 1936—Dec. 30_. 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29__ 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 1938—Mar. 30-. 618.5 135.9 23.7 21.5 29.5 28.6 15.1 134.6 3.1 191.3 27.5 Apr. 6_-_ 625.5 136.4 23.8 21.6 30.0 29.0 15.1 135.7 391.6 4.2 194.1 27.7 8.0 Apr. 13_. 626.7 136.5 23.8 21.8 30.1 29.1 15.1 136.3 392.7 3.4 194.7 27.8 8.1 Apr. 20-. 627.5 136.5 23.8 21.9 29.7 29.3 15.1 136.6 392.9 3.3 195.3 27.8 8.1 Apr. 27.- 628.7 136.8 23.8 22.0 29.8 29.4 15.1 136.8 393.7 3.0 195.9 28.0 8.2 May 4__- 639.0 138.6 23.8 22.1 28.2 29.5 15.1 144.4 401.7 4.4 196.6 28.0 8.2 May 11- 639.6 138.6 23.8 22.2 28.2 29.6 15.1 145.0 402.6 3.7 197.0 28.1 8.3 May 18-- 643.4 140.0 23.7 22.1 28.5 29 9 15.3 145.7 405.3 3.7 197.8 28.3 8.3 May 25- 643.4 139.9 23.6 22.0 28.7 3o!o 15.3 146.0 405.4 2.6 198.5 28.5 8.4 June l.__ 643.2 138.4 23.7 22.1 28.7 30.0 15.3 146.4 404.6 2.9 199.2 27.9 8.5 June 8—- 644.1 138.5 23.8 22.1 28.8 30.2 15.4 146.7 405. 5 2.5 199.6 28.1 8.5 June 15— 642.4 137.8 23.8 22.2 29.4 30.3 15.4 146.8 405.6 —. 1 200.0 28.3 8.5 June 22- 640.7 137.1 23.8 22.3 29.8 30.4 15.4 147.2 406.0 -2.1 200.4 28.4 8.0 June 29— 643.1 137.9 23.7 22.5 30.3 30.5 15.6 147.3 407.8 -2.1 200.8 28.6 8.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 871 OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [In millions of dollars] TABLE 10.—LIABILITIES TO FOREIGNERS Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1929—Dec. 31— 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162. 8 241.8 188.2 49.0 31.0 1930—Dec. 31__ 2, 335. 0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38 2 37.5 1931—Dec. 30— 1, 303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28— 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27— 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 Reported by Banks in United States 1934—Dec. 26- 610.6 83.0 39.6 12.2 13.5 30.0 19.5 47.1 245.0 97.9 125.2 130.1 12.4 1935—Dec. 31._ 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30— 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29- 1, 729. 6 261.5 143 9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 30.. 1, 521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 Apr. 6__. 1,470. 3 229.0 130.9 46.3 231.7 26.5 15.5 130.7 810.7 183.4 254.1 202.5 19.6 Apr. 13.. 1,466. 0 229.7 129.1 44.9 228.6 26.7 16.2 126.3 801.5 181.0 263.0 201.7 18.8 Apr. 20.. 1, 463. 9 234.4 121.9 42.8 230.2 27.8 15.2 122.9 795.1 185.9 260.5 203.5 18.9 Apr. 27.. 1, 468. 8 240.1 118.1 47.3 224.3 26.9 15.2 123.7 795.6 186.5 262.3 206.2 18.2 May 4__. 1,435.1 233.0 124.9 46.9 217.5 26.9 16.2 110.1 775.5 179.5 259.4 202.3 18.4 May 11.. 1, 402. 6 221.3 111.9 46.2 199.4 27.7 16.4 113.1 736.0 185.8 261.1 201.8 17.8 May 18.. 1, 388. 5 225.2 107. 5 44.3 190.3 27.1 15.9 114.8 725. 1 183.4 259.2 202.0 18.7 May 25.. 1,395. 8 213.2 108.7 48.4 188.8 30.2 17.1 126.3 732.7 183.5 260.0 199.8 19.8 June l._. 1, 375. 6 199.5 106.7 47.1 181.1 26.9 19.8 126.2 707.2 186.6 266.9 195.2 19.6 June 8__. 1, 361. 7 204.9 105.7 44.5 180.9 27.6 21.1 122.0 706.6 182.0 268.3 187.8 17.0 June 15- 1,358.8 206.5 105.0 44.0 179.5 27.1 20.9 120.9 703.9 183.8 263.9 189.4 17.8 June 22_. 1,364. 4 211.2 105. 2 44.7 178.5 25.5 20.4 118.3 703.8 185.9 264.1 192.6 18.1 June 29.. 1, 357. 4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 TABLE 11.—FOREIGN ASSETS Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1931—Dec. 30-- 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 1492 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28— 937.9 87.3 62.9 13.0 6.2 434.9 11.8 970 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27— 192.5 66.9 18.4 12.3 260.9 16.7 83 2 651.0 32.3 159.7 49.7 6.2 Reported by Banks in United States 1934—Dec. 26—. 1,132. 6 281.8 85.7 17.6 8.3 233.6 29.7 81.0 737.6 94.0 175.2 117.8 8.0 1935—Dec. 31._ 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30. _ 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29__ 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Mar. 30.. 679.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 103.3 113.5 104.1 17.4 Apr. 6__ 669.0 106.9 11.4 23.1 4.9 111.4 18.0 51.0 326.6 103.2 114.5 108.6 16.2 Apr. 13_. 665.0 102.7 10.9 24.0 4.7 110.8 17.4 50.0 320.4 103.1 116.0 108.7 16.9 Apr. 20-. 659.6 104.9 11.6 23.9 5.1 110.3 16.8 50.9 323.4 101.1 114.7 104.7 15.7 Apr. 27-. 654.5 106.0 10.5 22.0 5.3 110.3 16.4 49.9 320.4 102.7 114.7 101.2 15.5 May 4... 670.2 120.6 10.7 21.7 4.6 112.0 16.7 49.2 335.5 102.4 114.9 102.3 15.2 May 11.. 676.3 113.7 17.3 24.4 4.6 108.6 16.2 48.8 333.5 101.9 117.6 108.9 14.4 May 18.. 679.7 122.0 16.3 25.0 4.8 108.6 17.6 47.7 342.0 100.0 116.0 107.6 14.1 May 25.. 686.8 129.1 14.7 25.6 4.7 108.0 17.3 47.8 347.2 100.6 116.0 108.8 14.2 June 1... 694.8 135.7 19.2 24.9 5.0 105.8 15.2 47.8 353.7 100.9 115.7 110.1 14.4 June 8__. 688.4 133.7 16.8 24. 1 5.0 105.1 15.5 48.1 348.4 99.8 117.0 109.3 14.0 June 15.. 687.9 135.1 16.1 24.0 5.1 104.1 15.5 47.6 347.5 97.7 116.8 112.0 14.0 June 22.. 703.0 141.2 17.7 24.6 5.4 102.9 15.0 47.3 354. 1 98.5 116.0 119.5 15.0 June 29.. 710.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 97.6 116.6 126.4 13.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN OCTOBER 1938 MEMBER BANK EARNINGS AND EXPENSES, FIRST HALF OF 1938 In the first six months of 1938 member tributable to a decrease in the volume of loans banks showed a small increase in net profits and investments of banks. All items of earnas compared with the preceding six months ings decreased except service charges on notwithstanding a material decrease in cur-deposit accounts, which increased slightly. rent earnings. Net profits during the first Current expenses showed a small decline. half of this year, however, were considerably Net earnings from current operations smaller than in the first half of 1936 and ofamounted to $183,000,000, which was 15 per- 1937. The following table shows that current cent less than in the second half of 1937 and total earnings, amounting to $631,000,000, 10 percent less than in the first half. Profits were smaller than in any six-month report derived from the sale of securities were period since the first half of 1936. $44,000,000 larger than in the latter half of 1937 and $12,000,000 larger than in the first EARNINGS AND EXPENSES OF MEMBER BANKS, BY SEMIANNUAL PERIODS, JANUARY 1, 1936-JUNE 30, half. Both losses and recoveries on loans 1938 were smaller in the first half of 1938 than in [In millions of dollars] any half-year period in 1936 or 1937. Losses 1936 1937 1938 on investments were larger than in any of these periods. Recoveries on investments First Second First Second First half half half half half P were somewhat in excess of those in the sec- Total current earnings 617 654 652 669 631 ond half of 1937 but smaller than in other Total current expenses 430 442 449 453 448 recent half-year periods. Net current earnings 187 212 203 216 183 The earnings, expenses, recoveries, losses, Recoveries, profits on securities, etc. . . 253 254 158 97 137 etc., of all member banks, and of national and Losses and depreciation 216 225 166 172 175 State member banks separately, in the first Net losses and depreciation __ _ i+37 i +29 8 75 38 half of 1938 and the second half of 1937, are Net profits..- __ __. 224 241 195 141 145 shown in detail on the following page. Some Cash dividends declared 95 103 100 101 99 significant ratios are presented in addition, p 1 N Pr e e t l i r m ec i o n v a e r r y i . es, profits on securities, etc. together with other related data, including The decline in current earnings from the figures of loans, investments, deposits, and second half of 1937 was in large measure at- capital account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 873 EARNINGS AND EXPENSES OF MEMBER BANKS NATIONAL AND STATE MEMBER BANKS, BY SEMIANNUAL PERIODS, JULY 1, 1937 TO JUNE 30, 1938 (Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks) [Amounts in thousands of dollars] All member banks National member banks State member banks Second First Second First Second First half of half of half of half of half of half of 1937 1938 P 1937 1938 P 1937 Earnings: Interest and discount on loans 284, 488 269,166 192,126 183,959 92,362 85, 207 Interest and dividends on investments 237, 253 223, 450 160, 429 152,089 76, 824 71, 361 Collection charges, commissions, fees, etc.. 16,148 14, 632 11, 364 10,008 4,784 4,624 Foreign department 6,282 4,681 3,120 2,650 3,162 2,031 Trust department 49, 594 42, 956 18,192 15, 250 31, 402 27, 706 Service charges on deposit accounts 23, 335 24, 708 16, 293 17,191 7,042 7,517 Rent received 42, 507 41, 912 26,631 26,401 15, 876 15,511 Other current earnings 9,010 6,488 6,109 3,192 2,901 Total current earnings.. .9, 287 630, 515 434, 643 413, 657 234, 644 216,858 Expenses: Interest on deposits 89, 607 87, 870 63,867 62, 746 25, 740 25,124 Salaries, officers 72, 681 72, 286 48, 610 48, 294 24, 071 23, 992 Salaries and wages, employees (other than officers) 117,841 114,856 72, 269 69, 866 45, 572 44, 990 Fees paid to directors and members of executive, discount and advisory committees 3,577 3,537 2,511 2,462 1,066 1,075 Interest and discount on borrowed money 362 162 199 124 163 38 Real estate taxes 17, 625 17, 061 11,451 10, 781 6,174 6,280 Other taxes 24, 448 24, 340 15, 827 15, 652 8,621 8.688 Other expenses 127,157 127,408 80, 097 79, 741 47,060 47, 667 Total current expenses 453, 298 447, 520 294, 831 :9, 666 158, 467 157,854 Net earnings from current operations 215, c 182, 995 139, 812 123, 991 76,17 59, 004 Recoveries, profits on securities, etc.: Recoveries on loans 31, 025 21, 074 22, 971 15, 758 8,054 5,316 Recoveries on investments 18,034 23, 981 13, 293 16,075 4,741 7,906 Profits on investments sold 33,833 77, 542 23,047 53,147 10, 786 24, 395 All other 14, 802 14, 647 8,496 8,473 6,306 6,174 Total.. 97, 694 137, 244 67, 807 93,453 29,887 43, 791 Losses and depreciation: On loans 55, 470 44, 856 39. 251 26, 893 16, 219 17, 963 On investments 71, 496 94, 504 45,036 57, 760 26, 460 36, 744 On banking house, furniture and fixtures.. 20, 890 16,082 13, 986 10, 549 6, 904 5,533 All other 24, 561 19, 917 13, 730 10,447 10,831 9,470 Total losses and depreciation 172, 417 175, 359 112,003 105, 649 10, 414 69, 710 Net profits 141, 266 144, 880 95, 616 111,795 45, 650 33,085 Cash dividends declared * 100, 668 98, 827 60, 382 61,175 40, 286 37, 652 Number of officers at end of period 32, 728 33, 527 24, 837 25, 457 7,891 8,070 Number of employees (full and part-time) at end of period. 155,139 154, 564 97, 616 96,959 57, 523 57, 605 Number of banks at end of period 6,341 6,338 5,260 5,242 1,081 1,096 Loans 2 14,121, 349 13, 480, 556 8, 796, 342 8, 575, 566 5, 325,007 4, 904, 990 Investments 2 18,123, 809 17, 850, 588 11, 917, 522 11, 714, 701 6, 206, 287 6,135,887 Total deposits 2 41,164, 351 40, 797, 884 26, 601,162 26, 478, 484 14, 563,189 14, 319,400 Capital funds 2,3 5, 354, 985 5, 363, 524 3, 221, 554 3, 251, 396 2,133, 431 2,112,128 Annual rates of earnings and of losses on loans: Interest and discount on loans per $100 of loans $4.03 ;4.37 $4.29 $3.47 $3.47 Net losses on loans per $100 of loans .79 .89 .63 .61 .73 Annual rates of earnings and losses on investments: Interest and dividends on investments per $100 of investments.. 2.62 2.50 2.60 2.48 2.33 Net losses on investments per $100 of investments .79 1.06 .76 .99 .85 1.20 Profits on investments sold per $100 of investments .37 .87 .39 .91 .35 Annual rates of earnings on capital funds: Net current earnings per $100 of capital funds 8.07 6.82 7.63 7.14 5.59 Net profits per $100 of capital funds 5.28 5.40 5.94 6.88 4.28 3.13 Total deposits per $1 of capital funds 7.69 7.61 8.26 8.14 6.83 6.78 Loans and investments per $1 of capital funds 6.02 5.84 6.43 6.24 5.41 5.23 p Preliminary. 1 Includes interest on capital notes and debentures. 2 For the second half of 1937 these are averages of figures reported as of June 30 and December 31, 1937; for the first half of 1938 they are averages < f figures reported on December 31, 1937, March 7, 1938, and June 30, 1938. 3 The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserve for contingencies, etc. Back figures.—See Annual Report for 1937 (Table 64) for annual figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 FEDERAL RESERVE BULLETIN OCTOBER 1938 CONDITION OF INSURED BANKS IN THE FIRST HALF OF 1938 According to the consolidated statement of at these banks were similar to those of councondition of all insured banks in the United try member banks. Total loans and invest- States as of June 30, 1938, which has just ments declined by about 3*4 percent at both been published by the Federal Deposit In- country member banks and nonmember insurance Corporation, total loans and invest- sured banks. A detailed statement of conments and total deposits at insured banks not dition appears on the following page. members of the Federal Reserve System de- Investment holdings at nonmember insured clined during the first half of 1938. As banks declined by about $190,000,000, or 7 shown in the following table, developments percent, during the period while those at country member banks declined by about $315,000,000, or 5i/ percent. Most of these CHANGES IN CONDITION OF INSURED COMMERCIAL 2 declines were in holdings of United States BANKS, FIRST HALF OF 1938 Government securities. At city banks in- [In millions of dollars] vestment holdings increased by about $300,- Member banks of 000,000. Total loans did not change during the Federal Reserve System the period at nonmember insured banks and All m N em on b - er declined somewhat at country member banks, i b ns a u n r k e s d C re e s n er tr v a e l i b n a su n r k e s d in contrast to further substantial declines at and Country reserve banks city banks. city banks Adjusted demand deposits at nonmember insured banks and country member banks Total loans and investments. -1,220 -659 -372 -188 showed a total decline of $390,000,000 during Loans - _ -1,021 -962 -59 -1 U. S. Government secur- the first 6 months of 1938. At central reserve ities -144 +176 -204 -116 Other securities. _ -54 +128 -110 -72 and reserve city banks, however, adjusted Due from banks +648 +509 +161 -22 demand deposits increased sharply, with the Deposits: result that the aggregate for all insured banks Adjusted demand deposits ! _- +346 +735 -230 -159 was about $350,000,000 higher than at the Time deposits... -15 +55 -27 -44 U. S. Government de- end of 1937. Domestic interbank deposits posits -241 -228 -11 -3 Interbank deposits: increased substantially during the period, re- Banks in United States +656 +697 -31 -10 flecting in part a growth in the correspondent Banks in foreign countries. -134 -132 (2) -1 balances of country member banks and a small decline in those of nonmember insured 1 Demand deposits other than interbank and U. S. Government, less cash items in process of collection. banks. 2 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 875 OCTOBER 1938 FEDERAL DEPOSIT INSURANCE CORPORATION CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, JUNE 30, 1938 AND DECEMBER 31, 1937 [Amounts in thousands of dollars] June 30, 1938 December 31, 1937 National State Banks National State Banks banks banks not banks banks not All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks,. 13, 723 5,242 1,096 7,385 13, 795 5,260 1,081 7,454 ASSETS Loans, discounts, and overdrafts (including rediscounts) 15, 696,082 8, 316, 371 4, 621, 229 2, 758, 482 16, 717, 467 8, 796, 207 5, 161, 616 2, 759, 644 United States Government obligations, direct and fully guaranteed 13, 525,194 7, 972, 777 4,370 194 1,182, 223 13, 669, 352 8,059, 346 4, 312, 204 1, 297, 802 Other bonds, stocks and securities 6, 753, 371 3, 644, 870 1, 795, 068 1, 313, 433 6,807, 420 3, 678, 705 1, 743, 677 1, 385, 038 Total loans and securities 35, 974, 647 19, 934, 018 10, 786, 491 5, 254,138 37,194, 239 20, 534, 258 11, 217, 497 5, 442, 484 Customers' liability on account of acceptances 111, 499 54, 610 54, 473 2,416 157,141 77,087 77, 417 2,637 Banking house, furniture, and fixtures 1,153, 259 627, 679 339, 299 186, 281 1,160, 501 630, 518 340, 947 189, 036 Other real estate owned 509, 260 153, 948 182, 871 172, 441 519, 572 155, 580 187,114 176, 878 Reserve with Federal Reserve banks 8,004,090 4, 618,177 3, 385, 913 7,005, 209 4,172, 915 2, 832, 294 Coin and currency 909, 727 524, 513 187, 517 197, 697 789, 519 418, 483 170, 974 200, 062 Balances with other banks 5,511,377 3.188,086 1,011.821 1,311,470 4,817, 035 2, 623, 720 860, 393 1, 332. 922 Cash items in process of collection 1, 945, 536 1,107, 071 792, 300 46,165 2, 319, 081 1, 319, 976 939, 375 59,730 Securities borrowed 1,545 203 692 650 1,162 188 707 267 Other assets 244, 013 118, 351 100, 728 24, 934 257, 910 130, 790 95, 279 31, 841 Total assets.. 54, 364, 953 30, 326, 656 16, 842,105 7,196,192 54, 221, 369 30,063, 515 16, 721, 997 7, 435, 857 LIABILITIES Demand deposits of individuals, partnerships, or corporations 21, 986, 370 12,120, 304 7, 695, 892 2,170,174 22,106, 285 12,150, 449 7, 597,001 2, 358, 835 Time deposits of individuals, partnerships, or corporations 13, 997,882 7, 524, 902 3, 349, 081 3,123, 899 13, 959, 543 7, 476, 823 3, 329, 223 3,153, 497 Public funds of states and political subdivisions 3, 420, 500 2,100, 406 667,145 652, 949 3, 256,196 2,014, 488 599, 217 642, 491 U. S. Gov't and postal savings deposits 670, 562 463, 997 161, 714 44, 851 927, 269 584, 653 291, 034 51, 582 Deposits of other banks; cash letters of credit; certified, officers, and travelers' checks outstanding 7, 354, 507 4, 553,190 2, 671, 687 129, 630 6,942,122 4, 260, 356 2, 535, 412 146, 354 Total deposits^. 47, 429, 821 26, 762, 799 14, 545, 519 6,121, 503 47,191, 415 16, 486, 769 14, 351, 887 6, 352, 759 Mortgage bonds and participation certificates outstanding 15, 520 3,366 18, 924 15, 080 3,844 Bills payable, rediscounts, and other liabilities for borrowed money 26, 929 9,586 2,228 15,115 30, 082 10,839 3,811 15, 432 Securities borrowed 1,545 203 692 650 1,162 707 267 Acceptances outstanding executed by or for the account of reporting banks 122,601 60, 944 59, 216 2,441 176,128 88,123 85,488 2,517 Dividends declared but not yet payable. _ 44, 640 27, 778 15, 231 1,631 46, 301 27, 401 16,022 2,878 Other liabilities 331,404 198, 778 106, 084 26, 542 353,315 212, 664 115, 358 25, 293 Total liabilities, excluding capital account 47, 972, 460 27,060, 088 14, 741,124 6,171, 248 47, 817, 327 26, 825, 984 14, 588, 353 ., 402, 990 Capital stock and capital notes and debentures 3,018, 570 1, 569,125 860, 281 589,164 3,030,146 1, 574,056 856, 550 599, 540 Surplus 2, 292,137 1,116, 291 918,782 257, 064 2, 268,179 1,098, 204 912,217 257, 758 Undivided profits—net 207,168 115,767 202, 673 108, 756 Reserve for contingencies and undeclared 731, 829 711,186 399, 757 dividends 158, 234 109, 980 51, 125 157, 691 55, 513 Retirement fund for preferred stock or cap- 319, 339 366, 868 153, 664 ital notes and debentures— 14,024 4,770 11, 824 4,513 11, 300 30,618 27, 663 11,850 Total liabilities, including capital account 54, 364, 953 30, 326, 656 16, 842,105 7,196,192 54, 221, 369 30,063, 515 16, 721, 997 7, 435, 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 FEDERAL RESERVE BULLETIN OCTOBER 1938 BANKS AND BRANCHES IN THE UNITED STATES TABLE 1.—NUMBER OF BANKING OFFICES OF INCORPORATED COMMERCIAL BANKS, NUMBER OF BANKS, AND NUMBER OF BRANCHES OR ADDITIONAL OFFICES, BY CLASSES OF BANKS AND BY STATES AND GEOGRAPHIC DIVISIONS, DECEMBER 31, 1937 Number of banking offices l Number of banks ! Number of branches or (banks plus branches) (with or without branches) additional offices l,2 geogra S p t h a i t c e o d r ivision Total ti N on a- al m S b t e e a m r te - m s n u I o e n r m n e - - d - s N u i o n re - n d - Total ti N on a- al m S b t e e a m r te - m s n u I e o n r m n e - - d - s N u i o n re - n d - Total ti N on a- al m S b t e e a m r te - m s n u I e o n r m n e - - d - s N u i o n re n - d ber ber ber United States—total 18,147 6,745 2,075 8,340 987 14, 740 5,260 1,081 7,449 950 3,407 1,485 994 891 37 New England—total 790 408 125 186 71 555 326 42 137 50 235 82 83 49 21 Maine _ _ _. 127 43 31 39 14 70 39 5 17 9 57 4 26 22 5 New Hampshire 66 53 1 3 9 64 52 1 3 8 2 1 1 Vermont 89 44 43 2 77 42 33 2 12 2 10 M assachusetts 313 190 66 52 5 199 127 29 38 5 114 63 37 14 Rhode Island 64 20 21 3 20 26 12 2 2 10 38 8 19 1 10 Connecticut 131 58 6 46 21 119 54 5 44 16 12 4 1 2 5 Middle Atlantic—total - . 3,077 1,629 744 672 32 2,221 1,369 256 564 32 856 260 488 108 New York 1,391 631 508 244 8 753 443 124 178 8 638 188 384 66 New Jersey 505 261 117 118 9 385 229 54 93 9 120 32 63 25 Pennsylvania 1,181 737 119 310 15 1,083 697 78 293 15 98 40 41 17 East North Central—total 3,630 987 501 2,054 88 3,127 876 310 1,856 85 503 111 191 198 3 Ohio 869 283 195 385 6 694 248 78 362 6 175 35 117 23 Indiana 553 134 26 376 17 498 126 14 341 17 55 8 12 35 Illinois 873 314 74 468 17 873 314 74 468 17 Michigan 624 138 174 284 28 464 83 118 237 26 160 55 56 47 2 Wisconsin 711 118 32 541 20 598 105 26 448 19 113 13 6 93 1 West North Central—total 3,680 841 148 2,221 470 3,491 816 148 2,064 463 189 25 157 7 Minnesota 695 201 12 442 40 689 195 12 442 40 6 6 Iowa 801 111 31 585 74 656 111 31 447 67 145 138 7 Missouri 658 86 55 466 51 658 86 55 466 51 North Dakota 198 55 132 11 184 55 118 11 14 14 South Dakota 203 64 21 117 1 181 47 21 112 1 22 17 5 Nebraska 433 138 12 225 58 431 136 12 225 58 2 2 Kansas 692 186 17 254 235 692 186 17 254 235 South Atlantic—total 1,938 543 171 1,129 95 1,593 469 102 932 90 345 74 69 197 5 Delaware 58 16 6 34 2 46 16 4 24 2 12 2 10 Maryland 260 70 55 132 3 184 63 11 107 3 76 7 44 25 District of Columbia 52 26 9 17 22 9 4 9 30 17 5 8 Virginia 390 146 29 212 3 323 132 24 164 3 67 14 5 48 West Virginia 186 79 19 78 10 185 79 19 77 10 1 1 North Carolina 346 49 16 271 10 236 43 9 176 8 110 6 2 South Carolina 172 35 5 94 38 149 20 4 87 38 23 15 1 Georgia 309 69 28 190 22 285 54 23 187 21 24 15 5 3 i Florida 165 53 4 101 163 53 4 101 5 2 9 East South Central—total 1,299 304 50 870 75 1,154 262 37 780 75 145 42 13 90 Kentucky 454 117 14 277 46 425 99 12 268 46 29 18 2 9 Tennessee 355 89 16 242 8 304 72 6 218 8 51 17 10 24 Alabama 238 72 17 140 9 217 66 16 126 9 21 6 1 14 252 26 3 211 12 208 25 3 168 12 44 1 43 West South Central—total 1,702 777 71 754 100 1,634 749 69 716 100 68 28 2 38 Arkansas 238 51 8 168 11 223 50 155 11 15 1 1 13 Louisiana 200 57 134 2 147 30 6 109 2 53 27 1 25 Oklahoma 400 216 5 163 16 400 216 5 163 16 Texas 864 453 51 289 71 864 453 51 289 71 IVIountain—total 579 267 91 206 15 495 212 78 190 15 84 55 13 16 Montana 115 43 24 48 115 43 24 48 Idaho 83 36 23 22 2 52 20 10 20 2 31 16 13 2 Wyoming 58 26 9 23 58 26 9 23 Colorado 149 78 10 50 11 149 78 10 50 11 New M^exico 47 22 4 20 1 41 22 4 14 1 6 6 Arizona 37 25 2 10 12 5 2 5 25 20 5 Utah 71 22 19 30 59 13 19 27 12 9 3 Nevada 19 15 3 1 9 5 3 1 10 10 Pacific—total 1,452 989 174 248 41 470 181 39 210 40 982 808 135 38 1 Washington 225 111 21 84 9 161 50 20 82 9 64 61 1 2 Oregon 141 91 5 42 3 76 28 5 40 3 65 63 2 C alifornia 1,086 787 148 122 29 233 103 14 88 28 853 684 134 34 1 1 Exclusive of mutual savings and private banks and branches thereof. 2 Some State laws make a distinction between "branches" and certain other types of "additional offices." This table and those following, however, cover all branches or additional offices within the meaning of Section 5155, U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 877 TABLE 2.—NUMBER AND DEPOSITS OF INCORPORATED COMMERCIAL BANKS OPERATING BRANCHES OR ADDITIONAL OFFICES, BY CLASSES OF BANKS AND BY STATES AND GEOGRAPHIC DIVISIONS, DECEMBER 31, 1937 Number of banks operating branches or Total deposits (in thousands of dollars) additional offices State1 or geographic division Total National m S e t m at b e er m In e n s m o u n b r - e e d r in N s o ur n e - d Total National m S e t m a b te er m In e n s m o u n r b - e e d r in N s o u n re - d United States—total 903 194 159 527 33 34,901,593 12, 054, 217 11, 060, 569 1, 636, 924 149, 882 New England—total 88 30 31 36 11 1, 778,533 1,116,215 436,103 110, 773 115, 432 Maine 20 3 4 9 4 80, 451 14, 903 27, 615 25, 473 12, 460 New Hampshire 2 1 1 888 463 425 Vermont 8 2 6 18, 662 2,195 16, 467 M assachusetts 41 18 14 9 1, 225, 364 926,130 259, 684 39, 550 Rhode Island 11 3 2 1 5 256,511 59, 405 133, 879 2,997 60, 230 Connecticut.. _ _ . 6 3 1 1 1 196, 647 113,119 14, 925 26, 286 42, 317 Middle Atlantic—total 180 63 76 41 13, 870, 531 4, 936, 909 8, 405,852 527, 760 New York 86 28 40 18 11, 230, 752 3, 815, 878 7,145, 970 268, 904 New Jersey 51 16 23 12 896, 825 298,068 443, 435 155, 322 Pennsylvania 43 19 13 11 1, 742, 944 822, 963 816, 447 103, 534 East North Central—total 191 39 39 130 3 3, 739, 819 1,374, 854 1, 081, 352 277,199 6,414 Ohio 37 8 13 16 1,194, 845 433, 811 717,861 43,173 Indiana 34 6 1 27 214, 545 93, 876 36, 421 84, 248 Michigan 46 12 11 21 2 1, 002, 069 624, 783 267, 928 103, 351 6,007 Wisconsin 74 3 4 66 1 328, 360 222, 384 59,142 46, 427 407 West South Central—total - 134 8 131 5 371, 066 278, 244 89, 093 3,729 Minnesota 2 2 239, 764 239, 764 Iowa 109 104 5 88, 955 85, 226 3,729 North Dakota 12 12 2,447 2,447 South Dakota 9 4 5 24, 664 23, 244 1,420 Nebraska 2 2 15, 236 15, 236 South Atlantic—total 139 19 18 99 3 1, 394, 057 688, 874 429, 900 269, 999 5,284 Delaware 6 2 4 128,063 94,154 33,909 Maryland 23 2 6 15 342, 357 177, 378 111,668 53,311 District of Columbia 11 5 2 4 242, 477 145, 686 73, 651 23,140 Virginia 39 6 2 31 218, 226 120, 715 54,154 43, 357 West Virginia 1 1 849 849 North Carolina 41 2 2 36 1 183, 555 13,099 73, 783 92, 503 4,170 South Carolina 1 1 5 64, 423 37, 852 5, 515 21,056 Georgia 10 3 3 3 1 213, 560 194,144 16, 975 1,874 567 Florida 1 1 547 547 East South Central—total 61 48 438, 581 332, 716 41, 038 64, 827 Kentucky 14 93 2 9 147, 595 113,847 20, 661 13,087 Tennessee 20 4 1 15 202, 880 162,168 19, 960 20, 752 Alabama 3 1 1 1 60, 451 55, 326 417 4,708 Mississippi 24 1 23 27, 655 1,375 26, 280 West South Central—total 41 7 2 33 309, 849 263, 642 11, 343 34, 864 Arkansas 14 1 1 12 14, 920 6,381 1,726 6,813 Louisiana 27 6 1 20 294, 929 257, 261 9,617 28, 051 IVfountain—total 31 11 1 9 310, 805 166, 759 26,938 17,108 Idaho 6 4 1 1 63, 746 33, 679 26, 938 3,129 New Mexico 4 4 4,363 4,363 Arizona 4 2 2 60,917 53,051 7,866 Utah 5 3 2 52 242 50, 492 1,750 Nevada 2 2 29, 537 29, 537 Pacific—total 48 18 8 31 1 3, 788, 371 2, 896, 004 628, 043 345, 301 19, 023 Washington 9 6 1 2 290, 500 278, 986 7,552 3,962 Oregon 4 2 2 219, 138 216.703 2,435 California _ _ ___ _ 35 10 7 17 1 3,278,733 l| 2,400,315 620, 491 238, 904 19, 023 i No banks operating branches were reported in States omitted (Illinois, Missouri, Kansas, Oklahoma, Texas, Montana, Wyoming, and Colorado). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 3.—NUMBER AND DEPOSITS OF INCORPORATED COMMERCIAL BANKS OPERATING BRANCHES OR ADDI- TIONAL OFFICES, BY GEOGRAPHIC EXTENT OF BRANCH SYSTEMS, AND NUMBER OF BRANCHES OR ADDITIONAL OFFICES, BY LOCATION RELATIVE TO HEAD OFFICE, EACH BY STATES AND GEOGRAPHIC DIVISIONS AND BY CLASSES OF BANKS, DECEMBER 31, 1937 [Dollar amounts in thousands] Number and deposits of banks operating branches or additional offices 2 Number of branches or additional offices Banks with Banks with Banks with State * a n o d r c g l e a o ss g r o a f p h b i a c n k d s ivision B b h r c a e a i n a t n y k d c - s h o o e f w n f s l i i y c i t e n h b b h r u a e t h n a e d c n a c - h o o d o e t - f u s o f i n f c b o f t e i y e u c y t e c s o i i n d ty d e b h b r e a u a c n t t d i o c g - u h n o u n f e o o f t s t i u i c e s e o s b u t e c o c t y o s o o i n i u t d n - n e d ty c h c b o e o r n a u a c t d n n i o - g t c o u i u h f e n o f e s t i u s y c n s e i o n t t o h o e f I f a n ic d e - c O i h o t u e y f t f a i s c b d i e d - u e t c c o o o u n u I s t n n i g t t i o u e - s n c ti o o g t u I u n c n o o t u i n e s - s city in head- head- to headoffice office office Num- Total Num- Total Num- Total Num- Total county county county ber deposits ber deposits ber deposits ber deposits United States—total 291 17,171, 422 396 2, 020,622 164 2, 001,115 52 3, 708, 433 % 646 '707 425 629 New England—total 41 1,238, 307 29 298, 844 17 130, 460 1 110, 912 116 78 38 3 M Ne a w in e Hampshire. 3 9,708 8 20,119 2 Q 50, 8 6 8 2 8 4 4 29 2 2 4 Vermont 5 9,214 3 9,448 9 3 Massachusetts 33 1,132,121 7 89,027 1 4,216 91 22 1 Rhode Island 3 10, 779 6 111,853 1 22, 967 1 110,912 17 14 4 3 Connecticut . _ .. 2 85, 699 3 68, 631 42, 317 4 4 4 Middle Atlantic—total . . 136 12, 582, 759 31 595, 553 12 667, 798 1 24, 411 781 59 15 1 N N e e w w Y Je o r r s k ey 6 3 7 7 10, 4 6 5 8 4 1 , , 2 7 5 5 4 6 1 1 0 2 3 1 9 3 3 0 , , 4 9 9 1 8 5 Q 1 4 2 1 4 8 , , 0 6 8 6 1 2 1 24, 411 60 9 5 1 2 2 2 7 1 1 1 1 Pennsylvania . . _. 32 1, 446, 749 9 71,140 2 225,055 85 10 3 East North Central—total.... 51 1,691, 087 113 534, 818 25 505,832 2 8,082 302 171 28 2 I O n h d i i o ana .. .. . 1 11 4 4 1 7 8 4 8 , , 6 4 9 0 8 9 2 22 1 23 25 6 , , 0 3 1 4 4 8 2 484,1 7 3 8 3 8 1 2 3 4 2 •3 3 0 9 4 1 Michigan .. .. 19 754, 694 21 230, 745 4 8,548 2 8,082 129 25 4 2 Wisconsin _ . .. 273, 286 49 42, 711 18 12, 363 17 77 19 West North Central—total.... 4 255, 000 81 60, 319 45 35, 030 4 20, 717 8 119 54 8 Minnesota ._ 2 239, 764 6 I N o o w r a th Dakota 75 5 5 1 9 , 0 1 4 9 4 2 34 29 1 , , 2 7 4 6 5 3 158 107 7 38 6 1 N So e u b t r h a s D ka a kota - 2 15, 236 1 83 5 4,022 3 20, 559 2 5 10 7 South Atlantic—total 36 599, 948 47 49, 865 40 400, 461 16 343,783 110 86 86 63 D M D e i a s l r t a y r w i l c a a t n re o d f Columbia - 1 9 2 1 1 2 3 4 9 8 2 4 , , , 1 7 4 5 7 7 4 7 7 8 1 10 2 , , 4 8 9 5 5 9 q 5 1 3 8 1 4 , , 4 0 1 1 4 5 1 8,706 3 3 7 2 0 1 4 7 1 6 6 6 V W i e rg st i n V ia irginia .__ . . 8 89, 811 1 1 8 23,3 8 3 4 0 9 10 46,839 3 58, 246 21 2 1 9 11 6 North Carolina 3 13,697 14 7,976 16 18, 759 8 143,123 '30 46 27 S G o e u o t r h g ia Carolina . .. 1 2 1 5 5 , , 5 5 1 1 5 7 3 2 2 1 , ,8 4 7 8 4 2 4 2 117 1 , , 8 5 8 5 1 3 2 1 7 5 8 4 , , 6 5 1 4 6 5 1 3 0 3 2 2 4 1 7 6 Florida - 547 1 1 East South Central—total 8 243,594 38 132,672 10 27, 711 5 34, 604 40 52 28 25 Kentucky. . .. 5 134, 508 6 3,824 9,263 20 6 3 Tennessee 3 109, 086 14 62, 928 1 9,249 2 21, 617 17 18 9 Alabama . . .. 2 55, 743 4,708 3 5 5 8 Mississippi 16 10,177 6 9,199 2 8,279 23 13 8 West South Central—total... 6 255, 349 30 39, 028 3 6,865 2 8,607 22 38 6 2 Arkansas 10 7 174 q 6,865 881 10 4 1 Louisiana -__.___- 6 255, 349 20 31 854 I 7,726 22 28 2 1 Mountain—total.. _. _ _ 7 23 173 g 44,283 g 143 349 3 17 32 32 Idaho__ . . 1 1,595 5,505 4 56,646 2 10 19 New Mexico 2 1 909 645 1 809 4 1 1 Arizona ___-.. 1 3 700 2 19, 948 .. 37 269 1 7 12 5 Utah 2 13 832 2 18,185 1 20 225 1 2 5 4 Nevada 1 2 137 , 27 400 1 2 4 3 Pacific—total 9 305,378 20 286,350 6 182, 675 13 3,013,968 264 87 138 493 W Or a e s g h o i n n gton . _ _ __ . 2 13, 742 2 1 2 9 4 2 3 3 5 1 3,039 2 5 2 2 1 72 6 , 7 7 0 9 3 6 1 1 1 5 3 5 2 6 0 4 2 5 4 California 7 291, 636 17 282, 992 5 179, 636 6 2, 524, 469 238 79 112 424 Class of banks National banks 114 7, 635, 680 37 831, 688 19 580, 587 24 3, 006, 262 690 116 148 531 State member banks _ . _ 108 8, 852, 906 30 677,471 13 957, 776 8 572, 416 767 105 79 43 Insured nonmember banks _.. 69 682, 836 315 437, 980 125 405,923 18 110,185 185 466 187 53 Noninsured banks _ _ _ 14 73, 483 7 56, 829 2 19, 570 4 20 11 2 ' Revised. 1 No branches or banks operating branches were reported in States omitted (Illinois, Missouri, Kansas, Oklahoma, Texas, Montana, Wyoming, and Colorado). 2 The classifications of banks by geographic extent of branch systems contain no duplications, since each bank operating one or more branch offices is classified according to the widest area in which it operates them and a bank in a given classification may have one or more branch offices in a lesser area; i. e., a bank operating branch offices outside its head-office city but not beyond the limits of its head-office county may have a branch office in the head-office city, etc. If a bank operates branch offices only within the limits of the city in which it is located but in two counties, the bank \s classed as operating branch offices in "head-office city only." New York City, consisting of five counties, is the most important instance of this character. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

879 OCTOBER 1938 FEDERAL RESERVE BULLETIN TABLE 4.—NUMBER OF INCORPORATED COMMERCIAL TABLE 7.—NUMBER AND DEPOSITS OF INCORPORATED BANKS OPERATING BRANCHES OR ADDITIONAL OF- COMMERCIAL BANKS OPERATING BRANCHES OR FICES, AND NUMBER OF BRANCHES OR ADDITIONAL ADDITIONAL OFFICES, CLASSIFIED ACCORDING TO OFFICES, BY SIZE OF BANKS AND BY LOCATION OF NUMBER OF BRANCHES OR ADDITIONAL OFFICES BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, OPERATED BY EACH BANK, DECEMBER 31, 1937 1937 Number of branches or Number of branches or additional offices Branches or Number de T p o o t s a i l ts additional offices t ( S o in o i t z a f e l t h d g d o o e r u ll p o s a o a r u s s n p ) i d t - s s b N b e a u r n m k o s - f Total h o c e f I f i a n i t c y d e - i c O n c i h o o o t u y e f f h u t f f a s i i e n c b c d i L a e e t d - u y d o e t - cat t I t i t c i o n o i e o o g n s f h u u c f i e c o o n c a o u u e t d y n n s - - - c I t c n i o o h o e o u n e f s u c f s t a i o i n n c d g t u e t o - o u y n t - - a p d e o d r f i f t i b i c o a es n nk al ba o n f • k 5 1 s 4 6 3 2 4 0 7 4 3 6 ( s 4 3 1 d i a n , , , o 1 0 n 7 5 3 l 1 8 8 d 5 l t 2 7 a 0 h 3 6 s 1 , r , , , o , s o 9 7 4 7 u 4 ) 5 9 1 f 2 4 - 6 5 6 4 8 Tota 5 2 2 1 1 l 4 9 0 1 3 0 2 1 5 6 h o c e f I f i a n i t c y d 1 1 e - 9 7 6 5 0 8 3 5 7 7 O h o u c e f t f i a i s t c y d i e d - 3 1 1 e 6 8 5 0 8 3 3 0 3 5 18 1,154, 720 108 48 60 250 and under_. 139 44 28 7 301, 843 49 29 20 251-500 121 139 104 6 163, 586 48 32 16 501-1,000— 152 192 11 141 9 4 168, 365 36 8 28 1,001-2,000 122 189 19 123 10 7 682, 266 70 46 24 2,001-5,000 119 205 62 89 11 7 944, 588 77 51 26 5,001-10,000 116 256 132 57 12 5 966, 076 60 26 34 10,001-50,000. __ 147 575 335 76 13 4 52 30 22 Over 50,000 87 1.807 1,085 14 5 238, 518 70 43 27 15 1 37, 852 15 1 14 Total 903 3,407 '1, 646 ,707 425 629 16-20 8 673, 444 141 78 63 21-50 12 4, 023, 535 348 274 74 T Revised. 51-100 7 3, 552, 528 439 371 68 1 Includes 1 trust company without deposits. Over 100- 2 1, 925, 037 610 109 501 TABLE 5.—NUMBER OF INCORPORATED COMMERCIAL Total- 903 24, 901, 592 3,407 % 646 1, 761 BANKS OPERATING BRANCHES OR ADDITIONAL OF- FICES, AND NUMBER OF BRANCHES OR ADDITIONAL r Revised. OFFICES, EACH BY POPULATION OF TOWN OR CITY OF LOCATION, DECEMBER 31, 1937 TABLE 8.—NUMBER OF INCORPORATED COMMERCIAL BANKS OPERATING BRANCHES OR ADDITIONAL OF- Number of branches or FICES, BY NUMBER OF TOWNS (OUTSIDE HEADadditional offices OFFICE CITY) AND BY NUMBER OF COUNTIES (OUT- SIDE HEAD-OFFICE COUNTY) IN WHICH BRANCHES Number Location OR ADDITIONAL OFFICES WERE LOCATED, DECEMBER Population of town or city of 31, 1937 banks Total i In Outside h o e ff a ic d e - h of e f a ic d e - By towns By counties city city* Number Number Under 250 29 113 113 Number of towns of banks Number of counties of banks 250-499 59 245 245 outside head-office operating outside head-office operating 500-999 84 280 280 city in which branches or county in which branches or 1,000-2,499 123 331 326 offices were located additional offices were located additional 2,500-4,999 94 221 215 offices offices 5,000-9,999 49 164 5 159 10,000-24,999 73 159 19 140 25,000-49,999 57 102 41 61 1 410 1 162 50,000-99,999 66 140 73 67 103 2 15 100,000-499,999— 156 478 416 6 3 38 3 _ . _ 6 500,000 and over. 113 1,174 1,081 93 4 16 4 9 5 10 5 . . 3 Total 3,407 n, 646 1, 761 6 8 6 1 r E R a e c v h i se b d ra . nch is classified by the size of town or city in which it is 8 9 7 - 4 2 2 9 8 7 ._ . _ 3 5 2 located; therefore, a branch included in a given population group is not 10- - 3 10 2 necessarily operated by a bank included in the same population group 11 2 11 2 2 13 2 TABLE 6.—NUMBER OF BRANCHES OR ADDITIONAL 13 1 16 . . 1 OFFICES OF INCORPORATED COMMERCIAL BANKS, BY 2 23 1 15 1 55 1 METHOD OF ESTABLISHMENT AND BY LOCATION OF 17- 2 BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, 18 1 1937 19 1 30 1 34 1 Location 50 1 286— 1 Method by which established Total In Outside Total -. 612 Total 216 head- head- Number of banks opoffice office erating branches in Number of banks operacity city head-office city only- 291 ting branches in head- Total number of banks office county only 687 operating branches.. _ 903 Total number of banks De novo 2,091 1,163 928 operating branches ._ 903 By conversion of a bank into a branch. 1,251 451 800 Unknown 65 32 33 Total. 3,407 I, 646 '1, 761 • Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 FEDERAL RESERVE BULLETIN OCTOBER 1938 TABLE 9.—NUMBER OF INCORPORATED COMMERCIAL BANKS OPERATING BRANCHES OR ADDITIONAL OFFICES, AND NUMBER OF BRANCHES OR ADDITIONAL OFFICES, BY CLASSES OF BANKS AND BY LOCATION OF BRANCHES OR ADDITIONAL OFFICES, IN 1900, 1905, 1910, 1915, AND EACH YEAR 1920-1937 Branches or additional offices Banks operating branches or additional offices National State Yeart Total In Outside In Outside Total National State Total h o e ff a ic d e - h of e f a ic d e - Total h of e f a ic d e - h of e f a ic d e city city city city 1900 87 5 82 119 5 1 4 114 24 90 1905 196 5 191 350 5 1 4 345 134 211 1910 292 9 283 548 12 1 11 536 270 266 1915 397 12 385 785 26 15 11 759 420 339 1920 530 21 509 1,281 63 41 22 1,218 732 486 1921 547 23 524 1 455 72 50 22 1,383 854 529 1922 610 55 555 1,801 140 118 22 1,661 1,038 623 1923 671 91 580 2 054 204 181 23 1,850 1, 146 704 1924 . . 706 112 594 2 297 256 233 23 2,041 1,281 760 1925 _ 719 130 589 2,524 318 296 22 2,206 1,428 778 1926 743 148 595 2 701 421 384 37 2,280 1,493 787 1927 739 153 586 2,912 723 433 290 2,189 1,525 664 1928 774 171 603 3 136 934 595 339 2,202 1, 545 657 1929 763 167 596 3,349 995 650 345 2,354 1,623 731 1930 750 166 584 3,518 1,042 703 339 2,476 1,684 792 1931 722 164 558 3 463 1,110 714 396 2,353 1,585 768 1932 680 157 523 3,191 1,220 831 389 1,971 1,233 738 1933 2 584 146 438 r2 780 1,121 677 444 1,659 998 661 1934 2 _ 724 176 548 % 002 1,243 691 552 1,759 976 783 1935 2 816 181 635 3,151 1,329 686 643 1,822 958 864 1936 2 853 188 665 3 266 1,398 679 719 1,868 960 908 19372 903 194 709 3,407 1,485 690 795 1,922 956 966 r Revised. 1 For the years 1900, 1905, 1910, 1915, and 1920-1923, the figures are not as of any uniform month. For 1924 they are as of June, for 1925-1926 as of December, for 1927-1931 as of June, and for 1932-1937 as of December. 2 For the years prior to 1933 only those Morris Plan and other industrial banks operating branches which were reported in the State bank abstract are included in the statistics; for 1933 and subsequent years all Morris Plan and other industrial banks reported to operate branches are included as follows: in 1933 and 1934, 12 banks operating 27 branches in head-office city and 9 branches outside head-office city; in 1935 and 1936 13 banks operating 27 branches in head-office city and 11 branches outside head-office city; and in 1937, 13 banks operating 29 branches in headoffice city and 11 branches outside head-office city. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 881 TABLE 10.—NUMBER OF BRANCHES OR ADDITIONAL OFFICES OF INCORPORATED COMMERCIAL BANKS IN OPERATION IN SELECTED YEARS, BY STATES AND GEOGRAPHIC DIVISIONS, AND BY LOCATION Branches or additional offices in head-office city Branches or additional offices outside head-office city State l or geographic division 1900 1910 1920 1925 1930 1933 2 1937 2 1900 1910 1920 1925 1930 1933 2 1937 2 United States—total- 25 271 773 1,724 2,387 '1, 675 1, 646 94 277 508 800 1,131 '1,105 "1, 761 New England—total 1 19 45 91 143 113 116 14 26 47 69 95 93 119 Maine.. __ 1 2 2 6 3 4 9 15 30 49 59 49 53 New Hampshire 1 1 1 1 1 1 2 Vermont.. _ 10 12 12 Massachusetts. . . . 16 40 83 123 95 91 5 4 5 7 23 Rhode Island 1 2 3 6 14 13 17 4 10 11 15 20 19 21 Connecticut 2 4 5 8 Middle Atlantic—total 12 134 267 534 994 808 781 12 13 19 23 18 17 75 New York 11 130 229 433 732 636 605 2 33 New Jersey 10 10 93 92 91 10 9 11 11 10 13 29 Pennsylvania 1 4 28 91 169 80 85 2 4 8 12 8 2 13 East North Central—total . . ... 11 83 315 584 683 297 302 8 20 21 22 34 76 201 Ohio 1 21 88 195 232 133 132 8 18 18 19 32 31 43 Indiana _ 2 7 8 17 24 1 1 1 15 31 Michigan 55 218 375 435 134 129 13 31 Wisconsin 3 7 7 8 13 17 2 2 2 1 17 96 West North Central—total 1 1 2 8 8 8 8 52 181 Minnesota 6 6 6 6 Iowa 52 145 North Dakota 14 South Dakota .. . 22 Nebraska 1 1 2 2 2 2 2 South Atlantic—total 15 35 112 148 114 110 29 88 152 203 257 175 235 Delaware- 1 1 2 2 2 3 6 15 13 10 10 10 Maryland .. 3 18 40 56 40 37 11 41 52 58 41 39 District of Columbia 2 4 20 25 27 30 Virginia _ _ 6 4 26 27 22 21 11 31 16 21 33 46 46 West Virginia .. 1 North Carolina 1 3 8 12 7 1 12 43 58 72 46 South Carolina- 5 3 3 1 7 15 14 64 21 20 Georgia .. ._ ..... . 3 5 12 19 13 10 8 14 20 43 20 11 14 Florida 5 7 2 2 2 East South Central—total 14 41 60 37 40 22 56 62 75 82 58 105 Kentucky . _. 12 28 21 20 5 5 1 1 3 3 9 Tennessee 14 28 31 16 17 2 4 17 31 38 30 34 Alabama 3 6 17 20 19 17 1 18 Mississippi.. _. _ . 1 1 9 30 24 24 24 24 44 West South Central—total 35 46 51 24 22 15 51 53 60 30 46 Arkansas 3 6 3 3 6 15 Louisiana _ . . 35 46 51 24 22 12 45 50 57 24 31 Mountain—total . _ _ _ 3 3 3 15 26 23 30 42 81 Idaho 1 22 31 New Mexico 5 2 3 6 Arizona . . . .. _ . . 1 3 15 21 21 27 13 24 Utah.. . 2 1 7 11 Nevada.. . 1 9 Pacific—total 19 60 308 300 271 264 6 44 130 332 555 562 718 Washington 4 2 1 3 12 15 8 8 5 2 11 49 Oregon 2 10 11 4 1 1 1 17 54 California .. 13 58 307 297 249 238 6 32 121 326 552 534 615 r Revised. 1 No branches were reported in States omitted (Illinois, Missouri, Kansas, Oklahoma, Texas, Montana, Wyoming, and Colorado). 2 See note 2, table 9. NOTE.—For the years 1900, 1910, and 1920, the figures are not as of any uniform month; for 1930 they are as of June, and for 1933 and 1937 as of December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 FEDERAL RESERVE BULLETIN OCTOBER 1938 REVISION OF BULLETIN TABLE ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES The regular BULLETIN table on govern- the Government, but some of them have also mental corporations and credit agencies ap- obtained funds from the sale of securities to pears in this issue, on p. 908, in a revised the public. The Treasury table now gives form. The occasion for the revision is the summary data for each of the 40 agencies recent change in the underlying compilation or groups of agencies covered and detailed published by the Treasury Department as data for 23 of these, in contrast to the earlier part of the Daily Statement of the United practice of giving summary and detailed data States Treasury on the last day of each for only 21 agencies or groups of agencies, month. In the new form the Government the remainder being included in an "Other" corporations and credit agencies are no group. longer arranged in two broad classes "Fi- The following table lists the agencies which nanced wholly from Government funds" and are now grouped under the various column "Financed partly from Government funds and partly from private funds/' Agencies headings of the revised BULLETIN table and formerly classed in the first group have in indicates the groupings formerly included in fact obtained their capital stock funds from the table: GROUPING OF AGENCIES IN BULLETIN TABLE ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES COLUMN HEADING IN NEW BULLETIN TABLE AND AGENCIES INCLUDED l COLUMN HEADING IN FORMER BULLETIN TABLE Reconstruction Finance Corporation Reconstruction Finance Corporation and Public Works Administration Public Works Administration Home mortgage and housing agencies: Home Owners' Loan Corporation Home mortgage institutions Other mortgage agencies: Federal home loan banks Federal savings and loan associations 2 Home mortgage institutions R. F. C. Mortgage Company Federal National Mortgage Association Other—Financed wholly from government funds United States Housing Authority Farm credit agencies: Farm mortgage agencies: Federal land banks Farm mortgage institutions Federal Farm Mortgage Corporation Other Farm Credit Administration banks and corporations: Federal intermediate credit banks. Other farm credit institutions—Financed partly Banks for cooperatives from government funds Regional agricultural credit corporations Agricultural credit institutions—Financed wholly Production credit corporations from government funds Commodity Credit Corporation Commodity Credit Corporation Other: Farm Credit Administration 3 Farm Security Administration Tennessee Valley Authority - Other—Financed wholly from government funds Insurance agencies: Federal Housing Administration Federal Deposit Insurance Corporation Other—Financed partly from government funds Federal Savings and Loan Insurance Corporation Federal Crop Insurance Corporation Other: Disaster Loan Corporation Electric Home and Farm Authority Export-Import Bank of Washington Federal Prison Industries, Inc Inland Waterways Corporation Interior Department (Indian loans) Panama Railroad Company Puerto Rican Reconstruction Administration Rural Electrification Administration Tennessee Valley Associated Cooperatives, Inc Other—Financed wholly from government funds Treasury Department: Railroad loans (Transporation Act, 1920) Treasury Department: Securities received from R. F. C. under Act of Feb. 24, 1938 United States Maritime Commission War emergency corporations and agencies (in liquidation): Navy Department (sale of surplus war ssuupppplileie!s'). United States Housing Corporation United States Railroad Administration United States Spruce Production Corporation. War Finance Corporation Other—Financed partly from government funds 1 Agencies are designated as in the compilation published by the Treasury. 2 Treasury investment in shares. 3 Emergency crop loans, loans to joint-stock land banks, and Agricultural Marketing Act revolving fund loans. 4 Not included in Treasury table prior to July 31, 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

883 OCTOBER 1938 FEDERAL RESERVE BULLETIN The revised BULLETIN table includes five Mortgage Corporation, now amounting to changes in the classification of assets, which, $761,000,000, from "Obligations of Governhowever, still remains somewhat less detailed ment credit agencies: other" under Assets than that afforded by the underlying compila- and from "Bonds, notes, and debentures: tion of the Treasury Department. These other" under Liabilities. This adjustment revisions do not reflect any changes in the was also made in the former BULLETIN table. Treasury statement. (1) "Production credit There are a few changes in the revised association class A stock," held by the Pro- Treasury compilation which affect in certain duction credit corporations, is no longer minor respects the comparability of current shown in the BULLETIN table as a separate figures for July 31, 1938 with back figures. item, but appears as "Preferred stock, etc." (1) Deposits of the Commodity Credit Corin the column "Other Farm Credit Adminis- poration, the Export-Import Bank, Disaster tration banks and corporations." Other items Loan Corporation, R.F.C. Mortgage Co. and on the line "Preferred stock, etc." include Federal National Mortgage Association with preferred stock of banks and insurance com- the Reconstruction Finance Corporation, forpanies, and shares of State and Federal sav- merly eliminated as interagency assets and ings (or building) and loan associations. liabilities, are now included as "Accounts and (2) "Loans to railroads" formerly included other receivables" and as "Other liabilities." under "all other loans" are now shown sepa- With this exception the former practice of rately. (3) The item "Home mortgage eliminating interagency transactions other loans" has been revised to include housing than bond investments has been continued. loans. It also includes loans of the RFC (2) Changes have been made from time to Mortgage Co. and of the Federal National time in the form of reports made to the Mortgage Association formerly classified as Treasury by various agencies. These changes "All other loans." (4) Farm Credit Ad- are reflected, without adjustment of back ministration loans to agricultural credit cor- figures, in both the Treasury statement and porations now amounting to less than $500,- the BULLETIN table. An example of one 000 are classified as "Other agricultural such change in the figures for July 31, 1938, loans" instead of "Loans to financial institu- is the elimination of "Operating reserves" tions" in order to facilitate comparison with of the Federal land banks and the Federal data in the BULLETIN table on loans of insti- Farm Mortgage Corporation by offset against tutions of the Farm Credit Administration. the asset item "Real estate and other prop- (5) In order to provide more significant erty held for sale." These changes are folinformation, two items formerly included lowed in the BULLETIN table for July 1938 under "Other assets" are now shown sepa- and no attempt has been made to revise back rately in the BULLETIN table. The new item figures to make them comparable. In gen- "Business property" is more fully designated eral, however, such changes have not affected in the Treasury statement as "Real estate and seriously the comparability of major items other business property" and the new item shown. "Property held for sale" as "Real estate and Other tables regularly appearing in the other property held for sale." BULLETIN furnish detailed breakdowns of the The only adjustment of the data as pub- loans of certain agencies or groups of agenlished by the Treasury, aside from the group- cies shown in the combined statement. Loans ing of agencies and of asset and liability and preferred stock holdings of the Reconitems and the reclassification of assets re- struction Finance Corporation are given in ferred to above, is the exclusion of Federal greater detail than in the combined stateland bank bonds held by the Federal Farm ment, in another table on p. 908 of this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 FEDERAL RESERVE BULLETIN OCTOBER 1938 issue. On p. 909 there appears a table on figures reflect three sorts of revisions aside loans of Farm Credit Administration insti- from the regrouping of agencies: (1) transtutions and a table on loans of institutions fer of the previously separate item "Producunder the Federal Home Loan Bank Board. tion credit association class A stock" into the Additional information concerning the table loan and preferred stock totals; (2) inclusion on governmental corporations and credit of all shares of savings (or building) and agencies will be found in the BULLETIN for loan associations in the loan and preferred April 1936, p. 220. stock totals, regardless of whether they were There are shown in the table below for the previously carried as "Preferred stock, etc." end of June and of December beginning with or as "Other assets"; (3) transfer of certain 1935, the total loans and preferred stock holdinvestments of the R.F.C. Mortgage Co. from ings, the total assets, and the United States Government proprietary interest for each of "All other assets" into the loan totals, in line the agencies or groups of agencies shown in with the classification adopted in both the the revised BULLETIN table. Totals of loans Treasury and BULLETIN tables since Decemand preferred stock holdings in these back ber 1937. GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE AND DECEMBER 1935-1938 TOTAL LOANS AND PREFERRED STOCK, TOTAL ASSETS, AND UNITED STATES GOVERNMENT INTERESTS AT END OF MONTH [In millions of dollars] Home mortgage and Farm credit agencies Recon- housing agencies struction Finance Ten- Total i p i A s W P o t C d a u r r o a a m n o b r t t d r l i i k i - i o o n c s n n - H O L p C t e o i o o w r o o r m a s n r a n ' n - - e - O m a g c g t a o i e h e g r n e s e t - - r t U S H h A n t i o o n a i r u u t g t i e - e s t s - y d m F a g c g a i a o e e r g s r n m * e t - - p i a A s C o b n O F t d r r d a r a a t a m e n h r t t c d m k i i e i o o o i n s r t r n n - - s m C C p C t r o o i o e o o r d m d n r a i - - i t - t y Other t V n h A e o a s l r u s l i e e - t y e y I a a n c g n s i e e c u n s e r - - Other Total loans and preferred stock, etc.: 1935—June 9,004 2,557 2,658 112 2,859 351 152 175 141 December 9,319 2,438 2,917 158 2,924 316 271 154 3 139 1936—June 9,291 2 183 3,008 186 2,954 343 239 229 4 144 December 8,936 1 955 2 891 231 2,937 318 212 233 7 153 1937—June 8,699 1,865 2,739 264 2,906 352 124 287 8 155 December 8,564 1 811 2 604 316 10 2,876 358 183 221 11 175 1938—June 8,514 1,779 2,477 323 13 2,804 395 241 273 26 183 Total assets: 1935—June._. _.__.. 10, 683 2,612 2,901 144 3,145 595 154 200 67 468 398 December 10, 915 2,505 3,078 184 3,270 552 279 185 85 473 306 1936—June . 11, 030 2,244 3,212 211 3,382 599 244 260 101 478 299 December 10,813 2,021 3,171 260 3,414 556 216 274 131 496 273 1937—June 10, 835 1,940 3,203 301 3,365 602 124 330 183 517 270 December 11, 027 1,920 3,138 377 147 3,328 598 183 268 206 543 317 1938—June 11, 389 1,890 3,153 408 151 3,298 643 338 315 222 570 401 United States Government interests: 1935—June 4,428 2,347 70 114 457 411 153 193 64 280 338 December,. _ 4,409 2,226 67 149 450 412 279 175 81 280 290 1936—June 4 223 1,956 66 167 457 415 244 255 96 284 284 December 3,915 1,700 63 203 459 401 143 269 127 284 266 1937—June . 3,943 1,636 68 217 469 406 123 319 179 288 238 December 4,073 1,569 68 240 147 487 408 123 258 202 294 277 1938—June 4,078 1,553 74 220 151 496 411 59 304 216 298 296 i Total assets exclude Federal land bank bonds held by Federal Farm Mortgage Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Tables on the following pages include the principal The following is a list of current statements issued available statistics of current significance relating by the Board. to financial and business developments in the United DAILY States. The data relating to the Federal Reserve Foreign Exchange Rates (for previous day) banks and the member banks of the Federal Reserve WEEKLY Monday: System are derived from regular reports made to the Condition of Reporting Member Banks in 101 Board; index numbers of production are compiled Leading Cities by the Board on the basis of material collected by Bank Debits other agencies; figures for gold stock, money in Tuesday: circulation, Treasury finance, and operations of Gov- Money Rates—Open-Market Rates in New ernment credit agencies are obtained principally from York City statements of the Treasury or of the agencies con- Thursday: cerned; data on money and security markets and Condition of Federal Reserve Banks commodity prices and other series on business activ- Condition of Reporting Member Banks in New ity are obtained largely from other sources. York City and Chicago (Also a part of statement of Condition of Reporting Member Banks in 101 Leading Cities released Federal Reserve Chart Book.—The Board has availon following Monday) able for sale to the general public copies of a chart Friday: book prepared for use of Federal Reserve officials. Department Store Sales The chart book, which is of brief-case size, contains MONTHLY about 30 charts on bank credit, money rates, security Federal Reserve Bulletin—released about the markets, and business conditions. Many of the charts 8th of the month (subscription price $2.00 cover the period since 1919 and all contain space for per annum, single copies 20 cents; outside of the United States, Canada, Mexico, and the figures through 1940 with a lightly printed grid for insular possessions, annual subscription $2.50; 1938-1940 to aid in keeping them up to date. A list single copies 25 cents) of sources for current and back figures is given. National Summary of Business Conditions— The price of the book is 50 cents. released about the 25th of the month Business Indexes—released about the 25th of the month Description and back figures.—The tables on the Department Store Sales—released about the 10th following pages include figures for recent dates and, of the month within the limitations of space, for significant earlier Bank Debits—released between the 6th and 12th dates. Other back figures may in most cases be of the month obtained from Annual Reports of the Board of Gov- Foreign Exchange Rates—released about the 1st of the month ernors or for figures compiled by other agencies from Money Rates—released about the 3rd of the the publications of those agencies. In some cases month description of the data and back figures have been QUARTERLY published in earlier issues of the BULLETIN and are Member Bank Call Report (3 or 4 times a year available as reprints, which will be supplied on depending upon number of calls for condition request. reports) ANNUALLY Current figures.—Most of the Board's statistics Bank Debts—released ordinarily in February are issued in mimeographed form and released for Annual Report (covers calendar year) publication prior to publication of the BULLETIN. List of Stocks Registered on National Securities Exchanges—supplements issued each quarter These press statements may be obtained at the (subscription price 25 cents for the List and offices of the Board or will be mailed without charge three supplements; five or more copies on one to those wishing to obtain the figures regularly as order, 20 cents per copy; fifty or more copies soon as available. on one order, 15 cents per copy). 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 FEDERAL RESERVE BULLETIN OCTOBER 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding Mone- T u re ry as- Cur- Treas- T de re p a o s s u it r s y Non- O F t e h d e - r reserve balances U. S. tary cur- rency ury with mem- eral Date co B d u i i n s ll - t s ed bo B u il g ls ht s m G e e c r o e u n v n r - - t i- c R O b r e e a t s d h n e i e k r t v r i e Total s g to o c ld k s r t o e i a n n u n g c t d - y - in c t u i o c la n ir - - h c in o a g l s d h s - R F b e e a d s n e e k r r v s a e l b p e o r s d it e s - R c e o a s u c e n - r t v s e Total E m ( x e a c s t t e e i s d - s ) ties End of month figures: 1937—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 2,526 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 Aug. 31 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Wednesday figures: 1937—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 6,554 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 1,119 Dec. 8 17 3 2,564 27 2,612 12, 764 2,623 6,591 3,622 242 446 262 6,836 1,052 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 1,385 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 1,669 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 1,321 343 264 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 Julyl3.__. 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 July27.___ 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 Aug. 31-__ 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 7 7 1 2,564 21 2,592 13,237 2,729 6,579 2,579 561 317 254 8,269 3,034 Sept. 14— 7 1 2,564 25 2,596 13, 421 2,733 6,550 2,759 346 416 254 8,425 3,131 Sept. 21.... 8 1 2,564 23 2,596 13, 588 2,735 6,552 2,833 917 342 261 8,014 2,744 1 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 469-500. Averages of daily figures for recent months and years are shown in the table on p. 833. * Reserve requirements reduced by approxima tely 13^ percent effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 193S FEDERAL RESERVE BULLETIN 887 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1938 1938 1937 Sept. 21 Sept. 14 Sept. 7 Aug. 31 Aug. 24 »Aug. 17 Aug. 10 Aug. 3 August July August ASSETS Gold certificates on hand and due from U. S. Treasury _ 10, 719, 74110, 629, 73310, 630, 91910, 632, 41310, 632, 41110, 632, 40710, 632, 90710, 632, 90410, 632, 41310, 633, 405 8, 831, 387 Redemption fund—F. R. notes 8,690 9,432 8,921 7,421 9,112 9,112 8,680 9,437 7,421 8,937 8,950 Other cash 383, 339 379, 412 355, 870 385, 675 396, 893 390, 598 394,085 397,013 385, 675 406, 282 295, 019 Total reserves 11, 111, 77011,018,577 10, 995, 71011, 025, 50911,038,416 11,032,117 11,035,672 11, 039, 35411,025,50911,048,624 9,135, 356 Bills discounted: For member banks 8,212 6,954 7,068 7,144 6,741 6,632 6,874 6,466 7,144 7,127 21, 559 For nonmember banks, etc 2 Total bills discounted. 8,212 6,954 7,068 7,144 6,741 6,632 6,874 6,466 7,144 7,127 21, 561 Bills bought: Payable in dollars Payable in foreign currencies 540 540 537 537 537 540 540 539 537 539 3,076 Total bills bought 540 540 537 537 537 540 540 539 537 539 3,076 Industrial advances 15, 683 15, 847 15, 824 15, 899 15, 852 15, 816 15, 965 15, 647 15, 899 15, 785 20, 895 U. S. Government securities: Bonds.._ 788, 655 744,105 744,105 744,105 744,105 744,105 744,105 744,105 744,105 744,105 737, 073 Treasury notes 1,165, 205 1,196,188 1,196,188 1,196,188 1,196,188 1,196,188 1,196,188 1,196,188 1,196,188 1,190, 870 1,157, 713 Treasury bills 610,155 623, 722 623, 722 623, 722 623, 722 623, 722 623, 722 623, 722 623, 722 629, 040 631, 404 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._ 7,301 8,977 4,896 -2, 279 -8, 434 204 -5,415 -12,384 -2, 279 1,752 5,195 Total Reserve bank credit outstanding._ 2, 595, 751 2, 596, 333 2, 592, 340 2, 585, 316 2, 578, 711 2, 587, 207 2, 581, 979 2, 574, 283 2, 585, 316 2, 589, 218 2, 576, 917 LIABILITIES F. R. notes in actual circulation 4, 201,169 4, 200, 829 4, 212, 348 4,169, 262 4,144, 760 4,150, 214 4,135, 656 4,138, 706 4,169, 262 4, 135, 314 4, 251, 916 Deposits: Member bank—reserve account 8, 013, 536 8, 425, 336 8, 269,124 8,178, 851 8,156, 037 8, 085,198 8, 045, 525 8 074 340 8 178 851 8 164 160 6, 751, 470 U. S. Treasurer—general account.__ ... 917,078 346, 305 561, 364 720, 248 770, 784 802,104 838, 820 774, 757 720, 248 721, 446 138, 955 Foreign bank 195, 499 166, 660 136, 737 125. 940 119,166 115,867 117, 267 123, 956 125, 940 123, 549 189,015 Other deposits 146, 010 249, 328 179, 803 187, 322 195, 662 233,198 247, 425 267, 742 187, 322 260, 841 148, 417 Total deposits 9, 272,123 9,187, 629 9,147, 028 9, 212, 361 9, 241, 649 9, 236, 367 9, 249, 037 9, 240, 795 9, 212, 361 9, 269, 996 7, 227, 857 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 82.5 82.3 82.3 82.4 82.5 82.4 82.4 82 5 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 W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o n d a t 6 h y s s 6 1 m t o y o e n a t r hs 2 1 y to y e e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Aug. 31 7,144 5,546 262 837 339 159 1 Sept. 7_ 7 068 5 337 605 665 374 87 Sept. 14 . . 6,954 5,477 537 593 225 119 3 Sept. 21 8,212 6 858 533 428 265 125 3 Bills bought in open market: Aug. 31 537 117 212 208 Sept. 7 _ 537 212 325 Sept. 14 540 94 248 198 Sept. 21 540 111 313 116 Industrial advances: Aug. 31 15, 899 1,311 162 591 624 2,188 2,907 5,449 2,667 Sept. 7 15,824 1,262 395 565 505 2,068 3,036 5,364 2,629 Sept. 14 _ 15, 847 1,104 355 576 473 2,133 3,373 5,267 2,566 Sept. 21 15, 683 1,250 158 757 653 1,757 3,404 5,172 2,532 U. S. Government securities: Aug. 31 2, 564,015 103, 830 110, 650 186, 757 176, 385 88, 885 168, 763 479,410 584, 575 664,760 Sept. 7 2, 564,015 131,150 105, 370 157,187 192, 785 80, 015 168, 763 479, 410 584, 575 664, 760 Sept. 14 2, 564,015 110, 650 106, 500 170,432 198,040 80,885 168, 763 479, 410 584, 575 664, 760 Sept. 21 . .. 2, 564, 015 105, 370 101, 409 174,113 191, 473 121, 356 155, 663 401, 744 604, 827 708, 060 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 FEDERAL RESERVE BULLETIN OCTOBER 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o ew rk P p h d h e i i l l - a a- C l l a e n v d e- m Ri o c n h d - l A an t t - a Chicago Lo S u t i . s n M o e i l a n i p - s - K C s a i a n t s - y Dallas F c S r i a a sc n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: Aug. 31 632,413 609, 7314, 547, 738 458, 533 717,306 325,521228, 554 2,044, 545 304, 733 221,160 292,181384,411 697,998 Sept. 7 630, 919 638, 7514,489, 652 46)0,,384 720, 783 331, 244 236,492 2, 026, 684 307, 713 235, 272 307, 618898,127 688,128 Sept. 14 629, 733 642, 0614, 488, 235 45'7,,511 713,317 321,745 227,511 190 969 707, 907 Sept. 21 719, 741 666,108 4, 384, 035 48i9,0,25 742, 255 347, 415 254,368 2,023, 564 328, 489 242, 990 306, 734, 505 Redemption fund—Federal Reserve notes: Aug. 31 7,421 762 927 1,015 437 458 403 333 708 173 1,016 Sept. 7 8,921 762 927 1,015 1, 437 458 403 833 708 173 299 1,016 Sept. 14 9,432 729 1,805 838 957 1,161 435 348 1,000 702 162 292 1,003 Sept. 21 1,648 838 407 281 150 281 Other cash: Aug. 31 385, 675 42,958 109, 763 31, 647 24, 687 21,109 12, 685 51, 600 14, 828 9,291 17, 29312, 767 37,047 Sept. 7 355, 870 39,891 108, 066 30,839 23,044 19,077 10, 295 45, 266 12, 531 7,990 14, 96210, 646 33, 263 Sept. 14 379,412 44, 398 111, 201 30, 837 23, 560 19,183 13,177 49,950 14, 529 8,509 15, 251 12, 930 35,887 Sept. 21 383,339 45,973 111,820 31,814 24,184 21, 371 13,024 50,097 15, 284 7,960 16, 723 11,085 34,004 Total reserves: Aug. 31 L, 025, 509653i,, 451 4, 428 491,070 743,008 347,067 241, 697 096, 548 319,894 231,159 309, 649 197, 477736,061 Sept. 7 ), 995, 710679, 404 4, 598;" 6"4 5 49:2,| 113744, 842 35i; 758' 2 47," 2 4"5• 2,072, 353 321,077 243, 970 322, 824 199,072722, 407 Sept. 14 L, 018, 577687, , 601, 241489,186 737,834 342, 089 241,123 2,077, 514 336, 945 237, 381 319,088 204,191744, 797 Sept. 21 L, 111, 770712, 770 A,,497,503 521, 677 767, 33227' 369, 624 267, 799 2,073, 942 344, 758 251, 646 323, 447 211, 777969, 498 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Aug. 31 4,041 30 1,746 568 272 170 145 108 51 206 273 Sept. 7 3,640 30 1,359 38: 542 212 93 170 225 52 204 273 Sept. 14 ... 3,826 30 1,547 410 422 322 93 210 225 59 142 273 Sept. 21 5,506 105 2,837 518 665 247 93 185 254 58 143 313 Other bills discounted: Aug. 31 3,103 34 446 600 161 309 577 44 179 418 260 Sept. 7 3,428 34 945 549 159 300 535 19 141 419 247 Sept. 14 3,128 34 789 543 159 230 488 20 15 155 387 240 Sept. 21 2,706 34 410 564 155 253 505 20 15 197 312 160 Total bills discounted: Aug. 31 7,144 64 2,192 979 729 581 670 170 220 152 230 624 533 Sept. 7 7,068 64 2,304 936 701 512 628 170 305 112 193 623 520 Sept. 14 6,954 64 2,336 953 581 552 581 230 293 108 214 529 513 Sept. 21 8,212 139 3,247 1,082 820 500 205 335 103 255 455 473 Bills bought in open market: Aug. 31 537 40 210 55 49 23 19 67 2 16 16 38 Sept. 7 537 40 210 55 49 23 19 67 2 2 16 16 38 Sept. 14 540 40 213 55 49 23 19 67 2 2 16 16 38 Sept. 21 540 40 213 55 23 19 67 2 2 16 16 38 Industrial advances: Aug. 31 15, 899 2,371 3,685 3,300 1,506 119 441 135 1,120 427 846 1,260 Sept. 7 15, 824 2,405 3,680 3,253 664 1,496 118 437 134 1,119 422 83' 1,259 Sept. 14 15, 847 2,410 3,675 3,268 664 1,475 118 437 44 1,120 421 835 1,380 Sept. 21 15, 683 2,370 3,678 3,271 662 1, 468 118 437 44 1,105 420 830 1,280 U. S. Government securities: Bonds: Aug. 31 744,105 56, 940 226, 408 66, 972 69, 727 36, 921 32, 270 80,920 33, 204 21, 310 34, 42824, 657 60, 348 Sept. 7 744,105 56, 940 226, 408 66, 972 69, 727 36, 921 32, 270 80, 92033, 20421, 310 34, 42824, 657 60, 348 Sept. 14 744,105 56, 940 226, 408 66, 972 69, 727 36, 921 32, 270 80, 92033, 20421, 310 34, 42824, 657 60, 348 Sept. 21 788, 655 60, 349 239, 963 70, '" 73, 901 39,133 34, 202 85, 76435,192 22, 586 36, 489 26,133 63, 961 Treasury notes: Aug. 31 :, 196,18891, 535 363, 960 10'7,,662 112, 089 59, 355 51,876 130,083 53, 37534, 257 55, 345 39,638 97, 013 Sept. 7 L, 196,18891, 535 363, 960107, 662 112, 089 59, 355 51,:"" 130,083 53, 37534, 257 55, 34539, 638 97,013 Sept. 14 [, 196,18891, 535 363, 960 107',,662 112, 089 59, 355 51,876 130,083 53, 375 34, 257 55, 345 39, 638 97,013 Sept. 21 L, 165, 20589,164 354, 533104,873 109,186 57, 816 50, 533 126, 71451, 99333, 370 53, 91238, 611 94, 500 Treasury bills: Aug. 31 623, 722 47, 728 189, 779 56,137 58,446 30,948 27,050 67, 82827,832 17,863 28,858 20, 50, 585 Sept. 7 623, 722 47, 728 189, 779 56,137 58, 446 30, •"•- 27,050 67,! 27, 832 17, 863 28, 85820, 668 50, 585 Sept. 14 623, 722 47, 728 189, 779 56,137 58,446 30,948 27,050 67,1 27,832 17, 863 28,858 20, 668 50, 585 Sept. 21 610,155 46, 690 185, 651 54, 916 57,175 30, 27526,461 66, 35327, 226 17, 474 28, 230 20, 219 49,485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 889 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 el i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - ASSETS—Continued Total U. S. Government securities: Aug. 31 __ 2, 564,015 196, 203 780,147 230, 771 240, 262127, ,196 278, 831114,411 73,430 118, 63184, 963 207,946 Sept. 7 2, 564,015 196, 203 780,147 230, 771 240, 262127, 224111, 196 278, 831114,411 73, 430 118, 631 84, 963 207, 946 Sept. 14 2, 564, 015 196, 203 780,147 230, 771 240, 262127, 224111, 196 278,831114,411 7" 3,4'3"0" 118,631 84, 963 207, 946 Sept. 21 2, 564,015 196, 203 780,147 230, 771 240, 262127,: ' ., 196 278,831114,411 73,430118, 631 84, r" 207, 946 Total bills and securities: Aug. 31 2, 587, 595 786, 234 235,105 241, 729 12299, ,334112,004 279, 509 114, 768 74, 704119,304 209, 777 Sept. 7 2, 587, 444 198, 712 786, 341 235,015 241, 676129, 255111,961 279, 505 114, 74, 663119, 262 86,439 209, 763 Sept. 14 2, 587, 356198, 717 786, 371235,047 241, 556129, 274111,914 279, 565 114. 74, 660 1191;, 282 86, 343 209, 877 Sept. 21 2, 588,450 198, 752 787,2"8"5 2355,,179 241, 793129, 215111,931 279, 540 114! 74, 640119, 322 86, 264 209, 737 Due from foreign banks: Aug. 31 184 14 70 17 2 5 5 13 Sept. 7 184 14 70 17 2 5 5 13 Sept. 14____ _ 181 14 67 17 2 5 5 13 Sept. 21 181 14 67 17 2 5 5 13 Federal Reserve notes of other banks: Aug. 31 25, 617 2,000 4,773 1,854 1,557 1,293 1,433 3,485 1,636 1,349 1,611 434 4,192 Sept. 7 25, 701 1,294 6,997 1,229 876 1,558 1,427 3,440 2,131 954 1,151 506 4,138 Sept. 14 27, 292 1,314 5,203 1,634 1,438 1,846 1,646 3,349 1,856 1,659 1,830 661 4,856 Sept. 21 27,031 1,632 5,205 1,452 1,076 1,834 1,711 3,982 1,567 1,552 2,096 348 4,576 Uncollected items: Aug. 31 525, 303 51, 818 135, 626 41, 682 57,003 46,496 17, 226 66, 679 21,1 15, 722 27, 043 22, 420 21, 922 Sept. 7 534, 057 47, 841 119,490 37,165 61, 279 47, 729 21, 477 71, 303 29, 869 17,040 29, 809 23, 419 27, 636 Sept 14 ... 739, 744 69, 349 178, 294 55, 386 85,139 69,466 25, 265 96, 791 34, 531 21,098 37, 717 28,833 37,875 Sept. 21 610, 821 57, 264 146, 635 47, 659 66, 659 54, 683 22,425 81, 252 27, 981 18, 941 29, 892 24,045 33, 385 Bank premises: Aug. 31 44, 410 2,964 9,841 4,741 6,092 2,647 2,090 4,516 2,308 1,543 3,115 1,276 3,277 Sept. 7 44, 404 2,964 9,841 4,741 6,092 2,647 2,090 4,516 2,308 1,543 3,109 1,276 3,277 Sept. 14 . 44,407 2,964 9,841 4,741 6,092 2,647 2,091 4,516 2,308 1,545 3,109 1,276 3,277 Sept. 21 44, 405 2,964 9,841 3,741 6,092 2,647 2,087 4,516 2,310 1,545 3,109 1,276 3,277 All other assets: Aug. 31 52, 539 3,465 15, 669 5,265 5,461 3,165 2,457 5,029 2,110 1,641 2,225 1,707 4,345 Sept. 7 53, 291 3,523 15, 981 5,220 5,568 3,203 2,469 5,152 2,127 1,663 2,237 1,734 4,414 Sept. 14 57, 002 3,575 16, 375 7,996 5,615 3,277 2,529 5,270 2,153 1,694 2,301 1,756 4,461 Sept. 21 46, 715 3,067 13,950 4,572 4,936 2,871 2,213 4,432 1,838 1,470 1,964 1,535 3, 867 Total assets: Aug. 31 14, 261,157912, 3905, 610, 641779, 7351,054, 867530,010376, 9132, 455, 789 462, 385326,120 462, 952309, 768 979, 587 Sept. 7 14, 240, 791933, 752 5i,, 537, 365 »,5011,060, 350536,158386, 6762,436,291 4'7"2, 367 339,835 478, 397 312, 451 971, 648 Sept. 14 14, 474, 559963,1215, 597, 392 79:4,;0081,077, 691548, 607384, 5752, 467,027 492, 546 338,039 483; 332 323! 1, 005,156 Sept. 21 14, 429, 373976, 463 5, 460,486 815, 2981,087, 900 560, 882" 410,81;73 " 447, 686 493, 249 349, 796 479, 833525, 2521, 024, 353 LIABILITIES Federal Reserve notes in actual circulation: Aug. 31 4,169, 262357, 678 918, 386 303, 889 407, 392200, 957139, 981 958, 460171, 743 132, 596 165i,, 74476, 250 336,186 Sept. 7 4, 212, 348360,682 929,180 305, ?~ ' 411,35:202, 563141, 370 964,405172,837 1:~34' ,"9"5'1167,141 78,012 344, 626 Sept. 14 4, 200,829358, 482 934, 336 305, 904 411,469 198; 540140, i" 961, 302173,124133, 840165, 501 77,116 340, 627 Sept. 21 4, 201,169358, 088 938, 660 304, 410 411,245 1r97, 960141, 542 959, 608 1731., 867134,145164, 924 77, 752 Deposits: Member bank — reserve account: Aug. 31 8,178, 851439,040 3;,, 936, 263255, 676 495, 609 2291.,939157, 6281, 294,433218,864120, 677 227,444 163,426 539,853 Sept. 7 8, 269,124 459, 8023, 995, 969355, 033 492, 927239,060161,7411,285; 048 223, 824126,056 239, 661164,480 525, 523 Sept. 14 8, 425, 336447,310 4':., 131, 175 ,793 486, 741227, 362158, 5591, 310, 500234,597125, 751236, 347169, 097 544,104 Sept. 21 8, 013, 536411, 541 3, 923, 201354, 221 453, 378224, 390159,0461, 233, 573224, 239118,7"0"2 219, 768165, 416 526,061 U. S. Treasurer—general account: Aug. 31 720, 248 25, 808 320, 440 32, 587 41, 889 28, 885 39, 802 73,306 28, 576 42, 208 27, 340 28, 460 30, 947 Sept. 7 561, 364 26, 965 205,122 27, 363 39, 471 24, 023 39, 741 52,115 25, 014 46, 530 24, 665 27, 968 22, 387 Fore S S ig e e n p p t t . . b 2 a 1 n 1 4 k: 3 9 4 1 6 7 , , 0 3 7 0 8 5 10 2 6 6 , , 1 8 8 9 2 8 17 2 6 8, , 2 0 4 3 5 6 2 56 5 , , 1 4 2 3 2 5 9 3 7 1 , , 3 9 9 6 0 3 2 59 5 , , 3 3 5 1 7 6 3 60 4 , , 7 7 3 3 4 4 10 2 4 8 , , 8 0 0 2 1 2 4 2 3 6 , , 4 9 0 4 8 5 4 6 0 1 , , 4 7 7 3 3 0 4 2 7 6 , , 2 6 8 0 2 7 3 2 5 6 , , 0 8 2 4 2 1 6 2 8 5 , , 0 7 7 6 6 4 Aug. 31 125, 940 8,609 49, 299 11, 718 11,000 5,141 4,185 14, 228 3,587 2,750 3,467 3,467 8,489 Sept. 7 136, 737 9,762 49, 824 13,: " 12, 474 5,830 4,746 16,135 4,068 3,119 3,932 3,932 9,627 Sept. 14 166, 660 12, 043 59,444 16, 392 15, 388 7,192 5,854 19,904 5,018 3,847 4,851 4,851 11,876 Sept. 21 195, 499 14, 057 70, 357 19,132 17, 961 8,395 6,833 23, 232 5,857 4,490 5,662 5,662 13,861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN OCTOBER 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C l l a e n ve d - m Ri o c n h d - l A a t nt - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - LIABILITIES—Continued i Other deposits: Aug. 31 187,322 4,791 131,677 2,318 10,468 3,254 5,440 1,892 5,867 3,269 834 2,514 14,998 Sept. 7 179,803 5,043 122, 082 2,895 11,127 2,629 5,674 1,819 6,077 2,823 1,249 2,331 16,054 Sept. 14 249,328 25,035 152, 713 4,778 15, 385 5,699 6,449 4,405 6,495 4,030 2.238 2,496 19, 605 Sept. 21 146,010 4. "" 88, 712 2,358 10, 540 2,867 4,634 2,233 5,902 3,394 1,349 2,466 16, 727 Total deposits: Aug. 31 9,212,361 478i,, 248 t4,, 437, 678 4012,2,99 558, 966 267, 219 207, 055 1, 383, 859 256, 819648, 904 259,085 197:, 867 594, 287 Sept. 7 9,147,028 501.,, 572 4[,, 372, 993798, 579 555, 999 271, 542 211, 902 1, 355,117 258, 983178, 528 269',, 50;198, 711 573, 591 Sept. 14 9,187,629 510, 570 4t,, 337711,, 5•7"7 4001|,085 549, 477 265, 569 205, 596 1, 363, 610 273,055174,101270,043203, 285 600, 661 Sept. 21 i 9,272,123 537, 324 4, 258, 306 432!,, 146 579, 269 295,009 231, 247 1, 363, 060 279, 406188, 316 27'4,061208, 566 625, 413 Deferred availability items: 1 Aug. 31 527, 52, 063 133,137 40, 516 55, 823 46, 679 16, 795 68, 078 23,043 15,132 27, 871 24, 497 24,132 Sept. 7 529,345 47, 096 113, 613 38,748 60, 269 46, 873 20, 310 71, 322 29, 823 16, 842 31, 483 24, 556 28, 410 Sept. 14 730,948 69, 639 169, 742 52, 372 83,' 69, 310 25, 283 96, 600 35, 622 20, 554 37, 496 31, 474 38,890 Sept. 21 603,701 56, 711 141, 766 45, 791 64, 603 52, 722 22, 284 79, 576 29, 242 17,' 30, 543 27, 756 34, 918 Capital paid in: Aug. 31 133,994 9,408 50, 944 12, 215 13,390 4, 4,473 13.275 3, 2,! 4.190 3,940 10, 342 Sept. 7 133,998 9,408 50, 944 12, 215 13, 387 4,993 4,471 13.276 3,918 2,908 4,190 3,944 10, 344 Sept. 14 133,991 9,408 50, 937 12, 214 13, 388 4,989 4,471 13, 277 3,920 2,907 4,190 3,946 10, 344 Sept. 21 133, 9,407 50, 937 12, 214 13,""" 4,990 4,469 13, 277 3,921 2,907 4,197 3,946 10, 344 Surplus (section 7): : Aug. 31 ! 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 Sept. 7 147,739 9,900 51, 943 13, 466 14, 323 4,964 5,626 22, 387 4,667 3,153 3,613 3,892 9,805 Sept. 14 147,739 9,900 51, 943 13, 466 14,323 4,964 5,626 22, 38: 4, 667 3,153 3,613 3,892 9,805 Sept. 21 147,739 9,900 51, 943 13, 466 14, 323 4,964 5,626 22, 387 4, 3,153 3,613 3,892 9,805 Surplus (section 13b): Aug. 31 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Sept. 7 1 27, "" 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 .270 2,121 Sept. 14 27,683 2,874 7,744 4,411 1,00' 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Sept. 21 ! 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: ; . Aug. 31 32,776 1,448 8,210 2,000 3,176 1,401 1, '03 7,118 1,215 1,894 935 1,77 2,000 Sept. 7 ! 32,776 1,448 8,210 2,000 3,176 1,401 1,603 7,118 1,215 1,894 935 1,77 2,000 Sept. 14 32,775 1,448 8,210 2,000 3,176 1,401 1,602 7,118 1,21 1,894 935 1,776 2,000 Sept. 21 32,741 1,448 8,210 2,000 3,176 1,401 1,603 7,090 1,215 1,887 935 1,776 2,000 All other liabilities: : Aug. 31 9,576 771 2, 939 390 650 1,183 360 532 372 276 714 Sept. 7 9,874 772 2,734 858 413 664 1,23: 379 558 386 290 751 Sept. 14 12,965 800 2,903 3,556 425 679 1,304 398 589 412 306 708 Sept. 21 10,219 711 2,920 860 427 672 1,259 386 420 294 784 Total liabilities: Aug. 31 14,261,157 912!,,2 390> ,5 ,610, 64179, 735 1, 054, 530, 010 376, 913 2, 4557,89 462, 385 326,120 462, 952 309, 768 979, 587 Sept. 7 14, 240, 791933, 752 5i,, 553377,, 336655 775, 5011, 060, 350 536,158 386, 676 12,4,36,291472, 367 339, 835 478, 397 312, 451971, 648 Sept. 14 14, 474, 559963,121 5, 597, 392 794'0!0"8 1, 077, 691548, 607 384, 575 2, 4*67', 027 492, 546 338, 039 483, 332 323, 016,5 005,156 Sept. 21 14, 429, 373976, 463 5, 460, 486 815, 298, 0187, 900560, 882 408,173 2, 44' 249 349, 796 479, 835 325. 2521,024, 353 Contingent liability on bills pur- | chased for foreign correspondents: Aug. 31 i 470 169 33 Sept. 7 f 385 238 16 Sept. 14 ! 284 102 20 Sept. 21 ! 234 17 Commitments to make industrial j advances: i Aug. 31 ! 13,543 1,360 3,846 339 1,513 1,796 178 580 237 360 3,264 Sept. 7 ; 13,539 1,352 3,771 338 1,509 1,7 178 580 236 360 3,357 Sept. 14 ! 13,481 1,346 3,738 291 1,509 1,778 178 580 236 360 3,395 Sept. 21 ___ 13,553 1,343 3,723 284 1,497 1,777 178 63! 236 352 3,456 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 891 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO SEPTEMBER 21, 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- Date ( e la a s c t h W m e o d n n th es ) day of N r u e m c A e p b iv p e e r l n i d c e a t t o ti o d n a s te, Nu o d s t ( e m o w u u e r t s b i s y t t e h c r r i o a n a t l o d n C A i d t o i m m o A w d n o m d a i s u t v t ) h i n e i t - - - , t Numbe T r otal a s R F d ta b e e v o n a d s a u d e n e n t r i k - r c v n a e e g l s s c R F t m o a b e e o m n a d s e u e d n n e m t r i k r - t v n s i a t e g l - A b p p l u c p e t o r t m e o n d v o - e t i d d e o R r x a r c a e p p e a w p w t i p c n a r . n i l e t i t i , d d - h b , , - y s i t F n p p a t g a i a u n o n t r t d u i i a t i n o i i o t n c n - s n n c i g t s - i - - 2 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. 31; 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—Mar. 31. 8,483 346,911 2,543 150, 561 2,323 141,545 23, 054 18,611 7,898 85, 215 6,767 June 30. 8,546 351, 420 2,587 154, 960 2,361 145, 758 23,014 16, 331 1,470 97, 668 7,275 Sept. 29. 8,593 354, 426 2,610 155, 902 2,381 146, 724 21, 395 14,880 '537 -102, 608 7,304 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 3,957 113,126 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 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. 31. 9,226 390,783 2,884 174, 544 2,606 166, 835 17, 784 13, 543 5,203 121, 291 9, 014 Sept. 21 9,250 393,130 2,895 175, 998 2, 615 168, 205 17, 570 13, 553 6,083 121,968 9,031 r Revised. 1 Includes applications approved conditionally by the Federal Reservvee banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and1 commitments made by Federal Reserve banks, which amounted to $12,430,675 on Sept. 21, 1938. 3 Tuesday. 4 September 28 not yet available. NOTE.—On Sept. 21, 1938, there were 40 applications amounting to $4,420,800 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 ew rk 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 - la A n t t - a c C a h g i o - Lo S u t i . s n M o e i l n a i - p s - K C a s i n a t - s y Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Aug. 31 4, 449,156380),, 049 1, 001, 355 322, 498 4:29,, 784 211., 157 156, 900 6,017184,835137, 298174, 778 82, 618 381, 867 Sept. 7 4, 491, 457381,, 823 1., 013, 656 325, 729 4:2299, ,55: 212, 317 159, 352 989, 359187, 411139, 857176, 439 86, 924 389, 033 Sept. 14 4, 507, 813382, 372 1,031, 019 323, 926 433, 217209, 599 158, 792 988, 720 186, 318139, 622176, 444 8866, 497 391, 287 Sept. 21 4, 514, 135381, 2461, 046, 261324, 663 434, 238 208, 285 158, 566 ' 773 187, 754138, 830176,095 86, 69: 385, 727 Held by Federal Reserve bank: Aug. 31 279, 894 22, 371 82, 969 18, 609 22, 392 10, 200 16, 919 27, 557 13,092 4,702 9,034 6,368 45, 681 Sept. 7 279,109 21,141 84, 476 20, 505 18, 200 9,754 17, 982 24, 954 14,574 4,906 9,298 8,912 44, 407 S S e e p p t t . . 1 2 4 1 3 3 0 1 6 2 , , 9 9 6 8 6 4 2 2 3 3 , ,1 8 5 9 8 0 10 9 7 6 , , 6 68 0 3 1 2 1 0 8 , , 2 0 5 2 3 2 2 2 1 2 , , 9 7 9 4 3 8 1 1 1 0 , , 3 0 2 59 5 1 1 8 7 , , 0 2 2 0 4 4 2 2 7 6 , , 4 1 1 6 8 5 1 1 3 3 , , 8 1 8 9 7 4 4 5 , , 6 7 8 8 5 2 1 1 0 1 , , 1 9 7 4 1 3 9 8 , , 3 9 8 4 1 5 4 5 6 0 , , 6 7 6 5 0 9 In actual circulation: i Aug. 31 4,169, 262357, 678 918, 386 303, 889 407, 392 200, 95:139, 981 958, 460171, 743132, 596 165,'44 76, 250 336,186 Sept. 7 _ 4, 212, 348360, 682 929,180 305, 224 411, 357 202, 563141, 370 964, 405172, 837 134r,!951167, 141 78, 012 344, 626 S S e e p p t t . . 2 1 1 4 4 4 , , 2 20 0 0 1 , , 1 8 6 2 9 9 3 3 5 5 8 8 , , 0 4 8 8 8 2 9 93 3 8 4 , , 6 33 6 6 0 3 3 0 0 4 5 , , 4 9 1 0 0 4 4 41 1 1 1 , , 4 2 6 4 9 5 1 19 9 7 8 , , 9 54 61 0 04 1 1 4 , 0 5 , 42 9 95 6 9 1 , , 3 6 0 0 2 81 1 7 7 3 3 , , 1 8 2 6 4 : 1 13 3 3 4 , , 1 8 4 4 5 0 1 1 6 64 5 , , 5 9 0 2 1 4 7 7 7 7 , , 7 1 5 16 2 3 3 3 4 8, 0 ,6 9 2 6 7 8 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Aug. 31 4, 544, 632390,000 1, 010, 000 327,000 434,000 215, 000 159, 0010, 010, 000188, 632141, 500 1801,,000 85,; ,000 Sept. 7 4, 558, 632390, 0001, 020,000 327,000 434,000 215,000 161,000 ,1010, 000188, 632141, i,000 87, 500 404t,, 000 Sept. 14 4, 585,000390, , 045, 000 327, 000 434,000 215, 000 161,000, 0110, 000190,000 141,500180,000 87, 500 404[,,000 Sept. 21 4, 604, 000390, 0001, 062,000 327,000 436, 000 215, 000 161, 000, 1010, 000190,000 141, 500180,000 87, J t, 000 Eligible paper: Aug. 31 6,166 30 2,162 488 514 528 170 160 143 221 533 Sept. 7 6,174 30 2,284 496 580 445 170 245 112 184 623 519 Sept. 14 6,062 30 2,316 538 460 495 448 230 233 108 203 489 512 Sept. 21 7,373 105 3,227 672 452 465 205 279 103 244 449 473 Total collateral: Aug. 31 4, 550, 798390,030 1, 012,162 327, 488 434, 608 215, 514 159, 52.8, 1 ,0101,70 188, 792 141, 643180, 221 86,109 404:,,533 Sept. 7 4, 564, 806390,030 1, 022, 284 327, 496 434, 580 215, 445 161,48,6 011,0,170 188, 877141,612 180,184 88,: ,,519 Sept. 14 4, 591, 062390),, 030 1, 047, 316 327, 538 434, 460 215, 495 161, 44,8 011,0, 230 190, 233 141, 608 )1,8 02,03 87, 989 404,,,512 Sept. 21 4, 611, 373390i,, 105 1, 065, 227 327, 672 436, 699 215, 452 161, 41,60510, 205 190, 279141, 603 180, 24487, 949 404:.,473 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

892 FEDERAL RESERVE BULLETIN OCTOBER 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, AUGUST, 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 banks1 New Chi- banks banks1 posits posits1 qu R ir e e - d Held c E e x s - s York cago Total reserves held: All member banks. _ 29, c 24,155 11,491 5,164 8,119 2,955 1937—July 6,845 2,652 581 2,252 1,360 August 6,701 2,522 568 2,248 1,362 Central reserve city banks: September 6,854 2,672 576 2,232 1,375 New York 10, 074 9,525 731 2,203 3,523 1,320 October 6,954 2,767 581 2,240 1,366 Chicago 2,350 2,079 456 496 875 379 November 6,919 2,720 588 2,246 1,365 December 6,879 2,657 599 2,272 1,352 Reserve city banks: 1938—January 7,183 2,856 604 2,345 1,378 Boston district 894 105 162 303 141 February 7,230 2,906 598 2,350 1,377 New York district 173 134 149 31 35 4 March 7,326 3,039 574 2,349 1,365 Philadelphia district. _ 1,037 863 255 164 219 56 April 7,469 3,150 622 2,348 1,350 Cleveland district 1,388 1,080 743 226 364 138 May 7,587 3,204 794 2,311 1,278 Richmond district 620 480 205 94 144 49 June 7,878 3,341 899 2,359 1,280 Atlanta district 589 430 173 84 104 20 July 8,167 3,545 925 2,396 1,302 Chicago district 1,128 820 528 170 241 71 August 8,119 3,523 875 2,402 1,319 St. Louis district 730 569 173 108 169 61 Week ending (Friday): Minneapolis district-._ 357 240 89 47 67 20 July 22 8,257 3,630 916 2,408 1,304 Kansas City district 940 592 156 111 164 52 July 29 8,201 3,583 924 2,397 1,298 Dallas district 617 390 123 74 98 23 August 5 8,111 3,522 897 2,377 1,315 San Francisco district. 1,946 1,571 1,896 370 496 126 August 12 8,061 3,470 871 2,406 1,314 August 19 8,094 3,501 858 2,412 1,324 Total 10, 514 8,063 4,596 1,641 2,402 762 August 26 8,162 3,558 873 2,408 1,322 September 2 8,204 3,608 886 2,400 1,309 Country banks: September 9 8,275 3,657 873 2,405 1,340 Boston district 765 573 558 97 137 40 Excess reserves: New York district 1,168 897 1,392 177 313 136 1937—July 199 52 301 324 Philadelphia district __ 554 402 873 92 138 47 August 750 108 34 287 321 Cleveland district 532 373 655 77 122 44 September 900 235 43 289 333 Richmond district 447 299 335 53 83 30 October 1,043 354 59 307 323 Atlanta district 412 272 213 43 63 20 November 1,104 373 69 333 328 Chicago district 752 496 658 92 166 74 December 1,071 305 366 319 St. Louis district 329 219 233 38 59 21 1938—January 1,353 461 451 355 Minneapolis district-.. 286 175 272 35 56 21 February 1,406 499 78 468 361 Kansas City district- __ 427 264 155 39 63 23 March 1,524 631 52 481 359 Dallas district 475 304 99 41 April2 2,071 884 146 609 432 San Francisco district_ 315 215 265 39 May 2,525 1,065 321 689 451 June 2,762 1,153 404 747 459 Total 6,461 4,488 5,708 824 1,319 495 July 3,026 1,352 424 767 483 August 2,955 1,320 379 762 495 Week ending (Friday): 1 Gross demand deposits minus demand balances with domestic banks July 22 3,084 1,410 416 (except private banks and American branches of foreign banks) and July 29 3,031 1,374 422 477 cash items in process of collection. August 5 2,961 1,330 397 741 492 NOTE.—See table at foot of p. 903 for percentages of deposits required August 12 2,920 1,287 377 766 490 to be held as reserves. August 19 2,939 1,306 364 770 500 August 26 2,991 1,348 378 766 498 September 2 P2, 983 1, 354 387 757 P485 September 9 *3, 040 1,386 377 762 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. 903 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 \]1 member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Aug. July Aug. July Aug. July Aug. July Aug. July Aug. July Boston 1,755 1,774 663 640 1,636 1,659 538 517 119 115 125 124 New York __ 11,414 11,452 2,272 2,272 1 1, 066 i 1, 066 i 1, 049 i 1, 051 275 266 492 490 Philadelphia 1,591 1,609 1,128 1,126 1,381 1,403 678 676 211 206 451 450 Cleveland 1,920 1,921 1,398 1,396 1,712 1,714 1,107 1,104 208 207 292 292 Richmond 1,067 1,050 540 539 901 886 352 352 166 164 188 187 Atlanta 1,001 986 386 387 869 855 304 304 131 131 82 83 Chicago _ _ 4,229 4,259 1,642 1,638 i 1, 588 1 1, 583 i 914 1909 292 291 272 272 St. Louis 1, 059 1,048 407 406 865 858 295 295 194 191 111 111 Minneapolis ._ _ . 643 645 361 361 474 478 176 176 168 167 186 185 Kansas City 1,367 1,368 310 311 1,053 1,052 197 197 313 316 113 114 Dallas . 1,092 1,089 222 221 834 829 178 177 258 261 44 44 San Francisco 2,260 2,255 2,161 2,173 2,149 2,144 2,064 2,077 111 110 97 96 Total 29, 398 29, 457 11,491 11, 469 114, 528 114, 526 1 7, 851 1 7, 834 2,447 2,424 2,452 2,447 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

893 OCTOBER 1938 FEDERAL RESERVE BULLETIN KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o r e t y 1 a e 8 - s s 9 - 0 S s u i i a l b v r s y e i r d- M co in in or U S n n t o a i t t t e e e s s d R F n e e o s d e t e e r r s v a e l R F n b e e o a s d e t n e e r k r s v a e l t b n i N o o a n n t a e - a k s l 1937—August.... 6,524 1,115 345 146 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 August 6, 504 1,263 344 146 262 4,129 211 Back figures.—See 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 2 Large denomination currency 2 Un- End of month in cir- assortcula- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed 2 tion i 1937—August . 6,524 5,007 529 498 33 907 1,574 1,466 1,520 382 698 137 283 7 14 4 September 6,542 5,019 534 503 33 908 1,574 1,467 1,527 382 702 138 285 7 14 4 October 6,555 5,029 535 502 33 909 1,576 1,474 1,531 384 704 138 286 6 13 5 November 6,561 5,043 540 504 33 912 1,574 1,480 1,525 381 701 136 287 5 14 6 December.. 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938—January... __ 6,320 4,789 522 474 31 856 1,482 1,424 1,532 382 705 138 288 7 12 1 February 6,334 4,798 520 473 32 863 1,489 1,421 1,538 382 708 138 291 7 13 2 March 6,355 4,784 521 473 31 860 1,487 1,412 1,573 385 718 144 300 9 18 3 April 6,397 4,807 522 476 31 866 1,498 1,414 1,593 388 725 146 304 12 18 3 May 6,467 4,856 526 487 32 877 1,512 1,422 1,616 389 727 152 307 17 24 4 June 6,461 4,837 527 481 31 875 1,503 1,420 1,627 391 732 152 309 17 25 2 July. 6,452 4,836 526 481 31 879 1,508 1,410 1,618 388 727 152 307 17 27 2 August 6,504 4,885 530 488 32 891 1,528 1,416 1,622 389 727 152 308 17 29 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the 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] Ship- Receipts Net Net Silver Fed- Year or month ments to from ship- receipts dollars Sub- eral Na- Europe Europe ments End of month Total and sid- Minor United Re- tional silver iary com States serve bank bul- silver notes bank notes 1933 554 91, 059 90, 505 lion 1 notes 1934 345 40, 587 40, 242 1935 10, 628 19, 966 9,338 1936 34, 774 26,216 8,558 1937 21, 500 47, 550 26, 050 1937—August 2, 585 1,424 363 152 347 37 262 September. 2,599 1,441 364 153 347 36 257 1937—August -. 877 2,839 1,962 October... 2,609 1,455 367 154 347 36 251 September... 1,946 2,271 325 November 2,621 1,468 370 155 347 35 247 October 781 4,531 3,750 December. 2,637 1,486 372 156 347 34 242 November. 336 13, 326 12, 990 December _ . 69 5,947 5,878 1938—January 2,655 1,509 373 156 347 33 237 February. 2,668 1,526 373 156 347 33 233 1938—January _. 189 4,658 4,469 March 2,679 1,540 374 157 347 32 230 February 28 3,824 3,796 April 2,690 1,554 374 157 347 32 226 March 1 212 2 728 1 516 May . 2,702 1,570 374 157 347 31 223 April 503 2 618 2,115 June . 2,713 1,584 374 157 347 31 221 May 155 6,179 6,024 July 2,721 1,596 374 157 347 30 217 June 379 3 486 3 107 August 2,731 1,608 375 157 347 30 214 July 85 3,753 3,668 1 052 2 348 1 296 i Includes silver held against silver certificates amounting to $1,534,- 000,000 on August 31, 1938 and $1,329,000,000 on August 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

894 FEDEKAL RESERVE BULLETIN OCTOBER 1938 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Year or month G e o o n l r d d m o st f o o n y c t k e h a r at c t g r o I e i o n n t a l a - d s l e im g N o p e l o d t rt re f N e r l o e a e a r m t - se m g p D t o r e i o o c l s - d - - From or to— August J 1 u 9 l 3 y 8 Jan.-Aug. Total I a n c a c c o t u iv n e t stock mark d ti u o c n - Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 i 8,238 4, 202. 51,133. 9 82.6 96.0 1935 10,125 1, 887. 21, 739. 0 .2 110.7 1936. ._ 11, 258 26.5 1,132. 51,116. 6 -85.9 131.6 Belgium 3,213 13, 509 1937 12, 760 1, 227. 9 1, 502. 51, 585. 5 -200. 4 143.9 France 4,721 5,765 5,000 Germany 1936—June 10, 608 206.6 277.8 -24.8 10.0 Netherlands 571 July 10, 648 39.2 15.4 2.3 12.8 Spain 105 August 10, 716 68.4 67.5 -11.9 13.1 Sweden 15, 360 7,685 44,786 September 10, 845 129.0 171.8 -28.8 12.1 Switzerland 226 October 11,045 199. 7 218.8 -11.3 13.8 United Kingdom... 91, 235 4,980 186,552 62 November... 11,184 139.6 75.8 3.0 11.8 Canada 14, 342 974 19, 528 72 December 11,258 26.5 73.3 57.0 10.9 Mexico 3,183 11,172 27, 478 697 Central America. __ 339 322 2, 558 1937—January 11, 358 126.5 100.1 121.3 -48.3 9.3 Bolivia 1 103 February 11, 436 204.7 78.2 120.3 -8.0 8.3 Chile 1,065 390 5,750 March ... 11, 574 342.5 137.9 154.3 .4 10.8 Colombia 2,113 1 8,431 April 11,799 568.0 225.6 215.8 7.2 9.2 Ecuador 259 109 2,106 May 11, 990 759.1 191.1 155.4 26.2 12.4 Peru 298 253 2,716 June 12, 318 1, 086. 8 327.8 262.0 -15.9 11.2 Venezuela 12 62 310 July 12,446 1, 214.1 127.3 175.4 -35.5 12.7 Australia 2,748 3,434 17,416 August. 12, 567 1, 335. 7 121. 6 104.8 -5.3 16.9 British India 1,148 9,781 September 12, 741 1,210.0 174.3 145.5 9.3 12.2 China and Hong October 12,803 1, 271. 9 62.0 90.5 -8.0 14.9 Kong 1,510 1,171 4,102 November 12, 774 1, 242. 5 -29.3 22.1 -20.1 13.8 Japan 23,497 28,670 107, 692 December 12,760 1, 227. 9 -14.0 18.0 -101.6 11.9 Philippine Islands. 1,772 2,422 16, 843 All other countries2. 325 188 1,517 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 165, 990 63,880 65 477,844 5,832 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 exceptions, J J u un ly e 1 13 2 , , 0 9 1 6 7 3 4 5 4 4 . . 2 5 6 5 3 5 . . 8 3 - - 2 1 0 5 . . 9 5 1 9 4 . . 5 1 are 2 I a n t c r l a u t d e e s o f a $ ll 3 m 5 a o v fi e n m e e o n u ts n c o e f . unreported origin or destination. August . 13,136 118.3 166.0 -28.8 P14.8 Back figures.—See table, p. 923, and Annual Report for 1937 (tables 31 and 32). p Preliminary. 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 BANK DEBITS a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published [Debits to individual deposit accounts, by banks in principal cities.1 in table, p. 923, adjusted to exclude production in Philippines. [In millions of dollars] 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 Total, 140 133 (table 29). all New other other Year and month report- York lead- report- BANK SUSPENSIONS1 ing City ing ing centers cities i cities 2 Member Nonmember banks banks 1929 982, 531 331,938 47,504 Total, 1934 356, 612 165, 948 165, 557 25,107 all 1935 402, 718 184,006 190,165 28, 547 banks ti N on a- al State su I r n e - d2 in N su o r t ed 1 1 9 9 3 3 7 6 4 4 6 6 1 9 , , 8 4 8 6 9 3 2 1 0 9 8 7 , , 9 8 3 3 6 6 2 23 1 5 9 , , 2 6 0 7 6 0 3 3 3 6 , , 2 4 8 2 3 1 1937—July 40, 059 16, 751 20,163 3,144 Num 1 1 1 1 1 9 9 9 9 b 9 3 3 3 3 3 e 7 4 5 6 8 r — of J b an a . n - k A s u g su us s t pended: 48 A N D S O e u o e c p t g c v o t e u e e b m s m m e t r b b b e e e r r r . . 3 4 3 3 3 9 2 4 4 6 , , , , , 3 2 3 7 5 5 3 1 3 8 7 1 9 3 8 1 1 1 1 1 4 3 8 3 6 , , , , , 1 2 4 4 7 5 7 1 3 7 1 7 8 2 6 2 1 1 1 1 0 8 9 8 8 , , , , , 1 8 4 9 6 7 3 2 3 5 1 7 0 4 2 2 2 3 3 2 , , , , , 2 9 2 8 9 0 6 4 3 1 3 2 3 5 6 1938—January... 34, 825 14,477 17, 607 2,741 Deposits of suspended banks February.. 27, 858 10, 915 14, 633 2,311 (in thousands of dollars):3 March 34,847 14,746 17, 373 2,727 1934 36,937 40 1,912 34, 985 April 33, 817 14, 572 16, 597 2,648 1935 10,015 5,313 3,763 939 May 31, 352 12, 828 16,013 2,511 1936 11,306 507 10, 207 592 June . 35, 495 15, 637 17,160 2,698 1937 19,723 7,379 1,708 10,156 480 July 33,128 13, 828 16, 677 2,623 1938—Jan.-August 11, 706 36 10, 495 1,175 August 30, 792 12, 247 16, 023 2,522 1 Represents licensed banks suspended; does not include nonlicensed banks placed in liquidation or receivership. 1 Comprises centers for which bank debit figures are available beginning 2 Federal deposit insurance became operative January 1, 1934. with 1919, except that one substitution was made in 1920 and one in 1928. 3 Deposits of member banks and insured nonmember banks suspended 2 Cities (other than the 141 centers) for which bank debits are currently are as of dates of suspension, and deposits of noninsured nonmember reported. The number has changed very little since 1934. banks are based on the latest data available at the time the suspensions Back figures.—See Annual Report for 1937 (Table 71), which also gives were reported. a definition of bank debits. Figures for individual reporting cities and Back figures.—See Annual Report for 1937 (table 76). totals by Federal Reserve districts are available in mimeographed form. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

895 OCTOBER 1938 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July K36, p. £35. Figures for noiunember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u ks g a s l m n b o e e m n r - - Call date ba A n l k l s Total ti N o a na - l State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 1933—June 30_ 14,519 5,606 4,897 709 576 8,337 1933—June 30_. 37, 998 23, 338 14,772 8,566 9,713 4,946 Dec. 30_ 15,011 6,011 5,154 857 579 8,421 Dec. 30_. 38, 505 23, 771 15, 386 8,385 9,708 5,026 1934—June 30 15,835 6,375 5,417 958 578 1934—June 30_. 41, 870 26, 615 17, 097 9,518 9,780 5,475 Dec. 31_ 16,039 6,442 5,462 980 579 9,018 Dec. 31_. 44, 770 28, 943 18,519 10, 424 9,828 6,000 1935—Mar. 4__ 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4__ 44, 455 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. l.. 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 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 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 June 302. 53, 287 35, 440 22, 926 12, 514 10, 213 7,635 Dec. 31_ 15, 393 6,341 5,260 1,081 563 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, 703 34,118 22, 264 11, 854 10, 259 r7, 325 June 30_ 15, 286 6,338 5,242 1,096 563 8,385 June 30_. 52,195 34, 745 22, 553 12,193 10, 296 7,153 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m n e v n e t st s - Total Loans I m n e v n es t t s - Invest- Invest- Total Loans ments Total Loans ments 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 30 2. 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, .68 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-_ 47, 381 21,130 26, 252 30, 721 12, 938 17, 783 10,196 4,961 5,235 6,465 3, 231 3, 234 T Revised. 1 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. 2 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

896 FEDERAL RESERVE BULLETIN OCTOBER 1938 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans Investments On securities, Open market paper U. S. Government Total to brokers On obligations loans and dealers and secur- Re- Ac- Call date m v i e e n s n - t t - s Total Y N C I o e i n t w r y k Y N O C si o e i u d t w r t e y k - o 3 c i t a ( t h e t e n i o e x p e k s - t r s s ) L 3a o t n o a k n s s e l E o st e a a n a t l s e b a p c o a n i a e o w n n c c p r g k - e n t t - - s s' b m a o c a n d t e e o h n c o p s f e e k - t t - r s i s c ab B p a r a b i o l y l l e a s - d b p C m o c a o u i p e a m g r e l h - r - t O lo t a h n e s r Total Total Direct g F t u a e u a n e l r d - l - y s O e t t c i h e u s e ri r - TOTAL—ALL MEMBER BANKS 1929—Dec. 31 __35, 934 26,150 1,660 803 7,685 714 3,191 0) 212 80 291 11,515 9,784 3,863 3,863 5,921 1933—June 302 _24, 786 12, 858 788 165 3,752 330 2,372 192 291 25 87 4,857 11, 928 6,887 6,887 5,041 1934—Dec. 31 __28,150 12,028 843 187 3,110 155 2,273 232 256 31 232 4,708 16,122 10, 895 9,906 989 5,227 1935—Dec. 31 __29,985 12,175 1,047 196 2,893 98 2,284 169 181 29 272 5,006 17, 810 12, 269 10, 501 1,768 5,541 1936—Dec. 31 ._33, 000 13, 360 1,144 266 2,785 85 2,405 131 161 18 324 6,041 19,640 13, 545 11,639 1,906 6,095 1937—Mar. 31__32, 525 13, 699 1,159 258 2,816 99 2,440 128 170 22 386 6,220 18,826 12, 717 10, 856 1,861 6,108 June 30. _32, 739 14, 285 1,278 258 2,829 115 2,505 113 131 15 377 6,663 18, 454 12,689 10,870 1,819 5,765 Dec. 31.. 31, 752 13, 958 738 212 2,752 70 2,547 130 126 23 364 6,996 17, 794 12, 371 10,574 1,797 5,422 1938—Mar. 7— 31, 521 13, 546 675 203 2,665 96 2,556 119 102 19 368 6,745 17, 975 12, 452 10,625 1,827 5,523 June 30-. 30, 721 12, 938 523 178 2,614 120 2,613 112 73 13 293 6, 397 17, 783 12, 343 10, 215 2,128 5,440 NEW YORK CITY 3 1929—Dec. 31 __ 8,774 6,683 1,202 55 2,145 322 169 (i) 128 46 21 2,595 2,091 1,112 1,112 979 1933—June 30 2 7,133 3,424 720 38 1,044 162 157 120 224 10 10 937 3,709 2,551 2,551 1,158 1934—Dec. 31 __ 7,761 3,159 662 54 820 63 139 164 210 16 6 1,024 4,602 3,524 3,246 278 1,078 1935—Dec. 31.. 8,418 3,434 1,018 60 793 42 140 107 158 16 5 1, 096 4,985 3,826 3,425 401 1,159 1936—Dec. 31. _ 9, 280 3,855 1,095 78 753 42 144 65 136 10 5 1, 527 5, 425 4,209 3,739 470 1,217 1937—Mar. 31__ 9,101 3,961 1,105 74 790 51 142 69 119 6 4 1,600 5,140 3,829 3,356 473 1,311 June 30 _. 9,006 4,276 1,219 76 824 62 149 65 98 1 5 1,776 4,730 3,630 3,176 454 1,100 Dec. 31__ 8,313 3,673 703 58 733 29 141 74 112 6 6 1,811 4,640 3,595 3, 207 388 1,045 1938—Mar. 7— 8,317 3,532 647 49 727 60 140 65 90 5 8 1,741 4,785 3,612 3,180 432 1,174 June 3O._ 8,013 3,172 509 47 717 85 132 62 65 4 10 1,541 4,840 3,740 3,031 709 1,101 CITY OF CHICAGO 3 1929—Dec. 31 __ 1,757 1,448 11 240 533 88 21 (i) 9 5 5 535 309 116 116 193 1933—June 302 1,287 677 13 48 251 30 30 24 27 7 12 237 610 384 384 226 1934—Dec. 31 __ 1,581 532 26 29 170 11 18 16 29 5 27 202 1,049 821 743 78 229 1935—Dec. 31 __ 1,868 476 1 28 149 6 15 14 1 1 12 249 1,392 1,149 1,061 88 243 1936—Dec. 31.. 2,100 633 1 50 140 6 13 8 3 1 10 402 1,467 1,201 1,107 94 266 1937—Mar. 31__ 1,868 649 1 52 155 4 14 2 2 1 12 407 1,220 947 853 94 273 June 30. _ 1,969 675 1 50 145 2 13 6 3 1 16 437 1,295 1,001 907 94 294 Dec. 31. _ 1,901 635 41 129 1 12 6 1 2 16 426 1,266 1,010 916 94 255 1938—Mar. 7___ 1, 997 614 39 113 11 6 1 2 19 423 1,382 1,108 1,008 100 275 June 30 __ 1,806 525 29 109 10 3 1 11 361 1,281 981 859 122 300 RESERVE CITY BANKS 1929— Dec. 31 12,029 9,084 239 425 2,775 258 1,538 (i) 42 24 102 3,679 2,944 1,368 1,368 1,576 1933_june 30 2. 8'492 4,482 45 63 1,340 99 1,131 46 36 6 38 1,678 4,011 2,483 2,483 1,528 1934—Dec. 31..10,028 4,312 105 90 1,124 55 1,090 49 13 9 108 1,671 5,715 4,088 3,809 279 1,628 1935—Dec. 31._ 10, 780 4,347 21 96 1,057 34 1,094 46 19 10 120 1,851 6,432 4,732 4,076 656 1,701 1936—Dec. 31 _ _11, 795 4,794 36 123 1,048 23 1,124 56 17 5 131 2,231 7,000 5,123 4,426 697 1,877 1937—Mar. 31 __11,611 4,886 38 114 1,039 29 1,135 55 37 10 154 2,276 6,725 4,919 4,250 669 1,805 June 30-- 11, 629 4,994 44 114 1,032 34 1,164 39 25 7 145 2,389 6,635 4,902 4,267 635 1,733 Dec. 31 _ 11,414 5,203 26 97 1,066 27 1,176 47 10 12 132 2,610 6,211 4,598 3,961 637 1,612 1938—Mar. 7— 11, 250 5,031 18 100 1,020 25 1,173 45 8 11 134 2,498 6,219 4,610 3,962 648 1,609 June 30.- 11,150 4,853 8 88 998 26 1,201 45 7 7 104 2,369 6,298 4,658 3,940 718 1,639 COUNTRY BANKS 1929—Dec. 31. 13, 375 8,936 208 83 2,231 45 1,462 (0 33 5 163 4,705 4,439 1,267 1,267 3,172 1933—Jun e 3O2 7,873 4,275 10 15 1 117 38 1,055 3 4 1 27 2,005 3,598 1,469 1,469 2,129 1934—Dec. 31. _ 8,780 4,025 50 14 996 27 1,026 2 5 2 92 1,810 4,756 2,463 2,108 355 2,293 1935—Dec. 31 __ 8,919 3,918 7 13 894 17 1,035 2 3 2 135 1,810 5,002 2,563 1,940 623 2,439 1936—Dec. 31.. 9,825 4,078 13 16 843 14 1,123 3 4 2 178 1,881 5,747 3,013 2,368 645 2,734 1937—Mar. 31._ 9,945 4,204 16 17 833 15 1,150 2 12 5 216 1,937 5,741 3,023 2,397 626 2,719 June 30-_ 10,134 4, 340 15 18 828 16 1,179 2 4 5 211 2,062 5,794 3,155 2,520 635 2,639 Dec. 31.. 10,124 4,446 9 16 824 13 1,219 2 3 3 208 2,149 5,677 3,168 2,490 678 2,510 1938—Mar. 7___ 9,958 4,369 9 15 804 11 1,233 3 3 1 208 2,083 5,589 2,124 2,477 647 2,465 June 30. _ 9,752 4,388 6 14 790 9 1,269 2 2 1 168 2,126 5,364 3,964 2,385 579 2,400 1 Included in "Other loans." 2 Beginning June 30, 1933, figures relate to licensed banks only. 3 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

OCTOBER 1938 FEDERAL RESERVE BULLETIN 897 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e R e a R e r e r n r i e v e a t v d - - k e h l e - s s C v in a a u sh lt b a w m B a n d t e n i i o a c c s t - k l e h - - s s1 r I o t e e p t i f l d p e r e o e i o s n o c m n c a s - c r o s s - 2 t l - - b m D a I t e n i n o c s k - t - e s rb b a e F a n i o n g k r k n - s S U m G e t e r a n e o n d t i n v e t - t - - s f P u l u n ic b d - s c C l c c e h o a f e a e i t f e o n e f t s r r c f i d e s t d h - k i ' r , - s s s t I p p u v n h i c n o a a i e o o i d r r l d r r n p i t s a 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 I D a t n e n i o c s t - k - e s rba F e n i o g k r n - P s in t a o a g v s l - s - f P u l u n i b c d - s u s v t p I p i n h c a n i o o a d o e i l d n r r p s r r - a t i , s - - s - - - , , B r i o n o w g r- s credit 3 etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3,896 3,517 544 1,335 1,681 17, 526 16,647 95 154 122 595 12, 267 879 1933—June 30 5 2,235 405 2,008 1,485 3,057 145 1,087 657 11,830 12,089 89 1 788 300 7,803 191 1934—Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14, 951 15, 686 134 7 452 294 9,020 13 1935—Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18, 801 151 5 218 361 9,680 6 1936—Dec. 31 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21, 647 153 6 104 296 10, 429 15 1937—Mar. 31 6,613 662 3,445 1,974 5,752 458 415 1, 564 677 20,085 21, 352 153 6 97 269 10, 639 18 June 30 6,897 629 3,20? 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 June 30 8,004 712 4,084 1,899 6,096 321 543 2,314 19, 816 20,893 135 10 83 454 10, 874 NEW YORK CITY 6 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 18 33 1,112 179 1933—June 30 5 846 101 874 1,255 127 332 96 461 4,676 4,358 22 1 110 4 671 1934—Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 56 4 591 1935—Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 12 591 1936—Dec. 31 2,658 133 1,087 2,493 393 225 285 457 7,274 6,929 4 13 679 12 1937—Mar. 31 2,719 123 853 2,171 419 129 314 354 7,237 7,051 5 14 758 1 June 30 2,749 105 2,014 575 306 368 427 6,934 6,733 12 17 767 3 Dec. 31 2,738 120 2,108 416 382 189 404 6,507 6,111 7 49 696 1938—Mar. 7 2,941 95 605 2,173 327 360 185 327 6,429 6,336 8 67 694 June 30 3,517 119 842 2,514 283 123 273 367 6,900 8 32 694 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 42 1,041 957 19 2 58 332 1933—June 30 5 232 203 61 259 87 870 912 6 1 358 1934—Dec. 31 415 207 90 445 182 1,073 1,189 1 381 1935—Dec. 31 511 209 135 522 208 1,301 1,401 413 1936—Dec. 31 558 188 159 599 191 1,495 1,554 449 1937—Mar. 31 482 93 114 596 203 1,001 1,128 440 June 30 596 156 130 536 208 1,409 1,509 452 Dec. 31 596 179 146 528 207 1,354 1,438 8 445 1938—Mar. 7 566 135 576 170 1,270 1,372 16 445 June 30 936 221 1,386 1,523 16 443 RESERVE CITY BANK! 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 14 41 371 4,433 295 1933—June 30 & 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 1 180 206 3,494 1935—Dec. 31 1,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 1 79 266 3,796 1936—Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 1 35 203 4,026 1937—Mar. 31 2,108 264 1,545 764 2,546 132 935 155 6,833 7,159 137 2 34 176 4,064 June 30 2,215 212 1,392 805 2,339 212 934 163 6,840 7,132 108 2 35 190 4,140 Dec. 31 2,310 200 1,470 841 2,389 256 777 192 6,743 6,870 107 4 34 266 4,161 1938—Mar. 7 2,376 213 1,632 538 2,461 234 809 121 6,455 6,848 116 3 33 269 4,198 June 30 300 1,951 2,514 812 146 113 2 31 262 4,238 COUNTRY BANKS 1929—Dec. 31- 627 321 908 291 405 39 742 169 5,091 5,711 6 61 133 6,390 367 1933—June 30 & 452 203 702 149 228 116 555 72 2,576 3,054 7 285 86 3,833 167 1934—Dec. 31 822 275 1,296 207 342 178 804 106 3,589 4,292 16 210 84 4,554 13 1935—Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 16 136 83 4,879 6 1936—Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 16 69 80 5,275 3 1937—Mar. 31 1,304 321 1,684 242 440 57 1,113 130 5,013 6,012 16 64 79 5,377 11 June 30 1,337 330 1,554 269 409 69 1,067 139 5,089 6,027 15 64 85 5,459 12 Dec. 31 1,361 307 1,645 283 412 78 959 149 5,143 5,968 21 61 158 5,504 12 1938—Mar. 7 1,366 310 1,700 180 403 66 1,073 101 4,963 5,957 20 56 159 5,508 11 June 30 1,263 316 1,806 258 1,008 126 4,863 5,738 22 52 144 5,499 11 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets.'' 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on hand, but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. 4 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not in process of collection. & Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures—Sev Annual Report for 1937 (tables 54-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN OCTOBER 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 Rei 1 serve 'Bal- Total Com- Other U. S. Govern- with ances loans mercial, To loans ment obliga- Fed- Cash with Date or month and indus- Open brokers or 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—August 22,332 9,929 4,558 467 1,362 698 1,164 145 1,535 12, 403 8,229 1 160 3,014 5,149 296 1,683 1938—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 1,507 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 1,505 12, 302 7,980 1354 2,968 6,070 384 2,296 June 20, 696 8,384 3,953 354 686 582 1,158 125 1,526 12,312 7,864 1453 2,995 6,407 398 2,406 July 20, 530 8,213 3,878 334 629 577 1,159 121 1,515 12,317 7,703 1567 3,047 6,675 403 2,435 August 20, 675 8,215 3,886 337 636 577 1, 160 111 1,508 12, 460 7,702 1646 3,112 6,602 387 2,416 1938—July 6 20, 476 8,252 3,880 335 661 577 1,157 120 1,522 12, 224 7,727 1499 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 1622 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 1640 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 1646 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 1650 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 1628 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 1653 3,119 6, 639 396 2,419 Aug. 31 20, 861 8,270 3,886 339 690 579 1,160 109 1,507 12, 591 7,789 ] 655 3,147 6,685 386 2,457 Sept. 7 20, 842 8, 241 3,888 333 670 578 1,159 108 1,505 12, 601 7,792 1 655 3,154 6,756 401 2,467 Sept. 14 20,964 8, 335 3, 905 335 723 579 1,162 114 1,517 12, 629 7,794 1670 3,165 6,871 425 2,499 Sept. 21 21, 265 8, 254 3,889 340 658 578 1,160 116 1,513 13,011 8,131 1672 3,208 6,528 410 2,353 NEW YORK CITY 1937—August 8,355 4,021 1,772 162 1, 148 270 135 107 427 4,334 2,944 420 970 2,362 50 66 1938—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 August 7,584 2,938 1, 466 133 510 195 118 84 432 4,646 2,806 786 1,054 3,351 50 1938—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 1059 3,444 49 76 July 27 7,490 2,879 1,450 131 469 193 118 88 430 4,611 2,787 770 1054 3,386 52 70 Aug. 3 7,488 2,877 1,443 132 474 192 118 83 435 4,611 2,778 781 1052 3,313 48 69 Aug. 10 7,527 2,915 1,460 132 499 191 118 79 436 4,612 2,780 786 1046 3,301 50 69 Aug. 17 7,542 2,942 1, 470 133 508 196 118 89 428 4,600 2,781 773 1046 3,339 50 70 Aug. 24 7,613 2,951 1,480 132 507 198 118 87 429 4,662 2,820 797 1045 3,375 51 69 Aug. 31 7,751 3,007 1,479 136 561 197 118 84 432 4,744 2,869 795 1080 3,425 52 70 Sept. 7 7,710 2,973 1,466 135 544 196 118 84 430 4,737 2,862 792 1083 3,463 55 69 Sept. 14 7, 773 3,025 1,465 136 585 196 119 91 433 4,748 2,869 794 1085 3,597 63 74 Sept. 21 7,865 2, 945 1,447 139 525 195 119 91 429 4,920 3,005 803 1 112 3,405 57 76 OUTSIDE NEW YORK CITY 1937—August 13, 977 5,908 2,786 305 214 428 1,029 38 1,108 8,069 5,285 740 2,044 2,787 246 1,617 1938— February,.. 13, 388 5,676 2,687 277 151 404 1,034 27 1,096 7,712 5,037 743 1932 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 1947 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 1950 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 1958 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 1985 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 2021 3,295 351 2,361 August 13, 091 5,277 2,420 204 126 382 1,042 27 1,076 7,814 4,896 860 2058 3,251 337 2,347 1938—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 2033 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 2042 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 2061 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 Aug. 31 13,110 5,263 2,407 203 129 382 1,042 25 1,075 7,847 4,920 860 2 067 3,260 334 2,387 Sept. 7 13,132 5,268 2,422 198 126 382 1,041 24 1,075 7,864 4,930 863 2, 071 3,293 346 2,398 Sept. 14 13, 191 5,310 2, 440 199 138 383 1,043 23 1,084 7,881 4,925 876 2,080 3,274 362 2,425 Sept. 21 13, 400 5,309 2,442 201 133 383 1,041 25 1,084 8,091 5,126 869 2,096 3,123 353 2,277 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

OCTOBER 1938 FEDERAL RESERVE BULLETIN 899 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] Cash Demand deposits Time deposits items Total Date or month i r c n e e e o d s p l p s o l r e a r o o c t s f c - - - a O s t s h e e ts r a T s o s t e a t l s Dom In e t s e - rb F a o n r k eign G U S o n t v a i e t t e e rn s d - c C h f e i e e r c d t k i- s, Other i j d t m u s e s D — a p te e n o d a - d s d * - - D In o t - erba F n o k r- Other r B i o n o w g r - - s l O i i a t t i b h e i e s l r - t c C a o a l u p n a i c t - tion1 li i a ti b e i s l- ba ti n c ks banks ment etc. m ba e n s k ti s c b e a i n g k n s TOTAL—101 CITIES 1937—August 1,322 1,269 32, 051 4,880 568 515 402 15, 838 14,918 99 18 5,245 36 843 3,607 1938— February....._ 1,206 1,310 31, 686 5,172 383 638 367 15, 348 14, 509 114 9 5,237 3 792 3,623 March 1,301 1,298 31, 689 5,164 348 700 433 15, 227 14, 360 116 9 5,239 7 820 3,626 April 1,275 1,281 31, 709 5,292 327 612 393 15,318 14, 437 115 9 5,223 3 791 3,626 May 1,226 1,307 32, 015 5,596 309 549 407 15, 397 14, 579 110 9 5,214 1 778 3,645 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 August 1,168 1,272 32, 520 5,808 312 425 368 15,917 15,118 112 8 5,206 1 706 3,657 1938—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 Aug. 31 1,339 1,282 33,010 5,847 327 411 430 16, 297 15, 388 111 8 5,210 705 3,664 Sept. 7 1,260 1,273 32, 999 5,994 356 407 382 16, 145 15, 267 111 8 5,217 715 3,664 Sept. 14. . __ 1.470 1,272 33, 501 6,026 410 397 446 16, 467 15, 443 112 9 5, 238 738 3,658 Sept. 21 1,277 1.223 33, 056 5,742 436 581 388 16,177 15, 288 110 9 5,216 1 735 3,661 NEW YOEK CITY 1937—August 541 450 11, 824 1,863 524 275 241 6, 298 5,998 14 726 22 379 1,482 1938—February. 506 477 11,644 2,095 347 343 222 6,143 5,859 660 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 6,005 636 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 August _ . _ 499 486 12,039 2,447 273 103 218 6,567 6,286 6 650 292 1,483 1938—July 6... 573 482 11,951 2,435 272 110 248 6,440 6,115 655 308 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 12, 051 2,424 276 104 217 6,590 6,342 6 659 292 1,483 Aug. 31... 635 12,421 2,500 286 100 271 6,810 6,446 6 657 305 1,486 Sept. 7.. . 587 483 12, 367 2, 535 314 100 236 6,732 6,381 6 659 302 1,483 Sept. 14___ 636 471 12, 614 2,560 364 275 6,835 6,474 6 684 312 1,480 Sept. 21 548 453 12, 404 2,450 387 232 6,710 6,394 6 665 315 1,481 OUTSIDE NEW YORK CITY 1937—August,. 781 819 20, 227 3,017 240 161 9,540 8,920 99 4 4,519 14 464 2,125 1938—February 700 833 20, 042 3,077 295 145 9,205 8,650 114 2 4,577 1 453 2,137 March 687 823 19, 919 3,078 375 153 8,963 8,429 116 2 4, 583 3 464 2,144 April 707 805 19, 953 3,105 406 157 8,957 8,408 115 2 4,569 3 453 2,144 May 673 816 20, 227 3,242 399 151 9,095 8,574 110 2 4,578 455 2,157 June 729 833 20, 462 3,306 381 168 9,264 8,704 111 2 4, 577 1 453 2,163 July 720 784 20, 549 3,378 344 164 9,341 8,785 115 2 4,563 6 433 2,167 August 20, 481 3,361 322 150 9,350 8,832 112 2 4,556 1 414 2,174 1938—July 6.. . _ . 744 781 20,513 3,412 353 168 9,262 116 2 4,574 424 2,165 July 13 779 783 20, 654 3,422 346 169 9,398 8,7! 114 2 4,560 7 435 2,165 July 20 706 784 20, 528 3,370 339 165 9,325 8,784 114 2 4,564 11 436 2,167 July 27. 651 790 20, 502 3,310 337 154 9,379 8,882 116 2 4,555 5 439 2,169 Aug. 3 689 781 20, 459 3,376 331 158 9,294 8,763 115 2 4,556 5 417 2,168 Aug. 10 635 785 20, 392 3,356 326 144 9,271 8,780 112 3 4 555 415 2,173 Aug. 17 711 785 20, 514 3,387 321 145 9,362 8,796 113 3 4,555 1 415 2,174 Aug. 24 606 784 20, 449 3,339 317 142 9, 336 8,872 112 3 4 558 425 2,177 Aug. 31 704 794 20, 589 3,347 311 159 9,487 8,942 111 2 4 553 400 2,178 Sept. 7.. 673 790 20, 632 3,459 307 146 9,413 8,886 111 2 4,558 413 2,181 Sept. 14.. . 834 801 20, 887 3,466 299 171 9,632 112 3 4 554 426 2,178 Sept. 21 729 770 20, 652 3,292 423 156 9,467 8,894 110 3 4,551 1 420 2,180 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 pn•ocess of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 FEDERAL RESERVE BULLETIN OCTOBER 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 loans nercial, To loans ment obliga- Fed- Cash with district and and indus- Open brokers or pur-j Real Loans tions Other eral in domesdate (1938) invest- Total trial, mar- and chas- I 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) Aug. 31 1,097 575 61 21 31 82 110 522 358 134 353 123 138 Sept. 7 1,099 577 62 22 31 82 109 522 358 30 134 371 124 139 Sept. 14 1,099 583 270 63 24 31 82 111 516 351 31 134 352 126 142 Sept. 21 1,125 578 267 64 23 31 82 109 547 382 31 134 322 125 135 NEW YORK (8 cities)* Aug. 31 8,572 3,396 1,590 147 566 266 222 521 5,176 3,093 845 1,238 3,548 164 Sept. 7 8,532 3,362 1,578 145 549 265 221 519 5,170 3,086 843 1,241 3,600 159 Sept. 14 3,417 1,580 146 591 265 223 521 5,185 3,095 847 1,243 3,735 168 Sept. 21 — 8,710 3,338 1,563 148 531 264 222 518 5,372 3,246 856 1,270 3,545 161 PHILADELPHIA (4 cities} Aug. 31 1,127 416 189 20 16 34 58 97 711 334 94 283 229 I 158 Sept. 7 1,129 417 190 20 16 34 58 712 336 94 282 228 I 159 Sept. 14 1,132 418 189 20 17 34 58 714 337 95 282 224 18 I 160 Sept. 21 1,142 415 187 20 15 34 58 727 348 95 284 229 | 17 | 151 CLEVELAND (10 cities) Aug. 31 1,781 654 247 11 21 36 | 171 166 1,127 761 90 276 381 35 278 Sept. 7 1,786 655 248 11 21 36 ! 171 166 1,131 764 91 276 380 I 37 273 Sept. 14 1,802 656 247 11 22 36 i 171 167 1,146 773 94 279 362 40 273 Sept. 21 1,826 656 247 11 22 36 | 170 168 1,170 796 95 279 340 40 249 RICHMOND (12 cities) Aug. 31 610 228 99 11 3 16 31 67 382 284 35 63 153 17 145 Sept. 7 611 229 100 10 3 17 31 67 382 284 35 63 158 18 154 Sept. 14 620 235 102 11 5 17 32 67 385 286 36 63 148 19 151 Sept. 21 626 233 103 11 3 16 32 67 393 294 35 64 148 18 142 ATLANTA (8 cities) Aug. 31 549 279 151 3 6 14 73 270 144 42 84 96 HI 141 Sept. 7 554 280 152 3 5 15 74 274 146 42 86 98 12 141 Sept. 14 562 284 154 2 6 15 278 149 42 87 95 12 I 142 Sept. 21 574 285 156 3 5 15 | 162 41 97 12 131 CHICAGO (12 cities) * | Aug. 31 2,871 831 34 35 79 I 2,040 1,352 229 459 1,097 I 61 439 Sept. 7 2,877 826 470 33 31 78 ! 118 2,051 1,360 230 461 1,084 64 431 Sept. 14 2,879 833 472 33 34 79 I 119 2,046 1,347 237 462 1,104 66 428 Sept. 21 2,935 832 470 34 36 2,103 1,396 64 409 ST. LOUIS (5 cities) Aug. 31 650 282 174 5 4 368 212 161 10 134 Sept. 7 654 284 174 5 5 370 212 161 10 132 Sept. 14 _- 657 177 5 5 369 208 100 172 11 124 Sept. 21 661 178 5 5 373 212 100 163 11 123 MINNEAPOLIS (8 cities) Aug. 31 361 157 73 5 1 204 151 40 76 5 124 Sept. 7 360 158 76 4 1 202 149 40 81 6 125 Sept. 14 360 159 76 4 1 201 148 40 78 7 127 Sept. 21 367 160 78 4 1 207 154 40 74 113 KANSAS CITY (12 cities) Aug. 31 627 244 149 17 4 383 209 125 162 12 ! Sept. 7 624 243 148 17 4 381 207 125 172 12 i 295 Sept. 14 626 243 148 17 4 383 208 126 168 13 | Sept. 21. 639 245 147 17 4 394 219 126 153 12 j DALLAS (9 cities) Aug. 31 494 227 143 2 2 267 172 53 101 10 I 210 Sept. 7 497 229 145 1 3 173 53 101 11 214 Sept. 14 499 231 148 1 3 175 53 104 11 219 Sept. 21 508 234 150 1 3 274 183 54 101 10 210 SAN FRANCISCO (7 cities) Aug. 31 2,122 336 23 11 378 175 1,141 719 128 294 328 238 Sept. 7 2,119 339 22 10 378 175 1,138 717 127 294 322 245 Sept. 14 2,126 342 22 11 379 177 1,138 717 125 296 329 259 Sept. 21 2,152 990 343 22 10 379 178 1,162 739 121 302 318 240 CITY OF CHICAGO Aug. 31 1,846 524 343 19 30 12 53 1,322 876 127 319 224 Sept. 7 1,853 521 344 19 27 12 52 1,332 127 321 883 214 Sept. 14 1,857 526 346 19 30 11 53 1,331 128 320 210 Sept. 21 1,899 525 343 20 32 11 52 1,374 922 128 324 212 * 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

901 OCTOBER 1938 FEDERAL RESERVE BULLETIN 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 items Total Ded 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 e e o s p s l p l o r e o r o c f t - c - - O as t s h e e ts r a l T i i s a t o s i b e t e i a t s l s l - D b o a t I m n ic n k e t s e s- rb F a b n o a k r n e k ig s n U j S m o n t e v i a e n t t r e t e n s d - c C h f e e e t r i c c t e . k i d s - , Other l j m t e u s p — s a o t n e a s d d d - 2 - 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 k g r k n - s Other r i o B n w g o s r - - l O i i t a t h b i i e e l s r - t c C a a o l p u i a n c - t tion i BOSTON (6 cities) Aug. 31 55 74 1,840 230 1,059 1,018 258 20 241 Sept. 7 49 74 1,856 238 1,067 1,031 257 20 241 Sept. 14 65 72 1,856 242 1,059 1,010 257 20 241 Sept. 21 55 72 1,834 225 1,051 1,010 256 21 241 NEW YORK (8 cities)* Aug. 31 673 565 13, 588 2,554 7,349 6,962 1,052 316 1,615 Sept. 7 618 560 13, 540 2,591 316 108 249 7,278 6,909 1,054 313 1,611 Sept. 14 671 558 13,814 2,615 366 106 291 7,406 7,026 1,079 323 1,608 Sept. 21 582 527 13, 599 2,504 171 248 7,273 6,939 1,060 326 1,609 PHILADELPHIA (4 cities) Aug. 31 55 1,671 289 20 755 293 16 227 Sept. 7 46 83 1,661 295 20 788 748 293 16 227 Sept. 14 64 84 1,682 297 20 802 748 292 17 227 Sept. 21 55 83 1,677 287 40 786 740 294 18 226 CLEVELAND (10 cities) Aug. 31 71 107 2,653 18 1,152 1,095 745 18 361 Sept. 7 71 106 2,653 320 18 1,137 1,081 746 18 362 Sept. 14 105 2,670 315 18 1,155 1,087 744 19 362 Sept. 21 102 2,627 294 29 1,131 1,075 742 18 362 EICHMOND (12 cities) Aug. 31 34 1,006 210 13 454 416 199 22 Sept. 7 35 1,019 226 13 451 418 198 21 Sept. 14 33 1,027 226 13 459 415 20 93 Sept. 21 48 34 1,016 213 21 453 415 20 94 ATLANTA (8 cities) Aug. 31 39 876 23 374 337 186 7 90 Sept. 7 40 884 198 23 372 337 187 6 90 Sept. 14 39 896 201 23 382 340 186 6 90 Sept. 21 39 895 194 34 377 338 187 6 90 CHICAGO (12 cities)* Aug. 31 155 86 4,709 881 69 2,435 2,314 873 20 380 Sept. 7 149 85 4,690 900 65 2,401 2,282 878 20 380 Sept. 14 181 4,744 907 58 2,449 2,303 878 21 379 Sept. 21 173 4,700 851 100 2,415 2,280 878 21 380 ST. LOUIS (5 cities) Aug. 31 41 1,019 259 15 452 1,019 186 Sept. 7 46 1,026 265 15 453 1,026 186 90 Sept. 14 55 1,043 265 15 467 1,043 185 90 Sept. 21 49 1,030 257 18 462 418 90 MINNEAPOLIS (8 cities Aug. 31 27 610 130 2 285 265 119 57 Sept. 7 29 617 137 2 286 264 119 56 Sept. 14 33 622 134 293 266 120 56 Sept. 21 _.. 26 603 124 285 265 120 56 KANSAS CITY (12 cities' Aug. 31 55 1,166 351 535 493 144 95 Sept. 7 60 1,185 366 540 492 144 95 Sept. 14 71 1,206 363 563 505 144 Sept. 21 60 1,175 345 549 501 144 DALLAS (9 cities) Aug. 31 36 877 191 431 406 132 82 Sept. 7 36 885 203 428 401 133 83 Sept. 14 46 905 201 446 412 133 82 Sept. 21 40 895 199 433 403 133 SAN FRANCISCO (7 cities) A S S S e e e u p p p g t t t . . . . 3 7 2 1 1 1 4 9 7 7 4 4 7 2 2 2 1 0 0 0 9 3 3 6 ' 2 3 3 , , , , ! 0 0 3 0 6 5 2 2 2 2 5 5 4 6 5 5 9 0 1 9 9 9 0 2 2 2 5 9 9 6 4 9 4 9 8 9 9 1 9 1 0 0 2 2 4 1 1 1 1 , , , , 0 0 0 0 2 2 1 2 3 2 8 2 2 2 2 2 8 8 8 6 1 9 3 5 3 3 3 3 3 3 3 3 4 5 4 5 CITY OF CHICAGO Aug. 31 101 53 3,152 672 42 1,677 1,598 463 16 252 Sept. 7 93 53 3,131 686 37 1,648 1,572 468 16 252 Sept. 14 116 54 3,167 692 30 1,681 1,585 17 251 Sept. 21 105 50 3,138 648 62 1,663 1,580 17 251 * See note on preceding page. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

902 FEDERAL RESERVE BULLETIN OCTOBER 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' 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 p c a i p a e l r Total banks Reserve banks sto B r a ed s ed in o o n r s g h o i o D ds Ded out- out- on Based between points in stand- stand- For ac- Held on ex- Dollar ing! ing Total O bi w ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p o u r o e r n n i r t g e d o n - - f ot b h y ers p U i i n o m .S t r o t . s p U fr o . o r S m ts . ch e a x n - ge U.S. F c o o r u ei n g - n ents tries 1937— August 329 344 263 143 120 2 79 133 71 2 68 69 September 331 344 274 148 127 1 69 127 77 1 73 66 October 323 346 282 153 129 2 62 127 82 1 75 62 November 311 348 279 148 131 2 67 122 84 1 79 61 December 279 343 278 147 131 2 63 117 87 2 78 59 193g—January 299 326 266 147 119 2 59 106 82 3 75 60 February 293 307 246 140 106 1 61 96 78 2 70 61 March 297 293 236 143 93 (3) 57 91 75 2 63 62 April 271 279 229 141 89 1 48 86 71 1 60 61 May 251 268 218 139 80 2 48 81 65 1 57 64 June 225 264 210 135 76 2 52 79 63 1 58 63 July 211 265 217 133 84 1 47 78 63 1 60 63 August —. -. 209 258 216 129 87 42 83 58 2 55 60 i As reported by dealers; includes some finance company paper sold in open market. J 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 t n m ) i c t i e e s rs' a i b n n p a a v d c a la e c r n t s t o r n t c a u m e e d n s r e i t s n s n i ' n g t a i b n n a a v d c la e c f n t s i o r r t c a u m m e d n s e i t n s n in g t C a b h a n a a s d n h n k d i o n s 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 v n t I n n e t e s a t r n - s d ' m in e f v n i I r e n t m s a t n - d 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 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 193S —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 August 864 29 84 200 571 272 77 20 9 301 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 903 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) Se R p a t. t e 31 be I g n i n e n f i f n ec g t — v P r i a r o e t u e - s S R ep a t t . e 30 D I e n g in e n ff i e n c g t — Se R p a t. t e 30 be In g in ef n f i e n ct g- Boston 1H Sept. 2, 1937 2 Sept. 2, 1937 April 29, 1938 New York.... Aug. 27, 1937 IX Oct. 10, 1935 Feb. 8, 1934 Philadelphia.- Sept. 4, 1937 Sept. 4, 1937 Oct. 20, 1933 C level and May 11, 1935 2 Oct. 19, 1935 May 11, 1935 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 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 2K2 Apr. 16, 1938 San Francisco Sept. 3, 1937 2 Sept.17, 1937 Oct. 19, 1933 » 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 BUYING RATES ON ACCEPTANCES [Percent per annum] Rate in Maturity effect on In effect be- Previous Sept. 30 ginning— rate 1-15 days 1.. Oct. 20, 1933 1 16-30 days... ___do 1 31-45 days— ___do 1 46-60 days— ___do 1 61-90 days__. .. do 1 91-120 days.. ___do 1 121-180 days IX 1 This rate also applies to acceptances bought under repurchase agree- ments, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply to purchases, if any, made by other Federal Reserve banks. Back figures.—See Annual Report for 1937 (table 41). MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Percent per annum] Nov. 1 1933 to Jan. 311935 Savings deposits Postal Savings deposits Other time deposits pay- able in: 6 months or more 90 days to 6 months Less than 90 days OC OC OC OC OC FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES Rates in effect, Sept. 30, 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] Advances to financing institutions— Advances direct to Commit- Federal Reserve Bank industrial On por- ments or com- tion for to make mercial or- which On re- advances ganizations institu- maining tion is portion obligated Boston 3H-6 3 3H New York 4-6 3 4-5 1-2 P C h le il v a e d la e n lp d hia,- 4^ 4 - - 6 6 2 ty V2 (*) 4 1 2 Richmond 6 4-6 4-6 1-2 Atlanta 5-6 5 5 S C t h . i L ca o g u o is 4- 5 5 - ^ 6 12 z y y 2 5-6 4 1-2 2 Minneapolis. _ 6 4H-5 4^-5 1 Kansas City_. 4-6 4 4 Vl-2 Dallas 5-6 4 5-6 1 San Francisco 5-6 3-4 4-5 H-2 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. Back figures—See Annual Report for 1937 (table 40). Feb 1,1935 In effect MEMBER BANK RESERVE REQUIREMENTS to beginning [Percent of deposits] Dec. 31,1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Classes of deposits 1917- 1936- 1937- 1937- 1938and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 1 2 2 Y2 On d e n p e o t s i d ts e : m l and 1 Central reserve city.. 13 19^ 22M 26 22M Reserve city.. 10 15 20 173^ Country _-. 7 12X 14 12 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: ioy2 effective February 1, 1936, are the same as those in effect for member All member banks 3 6 5 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. 892 for ex±pyl2anation 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

904 FEDERAL RESERVE BULLETIN OCTOBER 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- U. S. Treas- age New York City: mo Y w n e e th a e r k , , or m m P 4 p c r o a e o t i p r n o m m c e t i h 6 - e r a , s la P a b c d n e a r c 9 a i c r n e m y s 0 e k p ' s s e t - , - c S l d t h o i t a e m a o 9 a y x n n 0 c e s - k g s, e c S n h l c o t e r e a a o e x a w n l - c - n l g k - e i f N s e s o r e u u f e w - e d r s y bi d l d e 9 l e r a s 1 a s y - ' l- y T i U n 3 e y u r o - l , e e d t r t o a y a S e - r o s s . 5 - n J F M A J J M a u u e p n a l a n b y r u r y e r i c a l u . h r a y ry als w pe i r t i h o i d n 1 t q a u ti o o - n A Se u p g t u em st ber October November 1935 average.. .76 .56 .56 1.29 December 1936 average. _ .75 1.16 .91 1.11 1937 average.. .95 1.25 1.00 1.40 Year 8 other northern and 1937—Aug... _ / 1.00 1.45 eastern cities: Sept.___ H 1.00 1.50 January Oct. .... Vie IX 1.00 1.42 February 1938— F M J D J N A M J u u e a p e o a b a n n l c r y r v e y i . l . . _ . - . _ . . . U H-l V V V V V V V V V i i i i i i i i i e e e e e e e e e I I I I I I I I I X X X K X X X X X 1 1 1 1 1 1 1 1 1 . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 . . . . . . . . . 1 2 3 0 0 9 6 7 7 3 7 1 9 1 4 7 0 7 A J J M A M S N O u u e p u o c n l a a p t y r g v r y e o t i c u e e l b h m s m e t r b b e e r r Aug M 1.00 .71 December Week ending: Year Aug. 13.._. 1.00 .05 .06 .70 27 southern and A A Se u u p g g t . . . 2 2 3 0 _ 7 __*_ I x I & X 1 1 1 . . . 0 0 0 0 0 0 . . . 0 0 0 5 5 5 . . . 0 0 0 6 6 6 . . . 7 7 7 4 1 2 we J F s a e t n e b u r r n a u r a c y r i y ties: Sept. 10-__ IX 1.00 .10 .08 .74 March Sept. 17___ IX 1.00 .11 .09 .87 April Sept. 24___ 5/s-M IX 1.00 .14 .08 .85 May June July i Series comprises 182-day bills to February 23,1935, 273-day bills from August March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938, September from October 22, to December 10, 1937, and 91-day bills thereafter. October Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures November for 91-day Treasury bills available on request. December Year. BOND YIELDS1 [Percent per annum] Corporate 4 U. S. Munic- By ratings By groups Year, month, or week Treasury 2 jnQi 3 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 4.34 3.93 1937—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 4.12 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 August _ __ 2.32 2.82 4.09 3.18 3.57 4.13 5.49 3.43 5.09 3.76 Week ending: September 3 2.34 2.88 4.10 3.18 3.57 4.12 5.50 3.44 5.08 3.77 September 10 .. 2.35 2.87 4.11 3.19 3.58 4.14 5.53 3.46 5.08 3.78 September 17 2.43 3.01 4.16 3.20 3.60 4.19 5.65 3.50 5.16 3.82 September 24 2.41 3.04 4.18 3.21 3.61 4.22 5.70 3.50 5.22 3.83 1 Monthly and weekly data are averages of daily figures,e xcept for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years. «Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, 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

OCTOBER 1938 FEDERAL RESERVE BULLETIN 905 BOND PRICES 1 STOCK MARKET Stock prices^ Corporate3 Vol- Year, month, or date T U u r r . e y a S * s . - M ip u a n l ic- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or fe P r r r e e - d2 To C t o al mmo I n n tr d i u ( a s i l n - dex R , r a o 1 i a l 9 d - 26= U 1 t 0 i 0 l ) ity u t m i r n a g e d * - of Number of issues 7-12 20 20 20 Number of issues... 20 420 348 32 40 1935 average 106.1 105.3 88.6 88.2 79.4 98.2 1936 average— 107.0 110.8 97.5 92.2 94.7 105.4 1935 average 133.8 78 91 71 1,411 1937 average 104.4 110.3 93.4 90.1 89.6 100.4 1936 average ___ 138.9 111 127 104 1,824 1937 average 136.2 112 131 95 1,819 1937—August 104.0 111.8 94.8 91.9 91.0 101.4 S O e c p to te b m er ber 1 1 0 0 3 3. . 5 3 1 1 0 0 9 8 . . 0 1 8 9 6 1 . . 4 3 9 8 0 5 . . 0 5 8 7 5 8 . . 6 4 9 9 8 5 . . 4 2 1937— S A e u p g t u e s m t ber... 1 1 3 3 6 7 . . 4 2 1 1 0 2 6 1 1 1 2 4 6 4 8 9 9 7 1,4 7 9 2 8 9 November 104.0 109.1 83.3 82.7 72.1 95.0 October 133.5 91 107 81 2,324 December 104.7 109.5 82.7 81.4 72.5 94.2 November... 132.3 83 96 80 1,420 1938 -January 105.3 111.5 80.6 81.7 66.2 94.0 December 132.1 82 95 79 1,174 February 105.4 112.2 79.3 80.6 65.0 92.2 1938—January 133.5 82 76 1,069 March 105.0 112.2 76.0 79.5 57.3 91.2 February 133.3 81 71 719 April 104.8 111.6 73.8 77.8 53.5 90.2 March 132.2 78 93 69 922 J M J A u u u a n ly g y e ust 1 1 1 1 0 0 0 0 6 5 6 5 . . . . 0 9 7 1 1 1 1 1 1 1 1 1 3 3 5 4 . . . . 6 6 2 2 7 7 8 81 5 6 0 . . . . 3 3 5 8 8 8 8 8 0 0 5 5 . . . . 4 0 7 0 5 6 6 5 0 5 0 2 . . . . 0 0 1 2 9 9 9 9 4 4 7 8 . . . . 0 0 3 1 J J A M u u p a l n y r y e il .. ___ 1 1 1 1 3 2 3 3 5 1 7 2 . . . . 7 9 3 6 7 7 7 8 1 4 3 8 1 8 8 8 0 4 7 6 5 6 7 6 7 4 0 9 7 1 1 , , 0 7 7 6 3 6 7 2 3 2 8 0 August 138.1 90 108 75 843 August 31 105.7 114.1 80.3 85.5 58.0 97.5 September 7 105.7 114.3 80.2 85.2 57.7 97.7 August 31 138.7 87 105 73 September 14 104.6 111.8 78.0 83.9 54.9 95.3 September 7_. 139.5 89 108 75 681 September 21 105.0 111.3 78.7 84.0 55.7 96.2 September 14. 137.8 81 69 1,422 September 21. 137.8 86 72 932 1 Monthly data are averages of daily figures except for municipal bonds, wh 1 ic A h v e a r r a e g a e v p e r r i a c g e e s s o o f f a W ll e o d u n ts e t s a d n a d y i n f g ig b u o re n s d . s due or callable after 8 years, fig 1 u S re t s a . ndard Statistics Co. Monthly data are averages of Wednesday based on quotations from Treasury Department. 2 Average prices of industrial high-grade, derived from yields. »Prices derived from average yields, as computed by Standard Sta- 8 Average daily volume of trading in stocks on the New York Stock tistics Co. Exchange, in thousands of shares. Weekly figures are averages for the 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 a u r n n n e g d - d ) - m a ( f e d o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o gn r- 1 m ( a f e d o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F ig o n r- * eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies2 notes pal cies2 notes 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 1,054 530 238 1929 11,513 10,091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 35 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1, 751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,878 2,080 2,076 727 157 1,192 789 403 4 1,798 1,639 175 280 1,184 833 351 159 1937—Aug.... 187 79 79 28 0 51 34 17 0 109 109 25 27 56 51 6 0 8ept._,_ 221 154 154 41 0 113 87 25 0 67 67 7 20 39 (») 39 0 Oct 203 96 93 27 0 67 46 21 3 107 106 2 34 70 70 0 2 Nov 136 94 94 43 25 26 22 4 (J) 42 42 4 27 10 10 (3) 0 Dec 164 122 122 79 0 43 27 16 1 42 42 5 23 14 14 (3) 0 1938—Jan.,___ 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... '511 '347 '344 130 14 '201 '191 10 3 '164 '164 14 52 '99 '99 0 0 July .. ••466 390 '390 44 216 130 '128 2 1 75 75 3 20 52 52 0 0 Aug.... 415 180 180 55 0 125 121 3 (3) 235 235 11 14 211 211 0 0 ' Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. » Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figure** subject to revision. Back figures.—See Annual Report for 1937 (table 78^. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 FEDERAL RESERVE BULLETIN OCTOBER 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 offeredx gross End of month debt Bonds ju A s d t - ed So se c - ial All Ma- Total service curity other6 tured Other interest Total Notes Bills issues8 issues4 debt bearing Pre- Treas- U.S. war savings 1932—June 19, 487 18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 8 21, 782 75,3 13,417 4,548 954 92 284 66 315 1934—June 27,053 6 26,006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28, 701 26,910 753 14,019 62 10, 023 2,053 156 580 231 825 1936—June. 33, 779 31,297 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—August 37,045 36,450 34,146 79 19,936 862 10,617 2,653 905 769 630 100 494 September. 36,875 36, 264 33, 877 79 19,936 885 10, 575 2,403 896 868 623 122 489 October. __ 36,956 36, 366 33,900 79 19, 936 908 10, 575 2,403 888 957 620 109 482 November. 37,094 36, 511 33,924 79 19,936 932 10, 575 2,403 883 ,086 619 106 477 December. 37, 279 36, 708 34,018 79 20,476 964 10, 547 1,952 876 ,188 626 99 472 1938— January... 37,453 36,887 34,114 79 20, 476 1,060 10, 547 1,952 872 ,263 638 99 466 February- 37,633 37,080 34,144 79 20,476 1,106 10, 531 1,952 867 ,399 669 91 462 March 37, 556 37, 001 34, 032 79 20, 927 1,148 10, 076 1,803 860 ,460 648 98 458 April. 37, 510 36, 963 34,016 79 20, 927 1,181 10,076 1,753 856 ,458 635 92 454 May 37,422 36, 871 33, 845 79 20, 927 1,210 10, 076 1,553 852 ,538 637 101 450 June 37,165 36,576 33,463 21,846 1,238 9,147 1,154 868 1,601 644 141 447 July 37,191 36, 642 33,400 21,846 1,275 9,147 1,054 864 1,641 738 106 443 August .... 37, 593 37, 052 33, 681 21, 846 1,305 9,147 1,304 859 1,757 754 102 440 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. s 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. * Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. « Includes certificates of indebtedness not shown separately: 1932-$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i OBLIGATIONS, AUGUST 31, 1938 [In millions of dollars! fin millions of dollars] Federal Home Recon- Com- Date maturing Total Bonds* Notes Bills Farm Owners' struction modity End of month Total Mortgage Loan Finance Credit Corpora- Corpora- Corpora- Corpora- 1938—Before Oct 1 420 18 402 tion tion» tion tion Oct. 1-Dec. 31 1,335 433 902 1939—Jan. 1-Mar. 31 942 942 Apr 1-June 30 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 2,988 252 1943 1,166 898 268 1937—June 4,665 1,422 2,987 255 1945 2,122 2,122 1946 1, 852 1,852 1937—August 4,633 1,400 2,937 296 1947 2,136 2,136 September 4,633 1,400 2,937 296 1948 21, 840 U, 840 October 4,634 1,400 2,937 297 1949 819 819 November 4,644 1,410 2,937 297 1951 1,223 1,223 December 4,645 1,410 2,937 297 1952 _ 1,250 1, 250 1938—January 4,646 1,410 2,937 298 1953 1,786 1,786 February 4,646 1,410 2,937 299 1954 2,663 2,663 March 4,646 1,410 2,937 299 1955 755 755 April 4,647 1,410 2,937 299 1956 489 489 May 4,852 1,410 2,937 299 206 1959 _ . 982 982 June 4,853 1,410 2,937 299 206 1960 2,611 2,611 July 5,064 1,410 2,937 510 206 1961 50 50 August 5,015 1,410 2,888 511 206 1963 919 919 Total _ 33, 681 23, 230 9,147 1,304 1 Principal amount of obligations guaranteed as to interest ana principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal 1 Issues classified as of date of final maturity; most issues callable at Housing Administrator, amounting to $873,000 on August. 31, 1938. earlier dates; most of the U. S. savings bonds are redeemable at option 1 Excludes obligations guaranteed as to interest onl of holder. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

907 OCTOBER 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 i 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 etc7 of re- Period Total c t I a o n x m e - e s s S t e a o i c x t c u y e ia r s2 - l O i r n n n e u t t v a h e e l e e r 3 - r - ot A h l e l r Total e I d s n t e t e b o r t n - t f i V N a e d o n n e e n a - d s t - a e - l o A th ll er r c a R e e o n r l e v i y d e - - f f ( v u n i R o n e n e g l t v - d ) - & s T f a t e r e r c r a u c t s n c ' s t t 6 t s o s - . p ( c t + e e u e n i ) x r p o d - e t r s i s - p ( c t + e e o u e n i f ) x r p o d - e r t r s i e s - - b G a e f l u a n n n er c d a e7 l G d r e o b s t s erans' Adm.4 Fiscal year ending: June 1936 4,116 1,427 () 2,086 603 8,566 749 1,340 1,310 3,341 1,814 4,450 +213 +840 +5,078 June 1937 5,294 2,158 253 2,187 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 2 months ending: Aug. 1936 637 465 101 1,230 36 240 257 571 86 — 593 +214 -778 -398 Aug. 1937 863 114 523 134 1,235 33 359 371 186 -372 +101 +349 +620 Aug. 1938 799 163 468 1,445 30 279 483 452 183 -647 +262 +44 +428 1937—August 453 35 60 301 558 21 127 162 174 61 -104 +38 +263 +329 September- 788 501 50 186 673 159 125 161 157 55 +115 +13 -43 -170 October 333 40 52 189 606 67 126 183 166 55 -273 +8 -184 +81 November. _ 327 37 60 182 494 9 128 165 155 55 -167 -37 -68 +137 December... 866 487 138 192 676 163 134 141 167 63 +190 -11 +365 +186 1938—January 335 52 57 172 531 16 130 180 145 56 -196 (8) -23 +173 February. __ 349 62 110 141 515 17 123 150 153 56 -166 +11 +25 +180 March 959 723 3 193 748 153 138 185 196 58 +211 +31 + 166 -76 April 273 49 34 155 642 66 130 215 202 19 -369 -36 -451 -46 May 375 40 131 169 568 9 134 201 206 2 -193 +158 -122 -88 June 774 550 5 185 930 233 132 238 314 1 -156 +63 -351 -258 July 311 47 32 186 762 13 137 256 216 135 -451 +325 -100 +27 August 487 32 131 283 683 17 142 227 236 -195 -63 + 144 +402 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 bal- Re- In- fit Re- In- drawals struction modity All (+)or gold on ceipts vest- pay- ceipts vest- by Finance Credit other expen- gold ments ments ments States Corpora- Corpora- ditures tion io tion 1(1 Fiscal year ending: June 1936 19 19 9 239 130 100 +204 2,682 140 316 2,225 June 1937 267 267 () 294 293 1 a 334 9 112 128 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 r 9 184 +87 2,216 142 446 1,628 2 months ending: Aug. 1936 11 9 200 44 1,904 140 323 1,441 Aug. 1937 113 107 9 69 9 61 49 -3 2,902 1,335 141 375 1,051 Aug. 1938 108 167 9 250 42 9 29 + 14 2,260 142 455 1,663 1937—August 61 77 M5 +1 2,902 1,335 141 375 1,051 September. _ 55 48 97 +11 2,860 1,209 141 382 1,128 October 55 34 () 9 7 +12 2,676 1,271 141 388 875 November.. 55 85 23 6 +7 2,608 1,243 141 394 831 December 63 52 18 9 29 +5 2,973 1,228 142 401 1,202 1938—January 56 50 12 9 22 +19 2,950 1,223 142 413 1,172 February 56 95 9 15 1 +3 2,975 1,201 142 421 1,212 March 58 43 3 9 28 +15 3,140 1,183 142 427 1,389 April 19 37 34 +8 142 433 2,114 May 2 128 6 +7 2,567 142 440 1,985 June 17 82 9 14 38 +2 2,216 142 446 1,628 J A u u ly gust 4 6 8 0 1 3 3 5 1 9 2 1 6 0 0 9 2 5 6 5 + + 1 3 0 2,116 1 1 4 4 2 2 4 4 5 5 5 1 1 1 , , 5 66 2 3 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. * 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. 8 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. * Less than $500,000. 9 Excess of credits. io Monthly figures for the fiscal year 1938 subject to revision. » 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. Footnotes to certain columns indicate items in the daily Treasury statements which are combined. For annual figures for earlier fiscal years see September 1938 BULLETIN, p. 793. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 FEDERAL RESERVE BULLETIN OCTOBER 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JULY 31, 1938 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] st R ru e c co ti n o - n Ho h m ou e s i m ng o r a tg g a e g n e c i a e n s d Farm credit agencies Ten- Total Finance nes- Corpo- see Ini A W P s r t d a a u r o t m n a b i r d t o l i k i i n n o c s - n O C r H L a w o o t o r i n m a p o e n o n e r - s' O m a g c g a t o i e h e g r n s e e t - - r t U H S h A n t i o o a n i r u u t t g i - e e s t s d - y m F a g c g a a o i e e r g r n m s e t - - a C b n A O F d a r a d t e n h r m d c m k e o i s . r t r- m C C r C a o r o t o e r i d m p d o i o n i t - t y - Other t V A h l i e t o a u y y r l - - - a a s c g n u ie e c r s - n e - Other J 1 3 u 9 1 3 l , y 8 J 1 u 3 9 0 n 3 , e 8 J 1 3 u 9 1 3 l , y 7 porations ASSETS Loans and preferred stock: Loans to financial institutions _ 270 192 27 0) 489 494 489 Preferred stock, etc. 532 212 48 76 C1) 868 869 890 L H o o a m n e s to a n ra d i lr h o o a u d s s i n . g _ _ mortgage 445 _ 30 475 471 434 loans _ __ _ . _ __ 2,249 83 14 2,346 2,357 2,576 Farm mortgage loans 2,795 2,795 2,804 2,897 Other agricultural loans 1 312 258 101 0) 671 663 562 All other loans 2 480 3 173 4 154 807 856 793 Total loans and preferred stock 1,727 2,461 323 14 2,795 387 258 274 27 184 8,452 8,514 8,641 Cash 2 139 52 12 56 33 0) 27 7 28 23 380 444 298 U. S. Govt. direct obligations.. _ 48 1 26 59 134 402 4 674 651 561 Obligations of Government credit agencies: Fully guaranteed by U. S 10 47 103 160 158 194 Other 5 52 34 37 42 29 Accounts and other receivables 26 17 3 0) 191 5 122 0) 1 15 34 415 287 290 Business property _ .. 0) 6 126 6 0) 0) 0) 203 1 90 432 430 227 Property held for sale 2 36 522 110 0) 1 1 670 733 523 Other assets ... 0) 7 0) 8 0) 0) 4 19 23 86 147 130 58 Total assets other than interagency 1,840 3,153 415 152 3,228 641 381 305 230 599 421 11,36511, 38910,820 LIABILITIES Bonds, notes, and debentures: G Ot u h a e r r a 5 nteed by United States._. 510 2,937 1 120 5 1 1, , 4 0 1 4 0 0 213 206 0) 1 6 5 1, , 3 0 7 6 8 4 4 1 , ,3 8 4 5 6 3 4 1 , ,3 7 3 2 3 8 Other liabilities (including reserves) _ 167 139 24 0) 98 11 73 7 5 154 107 786 743 541 Total liabilities other than interagency. _ _.__ 678 3,077 144 0) 2,547 223 279 7 5 155 113 7,229 6,941 6,602 Excess of assets over liabilities, excluding interagency transactions._ 1,162 76 271 152 681 418 101 299 225 444 308 4,136 4,447 4,217 Privatplv owned interests 44 185 4 139 372 370 357 U. S. Government interests 1,162 76 227 152 495 414 101 299 225 305 308 3,764 4,078 3,860 1 Less than $500,000. 2 Includes PWA items as follows: under "all other loans," $32,000,000; under "property held for sale," $22,000,000. 3 Includes $170,000,000 of loans of Farm Security Administration. 4 Includes $63,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. NOTE.—For explanation of table see p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Aug. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, July 31, Aug. 31, 1937 1938 1938 1938 1938 1938 1938' 1938 Loans to financial institutions 266,283 245, 303 241, 428 241, 294 237, 588 234, 897 232, 279 i 219, 999 Loans on preferred stock of banks and insurance companies.. 39, 414 37, 854 37, 778 37, 679 37, 651 37, 525 37, 438 37, 220 Preferred stock, capital notes, and debentures 567, 879 537,199 534, 363 536, 637 535, 934 533, 761 531, 694 525,160 Loans to railroads (including receivers) 351, 855 361, 951 368, 471 369, 379 390, 233 393, 699 398, 304 414,928 Loans for self-liquidating projects. 227,108 233, 782 237,170 240, 566 243,885 245,080 193,053 191, 551 Loans to industrial and commercial businesses 72, 833 73,196 72, 688 73,072 73, 741 76, 369 81, 060 85,049 Loans to drainage, levee, and irrigation districts.. 75,038 77,802 77, 522 78, 740 78,993 79,406 79, 529 79, 391 Other loans 3,867 3,962 4,067 4,173 4,284 4,324 4,287 14, 365 Securities purchased from Public Works Administration 86, T •" 140, 659 140,997 143, 378 144,829 145,148 138,132 138, 509 Total loans and investments, other than interagency. _1, 691,120 1, 711, 70 1, 714, 481 1, 724, 919 1, 747,139 1, 750, 210 1, 695, 775 1, 706,172 Loans to Federal land banks 13, 275 7,829 7,521 6,614 6,584 5,017 4,992 16 Loans to Commodity Credit Corporation 1,876 88,016 95,049 101, 273 Capital stock of Commodity Credit Corporation 97, 000 97.000 Preferred stock of Export-Import bank 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 Loans to Rural Electrification Administration 5,948 29, 505 31, 755 33, 755 35,155 46,' 46, 408 Capital stock of, and loans to R. F. C. Mortgage Co 53,073 69, 888 71, 352 72, 938 48, 293 40, 011 41,186 41, 755 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11,000 11,000 11,000 11,000 11,000 11, 788 16, 403 Total loans and investments. 1, 889, 291 2,044, 945 1, 951,157 1, 970, 499 1,868,170 1,872, 735 1, 820, 239 1, 830, 844 r Revised. * Includes $74,000,000 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

OCTOBER 1938 FEDERAL RESERVE BULLETIN 909 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by— by- and discounts for— Regional Regional Emer- End of month la F nd e d b e a ra n l ks C s o L B i m o a a n n n m e d k r is- p s a c p c o r r n c o r o e c d u e r a d d i a l d a g i u t b t i t t u r i t c i a i o r c o - t a n a n i o n s o l k s r s - n s , - , f c i i e n o n O t t x i a o s i o t n c v p t h n i e c e e t e s p i s r u n r , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it tu i a r t r g a a c t r l o i i o c r c p u n r o l s e - - d- c d r g r l o o o e p a n u a n c g s y n h d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a c B o t e n l i o a n u k v p n d t s e e r k i s a r f n , o - l g r i M A i r n n e t g g a g u v r r r o i f k A c a u l e u l v n c t l - t d - for cooperatives ! 1934—December. 1, 915, 792 616,825 99, 675 55, 672 60, 852 87,102 111, 182 33, 969 27, 851 54, 863 1935—December. 2, 071, 925 794, 726 104, 706 47,162 94,096 43,400 172, 489 2,731 50,013 44, 433 1936—December. 2,064,158 836, 779 129,872 41,017 105,212 25,288 164,887 1.641 69. 647 53, 754 1937—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 August 2, 008, 661 776, 982 197, 274 42, 984 181,154 14, 003 181, 867 118 75, 961 26,119 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by 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 p O o o H r a w a n o n t m i e C o r e n o s r ' i - F N c o e l i f u o a d m a t a e i n s o r b s a n a o e l s r s - s s a o v c i L i n a o g ti a s o n a n s n s z d m l i o t n b i e a l o s o a n m t n a n i s s t n b k u t 3 e o - r an ba c l e - s1 Total i b p n t a o o n r s d y k i e - - s Total t o r i D g e b o a i c l n - - i t s - G t o t i a g e b u o n e a l a n d - - i r s - - f s e u e r t n e r c - v d .* e s, 1 1 1 9 9 9 3 3 3 4 5 6 — — — 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 , , , 8 7 3 9 7 6 9 7 5 , , , 1 0 4 6 9 9 2 8 1 1 1, , 2 0 6 1 2 3 2 3 9 3 5 8 4 8 1 8 6 , , , 3 0 7 0 0 0 0 0 0 1 14 8 0 5 6 2 , , ,7 4 6 9 0 5 5 1 8 1 1 1 9 9 9 3 3 3 5 4 6 — — — J J J u u u n n n e e e 1 1 1 , , , 2 2 1 3 0 9 2 5 8 1 1 1 , , , 2 2 2 3 2 6 6 5 5 2 6 3 0 9 8 3 5 5 9 4 7 6 7 5 7 7 3 8 4 6 0 3 1 0 0 8 1 1 3 6 4 5 7 7 9 7 7 5 4 7 1 1 9 9 3 3 7 8 — — A J N J D M A S F M O A u u J e e u o p e c a a l a n u p b g t y c r v n r y g e o t i r e u c e u e l u b u m h m s m a s e a t t r r b b b y r e y e e .. r r . r . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 2 3 3 3 2 4 3 4 3 2 4 4 2 8 3 9 9 0 2 4 4 7 4 6 7 2 1 4 7 7 1 3 8 8 0 5 6 2 2 , , , , , , , , , , , , , 8 8 9 1 9 0 4 9 1 0 8 8 2 6 5 9 9 2 8 2 8 4 0 4 9 4 2 3 4 5 1 2 5 4 9 2 9 7 4 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 2 3 3 5 4 3 4 4 4 3 2 3 0 9 1 1 4 8 4 6 2 5 2 8 8 7 6 8 1 9 9 8 8 9 9 9 8 8 8 8 8 7 3 7 4 6 7 0 1 3 6 9 5 8 2 7 0 1 4 4 9 6 2 4 5 3 2 6 , , , , , , , , , , , , , 0 0 3 8 4 3 3 9 5 7 9 5 3 7 0 0 0 0 0 0 0 0 0 0 0 0 4 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 8 9 8 9 9 8 8 8 0 7 8 7 8 9 1 7 0 6 7 5 3 6 0 3 9 4 , , , , , , , , , , , , , 7 5 1 0 5 0 8 4 3 5 2 5 6 5 1 2 1 4 9 9 1 3 2 1 3 0 0 0 5 1 1 5 2 8 6 5 8 7 8 1 1 9 9 3 3 7 8 _ — J J M N D M J A S O F A j J u u u u e e e o a u c p a a l l n n p b n e c y t y v g r r y e o t e u i 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 ._ _ .P 1 1 1 1 1 1 1 1 1 1 1 1 1 i, , , , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 2 2 2 2 7 6 6 7 7 7 7 7 6 6 7 5 5 5 0 9 8 1 3 0 2 0 6 8 1 2 2 5 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 3 3 3 3 3 3 3 3 2 3 2 3 3 0 0 0 0 1 0 0 1 9 0 9 1 0 7 7 9 6 2 8 8 1 6 6 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 2 3 3 2 2 2 1 1 1 6 3 4 0 9 0 3 5 4 1 6 9 5 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 0 1 1 1 1 1 1 1 0 1 1 1 1 9 0 0 0 0 0 1 0 9 0 1 1 0 7 0 0 0 0 0 0 1 7 8 2 3 3 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 4 4 4 3 3 4 3 3 0 4 0 3 3 6 6 4 3 3 1 3 6 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 6 7 7 7 7 7 7 8 7 7 7 7 8 7 7 7 7 7 1 4 9 5 9 8 6 1 5 2 2 2 2 August... PI, 252 1 In addition to loans the HOLC held on Aug. 31, 1938, $869,000,000 in other assets, consisting principally of investments in the Federal Savings p * O P u re ts li t m an in d a in ry g . principal, represented by certificates of deposit. Does and Loan Insurance Corporation and in various savings and loan asso- not include accrued interest nor outstanding savings stamps. cia 2 t F io e n d s e , r r a e l al H e o s m ta e t e L a o n a d n o B th a e n r k p r B o o p a e r r d ty , e s a t n im d a a t c e c s r u fo ed r a in ll t e F re e s d t e r r a e l c e s i a v v a i b n l g e s . mi 2 s I c n e c ll l a u n d e e o s u w s o w r o k r in k g in g c a f s u h n w ds i th w i p t o h s t t m he a s T te r r e s a , s u 5- r p e e r rc o e f n t t h r e e s U er n v i e te f d u n S d t a a t n es d , an 3 d I n lo c a l n u d a e s s s o lo c a ia n t s i o 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

910 FEDERAL RESERVE BULLETIN OCTOBER 1938 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production * * Construction contracts awarded (value) 2 Factory em- Fac- Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment 3 r p t o a l o l y r s - y 3 loadings 4* sto ( r v e a l sa u l e e ) s * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justedjustedjusted justedjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustec justed 1919 . 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922 _ . 85 86 74 79 68 88 91 81 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 108 108 108 129 121 135 102 104 107 106 1927 108 103 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 119 119 115 117 87 142 106 110 107 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 78 68 74 92 1932 64 63 71 28 13 40 66 47 55 69 1933 76 75 82 25 11 37 73 50 58 67 1934 79 78 86 32 12 48 86 65 62 75 1935 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 55 37 70 98 86 88 1937 110 109 115 59 41 74 106 102 78 92 1935 June ._ 87 86 85 84 99 97 30 35 24 26 36 43 89 88 70 64 63 79 76 July.— 86 83 87 83 85 85 35 39 25 25 43 50 90 89 69 59 59 r79 55 Aug 88 87 89 87 83 86 38 40 24 24 50 54 91 92 74 63 64 '78 61 Sept 91 90 92 89 87 93 43 44 25 25 58 59 92 94 77 64 71 81 86 Oct 95 97 95 96 93 101 48 45 25 25 66 62 93 95 79 68 75 78 86 Nov. 96 98 97 98 93 96 60 53 26 25 88 76 94 95 79 68 69 82 91 Dec 101 96 101 95 102 97 68 54 26 22 103 80 95 94 80 68 64 83 145 1936 Jan 97 '96 96 95 104 100 62 50 25 21 92 75 94 92 77 70 65 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 93 92 77 71 68 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 93 93 80 66 64 84 77 April. __ 101 104 100 105 106 '96 47 53 30 35 60 67 94 95 82 71 68 84 85 May. __ 101 105 101 105 103 101 46 56 32 38 57 70 96 95 84 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 97 96 • 84 73 73 87 84 July-_._ 108 105 109 105 102 102 59 65 44 45 71 82 98 97 83 76 77 r90 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 99 100 87 76 77 '87 68 Sept 109 ••108 110 107 102 no 59 60 47 47 69 70 100 102 87 75 84 88 94 Oct 110 111 111 110 105 115 57 54 43 41 69 65 101 103 93 77 86 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 103 103 94 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 105 104 99 83 77 92 161 1937 Jan 114 112 115 113 111 107 63 51 45 37 77 63 105 103 94 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 106 105 100 82 76 95 76 Mar. __ 118 122 117 122 128 119 56 56 45 47 64 63 107 108 106 83 80 93 90 April... 118 122 118 125 115 105 53 61 44 51 61 68 108 109 109 84 79 93 89 May __ 118 122 118 123 117 118 56 68 44 52 66 81 109 109 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 108 108 107 78 79 93 90 July.... 114 111 114 110 112 115 67 75 44 45 86 99 109 108 105 80 82 '92 65 Aug 117 115 117 114 113 121 62 66 40 40 81 87 109 109 108 79 81 '93 72 Sept 111 109 110 106 116 125 56 56 37 37 71 72 107 109 104 78 87 94 100 Oct 102 102 101 99 113 123 52 49 36 35 65 61 105 107 105 76 84 93 103 Nov 88 90 85 86 109 112 56 50 32 31 76 65 101 101 93 71 72 91 101 Dec 84 80 79 75 115 108 61 49 30 25 87 68 95 95 84 67 62 89 156 1938 Jan 80 79 76 75 108 103 52 42 26 22 73 59 90 88 75 65 59 90 70 Feb 79 79 75 76 103 98 51 44 32 28 66 56 89 88 77 62 57 88 70 Mar 79 80 75 77 103 95 46 46 33 35 56 55 87 88 77 60 57 86 77 April... 77 78 73 76 101 91 52 59 37 43 65 73 85 86 75 57 55 83 86 May ... 76 77 73 75 91 90 51 61 37 44 62 76 84 83 73 58 57 78 80 June 77 77 74 75 92 91 54 63 42 46 64 76 82 82 71 58 58 82 79 July.. 83 81 82 79 93 92 59 65 49 49 68 78 83 82 71 61 62 '83 58 Aug *>88 P86 P87 P85 P93 P96 P70 P73 P53 ?52 P84 P91 P85 P86 P77 62 63 83 65 p Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 911-912; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931. 3 Revised series. 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. 835-866 of this BULLETIN. For current indexes of groups and separate industries see pp. 9U-916. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 918. 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

911 OCTOBER 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactures—Total 114 117 110 101 85 79 76 75 75 73 73 74 82 PS7 IRON AND STEEL 140 142 125 100 68 49 52 50 49 50 47 46 62 70 Pig iron 121 123 119 95 67 50 47 46 45 44 40 36 42 51 Steel ingots 141 144 125 101 68 49 52 51 49 50 48 47 64 72 TEXTILES 111 115 108 91 80 77 75 80 81 74 77 87 97 P110 Cotton consumption 125 128 121 101 91 88 82 85 89 77 81 88 101 115 Wool 95 106 88 65 51 66 54 62 54 50 60 75 87 no6 Consumption 102 120 96 63 51 54 52 61 57 55 73 92 110 Machinery activity * '95 96 80 74 58 66 67 71 51 42 53 69 74 ^133 Carpet and rug loom activity 71 83 80 59 41 43 40 49 49 47 36 38 42 Silk deliveries 97 92 103 105 94 69 80 88 100 101 87 101 105 102 FOOD PRODUCTS: Slaughtering and meat packing _ 70 78 87 89 86 86 92 86 83 84 84 81 83 Hogs 44 60 67 76 74 72 77 66 59 66 66 58 62 74 Cattle 99 111 109 102 96 101 106 109 111 105 103 108 107 103 Calves 129 141 140 120 115 114 113 111 116 111 110 110 112 115 Sheep 139 148 150 139 139 143 160 164 151 151 164 151 152 153 Wheat flour 91 83 83 86 86 88 86 89 90 90 86 98 98 87 Sugar meltings 91 96 46 73 101 142 99 83 63 77 81 78 85 PAPER AND PRINTING: Newsprint production 64 65 65 63 64 63 57 53 53 46 53 51 54 53 Newsprint consumption 140 141 147 145 130 134 132 129 126 125 125 122 124 123 TRANSPORTATION EQUIPMENT: Automobiles 129 157 135 142 92 78 65 61 54 54 49 46 43 45 Locomotives 25 21 29 32 22 16 14 19 23 17 12 14 12 LEATHER AND PRODUCTS 115 109 98 89 81 86 94 102 104 104 105 90 102 P107 Tanning 94 93 86 79 77 75 78 81 78 72 75 "75 77 Cattle hide leathers 91 93 87 85 81 76 72 79 77 72 77 74 77 Calf and kip leathers 68 63 60 62 63 73 80 89 87 72 68 '76 78 Goat and kid leathers 127 124 108 92 83 74 91 81 74 73 74 74 76 Boots and shoes 130 120 106 95 84 93 105 116 121 124 124 101 118 CEMENT AND GLASS: Cement 75 73 73 79 76 71 59 57 65 67 69 69 71 67 Glass, plate 206 216 199 179 151 108 62 35 42 42 44 80 77 NONFERROUS METALS: Tin deliveries l __ 100 108 136 141 115 88 91 85 77 71 69 73 68 65 Zinc 112 110 116 116 108 107 98 90 87 80 79 70 69 74 Lead 82 82 77 81 79 87 69 67 64 74 60 64 54 46 FUELS, MANUFACTURED: Petroleum refining 206 207 216 217 211 201 200 194 191 196 197 192 199 Gasoline 1 261 265 277 277 268 255 253 243 239 250 253 248 258 Kerosene 119 121 109 110 113 108 111 113 120 114 118 117 106 Fuel oil i 139 134 147 147 144 140 141 140 133 134 130 123 129 Lubricating oil J 124 121 126 134 127 123 116 114 113 109 108 103 110 Coke, byproduct 144 149 148 128 104 89 87 85 82 79 73 69 71 81 Coke, beehive 32 28 25 20 14 11 9 8 7 6 5 5 5 5 RUBBER TIRES AND TUBES I 102 93 106 94 75 K 67 57 62 64 65 72 82 91 Tires, pneumatic x 105 96 110 98 78 70 59 64 67 68 75 86 94 Inner tubes i 73 69 75 69 53 42 45 41 42 40 42 48 53 65 TOBACCO PRODUCTS 164 159 162 155 155 170 157 157 160 159 163 154 154 161 Cigars 78 73 77 73 73 74 75 73 77 69 70 73 71 73 Cigarettes 233 229 231 221 221 247 225 226 227 230 237 219 219 232 Manufactured tobacco 86 79 81 82 83 84 77 77 83 84 84 84 84 81 Minerals—Total 112 113 116 113 109 115 108 103 103 101 91 92 93 Bituminous coal2 79 78 87 84 78 79 65 '64 58 62 57 57 60 Anthracite 3 48 '42 '55 '57 67 70 '67 53 68 45 64 71 47 Petroleum, crude 174 181 177 176 174 176 177 171 172 170 156 153 161 Iron ore 121 126 113 91 40 19 34 38 37 Zinc 112 110 116 115 108 107 98 90 87 80 79 70 69 74 Lead 82 82 77 81 79 87 69 67 64 74 60 64 54 46 Silver 148 139 116 91 119 104 96 96 98 96 92 91 99 1 Without seasonal adjustment. P Preliminary. ' Revised. 2 Revised figures for bituminous coal 1936, March through December, inclusive: 72, 85, 77, 75, 80, 77, 83, 87, 96, 99. 3 Revised figures for anthracite 1936, June 71, August 50, September 57; 1937, January through May, inclusive: 59, 55, 81, 98, 66. 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

912 FEDERAL RESERVE BULLETIN OCTOBER 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactures—Total 110 114 106 99 86 75 75 76 77 76 75 75 79 IRON AND STEEL 130 139 123 98 63 43 50 53 55 55 51 46 58 Pig iron 115 118 116 95 68 49 47 47 48 47 41 36 39 49 Steel ingots 131 141 124 98 62 43 50 53 56 56 52 47 59 71 TEXTILES 103 108 107 93 83 72 78 84 83 76 77 83 90 P103 Cotton consumption 114 116 118 104 95 81 86 91 94 82 83 85 92 103 Wool 89 102 91 69 54 56 55 65 54 49 57 71 81 P101 Consumption 91 111 101 69 55 55 54 67 58 54 67 83 98 *>123 Machinery activity '95 96 80 74 58 66 67 71 51 42 53 69 74 pQO Carpet and rug loom activity 71 83 80 59 41 43 40 49 49 47 36 38 42 P55 S ilk deliveries 92 96 109 105 97 62 92 94 96 100 86 90 100 106 FOOD PRODUCTS: Slaughtering and meat packing - _ 67 70 83 89 95 101 107 85 78 76 82 80 79 77 Hogs 39 38 50 64 81 94 104 73 60 58 64 60 56 56 Cattle 98 109 121 119 110 107 107 96 97 93 100 101 106 101 Calves 125 129 134 126 117 109 105 104 117 121 125 114 109 106 Sheep 139 150 173 153 137 140 161 154 137 142 161 148 152 154 Wheat flour 88 88 98 96 93 85 84 86 84 81 81 86 95 94 Sugar meltings 111 108 48 69 79 81 66 81 74 89 91 93 104 97 PAPER AND PRINTING: Newsprint production 62 64 65 63 63 63 58 53 52 47 54 52 53 52 Newsprint consumption 124 126 144 154 139 138 127 127 131 134 129 121 111 110 TRANSPORTATION EQUIPMENT: Automobiles 132 116 53 100 111 94 65 61 63 66 59 52 45 26 Locomotives 25 23 30 32 23 17 12 19 23 15 12 14 12 LEATHER AND PRODUCTS 114 121 113 97 78 73 87 104 107 102 96 '87 101 Tanning 93 94 91 84 76 73 74 83 77 71 71 73 78 Cattle hide leathers 88 91 91 88 80 74 73 84 78 72 73 '73 75 Calf and kip leathers 79 76 70 62 60 62 66 82 77 65 65 r74 91 Goat and kid leathers 118 122 113 96 82 80 86 84 76 73 69 74 71 Boots and shoes 127 138 127 106 79 74 95 117 127 122 113 '96 116 CEMENT AND GLASS: Cement 92 94 92 90 76 56 36 34 46 65 82 86 87 87 Glass, plate 185 216 199 179 151 108 62 35 44 46 47 72 69 NONFERROUS METALS: Tin deliveries 100 108 136 141 115 88 91 85 77 71 69 73 68 65 Zinc 104 103 110 112 108 109 103 97 92 83 80 68 64 69 Lead 79 79 73 84 82 88 70 69 65 73 59 65 ' 52 44 FUELS, MANUFACTURED: Petroleum refining 206 207 216 218 212 202 200 194 190 196 197 191 198 Gasoline 261 265 277 277 268 255 253 243 239 250 253 248 258 Kerosene 110 115 112 115 122 117 113 115 117 113 114 109 98 Fuel oil 139 134 147 147 144 140 141 140 133 134 130 123 129 Lubricating oil 124 121 126 134 127 123 116 114 113 109 108 103 110 Coke, product 140 145 145 128 106 90 88 87 85 80 72 68 69 79 Coke, beehive 25 23 22 20 15 12 10 10 8 7 5 5 4 4 RUBBER TIRES AND TUBES 102 93 106 94 75 66 67 57 62 64 65 72 82 91 Tires, pneumatic 105 96 110 98 78 70 70 59 64 67 68 75 86 94 Inner tubes 73 69 75 69 53 42 45 41 42 40 42 48 53 65 TOBACCO PRODUCTS 178 170 179 167 158 138 150 143 152 146 165 169 167 172 Cigars 82 76 88 89 86 55 58 63 70 65 72 80 74 76 Cigarettes 256 247 254 233 219 202 221 206 216 210 240 241 241 250 Manufactured tobacco 86 81 88 85 81 69 78 78 84 80 84 86 84 84 Minerals—Total . 115 »121 125 123 112 108 103 98 95 91 90 91 92 Bituminous coal 1 72 77 92 92 87 84 72 '68 58 52 49 51 55 Anthracite 2 40 r42 r55 '73 '70 69 72 57 56 47 64 62 39 Petroleum, crude 177 184 182 177 172 171 170 168 170 170 158 156 165 P167 Iron ore 245 257 218 156 34 28 67 78 76 Zinc 104 103 110 112 108 109 103 97 92 83 80 68 64 Lead 79 79 73 84 82 88 70 69 65 73 59 65 52 Silver 126 138 111 90 128 105 97 104 106 96 89 89 84 p Preliminary. r Revised. 1 Revised figures for bituminous coal 1936, January through April, inclusive: 90, 98, 72, 72, June through December, inclusive: 67, 73, 76, 88, 95, 108, 105. 2 Revised figures for anthracite 1936, August 50, October 66, December 71; 1937, January through May, inclusive: 64, 59, 67,102, 66. 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

OCTOBER 1938 FEDERAL RESERVE BULLETIN 913 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1937 1938 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total 109 3 108 6 107 2 105 1 100 6 95.1 90 0 88.9 87 4 85.4 83.7 82. 4 82.9 85.1 Durable goods. 108.6 108.3 107.6 105.4 99.8 91.9 83.7 81.0 79.0 76.2 74.1 71.9 70.7 72.1 Nondurable goods 109.9 108.9 106.8 104.7 101.3 98.1 96.0 96.4 95.4 94.1 92.9 92.4 94.5 97.5 IRON, STEEL, PRODUCTS 115 8 116 0 115 4 112 2 104 6 97 0 88 2 85 7 83 8 81 6 80 2 77.8 77.4 79.3 Blast furnaces, steel works 126 127 127 123 113 105 95 92 90 87 85 83 83 84 Bolts, nuts, washers, rivets 117 115 116 112 106 97 83 82 81 79 80 77 78 79 Cast-iron pipe. . 74 73 71 69 66 68 62 62 62 63 63 62 60 61 Cutlery, edge tools.. 94 97 96 94 92 90 84 82 79 78 76 76 67 77 Forgings__ _ _ 73 71 72 71 64 59 51 47 45 44 43 40 40 42 Hardware 100 98 99 100 97 89 75 71 70 64 63 61 57 59 Plumbers' supplies 83 84 86 83 81 73 71 71 70 71 72 73 73 73 Stamped, enameled ware 173 170 170 170 161 143 124 122 126 122 120 113 108 116 Steam, hot-water heating . 91 88 87 81 74 71 67 64 64 64 64 65 69 70 Stoves 104 106 102 96 82 77 73 75 75 70 71 70 71 75 Structural, ornamental 82 82 83 80 77 73 68 66 64 62 60 58 58 58 Tin cans, tinware _ _ 110 109 107 101 100 97 95 93 93 92 89 87 86 90 Tools 103 102 100 96 91 87 81 79 78 76 75 73 70 74 Wirework 197 196 192 207 198 180 148 138 133 128 126 114 112 110 MACHINERY 130.3 130.7 130. 0 128.0 120.7 112.8 104.8 100.0 96.9 92.8 89.1 86.0 83.3 85.1 Agricultural implements._ 174 184 190 192 180 168 156 148 142 139 130 124 102 106 Cash registers, etc 156 154 155 155 152 148 144 144 142 141 139 137 138 135 Electrical machinery 121 122 121 119 113 105 97 90 87 82 78 75 73 75 Engines, turbines, etc. 109 107 110 112 103 100 98 92 88 88 86 82 81 83 Foundry, machine-shop products_ 116 116 114 113 107 100 93 89 87 83 80 77 76 77 Machine tools. 164 171 167 167 163 157 148 142 134 129 123 115 112 111 Radios, phonographs 176 167 159 145 124 103 91 96 91 93 87 83 82 86 Textile machinery 84 83 83 81 76 71 66 63 61 58 58 54 54 58 Typewriters 159 158 156 151 140 129 120 118 115 114 115 116 117 119 TRANSPORTATION EQUIPMENT 123.0 123.4 124.5 125. 4 119.4 101 2 80 9 77.0 73 3 68.3 65.1 61.1 56.9 56.4 Aircraft. _ _ 902 936 911 932 926 897 886 892 879 857 823 790 787 760 Automobiles 135 135 137 138 130 107 81 77 74 69 65 60 55 55 Cars, electric-steam-railroad 64 63 63 62 60 50 43 38 34 31 27 24 23 24 Locomotives. _ 51 52 53 52 50 49 45 41 36 30 26 25 20 18 Shipbuilding 109 111 112 112 112 110 106 103 99 92 96 99 99 90 NONFERROUS METALS, PRODUCTS 113. 6 112. 7 110.8 106.2 103.4 97.2 90.4 88.4 86.5 84.5 82.4 81.3 82.0 84.6 Aluminum _ 178 180 175 137 162 152 140 134 131 128 126 122 124 131 Brass, bronze, copper 126 123 120 117 110 101 94 91 90 88 86 86 87 89 Clocks, watches 107 111 110 108 103 96 85 88 86 83 81 78 78 82 Jewelry 99 99 94 94 91 89 89 88 89 85 82 84 85 87 Lighting equipment . _ 104 103 105 104 98 90 75 74 70 70 68 65 66 71 Silverware, plated ware 71 67 68 67 64 63 62 62 61 60 59 58 57 55 Smelting, refining 87 88 88 86 82 80 77 73 71 69 67 65 64 66 LUMBER, PRODUCTS 80.7 79.1 77.3 74.4 70.2 66.2 64.1 63.6 63.4 61.9 60.9 59.9 60.2 61.7 Furniture 98 97 94 89 84 81 78 76 76 74 73 73 73 75 Lumber, millwork___ 62 61 60 59 56 53 51 52 51 50 48 49 50 51 Lumber, sawmills __ 66 65 63 61 58 54 52 52 52 50 50 48 49 50 STONE, CLAY, GLASS PRODUCTS 81.4 80.1 80.8 79 4 77 7 74 1 69 8 67 6 65 7 64.9 63 4 63.2 63.4 64.4 Brick, tile, terra cotta 61 59 59 57 55 52 50 49 48 47 46 45 46 47 Cement. 69 70 71 71 72 70 65 64 63 65 62 63 64 64 Glass 110 109 110 109 107 100 92 85 82 81 80 78 76 80 Marble, granite, slate 49 49 49 49 48 46 44 45 43 41 42 42 42 40 Pottery _ 84 83 83 82 80 78 77 75 73 72 71 74 75 74 TEXTILES, PRODUCTS 111.2 109.9 106.4 102.4 97.0 93.4 90.6 92.2 91.4 89.4 87.6 87.4 92.1 96.8 Fabrics 103 9 101.2 97.0 92.4 87.6 83.9 81.4 81.1 80.3 78.9 78.6 79.3 83.4 87.9 Carpets, rugs 99 100 98 87 85 78 68 72 70 67 63 48 63 69 Cotton goods 101 101 96 90 86 83 81 80 80 78 77 78 81 86 Cotton small wares 91 90 90 88 82 77 72 71 69 68 70 70 71 75 Dyeing, finishing textiles 118 115 114 112 107 104 102 101 101 100 102 101 104 108 Hats, fur-felt 95 94 92 92 94 93 91 91 90 88 76 64 82 84 Knit goods 126 123 120 118 114 107 106 108 107 107 103 106 109 111 Hosiery. 151 147 146 145 143 135 136 138 138 139 133 135 138 141 Knitted outerwear 91 89 80 80 76 72 65 68 67 68 68 70 72 76 Knitted underwear. 89 87 84 81 75 68 67 67 67 63 63 65 70 70 Knitted cloth 195 190 185 180 165 151 144 146 143 140 132 137 139 150 Silk, rayon goods 83 80 77 74 67 62 56 57 59 60 64 58 57 61 Woolen, worsted goods. 87 81 74 71 63 62 61 60 54 51 55 62 70 75 Wearing apparel __ _ 127.4 128.0 126.2 123.5 116.9 113.6 109.8 116.2 115.2 112.2 106.6 104.1 109.8 115. Clothing, men's 118 117 113 109 102 97 94 101 101 95 85 81 91 101 Clothing, women's 177 182 183 179 171 169 165 173 168 165 161 158 163 165 Corsets, allied garments 103 102 101 101 100 100 97 97 96 96 97 98 96 98 Men's furnishings _ __ 156 150 144 143 133 123 116 126 129 125 125 126 132 136 Millinery 70 73 71 70 68 70 71 72 71 76 71 65 65 67 Shirts, collars 124 122 122 120 115 111 103 110 114 112 111 115 113 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN OCTOBER 1938 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1937 1938 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. LEATHER, MANUFACTURES 99.6 97.7 95.8 94.5 90.5 89.0 89.5 89.9 89.9 89.8 87.1 84.4 88.4 89.1 Boots, shoes 99 97 95 94 91 90 92 92 92 92 89 85 90 90 Leather. 94 93 91 88 81 76 75 74 74 73 73 73 75 78 FOOD, PRODUCTS 131.6 129.6 127.9 127.1 127.3 124.5 124.7 124.2 122.4 120.4 120.0 121.2 122.2 123.4 Baking_ 148 147 147 149 146 144 145 144 143 143 142 143 144 144 Beverages 249 249 248 241 247 244 243 246 243 240 237 232 232 236 Butter 108 107 107 105 104 104 105 106 106 107 105 102 101 103 Canning, preserving _ 173 167 158 144 151 139 139 139 134 120 126 131 136 142 Confectionery 83 83 79 84 83 81 81 80 78 79 76 78 78 79 Flour 79 79 77 77 78 78 77 76 76 75 76 77 77 77 Ice cream 83 83 84 81 81 82 80 81 79 81 79 77 77 78 Slaughtering, meat packing 99 97 97 99 98 97 99 97 95 94 93 94 95 95 Sugar, beet . 99 95 106 105 106 103 88 95 99 98 91 91 92 92 Sugar refining, cane 93 90 79 82 85 92 82 86 82 80 91 89 85 88 TOBACCO MANUFACTURES __ 65.7 65.0 64.7 64.0 64.2 64.3 60.7 64.2 64.6 64.9 64.8 65.2 61.9 63.7 Tobacco, snuff 62 62 62 62 62 62 62 62 61 62 62 62 61 61 Cigars, cigarettes 66 65 65 64 65 65 61 65 65 65 65 66 62 64 PAPER, PRINTING 112.8 112.4 112.7 112.0 110.1 107.4 106.4 106.1 105.6 105.0 103.7 103.0 103.0 103.7 Boxes, paper _ 109 108 104 103 102 98 96 96 96 95 95 95 95 96 Paper, pulp 117 116 116 115 111 107 106 106 105 104 103 102 102 103 Book, job printing 107 107 109 108 107 105 104 103 103 102 100 99 100 99 Newspaper, periodical printing.._ 108 108 109 109 108 107 106 106 106 106 105 105 104 105 CHEMICALS, PETROLEUM 128.7 129.0 128.5 125.8 122.9 117.7 114.8 114.4 112.7 110.9 110.2 108.4 108.3 110.9 Petroleum refining. _ _ _ 131 131 130 129 127 124 123 123 122 122 122 120 121 121 Other than petroleum __ _ __128.2 128.4 128.2 125.1 121.9 116.3 112.8 112.4 110.3 108.2 107.5 105.5 105.2 108.4 Chemicals 140 139 138 136 131 125 122 119 115 112 110 110 106 110 Cottonseed oil, cake, meal 86 92 112 108 110 104 112 107 99 109 101 93 102 98 Druggists' preparations 116 118 117 115 113 112 110 108 107 108 111 112 113 111 Explosives _____ 90 90 90 90 88 88 85 84 84 83 82 81 81 81 Fertilizers 111 113 106 99 97 98 92 95 87 85 93 93 91 93 Paints, varnishes 131 131 129 127 125 119 115 113 114 113 110 109 110 113 Rayon, allied products 376 375 376 360 346 313 291 303 307 289 290 274 272 292 Soap _ 97 96 93 91 90 90 89 89 88 86 86 86 89 92 RUBBER PRODUCTS _ 96.9 98.5 97.5 96.1 89.7 85.1 78.0 74.1 72.4 72.2 71.3 71.3 69.5 74.3 Rubber boots, shoes 65 77 77 76 71 66 59 57 55 55 55 56 44 54 Rubber tires, inner tubes 86 85 85 84 78 74 69 63 62 61 60 60 61 62 Rubber goods, other 145 145 142 139 131 125 113 112 110 110 109 107 109 117 NOTE.—Revised figures. For description and back data see pages 835-866 of this BULLETIN. Underlying figures are for payroll period ending nearest middle of month. August figures are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 915 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1937 1938 July Aug. April May June July Aug. July Aug. April May June July Aug. Total 108.0 109.1 85.7 83.4 81.6 81.9 85.9 104.6 108.2 74.6 72.9 70.8 70.6 76.9 Durable goods 107.8 107.0 77.0 75.0 72.4 70.3 71.8 107.3 110.5 65.6 64.2 61.7 58.6 63.6 Nondurable goods.. 108.2 111.1 94.0 91.5 90.3 92.9 99.4 101.7 105.7 84.7 82.6 80.9 84.1 91.8 IRON, STEEL, PRODUCTS 114.7 115.7 82.3 80.7 77.8 76.7 115.4 122.4 63.3 62.7 59.1 57.4 65.1 Blast furnaces, steel works 125 127 88 86 82 82 130 140 64 63 58 57 65 Bolts, nuts, washers, rivets 116 114 80 81 77 77 78 110 118 60 65 61 59 66 Cast-iron pipe 77 75 63 63 64 62 63 67 67 51 51 51 53 54 Cutlery, edge tools 90 95 80 77 75 64 75 83 90 64 62 62 52 61 Forgings 71 70 44 43 40 39 42 65 69 33 32 29 29 35 Hardware 99 95 65 64 61 57 58 107 103 52 53 52 48 54 Plumbers' supplies 83 84 71 72 73 73 73 72 77 54 59 58 56 58 Stamped, enameled ware 168 165 126 123 113 105 113 160 170 116 1Q9 100 92 109 Steam, hot-water heating 88 87 64 65 65 67 69 78 79 46 48 51 52 56 Stoves 100 108 72 73 71 68 76 78 92 56 58 55 52 62 Structural, ornamental 84 84 61 58 59 60 76 78 49 49 47 49 51 Tin cans, tinware 117 120 89 89 91 99 123 130 91 92 93 94 107 Tools 102 100 77 75 73 70 72 101 100 65 64 61 58 63 Wirework 193 188 131 129 116 110 106 194 182 119 114 100 92 101 MACHINERY 129.7 129.9 93.2 89.7 86.1 82.9 84.5 132.8 136.2 83.6 80.6 76.4 72.8 76.6 Agricultural implements 171 174 148 134 125 100 101 189 197 153 137 124 98 95 Cash registers, etc 156 154 142 140 137 138 135 155 148 121 122 121 123 120 Electrical machinery 121 121 82 78 75 73 75 123 126 72 68 64 69 Engines, turbines, etc 111 107 92 90 86 82 83 123 120 102 97 86 90 Foundry, machine-shop products. 115 115 84 81 77 76 77 115 119 71 70 64 67 Machine tools 163 164 130 124 116 111 107 183 184 117 111 99 94 98 Radios, phonographs 174 180 78 76 82 82 93 158 168 66 67 72 72 81 Textile machinery 84 83 58 58 54 54 58 91 89 49 49 47 46 50 Typewriters 157 156 114 116 115 116 118 161 159 92 92 94 92 TRANSPORTATION EQUIPMENT 119.7 111.5 71.9 68.2 62.4 55.5 51.4 116.1 111.1 64.9 59.5 57.4 50.9 49.0 Aircraft 912 936 875 848 814 795 760 803 853 804 797 764 737 723 Automobiles 131 119 73 69 62 53 49 125 117 63 57 54 47 46 Cars, electric-steam-railroad 64 65 33 28 25 23 24 65 68 31 27 24 20 22 Locomotives 51 52 31 27 25 20 18 50 53 26 22 20 16 13 Shipbuilding 106 108 96 107 114 102 103 105 100 NONFERROUS METALS, PRODUCTS.. 109.7 110.8 84.2 81.8 79.8 79.1 83.1 105.1 109.0 69.0 69.0 67.0 73.8 Aluminum 175 176 129 126 122 122 129 173 182 119 119 109 112 126 Brass, bronze, copper 124 122 89 87 86 86 89 126 126 75 76 73 78 83 Clocks, watches 101 108 82 79 75 74 80 104 115 65 64 60 60 72 Jewelry 92 80 75 78 79 87 75 83 59 57 60 61 71 Lighting equipment 99 71 68 64 63 68 90 88 52 52 51 50 58 Silverware, plated ware 64 66 61 59 58 51 54 57 61 47 46 45 38 43 Smelting, refining 87 87 69 67 65 65 92 64 63 60 59 LUMBER, PRODUCTS 81.5 81.7 61.6 61.0 60.7 63.7 71.7 76.1 50.1 50.5 51.2 48.7 58.0 Furniture 97 98 72 70 71 71 76 78 84 52 50 52 51 63 Lumber, millwork. 63 63 50 49 50 51 53 52 53 39 40 40 42 46 Lumber, sawmills. _ 68 68 51 51 50 50 52 63 67 44 45 45 42 50 STONE, CLAY, GLASS PRODUCTS.. 82.7 82.8 65.4 66.0 65.8 64.6 73.0 77.9 54.3 57.7 56.4 53. 1 56.9 Brick, tile, terra cotta 65 63 47 48 48 49 50 52 52 32 36 36 35 37 Cement 75 76 65 67 68 70 70 72 76 58 65 66 66 Glass 108 109 82 81 79 75 80 109 121 78 78 69 80 Marble, granite, slate. 52 52 42 43 44 44 43 40 42 33 36 34 34 32 Pottery 78 81 74 73 73 70 72 67 73 64 66 61 53 59 TEXTILES, PRODUCTS 105. 0 108.5 91.8 87.4 84.6 86.6 95.5 87.0 95.2 71.6 66.3 62.4 66.6 80.6 Fabrics 99.5 98.8 79.5 78.0 77.2 80.4 85.8 88.4 88.9 63.3 62.0 61.2 65.7 74.3 Carpets, rugs 99 100 68 63 48 63 68 87 46 42 36 45 55 Cotton goods 97 96 79 77 76 78 82 89 62 60 59 64 70 Cotton small wares 87 87 71 70 68 72 79 79 61 62 60 59 66 Dyeing, finishing textiles.. 109 110 104 102 97 103 94 94 86 83 77 78 88 Hats, fur-felt 93 98 89 74 61 80 88 96 103 63 56 49 75 87 Knit goods 121 121 108 103 104 105 110 116 124 107 102 100 98 114 Hosiery 145 145 140 132 133 133 139 150 162 151 142 139 134 158 Knitted outerwear 87 86 68 69 69 74 75 79 57 59 58 57 66 Knitted underwear 85 85 66 65 67 68 74 75 54 53 53 54 58 Knitted cloth 192 191 140 132 135 137 150 150 158 106 97 100 111 126 Silk, rayon goods 80 60 59 54 55 61 67 65 45 46 41 42 50 Woolen, worsted goods 82 49 54 61 76 75 72 35 39 47 56 63 Wearing apparel. 115.5 128.8 118.5 107.2 99.7 116.1 81.4 104.2 85.6 72.5 62.6 66.0 90.3 Clothing, men's 116 120 98 83 78 90 105 92 65 48 43 57 76 Clothing, women's 146 182 179 166 148 135 165 142 123 110 90 86 127 Corsets, allied garments 100 100 99 98 97 93 95 90 92 97 95 86 83 87 Men's furnishings 143 141 128 126 124 121 127 117 126 103 98 101 94 110 Millinery 54 74 85 73 60 50 68 39 65 74 56 45 36 58 Shirts, collars 118 121 115 112 113 108 117 105 87 83 78 94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN OCTOBER 1938 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1937 1938 1937 1938 July Aug. April May June July Aug. July Aug. April May June July Aug. LEATHER, MANUFACTURES 100.5 100.8 92.1 86.0 81.8 89.3 92.2 88.5 87.6 70.6 60.9 57.5 69.4 76.8 Boots, shoes 100 101 95 88 83 91 94 85 84 70 58 53 67 75 Leather... 93 92 73 72 72 74 77 95 94 68 68 69 72 78 FOOD, PRODUCTS 139.5 147.7 112.6 113.6 119.4 128.6 138.9 139.1 141.5 114.1 117.3 121.7 128.5 131.7 Baking _ _ 149 148 142 142 144 145 144 147 144 138 140 142 143 139 Beverages 279 274 235 242 252 260 260 357 343 278 291 306 323 322 Butter 118 114 104 107 110 111 110 98 98 86 93 95 96 95 Canning, preserving 226 300 83 85 114 179 256 230 276 76 80 101 157 209 Confectionery 72 76 74 69 70 68 72 65 76 67 64 68 63 71 Flour 81 80 74 74 75 78 78 81 81 72 73 76 79 79 Ice cream 102 99 77 87 92 95 93 86 84 67 74 78 81 80 Slaughtering, meat packing 99 96 92 92 94 95 94 109 106 101 104 105 108 106 Sugar, beet 58 80 44 44 47 53 78 54 77 48 48 52 53 69 Sugar refining, cane— 97 92 80 91 91 88 90 92 92 74 83 81 81 80 TOBACCO, MANUFACTURES 65.2 66. 3 63.4 63.8 64.8 61.5 65.0 60.4 62,1 53.2 56.6 59.4 57.1 59.9 Tobacco, snuff 61 61 62 61 61 60 61 68 68 68 66 70 69 67 Cigars, cigarettes 66 67 64 64 65 62 66 59 61 51 55 58 56 59 PAPER, PRINTING 111.1 111.4 104.6 103.4 101.9 101.5 102.7 106. 5 107.5 99.4 98.5 96.0 95.9 98.0 Boxes, paper __ ______ 106 107 94 93 92 92 95 106 108 92 92 91 93 98 Paper, pulp 117 116 104 103 102 102 103 117 122 98 97 95 97 102 Book, job printing 105 107 101 99 97 98 99 94 94 89 88 84 85 86 Newspaper, periodical printing 106 106 106 106 105 102 102 105 104 107 106 104 101 101 CHEMICALS, PETROLEUM 125.5 126.0 112.4 108.8 105.2 105.0 108.1 134.3 138.2 114.3 115.7 112.8 111.1 117.1 Petroleum refining 131 132 121 121 121 122 122 144 152 135 140 138 135 138 Other than petroleum._ 124.1 124.6 110.2 105.9 101.4 101.0 104.8 131.2 134.1 108.0 108.3 105.1 103.7 110.6 Chemicals 142 140 111 110 110 108 111 155 157 117 117 118 115 123 Cottonseed oil, cake, meal 50 65 90 69 58 59 69 38 52 72 57 48 51 58 Druggists' preparations 110 116 108 108 108 107 108 112 123 114 114 114 111 117 Explosives 90 91 81 80 80 81 82 101 104 84 83 86 89 93 Fertilizers _ 78 81 136 100 69 64 67 76 78 119 94 65 63 64 Paints, varnishes 132 128 114 115 113 111 110 135 133 114 120 116 111 111 Rayon, allied products 374 377 283 284 265 271 294 368 376 244 258 242 250 289 Soap 95 94 87 85 85 88 91 94 94 87 86 86 87 91 RUBBER PRODUCTS 95.6 97.3 72.7 71.4 70.6 68.7 73.4 96.6 97.2 61.9 63.3 63.5 64.1 69.3 Rubber boots, shoes _ _ 62 78 54 53 54 42 55 60 81 42 44 45 37 52 Rubber tires, inner tubes 86 85 61 60 60 61 62 91 88 54 56 58 60 60 Rubber goods, other _ _141 140 113 110 106 107 113 137 135 99 98 93 95 108 NOTE.—Revised figures. For description see pages 835-866 of this BULLETIN. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. August figures are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1938 FEDERAL RESERVE BULLETIN 917 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Public works Total Residential Factories Commercial and public Educational1 All other1 Month utilities1 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 281.2 313.1 73.4 99 7 37.9 11 3 29 6 18 3 89.6 126 1 16.7 21 4 34 0 36 3 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 i Month 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 January 83 186 100 215 243 192 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 106 120 169 275 281 313 47 69 92 153 104 171 59 51 76 122 178 142 September 120 110 167 234 207 71 69 97 116 80 49 41 70 119 127 October 145 135 201 226 202 100 79 114 101 78 45 57 87 125 124 November 162 112 188 208 198 126 74 118 89 93 36 38 70 119 106 December 207 93 264 200 209 156 61 196 82 115 51 32 68 117 94 Year 1,256 1,543 1,845 2,675 2,913 683 975 1,007 1,334 1,152 573 568 837 1,341 1,761 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1937 Federal Reserve Federal Reserve district district 1938 1937 1938 1937 Aug. July Aug. Aug. July Aug. Aug. July Aug. Boston 23, 900 16, 373 15, 366 New York 76,026 62, 377 63, 794 Philadelphia 13,157 11, 250 15, 966 Boston 80 88 65 904 811 656 Cleveland 33, 282 20, 894 28, 973 New York 259 271 217 4,325 3,700 2,671 R A C St h i t . c l i a c h L n a m o g t u a o o i n s d 3 2 4 2 5 9 2 2 , , , , 3 4 6 7 4 9 6 9 7 3 6 2 4 2 1 1 0 1 9 4 , , , , 5 5 2 7 5 6 7 1 4 0 0 4 4 2 2 1 4 9 6 6 , , , , 1 6 4 9 6 5 5 2 0 2 7 5 P A C R h l i t e c l i a l v h a n e m d l t a e a o n l n p d d h ia _ __ 7 7 7 7 2 2 8 0 6 6 6 5 1 4 8 6 4 4 2 2 8 6 6 9 7 8 6 5 3 1 1 5 2 5 4 8 1,1 4 6 5 2 4 2 0 0 0 6 8 4,3 5 1 1 6 1 8 9 5 2 1 2 Minneapolis 9,655 8,278 9,080 Chicago 134 168 101 1,885 1,606 1,876 Kansas City _ 10, 667 9,434 9,313 St. Louis 30 41 24 169 557 217 Dallas... _ 16,156 15, 095 21, 531 Minneapolis 9 12 8 178 160 70 Kansas City 30 37 33 285 274 368 Total (11 districts) 313,141 239, 799 281, 217 Dallas 19 14 14 197 129 74 San Francisco 121 115 96 1,030 862 734 Total 974 995 707 11, 692 10, 793 11,916 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN OCTOBER 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollarsl Merchandise exports 1 Merchandise imports J 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 '262 133 152 193 278 163 30 11 -11 -45 '99 March 191 185 195 257 '275 158 177 199 307 173 33 8 -4 -51 102 April _ 179 164 193 269 r-274 147 171 203 287 160 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 162 173 180 268 228 127 177 195 265 141 34 -3 -15 3 87 August 172 172 179 277 P231 120 169 193 246 *166 52 3 -14 31 *>65 September 191 199 221 297 132 162 216 233 60 37 5 63 October 206 221 265 333 130 189 213 224 77 32 52 108 November 195 270 226 315 151 169 196 223 44 100 30 92 December 171 223 230 323 132 187 245 209 38 37 -15 115 Year 2,133 2,283 2,456 3,349 1,655 2,047 2,423 3,084 478 235 33 265 p Preliminary. 'Revised. i Including both domestic and foreign merchandise. 1 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 1 Aug. Apr. May June July Aug. Month Adjusted for seasonal Adjusted for seasonal variation variation 2 Total 79 57 58 58 61 62 1937 1938 Coal 77 55 57 58 62 63 Ooke 98 39 35 37 43 46 Grain and grain products.. 77 77 82 89 84 January „ _ _ 93 90 Livestock 42 38 42 39 39 37 February _ 95 88 Forest products 53 33 35 35 37 40 March 93 86 Ore 103 52 26 36 32 34 Miscellaneous 88 60 61 62 65 67 April 93 83 Merchandise 1 68 60 60 59 60 60 May 93 78 June 93 82 Without seasonal adjustment July ••92 August r93 September _ 94 Total — 81 55 57 58 62 63 Coal 68 47 49 49 52 56 October. 93 Ooke 80 33 34 34 36 38 November 91 Grain and grain products._ 93 68 69 80 123 101 DpopTnber - 89 42 or 07 09 CM 07 Forest products 55 34 36 37 37 41 Year _ Ore 190 21 37 62 60 63 Miscellaneous. 89 63 64 64 66 68 Merchandisel 68 61 60 59 59 61 i In less-than-carload lots. NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 00 00 Index of stocks (end of month) Without Adjusted Without seasonal for seasonal seasonal adjustment variation2 adjustment 1937 1938 1937 1938 1937 1938 72 70 74 71 66 63 76 70 76 70 72 67 90 77 76 70 78 71 89 86 76 69 79 71 95 80 76 69 78 71 90 79 76 68 73 65 65 58 77 67 69 61 72 65 78 67 74 65 100 77 80 103 76 85 101 75 86 156 72 68 92 76 r Revised. 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. 2 Revised indexes, 1933, Aug. 75, Oct. 69; 1934, July 72, Aug. 77; 1935, July 79, Aug. 78; 1936, July 90, Aug. 87. Revised seasonal adjustment factors, Oct. 1933, 111; Aug. 1933-1938, 78; July 1934-1938, 70. Back figures.—Department store sales, see p. 631 of BULLETIN for August 1936; department store stocks, see p. 232 of BULLETIN for March 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

919 OCTOBER 1938 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926= 100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total E p l i r e d o a e d t s h u a e c n r 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 g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e l r d i i a n l g s c C a d h l r s e u a m g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95 3 104 9 99 9 91.6 109 1 90.4 83 0 100.5 95 4 94.2 94 3 82.6 1930 86 4 88 3 90 5 85 2 100 0 80.3 78.5 92.1 89 9 89 1 92 7 77.7 1931 73.0 64 8 74 6 75 0 86 1 66.3 67 5 84 5 79 2 79 3 84 9 69.8 1932 64 8 48 2 61.0 70.2 72 9 54.9 70 3 80.2 71 4 73 5 75 1 64.4 1933 65.9 51.4 60.5 71.2 80 9 64.8 66 3 79 8 77 0 72.6 75 8 62.5 1934 74.9 65.3 70.5 78.4 86 6 72.9 73 3 86 9 86 2 75 9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89 6 70.9 73 5 86 4 85 3 80 5 80 6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76 2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1937—luly. 87.9 89.3 86.2 86.3 106.7 78.3 78.1 96 1 96.7 83 9 89 7 79.0 August 87.5 86.4 86.7 86. 1 108.1 77.1 78.4 97 0 96 3 82 2 91 1 77.3 September 87.4 85.9 88.0 85.9 107.6 75.3 78.7 97 1 96 2 81 4 91 1 77.0 October 85.4 80.4 85.5 85.1 106.7 73.5 78.5 96.4 95 4 81 2 91 0 76.2 November 83.3 75.7 83. 1 84.3 101.4 71.2 78.2 96 8 93 7 80.2 90.4 75.4 December _ >_ 81.7 72.8 79.8 83.6 97.7 70.1 78.4 96.3 92.5 79.5 89.7 75.0 1938—January _ __ 80.9 71.6 76 3 83.5 96.7 69.7 78.3 96.6 91 8 79.6 88.3 75.2 February 79 8 69 8 73 5 83.0 94.7 68.6 78.5 96.0 91.1 79.1 88.0 74.8 March 79.7 70.3 73.5 82.6 93. 6 68.2 77.7 96.0 91.5 78.7 87.7 74.4 April . 78.7 68.4 72 3 82.0 92. 1 67.2 76.8 96.3 91.2 77.5 87.3 73.4 May 78 1 67.5 72 1 81.6 91.3 66.1 76.2 96.7 90.4 76.8 87.2 73.1 June. 78 3 68 7 73 1 81.3 90. 1 65. 5 76.4 96. 1 89.7 76 3 87 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 August 78.1 67.3 73.0 81.4 91.9 65.9 76.8 95.4 89.4 77.7 86.4 72.4 Week ending - 1938—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 Mav 21 78.2 68 8 72 9 81.7 91 7 66.0 76.6 96 3 90 4 76.4 88 ft 73 1 Mav 28 _ 78. 1 68.8 73.0 81.5 91.6 65 8 76.5 95.7 90.9 76 0 88 6 72.7 June 4 77 7 67 2 72 3 81 4 91.5 65.5 76.5 95.7 90.2 75.9 88 6 72.5 June U 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 Julv 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 Aug. 27 77 8 67 3 73 0 81 6 92.4 65.3 77.6 95.4 89.3 77.1 87.8 72.3 Sept. 3 . 77.8 67.1 73.0 81.5 92.5 65.4 77.2 95.4 89.4 77.1 87.8 72.3 Sept. 10 77 9 67.7 73 7 81 5 92.8 65.3 77.1 95.4 89.5 77.1 87.8 72.2 Sept. 17. _ 78.3 68.8 74.8 81.6 92.4 65.3 77.6 95.5 89.6 77.1 87.8 72.1 1937 1938 1937 1938 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Aug. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains.. _ __ _ 92.0 62.3 62.7 58.3 53.4 Agricultural imnlements 94.2 96.3 96 1 95 9 95 5 Livestock and poultr;y 108.2 77.9 80.2 84.4 80.6 Farm machinery 96.1 97.8 97.6 97.3 97.0 Other farm products. 71.4 62.2 63.0 63.0 62.6 Iron and steel. 99.9 101.8 100.9 97.2 97.3 FOODS: Motor vehiclesi 90.2 95.8 96 0 96 0 96 1 Dairy products 79.7 69 1 68 5 69.5 68.8 Nonferrous metals 93 3 68 8 67 2 71 8 72 9 Cereal products 87.9 78.4 80.2 78.8 77.0 Plumbing and Seating. 78.8 77.2 77.2 79.5 79.2 Fruits and vegetables 65.3 58 7 61.7 56.4 57.3 BUILDING MATERIALS: Meats 112 1 82 1 84 5 89 7 86 0 Brick and tile 95 5 90 5 90 6 90 7 90 6 Other foods 73.6 65.4 64.7 66.7 66.5 Cement- 95.5 95.5 95 5 95 5 95 5 HIDES AND LEATHER PRormryrs- Lumber. 99 5 89 3 88 7 88 8 90 2 Shoes 107.4 102.5 101.8 101.2 100.8 Paint and paint materials 84.1 80 9 80 1 80 5 80 5 Hides and skins 122.1 63.4 62.3 70.8 75.6 Plumbing and 1seating. _ 78.8 77.2 77.2 79.5 79.2 Leather _ 100.0 82.1 81.6 82.5 82.1 Structural steel 114 9 114 9 113 0 107 3 107 3 Other leather productS_ 103.2 102.4 97.7 97.5 97.0 Other building materials . 101.0 94.1 93.3 91.2 91.3 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 90.0 82.2 82.2 81.7 81.7 Chemicals ... 87.0 81.2 80 6 81 7 81 4 Cotton goods 82.2 65.0 63.9 65.1 64.4 Drugs and pharmaceuticalS._ 78.2 72.8 71.9 74.8 74.8 Hosiery and underwear 65.7 60.5 59.7 59.8 59.8 Fertilizer materials 71.7 69.6 69.5 66.9 67.3 Silk and rayon 32.9 28.4 27.6 29.9 29.2 Mixed fertilizer 74.8 69 3 69 3 72 9 74 2 Woolen and worsted ;oods 93.9 76.0 75.6 75.9 76.3 HOUSEFlJRNISHING GOODS: Other textile products 71.1 65.3 65.0 65.4 65.2 Furnishings 95.0 90.8 90.7 90.5 90.5 FUEL AND LIGHTING MAICERIALS: Furniture __ 87.1 83.6 83.5 82.2 82.2 Anthracite 76 8 73.8 74.5 76.2 77.9 MlSCELLiVNEOUS: Bituminous coal 98.7 97.5 97.5 97.9 98.1 Auto tires and tubes 56.4 57.4 57.4 57 4 57 4 Coke 104.9 105.5 105.3 104.2 104.2 Cattle feed 82.9 78.6 78.4 76.8 67.0 Electricity 79.4 86.4 85.0 Paper and pulp 94.1 86.9 85.5 82.8 82.4 Gas 82.6 88.3 90.4 91.0 Rubl>er. crude 38.2 24.2 26.3 31 9 33 5 Petroleum products— 62.0 56.4 56.3 56.8 56.7 Other miscellaneous 85.4 81.5 81.1 80.7 80.9 i 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAL RESERVE BULLETIN OCTOBER 1938 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of September 1, 1938] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Sept. 1, tion Sept. 1, tion Sept. 1, tion Sept. 1, 1937 1938 1937 1938 1937 1938 1937 • 1938 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,693 7,905 76 90 New York 28, 379 29, 842 9 164 8,219 92 117 Philadelphia.-. _ . 55, 607 53, 482 20,783 20,250 169 139 Cleveland 207,157 196,084 53, 526 53, 343 120 100 Richmond 1,846 1,114 139, 866 133, 323 28, 459 27, 653 Atlanta -_ - _. 4,218 2,543 182, 250 194,159 7,530 6,451 Chicago 1,140, 744 980,885 78,012 69, 796 1 695 1,834 St. Louis. i 4,891 2 3,131 363, 227 324, 860 78, 966 67,121 167 149 Minneapolis 248,022 216,899 14, 346 28,180 117,495 197,310 Kansas City _ 642 512 177, 352 214, 769 291, 374 288,094 8,121 10, 202 Dallas _ . __ 6,329 3,930 86, 945 95, 979 42,807 36, 371 105 94 San Francisco _. .. . . .. 1,020 595 7,753 6, 339 60,135 82, 980 60,851 41, 479 Total 18,946 11,825 2, 644,995 2,454, 526 685,102 688,458 188,891 251,514 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Sept. 1, tion Sept. 1, tion Sept. 1, tion Sept. 1, 1937 1938 1937 1938 1937 1938 1937 1938 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,142 6,186 3,492 3,557 30,439 25,810 57 609 53,048 New York ._ 20,194 27, 755 6,007 5,723 1,371 1,808 33,561 32, 277 Philadelphia _ _. 15, 557 18, 658 2,343 2,411 28,990 32,670 25, 334 23,034 Cleveland. 45,850 49,069 4,928 5,732 131, 698 126,165 18, 603 20, 787 Richmond.. 18,885 20, 047 3,745 3,881 839,494 754,433 30,352 28,391 Atlanta 13. 571 15, 226 3,118 3,316 187, 312 199,464 14, 722 15, 206 Chicago 544, 644 418,087 15, 360 19,180 26, 635 35,052 51,039 55,141 St. Louis 55, 561 49, 617 6,162 6,842 3ol, 156 285,932 12, 716 14,194 Minneapolis . 251, 656 237,047 9,396 10, 697 1,966 2,865 46, 497 42, 707 Kansas City _. _ ___ 113,172 132, 682 6,427 7,200 4,344 6,025 32,308 29, 777 Dallas . 33,087 37, 502 1,211 1,487 4,268 3,758 San Francisco 27,939 22, 471 11, 596 11, 724 66, 280 59, 555 Total 1,146, 258 1,034, 347 73, 785 81, 750 1, 553,405 1,470, 224 393, 289 377, 875 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 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 FEDERAL RESERVE BULLETIN OCTOBER 1938 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of Month T c tr o o ( i 5 u e ta 2 s n l ) - i U S n ta i t t e e s d C a a d n a - c t r r E o o ( i 2 u e u p 6 s n - e ) - A L c tr o m i a ( i c 1 u e t a e 1 i s n n r ) - - O c t A i a r o c a i n e s u e d i a ( s n a 8 n ) - - A c tr o f i ( r u e 5 i s n c ) a - U K d n o i i n m t g e * - d France m G a e n r y - Europe g B iu e m l- N la et n h d e s r- t B i S N o a w n a n - i a k t l zer B la .I n . d S. 1934— December. 21,051 8, 238 134 11,010 601 805 263 1,584 5,445 518 590 573 624 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—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 2,689 2,424 208 607 862 615 4 September 23, 733 12,741 186 9,129 711 702 264 2,689 2,428 208 590 862 612 6 October.._ 23, 845 12,803 187 9,191 706 266 2,689 2,428 208 572 906 646 4 November 23. 968 12,774 187 9, 359 695 266 2,689 2,564 208 570 940 644 5 December, 23,964 12, 760 184 9,381 685 687 266 2,689 2,564 210 597 930 648 5 1938—January. _ 24,036 12. 756 186 9,453 689 687 266 2,689 2,564 210 957 5 February . 23, 944 12, 776 188 9,351 681 261 2,689 2,428 210 977 6 March 23,928 12,795 186 9,330 665 266 2,689 2,428 210 531 998 7 April 23, 765 12, 869 189 *>9, 100 658 263 2,689 2,428 210 529 1,007 7 May "23. 747 12,919 187 P9, 032 656 687 266 2,690 2,428 210 456 1,008 11 June P23,815 12,963 185 P9, 057 658 687 P265 2,690 2,428 210 481 1,008 679 10 July >' 23, 803 13,017 189 *9, 083 P656 589 P268 2,690 2,428 210 501 1,008 674 9 August 13,136 190 P9, 114 2,690 2,428 210 517 1,008 686 10 Europe—Continued Latin America End of month A tr u ia s- g B a u r l i - a C v z s a e lo k c - i h a o- m D a e r n k - Greece H ga u r n y - N w o a r y - l P 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 a g v o i - a 6 c t o o r u t ie h n e s - r g t A e i r n n - - a Brazil 1934—December 45 19 112 60 104 740 159 403 1935—December 46 19 112 54 109 735 185 63 444 17 1936—December 46 20 91 54 114 718 240 82 501 25 1937—July 46 22 90 117 718 243 78 487 29 August 46 22 90 118 718 243 78 477 29 September 46 22 90 118 718 243 78 481 30 October 46 23 90 119 718 244 78 479 30 November 46 23 91 119 718 244 78 471 31 December 46 24 92 82 120 718 244 78 32 1938—January 46 24 93 82 120 718 245 79 463 32 February 46 24 93 81 121 718 253 79 458 30 March 6 46 24 93 90 122 718 261 79 447 31 April 24 93 90 122 525 261 *>79 442 31 May 24 93 90 122 525 272 P79 440 32 June 24 93 90 123 525 279 P79 439 33 July 24 93 101 123 525 280 P79 435 33 August P24 93 101 124 525 280 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 4 u e e n s r - I B n is r d h i 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 S A o fr u ic th a c o t o t r h u 3 i e n e r - s 1934—December. 19 18 275 394 25 184 24 1935—December. 20 19 275 425 23 212 24 1936—December. 29 20 19 275 463 23 203 25 1937—June 20 19 274 443 23 201 25 July 30 20 19 274 412 23 187 25 August 20 19 274 261 23 189 23 September. 20 20 274 261 23 189 20 October .__ 20 20 274 261 23 189 22 D N e o c v e e m m b b e e r r . . 2 2 0 0 2 2 0 0 2 2 7 7 4 4 2 2 6 6 1 1 2 2 3 3 1 1 8 8 9 9 2 2 2 2 1938—January. — 21 20 274 261 23 189 22 February.. 20 20 274 261 23 184 22 March 19 20 274 261 23 189 22 April 20 20 274 261 23 186 22 May 19 20 274 261 23 188 23 June _ 19 20 274 261 23 187 P23 July P19 274 164 80 23 190 P23 P Preliminary. r Revised, i See notes for individual countries. * 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. 8 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. * 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 Fee Bun ETIN 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

923 OCTOBER 1938 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R, [In thousands of dollars] Estimated Production reported monthly world Year or month produc- Africa North and South America Far East tion outside Total South Rho- West Belgian United Colom- Austra-British U.S.S.R. Africa desia Africa Congo States1 Canada Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929 382,532 352,237 215,242 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,C88 396, 768 28,053 16, 295 7,386 152,50f 131,181 26,465 13, 632 9,018 40,118 11,663 1937 , 044, 540'892, 502 410, 710 28, 296 20, 784 8,018 168,159 '143, 367 29, 591 15, 478 '9, 544 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 1937—January... '84, 259 '71, 278 34, 352 2,315 1,671 11, 633 '11,516 2,854 1,332 3,171 February.. '79, 236 '66,438 32,330 2,109 1,563 579 10,322 '10,867 2,227 1,117 3,727 March '84,846 '72,041 34, 381 2,416 1,605 634 12,681 '11,436 2,510 1,285 '549 3,562 April '83, 238 '70, 551 34, 308 2,391 1,669 638 11, 281 '11,336 2,111 1,269 '855 3,738 956 May '86,830 '73,917 34,010 2,408 1,559 681 14,398 '11,917 1,678 1,234 '1,140 3,910 982 June '87,114 '74, 603 34,132 1,649 13,186 '12,088 3,701 1,246 '572 4,046 957 July r89,061 '76,393 34,895 2,364 1,650 15,020 '12,170 2,452 1,476 '819 3,874 979 August '92, 384 '79, 570 34, 598 2,441 1,822 710 18, 290 '12, 219 2,451 1,422 '668 3,974 975 September '88, 294 '75, 675 34,170 2,421 1,890 695 15,096 '12,198 2, i& 1,298 '752 3,977 932 October... '90, 221 '77, 736 34, 559 2,399 1,896 698 16,147 '12, 579 2,449 1,281 '876 3,891 961 November '90, 257 '77, 794 34,279 2,352 1,854 686 16,023 '12,365 2,849 1,373 '689 4,386 938 December. '76, 506 34, 696 2,341 1,957 729 14,083 '12, 677 2,064 1,144 '1, 063 4,725 1938—January... '87,447 '74, 820 34, 573 2,381 1,964 661 12, 618 12, 638 2,948 1,456 '775 3,858 948 February.. '82, 583 '69, 915 32, 524 2,246 1,887 642 11, 207 11,929 2,266 1,175 '834 4,333 872 March '89, 506 '77,064 35, 519 2,387 2,002 673 12, 850 13,161 3, 253 1,403 '673 4,204 939 April 87, 393 74, 624 34, 351 2,374 2,024 702 12,339 12, 895 2,389 1,664 '698 4,280 906 May P90, 445 *>77,150 35, 794 2,415 1,989 ?702 13, 715 13, 338 1,863 1,338 782 4,278 935 June ^90, 712 P77, 326 35, 509 2,394 2,020 P632 12,711 13, 674 P2, 633 1,365 901 4,577 909 July P%, 432 P82, 703 36, 222 2,410 P2, 061 16, 543 14, 727 P2, 458 P\, 365 P4, 472 Oold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180. r Revised. P Preliminary. * Includes production in the Philippines. NOTE.- For monthly figures back to January 1929 and for explanation of table see BULLETINS for June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108- 109 and 1937 p. 104. Figures for Canada beginning January 1938 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: Year or month i e m o x ( r n p p - e ) n o o t e r r t t t s s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s A tra u l s i - a Japan B I r n i d ti i s a h c o t o r A th i u e l e n l s r - 19341 1,131,994 499,870 260, 223 8,902 94,348 12,402 86,829 30, 270 16,944 12,038 1,029 4 76,820 32,316 1935.___ . 1, 739,019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10,899 15,335 3,498 75, 268 47,054 1936 1,116, 584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21, 51323,280 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 1937—January 121,325 73,950 10,864 10,691 271 2 6,506 5,865 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 154,332 121,451 76 1,131 1,086 4,925 3,242 3 1,944 3,467 5,696 4,017 7,296 April. ... 215,811 175,165 596 5,399 7,225 1,973 4,261 2,231 2,388 9,978 4,857 1,737 May 155,362 103, 822 1,375 1,166 14,434 2,800 5,496 2,106 2,613 16, 593 3,797 1,160 June_._ _. _ 262,022 156, 943 11,059 5,228 1,392 36, 235 20,946 665 2,177 2,064 2,167 15, 316 3,966 3,866 July 175,417 76,432 1,138 22, 556 3,177 2,390 7,428 5,348 2 2,410 3,796 44,459 4, 355 1,925 August 104,844 30,147 10,118 521 4 12, 247 3,524 1 1,505 3,710 37, 697 3,613 1,757 September. _ 145,495 59,066 13, 703 14,497 2,054 2,110 2,981 3,010 40,927 5,275 1,871 October 90,477 24,402 22,030 9,669 2,089 8 1,375 2,076 19,875 6,902 2,051 November. _ 22,110 -5,046 -24, 968 816 2,285 4,323 2,286 3,173 37,148 767 1,326 December... 17,982 -40 -14,987 2,767 3,404 16 2,292 3,786 18,774 107 1,862 1938—January 2,088 -20 -4, 974 649 819 1,676 1,025 1,043 1,870 February. __ 8,036 -11 15 692 721 2,105 1,330 1,943 1, 241 March_, 52,927 31, 395 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,536 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 August 165,973 91,227 4,721 3,213 15,360 14,333 3,183 2,113 1,772 2,748 23,497 3,806 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. NOTE.—For gross import and export figures and for additional countries see table on p. 894. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN OCTOBER 1938 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Germany Net imports from or net exports (—) to: Year or Total Total month net im- South net ime o x p r p o o r n t r e t s t s U S n ta i t t e e s d France m G a e n r- y g B i e u l m - N l e a t n h d e s r- U.S.S.R.Au li s a tra- A d R f e r h s i o c ia - a, B I r n i d ti i s a h B O c r o t i u h ti n e s - r h China c o o A th u l e l n r - ex o p p r o o n r r t e t s s t ^ () West tries tries Africa 1934. 716, 269 -497,166 348,190 121,017-13,585 32, 575 41, 790 335, 253 206,693 62,397 2 79,105-90,920 1935 369, 722 -435, 502 142,137 -4, 726 -17,476 10, 796 37, r~ 404, 295 181, 602 32, 754 14,051 3 2, 879 42, 969 1936 1,169, 931 -276,830 756, 215 23, 292-15,133 -21,215 26, 723 128, 421 28,067 13, 930 4 17, 647 -1,868 1937 420, 427 -834,009 541,187 46,147 -21, 993 -16,572 199,965 24,165 464, 837 66, 330 22,079 15, 544 -87, 253 -3, 718 1937—Apr 12,036 -149,444 11, 281 -1,055 104 927 98, 510 2,122 44.198 2,848 1, 220 1,325 1,778 May -48, 319 -101,710 -274 -1,786 -1,545 452 8,430 2,353 37,106 8,368 873 -586 2,956 June 22, 957-128,380 79, 545 8,398 -7,915 99' 14,027 1,552 46, 933 2,782 1,251 3,767-22, 222 July 127, 953 -79, 498 112,113 16, 348 -9, 207 -208 14,153 705 57, 861 6,129 1,296 7,227 1,032-11,355 Aug 122, 643 -26,043 50, 463 12, 212 416 -66: 16, 914 1, 54, 463 7,17" 1,171 8,454 -3, 903 -11,467 Sept -29, 775 -86,145 -2,034 8,245 573 -420 19, 784 2, 039 36.199 4,735 989 e -13,739 -8,182 Oct -6, 348 -16,236 -2, 831 3,171 8,176 -10,047 1,476 36, 244 5, 739 1,032 6 -33,071 63 Nov.. _ 22,054 4,258 -2, 488 84 -2, 215 -5,663 2,359 47, 694 4, 960 3,87" 6 -30, 813 -79 Dec 20, 976 2,006 -15,077 90 -12,834 -5,689 2,379 36, 528 5; 174 8,300 -137 236 -247 1938—Jan 27, 245 1,487 -9,848 41 -1,4 -6,055 3,7 32,889 4, 425 10, 063 -7, -200 Feb. 51, 387 3,528 -1,940 78 -3,067 5,669 2,958 43,092 5,002 7,036 7 -10,973 5,359 Mar 79,03" -35, 535 -4, 276 49 55, 448 3,625 11, 273 3,620 50, 540 5,101 2,786 s-13,586 -27 Apr 53,186 -18,507 -3,039 86 15,039 -4,139 31,089 4,168 35,077 3,586 3, 590 9 -13,763 6,009 May 97, 478 -5, 233 -119 168 48, 446 -6, 781 28,083 2,467 35, 40r 3,824 2,139 -139 9 -10,784 18,058 June 89, 580 -20, 811 -6,137 138 56, 764 -12,037 28,104 2,024 40, 623 3,725 9,929 -8 •0 -12,732 7,626 July 24,119 -10,529 -997 47 23, 212 -5,750 2,490 31, 516 6,418 6,581 •0-28,870 1,468 Aug -73,132 -5, 726 6,179 -258 -10,041 5,665 2,102 31,192 10,356 3,035 l° -21, 976 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 Gold month imports imports produce o x r ( p ) n o e rt t s U S n ta i t t e e s d U K d n o i i n m t g e - d France g B i e u l m - Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x r p n or e t t s U S n ta i t t e e s d U K d n i o n i m t g e - d c o t o A r th i u e l e n l s r - t I io n n d i i a n s i d e n R i r a v e I 1 - n e 1 s - P i I n h r d g o iv s i ld a i i 2 - t n e 1934. -46,065 -12,784 -45,955 -29, 235 18, 397 2,580 -82,183 -144,185-4,352 11, 223 173 -219,670 1935. -230,788 647 -54,858-181,725 -13,940 342 -46,172 -113,953-1, 746 11, 468 -150,398 1936. 122,279 -9,127 -1,714 39, 305 14, 531 4,600 -57,167 -64, 349 450 11,663 -109,403 1937. -56,946 -51,608 11, 940 -45,061 27, 739 6,553 -20,840 '-40, 751 11, 574 -41 -50,074 1937—Apr. _ —1, 506 —26 —1, 966 —28P 192 584 -6, 068 —3, 23 -3, 017 186 956 —38 —5, 074 May _ -4, 479 -1,174 -1,987 -3,132 1,107 96 611 -4,933 -2,187 -2, 624 -122 982 _ -3,951 June. -49, 417 -36, 242 -4,351 -8, 740 521 274 -879 -1,810 r-2,134 ••128 n 96 957 r-854 July.. -6,038 -1,243 -153 -1,831 -512 -2, 278 -25 -8, 689 -1,644 -7, 253 208 979 -4 -7, 706 Aug.. -1,630 -393 -1,242 I 350 -354 -5,197 -424 -4, 759 -14 975 -4, 222 Sept.. -7,147 -376 -6, 995 q* -1,186 1, 456 -4, 532 -4, 883 352 932 -3,600 Oct... -1,138 3,286 -9, 627 -109 -561 4,559 1, 30' -4, 655 ""-976 -3, 752 73 961 -3, 694 Nov.. 4,113 4,869 -6, 276 227 559 3,275 1,914 -4, 200 -4, 294 94 938 -3, 262 Dec... 26, 892 5,810 -5,828 24, 558 -559 2,553 358 -5,999 -4, 578 -1,421 1,029 -4,970 1938—Jan... 10, 826 12, 478 -13,978 10, 409 -41 1,614 335 -5, 599 -414 -5,110 -75 948 -4, 651 Feb._. 2,448 -35 11, 223 -11,518 -584 615 2,198 549 -7,423 -5,712 -1,711 872 -6, 551 Mar.. -3,188 3, 595 -9, 257 -943 1,763 1,421 233 -2, 749 -1,738 -1,010 939 -1,810 Apr... -7,632 -2,391 -6,084 -266 5,397 2,467 '3-6, 761 -4,388 -3, 745 -643 906 -3,482 May. -5, 201 33 4,860 -2, 943 -1,549 -2,009 2,396 13-5, 988 -3,452 -519 -3,338 406 935 -2, 517 June _ 5, 978 -220 5,256 -7,839 -484 5,814 5, 657 -2, 205 -2, 327 -2, 583 909 -1,418 July.. -8, 837 -2 16,128 -14,071 -6,041 -142 3, 962IS-8,671 -9,944 P874 P-9,070 Aug. _ -1,338 o 10, 464 -8, 382 -1,283 -37 3, 82413—5, 924 p Preliminary. r Revised. 1 Beginning with April 1938, figures represent gold movements of Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 3 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. 5 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, $27,5111,,0000, 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, July, and August include exports to Sweden of $7,673,000, $11,429,000, and $11,151,000 and net exports to Switzerland of $5,- 407,000, $16,521,000, and $10,498,000 respectively. 11 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transfered. 12 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. 13 Figures for April, May, July, and August 1938 include exports to Greater Germany of $9,999,000, $6,183,000, $8,893,000 and $6,294,000 t 1 NOTE.—Switzerland and United Kingdom .—In some cases annual aggregates of official monthly figures differs somewhat from revised official totals published for year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

925 OCTOBER 1938 FEDERAL RESERVE BULLETIN 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 m de e p n a t r ) t - i Cash reserves a c n o D d u is n a - t d s - Se t c ie u s ri- ci t r i c o u n la- ) — e posits — l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145. 8 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 .6 31.6 27.3 133.0 364.2 126. 4 7.7 40.3 18.0 1932—Dec. 28 119.8 .8 23.6 18.5 120.1 371. 2 102.4 8.9 33.8 18.0 1933— Dec. 27 190. 7 1.0 58.7 16.8 101.4 392.0 101.2 22. 2 36.5 18.0 1934—Dec. 26 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 . 313.7 .6 46.3 17.5 155. 6 467.4 150.6 12.1 39.2 18.0 1937— May 26 321.3 46.0 4.9 119.7 475.2 91.4 24.9 37.5 17.8 June 30... ... 326.4 38.0 6.3 164. 3 488.4 140. 5 10. 8 40.2 18.0 July 28 326.4 1.1 28.1 5.8 135. 2 498. 3 104.3 10.5 37.3 18.1 Aug. 25 326. 4 1.5 38.1 4.3 128. 5 488.3 92.8 25.4 36.0 18.2 Sept. 29 326.4 1.7 37.9 6.2 126.6 488.5 95.1 21.8 37.2 18.3 Oct. 27 326. 4 1.6 43.3 8.1 121.1 483.1 87.7 32.2 36.6 17.7 Nov. 24 326.4 1.5 66.0 8.6 97.0 480. 4 83.6 35. 4 36.3 17.8 Dec. 29 326. 4 .8 41.1 9.2 135. 5 505. 3 120.6 11.4 36.6 18.0 1938—Jan. 26 326.4 .6 53.2 10.4 117. 9 473. 2 113.1 13.6 37.3 18.1 Feb. 23 326.4 .8 51.9 6.5 J16. 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 .9 41.2 7.3 140. 6 485. 2 125. 5 10.5 36.1 17.9 July 27 . 326.4 1.1 33.1 9.5 137.0 493.3 116.4 11.2 35.1 18.1 Aug. 31 326.4 1.3 46.0 5.4 124.4 I 480.4 94.7 27.8 36.4 18.2 Sept. 28P 326.4 1.5 25. 5 7.3 135.6 500. 9 99. 9 11.4 40.2 18.3 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- (Figures in millions of francs) Gold 2 ch e F e a i o g x n r - n - ge M O a p r e k n et c S i p a e l - ^ Other m v G a e e t n r o o n n c v t - e - 5 s m G S t o e h e n v r o t e m r s r t n e - - - s O e t c i t e h u s e ri r - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1929—Dec. 27 41,668 25, 942 5,612 8,624 2,521 5,603 68, 571 11, 737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 2,901 6,609 76,436 12,624 11, 698 2,241 1931—Dec. 30 68, 863 21, 111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30. 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20, 072 2,041 1933—Dec. 29_ 77,098 1,158 6,122 4,739 2,921 8, 251 82, 613 2,322 13, 414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 3,211 8,288 83, 412 3,718 15, 359 1,907 1935—Dec. 27... 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30__.. 60, 359 1,460 5, 640 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937- May 27.. 57, 359 1,053 5, 642 8,377 19, 980 385 3,777 8,158 85, 745 3,154 14, 766 2, 502 June 24... 54, 859 1,058 5,641 9,356 21, 380 776 4,013 8,110 85,985 2,209 15, 710 2, 549 July 29.. 55, 677 951 5, 641 10,197 23, 887 958 4, 064 8,467 89, 307 2,563 15, 812 3,152 Aug. 26.. 55, 718 911 5, 637 8,655 25, 218 476 3,763 8,417 88, 255 2, 251 15, 927 3,196 Sept. 30... 55,805 825 5, 637 9,799 25,999 1,340 4,175 8,558 91, 370 2,351 15, 886 3,133 Oct. 28. _.. . 55, 805 829 5,637 10, 620 26, 918 483 3, 710 7,218 91, 336 2,648 14, 679 3,121 Nov. 25.._ 58, 932 965 5,637 9, 655 26, 918 314 3, 675 7, 343 90,131 2,686 17, 893 3, 452 Dec. 30 58, 933 911 5,580 10,066 31, 909 675 3,781 7, 277 93, 837 3,461 19, 326 3,160 1938- Jan. 27 58, 933 871 5, 580 12,053 31, 904 925 3,824 7,019 92, 255 2,689 23, 720 3, 285 Feb. 24..... 55, 807 874 5, 575 11, 582 31, 904 866 3, 652 7,187 92, 740 2, 226 20,147 3,154 Mar. 31. 55, 807 845 5, 575 10, 321 38, 574 997 3, 825 8,361 98,095 2,233 21,409 3,141 Apr. 28__... 55, 807 830 5,575 10, 865 40,134 879 3, 700 7,288 98, 519 2,802 21, 237 3,154 May 25. __ 55, 808 813 5. 575 9,024 40,134 113 3,454 7,334 98,923 3,248 17, 525 3,155 June 30... 55, 808 804 5, 850 5,497 40,134 552 3, 614 8,258 02, 087 3,245 12, 769 2, 592 July 28 55,808 782 5,835 7,133 40,134 | 623 3, 545 7,117 01,117 3,135 14, 207 2, 608 Aug. 25__. 55, 808 767 6.098 8,241 40,134 331 3, 545 7, 364 99. 065 2,891 17, 684 2, 649 p Preliminary. 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductions in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936, to Nov. 10, 1937, £60,000,000; Nov. 17, 1937, to Jan. 12, 1938, £40,000,000; since Jan. 19, 1938, £60,000,000. From August 1, 1931, to March 31, 1933, increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under Section 8 of Currency and Bank Notes Act. 2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by law of October 1. By decree of July 22, 1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853). 3 Negotiable bills of Caisse Autonome and bills bought under authority of decres of June 17, 1938 (see BULLETIN, Aug. 1938, p. 650). 4 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). 5 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

926 FEDERAL RESERVE BULLETIN OCTOBER 1938 CENTRAL BANKS—Continued Assets Liabilities Reichsbank (Figu r r e e i s c h in m m ar i k ll s i ) ons of Gol R d eser e v F x e o c s h re a i n g g n e Tr b e i a ll s s ury b c i O h ll e s t c h ( k e a s r n ) d Se l c o u a r n i s ty E a c s li o g n v i o S e b t r e l e e curiti O e t s her Other ci N t r i c o o u t n l e a- Deposits l O ia ti t b e h i s e li r - 1929—Dec. 31. 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31. 2,216 206 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 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31. 79 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 82 53 4,498 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 62 5,448 74 221 303 765 4,980 1,012 953 1937—Aug. 31. 6 33 5, 283 52 104 299 905 5,116 736 901 Sept. 30 6 53 5,538 51 105 293 905 5,256 838 927 Oct. 30_. 6 7 5,578 44 105 293 844 5,275 711 959 Nov. 30. 6 27 5,520 46 105 286 870 5,196 766 967 Dec. 31. 6 119 6,013 60 106 286 861 5,493 1,059 970 1938—Jan. 31. 5 60 5,459 66 108 5,199 851 Feb. 28 _ 5 21 5,637 81 110 953 5,278 891 A M p a r r . . 3 3 0 1 . f 8 1 9 2 5 5 , , 8 8 4 1 1 3 6 5 3 9 1 9 2 6 1 2 2 9 9 7 7 1 1 , , 3 6 8 1 8 4 5 6 , , 6 0 2 8 2 6 1 1 , , 3 0 2 3 3 1 8 90 7 3 7 May 31. 18 5,832 57 545 300 1,373 6,269 1,021 911 June 30. 5 39 6,136 71 547 300 1,322 6,440 1,119 932 July 30_ 6 17 6,247 49 549 1,285 6,650 920 951 Aug. 31. 5 1 6, 647 35 550 1,268 1,033 974 5 NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1938 1937 Central bank 1938 1937 [Figures as of last report [Figures as of last report date of month] Aug. July June Aug. date of month] Aug. July June Aug. National Bank of Albania (thou- Central Bank of Bolivia— Cont. sands of francs): Securities— Government 397, 275 396, 807 378,092 Gold 7,554 Other 4,094 6,091 4,749 Foreign assets 22, 729 Other assets 20, 839 19, 210 14, 973 Loans and discounts 3,807 Note circulation 270, 992 267, 335 255, 536 Other assets 4,348 Deposits 243, 472 225, 775 251, 499 Note circulation 11, 267 Other liabilities 63, 430 63,100 55, 507 Other sight liabilities 14, 926 Bank of Brazil (millions of milreis): Other liabilities 12, 245 Cash 272 Central Bank of the Argentine Correspondents abroad 348 Republic (millions of pesos): Loans and discounts 2,393 Gold reported separately 1,224 1,224 1,224 Deposits 2,766 Other gold and foreign exchange- 100 116 273 National Bank of Bulgaria (mil- Negotiable Government bonds. _ 63 32 lions of leva): Other assets 171 183 Gold 1,994 1,994 1,833 Note circulation 1,' 1,146 Foreign exchange 846 855 302 Deposits—Member bank 320 312 394 Loans and discounts 917 965 1,286 Government--. 126 118 124 Government debt 3,468 3,468 3,523 Other 2 2 5 Other assets 1,297 1,366 1,004 Foreign exchange sold forward- 9 9 Note circulation 2,489 2,313 2,856 Other liabilities 49 49 43 Deposits 3,750 4,052 2,885 Commonwealth Bank of Australia Other liabilities 2,284 2,282 2,206 (thousands of pounds): Bank of Canada (thousands of Ca- Issue department: nadian dollars): Gold and English sterling 16,011 16,011 16,007 16, 008 Gold 180,125 180, 415181, 608179, 489 Securities 38, 300 38, 301 39, 341 39,058 Sterling and United States ex- Banking department: change 27, 750 23, 461 31, 607 25,826 Coin, bullion, and cash 1,384 1,283 1,238 1,222 Canadian Gov't. securities: London balances 23, 272 25, 223 28, 261 38,193 2 years or less 121, 648 116,318 113, 730 56,026 Loans and discounts ..._ 14,101 13, 822 12, 832 13, 674 Over 2 years 52,034 52, 612 52,167 93, 082 Securities 52, 240 50, 736 48, 615 37, 939 Other securities 1,013 10, 981 Deposits 85, 282 85, 636 85, 786 86, 790 Other assets 5,569 9,240 6,950 8,724 Note circulation 49, 030 49, 030 49, 034 47, 534 Note circulation 161,371 156, 796154,112 148,058 National Bank of Belgium (mil- Deposits-Chartered banks 202, 250 187, 534195, 447185, 259 lions of belgas) : Dominion Government 12, 793 15, 233 21,197 26, 624 Gold 3,047 2,954 2,836 3,582 Other 523 2,769 1,568 584 Foreign balances and bills 930 820 756 1 1, 346 Other liabilities 10,191 19, 714 14, 751 13,604 Discounts 225 343 424 (2) Central Bank of Chile (millions of Loans 43 52 75 34 pesos): Other assets 456 454 461 300 Gold 145 145 145 144 Note circulation 4,223 4,205 4,163 4,405 Discounts for member banks 8 5 10 15 Demand deposits—Treasury 15 16 43 116 Loans to government 771 771 771 795 Other 344 284 228 669 Other loans and discounts . 144 136 144 95 Other liabilities 119 119 118 72 Other assets 42 39 39 65 Central Bank of Bolivia (thousands Note circulation 700 709 723 664 of bolivianos): Deposits- Gold at home and abroad 54, 491 54,142 52,180 Bank 205 188 180 245 Foreign exchange 76, 524 59, 971 95, 711 Other 61 61 71 71 Loans and discounts 24, 671 19, 990 16, 838 Other liabilities 143 138 135 133 1 Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937. 2 Not reported separately on bank statement; see note 1. 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OCTOBEE 1938 FEDERAL RESERVE BULLETIN 927 CENTRAL BANKS—Continued (Figures as of last report date of month] 1937 1938 1937 Central bank Central bank Aug. July June Aug. Aug. July June Aug. Bank of the Republic of Colombia Bank of Finland (millions of mark- (thousands of pesos): kaa): Gold 35,283 36, 757 35,981 28, 588 Gold 621 621 621 640 Foreign exchange 6,183 5,346 7,122 12,853 Foreign assets 2,326 2,209 2,291 2,402 Loans and discounts 18,990 18,082 21,307 15, 682 Loans and discounts 1,508 1,546 1,563 986 Government loans and securities 46,494 46, 593 46, 753 45, 805 Domestic securities 236 239 245 374 Other assets 26, 762 26, 688 25,942 26, 556 Other assets 353 305 318 424 Note circulation 51, 602 52, 652 52, 632 51,468 Note circulation 2,050 2,047 2,105 1,898 Deposits 39, 752 37, 757 41, 435 37, 716 Deposits—Treasury 98 71 141 325 Other liabilities 42, 357 43, 059 43, 040 40, 301 Other 1,204 1,178 1,096 929 National Bank of Czechoslovakia Other liabilities 1,691 1,624 1,695 1,674 (millions of koruny): Bank of Greece (millions of drach- Gold 2,653 2,653 2,652 2,574 mas): Foreign exchange 202 246 317 371 Gold and foreign exchange (net) 3,076 3,108 3,241 3,133 Discounts 2,561 2,194 2,346 1,115 Loans and discounts 7,642 7,133 6,905 4,469 Loans 1,440 1,236 1,287 1,121 Government obligations 4,305 4,285 4,360 4,377 Government debt 2,005 2,006 2,006 2,014 Other assets 2,263 2,205 2,186 1, 765 Other assets 1,028 1,126 1,172 904 Note circulation 6,723 6,551 6,467 6,428 Note circulation 8,087 7,641 7,947 6,250 Deposits ___ 7,857 7,647 7,837 5,149 Demand deposits 138 259 264 128 Other liabilities 2,706 2,534 2,387 2,167 Other liabilities 1,664 1,560 1,567 1,720 National Bank of Hungary (mil- Bank of Danzig (thousands of lions of pengos): gulden): Gold 84 84 84 84 Gold 29,183 28,965 28,953 28, 111 Foreign exchange reserve 76 74 72 58 Foreign exchange of the reserve. _ 5,945 5,347 4,900 1,263 Discounts 399 391 439 416 Other foreign exchange 598 581 581 504 Loans—To Treasury 150 148 120 111 Loans and discounts 16, 262 16, 270 16, 659 15, 958 Other 14 14 14 17 Other assets 3,208 2,886 3,401 4,091 Other assets 318 319 321 254 Note circulation 37, 622 38, 554 35, 486 34, 281 Note circulation 606 582 581 453 Demand deposits 20,811 18, 473 17, 443 12,974 Demand deposits 176 180 205 191 Other liabilities 19,016 19,016 19, 016 19, 015 Certificates of indebtedness 70 70 70 93 National Bank of Denmark (mil- Other liabilities 189 198 194 203 lions of kroner): Reserve Bank of India (millions of Gold 118 118 118 118 rupees): Foreign exchange 109 95 88 13 Issue department: Discounts 20 20 20 27 Gold at home and abroad..-. 444 444 444 444 Loans—To Government agencies 112 117 150 228 Sterling securities 695 695 761 803 Other 82 82 98 101 Indian Gov't. securities 324 324 324 274 Securities 123 113 116 52 Rupee coin 688 671 628 611 Other assets 104 105 84 66 Note circulation 1,713 1,715 1,754 1,778 Note circulation 397 403 414 376 Banking department: Deposits 104 80 96 73 Notes of issue department ... 438 418 403 354 Other liabilities 168 167 164 155 Balances abroad 24 35 20 144 Central Bank of Ecuador 1 (thou- Treasury bills discounted 1 3 sands of sucres): Investments 64 63 66 Gold 34, 364 37, 541 Other assets 12 11 10 9 Foreign exchange (net) 5,088 23, 775 Deposits 423 414 393 478 Loans and discounts 55, 683 52, 817 Other liabilities 116 113 110 109 Other assets 17, 561 14,173 Bank of Japan (millions of yen): Note circulation 61, 220 66, 356 Gold 501 501 801 801 Demand deposits 36, 716 49,851 Special foreign exchange fund 300 300 Other liabilities 14, 761 12,099 Discounts 465 461 439 576 National Bank of Egypt 2 (thou- Loans—Government 3 3 3 234 sands of pounds): Other 68 56 46 163 Gold 6,545 6,545 6,545 Government bonds 1,257 1,213 1,280 641 Foreign exchange 1,459 1,320 1,712 Other assets 240 198 198 198 Loans and discounts 4,355 4,264 3,401 Note circulation 1,953 2,043 1,946 1,580 British, Egyptian, and other Deposits—Government 353 275 258 361 Government securities 31, 454 33, 614 35,073 Other 147 97 194 77 Other assets 6,961 7,318 8,623 Other liabilities 381 317 370 596 Note circulation 18,492 19,182 19,032 Bank of Java (millions of guilders): Deposits—Government 5, 972 6,901 7,869 Gold 117 117 117 Other 17,615 18, 380 19, 432 Foreign bills 3 2 5 Other liabilities 8, 695 8, 599 9,021 Loans and discounts 64 67 70 Central Reserve Bank of El Salva- Other assets 101 85 106 dor (thousands of colones): Note circulation 189 185 199 Gold 13,206 13,206 13,161 Deposits 71 62 73 Foreign exchange 4,190 3,809 6,417 Other liabilities 25 25 26 Loans and discounts 808 609 338 Bank of Latvia (millions of lats): Government debt and securities 5, 525 5,546 6,054 Gold 78 78 77 Other assets 846 1,654 2,813 Foreign exchange reserve 38 39 39 41 Note circulation 13,611 13, 690 16, 548 Loans and discounts 127 126 131 120 Deposits . __ 6,406 6, 739 7,927 Other assets 62 64 55 46 Other liabilities 4, 558 4,395 4, 307 Note circulation 61 61 63 51 Bank of Estonia (thousands of Deposits 196 197 196 202 krooni): Other liabilities 48 48 44 32 Gold 34, 270 34, 265 34, 253 34, 208 nk of Lithuania (millions of litu): Foreign exchange (net) 17,123 16, 389 15, 817 17,092 Gold 78 79 79 Loans and discounts 22,080 22,061 22, 580 25,124 Foreign exchange 3 6 5 6 Other assets 30, 773 30, 491 29, 587 23, 620 Loans and discounts 102 100 105 99 Note circulation 48, 364 47, 897 46, 775 45, 462 Other assets 30 32 32 34 Demand deposits 33, 716 33, 865 34, 944 39,056 Note circulation 124 123 123 113 Other liabilities 22,166 21, 443 20, 520 15, 527 Deposits 65 72 76 78 Other liabilities 24 23 23 24 1 Form of official statement revised effective December 1937. * Items for issue and banking departments consolidated. 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928 FEDERAL RESERVE BULLETIN OCTOBER 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1937 1938 1937 Central bank Central bank Aug. July June Aug. Aug. July June Aug. Netherlands Bank (millions of guil- National Bank of Rumania—Cont. ders) : Loans and discounts 9,160 7,680 7,408 Gold 1,481 1,481 1,481 1,266 Special loans 2 1,883 1,912 1,944 2,050 Silver (including subsidiary coin) 21 20 21 19 Government debt 10, 402 10, 396 10,402 11, 337 Foreign bills 5 5 5 3 Other assets 11,249 11, 224 11, 084 Discounts 10 8 8 13 Note circulation 30, 921 29, 659 30,103 26, 791 Loans 296 323 330 180 Demand deposits 12,044 12, 690 12, 634 12,854 Other assets 64 64 63 67 Other liabilities 10,616 9,783 9,484 10, 662 Note circulation . _ 939 919 911 852 South African Reserve Bank Deposits—Government 167 176 145 78 (thousands of pounds): Other 723 761 809 571 Gold 24, 550 23,049 22, 724 22, 942 Other liabilities 46 45 44 45 Foreign bills 7,285 6,480 8,253 5,490 Reserve Bank of New Zealand Other bills and loans 2,528 1,928 23 1,733 (thousands of pounds): Other assets 13, 456 13, 234 13,004 12, 607 Gold 2,802 2,802 2,802 2, 802 Note circulation 16, 462 18,099 15, 930 16,064 Sterling exchange reserve 13, 695 15,106 16, 609 20, 555 Deposits 28, 244 22, 413 24, 859 23, 612 Advances to State or State un- Other liabilities 3,113 4,179 3,214 3,096 dertakings 6, 634 6,066 4,757 4,787 Bank of Sweden (millions of Investments 2,732 2,732 2,732 2,906 kronor): Other assets 304 293 305 170 Gold 617 615 536 Note circulation 13, 696 13, 564 13, 775 12, 794 Foreign assets 853 873 1,018 Demand deposits 10, 850 11, 801 11, 825 16, 833 Discounts 12 12 13 12 Other liabilities 1, 620 1,634 1,605 1, 593 Loans 23 23 22 25 Bank of Norway (millions of Domestic securities 70 60 45 6 kroner): Other assets 393 381 390 317 Gold 222 222 199 189 Note circulation 971 950 972 885 Foreign assets 199 '210 235 166 Demand deposits 831 839 830 888 Total domestic credits and Other liabilities 166 163 155 141 securities 207 202 181 205 Swiss National Bank (millions of Discounts 0) 76 78 122 francs): Loans 0) 29 33 26 Gold 2,837 2,786 2,806 2,544 Securities (0 96 69 58 Foreign exchange 374 385 397 209 Other assets , 0) 40 36 13 Discounts 20 12 32 21 Note circulation 453 456 445 422 Loans 20 20 22 28 Demand deposits—Government 32 37 9 40 Other assets 705 697 700 604 Other 95 97 113 49 Note circulation 1, 555 1,541 1,541 1,411 Other liabilities I1) 84 83 62 Other sight liabilities 1,763 1,723 1,778 1,358 Central Reserve Bank of Peru Other liabilities 638 637 637 637 (thousands of soles): Central Bank of the Republic of Gold and foreign exchange 48,099 55,602 Turkey (thousands of pounds): Discounts 28, 470 36, 709 Gold 36,869 36,867 36,863 36, 711 Government loans 72,177 45,081 Foreign exchange—Free 27 6 29 Other assets 4,831 10, 580 In clearing accounts 10, 365 10,276 9,678 35, 226 Note circulation 98,113 96, 937 Loans and discounts 75,473 67, 450 65, 957 46,887 Deposits 40,577 32, 392 Securities 189, 764 190,001 190,622 187,158 Other liabilities 14, 888 18, 642 i Other assets 28,415 30,016 33, 292 34, 882 Bank of Poland (millions of zlotys): [ Note circulation 175,691 175,691 175, 691173,252 Gold 448 447 446 429 Deposits "1,029 56,316 55,844 44,375 Foreign exchange 12 12 12 32 Other liabilities 105,167 102,631 104,885 123,265 Loans and discounts 791 756 741 612 Bank of the Republic of Uruguay Securities 128 128 128 135 (thousands of pesos): Other assets 377 399 •419 459 Issue department: Note circulation 1,149 1,123 1,137 1,021 Gold and, silver 3 103, 585103, 585 42,087 Other sight liabilities 249 264 259 249 I Note circulation 87, 254 87, 254 89, 582 Other liabilities 358 355 350 Banking department: Bank of Portugal (millions of Cash reserves 51,875 51,875 22,653 escudos): Loans and discounts 97, 622 97, 622 80,442 Gold 918 918 916 Other assets __. 70, 464 70,464 77, 483 Other reserves (net) - 472 486 574 Deposits 82, 957 82, 957 88,180 Non-reserve exchange 150 143 161 Other liabilities 147, 004147,004 92,399 Loans and discounts 392 380 325 National Bank of the Kingdom of Government debt 1,040 1,040 1,042 Yugoslavia (millions of dinars): Other assets 1,251 1,234 1,402 Gold 1,844 1,837 1,834 1,692 Note circulation 2,016 2,031 2,053 Foreign exchange . 391 361 446 699 Other sight liabilities 1,189 1,190 1,199 Loans and discounts... 1,593 1,574 1,534 1,602 Other liabilities 1, 016 1,169 Government debt -_ 2,242 2,241 2,241 2,252 National Bank of Rumania (mil- Other assets 3,170 3,210 3,225 2,484 lions of lei): Note circulation 6,246 6,142 6,036 5,864 Gold 17,001 16,911 16, 872 16,128 Other sight liabilities 2, 215 2,256 2,418 2,123 Special exchange accounts 3,887 4,009 4,510 5,823 Other liabilities 780 826 825 741 r Revised. 1 Figures not yet available. 8 Agricultural and uiban loans in process of liquidation. 8 By law of January 18,1938, gold revalued in March at rate of 0.585018 gram fine gold per peso. 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OCTOBER 1938 FEDERAL RESERVE BULLETIN 929 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs'] 1938 1937 1938 1937 Assets Liabilities Aug. 31 July 31 Aug. 31 Aug. 31 July 31 Aug. 31 Gold in bars 30,945 27, 384 10,874 Demand deposits (gold) 9,107 9,206 8,756 Cash on hand and on current account with banks 48,120 34, 920 23, 702 Short-term deposits (various curren- Sight funds at interest 15, 679 16,481 21,105 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 35,831 34,112 36,819 (at cost): Time—not exceeding 3 months 129, 495 124, 777 197, 773 Commercial bills and bankers' ac- Time—between 3 and 6 months 763 ceptances 152, 684 140, 804 122, 589 Treasury bills 70, 690 81, 439 170, 768 Total 166,089 158,8 234, 591 Total.. 223, 374 222, 243 293, 357 Central banks for account of others: Demand 2,416 2,363 4,396 Time funds at interest: Other depositors: Not exceeding 3 months 53, 852 55, 759 45,135 Demand 4,183 1,088 6,610 Between 3 and 6 months 87 571 Time—not exceeding 3 months. 1,899 1,525 835 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 152, 911 153, 280 153,096 Treasury bills 27, 622 24, 424 15, 628 German Government deposit 76, 456 76, 640 76, 548 Sundry investments 85, 574 54, 418 101, 891 French Government guaranty fund. 25, 336 25, 702 34,837 Between 3 and 6 months: French Government deposit (Saar). 831 843 1,142 Treasury bills 32, 655 30,922 44, 556 Sundry investments 44, 385 81, 579 47, 228 Total 255, 534 256, 465 265, 624 Over 6 months: Treasury bills 31,126 35, 480 55, 358 Capital paid in 125,000 125,000 125,000 Sundry investments 31, 540 31, 759 45, 580 Reserves: Legal reserve fund 4,688 4,688 4,238 Total.. 252, 903 258, 582 310, 242 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. 1,395 1,397 1,359 sold 811 824 1,085 Sundry items 36, 582 36,162 35,896 Sundry items 792 87 178 Total liabilities 626, 476 616,367 706,249 Total assets. 626,476 616,367 706, 249 i See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom Cash M ca o l n l e a y n d at Bills dis- Securi- Loans to Other Deposits Other (Figures in millions of pounds sterling) reserves n s o h t o ic rt e counted ties cus e t r o s m- assets Total Demand1 Timei liabilities 10London 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 1,983 991 963 218 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— Dece m her 221 159 322 605 784 231 2 091 1,140 924 231 1936— December... 236 187 316 630 864 238 2,238 232 1937—December 236 155 295 605 954 242 2,250 237 11London clearing banks8 1936—December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937_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. 235 161 634 991 245 2,311 1,238 1,025 252 December 244 163 £00 635 984 256 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 244 150 239 834 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 1,254 1,055 255 August- ___ _ __ _ 241 153 305 642 974 239 2,298 256 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

930 FEDERAL RESERVE BULLETIN OCTOBER 1938 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b ue a n f k ro s m B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—December. 2,419 4,675 20,448 10,743 2,361 36,681 35, 284 1,397 921 4,357 1931—December. 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37, 759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19, 848 1,827 32, 635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18, 304 8,159 1,717 30, 943 30,039 904 193 4, 301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—December. 3,100 2,975 17, 582 7,631 1,957 28, 484 27, 955 529 473 4,289 1937—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. __ 2,698 4,434 19,079 8,172 1,952 31, 277 30, 708 569 695 4,364 November 3,325 4,040 18,046 7,834 2,011 30,142 29, 539 604 695 4,419 December. 3, 403 4,116 18, 249 7,624 2,134 30, 348 29, 748 600 661 4,517 1938—January... 2,990 4,319 17, 921 7,905 1,400 30,022 29, 386 636 740 3,773 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 June 4,086 3,799 20, 443 7,083 1,538 32, 464 31, 938 527 534 3,950 Assets Liabilities Germany i (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n d te i d s- Loans Se ti c e u s ri- O as 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 f r t r e a o d i m n it e s d l O ia t t i b h e i s e li r banks 1930—No vember _ 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1, 550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 5,376 2,435 2,941 686 1,449 1936—November. 137 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—July 145 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 July 178 263 3,464 2,729 1,100 809 6,788 3,194 3,594 420 1,334 Liabilities Deposits payable in Can- Entirely in Canada Security ada excluding interbank Canada loans deposits (10 cha li r o te n r s e d o f b C a a n n k a s d . ian F ig d u ol 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 d n e i s r s- a a f n o b f d d r r r o e u o i m e n g a e d n t Se ti c e u s ri- a O s 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 t t i b h e i s e li r counts banks 1930—December.. 207 205 1,275 171 604 602 133 2,115 1,426 816 1931—December.. 201 135 1,253 146 694 510 129 2,058 1,360 752 1932—December.. 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December.. 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December.. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December.. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December.. 240 114 791 161 1, 384 507 103 2,303 755 1,548 790 1937—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 247 921 119 1,462 520 99 2,459 838 1,621 781 July 240 920 123 1,437 471 95 2,394 772 1,623 772 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

931 OCTOBER 1938 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective U K d n i o i n m t g ed - France m G C a e n e r y - ntra g l B i b u e a m l- nk o N l f a 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 R S 3 e a 0 p te t. eff D ec a t t i e ve b C a e n n k t r o a f— l R S 3 e a 0 p te t. ef D fec a t t i e ve Albania 6 April 1, 1937 Japan. 3.29 Apr. 7, 1936 J I J n u u 1 l l y e y 9 f 3 f 7 1 6 e c 0 t June 30, . 2 4 3 4 2 3/2 3.29 A B B B B o u e r r i g l l l t g i g i e v i s a n u i h r a t m i i I a n n a d . i a . 3 6 3 6 2 J A N M M u u o a a l g y v y r . . . 3 2 1 0 8 5 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 8 5 5 6 2 J N L M L a i a e e v t t t h x a v h i u i e c a a r o l n a i n a d . _ s _ 3 3 2 5 5 J J N M D u a e o n a l c y . v . r . . 1 3 1 1 4 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 6 7 7 6 8 Sept. 9 2 Canada Mar. 11, 1935 New Zea- S O O O e c c c p t t t . . t . 1 2 9 2 6 5 .- 5 3 2 C C Cz o h v e l i a o l c e k h m i o a b s i l a o - - ... 4 3 J J D a u e n l c y . . 1 1 1 6 8 , , , 1 1 1 9 9 9 3 3 3 6 6 3 N P P o e o l r l a r u a n w n d a d y 6 2 J J M D u a e n a n c. y . e 2 2 1 9 0 5 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 2 8 7 6 O N D c e o t c v . 2 3 2 0 6 9 I1/ D D Ec e a u n n m a z d i a g o rk r —_ 4 4 4 J N N a o o n v v . . . 3 1 0 9 2 , , , 1 1 1 9 9 9 3 3 3 6 2 7 R P So o u u r m t t u h a g n A a i l a frica A 33 - / l 2 y 2 A M M u a a g y y . 1 1 5 1 5 , , , 1 1 1 9 9 9 3 3 3 7 8 3 J J u an n e 2 1 8 5 , 1 . 9 37 - 4 6 E E l s t S o a n l i v a ador 4 A O u ct g . . 2 1 3 , , 1 1 9 9 3 3 5 5 S S w pa e i d n en 5 2 J D u e l c y . 1 1 5 , , 1 1 9 9 3 3 3 5 July 7 5 Finland 4 Dec. 3, 1934 Switzerland Nov. 26, 1936 S A e u p g t . . 3 4 4 F G r e a r n m ce any. __ 3 4 S S e e p p t t . . 2 2 8 2 , , 1 1 9 9 3 3 8 2 U Tu n r it k e e d y King- 4 July 1, 1938 M M M No a a a v y y v 1 1 1 3 0 0 3 3 , 1938 3 2V2 4 3 I H G ta r u e l n y e g c a e r . y _ . _ _ _ 6 4 J A M a u n a g . y . 2 1 4 8 9 , , , 1 1 1 9 9 9 3 3 3 7 6 5 U Y . u d g S o o . m s S l .. . a v R _ i . a _ . _ . 2 4 5 J J F u u eb n ly . e 3 1 1 0 , , , 1 1 1 9 9 9 3 3 3 5 6 2 Sent 28 3 In effect Sept. 30, Changes since Aug. 31: France—Sept. 28, up from 23^ to 3 percent. 1938 2 3 4 3 2 Hi 3.29 MONEY RATES TN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month ac 3 B c a m e n p o k t n a e n t r h s c s ' es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a d o n e w k p a e o n r s c s i ' e ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f th or Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f th or 1929—August... 5.47 5.48 4.35 7.18 9.43 7.42 5.06 4.68 1930—August... 2.21 2.17 1.85 3.24 4.43 3.73 1.83 1.63 1931—August— 4.28 4.21 3.59 i 8.92 i 9.18 19.15 1.30 1.22 1932—August... .74 .60 .73 4.50 5.75 5.82 .37 1.00 1933—August... .41 .30 .62 3.87 5.50 4.94 1.11 1.08 1934—August.._ .79 .74 .81 3.75 5.02 4.72 .75 1.00 1935—August— .60 .58 .75 3.00 3.00 3.06 4.78 4.72 1936—August.. _ .55 .53 .75 2.88 2.84 3.01 1.29 1.20 1937—August... .55 .52 .75 2.88 2.69 2.85 .13 .53 1938—February .53 .50 .75 2.88 2.88 2.73 .13 .50 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 .59 .75 2.88 2.88 3.06 .13 .50 July .55 .52 .75 2.93 2.88 2.96 .13 .50 August... .53 .51 .75 2.88 2.87 2.51 .13 .50 Sw la i n tz d er- ( B B e ru lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929—July.. 3.19 4.04 3.50 6.75 SH-10 5.48-5. 66 3.10 1 1 9 9 3 3 0 1 — — J J u u l l y y _ .. . 1 1 . . 9 5 2 5 2 2 . . 7 1 8 5 2 1. . 2 0 0 8 5 5 . . 2 5 5 0 H>4 y2 4-6 4.93-5 5 . . 4 4 8 8 3 2. . 7 6 4 5 1932—July.. 1.50 3.17 .99 5.50 4-434 4-5 6.02-6. 39 4.20 1933—July.. 1.50 2.31 1.39 4.00 3-5 5.11-5. 48 2.37 1934—July. . 1.50 2.20 1.78 3.00 3^ *5.11 2.57 1935—July.. 2.79 1.88 4.06 3.50 5.11 2.45 1936—July.. 2.25 1.38 3.30 4.50 4.75 2.53 1937—July.. 1.00 1.00 5.20 5.00 4-63^ 2M 4.75 2.70 -January.. _ 1.00 1.57 3.00 5.00 4.75 2.38 February.. 1.00 1.52 3.00 5.00 4.56 2.53 March 1.00 1.50 3.01 5.00 4.56 2.51 April 1.00 1.50 3.25 5.00 4.56 2.45 May 1.00 1.50 2.62 5.00 4.56 2.40 June 1.00 2.40 5.00 4.56 2.37 July 1.00 2.50 5.00 4.56 2.48 c Corrected. 1 Based on data for part of month, no quotations being available for remainder of month. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May ;0, p. 318, and September 1938, p. 757. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN OCTOBER 1938 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] ! Year or month A t r i g n e a n- t A ra u l s i - a A (s u c s h tr il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada Chile (peso) China Co b l i o a m- (peso) (pound) ling) (belga) Official ! Free (rupee) (lev) (dollar) Official- Export (yuan) (peso) market 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—October 33. 032 394. 80 18. 823 16.859 8. 7232 5. 8322 37.410 1. 2854 100. 017 5.1694 29. 463 56. 999 November 33. 309 398.16 18. 900 17. 009 8. 7635 5. 7266 37. 711 1. 2844 100. 073 5.1680 4. 0000 29. 444 55. 958 December 33. 312 398.10 18. 892 16. 985 5. 4492 37.711 1.2732 99. 948 5. 1697 4. 0000 29. 468 54. 244 1938—January 33. 334 398. 35 18. 893 16.926 5. 5803 37. 747 1.2616 99. 983 5.1680 4. 0000 29. 489 55. 459 February 33. 451 399. 81 18. 939 16.975 5. 8303 37. 890 1. 2575 100. 023 5.1680 4. 0000 29. 602 55. 066 March 33. 233 397.14 18. 922 16. 880 5. 8744 37. 638 1. 2525 99. 716 5.1680 4. 0000 28. 219 54. 648 April 33. 208 396. 85 16. 854 5.8680 37. 432 1. 2506 99. 446 5.1683 4. 0000 26. 905 54. 813 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 August 32. 541 388. 90 16. 869 5. 8460 36. 390 1. 2349 99. 646 5.1744 4. 0000 16. 618 56. 564 Year or month ( C p u e b so a ) ( s C k lo z o v e r c a u h k n o i a a - ) ( m D k a e r r o n n k - e)(p E o g u y n p d t F ( i k n m k l a a a r ) n - d F ( r fr a a n n c c e ) ( m m r G e a a i e r c n r k h - y ) s- G ( r d m e r a a e ) c c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l u e 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—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—Januarys- 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 August 99. 933 3. 4518 21. 785 500. 30 2. 1510 2. 7331 40. 090 .8950 30. 479 19. 663 5. 2604 28. 444 19. 732 54. 602 Year or month Z (p e N a o e l u a w n n d d ) N (k o r r o w n a e) y P (z o l l o a t n y d ) ( P e o s g r c a t u l u d - o) R ( u n l m i eu a a ) - (p S A o o fr u u i n t c h d a ) (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r - s ) ( S k d w r e e o n n - a) e ( S f r w r l a a i n t n c z d ) - ( T p u o r u k n e d y ) ( U K p n d i o i o n u t m g n e - d d ) ( U g p u r e a u s y o - ) ( Y s d l i u a n v g a i o a r - ) 1929 483. 21 26. 683 11.194 4. 4714 . 5961 483. 27 14. 683 56. 012 26. 784 19. 279 48.411 485. 69 98. 629 1. 7591 1930 468. 22 26. 760 11. 205 4.4940 . 5953 483. 79 11.667 55. 964 26. 854 19. 382 47. 061 486. 21 85. 865 1. 7681 1931 415. 29 25. 055 11.197 4. 2435 .5946 480. 76 9. 545 52. 445 25. 254 19. 401 47.181 453. 50 55. 357 1. 7680 1932 320.19 18. 004 11.182 3.1960 .5968 476. 56 8. 044 40. 397 18. 471 19. 405 47. 285 350. 61 47.064 1.6411 1933 340. 00 21. 429 14. 414 3. 9165 . 7795 414. 98 10. 719 49. 232 22. 032 24. 836 60. 440 423. 68 60. 336 1. 7607 1934 402. 46 25. 316 18. 846 4. 6089 1.0006 498. 29 13. 615 59. 005 25. 982 32. 366 79.047 503. 93 79. 956 2. 2719 1935 391. 26 24. 627 18.882 4.4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80. 312 490.18 80. 251 2. 2837 1936- 398. 92 24. 974 18. 875 4. 5130 . 7382 491. 65 12.314 58. 258 25. 626 30.189 80. 357 497.09 79. 874 2. 2965 1937 396. 91 24. 840 18. 923 4. 4792 . 7294 489. 62 6. 053 57. 973 25. 487 22. 938 80.130 494. 40 79.072 2. 3060 1937—October 397. 72 24. 895 18. 890 4. 4870 . 7307 490. 89 6. 267 58.107 25. 540 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. 957 18. 845 4. 4869 .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. 620 491. 91 64. 864 2. 3241 August 391. 99 24. 523 18. 832 4. 4228 .73,17 483. 23 5.747 56. 864 25.162 22. 885 79.460 488. 08 64. 239 2. 3133 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

OCTOBER 1938 FEDERAL RESERVE BULLETIN 933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t t e e 1 d s 00) (1 C 9 a 2 n 6= a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = t d e 1 o d 0 m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (1 e 91 r 3 m = a 10 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 t p = o 1 a b 0 n e 0 r ) ( N 19 l e a 2 1 t 6 0 n h - 0 d 3 e ) 0 s r = - * ( S J w u = l l a 1 i y t 0 n z 0 d 1 e ) 9 r 1 - 4 1926.. 100 100 134 237 106 144 1927.. 95 642 138 225 103 142 1928.. 97 645 140 100 226 102 145 1929.. 95 627 137 95 220 100 141 1930.. 86 100 554 125 85 181 90 126 1931.. 73 502 111 75 153 76 110 1932.. 65 427 97 70 161 65 96 1933.. 66 398 93 63 180 63 91 1934.. 75 376 98 62 178 63 90 1935.. 338 102 68 186 62 90 1936.. 94 411 104 76 197 64 96 1937. 109 581 106 238 76 111 1937—July.._ 112 582 106 78 112 August 111 603 107 236 78 111 September, 111 630 106 239 77 111 October 111 628 106 237 77 111 November. 109 621 106 238 76 110 December.. 108 631 106 241 76 110 1938—January... 108 636 106 245 75 110 February.. 106 631 106 258 74 109 March 104 634 106 252 73 108 April 103 643 106 95 247 73 108 May 102 654 105 249 72 107 June 101 660 106 254 72 107 July 101 652 106 95 254 71 106 August 100 649 P106 252 71 105 * 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 c s- ts a p n r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a t f r n i i n d a i l s s r h e a m e w d i- tr I i i n a s d h l u e fi d s n - products products 1926... 100 100 100 581 793 129 132 130 150 1927.. 99 97 94 599 678 138 129 132 147 1928... 106 101 93 584 697 134 133 134 159 1929... 105 100 92 579 669 130 125 132 157 1930... 88 91 85 100 100 526 579 113 113 120 150 1931... 65 75 75 89 87 542 464 104 96 103 136 1932... 48 61 70 88 85 482 380 91 86 118 1933... 51 61 71 83 87 420 380 87 75 113 1934... 65 71 78 85 90 393 361 96 76 116 1935... 79 84 78 87 90 327 348 102 84 119 81 82 80 92 96 426 397 105 86 121 1937. 85 102 112 562 105 125 1937—July 86 103 116 549 610 106 125 August 86 86 103 116 572 629 106 125 September.. 86 104 115 612 645 105 126 October 85 105 113 607 646 105 126 November.. 84 105 110 613 628 105 126 December.. 84 104 109 636 626 105 126 1938—January. _. 84 105 109 105 126 February- 83 103 107 625 636 105 126 March 83 101 106 620 647 106 126 April 82 100 104 633 651 106 126 May 82 100 103 650 657 106 126 June 81 101 657 663 106 126 July 81 102 630 671 106 126 August 67 81 95 102 625 670 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

934 FEDERAL RESERVE BULLETIN OCTOBER 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 U 9 S 2 1 n t 9 5 a i 2 = t t 3 1 e e - 0 d s 0 9 E l 1 J a 4 u n n = l g y d 1 - 001 F 91 J r 4 u a = l n y 1 c 0 e 0 19 m G 1 1 9 4 a 1 e = 3 n r - 1 - y 001 N 9 l e 1 1 a t 9 3 n 1 h = 1 d e 1 - s r 0 - 01 S 9 l J 1 w a e u 4 r n i = - l t y d 1 z 0 - 0 Y m e o a n r t o h r 1 U S 9 1 2 t n 9 a 5 i 2 = t t 3 e e 1 - d s 0019 E l 11 J a 4 u n 4 n = l 1 g y d 1 - 001 F 91 J J r a 4 u a n = n n . 1 e - c 0 e 019 m 1 G 1 4 9 a 1 e = 3 n r 1 - - y 00 N 19 l e 1 1 a 9 t 3 1 n h 1 = d — e 1 s r 0 - 0 1 S 9 l J 1 w a e u 4 r n i = l t - y d 1 z 0 - 0 1926 __ 109 161 554 146 161 160 1926.. 103 170 505 142 168 162 1927 105 156 557 153 163 158 1927.. 101 164 514 148 168 160 1928 103 157 649 153 166 157 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 i 120 117 1933.. 76 140 520 118 139 131 1 1 1 1 9 9 9 9 3 3 3 3 4 7 6 5 __ 7 8 8 8 4 0 2 5 1 1 1 1 2 2 3 3 5 2 0 9 4 4 4 6 8 2 7 0 1 3 0 1 1 1 1 1 1 2 2 2 8 0 2 2 1 1 1 1 2 1 2 2 4 8 0 7 I 1 1 1 1 1 1 2 2 5 4 0 9 1 1 1 1 9 9 9 9 3 3 3 3 4 5 7 6 . . . . . . . . 8 7 8 8 1 9 2 4 1 1 1 1 4 4 5 4 1 3 4 7 4 5 6 5 8 1 1 0 3 6 9 7 1 1 1 1 2 2 2 2 1 3 5 5 »1 1 1 1 3 4 3 3 2 0 6 7 1 1 1 1 2 3 3 2 9 7 0 8 1937—July 86 140 580 I 125 ! 130 i 131 1937-July.... 155 126 139 137 August . 86 140 594 1 124 ! 130 i 130 August- 155 126 139 137 September 86 140 627 i 122 129 | 130 September 85 155 630 125 139 137 October _ _ 85 143 644 I 121 I 130 j 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 I 121 130 130 1938-January 159 125 139 138 February. 78 142 694 j 122 130 130 February. 157 125 139 137 March 79 140 698 I 122 j 128 129 March.... 83 156 688 126 138 137 April 79 137 702 j 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 80 146 671 124 130 129 July 159 127 139 137 August 78 141 677 124 129 August 156 127 136 * Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month ( U S a p v n r t i e a i c r t t e a e e ) g d 1 s e ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 d e ) r (1 F 9 r 13 a = n 1 c 0 e 0) G ( e a p v r r m e ic ra e a g ) n e y N la et n h d e s r ' - U S n ta it t e e d s England France Germany (1 N 9 l e 3 a t 0 n h = d 1 e s 0 r- 0) Number of issues.. 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110.7 71.7 118.3 107.0 123.2 145.0 1928 100.8 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 98.0 110.2 85.1 81 4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83 3 104.3 149.8 102.6 187.6 100.2 100. 1931 90.9 108.4 96.9 »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 a 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—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 99.4 103.7 120.6 96.8 93.6 106.1 114.7 September 91.3 122.8 74.8 99.3 103.7 106.4 92.7 90 1 105.3 108.1 October 86.4 123.6 75.6 99.4 102.4 91.4 88.2 91.8 103.9 94.8 November... 83.3 124.1 76.4 99.6 104.3 82.9 85.8 90.1 102.7 92.0 December __. 82.7 123.9 75.5 99.7 105.0 82.2 86.8 87.6 102.1 93.7 1938—January 80.6 124.7 75.1 99.8 106.3 81.6 86.5 85.0 104.4 98.3 February 79.3 125.1 74.7 99.9 107.2 80.7 83.8 84.5 104.2 97.5 March 76.0 121.0 73.2 100.1 104.3 77.9 78.9 82.0 104 5 95.1 April 73.8 124.2 75.6 100.1 106.3 70.7 81.7 93.6 105.3 92.2 May 76.5 122.1 76.1 100.0 108.0 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 76.5 100.0 107.0 88.0 82.1 88 8 99.0 97.2 August 81.3 122 A 76.6 99.9 108.3 89.5 81.1 87.6 93.8 97.1 P Preliminary. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. a 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 <>35 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 E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. 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 District No. 4 (CLEVELAND) OSCAR NEWTON . . L. B. WILLIAMS District No. 5 (RICHMOND) J. N. PEYTON . . ROBERT M. HANES RONALD RANSOM District No. 6 (ATLANTA) . . EDWARD BALL G. J. SciIALLE'R District No. 7 (CHICAGO) .' . . EDWARD E. BROWN JOHN £L SINCLAIR District No. 8 (ST. LOUIS) . . WALTER W. SMITH M. S. SZYMCZAK President District No. 9 (MINNEAPOLIS) .. . . . JOHN CROSBY CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) . . . . C. Q. CHANDLER S. R. CARPENTER, Assistant Secretary District No. 11 (DALLAS) . . R. E. HARDING WALTER WYATT, General Counsel District No. 12 (SAN FRANCISCO)... PAUL S. DICK J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ALLAN SPROUL, Manager of System Open Market Account 936 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 e e n d t eral President First Vice President Vice Presidents Boston __ F. H. Curtiss R. A. Young W. W. Paddock W. Willett2 New York Owen D. Young. G. L. Harrison Allan Sproul L. R. Rounds Jn.r Hq. WT inllaiaamns R. M. Gidney L. W. Knoke Philadelphia R L Austin J. 8. Sinclair F J Drinnen C A Mcllhenny 3 W. J. Davis E. C. Hill Cleveland _ _ E. S. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 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. Conniff W. S. McLarin, Jr. 3 M. H. Bryan Chicago R. E. Woodi G. J. Schaller H. P. Preston W. H. Snyder 3 C. 8. Young J. H. Dillard St. Louis.. _ W. T. Nardin W. McC. Martin F. G. Hitt 0. M. Attebery C r M o . W S fi t n e r w l art2 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 0. 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 St. George Holden 1 W. A. Day Ira Clerk S G. Sargent W. M. Hale C. E. Earhart2 1 Deputy chairman. 2 Cashier. 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: 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; Bingle copies, 25 cents. 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS i MINNEAPOLIS KANSAS CITY KANS. ! MOST.LOIJ1S I 1 Oklahoma City -A.- \—-.d Jacksonville wmmmm BOUNDARIES OF FEDERAL RESERVE DISTRICTS mwm*m BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) @ FEDERAL RESERVE BANK CJTIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis