Federal Reserve Bulletin, 1939-01

FKDERAL RESERVE BULLETIN JANUARY 1939 Anniversary of Federal Reserve Act Treasury Financing in 1938 Interest Rates on Commercial Loans BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Treasury financing in 1938 1-8 National summary of business conditions - 8-9 Summary of financial and business statistics 11 Law department: Ruling of the Board : Deposit of trust funds by a National bank in its own savings department 12 Ceremony on the twenty-fifth anniversary of the signing of the Federal Reserve Act 13-16 Rates charged by banks on customers' loans __ 17-19 Indexes of production of durable and nondurable manufactures 20-21 Revised form of bank report of condition . 22—23 All banks in the United States, assets and liabilities 24-28 French measures affecting the Bank of France and the Treasury 29-30 Balance of international payments of the United States, 1936-1937 31 Statistics of international capital transactions of the United States, July-September 1938 32-35 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 38 Federal Reserve bank statistics 39-43 Reserve position of member banks; deposits in larger and smaller centers 44 Money in circulation 45 u Gold stock and gold movements; bank suspensions; bank debits._^ 46 All banks in the United States 47 All member banks 48-49 Reporting member banks in leading cities - 50-53 Acceptances, commercial paper, and brokers' balances 54 Federal Reserve bank discount rates 55 Money rates and bond yields.! 56 Security markets , 57 Treasury finance 58-59 Governmental corporations and credit agencies; Postal Savings Systemi 60-61 Production, employment, and trade 62-70 Wholesale prices 71 Crop Report 72 International financial statistics: Gold reserves of central banks and governments 74 Gold production 75 Gold movements 75-76 Central banks 77-80 Bank for International Settlements 81 Money rates , 81 Discount rates of central banks 82 Commercial banks 82-83 Foreign exchange rates 84 Price movements: Wholesale prices 85 Retail food prices and cost of living 86 Security prices 86 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 88 Senior officers of Federal Reserve banks; managing directors of branches_.^_ 89 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bronze bas-relief of the Honorable Carter Glass and inscription placed on the west wall inside the Constitution Avenue entrance of the Federal Reserve Building in Washington and unveiled on December 23, 1938, by the Honorable Henry B. Steagall on the occasion of the twenty-fifth anniversary of the signing of the Federal Reserve Act. The proceedings in connection with this ceremony appear in this Bulletin on pages 13—16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A X A OV CNT URE I N COKl'&TW50 f ?$/ r i M Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 JANUARY, 1939 No. 1 REVIEW OF THE MONTH gations issued to Government agencies and trust funds. Outstanding obligations of Following a further sharp rise in Novem- Federal agencies guaranteed by the United ber, business activity was maintained in De- States Government increased by $350,000,000 cember, changes being during the year. Changes in the composition Business conditions i ly f a seasonal na- of the publicly-offered direct obligations durarge o m December T J 4. • i J ing 1938, which are shown in the table below, ture. Industrial producresulted from a growth in the volume of tion, as measured by the Board's seasonally bonds and declines in the volume of notes and adjusted index, was at about 104 percent of bills. the 1923-1925 average, slightly above the fig- During the year about $3,000,000,000 of ure of 103 for November and materially Treasury notes were retired through exhigher than the midsummer level of 77. For changes for new issues, and about $1,000,the year as a whole the index averaged 86 as 000,000 of new notes were issued, one-third compared with 110 for 1937. Employment and payrolls appear to have increased fur- UNITED STATES GOVERNMENT INTEREST-BEARING OBLIGATIONS, DIRECT AND GUARANTEED ther from the middle of November to the [In millions of dollars] middle of December. Department store sales, which earlier in the year were continuously Dec. 31, Dec. 31, Change 1937 1938 in year lower than in 1937, exceeded last year's volume during the Christmas holiday trade. Publicly-offered direct obligations: Treasury and pre-war bonds 20, 555 24, 083 +3, 528 Railroad freight traffic showed about the U. S. Savings bonds 964 1,442 +478 Treasury notes 10, 547 8,496 -2,051 usual seasonal decline in the first three weeks Treasury bills 1,952 1,306 -646 Securities issued to Govt. agencies and trust of December. funds !, 227 3,156 +929 Other direct obligations 1 464 415 -49 For the purpose of financing enlarged ex- Total direct obligations. 36, 708 +2,191 penditures for recovery and relief, in ac- Guaranteed obligations 4,645 4,992 +347 cordance with the policy 1 Includes adjusted service bonds of 1945 issued to veterans and postal financing adopted last spring, the savings bonds formerly issued to depositors in the postal savings system. as exchanges and two-thirds for new cash. United States Treasury New issues of Treasury bonds totalled about increased the volume of outstanding Govern- $3,500,000,000, three-fourths of which were ment obligations during the latter part of in exchange for Treasury notes. In addition 1938. Treasury debt operations in December the amount of United States Savings bonds included the sale of about $700,000,000 of increased by $480,000,000. The amount of new issues of bonds and notes and the ex- Treasury bills outstanding was reduced by change of over $900,000,000 of Treasury $650,000,000 to $1,300,000,000, compared notes maturing in March 1939 for new issues with an average outstanding amount of about of bonds and notes. These followed the sale $2,300,000,000 in 1937. The increase in for cash in September of about $800,000,000 guaranteed issues resulted from sales of of bonds and notes. During the year 1938, notes by the Reconstruction Finance Cortaken as a whole, the interest-bearing direct poration and the Commodity Credit Corporadebt of the United States Government intion, offset in part by retirements of bonds of creased by $2,200,000,000, of which $1,300,the Federal Farm Mortgage Corporation and 000,000 represented additions to publiclythe Home Owners' Loan Corporation. offered issues and $900,000,000 special obli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1939 Interest rates on Treasury obligations sold NTE REST-BEARING DEBT OF THEU.S. GOVERNMENT during 1938 declined in the course of the year DOLLARS END OF MONTH J0NOFDOLLARS and were exceptionally low for issues of sim- 1 _ 40 ilar maturities. In March maturing notes - ! were exchanged for lO1/^ year bonds, bear- \r 35 y ing a coupon rate of 2V2 percent. In June 3C 2% percent bonds of 1958-1963 and iy per- 25 8 OTAL / cent 5-year notes were offered by the Treas- / m ur a y t u in ri e ti x e c s h . ang T e h f e o r S J e u p n te e m an be d r Se fi p n t a e n m c b in e g r n i o n te - I —J \ >^ B - O > N - DS / s, 15 TT cluded an offering of 2i/ percent 12-14 year 1 1 1NOES/ 2 i bonds and 1% percent June 1943 notes, while _if CAENRDTI FBICILALTSESVA. \? in December exchanges were permitted for •~±—i—^tW 1 0 '16 1918 1920 1922 1926 1928 1930 1932 1934 1936 1936 23/4 percent bonds of 1960-1965 and 2 per- Special issues include securities issued to Government agencies cent bonds of 1947, as well as for 1% percent and trust funds, adjusted service bonds issued to veterans, and postal savings bonds formerly issued to depositors in the postal 5-year notes, and there were cash sales of savings system. the longer bonds and the notes. The increase in the debt has occurred in the Review of the public debt since the end of longer maturities, and issues maturing after 1930 shows a considerable growth in the 15 years now comprise about 15 percent of aggregate, a general lengththe total, whereas in 1930 they were only Changes in ening of maturities and an public debt in 9 percent of the total and by 1934 were a improvement of the distriburecent years much smaller part. tion of maturities as between individual years. It also shows a decline in the average rate of interest paid on Govern- MATURITY DISTRIBUTION OF PUBLICLY-OFFERED DIRECT ment obligations. OBLIGATIONS OF THE UNITED STATES GOVERNMENT1 The interest-bearing direct obligations in- [In millions of dollars] creased from about $16,000,000,000 at the end of 1930 to nearly $39,000,000,000 at the Due or callable 2 De 1 c 9 . 30 31, De 1 c 9 3 3 4 1, De 1 c 9 . 3 3 8 1, end of 1938. In the early years of this pe- Within 5 years 11, 757 16, 865 13, 390 riod, as shown on the chart, this increase was " 5-10 years. 359 6,143 11, 259 10-15 years 1,530 3,411 5,526 principally in Treasury notes maturing in 5 Ovei 15 years 1,327 805 5,153 years or less. In addition about $6,000,000,- Total 14, 973 27, 224 35, 327 000 of Fourth Liberty loan bonds, due in 1938, 1 Excludes issues to Government agencies and trust funds, adjusted were callable in 1933. Thus from 1930 until service bonds issued to veterans, and postal savings bonds. 2 Callable issues classified according to earliest call dates; savings 1934 over two-thirds of the publicly-offered bonds on maturity dates. debt was due or callable within 5 years and a large part of the growth in the debt occurred In addition to the lengthening of the mawithin those maturities. Changes in the ma- turity distribution of the debt, maturities turity distribution of the publicly-offered have been arranged in a larger number of direct debt since 1930 and since 1934 areindividual years. As a result there is no shown in the following table. large amount of issues maturing or callable Since 1935 when refunding of the First in any single year as was the case when and Fourth Liberty loan bonds was com-there were over $6,000,000,000 of the pleted, there has been a rapid increase in Fourth Liberty loan bonds callable between Treasury bonds outstanding and a slow de- 1933 and 1938. The more orderly distribucline in notes. Obligations maturing in less tion of maturities has diminished the refundthan 5 years have decreased in amount and ing problems facing the Treasury in the are now less than 40 percent of the total. future. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN In the past two years the amount of securi- yields was downward from 1920 to 1927, ties issued directly to Government agencies showed a temporary increase in 1928 and and trust funds has 1929, at the time of high short-term interest Issues to Government increased considerably. rates, and returned in 1930 to the 1927 level. agencies and trust These special issues re- Following a sharp increase late in 1931 and funds mained generally well in January 1932, yields again returned to under three-quarters of a billion dollars from the 1927 level in 1933. Since that time the 1931 to the early months of 1937. By substantial increase in excess reserves of the end of 1938 the total had increased to banks and in other funds available for in- $3,200,000,000. The principal elements of vestment has resulted in a decline in yields increase, as shown in the following table, on long-term Treasury bonds to a record low were the old-age reserve account series and level of about 21/2 percent. Yields on shorterthe unemployment trust fund series. The term Treasury issues, which have shown law requires that the funds available for wider temporary fluctuations, have declined these purposes be invested in Government relatively more than bond yields. The widsecurities with specified rates of return, and ening spread between short-term and longthese accounts have purchased securities di- term rates reflects the demand for highly rectly from the Treasury rather than in the liquid investments in which to place the large open market. supply of funds awaiting more permanent Although the maturity of the debt has been employment. lengthened in recent years, the average rate of interest paid on out- YIELDS ON UNITED STATES GOVERNMENT SECURITIES Decline in interest standing obligations has rates on Government declined. The refunding securities of securities bearing high coupon rates and the sale of new issues at low rates have brought about a reduction in the average interest rate on the debt from about 3% percent at the end of 1930 to 3 percent at the end of 193.4 and to between 2V2 and 2% percent at the present time. These changes reflect the substantial decline in the general level of interest rates during this period. The following chart shows fluctuations in yields on long-term Treasury bonds and on Yields on 3- to 5-year Treasury notes and on Treasury bonds due or callable after 12 years. Yields on 3- to 6-months' notes and shorter-term Treasury issues since 1919.certificates from January 1920 to January 1931, average rate on 3-month bills offered within month from February 1931 to Decem- The chart indicates that the trend in bond ber 1933, and average dealers' quotation on 3-month bills from January 1934 to December 1938. SECURITIES ISSUED TO GOVERNMENT AGENCIES AND Banks have purchased a large part of the TRUST FUNDS newly-issued Government securities in the [In millions of dollars] ™ . ,. ., . past eight years. Dec. 31, Dec. 31, Dec. 31, Changes in distribution ^ 1930 1937 1938 of Government obligations The increase in among holders banks' holdings of Adjusted Service funds 1 620 531 522 Unemployment trust fund 625 1,064 direct and guaranteed obligations of the Old-age reserve and railroad retirement funds 563 938 United States Government in that period has Government employees retirement funds. __ 161 378 468 Other series 130 164 amounted to about half of the increase in the Total- 781 2,227 3,156 outstanding amount of publicly-offered obligations. The volume of bank purchases has 1 Figures exclude adjusted service bonds issued to veterans, which now amount to about $300,000,000. varied somewhat with changes in the types of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1939 securities offered. As shown in the following HOLDINGS OF UNITED STATES GOVERNMENT OBLIGAtable, in 1930 banks held more than a third of TIONS BY TYPES OF INVESTORS1 the total publicly-offered obligations of the [Amounts in millions of dollars] Government. In the five years from 1930 to June 30, June 30, June 30, 1935, when bank loans were declining sharply, 1930 1935 1938 their investments in Government securities Obligations outstanding ._ ._ 15,138 31, 033 38, 316 almost tripled, and the proportion of bank Holdings of— holdings to the total outstanding increased Mem N b e e w r b Y a o n r k k s City 2 1,147 3,809 3,740 to 46 percent. In this period the First and Other reserve cities ... 1,686 5,136 5,639 Country banks 1,229 2,484 2,964 Fourth Liberty loan bonds, which had been Nonmember banks3 1,436 2,829 4,382 widely distributed among individual holders, All banks, excl. Fed. Res. banks 5,498 14, 258 16, 725 were refunded, and new issues included a Federal Reserve banks . _ _. 591 2,433 2,564 U. S. Govt. agencies and trust funds 196 1,344 2,098 large amount of short-term obligations, which L O a th rg e e r l h if o e l d i e n r s s urance companies 8,6 2 0 5 3 0 1 1 1 , , 8 1 5 4 7 1 1 3 2, , 9 9 4 8 2 7 were popular with banks. Also in the latter Percentage distribution of holdings part of this period guaranteed obligations Obligations outstanding _ _ 100.0 100.0 100.0 Member banks were issued by Government agencies princi- New York City 2 . 7.6 12.3 9.8 pally in exchange for farm and home mort- C O o th u e n r t r r y e s b er a v n e k s cities 1 8 1 . . 1 1 1 8 6 . . 0 6 1 7 4 . . 7 7 gages, and a large portion of these issues Nonmember banks 3 9.5 9. 1 11.4 came into the portfolios of banks. The issu- All banks, excl. Fed. Res. banks 36.3 46.0 43.6 ance of these guaranteed obligations also U Fe . d S e . r a G l o R v e t. s e a r g v e e n c b i a e n s k a s nd trust funds 3 1 . . 9 3 7 4 . . 8 3 6 5 . . 7 5 probably contributed to the increase in hold- L O a t r h g e e r l h if o e l d in e s rs urance companies 5 1 6 . . 7 8 3 6 5 . . 0 9 3 1 3 0 . . 9 3 ings of insurance companies in this period. * Figures include direct and fully-guaranteed obligations which are From the middle of 1935 to the middle of pu 2 b C lic e l n y t - r o a f l f e re re s d e rv a e n c d i t i y n t b e a re n s k t s - b o e n a l r y i . ng. 1938, when a considerable part of the new 3 Figures include mutual savings banks and are partly estimated. issues were longer-term bonds, the growth increase of about $750,000,000 in holdings in bank holdings was relatively small and of member banks in 101 leading cities, indiamounted to only about a third of the increase cating a renewed growth in this type of bank in the obligations outstanding. A large part investment. End-of-year figures for other of the increase that occurred was at mutual types of investors are not yet available. savings banks. New York City member Increase in the public debt during the latter banks continued to increase their holdings part of 1938 was for the purpose of meeting until the middle of 1936 but reduced them larger expenditures for the considerably in the next year and a half, and Treasury require- very and relief prorecO at member banks in other cities holdings de- ments in 1938 f . clined during 1937. Country banks showed gram inaugurated during no decline in their holdings until the first the year. Total receipts from taxes and other half of 1938. At life insurance companies Treasury revenues for the year were near the investments in Government obligations have high level reached in 1937, while expendimore than doubled since 1935. Amounts tures increased. The working balance of the held by various United States agencies and in Treasury was increased by security sales in Government trust funds have also increased. anticipation of continued large expenditures Holdings of other investors, for which de- in the first half of 1939. tailed information is not available, have Treasury receipts and expenditures in gengradually increased in the past eight years, eral and special accounts for the past three but the proportion of these to the total out- calendar years are shown in the following standing has declined from 57 to 34 percent. table. In addition to these accounts Treasury Since June 30, 1938, there has been a cash needs were affected by receipts and exgrowth of about $2,000,000,000 in the amount penditures in various trust accounts, espeof publicly-offered direct and guaranteed cially those connected with unemployment Government obligations outstanding and an compensation, and in certain checking accounts of Government agencies, such as the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN Reconstruction Finance Corporation and the 000,000 of funds from new security issues Commodity Credit Corporation. sold for cash, $1,200,000,000 from the trans- Treasury cash outlays for general and fer of gold from inactive account, and about special accounts in the latter half of 1937 $600,000,000 from other sources. The total and the first quarter of 1938 were not of funds from these sources was considerably much larger than receipts from taxes and larger than the excess of regular budget exother revenues, and the difference was ap-penditures over receipts, amounting to $1,proximately balanced by a net cash inflow 900,000,000 for the year, and the working from sources outside the regular budget, balance at the end of December at $2,450,chiefly from net deposits by States in the 000,000 was double the balance at the end of unemployment trust fund. Mounting require- the preceding calendar year. ments during the spring and early summer During the latter half of 1937 and the first of 1938 were financed without new direct quarter of 1938, when expenditures were in borrowing in the open market at that time. smaller volume, the yield of taxes The release of gold from inactive account in Treasury j ^her Treasury revenues was an( 0 April added $1,200,000,000 to the Treasury's receipts J working balance. From the latter part of the largest of recent years, averag- April to the middle of July these funds were ing $1,600,000,000 a quarter. Subsequently drawn upon to meet current requirements revenue yields declined somewhat as the and for the retirement of $800,000,000 of lower level of business activity was reflected Treasury bills. During the first half of 1938 in reduced receipts from customs and certhe outstanding publicly-offered debt de- tain miscellaneous internal revenue taxes. clined by about $550,000,000, and in addition In the last quarter of 1938 receipts were the Treasury's working balance increased by about $1,420,000,000. Income tax receipts $400,000,000. in 1938 did not reflect the lower level of in- In the latter half of 1938 Treasury needs comes for that year. Collections from this for funds to meet cash expenditures in excess source during the calendar year 1938 were of receipts were met by increases in the based largely upon incomes of the calendar publicly-offered debt, as already described. year 1937 and were about the same as those Some cash was also available during this of the preceding year based on incomes of period from net deposits in the unemploy- the calendar year 1936. Receipts of social ment trust fund and from sale in the open security taxes also were about the same in 1938 as in 1937, although in the latter half of 1938 they were somewhat smaller, reflecting TREASURY RECEIPTS AND EXPENDITURES the decline in payrolls since 1937. [In millions of dollars] Treasury expenditures during the last General and special accounts Other, three quarters of the calendar year 1938 were net, Calendar years Excess e r x ec ce e s ip s t o s f in about the same general vol- Receipts E t x u p r e e n s d x i- t e u x re p o s e f n (— di- ) t e u ( x r + p e ) e s n o ( d — r i- ) Treasury ume as d ur i n g the latter part expenduures ^ ^ ^ ^ ^ ^ rf 1937, following a period of about nine months 1936 4,372 7,468 -3,096 -1,033 1937 6,312 7,090 -778 +260 when they declined about 15 percent from 1938 5,993 7, 880 -1,887 +59: this level. Total expenditures, excluding 1 Excluding debt retirements and transfers to trust accounts largely debt retirements and amounts which merely for investment in Government securities; in 1936 the latter included large transfers to the adjusted service certificate fund in connection with the involve transfers to trust accounts largely payment of adjusted service certificates, for which the Treasury's cash needs are reflected in the last column of the table. for investment in special debt issues, were about $2,000,000,000 in each of the last three market of guaranteed notes of the Reconquarters of 1938 as compared with a quarstruction Finance Corporation. terly volume of about $1,600,000,000 during For the year as a whole the Treasury the period from June 1937 to March 1938 added to its working balance about $1,300,and an average quarterly volume of about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY 1939 $1,900,000,000 in 1936 and the early part of Statement by the Federal Open Market Committee 1937. The Federal Open Market Committee an- As shown in the following table, the de- nounced, following a meeting December 30, cline in expenditures during the latter part 1938, that weekly statements of the total of 1937 and the early part of 1938 and the holdings in the Federal Reserve System's subsequent increase resulted largely from Open Market Account may at times show changes in expenditures under various re- some fluctuation depending upon conditions covery and relief programs. Expenditures in the market affecting the Committee's abilfor work relief and direct relief, like those ity to replace maturing Treasury bills held now administered by the Works Progress in its portfolio. The volume of Treasury bills Administration, were in the neighborhood of available on the market has declined mate- $520,000,000 a quarter during 1936, but de- rially during the year and, owing to the large clined during 1937 to $320,000,000 in the and increasing demand, such bills are already final quarter of that year and then increased selling either on a no-yield basis or at a presharply in the latter part of 1938 to a total mium above a no-yield basis. It has, thereof over $600,000,000 in the last quarter. In fore, become difficult and in some weeks imrecent months agricultural adjustment paypossible for the System to find sufficient bills ments have been in much larger volume than on the market to replace those that mature. a year ago, reflecting largely price adjust- Short-term notes are also selling on a no-yield ment payments to cotton farmers. Paybasis and longer-term notes have at times ments under various social security programs been difficult to obtain. In these circumhave been growing steadily and the quarstances, it may be necessary from time to terly total of $90,000,000 at the end of 1938 time to permit bills held in the portfolio to was nearly double the quarterly volume of mature without replacement, not because of two years ago. Some recovery and relief exany change in Federal Reserve policy but penditures continued during 1938 at a level solely because of the technical situation in much smaller than in the preceding periods. the market. Because no change in Federal This was true of public works expenditures; Reserve policy is contemplated at this time, the new public works program enacted in maturing bills will be replaced to the extent June was reflected in Treasury cash outlays that market conditions warrant. to only a moderate extent prior to the last month of the year. Expenditures for national Election of Class A and B Directors defense and for regular departmental activi- The member banks elected the following ties were slightly larger in 1938 than in 1937. Class A and B directors of the Federal Reserve banks for the three-year term begin- TREASURY EXPENDITURES BY QUARTERS, 1937-1938x ning January 1, 1939: [In millions of dollars] CLASS A Recovery Na- Boston—Allan Forbes, President, State Street T pe e o x n t - d al - and i•elief s S e o i c t c y u ia r- l AAA ti d o a e l n - - t I e e n s r - t - o A th ll er T el r e u c s te t d C ) ompany, Boston, Massachusetts (reitures WPA Other fense New York—Otis A. Thompson, President, The National Bank and Trust Company of Nor- 1937: wich, Norwich, New York (reelected) Jan.-Mar._ 1,852 449 240 54 194 206 193 516 Philadelphia—Joseph Wayne, Jr., President, Apr.-June- 1,961 428 251 51 171 229 271 560 Philadelphia National Bank, Philadelphia, J O u c l t y .- - D S e e c p . t . . _ . 1 1 , , 6 6 7 0 1 5 3 3 3 1 4 6 1 1 9 7 6 3 8 5 4 7 4 3 7 2 2 2 3 4 6 0 2 1 4 9 0 2 6 5 0 2 9 0 Pennsylvania (reelected) Cleveland—F. F. Brooks, President, First Na- 1938: tional Bank at Pittsburgh, Pittsburgh, Jan.-Mar._ 1,626 353 142 73 106 246 186 520 Apr.-June-2 2,024 470 2 158 78 178 253 308 579 Pennsylvania (reelected) July-Sept.. 1,969 559 136 82 116 267 176 633 Richmond—L. E. Johnson, Chairman, First Oct.-Dec. _ 2,167 621 196 91 187 273 249 550 National Bank, Alderson, West Virginia (reelected) 1 General and special accounts, on the basis of daily Treasury state- Atlanta—G. J. White, President, First Nament, excluding debt retirements and transfers to trust accounts. tional Bank, Mount Dora, Florida (re- 2 Excluding Treasury payment of $94,000,000 to the Commodity Credit Corporation to restore impairment of capital stock. elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN Chicago—F. D. Williams, Vice President and Designation of Chairmen and Federal Reserve Agents Cashier, First Capital National Bank, Iowa and Appointment of Deputy Chairmen City, Iowa (reelected) St. Louis—Sidney Maestre, President, Mis- The Board of Governors designated the folsissippi Valley Trust Company, St. Louis, lowing Chairmen of boards of directors and Missouri Minneapolis — J. R. McKnight, President, Federal Reserve Agents at Federal Reserve Pierre National Bank, Pierre, South Dabanks for the year 1939: kota Kansas City—E. E. Mullaney, President, Farmers & Merchants Bank, Hill City, Boston—F. H. Curtiss, retired (redesignated) Kansas (reelected) New York—Owen D. Young, Chairman, Gen- Dallas—Ford Seale, President, Citizens Na- eral Electric Co., New York, New York (retional Bank of Denison, Denison, Texas designated) San Francisco—Reno Odlin, President, Puget Philadelphia—Thomas B. McCabe, President, Sound National Bank, Tacoma, Washington Scott Paper Co., Chester, Pennsylvania CLASS B Cleveland—George C. Brainard, President, The General Fireproofing Co., Youngstown, Boston—P. R. Allen, Chairman, Bird & Son, Ohio Inc., E. Walpole, Massachusetts (reelected) New York—W. C. Teagle, Chairman, Stand- Richmond — Robert Lassiter, Chairman, ard Oil Company of New Jersey, New York, Mooresville Cotton Mills, Mooresville, North New York (reelected) Carolina (redesignated) Philadelphia—Harry L. Cannon, President, Atlanta—Frank H. Neely, General Manager, H. P. Cannon & Son, Inc., Bridgeville, Rich's, Inc., Atlanta, Georgia (redesignated) Delaware St. Louis—W. T. Nardin, Vice President & Cleveland—G. D. Crabbs, President, Philip General Manager, Pet Milk Co., St. Louis, Carey Mfg. Co., Cincinnati, Ohio (reelected) Missouri (redesignated) Richmond — Edwin Malloy, President and Kansas City—R. B. Caldwell, Member of Law Treasurer, Cheraw Cotton Mills, Inc., Che- Firm of McCune, Caldwell & Downing, raw, South Carolina (reelected) Kansas City, Missouri Atlanta—E. T. George, Chairman and Presi- Dallas—J. H. Merritt, retired, McKinney, dent, Seaboard Refining Company, Ltd., Texas (redesignated) New Orleans, Louisiana (reelected) Chicago—N. H. Noyes, Secretary and Treasurer, Eli Lilly and Company, Indianapolis, The Board of Governors appointed the fol- Indiana (reelected) lowing Deputy Chairmen of Federal Reserve St. Louis—J. R. Stanley, Secretary, Treasurer and General Manager, Stanley Clothing Co., banks for the year 1939: Evansville, Indiana. Minneapolis—J. E. O'Connell, President, Eddy Boston—Henry S. Dennison, President, Den- Bakery Co., Helena, Montana (reelected) nison Manufacturing Co., Framingham, Kansas City—L. E. Phillips, Phillips Petro- Massachusetts (reappointed) leum Company, Bartlesville, Oklahoma (re- New York—Beardsley Ruml, Treasurer, R. H. elected) Dallas—J. D. Middleton, President, Texas Re- Macy & Co., Inc., New York, New York (refining Company, Greenville, Texas (re- appointed) elected) Philadelphia—Francis Biddle, Member of San Francisco—W. G. Volkmann, Vice Presi- Law Firm of Barnes, Biddle & Myers, dent, A. Schilling and Company, San Fran- Philadelphia, Pennsylvania cisco, California (reelected) Cleveland—R. E. Klages, President, and General Manager, Columbus Auto Parts Co., Columbus, Ohio Appointment of Class C Directors Richmond—W. G. Wysor, General Manager, The Board of Governors appointed the fol- Southern States Cooperative, Inc., Richlowing Class C directors of Federal Reserve mond, Virginia (reappointed) Atlanta—J. F. Porter, President and General banks for the three-year term beginning Jan- Manager, Tennessee Farm Bureau Federuary 1, 1939: ation, Columbia, Tennessee Chicago—R. E. Wood, President, Sears, Roe- Boston—F. H. Curtiss, retired (reappointed) Buck & Co., Chicago, Illinois (reappointed) New York—Beardsley Ruml, Treasurer, R. H. St. Louis — Oscar G. Johnston, President, Macy & Co., Inc., New York, New York (re- Delta and Pine Land Co., Scott, Mississippi appointed) Minneapolis—W. C. Coffey, Dean, Depart- Cleveland—James C. Stone, Tobacco Mer- ment of Agriculture, University of Minnechant, Lexington Kentucky sota, St. Paul, Minnesota. Atlanta—Frank H. Neely, General Manager, Kansas City—J. J. Thomas, Lawyer, Seward, Rich's Inc., Atlanta, Georgia (reappointed) Nebraska Chicago—R. E. Wood, President, Sears, Roe- Dallas—Jay Taylor, Rafter 0 Cattle Combuck & Co., Chicago, Illinois (reappointed) Kansas City—J. J. Thomas, Lawyer, Seward, pany, Amarillo, Texas Nebraska (reappointed) San Francisco—St. George Holden, President, Dallas—J. H. Merritt, retired, McKinney, St. George Holden Realty Co., San Fran- Texas (reappointed) cisco, California (reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY 1939 Retirement of Chairmen and Federal Reserve Agents 1, 1936, and as Acting Chairman of the bank at the Federal Reserve Banks of Philadelphia, from November 1934 to March 1936, and on Cleveland, and Minneapolis. March 3, 1936, was designated as Chairman Effective at the close of December 31,1938, and Federal Reserve Agent, serving in that Messrs. R. L. Austin, E. S. Burke, Jr., and capacity until his retirement on December W. B. Geery retired as Class C directors and 31, 1938. Chairmen and Federal Reserve Agents at Mr. Geery served as Deputy Governor of the Federal Reserve Banks of Philadelphia, Cleveland and Minneapolis, respectively. the Federal Reserve Bank of Minneapolis Mr. Austin served as a Class C director from September 1920 to October 1927, at and as Chairman and Federal Reserve Agent which time he was elected Governor of the of the Federal Reserve Bank of Philadelphia bank. He served in that capacity until from the date of its establishment. March 1, 1936, when he was appointed a Mr. Burke was appointed a Class C direc- Class C director of the bank and designated tor and Deputy Chairman of the Federal as Chairman and Federal Reserve Agent, Reserve Bank of Cleveland in March 1933. serving in that capacity until his retirement He served as Deputy Chairman until March on December 31, 1938. NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 23 and released for publication December 25] The sharp rise in industrial production, ally, while output of automobiles continued which began early last summer, continued in at the high level reached at the end of No- November. Preliminary reports for the first vember. Lumber production in November three weeks of December indicate some slow- decreased by more than the usual seasonal ing down in the advance. Employment also amount. In the nondurable goods industries, increased in November and payrolls showed shoe production declined seasonally, while little change, although a decline is usual at output of textiles showed a considerable exthis season. Distribution of commodities to pansion, with increased activity at cotton, consumers increased considerably. wool, and silk mills. At mines, bituminous Production.—The Board's seasonally ad- coal output increased further and production justed index of industrial production in No-of anthracite showed less than the usual seavember rose to 103 percent of the 1923-1925 sonal decline. Output of petroleum showed average from 96 percent in October. Output little change. of steel continued to increase, contrary to the Value of construction contracts awarded seasonal trend, and there was a further sharp in November showed a decline from the high rise in automobile production. In the first level reached in October, according to F. W. three weeks of December activity at steel mills declined somewhat more than season- CONSTRUCTION CONTRACTS AWARDED 1NDUSTRIAL PRODUCTION 400 -Y—\ 120 120 s 110 110 \ / A \J I / -v / /\ 1 \, / ' V 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Three-month moving averages of F. W. Dodge data for value of contracts awarded in 37 Eastern States, adjusted for seasonal Monthly index of physical volume of production, adjusted for variation. Latest figures based on data for October and November seasonal variation, 1923-1925 average = 100. and estimate for December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 9 Dodge figures for 37 Eastern States. Private slightly less than seasonal decline in Noand public projects both declined, following vember. increases in October. The decline in con- Commodity prices.—Prices of some industracts for private residential building was trial materials, such as nonferrous metals, less than seasonal. hides, and cotton goods, decreased somewhat Employment.—Employment increased from the middle of November to the third somewhat further and payrolls showed little week of December. Sugar prices also dechange between the middle of October and clined, while grains advanced somewhat. the middle of November, although declines Prices of most other agricultural and indusare usual at this time of year. In manufac- trial commodities continued to show little turing the number employed continued to change. rise, reflecting principally a further sharp Bank credit.—In connection with preincrease at automobile factories and substan- holiday trade, there was a sharp increase in tial increases in the machinery, steel, and money in circulation and as the result of this textile industries. Employment declined sea- increase in the demand for currency, together sonally at establishments producing clothing with Treasury operations around December and shoes; in most other industries employ- 15, there was a temporary decline in member ment increased somewhat. In lines other bank reserves. than manufacturing, employment showed some increase, when allowance is made for usual seasonal changes. MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS Distribution.—Distribution of commodities to consumers showed a considerable increase in November. Department store sales and mail order sales, which had been retarded in October by unseasonably warm weather, rose sharply, and sales at variety stores also increased in November. Sales of automobiles to consumers expanded sharply following the introduction of new models and in November were larger than a year earlier. Freight-car loadings, which had increased 1938 considerably in previous months, showed a Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to December 21, 1938. Commercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then reported. FACTORY EMPLOYMENT Following declines during November, total / loans and investments of reporting member banks in 101 leading cities increased during the first three weeks of December, largely reflecting operations of the Treasury. Loans rv to security dealers by New York banks increased sharply, reflecting temporary borrowing for the purpose of carrying Government securities exchangeable for new issues on December 15. Adjusted demand deposits rose to a new high level in the first half of Monthly index of number employed at factories, adjusted for December. seasonal variation, 1923-1925 average = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY J.939 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 16 16 15 15 14 14 13 GOLD $ 13 12 12 11 11 10 10 8 r" 8 MONEY IN CIRCULATION 7 7 *** ^ ^--*•" - 4 J TRF- ASURY CASH 3 M- "'••••.....•... 2 RESERVE BANK •„ -••" 2 CREDIT ' TREASLJRY DEPOSITS ,\ 1 A. ft AT C• D DAM/C 1 i 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 Latest figures for December 28. See table on page 38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 JANUARY 1939 FEDERAL RESERVE BULLETIN SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 Annual averages Nov. Oct. Sept Nov. Oct. Sept. 1937 1936 1935 1934 1933 1929 MEMBER BANK RESERVES, RESERVE BANK CREDIT, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2, 592 2,598 2,610 2,592 2,583 2,584 2,554 2,481 2,475 2,502 2,429 1,459 Bills discounted 7 8 8 19 22 24 14 6 7 36 283 962 Bills bought 1 1 1 3 3 3 3 4 5 25 83 241 U. S. Government securities 2, 564 2,564 2,572 2,545 2,527 2,526 2,540 2,430 2,431 2,432 2,052 208 Gold stock 14,162 13,940 13,441 12, 788 12, 782 12,653 12,162 10, 578 9,059 7,512 4,059 3,696 Treasury currency outstanding _ 2,760 2,745 2,733 2,613 2,603 2,590 2,567 2,503 2,478 2,381 2,271 2,015 Money in circulation 6,750 6,668 6,570 6,558 6,566 6,658 6,475 6,101 5,585 5,403 5,576 4,476 Treasury cash holdings 2,728 2,782 2,717 3,642 3,636 3,618 3,225 2,474 2,791 2,798 288 207 Treasury deposits with F. R. banks 526 665 704 125 95 190 158 446 128 81 55 22 Nonmember deposits and other accounts 783 622 750 717 607 595 551 507 438 497 406 Member bank reserve balances: 6,919 Total 8,727 8,546 8,196 6,954 6,854 5,989 5,001 3,676 2,343 2,358 Excess 3,276 3,143 2,920 1,104 1,043 900 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 21,347 21, 323 21,078 21, 556 21, 88922,187 22,198 22,064 19,997 18,672 17,505 22,599 Loans—total 8,319 8,282 9,559 9,890 10,026 9,546 8,462 8,028 8,491 9,156 16,887 Commercial, industrial and agricultural 3,884 3,904 3,893 4,740 4,828 4,733 (0 0) 0) 0) 0) 0) I R n e v s e e T O A U O O s r o t v . l t b t m l h h e l S b o i e e e g . r w r r t n o a h G l i t s k t e o t s i e o h e r o — a c v r n n u l s F e o s s t r o r e a a i f f n t d t n n o u i a m e e s d r l l s l r e p y a d n u l e t g r a R c u l d h e e a i r s a r r s e e a s r i c n i n v n t t g e e o s e b b o e d r c l a i u n b g c r y k a a i s r t t i i r U o e y s . n i n s S g . s G e o c v u t rit _ ies.. 1 8 3 3 7 1 3 , , , , , , 1 2 1 1 6 0 5 7 3 4 8 1 7 2 7 1 0 9 1 7 0 8 1 5 13 3 3 8 7 1 , , , , , , 2 1 0 6 0 6 0 5 7 8 3 0 8 6 4 7 5 2 3 5 4 9 1 6 1 3 6 7 3 1 2 , , , , , , 7 1 6 1 9 8 6 5 1 6 8 2 5 1 7 7 2 8 5 2 0 7 5 8 1 3 2 5 7 1 1 , , , , , , 1 9 2 3 9 9 8 6 2 0 8 4 7 9 8 5 7 0 1 8 0 7 1 7 1 3 7 2 5 1 1 1 , , , , , , , 6 2 9 9 1 9 3 1 6 0 1 5 9 9 3 8 9 9 3 4 3 2 0 4 1 3 8 1 2 5 2 1 , , , , , , , 3 6 1 2 1 0 3 9 1 3 6 8 8 1 6 6 3 1 7 9 7 1 8 2 1 8 3 5 1 1 2 , , , , , , 0 0 2 3 3 0 1 6 ) ) 2 6 0 9 9 5 6 4 7 2 4 4 1 9 3 1 1 3 , , , , , 0 0 1 0 2 2 6 8 ) ) 5 8 7 0 0 0 2 2 1 1 4 7 3 1 , , , , 0 0 9 9 9 0 0 9 ) ) 9 2 8 2 6 5 0 8 9 9 4 2 1 6 0 e , , 0 ( 9 3 8 1 ) 0 8 2 8 5 1 5 1 6 8 53 1 , , , , 0 0 7 1 3 2 8 ) ) 2 7 4 2 2 7 1 9 2 8 «2 2 2 5 1 8 , , , , , 2 8 7 7 8 0 2 1 4 6 8 5 2 7 5 B D C a a e l s m a h n a c i n n e d s v d w a e u i p t l h t o s d it o s m — e a s d ti j c u s b te a d nks 1 2 5 , , 4 8 4 6 2 3 7 5 8 15 2 , , 4 4 6 4 2 8 6 5 8 15 2 , , 4 4 3 1 1 7 3 6 7 14 1 , ,8 3 0 6 2 4 3 0 614 1 , , 3 7 7 2 8 5 6 1 614 1, , 7 3 8 0 4 0 3 3 5 1 1 5 , , 3 8 0 3 8 9 7 4 7 4 2 , , 3 7 3 8 9 5 3 9 8 1 2 2, , 3 1 7 2 1 2 6 2 9 3 2, , 2 8 0 7 7 0 1 5 0 1, 0 2 3 ) 4 2 0 2 1 0 ,1 ) 2 4 4 2 8 T D B i o e m r p r o e o s w d it e i s n p g o o s f s i d ts o m (e e x s c t l i u c d b in a g n k i s n t 3 erbank)2 6 5, , 1 2 3 3 5 3 2 6 5 , , 1 1 2 6 2 4 1 5 5 , , 2 9 1 7 3 4 5 5, , 0 2 3 8 9 7 5 5, , 0 2 8 7 5 8 8 4 5 , ,2 9 8 1 9 1 3 0 5 5, , 2 2 9 1 0 2 8 2 1 4 5 4 , , , 9 6 8 1 9 1 5 9 9 0 4 4 , , 8 9 8 3 3 8 4 3 1 , , , 0 6 9 8 ) 8 1 3 8 4 7 4 2 , , 9 8 1 4 1 2 6 5 2 6 2, , 7 7 6 8 8 7 7 8 4 MONEY RATES AND BOND YIELDS Averages of daily figures; percent per annum 8 Commercial paper 69 69 .69 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 .66 1.00 1.16 7.61 U. S. Treasury bills (91 days) .04 .05 .08 .09 .20 .31 .28 .17 .17 .28 U. S. Treasury bonds, long-term * 2.50 2.48 2.58 2.71 2.76 2.77 2.68 2.65 2.79 3.12 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 3. 10 3.15 3.21 3.24 3.27 3.28 3.26 3.24 3.60 4.00 4.49 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total 379 763 237 136 203 221 323 518 392 180 89 959 New 225 165 144 94 96 154 173 164 121 116 60 841 Refunding 155 598 92 42 107 67 150 354 270 64 29 118 Domestic corporate issues—total.. 145 337 150 36 136 152 198 382 189 41 32 781 New 43 64 85 26 67 113 99 99 34 15 13 667 Refunding 102 273 65 10 70 39 99 282 155 26 18 115 PRICES Index numbers Common stocks (1926=100). . _ _. ._. 95 91 86 83 91 106 112 111 78 72 63 190 Wholesale commodity prices (1926=100): All cornmorjitifts 78 78 78 83 85 87 86 81 80 75 66 95 Farm products _ . . ._ 68 67 68 76 80 86 86 81 79 65 51 105 Foods 74 74 75 83 86 88 86 82 84 71 61 100 Other commodities 81 81 81 84 85 86 85 80 78 78 71 92 Retail food prices (1923-25—100) 78 78 79 84 85 86 85 82 80 74 66 106 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production. _____ P103 96 91 88 102 111 110 105 90 79 76 119 M anuf actures PIOS 95 89 85 101 110 109 105 90 78 75 119 Minerals P102 99 97 109 113 116 115 105 91 86 82 115 Construction contracts awarded—total 82 78 56 52 56 59 55 37 32 25 117 Residential 57 56 32 36 37 41 37 21 12 11 87 Allother. _ _. P117 102 96 76 65 71 74 70 60 48 37 142 Factory employment 88 87 101 105 107 106 98 91 86 73 106 Factory payrolls (unadjusted) _ __ 84 81 93 105 104 102 86 74 65 60 110 Freight-car loadings 69 68 64 71 76 78 78 75 64 62 58 107 Department store sales _ 89 84 86 91 93 94 92 88 79 75 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports _ . _ P252 278 246 315 333 297 General imports P176 178 168 223 224 233 ot ot 205 190 178 140 437 202 171 138. 121 387 p Preliminary. r Revised. e Partly estimated. 1 Figures not available. 2 Includes time deposits of banks, domestic and foreign. 1929-1934. » Does not include time deposits 1929-1934. 4 Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY 1939 LAW DEPARTMENT Deposit of Trust Funds by a National Bank in Its the Federal Reserve Act and section 9(b) of Own Savings Department Regulation F require that trust funds await- The Board recently considered the follow- ing investment or distribution which are ing questions relating to the deposit of trust used by a national bank in the conduct of its funds by a national bank in its own savings business be secured by the deposit of securidepartment: ties in the trust department of the bank, the Board expressed the opinion that trust funds "(1) May a national bank with trust powers, invested by a national bank by deposit in its acting in a fiduciary capacity, deposit trust funds in its own savings department 'as an in- own savings department are not required to vestment/ and would the answer be different in a be secured because they are not funds await- State where State banks are permitted to invest trust funds in their own savings departments? ing investment or distribution. In this con- "(2) If trust funds are deposited in its sav- nection, it was suggested that trust funds ings department 'as an investment' are such funds required to be secured by assets of the deposited by a national bank in its own savbank segregated in the trust department? ings department ordinarily should be as- " (3) Where the provisions of the trust instrument require legal investments, may a national sumed to be funds awaiting investment or bank deposit funds 'awaiting investment or dis- distribution if they cannot properly be intribution' in its own savings department under the provisions of section 11 (k) of the Federal vested in obligations of the bank under the Reserve Act and of Regulation F, if savings provisions of section 11 (a) of Regulation F accounts 'as an investment' cannot be considered as conforming to local statutes?" referred to above. In answer to the third question, the Board In connection with the first question, the stated that section 11 (k) of the Federal Re- Board pointed out that section 11 (a) of its serve Act and Regulation F do not prohibit Regulation F provides that "funds received a national bank from depositing in its own or held by a national bank as fiduciary shall savings department trust funds administered not be invested in . .. obligations of . .. by it and awaiting investment or distributhe bank", and a footnote appended thereto tion, but it should be borne in mind that provides that such requirement "shall not section 9 (a) of Regulation F provides that be deemed to prohibit investments which are trust funds shall not be held uninvested or expressly required by the instrument creatundistributed by a national bank "any longer ing the trust or by court order," Accordthan is reasonably necessary." Of course, ingly, the Board expressed the opinion that any such deposit must conform to the requirea national bank is not permitted to invest ments of the Board's Regulation Q relating trust funds by depositing them in its own to "savings deposits." The question whether, savings department unless such investment under the laws of a particular State in which is expressly required by the instrument creat- a national bank may be located or under ing the trust or by court order. In this light, the provisions of a particular trust instruthe Board believed it to be immaterial ment, a national bank may properly carry whether State banks are permitted to invest trust funds awaiting distribution or investtrust funds by so depositing them. ment in a savings deposit is one depending With respect to the second question, after upon all the facts in the particular case and referring to the fact that section 11 (k) of the proper construction of the State law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 13 CEREMONY ON THE TWENTY-FIFTH ANNIVERSARY OF THE SIGNING OF THE FEDERAL RESERVE ACT (DECEMBER 23, 1913-1938) INTRODUCTORY REMARKS BY HONORABLE MARRINER S. "My dear Mr. Chairman: ECCLES, CHAIRMAN, BOARD OF GOVERNORS OF THE May I not express my congratulations to FEDERAL RESERVE SYSTEM. you and, through you, to your associates of Senator Glass, honored guests, ladies and the Board and of the entire Federal Regentlemen: We are met here today, as you serve System, upon the occasion of the all know, to commemorate the twenty-fifth twenty-fifth anniversary of the signing of anniversary of the signing of the Federal the Federal Reserve Act by President Wil- Reserve Act by President Wilson. I take son, which you are observing today. Had great pleasure, on behalf of my associates it been possible for me to be present, I of the Board of Governors, in welcoming you would have taken pleasure in joining with and in asking you to join with us on this you, your colleagues and your guests in the occasion. It is one of importance to all of observance of a quarter century of distinus who are interested in the Federal Reserve guished service which has been rendered System. It has historic significance, I think, to the country's banking and, thus, to as we look back over the history of the United business, industry, and agriculture, by this States and recognize the part that the Fed- distinctly American institution in which eral Reserve System has played in peace and all who were associated with its creation, in war during the last quarter of a century. and particularly those who like myself The record is a creditable one. The System served in Woodrow Wilson's administrahas rendered a public service, a service es- tion, justly take pride. sential in our country, as it is in every other It is especially appropriate that you are civilized land. It is fitting, therefore, that marking the anniversary by unveiling on we should pause for a moment to mark this the wall opposite the portrait of President occasion and to hear from the Honorable Wilson, a bas-relief of Senator Glass of Henry B. Steagall, Chairman of the Com- Virginia, who, as one of the original sponmittee on Banking and Currency of the House sors of the Act, has always been its deof Representatives, who for so many years fender. The Federal Reserve System rephas been identified with the development of resents one of the great forward steps in banking legislation, who has been a staunch dealing with our economic system. On this friend of the Federal Reserve System and a occasion we may well recall for our guidchampion of sound, forward-looking banking ance now and in the future President measures in the public interest. He has been Wilson's words, fittingly inscribed under constantly and closely associated with the his portrait: distinguished Senator from Virginia, whose 'We shall deal with our economic sysportrait in bronze he will unveil. I am espetem as it is and as it may be modified, cially gratified that Chairman Steagall could not as it might be if we had a clean come here today. He made the trip from his sheet of paper to write upon; and step home in Alabama only for the purpose of by step we shall make it what it should being present this morning. be.' I think I may tell you also that when Very sincerely yours, Senator Glass was informed of the proposed FRANKLIN D. ROOSEVELT." unveiling as a part of this ceremony, his natural reluctance to have it take place was Letter from Senator McAdoo overcome only because he was told that the I should also like to read a letter from Board had reached a decision, based upon a Senator McAdoo, who was the first Chairman conviction shared by all of my colleagues and of the Federal Reserve Board: myself, that we could in no better way observe this occasion than by placing and un- "Dear Mr. Chairman: veiling his portrait here. I have just received your letter of December 14 together with your telegram of Letter from the President December 16, inviting me to participate in Before I present Representative Steagall, a simple ceremony to be held December 23, I want to read a letter which I have received 1938, in the Federal Reserve Building, from the President of the United States: commemorating the twenty-fifth anniver- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY 1939 sary of the signing by President Woodrow With kindest personal regards and best Wilson of the Federal Reserve Act—during wishes, I am which, you advise me, there will be unveiled Very sincerely yours, a bas-relief in bronze of Carter Glass. ROBERT F. WAGNER." It is with sincere regret that I find myself unable to participate in these cere- It gives me great pleasure to present the monies. I rejoice that you are celebrating Honorable Henry B. Steagall of Alabama: this historic event which has resulted in vast benefits to the American people. It ADDRESS OF HONORABLE HENRY B. STEAGALL OF ALAis impossible to calculate the profound BAMA, CHAIRMAN, COMMITTEE ON BANKING AND effects the Federal Reserve System has CURRENCY OF THE HOUSE OF REPRESENTATIVES. had upon our development during the past Twenty-five years ago yesterday the Chairquarter of a century, but we can readily man of the Banking and Currency Commitsee that, without it or some effective sub- tee of the House of Representatives, in prestitute, our progress as a Nation would senting the Conference Report on the Glasshave been seriously impeded and restricted. Owen Bill, expressed the view that the meas- I am delighted that a bas-relief of my ure embodied legislation which had been distinguished friend and colleague—the sorely needed for many years. The passage Honorable Carter Glass, is to be unveiled of the Federal Reserve Act did not represent on this occasion. I am gratified that this any hasty or immature judgment. recognition of his magnificent services in The necessity for currency reform had been the formulation and passage of this great recognized by advanced thinkers throughout measure through the House of Represent- the Nation. The country had become accusatives, and his continuing and important tomed to periodic money panics, resulting in contributions to the success of the System, disastrous disturbance to agriculture, indussince its establishment, is to be accorded try, and commerce and special Congressional during his lifetime. Too frequently, those committees had made repeated studies in who have rendered immortal service to the search of a remedy. During these unfortucountry are not recognized until long after nate periods the people found themselves they have passed into eternity. without the supply of credit and currency in- Cordially yours, dispensable to the normal flow of trade and W. G. MCADOO." commerce. At such times it even became necessary to resort to barter or the issuance Letter from Senator Wagner of scrip with which to meet the requirements of business. An illustration of which I have I have also received a letter from the Chairpersonal knowledge is to be found in the case man of the Committee on Banking and Curof many banks in small communities that rency, Senator Robert F. Wagner, reading as were unable to secure payment in currency of follows: their deposits in the large banks in financial "My dear Mr. Chairman: centers. Under these conditions the large I regret exceedingly my inability to be banking interests were in control of the Napresent and participate personally in the tion's supply of credit and currency, virtually ceremony on the twenty-fifth anniversary holding the power of life and death over every of the signing of the Federal Reserve Act other business interest in the land. The by President Woodrow Wilson. I extend situation demanded fundamental reform, and most cordial felicitations to the Board of the passage of the Federal Reserve Act was Governors of the Federal Reserve System the answer of statesmen to that demand. and to Carter Glass, to whom the Nation The party then in power had declared that owes an eternal debt of gratitude for his banks existed for the accommodation of the leading part in the drafting and enactment public and not for the control of business, and of the Federal Reserve Act. He remains the Congress proceeded to make that princito this day the outstanding defender and ple a living reality. exponent of the law which he fathered. Happily for the Nation, the people had This occasion signalizes for the American summoned to the office of Chief Executive a people a great victory in progressive ac- man with a vision unclouded by selfish intertion, and for Carter Glass a major personal est and with an unwavering devotion to the triumph. public weal. The task was so stupendous that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

15 JANUARY 1939 FEDERAL RESERVE BULLETIN it presented a challenge to the leadership of ner of presentation has never been surpassed the President, and required leadership in in the history of the House. Objections were Congress possessing the same lofty patriot- met with devastating facts or reason. Oppoism, rare courage, and consummate skill. nents became supporters, and the final vote At that time a modest, unobtrusive, self- was a triumph of leadership seldom equaled styled "country editor from Virginia" was in the House. Chairman of the Committee on Banking and The Federal Reserve System afforded a Currency of the House of Representatives supply of currency and credit adequate to the and leader in the House in all matters of growing demands of the country. The vollegislation touching banking and currency. ume of industrial production increased by During his years of service in the House he 30 per cent in two years following the inhad quietly and studiously acquired vast auguration of the System, with correspondstores of information useful to him and to his ing improvement in agriculture and expan- Committee in meeting the problems confront- sion in trade and commerce. During the ing it. It is no exaggeration to say that deeper same period the National income increased or more painstaking study was never given to approximately fifteen billions of dollars. The any measure than was given to the Federal System supplied facilities for financing the Reserve Act by the Chairman of the House Government during the period of the World Banking and Currency Committee. Of War. The volume of Government securities course he was ably supported by his assohandled through the Reserve Banks during ciates, but his was the responsibility, his the that period amounted to approximately fifty task of piloting the legislation through his billions of dollars. The System enabled us Committee and to final passage in the House. to finance the great war and to hasten its This was accomplished. The historian of the conclusion. It is today the greatest instrufuture, looking back over the period encommentality of the Government for meeting the passed by the passage of this Act, will be problems of the present. Strange as it may amazed, not only at the wealth of information seem, if at any time after the System had brought to bear at all critical stages, but at been tested by experience a proposal had been the consummate ability with which the Chairoffered to repeal the law, it would have enman of the Banking and Currency Committee countered even more strenuous opposition of the House met the onslaughts of opponents, both within and without the halls of Con- and from the same sources that opposed the gress. original measure and indulged such dire predictions of disaster to follow its enactment! It is doubtful that any great measure ever The part played by the illustrious Senator encountered more stubborn and relentless opfrom Virginia in connection with the estabposition than was arrayed against this prolishment of the Federal Reserve System made posal, both in the Congress and in the big him the choice of the President for Secretary business circles of the country. A horde of of the Treasury, in which capacity he renpowerful lobbyists such as seldom seen gathdered most able and conspicuous service. ered in Washington, filling the air with dire This does not by any means complete the predictions of confusion and chaos to follow story of his career. Senator Glass, as Chairthe passage of the Act. The Chairman of the Banking and Cur- man of the Committee on Banking and Currency Committee of the House, now the be- rency of the House of Representatives, gave loved Senator from Virginia, with the con- profound study to the subject of farm credits summate courage that has characterized his and the Federal Farm Loan Act was sponentire career, undaunted and undisturbed by sored by him and passed under his leadership. the clamor of the hour, pursued the even Since the passage of the Federal Reserve tenor of his way until he achieved the goal Act he has been its constant defender and that ushered in the dawn of a new day of protector, and as Senator he has sponsored freedom for the legitimate business interests and supported new legislation to strengthen of the Nation. No measure was ever pre- the System and to enlarge its service to the sented to the House of Representatives by public—always in conformity with the origiany chairman of a committee with a more nal purposes of the Act. Senator Glass saw comprehensive grasp of the measure in hand the evils and dangers attending the orgy of and of all pertinent information that could speculation during the period preceding the be desired by the House. The masterly man- great depression and under his constructive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY 1939 leadership legislation was enacted that termi- Historians in the years to come will wonder nated many of the evil practices which ob- why Senator Glass was not made the nominee tained and brought about the desired im- of his party and elevated to the Presidency provement since recognized. He is the ac- of the United States following the Wilson cepted authority in the Senate in matters of regime. His name will have a place in hislegislation relating to banking and currency. tory such as coveted by the great Roman. His activities cover a wide range too extensive We know not how long this marble strucfor review here and have left deep and lasting ture or this bas-relief will survive the vicisimprint on the Nation's financial structure. situdes of time, but the name and fame of His lofty patriotism, great learning, and su- Carter Glass of Virginia will endure to enrich perb courage have endeared him to all his the annals of the Republic. associates, as well as to the people of the Senator Glass, we unveil this bas-relief entire Nation. placed here as a testimonial to your distin- A great Roman said that he would rather guished public service and as an expression posterity would ask why he had not held of esteem and admiration of those who know public office than to inquire why he had. you and love you. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 17 RATES CHARGED BY BANKS ON CUSTOMERS' LOANS Interest rates charged by member banks banks in cities with Federal Reserve banks in principal cities on commercial loans to and branches. These reports have not been customers have for some time been at the entirely satisfactory chiefly because the types lowest level on record. These rates have not of loans have not been adequately defined changed much during the past two years and and because banks have been permitted to have averaged about 1% percent in New York City, about 2% percent in 7 other DISTRIBUTION OF COMMERCIAL LOANS Northern and Eastern cities, and about 3*4 ACCORDING TO INTEREST RATES CHARGED percent in 11 Southern and Western cities. BASED ON SURVEY OF NEW LOANS MADE BY 92 BANKS DURING PERIOD SEPT. 1-15, 1938 In 1929 these rates were close to 6 percent. Similar information is not available for 60 NU P M E B R E C R E N O T F " O B F O R T R O O T W A E L RS 60 50 50 banks in smaller places. 40 NEW YORK CITY 40 That there are considerable geographical 30 30 differences in the structure of rates is shown 20 20 by a recent survey of rates charged on com- 10 10 mercial loans by banks in 19 leading cities 0 0 during the first half of September. The results of this survey, which gives some de- 40 40 tailed information that has never been ob- 30 7 OTHER NORTHERN AND EASTERN CITIES 30 tained before, are summarized below and in 20 20 the following chart. Owing to the brief pe- 10 10 riod covered by the survey, these conclusions 0 0 should be accepted as only approximate. 30 11 SOUTHERN AND WESTERN CITIES 30 New York City.—Abput two-thirds of the money 20 hull 20 being lent to commercial borrowers is at rates between 1 and 2 percent. About one-third of the bor- 10 10 rowers pay this rate and the rest pay higher rates, 0 many up to 6 percent. 7 other Northern and Eastern cities.—In these cities about half of the funds being lent for commercial pur- INTEREST RATE CHARGED poses is at rates between 1 and 2 percent and the other half is rather evenly spread over rates from 2 to 6 percent, with but a small amount at higher rates. use their individual judgments in reporting Only few borrowers get the lowest rates, nearly four- "prevailing" rates or ranges of rates. Refifths paying 4 percent or more, and about half of these pay 6 percent. Whereas the average interest ported figures have therefore not always charge on loans made by banks in these cities was about 2% percent, the median rate was closer to 2 been strictly comparable as between banks percent. and have also varied from time to time be- 11 Southern and Western cities.—In these cities cause of changes in persons reporting at about one-fourth of the commercial funds being lent are at rates between 1 and 2 percent and the re- individual banks. In September a prelimimainder is about equally distributed over rates from nary survey was conducted for the purpose 2 up to 6 percent. Only a small amount of commercial funds is lent at rates higher than 6 percent. Of of testing a proposed revision of the reportthe number of borrowers, however, nearly two-thirds ing of rates. It covered new commercial pay 5 or 6 percent and about one-sixth pay rates higher than 6 percent, with some as high as 12 per- loans including industrial and agricultural cent. loans made during the period September Method of reporting customers9 rates.— 1-15, 1938, by 92 banks in the 12 Reserve Since 1919 rates charged on commercial and bank cities and 7 of the branch cities. Agriother types of loans to customers have been cultural loans made by these banks are negreported each month by a number of member ligible in amount. The cities and banks re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY 1939 porting were selected partly on the basis of are likely to obtain lower rates, in part volume of commercial loans outstanding and no doubt because many of them have a napartly with a view to providing wide geo- tional credit standing and can shop around graphical distribution. for their funds. The increase in rates as the Geographical differences in customers' rates. average size of the loan decreases is brought —The chart shows the percent of total dollar out by the following table: volume and total number of new commercial loans made at different rates, as reported in AVERAGE SIZE OF COMMERCIAL LOANS MADE AT the survey. Figures are charted separately DIFFERENT RATES, BY GROUPS OF BANKS, SEPTEMBER 1-15, 1938 for New York City and for two groups of [In thousands of dollars] cities: 7 other Northern and Eastern cities, covering Boston, Buffalo, Philadelphia, Cleve- 7 North- 11 Southland, Pittsburgh, Chicago, and Detroit; and Interest rates charged 1 Y N o ew rk e E r a n s t a e n rn d W ern e s a te n r d n City cities cities 11 Southern and Western cities, covering Richmond, Baltimore, Atlanta, New Orleans, 1-2 percent- 180 65 2-3 percent.. 26 24 St. Louis, Minneapolis, Kansas City, Dallas, 3-4 percent.. 22 19 1-5 percent. 13 10 San Francisco, Seattle, and Los Angeles. 5-6 percent. 6 6 6-7 percent. 2 3 Each Reserve district is therefore represented. 1 Ranges include the lower percents shown but not the upper. The chart illustrates the chief geographical Volume of loans covered by survey.— differences in the structure of rates on com- Banks reporting interest rates in the Sepmercial loans. In the principal cities of the tember survey had outstanding on Septem- North and East a preponderance of new ber 14 about $3,000,000,000 of commercial funds for commercial purposes is being lent loans, or more than three-fourths of such at low rates of between 1 and 2 percent. In loans made by all weekly reporting member the South and West a relatively smaller banks in 101 leading cities. As shown in the volume of loans is made at these low rates, following table, in the half month covered by other rates up to 6 percent being almost as the interest rate report these banks made common. somewhat more than $200,000,000 of new Although only a third of the commercial commercial loans. Since the volume of such funds lent by New York banks is at rates loans outstanding showed little change in the of 2 percent or more, this includes two-thirds period, repayments were similar in amount of the borrowers, while about one-sixth of the borrowers pay 6 percent or more. In to new loans made. 18 other leading cities the number of bor- COMMERCIAL LOANS OUTSTANDING AND NEW LOANS rowers increases steadily as the rate in- MADE AT BANKS REPORTING INTEREST RATES, creases, with the most numerous group in SEPTEMBER 1-15, 1938 the range of 6 to 7 percent. Only in the [In thousands of dollars] Southern and Western cities does any considerable number of borrowers, amounting V of o l n u e m w e L o o u a t n - s Change to about one-seventh of the total number, m lo a a d n e s stan o d n ing A s u in g c . e 31 Sept. 14 pay 7 percent or more. Variation in rates by size of loan.—The New York City 89, 610 1, 424, 587 -14, 598 7 other Northern and Eastern cities._ 62, 432 890, 700 + 3,226 amount of money involved in loans at lower 11 Southern^and Western cities 63, 593 655,085 +18, 897 rates is relatively much larger than the number of borrowers who obtain accommodation Level of customers' rates.—That the level at such rates. In other words, big borrowers of rates charged on commercial loans is now Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 19 unusually low is shown in the following on commercial, industrial, and agricultural table, which gives typical rates charged by loans of all kinds more precisely reported in reporting banks in these cities on loans to the special survey made in that month. customers represented by prime commercial During the years immediately after the paper eligible for rediscount, as reported on War, when money was generally tight, custhe schedule that has been in use. The rates tomers' rates increased to exceptionally high shown for September 1938 on loans of this levels. By the middle of 1924 they had detype are about the same as the typical rates clined and during the years 1925-1927, when business conditions were relatively stable, BANK RATES ON COMMERCIAL LOANS TO CUSTOMERS they showed only slight fluctuations. In SELECTED PERIODS, 1920-1938 1928 and 1929 rates rose, reaching a peak [Percent per annum] of around 6 percent. The subsequent decline New N 7 o o r th th e - r 11 South- was temporarily interrupted in the autumn Y C o it r y k e E r a n s t a e n r d n W ern e st a e n r d n of 1931, when there was an outflow of gold cities cities from the country, and again in the spring of 1933 during the banking holiday. Since the 1920-1921 QU 1925-1927 4^ 51/ middle of 1936 these rates have shown no 1929-Sept..._ 6 6 6 change at New York City banks, while at 1931-Sept. 1 1 9 9 3 36 2 - - J M u a n r e ch 5 3 * rl/ banks in the 18 other principal cities they 1938-Sept 2H 31/ have declined slightly further. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY 1939 INDEXES OF PRODUCTION OF DURABLE AND NONDURABLE MANUFACTURES Monthly indexes of the production of dur-duction according to the durability of the able and nondurable manufactures have been product. The principal items in the durable compiled with a view to facilitating interpre- group are iron and steel, lumber, and autotation of current developments in manufac- mobiles and in the nondurable group are food turing output. The indexes are shown for products, textiles, and paper and printing. the period since 1919 in the accompanying In the 1923-1925 base period production of table, and current figures will be published nondurable goods comprised somewhat over regularly in the FEDERAL RESERVE BULLETIN. half and production of durable goods somewhat less than half of all manufacturing. INDUSTRIAL PRODUCTION The underlying data are those used in com- ADJUSTED FOR SEASONAL VARIATION piling the manufactures index, which, in 1923-25 AVERAGE=100 combination with the minerals index, makes up the Board's total index of industrial production. The index of industrial production and the indexes of durable manufactures, nondurable manufactures, and minerals are shown in the accompanying chart for the period from 1929 to date. Output of durable manufactures usually declines more than output of nondurable manufactures in periods of business recession and rises more in periods of recovery. The more pronounced declines in the production of durable goods than in the production of nondurable goods during recession reflect in part the fact that existing supplies of machinery, buildings, automobiles, and other finished durable products are large as compared with current output and are used up slowly; consequently new purchases can be postponed a long time without seriously affecting the use of such products. Further, purchases of durable goods, which generally involve substantial amounts of money, are more dependent on financial 1930 1932 1934 1936 1938 conditions than are purchases of nondurable Latest figures shown are for November 1938. goods; and prices of durable goods in general These indexes are based on a breakdown fluctuate less than prices of nondurable of the Board's index of manufacturing pro- goods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

21 JANUARY 1939 FEDERAL RESERVE BULLETIN DURABLE MANUFACTURES 1923-1925 average=100 Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Without Seasonal Adjustment January 95 96 February 98 108 March __ 106 112 April.. 112 101 May 113 88 June ... 109 78 July 104 72 August .. 103 84 September _ _ 103 88 October _ 101 91 November._ _._ 96 92 December 90 Year. . 102 OC OC ot ot 103 107 98 99 114 93 63 39 109 113 109 109 124 109 72 40 113 117 114 114 135 111 78 38 108 116 112 119 137 112 78 38 106 115 113 113 138 108 75 37 101 110 101 109 137 98 64 34 98 106 97 108 129 84 57 28 99 113 100 114 129 83 53 26 103 112 97 118 126 79 47 30 110 112 95 118 118 72 44 31 111 103 88 111 99 64 42 29 106 92 85 107 83 57 39 106 110 101 112 122 89 59 0CM0 CCOO CCMO CCOO COM5 49 68 80 107 53 60 76 79 114 54 71 80 89 57 40 77 79 105 130 58 51 78 72 107 132 56 65 73 70 105 116 53 78 50 68 103 118 58 71 46 74 102 122 63 60 44 71 97 103 66 52 42 80 104 94 80 39 41 87 109 74 45 51 88 108 57 50 57 76 99 107 January 88 96 64 57 February 87 98 59 62 March. __ 81 97 52 68 April 77 86 49 77 May 71 91 50 82 June 81 96 47 86 July 88 94 45 88 August 93 98 49 78 September 83 96 49 81 October 79 91 55 90 November 83 82 56 92 December _ 83 76 54 Year 83 92 53 OC 00 Adjusted for Sea?onalVariation 98 100 106 111 103 104 122 100 68 43 97 104 105 109 105 106 121 107 70 40 101 104 105 108 106 105 124 103 72 35 105 95 101 109 104 110 125 102 70 35 108 84 102 110 107 107 129 100 68 34 108 78 102 111 101 109 134 95 62 33 108 75 102 111 101 112 134 86 58 29 106 86 101 113 100 113 127 81 52 25 105 89 104 113 97 117 124 78 47 29 100 90 109 112 95 118 119 73 44 31 98 94 114 108 93 120 108 70 46 33 99 101 116 101 95 122 93 67 48 35 102 92 106 110 101 112 122 89 59 33 CO CO CN 53 74 84 59 74 79 64 72 82 36 68 71 94 46 71 65 98 63 71 68 102 81 51 71 107 70 45 76 105 59 43 80 106 53 42 83 109 43 45 89 112 53 62 94 116 50 57 76 99 CM CO CO 56 54 54 117 53 120 51 112 50 122 58 126 64 114 69 101 84 74 60 107 ._ _ p Preliminary. NOTE.—Includes iron and steel, coke, nonferrous metals, lumber, cement, polished plate glass, automobiles, locomotives, and shipbuilding. Indexes without seasonal adjustment have not been computed for period prior to 1923. NONDURABLE MANUFACTURES 1923-1925 average=100 Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Without Seasonal Adjustment January 103 102 108 109 110 113 February _ 107 102 109 109 112 117 March . 106 99 106 107 113 114 April 106 96 105 101 112 108 May- 104 91 101 101 111 June. _ 99 86 98 102 111 July 92 84 97 98 106 August ... 92 88 99 103 107 September 97 98 103 112 113 October 98 102 107 114 112 November 100 104 108 112 112 December 94 103 106 106 105 Year 100 96 104 106 110 DOCOCOO t© JO- 120 110 97 97 89 98 104 107 118 94 120 111 103 95 88 100 103 105 122 95 119 107 102 90 82 99 100 103 121 94 120 107 104 84 92 100 100 105 120 91 119 104 104 80 105 99 100 104 116 93 118 98 99 79 116 92 97 105 113 94 111 93 98 78 114 90 96 107 104 97 115 92 98 86 105 93 98 110 107 104 114 120 100 102 98 104 93 105 116 109 109 116 121 101 98 98 97 101 110 116 103 109 118 114 99 96 92 96 100 107 120 97 112 102 90 90 84 85 98 102 120 90 112 117 101 99 88 98 97 102 110 no Adjusted for Seasonal Variation January 77 96 65 86 100 99 105 106 108 110 February. 74 94 68 86 103 99 105 105 108 113 March _ 74 93 72 87 105 97 104 105 111 112 April . 80 91 75 85 106 96 104 104 111 108 May . 85 91 77 89 104 92 102 103 112 110 June 87 87 80 93 103 89 102 105 114 110 July... 89 83 82 93 99 90 103 104 113 107 August 89 81 83 95 97 92 103 107 111 110 September _ _ 92 78 84 96 97 97 102 110 111 112 October.._ 93 73 86 97 97 100 104 110 109 114 November. _ . _ 94 65 85 102 96 101 105 109 109 December 93 60 85 103 95 103 108 108 108 Year 86 83 79 93 100 96 104 106 110 CO OO CM 118 109 96 95 88 96 103 106 117 93 116 107 100 92 86 98 101 103 119 94 117 106 101 89 81 98 99 102 120 93 119 106 103 83 91 99 100 104 119 91 118 103 103 80 104 99 101 104 116 93 119 99 100 80 118 93 99 107 115 95 117 98 103 81 120 94 100 112 108 102 118 95 101 88 109 96 101 113 110 108 118 98 101 97 104 91 102 114 107 107 118 99 96 95 95 98 106 112 100 105 112 98 94 90 94 98 104 117 94 P110 107 95 95 89 90 104 108 126 95 117 101 99 88 98 97 102 110 110 p Preliminary NOTE.—Includes textiles, leather products, food products, tobacco products, paper and printing, petroleum refining, and rubber tires and tubes. Indexes without seasonal adjustment have not been computed for period prior to 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY 1939 REVISED FORM OF BANK REPORT OF CONDITION In order to improve the statistical infor- report. At the same time some less immation obtained from banks and to simplify portant sections of the previous form have somewhat the task of reporting, the Comp- been condensed or eliminated so as to simplify troller of the Currency, the Federal Deposit for banks the preparation of the report. Insurance Corporation, and the Board of With respect to banking and credit statis- Governors of the Federal Reserve System tics the most important changes in the form have together worked out a revised report are a revision in the classification of loans of condition for banks. This report has been and the reporting of information regarding adopted by each of the Federal agencies in maturities of security holdings. The new a nearly identical form, most of the differ- classification of loans is similar to that used ences among the adopted forms being re- in weekly reports obtained from member quired for statutory and administrative banks in 101 leading cities and is based more purposes. In addition, the Executive Com- on purpose of loan than on type of collateral. mittee of the National Association of Super- Information will be obtained on commercial visors of State Banks approved this report and industrial loans, on agricultural loans, form and recommended that, so far as prac- and on loans made for the purpose of purticable, it be adopted by State banking de- chasing and carrying securities, as well as partments. The form is being used by the on open-market paper, brokers' loans, and Federal agencies for the current call for real estate loans. reports of condition. Security holdings will be reported with The general use of a standard condition practically the same detailed classifications report form will simplify the problem of as to issuers as before and, in addition, for preparing reports for State banks, since the broad classifications figures will be given most of them submit reports to either the as to holdings of securities maturing in five Reserve System or the Federal Deposit In- years or less. For United States Governsurance Corporation as well as to their State ment obligations additional maturity groupbanking departments. Many State bank ings will be shown. members of the Federal Reserve System will On the report to be published additional also be relieved of the obligation of publish- information to be given includes holdings of ing two different reports for the same call obligations of State and political subdivisions date. This duplication occurred when there and also the deposits of these bodies. Inwas a difference in the form of the reports vestments and other assets indirectly reprerequired for publication by the State au- senting bank premises or other real estate thorities and by the Federal Reserve. With are to be reported separately, rather than the standardized condition report a single being included in loans or investments as publication may be made to satisfy all legal heretofore. Borrowings, which recently requirements for any one call date. have been small, are to be reported in one The report form has been revised both with rather than four items. The reporting of respect to the general statement of condition the capital account has been greatly simpliwhich is required to be published for the in- fied, primarily to enable depositors to see at formation of depositors and stockholders a glance the amount and principal kinds of and with respect to the special schedules that the bank's capital funds. Secured and presupply information needed for supervisory ferred liabilities, as well as pledged assets purposes and for analysis of banking and heretofore published, are included in the new credit developments. Additional information form of published report. of importance will be supplied by the new A short schedule for reporting whether Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

23 JANUARY 1939 FEDERAL RESERVE BULLETIN or not the bank has any affiliates is contained and revision which heretofore has been in the body of the report, so as to make it necessary in the tabulation of such reports unnecessary for most banks, which have no and should improve the comparability of the affiliates, to submit a separate schedule on reported figures. affiliates. This standardization of the condition re- The standardized condition report is to be port and of the accompanying instructions accompanied by detailed instructions for the is the result of work and negotiations expreparation of the report. These instruc- tending over several years, and important tions are for the purpose of assisting banks contributions have been made by several in preparing their reports of condition. Par- groups outside the Federal agencies, such as ticular attention is given to those sections of the National Association of Supervisors of the report which have previously caused con- State Banks, the Reserve City Bankers Asfusion. For this reason the instructions sociation, and the National Association of should reduce the amount of correspondence Bank Auditors and Comptrollers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY 1939 ALL BANKS IN THE UNITED STATES ALL BANKSx—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE 30, 1938 AND DECEMBER 31, 1937, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmeinber banks are for dates indicatec1 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 Sept. June Dec. Sept. June Dec. Sept. June Dec. Sept. June Dec. Sept. June Dec. 1938 1938 937 193S 1938 1937 1938 1938 1937 1938 1938 1937 1938 1938 1937 ALL BANKS1 Boston -- 5, 585 5, 576 5. 659 2, 637 2, 670 2, 734 2, 948 2,907 2,925 5,870 5,864 5,868 882 882 883 New York 18, 006 17, 619 18,011 7,943 8, 004 8,578 10, 063 9,615 9,433 18, 621 18, 475 18, 352 1,233 1,235 1,237 Philadelphia _ _ 3,433 3,392 3.409 1, 221 1,230 1,274 2,212 2,162 2,135 3,590 3,588 3,608 940 941 Q42 Cleveland 3,519 3, 453 3, 625 1, 386 1,413 1,473 2, 133 2,040 2,152 3,839 3,799 3,926 1,253 1,253 ,254 Richmond - - _ 1, 952 1,911 I, 957 897 891 903 1, 055 1,020 1,054 2,217 2,146 2,194 1,071 1,075 ,083 Atlanta 1, 331 1,285 I, 304 701 687 700 631 598 604 1, 518 1,491 1,516 1,042 1,044 ,046 S C t h . ic L a o g u o is 5 1 , , 5 2 3 6 5 2 5 1 , , 4 0 8 8 4 6 5 , , 4 3 9 3 7 3 1,8 7 1 3 3 3 1,7 7 9 1 7 5 1, 7 9 3 5 5 2 3,4 8 4 0 9 2 3, 7 2 6 8 9 8 3,3 7 8 6 0 2 6 1 , ,6 3 8 6 7 2 6 1 , ,6 2 4 8 5 9 6 1, , 6 3 5 2 5 5 2 1 , ,5 5 6 1 0 3 2 1, , 5 5 6 1 4 3 J , , 5 5 78 33 Minneapolis 1, 064 1,049 t, 093 442 436 454 622 612 638 1,225 1, 235 1,241 1,329 1,339 ,356 Kansas City .. ._ 1,338 1,300 t, 379 628 624 658 710 677 722 1,630 1,630 1,656 1,884 1,883 898 Dallas 1,004 970 008 518 512 525 486 459 483 1,289 1,266 1,295 969 968 980 San Francisco 4,275 4, 254 4,292 2, 169 2, 151 2,212 2,106 2,104 2,080 4,757 4,767 4,802 589 590 602 Total 48, 304 47, 381 48, 566 21,089 21, 130 22,198 27,215 26, 252 26, 368 52, 611 52,195 52, 440 15, 265 15, 287 15, 393 MEMBER BANKS Boston . .- 1,890 1,885 1, 949 939 961 1,006 951 924 943 2,173 2,162 2,158 357 357 357 New York 10, 828 10, 424 10, 829 4,174 4,202 4, 760 6,654 6,223 6,069 11,309 11,188 11 086 774 775 776 Philadelphia - - - 2,333 2,291 2,311 908 913 957 1, 425 1,377 1,355 2,441 2,445 2,462 656 656 655 Cleveland 2,739 2,674 2,772 1,042 1,067 1,091 1, 696 1,607 1,681 3,006 2 966 3 023 624 623 622 Richmond. __ 1,217 1,187 1,226 558 554 571 659 633 655 1,409 1,363 1,385 404 405 405 Atlanta 1,039 994 1,015 522 511 530 517 483 485 1,165 1 137 1 153 319 322 324 Chicago 4, 192 4,033 4, 196 1,287 1,278 1,415 2, 905 2,755 2,780 5,040 4,977 4,954 781 775 769 St. Louis 1,085 1, 036 1,086 480 463 512 605 573 573 1 174 1 135 1 166 390 390 392 Minneapolis .._ ._ ._ 735 722 758 295 291 310 440 431 448 861 870 870 467 467 469 Kansas City 1,063 1,024 1, 101 459 453 491 604 571 610 1,285 1,282 1,290 735 735 733 Dallas. . 865 832 868 433 426 443 432 406 425 1,110 1,090 1,106 544 544 547 San Francisco_ __ _ .__ _ 3, 641 3,618 3,640 1,841 1,819 1, 871 1, 800 1,799 1,769 4,113 4,131 4,157 290 289 292 Total 31, 627 30, 721 31, 752 12,937 12, 938 13, 958 18, 689 17, 782 17, 794 35, 086 34, 746 34, 810 6,341 6,338 6,341 NONMEMBER BANKS Boston 3,695 3,692 3,710 1,698 1,709 1,729 1,997 1,983 1,981 3,703 3,702 3,711 525 525 526 New York 7,178 7,195 7,182 3,769 3,803 ' 3, 818 3, 409 3, 393 3,364 7,312 7,287 7,266 459 460 461 Philadelphia 1, 100 1, 101 1,098 313 316 317 787 785 781 1,149 1,142 1,146 284 285 288 Cleveland . . 780 779 852 344 346 381 436 433 471 833 834 904 629 630 632 Richmond 735 724 731 339 337 332 396 388 399 808 784 809 667 670 678 Atlanta _ . 293 291 289 179 176 171 114 115 119 353 353 363 723 722 722 Chicago 1,070 1, 053 1,137 526 520 537 544 533 600 1,322 1,312 1,371 1,732 1,738 1,764 St. Louis 450 447 411 253 252 223 197 196 189 513 509 489 1 170 1 174 1 186 Minneapolis 329 327 334 147 145 144 182 182 190 364 365 371 862 872 887 Kansas City 275 276 278 170 171 166 105 106 112 346 348 366 1,149 1,148 1,165 Dallas 138 138 139 85 86 82 53 52 58 179 176 189 425 424 433 San Francisco - . _ 634 636 652 328 332 342 306 305 311 644 636 645 299 301 310 Total 16, 677 16, 661 16,814 8, 151 8, 192 8,241 8, 526 8, 469 8,574 17, 525 17, 449 17, 630 8,924 8,949 9,052 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 27. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 25 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE 30, 1938 AND DECEMBER 31, 1937, BY STATES [Amounts in thousands of dollars] Loans Investments Deposit b s, a n e k x c d l e u p s o i s v i e t s of inter- Nu b m an b k e s r of State Sept, June Dec. Sept. June Dec. Sept. June Dec. Sept. June Dec. 1938 1938 1937 1938 1937 1938 1938 1937 1938 1937 New England: Maine 108,492 109, 763 109,201 208, 524 202, 547 208,044 318,479 317, 551 319,351 102 102 102 New Hampshire 99,'""" 99, 539 99, 226 172, 006 170, 666 174,001 272,522 268, 292 268, 572 108 108 109 Vermont 87, 741 88,030 86, 705 72,120 71,166 78, 074 167,950 164, 526 167, 526 91 91 91 Massachusetts , 736, 0051, 758, 0341, 814, 0451, 789, 0941, 770, 7731, 758, 7623,704, r 3, 718,924 3,696, 724 392 392 392 Rhode Island 169, 567 170,122 175 47' 275, 977 271,178 280, 574 465,023 455, 511 465,437 35 35 35 Connecticut 575, 621 582, 984 588', 148 565, 651 550, 667 560, 355 1, 244, 555 1, 232, 3541, 246, 050 196 196 196 Middle Atlantic: New York ', 215, 5978, 283, 9187, 827, 4479, 094, 7338, 677, 2208, 473,00616, 683, 34416, 546, 29016, 382, 548 900 902 New Jersey 697,530 691, 851 728, 387 984,065 953, 663 981,333 1, 960,137 1, 949, 5432, 006,002 410 410 411 Pennsylvania ., 506, 6511, 541, 3921, 565, 9383,035,483 2,932,187 2,909, 6694, 565, 358 4, 541, 6784, 557, 9161,112 1,113 1,115 East North Central: Ohio 809, 947 811,972 847, 961 980, 314 948,167 1,012, 6512,142, 334 2,128, 9462,178, 347 709 709 710 Indiana 256,687 257, 748 266, 655 385,825 384, 782 393,987 782,426 782, 038 787,-""" 521 521 524 Illinois 866, 485 858, 645 981, 643 1, 939,836 1,821,012 1,859, 2383,418,891 3, 369,848 3, 322,024 863 866 876 Michigan 361, 487 362, 577 376, 295 707,912 675, 524 718,056 1, 310, 954 1, 287, 5711, 364, 776 462 462 464 Wisconsin 246,306 244,144 254, 978 457, 234 447,495 456, 774 793, 527 794, 210 806, 810 594 595 602 West North Central: Minnesota 305, 326 299, 233 316, 434 415, 526 406, 539 420,849 801, 613 812, 637 805, 978 688 690 Iowa 260, 669 252, 024 254, 350 211,845 206,148 213, 517 565,470 556, 289 551, 203 653 653 659 Missouri 425,093 406, 300 459, 450 584,978 541,225 560,405 1,050,182 1,024,032 1, 041, 744 651 651 659 Sout N N S K h o e o a u A b n r t t r s t h h a a l a s s D D k n a t a a i k c k o : o t t a a 1 1 0 4 2 3 8 1 4 3 , , , , 3 4 0 5 2 3 3 3 5 5 7 7 1 1 3 0 4 2 3 8 3 4 , , , , : 1 3 0 7 1 4 0 9 6 1 1 4 2 3 1 2 4 4 3 , , , , 6 1 3 3 1 3 8 2 6 2 9 8 1 1 3 3 3 1 1 0 6 3 , , , , 1 3 r 6 0 5 2 ~ 9 9 2 1 1 3 3 3 1 1 1 5 0 , , , , 4 6 0 7 7 8 4 5 9 6 5 2 1 1 3 3 1 3 2 4 2 7 , , , , 8 3 3 4 4 6 3 8 4 2 2 9 3 2 4 6 7 5 4 8 5 0 , , , , 0 4 5 5 2 6 9 0 0 4 7 4 3 2 5 6 7 4 3 9 9 4 , , , , 1 8 1 3 7 1 2 8 0 6 4 4 3 2 8 5 6 6 6 6 0 3 , , , , 2 0 8 5 2 5 6 5 1 9 9 0 4 1 1 2 6 7 7 9 9 4 1 1 2 7 8 7 5 0 4 6 1 1 9 8 3 8 2 1 2 5 Delaware 76, 335 76,161 80, 627 100,049 99,078 105,035 189, 822 190, 875 199,047 48 48 48 Maryland 206,136 208,658 215, 768 487, 500 471, 200 454,303 734, 792 723,380 720,919 194 196 196 District of Columbia 99, 616 98, 200 103, 831 135, 814 130,508 135, 867 301,140 280, 815 299, 613 22 22 22 Virginia 277, 524 271, 634 276,199 177, 716 175, 633 187, 305 513, 767 500, 568 492, 725 317 319 322 West Virginia 129,050 127, 549 126, 466 93, 713 90,687 99, 529 267,190 269, 491 270, 701 184 184 184 North Carolina 159, 738 157,456 153, 425 141,914 132,410 152,244 333,308 310,957 332,130 232 232 236 South Carolina 52, 963 55,135 55, 216 40,473 40,198 47,141 126,988 121, 645 138, 637 150 150 151 Georgia 206,308 210,017 210, 260 99, 678 83, 751 84,810 331, 368 315,834 320, 212 281 284 285 Florida 83, 471 79, 914 84,333 141,824 142, 750 142, 716 269,054 282,803 285,934 164 163 162 East South Central: Kentucky 204, 399 205, 351 218, 784 150, 685 148,611 148,871 384, 435 381, 409 405,377 428 428 425 Tennessee 221,484 216, 225 221, 573 140,481 133,916 137,993 408,185 401, r 408,454 303 303 305 Alabama 123,939 123, 515 121, 791 89,157 85, 993 91, 569 240, 428 235,022 248,804 218 218 217 Mississippi 71, 640 68, 480 65, 657 74, 435 74, 969 74, 654 178,107 180, 323 182, 565 206 206 West South Central: Arkansas 64, 917 63,071 63,114 53,119 53,411 55,390 147, 572 143, 798 151,161 220 221 223 Louisiana 147,189 136,804 144,805 187, 844 176,636 173, 456 386, 234 365, 338 379, 797 146 146 147 Oklahoma 135,781 137, 510 140, 565 148,054 142,013 149,052 381, 072 379, 995 375,988 400 398 400 Texas 462, 281 457, 263 470,135 441, 785 418,852 443,428 1,156, 251 1,135,835 1,154,180 Mountain: Montana 30,942 31,193 30,386 60,376 59, 884 61,893 120, 904 120, 550 126,861 114 114 115 Idaho 29, 629 29, 245 28,385 37,473 38,624 40,746 87, 734 87, 341 93,715 52 52 52 Wyoming 24, 333 24, 393 22, 843 16,879 16,098 18,442 55, 548 54,465 58,700 58 58 58 Colorado 80,397 79, 804 90,624 109,177 105,916 121, 637 268,937 262, 690 276,448 145 147 New Mexico 19,677 18,894 17,696 18,617 18,204 18,247 53,720 54, 660 54,807 41 41 41 Arizona 27, 904 26, 893 28, 512 30,129 32,374 32,459 76, 360 80, 799 82,398 l: 12 12 Utah 55, 536 55, 071 57,178 52,987 48,334 54,440 125,051 123,098 131, 292 59 59 59 Nevada 9,545 9,237 8,295 15, 575 15, 398 15,027 33, 636 33,056 33, 607 9 Pacific: Washington 196,15: 193, 651 200, 386 202, 756 201, 759 202, 731 456,004 451, 308 466,003 152 153 162 Oregon 92,804 87, 309 135, 565 136,888 134,260 269,826 264, 270 270,366 77 77 77 California 1,762,787 1, 752, 9831, 807,454 1, 638,133 1, 637, 6031,607, 9803, 727, 759 3, 746,015 3, 744, 280 232 232 235 Total 21,088,624 21,129,814 22,198,423 27, 215,009 26, 251, 619 26, 367, 547 52, 611, 232 52,194, 913 52,439,916 15, 265 15, 287 15, i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 27. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN JANUARY 1939 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28 AND JUNE 30, 1938 AND DECEMBER 31, 1937, BY STATES [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 er s of State Sept. June Dec. Sept. June Dec. Sept. June Deo. Sept. June Dec. 1938 1937 1938 1938 1937 1938 1938 1937 1938 1938 1937 New England: Maine 38, 087 39, 078 38, 614 64, 749 64, 031 66, 516 110, 493 110,850 112, 043 39 39 39 New Hampshire 29, 705 29, 636 29, 885 30, 543 29, 203 30, 372 66, 395 62,165 62,077 52 52 52 Vermont 25,134 25, 423 23, 956 24, 111 23,157 25, 813 54, 672 51, 248 52,043 42 42 42 Massachusetts 490, 870 506, 623 546, 493 448, 837 437, 242 447,168 1,094, 372 1,100,175 1,082,987 127 127 127 Rhode Island 38, 900 40, 703 44, 614 33, 323 33, 389 38, 545 83, 37J 83,118 88, 776 12 12 12 Connecticut 103,126 106, 750 108, 024 111,; 103, 286 106, 34 262, 856 253, 914 261, 684 54 54 54 Middle Atlantic: New York L, 458, 7141, 508, 3911, 623, 5532, 808, 2772, 546, 742 2, 506, 2794, 256, 535 4,110, 5554, 045, 681 441 442 443 New Jersey 231, 937 229, 474 234, 351 396, 567 377, 698 396, 793 739,227 733, 324 755, 888 229 229 229 Pennsylvania 780, 288 800,168 810, 467 1, 472, 2841, 422, 864 1, 408, 6782, 214, 656 2,199, 5562, 223, 556 697 697 East North Central: Ohio 302, 73' 303,469 315, 488 442, 298 423, 978 472, 944 892, 314 923, 986 247 24' 248 Indiana 107.163 108,224 115,171 225, 898 224, 855 218, 405 395, 831 395, 443 393, 752 127 127 126 Illinois 608, 668 606, 619 706, 352 1, 390,9691, 279, 242 1, 298, 2932, 387, 468 2, 348,195 2, 288, 695 315 314 314 Michigan 152, 569 155, 165,137 392, 334 370, 381 393, 854 667, 337 658, 682 701, 214 83 83 83 Wisconsin 96, 618 96,033 107, 701 271, 022 268,193 255,170 419, 084 420, 678 415, 500 106 106 105 West North Central: Minnesota 202, 238 198, 405 217, 853 280, 368 271, 854 281,122 541,041 552,127 545, 415 195 195 195 Iowa 76, 714 74,004 75, 522 89,018 84, 502 84, 742 186,999 187, 378 184,066 109 110 111 Missouri 171, 750 160, 740 190,943 250, 379 229,917 234, 280 437,020 422,493 433,335 86 86 86 North Dakota 14,414 14, 259 14,406 21, 798 21,962 23, 593 44,086 42, 873 45,101 51 52 55 South Dakota 18, 740 18,533 18,801 21,073 20, 747 22,029 48, 238 48,198 49,173 45 45 47 Nebraska 73,939 74,101 80, 581 94, 476 91,497 93, 890 185, 323 185, 282 187,; 136 136 136 Kansas 61, 752 62, 700 65, 849 85, 654 85,135 84, 527 188, 064 194, 345 199, 316 184 184 186 South Atlantic: Delaware 8,085 8,084 7,965 9,923 10, 667 17, 236 17, 635 18,416 16 16 16 Maryland 62, 811 63, 336 66, 473 181,098 172,811 162, 777 252, 385 242, 200 238, 262 63 63 63 District of Columbia 45, 291 44, 720 49,180 76, 623 73,041 83,437 166, 898 149, 296 166,079 9 9 9 Virginia... 149, 449 146,149 147, 882 114.167 116, 639 127, 965 309, 462 303, 618 295, 390 131 132 132 West Virginia 66,874 65, 755 64, 390 50, 866 50, 543 54, 552 144, 074 143, 697 144,074 79 79 79 North Carolina 40, 525 41, 262 39, 721 27,112 26, 137 29,226 90, 537 83, 949 92, 211 43 43 43 South Carolina 28, 321 29, 576 29, 847 19,158 19,153 23, 491 64, 903 62, 821 72, 638 20 20 20 Georgia 126, 138 128, 807 131, 349 71, 627 57, 862 58, 475 213, 659 204, 360 201, 004 53 53 54 Florida 57, 117 55, 099 59, 272 112,892 112, 948 112,648 198, 458 207, 006 211,013 53 53 53 East South Central: Kentucky 92, 625 93,577 102, 046 82, 530 80, 456 77,069 192, 909 189, 883 201, 863 Tennessee 153, 916 148, 657 154, 652 109,600 103, 035 106,211 287, 740 281, 394 286, 772 Alabama 84, 262 82, 860 83, 249 63,180 60, 299 65, 567 166, 597 162, 077 170, 746 Mississippi 21, 710 21, 039 21,190 26, 045 26, 322 25, 497 59, 063 63, 244 60, 755 West South Central: Arkansas 34, 498 33, 913 33, 928 33, 321 33, 230 34, 776 81, 271 80, 947 84, 749 50 50 50 Louisiana 96,128 88, 029 95, 661 132.168 123, 306 119, 514 242, 420 233, 359 238,973 30 30 30 Oklahoma 115,966 116, 745 122, 043 131, 830 126, 620 132,381 330, 941 329, 019 325,108 215 215 216 Texas 384.164 377,973 395, 047 394, 290 371, 873 389, 407 990, 509 972, 099 980, 990 449 449 453 Mountain: Montana 14,013 14,083 14, 236 36, 827 36, 756 37, 982 70, 140 68, 339 72, 154 43 43 43 Idaho 14, 040 13, 561 12, 991 20,411 20, 242 22, 089 43, 851 43, 827 46, 907 20 20 20 Wyoming 15, 525 15, 585 14, 601 14,125 13, 344 14, 789 40, 019 41, 847 26 26 26 Colorado 61, 722 61,129 69, 933 91, 096 87, 835 103, 264 217, 837 211, 590 220, 035 78 78 78 New Mexico 14, c" 14, 441 13, 432 15, 283 14,965 15,111 42,156 43, 333 42, 671 22 22 22 Arizona . 20,230 19, 768 21, 299 20, 094 22, 092 21, 989 51, 496 55, 587 56, 552 5 5 5 Utah 22, 081 21, 950 22, 071 24, 143 22, 205 26, 927 54, 567 53,718 58, 828 13 13 13 Nevada 8,841 8,512 7,643 14, 385 14, 197 13, 847 31,336 30, 659 31, 256 5 5 5 Pacific: Washington 140, 547 139, 259 143,118 142, 740 143, 635 143, 612 328, 527 326, 346 334, 768 48 50 Oregon 76, 470 72, 844 71, 981 118,554 120, 589 116, 759 231, 466 226,88: 231, 379 28 28 California , 239,6191, 231,1591, 267, 2461,136, 8881,147, 7451,118, 6622, 642, 434 2, 672, 5952, 678, 293 103 103 Total 8, 279, 9918, 316, 3718, 796, 20712, 226, 81311,617,64711,738,051 22,838,277 22, 552, 90922,655,329 5,239 5,242 5,260 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

27 JANUARY 1939 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28 AND JUNE 30, 1938 AND DECEMBER 31, 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 er s of State Sept. June Dec. Sept. June Dec. Sept. June Dec. Sept. June Dec. 1938 2 1938 2 1937 2 1938 2 1938 2 1937 2 1938 2 1938 2 1937 2 1938 2 1938 2 1937 2 New England: Maine 70, 405 70, 685 70, 587 143, 775 138, 516 141, 528 207, 986 206, 701 207, 308 63 63 63 New Hampshire 69, 903 69,903 69, 341 141,463 141, 463 143, 629 206,127 206,127 206,495 56 56 57 Vermont 62, 607 62, 607 62, 749 48,009 48,009 52, 261 113, 278 113, 278 115,483 49 49 49 Massachusetts 1, 245,135 1, 251, 411 1, 267, 552 1, 340, 257 1, 333, 531 1, 311, 594 2, 610, 318 2, 618, 749 2, 613, 737 265 265 265 Rhode Island 130,667 129, 419 130, 864 242, 654 237, 789 242, 029 381, 648 372, 393 376, 661 23 23 23 Connecticut 472, 495 476 234 480 124 453, 792 447, 381 454, 008 981, 699 978, 440 984, 366 142 142 142 Middle Atlantic: New York 5, 756, 884 5, 775, 527 6, 203, 894 6, 286, 456 6,130, 478 5, 966, 72712, 426, 809 12,435, 73512, 336, 867 457 458 459 New Jersey 465, 593 462, 377 494,036 587, 498 575, 965 584, 540 1, 220, 910 1, 216, 219 1,250,114 181 181 182 Pennsylvania _ 726, 363 741, 224 755, 471 1, 563,199 1, 509, 323 1, 500, 991 2, 350, 702 2, 342,122 2, 334, 360 415 416 418 East North Central: Ohio... 507, 210 508, 503 532, 473 538,016 524,189 539,707 1, 250,020 1, 235,057 1, 254, 361 462 462 462 Indiana 149, 524 149, 524 151, 484 159,927 159, 927 175, 582 386, 595 386, 595 393, 736 394 394 398 Illinois 257, 817 252 026 275 291 548, 867 541, 770 560, 945 1, 031, 423 1,021, 653 1,033, 329 548 552 562 Michigan 208, 918 207,411 211, 158 315, 578 305,143 324, 202 643, 617 628, 889 663, 562 379 379 381 Wisconsin 149, 688 148 111 147 277 186 212 179, 302 201, 604 374, 443 373, 532 391, 310 488 489 497 West North Central: Minnesota. 103,088 100, 828 98, 581 135,158 134,685 139, 727 260, 572 260, 510 260, 563 491 493 495 Iowa 183, 955 178 020 178 828 122 827 121, 646 128, 775 3 378, 471 368, 911 367,137 544 543 548 Missouri ___ 253, 343 245, 560 268, 507 334, 599 311,308 326,125 613,162 601, 539 608, 409 565 565 573 North Dakota 9,911 9,911 9,922 9,090 9,090 8,739 21,511 21,511 21, 749 128 128 130 South Dakota 14,797 14 675 15 331 10, 549 10,732 10, 815 30, 226 30, 926 30, 886 124 130 134 Nebraska. _ 34, 498 34, 218 33,035 18,883 19, 248 20, 599 64, 697 64, 534 69, 261 291 291 296 Kansas 79, 283 80, 346 76, 540 50, 455 50, 551 52, 835 3 156, 440 3 158, 825 3 163, 905 503 503 506 South Atlantic: Delaware _ _ .. 68, 250 68,077 72, 662 90,126 89,186 94, 368 172, 586 173, 240 180, 631 32 32 32 Maryland 143, 325 145, 322 149, 295 306, 402 298, 389 291, 526 482,407 481,180 482, 657 131 133 133 District of Columbia 54, 325 53, 480 54, 651 59,191 57,467 52, 430 134, 242 131, 519 133, 534 13 13 13 Virginia 128,075 125 485 128 317 63 549 58, 994 59, 340 204, 305 196,950 197, 335 186 187 190 West Virginia. 62,176 61, 794 62,076 42,847 40,144 44, 977 123,116 125, 794 126, 627 105 105 105 North Carolina 119,213 116,194 113,704 114,802 106, 273 123,018 242, 771 227, 008 239, 919 189 189 193 South Carolina 24, 642 25, 559 25, 369 21,315 21,045 23, 650 62,085 58, 824 65, 999 130 130 131 Georgia . 80,170 81, 210 78, 911 28, 051 25, 889 26, 335 117, 709 111,474 119,208 228 231 231 Florida _.. . _ 26, 354 24, 815 25,061 28, 932 29, 802 30,068 70, 596 75, 797 74, 921 111 110 109 East South Central: Kentucky __ _ 111,774 111,774 116,738 68,155 68,155 71, 802 191, 526 191, 526 203, 514 330 330 326 Tennessee 67, 568 67, 568 66, 921 30,881 30,881 31, 782 120,445 120,445 121, 682 232 232 233 Alabama.. __ _ 39, 677 40,655 38, 542 25, 977 25, 694 26, 002 73,831 72, 945 78,058 152 152 151 Mississippi 49, 930 47, 441 44,467 48, 39( 48, 647 49,157 119,044 117,079 121,810 181 181 183 West South Central: Arkansas 30, 419 29, 158 29,186 19, 798 20,181 20, 614 66, 301 62, 851 66, 412 170 171 173 Louisiana 51, 061 48, 775 49,144 55, 676 53,330 53, 942 143, 814 131, 979 140,824 116 116 117 Oklahoma 19,815 20, 765 18, 522 16, 224 15, 393 16, 671 50,131 50,976 50, 880 185 183 184 Texas 78,117 79, 290 75, 088 47, 495 46, 979 54, 021 165, 742 163, 736 173,190 407 407 415 Mountain: Montana- 16, 929 17,110 16,150 23, 549 23,128 23,911 50, 764 52, 211 54,707 71 71 72 Idaho 15,589 15, 684 15, 394 17, 062 18, 382 18, 657 3 43,883 3 43, 514 3 46, 808 32 32 32 Wyoming... __ 8,808 8,808 8,242 2,754 2,754 3,653 15, 529 15, 529 16, 853 32 32 32 Colorado 18, 675 18,675 20, 691 18,081 18, 081 18,373 51,100 51,100 56, 413 67 67 69 New Mexico 4,717 4,453 4,264 3,334 3,239 3,136 11, 564 11, 327 12,136 19 19 19 Arizona .. 7,674 7,125 7,213 10, 035 10, 282 10,470 3 24, 864 3 25, 212 3 25, 846 7 Utah 33, 455 33, 121 35,107 28, 844 26,129 27, 513 70, 484 69, 380 72, 464 46 46 46 Nevada.. . ._ 704 725 652 • 1,190 1,201 1,180 3 2, 300 3 2, 397 3 2, 351 4 Pacific: Washington 55, 605 54, 392 57, 268 60,016 58,124 59,119 127, 477 124, 962 131, 235 104 105 112 Oregon . ._ _ 16, 334 15, 644 15, 328 17,011 16, 299 17, 501 38, 360 37, 383 38, 987 49 49 49 California 523,168 521, 824 540, 208 501, 245 489, 858 489, 318 1,085,325 1,073,420 1, 065, 987 129 129 132 Total 12, 808, 63312, 813, 44313, 402, 21614, 988,19614, 633, 97214, 629, 49629, 772, 955 29, 642, 00429, 784, 58710,02610, 04510,133 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. « All figures in the Septerr1--"1"00 --1 *ci~-4.—v--« ~—^~~*~n—,„. TVT^,-— o.^ o^. banks, June 30; Connecticut, Alabama, Sept. 10; Louisiana, , r , . , , ..-, „, , Massachusetts, New Jersey, Ohio, Missouri and Georgia, June 30 as adjusted by the increase or decrease in the figures of State bank members between June 30 and Sept. 28, except mutual savings banks in Massachusetts which are as of Oct. 31. For call dates included in the June 1938 and Dec. 1937 columns see footnotes at bottom of pages 976 and 581, respectively, of the November and July 1938 BULLETINS. * Including relatively small amounts of interbank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY 1939 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE 30, 1938 AND DECEMBER 31, 1937, BY STATES [Figures in this table are also included in the table on pag(} 27 covering "State Banks". Amounts in 1housands 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 Sept. June Dec. Sept. June Dec. Sept. June Dec. Sept. June Dec. 1938 1 1938 1937 1938 1 1938 1937 1938 1 1938 1937 19381 1938 1937 Connecticut: District No. 1 _ 292 296 314 205 217 215 415 423 453 3 3 3 District No. 2 120 129 133 69 69 122 298 297 370 1 1 1 Indiana: District No. 7 1,378 1,378 1, 525 1,343 1,343 1,370 4,082 4,082 4,343 17 17 19 District No. 8 . . 169 169 167 52 52 51 256 256 248 2 2 2 Iowa 182 165 170 38 38 267 282 301 502 1 1 2 Kansas _ 2 2 2 8 9 16 1 1 1 New Jersey Dist. No. 2 15 15 15 13 13 12 6 6 7 1 1 1 New York 66,775 76, 904 83, 356 321, 456 327, 702 319, 839 367, 457 358, 620 346, 469 13 14 14 Ohio 2,148 2,148 2,141 566 566 570 2,803 2,803 3,030 13 13 13 Pennsylvania: District No. 3_ 7,267 8,199 7,422 40, 087 37,102 35. 462 55, 539 56, 395 52, 808 15 15 16 District No. 4 1,121 1,107 1.137 1,127 1,111 1,416 2,640 2,427 2,644 4 4 4 South Carolina __, 645 640 679 50 50 237 517 622 944 1 1 1 Total. 80,114 91,152 97, 061 365,006 368, 263 359, 561 434, 303 426, 241 411,834 72 73 77 i Figures in the September 1938 columns are as follows: Connecticut, and Pennsylvania, September 30; New York, Iowa and South Carolina, September 28; Kansas, September 17; Indiana, New Jersey and Ohio, June 30. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE 30, 1938 AND DECEMBER 31, 1937, BY STATES [Figures in this table are also included in the table on page 27 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Sept. June Dec. Sept. June Dec. Sept. June Dec. Sept. June Dec. 1938 1 1938 1937 1 1938 1 19371 1938 1 1938 19371 1938 19371 California 34, 525 34,178 33, 364 58, 313 58, 602 59, 603 86, 311 86, 675 87, 259 Connecticut: District No. 1. 267,156 271, 620 273,001 271, 752 269, 693 271, 635 553, 986 554, 944 558, 440 59 59 59 District No. 2. 82, 227 81, 868 81, 489 81, 899 81,314 82, 554 163, 379 163, 529 163, 521 14 14 14 Delaware 13,010 12, 976 12,636 26,044 27, 937 27,142 36, 780 36, 971 36, 230 2 2 2 Indiana: District No. 7. 7,654 7,654 7,874 3,818 3,818 4,191 12,890 12, 890 12, 993 4 4 4 District No. 8. 4,320 4,320 4,545 3,300 3,300 2,930 8,103 8,103 8,068 1 1 1 Maine _. 30,140 30, 358 30, 504 104,044 100,987 102,721 127, 446 126, !" 126, 902 32 32 32 Maryland 42,154 42,154 44, 315 176,067 176, 067 173,128 223, 285 223, 285 222, 532 12 12 12 Massachusetts 1, 036,313 1, 042, 151 1,057,893 1,100,318 1,098, 550 1,082, 790 2,137,047 2,144, 444 2,145, 368 193 193 193 Minnesota 9,856 9,833 9, 984 53, 758 53, 342 54, 749 65, 251 65, 290 66, 378 1 1 1 New Hampshire.. 61, 717 61,717 61, 273 132, 675 132, 675 134, 637 190, 243 190, 243 190, 546 44 44 44 New Jersey: District No. 2. 128, 799 128, 799 131, 920 172, 518 172, 518 169,127 322, 218 322, 218 320, 749 22 22 22 District No. 3. 4,972 4,972 4,970 8,036 8,036 8,088 14, 453 14, 453 14,485 3 3 3 New York 2,989, 944 2,989,944 2,997, 574 2,313,928 2, 313,928 2, 283, 517 5,336,851 5,336,851 5,291,876 134 134 134 Ohio____ _„. 40,405 40, 405 44,102 65, 469 65, 469 67, 273 121, 016 121,016 119, 543 3 3 Oregon 1,134 1,109 765 737 727 1,853 1,909 1,691 1 1 Pennsylvania: District No. 3. 74,674 74, 735 75, 027 442, 329 437, 843 434,094 523, 789 525, 500 529, 594 District No. 4. 11, 279 11, 847 12,042 42, 997 41, 999 41, 777 54, 422 54, 481 53, 894 1 Rhode Island 51,031 51,031 52, 309 124, 395 124, 395 126,096 176,023 176,023 175,948 9 Vermont 30, 709 30, 709 31, 550 25, 404 25,404 26, 683 61, 748 61, 748 63,138 14 Washington 26, 504 26, 493 26, 876 37,006 36,280 34, 993 64, 293 63, 875 63, 240 Wisconsin: District No. 7. 2,176 2,133 2,155 2,101 2,085 2,087 4,403 4,371 4,450 District No. 9. 60 62 65 59 58 57 113 110 109 Total _. 4,950, 759 4, 961,068 4, 996, 461 5, 246,995 5, 235, 037 5,190, 599 10, 285,903 10, 295, 85910, 256, 954 563 563 i All figures in the September columns are as of September 28 except as follows: Connecticut and Pennsylvania, September 30; Maine, September 24; Massachusetts, Oct. 31; Indiana, Maryland, New Hampshire, New Jersey, New York, Ohio, Rhode Island and Vermont, June 30. Figures for New Hampshire in the Dec. 1937 columns are as of June 30, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

29 JANUARY 1939 FEDERAL RESERVE BULLETIN FRENCH MEASURES AFFECTING THE BANK OF FRANCE AND THE TREASURY On October 5, 1938, the French Parliament The Minister of Finance is authorized to make granted the Cabinet authority until Novem- agreements with the banks of issue in question establishing the conditions under which the State shall reber 15, 1938, to take by decree measures de- ceive the increments resulting from revaluation. signed to bring about economic and financial These increments may be reassigned by the State to the territories where the banks of issue exercise recovery. Acting under these powers the their functions for application in due measure to Government issued, on November 12, a series (1) the reimbursement of advances granted by the Treasury and (2) the reduction of amounts authorof decrees designed to liberalize the system ized by Parliament to be borrowed for the purpose of of control over prices, to expand production financing public works. Art. 3. Paragraph 2 of Article 104 of the stamp through permitting extension of the legal tax code, reprinted in paragraph 2 of Article 166 of work-week beyond the 40-hour limit imposed the decree of December 31, 1936, regarding codification of the texts concerning the Bank of France, is in 1936, and to balance the budget by means abrogated. of both higher taxation and the reduction of Art. 4. Article 105 of the stamp tax code, reprinted in paragraph 3 of Article 166 of the decree of Decertain expenditures. cember 31, 1936, regarding codification of the texts As a part of this program the provisional concerning the Bank of France, is replaced by the following provision: advances granted to the Government by the "An order by the Minister of Finance shall de- Bank of France since 1936 were reduced by termine the method of calculation to be adopted to about 27,500,000,000 francs as the result of establish the circulation figure of Bank of France notes subject to the stamp tax referred to in the a new revaluation of the Bank's gold reserves, previous article." and the permanent advance from the Bank Art. 5. The present decree shall be submitted for ratification to the Chambers as provided in the law to the Government was increased by 6,800,- of October 5, 1938. 000,000 francs. The revaluation was effected Art. 6. The President of the Council, Minister of National Defense and of War, the Minister of Foreign on the basis of a gold content for the franc Affairs, the Minister of the Interior, the Minister of corresponding to a rate of about 170 francs Colonies, and the Minister of Finance, each insofar as he is concerned, are charged with the execution of to the pound sterling, that is, at a rate which the present decree, which shall be published in the gave the franc a somewhat higher gold value Journal Officiel. Done at Paris, November 12, 1938. than that recently quoted in the exchange markets. These measures were embodied in ALBERT LEBRUN. By the President of the Republic: a convention of November 12, 1938, between The President of the Council, Minister of the Bank of France and the Treasury, and a National Defense and of War, decree of the same date, both of which are EDOUARD DALADIER. given in translation below. The Minister of Foreign Affairs, GEORGES BONNET. The Minister of the Interior, DECREE ALBERT SARRAUT. The President of the French Republic, By virtue of the law of October 5, 1938, granting The Minister of Colonies, to the Government powers designed to bring about GEORGES MANDEL. immediate economic and financial recovery in the The Minister of Finance, country; PAUL REYNAUD. On the report of the President of the Council, Minister of National Defense and of War, the Min- CONVENTION BETWEEN THE MINISTER OF FINANCE ister of Foreign Affairs, the Minister of the Interior, AND THE GOVERNOR OF THE BANK OF FRANCE the Minister of Colonies, and the Minister of Finance, Between the undersigned, M. Paul Reynaud, Min- The Council of Ministers concurring, ister of Finance, acting on behalf of the State, and Decrees: M. Pierre Fournier, Governor of the Bank of France, Article 1. The convention entered into on Novem- duly authorized by decision of the general council of ber 12, 1938, between the Minister of Finance and the the Bank of France, under date of November 12, Governor of the Bank of France is approved. 1938, it has been agreed as follows: Art. 2. The gold and foreign exchange held on Article 1. The Bank shall proceed to revalue its November 12, 1938, by the banks of issue of Algeria, gold and its negotiable foreign exchange holdings the colonies, and protectorates, shall be subject to under conditions set forth in article 1 of the cona revaluation carried out under conditions similar to vention of September 25, 1936,1 on the basis of a those set forth in the convention mentioned in article 1 of the present decree. 1 See BULLETIN for November 1936, p. 880. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY 1939 weight of 27.5 milligrams gold 0.900 fine per franc. of these credits on the basis provided for in article 1 Art. 2. The increment resulting from the revalua- of the present convention; tion provided for in article 1 of the present convention 3. The increment which may eventually result from shall be applied to the definitive repayment in due a new revaluation of the gold and negotiable foreign measure of the temporary advances granted to the exchange holdings of the Bank. Treasury by the Bank of France under the provisions In case the amounts resulting from the aboveof the conventions of June 18, 1936 2 (articles 1, 2, named operations should exceed the amount of adand 3, reprinted in articles 177-179 and 189 [items vances to be repaid, the surplus may be applied only 1 and 2] of the decree of December 31, 1936, concern- to the amortization of the public debt. ing codification of the texts regarding the Bank of Art. 9. As soon as the decree approving the present France), of June 30, 1937,5 of March 22, 1938,4 and convention is promulgated, the permanent advance of April 14, 1938.5 of 3,200,000,000 francs granted by the Bank of France Art. 3. The amount of advances granted by previ- to the Treasury in execution of the agreements and ous conventions which remains unpaid after the exe- conventions of June 10, 1857, March 29, 1878, Occution of the operations provided for in articles 1 and tober 31, 1896, November 11, 1911, and June 23 2 of the present convention shall be carried in a sepa- 1928,7 reprinted in article 135 of the codification de ; rate item on the balance sheet of the bank of issue cree of December 31, 1936, previously cited, shall be entitled "Temporary non-interest bearing advances increased to 10,000,000,000 francs. The new advance to the State, repayable according to article 8 of the in the amount of 6,800,000,000 francs shall be credconvention of November 12, 1938." ited immediately to the current account of the Treas- Art. 4. The following are annulled insofar as they ury. concern provisions for temporary advances to the As guarantee for the reimbursement of this loan, State: the Bank of France shall be given a Treasury bond The convention of June 18, 1936, approved by the maturing on December 31, 1945. law of June 23, 1936,2 reprinted in articles 177-180, The Bank of France shall receive as reimburse- 189 (items 1 and 2), 190 (item 1), and 192 (item 1) ment for expenses incurred in connection with the of the codification decree of December 31, 1936, cited new permanent advance provided for by the present above; article, a commission of 0.5 percent per annum of The convention of June 30, 1937, approved by the the amount of the advance. decree [law] of June 30, 1937j3 Art. 10. The second paragraph of article 4 of the The convention of March 22, 1938, approved by the convention of October 26, 1917, reprinted in article law of March 25, 1938 ;4 159, paragraph 3, of the codification decree of De- The convention of April 14, 1938, approved by the cember 31, 1936, previously cited, is modified as decree of June 17, 1938.5 follows: Art. 5. The Bank of France shall receive as reim- "Furthermore, supplementary royalties of 20 bursement for expenses incurred in connection with percent shall be collected on the proceeds, dethe advances mentioned in article 3 of the present termined as above, of the Bank's productive opconvention, a commission of 0.2 percent per annum erations during each fiscal year, after deduction of the effective amount of the said advances. of the royalty mentioned in the preceding para- Art. 6. As evidence of the advances granted under graph. article 3 of the present convention, the Bank of "The portion between zero and 500,000,000 is France shall receive non-interest-bearing Treasury to be reckoned only one-fourth of its total amount. bills of 3 months' maturity and renewable until the "The portion between 500,000,000 and 650,repayment of the said advances. 000,000 at three-eighths of its amount." Art. 7. The amount of the advances granted under article 3 of the present convention shall not be in- Art. 11. The first article of the supplementary cluded in the figure of the productive note circulation convention of July 26, 1918, approved by the law of serving as the basis for calculation of the royalties December 20, 1918, and reprinted in article 160 of as provided for by the laws and conventions now in the codification decree of December 31, 1936, cited effect. above, is modified as follows: Art. 8. The following shall ultimately be applied "Beginning with the year 1939, whenever an to definitive repayment of the advances provided for annual dividend exceeding 500 francs per share in article 3 of the present convention: net of tax is declared, the Bank shall be obliged 1. The proceeds of the liquidation of the exchange to pay to the State an amount equal to the net stabilization fund, set up by article 3 of the law of excess so distributed." October 1, 1936,1 reprinted in article 172 of the codification decree of December 31, 1936, cited above, as Art. 12. The present convention is exempt from well as the cash balance of the supporting fund for stamp and registration taxes. rentes set up by article 1 of the decree of July 22, Done at Paris, in two copies, November 12, 1938. 1937;6 Read and approved: 2. In proportion to the collection by the Bank of the The Minister of Finance, outstanding term credits included in the balance sheet item "Negotiable bills and other short-term funds PAUL REYNAUD. abroad," the increment resulting from the revaluation Read and approved: 2 See BULLETIN for July 1936, p. 536. The Governor of the Bank of France, 3 See BULLETIN for August 1937, p. 720. 4 See BULLETIN for June 1938, p. 452. PIERRE FOURNIER. 5 See BULLETIN for August 1938, p. 651. 0 See BULLETIN for September 1937, p. 853. r See BULLETIN for August 1928, pp. 571-574. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

31 JANUARY 1939 FEDERAL RESERVE BULLETIN BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES, 1936-1937 The Department of Commerce has pub- been overestimated. Changes in the final lished a final summary of the international summary as shown in the following table retransactions of the United States in 1937 duce this residual in the preliminary sumwhich differs somewhat from the preliminary mary to $676,000,000, a decrease of $35,000,summary published on page 360 of the FED-000. This decrease reflects small changes in ERAL RESERVE BULLETIN for May 1938. The a number of items. Unreported operations preliminary summary showed an unex- of the stabilization fund may affect the size plained residual credit of $711,000,000. of the residual either way to the extent of After all the individual merchandise, serv- $200,000,000. ice, capital, and gold and silver transactions A revision of the transactions in 1936 for which data could be published had been shows some differences from the final sumrecorded or estimated, aggregate credits in mary published on page 1002 of the BULLETIN the preliminary summary were short of ag- for October 1937. These revisions reduce gregate debits by this amount. Since every the unexplained residual credit by $21,000,international transaction gives rise to both 000. a credit and a debit of the same magnitude, The revised summary for 1936 and the this discrepancy indicated that credit items final summary for 1937 are given below in had been omitted or underestimated in the substantially the same form as that employed preliminary summary or that debit items had by the Department of Commerce. fin millions of dollars] 1936 (revised) 1937 Items f R or e f e r c i o e g m i n p e t r s s P f a o y re m i t g o e n n e t r s s m ce N o e i r p n e t t t p s s a r ( ( e y — + - - ) ) f R or e f e r c i o e g m i n p e t r s s P fo a r y e m i t g o n e e n r t s s m ce N o e ip r n e t t t p s s a r ( ( e y — + - - ) ) 1. Trade and services Merchandise 2,456 2,423 + 33 3,345 3,084 + 261 Merchandise adjustments l 66 41 + 25 79 42 + 37 Freight and shipping 68 129 - 61 107 210 - 103 Tourist expenditures 139 497 - 358 156 594 - 438 Immigrant remittances. _ 24 172 - 148 25 170 - 145 Contributions 32 - 32 35 - 35 Interest and dividends.. ... _. . ._ _ 568 238 -f 330 608 278 •+- 330 Government transactions 2 _ . 31 96 - 65 29 126 - 97 Miscellaneous services 191 68 + 123 230 64 + 166 Trade and service transactions _ _______ 3,543 3,696 - 153 4, 579 4,603 - 24 2. Gold and silver Gold exports and imports 28 1,144 -1,116 46 1,632 -1,586 Gold earmarking operations + 86 + 200 Silver exports and imports.. 9 183 - 174 9 92 - 83 Gold and silver movement -1,204 -1,469 3. Capital Reported long-term capital movement 3, 490 2,717 + 773 3,183 2,661 + 522 Reported movement of short-term banking andbrokerage funds + 404 + 290 Paper currency movements + 22 Miscellaneous capital transactions - 12 + 5 Capital movement. +1,187 + 817 4. Residual item . + 170 + 676 1 This item consists roughly of 3 parts: (1) exports and imports of goods for which data are available but not recorded in the official trade figures (e.g., ships, bunker fuel sold in the United States, etc.); (2) goods whose export or import is wholly or partly omitted from official trade data (e.g. unrecorded parcel-post shipments, goods smuggled into the country, etc.); (3) corrections of certain recorded trade figures to allow for possible overvaluation (in the case of goods sent on consignment) or undervaluation (in case of imports subject to ad valorem duties), uncollectible accounts, etc. 2 Includes $1,000,000 of war-debt receipts in 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY 1939 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES JULY-SEPTEMBER 19381 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT In banking funds In security transactions In From Jan. 2, 1935, through— Increase in Decrease brokerage Total Total foreign in U. S. balances Total Domestic Foreign funds funds securities securities securities in U. S. abroad 1935—Dec. 31 1,412.5 964.6 603. 3 361.4 6.0 441.8 316.7 125.2 1936—Dec. 30 2, 608. 4 1, 362. 0 930.5 431.5 12.9 1,233. 6 917.4 316.2 1937—Dec. 29 3, 410. 3 1,617.6 1,168. 5 449. 1 47.5 1, 745. 2 1,162. 0 583.2 1938—Mar. 30 3,197. 2 1, 374.1 949.8 424.4 54.2 1, 768. 9 1,150. 4 618.5 June 29 .__ 3, 035. 8 1,179. 5 786.2 393.3 57.8 1, 798. 4 1,155. 3 643.1 July6_._ ... . 3, 028.1 1,182. 0 765.9 416.1 59.3 1, 786. 8 1,161.3 625.5 July 13 3, 005. 6 1,157.4 737.6 419.8 60.4 1, 787. 8 1,160. 8 626.9 July 20.._ _ . 3, 010. 2 1,165. 3 740.2 425.1 62.1 1, 782. 9 1,157.6 625.3 July 27 2, 990. 2 1,163. 8 735.8 428.1 57.7 1, 768. 6 1,149. 7 618.9 Aug. 3 _ _ 2, 995. 2 1,174. 4 739.2 435.2 59.6 1, 761. 2 1,143.0 618.2 Aug 10 2,993 1 1,181.3 743.4 437 9 58 1 1, 753. 7 1,136.8 616.9 Aug. 17 _ - 2, 996. 2 1,188. 3 752.6 435.7 60.5 1, 747. 4 1,131.8 615.6 Aug 24 3,034 4 1, 288. 7 777.1 451.6 59.2 1, 746. 4 1,128. 4 618.0 Aug. 31 3,057. 3 1, 253. 8 803.2 450.6 60.6 1, 742. 9 1,125.3 617.6 Sept. 7 3,118.4 1,314.7 862.0 452.7 58.8 1, 745. 0 1,123. 6 621.4 Sept. 14 3, 270. 0 1, 465. 7 1, 006. 7 459.1 61. 1 1, 743.1 1,120. 6 622.5 Sept. 21 i__ 3. 407.1 1, 590. 3 1,127. 4 462.9 62.5 1, 754. 4 1,129. 3 625.1 Sept. 28 3, 442. 9 1, 628. 4 1,161.2 467.2 64.1 1,750.4 1,125. 4 625.0 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica E F a a s i t O A th l e l r 1935—Dec. 31 1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 70.9 128.3 12.7 1936—Dec. 30 2, 608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2, 051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29 3, 410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Mar. 30 3,197. 2 938.2 266.4 260. 2 544.1 125.8 15.7 315.3 2, 465. 8 124.7 400.3 187.7 18.8 June 29 3, 035. 8 889.7 237.4 266.0 484.1 137.7 21.4 313.4 2, 349. 7 114.1 412.0 140.5 19.5 July 6 3, 028.1 877.2 238.0 269.3 485.8 139.9 22.8 312.7 2, 345. 7 112.9 411.7 137.9 19.9 July 13 3, 005. 6 879.9 239.9 269.0 478.7 137.8 22.1 305.4 2, 332.9 107.6 402.8 141.6 20.6 July 20 3,010.2 883.6 242.1 265.7 477.6 137.3 21.4 302.6 2, 330. 3 116.4 401.3 140.1 22.1 July 27 2, 990. 2 881.2 238.6 262.9 475.9 137.3 21.5 300.9 2, 318. 3 100.6 403.7 144.5 23.0 Aug. 3 2, 995. 2 883.1 239.6 262.1 477.7 135.5 20.8 301.5 2, 320. 4 111.1 403.9 138.3 21.5 Aug. 10 2, 993. 1 890.0 243.3 260.6 476.7 133.6 22.6 302.1 2, 328. 8 112.1 402.8 127.1 22.3 Aug. 17 2, 996. 2 891.4 247.2 261.2 477.7 134.5 25.1 298.6 2, 335. 8 109.6 404. 1 123.2 23.5 Aug. 24 3, 034. 4 895.9 259.4 254.8 481.1 135.3 23.0 305.1 2, 354. 7 116.5 403.9 133.6 25.7 Aug. 31 ,_ 3, 057. 3 896.7 264.6 255.2 484.8 136.2 23.9 306.3 2, 367. 5 116.2 409.8 135. 4 28.3 Sept. 7 3,118.4 937.0 275.4 257.0 485.5 136.1 24.9 320.6 2, 436. 3 114.5 408.1 130.4 29.0 Sept. 14 3, 270. 0 959.2 286.5 274.9 493.6 133.9 28 9 364.9 2, 541. 8 115.7 423.6 158.2 30.7 Sept. 21 3, 407. 1 1,010.9 292.9 283.2 495.4 131.5 26^9 412.0 2. 652. 9 124.1 429.9 165. 9 34.3 Sept. 28 3, 442. 9 983.2 308.7 298.2 504.3 131.5 20.6 434.5 2, 681.1 114.8 442.9 167.1 37.1 TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES 1935—Dec. 31. _ 964.6 337.4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 53.6 96.1 9.9 1936—Dec. 30 1, 362. 0 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 174.2 120.7 10.8 1937—Dec. 29,. 1,617.6 396.7 177.0 71.9 291.0 114.7 13.4 136.3 1, 201.0 54.6 217.9 144.8 -.7 1938—Mar. 30_. 1, 374.1 347.5 161.5 29.7 226.3 115.3 5.3 117.5 1, 003. 0 79.2 189.5 102.0 .4 June 29__ 1,179. 5 295.9 132.7 28.0 162.4 126.2 10.5 105.8 861.6 72.1 190.2 54.6 1.1 July 6____ 1,182. 0 283.5 132.5 28.0 163.9 128.5 11.3 104.1 851.8 67.4 209.4 51.8 1.6 July 13 _. 1,157.4 285.1 134.8 25.8 155.5 126.3 10.6 97.1 835.1 63.9 199.8 56.1 2.5 July 20. _. 1,165. 3 290.9 135.6 21.8 156.7 125.7 9.6 93.0 833,4 76.2 197.6 54.0 4.1 July 27— 1,163. 8 295.8 131.5 23.9 155.7 125.5 9.7 91.7 833.8 67.2 199.8 58.1 5.0 Aug. 3___. 1,174. 4 299.0 133.7 25.3 157.9 123.8 9.0 91.4 840.2 79.2 199.5 52.1 3.4 Aug. 10_. 1,181. 3 310.6 137.0 26.5 157.1 121.7 10.8 92.0 855.6 82.0 198.5 41.1 4.1 Aug. 17... 1, 188. 3 311.8 140.6 30.0 159.3 122.7 13.4 87.8 865. 6 81.2 199.1 37.3 5.2 Aug. 24... 1, 228. 7 318.6 152.8 23.5 162.4 123.7 11.3 93.9 886.1 89.2 198.7 47.4 7.4 Aug. 31... 1, 253. 8 320.8 158.1 23.6 165.8 124.6 12.1 95.0 900.1 90.7 204.4 48.7 9.9 Sept. 7— 1,314.7 359.1 168.9 24.8 166.4 124.6 13.0 108.7 965.5 92.1 202.4 44.0 10.7 Sept. 14.. 1, 465. 7 381.8 179. 1 43.2 174.2 122.5 16.8 152.0 1,069. 6 94.7 217.2 71.9 12.3 Sept. 21.. 1, 590. 3 431.3 185.0 49.9 172.7 120.1 15.0 198.4 1,172.3 99.0 223.4 80.0 15.5 Sept. 28.. 1, 628. 4 406,6 200.8 64.3 181.0 120.1 8.7 219.4 1, 200. 9 93.0 235. 9 80.9 17.8 1 For back figures see references given in note on page 35. 2 Inflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

33 JANUARY 1939 FEDERAL RESERVE BULLETIN NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e i r n ica E F a a s r t O A th l e l r 1935—Dec. 31__ 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30. _ 930.5 163. 5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29. . 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76. 3 166. 3 126.2 8.0 1938—Mar. 30._ 949.8 175.9 94.1 34.6 223.0 -3.9 -3.9 88.8 608.6 86.3 137.0 108.5 9.3 June 29__ 786.2 145. 2 70.1 34.7 160.1 -2.3 75.0 482.2 73.4 140.8 83.4 6.5 July 6-_. 765.9 137.9 69.5 34.7 161.0 -1.5 -.7 72.6 473.7 69.0 141.0 74.7 7.6 July 13._. 737.6 136.7 71.3 32.9 152.6 -2.9 -1.9 65.4 454.2 66.3 132.8 75.9 8.5 July 20... 740.2 146.2 71.6 29.8 153. 3 -4.4 -2.8 61.0 454.8 75.7 128.6 71. 1 10.0 July 27... 735.8 149.1 69.7 31.1 152.2 -5.8 -2.9 59.4 452.9 73.5 130.4 68.5 10.4 Aug. 3_._. 739.2 152.5 71.9 32.3 154.2 -6.8 -2.9 59.5 460.7 74.9 128.3 66.4 8.9 Aug. 10... 743.4 155.7 73.9 33.1 153.5 -9.6 -1.9 59.2 463.8 75.8 129.0 65.5 9.2 Aug. 17— 752.6 155.2 83.5 35.8 155.8 -9.2 0) 55.3 476.5 75.9 128.9 61.5 9.7 Aug. 24.. 777.1 157.2 93.4 29.6 158.6 -8.9 -1.2 61.0 489.8 83.1 127.2 65.2 11.9 Aug. 31... 803.2 166.0 94.5 30.7 162.5 -8.0 -1.0 62.5 507.3 84.5 133.3 64.0 14.2 Sept. 7— 862.0 201.0 104.2 30.7 163.5 -8.2 -1.5 74.7 564.4 85.0 132.2 65.7 14.7 Sept. 14__ 1,006. 7 218.7 114.1 48.6 170.8 -10.2 1.7 117.9 661.6 88.3 147.7 92.6 16.6 Sept. 21.. 1,127.4 263. 3 119.3 54.0 168.8 -11.5 1.3 164.4 759.6 93.8 152.8 101.8 19.4 Sept. 28. 1,161.2 236.3 133.5 68.3 177.3 -12.0 -1.5 185.9 787.8 90.7 164.1 96.9 21.7- TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 . 361.4 208. 8 48. 1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449. 1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Mar. 30 424.4 171.5 67.4 -4.9 3.3 119.2 9.1 28.7 394.4 -7.1 52.5 -6.5 -8.9 June 29 393. 3 150.7 62.6 -6.6 2.2 128.6 11.1 30.8 379.3 -1.3 49.4 -28.8 -5.3 July 6 416.1 145.6 62.9 -6. 7 2.8 130.0 12.0 31.5 378.1 -1.6 68.3 -22.8 -5.9 July 13 419.8 148.4 63.5 -7.1 2.9 129.2 12.4 31.7 380.9 -2.4 67.0 -19.8 -6.0 July 20 425.1 144.7 64.0 -8.1 3.4 130. 1 12.4 32.1 378.6 . 4 69.0 -17.0 -5.9 Julv 27 428. 1 146.7 61.9 -7.2 3.5 131. 3 12.5 32.3 380.9 -6.4 69.4 -10.4 -5.4 Aug. 3 435.2 146.6 61.8 -7.0 3.7 130.6 11.9 32.0 379.5 4.3 71.1 -14.3 -5.5 Aug. 10 437.9 154.9 63.1 -6.6 3. 6 131.3 12.7 32.8 391.8 6.2 69.5 -24.4 -5.2 Aug. 17 435.7 156.6 57. 1 -5.8 3.5 131.9 13.4 32.4 389.1 5.2 70.1 -24.2 -4.5 Aug. 24 451. 6 161.4 59.4 -6.1 3.7 132.6 12.4 32.9 396.3 6.2 71.5 -17.8 -4.5 Aug. 31 450. 6 154. 8 63.6 -7.1 3.3 132.6 13.1 32.5 392.8 6.3 71.1 -15.3 -4.3 Sept. 7 452.7 158.1 64.7 -5.9 2.9 132.8 14.4 34.0 401.0 7.2 70.2 -21.8 -4.0 Sept. 14 459.1 163.1 65.0 -5.4 3.4 132.7 15.2 34.1 408.0 6.5 69.5 -20.7 -4.3 Sept. 21 462.9 168.0 65. 7 -4.1 3.9 131. 6 13.7 34.0 412.7 5.2 70.7 -21.8 -3.9 Sept. 28 467.2 170.3 67.4 -4.0 3.7 132. 1 10.2 33.4 413. 1 2.3 71.8 -16.0 -3.9 TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935. Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 . l 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 0) .1 5.0 44.0 3.5 -.5 .5 1938—Mar. 30 54.2 13.0 13.4 6.6 8.7 0) .2 5.2 47.2 5.5 -1.2 2.6 .1 June 29 57.8 15.7 13.9 6.8 8.4 -.1 .2 6.2 51.2 4.0 -.1 2.6 .1 July 6 59.3 15. 1 13.6 5.8 9.5 .2 6.0 50.2 5.5 -.1 3.5 .2 July 13 60.4 16.5 15.5 5.7 9.6 0) .1 6.5 54.0 3.5 .3 2.6 .1 July 20 62.1 14.5 15.8 5.5 10.1 C1) .2 8.2 54.3 3.9 .3 3.3 .3 July 27 57.7 13.8 14.5 5.5 10.3 0) .2 8.1 52.5 2.7 .2 2.0 .3 Aug. 3 59.6 14.6 14.9 5.4 10.1 0) .2 8.2 53.4 3.1 .2 2.6 .3 Aug. 10 58.1 13.8 15.0 5.1 10.4 .2 8.2 52.7 2.6 2.5 .3 A A A u u u g g g . . . 3 2 1 1 4 7 6 6 5 0 0 9 . . . 6 5 2 1 1 1 4 4 5 . . . 9 6 7 1 1 1 4 5 5 . . . 4 8 1 4 5 5 . . . 8 1 1 1 1 1 0 0 0 . . . 5 5 1 0 - - )' . . 1 1 ' . . 2 2 2 8 9 9 . . . 7 0 0 5 5 5 5 4 4 . . . 4 2 1 3 3 1 . . . 7 2 3 0) . . 2 1 2 2 2 . . . 3 3 6 . . . 3 3 4 Sept. 7 58.8 14.8 14.7 5.4 10.5 -.1 .2 6.8 52.3 3.9 .2 2.1 .3 Sept. 14 61.1 15.7 15.6 5.7 10.8 -.1 .2 6.6 54.4 4.6 .4 1.4 .3 Sept. 21 62.5 15.9 15.2 6.0 11.6 -.1 .2 6.4 55.2 5.6 .2 1.3 .2 Sept. 28 64.1 16.8 15.9 6.8 10.7 -.1 .2 6.9 57.2 5.3 .4 .8 .5 i Inflow less than $50,000. i Outflow less than $50, 000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY 1939 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e ti r n ica E F a a s r t Ot A h l e l r 1935—Dec. 31. . 441.8 217.5 30.2 57.9 53.9 7.9 2.9 59.1 429.4 -36.9 16.4 29.3 3.7 1936—Dec. 30__ 1, 233. 6 483.8 82.9 168.0 213.9 15.1 6.1 126.4 1, 096. 2 34.4 31.2 61.2 10.6 1937—Dec. 29__ 1, 745. 2 585.5 93.1 235.1 305.7 9.2 8.6 170.9 1,408.1 48.2 193.2 79.2 16.6 1938—Mar. 30._ 1, 768. 9 577.8 91.5 223.9 309.1 10.5 10.2 192.6 1,415.6 40.0 212.0 83.1 18.2 June 29- 1,798.'4 578.1 90.8 231.1 313.4 11.5 10.6 201.5 1, 437. 0 38.0 221.9 83.3 18.2 July 6... 1, 786. 8 578.5 92.0 235.5 312.4 11.4 11.3 202.6 1, 443. 8 40.0 202.4 82.5 18.0 July 13.. 1, 787. 8 578.3 89.6 237.6 313.6 11.4 11.5 201.8 1, 443. 8 40.3 202.7 83.0 18.0 July 20. _ 1, 782. 9 578. 2 90.8 238.4 310.8 11.5 11.5 201.4 1,442. 7 36.3 203.4 82.8 17.7 July 27.. 1, 768. 6 571.6 92.6 233.5 309.8 11. 7 11.7 201.1 1, 432. 0 30.7 203.7 84.4 17.7 Aug. 3— 1, 761. 2 569.5 91.0 231.4 309.7 11.8 11.7 201.8 1, 426. 8 28.8 204.3 83.6 17.8 Aug. 10.. 1, 753. 7 565.6 91.4 229.0 309.2 11.8 11.6 201.9 1, 420. 5 27.5 204.4 83.5 17.9 Aug. 17- 1, 747. 4 565.0 91.2 226.4 308.3 11.8 11.6 201.8 1,416.0 25.2 204.9 83.4 17.9 Aug. 24_. 1, 746. 4 561.6 91.6 226.3 308.2 11.7 11.6 202.3 1,413.3 26.1 205.2 83.9 18.0 Aug. 31.. 1, 742. 9 561.0 91.6 226.5 308.4 11.7 11.6 202.6 1,413.4 21.7 205.3 84.4 18.1 Sept. 7— 1, 745. 0 563.1 91.9 226.8 308.5 11.6 11.7 205.1 1, 418. 6 18.5 205.5 84.4 18.0 Sept. 14_. 1, 743.1 561. 8 91.7 225.9 308.6 11.5 11.8 206.3 1,417.8 16.3 206.0 84.9 18.1 Sept. 2l_. 1, 754. 4 563.8 92.8 227.2 311.2 11.5 11.7 207.2 1, 425. 4 19.5 206.3 84.6 18.6 Sept. 28.. 1, 750. 4 559.8 91.9 227.2 312.7 11.5 11.8 208.2 1,423.0 16.5 206.6 85.4 18.9 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 316.7 149.8 23.4 50.5 55. 1 -5.4 —. l 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7. 1 1937—Dec. 29 1, 162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Mar. 30 1, 150. 4 441.9 67.7 202 4 279.7 -18.2 -4.9 58. 1 1, 026. 7 36.8 20.7 55.6 10.5 June 29 1,155. 3 440.2 67.1 208.6 283. 1 -19.0 -5.0 54.2 1, 029. 2 40.1 21.1 54.7 10.2 July 6 1,161.3 441.2 68.2 212.0 282.7 -19.1 -5.0 54.8 1, 034. 9 40.5 22.1 53.9 10.0 July 13 1,160.8 439.8 66.0 213.8 283.7 -19.2 -4.9 53.8 1, 033. 0 41.9 21.9 54.2 9.9 July 20 1,157. 6 441.1 67.1 214.6 281.2 -19.2 -5.0 53.3 1, 033. 1 39.0 21.9 53.7 9.8 July 27 1,149. 7 437.7 69.1 209.6 280.0 -19.2 -5.0 52.8 1, 024. 9 38.0 21.8 55.2 9.8 Aug. 3 1,143. 0 436.6 67.5 207.6 279.8 -19.3 -5.0 52.2 1, 019. 4 37.8 21.7 54.3 9.8 Aug. 10 1,136.8 433.0 67.8 205.3 279.5 -19.4 -5. 1 52. 1 1,013.2 38.3 21.5 54.1 9.7 Aug. 17 1,131.8 433.3 67.5 202.7 278.6 -19.5 -5.2 51.5 1, 009. 0 37.6 21.6 53.8 9.7 Aug. 24 1,128. 4 430.7 67.8 202.7 278.4 -19.7 -5.2 51.7 1, 006. 3 36.6 21.8 54.0 9.7 Aug. 31 1,125. 3 430.2 67.8 202.8 278.5 -19.9 -5.2 51.8 1, 006. 2 33.5 21.7 54.2 9.8 Sept. 7 1,123. 6 432.4 68. 1 203.1 278.7 -20.0 -5.2 51.9 1, 008. 9 29.1 21.7 54. 1 9.8 Sept. 14 1, 120. 6 431.1 67.8 202.4 278.7 -20.2 -5.1 52.4 1, 007.1 27.4 21.9 54.5 9.8 Sept. 21 1, 129. 3 433.7 68.7 203.5 281.2 -20.3 -5.3 52.7 1,014.2 29.4 21.7 53.9 10.0 Sept. 28 1,125. 4 430. 5 67.8 203.3 282.2 -20.4 -5.3 53.0 1,011.2 27.7 21.9 54.5 10.1 TABLE 9.—FOREIGN SECURITIES BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th l e l r 1935—Dec. 31._ 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143. 1 -39.7 12.7 7.9 1.1 1936—Dec. 30_. 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29_. 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 1938— J M un a e r . 2 3 9 0 .. - 6 6 4 1 3 8 . . 1 5 1 1 3 3 5 7 . . 9 9 2 2 3 3 . . 7 7 2 2 1 2 . . 5 5 2 30 9 . . 3 5 3 2 0 8. . 6 5 1 15 5 . . 6 1 1 1 3 4 4 7 . . 6 3 4 3 0 88 7 . . 9 8 -2 3 . . 1 1 2 1 0 9 0 1 . . 8 3 2 28 7 . . 6 5 6 7 . . 8 7 8.0 July 6... 625.5 137.4 23.7 23.4 29.8 30.5 16.3 147. 8 408.9 -.5 180.3 28.7 8.0 July 13. _ 626.9 138. 6 23.6 23.8 29.8 30.6 16.4 148. 0 410.8 -1.6 180.8 28.8 8.1 July 20-. 625.3 !37. 1 23.6 23.8 29.6 30.7 16.5 148. 1 409.5 -2.7 181.5 29.1 7.9 July 27. 618.9 134.0 23.6 23.8 29.8 31.0 16.6 148.3 407.1 -7.3 181.9 29.2 8.0 Aug. 3___ 618.2 132.9 23.5 23.8 29.8 31. 1 16.7 149.6 407.3 -9.0 182.6 29.3 8.0 Aug. 10- 616.9 132. 6 23.6 23.7 29.7 31.2 16.7 149.8 407.2 -10.7 182.9 29.4 8.1 Aug. 17__ 615.6 131. 6 23.7 23.7 29.7 31.3 16.8 150.3 407.0 -12.4 183.2 29.6 8.2 Aug. 24.. 618.0 130.9 23.8 23.6 29.9 31.4 16.8 150.6 406.9 -10.4 183.4 29.9 8.2 Aug. 31.. 617.6 130.8 23.8 23.7 29.9 31.5 16.8 150.7 407.2 -11.8 183.7 30.2 8.3 Sept. 7... 621.4 130. 7 23.8 23.7 29.8 31.6 16.9 153. 1 409.7 -10.6 183.9 30.3 8.2 Sept. 14.. 622.5 130.7 23.9 23.5 29.9 31.7 17.0 153.9 410.6 -11.0 184.2 30.4 8.3 Sept. 21.. 625.1 130.1 24.1 23.7 30.0 31.8 17.0 154.5 411.2 -9.8 184.5 30.7 8.6 Sept. 28.. 625.0 129. 3 24.2 23.8 30.5 31.9 17.0 155.2 411.9 -11.2 184.7 30.9 8.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

35 JANUARY 1939 FEDERAL RESERVE BULLETIN OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [In millions of dollars] TABLE 10.—LIABILITIES TO FOREIGNERS Date- Total U K n d i i n o t m g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i ic n a E F a a s r t O A th ll er Reported by Banks in New York City 1929—Dec. 31. _ 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162. 8 241.8 188.2 49.0 31.0 1930—Dec. 31 __ 2, 335. 0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30._ 1, 303. 5 104.9 549.2 44.6 66.0 41. 1 33.2 122.2 961.2 148.3 •103.3 69.0 21.6 1932—Dec. 28._ 745.6 169.7 71. 1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27__ 392.0 48.9 27.0 8.0 11. 5 17.5 11. 7 31.1 155.7 86.1 96.7 42.7 10.9 Reported by Banks in United States 1934—Dec. 26.. 610.6 83.0 39.6 12.2 13.5 30.0 19.5 47.1 245.0 97.9 125.2 130.1 12.4 1935—Dec. 31.. 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30_. 1, 491. 6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29_. 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 30. 1, 521. 0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29.. 1, 357. 4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 July 6... 1, 337.1 210.1 101.6 48.6 174.7 28.2 18.1 119.5 700.9 169.1 262.0 185.6 19.5 July 13.. 1,308. 8 208.9 103. 4 46.9 166.3 26.7 16.9 112.3 681.4 166.4 253.7 186.9 20.5 July 20.. 1,311.4 218.4 103.7 43.8 167.0 25.3 16.0 107.9 682.0 175.9 249.5 182.0 21.9 July 27.. 1, 307. 0 221.3 101.8 45.1 165.9 23.9 15.9 106.3 680.1 173.7 251.4 179.5 22.4 Aug. 3__. 1,310.4 224.6 104.0 46.3 167.8 22.8 15.9 106.4 687.8 175.0 249.3 177 A 20.9 Aug. 10. 1,314.6 227.9 106.0 47.0 167.2 20.0 16.9 106.1 691.0 175.9 249.9 176.5 21.2 Aug. 17. 1, 323. 8 227.4 115.6 49.8 169.5 20.5 18.8 102.2 703.7 176.1 249.8 172.5 21.7 Aug. 24. 1, 348. 3 229.4 125.5 43.5 172.3 20.8 17.6 107.9 717.0 183.2 248.1 176.2 23.9 Aug. 31- 1, 374. 4 238.1 126.6 44.6 176.2 21.7 17.8 109.4 734.5 184.6 254.2 175.0 26.2 Sept. 7- 1, 433. 2 273.2 136.3 44.6 177.2 21.5 17.3 121.6 791.6 185.1 253.1 176.7 26.6 Sept. 14. 1, 577. 9 290.9 146.2 62.5 184.4 19.5 20.4 164.8 888.8 188.4 268.6 203.6 28.6 Sept. 21. 1, 698. 6 335.4 151.4 68.0 182.5 18.1 20.1 211.3 986.8 193.9 273.7 212.8 31.4 Sept. 28. 1, 732. 4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 207.9 33.7 TABLE 11.—FOREIGN ASSETS Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er Reported by Banks in New York City 1931—Dec. 30 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 Reported by Banks in United States 1934—Dec. 26 1,132. 6 281.8 85.7 17.6 8.3 233.6 29.7 81.0 737.6 94.0 175.2 117.8 8.0 1935—Dec. 31 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Mar. 30 679.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 103.3 113.5 104.1 17.4 June 29 710.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 97.6 116.6 126.4 13.8 July 6 688.0 146.6 15.8 25.3 5.2 101.2 15.2 48.3 357.7 97.9 97.6 120.4 14.4 July 13 684.3 143.8 15.3 25.8 5.2 101.9 14.8 48.1 354.8 98.7 98.9 117.4 14.5 July 20 679.0 147.4 14.8 26.7 4.7 101.1 14.8 47.7 357.2 95.8 97.0 114.6 14.3 July 27 ... 676.0 145.5 16.9 25.8 4.6 99.9 14.7 47.5 354.8 102.6 96.6 108.0 13.9 Aug. 3 668.9 145.6 16.9 25.6 4.3 100.6 15.4 47.8 356.2 92.0 94.8 111.9 14.0 Aug. 10 666.2 137.3 15.7 25.2 4.5 99.8 14.5 47.0 344.0 90.1 96.5 122.0 13.7 Aug. 17 668.4 135.6 21.7 24.4 4.6 99.3 13.8 47.3 346.7 91.1 95.8 121.8 13.0 Aug. 24 652.5 130.8 19.4 24.7 4.3 98.6 14.8 46.9 339.5 90.1 94.4 115.4 13.0 Aug. 31 653.5 137.4 15.2 25.7 4.8 98.6 14.1 47.3 343.0 90.0 94.8 112.9 12.8 Sept. 7 651.4 134 0 14 0 24.5 5.2 98 4 12 8 45.8 334.7 89.1 95.8 119.4 12.4 Sept. 14 645.0 129.1 13.7 24.0 4.6 98.5 12.0 45.7 327.7 89.8 96.5 118.3 12.8 Sept. 21 641.2 124.2 13.1 22.7 4.2 99.6 13.5 45.8 323.0 91.1 95.3 119.4 12.4 Sept. 28 636.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 94.0 94.2 113.6 12.4 NOTE.—For description of statistics and for figures from May 1929 to end of 1936 see BULLETIN for May 1937, pp. 394-431. For figures for 1937 and first and second quarters of 1938, see BULLETINS for April 1938, pp. 267-277, July 1938, pp. 574-577, and October 1938, pp. 868-871 respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Tables on the following pages include the principal The following is a list of current statements issued available statistics of current significance relating by the Board: DAILY to financial and business developments in the United Foreign Exchange Rates (for previous day) States. The data relating to the Federal Reserve WEEKLY banks and the member banks of the Federal Reserve Monday: System are derived from regular reports made to the Condition of Reporting Member Banks in 101 Leading Cities Board; index numbers of production are compiled Bank Debits by the Board on the basis of material collected by Tuesday: other agencies; figures for gold stock, money in Money Rates—Open-Market Rates in New circulation, Treasury finance, and operations of Gov- York City Thursday: ernment credit agencies are obtained principally from Condition of Federal Reserve Banks statements of the Treasury or of the agencies con- Condition of Reporting Member Banks in New cerned; data on money and security markets and York City and Chicago (Also a part of commodity prices and other series on business activ- statement of Condition of Reporting Memity are obtained largely from other sources. ber Banks in 101 Leading Cities released on following Monday) Friday: Federal Reserve Chart Book.—The Board has avail- Department Store Sales able for sale to the general public copies of a chart MONTHLY book prepared for use of Federal Reserve officials. Federal Reserve Bulletin—released about the 8th of the month (subscription price $2.00 The chart book, which is of brief-case size, contains per annum, single copies 20 cents; outside of about 30 charts on bank credit, money rates, security the United States, Canada, Mexico, and the markets, and business conditions. Many of the charts insular possessions, annual subscription $2.60; cover the period since 1919 and all contain space for single copies 25 cents) Federal Reserve Inter-District Collection System figures through 1940 with a lightly printed grid for (Par List)—including list of State bank mem- 1938-1940 to aid in keeping them up to date. A list bers. Semi-annual issues, January-July, and of sources for current and back figures is given. monthly supplements—released about 10th of The price of the book is 50 cents. the month National Summary of Business Conditions— released about the 25th of the month Description and back figures.—The tables on the Business Indexes—released about the 25th of the following pages include figures for recent dates and, month within the limitations of space, for significant earlier Department Store Sales—released about the 10th of the month dates. Other back figures may in most cases be Bank Debits—released between the 6th and 12th obtained from Annual Reports of the Board of Govof the month ernors or for figures compiled by other agencies from Foreign Exchange Rates—released about the 1st the publications of those agencies. In some cases of the month description of the data and back figures have been Money Rates—released about the 3rd of the month published in earlier issues of the BULLETIN and are QUARTERLY available as reprints, which will be supplied on Member Bank Call Report (3 or 4 times a year request. depending upon number of calls for condition reports) ANNUALLY Current figures.—Most of the Board's statistics Bank Debits—released ordinarily in February are issued in mimeographed form and released for Annual Report (covers calendar year) publication prior to publication of the BULLETIN. List of Stocks Registered on National Securities These press statements may be obtained at the Exchanges—supplements issued each quarter (subscription price 25 cents for the List and offices of the Board or will be mailed without charge three supplements; five or more copies on one to those wishing to obtain the figures regularly as order, 20 cents per copy; fifty or more copies soon as available. on one order, 15 cents per copy). 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN JANUARY 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treas- reserve balances ury Money Treas- T d r e e p a o s s u it r s y Non- O F t e h d e - r U. S. Gold cur- in cir- ury with mem- eral Date co B u d i i n s ll - t s ed bo B u il g ls ht s m e G e c r e o u n n v r - t - i- R c O b r e e a s t d h e n i r e k t v r i e Total stock s r t o e i a u n n n t g c - d y - c t u io la n - h c i o n a l g s d h s - R F b e e a d s n e e r k r v a s e l b p e o r s d it e s - R co e a s u c e n - r t v s e Total E m ( x e a s c t t e e i s - d s ) ties End of month figures: 1937—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 Oct. 31.___ 7 1 2,564 14 2,586 14, 065 2,751 6,700 2,770 535 424 260 8,713 3,227 Nov. 30 7 1 2,564 13 2,584 14, 312 2,773 6,787 2,689 484 574 259 8,876 3,383 Wednesday figures: 1938—Jan. 5 11 1 2,564 27 2,603 12, 755 2,639 6,510 3,622 127 404 262 7,071 ,267 Jan.12 11 1 2,564 24 2,599 12, 755 2,640 6,395 3,628 115 401 262 7,193 L, 386 Jan. 19... 11 1 2,564 35 2,610 12, 755 2,639 6,346 3,621 135 418 264 7,219 L, 371 Jan. 26 11 1 2,564 18 2,594 12, 755 2,654 6,294 3,642 117 393 261 7,296 ,440 Feb. 2 11 1 2,564 18 2,594 12, 755 2,657 6,323 3,648 143 383 260 7,249 L, 385 Feb. 9 11 1 2,564 18 2,594 12, 756 2, 661 6,306 3,650 156 434 259 7,205 L, 385 Feb. 16 10 1 2,564 26 2,600 12, 781 2,662 6,302 3,626 187 454 258 7,216 L, 364 Feb. 23_... 10 1 2,564 16 2,591 12, 784 2,665 6,324 3,620 155 443 258 7,240 L, 412 Mar. 2... 10 1 2,564 12 2,563 12, 767 1,669 6,343 3,579 185 421 256 7, 215 L, 391 Mar. 9 8 1 2,564 21 2,594 12, 768 2,670 6,334 3,562 181 389 256 7,311 L, 467 Mar. 16. 8 1 2,564 35 2,608 12, 778 2,672 6,328 3,550 264 325 264 7,328 L, 460 Mar. 23_.__ 10 1 2,564 18 2,592 12, 781 2,674 6,325 3,545 270 312 263 7,333 L, 559 Mar. 30—_ 12 1 2,564 10 2,587 12, 794 2,680 6,329 3,551 292 315 263 7,312 L, 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 Nov. 2 8 1 2,564 9 2,582 14, 071 2,752 6,706 2,751 576 426 260 8,686 3,217 Nov. 9 8 1 2,564 -3 2,569 14, 091 2,755 6,764 2,737 578 531 259 8,546 3,132 Nov. 16 _ 7 1 2,564 18 2,590 14,162 2,756 6,732 2,721 544 525 259 8,727 3,262 Nov. 23____ 7 1 2,564 16 2,587 14, 240 2,767 6,763 2,717 474 563 258 8,818 3,353 Nov. 30.... 7 1 2. 564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec. 7 6 1 2,564 20 2,591 14,367 2, 775 6,844 2,681 407 576 258 8,966 3,442 Dec. 14___ 7 1 2,564 29 2,600 14, 380 2,784 6, 858 2,651 413 551 258 9,034 3,476 Dec. 21_._. 8 1 2,564 84 2,656 14, 454 2,788 6,943 2,677 1,025 514 267 8,472 2,979 Dec. 28_.._ 7 1 2,564 39 2,610 14, 508 2,790 6,912 2,707 941 505 265 8,577 3,072 i 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 excass reserves in BULLETIN for August 1935, pp. 499-590. Averages of daily figures for recent months and years are shown in the table on p. 11. * Reserve requirements reduced by approximately 1334 percent effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

39 JANUARY 1939 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1938 1938 1937 Dec. 28 Dec. 21 Dec. 14 Dec. 7 Nov. 30 Nov. 23 Nov. 16 Nov. 9 Nov. Oct. Nov. ASSETS Gold certificates on hand and due from U. S. Treasury 11,787,71911,762,720 11,713,71811,661,72111,601,717 11,492,201 11,403,70111,317,69811,601,71711,262,700 9 122 408 Redemption fund—F. R. notes 9,873 9,873 9,592 10, 007 10,815 10, 338 9,677 9,071 10,815 8,813 9 940 Other cash 325, 471 305, 963 339, 729 345, 743 357, 940 362, 857 369, 332 351, 798 357,940 367, 842 318, 036 Total reserves 12, 123, 06312, 078, 55612,063, 03912,017,47111, 970, 47211, 865, 39611, 782,71011, 678, 56711,970,47211, 639, 355 9, 450, 384 Bills discounted: For member banks 6, 980 8,293 6,997 6,043 7, 081 6,603 6,547 7,800 7,081 7,401 16, 584 For nonmember banks, etc 2 Total bills discounted- 6,980 8,293 6,997 6,043 7,081 6,603 6,547 7,800 7,081 7,401 16, 586 Bills bought: Payable in foreign currencies . 549 549 549 547 547 545 545 545 547 541 2, 828 Industrial advances 15, 688 15, 533 15, 573 15, 485 15,821 15,199 15,417 15,163 15, 821 15, 264 18, 557 U.S. Government securities: Bonds 840, 893 840, 893 787, 327 787, 327 787, 327 787, 327 787, 327 787, 327 787, 327 787, 327 738, 073 Treasury notes 1,156, 947 1,126, 903 1,167, 565 1, 164, 565 1,164,565 1,164, 565 1,164, 565 1, 164, 565 1,164, 565 1,164, 565 1,168 463 Treasury bills _. 566, 175 596, 219 609,123 612, 123 612,123 612,123 612,123 612,123 612,123 612,123 657, 479 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, 564, 015 2, 564 015 2 564 015 Other Reserve bank credit.. 23, 238 67, 796 12, 743 5,234 -3, 234 975 3,021 -18,478 -3, 234 -1,367 4,458 Total Reserve bank credit outstanding.. 2, 610, 470 2, 656,186 2, 599, 877 2, 591, 324 2, 584, 230 2, 587, 337 2, 589, 545 2, 569, 045 2, 584, 230 2, 585, 854 2, 606, 444 LIABILITIES F. R. notes in actual circulation 4, 470, 462 4, 483, 202 4, 432, 967 4, 422, 449 4, 384, 882 4, 362, 465 4, 345, 816 4; 355, 754 4, 384, 882 4, 315,142 4, 273, 526 Deposits: Member bank—reserve account 8, 577, 167 8,471,979 9. 033, 512 8, 966, 268 8, 876, 481 8, 818, 335 8, 726, 623 8, 546, 166 8, 876, 481 8, 713, 092 6, 961, 735 U. S. Treasurer—general account 941, 004 1, 024, 793 412, 790 407, 377 483, 982 474, 316 543, 576 577, 766 483, 982 535, 277 121 300 Foreign bank 207, 703 195, 280 185, 705 210, 718 208, 097 212, 081 202, 848 218, 033 208, 097 204,063 271, 662 Other deposits 296, 843 318,617 365,162 365, 517 366,168 350, 438 322, 597 312, 482 366,168 219,612 193,161 Total deposits 10, 022, 71710, 010, 669 9, 997,169 9, 949, 880 9, 934, 728 9, 855,170 9, 795, 644 9, 654, 447 9, 934, 728 9, 672, 044 7, 547, 858 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 83.6 83.3 83.6 83.6 83.6 83.5 83.3 83.4 83.6 83.2 79.9 Contingent liability on bills purchased for foreign correspondents 76 76 76 76 240 324 324 324 240 338 2, 054 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 t o o d n a t 6 h ys s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 2 5 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Nov. 30 7,081 5,712 227 519 162 437 24 Dec. 7.— 6,043 4,687 352 415 166 404 19 Dec. 14 6,997 5,553 564 246 155 461 18 Dec. 21 8,293 7,128 315 270 134 427 19 Dec. 28 6,980 5,845 321 202 175 406 31 Bills bought in open market: Nov. 30 547 264 46 237 Dec. 7 547 264 129 154 Dec. 14 549 264 285 Dec. 21____ _ 549 264 25 260 Dec. 28 549 179 106 264 Industrial advances: Nov. 30 15, 821 1,673 88 1,114 478 1 331 3, 778 4 872 2 487 Dec. 7— 15, 485 1,626 582 753 321 1, 277 3,707 4,796 2 423 Dec. 14 15, 573 1,432 555 805 429 1 209 3 715 4 800 2 628 Dec. 21__._ 15, 533 1,923 566 280 436 1,275 3,876 4,567 2 610 Dec. 28 15, 688 1,784 579 596 387 1 290 3 891 4 423 2 738 U. S. Government securities: Nov. 30 2, 564, 015 95, 330 82, 358 187, 657 193, 485 136, 859 155, 663 398, 744 607, 337 706, 582 Dec. 7— 2, 564, 015 77, 890 99,078 181,032 209, 378 128, 311 155,663 398, 744 607, 337 706, 582 Dec. 14 2, 564, 015 90, 458 105, 340 190, 057 194, 268 112,566 155, 663 398, 744 610, 337 706, 582 Dec. 21 2, 564, 015 103,054 107, 684 186, 238 171, 733 112, 707 173,142 390, 654 558, 655 760,148 Dec. 28 2, 564, 015 105, 340 88, 872 198, 570 154, 893 103, 697 173,142 390, 654 588, 699 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN JANUARY 1939 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total 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 s p - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: Nov. 30 11,601,717616, 693 5,151, 777504, 963 711, 345345,097 264, 06'2,164, 532320,033250, 620307, 566193, 596 771,428 Dec. 7 11, 661, 721661,673 5i,, 109, 042 514, 203732, 811350, 364 265, 27i2,171, 231325, 394 253, 698" 3""1,3667 199, 64' 764, 719 Dec. 14 11, 713, 718665, », 123, 695 529, 903738,3"6"8 356, 588261, 9612,182, 639314,411253, 895302, 357198, 207 786,161 Dec. 21 11,762,720669,4435,048,107 536, 821 765, "2"8"8360,715269, 2252, 250, 482322, 006249, 780315,112 203, 713 772,028 Dec. 28 11,787,719658,0415,056,486 547,114 771, 590366, 525276, 587 "!%, 241,897 322, 262'46, 952311,048 220066;195 783,017 Redemption fund—Federal Reserve notes: Nov. 30 10, 815 430 1,653 1,383 965 907 651 800 624 545 209 1,761 Dec. 7 10,007 389 1,484 1,319 904 575 629 736 875 618 533 202 1,743 Dec 14 9,592 346 1,300 1,319 844 575 603 682 861 612 520 202 1,728 Dec. 21 9,873 328 1, 1,236 810 1,222 583 629 843 606 509 191 1,690 Dec. 28 9,873 328 1,226 1,236 810 1,222 583 629 84: 606 509 191 1,690 Other cash: Nov. 30 357, 940 38,053 99, 619 27, 785 20, 842 19, 67212, 742 51, 570 19, 790 8,422 14,911 13,809 30, 725 Dec. 7 345, 743 36, 708 99,100 24, 847 20, 588 19, 96313.118 48, 027 19, 274 7,135 15, 046 13,055 28, 882 Dec. 14 339, 729 35, 337 98, 485 24, 863 19,145 17,644 12.119 49, 855 18, 681 6,733 13, 535 13, 651 29, 681 Dec. 21 305, 963 33,024 90, 608 22,818 14, 84617, 663 11, 407 43, 263 16, 283 13, 349 11, 488 25,131 Dec. 28 325, 471 33, 645 100, 917 24,865 16, 345 16, 32810, 900 46, 658 16, 485 12, 452 11, 723 28,485 Total reserves: Nov. 30 11,970,472655,176 5, 253, 049 534,131 733,152365, 676 277, 460 216, 902 340, 710 259, 666 323, 022207, 614 803,914 Dec. 7 12,017,471 1,770,5, 209, 626 5410,,369 754, 303 370, 902279,022 219, 994 345, 543261,451 329,246212, 901 795, 344 Dec. 14 12, 063, 039701,2165, 223, 480 55i6,,085 758, 357374, 807274, 683 233,176 333, 953261, 240 316, 412212, 060 817, 570 Dec. 21 12,078, 556702, 7955,139, 941560,875 780, 944379, 6-00" 281, 215 294, 374 3T39,132256, 469 328, 970215, 392 798, 849 Dec. 28 12,123,063692, 0145,158, 629 573, 215 788, 745 384,075 288,070 289,184339, 595254, 226324,009218,109 813,192 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Nov. 30 4,601 740 1,902 747 106 143 203 103 245 114 114 14 170 Dec. 7 3,655 177 1,368 767 206 158 203 48 286 108 110 14 210 Dec. 14 4,462 277 2,393 707 141 77 15 348 108 94 14 190 Dec. 21 5,968 1,517 2,043 821 446 434 75 241 128 89 14 80 Dec. 28 4,931 1,252 1,485 887 431 234 105 211 79 4 65 Other bills discounted: Nov. 30 2,480 347 548 258 65 123 186 565 60 10 Dec. 7 300 601 273 65 227 119 147 533 55 4 Dec. 14 2,535 384 618 269 90 185 100 141 588 48 3 Dec. 21 2,325 419 583 101 152 178 90 109 558 43 3 Dec. 28 2,049 274 506 73 153 158 74 91 576 42 34 Total bills discounted: Nov. 30 7,081 740 2,249 1,295 364 208 471 226 295 300 679 74 180 Dec. 7 6,043 177 1,368 479 223 430 167 350 255 643 69 214 Dec. 14 6,997 277 2! 777 1,325 410 167 283 115 457 249 682 62 193 Dec. 21 8,293 1,517 2,462 1,404 547 586 253 170 330 237 647 57 83 Dec. 28 1,261 1,759 1,393 504 387 154 270 189 655 46 99 Bills bought in open market: Nov. 30 547 41 218 55 50 23 19 67 2 2 16 16 38 Dec. 7 547 41 214 56 50 24 19 68 2 2 16 16 39 Dec. 14 549 41 216 56 50 24 19 68 2 2 16 16 39 Dec. 21 549 41 216 56 50 24 19 68 2 2 16 16 39 Dec. 28 549 41 216 50 24 19 2 16 16 Industrial advances: Nov. 30 15, 821 2,170 3,592 3,267 620 1,435 797 415 392 774 1,324 Dec. 7 15, 485 2,167 3,587 3,171 616 1,344 797 415 270 763 1,324 Dec. 14 15, 573 2,117 3,583 3,132 619 1,490 823 415 269 744 1,352 Dec. 21 15, 533 2,100 3,591 3,128 619 1,482 825 415 976 268 737 1,348 Dec. 28 15, 688 2,004 3,884 3,121 619 1,481 825 415 966 736 1,348 U. S. Government securities: Bonds: Nov. 30 787, 327 59, 255 250, 391 79,168 36, 947 32,096 84, 870 32, 792 17,446 34, 774 28, 943 62, 242 Dec. 7 787, 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 Dec. 14 787, 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 Dec. 21 840, 893 63, 287 267, 426 73, 057 84, 554 39,461 34, 279 90, 644 35,023 18, 633 37,140 30,913 66, 476 Dec. 28 840, 893 63, 287 267, 426 73, 057 84, 554 39, 461 34, 279 90, 644 35, 023 18, 633 37,140 30, 913 66, 476 Treasury notes: Nov. 30 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 Dec. 7 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 Dec. 14 1,167, 565 87,873 371,314101, 437 117,403 54, 790 47, 595 125, 859 48, 629 25, 872 51, 570 42, 922 92, 301 Dec. 21 1,126, 903 84, 812 358, 383 97, 905 113, 314 52, 881 45, 938 121, 476 46, 935 24, 970 49, 774 41, 427 89, 088 Dec. 28 1,156, 947 87, 073 367, 938100, 515 116, 335 54, 291 47,163 124, 714 48,187 25, 636 51,101 42, 531 91, 463 Treasury bills: Nov. 30 612,123 46, 069 194, 671 53,181 61, 551 28,7! 24, 953 65, 984 25, 495 13, 564 27,036 22, 503 48, 391 Dec. 7 612,123 46,069 194, 671 53,181 61, 551 28, 725 24, 953 65, 984 25, 495 13, 564 27, 03622, 503 48, 391 Dec. 14 609,123 45, 843 193, 717 52, 921 61, 24!~ 28, 584 24, 831 65, "" 25, 370 13, 497 26, 90422, 393 48,154 Dec. 21 596, 219 44, 872 189, 613 51, 799 59, 952 27, 979 24, 305 64, 269 24, 833 13, 212 26, 33421,918 47,133 Dec. 28 566, 175 42, 611 180, 058 49,189 56, 931 26, 569 23, 080 61, 031 23, 581 12, 546 25, 00720, 814 44, 758 Total U.S.Government securities: Nov. 30, 2, 564, 015192, 971 815,422222, 761 257, 820120, 321104, 5: 276, 389106, 791 56, 815113, 24894,258 202, 697 Dec. 7 2, 564, 015192, 971 815, 422222, 761 257,820120, 321104, 522 276,389106, 791 56,815113, 248 94, 258 202, 697 Dec. 14 2, 564, 015192, 971 815, 422222, 761 257,820120,321104, 522 276, 389106, 791 56, 815113, 24894, 258 202, 697 Dec. 21 2, 564, 015192, 971 815, 422222, 761 257, 820120, 321104, 522 276, 389106, 791 56,815113, 24894, 258 202, 697 Dec. 28 2, 564, 015192, 971 815, 422222, 761 257, 820120, 321104, 522 276, 389106, 791 56, 815113, 248 94, 258 202, 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 41 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is n M o e l a i i n s p - - K C s a i a n t s - y Dallas F c S r is a a c n n o - ASSETS—continued Total bills and securities: Nov. 30 2, 587,464.95,922 821,481227, 378 258, 854121,! .05,1 277,097107,133 58,107114,335 95,122 204, 239 Dec. 7 2, 586, 090.95, 356 820,891227, 356 258, 965 21,912105, 768 277,039107,187 58, 059114,177 95,106 204, 274 Dec. 14 2, 587,134.95,406 821, 998 222277,, 274 258,899122,002105,647 276,987107, 294 58,051114,215 95,080 204,281 Dec. 21 2, 588, 390 821, 691227, 349 259,036122, 413105, 619 277, 042107,167 58,030114,179 95,068 204,167 Dec. 28 2, 587, 23296, 277 821, 281227, 331 258, 993 22,213105, 629 277,026107, C" 57, 972114,187 95,056 204,183 Due from foreign banks: Nov. 30 174 13 62 18 17 22 3 2 5 5 13 Dec. 7 174 13 66 17 16 21 3 2 5 5 12 Dec. 14 172 13 64 17 16 21 3 2 5 5 12 Dec. 21 172 13 64 17 16 21 3 2 5 5 12 Dec. 28 172 13 64 17 16 21 3 2 5 5 12 Federal Reserve notes of other banks: Nov. 30. 23, 642 576 5,688 1,048 1,185 1,487 1,435 3,346 2,450 1,564 1,007 465 3,391 Dec. 7 21, 573 650 4,950 886 1,181 1,556 1,711 2,538 1,890 1, 353 1,006 441 3,411 Dec. 14 25,038 803 5,417 1,006 1,419 1,210 2,033 2,923 2,791 1,779 1,020 724 3,913 Dec. 21 26, 085 697 4,903 1,094 1,362 1,865 2,448 4,029 2,244 1,552 1,601 666 3,624 Dec. 28 25, 402 740 4,955 1,108 1,191 2,221 1,962 4,221 3,072 1,278 1,347 2,669 Uncollected items: Nov. 30 616,017 65, 277 164, 570 45, 630 47, 528 20,' 79,833 26,346 16, 670 31, 358 21,516 26, 715 Dec. 7 820, 779 60,i— 174,192 45,864 64,147 50, 484 21, 645 75, 734 27,155 15,865 28, 803 23,187 33,055 Dec. 14 790,067 73, 300 205,809 63,119 95,481 61, 725 28,453 104, 858 34, 272 18,191 38, 956 27, 293 38, 610 Dec. 21 789,04: 73, 812 216, 820 62, 707 85, 527 59, 371 27,883 101, 903 34, 585 18, 35836, 26, 617 45, 390 Dec. 28 687, 215 66,045 160, 788 47, 504 86,009 59, 248 29, 464 88, 725 31,063 36, 77725, 622 38, 881 Bank premises: Nov. 30 44,119 2,950 9,791 4,710 6,029 2,627 2,080 4,489 2,297 1,536 3,097 1,261 3,252 Dec. 7 44,117 2,950 9,791 4,710 6,029 2,627 2,080 4,490 2,297 1,536 3,091 1,264 3,252 Dec. 14 -.. 44,106 2,950 9,791 4,699 6,029 2,627 2,080 4,490 2,297 1,536 3,091 1,264 3,252 Dec. 21 44,096 2,950 9,791 4,699 6,031 2,627 2,076 4,490 2,297 1,536 3,091 1,265 3,243 Dec. 28 44, 076 2,950 9,791 4,699 6,017 2,621 2,076 4,490 2,295 1,536 3,091 1,267 3,243 All other assets: Nov. 30 51,076 3,339 15, 834 4,804 5, 673 2, 2,351 4,923 1, 1,260 2,056 1,832 4,188 Dec. 7 51, 736 3,359 15, 988 5,021 5,696 2,901 2,388 4,997 1,966 1,262 2,072 1,862 4,224 Dec. 14 56,183 3,414 16, 336 8,679 5,778 2,971 2,."'" 5,1 1, ""' 1,282 2,123 1,862 4,280 Dec. 21 42, 956 2,725 13, 221 4,045 2,503 2,033 4,124 1,605 1,072 1, "" 1, 535 3,527 Dec. 28 44, 332 2,833 13, 7 4,199 4'982 2,592 2,107 4,181 1,660 1,094 1,749 1,583 3, 644 Total assets: Nov. 30 15, 292, 964923, 253 6, 270,475 817, 719 1,074, 516 542, 203 410,109586, 612 480, 338, 805474,8 327, 8151,045, 712 Dec. 7 15, 341, 940961, 746 6, 235, 504 824, 223 1,090, 337 550, 390 412, 620584, 813 486, 041339, 528 478^ 400334, , 043, 572 Dec. 14 15, 565, 739977,102 6, 282, 895 860, 879 1,125, 979 565, 350 415, 300627, 523 482, 60f342, 081 475, 8223 33388,| 2 28888 1 1,,071,918 Dec. 21 15, 569, 29"979, 621 6, 206,431 860, 786 1,137, 784 568, 387 421, 280685, 983 487,033337,019 485, 613 340, 548 1,058,812 Dec. 28 15, 511, 492960,872 6,169, 216 858,073 1,145, 953 572, 978 429, 3124, 667, 848 484, 772333,197 481,165 342, 280 1,065, 824 LIABILITIES Federal Reserve notes in actual circulation: Nov. 30 4, 384, 882382, 6961,011,073 315,839 420,062209, 316147, 773 il, 403180, 836135, 744168, 307 80, 823 351, 010 Dec. 7 4, 422, 449387, 2981,014, 943 319,173 424, 425210, 298149, 856 182,191137,415170, 547 81, 328 356, 962 Dec. 14 4, 432, 967387,1101, 020, 878 321, 767427,153209, 260 150,410 989, 873182, 585137,120170, 264 81,058 355, 489 Dec. 21 4, 483, 202389, 6971, 031, 017 324, 606434, 545210, 273153, 9581, 000,115184, 452138, 524172, 294 82, 792 360, 929 Dec. 28 4, 470, 462389,1021, 024,109 323, 486433, 370210, 893153, 090 999, '""184,202137, 377171, 439 82, 374 361, 357 Deposits: Member bank—reserve account: Nov. 30 8, 876, 481406, 368 4, 585, 113163, 877 483, 036222, 068170, 5491, 329, 161217, 436117, 231, 963174, 808 574, 243 Dec. 7 8, 966, 268 •~4"2 5"," "4140,3680, ""040 367, 926 503, 305236, 219176, 9201, 341, 830223, 262122, 802235, 214176, 458 576,889 Dec. 14 9, 033, 512434,711 4| 616| 129 383,10' 501, 502235, 791173, 7351, 351, 629212, 465124, 224 "22 8*i 1, 731878, 291 593,190 Dec. 21 8,471, ""397, ~7"5 24, 306, 77"3! 363, 018467, 586225, 371165, 7121, 280, 664207,106116, 503225, 366170,467 555, 661 Dec. 28 8, 577,167380, 3314, 404, 55"369,108 460,405232, 642177, 8121, 272, 542210, 721118, 091227, 954176, 546, 522 U. S. Treasurer—general account: Nov. 30 25,590 73, 582 30,388 41,003 32, 216 44,927 32, 040 51,016 25, 741 28,040 34, 577 Dec. 7 407, 37' 23, 738 55,467 28, 394 33, 639 25, 961 39, 379 48,866 29, 559 44,175 24,141 32,121 21, 937 Dec. 14 412, 790 18, 487 55, 465 28, 805 38, 866 31,348 38, 518 53, 361 28, 742 42, 934 18, 604 30, 218 27,442 Dec. 21 1,024, 79384, 236 267,172 62, 724 99,17" 56, 672 51, 761 184,838 39, 258 47, 779 37, 045 37, 851 56, 280 Dec. 28 941,004 82,941 203, 952 57, 524 112, 282 46, 781 47, 333 178,454 36,177 43, 425 28, 080 35, 931 68,124 Foreign bank: Nov. 30 . 14, 921 75, 256 20, 310 19,066 8,911 7,253 24, 662 6,217 4,767 6,010 6,010 14, 714 Dec. 7 210, 71: 14,827 78, 715 20,181 18,946 M55 7,208 24, 506 6,178 4,737 5,972 5,972 14, 621 Dec. 14 185, 705 13,374 66, 638 18, 204 17,089 6,501 22,105 5,573 4,272 5,38: 5,387 13,188 Dec. 21 195, 280 14,066 70,049 19,146 17, 974 8,' 401 6,838 23, 249 5,861 4,493 5,666 5,666 13, 871 Dec. 28 207, 703 14, 888 75,158 20, 264 19,024 8,891 7,237 24, 607 6,203 4,756 5,99; 5,99' 14, 681 Other deposits: Nov. 30 366,168 3,743 243,130 10, 539 7,812 6,167 58, 675 5,407 3,092 1,004 2,501 15,809 Dec. 7 365, ^ 27,484 217, 281 7,970 13,444 4,284 4,645 59,015 5,618 5,062 1,138 2,342 17, 234 Dec. 14 365,162 26,077 211, 578 9,433 14, 678 3,430 61,8ir 6,598 5,075 1,847 2,244 17,495 Dec. 21 318, "•- 4,001 206, 891 7,053 7,528 1,531 4^ 773 59,096 5,090 3,679 1,07: 4,199 13, 704 Dec. 28 296,843 4,200 188, 401 7,089 7,033 1,600 3,912 58, 765 4,912 3,626 1,054 2,917 13,334 Total deposits: Nov. 30 - — 9, 934, 728450,6224,977,079 422!,,864 553, 644 271,007 228, 8961,477, 360261,100176, 736264, 718211, 359 639, 343 Dec. 7 9, 949,880491,4524, 931, 503424,471 569,334 275, 319 228,1521,474,21 264, 617176, 776 i,465216,893 630, 681 Dec. 14 9, 997,16S492, 6494,949,810439, 549 572,135278, 556223, 649 11,,488, 907 "2"513,3,78176, 505254, 576216,140 651, 315 Dec. 21 10,010, 66S500, 0554,850,885441, 941 592, 265291, 975229,0841, 547, 847257, 315172, 454269,149218,183 639, 516 Dec. 28 10,022, 71"482, 3604,872,068453, 985 598, 744289,91' 236, 2941, 534, 368 258,013169, 898 263; 221, 327 642, 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY 1939 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 l l a e 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 i n t s y - Dallas F c S i r s a a c n n o - LIABILITIES—continued Deferred availability items: Nov. 30 619, 425 65,497 159,178 45,931 67,942 46, 733 20,332 82, 293 28, 254 16, 949 31, 591 24, 460 30,265 Dec. 7 615, 719 58, 562 166,444 47, 277 63, 655 49, 590 21, 500 76, 966 28, 517 15, 960 31,120 25, 356 30, 772 Dec. 14 777,496 72,890 189,168 62, 701 93, 711 62, 344 28,124 102, 967 35, 897 19,074 40, 699 29, 904 40,017 Dec. 21 721, 418 65,412 201, 684 61,164 77, 946 50, 983 25,130 92, 263 34,544 16, 700 33,902 28, 414 33, 276 Dec. 28 664,149 64, 979 150, 061 47, 423 80, 792 56, 991 26, 793 88,034 31,812 16, 677 36,356 27, 510 36, 721 Capital paid in: Nov. 30 134, 032 9,412 50, 906 12, 214 13, 391 4,982 4,474 13,320 3,926 2,904 4,202 3,953 10,348 Dec. 7 134,049 9,412 50, 906 12, 213 13, 395 4,997 4,474 13, 320 3,926 2,904 4,201 3,953 10, 348 Dec. 14 134,157 9,412 50,905 12, 213 13, 401 4,997 4,481 13,404 3,934 2,903 4,203 3,953 10, 351 Dec. 21 134,440 9,411 51.040 12,213 13,477 5,001 4,484 13,442 3,946 2,903 4,217 3,955 10,351 Dec. 28 134, 451 9,411 51.041 12, 213 13, 478 5,004 4,495 13, 442 3,946 2,903 4,211 3,956 10, 351 Surplus (section 7): Nov. 30 147, 739 9,900 51, 943 13,466 14, 323 4,964 22, 387 4,667 3,153 3,613 3,892 9,805 Dec. 7 147, 739 9,900 51, 943 13,466 14, 323 4,964 5,626 22, 387 4,667 3,153 3,613 3,892 9,805 Dec. 14 147, 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 Dec. 21 147, 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 Dec. 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 Surplus (section 13b) : Nov. 30 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Dec. 7 27, 683 2,874 7,744 4,411 1,007 3,409 730 1, 545 , 001 1,142 1,270 2,121 Dec. 14 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 ,001 1,142 1,270 2,121 Dec. 21 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 ,001 1,142 1,270 2,121 Dec. 28 27, 683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 ,001 1,142 1,270 2,121 Reserve for contingencies: Nov. 30 32, 672 1,448 8,210 2,000 3,176 1,401 1,603 7,035 1,215 ,873 935 1,776 2,000 Dec 7 32, 671 1,448 8,210 2,000 3,176 1,401 1,602 7,035 1,215 ,873 935 1,776 2,000 Dec. 14 32, 672 1,448 8,210 2,000 3.176 1,401 1,603 7,035 1,215 ,873 935 1, 776 2,000 Dec. 21 32, 637 1,448 8,210 2,000 3,176 1,401 1,603 7,007 1,21 ,866 935 1,776 2,000 Dec. 28 32, 555 1,448 8,210 2,000 3,176 1,401 1,603 7,007 1,215 1,784 935 1,776 2,000 All other liabilities: Nov. 30 11,803 804 4,342 994 971 391 675 1, 322 445 372 282 820 Dec. 7 11, 750 800 3,811 1,212 1,022 412 680 1,446 363 446 377 298 883 Dec. 14 15,856 819 4,237 1,073 419 677 1,521 381 452 390 29, 820 Dec. 21 11, 509 824 3,908 4,772 1,045 381 66 1,493 349 418 361 266 814 Dec. 28 11, 736 798 4,040 1,063 402 683 1,518 372 404 384 175 Total liabilities: 1,0 Nov. 30 15, 292, 964923,! , 253>. ,6 2,70., 47 , 074, 516542, 203410,109 2I,, 586, 612480, 865 338, 805474, 880327, 8151, 045, 712 D D e e c c . . 7 14 1 1 5 5 , , 3 5 4 6 1 5 , , 9 7 4 3 0 99 96 7 1 7 , ,1 7 0 46 2 6i > ,, , 2 2 2 33 8 55 2 ,, , 550 8 04 9 , 8 8 8 6 12 0 74 , , , 8 721 7 29 9 3 1 1 1, , 0 1 9 2 0 5 , ,9 3 7 3 9 7 5 5 5 6 0 5 , ,3 3 5 9 0 04 4 1 1 2 5 , , 3 6 0 2 0 0 2 25 1. ,, . 6 58 2 4 7 , , 8 "" 13486,041 3 33 4 9 2 , ,0 5 8 2 1 8 4 47 7 5 8 , , 4 8 0 2 0 2 3 3 3 3 4 8 ,, , 7 2 6 8 6 8 i 1 1 , , 0 0 7 4 1 3 , , 9 1 5 & 72 Dec. 21 15, 569, 297979, 621 6i,, 220066,,44331 86"01^,7861,137,784568, 387421, 280 2,. 685; . 983 487'!,033337,019 485, 613 340, 5481,058,812 Dec. 28 15, 511, 492960, 872 65,,169, 216 858, 073 1, 145, 953572, 978 429, 314 2, 667, 848 484, 772333,197481,165 342, 2801,065, 824 Contingent liability on bills purchased for foreign correspondents: Nov. 30 240 17 Dec. 7 76 6 Dec. 14 76 Dec. 21 76 Dec. 28 76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 43 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO DECEMBER 21, 1938 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Date ( e la a s c t h W m e o d n n th es ) day of N r u ec m A e p b iv p e e l r i n d c e a t t t A o io m d n a s o t u e n , t Nu s o d t ( e m o w u u e r t s s i y b t t h r e c i r o al a n t o n d C A d it o m i m o A w d n o m d a i s u t v t ) i h n e t i - - - , 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 d e n e n t r i k r - c v n a e e g l s s c R F t o m a b e e o m n d a s e u d e n e n m t r i r k - t v n a s it 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 p p e a w p w t i p n a c r n l i e t . i i t , d - d h b , , - y s i t F n p p a t g i a u a n o n t r t d u i i a t i o n i i o t n c n - 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. 8,379 342,699 2,500 149, 204 2,280 139,829 25, 533 20,959 8,226 77,903 7,208 1937—Mar. 31 8,483 346,911 2,543 150, 561 2,323 141, 545 23,054 18,611 7,898 85, 215 6,767 June 30._ 8,546 351,420 2,587 154,960 2,361 145, 758 23,014 16, 331 1,470 97, 668 7,275 Sept. 29 8,593 354, 426 2,610 155,902 2,381 146, 724 21, 395 14,880 '537 r102, 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. 26 9,292 396, 209 2,909 180,060 2,628 172, 738 17, 233 14, 541 7,811 123, 723 9,430 Nov. 30 9,320 397, 759 2,931 181,144 2,644 174.091 17, 391 14, 328 3,085 126, 844 12, 443 Dec. 21" _ 9,334 398, 734 2,938 181,781 2,651 174, 838 17, 093 14, 848 1,798 128, 682 12, 417 r Revised. 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $12,432,607 on December 21, 1938. 3 Tuesday 4 December 28 not yet available. NOTE.—On Dec. 21, 1938, there were 28 applications amounting to $2,594,000 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 o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - l A a t n - ta c C a h g i o - Lo S u 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 r i a s a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Nov. 30 4,686,288 400,197 ,108,075333, 319 443,177220, 971.60, 442 , 002, 950198, 224140,026177,815 88, 342 412, 750 D D e e c c . . 7 14 7 7 3 5 0 9, , 3 0 3 5 1 9 4 4 0 0 6 3 , ,3 3 0 7 6 1 , , 1 1 3 2 0 3 , , 6 0 3 6 4 3 3 3 4 3 0 7 , , 1 5 8 2 3 9 U\414 69 ,80 7, ,2 8 5 2 2 2 2 1 2 , , 1 5 2 8 9 2. .6 6 3 2 , , 1 7 5 0 2 2 , ,0 0 1 09 5 , , "~ —1, i ,3 5 0 23 6 1 1 4 4 2 1 , , 1 1 6 9 4 7 1 1 8 8 0 0 , , 1 3 6 5 0 6 8 88 8 99 , ,0 0 6 8 7 8 7 4 4 2 1 1 4 , , 1 6 9 8 7 1 Dec. 21 798, 827412, 224,140,514338; 399 453, 777222, 278.65, 723, 025, 653201, 657142,856181,333 89, 779 7 424,, 616 Dec. 28 800, 507410, 197, 138, 223441, 988 453, 767222, 967 66,211 , 030, 904 20"1., 116142, 681181,321 90, 280 420,8851 Held by Federal Reserve bank: Nov. 30 301,406 17, 501 97,002 17,480 23,115 11,655 12, 669 21, 54' 17, 388 4,282 9,508 7,519 61, 740 Dec. 7 307, 610 16,008 108,120 18,010 22, 553 11, 284 12, 296 21,577 18,332 4,749 9,613 7,349 57, 719 Dec 14 326, 364 19, ~" 109, 756 18, 76220, 872 12, 869 13, 292 25, 924 17, 721 40^ 10, 092 8,030 65,708. Dec. 21 315, 625 22, 527 109, 497 13, 793 19, 232 12, 005 11, 765 25, 538 17, 205 4,332 9,039 7,005 63, 687 Dec. 28 330, 045 21, 095 114,115 18, 50220,397 12, 074 13, 121 31, 241 16, 914 5,304 9,882 7,906 59,494 In actual circulation ;i Nov. 30 , 384, 88:382, 696 011,073 315i,, 839 420, 062 2)0,93,116147, 773 981, 403180,836 135, 744168, 307 80,823351,010 Dec. 7 , 422, 449387, 298 014, 943319,173 424, 425 2101,,2 \98149, 856 988, 013182,191 137, 415 170, 547 81,, 332288~ 3 "561,,962 Dec. 14 , 432, 967387,110 020, 878321, 767427,153 209, 260150, 410 873 182,585 137,120 170, 264 81,058 355, 48& Dec. 21 , 483, 202 1, 697 031,017324; 606 434, 545 210, 273153,958 1,000,115184, •4"5 2138, 52' 4172,294 82, 792 3601,,929 Dec. 28 ,470, 462389,102 024,109323', 486 433, 370210,893153, 090 999, 663184, 202137, 377 171 82, 374361, 357 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Nov. 30 757,000410,000 125, 000335,000445, 000225, 000164,0001,010, 000207, 000141, 500180,000 90, 500 424,000 Dec. 7 792,000410,000 135, 000340, 000448,000225, 000164,0001, 020, 000207,000143, 500185,000 90, 500 424,000 Dec. 14 835, 000410, 000 145,000345, 000451, 000225,000169,0001,030,000207,000143, 500185, 000 90, 500 434[,,1000 Dec. 21___. 880,000420,000 155,000345, 000455, 000225,000169,0001, 050,000207, 000143, 500185,000 91, 500 434[,,1000 Dec. 28 888,000420,000 155, 000345, 000457,000230,000169, 0001,050, 000207, 000143, 500185, 000 92, 500 434,000 Eligible paper: Nov. 30 6,21 741 2,191 860 164 208 450 226 295 168 659 72 180 Dec. 7 5,156 177 1,614 908 260 223 410 167 336 15' 623 6: 214 D D D e e e c c c . . . 2 2 1 8 1 4 6 7 6 , , , 5 0 2 5 5 8 4 7 3 1 1 , , 2 5 2 7 1 5 7 7 6 2 2 1, , , 6 7 3 8 2 8 0 4 4 8 94 5 4 0 5 4 1 1 9 7 5 1 2 5 1 3 8 6 8 7 7 7 2 2 2 6 3 3 3 2 8 1 1 1 1 7 5 E 0 4 3 2 2 7 9 1 1 8 1 1 1 1 7 5 3 1 8 7 6 6 6 6 2 4 1 5 1 6 5 4 0 5 4 1 8 8 9 3 1 3 Total collateral: Nov. 30 763, 21 410, 741 127,191335,860445, >, 208164, 4501,010,226207, 295141, 668180, 65S 90, 572424,180 Dec. 7 797,156 410,177 136, 614340, 908 448i,; 260225, 223164, 4101, 020,167207, 336143, 657185, 623 90, 56'424, 214 Dec. 14 841, 05" 410, 277 147, 724 345^ 451,191225,167169, 2631,030,115207,398143, 658185, 661 90, 560434,193 Dec. 21. . 887, 554421, 517 157, i,944455, 515225, 587169, 23f1, 050,170207, 271143, 671185, 62591, 555434, 083 Dec. 28 894, 283421, 256 156, 680345, 982457, 472230, 387169, 2381,050,154207, 211143, 637185, 641 92, 544 •43~4';,081 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, NOVEMBER, 1938 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banks1 New Chi- banks banks1 posits posits1 qu R ir e e - d Held c E e x s - s York cago Total reserves held: All member banks.. 31,403 25, 664 11, 430 5,451 8,727 3,276 1937—October 6,954 2,767 581 2,240 1,366 November 6,919 2,720 588 2,246 1,365 Central reserve city banks: December 6,879 2,657 599 2,272 1,352 New York 10, 932 10, 233 694 2 363 4,075 1 712 1938—January 7,183 2,856 604 2,345 1,378 Chicago 2,452 2,159 459 514 888 374 February 7,230 2,906 598 2,350 1,377 March 7,326 3,039 574 2,349 1,365 Reserve city banks: April 7,469 3,150 622 2,348 1,350 Boston district 1,021 914 100 165 269 104 May 7,587 3,204 794 2, 311 1,278 New York district 182 143 150 33 36 3 June „ _ 7,878 3,341 899 2,359 1,280 Philadelphia district.. 1,106 910 250 172 237 65 July 8,167 3,545 925 2,396 1,302 Cleveland district 1,466 1,135 733 235 357 122 August 8,119 3,523 875 2,402 1,319 Richmond district 684 530 205 103 151 48 September ••8,196 3,669 861 2,352 n, 314 Atlanta district 648 474 172 92 109 17 October 8,546 3,939 884 2,409 1,317 Chicago district 1,163 855 540 177 241 65 November 8,727 4,075 888 2,426 1,338 St. Louis district 779 608 174 115 163 48 Week ending (Friday): Minneapolis district... 363 251 89 48 61 12 November 4 8,710 4,025 939 2,415 1,330 Kansas City district,._ 960 617 155 116 167 51 November 11 8,578 3,927 848 2,455 1,348 Dallas district... 667 433 123 82 105 23 November 18 8,703 4,042 874 2,428 1,359 San Francisco district. 2,060 1,630 1,875 379 531 153 November 25 8,808 4,179 893 2,413 1,323 December 2 8,900 4,253 916 2,414 1,318 Total 11,100 8,499 4,566 1,716 2,426 710 December 9 _ 8,975 4,259 913 2,457 1,346 December 16 8,911 4,231 913 2,432 1,334 Country banks: December 23 8,470 3,972 895 2,315 1,289 Boston district 813 607 554 101 148 47 Excess reserves: New York district 1,250 947 1,390 183 306 123 1937_October 1,043 354 59 307 323 Philadelphia district._ 594 427 869 95 142 47 November 1,104 373 69 333 328 Cleveland district 553 395 657 80 122 42 December 1,071 305 80 366 319 Richmond district 513 326 337 56 79 23 1938—January. -_ 1,353 461 86 451 355 Atlanta district 452 296 213 46 66 20 February 1,406 499 78 468 361 Chicago district 795 531 667 97 170 73 March 1,524 631 52 481 359 St. Louis district 351 233 236 40 59 19 April 2 2,071 884 146 609 432 Minneapolis district.._ 301 189 271 36 56 20 May 2,525 1,065 321 689 451 Kansas City district.__ 442 271 154 40 65 25 June 2,762 1,153 404 747 459 Dallas district .. 521 328 100 44 73 29 July 3,026 1,352 424 767 483 San Francisco district. 334 220 263 40 51 12 August 2,955 1,320 379 762 495 September r2, 920 1,382 361 698 '479 Total.... 6,919 4,773 5,711 858 1,338 480 October 3,143 1,589 375 712 467 November 3,276 1,712 374 710 480 Week ending (Friday): 1 Gross demand deposits minus demand balances with domestic banks November 4 3,245 1,656 409 705 475 (except private banks and American branches of foreign banks) and November 11 3,159 1,591 338 740 489 cash items in process of collection. November 18 3,263 1,689 363 711 501 NOTE.—See table at foot of p. 55 for percentages of deposits required November 25 3,340 1,798 381 695 466 to be held as reserves. December 2 P3, 408 1,857 399 692 P460 December 9 P3, 459 1,842 396 732 P489 December 16 P3, 356 1,783 393 704 M76 December 23 P2, 978 1,594 368 584 p Preliminary. r Revised. 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 55 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers XVll member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Boston 1,834 1,853 654 658 1 709 1,726 529 532 125 127 125 125 New York 12 364 12 289 2 234 2 251 1 ] 151 1 1 112 1,046 1 1, 049 281 277 494 493 Philadelphia 1,700 1,686 1,118 1,124 1,477 1,462 668 674 223 224 450 450 Cleveland 2 019 2,000 1 390 1 389 1 805 1,786 1,098 1,098 214 214 292 291 Richmond _ - 1,197 1,164 543 541 1,007 980 354 353 190 184 189 188 Atlanta 1 100 1 062 385 386 956 926 302 303 144 136 83 83 Chicago 4,409 4,352 1,665 1,651 1 1, 653 1 1, 619 1 930 1 920 304 301 276 274 St. Louis 1,130 1,106 410 408 920 900 297 296 210 206 113 112 Minneapolis 664 646 360 360 489 476 176 176 175 169 184 183 Kansas City 1,402 1,385 309 309 1,079 1,068 197 197 323 317 112 113 Dallas 1,188 1,158 223 224 897 880 178 179 291 278 45 45 San Francisco 2,394 2,334 2,138 2,144 2,276 2,220 2,044 2,048 118 114 94 95 Total 31, 403 31, 036 11, 430 11, 445 115,421 115,156 1 7, 819 1 7,827 2,598 2,548 2,458 2,452 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 45 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u i i a b lv r s y e i r d- M c i o n 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 d a se t n e e r k r s v a e l t b n i N o o a n n a te - k a s l 1937—November. 6,561 1,144 352 148 284 4,232 243 December. 6,550 1,137 350 148 283 4,237 239 1938—January. _. 6,320 339 145 264 4,099 234 February.. 6,334 ,097 338 144 267 4,104 231 March 6,355 ,125 338 144 263 4,106 227 April 6,397 , 162 339 144 264 4,112 224 May. 6,467 ,215 341 145 268 4,127 220 June 6,461 ,230 342 146 262 4,114 217 July 6,452 ,247 341 145 258 4,098 214 August 6,504 ,263 344 146 262 4,129 211 September. 6,622 ,292 348 147 264 4,215 208 October... 6,700 ,297 351 148 269 4,282 206 November. 6,787 ,312 356 151 4,349 203 Back figures.See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currency 3 Large denomination currency J Un- End of month in cir- assortcula- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed 2 tion J 1937—No vember 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 s April 6,397 4,807 522 476 31 866 1,498 1,414 1,593 388 725 146 304 12 18 s 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 October 6,700 5,021 540 505 32 923 1,572 1,450 1,683 400 754 157 321 18 33 4 November 6,787 5,096 548 511 33 936 1,599 1,469 1,696 404 761 158 323 17 32 5 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. > Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED [Held by Treasury and Federal Reserve banks and in circulation, In STATES PAPER CURRENCY millions of dollars] [By selected banks in New York City. In thousands of dollars] d S o il l v la e r r s Sub- F e e ra d l - Na- Year or month m E S e u n h r t i o s p p - t e o R E e f u r c o r e o m ip pe ts m s N h e i e n p t t - s rec N e e i t pts 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 ! 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—November. 2,621 1,468 370 155 347 35 247 December.. 2,637 1,486 372 156 347 34 242 1937—November.. 336 13, 326 12, 990 1938—January 2,655 1,509 373 156 347 33 237 December.. 5,947 5,878 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 October 2,751 1,634 376 158 347 29 208 September 14, 740 978 13, 762 November _ 2, 773 1, 657 376 158 347 29 206 October 10, 593 591 10, 002 November 3,430 982 2,448 1 Includes silver held against silver certificates amounting to $1, 572,- 000,000 on Nov. 30, 1938 and $1,380,000,000 on Nov. 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

46 FEDERAL RESERVE BULLETIN JANUARY 1939 ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES UNITED STATES1 [In millions of dollars] [In thousands of dollars] G e o o n l r d d m o st f o o n y c t k e h a r at cr I e n a - se Net re N le e a t se m D t e i o c s - - 1938 Year or month Total I a n c a c c o t u iv n e t s t g t o o i o t n l c a d k l im go p l o d rt m f e ro a a r m r - k d g p ti u o r o o c l n d - - From or to— I N m o - vembe E r x- Im O - ctobe E r x- Im Ja - n.-Nov E . xports ports ports ports ports ports 1934 i 8,238 4,202. 1,133.9 82.6 96.0 1935. 10,125 1,887.2 1, 739.0 .2 110.7 Belgium _. 13, 509 1 19 9 3 3 7 6 . . 1 1 1 2 , , 7 25 6 8 0 1, 2 2 2 6 7. . 5 9 1 1 , , 1 5 3 0 2 2 . . 5 5 1 1, , 1 5 1 8 6 5. . 6 5 - - 2 8 0 5 0. . 9 4 1 1 4 3 3 1 . . 9 6 F G r e a r n m ce any 17 42 959 48 74 1 1 5 000 Netherlands 27, 242 41, 832 116,864 1936—June 10,608 206. 277.8 -24.8 10.0 Spain 118 223 July 10, 648 39.2 15.4 2.3 12.8 Sweden 3,840 60,146 August 10,716 68.4 67.5 -11.9 13.1 Switzerland 1, 136 1 1 362 N S D O e o e c p c t v o e t e b e m m e m b r b b e e r e r r _ . - _ _ 1 1 1 1 1 0 1 1 , , , , 1 0 2 8 8 4 5 4 4 5 8 5 26.5 1 1 1 7 3 9 2 3 9 9 9 . . . . 3 6 7 0 2 1 7 5 1 7 7 5 8 1 . . . . 0 8 8 8 - - 1 2 - 1 8 3 .7 . . . 3 8 0 1 1 1 1 2 0 1 3 . . . . 1 9 8 8 U M C Ce a n e n n i x t t a i e r c d d a o l a . K A . i m . ng er d i o ca m ._ . _ .. 9 3 7 9 , , , 1 4 1 5 8 4 5 1 4 5 7 5 1 1 3 44 1 3 0 2 , , , 2 4 3 8 3 7 0 2 6 6 4 5 1 1 4 1,10 3 7 4 5 3 7 , , , , 7 0 6 6 2 8 1 9 0 8 8 2 6 1 6 9 0 6 7 9 Argentina 14. 112 14,121 1937— J J N D M A A S F M O J u u e e e u p c a o a l n a p b c n t y g r v y r e o t i e u r u c e l e b u m a h s m m e r a t b y r r b b e y e e r . r r _ _ . . . _ _ _ 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 1 2 2 1 2 1 1 1 , , , , , , , , , , , , 8 4 7 4 9 7 7 5 3 7 5 3 0 4 7 3 9 4 6 6 1 9 7 5 3 6 4 6 0 1 0 7 8 9 4 8 1 1 1 1 1 1 1 , , , , , , , 3 2 7 2 2 5 3 2 1 2 2 0 7 4 1 3 4 0 5 6 2 2 8 1 1 2 0 5 7 6 2 4 8 9 6 4 . . . . . . . . . . . . 7 0 5 1 5 0 1 9 5 7 8 - - 3 2 1 1 1 1 2 1 1 1 6 2 7 2 2 2 7 3 9 0 4 9 1 2 8 7 5 7 4 7 1 0 . . , . 0 . . . 3 . . . . . 0 6 8 2 3 3 9 1 1 2 2 1 1 1 1 1 1 1 9 2 6 1 1 7 4 0 5 5 2 2 0 2 2 8 5 5 5 4 5 4 1 0 . . . . . . . . . . . . 5 1 0 0 4 5 4 8 8 3 3 3 - - - - - 1 - 3 2 - 1 - 4 0 2 8 - 5 8 5 0 5 8 1 9 7 6 . . . . . . . 4 . . . 0 3 . 0 . 5 1 9 3 6 3 2 2 1 1 1 1 1 1 1 1 1 6 9 3 1 4 8 2 2 2 9 1 0 . . . . . . . . . . . . 9 9 8 9 7 2 4 2 2 8 3 3 J A A V B P E P C C C a h e l r c u e h o h K p l i r i n u s i l t i a l u o o o n t e i l i a n r t s a m e p n z d h a h g u . p l e o b . e i i r . a a I i r n . l a . n . n a c e . - d d . o _ i u I a n s H l t a r o i n e n d s g 2 s . . 3 2 5 2 7 , . , , 8 8 9 2 2 3 8 5 1 7 2 9 4 3 8 5 0 8 3 1 8 2 9 3 3 5 0 2 6 8 1 8 3 5 2 1 1 , , , , 1 7 7 7 8 3 2 7 2 1 6 3 4 2 3 0 2 6 3 9 6 1 0 2 0 1 9 0 2 4 4 —::: 1 3 5 2 1 4 8 5 3 2 9 3 2 7 1 4 , , , , 6 7 5 4 3 3 4 3 7 2 0 4 1 0 5 7 1 5 0 2 6 9 1 2 2 4 4 5 1 2 6 3 1 I 1938— F J e a b n r u u a a ry ry 1 1 2 2 , , 7 7 5 7 6 6 1 1 , , 2 2 0 2 0 3 . . 2 6 - 2 4 0 .6 .7 8 2 . . 0 1 - - 1 1 8 . . 1 2 1 9 0 . . 9 9 Total . 177,782 14 562, 382 16 1,738,915 5,873 March 12, 795 1,183. 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. 75, and Annual Report for 1937 (tables August 13,136 118.3 166.0 -28.8 14.6 31 and 32). September. _. 13, 760 623.8 520.9 -13.3 14.0 October 14, 065 305.0 562.4 -110.2 13.4 November.. 14,312 247.5 177.8 -7.4 BANK DEBITS [Debits to individual deposit accounts, at banks in principal cities.] p Preliminary. i Figures based on rate of $20.67 a fine ounce in January 1934 and $35 [In millions of dollars] a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published Total, 140 133 in table, p. 75, adjusted to exclude production in Philippines. Ad- all New other other justment based on annual figures reported by Director of Mint and Year and month report- York lead- reportmonthly imports of gold to U. S. from Philippines. For back figures, ing City ing ing other than those of domestic gold production, see Annual Report for 1937 centers cities 1 cities 2 (table 29). BANK SUSPENSIONS1 1929 982, 531 603,089 331,938 47,504 1934 ... 356, 612 165,948 165, 557 25,107 Member Nonmember 1935 402, 718 184,006 190,165 28, 547 banks banks 1936 461, 889 208,936 219,670 33, 283 Total, 1937 469,463 197, 836 235, 206 36, 421 all banks ti N on a- al State su I r n e - d2 in N su o r t ed 1937— N O o c v to e b m e b r. e _ r . 3 39 4 , , 5 2 1 8 9 8 1 1 3 6 , , 1 4 5 3 1 2 1 1 9 8 , , 1 9 7 3 1 4 3 2, , 9 2 1 0 6 3 December. 42, 357 18, 277 20,837 3,243 Number of banks suspended: 1938—January.__ 34, 833 14, 477 17, 607 2,749 1934 57 1 8 48 February.. 27, 867 10, 915 14, 633 2,319 1935 34 4 22 8 March 34, 857 14, 746 17, 373 2,737 1936 44 1 40 3 April 33, 825 14, 572 16, 597 2,656 1937 59 4 2 47 6 May 31, 359 12, 828 16,013 2,518 1938—Jan.-Nov 53 1 1 45 6 June 35, 501 15, 637 17,160 2,704 July 33,133 13, 828 16, 677 2,628 Deposits of suspended banks August 30, 798 12, 247 16, 023 2,528 (in thousands of dollars):3 September 32,192 13, 085 16, 440 2,666 1934 36,937 40 1,912 34 985 October 36,130 15,140 18,096 2,895 1935 10, 015 5,313 3,763 939 November. 32,166 12, 425 16, 981 2,760 1936 11, 306 507 10, 207 592 1937 19, 723 7,379 1,708 10,156 480 1938—Jan.-Nov. __ 12,950 36 211 11.407 1,296 1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one in 1928. 2 Cities (other than the 141 centers) for which bank debits are currently * Represents licensed banks suspended; does not include nonlicensed reported. The number has changed very little since 1934 and has numbanks placed in liquidation or receivership. bered 133 since 1936. 2 Federal deposit insurance became operative January 1, 1934. 3 Deposits of member banks and insured nonmember banks suspended Back figures—See Annual Report for 1937 (Table 71), which also gives are as of dates of suspension, and deposits of noninsured nonmember a definition of bank debits. Figures for individual reporting cities and banks are based on the latest data available at the time the suspensions totals by Federal Reserve districts are available in mimeographed form. were reported. Back figures.—See Annual Rep3rt for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 47 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 u k g a s 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 1929—June 29 25,110 8,707 7,530 1,177 611 15, 792 1929—June 29. __ 53,852 32, 284 19, 411 12, 873 8,983 12, 584 Dec. 31 24, 630 8,522 7,403 1,119 609 15, 499 Dec. 31— 55, 289 33, 865 20, 290 13,575 8,916 12, 508 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—June 29 15,994 6,410 5,425 985 571 9,013 1935—June 29___ 45, 766 29, 496 19,031 10, 465 9,920 6,350 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—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—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~_- 51, 703 34,118 22, 264 11, 854 10, 259 7,325 June 30 15, 287 6,338 5,242 1,096 563 8,386 June 30— 52,195 34, 745 22, 553 12,193 10, 296 7,153 Sept. 28 15, 265 6,341 5,239 1,102 563 8,361 Sept. 28.. 52,611 35,086 22, 838 12, 248 10, 286 7,239 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 - 1929—June 29 58, 474 41, 531 16, 943 35,711 25, 658 10, 052 9,556 5,892 3,664 13, 207 9, 981 3,227 Dec. 31 58, 417 41,918 16, 499 35, 934 26, 150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 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—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 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—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, 368 31, 752 13, 958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—Mar. 7 48, 319 21, 779 26, 540 31, 521 13, 546 17, 975 10,196 4,995 5,201 6,602 3,238 3,364 June 30 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. 28 48, 304 21, 089 27,215 31, 627 12, 937 18, 689 10,198 4,951 5,247 6,479 3,200 3, 279 1 Prior to Dec. 30, 1933, member-bank figures include interbank deposits nor 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 depart- ,ment reports. Back figures.—SeeA nnual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN JANUARY 1939 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans Investments On securities, Open market paper U. S. Government T lo o a t n a s l a to n d b d ro e k al e e r r s s se O cu n r- obligations Call date m v a i e e n n s n d - t t - s Total Y N C I o e i n t w r y k Y N O C si o e i u d t r w t e y k - b o a c i t ( t h n e e t i o x e p e k - s r t s s ) D L a o t n o a k n s s e l R o st a e a n a t l s e b c p o a R i e a o w n n c p e r g k - n - t t - - s' m b a o c a n d t e e o h n o c p s f e e - k t t - r i s s cab B H r i o l E l a s d b p C o m c a u o i p e a m g r e l h - r - t O lo t a h n e s r Total Total Direct F g t a e u u n e l a d - l r y - s O e ti t c e h u s e ri r - TOTAL—ALL MEMBER BANKS 1929—Dec. 31..35,934 26,150 1,660 803 7,685 714 3,191 0) 212 291 11, 515 9,784 3,863 3,863 5,921 1933—June 30 2_24, 786 12, 858 788 165 3,752 330 2,372 192 291 87 4,857 11,928 6,887 6,887 5,041 1934—Dec. 31..28,150 12,028 843 187 3,110 2,273 232 256 232 4,708 16,122 10,895 9,906 5,227 1935—Dec. 31..29, 985 12,175 1,047 196 2,893 2,284 169 181 272 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 2,405 131 161 324 6,041 19, 640 '.3, 54511, 639 1,906 6,095 1937—June 30 _.32,739 14, 285 1,278 258 2,829 115 2,505 113 131 377 6,663 18,454 12,689 10, 870 1,819 5,765 Dec. 31.. 31, 752 13,958 738 212 2,752 70 2,547 130 126 364 17, 794 12, 371 10, 574 1,797 5,422 1938—Mar. 7__.31, 521 13, 546 675 203 2,665 96 2,556 119 102 368 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 73 293 6,397 17, 783 12, 343 10, 215 2,128 5,440 Sept. 28.. 31,627 12, 937 531 181 2,590 126 2,661 112 87 271 6,364 18, 689 13,011 10, 713 2,298 5,678 NEW YORK CITY 3 1929—Dec. 31.. 8,774 6,683 1,202 2,145 322 169 0) 128 2,595 2,091 1,112 1,112 979 1933—June 30 2. 7,133 3,424 720 1,044 162 157 120 224 937 3,709 2,551 2,551 1,158 1934—Dec. 31 _. 7,761 3,159 662 820 63 139 164 210 1,024 4,602 3,524 3,246 278 1,078 1935—Dec. 31.. 8,418 3,434 1,018 793 42 140 107 158 1,096 4,985 3,826 3,425 401 1,159 1936—Dec. 31.. 9,280 3,855 1,095 753 42 144 65 136 1,527 5,425 4,209 3,739 470 1,217 1937—June 30.. 9,006 4,276 1,219 824 62 149 65 98 1,776 4,730 3,630 3,176 454 1,100 Dec. 31.. 8,313 3,673 703 733 29 141 74 112 1,811 4,640 3,595 3,207 388 1,045 1938—Mar. 7... 8,317 3,532 647 727 60 140 65 90 1,741 4,785 3,612 3,180 432 1,174 June 30.. 8,013 3,172 509 717 85 132 62 65 1,541 4,840 3,740 3,031 709 1,101 Sept. 28-. 8,355 3,146 512 702 95 132 65 1,499 5,209 3,987 3,153 1,222 CITY OF CHICAGO 3 1929—Dec. 31.. 1,757 1,448 240 533 0) 535 116 116 193 1933—June 302. 1,287 677 48 251 24 237 610 384 384 226 1934—Dec. 31.. 1,581 532 29 170 16 202 1,049 821 743 229 1935—Dec. 31.. 1,868 476 28 149 14 249 1,392 1,149 1,061 243 1936—Dec. 31.. 2,100 633 50 140 402 1,467 1,201 1,107 94 266 1937—June 30.. 1,969 675 50 145 437 1,295 1,001 907 94 294 Dec. 31.. 1,901 635 41 129 426 1,266 1,010 916 94 255 1938—Mar. 7... 1,997 614 39 113 423 1,382 1,108 1,008 100 275 June 30 _. 1,806 525 29 109 361 1,281 981 859 122 300 Sept. 28_. 1,889 522 31 111 351 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) 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 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 49 108 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 46 120 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 56 131 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 39 145 2,389 6,635 4,902 4,267 635 1,733 Dec. 31..11,414 5,203 97 1,066 27 1,176 47 132 2,610 6,211 4,598 3,961 637 1,612 1938—Mar. 7...11, 250 5,031 100 1,020 25 1,173 45 134 2,498 6,219 4,610 3,962 648 1, 609 June 30..11,150 4,853 998 26 1,201 45 104 2,369 6,298 4,658 3,940 718 1,639 Sept. 28..11, 426 4,870 992 22 1,217 42 99 2,387 6,556 4,831 4,088 743 1,725 COUNTRY BANKS 1929—Dec. 31..13, 375 8,936 2,231 1,462 0) 163 4,705 4,439 1,267 1,267 3,172 1933- Jane 30 2 7,873 4,275 1,117 1,055 3 27 2,005 3,598 1,469 1,469 2,129 1934—Dec. 31.. 8,780 4,025 1,026 2 92 1,810 4,756 2,463 2,108 355 2,293 1935—Dec. 31.. 8,919 3,918 1,035 2 135 1,810 5,002 2,563 1,940 623 2,439 1936—Dec. 31.. 9,825 4,078 843 1,123 3 178 1,881 5,747 3,013 2,368 645 2,734 1937—June 30.. 10,134 4,340 828 1,179 2 211 2,062 5,794 3,155 2,520 635 2,639 Dec. 31.. 10,124 4,446 824 1,219 2 208 2,149 5,677 3,168 2,490 678 2,510 1938—Mar. 7__. 9,958 4,369 804 1,233 3 208 2,083 5,589 3,124 2,477 647 2,465 June 30.. 9,752 4,388 790 1,269 2 168 2,126 5,364 2,964 2,385 579 2,400 Sept. 28. 9,958 4,399 784 1,303 2 151 2,127 5,558 3,146 2,550 2,412 1 Included in "Other loans." 2 Beginning June 30, 1933, figures relate "to licensed banks only. 8 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

49 JANUARY 1939 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e a R R e r e r i n r v e e a t d v k - h - e l - e s s C va i a n u sh lt b a w m B a n d t n i e i a c o c t k s l e - h - - s s * r o i e t e p t i f d l p e r e o i e o n s o m n c c s a c o - r 2 s s - t l - - b m D a I t n e i n o c s k - t - e s rb b a F e a n i o n g k r k n - s S U m G e t e a r n e o d n t i n v e - t t - - s f P u l u n ic b d - s c C l c c e h o a f a e e i t f e o n e f t s r r c f d i e d h t s - k i r ' , - s s s t p I p u i v n h c n o o a a i o e i d r n d r l p r r a s t i s - - - s - - , - , , j i d m u t e s D s a p t e e a n o - d d d s * - - b m D I a t n n e i o c s t k - e - s rba F ei n o g k r n - P s i t n a o a g v s l s - - f P u l u n ic b d - s u s t v p I p i h n c a n i o o a o e i d l d n r p r s r r - a t , i s - - s - - - , , B r i o n o w g r- s credit3 etc. etc. TOTAL—ALL MEM- BER BANKS 1929-Dec. 31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16,647 95 154 122 595 12,267 879 1933—June 30 5 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 1 788 300 7,803 191 1934—Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14, 951 15, 686 134 7 452 294 9,020 13 1935—Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18, 801 151 5 218 361 9,680 6 1936-Dec. 31 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21, 647 153 6 104 296 10, 429 15 1937—June 30 6,897 629 3,207 2,201 5,298 615 628 2,577 752 20, 272 21,401 123 14 100 292 10,818 16 Dec. 31 7,005 589 3,414 2,259 5,436 453 781 2,132 767 19, 747 20, 387 129 11 95 482 10, 806 12 1938—Mar. 7 7,249 604 3,561 1,407 5,615 366 752 2,237 566 19,116 20, 513 137 11 90 512 10,845 28 June 30 8,004 712 4,084 1,899 6,096 321 543 2,314 662 19, 816 20, 893 135 10 83 454 10, 874 11 Sept. 28 8,193 775 3,937 1,460 6,088 457 707 2,080 538 20, 439 21, 596 130 10 70 464 10, 789 12 NEW YORK CITY 8 1929—Dec. 31 827 68 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 18 33 1,112 179 1933—June 30 s 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 110 4 671 1934—Dec. 31 1,576 86 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 56 4 591 1935—Dec. 31 2,541 65 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 12 591 1936—Dec. 31 2,658 61 133 1,087 2,493 393 225 285 457 7,274 6,929 4 13 679 12 1937—June 30 2,749 60 105 996 2,014 575 306 368 427 6,934 6,733 12 17 767 3 Dec. 31 2,738 56 120 989 2,108 416 382 189 404 6,507 6,111 7 49 696 1938—Mar. 7 2,941 59 95 605 2,173 327 360 185 327 6,429 6,336 8 67 694 June 30 3,517 65 119 842 2,514 283 123 273 367 6,900 6.698 8 32 694 Sept. 28 3,743 70 91 579 2,498 405 181 196 280 7,128 7,026 6 64 653 CITY OF CHICAGO 6 1929—Dec. 31 169 13 133 158 310 26 8 42 32 1,041 957 19 7 2 58 332 1933—June 30 6 232 34 203 61 259 2 46 87 16 870 912 6 1 358 1934—Dec. 31.. 415 40 207 90 445 2 46 182 23 1,073 1,189 1 381 1935—Dec. 31_. 511 39 209 135 522 4 98 208 27 1,301 1,401 413 1936—Dec. 31.. 558 32 188 159 599 5 72 191 27 1,495 1,554 449 1937—June 30. 596 27 156 130 536 5 41 208 22 1,409 1,509 452 Dec. 31.. 596 27 179 146 528 6 64 207 23 1,354 1,438 8 445 1938—Mar. 7__ 566 22 135 84 576 7 92 170 17 1,270 1,372 16 445 June 30.. 936 31 208 106 688 6 86 221 23 1,386 1,523 16 443 Sept. 28. 856 32 198 99 636 10 62 204 24 1,455 1,585 21 439 RESERVE CITY BANKS 1929-Dec. 31 751 156 947 1,041 1,604 50 76 423 300 5,547 5,229 30 14 41 371 4,433 292 1933—June 30 5 705 122 1,002 401 1,315 15 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 17 620 585 169 4,919 5,136 117 1 186 206 3,494 1935—Dec. 31 1,594 256 1,779 752 2,422 28 385 707 204 6,001 6,161 134 1 79 266 3,796 1936-Dec. 31 2,108 285 1,816 971 2,826 33 407 843 230 7,023 7,126 137 1 35 203 4,026 1937—June 30 2,215 212 1,392 805 2,339 33 212 934 163 6,840 7,132 108 2 35 190 4,140 Dec. 31 2,310 200 1,470 841 2,389 30 256 777 192 6,743 6,870 107 4 34 266 4,161 1938—Mar. 7 2,376 213 1,632 538 2,461 31 234 809 121 6,455 6,848 116 3 33 269 4,198 June 30 2,289 300 1,951 693 2,514 30 266 812 146 6,668 6,934 113 2 31 262 4,238 Sept. 28 2,311 322 1,862 595 2,557 39 356 711 120 6,843 7,078 107 4 23 233 4,209 COUNTRY BANKS 1929—Dec. 31 627 321 908 291 405 3 39 742 169 5,091 5,711 6 61 133 6,390 367 1933—June 30 » 452 203 702 149 228 1 116 555 72 2,576 3,054 7 285 86 3,833 167 1934—Dec. 31 822 275 1,296 207 342 2 178 804 106 3,589 4,292 16 210 84 4,554 13 1935—Dec. 31 927 305 1,676 235 415 1 137 901 127 4,254 5,047 16 136 83 4,879 6 1936-Dec. 31 1,247 319 1,929 316 483 2 178 1,011 167 5,177 6,039 16 69 80 5,275 3 1937—June 30 1,337 330 1,554 269 409 2 69 1,067 139 5,089 6,027 15 64 85 5,459 12 Dec. 31 1,361 307 1,645 283 412 1 78 959 149 5,143 5,968 21 61 158 5,504 12 1938—Mar. 7 1,366 310 1,700 180 403 1 66 1,073 101 4,963 5,957 20 56 159 5,508 11 June 30 1,263 316 1,806 258 380 2 68 1,008 126 4,863 5,738 22 52 144 5,499 11 Sept. 28 1,282 351 1,786 188 398 2 108 969 114 5,013 5,908 23 46 147 5,488 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. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, ess cash items reported on hand but not in process of collection. B 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

50 FEDERAL RESERVE BULLETIN JANUARY 1939' REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Loans Investments Reserve Bal- Total Com- Other U. S. Govern- with ances loans mercial, To loans ment obliga- Fed- Cash with Date or month and indus- Open brokers for pur- Real Loans tions Other eral in domesinvest- Total trial, mar- and chas- estate to Other Total securi- Re- vault tic ments and ket dealers ing or loans banks loans ties serve banks agri- paper in se- carry- Fully banks cul- curities ing se- Direct guartural curities anteed TOTAL—101 CITIES 1937—November.. 21, 556 9,559 4,740 481 881 657 1,169 74 1,557 11, 997 7,970 1,127 2,900 5,348 320 1,804 1938—May 20, 732 8,430 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 :, 160 111 1,508 12, 460 7,702 1,646 3,112 6,602 387 2,416 September _. 21,078 8,268 3,893 338 675 578 ,161 114 1,509 12, 810 7,957 1,668 3,185 6,712 416 2,413 October 21,323 8,282 3,904 346 669 576 ,163 109 1,515 13,041 8,084 1,682 3,275 7,005 425 2,446 November... 21,347 8,319 3,884 343 715 571 ,166 113 1,527 13,028 8,130 1,681 3,217 7,170 438 2,467 1938—Oct. 12 21, 295 8,272 3,917 345 653 580 ,161 107 1,509 13,023 8,053 1,678 3,292 6,870 429 2,411 Oct. 19 21, 314 8,270 3,900 345 665 576 164 106 1,514 13,044 8,074 1,684 3,286 7,152 424 2,501 Oct. 26 21,493 8,346 3,907 345 728 572 165 103 1,526 13,147 8,154 1,687 3,306 7,200 438 2,495 Nov. 2 21, 408 8,327 3,892 347 728 571 164 110 1,515 13,081 8,132 1,686 3,263 7,116 419 2,466 Nov. 9 21, 364 8,327 3,897 342 717 570 165 117 1,519 13,037 8,141 1,679 3,217 6,984 459 2,431 Nov. 16 21,335 8,323 3,894 347 715 571 165 108 1,523 13,012 8,140 1,678 3,194 7,148 431 2,522 Nov. 23 21, 306 8,303 3,869 341 705 571 168 113 1,536 13,003 8,129 1,682 3,192 7,263 439 2,457 Nov. 30 21, 325 8,317 3,866 338 712 572 ,169 117 1,543 13,008 8,106 1,682 3,220 7,337 443 2,460 Dec. 7 21, 450 8,460 3,881 336 838 571 1,165 rl21 I, 548 12,990 8,087 1,685 3,218 7,395 458 2, 487" Dec. 14 21, 504 8,496 3,872 336 858 568 1,167 134 1,561 13,008 1,698 3,232 7,445 490 2,522 Dec. 21 21, 742 8,473 3,857 330 854 566 1,169 120 1,577 13, 269 8,333 1,718 3,218 6,980 493 2,389 Dec. 28 21, 649 8,430 3,843 328 560 1,169 115 1,567 13, 219 8,266 1,732 3,221 7,057 489 2,410 NEW YORK CITY 1937—No vember. _ 7,875 3,605 1,865 187 715 236 133 431 4,270 2,943 943 2,540 1938—May 7,614 3,007 1,565 139 473 205 118 420 4,607 564 1,010 3,010 70 June 7,671 3,038 1,511 131 549 200 118 432 4,633 2,973 650 1,010 3,208 75 July 7,492 2,922 1,457 131 497 194 118 432 4,570 2,821 723 1,026 3,380 74 August 7,584 2,938 , 466 133 510 195 118 432 4,646 2,806 786 1,054 3,351 69 September _. 7,797 2,969 ,455 138 543 195 119 429 4,828 2,931 800 1,097 3,505 73 October 7,809 2,935 ,447 142 528 197 119 413 4,874 2,902 803 1,169 3,754 76 November... 7,737 2,957 ,422 138 573 201 119 414 4,780 2,895 800 1,085 3,910 75 1938—Oct. 12 7,799 2,925 ,454 142 513 198 119 413 4,874 2,891 800 1,183 3,651 79 Oct. 19 7,795 2,932 :,445 141 532 196 119 411 4,863 2,887 801 1,175 3,871 78- Oct. 26 7,885 2,968 ., 444 141 571 197 119 412 4,917 2,918 806 1,193 3,904 77 Nov. 2 7,797 2,968 ,433 141 578 199 119 412 4,829 2,902 796 1,131 3,821 78 Nov 9 7,765 2,960 ,425 139 574 199 118 92 413 4,805 2,923 793 1,089 3,735 75 Nov. 16 7,736 2,955 ,420 139 576 202 118 414 4,781 2,919 1,064 3,890 77 Nov.23 7,681 2,940 1,408 136 568 204 119 416 4,741 2,880 1,057 4,025 74 Nov.30 7,709 2,962 1,424 135 571 202 119 416 4,747 2,853 1,085 4,079 70 Dec. 7_ 7,846 3,080 1,424 135 687 201 118 417 4, 76fi 2,863 809 1,094 4,065 71 Dec. 14 7,876 3,088 1,408 135 695 199 119 421 4,788 2,861 826 1,101 4,101 77" Dec. 21 7,855 3,040 1,384 132 690 199 119 418 4,815 2,881 845 1,089 3,815 75 Dec. 28 7,801 3,016 1,377 132 681 199 119 414 4,785 2,826 860 1,099 3,911 73 OUTSIDE NEW YORK CITY 1937—November. . 13, 681 5,954 2,875 294 166 421 1,036 1,126 7,727 5,027 1,957 2,808 261 1, 735- 1938—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 September _ 13, 281 5,299 2,438 200 132 383 1,042 1,080 7,982 5,026 868 2,088 3,207 357 2,340- October 13, 514 5,347 2,457 204 141 379 1,044 1,102 8,167 5,182 879 2,106 3,251 364 2,370 November.. 13, 610 5,362 2,462 205 142 370 1,047 1,113 8,248 5,235 881 2,132 3,260 373 2,392 1938—Oct. 12 13,496 5,347 2,463 203 140 382 1,042 1,096 8,149 5,162 878 2,109 3,219 368 2,332: Oct. 19_. . 13, 519 5,338 2,455 204 133 380 1,045 1,103 8,181 5,187 883 2,111 3,281 363 2,423 Oct. 26 13, 608 5,378 2,463 204 157 375 1,046 1,114 8,230 5,236 881 2,113 3,296 375 2,418 Nov. 2 13,611 5,359 2,459 206 150 372 1,045 1,103 8,252 5,230 2,132 3,295 358 2,388 Nov. 9 13, 599 5,367 2,472 203 143 371 1,047 1,106 8,232 5,218 2,128 3,249 388 2,356 Nov. 16. 13,599 5,368 2,474 208 139 369 1,047 1,109 8,231 5,221 2,130 3,258 370 2,445 Nov. 23 13, 625 5,363 2,461 205 137 367 1,049 1,120 8,262 5,249 878 2,135 3,238 372 2,383 Nov. 30 13, 616 5,355 2,442 203 141 370 1,050 1,127 8,261 5,253 873 2,135 3,258 379 2,390 Dec. 7 13,604 5,380 2,457 201 151 370 1,047 1,131 8,224 5,224 876 2,124 3,330 392 2,416 Dec. 14 13, 628 5,408 2,464 201 163 369 1,048 1,140 8,220 5,219 870 2,131 3,344 413 2,445; Dec. 21 13, 887 5,433 2,473 198 164 367 1,050 1,159 8,454 5,452 873 2,129 3,165 415 2,314 Dec. 28 13,848 5,414 2,466 196 167 361 1,050 1,153 8,434 5,440 872 2,122 3,146 419 2,337 r Revised. 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

JANUARY 1939 FEDERAL RESERVE BULLETIN 51 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 De- Date or month i c n e e t o d i s p o l s l r n e a o o ^ c s f c - - a O s t s h e e ts r l T i i a t o i b e ta i s l l - D b o a t I m i n c n k e t s e s- rb F a b o n a r k n e k ig s n G U S m o n t v a e i e t t n e e r t s n d - c C h f e e i e t e c r c . d t k i- s, Other i j t m u s s — a t n e a d d d 2 - m b D a I e n o n s - k t ti e s c rb b a e F a n i o n k g r n k - 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 - - TOTAL—101 CITIES 1937—November _ _ 1,511 1,305 31, 844 4,928 425 424 15,681 14.636 111 5, 287 873 3,623 1938—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 October 1,471 1,241 33,911 6,012 472 563 493 15, 688 110 5,164 760 3,663 November 1,478 1,263 34,163 6,120 477 536 448 16, 856 15, 825 113 5,135 790 3,677 1938—Oct. 12 1,654 1,244 33,903 5,931 570 547 16,711 15, 604 110 5,163 740 3,662 Oct. 19 1,419 1,240 34,050 6,133 559 477 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 Nov. 2 1,346 1,243 33,998 6,107 466 540 402 16, 710 15, 766 112 5,155 822 3,673 Nov. 9 1,449 1,235 33, 922 6,070 446 535 16, 749 15,711 112 5,137 772 3,678 Nov. 16 1,599 1,256 34, 291 6,240 477 534 16, 883 15, 720 113 5,137 783 3,676 Nov. 23 1,376 1,274 34,115 6,085 496 537 431 16, 861 15, 916 114 5,125 778 3,677 Nov. 30 1,622 1, 306 34, 493 6, 098 500 534 560 17,075 16,013 114 5,124 795 3,684 Dec. 7 1,382 1,297 34, 469 6,187 483 533 570 16, 926 16,114 111 5,127 839 3,683 Dec. 14 1,590 1,301 34. 852 6,241 494 532 484 17, 327 16. 221 112 5,130 843 3,680 Dec. 21 1,627 1,272 34, 503 '5, 939 498 639 575 17,077 •16,025 112 5,141 3,683 Dec. 28 1,744 1,279 34, 628 5,949 510 637 564 17, 166 15, 986 112 5,160 3,686 NEW YORK CITY 1937—November, 695 478 11,716 1,940 390 232 301 6, 228 5,834 747 381 1,481 1938—May 553 491 11, 788 2,354 271 150 256 6,302 6,005 636 323 1,488 June 748 495 12, 250 2,430 120 368 6,609 6,228 654 303 1,486 July 602 485 12,085 2,443 108 279 6,559 648 298 1,478 August 499 486 12,039 2,447 273 103 218 6,567 650 292 1,483 September 580 464 12, 478 2,494 364 128 251 6,781 6,453 662 311 1,481 October 687 451 12, 838 2,549 419 141 328 6,972 6,613 621 320 1,482 November 660 452 12, 899 2,589 421 115 281 7,048 6,669 604 346 1,488 1938—Oct. 12.. 455 12, 842 2,478 406 148 379 7,015 6,597 622 1,483 Oct. 19. _ 450 12, 893 2,613 427 136 316 6,979 6,657 619 312 1,483 Oct. 26.. 681 447 13,057 2,613 434 122 295 7,118 6,732 618 367 1,482 Nov. 2... 574 442 12, 773 2,577 413 118 236 6,939 6,601 619 375 1,489 Nov. 9... 644 437 12, 727 2,538 393 114 260 6,991 6,607 598 338 1,487 Nov. 16 694 455 12, 913 2,625 423 114 275 7,040 6,621 601 341 1,486 Nov. 23.. 582 457 12, 886 2,583 436 114 261 7,068 6,747 599 333 1,487 Nov. 30.. 807 467 13,196 2,625 440 115 373 7,201 6,767 604 342 1,490 Dec. 7— 680 461 13,189 2,659 421 115 380 7, 164 6,864 605 350 1,490 Dec. 14.. 717 457 13, 305 2,703 437 115 289 7,312 6,884 601 356 1,487 Dec.21_. 790 449 13, 062 '2, 510 440 121 394 r7, 146 r6, 750 599 357 1,490 Dec. 28_. 852 460 13,167 2,520 450 120 362 7,260 6, 770 601 358 1,491 OUTSIDE NEW YORK CITY 1937—November. _ 816 827 20, 128 2,988 192 166 9, 453 8,802 111 4,540 492 2,142 1938—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 October 784 790 21,073 3,463 422 165 9,694 9,075 110 4,543 440 2,181 November 818 811 21,264 3,531 421 167 9,156 113 4, 531 444 2,189 1938—Oct. 12. _ 857 21,061 3,453 422 168 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 9,868 9,263 110 4,538 447 2,184 Nov. 2___ 772 801 21, 225 3,530 422 166 9,771 9,165 112 4,536 447 2,184 Nov. 9___ 805 798 21,195 3,532 421 151 9,758 9,104 112 4,539 434 2,191 Nov. 16-. 905 801 21, 378 3,615 420 161 9,843 9,099 113 4,536 442 2,190 Nov. 23.. 794 817 21, 229 3,502 423 170 9,793 9,169 114 4,526 445 2,190 Nov. 30.. 815 839 21, 297 3,473 419 187 9,874 9,246 114 4,520 453 2,194 Dec. 7___ 702 836 21, 280 3,528 418 190 9,762 9,250 111 4,522 489 2,193 Dec. 14.. 873 844 21,547 3,538 417 195 10, 015 9,337 112 4,529 487 2,193 Dec. 21__ 837 823 21,441 3,429 518 181 9,931 9,275 112 4,542 471 2,193 Dec. 28. _ 892 819 21,461 3,429 517 202 9,906 9,216 112 4,559 476 2,195 T Revised. 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

52 FEDERAL RESERVE BULLETIN JANUARY 1939 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO [In millions of dollars] Loans Investments Re- Bald 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 i m T l n o a v o e a n e n t n d a s t s l s t- Total m i C t n e a a r g r d o i n c a r m u d i i l s - a , - - l, p O m k a p p a e e r t e n - r b d i r e n a o T a n k l s o d e e e r - r s s fo c i O l c i n o a h t g r a h a p r n s y e o u s - r - r r- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h m er Total U m . e S n . t t i G o o o n b F s v l u e ig r l a n ly - - s O e ti t c e h u s e ri r - s s w F e R e e e r r i r e a t v d v - h l e - e v C a i a u n s l h t b a m w a d n t n i e i o c c t s k - e h - s s cul- curities ing se- Direct guar- banks tural curities anteed BOSTON (6 cities) Nov 30 1,152 584 259 25 32 82 3 114 568 406 131 318 141 140 Dec. 7 1,144 585 258 28 32 82 3 114 559 399 129 335 142 136 Dec. 14 1,137 586 257 29 32 82 3 115 551 391 130 343 143 142 Dec. 21 1,162 583 255 29 32 82 3 114 579 420 129 314 145 136 Dec. 28 1,158 577 251 67 29 32 82 2 114 581 422 129 293 145 148 NEW YORK (8 cities)* Nov. 30 8,556 3,341 1,530 144 577 270 221 95 504 5,215 3,097 1,250 4,205 81 170 Dec. 7 8,692 3, 460 1,532 143 693 269 220 98 505 5,232 3,106 1,258 4,194 85 169 Dec. 14 8,730 3,468 1,515 144 702 266 221 111 509 5,262 3,111 885 1,266 4,234 97 175 Dec. 21 8,710 3,418 1,490 140 266 222 505 5,292 3,133 903 1,256 3,950 100 173 Dec. 28 8,652 3,392 1,482 140 266 221 502 5,260 3,074 918 1,268 4,035 185 PHILADELPHIA (4 Cities) Nov. 30 1, 160 423 184 24 33 58 104 737 351 290 235 162 Dec. 7 1,152 423 183 23 33 58 105 729 348 236 169 Dec. 14 1,150 425 183 23 33 58 107 725 345 242 174 Dec. 21 1,173 429 185 22 33 58 109 744 365 228 166 Dec. 28 1,170 431 185 22 33 58 109 739 363 237 171 CLEVELAND (10 cities) Nov. 30 1,818 640 229 10 32 171 172 1,178 805 278 373 281 Dec. 7 1,804 643 231 10 31 170 174 1,161 789 278 394 284 Dec. 14 1,809 645 230 10 31 170 175 1,164 791 279 386 284 Dec. 21 1,851 661 231 170 195 1,190 817 277 361 270 Dec. 28 1,847 644 230 170 186 1,203 830 277 352 272 RICHMOND (12 cities) Nov. 30 672 239 108 32 69 433 326 41 139 154 Dec. 7 674 240 108 32 '70 434 326 41 150 154 Dec. 14 671 243 109 32 70 428 320 41 149 154 Dec. 21 680 242 108 32 71 438 333 39 144 147 Dec. 28 675 240 107 32 70 435 330 39 66 151 139 ATLANTA (8 cities) Nov. 30 598 308 169 29 85 290 160 42 104 134 Dec. 7 600 313 171 29 86 287 158 42 105 141 Dec. 14 607 316 173 29 88 291 162 43 106 136 Dec. 21 615 318 176 29 87 297 168 42 87 101 129 Dec. 28 615 318 175 29 297 168 42 87 110 127 CHICAGO (12 cities)* Nov. 30 2,961 824 466 94 113 2,137 1,439 230 468 1,127 415 Dec. 7 2,976 833 471 94 113 2,143 1,444 231 468 1,131 401 Dec. 14 2,985 843 476 94 114 2,142 1,447 227 468 1,144 404 Dec. 21 3,070 849 479 94 116 2,221 1,527 226 1,080 392 Dec. 28 3,060 854 481 95 119 2,206 1,515 226 1,068 406 ST. LOUIS (5 cities) Nov. 30 708 318 194 49 45 390 61 100 159 118 Dec. 7 705 318 194 48 46 387 227 61 99 161 122 Dec. 14 705 317 193 48 46 388 227 61 100 154 126 Dec. 21 708 316 193 48 46 392 231 59 102 148 118 Dec. 28 709 316 193 46 393 232 59 102 152 118 MINNEAPOLIS (8 cities) Nov. 30 379 164 81 64 215 159 14 42 72 112 Dec. 7 378 162 81 62 216 160 15 41 75 115 Dec. 14 377 161 81 61 216 160 14 42 76 117 Dec. 21 382 162 81 62 220 163 14 43 70 115 Dec. 28 382 162 80 62 220 163 15 42 72 113 KANSAS CITY(12 cities) Nov. 30 _ 650 253 153 43 397 216 52 129 162 274 Dec. 7 650 254 154 43 396 217 52 127 166 273 Dec. 14 .. 650 255 154 44 395 214 52 129 158 285 Dec. 21 662 257 155 44 405 221 54 130 157 268 Dec. 28 663 258 156 44 405 224 51 130 158 262 DALLAS (9 cities) Nov. 30 528 242 159 45 288 193 37 56 106 218 Dec. 7 526 241 159 46 285 187 42 56 108 221 Dec. 14 530 244 160 46 286 188 42 56 109 223 Dec. 21 . 539 246 163 45 293 195 42 56 103 208 Dec. 28 536 247 162 46 189 44 56 109 205 SAN FRANCISCO (7 cities) Nov. 30 2,143 334 382 185 1,162 725 115 322 337 282 Dec. 7 2,149 339 382 184 1,161 726 115 320 340 302 Dec. 14 2,153 993 341 382 186 1,160 724 115 321 344 302 Dec. 21 2,190 992 341 383 183 1,198 760 120 318 324 267 Dec. 28 2,182 991 341 383 181 1,191 756 120 315 320 264 CITY OF CHICAGO* Nov. 30.... 1,900 518 339 12 51 1,382 942 117 323 916 213 Dec. 7 1,906 525 341 12 52 1,381 939 118 324 924 213 Dec. 14 1,916 531 343 12 53 1,385 946 114 325 935 210 Dec. 21 1,991 533 342 12 53 1,458 1,021 113 324 876 219 Dec. 28 1,986 529 339 12 54 1,457 1,018 113 326 860 219 r Revised. * 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

JANUARY 1939 FEDERAL RESERVE BULLETIN 53 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 r i e t p e o m r s t- assets Interbank De- Interbank d F i e s d tr e i r c ( a t 1 l 9 a 3 R n 8 d e ) se d r a v t e e i c n e e t o i d s o p l s l n r a e o o s c ! f c - - O as t s h e e t r s l T i i a t o i b t e i a s l l - D b o a t m n ic k e s s- F b o a r n e k ig s n G U S m o n t v a e i e t t n e e r t s d n- c C h f e e i e t e r c c d t . k i- s, Other i j d m t u s e s — a p t n e o a d d s d - 2 - b m D a e n o s k - ti s c b F e a i o n g r k n - s Other 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) Nov 30 65 75 1,891 237 25 10 17 1,086 1,038 1 250 23 242 Dec 7 58 75 1,890 247 23 10 18 1,076 1,036 250 24 242 Dec 14 66 77 1,908 248 21 10 20 1,092 1,046 250 25 242 Dec 21 63 74 1 894 234 22 13 20 1,089 1,046 249 1 25 241 Dec 28 82 75 1,901 236 22 13 33 1,082 1,033 248 1 24 242 NEW YORK (8 cities)* Nov 30 849 570 14,431 2,681 441 128 391 7,802 7,344 15 5 995 1 353 1,619 Dec. 7 713 570 14, 423 2,717 423 128 397 7,765 7,449 14 5 993 1 361 1,619 Dec. 14 761 563 14, 560 2,758 439 128 309 7,933 7,481 15 5 989 368 1,616 Dec 21 831 557 14, 321 '2, 566 442 139 411 r7, 767 r7, 347 15 5 987 1 369 1,619 Dec. 28 902 556 14, 420 2,576 452 138 377 7,877 7,352 15 5 990 369 1,621 rinLADELPniA(4 cities) Nov. 30 70 86 1,732 295 9 38 10 841 781 10 285 18 226 Dec 7 60 84 1,721 300 9 38 12 823 775 10 285 18 226 Dec 14 76 84 1,748 299 9 38 10 854 788 10 284 19 225 Dec 21 69 83 1,741 281 9 55 10 849 790 10 283 19 225 Dec 28 74 87 1,760 287 9 55 11 857 794 10 283 23 225 CLEVELAND (10 Cities) Nov 30 88 108 2,709 311 1 29 23 1,189 1,124 36 735 22 363 Dec 7 65 107 2,697 312 3 29 20 1,172 1,127 36 734 29 362 Dec 14 96 107 2,729 318 1 29 21 1,203 1,128 36 731 28 362 Dec 21 87 103 2, 719 302 1 42 15 1,212 1,140 36 725 24 362 Dec 28 92 104 2,715 309 1 42 20 1,192 1,120 35 729 25 362 RICHMOND (12 cities) Nov 30 47 36 1,066 239 21 11 468 432 6 197 29 95 Dec 7 45 37 1,080 251 21 11 471 437 6 195 31 94 Dec 14 48 35 1 078 243 21 13 477 442 6 195 28 95 Dec 21 47 32 1,071 235 28 11 473 437 6 195 28 95 Dec 28 49 33 1 068 236 28 14 467 432 6 195 27 95 ATLANTA (8 cities) Nov 30 46 40 933 221 1 34 4 390 348 3 183 6 91 Dec 7 41 40 939 227 1 35 4 387 350 3 184 7 91 Dec 14 49 40 951 229 1 34 5 398 354 3 183 7 91 Dec 21 51 40 949 223 1 41 5 395 349 3 183 7 91 Dec 28 50 40 956 227 1 42 7 396 353 3 182 7 91 CHICAOO (12 cities)31' Nov 30 175 86 4 831 899 10 100 37 2,481 2,343 8 886 22 388 Dec 7 156 85 4 819 895 10 100 37 2,473 2,354 9 886 21 388 Dec 14 195 88 4,891 906 10 100 37 2,533 2,375 9 886 22 388 Dec 21 196 78 4, 892 887 11 129 43 2,516 2,363 9 887 23 387 Dec 28 205 80 4,896 873 11 129 46 2,526 2,367 9 890 24 388 ST. LOUIS (5 cities) Nov 30 51 34 1 081 265 17 7 504 460 6 186 5 91 Dec 7 44 23 1,067 269 17 6 486 448 6 185 7 91 Dec 14 56 24 1 078 269 17 6 497 447 6 185 7 91 Dec 21 57 23 1 067 266 20 6 488 437 6 184 6 91 Dec 28 53 23 1,068 265 18 5 492 444 6 185 6 91 MINNEA?'OLIS(8 cities) Nov 30 30 17 617 118 1 2 7 303 280 3 118 8 57 Dec 7 27 16 618 121 1 2 7 302 282 2 118 8 57 Dec 14 30 17 625 124 1 2 6 306 282 2 119 8 57 Dec 21 27 17 618 124 1 2 6 299 278 2 119 8 57 Dec 28 . 28 17 620 122 1 2 7 301 280 3 119 8 57 KANSAS CITY(12 cities) Nov 30 68 22 1 188 355 21 13 550 495 7 142 3 97 Dec 7 56 22 1, 180 358 21 12 540 496 7 142 3 97 Dec 14 73 22 1 201 360 21 12 559 498 7 142 3 97 Dec 2L 70 22 1 192 354 22 12 555 497 7 141 3 98 Dec 28 71 22 1,189 355 22 12 551 492 7 142 3 97 DALLAS (9 cities) Nov 30 39 27 928 216 31 9 449 419 133 7 83 Dec 7 35 27 928 221 31 10 442 417 133 7 84 Dec 14 43 27 944 218 31 12 459 428 133 7 84 Dec 21 41 26 929 214 38 10 443 412 134 6 84 Dec 28 40 27 929 210 1 38 10 446 416 134 6 84 SAN FRANCISCO (7 cities) Nov 30 94 205 3,086 261 12 103 31 1,012 949 19 3 1,014 299 332 Dec 7 82 211 3 107 269 13 101 36 989 943 18 4 1,022 323 332 Dec 14 97 217 3,139 269 12 101 33 1,016 952 18 4 1, 033 321 332 Dec 21 88 217 3 110 253 11 110 26 991 929 18 4 1,054 310 333 Dec 28 98 215 3 106 253 12 110 22 979 903 18 4 1,063 312 333 CITY OF CHICAGO* Nov 30 105 53 3 222 682 9 62 21 1,706 1,622 467 17 258 Dec 7 99 52 3, 230 681 10 62 20 1,714 1,635 468 17 258 Dec 14 123 54 3 276 694 9 62 19 1, 747 1,643 469 18 258 Dec 21 117 48 3 290 675 10 83 28 1, 747 1,658 470 19 258 Dec 28 126 49 3,281 662 10 84 27 1,750 1,651 471 19 258 r Revised. * 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

54 FEDERAL RESERVE BULLETIN JANUARY 1939* COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS9 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 e p a r e l - r Total Held b b y a n ac k c s epting H R e e ld s e b r y v 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 st o a u n t- d- st o a u n t d - - For ac- Held on B on a s e e x d - Dollar between points in ing1 ing Total O bi w ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p o u r o e r n n r i t g e d o n - - f ot b h y ers p U i o n .S r to t . s U p fr o o . r S m ts . ch e a x n - ge U.S. F c o o r u ei n g - n ents tries 1937—November 311 348 279 148 131 2 67 122 84 1 79 61 December 279 343 278 147 131 2 63 117 87 2 78 59 193g—January 299 326 266 147 119 2 59 106 82 3 75 60 February 293 307 246 140 106 1 61 96 78 2 70 61 March 297 293 236 143 93 (2) 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 October 213 270 223 130 93 46 94 57 3 59 56 November 206 273 222 124 98 51 94 59 3 59 57 * 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 Debit Debit End of month C b u ( a d s n l t e a e o b n t m ) i c t e e i s rs' a i b n n p a a d v c a l 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 n i ' n g t a i b n n a a d v l c a e c f n t i s o r r t c m u a m e n d s e t i s n n in g t C a b h a n a s a d n h n k d i o s n n r M o b w o o n e r d - e y a Free 1936—June 1.267 67 164 219 985 276 September ,317 72 141 227 995 289 1,395 64 164 249 1,048 342 1937—March . ,549 61 175 223 1 172 346 June .489 55 161 214 1 217 266 September 36* 48 128 239 1.088 256 Nnvmnhfir L. 034 38 120 225 723 270 December 985 34 108 232 688 278 1938—January 958 31 103 220 641 288 February 937 31 104 207 628 280 March 831 29 95 215 576 239 April 763 26 97 203 485 248 May 760 25 85 208 482 June _ __ 774 27 88 215 495 July 843 28 80 209 528 August _ - 864 29 84 200 571 September __ 823 29 76 213 559 October 905 32 85 196 617 November 939 30 78 189 662 Ot 3S Other credit balances In In partners' firm In Other invest- invest- capital (net) ment and ment and accounts trading trading (net) accounts accounts 86 24 14 420 99 24 14 423 103 30 12 424 115 29 18 419 92 25 13 397 96 26 12 385 95 24 11 376 85 26 10 356 87 28 11 333 80 26 10 324 81 25 9 315 88 24 9 309 92 22 8 301 89 22 11 298 284 82 22 10 303 272 77 20 9 301 257 68 20 7 300 270 73 20 8 304 252 65 20 8 303 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

55 JANUARY 1939 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by d R e e r d s i e sc e e s o r . u a 1 n l 3 t R s a e n a s d n e d r 1 v 3 a e a d A v o a c f n t t c h i e e s F u e n d - - A 10 d ( v b a R ) n e o c s f e e s t r h v u e e n A d F e e c r d t e s r e a c l . s d e t c ( i h r l . a e e s 1 c t U t 3 p o o n a b f i r t l t e a i h g d g e a r t a S i F p o t e a h n d t s e o e s o f ra f l Federal Reserve Bank Reserve Act) D R ec a . te 31 be In g in ef n fe in ct g- v P r i a r o e t u e - s D R ec a . te 31 be In g in ef n fe in ct g- D R ec a . te 31 be I g n i n 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 Atlanta Aug. 21, 1937 Aug.21, 1937 April 23,1938 Chicago Aug. 21, 1937 Aug.21, 1937 Oct. 16, 1933 St. Louis Sept. 2, 1937 Sept. 2, 1937 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug.24, 1937 Oct. 8, 1938 Kansas City.. Sept. 3, 1937 Sept. 3, 1937 Apr. 16, 1938 Dallas Aug. 31, 1937 Aug.31, 1937 Apr. 16, 1938 San Francisco Sept. 3, 1937 Sept.17, 1937 Oct. 19, 1933 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect, Dec. 31, 1938, on advances and commitments under See. 13b, of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Rate in Maturity effect on In effect be- Previous Advances to financ- Dec. 31 ginning— rate ing institutions— Advances direct to Commit- 4 3 1 1 6 - 1 6 1 - - - 6 5 3 4 0 0 5 d d d d a a y a a y s y y s s s _ i . . _ . . . . . . . . . . O . . . . c . d d d t o o . o 20, 1933 Federal Reserve Bank m in o e d r r u c c i s o a t l m r i o a - r l - O t w io n h n i p c f o h o r r - On re- a t d o m v m e a n n a t c k s e e s 61-90 days... ...do ganizations institu- maining 91-120 days_. ...do tion is portion 121-180 days __.do obligated Boston 3K-6 3 me i n T t h s, i s w r h a i t c e h a a ls g o r e a e p m pl e i n e t s s t a o r e a c a c l e w p a ta y n s c f e o s r b a o p u e g r h io t d u n o d f e 1 r 5 r d e a p y u s r c o h r a l s e e s s a . gree- N Ph e i w la d Y e o l r p k hia.. 4 4 - - 6 6 3 (3) 4-5 1-2 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4^-6 11A 4 1 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 Chicago 5-6 1 ^A 5-6 1-2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4-5H 3A 4 3M Minneapolis. _ 6 434-5 43^-5 1 Kansas City.. 4-6 4 4 Dallas 5-6 4 5-6 1 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. _ &A On net demand 90 days to 6 months 2V2 deposits: i Less than 90 days Central reserve city- 22^ 22^ Reserve city 15 173^ Country 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. _ 5 banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on p. 44 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

56 FEDERAL RESERVE BULLETIN JANUARY 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on- 1929 1931 1932 1933 1934 1935 1936 1937 1938 Averu. s.Treas- age New York City: Year, Prime Stock Stock ury bills yield on January 5.74 4.24 4.71 4.12 3.58 2.83 2.64 2.50 2.36 mo w n e th ek , or P c r o i m m - e b e a r n s' k- ch e a x n - ge ch e a x n - ge T U r . e a S s . - F M e a b r r c u h ary 5 5 . . 7 8 3 1 4 4. . 2 3 0 1 4 4 . . 7 7 2 1 4 4 . . 8 1 8 1 3 3 . . 4 3 3 1 2 2 . . 6 9 4 0 2 2 . . 6 5 1 6 2 2 . . 5 4 0 1 2 2 . . 4 3 0 4 mercial accept- time call New 91- ury April 5.85 4.17 4.69 4.33 3.39 2.61 2.54 2.53 2.36 paper, ances, loans, loan issues day 3-to-5 May __. 5. 4.11 4.55 4.24 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 4.10 3.30 2.66 2.44 2.34 2.36 months days days new- fered ers' notes July 5.88 4.05 4.42 3.93 3.30 2.61 2.44 2.36 2.27 als p w e i r t i h o i d n 1 t q a u ti o o - n S A e u p g t u e s m t ber 6 6. . 0 0 6 5 3 3 . . 9 9 7 3 4 4. . 3 4 0 5 3 3 . . 9 7 7 9 3 3. . 2 3 6 3 2 2 . . 6 7 7 2 2 2 . . 4 4 2 0 2 2. . 3 4 9 1 2 2 . . 1 2 6 5 October 6.08 4.27 4.35 3.76 3.28 2.72 2.46 2.38 2.29 1935 average..- .76 13 56 56 14 17 1.29 N De o c v e e m m b b e e r r 5 5. . 7 8 4 6 4 4. . 6 6 4 7 4 4 . . 1 2 2 2 3 3 . . 5 4 2 8 3 3 . 1 2 8 2 2 2 . . 7 6 7 1 2 2 . . 4 4 3 3 2 2. . 4 4 0 5 2 2 . . 3 3 3 3 1936 average __ .75 15 1.16 91 14 17 1.11 1937 average... .95 43 1.25 1.00 45 28 1.40 Year 5.88 4.22 4.49 4.02 3.33 2.49 2.43 2.32 8 other northern and 1937 Nov Vie IK L.OO 15 09 1.31 eastern cities: 1938— F M M A D J e a e b p a a c n . r r . y . il ..... x x - - i i V V V V V i i i i i e e e e e I I I I I I K K K K K K L L L L L . . . . . O O O O O 0 O O O O O 0 0 0 0 0 1 1 7 8 3 8 0 0 .0 0 0 0 1 1 5 8 8 9 1 0 1 1 1 1 . . . . 7 0 1 0 2 9 7 9 4 3 1 7 J J A F M M a u e p n n a a b r u r y e i r c l a u h r a y ry 5 5 6 5 6 6 . . . . . . 8 8 0 0 0 9 7 6 0 2 9 1 4 4 4 4 4 4 . . . . . . 6 6 6 4 5 5 1 3 2 9 7 5 5 5 5 5 5 5 . . . . . . 0 1 1 1 1 1 7 3 4 3 4 0 4 4 5 5 4 4 . . . . . . 8 3 0 9 4 9 9 7 4 4 4 4 4 4 . . . . . . 4 6 5 5 3 3 9 5 2 2 0 9 4 4 4 3 3 3 . . . . . . 0 9 0 0 8 7 2 9 8 5 8 8 3 3 3 3 3 . . . . . 6 4 6 5 4 0 7 3 1 5 3 3 3 3 3 3 . . . . . . 3 3 3 3 4 4 6 4 6 2 3 5 3 3 3 3 3 3 . . . . . . 2 3 2 3 2 2 9 7 6 8 7 5 June Vie IK L.OO 02 .05 .67 July 6.08 4.48 5.05 4.82 4.15 3.87 3.61 3.32 3.28 July X Vie IK LOO .05 .07 .70 August 6.11 4.47 5.12 4. 4.12 3.79 3.47 3.29 3.26 A S u e g pt_._._ X 7 V /1 ie 6 I I K X L L . . O O O O . . 1 0 0 5 . . 0 0 8 6 . . 7 8 1 2 S O e c p to te b m er ber 6 6 . . 2 2 4 5 4 4 . . 4 6 8 2 5 4 . . 0 9 3 6 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 Oct Vie L.OO .02 .05 .68 November 6.12 4.87 4.88 4.54 4.08 3.63 3.47 3.42 3.28 Nov %-% IK 1.00 .02 .04 .71 December 5.94 4.91 4.88 4.59 3.98 3.67 3.46 3.36 3.47 Week ending: Year 6.04 4.61 5.05 4.8 4.29 3.86 3.52 3.36 3.32 Nov. 5 7/l6 1M 1.00 .02 .04 .69 27 southern and Nov. 12__ 7/16 1/4 1.00 .03 .04 .71 western cities: N N D D e e o o c c v v . . . . 2 1 3 1 6 O 9 _ ._ _ . _ _ .. _ _ % % % -% 7 7 7 7 / / / / W 1 1 1 6 6 6 I I I X X X 1 L L L . . . . O O O 00 O O O . . . . 0 0 0 0 2 1 2 3 . . . . 0 0 0 0 4 3 4 4 . . . . 7 6 6 7 2 8 5 3 J A F M a e p n a b r u r i r c l a u h r a y ry 6 5 5 6 . . . . 0 9 9 0 4 4 6 7 5 5 5 5 . . . . 4 3 4 5 0 6 3 0 5 5 5 5 . . . . 6 6 6 6 4 3 1 1 5 5 5 5. . . . 5 6 6 6 0 6 5 5 5 5 . . . . 3 4 3 4 4 0 9 0 4 4 4 4. . . . 8 8 8 4 0 5 4 4 4 4 . . . . 4 4 4 5 ' 4 0 1 4 4 4 4 . . . . 1 1 2 1 5 5 1 6 4 4 4 4 . . . . 0 1 1 1 9 6 6 3 D D e e c c . . 2 1 4 7.... 7 7 / / 1 1 6 6 I I X X L L . . O O O O . < 0 • 1 > . . 0 0 3 2 . . 6 6 9 9 J M un ay e 6 6 . . 1 1 0 6 5 5. . 3 2 4 6 5 5 . . 6 6 4 2 5 5 . . 6 6 6 2 5 5. . 1 2 9 8 4 4. . 7 7 6 9 4 4. . 3 4 9 3 4 4 . .1 1 7 8 4 4 . . 1 1 4 3 July 6.17 5.30 5.63 5.54 5.07 4.58 4.35 4.19 4.12 August 6.22 5.28 5.68 5.53 5.05 4.63 4.25 4.18 4.12 » Series comprises 182-day bills to February 23, 1935, 273-day bills from September 6.27 5.32 5.63 5.55 5.04 4.51 4.29 4.18 4.07 March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938, October 6.29 5.38 5.56 5.50 5.05 4.55 4.23 4.16 4.06 from October 22, to December 10, 1937, and 91-day bills thereafter. November 6.29 5.53 5.55 5.42 4.93 4.51 4.24 4.1 4.05 2 Par, except a small amount at premium. December 6.20 5.56 5.60 5.43 4.92 4.55 4.14 4.15 4.04 Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures or 91-day Treasury bills available on request. Year 6.14 5.39 5.62 5.56 5.17 4.69 4.35 4.1' 4.11 BOND YIELDS1 [Percent per annum] Corporate 4 Year, month, or week T U r . e S a . s- Munic- By ratings By groups ury 2 irtal 3 Total Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 2-6 15 120 30 30 30 30 40 40 40 1935 average.. 2.79 3.41 4 46 3.60 3.95 4.55 5.75 4.02 4.95 4.48 1936 average 2.65 3.07 3.87 3.24 3.46 4.02 4.77 3.50 4 24 3.88 1937 average 2.68 3.10 3.94 3.26 3.46 4 01 5 03 3.65 4 34 3.93 1937—November 2.71 3 17 4 21 3.24 3.54 4 24 5.82 3.65 4.91 4.06 December 2.67 3.15 4.16 3.21 3.50 4 20 5.73 3.66 4.79 4.03 1938—January 2.65 3.03 4.19 3.17 3.50 4 20 5.89 3.54 5.02 4.01 February 2.64 2.99 4.23 3.20 3.51 4.24 5.97 3.57 5.06 4.07 March __ __ _ __ 2.64 2.99 4.36 3.22 3.56 4.34 6 30 3.58 5.44 4.05 April 2.62 3.03 4.50 3 30 3.73 4.49 6.47 3.64 5.75 4.11 May 2.51 2.91 4.28 3.22 3.56 4.28 6.06 3.51 5.44 3.90 June 2.52 2.91 4.40 3 26 3.68 4.41 6.25 3 55 5.75 3.90 July 2.52 2.87 4.17 3.22 3.62 4.21 5.63 3.48 5.25 3.79 August 2.51 2.82 4.09 3.18 3.57 4.13 5.49 3.43 5.09 3.76 September 2.58 3.02 4.17 3.21 3.60 4.20 5.65 3 50 5.18 3.82 October 2.48 2.82 4.03 3.15 3.53 4.08 5.36 3.43 4.94 3.73 November 2.50 2.74 3.95 3.10 3.46 4.02 5 23 3 39 4.83 3 65 Week ending: December 3 2.51 2.74 3.95 3.10 3.43 4.03 5.24 3.40 4.83 3.63 December 10 2.48 2.77 3.96 3.09 3.43 4.03 5.28 3.40 4.84 3.64 December 17 _. 2.48 2.75 3.97 3.09 3.43 4.04 5.29 3.41 4.84 3.65 December 24 2.49 2.76 3.95 3.09 3.41 4.02 5.29 3.41 4.82 3.64 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. 3 Standard Statistics Co. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9. Back figures.—See Annual Report for 1937 (table 80); for U. S. Government bonds, see pp. 1045-1046 of BULLETIN for December 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

57 JANUARY 1939 FEDERAL RESERVE BULLETIN BOND PRICES i STOCK MARKET Stock prices * Corporate Vol- U. S. Munic- Year, month, or Common (index, 1926=100) ume of Year, month, or date T u r r e y a s 2 - ipal s Indus- Rail- date Pre- trad- Total trial road Utility ferred 2 Indus- Rail- ing 3 Total trial road Utility Number of issues 2-6 15 60 20 20 20 1935 average 105.5 105.3 88.2 79.4 98.2 Number of issues „_ 20 420 348 32 40 1 1 9 9 3 3 6 7 a a v v e e r r a a g g e e 1 1 0 0 3 1 . . 7 7 1 1 1 1 0 0 . . 8 3 9 9 7 3. . 4 5 9 90 2 . .2 1 94.7 1 10 0 0 5 . . 4 4 1 19 9 3 3 6 5 a a v v e er r a a g g e e 1 1 3 38 3 . . 9 8 11 7 1 8 12 9 7 1 3 5 4 1 10 7 4 1 1 1 , , 8 4 2 1 4 1 1937—No vember 101.3 109.1 83.3 82.7 72.1 95.0 1937 average 136.2 112 131 49 95 1.519 1938— N J J A A D M M S O F J u u e e o p u c e a a n l a p b t n c v y r g y r e o t i r e u e c u l e b u m a h m s m e a r t b y r b r b y e e e r r r 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 4 4 1 3 3 2 2 4 3 2 4 2 . . . . . . . . . . . . 0 0 9 9 0 4 3 8 3 7 0 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 5 5 3 6 1 2 2 4 1 3 9 1 . . . . . . . . . . . . 6 7 2 2 2 6 6 6 5 5 2 2 8 8 8 8 7 8 8 7 7 7 7 7 1 8 2 0 1 2 6 0 5 9 6 3 . . . . . . . . . . . . 8 7 7 0 6 8 3 3 1 3 5 8 8 8 8 8 8 8 8 8 8 8 7 7 0 1 5 4 6 1 5 0 0 6 9 7 . . . . . . . . . . . . 0 4 0 2 9 7 7 4 6 8 5 8 6 6 7 6 5 5 6 5 5 6 5 5 5 0 2 0 9 5 6 0 2 7 3 5 . . . . . . . . . . . . 0 0 0 2 9 7 2 2 5 3 5 1 9 9 9 9 9 9 9 9 9 9 9 9 4 2 7 4 4 8 4 1 0 9 6 8 . . . . . . . . . . . . 0 2 0 0 6 2 2 3 2 3 3 1 1 1 9 9 3 3 7 8 — — D A J J M M A F S O N u J u e e e p a u c n a l a o b p c n t y r g e y r o v i e r t u _ c u l e e b u m a h _ s m m e a r t b y r r b b e y e r e r r _ .. . _ _ 1 1 1 1 1 1 1 1 1 1 1 1 4 3 3 3 3 2 3 3 3 3 3 3 0 1 7 5 2 7 2 3 2 2 3 8 . . . . . . . . . . . . 4 7 9 6 2 9 3 5 1 3 3 1 8 8 8 9 8 8 8 7 7 7 9 7 2 8 6 1 3 2 1 1 4 3 0 8 1 1 1 1 0 8 8 1 0 0 9 9 9 8 9 9 5 4 6 0 8 4 6 5 6 7 6 3 3 2 2 2 2 3 2 2 2 2 2 2 1 6 1 1 7 1 9 8 2 8 6 8 8 7 6 6 7 7 7 6 7 7 7 7 0 1 4 9 2 9 6 9 0 7 5 7 1 1 1 1 1 1 1 , , , , , , , 1 7 0 4 0 0 8 9 7 6 8 7 7 6 6 2 5 3 8 2 2 7 4 1 4 2 9 0 0 2 8 3 9 4 3 9 November 30 103.8 116.6 81.4 86.3 58.5 99.3 November, __ 142.3 95 114 30 81 1,355 D D D e e e c c c e e e m m m b b b e e e r r r 2 7 14 1 1 1 1 0 0 0 4 4 4 . . . 1 2 3 1 1 1 1 1 1 6 6 6 . . . 2 4 1 8 8 8 0 1 1 . . . 0 6 1 8 8 8 6 6 5 . . . 0 2 8 5 5 5 7 7 8 . . . 8 8 9 9 9 9 8 9 8 . . . 0 5 1 N D D e e o c c v e e e m m m b b b e e e r r r 7 1 3 _ 4 0 _ _ 1 1 1 4 4 4 2 2 2 . . . 4 9 1 9 9 9 2 1 3 1 1 1 1 1 1 0 2 1 2 2 2 8 9 9 7 7 7 9 8 8 1,3 8 9 6 5 3 2 5 3 December 21 _ 141.6 • 91 110 28 77 1,107 1 Monthly data are averages of daily figures except for municipal bonds* which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, 1 Standard Statistics Co. Monthly data are averages of Wednesday b D a e s c e e d m b o e n r q 1 u 93 o 8 ta , t p io p n . s 1 0 f 4 ro 5- m 10 4 T 6 r f e o a r s u d r e y s cr D ip e t p io a n rt . ment; see BULLETIN for fig 2 u A r v es e . rage prices of industrial high-grade preferred stocks, adjusted to a tis 3 t i P cs r i C ce o s . derived from average yields, as computed by Standard Sta- $7 3 a A n v n e u r a a l g e d i d v a id il e y n d v o b l a u s m is e . of trading in stocks on the New York Stock Exchange, in thousands of shares. Weekly figures are averages for the Back figures.—See Annual Report for 1937 (table 79); for U. S. Govern- week ending Saturday. ment bonds, see pp. 1045-1046 of BULLETIN for December 1938. 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 Y m e o a n r t o h r ( a n n e d w T ( o do ta - l Corporate T (d o o ta - l Corporate f i u n n g d ) - m e a f i e o g n s r n d t - ) ic Total S n m a p t i n a a c u l d i t - - e c F e i e r e a d s l - 2 Total B n a o o n t n e d d s s Stocks e F ig o n r- i m e a f i o e n g r s n d - t ) ic Total S n m a p t i n a a c u d t i l - e - a c F e g i e e r e a s d n l 2 - - Total B n a o o n t n e d d s s Stocks F ei o g r n - 1928 9,898 8,040 6,789 1,379 64 5,346 2 385 2 961 1 251 1 858 1 620 36 0 1 584 1 054 530 238 1929 . . .11, 513 10,091 9,420 1,418 0 8,002 2 078 5 924 671 1 422 1 387 13 o 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 o '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 1T165 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 o 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—No v 136 94 94 43 25 26 22 4 (3) 42 42 4 27 10 10 (3) 0 Dec 164 122 122 79 0 43 27 16 1 42 42 5 23 14 14 (3) 0 1938—Jan 122 93 93 41 6 46 40 6 0 29 29 8 18 4 3 0 Feb 199 82 81 40 0 41 41 (3) 1 117 117 22 32 62 62 0 0 Mar 245 126 126 94 9 24 23 1 0 119 119 16 45 58 58 0 0 Apr 352 197 197 45 140 12 11 1 0 155 155 4 84 67 67 0 0 May "218 158 "158 88 33 '37 '22 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.... 470 390 390 44 216 130 128 2 1 79 79 3 20 56 56 0 0 Aug 415 180 180 55 0 125 121 3 (*) 235 235 11 14 211 211 0 0 Sept 237 144 144 51 8 85 83 2 0 92 92 22 6 65 65 (3) 0 Oct 763 165 165 101 0 64 62 2 0 598 598 2 323 273 273 0 Nov 379 225 194 151 0 43 37 6 31 155 130 6 22 102 84 18 25 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

58 FEDERAL RESERVE BULLETIN JANUARY 1939 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS \.0n basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Total Publicly-offered » End of month gross debt Ad- Social Bonds justed se- All Ma- Total service curity other5 tured Other nterest Total Notes Bills issues3 issues4 debt oearing Pre- Treas- U. S. war ury? savings 1932—June 19, 487 19,161 618,816 753 13, 460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 621, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26, 480 626,006 753 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 1937—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 October. 38, 423 37,897 34, 527 79 22, 712 1,367 9,067 1,302 826 1,807 736 94 433 November .. _ 38,603 38, 068 34, 559 79 22, 712 1,399 9,067 1,303 827 1,937 745 105 431 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 d of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES' OBLIGATIONS, NOVEMBER 30, 1938 [In millions of dollars] [In millions of dollars] Date maturing Total Bondsi Notes Bills F F e a d r e m ral O H w o n m er e s' st R ru e c co ti n o - n m C o o d m it - y End of month Total Mortgage Loan Finance Credit Corpora- Corpora- Corpora- Corpora- 1938—December _ 410 10 400 tion tion 2 tion tion 1939—Jan. 1—Mar. 31 1,844 942 903 Apr. 1—June 30 1,294 1,294 July 1—Sept. 30 427 427 1934—June 681 312 134 235 Oct: 1 Dec. 31 526 526 December... 3,063 980 1,834 249 1940—Jan. 1—Mar. 31 1,378 1,378 1935—June 4,123 1,226 2,647 250 Apr. 1—Dec. 31 1,476 1,476 December 4,494 1,387 2,855 252 2,219 834 1,385 1936—June 4,718 1,422 3,044 252 1942 1,001 1,001 December 4,662 1,422 2,988 252 1943 ... 1,527 898 629 1937—June 4,665 1,422 2,987 255 1945 2,121 2,121 1946 1,849 1,849 1937—No vember 4,644 1,410 2,937 297 1947 2,132 2,132 December. _ 4,645 1,410 2,937 297 1948.. 2 1, 942 2 1, 942 1938—January 4,646 1,410 2,937 298 1949 819 819 February.. 4,646 1,410 2,937 299 1,223 1,223 March 4,646 1,410 2,937 299 1952 2,117 2,117 April.. _. _ 4,647 1,410 2,937 299 1953 1,786 1,786 May ... 4,852 1,410 2,937 299 206 1954 _.. 2,663 2,663 June 4,853 1,410 2,937 299 206 1955.. 755 755 July 5,064 1,410 2,937 510 206 1956 489 489 August , 5,015 1,410 2,888 511 206 1959 982 982 September 5,009 1,404 2,888 511 206 I960— 2,611 2,611 October 5,001 1,395 2,888 511 206 1961. 50 50 November 4,993 1,388 2,888 511 206 1963 919 919 Total . 34, 559 24,190 9,067 1,303 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal 1 Issues classified as of date of final maturity; most issues callable at Housing Administrator, amounting to $1,219,000 on November 30,1938. earlier dates; most of the U. S. savings bonds are redeemable at option 2 Excludes obligations guaranteed as to interest only. of holder. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

59 JANUARY 1939 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures l T a 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 etc' General Excess excess of re- of re- Period Total c ta I o x n m - e e s S s ta e o i x c t c y u e i s a r- 2 l O i r n n e n u t t v h a e e e l e r 3 - - r o A th l e l r Total e I d n s e t t e b o r t n - t f i V N a e d o n n e e n a s d - t - a e - l o A th l e l r r c a e R e o l n r i e v y d e - - f f ( v u n R i o n n e l e g d t v - ) s - B T f a t e e r r c r u a t c s c n s t t s 6 t s o . - p ( c t + e e u ( e n i - r x ) p ) e d o - t s i s r - p ( c t + e e u ( e n i - r x ) p ) e d o - t s i s r - b G a e f la u n n e n c r d a e l 7 G d r e o b s t a erans' Adm.4 Fiscal year ending: June 1936 4,116 1,427 (8) 2,086 603 8,666 749 1,340 1,310 3,441 11 1,814 -4, 550 +312 +840 +5,078 June 1937 .— 5,294 2,158 253 2,187 697 8,442 866 1,436 1,994 3,073 204 868 -3,149 +374 -128 +2, 646 June 1938 6,242 2,635 755 2, 285 567 7,626 926 1,556 2,178 2,238 121 607 -1, 384 + 306 -338 +740 5 months ending: Nov. 1936 1,641 420 (8) 959 262 3,148 263 593 708 1,404 78 102 -1,507 +216 -1,276 +16 Nov. 1937 2,311 671 276 1,079 285 3,012 269 635 868 851 38 351 -702 +88 +55 +669 Nov. 1938 2,223 654 329 1,022 217 3, 643 252 684 1,138 1,205 45 319 -1,420 +213 +231 +1, 439 1937—November 327 37 60 182 49 494 9 128 165 155 9 18 55 -167 -37 -68 +137 December 866 487 138 192 49 678 163 134 141 169 7 63 +188 -11 +365 +186 1938—January 335 52 57 172 53 533 16 130 180 147 4 56 -198 (8) -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 47 763 13 137 216 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 -40 -41 +719 +800 October 332 41 34 209 48 769 67 136 250 262 10 44 -437 -3 -409 +30 November..,. 382 36 129 175 41 678 9 137 228 249 7 49 -296 -6 -122 + 180 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age reserve and Unemployment Net expenditures in railroad retire- trust fund checking accountsof All Period ment accounts Government agencies other, excess In- Workof re- In- cre- Seign- ing Bene- With- Recon- Com- ceipts Total active ment iorage bal- Re- In- fit Re- In- drawals struction modity All (+)or gold on ance ceipts vest- pay- ceipts vest- by Finance Credit other expen- gold ments ments ments States Corpora- Corpora- 10 ditures tion 10 tion 10 (_)ii Fiscal year ending: June 1936 19 19 9 241 33 100 +204 2,682 140 316 2,225 June 1937 267 267 (8) 294 293 1 9 329 9 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 9 9 9 184 9 11 +87 2,216 142 446 1,628 5 months ending: Nov. 1936 29 28 (8) 9 240 9 61 104 +18 1,406 141 333 931 Nov. 1937 278 245 23 275 262 9 46 9.34 42 +27 2,608 ~1~243 141 394 831 Nov. 1938 244 176 47 365 160 195 9 187 109 9 54 +49 2,447 142 478 1,828 1937—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 M Fe a b r r c u h a . r _ y 5 5 6 8 5 5 1 1 8 7 9 4 5 3 8 1 5 0 3 6 6 9 1 3 5 9 6 8 2 1 8 + + 1 3 5 3 2 , , 1 9 4 7 0 5 1 1, , 1 2 8 0 3 1 1 1 4 4 2 2 4 42 2 7 1 1 1 , , 3 2 8 1 9 2 April 19 1 14 37 93 41 34 7 7 +8 2,689 142 433 2,114 May 2 95 9 128 85 34 6 91 9 149 +7 2,567 142 440 1,986 June 17 17 9 82 46 39 914 9 96 38 +2 2,216 142 446 1,628 J S A u e u l p y g t u e s m t ber 4 6 4 8 0 5 4 3 3 0 5 5 9 9 9 1 3 3 3 5 5 1 9 8 4 2 4 3 5 0 6 3 s26 2 1 0 4 0 3 2 1 1 7 0 9 9 2 5 7 6 5 + + + 1 3 3 0 2 2 2 , , , 2 1 9 1 6 7 6 0 8 1 1 1 4 4 4 2 2 2 4 4 4 6 5 5 0 5 1 1 2 1 , , , 6 5 3 6 2 7 3 3 6 October 44 34 10 38 914 40 19 23 96 +19 2,569 142 467 1,960 November 49 34 10 125 96 26 21 18 9 11 +13 2,447 142 478 1,828 1 Excludes debt retirements. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 8 Includes revolving funds of Public Works Administration and Farm Credit Administration. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 7 Details given in lower section of table. » Less than $500,000. 9 Excess of credits. 0 Monthly figures for the fiscal year 1938 subject to revision. Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN JANUARY 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1938 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Recon- Home mortgage and Farm credit agencies Total struction housing agencies Ten- F C in or a p n o c - e n s e e s e - Ini A s P W r t a d a u r t o n m a b i d r t o l i k i i n n o c s - n O C r H L a w o o t o r i n m a p o e n o n e r - s' O m a g c g t a o i e h e g r n s e e t - - r t U S H h A n t o i o a n i r u u t t g i e e - s t s d y - m F a g c g a a o i e e r g r m n s e t- - a C b n A O F d a r a t d e n h r m d c m k e o i s r . t r- m C C r C a o r o t o e r i d m p o d i o n i t - t y - Other t V A h l i e t o a u y y l r - - - a a s c g n u ie e c r s - n e - Other O 1 3 9 c 1 3 t , . 8 S 1 3 9 e 0 3 p , 8 t. O 1 3 9 c 1 3 , t. 7 porations ASSETS Loans and preferred stock: Loans to financial institutions.. 253 189 (i) 26 0) 468 470 491 Preferred stock, etc 522 214 47 76 (0 859 859 891 Loans to railroads 472 30 502 495 437 Home and housing mortgage loans 2,204 108 18 2,330 2,335 2,507 Farm mortgage loans 2,764 2,764 2,776 2,887 Other agricultural loans 16 287 333 95 (1) 730 723 553 All other loans 2 506 0) 3 179 4 168 854 837 816 Total loans and preferred stock _ _ _ 1,769 2,418 344 18 2,764 363 333 274 26 199 8,507 8,496 8,582 Cash 1 113 50 9 75 44 0) 24 3 31 19 367 329 265 U S Govt dirpot obligations 48 1 31 0) 63 149 402 4 698 684 600 Obligations of Government credit agencies: Fully guaranteed by U S 9 34 103 146 159 170 Other 5 2 5 5 28 35 40 37 Accounts and other receivables 25 15 4 0) 200 6 49 1 3 16 36 356 372 282 Business property 0) 6 128 6 0) 0) 0) 217 1 93 451 447 270 Property held for sale 29 530 111 W 1 1 673 667 578 Other assets 0) 6 0) 8 0) 4 1 23 82 125 125 66 Total assets other than interagency 1,875 3,088 438 156 3,232 624 382 302 224 603 434 11, 35911,31910, 849 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 511 2,888 1 395 206 1 5,001 5,010 4,634 Other B (2) 120 51 030 193 2 0) 6 1,352 1,365 1,413 Other liabilities (including reserves). 94 136 22 1 119 11 75 5 5 153 100 722 737 547 Total liabilities other than interagency _ 605 3,025 142 1 2,544 203 281 5 7 155 106 7,075 7,112 6,594 Excess of assets over liabilities, excluding interagency transactions._ 1,270 63 297 155 687 421 101 297 217 449 328 4,284 4, 207 4,255 Privately owned interests.. 45 191 4 139 379 377 357 U. S. Government interests 1,270 63 251 155 497 417 101 297 217 309 328 3,905 3,830 3,898 1 Less than $500,000. 2 Includes $37,000,000 loans of Public Works Administration. 3 Includes $177,000,000 loans of Farm Security Administration. 4 Includes $76,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. . NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Nov. 30, May 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, 1937 1938 1938 1938 1938 1938 1938 1938 Loans to financial institutions 249, 594 237, 234, 897 232, 279 219,' 216, 859 216,157 i 212, 213 Loans on preferred stock of banks and insurance companies.. 38, 800 37, 37, 525 37, 438 37, 220 37,154 37, 090 37, 083 Preferred stock, capital notes, and debentures 559, 623 535, 533, 761 531, 694 525,160 523, 605 521, 981 520, 550 Loans to railroads (including receivers) 355, 923 390, 393, 699 398, 304 414, 928 419, 364 426,046 428, 041 Loans for self-liquidating projects _ 234,113 243, 245,1"" 193,053 191, 551 193, 078 194, 606 194, 748 Loans to industrial and commercial businesses 72, 686 73, 76, 369 81,060 85,049 92,137 98, 224 103, 598 Loans to drainage, levee, and irrigation districts 77,179 78, 79, 406 79, 529 79, 391 79, 601 79, 667 80, 836 Other loans 3,970 4,284 4,324 4,287 14, 365 14, 456 19, 205 19, 215 Securities purchased from Public Works Administration 117, 504 144, 138,132 138, 509 137, 697 138, 783 138, 607 145,148 Total loans and investments, other than interagency-. 1, 709, 3921, 747,139 1, 695, 775 1, 706,172 1, 713, 950 1, 731, 760 1, 734, g 1, 750, 210 Loans to Federal land banks 12, 308 6,584 4,992 16 Loans to Commodity Credit Corporation 31, 298 5, 0 Capital stock of Commodity Credit Corporation 97, 000 Preferred stock of Export-Import bank 20, 000 20, 000 20,000 20, 000 20, 000 20, 000 20,000 20, 000 Capital stock of Disaster Loan Corporation 8,000 Loans to Rural Electrification Administration 16, 849 35,155 46, 498 46, 498 46, 498 46, 498 46, 498 Capital stock of, and loans to R. F. C. Mortgage Co 62, 779 48, 293 40,011 41,186 41, 755 42, 595 44, 996 48, 644 Capital stock of, and loans to Fed. Natl. Mtge. Assn._ 11, 000 11,000 11, 788 16, 403 23,185 31, 975 40, 868 Loans to Tennessee Valley Authority 2,000 2,000 2,000 Total loans and investments.. 1, 957, 624 1, 868,170 1, 872, 735 1, 820, 239 1, 830, 844 1, 848, 228 1, 877, 228 1, 892, 902 i Includes $69,000,000 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

61 JANUARY 1939 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by— by- and discounts for— End of month lan F d e d b e a ra n l ks C s o L B i m o a a n n n m e d k r is- p a s c p c R o r n r c o r o e c d u e e r a d d i a g l d a g i u t b t i i t t u r i o c t i a i o c r o n t a - n a n o i n a s o l k s r s l - n s , - , f c i i e n o n t O t x i a o i s o v t c n p t h n i e e c e t e s p s i r u r n , a t - g - ti P a o s t r n s i o o o d c n c u r i s e a c d - - it t R i u a t r r e g a a c g t r l o i i i o c r o c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a n u a e n c g r n s y h - d t m F b c i e e n r a d d e t n i e e d a k r r i t - s a t e l B in C c a a c B o t e n l i o a u n k v p n d t s e e r k i s a f r n , o - l g r i M A i n r n e t g g a g u v r r r o i f k A c a u l e u l v n c t l - d t - for cooperatives i 1934—December. 1,915,792 616, 825 99, 675 55, 672 60,852 87,102 111,182 33, 969 27,851 54,863 1935—December. 2,071,925 794, 726 104, 706 47,162 94,096 43,400 172, 489 2,731 50,013 44,433 1936—December. 2,064,158 836, 779 129, 872 41,017 105, 212 25, 288 164, 887 1,641 69, 647 53, 754 1937—November. 2,039,005 816, 653 160,627 40,857 137,473 16, 208 173, 701 1,509 82,026 45, 284 December. 2,035, 307 812, 749 165,194 40, 464 138,169 15, 592 172,130 1,813 87, 633 30, 982 1938—January... 2,031, 290 807, 788 164, 700 39, 263 138, 996 15, 488 170, 429 1,576 86,856 30, 259 February. _ 2,029, 517 804, 212 173, 384 38, 852 147, 983 15,198 169, 609 1,502 87,113 27,875 March 2,025, 707 798, 776 186,137 39,526 162, 600 15,164 175, 800 1,420 82, 323 27, 304 April 2,022, 846 794, 916 195, 899 40, 650 173,113 15,060 183, 467 793 79, 926 26,335 May 2,019, 930 790, 772 202,147 41,312 179, 790 14, 834 184, 766 655 78, 417 25, 332 June 2,017, 696 786,068 207, 988 42, 894 184, 327 14, 788 184, 532 19 81,190 24, 604 July 2,013, 645 781, 703 199, 288 42, 582 183,891 14, 442 183, 289 118 75, 264 25,028 August 2,008, 661 776, 982 197, 274 42, 984 181,154 14, 003 181, 867 118 75, 961 26,119 September. 2,003, 810 771, 988 189, 937 40, 808 170, 806 13, 374 179, 398 256 82, 544 27, 370 October. __ 1, 997, 561 766, 502 174, 626 36,121 154, 560 12, 354 174, 574 744 86, 931 27, 917 November. 1, 990, 475 760, 326 166, 549 34, 537 148, 430 11, 592 172,043 851 86, 221 25, 313 1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by— Federal Depos- U. S s . e G cu o r v it e i r e n s ment home End of month itors Cash Cash, End of month Home Fe lo d a e n r a a l s s s a o v c i i n a g ti s o a n n s d lo b a lo a n a n s n k to an ba c l e - s1 Total i p n to o d r s y e i- - r D e i c - t G a u n a - r- f s u e r n e r - v d e s, Owners' member banks Total obli- teed etc.2 L p o o a r n a t C io o n r- N of u m as b so er - Loans * i t n io st n i s t u 2 - ti g o a n - s o g b a l - iciations tions 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 1,266 203 967 800 167 95 1936—December.. 2, 765, 098 1,212 586, 700 145, 394 1937—June.. 1,268 1,307 136 1,100 933 167 71 1 1 9 9 3 3 7 8 — — A J O A J S M M D F u N J u e u e c p a e l a a n p o g t b y n r c y r o e t v i u u r e c l e b e u s a h m m e m t r a r y b b r b y e e e r . r r . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 2 2 2 2 3 3 2 3 2 3 4 3 0 3 2 4 0 2 4 7 9 8 6 2 3 4 8 1 8 0 3 1 7 1 5 2 , , , , , , , , , , , , 8 1 8 1 8 9 8 0 9 9 4 6 8 9 5 4 9 9 8 2 9 8 1 4 4 6 3 9 9 4 2 7 5 5 4 7 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 3 3 7 6 5 4 4 4 4 3 3 3 2 1 0 5 4 6 8 2 5 4 8 2 8 8 1,0 9 9 9 9 9 8 8 9 8 8 8 1 9 7 4 3 1 6 7 9 6 5 3 4 6 7 0 9 4 5 1 4 1 3 2 , , , , , , , , , , , , 0 0 3 9 2 5 3 3 7 8 5 3 8 7 0 0 1 0 0 0 0 0 0 0 7 4 0 8 0 0 0 0 0 0 0 0 1 1 1 1 1 1 2 1 1 1 1 1 8 8 8 8 9 8 9 8 9 8 0 8 9 9 9 6 6 3 0 7 7 1 0 3 , , , , , , , , , , , , 8 1 4 0 5 7 5 4 3 2 2 5 8 4 1 0 4 9 0 1 9 3 2 3 9 8 5 5 7 7 2 7 8 2 3 5 1 19 9 3 3 7 8 — — A M J M S J D N A F O u u e u J e e p o a a l n c p a g b y c r y v r t e t n u i o c r e e e l u u h b s m m m t e a a b r b r b ry y e e e r . r r . . . - . . . . .. 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 2 2 4 5 6 6 5 5 5 7 7 6 7 7 8 2 8 6 2 2 5 1 2 9 0 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 2 3 2 3 3 3 2 3 3 9 2 9 0 0 1 1 3 9 9 0 0 8 1 0 1 1 6 1 1 6 0 6 8 7 8 1 1 1 1 1 1 1 1 1 1 9 9 1 2 1 0 1 2 2 3 2 3 9 8 6 1 5 2 9 5 9 0 4 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 1 1 1 1 1 0 1 1 1 0 1 1 1 0 0 1 9 0 9 1 1 0 0 8 3 8 3 0 7 3 7 2 3 0 1 9 9 9 9 9 9 9 9 9 9 9 5 3 4 4 4 4 3 3 4 3 3 2 6 1 7 6 6 7 0 4 0 4 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 7 7 6 7 7 7 7 7 7 8 7 7 7 8 7 7 7 7 7 8 7 6 2 9 1 9 5 2 2 8 6 1 2 November.. 2,186,170 1,374 1. 020, 873 189, 685 October 1, 250 November 1,250 1 Federal Home Loan Bank Board estimates for all Federal savings and loan associations. p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does 2 Excludes loans to other than member institutions which are neglig- not include accrued interest nor outstanding savings stamps. ible in amount. 2 Includes working cash with postmasters, 5-percent reserve 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

62 FEDERAL RESERVE BULLETIN JANUARY 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted"and "unadjusted" refer to adjustment for saesonalvariation] Industrial production i * Construction contracts awarded (value) 2 Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other F p a l c o t y o m r e y n e t m 3 r p F t ol a o a l r y c s - y - 3 Freigh n t g s c 4 a * r D st e o p ( r a v e a r l s t u a m l e e e ) n s t * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjusted 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 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 '96 102 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 10C 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 ••118 114 113 121 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 97 66 69 53 52 77 84 85 86 77 62 63 83 65 Sept 91 91 89 89 97 102 78 79 56 56 96 97 87 89 81 64 71 86 91 Oct 96 97 95 95 99 106 82 78 57 56 102 96 88 90 84 68 75 84 92 Nov ,103 ,104 ,103 ,103 ,102 ,105 .89 ,79 ,54 ,52 ,117 ,101 ,90 ,91 ,84 69 70 89 99 v Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 63-64; 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 of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pp. 835-837 of BULLETIN for October 1938. For current indexes of groups and separate industries see pp. 65-68. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 70. Back figures—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

63 JANUARY 1S3 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average — 100] 1937 1938 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Manufactures—Total. 101 75 73 74 82 87 89 95 IRON AND STEEL.. 100 49 50 46 62 70 76 90 109 Pig iron 95 45 44 36 42 51 59 67 76 Steel ingots 101 49 50 47 64 72 77 93 112 TEXTILES 91 81 74 87 97 110 103 100 Cotton consumption 101 90 77 88 101 115 108 104 112 Wool 65 54 50 75 87 106 93 91 P107 Consumption. 63 57 55 92 110 133 107 101 P124 Machinery activity i 74 51 42 69 74 91 87 P101 Carpet and rug loom activityl 59 49 47 38 42 55 67 P69 Silk deliveries 105 100 101 101 105 102 104 123 FOOD PRODUCTS: Slaughtering and meat packing. 92 86 84 84 81 95 94 Hogs 76 74 72 77 66 66 66 58 62 74 92 88 Cattle 102 96 101 106 109 111 105 103 108 107 103 106 94 96 Calves 120 115 114 113 111 116 111 110 110 112 115 118 108 112 Sheep... 139 139 143 160 164 151 151 164 151 152 153 152 149 152 Wheat flour 86 86 88 90 90 86 98 87 88 91 86 Sugar meltings..__ 73 101 142 63 77 81 78 106 103 100 PAPER AND PRINTING: Newsprint production 63 '65 63 57 53 53 46 53 51 54 53 57 58 63 Newsprint consumption.. 145 130 134 132 129 126 125 125 122 124 123 130 131 127 TRANSPORTATION EQUIPMENT: Automobiles 142 65 61 54 54 49 46 43 45 46 Locomotives 32 14 19 23 17 12 14 12 4 4 LEATHER AND PRODUCTS 94 102 104 104 105 90 103 108 102 100 P102 Tanning 78 81 78 72 75 75 78 82 78 80 Cattle hide leathers___. 72 79 77 72 77 74 77 86 86 Calf and kip leathers... 80 89 87 72 68 76 80 77 69 Goat and kid leathers.. 91 81 74 73 74 74 76 75 '65 70 Boots and shoes 105 116 121 124 124 101 119 125 118 113 CEMENT AND GLASS: Cement_. 79 76 71 67 80 84 Glass, plate ... 179 151 108 107 155 155 NONFERROUS METALS: Tin deliveries * 141 115 73 Zinc 115 108 107 Lead 81 79 87 FUELS, MANUFACTURED: Petroleum refining2 '203 '201 195 191 197 193 "•200 203 206 208 Gasolinex,2 277 255 253 243 239 250 253 248 258 264 265 269 Kerosene 110 113 108 111 113 120 114 118 117 106 104 109 102 Fuel pin,2. 153 150 148 146 145 137 137 133 126 132 134 141 143 Lubricating oil i, 2_ 134 127 123 116 114 113 109 108 103 110 108 113 110 Coke, byproduct 128 103 89 87 85 82 79 73 71 81 105 Coke, beehive 20 14 11 7 5 5 5 RUBBER TIRES AND TUBES 04 75 66 67 57 62 64 72 82 91 96 '98 100 Tires, pneumatic * 78 70 70 59 64 67 75 86 94 100 102 103 Inner tubes J 53 42 45 41 42 40 42 48 53 65 72 r71 73 TOBACCO PRODUCTS 155 155 170 157 157 160 159 163 154 154 161 160 150 164 Cigars 73 73 74 75 73 77 69 70 73 71 73 75 74 76 Cigarettes 221 221 247 225 226 227 230 237 219 219 232 229 211 233 Manufactured tobacco. 82 83 84 77 77 83 84 L84 84 84 81 84 78 95 Minerals—Total.. 113 115 108 103 103 91 92 93 95 97 P102 Bituminous coal.. 84 78 79 65 64 58 62 57 57 60 64 71 72 Anthracite 57 67 70 67 53 68 45 64 71 47 38 50 49 P57 Petroleum, crude.. 176 174 176 177 171 172 170 156 153 161 167 158 161 P163 Iron ore 91 40 19 34 37 41 50 42 Zinc.__ 115 108 107 79 70 74 75 80 Lead 81 79 87 74 60 64 54 46 50 50 Silver 91 119 104 92 91 105 102 102 1 Without seasonal adjustment. v Preliminary. ' Revised. 2 Indexes of petroleum refining, gasoline, fuel oil, and lubricating oil have been revised for some months in earlier years. The revised figures are available at the Division of Research and Statistics. 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, 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

64 FEDERAL RESERVE BULLETIN JANUARY 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Manufactures—Total 99 76 79 85 89 95 P103 IRON AND STEEL 98 55 58 69 75 88 101 Pig iron 95 47 39 49 57 67 77 Steel ingots 98 56 59 71 77 90 103 TEXTILES __ ._ 93 76 90 103 104 103 P116 Cotton consumption _ 104 82 92 103 104 107 117 Wool 69 49 81 101 96 96 Consumption _ 69 54 98 123 113 111 P113 Machinery activity 74 42 74 91 86 87 Carpet and rug loom activity 59 47 42 55 66 67 PlOl Silk deliveries 105 100 100 106 116 104 127 FOOD PRODUCTS: Slaughtering and meat packing. _ 89 95 101 107 85 78 76 82 80 79 77 90 94 104 Hogs 64 81 94 104 73 60 58 64 60 56 56 66 79 97 Cattle 119 110 107 107 96 97 93 100 101 106 101 118 110 111 Calves _ 126 117 109 105 104 117 121 125 114 109 106 113 113 114 Sheep 153 137 140 161 154 137 142 161 148 152 154 176 163 151 Wheat flour 96 93 85 84 86 84 81 81 86 95 94 104 102 93 Sugar meltings 69 79 8] 66 81 74 89 91 93 104 97 114 98 78 PAPER AND PRINTING: Newsprint production 63 '64 63 58 53 52 47 54 52 53 52 57 58 63 Newsprint consumption 154 139 138 127 127 131 134 129 121 111 110 127 139 136 TRANSPORTATION EQUIPMENT: Automobiles 100 111 61 63 66 59 45 26 26 63 115 Locomotives 32 23 19 23 15 12 12 5 4 5 LEATHER AND PRODUCTS 97 78 104 107 102 96 101 120 119 110 Tanning 84 76 83 77 71 71 78 84 83 85 Cattle hide leathers 88 80 84 78 72 73 75 85 '90 91 Calf and kip leathers 62 60 82 77 65 65 93 93 80 81 Goat and kid leathers 96 82 84 76 73 69 71 73 68 73 Boots and shoes __ 106 79 117 127 122 113 116 144 142 126 P110 CEMENT AND GLASS: Cement 90 76 56 86 91 83 Glass, plate 179 151 108 107 155 155 NONFERROUS METALS: Tin deliveries 141 115 88 91 73 Z L i e n a c d 1 8 1 4 2 1 8 0 2 8 1 8 0 8 9 1 7 0 0 3 88 FUELS, MANUFACTURED: Petroleum refining1 '219 '213 r204 r201 195 191 196 197 192 199 ""203 206 209 Gasoline l 277 268 255 253 243 239 250 253 248 258 264 265 269 K F L u u e e b ro l r s ic e o a n il t e i 1 ng oil1 1 1 1 5 1 3 3 5 4 1 1 1 5 2 2 0 7 2 1 1 1 4 1 2 8 7 3 1 1 1 4 1 1 6 3 6 1 1 1 4 1 1 5 5 4 1 1 1 3 1 1 7 7 3 1 1 1 3 1 0 7 3 9 1 1 1 3 1 0 3 4 8 1 1 1 2 0 0 6 9 3 1 1 3 9 1 2 8 0 1 1 3 9 0 4 9 8 1 1 1 4 1 1 1 1 3 1 1 1 1 4 0 0 3 7 Coke, byproduct 128 106 89 88 87 85 80 72 68 69 79 88 98 Coke, beehive 20 15 12 10 10 7 5 5 4 4 5 6 RUBBER TIRES AND TUBES 94 75 66 67 57 62 64 65 82 91 96 100 Tires, pneumatic 98 78 70 70 59 64 67 68 75 86 94 100 102 103 Inner tubes 69 53 42 45 41 42 40 42 48 53 65 72 73 TOBACCO PRODUCTS 167 158 138 150 143 152 146 165 169 167 172 177 161 167 Cigars 89 86 55 58 63 70 65 72 80 74 76 86 90 90 Cigarettes 233 219 202 221 206 216 210 240 241 241 250 252 222 231 Manufactured tobacco 85 81 69 78 78 84 80 84 86 84 84 91 81 92 Minerals—Total 123 112 108 103 98 95 90 91 92 97 102 106 P105 Bituminous coal 92 87 84 72 68 58 52 49 51 55 62 76 79 Anthracite 73 70 69 72 57 56 47 64 62 39 38 50 63 Petroleum, crude 178 172 171 170 168 170 170 158 156 165 170 163 163 P162 Iron ore 156 34 28 67 78 76 78 86 35 Zinc 112 108 109 103 97 92 80 68 64 69 71 78 88 Lead 84 82 88 70 69 65 59 65 52 44 48 52 Silver 90 128 105 97 104 106 89 89 84 104 97 101 P Preliminary. r Revised. 1 Indexes of petroleum refining, gasoline, fuel oil, and lubricating oil have been revised for some months in earlier years. The revised figures are available at the Division of Research and Statistics. 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

65 JANUARY 1939 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 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 105.1 100.6 95.1 90.0 88.9 87.4 85.4 83.7 82.4 84.9 87.5 90.1 Durable goods 105.4 99.8 91.9 83.7 81.0 79.0 76.2 74.1 71.9 70.7 72.0 •75.7 78.0 81.3 Nondurable goods. 104.7 101.3 98.1 96.0 96.4 95.4 94.1 92.9 92.4 94.5 97.1 97.6 96.6 IRON, STEEL, PRODUCTS 112.2 104.6 97.0 88.2 85.7 81.6 80.2 77.8 77.4 79.4 81.1 83.3 Blast furnaces, steel works.. 123 113 105 95 92 90 87 85 83 83 84 85 87 91 Bolts, nuts, washers, rivets. 112 106 97 83 82 81 79 80 77 78 79 83 85 90 Cast-iron pipe 69 66 68 62 62 62 63 63 62 60 61 64 65 67 Cutlery, edge tools 94 92 90 84 82 79 78 76 76 67 76 78 78 81 Forgings 71 64 59 51 47 45 44 43 40 40 42 44 46 48 Hardware 100 97 89 75 71 70 64 63 61 57 62 67 79 84 Plumbers' supplies 83 81 73 71 71 70 71 72 73 73 73 74 72 73 Stamped, enameled ware 170 161 143 124 122 126 122 120 113 108 118 123 128 133 Steam, hot-water heating 81 74 71 67 64 64 64 64 65 69 70 68 69 68 Stoves 96 82 77 73 75 75 70 71 70 71 75 74 77 74 Structural, ornamental.. 80 77 73 68 66 64 62 60 58 58 58 58 60 60 Tin cans, tinware 101 100 97 95 93 93 92 89 87 86 90 89 84 Tools 96 91 87 81 79 78 76 75 73 70 73 76 77 Wirework 207 180 148 138 133 128 126 114 112 111 132 145 163 MACHINERY 128.0 120.7 112.8 104.8 100.0 96.9 92.8 89.1 86.0 83.3 84.7 r85.1 89.1 Agricultural implements 192 180 168 156 148 142 139 130 124 103 106 96 99 99 Cash registers, etc 155 152 148 144 144 142 141 139 137 138 135 136 136 135 Electrical machinery 119 113 105 97 90 87 78 75 73 74 77 80 83 Engines, turbines, etc 112 103 100 98 92 88 86 82 81 83 83 88 Foundry, machine-shop products. 113 107 100 93 89 87 83 80 77 76 77 78 79 Machine tools 167 163 157 148 142 134 129 123 115 112 112 114 117 Radios, phonographs 145 124 103 91 96 91 93 87 83 82 82 81 106 Textile machinery 81 76 71 66 63 61 58 58 54 54 58 61 62 64 Typewriters 151 140 129 120 118 115 114 115 116 117 119 122 125 126 TRANSPORTATION EQUIPMENT 125.4 119.4 101.2 80.9 77.0 73.3 65.1 61.1 56.9 55.9 74.3 82.0 Aircraft 932 926 897 886 892 879 857 823 790 787 759 779 810 831 Automobiles 138 130 107 81 77 74 69 65 60 55 55 79 90 100 C Lo ar c s o , m e o le t c iv tr e i s c-, steam-railroad.. 6 5 2 2 6 5 0 0 4 5 9 0 43 3 4 8 1 3 3 4 6 3 3 1 0 2 2 7 6 2 2 4 5 2 2 0 3 2 1 4 8 2 1 9 6 2 1 6 6 2 1 7 7 Shipbuilding 112 112 110 45 103 92 91 91 96 106 NONFERROUS METALS, PRODUCTS.. 106.2 103.4 97.2 90.4 88.4 84.5 82.4 81.3 82.0 84.4 89.0 92.1 Aluminum 137 162 152 140 134 131 128 126 122 124 131 137 140 141 Brass, bronze, copper 117 110 101 94 91 90 86 86 87 90 93 95 100 Clocks, watches 108 103 85 86 81 78 78 80 79 81 78 Jewelry 94 91 89 89 85 82 84 85 87 88 87 90 Lighting equipment 104 98 90 75 74 70 70 68 65 66 71 76 83 88 Silverware, plated ware 64 63 62 62 61 60 59 58 57 59 '59 62 62 Smelting, refining 82 77 73 71 69 67 65 64 64 65 66 71 LUMBER, PRODUCTS 70.2 66.2 64.1 63.6 61.9 60.9 59.9 60.2 61.9 '63.2 62.9 64.2 Furniture 84 81 78 76 74 73 73 73 75 76 75 76 Lumber, millwork. 59 56 53 51 52 51 50 48 49 50 52 53 53 55 Lumber, sawmills.. 61 58 54 52 52 52 50 50 48 49 50 51 52 STONE, CLAY, GLASS PRODUCTS.. 79.4 77.7 74.1 69.8 67.6 65.7 64.9 63.4 63.2 63.4 64.0 65.4 67.8 71.0 Brick, tile, terra cotta 57 55 52 50 49 48 47 46 45 46 46 48 49 52 Cement 71 72 70 65 64 63 65 62 63 64 64 63 67 68 Glass 109 107 100 92 85 82 81 80 78 76 79 82 87 92 Marble, granite, slate 49 48 46 44 45 43 41 42 42 42 40 40 41 42 Pottery 82 80 78 77 75 73 72 71 74 75 75 75 79 TEXTILES, PRODUCTS 102.4 97.0 93.4 90.6 92.2 91.4 89.4 87.6 87.4 92.1 96.4 97.0 95.6 97.0 Fabrics 92.4 87.6 83.9 81.4 81.1 80.3 78.9 78.6 79.3 83.4 87.2 ^87.2 86.3 88.9 Carpets, rugs 87 85 78 68 72 70 67 63 48 63 68 72 77 79 Cotton goods 90 86 83 81 80 80 78 77 78 81 85 85 84 Cotton small wares 82 77 72 71 69 68 70 70 71 74 78 79 Dyeing, finishing textiles.. 112 107 104 102 101 101 100 102 101 104 107 107 106 107 Hats, fur-felt 92 94 93 91 91 90 88 76 64 82 85 87 90 85 Knit goods 118 114 107 106 108 107 107 103 106 109 111 111 111 112 Hosiery 145 143 135 136 138 138 139 133 135 138 140 140 141 142 Knitted outerwear 80 76 72 65 68 67 68 68 70 72 76 76 77 76 Knitted underwear. __ 81 75 68 67 67 67 63 63 65 70 70 69 69 70 Knitted cloth 180 165 151 144 146 143 140 132 137 139 150 147 152 156 Silk, rayon goods 74 67 62 56 57 59 60 64 58 57 61 61 60 61 Woolen, worsted goods 71 63 62 61 60 54 51 55 62 70 74 73 71 79 Wearing apparel 123.5 116.9 113.6 109.8 116.2 115.2 112.2 106.6 104.1 109.8 115.7 117.9 115.4 114.0 Clothing, men's 109 102 97 94 101 101 95 85 81 91 101 103 102 102 Clothing, women's 179 171 169 165 173 168 165 161 158 163 166 170 164 161 Corsets, allied garments... 101 100 100 97 97 96 96 97 98 96 97 97 98 99 Men's furnishings 143 133 123 116 126 129 125 125 126 132 136 142 143 139 Millinery 70 68 70 71 72 71 76 71 65 65 68 71 72 63 Shirts, collars 120 115 111 103 110 114 112 111 115 113 118 116 114 114 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN JANUARY 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 193S. 1923-25 average=100j 1937 1938 Industry and group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. LEATHER, MANUFACTURES 94.5 90.5 89.0 89.5 89.9 89.9 89.8 87.1 84.4 88.4 89.6 91.3 90.8 91. 8 Boots, shoes 94 91 90 92 92 92 92 89 85 90 91 92 91 92 Leather 88 81 76 75 74 74 73 73 73 75 78 79 81 84 FOOD, PRODUCTS 127.1 127.3 124.5 124.7 124.2 122.4 120.4 120.0 121.2 122.2 123.0 122.2 119.2 123.1 Baking. 149 146 144 145 144 143 143 142 143 144 144 143 142 143 Beverages 241 247 244 243 246 243 240 237 232 232 236 234 234 245 Butter 105 104 104 105 106 106 107 105 102 101 103 100 99 99 Canning, preserving 144 151 139 139 139 134 120 126 131 136 140 131 111 129 Confectionery __ _ 84 83 81 81 80 78 79 76 78 78 79 79 79 79 Flour 77 78 78 77 76 76 75 76 77 77 77 >75 75 77 Ice cream _ . _ 81 81 82 80 81 79 81 79 77 77 78 77 79 80 Slaughtering, meat packing _ 99 98 97 99 97 95 94 93 94 95 95 96 97 99 Sugar, beet _ _ 105 106 103 88 95 99 98 91 91 92 89 109 97 98 Sugar refining, cane 82 85 92 82 86 82 80 91 89 85 88 92 90 88 TOBACCO MANUFACTURES _ 64.0 64.2 64.3 60.7 64.2 64.6 64.9 64.8 65.2 61.9 62.9 64.3 63.2 63.7 Tobacco, snuff 62 62 62 62 62 61 62 62 62 61 61 63 58 61 Cigars, cigarettes 64 65 65 61 65 65 65 65 66 62 63 65 64 64 PAPER, PRINTING 112.0 110.1 107.4 106.4 106.1 105.6 105.0 103.7 103.0 103.0 103.7 104.0 104. 3 105.6 Boxes, paper 103 102 98 96 96 96 95 95 95 95 96 96 97 100 Paper, pulp 115 111 107 106 106 105 104 103 102 102 103 104 105 106 Book, job printing 108 107 105 104 103 103 102 100 99 100 99 99 99 100 Newspaper, periodical printing-__ 109 108 107 106 106 106 106 105 105 104 105 105 105 106 CHEMICALS, PETROLEUM... . 125.8 122.9 117.7 114.8 114.4 112.7 110.9 110.2 108.4 108.3 111.0 111.4 111.2 111.7 Petroleum refining 129 127 124 123 123 122 122 122 120 121 121 120 119 118 Other than petroleum 125.1 121.9 116.3 112.8 112.4 110.3 108.2 107.5 105.5 105.2 108.4 109.4 109.3 110.2 Chemicals. _ 136 131 125 122 119 115 112 110 110 106 110 111 113 117 Cottonseed oil, cake, meal 108 110 104 112 107 99 109 101 93 102 98 87 86 87 Druggists' preparations 115 113 112 110 108 107 108 111 112 113 110 108 107 106 Explosives 90 88 88 85 84 84 83 82 81 81 81 83 82 81 Fertilizers ... 99 97 98 92 95 87 85 93 93 91 r96 92 88 92 Paints, varnishes 127 125 119 115 113 114 113 110 109 110 113 114 113 113 Rayon, allied products 360 346 313 291 303 307 289 290 274 272 292 312 313 310 Soap 91 90 90 89 89 88 86 86 86 89 92 91 90 86 RUBBER PRODUCTS _. 96.1 89.7 85.1 78.0 74.1 72.4 72.2 71.3 71.3 69.5 73.4 76.0 76.8 81.9 Rubber boots, shoes 76 71 66 59 57 55 55 55 56 44 54 56 58 62 Rubber tires, inner tubes 84 78 74 69 63 62 61 60 60 61 61 62 64 66 Rubber goods, other 139 131 125 113 112 110 110 109 107 109 117 123 121 132 r Revised. NOTE.—Figures for November 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

67 JANUARY 1939 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 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. Total 107.2 101.1 81.9 85.7 88.8 89.5 90.6 104.5 92.9 70.6 76.8 81.0 83.9 84.1 Durable goods 106.6 100.8 70.3 71.7 75.3 79.1 82.1 108.2 94.8 58.6 63.7 68.7 75.4 78.3 Nondurable goods „ 107.8 101.4 92.9 99.0 '101.7 99.3 98.6 100. 3 90.8 84.1 91.5 94.9 93.5 90.6 IRON STEEL, PRODUCTS 113.2 105.0 76.7 79 4 81 7 84 1 86 9 109 8 88 7 57.4 65 3 68 6 74 9 79 4 Blast furnaces, steel works __ _ _ 123 113 82 84 85 87 91 117 92 57 65 68 74 83 Bolts, nuts, washers, rivets 112 106 77 78 82 85 90 114 92 59 66 73 81 91 Cast-iron pipe 69 64 62 63 65 65 66 58 53 52 53 54 54 54 Cutlery, edge tools. . _ _ 96 94 64 75 78 80 83 91 85 52 61 67 73 75 Forgings 71 64 39 42 44 46 48 70 57 29 35 38 42 45 Hardware ___ _ 100 97 57 61 67 80 84 113 99 48 58 66 86 93 Plumbers' supplies 84 81 73 73 73 73 73 77 64 55 57 60 62 55 Stamped, enameled ware 172 161 105 114 122 129 133 179 161 92 110 120 135 133 Steam, hot-water heating 84 76 67 69 70 71 69 73 58 52 56 53 59 54 Stoves _ 104 87 68 76 80 83 79 89 62 52 62 69 76 63 Structural, ornamental 82 78 59 60 61 61 60 76 69 49 51 50 51 49 Tin cans, tinware 104 97 91 100 98 86 84 110 99 94 107 103 89 88 Tools 97 92 70 72 75 77 81 94 84 58 63 67 72 76 Wirework 209 200 110 106 128 147 165 235 189 92 100 134 156 180 MACHINERY 128 7 121 1 82 9 84 1 87.2 89.4 133.3 120.1 '72.7 76.1 78.6 81.9 83.9 Agricultural implements 181 176 101 100 '90 94 97 209 198 '99 96 87 92 95 Cash registers, etc. 155 152 138 135 136 136 135 157 147 123 121 121 120 120 Electrical machinery ._ _ 119 113 73 74 77 81 83 124 113 64 ' 68 73 78 81 Engines, turbines, etc. 109 98 82 83 83 83 83 124 112 86 90 90 90 92 Foundry, machine-shop products 113 107 76 77 78 78 79 113 102 64 67 68 69 71 Machine tools 168 164 111 107 114 116 118 196 181 94 97 108 111 111 Radios, phonographs 178 139 82 89 94 108 119 158 117 72 76 84 98 107 Textile machinery- 80 75 54 58 60 61 63 82 71 45 50 54 56 61 Typewriters 152 142 116 118 122 125 129 142 117 92 98 116 128 131 TRANSPORTATION EQUIPMENT 122.2 121.5 55.5 51.0 63.8 79.9 91.9 128.2 118.4 51.0 49.9 64.8 84.7 95.4 Aircraft 904 916 795 759 756 786 823 837 844 737 713 727 781 802 Automobiles ___ _ 134 134 53 48 65 87 102 139 127 47 47 66 93 107 Cars, electric-, steam-railroad 60 58 23 24 28 25 26 64 63 20 22 26 23 23 Locomotives . 53 51 20 18 16 16 17 56 51 16 13 11 11 13 Shipbuilding .. _ 113 112 96 89 90 92 96 119 116 100 90 92 95 90 NONFERROUS METALS, PRODUCTS 109.9 106.8 79.1 83.0 '87.9 92.2 95.1 108.7 99.0 67.0 74.1 '81.4 88.5 89.9 Aluminum 139 164 122 129 136 142 143 149 165 112 126 139 148 147 Brass, bronze, copper 118 110 86 89 93 96 100 115 99 78 83 89 96 99 Clocks, watches 112 109 74 78 80 84 82 127 116 60 70 78 86 86 Jewelry 109 103 79 87 96 100 101 100 88 61 70 81 92 83 Lighting equipment 108 103 63 68 76 85 92 105 97 50 58 69 78 84 Silverware, plated ware. ._ 70 68 51 58 '60 64 66 69 62 38 49 62 65 Smelting, refining 87 83 64 63 65 66 71 90 83 57 58 60 62 66 LUMBER, PRODUCTS. _ 77. 7 71.0 60.7 64.0 65.7 64.9 69.6 58.5 48.7 58.1 '60.0 60.0 56.0 Furniture 95 87 71 76 79 80 80 81 69 51 63 68 68 65 Lumber, mill work . 60 56 51 53 54 54 55 49 44 42 46 46 46 45 Lumber, sawmills 64 57 50 52 54 53 52 59 48 42 50 51 50 46 STONE, CLAY, GLASS PRODUCTS 82.0 78.2 64.6 66.3 67.8 70.1 71.4 76.7 69.9 53.1 56.5 58.3 63.0 64.0 Brick, tile, terra cotta _ 61 55 49 50 51 52 52 49 40 35 37 39 41 40 Cement 75 72 70 70 68 70 68 71 67 66 65 63 65 64 Glass _ 110 107 75 79 82 88 92 120 113 69 79 83 93 98 Marble, granite, slate 51 49 44 43 43 42 43 40 37 34 32 31 30 31 Pottery 84 82 70 72 75 78 80 82 79 53 59 64 73 74 TEXTILES, PRODUCTS 104. 5 97.2 86.6 95.1 97.9 97.5 97.2 87.2 73.8 66.6 80.0 84.1 83.1 78.6 Fabrics. 93 4 88.6 80.4 85.1 86.6 87.2 89.8 80.2 70.7 65.7 73.4 74.8 76.5 77.4 Carpets, rugs 88 85 63 68 73 77 79 57 44 45 55 61 66 66 Cotton goods _ 90 87 78 81 83 84 87 78 70 64 68 71 73 74 Cotton small wares 89 83 68 72 r77 80 83 84 69 59 65 71 78 78 Dyeing, finishing textiles 112 109 97 102 104 106 109 95 89 78 87 90 92 93 Hats, fur-felt 92 92 80 88 90 89 83 73 72 75 87 95 78 70 Knit goods _ 121 117 105 109 112 115 115 128 117 98 112 116 122 119 Hosiery 147 146 133 138 141 144 146 171 163 134 154 159 167 165 Knitted outerwear 86 78 69 74 80 83 78 82 67 57 65 72 77 69 Knitted underwear _ _ 83 76 67 68 69 70 71 71 60 54 58 59 62 61 Knitted cloth 185 165 137 150 150 156 155 153 121 111 126 128 131 121 Silk, rayon goods 75 68 55 61 63 61 62 62 50 42 50 51 50 48 Woolen, worsted goods 72 63 68 75 73 72 79 55 45 56 62 58 58 64 Wearing apparel 128.0 115.2 98.9 116.3 122.1 119.6 112.4 98.1 77.3 66.0 90.4 99.5 93.0 78.2 Clothing, men's 112 98 90 104 108 105 99 80 61 57 74 80 75 63 Clothing, women's 188 168 135 166 177 171 159 136 104 86 128 138 129 102 Corsets, allied garments 102 100 93 95 97 99 99 99 91 83 86 96 105 99 Men's furnishings 150 144 121 127 138 149 150 137 127 94 110 125 140 151 Millinery 72 61 50 68 79 74 57 56 43 36 60 92 63 40 Shirts, collars 126 120 108 117 118 119 118 115 105 78 93 97 99 104 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN JANUARY 1939 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 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. LEATHER, MANUFACTURES 93.4 83.9 89.3 92.6 92.2 89.6 85.1 69.0 55.9 69.4 76.9 r74 0 69 6 62 6 Boots, shoes _ _ 93 83 91 95 94 90 84 62 49 67 75 71 65 55 Leather 88 81 74 77 r79 81 84 86 75 72 78 79 82 85 FOOD, PRODUCTS 138.2 127.5 128.6 138.3 142.7 128.7 123.5 135.2 126.3 128.5 131.1 136.7 127.0 122.4 Baking 151 148 145 145 146 144 145 150 142 143 140 144 140 140 Beverages 241 231 260 260 250 234 229 279 267 323 322 298 273 265 Butter 105 102 111 110 104 99 97 88 84 96 94 90 86 83 Canning, preserving 191 122 179 251 272 147 104 177 105 157 204 238 130 86 Confectionery 99 95 68 72 88 93 90 99 91 63 69 91 92 85 Flour 80 79 78 78 77 78 78 82 78 79 79 81 80 74 Tee oTAfiTn 76 72 95 93 83 74 71 64 62 81 80 70 64 61 Slaughtering, meat packing 99 100 95 94 96 97 101 no 112 108 105 109 110 110 Sugar, beet 282 287 53 75 100 261 266 227 280 53 68 97 226 274 Sugar refining, cane 82 84 88 90 93 90 87 73 76 81 80 85 80 75 TOBACCO, MANUFACTURES 67.1 67.5 61.5 64.3 66.3 66.3 66.9 62.5 61.8 57.1 59.0 61.0 60.7 59.8 Tobacco, snuff 62 62 60 60 63 58 62 70 66 69 66 79 63 69 Cigars, cigarettes 68 68 62 65 67 67 68 61 61 56 58 60 60 59 PAPER, PRINTING _ _ 113.3 111.7 101.5 102.7 104.3 105.5 107.1 110.3 106.6 95.9 98.0 101. 1 103.7 103.4 Boxes, paper 109 108 92 95 99 103 105 115 108 93 97 105 113 110 Paper, pulp _ 115 111 102 103 104 105 106 115 104 97 102 102 107 103 Book, job printing 109 108 98 99 99 100 102 97 97 85 86 88 88 89 Newspaper, periodical printing, __110 110 102 103 105 106 107 112 111 101 101 106 109 110 CHEMICALS, PETROLEUM _ _ 128.5 124.5 105.0 108.1 113.0 113.4 113.0 135.1 129.9 111.1 116.9 118.9 120. 1 119.2 Petroleum refining.. 129 128 122 122 121 120 119 143 142 135 138 135 133 134 Other than petroleum 128.3 123.7 101.0 104.8 111.1 111.9 111.6 132.5 126.3 103.7 110.4 114.1 116.2 114.7 Chemicals _ 138 132 108 110 113 115 118 152 143 115 121 121 128 128 Cottonseed oil, cake, meal 153 145 59 68 114 122 115 131 125 51 57 95 104 100 Druggists' preparations 119 117 107 108 110 110 109 129 125 111 117 119 124 119 Explosives 92 90 81 82 85 84 83 108 104 89 93 93 97 92 Fertilizers 89 84 64 69 82 80 79 82 77 63 65 77 70 65 Paints, varnishes 127 124 111 111 113 113 112 131 122 111 111 115 116 114 Rayon, allied products 362 349 271 294 315 314 313 352 338 250 289 308 303 303 Soap 95 93 88 91 93 93 89 97 93 87 91 95 95 88 RUBBER PRODUCTS . . . ... 97.1 90.5 68.7 72.5 75.9 77.7 82.6 94.5 82.2 64.1 69.5 76.7 79.7 85.5 Rubber boots, shoes 78 73 42 54 58 60 64 78 69 37 51 58 62 61 Rubber tires, inner tubes 84 78 61 61 62 64 66 82 71 60 61 67 69 76 Rubber goods, other 142 133 107 113 121 123 134 141 123 95 108 117 123 131 r Revised NOTE.—Figures for November 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

69 JANUARY 1939 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 i All other i Month utilities 1 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 202.1 357.7 65.5 112.7 12.6 13.8 25.2 24.2 61.3 114.0 10.1 47.0 27.3 46.0 November _ 198.4 301.7 59.9 95.3 13.5 10.5 18.9 13.7 59.2 90.4 18.5 49.0 28.4 42.8 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 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly-financed i Privately-financed i Month 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 1933 1934 1935 1936 1937 1938 January . 83 186 100 215 243 192 39 157 55 149 112 118 44 29 45 66 130 75 February 53 97 75 140 188 119 27 65 38 79 69 51 26 31 37 62 119 68 March _ 60 178 123 199 231 227 25 126 68 96 66 95 35 52 55 103 165 132 April 57 131 124 235 270 222 18 78 53 105 74 99 39 53 71 130 195 123 May _ _. 77 134 127 216 244 283 24 72 47 94 93 144 53 63 80 122 151 139 June 102 127 148 233 318 251 29 73 64 116 137 108 74 54 84 116 180 143 July 83 120 159 295 322 240 20 52 67 153 131 98 63 67 93 141 191 142 August 106 120 169 275 281 313 47 69 92 153 104 171 59 51 76 122 178 142 September 120 110 167 234 207 301 71 69 97 116 80 160 49 41 70 119 127 141 October.. 145 135 201 226 202 358 100 79 114 101 78 203 45 57 87 125 124 154 November 162 112 188 208 198 302 126 74 118 89 93 179 36 38 70 119 106 123 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 district Fede d ra is l tr R ic e t serve 1938 1937 1938 1937 Nov. Oct. Nov. Nov. Oct. Nov. Nov. Oct. Nov. Boston 20, 822 35, 895 13, 890 New York 44, 981 82, 441 36, 327 Philadelphia 14, 952 16, 582 16, 391 Boston... 77 85 71 1,067 1,036 1,242 Cleveland 37, 276 33, 089 25, 325 New York ... 288 257 275 4,239 5,107 5,474 Richmond 36, 928 34, 205 19, 433 Philadelphia 72 67 30 1,058 770 477 Atlanta 22, 741 28, 082 13, 358 Cleveland 64 83 62 844 948 1,867 Chicago 57,161 65, 861 28,147 Richmond..- 51 51 53 320 442 747 St. Louis 23, 665 20, 716 13,194 Atlanta 55 54 50 694 476 530 Minneapolis 8,727 10, 627 6,975 Chicago 144 127 103 1,761 1,843 2,553 Kansas City 13, 392 11,154 10, 334 St. Louis 29 42 26 151 477 466 Dallas 21,034 19, 046 15, 027 Minneapolis 15 25 20 194 210 218 Kansas City 42 48 37 379 443 920 Total (11 districts) 301, 679 357, 698 198, 402 Dallas 36 21 21 338 316 380 San Francisco 111 137 94 1,257 1,151 1,526 Total 984 997 842 12, 302 13, 219 16, 400 NOTE.—Series revised back to Jan. 1934 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

70 FEDERAL RESERVE BULLETIN JANUARY 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Month 1934 1935 1936 1937 1938 January 172 176 199 223 289 February 163 163 182 233 262 March 191 185 195 257 275 April 179 164 193 269 274 May 160 165 201 290 257 June - - 171 170 186 265 233 July . . 162 173 180 268 228 August 172 172 179 277 231 September 191 199 221 297 October 206 221 265 333 Nnvftmbfir 195 270 226 315 December. 171 223 230 323 Year. 2,133 2,283 2,456 3,349 ot ot Merchandise imports > Excess of exports 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 136 167 187 240 171 37 9 11 -18 118 133 152 193 278 163 30 11 —11 -45 99 158 177 199 307 173 33 8 —4 -51 102 147 171 203 287 160 33 -6 -10 -18 115 155 171 192 285 148 6 —5 9 5 109 136 157 191 286 146 34 13 -5 -21 87 127 177 195 265 141 34 -3 -15 3 87 120 169 193 246 166 62 3 -14 31 65 132 162 216 233 168 60 37 5 63 79 130 189 213 224 178 77 32 52 108 100 P252 151 169 196 223 P176 44 100 30 92 132 187 245 209 38 37 -15 115 1,655 2,047 2,423 3,084 478 235 33 265 * Preliminary. iIncluding both domestic and foreign merchandise. > General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1937 1938 Index of sales i Index of m s o to n c th k ) s (end of Nov. July Aug. Sept. Oct. Nov. Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 71 61 62 64 68 69 1937 1938 1937 1938 1937 1938 1937 1938 Coal. 72 62 63 68 69 70 Coke 59 43 46 51 50 58 Grain and grain products 92 89 84 . 74 95 81 January 93 90 72 70 74 71 66 63 Livestock 42 39 37 39 44 44 February 95 88 76 70 76 70 72 67 Forest products 41 37 40 40 42 40 March 93 86 90 77 76 70 78 71 Ore 73 32 34 41 48 74 Miscellaneous 76 65 67 69 72 74 April 93 83 89 86 76 69 79 71 Merchandise * 64 60 60 61 62 61 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 August. 93 83 72 65 78 67 74 September __ 94 86 100 91 77 67 80 Total 72 62 63 71 75 70 Coal 78 52 56 71 76 76 October 93 84 103 92 76 67 85 Coke 59 36 38 49 50 58 November 91 89 101 99 75 67 86 Grain and grain products. _ 86 123 101 83 95 76 December 89 156 72 68 51 34 37 50 62 53 Forest products 40 37 41 43 43 39 Year 92 76 Ore 40 60 63 72 71 41 Miscellaneous 78 66 68 78 82 76 Merchandise * 65 59 61 64 65 62 1 Based on daily average sales—with all( month to month in number of SEiturda?/s and i In less-than-carload lots. NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. CO CO 70 74 78 3wance for changes from n number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Back figures.—Department store sales, see BULLETINS for August 1936, p. 631, and October 1938, p. 918; department store stocks, see BUL- LETIN for March 1938, p. 232. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1939 FEDERAL RESERVE BULLETIN 71 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e 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 t r i a n i n a g d ls a p n M r d o e d m t u a e c ls t 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 a m g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1937—September. 87.4 85.9 88.0 85.9 107.6 75.3 78.7 97.1 96.2 81.4 91.1 77.0 October.... 85.4 80.4 85.5 85.1 106.7 73.5 78.5 96.4 95.4 81.2 91.0 76.2 November. 83.3 75.7 83.1 84.3 101.4 71.2 78.2 96.8 93.7 80.2 90.4 75.4 December. 81.7 72.8 79.8 83.6 97.7 70.1 78.4 96.3 92.5 79.5 89.7 75.0 1938—January... 80.9 71.6 76.3 83.5 96.7 69.7 78.3 96.6 91.8 88.3 75.2 February.. 79.8 69.8 73.5 83.0 94.7 68.6 78.5 96.0 91.1 79.1 88.0 74.8 March 79.7 70.3 73.5 82.6 93.6 68.2 77.7 96.0 91.5 78.7 87.7 74.4 April 78.7 68.4 72.3 82.0 92.1 67.2 76.8 96.3 91.2 77.5 87.3 73.4 May 78.1 67.5 72.1 81.6 91.3 66.1 76.2 96.7 90.4 76.8 87.2 73.1 June.. 78.3 68.7 73.1 81.3 90.1 65.5 76.4 96.1 89.7 76.3 87.1 72.9 July 78.8 69.4 74.3 81.4 91.5 66.1 76.8 95.2 89.2 77.7 86.4 72.7 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 October 77.6 66.8 73.5 81.1 93.4 66.2 75.4 95.3 89.8 77.1 85.7 72.6 November. 77.5 67.8 74.1 94.6 66.2 73.7 94.9 89.2 76.6 85.8 73.0 Week ending— 1938—Aug. 6._. 78.4 68.7 73.5 81.7 92.2 65.5 77.7 95.5 89.3 77.4 87.9 72.3 Aug. 13.. 77.9 67.0 72.2 81.8 92.5 65.5 78.0 95.5 89.3 77.2 87.8 72.3 Aug. 20_. 77.4 65.9 72.0 81.6 92.5 65.3 77.6 95.5 89.3 77.1 87.8 72.1 Aug. 27- 77.8 67.3 73.0 81.6 92.4 65.3 77.6 95.4 89.3 77.1 87.8 72.3 Sept. 3__. 77.8 67.1 73.0 81.5 92.5 65.4 77.2 95.4 89.4 77.1 87.8 72.3 Sept. 10.. 77.9 67.7 73.7 81.5 92.8 65.3 77.1 95.4 89.5 77.1 87.8 72.2 Sept. 17_. 78.3 74.8 81.6 92.4 65.3 77.6 95.5 89.6 77.1 87.8 72.1 Sept. 24.. 78.4 75.0 81.6 92.3 65.3 77.5 95.6 89.4 77.1 87.8 72.3 Oct. l.._. 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 Oct. 29.. 77.6 68.2 73.8 81.3 95.1 65.9 75.2 95.9 76.6 87.1 72.4 Nov. 5___ 77.3 67.2 72.9 81.2 95.3 65.9 75.2 95.3 90.0 76.3 87.1 72.4 Nov. 12_. 77.4 67.6 73.9 95.1 65.7 74.8 95.3 89.0 76.2 87.1 72.5 Nov. 19_. 77.3 67.8 73.9 95.1 65.7 74.9 95.0 89.3 76.4 87.1 72.5 Nov. 26.. 77.3 68.3 74.0 95.0 65.7 74.4 95.0 89.4 76.3 87.7 72.4 Dec. 3__. 77.4 69.1 74.3 80.7 94.4 65.6 74.3 95.0 89.3 76.3 87.7 72.4 Dec. 10__ 77.1 67.8 73.7 80.7 93.4 65.4 74.4 94.8 89.1 76. 3 87.6 72.8 Dec. 17-_ 76.7 67.4 72.6 80.6 93.8 65.2 74.1 94.8 76.3 87.6 72.9 1938 1938 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov Nov. Aug. Sept. Oct. Nov FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 53.4 53. 0 50.8 50.9 Agricultural implements 95.9 95.5 95.5 95.4 93.7 Livestock and poultry 80.6 81.0 76.2 75.2 Farm machinery 97.6 97.0 96.9 96.8 95.0 Other farm products 62.6 '•63. 2 65.0 67.4 Iron and steel 99.3 97.3 97.3 96.9 96.9 FOODS: Motor vehicles 1 95.3 96.1 96.2 95.0 93.6 Dairy products 68.8 '71. 1 71.6 72.5 Nonferrous metals 78.5 72.9 73.5 76.2 77.6 Cereal products 77.0 76.1 75. 1 74.0 Plumbing and heating 79.6 79.2 78. 5 78.5 78.7 Fruits and vegetables 57.3 55.5 57.5 63.0 BUILDING MATERIALS: Meats 86.0 87. 3 83.3 81.9 Brick and tile 92.9 90.6 90.9 91.1 91.5 Other foods 66.5 69.5 70.4 71.0 Cement 95.5 95.5 95.5 95.5 95.5 HIDES AND LEATHER PRODUCTS: Lumber 94.8 90.2 90.4 90.3 90.2 Shoes 100.8 100.8 100.3 100.4 Paint and paint materials 81.5 80.5 80.4 81.1 80.9 Hides and skins 75.6 75.7 82.1 85.5 Plumbing and heating 79.6 79.2 78.5 78.5 78.7 Leather 82. 1 82.4 84.6 86.9 Structural steel 114.9 107.3 107.3 107.3 107.3 Other leather products 97.0 96.9 96.9 96.6 Other building materials 98.7 91.3 91.3 91.7 89.7 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 81.7 81.6 81.6 81.6 Chemicals ... 84.2 81.4 81.0 80.5 Cotton goods 64.4 64.1 64.6 65.1 Drugs and Pharmaceuticals 76.8 74.8 74.8 74.9 73.6 Hosiery and underwear 59.8 59.9 59.9 59.9 Fertilizer materials 71.9 67.3 67.2 67.5 67.7 Silk and rayon 29.2 29.5 30.9 30.3 Mixed fertilizers 74.5 74.2 73.4 73.4 73.2 Woolen and worsted goods 76.3 76.3 76.3 76.4 HOUSEFURNISHING GOODS: Other textile products 65.2 65.0 65.3 64.5 Furnishings 94.8 90.5 90.2 89.3 89.7 FUEL AND LIGHTING MATERIALS: Furniture 86.0 82.2 82.1 82.1 81.9 Anthracite 77.9 79.1 79.1 80.1 MISCELLANEOUS: Bituminous coal 98.1 98.4 98.7 98.5 Auto tires and tubes.. 57.4 57.4 57.4 57.4 58.8 Coke 104.2 104.2 104.2 104.2 Cattle feed 83.3 67.0 67.6 66.5 70.5 Electricity 81.6 81.8 Paper and pulp 90.4 82.4 81.9 81.7 81.5 Gas 88.1 88.7 87.1 Rubber, crude 30.6 33.5 33.3 35.3 34.3 Petroleum products 56.7 56.4 53.8 51.5 Other, miscellaneous. 83.5 81.1 81.2 81.2 r Revised. 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 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 FEDERAL RESERVE BULLETIN JANUARY 1939 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1, 1938] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Dec. 1, tion Dec. 1, tion Dec. 1, tion Dec. 1, 1937 1938 1937 1938 1937 1938 1937 1938 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7 730 7 633 76 68 New York 28, 379 29, 317 9 164 8,324 92 108 Philadelphia 55, 607 52, 521 20, 783 19, 810 169 139 Cleveland _ 207,157 199,591 53, 526 52, 956 120 120 Richmond 1,846 1,065 139, 866 138, 232 28,459 27, 263 Atlanta __ 4,218 2,629 182, 250 194,289 7,529 6,572 Chicago 1,141, 846 1, 038, 749 76, 688 67, 734 1, 641 1,847 St Louis 1 4, 891 -9 3, 384 366, 932 332,179 80,044 66, 081 140 143 Minneapolis 247, 672 227,136 14, 346 30,268 116, 667 189, 588 Kansas City _. 642 473 179,147 224, 284 290, 925 287, 758 8,121 10,148 Dallas 6,329 3,858 86, 945 91,577 42 801 36, 020 105 109 San Francisco. _ _ -_ 1,020 599 7,753 6,730 61, 559 83, 851 62, 721 41,901 Total . 18,946 12,008 2, 651, 284 2, 542, 238 685, 824 686, 637 189,852 244.164 Oats Tarne hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Dec. 1, tion Dec. 1, tion Dec. 1, tion Dec. 1, 1937 1938 1937 1938 1937 1938 1937 1938 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,142 6 326 3,497 3.523 29 963 23,261 56, 706 47 316 New York 20,194 27, 708 6,053 5,737 1,367 1,787 33, 753 32,123 Philadelphia 15, 557 19, 222 2,353 2,376 28,990 32, 690 25, 559 22, 996 Cleveland 45, 886 49, 425 4,931 5,478 131,007 119,691 18, 604 20, 554 Richmond 19, 029 20, 949 3,746 3,729 840, 381 755, 559 30, 046 27, 261 Atlanta -__-__ - _ 13, 571 15, 276 3,108 3,419 187, 549 198, 459 14, 722 15, 466 Chicago 560,610 430, 768 14, 992 18, 379 26, 635 37, 244 50, 568 53, 457 St. Louis _ _ _ __ 55,844 51, 571 6,106 6,825 300, 855 279,065 12, 716 13, 978 Minneapolis 250, 491 235, 287 9,602 10, 745 1,966 2,976 46, 762 41,027 Kansas City _ _ _ _____ 113, 224 134, 530 6.376 7,002 3,888 5,238 32, 039 26,160 Dallas 33, 087 39, 563 1,211 1,403 4,268 3,778 San Francisco ___ 27. 977 23, 214 11,474 11,683 68, 396 65,181 Total 1,161,612 1, 053,839 73, 449 80, 299 1, 552r 601 1, 455, 970 394.. 139 369, 297 1 Includes 23,000 bales grown in miscellaneous territory. 2 Includes 17,000 bales grown in miscellaneous territory. NOTE.—1937 figures for all crops except cotton are as revised in December 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN JANUARY 1939 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of Month T c tr o o ( i t 5 u e a 2 s n l ) - i U S n ta i t t e e s d C a a d n a - c t r r E o o ( i 2 u e u p 6 s n e ) - A L c tr o m i ( a i c 1 u e t a e 1 s i n n r ) - - O c t A i r a c o a i n e s e u ( d i a s n a 8 n ) - - A c tr o f i ( r u e 5 i s n c ) a - U B E a n la n i n n t k g e d - d o f Ki c A n h E g c a x c d n - ' o t g . m 2 e France Eu g r B i o u e p m l- e N la e n th d e s r- t B i S N o a w a n n - a i k t l zer B la .I n . d S. 1934—December. _ __ 21,051 8,238 134 11,010 601 805 263 1,584 5,445 590 573 624 4 1935—December 21, 604 10,125 189 9,517 666 816 291 1,648 4,395 611 438 454 8 1936—December 23, 564 11, 258 188 10, 241 736 858 283 2,584 934 2,995 632 490 655 11 1937—November 25, 363 12, 774 187 10, 754 695 687 266 2, 689 1 2,564 570 940 644 5 December 25, 359 12, 760 184 10, 776 685 687 266 2,689 1 S95 2,564 597 930 648 5 193g—January 25, 431 12, 756 186 10,848 689 687 266 2,689 1 2,564 599 957 687 5 February . 25, 339 12, 776 188 10, 746 681 686 261 2,689 1 W5 2,428 593 977 699 5 March 25, 417 12, 795 186 10,819 665 686 266 2,689 1 489 2,428 531 998 698 7 April 25, 254 12,869 189 10, 589 658 686 263 2,689 1 48Q 2,428 529 1,007 697 7 May 25, 236 12, 919 187 10, 521 656 687 266 2,690 1,48Q 2,428 456 1,008 686 11 June _ _ _ 25,304 12,963 185 10, 546 658 687 265 2,690 1 2,428 481 1,008 679 10 July 25, 292 13,017 189 10, 572 656 589 268 2,690 1,489 2,428 501 1 008 674 9 August 25, 455 13,136 190 10,603 656 591 280 2,690 1 48Q 2,428 517 1,008 686 10 September 25, 407 13, 760 187 9,916 656 591 298 2,690 759 2,428 539 1,008 690 6 October. . ._ P25, 756 14,065 188 9,961 P655 P591 P297 2,690 759 2,428 562 1,008 695 10 November 14, 312 P188 P10, 000 2,690 759 2,435 584 1,008 699 11 Europe—Continued Latin America E m n o d n t o h f g B a u ri l a - CZ v s a T k o i h a ° " m D a e r n k " m G a er n " y ! Greece, J \ H ga u r n y - , Italy s N w o a r y - l P a o n - d Po g r a t l u- Ru ni m a a- Spain4 S d w en e- Y sl u av g i o a - 7 c t o o ri u t e h n s e - r g t A i e n n r - a - Brazil 1934—Dec. ._ 19 112 60 32 i 40 23 518 61 96 68 104 740 159 53 106 403 8 1935—Dec. _. 19 112 54 33 ! 34 i 23 270 84 84 68 109 735 185 43 109 444 17 1936—Dec. _. 20 91 54 27 | 26 ; 25 208 98 75 68 114 718 240 48 127 501 25 1937—Nov. _. 23 91 53 28 ' 24 25 208 86 82 69 119 718 244 52 124 471 31 Dec. _. 24 92 53 28 i 24 25 210 82 83 69 120 718 244 51 124 469 32 1938—Jan 24 93 53 29 [ 24 25 210 82 83 69 120 718 245 51 124 463 32 Feb. _ _ 24 93 53 29 24 25 210 81 83 69 121 718 253 51 124 458 30 Mar. „ 24 93 53 29 24 25 210 90 83 69 122 718 261 53 124 447 31 April, 24 93 53 29 24 25 210 90 83 69 122 525 261 54 79 442 31 May... 24 93 53 29 24 25 210 90 84 69 122 525 272 54 79 440 32 June... 24 93 53 29 25 25 210 90 85 69 123 525 279 55 79 439 33 July... 24 93 53 '' 29 25 25 210 101 85 69 123 525 280 55 79 435 33 Aug. __ 24 93 I 53 29 25 25 210 101 85 69 124 525 280 55 79 435 34 Sept... 24 81 l 53 29 : 28 ! 25 210 96 83 69 129 525 310 56 79 435 34 Oct.... 24 83 , 53 29 i 27 j 25 210 96 82 69 132 525 321 56 79 434 33 Nov. __ 24 83 53 29 ' 27 28 210 96 84 P69 132 525 321 57 Latin America—Continued Asia and Oceania Africa End of month Chile l C b o i m o a - - M ic e o x- Peru g U u r a u y - c o t o r th i 4 u e e n s r - I B n i r s d i h i t a - China Japan Java N l Z a e e n a w d - T ke u y r- c o t o r th i 2 u e e n s r - Egypt A So fr u ic th a c o t o r th i 3 u e e n s r - 1934—December 29 19 23 19 82 18 275 7 394 77 25 22 6 55 184 24 1935—December _ _ 29 16 44 20 77 19 275 10 425 54 23 24 6 55 212 24 1936—December 29 19 46 20 77 19 275 8 463 60 23 26 4 55 203 25 1937—October 30 16 34 20 77 20 274 20 261 79 23 29 3 55 189 22 November.. _ 30 15 31 20 77 20 274 16 261 79 23 29 3 55 189 22 December 30 16 24 20 74 20 274 16 261 79 23 29 3 55 189 22 1938—January 30 18 32 21 74 20 274 16 261 79 23 29 3 55 189 22 February 30 19 30 20 74 20 274 16 261 79 23 29 3 55 184 22 March 30 19 25 19 74 20 274 16 261 79 23 29 3 55 189 22 April 30 19 25 20 71 20 274 16 261 79 23 29 3 55 186 22 May 30 19 26 19 71 20 274 16 261 80 23 29 3 55 188 23 June _. __ __ 30 20 26 19 71 20 274 16 261 80 23 29 3 55 187 23 July 30 21 28 19 71 20 274 16 164 80 23 29 3 55 190 23 August - -. _ 30 20 27 19 71 20 274 17 164 80 23 29 3 55 202 23 September 30 23 24 19 71 20 274 17 164 80 23 29 3 55 220 23 October 30 24 24 P20 274 18 164 80 • 23 29 3 55 219 p Preliminary. * Table is incomplete since certain central banks and governments, and certain stabilization funds such as those of France, Netherlands, and Switzerland, hold gold that is not reported. U. S. Stabilization Fund gold included in table to extent of $1,800,000,000. See also notes under United Kingdom, Italy and Spain. 2 Figures officially reported only for end of March and end of September, beginning with March 1937; carried forward for intervening dates. Figure for March 1937 also carried backward to December 1936. Exchange Equalization Account established in June 1932. 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. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Austria through March 7, 1938, 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

JANUARY 1939 FEDERAL RESERVE BULLETIN 75 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world produc- Africa North and South America Far East Year or month tion outside Total South Rho- West Belgian United Colom- Austra-British U.S.S.R. Africa desia Africa Congo States1 Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929. 382, 532 352, 237 215, 242 11, 607 4,297 2, 390 45, 651 39, 862 13,463 2,823 683 8,712 7,508 1930. 401,088 365, 258 221, 526 11, 476 4,995 2,699 47, 248 43, 454 13,813 3,281 428 9,553 6,785 1931. 426, 424 386,293 224, 863 11,193 5, 524 3,224 49, 527 55, 687 12, 866 4,016 442 12,134 6,815 1932. 458,102 413,459 238,931 12,000 5,992 3,642 50, 626 62,933 12,070 5,132 788 14, 563 6,782 1933. 469, 257 411, 208 227, 673 13,335 6,623 3, 631 52, 842 60,968 13,169 6,165 3,009 16, 873 6,919 $1=15-6/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933. 794, 498 696,218 385, 474 22, 578 11,214 6,148 89, 467 103, 224 22, 297 10, 438 5,094 28, 568 11,715 1934. 823,003 707, 288 366, 795 24, 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11, 223 1935. 882, 533 751,979 377,090 25, 477 13,625 7,159 126, 325 114,971 23, 858 11, 515 9, 251 31, 240 11, 468 1936. 970, 206 833,088 396, 768 28,053 16, 295 7,386 152,509 131,181 26, 465 13, 632 9,018 40,118 11, 663 1937. 1, 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 1937—October 90, 221 77, 736 34, 559 2,399 1, 896 16,147 12,579 2, 449 1,281 876 3, 891 961 November.. 90, 257 77, 794 34, 279 2, 352 1, 854 16, 023 12,365 2,849 1,373 689 4,386 938 December.. 88, 800 76, 506 34, 696 2, 341 1,957 14, 083 12, 677 2, 064 1,144 1,063 4, 725 1,029 L 938—January 87, 74, 820 34, 573 2, 381 1,964 661 12,618 12, 638 2,948 1, 456 775 3, 858 948 February 82, 69,915 32, 524 2, 246 1,887 642 11, 207 11, 929 2,266 1,175 834 4,333 872 March 89, 77, 064 35, 519 2, 387 2, 002 673 12, 85C 13,161 3, 253 1,403 673 4,204 939 April 87, 74, 624 34, 351 2,374 2,024 702 12,339 12, 895 2,389 1,664 698 4,280 906 May 90, 77, 134 35, 794 2,415 1,989 687 13, 715 13,338 1,863 1, 338 782 4,278 935 June 91, 77,810 35, 509 2,394 2,020 726 12,711 13, 674 3,024 1,365 901 4,577 909 July 98, 84, 675 36, 222 2,410 2,067 682 16, 543 14, 727 4,241 1,748 752 4,330 951 August P97, P83, 779 36, 622 2,415 2,053 16, 352 14, 425 P% 946 1,515 986 4,771 958 September P84, 099 36,237 2,365 2,048 16,699 14,336 P3, 156 1,812 1,019 4,816 946 October P84, 236 36,449 P2, 445 P2, 172 P805 P16,082 14, 394 P3, 331 Pl,812 P1,089 P4, 711 Qold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes Irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180. p Preliminary. 1 Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108- 109 and 1937 p. 104. Figures for Canada beginning January 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: net Year or month i e m o x r p p n o o r e r t t t s s U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a Japan B I r n i d ti i s a h c o t o r A 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 3 227,185 968 95,171 13, 667 10,899 15, 335 3,498 75, 268 47,054 1936. _ 1,116, 584 174,093 573, 671 3,351 71,006 2 7,511 72, 648 39,966 11,911 21, 51323, 280 77, 892 39, 743 1937 1, 585, 503 891, 531 -13, 710 90,859 6,461 6 54,452 111,480 38, 482 18, 397 25, 42734, 713 246, 464 50,762 30,179 1937—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 October 562,366 443,403 42,959 41,832 3,840 1 10,810 2,236 4 2,720 3,294 5,740 760 4,768 November, _ 177, 768 99,145 17 27 242 1,136 7,171 3,457 11 2, 943 7,888 5,788 3,822 2 19,150 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes imports from Argentina of $14,121,000. NOTE.—For gross import and export figures and for additional countries see table on p. 46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 FEDERAL RESERVE BULLETIN JANUARY 1939 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Year or Total month net im- South All ports Africa, Other other or net United Ger- Bel- Nether- Austra- Rho- British British Swe- Switz- counexports States France many gium lands U.S.S.R. lia desia, India coun- den erland tries West tries Africa 1934 716, 269 -497,166 348,190 121,017 -13, 585 32, 575 41, 790 335, 253 206, 693 62, 397 -9,123 1 88, 228 1935 369, 722 -435, 502 142,137 -4, 726 -17,476 10,796 931 37,981 404, 295 181, 602 32, 754 -50,661 53, 465 14,126 1936 1,169, 931 -276, 830 756, 215 23, 292 -15,133 -21,215 26, 723 488, 814 128, 421 28, 067 -10,129 3,998 37, 708 1937 420, 427 -834, 009 541,187 46,147 -21, 993 -16,572 199, 965 24,165 464, 837 66, 330 22,079 -81 -16,596 -55,032 1937—Sept.. -29, 775 -86,145 -2,034 8,245 573 -420 19, 784 2,039 36,199 4,735 707 -14,445 Oct.... -6, 348 -16,236 -2,831 3,171 8,176 -10,047 1,476 36, 244 5,739 1,032 -3, 430 -29, 641 Nov... 22,054 4,258 -2, 488 84 -2,215 -5,663 2,359 47, 694 4,960 3,877 -5, 462 -25, 351 Dec... 20, 976 2,006 -15,077 90-12,834 -5, 689 2,379 36, 528 5,174 8,300 -6, 085 6,183 1938—Jan.... 27, 245 1,487 41 -1,487 -6,055 3,775 32, 889 4,425 10,063 -5 -11,164 3,124 Feb... 51, 387 3,528 -1,940 78 5 -3,067 5,669 2,958 43, 092 5,002 7,036 -5 -12,082 1,114 Mar... 79, 037 -35, 535 -4, 276 49 55, 448 3,625 11, 273 3,620 50, 540 5,101 2,786 -7, 590 -6, 000 -5 Apr._. 53,186 -18, 507 -3,039 86 15, 039 -4,139 31,089 4,168 35,077 3,586 3,590-10,088 2,527 -6, 202 May.. 97, 478 -5,233 -119 48, 446 -6, 781 28,083 2,467 35, 407 3,824 2,139-13, 996 -2, 263 5,336 June- 89, 580 -20, 811 -6,137 56, 764 -12,037 28,104 2,024 40, 623 3,725 9,929 -7, 673 -5,407 340 July.. 24,119 -10,529 -997 47 23, 212 -5,750 2,490 31, 516 6,418 6,581-11,429 -16,521 -92C Aug... -73,132 -93, 660 -5,726 6,179 -258 -10,041 5,665 2,102 31,192 10, 356 3,035-11,151 -10,498 -327 Sept... -261,143 -360,016 685 14, 358 120, 075 -7, 498 8 2,839 16, 831 3,023 -4, 750 -22, 763 -21, 980 -1,955 Oct... -210,171 -308, 528 69,604 4,077 33,982 535 705 6,530 4,204 -20, 792 -4, 671 2,831 1,353 Nov.? -100,201 -118,743 — 135 4,007 -3,606 4,269 153 5, 242 4,260 1,758 1,987 Germany Switzerland British India Year or n T et o t i a m l - T n o e t t al Net imports from or net exports (—) to: Total Increase in: month e o p x r o p n r o t e r s t t s4 i e m o x r p p n o o e r r t t t s s U S n ta i t t e e s d U K d n i o i n m t g ed - France g B i e u l m - Italy N la e e n r t d - h s - m G a e n r y - 4 c o t o A r th i u e l e n l s r - i e m o x r ( n p p ) e n o o t e r r t t t s s p t I i r G o n o n o d d l i u i d a n c- s i e d n R r i e v a I - * e n s - P i I n h r n g i o d v s l i d a a i - t n 6 e 1934.. -90, 920 -46, 065 -12,784 -45,955 -29,235 18, 397 19, 431 2,580 -43 1,543-230, 720 11,223 173-219, 670 1935.. 42, 969-230,788 647-54,858 -181,725 -13,940 25, 542 342 -9, 607 7 2, 812-161,872 11, 468 -6 -150,398 1936.. 122,278 -9,127 -1,714 39, 305 14, 531 51, 299 4,600 -2, 990 * 26, 368-121,066 11, 663 -109,403 1937. . -3, 718 -56,' -51, 608 11, 940 -45, 061 27, 739 -65^ 6,553 -16,461 10, 609r-61, 723 11, 574 -50,108 1937—Sept... -8,182 -7,147 -376 -6,995 -37 -1,186 -57 1,513 r-4, 566 932 r-3,634 Oct.__. 63 -1,138 3,286 -9, 627 -109 -561 4,559 -11 1,318 -4, 655 961 -3, 694 Nov... -79 4,113 4,869 -6, 276 -227 559 3,275 -20 1,934 -4, 200 938 -3, 262 Dec... -247 26,892 5,810 -5,828 24, 558 -559 2,553 386 -5,999 1,029 -4,970 1938—Jan... -200 10,826 12,478 -13,978 10, 409 -41 1,614 -38 373 -5, 599 948 -4,651 Feb... 5,359 2,448 -35 11, 223 -11,518 -584 615 2,198 -10 559 -7, 423 872 -6, 551 Mar.. -27 -3,188 3,595 -9, 257 -943 1,763 1,421 -32 265 -2, 749 939 -1,810 Apr 6,009 -7, 632 7 -2,391 -6,084 -266 5,397 2,467 -9, 970 3,209 -4,388 906 -3, 482 May.. 18, 058 -5,201 33 4,860 -2,943 -1,549 -2,009 2,396 -6,175 is; -3, 452 935 -2, 517 June.. 7,626 5,978 -220 5,256 -7,839 -484 5,814 5,657 -2,487 282 -2, 327 909 -1,418 July.. V" -8, 837 -2 16,128 -14,071 -6,041 -142 3,962 -8,893 222 -10,988 951 -10,037 Aug.. -1,338 -2 10, 464 -8, 382 -1, 283 -37 3,824 -6, 267 343 -7,082 958 -6,124 Sept.. -6,864 9,024 -7 15, 940 418 117 -2 924 1,884 -10,251 -957 946 —11 Oct... -36, 626 1,454 -1,140 907 -616 -158 -38 2,551 -56 3 P-7,209 P—6, 263 P-16,162 915 915 p Preliminary. r Revised. 1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 2 Includes $67,655,000 exported to Central and South America. 3 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. 4 Beginning with April 1938, figures represent gold movements of Greater Germany. B Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 8 Figures derived from preceding columns; gold movement plus production minus increase in reserves in India. »Includes net import of $19,926,000 from Czechoslovakia and net export of $15,374,000 to Austria. 8 Includes net import of $26,555,000 from Czechoslovakia. 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

JANUARY 1939 FEDERAL RESERVE BULLETIN 77 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in Note (Fi p g o ur u e n s d i s n s m te i r l l l i i n o g n ) s of m d i e s e p s n u a t r ) e t - ! Cash reserves a c n o D d u i s n a - t d s - Se ti c e u s ri- ci t r i c o u n la- Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 .2 26.3 22.3 84.9 379.6 71.0 8.8 35 8 17 9 1930—Dec. 31 147.6 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 .6 31.6 27.3 133.0 364.2 126.4 7.7 40 3 18 0 1932—Dec. 28 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36 5 18 0 1934—Dec. 26 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37 1 18 0 1936—Dec. 30 313.7 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Jan. 26 326.4 .6 53.2 10.4 117.9 473.2 113.1 13.6 37.3 18.1 Feb. 23 326.4 .8 51.9 6.5 116.9 474.5 105.6 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 10 9 18.2 Oct. 26 326.4 1.4 43.9 4.2 129.2 482. 5 100.4 25.0 35.5 17.7 Nov. 30 326.4 1.2 45.6 17.6 110.8 480.8 97.1 23.1 37 ?, 17.8 Dec. 28P 326.4 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold 2 ch e e a i x g n - n ge m O a p rk en et3 c S i p a e l - 4 Other m G e e t r o o n n v t - - 5 m G S t e o h e n v r o t e m r r s t n - e - - s O e t c t ie 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 i t b e h s i e l r icurities 1929—Dec 27 41, 668 9t. Q4? 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 91,111 7,157 7,389 2,730 8,545 85, 725 5. 898 22,183 1 989 1932—Dec. 30 83, 017 4 484 6,802 3,438 2,515 9,196 85,028 2,311 20, 072 2,041 1933—Dec 29 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13, 414 1,940 1934—Dec 28 82,124 963 5, 837 3,971 3,211 8,288 83, 412 3,718 15 359 1 907 1935—Dec 27 66, 296 398 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—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 193g_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 89 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 1311 4,362 8,410 124,428 2,825 18, 593 2,660 Oct. 27 55, 808 763 6,802 1,550 14, 694 48,134 1600 3,865 7,427 110, 446 3,642 23,827 2,727 Nov 24 87, 264 888 7,032 1,611 11,021 20, 627 1 559 3,739 14,185 106, 798 6,169 31, 955 3,004 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; Jan. 19, 1938, to Nov. 30, 1938, £60,000,000; since Dec. 7, 1938. £30,000,000. 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 decree of Nov. 12, 1938 (see p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc. Of total gold increment of about 31,000,000,000 francs, about 27,500,000,000 francs was applied to partial reimbursement of advances to Government. Permanent debt of Government to Bank, included above in Other Assets, was increased by 6,800,000,000 francs. For details of revaluations in October 1936 and July 1937 see BULLETIN for December 1938, p. 1091. 3 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). « 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 Populates (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). e 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, as modified by Convention of Nov. 12, 1938 (see BULLETINS for July 1936, p. 536; August 1937, p. 720; June 1938, p. 452; August 1938, p. 650, and January 1939, p. 30). NOTE.—For further 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

78 FEDERAL RESERVE BULLETIN JANUARY 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 c r h e 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 a O s 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—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 Oct. 31__ 71 6 1 7,542 32 550 298 1,360 7,754 1,040 1,064 Nov. 30 71 6 7,513 48 548 298 1,494 7,744 1,141 1,093 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] Nov. Oct. Sept. Nov. date of month] Nov. Oct. Sept. Nov. National Bank of Albania (thou- Central Bank of Bolivia (thousands sands of francs): of bolivianos): Gold 7,575 7,577 7,603 Gold at home and abroad 55 953 54, 209 Foreign assets __ _ __ 18, 896 19, 689 22, 484 Foreign exchange. _ _ 104,538 138, 758 Loans and discounts 5, 583 5,672 4,175 Loans and discounts 23 836 29,192 Other assets 4 515 4 850 4 638 Securities—Government 402 133 397 851 Note circulation 10, 978 11,361 11, 396 Other 4 033 4,587 Other sight liabilities _ . 12,844 13, 794 14, 703 Other assets 36, 509 17, 699 Other liabilities .. 12, 746 12, 633 12, 803 Note circulation 275,152 250, 055 Central Bank of the Argentine Deposits 291, 364 331, 077 Republic (millions of pesos): Other liabilities __ __ 60, 486 61,165 Gold reported separately 1,224 1,224 1,224 Bank of Brazil (millions of milreis): Other gold and foreign exchange 95 111 210 Cash ___ _ 409 Negotiable Government bonds 41 37 65 Correspondents abroad 137 Other assets 268 267 175 Loans and discounts 1,985 Note circulation _ _ _ __ 1,053 1,107 1,112 Deposits _ _ 2,383 Deposits—Member bank _ _ _ 372 327 371 National Bank of Bulgaria (mil- Government 109 106 136 lions of leva): Other 1 2 6 Gold __ _ 2,003 2,003 2,003 1,900 Foreign exchange sold forward 41 43 Foreign exchange 1,105 837 649 637 Other liabilities _ 54 54 51 Loans and discounts 1 083 1 259 1 187 1 384 Commonwealth Bank of Australia Government debt _ _ __ 3,468 3,468 3,468 3,523 (thousands of pounds): Other assets 1,171 1,134 1,207 1,110 Issue department: Note circulation 2 938 3 115 3 137 2 744 Gold and English sterling 16,011 16,011 16, 008 Deposits 3,604 3, 318 3,224 3,475 Securities _ __ __ 37, 305 38, 301 40, 551 Other liabilities. _ __ __ 2,287 2,267 2, 153 2,334 Banking department: Bank of Canada (thousands of Ca- Coin, bullion, and cash 1,463 1,395 1,165 nadian dollars): London balances 20,199 23, 047 35, 099 Gold 181, 033 181,146 181, 033 179, 561 Loans and discounts 14, 935 14, 206 10, 963 Sterling and United States ex- Securities 57, 250 54,153 42, 838 change 45,157 36 364 31 349 22 187 Deposits 89, 303 87, 305 86, 507 Canadian Gov't. securities: Note circulation 48, 030 49, 030 49, 284 2 years or less 154,875 169, 675 155, 569 94 790 National Bank of Belgium (mil- Over 2 years. _ _ 41,018 44, 989 48,169 97, 433 lions of belgas): Other securities 12 189 Gold reserve 3,446 3,318 3,180 3, 362 Other assets 5,425 10, 969 5,839 9,818 Other gold and foreign exchange- 912 905 1,031 0) Note circulation. 170, 724 178, 080 175, 422 156, 319 Discounts 290 420 548 2 1, 266 Deposits-Chartered banks 215,195 228, 460 211, 485 216,130 Loans __ 38 48 179 35 Dominion Government 29, 988 25, 363 23, 045 28, 376 Other assets. _ 466 458 452 309 Other 1 844 1 682 878 577 Note circulation 4,450 4 542 5 100 4 271 Other liabilities 9 759 9 558 11 129 14 575 Demand deposits—Treasury 136 54 6 27 Other 447 434 165 602 Other liabilities ... 119 119 119 72 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

JANUARY 1939 FEDERAL RESERVE BULLETIN 79 CENTRAL BANKS—Continued Central bank Central bank 1938 1937 [Figures as of last report [Figures as of last report date of month] Nov. Oct. Sept. Nov. date of month] Nov. Oct. Sept. Nov. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor (thousands of colones): Gold 145 145 145 144 Gold 13, 206 13, 206 13,161 Discounts for member banks 18 57 37 17 Foreign exchange 3,421 3,513 3,402 Loans to government 766 766 766 795 Loans and discounts 1,082 936 1,362 Other loans and discounts 172 166 150 103 Government debt and securities 5,492 5,511 5,938 Other assets 47 43 47 58 Other assets 948 956 2,094 Note circulation 742 771 750 663 Note circulation 13, 644 13, 375 16,104 Deposits— Deposits 6,047 6,316 5,228 Bank 202 182 202 240 Other liabilities 4,458 4,431 4,624 Other 52 74 47 72 Bank of Estonia (thousands of Other liabilities 151 149 146 141 krooni): Bank of the Republic of Colombia Gold 34, 295 34, 292 34, 288 34, 213 (thousands of pesos): Foreign exchange (net) 16, 386 15, 786 16,211 15, 334 Gold 41, 747 40,426 27,110 Loans and discounts 26, 516 26,697 25, 565 27,052 Foreign exchange 7,893 4,867 10, 498 Other assets 36, 627 31, 351 31,191 27, 561 Loans and discounts 17, 527 15, 684 28, 717 Note circulation 51, 903 54, 217 52, 791 49, 806 Government loans and securities 46, 548 46, 404 47,156 Demand deposits 34,454 32, 229 32, 728 34, 973 Other assets 27, 359 26, 892 27, 088 Other liabilities 27, 467 21, 680 21, 737 19, 379 Note circulation 54, 301 52, 716 49, 564 Bank of Finland (millions of mark- Deposits 44, 734 39, 634 49,065 kaa): Other liabilities 42,040 41, 923 41, 941 Gold 620 620 620 635 National Bank of Czechoslovakia Foreign assets 2,374 2,382 2,325 2,264 (millions of koruny): Loans and discounts 1,247 1,377 1,515 1,020 Gold* 2,694 2,690 2,653 2,582 Domestic securities 310 247 233 341 Foreign exchange 1, 308 786 87 474 Other assets 367 348 292 437 Discounts 2,310 3,682 4,425 1,125 Note circulation 2,042 2,068 2,166 1,996 Loans 835 1,161 1,605 1,030 Deposits—Treasury 152 273 129 33 Government debt 2,012 Other 1,039 989 1,070 980 Other assets 1,702 1,443 1,719 1,164 Other liabilities 1,684 1,645 1,620 1,687 Note circulation 6,870 7,130 8,115 6,441 Bank of Greece (millions of drach- Demand deposits 403 987 433 217 mas): Other liabilities 1,575 1,645 1,941 1,729 Gold and foreign exchange (net) 3,375 3,410 3,246 3,436 Bank of Danzig (thousands of Loans and discounts 8,209 8,291 8,655 5,359 gulden): Government obligations 4,315 4,315 4,305 4,377 Gold 28, 263 31,182 31, 219 28.115 Other assets 2,012 2,115 1,968 2,019 Foreign exchange of the reserve.. 2,501 455 5,520 2,912 Note circulation 7,011 7,190 7,726 6,510 Other foreign exchange 368 451 475 343 Deposits 8,740 8,387 5,909 Loans and discounts 26, 014 22, 367 21, 444 16.116 Other liabilities 2,006 2,201 2,061 2,770 Other assets 3,157 3,074 2,810 3,693 National Bank of Hungary (mil- Note circulation 39,018 38, 551 41,134 34, 447 lions of pengos): Demand deposits 17, 783 16, 816 22,117 13,171 Gold 94 84 84 84 Other liabilities 19, 012 19,012 19,015 19, 012 Foreign exchange reserve 100 115 135 56 National Bank of Denmark (mil- Discounts 462 479 567 422 lions of kroner): Loans—To Treasury. 267 190 193 114 Gold 118 118 118 118 Other 12 14 19 17 Foreign exchange 118 112 111 59 Other assets 293 272 262 281 Discounts 23 22 21 25 Note circulation 806 794 853 431 Loans—To Government agencies 151 163 196 222 Demand deposits 178 126 164 236 Other 116 81 74 89 Certificates of indebtedness 66 66 70 89 Securities 148 146 132 64 Other liabilities 179 169 173 219 Other assets 112 110 105 71 Reserve Bank of India (millions of Note circulation 414 435 429 392 rupees): Deposits 192 142 153 97 Issue department: Other liabilities 179 176 174 159 Gold at home and abroad 444 444 444 444 Central Bank of Ecuador 2 (thou- Sterling securities 622 622 655 803 sands of sucres): Indian Gov't. securities 324 324 324 274 Gold 33, 223 39, 221 Rupee coin 714 709 702 628 Foreign exchange (net) 5,460 14, 046 Note circulation 1,772 1,757 1, 799 Loans and discounts 49,169 53, 118 Banking department: Other assets 21, 943 19, 263 Notes of issue department.__ 314 327 369 350 Note circulation 65, 920 69, 224 Balances abroad 3 29 46 56 Demand deposits 27, 566 40, 142 Loans to Government 1 31 3 10 Other liabilities 16,310 16, 282 Investments 59 56 63 68 National Bank of Egypt 3 (thou- Other assets 16 15 14 12 sands of pounds): Deposits 273 339 379 382 Gold 6, 545 6,545 6,545 Other liabilities 120 119 116 113 Foreign exchange 1,244 830 1,665 Bank of Japan (millions of yen): Loans and discounts 8,626 6,710 6,535 Gold 501 501 501 801 British, Egyptian, and other Special foreign exchange fund 300 300 300 Government securities 29, 225 32, 213 35, 948 Discounts 442 476 466 550 Other assets 7,138 6,802 6,816 Loans—Government 3 3 3 3 Note circulation 22, 299 23, 091 21, 278 Other 49 63 48 207 Deposits— Government 3,703 3,427 8,126 Government bonds 1,412 1,625 1,254 677 Other 18,180 18,054 19,186 Other assets 328 245 266 205 Other liabilities 8,597 8,529 8,920 Note circulation 2,132 2,157 1,931 1,787 Deposits—Government 460 554 471 283 Other 161 105 124 84 Other liabilities 282 397 311 288 1 Includes 336 million shown separately as cover for liabilities in gold beginning September 1938. 2 Form of official statement revised effective December 1937. «Items for issue and banking departments consolidated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN JANUARY 1939 CENTRAL BANKS—Continued Central bank 1938 1937 Central bank 1938 1937 [Figures as of last report [Figures as of last report date of month] Nov. Oct. Sept. Nov. date of month] Nov. Oct. Sept Nov. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 117 117 117 Nonreserve exchange 172 151 151 Foreign bills 3 2 3 Loans and discounts 435 425 335 Loans and discounts 64 65 65 Government debt 1,039 1,040 1,042 Other assets 114 105 121 Other assets 1, 318 1,319 1,422 Note circulation 189 188 186 Note circulation 2,171 2,178 2,161 Deposits 83 74 92 Other sight liabilities 1,099 1,071 1,088 Other liabilities 26 26 27 Other liabilities 1,105 1, 083 1,190 Bank of Latvia (millions of lats): National Bank of Rumania (mil- Gold 83 83 83 77 lions of lei): Foreign exchange reserve 43 42 38 46 Gold 18,125 18, 078 17,641 16, 343 Loans and discounts 150 148 135 133 Special exchange accounts 4,071 4,207 4, 111 5,942 Other assets 60 60 61 41 Loans and discounts 12,121 12, 230 11,350 6,109 Note circulation 83 83 74 62 Special loans 2 1,831 1, 850 1,868 2,014 Deposits 205 202 191 201 Government debt 10, 499 10, 500 10, 404 10, 695 Other liabilities 49 48 34 Other assets 11, 009 10,687 10, 950 8,690 Bank of Lithuania (millions of litu): Note circulation 33, 676 34,581 34, 242 28,111 Gold 66 71 73 77 Demand deposits 13, 075 12,063 11,005 12,190 Foreign exchange 4 4 3 4 Other liabilities 10, 905 10, 908 11,079 9,493 Loans and discounts 117 114 116 111 South African Reserve Bank Other assets 35 33 33 36 (thousands of pounds): Note circulation 143 143 148 121 Gold 26, 722 26, 560 26, 709 22, 937 Deposits 54 55 53 83 Foreign bills 9,050 7,170 6,977 6,126 Other liabilities 25 24 24 24 Other bills and loans 1,820 1,822 822 1,330 Netherlands Bank (millions of guil- Other assets 15, 072 15,403 15,989 12, 889 ders) : Note circulation 16, 547 17, 755 18, 437 16, 401 Gold 1,481 1,481 1,481 1, 382 Deposits 33, 033 29, 951 28, 512 23, 602 Silver (including subsidiary coin) 25 20 15 17 Other liabilities 3,084 3,249 3,548 3,279 Foreign bills 4 4 4 5 Bank of Sweden (millions of Discounts 16 17 12 26 kronor): Loans 321 302 290 194 Gold 707 707 538 Other assets 68 67 64 62 Foreign assets 874 890 992 1,089 Note circulation 1,005 1,046 1,053 Discounts 14 13 12 14 Deposits—Government 112 140 159 Loans 33 26 27 Other 750 658 608 Domestic securities 91 76 Other liabilities 47 47 46 Other assets 463 462 460 300 Reserve Bank of New Zealand Note circulation 982 1,028 1,083 893 (thousands of pounds): Demand deposits 1,029 985 998 976 Gold 2,802 2,802 2,802 Other liabilities 171 172 169 105 Sterling exchange reserve 7,708 11,449 16, 587 Swiss National Bank (millions of Advances to State or State un- francs): dertakings 10, 881 7,659 5,291 Gold 2,890 2,873 2,851 2,663 Investments 2, 732 2,732 2,658 Foreign exchange 286 302 306 508 Other assets 328 431 230 Discounts 115 111 139 21 Note circulation 14,438 13. 735 13,319 Loans 24 26 31 32 Demand deposits 8,347 9^681 12, 529 Other assets 709 707 712 626 Other liabilities 1,666 1,657 1,719 Note circulation 1,696 1,736 1,933 1,453 Bank of Norway (millions of Other sight liabilities 1,686 1,641 1, 465 1,756 kroner): Other liabilities 643 642 642 640 Gold 211 211 211 189 Central Bank of the Republic of Foreign assets 217 219 219 213 Turkey (thousands of pounds): Total domestic credits and Gold 36, 871 36, 870 36, 720 securities 212 212 212 185 Foreign exchange—Free 1 13 2 Discounts 0) 73 78 93 In clearing accounts 17, 500 11,079 26, 773 Loans 0) 33 33 29 Loans and discounts 92, 058 81, 353 50, 220 Securities 0) 106 101 63 Securities .89, 951 .90, 005 86, 290 Other assets (0 39 41 6 Other assets 34,173 39, 649 35, 070 Note circulation 448 456 471 422 Note circulation ^ 611 77, 171 Demand deposits—Government 48 29 31 62 Deposits 64, 978 58, 770 46,123 Other 98 115 101 45 Other liabilities .08, 965 :03, 510 .11, 781 Other liabilities 0) 81 81 64 Bank of the Republic of Uruguay Central Reserve Bank of Peru (thousands of pesos): (thousands of soles): Issue department: Gold and foreign exchange 48, 888 58, 488 Gold and silver 3 .03, 585 42,087 Discounts 24, 025 41, 493 Note circulation 87, 353 :,960 Government loans 83, 454 45, 484 Banking department: Other assets 8, 812 11, 245 Cash reserves 50, 972 28, 541 Note circulation .06,110 95, 423 Loans and discounts 99, 406 90, 790 Deposits 39, 875 40, 343 Other assets 71, 584 ' "I, 022 Other liabilities 19,194 20, 945 Deposits 82, 345 83, 636 Bank of Poland (millions of zlotys): Other liabilities 39, 617 95, 716 Gold 442 433 437 434 National Bank of the Kingdom of Foreign exchange 12 13 13 35 Yugoslavia (millions of dinars): Loans and discounts 975 1,034 1,167 650 Gold 1,906 1,893 1,886 1,758 Securities 127 127 128 135 Foreign exchange 512 442 478 472 Other assets 386 360 346 490 Loans and discounts 1,781 1,896 1,948 1,614 Note circulation 1,373 1,476 c 1, 548 1,034 Government debt 2, 244 2,243 2,243 2,253 Other sight liabilities 195 121 181 324 Other assets 3,383 3.457 3,540 2,923 Other liabilities 375 370 363 388 Note circulation 6,783 7,012 7,404 5,753 Bank of Portugal (millions of Other sight liabilities 2,266 2,049 1,636 2,515 escudos): Other liabilities 778 869 1,053 751 Gold 918 918 917 Other reserves (net) 493 481 573 c Corrected. 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

81 JANUARY 1939 FEDERAL RESERVE BULLETIN BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1938 1937 1937 Assets Liabilities Nov. 30 Oct. 31 Nov. 30 Nov. 30 Oct. 31 Nov. 30 Gold in bars 33, 969 29, 303 13, 775 Demand deposits (gold) 9,380 9,347 8,391 Cash on hand and on current account with banks 23,185 27, 935 25, 886 Short-term deposits (various curren- Sight funds at interest 19, 782 14, 434 18, 643 cies) : Central banks for own account 131, 345 110,941 181, 796 Rediscountable bills and acceptances Other 7,620 8 549 9,398 (at cost) 219, 464 201, 065 269,461 Time funds at interest 50,110 52, 080 47, 577 Long-term deposits: Special accounts.__ 254, 409 254, 888 263, 228 Sundry bills and investments 246, 367 248, 243 275, 736 Other liabilities 194, 667 202, 204 190, 449 Other assets 4,544 12, 869 2,184 Total liabilities 597, 421 585, 929 653, 262 Total assets 597, 421 585, 929 653, 262 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month ac 3 B c a m e n p o k t n a e n t r h 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 c i a v o t a e u t n e t M 1 o m ne o y n f th or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—November. 5.35 5.30 5.15 8.29 7.79 4.26 4.17 1930—November. 2.18 2. 15 2.01 4.79 6.51 5.48 1.31 1.29 1931—November. 5.75 5.55 4.96 8.00 9.31 8.69 1.59 1.73 1932—November. .89 .82 .73 3.87 5.00 4.80 .37 1.00 1933—November. 1.05 .94 .75 3.87 5.50 5.18 .45 1.00 1934—November. .45 .29 .68 3.63 4.37 4.21 .83 1.00 1935—November. .57 .55 .75 3.01 3.10 3.07 3.15 3.00 1936—November. .56 .55 .75 3.00 2.84 2.79 .85 1.55 1937—November. .59 .58 . 75 2. 88 2.81 2.65 .13 .50 1938—May .53 .51 .75 2.88 2.88 2.66 .13 .50 June .59 .59 .75 2.88 2.88 3.06 .13 .50 July .55 .52 .75 2.93 2.88 2.96 .13 .50 August .53 .51 .75 2.88 2.87 2.51 .13 .50 September. .91 .86 .75 2. 88 2.88 2.59 .32 .70 October .70 .75 2.88 2.88 2.70 .21 .50 November. .66 .75 2. 88 2.88 2.58 .14 .50 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929—October. _. 3.38 4.94 3.50 7.18 910 7M8 53^-7 5.48 3.47 1930— October _._ 1.29 2.27 2.00 5.25 5M-7 4^-5 3H-5M 5. 48-5. 66 3.29 1931—October. __ 1.90 2.44 1.80 7.50 7Mio 56 6-73^ 4. 93-5. 66 5.48 1932—October. __ 1.50 3.00 1.01 5.00 3H~5^ 5. 66-6. 02 3.28 1933—October... 1.50 2.21 1.25 3.50 3-5 5.11-5. 48 2.56 1934—October... 1.50 2.10 1.45 3.00 5.11 2.52 1935— October... 2.37 1.88 2.71 5.00 3 5.11 2.69 1936—October.. _ 1.69 1.29 2.52 4.50 2% 4.75 2.92 1937—October... 1.00 1.39 3.62 5.00 2% 4.75 2.65 1938—April 1.00 1.50 3.25 5.00 4.56 2.45 May 1.00 1.50 2.62 5.00 4.56 2.40 June 1.00 2.40 5.00 23^-5 4.56 2.37 July 1.00 2.50 5.00 2^-5 4.56 2.48 August 1.00 2.50 5.00 23^-5 4.56 2.44 September. 1.00 2.65 5.00 2M-5 4.56 2.33 October.. _ 1.00 3.00 5.00 234-5 4.56 2.31 T Revised. 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

82 FEDERAL RESERVE BULLETIN JANUARY 1939 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r y - g B iu e m l- N la e e n r t d - h s - S la w e n r i - d tz- Japan b C an e k n t o r f a — l R D 3 a e 1 t c e . eff D ec a t t i e ve b C a e n n k t o r f a — l R D 3 a e 1 t c e . eff D ec a t t i e ve J J I S S O n u u e e c 1 l l p p t y y e 9 t t f 3 f 7 2 1 6 e 9 2 0 c 5 t June 30, 2 3 4 3 5 4 2 3 W2 2 3.29 B B B C A A B C h e u r o a l r i b g l i l l n t g l i g a e i a e v i s a n n d u i h r a i t a m i a i I a n n a dia 6 3 6 6 /2 D J A N M A M O u e u o p c a a l c t v g r v . r r . i . . . . l 2 1 1 2 1 8 1 6 5 1 5 7 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 5 2 5 6 7 6 5 8 N N J L M J L a a a i e e l e p t v a w t t h x v a h n a i u n . i d e c a a o r . n l Z _ a i e n a _ a - d _ - s 4 3 2 5 3 5 3.29 N J N J M D A u a e o o p a n l c y v v r . . r . . . . 2 1 2 3 1 1 1 7 4 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 8 8 6 6 7 6 7 O O O c c c t t t 9 2 1 0 6 2 2 21/ C Cz o v e l a c o k h m i o a s b l i o a - ... 4 3 J J a u n ly . 1 1 8 , , 1 1 9 9 3 3 3 6 N P P o e o r l r u a w n a d y 6 2 J M D a e n a c y . . 2 1 0 5 8 , , , 1 1 1 9 9 9 3 3 3 2 8 7 J J J M M S N A S N M D a u u e e u o o e n a a a n l p p c g y v v y y y e t t 2 7 3 1 3 1 4 1 2 1 2 3 8 5 0 3 0 6 3 8 1 1 9 9 3 3 7 8 3 4 6 4 V 3 5 A 4 3 2 I H D E E F F G G D E t r i l c a s r u a e e n a e t u l n r S n n o y n l e m a z a a g m n c c d i n l e e i a a g v o a a d r n a r r y y d _ k . . o . _ _ . r . _ _ 4 4 2 6 4 4 4 4 K 2 J A N J N N D S M A O a a e e u o u o o c n a n c p g t g v v v . y . . . t . . . . . . 2 1 2 3 2 1 2 4 0 5 9 8 3 2 2 9 1 3 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 7 5 2 8 2 5 7 6 4 6 5 U S T U P R S S Y S w o o w p u . n u u d u r a i r m e g i S o t t t t k d i u o m e h . z a n e e d g s e S n n . y A l r a . . K a i l . l a f a v R r i n i n i _ _ c a d . g a . . - . . _ _ 4 V 4 5 2 4 5 1 - * A 4^ 1 J J A N J M M D J F u u u u e e u o l a a l b n l c y y g y v y y . . e . . 3 2 1 1 1 6 5 1 0 1 5 1 5 1 1 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 7 8 2 6 8 6 5 3 3 5 Ont 97 2^2 Nov 25 2K Changes since Oct. 31: New Zealand—Nov. 22, up from 2 to 4 percent; In effect Dec. 31, France—Nov. 25, down from 3 to 2% percent. 1938 2 2K 4 2H 2 3.29 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 a e ic y r n t e d at B co il u ls n d te i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - a O s t s h e e ts r Total D D e e m po a s n i d ts 1 Time lia O b t i h li e t r ies 10 London clearing banks 1930—December. 208 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 11 London clearing banks 2 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—September. 238 162 281 641 978 240 2,287 1,242 1,009 251 October 234 165 296 639 988 244 2,312 1,244 1,019 253 November. 235 161 298 634 991 245 2,311 1,238 1,025 252 December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—January _._ 251 154 331 636 970 240 2,329 1,290 1,039 252 February.. 243 144 288 633 984 238 2,280 1,242 1,038 250 March 244 150 239 634 1,000 239 2,254 1,221 1,033 252 April 246 150 249 638 998 240 2,268 1,228 1,040 252 May 231 146 280 631 986 246 2,263 1,220 1,043 256 June 247 154 289 630 985 251 2,299 1,245 1,054 256 July 244 159 302 633 985 242 2,309 1,254 1,055 255 August 241 153 305 642 974 239 2,298 1,248 1,050 256 September. 234 148 289 646 973 242 2,269 1,236 1,033 262 October.. _ 234 149 268 645 973 256 2,256 1,247 1,009 270 November. 233 149 272 642 966 255 2,249 269 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

83 JANUARY 1939 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of re C se a r s v h es 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 D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—December. 2,419 4,675 20, 448 10,743 2,361 36, 681 35, 284 1,397 921 4,357 1931—December. 11,311 2,168 18, 441 9,274 2,130 38, 245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22, 014 7,850 1,749 37, 759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,827 32, 635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18, 304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26, 859 694 337 4,399 1936—December. 3,100 2,975 17, 582 7,631 1,957 28, 484 27, 955 529 473 4,289 1937—November 3,325 4,040 18, 046 7,834 2,011 30,142 29, 539 604 695 4,419 December. 3,403 4,116 18, 249 7,624 2,134 30, 348 29, 748 600 661 4,517 1938—January. __ 2, 990 4,319 17,921 7,905 1,400 30, 022 29, 386 636 740 3,773 February.. 3,218 4,357 17,617 7,994 1,475 30,198 29, 542 656 781 3,682 March 3,025 4,302 17, 533 7,331 1,546 29, 234 28,620 614 780 3,722 April 3,063 4,128 18, 817 7,423 1,617 30, 454 29,874 580 781 3,813 May 5,976 3,944 20, 271 7,153 1,573 34, 394 33, 828 566 676 3,847 June... 4,086 3, 799 20, 443 7,083 1,538 32, 464 31, 938 527 534 3,950 July 3,297 3,962 21, 620 7,314 1,653 33,184 32, 701 483 566 4,096 August 3,270 4,708 19,828 7,490 1,702 32, 293 31, 784 508 550 4,155 September. 4, 410 4,237 14,080 8,072 1,921 27, 869 27, 405 463 678 4,174 Assets Liabilities Germany 1 (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 c i o l u ls n t d e i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m o a si n t d s Time o C b b f r t a r e a o n d i m k n i s e ts 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—November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—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 6, 509 3,050 3,459 444 1,327 June 208 271 3,270 2,704 1,107 6,635 3,159 3,476 433 1,303 July 178 263 3,464 2,729 1,100 6,788 3,194 3,594 420 1,334 August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September.. 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October 179 261 3,620 2,743 1,183 895 7,031 3,373 3, 658 422 1,427 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S a l e b o c r a u o n r a s i d ty Note ada excl d u e d p in o g s its interbank Other (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- Other an d d u e net Se ti c e u s ri- O as t s h e e ts r ci t r i c o u n la- lia ti b e i s li- Cash Security loans from Total Demand Time reserves loans and dis- foreign counts banks 1930—December. 207 205 1,275 171 604 602 133 2,115 689 1,426 816 1931—December. 201 135 1,253 146 694 510 129 2,058 698 1,360 752 1932—December. 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December. 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—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 66 900 129 1,449 479 91 2,403 111 1,626 777 June 247 69 921 119 1,462 520 99 2,459 838 1,621 781 July 240 71 920 123 1,437 471 95 2,394 772 1,623 772 August 262 71 913 137 1,440 459 93 2,418 783 1,635 771 September. 270 60 150 1,421 481 99 2,447 814 1,633 802 October 291 147 1,409 470 94 2,480 824 1,656 795 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

84 FEDERAL RESERVE BULLETIN JANUARY 1939 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 (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) (peso) 1929 95.127 480.83 14.058 13. 912 11. 8078 36. 202 .7216 99. 247 12.0601 41.901 96. 551 1930 83. 505 458. 60 14.089 13. 952 10. 7136 36.067 .7209 99. 842 12. 0785 29.917 96. 493 1931 66. 738 351. 50 14.023 13. 929 7. 0290 33. 690 .7163 96. 353 12.0669 22. 437 96. 570 1932 ___ 58. 443 279. 93 13. 960 13. 914 7.1223 26. 347 .7193 88. 090 7. 9079 21. 736 95. 275 1933 72. 801 337.07 15.448 17. 900 7. 9630 31.816 1. 0039 91. 959 7. 6787 28.598 81. 697 1934 33. 579 400. 95 18. 793 23. 287 8. 4268 37. 879 1.2852 101. 006 10.1452 34.094 61. 780 1935 32. 659 18.831 18. 424 8. 2947 36. 964 1.2951 99. 493 5. 0833 36. 571 56.011 1936 33.137 395. 94 18. 792 16. 917 8. 5681 5. 8788 37. 523 1. 2958 99. 913 5.1240 29. 751 57.083 1937 32. 959 393. 94 18. 770 16. 876 8. 7190 6.1806 37. 326 1.2846 100. 004 5.1697 4. 0000 29.606 56. 726 1938—March 33. 233 397.14 18.922 16. 880 5. 8744 37. 638 1. 2525 99. 716 5.1680 4. 0000 28. 219 54. 648 April 33. 208 396.85 16. 854 5. 8680 37. 432 1. 2506 99. 446 5.1683 4. 0000 26. 905 54. 813 May 33.118 395. 77 16. 835 5. 8566 37. 052 1. 2466 99.177 5.1683 4. 0000 23.804 55. 447 June 33. 053 395. 02 16. 956 5. 8564 36. 738 1. 2395 98. 908 5.1682 4.0000 18. 835 55. 370 July 32. 862 392. 77 16. 919 5. 8528 36. 762 1. 2370 99. 437 5.1694 4.0000 18. 205 56. 223 August 32. 541 388. 90 16. 869 5. 8460 36. 390 1. 2349 99. 646 5.1744 4.0000 16. 618 56. 564 September. 32.032 382. 74 16. 877 5. 8563 35. 827 1. 2323 99. 365 5.1765 4.0000 17.167 56. 704 October 31. 793 379. 89 16.904 5. 8488 35. 617 1. 2324 99.062 5.1771 4. 0000 16.029 57. 078 November. 31. 382 375. 05 16. 908 5. 8595 35.151 1. 2325 99. 248 5.1777 4. 0000 15. 796 57.136 Year or month ( C p u es b o a ) ( s C k lo o z v e r a c 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 la a a n ) r- d F (f r r a an n c c ) e ( m m r G e a a e i r c n r k h - y ) s G (d m r r e a a e ) c c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l u e a i t n l h d d e e s r r - ) 1929 99. 965 2. 9609 26. 680 498.07 2. 5160 3. 9161 23.809 1. 2934 47.167 17. 441 5. 2334 46.100 48.183 40.162 1930 99. 952 2. 9640 26. 765 498. 60 2. 5169 3. 9249 23. 854 1. 2959 33. 853 17. 494 5. 2374 49. 390 47.133 40. 225 1931 99. 930 2. 9619 25.058 465.11 2. 3875 3. 9200 23. 630 1. 2926 24. 331 17. 452 5. 2063 48. 851 35. 492 40. 230 1932 99. 941 2. 9618 18. 832 359. 54 1. 5547 3. 9276 23. 749 .8320 23. 460 17. 446 5.1253 28. Ill 31.850 40. 295 1933 99. 946 3. 8232 19. 071 434. 39 1. 8708 5. 0313 30. 518 .7233 29. 452 22. 360 6. 7094 25. 646 28.103 51. 721 1934 99. 936 4. 2424 22. 500 516. 85 2. 2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29. 715 27. 742 67. 383 1935 99. 920 4.1642 21. 883 502. 60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8. 2471 28. 707 27. 778 67. 715 1936 99. 909 4.0078 22.189 509. 68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29. 022 27. 760 64. 481 1937 99. 916 22.069 506. 92 2.1811 4. 0460 40. 204 .9055 30. 694 19. 779 5. 2607 28. 791 27. 750 55.045 1938—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 October 99. 916 3. 4401 21. 283 488. 92 2. 1016 2. 6662 40. 047 .8736 29. 668 19. 641 5. 2603 27. 787 19. 659 54. 390 November 99. 926 3. 4264 21.011 482, 66 2. 0750 2. 6343 40. 042 .8636 29. 325 19. 637 5. 2603 27. 430 19. 971 54. 334 Year or month Z (p e N a o e l u a w n n d d ) N (k o r r o w n a e) y P (z o l l o a t n y d ) ( P es o g c r a u t l u do - ) R ( u n le m i u a ) a- (p S A o o fr u u i n t c h d a ) (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r - s ) ( S k d r w e o n e n - a) e S (f r w r l a a i n t n c z d ) - ( T po u u rk n e d y ) ( U p K d o n i o u i n m t n g e d - d ) ( U g p u r e u a s - o y ) ( Y s d l i a u n v g a i o a r - ) 1929 483. 21 26. 683 11. 194 4. 4714 .5961 483. 27 14. 683 56. 012 26. 784 19. 279 48. 411 485. 69 98. 629 1. 7591 1930 468. 22 26. 760 11. 205 4. 4940 .5953 483. 79 11. 667 55. 964 26. 854 19. 382 47.061 486. 21 85. 865 1.7681 1931 415. 29 25.055 11. 197 4. 2435 .5946 480. 76 9.545 52. 445 25. 254 19. 401 47.181 453. 50 55. 357 1. 7680 1932 320.19 18.004 11. 182 3. 1960 .5968 476. 56 8.044 40. 397 18. 471 19. 405 47. 285 350. 61 47.064 1. 6411 1933 340. 00 21. 429 14. 414 3. 9165 .7795 414. 98 10. 719 49. 232 22. 032 24. 836 60. 440 423. 68 60. 336 1. 7607 1934 402. 46 25. 316 18. 846 4. 6089 1. 0006 498. 29 13. 615 59. 005 25. 982 32. 366 79. 047 503. 93 79. 956 2. 2719 1935 391. 26 24. 627 18. 882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80. 312 490.18 80. 251 2. 2837 1936 398. 92 24. 974 18.875 4. 5130 .7382 491. 65 12. 314 58. 258 25. 626 30.189 80. 357 497. 09 79. 874 2. 2965 1937 396. 91 24. 840 18. 923 4. 4792 .7294 489. 62 6.053 57. 973 25. 487 22. 938 80.130 494. 40 79. 072 2. 3060 1938—March 400. 28 25. 045 18. 909 4. 5105 .7337 493. 74 5.814 58.118 25. 674 23. 045 80.183 498. 45 65. 597 2. 3291 April 399. 95 25. 028 18. 852 4.5032 .7341 493.22 5.766 57. 965 25. 670 22. 990 80. 039 498.12 65. 550 2. 3270 May 398. 87 24. 957 18. 845 4.4869 .7336 491. 92 5.846 57. 509 25. 604 22. 840 79. 701 496. 73 65. 352 2. 3239 June 398.13 24. 911 18. 835 4. 4811 .7303 490. 94 5.766 57. 432 25. 561 22. 887 79. 919 495. 80 65. 240 2. 3256 July 395. 86 24. 767 18. 839 4. 4713 .7318 488. 07 5.666 57. 452 25. 412 22. 885 79. 620 492.91 64. 864 2. 3241 August 391. 99 24. 523 18. 832 4. 4228 .7317 483. 23 5.747 56. 864 25.162 22. 885 79. 460 488.08 64. 239 2. 3133 September. 385. 81 24.136 18. 815 4. 3492 .7305 475. 63 5.228 55. 794 24. 765 22. 603 79. 624 480. 38 63. 231 2. 2895 N O o ct v o e b m e b r. e . r .. . 3 3 8 7 2 6 . . 4 5 6 0 2 2 3 3 . . 9 6 5 5 7 2 1 1 8 8 . . 7 7 9 9 4 8 4 4 . . 3 2 2 68 2 3 0 . . 7 7 2 3 9 0 9 5 4 4 7 6 2 6 . . 0 0 5 1 5 5. . 0 0 5 9 4 2 5 54 5 . . 4 7 4 3 0 8 2 2 4 4 . . 2 56 5 3 1 2 2 2 2 . . 7 6 1 5 9 3 80. 311 4 4 7 7 6 0 . . 8 7 5 5 6 6 2 1 . . 9 7 5 4 5 2 2 2 . . 2 2 8 7 0 9 5 7 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 Africa— quotations no longer nominal beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning March 14; Czechoslovakia—quotations nominal from September 22 to October 4, inclusive; Mexico—quotations not available March 19-21 and nominal thereafter; Portugal—quotation nominal on September 28 and October 4; Yugoslavia—quotations no longer nominal beginning September 17. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

85 JANUARY 1939 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta it t e e d s Canada K U in n g it d e o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- Sw la it n z d er- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (1926-30= (July 1914 100) =100) 1926 100 100 1124 134 237 106 144 1 19 9 3 2 0 9 8 9 6 5 9 8 6 7 166 6 5 2 5 7 4 1 12 3 5 7 2 1 2 8 0 1 1 9 0 0 0 1 12 4 6 1 1931 73 72 88 502 111 153 76 110 1932 65 67 86 427 97 161 65 96 1933___ 66 67 86 398 93 180 63 91 1934 75 72 88 376 98 178 63 90 1936 .___ 80 72 89 338 102 186 62 90 1936____ __. 81 75 94 411 104 197 64 96 1937__ 86 85 109 581 106 76 111 1937—October. _. 85 85 111 628 106 237 77 111 November 83 83 109 621 106 238 76 110 December. 82 83 108 631 106 241 76 110 1938—January- 81 84 108 106 245 75 110 February.. 80 84 106 106 258 74 109 March 80 83 104 634 106 252 73 108 April 79 82 103 643 106 247 73 108 May 78 80 102 654 105 249 72 107 June — 78 80 101 660 106 254 72 107 July 79 79 101 652 106 254 71 106 August 78 76 100 649 106 252 71 105 September 78 75 98 652 106 252 71 106 October 78 74 99 '664 106 253 71 106 November. 78 74 PQ74: 254 70 106 r Revised. v Preliminary. i Approximate figure, derived from old index (1913=100). WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month pr 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 ia u u l s c - ts p A r t o g u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n I i i n n a d d i l s s u r e h a s m e w - d i- p tr I r i i n o s a d h d l u e u f d s c i - t n s products 1926 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 669 KO 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 96 126 1937—October . _ 80 86 85 105 113 607 646 105 97 96 126 November 76 83 84 106 110 613 628 106 96 94 128 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 91 94 126 October __ 67 74 81 93 102 ••646 680 106 92 94 126 November.._ 68 74 81 91 103 ^685 P107 r Revised. 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

86 FEDERAL RESERVE BULLETIN JANUARY 1939 PRICE MOVEMENTS IN PRIN<"IPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 1 e e - 0 s d 019 E l 1 J a n u 4 n g = l - y d 1001 F 9 J 1 r u a 4= l n y 1 c 0 e 019 m G 1 1 9 4 a e 1 = 3 r n - - 1 y 00 N 19 l e 1 1 a 9 t 3 n h 1 = d 1 e 1 s - r 0 - 0 1 S 9 J l 1 w u e a 4 n r n i = - t e d 1 z " 0 - 0 Y m e o a n r th or 1 U S 9 1 2 t n 9 5 a i 2 = t t 3 e e 1 - d s 0019 E l 1 J a n u 4 n g = l - y d 1001 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 1 e = 3 n r - 1 - y 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e 1 — s 0 r- 0 1 S 9 J l 1 w u a e 4 n r n i = t - e d 1 z 6 0 - 0 1926 109 161 654 146 161 160 1926 103 170 505 142 168 162 1929 105 154 611 156 162 156 1929 100 164 556 154 168 161 1930 100 145 814 146 150 152 1930 97 158 581 148 161 158 1931 82 131 611 131 136 141 1931 . 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932. 80 144 526 121 141 138 1933 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934. _ 79 141 516 121 140 129 1935 80 125 423 120 118 114 1935 81 143 483 123 136 128 1936 82 130 470 122 120 120 1936. 82 147 507 125 1 132 130 1937 85 139 601 122 127 129 1937 84 154 619 125 137 137 1937—October 85 143 644 121 130 130 1937-October . 158 125 140 138 November 84 146 645 121 131 130 November 160 125 140 138 December 83 146 659 121 130 130 December. 85 160 658 125 139 138 1938—January. . 80 145 688 121 130 130 1938-January 159 125 139 138 February _ 78 142 694 122 130 130 February _ 157 125 139 137 March 79 140 698 122 128 129 March 83 156 688 126 138 137 April 79 137 702 122 129 129 April 154 126 138 137 May 79 139 705 123 132 128 May 156 126 139 136 June 80 138 698 123 134 130 June ___ 83 155 692 126 140 137 July 80 146 671 124 130 129 July 159 127 139 137 August 78 141 677 124 129 129 August- 156 127 138 136 September 79 140 697 121 130 130 September 83 156 689 125 139 137 October... 78 139 725 121 130 130 October 155 125 138 137 November 78 140 727 130 November 156 137 c Corrected i 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 stock5 (1926=100) Year or month ( U S a p v n r t i e a i c r t t e a e e ) g d i s e ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 d e ) r (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic r e a a ) g n e y N l e an th d e s r - - U S n ta it t e e d s 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 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 3 83.4 104.1 94.7 78.9 132.2 > 78 0 70 1932 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 J 50. 3 46. 1933. 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52. 1934 84 5 127 5 82.1 90.7 113.4 72.4 85.7 83.3 71 1 55. 1935 _ 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55. 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66. 1937 93.4 124.6 75.1 98.7 <101.8 111.7 96.3 97.4 102.6 104. 1937—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. 8 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 89.9 107.2 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 October 81.8 118.2 78.3 99.8 105.6 91.1 79.6 88.0 98.6 98.0 November _. 82.1 118.0 80.6 99.7 105.3 94. 7 80.4 91.9 97.2 98.8 r Revised. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 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. * 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. 4 New index. See note 2. 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 87 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. STEELB 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 WALTER WYATT, General Counsel District No. 11 (DALLAS) R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel District No. 12 (SAN FRANCISCO).. .PAUL S. DICK E. A. GOLDEN WEISER, Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ALLAN SPROUL, Manager of System Open Market Account 88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Bank of— Reserve Agent President First Vice President Vice Presidents Boston F. H. Curtiss. R. A. Young.. W. W. Paddock. W. Willett 2 New York. Owen D. Young G. L. Harrison. Allan Sproul L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia. T. B. McCabe J. 8. Sinclair. F. J. Drinnen. C. A. Mcllhenny s W. J. Davis E. C. Hill Cleveland G. C. Brainard . M. J. Fleming. F. J. Zurlinden.. W. H. Fletcher G. H. Wagner W. F. Taylor » Richmond Robert Lassiter. Hugh Leach J. S. Walden, Jr.____. J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely.... Oscar Newton.. R. S. Parker. W H. . F S . . C M o c n L n a if r l in, Jr.» M. H. Bryan Chicago R. E. Wood *_ G. J. Schaller. H. P. Preston. W O. . 8 H . . Y S o n u y n d g er a J. H. Dillard St. Louis W. T. Nardin_ W. McC. Martin. F. G. Hitt. C O. M M . . S A te tt w eb a e r r t y 2 Minneapolis W. C. Coffey1 J. N. Peyton O. S. Powell. H. I. Ziemer • E. W. Swanson Kansas City._. R. B. Caldwell G. H. Hamilton... O. A. Worthington.. H. G. Leedy J. W. Helm 3 Dallas J. H. Merritt B. A. McKinney.. R. R. Gilbert R. B. Coleman 3 W. J. Evans 8an Francisco.. St. George Holden 1.__ W. A. Day Ira Clerk W. M. Hale C. E. Earhart2 1 Deputy chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara Helena branch _. _ R. E. Towle Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch... _ J. E. Olson Pittsburgh branch P. A. Brown Oklahoma City branch C. E. Daniel Richmond: Omaha branch L. H. Earhart Baltimore branch W. R. Milford Dallas: Charlotte branch W. T. Clements El Paso branch J. L. Hermann Atlanta: Houston branch W. D. Gentry Birmingham branch _ P. L. T. Beavers San Antonio branch M. Crump Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose New Orleans branch _ L. M. Clark Portland branch._ R. B. West Chicago: Salt Lake City branch _ W. L. Partner Detroit branch R. H. Buss Seattle branch _ 0. R. Shaw Of- TL riitntlie«' 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. 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS OKLA. If*""* *"*-*""' Oklahoma City P A™- ^ f ATLANTA Little#Rock/ Birmingham ^ t..^ DALLAS® MHBM BOUNDARIES OF FEDERAL RESERVE DISTRICTS . __ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis