Federal Reserve Bulletin, 1938-11

FEDERAL RESERVE BULLETIN NOVEMBER 1938 n Recent Business Developments History of Reserve Requirements Statistics of All Banks in United States 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 developments 939-946 National summary of business conditions 947-948 Summary of financial and business statistics 950 Law department: Rulings of the Board: Broker or dealer who transacts a business in securities through the medium of a member 951 Withdrawal from general account followed by other transactions on same day 951-952 History of reserve requirements 953-972 All banks in the United States, assets and liabilities 973-977 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 980 Federal Reserve bank statistics 981-985 Reserve position of member banks; deposits in larger and smaller centers 986 Currency in circulation 987 Gold stock and gold movements; bank suspensions; bank debits 988 All banks in the United States 989 All member banks 990-991 Reporting member banks in leading cities 992-995 Acceptances, commercial paper, and brokers' balances 996 Federal Reserve bank discount rates .. 997 Money rates and bond yields 998 Security markets 999 Treasury finance 1000-1001 Governmental corporations and credit agencies; Postal Savings System 1002-1003 Production, employment, and trade 1004-1012 Wholesale prices 1013 Crop Report 1014 International financial statistics: Gold reserves of central banks and governments 1016 Gold production 1017 Gold movements 1017-1018 Central banks 1019-1022 Bank for International Settlements 1023 Commercial banks 1023-1024 Discount rates of central banks 1025 Money rates 1025 Foreign exchange rates 1026 Price movements: Wholesale prices 1027 Retail food prices and cost of living 1028 Security prices 1028 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 1030 Senior officers of Federal Reserve banks; managing directors of branches 1031 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 24 NOVEMBER, 1938 No. 11 REVIEW OF THE MONTH consumption, and a further rise will depend From early summer to October, business to a considerable extent on how far the effects conditions in this country showed a general of recovery to date prove cumulative and parand continuous improvement, ticularly when and to what extent the imnotwithstanding the tense in- provement in business leads to larger externational situation and the penditures for durable goods by the public accompanying sharp fluctuations in exchange utilities, the railroads, and industry at large. rates and security prices during part of this Commitments made for public construction period. indicate that in the next year outlays in this Buying of commodities increased consider- field will be in large volume. Recovery and ably about the middle of the year, prices of relief expenditures by the Government have securities and of some commodities advanced, already been substantially increased in acand activity rose in many industries. The cordance with the program adopted early in timing of increased activity, however, was the year. not uniform in all groups of industry. In Recent changes in business conditions are the shoe industry the position had improved discussed in more detail in the following sufficiently to permit a sharp rise in output as pages and in the National Summary of Busiearly as the beginning of the year. Residen- ness Conditions on pages 947 and 948. tial building increased more than seasonally Income payments to individuals, which had in the spring, partly as a result of reduction declined by about 10 percent between the in costs, particularly financing costs, and by summer of 1937 and the mid-summer had shown a substantial rise. National income middle of this year, in- Activity in textiles began a sustained increase creased moderately during the third quarter. in May, and steel ingot production after the The rise was chiefly in payrolls, which had middle of June. In steel-consuming industries accounted for most of the previous decline. In there had been scattered increases before recent months payrolls have increased con- June but the general tendency was still downsiderably at factories and to a smaller extent ward at that time, and the moderate increases on the railroads and in the construction inthat have since occurred in these lines began dustry. Employee income in other lines, inlate in the summer. Automobile output concluding trade and service industries, has tinued to decline through the 1938 model searecently shown little change, following modson and did not advance until the latter part erate declines earlier. Higher payrolls have of September, when production of 1939 models reflected increased employment and hours, was begun; by the end of October output had wage rates generally continuing to show little increased to the highest level of the year. change. Corporate earnings appear to have One development common to many lines was that after a rapid decline in activity, improved somewhat during the third quarter, output this year was at a level considerably but dividends have not risen. Farm income below consumption, so that stocks were de- has increased seasonally in recent months but creased, and a condition favorable to re- for the year may be under 1937 by as much as sumption of activity created. The most recent 13 percent, owing largely to lower prices for increases in output have brought 'production farm products. Work relief and other relief in some industries up to the level of current and benefit payments reached a high level 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN NOVEMBER 1938 last spring and have since increased some- ing the first half of the year has been subwhat further. stantial, but the October rate—around 50 per- Employment in nonagricultural pursuits ent of capacity—was still considerably lower increased by about 650,000 persons between than the rate during most of 1936 and the the middle of June and the mid- first eight months of 1937. This difference Employment following a reflects for the most part smaller demand dle Qf September) decline of about 3,300,000 in the latter part for steel from the railroads, reduced volume of 1937 and the first half of 1938. The recent of industrial and commercial construction, increase, together with a seasonal rise in agri- smaller output of automobiles, and a marked cultural employment, has been reflected in a reduction in exports of semifinished and considerable decline in the number of unem- finished steel products. In 1936 and 1937, ployed. The number receiving work relief or there was also a considerable accumulation enrolled in the Civilian Conservation Corps, of inventories of steel, while at present there which had increased sharply this spring, has shown some further increase since June. INDUSTRIAL PRODUCTION The rise in nonagricultural employment between June and September was due chiefly to an increase of 500,000 in the number employed at factories, although other lines also showed some increase in this period. In trade, employment declined through the middle of August but increased by more than the usual seasonal amount in September to a level above that of June. The number employed on the railroads and in the construction industry was also somewhat larger in September than in June. Expansion in activity in manufacturing industries this summer was reflected in an increase in the average number of hours worked per week, from 34y in June to about 37 in 2 September, as well as in a general increase in employment; the total number of man-hours worked at factories rose by about 15 percent. 1932 1933 1934 1935 1936 1937 1938 The advance in industrial output beginning Figures shown for October 1938 are estimates made October26. early this summer followed a period of relative stability at a low level. Dur- is no evidence of a rapid growth of stocks. Industrial Steel prices have been reduced materially this i ng t he firgt half of thig year t production fe J year but are considerably above the 1935-1936 Board s seasonally adjusted index level. Increased takings of steel by the autoshowed little change, averaging 79 percent of mobile manufacturers were an important facthe 1923-1925 average in the first quarter and tor in the recent increase in steel output and 77 in the second quarter. By October the some increased demand is involved in the exindex had risen to about 95. The course of panded public works program of the Federal this index and its component groups is shown Government now getting underway. for recent years on the accompanying chart. The decline in automobile production In the iron and steel industry the advance from the 1937 level was unusually great; from the low level of output prevailing dur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 941 whereas output of 1937 model cars amounted have risen to unusually high levels. Output to nearly five million units, only about two of tobacco products has shown little change and a half million 1938 model cars were pro- from the level reached in 1937. At meatduced. Automobile production continued in packing establishments activity this year has small volume in August and September of been at about the same low rate as in 1937 this year, but after new model production reflecting continued small volume of hog was begun, in the latter part of September, slaughter. output expanded at about the same rapid rate At mines, where activity continued at a as in the corresponding period in 1935 and high level until the end of 1937, there was a 1936. Production of related products, such decline in the first half of 1938. Subsequently as plate glass and tires, has likewise been output increased somewhat but the rise has much below the high levels reached in 1937 not been large, owing partly to the fact that but in recent months output of these products stocks of both metals and fuels were large in also has shown a considerable increase. relation to current consumption. Textile production, which had declined During August, September, and the first sharply during the second half of 1937, re- half of October building contracts were at mained at a low level during the first five the highest level of the year, reflectmonths of 1938. In May and June, however, Building ing principally a considerable volactivity began a rise which proceeded at a ume of awards for publicly financed conrapid rate until September; since the early struction, including some residential projects. part of September there has been little Contracts for private residential building change, although activity usually increases were maintained at the advanced July rate, at this season. Currently activity at cotton while private nonresidential building retextile mills is about half way between the mained appreciably below the volume in the high level of the first half of 1937, and the corresponding period a year ago. Prices of low level of 1934 and 1935. Increases in ac-building materials have shown little change tivity at wool textile mills from an excep- in recent months, following a substantial detionally low level in April reflected replen- cline, and are only slightly above the 1935ishment of stocks of yarns, an increase in 1936 level. Wage rates have remained conthe manufacture of fabrics for clothing, and siderably above the level of those years. In larger output of carpets and rugs. Deliveries residential building, financing costs have of rayon yarns rose to a record high level in been materially lower this year, partly as the third quarter, but this increase is reported a result of amendments to the Federal to have been due in considerable part to the Housing Act, which were adopted early in replenishment of fabricators' inventories the year. Rents for residential properties which had been reduced to unusually low have shown little change during the past year, levels earlier in the year. notwithstanding the decline in incomes, and Output of building materials, such as lum- are higher than in 1935 or 1936. Value of ber and cement, after a decline of about one- construction contracts awarded in 37 Eastern third, has increased in response to the re- States is shown for recent years in the table vival in residential building and the undertak- on the next page. ing of a new public works program. Output of The rise in residential building, which petroleum products, while somewhat below started several months before the recent upthe peak reached in the autumn of 1937, has turn in industrial activity, has been almost remained in large volume. This has reflected uninterrupted since the beginning of the year. chiefly a continued high level of gasoline con- On a seasonally adjusted basis the value of sumption ; stocks of other petroleum products contracts let in August and September was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN NOVEMBER 1938 CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN at a high level since this spring, following a STATES sharp increase earlier in the year. [Monthly averages in millions of dollars] Contracts awarded in August and Septem- Privately-financecL ber for publicly-financed construction were in Total Publicly- large volume, exceeding the peak reached financed Resi- Fac- All Total dential tories other during the winter of 1933-1934 when the first Public Works Administration program was 1 1 9 9 3 3 6 5 2 1 2 5 3 4 1 8 1 4 1 11 7 2 0 4 6 0 0 17 9 2 3 1 5 started. The recent expansion in public-con- 1937 243 96 147 71 26 50 struction contracts reflects not only the start- 1937 1st quarter._. 221 83 138 69 24 45 ing of the 1938 Public Works Administration 3 2 r n d d q q u u ar a t r e t r e . r _ . _ . 2 27 7 0 7 1 1 0 0 5 1 1 1 7 6 6 5 9 7 0 1 2 3 8 6 5 5 8 7 program and the program of the United 4th quarter... 203 95 108 53 16 40 States Housing Authority but also increases 1938 1st quarter 179 88 92 51 9 32 in construction work financed from regular 2nd quarter.. 252 117 135 80 10 44 3rd quarter... 285 143 142 86 11 45 Federal appropriations. By October 29, construction had been started on 40 percent of Source.—F. W. Dodge Corporation. The figures shown are not adjusted for seasonal variation. the Public Works Administration program. Work was under way on non-Federal projects close to the highest level since the end of to cost $510,000,000, approximately one-third 1929, as is shown on the accompanying of the total for this part of the program. chart. In the early months of 1938 the Federal projects to cost $190,000,000 had increase was predominantly in one-family virtually all been started. dwellings, but in September the volume of apartment construction started increased Railroad traffic and earnings, which had sharply with the award of two large con-declined sharply in the latter part of 1937 tracts in New York City. One was for the and early this year, have infirst of the slum clearance projects of theRailroads creased more than seasonally in United States Housing Authority and therecent months. The Board's adjusted index of freight-car loadings is estimated at 68 percent for October compared with an average RESIDENTIAL BUILDING CONTRACTS AWARDED IN 37 EASTERNSTATES of 58 in the second quarter of this year and MILLfONS OF DOL LARS ADJUSTED FOR SEASONAL VARIATION ONS OF DO an average of 81 in the first half of 1937. Net railway operating income in the aggregate has risen substantially since spring, owing prin- 200 1 . cipally to the increase in traffic and to higher freight rates. Operating expenses declined i until mid-summer but subsequently increased. 1TOTAL The August level of railway operating income 100 N was not far from that of the corresponding month last year but was considerably below the level of 1936. O Distribution of commodities to consumers, which had shown a sharp decline in the early Based on F. W. Dodge Corporation data. Latest figures shown are for September 1938. part of the year, has increased other for the first part of the large rental Domestic trade in recent months, with the rise housing project financed by a large life in- in industrial activity and consumer incomes. surance company. The number of home Sales at department and variety stores and mortgages selected for appraisal by the Fed-mail order houses increased considerably eral Housing Administration has continued after the second quarter. Automobile sales Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 943 showed a seasonal decline through the sum- FOREIGN TRADE OF THE UNITED STATES mer, while distribution of other consumers' 4 MI 0 LL 0 IONS OF DOLLARS MILLIONS OF DOL 4 LA 0 R 0 S durable commodities increased somewhat from the low level prevailing at the middle of the year. The current dollar volume of 300 300 retail sales is still considerably below that of last year, owing largely to reduced sales of durable goods and to lower prices for many 200 commodities. Wholesale trade, which was sharply reduced in the latter part of 1937 and the first part of this year, has also increased in recent months. Inventories at retail and wholesale establishments have been reduced this year, but 1933 1934 1935 1936 1937 1938 available data are not sufficient to indicate Latest figures shown are for September 1938. precisely how much the decline has been or to some extent price reductions. Decreases in what part of it has reflected changes in prices. imports were general and were due chiefly to Department store stocks at the end of Sep-the sharp decline in industrial activity in this tember were 13 percent less in value than a country during the latter part of 1937. Anyear ago and at about the level prevailing other factor of some importance was a sharp from the beginning of 1934 to the middle of decline in imports of agricultural products, 1936. Stocks of both new and used cars in which had been imported in considerable volthe hands of automobile dealers have been ume in 1937 owing to the short crops in this sharply reduced from the high level at the country in the preceding year. Beginning in beginning of 1938 and are considerably less August 1938, imports have increased somethan at this season last year. Changes in what, owing for the most part to larger shipwholesalers' inventories show marked differ- ments of many industrial materials. ences among individual lines, but on the Merchandise exports have recently shown whole there appears to have been a substan- a seasonal increase, following a decline earlier tial decline from the high level of a year ago.in the year. During the first quarter the de- Changes in inventories in the hands of pro-cline was largely seasonal but later it reflected ducers have also been far from uniform, as other influences. The current level is still is indicated elsewhere in this review. somewhat higher than that prevailing before In August and September value of mer- the sharp rise that began at the end of 1936. chandise foreign trade of the United States The advance beginning at that time reflected increased somewhat following a chiefly sharp increases in shipments of such Foreign trade substantial decline. Imports products as steel scrap, semifinished and finshowed a marked decrease during the fifteen- ished steel, copper, industrial and agricultural month period after June 1937, while exports machinery, aircraft, and crude petroleum and remained in substantial volume, as is shown products. Since the middle of 1937 exports of on the chart. There was an export surplus machinery, petroleum and products, and airof $1,270,000,000 in sharp contrast to the craft have been maintained at the higher levimport surplus of $110,000,000 in the pre- els reached then, but there have been substanceding fifteen months. tial decreases in exports of steel scrap and Imports declined almost without interrup- steel products. Exports of automobiles and tion from the middle of 1937 until the middle lumber also have declined. Wheat exports inof 1938, reflecting chiefly smaller volume butcreased in the 1937-1938 season, with small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN NOVEMBER 1938 supplies in importing countries and large sup- reflected for the most part seasonal fluctuaplies in the United States, and exports of corn tions in prices of livestock and products. were in substantial volume for the first time Prices of other farm products and foods, parsince 1929; this autumn supplies of wheat ticularly grains and flour, are lower than in abroad are larger and exports are being sus- May and are generally at the lowest levels tained by governmental action in absorbing since 1933, reflecting primarily a second year losses on wheat sent abroad. Exports of raw of abundant harvests and the accumulation cotton in the 1937-1938 season amounted to of stocks last season. 5,600,000 bales, about the same as in the pre- The wheat carryover July 1 was above that vious season, but, owing to price declines, the of last year and, with a crop this season 240,value was smaller, while tobacco exports have 000,000 bushels larger than estimated domesbeen somewhat larger than in other recent tic consumption, is likely to show a further years. increase. The largest volume of wheat ex- The volume of buying by traders and man- ports in recent years, amounting to 100,000,ufacturers increased considerably at the end 000 bushels (including wheat in flour exof June and early in July and at ports) occurred last season when crops abroad Crk^T°dity that time Prices of a number were smaller than this year. In an effort to maintain this level of exports, Federal agenof industrial materials showed cies by October 15 had sold 16,000,000 bushels marked advances. For a time after the middle of July buying was reduced and there of wheat for export at an average loss of were some price declines, but in recent weeks 111/2 cents per bushel; total sales for export prices of materials have increased again. from July 1 had amounted to about 39,000,- Hides and copper have advanced sharply and 000 bushels. other nonferrous metals, rubber, silk and cot- Cotton prices have fluctuated between 8 ton have shown smaller increases. Crude oil and 9 cents a pound for the past twelve and gasoline, on the other hand, have been re- months. This year's crop has been forecast duced considerably, and there was, for a time, at 12,200,000 bales as compared with 18,900,further weakness in steel prices. Currently, 000 last year. With a record carryover, howprices of industrial commodities as a group ever, supplies of American cotton are slightly are 6 percent below the level reached in thelarger than last season. spring of 1937 but still above the level pre- The following table shows the official estivailing for approximately three years before mates for leading crops as of October 1: the latter part of 1936. Prices of raw and semifinished industrial materials are about CROP PRODUCTION - [In millions of units] 12 percent lower than in the spring of 1937, Indiwhile finished industrial products are down O c c a t t . e d 1, 1937 1 A 9 v 27 e - r 1 a 9 g 3 e 6 only moderately. As compared with the 1938 1934-1936 period prices of industrial mate- Cotton bales 12.2 18.9 13.2 Wheat, all bushels.. 940.2 874.0 752.9 rials are about the same and finished products Corn bushels 2,459. 3 2, 645. 0 2, 306. 2 Oats bushels 1,041. 6 1,146. 3 1, 042. 5 are somewhat higher. Hay, tame tons 81.8 73.8 69.8 Potatoes, white bushels 373.3 393.3 369.7 Since the end of May fluctuations in the Tobacco pounds 1, 484. 7 1, 553. 4 1, 325. 2 general level of wholesale commodity prices Source.—Department of Agriculture. have been small, the Bureau of Labor Statis- Security prices during late September and tics weekly index ranging between 77.3 andearly October were affected by critical de- 78.9 percent of the 1926 average. Changes velopments in Europe and a in the major components of this index are Security prices ^ .^ gharp wRg f oUowed by shown in the chart on page 948. Changes have a quick recovery. By the end of October Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

945 NOVEMBER 1938 FEDERAL RESERVE BULLETIN prices of stocks and lower-grade corporate total of $300,000,000, the largest monthly bonds were in general somewhat above the amount since the preceding June. Offerings highs reached during the summer and at continued in large volume during July and about the same level as at the end of 1935. August, which are months when the new is- Stocks had by the end of October recovered sues market is usually inactive. During the about 45 percent of the total price decline period of unfavorable European developfrom March 1937 to March of this year; for ments in September a number of new issues stocks of industrial and public-utility com- were postponed, but in October large corpopanies the recovery was relatively greater rate offerings again became fairly numerous. than for railroads. The volume of credit ex- During the past few months corporate tended by member firms of the New York issues for new capital, that is, for plant and Stock Exchange to their customers has in- equipment and for working capital, includcreased little from the low level reached last ing repayment of short-term debt, have averspring and is much smaller than in the early aged $120,000,000 a month. This compares part of 1937. The total of advances was with a monthly average of $135,000,000 in $820,000,000 at the end of September as com- the first half of 1937, when the volume of pared with $1,550,000,000 in March 1937 and issues for new capital reached the highest a low of 760,000,000 in May of this year. level for any half-year period since 1931. Lower-grade bonds of industrial companies Issues for refunding purposes, which have and of public utilities, as shown by Moody's been in much smaller volume than in 1936, averages for Baa bonds, have been selling in increased in October. recent months to yield 41/2 to 5 percent, which Manufacturing and mining companies have is only one-half percent above the average been the major issuers of securities for new low yields in the early part of 1937. Railroad capital since June. As shown in the following bonds, which have had the widest fluctua- table in which issues for new capital are clastions in prices and yields during the past year sified by broad industrial groups, their offerand a half, are still at much less favorable ings amounted to about three-quarters of the levels as compared with the earlier period. total. Companies in these industries appear The average yield on lower-grade railroad to have been making almost as much use of bonds, as shown by Moody's average for Baa the capital market as during pre-depression bonds, is about 7 percent as compared with CORPORATION SECURITY ISSUES FOR NEW CAPITAL BY an average in the early part of 1937 of about MAJOR INDUSTRIAL GROUPS 5 percent. [In millions of dollars] Prices of the highest-grade corporate bonds Manuhave changed little in recent months, and fac- Pubyields, as shown by Moody's Aaa averages, Total tu a r n i d ng u l t i i c l- R ro a a i d l- Other mining ity were 3% percent at the end of October. Prices of United States Government obligations, 1922-1924—monthly average 232 62 82 40 1925-1929—monthly average 422 113 148 125 which declined sharply in September, in- 1937 Jan.-June—monthlyaverage 135 10 21 creased to new high levels in October. July-Dec—monthly average 64 15 5 Increases in business activity and in cor- 1938 J J u a n n e . -May—mont . h l _ y a . verage 1 3 9 2 9 142 2 5 2 1 porate security prices since early summer J A u u l g y ust 1 1 2 2 9 2 1 6 1 7 9 5 1 0 0 0) have been accompanied by a S O e c p to te b m er b e (e r stimated) 6 7 1 0 57 ( 3 Corporate larger volume of corporate se- 1 Less than $500,000. secunty issues *. 2 Not available. cunty issues. In June new Source.—Commercial and Financial Chronicle; includes issues of both domestic and foreign corporations but excludes investment trusts for issues of corporate securities increased to a 1925 and following years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN NOVEMBER 1938 years. During the four months June to Sep- depression years results from the greatly retember, their security issues for new capital duced volume of offerings by railroads and averaged more than $90,000,000 a month as by the miscellaneous group of companies, incompared with $60,000,000 a month in the cluding largely real estate and certain types period 1922-1924 and $110,000,000 a month of finance companies. There has been some in the period 1925-1929. increase this year in public utility issues but The continued small total of corporate is- the amount is still much smaller than in sues for new capital as compared with pre- the 1920's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 947 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 25 and released for publication October 27] In September industrial production and industries there were substantial increases employment continued to advance, and there in activity at meat-packing establishments, was also an increase in the volume of retail sugar refineries, and tire factories. Output trade. Building activity continued at the of shoes declined somewhat. Textile proincreased level reached in August, reflect- duction, which had been rising sharply since ing a large volume of awards for publicly- spring, showed little change in September, financed projects. although an increase is usual. Activity in- Production.—Volume of industrial pro- creased further at silk mills but at woolen duction increased further in September and mills there was a decline, and at cotton mills the Board's seasonally adjusted index ad- output did not show the usual seasonal rise. vanced to 90 percent of the 1923-1925 aver- At mines, coal production increased conage as compared with 88 percent in August. siderably in September and there was also There was a substantial rise in pig iron an increase in output of copper. Crude production and output of steel ingots con- petroleum output declined as wells in Texas tinued to increase, averaging 45 percent of were shut down on both Saturdays and Suncapacity. In the first three weeks of Octo- days whereas in August only Sunday shutber activity at steel mills showed a further downs had been in effect. increase and was at a rate of about 50 per- Value of construction contracts awarded, cent of capacity. Plate glass production which had increased considerably in August, continued to advance rapidly in September. showed little change in September, according Output of lumber and cement was main- to figures of the F. W. Dodge Corporation. tained, although at this season activity in Awards for private residential building continued at the advanced level prevailing since early summer and contracts for public resi- INDUSTRIAL PRODUCTION dential projects were also maintained following a rise in the previous month. Other I public projects continued in substantial A volume. no Employment.—Employment and payrolls 100 increased further between the middle of J l August and the middle of September, re- /yj flecting principally increases at manufac- V turing concerns. Employment rose sharply at automobile factories and increased moderately in other durable goods industries. Monthly index of physical volume of production, adjusted for At factories producing nondurable goods seasonal variation, 1923-1925 average = 100. there was slightly more than the usual seathese industries usually declines. Automo- sonal rise in the number employed. bile production in September remained at Distribution.—Distribution of commodiabout the same low rate as in August; in ties to consumers showed a more than sea- October, however, output increased rapidly sonal rise in September. There were inas most manufacturers began the assembly creases in sales at department and variety of new model cars. In the nondurable goods stores and mail order sales also increased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN NOVEMBER 1938 Department store sales for the first three at prices below those announced for the weeks of October showed somewhat less fourth quarter, but in the third week of the than the usual seasonal rise. month it was reported that prices had been restored to former levels. FREIGHT-CAR LOADINGS Bank credit.—During the four weeks ended October 19 there were further substantial increases in the gold stock of this country. As a result largely of these gold acquisitions and of net expenditures by the Treasury from its deposits with the Reserve banks, excess reserves of member banks increased to a total of $3,270,000,000 on October 19. EXCESS RESERVES OF MEMBER BANKS Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. Freight-car loadings continued to increase in September and the first half of October, reflecting chiefly a further rise in shipments of coal and miscellaneous freight. Commodity prices.—Prices of a number of industrial raw materials, particularly hides and copper, advanced from the middle of September to the third week of October. 1934 1935 1936 1937 1938 Crude oil and gasoline prices, on the other Wednesday figures of estimated excess reserves for all member banks and for selected New York City banks, January 3, 1934, to October 19, 1938. WHOLESALE PRICES Demand deposits at reporting member banks in 101 leading cities were also increased by the inward gold movement and on October 19 amounted to $15,750,000,000, the largest volume ever reported by these banks. Following substantial increases during September, reflecting purchases of new issues of United States Government obligations, total loans and investments at reporting banks showed little change during October. Indexes compiled by United States Bureau of Labor Statistics, Money rates and bond yields.—The aver- 1926 = 100. By weeks, January 6, 1934, to October 15, 1938. age yield on long-term Treasury bonds dehand, were reduced. Livestock and meat clined from 2.48 percent on September 27 prices showed large seasonal declines in this to 2.28 on October 21. Yields on Treasury period. In the first half of October there notes and Treasury bills also declined in were sales of many finished steel products the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 949 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 14 14 13 13 12 12 11 GOLD STOCK, f 10 10 * / 8 MONEY IN CIRCULATION,* . —— V I 4 J TREASURY CASH 3 2 RESERVE BANK CREDIT » TREASl 1 <\ ft AT F 0 A if VW<#J V***"1*^ >m+A*»«.*• ml ...-•• / 2 JRY DEPOSITS : D RAM/Q 1 i Vv\ 0 1934 1935 1936 1937 1938 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 Latest figures for October 26. See table on page 980. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN NOVEMBER 1938 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 Annual averages Sept. Aug. July Sept. Aug. July 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.. 2,610 2,590 2,599 2,584 2.573 2,574 2,554 2,481 2,475 2,502 2,429 1,459 Bills discounted 8 7 8 24 17 13 14 6 7 36 283 952 Bills bought 1 1 1 3 3 3 3 4 5 25 83 241 U S Government securities 2,572 2,564 2,564 2,526 2,527 2,526 2,540 2,430 2,431 2,432 2,052 208 Monetary gold stock . __13, 441 13, 057 12, 985 12, 653 12, 512 12,404 12,162 10, 578 9,059 7,512 4,059 3,996 Treasury currency outstanding 2.733 2,724 2,716 2,590 2,576 2,555 2,567 2,503 2,478 2,381 2,271 2,015 Currency in circulation __ . 6,570 6,482 6,464 6,558 6,500 6,475 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings 2,717 2,392 2,318 3,618 3,655 3,532 3,225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 704 774 717 190 212 137 158 446 128 81 55 22 Nonmember deposits and other accounts 598 606 634 607 592 543 595 551 507 438 497 406 Member bank reserve balances: Total 8,196 8,119 8,167 6,854 6,701 6,845 6,830 5,989 5,001 3,676 2,343 2,358 Excess 2,919 2,955 3,026 900 750 876 1,220 2,512 2,469 1,564 528 43 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments 21,078 20, 675 20, 530 22,187 22, 332 22,219 22,198 22,064 19, 997 18, 672 17, 505 22, 599 Loans—total - 8,268 8,215 8,213 10, 026 9,929 9,743 9,546 8,462 8,028 8,491 9,156 16,887 Commercial, industrial and agricultural 3,893 3,886 3,878 4,733 4,558 4,397 0) 0) 0) 0) 0) 0) T O o th b e r r o l k o e a r n s s a f n o d r 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 it r i r e y s i . n _ g _ s _ e c . urities.. 6 5 7 7 5 8 6 5 3 7 6 7 6 5 2 7 9 7 1,3 6 1 8 7 7 1,3 6 6 9 2 8 1,3 7 7 0 5 6 1, 0 22 ) 6 1, 0 18 ) 1 0 9 ) 90 981 0 7 ) 77 e 2 ( , 0 208 All other loans 3,122 3,116 3,129 3,289 3,311 3,265 0) 0) 0) 0) 0) 0) Investments—total 12,810 12, 460 12, 317 12,161 12,403 12, 476 12, 652 13, 602 11, 969 10,181 8,349 5,712 XJ S Government direct obligations 7,957 7,702 7,703 8,068 8,229 8,268 8,394 9,080 7,989 6,856 5,228 2,865 Obligations fully guaranteed by U. S. Govt. 1,668 1,646 1,567 1,131 1,160 1,170 1,164 1,250 928 e 325 Other securities 3,185 3,112 3,047 2,962 3,014 3,038 3,094 3,272 3,052 3,000 3,121 2,847 Reserve with Federal Reserve banks 6,712 6,602 6,675 5,313 5,149 5,291 5,307 4,799 4,024 2,875 1,822 1,725 Cash in vault 416 387 403 305 296 312 337 383 326 271 240 248 Balances with domestic banks _ 2,413 2,416 2,435 1,703 1,683 1,771 1,884 2,358 2,112 1,688 1,322 1,142 Demand deposits—adjusted 15, 377 15,118 15,021 14,843 14,918 14,984 15,097 14, 619 12,729 (0 0) (i) Time deposits (excluding interbank)2 5,213 5,206 5,211 5,283 5,245 5,254 5,202 4,999 4,883 4,937 4,946 6,788 Deposits of domestic banks ^ 5,974 5,920 5,936 4,990 4,979 5,085 5,298 5,810 4,938 3,814 2,822 2,787 Borrowings 1 6 11 36 17 12 5 6 8 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; percent per annum Commercial paper .69 .75 .75 1.00 1.00 1.00 .95 .75 .76 1.02 1.72 5.85 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.00 1.16 7.61 TT S Treasurv bills (91 davs) .08 .06 .07 .31 .29 .28 .28 .17 .17 .28 U S Treasury bonds long term 2.40 2.32 2.34 2.67 2.59 2.59 2.57 2.47 2.70 3.10 3.31 3.60 Corporate high grade bonds (Moody's Aaa) 3.21 3.18 3.22 3.28 3.24 3.25 3.26 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total 197 415 ••470 221 187 340 323 518 392 180 89 959 New 120 180 390 154 79 247 173 164 121 116 60 841 Refunding 76 235 r 79 67 109 93 150 354 270 64 29 118 Domestic corporate issues—total _ _ _ _. 110 336 185 152 107 138 198 382 189 41 32 781 New 61 125 130 113 51 81 99 99 34 15 13 667 Refunding.. . 49 211 r 56 39 56 57 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926—100) 86 90 88 106 121 118 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All commodities . 78 78 79 87 88 88 86 81 80 75 66 95 Farm products 68 67 69 86 86 89 86 81 79 65 51 105 Foods 75 73 74 88 87 86 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) 79 78 80 86 86 86 85 82 80 74 66 105 BUSINESS INDEXES Index number., adjusted for seasonal variation, 1923-*W=100 Industrial production . 88 83 111 117 114 110 c105 90 79 76 119 M anuf actures 87 82 110 117 114 109 105 90 78 75 119 Minerals ?97 95 93 116 113 112 115 105 91 86 82 115 Construction contracts awarded—total .. 66 59 56 62 67 59 55 37 32 25 117 Residential 53 49 37 40 44 41 37 21 12 11 87 All other P93 77 68 71 81 86 74 70 50 48 37 142 Factory employment _. _.__ P87 85 83 107 109 109 106 98 91 86 73 106 Factory payrolls (unadjusted) 77 71 104 108 105 102 86 74 65 50 110 Freight-car loadings 64 62 61 78 79 80 78 75 64 62 58 107 Department store sales 86 83 83 94 93 92 92 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. _ P246 231 228 297 277 268 279 205 190 178 140 437 General imports 166 141 233 246 265 257 202 171 138 121 367 p Preliminary. r Revised. • 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB 1938 FEDERAL RESERVE BULLETIN 951 LAW DEPARTMENT Broker or Dealer Who Transacts a Business in Securi- is subject to Regulation T to the same extent ties Through the Medium of a Member as a member. Accordingly, if a broker or dealer is one who transacts a business in Under section 7(c) of the Securities Exsecurities through the medium of a member, change Act of 1934 "any member of a nahe is subject to the regulation even as to a tional securities exchange or any broker or particular transaction which is not effected dealer who transacts a business in securities through a member. through the medium of any such member" is subject to the Board's Regulation T, which relates to the extension and maintenance of Withdrawal from General Account Followed by Other credit by such persons. In this connection Transactions on Same Day the Board has had occasion to consider cer- The second paragraph of section 3(b) of tain questions as to what brokers or dealers Regulation T provides, in part, as follows: "transact a business in securities through the medium of a member". "A transaction consisting of a withdrawal of cash or registered or exempted securities The general question of whether or not a from a general account shall be permissible particular broker or dealer "transacts a busi- only on condition that * * * the transacness in securities through the medium of a tions (including such withdrawal) on the day of such withdrawal would not create an member" must turn upon all the relevant excess of the adjusted debit balance of the facts involved in the business of that broker account over the maximum loan value of the securities in the account or increase any or dealer. It has not seemed feasible to at- such excess." tempt to specify any conditions or factual situations which would prevent a broker or In order to insure compliance with this prodealer from coming within the description. vision many brokers make it a practice to The Board has, however, expressed the permit no withdrawals from the account view that the mere failure to handle any busi- without being assured that trading in the acness in registered securities would not, in count has been concluded for the day. The itself, be sufficient to keep a broker or dealer Board, however, recently received inquiries from being one who transacts a business in regarding two situations in which a broker, securities through the medium of a member. having failed to take this precaution, per- This is because the relevant language does not mitted a withdrawal that was followed by refer to transacting a business in registered transactions which, in combination with the securities but to transacting a business in withdrawal, would create or increase an exsecurities. cess of the adjusted debit balance of the ac- Similarly, it has expressed the opinion that count unless margin was deposited in the the fact that a firm does not carry any so- account on the same day. called margin accounts would not, in itself be For simplicity of exposition these cases sufficient to keep the firm from being a broker may be assumed to be alike in that at the or dealer who transacts a business in securi- beginning of the day the adjusted debit balties through the medium of a member, be- ance of the account exactly equalled the maxicause the Act refers to transacting a busi- mum loan value of the securities in the acness in securities rather than to transacting count, and that early in the day $2500 of a margin business in securities. registered nonexempted securities were sold. A "broker or dealer who transacts a busi- Under present loan values of 60 percent, this ness in securities through the medium" of released margin in the complementary perany member of a national securities exchange centage of 40 percent, i.e., $1000. The credi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN NOVEMBER 1938 tor permitted the customer to withdraw this debit balance of the account. Accordingly, $1000 in cash. in the case of the subsequent transaction re- Later in the day other securities were pur- quiring $800 margin it would be necessary chased in the account. for the creditor to obtain the full amount of In one case $2000 of registered nonexsuch margin before the end of the day on empted securities were purchased, requiring which the withdrawal took place. $800 of margin, i.e., $200 less than the $1000 In the other case, in which the subsequent withdrawn. transaction required $1600 margin or $600 In the other case $4000 of such securities more than that originally withdrawn, it were purchased, requiring $1600 of margin, would be necessary to obtain, on the date of i.e., $600 more than the amount withdrawn. the transactions in question, the $1000 which The question in each case related to the had been withdrawn. The remaining $600 time within which the required margin must required could be obtained, as provided for be obtained from the customer. ordinary transactions by the first paragraph The provisions of section 3 (b) quoted above clearly forbid a withdrawal of cash or securi- of section 3(b), "as promptly as possible and ties if the withdrawal, in combination with in any event before the expiration of three the other transactions on the same day, would full business days following the date of such create or increase an excess of the adjusted transaction." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

953 NOVEMBER 1938 FEDERAL RESERVE BULLETIN THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES CONTENTS in large increases over a period of years in the total volume of funds available to mem- Introduction ber banks for use as reserves. History of Legislation on Reserve Requirements Early State laws and practices In the course of the development of our The National Bank Act monetary and banking system, the conception The Federal Reserve Act The 1917 amendments of the primary function of bank reserves has Power to change reserve requirements gone through a process of evolution. Origi- Change in method of computing required reserves Designation of Central Reserve and Reserve Cities nally it was considered that the principal pur- Designation of cities under National Bank Act pose of reserve requirements was to assure Changes under the Federal Reserve System Classification of banks in outlying sections the convertibility into cash of bank notes and Changes in Reserve Position of Member Banks deposits, i.e., to assure the ability of individ- Growth in the volume of reserves Factors accounting for changes in reserves ual banks to meet liabilities on demand dur- Reduction in operating reserves Changes in reserve requirements, 1936-1938 ing a period of strain. In the course of time, Treasury policies with regard to gold acquisitions even before the establishment of the Federal Reserve System, it became evident that reserves alone were not an adequate protection to banks and their depositors. No reasonable Holding by banks as reserves of a certain amount of reserves could be sufficient to meet proportion of funds deposited with them is a large scale withdrawal of deposits. Graducustomary throughout the world. In the ally it has become more clearly understood United States the character and amount of that safety of deposits depends much more reserves to be held by banks against deposits upon the character of other assets of banks has been for a long time prescribed by law, than upon legal reserves. while in most other countries this amount is This conception has become more generally determined, not by law, but by custom and accepted with the establishment of the Fedthe mandates of banking prudence. The pur- eral Reserve System, which provided facilipose of this article is to present a historical ties for member banks to meet demands for survey of bank reserves and reserve require- cash by rediscounting eligible assets with the ments in the United States. Reserve banks. Reserve requirements under Reserve requirements against circulating the Federal Reserve System have served prinotes became a part of American banking law marily not as a means of preserving liquidity a century ago, and requirements against de- of banks but as a medium through which an posits were established by the National Bank influence can be exercised on the expansion Act in 1863. Under the Federal Reserve Act, and contraction of credit. In fact, control as originally passed in 1913, reserve require- by the Federal Reserve authorities over the ments against deposits of member banks of volume of reserves, and in recent years over the Federal Reserve System were reduced reserve requirements, is the principal instrusomewhat from those previously prescribed ment of monetary policy. for national banks. Later amendments, to- Constant study has been given by the Fedgether with changes in banking practices and eral Reserve System to the problem of estabin the distribution of deposits, resulted in lishing a system of reserve requirements best further declines in the proportion of deposits calculated to support the System's monetary required to be held as reserves. Subsequently policy. Several committees of reserve offigold imports and other developments resulted cials have from time to time made reports on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN NOVEMBER 1938 this subject. In 1931 a committee recom- one percent, varying according to distance. mended a radical revision in the method of These notes were returned to the issuing computing requirements, basing them in part bank at the same rate at which they were dison the turnover of deposits as well as on their counted, provided the issuing bank kept a volume. Since that time, because of the large permanent deposit with the New England growth of deposits with a decrease in their Bank. In 1819 a similar plan was established activity and of the enormous growth of re- by the Suffolk Bank of Boston, which develserves as the result of gold imports, the re- oped into a comprehensive system for the reserve problem has greatly changed. In 1935 demption of bank notes in New England, first Congress gave the Board of Governors power at a discount and later at par. Comparable to increase percentages of member bank re- arrangements for redemption by agents were serve requirements up to twice the amounts also developed in New York. The deposit prescribed by law. This power was used by which the issuing bank was required to mainthe Board to increase reserve requirements tain with the redemption agent was in effect in 1936 and 1937 and to reduce them some- an extra-legal reserve requirement.1 what in the spring of 1938. At the present For a while legal penalties and voluntary time reserve requirements are, on the averredemption systems constituted the only age, about 174 percent of the requirements means of preventing the depreciation of State stated in the statute. bank notes, and there were no legal requirements for keeping on hand any fixed propor- HISTORY OF LEGISLATION ON RESERVE REQUIREMENTS tions of specie. By 1840 the question of requiring banks to maintain some definite Early State laws and practices—The first reserve of specie in support of note circulacommercial banks chartered in this country tion became a matter of wide discussion and were not required to keep reserves against subsequently, either as a result of requireeither notes or deposits. Deposits at that ments in State laws or voluntarily, banks time were of minor importance; bank credit began to maintain specie reserves against circulated mainly in the form of notes. The their note liabilities. need for reserves developed in large part By 1863 reserves of one form or another from the attempts to prevent depreciation of were required by law in a number of the State bank notes. The notes of State banks States. The fundamental purpose of these often depreciated, particularly when at a conrequirements was to assure the convertibility siderable distance from the issuing bank, of bank notes, but they also tended to guard owing in part to the expense involved in sendagainst overissue. There was considerable ing the notes back for redemption and in part variation among States in the percentages to the difficulty of determining the solvency required, ranging from 5 percent to 33 1/3 of distant banks. Losses resulting from this percent. The required reserves were gendepreciation led in the early part of the nineerally carried in the form of specie, although teenth century to various attempts by asso- Massachusetts permitted banks outside of ciations of merchants, banks, and State au- Boston to count as reserves certain balances thorities to facilitate redemption of bank notes or to impose penalties for failure to at other banks, and in some States the reserve redeem notes. could consist of specie or its equivalent. In In 1814 the New England Bank in Boston 1 Cf. Davis R. Dewey, "State Banking Before the Civil War," National Monetary Commission, Vol. 4, pp. 73-99 ; also, Annual started a voluntary method of dealing with Report of the Secretary of the Treasury, 1876, pp. 129-137. Other information in this section of the article was also obtained from the situation by redeeming the notes of New these sources. A comprehensive discussion of this subject is also England banks at a discount of not more than included in The New York Money Market, Vol. I, by Margaret G. Myers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

955 NOVEMBER 1938 FEDERAL RESERVE BULLETIN general, reserves were required to be carried necessitate a substantial increase in actual against note issues only and not against de- reserves held, since State banks were genposits. In Massachusetts and Louisiana, erally accustomed to carry reserves in excess however, reserves were required against de- of their legal minimum requirements. posits as well as notes, while the banks in When the National Bank Act was rewritten New York City made an agreement to carry in 1864, several changes were incorporated reserves against deposits but not against tending to make the requirements less burdennotes. As a matter of conservative banking some for banks in both large and small compractice, a number of banks in normal times munities. Reserve requirements of banks voluntarily maintained larger reserves than outside the redemption cities (the number of were legally required. Since, however, this which was increased from 9 to 17 cities) were was not a universal practice, bank commis- lowered from 25 percent to 15 percent. The sioners and legislative committees on various provision permitting such banks to keep threeoccasions recommended that banks should fifths of their reserves with banks in the rehold larger amounts of specie reserves than demption cities was retained. In addition, were required by law. banks in redemption cities other than New The National Bank Act—The reserve pro- York were given permission to deposit onevisions of the original National Bank Act half of their own reserves with banks in New (Act of 1863) followed in general established York City, a recognition of earlier banking banking practice as reflected in State laws practice which had not been included in the and in custom. National banks, chartered first National Bank Act. under the provisions of the Act, were re- Although deposits, as well as currency, quired to hold a 25 percent reserve against were made subject to reserve by this banking both notes in circulation and deposits. This act, deposit banking was still of relatively reserve was to be held in the form of lawful minor importance and the emphasis remained money, except that national banks outside of on the protection of the note issue. The isthe principal redemption cities designated in suance of notes was the principal activity of the Act were permitted to carry three-fifths banks in those days, and it was hoped that, of their reserves in the form of balances with by granting to the national banks the right to national banks in the redemption cities. This issue a currency well received by the public, provision of the law was to assure that funds the progress of national banking would be be available for redemption of bank notes assured. The growth of national banks was when presented at points where they tended slow, however, and most of the banking capito accumulate. National bank notes were tal remained under State charter. To stimualso secured by pledge of Government securi- late the conversion of State banks, therefore, ties with the Treasury. These reserve re- an act was passed on March 3, 1865, levying quirements did not apply to State-chartered a tax of ten percent on State bank notes paid banks, which continued under the jurisdic- out by any bank after July 1, 1866. As a tion of State laws. result, national bank notes replaced the issues The requirement of reserves against de- of State banks. posits in the National Bank Act constituted There was such confidence in national bank the principal change from the provisions of notes that few were presented for redempmost of the State laws in force at the time. tion. As a consequence, following a currency As mentioned above, however, this provision shortage during the panic of 1873 and a popuhad a precedent in the more advanced State lar demand for an increase of the amount of legislation and banking practice. The higher money in circulation, reserve requirements legal reserve percentages probably did not against national bank notes were abolished, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN NOVEMBER 1938 thereby releasing a substantial amount of ents than they were required to hold as regreenbacks held as note reserves. As a sub-serves against deposits. Banks in the reserve stitute, the law was changed to provide for cities competed for bankers' balances and the the deposit with the Treasury of a 5 percent reserve city designation became a distinct redemption fund, which might also be counted competitive advantage for banks located in as part of the reserves against deposits.2 such cities.3 Thereafter bank reserves were required only During this period banks were required to against deposits. As the use of checks in carry the same reserve against all deposits business transactions increased and bank de- regardless of type. The Comptroller of the posits expanded during the following years, Currency, however, in order to afford some the relative importance of bank notes steadily relief to banks, early made a concession on declined, and there was correspondingly less deduction items by ruling that National banks need for the protection of the note issue of in computing deposits subject to reserve banks and greater emphasis on the protection might deduct amounts due from banks from of depositors. amounts due to banks. A further reduction The next important change in the National in requirements was made in 1902 when the Bank Act came in the Act of March 3, 1887,Secretary of the Treasury exempted United which gave the Comptroller of the Currency States Government deposits from reserve rethe authority to designate additional redemp- quirements, and this exemption was inserted tion cities. In this act, for the first time, the in the law in 1908.4 The original National term "reserve cities'' was used to designate Bank Act as modified in these respects, reprecities where banks might hold part of the re-sented the situation in effect at the time of serves of banks located elsewhere. The act enactment of the Federal Reserve Act. also introduced the term "central reserve The Federal Reserve Act—Among the purcity" which was applied to New York City poses of the Federal Reserve Act, as viewed because it was permitted to hold part of the by its sponsors, were the centralization of reserves of all banks, including those located reserves and the reduction or elimination of in reserve cities. The term "country banks," balances held by banks in financial centers for commonly applied to banks outside reserve their correspondent banks.5 The reserve proand central reserve cities, does not appear in visions of the Federal Reserve Act, however, the law. were apparently designed with the view of Bank balances in the central reserve and altering the National banking system in such reserve cities had become valuable to banks in a manner as to involve the least possible other cities. Reserve cities were centers for change in the amount of reserves to be rethe clearing and collection of checks that quired of banks. The first proposals showed tended to accumulate there in much the same little change from the National Bank Act perway as notes had done previously, and bank- centages, but as the bill went through various ers' balances were useful as a potential ex- stages toward enactment several reductions change and clearing fund. At the same time, were made in requirements. These reductions partly because of the interest earned, there were designed to attract nonmember banks developed a growing tendency for liquid into the System and to offset payments to the secondary reserves and temporarily idle funds Reserve banks for capital stock subscriptions. of country banks, as well as the proceeds of checks in process of collection, to be held in 3 Discussion of the development and uses of bankers' balances is given in Bankers' Balances, by Leonard L. Watkins, and also balances with city correspondents. In general in The New York Money Market, Vol. I, by Margaret G. Myers, previously cited. banks held larger balances with correspond- 4 Act of May 30, 1908, sec. 14. See "Financial Laws of the United States," National Monetary Commission, p. 468. 5 Report No. 69, House of Representatives, 63rd U. S. Con- 2 Act of June 20, 1874, sees. 2 and 3. gress, 1st session, p. 59. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 957 The accompanying table shows the progress time and savings deposits or required a of these changes through the various stages smaller amount of reserve than against deof the bill, and also those made by the amend- mand deposits.7 ments of 1917. The permanent reserve provisions of the As the Act was originally approved reserve original Federal Reserve Act, which were to requirements against demand deposits were be effective by the end of the third year after 18 percent for central reserve city banks, 15 the official establishment of the Federal Repercent for reserve city banks, and 12 percent serve banks, required member banks to hold for country banks, as compared with 25 per- part of their reserves with the Federal Recent for central reserve and reserve city serve banks and part in their own vaults, banks and 15 percent for country banks under while the remainder could be held optionally the National Bank Act. Reserve requirein their own vaults or at the Reserve banks. ments against time deposits, which had been During the three-year interim, however, rethe same under the National Bank Act as serve city and country member banks were those for demand deposits, were reduced to permitted to continue to carry part of their 5 percent for all member banks. This subreserves in the form of balances at National stantial differential in favor of time deposits banks in central reserve and reserve cities. was established in order to enable National The Act also provided that the transfer of banks to compete for time deposits on more required reserves of country and reserve city even terms with State-chartered banks.6 At banks to the Reserve banks could be made in this time the banking lawTs of the majority of the States either required no reserve against 7 George E. Barnett, "State Banks and Trust Companies since the Passage of the National Bank Act", National Monetary Com- 6 Report No. 69, House of Representatives, op. cit., p. 73. mission, Vol. 7, p. 112. RESERVE REQUIREMENTS FOR MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM, ENACTED OR CONSIDERED BY CONGRESS Against demand deposits Central reserve city banks Reserve city banks Country banks Against time deposits, On de- On de- On de- all Cash posit Op- Cash posit Op- Cash posit Op- member Total in with tion- Total in with tion- Total in with tion- banks vault * Reserve al vault i Reserve al 2 vault* Reserve al 2 banks banks banks National Bank Act, as amended 3 25 25 3 25 12K 12H 3 15 6 9 Same as demand Drafts of Federal Reserve Act Owen bill4 15 7H 15 7H 7K 15 7H None F G i l r a s s t s m bi e l m l— o v ra a n ri d o u u m s d 4 r _ a fts 4 ._ 2 2 0 0 1 5 0 5 5 1 5 0 2 2 0 0 1 5 0 5 5 1 5 0 1 1 5 5 5 5 5 5 5 5 N S d a o e m n m e e a a n s d As passed by House 4 18 9 5 4 18 9 5 4 12 5 5 2 5 As passed by Senate 4 18 6 6 6 15 6 6 3 12 5 7 55 Federal Reserve Act As approved Dec. 23, 1913 4 Effective upon establishment -. 18 6 7 5 15 6 3 6 12 5 2 5 $5 To be effective by Nov. 1917 18 6 7 5 15 5 6 4 12 4 5 3 55 As amended, 1917 13 10 10 7 7 63 1 13 1 Cash in vault eligible for reserves under National Bank Act excluded National bank notes and under Federal Reserve Act excluded National bank notes, Federal Reserve notes and Federal Reserve bank notes. 2 Includes amounts that could be held with National banks in central reserve or reserve cities. Under Federal Reserve Act as approved all reserves had to be held in vault or in Federal Reserve banks beginning 36 months after establishment of System, i. e. from November 1917. 3 Includes the fund deposited by National banks for the redemption of notes. 4 Various drafts of the bill, as well as the Act finally approved, provided that reserves to be kept on deposit with the Reserve banks might be smaller upon establishment of the System and gradually increase to a specified amount. 5 Distributed in the same ratio as the reserve against demand deposits. 6 All reserves required to be on deposit with Federal Reserve bank. Sources: "Financial Laws of the United States, 1778-1909," National Monetary Commission, Vol. 2; H. Parker Willis, The Federal Reserve System; and the Federal Reserve Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN NOVEMBER 1938 specified instalments covering a period of Member banks were also able to meet subtwo and one-half years after the Reserve sequent transfers of reserves from correbanks were established. These provisions spondents to the Reserve banks without diffiwere designed to give member banks suffi- culty, owing in part to the substantial surplus cient time to make necessary adjustments to of reserve funds supplied to member banks the new reserve requirements with a mini- by the heavy gold inflow to the United States, mum of inconvenience. An amendment to that began early in 1915. On November 17, the Act, approved September 7, 1916, au- 1916, as shown in the following table, memthorized the Federal Reserve Board to per- ber banks held reserves in their own vaults mit member banks to carry in the Federal and with the Federal Reserve banks totaling Reserve bank any portion of their reserves $1,488,000,000, an amount only slightly previously required to be held in their own smaller than their total reserve requirements vaults. of $1,510,000,000. Balances with corre- The requirements of the Federal Reserve spondent banks approved as reserve agents Act apply to all member banks operating were greatly in excess of the additional reunder State as well as national charter. In quirements. addition, the States have their own reserve requirements which govern State banks. In RESERVE POSITION OF MEMBER BANKS1 November 17, 1916 a number of States, the State laws would not permit deposits by banks with the Federal Reserves held: In vault $813,600,000 Reserve bank to count as reserves satisfactory Balances with Federal Reserve banks. 674, 200,000 With approved reserve agents 1,048,300,000 to the State authority. This placed an undue Total reserves held $2, 536,100,000 burden on State member banks and the State Required reserves: In vault $576,100,000 laws were, accordingly, gradually modified Balances with Federal Reserve banks. 606,400,000 to eliminate the conflict.8 State banks which Op se ti r o v n e a l b — an in k s cash or with Federal Re- 151,700,000 With approved reserve agents 175,900,000 do not belong to the Federal Reserve System Total required reserves $1, 510,100,000 remain subject to State requirements alone. Excess reserves $1,026,000,000 Initial payment of reserves by member 1 Based on figures given in THIRD ANNUAL REPORT OF FEDERAL. banks to the Federal Reserve banks on No-RESERVE BOARD, 1916, p. 23. vember 16, 1914, amounted to about $250,- The 1917 amendments—The large volume 000,000 and was made without difficulty.9 The of excess reserves created by the inflow of ease with which this payment was made was gold in this period led the Federal Reserve due largely to the fact that under the Federal Board to submit to Congress in December Reserve Act not only were total reserve re- 1916 an amendment to the Act seeking to quirements smaller than under the National concentrate further the gold supply of the Bank Act, but also amounts that had to be country in the Reserve banks.10 The Board held initially in vault and with the Federal proposed to advance the date on which bal- Reserve banks were generally smaller than ances with correspondent banks would no amounts previously required to be held in longer count as reserves and to increase the vault. The Federal Reserve Board requested required reserves to be maintained by memthat, so far as possible, deposits should be ber banks at the Reserve banks, but to reduce made in gold so that the Reserve banks would the maximum amount of reserves that could accumulate a gold reserve. As a result a be carried as vault cash. Total requirements large part of the reserve funds deposited with in vault cash and reserves would remain practhe Reserve banks was in the form of gold. tically unchanged. The proposed amendment 8 Cf.: "Provisions of State Laws Relating to Bank Reserves," FEDERAL RESERVE BULLETIN, March 1937, pp. 188-219. 9 FIRST ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, 1914, 10 THIRD ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, 1916, pp. 11-12 and 200-201. pp. 23-26, 139-145. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

959 NOVEMBER 1938 FEDERAL RESERVE BULLETIN also provided that items in process of collec- compared with 18, 15, and 12 percent under tion would no longer count as reserves but the original Act; for time deposits the reserve that Federal Reserve notes held in the vaults requirements were lowered from 5 percent to of member banks could be counted as part of 3 percent at all classes of banks. their vault cash reserve. This latter pro- As the minimum balances required to be vision was suggested in order that banks held at the Reserve banks had been substanmight substitute Federal Reserve notes for tially less under the original Act than under gold and gold certificates held in their vaults, the amendment, member banks had to transthereby releasing the gold to the Reserve fer reserve funds to the Reserve banks.11 banks and increasing the free gold of the These deposits were largely made in gold, gold Reserve banks, i.e., the surplus of gold hold- certificates, and other lawful money which ings over amounts that the Reserve banks member banks previously had held in their are required to hold as reserves against notes own vaults, and resulted in an increase of and deposits. The Board explained that the about $300,000,000 in the free gold of the proposed amendments were "designed to pro- Reserve banks. The lending power of the vide means of controlling an overextension of Reserve banks was thereby increased. loans based on new accretions to our gold For member banks as a whole the reducstock and to provide for the mobilization and tion in reserve requirements at this time did concentration of the gold holdings of the not immediately release any considerable vol- United States so that the flow of gold back to ume of reserves for the expansion of loans and Europe, or to South America, or to the Orient, investments. Although the banks were no may be arranged without forcing any violent longer permitted to count vault cash as legal contraction of loans or causing undue dis- reserves, they had to continue to keep on hand turbance to legitimate business." At the same sufficient currency to meet the cash needs of time the Board suggested an amendment so their customers. The vault cash so held to a as to permit it "to raise reserve requirements considerable extent offset the reduction in in emergencies." Neither this proposal nor legal reserve requirements. Over a period of the Board's suggestions for changes in the years, however, as explained in a later section existing reserve requirements were enacted of this article, member banks found they into law at that time. could operate with smaller holdings of cur- With the entry of the United States into the rency, and there was a gradual reduction in war and the prospect of large Government their vault cash holdings, with a consequent financing, there was increased pressure for increase in member bank reserve balances. centralizing the gold reserves of the country The lowering of reserve requirements, toand for enlarging the potential lending pow- gether with the increased lending ability of ers of the Reserve banks. These purposes the Reserve banks, later made possible a great were accomplished in the amendment to the expansion of bank credit. Federal Reserve Act approved June 21, 1917, The reserve requirements established in which made substantial reductions in the 1917 remained in effect for nearly 20 years reserve percentages but provided that all and are the basic requirements stated in the reserves must henceforth be held with the law today. In accordance with the provisions Reserve banks, eliminating any requirement of amendments to the Federal Reserve Act in as to cash in vault. The new percentages 1933 and 1935, these basic requirements are against demand deposits established by this now subject to increase by the Board of Govamendment were 13 per cent at central re- ernors and were increased in 1936 and 1937. serve city banks, 10 percent at reserve city banks, and 7 percent at country banks, as 11 FOURTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, 1917, p. 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN NOVEMBER 1938 Power to change reserve requirements— The Act as finally approved August 23, Power to change statutory reserve require- 1935, authorized the Board to change reserve ments was first granted the Federal Reserve requirements, but they could never be lower Board by the so-called Thomas amendment, than they were at that time nor could they be included in an act of Congress approved May more than twice that amount.15 In contrast 12, 1933. This amendment gave to the Gov-to the Thomas amendment, the Board of Government new powers to add to the reserves of ernors was permitted to change requirements banks by various means, and the provision by an affirmative vote of four members and for the raising of reserve requirements was without having to declare the existence of an intended to be a safeguard in case there emergency or to secure approval of the Presshould develop an inflationary credit expan- ident. It was also provided that, within the sion which existing methods of control would limits stated, the Board could decrease reserve be inadequate to curb. Under the language requirements in order to prevent injurious of the amendment12 the new power could be credit contraction, as well as to increase reused only when the Board, with the approval serve requirements in order to prevent injuof the President, declared that an emergency rious credit expansion. existed by reason of credit expansion. Between the summer of 1936 and the early The power of the Board to change reserve months of 1937 the Board of Governors exrequirements was clarified and modified in the ercised the power to increase reserve require- Banking Act of 1935. In the first draft of the ments of member banks by the full amount bill, passed by the House of Representatives, permitted by law. In April 1938 reserve rethe Board was authorized to change reserve quirements were reduced by about one-eighth, requirements without limit as to amount.13 or to approximately those obtaining in March The Governor of the Board, in advocating this and April 1937. The accompanying table provision, testified that it would make perma- shows these various changes in reserve renent the emergency provision of the Thomas quirements : amendment and would free the Board from RESERVE REQUIREMENTS OF MEMBER BANKS the necessity of declaring that an emergency (Percentages of deposits) exists and of obtaining the approval of the On demand deposits On President before it could act on reserve retime dequirements. It was felt that, in view of the Cen- posits, tral Re- Coun- all rapid growth of reserves, the Board should re- serve try memserve city banks ber have the power to supplement open-market city banks banks banks operations, particularly in order to control an inflationary condition, should one develop.14 Statutory requirements in 1917 amendment to Federal Reserve By the spring of 1935 excess reserves of mem- Act 13 10 7 3 ber banks had increased greatly through the Requirements as changed by Board of Governors: continued large inflow of gold, and the antic- Aug. 16, 1936 to Feb. 28, 1937 19^ 15 10H Mar. 1, 1937 to April 30, 1937 22^ 17^ 12M ipated need to absorb a portion of these ex- May 1, 1937 to April 15, 1938 26 20 14 6 Beginning April 16, 1938 22M UK 12 5 cess reserves at some time in the future was becoming more and more evident. 15 The present provision is as follows: "Sec. 207 . . . Notwithstanding the other provisions of this section, the Board of Governors of the Federal Reserve System, upon the affirmative vote 12 The actual provisions of the Thomas amendment relating to of not less than four of its members, in order to prevent inthe power to change reserve requirements were as follows : "Sec. jurious credit expansion or contraction, may by regulation change 46 ... the Federal Reserve Board, upon the affirmative vote of the requirements as to reserves to be maintained against demand not less than five of its members and with the approval of the or time deposits or both by member banks in reserve and central President, may declare that an emergency exists by reason of reserve cities or by member banks not in reserve or central reserve credit expansion, and may by regulation during such emergency cities or by all member banks ; but the amount of the reserves reincrease or decrease from time to time, in its discretion, the re- quired to be maintained by any such member bank as a result serve balances required to be maintained against either demand of any such change shall not be less than the amount of the or time deposits." reserves required by law to be maintained by such bank on the 13 74th U. S. Congress, 1st session, H. R. 5357, sec. 209. date of enactment of the Banking Act of 1935 nor more than 14 Ibid., Hearings on H. R. 5357, p. 197. twice such amount." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

961 NOVEMBER 1938 FEDERAL RESERVE BULLETIN Change in method of computing required reduced by $75,000,000 and those of reserve reserves, 1935—The Banking Act of 1935 city banks taken as a whole showed a small also provided for a change in the method of decline. computing net demand deposits against which reserves must be carried by member banks DESIGNATION OF CENTRAL RESERVE AND RESERVE CITIES with Federal Reserve banks. Previously net demand deposits were com- Aside from the changes in reserve requireputed for each reporting bank separately by ments made by law under the National Bank adding to demand deposits, other than those Acts and the Federal Reserve Act, there have of banks and the United States Government, been other changes in connection with the any excess of amounts due to banks over the administration of the law, which have affected sum of amounts due from banks and cash the reserve requirements of selected banks. items in process of collection. The Banking One of these arises from the power to desig- Act of 1935 prescribes that reserves be car- nate reserve and central reserve cities. ried by member banks against United States Designation of cities under National Bank Government deposits but permits deductions Act—The National Bank Act of 1863 desigof balances due from banks and collection nated nine cities, by name, as redemption items to be made from gross demand deposits cities for the rest of the country. National instead of only from balances due to banks. banks in these cities could receive and hold three-fifths of the legal reserves of national These changes tended to increase the net banks located elsewhere. When the Act was demand deposits and hence the required rerewritten in the following year, these reserves of member banks in New York City, demption cities were increased to seventeen. which held a large volume of deposits of the United States Treasury and, having a large At the same time New York was recognized excess of amounts due to banks over amounts as the principal monetary center which could, due from banks, did not benefit from the in turn, receive one-half of the legal reserves privilege of deducting amounts due from of national banks in the other redemption banks from gross deposits rather than from cities. Because of the bankers' balances caramounts due to banks. Country banks, on ried with them, however, banks in all rethe contrary, had relatively small Govern- demption cities were required to hold larger ment deposits and had a large excess of reserves than banks elsewhere. amounts due from banks over amounts due to Some cities not named as redemption cities banks, so that their net demand deposits, and felt discriminated against and, as the result consequently their required reserves, were of much agitation, a law was passed in 1887 materially reduced by the changes in the giving the Comptroller of the Currency aumethod of computing deposits against which thority to name additional cities in which reserves have to be held.16 legal reserves could be redeposited. This Act used the terms "reserve cities" and "central On the basis of figures for June 29, 1935, reserve cities." It provided that, upon the the nearest date to the change for which data application of three-fourths of the National are available, the new method of computing banks in cities of 50,000 or more and of net demand deposits resulted in a reduction 200,000 or more, the Comptroller might desigof about $35,000,000 in required reserves of nate such cities as reserve cities or central all member banks. Requirements of central reserve cities, respectively. In 1903 the minireserve city banks were increased by $45,mum population for reserve cities was re- 000,000, while those of country banks were duced to 25,000. Shortly after the passage ie TWENTY-SECOND ANNUAL REPORT OF THE BOARD OF GOVERNORS of the Act of 1887, St. Louis and Chicago OF THE FEDERAL RESERVE SYSTEM, 1935, pp. 18-19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN NOVEMBER 1938 elected to become central reserve cities, in are carrying or intend to carry upon such designation, accounts with a national bank addition to New York, which had been named in the applying city. Applications will be as a central reserve city in the Act. In the referred for report and recommendation to the Federal reserve bank of the district in following years, the number of reserve cities which the applying city is located, whose increased until there were 49 by the time the chairman shall certify the names of the national banks endorsing the application."18 Federal Reserve System was established. Changes under the Federal Reserve Sys- In 1917 upon the application of banks in tem—The Federal Reserve Act transferred Tulsa and Ogden the Board designated these from the Comptroller of the Currency to the two cities as reserve cities, although they Federal Reserve Board the power of classify- did not conform to the formula established. ing cities for reserve purposes.17 Moreover, Under the National Bank Act higher rethe Act gave the Board full discretion in such serve requirements against deposits at reclassification. serve city banks were related to the fact that When the Reserve Bank Organization Com- these banks had permission to receive bankmittee decided that Federal Reserve banks ers' balances which counted as reserve of should be established in Atlanta and Rich- other banks. The reserve city designation mond, the banks in those cities promptly gave banks in those cities an advantage in made application to the Comptroller, the Fed- competing for bankers' balances. Under the eral Reserve Board itself not being organized, Federal Reserve Act, however, there was not and he designated them as reserve cities. the same reason for higher reserve require- When the Board was appointed it retained ments nor any special advantage in law for the designations of all central reserve and banks having the reserve city designation. reserve cities that had previously been made The designation imposed higher reserve reby the Comptroller. The Board also conquirements on the city banks without comtinued the practice of allowing member banks pensating benefits. After the designation of to initiate requests for designation of the Tulsa and Ogden as reserve cities, no more cities in which they were located and passed requests were received from banks for shifts upon each case as it was presented. In 1914 of country bank cities to reserve cities. and 1915 four additional cities were given The amendment of 1917, which required the status of reserve cities. all reserves to be carried with the Reserve In March 1915 the Board announced that banks, removed one of the reasons for reserve it had adopted the following conditions as classifications of cities. It was becoming necessary before consideration would thereafter be given to the designation of any city more clearly realized, however, that a large as a reserve city: volume of bankers' balances would continue to be held outside of the Federal Reserve "A population of at least 50,000; combined capital and surplus of national banks in the banks even though such balances would not applying city of not less than $3,000,000, count as legal reserves. with deposits of not less than $10,000,000; endorsement of the application by at least After a study of the question of designation fifty (50) national banks located outside of the applying city who will state that they of reserve cities by a committee of the Board, it was decided that six additional cities should 17 The provisions of the original Federal Reserve Act with respect to reserve classification of cities were as follows : "Sec. 11. be designated as reserve cities to become The Federal Reserve Board shall be authorized and empowered : . . . effective January 1, 1918. Several of the (e) To add to the number of cities classified as reserve and central reserve cities under existing law in which national bank- cities resisted this designation but the Board ing associations are subject to the reserve requirements set forth in section twenty of this act; or to reclassify existing reserve explained its action as necessary in order to and central reserve cities or to terminate their designation as such." (The reference to section 20 apparently should have been to 18 Statement for the press by the Federal Reserve Board released section 19.) March 23, 1915. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

963 NOVEMBER 1938 FEDERAL RESERVE BULLETIN bring their reserves up to the requirements tion and from 1922 to 1930 the Board apof other cities in their class. In 1918 the proved six of these applications. The most Board adopted the policy of designating as important change was in 1922 when St. Louis reserve cities all cities in which Federal Re- was changed from a central reserve to a reserve branches were established. serve city. There have been no changes in During the next 10 years the Board fol- designation of cities since 1930. lowed the practice of considering changes in The accompanying table shows the list of designations only when presented to it at the central reserve and reserve cities at the time initiative of member banks located in such the Federal Reserve System was established cities. Banks in several cities requested that and the subsequent changes made by the their cities be reduced to a lower classifica- Board. CENTRAL RESERVE AND RESERVE CITY DESIGNATIONS UNDER THE FEDERAL RESERVE SYSTEM ^NATIONS IN EFFECT OCTOBER 31, 1914 SUBSEQUENT CHANGES IN DESIGNATIONS Central reserve cities Reserve cities designated by the Board at the request New York of member banks located therein Chicago Birmingham November 12, 1914 Charleston November 12, 1914 St. Louis Chattanooga March 5, 1915 Reserve cities Nashville March 22, 1915 Albany Muskogee Tulsa January 9, 1917 Atlanta New Orleans Ogden July 11, 1917 Baltimore Oklahoma City Reserve cities designated by the Board at its own Boston Omaha initiative because of size and importance of cities Brooklyn Philadelphia Buffalo January 1, 1918 Cedar Rapids Pittsburgh Oakland January 1, 1918 Cincinnati Portland Memphis January 1, 1918 Cleveland Pueblo Grand Rapids January 1, 1918 Columbus Richmond Peoria January 1, 1918 Dallas St. Joseph Toledo January 1, 1918 Denver St. Paul Des Moines Salt Lake City Reserve cities designated by the Board because Fed- Detroit San Antonio eral Reserve banks or branches were located therein Dubuque San Francisco Jacksonville August 1, 1918 Fort Worth Savannah El Paso December 2, 1918 Galveston Seattle Little Rock January 6, 1919 Houston Sioux City Helena February 1, 1921 Indianapolis South Omaha Charlotte December 1, 1927 Kansas City, Kans. Spokane Kansas City, Mo. Tacoma Change from central reserve city to reserve city desig- Lincoln Topeka nation made at the request of member banks concerned Los Angeles Waco St. Louis July 1, 1922 Louisville Washington Terminations of reserve city designations made at the Milwaukee Wichita request of member banks concerned Minneapolis Chattanooga August 1, 1922 Charleston March 1, 1923 Tacoma November 1, 1923 Albany July 1, 1929 Muskogee March 15, 1930 Classification of banks in outlying sec- nual report for 1917 "to call attention to the tions of cities—The power of the Board to situation of many banks located in outlying designate the reserve classification for se- districts of larger cities, or in boroughs, forlected groups of banks was broadened in merly independent municipalities, which are 1918. For several years the Board had re- now parts of a greater city. The business of ceived petitions, which impelled it in its an- these banks is often local, and it is suggested Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN NOVEMBER 1938 that Congress authorize the Board to classify serve and central reserve cities. This pracbanks in outlying districts of large cities as tice is still followed; consideration is annually though they were located in independent given by the Reserve banks and the Board to municipalities." This authority was granted the question whether on account of changes in under the Act of September 26, 1918. the character of a bank's business the Board The Board immediately defined outlying should revoke the permission to carry reduced sections in Boston and New York and changed reserves. The practical effect of the annual the classification of banks in those sections, review is to maintain the classification of but did not define outlying sections in other banks in outlying sections of various cities on places. Instead, it laid down a policy of analyz- a basis that is essentially uniform. ing the individual applications received from At the present time, banks in the outlying banks requesting a change in reserve require- sections of 16 reserve cities and the 2 central ments under the new law. In 1924 the Board reserve cities are authorized to carry smaller approved the recommendation of Federal reserves than are required of other banks in Reserve agents that the Board be guided in the same cities. determining outlying districts "by the results of an analysis of the character of the business CHANGES IN RESERVE POSITION OF of the applicant member bank or of all the MEMBER BANKS SINCE 1914 banks of the neighborhood group." In 1926 Changes made by the Federal Reserve Act the Board established the practice of having in the reserve structure of banks which bethe Federal Reserve banks review the situa- came members of the Federal Reserve System tion at the end of each year with respect to had the consequence of reducing somewhat member banks which had been granted per- their required reserves, and subsequent large mission to carry reduced reserves because gold movements to this country increased the of being located in outlying sections of re-supply of reserves. The additional reserves CHART 1 MEMBER BANK DEPOSITS AND RESERVES ANNUAL AVERAGES MILLIONS 100,000 40,000 ' SUB T J O E T C A T L 1 D T E O P R O E S S IT E S RVE ^ 30,000 20,000 A NET DEMAND DEPOSITS * • 15,000 // Y ^~ / TIME DEPOSITS 4,000 / 3,000 2,000 / 1,500 1916 1918 1920 1922 <924 1926 1928 1930 1932 1934 1936 1938 1916 1318 1920 1922 1924 1926 1928 1930 1932 1934 1936 1! Plotted on ratio scale. Averages of call report figures through 1928 ; thereafter averages of daily figures for deposits and reserves and of call report figures for vault cash. Averages for 1938 are partly estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

965 NOVEMBER 1938 FEDERAL RESERVE BULLETIN thus made available provided the basis for deposits and banks have held substantial further expansion in the volume of bank amounts of reserves in excess of needs. Tocredit in the fifteen years following the estab- ward the end of 1935 member bank reserve lishment of the Federal Reserve System. balances had risen to the then unprecedented Growth in the volume of reserves—The figure of $6,000,000,000, whereas required accompanying chart shows, for the period reserves were less than $3,000,000,000. At from 1915 to the present, changes in the the end of October 1938 reserve balances had volume of deposits of member banks, in their risen to $8,700,000,000. reserve balances with Federal Reserve banks, Factors accounting for changes in the voland in the total of their reserve balances and ume of reserves—These changes in the volcash in vault. The chart is plotted on a ratio ume of reserves held by member banks have scale so that equal vertical distances represent reflected various monetary developments. equal percentage changes, making it easier While individual banks may obtain reserves to compare relative changes in deposits and through the clearing system, i.e., through the in reserves. Prior to the middle of 1917 the shifting of funds from other banks, these total of balances with the Federal Reserve shifts do not add to or subtract from the total banks and vault cash, together with a diminvolume of reserves of all banks. Total reishing amount of balances with approved deserves may be increased by additions to monepositories, comprised the legal reserves of tary stocks of gold, by the issuance of silver member banks. Since 1917 member banks certificates, and by a reduction in the volume have been permitted to count only balances of currency in circulation; they may be rewith the Reserve banks as reserves, but in duced by an outflow of gold and by an increase practice they have had to carry enough vault in currency in circulation. They may also be cash to meet operating requirements. Acincreased by Federal Reserve bank loans to cordingly, the total of reserve balances and member banks and by Federal Reserve bank vault cash may be considered as the basic purchases of securities or acceptances in the operating reserves of the banking system. open market; or they may be reduced by the These basic operating reserves increased reverse of these operations. Issuance by the rapidly in the early years of the Reserve Sys- Treasury of gold and silver certificates, actem until the end of 1919, reaching a total of companying increases in monetary stocks of about $2,600,000,000, of which $1,900,000,gold and silver, has been a major factor ac- 000 was in balances with the Federal Reserve counting for the growth in the volume of membanks, and $700,000,000 in vault cash. After ber bank reserves in recent years. Other declining somewhat in 1920 and 1921, corcurrent operations of the Treasury have from responding to a decline in deposits, they intime to time had a temporary effect on recreased again to a level of about $3,000,000,- serves.19 000 by the end of 1927. This included a little Changes in these various factors affecting over $500,000,000 of vault cash. There was member bank reserves since the beginning of little change in this total until the latter part 1918 are shown in Chart 2, which is divided of 1931, when it declined by about $500,000,into two sections, the upper showing the prin- 000, accompanying a sharp decline in bank cipal factors and the lower showing the comdeposits. ponents of Reserve bank credit. In the early Up to 1932 the changes in reserves had years of the Federal Reserve System until corresponded closely to changes in the volume of deposits, with banks holding no more re- 19 For a full discussion of the relationships between these variserves than were necessary. Since 1932 re-ous factors and a description of the computation of the figures, see "Supply and Use of Member Bank Reserve Funds," FEDERAL serves have increased much more rapidly than RESERVE BULLETIN, July, 1935 or reprint; see also W. W. Riefler, Money Rates and Money Markets in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN NOVEMBER 1938 CHART 2 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 1918 1920 1922 1924 1926 1928 1930 1932. 1934 1936 1938 RESERVE BANK CREDIT BILLIONS OF DOLLARS MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 1918 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 967 1917, most of the increase in reserves resulted reduction in the gold content of the dollar. from an enlargement of the country's gold This gold inflow amounted to about $6,500,stock through payments in gold for purchases 000,000 in the period from the beginning of of goods here by the belligerent European 1934 to the end of October 1938. In addition, nations. The gold inflow stopped in 1917, during this period member bank reserves however, while rapidly accelerated demands were increased by additions to the monetary for both bank credit and currency, which con- gold stock from domestic production and other tinued until 1920, sharply increased member domestic sources, amounting to about $700,bank needs for reserve funds. These funds 000,000, and by the issuance of about $1,200,were obtained largely through borrowings 000,000 of silver coin and currency by the from the Federal Reserve banks, shown on Treasury. Of the reserves originating from the lower section of the chart as bills dis- gold and silver purchases, about $1,200,000,counted. A substantial return flow of cur- 000 was absorbed by an increase in currency rency from circulation and some reduction in in circulation and another $1,100,000,000 by required reserves, resulting from credit con- additions to Treasury balances and to nontraction, in 1921, together with an inflow of member deposits at the Reserve banks. Regold, which continued until 1924, enabled serve balances showed an increase of about member banks to reduce their borrowings by $6,000,000,000 to an unprecedented total of about $2,000,000,000 from 1920 to 1922. $8,700,000,000. From 1922 to 1928 expansion in bank credit Reduction in operating reserves under the and deposits caused an increase in the re- Federal Reserve System—Changes made in quired reserves of member banks, which was the reserve structure by the Federal Reserve met through the interplay of various factors Act and its amendments resulted in a direct —principally gold movements, Reserve bank reduction in the percentages of reserve reopen-market operations, and borrowings of quirements, and, in addition, made it possible member banks at the Reserve banks. Bor- for member banks in the course of time to rowings increased sharply in 1928, as a result reduce the operating reserves that they had in part of an outflow of gold and in part of to maintain relative to their deposits. On the Reserve bank sales in the open market de- other hand, as shown above, the reserve balsigned to restrict the expansion in bank loans ances of member banks have increased almost for stock market speculation. They continued continuously since the establishment of the large until almost the end of 1929, when with System. the stock market collapse Reserve banks re- The more important changes bringing versed their policy and purchased large about the uncontemplated reduction in the amounts of securities in the open market. member banks' reserve ratio were the provi- In 1931, 1932, and early 1933 member bank sions that vault cash be not counted as legal reserves and borrowings at the Reserve banks reserve and that reserves against time dewere both affected principally by currency posits be reduced to 3 percent. Over a period hoarding and the gold movements that ac- of years, as shown in Chart 1, banks graducompanied the panicky financial develop- ally reduced their holdings of vault cash or ments of those years. In 1932 and 1933 did not increase them in proportion to the tension in the credit structure was eased con- growth in their demand deposits; also time siderably by large Reserve bank purchases of deposits, for various reasons, showed a more securities in the open market. rapid growth than demand deposits. As a Beginning in 1934 an unprecedented state consequence, the ratio between the total of of easy monetary conditions was brought on required reserves and cash actually held by all by the heavy gold inflow that followed the member banks and the total of their time and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN NOVEMBER 1938 net demand deposits declined until it reached "Part of this decline reflects a reduction in the operating requirements of banks for in 1928 a low point of less than 9 percent, as vault cash. The American public has widecompared with about 13V2 percent in 1917. spread banking facilities and is thoroughly educated in the use of checks. Their demand These changes in effect made possible an exfor pocket currency, consequently, is relapansion in member bank credit of about $12,- tively small since its use is limited largely to transactions in which currency is the 000,000,000 more than could have occurred only convenient method of payment. In rewith the same volume of reserves on the 1917 cent years there has also taken place a rapid increase in the use of checks for wage paybasis. These changes provided the basis for ments which has materially reduced the deabout two-thirds of the credit expansion that mand for cash for industrial pay rolls. While this substitution of checks for curactually occurred in the period. rency may reflect a socially desirable devel- Reduction in vault cash—Prior to 1917, as opment, it does not constitute a logical or valid reason for a reduction in the reserve previously indicated, member banks held part requirements of member banks since the efof their reserves with Federal Reserve banks fect upon business activity and upon the position of the individual member bank is and part as cash in their own vaults. Under the same whether a depositor's account is the 1917 amendment reserve requirements drawn upon to make payments by check or by currency. against deposits were reduced, and member "By no means all of the economies in the banks were required to hold all their legal re- use of cash which member banks have been able to effect since 1917, however, reflect serves with the Federal Reserve banks. At the substitution of checks for currency in the time the amendment was passed the re- making payments. On the contrary, a special study of the daily vault-cash holdings duction in requirements for member banks, of member banks has shown definitely that taken as a whole, was almost exactly equal to location in the vicinity of a Federal reserve bank or branch is the largest single factor the amount of vault cash held by them. There accounting for the reduction in member bank were, however, differences in the effect among holdings of cash. This investigation showed that member banks situated close enough individual banks and classes of banks. Memto Federal reserve banks or their branches ber banks located in the vicinity of Federal to be able to deposit surplus currency at the reserve banks or to obtain additional Reserve banks and branches benefited somecurrency supplies from the reserve banks what, since they could obtain currency quickly within a few minutes, maintained vaultand needed only small amounts of vault cash. cash holdings equal on the average to only 1.38 per cent of their net demand deposits. Banks at a distance, however, found it neces- This group of member banks holds about sary to keep on hand substantial amounts of 60 per cent of the total deposits of all member banks. vault cash and consequently held larger re- "During the same period, the remaining serves and vault cash than previously. The member banks held vault cash equivalent to 4.64 per cent of their net demand deposits, effect on the Reserve structure of this change or more than three times the proportion in the status of vault cash was described as that was held by member banks close to the reserve banks. The investigation also follows in the report of the Federal Reserve showed that member banks located within System Committee on Bank Reserves, pub- short distances of cities where Federal reserve banks or branches are located held lished in 1931: as high a proportion of vault cash, on the average, as country member banks, which, "Between June 1917, before the new re- because of their inaccessible location, ordir quirements went into effect, and June, 1930, narily can not receive additional supplies net demand plus time deposits of member of currency until one or two days after it banks increased from $12,000,000,000 to $32,- has been ordered. The amount of vault-cash 000,000,000, but holdings of vault cash at the reserves which member banks find it necessame time decreased from about $800,000,- sary to hold at the present time, therefore, 000 to less than $500,000,000. By making depends mainly on whether or not they are progressive economies in their use of vault located in the immediate vicinity of the cash at a time of rapid increase in their reserve banks. If they are close enough, deposit liabilities, member banks were able they can deposit with the reserve banks for to reduce their cash holdings to less than credit to their reserve balance a large pro- . . ." l1/^ percent of their net demand phis portion of the vault cash which their busitime deposits by 1930. ". . . this reduction ness would otherwise require them to hold. has been especially marked at large city "The 1917 amendment eliminating vault banks. . . . cash from legal reserves, consequently, has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

969 NOVEMBER 1938 FEDERAL RESERVE BULLETIN had two unfortunate effects. First, it has and nearly one-half of the time deposits of materially reduced the total reserve require- the country were held by member banks. ments of member banks and thus further "While there have been other factors in facilitated expansion of bank credit at a the growth of time deposits, it is clear that time when huge gold imports arising out of the introduction of a lower reserve on such war and postwar disturbances were already deposits has encouraged the growth of savplacing difficulties in the way of the effec- ings deposits at commercial banks in part at tive administration of the country's credit the expense of the growth of deposits at resources. Second, these reductions in ag- specialized savings institutions, with the regregate reserve requirements have not been sult that some of our so-called commercial equally available to all member banks but member banks now operate largely with have particularly favored those banks which funds that are classified as time or savings are located in close geographical proximity deposits. From the point of view of bank to the Federal reserve banks. . . ." reserves, however, the problem to determine is not the extent to which member banks have competed more effectively with other Growth in time deposits at member banks banks for the savings-deposit business of —The establishment by the Federal Reserve the country, but the extent to which member banks, because of the low reserve against Act of a substantial differential in required time deposits, have been induced to classify as time deposits, deposits that are essenreserves in favor of time deposits made it tially demand in character. It has been repossible for a considerable expansion of bank peatedly asserted in recent years that this reclassification of deposits, rather than efcredit to occur without a corresponding infective competition on the part of member crease in required reserves. To what extent banks for savings deposits, has been responsible for a substantial part of the growth the more rapid growth of time deposits as in time deposits at member banks. compared with demand deposits represented "While it is the opinion of the committee that the greater portion of time deposits actual shifts from demand to time deposits held by member banks, particularly counis impossible to determine. The report of the try member banks, represent funds which are genuine savings deposits, the commit- System Committee on Bank Reserves included tee is convinced that a significant part of the following comments on this subject: these deposits, especially in metropolitan centers, are not in the nature of savings, but have a considerable velocity of turn- "Deposits classified as time deposits have over, and should be classified as demand degrown rapidly at member banks since 1914. posits and carry correspondingly larger re- In that year, when national banks were re- serves. The volume of such deposits is quired to maintain the same reserve against sufficient to constitute a major departure all of their deposits, they held only about from the principles underlying present re- $1,200,000,000 in time deposits. Following serve requirements. the lowering of reserve requirements against "A special investigation conducted in May these deposits, time deposits increased 1931 revealed the fact that out of $13,000,steadily and amounted to about $8,700,000,- 000,000 of time deposits held by member 000 at national banks alone in 1930. During banks at that time, $3,000,000,000 consisted the same period, time deposits of nonnational of individual accounts with balances in excommercial banks, including both State cess of $25,000. Even though these accounts member and nonmember banks, increased may consist of inactive deposits with a low from about $2,800,000,000 to $10,200,000,- turnover, they are not the typical small 000 and savings deposits of mutual and stock savings accounts for the accommodation of savings banks from $4,800,000,000 to $10,- which the low reserve against time deposits 500,000,000. The increase in time or sav- was primarily instituted. Of the $3,000,ings deposits for national banks during the 000,000 held in these large individual acperiod was over 600 per cent, for nonnational counts, 27 per cent were held in accounts commercial banks over 250 per cent, and evidenced by savings pass books, 24 per cent for savings banks 120 per cent. Consider- in accounts evidenced by certificates of deing all of our commercial banks together, posit, and 49 per cent in other types of time both State and National, time and savings accounts, chiefly open-book accounts paydeposits have increased from less than one- able in more than 30 days or subject to an fourth of total deposits in 1914 to nearly 40 agreement by the depositor at the time of per cent in 1930. In 1914, furthermore, these deposit to give 30 days' notice before withcommercial banks held about 45 per cent of drawal. the total time deposits of the country; while "A further violation of the intent of the by 1930 that proportion had grown to about law has grown up in certain localities where, 65 per cent. Of the total increase in time to meet the competition of State savings deposits in the interval more than 70 per banks, some member banks have devised a cent was concentrated at commercial banks. special savings account on which checks By 1930 more than one-third of all member may be drawn without the presence of the bank deposits consisted of time deposits depositor at the bank. These accounts are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN NOVEMBER 1938 evidenced by savings pass books in which the Under present definitions savings deposits bank reserves the right to require 30 days* cannot be held for an organization operated notice before making payment on a withdrawal. When the account is opened, a for profit and cannot be withdrawn except duplicate savings pass book is issued, the upon presentation of the pass book or through original being held by the depositor and brought up to date from time to time, while payment to the depositor himself; time dethe duplicate is left with the bank, which posits cannot be paid before maturity except enters therein the amount of each withdrawal at the time checks on these accounts in case of emergency; and time deposits canare presented for payment. So far as the not be borrowed against, except at a rate of committee can ascertain, this practice of permitting withdrawals from sayings ac- interest at least 2 percent above that paid on counts by check without presentation of the pass book has not, as yet, spread widely. the deposit. An investigation of the turnover of these so- At this time, moreover, when banks have called savings accounts indicates that they are less active on the whole than demand large excess reserves and money rates are accounts in the same banks, but much more low, banks find large time deposits unprofitactive than other time accounts. They are, furthermore, no less active than accounts able and are discouraging them. It is likely classified as demand deposits in many sec- that a large amount of funds which may be tions of the country. "In the opinion of the committee even the considered as genuine savings are now held existence of a low rate of turnover in time- in demand deposits. There is now little indeposit accounts would not necessarily mean that the present system of reserves is func- ducement for banks to reclassify deposits or tioning in accordance with the intent of the to solicit time deposits, in contrast to the law. It is not necessary to classify deposits incorrectly in order to reduce reserve re- situation that exists in a period of active dequirements under existing conditions. With mand for money, of limited reserves, and of only a 3 per cent reserve required against time deposits, there is an inducement for high money rates. member banks to persuade or permit com- Changes in reserve requirements, 1936mercial customers to classify a large part of their working accounts as time deposits 1938—Although the additions to the supply and then to permit a very rapid turnover of effective reserves during the first ten or on that small part of these accounts that remain in the demand-deposit classification. twelve years of the Federal Reserve System's In such cases, the customers' aggregate deoperation were important factors in credit posits constitute the working balance, but all of the checks are cleared through the developments during the 1920's, they were demand accounts, with the consequence that relatively small compared with the additions relative inactivity in time accounts is balanced by a corresponding increase in the to reserves that have occurred since then. activity of the demand balances. While it By the end of 1935 member bank reserve balis impossible to ascertain the extent to which this practice has influenced the growth of ances in excess of requirements were suffitime deposits at member banks in recent cient to provide the basis for doubling the years, it is known that the turnover of demand accounts has increased rapidly. There existing volume of deposits. Fluctuations in has also been a growth in the volume and number of time-deposit accounts maintained the required and excess reserves of member by corporations. While both of these devel- banks since 1932 are shown on the accomopments have reflected, in part at least, other factors than the effect of the 3 per panying chart. cent reserve on time deposits, this reserve Problems raised by the large volume and requirement has facilitated the movement and has undoubtedly been a factor in the continued increase in member bank reserves decrease of the ratio between total bank re- differed from those analyzed by the System serves and the outstanding volume of bank credit." Committee on Reserves in its 1931 report. These new problems were given careful con- Since the above-quoted report was written, sideration by the Board of Governors in the provisions in the Banking Acts of 1933 and latter part of 1935 and in 1936. In order to 1935 and regulations issued thereunder have eliminate the possibility of the existing excess changed time deposit regulations with a view to preventing in the future such evasions of 20 See Sec. 11 of Banking Act of 1933 ; Sec. 324 of Banking Act the intent of the law as occurred in the past.20 of 1935 ; and Regulation Q of Board of Governors of the Federal Reserve System, revised, effective January 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 971 CHART 3 REQUIRED AND EXCESS RESERVES OF MEMBER BANKS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 10 10 1932 1933 1934 1935 1936 1937 1938 reserves becoming the basis of an injurious quirements it was not the intention of the credit expansion, the Board decided to raise Board to reverse the policy of monetary ease member bank reserve requirements by 50 which had been pursued by the System since percent, effective after the close of business the beginning of the depression. Rather it August 15, 1936. Early in 1937, the Board was an adjustment to a changed reserve sittook action to increase requirements by an- uation brought about through the extraordiother 50 percent of those prescribed in the nary inflow of gold from abroad. At the time Federal Reserve Act, one-half of this second of taking action to increase reserve requireincrease to become effective March 1 and the ments the Board announced that the Federal other half May 1, 1937. This action fully Reserve System proposed to continue its polutilized the Board's power under the law to icy of exerting its influence toward the mainraise requirements to twice the percentages tenance of easy money conditions for the prescribed in Section 19 of the Federal Re- encouragement of full economic recovery. serve Act, as amended. By these actions the The increase in reserve requirements did Board eliminated as a basis of possible credit not diminish the large volume of funds awaitexpansion about $3,000,000,000 of excess re- ing investment held on deposit by bank cusserves. tomers. These funds were ample to assure The section of the law which authorizes the continuance of favorable money rates for the Board to change reserve requirements capital purposes. At the same time, with exfor member banks states that this power may cess reserves reduced to a manageable figure, be exercised "in order to prevent injurious the Reserve System was placed in a position credit expansion or contraction." The sig- to take prompt action to bring about current nificance of this language is that it places adjustments of the reserve position of memresponsibility on the Board to use its power ber banks to credit needs by employing the to change reserve requirements not only to more flexible instrument of open-market operrestrict and minimize an injurious credit ex- ations to ease or tighten conditions in the pansion or contraction after it has developed, money market. but to anticipate and prevent such an expan- It has sometimes been erroneously stated sion or contraction. In raising reserve re- that the increase in reserve requirements Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN NOVEMBER 1938 furnished the Federal Reserve banks with reduced reserve requirements of member additional funds available for making loans banks by approximately one-eighth of the or purchasing securities. This statement is higher level to which they had been raised based on a misunderstanding of the opera- about a year earlier. This action had the eftions of the Federal Reserve banks. The lend- fect of raising excess reserves from about ing power of Federal Reserve banks is not $1,700,000,000 to $2,500,000,000. affected by changes in reserve requirements. Treasury policies with regard to gold ac- So long as member banks have adequate quisitions, 1936-1938—From December 1936 excess reserves to meet an increase in re- until April 1938 the growth in bank reserves serve requirements, the balance sheet of the resulting from the continued increase in the Federal Reserve banks is not altered by such country's monetary gold stock was largely a change. It does not affect the total amount prevented by a policy followed by the Treasof deposits at the Reserve banks; it merely ury in this period of placing new gold acconverts a portion of member bank reserve quisitions in an inactive account. Under this balances from excess reserves into required practice the Treasury paid for gold by drawreserves. It has no effect whatever on the ing upon its balances with the Federal Revolume of funds available to the Reserve serve banks but set aside its current gold banks for investment. Limits of possible ex- purchases in an inactive account and replenpansion by the Reserve banks are not affected ished its balance with the Federal Reserve by the proportion of member bank reserves banks by drawing funds from the market. that is required and the proportion that is in So long as this practice was followed gold excess of requirements. These limits depend imports did not increase member bank reon the amount of cash reserves of the Reserve serves. banks themselves, and cash reserves are not In September 1937 the Treasury, at the altered by a change in reserve requirements request of the Board of Governors, released of member banks. $300,000,000 of gold from its inactive ac- Existing reserves of the Federal Reserve count. In February 1938 the "sterilization'' banks, moreover, are large enough to permit policy was further modified so that newly Reserve bank earning assets to be expanded acquired gold up to $100,000,000 a quarter to many times their present volume. The ex- was to be added to reserves, and in April, in tent to which the lending power of the Fed- connection with the Government's program eral Reserve banks is put to use, however, is for encouragement of business recovery, the not determined by the theoretical possibilities practice of placing gold in a special inactive of expansion on the basis of available reserves account was discontinued. At that time or by the possible earnings from such expan- $1,400,000,000 of inactive gold was deposited sion, but solely by a consideration of the by the Treasury in its account with the Reamount of reserve funds required for the ac- serve banks, from which current expendicommodation of commerce and business and tures are made. As these deposits are rethe maintenance of sound credit conditions. duced member bank reserves increase. Beginning in the latter part of 1937 there Largely as a result of Treasury expendiwere marked declines in industrial activity tures from its accumulated gold balances and and employment and in commodity and secu- of further gold imports member bank rerity prices, which continued into the early serves increased sharply from April to Ocmonths of 1938. In April 1938 the President tober 1938, and excess reserves at the end of announced a comprehensive program of gov- October amounted to $3,200,000,000. This ernmental measures for the encouragement is near the previous maximum reached in of business recovery, and as a part of this 1935 and 1936, before the first increase in program the Board of Governors on April 16 reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 973 ALL BANKS IN THE UNITED STATES ALL BANKSx—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.] Loans and investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total Loans Investments June Mar. June June Mar. June June Mar. June June Mar. June June Mar. June 1938 1938 1937 1938 1938 1937 1938 1938 1937 1938 1938 1937 1938 1938 1937 ALL BANKS1 Boston 5,576 5,652 5,826 2,670 2,719 2,821 2,907 2,933 3,006 5,864 5,844 5,933 882 883 887 New York 17,619 17, 957 18, 892 8,004 8,394 9,225 9,615 9,563 9,667 18, 475 18,199 19,011 1, 235 1,237 1,250 Philadelphia 3 392 3 380 3 490 1 230 1 257 1 286 2 162 2 122 2 204 3 588 3 536 3 705 941 942 946 Cleveland 3,453 3,578 3,620 1,413 1,462 1,410 2,040 2,116 2,210 3,799 3,822 3,902 1,253 1,253 1,265 Richmond 1,911 1,920 1,944 891 889 869 1,020 1,031 1,075 2,148 2,176 2,188 1,075 1,080 1,092 Atlanta 1,285 1,302 1,291 687 686 639 598 615 651 1,491 1,541 1,497 1,044 1,044 1,048 Chicago 5,086 5,403 5,408 1,797 1,904 1,922 3,288 3,499 3,486 6,289 6,197 6,348 2,513 2,529 2,551 St. Louis. 1,484 1,488 1,514 715 717 701 769 771 813 1.645 1, 632 1,722 1,564 1,573 1,597 Minneapolis 1,049 1,088 1,103 436 438 432 612 649 670 1,235 1,218 1, 265 1,339 1,347 1,363 Kansas City 1,300 1,348 1,385 624 631 626 677 716 759 1,630 1,615 1,762 1,883 1 888 1,913 Dallas _ 970 991 963 512 513 480 459 478 483 1,266 1, 294 1,230 968 972 987 San Francisco__ _ _._ ___ 4,254 4,213 4,260 2,151 2,166 2,103 2,104 2,047 2,157 4,767 4,628 4,723 590 600 628 Total 47, 381 48,319 49, 696 21,130 21, 779 22, 514 26, 252 26, 540 27,182 52,195 r51, 703 53, 287 15, 287 15, 348 15, 527 MEMBER BANKS Boston _ 1,885 1,942 2,106 961 988 1,077 924 954 1,029 2 162 2,138 2,198 357 357 360 New York 10, 424 10, 776 11,573 4,202 4,576 5,381 6,223 6,200 6,192 11,188 10, 927 11,695 775 776 787 Philadelphia _ . 2,291 2,279 2,386 913 941 959 1,377 1,338 1,427 2,445 2,384 2,562 656 656 657 Cleveland _ 2,674 2,729 2,820 1,067 1,084 1,068 1,607 1,645 1,752 2,966 2,934 3,046 623 622 623 Richmond . . 1,187 1,191 1,206 554 556 538 633 636 668 1,363 1,376 1,399 405 405 405 Atlanta 994 1,008 1,003 511 514 475 483 493 528 1,137 1,172 1,132 322 323 326 Chicago 4,033 4,272 4, 265 1,278 1,369 1,404 2,755 2,903 2,861 4,977 4,824 4,938 775 771 757 St. Louis- 1,036 1,078 1,057 463 494 457 573 584 600 1 135 1,146 1,133 390 391 391 Minneapolis 722 757 769 291 296 295 431 461 475 870 846 891 467 466 473 Kansas City 1,024 1,071 1,107 453 467 458 571 604 649 1,282 1,259 1,302 735 733 725 Dallas 832 849 827 426 427 396 406 421 431 1,090 1,111 1,051 544 546 549 San Francisco.__ 3,618 3,569 3,618 1, 819 1,833 1,776 1,799 1,736 1,842 4,131 4,000 4,093 289 289 304 Total 30, 721 31,521 32, 739 12, 938 13, 546 14, 285 17, 782 17,975 18,454 34, 746 34,118 35, 440 6,338 6, 335 6,357 NONMEMBER BANKS Boston _ 3,692 3,710 3,720 1,709 1,731 1 744 1 983 1 979 1 976 3 702 3 706 3 735 525 526 527 New York 7,195 7,181 7,319 3,803 3,818 3,844 3,393 3,363 3,475 7,287 7,273 7,316 460 461 463 Philadelphia 1,101 1,100 1,104 316 316 327 ' 785 785 111 1 142 1 152 1 143 285 286 289 Cleveland 779 849 800 346 378 342 433 471 459 834 888 856 630 631 642 Richmond 724 728 738 337 334 331 388 395 407 784 800 789 670 675 687 Atlanta _ - 291 294 287 176 172 164 115 122 123 353 369 365 722 721 722 Chicago 1,053 1,132 1,143 520 536 518 533 596 625 1,312 1,373 1,410 1,738 1,758 1,794 St. Louis 447 410 457 252 223 244 196 187 213 509 486 589 1,174 1 182 1,206 Minneapolis 327 331 333 145 143 138 182 188 196 365 372 374 872 881 890 Kansas City 276 276 278 171 164 168 106 112 110 348 355 460 1,148 1,155 1,188 Dallas 138 142 136 86 85 83 52 57 52 176 r183 179 424 426 438 San Francisco 636 645 642 332 334 326 305 311 316 636 628 631 301 311 324 Total _ . 16, 661 16, 798 16, 958 8,192 8,233 8,229 8,469 8,565 8,728 17, 449 '17,584 17, 848 8,949 9,013 9,170 r Revised. i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on pa! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p s o i s v i e t s of inter- Nu b m an b k e s r of State June March June June March June June March June June Mar. June 1938 1938 1937 1938 1938 1937 1938 1938 1937 1938 1938 1937 New England: Maine - 109,763 108,354 111,133 202, 547 208,654 209,887 317, 551 316, 794 327,958 102 102 103 New Hampshire 99, 539 98, 565 99,450 170, 666 173,941 173, 603 268, 292 268,157 268, 625 108 109 109 Vermont 88,030 86, 612 87,776 71,166 77,391 78,964 164, 526 166, 670 169,180 91 91 91 M assachusetts. _ , 758,0341,800, 6801, 876, 6531, 770, 7731, 778, 8551,832,867 3, 718,924 3, 685, 6723, 753,103 392 392 395 Rhode Island 170,122 174,471 181, 677 271,178 271,156 284,461 455, 511 462,365 460,866 35 35 35 Connecticut 582,984 589, 704 602,131 550, 667 558,441 563,423 1,232, 354 1,236,409 1, 248, 702 196 196 196 Middle Atlantic: New York ', 283, 9187, 655,3198,468,902 8, 677, 2208,613, 1118, 691, 77016, 546, 29016, 267,057 1'7,, 061,478 900 902 910 New Jersey 691, 851 713,834 742,425 953, 663 967, 998 996,163 1,949, 543 1,963,178 1, 992,053 410 411 416 Pennsylvania ., 541,3921, 561, 2111, 548,3782,932,187 2,896,141 3,025, 9164, 541, 678 4,475,247 4, 691,1541,113 1,114 1,122 East North Central: Ohio 811,972 831, 761 841, 731 948,167 986,066 1, 037, 5512,128,946 2,109,491 2,170,184 709 709 713 Indiana 257, 748 263,248 257,954 384, 782 392,389 400, 382 782,038 774,499 787,971 521 524 530 Illinois 858,645 951, 933 1,000,169 1,821,012 1,972,185 1,896,015 3, 369,848 3,201, 9903,331, 207 866 873 882 Michigan 362, 577 364,482 354, 262 675, 524 712, 677 744,001 1, 287, 571 1, 331, 7421, 355,459 462 464 470 Wisconsin 244,144 250, 669 249,702 447,495 463, 530 467,454 794, 210 818, 566 816, 658 595 599 605 West North Central: Minnesota 299, 233 303, 263 295,059 406, 539 433, 278 446, 270 812,637 791, 232 826,048 690 688 Iowa 252,024 251, 825 236,114 206,148 216, 739 242, 734 556,289 568, 653 565, 604 653 657 660 Missouri 406, 300 446,518 433, 953 541, 225 566, 603 580, 634 1,024,032 1,024,854 1,186, 592 651 659 668 North Dakota 24,170 24,146 24, 655 31,052 31, 624 33,715 64, 384 65,117 67, 276 180 183 191 South Dakota 33, 208 32, 598 33, 499 31,479 32,444 34, 544 79,124 77,408 83, 295 175 177 181 Nebraska 108, 319 107, 792 107,130 110, 745 114,957 119, 539 249, 816 251, 517 258,429 427 429 432 Kansas 143,046 136, 222 138, 932 135, 686 135, 455 140,107 353,170 350,037 363, 818 687 701 South Atlantic: Delaware 76,161 78,193 78, 773 99,078 99, 540 103,143 190,875 182, 373 187, 481 48 Maryland 208,658 212, 319 210,106 471, 200 446, 756 470,447 723,380 717, 920 733, 228 196 196 199 District of Columbia 98, 200 100,531 102,924 130,508 135, 489 142, 309 280, 815 307, 879 286, 559 22 22 22 Virginia 271, 634 273,075 262,392 175, 633 177, 371 188, 370 500, 568 489,866 502, 961 319 321 323 West Virginia 127, 549 124,828 124,560 90, 687 98, 724 98, 457 269, 491 269, 529 276, 791 184 184 186 North Carolina 157, 456 154,413 148, 037 132, 410 148, 341 146, 747 310, 957 320, 567 317, 922 232 235 239 South Carolina 55,135 52, 382 48, 684 40,198 45, 921 52, 699 121, 645 131, 418 134, 935 150 150 151 Georgia. 210,017 209, 652 202, 975 83, 751 84, 878 93,913 315, 834 321, 602 325, 909 284 284 285 Florida 79, 914 80, 801 75, 549 142, 750 148, 987 167,482 282, 803 314, 971 300, 508 163 163 162 East South Central: Kentucky 205, 351 212,990 212, 522 148, 611 153, 826 161,040 381, 409 402, 311 396, 776 428 425 437 Tennessee 216, 225 215, 801 192, 567 133, 916 137, 897 155,158 401, 839 404,021 402, 810 303 304 312 Alabama 123, 515 118, 255 105, 325 85, 993 90, 284 102, 900 235,022 243, 689 241, 726 218 217 217 Mississippi 68, 480 59, 596 74, 969 79,153 77, 318 180, 323 199, 691 172, 788 206 207 207 West South Central: Arkansas 63, 071 62,136 53,133 53, 411 56, 530 61, 801 143, 798 149, 841 145, 969 221 220 223 Louisiana 136,804 140, 491 121, 553 176, 636 176,184 173, 308 365,338 367, 091 344, 760 146 146 146 Oklahoma 137, 510 135,813 130,935 142,013 152, 929 150, 540 379, 995 368,091 375,808 398 399 401 Texas 457, 263 458, "" 431,067 418, 852 437, 376 442, 260 1,135, 835 1,157, 587 1,102,068 856 874 Mountain: Montana 31,193 30, 011 30, 957 59,884 60,901 61,986 120, 550 121, 518 124,171 114 115 117 Idaho 29, 245 26, 912 26, 697 38, 624 40, 350 43, 648 87, 341 89, 413 93,191 52 52 53 Wyoming 24, 393 23, 052 23, 828 16,098 18, 065 18, 975 54,465 54, 919 54, 651 58 58 58 Colorado 79, 804 85, 416 81, 421 105, 916 114, 770 128, 327 262, 690 270, 968 277,196 145 145 149 New Mexico 18, 894 17,899 17,165 18, 204 17, 918 20, 222 54, 660 52, 607 52, 916 41 41 41 Arizona 26, 835 24, 774 32, 374 32, 634 32, 490 80. 799 82, 739 80,477 12 12 13 Utah 55, 071 54, 511 53,813 48, 334 52, 314 123,098 127, 766 126, 916 59 59 Nevada 9,237 8,271 7,616 15, 398 14, 918 15,110 33,056 33, 323 31,994 10 Pacific: Washington 193, 651 188, 402 194, 459 201, 759 204, 940 210, 221 451, 308 452, 617 468, 781 153 160 179 Oregon 88,488 84,464 82, 659 136,888 133,913 141, 274 264, 270 262, 677 269,865 77 77 80 California 752, 983 1, 782, 2661, 718. 2281, 637, 6031, 575, 7551, 662, 9853, 746,015 3, 599, 0473, 672, 317 232 235 238 Total 21,129, 814 21, 778, 841 22, 514,000 26, 251, 619 26, 540, 299 27,182, 069 52,194? 913 -"51, 702, 696 53, 287,134 15, 287 15,348 15, 527 r Revised. * Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 976. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 975 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Amounts in thousands of dollars] Loans Investments Deposit b s, a n e k x c d lu e s p i o v s e i ts of inter- Nu b m an b k e s r of State June March June June March June June March June June Mar. June 1938 1938 1937 1938 1938 1937 1938 1938 1937 1938 1938 1937 New England: Maine 39,078 37,975 39, 265 64,031 65,092 69, 814 110, 850 110,219 118,047 39 39 New Hampshire 29, 636 29, 224 30,109 29,203 30, 312 29,974 62,165 61,662 62,130 52 52 52 Vermont 25, 423 23, 863 23,652 23,157 25,130 26, 245 51, 248 51,187 51, 394 42 42 42 Massachusetts 506, 623 530,062 587,402 437, 242 467, 867 519,939 1,100,175 1,072,401 1,118,141 127 127 128 Rhode Island 40, 703 43, 014 46, 839 33, 389 33, 384 39, 539 83,118 85, 570 79, 733 12 12 !2 Connecticut 106, 750 111,286 116,169 103, 286 105, 237 111, 538 253,914 256,091 264, 846 54 54 54 Middle Atlantic: New York ., 508, 391 1, 633, 6961,876,189 2, 546, 7422,498, 4292, 454, 888 4,110, 555 4, 058, 2644, 315, 757 442 443 450 New Jersey 229,474 229, 872 240, 283 377, 698 386, 677 402,454 733, 324 733, 802 758,197 229 229 232 Pennsylvania 800,168 809, 316 797, 275 1, 422,8641, 403, 6281,480,458 2,199, 556 2,172, 4632, 333, 579 697 697 702 East North Central: Ohio 303, 469 314, 763 313,376 423, 978 455, 694 491, 310 893, 889 893, 653 926, 354 247 248 248 Indiana 108, 224 112,562 109, 427 224, 855 218,364 223, 716 395, 443 384,! 390,879 127 127 126 Illinois 606, 619 682, 416 726, 343 1, 279, 2421, 403, 6861, 318, 768 2, 348,195 2,194, 2792, 297,096 314 314 310 Michigan 155,166 155, 858 153, 852 370,381 390, 309 412, 533 658, 682 684, 219 698,613 83 83 83 Wisconsin 96,033 103, 726 106,591 268,193 264, 708 259, 891 420, 67f 426, 296 418,015 106 106 105 West North Central: Minnesota 198, 405 205,137 202,846 271, 854 294, 616 302,639 552,12' 528, 249 564,! 195 195 196 Iowa 74,004 74, 874 73, 397 84, 502 86,193 100,446 187, 378 188, 824 189, 727 110 111 113 Missouri 160, 740 182, 668 177, 977 229, 917 238, !"• 242,760 422, 493 425, 910 426, 618 86 86 86 North Dakota 14, 259 14, 224 14, 634 21, 962 22, 885 24, 563 42,873 43, 368 45, 730 52 53 57 South Dakota 18, 533 18, 097 18, 493 20, 747 21, 528 22, 744 46,911 49, 967 45 45 47 Nebraska 74,101 75, 450 73, 551 91, 497 94,405 97, 954 185, 282 183, 726 187, 932 136 136 136 Kansas 62, 700 61, 289 62, 811 85,135 83,036 88, 482 194, 345 192, 297 193, 711 184 185 186 South Atlantic: Delaware. 8,084 8,040 7,684 9,892 10,381 10, 818 17, 635 17, 694 18, 323 16 16 Maryland 63, 336 64,164 61, 781 172, 811 153, 604 163, 590 242, 200 240, 539 248, 937 63 63 District of Columbia 44, 720 46, 226 47, 508 73, 041 80, 780 85, 984 149, r 169, 566 154, 261 9 9 Virginia 146,149 145, 899 139, 638 116, 639 117, 884 128, 232 303, 618 291, 659 306, 264 132 132 132 West Virginia 65, 755 63, 367 62, 239 50, 543 53, 775 52, 970 143, 697 143, 685 143, 040 79 79 79 North Carolina 41, 262 40, 111 39, 544 26,137 28, 349 31, 503 83,949 88, 216 88, 506 43 43 43 South Carolina 29, 576 27, 492 26, 782 19,153 22, 618 28, 729 62, 821 68, 306 71,033 20 20 20 Georgia 128, 807 130, 741 127, 705 57, 862 58, 543 65, 865 204, 360 202,394 213, 043 53 53 55 Florida 55, 099 56, 382 53, 541 112, 948 117, 534 135, 590 207,006 232, 505 223, 329 53 53 53 East South Central: Kentucky 93, 577 96, 252 80, 456 82,024 81, 825 189, 883 198, 797 193, 075 100 Tennessee 148, 657 148, 880 132, 644 103,035 106,115 123, 205 281, 394 282, 339 280, 794 71 72 Alabama 82, 860 79. 713 70,036 60,299 64, 282 75, 596 162, 077 165, 631 169, 321 66 68 Mississippi 21, 039 20, 636 19, 245 26, 322 25, 964 27, 616 63, 244 70, 526 59, 830 25 25 West South Central: Arkansas 33, 913 33,517 28, 247 33,230 35 ' 40, 596 80,947 85,126 83, 767 50 50 50 Louisiana 88,029 92, 968 77, 038 123, 306 120,' 353 120, 517 233, 359 235, 450 219,412 30 30 30 Oklahoma 116, 745 116, 527 111, 646 126, 620 135, 735 135, 798 329, 019 317, 644 321, 932 215 215 214 Texas 377, 973 379, 837 357, 583 371, 873 385, 295 394, 721 972, 099 987, 057 940, 210 449 451 457 Mountain: Montana 14, 083 13, 873 13,451 36, 756 37,197 38,196 68, 339 69, 294 70, 77! 43 43 44 Idaho 13, 561 12, 515 11,912 20, 242 21, 905 20, 917 43, 827 44, 667 42, 540 20 20 20 Wyoming 15, 585 14, 780 15, 351 13, 344 14, 449 15,050 38, 936 39, 206 38, 739 26 26 26 Colorado 61,129 65, 497 61, 323 87, 835 96, 569 109,499 211, 590 216, 356 223, 768 78 77 78 New Mexico 14,441 13, 605 12, 984 14, 965 14, 618 16, 779 43,333 41, 043 41,321 22 22 22 Arizona 19, 768 19, 579 16, 852 22, 092 22,187 22, 493 55, 58" 57, 214 53, 468 5 5 6 Utah 21, 950 21, 605 21, 244 22, 205 25, 076 29, 501 53,718 56, 694 57, 034 13 13 13 Nevada 8,512 7,638 6, 213 14,197 13, 700 13, 089 30, 659 30,932 26, 802 5 5 5 Pacific: Washington 139, 259 134, 065 122, 792 143, 635 144, 978 144, 641 326, 346 323, 612 308,878 54 Oregon 72, 844 69, 684 66, 926 120, 589 115, 913 123,148 226, 887 225, 057 229, 983 28 29 California , 231, 1591, 241,1561,195, 098 1,147, 7451, 092, 5421,139, 871 2, 672, 595 2, 568, 6192, 605, 987 103 103 105 Total 8,316,371 8,614,121 8,796,477 11,617,647 11,788,407 12,096,994 22,552,909 22,264,200 22,925,823 5,242 5,250 5,293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State June March June June March June June March June June Mar. June 19382 1938 2 1937 2 1938 2 1938 2 1937 2 19382 19382 1937 2 1938 2 1938 2 1937 2 New England: Maine 70,379 71,868 138, 516 143, 562 140, 073 206, 701 206, 575 209, 911 63 63 63 New Hampshire 69,903 69, 341 69, 341 141, 463 143, 629 143, 629 206,127 206,495 206, 495 56 57 57 Vermont 62, 607 62, 749 64,124 48,009 52, 261 52, 719 113, 278 115, 483 117,786 49 49 49 Massachusetts :, 251, 411 1, 270, 6181, 289, 2511, 333, 5311, 310, 988 1, 312, 928 2, 618, 749 2, 613, 2712, 634, 962 265 265 267 Rhode Island 129,419 131,457 134,838 237, 789 237, 772 244,922 372,393 376,795 381,133 23 23 23 Connecticut 476, 234 478, 418 485,962 447, 381 453, 204 451, 885 978, 440 980, 318 983, 856 142 142 142 Middle Atlantic: New York i, 775, 527 6,021,623 6, 592, 7136,130,478 6,114,682 6, 236,882 12!,, 435, 73512, 208,79312, 745, 721 458 459 460 New Jersey 462, 377 483, 962 502,142 575, 965 581, 321 593,709 1, 216, 219 1, 229, 3761, 233, 856 181 182 184 Pennsylvania 741, 224 751, 895 751,103 1, 509, 3231, 492, 513 1, 545, 458 2, 342,122 2, 302, 7842, 357, 575 416 417 420 East North Central: Ohio 508, 503 516, 998 528, 355 524, 189 530, 372 546, 241 1, 235,057 1, 215, 8381, 243, 830 462 461 465 Indiana 149, 524 150,686 148, 527 159,927 174,025 176, 666 386,595 389, 518 397,092 394 397 404 Illinois 252,026 269,517 273,826 541, 770 568,499 577, 247 1,021, 653 1,007,711 1, 034, 111 552 559 572 Michigan 207,411 208,624 200,410 305,143 322,368 331,468 628,889 647, 523 656, 846 379 381 387 Wisconsin 148, 111 146,943 143, 111 179,302 198, 822 207, 563 373, 532 392,270 398, 643 489 493 500 West North Central: Minnesota 100,828 98,126 92, 213 134,685 138,662 143,631 260,510 262,983 261,066 493 495 492 Iowa 178,020 176,951 162, 717 121,646 130, 546 142,288 368,911 3 379, 829 375,877 543 546 547 Missouri 245, 560 263,850 255,976 311,308 327, 714 337,874 601, 539 598, 944 4 759,974 565 573 582 North Dakota 9,911 9,922 10,021 9,090 8,739 9,152 21,511 21, 749 21, 546 128 130 134 South Dakota 14, 675 14, 501 15,006 10,732 10,916 11, 800 30, 926 30,497 33,328 130 132 134 Nebraska 34, 218 32, 342 33, 579 19, 248 20, 552 21, 585 64, 534 67, 791 70,497 291 293 296 Kansas 80,346 74, 933 76,121 50, 551 52, 419 51, 625 3 158, 825 3 157, 740 3 170,107 503 503 515 South Atlantic: Delaware 68,077 70,153 71,089 89,186 89,159 92,325 173, 240 164, 679 169,158 32 32 32 Maryland 145,322 148,155 148, 325 298,389 293,152 306,857 481,180 477, 381 484,291 133 133 136 District of Columbia 53,480 54,305 55,416 57,467 54, 709 56,325 131,519 138, 313 132,298 13 13 13 Virginia 125,485 127,176 122, 754 58, 994 59,487 60,138 196, 950 198, 207 196, 697 187 189 191 West Virginia 61, 794 61, 461 62,321 40,144 44, 949 45, 487 125, 794 125, 844 133, 751 105 105 107 North Carolina 116,194 114, 302 108,493 106, 273 119,992 115,244 227,008 232,351 229,416 189 192 196 South Carolina 25, 559 24,890 21, 902 21,045 23, 303 23, 970 58,824 63,112 63,902 130 130 131 Georgia 81, 210 78, 911 75, 270 25, 889 26,335 28,048 111, 474 119, 208 112,866 231 231 230 Florida 24,815 24,419 22,008 29,802 31,453 31,892 75, 797 82,466 77,179 110 110 109 East South Central: Kentucky 111,774 116, 738 113, 533 68,155 71,802 79, 215 191, 526 203, 514 203, 701 330 326 337 Tennessee 67, 568 66, 921 59, 923 30,881 31, 782 31, 953 120, 445 121,682 122, 016 232 233 240 Alabama 40, 655 38, 542 35, 289 25, 694 26,002 27, 304 72,945 78,058 72, 405 152 151 149 Mississippi 47,441 46, 653 40,351 48, 647 53,189 49, 702 117,079 129,165 112,958 181 182 182 West South Central: Arkansas 29,158 28, 619 24, 886 20,181 20, 562 21, 205 62,851 64, 715 62,202 171 170 173 Louisiana 48, 775 47, 523 44, 515 53,330 55, 831 52, 791 131, 979 131, 641 125, 348 116 116 116 Oklahoma 20, 765 19, 286 19, 289 15, 393 17,194 14, 742 50,976 50,447 53,876 183 184 187 Texas 79, 290 73, 484 46, 979 52,081 47, 539 163, 736 170, 530 161,858 407 409 417 Mountain: Montana 17,110 16,138 17, 506 23.128 23, 704 23,790 52, 211 52, 224 53, 393 71 72 73 Idaho 15, 684 14, 397 14, 785 18, 382 18, 445 22, 731 3 43, 514 3 44, 746 3 50, 651 32 32 33 Wyoming 8,808 8,272 8,477 2,754 3,616 3,925 15,529 15,713 15,912 32 32 32 Colorado 18, 675 19, 919 20, 098 18, 081 18, 201 18, 828 51,100 54, 612 53, 428 67 68 71 New Mexico 4,453 4,294 4,181 3,239 3,300 3,443 11, 327 11, 564 11, 595 19 19 19 Arizona 7,125 7,256 7,922 10, 282 10,447 9,997 3 25,212 3 25, 525 » 27,009 7 7 7 Utah 33,121 32,906 32, 569 26.129 27, 238 29,438 69,380 71,072 69,882 46 46 46 Nevada.. 725 633 1,403 1,201 1,218 2,021 3 2, 397 3 2,391 3 5,192 4 4 5 Pacific: Washington 54, 392 54, 337 71, 667 58,124 59, 962 65, 580 124, 962 129,005 159,903 105 111 125 Oregon 15, 644 14, 780 15, 733 16, 299 18,000 18,126 37, 383 37, 620 39, 882 49 49 51 California 521, 824 541,110 523,130 489,858 483, 213 523,114 1, 073, 420 1, 030, 4281,066, 330 129 132 133 Total 12, 813, 443 13,164, 720 13, 717, 523 14, 633, 972 14, 751, 892 15,085, 0i7,5 642, 004 '29, 438, 496 30, 361, 311 10, 045 10,10, 234 r Revised. 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 All figures in the June 1938 columns are as of June 30 except Alabama, which are as of May 19. For call dates of figures included in the March 1938 and June 1937 columns see footnotes at bottom of pages 581 and 1081, respectively, of the July 1938 and November 1937 BULLETINS. 3 Includes relatively small amounts of interbank deposits. 4 Includes interbank deposits, estimated at about $150,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 977 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Figures in this table are also included in the table on page 976 covering "State Banks". Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d lu ep si o v s e i ts of inter- Nu b m an b k e s r of State June March June June March June June March June June Mar. June 19381 19381 19371 19381 19381 19371 19381 19381 19371 19381 19381 19371 Connecticut: District No. 1 296 315 323 217 222 212 423 459 475 3 3 3 District No. 2 129 123 135 69 122 122 297 301 340 1 1 1 Indiana: District No. 7 ._ 1,378 1,525 1,788 1,343 1,370 1,465 4,082 4,343 5,343 17 19 24 District No. 8 169 167 194 52 51 97 256 248 389 2 2 3 Iowa 165 175 137 38 285 280 301 509 550 1 2 2 Kansas 2 2 1 9 11 76 1 1 1 New Jersey Dist. No. 2 15 15 15 13 12 11 6 7 7 1 1 1 New York _ _ 76, 904 82,204 91, 276 327, 702 315, 982 436,242 358, 620 352, 428 483, 316 14 14 14 Ohio 2,148 2,144 2,249 566 572 628 2,803 2,965 3,376 13 13 14 Pennsylvania: District No. 3 8,199 9,386 10,327 37,102 34, 569 44,165 56,395 56,903 61,741 15 15 16 District No. 4 1,107 1,088 1,081 1,111 1,348 1,166 2,427 2,474 2,577 4 4 5 South Carolina ._ _ _ 640 678 730 50 50 237 622 748 1,340 1 1 1 Total 91,152 97, 822 108, 256 368, 263 354,583 484, 625 426,241 421,396 559,530 73 76 85 1 All figures in the June 1938 columns are as of June 30. For call dates of figures included in the March 1938 and June 1937 columns, see footnotes on pages 582 and 1082, respectively, of the July 1938 and November 1937 BULLETINS. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Figures in this table are also included in the table on page 976 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d lu e s p i o v s e i ts of inter- Nu b m an b k e s r of State June March June June March June June March June June Mar. June 19381 19381 19371 19381 19381 19371 19381 19381 1937' 19381 19381 19371 California 34,178 33,680 33,082 58,602 59, 537 60,907 86, 675 86, 744 87, 766 1 1 1 Connecticut: District No. 1 271, 620 272, 854 274,966 269, 693 273, 456 266, 291 554,944 558,805 556,911 59 59 59 District No. 2 81,868 81,879 79, 598 81,314 83,312 81, 605 163, 529 163, 650 162,120 14 14 14 Delaware 12, 976 12,653 12, 245 27, 937 27, 906 26, 984 36, 971 36, 560 35, 492 2 2 2 Indiana: District No 7 7,654 7,874 8,063 3,818 4,191 4,219 12, 890 12, 993 13,023 4 4 4 District No. 8 4,320 4,545 4,309 3,300 2,930 2,789 8,103 8,068 7,994 1 1 I Maine 30, 358 30, 362 30,658 100,987 104, 745 100, 852 126, 930 127,061 127, 225 32 32 32 Maryland ... 42,154 44, 315 45, 148 176, 067 173,128 178, 063 223, 285 222, 532 221,187 12 12 12 Massachusetts 1, 042,151 1, 057, 893 1, 056, 584 1, 098, 550 1,082, 790 1,084, 070 2,144, 444 2,145, 368 2,163, 834 193 193 193 Minnesota.. _. . 9,833 9,837 10, 068 53, 342 53, 962 54,024 65, 290 66, 587 66,412 1 1 I New Hampshire 61,717 61, 273 61, 273 132, 675 134, 637 134, 637 190, 243 190, 546 190, 546 44 44 41 New Jersey: District No. 2 128, 799 131,920 133, 842 172, 518 169,127 165, 576 322, 218 320, 749 319,171 22 22 22 District No. 3 - 4,972 4,970 5,108 8,036 8,088 8,131 14, 453 14, 485 14, 782 3 3 3 New York 2, 989, 944 2, 997, 574 3,007, 537 2, 313, 928 2, 283, 517 2, 283,128 5, 336, 851 5, 291, 876 5, 246, 086 134 134 135 Ohio --_ - 40, 405 43, 654 38, 740 65, 469 67, 327 69, 588 121,016 119, 483 118, 584 3 3 3 Oregon 1,109 1,067 892 737 731 669 1,909 1,763 1,522 1 1 1 Pennsylvania: District No. 3 74, 735 74, 438 73, 859 437,843 438, 798 426, 743 525, 500 530,576 520,104 6 6 6 District No. 4. _ 11,847 11,901 12, 525 41, 999 41, 737 41, 477 54, 481 54,067 53, 602 1 1 1 Rhode Island ... . _ .. 51,031 52, 309 51, 627 124, 395 126,096 126, 826 176,023 175, 948 176,102 9 9 9 Vermont 30, 709 31,550 32, 321 25, 404 26, 683 27, 031 61, 748 63,138 64, 734 14 14 14 Washington 26, 493 26,153 27, 347 36, 280 35, 844 32, 462 63,875 63, 461 61, 361 3 3 3 Wisconsin: District No. 7 2,133 2,177 2,111 2,085 2, 128 1,916 4,371 4,381 4,332 3 3 3 District No. 9 62 65 65 58 59 46 110 109 99 1 1 1 Total _ 4, 961, 068 4, 994, 943 5, 001, 968 5, 235, 037 5, 200, 729 5, 178, 03410, 295, 859 10, 258, 95010, 212, 989 563 563 564 i All figures in the June 1938 columns are as of June 30. For call dates of figures included in the March 1938 and June 1937 columns, see footnotes on pages 582 and 1082, respectively, of the July 1938 and November 1937 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN NOVEMBER 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank reserve balances Date co B d u i i n l s l t - s ed bo B u il g ls ht s m U G e e c . r o e u n v n S r - - i t . - R c O b r e e a s t d h e n i r e k t v r i e Total M s t g t a o o o r n c l y d k e- s T r t o e c u r i a u n n u e r n g y r a t c d - - s y - - i r n c C t e u i n u o l c c a n r i - y r - - T h c i u r n o a e r g l s y a d h s s - - T d R F b e r w e e e a p d s a n i o e e t s k s h r r u v i s a t r e l s y b p m N e o r e o s m n d it - e - s - R c O e F o e a s t u e r c h e a d n - r e l - t v r s e Total m E ( x e a c s t t e e i s - d s ) ties End of month figures: 1937—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 Sept. 30— 8 1 2.563 29 2,600 13, 760 2,739 6,622 2,810 853 356 260 8,198 2,869 Wednesday figures: 1937—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 July 13. __ 9 1 2,564 22 2,596 12, 979 2,716 6,444 2,315 628 372 261 8,273 3,153 July20.__. 8 1 2,564 13 2,585 12, 989 2,717 6,433 2,321 724 353 259 8,202 3,039 July 27 7 1 2,564 11 2,583 13,002 2,719 6,416 2,328 732 383 258 8,188 3,036 Aug. 3 6 1 2,564 4 2,574 13,025 2,721 6,465 2,357 775 392 257 8,074 2,924 Aug. 10—. 7 1 2,564 11 2,582 13,033 2,723 6,466 2,367 839 365 256 8,046 2,920 Aug. 17— 7 1 2,564 16 2,587 13,052 2,724 6,485 2,386 802 349 256 8,085 2,927 Aug. 24— 7 1 2,564 8 2,579 13,079 2,727 6,470 2,417 771 315 256 8,156 2,975 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 Sept. 28.... 9 1 2,564 24 2,597 13,714 2,738 6,574 2,816 864 337 261 8,197 2,889 Oct' 5 7 1 2,564 21 2,593 13,812 2,741 6,640 2,809 770 346 261 8,321 3,019 Oct. 12.___ 9 1 2,564 32 2,605 13,869 2,744 6,667 2,812 703 376 260 8,400 3,045 Oct. 19..__ 6 1 2,564 17 2,589 14,008 2,746 6,668 2,770 609 342 261 8,693 3,265 Oct 26.... 7 1 2,564 8 2,580 14,051 2,749 6,654 2,767 584 374 261 8,740 3,275 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. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 950. * Reserve requirements reduced by approximately 13K percent effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 981 NOVEMBER 1938 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1938 1938 1937 Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Sept. Aug. Sept. ASSETS Gold certificates on hand and due from U. S. Treasury 11, 252, 71111,197, 20911,020, 21110, 967, 21310,863, 22210, 719, 74110, 629, 73310, 630,91910, 908, 22310, 632,413 9,127, 390 Redemption fund—F. R. notes 8,803 9,665 9,669 9,138 9,611 8,690 9,432 8,921 9,611 7,421 10, 422 Other cash 378, 785 374, 312 363, 211 367, 418 382, 521 383, 339 379,412 355,870 377, 449 385, 675 313, 854 Total reserves 11, 640, 29911, 581,18611,393,09111, 343, 76911, 255, 35411, 111, 77011,018, 57710,995, 71011,295,28311,025,509 9, 451, 666 Bills discounted: For member banks 7,235 6,072 9,299 7,345 9,041 8,212 6,954 7,068 8,041 7,144 21,315 For nonmember banks, etc 1,002 Total bills discounted- 7,235 6,072 9,299 7,345 9,041 8,212 6,954 7,068 8,041 7,144 22, 317 Bills bought: Payable in dollars Payable in foreign currencies 541 541 541 541 541 540 540 537 541 537 3,026 Total bills bought 541 541 541 541 541 540 540 537 541 537 3,026 Industrial advances.._ _ . 15, 336 15,446 15, 507 15, 455 15, 677 15, 683 15, 847 15, 824 15, 610 15, 899 20, 544 U. S. Government securities: Bonds ... 787, 327 787, 327 787, 327 787, 327 789,327 788, 655 744,105 744,105 789, 327 744,105 738, 073 Treasury notes 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,166,065 1,165, 205 1,196,188 1,196,188 1,164, 565 1,196,188 1,157, 713 Treasury bills 612,123 612,123 612,123 612,123 608, 623 610,155 623, 722 623, 722 608, 623 623, 722 630,404 Total U. S. 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, 562, 515 2, 564,015 2, 526,190 Other Reserve bank credit.. —7,044 2,432 15, 902 5,612 8,133 7,301 8,977 4,896 13, 291 —2, 279 7,012 Total Reserve bank credit outstanding.. 2, 580, 083 2, 588, 506 2, 605, 264 2, 592, 968 2, 597, 407 2, 595, 751 2, 596, 333 2, 592,340 2, 599, 998 2, 585, 316 2, 579,089 LIABILITIES F. R. notes in actual circulation 4, 284, 377 4, 288, 820 4, 281,103 4, 262, 860 4, 219, 484 4, 201,169 4, 200, 829 4, 212, 348 4,253, 244 4,169, 262 4, 263, 226 Deposits: Member bank—reserve account 8, 740, 083 8, 693,189 8, 400, 218 8, 320, 636 8,197, 488 8, 013, 536 8, 425, 336 8, 269,124 8,197, 653 8,178, 851 7,014,096 U. S. Treasurer—general account 584,153 609,102 703, 407 770, 086 864, 481 917, 078 346, 305 561,364 853,145 720, 248 140,884 Foreign bank . . 212,494 197, 372 199,462 195,056 183, 225 195, 499 166, 660 136, 737 205, 224 125, 940 247,916 Other deposits 161, 598 144, 453 176, 287 150, 924 153, 686 146,010 249, 328 179, 803 150, 395 187, 322 126, 472 Total deposits 9, 698, 328 9, 644,116 9,479, 374 9, 436, 702 9, 398, 880 9, 272,123 9,187, 629 9,147, 028 9, 406, 417 9, 212, 361 7, 529, 368 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 83.2 83.1 82.8 82.8 82.6 82.5 82.3 82.3 82.7 82.4 80.1 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a 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 y o o e n a t r hs 2 1 y t y o e e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Sept. 28 9,041 7,610 450 427 405 146 3 Oct. 5 7,345 5,818 369 722 261 170 5 Oct 12 9,299 7,663 596 546 278 211 5 Oct. 19 6,072 4,535 346 496 435 239 21 Oct. 26 _ . 7,235 5,579 416 457 404 329 50 Bills bought in open market: Sept 28 541 94 166 281 Oct 5 541 94 166 281 Oct. 12 541 165 83 199 94 Oct 19 541 165 197 85 94 Oct 26 541 83 199 94 165 Industrial advances: Sept 28 15, 677 1,303 108 743 663 1,813 3,381 5,133 2,533 Oct 5 15, 455 1,131 453 573 847 1,617 3,416 4,912 2,506 Oct 12 15, 507 1,110 356 547 891 1,801 3,510 5,015 2,277 Oct 19 15, 446 1,361 226 718 702 1,941 3,424 4,798 2,276 Oct 26 15, 336 1,283 277 640 766 1,924 3,397 4,752 2,297 U. S. Government securities: Sept 28 2, 564, 015 106, 500 79, 757 191,385 186, 413 128,134 155, 663 398, 744 608,687 708, 732 Oct 5 2, 564, 015 101, 409 70,178 204, 078 177, 688 142, 336 155, 663 398, 744 607, 337 706, 582 Oct. 12 . 2, 564, 015 128, 887 97, 675 206, 333 179, 228 83, 566 155,663 398, 744 607, 337 706, 582 Oct 19 2, 564, 015 70,178 105, 835 193, 573 188, 358 137, 745 155,663 398, 744 607, 337 706, 582 Oct. 26 2, 564,015 97, 675 95,810 186, 413 200, 487 115, 304 155, 663 398, 744 607, 337 706, 582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - ASSETS Gold certificates on hand and due From U. S. Treasury: Sept. 28 10,863,222 655, 4044, 541, 843486, 922 745, 866354, 969252, 2442,032,823323, 500237,029307, 730198, 259 726, 633 Oct. 5 10, 967, 213690,5394, 573, 924512, 588 728, 971358, 695254, 2132,027, 404335, 915255,079314, 629202, 347 712, 909 Oct. 12 11,020,211 696, 4734, 602, 928514, 312 716, 848369, 919254, 6442, 019, 578342, 256254, 249314, 285205, 659 729,060 Oct. 19 11,197, 209 717, 6654, 770, 540510,143 709, 413355,102248, 2752,062, 522339, 290240,161310, 385203, 475 730, 238 Oct. 26 11, 252, 711667,1244,830,878506,162 713, 727360, 546251,3952,092,424329,465247,400306,920201,426 745, 244 Redemption fund—Federal Reserve notes: Sept. 28 9,611 667 1,515 727 847 815 335 714 967 688 118 268 1,950 Oct 5 9,138 618 1,328 727 767 815 304 645 950 678 104 268 1,934 Oct. 12 9,669 615 1,316 653 762 966 301 638 948 677 603 256 1,934 Oct. 19 9,665 615 1,316 652 763 966 301 638 948 677 603 256 1,930 Oct. 26 8,803 544 1,028 563 1,120 578 232 493 916 643 580 237 1,869 Other cash: Sept. 28 382, 521 41, 825 109, 667 31,103 24, 927 19, 514 12, 493 54, 813 15, 808 8,938 16, 597 11, 879 34, 957 Oct. 5 367, 418 41,057 107, 494 30,907 23, 739 22,100 11, 567 51, 306 14, 015 8,107 15, 856 9,785 31, 485 Oct. 12 363, 211 38, 430 109, 269 29, 391 22, 568 19, 682 11, 449 51, 649 15, 533 8,508 14, 240 11, 478 31,014 Oct. 19 374,312 38, 632 112, 391 32, 422 23,172 21, 425 12, 859 51, 269 15, 437 8,264 16, 288 10,912 31, 241 Oct. 26 378, 785 38, 846 112,143 32, 812 23,154 19, 874 13, 069 53, 242 17,032 8,963 15, 283 12, 276 32,091 Total reserves: Sept 28 11, 255, 354697, 8964, 653,025518, 752 771, 640375, 298265,0722,088, 350340, 275246, 655324, 445210, 406 763, 540 Oct. 5 11, 343, 769732, 2144, 682, 746544, 222 753, 477381, 610266,0842,079, 355350,880263, 864330, 589212, 400 746, 328 Oct 12 11, 393,091 735, 5184, 713, 513544, 356 740,178390, 567266, 3942,071, 865358, 737263, 434329,128217, 393 762,008 Oct. 19 11, 581,186 756, 9124, 884, 247543, 217 733, 348377, 493261,4352,114, 429355, 675249,102327, 276214, 643 763, 409 Oct. 26 11, 640, 299706, 5144, 944, 049539, 537 738, 001380, 998264, 6962,146,159347, 413257, 006322, 783213, 939 779, 204 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Sept. 28 6,008 120 3,512 524 652 152 63 135 254 77 57 109 353 Oct. 5_ 3,897 180 1,582 529 467 109 113 165 175 77 63 104 333 Oct. 12 6,106 167 3,750 498 386 109 118 250 200 122 79 104 323 Oct. 19 3,470 72 1,072 561 350 109 208 225 205 132 104 94 338 Oct. 26 4,365 162 1,832 611 305 94 178 180 255 142 104 154 348 Other bills discounted: Sept. 28 3,033 26 731 582 177 277 488 34 31 28 210 281 168 Oct. 5 3,448 26 1,143 591 238 245 475 49 25 51 242 201 162 Oct. 12 3,193 25 788 598 238 227 475 69 25 78 292 228 150 Oct. 19 2,602 15 235 544 228 215 452 86 50 90 384 170 133 Oct. 26 2,870 15 296 556 210 155 470 96 85 111 619 158 99 Total bills discounted: Sept. 28 9,041 146 4,243 1,106 829 429 551 169 285 105 267 390 521 Oct. 5 7,345 206 2,725 1,120 705 354 588 214 200 128 305 305 495 Oct. 12 9,299 192 4,538 1,096 624 336 593 319 225 200 371 332 473 Oct. 19 6,072 87 1,307 1,105 578 324 660 311 255 222 488 264 471 Oct. 26 7,235 177 2,128 1,167 515 249 648 276 340 253 723 312 447 Bills bought in open market: Sept. 28 541 40 214 55 49 23 19 67 2 2 16 16 38 Oct. 5 541 41 212 55 50 23 19 67 2 2 16 16 38 Oct. 12 541 41 212 55 50 23 19 67 2 2 16 16 38 Oct. 19 541 41 212 55 50 23 19 67 2 2 16 16 38 Oct. 26 541 41 211 55 50 23 19 67 3 2 16 16 38 Industrial advances: Sept. 28 15, 677 2,365 3,678 3,269 671 1,467 118 437 44 1,098 420 830 1,280 Oct. 5 15, 455 2,298 3,648 3,188 651 1,462 117 433 44 1,096 415 824 1,279 Oct. 12 15, 507 2,297 3,637 3,191 650 1,462 186 433 43 1,092 414 823 1,279 Oct. 19 15, 446 2,294 3,633 3,157 650 1,461 178 433 43 1,088 412 819 1,278 Oct. 26 . 15,336 2,294 3,636 3,102 640 1,455 163 415 43 1,090 412 808 1,278 U. S. Government securities: Bonds: Sept. 28 789, 327 60, 400 240,167 71,043 73, 964 39,165 34, 231 85, 838 35, 222 22, 605 36, 520 26,156 64,016 Oct. 5_ 787, 327 59, 255 250, 391 68, 403 79,168 36, 947 32,096 84, 870 32, 792 17, 446 34, 774 28, 943 62, 242 Oct. 12 787, 327 59, 255 250, 391 68, 403 79,168 36, 947 32, 096 84, 870 32, 792 17, 446 34, 774 28, 943 62, 242 Oct. 19 787, 327 59, 255 250, 391 68, 403 79,168 36, 947 32, 096 84, 870 32, 792 17, 446 34, 774 28, 943 62, 242 Oct. 26 _ 787,327 59, 255 250, 391 68, 403 79,168 36, 947 32,096 84,870 32, 792 17, 446 34, 774 28, 943 62, 242 Treasury notes: Sept. 28 1,166, 065 89, 231 354, 796104, 949 109, 267 57, 860 50, 570 126, 806 52, 031 33, 395 53, 952 38, 639 94, 569 Oct. 5 1,164, 565 87, 647 370, 360101,177 117,101 54, 649 47, 473 125, 535 48, 504 25, 805 51, 438 42,812 92,064 Oct. 12 1,164, 565 87, 647 370, 360101,177 117,101 54,649 47,473 125, 535 48,504 25, 805 51,438 42, 812 92,064 Oct. 19 1,164, 565 87, 647 370, 360101,177 117,101 54, 649 47, 473 125, 535 48, 504 25, 805 51, 438 42, 812 92, 064 Oct. 26 1,164, 565 87, 647 370, 360101,177 117,101 54, 649 47,473 125, 535 48, 504 25, 805 51, 438 42,812 92,064 Treasury bills: Sept. 28. 608, 623 46, 572 185,184 54, 779 57,031 30,199 26, 395 66,187 27,158 17, 430 28,159 20,168 49, 361 Oct. 5 612,123 46,069 194, 671 53,181 61, 551 28, 725 24, 953 65,984 25, 495 13, 564 27, 036 22,503 48, 391 Oct. 12 612,123 46,069 194, 671 53,181 61, 551 28,725 24,953 65,984 25, 435 13, 564 27,036 22, 503 48, 391 Oct. 19 612,123 46,069 194, 671 53,181 61, 551 28, 725 24, 953 65, 984 25, 495 13, 564 27,036 22,503 48, 391 Oct. 26 612,123 46,069 194, 671 53,181 61, 551 28, 725 24, 953 65, 984 25, 495 13, 564 27,036 22, 503 48, 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDEKAL EESERVE BULLETIN 983 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - ASSETS—continued Total U. S. Government securities: Sept. 28 2, 564, 015 196, 203 780,147 2300,,771 240, 262127, 224111,196 278, 831114,411 73,430118, 631 84, 963 207, 946 Oct. 5 2, 564, 015 192, 971 815,422222, 761 257,820120,321104,522 276, 389 106, 79156, 815113,248 94, 258 202, 697 Oct. 12 2, 564,015 192, 971 815,, 4 22222, 761 257, 820120, 321104, 522 2"7"6, 389 106,79156, 815113,248 94, 258 202, 697 Oct. 19 2, 564,015 192, 971 815, 422 222, 761 257, 820120, 321104, 522 276,389106, 791 56, 815113, 248 94, 258 202, 697 Oct. 26 2, 564,015 192, 971 815, 422 222, 761 257, 820120, 321104, 522 276,"""106, 791 56,815113, 248 94, 258 202, 697 Total bills and securities: Sept. 28 2, 589, 274 198, 754 788, 282 235, 201 241, 811129,143111,884 279, 504114, 742 74,635119,334 86,199 209, 785 Oct. 5 2, 587, 356 195, 516 822,007 227,124 259, 226122,160105, 246 277,103107,037 58,041113,984 95,403 204, 509 Oct. 12__ 2, 589, 362 195, 501 8•2"3,,8809 227,103 259,144122,142105, 320 277, 208107,061 58,109114,049 95, 429 204, 487 Oct. 19 2. 586, 074 195, 393 820,, 55774 227, 078259, 098122,129105, 379 277. 200107, 091 58,127114,164 95, 357 204, 484 Oct. 26 2, 587,127 195, 483 821,,2 "397 227,085 259, 025122, 048105, 352 277,147107,177 58,160114, 399 95, 394 204, 460 Due from foreign banks: Sept. 28.— 180 14 17 8 22 5 13 Oct. 5 180 13 17 8 5 13 Oct. 12 180 13 68 17 8 5 13 Oct. 19 180 13 17 5 13 Oct. 26 180 13 16 5 13 Federal Reserve notes of other banks: Sept. 28 26, 494 2,726 4,429 1, 1, 1,143 2,828 2,147 1, 2,169 521 4,714 Oct. 5 23, 569 1,754 2,225 955 1,106 2,196 1,790 3,248 2,111 1,084 2,000 402 4,698 Oct. 12 22, 532 2,265 5, "' 755 1,210 1,376 1,647 2,923 2,410 849 1,986 384 1,719 Oct. 19 24, 37; 1,468 4,835 1,23' 1,324 2,207 2,094 3,796 1, 1, 1,235 561 2,387 Oct. 26 23,103 975 5,041 1,082 1,420 2,'""' 1,527 2,543 2,282 997 1,959 433 2,745 Uncollected items: Sept. 28 560, 579 64, 260 125, 537 43.504 65, 523 46, 662 19, 781 73, 697 25,311 15, 802 28, 953 20, 867 30, 682 Oct. 5 632,117 67,143 177, 953 47, 828 61,147 50, 611 21,715 76, 821 29, 18, 264 31, 461 22, 828 26,464 Oct. 12 617, 394 56, Oil 135, 445 35,196 68,064 56, 839 23,197 82,034 44, 464 19, 234 38, 868 24, 996 33, 046 Oct. 19 718, 302 70, 957 192, 337 53,030 74, 585 59, 454 26, 922 90,191 31, 649 20, 682 36, 014 28, 987 33,494 Oct. 26 586,654 58,003 138, 741 45, 074 66,238 50, 649 20, 843 77, 381 27, 963 16, 59730,925 23, 469 30,771 Bank premises: Sept. 28 44, 348 2,959 9,841 4,731 6,067 2.641 2,087 4,516 2,310 1,542 3,109 1,276 3,269 Oct. 5 44, 304 2,959 9,824 4,731 6,067 2,641 2,087 4,507 2,306 1, 540 3,103 1,270 3,269 Oct. 12 44, 305 2,959 9,824 4,731 6,067 2,641 2,087 4,507 2,306 1, 541 3,103 1,270 3,269 Oct. 19 44, 30, 2,959 9,824 4,731 6,067 2,641 2,087 4,507 2,306 1.541 3,103 1,270 3,269 Oct. 26 44, 282 2,959 9,824 4,720 6,067 2,641 2,083 4,508 2,306 1,541 3,103 1,270 3,260 All other assets: Sept. 28 47, 607 3,105 14, 327 4,624 4,990 2,950 2,224 4,559 1,862 1, 2,009 1,537 3,927 Oct. 5 47, 853 3,098 14, 877 4,523 5,314 2,795 2,160 4,525 1,772 1,256 1,912 1,709 3,912 Oct. 12 48, 849 3,140 15,198 4,824 5,383 2,843 2,204 4,612 1,794 1,256 1, r"' 1,725 3,944 Oct. 19 47, 732 3, " 14, "" 4,507 5,323 2,776 2,169 4,528 1,771 1,249 1,' 1,692 3, 895 Oct. 26 48, 567 3,123 15,067 4,685 5,405 2,834 2,187 4,591 1,803 1,265 v 1,714 3,926 Total assets: Sept. 28 14, 523, 836 969, 7145, 595, 50'807, 8151,091, 416 558,182 402,198 2!, ,4 5435,3 ,476 48i6,, 650342,113 480,024320, 8111, 015, 930 Oct. 5 14, 679,1481, 002, 6975, 709, 700 82)9, ;4011,086,354 562,021399, C 2, 445, 581'4"9"3,' 991344,051 483,054334,017 989,193 Oct. 12 14, 715, 713 995, 4075, 702, 865 816, 1,080, 063576, 4'1 6 "400, 855 2, 443,171516, 775 344, 425 489,065 ~3 4'1 ., 12,00208,486 Oct. 19 15,002,1541, 030, 782 »5,, 926, 698133', 818 1, 079, 762566, 708 400,0922, 494, 673500,357332,072 483, 733342, 5151,010,951 Oct. 26 14, 930, 212 967,070 5i,, 934,188 822, 2011,076,172561, 277396, 694 2, 512, 351 -4"818,,947335, 568 47T5~, 1'4"1336, 2241, 024, 379 LIABILITIES Federal Reserve notes in actual circulation: Sept. 28 4, 219, 484 362, 661 952, , 433 409,879 200),,443141, 372 958, 538 174, 734133,177164, 948 77, 781 337, 826 Oct. 5 4, 262, 860 366, 438 965,440 304,, 747 410, 383204, 440144, 441 963, 384178,135135, 640166,941 79, 844 343,027 Oct. 12 4, 281,103 370, 523 969,, 2 00 330077,, 262 412^ 835 206, 798 146,078 964,, 272 179,168134, 506 166i,, 37779, 746 344, 338 Oct. 19 4, 288,.""" 371, 616 997722, 616 306, 249 4•1 1, 6-9- 4• 2 08, 861 147,106 966, 271180,470134, 622166, 075 79,832 343, 408 Oct. 26 4, 284, 377 373,098 997700, 662299 307,020 412, 559 207, 799146, 661 965, 830179, 901133, 841165, 678 79, 321 342, 040 Deposits: Member bank—reserve account: Sept. 28 8,197,488 407,924 4, 058, 800 354, 499 472,037223, 953158, 7141, 254, 517222,043117, 773223, 859168, 845 534, 524 Oct. 5 8, 320, 636 434, 9514,118, 315 382, 755 469, 435 226,018164, 2551,257,"3"5"6 221, 992 121,151230,182170,"" 523, 937 Oct. 12 8, 400, 218 434, 959 4', 161, 874385,319 459,808 231,,382170, 2681, 256,129 224:,, 111221,030234,179 178, 386 542, 772 Oct. 19 8, 693,189 461, 769 4, 397, 508 391, 831 470,123220, 208164, 9711, 293, 751230, 843116,164229,855172,098 544,068 Oct. 26 8, 740,083 446,792 4,409,051 ?"" ~~~ 463,163224, 722167, 9921, 331, 899~ 2~254;18 119,149231,126180, 643 554, 690 U.S. Treasurer—general account: Sept. 28 864,481 103, 620 185, 810 51,881 84,992 62, 268 52,429 95, 447 40,855 58, 666 42, 893 31, 485 54,135 Oct. 5 770,' 96,938 174, 314 39,156 81, 832 55,839 38,979 76, 308 40, 675 52, 861 37, 216 38, 945 37,023 Oct. 12 703, 407 91, 916 168, 215 32,018 76, 241 55,057 34, f" 64, 337 37, 762 48, 544 27, 489 36, 612 30, 518 Oct. 19 609,102 83, 534 86, 420 27, 704 66, 813 54,086 37, 753 73, 590 33, 495 43, 293 34, 413 36, 504 31, 497 Oct. 26 584,153 45,880 120,086 28, 380 69, 491 51,041 34, 559 61, 329 32, 737 48, 756 28, 635 29,179 34,080 Foreign bank: Sept. 28 183, 225 13,149 66,165 17, 897 16, 801 7,853 6,392 21, 732 5,478 4,200 5,296 5,296 12, 966 Oct. 5 195,056 13, 963 70, 748 19,005 17,841 8,339 6,787 23,078 5,818 4,460 5,624 5,624 13,769 Oct. 12 199, 462 14, 376 71, 479 19, 567 18, 369 8,585 6,988 23, 760 5,990 4,592 5,790 5,790 14,176 Oct. 19 197, 372 14, 205 70, 909 19, 334 18,151 8,483 6,905 23, 478 5,919 4,538 5,721 5,721 14,008 Oct. 26 212, 494 15, 263 76, 608 20, 775 19, 503 9,115 7,420 25, 227 4,876 6,148 6,148 15, 051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - LIABILITIES—Continued Other deposits: Sept. 28 153, 686 4,778 88, 608 2,831 10, 517 2,826 10, 724 2,049 5,769 2,653 1,516 2, 593 18, 822 Oct. 5 150,924 4,691 89,161 3,067 11,388 2,531 9,796 1,735 5,525 2,563 869 2,568 17,030 Oct. 12 176, 287 4,894 79,718 2,619 11,448 2,466 7,514 8,766 19,961 9,231 7,578 3,204 18, 888 Oct. 19 144, 453 5,013 87,936 2,563 2,381 5, 867 1,, 6,077 2,566 802 3,069 17, 712 Oct. 26 161, 598 3,763 100, 375 2,391 11, 880 2,571 6,221 2,516 5,536 2,753 697 3,664 19, 231 Total deposits: Sept. 28 529, 4714, 399, 383427,108 584,347 296, 900 228,2591,373,745 274,145183, 292273, 564208, 219 620, 447 Oct. 5 9, 436, 702 550, 543 :4,. 452, 534843,983 580,496 292, 727 219,817 1, 358,477 274,010181,035 2"713,!891 217,426 591, 759 Oct. 12 9, 479, 374 546,145 i:, 481, 286439, 523 565, 866297,490219,m 1352992 287825 183, 397 275,i , 003366 222233,, 999922 606, 354 Oct. 19 9,644,116 564L, 521 4:,, 642, 774341,432 564,046 228855,,115588 221155,,496 1,392, 327276,334166,561270, 791217,392 607, 285 Oct. 26 9, 698, 328 511, ;, 706,120• ~4%378,84 564,037 287,449216,192 11,4 422009, 97711269,151175, 534 266, 606 '2 119,,634 623,052 Deferred availability items: Sept. 28 552, 626 53, 216 121,479 42, 304 64, 389 45, 618 19,434 75,685 27,001 16,104 31,181 23, 617 32, 598 Oct. 5 626, 685 61, 352 169, 724 47, 690 62, 637 49, 670 21, 692 78,223 31, 084 17, 836 31, 537 25, 553 29, 287 Oct. 12 601, 672 54, 354 130, 266 36, 926 68,494 56, 928 22,160 80, 299 39,006 17,009 37, 319 26, 261 32, 650 Oct. 19 716,050 70, 249 189,251 53,130 71,169 57, 512 24,353 90,551 32,807 21,254 36, 553 34,107 35,114 Oct. 26 593, 878 57, 860 135, 285 44,121 66, 667 50, 836 20, 692 79, 964 29,128 16, 610 32, 527 26,071 34,117 Capital paid in: Sept. 28 133,998 9,407 50, 936 12, 214 13,388 4,991 4,469 13, 277 3,921 2,908 4,196 3,947 10, 344 Oct. 5 133, 985 9,407 50, 908 12, 214 13, 395 4,991 4,469 13,277 3,920 2,916 4,197 3,947 10,344 Oct. 12 . 133, 954 9,407 50, 902 12, 214 13, 380 4,991 4,469 13, 277 3,919 2,907 4,197 3,947 10, 344 Oct. 19 133, 983 9,411 50,903 12, 214 13, 388 4,991 4,470 13, 293 3,920 2,907 4,195 3,947 10, 344 Oct. 26 133, 988 9,412 50.904 12, 212 13, 388 4,992 4,471 13, 294 3,920 2,907 4,195 3,947 10, 346 Surplus (section 7): Sept. 28 147, 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 Oct. 5 147, 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 Oct. 12.... 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 Oct. 19 147, 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 Oct. 26 147, 739 9,900 51, 943 13, 466 14, 323 4,964 5,626 22, 387 4,667 3,153 3,613 3,892 9,805 Surplus (section 13b): Sept. 28 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Oct. 5 27, 682 2,874 7,744 4,411 1,007 3,408 730 1,429 545 1,001 1,142 1,270 2,121 Oct. 12 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Oct. 19 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Oct. 26 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: Sept. 28 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 Oct. 5 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 Oct. 12 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 Oct. 19 32, 707 1,448 8,210 2,000 3,176 1,401 1,603 7,063 1,215 1,880 935 1,776 2,000 Oct. 26 32, 707 1,448 8,210 2,000 3,176 1,401 1,603 7,063 1,215 1,880 935 1, 776 2,000 All other liabilities: Sept. 28 10, 685 737 3,120 879 907 456 705 1,325 422 591 309 Oct. 5 10, 754 735 3,193 890 937 420 710 1,314 415 583 309 850 Oct. 12 11, 447 756 3,314 1,181 982 435 721 1,425 430 565 446 318 874 Oct. 19 11,056 763 3,251 916 959 412 708 1,352 399 694 429 299 874 Oct. 26 11, 512 780 3,353 1,087 1,015 427 719 1,413 420 642 445 313 Total liabilities: S O O O O e c c c c p t t t t . . . . t . 5 2 1 1 2 6 9 2 8 1 1 1 1 14 4 4 5 4 , , , , , 0 7 9 5 6 3 0 1 2 7 0 3 2 5 9 , , , , , 1 7 1 8 2 5 1 4 3 1 4 3 8 6 2 1 1 , , 0 9 9 0 6 3 9 0 7 5 2 0 , , , > i , , , 0 4 6 ) 0 9 77 7 7 7 7 0 8 1 2 4 5 5 5 5 ) > > , ,, ,, 5 ,5 , 7 9 7 , ,5 9 0 0 3 9 2 2 9 5 4 6 , , , , , 1 8 " 5 7 6 " 8 6 0 0 5 9 8 0 7 1 8 8 8 8 8 2 0 3 1 2 2 7 3 6 9 , , , , , 4 8 2 8 9 0 1 0 1 8 1 5 1 8 3 1 1 1 1 1 , , , , , 0 0 0 0 0 8 8 9 7 7 6 0 1 6 9 , , , , , 0 4 1 3 6 1 7 7 5 3 6 2 6 4 2 5 5 5 5 5 5 6 6 7 6 5 1 6 6 6 2 8 , , , , ,2 , 04 7 1 0 4 2 21 0 8 2 1 7 16 8 2 6 7 3 3 3 4 4 4 99 9 0 0 0 9 6 0 0 9 2 , , , , , 1 8 0 0 6 9 5 9 8 9 8 5 2 8 4 , , , , , 5 4 4 4 4 1 9 4 4 5 4 5 2 3 3 , , , , , 3 4 1 6 5 5 7 7 8 7 1 6 1 1 3 4 4 5 4 5 8 8 0 1 9 8 0 3 6 6 , , , , , 9 6 7 9 3 4 5 7 9 5 7 0 5 1 7 33 3 3 3 3 " 3 4 3 4 3 4 4 " 3 4 5 4 2 2 4 2 ; , , , , , , 1 0 ' 0 0 4 0 5 1 5 " 5 77 2 6 3 11 22 5 8 " 4 4 4 8 4 4 44 8 7 8 38 8 8 0 3 5 3 9 3 , , , , , , , 0 1 7 2 0 0 7 4 3 4 5 6 3 1 3 4 5 3 3 3 3 3 3 4 2 4 3 6 2 0 1 3 , , , , 4 8 2 , 2 5 1 0 2 1 0 1 2 4 5 1 1 1 1 1 7 , , , , 0 0 0 0 2 8 1 1 0 4 9 5 0 8 , , , , , 1 9 3 3 9 9 4 7 3 0 5 8 9 1 6 Contingent liability on bills purchased for foreign correspondents: Sept. 28 157 56 11 Oct. 5 157 56 11 Oct. 12 157 56 11 Oct. 19 338 121 24 Oct. 26 338 121 24 Commitments to make industrial advances: Sept. 28 13, 597 1,343 3,684 1,488 1, 771 177 636 237 352 3,557 Oct. 5 13, 599 1,342 3,614 1,476 1,768 175 634 228 475 3,537 Oct. 12 13, 696 1,341 3,612 333 1,483 1,764 175 634 228 538 3,522 Oct. 19 14, 537 1,332 4,595 265 1,475 1,737 175 624 227 529 3,512 Oct. 26 14, 541 1,312 4,586 320 1,475 1,736 175 599 228 523 3,524 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 985 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO OCTOBER 19, 1938 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) Date ( e la a s c t h W m e o d n n th e ) sday of N r u ec m A e p b iv p e e r l n d i c e a t t A o ti o m d n a o s t u e n , t Nu s t a d o ( e m o w p u u e r p t s i s b y t t r e c h r o i r o v a n a t l a o d n C l A i d o t b i m m o A y w d n o m d a i s u I t v t ) i h n n e i t - - - - , t Numbe T r ota A l mount a s R F d ta b e e v o n a d s a u e d n e n t r i k r - c v n a e e g l s s c R F t 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 o t r t m e o n d v o - e t i d d e o R r x r a c a e e p p a w w p t i p n c 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 i u a a n o n t r t d u i i a i t n o i o i t n n c - n s n c i g t s - i - - * 1934—Dec. 26.. 5,053 187, 696 1,122 54, 531 984 49, 634 13, 589 8,225 20,966 5,558 1,296 1935—June 26. 6,618 263,482 1,815 102,331 1,646 88, 778 27, 518 20, 579 11, 248 24,900 4,533 Dec. 313. 7,615 306,708 2,176 132,460 1,993 124,493 32, 493 27, 649 11, 548 44,025 8,778 1936—June 24. 8,158 331, 391 2,394 142,811 2,183 133, 343 30,487 24,454 9,381 61,422 7,599 Dec. 30.. 8,379 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 2,836 168, 894 2,566 161,158 18,439 13, 649 3,084 117, 560 8,426 July 27.. 9,182 388, 350 2,861 173, 759 2,592 166,498 18,189 13, 731 6,703 119,391 8,484 Aug. 31. 9,226 390, 783 2,884 174, 544 2,606 166,835 17, 784 13, 543 5,203 121, 291 9,014 Sept. 28 9,262 393, 532 2,897 176,006 2,617 168,380 17, 562 13, 597 5,737 122,452 9,032 Oct. 19 4 9,283 395, 985 2,909 180,059 2,628 172, 642 17, 341 14, 537 7,941 123, 400 9,423 r Revised. 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. J Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $12,426,825 on Oct. 19, 1938. 8 Tuesday. * October 26 not yet available. NOTE.—On Oct. 19, 1938, there were 44 applications amounting to $2,726,500 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 to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Sept. 28 4, 515, 397385, 6591,050,114322, 603 432, 384 212,456154, 245 984,, 271188, 440138,113 175»,,601 85, 757385, 754 Oct. 5 4, 545,148387, 0641, 067, 642 320, 859 430, 625 215', 155460,669 998855,001166 190, 652139, 465 17i6,, 35687,171 O O O c c c t t t . . . 2 1 1 6 9 2 4 4 4 , , , 5 5 5 8 7 8 5 0 3 , , , 0 1 2 2 3 7 6 7 0 3 3 3 8 9 9 8 0 3 , , , 1 8 3 1 8 4 5 3 6 1 11 , , , 0 0 0 7 7 8 8 3 0 , , 4 , 0 9 2 3 5 1 2 4 3 3 3 2 2 2 3 4 2 2 22 , , ,' 2, 0 7 3 1 4 23 4 5 3 4 3 4 4 3 ' 3 3 34 6 5 ,3 , , 36 ,0 4 6 1 5 2 6 7 8 02 1 5 2 28 9 1 2 1, , 9 1 88 , 9 , ~ 4 , 3 4 ~ 2 6 1 1 1 6 2 5 5 53 8 9 9 , , , 0 7 9 4 5 1 4 7 6 99 9 9 8 8 8 87 9 8 7, , , 9 5 8 0 5 1 3 2 0 1 1 19 9 9 3 2 3 , , , 3 1 4 1 7 4 9 8 81 1 1 3 3 3 8 8 9 , , , 1 7 4 6 1 6 9 1 2 1 1 1 7 7 7 5 5 15 , , ,, 6 7 6 8 5 4 0 6 5 8 8 7 7 , , 2 6 6 7 1 4 391 1 , , 9 8 8 8 4 0 Held by Federal Reserve bank: Sept. 28 295, 913 22, 998 97, 422 17,170 22, 505 12,013 12, 873 25, 733 13,706 4,936 10,653 7,976 47, 928 Oct. 5 282, 288 20,626 102, 202 16,112 20, 242 11,100 12, 228 21, 632 12, 517 3,825 9,415 7,327 45, 062 Oct. 12 294,167 18, 360 104,014 16, 75223, 582 12, 528 12, 679 23, 280 14, 280 4,256 9,379 7,515 47, 542 Oct. 19 291, 206 18,730 108,316 15, 984 21, 911 10,762 11, 938 22, 632 11, 849 4,547 9,605 8,356 46, 576 Oct. 26 298, 760 20,017 107, 776 15, 72523, 069 11,045 13, 255 23, 980 13, 277 4,570 9,967 8,353 47, 726 In actual circulation: i Sept. 28 4, 219, 484362, 661 952,692 305, 433 409,879 200, 443 141, 372958, 538174, 734133,177164, 948 77, 781337, 826 Oct. 5 4, 262, 860366, 438 965, 440 304, 747 410, 383 204, 440 144, 441963, 384178,135135, 640166,941 79,844343,027 Oct. 12 4, 281,103370, 523 969, 200 307, 262 412, 835 206, 798 146, 078964, 272179,168134, 506166, 37779, 746344, 338 Oct. 19 4, 288, 820371, 616 972, 616 306, 249 411, 694 208, 861 147,106966, 271180, 470134, 622166,075 79, 832 '3•4"3,408 Oct. 26 4, 284, 377373,098 970, 629 307,020 412, 559 207, 799 146, 661965, 830179,901133, 841165, 678 79, 321342,040 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury: Sept. 28 4, 604,000390,0001,062,000 327, 000 436,000 215,000 161, 0001,010,000190,000141, 500180, 00087, 500 404, 000 Oct. 5 4, 639, 000400,0001, 082,000 327, 000 433,000 220,000 161,0001,010,000192,000141, 500 180,00088, 500 404,000 Oct. 12 4, 648,000400,0001,082,000 327,000 438, 000 220,000161, 000 1,010,000 196,000141, 500 180, 00088, 500 404,000 Oct. 19 4, 663,000400, 0001,092,000 327, 000 438,000 225, 000 161, 0010, 010,000196,000141, 500 180,00088, 500 404,000 Oct. 26 4, 668,000400,0001,092,000 327,000 442, 000 225,000 16"1, 0"00"1,010,000196,000141, 500180,000 89, 500 404,000 Eligible paper: Sept. 28 8,267 120 4,222 721 699 381 419 169 279 92 256 390 519 Oct. 5 6,526 180 2,705 735 525 316 456 214 200 113 294 295 493 Oct. 12 8,446 167 4,518 681 444 299 473 319 225 156 360 332 472 Oct. 19 5,308 72 1,277 729 403 324 580 311 254 165 473 250 470 Oct. 26 6,412 162 2,048 762 361 249 598 276 339 178 681 312 446 Total collateral: Sept. 28 4, 612, 267390,1201,066, 222 327, 721 436, 699 215, 381161, 4191, 010,169 190,279 141, 592180,256 87,890 404, 519 Oct. 5 4, 645, 526400,1801, 084, 705 327, 735 433, 525 220, 31166, 1465161,010, 214192; 200 141, 613180, 29488, 795 4044,, 49933 Oct. 12 4, 656,446400,1671,086,518 327,681 4'38", 444 220, 29916'1, 47"3" 1.., 010, 311996, 225141,656180, 360 88,832 4044,, 447722 Oct. 19 4, 668,308400,0721,093, 2773 r27.729 438,403 225, 324161, 5801,010,311196, 254141, 665180, 473 88, 750 4044,, 470 Oct. 26 4, 674, 412400,1621,094,048327; 762 442; 361225, 249161,598 I., 010, 276 \1 9363]9141,678180, 681 89,812 4044,, 446 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN NOVEMBER 1938 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, SEPTEMBER, 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 posits: qu R i e r - ed Held Ex- York cago Total reserves held: All member banks. _30,149 24, 709 11, 506 5,277 8,195 2,919 1937—August 6,701 2,522 568 2,248 1,362 September 6,854 2,672 576 2,232 1,375 Central reserve city banks: October 6,954 2,767 581 2,240 1,366 New York 10, 527 9,890 747 2,287 3,669 1,382 November 6,919 2,720 588 2,246 1,365 Chicago 2,383 2,097 459 500 861 361 December 6,879 2,657 599 2,272 1,352 1938—January 7,183 2,856 604 2,345 1,378 Reserve city banks: February 7,230 2,906 598 2,350 1,377 Boston district 991 891 104 161 290 129 March 7,326 3,039 574 2,349 1,365 New York district 173 134 151 31 34 3 April 7,469 3,150 622 2,348 1,350 Philadelphia district.. 1,041 864 255 164 216 52 May 7,587 3,204 794 2,311 1,278 Cleveland district 1,418 1,106 741 231 350 120 June __ 7,878 3,341 899 2,359 1,280 Richmond district 646 494 204 97 146 49 July 8,167 3,545 925 2,396 1,302 Atlanta district 599 436 174 85 99 14 August 8,119 3,523 875 2,402 1,319 Chicago district 1,131 826 530 171 235 64 September 8,195 3,669 861 2,352 1,313 St. Louis district 734 569 173 108 165 57 Week ending (Friday): Minneapolis district... 366 247 90 48 65 18 August 26 8,162 3,558 873 2,408 1,322 Kansas City district.._ 948 602 156 113 167 53 September 2 8,204 3,608 886 2,400 1,309 Dallas district 631 406 123 77 99 22 September 9 8,275 3,657 873 2,405 1,340 San Francisco districts 1,960 1,565 1,8 368 484 116 September 16 8,315 3,721 875 2,378 1,342 September 23 8,035 3,601 835 2,307 1,292 Total 10, 638 8,139 4,588 2,352 698 September 30 8,156 3,710 855 2,313 1, 277 October 7 8,282 3,761 853 2,354 1,314 Country banks: October 14 8,411 3,837 856 2,419 1,299 Boston district 784 584 557 98 140 42 Excess reserves: New York district 1,190 921 1,392 180 305 125 1937—August 750 108 34 287 321 Philadelphia district.. 573 412 871 93 137 44 September 900 235 43 289 333 Cleveland district 543 383 663 79 124 45 October 1,043 354 59 307 323 Richmond district 467 309 334 54 83 29 November 1,104 373 69 333 328 Atlanta district 420 277 213 44 60 17 December 1,071 305 80 366 319 Chicago district 766 515 657 95 167 72 1938—January 1,353 461 86 451 355 St. Louis district 336 223 234 38 59 21 February 1,406 499 78 468 361 Minneapolis district— 290 176 271 35 56 21 March 1,524 631 52 481 359 Kansas City district- 430 264 154 39 63 24 ApriP 2,071 884 146 609 432 Dallas district 481 303 100 41 68 26 May 2, 525 1,065 321 689 451 319 216 265 39 50 11 June ______ 2,762 1,153 404 747 459 San Francisco district- July 3,026 1, 352 424 767 483 6,601 4,582 5,711 835 1,313 478 August 2,955 1,320 379 762 495 Total September 2,919 1,382 361 698 478 Week ending (Friday): 1 Gross demand deposits minus demand balances with domestic banks August 26 2,991 1,348 378 766 498 (except private banks and American branches of foreign banks) and September 2 . 2, 982 1,354 387 757 484 cash items in process of collection. September 9 3, 036 1, 386 377 762 511 NOTE.—See table at foot of p. 997 for percentages of deposits required September 16 3,028 1,419 373 725 511 to be held as reserves. September 23 2,751 1, 317 336 647 450 September 30 2, 847 1,411 352 648 435 October 7 P2, 960 1,451 354 683 P472 October 14 P3, 051 1,512 355 728 P456 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 page 997 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. Tn millions of dollars] All member banks Membe ( r p la b c a e n s k o s v i e n r l 1 a 5 rg ,0 e 0 r 0 ) centers Memb ( e p r l a b c a e n s k u s n i d n e r s m 15 a , l 0 le 0 r 0 ) centers Federal Reserve districi Gross demand Time Gross demand Time Gross demand Time Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Boston 1,775 1,755 662 663 1,651 1,636 537 538 124 119 125 125 New York 11,890 11,414 2,290 2,272 i 1,087 i 1,066 1 1,050 i 1, 049 276 275 493 492 Philadelphia 1,614 1,591 1,126 1,128 1,396 1,381 676 678 218 211 450 451 Cleveland . . . 1,961 1,920 1,404 1,398 1,749 1,712 1,113 1,107 212 208 290 292 Richmond 1,113 1,067 538 540 938 901 351 352 175 166 187 188 Atlanta 1,019 1,001 387 386 886 869 304 304 133 131 82 82 Chicago __ _ . .. 4,280 4,229 1,646 1,642 1 1, 601 1 1, 588 1 914 1 914 296 292 273 272 St. Louis 1,071 1,059 407 407 871 865 295 295 199 194 112 111 Minneapolis. _ . . ._ 657 643 361 361 486 474 176 176 171 168 185 186 Kansas City 1,378 1,367 311 310 1,063 1 053 198 197 315 313 113 113 Dallas_ 1,112 1,092 223 222 850 834 178 178 262 258 45 44 San Francisco 2,279 2,260 2,152 2,161 2,166 2,149 2,055 2,064 114 111 97 97 Total 30,149 29, 398 11, 506 11,491 114, 743 114, 528 1 7, 848 1 7, 851 2,495 2,447 2,452 2, 452 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 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NOVEMBER 1938 FEDERAL RESERVE BULLETIN 987 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a e 8 s 9 s - 0 S s u i i a l b v r s y e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e a - k s l 1937—September. 6,542 86 39 1,127 1 348 147 284 4,222 35 253 October 6,555 85 39 1,129 1 349 147 285 4,238 35 248 November. 6,561 84 40 1,144 1 352 148 284 4,232 34 243 December. 6,550 83 40 1,137 i 1 350 148 283 4,237 33 1938—January... 6,320 82 39 1,085 l 339 145 264 4,099 33 234 February.. 6,334 81 39 1,097 1 338 144 267 4,104 32 231 March. 6,355 81 39 1,125 1 338 144 263 4,106 32 227 April 6,397 80 39 1,162 1 339 144 264 4,112 31 224 May. 6,467 79 39 1,215 1 341 145 268 4,127 31 220 June 6,461 78 39 1,230 1 342 146 262 4,114 30 217 July 6,452 78 40 1,247 1 341 145 258 4,098 30 214 August 6,504 77 40 1,263 1 344 146 262 4,129 29 211 September. 6,622 77 40 1,292 1 348 147 264 4,215 29 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 (3oin and small denomination currency 2 Large denomination currency 2 Un- End of month t c i u on la - i Total Coin $13 $2 $5 $10 $20 TotaJ $50 $100 $500 $1,000 $5,000 $10, 000 a e ss d o 2 rt- 1937—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 September 6,622 4,970 536 501 32 912 1,556 1,434 1,656 396 744 156 317 17 25 4 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 1 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED Held by Treasury and Federal Reserve ban ks and in circulation, In STATES PAPER CURRENCY millions of dollars] [By selected banks in New York City. In thousands of dollars] Silver Fed- Year or month m S en h t i s p - to Re fr c o e m ipts s N hi e p t - rec N e e ip t ts dollars Sub- eral Na- Europe Europe ments End of month Total and sid- Minor United Re- tional silver iary coin States serve bank bul- silver notes bank notes 1933. 554 91,059 90, 505 lion i 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—September. 2,599 1,441 364 153 347 36 257 October 2,609 1,455 367 154 347 36 251 1937—September.. 1,946 2,271 325 November, 2,621 1,468 370 155 347 35 247 October 781 4,531 3,750 December.. 2,637 1,486 372 156 347 34 242 November.. 336 13, 326 12, 990 December.. 5,947 5,878 1938—January 2,655 1,509 373 156 347 33 237 February.. 2,668 1,526 373 156 347 33 233 1938—January.... 189 4,658 4,469 March 2,679 1,540 374 157 347 32 230 February... 28 3,824 3,796 April 2,690 1,554 374 157 347 32 226 March 1,212 2,728 1,516 May 2,702 1,570 374 157 347 31 223 April 503 2,618 2,115 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 September. 2,739 1,618 376 158 347 29 212 August 1,052 2,348 1,296 September.. 14, 740 978 13, 762 1 Includes silver held against silver certificates amounting to $1,619,- 000,000 on Sept. 30, 1938 and $1,357,000,000 on Sept. 30, 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

988 FEDERAL RESERVE BULLETIN NOVEMBER 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 T G o e o o n t l a r d d l m o st f o o I n a y c n c t e k a h c a c o r a t u t iv n e t c s t g r t o I e i o o n n t a l c a - d s k l e im g N o p e l o d t rt m f N e ro a a e r m r t - k m d g p t D i t u o r o e i o o c c l s n - d - - - From or to— I S m e - ptemb E e x r - Im A - u 19 g 3 u 8 s E t x- I J m a - n.-Sep E t. xports ports ports ports ports ports 1934 i 8,238 4, 202. , 133.9 82.6 96.0 1935. 10,125 1, 887. , 739.0 .2 110.7 Belgium. 3,213 13, 509 1 1 9 9 3 36 7 . . 1 1 1 2 , , 7 2 6 5 0 8 1, 2 2 2 6 7 . . 5 9 1 1 , , 1 5 3 0 2 2 . . , , 5 1 8 16 5 . . 5 6 - - 2 8 0 5 0 .9 .4 1 1 3 4 1 3 . . 6 9 F G r e a r n m ce a ny ._ . 1 4,721 5,765 1 5,000 Netherlands 47, 219 47, 790 1936—June 10, 608 206.6 277.8 -24.8 10.0 Spain 105 July. 10, 648 39.2 15.4 2.3 12.8 Sweden 11 521 15, 360 56 306 August 10, 716 68.4 67.5 -11.9 13.1 Switzerland 226 September 10,845 129.0 171.8 -28.8 12.1 United Kingdom- 377, 986 2 91,235 8 564, 539 64 October 11, 045 199.7 218.8 -11.3 13.8 Canada 38,156 9 14, 342 9 57, 684 81 November 11,184 139.6 75.8 3.0 11.8 Mexico. __ 1,446 3,183 28, 924 697 December 11, 258 26.5 73.3 57.0 -.7 10.9 Central America.__ 271 339 2,829 Bolivia.. 1 103 1937—January 11, 358 126.5 100.1 121.3 -48.3 9.3 Chile 404 1,062 6,153 February 11,436 204.7 78.2 120.3 -8.0 8.3 Colombia _. 4 2,113 8,436 March 11, 574 342.5 137. 154.3 -.4 10.8 Ecuador.. _ 132 259 2,238 April 11,799 568.0 225.6 215.8 7.2 9.2 Peru 440 298 3,156 May 11,990 759.1 191.1 155.4 26.2 12.4 Venezuela 66 12 376 June 12, 318 1,08 327.8 262.0 -15.9 11.2 Australia 3,775 2,748 21,192 July 12,446 1, 214.1 127.3 175.4 -35.5 12.7 British India 9,781 August 12, 567 , 335. 7 121.6 104.8 -5.3 16.9 China and Hong September 12, 741 ., 210. 0 174.3 145.5 9.3 12.2 Kong 1,536 1,510 5,637 October 12,803 , 271. 9 62.0 90.5 -8.0 14.9 Japan 35, 095 23, 497 142, 787 November 12, 774 , 242. 5 -29.3 22.1 -20.1 13.8 Philippine Islands. 2,721 1,772 19, 564 I ;ember 12, 760 , 227. 9 -14.0 18.0 -101.6 11.9 All other countries2. 133 325 1,650 1938—January 12, 756 , 223.2 -4.6 2.1 -1.1 10.9 Total 520, 907 11 165, 990 17 998, 751 5,843 February 12, 776 , 200. 6 20.7 8.0 -18.2 9.9 March 12, 795 ., 183.0 18.5 52.9 -.6 10.6 April 12, 869 74.3 71.1 -1.2 10.5 1 Figures represent customs valuations which, with some exceptions, May 12, 919 49.8 52.8 -53.9 11.4 are at rate of $35 a fine ounce. June 12, 963 44.2 55.3 -15.5 9.5 2 Includes all movements of unreported origin or destination. July 13,017 54.5 63.8 -20.9 14.1 Back figures—See table, p. 1017, and Annual Report for 1937 (tables August 13,136 118.3 166.0 -28.8 14.6 31 and 32). September 13, 760 . 623. 520.9 -13.3 P13.6 BANK DEBITS p Preliminary. i Figures based on rate of $20.67 a fine ounce in January 1934 and $35 [Debits to individual deposit accounts, by banks in principal cities.] a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published [In millions of dollars] in table, p. 1017, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and Total, 140 133 monthly imports of gold to U. S. from Philippines. For back figures, all New other other other than those of domestic gold production, see Annual Report for 1937 Year and month report- York lead- report- (table 29). ing City ing ing BANK SUSPENSIONS1 centers cities i cities 2 Member Nonmember 1929 982, 531 603,089 331, 938 47, 504 banks banks 1934 356,612 165,948 165, 557 25,107 Total, 1935 402, 718 184,006 190,165 28, 547 all 1936 461, 889 208, 936 219, 670 33, 283 banks Na- In- Not 1937 469, 463 197,836 235, 206 36, 421 tional State sured2 insured 1937—August 34, 731 13, 476 18, 420 2,835 September 36, 333 14, 718 18,652 2,962 Number of banks suspended: October. __ 39, 288 16,151 19, 934 3,203 1934 48 November 34, 519 13,432 18,171 2,916 1935 _ December. 42, 357 18, 277 20,837 3,243 1936 1937 1938—January... >-34, 833 14, 477 17, 607 -2, 749 1938—Jan.-Sept February.. -27, 867 10, 915 14, 633 -2, 319 March -34, 857 14, 746 17, 373 -2, 737 Deposits of suspended banks April -33, 825 14, 572 16, 597 -2, 656 (in thousands of dollars):3 May '31, 359 12, 828 16, 013 -2, 518 1934... 36,937 40 1,912 34,985 June '35, 501 15, 637 17,160 -2, 704 1935 10,015 5,313 3,763 939 July -33,133 13, 828 16, 677 -2, 628 1936 11,306 507 10,207 592 August -30, 798 12, 247 16,023 -2, 528 1937 19, 723 7,379 1,708 10,156 480 September 32,192 13,085 16, 440 2,666 1938—Jan.-Sept 12,389 36 211 10, 967 1,175 r Revised to include debits of three additional reporting banks in 1 Represents licensed banks suspended; does not include nonlicensed Miami, Florida. Revised figures not available prior to 1938. 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

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 989 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Total ti N on a a - l State M s b a a v u n i t n k u g s a s l m n b o e e m n r - - Call date ba A n l k l s Total ti N on a a - 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 8,882 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 28, 589 18, 502 10,087 9,837 6,029 June 29 15,994 6,410 5,425 985 571 9,013 June 29. __ 45, 766 29, 496 19, 031 10, 465 9,920 6,350 Nov. 1 15, 904 6,400 5,403 997 571 8,933 Nov. l-__. 47, 522 31, 072 20,128 10, 944 9,936 6,513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31.__ 48, 964 32,159 20, 886 11, 273 9,963 6,842 1936—Mar. 4 15,808 6,377 5,375 1,002 569 8,862 1936—Mar. 4__. 48, 716 31, 774 20, 605 11,169 9,972 6,970 June 30 15, 752 6,400 5,368 1,032 566 8,786 June 30... 51, 335 34,098 21, 986 12,112 10, 060 7,176 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31 53, 701 35, 893 23,107 12, 786 10,143 7,666 1937—Mar. 31 15, 569 6,367 5,305 1,062 565 8,637 1937—Mar. 31 52, 577 34, 746 22, 355 12, 390 10,157 7,674 June 30 2 15, 527 6,357 5,293 1,064 564 8,606 June302__ 53, 287 35, 440 22, 926 12, 514 10, 213 7,635 Dec. 31 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31 52, 440 34, 810 22, 655 12,155 10, 257 7,373 1938—Mar. 7 15, 348 6,335 5,250 1,085 563 8,450 1938—Mar. 7 r51, 703 34,118 22, 264 11, 854 10, 259 '7, 325 June 30 r15, 287 6,338 5,242 1,096 563 % 386 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 nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1933—June 30 _ _ _ 40,076 22, 203 17,872 24, 786 12, 858 11, 928 10, 044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40, 319 21, 977 18, 342 25, 220 12,833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 42, 502 21, 278 21, 224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31 43,458 20,473 22, 984 28,150 12, 028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935— Mar. 4 43, 747 20, 394 23, 353 28, 271 11, 953 16, 318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20, 272 24,145 28, 785 11, 928 16, 857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 45,008 20,140 24, 868 29,301 11,841 17, 460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31-. 45, 717 20, 329 25, 388 29, 985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar. 4 46,115 20, 267 25, 847 30, 288 12,099 18,189 9,795 5,202 4,592 6,032 2,966 3,066 June 30 48, 458 20, 679 27, 778 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937—Mar. 31 49,138 21, 790 27, 348 32, 525 13, 699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 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 Sept 283 P31, 635 P12, 930 P18, 705 v Preliminary. r 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 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. 3 Nonmember bank figures not available. Back figures.—SeeA nnual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] ]Loans Investments On securities, Open market paper U. S. Government Total to brokers obligations loans and dealers On 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 r w y k Y N O C si o e i u d t r w t e y k - b o a i c t ( t h n t e e i o x e e p k s - r t s s ) D Lo a t n o a k n s s e l R o st a e a n a t l s e b a c p o a n i e a o w n n c c p r g k - e n t t - - s s' b m a o c a n d e t 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 e s ri r - TOTAL—ALL MEMBER BANKS 1929—Dec. 31.-35,934 26,150 1,660 803 7,685 714 3,191 (i) 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—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 Sept. 28P 31, 635 12, 930 534 182 2,588 126 2,667 114 87 13 272 6,349 18, 705 13, 021 10, 716 2,305 5,684 NEW YORK CITY 3 1929—Dec. 31. _ 8,774 6,683 1,202 55 2,145 322 169 0) 128 46 21 2,595 2,091 1,112 1,112 979 1933—June 302. 7,133 3,424 720 38 1 044 162 157 120 224 10 10 937 3,709 2,551 2,551 ,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 L.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 L, 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 L, 217 1937—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 L, 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 L, 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 L, 174 June 30._ 8,013 3,172 509 47 717 85 132 62 65 4 10 1,541 4,840 3,740 3,031 709 .101 Sept. 28P 8,350 3,140 512 52 702 95 133 65 79 3 7 1,493 5,210 3,987 3,153 834 1^223 CITY OF CHICAGO • 1929—Dec. 31._ 1,757 1,448 11 240 533 88 21 0) 9 5 5 535 309 116 116 193 1933—June 30 2 _ 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—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 Sept. 28P 1,889 522 31 111 10 3 15 351 1,367 1,047 921 126 319 RESERVE CITY BANKS 1929—Dec. 31 ._ 12,029 9,084 239 425 2,775 258 1,538 0) 42 24 102 3,679 2,944 1,368 1,368 1,576 1933—June 302 _ 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—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 Sept. 28P 11, 422 4,867 12 84 992 22 1,216 42 6 8 99 2,384 6,555 4,831 4,088 743 1,724 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—June 30 2 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—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 3,124 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 2,964 2,385 579 2,400 Sept. 28P 9,975 4,401 10 14 782 9 1,307 4 2 1 151 2,121 5,574 3,156 2,554 602 2,418 1 Included in "Other loans." Preliminary. 2 Beginning June 30, 1933, figures relate to licensed banks only, s 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

991 NOVEMBER 1938 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e R e a R e r e r i n r e e v a t d v - - k h e l - e s s C v in a a u sh lt b a w m B a n d t n a e i i o c c t l s k - e h - - s si r o i e e t p t i f l d p e r e o e i o n s c o m n c a - s c r o s s - 2 t l - - b m D a I t e n i o n s c - k - te s rb b a e F a n i o n g k r k n - s S U m G e t e n a r e o d n t i n v e - t t - - s f P u u l n i b c d - s c l C c c e h o a f a e e i t f o e n e t f s r r c f d i e d h t s - k i r ' , - s s s t I p p u v i n h c n o o a a i e o i d d r n l r p r r s a t i - - s - s - - , - , , j d i m u t e s D s a p t e a n e o - d d d s - - 4 b m D I a t n e n i o s c t - k - e s rba F e n i o g k r n - P s i t n a o a g s v l - s - f P u u l n i b c d - s u s t v I p p i h n c a n i o o a o e i l d d r n r p s r r - a t , i - - s s - - - , , B r i o n o w g r s - credit etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16, 647 154 122 595 12, 267 879 1 1 9 9 3 3 4 3 — — D Ju e n c e . 3 3 1 0 5 4 2 , , 0 2 8 3 2 5 4 6 0 0 5 9 2 3, , 1 0 4 0 9 8 1 1 , , 9 4 0 8 3 5 4 3 , , 5 05 6 7 9 1 1 4 4 7 5 806 1 1, , 7 0 9 8 9 7 6 8 5 3 7 8 1 1 1 4 , , 9 8 5 3 1 0 1 15 2 , , 0 6 8 8 9 6 134 7 1 4 7 5 8 2 8 3 2 0 9 0 4 9 7 , ,8 0 0 2 3 0 19 1 1 3 1935—Dec. 31___ 5,573 665 3,776 2,255 5,696 444 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 2,329 881 20, 970 21, 647 153 6 104 296 10,429 15 1937—Mar. 31 6,613 662 3,445 1,974 5,752 458 415 2,564 677 20,085 21, 352 153 6 97 269 10, 639 18 June 30 6,897 629 3,207 2,201 5,298 615 628 2,577 752 20,272 21,401 123 14 100 292 10,818 16 Dec. 31 7,005 589 3,414 2,259 5,436 453 781 2,132 767 19, 747 20,387 129 11 95 482 10, 806 12 1938—Mar. 7 7,249 604 3,561 1,407 5,615 366 752 2,237 566 19,116 20, 513 137 11 90 512 10, 845 June 30 8,004 712 4,084 1,899 321 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 4,750 133 18 1,112 179 1933—June 30 s 846 101 874 1,255 127 332 96 461 4,676 4,358 1 110 671 1934—Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 7 56 591 1935—Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 591 1936—Dec. 31 2,658 133 1,087 2,493 393 225 285 457 7,274 6,929 4 679 12 1937—Mar. 31 2,719 123 853 2,171 419 129 314 354 7,237 7,051 5 758 1 June 30 2,749 105 996 2,014 575 306 368 427 6,934 6,733 12 767 3 Dec. 31 2,738 120 989 2,108 416 382 189 404 6,507 6,111 696 1938—Mar. 7 2,941 95 605 2,173 327 360 185 327 6,429 6,336 694 June 30 3,517 119 842 2,514 123 273 367 6,900 6,698 694 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 42 1,041 957 332 1933—June 30 5 232 203 61 259 46 87 870 912 358 1934—Dec. 31 415 207 90 445 182 1,073 1,189 381 1935—Dec. 31 511 209 135 522 208 1,301 1,401 413 1936—Dec. 31 558 188 159 599 191 1,495 1,554 449 1937—Mar. 31 482 93 114 596 203 1,001 1,128 440 June 30 596 156 130 536 208 1,409 1,509 452 Dec. 31 596 179 146 528 207 1,354 1,438 445 1938—Mar. 7 566 135 84 576 170 1,270 1,372 445 June 30 936 208 106 221 1,386 1,523 443 RESERVE CITY BANK; 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 371 4,433 292 1933—June 305 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 180 206 3,494 1935—Dec. 31 1,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 79 266 3,796 1936—Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 35 203 4,026 1937—Mar. 31 2,108 264 1,545 764 2,546 132 935 155 6,833 7,159 137 34 176 4,064 June 30 2,215 212 1,392 805 2,339 212 934 163 7,132 108 35 190 4,140 Dec. 31 2,310 200 1,470 841 2,389 256 777 192 6,743 6,870 107 34 266 4,161 1938—Mar. 7 2,376 213 1,632 538 2,461 234 809 121 6,455 6,848 116 33 269 4,198 June 30 2,289 300 1,951 693 2,514 266 812 146 6,668 6,934 113 31 262 4,238 COUNTRY BANKS 1929—Dec. 31 627 321 291 405 39 742 169 5,091 5,711 61 133 6,390 367 1933—June 30 6 452 203 702 149 228 116 555 72 2,576 3,054 285 86 3,833 167 1934—Dec. 31 822 275 1,296 207 342 178 804 106 3,589 4,292 210 84 4,554 13 1935—Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 136 83 4,879 6 1936—Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 69 80 5,275 3 1937—Mar. 31 1,304 321 1,684 242 440 57 1,113 130 5,013 6,012 64 79 5,377 11 June 30 1,337 330 1,554 269 409 1,067 139 5,089 6,027 64 85 5,459 12 Dec. 31 1,361 307 1,645 283 412 959 149 5,143 5,968 61 158 5,504 12 1938—Mar. 7 1,366 310 1,700 180 403 1, 073 101 4,963 5,957 56 159 5,508 11 June 30 1,263 316 1,806 258 380 1,008 126 4,863 5,738 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. 6 Beginning June 1933 figures relate to licensed banks only. 6 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

992 FEDERAL RESERVE BULLETIN NOVEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Loans Investments Reserve Bal- Total Com- Other U. S. Govern- with ances Date or month lo an an d s m in e d rc u i s a - l, Open bro To kers folor apnusr- Real Loans men t t i o o n b s liga- Other F e e ra d l - C i a n sh d w om it e h sinvest- 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—September _. 22,187 10,026 4,733 1,317 687 1,164 1,539 12,161 8,068 1,131 2,962 5,313 305 1,703 1938—March 21,072 8,884 4,328 426 762 611 1,153 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 4,085 380 602 589 1,154 115 1,505 12, 302 7,980 1,354 2,968 6,070 384 2,296 June 20, 696 8,384 3,953 354 686 582 1,158 125 1,526 12, 312 7,864 1,453 2,995 6,407 398 2,406 July 20, 530 8,213 3,878 334 629 577 1,159 121 1,515 12,317 7,703 1,567 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 1,646 3,112 6,602 387 2,416 1938—September _. 21,078 8,268 3,893 338 675 578 1,161 114 1,509 12,810 7,957 1,668 3,185 6,712 416 2,413 1938—Aug. 10 20, 611 8,199 3,889 622 574 1,159 106 1,513 12, 412 7,669 1,650 3,093 6,550 393 2,365 Aug. 17 20, 632 8,223 3,900 337 632 578 1,160 115 1,501 12,409 7,674 1,628 3,107 6,568 382 2,437 Aug. 24 20, 713 8,217 3,890 335 636 580 1,158 114 1,504 12,496 7,724 1,653 3,119 6,639 396 2,419 Aug. 31 20, 861 8,270 3, 339 690 579 1,160 109 1,507 12, 591 7,789 1,655 3,147 6,685 386 2,457 Sept. 7 20,842 8,241 333 670 578 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 1,670 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 1,672 3,208 6,528 410 2,353 Sept. 28 21, 240 8,241 3,891 344 649 576 1,161 118 1,502 12, 999 8,111 1,675 3,213 426 2,335 Oct. 5 21,189 8,240 3,896 351 631 578 1,161 120 1,503 12,949 8,055 1,679 3,215 6,797 410 2,379 Oct. 12 21,295 8,272 3,924 345 653 580 1,161 107 1,502 13,023 8,053 1,678 3,292 6,870 429 2,411 Oct. 19 21,314 8,270 3,908 345 665 576 1,164 106 1,506 13,044 8,074 1,684 3,286 7,152 424 2,501 Oct. 26 21, 493 8,346 3,915 345 728 572 1,165 103 1,518 13,147 8,154 1,687 3,306 7,200 438 2,495 NEW YORK CITY 1937—September _. 8,273 4,040 1,866 168 1,108 255 134 426 4,233 2,866 395 972 2,527 66 1938—March 7,717 3,247 1,670 155 606 212 123 425 4,470 2,954 426 1,090 2,844 70 April 7,647 3,078 1,628 147 489 201 118 418 4,569 2,995 443 1,131 2,946 68 May 7,614 3,007 1,565 139 473 205 118 420 4,607 3,033 564 1,010 3,010 70 June 7,671 3,038 1,511 131 549 200 118 432 4,633 2,973 650 1,010 75 July 7,492 2,922 1,457 131 497 194 118 432 4,570 2,821 723 1,026 3, 74 August 7,584 2,938 1,466 133 510 195 118 432 4,646 2,806 786 1,054 3,351 69 1938—September .. 7,797 2,969 1,455 138 543 195 119 429 4,828 2,931 800 1,097 3,505 73 1938—Aug. 10 7,527 2,915 1,460 132 499 191 118 436 4,612 2,780 786 1,046 3,301 69 Aug. 17 7,542 2,942 1,470 133 508 196 118 428 4,600 2,781 773 1,046 3,339 70 Aug. 24 7,613 2,951 1,480 132 507 198 118 429 4,662 2,820 797 1,045 3,375 Aug. 31 7,751 3,007 1,479 136 561 197 118 432 4,744 2,869 795 1,080 3,425 Sept. 7 7,710 2,973 1,466 135 544 196 118 430 4,737 2,862 792 1,083 3,463 Sept. 14 7,773 3,025 1,465 136 585 196 119 433 4,748 2,869 794 1,085 3,597 74 Sept. 21 7,865 2,945 1,447 139 525 195 119 429 4,920 3,005 803 1,112 3,405 76 Sept. 28 7,839 2,934 1,445 142 517 195 119 422 4,905 2,989 809 1,107 3,556 72 Oct. 5 7,756 2,916 1,446 146 497 197 119 415 4,840 2,910 806 1,124 3,590 71 Oct. 12 7,799 2,925 1,454 142 513 198 119 413 4,874 2,891 800 1,183 3,651 79 Oct. 19 7,795 2,932 1,445 141 532 196 119 411 4,863 2,887 801 1,175 3,871 78 Oct. 26 7,885 2,968 1,444 141 571 197 119 84 412 4,917 2,918 1,193 3,904 77 OUTSIDE NEW YORK CITY 1937—September.. 13, 914 5,986 2,867 301 209 432 1,030 1,113 7,928 5,202 736 1,990 2,786 252 1,637 1938—March 13, 355 5,637 2,658 271 156 399 1,030 1,093 7,718 5,038 733 1,947 2,880 252 1,922 April 13,172 5,526 2,601 256 133 391 1,029 1,089 7,646 4,960 736 1,950 2,939 291 2,039 May 13,118 5,423 2,520 241 129 384 1,036 1,085 7,695 4,947 790 1,958 3,060 334 2,226 June 13,025 5,346 2,442 223 137 382 1,040 1,094 7,679 4,891 803 1,985 3,199 345 2,331 July 13,038 5,291 2,421 203 132 383 1,041 1,083 7,747 4,882 844 2,021 3,295 351 2,361 August. __:_. 13,091 5,277 2,420 204 126 382 1,042 1,076 7,814 4,896 860 2,058 3,251 337 2,347 1938—September.. 13, 281 5,299 2,438 200 132 383 1,042 1,080 7,982 5,026 2,088 3,207 357 2,340 1938—Aug. 10 13,084 5,284 2,429 204 123 383 1,041 1,077 7,800 4,889 2,047 3,249 343 2,296 Aug. 17 13,090 5,281 2,430 204 124 382 1,042 1,073 7,809 4,893 855 2,061 3,229 332 2,367 Aug. 24 13,100 5,266 2,410 203 129 382 1,040 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 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 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 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 1,084 8,091 5,126 2,096 3,123 353 2,277 Sept. 28 13,401 5,307 2,446 202 132 381 1,042 1,080 8,094 5,122 2,106 3,138 364 2,263 Oct. 5 13,433 5,324 2,450 205 134 381 1,042 1,088 8,109 5,145 873 2,091 3,207 351 2,308 Oct. 12 13,496 5,347 2,470 203 140 382 1,042 1,089 8,149 5,162 878 2,109 3,219 368 2,332 Oct. 19 13, 519 5,338 2,463 204 133 380 1,045 1,095 8,181 5,187 2,111 3,281 363 2,423 Oct. 26 13, 608 5,378 2,471 204 157 375 1,046 1.106 8,230 5,236 881 2,113 3,296 375 2,418 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

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 993 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 report- assets Deed as Other Interbank mand Interbank Bor- Other Capi- Date or month in proc- assets United Certi- depos- row- liabil- tal acc e o s l s l e o c f - Total Domes- ForeignG S o t v a e te r s n- ch fi e e c d ks, Other i j t u s s — te a d d 2 - Do- For- Other ings ities count tion* 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—September 1,568 1,286 32,362 4,878 559 616 510 15,900 14,843 112 5,283 863 3,612 1938—March 1,301 1,298 31,689 5,164 348 700 433 15, 227 14, 360 116 5,239 820 3,626 April 1,275 1,281 31, 709 5,292 327 612 393 15, 318 14, 437 115 5,223 791 3,626 May 1,226 1,307 32,015 5,596 309 549 407 15, 397 14, 579 110 5,214 778 3,645 June 1,477 1,328 32, 712 5,736 305 501 536 15, 873 14, 932 111 5,231 756 3,649 July 1,322 1,269 32, 634 5,821 302 452 443 15, 900 15,021 115 5,211 731 3,645 August 1,168 1,272 32, 520 5,808 312 425 368 15,917 15,118 112 5,206 706 3,657 September 1,308 1,250 33,177 5,863 411 491 409 16, 275 15, 377 111 5,213 735 3,661 1938—Aug. 10 1,115 1,271 32, 305 5,777 305 430 364 15, 760 15,009 112 5,193 700 3,655 Aug. 17 1,184 1,268 32, 471 5,840 311 425 337 15, 867 15, 020 113 5,215 697 3,656 Aug. 24 1,071 1,262 32, 500 5,763 316 421 359 15, 926 15, 214 112 5,217 717 3,660 Aug. 31 1,339 1,282 33,010 5,847 327 411 430 16, 297 15, 388 111 5,210 705 3,664 Sept. 7 1,260 1,273 32,999 5,994 356 407 382 16,145 15, 267 111 5,217 715 3,664 Sept. 14 1,470 1,272 33, 501 6,026 410 397 446 16, 467 15, 443 112 5,238 738 3,658 Sept. 21 1,277 1,223 33, 056 5,742 436 581 388 16,177 15, 288 110 5,216 735 3,661 Sept. 28 1,226 1,232 33,153 5,690 441 581 422 16,312 15, 508 109 5,180 750 3,661 Oct. 5 1,367 1,237 33, 379 5,896 461 578 494 16, 269 15, 396 110 5,175 728 3,661 Oct. 12 1,654 1,244 33,903 5,931 461 570 547 16,711 15,604 110 5,163 740 3,662 Oct. 19 1,419 1,240 34, 050 6,133 480 559 477 16, 697 15, 755 110 5,164 757 3,663 Oct. 26 1,445 1,242 34, 313 6,086 485 546 454 16, 986 15, 995 110 5,156 814 3,666 NEW YORK CITY 1937—September 722 459 12,100 1,896 516 346 332 6,397 6,007 726 390 1,477 1938—March . 614 475 11, 770 2,086 310 325 280 6,264 5,931 656 356 1,482 April 568 476 11, 756 2,187 288 206 236 6,361 6,029 654 335 1,482 May 553 491 11, 788 2,354 271 150 256 6,302 6,005 636 323 1,488 June 748 495 12, 250 2,430 269 120 368 6,609 6,228 654 303 1,486 July 602 485 12,085 2,443 266 108 279 6,559 6,236 648 298 1,478 August 499 486 12,039 2,447 273 103 218 6,567 6,286 650 292 1,483 September 580 464 12, 478 2,494 364 128 251 6,781 6,453 662 311 1,481 1938—Aug. 10 486 11,913 2,421 104 220 6,229 638 285 1,482 Aug. 17 473 483 11, 957 2,453 273 104 192 6,505 6,224 660 282 1,482 Aug. 24 465 478 12,051 2,424 276 104 217 6,590 6,342 659 292 1,483 Aug. 31 635 488 12,421 2,500 286 100 271 6,810 6,446 657 305 1,486 Sept. 7 587 483 12, 367 2,535 314 100 236 6,732 6,381 659 302 1,483 Sept. 14 636 471 12, 614 2,560 364 98 275 6,835 6,474 684 312 1,480 Sept. 21 548 453 12,404 2,450 387 158 232 6,710 6,394 665 315 1,481 Sept. 28 549 450 12, 528 2,429 392 158 263 6,848 6,562 639 315 1,479 Oct. 5 630 453 12, 559 2,492 409 157 320 6,776 6,466 626 293 1,481 Oct. 12 797 455 12, 842 2,478 406 148 379 7,015 6,597 622 306 1,483 Oct. 19__ 450 12,893 2,613 427 136 316 6,979 6,657 619 312 1,483 Oct. 26 447 13, 057 2,613 434 122 295 7,118 6,732 618 367 1,482 OUTSIDE NEW YORK CITY 1937—September 846 827 20, 262 2,982 270 178 9,503 8,836 112 4,557 473 2,135 1938—March 687 823 19,919 3,078 375 153 8,963 8,429 116 4,583 464 2,144 April 707 805 19,953 3,105 406 157 8,957 8,408 115 4,569 456 2,144 May 673 816 20, 227 3,242 399 151 9,095 8,574 110 4,578 455 2,157 June 729 833 20,462 3,306 381 168 9,264 8,704 111 4,577 453 2,163 July 720 784 20, 549 3,378 344 164 9,341 8,785 115 4,563 433 2,167 August 669 786 20, 481 3,361 322 150 9,350 8,832 112 4,556 414 2,174 September 728 786 20, 699 3,369 363 158 9,494 8,924 111 4,551 424 2,180 1938—Aug. 10 635 785 20,392 3,356 326 144 9,271 8,780 112 4,555 415 2,173 Aug. 17 711 785 20, 514 3,387 321 145 9,362 8,796 113 4,555 415 2,174 Aug. 24 606 784 20,449 3,339 317 142 9,336 8,872 112 4,558 425 2,177 Aug. 31 . 704 794 20, 589 3,347 311 159 9,487 8,942 111 4,553 400 2,178 Sept. 7 673 790 20, 632 3,459 307 146 9,413 111 4,558 413 2,181 Sept. 14 834 801 20,887 3,466 299 171 9,632 112 4,554 426 2,178 Sept. 21_... 729 770 20, 652 3,292 423 156 9,467 8,894 110 4,551 420 2,180 Sept. 28 677 782 20, 625 3,261 423 159 9,464 8,946 109 4,541 435 2,182 Oct. 5 737 784 20,820 3,404 421 174 9,493 8,930 110 4,549 435 2,180 Oct. 12 857 789 21,061 3,453 422 168 9,696 9,007 110 4,541 434 2,179 Oct. 19 781 790 21,157 3,520 423 161 9,718 9,098 110 4,545 445 2,180 Oct. 26 764 795 21, 256 3,473 424 159 9,263 110 4,538 447 2,184 1 Does not includebash items in process of collection reported in balances with domestic banks. 2 Demand deposits other than interbank and IT. S. Government, less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 FEDERAL RESERVE BULLETIN NOVEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO [In millions of dollars] ] Loans Investments Red 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 m T l n o a v o e n a e n t n d a s t s l s t- Total m i C t n a e a c r o g d r i u n c a r m u d l i i l - s - a , - - l, O p m k a p a e p e r t e - n r d u ) i e r n a r T o a i n t l k s o d i e e e e r - s r s s o i c i O l n c n r o a h g t g r a p h a r n s s e y o u e s - r - r r - - s o R t a a e n t a s e l ) jo a t n o an k s s O o t a h n e s r Total U D m . i e S re n . t c t i G t o o o n b F v s g l e u u ig r a l n a l r y - - - O e t t i c h e u s e r r i- b s s w F e a R e e e r n i r r e a t d v v k h - l - e e s C i a n sh w m B a d n ti n i e a o c c t s l k - e h - - s s tural curities nteed BOSTON (6 cities) Sept. 28 _ -. 1,137 581 267 63 25 31 82 2 111 556 391 30 135 320 127 134 Oct. 5 1,134 578 266 64 22 32 81 2 111 556 393 30 133 338 129 141 Oct. 12 1,136 582 267 65 23 32 28 2 111 554 389 31 134 341 132 148 Oct. 19 1,134 579 264 65 22 32 82 2 112 555 391 30 134 364 134 151 Oct 26 1,141 587 265 65 28 32 82 2 113 554 391 30 133 350 138 143 NEW YORK (8 cities)* Sept. 28 8,685 3,327 1, 563 151 522 264 222 95 510 5,358 3,231 863 1,264 3,672 79 161 Oct. 5 8,606 3,309 1,563 155 502 266 223 97 503 5,297 3,153 863 1,281 3,736 76 155 Oct 12 8,660 3,316 1,569 151 519 266 222 87 502 5,344 3,139 858 1,347 3,776 79 153 Oct. 19 8,650 3,319 1,557 150 538 265 222 88 499 5,331 3,135 858 1,338 4,002 77 164 Oct. 26__. 8,735 3,355 1,555 151 578 265 222 84 500 5,380 3,164 861 1,355 4,024 80 172 PHILADELPHIA (4cities) Sept. 28 1,141 415 186 20 15 34 58 2 100 726 346 94 286 226 18 157 Oct. 5 1,137 414 184 22 15 34 57 2 100 723 345 94 284 247 17 166 Oct. 12 1,138 418 185 22 17 34 58 2 100 720 342 94 284 254 17 170 Oct. 19 1,141 418 185 23 16 33 58 1 102 723 342 95 286 256 18 184 Oct. 26 ._ 1,146 420 184 23 18 33 58 2 102 726 346 94 286 254 18 175 CLEVELAND (10 cities) Sept. 28 . . .._ 1,814 653 245 12 21 36 170 2 167 1,161 784 97 280 357 40 254 Oct 5 1,834 660 245 12 25 36 170 2 170 1,174 797 98 279 356 39 261 Oct. 12 1,837 658 244 11 24 36 171 2 170 1,179 801 98 280 349 39 271 Oct. 19. _ 1,841 654 241 11 23 36 171 2 170 1,187 810 98 279 356 40 278 Oct. 26 1,860 657 242 11 25 36 171 2 170 1,203 826 98 279 352 41 272 RICHMOND (12 cities) Sept. 28 631 235 106 11 3 16 32 1 66 396 296 36 64 146 20 145 Oct. 5 645 236 106 11 3 16 32 1 67 409 308 36 65 146 18 152 Oct 12 660 238 108 11 3 16 32 1 67 422 319 38 65 147 20 145 Oct 19 656 237 108 10 3 16 32 68 419 313 40 66 150 18 149 Oct 26 668 237 107 11 3 16 32 68 431 325 40 66 144 19 152 ATLANTA (8 cities) Sept. 28 - 577 289 157 3 7 14 28 3 77 288 162 41 85 97 12 127 Oct 5 576 291 159 3 7 14 28 3 77 285 160 41 84 100 11 138 Oct. 12 _ __. 579 293 161 2 7 15 28 2 78 286 159 42 85 103 12 139 Oct 19 584 297 164 2 6 15 28 2 80 287 159 42 86 101 12 143 Oct. 26 585 300 164 2 6 15 29 2 82 285 157 42 86 102 12 142 CHICAGO (12 cities)* Sept 28 2,927 821 466 34 35 78 93 4 111 2,106 1,400 236 470 1,056 67 405 Oct. 5 2,923 820 465 34 34 78 93 4 112 2,103 1,398 239 466 1,055 63 404 Oct. 12 2,935 825 468 34 36 79 92 4 112 2,110 1,405 235 470 1,053 67 410 Oct. 19 2,941 819 466 35 33 78 93 4 110 2,122 1,418 238 466 1,091 65 410 Oct. 26 2,978 832 468 35 43 78 93 4 111 2,146 1,440 238 468 1,130 68 438 ST. LOUIS (5 cities) Sept. 28 . 663 290 181 4 5 13 48 6 33 373 210 63 100 163 11 123 Oct 5 666 296 186 4 6 12 48 6 34 370 208 63 99 161 11 127 Oct. 12 674 303 193 4 6 13 48 5 34 371 210 63 98 165 11 129 Oct. 19 678 306 195 4 6 13 48 5 35 372 210 63 99 169 11 135 Oct 26 686 310 199 4 6 13 48 5 35 376 215 62 99 164 12 133 MINNEAPOLIS (8 cities) Sept. 28 369 160 78 4 1 8 6 63 209 155 13 41 72 6 110 Oct 5 368 160 78 4 1 8 6 63 208 155 13 40 76 6 111 Oct. 12 370 161 79 4 1 8 6 63 209 156 12 41 75 111 Oct 19 371 162 80 4 1 7 7 63 209 156 12 41 72 6 106 Oct 26 373 163 80 4 2 7 63 210 157 12 41 75 6 109 KANSAS CITY (12 cities) Sept. 28 . 643 246 148 18 4 12 22 1 41 397 223 48 126 156 13 267 Oct 5 642 246 147 18 4 12 23 1 41 396 223 49 124 161 11 264 Oct 12 639 247 149 18 4 12 22 1 41 392 219 49 124 166 13 280 Oct. 19 _ 645 248 149 18 4 12 22 1 42 397 223 49 125 158 12 296 Oct. 26 649 249 149 18 5 12 22 1 42 400 226 49 125 162 13 283 DALLAS (9 cities) Sept. 28 510 236 152 2 2 14 20 1 45 274 184 36 54 105 11 208 Oct. 5 514 239 154 2 3 14 20 46 275 185 36 54 106 10 209 Oct 12 516 240 156 1 3 14 20 46 276 181 40 55 112 11 209 Oct. 19 524 241 155 1 3 15 21 46 283 188 41 54 106 10 215 Oct. 26 525 243 158 2 3 14 20 46 282 187 41 54 111 11 211 SAN FRANCISCO (7 cities) Sept. 28 __ .. 2,143 988 342 22 9 56 380 1 178 1,155 729 118 308 324 22 244 Oct. 5 2,144 991 343 22 9 56 380 2 179 1,153 730 117 306 315 19 251 Oct. 12 2,151 991 345 22 10 55 380 1 178 1,160 1 733 118 309 329 21 246 Oct. 19 2,149 990 344 22 10 54 380 1 179 1,159 729 118 312 327 21 270 Oct. 26 2,147 993 344 19 11 51 381 1 186 1,154 720 120 314 332 20 265 CITY OF CHICAGO* Sept. 28 1,896 518 340 20 31 67 11 49 1,378 926 127 325 859 35 205 Oct. 5 1,881 516 339 20 30 67 11 49 1,365 918 127 320 858 34 211 Oct. 12 1,900 521 339 20 32 68 11 51 1,379 929 127 323 852 34 208 Oct 19 1,898 517 339 21 30 67 11 49 1,381 932 128 321 892 34 211 Oct. 26 1,928 527 341 20 38 67 11 50 1,401 950 128 323 929 35 229 " 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

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 995 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued [In millions of dollars] Demand deposits Time deposits Cash Total items assets d F i e s d tr e i r c ( a t 1 l 9 a 3 R n 8 d e ) s e d r a v te e r i c n e e t e o i s d p o l p s o l n r a e o r o c s t i f c - - - a O s t s h e e ts r l T i i a t o i b t e i a s l l - D b o a t I m n ic n k e t s s e - rb F a b o n a r k n e k ig s n G U S m o n t v a e i e t t n e e r t n s d - c C h f e e i e t e c r c t . d k i- s, Other i j d m t u s e D s — a p t e e n o - a d d s d 2 - - b m D a I e n n o s k - t t e i s c rb b a F e a n i o n g k r k n - s Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - t c C a o l a u p a n i c - t - BOSTON (6 cities) Sept. 28 52 70 1,840 223 14 10 14 1,061 1,023 256 21 241 Oct. 5 . 57 72 1,871 241 15 10 15 1 072 1 030 256 21 241 Oct. 12 66 72 1,895 244 16 10 17 1,095 1 046 1 250 21 241 Oct. 19 65 72 1 920 255 16 10 18 1 106 1 059 1 252 21 241 Oct. 26 56 73 1,901 243 15 10 16 1,102 1 062 1 252 21 241 NEW YORK (8 cities)* Sept. 28 577 523 13, 697 2,483 394 171 280 7,382 7 085 13 5 1 036 326 1,607 Oct. 5 665 526 13, 764 2,549 411 170 347 7,334 7,016 13 5 1,023 303 1,609 Oct. 12 837 529 14,034 2,534 408 161 394 7,572 7,129 14 5 1,018 317 1,611 Oct. 19 . 673 525 14,091 2,671 429 150 332 7,540 7,199 14 5 1,014 3 322 1,611 Oct. 26 715 527 14, 253 2,671 436 135 311 7,679 7,275 14 5 1,011 3 378 1,610 PHILADELPHIA (4cities) Sept. 28 ._ 53 84 1,679 281 7 40 800 754 10 290 18 226 Oct. 5 62 83 1,712 295 8 38 8 817 763 10 294 16 226 Oct. 12 64 83 1,726 300 10 38 8 824. 768 10 294 16 226 Oct. 19 62 83 1,744 309 9 38 9 837 784 10 290 16 226 Oct. 26 62 84 1,739 303 9 38 10 837 785 10 289 17 226 CLEVELAND (10 cities) Sept. 28 72 102 2,639 297 1 29 16 1,140 1 084 36 740 18 362 Oct. 5 . 72 103 2,665 317 1 29 18 1,137 1,083 36 746 20 361 Oct. 12 _ 93 103 2,692 317 1 29 21 1,161 1,089 36 746 19 362 Oct. 19 75 102 2,692 316 1 29 16 1 167 1 108 36 746 21 360 Oct. 26 84 102 2,711 316 1 29 15 1,187 1,118 36 745 20 362 RICHMOND (12 cities) Sept. 28__ . 44 33 1,019 214 21 9 455 420 6 197 23 94 Oct. 5 48 33 1,042 228 21 10 462 424 6 199 23 93 Oct. 12 56 34 1,062 235 21 12 472 428 6 199 24 93 Oct. 19 53 34 1,060 239 21 10 466 423 6 199 25 94 Oct. 26 44 34 1,061 237 21 9 468 433 6 199 26 95 ATLANTA (8 cities) Sept. 28 41 45 899 195 1 34 4 379 342 3 186 6 91 Oct. 5 . 44 44 913 208 1 34 4 381 341 2 186 6 91 Oct. 12 48 42 923 214 1 35 3 386 341 2 186 6 90 Oct. 19 48 41 929 220 1 34 4 385 341 2 186 6 91 Oct. 26 42 41 924 217 1 35 3 384 345 2 185 6 91 CHICAGO (12 cities)* Sept. 28 155 83 4,693 836 11 100 39 2,419 2 303 8 878 21 381 Oct. 5 159 82 4,686 857 10 100 38 2,395 2,274 8 876 20 382 Oct. 12 193 84 4,742 868 11 100 39 2,437 2 283 8 876 21 382 Oct. 19. _. 170 82 4,759 886 10 100 32 2,441 2,303 8 879 20 383 Oct. 26 186 83 4,883 877 9 100 37 2 566 2 417 8 880 22 384 ST. LOUIS (5 cities) Sept. 28._ 45 23 1,028 253 18 5 463 423 6 186 7 90 Oct. 5 51 23 1 039 266 18 5 461 415 7 186 6 90 Oct 12 65 23 1 067 271 18 5 484 424 6 186 6 91 Oct. 19 53 23 1 069 274 18 7 481 435 6 187 5 91 Oct. 26 51 23 1,069 270 18 6 486 441 6 187 5 91 MINNEAPOLIS (8 cities) Sept. 28 27 17 601 121 1 2 7 285 265 2 119 8 56 Oct. 5 30 16 607 125 1 2 6 287 263 2 120 7 57 Oct. 12 28 17 608 123 1 2 5 292 269 2 119 7 57 Oct. 19.. 30 16 601 118 1 2 6 289 265 2 120 7 56 Oct. 26 27 17 607 118 1 2 6 295 274 2 119 8 56 KANSAS CITY (12 cities) Sept.23 57 22 1,158 344 20 12 533 488 7 143 3 96 Oct. 5 65 22 1,165 356 20 12 528 475 7 143 3 96 Oct. 12 71 22 1,191 357 20 12 553 494 7 143 3 96 Oct. 19 68 22 1,201 367 21 12 552 496 7 143 3 96 Oct. 26 60 22 1 189 363 21 12 544 496 143 3 96 DALLAS (9 cities) Sept. 28 30 26 890 200 31 8 430 408 133 6 82 Oct. 5 38 26 903 208 1 31 7 435 404 132 6 83 Oct. 12 42 26 916 212 1 31 8 444 410 132 5 83 Oct. 19 42 27 924 217 1 30 9 445 412 133 6 83 Oct. 26 36 27 921 214 1 31 8 446 418 132 6 83 SAN FRANCISCO (7 cities) Sept. 28 73 204 3 010 243 12 105 21 965 913 18 2 1,016 293 335 Oct. 5 76 207 3,012 246 13 105 24 960 908 19 2 1,014 297 332 Oct. 12 91 209 3,047 256 12 105 23 991 923 18 3 1,014 295 330 Oct. 19 80 213 3,060 261 12 106 22 988 930 18 2 1,015 305 331 Oct. 26 82 209 3,055 257 12 106 21 992 931 18 2 1,014 302 331 CITY OF CHICAGO* Sept 28 99 51 3,145 635 10 62 27 1,675 1,603 467 17 252 Oct. 5 103 51 3,138 651 9 62 25 1,659 1,581 463 16 253 Oct. 12 124 52 3,170 663 10 62 25 1,677 1,578 463 17 253 Oct. 19 108 50 3,193 681 9 62 18 1,689 1, 599 464 17 253 Oct. 26 123 51 3,295 670 8 62 25 1,794 1,696 465 17 254 * 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

996 FEDERAL RESERVE BULLETIN NOVEMBER 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i p e a r e l - r Total Held b b y a n a k c s cepting H R e e ld se b rv y e F b e a d n e k r s al sto B r a ed se d in o o n r g s o h o ip d p s ed 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 s f o c o p o u r o e r n n r i t g e d o n - - f ot b h y ers p U i o n . r to S ts . p U fr o . o S r m . ts ch e a x n - ge U.S. F c o t o r r i u e e i n s g - n ents 1937—September . 331 344 274 148 127 1 69 127 77 1 73 66 October 323 346 282 153 129 2 62 127 82 1 75 62 November 311 348 279 148 131 2 67 122 84 1 79 61 December 279 343 278 147 131 2 63 117 87 2 78 59 1938—January 299 326 266 147 119 2 59 106 82 3 75 60 February- 293 307 246 140 106 1 61 96 78 2 70 61 March _ 297 293 236 143 93 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 September. 212 261 221 129 92 40 89 57 2 56 57 1 As reported by dealers; includes some finance company paper sold in open market. » Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances i Other credit balances Debit Debit End of month C b u a ( d s n l t e a e o b t n m ) i c t e i e s rs' a i b n n p a a v d c l a a e c r n t s t o r n c t u a m e e n d s r e t i s s n i n ' n g t a i b n n a a v d c la e c f n t i s o r r t c m u a m e n d s e t i s n i n n 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 e n r d - e y ^ Free O (n th et e ) r p m i a n e r v n t I n n t e s e a t r n - s d ' m in e f n v i I r n t e m s a t n - d a c c a c p I o n i u t n al ts 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 September. ~ _ 1,363 48 128 239 1,088 256 96 26 12 385 October 1,053 40 135 263 781 272 107 24 12 383 November 1,034 38 120 225 723 270 95 24 11 376 December. __ 985 34 108 232 688 278 85 26 10 355 1938—January _. _ 958 31 103 220 641 288 87 28 11 333 February 937 31 104 207 628 280 80 26 10 324 March _ _ 831 29 95 215 576 239 81 25 9 315 April 763 26 97 203 485 248 88 24 9 309 May 760 25 85 208 482 243 92 22 8 301 June 774 27 88 215 495 258 89 22 11 298 July 843 28 80 209 528 284 82 22 10 303 August 864 29 84 200 571 272 77 20 9 301 September 823 29 76 213 559 257 68 20 7 300 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

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 997 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) O R c a t. t e 31 be In g in ef n fe in ct g- v P r i a o r t e u e - s O R c a t. t e 31 be In g in ef n fe in ct g- O R c a t. t e 31 be I g n in e n ff i e n c g t - Boston Sept. 2, 1937 Sept. 2, 1937 April 29, 1938 New York Aug. 27, 1937 Oct. 10, 1935 Feb. 8, 1934 Philadelphia.. Sept. 4, 1937 Sept. 4, 1937 Oct. 20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 May 11, 1935 Richmond Aug. 27, 1937 Sept.10, 1937 Feb. 19, 1934 A Ch tl i a c n a t g a o A A u u g g . . 2 2 1 1 , , 1 1 9 9 3 3 7 7 A A u u g g . . 2 2 1 1 , , 1 1 9 9 3 3 7 7 2y2 A O p c r t. i l 1 2 6 3 , , 1 1 9 9 3 3 8 3 St. Louis Sept. 2, 1937 Sept. 2, 1937 4 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug. 24, 1937 3 Oct. 8, 1938 Kansas City.. Sept. 3, 1937 Sept. 3, 1937 2^ Apr. 16, 1938 D Sa a n l la F s rancisco A Se u p g t . . 3 3 1, , 1 1 9 9 3 3 7 7 A Se u p g t . . 3 1 1 7 , , 1 1 9 9 3 3 7 7 2V2 A O p ct r . . 1 1 9 6 , , 1 1 9 9 3 3 3 8 * Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect, Oct. 31, 1938, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. Rate in [Percent per annum except as otherwise specified] Maturity effect on In effect be- Previous Advances to financ- Oct. 31 ginning— rate ing institutions— Advances 3 4 1 1 6 1 - 6 1 - - - 6 4 3 5 0 5 0 d d d d a a y a a s y y y s s s i . . . . . . . . . . . . . _ O . . _ . . c _ d d d t o o . o 20, 1933 Federal Reserve Bank m in d o e i d r r r u c e c i s c o a t t m l r t i o o a - r l - O t w io n h n p i c f o o h r r - On re- a C t d o m o v m m e a n n m a t c k s i e t e s - 61-90 days... _._do ganizations institu- maining 91-120 days_. ___do tion is portion 121-180 days ._ do obligated me i N n T O t h s T , i s E w . r — h a i t c M e h a in a ls g i o m r e a u e p m m p l e i b n e u s ts y t a i o n r g a e c a c r l e w a p t a e ta y s n s c a f e o t s r t b a h o e p u e g F r h i e o t d d u e n o ra d f l e 1 r 5 R r d e e a s p y e u s r r v c o e h r a l B s e e s a s n a . k g re o e f - N B P C h o l e e i w s l v t a o e d Y n la e o n lp d r h k i . a .. . . . 3 43 ^ 4 4 4 - - - - 6 6 6 6 2V 3 3 2 (2) 4 3 - H 5 4 1-2 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 Chicago 5-6 1 2]/^ 5-6 1-2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4-5K 3^ 4 Minneapolis- 6 4^-5 4H-5 Kansas City.- 4-6 4 4 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. [Percent per annum] Back figures.—See Annual Report for 1937 (table 40). Nov. 1, 1933 Feb. 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Savings deposits Classes of deposits 1917- 1936- 1937- 1937- 1938- Postal Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Other time deposits pay- 1936 1937 1937 1938 after able in: 6 months or more On net demand 9 L 0 e s d s a t y h s a t n o 9 6 0 m d o ay n s ths 2]/2 d C e e p n o t s ra it l s : r e i serve city.. 13 22% 26 22% Reserve city 10 15 2 20 Country .. 7 14 12 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for 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 i See footnote to table on p. 986 for explanation of method of computlower maximum rates established by State authority. ing net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL RESERVE BULLETIN NOVEMBER 1938 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Pereenr per annuml [Weighted averages of prevailing rates; percent per annum] Prevailing rate on- Average rate on- Aver- 1929 1931 1932 1933 1934 193 1036 1937 1938 U.S. Treas- age New York City: Year, Prime Stock Stock ury bills yield on January 5.7' 4.24 4.71 3.58 2.83 2.64 2.50 2.36 month, or Prime bank- ex- ex- U S. February 5.73 4.31 4.71 3.43 2.90 2.56 2.41 2.34 week com- ers' change change Treas- March 5.81 4.20 4.72 3.31 2.64 2.61 2.50 2.40 mercialaccept- time call New 91- ury April 5.85 4.17 4.69 3.39 2.61 2.54 2.53 2.36 paper, ances, loans, loan issues day 3-to-5 May 5.88 4.11 4.55 3.42 2.69 2.51 2.44 2.40 4 to 6 90 90 re- of- deal- year June 5.93 4.13 4.61 3.30 2.66 2.4- 2.34 2.36 months days days new- fered ers' notes July 5.88 4.05 4.41 3.30 2.61 2.44 2.36 2.27 als w pe i r t i h o i d n 1 t q at u i o o - n S A e u p g t u em st ber 6 6 . . 0 0 6 5 3 3 . . 9 9 3 7 4 4 . . 3 4 0 5 3 3 . . 2 3 6 3 2 2 . . 7 6 2 7 2 2 . . 4 4 0 2 2 2 . . 3 4 9 1 2 2 . . 2 1 5 6 October 6.08 4.27 4.35 3.28 2.72 2.46 2.38 2.29 November 5.86 4.67 4.12 3 22 2.77 2.43 2.45 1935 average... .76 .13 .56 .56 .14 .17 1.29 December 5.74 4.64 4.22 3.18 2.61 2.43 2.40 1936 average.._ .75 .16 1 16 .91 .14 .17 1.11 1937 average. __ .95 .43 1.25 1.00 .45 .28 1.40 Year 5.88 4.22 4.49 4.02 3.33 2.70 2.49 2.43 8 other northern and 1937-Sept.... 1 Vie IK 1.00 .53 .31 1.50 eastern cities: Oct. .... 1 Vl6 IK 1.00 .34 .20 1.42 January 5.87 4.61 5.07 4.89 4.65 4.08 3.61 3.36 3.37 Nov 1 7/l6 JK 1.00 .15 .09 1.31 February. 5.86 4.63 5.13 4.84 4.49 4.02 3.63 3.43 3.29 Dec. 1 7,16 IX 1.00 .10 .11 1.27 March 5.91 4.62 5.14 5.39 4.52 4.05 3.60 3.34 3.25 1938—Jan. 1 7 16 \X 1.00 .10 .10 1.13 April 6.00 4.57 5.10 5.09 4.52 3.99 3.4: 3.36 3.26 Feb._ 1 7 16 IX 1.00 .08 .08 1.09 May 6.09 4.55 5.14 4.99 4.39 3.88 3.45 3.45 3.27 Mar K-i 7/16 IX 1.00 .07 .08 1.01 June 6.02 4.49 5.13 4.97 4.30 3.78 3.51 3.32 3.38 A M p a r y i . l . . . . . . . . H H -i -\ 7 7 1 1 6 6 I I X X 1 1 . . 0 0 0 0 . . 0 0 3 8 . . 0 0 5 9 . . 7 9 7 4 J A u u ly gust 6 6 . . 0 1 8 1 4 4. . 4 4 7 8 5 5 . . 0 1 5 2 4 4 . . 8 6 : 8 4 4 . . 1 1 5 2 3 3 . . 7 8 9 7 3 3. . 4 6 7 1 3 3 . . 3 2 2 9 3 3 . . 2 2 8 6 J J u u n ly e X X-i 7 7/ A l6 e I I K K 1 1 . . 0 0 0 0 . . 0 0 2 5 . . 0 0 5 7 . . 6 7 7 0 S O e c p t t o e b m e b r e .. r . _ 6 6 . . 2 2 5 4 4 4 . . 6 4 2 8 4 5 . . 9 0 6 3 4 4 . . 5 6 1 5 4 4 . .1 1 1 3 3 3 . . 7 7 5 5 3 3 . . 5 4 0 5 3 3 . . 3 3 7 3 3 3 . . 3 3 0 7 A S u e g p . t % 7 7 / / l 1 6 6 I 1 K H 1 1 . . 0 0 0 0 . . 1 0 0 5 . . 0 0 6 8 . . 7 8 1 2 N D o ec v e e m m b b e e r r. 6 5. . 9 1 4 2 4 4 . . 8 9 7 1 4 4 . . 8 8 8 8 4 4 . . 5 5 9 4 4 3. . 9 0 8 8 3 3 . . 6 6 7 3 3 3 . . 4 4 7 6 3 3. . 3 4 6 2 Wee S k e e p n t. d 1 in 0 g . : .. M 7/16 11A 1.00 .10 .06 .74 27 south Y er e n a r and 6.04 4.61 5.05 4.83 4.29 3.86 3.52 3.36 Sept. 17... H 7/16 IX 1.00 .11 .09 .87 western cities: Sept. 24... 5A-H 7/16 1M 1.00 .14 .08 .85 January 5.94 5.50 5.61 5.60 5.40 4.95 4.47 4.16 Oct. 1 %-u 7/16 IX 1.00 .03 .10 .85 February ___ 5.96 5.43 5.61 5.56 5.39 4.84 4.51 4.15 4.09 Oct. 8 5A-ZA 7/16 IX 1.00 .02 .05 .67 March 6.04 5.40 5.64 5.66 5.40 4.85 4.44 4.15 4.15 Oct. 15.... 5A-H 7/16 IK 1.00 .02 .05 .66 April 6.07 5.36 5.63 5.68 5.34 4.80 4.40 4.21 4.13 Oct. 22 H-H 7/16 IX 1.00 .03 .04 .67 May 6.10 5.26 5.64 5.66 5.28 4.79 4.43 4.17 4.13 June 6.16 5.34 5.62 5.62 5.19 4.76 4.39 4.18 4.14 July . 6.17 5.30 5.63 5.54 5.07 4.58 4.35 4.19 4.12 i Series comprises 182-day bills to February 23,1935, 273-day bills from August 6.22 5.28 5.68 5.53 5.05 4.63 4.25 4.18 4.12 March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938, September 6.27 5.32 5.63 5.55 5.04 4.51 4.29 4.18 4.07 from October 22, to December 10, 1937, and 91-day bills thereafter. October 6.29 5.38 5.56 5.50 5.05 4.55 4.23 4.16 4.06 Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures November 6.29 5.53 5.55 5.42 4.93 4.51 4.24 4.17 for 91-day Treasury bills available on request. December 6.20 5.56 5.60 5.43 4.92 4.55 4.14 4.15 Year 6.14 5.39 5.56 5.17 4.69 4.35 BOND YIELDS1 [Percent per annum] Corporate 4 U.S. Year, month, or week Treas- Munic- By ratings By groups ury a 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 o 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 1.02 4.77 3.60 4.24 3.88 1937 average 2.57 3.10 3.94 3.26 3.46 L01 5.03 3.55 4.34 3.93 1937—September 2.67 3.18 3.98 3.28 3.46 1.02 5.16 3.56 4.43 3.96 October. __ 2.65 3.24 4.12 3.27 3.53 L16 5.52 3.63 4.66 4.08 November 2.60 3.17 4.21 3.24 3.54 1.24 5.82 3.65 4.91 4.06 December 2.54 3.15 4.16 3 21 3.50 I 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 September _ 2.40 3.02 4.17 3.21 3.60 4.20 5.65 3.50 5.18 3.82 Week ending: October 1 2.41 3.15 4.22 3.25 3.62 4.26 5.74 3.53 5.28 3.85 October 8 2.30 2.87 4.08 3 17 3 56 4 12 5.46 3.45 5.02 3.77 October 15 . 2.28 2.82 4.03 3.14 3.54 4.08 5.37 3.42 4.94 3.74 October 22 2.28 2.81 4.02 3.14 3.52 4.07 5.33 3.42 4.93 3.71 i Monthly and weekly data are averages of daily figures,e xcept for municipal bonds, which are based on Wednesday figures. * Average of yields of all outstanding bonds due or callable after 8 years. »Standard Statistics Co. < Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9. Series revised back to Jan. 1, 1937 in July, 1938 because of changes in railroad bond yield averages in all rating groups. Back figures.—See Annual Report for 1937 (table 80). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 999 BOND PRICES1 STOCK MARKET Stock prices1 Corporate3 Vol- Year, month, or date T 0 u r . r e 8 y a . * s- M i u p n al i c J - Total in tr d ia u l s- r R o a a i d l- Year, d m a o te nth, or fe P rr r e e d - * To C t o al mmo I n n tr d ia u (i l s n - dex, R r o a 1 a i 9 d l- 26= U 10 t 0 il ) ity u t m i r n a e g d * o - f Number of issues 7-12 60 20 20 1935 average... 106.1 105.3 88.6 88.2 79.4 98.2 Number of issues... 20 420 348 32 40 1036 average. 107.0 110.8 97.5 92.2 94.7 105.4 1935 average __ 133.8 • 78 91 71 1,411 1037 average _. 104.4 110.3 03.4 90.1 89.6 100.4 1936 average 138.9 111 127 104 1,824 1937 average. 136.2 112 131 95 1,519 1937— September 103.3 109.0 91.3 90.0 85.6 98.4 October 103.5 108.1 86.4 85.5 78.4 95.2 1937-September___ 136.4 106 126 1,498 November 104.0 109.1 83.3 82.7 72.1 95.0 October 133.5 91 107 2,324 December 104.7 109.5 82.7 81.4 72.5 94.2 November... 132.3 83 96 1,420 1938 -January 105.3 111.5 80.6 81.7 66.2 94.0 December 132.1 82 95 1,174 February 105.4 112.2 79.3 80.6 65.0 92.2 1938—January 133.5 82 1,069 March 105.0 112.2 76.0 79.5 57.3 91.2 February 133. 3 81 719 April.. 104.8 111.6 73.8 77.8 53.5 90.2 March 132.2 78 922 J J M S A u u e u a n p l g y y e te u . m . s . t . ber-. 1 1 1 1 1 0 0 0 0 0 5 4 6 5 6 . . . . . 9 8 0 7 1 1 1 1 1 1 1 1 1 1 1 5 3 1 3 4 . . . . . 2 6 7 6 2 8 8 7 7 7 1 8 0 5 6 . . . . . 7 3 8 3 5 8 8 8 8 8 5 0 0 5 4 . . . . . 7 0 4 0 2 6 6 5 5 5 0 0 5 2 5 . . . . . 0 2 0 7 1 9 9 9 9 9 4 7 4 8 6 . . . . . 0 3 0 1 3 J J A A M u u p u n a ly r g y e i u l st 1 1 1 1 1 2 3 3 3 3 7 1 2 5 8 . . . . . 9 7 3 6 1 7 7 8 7 9 1 3 8 4 0 1 1 8 8 8 0 0 4 7 6 5 8 1 1 , , 0 7 6 8 7 2 7 4 3 6 0 8 3 3 2 September 28 104.2 109.4 77.5 83.1 54.0 95.3 September... 137.9 104 1,054 October 5 105. 7 114.3 81.6 86.4 59.9 98.3 September 28 136.6 100 1,415 October 12 105.8 115.1 81.8 86.7 60.1 98.5 October 5 139.5 111 1,792 October 19 105.9 115.3 81.7 87.1 59.6 98.6 October 12... 140.0 111 29 78 2,042 October 19. __ 140.5 112 29 2,189 1 Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. 1 Standard Statistics Co. Monthly data are averages of Wednesday 2 Average prices of all outstanding bonds due or callable after 8 years, figures. ba 3 s e P d r i o ce n s q d u e o r t i a v t e io d ns f ro fr m o m a v T e r r e a a g s e u r y y i el D ds e , p a a s r t c m o e m n p t. uted by Standard Sta- 3 2 A A v v e er r a a g g e e p d r a i i c l e y s v o o f l i u n m d e u s o tr f i a t l r a h d i i g n h g - g i r n a d s e to , c d k e s r i o v n ed t h fr e o m N e y w ie Y ld o s r . k Stock tistics Co. Exchange, in thousands of shares. Weekly figures are averages for the Back figures.—See Annual Report for 1937 (table 79); for U. S. Treas- week ending Saturday. ury bonds, see BULLETIN for May 1936, p. 317. Back figures.—For stock prices, see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or (new Total Total month f i u a n r n n e g d d - ) - m a ( f e d o n s r o 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 * - m a ( f e d o n s r o 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 reign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies2 notes pal cies* notes 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 1,054 530 238 L929 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—Sept..,. 221 154 154 41 0 113 87 25 0 67 67 7 20 39 39 0 Oct 203 96 93 27 0 67 46 21 3 107 106 2 34 70 70 0 2 Nov.— 136 94 94 43 25 26 22 4 (») 42 42 4 27 10 10 (3) 0 Dec 164 122 122 79 0 43 27 16 1 42 42 5 23 14 14 ( ) 0 1938—Jan 122 93 93 41 6 46 40 6 0 29 29 8 18 4 3 1 0 Feb.... 199 82 81 40 0 41 41 (3) 1 117 117 22 32 62 62 0 0 Mar.... 245 126 126 94 9 24 23 \ 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... r470 390 390 44 216 130 128 2 1 r79 '79 3 20 r56 r56 0 0 Aug 415 180 180 55 0 125 121 3 (3) 235 235 11 14 211 211 0 0 Sept.__.. 197 120 120 51 8 61 59 2 0 76 76 22 6 49 49 0 (3) r 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. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Annual Report for 1937 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN NOVEMBER 1938 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS (On basis of daily statements of United States Treasury. In millions of dollars! Noninterest- Interest-bearing bearing Total Publicly-offeredl End of month debt Ad- Social Bonds justed se- AH Ma- Total service curity others tured Other interest Total Notes Bills issues1 issues* debt bearing Pre- Treas- U. 8. war ury* savings 1932—June . 19, 487 19,161 •18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 «21,782 753 13,417 4,548 954 92 284 66 316 1934—June . 27,053 26,480 8 26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28, 701 27,645 26,910 753 14.019 62 10,023 2,053 156 580 231 825 1936—June 33,779 32,989 31,297 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 1Q37—Sppf-.ATnbfir 36,875 36,264 33,877 79 19,936 885 10,575 2,403 896 868 623 122 489 October - 36,956 36,366 33,900 79 19,936 908 10,575 2,403 888 957 620 109 482 November 37,094 36, 511 33,924 79 19,936 932 10,575 2,403 883 1,086 619 106 477 December 37, 279 36, 708 34,018 79 20,476 964 10,547 1,952 876 1,188 626 99 472 1938—January 37,453 36,887 34,114 79 20, 476 1,060 10,547 1,952 872 1,263 638 99 466 February _ 37,633 37,080 34,144 79 20,476 1,106 10,531 1,952 867 1,399 669 91 462 March 37, 556 37,001 34,032 79 20,927 1,148 10,076 1,803 860 1,460 648 98 458 April 37, 510 36,963 34,016 79 20,927 1,181 10,076 1,753 856 1,458 635 92 454 May 37, 422 36, 871 33,845 79 20,927 1,210 10,076 1,553 852 1,538 637 101 450 June 37,165 36,576 33,463 79 21,846 1,238 9,147 1,154 868 1,601 644 141 447 July 37,191 36,642 33,400 79 21,846 1,275 9,147 1,054 864 1,641 738 106 443 August _ _-- 37, 593 37,052 33, 681 79 21, 846 1,305 9,147 1,304 859 1,757 754 102 440 September _ _ 38, 393 37, 850 34, 493 79 22, 712 1,334 9,067 1,302 830 1,788 739 106 437 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIESi OBLIGATIONS, SEPTEMBER 30, 1938 [In millions of dollars] (In millions of dollars] Federal Home Recon- Com- Date maturing Total Bonds1 Notes Bills Farm Owners' struction modity End of month Total Mortgage Loan Finance Credit Corpora- Corpora- Corpora- Corpora- 1938—Oct. 1—Dec. 31 __ 1,312 10 1,302 tion tions tion tion 1939 Jan. 1 -Mar. 31 .. _ 942 942 Apr 1—June 30 1,294 1,294 july i—Sept. 30 427 427 1934—June 681 312 134 235 Oct 1—Dec 31 526 526 December 3,063 980 1,834 249 1940 2,854 2,854 1935—June 4,123 1,226 2,647 250 1941 2,219 834 1,385 December 4,494 1,387 2,855 252 1942 1,001 1,001 1936—June 4,718 1,422 3,044 252 1943 1,527 898 629 December 4,662 1,422 2,988 252 1945 _ . . 2,121 2,121 1937—June 4,665 L,422 2,987 255 1946 . . . 1,850 1,850 1947 2 134 2,134 1937—September 4,633 L,400 2,937 296 1948 21 871 21 871 October 4,634 L,400 2,937 297 1949 .. . _ 819 819 November 4,644 L, 410 2,937 297 1951 1.223 1 223 December 4,645 1,410 2,937 297 1952 . 2,117 2,117 1938—January 4,646 ]L, 410 2,937 298 1953 1,786 1,786 February 4,646 L,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 L,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 L,410 2,937 510 206 1961 50 50 August 5,015 1,410 2,888 511 206 1963 919 919 September 5,009 1,404 2,888 511 206 Total - — 34,493 24,125 9,067 1,302 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the 1 Issues classified as of date of final maturity; most issues callable at public debt. The total includes guaranteed debentures of the Federal earlier dates; most of the U. S. savings bonds are redeemable at option Housing Administrator, amounting to $924,000 on September 30, 1938. of holder. 2 Excludes obligations guaranteed as to interest only. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1001 NOVEMBER 1938 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. ID million? of dollars] General and special accounts Receipts Expenditures ! T a r c u - st I c n r c e r a e s a e s e d u o r r i n d g ecounts, period Period Total c ta o I x n m e - e s s S ta e o i x c t c y e u i s a r 2 - l O i r n n e n u t t v h a e e e l e r 3 - - r o A th l e l r Total e I d n s e t t e b o t r n - G t f i V e a N e d o n n n e e n a s e d t - - a e - r l al o A th l e l r r c a e R e o l n r i e v y e d - - f f ( v u n i R o n n e l e g t d v ) - s » - T a f t e e c r r r t a c u s c n t s . s t 6 s t . o - E p ( c o t x + e e u e f c n i ) r x p e r e o d - e s t s i r s - s - p ( e c t e + x e e o u e t c n i f ) r x c p e e o d . - r s t 7 s i e s r s - - b G a e f la n u n e n c r d a e l 7 G d r e o b s t s erans' Adm.< Fiscal year ending: June 1936 4,116 1,427 2,086 603 8,566 749 1,340 1,310 3,341 11 1,814 -4, 450 +213 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,446 866 1,436 1,994 3,077 204 868 -3,152 +378 -128 +2,646 June 1938 6,242 2,635 755 2,285 567 7,619 926 1,556 2,178 2,230 121 607 -1,377 +299 -338 +740 3 months ending: Sept. 1936 1,136 360 625 151 1,906 180 358 387 835 51 95 -771 +222 -494 +54 Sept. 1937 1,651 594 164 708 185 1,908 192 381 520 527 47 241 -258 +113 +306 +450 Sept. 1938 1,509 577 166 638 128 2,196 176 410 660 695 28 227 -687 +222 +763 +1, 228 1937—September. __ 788 501 50 186 51 673 159 125 161 157 16 55 +115 +13 -43 -170 October 333 40 52 189 52 606 67 126 183 166 9 55 -273 +8 -184 +81 November... 327 37 60 182 49 494 9 128 165 155 55 -167 -37 -68 +137 December 866 487 138 192 49 676 163 134 141 167 7 63 +190 -11 +365 +186 1938—January 335 52 57 172 53 531 16 130 180 145 4 56 -196 -23 +173 February 349 62 110 141 36 515 17 123 150 153 17 56 -166 +11 +25 +180 March 959 723 3 193 40 748 153 138 185 196 18 58 +211 +31 +166 -76 April 273 49 34 155 35 642 66 130 215 202 9 19 -369 -36 -451 -46 May 375 40 131 169 35 568 9 134 201 206 16 2 -193 +158 -122 -88 June 774 550 5 185 34 930 233 132 238 314 12 1 -156 +63 -351 -258 July 311 47 32 186 47 762 13 137 256 216 5 135 -451 +325 -100 +27 August 487 32 131 283 42 683 17 142 227 236 13 48 -195 -63 +144 +402 September.._ 711 498 3 170 40 751 146 131 177 243 10 45 -41 -40 +719 +800 Details of trust accounts, etc. Details of general fund balance (end of period) ; Old-age reserve and Unemployment Net expenditure3 m railroad retire- trust fund checking cccounis of All Period ment accounts Government agerLcies other, excess In- Workof re- In- cre- Seign- ing Bene- With- Recon- Com- ceipts Total active ment iorage bal- Re- In- fit Re- In- drawals struction modity All (+)or gold on ance ceipts vest- pay- ceipts vest- by Finance Credit other expen- gold ments ments ments States Corpora- Corpora- 10 ditures tion 10 tion i° Fiscal year ending: June 1936 . 19 19 » 239 130 100 +204 2,682 140 316 2,225 June 1937 267 267 294 293 1 9 334 9 112 128 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 9 1 9 184 9 11 +87 2,216 142 446 1,628 3 months ending: Sept. 1936-. 15 15 9 212 9 64 9 53 2,188 140 329 1,719 Sept. 1937 168 143 12 155 146 9 65 9 59 42 +8 2,860 1,209 141 382 1,128 Sept. 1938 152 109 28 202 78 129 9 226 68 9 36 + 16 2,978 142 460 2,376 1937—September 55 51 5 48 48 r 3 2 97 +11 2,860 1,209 141 382 1,128 October... __ 55 51 5 34 38 6 9 7 +12 2,676 1,271 141 388 875 November 55 51 6 85 78 1 23 20 6 +7 2,608 1,243 141 394 831 December 63 51 9 52 51 18 31 9 29 +5 2,973 1,228 142 401 1,202 1938—January 56 51 8 50 24 34 12 19 9 22 +19 2,950 1,223 142 413 1,172 February 56 51 7 95 85 6 9 15 9 +3 2,975 1,201 142 421 1,212 March.__ 58 51 8 43 10 36 3 6 9 28 +15 3,140 1,183 142 427 1,389 April 19 1 14 37 93 41 34 +8 2,689 142 433 2,114 May 2 95 9 128 85 34 6 9 1 9 149 +7 2,567 142 440 1,985 June 17 17 9 82 46 39 9 14 9 96 38 +2 2,216 142 446 1,628 July 60 40 9 35 36 9 260 11 9 55 +10 2,116 142 451 1,523 August . 48 35 9 131 82 53 10 31 26 +3 2,260 142 455 1,663 September 45 35 9 35 94 40 24 26 9 7 +3 2,978 142 460 2, 376 Excludes debt retirements. r Revised. Includes taxes under Social Security Act and on carriers and their employees. Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 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. 8 Less than $500,000. 9 Excess of credits. 5 Monthly figures for the fiscal year 1938 subject to revision. 1 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

1002 FEDERAL RESERVE BULLETIN NOVEMBER 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 31, 1938 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] st R ru ec c o 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- Ini A C W P s r t d a u a o r o t m n a r b i r p d t o l i k i o 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 t a o i e h e g r n s e e t - - r U t H S h A n t i o o n a 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 m n s e t- - p a C o n b O A F r a d r a t d a e n h r t m d c k m i e o o i s r . t r n - s m C C r C a o r o t o e r i d m p o d i o n i t - t y - Other t V A h l s i e t e o a u y y e l r - - - a a s c g n u ie e c r s n - e - Other A 1 3 9 u 1 3 , g 8 . J 1 3 u 9 1 3 l , y 8 A 1 3 9 u 1 3 , g 7 . ASSETS Loans and preferred stock: Loans to financial institutions.. 257 189 26 0) 473 489 489 Preferred stock, etc. ._ 525 212 47 76 0) 860 868 887 Loans to railroads 461 30 491 475 434 Home and housing mortgage loans 2, 235 89 16 2,340 2,346 2,551 Farm mortgage loans 2,786 2,786 2,795 2,892 Other asripultural loans 11 310 283 100 0) 705 671 562 All other loans 2487 (!) 3 175 4 159. 821 807 800 Total loans and preferred stock 1,742 2,447 325 16 2,786 385 283 275 26 190 8,476 8,452 8,614 Cash ... 1 78 54 11 67 31 0) 26 9 27 22 326 380 236 U S Govt direct obligations 48 1 26 61 136 402 4 677 674 594 Obligations of Government credit agencies: Fully guaranteed by U S 10 47 103 160 160 170 Other 5 52 34 36 37 34 Accounts and other receivables 21 16 4 0) 198 6 97 1 1 16 35 394 415 289 Business property 6 127 6 0) 0) (i) 207 1 91 438 432 230 Property held for sale 2 28 525 P) 111 0) 1 1 666 670 540 Other assets 1 6 0) 8 0) 0) 4 19 24 83 145 147 61 Total assets other than interagency 1,842 3, 080 419 154 3,237 640 381 306 236 600 424 11,31711,36510,768 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 511 2, 874 1 410 206 1 5,001 5.064 4,668 Other 5 1 120 61,035 211 0) 6 1,372 1, 378 1,422 Other liabilities (including reserves). 139 132 24 C1) 108 11 73 5 5 153 105 755 786 512 Total liabilities other than interagency 650 3,006 144 0) 2,553 221 280 5 5 154 111 7,129 7,229 6,603 Excess of assets over liabilities, excluding interagency transactions.. 1,192 73 276 154 684 418 101 301 231 446 313 4,189 4,136 4,165 Privately owned interests. 44 187 4 139 374 372 359 U. S. Government interests 1,192 73 232 154 497 415 101 301 231 307 313 3,815 3,764 3,807 1 Less than $500,000. 2 Includes PWA items as follows: under "all other loans," $36,000,000; under "property held for sale," $344,000. 3 Includes $173,000,000 of loans of Farm Security Administration. 4 Includes $66,000,000 loans of Rural Electrification Administration. 6 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. NOTE.—For explanation of table see Bulletin for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Sept. 30, Mar. 31, Apr. 30, May 31, June 30, July 31, Aug. 31, Sept. 30, 1937 1938 1938 1938 1938 1938 1938 1938 Loans to financial institutions 261.104 241, 428 241, 294 237, 588 234,897 232, 279 219, 999 i 216, S59 Loans on preferred stock of banks and insurance companies. _ 39,167 37, 778 37, 679 37, 651 37, 525 i 37, 438 37, 220 37,154 Preferred stock, capital notes, and debentures 566, 090 534, 363 536, 63: 535, 934 533,761 531, 694 525,160 523, C05 Loans to railroads (including receivers) 356, 279 368, 471 369, 379 390, 233 393,699 398, 304 414, 928 419, 364 Loans for self-liquidating projects 231,171 237,170 240,566 243, 885 245,080 193, 053 191,551 195, 078 Loans to industrial and commercial businesses 73,101 72, 688 73,072 73, 741 76, 369 81, 060 85, 049 92,137 Loans to drainage, levee, and irrigation districts 77,180 77, 522 78, 740 78, 993 79, 406 79, 529 79, 391 79, 601 Other loans 3.870 4, 067 4,173 4,284 4,324 4,28' 14, 365 14, 456 Securities purchased from Public Works Administration 85. 621 140, 997 143, 378 144, 829 145,148 138,132 138, 509 137, 697 Total loans and investments, other than interagency„ 1. 693, 5841, 714, 4811, 724, 9191, 747,1391, 750, 2101, 695, 7751, 706,172 1, 715, 950 Loans to Federal land banks 13,212 7,521 6,614 6,584 5,017 4,992 16 Loans to Commodity Credit Corporation 3,361 95, 049 101, 273 Capital stock of Commodity Credit Corporation __ 97, 000 Preferred stock of Export-Import bank 20, 000 20,000 20, COO 20,000 20, 000 20, 000 20,000 20, 000 Capital stock of Disaster Loan Corporation. 8,000 Loans to Rural Electrification Administration 8.423 31,755 33, 755 35,155 46, 498 46, 498 46, 498 46, 498 C C a a p p i it t a a l l s s t t o o c c k k o o f f , , a a n n d d l l o o a a n n s s t t o o F R e . d . F N . C at . l . M M or tg tg e a . g A e s C sn o 57, 487 7 1 1 1 , , 0 3 0 5 0 2 7 11 2 , , 0 9 0 3 0 8 4 1 8 1 , , 0 2 0 9 0 3 4 1 0 1 , , 0 0 1 0 1 0 4111, , •7••88 4 1 1 6 . , 4 7 0 55 3 4 2 2 3 , , 1 5 8 9 5 5 Total loans and investments. 1,901,06^ 1, 951,1571,970,499 1,868,170 1, 872, 7351, 820, 2391, 830, 844 1, 848, 228 * Includes $72,000,000 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

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 1003 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars! Farm mortgage loans Federal intermediate by- credit bank loans to Loans to cooperatives byand discounts for— End of month la F n e d d b e a r D al ks C s o B L i m o a a n n n m e d k r is- p s c a p c R o r n r c o r o e c d u e e r a d i d a g l d a g i t u t b i t t i r u i o t i c a i o o r - n t c n n a a n i a o s o l k s s l r - , n s , - f c i i e n o n O t t x i o a s i o t c v n p t h n i e e c e t e s p s i r u , r n t a - g - ti P a o s r t n s i o o o d c c n r u i s e a c d - it t R i u a t r r e g a a g c r t l i i o i c o o r c u p n n r l s o e a - - d l c d r E g r l o o o e m p a n u e n c g a r s y n h - d t m F b c i e e n r a d d e t n e e d i k r a r i - s a t te l B in C c a a c B o t e n l i o a n u v k p n t s d e e r k s i r a , f n - l o g r i A M i r n n e g t g g a u v r r r o i f k A c a u l l u e v n c - t l t d - for cooperatives 1 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—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 ,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 ,576 86,856 30, 259 February 2, 029, 517 804, 212 173, 384 38, 852 147, 983 15,198 169, 609 L, 502 87,113 27, 875 March 2, 025, 707 798, 776 186,137 39, 526 162, 600 15,164 175, 800 420 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 September 2, 003, 810 771, 988 189, 937 40,808 170, 806 13, 374 179, 398 256 82, 544 27, 370 1 Some of the leans 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 colunns 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 H o a w r n o a n m t C e io r e o s n r ' - F N o e l f u o d m a e a n s r b s a e a o l r s - s s a o v c i L i n a o g ti a s o n n a s s n l d m l i o t n b i e a l o s o a m n t n a n i s s b t n k u e t 2 - o r an ba c l e - s1 Total i b n p t a o o n r s d y k i e - s - Total t o r i D g e b o a c i l n - - i t s - G t o t i g e o b u a e l n a - d i r s - - f s e u e r t n e r c v - d ' e s, ciations 1934—December.. 2, 379, 491 639 81, 300 86, 651 1935—June __ 1, 205 1,236 385 777 630 147 74 1935—December.. 2, 897,162 1,023 348, 000 102, 791 1936—June 1,232 1,265 203 967 800 167 95 1936—December.. 2, 765,098 1,212 586, 700 145, 394 1937—June 1,268 1,307 136 1,100 933 167 71 1937—September.. 2, 472, 421 1,307 804,400 179, £08 1937—August 1,273 1,312 133 1,100 933 167 79 October 2, 446,002 1,311 826,000 184,038 September. _. 1,270 1,307 133 1,100 933 167 74 November.. 2, 422,149 1,318 832, 300 187, 333 October 1,269 1,308 130 1,100 933 167 7? December.. 2, 397, 647 1,328 853, 500 200, 092 November 1,270 1,306 129 1,101 934 167 7£ 1938—January 2, 370, 984 1,332 864, 900 190, 535 December... 1,270 1,308 130 1,097 930 167 81 February... 2, 348,025 1,334 874, 800 187, 498 1938—January 1,272 1,311 125 1,097 930 167 8£ March 2, 323,995 1,338 895, 300 183,105 February 1,271 1,311 124 1,112 946 167 75 A M p a r y il 2 2 , , 2 3 8 0 1 1 , , 8 8 8 9 4 4 1 1 , , 3 3 4 4 2 5 9 9 1 3 9 0 , , 3 7 0 0 0 0 1 1 8 8 3 6 , , 7 5 4 0 7 7 M Ap a r r i c l h 1 1 , , 2 2 6 6 8 6 1 1 , , 3 30 0 6 1 1 11 2 9 1 1 1 , , 1 1 1 1 0 3 9 9 4 4 6 4 1 1 6 6 6 7 7 7 2 2 June 2, 265,153 1,346 947, 500 196, 222 May 1,255 1,296 116 1,108 941 167 72 July 2, 248,982 1,348 961, 300 191,889 June 1,252 1,290 115 1,103 936 167 72 August 2, 234,899 1,354 976,074 189, 415 July 1,252 1,291 102 1, 103 937 166 September,. 2, 221, 417 1,365 995, 949 189, 548 August PI 252 September n, 248 1 Federal Home Loan Bank Board estimates for all Federal savings an 2 d R lo e a v n is e a d ss . oc E ia x ti c o l n u s d . es loans to other than member institutions which p 1 O Pr u e t l s i t m an in d a in ry g . principal, represented by certificates of deposit. Does are negligible in amount. no 2 t I i n n c c l l u u d d e e s a w c o cr r u k e in d g in ca te s r h e s w t it n h o r p o o s u t t m st a a s n t d e i r n s, g 5 s - a p v e i r n c g en s t s r t e a s m er p v s e . fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDEEAL RESERVE BULLETIN NOVEMBER 1938 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average—100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value) 2 Factory em- Fac- Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment 3 p t a or y y - loadings4* sto ( r v e a l s u al e e ) s * and tures rolls 3 month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justedjustedjustedjustedjusted justed justedjusted justedjustedjustedjusted justedjustedjusted justedjusted 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 106 106 107 129 117 139 100 102 104 107 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 75 88 1937 110 109 115 59 41 74 106 102 78 92 1935 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 90 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 99 100 87 76 77 87 68 Sept 109 108 110 107 102 110 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 87 87 85 95 97i 66 69 53 52 77 84 85 86 77 62 63 83 65 Sept *>90 P91 ?89 PS9 P97 P102 *>76 P76 *>55 P55 P9S P94 ?87 P89 *81 64 71 86 91 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 1005-1006; 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. s 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 BULLE- TIN for October 1938. For current indexes of groups and separate industries see pp. 1007-1010. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 1012. Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETINS for August 1936, p. 631, and October 1938, p. 918; for freight-car loadings see BULLETIN for June 1937, pp. 522-529. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1005 NOVEMBER 1938 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average 1937 Industry Aug. Sept. Oct. Nov. Manufactures—Total 117 110 101 85 IRON AND STEEL 142 125 100 68 Pig iron _ 123 119 95 67 Steel ingots 144 125 101 68 TEXTILES 115 108 91 80 Cotton consumption. _ 128 121 101 91 Wool 106 88 65 51 Consumption __ _ _ 120 96 63 51 Machinery activity * '95 80 74 58 Carpet and rug loom activity L 83 80 59 41 Silk deliveries 92 103 105 94 FOOD PRODUCTS: Slaughtering and meat packing.._ 78 87 89 86 Hogs 60 67 76 74 Cattle 111 109 102 96 Calves 141 140 120 115 Sheep 148 160 139 139 Wheat flour 83 83 86 86 Sugar meltings 96 46 73 101 PAPER AND PRINTING: Newsprint production __ . 65 65 63 64 Newsprint consumption 141 147 145 130 TRANSPORTATION EQUIPMENT: Automobiles2 157 135 142 92 Locomotives 21 29 32 22 LEATHER AND PRODUCTS 109 98 89 81 Tanning 93 86 79 77 Cattle hide leathers 93 87 85 81 Calf and kip leathers 63 60 62 63 Goat and kid leathers 124 108 92 83 Boots and shoes __ 120 106 95 84 CEMENT AND GLASS: Cement 73 73 79 76 Glass, plate. _ __ 216 199 179 151 NONFERROUS METALS: Tin deliveries 1 108 136 141 115 Zinc 110 116 115 108 Lead 82 77 81 79 FUELS, MANUFACTURED: Petroleum refining 207 216 217 211 Gasoline 1 265 277 277 268 Kerosene 121 109 110 113 Fuel oil1 134 147 147 144 Lubricating oill 121 126 134 127 Coke, byproduct 149 148 128 104 Coke, beehive 28 25 20 14 RUBBER TIRES AND TUBES i 93 106 94 75 Tires, pneumatic * _._ 96 110 98 78 Inner tubes l 69 75 69 53 TOBACCO PRODUCTS 159 162 165 155 Cigars 73 77 73 73 Cigarettes.. . _ __ 229 231 221 221 Manufactured tobacco 79 81 82 83 Minerals—Total 113 116 113 109 Bituminous coal 78 87 84 78 Anthracite _. 42 55 57 67 Petroleum, crude _. 181 177 176 174 Iron ore 126 113 91 40 Zinc 110 116 ins Lead 82 77 Silver 139 116 osos = 100] 1938 Dec. Jan. Feb. Mar. Apr. May June 79 76 75 75 73 73 74 49 52 50 49 50 47 46 50 47 46 45 44 40 36 49 52 51 49 50 48 47 77 75 80 81 74 77 87 88 82 85 89 77 81 88 56 54 62 54 50 60 75 54 52 61 57 55 73 92 66 67 71 51 42 53 69 43 40 49 49 47 36 38 69 80 88 100 101 87 101 86 92 86 83 84 84 81 72 77 66 59 66 66 58 101 106 109 111 105 103 108 114 113 111 116 111 110 110 143 160 164 151 151 164 151 88 86 89 90 90 86 98 142 99 83 63 77 81 78 63 57 53 53 46 53 51 134 132 129 126 125 125 122 78 65 61 54 54 49 46 16 14 19 23 17 12 14 86 94 102 104 104 105 90 75 78 81 78 72 75 75 76 72 79 77 72 77 74 73 80 89 87 72 68 76 74 91 81 74 73 74 74 93 105 116 121 124 124 101 71 59 57 65 67 69 69 108 62 35 42 42 44 80 88 91 85 77 71 69 73 107 98 90 87 80 79 70 87 69 67 64 74 60 64 201 200 194 191 196 197 192 265 253 243 239 250 253 248 108 111 113 120 114 118 117 140 141 140 133 134 130 123 123 116 114 113 109 108 103 89 87 85 82 79 73 69 11 9 8 7 6 5 5 66 67 57 62 64 65 72 70 70 59 64 67 68 75 42 45 41 42 40 42 48 170 157 157 160 159 163 154 74 75 73 77 69 70 73 247 225 226 227 230 237 219 84 77 77 83 84 84 84 115 108 103 103 101 91 92 79 65 64 58 62 57 57 70 67 53 68 45 64 71 176 177 171 172 170 156 153 19 34 107 98 QO 87 80 79 70 87 69 64 74 104 96 98 96 coos July OO SO ot ot Aug. Sept. 87 70 76 42 51 59 64 72 77 97 110 P103 101 115 108 87 106 P92 110 133 P104 74 91 ^85 42 55 105 102 111 83 89 98 62 74 88 107 103 106 112 115 118 152 153 152 98 87 88 85 86 106 54 53 57 124 123 130 43 45 46 12 4 '103 107 ,103 '78 82 77 86 '80 76 76 75 '119 124 P116 71 67 69 77 89 107 68 65 71 69 74 75 54 46 50 199 203 258 264 106 104 129 132 110 108 71 81 89 5 5 6 82 91 96 86 94 100 53 65 72 154 161 160 71 73 75 219 232 229 84 81 84 93 95 60 64 P71 47 38 P5C 161 167 P159 38 37 41 69 74 75 54 46 50 99 105 1 Without seasonal adjustment. v Preliminary. T Revised. 2 Seasonal adjustment factors for August and September 1938 revised due to earlier shift to production of new models. Tentative adjustment factors: August, 57; September, 56. Factors for later months subject to revision if necessary. 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, March 1937, p. 255, and October 1938, p. 911. 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

1006 FEDERAL RESERVE BULLETIN NOVEMBER 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactures—Total ___ 114 106 99 86 75 75 76 77 76 75 75 79 85 IRON AND STEEL 139 123 98 63 43 50 53 55 55 51 46 58 69 75 Pig iron__ .___-____ 118 116 95 68 49 47 47 48 47 41 36 39 49 57 Steel ingots 141 124 98 62 43 50 53 56 56 52 47 59 71 77 TEXTILES 108 107 93 83 72 78 84 83 76 77 83 90 103 P103 Cotton consumption.__ 116 118 104 95 81 86 91 94 82 83 85 92 103 104 Wool 102 91 69 54 56 55 65 54 49 57 71 81 ]01 t>94 Consumption 111 101 69 55 55 54 67 58 54 67 83 98 123 P110 Machinery activity __ '95 80 74 58 66 67 71 51 42 53 69 74 91 p85 Carpet and rug loom activity 8b 80 59 41 43 40 49 49 47 36 38 42 55 P66 Silk deliveries 96 109 105 97 62 92 94 96 100 86 90 100 106 116 FOOD PRODUCTS: Slaughtering and meat packing 70 83 89 95 101 107 85 78 76 82 80 79 90 Hogs 38 50 64 81 94 104 73 60 58 64 60 56 56 66 Cattle 109 121 119 110 107 107 96 97 93 100 101 106 101 118 Calves 129 134 126 117 109 105 104 117 121 125 114 109 106 113 Sheep 150 173 153 137 140 161 154 137 142 161 148 152 154 176 Wheat flour _. _ 88 98 96 93 85 84 86 84 81 81 86 95 94 104 Sugar meltings _ 108 48 69 79 81 66 81 74 89 91 93 104 97 114 PAPER AND PRINTING: .. Newsprint production _ _ 64 65 63 63 63 58 53 52 47 54 52 53 52 Newsprint consumption _ _ _ 126 144 154 139 138 127 127 131 134 129 121 111 110 127 TRANSPORTATION EQUIPMENT: Automobiles, _ _ _ 116 53 100 111 94 65 61 63 66 59 52 45 26 26 Locomotives 23 30 32 23 17 12 19 23 15 12 14 12 5 LEATHER AND PRODUCTS 121 113 97 78 73 87 104 107 102 96 87 101 120 P119 Tanning 94 91 84 76 73 74 83 77 71 71 73 78 84 Cattle hide leathers 91 91 88 80 74 73 84 78 72 73 73 75 85 Calf and kip leathers 76 70 62 60 62 66 82 77 65 65 74 '93 92 Goat and kid leathers 122 113 96 82 80 86 84 76 73 69 74 71 73 Boots and shoes 138 127 106 79 74 95 117 127 122 113 96 116 143 P139 CEMENT AND GLASS: Cement _ __ 94 92 90 76 56 36 34 46 65 82 86 87 87 86 Glass, plate 216 199 179 151 108 62 35 44 46 47 72 69 89 107 NONFERROUS METALS: Tin deliveries 108 136 141 115 88 91 85 77 71 69 73 68 65 71 Zinc _ 103 110 112 108 109 103 97 92 83 80 68 64 69 71 Lead 79 73 84 82 88 70 69 65 73 59 65 52 44 48 FUELS, MANUFACTURED: Petroleum refining 207 216 218 212 202 200 194 190 196 197 191 198 202 Gasoline 265 277 277 268 255 253 243 239 250 253 248 258 264 Kerosene 115 112 115 122 117 113 115 117 113 114 109 98 99 Fuel oil 134 147 147 144 140 141 140 133 134 130 123 129 132 Lubricating oil __ _______ 121 126 134 127 123 116 114 113 109 108 103 110 108 Coke, byproduct __ 145 145 128 106 90 88 87 85 80 72 68 69 79 88 Coke, beehive 23 22 20 15 12 10 10 8 7 5 5 4 4 5 RUBBER TIRES AND TUBES _ __ _ _ _ 93 106 94 75 66 67 57 62 64 65 82 91 96 Tires, pneumatic. _ 96 110 98 78 70 70 59 64 67 68 75 86 94 100 Inner tubes. ... 69 75 69 53 42 45 41 42 40 42 48 53 65 72 TOBACCO PRODUCTS 170 179 167 158 138 150 143 152 146 165 169 167 172 177 Cigars 76 88 89 86 55 58 63 70 65 72 80 74 76 86 Cigarettes 247 254 233 219 202 221 206 216 210 240 241 241 250 252 Manufactured tobacco __ . __ 81 88 85 81 69 78 84 80 84 86 84 91 78 84 Minerals—Total 121 125 123 112 108 98 95 91 90 91 92 P102 103 97 Bituminous coal _ _ _ 77 92 92 87 84 68 58 52 49 51 55 Anthracite 42 55 73 70 69 72 57 56 47 64 62 39 62 Pol Petroleum, crude 184 182 177 172 171 17720 168 170 170 158 156 165 17308 P164 Iron ore 257 218 156 34 28 67 78 76 78 Zinc 103 110 112 108 109 103 97 92 83 80 68 64 69 71 Lead. __ _ 79 73 84 82 88 70 69 65 73 59 65 52 44 48 Silver 138 111 90 128 105 97 104 106 96 89 89 84 104 p Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, and October 1938, p. 912. 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

1007 NOVEMBER 1938 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1937 1938 Industry and group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 108.6 107.2 105.1 100.6 95.1 90.0 88.9 87.4 85.4 83.7 82.4 82.9 84.9 87.0 Durable goods __. ... ._ 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 75.8 Nondurable goods 108.9 106.8 104.7 101.3 98. 1 96.0 96.4 95.4 94.1 92.9 92.4 94.5 97.1 97.6 IRON, STEEL, PRODUCTS 116.0 115.4 112.2 104.6 97.0 88.2 85.7 83.8 81.6 80.2 77.8 77.4 79.4 81.2 Blast furnaces steel works 127 127 123 113 105 95 92 90 87 85 83 83 84 85 Bolts, nuts, washers, rivets 115 116 112 106 97 83 82 81 79 80 77 78 79 83 Cast-iron pipe 73 71 69 66 68 62 62 62 63 63 62 60 61 64 Cutlery, edge tools... .. ___ . 97 96 94 92 90 84 82 79 78 76 76 67 76 78 Forgings 71 72 71 64 59 51 47 45 44 43 40 40 42 44 Hardware 98 99 100 97 89 75 71 70 64 63 61 57 62 67 Plumbers' supplies 84 86 83 81 73 71 71 70 71 72 73 73 73 74 Stamped, enameled ware 170 170 170 161 143 124 122 126 122 120 113 108 118 123 Steam, hot-water heating 88 87 81 74 71 67 64 64 64 64 65 69 70 68 Stoves 106 102 96 82 73 75 75 70 71 70 71 75 74 Structural, ornamenta1 82 83 80 77 73 68 66 64 62 60 58 58 58 58 Tin cans, tinware 109 107 101 100 97 95 93 93 92 89 87 86 90 89 Tools... 102 100 96 91 87 81 79 78 76 75 73 70 73 76 Wirework 196 192 207 198 180 148 138 133 128 126 114 112 111 133 MACHINERY 130.7 130.0 128.0 120.7 112.8 104.8 100.0 96.9 92.8 89.1 86.0 83.3 84.7 85.1 Agricultural implements . _ 184 190 192 180 168 156 148 142 139 130 124 102 105 95 Cash registers, etc 154 155 155 152 148 144 144 142 141 139 137 138 135 136 Electrical machinery 122 121 119 113 105 97 90 87 82 78 75 73 74 77 Engines, turbines, etc. _- 107 110 112 103 100 98 92 88 88 86 82 81 83 83 Foundry, machine-shop products. 116 114 113 107 100 93 89 87 83 80 77 76 77 78 Machine tools . _ ___171 167 167 163 157 148 142 134 129 123 115 112 112 114 Radios, phonographs 167 159 145 124 103 91 96 91 93 87 83 82 82 81 Textile machinery . . 83 83 81 76 71 66 63 61 58 58 54 54 58 61 Typewriters 158 156 151 140 129 120 118 115 114 115 116 117 119 122 TRANSPORTATION EQUIPMENT 123.4 124.5 125. 4 119.4 101.2 80.9 77.0 73.3 68.3 65.1 61.1 56.9 56.3 74.2 Aircraft . 936 911 932 926 897 886 892 879 857 823 790 787 759 774 Automobiles 135 137 138 130 107 81 77 74 69 65 60 55 55 79 Cars, electric-, steam-railroad 63 63 62 60 50 43 38 34 31 27 24 23 23 28 Locomotives 52 53 52 50 49 45 41 36 30 26 25 20 18 16 Shipbuilding 111 112 112 112 110 106 103 99 92 96 99 99 91 92 NONFERROUS METALS, PRODUCTS 112.7 110.8 106.2 103.4 97.2 90.4 88.4 86.5 84.5 82.4 81.3 82.0 84.4 86.4 Aluminum . .. 180 175 137 162 152 140 134 131 128 126 122 124 131 137 Brass, bronze, copper 123 120 117 110 101 94 91 90 88 86 86 87 90 92 Clocks, watches _ 111 110 108 103 96 85 88 86 83 81 78 78 80 81 Jewelry 99 94 94 91 89 89 88 89 85 82 84 85 87 87 Lighting equipment 103 105 104 98 90 75 74 70 70 68 65 66 71 76 Silverware, plated ware 67 68 67 64 63 62 62 61 60 59 58 57 59 58 Smelting, refining 88 88 86 82 80 77 73 71 69 67 65 64 64 66 LUMBER, PRODUCTS 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. 9 63.6 Furniture 97 94 89 84 81 78 76 76 74 73 73 73 75 76 Lumber, millwork 61 60 59 56 53 51 52 51 50 48 49 50 52 53 Lumber, sawmills 65 63 61 58 54 52 52 52 50 50 48 49 50 52 STONE, CLAY, GLASS PRODUCTS 80. 1 80.8 79.4 77.7 74. 1 69.8 67.6 65.7 64.9 63.4 63.2 63.4 64.0 65.0 Brick, tile, terra cotta 59 59 57 55 52 50 49 48 47 46 45 46 46 48 Cement .. __ 70 71 71 72 70 65 64 63 65 62 63 64 64 64 Glass 109 110 109 107 100 92 85 82 81 80 78 76 79 79 Marble, granite, slate 49 49 49 48 46 44 45 43 41 42 42 42 40 40 Pottery 83 83 82 80 78 75 73 72 71 74 75 75 75 TEXTILES, PRODUCTS 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. 4 96.9 Fabrics 101 2 97 0 92 4 87.6 83 9 81.4 81.1 80.3 78.9 •78.6 79.3 83.4 87.3 87. 1 Carpets, rues 100 98 87 85 78 1 68 72 70 67 63 48 63 68 74 Cotton goods _ ... 101 96 90 86 83 1 81 80 80 78 77 78 81 85 85 Cotton small wares 90 90 88 82 72 71 69 68 70 70 71 74 77 Dyeing, finishing textiles 115 114 112 107 104 102 101 101 100 102 101 104 107 107 Hats, fur-felt 94 92 92 94 93 91 91 90 88 76 64 82 85 87 Knit goods 123 120 118 114 107 106 108 107 107 103 106 109 111 111 Hosiery. _ 147 146 145 143 135 136 138 138 139 133 135 138 140 140 Knitted outerwear.. 89 80 80 76 72 j 65 68 67 68 68 70 72 76 75 Knitted underwear 87 84 81 75 68 67 67 67 63 63 65 70 70 70 Knitted cloth 190 185 180 165 151 144 146 143 140 132 137 139 150 150 Silk, rayon goods 80 77 74 67 62 56 57 59 60 64 58 57 61 61 Woolen, worsted goods 81 74 71 63 62 61 60 54 51 55 62 70 74 74 Wearing apparel 128.0 126.2 123.5 116.9 113.6 109. S 116.2 115. 2 112.2 106.6 104.1 109. 8 115. 7 117. 7 Clothing, men's 117 113 109 102 97 94 101 101 95 85 81 91 101 103 Clothing, women's . _ 182 183 179 171 169 165 173 168 165 161 158 163 166 170 Corsets, allied aarments 102 101 101 100 . 100 97 97 96 96 97 98 96 97 98 Men's furnishings 150 144 143 133 123 116 126 129 125 125 126 132 136 141 Millinerv . 73 71 70 68 70 71 71 76 71 65 65 68 72 Shirts collars 12° 122 120 115 111 103 110 114 112 111 115 113 118 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN NOVEMBER 1938 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted toCensus of Manufactures through 1935. 1923-25 average=100 1937 1938 Industry and group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. LEATHER, MANUFACTURES 97.7 95.8 94.5 90.5 89.0 89.5 89.9 89.9 89.8 87.1 84.4 88.4 89.6 91.1 Boots, shoes 97 95 94 91 90 92 92 92 92 89 85 90 91 92 Leather 93 91 88 81 76 75 74 74 73 73 73 75 78 79 FOOD, PRODUCTS 129.6 127.9 127.1 127.3 124.5 124.7 124.2 122.4 120.4 120.0 121.2 122.2 123.0 122.4 Baking. __ _ _ _ 147 147 149 146 144 145 144 143 143 142 143 144 144 143 Beverages 249 248 241 247 244 243 246 243 240 237 232 232 236 234 Butter , _ . 107 107 105 104 104 105 106 106 107 105 102 101 103 100 Canning, preserving 167 158 144 151 139 139 139 134 120 126 131 136 140 134 Confectionery 83 79 84 83 81 81 80 78 79 76 78 78 79 77 Flour 79 77 77 78 78 77 76 76 75 76 77 77 77 76 Ice cream 83 84 81 81 82 80 81 79 81 79 77 77 78 77 Slaughtering, meat packing 97 97 99 98 97 99 97 95 94 93 94 95 95 96 Sugar, beet 95 106 105 106 103 88 95 99 98 91 91 92 89 112 Sugar refining, cane 90 79 82 85 92 82 86 82 80 91 89 85 88 92 TOBACCO MANUFACTURES. _. 65.0 64.7 64.0 64.2 64.3 60.7 64.2 64.6 64.9 64.8 65.2 61.9 63.1 64.9 Tobacco, snuff 62 62 62 62 62 62 62 61 62 62 62 61 61 63 Cigars, cigarettes 65 65 64 65 65 61 65 65 65 65 66 62 63 65 PAPER, PRINTING 112.4 112.7 112.0 110.1 107.4 106.4 106.1 105.6 105.0 103.7 103.0 103.0 103.7 104.0 Boxes, paper__ __ ... _ 108 104 103 102 98 96 96 96 95 95 95 95 96 96 Paper, pulp 116 116 115 111 107 106 106 105 104 103 102 102 103 104 Book, job printing _. 107 109 108 107 105 104 103 103 102 100 99 100 99 99 Newspaper, periodical printing 108 109 109 108 107 106 106 106 106 105 105 104 105 105 CHEMICALS, PETROLEUM 129 0 128 5 125 8 122 9 117.7 114.8 114.4 112.7 110.9 110.2 108.4 108.3 110.9 111.3 Petroleum refining 131 130 129 127 124 123 123 122 122 122 120 121 121 120 Other than petroleum 128 4 128 2 125 1 121 9 116.3 112 8 112.4 110.3 108.2 107.5 105.5 105.2 108.4 109.2 Chemicals 139 138 136 131 125 122 119 115 112 110 110 106 110 111 Cottonseed oil, cake, meal 92 112 108 110 104 112 107 99 109 101 93 102 98 87 Druggists' preparations 118 117 115 113 112 110 108 107 108 111 112 113 111 108 Explosives _ 90 90 90 88 88 85 84 84 83 82 81 81 81 83 Fertilizers 113 106 99 97 98 92 95 87 85 93 93 91 95 92 Paints, varnishes 131 129 127 125 119 115 113 114 113 110 109 110 113 114 Rayon, allied products 375 376 360 346 313 291 303 307 289 290 274 272 292 312 Soap _ ... . 96 93 91 90 90 89 89 88 86 86 86 89 92 90 RUBBER PRODUCTS _. 98.5 97.5 96.1 89.7 85.1 78.0 74.1 72.4 72.2 71.3 71.3 69.5 73.4 75.8 Rubber boots, shoes 77 77 76 71 66 59 57 55 55 55 56 44 54 55 Rubber tires, inner tubes 85 85 84 78 74 69 63 62 61 60 60 61 61 62 Rubber goods, other 145 142 139 131 125 113 112 110 110 109 107 109 117 123 NOTE.—Figures for September 1938 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Underlying figures are for payroll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1009 NOVEMBER 1938 FEDERAL RESERVE BULLETIN 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 1937 1938 1937 1938 Aug. Sept, May June July Aug. Sept Aug. Sept May June July Aug. Sept. Total 109.1 109.0 83.4 81.6 81.9 85.7 88.9 108.2 104.4 72.9 70.8 70.6 76.8 80.7 Durable goods 107.0 106.3 75.0 72.4 70.3 71.8 75.3 110.5 105.8 64.2 61.7 58.6 63.5 68.3 Nondurable goods...— 111.1 111.5 91.5 90.3 92.9 99.0 101.8 105.7 102.9 82.6 80.9 84.1 91.6 94.6 IRON, STEEL, PRODUCTS 115.7 116.1 80.7 77.8 76.7 79.4 81.8 122.4 115.0 62.7 59.1 57.4 65.3 68.9 Blast furnaces, steel works. _ 127 127 86 82 82 84 85 140 128 63 58 57 65 68 Bolts, nuts, washers, rivets.. 114 115 81 77 77 78 82 118 114 65 61 59 66 73 Cast-iron pipe 75 72 63 64 62 63 65 67 61 51 51 53 54 54 Cutlery, edge tools 95 96 77 75 64 75 78 90 92 62 62 52 61 66 Forgings 70 72 43 40 39 42 44 69 71 32 29 29 35 37 Hardware 95 98 64 61 57 61 67 103 100 53 52 48 58 66 Plumbers' supplies 84 85 72 73 73 73 73 77 73 59 58 56 58 60 Stamped, enameled ware 165 167 123 113 105 114 122 170 165 109 100 92 110 120 Steam, hot-water heating.... 87 88 65 65 67 69 70 79 79 48 51 52 56 53 Stoves 108 109 73 71 68 76 80 92 93 58 55 52 62 69 Structural, ornamental 84 85 60 58 59 60 61 78 78 49 47 49 51 50 Tin cans, tinware.__ ._. 120 117 88 89 91 100 97 130 126 92 93 94 107 104 Tools 100 98 75 73 70 72 75 100 97 64 61 58 63 68 Wirework 188 187 129 116 110 106 129 182 188 114 100 92 100 136 MACHINERY 129.9 130.5 89.7 86.1 82.9 84.1 85.4 136.2 133.5 80.6 76.4 72.8 76.0 78.4 Agricultural implements 174 180 134 125 100 99 90 197 204 137 124 98 95 86 Cash registers, etc 154 155 140 137 138 135 136 148 155 122 121 123 121 121 Electrical machinery 121 121 78 75 73 74 77 126 123 68 67 64 68 73 Engines, turbines, etc 107 111 90 86 82 83 83 120 122 97 89 86 90 91 Foundry, machine-shop products. 115 114 81 77 76 77 78 119 114 70 66 64 67 68 Machine tools 164 168 124 116 111 107 114 184 190 111 99 94 97 108 Radios, phonographs 180 184 76 82 82 89 94 168 166 67 72 72 76 84 Textile machinery 83 81 58 54 54 58 60 89 86 49 47 46 51 54 Typewriters 156 156 116 115 116 118 122 159 158 92 94 92 98 116 TRANSPORTATION EQUIPMENT 111.5 106.3 68.2 62.4 55.5 51.3 63.7 111.1 102.2 59.5 57.4 50.9 49.1 62.5 Aircraft 936 884 848 814 795 759 751 853 762 797 764 737 713 710 Automobiles 119 112 69 62 53 48 65 117 106 57 54 47 46 63 Cars, electric-,steam-railroad ___ 65 61 28 25 23 24 27 68 62 27 24 20 22 25 Locomotives 52 53 27 25 20 18 16 53 55 22 20 16 13 11 Shipbuilding 108 112 98 98 96 89 92 114 114 103 105 100 90 96 NONFERROUS METALS, PRODUCTS.. 110.8 112.1 81.8 79.8 79.1 83.0 87.6 109.0 110.3 69.0 66.3 67.0 74.1 81.1 Aluminum 176 174 126 122 122 129 136 182 175 119 109 112 126 139 Brass, bronze, copper 122 120 87 86 86 89 92 126 122 76 73 78 83 88 Clocks, watches 108 111 79 75 74 78 82 115 122 64 60 60 70 81 Jewelry 98 103 75 78 79 87 96 83 91 57 60 61 70 81 Lighting equipment 98 105 68 64 63 68 76 88 100 52 51 50 58 69 Silverware, plated ware 66 69 59 58 51 58 59 61 69 46 45 38 49 53 Smelting, refining 87 88 67 65 64 63 66 92 88 63 60 57 58 60 LUMBER, PRODUCTS 81.7 80.4 61.0 60.7 60.7 64.0 66.1 76.1 72.6 50.5 51.2 48.7 58.1 60.4 Furniture 98 98 70 71 71 76 80 84 83 50 52 51 63 69 Lumber, millwork_ 63 61 49 50 51 53 54 53 51 40 40 42 46 46 Lumber, sawmills. _ 68 66 51 50 50 52 54 67 63 45 45 42 50 51 STONE, CLAY, GLASS PRODUCTS.. 82.8 83.6 66.0 65.8 64.6 66.3 67.3 77.9 76.9 57.7 56.4 53.1 56.5 58.0 Brick, tile, terra cotta 63 63 48 48 49 50 52 52 52 36 36 35 37 39 Cement. _, 76 76 67 68 70 70 69 76 72 66 65 66 65 64 Glass 109 111 81 79 75 79 80 121 120 79 78 69 79 81 Marble, granite, slate 52 53 43 44 44 43 43 42 42 36 34 34 32 31 Pottery 81 82 73 73 70 72 75 73 75 66 61 53 59 64 TEXTILES, PRODUCTS__ ___ 108.5 107.4 87.4 84.6 86.6 95.1 97.8 95.2 90.1 66.3 62.4 66.6 80.0 83.8 Fabrics 88.8 96.4 78.0 77.2 80.4 85.2 86.6 88.9 84.2 62.0 61.2 65.7 73.3 74.6 Carpets, rugs__ 100 99 63 48 63 68 74 87 75 42 36 45 54 60 Cotton goods 96 94 77 76 78 81 83 89 85 60 59 64 68 71 Cotton small wares __ 87 89 70 68 68 72 76 79 83 62 60 59 65 70 Dyeing, finishing textiles.. 110 111 102 98 97 102 104 94 95 83 77 78 88 89 Hats, fur-felt_ 98 95 74 61 80 88 89 103 82 56 49 75 87 94 Knit goods. ___ 121 121 103 104 105 109 112 124 121 102 100 98 112 116 Hosiery _ 145 147 132 133 133 138 141 162 162 142 139 134 154 160 Knitted outerwear 86 84 69 69 69 74 79 79 71 59 58 57 65 69 Knitted underwear 85 84 65 66 67 68 70 75 70 53 53 54 58 60 Knitted cloth 191 188 132 135 137 150 154 158 151 97 100 111 126 129 Silk, rayon goods... 80 80 59 54 55 61 63 65 68 46 41 42 50 51 Woolen, worsted goods 82 74 54 61 68 75 73 72 60 39 47 56 62 58 Wearing apparel 128.8 130.8 107.2 99.7 98.9 116.3 121.9 104.2 98.5 72.5 62.6 66.0 90.5 98.9 Clothing, men's 120 118 83 78 90 104 107 92 84 48 43 57 75 80 Clothing, women's 182 190 166 148 135 166 177 142 132 110 90 86 128 137 Corsets, allied garments- 100 101 98 97 93 95 98 92 94 95 86 83 86 98 Men's furnishings 141 141 126 124 121 127 138 126 117 98 101 94 110 125 Millinery 74 79 73 60 50 68 80 65 79 56 45 36 60 88 Shirts, collars 121 124 112 113 108 117 118 105 105 87 83 78 93 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN NOVEMBER 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. LEATHER, MANUFACTURES _ 100.8 96.7 86.0 81.8 89.3 92.6 92.1 87.6 74.7 60.9 57.5 69.4 76.9 73.7 Boots, shoes 101 96 88 83 91 95 94 84 69 58 53 67 75 71 Leather.._ 92 91 72 72 74 78 94 90 68 69 72 78 78 FOOD, PRODUCTS 147.7 152.1 113.6 119.4 128.6 138.3 143.3 141.5 143.0 117.3 121.7 128.5 131.1 136.5 Baking 148 149 142 144 145 145 146 144 148 140 142 143 140 144 Beverages 274 266 242 252 260 260 251 343 317 291 306 323 322 298 Butter 114 111 107 110 111 110 104 98 93 93 95 96 94 90 Canning, preserving 300 328 85 114 179 251 278 276 289 80 101 157 204 238 Confectionery 76 88 69 70 68 72 86 76 90 64 68 63 69 89 Flour 80 79 74 75 78 78 77 81 82 73 76 79 79 81 Ice cream 99 90 87 92 95 93 83 84 74 74 78 81 80 70 Slaughtering, meat packing 96 96 92 94 95 94 96 106 107 104 105 108 105 108 Sugar, beet 80 97 44 47 53 75 103 77 98 48 52 53 68 103 Sugar refining, cane 92 80 91 91 88 90 93 92 68 83 81 81 80 84 TOBACCO, MANUFACTURES 66.3 66.7 63.8 64.8 61.5 64.4 66.9 62.1 61.2 56.6 59.4 57.1 59.1 61.2 Tobacco, snufL. 61 61 61 61 60 61 63 68 72 66 70 69 69 72 Cigars, cigarettes 67 67 64 65 62 65 67 61 60 55 58 56 58 60 PAPER, PRINTING 111.4 113.1 103.4 101.9 101.5 102.7 104.3 107.5 108.8 98.5 96.0 95.9 98.0 100.9 Boxes, paper 107 107 93 92 92 95 99 108 109 92 91 93 97 105 Paper, pulp _ 116 116 103 102 102 103 104 122 116 97 95 97 102 101 Book, job printing 107 109 99 97 98 99 99 94 97 88 84 85 86 88 Newspaper, periodical printing. _. 106 109 106 105 102 103 105 104 109 106 104 101 101 107 CHEMICALS, PETROLEUM 126.0 130.6 108.8 105.2 105.0 108.1 112.9 138.2 136.6 115.7 112.8 111.1 116.9 118.9 Petroleum refining . 132 131 121 121 122 122 121 152 144 140 138 135 138 135 Other than petroleum 124.6 130 5 105.9 101.4 101.0 104.8 110.9 134.1 134.2 108.3 105. 1 103.7 110.3 114.0 Chemicals _ 140 140 110 110 108 110 112 157 152 117 118 115 121 121 Cottonseed oil, cake, meal 65 146 69 58 59 68 114 52 124 57 48 51 57 95 Druggists' preparations 116 118 108 108 107 108 110 123 127 114 114 111 117 120 Explosives 91 92 80 80 81 82 85 104 104 83 86 89 93 93 Fertilizers 81 94 100 69 64 69 82 78 96 94 65 63 65 77 Paints, varnishes 128 128 115 113 111 111 113 133 129 120 116 111 111 115 Rayon, allied products 377 380 284 265 271 294 315 376 369 258 242 250 289 308 Soap 94 95 85 85 88 91 92 94 98 86 86 87 91 94 RUBBER PRODUCTS 97.3 97.5 71.4 70.6 68.7 72.5 75.6 97.2 97.6 63.3 63.5 64.1 69.5 76.6 Rubber boots, shoes 78 79 53 54 42 54 56 81 84 44 45 37 51 56 Rubber tires, inner tubes . 85 85 60 60 61 61 62 88 88 56 58 60 61 68 Rubber goods, other 140 139 110 106 107 113 121 135 134 98 93 95 108 117 NOTE.—Figures for September 1938 are preliminary. For description see pages 835-866 of the BULLETIN for October 1938. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1011 NOVEMBER 1938 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Public works Total Residential Factories Commercial and public Educational* All other i 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 207.1 300.9 65.6 99.6 12.9 10.7 25.3 14.0 65.3 109.3 15.3 33.9 22.6 33.4 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 iNot 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 1 Privately-financed 1 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 120 110 167 234 207 301 71 69 97 116 80 160 49 41 70 119 127 141 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 Federal Reserve Federal Reserve district district 1938 1937 1938 1937 Sept. Aug Sept. Sept. Aug. Sept. Sept. Aug. Sept. Boston 19, 449 23, 900 14, 076 New York 73,785 76, 026 34, 842 Philadelphia.. 13, 971 13,157 11, 749 Boston 81 85 42 993 1,806 432 Cleveland 31,274 33, 282 26, 638 New York . 200 277 163 4,871 6,322 3,433 Richmond 27, 955 32, 347 27, 476 Philadelphia 75 76 26 785 1,513 375 Atlanta 27, 548 25, 493 15, 008 Cleveland.. 76 81 48 987 1,000 721 Chicago 53, 410 49, 792 39, 296 Richmond - 43 72 31 455 727 426 St. Louis 20, 880 22, 666 13,819 Atlanta.. _ 54 76 34 748 780 295 Minneapolis.. 10,399 9,655 7, 622 Chicago 126 137 80 2, 102 1,995 1,575 Kansas City- 10,814 10, 667 7,352 St. Louis 38 30 17 630 169 590 Dallas 11,415 16,156 9,196 Minneapolis 17 9 15 129 178 79 Kansas City 41 30 34 412 285 345 Total (11 districts). 300.900 313,141 207,072 Dallas 16 19 9 203 197 281 San Francisco 99 123 85 2,026 1,410 1,266 Total .___ 866 1,015 584 14, 341 16,382 9,818 1 Series revised back to Jan. 1936 to include commercial and industrial failures occurring under Section 77B of The National Bankruptcy Act. Back figures may be obtained from Dun &Bradstreet, Inc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN NOVEMBER 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollarsl Merchandise exports 1 Merchandise imports * 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 Marc a 191 185 195 257 275 158 177 199 307 173 33 8 4 -51 102 April 179 164 193 269 274 147 171 203 287 160 33 -6 -10 -18 115 May . 160 165 201 290 257 155 171 192 285 148 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 _ _ _> 172 172 179 277 231 120 169 193 246 166 52 3 14 31 65 September 191 199 221 297 P246 132 162 216 233 P168 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 v Preliminary. i Including both domestic and foreign merchandise. J General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.— Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1937 1938 Index of sales i Index of stocks (end of month) Sept. May June July Aug. Sept Month Adjusted Without Adjusted Without Adjusted for seasonal variation f v o a r r s i e a a ti s o o n n a 2 l ad s j e u a s s t o m na en l t f v or a r s ia ea ti s o o n n a 2 l ad s j e u a s s t o m n e a n l t Total . 78 58 58 61 62 1937 1938 1937 1938 1937 1938 1937 1938 Coal 81 57 58 62 63 Coke 93 35 37 43 46 Grain and grain products, __ 71 77 82 89 84 January 93 90 72 70 74 71 66 63 Livestock 44 42 39 39 37 February 95 88 76 70 76 70 72 67 Forest products 49 35 35 37 40 March 93 86 90 77 76 70 78 71 Ore 104 26 36 32 34 Miscellaneous 86 61 62 65 67 April 93 83 89 86 76 69 79 71 Merchandise i 67 60 59 60 60 May 93 78 95 80 76 69 78 71 June 93 82 90 79 76 68 73 65 Without seasonal adjustment July 92 83 65 58 77 67 69 61 August 93 83 72 65 78 67 74 65 September 94 86 100 91 77 67 80 70 Total 87 57 58 62 63 71 Coal___. 84 49 49 52 56 71 October 93 103 76 85 Coke 88 34 34 36 38 49 November 91 101 75 86 Grain and grain products. _ 79 69 80 123 101 83 December 89 156 72 68 Livestock 56 37 32 34 37 50 Forest products 54 36 37 37 41 43 Year _ 92 76 Ore 182 37 62 60 63 72 Miscellaneous 96 64 64 66 68 78 Merchandise * 70 60 59 59 61 64 i Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March i In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETINS for August for June 1937. Based on daily average loadings. Basic data compiled 1936, p, 631, and October 1938, p. 918; department store stocks, see BULby Association of American Kailroads. Total index compiled by com- LETIN for March 1938. p. 232. bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 1013 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 o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c r n ts d p T r e o x d t u il c e ts F m li u g a e h t l e ti r a n i n i n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n a g ls c C a d l h r s e u m g a s n i- d i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 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 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 i 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 I 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 j 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 87.0 i 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76. 3 95.7 | 95.2 83.9 89.7 77.8 j 1937—August 87.5 86.4 86.1 108.1 77.1 97.0 ! 96.3 82.2 91.1 77.3 September. 87.4 85.9 88.0 85.9 107.6 75.3 97.1 | 96.2 81.4 91.1 77.0 October 85.4 80.4 85.5 85.1 106.7 73.5 96.4 95.4 81.2 91.0 76.2 November. 83.3 75.7 83.1 84.3 101.4 71.2 78.5 I 96.8 93.7 80.2 90.4 75.4 December. 81.7 72.8 79.8 83.6 97.7 70.1 7 7 8 8 . . 4 2 I ! 96.3 92.5 79.5 75.0 ! 1938—January... 71.6 76.3 83.5 96.7 78. 3 ' 96.6 i 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 96.0 i 91.5 78.7 87.7 74.4 April 78.7 68.4 72.3 82.0 92.1 67.2 76^8 ! 96.3 | 91.2 77.5 87.3 73.4 May 78.1 67.5 72.1 81.6 91.3 66.1 76.2 96.7 ! 90.4 76.8 87.2 73.1 June 78.3 68.7 73.1 81.3 90.1 65.5 76.4 96.1 ! 89.7 76.3 87.1 72.9 July 78.8 69.4 74.3 81.4 91.5 66.1 76.8 95.2 I 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 September 78. 3 68.1 74.5 81.3 92.0 65.8 76.6 95.5 89.5 77.3 86.2 72.4 Week ending— 1938—June 4... 77.7 67.2 72.3 81.4 91.5 65.5 76.5 95.7 90.2 75.9 72.5 June 11— 77.8 68.3 72.7 81.2 91.1 64.9 76.5 95.7 90.1 75.9 72.4 June18- 78.4 69.7 73.5 .81.5 91.1 64.8 76.7 96.5 89.8 75.8 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 July 16. _ 78.9 70.7 74.4 81.6 92.1 65.7 77.4 95.3 89.3 77.1 88.0 72.6 July 23.. 78.7 69.3 74.3 81.6 92.4 65.8 77.4 95.3 89.3 77.0 87.9 72.5 July 30__ 78.6 68.6 74.1 81.6 92.5 65.7 77.3 95.4 89.2 77.0 87.9 72.5 Aug. 6... 78.4 68.7 73.5 81.7 92.2 65.5 77•%. 7 95.5 89.3 77.4 87.9 72.3 Aug. 13.. 77.9 67.0 72.2 81.8 92.5 65.5 78.0 f 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 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 Sept. 24. 78.4 68.9 75.0 81.6 92.3 65.3 77.5 95.6 89.4 77.1 87.8 72.3 Oct. 1_- 78.0 68.1 74.1 81.6 92.5 65.4 77.2 95.7 89.5 76.9 87.2 72.3 Oct. 8— 77.8 67.4 73.7 81.5 92.8 65.6 76.9 95.7 89.7 76.7 87.1 72.4 Oct. 15- 77.7 67.4 73.6 81.6 93.7 65.7 76.9 95.4 76.7 87.1 72.4 Oct. 22- 77.3 66.9 73.5 81.2 94.3 65.7 75.5 95.4 76.7 87.1 72.4 1937 1938 1937 1938 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July Aug. Sept. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 91.9 62.7 58.3 53.4 53.0 Agricultural implements 94.2 96.1 95.9 95.5 95.5 Livestock and poultry 106.7 80.2 84.4 80.6 81.0 Farm machinery 96.1 97.6 97.3 97.0 96.9 Other farm products .-. 71.2 63.0 63.0 64.0 Iron and steel 99.8 100.9 97.2 97.3 97.3 FOODS: Motor vehicles * 91.2 96.0 96.0 96.1 96.2 Dairy products 84.8 68.5 69.5 72.8 Nonferrous metals 92.6 67.2 71.8 72.9 73.5 Cereal products 86.1 80.2 78.8 77.0 76.1 Plumbing and heating 80.6 77.2 79.5 79.2 78.5 Fruits and vegetables 64.0 61.7 56.4 57.3 55.5 BUILDING MATERIALS: Meats 113.4 84.5 89.7 86.0 87.3 Brick and tile 95.0 90.7 90.6 90.9 Other foods 75.5 64.7 66.7 66.5 69.5 Cement 95.5 95.5 95.5 95.5 95.5 HIDES AND LEATHER PRODUCTS: Lumber 99.0 88.7 88.8 90.2 90.4 Shoes 107.5 101.8 101.2 100.8 100.8 Paint and paint materials 84.6 80.1 80.5 80.5 80.4 Hides and skins 120.7 62.3 70.8 75.6 75.7 Plumbing and heating 80.6 77.2 79.5 79.2 78.5 Leather 98.9 81.6 82.5 82.1 82.4 Structural steel 114.9 113.0 107.3 107.3 107.3 Other leather products 103.3 97.7 97.5 97.0 96.9 Other building materials 100.8 93.3 91.2 91.3 91.3 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 89.7 82.2 81.7 81.7 81.6 Chemicals 85.7 80.6 81.7 81.4 81.0 Cotton goods 76.8 63.9 65.1 64.4 64.1 Drugs and Pharmaceuticals 78.3 71.9 74.8 74.8 74.8 Hosiery and underwear 66.5 59.7 59.8 59.8 59.9 Fertilizer materials 71.8 69.5 66.9 67.3 67.2 Silk and rayon 32.4 27.6 29.9 29.2 29.5 Mixed fertilizers 74.8 69.3 72.9 74.2 73.4 Woolen and worsted goods 92.4 75.6 75.9 76.3 76.3 HOUSEFURNISHING GOODS: Other textile products 70.0 65.0 65.4 65.2 65.0 Furnishings 94.9 90.7 90.5 90.5 90.2 FUEL AND LIGHTING MATERIALS: Furniture 87.1 83.5 82.2 82.2 82.1 Anthracite 78.7 74.5 76.2 77.9 79.1 MISCELLANEOUS: Bituminous coal 99.2 97.5 97.9 98.1 98.4 Auto tires and tubes 56.4 57.4 57.4 57.4 57.4 Coke 105.0 105.3 104.2 104.2 104.2 Cattle feed 81.2 78.4 76.8 67.0 67.6 Electricity 80.5 85.0 Paper and pulp 93.4 85.5 82.8 82.4 81.9 Gas 84.0 90.4 91.0 88.1 Rubber, crude 38.4 26.3 31.9 33.5 33.3 Petroleum products 62.2 56.3 56.8 56.7 Other, miscellaneous—. 85.1 81.1 80.7 81.1 1 Preliminary revision. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (tabl* 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN NOVEMBER 1938 OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October 1, 1938] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Oct. 1, tion Oct. 1, tion Oct. 1, tion Oct. 1, 1937 1938 1937 1938 1937 1938 1937 1938 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston _ _ 7,693 7,375 76 95 New York 28 379 29, 715 9, 164 8,219 92 117 Philadelphia 55. 607 53, 382 20, 783 20, 250 169 139 Cleveland _ __ 207,157 196, 084 53, 526 53,343 120 102 Richmond 1 846 1,143 139, 866 133,323 28, 459 27, 653 Atlanta. _ _ _ _ _ _ _ _ 4,218 2,648 182, 250 189, 726 7,530 6,451 Chicago 1,140, 744 988, 330 78,012 69, 796 1,695 1,811 St. Louis i 4, 891 * 3, 409 363. 227 322,124 78,966 67,121 167 140 Minneapolis __. 248, 022 220, 191 14, 346 28,180 117, 495 196, 909 Kansas City 642 456 177,352 214, 328 291, 374 288, 094 8,121 10, 202 Dallas _ _ 6, 329 3,956 86, 945 98, 343 42, 807 36, 371 105 94 San Francisco __ ______ 1, 020 600 7. 753 6,395 60,135 82, 980 60, 851 42,162 Total ____ 18, 946 12, 212 2, 644, 995 2, 459, 316 685,102 688, 458 188,891 251, 771 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Oct. 1, tion Oct. 1, tion Oct. 1, tion Oct. 1, 1937 1938 1937 1938 1937 1938 1937 1938 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston _ _ 6,142 6,309 3, 492 3; 595 30, 439 25, 054 57,609 50, 850 New York 20,194 28, 168 6, 007 5,799 1,371 1,802 33, 561 31, 792 Philadelphia. 15, 557 19,230 2,343 2,407 28,990 32, 680 25, 334 22, 753 Cleveland 45, 850 49,417 4,928 5,717 131,698 123, 440 18, 603 20, 698 Richmond 18, 885 20,125 3, 745 3,993 839, 494 780, 417 30, 352 28, 419 Atlanta 13, 571 15, 226 3, 118 3,450 187,312 196, 921 14, 722 15, 092 Chicago. _ 544, 644 421, 474 15, 360 18, 990 26, 635 34, 448 51,039 56, 309 St. Louis _ 55, 561 49, 759 6,162 6, 939 301,156 281, 006 12, 716 14,163 Minneapolis 251 656 238, 766 9,396 10, 526 1,966 2, 827 46, 497 41,995 Kansas City 113,172 132, 698 6,427 7, 161 4,344 6,095 32, 308 27,143 Dallas 33 087 37, 510 1,211 1,361 4,268 3,765 San Francisco 27, 939 22, 895 11, 596 11,848 66, 280 60, 296 Total 1, 146, 258 1,041,577 73, 785 81, 786 1, 553, 405 1, 484, 690 393,289 373, 275 1 Includes 23,000 bales grown in miscellaneous territory. 2 Includes 18,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN NOVEMBER 193S GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of Month T c tr o o ( i u 5 e ta n s 2 l ) « * U S n ta i t t e e s d C a a d n a - c t r r E o o ( i 2 u e u p 6 s n - e ) - A L c tr o m i a ( i c 1 u e t a e 1 i s n n r ) - - O c t A i r a o c a i n e s u e i d a ( s n a 8 n ) - - A c tr o f i ( r u e 5 i s c n ) a - U K d n ^ i i n t g e - d France m G a e n r y - It E a u ly r 3 ope g B iu e m l- N l e a t n h d e s r- t B i S N o a w n a n - a i k t l zer B l . a L n S d . 1934—December. 21,051 134 11,010 601 805 263 1,584 5,445 518 590 573 624 1935—December. 21,604 10,125 189 9,517 666 816 291 1,648 4,395 270 611 438 454 1936—December. 22, 630 11,258 188 9,307 736 858 283 2,584 2,995 208 632 490 655 1937—August 23,592 12, 567 188 9,141 711 717 267 2,424 208 607 862 615 4 September 23, 733 12, 741 186 9,129 711 702 264 2,689 2,428 208 590 862 612 6 October... 23,845 12,803 187 9,191 706 691 266 2,689 2,428 208 572 906 646 4 November 23,968 12,774 187 9,359 695 687 266 2,689 2,564 208 570 940 644 5 December. 23,964 12, 760 184 9,381 685 687 266 2,564 210 597 930 648 5 1938—January... 24,036 12, 756 186 9,453 689 687 266 2,564 210 599 957 687 5 February. 23, 944 12, 776 188 9,351 681 261 2,428 210 593 977 699 5 March 23,928 12,795 186 9,330 665 266 2,689 2,428 210 531 998 698 7 April P23, 765 12, 869 189 P9, 100 658 263 2,689 2,428 210 529 1,007 697 7 May *>23, 747 12,919 187 P9, 032 656 687 266 2,690 2,428 210 456 1,008 686 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 P9, 083 *>656 589 P268 2,690 2,428 210 501 1,008 674 9 A Se u p g t u e s m t ber , 965 1 13 3 , , 1 7 3 6 6 0 P1 1 9 9 0 0 P P 9 9, , 1 1 5 1 7 4 591 P280 2,690 2 2 , , 4 4 2 2 8 8 2 21 1 0 0 5 5 3 1 9 7 1 1 , , 0 0 0 0 8 8 1 6 0 Europe—Continued Latin America End of month A tr u i s a - g B a u ri l a - C v z s a e l k o c - i h a o- m D a en rk - Greece H ga u r n y - N w o a r y - l P a o n - d Po g r a t l u- Ru n m ia a- Spain< S d w en e- Y sl u av g i o a - 6 c t o o ri u t e h n s e - r g t A i e n r n a - - Brazil 1934— December 112 61 104 740 159 60 403 8 1935—December 112 84 109 735 185 63 444 17 1936—December 91 98 114 718 240 82 601 25 1937—August 90 86 118 718 243 78 477 29 September 90 86 118 718 243 78 481 30 October 90 86 119 718 244 78 479 30 November 91 86 119 718 244 78 471 31 December 92 82 120 718 244 78 469 32 1938—January 93 82 120 718 245 79 463 32 February 81 121 718 253 79 458 30 March 90 122 718 261 79 447 31 April 90 69 122 525 261 J>79 442 31 May 90 122 525 272 P79 440 32 June _ _ _ 90 123 525 279 P79 439 33 July.__ 101 123 525 280 435 33 August 101 124 525 280 435 P33 September.. 129 525 310 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b m i o a - - M ico ex- Peru g U u r a u y - c o t o r th i u 4 e e n s r - I B n is r d i h i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 e e n s r - Egypt A So fr u ic th a c o t o t r h u 3 ie e n s r - 1934—December _ 18 275 394 22 184 24 1936—December 19 275 425 24 212 24 1936—December 19 275 463 26 203 25 1937—July 19 274 412 29 187 25 August... _ 19 274 261 29 189 23 September 20 274 261 29 189 20 October-.. 20 274 261 29 189 22 November 20 274 261 29 189 22 December 20 274 261 29 189 22 1938—January 20 274 261 29 189 22 February 20 274 261 29 184 22 March 20 274 261 29 189 22 April 20 274 261 29 186 22 May 20 274 261 29 188 23 June _. 20 274 261 29 187 P23 July 20 274 164 80 29 190 P23 August P20 274 164 29 202 P23 p Preliminary. 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, $1,396,000,000 on Sept. 30, 1937, and $1,489,000,000 on March 31, 1938. 3 Figure for March 1937 officially reported as of 20th of month and carried forward through November 1937. Figures for December 1937 through March 1938, officially reported and carried forward for subsequent months. < Figure for August 1,1936 carried forward through March 1938; April 1938 figure officially reported and carried forward. * Figure for March 7,1938, date of latest statement received; Austrian National Bank subsequently absorbed by Reichsbank in accordance with German decree of March 17,1938. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; In Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and description of table see BULLETIN for June 1933, pp. 368-372 and July 1936, pp. 544-547; also see footnotes to table in BULLE- TIN for August 1936, p. 667, and December 1937, p. 1262. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 1017 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East outside Total South Rho- West Belgian United Colom- Austra-British U.S.S.R. Africa desia Africa Congo States* 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 $1=16-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933 794, 498 696,218 385, 474 22, 578 11,214 6,148 89, 467 103, 224 22, 297 10,438 5,094 28,568 11, 715 1934 823,003 707,288 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11,223 1935 882, 533 751,979 377,090 25, 477 13, 625 7,159 126, 325 114,971 23,858 11, 515 9,251 31,240 11,468 1936 970,206 833,088 28,053 16,295 7,386 152, 509 131,181 26,465 13,632 9,018 40,118 11,663 1937 1, 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 1,671 586 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 3,727 899 March 84,846 72,041 34,381 2,416 1,605 12,681 11, 436 2,510 1,285 549 3,562 982 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 2,339 1,649 13,186 12,088 3,701 1,246 572 4,046 957 July 89,061 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 2,4^1 1,422 668 3,974 975 September. 88, 294 75, 675 34,170 2,421 1,890 15,096 12,198 2,246 1,298 752 3,977 932 October 90, 221 77, 736 34, 559 2,399 1,896 1.6,147 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 1,029 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, 85C 13,161 3,253 1,403 673 4,204 April _. 87, 393 74, 624 34, 351 2,374 2,024 702 12, 33P 12, 895 2,389 1,664 698 4,280 May 90,305 77,134 35, 794 2,415 1,989 687 13,715 13,338 1,863 1,338 782 4,278 935 June 89, 978 76, 686 35, 509 2,394 2,020 726 12, 711 13, 674 1,899 1,365 901 4,577 909 July P96, 534 J>82,858 36, 222 2,410 2,067 682 16,543 14, 727 v% 450 1,748 P726 4,330 951 August *>96, 736 *82,894 36, 622 P2, 415 P2, 067 P752 16, 352 14,425 P2, 450 1,515 P79G Pi, 550 P951 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 $85 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180. p Preliminary. i 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 r e r t t t s s U K d n i o i n m t g e - d France g B i e u l m - N la e e n r t d - h s - S d w 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 ia om- P Is p h l i i a n l n i e p d - s t A ra u l s i - a Japan B I r n i d ti i s a h c o t o A r t i h 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, 727 934,243 227,185 968 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 - 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 September.. 520,896 377,984 47,21911,521 38,148 1,446 4 2,721 3,775 35,095 2,982 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN NOVEMBER 1938 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom m G a e n r- y Net imports from or net exports (—) to: Year or Total Total month net im- net imports South ports Africa, Other All e o x r p o n r e t t s U S n ta i t t e e s d France Ger- g B iu e m l- N l e a t n h d e s r- U.S.S.R. Au li s a tra- d R e h si o a - , B I r n i d ti i s a h B c r o i u ti n s - h China c o o th u e n r - ex o p r o n r e ts t ^ () West tries tries () Africa 716, 269 -497,166 348,190 121,017 -13,585 32, 575 41, 790 335,253 206,693 62,397 2 79,105-90,920 369, 722 -435, 502 142,137 -4, 726 -17,476 10,796 931 37,981 404, 295 181, 602 32, 754 14,051 s 2, 879 42, 969 1,169, 931 -276, 830 756, 215 23, 292-15,133 -21,215 26, 723 488,814 128,421 28,067 13, 930 * 17, 647 -1,868 420, 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 -48, 319 -101,710 -274 -1,786 -1,545 452 8,430 2,353 37,106 8,368 873 -586 2,956 22, 957 -128,380 79, 545 8,398 -7,915 997 14, 027 1,552 46, 933 2,782 1,251 3,767-22, 222 127, 953 -79, < 112,113 16, 348 -9, 207 -208 14,153 705 57, 861 6,129 1,296 7,227 1,032-11,355 122, 643 -26,043 50, 463 12, 212 416 -662 16, f 1,981 54, 463 7,178 1,171 8,454 -3, 903 -11,467 -29, 775 -86,145 -2, 034 8,245 573 -420 19, 784 2,039 36,199 4,735 989 -13,739 -8,182 -6, 348 -16,236 -2, 831 3,171 8,176 -10,047 1,476 36, 244 5,739 1,032 -33,071 63 22, 054 4,258 -2, 488 84 -2,215 -5,663 2,359 47, 694 4,960 3,87" -30, 813 -79 20, 976 2,006-15,077 90-12,834 2,379 36, 528 5,174 8,300 236 -247 27, 245 1,487 41 -1,487 -6,055 3,775 32, 889 4,425 10,063 -7,985 -200 51, 387 3,528 -1,940 78 5 -3, 067 5,669 2,958 43, 092 5,002 7,036 -10,973 5,359 79, 037 -35, 535 -4, 276 49 55, 448 3,625 11, 273 3,620 50, 540 5,101 2,786 -13,586 -27 53,186 -18, 507 -3,039 86 15,039 -4,139 31,089 4,168 35,077 3,586 3,590 -13,763 6,009 97, 478 -5,233 -119 168 48, 446 -6, 781 28,083 2,467 35, 407 3,824 2,139 -139 -10,784 18, 058 89, 580 -20, 811 -6,137 138 56, 764 -12,037 28,104 2,024 40, 623 3,725 9,929 -12,732 7,626 24,119 -10,529 -997 47 23, 212 -5,750 2,490 31,516 6,418 6,581 -28,870 1,468 -73,132 -93, 660 -5, 726 6,179 -258 -10,041 5, 665 2,102 31,192 10, 356 3,035 -21, 976P-6, 963 -261,143 -360,016 685 14, 358 120, 075 -7,498 2,839 16, 831 3,023 -4, 750 Switzerland British India Total Net imports from or net exports (—) to: Total Net i e m xp p o o r r t t s s ( f — rom ) t o o r : net Change in: Year or net net Gold month imports imports produce 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 i n m t g e - d France Bel- Italy N la e e n r t d - h s - c o t o A r t i h 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 n r g o i d v s l i d a a i - t n " e 1934. -46,065 -12,784 -45, 955 -29,235 18,397 19, 431 2,580 1,500 -230, 720 -82,183 -144,185-4, 352 11, 223 173-219, 670 1935. -230, 788 647 -54,858 -181,725-13,940 25, 542 342 -6, 795 -161,872 -46,172 -113,953-1,746 11,468 -150,398 1936. 122, 279 -9,127 -1,714 39, 305 14, 53151, 299 4,600 23, 378-121,066 -57,167 -64, 349 450 11, 663 -109,403 1937 -56,946 -51,608 11, 940-45,061 27, 739 -65" 6,553 -5,852 -61, 689 -25, 787 -35,805 11, 574 -50,074 1937—May _. -4, 479 -1,174 -1,987 -3,132 1,107 96 611 -4, 933 -2,187 -2, 624 -122 -3,951 June.. -49, 417 -36, 242 -4, 351 -8, 740 521 274 -879 -1,810 -2,134 128 196 95: -854 July___ -6,038 -1,243 -153 -1,831 -512 -2, 278 -25 -8, 689 -6, 591 r-2, 307 208 979 -7, 706 Aug. _. -1,630 -393 -1,242 8 350 -354 -5,197 -424 -4, 759 -14 975 -4, 222 Sept... -7,147 -376 -6, 995 -37 -1,186 1,456 -4, 532 -4, 883 352 932 -3, 600 Oct.__. -1,138 3,286 -9, 627 -109 -561 4,559 1,307 -4, 655 -976 -3, 752 73 961 -3, 694 Nov. _. 4,113 4,869 -6, 276 -227 559 3,275 1,914 -4, 200 -4, 294 94 938 -3, 262 Dec.__. 26, 892 5,810 -5,828 24, 558 -559 2,553 358 -4, 578-1,421 1,029 -4, 970 1938—Jan.__. 10, 826 12, 478 -13,978 10, 409 -41 1,614 335 -5, 599 -5,110 -75 -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 -1,810 Apr.__. -7, 632 -2, 391 -266 5,397 2,467 -6, 761 -4, 388 -3, 745 -643 906 -3,482 May_. -5, 201 33 4,860 -2, 943 -1,549-2,009 2,396 -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, 583 257 -1,418 July— -8, 837 o 16,128 -14,071 -6, 041 -142 3,962 -8, 671 -10,988 -10,636 -352 951 -10,037 Aug... -1,338 -2 10, 464 -8,382 -1,283 -37 3,824 -5, 924 P-7,019 P-6, 068 Sept.?. 8,919 16,009 457 686 914 -9,148 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. s 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. e Figures for Sept., Oct., and Nov. 1937 include exports to Central and South America of $15,120,000, $27,511,000, and $24,996,000 respectively. 7 Includes net exports of $12,082,000 to Switzerland. s Includes net exports of $6,000,000 to Switzerland and $7,590,000 to Sweden. • Figures for April and May 1938 include exports to Sweden of $10,088,000 and $13,996,000 respectively. io Figures for June, July, August and September include exports to Sweden of $7,673,000, $11,429,000, $11,151,000 and $22,763,000 and net exports to Switzerland of $5,407,000, $16,521,000, $10,498,000 and $21,980,000, respectively. u 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. is 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 respectively. 14 Includes $10,063,000 exported to Hungary. NOTE.—Switzerland and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1019 NOVEMBER 1938 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in Note issue Dis- circula- Deposits (Fi p g o u u re n s d s in 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 tes a v c n o a d n u c n a e t d s s - Se t c ie u s ri- tion Bankers' Public Other l O ia t t i b h e i s e li r - 1929—Dec. 25_ 145.8 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31_ 147.6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30_ 120.7 31.6 27.3 133.0 364.2 126.4 7. 7 40.3 18.0 1932—Dec. 28- 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30_ 313.7 46.3 17.5 155.6 467. 4 150.6 12.1 39.2 18.0 1937—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 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Jan. 26.. 326.4 .6 53.2 10.4 117.9 473.2 113.1 13.6 37.3 18.1 Feb. 23_ 326.4 .8 51.9 6.5 116.9 474.5 105.6 16.7 35.5 18.2 Mar. 30 326.4 .8 41.0 8.7 131.0 485.4 108.1 17.8 37.4 18.3 Apr. 27_ 326.4 .8 37.1 7.1 133.4 489.3 113.3 10.9 36.5 17.7 May 25- 326.4 .8 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 5.4 124.4 480.4 94.7 27.8 36.4 18.2 Sept. 28 326.4 1.5 25.5 7.3 135.6 500.9 99.9 11.4 40.2 18.2 Oct. 26^ 326. 4 1.4 43.9 4.2 129.2 482.5 100.4 25.0 35.5 17.7 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- (Figures in millions of francs) Gold 2 ch F e e a i o g x n r n - g - e M O a p r e k n et c S i p a e l - 4 Other v m G a e e n t r o o n n c v t - e - 5 s m G S t e o h e n v o r t e m r r s t n - e - - s O e t c 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 es i 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 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 1, 379 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937—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 5,641 991 10,197 23, 887 958 4,064 8,467 89, 307 2,563 15, 812 3,152 Aug. 26 55, 718 911 5,637 833 8,655 25, 218 476 3,763 8,417 88, 255 2,251 15, 927 3,196 Sept. 30 55, 805 825 5,637 600 9,799 25, 999 1,340 4,175 8,558 91, 370 2,351 15, 886 3,133 Oct. 28- 55, 805 829 5,637 562 10, 620 26, 918 483 3,710 7,218 91, 336 2,648 14, 679 3,121 Nov. 25 58, 932 965 5,637 722 9,655 26, 918 314 3,675 7,343 90,131 2,686 17, 893 3,452 Dec. 30 58, 933 911 5,580 652 10, 066 31, 909 675 3,781 7, 277 93, 837 3,461 19, 326 3,160 1938—Jan. 27 58, 933 871 5,580 841 12, 053 31, 904 925 3,824 7,019 92, 255 2,689 23, 720 3,285 Feb. 24 55, 807 874 5,575 821 11, 582 31, 904 866 3,652 7,187 92, 740 2,226 20,147 3,154 Mar. 31 ,_ 55, 807 845 5,575 573 10, 321 38, 574 997 3,825 8,361 98,095 2,233 21, 409 3,141 Apr. 28 55, 807 830 5,575 632 10, 865 40,134 879 3,700 7,288 98, 519 2,802 21, 237 3,154 May 25 55, 808 813 5.575 596 9,024 40,134 113 3,454 7,334 98, 923 3,248 17, 525 3,155 June 30 55,808 804 5,850 177 5,497 40,134 552 3,614 8,258 102,087 3,245 12, 769 2,592 July 28 55, 808 782 5,835 7,133 40,134 623 3,545 7,117 101,117 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 Sept. 29 55, 808 764 6,781 642 20,293 50,134 1,311 4,362 8,410 124, 428 2,825 18, 593 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 decree of June 17, 1938 (see BULLETIN for 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). s 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

1020 FEDERAL RESERVE BULLETIN NOVEMBER 1938 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities Other (Figu r r e e i s c h in m m ar i k ll s i ) ons of Gold e F x o ch 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 lo c a u n ri s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e ts r ci N t r i c o o u n t l e a- Deposits lia ti b e i s li- 1929—Dec. 31 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31 2, 216 469 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31..- 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 386 9 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31 _ _ 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31 82 5 53 4,498 84 349 315 853 4,285 1,032 923 1936—Dec. 31 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—Sept. 30 __ 70 6 53 5,538 51 105 293 905 5,256 838 927 Oct. 30 70 6 7 5,578 44 105 293 844 5,275 711 959 Nov. 30 . 70 6 27 5,520 46 105 286 870 5,196 766 967 Dec. 31 71 6 119 6,013 60 106 286 861 5,493 1,059 970 1938—Jan. 31 71 5 60 5,459 66 108 286 982 5,199 851 986 Feb. 28 71 5 21 5,637 81 110 286 953 5,278 891 996 Mar. 31 71 5 89 5,813 63 96 297 1,388 5,622 1,323 877 Apr. 30 71 5 12 5,841 59 121 297 1,614 6,086 1,031 903 May 31 __ 71 5 18 5,832 57 545 300 1,373 6,269 1,021 911 June 30 71 6 39 6,136 71 547 300 1,322 6,440 1,119 932 July 30 _ _. __ _ 71 5 17 6,247 49 549 298 1,285 6,650 920 951 Aug. 31 71 5 1 6,647 35 550 298 1,268 6,869 1,033 974 Sept. 30 71 6 2 8,173 48 550 298 1,129 8,023 1,231 1,022 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] date of month] Sept. Aug. July Sept. Sept. Aug. July Sept. National Bank of Albania (thou- Central Bank of Bolivia—Cont. sands of francs): Securities—Government _ 401,133 397, 275 384,092 Gold 7 553 Other 4,192 4,094 4,667 Foreign assets 22, 042 Other assets . 26, 366 20, 839 15,947 Loans and discounts 4,073 Note circulation _ 274,154 270,992 253, 516 Other assets . 4,556 Deposits __ _ _ 270, 834 243,472 286, 794 Note circulation ._ 11,035 Other liabilities 61, 298 63, 430 55,072 Other sight liabilities _. 14, 636 Bank of Brazil (millions of milreis): Other liabilities.... 12, 554 Cash 257 Central Bank of the Argentine Correspondents abroad 176 Republic (millions of pesos): Loans and discounts 2,476 Gold reported separately 1,224 1,224 1,224 Deposits 2,614 Other gold and foreign exchange- 101 100 256 National Bank of Bulgaria (mil- Negotiable Government bonds . 120 89 25 lions of leva): Other assets.. 197 178 167 Gold 1,994 1,994 1,834 Note circulation 1,086 1 084 1,114 Foreign exchange 640 846 399 Deposits—Member bank 379 320 401 Loans and discounts 1,014 917 1,437 Government 115 126 101 Government debt 3,468 3,468 3,523 Other 1 2 7 Other assets 1,198 1,297 965 Foreign exchange sold forward . 12 9 Note circulation 2,968 2,489 2,950 Other liabilities ._ 49 49 50 Deposits 3,197 3,750 2,972 Commonwealth Bank of Australia Other liabilities ... 2,148 2,284 2,235 (thousands of pounds): Bank of Canada (thousands of Ca- Issue department: nadian dollars): Gold and English sterling. 16,011 16,011 16,011 16,008 Gold _ 181,033 180,125 180, 415 179, 505 Securities __. 38,301 38,300 38, 301 39,806 Sterling and United States ex- Banking department: change __ 31,349 27, 750 23, 461 28,134 Coin, bullion, and cash 1,395 1,384 1,283 1,279 Canadian Gov't. securities: London balances 23,047 23, 272 25, 223 35, 820 2 years or less 155, 569 121, 648 116, 318 63, 298 Loans and discounts __ 14, 206 14,101 13, 822 12,832 Over 2 years. _ 48,169 52,034 52, 612 96,102 Securities 54,153 52, 240 50, 736 37, 864 Other securities 10, 995 Deposits 87, 305 85, 282 85, 636 83, 776 Other assets 5,839 5,569 9,240 7,255 Note circulation 49,030 49,030 49,030 48, 284 Note circulation 175,422 161, 371 156, 796 161, 619 National Bank of Belgium (mil- Deposits-Chartered banks. 211, 485 202, 250 187, 534 179,361 lions of belgas): Dominion Government 23,045 12, 793 15, 233 30,132 Gold reserve __ _ __ 3,180 3,047 2,954 3,483 Other 878 523 2,769 506 Other gold and foreign exchange 1,031 930 820 I Other liabilities 11,129 10,191 19, 714 13, 671 Discounts ._ 548 225 343 21, 251 Central Bank of Chile (millions of Loans 179 43 52 50 pesos): Other assets 452 456 454 302 Gold 145 145 144 Note circulation _____ 5,100 4,223 4,205 4,436 Discounts for member banks 8 5 11 Demand deposits—Treasury 6 15 16 42 Loans to government 771 771 795 Other 165 344 284 536 Other loans and discounts 144 136 96 Other liabilities 119 119 119 72 Other assets 42 39 78 Central Bank of Bolivia (thousands Note circulation 700 709 666 of bolivianos): Deposits— Gold at home and abroad 55,122 54, 491 53, 014 Bank 205 188 251 Foreign exchange 96,977 76, 524 122, 294 Other 61 61 70 Loans and discounts 22, 496 24, 671 15,368 Other liabilities 143 138 137 1 Not reported separately on bank statement; see note 2. 2 Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 1021 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1938 1937 Central bank Central bank Sept. Aug. July Sept. Sept. Aug. July Sept. Bank of the Republic of Colombia Bank of Finland (millions of mark- (thousands of pesos): kaa): Gold 40, 426 35, 283 36, 757 27,209 Gold 620 621 621 635 Foreign exchange 4,867 6,183 5,346 10,417 Foreign assets 2,325 2,326 2,209 2,301 Loans and discounts 15, 684 18,990 18,082 17, 624 Loans and discounts 1,515 1,508 1,546 1,014 Government loans and securities 46,404 46, 494 46, 593 45, 753 Domestic securities 233 236 239 358 Other assets 26, 892 26, 762 26, 688 26,950 Other assets 292 353 305 451 Note circulation 52,716 51, 602 52, 652 50,045 Note circulation 2,166 2,050 2,047 2,005 Deposits 39, 634 39,752 37, 757 37, 517 Deposits—Treasury 129 98 71 160 Other liabilities 41, 923 42, 357 43,059 40, 391 Other 1,070 1,204 1,178 917 National Bank of Czechoslovakia Other liabilities 1,620 1,691 1,624 1,676 (millions of koruny): Bank of Greece (millions of drach- Gold 2, 653 2,653 2,653 2,571 mas): Foreign exchange 87 202 246 390 Gold and foreign exchange (net) 3,246 3,076 3,108 3,252 Discounts 4,425 2,561 2,194 1,243 Loans and discounts 8,655 7,642 7,133 5,181 Loans 1,605 1,440 1,236 1,140 Government obligations 4,305 4,305 4,285 4,376 Government debt 2,005 2,006 2,014 Other assets 1,968 2,263 2,205 1,803 Other assets 1,719 1,028 1,126 898 Note circulation 7,726 6,723 6,551 6,735 Note circulation 8,115 8,087 7,641 6,469 Deposits 8,387 7,857 7,647 5,660 Demand deposits 433 138 259 170 Other liabilities 2,061 2,706 2,534 2,217 Other liabilities 1,941 1,664 1,560 1,617 National Bank of Hungary (mil- Bank of Danzig (thousands of lions of pengos): gulden): Gold 84 84 84 Gold 31,219 29,183 28, 965 28,114 Foreign exchange reserve 135 76 74 58 Foreign exchange of the reserve. 5,520 5,945 5,347 1,320 Discounts 567 399 391 419 Other foreign exchange 475 598 581 549 Loans—To Treasury 193 150 148 112 Loans and discounts 21, 444 16, 262 16, 270 16, 504 Other 19 14 14 17 Other assets 2,810 3,208 2,886 5,663 Other assets 262 318 319 265 Note circulation 41,134 37, 622 38, 554 34, 535 Note circulation 853 606 582 457 Demand deposits 22,117 20,811 18, 473 13, 647 Demand deposits 164 176 180 197 Other liabilities 19, 015 19,016 19,016 19,015 Certificates of indebtedness 70 70 70 93 National Bank of Denmark (mil- Other liabilities 173 189 198 209 lions of kroner): Reserve Bank of India (millions of Gold 118 118 118 rupees): Foreign exchange 111 109 95 Issue department: Discounts 21 20 20 27 Gold at home and abroad.... 444 Loans—To Government agencies 196 112 117 235 Sterling securities 695 Other 74 82 82 102 Indian Gov't. securities 324 324 274 Securities 132 123 113 53 Rupee coin 688 671 617 Other assets 105 104 105 66 Note circulation 1,713 1,715 1,798 Note circulation 429 397 403 385 Banking department: Deposits 153 104 80 87 Notes of issue department... 438 418 341 Other liabilities 174 168 167 157 Balances abroad 24 35 127 Central Bank of Ecuador 2 (thou- Treasury bills discounted 1 sands of sucres): Investments 64 63 79 Gold 32, 413 38, 375 Other assets 12 ill 10 Foreign exchange (net) 5,103 20,417 Deposits 423 414 446 Loans and discounts 55, 305 52, 956 Other liabilities 116 113 110 Other assets 20, 606 15,133 Bank of Japan (millions of yen): Note circulation 63,352 68,479 Gold 501 501 501 801 Demand deposits 34, 630 46,126 Special foreign exchange fund 300 300 300 Other liabilities 15, 444 12, 275 Discounts 466 465 461 """643" National Bank of Egypt 3 (thou- Loans—Government 3 3 3 3 sands of pounds): Other 48 68 56 158 Gold 6,545 6,545 6,545 Government bonds 1,254 1,257 1,213 554 Foreign exchange 649 1,459 1,795 Other assets 266 240 198 222 Loans and discounts 5,167 4,355 4,781 Note circulation 1,931 1,953 2,043 1,570 British, Egyptian, and other Deposits—Government 471 353 275 358 Government securities 30, 532 31, 454 37, 371 Other 124 147 97 77 Other assets 6,575 6,961 7,686 Other liabilities 311 381 317 281 Note circulation 18, 016 18, 492 21, 676 Bank of Java (millions of guilders): Deposits—Government 5,086 5,972 7,333 Gold 117 117 117 Other 17, 793 17, 615 20, 203 Foreign bills 3 3 5 Other liabilities 8,573 8,695 Loans and discounts 63 64 73 Central Reserve Bank of El Salva- Other assets ^___ 98 101 109 dor (thousands of colones): Note circulation 187 189 195 Gold 13, 206 13, 206 13,161 Deposits 68 71 82 Foreign exchange 3,666 4,190 5,694 Other liabilities 25 25 25 Loans and discounts 689 808 383 Bank of Latvia (millions of lats): Government debt and securities 5,517 5,525 5,979 Gold 83 78 77 Other assets 984 846 2,493 Foreign exchange reserve 38 39 45 Note circulation 13, 332 13, 611 16, 251 Loans and discounts 135 127 126 126 Deposits 6,251 6,406 6,988 Other assets 61 62 64 42 Other liabilities 4,478 4,558 4,471 Note circulation.__ 74 61 61 54 Bank of Estonia (thousands of Deposits 194 196 197 203 krooni): Other liabilities 49 48 48 33 Gold 34, 288 34, 270 34, 265 34, 216 Bank of Lithuania (millions of litu): Foreign exchange (net) 16, 211 17,123 16, 389 17, 506 Gold 73 78 79 77 Loans and discounts 25, 565 22,080 22, 061 26, 515 Foreign exchange 3 3 6 6 Other assets 31,191 30, 773 30, 491 24, 111 Loans and discounts 116 102 100 103 Note circulation 52, 791 48, 364 47,897 47,121 Other assets 33 30 32 38 Demand deposits 32, 728 33, 716 33, 865 38, 693 Note circulation 148 124 123 117 Other liabilities 21, 737 22,166 21, 443 16, 533 Deposits 53 65 72 83 Other liabilities 24 24 23 25 1 Includes 336 million as cover for liabilities in gold. 2 Form of official statement revised effective December 1937. 3 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN NOVEMBER 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 1938 1937 Central bank Central bank Sept. Aug. July Sept. Sept. Aug. July Sept. Netherlands Bank (millions of guil- National Bank of Rumania—Cont. ders) : Loans and discounts 11,350 9,160 7,680 6,686 Gold 1,481 1,481 1,481 1,266 Special loans 2 1,868 1,883 1,912 2,040 Silver (including subsidiary coin) 15 21 20 19 Government debt 10, 404 10, 402 10,396 12, 094 Foreign bills 4 5 5 5 Other assets 10, 950 11, 249 11, 224 8,820 Discounts 12 10 8 11 Note circulation 34, 242 30, 921 29, 659 27, 386 Loans 290 296 323 182 Demand deposits 11,005 12, 044 12, 690 12, 527 Other assets 64 64 64 63 Other liabilities 11,079 10, 616 9,783 12, 288 Note circulation 1, 053 939 919 834 South African Reserve Bank Deposits—Government 159 167 176 79 (thousands of pounds): Other 608 723 761 588 Gold 24, 550 23, 049 22, 938 Other liabilities 46 46 45 44 Foreign bills 7,285 6,480 6,385 Reserve Bank of New Zealand Other bills and loans 2,528 1,928 623 (thousands of pounds): Other assets 13, 456 13, 234 12, 385 Gold 2,802 2,802 2,802 Note circulation 16, 462 18, 099 15, 241 Sterling exchange reserve 13, 695 15,106 19, 066 Deposits 28, 244 22, 413 23, 955 Advances to State or State un- Other liabilities 3,113 4,179 3,135 dertakings 6,634 6,066 4,566 Bank of Sweden (millions of Investments 2,732 2,732 2,906 kronor): Other assets 304 293 196 Gold 684 617 616 536 Note circulation 13, 696 13, 564 12, 994 Foreign assets 992 853 860 1,078 Demand deposits 10, 850 11,801 14, 722 Discounts 12 12 12 13 Other liabilities 1,620 1,634 1,820 Loans 26 23 23 26 Bank of Norway (millions of Domestic securities 76 70 60 6 kroner): Other assets 460 393 381 319 Gold 211 222 222 189 Note circulation 1,083 971 950 947 Foreign assets 219 199 210 189 Demand deposits 998 831 839 899 Total domestic credits and Other liabilities 169 166 163 133 securities 212 207 202 193 Swiss National Bank (millions of Discounts 0) 74 76 103 francs): Loans (0 33 29 26 Gold 2,851 2,837 2,786 2,531 Securities 0) 100 96 64 Foreign exchange 306 374 385 414 Other assets 0) 31 40 14 Discounts 139 20 12 21 Note circulation 471 453 456 423 Loans 31 20 20 28 Demand deposits—Government 31 32 37 42 Other assets 712 705 697 609 Cent O ra t l h er R li e a s b e i r l v it e i es Bank O th o e f r Peru 0 1 ) 01 9 7 5 9 8 9 4 7 6 5 1 8 N O O o t t h h te e e r r c s l i i r i a g c b u h i t l l a i l t t i i i a e o b s n ilities 1 1 , , 9 4 6 3 6 4 3 5 2 1 1, , 7 6 5 6 5 38 3 5 1 1 , , 7 5 6 4 2 3 1 3 7 1 1 , , 4 5 6 4 2 3 2 3 8 (thousands of soles): Central Bank of the Republic of Gold and foreign exchange 49, 028 56,143 Turkey (thousands of pounds): Discounts 26, 768 38, 099 Gold 36, 870 36, 869 36, 867 36, 712 Government loans 79, 932 45, 039 Foreign exchange—Free 13 27 46 Other assets 4,492 11,279 In clearing accounts 11,079 10, 365 10, 276 29, 833 Note circulation 100,286 97, 428 Loans and discounts 81, 353 75, 473 67, 450 50,177 Deposits 45, 065 33, 251 Securities 90, 005 189, 764 90, 001 187,160 Other liabilities 14, 869 19, 882 Other assets 39, 649 28, 415 30, 016 33, 807 Bank of Poland (millions of zlotys): Note circulation 96, 691 175, 691 .75, 691173, 252 Gold 437 448 447 431 Deposits 58, 770 60, 029 56, 316 44, 497 Foreign exchange 13 12 12 35 Other liabilities 03, 510 105,167 02, 631 119, 987 Loans and discounts 1,167 791 756 650 Bank of the Republic of Uruguay Securities 128 128 128 136 (thousands of pesos): Other assets 346 377 399 456 Issue department: Note circulation 1, 548 1,149 1,123 1,045 Gold and silver 3 42, 087 Other sight liabilities 181 249 264 280 Note circulation Other liabilities 363 358 355 383 Banking department: Bank of Portugal (millions of Cash reserves 28, 578 escudos): Loans and discounts 85, 554 Gold 918 918 916 Other assets 66, 292 Other reserves (net) 478 472 592 Deposits 86, 040 Nonreserve exchange 160 150 154 Other liabilities 94, 383 Loans and discounts 424 392 339 National Bank of the Kingdom of Government debt 1,040 1,040 1,042 Yugoslavia (millions of dinars): Other assets 1,290 1,251 1,439 Gold 1,886 1,844 1,837 1,704 Note circulation 2,134 2,016 2,123 Foreign exchange 478 391 361 712 Other sight liabilities 1,101 1,189 1,154 Loans and discounts 1,948 1,593 1,574 1,589 Other liabilities 1,075 1,016 1,205 Government debt 2, 243 2,242 2,241 2,252 National Bank of Rumania (mil- Other assets 3,540 3,170 3,210 2,678 lions of lei): Note circulation 7,404 6,246 6,142 5,843 Gold 17, 641 17, 001 16,911 16,168 Other sight liabilities 1,636 2,215 2,256 2,357 Special exchange accounts 4,111 3,887 4,009 6,394 Other liabilities 1,053 780 737 1 Figures not yet available. 2 Agricultural and urban loans in process of liquidation. 3 By law of January 18,1938, gold revalued in March at rate of 0.585018 gram fine gold per peso. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1938 FEDERAL RESERVE BULLETIN 1023 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1938 1937 1938 1937 Assets Liabilities Sept. 30 Aug. 31 Sept. 30 Sept. 30 Aug. 31 Sept. 30 Gold in bars 19,181 30,945 18, 338 Demand deposits (gold) 9,248 9,107 8,408 Cash on hand and on current account with banks 40, 516 48,120 33,056 Short-term deposits (various curren- Sight funds at interest 17, 415 15, 679 15,987 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 23,186 35, 831 40, 758 (at cost): Time—not exceeding 3 months. 76, 903 129, 495 206, 265 Commercial bills and bankers' ac- Time—between 3 and 6 months. 763 ceptances 142, 490 152, 684 113, 423 Treasury bills 54, 642 70,690 163,884 Total 100, 089 166, 089 247, 023 TotaL 197,132 223, 374 277, 307 Central banks for account of others: Demand 3,646 2,416 3,408 Time funds at interest: Other depositors: Not exceeding 3 months.. 51,456 53, 852 64, 876 Demand 3,893 4,183 6,450 Between 3 tnd 6 months. 1,527 Time—not exceeding 3 months. 2,985 1,899 1,154 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 153, 035 152, 911 152, 974 Treasury bills 39, 677 27, 622 38, 289 German Government deposit 76, 518 76, 456 76, 487 Sundry investments 82, 374 85, 574 112,300 French Government guaranty fund. 25,153 25, 336 31,875 Between 3 and 6 months: French Government deposit (Saar). 825 831 1,045 Treasury bills 24,197 32, 655 29, 617 Sundry investments 31,113 44, 385 35, 425 Total 255, 530 255, 534 262, 381 Over 6 months: Treasury bills 29, 367 31,126 55, 232 Capital paid in 125, 000 125, 000 125, 000 Sundry investments 30, 925 31, 540 35, 603 Reserves: Legal reserve fund 4,688 4,688 4,238 TotaL. 237, 653 252, 903 306, 466 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. 1,399 1,395 1,411 811 1,030 Sundrv items 50, 563 36, 582 40, 433 sold 12, 463 792 266 Sundry items Total liabilities 576, 623 626, 476 718, 853 Total assets_. 576, 623 626, 476 718, 853 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 (Figures in U m n i i l t l e io d n s K o i f n p g o d u o n m ds sterling) re C se a r s v h es M c n a o s l o h n l t o e a ic y r n t e d at B co il u ls n t d e i d s- Se ti c e u s ri- L c o u a s e t n r o s s m to - a O s t s h e e ts r Total D D e e m po a s n i d ts i Time lia O b t i h li e t r ies 10 London clearing banks 1930—December. 144 322 285 933 240 1,876 847 254 1931—December. 184 119 246 297 905 222 1, 737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1, 044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 11 London clearing banks 2 1936—December. 195 322 660 249 2,315 1,288 1,012 245 1937—July 235 163 282 647 975 251 2,293 1,239 1,010 259 August 234 162 277 645 973 244 2,283 1,235 1,001 253 September. 238 162 281 641 978 240 2,287 1,242 1, 009 251 October.. _ 234 165 296 639 988 244 2,312 1,244 1,019 253 November, 235 161 298 634 991 245 2,311 1,238 1,025 252 December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—January.._ 251 154 331 636 970 240 2,329 1,290 1,039 252 February._ 243 144 288 633 984 238 2,280 1,242 1,038 250 March 244 150 239 634 1,000 239 2,254 1,221 1,033 252 April 246 150 249 638 240 2,268 1,228 1, 040 252 May 231 146 280 631 246 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 ],055 255 August 241 153 305 642 974 239 2,298 1,248 1,050 256 September. 234 148 289 646 973 242 2,269 262 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

1024 FEDERAL RESERVE BULLETIN NOVEMBER 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 Cash D b u a e n f k r s om B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total D De 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 ., 749 37,759 36, 491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 ,827 32, 635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18, 304 8,159 ,717 30, 943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 ,900 27, 553 26,859 694 337 4,399 1936—December _ 3,100 2,975 17, 582 7,631 .,957 28,484 27,955 529 473 4,289 1937—July 2,764 4,176 16, 954 8,276 ,602 29,069 28, 523 546 570 4,133 August 2,925 4,258 16, 842 8,008 ,689 28, 438 550 583 4,152 September 2,790 4,552 16, 802 8,723 .,832 29,838 29, 288 550 644 4,216 October. __ 4,434 19,079 8,172 ,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 !, 134 30, 348 29, 748 600 661 4,517 1938—January.. _ 2,990 4,319 17, 921 7,905 ,400 30,022 29,386 636 740 3,773 February.. 3,218 4,357 17, 617 7,994 ,475 30,198 29, 542 656 781 3,682 March 3,025 4,302 17, 533 7,331 ,546 29, 234 28, 620 614 780 3,722 April 3,063 4,128 18,817 7,423 ,617 30,454 29,874 580 781 3,813 May 5,976 3,944 20, 271 7,153 ,573 34, 394 33, 828 566 676 3,847 June 4,086 3,799 20,443 7,083 ,538 32, 464 31, 938 527 534 3,950 July 3,297 3,962 21, 620 7,314 ,653 33,184 32, 701 483 566 4,096 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 t d e 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 s n it d s Time o C b b f r t a r e a o n d i m k n i s t e s d l O ia t t i b h e i s e li r - 1930—November. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November. 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November. 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—November. 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—November. 137 269 2, 567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—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 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 1,334 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 August Assets Liabilities Security Deposits payable in Can- Canada Entirely in Canada a l b o r a o n a s d ada exclu d d ep in o g s its interbank (10 cha l r io te n r s e d o f b C a a n n k a s d . ian F ig d u o r ll e a s r s i ) n mil- Cash 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 f n o f d r d r o e u i m e n g e n t Se ti c e u s ri- 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—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 1,411 106 2,333 749 1,584 November. 273 87 884 121 1,391 101 2,351 781 1,570 December. 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938—January... 257 72 839 1,434 480 92 2,314 723 1,591 771 February.. 242 70 852 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 247 900 129 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 August 262 913 137 1,440 459 93 2,418 783 1,635 771 i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1025 NOVEMBER 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 m a l- nk N o la f e — e n r t d - h s - S la w e n r i - d tz- Japan b C an e k n tr of a — l R O 3 a c 1 t t e , eff D ec a t t i e ve b C a e n n k t r o a f l — R O 3 a c 1 t t e . ef D fec a t t i e ve Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 I J J S n u u e 1 l l p e y y 9 f t 3 . f 1 7 6 e 9 0 c . . . t J _ . u . _ n _ e 30 .. , . 2 4 3 4 2 3 2 2 3.29 A B B B B o e u r r i g l l l t g i g e i v i s a n u i h r a t m i i I a n n a d . ia 2 6 3 6 A J M N A O u u c o a l t y g v r . . . . 2 2 1 5 1 8 7 5 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 5 6 8 5 J L N L M a i a e e v t t t h x v a h i u . i e c a a o rl n a i n a d .. s 3 3 5 2 5 J J N M D a u e o n a l c y v . r . . . 1 1 1 3 4 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 8 6 7 6 7 Sept. 25 5 Canada Mar. 11, 1935 New Zea- Oct. 2 3 Chile 3-4K Dec. 16, 1936 land 2 June 29, 1936 N O O O c o c c t t t v . . . . 2 1 9 2 0 6 6 ..- 2 2 iy 2 D C C z o a v e n l a c o z k h m i i g o a b s . l i o a - _ ..- 4 4 3 J J J a a u n n ly . . 1 1 2 8 , , , 1 1 1 9 9 9 3 3 3 7 6 3 N P P P o e o o r l r r u a t w u n g a d y al _. 6 4- 4 2 3^ J A M D a u e n a c g y . . . 2 1 1 0 5 1 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 7 2 8 7 Dec. 3 2 Denmark... 4 Nov. 19, 1936 Rumania May 5, 1938 Jan. 28, 1937. ... 4 Ecuador 4 Nov. 30, 1932 South Africa May 15, 1933 June 15 6 El Salvador 4 Aug. 23, 1935 Spain.. _ __ 5 July 15, 1935 J A u u ly g . 7 4 . . . 4 5 E Fi s n to la n n ia d 4 D O e ct c . . 3 1 , , 1 1 9 9 3 3 4 5 S Sw w i e t d z e e n rl . a _ n _• d __ 2lA D N e o c v . . 26 1 , , 1 1 9 9 3 3 6 3 N Se o p v t . . 1 3 3 3 2 F G r e a r n m c a e. ny. __ 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 May 10, 1938 4 Greece... _. 6 Jan. 4, 1937 dom 2 June 30, 1932 May 13 2H Hungary... 4 Aug. 29, 1935 U. S. S. R... 4 July 1, 1936 May 30 3 Italy.... May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Sept. 28 3 Oct 27 91/ In effect Oct. 31, Changes since Sept 30: Belgium—Oct. 27, down from 3 to 2lA percent. 1938 2 3 4 2 3.29 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c a m e n p o k t n a e n t r h c s s ' es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a u e t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—September 5.59 5.63 4.39 7.18 9.48 7.86 5.36 5.32 1930—September 2.07 2.05 1.68 1 3.30 4.54 3.78 1.96 1.84 1931—September. _ _ __ 4.74 4.57 4.04 2^-4 7.99 9.18 9.15 1.30 1.21 1932—September .67 .55 .67 H 4.25 5.55 5.55 .37 1.00 1933—September .44 .31 .63 3.87 5.50 5.00 .77 1.00 1934—September .. .73 .61 .78 3.81 5.13 4.71 .61 1.00 1935—September .58 .55 .75 3.02 3.07 3.21 5.48 5.65 1 1 9 9 3 3 6 7 — — S S e e p p t t e e m m b b e e r r ___ . . 5 5 5 5 . .5 5 0 3 . . 7 7 5 5 XA 3 2 . . 0 8 0 8 2 2 . . 8 7 9 3 3 3. . 0 0 7 1 1 . . 1 2 4 3 1 . .2 50 9 1938—March .53 .50 .75 Vi 2.88 2.88 2.86 .13 .50 A M p a r y il _ . . .5 53 3 . .5 51 1 . . 7 7 5 5 XYi A 2 2 . . 8 8 8 8 2 2 . . 8 8 8 8 3 2 . . 0 6 4 6 . . 1 1 3 3 . . 5 5 0 0 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 V* 2.88 2.87 2.51 .13 .50 September _ .91 .86 .75 lA. 2.88 2.88 2.59 .32 .70 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r i c a v o t a e u t n e t d P is r r 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 3 t 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—August 3.33 4.93 3.50 6.85 834-1034 7-8 41^-63^ 5.48 3.10 1 1 1 9 9 9 3 3 3 0 2 1 — — — A A A u u u g g g u u u s s s t t t _ 1 1 1 . . . 5 9 7 0 8 5 2 3 2 . . . 4 1 4 4 1 2 2 1 1 . . . 5 0 10 0 2 5 5 5 . . . 5 5 2 0 0 5 i sy l 2 - l ily 2 41/2-434 1 4- -6 5 3 2 ^ 4 5 . . 9 8 3 4 - - 5 5 6 . . . 4 4 2 8 8 1 3 4 3 . . . 0 8 6 2 3 5 1933—August 1.50 2.31 1.45 4.00 5.11-5.48 2.37 1934—August 1.50 2.31 1.75 3.00 5.11 2.79 1935—August 2 47 1 88 3.06 4.17 5.11 2.60 1936—August 2.25 1.38 3.00 4.50 4- 63^ 4.75 2.69 1937—August. _ 1.00 1.00 4.11 5.00 4— 63^2 2H 4.75 2.85 1938—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 A M p a r y il .. ... 1 1 . . 0 0 0 0 1 1 . . 5 5 0 0 2 3 . . 6 2 2 5 5 5 . . 0 0 0 0 2 2 Y y2 2 23^-43^ 4 4 . . 5 5 6 6 2 2 . . 4 4 0 5 J Ju u l n y e.. ... 1 1 . . 0 0 0 0 2 2 . . 5 4 0 0 5 5 . . 0 0 0 0 2V2 2y2-$y2 4 4 . . 5 5 6 6 2 2 . . 3 4 7 S August 1.00 2.50 5.00 4.56 2.44 c Corrected. 1 No quotation available. 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 1930, p. 318, and September 1938, p. 757. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULLETIN NOVEMBER 1938 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Argen- Aus- Austria Bel- Brazil (milreis) British Bul- Chile (peso) Colom- Year or month tina tralia (schil- gium India garia Canada China bia (P«6O) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) (peso) 1929 95.127 480.83 14. 058 13.912 11. 8078 36. 202 .7216 99.247 12.0601 41.901 96. 551 1930 83.505 458. 60 14.089 13. 952 10.7136 36. 067 .7209 99. 842 12.0785 29.917 96. 493 1931 66.738 351. 50 14.023 13. 929 7.0290 33.690 .7163 96.353 12.0669 22.437 96. 570 1932 58.443 279. 93 13. 960 13. 914 7.1223 26. 347 .7193 88. 090 7.9079 21.736 95. 275 1933 . 72.801 337. 07 15. 448 17. 900 7. 9630 31.816 1. 0039 91. 959 7. 6787 28.598 81. 697 1934 33. 579 400.95 18. 793 23. 287 8. 4268 37. 879 1.2852 101. 006 10.1452 34.004 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 4.9000 29.606 56. 726 1937—November- 33. 309 398.16 18. 900 17. 009 8. 7635 5. 7266 37. 711 . 2844 100. 073 5.1680 4.0000 29. 444 55. 958 December . 33. 312 398.10 18. 892 16. 985 5. 4492 37. 711 .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 . 2616 99. 983 5.1680 4. 0000 29.489 55. 459 February... 33.451 399.81 18. 939 16. 975 5. 8303 37. 890 .2575 100. 023 5.1680 4. 0000 29.102 55. 066 March 33.233 397.14 18. 922 16. 880 5. 8744 37. 638 . 2525 99. 716 5.1680 4. 0000 28.219 54. 648 April 33.308 396.85 16. 854 5. 8680 37. 432 .2506 99. 446 5.1683 4. 0000 26.906 54. 813 May 33.118 395. 77 16. 835 5. 8566 37. 052 .2466 99.177 5.1683 4.0000 23.804 55. 447 June 38.0*3 395. 02 16. 956 5. 8564 36. 738 . 2395 98. 908 5.1682 4. 0000 18.835 55. 370 July 32.862 392.77 16. 919 5. 8528 36. 762 .2370 99. 437 5.1694 4. 0000 18.205 56. 223 August 32.641 388.90 16. 869 5. 8460 36. 390 .2349 99. 646 5.1744 4. 0000 16. 618 56. 564 September. 32.032 382.74 16. 877 5. 8563 35. 827 . 2323 99. 365 5.1765 4. 0000 17.167 56. 704 Year or month ( C p u es b o a ) ( s C k l z o o e v r c a u h k n o i a - a ) ( m D kr e a o n r n k - e) (p E o g u y n p d t Fi ( 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 e i r c n r k h - y ) s- G ( r m d e r a a e ) c c h e - ( H K do o o l n n la g g r) ( H p g u e a n n r 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 i t n l h d d e e s r r - ) 1929 99. 965 2. 9609 26. 680 '8.07 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 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 28.111 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—November.. 99.917 3. 5146 22. 301 512. 25 2. 2061 3. 3946 40. 364 .9152 31.124 19. 819 5. 2623 29. 095 27. 750 55. 452 December.. 99. 916 3. 5130 22. 302 512. 29 2. 2068 3.3948 40. 296 .9157 31.186 19. 836 5. 2606 29. 081 27. 750 55. 602 1938—January 99.917 3. 5104 22. 317 512. 64 2. 2085 3. 3352 40. 281 .9162 31. 231 19. 826 5. 2608 29. 052 27. 750 55. 711 February. _. 99. 916 3. 5149 22. 399 514. 50 2.2155 3. 2814 40. 424 .9190 31. 339 19. 841 5. 2607 29. 035 27. 750 55. 958 March 99. 916 3. 5017 22. 251 511.06 2. 2001 3.1224 40. 241 .9128 30. 987 19. 831 5. 2605 28. 864 25. 597 55. 556 April 99. 916 3. 4833 22. 236 510. 54 2. 1987 3. 1020 40. 200 .9115 30. 828 19. 778 5. 2605 29. 013 23.109 55. 564 May 99. 926 3. 4792 22.174 509. 30 2. 1938 2. 8148 40. 160 .9100 30. 849 19. 769 5. 2604 28. 938 22. 275 55. 351 June 99. 933 3. 4754 22. 132 508. 36 2. 1878 2. 7824 40. 266 .9078 30. 856 19. 759 5. 2604 28. 884 20.914 55. 343 July 99. 935 3.4580 22. 004 505. 39 2. 1751 2. 7663 40. 188 .9031 30. 755 19. 701 5. 2604 28. 722 20.104 55. 040 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 September. - 99. 932 3. 4476 21.441 492. 54 2. 1171 2. 6924 39. 966 .8805 29. 989 19. 642 5. 2604 27. 996 19. 462 53. 940 Year or month Z (p e N o a e l u w a n n d d ) N (k o r r o w n a e y ) P (z o l l o a t a y d ) ( P es o g c r a u t l u d - o) R ( u n le m i u a ) a- (p S A o o f u r u i n c th a d) (p S e p s a e i t n a) ( S S m d e t o e r t a l t n l l i a t e t s r s - ) ( S k d w r e o e 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 p K d o n i o u n i m t n g e - d d ) ( U g p u e r a s u o y - ) ( Y s d l i u a n v g a i o a r - ) 1929 _. 483.21 36.683 11.194 4. 4714 .5981 483. 27 14.683 56.012 26. 784 19.279 48. 411 485.69 98.629 1. 7591 1930 458.22 26.760 11.205 4. 4940 .5953 483. 79 11.0*7 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.M5 52. 445 25. 254 19.401 47.181 453.50 46.357 1. 7680 1932 ._ 320.19 18.004 11.182 3. 1960 .5968 476. 56 8.944 40.397 18. 471 19.405 47.285 350.61 47.9*4 1.6411 1933 340.90 21.429 14.414 3. 9165 .7795 414. 98 10.719 49.232 22. 032 24.836 60.440 423. 68 60.316 1. 7607 1934 102.4a 26.316 18.946 4. 6089 1.0006 498.29 13. 615 59.005 25.982 32.366 79.047 503.93 79.916 2. 2719 1935 391. 26 24,027 18.882 4.4575 .9277 484. 66 13. 678 57.173 25.271 32.497 80.312 490.18 IP-261 2. 2837 1936 _. 24.974 18.875 4. 5130 .7382 491. 65 12. 314 58.258 25. 626 30.189 80.357 497.09 T9.874 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—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. W 25.120 18.974 4. 5260 .7356 495. 35 6.137 58.631 25. 770 23.125 80. G84 499.98 66. 458 2. 3276 February. 402.87 26.212 18.974 4.5350 .7372 497. 06 6.085 58.759 25. 861 28.231 90. *K) 501.80 66.021 2. 3398 March 100.28 26.046 18.909 4. 5105 . 7337 493. 74 5.814 58.118 25. 674 23.046 90.183 468.45 65.597 2. 3291 April 399.95 25.028 18.862 4.5032 .7341 493. 22 5.766 57.966 25. 670 22.990 80.099 498.12 65. 550 2. 3270 May 398.87 24.867 18.845 4. 4869 . 7336 491. 92 5.846 57.509 25.604 22.840 T9.701 496.73 65. 352 2.3239 June »8.13 24.911 18.836 4.4811 .7303 490.94 5.766 57. 432 25.561 22.887 79.919 495.80 65. 240 2. 3256 July 24.7S7 18.839 4. 4713 .7318 488.07 5.666 57. 452 25. 412 22.885 79.630 «482.91 64. 864 2. 3241 August 24.522 18. 832 4.4228 .7317 483.23 5.747 56.864 25.162 22.885 79.460 488.08 64. 239 2. 3133 September. 381.81 24.136 18.815 4. 4392 .7305 475. 63 5.228 56.794 24.765 22.903 79.624 480.38 63. 231 2. 2895 c Corrected. 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 no longer nominal beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning March 14; Czechoslovakia—quotations nominal beginning September 22; Mexico—quotations not available March 19-21 and nominal thereafter; Portugal—quotation nominal on September 28; Yugoslavia—quotations no longer nominal beginning September 17. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1027 NOVEMBER FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t t e e 1 d 0 s 0) (1 C 9 a 2 n 6= a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = t d e 1 o d 0 m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (1 e 91 r 3 m = a 1 n 00 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 1 l 9 e a 1 2 t 0 n 6 h 0 d - ) e 3 s r 0 - = ( S J w = u la l 1 i y t 0 n z 1 0 d e 9 ) r 14 - 1926 100 100 695 134 237 106 144 1927 95 642 138 225 103 142 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 63 180 63 91 1934 75 376 62 178 63 90 1935 338 102 68 186 62 90 1936 94 411 104 76 197 64 1937 109 581 106 76 1937—August 111 107 235 78 111 September 87 111 106 239 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 103 643 106 247 73 108 May 102 654 105 249 72 107 June 101 106 254 72 107 July 101 106 254 71 106 August 100 649 106 252 71 105 September 98 652 106 252 71 106 v Preliminary. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] UnitedStates (1926=100) United Kingdom France (1913=100) iGermany (1913=100) (1930=100) Year or month Induspr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods pr I o n tr d d ia u u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l t l s - P s r io o n v s i- a t f r n i i n d a i l s s h r e e a m d w i- tr I i i n a s d l h u e f d s in - products products 1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 . 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1937—August 86 87 86 103 116 572 629 106 98 96 125 September.. _ __ __ 86 88 86 104 115 612 645 105 97 96 126 October 80 86 85 105 113 607 646 105 97 95 126 November _ . 76 83 84 105 110 613 628 105 96 94 128 December 73 80 84 104 109 636 626 105 94 94 126 1938—January 72 76 84 105 109 634 638 105 90 94 126 February 70 74 83 103 107 625 636 105 90 94 126 March 70 74 83 101 106 620 647 106 90 94 126 April _ 68 72 82 100 104 633 651 106 90 94 126 May 68 72 82 100 103 650 657 106 90 93 126 June 69 73 81 99 101 657 663 106 90 94 126 July 69 74 81 98 102 630 671 106 90 94 126 August 67 73 81 95 102 625 670 107 90 94 126 September 68 75 81 92 102 631 669 106 P91 94 126 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

1028 FEDERAL RESERVE BULLETIN NOVEMBER 1938 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a 2 i = 3 t t e e - 1 s d 0019 E l 1 J a u 4 n n = l g y d - 1001 F 9 r J 1 a u 4= l n y 1 ce 00 19 m G 1 1 9 4 a e 1 = n r 3 - 1 y - 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e 1 - s r 0 - 0 S l J w e a u r i - n ly d tz- Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a 2 i = t t 3 e e 1 - d s 00 1914=100 1926 109 161 554 146 161 160 1926 103 1927 105 156 557 153 163 158 1927 101 1928 103 157 549 153 166 157 1928 100 1929 105 154 611 156 162 156 1929 _ . 100 1930 __ 100 145 614 146 150 152 1930 97 1931 82 131 611 131 136 141 1931 89 1932 _ 68 126 536 116 119 125 1932 80 1933 66 120 491 113 120 117 1933 76 1934 74 122 481 118 124 115 1934 . . 79 1935 80 125 423 120 118 114 1935 81 1936 82 130 470 122 120 120 1936 82 1937 85 139 601 122 127 129 1937 84 1937— August __ 86 140 594 124 130 130 1937-August September 86 140 627 122 129 130 September October __ 85 143 644 121 130 130 October November 84 146 645 121 131 130 November December 83 146 659 121 130 130 December. 1938—January __ 80 145 688 121 130 130 1938-January February_ 78 142 694 122 130 130 February _ March 79 140 698 122 128 129 March April _ _ 79 137 702 122 129 129 April May 79 139 705 123 132 128 May June 80 138 698 123 134 130 June July- 80 146 671 124 130 129 July August . 78 141 677 124 129 129 August September 79 140 697 121 130 September OO 19 E l J 1 a u 4 n n = l g d y 1 - 00 1 F 9 J J r 1 a u 4 a n n = n . e 1 - c 0 e 019 m G 1 1 9 4 a e 1 = n 3 r 1 - y - 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e — 1 s r 0 - 01 S 9 l J 1 w a e u 4 n r i = l - t y d 1 z 0 - 0 170 505 142 168 162 164 514 148 168 160 166 519 152 169 161 164 556 154 168 161 158 581 148 161 158 148 569 136 151 150 144 526 121 141 138 140 520 118 139 131 141 516 121 140 129 143 483 123 136 128 147 507 125 U32 130 154 619 125 137 137 155 126 139 137 155 630 125 139 137 158 125 140 138 160 125 140 138 85 160 658 125 139 138 159 125 139 138 157 125 139 137 83 156 688 126 138 137 154 126 138 137 156 126 139 136 83 155 692 126 140 137 159 127 139 137 156 127 138 136 156 126 137 » 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 r n t i e a c i r t e t a e e ) g * d s e ( 1 E D 9 n e 2 g c 1 e = l 1 m a 0 b nd 0) er (1 F 9 r 1 a 3= n 1 ce 00) G ( e a p r v r m e ic r e a a ) g n e y N l e a t n h d e s' r- U S n ta it t e e d s England France Germany (1 N 9 l e 3 a 0 t n h = d 1 e s 0 r- 0) Number of issues._ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110.7 71.7 118.3 107.0 123.2 145.0 1928 100.8 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 98.0 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100. 1931 90.9 108.4 96.9 »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 *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 4101.8 111.7 96.3 97.4 102.6 104. 1937—August 94.8 123.2 77.2 99.4 103.7 120.5 96.8 93.6 106.1 114. 7 September- 91.3 122.8 74.8 99.3 103 7 106.4 92.7 90.1 105.3 108.1 October 86.4 123.6 75.6 99.4 102 4 91.4 88.2 91.8 103.9 94.8 November- 83.3 124.1 76.4 99.6 104.3 82.9 85.8 90.1 102.7 92.0 December _-. 82.7 123.9 75.5 99.7 105.0 82.2 86.8 87.6 102.1 93.7 1938—January 80.6 124.7 75.1 99.8 106.3 81.6 86.5 85.0 104.4 98.3 February 79.3 125.1 74.7 99.9 107.2 80.7 83.8 84.5 104.2 97.5 March 76.0 121.0 73.2 100.1 104.3 77.9 78.9 82.0 104.5 95. 1 April 73.8 124.2 75.6 100.1 106.3 70.7 81.7 93.6 105.3 92.2 May_ 76.5 122.1 76.1 100.0 108.0 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 81.3 122.4 76.6 99.9 106.3 89.5 81.1 87.6 93.8 97.1 September— 78.7 118.4 75.6 99.8 100.6 86.0 78.4 83.7 94.7 92.8 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent. 4 New index. See note 3. Sources.—See BULLETIN for February 1932, p. 121 ,June 1935, p. 394, April 1937, p. 373, July 1937, p. 698, and November 1937, p. 1172 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 1029 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 OSCAR NEWTON District No. 4 (CLEVELAND) L. B. WILLIAMS J. N. PEYTON District No. 5 (RICHMOND) ROBERT M. HANES RONALD RANSOM District No. 6 (ATLANTA) EDWARD BALL G. J. SCHALLER District No. 7 (CHICAGO) EDWARD E. BROWN JOHN S. SINCLAIR District No. 8 (ST. LOUIS) WALTER W. SMITH M. S. SZYMCZAK President District No. 9 (MINNEAPOLIS) JOHN CROSBY CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY). . . .C. Q. CHANDLER S. R. CARPENTER, Assistant Secretary District No. 11 (DALLAS) R. E. HARDING WALTER WYATT, General Counsel 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 1030 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B er a a n l k R o e f— serve Cha R irm es a er n v a e n A d g F en ed t eral President First Vice President Vice Presidents Boston.. F. H. Curtiss R. A. Young W. W. Paddock W. Willett 2 New York Owen D. Young G. L. Harrison Allan Sproul L. R. Rounds W. 8. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia R. L. Austin J. S. Sinclair F. J. Drinnen C. A. Mcllhenny 3 W. J. Davis E. C. Hill Cleveland E. 8. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter Hugh Leach J. 8. Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely Oscar Newton R. 8. Parker H. F. ConnifE W. S. McLarin, Jr. s M. H. Bryan i Chicago... R. E. Wood* G. J. Schaller H. P. Preston W. H. Snyder 3 0. 8. Young J. H. Dillard St. Louis W. T. Nardin W. McC. Martin F. G. Hitt 0. M. Attebery J. 8. Wood CM. Stewart2 Minneapolis W. B. Geery J. N. Peyton 0. 8. Powell H. I. Ziemer 3 E. W. Swanson Kansas City J. J. Thomas G. H. Hamilton C. A. Worthington H. G. Leedy J. W. Helm 3 Dallas J. H. Merritt B. A. McKinney R. R. Gilbert R. B. Coleman s W. J. Evans San Francisco St George Holden * W. A. Day Ira Clerk S. G. Sargent W. M. Hale C. E. Earhart2 1 Deputy chairman. 2 Cashier. s 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 B altimore 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; single copies, 25 cents. 1031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS S.DAK. I >•[ LSk I^HMB BOUNDARIES OF FEDERAL RESERVE DISTRICTS — .M BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK QTIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis