Federal Reserve Bulletin, 1939-02

FEDERAL RESERVE BULLETIN FEBRUARY 1939 Gold, Capital Movements, and Foreign Trade Deposits Covered by Federal Deposit Insurance Treasury Silver Regulations 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—Gold, capital movements, and foreign trade 91-96 National summary of business conditions 97-98 Summary of financial and business statistics 100 Deposits covered by Federal deposit insurance 101-104 Proclamations and regulations relating to silver 105-108 Number of banks and branches 1933-1938; analysis of changes in number of banks and branches, January 1- December 31, 1938 109-110 Chart book series on bank credit, money rates, and business 111-112 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 114 Federal Reserve bank statistics 115-119 Reserve position of member banks; deposits in larger and smaller centers 120 Money in circulation 121 Gold stock and gold movements; bank suspensions; bank debits 122 All banks in the United States 123 All member banks 124-125 Reporting member banks in leading cities 126-129 Acceptances, commercial paper, and brokers' balances 130 Federal Reserve bank discount rates 131 Money rates and bond yields 132 Security markets 133 Treasury finance 134-135 Governmental corporations and credit agencies; Postal Savings System 136-137 Production, employment, and trade 138-146 Wholesale prices 147 International financial statistics: Gold reserves of central banks and governments 150 Gold production 151 Gold movements 151-152 Central banks 153-156 Bank for International Settlements 157 Money rates 157 Discount rates of central banks 158 Commercial banks 158-159 Foreign exchange rates 160 Price movements: Wholesale prices 161 Retail food prices and cost of living 162 Security prices 162 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 164 Senior officers of Federal Reserve banks; managing directors of branches 165 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 26 FEBRUARY, 1939 No. 2 REVIEW OF THE MONTH ances held for out-of-town correspondent banks as well as through gold imports and the Volume of industrial production in Janreturn of money from circulation. Reserves uary, according to information now available, increased also through net redemptions of was about the same as Treasury bills held in the New York market. Business developments December, although in On January 25 excess reserves of New York in January usually there is an in-City banks reached a total of $2,130,000,000. crease, and the Board's seasonally adjusted Reserve city and country banks also showed index declined from 104 to about 101. Factory increases in excess reserves which were about employment and payrolls appear to have de- the same in amount as the declines that had clined seasonally from the middle of December occurred in the second half of December. At to the middle of January. Steel ingot produc- Chicago banks excess reserves continued to tion, which ordinarily increases in January, decline in January due to purchases of the was in smaller volume than in December. new issues of Treasury bills. Automobile production showed somewhat less As the year 1938 came to an end gold was than the usual seasonal decrease, and at cotton moving in large volume to the United States. textile mills activity continued at a high level. One of the sharp capital Mineral production increased seasonally. Transf er of gold to flows from London that the British Fund Value of construction contracts awarded in had characterized the last January was lower than the large volume re- half of 1938 was under way. On December 30, ported in December, owing chiefly to a reduc- announcement in regular course of the gold tion in awards for publicly-financed projects. holdings of the British Exchange Equaliza- The volume of retail trade showed about the tion Account, or, as it is commonly known, the usual decrease after Christmas, and there was British Fund, disclosed the fact that these little change in wholesale commodity prices. gold resources had been cut from $1,500,- Following a substantial reduction from the 000,000 in March 1938 to $760,000,000 on middle of December to Christmas, member September 30. The belief was widespread in bank reserves showed a sharp view of the marked weakness in sterling ex- Renewed increase i J January 25 ncrease an( on change during the autumn that further subin bank reserves v excess reserves stood at stantial gold losses had occurred subsequent $3,600,000,000, a larger total than at any to the end of September and that the existing previous time. The rise in member bank resources of the Fund available for support reserves from December 21 to January 25 of sterling were limited. amounted to about $700,000,000 and resulted Early in the new year the British authorichiefly from the post-holiday return of $320,- ties took action to increase the power of the 000,000 of money from circulation, additions Exchange Fund to act in support of sterling. On January 6 gold to the amount of $1,650,to the gold stock of $190,000,000, and net 000,000 was transferred from the Bank of Treasury disbursements of $180,000,000 from England to the Fund. The transfer amounted its balances. to more than the total holdings of the Fund The largest increase in excess reserves in in March 1938 before the outflow of gold incithis period occurred at New York City banks dent to the Czechoslovak crisis in the summer which gained reserves from a growth in bal- 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL RESERVE BULLETIN FEBRUARY 1939 had begun. The Fund paid for the gold with From the end of January 1934 through Government securities. 1938 the monetary gold stock of the United Although the gold that the Bank of Eng- States increased by land turned over to the Fund had all been ac- Gold capital movements, bout $7,700,000,000, and ioreign trade a quired since 1932, the transfer did not leave of which $7,000,000,the Bank's gold reserves in the same relation 000 represented the inflow of gold from to its note issue as in 1932. Since 1932 the abroad. As is shown by the chart the two note circulation has increased by more than principal factors causing this inflow were £100,000,000 so that the transfer of gold this the surplus in the country's merchandise January made necessary a substantial intrade with the world, amounting to $2,100,crease in the fiduciary issue—i. e., the issue 000,000 over the five years, and the movebacked by securities. The standard fiduciary issue established by the Currency and Bank PRINCIPAL FACTORS OF INCREASE IN U. S. GOLD STOCK Notes Act of 1928 is £260,000,000; but pro- M 8 IL 0 LIO 0 N 0 S OF DOLLARS CUMULMED FROM JANUARY 3 ,1934 MILLIONS OF D vision is made in the Act for increasing the issue for a maximum period of two years 6000 and for reducing it. This can be authorized INCREASE /* IN GOLD S TOOK S by the Treasury without action by Parlias ment. At the end of 1932 a temporary in- 4000 crease in the fiduciary issue to £275,000,000 / was in effect. During the subsequent period /•'"NETCA PITAL INFLOW of gold acquisition the fiduciary issue was re- 2000 / y duced below the standard level. It has now EX M P E O RC RT ^ S N U D R I P S L E US v ^L been increased to £400,000,000 which is suffi- O cient to cover the expanded note circulation. 1934 1935 1936 1937 1938 Monthly figures except for net capital inflow which represents The transfer has affected chiefly the issue de- net figure of Dept. of Commerce for year 1934 and weekly figures of Treasury Dept. for Jan. 2, 1935-Oct. 26, 1938. partment of the Bank leaving reserves against ment of capital amounting in the reported deposits in the banking department at about figures to $4,200,000,000. An analysis of the the customary level. As these are the workcapital movement itself suggests that, while ing reserves of the Bank, its operating posithis movement has been influenced to an tion has not been significantly altered, alimportant degree by disturbed conditions though nearly all the gold that has come to abroad, only a limited amount now represents England on balance since 1932 is now held in nervous foreign money ready to leave this the Exchange Fund. country as soon as conditions abroad become Raising the Fund's gold resources, as well more stable. More than a third of the capas certain informal measures taken by theital inflow since January 1934 has reprecommercial banks to curb exchange specula- sented the liquidation of American assets tion, immediately strengthened the position abroad. Somewhat less than a third has of sterling in the exchange market. The quo- represented foreign buying of American setation, which had declined from about $5.00 curities, and the experience following 1929 early in 1938, rose from $4.63*/^ on January and March 1937 indicates that, while foreign- 5, 1939, to $4.68 on January 7 and remained ers as a group have bought American securiclose to this higher figure for the rest of theties heavily during a bull market, they have month. The capital movement from England not sold on balance during the subsequent to the United States which had been carrying decline. Individuals have entered the market gold with it in large volume toward the end of and have withdrawn from it, but aggregate 1938 was in considerable measure checked. holdings of American securities have been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

93 FEBRUARY 1939 FEDERAL RESERVE BULLETIN either broadly maintained or have expanded. The two chief influences behind the mass Periods of net sale of American securities by movements of floating money have been finanforeigners have been brief. cial uncertainties in The third element in the capital movement, Influence of financial various countries and and that which has constituted its most vola- uncertainties in various fears of European war. countries tile part, has been balances held by foreigners The first of these was in this country. The growth in these balances the chief influence until the middle of 1938; since January 1934 accounts for little more but it led to two-way movements that to a than a third of the capital movement and less considerable degree cancelled out, and curthan a quarter of the gold inflow. Most of rently it does not appear to be of great importhese foreign balances are money on demand tance. It first came powerfully into play in deposit with the banks. As such they earn no the spring of 1935 when Belgium was forced interest, and, except as they are needed for to devalue its currency and the remaining current business purposes, they represent members of the so-called gold bloc—France, idle funds held here largely for reasons of Switzerland, and the Netherlands—experisafety or speculation, ready to move else- enced a flight of capital brought on by fears where as the financial or political scene shifts. that they might undergo the same experience. These balances may be described as "floating Subsequent budget or other crises within money." this group were accompanied by further What portion of the $1,500,000,000 of for- shifts of floating money to London or New eign balances that have come here net since York. Even when funds flowed from the January 1934 now repre- Continent to London they usually, through Floating money ^^ floating m Q n ey ig im_ their effects in the exchange market, started possible to determine with precision. It is a flow of British funds to New York, thus certain that some of these balances were accu- indirectly contributing to the accumulation mulated for business purposes after de facto of unstable balances here. The gold-bloc stabilization of the dollar in January 1934. movements as such came to an end in Septem- In the preceding period in which the dollar ber 1936 when the three remaining gold-bloc was falling on the exchanges foreign funds countries suspended gold payments. here had been curtailed in order to hold ex- A somewhat different type of development change losses to a minimum. Immediately involving several countries in extensive movefollowing stabilization working balances were ments of floating money was the gold scare in in some measure replenished and continued to the spring of 1937. The impression became grow as, with the passage of time, confidence widespread abroad that the prices paid for in the stability of the dollar increased and the gold by leading monetary authorities might volume of business and financial transactions be reduced and a heavy transfer out of gold expanded. Undoubtedly these additions to into certain currencies took place. The moveworking balances since January 1934 amount ment to the United States was particularly to hundreds of millions of dollars. But a re- heavy. view of the circumstances which have sur- The foreign, funds that came to this country rounded the coming of the bulk of the foreign from France, Switzerland, the Netherlands, short-term funds at particular periods makes and England at irregular periods of gold-bloc it apparent that to a considerable extent they crises and during the gold scare in the spring represent a movement of nervous money not of 1937 aggregated by the middle of 1937 needed for business purposes and as such con- more than $1,000,000,000. In addition, a part stitute the most unstable element in the for- of the funds that came to this country from eign exchange market today. other European countries and Canada, Latin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN FEBRUARY 1939 America, and the Far East was undoubtedly the finances of the Government were adopted. influenced by currency uncertainties, although Subsequently there has been a steady moveit is harder to trace motivation in these cases. ment of funds back to France and not only The money that flowed to the United States, has the franc strengthened to 177 to the however, during the early years of dollar pound, but the French Fund is reported to stabilization as a result of currency uncer- have acquired substantial amounts of gold. tainties in various countries appears to a With the improvement in the French situalarge extent to have been withdrawn during tion the accumulation of floating money in the recent business recession. At that time ap- the United States as a consequence of internal prehension developed abroad lest ultimately developments in various countries has diminthe dollar should be devalued as a measure ished further in importance. The gold-bloc to combat the recession, and from October difficulties as a group ceased in September 1937 through July 1938 more than $900,000,- 1936; the gold-scare episode of 1937 was 000 of foreign balances were withdrawn. transient, and was soon followed by the heavy It was during this period of withdrawals withdrawals of flight balances that accomthat a series of measures were initiated in panied business recession in the United France that have tended to remove that coun- States. It is possible that much of what retry as a periodic source of inflow of unstable mained in this country in July 1938 at the money, directly and indirectly, to the United end of this period of withdrawals would have States. France had been subjected to recur- been required as working balances in any rent flights of capital even after the attempt case in view of the growth of international to maintain gold payments at the pre-de- business since 1933; and the improved French pression parity had ended. Immediately fol- situation in the latter half of 1938 removed lowing suspension of the gold standard in one of the chief sources of flight from in- September 1936 franc exchange had fallen ternal financial difficulties. At that time, from about 6.60 cents to 4.65. Another sharp however, another influence assumed greater decline occurred toward the end of the gold importance—the fear of war. scare in the spring of 1937. Subsequent peri- War fears in Europe have been a factor in ods of weakness carried the rate down nearly the capital movement for some time. Their to 3 cents in the spring of 1938. On May 5, influence, however, could 1938, the franc rate was reduced to 2.79 Influence of war fears not be clearly detected cents (the equivalent at that time of 179 to until September 1935 when Italian-Ethiopian the pound) and public assurances were given hostilities were imminent. At that time the by the Government that no further decline danger that England might become involved with relation to the pound would be permitted. led to substantial transfers of capital—pos- Since that time this lower limit has been sibly as much as $200,000,000—to the United effective notwithstanding some pressure on States. Most of this represented a shift of the franc as the Czech crisis developed. Fi- balances from London to New York. As comnancial and economic measures initiated in pared with the spasmodic, but cumulative, May when the franc was readjusted—meas- flow of funds to this country as a result of the ures designed to attract home French capital gold-bloc difficulties and the subsequent gold abroad and to expand French production— scare this amount was not large. In August were supplemented by new steps in Novem- 1938, however, when the withdrawal of floatber 1938. The legal working hours of French ing money from this country had reached the labor were broadly extended, an attempt at a magnitude of $900,000,000, another threat to general strike was defeated by the Govern- European peace in connection with the Czechment, and further measures to strengthen oslovak situation started an unprecedented Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

95 FEBRUARY 1939 FEDERAL RESERVE BULLETIN flow of foreign balances to the United States,ican short-term funds from foreign centers which in three months amounted to $550,- was completed by the middle of 1935. 000,000. As the shock to European security Liquidation of American-held foreign sepassed, the inflow of funds became intermit- curities, however, continues. As is shown by tent, but recurrent uncertainties kept the the chart, it has been in progress since 1930, prevailing movement one from London to and since January 1934 it has amounted to New York causing the market to question nearly $900,000,000. In part it represents whether the resources of the British Fund the steady flow of sinking-fund operations ranging from 50 to 60 million dollars a year. were adequate, and this doubt contributed to further shifts of balances. AMERICAN INVESTMENT ABROAD AND FOREIGN INVESTMENT IN U.S. Since the recent transfer of gold from the EXCLUSIVE OF SHORT-TERM BALANCES AND DIRECT INVESTMENTS NS OF. DOLLARS Bank of England, which supplied the Fund 3000 with ample resources for the support of AMERICA STMENT ABROAD sterling, the movement of floating money has " J in some measure been checked. Further in- - /] 2000 fluences toward elimination of exchange spec- FOREIGNINVES ulation have been brought to bear in various IN UNITED ST \TES / N; foreign centers through informal action of r — the banks. Should the European situation become more stable the great mass of idle 0 foreign funds in this country, earning no in- Annual figures of Dept. of Commerce, 1926-1934 ; monthly figures of Treasury Dept., Jan. 1935-Oct. 1938. Figures represent terest, might easily be attracted into more cumulated net purchases or sales of securities since 1925, i.e., net capital movement in securities, and not current market value of essential or more profitable uses at home. On existing holdings. the other hand, further unsettlement of in- More irregular, but nevertheless recurrent, ternational relations could swell to greater is the flow of redemptions. Where a bond is proportions the floating balances already not in default it must be redeemed at mahere. These funds constitute the most un- turity; but maturities are uneven and a repredictable of the major factors governing funding operation may put off the date of the international exchanges and the flow of cash redemption from the standpoint of this gold to the United States. country. Furthermore, there is wide choice More than a third of the inward capital in calling or buying in bonds before maturity. movement since January 1934 (some $1,500,- During the period 1934-1938 cash redemp- 000,000) represents tions have ranged from 50 to 150 million dol- Liquidation of American American funds repa- lars a year. Under the favorable conditions assets abroad . ^ prevailing in debtor countries during the triated irom abroad. American recovery that was interrupted in They comprise American loans, acceptances, 1937, cash redemptions increased. When reand deposits abroad that have been repaid and cession here weakened raw material markets, foreign securities that have been redeemed or cash redemptions appear to have diminished; repurchased from Americans by foreigners. and in addition foreigners turned from buy- Among the short-term funds repatriated, ers to sellers of their outstanding dollar amounting to over $600,000,000, liquidation bonds, and their issues for new capital in this of accounts in Germany represent more than country somewhat increased. Foreign bora third. Another substantial block consists rowing in this country, however, is limited of balances accumulated in England in 1933today by the reluctance of Americans to buy when the dollar was falling on the exchanges. foreign securities. In the period 1926-28 The greater part of the repatriation of Amer- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN FEBRUARY 1939 Americans bought more than $1,000,000,000 regard to the dollar developed in the early of foreign issues a year from a wide list of thirties and again in 1937-1938. The $1,000,countries for new capital purposes. In 1934000,000 that came in 1928-1929 and the second they bought none; and although a few for-$1,000,000,000 that came in the two years eign countries such as Canada, Argentina, ending with March 1937 have remained. This and Norway have since demonstrated their does not mean that foreign selling has not ability to dispose of public issues in this mar- been a factor at times in the decline of Amerket, new foreign issues publicly offered have ican security prices. Individuals abroad have remained in small volume. Consequently sold on falling markets as have Americans. there has been on balance an almost uninter- But, with prices falling, as much foreign rupted liquidation of American holdings of money has been attracted into American seforeign securities averaging about $200,000,- curities as has been taken out, and in periods 000 a year until 1938; and while the net move- of rising stock prices foreign investors and ment was sharply curtailed in 1938 it con-speculators have bought heavily on balance, tinues to be an influence toward bringing gold indicating the favor with which foreigners as to the United States. a group look upon American equities. In addition to building up of idle deposits The reported inflow of capital since January by foreigners and repatriation of American 1934 in these three major forms—foreign capital a third major form balances here, repatriation Foreign buying of ital movement to the The merchandise of American assets from of cap export surplus American securities abroad, and foreign pur- United States has been chases of American securities—has amounted foreign acquisition of American securities. to $4,200,000,000. During the same period Foreigners have been attracted by the Amer- the United States has acquired some $7,000,ican stock market. Since January 1934 they 000,000 of gold from foreign sources. The have put nearly $1,200,000,000 on balance capital inflow has been the chief factor in into American securities and it has come the acquisition of this gold, and it may even mainly at times of stock market boom. While have been larger than the reported figures currency uncertainties and war fears abroad since the coverage of the reports is not comhave undoubtedly influenced foreigners' ap- plete. Another major factor, however, as praisals of the longer-term investment opshown in the chart on page 92, has been the portunities at home as compared with those surplus of merchandise exports from this in the United States, they appear to have done country, amounting to $2,100,000,000 since so only in a broad way, helping to create a January 1934. This surplus developed rapidly general investment preference for American in the last half of 1937 as larger agricultural securities. Foreign investment here has not crops were harvested and industrial recession been concentrated, as has the movement of cut imports of raw materials. For the greater floating funds, in periods of financial or part of a year the export surplus was the political disturbance abroad. As is shown dominant factor in drawing gold to the in the chart, the two periods in which for- United States. In recent months, however, eigners poured money into American securithe value of American sales abroad has been ties were 1928-1929 and the two years endrunning considerably below that of a year ing with March 1937, both periods of rapid ago, particularly in cotton, wheat, iron and advance in stock prices. In the subsequent steel, and automobiles; and with industrial periods of stock market weakness, foreign recovery once more expanding imports, the investors as a group did not withdraw their amount of the export surplus has somewhat funds, although floating balances were withdiminished. drawn in large amounts as uncertainties with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 97 Annual Report for 1938 year's Report contains only a few of the The Annual Report of the Board of Gov- statistical tables and omits some of the apernors for 1938 was presented to Congress pendix material previously published. The on January 31,1939. Copies may be obtained additional material previously included in the upon request. This year the Annual Report complete edition of the Annual Report will was issued in one edition and not in two edibe made available in the FEDERAL RESERVE tions as has been customary with Annual BULLETIN or in some other form. Reports. In previous years a brief edition The first part of the Board's Report has of the Report has contained the text and the records of policy actions, and the complete been reprinted as a separate pamphlet under edition which appeared later included in ad- the title Problems of Banking and Bank Sudition a large number of statistical tables pervision. Copies of this reprint may be and some other appendix material. This obtained upon request. NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 23 and released for publication January 25] Volume of industrial production declined WHOLESALE PRICES seasonally in December and showed little change in the first three weeks of January, when an increase is usual. Wholesale commodity prices were steady. Employment and payrolls increased further in December, and retail sales showed more than the usual seasonal rise. Production.—In December volume of industrial production declined by about the usual seasonal amount and the Board's adjusted index was at 104 percent of the 1923- 1938 1939 1925 average, about the level reached in Index compiled by United States Bureau of Labor Statistics, 1926 — 100. By weeks, January 6, 1934, to January 21, 1939. November following an exceptionally rapid advance after the middle of the year. Changes largely seasonal. In the steel industry, howin output in most lines in December were ever, production showed a greater than seasonal decline, and averaged 54 percent of INDUSTRIAL PRODUCTION capacity in December as compared with 61 140 percent in November. Lumber production 130 130 showed little change from November to De- J cember, although usually there is a decline, 120 120 / and at textile mills and shoe factories activity 110 110 \ declined less than seasonally. At meat-pack- 100 A v/ \ / 100 ing establishments there was a reduction in / output. A / \ / k Automobile production increased somewhat ' V further in December. In the fourth quarter of 1938 production and sales of the new model 1938 1939 cars were in about the same volume as in Monthly index of physical volume of production, adjusted for 1937; dealers' stocks of new cars increased seasonal variation, 1923-1925 average = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN FEBRUARY 1939 seasonally in this period but at the year end EXCESS RESERVES OF MEMBER BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS were much below the high level of a year earlier. Value of construction contract awards increased considerably from November to December, according to F. W. Dodge Corporation figures for 37 Eastern States. The increase reflected principally a further rise in contracts awarded for Public Works Administration projects, which accounted for most of the sharp increase in awards that occurred in the last half of 1938. Contracts for pri- 1934 1935 1936 1937 1938 1939 vate residential building decreased less than Wednesday figures of estimated excess reserves for all member banks and for selected New York City banks, January 3, 1934, seasonally in December, while other private to January 18, 1939. construction showed little change and re- Freight-car loadings declined seasonally mained at a low level. from November to December, reflecting Employment.—Employment and payrolls largely the customary decrease at this time rose further between the middle of November of year in shipments of miscellaneous freight. and the middle of December. In most manu- Bank credit.—As the result of the postfacturing lines the number employed conholiday return of money from circulation, tinued to increase, when allowance is made together with Treasury disbursements from for the usual seasonal changes, and in the its balances with the Reserve banks, and gold automobile and machinery industries the rise imports, excess reserves of member banks was considerable. Employment and payrolls increased nearly $600,000,000 in the four in trade increased more than is usual in the weeks ending January 18 to a new high level holiday season and in the construction indusof $3,560,000,000. A large part of the intry employment showed much less than the crease occurred at New York City banks. usual seasonal decline. Total loans and investments of reporting Distribution.—Distribution of commodities member banks in 101 leading cities, which increased more than seasonally in December. increased substantially in the first three Sales at department stores showed the usual weeks of December, declined in the following sharp expansion prior to Christmas and sales four weeks. There was some decline in loans at variety stores and mail order sales showed and a reduction in holdings of United States a more than seasonal rise. Government obligations, reflecting in part FACTORY EMPLOYMENT distribution to the public of new securities PERCENT PERCENT 120 120 purchased by banks in December. Deposits declined somewhat in the latter part of De- 110 / cember but increased in January. \ 100 100 Money rates and bond yields.—Average yields on United States Government securi- 90 rv 90 ties declined slightly in December and the first three weeks of January. For three con- 80 secutive weeks the entire new issue of 91-day 70 Treasury bills sold on or slightly above a noyield basis. Commercial paper rates declined 60 60 1934 1935 slightly in January while other open-market Monthly index of number employed at factories, adjusted for money rates continued unchanged. seasonal variation, 1923-1925 average = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

99 FEBRUARY 1939 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DO 16 16 15 15 14 14 1?) 13 GOLD $ilUGK _«^"""" 12 12 11 11 10 10 q 8 r MONEY ll\ CIRCULATION 7 6 5 4 TRF-ASURY CASH "*: 3 „,: RESERVE BANK : •- 2 C. CREDIT ' TREASLJRY DEPOSITS 1 At ii AT F• D DAMl^C I 1 j 0 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 Latest figures for January 25. See table on page 114. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN FEBRUARY 1939 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 1937 J\nnual averages Dec. Nov. Oct. Dec. Nov. Oct. 1938 1937 1936 1935 1933 1929 MEMBER BANK RESERVES, RESERVE BANK CREDIT, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,618 2,592 2,598 2,628 2,592 2,583 2,600 2,554 2,481 2,475 2,429 1,459 Bills discounted - 7 7 8 16 19 22 9 14 6 7 283 952 Bills bought 1 1 1 3 3 3 1 3 4 5 83 241 U S Government securities 2,564 2,564 2,564 2,565 2,545 2,527 2,565 2,540 2,430 2,431 2,052 208 Gold stock _ 14,416 14,162 13, 940 12, 765 12, 788 12, 782 13, 250 12,162 10, 578 9,059 4,059 3,996 Treasury currency outstanding 2,783 2,760 2,745 2,627 2,613 2,603 2,711 2,567 2,503 2,478 2,271 2,015 IVTOTIPV in circulation 6,888 6,750 6,668 6, 618 6,558 6,566 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings 2,673 2,728 2,782 3,622 3,642 3,636 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F. R. banks 723 526 665 188 125 95 653 158 446 128 55 22 Nonmember deposits and other accounts 788 783 622 713 750 717 658 595 551 507 497 406 Member bank reserve balances: Total . 8,745 8,727 8,546 6,879 6,919 6,954 7,935 6,830 5,989 5,001 2,343 2,358 Excess - -- 3,226 3,276 3,143 1,071 1,104 1,043 2,522 1,220 2,512 2,469 528 43 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments _ 21, 586 21, 347 21, 323 21,484 21, 556 21,889 21,023 22,198 22,064 19,997 17,505 22, 599 Loans—total - -- - 8,465 8,319 8,282 9,451 9, 559 9,890 8,506 9,546 8,462 8,028 9,156 16,887 Commercial, industrial and agricultural 3,863 3,884 3,904 4,626 4,740 4,828 4,059 0) 0) 0) 0) (0 To brokers and dealers in securities 850 715 669 903 881 1,103 701 1,226 1,181 990 111 e 2, 208 Other loans for purchasing or carrying securities.. 566 571 576 648 657 669 588 0) 0) 0) 0) 0) All other loans 3,186 3,149 3,133 3,274 3,281 3,290 3,158 (0 0) 0) 0) 0) Tnvpstments total 13,121 13,028 13,041 12,033 11,997 11, 999 12, 517 12,652 13, 602 11,969 8,349 5,712 U S Government direct obligations _ 8,191 8,130 8,084 8,046 7,970 7,914 7,982 8,394 9,080 7,989 5,228 2,865 Obligations fully guaranteed by U. S. Govt 1,708 1,681 1,682 1,113 1,127 1,132 1,451 1,164 1,250 928 Other securities - 3,222 3,217 3,275 2,874 2,900 2,953 3,084 3,094 3,272 3,052 3,121 2,847 Reserve with Federal Reserve banks 7,219 7,170 7,005 5,358 5,348 5,384 6,400 5,307 4,799 4,024 1,822 1,725 Cash in vault - _ __ 483 438 425 341 320 326 382 337 383 326 240 248 Balances with domestic banks 2,452 2,467 2,446 1,850 1,804 1,781 2,289 1,884 2,358 2,112 1,322 1,142 Demand deposits—adjusted _ 16,087 15, 825 15, 688 14, 570 14, 636 14, 756 15, 033 15,097 14, 619 12, 729 0) 0) Time deposits (excluding interbank)2 5,140 5,135 5,164 5,203 5,287 5,278 5,202 5,202 4,999 4,883 4,946 6,788 Deposits of domestic banks 3 6,191 6,233 6,122 5,053 5,039 5,088 5,770 5,298 5,810 4,938 2,822 2,787 Borrowings - -- 1 2 1 10 6 5 3 12 5 6 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; percent per annum Commercial paper .. ____ __ 63 69 69 1.00 1.00 1.00 .81 .95 .75 .76 1.72 5.85 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.16 7.61 TT S Treasurv bills (91 days) .03 .04 .05 .11 .09 .20 .07 .28 .17 .17 U S Treasury bonds, long-term4 2.49 2.50 2.48 2.67 2.71 2.76 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa)... 3.08 3.10 3.15 3.21 3.24 3.27 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total 453 379 763 164 136 203 365 '328 518 392 89 959 New - - - 218 225 165 122 94 96 194 178 164 121 60 841 Refunding 234 155 598 42 42 107 170 150 354 270 29 118 Domestic corporate issues—total _ _ . _ 244 145 337 57 36 136 173 ••203 382 189 32 781 New 47 43 64 43 26 67 71 102 99 34 13 667 Refunding 197 102 273 14 10 70 102 101 282 155 18 115 PRICES Index numbers Common stocks (1926=100).. - 92 95 91 82 83 91 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities 77 78 78 82 83 85 79 86 81 80 66 95 Farm products 68 68 67 73 76 80 69 86 81 79 51 105 Foods - 73 74 74 80 83 86 74 86 82 84 61 100 Other commodities 80 81 81 84 84 85 82 85 80 78 71 92 Retail food prices (1923-25=100) 79 78 78 83 84 85 79 85 82 80 66 105 BUSINESS INDEXES Index number.?, adjusted for seasonalvariation, 1923-25—100 Industrial production __ ___ P104 103 96 84 88 102 110 105 90 76 119 M anuf actures P104 103 95 79 85 101 109 105 90 75 119 Minerals 102 99 115 109 113 P98 115 105 91 82 115 Construction contracts awarded—total 96 82 61 56 52 59 55 37 25 117 Residential P57 56 57 30 32 36 P45 41 37 21 11 87 All other . #132 128 102 87 76 65 pgQ 74 70 50 37 142 Factory employment P91 90 88 95 101 105 P§7 106 98 91 73 106 Factory payrolls (unadjusted) - __ 84 84 84 93 105 102 86 74 50 110 Freight-car loadings 69 69 68 67 71 76 62 78 75 64 58 107 Department store sales 89 89 84 89 91 93 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per montli; in millions of dollars Exports including re-exports P269 252 278 323 315 333 279 205 190 140 437 •General imports _ _ _ 176 178 209 223 224 257 202 171 121 387 p Preliminary. r Revised. e Partly estimated. i Figures not available. «Includes time deposits of banks, domestic and foreign, 1929-1934. 3 Does not include time deposits 1929-1934. * 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

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 101 DEPOSITS COVERED BY FEDERAL DEPOSIT INSURANCE The Federal Deposit Insurance Corpora- insured. On May 13, 1936, the date of the tion has published the results of a survey last similar report, approximately 43 percent showing for different size groups and classi- of the deposits were insured. On that date, fications of deposits and for different size the banks reported 57,400,000 accounts with groups of banks, the number and dollar balances of $45,000,000,000, of which $19,amount of deposits in insured banks and 500,000,000 were insured. As shown in the number and dollar amount of deposits Table 1, the increase in the number of acwholly protected by insurance as of Septem- counts and amount of deposits insured beber 1, 1938.1 Information was also obtained tween the two report dates occurred chiefly as to how much greater the number and dollar in the demand and time accounts of the genamount of deposits wholly protected by in- eral public. surance would have been if the maximum Tables 2 and 3 show how the total insurcoverage for each depositor was increased ance coverage would be affected by increasing from the present limit of $5,000 to either the maximum coverage for each depositor $10,000 or $25,000. from $5,000 to $10,000 or to $25,000. Of the A condensed statement of the material re- 61,392,000 accounts, there were 429,000 with leased by the Corporation follows: balances of more than $10,000 each and only 174,000 with balances of more than $25,000 On September 21, 1938, 13,705 operating each. As a consequence, a maximum coverinsured commercial banks in the United age of $10,000 would have provided full in- States and its possessions reported a total surance protection to 99.3 percent of the of 61,392,000 accounts, of which 60,399,000, accounts, while a maximum of $25,000 would or 98.4 percent, were accounts with balances have provided full protection to 99.7 percent not exceeding $5,000, the maximum insurance of the accounts instead of 98.4 percent as at for each depositor. Deposits in these banks present. The present coverage is at least 97 amounted to roughly $48,000,000,000, of percent of the total number of accounts in which $21,700,000,000, or 45 percent, were every State in the various classifications of deposits, and in banks of every size group. A 1 The dates of previous surveys and publications in which they may be found are as follows: May 13, 1933, FEDERAL RESERVE change of insurance protection from the pres- BULLETIN of July 1933, pp. 414, 454-456; October 25, 1933, FEDERAL RESERVE BULLETIN of May 1935, pp. 316-318; October 1, 1934, ent maximum of $5,000 for each depositor to Annual Report of Federal Deposit Insurance Corporation for 1934, pp. 184-193; and May 13, 1936, FEDERAL RESERVE BULLETIN of $10,000 would increase insured deposits by January 1937, pp. 12-14. TABLE 1.—DEPOSITS INSURED WITH A MAXIMUM COVERAGE OF $5,000, SEPTEMBER 21, 1938 AND MAY 13, 1936, GROUPED BY TYPE OF DEPOSIT Insured Commercial Banks Number of accounts Total deposits Percent of (in thousands) (in millions of dollars) deposits insured Type of deposit Sept. 21, May 13, Sept. 21, May 13, Sept. 21, May 13 1938 1936 1938 1936 1938 1936 Total 61, 392 57, 398 48, 220 45,188 45 43 Deposits of individuals, partnerships andcorporations: Demand _ __ _ 23, 770 22,106 21, 972 19, 737 38 38 Savings and time 34, 323 32, 563 13,612 12, 559 84 82 Interbank __ 97 93 6,798 6,315 5 6 Public funds of States and their political subdivisions 249 244 3,116 3,360 13 12 U.S. Government and postal savings ._ 17 14 839 1,165 4 3 Uninvested trust funds 579 516 997 1,150 35 30 Drafts _ 596 469 336 318 49 52 Other items 1,761 1,393 550 584 42 44 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN FEBRUARY 1939 over $3,000,000,000 and raise the percentage general public. Balances in these accounts of insured total deposits from 45 to 51. A aggregated $13,600,000,000, of which 84 perchange to $25,000 would increase insured de- cent were insured.1 Insured savings and posits by almost $7,000,000,000 and raise the time deposits amounted to more than onepercentage of insured deposits to 59. half of all insured deposits. Demand depos- The general public held demand and time its of individuals, partnerships, and corporadeposits on September 21, 1938, amounting tions amounted to $22,000,000,000 and were to $35,600,000,000, or approximately three- 38 percent insured. fourths of the total in insured commercial Deposits, other than those of the general banks. About 95 percent of bank accounts public, consisting chiefly of deposits of other were held by the general public. More than banks and of governmental bodies, amounted 98 percent of these accounts (of individuals, to $12,600,000,000 and were 12 percent inpartnerships, and corporations) were $5,000 and less, and deposits of the public were 56 sured. Accounts of governmental bodies are percent insured. On May 13, 1936, these de-generally protected by the pledge of security posits were 55 percent insured. Over half or by legal preferment. It is estimated that, of the accounts in the banks on September 21, 1 In the 49 mutual savings banks insured with the Federal 1938, were time and savings accounts of the Deposit Insurance Corporation approximately 90 percent of the deposits were protected by insurance. TABLE 2.—ACCOUNTS INSURED WITH VARYING AMOUNTS OF MAXIMUM COVERAGE, SEPTEMBER 21, 1938, GROUPED BY TYPE OF DEPOSIT Insured Commercial Banks Numb(IT of accounts (in thousands) Percent of accounts of— Type of deposit $5,000 $10,000 $25,000 $5,000 $10,000 $25,000 Total and less and less and less and less and less and less Total 61, 392 60,399 60,964 61,219 98.4 99.3 99.7 Deposits of individuals, partnerships, and corporations: Demand 23 770 23,311 23, 538 23, 676 98 0 99 0 99 6 Savings and time - 34, 323 33, 955 34, 241 34, 309 98.9 99.9 99.9 Interbank 97 29 41 59 29.5 42.3 60.9 Public funds of States and their political subdivisions. _____ 249 200 217 233 80.3 87.1 93.4 U. S. Government and postal savings . _ __ _ 17 13 14 15 74.0 82.3 87.1 Uninvested trust funds 579 554 566 574 95.7 97.7 99.1 Drafts _ __ 596 586 591 594 98.3 99.1 99.6 Other items 1,761 1,751 1,756 1,759 99.4 99.7 99.8 TABLE 3.—DEPOSITS INSURED WITH VARYING AMOUNTS OF MAXIMUM COVERAGE, SEPTEMBER 21, 1938, GROUPED BY TYPE OF DEPOSIT Insured Commercial Banks Amount of deposits (in millions of dollars) Percent oi deposits insured with maximum coverage of— Type of deposit Insured with maximum coverage of— Total $5,000 $10,000 $25,000 $5,000 $10,000 $25,000 Total 48, 220 21, 705 24, 803 28, 740 45 51 59 Deposits of individuals, partnerships, and corporations: Demand 21, 972 8,535 10,129 12, 284 38 46 55 Savings and time 13, 612 11, 557 12, 368 12, 857 84 90 94 Interbank _ __ . 6,798 396 708 1,400 5 10 20 Public funds of States and their political subdivisions. 3,116 425 624 969 13 20 31 U. S. Government and postal savings 839 34 54 95 4 6 11 Uninvested trust funds _ _ _ 997 356 442 556 35 44 55 Drafts 336 167 205 251 49 61 74 Other items 550 235 273 328 42 49 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

103 FEBRUARY 1939 FEDERAL RESERVE BULLETIN in addition to insurance, not less than $3,000,- would have increased considerably under 000,000 of deposits are protected by security either a $10,000 or $25,000 provision. or preferment. Coverage up to $5,000 gave insurance pro- Increase in coverage to $10,000 or to $25,- tection to 70 percent or more of the deposits 000 would have increased substantially the in each of 11,901 banks—five-sixths of all insurance protection of the general public. insured commercial banks—about the same The coverage on demand deposits of individ- proportion as in 1936. In 456 banks no acuals, partnerships, and corporations would counts exceeded $5,000 in amount and all of have been 46 percent under a $10,000 limit the deposits, amounting to $51,000,000, were and 55 percent under a $25,000 limit. In- fully protected by insurance. In one-third surance coverage on their savings and timeof the banks where only a small number of deposits would have been 90 percent and 94accounts exceeded $5,000, insurance protected percent, respectively, and on interbank depos- more than 90 percent of all deposits in each its 10 percent and 20 percent, respectively. bank. In another one-third of the banks, the Insurance coverage of other types of deposits $5,000 maximum provided insurance protec- TABLE 4.—DEPOSITS INSURED WITH VARYING AMOUNTS OF MAXIMUM COVERAGE, SEPTEMBER 21,1938 Insured Commercial Banks Grouped by Percent of Deposits Insured [Deposits in millions of dollars] $5,000 maximum coverage $10,000 maximum coverage $25,000 maximum coverage Amount of deposits Amount of deposits Amount of deposits Number Number Number of banks of banks of banks Total Insured Total Insured Total Insured All banks 13,705 48, 220 21, 705 13, 705 48, 220 24, 803 13, 705 48, 220 28, 740 Banks with percent of deposits insured of: 100 percent 456 51 51 2,078 397 6,001 2,068 2,068 90 to 99 percent 4,602 2,174 2,036 6,427 5,180 4,896 5,277 7,735 7,381 80 to 89 percent 4,508 4,668 3,956 3,075 5,240 4,469 1,512 4,488 70 to 79 percent 2,335 4,676 3,526 1,217 4,768 3,574 497 6,093 4,541 60 to 69 percent 995 4, 454 2,912 461 5,555 3,635 200 3,452 2, 232 50 to 59 percent 395 5,482 3,125 200 3,073 1,675 109 5,137 2,764 Less than 50 percent 414 26, 715 6,099 247 24, 007 6,157 109 18, 469 5,266 TABLE 5.—DEPOSITS INSURED WITH VARYING AMOUNTS OF MAXIMUM COVERAGE, SEPTEMBER 21,1938 Insured Commercial Banks Grouped by Amount of Deposits Amount of deposits (in millions of dollars) Total Percent of deposits insured Number number with maximum coverage of— • of of Insured with maximum banks accounts coverage of— Total $5,000 $10,000 $25,000 $5,000 $10,000 $25,000 All banks. 13, 705 61, 392 48, 220 21, 705 24, 803 28, 740 45% 51% 59% Banks with deposits of: $100,000 and under _. 570 244 41 39 41 41 95 100 100 $100,000 to $250,000.. 2,592 1,925 457 418 440 454 91 96 99 $250,000 to $500,000.. 3,203 3,993 1,157 1,017 1,080 1,132 93 97 $500,000 to $1,000,000.... 2,913 6,197 2,078 1,746 1,878 1,989 84 90 95 $1,000,000 to $2,000,000.. 2,052 7,773 2,892 2,310 2,516 2,700 79 86 93 $2,000,000 to $5,000,000.. 1,411 10, 082 4,306 3,189 3,520 3,839 74 81 $5,000,000 to $10,000,000. _. 484 6,427 3,376 2, 243 2, 523 2,819 74 83 $10,000,000 to $50,000,000.. 360 9,835 7,271 3,668 4,245 4,977 50 58 68 Over $50,000,000 120 14, 916 26,642 7,075 8,560 10, 789 32 40 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN FEBRUARY 1939 tion to from 80 to 89 percent of the deposits 000 maximum, as with the $5,000 maximum, in each bank. approximately half of the insured deposits The number of banks whose deposits were would have been in the 480 banks with deinsured 100 percent would have increased to posits of more than $10,000,000 each. These 2,078 with a $10,000 limitation and to 6,001banks would have held somewhat more than with a $25,000 limitation. These banks held half of all insured deposits under, the $25,000 deposits of $397,000,000 and $2,068,000,000, limitation. respectively. Under a $10,000 provision deposits would have been insured 80 percent or TABLE 6.—DEPOSITS INSURED WITH A MAXIMUM COV- ERAGE OF $5,000, SEPTEMBER 21, 1938 more in 11,580 banks, compared with 12,790 Insured Commercial Banks Grouped by State banks under a $25,000 provision and 9,566 banks under the $5,000 provision. Amount of deposits (in millions of Percent The coverage varied widely among indi- Number dollars) of of banks deposits vidual banks, but in general was highest in insured Total Insured the small banks and lowest in the large banks. When banks were grouped according to the United States and Possessions—total 13, 705 48, 220 21, 705 45 amount of their deposits, the 11,330 banks STATE each with deposits of $2,000,000 or less Alabama 209 267 164 61 Arizona _ .._ _ _ 12 79 52 65 showed no group in which more than one per- Arkansas 209 164 107 64 California 204 3,952 2,248 56 cent of the accounts exceeded $5,000 in size. Colorado 136 319 178 55 The percent of deposits insured in these Connecticut. __ 103 487 268 55 Delaware 44 154 64 41 groups ranged from 95 in the group of banks District of Columbia._ _. _ 22 341 180 52 Florida 161 316 172 54 with deposits of less than $100,000 each down Georgia 264 407 209 51 to 79 in the group of banks with deposits of I Il d l a in h o o is 84 5 4 0 4,10 8 1 6 1,57 5 9 9 6 3 8 8 $1,000,000 to $2,000,000 each. The 2,255 I Io n w di a ana. . __ _ ... __ 4 5 8 8 1 6 8 5 0 7 9 9 4 4 9 0 5 8 6 7 1 0 banks with deposits of from $2,000,000 to Kansas 458 335 211 63 $50,000,000 each showed no group in which L K o e u n i t s u i c a k n y a. ___ _ 3 1 7 4 8 5 4 4 2 6 4 7 2 2 7 1 9 1 6 4 5 5 Maine 61 186 139 74 more than two percent of the accounts ex- Maryland 178 548 278 50 Massachusetts 194 1,815 728 40 ceeded $5,000 in size. Insurance coverage in Michigan 436 1,382 788 57 these groups of banks ranged from 74 percent Minnesota 648 868 507 58 Mississippi _ 195 183 123 66 in the group with deposits of $2,000,000 to Missouri ._ 600 1,434 645 44 Montana 114 130 85 65 $5,000,000 each to 50 percent in the group Nebraska.. _ _ 370 297 174 58 with deposits of $10,000,000 to $50,000,000 Nevada. __ 9 35 23 66 New Hampshire 56 82 55 66 each. The 120 banks each with deposits in New Jersey. _ _ . 374 1,644 1,118 68 New Mexico._ 40 56 35 62 excess of $50,000,000 showed three percent New York 743 13, 650 3,115 22 of the accounts with balances of more than North Carolina . .. 224 407 207 50 North Dakota 168 70 60 85 $5,000. Since most of these accounts were Ohio 686 2,173 1,288 59 Oklahoma 385 458 217 47 very large, about 26 percent of the total de- Oregon 73 287 189 66 posits in these banks were protected by in- Pennsylvania 1,070 4,466 2,203 49 Rhode Island 16 231 130 56 surance. Nearly one-third of all insured de- South Carolina. __ 109 131 86 65 South Dakota 167 84 66 79 posits were in these 120 banks. Tennessee 292 491 257 52 Coverage would have increased relatively Texas . 789 1,374 685 49 Utah 59 143 85 59 little under higher limits of insurance in Vermont _ 75 109 92 84 Virginia 316 570 358 62 small banks where the accounts were gener- Washington ... 143 426 252 59 ally small and the percent of deposits insured West Virginia 175 273 191 70 Wisconsin. __ 572 862 593 68 was high. The increase would have been Wyoming 58 61 43 70 greater in the large banks. With the $10,-Possessions 4 7 6 76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 105 PROCLAMATION AND REGULATIONS RELATING shall remain in force and effect until the 30th TO SILVER day of June, 1939; and I do proclaim and The President's proclamation of December direct that, unless repealed or further modified by Act of Congress or by subsequent 31, 1938, and the Treasury regulations of Proclamation, the said Proclamation of the January 16, 1939, concerning newly-mined twenty-first day of December, 1933, as heredomestic silver are published below. Earlier tofore and hereby modified, shall remain in laws, proclamations and orders relating to force and effect until the 30th day of June, silver have been published in the BULLETIN 1939; provided, however, that silver to be eligible' for receipt under the said Proclamaand are listed in the annual indexes for the tion of the twenty-first day of December, years 1934, 1935 and 1938. 1933, as heretofore and hereby modified must be delivered to a United States coinage mint not later than June 30, 1939. BY THE PRESIDENT OF THE UNITED STATES Notice is hereby given that I reserve the OF AMERICA right by virtue of the authority vested in me to revoke or modify this Proclamation as the A PROCLAMATION interests of the United States may seem to Whereas, by Proclamation of the twenty- require. first day of December, 1933, as modified by In Witness Whereof, I have hereunto set Proclamations of the ninth day of August, my hand and caused the seal of the United 1934, the tenth and twenty-fourth days of States to be affixed. April, 1935, and the thirtieth day of Decem- Done at the City of Washington this 31st ber, 1937, the United States coinage mints are day of December, in the year of our Lord directed to receive for coinage and addition to nineteen hundred and thirty-eight, and of the the monetary stocks of the United States sil- Independence of the United States of Amerver mined subsequent to December 21, 1933,ica the one hundred and sixty-third. from natural deposits in the United States or (Signed) FRANKLIN D. ROOSEVELT. any place subject to the jurisdiction thereof; and [SEAL.] Whereas, such Proclamation as so modified By the President: provides in part that it "shall remain in force (Signed) SUMNER WELLES, and effect until the 31st day of December, Acting Secretary of State. 1938, unless repealed or further modified by Act of Congress or by subsequent Proclamation." SILVER REGULATIONS And Whereas, such Proclamation as so ARTICLE I. General Provisions modified states in part that "Notice is hereby given that I reserve the SECTION 1. Scope.—These regulations relate to the receipt and coinage by the United right by virtue of the authority vested in me States coinage mints of silver, mined in the to revoke or modify this Proclamation as the United States or any place subject to the interests of the United States may seem to jurisdiction thereof, pursuant to the proclarequire." mation of December 21, 1933, as modified by Now, Therefore, finding that the interests the proclamations of August 9, 1934, April of the United States require further modifica- 10 and April 24,1935, December 30,1937, and tion of said Proclamation of the twenty-first December 31, 1938. day of December, 1933, as so modified; by virtue of the power in me vested by the Act SEC. 2. Authority for regulations.—These of Congress cited in said Proclamation, and regulations are prescribed under authority of other legislation designated for national re- subsection (b) (2), section 43, title III of the covery, and by virtue of all other authority act of Congress approved May 12, 1933 (Pubin me vested; lic, No. 10), as amended, and the President's I, Franklin D. Roosevelt, President of the proclamation of December 21, 1933, as mod- United States of America, do hereby further ified by the proclamations of August 9, 1934, modify the said Proclamation of the twenty- April 10 and April 24, 1935, December 30, first day of December, 1933, so that the same 1937, and December 31, 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN FEBRUARY 1939 SEC. 3. Revocation of the newly-mined the United States or any place subject to the domestic silver regulations of January 10, jurisdiction thereof. 1938.—The Newly-Mined Domestic Silver Such mints will also receive silver which Regulations of January 10, 1938, relating to forms a part of a mixture of domestic, secthe receipt and coinage of silver, mined in the ondary, and/or foreign silver provided such United States or any place subject to the mints are satisfied that the aggregate amount jurisdiction thereof, pursuant to the Presi- of such mixture so received does not exceed dent's proclamation of December 21, 1933, the amount of such mixture which has been as modified, are revoked. The revocation of mined subsequent to December 21, 1933, from such regulations shall not affect any act done natural deposits in the United States or any or any right accruing or accrued or any suit place subject to the jurisdiction thereof, and, or proceeding had or commenced in any civil provided further, that such mints are satisor criminal cause prior to this revocation, and fied— all liabilities under said regulations, the Sil- (a) That the aggregate amount of such ver Regulations of December 30, 1933, relatmixture so received pursuant to the proclaing to the receipt and coinage of silver, the mation of April 10, 1935, modifying the Newly-Mined Domestic Silver Regulations of proclamation of December 21, 1933, as mod- April 16, 1935, and the Newly-Mined Domesified, does not exceed the amount of such tic Silver Regulations of May 15, 1935, shall silver which has been mined on or after April continue and may be enforced as if said revo- 10, 1935, from natural deposits in the United cation had not been made. States or any place subject to the jurisdiction SEC. 4. Definitions.—As used in these reg- thereof; ulations— (b) That the aggregate amount of such The term "person" means an individual, mixture so received pursuant to the proclapartnership, association, or corporation. mation of April 24, 1935, modifying the The term "United States coinage mints" proclamation of December 21, 1933, as modmeans the following mints: United States ified, does not exceed the amount of such Mint, Philadelphia, Pa.; United States Mint, silver which has been mined on or after April San Francisco, Calif.; United States Mint, 24, 1935, from natural deposits in the United Denver, Colo. And whenever authority is States or any place subject to the jurisdiction conferred in these regulations upon a "mint" thereof; and such authority is conferred upon the person (c) That the aggregate amount of such locally in charge of the mint, acting in ac- mixture so received pursuant to the proclacordance with instructions of the Director of mation of December 30, 1937, or the proclathe Mint or the Secretary of the Treasury. mation of December 31, 1938, modifying the SEC. 5. Forms.—Any form, the use of proclamation of December 21, 1933, as modwhich is prescribed in these regulations, may ified, does not exceed the amount of such be obtained at any United States mint or silver which has been mined on or after Janassay office or at the Treasury Department, uary 1, 1938, from natural deposits in the Washington, D. C. United States or any place subject to the jurisdiction thereof. SEC. 6. Revocation or modification.—The provisions of these regulations may be re- SEC. 21. Affidavits.— (a) Every person devoked or modified at any time. livering silved mined subsequent to December 21, 1933, but prior to April 10, 1935, under the provisions of the proclamation of December 21, 1933, as modified, shall file with ARTICLE II. Conditions Under Which Silver each such delivery a properly executed affi- Will Be Received by Coinage Mints davit on form TS-1 and supporting affidavit SEC. 20. Silver which will be received.— or affidavits of the miner or miners on form The United States coinage mints, under the TS-2 or TS-2A, whichever is appropriate, conconditions hereinafter specified and subject taining the information called for in such to the appropriate regulations governing the forms and executed under oath before an mints, will receive silver which any such mint officer duly authorized to administer oaths. is satisfied has been mined subsequent to (b) Every person delivering under such December 21, 1933, from natural deposits in proclamation, as modified, silver which has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 107 been mined on or after April 10, 1935, but silver. Any fractional part of one dollar due prior to April 24, 1935, shall file with each hereunder shall be returned in any legal tensuch delivery a properly executed affidavit on der coin of the United States. form TS-100 and supporting affidavit or affi- (b) The Director of the Mint, pursuant to davits on form TS-200 or form TS-200A, the voluntary consent of the depositor as whichever is appropriate, containing the in- given in the agreement executed on form formation called for in such forms and exe- TS-100 shall, in the case of such silver mined cuted under oath before an officer duly au- on or after April 10, 1935, but prior to April thorized to administer oaths. 24, 1935, retain, of the silver so received, 45 (c) Every person delivering under such percent as seigniorage and for services perproclamation, as modified, silver which has formed by the Government of the United been mined on or after April 24, 1935, but States, and there shall be returned in standard prior to January 1, 1938, shall file with each silver dollars, silver certificates, or any other such delivery a properly executed affidavit coin or currency of the United States, the on form TS-1000 and supporting affidavit or monetary value of the silver so received (that affidavits on form TS-2000 or form TS- is, $1.2929+ a fine troy ounce), less said de- 2000A, whichever is appropriate, containing duction of 45 percent. the information called for in such forms and (c) The Director of the Mint, pursuant to executed under oath before an officer duly the voluntary consent of the depositor as authorized to administer oaths. given in the agreement executed on form TS- (d) Every person delivering under such 1000 shall, in the case of such silver mined on proclamation, as modified, silver which has or after April 24, 1935, but prior to January been mined on or after January 1, 1938, shall 1, 1938, retain, of the silver so received, 40 file with each such delivery a properly exe- percent as seigniorage and for services percuted affidavit on form TS-11 and supporting formed by the Government of the United affidavit or affidavits on form TS-12 or form States, and there shall be returned in stand- TS-12A, whichever is appropriate, contain- ard silver dollars, silver certificates, or any ing the information called for in such forms other coin or currency of the United States, and executed under oath before an officer the monetary value of the silver so received duly authorized to administer oaths. (that is, $1.2929+ a fine troy ounce), less said deduction of 40 percent. SEC. 22. Evidence which may be demanded. —Persons delivering silver under the pro- (d) The Director of the Mint, pursuant to visions of these regulations shall furnish such the voluntary consent of the depositor as further evidence as may from time to time be given in the agreement executed on form requested by any United States coinage mint TS-11 shall, in the case of such silver mined or the Director of the Mint, including affi- on or after January 1, 1938, retain, of the davits, sworn reports, and sworn abstracts silver so received, 50 percent as seigniorage from books of account of any mines or any or and for services performed by the Governall smelters or refineries handling such silver. ment of the United States, and there shall be returned in standard silver dollars, silver SEC. 23. Settlement for silver delivered.— certificates, or any other coin or currency of (a) The Director of the Mint, pursuant to the United States, the monetary value of the the voluntary consent of the depositor given silver so received (that is, $1.2929+ a fine in the agreement executed on form TS-1, troy ounce), less said deduction of 50 pershall, in the case of such silver mined prior cent. to April 10, 1935, retain 50 percent as seigniorage and for services performed by SEC. 24. Time for receipt of silver.—Silver the Government of the United States, and the to be eligible for receipt pursuant to the balance of such silver so received, that is, 50 Proclamation of December 21, 1933, as modpercent thereof, shall be coined into standard ified, and these regulations must be delivered silver dollars and the same, or an equal num- to a United States coinage mint not later than ber of other standard silver dollars, or, at the June 30, 1939. Delivery of silver in accordoption of the owner or depositor of such sil- ance with the foregoing may be accomplished ver, silver certificates in an amount in dollars by physical delivery on or before June 30, equal to such standard silver dollars, shall be 1939, or by the acceptance by a United States delivered to the owner or depositor of such coinage mint on or before such date of a duly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN FEBRUARY 1939 executed instrument of transfer on an ap- period from December 21, 1933, to the end of proved form covering such silver. the calendar month preceding the date of the report. Silver delivered as aforesaid prior to April 1, 1935, shall be reported on form TS-3. ARTICLE III. Records and Reports Silver delivered as aforesaid on or after April SEC. 30. Records.—Every person deliver- 1, 1935, shall be reported on form TS-300. ing silver under the proclamation of Decem- Such reports shall be executed under oath ber 21, 1933, as modified, and regulations before an officer duly authorized to adminisissued thereunder, and every person owning ter oaths and shall contain all of the inforor operating a smelter or refinery at which mation called for in such forms. silver to be delivered under such proclamation, SEC. 32. Agreement relating to records.— as modified, and regulations issued thereunder, Every person delivering, under the proclamais mixed with secondary or foreign silver, or both, shall keep accurate records of all acqui- tion of December 21, 1933, as modified, silver sitions, by mining or otherwise, and of all dis- which has been mixed with secondary or forpositions of silver mined subsequent to De- eign silver, or both, at a smelter or refinery cember 21, 1933, including, among other other than that of the person making the things, records of the date when such silver delivery, shall, upon request by any United was mined, acquired, and disposed of. Such States coinage mint or the Director of the records, as well as records required to be Mint, also file with each delivery of such silver kept under the Silver Regulations of Decem- an agreement properly executed under oath ber 30, 1933, April 16, 1935, May 15, 1935, by a duly authorized officer of such other and January 10, 1938, shall be preserved for smelter or refinery, that the records will be at least one year after the last delivery and kept as provided in this article, and that such made available for examination by a repre- records will be available for examination by sentative of the Director of the Mint upon a representative of the Director of the Mint the request of such representative. for at least one year after the last delivery. SEC. 31. Reports.—Every person deliver- HENRY MORGENTHAU, JR., ing or who has delivered silver under the Secretary of the Treasury. proclamation of December 21, 1933, as modified, and regulations issued thereunder, shall file with the Director of the Mint, on or be- Approved: fore the 25th day of each month after the date FRANKLIN D. ROOSEVELT, the first delivery is made, a report covering The White House, the period of the preceding calendar month, provided that the first report shall cover the January 16, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

109 FEBRUARY 1939 FEDERAL RESERVE BULLETIN NUMBER OF BANKS AND BRANCHES, 1933-1938 [Figures for 1938 are preliminary] Member banks Nonmember banks Other than mutual End of year figures Total p s r a iv v a in te g s b a a n nk d s National State Mutual Private 2 savings Insured1 Not insured * Number of Banking Offices 1933 _ _ _ . 17, 940 6,275 1,817 )41 704 103 1934 19,196 6,705 1,961 3 9, 579 705 246 1935 _ 19,153 6,715 1,953 8,556 1,088 698 143 1936 19,066 6,723 2,032 8,436 1,043 693 139 1937 - - -- 18, 927 6,745 2,075 8,340 997 691 79 1938 18,781 6,723 2,105 8,226 963 4 689 5 75 Number of Banks (Head Offices) 1933 15, 029 5,154 857 8,341 579 98 1934 _ _ 16,063 5,462 980 7,693 1,108 579 241 1935 15,869 5,386 1,001 7,728 1,046 570 138 1936 . .__ _ __ _. _ . _ _ _ 15, 667 5,325 1,051 7,588 1,004 565 134 1937 15, 387 5,260 1,081 7,449 r960 563 74 1938 --. _ _ _ _ _. 15, 200 5,224 1,114 7,316 922 555 69 Number of Branches 6 1933 - - 2,911 1,121 960 r700 125 5 1934 3,133 1,243 981 ••778 126 5 1935 3,284 1,329 952 828 42 128 5 1936 - - - - 3,399 1,398 981 848 39 128 5 1937 3,540 1,485 994 891 37 128 5 1938 3,581 1,499 991 910 41 134 6 Revised. Federal deposit insurance did not become operative until January 1, 1934 The figures for December 1934 include 140 private banks which reported f th Bki At f 1933 Ud th ii f th Bki At f 6 separate ngures not avanaoie ior orancnes 01 insured ana not insured Dan 4 Comprises 49 insured banks with 18 branches and 506 uninsured banks with 116 branches. § Comprises 2 insured banks with no branches and 67 uninsured banks with 6 branches. 6 The number of branches in head-office cities and outside head-office cities, respectively, were as follows: In head-office cities Outside head-office cities 1933, 1,784 1,127 1934. 1,776 1,357 1935. 1,754 1,530 1936. 1,749 1,650 1937. 1,757 1,783 1938_ 1,743 1,838 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN FEBRUARY 19391 ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES DURING 1938 [Preliminary figures] Member banks Nonmember banks Other than mutual Total savings and National State private banks Mutual Private savings Insured Not insured Analysis of Bank Changes Number of banks on December 31, 1937 15, 387 5,260 1,081 7,449 ••960 563 74 Increases in number of banks: Primary organizations (new banks) i _ _ - _ _ _ +39 +1 +22 +16 Reopenings of suspended banks _ . __ _ +2 +1 +1 Decreases in number of banks: Suspensions -55 -1 -1 -46 -4 -1 -2 Voluntary liquidations 2 _ _ -68 -4 -37 -23 __2 -2 Inter C -c o l n a s s o s l b id a a n t k io n ch s, a n a g b e so s: rptions, etc. _ _ _ -105 -26 -6 -58 -9 -5 -1 Conversions- State into national _ _ _ +6 — 1 National into State — 12 + 12 Federal Reserve memberships—3 Admissions of State banks +49 — 47 — 2 Withdrawals of State banks _ -5 +5 Federal deposit insurance—4 Admissions of State banks +21 -21 Withdrawals of State banks .._ _ _ __ -5 +5 Net increase or decrease in number of banks -187 -36 +33 -133 -38 o -5- Number of banks on December 31, 1938 - _ 15, 200 5,224 1,114 7,316 922 555 69* Analysis of Branch Changes Number of branches on December 31, 1937 _ _ __ 3,540 1,485 994 891 37 128 5 Increases in number of branches: De novo branches +52 +7 +6 +34 +3 +1 +1 Banks converted into branches +44 +17 +20 +2 +5 Decreases in number of branches: Susoension of parent bank _ _ _ _ _ _ _ -1 -1 Voluntary liquidation of parent bank -1 -1 Otherwise discontinued __ _ _ _ _ -53 — 9 -19 — 24 Inter-class branch changes: Branches of nonmember banks which became branches of State member banks 5 __ __ _____ __ _ _ + 10 -10 Net increase or decrease in number of branches- ___ _ +41 + 14 -3 +19 +4 +6 +1 Number of branches on December 31, 1938 _ ___ ___ _ _ __ 3,581 1,499 991 910 41 134 r Revised. 1 Exclusive of new banks organized to succeed operating banks. 2 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 3 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 4 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. s Includes 8 branches of insured nonmember banks which became State member banks, and 2 branches of an insured nonmember bank which, was absorbed by a State member bank. Back figures.—See Annual Report for 1937 (tables 72 and 73), and BULLETIN for November 1937, pp. 1084-1122. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

111 FEBRUARY 1939 FEDERAL RESERVE BULLETIN FEDERAL RESERVE CHART BOOK A new edition of the Federal Reserve Chart contain current data for the chart book. The Book will be issued in the early part of Feb-first table has banking figures for call report ruary with all information available as of dates and will be published from time to time January 25, 1939, plotted on the charts. This as new data become available. The second book was first published in September 1938, table will appear regularly in the BULLETIN containing information as of August 31, andat the end of the section on domestic statiswas briefly described in the FEDERAL RESERVE tics. These data for the period from August BULLETIN for October 1938. The price of the through December 1938, will be supplied on book is 50 cents. request. The table below and that on the next page Banking Statistics for Call Report Dates [In billions of dollars] 1935 1936 1938 Chart book page Mar. June Nov. Dec. Mar. June Dec. Mar. June Dec. Mar. June 29 1 31 30 31 30 30 All banks in the United States: Total deposits and currency. _. 10 48.30 49.97 51.35 52.27 52.55 55.17 57. 48 56.79 57.42 56.83 56.78 56.74 P57. 64 Time deposits 10 23.36 23.80 24.05 24.23 24.40 24.90 25.40 25.69 25.96 26.26 26.34 26.27 P26. 13 Demand deposits adjusted 10 18.85 20.54 21.71 22.19 22. 55 23.86 25.53 25.23 25.26 24.05 24.13 24.39 P25. 24 Currency outside banks 10 4.75 4.81 4.97 4.94 4.98 5.26 5.55 5.42 5.53 5.69 5.50 5.47 P5. 49 Member banks: Demand deposits adjusted 11 16.00 17.53 18.51 18. 80 19.16 20.28 21.65 21.35 21.40 20.39 20.51 20.89 21.60 Time deposits 11 10.05 10.19 10. 35 10.41 10.45 10.79 10.99 11.16 11.35 11.52 11.59 11.56 11.46 Interbank deposits 11 5.24 5.11 5.69 5.85 6.30 6.14 6.56 5.91 5.42 5.57 5.75 6.23 6.22 Loans and investments 11 28.27 28.79 29.30 29.99 30.29 32.26 33.00 32.53 32.74 31.75 31.52 30.72 31.63 Investments, total 11 16.32 16.86 17.46 17.81 18.19 19.72 19.64 18.83 18.45 17.79 17.98 17.78 18.69 U. S. Gov't obligations, total__ 12 11.02 11. 43 11.84 12.27 12. 44 13.67 13.55 12.72 12.69 12.37 12. 45 12.34 13.01 Direct obligations 13 9.82 9.87 10. 08 10.50 10.56 11. 72 11.64 10.86 10.87 10.57 10.63 10.22 10.71 Guaranteed obligations 13 1.20 1.56 1.76 1.88 1.95 1.91 1.86 1.82 1.80 1.83 2.13 2.30 Other securities, total 12 5.30 5.43 5.62 5^54 5.75 6.05 6.10 6.11 5.77 5.42 5.52 5.44 5.68 State and local gov't securities 13 2.00 2.10 2.21 2. 16 2.25 2.26 2.21 2.33 2.13 2.03 2. 19 2. 13 2.30 Other domestic 13 3.06 3.08 3. 15 3.14 3.23 3.53 3.65 3.53 3.40 3.21 3.15 3.13 3.19 Foreign securities 13 .24 .25 .26 .24 .26 .25 .24 .25 .23 .18 .18 .18 .18 Loans, total 11 11.95 11.93 11. 84 12.18 12.10 12. 54 13.36 13.70 14.29 13.96 13. 55 12.94 12.94 Security loans, total1 12 4.13 4.14 3.94 4.17 4.16 4.24 4.22 4.28 4.37 3.70 3.54 3.32 3.30 Brokers' loans 13 1.06 1.17 1.02 1.24 1.30 1.35 1.41 1.42 1.54 .95 .88 .70 .71 Loans on securities 13 3.03 2.93 2 89 2.89 2.83 2.86 2.79 2.82 2.83 2.75 2.67 2.61 2.59 Real estate loans 12,13 2.25 2.28 2^28 2.28 2.30 2.34 2.40 2.44 2.51 2.55 2.56 2.61 2.66 Other loans, total1 12 5.57 5.52 5.63 5.72 5.64 5.97 6.73 6.97 7.41 7.71 7.45 7.01 6.97 Commercial loans 13 4.75 4.83 4.96 5.01 4.96 5.36 6.04 6.22 6.66 7.00 6.75 6.40 6.36 Open-market paper 13 .73 .60 .60 .65 .63 .56 .63 .71 .64 .64 .61 .49 .48 Loans to banks 13 .13 .12 .09 .10 .10 .12 .07 .10 .12 .13 p Preliminary. i In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN FEBRUARY 1939 STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart 1938 1939 Chart book book page page Dec. 28 Jan. 4 Jan.11 Jan.18 Jan.25 Oct. Nov. Dec. WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices:4 Reserve bank credit—total._ 3, 5 2.61 2.60 2.59 2.59 2.58 United States: Bills discounted 5 .01 0) .01 0) .01 All commodities 31, 32 77.6 77.5 77.0 Bills bought 5 C1) 0) 0) 0) 0) Farm products 31 66.8 67.8 67. 6 U. S. Gov't securities 5 2.56 2.56 2.56 2.56 2.56 Foods 31 73.5 74.1 73.1 Gold stock 3 14.51 14.57 14.58 14. 62 14.64 Other commodities.._ 31 81.1 80.6 80.3 Money in circulation 3, 9 6.91 6.84 6.72 6.67 6.62 England 32 80.0 79.4 79.3 Treasury cash 3 2.71 2.73 2.71 2.73 2.75 France 32 95.6 97.0 P98. 4 T E R M x r e e e c q m a e N u C R s s i b s u e h e r e w s e i r r r c y e d e a r s b Y d v g r e a e e e o o r n p s v 2 r c k e k o e i r s s t v b y i — C t e a s i b s l t t a e o a y n t n 2 c a k e l2 s s 2 3, 7 6 7 6 3 7 7 8 3 5 1 . . . . . . . 5 0 5 6 9 6 3 8 7 0 8 4 1 4 8 3 5 1 . . . . . . . 8 2 5 7 8 6 3 2 6 1 8 9 6 2 8 3 5 1 . . . . . . . 9 4 5 8 7 8 2 6 0 3 9 3 7 7 P3 9 5 2 . . . . . . . 1 5 0 8 7 2 5 3 7 5 4 0 5 4 P 9 2 5 3 . . . . . . 1 7 2 5 1 6 7 7 3 7 3 0 I M F n a d a c n u t T D N G o u s o t f r o u e r y a t r n r i a c m a a d l e t l b u u a m l p r n r e p i a r y 6 n o l b g o d l y e u 8 m c p t e r i o n o d t n u 5 ction: *> 4 3 3 3 3 3 3 5 7 7 2 7 8 9 3 7 9 5 9 8 5 9 6 7 . . 5 6 1 1 4 9 7 5 0 0 0 8 4 9 3 3 . . 5 9 P79. 1 Country banks2 7 .44 .50 .51 P. 49 Factory payrolls 43 83.8 84.1 ^86.6 Freight-car loadings5 45 68 69 69 REPORTING MEMBER BANKS Department store sales5 47 84 89 89 Department store stocks s 47 67 67 66 Total, 101 cities: Loans and investments 14 21.65 21.53 21.48 21.44 21.43 In millions of dollars Investments 14 13.22 13.11 13.11 13. 15 13.15 Loans 14 8.43 8.41 8.37 8.29 8.28 Construction contracts awarded:7 Adjusted demand Total 41 337 394 M03 deposits 15 15.99 15.89 16.05 16. 12 16.15 Residential 41 106 104 P105 Time deposits 15 5. 16 5.16 5. 18 5. 17 5.18 Other 41 231 290 P299 U. S. Gov't deposits.__. 15 .64 .63 .63 .63 .63 xports and imports: Domestic bank balances 15 6.06 6.36 6.25 6.36 6.35 Exports (incl. re-exports). 49 278 252 Foreign bank balances.. 15 .52 52 .52 .54 .55 General imports 49 178 176 New York City: Excess of exports 49 100 76 U. S. Gov't obligations. _ 16 3.69 3.60 3.58 3.54 3.53 Income payments: B C O r o t o h m k e m r e r s e s e r ' c c l u i o a r a l i n t l i s o e s a ns 1 1 1 6 6 6 1 1 . . . 1 3 6 0 8 8 1 1 . . . 0 3 7 8 8 2 1 1 . . . 0 3 7 8 8 0 1 1 . . . 1 3 6 3 7 8 1 1 . . 1 3 1 5 T T C o o o t t m a a l l p e a u n d n j s a u a d s t j i t u o e s d n t ed of em- 5 5 0 0 5 5, , 6 3 5 8 1 9 5 5 , ,2 4 9 7 6 4 P P 5 5 , , 9 5 4 3 5 3 100 c U it . i e S s . o G u o ts v i ' d t e o b N l e ig w a t Y io o n r s k . : . 17 6.31 6.32 6.34 6.38 6.39 Ot p h l e o r y ees 5 5 0 0 3 1 , , 6 97 7 6 5 3 1 , , 6 6 6 2 9 7 P P 3 2 , , 7 2 0 3 8 7 Other securities 17 2.12 2.11 2.11 2.11 2.12 ash farm income: Commercial loans 17 2.47 2.45 2.44 2.42 2.41 Total 51 839 708 652 Crops 51 453 318 261 MONEY RATES AND SECURITY Averages of daily figures*; percent Livestock and products __ 51 324 342 352 MARKETS per annum Government payments._. 51 62 48 39 F.R.bankdiscountrate,N.Y. 19 1.00 1.00 1.00 1.00 1.00 C ommercial paper 19 .63 .63 .57 .57 .57 OTHER In billions of dollars Bankers' acceptances 19 .44 .44 .44 .44 .44 U. S. Treasury bills 21 .02 .03 .03 .03 .03 ientral gold reserves: U. S. Treasury notes 21 .66 .68 .67 .63 .64 United States 8 14.06 14.31 U. S. Treasury bonds 21, 25 2.48 2.48 2.47 2.45 2.48 England 8 2.69 2.69 Corporate Aaa bonds 25 3.07 3.04 3.01 3.00 3.02 France 8 2.43 2.43 Corporate Baa bonds 25 5.23 5.13 5. 11 5.08 5.14 Netherlands 8 1.01 1.01 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total 20 37.90 38.07 38.90 Stock prices, total4 27, 29 93 96 92 93 N Bo o n te d s s 2 2 0 0 24 9. . 0 16 7 24 9 . . 1 0 9 7 2 8 5 . . 5 5 0 2 Industrial 27 111 115 109 110 Bills 20 1.30 1.30 1.31 Railroads 27 30 33 30 30 Special issues 20 3.37 3.51 3.57 Public utilities 27 78 81 80 83 Volume of trading 2 (mill, shares) 29 1.71 1.32 1.00 .82 1.42 Percent per annum Brokers' loans (mill, dollars) 29 848 884 864 826 835 Customers' rates: New York City 23 2.29 2.33 2.33 BUSINESS CONDITIONS Figures for week3', in unit indicated 8 other Northern and Eastern cities 23 3.37 3.28 3.47 Wholesale commodity prices:* 27 Southern and Western All commodities 33 76.9 77.0 76.8 76.6 76.7 cities 23 4.06 4.05 4.04 Farm products 33 68.3 67.6 67.3 66.9 67. 3 Foods 33 72.5 72.6 71.3 71.3 71.2 Other commodities 33 80.5 80.6 80.5 80.4 80.4 QUARTERLY FIGURES June 30, Sept. 30, Dec. 31, Steel plant operations 1938 1938 1938 (% of capacity) 38 38.8 50.7 51.7 52.7 51.2 Automobile production (thous. cars) 38 75.2 76.7 86.9 90.2 In millions of dollars Electric power production (mill. kw. hrs.) 39 2,121 2,169 2,270 2,290 2,293 Domestic corporation security Total freight-car loadings issues, total 28 442 672 726 (thous. cars) 39 499.9 530.8 586.9 590.4 594.4 New 28 251 340 153 Refunding 28 191 332 573 p Preliminary. e Estimated. 1 Less than $5,000,000. 5 Adjusted for seasonal variation. 2 Averages of daily figures, see footnote3. 6 Points in total index of manufacturing production. 3 Figures are shown under the Wednesday date included in the weekly period. 7 Three-months moving average adjusted for seasonal variation. 4 Index numbers, 1926=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN FEBRUARY 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank reserve balances T u re ry as- 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 TJ. S. Gold cur- in cir- ury with mem- eral Date co B d u i i n l s l t - s ed bo B u il g ls ht s m G e e c r o e u n v n r - - t i- 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 n n u n g c t 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 k r r v a s e l b p e o r s d it e s - R c e o a s u c e n - r t v s e Total E m ( x e a c s t t e e i s - d s ) ties End of month figures: 1937—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 Dec. 31____ 4 1 2,564 33 2,601 14, 512 2,798 6,856 2,706 923 441 260 8,724 3,205 Wednesday figures: 1938—Feb. 2 11 1 2,564 18 2,594 12, 755 2,657 6,323 3,648 143 383 260 7,249 1,385 Feb. 9 11 1 2,564 18 2,594 12, 756 2,661 6,306 3,650 156 434 259 7,205 1,385 Feb. 16.. 10 1 2,564 26 2,600 12, 781 2,662 6,302 3,626 187 454 258 7,216 1,364 Feb. 23.— 10 1 2,564 16 2,591 12, 784 2,665 6,324 3,620 155 443 258 7,240 1,412 Mar. 2 10 1 2,564 12 2,563 12, 767 1,669 6,343 3,579 185 421 256 7,215 1,391 Mar. 9 8 1 2,564 21 2,594 12, 768 2,670 6,334 3,562 181 389 256 7,311 1,467 Mar. 16—. 8 1 2,564 35 2,608 12, 778 2,672 6,328 3,550 264 325 264 7,328 1,460 Mar. 23—. 10 1 2,564 18 2,592 12, 781 2,674 6,325 3,545 270 312 263 7,333 1,559 Mar. 30—. 12 1 2,564 10 2,587 12, 794 2,680 6,329 3,551 292 315 263 7,312 1,560 Apr. 6 11 1 2,564 20 2,596 12,803 2,682 6,394 3,554 244 334 259 7,296 1,575 Apr. 13 13 1 2,564 25 2,602 12, 825 2,683 6,380 3,542 141 317 258 7,472 1,727 Apr. 20 10 1 2,564 9 2,583 12, 841 2,688 6,361 2,164 1,428 349 263 7,547 *2,492 Apr. 27.— 8 1 2,564 13 2,586 12, 860 2,690 6,355 2,192 1,321 343 264 7,661 2,579 May 4 8 1 2,564 16 2,589 12, 870 2,693 6,407 2,196 1,429 353 263 7,504 2,442 May 11 8 1 2,564 16 2,589 12, 880 2,695 6,396 2,215 1,361 370 262 7,560 2,483 May 18 8 1 2,564 17 2,589 12,892 2,697 6,402 2,226 1,283 383 261 7,622 2,555 May 25— 9 1 2,564 10 2,583 12,905 2,701 6,393 2,248 1,183 387 261 7,716 2,632 June 1 8 2,564 20 2,593 12, 918 2,703 6,469 2,254 1,093 393 260 7,745 2,640 June 8 9 2, 564 9 2,582 12,940 2,703 6,437 2,277 1,005 399 261 7,848 2,711 June 15 9 2,564 24 2,598 12, 950 2,707 6,420 2,289 935 438 267 7,904 2,726 June 22 10 2,564 17 2,591 12,957 2,710 6,402 2,293 929 445 267 7,922 2,782 June 29 10 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 1939—Jan. 4 4 1 2,564 35 2,604 14, 565 2,800 6,839 2,725 891 436 258 8,819 3,298 Jan. 11 5 1 2,564 23 2,592 14, 577 2,805 6,716 2,712 873 459 258 8,956 3,436 Jan. 18 4 1 2,564 18 2,588 14, 615 2,810 6,666 2,726 800 435 256 9,130 3,559 Jan. 25 5 1 2,564 14 2,583 14, 640 2,812 6,623 2,754 767 470 256 9,166 3,597 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 100. * Reserve requirements reduced by approximately 1334 percent effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

115 FEBRUARY 1939 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1938 1938 1937 Jan. 25 Jan. 18 Jan. 11 Jan. 4 Dec. 28 Dec. 21 Dec. 14 Dec. 7 Dec. Nov. Dec. ASSETS Gold certificates on hand and due from U. S. Treasury _ . . 11, 905, 21711, 896, 27411, 867, 72011,837, 71911, 787, 71911, 762, 72011, 713, 71811, 661, 72111, 787, 72011, 601, 717 9,119, 891 Redemption fund—F. R. notes 10,193 9,193 8,433 9,874 9,873 9,873 9,592 10,007 9,873 10,815 9,436 Other cash 449, 111 435, 230 418, 025 364, 763 325, 471 305, 963 339, 729 345, 743 368, 213 357, 940 351, 688 Total reserves 12, 364, 52112, 340, 69712, 294,17812, 212, 35612,123,06312, 078, 55612,063, 03912,017,47112,165,80611, 970, 472 9,481, 015 Bills discounted: For member banks 4,695 4,361 4,754 4,307 6,980 8,293 6,997 6,043 3,971 7,081 9,866 For nonmember banks, etc Total bills discounted. 4,695 4,361 4,754 4,307 6,980 8,293 6,997 6,043 3,971 7,081 9,866 Bills bought: Payable in foreign currencies.- 556 556 549 549 549 549 549 547 549 547 540 Industrial advances 15,131 15, 390 15, 550 15, 505 15, 688 15, 533 15, 573 15, 485 15, 644 15, 821 18, 049 U. S. Government securities: Bonds 840, 893 840, 893 840, 893 840, 893 840, 893 840, 893 787, 327 787, 327 840, 893 787, 327 751, 539 Treasury notes 1 209 9311,209,931 1,179,577 1,156,947 1,156, 947 1,126, 903 1,167, 565 1,164, 565 1,156, 947 1,164, 565 1,154, 997 Treasury bills 513,191 513,191 543, 545 566,175 566,175 596, 219 609,123 612.123 566,175 612,123 657,479 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.. -1,011 3,251 6,644 19,125 23, 238 67, 796 12, 743 5,234 16, 804 -3, 234 19, 666 Total Reserve bank credit outstanding.. 2, 583, 386 2, 587, 573 2, 591, 512 2, 603, 501 2, 610, 470 2, 656,186 2, 599, 877 2, 591, 324 2, 600, 983 2, 584, 230 2, 612,136 LIABILITIES F. R. notes in actual circulation 4, 319,451 4, 338,417 4, 374, 962 4, 441, 050 4, 470,462 4,483, 202 4,432,967 4, 422,449 4,451, 824 4, 384, 882 4, 283, 611 Deposits: Member bank—reserve account 9,166,063 9,130, 409 8, 956,139 8, 819, 243 8, 577,167 8, 471, 979 9,033, 512 8,966, 268 8, 724,050 8, 876, 481 7,026, 809 U. S. Treasurer—general account 767,179 799, 950 872, 943 891,119 941, 004 1, 024, 793 412, 790 407, 377 923, 225 483, 982 142, 390 Foreign bank 171, 571 158,713 176, 767 189, 916 207, 703 195, 280 185, 705 210, 718 199, 211 208, 097 171, 750 Other deposits 298, 213 275, 936 282, 712 245, 684 296,843 318,617 365,162 365, 517 241, 512 366,168 235, 743 Total deposits 10, 403,02610, 365,00810, 288, 56110,145, 96210,022, 71710,010, 669 9, 997,169 9, 949,88010,087, 998 9, 934, 728 7, 576, 692 Ratio of total reserves to deposit and F. R. note liabilities combined (percent). _ 84 0 83.9 83.8 83.7 83.6 83.3 83.6 83.6 83.7 83.6 79.9 Contingent liability on bills purchased for foreign correspondents 29 76 76 76 76 76 240 1,666 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o n d 6 t a h y s s 6 1 m t y o o e n a t r hs 2 1 y y e to e a a rs r 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Jan 4 4,307 3,267 185 295 170 365 25 Jan.11 4,754 3,715 82 274 261 401 21 Jan 18 4,361 3,359 132 259 262 336 13 Jan. 25 4,695 3,670 144 221 293 347 20 Bills bought in open market: Jan. 4 549 25 237 23 264 Jan 11 549 179 106 264 Jan 18 556 262 23 271 Jan 25 556 83 23 271 179 Industrial advances: Jan 4 15, 505 2,049 512 358 409 1,613 3,889 4,141 2,534 Jan. 11 15, 550 1,908 525 403 542 1,421 4,015 4,070 2,666 Jan 18 15, 390 2,282 116 395 567 1,393 4,038 4,158 2,441 Jan 25 15,131 2,232 101 390 573 2,159 3,961 4,100 1,615 U. S. Government securities: Jan.4 _ 2,564,015 107, 684 74, 848 209, 378 174, 265 85,197 173,142 390, 654 588,699 760,148 Jan.11 2, 564, 015 88, 872 102, 685 199, 268 152, 720 85,197 173,142 390,654 611, 329 760,148 Jan.18 2, 564,015 74, 848 111,393 176, 733 123, 720 111,697 173,142 390, 654 641, 683 760,148 Jan. 25 . 2, 564,015 102, 685 95, 885 205, 093 77, 510 117, 215 173,142 390, 654 641, 683 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN FEBRUARY 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANK, 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 l l a e n v d e- m Ri o c n h d - lanta Chicago Lo S u t. is n M o e i l n a i - p s - K C s a i a n t - s y Dallas F c S r i a a s n c n o - ASSETS Gold certificates on hand and due from U. s. Treasury: Jan. 4 1,837,719 178,834 i, 324,139570,875 772,892349,181248,233 2,144,449304,817216,573292,776 ;, 3471736,603 Jan. 11 .._ . 1,867, 720 '02, 073 i, 348, 630572, 551 761, 314342, 893254, 271 101,320 10, 7182299,2—8 298'I,, 287195,045 750, 690 Jan. 18 1,896, 21" »96, 259», 495, 331558, 836 750, 833329, 996250, 2722,066, 063314,446225, 782291, 433 90,499 726,467 Jan. 25 1,905, 217 178,181 >, 577, 790563, 624 743,440330,: 'I, 5422,027, 322315, 201223, 582290,521191,305 717, 312 Redemption fund—Federal Reserve notes: Jan.4 9,874 328 1,226 1,236 810 1,222 584 629 843 606 509 191 1,690 Jan. 11 8,433 257 927 1,116 701 685 539 513 817 592 472 176 1,638 Jan. 18 9,193 222 1,775 1,064 652 361 517 457 806 586 461 669 1,623 Jan. 25 10,193 222 1,775 1,064 652 1,361 517 45' 586 461 669 1,623 Other cash: Jan. 4 364, 763 35, 527 104, 890 28,063 22, 080 23,002 15, 395 51, 759 19,462 7,546 14,476 13, 722 28,841 Jan. 11 418, 025 40, 734 122,135 32,933 24, 674 23, 659 18, 509 60, 800 21, 476 8,546 16, 044 15, 744 32, 771 Jan. 18 435, 229 42,400 124,977 34, 326 28, 503 26, 448 20, 255 61, 349 20, 919 8,95r 18,123 15, 503 33,469 Jan. 25 449, 111 43,423 131,027 34, 799 29,160 25, 764 20, 371 64, 872 20, 28" 9,768 17, 485 15, 533 36, 622 Total reserves: Jan. 4 .2, 212, 356714,6895,430, 255 6001.,174 795, 782373,405264, 21 2,196, 837325,122224, 725307, 761212,260 767,134 Jan. 11 .2, 294,178 743,0645, 471, 692 606i,,600 786, 689367, 23"273, 3192,162, 633333, 011239,066314, 803210,965 785,099 Jan.18 .2, 340, 639 738, 8815, 622,083594, 226 779, 988356, ""271, 0442,127,886699 336,171235, 325310, or 206, 671 761, 559 Jan. 25 .2, 364, 521721, 8265, 710, 592599, 48r 773, 25:357,522 2"6-7',,4302,092, 651336, 294 2313;, 936308, 46'207, 507 755, 557 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Jan. 4 _ 2,334 32 799 799 306 7' 43 74 4 73 Jan. 11 2,635 30 856 768 456 174 65 84 4 73 Jan. 18 2,255 107 938 607 106 54 30 334 4 25 Jan. 25 2,729 1' 1,603 588 136 54 43 89 14 60 Other bills discounted: Jan. 4 . _ 1,973 9 319 488 54 152 111 70 84 566 19 34 Jan. 11 2,119 5 360 540 54 162 65 49 100 84 644 23 33 Jan. 18 2,106 319 591 54 64 24 78 83 652 21 33 Jan. 25 1,966 220 577 51 53 16 78 82 23 Total bills discounted: Jan. 4 4,307 41 1,118 1,287 360 226 186 122 70 127 640 23 107 Jan. 11 4,754 35 1, 216 1,308 510 336 140 99 100 149 728 27 106 Jan. 18 4,361 132 1,257 1,198 160 216 64 7' 78 113 25 58 Jan. 25 4, " 42 1,823 1,165 18' 169 83 66 123 125 37 123 Bills bought in open market: Jan. 4 549 41 215 56 51 19 68 16 16 39 Jan. 11 549 41 213 56 51 24 19 69 16 16 40 Jan.18 556 41 220 56 51 24 19 69 16 16 40 Jan. 25 '_"" 556 41 220 56 51 24 19 69 16 16 40 Industrial advances: Jan. 4 15, 505 1,943 3,876 3,038 598 1,466 824 415 96C 252 773 1,340 Jan. 11 15, 550 1,948 3,877 3,033 598 1,466 824 455 247 771 1,339 Jan. 18 15, 390 1,882 3,859 3,022 589 1,455 824 455 961 245 755 1,334 Jan. 25 15,131 1,879 3,859 3,002 589 1,254 827 455 957 245 730 1,325 U. S. Government securities: Bonds: Jan. 4 840,893 61. 659 237, 660 67, 51. 84, 58843, 79C 38, 83! 92, 39, 296 26, 38643, 323 34,901 70,853 Jan. 11 840,893 61, 659 237, 660 67, 51- 84, 588 43, 790 38, 835 92, 091 39, 296 43, 323 34,901 70,853 Jan. 18 840,'" 61,659 237,660 67, 51' 84,588 43, 790 38,83: 92,091 39, 29626,386 43, 323 34,901 70,853 Jan. 25 840, 893 61, 659 237, 67, 51 84, 588 43, 790 38, 83! 92,091 39, 29626, 386 43, 323 34,901 70, 853 Treasury notes: Jan. 4 1,156,94' 84,832 326,986 92,888 116,383 60, 250 53,427 126, 704 54,067 36,303 59,605 48,018 97,484 Trea J J J s a a a u n n n r . . . y 2 1 1 b 5 8 1 ills: 1 1 1 , , , 1 2 2 7 0 0 9 9 9 , , , 5 9 9 7 3 3 ' 8 8 8 8 6 8 , , , 4 7 7 9 1 1 2 " 3 3 34 4 3 1 1 3 , , , • 3 9 " 8 6 2 1 9 9 94 7 7 , , , 1 1 7 4 4 0 2 2 5 1 1 1 1 2 2 8 1 1 , , , 7 6 7 1 5 1 3 9 36 6 6 3 3 1 , , , 0 4 0 0 2 0 9 8 9 5 5 5 4 5 5 , , , 4 8 8 7 7 7 3 3 2 1 1 1 3 3 2 2 2 9 , , , 1 5 5 8 0 0 2 6 6 5 5 5 6 6 5 , , , 1 5 5 2 4 4 5 ' 4 3 3 3 7 7 7 , , , 0 9 9 1 6 6 - 6 6 6 6 62 2 0 , , , 3 3 7 3 3 7 4 4 0 4 5 50 8 0 , , , 9 2 2 5 1 1 7 7 7 1 1 9 0 0 9 1 1 , , , 9 9 3 4 4 9 9 9 1 Jan. 4 566, 111 41,515 160, 017 45, 45' 56, 95329, 484 26,145 62,005 26,459 17, 766 29,169 23,499 47, 706 Jan. 11 543, 54E 39, 855 153, 621 43, 640 54, 677 28, 306 25,100 59, 527 25,401 17,055 28,004 22, 560 45, 799 Jan.18 513,19: 37, 630 145,042 41, 203 51, 623 26, 725 23, 699 56, 203 23, 98216,103 26, 440 21, 300 43, 241 Jan. 25 513,19: 37, "" 145, 042 41, 203 51, 623 26, 725 23, 56, 203 23, 98216,103 26,440 21, 300 43, 241 Total U.S. Government securities: Jan. 4 2, 564, Oil 188,006 724, 663205,85S 257, 92<133, 524118, 404 280, 80C119, 82280,455132, 097106,418 216,043 Jan. 11 2, 564, Olf 188,006 724, 663205, 85S 257, 924133, 524118, 404 280,80C119, 82280,455132,097106,418 216,043 Jan. 18 2, 564,01t 188,006 724, 663205, 85S 257, 924133, 524118, 404 119, 82280,455132,097106, 418 216,043 Jan. 25 _ . 2, 564, OU 188, 006 724, 663205, 85£ 257, 924 133, 524118, 404 280, 80C119, 82280, 45£132, 097106,418 216,043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 117 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANK, 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 a it n s y - Dallas F c S r is a a c n n o - ASSETS—continued Total bills and securities: Jan. 4 2, 584, 376 190,031 729, 872210, 240 258,933135, 240 119, 433 281,405119,914 81, 544133,005107, 230 217, 529 Jan. 11 2, 584, 868 190,030 729,969210, 256 259,083135, 350119, 387 281,423119, 93281, 590133,088107, 232 217, 528 Jan. 18 2, 584, 322 190,061 729 \— 210,135 258, 724135, 219 119,311 281, 398119,911 81, 531133, 344107, 214 217, 475 Jan. 25 2, 584, 397 189, 968 730' 565210, 082 258, 751134, 971119,333 281, 390119, 95681, 539 '13 "31,,110107, 201 217, 531 Due from foreign banks: Jan. 4 172 13 65 17 16 21 3 2 5 12 Jan. 11 172 13 65 17 16 21 3 2 5 12 Jan.18 166 13 58 17 16 21 3 2 5 12 Jan. 25 166 13 58 17 16 21 3 2 5 12 Federal Reserve notes of other banks: Jan. 4 29, 426 1,023 5,753 1,141 1,642 3,221 2,714 4,112 2,! 1,177 1,645 897 3,241 Jan.11 35, 537 1,331 9,493 1,541 1,563 3,383 2,637 4,887 2,978 1,702 1,733 1,045 3,244 Jan.18 31, 089 1,510 8,556 1, 461 1,334 3,187 2,181 3,926 2,190 1,699 1,319 733 2,993 Jan. 25 30, 307 7,742 1,315 1,514 3,030 2,742 3,546 3,198 1,301 1,099 665 3,067 Uncollected items: Jan. 4 739,742 69, 232 174,865 54,835 84,427 61, 267 31,455 97,124 35,952 17, 720 42, 744 29, 550 40, 571 Jan. 11 597, 740 60, 356 151, 74241, 892 65,095 50, 625 24, 331 79, 79228,186 15, r 29, 503 21,159 29, 421 Ban J J k a a n n p . . r 1 e 2 8 m 5 ises: 6 56 6 5 0 , , 8 2 1 9 6 0 6 5 4 5 , , 8 .1 6 4 9 1 1 1 7 4 0 1 , , 8 98 2 1 74 4 8 0 , , 7 2 4 0 6 9 7 6 1 5 , , 0 5 2 9 2 7 4 54 5 , , 1 0 8 9 6 0 2 24 4 , , 1 3 0 5 5 7 8 6 9 9 , , 2 9 9 9 0 4 3 2 0 5 , , 3 8 2 3 2 3 1 1 6 4, , 6 0 1 4 2 0 3 2 1 9 , , 4 7 8 3 8 7 2 2 6 3 , , 6 Oi 4 l 9 3 28 4 , , 1 8 5 4 9 1 Jan.4 42, 928 2,945 9,038 4,1 6,017 2,621 2,076 3,964 2,291 1, 525 3,248 1,261 3,243 Jan. 11 42, 928 2,945 9,038 4,< 6, or 2,621 2,076 3, 2,291 1, 525 3,248 1,261 3,243 Jan. 18 42, 925 2,945 9,038 2,621 2,076 3,964 2,291 1, 522 3,248 1,261 3,243 Jan. 25 42, 913 9,038 6,017 2,621 2,073 3,964 2,291 1,522 3,248 1,261 3,234 Other assets: 6,017 Jan.4. 44,641 2,851 12, 285 3, 995 5,115 2,777 2,041 4,504 1,893 1,454 2,090 1,763 3,873 Jan. 11 45, 973 2,947 12, 820 4, 111 5,239 2,865 2,092 4,546 1,950 1,460 2,153 1,817 3,973 Jan. 18 47, 349 3,043 13, 093 4,225 5,384 2,912 2,177 4,780 2,016 1, 505 2,238 1,8"" 4,096 Jan. 25 48,038 3,095 13, 308 4,274 5,490 3,050 2,180 4,7 2,043 1,519 2,267 1,8 4,140 Total assets: Jan.4 15, 653, 641 I, 784 ,6, 362,13!875,1011,151,932578, 538 421,937 2, 587,967 488,035 328,147 490,498 352,9661,035,603 Jan.11 15, 601, 3961,000,686 6,, 384,819 8619,^1161,123, 702562, 088 423,848 2, 537, 266 488, 351 340, 983 484, 533 343,418,4042, 520 Jan.18 15, 707, 3061,000,594 6,,553, 654863, 5091,123,060554, 84 420, 900 2, 511, 248 492, 904 337, 624 481, 635493, 7751, 023, 537 Jan. 25 15, 635, 63.r 974,804 6,,613, 284860, 0831,110, 062546, 388 418,1212, 456, 355489, 618 334, 431477, 933 342,1711,012,382 LIABILITIES Federal Reserve notes in actual circulation: Jan. 4 4,441,050 1, 022, 531319,062 424,873207,032151, 404 996, 935182, 796137,061 171,420 81,485 362, 369 Jan. 11 4,374, """ 379, 599 996, 446315, 693 423,045202, 742149, 402 986,494180, 640135, 249 169, 25179, 461 356, 940 Jan.18 4, 338,414 376, 288 987, 760313, 720 417, 715200, 438148, 475 599 180,130134, 649 168, 20978, 548 350, 883 Jan. 25 4, 319, 451 375, 631 978, 030313, 76: 419, 207198, 6! 149, 253 ,0, 032178,"" 133, 949 166,981 77, 692 347, 397 Deposits: Member bank—reserve account: Jan. 4 8,819, 243 414, =, 599, 393 >, 173 485, 395245, 779179),, 622 .1, 217, 542615,136113, 96;229, 738 185, 546,034 J J a a n n . . 1 1 8 1 __ 8 9 , , 9 1 5 3 6 0 , , 1 3 3 8 9 1 4 4 4 4 8 9 , ,1264:, , 8 6 7 7 3 0 , , 2 8 1 9 34 45 0 0 2 0 , , 8 2 1 2 0 5 4 4 8 9 2 4 , , 9 99 3 6 42 2 5 4 1 6 , , 3 2 9 1 3 0 1 18 8 2 5 , , 7 1 4 8 8 9 1 1, ,1 9 1 6 7 , 1, 8 6 6 8 6 4 2 1 2 9 '2 , ,7 7 6 |9 1 6 01 12 2 4 3 , , 0 2 0 6 0 8 2 23 3 "3 4 1, , , 0 8 5 8 3 0 1 1 8 81 3 08 , ,0 1 1, 2 5 5 4 5 5 6 4 0 3 , , 9 3 0 0 8 9 Jan. 25 9,166, 063 435, 4034, 914,112411,296 490,151247, 550180, 4361,178, 439 22i8,, 631124, 032 232, 668184,128 539, 217 U. S. Treasurer—general account: Jan. 4 891,119 73, 97. 194, 99' 57, 631 104,751 41, 506 38,137 204, 708 33,416 41,946 30,428 34,415 35, 209 Jan. 11 . 872,943 72, 749 164, 751 54, 295 97, 561 34, 789 43, 022 204,442 38,029 48, 608 35, 869 37, 903 40, 925 Jan. 18 799,950 70, 960 133,071 45, 87" 87,093 32, 822 41,168 201, 916 33, 381 45, 649 30, 244 36, 275 41, 494 Jan. 25 767,179 66, 518 166, 52238,405 82, 318 31, 82" 39, 004 156, 613 34, 056 43, 905 32,046 33, 462 42, 503 Foreign bank: Jan. 4 189, 916 13, 656 68, 339 18, 587 17,450 8,156 6,638 22, 571 5,690 4,362 5,500 5,500 13,467 Jan. 11 176,7 12, 800 62,454 17, 245 16, 534 7,644 6,222 21, 511 5,156 4,089 5,156 5,156 12,800 Jan.18 158, 713 11,316 57, 654 15, 245 14, 617 6,758 5,501 19,017 4,558 3,615 4,558 4,558 11,316 Othe J r a n d . e 2 p 5 osits: 171, 571 12, 30' 61, 659 16, 581 15, 897 7,350 5,983 20, 683 4,95" 3,932 4,957 4,957 12, 308 Jan. 4 245, 684 3,84' 6,750 7,270 2,305 4,215 2,130 5,070 4,050 1,559 4,007 15, 595 Jan. 11 282, 712 3,628 227, 651 7,168 6,244 2,033 3,889 1,205 4,'"" 4,175 1,265 3,621 17,010 Jan. 18 275, 964 4,771 216, 840 6,758 6,154 1, 7,186 1,906 4, 952 4,390 1,237 3,810 16,272 Jan. 25 298, 213 4,630 239,946 6,932 5,990 1,651 6,526 1,741 5,119 5,111 1,101 4, 24! 15, 224 Total deposits: Jan. 4 10,145, 962 506,0725,051,61 469,141 614,866297, 746228, 6121,446,955259, 312164, 323267, 225229, 790 610, 305 Jan. 11 10, 288, 561 537, 3055,125, 751479, 518 603, 273295, 859238,8811,424,024 226677,, 618180,140275, 343229, 805 631,044 Jan. 18 _ _ 10, 365,008 536,1735, 280, 778470,105 602, 860287, 478 236, 0441, 394, 523270, 687177, 654 270, 919 224,,7 977! 612, 990 Jan. 25 10, 403, 026 518, 8585, 382, 239 473, 214 594, 356288,378 2"31", 9491, 357, 476272, 763176,980270, 772226, 789 609, 252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN FEBRUARY 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANK, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - LIABILITIES—continued Deferred availability items: Jan. 4_ _„ _ 720, 789 66, 645 168, 300 54,355 79, 620 58,961 29, 315 99, 569 35,472 17, 623 41, 715 30, 754 38, 460 Jan. 11 591, 268 59, 791 142, 705 41, 303 64, 748 48, 656 22, 933 82,128 29, 612 16,443 29, 768 23, 255 29, 926 Jan. 18 .. 657, 676 64,139 165, 342 47, 243 69, 855 52, 095 23, 754 90, 517 31, 614 16,174 32, 386 29,478 35,079 Jan. 25 566, 467 56, 284 133,042 40, 699 63, 813 44, 606 24, 210 74,175 27, 465 14, 343 30, 001 26, 714 31,115 Other liabilities including accrued dividends: Jan.4 1,981 181 520 217 156 106 156 203 54 96 238 39 15 Jan. 11 2,298 189 728 251 170 111 160 218 53 105 244 42 27 Jan.18 2,208 189 572 251 185 118 166 233 58 106 246 46 38 Jan. 25 2,426 212 785 178 200 29 240 247 65 109 252 51 58 Total liabilities: Jan. 4 15, 309, 782 956, 9806, 242, 966842, 7751,119,515563, 845409,4872, 543, 662477, 634319,103480, 598342,0681,011,149 Jan. 11 15, 257, 089 976, 8846, 265, 630836, 7651, 091. 236547, 368411,3762,492,864477, 923331, 937474,606332, 5631,017, 937 Jan. 18 15, 363, 306 976, 7896, 434, 452831,3191, 090, 615540,129408,4392,466,872482,489328, 583471, 760332, 869 998,990 Jan. 25 15, 291, 370 950, 9856, 494,096827, 8581,077, 576531, 635405, 6522,411,930479,183325, 381468,006331, 246 987, 822 CAPITAL ACCOUNTS Capital paid in: Jan. 4 134, 723 9, 416 51,058 12, 213 13,646 5,005 4,499 13, 506 3,948 2,905 4,215 3,960 10, 352 Jan.11 _ . 134,911 9,421 51,074 12,211 13, 653 5,015 4,505 13, 546 3,953 2,904 4,220 3,965 10,444 Jan.18 134,818 9,423 51,079 12, 076 13, 656 5,023 4,503 13, 556 3,959 2,906 4,221 3,966 10, 450 Jan. 25 134,841 9,424 51,059 12,073 13, 657 5,040 4,508 13, 564 3,961 2,907 4,223 3,966 10, 459 Surplus (section 7): Jan. 4 149,152 10,083 52,463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Jan.11 149,152 10,083 52,463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3, 613 3,892 9,965 Jan.18 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Jan. 25 . 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Surplus (section 13b) : Jan. 4 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1.001 1,142 1,266 2,121 Jan. 11 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 ,001 1,142 1,266 2,121 Jan. 18 . 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 001 1,142 1,266 2,121 Jan. 25 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 ,001 1,142 1,266 2,121 Other capital accounts: Jan. 4 32, 720 1,431 8,189 2,001 3,441 1,412 1,608 6,704 1,223 985 930 1,780 2,016 Jan. 11 32, 980 1,424 8,195 2,028 3,483 1,429 1,624 6,761 1,245 ,988 952 1,798 2,053 Jan. 18 32, 766 1,425 8,203 2,002 3,459 1,414 1,615 6,725 1,226 981 923 1,782 2,011 Jan. 25 33, 005 1,438 8,209 2,040 3,499 1,437 1,618 6,766 1,244 989 949 1,801 2,015 Total liabilities and capital accounts: Jan. 4 15, 653, 641 980, 7846, 362,133875,1011,151,932578, 538421,9372, 587, 967488,035328,147490, 498352, 9661,035, 603 Jan.11 15, 601, 3961, 000, 6866, 384, 819869,1161,123,702562,088423, 8482, 537, 266488, 351340, 983484, 533343, 4841, 042, 520 Jan.18 15, 707, 3061,000, 5946, 553, 654863, 5091, 123, 060554, 842420, 9002, 511, 248492, 904337, 624481, 659343, 7751, 023, 537 Jan. 25 15, 635, 632 974, 8046, 613, 284860,0831,110,062546, 388418,1212,456, 355489, 618334, 431477, 933342,1711, 012, 382 Contingent liability on bills purchased for foreign correspondents: Jan. 4 29 2 11 3 2 1 1 3 1 1 1 1 2 Jan 11 Jan 18 Jan. 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 119 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO JANUARY 18, 1939 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) Date ( e la a s c t h W m e o d n n th e ) sday of rec A e p iv p e l n d ic e a t to ti o d n a s te, o s t a d ( e o w p u u e r p t s i s y t t r c h r o o i v a n a t l a o d n C l i d o t b i m o A y w d n m d a i s I t v t ) h i n e i t - - - - , Total a R r d b e v o c a s a t u i e n n e t r k - c r v a e e i s c R F o m b e e o m a d s e u e n e n m t r k r - t v a i s t e l - A b p p l u c p e o t r t m e o n d v o - e 3 t d d e o R r x a r c a e p p a w w p i p n r a n i l e t i t i , d d h - b , , - y i F n p p t g a a i u o n r t t u i i t a i n o i t o n - c s n n c i t s - i - - Number Amount Number Amount Number Amount standing standing etc. standing * 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 '537 102,608 7,304 Dec. 29._. 8,677 363, 292 2,640 158, 743 2,406 150, 987 20, 200 12, 780 3,369 107,400 7,238 1938—Jan. 26 __. 8,711 364, 487 2,660 159, 370 2,419 151, 587 19, 861 13, 388 1,563 109,002 7,773 Feb. 23... 8,766 367, 754 2,683 160, 603 2,433 152, 543 19, 659 13,078 2,059 109,992 7,755 Mar. 30__. 8,906 373, 519 2,717 162, 648 2,464 154,918 19,366 13,110 3,419 111, 198 7,825 Apr. 27. .. 9,012 377, 778 2,760 165, 921 2,497 156,933 19,357 12,735 3,957 113,126 7,758 May 25._ 9,096 380, 648 2,813 167, 695 2,536 158,962 18, 583 13, 260 3,522 115, 628 7,969 June 29... 9,152 383, 535 2,836 168, 894 2,566 161,158 18,439 13, 649 3,084 117, 560 8,426 July 27.. _ 9,182 388,350 2,861 173, 759 2,592 166,498 18,189 13, 731 6,703 119, 391 8,484 Aug. 31.. 9,226 390, 783 2,884 174, 544 2,606 166,835 17, 784 13, 543 5,203 121, 291 9,014 Sept. 28 . 9,262 393, 532 2,897 176, 006 2,617 168, 380 17, 562 13, 597 5,737 122,452 9,032 Oct. 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. 28 _. 9,336 398, 898 2, 940 181, 956 2,653 175,013 17, 250 14,161 1,946 128, 934 12, 722 1939—Jan. 184__ 9,347 399, 098 2,946 182, 401 2,659 175,445 16, 875 13,131 1,107 131, 769 12, 563 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 $12,175,110 on January 18, 1939. * Tuesday 4 January 25 not yet available. NOTE.—On January 18, 1939, there were 28 applications amounting to $2,077,500 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Jan. 4 408,6701,138, 709340, 289 451, 725 221,.433165, 3181, 031, 975 )9,157141, 976179, 7: 89, 1,224 Jan.11 , 741, 206405, 300 1,112, 0383 3373,7, 078 4418,,154219, 901164,1231, 026, 525 1i999,, 258141,314179, 370 88' 419, 478 Jan.18 , 702,829405,958 1,. 087, 839336, 225 •4•46"i,,247216, 202 163, 9031,024,055 197,989 141,135176, 830 87, 474 41~89!72 Jan. 25 ,686, 380403, 262 1',087,135 338', 174 443, 501214,194 164, 2051,019, 780 196, 766140, 559175,486 86, 344 416, 974 Held by Federal Reserve bank: Jan. 4 347,945 24, 588 116,178 21, 227 26, 852 14, 401 13, 914 35,040 16, 361 4,915 8,369 8,245 57,855 Jan. 11 366, 244 25, 701 115,592 21, 385 25,109 17, 159 14, 721 40, 031 18, 618 6,065 10,119 9, 20662, 538 Jan.18 364, 41." 29, 670 100, 079 22, 505 28, 532 15, 764 15, 428 42, 456 17. 859 6,486 8,621 8,926 68, 089 Jan. 25 366, 929 27, 631 109,105 24, 407 24, 294 15, 572 14, 952 39, 748 17, 876 6,610 8,505 8,652 69, 577 In actual circulation: i Jan. 4 , 441,050384,0821, 022, 531319,062 424, 873 207,032151, 404 996, 935 182, 796137,061171, 420 81, 485 362, 369 Jan. 11 ,374,962379,599 996, 446 "3 15i,, 669933 442233,, 004455 220022,, 774422149, 402 986,494180,640 135, 249169, 251 79,461 3i56,940 Jan. 18 ,338,414376, — 987,760 313,;, 720 417, 715 .200," "438148, 475 981, 599180,130134, 649168, 209 78, 548 3i50, 883 Jan. 25 , 319,451375, 631 978,030 3131,,767 419,207198, 622 149, 253 980, 032178, 890 133, 949166, 981 77, 692 I ',397 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Jan. 4 888,000420,0001,155,000 345, 169,000 1,, 050,000 21077,0,00143, 500 185,00092, 500 434,000 Elig J J J ib a a a l n n n e . . . 1 2 p 1 1 5 a 8 per: 8 8 7 5 1 9 5 6 1 , , , 0 0 0 0 0 0 0 0 0 4 4 42 2 2 0 0 0 , , , 0 0 0 0 0 0 0 0 0 1 1 1 , , , 1 1 1 3 0 0 0 5 5 , , , 0 0 0 0 0 0 0 0 0 3 3 3 4 4 4 5 5 5 , , , 0 " 0 0 " 0 0 " 0 4 4 5 4 3 6 ; ^ 0 0 0 0 0 0 2 2 3 20 01 1 ^ ,, , 0 0 0 0 0 0 0 0 1 1 1 6 6 6 9 9 9 , , , 0 0 0 0 0 0 0 0 0 1 1 1 , , , 0 0 0 5 5 3 0 0 5 , , , 0 0 0 0 0 0 0 0 0 1 2 2 9 0 01 9 3 33 , , ,, 0 0 0 0 0 0 0 0 0 1 1 1 4 4 4 3 3 3 , , , 5 5 5 0 0 0 0 0 0 1 1 8 8 1 5 5 8 , , 5 0 0 , 0 0 0 0 0 00 9 9 8 2 2 9 , , , , 5 5 5 5 0 0 0 0 0 0 4 4 4 3 3 3 4 4 4 , , , 0 0 0 0 0 0 0 0 0 Jan. 4 3,699 36 1,070 922 347 227 13, 122 76 627 23 Jan.11 4,011 30 1,120 497 337 81 99 714 93 Jan.18 3,581 107 1,179 718 14' 216 74 977 46 Jan. 25 3,930 17 1,755 690 177 169 36 66 735 103 Total collateral: Jan. 4 891,699420,0361,156,070 3455,, 922 457, 347 230, 227 11.6193.;1,050,122 207,025 143, 576 185,62792, 523 434,089 Jan.11 859,011420,0301,131,120 34=55,.889 453, 497 230, 337189, 0811,050,099 203, 025 143, 598 185, 71492, 528 434,093 Jan. 18 819, 581420,1071,106,179 345, 718 449', 147 220^ 216 1i6,9 ,0051, 050, 074 203, 025 143, 562 185,97972, 525 434,046 Jan. 25 794, 930420, 0171,106, 755 345, 690 446,177 220,169 116,903,61,035,066 199,070 143, 575 185, 735' i, 537 434,103 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN FEBRUARY 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, DECEMBER, 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 banksi posits posits i Re- Ex- York cago quired Held cess Total reserves held: All member banks.. 31, 856 26, 024 11, 402 5,520 8,745 3,226 1937—November 6,919 2,720 588 2,246 1,365 December 6,879 2,657 599 2,272 1,352 Central reserve city banks: 1938—January 7,183 2,856 604 2,345 1,378 New York 11,217 10, 417 690 2,404 4,139 1,734 February 7,230 2,906 598 2,350 1,377 Chicago 2,495 2,190 462 521 376 March 7,326 3,039 574 2,349 1,365 April 7,469 3,150 622 2,348 1,350 Reserve city banks: May 7,587 3,204 794 2,311 1,278 Boston district 1,033 924 100 167 267 101 June 7,878 3,341 899 2,359 1,280 New York district 184 148 150 33 38 5 July 8,167 3,545 925 2,396 1,302 Philadelphia district.. 1,101 913 245 172 225 53 August 8,119 3,523 875 2,402 1,319 Cleveland district 1,478 1,145 722 236 359 123 September 8,196 3,669 861 2,352 1,314 Richmond district 688 538 202 104 151 47 October 8,546 3,939 884 2,409 1,317 Atlanta district.___ 653 488 171 94 108 15 November 8,727 4,075 888 2,426 1,338 Chicago district 1,171 871 542 179 243 64 December 8,745 4, 139 898 2,387 1,322 St. Louis district 779 614 172 116 155 39 Week ending (Friday): Minneapolis district-.^ 367 253 89 49 63 14 December 2.__*____ 8,900 4,253 916 2,414 1,318 Kansas City districts. 959 629 153 118 163 45 December 9 8,975 4,259 913 2,457 1,346 Dallas district 665 438 124 83 106 23 December 16 8,911 4,231 913 2,432 1,334 San Francisco district. 2,062 1,613 1,903 377 508 130 December 23 8,470 3,972 895 2,315 1,289 December 30 8,572 4,057 867 2,336 1,312 Total 11,141 8, 572 4,573 1,729 2,387 658 1939—January 6 8,775 4,165 845 2,386 1,379 January 13 8,930 4,278 792 2,474 1,387 Country banks: January 20 9,101 4,475 762 2,498 1,366 Boston district 601 548 142 43 Excess reserves: New York district 1,272 954 1,380 183 300 117 1937—November 1,104 373 69 333 328 Philadelphia district.. 613 439 859 96 141 45 December 1,071 305 80 366 319 Cleveland district 565 403 651 81 122 41 1938—January 1,353 461 86 451 355 Richmond district 515 334 336 57 23 February 1,406 499 78 468 361 Atlanta district 467 306 213 47 18 March 1,524 631 52 481 359 Chicago district 804 547 668 99 70 April 2 2,071 884 146 609 432 St. Louis district 351 235 234 40 18 May 2,525 1,065 321 689 451 Minneapolis district... 303 192 269 37 19 June 2,762 1,153 404 747 459 Kansas City district- 447 279 154 41 25 July 3,026 1,352 424 767 483 D Sa a n l la F s r a d n i c st i r s i c c o t district. 3 5 3 2 7 5 3 2 3 2 3 2 2 1 6 0 4 0 4 40 5 2 1 7 2 A Se u p g t u e s m t ber 2 2, , 9 9 2 5 0 5 1 1 , , 3 3 2 8 0 2 3 3 7 6 9 1 7 6 6 9 2 8 4 47 9 9 5 October 3,143 1,589 375 712 467 Total- 7,002 4,844 5,677 865 1,322 November 3,276 1,712 374 710 480 December 3,226 1,734 376 658 457 Week ending (Friday): 1 Gross demand deposits minus demand balances with domestic banks December 2 3,407 1,857 399 692 459 (except private banks and American branches of foreign banks) and December 9. 3,455 1,842 396 732 485 cash items in process of collection. December 16 3,352 1,783 393 704 472 NOTE.—See table at foot of p. 131 for percentages of deposits required December 23 2,966 1,594 368 584 420 to be held as reserves. December 30 3,074 1,681 344 606 442 1939—January 6___ 3,261 1,778 320 658 504 January 13__ 3,404 1,888 273 731 511 January 20. _ P3, 536 2,049 243 753 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements decreased April 16, 1938; see table at foot of page 131 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member bank- Membe ( r p l b ac a e n s k s o v i e n r l 1 a 5 rg ,0 e 0 r 0 ) centers Memb ( e p r l a b c a e n s k u s n i d n e r sm 1 a 5, l 0 le 0 r 0 ) centers Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Boston 1,837 1,834 648 654 1,714 1,709 524 528 122 125 124 125 New York _ 12, 674 12, 364 2, 219 2,234 i 1,179 i 1,151 i 1, 041 i 1, 046 278 281 488 494 Philadelphia 1,714 1,700 1,104 1,118 1,494 1,477 658 668 220 223 446 450 Cleveland _ _____ 2,043 2,019 1,373 1,390 1,827 1,805 1,082 1,098 216 214 291 292 Richmond 1,203 1,197 538 543 1,014 1,007 349 354 189 190 189 189 Atlanta __ 1,121 1,100 384 385 971 956 301 303 150 144 83 83 Chicago 4,471 4,409 1,672 1,665 1 1, 671 i 1, 654 1 933 1 930 304 304 277 276 St. Louis . _ 1,130 1,130 407 410 921 920 294 297 209 210 112 113 Minneapolis 669 664 358 360 493 489 175 176 176 175 183 184 Kansas City._ _ _ _ _ 1,406 1,402 308 309 1,078 1,079 195 197 328 323 113 112 Dallas 1,190 1,188 223 223 899 898 178 178 291 291 45 45 San Francisco . .. . _ 2,399 2,394 2,167 2,138 2,280 2,276 2,073 2,044 120 118 95 94 Total _ _ _ . _ . 31,856 31,403 11,402 11,430 i15, 541 i15, 421 i 7,803 i 7, 819 2,603 2,598 2,447 2,458 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 121 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars End of month 'otal c c G e a r o t t i l e 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 e f s i r - o T n f u r o e r t 1 y a e 8 s s 9 - 0 S s u i i a l b v r s e y 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 a d se t n e e r k r s v a e l t b n i N o o a n n t a e - k a s l 1937—December. 6,550 83 40 1,137 1 350 148 283 4,237 33 239 1938—January. __ 6,320 82 39 1,085 1 339 145 264 4,099 33 234 February __ 6,334 81 39 1,097 1 338 144 267 4,104 32 231 March 6,355 81 39 1,125 1 338 144 263 4,106 32 227 April 6,397 80 39 1,162 1 339 144 264 4,112 31 224 May 6,467 79 39 1,215 1 341 145 268 4,127 31 220 June 6,461 78 39 1,230 1 342 146 262 4,114 30 217 July 6,452 78 40 1,247 1 341 145 258 4,098 30 214 August 6,504 77 40 1,263 1 344 146 262 4,129 29 211 September. 6,622 77 40 1,292 1 348 147 264 4,215 29 208 October. _. 6,700 76 41 1,297 1 351 148 269 4,282 28 206 November. 6,787 76 41 1,312 1 356 151 269 4,349 28 203 December. 6,856 75 42 1,339 1 357 151 257 4,405 28 201 Back figures.—-See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total <3oin and small denomination currency 2 Large denomination curr<jncy 3 Un- End of month assortt e i u on la - i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 B10,000 ed a 1937—December . 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938—January . 6,320 4,789 522 474 31 856 1,482 1,424 1, 532 382 705 138 288 7 12 1 February 6,334 4,798 520 473 32 863 1,489 1,421 1,538 382 708 138 291 7 13 2 March 6,355 4,784 521 473 31 860 1,487 1,412 1,573 385 718 144 300 9 18 3 April 6,397 4,807 522 476 31 866 1,498 1,414 1,593 388 725 146 304 12 18 3 May 6,467 4,856 526 487 32 877 1,512 1,422 1,616 389 727 152 307 17 24 4 June 6,481 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 December 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 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 STATES PAPER CURRENCY [Held by Treasury and Federal Reservebanks and in circulation. In 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 o i s p p - t e o R E e f u r c o r e o m i p p e ts m s N h e i e n p t t - s rec N e e 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 i notes 1934 345 40, 587 40, 242 1935 10,628 19,966 1936 34, 774 26, 216 8,558 1937 _. 21, 500 47, 550 26,050 1937—December., 2,637 1,486 372 156 347 34 242 1937—December. 5,947 5,878 1938—January 2,655 1,509 373 156 347 33 237 February __ 2,668 1,526 373 156 347 33 233 1938—January... 189 4,658 4,469 March 2,679 1,540 374 157 347 32 230 February.. 28 3,824 3,796 April... _ 2,690 1,554 374 157 347 32 226 March 1,212 2,728 1,516 May 2,702 1,570 374 157 347 31 223 April 503 2,618 2,115 JJ Z. uu -" ln - y " e J _ 2 2, , 7 7 2 1 1 3 1 1, , 5 5 9 8 6 4 3 3 7 7 4 4 1 1 5 5 7 7 3 3 4 4 7 7 3 3 0 1 2 21 2 7 1 J M u a n y e __ 3 1 7 5 9 5 6 3 , , 1 4 7 8 9 6 6 3, , 1 0 0 2 7 4 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 December. _ 2,798 1,685 376 159 347 28 203 November. 3,430 982 2,448 December. 739 2,228 i Includes silver held against silver certificates amounting to $1,591,- 000,000 on Dec. 31, 1938 and $1,400,000,000 on Dec. 31, 1937. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN FEBRUARY 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] Net Year or month T G e o o o n t l r a d d l m o st f o o I a n y c n c k e t a h c a c o r a t u t iv n e t c s t g r t o I e i o o n n t a l c a - d s k l e im g N o p e l o d t rt m t a g h t c r a a r e l a t o i r o a i n n k o s u r i - s s n g o n - s h r g m d g p D t t i u o r e i o o o c c l s n - d - - - From or to— Im D - ecemb E e x r - N Im o - v 1 e 9 m 38 be E r x- Im Ja - n.-Dec E . xports ports ports ports ports ports 1934 i 8,238 4, 202. 51,133. 9 82.6 96.0 1 1 1 1 9 9 9 9 3 3 3 3 5 6 7 8 . . . . 1 1 1 1 1 0 2 4 , , , , 1 7 5 2 2 6 1 5 5 0 2 8 1,22 2 7 6. . 9 1 1 1 1 , , , , 8 1 7 5 8 3 5 0 7 2 1 2 . . . . 5 5 1 1" , , . , , 7 5 9 1 8 1 3 7 5 6 9 3 . . . . 0 6 6 5 - - - 2 3 8 0 3 0 5 3 . . . . 9 2 4 5 P1 1 1 1 4 4 1 3 8 3 0 1 . . . . 9 7 6 6 N B F G r e e e a l t r n g h m i c e u e a r m n la y nds , 4 37 6 1 , , , 9 1 3 7 8 9 9 5 1 5 27, 2 1 4 7 2 1 8 6 1 3 6 5 , , , 1 4 0 3 8 4 5 8 3 9 5,000 1936— A N S D O J e u u o e c p l t c g v y o t e u e e b m m s m e t b r b b e e e r r r 1 1 1 1 1 1 0 0 0 1 1 1 , , , , , , 6 7 8 0 1 2 4 1 4 4 8 5 8 6 5 5 4 8 26.5 1 1 1 3 6 3 7 2 9 9 8 9 3 9 9 . . . . . . 4 2 0 7 3 2 1 6 7 1 5 1 7 7 5 5 7 8 1 . . . . . . 5 4 8 0 8 8 - - - 1 2 1 - 1 8 1 2 3 . . . . 7 . . 3 8 9 0 3 1 1 1 1 1 1 2 2 3 0 1 3 . . . . . . 8 8 9 1 8 1 S S U M S C C w w p e a n e a n n i e i x i t t t a d i n z e r c d e d e a o n a r l l K a A n i m d n . g e — r d i o c _ m a _ . _ - . _ . _ . 101 2 , , 5 7 4 7 5 3 3 1 0 4 8 4 9 7 3 9 1 , , , , 1 1 4 1 5 1 3 8 4 5 1 1 6 4 5 7 5 8 1, 2 7 3 0 6 4 7 1 8 , , , , , 1 1 , 3 2 1 4 5 4 6 2 6 8 3 4 6 3 3 8 0 0 1 1 6 7 9 1 4 7 5 1937— J J A F M A M S O J u u e e u p a c a a l n p b n y t g r y r e o t i r u u c l e b u a h s m e a r t y r r b y er 1 1 1 1 1 1 1 1 1 1 2 2 2 1 2 1 1 1 1 2 , , , , , , , , , , 4 8 3 4 7 5 3 5 7 9 3 0 5 4 4 6 1 7 9 9 6 3 8 1 6 7 8 4 9 0 1 1 1 1 1 , , , , , 0 3 2 1 5 7 2 2 2 3 8 1 7 4 0 2 6 5 3 1 6 0 1 5 2 6 4 8 9 4 . . . . . . . . . . 5 7 0 5 1 8 1 0 9 7 3 2 1 1 1 1 1 1 2 6 2 7 2 7 2 0 3 9 5 1 2 8 7 4 7 7 0 1 . . . . . . . . . . 0 2 8 3 3 9 1 1 2 1 1 1 2 1 1 1 1 9 6 0 4 1 2 7 5 2 5 0 2 4 5 5 5 5 1 0 4 . . . . . . . . . . 5 0 8 5 4 4 8 3 3 3 - - - - 3 - 1 - 4 2 5 8 - 8 5 5 8 9 7 6 . . . . . . 4 . 0 . 3 . 0 . 5 9 3 2 3 2 1 1 1 1 1 1 1 8 9 2 6 4 1 2 2 0 . . . . . . . . . 3 2 2 9 9 7 2 4 8 J A A E V B C C C P a e c r o h h u e r K p i g r u n l i i s t u a o l n o e a t i e e n r s m a n n d z a h g u t o l b i e i r I n a i a l a n a n a d d i a Hong 1 17 2 6 1 1 4 , , , , , , 7 9 7 4 1 9 3 3 1 7 9 6 8 2 0 6 9 9 2 1 7 5 8 5 7 6 0 5 8 0 1 3 7 2 5 4 , , , , , 8 8 7 8 1 2 3 5 1 9 2 8 8 1 8 0 5 3 1 9 2 8 2 8 3 0 5 2 1 1 3 3 6 1 1 1 1 8 8 0 2 4 1 9 6 1 , , , , , , , , , 4 6 0 1 1 8 6 7 5 1 3 5 6 3 3 4 6 5 4 9 0 2 7 0 0 7 7 November 12, 774 1, 242. 5 -29.3 22.1 -20.1 13.8 Philippine Islands. 2,656 2,943 27,882 December 12, 760 1, 227. 9 -14.0 18.0 -101.6 11.9 All other countries*. 220 236 3,932 1938— F J e a b n r u u a a ry ry 1 12 2 , , 7 7 5 7 6 6 1 1, , 2 2 2 0 3 0 . . 2 6 - 2 4 0 . .7 2 8. . 0 1 - — 18 1 .2 .1 1 9 0 . . 0 9 Total :240, 542 16 177, 782 14 1, 979,458 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 a Includes all movements of unreported origin or destination. July 13,017 54.5 63.8 -20.9 14.1 Back figures.— See table, p. 151, 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 15.2 BANK DEBITS December. 14, 512 199. 6 240. 5 -62.4 P14.6 [Debits to individual deposit accounts, at banks in principal cities.] p Preliminary. [In millions of dollars] i Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. Total, 140 133 NOTE.—Figures for domestic production of gold are those published all New other other in table, p. 151, adjusted to exclude production in Philippines. Ad- Year and month report- York lead- reportjustment based on annual figures reported by Director of Mint and ing City ing ing monthly imports of gold to U. S. from Philippines. For back figures, centers cities * cities * other than those of domestic gold production, see Annual Eeport for 1937 (table 29). BANK SUSPENSIONS1 1929 982, 531 331,938 47,504 1935 402,718 184,006 190,165 28, 547 M b e a m nk b s er Non b m an e k m s ber 1 1 1 9 9 9 3 3 3 6 7 8 4 4 4 6 6 0 9 1 5 , , , 8 8 4 8 3 6 9 4 3 2 1 1 0 9 6 7 8 8 , , , 9 8 7 3 3 7 6 6 8 2 2 2 1 0 3 9 4 5 , , , 6 2 6 7 0 5 0 1 6 3 3 3 2 6 3 , , , 4 4 2 0 8 2 6 3 1 Total, ba a n ll ks ti N on a- al State su I r n e - d2 in N su o r t ed 1937— D N e o c v e e m m b b e e r r . 4 3 2 4 , , 3 5 5 1 7 9 1 1 8 3 , , 4 2 3 7 2 7 2 1 0 8 , , 8 1 3 7 7 1 3 2 , ,9 2 1 4 6 3 1938—January.__ 34, 833 14,477 17, 607 2,749 Num 1 1 1 1 1 9 9 9 9 9 b 3 3 3 3 3 e 4 5 8 7 6 r of banks suspended; 4 4 2 4 8 0 7 2 7 4 8 3 6 6 8 A J J M A M F u u e p u a a l n b r y g y r e i r u c l u h s a t ry.. 2 3 3 3 3 3 3 3 7 1 5 0 4 3 , , , , , , , 8 1 8 3 8 7 5 3 5 5 6 2 0 9 3 7 9 7 5 1 8 1 1 1 1 1 1 1 4 4 0 5 2 2 3 , , , , , , , 8 8 5 9 2 7 6 2 2 1 4 4 7 3 8 8 5 6 7 2 7 1 1 1 1 1 1 1 4 7 6 6 6 7 6 , , , , , , , 0 1 6 0 5 3 6 6 1 7 2 9 7 3 0 3 7 3 3 7 3 2 2 2 2 2 2 2 , , , , , , , 3 5 6 7 7 6 5 1 1 5 3 0 2 2 9 8 6 7 4 8 8 September 32,192 13,085 16,440 2,666 De ( p in 1 o 1 9 9 s t 3 3 i h 5 t 4 s o _ _ u o s f a s n u d sp s e o n f d d ed o ll b a , a rs n . ') _ k : s _ 3 3 1 6 0 , , 9 0 3 1 7 5 5,31 4 3 0 1 3 , , 9 7 1 6 2 3 34, 9 9 3 85 9 N D O o e c c v to e e m b m e b b r e e .. r r . . . 4 3 3 3 6 2 , , ,1 1 1 6 3 7 6 0 2 1 1 18 2 5 , , , 4 1 8 2 4 7 5 0 9 2 1 1 1 6 8 , , , 0 9 0 9 8 5 6 1 0 2 2 3 , , , 7 8 2 6 9 4 0 5 3 1936 _ _ 11, 306 507 10, 207 592 1937 , 19, 723 7,379 1,708 10,156 480 1 Comprises centers for which bank debit figures are available beginning 1938..- , 13, 264 36 211 11, 721 1,296 wi 2 t h C i 1 t 9 i 1 e 9 s , ( e o x th c e ep r t t h th a a n t t o h n e e 14 s 1 u b c s e t n it t u er t s io ) n fo w r w as h m ic a h d b e a i n n k 1 9 d 2 e 0 b i a ts n d ar e o n c e u i r n re n 1 t 9 l 2 y 8. reported. The number has changed very little since 1934 and has numi Represents licensed banks suspended; does not include nonlicensed bered 133 since 1936. banks placed in liquidation or receivership. • Federal deposit insurance became operative January 1, 1934. Back figures.—See Annual Report for 1937 (Table 71), which also gives 8 Deposits of member banks and insured nonmember banks suspended a definition of bank debits. Figures for individual reporting cities and are as of dates of suspension, and deposits of noninsured nonmembertotals by Federal Reserve districts are available in mimeographed form. banks are based on the latest data available at the time the suspensions were reported. Back figures— See Annual Report for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

123 FEBRUARY 1939 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller Of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks Nonmember [In millions of dollars] banks Member banks Nonmeniber banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s a s l m n b o e e m n r - - Call date ba A n l k l s Total ti N on a- a ' l State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 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, 608 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 6,026 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. 3 1— 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 1936—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 '7,178 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 June 30*__ 53,287 35,440 22,926 12, 514 10, 213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31— 52,440 34,810 22, 655 12,165 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 ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 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 6,648 4,256 5,423 3,108 2,315 Dec. 31 . _ 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—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 131 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 c Corrected. i Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. a 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); afld (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30, 1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Back figures—See Annual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN FEBRUARY 1939 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] ]uoans Investments On securities, Open market paper U. S.Government T lo o a t n a s l a t n o d b d ro e k al e e r r s s Aunn obligations and secur- Re- Ac- Call date m v i e e n s n - t t - s Total Y N C I o e i n t r w y k Y N O C si o e i u d t r w t e y k - b o i c a t ( t h t e e n i o e x p e k s r - t s s ) b 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 a p c o a n i a e o w n n c c p r g - k e n t t - - s s' b m a o c a n d t e e o h n o c p s f e e - k t t - r i s s c ab B p a r a b i o l y l l e a s - d b p C o m c a o u i p e a m g r e l h - r - t O lo t a h n e s r Total Total Direct F g t a e u u n e l a d - l r y - s O e ti c t 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 80 291 11,515 9,784 3,863 3,863 5,921 1933—June 302. 24, 786 12, 858 1 788 165 3,752 330 2,372 192 291 25 87 4,857 11,928 6,887 6,887 5,041 1934—Dec. 31. _ 28,150 12,028 843 187 3,110 155 2,273 232 256 31 232 4,708 16,122 10,895 9,906 989 5,227 1935—Dec. 31. _ 29,985 12,175 1,047 196 2,893 98 2,284 169 181 29 272 5,006 17,810 12, 269 10, 501 1,768 5,541 1936—Dec. 31. _ 33,000 13,360 1,144 266 2,785 85 2,405 131 161 18 324 6,041 19,640 13, 545 11, 639 1,906 6,096 1937—June 30.. 32,739 14,285 1,278 258 2,829 115 2,505 113 131 15 377 6,663 18,454 12,689 10,870 1,819 5,765 Dec. 31._ 31,752 13,958 738 212 2,752 70 2,547 130 126 23 364 6,996 17,794 12,371 10, 574 1,797 5,422 1938—Mar. 7___31, 521 13, 546 675 203 2,665 96 2,556 119 102 19 368 6,745 17,975 12,452 10,625 1,827 5,523 June 30 _. 30, 721 12,938 523 178 2,614 120 2,613 112 73 13 293 6,397 17, 783 12,343 10,215 2,128 5,440 Sept. 28.. 31, 627 12, 937 531 181 2,590 126 2,661 112 87 13 271 6,364 18, 689 13,011 10, 713 2,298 5,678 NEW YORK CITY* 1929—Dec. 31. _ 8,774 6,683 1,202 55 2,145 322 169 0) 128 46 21 2,595 2,091 1,112 1,112 979 1933—June 30 *_ 7,133 3,424 720 38 1,044 162 157 120 224 10 10 937 3,709 2,551 2,551 1,158 1934—Dec. 31. _ 7,761 3,159 662 54 820 63 139 164 210 16 6 L, 024 4,602 3,524 3,246 278 1,078 1935—Dec. 31.. 8,418 3,434 1,018 60 793 42 140 107 158 16 5 L, 096 4,985 3,826 3,425 401 1,159 1936—Dec. 31. _ 9,280 3,855 1,095 78 753 42 144 65 136 10 5 L, 527 5,425 4,209 3,739 470 1,217 1937—June 30. _ 9, 006 4,276 1,219 76 824 62 149 65 98 1 5 1,776 4,730 3,630 3,176 454 1,100 Dec. 31. _ 8,313 3,673 703 58 733 29 141 74 112 6 6 L, 811 4,640 3,595 3,207 388 1,046 1938—Mar. 7__. 8,317 3,532 647 49 727 60 140 65 90 5 8 L, 741 4,785 3,612 3,180 432 1,174 June 30 _. 8,013 3,172 509 47 717 85 132 62 65 4 10 1,541 4,840 3,740 3,031 709 1,101 Sept. 28__ 8,355 3,146 512 52 702 95 132 65 79 3 7 1,499 5,209 3,987 3,153 834 1,222 CITY OF CHICAGO 3 1929—Dec. 31. _ 1,757 1,448 11 240 533 88 21 (0 9 5 5 535 309 116 116 193 1933—June 302 1,287 677 13 48 251 30 30 24 27 7 12 237 610 384 384 226 1934—Dec. 31. _ 1,581 532 26 29 170 11 18 16 29 5 27 202 1,049 821 743 78 229 1935—Dec. 31. _ 1,868 476 1 28 149 6 15 14 1 1 12 249 1,392 1,149 1,061 88 243 1936—Dec. 31. _ 2,100 633 1 50 140 6 13 8 3 1 10 402 1,467 1,201 1,107 94 266 1937—June 30.. 1,969 675 1 50 145 2 13 6 3 1 16 437 1,295 1,001 907 94 294 Dec. 31. 1,901 635 41 129 1 12 6 1 2 16 426 1,266 1,010 916 94 255 1938—Mar. 7 1,997 614 39 113 11 6 1 2 19 423 1,382 1,108 1,008 100 276 June 30 1,806 525 29 109 10 3 1 11 361 1,281 981 859 122 300 Sept. 28 " 1,889 522 31 111 10 3 15 351 1,367 1,047 921 126 319 RESERVE CITY BANKS 1929—Dec. 31. _ 12,029 9,084 239 425 2,775 258 1,538 0) 42 24 102 3,679 2,944 1,368 1,368 1,676 1933—June 30 2. 8,492 4,482 45 63 1,340 99 1,131 46 36 6 38 1,678 4,011 2,483 2,483 1,528 1934—Dec. 31.. 10,028 4,312 105 90 1,124 55 1,090 49 13 9 108 1,671 5,715 4,088 3,809 279 1,628 1935—Dec. 31. _ 10, 780 4,347 21 96 1,057 34 1,094 46 19 10 120 1,851 6,432 4,732 4,076 656 1,701 1936—Dec. 31. _ 11, 795 4,794 36 123 1,048 23 1,124 56 17 5 131 2,231 7,000 5,123 4,426 697 1,877 1937—June 30.. 11, 629 4,994 44 114 1,032 34 1,164 39 25 7 145 2,389 6,635 4,902 4,267 635 1,733 Dec. 31. _ 11, 414 5,203 26 97 1,066 27 1,176 47 10 12 132 2,610 6,211 4,598 3,961 637 1,612 1938—Mar. 7... 11, 250 5,031 18 100 1,020 25 1,173 45 8 11 134 2,498 6,219 4,610 3,962 648 1,609 June 30 __11,150 4,853 8 88 998 26 1,201 45 7 7 104 2,369 6,298 4,658 3,940 718 1,639 Sept. 28.. 11,426 4,870 12 84 992 22 1,217 42 6 9 99 2,387 6,556 4,831 4,088 743 1,725 COUNTRY BANKS 1929—Dec. 31. _ 13, 375 8,936 208 83 2,231 45 1,462 0) 33 5 163 4,705 4,439 1,267 1,267 3,172 1933-June 30 * 7,873 4,275 10 15 U17 38 1,055 3 4 1 27 2,005 3,598 1,469 1,469 2,129 1934— Dec. 31. _ 8,780 4,025 50. 14 996 27 1,026 2 5 2 92 1,810 4,756 2,463 2,108 355 2,293 1935—Dec. 31 __ 8,919 3,918 7 13 894 17 1,035 2 3 2 135 1,810 5,002 2,563 1,940 623 2,439 1936—Dec. 31.. 9,825 4,078 13 16 843 14 1,123 3 4 2 178 1,881 5,747 3,013 2,368 645 2,734 1937—June 30.. 10,134 4,340 15 18 828 16 1,179 2 4 5 211 2,062 5,794 3,155 2,520 635 2,639 Dec. 31.. 10,124 4,446 9 16 824 13 1,219 2 3 3 208 2,149 5,677 3,168 2,490 678 2,510 1938—Mar. 7___ 9,958 4,369 9 15 804 11 1,233 3 3 1 208 2,083 5,589 3,124 2,477 647 2,465 June 30.. 9,752 4,388 6 14 790 9 1,269 2 2 1 168 2,126 5,364 2,964 2,385 579 2,400 Sept. 28-. 9,958 4,399 7 14 784 9 1,303 2 2 1 151 2,127 5,558 3,146 2,550 596 2,412 1 Included in "Other loans." 8 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

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 125 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e R a R e r e r n i 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 a i e c o c t k l s e - h - - s si r o i e e t p t i f l d p e r e o i e o n s c o m n c a s o c r - 2 s s - l t - - b m D a I t n i e n o c s k t - - e s rb b a e F a n i o n k g 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 o e n e t f s r r c f d i e d h t s - k i r ' , - s s s t 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 s a t i s - - - s - - , - , , j d i m u t e s D s a p t a e n e o - d d d s - - 4 b m I D a t n n i e o c t s k - e - s rba F e n i o g k r n - P s in t a o a g v s l s - - f P u l u n ic b d - s u s t v p I p i h n c a n i o o a o e d i l d n r r p s r r - a t , i s - - s - - - , , B r i o n o w g r- s credit 3 etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 . 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16, 647 95 154 122 595 12,267 879 1933—June 30 « 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 8 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 IQQA 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 12 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 2 CITY OF CHICAGO 8 1929—Dec 31 169 13 133 158 310 26 8 42 32 1,041 957 19 7 2 58 332 41 1Q33 June 30 5 232 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 iQQr; Dec 31 511 39 209 135 522 4 98 208 27 1,301 1,401 413 1935—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 IQQQ '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 1Q33 June 30 6 705 122 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 IQQPJ 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 1Q^7 Tune 30 2 215 212 1,392 805 2 339 33 212 934 163 6,840 7,132 108 2 35 190 4,140 1 Dec 31 2,310 200 1,470 841 2,389 30 256 777 192 6,743 6,870 107 4 34 266 4,161 1938—Mar. 7 2,376 213 1,632 538 2,461 31 234 809 121 6,455 6,848 116 3 33 269 4,198 5 June 30 2,289 300 1,951 693 2,514 30 266 812 146 6,668 6,934 113 2 31 262 4,238 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 I, but not in process of collection, amounting on that date to $lb,000,000. Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, 16SS CsEa tB sShlel ig ittCi e nHm nlSi s ni Cr gLe ipVJJo ul r nHt2e eV Jd. 1 V9 oJJ3 n-l 3 JLh LfCa iIJg nJLuVdJr. e bUs uU Ur t e nXl±a o\J\tJt e iJ n.JtJo . p Lr l»i ol cUc eVeCn sOs sOe o d\Jf L b c\;aVoJn lXlJk e.ys cj\ jt\Ji oXo\nJnll.X. y*. • 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

126 FEDERAL RESERVE BULLETIN FEBRUARY 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—December... 21,484 9,451 4,626 472 903 1,167 73 1,562 12,033 8,046 1,113 2,874 5,358 341 1,850 1938—June 20,696 8,384 3,953 354 686 582 1,158 125 1,526 12,312 7,864 1,453 2,995 6,407 398 2,406 July 20, 530 8,213 3,878 334 629 577 1,159 121 1,515 12,317 7,703 1,567 3,047 6,675 403 2,435 August 20,675 8,215 3,886 337 636 577 1,160 111 1,508 12,460 7,702 1,646 3,112 6,602 387 2,416 September _. 21,078 8,268 3,893 338 675 578 1,161 114 1,509 12,810 7,957 1,668 3,185 6,712 416 2,413 October 21,323 8,282 3,904 346 669 576 1,163 109 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 1,166 113 1,527 13,028 8,130 1,681 3,217 7,170 438 2,467 December... 21, 586 8,465 ' 3,863 332 850 566 1,168 123 1,563 13,121 8,191 1,708 3,222 7,219 483 2,452 1938—Nov. 9 21, 364 8,327 3,897 342 717 570 1,165 117 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 1,165 108 1,523 13,012 8,140 1,678 3,194 7,148 431 2,522 Nov. 23 21, 306 8,303 341 705 571 1,168 113 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 1,169 117 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 1,165 121 1,548 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 8,080 1,696 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 3,843 328 848 560 1,169 115 1,567 13, 219 8,266 1,732 3,221 7,057 489 2,410 1939—Jan. 4 21, 526 8,412 3,826 324 884 559 1,166 99 1,554 13,114 8,189 1,732 3,193 7,237 452 2,559 Jan. 11 21, 477 8,367 3,818 323 546 1,169 107 1,540 13,110 8,206 1,715 3,189 7,371 456 2,522 Jan. 18 21,439 8,290 3,789 325 546 1,170 95 1,539 13,149 8,182 1,732 3,235 7,545 424 2,584 Jan. 25 21, 428 8,281 3,765 327 835 540 1,173 101 1,540 13,147 8,186 1,733 3,228 7,596 427 2,580 NEW YORK CITY 1937—December... 7,891 3,545 1,800 192 729 228 130 37 429 4,346 3,045 365 936 2,518 72 1938—June 7,671 3,038 1,511 131 549 200 118 97 432 4,633 2,973 650 1,010 3,208 75 July 7,492 2,922 1,457 131 497 194 118 93 432 4,570 2,821 723 1,026 3,380 74 August 7,584 2,938 1,466 133 510 195 118 84 432 4,646 2,806 786 1,054 3,351 69 September _. 7,797 2,969 1,455 138 543 195 119 90 429 4,828 2,931 800 1,097 3,505 73 October 7,809 2,935 1,447 142 528 197 119 89 413 4,874 2,902 803 1,169 3,754 76 November.. 7,737 2,957 1,422 138 573 201 119 90 414 4,780 2,895 800 1,085 3,910 75 December.. 7,845 3,056 1,399 133 688 199 119 100 418 4,789 2,858 835 1,096 3,973 74 1938—Nov. 9 7,765 2,960 1,425 139 574 199 118 92 413 4,805 2,923 793 1,089 3,735 75 Nov. 16 7,736 2,955 1,420 139 576 202 118 86 414 4,781 2,919 798 1,064 3,890 77 Nov. 23 7,681 2,940 1,408 136 568 204 119 89 416 4,741 2,880 804 1,057 4,025 74 Nov. 30 7,709 2,962 1,424 135 571 202 119 95 416 4,747 2,853 1,085 4,079 70 Dec. 7 7,846 3,080 1,424 135 687 201 118 417 4,766 2,863 1,094 4,065 71 Dec. 14 7,876 3,088 1,408 135 695 199 119 421 4,788 2,861 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 1939—Jan. 4 7,707 3,023 1,377 128 717 201 118 404 4,684 2,748 856 1,080 4,037 73 Jan. 11.. 7,669 3,008 1,381 129 704 190 117 401 4,661 2,742 836 1,083 4,119 72 Jan. 18._ 7,615 2,952 1,371 127 675 189 116 401 4,663 2,685 853 1,125 4,308 Jan. 25 7,589 2,946 1,354 127 681 190 116 399 4,643 2,670 863 1,110 4,368 OUTSIDE NEW YORK CITY 1937—December.. 13, 593 5,906 2,826 280 174 420 1,037 1,133 7,687 5,001 748 1,938 2,840 281 1,778 1938—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 ji::y;___:_:; 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 December.. 13, 741 5,409 2,464 199 162 367 1,049 1,145 8,332 5,333 873 2,126 3,246 410 2,378 1938—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 1939—Jan. 4 13, 819 5,389 2,449 196 167 358 1,048 1,150 8,430 5, 441 876 2,113 3,200 390 2,486 Jan. 11 13, 808 5,359 2,437 194 160 356 1,052 1,139 8,449 5,464 879 2,106 3,252 395 2,450 Jan. 18 13,824 5,338 2,418 198 151 357 1,054 1,138 8,486 5,497 879 2,110 3,237 370 2,510 Jan. 25 13,839 5,335 2,411 200 154 350 1,057 1,141 8,504 5,516 870 2,118 3,228 373 2,506 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

127 FEBRUARY 1939 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Cash Total Demand deposits Time deposits Date or month r e i e t d p e o m a r s t s - Other assets Interbank United Certi- d m e D a p e n o - d s- Interbank r B o o w r - - l O ia t b h i e l r - t C al a a p c i- c ' e t o s i s l o l n e o c i f - l T i i a t o i b t e i a s l l - D ba o t n m ic k e s s- F b o a r n e k ig s n G S m o t v a e e t n e r t n s - ch e fi e t e c c d . ks, Other i j t u s s — te a d d 2 - b m D a e n o s k t - i s c b e F a i o n g r k n - s Other ings ities count TOTAL—101 CITIES 1937—December 1, 585 1,294 31,912 4,943 411 579 495 15, 659 14, 570 110 15 5,203 10 857 3,630 1938—June _ 1,477 1,328 32, 712 5,736 305 501 536 15,873 14,932 111 9 5,231 5 756 3,649 July 1,322 1,269 32, 634 5,821 302 452 443 15,900 15,021 115 8 5,211 6 731 3,645 August 1,168 1,272 32, 520 5,808 312 425 368 15,917 15,118 112 8 5,206 1 706 3,657 September 1,308 1,250 33,177 5,863 411 491 409 16, 275 15, 377 111 8 5,213 735 3,661 October 1,471 1.241 33,911 6,012 472 563 493 16, 666 15, 688 110 7 5,164 1 760 3,663 November 1,478 L, 263 34,163 6,120 477 536 448 16, 856 15, 825 113 9 5,135 2 790 3,677 December 1,586 ,287 34, 613 6,079 496 585 548 17,124 16,087 112 9 5,140 1 836 3,683 1938—Nov. 9 1,449 L, 235 33,922 6,070 446 535 411 16, 749 15, 711 112 9 5,137 3 772 3,678 Nov. 16 1,599 ,256 34, 291 6,240 477 534 436 16, 883 15, 720 113 9 5,137 3 783 3,676 Nov. 23 1,376 ,274 34,115 6,085 496 537 431 16,861 15, 916 114 8 5,125 3 778 3,677 Nov. 30 1,622 L, 306 34,493 6,098 500 534 560 17,075 16,013 114 8 5,124 1 795 3,684 Dec. 7 1,382 L, 297 34, 469 6,187 483 533 570 16,926 16,114 111 9 5,127 1 839 3,683 Dec. 14 __ 1,590 L. 301 34, 852 6,241 494 532 484 17, 327 16, 221 112 9 5,130 843 3,680 Dec. 21 1,627 1,272 34, 503 5,939 498 639 575 17,077 16,025 112 9 5,141 2 828 3,683 Dec. 28 1,744 1,279 34,628 5,949 510 637 564 17,166 15,986 112 9 5,160 1 834 3,686 1939—Jan. 4 1,622 1,225 34, 621 6,245 511 630 521 16, 989 15 888 112 8 5,161 771 3,673 Jan. 11. 1,403 1, 226 34, 455 6,138 511 632 433 17,020 16,050 111 9 5,177 748 3,676 Jan.18 1,407 1,241 34, 640 6,245 531 630 453 17,078 16,124 110 10 5,174 736 3,673 Jan. 25 1,286 1,233 34, 550 6,236 535 630 446 16, 992 16,152 111 10 5,179 733 3,678 NEW YORK CITY 1937—December. 749 473 11, 763 1,984 375 310 319 6,232 5,802 12 674 6 368 1,483 1938—June 748 495 12,250 2,430 269 120 368 6,609 6,228 7 654 4 303 1,486 July 602 485 12,085 2,443 266 108 279 6,559 6,236 6 648 298 1,478 August _ 499 486 12,039 2,447 273 103 218 6,567 6,286 6 650 292 1,483 September 580 464 12, 478 2,494 364 128 251 6,781 6,453 6 662 311 1,481 October., 687 451 12, 838 2,549 419 141 328 6,972 6,613 5 621 1 320 1,482 November 660 452 12, 899 2,589 421 115 281 7,048 6,669 5 604 2 346 1,488 December.. . 760 456 13,181 2,598 437 118 356 7,221 6,817 5 601 355 1,490 1938—Nov. 9 644 437 12, 727 2,538 393 114 260 6,991 6,607 5 598 3 338 1,487 Nov. 16 694 455 12, 913 2,625 423 114 275 7,040 6,621 5 601 3 341 1,486 Nov. 23 582 457 12,886 2,583 436 114 261 7,068 6,747 5 599 333 1,487 Nov. 30 807 467 13,196 2,625 440 115 373 7,201 6,767 5 604 1 342 1,490 Dec. 7-__ _ 680 461 13,189 2,659 421 115 380 7,164 6,864 5 605 350 1,490 Dec. 14 717 457 13, 305 2,703 437 115 289 7,312 6,884 5 601 356 1,487 Dec. 21 790 449 13,062 2,510 440 121 394 7,146 6,750 5 599 357 1,490 Dec. 28 852 460 13,167 2,520 450 120 362 7,260 6,770 5 601 358 1,491 1939—Jan. 4 . 710 420 13, 009 2,670 454 117 309 7,018 6,617 4 609 351 1,477 Jan. 11 624 409 12, 954 2,618 452 116 270 7,068 6,714 5 613 332 1,480 Jan.18 632 421 13,104 2,668 473 117 279 7 146 6 793 5 613 323 1,480 Jan. 25 593 412 13,090 2,689 475 116 284 7,106 6,797 5 617 318 1,480 OUTSIDE NEW YORK CITY 1937—December 836 821 20,149 2,959 36 269 176 9,427 8,768 110 3 4,529 4 489 2,147 1938—June . 729 833 20,462 3,306 36 381 168 9,264 8,704 111 2 4,577 1 453 2,163 July 720 784 20, 549 3,378 36 344 164 9,341 8,785 115 2 4,563 6 433 2,167 August 669 786 20,481 3,361 39 322 150 9,350 8,832 112 2 4,556 1 414 2,174 September 728 786 20,699 3,369 47 363 158 9,494 8,924 111 2 4,551 424 2,180 October 784 790 21,073 3,463 53 422 165 9,694 9,075 110 2 4,543 440 2,181 November 818 811 21, 264 3,531 56 421 167 9,808 9,156 113 4 4,531 444 2,189 December 826 831 21,432 3,481 59 467 192 9,903 9,270 112 4 4,539 1 481 2,193 1938—Nov. 9 805 798 21,195 3,532 53 421 151 9,758 9,104 112 4 4,539 434 2,191 Nov. 16 905 801 21, 378 3,615 54 420 161 9,843 9,099 113 4 4,536 442 2,190 Nov. 23 794 817 21, 229 3,502 60 423 170 9,793 9,169 114 3 4,526 3 445 2,190 Nov. 30. 815 839 21, 297 3,473 60 419 187 9,874 9,246 114 3 4,520 453 2,194 Dec. 7 702 836 21, 280 3,528 62 418 190 9,762 9,250 111 4 4,522 1 489 2,193 Dec. 14 873 844 21, 547 3,538 57 417 195 10, 015 9,337 112 4 4,529 487 2,193 Dec. 21 837 823 21,441 3,429 58 518 181 9,931 9,275 112 4 4,542 2 471 2,193 Dec. 28 . 892 819 21, 461 3,429 60 517 202 9,906 9,216 112 4 4,559 1 476 2,195 1939—Jan. 4 912 805 21, 612 3,575 57 513 212 9,971 9,271 112 4 4,552 420 2,196 Jan.11 779 817 21, 501 3, 520 59 516 163 9,952 9,336 111 4 4,564 416 2,196 Jan. 18 775 820 21, 536 3,577 58 513 174 9,932 9,331 110 5 4,561 413 2,193 Jan. 25 693 821 21,460 3,547 60 514 162 9,886 9,355 111 5 4,562 415 2,198 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

128 FEDERAL RESERVE BULLETIN FEBRUARY 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 1 t l 9 a 3 R n 9) e d s e d r a v t e e i m T l n o a v o e n a e n t n d s a t t s s l -] Total m i C t n a e a r o d g r i n a c m r 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 o s d e e e r r - s s)fo c O i l c n r o a h t g r a p h a r n s e o y 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 n e s r Total U m . e S n . t t i G o o n o b F s v li u e g l r a l n y - - s O e t t c i h e u s e ri r - b s s w F e a R e e e r r n r i e a t v d v k h - l e - e s v C a i a u n s l h t a w m n d ti i e o c c t s e - h - s cul- curities ing se- Direct guartural curities anteed BOSTON (6 cities) Jan. 4 1,152 579 250 34 32 81 114 573 412 30 131 323 142 164 Jan. 11 _ 1,143 575 251 65 30 32 81 114 568 409 30 129 357 142 154 Jan. 18 __ 1,144 576 248 30 32 81 115 568 408 31 129 359 140 160 Jan. 25 1,149 575 245 30 29 81 118 574 411 31 132 347 140 153 NEW YORK (8 cities)* Jan. 4 8,562 3,400 1,480 136 723 268 222 493 5,162 2,991 919 1,252 4,182 80 192 Jan. 11... 8,515 3,381 1,482 136 710 256 222 489 5,134 2,979 901 1,254 4,265 79 188 Jan. 18 8,451 3,324 1.468 135 681 252 224 490 5,127 2,918 915 1,294 4,455 71 189 Jan. 25 8,421 3,317 1,452 135 686 253 224 487 5,104 2,911 916 1,277 4,502 71 196 PHILADELPHIA (4 Cities) Jan. 4 1,157 423 182 22 19 33 57 108 734 362 91 281 250 18 182 Jan. 11 1,155 419 181 22 18 32 57 107 736 364 90 282 267 20 171 Jan. 18 ___ 1,151 420 181 22 18 33 57 107 731 360 90 281 269 17 175 Jan. 25 1,151 421 181 23 19 32 57 107 730 363 279 280 17 172 CLEVELAND (10 Cities) Jan. 4 1,845 645 234 24 22 170 185 1,200 829 275 370 43 299 Jan. 11 1,848 644 234 23 22 171 184 1,204 833 275 371 45 283 Jan.18 1,849 641 230 23 22 170 185 1,208 837 275 382 40 286 Jan. 25 1,844 640 229 23 22 170 185 1,204 833 275 378 42 290 RICHMOND (12 cities) Jan. 4___ 664 239 106 3 16 32 71 425 321 39 65 161 19 147 J J J a a a n n n . . . 1 2 1 8 1 5 _ 6 6 6 6 6 6 6 2 2 2 2 2 3 4 3 7 0 7 1 1 1 0 0 0 4 4 3 4 4 3 1 1 1 6 6 6 3 3 3 3 3 3 7 7 7 2 1 1 4 4 4 2 2 2 6 5 5 3 3 3 2 1 2 2 9 0 4 3 4 0 9 0 6 6 6 6 5 5 1 1 1 6 6 6 6 2 3 2 1 1 0 9 9 1 1 1 5 5 4 3 9 7 ATLANTA (8 cities) Jan. 4_> 609 316 172 7 16 29 293 165 42 109 13 134 Jan. 11.. 601 310 173 7 16 28 82 291 162 43 86 114 13 134 J J a a n n . . 1 2 8 5 6 5 0 9 1 6 3 3 1 0 0 9 1 1 7 7 2 3 7 7 1 1 6 6 29 8 8 2 1 2 2 9 8 1 7 1 1 6 5 3 9 4 4 2 2 1 1 1 1 3 3 1 1 2 2 1 15 4 0 3 CHICAGO (12 cities)* Jan. 4 3,094 853 477 45 79 119 2,241 1,556 225 460 1,012 70 453 J J J a a a n n n S . . . T . 2 1 1 L 8 5 1 o . . . u . is (5 citi _ e _ s) .. " " " " 3 3 3 , , , 1 1 1 5 6 1 1 3 8 8 8 8 4 4 4 9 5 2 4 4 47 7 7 5 6 7 4 3 3 1 7 8 7 7 7 8 8 7 1 1 1 2 1 2 0 9 1 2 2 2 , , , 2 3 3 2 6 0 1 9 6 1 1 1 , , , 6 5 6 2 8 3 0 8 1 2 2 2 2 2 2 6 9 8 4 4 4 5 5 6 8 5 1 9 9 9 6 8 6 0 9 4 6 6 6 8 3 3 4 4 4 3 3 3 5 2 3 J J J J a a a a n n n n . . . . 1 4 1 2 8 5 1 . "' 7 7 7 7 0 0 0 0 3 5 4 2 3 3 3 3 1 1 1 1 4 2 2 1 1 1 1 1 8 9 9 8 9 0 1 8 7 7 1 1 1 1 3 3 3 3 4 4 4 4 5 5 5 5 3 3 3 3 9 9 9 9 1 1 1 2 2 2 2 2 3 3 3 3 0 1 0 2 5 5 8 8 1 1 1 1 0 0 0 0 2 3 1 2 1 1 1 1 5 5 6 6 9 5 7 8 1 1 1 1 2 2 1 1 1 1 1 1 3 2 3 4 6 8 3 1 MINNEAPOLIS (8 cities) Jan.4 379 160 79 7 61 219 163 42 68 117 Jan. 11 373 158 77 7 61 215 159 41 75 118 Jan. 18 _ 370 156 77 7 60 214 159 41 77 112 Jan. 25 _ 371 156 76 7 61 215 159 41 111 KANSAS CITY (12 cities) Jan. 4 ._ 658 259 158 12 44 399 212 136 158 261 Jan. 11 656 2fiO 158 12 44 396 208 137 161 264 Jan. 18 .. 655 258 157 11 44 397 209 137 164 275 Jan. 25 " 656 258 157 12 43 398 210 137 163 270 DALLAS (9 cities) Jan. 4 533 246 161 14 47 287 189 56 117 206 Jan. 11 521 242 159 13 46 279 180 56 115 219 Jan. 18 517 241 158 14 46 276 177 56 111 234 Jan. 25 I." 515 243 159 14 46 272 172 57 114 233 SAN FRANCISCO (7 cities) Jan. 4 2,168 978 336 382 179 1,190 758 125 307 332 276 Jan. 11.. 2,178 977 333 382 176 1,201 770 123 308 332 278 Jan. 18.... 2,184 970 328 382 176 1,214 781 123 310 326 286 Jan. 25 2,198 972 327 383 177 1,226 123 315 328 273 CITY OF CHICAOO* Jan.4 2,027 527 337 12 52 1,500 1,066 112 322 804 239 Jan. 11 2,056 526 340 66 13 53 1,530 1,099 113 318 772 219 Jan. 18 2,085 522 339 13 53 1,563 1,130 113 320 747 216 Jan. 25 2,092 523 339 13 53 1,569 1,132 114 323 754 206 • Separate figures for New York City are shown in the immediately preceding table, and for the city o>ff CChhiicciago 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

129 FEBRUARY 1939 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued [In millions of dollars] Demand deposits Time deposits Cash Total d F i e s d tr e i r c ( a t 1 l 9 a 3 E n 9 e d ) s e d r a v t e e r c n i e e t e t o i s p d e o p l s o l m n r e a r o o c s s t i f c - - - O as t s h e e ts r a l T i s i a o t s i b e t e i a t s l s l - D b o a t I m i n n c k e t s e s r - ba T b n a o k n re k ig s nG 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 c r c d . t k i- s, Other d m t u s e D s — a p t e e n o - a d d s d - 2 - b m D a I e n n o s k - t t e i s c rba D e F n i a o g k n r n k - s Other r B i o n o w g r s - - O i i a t t i b h e i e s l r - c C a o a l u p a n i c t - - BOSTON (6 cities) Jan. 4 72 72 1,925 251 19 13 19 1,112 1,059 249 21 241 Jan. 11 64 73 1 933 252 20 15 18 1 116 1 070 249 21 242 Jan. 18 61 74 1 938 255 19 15 16 1 119 1 074 1 249 22 242 Jan.25 57 73 1,919 250 19 15 15 1,106 1 064 1 249 22 242 NEW YORK (8 cities)* Jan. 4 778 522 14,316 2 732 456 135 328 7,680 7 230 15 4 1 000 361 1,605 Jan.11 657 528 14, 232 2,679 454 134 286 7,705 7,334 15 5 l'004 342 1,608 Jan.18 667 540 14, 373 2, 728 475 135 297 7,774 7,404 14 5 1,003 333 1,609 Jan. 25 622 535 14, 347 2,748 477 134 298 7,727 7,403 14 5 1,007 328 1,609 PHILADELPHIA (4dties) Jan. 4 84 81 1 772 306 9 54 10 867 793 10 279 16 221 Jan.11 63 81 1,757 302 9 54 10 854 801 10 280 17 221 Jan.18 . . 65 82 1,759 308 10 54 8 852 795 10 281 16 220 Jan. 25 59 83 1,762 306 10 54 7 855 803 10 282 17 221 CLEVELAND (10 cities) Jan. 4 87 100 2,744 315 1 42 21 1, 215 1,149 35 733 16 366 Jan. 11 _ 83 100 2,730 309 1 42 17 1,211 1,145 35 734 15 366 Jan. 18 93 100 2, 750 326 1 42 25 1,204 1 136 35 736 15 366 Jan. 25 70 101 2,725 322 1 42 15 1,189 1,134 36 737 16 367 RICHMOND (12 cities) Jan. 4 .. 57 32 1,080 241 28 15 473 431 196 27 94 Jan. 11 45 31 1 075 238 28 10 475 440 6 196 28 94 Jan. 18... __ 45 32 1,073 238 12 472 439 6 196 27 94 Jan. 25 39 31 1,073 238 28 10 473 444 6 196 28 94 ATLANTA (8 cities) Jan. 4 52 39 956 233 1 41 7 393 348 3 182 5 91 Jan.11 .. 49 39 950 230 1 42 4 393 348 3 189 4 91 Jan. 18 46 39 954 231 1 41 5 395 354 3 182 5 91 Jan. 25 . 41 39 951 227 1 41 4 397 360 3 182 5 91 CHICAGO (12 cities)* Jan. 4. 192 81 4,902 923 10 129 52 2,497 2,357 9 879 18 385 Jan. 11 178 79 4,865 917 11 129 35 2,475 2 332 8 890 16 384 Jan. 18 170 79 4,858 922 11 129 36 2 463 2 329 8 889 18 382 Jan. 25 157 80 4,859 921 10 128 40 2,459 2,342 9 890 19 383 ST. LOUIS (5 cities) Jan. 4 56 23 1,079 278 18 6 489 439 6 186 5 91 Jan. 11 . 52 23 1,082 275 18 5 496 449 6 186 5 91 Jan.18 51 23 1 092 284 18 5 496 450 188 5 90 Jan. 25 . _ 48 23 1,093 287 18 5 492 449 6 189 5 91 MINNEAPOLIS (8 cities) Jan. 4 31 15 617 128 1 2 6 294 269 3 119 7 57 Jan. 11 _. 27 15 616 125 1 2 6 295 274 3 120 8 56 Jan.18 24 16 606 124 1 2 5 288 269 3 119 8 56 Jan. 25 ... 23 16 604 122 1 2 5 287 269 3 119 9 56 KANSAS CITY (12 cities Jan. 4 75 22 1,186 361 22 17 537 479 143 2 97 Jan.11 62 21 1,177 344 22 12 548 498 7 144 3 97 Jan.18 62 21 1,189 351 22 12 553 503 7 145 2 97 Jan. 25 56 21 1,178 345 23 12 547 503 7 144 2 98 DALLAS (9 cities) Jan. 4 42 26 935 218 1 36 13 445 416 133 6 83 Jan. 11 39 26 932 208 1 36 8 457 426 134 5 83 Jan. 18 40 25 937 211 33 10 461 431 134 5 83 Jan. 25_. _ _._ _ 36 25 934 2C8 1 34 11 459 434 134 4 83 SAN FRANCISCO (7 cities) Jan. 4 _„ 96 212 3,109 259 13 110 27 987 918 18 4 1,062 287 342 Jan.11 84 210 3,106 259 13 110 22 995 933 18 4 1,058 284 343 Jan.18 83 210 3,111 267 13 111 22 1,001 940 18 4 1, 052 280 343 Jan. 25 78 206 3,105 262 15 111 24 1,001 947 17 4 1,050 278 343 CITY OF CHICAGO* Jan. 4 120 49 3,278 693 10 83 32 1,733 1,645 459 14 254 Jan.11 106 48 3, 237 692 10 83 20 1, 695 1,609 470 13 254 Jan. 18 103 49 3, 233 668 10 83 21 1,685 1,603 469 15 252 Jan. 25 95 49 3, 229 695 9 83 25 1,680 1,610 469 16 252 * See note on preceding page. 1 Does not include cash items in process of collection reported in balances with domestic banks » Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN FEBRUARY 1939 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i p e a r e l - r Total Held b b y a n a k cc s epting H R e e ld se b rv y e F b e a d n e k r s al sto B r a e s d e 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 Jia o c n aA B on a s e e x d - Dollar between points in ingi 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 o c o o u re r n r ig t e n o - f ot b h y ers p U i 1 n o T . T t r S 1 o t . s U p fr o o .S r m t . s ch e a x n - ge U.S. F c o o r u ei n g - n spond- tries ents 1937—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 (2) 42 83 58 2 55 60 September 212 261 221 129 92 (2) 40 89 57 2 56 57 October 213 270 223 130 93 (2) 46 94 57 3 59 56 N D o e v c e e m m b b e e r r _ 2 1 0 8 6 7 2 27 7 0 3 2 21 2 2 2 1 1 2 2 4 1 9 9 8 1 ( ( 2 2 ) ) 5 5 8 1 9 9 4 5 6 5 0 9 3 3 5 5 9 7 5 5 6 7 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—Bee Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances i Other credit balances Debit Debit End of month C b u ( a d s n l t e a e o b n t) m i c t e i e s rs' a i b n n p a a v d l c a a e c r n t s t o r n t c a u m e e d n s r e i t s n s n i ' n g t a i b n n a a v d c la e c f n t s i o r r t c a u m m e d n s e i t n s n in g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r- d e y 3 Free O (n th et e ) r m p i a n e r v n I tn n e t s e a t r n - s d ' m in e f v n i I r n e t m s a t n - d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1936—June 1,267 67 164 219 985 276 86 24 14 420 Peptfimbftr 1,317 72 141 227 995 289 99 24 14 423 December. 1,395 64 164 249 1,048 342 103 30 12 424 1937—Marcn____ 1,549 61 175 223 1,172 346 115 29 18 419 June __ _ -_ 1,489 55 161 214 1,217 266 92 25 13 397 September - 1,363 48 128 239 1,088 256 96 26 12 385 December« 985 34 108 232 688 278 85 26 10 350 1938—January ._ 958 31 103 220 641 288 87 28 11 333 February 937 31 104 207 628 280 80 26 10 324 March ._ 831 29 95 215 676 239 81 25 9 315 April 763 26 97 203 485 248 88 24 9 309 May - - 760 25 85 208 482 243 92 22 8 301 June . __ 774 27 88 215 495 258 89 22 11 298 July 843 28 80 209 528 284 82 22 10 303 August 864 29 84 200 571 272 77 20 9 301 September 823 29 76 213 559 257 68 20 7 300 October _ 905 32 85 196 617 270 73 20 8 304 November 939 30 78 189 662 252 65 20 8 303 December 991 32 106 190 754 247 60 22 5 305 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

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 131 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 n d e d r 1 v 3 a e d a 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 s e e ra c l . s d e t c ( i h r l . a e e s 1 c t t U 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 o s f r f al Federal Reserve Bank Reserve Act) J R an a . t e 31 be In g in ef n fe in ct g- v P i r o e u - s Ja R n a . t e 31 be I g n in ef n fe in ct g- J R an a . t e 31 be I g n in e n ff i e n c g t rate 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, Jan. 31, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. Rate in [Percent per annum except as otherwise specified] Maturity e J ff a e n c . t 3 o 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous Advances to financing institutions— Advances 3 4 6 1 1 1 6 1 6 -1 - - - - 3 6 9 4 5 0 0 0 5 d d d d d ay a a a a s y y y y s s s s i. . . . . _ . . . . . . . . . _ _ . O . . _ . . . _ c _ d d d d t o o . o o 20, 1933 1 1 1 1 1 Federal Reserve Bank m g i d n a o e i d n r r r i u c e z c i s c o a a t t t m l r i i t o o o a - n r l - s O t i w i n o n s h n t i p i c t f o u o h r r - - m O a n in r i e n - g C a t d o m o v m m e a n n m a t c k s i e t e s - 91-120 days.. _._do ___ 1 tion is portion 121-180 days. ...do obligated me 1 n T ts h , i s w r h a i t c e h a a ls g o r e a e p m p e li n e t s s t a o r e a c a c l e w p a t y an s c f e o s r b a o p u e g r h io t d u o n f d 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- B N Ph o e i w s l t a o d Y n e o l r p k hia.. 3H 4 4 - - - 6 6 6 23 3 3 ^ (2) 4-5 1-2 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4^-6 3H 4 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 2J^2 5-6 1-2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4-5H 3>_ 4 Minneapolis.. 6 4K 5 4K-5 Kansas City_. 4-6 4 2 4 Dallas 5-6 4 5-6 1 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 ^-2 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount_rate. the Board of Governors under provisions of Regulation Q. 3 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- P O o th st e a r l S ti a m v e in g d s e p d o ep si o ts s it p s ay- 2% and banks Au 1 g 93 . 6 15, Fe 1 b 9 . 3 2 7 8, Ap 1 r 9 . 3 3 7 0, Ap 1 r 9 . 3 1 8 5, a a f n te d r able in: 6 months or more On net demand 90 days to 6 months deposits:* Less than 90 days Central reserve city.. 22% Reserve city 15 17H NOTE.—Maximum rates that may be paid by insured nonmember Country 12 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. __ banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on p. 120 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

132 FEDERAL RESERVE BULLETIN FEBRUARY 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— Aver- 1929 1932 1933 1934 1935 1936 1937 1928 1939 U. S. 'rreas- age New York City: mo Y n e t a h r , , or Prime P b r a i n m k e - St e o x c - k St e o x c - k ury bills yi U el . d S . on J F a e n b u r a u r a y ry 5 5 . . 7 7 4 3 4 4 . . 7 7 1 1 4 4 . . 1 1 2 1 3 3. . 4 5 3 8 2 2. . 9 8 0 3 2.56 2 2 . . 5 4 0 1 2 2 . . S 34 6 2.29 week com- ers' change change Treas- March 5.81 4.72 4.88 3.31 2.64 2.61 2.50 2.40 mercial accept- time call New 91- ury April 5.85 4.69 4.33 3.39 2.61 2.54 2.53 2.36 paper, ances, loans, loan issues day 3-to-5 May _. 5. 4.55 4.24 3.42 2.69 2.51 2.44 2.40 4 to 6 90 90 re- of- deal- year June. 5.93 4.61 4.10 3.30 2.66 2.44 2.34 2.36 months days days new- fered ers' notes July 5.88 4.42 3.93 3.30 2.61 2.44 2.36 2.27 als w pe i r t i h o i d n 1 ta qu ti o o - n A Se u p g t u e s m t ber 6 6 . . 0 0 5 6 4 4 . . 4 3 5 0 3 3 . . 9 7 7 9 3 3 . . 3 2 3 6 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 4.35 3.76 3.28 2.72 2.46 2.38 2.29 1936 average-~ .75 .15 1.16 .91 .14 .17 1.11 N D o ec v e e m m b b e e r r 5 5. . 7 8 4 6 4 4. . 2 1 2 2 3 3 . . 5 4 2 8 3 3 . 1 2 8 2 2 2 . . 6 7 1 7 2 2 . . 4 4 3 3 2 2 . . 4 4 5 0 2 2 . . 3 3 3 3 1937 average .„ .95 .43 1.25 1.00 .45 .28 1.40 1938 average-. .81 .44 1.25 1.00 .05 .07 .83 Year 5.88 4.49 4.02 . 66 2.70 2.49 2.43 2.32 8 other northern and 1937—Dec 7/16 IK 1.00 .10 .11 1.27 eastern cities: F J S A M D J O A M N u u e e c e u o p b l a a n p t c y g v y r r e t il— V % V s s V K X V - - A A H H - ~ ~ ~ J k 7 7 7 7 7 7 7 7 7 7 7 7 / / / / / / / / / / / / 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 6 1 I I I I I I I I I I K K K K K K K K K X M 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . 0 0 0 0 0 0 1 0 0 0 0 1 2 8 2 7 2 5 0 3 5 8 1 0 . . . . . . . . . . . . 0 1 0 0 0 0 0 0 0 0 0 0 4 0 6 5 8 3 7 5 5 8 8 9 1 1 1 . . . . . . . . . . . 7 6 0 9 6 8 7 7 0 6 7 1 7 7 4 8 2 1 0 7 1 9 1 3 J J J A A F M M N S D O u a u e e p u o e c a n l a n p b c y r y g t v r u e o i t r e _ u c l e e . u a b m _ h s m m r a e _ t y b r r b b y . e . e e r r r _ _ _ 5 6 6 5 5 6 6 6 6 6 6 5 . . . . . . . . . . . . 0 8 8 0 0 0 2 9 1 9 1 2 0 7 6 8 2 9 4 1 1 4 2 5 5 4 4 5 5 5 5 5 5 5 5 4 . . . . . . . . . . . . 1 1 1 1 0 1 0 1 8 0 8 9 2 4 4 0 7 3 5 3 8 3 8 6 4 4 4 4 4 5 5 4 4 4 4 4 . . . . . . . . . . . . 9 8 3 0 8 5 5 5 6 6 7 2 9 9 4 4 9 1 8 5 4 4 4 4 4 4 4 3 4 4 4 4 . . . . . . . . . . . . 3 5 1 6 5 4 1 0 3 1 1 0 2 2 5 2 9 1 8 9 5 3 3 3 3 4 4 4 3 3 3 3 3 3 . . . . . . . . . . . . 7 8 6 7 9 8 6 7 0 0 7 9 7 7 8 9 8 3 5 2 5 5 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 4 4 4 5 6 5 4 4 6 4 6 6 i 7 7 1 0 0 7 5 1 6 2 3 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 3 2 3 3 3 3 3 4 3 4 4 3 2 9 2 4 6 6 7 5 6 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 2 2 2 2 3 2 3 3 2 4 3 2 C S 7 8 8 6 0 7 8 7 ' t , 3.41 Week ending: Year 6.04 5.05 4.83 4.29 3.52 3.36 3.32 Dec. 10— Vs Vw ^X 1.00 .01 .03 .65 27 southern and Dec. 17_.__ 7/16 IX 1.00 .01 .03 .69 western cities: Dec. 24__._ % 7/16 1.00 J .02 .69 January... 5.94 5.61 5.60 5.40 4.95 4.47 4.16 4. It 4.10 Dec. 31-__ % 7/16 IH 1.00 2 .02 .66 February 5.96 5.61 5.56 5.39 4. 4.51 4.15 4.01 Jan 7 % 7/16 IX 1.00 2 .03 .68 March 6.04 5.64 5. 5.40 4.85 4.44 4.15 4. If Jan. 14 Yi-% 7/16 IK 1.00 3 .03 .67 April 6.07 5.63 5.68 5.34 4.80 4.40 4.21 4.1c Jan. 21 7/16 • IK 1.00 .01 .03 .63 May... 6.10 5.64 5.66 5.28 4.79 4.43 4.17 4. K- Jan. 28 lA-H 7A« IK 1.00 (3) .03 .64 June 6.16 5.62 5.62 5.19 4.76 4.39 4.18 4.14 July 6.1' 5.63 5.54 5.07 4.58 4.35 4.19 4.1: August 6.22 5.68 5.53 5.05 4.63 4.25 4.18 4.12 1 Series comprises 273-day bills to October 15, 1937, bills maturing September 6.27 5.63 5.55 5.04 4.51 4.29 4.18 4.07 about March 16,1938, from October 22, to December 10,1937, and 91-day October. 6.29 5.56 5.50 5.05 4.55 4.23 4.16 4.06 bills thereafter. November 6.29 5.55 5.42 4.93 4.51 4.24 4.17 4.05 2 Part of issue sold on negative yield basis and remainder at no yield. December 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 3 Less than 0.005 percent. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures Year 6.14 5.62 5.56 5.17 4. 4.35 4.17 4.11 for 91-day Treasury bills available on request. BOND YIELDS* [Percent per annum] Corporate4 Year, month, or week T U r . e S a . s- Munic- By ratings By groups ury 2 innl 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 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 fi 03 4 34 3 93 1938 average 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1937—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 Oi 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 December 2.49 2.75 3.95 3.08 3.42 4.02 5.27 3.40 4.82 3.63 Week ending: December 31 _ 2.48 2.71 3.93 3.07 3.40 4.01 5. 23 3.39 4.77 3.63 January 7 2.48 2.70 3 88 3 04 3.37 3.98 5 13 3 34 4 71 3 59 January 14 2.47 2.69 3.86 3.01 3.34 3.97 5.11 3.31 4.68 3.57 January 21 2.45 2.71 3.83 3.00 3.29 3.96 5.08 3.29 4.66 3.55 i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. » 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

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 133 BOND PRICES 1 STOCK MARKET Stock prices i Year, month, or date T U r . e a S s . - Munic- Corporate 3 Year, month, or Common (index, 1926=100) um Vo e l- of ury 2 ipal 3 Total In tr d ia u l s- R ro a a i d l- Utility date fe P rr re e - d 2 Indus- Rail- t i r n a g d 3 - Total trial road Utility Number of issues 2-6 15 60 20 20 20 1936 average.. 103.7 110.8 97.5 92.2 94.7 105.4 Number of issues.._ 20 420 348 3 __ 2 40 1 1 9 9 3 3 7 8 a a v v e e r r a a g g e e ___ 1 1 0 0 1 3 . . 7 4 1 11 1 3 0 . . 7 3 9 7 3 8 . . 4 9 9 8 0 2. . 9 1 8 5 9 8 . . 6 6 1 9 0 5 0 . . 3 4 1 1 9 9 3 3 6 7 a a v v e er r a a g g e e _ ' 1 13 3 8 6 . . 2 9 1 11 1 2 1 1 12 3 7 1 49 1 9 0 5 4 1 1 , , 8 5 2 1 4 9 1937—December 101.9 109.5 82.7 81.4 72.5 94.2 1938 average 135.6 83 99 26 73 1,100 1938— N J J A A D F M M S O J u u e e o e c a u p a n a l p b n c t v y g r y r e o t e u r e c i u e b u m a l h m m s e . r a . t b y r b b . r e e y 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 3 3 2 4 2 4 4 3 2 2 . . . . . . . . . . . . 0 0 0 4 7 8 3 0 9 3 1 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 1 1 2 5 1 3 3 2 4 5 6 . . . . . . . . . . . . 6 7 6 2 2 5 6 6 2 2 2 5 8 8 8 7 7 8 8 7 8 7 7 7 1 2 6 0 8 0 9 1 1 5 3 6 . . . . . . . . . . . . 0 8 6 7 8 3 1 3 3 1 8 5 8 8 8 8 8 8 8 8 8 7 7 8 1 5 0 0 0 4 6 5 6 6 7 9 . . . . . . . . . . . . 7 0 6 4 0 2 9 7 0 8 8 5 6 6 6 6 6 5 5 5 5 5 5 5 0 5 6 0 0 2 3 5 9 7 5 8 . . . . . . . . . . . . 0 0 0 2 2 2 5 1 9 7 3 6 9 9 9 9 9 9 9 9 9 9 9 9 1 4 4 4 2 0 7 8 8 8 6 9 . . . . . . . . . . . . 0 0 0 2 2 2 6 3 7 3 3 1 1 19 9 3 3 8 7 — — J J A N M A F M S O J D u u a e e p u c o l a a e n n b p t y r g v y c r o e i u r t u e c l e . b e u a m s h m e m a r t . r y b r b b y e e e r r r . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 3 4 3 3 4 3 2 3 3 3 3 3 5 0 7 2 2 2 7 1 3 8 3 2 . . . . . . . . . . . . 4 9 9 7 2 3 3 5 1 3 1 6 8 9 8 7 8 9 9 8 8 7 7 7 6 1 2 4 8 0 5 2 1 8 1 3 1 1 1 1 1 8 8 9 9 9 9 8 1 1 0 0 0 4 6 5 6 6 3 7 0 4 4 8 5 2 3 2 2 2 2 2 2 2 2 2 3 6 0 9 8 6 1 2 1 7 8 8 1 7 6 8 7 7 6 6 7 7 7 7 7 1 9 1 9 6 9 4 0 7 5 2 7 1 1 1 1 1 1 1 , , , , , , , 1 0 7 0 0 3 8 6 7 9 7 8 7 6 5 6 3 5 8 2 1 2 7 4 4 9 4 2 3 5 9 0 9 2 8 3 December 28 104.0 117.1 81.0 85. 6 59. 0 98.4 December 141.7 92 111 29 78 1,195 J J J a a a n n n u u u a a a r r r y y y 4 1 1 8 1 1 1 1 0 0 0 4 4 4 . . . 2 6 3 1 1 1 1 1 1 7 7 7 . . . 3 5 1 8 8 8 2 2 2 . . . 7 2 1 8 8 8 6 6 6 . . . 6 3 2 6 6 6 0 1 0 . . . 4 8 4 1 9 9 0 9 9 0 . . . 6 8 1 J J D a a e n n c u u e a a m r r y y b e 4 1 r 1 . 2 8 _ _ . 1 1 1 4 4 4 1 0 1 . . . 2 7 2 9 9 9 3 6 2 1 1 1 1 0 1 1 9 5 3 3 3 0 3 0 8 7 8 1 8 0 1 1 1 , , , 3 7 0 2 1 0 0 3 1 January 18... 142.2 93 110 30 83 816 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, i Standard Statistics Co. Monthly data are averages of Wednesday based on quotations from Treasury Department; see BULLETIN for figures. December 1938, pp. 1045-1046 for description. a Average prices of industrial high-grade preferred stocks, adjusted to a 3 Prices derived from average yields, as computed by Standard Sta- $7 annual dividend basis. tistics Co. s Average daily volume 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 t - al Corporate T (d o o t - al Corporate f i u n n g d ) - m a f e o n s r d - tic Total S m a t n a u d t - e F e e ra d l - Bonds e F ig o n r - i m a f e o n s r d - tic Total S m a t n a u d t - e F e e ra d l - Bonds e F i o g r n - * eign) n p ic a i l - ties* Total n a o n t d es Stocks eign) n p ic al i- a c g ie e s n 2 - Total notes Stocks 1929 . 11, 513 10 091 9,420 1 418 0 8 002 2 078 5 924 671 1 422 1 387 13 0 1,374 542 833 35 1930 . 7 619 6 909 6 004 1 434 87 4 483 2 980 1 503 905 709 527 53 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 1 165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 . 1 063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934.. „ 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 — 4,699 1 457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6 214 1 972 1 949 735 22 1 192 839 352 23 4 242 4 123 382 353 3.387 3 187 200 119 1937'- 3,939 2 140 2,096 712 157 1,227 819 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4 375 2 333 2 297 962 481 854 790 64 36 2 042 2 014 128 665 1,221 1,190 31 28 1937—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 1 0 Feb 199 82 81 40 0 41 41 (3) 1 117 117 22 32 62 62 0 0 Mar 245 126 126 94 9 24 23 0 119 119 16 45 58 58 0 0 Apr 352 197 197 45 140 12 11 1 0 155 155 4 84 67 67 0 0 May 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 (8) 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 1 0 Nov 379 225 194 151 0 43 37 6 31 155 130 6 22 102 84 18 25 Dec 453 218 218 116 55 47 32 15 0 234 232 15 20 197 186 11 3 r Revised. * Includes issues of noncontiguous U. S. Territories and Possessions. * Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. »Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (tsble 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN FEBRUARY 1939 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Total Publicly-offered * End of month gross debt Ad- Social Bonds justed se- All Ma- Total service curity others tured Other interest Total Notes Bills issues3 issues* debt bearing Pre- Treas* U. S. 1932—June 19,487 19,161 618, 816 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 «21, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 526,006 753 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—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 December. 39, 427 38, 899 35, 327 79 24,005 1,442 8,496 1,306 827 2,002 743 101 427 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. s Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. * 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. s Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIESi OBLIGATIONS, DECEMBER 31, 1938 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- Date maturing Total Bonds i Notes Bills Farm Owners' struction modity End of month Total Mortgage Loan Finance Credit Corpora- Corpora- Corpora- Corpora- 1939—Before Apr. 1 1,319 13 1,306 tion tion 2 tion tion Apr. 1—June 30 _. 1,294 1,294 July 1—Sept. 30.. 427 427 Oct. 1—Dec. 31.. 526 526 1934—June 312 134 235 1940—Jan. 1—Mar. 31.. 1,378 1,378 December 3,063 980 1,834 249 Apr. 1—Dec. 31.. 1,476 1,476 1935—June 4,123 1,226 2,647 250 1941 2,219 834 1,385 December 4,494 1,387 2,855 252 1942 1,001 1,001 1936—June 4,718 1,422 3,044 252 1943. 1,895 997 December 4,662 1,422 2,988 252 1945 2,121 2,121 1937—June 4,665 1,422 2,987 255 1946 1,848 1,848 December 4,645 1,410 2,937 297 1947 2,832 2,832 1948 ? 1, 986 2 1,986 1938—January 4,646 1,410 2,937 1949 819 819 February 4,646 1,410 2,937 1951 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 August 5,015 1,410 2, 511 206 1959 982 September 5,009 1,404 2, 511 206 1960 2,611 2,611 October 5,001 1,395 511 206 1961 50 50 November 4,993 1,388 2, 511 206 1 1 9 9 6 6 3 5 9 5 1 9 9 1 9 5 1 9 9 1 December 4,992 1,388 2,888 509 206 Total...., ,____._.,.___ 35,327 25, 525 8,496 1, 306 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 $1,260,000 on December 31, 1938. earlier dates; most of the U. S. savings bonds are redeemable at option « Excludes obligations guaranteed as to interest only. of holder. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

135 FEBRUARY 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 i 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 General Excess e e x t c c e ' ss of re- of re- Period Total c ta o I x n m e - s e s S ta e o i x c t c y e u i s a r 2 - l O i r n n n e u t t v h a e e e l e r 3 - r - o A th l e l r Total e I d n s e t t e b o t r n - t f V i a N e o d n n e n e a s t d - a - - e l o A th ll er r c a e R e o l n r i e v y e d - - f f ( v u n R i o n n e l e d t g v ) - s * - T f a t e e r r c r a u t c s c n s t . t s « t s o . - p ( c t + e u e ( e n - i r x ) p ) e d o - t s i s r - p ( c t + e u ( e e n - i r x ) p ) e d o - t s i s r - b G a e f la u n n n e c r d a e7 l G d r e o b s t s erans' Adm.* 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 6 months ending: Dec. 1936 2,158 706 (8) 1,133 319 3,863 403 711 858 1,698 90 103 -1,705 +301 -776 +628 Dec. 1937., 3,176 1,157 414 1,270 335 3,690 432 769 1,009 1,020 45 414 -514 +79 +419 +855 Dec. 1938 2,927 1,135 332 1,203 257 4,504 425 820 1,328 1,513 51 368 -1,577 +182 +868 +2,262 1937—December____ 866 487 138 192 49 678 163 134 141 169 7 63 +188 '-9 +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 13 137 256 216 5 135 -451 +325 -100 +27 August 487 32 131 283 42 683 17 142 227 236 13 48 -195 -63 +144 +402 September. _. 711 498 3 170 40 751 146 131 177 243 10 45 -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 December 704 481 3 181 40 862 173 136 190 307 6 49 -157 -31 +636 +824 Details of trust accounts, etc. Details of general fund balfmce (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 io tion 1° Fiscal year ending: June 1936 19 19 9 241 33 100 +204 2,682 140 316 2,225 June 1937 267 267 294 293 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 11 +87 2,216 142 446 1,628 6 months ending: 9 184 Dec. 1936 46 45 (8) 9 299 77 +18 1,906 26 141 337 1,401 Dec 1937 341 296 32 326 312 1 9 31 93 14 +33 2,973 1,228 142 401 1,202 Dec. 1938 293 210 57 402 192 214 9 169 9 60 9 58 +57 3,084 142 492 2,449 124 1937—December 63 51 9 52 51 ' 15 r 9 28 +5 2,973 1,228 142 401 1,202 1938—January 56 51 8 50 24 34 12 3119 9 22 +19 2,950 1,223 142 413 1,172 February 56 51 7 95 85 6 9 15 9 1 +3 2,975 1,201 142 421 1,212 March 58 51 8 43 10 36 3 6 «28 +15 3,140 1,183 142 427 1,389 A J M u p a n r y e il _ __ 1 1 9 2 7 » 1 5 7 1 1 9 4 9 12 3 8 8 7 2 » 8 4 3 5 6 4 3 3 1 4 9 9 3 1 4 6 4 9 9 9 1 7 6 9 1 3 4 8 7 9 + + + 8 7 2 2 2 2 , , , 6 2 5 8 1 6 9 6 7 1 1 1 4 4 4 2 2 2 4 4 4 4 4 3 0 6 3 2 1 1 , , , 1 6 9 1 2 8 4 8 5 July 60 40 9 35 36 260 10 955 +10 2,116 142 451 1,523 August 48 35 9 131 82, 53 10 31 26 +3 2,260 142 455 1,663 O Se c p to te b m er ber 4 4 5 4 3 3 5 4 1 9 0 3 3 5 8 9 9 1 4 4 4 4 0 0 2 1 4 9 2 2 7 3 9 9 7 6 ++139 2 2 , ,5 9 6 7 9 8 1 1 4 4 2 2 4 4 6 6 0 7 2 1 , ,9 3 6 76 0 November 49 34 10 125 96 26 21 18 9 11 +13 2,447 142 478 1,828 December 49 34 10 37 32 19 16 94 +8 3,084 142 492 2,449 1 Excludes debt retirements. r Revised. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. 8 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 7 Details given in lower section of table. 8 Less than $500,000. 9 Excess of credits. 10 Monthly figures for the fiscal year 1938 subject to revision. 11 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

136 FEDERAL RESERVE BULLETIN FEBRUARY 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1938 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] st R ru e c co ti n o - n Ho h m ou e s i m ng o r a tg g a e g n e c i a es nd Farm credit agencies Ten- Total Finance nes- Corpo- see Ini A W P s r t a d a u r t o m n a b i r t o d l i k i i n o n 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 e s e t - - r U t H S 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 o t e r i d m p d o i o n i - t t y - Other t V A h l i e t o a u y y l r - - - a a s c g n u ie e c r s - n e - Other N 1 3 9 o 0 3 v , 8 . O 1 3 9 1 c 3 , t 8 . N 1 3 o 9 0 3 v . 7 . porations ASSETS Loans and preferred stock: Loans to financial institutions.. 249 190 (i) 26 0) 464 468 486 Preferred stock, etc 521 214 47 76 C1) 857 859 889 Loans to railroads 473 30 503 502 437 Home and housing mortgage loans 2,186 120 20 2,326 2,330 2,486 Farm mortgage loans . 2,751 2,751 2,764 2,886 Other agricultural loans _- 16 277 352 90 0) 735 730 530 All other loans _ 2 513 0) 3179 4174 865 854 832 Total loans and preferred stock 1,771 2,400 356 20 2,751 353 352 268 26 204 8,502 8,507 8,547 Cash _ 1 114 53 8 61 34 0) 24 3 30 19 349 367 271 U. S. Govt. direct obligations 48 1 31 0) 65 150 402 4 701 698 604 Obligations of Government credit agencies: Fully guaranteed by U S 8 32 104 144 146 180 Other8 - _ 2 54 30 36 35 31 Accounts and other receivables 28 14 4 0) 193 5 31 1 3 16 38 333 356 279 Business property 0) 6 129 6 0) 0) 216 1 94 452 451 381 P O r t o h p er e r a t s y s e h t e s ld fo . r sale _____ 0) 30 53 6 5 0 (0 ) 11 7 2 8 (") 4 1 24 1 95 1 6 1 7 3 9 8 6 1 7 2 3 5 5 6 9 6 4 Total assets other than interagency 1,880 3,077 452 158 3,198 605 383 297 224 605 455 11, 33511, 35910,953 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States. __ 511 2,888 1,388 206 1 4,994 5,001 4,644 Other 8 0) 120 51, 021 174 2 0) 6 1,323 1,352 1,340 Other liabilities (including reserves). 77 131 24 2 99 10 75 5 6 154 116 700 722 572 Total liabilities other than interagency _. 587 3,020 143 2 2,508 184 281 5 8 155 123 7,016 7,075 6,556 Excess of assets over liabilities, ex-. eluding interagency transactions.. 1,293 57 309 156 691 421 101 292 216 449 332 4,318 4,284 4,397 Privately owned interests 46 193 4 139 382 379 360 U. S. Government interests 1,293 57 263 155 498 417 101 292 216 310 332 3,936 3,905 4,038 1 Less than $500,000. » Includes $37,000,000 loans of Public Works Administration. «Includes $176,000,000 loans of Farm Security Administration. 4 Includes $82,000,000 loans of Rural Electrification Administration. • 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] Dec. 31, June 3C July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec.'31, 1937 1938 1938 1938 1938 1938 1938 1938 Loans to financial institutions 251, 368 234, 897 232,279 219, 216,859 216,157 212, 213 i 209, 625 Loans on preferred stock of banks and insurance companies- 38, 650 37, 525 37,438 37, 220 37,154 37,090 37,083 34, 616 Preferred stock, capital notes, and debentures 555, 312 533,761 531,694 525,160 523,605 521,981 520, 550 561, 590 Loans to railroads (including receivers) 355,:" 393,i 398,304 414, 928 419, 364 426,046 428,041 436, 094 Loans for self-liquidating projects 237, 637 245, i 193,053 191, 551 193,078 194, 606 194,748 186, 384 Loans to industrial and commercial businesses 74, 794 76, 369 81,060 85,049 92,137 98, 224 103, 598 107, 747 Loans to drainage, levee, and irrigation districts 77, 522 79,406 79, 529 79, 391 79, 601 79, 667 80,836 81, 037 Other loans 3,920 4,324 14, 365 14, 456 19, 205 19, 215 24,040 Securities purchased from Public Works Administration.__ 132, 564 145,148 138] 132 138, 509 137, 69" 138, 783 138, 607 140,194 Total loans and investments, other than interagency-. 1, 727, 661 1, 750, 210 1, 695, 775 1, 706,172 1, 713, 950 1, 731, 760 1, 734,893 1, 781,327 Loans to Federal land banks 11,617 5,017 4,' 16 Loans to Commodity Credit Corporation 63,120 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 10,000 Loans to Rural Electrification Administration 21, 5fJ8 46, 498 46,498 46,498 46,498 46,' 46,498 46,498 Capital stock of, and loans to R. F. C. Mortgage Co 66, 408 40,011 41,186 41, 755 42, 595 44, 996 48, 644 54,159 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11,000 11,7 16, 403 23,185 31, 975 40, 868 49, 710 Loans to Tennessee Valley Authority 2,000 2,000 2,000 3,000 Total loans and investments.. 2, 017,403 1,872, 735i 1,820, 239 1,830,844 1,848,228 1,877,228 1,892,902 1,954,693 i Includes $66,000,000 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

137 FEBRUARY 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 byby- and discounts for— End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p a c s p c R r o n r c o o r e c d u e e r d a d i g a l d a g u i t b t i i t t u r i o c t i a i o r c o n t - a n a i n o n a s o l k s r s l - n s , - , f c i i e n o n O t t x i a o i s o t n v c p t h n i e c e e t e s p i s r u n r , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R u i a r t r e a g a c g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a n u e n a c g r s y n 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 A M i n r n e t g g g a u v r r o r i f k A c a u l e u v l n c t l - t d - for cooperatives 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—December. 2,035, 307 812, 749 165,194 40,464 138,169 15, 592 172,130 1,813 87, 633 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, 384 147,983 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 December. 1,982, 224 752,851 168,392 33, 545 148,037 11,081 170, 891 920 87, 496 23, 723 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- Federal Depos- XJ. S s . e c G u o r v it e ie r s nment 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 in p to o r d s y i e - - r D e i c - t G a u n a - r- f s u e re n 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 s e o r - Loans J i t n io st n it s u 2 - ti g o a n - s o g b a l - iciations tions 1934—December. 2,379,491 81,300 86, 651 1935—June 1,205 1,236 385 777 630 147 74 1935—December. 2, 897,162 1,023 348,000 102, 791 1936—June _ 1,232 1,265 203 967 800 167 95 1936—December. 2, 765,098 1,212 586, 700 145, 394 1937—June _ 1,268 1,307 136 1,100 933 167 71 1937—December. 2, 397, 647 1,328 853,500 200,092 1937—November.. _. 1,270 1,306 129 1,101 934 167 76 1938— M F A M J J u e p a a a n b r n y r e i r c u l u h a a ry ry .. . . . . 2 2 2 2 2 2 , , , , , , 3 2 3 3 3 2 7 8 4 2 0 6 0 1 8 3 1 5 , , , , , , 9 8 0 9 1 8 8 8 2 9 5 9 4 4 5 5 3 4 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 3 4 3 3 3 4 4 5 4 8 2 6 2 8 8 8 9 9 9 7 3 9 1 4 6 4 0 9 7 5 4 , , , , , , 9 3 8 3 5 7 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 8 9 8 8 9 8 6 6 7 3 0 3 , , , , , , 5 1 7 4 5 2 3 0 4 9 0 2 5 5 7 8 7 2 1938— M M D A F J e e a p a a b n c r r y e i u r c l u m h a r a b y r e y r . 1 1 1 1 1 1 , , , , , , 2 2 2 2 2 2 7 7 6 6 7 5 0 2 8 6 1 5 1 1 1 1 1 1 , , , , , , 3 3 2 3 3 3 0 0 9 1 1 0 8 6 6 1 1 1 1 1 1 1 1 1 3 2 2 1 2 1 0 1 5 6 4 9 1 1 1 1 1 1 , , , , , , 0 0 1 1 1 1 9 9 1 1 0 1 7 7 0 2 8 3 9 9 9 9 9 9 3 3 4 4 4 4 0 0 6 6 4 1 1 1 1 1 1 1 6 6 6 6 6 6 7 7 7 7 7 6 8 8 7 7 7 7 2 1 9 5 2 2 July 2,248,982 1,348 961, 300 191,889 June 1, 252 1,290 115 1,103 936 167 72 A S O N D e u o e c p g c t v t o u e e e b s m m m t e b b b r. e e e . r r r .. . . . 2 2 2 2 2 , , , , , 1 1 2 2 2 6 8 0 3 2 8 6 3 1 4 , , , , , 1 8 9 7 8 4 9 2 0 9 1 9 0 6 7 1 1 1 1 1 , , , , , 3 3 3 3 3 6 5 7 7 6 5 4 0 4 8 1 1 1 , , , 0 9 9 0 0 1 9 7 2 3 4 1 0 6 3 , , , , , 0 0 2 2 8 8 7 1 3 7 7 4 8 9 3 1 1 1 1 1 8 9 8 8 8 9 8 9 9 9 , , , , , 4 8 2 6 5 1 4 1 8 4 5 0 7 5 8 A J N D S O u e u e o c l p c g t y v o t e u e e b m s m m e t b r b b e e e r r r _ _ P P 1 l 1 i 1 1 , , , , , 2 2 2 2 2 2 5 4 5 5 5 5 0 8 2 2 0 2 1 1 1 1 , , , , 2 2 2 2 8 9 9 8 9 1 1 7 1 9 9 9 02 8 9 6 1 1 1 1 , , , , 1 1 1 1 1 0 1 1 8 3 3 8 9 9 9 9 3 4 5 5 7 7 2 2 1 1 1 1 6 6 6 6 6 6 6 6 8 7 7 7 6 9 5 1 * Federal Home Loan Bank Board estimates for all Federal savings and loan associations. p Preliminary. J Excludes loans to other than member institutions which are neglig- no 1 t O in u c t l s u t d a e n d a i c n c g r u p e r d i n i c n i t p e a r l e , s t r e n p o re r s o e u n t t s e t d a n b d y in c g e r s t a if v ic in a g te s s s o ta f m d p ep s. osit. Does i ble 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

138 FEDERAL RESERVE BULLETIN FEBRUARY 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value) 2 Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Eesidential All other F p a l c o t y o m r e y n e t m 3 - r p F t o a l o a l y r c s - y - 3 F l r o e a i d g i h n t g - s ca 4* r D st e o p ( r a v e a r l s t a u m l e e e ) s n t * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjusted justedjustedjusted justed justedjustedjustedjustedjusted 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 1938 P86 P84 P98 P64 H5 P8Q P87 P78 62 85 1935 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 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 103 103 94 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 105 104 99 83 77 92 161 1937 Jan 114 112 115 113 111 107 63 51 45 37 77 63 105 103 94 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 106 105 100 82 76 95 76 Mar 118 122 117 122 128 119 56 56 45 47 64 63 107 108 106 83 80 93 90 April. __ 118 122 118 125 115 105 53 61 44 51 61 68 108 109 109 84 79 93 89 May.— 118 122 118 123 117 118 56 68 44 52 66 81 109 109 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 108 108 107 78 79 93 90 July— 114 111 114 110 112 115 67 75 44 45 86 99 109 108 105 80 82 92 65 Aug 117 115 118 114 113 121 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 85 56 54 128 111 90 91 84 69 70 89 99 Dec P104 *98 PJ04 *>98 P108 P102 P98 *>79 P57 P48 P132 J»103 P91 P91 P87 69 64 89 156 p Preliminary. * Average per working day. i For indexes of groups and separate industries see pp. 139-140; for description see BULLETIN for February and March 1927. 3 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July'1831. 1 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. 141-144. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 146. 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

139 FEBRUARY 1939 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total 85 79 76 75 75 73 73 74 82 87 89 95 103 P104 Durable __ 74 60 56 54 54 53 51 50 58 64 69 84 95 P92 Nondurable 94 95 93 94 93 91 93 95 102 108 107 106 110 IRON AND "STEEL 68 49 52 50 49 50 47 46 62 70 76 90 109 101 Pig iron 67 50 47 46 45 44 40 36 42 51 59 67 76 74 Steel ingots 68 49 52 51 49 50 48 47 64 72 77 93 112 104 TRANSPORTATION EQUIPMENT: Automobiles 92 78 65 '62 54 54 49 46 43 45 46 84 96 99 Locomotives 22 16 14 19 23 17 12 14 12 4 4 5 7 NONFERROUS METALS: Tin deliveries1 __ 115 88 91 85 77 71 69 73 68 65 71 81 73 59 Zinc 108 107 98 90 87 80 79 70 69 74 75 80 88 93 Lead __ _ 79 87 69 67 64 74 60 64 54 46 50 50 66 57 CEMENT AND GLASS: Cement 76 71 59 57 65 67 69 69 71 67 69 80 84 82 Glass, plate__ ____ _____ 151 108 62 35 42 42 44 80 . 77 89 107 155 155 153 COKE: Byproduct 103 89 87 85 82 79 73 69 71 81 89 98 105 106 Beehive 14 11 9 8 7 6 5 5 5 5 6 6 6 6 TEXTILES 80 77 75 79 81 74 77 87 97 110 103 100 112 117 Cotton consumption 91 88 82 85 90 77 81 88 101 115 108 104 112 120 Wool 51 56 54 62 54 50 60 75 87 106 93 91 107 116 C onsumption 51 54 52 61 57 55 73 92 110 133 107 101 123 134 Machinery activity1 _ 58 '65 67 71 51 42 53 69 74 91 86 87 101 112 Carpet and rug loom activity! _ 41 43 40 49 49 47 36 38 42 55 66 67 69 72 Silk deliveries 94 69 80 88 100 101 87 101 105 102 111 104 123 116 LEATHER AND PRODUCTS 81 86 94 102 104 104 105 90 103 108 102 '101 106 P118 Tanning 77 75 78 81 78 72 75 75 78 82 78 ••81 89 Cattle hide leathers 81 76 72 79 77 72 77 74 77 86 86 89 94 Calf and kip leathers 63 73 80 89 87 72 68 76 80 77 69 '69 89 Goat and kid leathers 83 74 91 81 74 73 74 74 76 75 65 70 77 Boots and shoes _ _ 84 93 105 116 121 124 124 101 119 125 118 '114 117 p137 FOOD PRODUCTS: Slaughtering and meat packing 86 86 92 86 83 84 84 81 83 89 98 95 94 86 Hogs 74 72 77 66 59 66 66 58 62 74 88 92 88 79 Cattle 96 101 106 109 111 105 103 108 107 103 106 94 96 89 Calves 115 114 113 111 116 111 110 110 112 115 118 108 112 106 Sheep 139 143 160 164 151 151 164 151 152 153 152 149 152 137 Wheat flour 86 88 86 89 90 90 86 98 98 87 88 91 86 92 Sugar meltings 101 142 99 83 63 77 81 78 85 86 106 103 100 108 TOBACCO PRODUCTS 155 170 157 157 160 159 163 154 154 161 160 150 164 179 Cigars 73 74 75 73 77 69 70 73 71 73 75 74 76 76 Cigarettes 221 247 225 226 227 230 237 219 219 232 229 211 233 258 Manufactured tobacco 83 84 77 77 83 84 84 84 84 81 84 78 95 97 PAPER AND PRINTING: Newsprint production _ __ 65 63 57 53 53 46 53 51 54 53 57 58 63 61 Newsprint consumption. _ _ 130 134 132 129 126 125 125 122 124 123 130 131 127 127 PETROLEUM REFINING 212 203 201 195 191 197 198 193 200 203 206 208 208 Gasoline1 268 255 253 243 239 250 253 248 258 264 265 269 269 Kerosene 113 108 111 113 120 114 118 117 106 104 109 102 104 Fuel oil1 150 148 146 145 137 137 133 126 132 134 141 143 140 Lubricating oil1 127 123 116 114 113 109 108 103 110 108 113 110 109 RUBBER TIRES AND TUBES1 75 66 67 57 62 64 65 72 82 91 96 98 100 110 Tires, pneumatic1 78 70 70 59 64 67 68 75 86 94 100 102 103 115 Inner tubes1 53 42 45 41 42 40 42 48 53 65 72 71 73 77 Minerals—Total _ 109 115 108 103 103 101 91 92 93 95 97 99 102 P108 Bituminous coal _ 78 79 65 64 58 62 57 57 60 64 71 72 77 P77 Anthracite 67 70 67 53 68 45 64 71 47 38 50 49 57 Petroleum, crude _ _ _ _ 174 176 177 171 172 170 156 153 161 167 158 161 165 P166 Iron ore 40 19 34 38 37 41 50 42 Zinc 108 107 98 90 87 80 79 70 69 74 75 80 88 93 Lead _ _______ 79 87 69 67 64 74 60 64 54 46 50 50 66 57 Silver 119 104 96 96 98 96 92 91 99 105 102 102 51 i Without seasonal adjustment. P Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, 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

140 FEDERAL RESERVE BULLETIN FEBRUARY 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average = 100] 1937 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Manufactures—Total.. 85 103 Durable 63 66 92 Nondurable. _- 104 109 109 113 P108 IRON AND STEEL.. 101 Pig iron 77 72 Steel ingots 103 91 TRANSPORTATION EQUIPMENT: Automobiles Ill 117 Locomotives 23 12 NONFERROUS METALS: Tin deliveries 115 91 73 59 Zinc 108 103 95 Lead 82 70 59 58 CEMENT AND GLASS: Cement 76 56 65 87 91 83 64 Glass, plate 151 108 155 155 153 COKE: Byproduct- 106 87 85 79 107 107 Beehive 15 10 4 7 TEXTILES 83 84 76 90 103 104 103 116 111 C otton consumption 94 90 82 92 103 104 107 117 110 Wool 54 65 49 81 101 96 113 117 Consumption 55 67 54 98 123 113 111 134 135 Machinery activity 58 71 42 74 91 86 87 101 112 Carpet and rug loom activity. 41 49 47 42 55 67 72 Silk deliveries 97 94 100 100 106 104 103 LEATHER AND PRODUCTS 78 104 107 102 101 119 '•111 102 P100 Tanning 76 83 77 71 78 83 '86 88 Cattle hide leathers 80 84 78 72 75 85 90 '92 93 Calf and kip leathers.. 60 82 77 65 93 93 80 '82 85 Goat and kid leathers.. 82 84 76 73 71 73 68 73 76 Boots and shoes 79 95 117 127 122 116 144 142 '127 111 P108 FOOD PRODUCTS: Slaughtering and meat packing. 95 101 107 85 78 76 82 80 79 77 90 94 104 101 Hogs. 81 94 104 73 60 58 64 60 56 56 66 79 97 103 Cattle 110 107 107 96 97 93 100 101 106 101 118 110 111 94 Calves 117 109 105 104 117 121 125 114 109 106 113 113 114 100 Sheep 137 140 161 154 137 142 161 148 152 154 176 163 151 135 Wheat flour 93 85 84 86 84 81 81 86 94 104 102 93 88 Sugar meltings 79 81 81 74 91 93 97 114 78 62 TOBACCO PRODUCTS 158 138 150 143 152 146 165 167 172 161 167 145 Cigars.. 86 55 58 63 70 65 72 74 76 90 90 57 Cigarettes 219 202 221 206 216 210 240 241 241 250 252 222 231 212 Manufactured tobacco.. 81 78 78 84 84 84 84 91 81 92 79 PAPER AND PRINTING: Newsprint production 64 63 58 53 52 47 54 52 53 52 57 58 63 61 Newsprint consumption.. 139 138 127 127 131 134 129 121 111 110 127 139 136 131 PETROLEUM REFINING.. 204 201 195 191 196 197 192 199 203 206 209 208 Gasoline 255 253 243 239 250 253 248 258 264 265 269 269 Kerosene 122 117 113 115 117 113 114 109 99 111 107 113 Fuel oil 150 148 146 145 137 137 133 126 132 134 141 143 140 Lubricating oil _ 127 123 116 114 113 109 108 103 110 108 113 110 109 RUBBER TIRES AND TUBES.. 67 57 62 64 72 91 100 110 Tires, pneumatic... 70 70 59 64 67 75 94 100 102 103 115 Inner tubes 42 45 41 42 40 48 65 72 71 73 77 Minerals—Total.. 108 103 95 91 90 97 102 106 105 Bituminous coal- 87 84 72 58 52 51 55 62 76 79 86 Anthracite 70 69 72 56 47 62 39 38 50 63 58 Petroleum, crude.. 172 171 170 170 170 158 156 165 170 163 163 163 Iron ore 34 67 78 76 78 86 35 Zinc 108 109 103 97 92 68 64 69 71 78 88 95 S L i e l a v d er. __ 1 8 2 2 8 9 7 7 0 1 6 0 9 4 1 6 0 5 6 65 52 1 4 0 4 4 4 9 8 7 10 5 1 2 58 p Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, and October 1938, p. 912. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

141 FEBRUAEY 1939 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) flndex numbers of the Board of Governors; adjusted to Census of Mailufactures through 193f. 1923-25 avenige=100] 1937 1938 Industry and group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 100.6 95.1 90.0 88.9 87.4 85.4 83.7 82.4 82.9 84.9 86.9 87.5 90.0 91 4 Durable goods 99.8 91.9 83.7 81.0 79.0 76.2 74.1 71.9 70.7 72.0 75.7 78.0 81.4 83 3 Nondurable goods 101.3 98.1 96.0 96.4 95.4 94.1 92.9 92.4 94.5 97.1 97.6 96.6 98.2 99.3 IRON, STEEL, PRODUCTS 104.6 97.0 88.2 85.7 83.8 81.6 80.2 77.8 77 A 79.4 81.1 83.3 86.4 87 9 Blast furnaces, steel works 113 105 95 92 90 87 85 83 83 84 85 87 90 92 Bolts, nuts, washers, rivets 106 97 83 82 81 79 80 77 78 79 83 85 90 92 Cast-iron pipe. 66 68 62 62 62 63 63 62 60 61 64 65 67 67 Cutlery, edge tools 92 90 84 82 79 78 76 76 67 76 78 '79 81 83 Forgings . 64 59 51 47 45 44 43 40 40 42 44 46 48 49 Hardware 97 89 75 71 70 64 63 61 57 62 67 79 84 86 Plumbers' supplies _ _ _ 81 73 71 71 70 71 72 73 73 73 74 72 73 73 Stamped, enameled ware 161 143 124 122 126 122 120 113 108 118 123 '127 133 134 Steam, hot-water heating. 74 71 67 64 64 64 64 65 69 70 68 69 68 68 Stoves 82 77 73 75 75 70 71 70 71 75 74 77 74 77 Structural, ornamental . . 77 73 68 66 64 62 60 58 58 58 58 60 60 63 Tin cans, tinware 100 97 95 93 93 92 89 87 86 90 89 84 87 88 Tools 91 87 81 79 78 76 75 73 70 73 76 77 80 83 Wirework 198 180 148 138 133 128 126 114 112 111 132 145 163 172 MACHINERY 120.7 112.8 104.8 100.0 96.9 92.8 89.1 86.0 83.3 84.7 '85.2 86.8 89.1 91 6 Agricultural implements. _ __ 180 168 156 148 142 139 130 124 103 106 96 99 99 105 Cash registers, etc. 152 148 144 144 142 141 139 137 138 135 136 136 135 136 Electrical machinery __ _ 113 105 97 90 87 82 78 75 73 74 77 80 83 84 Engines, turbines, etc. 103 100 98 92 88 88 86 82 81 83 83 86 88 88 Foundry, machine-shop products- 107 100 93 89 87 83 80 77 76 77 78 78 79 82 Machine tools 163 157 148 142 134 129 123 115 112 112 114 115 117 119 Radios, phonographs 124 103 91 96 91 93 87 83 82 82 81 89 106 111 Textile machinery 76 71 66 63 61 58 58 54 54 58 61 62 65 67 Typewriters — 140 129 120 118 115 114 115 116 117 119 122 125 126 126 TRANSPORTATION EQUIPMENT 119.4 101.2 80.9 77.0 73.3 68.3 65.1 61.1 56.9 55.9 '74.2 '81.5 89.9 94.4 Aircraft 926 897 886 892 879 857 823 790 787 759 779 810 823 855 Automobiles.- _ _ _ __ 130 107 81 77 74 69 65 60 55 55 79 '89 99 105 Cars, electric-, steam-railroad 60 50 43 38 34 31 27 24 23 24 '28 26 27 28 Locomotives.. _ 50 49 45 41 36 30 26 25 20 18 16 16 17 17 Shipbuilding 112 110 106 103 99 92 96 99 99 91 89 91 97 100 NONFERROUS METALS, PRODUCTS 103.4 97.2 90.4 88.4 86.5 84.5 82.4 81.3 82.0 84.4 86.7 89.0 92.4 93.4 Aluminum _. 162 152 140 134 131 128 126 122 124 131 137 140 141 140 Brass, bronze, copper 110 101 94 91 90 88 86 86 87 90 93 95 101 100 Clocks, watches 103 96 85 88 86 83 81 78 78 80 79 81 80 80 Jewelry- 91 89 89 88 89 85 82 84 85 87 88 87 90 94 Lighting equipment 98 90 75 74 70 70 68 65 66 71 76 83 87 90 Silverware, plated ware 64 63 62 62 61 60 59 58 57 59 59 62 63 64 Smelting, refining __ 82 80 77 73 71 69 67 65 64 64 65 66 70 72 LUMBER, PRODUCTS 70.2 66.2 64.1 63.6 63.4 61.9 60.9 59.9 60.2 61.9 63.2 62.9 64.6 65.3 Furniture 84 81 78 76 76 74 73 73 73 75 76 75 76 79 Lumber, millwork 56 53 51 52 51 50 48 49 50 52 53 53 55 55 Lumber, sawmills _ 58 54 52 52 52 50 50 48 49 50 51 51 53 53 STONE, CLAY, GLASS PRODUCTS 77.7 74.1 69.8 67.6 65.7 64.9 63.4 63.2 63.4 64.0 65.4 67.8 71.1 72.0 Brick, tile, terra cotta _ 55 52 50 49 48 47 46 45 46 46 48 49 52 54 Cement _ _ 72 70 65 64 63 65 62 63 64 64 63 67 68 68 Glass. __ 107 100 92 85 82 81 80 78 76 79 82 87 92 93 Marble, granite, slate 48 46 44 45 43 41 42 42 42 40 40 41 42 44 Pottery 80 78 77 75 73 72 71 74 75 75 75 76 78 79 TEXTILES, PRODUCTS __ 97.0 93.4 90.6 92.2 91.4 89.4 87.6 87.4 92.1 96.4 97.0 95.6 96.7 98.7 Fabrics 87 6 83 9 81.4 81.1 80.3 78.9 78.6 79.3 83.4 87.2 rS7.1 86.3 88.7 90.2 Carpets, rugs 85 78 68 72 70 67 63 48 63 68 72 '76 80 84 Cotton goods 86 83 81 80 80 78 77 78 81 85 85 84 85 85 Cotton small wares 82 77 72 71 69 68 70 70 71 74 78 79 83 84 Dyeing, finishing textiles 107 104 102 101 101 100 102 101 104 107 107 106 107 111 Hats, fur-felt 94 93 91 91 90 88 76 64 82 85 87 '90 84 83 Knit goods __ 114 107 106 108 107 107 103 106 109 111 111 111 112 115 Hosiery 143 135 136 138 138 139 133 135 138 140 140 141 142 144 Knitted outerwear 76 72 65 68 67 68 68 70 72 76 76 77 76 81 Knitted underwear 75 68 67 67 67 63 63 65 70 70 69 69 70 71 Knitted cloth _ 165 151 144 146 143 140 132 137 139 150 147 152 156 162 Silk, rayon goods 67 62 56 57 59 60 64 58 57 61 61 60 61 62 Woolen, worsted goods 63 62 61 60 54 51 55 62 70 74 73 71 79 81 Wearing apparel _. _ 116.9 113.6 109.8 116.2 115.2 112.2 106.6 104.1 109.8 115.7 117.9 115.4 113.6 116.2 Clothing, men's 102 97 94 101 101 95 85 81 91 101 103 102 102 103 Clothing, women's 171 169 165 173 168 165 161 158 163 166 170 164 161 166 Corsets, allied garments 100 100 97 97 96 96 97 98 96 97 97 98 99 101 Men's furnishings 133 123 116 126 129 125 125 126 132 136 142 143 138 139 Millinery.. 68 70 71 72 71 76 71 65 65 68 71 72 61 66 Shirts, collars 115 111 103 110 114 112 111 115 113 118 116 114 114 116 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN FEBRUARY 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1937 1938 Industry and group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. LEATHER, MANUFACTURES _, _ _ ,. 90.5 89.0 89.5 89.9 89.9 89.8 87.1 S4.4 88,4 89.6 91,3 90.8 91,4 92.2 Boots, shoes 91 90 92 92 92 92 89 85 90 91 92 91 92 92 Leather 81 76 75 74 74 73 73 73 75 78 79 81 84 84 FOOD, PRODUCTS _ _ _,_ _ _ ._ 127.3 124.5 124.7 124.2 122.4 12a 4 12Q.0 121.2 122.2 123.0 122.2 119.2 122.9 123.9 Baking. _ , , 146 144 145 144 143 143 142 143 144 144 143 142 143 144 Beverages - - , _ __ 247 244 243 246 243 240 237 232 232 236 234 234 245 244 Butter „_ ,_._ 104 104 105 106 ioe 107 105 102 101 103 100 99 99 99 Canning, preserving ,_ _ _. 151 139 139 139 134 120 126 131 136 140 131 111 128 129 C onfecttonery 83 81 81 80 78 79 76 78 78 79 79 79 79 82 F Ic l e o u c r r eam „,,.-,,. 8 7 1 8 8 78 2 8 7 0 7 8 7 1 $ 7 79 6 8 75 1 7 79 6 7 7 7 7 7 7 7 7 7 78 7 7 75 7 7 79 5 8 7 0 7 8 7 0 8 Slaughtering, meat packing 98 97 99 97 95 94 93 94 95 95 96 97 99 99 Sugar, beet 106 103 88 95 99 98 91 91 92 89 109 97 97 137 Sugar refining, cane __,_ _ _ _ _. 85 92 82 86 82 80 91 89 85 88 92 88 86 TOBACCO MANUFACTURES, _ __ 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 64.2 Tobacco, snuff 62 62 62 62 61 62 62 62 61 61 63 58 61 62 Cigars, cigarettes ,._,, - 65 65 61 65 65 65 65 66 62 63 65 64 64 65 PAPER, PRINTING.,,, 110.1 107. 4 100.4 106.1 105.6 105.0 103.7 103.0 103.0 103.7 104.0 104.3 105.4 106.2 Boxes, paper 102 98 96 96 96 95 95 95 95 96 96 97 100 101 Paper, pulp . „„_ , 111 107 106 106 105 104 103 102 102 103 104 105 106 106 Book, job printing 107 105 104 103 103 102 100 99 100 99 99 99 100 101 Newspaper, periodical printing._., 108 107 ioe ioe 105 106 105 105 104 105 105 105 106 106 CHEMICALS, PETROLEUM 122.9 117.7 114.8 114.4 112.7 110.9 110.2 108.4 108.3 111.0 111.4 111.2 111.8 112.3 Petroleum refining.. 127 124 123 123 122 122 122 120 121 121 120 119 118 118 Other than petroleum . __ ... 121.9 116.3 112.8 112.4 110.3 108.2 107.5 105.5 105.2 108.4 109.4 109.3 110.2 110.8 Chemicals _„ _ 131 125 122 119 115 112 110 110 106 110 111 113 117 117 Cottonseed oil, cake, meal,... 110 104 112 107 99 109 101 93 102 98 87 86 88 90 Druggists' preparations 113 112 110 108 107 108 111 112 113 110 108 107 107 107 Explosives 88 88 85 84 84 83 82 81 81 81 83 82 81 81 Fertilizers 97 98 92 95 87 85 93 93 91 96 92 88 91 90 Paints, varnishes 125 119 115 113 114 113 no 109 no 113 114 113 114 114 Rayon, allied products ._ 346 313 291 303 307 289 290 274 272 292 312 313 310 310 Soap 90 90 89 89 88 86 86 86 89 92 91 90 86 91 RUBBER PRODUCTS _. 89.7 85.1 78.0 74.1 72.4 72.2 71.3 71.3 69.5 73.4 76. Q 76.8 81.7 83 1 Rubber boots, shoes 71 66 59 57 55 55 55 56 44 54 56 58 62 62 Rubber tires, inner tubes _ __78 74 69 63 62 61 60 60 61 61 62 64 66 67 Rubber goods, other 131 125 113 112 no 110 109 107 109 117 123 121 132 135 r Revised. NOTE.—Figures for December 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 oX month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

143 FEBECAKT 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 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total 101.1 94.5 85.7 88.8 89.5 90.5 91.1 92.9 84.2 76.8 81.0 '83.8 84 1 86.6 Durable goods 100.8 91.7 71 7 75.3 '79.0 82,2 83.2 94.8 81.0 63 7 68.7 '75.2 78 3 80 6 Nondurable goods _„ „. 101.4 97.2 99.0 101.7 '99.4 98.3 98.6 90.8 87.7 91.5 94.9 '93.4 90.5 93.3 IRON, STEEL, PRODUCTS _ 105.0 96.3 79.4 81.7 84.1 86.8 87.3 88.7 74.6 65.3 68.6 '74.8 79 1 80.5 Blast furnaces, steel works 113 104 84 85 87 90 91 92 74 65 68 74 82 83 Bolts, nuts, washers, rivets . 106 97 78 82 85 90 92 92 77 66 73 81 91 94 Cast-iron pipe 64 67 63 65 65 66 66 53 55 53 54 54 55 55 Cutlery, edge tools __ — 94 90 75 78 80 83 83 85 79 61 '68 r74 76 77 Forgings 64 60 42 44 46 48 50 57 50 35 38 42 45 50 Hardware 97 89 61 67 80 84 86 99 80 58 66 86 93 90 Plumbers'supplies 81 72 73 73 73 73 73 64 56 57 60 62 55 61 Stamped, enameled ware 161 143 114 122 129 133 134 161 135 110 120 '133 134 136 Steam* hot-water heating 76 71 69 70 71 69 68 58 54 56 53 59 53 57 Stoves 87 74 76 80 83 79 75 62 53 62 69 76 63 61 Structural, ornamental 78 72 60 61 61 61 62 69 63 51 50 51 50 54 Tin cans, tinware 97 93 100 98 86 85 84 99 95 107 103 89 88 86 Tools 92 87 72 75 77 81 84 84 77 63 67 72 76 82 Wirework 200 180 106 128 147 165 172 189 158 100 134 156 180 186 MACHINERY 121 1 112.9 84 1 '85.5 87.2 89.5 91.8 120.1 109.9 76 1 78.6 81.9 83 9 89 3 Agricultural implements 176 168 100 90 94 97 105 198 179 96 87 92 95 114 Cash registers, etc 152 146 135 136 136 135 135 147 145 121 121 120 120 119 Electrical machinery „ 113 105 74 77 81 83 84 113 102 68 73 78 80 83 Engines, turbines, etc. 98 96 83 83 83 84 85 112 113 90 90 90 92 97 Foundry, machine-shop products. 107 100 77 78 78 79 82 102 93 67 68 69 71 76 Machine tools 164 158 107 114 116 118 120 181 171 97 108 111 111 120 Radios, phonographs 139 110 89 94 108 119 118 117 94 76 84 98 107 107 Textile machinery 75 71 58 60 61 64 67 71 64 50 54 '57 61 67 Typewriters _ 142 131 118 122 125 129 128 117 118 98 U6 128 131 130 TRANSPORTATION EQUIPMENT 121.5 103.4 51.0 '63.7 '79.4 91.6 96.6 118.4 91.0 49.9 '64.7 '83.8 95.9 100.1 Aircraft 916 888 759 756 786 815 846 844 817 713 727 781 799 883 Automobiles _ _ 134 111 48 65 '86 102 108 127 92 47 66 '91 108 111 Cars, electric-, steam-railroad 58 49 24 28 25 26 28 63 50 22 r25 23 25 Locomotives 51 49 18 16 16 17 17 51 54 13 11 11 13 14 * Shipbuilding 112 111 89 90 92 97 101 116 122 90 92 95 94 109 NONFERROUS METALS, PRODUCTS 106.8 98.7 83.0 87.9 92.2 95.5 94.9 99.0 86.9 74.1 81.4 88.5 90.3 90.4 Aluminum 164 152 129 136 142 143 140 165 143 126 139 148 148 145 Brass, bronze, copper 110 101 89 93 96 101 100 99 87 83 89 96 100 99 Clocks, watches 109 100 78 80 84 85 84 116 100 70 78 86 88 84 Jewelry _ 103 92 87 96 100 101 97 88 79 70 81 92 83 85 Lighting equipment 103 93 68 76 85 92 93 97 74 58 69 78 83 83 Silverware, plated ware.. . 68 66 58 '60 64 67 67 62 58 49 56 62 66 68 Smelting, refining 83 81 63 65 66 71 73 83 79 58 60 62 66 68 LUMBER, PRODUCTS 71 0 64.9 64.0 65.8 65.7 65.3 64.1 58.5 51.2 58.1 60.0 60.0 56.2 55.8 Furniture _ _ 87 82 76 79 80 80 80 69 63 63 68 68 65 68 Lumber, millwork 56 53 53 54 54 55 54 44 41 46 46 46 45 45 Lumber, sawmills 57 52 52 54 53 52 51 48 40 50 51 50 46 44 STONE, CLAY, GLASS PRODUCTS _ 78.2 72.5 66.3 67.8 70.1 71.6 70.5 69.9 59.9 56.5 58.3 63.0 63.9 63.7 Brick, tile, terra cotta 55 50 50 51 52 52 51 40 34 37 39 41 39 40 Cement _ 72 66 70 68 70 68 63 67 57 65 63 65 64 58 Glass. _ _ 107 100 79 82 88 92 93 113 97 79 83 93 99 99 Marble, granite, slate 49 45 43 43 42 43 42 37 33 32 31 30 31 31 Pottery.. 82 79 72 75 78 80 80 79 67 59 64 73 75 75 TEXTILES., PRODUCTS _ _ 97 2 93.1 95 1 97.9 97.5 96.9 98.4 73.8 71.0 80.0 84.1 83.1 78 5 83 0 Fabr cs .... 88 6 85.3 85 1 86.6 87.2 89.6 91.6 70.7 68.2 73.4 '74.7 76.5 77 4 81 0 Carpets, rugs 85 78 68 73 77 80 84 44 48 55 61 66 67 75 Cotton goods _ _ 87 85 81 83 84 86 87 70 68 68 71 '72 74 76 Cotton small wares > _ 83 77 72 '76 80 83 84 69 65 65 71 '77 77 82 Dyeing, finishing textiles 109 106 102 104 106 109 U2 89 87 87 90 92 93 97 Hats, fur-felt 92 92 88 90 89 83 82 72 77 87 95 78 70 76 Knit goods 117 108 109 112 115 115 U5 117 99 112 116 122 119 119 Hosiery 146 137 138 141 144 146 147 163 137 154 159 167 165 164 Knitted outerwear 78 69 74 80 83 78 78 67 61 65 72 77 69 73 Knitted underwear 76 68 68 69 70 71 71 60 51 58 59 '63 61 63 Knitted cloth... 165 150 150 150 156 155 160 121 103 126 128 131 119 128 Silk, rayon goods . 68 63 61 63 61 62 63 50 48 50 51 50 49 52 Woolen, worsted goods 63 64 75 73 72 78 83 45 52 62 58 58 64 71 Wearing apparel 115 2 109.3 116.3 122.1 119.6 112.0 111. 9 77.3 74-2 90.4 99.5 93.0 78.1 83.9 Clothing, men's 98 91 104 108 105 98 97 61 56 74 80 75 63 68 Clothing, women's 168 163 166 177 171 159 160 104 107 128 138 129 102 113 Corsets, allied garments 100 99 95 97 99 99 100 91 90 86 96 105 100 102 Men's furnishings 144 131 127 138 149 149 147 127 110 110 125 140 151 143 Millinery . 61 62 68 79 74 55 58 43 44 60 92 63 40 44 Shirts, collars 120 111 117 118 119 118 116 105 89 93 97 99 104 104 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN FEBRUARY 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 = Factory employment Industry and group 1937 1938 Nov. Dec. Aug. Sept. Oct. Nov. LEATHER, MANUFACTURES 83.9 85.5 92.6 92.2 89.6 84.8 Boots, shoes __ _ _ _ _ 83 86 95 94 90 83 Leather 81 77 77 79 81 84 FOOD, PRODUCTS _ 127 5 119.6 138 3 142.7 128.7 123 3 Baking 148 144 145 146 144 145 Beverages 231 223 260 250 234 229 Butter 102 99 110 104 99 97 Canning, preserving 122 92 251 272 147 103 C onf ectionery 95 90 72 88 93 91 Flour . . 79 78 78 77 78 78 Ice cream 72 70 93 83 74 71 Slaughtering, meat packing 100 100 94 96 97 101 Sugar, beet 287 167 75 100 261 265 Sugar refining, cane 84 89 90 93 '89 87 TOBACCO, MANUFACTURES 67.5 65.2 64.3 66.3 66.3 66.9 Tobacco, snuff 62 62 60 - 63 58 62 Cigars, cigarettes 68 66 65 67 67 68 PAPER, PRINTING 111 7 109 4 102 7 104.3 105.5 107 0 Boxes, paper _ 108 101 95 99 103 105 Paper, pulp 111 107 103 104 105 106 Book, job printing 108 108 99 99 100 101 Newspaper, periodical printing 110 109 103 105 106 107 CHEMICALS, PETROLEUM, 124.5 118.3 108.1 113.0 113.4 113.0 Petroleum refining 128 124 122 121 120 119 OtPPf than pp.txnlp/iTpn 123.7 117.0 104.8 111.1 111.9 111.6 Chemicals 132 125 110 113 115 117 Cottonseed oil, cake, meal 145 131 68 114 122 Druggists' preparations 117 115 108 110 110 Explosives _ 90 89 82 85 84 Fertilizers 84 91 69 82 80 Paints, varnishes 124 117 111 113 113 Rayon, allied products 349 315 294 315 314 Soap 93 88 91 93 93 RUBBER PRODUCTS 90 5 85 6 72.5 75.9 77.7 Rubber boots, shoes . 73 69 54 58 60 Rubber tires, inner tubes 78 74 61 62 64 Rubber goods, other 133 125 113 121 123 COOCO O" 100] Factory payrolls 1937 Dec. Nov. 88.7 55.9 88 49 85 75 119 8 126.3 144 142 223 267 95 84 85 105 91 91 78 78 69 62 102 112 222 280 84 76 65.2 61.8 62 66 66 61 108 1 106.6 104 108 106 104 104 97 108 111 112.6 129.9 118 142 111.3 126.3 117 143 113 125 109 125 83 104 83 77 112 112 122 313 311 338 89 89 82.4 83.5 63 64 66 67 134 135 OC OO oo o ot 1938 Dec. Aug. Sept. Oct. Nov. Dec. 61.0 76.9 74.0 69.6 62.4 70.0 57 75 71 65 54 63 71 78 79 82 85 88 120.5 131.1 136.7 r126.9 122.4 120.6 139 140 144 140 140 138 253 322 298 273 265 257 82 94 90 86 82 80 82 204 238 130 86 77 88 69 91 92 85 90 75 79 81 80 74 75 60 80 70 64 61 60 115 105 109 110 110 112 142 68 97 226 274 220 82 80 85 '79 75 73 60.0 59.0 61.0 60.7 59.8 59.6 70 66 72 63 69 73 59 58 60 60 59 58 105.9 98.0 101.1 103.7 103.3 107.4 98 97 105 113 110 110 97 102 102 107 103 104 100 86 88 88 89 97 114 101 106 109 109 113 122.4 116.9 118.9 120.1 119.1 120.1 139 138 135 133 134 134 117.2 110.4 114.1 116.2 114.6 115.9 131 121 121 128 128 130 116 57 95 104 100 95 124 117 119 124 120 120 98 93 93 97 92 95 81 65 77 70 65 71 114 111 115 116 114 115 294 289 308 303 303 302 89 91 95 95 88 90 77.3 69.5 76.7 79.7 85.2 89.1 69 60 51 58 62 61 65 71 69 61 67 69 75 79 123 112 108 117 123 131 135 »• Revised NOTE.—Figures for December 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

145 FEBRUARY 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 1 All others 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 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 79l4 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 209.5 389.4 43.5 91.5 20.9 7.0 16.5 14.0 64.8 158.4 37.0 73.3 26.8 45.2 Year 2,913.1 3,196. 9 905.3 985.8 313.7 121.1 297.0 215.8 851.6 1,139. 0 223.2 334.1 322.2 401.2 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 l 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 93 264 200 209 389 156 61 196 82 115 279 51 32 68 117 94 110 Year 1,256 1,543 1,845 2,675 2,913 3,197 683 975 1,007 1,334 1,152 1,705 573 568 837 1,341 1,761 1,492 i Back figures.—Bee BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1938 1937 Federal Reserve district Fede d ra is l t r R ic e t serve 1938 1937 1938 1937 Dec. Nov. Dec. Dec. Nov. Dec. Dec. Nov. Dec. Boston __ 34,844 20,822 15,842 New York 71, 031 44, 981 Philadelphia... 18, 625 14, 952 13, 579 Boston 86 77 103 1,332 1,067 2,218 Cleveland 40, 249 37, 276 26, 992 New York 262 288 305 25, 330 4,239 8,344 Richmond 38, 201 36, 928 19, 291 Philadelphia.. 52 72 62 1,175 1,058 5,054 Atlanta 34, 430 22, 741 20, 344 Cleveland 57 64 68 960 844 1,653 Chicago 68,800 57,161 25, 938 Richmond 48 51 44 934 320 532 St. Louis 27,458 23, 665 12, 676 Atlanta 49 55 38 589 694 457 Minneapolis ._ 10, 239 8,727 8,271 Chicago 113 144 151 3,443 1,761 4,750 Kansas City 21, 746 13, 392 8,554 St. Louis 33 29 34 499 151 1,496 Dallas ._ 23,816 21,034 19,007 Minneapolis 18 15 32 183 194 271 Kansas City 30 42 40 273 379 629 Total (11 districts) 301, 679 209, 451 Dallas 16 36 19 95 338 168 San Francisco 111 111 113 1,715 1,257 2,246 Total 875 ^984 1,009 36, 528 12,302 27,818 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN FEBRUARY 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars! Merchandise exports i Merchandise imports * Excess of exports Month 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 January 172 176 199 223 289 136 167 187 240 171 37 9 11 -18 118 February 163 163 182 233 262 133 152 193 278 163 30 11 -11 -45 99 March 191 185 195 257 275 168 177 199 307 173 33 8 -4 -51 102 April ... 179 164 193 269 274 147 171 203 287 160 33 -6 -10 -18 115 May 160 165 201 290 257 155 171 192 285 148 6 —5 9 5 109 June*..... 171 170 186 265 233 136 157 191 286 146 34 13 -5 -21 87 July. . . . 162 173 180 268 228 127 177 195 265 141 34 -3 -15 3 87 August 172 172 179 277 231 120 169 193 246 166 52 3 -14 31 65 September . . _ . 191 199 221 297 246 132 162 216 233 168 60 37 5 63 79 October 206 221 265 333 278 130 189 213 224 178 77 32 52 108 100 November 195 270 226 315 252 151 169 196 223 176 44 100 30 92 76 December . 171 223 230 323 P269 132 187 245 209 P171 38 37 -15 115 P97 Year 2,133 2,283 2,456 3,349 P3, 094 1,655 2,047 2,423 3,084 PI, 961 478 235 33 265 PI, 134 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1937 1938 Index of sales * Index o m f s o to n c th k ) s (end of Dec. Aug. ;. Oct. Nov. Dec Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total.. 67 62 64 68 69 69 1937 1938 1937 1938 1937 1938 1937 1938 Coal 70 63 68 69 70 69 Coke 46 46 51 50 58 53 Grain and grain products. __ 88 84 74 95 81 83 January. __ Livestock 42 37 39 44 44 41 February.. 67 Forest products 40 40 40 42 40 43 March 71 Ore _ 86 34 41 48 74 92 Miscellaneous _ 69 67 69 72 74 74 April.. 71 Merchandise l 62 60 61 62 61 61 May- 95 80 71 June.. 90 79 65 Without seasonal adjustment July 65 58 61 August 72 65 74 65 September- 100 91 70 Total,. __ 62 63 71 75 70 64 Coal __. 78 56 71 76 76 78 October 103 92 74 Coke 51 38 49 50 58 58 November.. 101 99 78 Grain and grain products. _ 75 101 83 95 76 72 December.. 156 156 62 Livestock 40 37 50 62 53 40 Forest products 34 41 43 43 39 37 Year.. 92 85 76 68 Ore _ 21 63 72 71 41 23 Miscellaneous ___ 63 68 78 82 76 67 Merchandise i 59 61 64 65 62 59 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March i In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETINS for August for June 1937. Based on daily average loadings. Basic data compiled 1936, p. 631, and October 1938, p. 918; department store stocks, see BULby Association of American Railroads. Total index compiled by com- LETIN for March 1938, p. 232. bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

147 FEBRUARY 1939 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r 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 i r 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 u e 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 i e sc o e u l s - 1929 _ . 95.3 104.9 99.9 91.6 L09.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 1LOO.O 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 L04.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.6 86.8 73.3 1937—November 83.3 75.7 83.1 84.3 L01.4 71.2 78.2 96.8 93.7 80.2 90.4 75.4 December 81.7 72.8 79.8 83.6 97.7 70.1 78.4 96.3 92.5 79.5 89.7 75.0 1938—January 80.9 71.6 76.3 83.5 96.7 69.7 78.3 96.6 91.8 79.6 88.3 75.2 February _ _ 79.8 69.8 73.5 83.0 94.7 68.6 78.5 96.0 91.1 79.1 88.0 74.8 March 79.7 70.3 73.5 82.6 93.6 68.2 77.7 96.0 91.5 78.7 87.7 74.4 April 78.7 68.4 72.3 82.0 92.1 67.2 76.8 96.3 91.2 77.5 87.3 73.4 May 78.1 67.5 72.1 81.6 91.3 66.1 76.2 96.7 90.4 76.8 87.2 73.1 June. _ 78.3 68.7 73.1 81.3 90.1 65.6 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 80.6 94.6 66.2 73.7 94.9 89.2 76.6 85.8 73.0 December 77.0 67 6 73 1 80.3 93.1 65.8 73.2 94 6 89 4 76 7 86.0 73.1 Week ending— 1938—Oct. 1 78.0 68.1 74.1 81.6 92.5 65.4 77.2 95.7 89.5 76.9 87.2 72.3 Oct. 8 77.8 67 4 73 7 81.5 92.8 65.6 76 9 95 7 89 7 76 7 87.1 72.4 Oct. 15 77.7 67.4 73.6 81.6 93.7 65.7 76.9 95.4 89.9 76.7 87.1 72.4 Oct. 22 77.3 66 9 73 5 81.2 94.3 65.7 75 5 95 4 89 8 76 7 87.1 72.4 Oct. 29 77.6 68.2 73.8 81.3 95.1 65.9 75.2 95.9 89.8 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 80.9 95.1 65.7 74.8 95.3 89.0 76.2 87.1 72.5 Nov. 19 ... 77.3 67.8 73.9 80.9 95.1 65.7 74 9 95 0 89 3 76 4 87.1 72.5 Nov. 26___ 77.3 68.3 74.0 80.8 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 89 2 76.3 87.6 72.9 Dec. 24 76 6 67.2 72 2 80 5 93 8 65 2 73 8 94 8 89 3 76 4 87.6 72.9 Dec. 31 . _ 76.9 68.3 72.5 80.5 93.6 65.3 73.7 94.8 89.2 76.3 87.6 73.0 Jan. 7 77 0 67 6 72 6 80 6 93 9 65.3 73 8 94 6 90 0 76 3 87.5 73.1 Jan. 14 76.8 67.3 71.3 80.5 94.1 65.3 73.7 94.6 89.7 76.4 87.2 73.1 Jan. 21 76.6 66.9 71.3 80.4 93.8 65.4 73.6 94.5 89.1 76.3 87.2 73.0 Annual 1938 Annual 1938 Index 1937 Index 1937 Subgroups Subgroups 1937 1938 Dec. Nov. Dec. 1937 1938 Dec. Nov. Dec. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 98 3 60 6 71 5 50 9 54 4 Agricultural implements 94 0 95 5 96 1 93 7 93.5 Livestock and poultrv 95.5 79 0 78.4 75 2 74.4 Farm machinp.rv 95 6 96 9 97 6 95.0 94.8 Other farm products. 77.2 63.9 69.3 67.4 66.5 Iron and steel 98.2 98.6 99.0 96.9 96.8 FOODS: Motor vehicles i 89 3 95.4 95.6 93.6 93.4 Dairy products _ _ 83.1 72.8 90.2 72.5 73.9 Nonferrous metals 89 6 72 8 75.1 77.6 76.8 Cereal products 87.6 78.4 82.0 74.0 74.8 Plumbing and heating. 78.8 78.5 79.6 78.7 78.7 Fruits and vegetables 74.2 58.2 57.8 63.0 60.4 BUILDING MATERIALS: Meats 99.1 83.3 88.8 81.9 79.9 Brick and tile 93 5 91 0 92 0 91.5 91.5 Other foods _ _ 75.6 67.5 71 5 71 0 69.2 Cement 95 5 95 5 95 5 95.5 95.5 HIDES AND LEATHER PRODUCTS: Lumber 99.0 90.4 93.8 90.2 90.9 Shoes. _ 105 0 102 2 105 6 100 4 100 6 Paint and paint materials 83 4 81 3 80 2 80 9 81.0 Hides and skins 113.5 73.6 85.5 85 5 78.8 Plumbing and heating 78 8 78 5 79 6 78.7 78.7 Leather... 96 8 83 7 86 9 86 9 85 9 Structural steel L13 2 111 0 114 9 107 3 107.3 Other leather products 102.6 98.5 102.7 96.6 95.8 Other building materials 99.1 92.7 96.9 89.7 89.7 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing _ _ 87.9 82.9 86.7 81.6 81.6 Chemicals 89 9 81 6 83 5 80.2 80.0 Cotton goods 84.3 65.4 68.7 65.1 64.6 Drugs and Pharmaceuticals 79.1 73.9 75.1 73.6 73.5 Hosiery and underwear 65.1 60.3 63 4 59 9 59 3 Fertilizer materials 71 2 69 2 72 0 67.7 68.6 Silk and rayon _ 32.5 29.3 29.4 30.3 30.8 Mixed fertilizers 73.2 72.2 74.4 73.2 73.8 Woolen and worstedgoods . 91.1 77.4 83.5 76.4 74.8 HOUSEFURNISHING GOODS: Other textile product3 68.4 65.5 68.5 64.5 64.4 Furnishings 93 4 90.8 93.5 89.7 90.3 FUEL AND LIGHTING MATERIALS Furniture. __ 85.9 82.8 85.9 81.9 81.6 Anthracite 77 8 78 0 80 0 80 1 80 1 MISCELLANEOUS • Bituminous coal 98.6 99 0 101 1 98 5 98 5 Auto tires and tubes 55 8 57 7 57 4 58.8 58.8 Coke 103.1 104.8 105.5 104.2 104.2 Cattle feed L10 5 76 9 81.7 70.5 76.6 Electricity 80 4 r86 8 Paper and pulp 91.7 85.0 89.8 81.5 80.9 Gas .... 82.4 81.3 84.6 Rubber, crud3 40.5 30.5 31.2 34.3 33.9 Petroleum products.. 60.5 ~55.~9~ 59.5 51.5 50.T Other, miscellaneous 84.7 81.5 82.7 81.2 81.1 * Revised. i 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

INTERNATIONAL FINANCIAL STATISTICS 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN FEBRUARY GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Europe End of month T c tr o o ( i 5 t 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 o o ( i 2 u e p 6 s n e ) - A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i a r o c a i n e u e ( d a s n 8 n ) - - A c tr o f i ( r u e 5 i s c n ) a - U B E a n la n i n n t k g e d - d o f Ki A c n h g E c a c d x n ' o t - g . m * e France g B iu e m l- N la e n th d e s r- t B i S N o a w n a n a - i k t l ze B rla .I n . d S. 1934—D ecember 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 (W4 2,995 632 490 655 11 1937—December 25,359 12, 760 184 10, 776 685 687 266 2,689 2,564 597 930 648 5 1938—January 25,431 12,756 186 10,848 689 687 266 2 689 1,;W> 2,564 599 957 687 5 February 25, 339 12,776 188 10, 746 681 686 261 2,689 2,428 593 977 699 5 March 25, 417 12, 795 186 10, 819 665 686 266 2 689 1 i89 2,428 531 998 698 7 April 25, 254 12,869 189 10, 589 658 686 263 2,689 2,428 529 1,007 697 7 May 25, 236 12,919 187 10, 521 656 687 266 2,690 1 i89 2,428 456 1,008 686 11 June 25, 304 12,963 185 10, 546 658 687 265 2,690 189 2,428 481 1,008 679 10 July_ . 25, 292 13,017 189 10, 572 656 589 268 2,690 1 i89 2,428 501 1,008 674 9 August 25, 455 13,136 190 10, 603 656 591 280 2,690 WQ 2,428 517 1,008 686 10 September 25,407 13, 760 187 9,916 656 591 298 2,690 f59 2,428 539 1,008 690 6 October r>25, 756 14,065 188 9,961 591 297 2,690 ?f>9 2,428 562 1,008 695 10 November P26, 046 14, 312 186 v10,000 P659 591 P298 2,690 f59 2,435 584 1,008 699 11 December 14, 512 192 P9, 993 2,690 f59 2,435 581 995 699 14 E urope— C ontinued Latin America E m n o d n t o h f g B a u ri l a - C v z s a e lo k c - h ia o- m De a n rk - m G a e n r y - Greece H ga u r n y - Italy 3 N w o a r y - l P an o- d Po g r a t l u- Ru n m ia a- Spain4 S d w e e n - 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 r n a - - Brazil 1934—Dec. 19 112 60 32 40 23 518 61 96 68 104 740 159 53 106 403 8 1935—Dec. .. 19 112 54 33 34 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—Dec... 24 92 53 28 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 53 29 25 25 210 101 85 69 124 525 280 55 79 435 34 Sept... 24 81 53 29 28 25 210 96 83 69 129 525 310 56 79 435 84 Oct.... 24 83 53 29 27 25 210 96 82 69 132 525 321 56 79 434 33 Nov. __ 24 83 53 29 27 28 210 96 84 69 132 525 321 57 78 33 Dec.._ P24 83 53 29 P27 37 210 94 85 *69 i'133 525 321 57 P76 i Latin America—Continued Asia and Oceania Africa End of month Chile lo C b m i 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 k u ey 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—D ecember 29 46 20 77 19 275 8 463 60 23 26 4 55 203 25 1937—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 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 9,0 26 19 71 20 274 16 261 80 23 29 3 55 187 23 July 30 28 19 71 20 274 16 164 80 23 29 3 55 190 28 August 30 20 27 19 71 20 274 17 164 80 23 29 3 55 202 23 September _ 30 33 24 19 71 20 274 17 164 80 23 29 3 55 220 23 October 30 ?A 24 19 69 274 18 164 80 23 29 3 55 219 23 November 30 24 27 P22 274 18 164 80 23 29 3 55 220 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. * 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. 8 Figure for March 1937 officially reported as of 20th of month and carried forward through November 1937. Figures for December 1937 through March 1938, officially reported and carried forward for subsequent months. * 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

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 151 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East outside Total South Rho- West Belgian Austra-British U.S.S.R. Africa desia Africa Congo1 States" Canada M«ie° Wa Chile lia India $1=85-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929. 382, 532 352,237 215,242 11,607 4,297 2,390 45, 651 39,862 13, 463 2,823 683 8,712 7,508 1930. 401,088 365,258 221, 526 11,476 4,995 2,699 47, 248 43,454 13, 813 3,281 428 9,553 6,785 1931. 426, 424 386,293 224,863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932. 458,102 413, 459 238,931 12,000 5,992 3,642 50, 626 62,933 12,070 5,132 788 14, 563 6,782 1933. 469, 257 411,208 227, 673 13, 335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 16,873 6,919 $1=15-5/£1 grains of gold 9/10 fine; i. e., an ounce of fine gold=$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 1,896 698 16,147 12, 579 2,449 1,281 876 3,891 961 November- 90, 257 77, 794 34, 279 2,352 1,854 686 16,023 12, 365 2,849 1,373 689 4,386 938 December.. 76,506 34, 696 2,341 1,957 729 14,083 12, 677 2,064 1,144 1,063 4,725 1,029 1938—January 87,447 74,820 34, 573 2,381 1,964 661 12, 618 12,638 2,948 1,456 775 3,858 February 82, 583 69,915 32, 524 2,246 1,887 642 11, 207 11,929 2,266 1,176 834 4,333 872 March 89, 506 77,064 35, 519 2,387 2,002 673 12,8£0 13,161 3,253 1,403 673 4,204 939 April 87, 393 74,624 34,351 2,374 2,024 702 12,339 12,895 2,389 1,664 698 4,280 906 May r£0, 304 »77,133 35, 794 2,415 1,989 >-686 13, 715 13,338 1,863 1,338 782 4,278 935 June 91,102 77,810 35,509 2,394 2,020 726 12,711 13,674 3,024 1,365 901 4,577 909 July rQS, 351 r84, 708 36, 222 2,410 2,067 r716 16, 543 14,727 4,241 1,748 752 4,330 951 August 97, 565 83, 755 36,622 2,415 2,053 716 16,352 14,425 2,941 1,515 986 4,771 958 September 97,106 83, 082 36,237 2,365 2,048 743 16,699 14, 336 2,062 1,812 1,019 4,816 946 October P97, 736 *>83, 717 36, 449 2,445 2,174 725 16,082 14, 394 P3, 322 1,622 906 4,642 956 November P85,044 35, 842 P2, 373 2,204 P725 18, 341 14, 351 P2, 972 1,628 ?906 M, 782 P921 Oold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $85 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180. p Preliminary. r Revised. 1 Beginning May 1938 figures are those reported in Bulletin de l'lnstitut de Recherches Economiques. 2 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 e r r t t t s s U K d n i o i n t m g ed - France g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s tralia Japan B In ri d ti i s a h c o t o r A th i u e l e n l s r - 19341. 1,131,994 499,870 260, 223 8,902 94,348 12,402 86,829 16,944 12,038 1,029 76,820 32, 316 1935— 1,739,019 315, 727 934, 243 3 227,185 95,171 10,899 15,335 3,498 75, 268 47,054 1936__. 1,116, 584 174,093 573,671 3,351 71,006 72,648 11,911 21, 513 23; 280 77,892 39, 743 1937__. 1, 585, 503 891, 531-13, 710 90,859 6,461 111, 480 18,397 25,427 34,713 246,464 50,762 30,179 1938... 1,973, 569 1, 208, 728 81,135 15,488 163,049 0,146 76, 315 10, 557 27,880 39,162 168, 740 16,159 2 68, 376 ===== 1937—No vember_ _ 22,110 -5,046 -24, S 816 4,323 2,286 3,173 37,148 767 1,326 December.. 17,982 -40 -14,987 2,767 16 2,292 3,786 18,774 107 1,862 1938—January 2,088 -20 -4,974 649 1,676 1,025 1,870 February 8,036 -11 15 692 1,330 1,943 1,241 March 52,927 31,395 39 4,220 717 2,240 458 4,484 2,979 1,536 April 71,091 35,429 18 1,938 747 1,"" 1,241 23,311 2,359 2,353 May ___ 52,775 2,895 35 891 10,221 630 2,285 3,582 21,950 2,530 June 55, 307 13 3,248 57111,520 226 726 3,232 2,984 5,782 2,252 July 63,815 4,976 898 7,685 962 2,422 3,434 1,148 2,495 August 165,973 91,227 4,721 3,213 15, 360 14,333 1,772 2,748 23,497 3,806 September.. 520, 896 377, 984 47,219 11, 521 38,148 2,721 3,775 35,095 2,982 October 562,366 443,403 42,959 41,832 3,840 1 10,810 2,720 3,294 5,740 760 4,768 N D o ec v e e m m b b e e r r . _ _ _ 2 1 4 7 0 7 , , 5 7 2 6 6 8 1 9 0 9 1 , , 1 7 4 0 5 7 37, 3 1 9 7 5 1,979 2 4 7 6 , , 1 2 8 4 5 2 1,136 7,1 7 7 3 1 1 2 2 , , 9 6 4 5 3 5 7,888 1 5 4 , , 7 4 8 25 8 3 1, , 7 8 9 2 7 2 2 2 2 1 2 9 , ,1 20 5 7 0 1 Differs from official customhouse figg ures in which impp orts and expports for January 1934 are valued at approximately $20.67 a fine ounce. 22 FFiigguurreess ffoorr NNoovveemmbbeerr aanndd DDeecceemmbbeerr 11993388 iinncclluuddee iimmppoorrttss ffrroomm AArrggeennttiinnaa ooff $$1144,,111122,,000000 aannd $17,710,000, respectively. NNOTFE.o—r Fogr rgorsoss ism impoprot rat nadn de xepxoprot rfti gfiugruerse sa nadn dfo fro ar daddidtiiotinoanl acl ocuonutnriterise sse see eta tbalbe leo no np .p 1. 2122.2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN FEBRUARY 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 e o x r p n or e t t s U S n ta i t t e e s d France m G a e n r- y g B iu el m - N la e n th d e s r- U.S.S.R. Au li s a tra- d R e h s o ia - , B In ri d ti i s a h B c r o i u ti n s - h S d w e e n - S er w la it n z d - c t o ri u e n s - (—) 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 * 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, 723488, 814 128, 421 28,067 -10,129 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—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 5,174 8,300 -6, 085 6,183 1938—Jan... 27, 245 1,487 -9,848 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 -119 168 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 -6,137 138 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 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.. -96, 508 -105,220 -66 6,005 -2,328 -5,245 155 2,695 4,260 618 1,017 1,603 Dec... -66, 726 -97, 371 758 2,057 5,649 528 7,358 1,815 531 1,511 1,347 Germany Switzerland British India Y m e o a n r t o h r n e o T p x e r ( t p o o ) n o r t i a t m e r s l t t s - i e m o T x r n ( o p p ) e n o o t t a e r r l 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 e N - d et i F m ra p n o c r e ts fro g B m iu e l m - or ne It t a e l x y por N l t a s e e n r t ( d — - h s - ) to m G : a e n r y - < c o t o A r th i u e l e n l s r - i e m o T x r n ( o p p ) e n o t o t a e r r l t t t s s p t I i r G o n o o n d d l u i i d a c n - s i e n d R I r i n e v a I - c n e 6 r s - ea P i s I n h r n e g i o d i v s l n i d a a i : - t * n e 1934.. -90, 920 -46,065 -12,784-45,955 -29,235 18, 397 19,431 2,. -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.. — 1,"" 122, 278 -9,127 -1,714 39, 305 14, 531 51, 299 4,600 -2, 990 s 26, 368-121,066 11,663 -109,403 1937.. -3, 718 -56, 946 -51,608 11,940 -45,061 27, 739 -657 6,553 -16,461 10, 609 -61, 723 11,574 -50,108 1937—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, ~" -6, 276 -227 559 3,275 -20 1,934 -4,200 938 -3, 262 Dec. -24' 5,810 -5,828 24, 558 -559 2,553 -28 386 5"" 1,029 -4,970 1938—Jan.... -200 10,826 8 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.._ -T -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 -266 5,397 2,467 -9, 970 3,209 -4,388 906 -3,482 May.. 18,058 -5, 201 33 4, ~" -2, 943 -1,549 -2,009 2,396 -6,175 187 -3, 452 93, -2, 517 June... 7,626 5,978 -220 5,256 -484 5,814 5,657 -2, 487 282 -2, 327 909 -1,418 July... 1,468 -8,837 -2 16,128 -14,'071 -6,041 -142 3,962 -8,893 222 -10,988 951 -10,037 Aug... -6,864 -1,338 -2 10, 464 -8, 382 -1,283 -37 3,824 -6, 267 343 -7,082 958 -6,124 Sept... -36,626 9,024 -7 15,940 418 117 -2 924 1,884 -10,251 -957 946 —11 Oct..__ -16,134 1,454 -1,140 907 -616 -158 -38 2,551 -56 3 -7,622 956 Nov... P-10, 129 913 228 13 33 -117 -4 994 -265 31 P-2, 338 P956 P- 1,382 Dec.p.. -5, 71' -2, 058 -229 2,973 -457 v Preliminary. 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 Oct. and Nov. 1937 include exports to Central and South America of $27,511,000 and $24,996,000 respectively. 4 Beginning April 1938 figures represent gold movements of Greater Germany. 1 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. 7 Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria, s Includes net import of $26,555,000 from Czecho-Slovakia. 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

FEBEOARY 1939 FEDERAL RESERVE BULLETIN 153 CENTRAL BANKS Assets of banking department Liabilities of banking department (F B i p g a u o n u r k e n s d o i s f n s E m te n r il g l l i i l n o a g n n ) s d of G m d o e i e s l p s n d a u t r ) e ( t i 1 - n Cash reserves a c n o D d u i n s a - t d s - Se t c i u e r s i- ci N r ti c o o u t n l e a- 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 18.8 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 .6 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 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29_. 326.4 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Feb. 23.. 326.4 51.9 6.5 116.9 474.5 105.6 16.7 35.5 18.2 Mar. 30-. 326.4 41.0 8.7 131.0 485.4 108.1 17.8 37.4 18.3 Apr. 27__ 326.4 37.1 7.1 133.4 489.3 113.3 10.9 36.5 17.7 May 25__ 326.4 46.2 9.5 115.1 480.2 91.2 26.5 36.1 17.8 June 29__ 326.4 41.2 7.3 140.6 485.2 125.5 10.5 36.1 17.9 July 27.. 326.4 1.1 33.1 9.5 137.0 493.3 116.4 11.2 35.1 18.1 Aug. 31.. 326.4 1.3 46.0 5.4 124.4 480.4 94.7 27.8 36.4 18.2 Sept. 28.. 326.4 1.5 25.5 7.3 135.6 500.9 99.9 11.4 40.2 18.2 Oct. 26.. 326.4 1.4 43.9 4.2 129.2 482.5 100.4 25.0 35.5 17.7 Nov. 30_. 326.4 1.2 45.6 17.6 110.8 480.8 97.1 23.1 37.2 17.8 Dec. 28.. 326.4 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Jan. 25?.. 126.4 62.6 18.8 103.9 463.8 118.2 12.9 36.7 18.1 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- (Figures in millions of francs) Gold 2 ch F e e a i o g x n r n - g - e m O a p rk en et3 c S i p al e 4 - Other v m G a e e n t r o o n n c v t - e - B s 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 i h e u s e ri r - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h es i e l r icurities 1929—Dec. 27_ 41, 668 25, 942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930-Dec. 26. 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12, 624 11, 698 2,241 1931—Dec. 30. 21, 111 7,157 7,389 2,730 8,545 85,725 5,898 22,183 1,989 1932—Dec. 30- 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29, 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13, 414 1,940 1934—Dec. 28_ 82,124 963 5,837 3,971 3,211 83,412 3,718 15, 359 1,907 1935—Dec. 27- 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936-Dec. 30- 60, 359 1,460 5,640 1,379 8,465 17,698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937—Dec. 30. 58,933 911 5,580 652 10,066 31,909 675 3,781 7,277 3,461 19, 326 3,160 1938—Jan. 27.. 58, 933 871 5,580 841 12,053 31, 904 925 3,824 7,019 92, 255 2,689 23, 720 3,285 Feb. 24. 55, 807 874 5,575 821 11, 582 31,904 866 3,652 7,187 92, 740 2,226 20,147 3,154 Mar. 31. 55.807 845 5,575 573 10, 321 38, 574 997 3,825 8,361 98, 095 2,233 21, 409 3,141 Apr. 28. 55, 807 830 5,575 632 10,865 40,134 879 3,700 7,288 98, 519 2,802 21, 237 3,154 May 25. 55.808 813 5,575 596 9,024 40,134 113 3,454 7,334 98, 923 3,248 17, 525 3,155 June 30. 55,808 804 5,850 177 5,497 40,134 552 3,614 8,258 102,087 3,245 12, 769 2,592 July 28. 55,808 782 5,835 89 7,133 40,134 623 3,545 7,117 101,117 3,135 14, 207 2, 608 Aug. 25. 767 6,098 8,241 40,134 331 3,545 7,364 99,065 2,891 17, 684 2,649 Sept. 29. 55,808 764 6,781 642 20, 293 50,134 1,311 4,362 8,410 124,428 2,825 18, 593 2,660 Oct. 27_ 55,808 763 6,802 1,550 14,694 48,134 1,600 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 Dec. 29_ 87, 265 821 7,422 1,797 7,880 20, 627 443 3, 612 14, 442 110,935 5,061 25, 595 2,718 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; Dec. 7, 1938 to Jan. 4, 1939, £30,000,000; and increases in fiduciary issue (and securities held as cover) have been authorized by British Treasury under Section 8 of Currency and Bank Notes Act as follows: Aug. 1, 1931, to March 31, 1933, £15,000,000; since Jan. 11, 1939, £140,000,000. 2 By decree of Nov. 12,1938 (see BULLETIN for Jan. 1939, 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 Dec. 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 Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 6 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; Aug. 1937, p. 720; June 1938, p. 452; Aim. 1938, p. 650, and Jan. 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

154 FEDERAL RESERVE BULLETIN FEBRUARY 1939 CENTRAL BANKS—Continued Assets Liabilities Reichsbank (Figu r r e e i s c h in m m ar i k ll s i ) ons of Gol R d eser e v F x e o c s r h e a i n g g n e Tr b e i a l s ls ury b c i O h ll e s t c h ( k e a s r n ) d Se lo c a u n ri s ty E a c s li o g n v i o S e b r t e l e e curiti O es ther O as t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b e h i s e li r - 1929—Dec. 31. 2,283 404 241 251 92 656 5,044 755 736 1930—Dec. 31. 2,216 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31. 984 172 98 4,144 245 161 1,065 4, 776 755 1,338 1932—Dec. 31. 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 386 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31. 79 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 82 53 4,498 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 66 62 5,448 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 71 119 6,013 106 286 861 5,493 1,059 970 1938—Jan. 31_. 71 5,459 108 982 5,199 851 Feb. 28. 71 5,637 110 953 5,278 891 996 Mar. 31. 71 5,813 96 297 1,388 5,622 1,323 877 Apr. 30. 71 5,841 121 297 1,614 1,031 903 May 31. 71 5,832 545 300 1,373 6,269 1,021 911 June 30. 71 6,136 547 300 1,322 6,440 1,119 932 July 30. 71 6,247 549 298 1,285 6,650 920 951 Aug. 31. 71 6,647 550 298 1,268 6,869 1,033 974 Sept. 30. 71 8,173 550 1,129 8,023 1,231 1,022 Oct. 31.. 71 7,542 550 1,360 7,754 1,040 1,064 Nov. 30. 71 7,513 548 1,494 7,744 1,141 1,093 Dec. 31. 71 121 8,123 557 1,621 8,223 1,527 1,091 NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1938 1937 Central bank 1938 1937 [Figures as of last report [Figures as of last report date of month] date of month] Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Gold _. 7,575 7,575 7,583 Demand deposits—Treasury 114 136 54 96 Foreign assets.__ 19,161 22, 489 Other 440 447 434 680 Loans and discounts 5,491 5,583 4,094 Other Liabilities 119 119 119 118 Other assets.. _ 4,494 4,515 4,508 Central Bank of Bolivia (thousands Note circulation 10, 608 10, 978 11,131 of bolivianos): Other sight liabilities ... 13, 233 12, 844 14,810 Gold at home and abroad 57, 593 56, 695 51, 486 Other liabilities 12, 880 12, 746 12, 733 Foreign exchange __ 106, 981 92, 663 96,146 Central Bank of the Argentine Loans and discounts 26, 227 23, 655 29, 824 Republic (millions of pesos): Securities—Government 401, 829 402, 753 393, 434 Gold reported separately 1,224 1,224 1,224 Other _- 4,034 4,037 4, 584 Other gold and foreign exchange- 94 95 197 Other assets __ 47, 369 43, 321 13,857 Negotiable Government bonds- 80 41 87 Note circulation _ 280, 621 283, 665252,459 Other assets _ ___ 239 268 166 Deposits 300, 876 280,129 277, 504 Note circulation 1, 059 1,053 1,150 Other liabilities __ 62, 536 59,331 59,367 Deposits—Member bank ___ 363 372 355 National Bank of Bulgaria (mil- Government ___ 125 109 125 lions of leva): Other... ___ 1 1 5 Gold 2,003 2,003 1,994 Foreign exchange sold forward- 33 41 Foreign exchange _. 1,105 837 696 Other liabilities 55 54 40 Loans and discounts 1,083 1, 259 1,386 Commonwealth Bank of Australia Government debt 3,468 3,468 3,495 (thousands of pounds): Other assets 1,171 1,134 1,188 Issue department: Note circulation 2,938 3,115. 2,569 Gold and English sterling. __ 16,011 16, 011 16,011 16, 008 Deposits 3,604 3,318 3, 831 Securities 45, 999 37, 268 37, 305 45, 284 Other liabilities 2,287 2,267 2,359 Banking department: Bank of Canada (thousands of Ca- Coin, bullion, and cash 1,124 1,317 1,463 nadian dollars): London balances 25, 665 21, 785 20,199 36,987 Gold 185, 912 181,033 181,146 179, 764 Loans and discounts. ___ 15,144 14,843 14,935 11, 516 Sterling and United States ex- Securities 52,160 58,037 57, 250 42,974 change — 28, 354 45,157 36, 364 14,885 Deposits 87, 530 91,412 89, 303 88, 417 Canadian Gov't. securities: Note circulation 53,030 48,030 48,030 54,034 2 years or less 144, 621 154,875 169, 675 82, 344 National Bank of Belgium (mil- Over 2 years 40, 895 41, 018 91, 565 lions of belgas): Other securities 12, 212 Gold reserve 3,428 3, 446 3,318 3,525 Other assets _ 5,153 5,425 10, 969 9,496 Other gold and foreign exchange- 924 912 905 954 Note circulation ___ 175, 260 170, 724 178, 080 165, 330 Discounts 214 290 420 228 Deposits-Chartered banks __ 200, 646215,195 228, 460 196,040 Loans 41 38 48 32 Dominion Government 16, 673 29, 988 25,363 11,083 Other assets „ 464 466 458 464 Other. 3,086 1,844 1,682 3,457 Note circulation _ 4,398 4,450 4,542 4,308 Other liabilities _ _.__ 9,271 9,759 9,558 14,355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1939 FEDERAL RESERVE BULLETIN 155 CENTRAL BANKS—Continued Central bank 1937 Central bank 1938 1937 [Figures as of last report [Figures as of last report date of month] date of month] Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Central Bank of Chile (millions of Central Reserve Bank of El Salvador (thousands of colones): Gold 145 145 144 Gold _ 13, 206 13, 206 13,172 Discounts for member banks 18 57 13 Foreign exchange 3,153 3,421 2,653 Loans to government 766 766 791 Loans and discounts 1,202 1,082 2,009 Other loans and discounts 172 166 106 Government debt and securities 5,686 5,492 5,922 Other assets 47 43 49 Other assets _ _. 930 948 1,196 Note circulation 742 771 709 Note circulation _ 13, 901 13, 644 15,149 Deposits— Deposits 6,575 6,047 5,715 Bank 202 182 199 Other liabilities 3,702 4,458 4,088 Other 52 74 64 Bank of Estonia (thousands of Other liabilities 151 149 131 krooni): Bank of the Republic of Colombia Gold _ 34, 295 34, 292 34, 214 (thousands of pesos): Foreign exchange (net) __ 16, 386 15, 786 17,007 Gold 42, 223 42,000 41, 747 29,861 Loans and discounts __ 26, 516 26, 697 26, 697 Foreign exchange 4,975 6,025 7,893 6,527 Other assets 36, 627 31, 351 28, 888 Loans and discounts 21,169 18, 526 17, 527 23, 350 Note circulation 51, 903 54, 217 49,081 Government loans and securities 39,067 38,167 46, 548 46, 671 Demand deposits 34, 454 32, 229 37, 690 Other assets 26, 767 27, 392 27, 359 26,122 Other liabilities 27, 467 21, 680 20,035 Note circulation. 58, 300 54,423 54, 301 52, 967 Bank of Finland (millions of mark- Deposits 45, 537 48, 318 44, 734 38, 205 kaa): Other liabilities 30, 363 29, 370 42, 040 41, 359 Gold ^ 1,128 620 620 635 National Bank of Czechoslovakia Foreign assets 2,534 2,374 2,382 2,261 (millions of koruny): Loans and discounts 1,177 1,247 1,377 1,080 Gold» 2,694 2,694 2,690 2,626 Domestic securities 306 310 247 351 Foreign exchange.- 1,248 1,308 786 479 Other assets 180 367 348 457 Discounts 2,741 2,310 3,682 1,351 Note circulation _. 2,086 2,042 2,068 2,052 Loans 808 835 1,161 1,284 Deposits—Treasury 244 152 273 136 Government debt 2,010 Other 850 1,039 989 972 Other assets 1,661 1,702 1,443 1,239 Other liabilities 2,146 1,684 1,645 1,623 Note circulation 6,950 6,870 7,130 6,902 Bank of Greece (millions of drach- Demand deposits 656 403 987 292 mas): Other liabilities 1,547 1,575 1,645 1,795 Gold and foreign exchange (net) 3,375 3,410 3,489 Bank of Danzig (thousands of Loans and discounts 8,209 8,291 5,866 gulden): Government obligations 4,315 4,315 4,370 Gold 28,341 28, 263 31,182 28,355 Other assets 2,012 2,115 1,748 Foreign exchange of the reserve. _ 991 2,501 455 3,088 Note circulation. 7,011 7,190 6,776 Other foreign exchange 373 368 451 387 Deposits 8,894 8,740 6,386 Loans and discounts 26, 300 26,014 22, 367 17,179 Other liabilities 2,006 2,201 2,310 Other assets 2.596 3,157 3,074 3,195 National Bank of Hungary (mil- Note circulation 41,169 39,018 38,551 36, 245 lions of pengos): Demand deposits 13,496 17, 783 16, 816 11,647 Gold 124 94 84 Other liabilities 19,012 19,012 19,012 19,012 Foreign exchange reserve 97 100 115 59 National Bank of Denmark (mil- Discounts __ 511 462 479 450 lions of kroner): Loans—To Treasury __ 268 267 190 115 Gold 118 118 118 118 Other _. 14 12 14 17 Foreign exchange 112 118 112 72 Other assets _ 296 293 272 275 Discounts 22 23 22 23 Note circulation 863 806 794 466 Loans—To Government agencies 134 151 163 212 Demand deposits _- 196 178 126 246 Other 158 116 81 140 Certificates of indebtedness 66 66 66 70 Securities 148 148 146 73 Other liabilities 185 179 169 218 Other assets 107 112 110 67 Reserve Bank of India (millions of Note circulation 441 414 435 417 rupees): Deposits 170 192 142 125 Issue department: Other liabilities 179 176 162 Gold at home and abroad 444 444 444 Central Bank of Ecuador 2 (thou- Sterling securities __ 622 622 803 sands of sucres): Indian Gov't. securities 324 324 274 Gold 35, 282 34, 051 39, 452 Rupee coin 714 709 626 Foreign exchange (net) 6,354 5,887 10, 701 Note circulation 1,789 1,772 1,854 Loans and discounts 55, 279 52, 269 57, 901 Banking department: Other assets 19, 808 20, 569 17, 944 Notes of issue department... 314 327 293 Note circulation 68, 205 67, 558 68,122 Balances abroad 3 29 36 Demand deposits 32, 490 29, 554 44, 466 Loans to Government 1 31 20 Other liabilities 16, 029 15, 661 13, 411 Investments 59 56 62 National Bank of Egypt' (thou- Other assets 16 15 11 sands of pounds): Deposits 273 339 312 Gold 6,545 6,545 6,545 Other liabilities 120 119 111 Foreign exchange 2,039 1,244 2,612 Bank of Japan (millions of yen): Loans and discounts 8,586 8, 626 6,585 Gold 501 501 801 British, Egyptian, and other Special foreign exchange fund 300 300 Government securities 28, 279 29, 225 35, 275 Discounts 442 476 Other assets 6,905 7,138 6,234 Loans—Government. _. 3 3 3 Note circulation 21,087 22, 299 20, 674 Other _ 49 63 165 Deposits—Government 3,835 3,703 8, 954 Government bonds 1,412 1,625 1,126 Other 18, 578 18,180 19, 350 Other assets 328 245 181 Other liabilities 8,854 8,597 8,274 Note circulation 2,132 2,157 2,155 Deposits—Government 460 554 219 Other __ 161 105 112 Other liabilities.. 282 397 1 Includes 336 million shown separately as cover for liabilities in gold beginning September 1938. 2 Form of official statement revised effective December 1937. s Items for issue and banking departments consolidated. 4 By law of Dec. 22, 1938, gold revalued at rate not higher than .0200 gram fine gold per mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN FEBRUARY 1939 CENTRAL BANKS—Continued Central bank 193S 1937 Central bank 1938 1937 [Figures as of last report [Figures as of last report date of month] Dec. Nov. Oct. Dec. date of month] Dec. Nov. Oct. Dec. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold . . 117 117 117 Non-reserve exchange 172 159 Foreign bills 8 3 4 Loans and discounts 435 349 Loans and discounts. _ _ 62 64 67 Government debt __ 1 039 1 042 Other assets 112 114 108 Other assets 1 318 1 434 Note circulation 186 189 185 Note circulation 2 171 2 224 Deposits 87 83 84 Other sight liabilities 1 099 1 058 Other liabilities 26 26 26 Other liabilities _ 1 105 1 191 Bank of Latvia (millions of lats): National Bank of Rumania (mil- Gold - 83 83 83 77 lions of lei): Foreign exchange reserve 42 43 42 43 Gold 18,125 18, 078 16, 458 Loans and discounts.. _ __ 162 150 148 137 Special exchange accounts. - 4,071 4,207 5 652 Other assets 60 60 60 39 Loans and discounts 12,121 12, 230 5,994 Note circulation _ _ __ 83 83 83 65 Special loans 2 __ 1,831 1,850 1 997 Deposits 213 205 202 197 Government, debt 10 499 10 500 10 531 Other liabilities ._ 50 49 48 35 Other assets . 11. 009 10, 687 9 163 Bank of Lithuania (millions of litu): Note circulation 33; 676 34, 581 29, 391 Gold 65 66 71 79 Demand deposits _ 13, 075 12,063 11 143 Foreign exchange 4 4 6 Other liabilities 10, 905 10, 908 9,261 Loans and discounts _. 121 117 114 116 South African Reserve Bank Other assets 34 35 33 29 (thousands of pounds): Note circulation 142 143 143 117 Gold 26,722 26, 560 22, 937 Deposits 62 54 55 92 Foreign bills 9,050 7,170 6 875 Other liabilities 21 25 24 21 Other bills and loans 1,820 1,822 3,818 Netherlands Bank (millions of guil- Other assets 15,072 15, 403 12,818 ders) : Note circulation 16, 547 17, 755 18,093 Gold _ _. - -- 1,461 1,481 1, 481 1,366 Deposits 33, 033 29, 951 23,474 Silver (including subsidiary coin) 27 25 20 17 Other liabilities 3,084 3,249 4,881 Foreign bills 4 4 4 5 Bank of Sweden (millions of Discounts 9 16 17 23 kronor): Loans __ _ 309 321 302 195 Gold 707 707 707 539 Other assets 68 68 67 63 Foreign assets 834 874 890 1 045 Note circulation _ ___ 992 1,005 1,046 868 Discounts 13 14 13 13 D eposits—Government 137 112 140 100 Loans 37 33 28 25 Other 702 750 658 656 Domestic securities 106 91 86 10 Other liabilities 47 47 47 45 Other assets 466 463 462 291 Reserve Bank of New Zealand Note circulation 1,061 982 1,028 980 (thousands of pounds): Demand deposits 933 1,029 985 813 Gold.- 2,802 2,802 2,802 2,802 Other liabilities 169 171 172 131 Sterling exchange reserve 4,678 4,828 7,708 16, 993 Swiss National Bank (millions of Discounts 500 francs): Advances to State or State un- Gold . 2,890 2,890 2,873 2,679 dertakings 16, 457 13,522 10, 881 7,080 Foreign exchange 280 286 302 513 Investments 3,605 3, 509 2,732 2,658 Discounts 159 115 111 19 Other assets 440 314 328 284 Loans _ 22 24 26 35 Note circulation 16, 641 14,587 14,438 15, 233 Other assets 711 709 707 636 Demand deposits 10,114 8,696 8,347 12,915 Note circulation 1,751 1,693 1,736 1,531 Other liabilities 1,726 1,693 1,666 1,669 Other sight liabilities 1,663 1,686 1,641 1,716 Bank of Norway (millions of Other liabilities 647 643 642 637 kroner): Central Bank of the Republic of Gold 206 211 211 180 Turkey (thousands of pounds): Foreign assets 215 217 219 233 Gold 36, 872 36, 871 36, 871 36, 723 Total domestic credits and Foreign exchange—Free _ 29 22 1 16 securities 228 212 212 190 In clearing accounts _ _ 7,163 8,349 17, 5C0 23, 658 Discounts 0) 71 73 91 Loans and discounts 105, 461 92,018 92, 058 60,469 Loans 32 33 32 Securities 191, 899 189, 861 189, 951 189, 028 Securities n\ 108 106 66 Other assets 23, 785 34, 092 34,173 28,014 Other assets 0) 53 39 8 Note circulation 204, 744 196,611 196,611 176, 677 Note circulation 447 448 456 449 Deposits 46, 727 51, 981 64, 978 42, 259 Demand deposits—Government 38 48 29 41 Other liabilities 113, 738 112,622 108, 965 118, 973 Other 92 98 115 62 Bank of the Republic of Uruguay Other liabilities ._ ._ C1) 97 81 58 (thousands of pesos) : Central Reserve Bank of Peru Issue department: (thousands of soles): Gold and silver 3 103, 585 42,087 Gold and foreign exchange 51, 654 58, 463 Note circulation 86, 520 90, 746 24, 045 39, 624 Banking department: Government loans 84, 614 45, 376 Cash reserves 51, 034 21, 633 Other assets 5,283 11,348 Loans and discounts 97, 596 94,858 106,119 96, 363 Other assets 69, 209 60,093 DpRosits 43, 629 38, 467 Deposits 80, 373 85, 204 Other liabilities 15, 848 19, 981 Other liabilities 137,466 91, 381 Bank of Poland (millions of zlotys): National Bank of the Kingdom of Gold 445 442 433 435 Yugoslavia (millions of dinars): Foreign exchange 18 12 13 36 Gold . __ _ _ 1,910 1,906 1,893 1,709 Ijoans and discounts 1, 025 975 1,034 709 Foreign exchange 644 512 442 440 Securities 131 127 127 129 Loans and discounts 1,771 1,781 1,896 1,705 Other assets 407 386 360 480 Government debt __ 2,228 2.244 2,243 2,238 Note circulation 1,406 1,373 1,476 1,059 Other assets 3,179 3,383 3,457 2,948 Other sight liabilities 251 195 121 360 Note circulation _ 6,921 6,783 7,012 5,834 Other liabilities 369 375 370 369 Other sight liabilities 2,093 2,266 2,049 2,459 Bank of Portugal (millions of Other liabilities ___ _ _ _ 717 778 869 747 escudos): Gold 918 917 Other reserves (net) 493 571 1 Figures not yet available. 2 Agricultural and urban loans in process of liquidation. « 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

157 FEBRUARY 1939 FEDERAL RESERVE BULLETIN BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs*] 1938 1937 1938 1937 Assets Liabilities Dec. 31 Nov. 30 Dec. 31 Dec. 31 Nov. 30 Dec. 31 Gold in bars 42,119 33,969 13, 775 Demand deposits (gold)___ 9,462 9,380 8,371 Cash on hand and on current account with banks 17, 845 23,185 52, 325 Short-term deposits (various curren- Sight funds at interest 36,571 19, 782 17,155 cies) : Central banks for own account 132, 434 131, 345 178,852 Rediscountable bills and acceptances Other _ 8,651 (at cost) 221, 087 219, 464 232, 718 7,130 7, 620 Time funds at interest 35, 592 50,110 38, 410 Long-term deposits: Special accounts._ 262, 925 Sundry bills and investments. __ 261, 779 246, 367 294, 576 255,012 254, 409 Other liabilities _ _ 191,227 Other assets _ __ 913 4,544 1,065 191, 869 194, 667 Total liabilities 650, 026 Total assets _ _ _ _ 595, 907 597, 421 650,026 595, 907 597, 421 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 a 3 c B c a m e n p o k ta n 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 l l a d o n e w k p a e o n r s c s i ' e ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f th or Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f th or 1929—December 4.76 4.75 4.23 6.98 8.78 8.14 3.52 3.87 1930—December 2.30 2.34 1.60 '2 1 4.82 7.24 5.54 1.39 1.86 1931—December 5.85 5.60 4.27 4 7.33 7.40 8.45 1.57 1.59 1932—December 1.02 1.04 .81 Yni 3.87 5.08 4.91 .37 1.00 1933—December . 1.06 1.15 .77 3.87 5.50 4.97 .52 1. 00 1934—December .57 .47 .70 3.50 3.56 4.28 .60 1 00 1935—December. .71 .68 .75 3.00 3.23 3.15 3.20 3.08 1936—December .83 .84 .78 3.00 2.88 3.05 .76 1.48 1937—December .75 .75 .75 2.88 2.84 2.96 . 13 .50 1938—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 .68 .75 2.88 2.88 2.70 .21 .50 November .66 .67 .75 2.88 2.88 2.58 . 14 .50 December .__ .96 .93 .80 VI 2.88 2.88 2.86 . 13 .50 Switzer- Belgium France Italy Hungary S ( w St e o d c e k n - Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) 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 i c a v o te a u t n e t d P is r r c i 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 c i o l u ls nted ov m e C o rn a n l i e l g y ht 1929—November 3 32 4. 57 3.50 7 00 6M-7M 53^-7 5.48 3 47 1930—November 1.16 2.05 2.00 5.43 41/5 5.48-5.66 3.65 1931—November 1.77 2.44 1.90 7.50 5-6 5. 48-6. 57 5.66 1 1 9 9 3 3 2 3 — — N N o o v v e e m m b b e e r r 1 1. . 5 5 0 0 3 2 . . 0 1 0 2 1 1 . . 0 8 0 5 3 5 . . 5 0 0 0 4 49 ^ ^ - - 7 73 M /2 3M 2>y 3 2 - - 5 by2 5 5. . 1 6 1 6 - - 5 5 . . 4 8 8 4 2 2. . 5 9 6 2 1934—November 1.50 2.35 1.44 3.19 23^-43^ 5.11 2.56 1935—November. 2.44 1.88 3.89 5.00 4-7 3 2 5.11 2; 78 1 1 9 9 3 3 6 7 — — N N o ov v e e m m b b e e r r 1 1. . 0 4 0 6 1 1 . . 0 7 0 8 3 1 . . 2 9 6 6 4 5 . .0 5 0 0 4-63^ 2% r2]/2-h 4 4. . 7 7 5 5 2 2 . . 8 6 6 3 1938—May. . 1.00 2.62 5.00 4.56 2.40 June 1.00 3." 25 2.40 5.00 23^-5 4.56 2.37 July 1.00 3.12 2.50 5.00 2lA~b 4.56 2.48 August 1.00 2.89 2.50 5.00 23-3-5 4.56 2.44 September 1.00 3.26 2.65 5.00 2^-5 4.56 2.33 October 1 00 3.00 3.00 5 00 4.56 2 31 November 1.00 2.01 2.90 5.00 2H-5 4.56 2.50 r Revised. Insufficient quotations available for Belgian private discount rate in May 1938. 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

158 FEDERAL RESERVE BULLETIN FEBRUARY 1939 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective U K d n i o i n m t g ed - France m G a C e n r e y - ntra g l B iu b e m l a - nk N l o a f e e — n r t d - h s - S la w e n r i - d tz- Japan b C an e k n t o r f a — l R J 3 a a 1 n te . ef D fec a t t i e ve b C a e n n k t r o a f l — R J 3 a a 1 n te . ef D fe a ct t i e ve In effect June 30, Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 J D J J S S N O N M J J O O M O M S A S a u u u u e e e e e c o c c o c u n 1 a l l a a l p n c p p p t t v y v t y g t y . 9 y y y . . . t e . t t t 3 . 2 2 9 7 1 2 7 1 6 3 1 3 1 1 9 2 4 8 2 2 0 1 0 6 3 0 3 5 0 5 , 6 8 3 , 1 1 9 9 3 3 7 8 2 3 4 5 3 2 4 6 4 5 3 3 3 2 K H 4 2 4 3 3 3 2 2 H H 2 2 1 H H 3.29 A B B B B C C C D D E E E H I C F F G G t l i r s c o z u r e h o a a e a r r e u S n a i t e e u g l r l n l l i n l n S t o n g l n y l i m g l o e c i a e z a o v e a m a n s i c c h g m a d n i d a u n i v h l e e i g r o a a v o n a a a t m d b a i - i a I r a r y r k i n n y a d k _ i a d . o _ a . . _ . . i . r _ . . . a - . 3-4 4 4 4 2 4 6 3 4 4 4 6 4 W 3 6 H i 2 J J J J J N N A J A N A M D S M M D O O u a a a u a e e e u u u o o c o c n a n n n a a l l p c c t y t y g g g v v v y . . . . r r . . . . t . . . . . . . . . 3 1 2 1 2 2 2 1 1 1 2 1 4 4 5 8 1 8 1 2 0 3 9 9 1 2 8 6 1 3 5 7 , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 9 6 7 7 2 6 2 6 5 5 6 4 3 6 2 5 5 5 8 5 U J N N L M N P T P P R S U Y L S S S a w o o w p e o u i a n u . e e o u l d e v t r l a a u r w t r t i m r g e x i h S o a u a v t h t i k n t t w d u i o e n m n u h z . i e a d c e e a d g s e a d a r o n y S n l A y r a l n a K Z i l . a l a a f i v n e i r R a n i n i a d . . a c _ d . g - - s _ _ a . _ . . - _ 3 4 4 3 5 2 6 4 4 5 2 5 -! 2 M cN J J J M M A J J J D D M J M D N J F a u u a u a u u e o e e e u o a n a n n a a l l l n l b c c c v y y y g y y v y y . . . r e . . . . . . . . 2 1 1 2 3 1 1 1 1 5 0 9 6 5 1 1 5 1 3 1 0 1 1 8 4 5 1 1 , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 8 8 6 3 7 7 8 8 6 7 5 2 8 9 6 3 5 7 Oct 27 2H Nov 25 2K Changes since Dec. 31: Latvia—Jan. 1, down from 5 >o 4K percent; Jan 4 1939 2 France—Jan. 4, down from iy2 to 2 percent. In effect Jan. 31, 1939 _. 2 2 4 »A 2 IK 3.29 c Corrected. COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom Cash M ca o l n l e a y n d at Bills dis- Securi- L cu o s a t n o s m to - Other Deposits Other (Figures in millions of pounds sterling) reserves short counted ties ers assets Total Demand i Time liabilities notice 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 1938—December. 235 150 244 606 940 250 2,172 254 11 London clearing banks 3 1936—December. 244 195 322 660 890 249 2,315 L,288 1,012 245 1937—October.._ 234 165 296 639 988 244 2,312 1,244 1,019 253 November. 235 161 298 634 991 245 2,311 L, 238 1,025 252 December. 244 163 300 635 984 256 2,330 L, 284 1,026 252 1938—January— 251 154 331 636 970 240 2,329 L,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 L, 221 1,033 252 April 246 150 249 638 998 240 2,268 L,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 1,244 1,004 December. 243 160 250 635 971 263 2,254 1 Through December 1937 excludes deposits in offices outside England and Wales, 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

159 FEBRUARY 1939 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France Deposits Own (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 O as t s h e e ts r Total Demand Time a a c n c c e e p s t- lia O b t i h li e t r ie: 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 27, 955 529 473 4,289 1937—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 October 3,152 4,238 18, 940 7,613 2,088 30, 952 30,449 503 775 4,304 Assets Liabilities Germany ! (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se ti c e u s ri- O as t s h e e ts r Total D D e e p m o a s n it d s Time o C b b f r t a r e a o n d i m k n i s t e s d l O ia t t i b h e i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 5,376 2,435 2,941 686 1,449 1936—No vember.. 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—March 197 308 3,081 2,714 1,000 853 6,338 2,910 3,428 460 1,356 April 151 273 3,083 2,680 1,150 834 6,384 2,978 3,406 453 1,334 May 167 260 3,328 2,604 1,094 826 6,509 3,050 3,459 444 1,327 June 208 271 3,270 2,704 1,107 811 6,635 3,159 3,476 433 1,303 July 178 263 3,464 2,729 1,100 809 3,194 3,594 420 1,334 August 199 255 3,589 2,731 1,098 844 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 3,65* 422 1,427 November.. 195 270 3,643 2,685 1,406 7,234 3,531 3,703 420 1,438 Assets Liabilities (10 cha l r io te n r s e d o f b C a C a n n a k n a s d a . d ia a F n ig d u o r ll e a s r s i ) n mil- Ca E sh ntire S ly e c i u n r i C ty ana O l d o a t a h n e s r S a a n l e f b o d r d c r o a u u o m n n e r a s i e d t t y Se ti c e u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- a D d e a p o e s x it c s l u d p d e a p i y n o a g s b it l s e in i t n e r C ba a n n k - l O ia t t i b h e i s e li r reserves loans and dis- foreign Total Demand Time 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—February... 242 70 852 98 1,440 482 95 2,319 704 1,615 770 March 247 63 870 110 1,438 477 96 2,338 715 1,623 772 April 248 64 906 121 1,456 483 95 2,414 783 1,631 769 May 247 66 900 129 1,449 479 91 2,403 777 1,626 777 June 247 69 921 119 1,462 520 99 2,459 838 1,621 781 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 60 965 150 1,421 481 99 2,447 814 1,633 802 October 291 66 986 147 1,409 470 94 2,480 824 1, 656 795 November.. 277 64 970 192 1,426 471 92 2,499 844 1,655 808 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

160 FEDERAL RESERVE BULLETIN FEBRUARY 1939 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A ra u l s ia - A (s u c s h tr il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u ri l a - Canada Chile (peso) China Co b l i o a m- (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export (yuan) (peso) 1929 95.127 480. 83 14.058 13.912 "11.8072 36. 202 .7216 99?47 1?0601 41.901 96 551 1930 83. 505 458. 60 14.089 13.952 10. 7136 36. 067 .7209 99842 120785 29. 917 96. 493 1931 66. 738 351. 50 14. 023 13. 929 7. 0290 33. 690 .7163 3?6 120669 22. 437 96 570 1932 58. 443 279. 93 13. 960 13.914 7.1223 26. 347 .7193 88090 7. 9079 21. 736 95. 275 1933 72. 801 337. 07 15. 448 17. 900 7. 9630 31.816 1.0039 91959 7. 6787 28 598 81 697 1934 33.579 400.95 18. 793 23. 287 8. 4268 37. 879 1. 2852 101006 101452 34. 094 61. 780 1935 32. 659 388. 86 18. 831 18. 424 8. 2947 36. 964 1. 2951 PQ493 50833 36 571 56 011 1936 33.137 395. 94 18.792 16.917 8. 5681 5. 8788 37. 523 1. 2958 99913 5.1240 29. 751 57. 083 1937 32. 959 393. 94 18. 770 16. 876 8.7190 6. 1806 37. 326 1. 2846 100004 5.1697 4.0000 29. 606 56. 726 1938 32. 597 389. 55 18.916 16. 894 5. 8438 36. 592 1. 2424 99. 419 5.1716 4. 0000 21. 360 55. 953 1938—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 December 31. 135 372. 06 . 16.843 5. 8646 34. 860 1. 2326 99.064 5.1758 4. 0000 16.110 57. 001 Ger- Year or month ( C p u es b o a ) s C k lo o z v e r a u c k h n o a i - a ) ( m D kr e a o r n n k - e) p E o g u y n p d t ) Fi ( k n m k la a a) r n - d F (f r r a an n c c ) e ( m m re a a i r c n 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) (p H 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 3. 4930 22. 069 506. 92 2.1811 4.0460 40. 204 .9055 30. 694 19. 779 5. 2607 28. 791 27. 750 55. 045 1938 99 925 3 4674 21 825 501 30 2 1567 2. 8781 40 164 .8958 30. 457 19 727 5 2605 28 451 22 122 55 009 1938—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 December 99. 931 3. 4221 20. 844 478. 88 2. 0554 2. 6323 40. 080 .8559 29. 174 19. 642 5. 2603 27. 213 19. 931 54.356 Year or month Z (p e N a o e l u w a n n d d ) N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( u n le m i u a ) a- (p S A o o 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 - ) ( g U p u e r a s u 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 392 35 24 566 18. 860 4. 4267 .7325 484.16 5.600 56. 917 25.197 22. 871 80 109 488 94 64 370 2 3115 1938—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 October 382. 46 23. 957 18. 794 4.3220 .7299 472. 05 5.092 55. 440 24. 563 22. 719 80. 311 476. 85 62.742 2. 2805 November__. 376.50 23. 652 18. 798 4. 2683 .7305 466. 01 5.054 54. 738 24. 251 22. 653 80. 289 470. 75 61. 955 2. 2797 December 373. 72 23.463 18. 865 4. 2406 .7315 462. 32 4.996 54. 302 24. 051 22. 612 80. 803 467. 03 61.471 2.2776 ^Corrected. October average for Brazil corrected to 11.8638 from 11.8715. NOTE.—Developments affecting averages since January 1938 have been as follows: Australia and South Africa—quotations no longer nominal beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning March 14; Czecho-Slovakia— quotations nominal September 22-October 4, inclusive; Egypt and Turkey—no quotations available April 15-18, inclusive, August 1, and December 27; Mexico—quotations not available March 19-21 and nominal thereafter; New Zealand—quotations nominal since April 1934 except March 26- December 14, 1938, inclusive; Poland—quotation nominal on April 15; Portugal—quotation nominal on September 28 and October 4; Yugoslaviaquotations no longer nominal beginning September 17. For further 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. 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161 FEBRUARY 1939 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t t e 1 e d 0 s 0) (1 C 9 a 2 n 6= a 1 d 0 a 0) ( K 1 U 9 in 3 n 0 g i = t d e 1 o d 0 m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (1 e 9 r 13 m = a 10 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 t p = o 1 a b 0 n e 0 r ) ( N 1 l 9 e a 1 2 t 0 n 6 h 0 - d e ) 3 s r 0 - = ( S J w = u la 1 l i y t 0 n z 1 0 d e 9 ) r 1 - 4 1926 100 100 U24 695 134 237 106 144 1929 _ . 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 __ . 73 72 88 c500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 .__ . 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 64 96 1937 86 85 109 681 106 89 238 76 111 1938 79 101 P65S P106 P251 72 1937—November 83 83 109 621 106 95 238 76 110 December . 82 83 108 631 106 96 241 76 110 no 1938—January 81 84 108 636 106 95 245 75 February 80 84 106 631 106 94 '249 74 109 March » _ ._ 80 83 104 634 106 94 252 73 108 April 79 82 103 643 106 95 247 73 108 May 78 80 102 654 105 96 249 72 107 June - - - 78 80 101 660 106 96 254 72 107 July 79 79 101 652 106 95 254 71 106 August 78 76 100 649 106 96 252 71 105 September _ 78 75 98 652 106 97 252 71 106 October 78 74 99 664 106 97 253 71 106 November 78 74 98 674 106 97 254 70 106 December 77 73 98 255 71 c Corrected. P Preliminary. 1 Approximate figure, derived from old index (1913=100). WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index abovel United States (1926=100) United Kingdom France (1913=100) <Germany (1913=100) (1930=100) Year or month Indus- Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- Foods pr In t o r d d ia u u l s c - ts p an r F o d a d r f u o m c o t d s p I r n t o r d d ia u u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n i i n d a i l s s h r e e a m d w i- p tr r i i o s a d h l u e f d i c n ts products 1926 100 100 100 581 793 129 132 130 150 1929 ._ _ 105 100 92 579 669 120 125 132 157 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 90 393 613 96 76 91 116 1935 ._ 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 106 86 94 121 1937 _ . 86 86 85 102 112 562 598 105 96 98 125 1938 69 74 82 97 104 P641 P663 P106 P91 P94 P126 1937—November 76 83 84 105 110 613 628 105 96 94 126 December . 73 80 84 104 109 636 626 105 94 94 12f 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 SO 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 80 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 91 103 662 685 107 95 94 126 December 68 73 80 92 102 P684 ^685 P107 P95 P94 P126 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

162 FEDERAL RESERVE BULLETIN FEBRUARY 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 e e 1 - d s 0019 E l 1 J a u 4 n n = l g y d 1 - 001 F 9 r J 1 u a 4= l n y 1 c 0 e 019 m G 1 1 9 4 a e 1 = n r 3 - 1 y - 00 N 19 l e 1 1 a 9 t 3 n 1 h = d 1 e 1 - s 0 r- 0 S J l w u e a n r n i - t e d z- 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 e e 1 - d s 0019 E l 1 J a u 4 n n = l g y d 1 - 001 F 9 J J r 1 a u a 4 n n = n . e 1 c - 0 e 019 m G 1 1 9 4 a e 1 = n r 3 1 - y - 00 N 19 l e 1 1 a 9 t 3 n 1 h = 1 d e 1 — s 0 r- 0 S l J w a e u n r i n - t d e z- 1914=100 1914=100 1926 109 161 554 146 161 160 1926 103 170 505 142 168 162 1929. _ 105 154 611 156 162 156 1929 100 164 556 154 168 161 1930 100 145 614 146 150 152 1930 97 158 581 148 161 158 1931. _ 82 131 611 131 136 141 1931 _ 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932 80 144 526 121 141 138 1933 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 79 141 516 121 140 129 1935 80 125 423 120 118 114 1935 81 143 483 123 136 128 1936 82 130 470 122 120 120 1936 82 147 507 125 1132 130 1937 85 139 801 122 127 129 1937 84 154 619 125 137 137 1938 79 141 ^702 P122 1938 156 P126 1937 -November M 146 645 121 131 130 1937-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 1 137 702 122 129 129 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 78 140 727 121 128 130 November 156 125 137 137 December 79 139 742 P121 December. 156 P125 i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). p Preliminary. Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month ( U S a p v n r t e a i i c r t t e a e e d g d s e ( 1 E D 9 n e 2 c g 1 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 i r c a a e) g n e y N la e n th d e s2 r- U S n ta i t t e e s d England France Germany (1 N 9 l e 3 a 0 t n h = d e 1 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 «98.1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100 2 100 1931 90.9 108.4 96.9 »83.4 104.1 94.7 78.9 132.2 3 78.0 70. 1932.__ 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 3 50. 3 46. 1933 73.4 119 7 81.3 82.6 105.3 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 08 7 4101. 8 clll. 8 96.3 97.4 102.6 104. 1938 78.9 121.3 P77. 3 *>99. 9 P105. 6 83.3 80.8 P89.7 P100. 1 P96. 1937—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 99.9 107.2 80.7 83.8 84.5 104.2 97 5 March 76.0 121.0 73.2 100.1 104.3 77.9 78.9 82.0 104.5 95.1 April 73.8 124.2 75.6 100.1 106.3 70.7 81.7 93.6 105.3 92.2 May 76.5 122.1 76.1 100.0 108.0 73.9 79.7 92.7 103.4 92.7 June 75.3 121.9 77.2 100.0 107.0 73.1 78.5 91.4 101.4 91.6 July 80.8 123.4 76.5 100.0 107.0 88.0 82.1 88.8 99.0 97.2 August 81.3 122.4 76.6 99.9 106.3 89.5 81.1 87.6 93.8 97.1 September. __ 78.7 118.4 75.6 99.8 100.6 86.0 78.4 83.7 94.7 92.8 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 C91.8 97.2 98.8 December ___ 81.1 116.3 88.3 99.2 105.9 92.0 78.4 104.7 94.6 97.8 c Corrected. P Preliminary. 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. 8 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 163 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) LEON FRASER 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) T. J. DAVIS 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) .... JOHN EVANS 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. GOLDENWEISER, Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ALLAN SPROUL, Manager of System Open Market Account 1G4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R irm es a e n rv a e n A d g F e e n d t eral President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett 2 New York L__ Owen D. Young G. L. Harrison Allan Sproul L. R. Rounds W. 8. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T. B. McCabe J. 8. Sinclair F. J. Drinnen C. A. Mcllhenny « W T T>QT71Q E. 0. 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. 8. Walden, Jr._. _ J. G. Fry G. H. Keesee 2 Atlanta F H Neely Oscar Newton R 8 Parker W 8 McLarin, Jr 3 H. F. Conniff M. H. Bryan Chicago __- R. E. Wood i G. J. Schaller H. P. Preston W. H. Snyder» 0. 8. Young J. H. Dillard St. Louis W. T. Nardin W. McO. Martin..__ F. G. Hitt 0. M. Attebery CM. StewartJ Minneapolis W. C. Coffeyi J. N. Peyton O.S.Powell H. I. Ziemer 8 E. W. Swanson Kansas City R. B. Caldwell G. H. Hamilton 0. A. Worthington..._ H. G. Leedy J. W. Helm» Dallas J. H. Merritt B. A. McKinney R. R. Gilbert R. B. Coleman 3 W. J. Evans San Francisco St. George Holdeni.. W. A. Day Ira Clerk W. M. Hale 0. E. Earhart2 1 Deputy chairman. 2 Cashier. s Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara Helena branch R. E. Towle Cincinnati branch B. J. Lazar Denver branch J. E. Olson Pittsburgh branch.. _ P. A. Brown Oklahoma City branch 0. 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. 8. 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 Little Rock branch A. F. Bailey Louisville branch F. D. Rash Memphis branch _ W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. 165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS mmmm 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