Federal Reserve Bulletin, 1939-03

FEDERAL RESERVE BULLETIN MARCH 1939 "8? Recent Business and Credit Developments Study of Deposit Behavior BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent business and credit developments 167-173 National summary of business conditions 174-175 Summary of financial and business statistics 177 Behavior of deposits prior to suspension in a selected group of banks—Analysis by size of account 178-183 Statistics of international capital transactions, United States—October-November, 1938 184-187 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 190 Federal Reserve bank statistics 191-195 Reserve position of member banks; deposits in larger and smaller centers 196 M oney in circulation 197 Gold stock and gold movements; bank suspensions; bank debits 198 All banks in the United States 199 All member banks 200-201 Reporting member banks in leading cities 202-205 Acceptances, commercial paper, and brokers' balances 206 Federal Reserve bank discount rates 207 Money rates and bond yields 208 Security markets 209 Treasury finance 210-211 Governmental corporations and credit agencies; Postal Savings System 212-213 Production, employment, and trade 214-222 Wholesale prices 223 Chart book series on bank credit, money rates, and business 224 International financial statistics: Gold reserves of central banks and governments 226 Gold production 227 Gold movements 227-228 Central banks 229-232 Bank for International Settlements 233 Money rates 233 Discount rates of central banks 234 Commercial banks 234 235 Foreign exchange rates 236 Price movements: Wholesale prices 237 Retail food prices and cost of living 238 Security prices 238 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 240 Senior officers of Federal Reserve banks; managing directors of branches 241 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 MARCH, 1939 No. 3 REVIEW OF THE MONTH have been moderate increases in real estate mortgage loans by banks, by insurance com- Following a rapid advance in the second panies, and by savings and loan associations. half of 1938 business activity has been main- Funds available for investment have contained in recent months tinued to increase, and short-term money Recent business and hieved near the level ac credit developments rates and yields on high-grade bonds have by this advance. The fallen to new low levels. Prices of lowerpattern of business developments since the grade industrial and public utility bonds have summer of 1936 has been, first, a rapid rise risen to near the high levels of the early part in production to a level in excess of current of 1937, while stocks in these industries have demand with a consequent accumulation of recovered less than half of their declines in inventories of semifinished and finished 1937 and early 1938. goods. This level continued through the Bank deposits have increased further, summer of 1937 and was followed by a period largely as the result of gold imports, and are during which production fell considerably now larger than at any previous time. Banks below current consumption with a consequent have added somewhat to their holdings of liquidation of inventories. In the latter half obligations of the United States Government of 1938 the rate of production once more rose and its agencies and of State and local govrapidly and toward the end of the year ernments. As the result of the gold inflow caught up with the current consumption de- bank reserves have increased substantially mand. and excess reserves of member banks rose in At the present time output of industrial January to a new high level. products approximately corresponds to the Income payments, which had increased volume of goods being consumed by individ- considerably during the second half of 1938, uals and industry. A further growth in ac- appear to have been largely tivity under current circumstances appears National income maintained in the first two to depend on an increase in consumption months of this year. The current level, as arising out of such factors as further growth estimated by the Department of Commerce in private residential building, larger outlays and shown in the chart on the next page, is for plant and equipment, and greater public nearly as high as that in early 1937 and about expenditures for construction or other pur- 7 per cent lower than the recovery peak poses. reached in the summer of that year. Increase in business activity since the mid- Most of the increase in income payments dle of 1938 has not been accompanied by any since the middle of last year has been in paysubstantial expansion of business borrowing, rolls at factories. Payrolls in trade, on the but has been financed largely out of current railroads, and at mines have increased somereceipts or previously accumulated funds. what, however, and, when allowance is made Commercial loans of banks have shown little for seasonal influences, a considerable inchange in the period, and corporate security crease is shown for the construction industry. issues for the purpose of obtaining new funds Government expenditures for work relief have been in relatively small volume. There have been maintained at the level reached in 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN MARCH 1939 the spring of 1938. Changes in farm income considerable increase in the average number during recent months have been largely sea- of hours worked per week. The present level sonal. of hours is nearly as high as at any time in the recovery period except in the latter part NATIONAL INCOME PAYMENTS ADJUSTED FOR SEASONAL VARIATION of 1936 and early in 1937, and any further BI P L E L R IONS OF DOLLARS (ANNUAL RATE) substantial increase in activity would be re- YEAR 90 flected more fully than during recent months in an increase in the number employed and 80 less in the average number of hours worked. 70 \ A' Since the end of 1938 volume of industrial 60 \ production has shown less than the usual 50 \ seasonal rise, and data Industrial production ^ ^^^^ indicate that in February the Board's seasonally adjusted index was at about 99 per cent of the 1923-1925 average as compared with 101 in January and 104 in December. The cur- 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 rent level of output, which is in sharp con- Based on U. S. Department of Commerce monthly estimates of the amount of income payments to individuals. trast to the low rate of 77 that prevailed Earnings of large industrial corporations during the second quarter of 1938, reflects increased sharply in the fourth quarter as in- substantial increases since last summer in creased business was reflected in rapid im- output of both durable and nondurable manuprovement in the earnings of the steel and factured products and in output of minerals, automobile industries and a continuation of as is shown on the accompanying chart. the third quarter advance in earnings of In the nondurable goods industries as a other reporting companies as a group. group, activity is now nearer the level of The number employed in nonagricultural early 1937 than is activity in the durable pursuits, after declining from approximately goods industries. In some lines, such as 35,700,000 in the summer of textiles and shoes, production began to in- Employment ^^ 00,000 in crease rapidly late last spring, following a 193? tQ 32>2 the middle of 1938, had increased to about long period of inventory liquidation, and in 33,500,000 by last December, according to the recent months has been maintained at a rate Bureau of Labor Statistics. From Decem- not much below the high levels of 1937. In ber to January employment showed the usual some other lines, such as petroleum refining seasonal sharp decline. and the manufacture of tobacco products, The recovery in the second half of 1938 was output continued at a high level throughout chiefly in manufacturing industries, where the period. the previous declines had been largest. In In most industries producing durable goods trade and some other lines there were smaller there have been increases in output since last increases in employment, and in transporta- summer, but in general the increases have tion and construction the number employed been much less pronounced than the earlier was about the same in December as in thedeclines, and current levels are considerably middle of 1938 although in these industries below those reached in 1937. This is due employment is usually lower at the end ofchiefly to the small volume of expenditures the year than in the summer. for new plant and equipment during the The rise in factory employment after the past year or more. In recent months orders middle of last year was accompanied by afor machine tools and for other types of ma- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

169 MARCH 1939 FEDERAL RESERVE BULLETIN chinery, construction, and container indus- INDUSTRIAL PRODUCTION tries, and, to some extent, the railroads. In PER CENT ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE = 100 p£R some instances increased demand followed the using up of stocks of steel accumulated earlier. Since the beginning of this year steel ingot production has been between 50 and 55 per cent of capacity as compared with a rate of around 30 per cent during the first half of 1938. It appears that further considerable advance from the present level will depend largely on increased outlays for industrial equipment and on the initiation of programs for plant construction. At mines, output has increased steadily since last summer and is now close to the volume maintained throughout most of 1937. Stocks of most metals and fuels continue in considerable volume. Building contracts declined in January, reflecting for the most part a reduction in awards for public projects, which U1 ing had been large in the last quarter of 1938, owing to the requirement that Public Works Administration projects be started before the end of the year. The bulk of the expenditures on these public works will be 1930 1932 1934 1936 1938 made during the remainder of this year and Figures for February 1939 are preliminary estimates. chinery have increased somewhat and ac- early in 1940. Contracts for private work tivity in these lines has shown some increase. showed little change from December to Jan- Output of lumber and cement have also in- uary and were at a seasonally low level. Curcreased since last summer, reflecting pri- rently private residential building is submarily the rise in residential building and stantially above the level of a year ago, while the increase in public construction projects. the volume of factory and other nonresiden- In the automobile industry production rose tial building is approximately the same. Figsharply with the introduction of new models ures for the principal types of construction last fall and is currently at an annual rate are shown in the table on the next page. of nearly 4,000,000 cars and trucks. Do- The increase in residential building since a mestic sales of both new and used cars and year ago has been almost uninterrupted, on a exports have been at levels consistent with seasonally adjusted basis, as is shown on the this rate of output, and stocks of new andchart on the next page. In the early months used cars, while increasing seasonally, are of 1938 the increase was predominantly in below the high levels of early 1938. one-family dwellings, but in the latter half Activity at steel mills increased substan- of 1938 the volume of apartment construction tially in response to the considerable in- also increased considerably. The increase crease in demand from the automobile indus- in apartment construction was largely in try and to smaller increases in demand from the New York metropolitan area and reflected a number of other sources, such as the ma-principally the starting of two slum-clear- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN MARCH 1939 instruction in the country. In January con- CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN STATES struction contracts were awarded for five [Monthly averages or monthly totals; in millions of dollars] slum-clearance projects of the United States Privately financec Housing Authority, to provide 1,560 dwelling Pub- Total licly fi- units, bringing the total started under this nanced Total d R en e t s i i a - l t F o a r c ie - s o A th l e l r program to 8,800 units. Prices of building materials have shown 1936 . 223 111 112 60 17 35 1937 243 96 147 71 26 50 little change in recent months, following a 1938. . .. 266 142 124 75 10 39 substantial decline during 1937 and early 1938, 1st quarter... 179 88 92 51 9 32 2nd quarter._ 252 117 135 80 10 44 last year, and are now slightly above the 3rd quarter_._ 285 143 142 86 11 45 4th quarter.._ 350 221 129 82 10 36 1935-1936 level. Wage rates in the building December 389 279 110 72 7 31 trades have remained considerably above the 1939, January 252 148 104 67 7 30 level of those years. Rents for residential properties have shown little change since the Source: F. W. Dodge Corporation. The figures shown are not adjusted for seasonal variation. end of 1937. ance projects of the United States Housing The volume of railway freight traffic, Authority, a number of rental housing pro- which had increased considerably from June jects financed under mortgages insured by to November 1938, has been mainthe Federal Housing Administration, and a Railroads tained since that time, with only large rental housing project initiated by a seasonal changes, at a level about the same as life insurance company. that prevailing in the early part of 1936. Railway operating revenues likewise showed RESIDENTIAL BUILDING a sharp rise after the middle of last year, CONTRACTS AWARDED IN 37 EASTERN STATES ADJUSTED FOR SEASONAL VARIATION -LIONS OF DOLLARS while expenses increased by a smaller amount, and net operating income during the last quarter of 1938 averaged $56,000,000 a month as compared with $17,000,000 a month in the second quarter. Distribution of commodities to consumers declined seasonally in January following a considerable rise in the second Retail trade half of last year. In recent 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 months the dollar volume of general mer- Based on F. W. Dodge Corporation data. chandise sold has been about the same as a Reports on home mortgages selected for year earlier and only slightly smaller than appraisal by the Federal Housing Adminis- during the peak of recent years—from the tration showed a rapid increase during Janu- latter part of 1936 to the latter part of, 1937. ary and the first two weeks in February, fol- Prices, however, are lower now, and it is lowing a seasonal decline in November and probable that the physical volume of goods December, and the current level is substanti- sold is as large as at that time. The course ally higher than that of a year ago. Con- of sales and stocks at department stores is struction was started during January on in-shown for recent years in the accompanying sured rental housing projects providing 3,100 chart. At retail outlets selling only durable dwelling units; in the year 1938 projects of consumers' goods, such as automobiles and this type accounted for 12,000 units or nearly furniture, sales have expanded considerably a fourth of all privately-financed apartment from the low level of last summer and are cur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

171 MARCH 1939 FEDERAL RESERVE BULLETIN rently in larger volume than a year ago notes issued by governmental credit agencies. but are still substantially less than during This loss in reserves will be restored as most of 1937. Treasury expenditures reduce Treasury deposits with the Reserve banks. DEPARTMENT STORE SALES AND STOCKS The Government security market has been INDEXES BASED ON DOLLAR VOLUME. / PER CENT strong during the past three months and on 120 February 28 yields on both Treasury bonds 110 and Treasury notes were at record low levels. 100 SALEi 100 The average yield on long-term Treasury bonds declined from 2.52 per cent early in 90 V 90 December to 2.39 per cent on February 28, 80 / 80 while the average yield on long-term Treas- AT V STOCKS t ury notes declined from 0.68 per cent to 0.57 70 i 70 per cent. The decline in yields was gradual and steady until February 28 when there was 60 60 a sharp rise in prices, following announce- 50 50 ment of Treasury financing plans. In the last week of December and the first 40 40 1935 1936 1937 1938 1939 two weeks of January new issues of Treasury bills sold at a no-yield basis or slightly higher, Prices of most farm staples and industrial owing to a large demand for Treasury bills materials have shown little change during for tax avoidance and statement purposes. the past six months. The Subsequently, the average discount on new Commodity prices J ^J generaJ Qf wholesale bill issues rose slightly to about 0.004 per commodity prices, as measured by the Bureau cent. Around the turn of the year holdings of Labor Statistics' index, has declined about of Treasury bills increased considerably at one point since the middle of August to 76.6 Chicago banks and declined at New York City per cent of the 1926 average. Prices of farm banks. It appears that somewhat more than products and foods have continued at about half of the guaranteed obligations issued by the same level, while prices of other com- Government agencies were purchased by modities, as a group, are somewhat lower banks in large cities, which are constantly than in August. This decline in the indusseeking short-term high-grade securities for trial commodity group has reflected for the investment of their idle funds. most part lower automobile prices this season In response to the extremely easy money and large decreases in prices of petroleum market conditions prices of the highest-grade and petroleum products. corporate bonds have risen The money market has continued to reflect the large volume of funds seeking invest- marketfe security steadily since the early ment outlets and the rela- part of 1938, and in recent Money market and l H nt of months new record low yields below 3 per tiyey gma amoU credit developments . cent have been reached by the industrial and high-grade paper availpublic utility issues included in the Moody's able. Excess reserves of member banks inaverages for Aaa bonds. creased in January to a new high level of For stocks and lower-grade bonds of cor- $3,600,000,000. In the first half of February porations a sharp upturn in prices in the there was a decline of about $400,000,000, latter part of June 1938 was followed by a resulting principally from cash payments to gradual and irregular increase with declines the Treasury for purchase of guaranteed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN MARCH 1939 in September 1938 and in January 1939, when and in recent months the average volume for there were critical developments in Europe. these two groups of governmental organiza- Prices of industrial and railroad stocks have tions has been larger than in any period since shown a slight declining tendency since the 1935 when there was an unusual amount of early part of November, while public utility refunding, especially by the Federal land stocks have risen in recent weeks above their banks. November levels. DOMESTIC SECURITY ISSUES By the end of February lower-grade bonds [Monthly averages or monthly totals; in millions of dollars] of leading public utility and industrial com- Corporate Other 1 panies had recovered most of the price decline that occurred from early in 1937 until Total New Re- New fu R n e d - the early part of 1938, and yields, as shown capital fund- capital ing by the bonds included in Moody's Baa aver- 1936 506 282 61 age, were less than V2 of 1 per cent above the1937, 1st half.... 418 138 160 42 2nd half... 211 41 37 lows of the early part of 1937. Stocks in 1938, Jan.-May. 227 32 43 53 these industries had recovered nearly half June-Oct.. 479 121 141 124 93 Nov 324 42 104 151 27 of the 1937-1938 decline. For stocks of Dec 462 59 197 171 35 railroads only a small part of the price de- 1939, Jan 256 5 10 Feb. (est.) 510 15 145 cline has been recovered. Yields on lowergrade railroad bonds, as shown by issues in- 1 Includes issues of State and municipal governments and publicly offered issues of Federal credit agencies but excludes direct obligations cluded in Moody's Baa averages, are about of the United States Government. 2Details not available. \y± per cent higher than in the early part Source: Commercial and Financial Chronicle. of 1937. The volume of corporate security issues, as Meeting of the Federal Advisory Council The first meeting of the Federal Advisory shown by the Commercial and Financial Council for 1939 was held on February 13-14, Chronicle tabulation, has de- 1939. Walter W. Smith was reelected presi- Security issues s, folcreased in recent month dent and Howard A. Loeb was reelected vice lowing a period of five months from June to president. These officers as ex officio mem- October 1938 when the capital market showed bers and Messrs. Steele, Fraser, Hanes and signs of increasing activity. Brown will comprise the executive commit- Corporate issues for new capital averaged tee. Walter Lichtenstein was reappointed $30,000,000 a month from November to Febsecretary. ruary. As shown in the table, this is about the same monthly volume as during the period Death of President of Federal Reserve Bank of January to May of last year and considerably Atlanta smaller than the monthly volume of $120,- Oscar Newton, President of the Federal 000,000 during the period June to October Reserve Bank of Atlanta, died on February 1938 when a number of corporations sold 13, 1939. Mr. Newton was appointed a Class securities largely for the purpose of repaying A director of the Atlanta bank on January bank loans. Refunding issues of corpora- 1, 1920, and served in that capacity until Detions have averaged about $110,000,000 in cember 31, 1924. On January 1, 1925, he recent months as compared with an average was appointed a Class C director and desigof $40,000,000 a month in the latter part of nated as Chairman and Federal Reserve 1937 and the early part of 1938. Agent of the bank. He served in these ca- Security issues of State and municipal gov- pacities until January 15, 1935, on which ernments and of Federal credit agencies have date he was appointed Governor of the bank. been increasing since the early part of 1938, He held that position until March 1, 1936, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

173 MARCH 1939 FEDERAL RESERVE BULLETIN when he was appointed President of the bank pose of facilitating compliance by banks with for the five-year term ending February 28, the provisions of Regulation U. Additions 1941. and changes in the list will be indicated in supplementary lists to be issued quarterly, in Appointment of President of the Federal Reserve May, August, and November 1939. These Bank of Atlanta lists will be similar in form to those published On February 20, 1939, the Board of Govby the Board during 1937 and 1938. ernors approved the appointment by the Regulation U applies to loans by banks for board of directors of the Federal Reserve the purpose of purchasing or carrying stocks Bank of Atlanta of Robert S. Parker as Presiregistered on a national securities exchange, dent of that bank for the unexpired portion and in determining, for the purposes of Regof the five-year term ending February 28, ulation U, whether or not a security is a 1941, to succeed Oscar Newton. Mr. Parker "stock registered on a national securities exhad served as First Vice President of the change", a bank may rely upon the list pubbank since March 1, 1936. lished by the Board. A copy of this list has been mailed to each Erratum in Federal Reserve Bulletin for February member and nonmember bank in the United In heading on page 91 of February Bulle- States. Copies have also been furnished to tin, Vol. 26 should have been Vol. 25. bank examiners and supervisory authorities, national securities exchanges, etc. Other List of Registered Stocks persons may obtain copies of these lists, di- The Board of Governors of the Federal rectly from the Board, at a charge of 25 cents Reserve System has published a "List of for the annual number and the three supple- Stocks Registered on National Securities Ex- ments, with a reduction on subscriptions for changes" as of January 31, 1939, for the pur- five or more copies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN MARCH 1939 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 24 and released for publication February 27] Industrial production increased less than production increased somewhat in January, seasonally in January and the first three reflecting an increase in output of crude peweeks of February, following a rapid advance troleum. in the latter half of 1938. Wholesale com- Value of construction contracts awarded modity prices continued to show little change. declined in January, according to F. W. Dodge Production.—In January volume of indus- Corporation figures, owing principally to a trial production, as measured by the Board's eduction in awards for publicly-financed seasonally adjusted index, was at 101 per cent projects, which had been in large volume in December. Contracts for privately-financed •esidential building continued at the recent INDUSTRIAL PRODUCTION PERCENT PERCENT advanced level, while awards for private non- 140 140 esidential building remained in small vol- 130 130 J ume. A Employment.—Factory employment and \ > 110 payrolls showed the usual decline between the 100 1 / -100 middle of December and the middle of Janu- 90 /\ t \ / ary. In most individual industries, as well as in the total, changes in the number of employees were of approximately seasonal proportions. In trade, employment declined 60 1934 1935 1936 1937 1938 somewhat more than is usual after Christmas. Monthly index of physical volume of production, adjusted for Distribution.—Sales at department and vaseasonal variation, 1923-1925 average = 100. riety stores and by mail order houses showed of the 1923-1925 average as compared with the usual sharp seasonal decline from Decem- 104 in December. At steel mills, where activ- ber to January. In the first two weeks of ity usually increases considerably at this sea- February department store sales continued at son, output in January and the first three the January level. weeks of February was at about the same rate Volume of freight-car loadings in January as in December. Automobile production de- and the first half of February was at about clined seasonally in the first two months of the same rate as in December. the year as retail sales showed about the usual decrease and dealers' stocks reached adequate FACTORY EMPLOYMENT PERCENT PERCENT levels. Output of cement declined in January, 120 120 and there was also some reduction in output 110 / 110 of lumber and plate glass. In the nondurable goods industries, where production had been 100 y \ 100 at a high level in December, activity increased less than seasonally. Increases at cotton, silk CM and tobacco factories were smaller than usua 80 80 and at woolen mills there was a decline. Shoe production and sugar refining continued in 70 substantial volume, and activity at meat 60 60 packing establishments showed little change, 1934 1935 following a decline in December. Minera Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 175 Commodity prices.—Wholesale commodity struction Finance Corporation notes. Purprices generally continued to show little chases of these notes were also responsible for change in January and the first three weeks an increase in total loans and investments of of February. Grain prices declined some- reporting member banks in 101 leading cities, what, following a rise in December, while following a decline during January. prices of hogs increased seasonally. Changes Money rates.—Average yields on United in prices of industrial materials were small. States Government securities declined further Bank credit.—Excess reserves of member during the first three weeks of February to banks, which reached a record high level of about the lowest levels ever reached. New $3,600,000,000 on January 25, declined some- issues of 91-day Treasury bills, after selling what in February. This decline resulted MONEY RATES IN NEW YORK CITY chiefly from a temporary increase in Treasury balances with the Reserve banks representing cash receipts from the sale of the new United States Housing Authority and Recon- MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 12 12 1934 1935 1936 1937 1938 1939 Minimum rate on rediscounts for and advances to member banks by Federal Reserve Bank; weekly averages of daily yields on 3- to 5-year Treasury notes and Treasury bonds callable after 12 years, and average discount on new issues of 91-day Treasury bills offered within week. For weeks ending January 6, 1934, to February 18, 1939. at par or at a slight premium in late Decem- 1935 1936 1937 1938 1939 ber and early January, were again on a slight Wednesday figures for reporting member banks in 101 leading discount basis during February. Other opencities, September 5, 1934, to February 15, 1939. Commercial loans, which include industrial and agricultural loans, represent market rates continued unchanged. prior to May 19, 1937, so-called "Other loans" as then reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN MARCH 1939 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 16 TREASURY DEPOSITS AT F. R. BANKS 1934 1935 1936 1937 1938 1939 Latest figures for February 15. See table on page 190. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 177 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 1938 1937 Annual averages j Jan. Dec. Nov. Jan. Dec. ,Nov. 1938 1937 1936 1935 1933 1929 Averages of daily figures; in millions of dollars MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS j Reserve bank credit outstanding—total 2,598 2,618 2,592 2,603 2,628 2,592 2,600 2,554 2,481 2,475 2,429 1,459 Bills discounted 5 7 7 11 16 19 9 14 6 283 952 Bills bought J 1 1 1 1 3 3 1 3 4 5 83 241 U. S. Government securities | 2,568 2,564 2,564 2,564 2,565 2,545 2,565 2,540 2,430 2,431 2,052 208 Gold stock jl4, 599 14,416 14,162 12, 756 12, 765 12, 788 13, 250 12,162 10, 578 9,059 4,059 3,990 Treasury currency outstanding 2,807 2,783 2,760 2,643 2,627 2,613 2,711 2,567 2,503 2,478 2,271 2,015 Money in circulation | 6,712 6,888 6,750 6,397 6,618 6,558 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings i 2,726 2,673 2,728 3,630 3,622 3,642 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F. R. banks I 827 723 526 127 188 125 653 158 446 128 55 22 Nonmember deposits and other accounts 711 788 783 664 713 750 658 595 551 507 497 400 Member bank reserve balances: i Total 9,029 8,745 8, 727 7,183 6,879 6,919 7,935 6,830 5,989 5,001 2,343 2,358 Excess __ I 3,484 3,226 3, 276 1, 353 1,071 1,104 2,522 1,220 2,512 2,469 528 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments 21,468 21, 586 21, 347 21,285 21,484 21, 556 21, 023 22,198 22,064 19,997 17,505 22, 599 Loans-total | 8,338 8,465 8,319 9,137 9,451 9,559 8,506 9,546 8,462 8,028 9,156 16,887 Commercial, industrial and agricultural i 3,800 3,863 3,884 4,462 4,626 4,740 4,059 G) 0) 0) 0) 0) T—o b- rokers and- d-e al-e rs in securi•t i•e •s . 852 850 715 825 881 701 1,226 1,181 990 777 '2,208 Other loans for purchasing or carrying securities.. 547 566 671 623 657 588 0) (0 0) 0) (0 All other loans. 3.,139 3,186 3,149 3,227 3,274 3,281 3,158 0) 0) 0) 0) 0) Investments—total -13,130 13,121 13,028 12,148 12,033 11,997 12, 517 12, 652 13,602 11,969 8,349 5,712 U. S. Government direct obligations i 8,191 8,191 8,130 8,118 8,046 7,970 7,982 8,394 9,080 7,989 5,228 2,865 Obligations fully guaranteed by U. S. Govt j h 728 1,708 1,681 1,131 1,113 1,127 1,451 1,164 1,250 928 Other securities 3,211 3,222 3,217 2,899 2,874 2,900 3,084 3,094 3,272 3,052 3,121 2,847 Reserve with Federal Reserve banks 7,437 7,219 7,170 5,614 5,358 5,348 6,400 5,307 4,799 4,024 1,822 1,726 Cash in vault 440 483 438 315 341 320 382 337 383 326 240 248 Balances with domestic banks 2.,561 2,452 2,467 1, 986 1,850 1,804 2,289 1,884 2,358 2,112 1,322 1,142 Demand deposits—adjusted... 16,054 16,087 15,825 14,438 14, 570 14, 636 15,033 15,097 14,619 12, 729 0) 0) Time deposits (excluding interbank)4 J 5,173 5,140 5,135 5,210 5,203 5,287 5,202 5,202 4,999 4,883 4,946 6,788 Deposits of domestic banks • j 6,327 6,191 6,233 5,286 5,053 5,039 5,770 5,298 5,810 4,938 2,822 2,787 Borrowings I 1 2 4 10 3 12 5 6 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; percent per annum Commercial paper 56 63 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 U. S. Treasury bills (91 days) .03 .03 .04 .10 .11 .09 .07 .28 .17 .17 U. S. Treasury bonds, long-term* 2.47 2.49 2.50 2.65 2.67 2.71 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa)... 3.01 3.08 3.10 3.17 3.21 3.24 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 256 453 379 123 164 136 365 328 518 392 89 950 New 200 218 225 93 122 94 194 178 164 121 60 841 Refunding.. _ 57 234 155 29 42 42 170 150 354 270 29 118 Domestic corporate issues—total 16 244 145 51 57 36 173 203 382 189 32 781 New 5 47 43 46 43 26 71 102 99 34 13 667 Refunding 10 197 102 4 14 10 102 101 282 155 18 115 PRICES Index numbers Common stocks (1926=100) 92 92 95 82 82 83 83 112 111 78 63 100 Wholesale commodity prices (1926=100): 77 77 78 81 82 83 79 86 81 80 66 05 Farm products 67 68 68 72 73 76 69 86 81 79 51 105 Foods 72 73 74 76 80 83 74 86 82 84 61 100 Otfrfir ooTTimnditifis 80 80 81 84 84 84 82 85 80 78 71 02 Retail food prices (1923-25=100) 78 79 78 80 83 84 79 85 82 80 66 105 BUSINESS INDEXES Index numberi, adjusted for seasonal variation, 1928-25=100 Industrial production P101 104 103 80 84 88 86 110 105 90 76 110 Manufactures _ P100 104 103 76 79 85 84 109 105 90 75 110 Minerals Pill 109 102 108 115 109 98 115 105 91 82 115 Construction contracts awarded—total 96 96 52 61 56 64 59 55 37 25 117 Residential . . P54 57 56 26 30 32 45 41 37 21 11 87 All other P112 128 128 73 87 76 80 74 70 50 37 142 Factory employment . ._ ._ P92 92 90 90 95 101 87 106 98 91 73 106 Factory payrolls (unadjusted) P83 87 84 75 84 93 78 102 86 74 50 110 Freight-car loadings 69 69 69 65 67 71 62 78 75 64 58 107 Department store sales _ 88 89 89 90 89 91 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports __ P213 269 252 289 323 315 258 279 205 190 140 437 General imports. _ 171 176 171 209 223 163 257 202 171 121 367 'Preliminary. r Revised. 'Partly estimated. 1 Figures not available. 1 Includes time deposits of banks, domestic and foreign, 1929-1934. * 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

178 FEDERAL RESERVE BULLETIN MARCH 1939 BEHAVIOR OF DEPOSITS PRIOR TO SUSPENSION IN A SELECTED GROUP OF BANKS—ANALYSIS BY SIZE OF ACCOUNT The analysis of the data made available by smaller deposits. In the sample group of a Works Progress Administration study of banks as a whole, reductions in the balances the records of a group of banks that were sus- of accounts of $25,000 and over accounted pended in the period 1930-1933 has now for 43 percent of the total decrease in dereached the point where it is possible to pre- mand deposits, although demand deposits sent from time to time preliminary reports of of this size accounted for only 28 percent various aspects of the study.1 The present is of the total demand deposits on the date the first of a series of such reports. It deals from which decreases were measured. Acwith withdrawals of deposits experienced by counts of this size were reduced 64 percent, banks in the months prior to suspension. as contrasted with a reduction of 40 per- This, and the succeeding reports, will pre- cent in total demand deposits, and a reducsent statistical analyses of the behavior of tion of 6 percent in the balances of accounts deposits by type and size of account. It is of less than $500. hoped that they will throw light on some as- 4. The most important factor in explainpects of bank liquidity on which heretofore ing differences in the variability of deno quantitative information was available. mand deposit balances in time of stress is The results of the investigation may be apparently the size of the balance. The briefly summarized as follows: influence of other factors such as type of deposit (demand or time), residence of 1. From the time that serious deposit holder (local or nonlocal), or type of holder withdrawals began until the date on which (business or personal), seems to be of comthey suspended, the banks included in the paratively minor importance. survey experienced an average reduction 5. The suspended banks included in the of almost 40 percent in their deposits. survey were medium-sized banks which 2. In most of the banks demand deposits may be regarded as broadly representative showed somewhat larger percentage reducof the whole group of suspended banks tions than time deposits, and interbank having deposits of $1,000,000 to $25,000,deposits showed much sharper reductions 000. Banks of this size held almost half of than either demand or time. the deposits involved in suspensions during 3. A decrease of 70 percent took place the period 1930-1933. Smaller banks, not in the balances of demand deposit accounts represented in the sample, made up 85 perof $100,000 and over. The magnitude of cent of the suspensions and held about a the percentage decline in balances tended quarter of the deposits involved in suspento decrease in each successively smaller sions during this period. size class, and became negligible in accounts of less than $200. Large demand The Scope of the Data.—The group of banks deposits were a very important factor in whose deposit withdrawals are analyzed in withdrawals of deposits both because of this study consists of sixty-seven mediumtheir proportionate magnitude and because sized banks which were suspended during the they were reduced much more sharply than period from November 1930 to March 1933. These banks are broadly representative of 1 The project as a whole was made possible through the cooperation of many agencies and individuals. The Comptroller suspensions involving banks with total deof the Currency and various state banking supervisory authorities granted access to records, and their receivers provided ac- posits of from $1,000,000 to $25,000,000, commodation for workers ; the Works Progress Administration financed the study; the Board of Governors and the Reserve located in urban areas. Measured as of the banks contributed the services of the supervisory staff. Lauchlin Currie directed the project. The present report was prepared date of suspension, the total deposits of the by Martin Krost. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

179 MARCH 1939 FEDERAL RESERVE BULLETIN banks included in the sample were $211,000,- procedure followed throughout this study was 000, or about 5 percent of the deposits of allto compare deposits at the time of suspension banks of comparable size suspended from with deposits at a specified base date. For the 1930 to 1933. Although the suspensions in- fifty-eight banks suspended between the midvolving this class of banks constituted only dle of 1931 and March 1933, the base date 15 percent of the total number of suspensions from which deposits losses were measured during these years, their deposits made up was June 30, 1931; for the nine banks susalmost half of the total deposits involved in pended between November 1930 and the midsuspensions. A high proportion of the banks dle of 1931, June 30, 1928, was adopted as the included in the sample study was located in base date. By far the major portion of the deeastern and mid-western industrial centers. posit losses revealed by this method undoubt- Consequently, these sample data, while indi- edly reflects withdrawals based upon lack of cating the character of the deposit with- confidence in particular banks or in the bankdrawals experienced by medium-sized banks, ing system, but some portion represents cycliare not directly applicable to the large num- cal, seasonal, and other non-panic withber of small banks located in rural areas drawals. The procedure of measuring deposit which suspended during the depression of the losses from a uniform base date necessarily early Thirties. Further information regard- obscures the marked divergencies among indiing the composition of the sample group of vidual banks in the timing of their deposit banks which provided data for this study is withdrawals. presented in Table 1. Deposit Withdrawals Classified by Type of In measuring the deposit withdrawals ex- Deposit.—The decreases in total deposits perienced by banks prior to suspension, the TABLE 2 PERCENTAGE CHANGES IN DEPOSITS BETWEEN BASE TABLE 1 DATE AND DATE OF SUSPENSION, BY TYPE OF DEPOSIT DISTRIBUTION OF BANKS SUPPLYING DATA ON PRE- SUSPENSION DEPOSIT MOVEMENTS 14 banks 9 banks sus- 44 banks Sus- 67 sus- pended sus- Sus- pended Sus- Type of deposit sample pended between pended All pended between pended banks before June 30 after Distribution by location and size sample before June 30 after June 30, and Dec. 31, banks June 30, and Dec. 31, 1931 Dec. 31, 1931 1931 Dec. 31, 1931 1931 1931 Total, including interbank -37.6 -38.4 -23.7 -41.2 Total number of banks Demand -40.2 -37.2 -27.7 -43.6 Distribution by area: Time -30.1 -37.9 -13.3 -34.3 New England U. S. Government -11.7 -47.9 0) -35.2 Middle Atlantic Interbank -59.6 -21.1 -84.5 -60.9 East North Central Certified and officers' checks, etc. -59.2 -88.5 -47.5 -51.0 West North Central South Atlantic East South Central i Increase of more than 100 percent. W M e o s u t n S ta o i u n th Central shown in Table 2 measure the severity of the Pacific r- strain to which the sample banks were ex- Distribution by size of city: posed.1 The percentage reduction in total de- Cities of 100,000 and over Cities of less than 100,00()_... posits experienced by individual banks range Suburban areas Distribution by size of total de- from a negligible figure to almost 75 percent. posits: (in millions of dollars) Of the sixty-seven banks in the sample, forty- 1- 1.9 2-4.9 5- 9.9 10-24.9 1 It is not possible to state precisely the percentage changes in 25-and over total deposits of all surviving member banks over comparable periods, but it can be roughly estimated that total deposits in surviving member banks showed an increase of 2 or 3% from 1 The largest bank had total deposits of less than $40,000,000. June 30, 1928 to June 30, 1931, decreased about 13% from June 2 The largest bank had total deposits of less than $35,000,000. 30, 1931 to December 31, 1931, and decreased between 14% 3 The largest bank had total deposits of less than $30,000,000. and 17% from June 30, 1931 to June 30, 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 FEDERAL RESERVE BULLETIN MARCH 1939 four experienced reductions in total deposits formly greater than the percentage reduction of over 30 percent in this period. in time deposits. The sole exception is the Differences between the percentage reduc- group of banks that suspended before June tions in total deposits shown by the various 30,1931. A more detailed examination shows groups of banks are attributable in part to that the percentage reduction in time deposits the length of time between the date of sus-exceeded the percentage reduction in demand pension and the date from which the loss of deposits for only four banks of the nine indeposits is measured. In the case of the nine cluded in the group. While demand deposits banks suspended before June 30, 1931, this showed sharper reductions than time deinterval ranges from 28V2 months to almost posits, the difference between the behavior 36 months; in the case of the fourteen banks of the two types of deposits in this respect suspended between June 30 and December 31, was not nearly so marked in the period imme- 1931, it ranges from a few days to almost 6 diately before suspension as it was in the months; and in the case of the forty-four period of cyclical decline in deposits up to banks suspended after December 31, 1931, itJune 30, 1931. In this earlier period the ranges from just over 6 months to just over percentage reduction in demand deposits was 20 months. While the period of time over almost three times that in time deposits for which the loss of deposits is measured has the particular group of banks under consome influence on the magnitude of the per-sideration. Statistics for all member banks centage reductions which are shown in the and for all commercial banks in Table 3 show table, the fact that the percentage reductions a similar differentiation between the behavior in total deposits shown for the nine earliest of demand and time deposits.1 Interbank suspensions (where the minimum interval is 281//2 months) and the forty-four latest sus- TABLE 3 pensions (where the maximum interval is 20PERCENTAGE CHANGES BETWEEN JUNE 30, 1928 AND months) are approximately the same, indi- JUNE 30, 1931, IN DEPOSIT BALANCES, BY TYPE OF DEPOSIT cates that the type of deposit loss under examination is in general not a slow, steady Sample banks movement extending over many months, but All com- All suspended Type of deposit mercial member after a steep decline terminated within a few banks banks June 30, 1931 months by the exhaustion of liquid resources and borrowing power, or by the action of Total, including interbank +0 2 —7 5 Total, excluding interbank — 6.9 — 2 6 10 4 supervisory authorities. The factors which Demand —9 3 — 5 6 — 16 4 determine the magnitude of the deposit losses Time . - - -4.8 — 1 4 5 9 U. S. Government +61 5 +53 7 +113 2 which the various groups of banks were able Interbank _ _ ._ .. 0) +23 7 +28 2 Certified and officers' checks, etc.- (2) +22.0 +14.3 to sustain before suspension include the strength of their liquid positions, the extent • Not available. 2 Included in demand deposits. to which they had become weakened by losses of deposits before the dates indicated in thedeposits show much sharper percentage retable, the availability of borrowing facilities, ductions in the period immediately before and the attitudes of supervisory authorities suspension than either demand or time deand of other members of the local banking posits (again with the exception of the banks community as to the desirability of extending suspended before June 30, 1931) in marked aid to particular institutions in distress. contrast to their behavior during the preceding period of cyclical decline. An analysis of deposit movements by type of deposit shows that the percentage reduc- 1 Figures for member banks and all commercial banks retions in demand deposits were almost uni- stricted to those which remained active over the period would show smaller percentage declines in demand and time deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 181 The allocation of the total reduction in de- in Table 5 and for groups of sample banks posits by type of deposit is shown for all in Table 6. sample banks in Table 4. Demand deposits TABLE 5 PERCENTAGE CHANGES BETWEEN BASE DATE AND TABLE 4 DATE OF SUSPENSION IN DEMAND DEPOSIT BALANCES, BY SIZE OF ACCOUNT ALLOCATION BY TYPE OF DEPOSIT OF THE DECREASE IN TOTAL DEPOSITS BETWEEN BASE DATE AND DATE OF SUSPENSION IN ALL SAMPLE BANKS Type of deposit and size on base date Pe c r h c a e n n g ta e ge Percentage Percentage Total demand deposits -40.2 composition composition Type of deposit of the of total Public funds -17.8 decrease in deposits on Certificates of deposit -54.0 deposits base date Other demand deposits._. -43.5 Inactive and unlisted Total including interbank 100.0 100.0 Less than $ 1,000 -15.3 1,000- 4,999 -39.4 Demand 43.5 40.8 5,000-24,999 Time 37.4 46.7 25,000-and over -63.8 U. S. Government . •0.2 0.6 Interbank 15.2 9.6 Certified and officers' checks, etc 3.7 2.3 TABLE 6 accounted for about 43 percent of the total PERCENTAGE CHANGES BETWEEN BASE DATE AND SUSPENSION IN DEMAND DEPOSIT BALANCES loss of deposits in all sample banks, time de- BY SIZE OF ACCOUNT, BY CLASSES OF BANKS posits for 37 percent, and interbank deposits for 15 percent. The small remainder was 14 banks 9 banks suspended 44 banks a o t f t f r ic ib er u s t ' ab c l h e e ck to s o re u d t u st c a t n io d n in s g, i n a n c d e rt i i n fi ed U n a it n e d d Ty si p z e e o o f n d b e a p s o e s d it a a te nd su J s u b p e n e f e o n 3 r d e 0 e , d b J e u a t n w n e d e 3 e 0 n su D s e a p c f e t . e n 3 r d 1 e , d 1931 Dec. 31, 1931 States Government deposits. 1931 The share of a particular type of deposit in Total demand deposits... -37.2 -27.7 -43.6 the decrease in deposits is determined in part Public funds +80.4 +2.2 -34.5 by its share in total deposits on the date from Certificates of deposit.. -77.5 +208. 9 -88.6 Other demand deposits. -47.3 -32.8 -44.8 which the loss is measured, and in part by Inactive and unlisted. -75.3 +2.7 +24.3 the magnitude of the percentage decrease Less than $100 +73.2 +77.6 +58.7 100- 199 +1.0 +12.3 -15.1 which the particular class undergoes during 200- 299 -0.5 -4.0 -23.3 300- 399 -32.7 -6.5 -31.1 the period. The behavior of interbank de- 400- 499 -21.3 -11.9 -26.2 500- 999. -27.2 -16.6 -35. 6 posits demonstrates how a particular type of 1,000- 2,499. -35.8 -24.9 -39.4 2,500- 4,999 -42.0 -31.0 -45.6 deposit can contribute to the total loss of 5,000- 9,999 -55.1 -32.4 -46.6 10,000-24,999. _. -51.4 -41.0 -53.2 deposits more than in proportion to its share 25,000-49,999 -58.3 -53.8 -56.0 50,000-99,999 -40.8 -63.9 -62.4 in total deposits at the beginning of the drain. 100,000-and over -67.8 -58.7 -73.2 In the group of banks suspended between June 30 and December 31, 1931, interbank The most striking fact which emerges from deposits were responsible for 28 percent of the consideration of the accompanying tables the total loss of funds although their share in is the regularity with which the percentage total deposits on June 30 was only 10 percent. decrease in the balances of demand depositors This was the result of the fact that this type rises as the size of the account increases. of deposit showed a decrease of 84 percentDecreases much below the general average during the period as contrasted with the de- are characteristic of accounts between the crease of 24 percent in total deposits. $100 and $200 level.1 The magnitude of the Deposit Withdrawals by Size of Account.— reduction increases with the size of the ac- Percentage reductions in demand deposits by size of balance are shown for all sample banks 1 For an explanation of the increases shown in the lowest size classes see the following paragraph. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN MARCH 1939 count until it exceeds 70 percent in accounts TABLE 7 of $100,000 and over. ALLOCATION BY TYPE AND SIZE OF ACCOUNT OF THE In interpreting these figures, it should be DECREASE IN DEMAND DEPOSIT BALANCES remembered that demand deposit accounts BETWEEN BASE DATE AND DATE OF SUSPENSION existing at the base date were classified according to their size on that date. Since the Percentage Percentage composition composition subsequent drawing down of the balance has Type of deposit of the of deposits decrease on no effect on the initial classification, the mag- in^deposits base date i nitude of the losses in the higher size groups Total demand deposits _ . _ 100.0 100.0 is in no sense attributable to a shift of ac- Public funds ._ 5.6 13.0 counts into lower size groups. This proce- Certificates of deposit 0.8 0.6 Other demand deposits-_ _ 93.6 86.4 dure also permits the full loss of balances in Inactive and unlisted __ _ 0.5 3.1 accounts closed to be reflected. Accounts Less than $1,000 8.9 17.2 1,000- 4, 999_ 17.2 18.1 opened after the base date were classified 5, 000-24, 999 24.3 20.4 25,000-and over 42.7 27.6 according to their size on date of suspension. Since these new accounts, in general, had 1 Accounts opened after base date are classified according to their size on date of suspension. relatively small balances at the date of suspension, the addition of such new accounts class. Because the proportion of total dewas responsible for the net increases shown posits held in very small accounts is small, by the balances in the lower size groups. no serious strain would be imposed upon most The figures for different classes of banks banks even if all depositors with balances of show some differences but they are not as less than $200 decided to withdraw their acstriking as the similarities. The resemblance counts entirely. Large accounts hold a very of the general behavior of accounts, especi- large proportion of total deposits in most ally in the higher size groups, in banks fail- banks, but this would not be a source of ing at different times and in widely separated danger to these institutions if large accounts geographical areas, is the more striking in displayed a high degree of stability in their view of the fact that comparatively few ac- behavior in times of stress. counts fall within the higher groups. For An inspection of Table 5 and Table 7 reexample, in the nine banks suspended be- veals that large accounts constitute a source fore June 30, 1931, there were only 130 ac- of danger to banks both because they hold counts with balances of over $25,000 on Junea large proportion of total deposits, and be- 30, 1928; in the fourteen banks suspended cause they display an exceptional degree of between June 30 and December 31, 1931, instability in times of stress. For example, there were only 143 accounts of this size; and deposit balances in accounts of $25,000 and in the forty-four banks suspended after De- over, made up 28 percent of total demand cember 31, 1931, there were only 594 ac- deposits on the base date, but they accounted counts of this size. for 43 percent of the total loss of deposits The allocation of the total reduction in that occurred between this date and suspenbalances in demand deposit accounts by size sion. This was the result of the fact that classes is shown for sample banks in Table 7. accounts of this size showed a decrease of The contribution made by a given size class 64 percent during this period as compared to the total decrease in deposits depends with a decrease in total demand deposits of partly upon the proportion of total deposits 43 percent. In one sample bank which exheld by that size class on the date from which perienced losses of $6,540,000 in demand dethe loss is measured, and partly upon the mag- posits, 26 accounts with balances of $100,000 nitude of the percentage reduction in that size and over showed a reduction of $5,737,000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

183 MARCH 1939 FEDERAL RESERVE BULLETIN or 88 percent of the net decrease in the total. TABLE 8 The sample is not representative of banks PERCENTAGE REDUCTIONS IN DEPOSITS BETWEEN BASE with total deposits of less than $1,000,000. DATE AND DATE OF SUSPENSION, BY VARIOUS TYPES OF DEPOSITS These smaller banks constitute a high proportion of the total number of banks and Deposits Deposits of less of made up a still higher proportion of the total Type of deposit Total than $5,000 $5,000 and over number of bank suspensions, although they hold a comparatively small proportion of the Demand deposits, exclusive of public funds 45.2 31.7 58.8 total deposits of the existing banking struc- Time deposits, exclusive of public funds.. 34.4 ture. Business demand deposits !__ __ _ _ _ 50.6 29.8 57. 6 Personal demand deposits i 45.5 37.3 65.0 The Relative Importance of Size, Type of Total i 49.3 33.5 58.4 Deposit, Residence of Depositor, and Type Local demand deposits 2 ._ __ 49.3 32.6 60.5 of Depositor as Determinants of Deposit Be- Nonlocal demand deposits 2 47.3 25.0 51.9 havior.—The difference between the behavior Total 2 49.0 32.1 58.9 of large and small accounts is more marked 1 Percentages differ from those on demand deposits given above because than the difference between the behavior of they are based on figures which exclude fraternal and charitable accounts and accounts classified as to size but not as to type of holder. demand and time deposits, or the difference 2 Percentages differ from those on the two sets of demand deposits given above because they are based on figures which exclude accounts classified between the behavior of local and nonlocal as to size but not as to residence of depositor and include fraternal and charitable accounts. accounts, or the difference between the behavior of business and personal accounts. depositor from the small depositor, rather These differences are summarized in Table 8. than in the circumstances which differentiate The figures suggest that the explanation the behavior of the demand depositor from of large scale deposit withdrawals in times the time depositor, the nonlocal depositor of stress is to be found in the circumstances from the local depositor, or the business dethat differentiate the behavior of the large positor from the personal depositor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN MARCH 1939 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OCTOBER-NOVEMBER 1938 The statistics of international capital trans- BULLETIN, will appear each month from now actions of the United States, which have been on. The figures for October and November published quarterly in the FEDERAL RESERVE 1938 are given in the following tables. NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT In banking funds In security transactions In From Jan. 2, 1935, through— Increase in Decrease brokerage Total Total foreign in U. S. balances Total Domestic Foreign funds funds securities securities securities in U. S. abroad 1935—Dec. 31 1,412.5 964.6 603. 3 361.4 6.0 441.8 316.7 125. 2 1936—Dec. 30 . 2, 608. 4 1, 362. 0 930.5 431. 5 12.9 1, 233. 6 917.4 316.2 1937—Dec. 29 3,410. 3 1, 617. 6 1,168. 5 449.1 47.5 1,745. 2 1,162.0 583.2 1938—Mar. 30 3,197 2 1,374.1 949.8 424.4 54 2 1, 768. 9 1,150. 4 618. 5 June 29 . . . . 3, 035. 8 1,179. 5 786.2 393.3 57.8 1, 798. 4 1,155. 3 643.1 Sept. 28 3, 442. 9 1,628. 4 1,161.2 467.2 64.1 1, 750. 4 1,125. 5 625.0 Oct. 5 3, 511. 3 1, 670. 6 1,208.1 462.4 62.6 1, 778.1 1,142.6 635.5 Oct. 12 3, 538.1 1, 682. 6 1, 204. 6 478.0 57.4 1, 798.1 1,161.1 637.0 Oct. 19 3, 640. 2 1,772.7 1,296.0 476.7 57.2 1, 810. 3 1,170. 2 640.1 Oct. 26 3, 662. 2 1, 785. 1 1, 298. 9 486.3 56.2 1,820. 8 1,182. 4 638.4 Nov. 2 . 3, 640.4 1, 752. 8 1, 270.5 482.3 53.4 1,834.2 1,190. 7 643.6 Nov. 9 3, 633. 1 1,761.8 1, 282. 2 479.6 51.8 1,819.5 1,192. 4 627.1 Nov. 16 3, 656. 2 1,780.8 1, 305. 5 475.3 49.4 1,826. 0 1,196. 9 629.2 Nov. 23 3, 700.8 1, 855.1 1, 375. 7 479.4 51.1 1, 794. 6 1,198. 5 596.2 Nov. 30 3, 699. 2 1, 854. 8 1, 392.1 462. 7 51.5 1, 792.8 1,194.4 598.4 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica E F a a s r t O A th ll er 1935—Dec. 31 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 70.9 128.3 12.7 1936—Dec. 30. 2, 608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Dec. 29 3,410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Mar. 30 3,197.2 938.2 266.4 260.2 544.1 125.8 15.7 315.3 2,465. 8 124.7 400.3 187.7 18.8 June 29 3,035. 8 889.7 237.4 266.0 484.1 137.7 21.4 313.4 2, 349. 7 114.1 412.0 140.5 19.5 Sept. 28 3, 442. 9 983.2 308.7 298.2 504.3 131.5 20.6 434. 5 2, 681.1 114.8 442.9 167.1 37.1 Oct 3,511.3 1,002.0 310.0 293.2 523.0 132.3 26.4 440.0 2, 727.1 139.8 443.6 163.0 37.8 Oct, 3, 538.1 1,015.3 321.7 302.3 535.3 132. 6 26.9 442.6 2, 776. 8 140. 5 425.6 157.0 38.2 Oct, 3, 640. 2 1,065. 8 338.1 310.4 541.6 132.7 28.0 451.6 2,868.1 141.6 427.0 167.4 36.1 Oct 3,662. 2 1,081.8 335. 2 311.2 546.1 132.7 27.4 445. 4 2, 879. 8 155.5 422.3 168.1 36.4 Nov. 2 3, 640. 4 1,080. 4 336.2 310.5 545.2 134.6 26. 1 443. 9 2, 876. 9 157.7 414.3 156.3 35.3 Nov. 9 3, 633.1 1,094. 3 335.9 301.9 546.0 138.9 27.3 441. 2 2, 885. 5 153.8 401.1 154.5 38.1 Nov. 16 3, 656. 2 1,102. 8 347.0 307.6 553.2 134.6 25.6 443.1 2,913. 9 151.0 394.1 160.8 36.3 Nov. 23 3, 700. 8 1,111.0 345.8 314.9 558. 9 132.7 27. 1 455. 6 2, 945. 8 158.8 397.4 162.9 35.9 Nov. 30 3, 699. 2 1,114. 6 346.7 325.4 545.7 136.4 26.2 444.6 2, 939. 5 179.9 389.6 152.8 37.3 NOTE.—For description of statistics and for figures from May 1929 to end of 1936, see BULLETIN for May 1937, pp. 394-431. For figures for first three quarters of 1938, see BULLETINS for April 1938, pp. 267-277, July 1938, pp. 574-577, October 1938, pp. 868-871, and January 1939, pp. 32-39 respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 185 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 3.—TOTAL BANKING FUNDS, BY COUNTKIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e i r n ica E F a a s r t O A th ll er 1935—Dec. 31 964.6 337.4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 53.6 96.1 0.9 1936—Dec. 30 1, 362.0 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 174.2 120.7 10.8 1937—Dec. 29 1, 617. 6 396.7 177.0 71.9 291.0 114.7 13.4 136.3 1,201.0 54.6 217.9 144.8 -.7 1938—Mar. 30_ 1,374.1 347.5 161.5 29.7 226.3 115.3 5.3 117.5 1,003.0 79.2 189.5 102.0 .4 June 29 1,179. 5 295.9 132.7 28.0 162.4 126.2 10.5 105.8 861.6 72.1 190.2 54.6 1.1 Sept. 28 1,628. 4 406.6 200.8 64.3 181.0 120.1 8.7 219.4 1, 200.9 93.0 235.9 .80.9 17.8 Oct. 5 1, 670.6 420.9 200.7 55.4 194.8 120.9 14.5 221. 3 1, 228. 5 113.5 234.1 76.0 18.5 Oct. 12. 1,682. 6 432.3 211.0 59.2 204.7 121.4 14.9 222.8 1, 266. 3 111.6 215.8 70.0 18.8 Oct. 19 1, 772. 7 475.6 226.7 65.0 208.3 122.5 16.0 231.7 1, 345. 7 111.9 217.2 81.3 16.5 Oct. 26 1,785.1 487.4 223.1 64.7 210.1 122.9 15.5 224.1 1, 347. 8 126.9 212.0 81.9 16.5 Nov. 2 1.752.8 478.1 224.2 62.0 209.0 125.1 14.1 221.8 1,334. 3 128.8 203.9 70.3 15.5 Nov. 9 1, 761. 8 489.6 223.2 52.5 206.9 129.4 15.2 217.5 1,334. 2 125.6 215.4 68.9 17.7 Nov. 16 1,780.8 498.0 233.6 55.4 212.5 125.0 13.6 220.0 1,358.1 124.1 208.2 74.4 16.0 Nov. 23 1,855.1 504.2 231.7 62.6 216. 9 123.0 15.0 231.6 1,385. 0 167.6 211.2 75.9 15.4 Nov. 30 1,854. 8 508.6 232.0 73.0 204.4 126.6 14.2 219.6 1, 378. 4 191.4 202.8 65.3 17.0 TABLE 4.—FOREIGN BANKING FUNDS IISr UNITED STATES, BY COUNTRIES 1935—Dec. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Mar. 30 949.8 175.9 94.1 34.6 223.0 -3.9 -3.9 88.8 608.6 86.3 137.0 108.5 9.3 June 29 786.2 145.2 70.1 34.7 160.1 -2.3 -.5 75.0 482.2 73.4 140.8 83.4 8.5 Sept. 28 _ „ 1,161. 2 236.3 133.5 68.3 177.3 -12.0 -1.5 185.9 787.8 90.7 164.1 96.9 21.7 Oct. 5 1,208.1 246.3 137.1 61.2 191.6 -12.4 3.5 189.9 817.3 111.6 160.8 96.2 22.3 Oct 12 1,204. 6 250.0 141.8 62.7 200.8 -12.1 2.5 190.7 836.5 109.4 141.7 93.6 23.5 Oct. 19 _ 1, 296.0 294.2 160.7 67.8 204.3 -11.4 2.7 199.3 917.6 108.7 142.6 105. 2 21.9 Oct. 26 1,298.9 295.3 158.2 66.6 205.9 -11.6 3.9 191.8 910.1 126.4 138.9 101.7 21.8 Nov. 2 . 1,270. 5 281.1 155.8 65.1 205.1 -9.6 3.1 189.3 889.8 126.0 131.4 102.4 20.9 Nov. 9 1,282. 2 286.5 155.2 58.7 203.1 -5.3 3.9 185.8 887.9 122.6 144.1 104.1 23.5 Nov. 16.. 1,305. 5 292.5 168.0 61.9 208.5 -10.0 3.7 188.9 913.6 121.3 136.4 111.8 22.3 Nov. 23 1,375. 7 301.2 163.7 68.8 213.1 -12.8 2.1 200.0 936.1 164.9 141.3 111.8 21.7 Nov. 30 1, 392.1 307.3 166.2 81.0 201.9 -10.8 2.1 187.6 935.2 183.1 134.7 115.4 23.7 TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES 1935—Dec. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Mar. 30 _ 424.4 171.5 67.4 -4.9 3.3 119.2 9.1 28.7 394.4 -7.1 52.5 -6.5 -8.9 June 29 393. 3 150.7 62.6 -6.6 2.2 128.6 11.1 30.8 379.3 -1.3 49.4 -28.8 -6.3 Sept. 28 467.2 170.3 67.4 -4.0 3.7 132.1 10.2 33.4 413.1 2.3 71.8 -16.0 -3.9 Oct. 5 462.4 174.6 63.6 -5.8 3.2 133.3 10.9 31.4 411.2 2.0 73.2 -20.2 -3.8 Oct. 12 478.0 182.3 69.2 -3.5 3.8 133.5 12.4 32.1 429.8 2.3 74.2 -23. 6 -4.7 Oct. 19 476.7 181.4 66.1 -2.9 4.0 133.9 13.3 32.3 428.2 3.2 74.6 -23.9 -5.4 Oct. 26 486.3 192.2 64.9 -1.9 4.2 134.5 11.5 32.4 437.7 0.5 73.1 -19.8 -5.2 Nov. 2 482.3 197.0 68.4 -3.1 3.9 134.7 11.0 32.5 444.4 2.8 72.5 -32.0 -5.4 Nov. 9 . 479.6 203.2 68.0 -6.3 3.8 134.7 11.3 31.7 446.3 3.0 71.3 -35.2 -5.8 Nov. 16 475.3 205.5 65.7 -6.6 3.9 135.0 9.9 31.1 444.5 2.8 71.8 -37.5 -6.3 Nov. 23 479.4 203.0 68.0 -6.1 3.8 135.8 12.9 31.5 448.9 2.7 69.9 -35.9 -6.2 Nov. 30 462.7 201.2 65.9 -8.0 2.6 137.4 12.1 32.0 443.2 8.2 68.1 -50.1 -6.8 TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 (i) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 0) .1 5.0 44.0 3.5 -.5 .5 0) 1938—Mar. 30 54.2 13.0 13.4 6.6 8.7 0) .2 5.2 47.2 5.5 -1.2 2.6 .1 June 29 57.8 15.7 13.9 6.8 8.4 -.1 .2 6.2 51.2 4.0 -.1 2.6 .1 Sept. 28 64.1 16.8 15.9 6.8 10.7 -.1 .2 6.9 57.2 5.3 .4 .8 .5 Oct. 5 __ 62.6 15.6 15.3 6.4 11.4 _ j .2 5.8 54.6 5.8 .4 1.6 .3 Oct. 12 . 57 4 14.0 14.9 5.8 10.8 -.2 .2 5.9 51.3 4.0 .2 1.7 .2 Oct. 19 57.2 13.5 15.3 6.7 11.1 -.1 .2 5.6 52.3 3.2 .1 1.4 .3 Oct. 26 56.2 14.1 14.7 6. 4 10.7 —. 1 .2 5.9 51.9 2.8 —. 1 1.3 .4 Nov. 2 53.4 14.0 14.2 6.9 10.6 -.4 .2 6.1 51.7 1.3 -.3 .6 .2 Nov. 9 51.8 13.4 13.8 6.6 11.0 -.3 .3 5.5 50.4 1.2 .3 .4 Nov. 16.... 49.4 13.8 13.0 6.9 10.5 o .3 4.7 49.0 .4 —!5 .2 .4 Nov. 23 51.1 13.7 13.4 7. 7 9.2 -.2 .3 5.4 49.5 1.8 —4 7 .1 .4 Nov. 30 51.5 13.9 13.6 7.4 9.2 -.2 2 5.9 50.0 1.7 -.3 -.2 .3 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN MARCH 1939 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935— Dec. 31 441.8 217.5 30.2 57.9 53.9 7.9 2.9 59.1 429.4 -36.9 16.4 29.3 3.7 1936—-Dec 30 1, 233.6 483.8 82.9 168.0 213.9 15.1 6.1 126.4 1, 096. 2 34.4 31.2 61.2 10.6 1937—Dec. 29 _ .. 1, 745. 2 585.5 93.1 235.1 305.7 9.2 8.6 170.9 1, 408.1 48.2 193.2 79.2 16.6 1938—-Mar 30 1, 768. 9 577.8 91.5 223.9 309.1 10.5 10.2 192.6 1,415.6 40.0 212.0 83.1 18.2 June 29_ _ .- 1, 798. 4 578.1 90.8 231.1 313.4 11.5 10.6 201.5 1, 437. 0 38.0 221.9 83.3 18.2 Sept. 28 1, 750. 4 559.8 91.9 227.2 312.7 11.5 11.8 208.2 1, 423. 0 16.5 206.6 85.4 18.9 Oct. 5 1, 778.1 565.5 94.0 231.4 316.8 11.5 11.8 213.0 1, 444. 0 20.5 209.2 85.4 19.0 Oct. 12 1, 798.1 569.0 95.9 237.4 319.8 11.4 11.8 213.9 1, 459. 2 24.9 209.6 85.3 19.2 Oct. 19 1, 810. 3 576.7 96.1 238.7 322.2 10.3 11.8 214.3 1, 470.1 26.5 209.7 84.8 19.3 Oct. 26 1,820. 8 580.3 97.4 240.0 325.3 10.0 11.8 215.3 1, 480.1 25.8 210.5 84.9 19.5 Nov. 2 _ 1, 834. 2 588.3 97.8 241.6 325.6 9.9 11.8 216.0 1, 491. 0 27.6 210.7 85.4 19.6 Nov. 9 1, 819. 5 591.3 98.9 242.9 328.1 9.7 11.8 218.2 1, 510.0 27.0 186.2 85.3 20.0 Nov. 16 1, 826. 0 591.0 100.4 245.3 330.3 9.8 11.7 218.4 1, 506. 9 26.5 186.4 86.3 19.9 Nov. 23 1, 794. 6 593.1 100.8 244.6 332.7 9.9 11.7 218.6 1,511.4 -10.6 186.8 87.0 20.0 Nov. 30 1, 792. 8 592.1 101.1 245.0 332.1 9.9 11.8 219.1 1,511.2 -13.1 187.1 87.6 20.0 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 —. 1 12.9 286.2 2.8 3.7 21 4 2 6 1936— Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1, 041. 6 37.6 18.2 54.7 9.8 1938—Mar. 30 1,150. 4 441.9 67.7 202.4 279.7 -18.2 -4.9 58.1 1,026. 7 36.8 20.7 55.6 10.5 June 29 1,155. 3 440.2 67.1 208.6 283.1 -19.0 -5.0 54.2 1, 029. 2 40.1 21.1 54. 7 10 2 Sept. 28 1,125. 4 430.5 67.8 203.3 282.2 -20.4 -5.3 53.0 1,011.2 27.7 21.9 54.5 10.1 Oct. 5 1,142. 6 436.5 69.3 207.2 286.4 -20.5 -5.3 53.9 1, 027. 5 27.9 22 5 54.4 10.3 Oct. 12 1,161.1 441.1 71.1 212.9 289.0 -20.6 -5.3 54.6 1, 042. 8 31.3 22.5 54.2 10.4 Oct. 19 1,170. 2 448.8 71.2 214.1 290.8 -21.6 -5.3 54.7 1, 052. 7 31.0 22.5 53.5 10.5 Oct. 26 1,182. 4 454.0 72.5 215.2 293.5 -21.9 -5.3 55.3 1, 063. 2 32.3 22.7 53.5 10.7 Nov. 2 ._. .. 1, 190. 7 460.1 72.6 216.7 293.4 -22.1 -5.3 55.5 1, 070. 8 32.8 22.4 53.9 10.7 Nov. 9 . 1, 192. 4 460.9 73.5 217.2 293.1 -22.3 -5.3 55.4 1, 072. 5 33.2 22.4 53.6 10.7 Nov. 16 1, 196. 9 461.6 75.0 219.2 294.9 -22.3 -5.4 55.2 1, 078.1 31.3 22.6 54.3 10.6 Nov. 23 1,198. 5 462.7 75.3 218.2 296.5 -22.4 -5.4 55.1 1, 079. 8 30.5 22.7 54.7 10.7 Nov. 30 1,194. 4 462.0 75.4 218.5 295.6 -22.5 -5.4 55.0 1, 078. 7 27.4 22.6 55.0 10.8 TABLE 9.—FOREIGN SECURITIES BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er ) 1935—Dec. 31 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Mar. 30 618.5 135.9 23.7 21.5 29.5 28.6 15.1 134.6 388.9 3.1 191.3 27.5 7.7 June 29 643.1 137.9 23.7 22.5 30.3 30.5 15.6 147.3 407.8 -2.1 200.8 28.6 8.0 Sept. 28 625.0 129.3 24.2 23.8 30.5 31.9 17.0 155.2 411.9 -11.2 184.7 30.9 8.7 Oct. 5 635. 5 129.0 24.7 24.2 30.4 32.0 17.1 159.1 416.5 -7.5 186.7 31.0 8.7 Oct. 12 637.0 127.9 24.8 24.5 30.9 32.0 17.1 159.3 416.4 -6.4 187.1 31.2 8.8 Oct. 19 640.1 127.9 24.8 24.6 31.4 32.0 17.1 159.6 417.4 -4.6 187.2 31.3 8.8 Oct. 26 638.4 126.3 24.9 24.9 31.8 31.9 17.1 160.0 416.9 -6.5 187.8 31.4 8.8 Nov. 2 643.6 128.2 25.2 24.9 32.2 32.0 17.1 160.5 420.1 -5.2 188.3 31.5 8.9 Nov. 9 627.1 130.4 25.4 25.7 35.0 32.0 17.1 162.8 428.4 -6.2 163 8 31 8 9 3 Nov. 16 629.2 129.4 25.4 26.1 35.4 32.1 17.1 163.2 428.7 -4.8 163.9 32.0 9.3 Nov. 23 596.2 130.4 25.5 26.4 36.3 32.3 17.2 163.5 431.6 -41.1 164.1 32.3 9.3 Nov. 30 598.4 130.1 25.7 26.6 36.5 32.4 17.2 164.1 432.5 -40.6 164.6 32.6 9.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

187 MARCH 1939 FEDERAL RESERVE BULLETIN OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [In millions of dollars] TABLE 10.—LIABILITIES TO FOREIGNERS Date- Total U K n d i o i n t m g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1929—Dec. 31__ 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162. 8 241.8 188.2 49.0 31.0 1930—Dec. 31__ 2, 335. 0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.6 1931—Dec. 30__ 1, 303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28. _ 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27. _ 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 Reported by Banks in United States 1934—Dec. 26_. 610.6 83.0 39.6 12.2 13.5 30.0 19.5 47.1 245.0 97.9 125.2 130.1 12.4 1935—Dec. 31_. 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23. 4 1936—Dec. 30__ 1, 491. 6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29__ 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 3O._ 1, 521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29__ 1, 357.4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 Sept. 28.. 1, 732.4 308.5 165. 6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 207.9 33.7 Oct. 5... 1. 779. 4 318.4 169.2 75.2 205.3 17.3 22.3 236.8 1,044. 5 211.7 281.7 207.2 34.2 Oct. 12.. 1, 775. 8 322.2 173.9 76.7 214. 5 17.5 21.3 237.6 1, 063. 7 209.5 262.6 204.6 35.4 Oct. 19._ 1,867. 2 366.4 192.8 81.8 218.0 18.2 21.4 246.2 1,144. 8 208.9 263.5 216.2 33.8 Oct. 26.. 1,870.1 367.4 190.3 80.5 219.6 18.0 22.7 238.7 1,137. 3 226.5 259.9 212.7 33.7 Nov. 2__. 1,841.7 353.2 187.9 79.1 218.7 20.0 21.9 236.2 1,117.0 226.1 252.3 213.3 32.9 Nov. 9... 1,853. 4 358. 6 187.3 72.7 216.8 24.4 22.7 232.7 1,115.1 222.8 265.0 215.1 35.5 Nov. 16_. 1,876. 7 364.6 200.1 75.9 222.2 19.7 22.5 235.8 1,140. 8 221.4 257.3 222.8 34.3 Nov. 23.. 1, 946. 9 373.3 195.8 82.7 226.8 16.9 20.9 246.9 1,163. 3 265.1 262.2 222.8 33.6 Nov. 30.. 1,963. 3 379.5 198.3 94.9 215.5 18.9 20.9 234.5 1,162. 4 283.3 255.6 226.3 35.7 TABLE 11.—FOREIGN ASSETS Date— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1931—Dec. 30. _ 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28._ 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42 2 155.2 24.0 3.5 1933—Dec. 27.. 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32 3 159.7 49.7 6.2 Reported by Banks iri United States 1934—Dec. 26.. 1,132. 6 281.8 85.7 17.6 8.3 233.6 29.7 81.0 737.6 94.0 175.2 117.8 8.0 1935—Dec. 31.. 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30_. 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29_. 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.3 1938—Mar. 30.. 679.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 103.3 113.5 104.1 17.4 June 29__ 710.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 97.6 116.6 126.4 13.8 Sept. 28- 636.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 94.0 94.2 113.6 12.4 Oct. 5_._ 641.7 117.6 15.1 24.4 4.9 97.9 16.3 48.4 324.6 94.3 92.7 117.8 12.3 Oct. 12. _ 626.1 109.8 9.6 22.2 4.3 97.7 14.8 47.7 305. 9 94.0 91.8 121.2 13.2 Oct. 19__ 627.4 110.7 12.7 21.5 4.1 97 3 13.9 47.4 307.6 93.1 91.4 121.5 13.9 Oct. 26.. 617.8 100.0 13.9 20.5 3.9 96.7 15.7 47.4 298.1 95.8 92.9 117.4 13.7 Nov. 2 621.8 95.1 10.4 21.8 4.1 96.5 16.2 47.3 291.3 93.5 93.4 129.6 13.9 Nov. 9 624.5 89.0 10.8 24.9 4.3 96.5 15.9 48.1 289.5 93.3 94.6 132.8 14.3 Nov. 16 628.8 86.6 13.1 25.2 4.1 96.2 17.3 48.7 291.3 93.5 94.2 135.1 14.8 Nov. 23 624.7 89.1 10.8 24.8 4.2 95.4 14.3 48.3 286.9 93.6 96.1 133.5 14.7 Nov. 30 641.4 90.9 12.9 26.6 5.5 93.8 15.1 47.8 292.6 88.0 97.8 147.7 15.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN MARCH 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances T u re ry as- Money Treas- T d r e e p a o s s u i r ts y Non- O F t e h d e - r U.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 e o u n n v r - t - i- R c O b r e e a s t d h e n i r e k t v r i e Total stock s r t o e i a n n u n g c t d - y - c ti u o la n - h c in o a g l s d h s - R F b e e a d s n e e k r r v s a e l b p e o r s i d t 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 e t 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 2,564 38 2,612 12,760 2,637 6,550 3,619 142 407 263 7,027 1,212 1938—Jan. 31 12 2,564 16 2,593 12,756 2,655 6,320 3,648 150 388 260 7,237 1,383 Feb. 28.... 10 2,564 15 2,590 12,776 2,668 6,334 3,594 180 423 257 7,248 1,415 Mar. 31..__ 13 2,580 17 2,611 12, 795 2,679 6,355 3,550 316 315 262 7,287 1,546 Apr. 30 9 2,564 21 2,594 12,869 2,690 6,397 2,195 1,320 355 263 7,623 *2, 548 May 31.— 9 2,564 9 2,582 12,919 2,702 6,467 2,263 1,157 390 261 7,665 2,568 June 30 8 2,564 23 2,596 12,963 2,713 6,461 2,303 860 363 261 8,024 2,875 July 31.... 7 2,564 18 2,589 13,017 2,721 6,452 2,348 721 384 257 8,164 3,022 Aug. 31.... 7 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 30— 8 2,563 29 2,600 13, 760 2,739 6,622 2,810 853 356 260 8,198 2,869 Oct. 31.__. 7 2,564 14 2,586 14, 065 2,751 6,700 2,770 535 424 260 8,713 3,227 Nov. 30— 7 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec. 31_.__ 4 2,564 33 2,601 14,512 2,798 6,856 2,706 923 441 260 8,724 3,205 1939—Jan. 31 5 2,574 28 2,607 14, 682 2,816 6,653 2,776 747 458 255 9,215 3,644 Wednesday figures: 1938— Mar. 2 10 2,564 12 2,563 12, 767 1,669 6,343 3,579 185 421 256 7,215 1,391 Mar. 9 8 2,564 21 2,594 12, 768 2,670 6,334 3,562 181 389 256 7,311 1,467 Mar. 16___. 8 2,564 35 2,608 12, 778 2,672 6,328 3,550 264 325 264 7,328 1,460 Mar. 23— 10 2,564 18 2,592 12, 781 2,674 6,325 3,545 270 312 263 7,333 1,559 Mar. 30— 12 2,564 10 2,587 12, 794 2,680 6,329 3,551 292 315 263 7,312 1,560 Apr. 6 11 2,564 20 2,596 12, 803 2,682 6,394 3,554 244 334 259 7,296 1,575 Apr. 13 13 2,564 25 2,602 12, 825 2,683 6,380 3,542 141 317 258 7,472 1,727 Apr. 20.... 10 2,564 9 2,583 12, 841 2,688 6,361 2,164 1,428 349 263 7,547 *2, 492 Apr. 27 8 2,564 13 2,586 12, 860 2,690 6,355 2,192 1,321 343 264 7,661 2,579 May 4 8 2,564 16 2,589 12, 870 2,693 6,407 2,196 1,429 353 263 7,504 2,442 May 11_._. 8 2,564 16 2,589 12, 880 2,695 6,396 2,215 1,361 370 262 7,560 2,483 May 18___. 8 2,564 17 2,589 12,892 2,697 6,402 2,226 1,283 383 261 7,622 2,555 May 25— 9 2,564 10 2,683 12, 905 2,701 6,393 2,248 1,183 387 261 7,716 2,632 June1 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 2,682 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 i 2,564 17 2,591 12,957 2,710 6,402 2,293 929 445 267 7,922 2,782 June 29 10 1 2,564 16 2,590 12,962 2,712 6,428 2,299 864 366 266 8,041 2,900 July 6 8 1 2,564 30 2,603 12, 967 2,715 6,514 2,303 770 363 261 8,074 2,986 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 July27.__. 7 1 2,564 11 2,583 13,002 2,719 6,416 2,328 732 383 258 8,188 3,036 Aug. 3 6 2,564 4 2,574 13,025 2,721 6,465 2,357 775 392 257 8,074 2,924 Aug. 10 7 2,564 11 2,582 13,033 2,723 6,466 2,367 839 365 256 8,046 2,920 Aug. 17.___ 7 2,564 16 2,587 13,052 2,724 6,485 2,386 802 349 256 8,085 2,927 Aug. 24.... 7 2,564 8 2,579 13,079 2,727 6,470 2,417 771 315 256 8,156 2,975 Aug. 31____ 7 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 7 7 2,564 21 2,592 13, 237 2,729 6,579 2,579 561 317 254 8,269 3,034 Sept. 14____ 7 2,564 25 2,596 13, 421 2,733 6,550 2,759 346 416 254 8,425 3,131 Sept. 21.... 8 2,564 23 2,596 13, 588 2,735 6,552 2,833 917 342 261 8,014 2,744 Sept. 28—. 9 2,564 24 2,597 13, 714 2,738 6,574 2,816 864 337 261 8,197 2,889 Oct. 5 7 2,564 21 2,593 13,812 2,741 6,640 2,809 770 346 261 8,321 3,019 Oct. 12 9 2,564 32 2,605 13,869 2,744 6,667 2,812 703 376 260 8,400 3,045 Oct. 19 6 2,564 17 2,589 14,008 2,746 6,668 2,770 609 342 261 8,693 3,265 Oct. 26.._. 7 2,564 8 2,580 14, 051 2,749 6,654 2,767 584 374 261 8,740 3,275 Nov. 2 8 2,564 9 2,582 14,071 2,752 6,706 2,751 576 426 260 8,686 3,217 Nov. 9 8 2,564 -3 2,569 14,091 2,755 6,764 2,737 578 531 259 8,546 3,132 Nov. 16.... 7 2,564 18 2,590 14,162 2,756 6,732 2,721 544 525 259 8,727 3,262 Nov. 23—. 7 2,564 16 2,587 14, 240 2,767 6,763 2,717 474 563 258 8,818 3,353 Nov. 30__- 7 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec. 7 6 2,564 20 2,591 14, 367 2,775 6,844 2,681 407 576 258 8,966 3,442 Dec. 14.... 7 2,564 29 2,600 14, 380 2,784 6,858 2,651 413 551 258 9,034 3,476 Dec. 21— 8 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 Feb. 1 5 1 2,564 13 2,582 14, 694 2,817 6,663 2,770 887 469 256 9,047 3,478 Feb. 8 7 1 2,564 12 2,584 14, 732 2,818 6,673 2,768 931 488 255 9,018 3,459 Feb. 15.___ 5 1 2,564 17 2,587 14, 772 2,819 6,695 2,771 1,250 500 254 8,707 3,166 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. 177. * Reserve requirements reduced by approximately 1334 percent effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

191 MAECH 1939 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1939 1938 Feb. 15 Feb. 8 Feb. 1 Jan. 25 Jan. 18 Jan.11 Jan. 4 Jan. Dec. Jan. ASSETS Gold certificates on hand and due from U. S. Treasury 12, 006. 21811, 979, 22311, 947, 21811, 905, 21711, 896, 27411, 867, 72011, 837, 71911, 937, 21911, 787, 720 9.116, 399 Redemption fund—F. R. notes 8,856 9,908 10, 441 10,193 9,193 8,433 9,874 10, 440 9,873 10, 313 Other cash 438, 850 441, 936 440,142 449, 111 435, 230 418,025 364, 763 434, 587 368, 213 428, 832 Total reserves 12, 453, 92412, 431, 06712, 397, 80112, 364, 52112, 340, 69712, 294,17812, 212, 35612, 382, 24612,165, 806 9, 555, 544 Bills discounted: For member banks 5,059 7,394 4,873 4,695 4,361 4,754 4,307 4,598 3,971 12,162 For nonmember banks, etc. Total bills discounted 5,059 7,394 4,873 4,695 4,361 4,754 4,307 4,598 3,971 12,162 Bills bought: Payable in foreign currencies.__ ... 553 556 556 556 556 549 549 556 549 548 Industrial advances ... _ 14, 662 14, 738 14, 811 15,131 15, 390 15, 550 15, 505 14, 823 15, 644 17, 939 U. S. Government securities: Bonds. _ 840, 893 840, 893 840,893 840, 893 840, 893 840, 893 840,893 840, 893 840, 893 727, 573 Treasury notes 1, 215, 466 1, 209, 931 1, 209, 931 1, 209, 931 1, 209, 931 1,179, 577 1,156, 947 1, 209, 931 1,156, 947 1,172, 213 Treasury bills 507, 656 513,191 513,191 513,191 513,191 543, 545 566,175 523,191 566,175 664, 229 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, 574, 015 2, 564, 015 2, 564, 015 Other Reserve bank credit 2,440 -2, 976 -2,053 -1,011 3,251 6,644 19,125 13, 094 16, 804 -2,108 Total Reserve bank credit outstanding. 2, 586, 729 2, 583, 727 2, 582, 202 2, 583, 386 2, 587, 573 2, 591, 512 2, 603, 501 2, 607, 086 2, 600, 983 2, 592, 556 LIABILITIES F. R. notes in actual circulation 4, 349, 836 4, 344, 753 4, 347, 209 4, 319, 451 4, 338, 417 4, 374, 962 4, 441, 050 4, 338, 726 4, 451, 824 4,137, 916 Deposits: Member bank—reserve account 8, 707,191 9,017, 844 9, 046, 811 9,166, 063 9,130, 409 8, 956,139 8, 819, 243 9, 214, 921 8, 724, 050 7, 236, 741 U. S. Treasurer—general account._ 1, 250, 417 931, 295 887,021 767,179 799,950 872, 943 891,119 747,040 923, 225 150, 244 Foreign bank 266, 340 208, 215 185, 766 171, 571 158, 713 176, 767 189, 916 167, 268 199, 211 149, 647 Other deposits 233, 476 279, 377 283,161 298, 213 275, 936 282, 712 245, 684 290, 850 241, 512 238, 647 Total deposits _ _ 10, 457, 42410, 436, 73110,402, 75910, 403,02610, 365, 00810, 288, 56110,145, 96210, 420, 07910, 087, 998 7, 775,179 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 84.1 84.1 84.1 84.0 83.9 83.8 83.7 83.9 83.7 77.4 Contingent liability on bills purchased for foreign correspondents 29 76 1,646 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o n d a t 6 h y s s 6 1 m t y o o e n a t r hs 2 1 y y e t e o a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Feb. 1 _ . 4,873 3,804 178 272 334 260 25 Feb. 8 7,394 6,267 172 301 313 314 27 Feb 15 5,059 4,031 152 303 238 304 31 Bills bought in open market: Feb. 1 556 23 71 200 262 Feb 8 556 23 271 262 Feb. 15 . 553 48 256 143 106 Industrial advances: Feb. 1 14,811 2,096 310 296 555 1,925 3,322 4,078 2,229 Feb. 8 ____ 14, 738 2,036 331 501 326 1,977 3,357 4,018 2,192 Feb. 15 14, 662 2,283 149 434 357 1,946 3,386 3,924 2,183 U. S. Government securities: Feb 1 2, 564,015 111, 390 101, 988 198, 465 71,018 115, 527 173,142 390, 654 641, 683 760,148 Feb. 8 2, 564,015 95, 885 103, 383 152, 720 114, 348 132, 052 173,142 390, 654 641, 683 760,148 Feb 15 2, 564, 015 101, 988 74, 745 124, 720 164, 203 127,197 173,142 390, 654 647, 218 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN MARCH 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Phila- Min- Kan- San Total New del- Cleve- Rich- At- Chicago St. neap- sas Dallas Fran- York phia land mond lanta Louis olis City cisco ASSETS Gold certificates on hand and due from U. S. Treasury: Feb. 1 _ 11,947, 218 700, 8775, 606, 764 571,591 739, 476 330, 696 254, 4151 2,0,0080,8, 655 314, 516 242, 924 289, 536 188, 369 Feb. 8 11,979, 223 700,099 5, 586, 331572, 568 748,481325,975 252,594 22,, 029, 555 315, 478 249, 316 303, 814837,926 707,057 Feb. 15 12,006, 218 699, 7015, 525, 492 586, 011 772, 077 335, 478 262, 5112, 2 0,57, 789 310, 463 249, 354 295, 619990,024 721, 618 Redemption fund—Federal Reserve notes: Feb. 1 10, 441 185 1,624 1,010 597 1,048 491 1, 392 797 580 450 661 1,606 Feb. 8 .... 9,908 159 1,523 545 455 1, 256 782 526 426 650 1,550 Feb. 15 8,850 105 1,™ 468 '534 426 1,168 764 518 407 650 1,525 Other cash: Feb. 1 440,142 44, 858 128,176 35, 798 28, 572 25, 380 20,150 62, 252 17, 639 1,131 17, 739 14, 295 36,152 Feb. 8 441, 936 44, 449 134,087 37, 442 27, 609 23, 048 18, 473 65,124 17, 217 1,202 16,153 14, 255 34, 877 Feb. 15 438, 850 43,158 127, 688 37, 686 28, 312 25, 701 19, 700 64,146 17, 850 1,835 17, 404 13, 513 33, 857 Total reserves: Feb. 1 12, 397, 801 745, 920) 5, 736, 564 6081,,399 768, 645 357,124 275,056 2,072, 299 332, 952 252, 635 307, 725 203,325737,157 Feb. 8 12, 431, 067 744, 707 5, 721, 941611,009 ~~\ 635 350, 060 271, 522 2,095, 935 333, 477 259,044 320, 422 202,831743, 484 Feb. 15 12, 453, 924 742, 964 5, 654, 473 6~2~<':,695 800, 857 361, 713 282, 638 2,123, 103 329, 027579, 707 313, 510 204,187 757, 000 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Feb. 1 2,880 1,292 569 211 25 155 60 40 21 50 Feb. 8 5,294 3,311 574 301 25 150 560 30 104 21 50 Feb. 15 3,078 1,710 636 211 25 180 25 26 85 32 40 Other bills discounted: Feb. 1. 1,993 234 569 115 95 10 71 612 43 71 Feb. 8 2,100 261 555 115 155 10 69 557 118 83 Feb. 15 1,981 229 555 69 115 157 90 77 447 144 Total bills discounted: Feb. 1 4,873 332 1,526 1,138 281 140 250 70 129 111 711 64 121 Feb. 8 7,394 14' 3,572 1,129 370 140 305 570 129 99 661 139 133 Feb. 15 5,059 1,939 1,191 280 140 33' 33 116 103 532 176 120 Bills bought in open market: Feb. 1 556 42 216 56 52 24 20 70 2 2 16 16 40 Feb. 8 556 42 216 56 52 24 20 70 2 2 16 16 40 Feb. 15 553 42 213 56 52 24 20 70 2 2 16 16 40 Industrial advances: Feb. l._ 14, 811 1,871 3,839 2,999 47 1,253 825 454 9 877 245 638 1,325 Feb. 8 14, 738 1,876 3,844 2,930 47 1,253 825 453 8 875 237 638 1,323 Feb. 15 14, 662 1,875 3,848 2,922 463 1,249 822 453 873 231 621 1, 297 U. S. Government securities: Bonds: Feb. 1 840, 893 61, 659 237, 660 67, 514 84, 588 43. 790 38, 832 92, 091 39, 296 26, 386 43, 323 34, 901 70, 853 Feb. 8 840, 893 61, 659 237, 660 67, 514 84, 588 43, 790 38, 832 92, 091 39, 296 26, 386 43, 323 34, 901 70, 853 Feb. 15 840, 893 61, 659 237, 660 67, 514 84, 588 43, 790 38, 832 92, 091 39, 296 26, 386 43, 323 34, 901 70, 853 Treasury notes: Feb. 1 1, 209, 931 88,71 341, 961 97,142 121, 713 63, 009 55, 873 132, 506 56, 544 37, 966 62, 334 50,217 101, 949 Feb. 8 1, 209, 931 88, 71 341, 961 97,142 121, 713 63,009 55, 873 132, 506 56, 544 37, 966 62, 334 50,217 101, 949 Feb. 15 1, 215, 466 89,123 343, 525 97, 586 122, 269 63, 29: 56.129 133.. 11356, 802 38,140 62, 620 50, 447 102, 415 Treasury bills: Feb. 1 513,191 37, 630 145, 042 41,203 51, 623 26, 725 56, 203 23, 982 16,103 26, 440 21, 300 43, 241 Feb. 8 513,191 37, 630 145, 042 41, 203 51, 623 26, 725 23, 699 56, 203 23, 982 16,103 26, 440 21, 300 43, 241 Feb. 15 507, 656 37, 224 143, 478 40, 759 51, 067 26, 43' 23, 443 55, 596 23, 724 15, 929 26,154 21, 070 42, 775 Total U. S. Government securities: Feb. 1 2, 564, 015 188,006 724, 663205, 859 257, 924133, 524 118, 404 280, 800119, 822 80, 132, 097106, 418 216, 043 Feb. 8____ 2, 564, 015 188, 006 724, 663205, 859 257, 924133, 524118,404 280, 800119, 822 80, 455132, 097106, 418 216,043 Feb. 15 2, 564,015 188,006 724, 663205, 859 257, 924133, 524118, 404 280, 800119, 822 80, 455132, 097106, 418 216, 043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

193 MARCH 1939 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- At- Chicago St. neap- sas Dallas Franton York phia land mond lanta Louis olis City cisco ASSETS—Continued Total bills and securities: Feb. 1 2, 584, 255 190, 251 730, 244210,052 258, 733134, 941119, 499 281, 394119, 962 81, 445 133, 069107,136 217, 529 Feb. 8 2, 586, 703 190,071 773322,, 229955 209,974 258, 822 113344, ,941119, 554 281, 893119, 96181,431 107, 211 217, 539 Feb. 15 2, 584, 289 190, 015 730, 6631210,028 258, 719134, 937119, 583 281, 356119, 94881, 433 132, 876 10'7,, 231 217, 500 Due from foreign banks: Feb.1 166 15 6 21 3 5 12 Feb. 8 166 12 15 6 21 3 5 12 Feb. 15 169 12 15 6 20 3 12 Federal Reserve notes of other banks: Feb. 1 26, 324 692 7,489 872 1,099 2,484 2,245 3,831 1,966 939 744 3,267 Feb. 8 22, 337 580 3,869 935 1,135 1,917 2,361 2,888 2,549 1,382 652 3,086 Feb. 15 21, 247 581 3,620 1,158 1,314 2,730 4,197 1,618 1,522 630 1,892 Uncollected items: Feb. 1 583, 874 59, 233 146,183 44, 401 72, 257 45, 901 22, 571 71, 301 25, 451 13, 79830, 783 19, 928 32, 067 Feb. 8 623, 879 51, 386 221,418 41,198 60, 955 47,168 21,083 68, 394 23, 54112, 05526, 990 22,108 27, 583 Feb. 15 701, 774 57, 296 188,001 52,071 80,439 46, 317 25,124 108,593 31, 279 16, 94728,804 31, 541 35, 362 Bank premises: Feb. 1 42, 831 2, 940 9,021 4,689 6,005 2,614 2,073 3,955 2,288 1,522 3,235 1,255 3, 234 Feb. 8 42, 831 2, 940 9,021 4,689 6,005 2,614 2,073 3,955 2,288 1,522 3,235 1,255 3,234 Feb. 15-- 42. 827 2,940 9,021 4,689 6,005 2,614 2,072 3,955 2,287 1,520 3,235 1,255 3,234 Other assets: Feb. 1 47, 870 3,072 13,187 4,242 5,442 3,036 2,200 4,! 2,046 1,531 2,273 1,1 4,146 Feb. 8 48, 391 3.117 13, 428 4,269 5,518 3,094 2,221 4,762 2,065 1,536 2,306 1,883 4, 192 Feb. 15 49, 512J 3,192 13, 846 4,349 5,619 3,127 2,276 4,861 2,120 1,569 2,349 1,937 4,267 Total assets: Feb. 1 15, 683,1211, 002,120 i6,, 642, 750 87!2,, 6711,112,196 546,107 423, 650 2, 437, 607 484, 668 351, 629 478, 029 334, 298927, 412 Feb. 8 15, 755, 374 992, 813 36,, 702, 034872, 0901,109, 085 539, 801 418, 820 2, 457, 848 483, 884 356, 573 487, 351 335, 999495,130 Feb. 15 15, 853, 742 997,, 000000 \665,99 --" " i, 5451,152, 812 550, 029 434, 429 2, 526, 085 486, 332 362, 466 482, 301 3461,,' 019, 267 LIABILITIES Federal Reserve notes in actual circulation: Feb.1 4, 347, 209 378, 815 995, 397 315, 239 416, 546197, 840150,126 983, 981180, 022134, 361168, 11177, 924 348, 847 Feb. 8 4, 344, 753 379, 480 •,, 339977 331144,, 976 419, 833196, 808149, 709 985, 705 —1 792;2 2626' "1 34-,;718"1,310 77, 634 351, 957 Feb. 15 4, 349, 836 377, 922 997, 237 3177,,243 418, 505196, 427148, 712 983,518179, 485 134^,,494167, 721 77,209 351, 363 Deposits: Member bank—reserve account: Feb.1 9, 046, 811 447, 098 4, 914, 284 407, 703 482, 688 233, 450180, 7951,131, 856 219, 818 109, 808 222, 983 176, 755219, 576 Feb. 8 9, 017, 844 434, 799 4, 906, 904 408, 876 465^ 576 223366,,5 45848 181, 5111,108, 577 223, 328 115, 993 235,199 179, 627520, 906 Feb. 15 8, 707,191 403, 892 4, 691, 632 392, 286 466,071229,093185,7321,089, 550 213, 212 115,065 224, 782 178, 503517, 373 U. S. Treasurer—general account: Feb. 1 887, 021 75, 204 183, 799 46, 091 87, 20439, 299 45, 654 180,007 37, 00274,065 37,429 36, 894 44, 373 Feb. 8 931, 295 82, 909 179, 936 44, 787 103, 969 35, 263 39, 383 218, 604 34, 386 73, 959 39,146 34, 306 44, 647 Feb. 15 1, 250, 417 111,381 332, 334 69,155 129, 60851, 872 45, 966 258, 787 39, 25275, 586 41,188 34, 970 60, 318 Foreign bank: Feb. 1 185,7 13, 380 66, 279 18, 025 17, 282 7,990 6,504 22, 485 5,: 4,274 5,389 5,389 13, 380 Feb. 8 208, 215 14, 958 74, 629 20, 152 19, 321 8,934 7,271 25,138 6,025 4,779 6,025 6,025 14, 958 Feb. 15 266, 340 19, 188 94,! 25, 850 24, 784 11, 459 9,327 32, 246 7,729 6,130 7,729 7,729 19, 188 Other deposits: Feb. 1 283,161 4,765 223, 003 6,188 1,660 5,552 1,639 5,324 6,542 1,195 4,105 16, 502 Feb. 8 279, 377 5,436 218, 769 6,937 6,785 1,366 6,f 3,405 5,616 5,674 985 3,612 13, 843 Feb. 15 233, 4^~ 5. 319 176, 444 6,821 4,879 1,440 6,! 3,235 5,023 5,219 1,016 4,285 12, 806 Total deposits: Feb. 1 10, 402, 759 540, 4475, 387, 365 478, 505593, 362 282, 399 238,, 5051, 335, 987 26'7,,533194, 689 266, 996 223,140 593,831 Feb. 8 10, 436, 731 538, 102 55,,3 8308,02,3 8238 4)8,07;52 595, 651282, 111235, 1141, 355, 1,355200, 405 281, 355 223, 570 594, 354 Feb. 15 ._ 10, 457, 424 539, 7f 5, 295, 39'14-9•4, 112 625, 342293, 864248, 0141, 383, 818265, 216 202, 000 274, 715 225, 487 609, 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN MARCH 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- At- Chicago St. neap- sas Dallas Franton York phia land mond lanta Louis olis City cisco LIABILITIES—continued Deferred availability items: Feb. 1 586,093 58, 838 139, 343 46, 564 69, 661 51,109 22, 444 72,' 26,i 13, 408 32, 747 22, 256 30,099 Feb. 8 627,021 51,196 215, 435 43, 954 60, 914 46,074 21, 396 24, 786 12, 266 27, 481 23, 757 28, 071 Feb. 15 699, 503 55, 267 186, 866 52, 791 76, 290 44, 928 25,105 114', 03631,139 16, 801 29, 677 33,116 33, 487 Other liabilities including accrued dividends: Feb. 1 3,131 225 1,53' 201 177 103 27' 112 261 Feb. 8 2,589 238 868 217 199 109 299 11 267 Feb. 15 2,947 1,131 232 217 114 313 124 274 Total liabilities: Feb.1 5, 339,192 978, 325 6, 523, 64:840, 5091,079, 746531, 387 411,1782, 393, 243 474, 251342, 570468,115323, 380 972, 846 Feb.8 5, 411, 094 969, 016 6>,, 582, 938839, 8991,076, 597525,048 406, 3282, 413, 419 473, 441347, 504477, 4ir325,025 974, 466 Feb. 15 .5, 509, 710 973, 2156, 480, 625864, 3781,120, 354535, 276 421, 945" 2 ," "48•1 , "68"5475,913253, 419 472, 387335, 881 994,633 CAPITAL ACCOUNTS Capital paid in: Feb. 1 134, 790 9,416 50, 996 12,049 13, 679 5,045 4,510 13, 571 3,959 2,914 4,227 3,961 10, 463 Feb. 8 134, 9,417 50,997 12,051 13, 679 5,055 4,515 13, 589 3,967 2,913 4,227 3,961 10, 528 Feb. 15 134, 913 9,405 50, 981 12,051 13, 678 5,075 4,521 13, 593 3,969 2,912 4,234 3, 10, 532 Surplus (section 7): Feb. 1 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4, 3,153 3,613 3,89: 9,965 Feb. 8 149,152 10, 083 52, 463 13, 696 14, 323 4,983 22, 666 4,685 3,153 3,613 3, 9,965 Surp F lu e s b . ( 1 se 5 ction 13b): 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, " • - 4, 3,153 3,613 3,892 9,965 Feb. 1 27, 2,874 7,45' 4,416 3,293 713 1,429 545 1,001 1,142 1,266 2,121 F Fe e b b . . 8 15 2 27 7 , , 2 2 6 6 4 4 2 2 , , " 8 " 7 • 4 7 7 , , 4 4 5 5 ' ' 4 4 , , 4 4 1 1 6 6 1 1 , , 0 0 0 0 ' 7 3 3 , , 2 2 9 9 3 3 7 7 1 1 3 3 1 1 , , 4 4 2 2 9 9 5 5 4 4 5 5 1 1 , , 0 0 0 0 1 1 1 1 , , 1 1 4 4 2 2 1 1 , , 2 2 6 6 6 6 2 2 , , 1 1 2 2 1 1 Other capital accounts: Feb. 1 32, 723 1,422 8,192 2,001 3,441 1,399 1,619 6,698 1,228 1,991 932 1,783 2,017 Feb. 8 32, 965 1,423 8,179 2,028 3,479 1,422 1,634 6,745 1,246 2,002 956 1,801 2,050 Feb. 15 32, 703 1,423 8,164 2,004 3,450 1,402 1,620 6,712 1,221 1, 925 1,785 2,016 Total liabilities and capital accounts: Feb. 1 15, 683,12 1, 002,1206, 642, 750872, 67:1,112,196546,107 423, 6502, 437, 6074 84, ,66 8 351,, 629478,029 :, 282997, 412 Feb. 8 15, 755, 374 992, 8136, 702, 034872, 0901,109, 085539, 801 418, 8202, 457, 8484 8438,3, 884 35,6 ,5 75374387, 351335, 945 999,130 Feb. 15 15, 853, 742 997,0006, 599, 690896, 54£1,152, 812550, 029 434. 429 2, 526, 084586,332362,466482, 301346, 7861, 019, 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 MARCH 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO FEBRUARY 15, 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 t e h s ) day of N r u e m c A e b p iv e p e r l n d ic e a t t A o ti o m d n a o s t u e n , t Nu o s t a d ( e m o w p u u e r t p s b i s y t t r e c h r o r i o v a n a t l a o d n C l A i d t o b i m m o A y w d n o m d a i s I u t v t ) n i h n e t i - - - - , t Numbe T r ota A l mount a s R F d ta b e e v o n d a s a u d e n e n t r i k r - c v n a e e g l s s c R F t o m a b e e o m n a d s e u d e n n e m t r i k r - t v n i s a t e g l - A b p p l u c p e o t r t m e o n d v - o e t i d d e o R r x a r c a e e p p a w w p t p i n c a r n i l . e t i t i , d d h - b , , - y s i t F n p p a t g i a a u n o n t r t d u i i a t i n o i i o t n c n - s n n c i g t s - - i 2 - 1934—Dec. 26. 5,053 187, 696 1,122 54,531 984 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 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 2,940 181, 956 2,653 175,013 17, 250 14,161 1,946 128,934 12, 722 1939—Jan. 25__. 9,349 400, 410 2,948 182, 611 2,660 175, 651 16,811 13,004 1,293 132,009 12, 534 Feb. 15 4 9,360 400, 575 2, 956 182, 764 2,667 175, 765 16, 348 12,880 1,123 132, 983 12, 431 r Revised. i Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. » Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $12,190,252 on February 15, 1939. 3 Tuesday 4 February 21 not yet available. NOTE.—On February 15, 1939, there were 25 applications amounting to $3,024,500 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 r is a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent Feb. 1 4, 678, 715402, 8211, 092, 762336, 020 441, 890212, 315163,1171, 020, 558195, 768140,311175,014 86, 042 412, 097 Feb. 8 4, 670, 386401, 3611, 091, 227333, 981440^548 211,844162, 9341, 021, 061195, 796139,531176, 943 85.408 409, 752 Feb. 15 4, 657, 531400, 0791, 091, 536 334; 450 439,172 210,96^73161, 7101, 017, 417194, 404138, 827176,113 84, 892409, 258 Held by Federal Reserve bank: Feb. 1 ; 331, 506 24, 006 97, 36; 20, 781 25, 344 14, 475 12, 991 36, 57' 15, 746 5,950 6,903 8,118 63, 250 Feb. 8 325, 633 21, 881 104, 830 19, 00520, 715 15, 036 13, 225 35, 356 16, 570 4,813 7,774 57, 795 Feb. 15 307, 664 22,157 94, 299 17, 20720, 667 13, 246 12, f" 33, 899 14, 888 4,333 7,683 57, 895 In actual circulation:1 Feb. 1 . 4, 347, 209378, 815 397 315, 239 416, 546197, 840 1501,,126 983, 981180, 022 134, 361168, 111 77, 924348, 847 Feb. 8_. _ . _ . 4, 344, 753379, 480 986, 397314, 976 4191,,833196, 808149, 709 985, 705179, 226 134, 718168, 310 77, 634351, 957 Feb. 15 4,349,"^ 377, 922 997, 23"317, 243 4181.,505196, 427 12 983, 518 179, 516 134, 494167, 721 77, 209 "3"5.!,363 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 1 4, 781, 000 4210,,0001,105,000345,000 446, 000215,000 116,9, 0001,035,000199, 000143, 500180,000 4, 000 Feb. 8. 4, 778, 000 4210,,0001,105,000345, 000 443,000215,, 000 116699,,0001,035,000199, 000114433',, 550000 180,000 \, 500 434, 000 Feb. 15 4, 778, 000420, 0001,105,000345, 000 443,000215, 000 169,0001, 035, 000199, 000143, 500180,000 i, 500 434, 000 Eligible paper: "Feb. 1. 4,153 307 1,499 658 267 140 214 70 76 695 96 Feb. 8 6,678 117 3,554 644 357 140 269 570 76 645 136 111 Feb. 15 4,304 1,921 706 267 140 270 33 51 516 165 100 Total collateral: Feb. 1 4, 785,153420, 3071,106, 499 658 446, 267215, 140169, 2141, 035,070199,076143, 571180, 695 89, 560 434,. 096 Feb. 8 4, 784, 678420,1171,108, 554345, 644 443, 357215,140169, 2691, 035, 570199,0"7"6 143, 559180, 645 89, 636 434,!111 Feb. 15 4, 782, 304420, 0821,106, 921345, 706 443, 267215,140169, 2701,035,033199, 051143, 553180, 516 89, 665 434,.100 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN MARCH 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, JANUARY, 1939 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 banksi New Chi- banks banks» posits posits i Re- Held Ex- York cago quired cess Total reserves held: All member banks _ _31,961 26,139 11,494 5,545 9,029 3,484 1937—December 6,879 2,657 2,272 1,352 1938—January 7,183 2,856 604 2,345 1,378 Central reserve city banks: February 7,230 2,906 598 2,350 1,377 New York 11,165 10, 453 701 2,413 4,409 1,996 March 7,326 3,039 574 2,349 1,365 Chicago 2,485 2,186 461 520 780 260 April.. 7,469 3,150 622 2,348 1,350 May 7,587 3,204 794 2,311 1,278 Reserve city banks: June 7,878 3, 341 899 2,359 1,280 Boston district 1,036 937 102 169 288 119 July 8,167 3,545 925 2,396 1,302 New York district 193 152 150 34 43 9 August.. 8,119 3,523 875 2,402 1,319 Philadelphia district._ 1,135 936 242 176 254 78 September 8,196 3,669 861 2,352 1,314 Cleveland district 1,496 1,159 727 239 361 122 October 8,546 3,939 2,409 1,317 Richmond district 692 541 204 105 157 52 November 8,727 4,075 2,426 1,338 Atlanta district 671 489 172 94 114 20 December 8,745 4,139 2,387 1,322 Chicago district 1,195 869 545 179 255 76 1939—January 9,029 4,409 780 2,474 1,366 St. Louis distriot 794 617 175 117 163 46 Week ending (Friday): Minneapolis district _- 359 248 90 48 67 20 1939—January 6 8,775 4,165 845 2,386 1,379 Kansas City district... 958 626 156 117 165 47 January 13 8,930 4,278 792 2,474 1,387 Dallas district __ 673 430 124 81 112 31 January 20 9,101 4,475 762 2,498 1,366 San Francisco district. 2,056 1,624 1,929 381 494 113 January 27 9,168 4,565 754 2,491 1, 357 February 3 9,133 4,588 726 2,469 1,350 Total 11, 257 8,627 4,614 1,740 2,474 734 February 10 8,991 4,509 690 2,423 1,369 Excess reserves: Country banks: 1937—December 1,071 305 366 319 Boston district 820 605 549 100 149 49 1938—January 1,353 461 451 355 New York district 1,304 955 1,392 184 312 128 February __ 1,406 499 468 361 Philadelphia district.. 601 439 867 96 147 51 March 1,524 631 52 481 359 Cleveland district 569 402 651 81 125 44 April 2 2,071 884 146 609 432 Richmond district 504 328 340 56 89 32 May. 2,525 1,065 321 689 451 Atlanta district _ 485 320 213 49 69 20 June 2,762 1,153 404 747 459 Chicago district 816 557 676 101 173 72 July 3,026 1,352 424 767 483 St. Louis distriot 351 234 238 40 59 19 August 2,955 1,320 379 762 495 Minneapolis district._ 301 192 270 37 54 18 September 2,920 1,382 361 698 479 Kansas City district __ 449 285 154 42 66 24 October 3,143 1,589 375 712 467 Dallas district _. 519 338 100 46 71 25 November 3,276 1,712 374 710 480 San Francisco district. 334 219 268 40 53 13 December 3,226 1,734 376 658 457 1939—January 3,484 1,996 260 734 495 Total 7,054 4,874 5,719 871 1,366 495 Week ending (Friday): 1939—January 6 3,261 1,778 320 658 504 January 13 3,404 1,888 273 731 511 1 Gross demand deposits minus demand balances with domestic banks January 20 3,542 2,049 243 753 497 (except private banks and American branches of foreign banks) and January 27 3,605 2,133 234 748 491 cash items in process of collection. February 3 P3, 575 2,152 208 731 P483 NOTE.—See table at foot of p. 207 for percentages of deposits required February 10 P3, 447 2,077 176 691 P502 to be held as reserves. p Preliminary. i Weekly figuresof excess reserves of all member banks and of country banks are estimates. * Reserve requirements decreased April 16, 1938; see table at foot of page 207 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Ail member banks 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 la b c a e n s k u s n in d e s r m 1 a 5 l , l 0 e 0 r 0 ) centers Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Boston _ 1,856 1,837 651 648 1,735 1,714 526 524 121 122 125 124 New York 12, 662 12, 674 2,243 2,219 i 1,214 i 1,179 i 1, 049 i 1,041 284 278 493 488 Philadelphia . 1,736 1,714 1,108 1,104 1,518 1,494 658 658 218 220 450 446 Cleveland _ . __ _ _ 2,065 2,043 1,378 1,373 1,844 1,827 1,082 1,082 221 216 295 291 Richmond 1,196 1,203 544 538 1,010 1,014 352 349 186 189 192 189 Atlanta 1,156 1,121 385 384 998 971 301 301 158 150 84 83 Chicago 4,495 4,471 1,683 1,672 1 1 699 i 1 671 i 943 i 933 311 304 279 277 St. Louis... _ 1,145 1,130 412 407 935 921 297 294 210 209 115 112 Minneapolis 660 669 360 358 484 493 176 175 176 176 184 183 Kansas City 1,408 1,406 310 308 1,077 1,078 197 195 330 328 113 113 Dallas 1,192 1,190 224 223 904 899 179 178 288 291 45 45 San Francisco 2,390 2,399 2,197 2,167 2,273 2,280 2,101 2,073 117 120 96 95 Total 31, 961 31, 856 11, 494 11, 402 45, 691 115, 541 i 7,861 i 7, 803 2,621 2,603 2,471 2,447 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

197 MARCH 1939 FEDERAL RESERVE BULLETIN KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars End of month Total c c G e a r o t t i e l f d s i- d S o il l v la e r r s c S c e i a r l t v t i e e f s r i- o T n f u r o e r 1 t y a 8 e 9 s s- 0 S s u i i a b lv r s e y i r d- M c i o n in or U S n t n 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 a e r k r s v a e l t n b i N o o a n n t a e - a k s l 1933—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 1939—January 6,653 75 41 1,269 1 348 149 244 4,301 27 198 Back figures.—See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currency 3 Large denomination currency 3 Un- End of month assortt c i u o l n a - i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed » 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 1,693 388 725 146 304 12 18 3 May-___ .___ 6,467 4,856 626 487 32 877 1,512 ,422 1,616 389 727 152 307 17 24 4 June 6,461 4,837 527 481 31 875 1,503 L, 420 1,627 391 732 152 309 17 25 2 July 6,452 4,836 526 481 31 879 1,508 L, 410 1,618 388 727 152 307 17 27 2 August 6,504 4,885 530 488 32 891 1,528 L, 416 1,622 389 727 152 308 17 29 3 September 6,622 4,970 536 501 32 912 1,556 L,434 1,656 396 744 156 317 17 25 4 October 6,700 5,021 540 505 32 923 1,572 ,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 1,611 481 1,714 409 770 160 327 17 32 5 1939—January 6,653 4,953 538 492 32 904 1,546 1,440 1, 705 403 768 160 329 17 28 6 1 Total of amounts of coin and paper currency shown by denominations less unass9rted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED [Held by Treasury and Federal Reserve banks and in circulation, In STATES PAPER CURRENCY millions of dollars] [By selected banks in New York City. In thousands of dollars] d S o il l v la e r r s Sub- F e e ra d l - Na- Year or month m E S e u n h r t i o s p p - t e o R E e f u c r r o e o m ip p t e s m s N h e i e n p t t - s rec N e e ip t ts End of month Total and sid- Minor United Re- tional silver iary coin States serve bank l b io u n l- 1 silver notes b no an te k s notes 1 1 9 9 3 3 5 6 . . 3 1 4 0 , , 6 7 2 7 8 4 2 19 6 , , 2 9 1 6 6 6 8,558 9,338 1937. 21, 500 47, 550 26,050 1938 . 33,105 34, 373 1,268 1938—January 2,655 1,509 373 156 347 33 237 1938—January 189 4,658 4,469 February __ 2,668 1,526 373 156 347 33 233 February... 28 3,824 3,796 March 2,679 1,540 374 157 347 32 230 March 1,212 2,728 1,516 April 2,690 1,554 374 157 347 32 226 April 503 2,618 2,115 May 2,702 1,570 374 157 347 31 223 May 155 6,179 6,024 June__ . _ 2,713 1,584 374 157 347 31 221 June 379 3,486 3,107 July 2,721 1,596 374 157 347 30 217 July 85 3,753 August 2,731 1,608 375 157 347 30 214 August 1,052 2,348 1,296 September . 2,739 1,618 376 158 347 29 212 September.. 14, 740 978 13,762 October 2,751 1,634 376 158 347 29 208 October 10, 593 591 10,002 November 2,773 1, 657 376 158 347 29 206 November.. 3,430 982 2,448 December.. 2,798 1,685 376 159 347 28 203 December.. 739 2,228 1,489 1939—January __„ 2,816 1,705 376 159 347 28 201 1939—January. 6,505 2,024 4,481 Back figures—See Annual Report for 1937 (table 38) 1 Includes silver held against silver certificates amounting to $1,568,- Description.—See BULLETIN for January 1932, pp. 7- 000,000 on Jan. 31, 1939 and $1,393,000,000 on Jan. 31, 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN MARCH 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 G e o n l d d o st f o y ck e a a r t cr I e n a - se lo g s a s i n ( — or ) m D e o s - - 1939 1938 or month in Net through tic Year or month Total I a n c a c c o t u iv n e t s t g t o o o t c l a d k l im go p l o d rt m a t c r a t e a i r a o k n r n i s - n - s g 2 d g p ti u r o o o c l - n - d From or to— Im Ja - nuary Ex- Im D - ecemb E er 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 7 5 8 6 - _ - 1 1 1 1 1 2 0 4 , , , , 1 5 7 2 2 1 6 5 5 2 8 0 1, 2 2 2 6 7. . 5 9 1 1 1 1 , , , , 1 5 7 8 3 5 0 8 1 2 2 7 . . . . 5 5 5 21 1 1 1, , , , 1 9 7 5 1 7 8 3 6 3 5 9 . . . . 6 0 6 5 - - 2 3 - 0 3 8 0 3 5 . . . . 9 2 4 5 1 1 1 1 4 4 3 1 6 3 1 0 . . . . 4 9 6 7 N B F G r e e e a l t r n g h m i c e u e a r m l n a y nds 33 1 1 , , , 4 6 6 3 8 7 8 8 8 1 4 37 6 1 , , , 9 1 3 7 8 9 9 5 5 1 1 8 6 15 3 6 , , , 1 0 4 3 4 8 5 3 9 8 5,000 1937— A N S D O J e u u o e c p l c g v t y t o e u e . e b m _ m s m _ e t b b r b e . e e r r r 1 1 1 1 1 12 2 2 2 2 2 , , , , , , 4 7 5 7 8 7 4 7 6 4 0 6 6 4 7 1 3 0 1 1 1 1 1 1 , , , , , , 3 2 2 2 2 2 7 4 2 3 1 1 1 2 7 5 0 4 . . . . . . 1 0 9 9 7 5 - -1 2 1 1 1 6 2 2 7 4 9 2 1 7 4 . . . 0 3 . . . 0 6 3 3 1 1 1 9 2 1 4 7 0 0 2 8 5 5 4 . . . . . . 1 5 0 5 4 8 -1 - - 2 - - 3 0 8 5 0 5 1 9 . . . . . . 0 3 1 6 5 3 1 1 1 1 1 1 3 1 4 2 6 2 . . . . . . 8 9 9 2 9 7 U M C S S C S w w p e a n e a n n i e i x i t t t a d n e i z r d c e d a e o n a l r l . K a . A n i m d ng e d r o ic m a . . . - . 5 1 2 0 2 , , , 3 5 0 8 2 4 7 3 5 5 2 9 2 0 1 6 1 10 2 1 , , 5 7 4 7 5 1 3 3 0 4 4 8 1, 3 2 6 7 0 4 6 7 0 1 8 , , , , ,3 1 , 1 1 2 4 6 4 5 6 2 8 3 3 6 4 3 8 0 0 1 6 1 9 7 1 7 4 5 1938— J J N D A A S M M F O J u u e e e o p u a c a l a n p b c n y t r g v y r e o i t e r u u c e l e b u m a h m s m e a r t b y r b r b e y e e r r _ r... 1 1 1 1 1 1 1 1 1 1 1 1 3 2 4 2 2 2 2 3 3 4 4 2 , , , , , , , , , , , , 1 0 3 0 8 7 9 7 7 7 9 5 3 1 1 6 6 6 6 7 5 9 1 1 6 7 2 5 9 0 3 2 6 9 6 5 1 1 1 , , , 1 2 2 8 2 0 3 3 0 . . . 0 2 6 6 2 3 1 1 - 4 4 5 2 7 2 4 0 1 1 9 4 4 4 9 3 0 4 5 7 8 9 8 . . . 6 . . . . . . . . . 2 8 0 5 8 5 7 6 3 3 5 5 2 1 5 1 6 7 2 5 5 4 5 6 6 7 8 2 3 0 1 2 0 5 2 6 2 7 . . . . . . . . . . . . 0 8 9 1 4 0 5 8 3 1 8 9 -1 - - - - - - - 6 2 1 - 1 - 2 5 1 - 1 7 - 1 1 2 8 5 3 0 3 8 0 . . . . . . . . . . . . 6 4 2 1 4 8 3 5 9 9 2 2 1 1 1 1 1 1 1 1 1 1 ' • 3 5 3 4 4 0 1 0 9 • 3 0 9 . . . . . . . . . . 9 3 0 3 5 . 4 3 5 4 . 1 9 8 J A V A P B E A P C C C a h h e c l r e h u o r K l p i i r i u g n i l s t o l u o a l o n i e e a t i e s r n t n m p z a n d h a h g u p t o l e b i e i i r r n I i a a n l a n a a n c e d o d i u a I , s n l H t a r o n ie n d s g s 2 . . 37 2 2 6 2 , , , , , 7 2 8 3 3 3 0 5 5 5 7 1 6 1 9 8 8 5 9 4 9 6 8 4 1 8 9 5 1 1 2 4 6 2 1 7 1 , , , , , , , 9 7 6 1 7 2 3 4 3 9 1 7 6 9 5 0 8 2 9 2 9 6 2 1 5 7 6 7 8 0 5 5 6 0 8 0 1 2 3 3 1 1 6 1 1 3 8 4 7 0 2 9 1 6 8 1 , , , , , , , , , , , , 4 4 9 0 8 1 1 7 6 8 6 5 8 1 8 3 5 3 4 6 6 3 3 5 6 4 2 7 9 0 2 7 2 0 0 7 1939—January 14, 682 170.0 156.3 14.1 Total 156, 427 240, 542 16 9, 458 1 p F P i r g e u li r m es i n b a a r s y e . d on rate of $20.67 a fine ounce in January 1934 and $35 1 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. a 2 f in G e o l o d u n h c e e ld t h u er n e d a e f r t er e . armark by Federal Reserve banks for foreign 2 Includes all movements of unreported origin or destination. account at the end of each month in 1938 was as follows in millions of Back figures.— See table, p. 227, and Annual Report for 1937 (tables dollars: Jan., 296.2; Feb., 314.4; Mar., 315.0; Apr., 316.2; May, 370.2; 31 and 32). June, 385.7; July, 406.6; Aug., 435.4; Sept., 448.6; Oct., 558.8; Nov., 566.2; Dec, 628.6. For back figures see Annual Report for 1937 (table 30) and similar tables in previous Annual Reports. BANK DEBITS NOTE.—Figures for domestic production of gold are those published in table, p. 227, adjusted to exclude production in Philippines. Ad- [Debits to individual deposit accounts, at banks in principal cities.] justment based on annual figures reported by Director of Mint and [In millions of dollars] monthly imports of gold to U. S. from Philippines. For back figures, see Annual Report for 1937 (table 29). Total, 140 133 all New other other Year and month report- York lead- report- BANK SUSPENSIONS1 ce i n n t g ers City ci i t n ie g s i ci i t n ie g s 2 Member Nonmember banks banks 1929 982, 531 603,089 331,938 47,504 T ba o a n t ll a k l s , ti N on a a - l State su I r n e - d2 in N su o r t ed 1 1 1 1 9 9 9 9 3 3 3 3 7 6 5 8 4 4 4 4 0 6 0 6 2 5 9 1 , , , , 4 8 7 8 6 8 1 3 3 9 8 4 2 1 1 1 9 0 8 6 7 8 4 8 , , , , 9 0 7 8 3 0 7 3 8 6 6 6 2 2 2 1 3 1 0 9 5 9 4 0 , , , , 1 6 2 6 6 5 0 7 5 6 0 1 2 3 3 3 8 3 6 2 , , , , 4 2 5 4 0 2 8 4 6 1 3 7 1937—December _ 42, 357 18,277 20,837 3,243 Number of banks suspended: 1934 57 1 8 48 1938—January. __ 34, 833 14,477 17, 607 2,749 1935 34 4 22 8 February- 27,867 10, 915 14, 633 2,319 1 1 9 93 37 6 . . __ 4 5 4 9 4 1 2 4 4 0 7 3 6 A M p a r r i c l h 3 33 4 , , 8 8 2 5 5 7 1 1 4 4 , , 5 7 7 4 2 6 1 1 7 6 , , 5 3 9 7 7 3 2 2 , , 6 7 5 3 6 7 1 1 9 9 3 38 9—January 5 5 5 1 1 1 4 4 7 6 J J M u u l n a y y e 3 3 3 5 1 3 , , , 1 3 5 3 0 5 3 1 9 1 1 1 5 3 2 , , , 8 8 6 2 2 3 8 8 7 1 1 16 7 6 , , , 1 0 6 1 6 7 3 0 7 2 2 2 , , , 7 5 6 0 1 2 8 4 8 Deposits of suspended banks August 30, 798 12, 247 16,023 2,528 (in thousands of dollars):3 September 32,192 13, 085 16, 440 2,666 1934 36, 937 40 1,912 34,985 October. __ 36,130 15,140 18,096 2,895 1 1 9 9 3 3 5 6 _ __ 1 11 0 , ,0 3 1 0 5 6 5,3 5 1 0 3 7 1 3 0, , 7 2 6 0 3 7 9 5 3 9 9 2 N D o ec v e e m m b b e e r r . . 3 4 2 3 , , 1 1 6 7 6 2 1 12 8 , , 8 4 7 2 9 5 2 1 1 6 , , 0 9 5 8 0 1 2 3 , , 7 2 6 4 0 3 1937 19, 723 7,379 1,708 10,156 480 1938 13, 264 36 211 11, 721 1,296 1939—January. __ 35,127 14, 533 17, 807 2,786 1939—January 1,051 304 747 1 Comprises centers for which bank debit figures are available beginning 1 Represents licensed banks suspended; does not include nonlicensed with 1919, except that one substitution was made in 1920 and one in 1928. banks placed in liquidation or receivership. 2 Cities (other than the 141 centers) for which bank debits are currently 2 Federal deposit insurance became operative January 1, 1934. reported. The number has changed very little since 1934 and has num- 3 Deposits of member banks and insured nonmember banks suspended bered 133 since 1936. are as of dates of suspension, and deposits of noninsured nonmember Back figures.—See Annual Report for 1937 (Table 71), which also gives banks are based on the latest data available at the time the suspensions a definition of bank debits. Figures for individual reporting cities and were reported. totals by Federal Reserve districts are available in mimeographed form. Back figures—See Annual Report for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 199 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 figuresf rom 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 NonmeiEber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n u k g a s s l m n b o e e m n r - - Call date ba A n l k l s Total ti N on a a - l State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 1929—June 29 25,110 8,707 7,530 1,177 611 15, 792 1929—June 29.._ 53, 852 32, 284 19, 411 12,873 8,983 12, 584 Dec. 31 __ 24,630 8,522 7,403 1,119 609 15,499 Dec. 31___ 55,289 33,865 20, 290 13, 575 8,916 12, 508 1933—June 30 14, 519 5,606 4,897 709 576 8,337 1933—June 30. _. 37, 998 23, 338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30___ 38, 505 23, 771 15,386 8,385 9,708 5,026 1934—June 30 15, 835 6,375 5,417 958 578 8,882 1934—June 30 41, 870 26, 615 17,097 9,518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31... 44,770 28,943 18, 519 10, 424 9,828 6,000 1935—June 29 15, 994 6,410 5,425 985 671 9,013 1935—June 29. _. 45, 766 29, 496 19,031 10, 465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31___ 48,964 32,159 20, 886 11, 273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30. _ 51, 335 34,098 21,986 12,112 10,060 7,178 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 June302__ 53, 287 35, 440 22, 926 12, 514 10, 213 7,635 Dec. 31 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31 _. 52, 440 34,810 22, 655 12,155 10, 257 7,373 1938—Mar. 7 15,348 6,335 5,250 1,085 563 8,450 1938—Mar. 7... 51, 703 34,118 22,264 11,854 10, 259 7,325 June 30 15, 287 6,338 5,242 1,096 563 8,386 June 30— 52,195 34, 745 22, 553 12,193 10, 296 7,153 Sept. 28 15, 265 6,341 5,239 1,102 563 8,361 Sept. 28.. 52,611 35,086 22,838 12, 248 10,286 7,239 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22, 203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 . 40,319 21,977 18, 342 25, 220 12,833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 42,502 21, 278 21,224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31 43,458 20, 473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—June 29 44, 416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 ___ 45, 717 20, 329 25, 388 29,985 12,175 17, 810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20, 679 27, 778 32, 259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 __ _ 49, 524 21,449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937—Mar. 31 49,138 21, 790 27, 348 32, 525 13, 699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 30 2 49,696 22, 514 27,182 32, 739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22,198 26, 368 31, 752 13, 958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—Mar. 7 48, 319 21, 779 26, 540 31, 521 13, 546 17,975 10,196 4,995 5,201 6,602 3,238 3,364 June 30 47, 381 21,130 26, 252 30, 721 12, 938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Sept. 28 ... . 48, 304 21,089 27,215 31, 627 12, 937 18, 689 10,198 4,951 5,247 6,479 3,200 3,279 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. 8 Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30,1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Back figures.—See Annual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN MARCH 1939 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans Investments On securities, Open market paper U. S. Government Total to brokers obligations loans and dealers un Call date m v a i e e n n s n d - t t - s Total Y N C I o e i n t r w y k Y N O C si o e i u d t r w t e y k - b o a c i t ( t h n e e t i o x e e p k s - r t s s ) b L a o n to 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 R n i a e o w n n c c p e r g k - e n - t t - - s s ' b m a o c a A n d t e e o h n c o p c s f e k e - - 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 u lo i t a n h n e o s i r Total Total Direct F g t a e u u n e l a d - l r y - s O e ti t c e h u s e ri r - TOTAL—ALL MEMBER BANKS 1929—Dec. 31._35,934 26,150 1,660 803 7,685 714 3,191 0) 212 80 291 11, 515 9,784 3,863 3,863 5,921 1933—June 30 2_24, 786 12,858 788 165 3,752 330 2,372 192 291 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 5,641 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 2,647 130 126 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 2,656 119 102 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 ig33—June 30 *_ 7,133 3,424 720 38 1,044 162 157 120 224 10 10 937 3,709 2,651 2,551 1,158 1934—Dec. 31. _ 7,761 3,159 662 54 820 63 139 164 210 16 6 1,024 4,602 3,524 3,246 278 1,078 1935—Dec. 31. _ 8,418 3,434 1,018 60 793 42 140 107 158 16 5 1,096 4,985 3,826 3,425 401 1,169 1936—Dec. 31. _ 9,280 3,855 1,095 78 753 42 144 65 136 10 5 1,527 5,425 4,209 3,739 470 1,217 1937—June 30. . 9,006 4,276 1,219 76 824 62 149 65 98 1 5 1,776 4,730 3,630 3,176 454 1,100 Dec. 31. _ 8,313 3,673 703 58 733 29 141 74 112 6 6 1,811 4,640 3,695 3,207 388 1,045 1938—Mar. 7__. 8,317 3,532 647 49 727 60 140 65 90 5 8 1,741 4,785 3,612 3,180 432 1,174 June 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 » 1929—Dec. 31. _ 1,757 1,448 11 240 533 88 21 0) 9 5 5 535 309 116 116 193 1933—June 30i 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 94 265 1938—Mar. 7 " 1,997 614 39 113 11 6 1 2 19 423 1,382 1,108 1,008 100 278 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 1,576 1933—June 30 > 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 L,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 6,123 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 4,267 636 1,733 Dec. 31. _ 11,414 5,203 26 97 1,066 27 L, 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 (i) 33 5 163 4,705 4,439 1,267 1,267 3,172 1933—June 30 a 7,873 4,275 10 15 1,117 38 1,055 3 4 1 27 2,005 3,598 1,469 1,469 2,129 1934—Dec. 31. _ 8,780 4,025 50 14 996 27 1,026 2 5 2 92 1,810 4,756 2,463 2,108 355 2,293 1935—Dec. 31._ 8,919 3,918 7 13 894 17 1,035 2 3 2 135 1,810 5,002 2,563 1,940 623 2,439 1936—Dec. 31. _ 9,825 4,078 13 16 843 14 1,123 3 4 2 178 1,881 5,747 3,013 2,368 645 2,734 1937—June 30 __10,134 4,340 15 18 828 16 1,179 2 4 5 211 2,062 5,794 3,155 2,520 635 2,639 Dec. 31.. 10,124 4,446 9 16 824 13 1,219 2 3 3 208 2,149 5,677 3,168 2,490 678 2,510 1938—Mar. 7___ 9,958 4,369 9 15 804 11 1,233 3 3 1 208 2,083 5,589 3,124 2,477 647 2,465 June 30. _ 9,752 4,388 6 14 790 9 1,269 2 2 1 168 2,126 5,364 2,964 2,385 579 2,400 Sept. 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 i Included in "Other loans." 3 Beginning June 30, 1933, figures relate to licensed banks only. * Central reserve city banks. Back figures—See Annual Report for 1937 (tables 54-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 201 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 e R r e r n r i e e v a t v d - - 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 e i o a i c s c t - k l e h - - s s1 r o e i t e p i t f l d p e r o e e i o n s o c m n c a - s c r o s 2 s - t l - - b m D a t I e n i o n s c - k - te s rb b a F e a n i o n g k r k n - s S m U G e t e r a n e o n d t i n v e - t t - - s f P u u l n i b c d - s c C l c c h e o a f a e e i t e o f n e s t f r r c f d e i h d t s - k i r ' , - s s s t p I p u i v h n c n o o a a o i i e d n r d r l p r r a s t i s - - - s - - , - , , j i d m u t e s D s a p t e a e n o - d d d s- 4 - b m D a I t n e n i o s c t - k - e s rba F ei n o g k r n - P s t a o a s v l - - f P u u l n i b c d - s u s t v p I p i h n c a n o o i a o i e l d d n r p r s r r - a t , i s - - s - - - , , r B i o n o w g r s - credit3 etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 __ 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16, 647 95 154 122 595 12,267 879 1933—June 30 6 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 1,460 457 707 538 20,439 21, 596 130 10 70 464 10, 789 12 NEW YORK CITY • 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 18 1,112 1933—June 30 » 846 101 874 1,255 127 332 96 461 4,676 4,358 1 110 671 1934—Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 7 56 591 1935—Dec. 31_ _. 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 591 1936—Dec. 31 2,658 133 1,087 2,493 393 225 285 457 7,274 6,929 4 679 12 1937—June 30 2,749 105 996 2,014 575 306 427 6,934 6,733 12 767 3 Dec. 31 2,738 120 989 2,108 416 382 404 6,507 6,111 7 696 1938—Mar. 7 2,941 95 605 2,173 327 360 185 327 6,429 6,336 694 June 30 .__ 3,517 119 842 2,514 283 123 273 367 6,900 6,698 694 Sept. 28 3,743 91 579 2,498 405 181 196 280 7,128 7,026 653 CITY OF CHICAGO • 1929-Dec. 31 169 133 158 310 42 1,041 957 19 332 1933—June 30 6 232 203 61 259 46 87 870 912 358 1934—Dec. 31 415 207 90 445 182 1,073 1,189 381 1935—Dec. 31 __ 511 209 135 522 208 1,301 1,401 413 1936-Dec. 31 558 188 159 599 191 1,495 1,554 449 1937—June 30 156 130 536 208 1,409 1,509 452 Dec. 31 179 146 528 207 1,354 1,438 445 1938—Mar. 7 566 135 84 576 170 1,270 1,372 445 June 30 _. 936 106 221 1,386 1,523 443 Sept. 28 856 204 1,455 1,585 439 RESERVE CITY BANKS 1929—Dec. 31 __ 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 41 371 4,433 292 1933—June 30 » 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 208 2,941 16 1934—Dec. 31. __ 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 206 3,494 1935-Dec. 31 1,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 266 3,796 1936—Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 203 4,026 1937—June 30 2,215 212 1,392 805 2,339 212 934 163 6,840 7,132 108 190 4,140 Dec. 31 2,310 200 1,470 841 2,389 256 777 192 6,743 6,870 107 266 4,161 1938—Mar. 7 2,376 213 1,632 538 2,461 234 809 121 6,455 6,848 116 269 4,198 June 30 2,289 300 1,951 693 2,514 266 812 146 6,668 6,934 113 262 4,238 Sept. 28 2,311 322 1,862 595 2,557 356 711 120 6,843 7,078 107 233 4,209 COUNTRY BANKS 1929-Dec. 31 627 321 291 405 39 742 169 5,091 5,711 61 133 6,390 367 1933—June 30 * 452 203 702 149 228 116 555 72 2,576 3,054 285 86 3,833 167 1934—Dec. 31 822 275 1,296 207 342 178 804 106 3,589 4,292 210 84 4,554 13 1935—Dec. 31 ._. 927 305 1,676 235 415 137 901 127 4,254 5,047 136 83 4,879 6 1936—Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 69 80 5,275 3 1937—June 30 1,337 330 1,554 269 409 69 1,067 139 5,089 6,027 64 85 5,459 12 Dec. 31 1,361 307 1,645 283 412 78 959 149 5,143 5,968 61 158 5,504 12 1938—Mar. 7 1,366 310 1,700 180 403 1,073 101 4,963 5,957 56 159 5,508 11 June 30 1,263 316 1,806 258 380 1,008 126 4,863 5,738 52 144 5,499 11 Sept. 28 1,282 351 1,786 188 398 108 114 5,013 5,908 46 147 11 i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." * Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on hand, but not in process of collection, amounting on that date to $16,000,000. • Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. < Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not in process of collection. * Beginning June 1933 figures relate to licensed banks only. • Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 54-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN MARCH 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 :or pur- Real Loans tions Other eral in domesinvest- Total trial, mar- and chas- estate to Other Total securi- Re- vault tic ments and ket dealers ing or loans banks loans ties serve banks agri- paper in se- carry- Fully banks cul- curities ing se- Direct guartural curities anteed TOTAL—101 CITIES 1938—January 21, 285 9,137 4,462 461 825 623 1,163 67 1,536 12.148 8,118 1,131 2,899 5,614 315 1,986 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 1939—January 21, 468 8,338 3,800 325 852 547 1, 170 100 1,544 13,130 8,191 1,728 3,211 7,437 440 2,561 1938—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 3,881 336 571 1,165 121 1,548 12,990 8,087 1,685 3,218 7,395 458 2,487 Dec. 14 21, 504 8,496 3,872 336 568 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 3,818 323 864 546 1,169 107 1,540 13,110 8,206 1,715 3,189 7,371 456 2,522 Jan.18 21,439 8,290 3,789 325 826 543 1,170 95 1,542 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 Feb.1 21, 442 8,233 3,767 324 792 535 1.174 99 1,542 13, 209 8,173 1,789 3,247 7,521 394 2,593 Feb. 8 21, 450 8,168 13, 745 324 786 534 1,137 106 1,536 13, 282 8,174 1,808 3,300 7,452 423 2,515 Feb. 15 21, 608 8,205 3,761 321 813 533 1, 134 104 1,539 13, 403 8,182 1, 975 3,246 7,171 410 2,522 NEW YORK CITY 1938—January 7,834 3,373 1,719 184 665 213 128 38 426 4,461 3,098 386 977 2,683 71 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 1939—January 7,645 2,982 1,371 128 694 192 117 79 401 4, 2,711 852 1,100 4,208 73 1938—Nov. 30 7,709 2,962 1,424 135 571 202 119 95 416 4,747 2,853 809 1,085 4,079 70 Dec. 7 7,846 3,080 1,424 135 687 201 118 98 417 4,766 2,863 809 1,094 4,065 71 Dec. 14 7,876 3,088 1,408 135 695 199 119 111 421 4,788 2,861 826 1,101 4,101 77 Dec. 21 7,855 3,040 1,384 132 690 199 119 98 418 4,815 2,881 845 1,089 3,815 75 Dec. 28 7,801 3,016 1,377 132 681 199 119 94 414 4,785 2,826 860 1,099 3,911 73 1939—Jan. 4 7,707 3,023 1,377 128 717 201 118 78 404 4,684 2,748 856 1,080 4,037 73 Jan.11 7,669 3,008 1,381 129 704 190 117 86 401 4,66' 2,742 836 1,083 4,119 72 Jan. 18 7,615 2,952 1,371 127 675 189 116 73 401 4,663 2,685 853 1,125 4,308 74 Jan. 25 7,589 2,946 1,354 127 681 190 116 79 399 4,643 2,670 863 1,110 4,368 74 Feb. 1 7,587 2,901 1,356 125 642 187 116 78 397 4, "" 2,648 903 1,135 4,395 73 Feb. 8 i 7, 658 2,890 U,351 125 636 187 108 86 14, 768 2,636 923 1,209 4,320 76 Feb. 15 7,725 2,917 1,358 125 660 187 108 83 4,""" 2,621 1,028 1,159 4,161 73 OUTSIDE NEW YORK CITY 1938—January 13, 451 5,764 2,743 277 160 410 1,035 1,110 7,68' 5,020 1,922 2,931 261 1,915 July 13, 038 5,291 2,421 203 132 383 1,041 1,083 7,74' 4,882 844 2,021 3,295 351 2,361 August 13,091 5,277 2,420 204 126 382 1,042 1,076 7,81' 4,896 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 2,088 3,207 357 2,340 October 13, 514 5,347 2,457 204 141 379 1,044 1,102 8,16" 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 1939—January 13, 823 5,356 2,429 197 158 355 1,053 1,143 8,46' 5,480 876 2,111 3,229 382 2,488 1938—Nov. 30 13, 616 5,355 2,442 203 141 370 1,050 1,127 8,26: 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 2,418 198 151 354 1,054 1,141 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 Feb. 1 13, 855 5,332 2,411 199 150 348 1,058 1, 145 8, 523 5.525 886 2,112 3,126 344 2,520 Feb. 8 13, 792 5,278 1 2, 394 199 150 347 1,029 11,139 18, 51' 5,538 885 2,091 3,132 369 2,439 Feb. 15. 13, 883 5,288 2,403 196 153 346 1,026 1,143 8,59. 5,561 947 2,087 3,010 357 2,449 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. 1 Figures beginning February 8, are not fully comparable with figures for prior period; see footnote 1 on page 204. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

203 MARCH 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] Demand deposits Time deposits Cash Total items assets Dereport- Interbank mand Interbank Bor- Other Capi- Date or month ed as Other United Certi- depos- row- liabil- tal aci c n e t o s i p l o s l r e n o o c 1 f c - - l T i i a t o i b t e a i s l l - D b o a t m n ic k e s s- F b o a r n e k ig s n G S m o t v a e e t n e r t n s - ch f e i e t e c c d . ks, Other i j t u s s — te a d d * - b m D a e n o s k t - i s c b F e a i o n g r k n - s Other ings ities count TOTAL—101 CITIES 1938—January. 1,334 1,270 31, 804 5,174 421 665 433 15, 339 14,438 112 8 5,210 4 814 3,624 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 1,263 34,163 6,120 477 536 448 16, 856 15, 825 113 9 5,135 2 790 3,677 December 1,586 1,287 34,613 6,079 496 585 548 17,124 16, 087 112 9 5,140 1 836 3,683 1939—January 1,430 1,231 34, 567 6,216 522 631 463 17, 020 16, 054 111 9 5,173 747 3,675 1938—Nov. 30 1,622 1,306 34,493 6,098 500 534 560 17,075 16,013 114 8 5,124 1 795 3,684 Dec. 7 1,382 1,297 34, 469 6,187 483 533 570 16, 926 16,114 111 9 5,127 1 839 3,683 Dec 14 1,590 1,301 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 Feb 1 1 460 1 241 34, 651 6,248 565 631 515 16, 993 16, 048 111 11 5,183 713 3 681 Feb. 8 1,260 1,281 34, 381 6,156 561 632 438 16, 898 16,076 115 11 5,174 1 713 3,682 Feb 15 1 647 1 272 34, 630 6,173 536 631 510 17, 088 15,951 112 11 5,181 707 3 681 NEW YORK CITY 1938—January 601 471 11,714 2,094 386 358 276 6,110 5,785 6 646 3 353 1 482 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 1939—January 640 415 13, 039 2,661 464 116 285 7, 085 6,730 5 613 331 1,479 1938—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 Feb. 1 704 411 13, 220 2,706 502 116 339 7, 142 6,777 5 617 310 1,483 Feb 8 612 419 13, 139 2, 626 497 116 284 7 215 6 887 5 617 294 1,485 Feb. 15 786 406 13, 204 2,615 476 116 349 7,246 6,809 5 624 289 1,484 OUTSIDE NEW YORK CITY 1938—January 733 799 20, 090 3,080 35 307 157 9,229 8,653 112 2 4,564 1 461 2,142 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 1939—January 790 816 21, 528 3,555 58 515 178 9,935 9,324 111 4 4,560 416 2,196 1938—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 Feb. 1__._ 756 830 21,431 3,542 63 515 176 9,851 9,271 111 6 4 566 403 2 198 Feb. 8 648 862 21,242 3, 530 64 516 154 9, 683 9,189 115 6 4,557 1 419 2,197 Feb. 15 861 866 21, 426 3,558 60 515 161 9,842 9,142 112 6 4,557 418 2,197 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

204 FEDERAL RESERVE BULLETIN MARCH 1939 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO [In millions of dollars] Loans* Investments Red F i e s d tr e i r c ( a t 1 l 9 a 3 R n 9 e d ) s e d r a v t e e i m T n lo a v o e n a I e t n n d a s t s t l s - Total1 m i C t n a e c a r g d o r i u n c a r u m l d i i - l s - a , - - l, p O m k a p p a e e r t e - n r b d c i r e n u a o T a r n k l s i o d e t e e i r e r - s s s fo i i O c l n c n r o a h g g t a r h a p r n s e s o y u s e - r - r r - - e l R o st a e a n a t l s e b L a o t n a o k n s s O lo t a h n e s r 1 Total1 D U m i . e r S e n c t . t i t G o o n o F b g s v l u u i e g a l r l a r n y - - - s O e ti t c e h u s e r ^ r i- b s s w F e a e R e e r n r r i e a v v t d k - h l e e - s v C a a i u n s l h t b a m w B a n d t n e i i c o a c t s k l e - h - - s s tural1 curities anteed BOSTON (6 cities) Feb 1 1,127 573 242 69 31 29 82 2 118 554 390 32 132 359 138 163 Feb. 8 1,123 565 246 65 29 25 80 2 118 558 388 33 137 347 140 151 Feb. 15 . 1,142 567 248 66 29 25 80 2 117 575 403 41 131 319 139 150 NEW YORK (8 cities)* Feb. 1 .- - 8,431 3,272 1,454 133 647 250 223 79 486 5,159 2,900 ! 959 1,300 4,524 64 203 Feb.8 8,489 3,239 1,447 133 641 249 197 87 485 5,250 2,898 ; 980 1,372 4,497 71 183 Feb. 15 8,559 3,267 1,456 132 666 249 196 84 484 5,292 2,886 ; 1,087 1,319 4,297 71 179 PHILADELPHIA (4 Cities) Feb 1 1,147 419 179 23 18 33 57 2 107 728 363 88 277 277 15 176 Feb 8 1,127 406 177 22 19 32 53 2 101 721 365 I 88 268 274 17 169 Feb. 15 1,132 408 178 23 19 32 53 2 101 724 364 • 92 268 260 17 172 CLEVELAND (10 Cities) Feb. 1 1,849 641 229 9 22 22 170 2 187 1,208 833 99 276 372 38 294 Feb. 8 1,851 638 227 9 22 26 169 2 183 1,213 834 102 277 358 40 277 Feb. 15 1,858 642 227 8 24 26 169 186 1,216 831 | 109 276 359 39 282 RICHMOND (12 cities) Feb 1 649 234 103 9 4 16 33 69 415 309 : 41 65 156 16 167 Feb 8 651 233 98 10 3 17 35 70 418 312 43 63 154 19 168 Feb 15 662 232 98 Q 3 16 35 71 430 319 45 66 347 17 156 ATLANTA (8 cities) Feb. 1 597 308 171 3 6 16 28 1 83 289 159 44 86 110 11 149 Feb 8 590 305 172 4 ? 13 28 1 81 285 155 47 83 110 12 159 Feb 15 598 307 172 4 13 27 1 83 291 155 51 85 112 11 158 CHICAGO (12 cities)* Feb. 1 3,188 845 479 31 36 77 98 4 120 2,343 1,647 i 234 462 919 57 429 Feb. 8 . __ 3,196 850 482 31 38 78 98 4 119 2,346 1,648 231 467 895 61 408 Feb. 15 3,202 848 483 30 37 78 98 4 118 2,354 1, 642 i 246 466 877 57 414 ST. LOUIS (5 cities) Feb. 1 702 311 187 4 6 13 49 45 391 230 60 101 162 10 138 Feb. 8 700 310 178 4 6 12 48 55 390 228 60 102 162 11 142 Feb. 15 702 309 177 4 6 12 48 7 55 393 229 63 101 155 10 145 MINNEAPOLIS (8 cities) Feb 1 395 156 76 4 1 7 7 61 239 182 : 15 42 65 6 93 Feb 8 392 155 76 4 1 7 60 237 182 15 40 69 7 87 Feb 15 393 154 76 4 1 7 59 239 183 16 40 70 6 84 KANSAS CITY (12 eities) Feb. 1 _ 659 259 158 18 5 11 23 1 43 400 215 52 133 156 10 268 Feb. 8 654 259 156 18 5 12 23 1 44 395 215 47 133 166 12 256 Feb. 15 661 258 154 18 5 12 23 1 45 403 216 54 133 156 11 268 DALLAS (9 cities) Feb 1 510 244 161 1 3 ,4 20 45 266 166 41 59 108 9 244 Feb 8 498 242 158 1 15 20 45 256 161 39 56 110 11 245 Feb. 15 505 243 160 1 3 14 19 46 262 161 . 45 56 108 10 250 SAN FRANCISCO (7 cities) Feb. 1 2,188 971 328 20 13 , 384 1 178 1.217 1 779 124 314 313 20 269 Feb 8 2 179 966 328 23 13 48 379 175 1.213 il 788 123 302 310 22 270 Feb. 15 2, 194 970 332 22 13 49 379 1 174 1,224 793 126 305 311 22 264 CITY OF CHICAGO* Feb 1 2 111 524 343 17 32 65 13 54 1,587 1. 149 116 322 702 31 210 Feb. 8 2 127 528 347 16 34 67 13 51 1,599 1,161 113 325 686 31 193 Feb 15 2,129 524 345 16 33 66 13 51 1,605 1, 156 125 324 658 27 197 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figuresf or the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively 1 Beginning February 8, 1939, amounts previously classified as loans or securities but indirectly representing bank premises or other real estate owned are classified among "other assets". These amounts on February 8, 1939, were $47,000,000 for loans, mostly real estate loans and $53,000,000 for securities. There was also a transfer on that date of certain loans theretofore erroneously classified as "Commercial, industrial, and agricultural" to "Other loans". Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

205 MARCH 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 1 t l 9 a 3 R n 9 e d ) s e d r a v t e e r i c n i e e t e t o i s p d e o p l s o m l n r e a r o o c s s t ! f c - - - O as t s h e e t r s a l T i i s a t o s i b e e t i a s t l s - l D b o a t I m i n n c k e te s s r - b F a b o n a r k n e k ig s nG U S m o n t v a e i e t t n e e r t n s d - c C h f e e i e t e c r c t . d k i- s, Other i j d m t u s e D s — a p t e e n o - a d d s d * - - m b D a I e n n o s k t - t e i s c rb b a F e a n i o n g k r k n - s Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - t c C a o l a u p a n i c - t - BOSTON (6 cities) Feb. 1 64 71 1 922 254 22 15 20 1,098 1 054 1 249 21 942 Feb. 8 55 82 1 898 255 23 15 18 1,073 1 036 1 250 20 243 Feb. 15 ._ _ . 63 82 1,895 251 21 14 16 1,078 1,031 1 250 21 243 NEW YORK (8 cities)* Feb. 1 745 545 14,512 2.768 504 134 353 7,794 7,402 14 5 1,010 319 1,611 Feb. 8 641 501 14,382 2,687 499 134 300 7,841 7,500 14 5 997 298 1,607 Feb. 15 830 486 14, 422 2 677 477 134 363 7,848 7,381 14 5 1,004 293 1,607 PHILADELPHIA (4 cities) Feb. 1 71 83 1.769 318 11 54 9 847 785 10 283 16 221 Feb. 8 58 104 1,749 309 10 54 7 839 788 11 283 15 221 Feb. 15 74 104 1,759 315 10 54 9 842 777 10 283 15 221 CLEVELAND (10 cities) Feb. 1 89 100 2,742 326 1 42 18 1,199 1,128 36 739 14 367 Feb. 8 67 106 2,699 311 1 42 15 1,169 1,117 39 738 17 367 Feb. 15 _ . 88 106 2,732 317 1 42 15 1,197 1,124 38 740 15 367 RICHMOND (12 Cities) Feb. 1 45 33 1,066 237 28 10 468 433 6 197 27 93 Feb.8 38 35 1,065 239 1 28 9 463 434 6 198 27 94 Feb. 15 40 36 1 058 234 28 8 464 432 6 198 26 94 ATLANTA (8 Cities) Feb. 1 46 40 953 229 1 41 6 394 354 3 182 6 91 Feb. 8 45 45 961 238 1 42 5 392 352 3 183 6 91 Feb. 15 _ _ . 53 47 979 241 1 42 4 408 359 3 182 91 CHICAGO (12 cities)* Feb. 1 154 82 4,829 910 10 129 38 2,442 2,326 9 890 16 385 Feb.8 - — 140 82 4 782 905 10 129 35 2 400 2 295 8 892 1 16 386 Feb. 15 197 82 4,829 915 11 128 41 2,432 2,276 8 892 16 386 ST. LOUIS (5 cities; Feb. 1 . _ 46 23 1,081 286 18 6 480 440 6 189 5 91 Feb. 8 42 23 1,080 286 20 5 479 442 6 188 5 91 Feb. 15 54 24 1 090 283 20 4 493 443 6 188 5 91 MINNEAPOLIS (8 cities) Feb. 1 26 16 601 122 1 2 6 285 265 2 119 8 56 Feb. 8 21 17 593 121 1 2 277 261 3 119 8 57 Feb. 15 . 28 17 598 123 1 2 5 282 259 2 119 8 56 KANSAS CITY (12 cities) Feb. 1 . . .. 61 22 1,176 341 23 12 549 500 7 144 2 98 Feb. 8 53 99 1 163 342 22 10 537 494 144 3 98 Feb. 15 68 22 1, 186 345 22 12 554 498 7 145 3 98 DALLAS (9 cities) Feb. 1 35 25 931 207 34 10 459 434 134 4 83 Feb. 8 35 30 929 211 34 8 455 428 134 4 83 Feb. 15 53 30 956 216 34 9 475 431 135 4 83 SAN FRANCISCO (7 cities) Feb. 1. . 78 201 3,069 250 15 111 27 978 927 18 5 1,047 275 343 Feb. 8 65 234 3,080 252 15 110 21 973 929 18 5 1,048 294 344 Feb. 15 99 236 3,126 256 14 111 24 1,015 940 18 5 1,045 294 344 CITY OF CHICAGO* Feb. 1 93 51 3 198 683 9 83 23 1 663 1 593 470 13 254 Feb. 8 85 50 3,172 681 9 83 21 1,640 1 576 471 13 254 Feb. 15 120 50 3, 181 685 10 83 24 1, 642 1,546 470 13 254 1 * See note on preceding page. 1 Does not include cash items in process of collection reported in balances with domestic banks. 1 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

206 FEDERAL RESERVE BULLETIN MARCH 1939 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS9 BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i 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 ra s l 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 on B on a s e e x d - Dollar between points in ing! ing Total O bi w lls n b B ou il g ls ht o c w o F n u o n r a t c- c f s o c o p e o u r o n r e n n r t i t g s e d n o - - f ot b h y ers p U in o . r t S o t . s U p fr o o . r S m t . s ch e a x n - ge U.S. F c o t o r r u i e e i n s g - n 1938—January 299 326 266 147 119 2 59 106 82 3 75 60 February 293 307 246 140 106 1 61 96 78 2 70 61 March 297 293 236 143 93 (J) 57 91 75 2 63 62 April 271 279 229 141 89 1 48 86 71 1 60 61 May 251 268 218 139 80 2 48 81 65 1 57 64 June - 225 264 210 135 76 2 52 79 63 1 58 63 July 211 265 217 133 84 1 47 78 63 1 60 63 August _ 209 258 216 129 87 42 83 58 2 55 60 September 212 261 221 129 92 (2) 40 89 57 2 56 57 October 213 270 223 130 93 (2) 46 94 57 3 59 56 November 206 273 222 124 98 51 94 59 3 59 57 December 187 270 212 121 91 C2) 58 95 60 3 57 56 1939—January 195 255 204 122 82 52 87 57 2 52 55 1 As reported by dealers; includes some finance company paper sold in open market. * Less than $500,000. Back figures.—8ee Annual Eeport for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances i Other credit balances Debit Debit End of month C b u ( a d s n l t e a e o b n t m ) i c t e e i s rs' a i b n n p a a v d a l c a e r c s n t t o r t n c u m a e e n d s r e t i s n s i n ' n t g a i b n n a a v d l c a e f c n s t i o r r t c u m m a e n d s e t i n s i n n t g C a b h a n a a s d n h n k d i o n s n r M o b w o o n e r d e - y J Free O (n th et e ) r p m i a n e r n v I tn n e t s e a t r n - s d ' m in e f n v i I r n e t m s a t n - d a c c a c p I o n u it n a t l s trading trading (net) accounts accounts 1936—-September 1,317 72 141 227 995 289 99 24 14 423 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—March __ 1,549 61 175 223 1,172 346 115 29 18 419 June 1,489 65 161 214 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 10 355 1938—January. . _ 958 31 103 220 641 288 87 28 11 333 February 937 31 104 207 628 280 80 26 10 324 March _ 831 29 95 215 576 239 81 25 9 315 April 763 26 97 203 485 248 88 24 9 309 May 760 25 85 208 482 243 92 22 8 301 June . 774 27 88 215 495 258 89 22 11 298 July 843 28 80 209 528 284 82 22 10 303 August 864 29 84 200 571 272 77 20 9 301 September 823 29 76 213 559 257 68 20 7 300 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 1939—January 971 34 75 192 713 235 60 22 12 298 i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. i 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

MARCH 1939 FEDERAL RESERVE BULLETIN 207 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by direct obligations of Rediscounts and advances un- Advances under sec. the United States der sees. 13 and 13a of the Fed- 10 (b) of the Federal (last paragraph of eral Reserve Act i Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act) F R eb a . t e 28 be I g n i n e n ff i e n c g t - v P r i a o r t e u e - s F R eb a . te 28 be I g n i n e n ff i e n c g t - F R eb a . t e 28 be I g n i n e n ff i e n c g t - Boston IK Sept. 2, 1937 Sept. 2, 1937 April 29, 1938 New York____ Aug. 27, 1937 Oct. 10, 1935 Feb. 8, 1934 Philadelphia- IK 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 IK 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, Feb. 28, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Rate in Maturity effect on In effect be- Previous Advances to financ- Feb. 28 ginning— rate ing institutions— Advances direct to Commit- 1-15 days i_. Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 16-30 days... ___do 1 or com- tion for to make 31-45 days... K ...do 1 mercial or- which On re- advances 46-60 days... __.do 1 ganizations institu- maining 61-90 days... ___do 1 tion is portion 91-120 days.. ___do 1 obligated 121-180 days _._do Boston 3^-6 3 33^ K-l i This rate also applies to acceptances bought under repurchase agree- New York 4-6 3 4-5 1-2 ments, which agreements are always for a period of 15 days or less. Philadelphia 4-6 K-2 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 43^-6 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 5-6 1-2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4 8 K Minneapolis 6 43^-5 43^-5 1 Kansas City 4-6 K-2 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco _ 5-6 3-4 4-5 K-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. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. [Percent per annum] Back figures.—See Annual Report for 1937 (table 40). Nov. 1, 1933 Feb. 1,1935 In effect MEMBER BANK RESERVE REQUIREMENTS to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Savings deposits Classes of deposits 1917- 1936- 1937- 1937- 1938- Postal Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Other time deposits pay- 1936 1937 1937 1938 after able in: 6 months or more On net demand 90 days to 6 months deposits:1 Less than 90 days Central reserve city. 22% Reserve city 15 1734 NOTE.—Maximum rates that may be paid by insured nonmember Country 103^ 12M 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 1 See footnote to table on p. 196 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

208 FEDERAL RESERVE BULLETIN MARCH 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on- Average rate on- 1929 1932 1933 1934 1935 1936 1937 1938 1939 Aver- U. S. rreas- age New York City: Year, Prime Stock Stock ury bills yield on January 5.74 4.71 4.12 3.58 2.83 2.64 2.50 2.36 2.29 month, or Prime bank- ex- ex- U.S. February 5.73 4.71 4.11 3.43 2.90 2.56 ?, 41 2.34 2.24 week com- ers' change change Treas- March 5.81 4.72 4.88 3.31 2.64 2.61 2.50 2.40 mercialaccept- 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 5.88 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 p w e i r t i h o i d n 1 ta q t u i o o - n A Se u p g t u em st ber 6 6. . 0 0 6 5 4 4. . 3 4 0 5 3 3 . . 9 7 7 9 3 3 . . 3 2 3 6 2 2 . . 6 7 7 2 2 2. . 4 4 0 2 2 2 . . 4 3 1 9 2 2 . . 1 2 6 5 October- 6.08 4.35 3.76 3.28 2.72 2.46 ? 38 2.29 November 5.86 4.12 3.52 3.22 2.77 2.43 2.45 2.33 1 1 9 9 3 3 7 6 a av v e e r r a a g g e e . . _ .. . . . 9 7 5 5 . . 4 1 3 5 1 1 .1 2 6 5 1 . 9 0 1 0 .1 4 4 ft . . 2 1 8 7 1 1 . . 4 1 0 1 December 5.74 4.22 3.48 3.18 2.61 2.43 2.40 2.33 1938 average.._ .81 .44 1.25 1.00 !05 .07 .83 Year 5.88 4.49 4.02 3.33 2.70 2.49 2.43 2.32 8 other northern and 1938— F A J J S D M O N M A J u u e e e u p c o a a a b p n l c t n v g y r r y t e . i . l . .... %-Y X X f X ^ A ~ - . l i 1 1 7 7 7 T 7 7 7 7 7 7 7 7 / / / / / / / / / / 1 1 ' 1 1 1 1 1 1 1 1 / ' 1 6 6 1 6 6 6 6 6 6 8 6 6 8 1 I \ I I 1 I I I K K K K K K M y \ £ S 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 1 0 0 0 1 0 0 0 0 0 0 8 0 2 2 2 0 1 3 7 8 5 5 . . . . . . . . . . . 0 0 0 1 0 0 0 0 0 0 0 0 4 5 8 0 5 9 5 6 7 3 8 8 1 1 1 . . . . . . . . . . . 6 7 9 6 8 7 6 1 7 7 0 0 8 1 4 7 2 7 7 0 1 3 1 9 ea J A J J A N M M s F O t a u u e p e u o c n a a n l b r r v t g y r u y n o e r i e u c l a u b m h s c r a e t i y b r r t . i y . e e r s: _ 5 5 6 6 6 6 5 6 6 6 6 . . . . . . . . . . . 8 1 8 0 2 9 0 1 0 0 2 7 1 6 0 4 1 9 2 2 8 5 4 5 5 4 5 5 5 5 5 5 5 . . . . . . . . . . 0 9 1 0 1 8 1 1 0 1 1 7 6 3 5 4 8 2 3 3 4 0 4 4 4 5 4 4 4 4 5 4 4 . . . . . . . . . . . 8 8 6 5 3 9 6 9 0 6 8 9 4 1 4 9 9 5 7 9 8 2 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . 1 4 6 5 5 0 3 3 1 1 1 1 9 5 2 2 8 9 0 2 5 3 4 4 4 3 3 3 3 3 3 3 3 . . . . . . . . . . . 0 0 9 7 8 0 8 7 7 7 6 8 5 9 5 7 2 8 8 9 5 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 4 4 6 4 5 6 4 5 4 6 6 7 7 0 5 1 1 7 0 5 3 2 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 3 4 3 3 2 4 3 3 3 3 4 7 5 6 6 9 3 3 4 2 2 2 3 3 3 3 3 3 3 3 3 ! . . . . . . . . 3 2 3 2 3 2 3 2 2 7 7 0 6 8 8 7 8 6 3 3 . . 4 3 1 3 1939 Jan V2-v% 7/16 IK 1.00 (3) .03 .65 December 5.94 4.88 4.59 3.98 3.67 3.46 3.36 3.47 Week ending: 27 south Y er e n a r and 6.04 5.05 4.83 4.29 3.86 3.52 3.36 3.32 Jan 7__ T/l« 1^ L.00 (2) .03 .68 western cities: J J J F a a a e n n n b . . . . 2 2 1 4 1 _ 4 8 _ . _ . . _ . V } } / / 2 2 T ~ ~ ~ ~ ~ % % % 7 7 7 7 / / / / 1 1 1 1 6 6 6 6 I I I I X X X X L L L 1. . . . 0 0 0 0 0 0 0 0 . ( ( ( 0 3 3 3 1 ) ) ) . . . .0 0 0 0 3 3 3 3 . . . . 6 6 6 6 7 3 4 3 J A M F a e p n a b r u r r il c u a h r a y . r . - y 6 5 6 5 . . . . 0 0 9 9 7 4 4 6 5 5 5 5 . . . . 6 6 6 6 3 1 1 4 5 5 5 5 . . . . 6 6 5 6 8 0 6 6 6 5 5 5 . . . . 3 4 3 4 4 0 9 0 4 4 4 4 . . . . 8 8 8 9 0 5 4 5 4 4 4 4 . . . . 4 4 5 4 0 7 1 4 4 4 4 4 . . . . 2 1 1 1 1 5 6 5 4 4 4 4 . . . . 1 1 H O 2 6 f 4 4 . . 0 1 9 0 F Fe e b b . .1 1 8 1. V Y 2 r~ ~% % 7 7 / / 1 1 6 6 I I X X L L . . 0 0 0 0 . ( 0 3 1 ) . . 0 0 3 3 . . 6 6 4 3 J M u a n y e 6 6. . 1 1 6 0 5 5 . . 6 6 4 2 5 6. . 6 6 2 6 6 5 . . 2 1 8 9 4 4. . 7 7 6 9 4 4 . . 3 4 9 3 4 4 . .1 1 7 8 4 4 . . 1 1 4 3 Feb. 25.. YT-% Vli IX L.00 (3) .03 .63 July 6.17 5.63 5.54 5.07 4.58 4.35 4.19 4.12 August- 6.22 5.68 6.53 5.05 4.63 4.25 4.18 4.12 September 6.27 5.63 5.55 5.04 4.51 4.29 4.18 4.07 1 Series comprises 273-day bills to October 15, 1937, bills maturing October- 6.29 5.66 5.50 5.05 4.55 4.23 4.16 4.06 about March 16,1938, from October 22, to December 10,1937, and 91-day November 6.29 5.55 5.42 4.93 4.51 4.24 4.17 4.05 bills thereafter. December 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 2 Part of issue sold on negative yield basis and remainder at no yield. 8 Less than 0.005 percent. Year 6.14 5.62 5.56 5.17 4.69 4.35 4.17 4.11 Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures for 91-day Treasury bills available on request. BOND YIELDS1 [Percent per annum] Corporate 4 Year, month, or week T U r . e S a . s- M ip u a n l i i c- By ratings By groups ury* Total Aaa Aa A Baa In tr c i u a s l - 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 3.46 401 5.03 3.65 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 1938—January 2.65 3.03 4.19 8.17 3.50 4.20 5.89 3.64 5.02 4.01 February 2.64 2.99 4.23 3.20 3.51 4.24 5.97 3.57 5.06 4.07 March 2 64 2 99 4.36 3.22 3.56 4.34 6.30 3.58 5.44 4 05 April 2.62 3.03 4.50 3.30 3.73 4.49 6.47 3.64 5.75 4.11 May 2.51 2.91 4.28 3.22 3.56 4.28 6.06 3.51 5.44 3.90 June 2.52 2.91 4.40 3.26 3.68 4.41 6.25 3.55 5.75 3.90 July . 2.52 2.87 4.17 3.22 3.62 4.21 5.63 3.48 5.25 3.79 August. 2.51 2 82 4.09 3.18 3.57 4.13 5.49 3.43 5.09 3.76 September 2.58 3.02 4.17 3.21 3.60 4.20 5.65 3.50 5.18 3.82 October 2 48 2 82 4 03 3 15 3.53 4.08 5.36 3.43 4.94 3.73 November 2 50 2 74 3 95 3 10 3.46 4.02 5.23 3.39 4.83 3.65 December. _. 2.49 2.75 3.95 3.08 3.42 4.02 5.27 3.40 4.82 3.63 1939—January 2.47 2.70 3.86 3.01 3.32 3.97 5.12 3.31 4.70 3.57 Week ending: January 28 2 48 2 71 3 86 3.02 3.30 3.98 5.14 3.30 4.71 3.56 February 4 2.45 2.72 3.86 3.01 3.29 3.98 5.14 3.30 4.73 3.55 February 11 2.44 2.69 3.82 3.00 3.27 3.94 5.07 3.29 4.65 3.52 February 18 2.43 2.70 3.81 3.00 3.25 3.93 5.05 3.29 4.63 3.51 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. Bick figures.—Sea Annual Report for 1937 (table 83): for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

209 MARCH 1939 FEDERAL RESERVE BULLETIN BOND PRICES l STOCK MARKET Stock prices l Corporate 3 Year, month, or date T U u r r e . y a S s * - . M ip u a n l ic- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or fe P rr r e e d - 2 Comm I o n n d u (i s n - dex R , a 1 i 9 l- 26=100) u t i m V r n a g o e d l « - - of Total trial road Utility Number of issues 2-6 60 20 20 20 1936 average 103.7 110.8 97.5 92.2 94.7 105.4 Number of issues— 20 420 348 32 40 1 1 9 9 3 3 7 8 a a v ve e r r a a g g e e— 1 10 0 3 1 . . 4 7 1 1 1 1 0 3. . 7 3 9 78 3 . . 9 4 9 82 0 . . 9 1 8 5 9 8 . . 6 6 1 9 0 5 0. . 4 3 1 1 9 9 3 3 7 6 a a v v e e r r a a g g e e ,. __ 1 13 3 6 8 . . 2 9 1 11 1 2 1 1 1 2 3 7 1 4 5 9 1 lo 95 T 1 1 , , 5 8 1 2 9 4 1938—January 102.3 111.5 80.6 81.7 66.2 94.0 1938 average 135.6 83 99 26 73 1,100 N J M A J A M D S F O u u e e o p u e c a a l n p b c t y r v g y r e o t i r e c e u _ l e b u m h m s . m e _ a t b r b r b y e e e r r r _ .. _ _ _ _ . 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 4 2 3 4 4 3 4 2 2 3 4 . . . . . . . . . . . 0 4 0 0 8 9 7 3 0 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 5 1 1 3 3 2 4 5 2 6 . . . . . . . . . . . 6 2 7 6 6 6 2 2 2 2 5 8 7 8 7 7 8 8 8 7 7 7 8 1 2 6 0 1 5 1 3 9 6 . . . . . . . . . . . 7 0 3 8 8 1 3 1 8 3 5 8 8 8 8 8 8 8 8 8 7 7 5 5 0 4 0 6 0 6 6 7 9 . . . . . . . . . . . 0 7 4 0 2 9 6 0 8 8 5 6 6 6 6 5 5 5 5 5 5 5 0 0 0 5 5 5 3 2 8 9 7 . . . . . . . . . . . 0 7 0 2 2 0 6 1 9 5 3 9 9 9 9 9 9 9 9 9 9 9 4 8 0 7 9 8 6 8 4 1 2 . . . . . . . . . . . 0 6 7 0 2 3 3 1 3 2 2 1938— J J N A M A S O F M J u u e e o p c u a a n a p l b n t r v g y r e o y i t r u e c u l e b u . a h m s m . e a r t . y r b r b y e e r r. _ _ _ . 1 1 1 1 1 1 1 1 1 1 1 4 3 3 2 3 3 4 3 3 3 3 0 1 5 7 7 2 2 3 3 2 8 . . . . . . . . . . . 6 4 7 9 9 2 3 5 3 3 1 • 8 9 9 8 7 8 9 7 7 7 8 8 0 1 1 4 6 5 8 1 3 2 1 1 1 1 1 0 1 1 0 0 9 9 9 8 8 8 8 4 0 4 5 6 6 3 4 7 6 3 2 2 2 2 2 2 2 2 2 2 0 9 6 1 2 7 8 6 8 1 8 8 6 6 7 7 7 7 7 6 7 7 1 4 9 7 5 2 6 1 9 0 7 1 1 1 1 1 1 , , , , , , 7 0 3 0 0 8 9 6 8 7 7 6 5 5 6 8 3 2 2 4 1 7 0 2 3 9 2 4 8 5 9 9 3 1939—January 104.4 117.3 81.9 86.2 59.7 99.7 December... 141.7 92 111 29 78 1,195 January 25 104.2 117.1 81.1 85.8 58.1 99.4 1939—January 141. 7 92 109 30 81 1,114 F F F e e e b b b r r r u u u a a a r r r y y y 8 1 1 _ 5 _ 1 1 1 0 0 0 4 4 4 . . . 6 8 6 1 1 1 1 1 1 7 7 7 . . . 0 3 5 8 8 8 1 2 2 . . . 0 0 5 8 8 8 6 6 6 . . . 2 5 3 5 5 8 9 . . 4 1 1 1 9 0 0 9 0 0 . . . 6 8 9 J F F a e e n b b u r r a u u r a a y r r y y 2 5 1 8 _ _ - _ . _ _ _ _ 1 1 1 4 4 4 2 1 1 . . . 0 4 8 8 8 9 7 9 1 1 1 1 0 0 0 4 5 7 2 2 2 7 8 9 8 8 8 5 1 2 1,4 6 7 1 5 8 5 7 2 February 15.. 141.9 91 107 28 84 650 1 Monthly data are averages of daily figures except for municipal bonds* which are averages of Wednesday figures. s Average prices of all outstanding bonds due or callable after 12 years, 1 Standard Statistics Co. Monthly data are averages of Wednesday D ba e s c e e d m b o e n r q 19 u 3 o 8 t , a p ti p o . n 1 s 0 4 f 5 ro -1 m 04 6 T f r o e r a d su e r s y c rip D t e io p n a . rtment; see BULLETIN for fig 2 u A re v s e . rage prices of industrial high-grade preferred stocks, adjusted to a tis 8 t i P cs r i C ce o s . derived from average yields, as computed by Standard Sta- $7 3 a A n v n e u r a a l g d e iv d i a d il e y n d v o b l a u s m is e . of trading in stocks on the New York Stock Exchange, in thousands of shares. Weekly figures are averages for the Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury week ending Saturday. 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 and T ( o d t o a - l Corporate T ( o do ta - l Corporate fu in 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 fo e 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 - 1 eign) n p i a c l i- cies* Total n a o n te d s Stocks eign) n p i a c l i- a c g ie e s n J - 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 0 474 451 23 182 1931 4 038 3 089 2 860 1 235 75 1 551 1 239 311 229 949 893 21 51 821 789 32 56 1932 .. 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2 160 1 386 1 386 803 405 178 144 35 o 774 765 136 317 312 312 o 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 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 1 0 119 119 16 45 58 68 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 0) 235 235 11 14 211 211 0 0 Sept 237 144 144 51 8 85 83 2 0 92 92 22 6 65 65 (•) 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 i 15 20 197 186 11 3 1939—Jan 256 200 200 76 118 5 5 1 0 57 57 27 19 10 10 (3) 0 1 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., a Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN MARCH 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 other5 tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U.S. 1932—-June 19,487 19,161 618, 816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 621, 782 753 13, 417 4,548 954 92 284 66 315 1934—June 27,053 26,480 626,006 753 15, 679 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 1938—January.... 37,453 36,887 34,114 79 20,476 1,060 10, 547 1,952 872 1,263 638 466 February... 37,633 37,080 34,144 79 20,476 1,106 10, 531 1,952 867 1,399 669 462 March 37, 556 37,001 34,032 79 20,927 1,148 10,076 1,803 860 1,460 648 458 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. 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 1939—January... 39, 631 39, 097 35, 469 24, 005 1,580 8,496 1,309 826 2,046 756 109 425 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i OBLIGATIONS, JANUARY 31, 1939 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- Date maturing Total Bonds! Notes Bills Farm Owners' struction modity End of month Total Mortgage Loan Finance Credit Corpora- Corpora- Corpora- Corpora- 1939—Before Apr 1 919 13 906 tion tion 2 tion tion Apr 1—June 30 1,697 1,294 404 July 1—Sept 30 427 427 Oct 1—Dec 31 526 526 1934—June 681 312 134 235 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 1,895 898 997 December 4,662 1,422 2,988 252 1945 2,120 2,120 1937 June 4,665 1,422 2,987 255 1946 1,848 1,848 December 4,645 1,410 2,937 297 1947 2,831 2,831 1948 1,961 1,961 1938—January 4,646 1,410 2,937 298 1949 2 985 2 985 February 4,646 1,410 2,937 299 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 489 489 August 5,015 1,410 2,888 511 206 1959 982 982 September 5,009 1,404 2,888 511 206 1960 2,611 2,611 October 5,001 1,395 2,888 511 206 1961 50 50 November 4,993 1,388 2,888 511 206 1963 . . 919 919 December 4,992 1,388 2,888 509 206 1965 591 591 1939—January 4,987 1,383 2,888 509 206 Total .. 35, 469 25, 664 8,496 1,309 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the 1 Issues classified as of date of final maturity; most issues callable at public debt. The total includes guaranteed debentures of the Federal earlier dates; most of the U. S. savings bonds are redeemable at option Housing Administrator, amounting to $1,426,000 on January 31, 1939. of i 2 h I o n l c d l e u r d . es unclassified U. S. savings bonds. 2 Excludes obligations guaranteed as to interest only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

211 MARCH 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 ; T a ru c- st I c n r c e r a e p s a e e s r e i d o u o d r r i d ng ecounts, General Excess etc.7 of re- excess Period Total c ta I o x n m e - s e t s S a e o i x c t c y e u i s a r- 2 l O i r n n e n u t t v a h e e e l e r 3 - - r o A th l e l r Total e I d n s e t t e b o r t - n t f i V N a e d o n n e e n a d s - t - a - e l o A th l e l r r c a e R e o l n r i e v y d e - - f f ( v u n R i o n n e e l g d t v - ) s - 5 T f a t e e c r r r t a u s c c n t s . t s 6 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 o t + e e u ( e f n i - ) r x p r e ) o d e - t s i s - r - b G a f e l u a n n n e d c ra e l 7 G d r e o b s t s erans' Adm.4 Fiscal year ending: June 1936 _ 4,116 1,427 (8) 2,086 603 8,666 749 1,340 1,310 3,441 11 1,814 -4,550 +312 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,442 866 1,436 1,994 3,073 204 868 -3,149 +374 -128 +2,646 June 1938 6,242 2,635 755 2,285 567 7,626 926 1,556 2,178 2,238 121 607 -1,384 +306 -338 +740 7 months ending: Jan. 1937 2,442 748 3 1,302 390 4,447 417 828 1,017 1,929 109 148 -2, 005 +325 -956 +724 Jan. 1938 3,511 1,210 471 1,443 388 4,223 448 899 1,189 1,167 49 470 -712 +80 +396 +1,028 Jan. 1939 3,235 1,183 375 1,376 302 5,197 455 960 1,549 1,769 57 406 -1,962 +212 +717 +2,467 1938—January 335 52 57 172 53 533 16 130 180 147 4 56 -198 r+l -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 1939—January 308 48 43 173 45 693 30 140 221 257 6 39 -385 +30 -151 +204 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age reserve and Unemployment Net expenditures in railroad retire- trust fund checking accounts of All Period ment accounts Government agencies other, excess In- Workof re- In- cre- Seign- ing Bene- With- Recon- Com- ceipts Total active ment iorage bal- Re- In- fit Re- In- drawals struction modity All (+)or gold on ance ceipts vest- pay- ceipts vest- by Finance Credit other expen- gold ments ments ments States Corpora- Corpora- 10 ditures tion io tion « <-)» Fiscal year ending: June 1936 19 19 s 241 33 100 +204 2 682 140 316 2 225 June 1937 267 ' 267 (8) 294 293 1 » 329 • 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 6 9 9184 Ml +87 2,216 142 446 1,628 7 months ending: Jan. 1937 45 45 58 55 (8) 9 287 »24 13 +24 1,726 127 141 340 1,118 Jan.1938 397 347 39 376 336 35 9 22 16 97 +52 2,950 1,223 142 413 1,172 Jan.1939 331 243 67 453 202 248 9 184 134 9 79 +59 2,933 142 503 2,288 1938—January 56 51 8 50 24 34 '9 19 '9 21 +19 2,950 1,223 142 413 1,172 February 56 51 7 95 85 6 »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 April 19 1 14 37 »3 41 34 7 7 +8 2,689 142 433 2,114 May 2 »5 9 128 85 34 6 » 1 9 149 +7 2,567 142 440 1,985 June 17 17 9 82 46 39 9 14 »96 38 +2 2,216 142 446 1,628 July 60 40 9 35 36 9 260 10 9 55 +10 2,116 142 451 1,523 August 48 35 9 131 82 53 10 31 26 +3 2,260 142 455 1,663 September 45 35 9 35 94 40 24 27 97 +3 2,978 142 460 2,376 October . 44 34 10 38 «14 40 19 23 96 +19 2,569 142 467 1,960 November 49 34 10 125 96 26 21 18 8 11 +13 2,447 142 478 1,828 December 49 34 10 37 32 19 18 16 •4 +8 3,084 142 492 2,449 1939—January 39 34 10 51 10 33 9 15 10 9 20 +2 2,933 142 503 2,288 I Excludes debt retirements. r Revised. * Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. * Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." * Includes revolving funds of Public Works Administration and Farm Credit Administration. 9 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. ^Excess of credits, w Monthly figures for the fiscal year 1938 subject to revision. II 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

212 FEDERAL RESERVE BULLETIN MARCH 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1938 {Based on compilation by U. S. Treasury Department from reports received from organizations concerned.' In millions of dollars] st R ru ec c o ti n o - n Ho h m ou e s i m ng o r a tg g a e g n e c i a es nd Farm credit agencies Ten- Total F i A C P W s r i a t d a n u o r t o n m a a r b i p r d o n t l k i i o i n c n o c s - e - n O C H r 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 h e e g r n e s e t - - r U t S H h A n t o i o a n i r u u t t g i e e - s t s d - y F m a g c g a a o i e r e g r m n s e t- - p a C o b n O A F r d a r a t d a e n h r t m c d m k i e o o i s r . t r n - s m C C r C a o r o o t e r i d m p o d i o n i t - t y - Other t V n A h l s i e e e t o a u s y y e l - r - - - a a s c I n g u i n e e c r - s - n e - Other D 1 3 9 e 1 3 c , 8 . N 1 3 9 o 0 3 v , 8 . D 1 3 9 e 1 3 c , 7 . ASSETS Loans and preferred stock: Loans to financial institutions,. 244 199 (i) 27 0) 470 464 501 Prpferred stock etc 537 215 47 76 0) 874 857 886 Loans to railroads 481 30 511 503 440 Home and housing mortgage loans 2,169 134 32 2,335 2,326 2,475 Farm mortgage loans 2,735 2,735 2, 751 2,876 Other agricultural loans 21 276 368 86 0) 751 735 561 All other loans 2 515 (0 3 181 4 190 886 865 826 Total loans and preferred stock 1,797 2,384 380 32 2,735 352 368 267 27 221 8,562 8,502 8,564 Cash 3 129 38 8 82 29 0) 22 5 33 21 370 349 299 U. S. Govt. direct obligations 48 1 38 0) 66 150 403 4 710 701 606 Obligations of Government credit agencies: Fully guaranteed by U. S. 9 32 104 145 144 ISO Other 6 3 5 1 32 35 36 32 Accounts and other receivables 28 14 4 0) 194 5 12 (0 3 15 52 328 333 277 Business property _ . 0) 6 129 6 0) 0) 219 1 94 456 452 388 Property held for sale 30 542 0) 115 (0 1 1 689 679 619 Other assets 1 6 0) 7 0) 0) 5 1 22 113 156 138 62 Total assets other than interagency 1.911 3,082 469 170 3,205 601 381 294 229 605 505 11,45111, 33511,027 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States. __ 509 2,888 1,388 206 1 4,992 4,994 4,645 Other6 0) 120 * 1, 019 169 2 0) 6 1,317 1,323 1,363 Other liabilities (including reserves)_ 84 133 26 2 109 11 75 6 5 154 133 739 700 585 Total liabilities other than interagency 593 3,022 146 2 2,516 180 281 6 7 156 139 7,048 7,016 6,593 Excess of assets over liabilities, excluding interagency transactions,, 1,318 61 323 168 689 421 100 289 222 449 365 4,404 4,318 4,434 Privately owned interests 46 192 4 139 381 382 361 U. S. Government interests 1,318 61 278 168 496 417 100 289 222 310 365 4,022 3,936 4,073 1 Less than $500,000. 2 Includes $41,000,000 loans of Public Works Administration. 3 Includes $179,000,000 loans of Farm Security Administration. « Includes $88,000,000 loans of Eural Electrification Administration. 6 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Jan. 31, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, 1938 1938 1938 1938 1938 1938 1938 1939 Loans to financial institutions 246,598 232, 279 219,999 216, 859 216,157 212, 213 209, 625 i 205, 539 Loans on preferred stock of banks and insurance companies. 38,417 37, 438 37, 220 37,154 37,090 37,083 34, 616 34,116 Preferred stock, capital notes, and debentures 551, 335 531, 694 525,160 523, 605 521, 981 520, 550 r536, 590 532, 352 Loans to railroads (including receivers) 358, 216 398,304 414, 928 419, 364 426,046 428,041 436,094 437, 789 Loans for self-liquidating projects _ 235, 263 193,053 191, 551 193,078 194,606 194, 748 186, 384 187, 588 Loans to industrial and commercial businesses 73,703 81,060 85, 049 92,137 98, 224 103, 598 107,747 109,419 Loans to drainage, levee, and irrigation districts 77, 715 79, 529 79,391 79, 601 79,667 80, 836 81,037 82, 396 Other loans__ __ 3,846 4,28' 14, 365 14, 456 19, 205 19, 215 24,040 28,952 Securities purchased from Public Works Administration._. 140, 916 138,132 138, 509 137, 697 138, 783 138, 607 140,194 140,801 Total loans and investments, other than interagency-- 1, 726,009 1, 695, 775 1, 706,172 1, 713,950 1, 731, 760 1, 734,893 1, 756, 327 1, 758, 951 Loans to Federal land banks.. 11, 481 4,992 16 Loans to Commodity Credit Corporation. 80,206 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 r45,000 45,000 Capital stock of Disaster Loan Corporation.. 10,000 Loans to Rural Electrification Administration 26,055 46,498 46,498 46,498 46, 498 46, 498 47, 698 Capital stock of, and loans to R. F. C. Mortgage Co 68, 207 41,186 41, 755 42, 595 44, 996 48, 644 54,159 56, 548 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11, 7 16,403 23,185 31,975 40, 868 49, 710 11,000 Loans to Tennessee Valley Authority... 2,000 2,000 2,000 3,000 3,000 Total loans and investments. 2, 038, 95: 1,820, 239 1, 830, 844 1, 848, 228 1, 877, 228 1,892, 902 1, 954, 693 1, 922,197 * Revised. i Includes $63,000,000 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

213 MARCH 1939 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by— by- and discounts for— Regional agri- Produc- Regional Emer- End of month cultural Other tion credit agricul- gency la F nd e d b e a r n al ks C s o B L i m o a a n n n m e d k r is- p s a c p c o r n r o r o e c d e r d d i a d a u i b t i t t i c t i a o c o t a n n i o n s o k s r s - n s , - , f c i i e n o n t t x i a o s i o n v c p t n i e c e e t s p i s r u n , a t - g - as t s io o n ci s a- t i u r t r a a c t l o i o r c p n r o s e - d- c d r r l o o o p a u n a g s 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 n u k v p n t d s e e r k i s a r f n , - o l g r i M A i n r n e g t g a g u v r r o r i f k A c a u l e u l v n c t - l t d - for cooperatives 1 1934—December 1,915,792 616,825 99,675 55,672 60,852 87,102 111, 182 33,969 27,851 54,863 1935—December 2,071,925 794, 726 104,706 47,162 94,096 43, 400 172,489 2,731 50,013 44, 433 1936—December 2,064,158 836, 779 129,872 41,017 105,212 25, 288 164,887 1,641 69, 647 53, 754 1937—December 2,035, 307 812,749 165,194 40,464 138,169 15, 592 172,130 1,813 87, 633 30, 982 1938—January 2,031, 290 807, 788 164,700 39, 263 138,996 15, 488 170,429 1,576 86,856 30, 259 February 2,029, 517 804, 212 173, 384 38,852 147, 983 15,198 169, 609 1,502 87,113 27,875 March 2,025, 707 798, 776 186,137 39, 526 162, 600 15,164 175,800 1,420 82, 323 27, 304 April 2,022, 846 794,916 195,899 40, 650 173,113 15,060 183,467 793 79,926 26, 335 May 2,019,930 790, 772 202,147 41,312 179, 790 14,834 184, 766 655 78, 417 25,332 June 2,017,696 786,068 207,988 42, 894 184, 327 14, 788 184, 532 19 81,190 24, 604 July 2,013, 645 781, 703 199, 288 42, 582 183,891 14, 442 183, 289 118 75, 264 25,028 August _ . 2,008, 661 776,982 197, 274 42,984 181,154 14,003 181,867 118 75, 961 26,119 September 2,003,810 771,988 189,937 40,808 170, 806 13, 374 179, 398 256 82, 544 27, 370 October 1, 997, 561 766, 502 174, 626 36,121 154, 560 12,354 174, 574 744 86, 931 27, 917 November., 1, 990, 475 760, 326 166, 549 34, 537 148, 430 11, 592 172,043 851 86, 221 25, 313 December 1, 982, 224 752, 851 168,392 33, 545 148,037 11,081 170,891 920 87,496 23, 723 1939—January _ 1, 973,179 745, 631 163, 815 33,077 148, 416 10, 863 169, 707 834 80, 266 23, 948 1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- Federal Depos- U. S. s e G cu o r v i e ti r e n s ment home End of month itors Cash Cash, End of month Home Fe lo d a e n r a a l s s s a o v c i i n a g ti s o a n n s d lo b a lo a n a n s n k to an ba c l e - s1 Total in p to o r d s y i e - - r D ec i- t G a u n a - r- f s u e r n e r - v d e s, Owners' member banks Total obli- teed etc.2 L p o o a r n a t C io o n r- N of u m as b s e o r - Loans! i t n io st n i s tu 3 - ti g o a n - s o g b a l - iciations tions 1934—December. 2,379,491 639 81,300 86, 651 1935—June 1,205 1,236 385 777 630 147 74 1935—December. 2,897,162 023 348,000 102, 791 1936—June 1,232 1,265 203 967 800 167 95 1936— December. 2, 765,098 212 586, 700 145,394 1937_june 1,268 1,307 136 1,100 933 167 71 1937—December. 2,397,647 328 853, 500 200,092 1937—December 1,270 1,308 130 1,097 930 167 81 1938— F M A M J e p a a a b r n r y i r c u l u h a a r r y y .. . . . 2 2 2 2 2 , , , , , 3 3 2 3 3 7 2 8 4 0 0 3 1 8 1 , , , , , 9 9 8 0 8 8 9 8 2 9 4 5 4 5 4 1 1 , , , , , 3 3 3 3 3 3 3 3 4 4 4 2 8 5 2 8 8 8 9 9 9 1 7 6 3 5 9 4 4 0 , , , , , 9 8 3 7 3 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 9 8 8 8 8 0 3 6 7 3 , , , , , 7 5 4 1 5 4 0 9 0 3 7 7 8 5 5 1938— M M A F J e a p a a b n r r y i u r c l u h ar a y ry _ J L L L 1 . , 2 , , , 2 7 2 2 2 5 2 6 6 7 5 6 8 1 1 1 1 1 1 , , , , , 3 2 3 3 3 1 9 0 1 0 1 6 6 1 1 1 1 1 1 1 2 1 2 1 2 5 6 4 9 1 1 1 1 1 1 , , , , , 0 1 1 1 1 9 1 1 0 1 7 0 2 8 3 9 9 9 9 9 3 4 4 4 4 0 6 6 4 1 1 1 1 1 1 6 6 6 6 6 7 7 6 7 7 8 7 7 7 7 9 5 2 2 2 June _. 2, 265,153 1,346 947,500 196, 222 June 1,252 1,290 115 1,103 936 167 72 A J O S u e u c l p g y to t u e b s m t er b . e .. r . 2 2 2 2 , , , , 2 2 2 2 0 3 4 2 3 4 8 1 , , , , 8 9 4 9 8 8 1 6 9 2 7 9 1 1 1 1 , , , , 3 3 3 3 7 5 4 6 0 4 8 5 1,0 9 9 9 6 1 9 7 1 4 1 6 , , , , 0 0 3 2 7 8 0 1 4 7 0 8 1 1 1 1 9 8 8 8 1 9 9 9 , , , , 8 4 5 2 8 1 4 1 9 5 8 7 A J S O u e u c l p g t y o t u e b s m e t r ber 1 1 1 1, , , , 2 2 2 2 5 4 5 5 0 8 2 2 1 1 1 1 , , , , 2 2 2 2 9 8 8 9 1 9 7 1 1 9 9 9 0 9 8 6 2 1 1 1 1 , , , , 1 1 1 1 1 0 1 1 3 3 8 8 9 9 9 9 4 3 5 5 7 7 2 2 1 1 1 1 6 6 6 6 6 6 6 6 8 7 7 7 6 9 1 5 N D o ec v e e m m b b e e r r . . 2 2 , , 1 1 6 8 8 6 , , 9 1 2 7 0 0 1 1 , . 3 3 7 6 4 8 1 1 ,0 .0 2 3 0 4 , , 8 1 7 6 3 2 1 1 8 9 9 8 , , 8 6 4 8 0 5 N De o c v e e m m b b e e r r p 1 L , . 2 2 5 5 0 2 1,291 87 1,128 961 167 76 1939—January... 2,149,038 1,370 1,040,770 178, 852 1939—January Pi, 259 rRevised. p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does i Federal Home Loan Bank Board estimates for all Federal savings not include accrued interest nor outstanding savings stamps. and loan associations. 2 Includes working cash with postmasters. 5-percent reserve fund and 1 Excludes loans to other than member institutions which are neglig- miscellaneous working funds with the Treasurer of the United States, ible in amount. accrued interest on bond investments, and accounts due from late Dostmasters. Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN MARCH 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average—100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation j Industrial production J * Construction contracts awai•ded (value) i Fac- Factory em- tory Freight-car Department Year Manufac- ployment 3 pay- loadings 4 * store sales * and Total tures Minerals Total Residential All other rolls » (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920. 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922 85 86 74 79 68 88 91 81 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926.— 108 108 108 129 121 135 102 104 107 106 1927 106 106 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 119 119 115 117 87 142 106 110 107 111 1930 . 96 95 99 92 60 125 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 60 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 86 84 98 64 45 80 87 78 62 85 1935 Dec 101 96 101 96 102 97 68 54 26 22 103 80 95 94 80 68 64 83 145 1QQA 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 63 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 8ept 109 108 110 107 102 110 59 60 47 47 69 70 100 102 87 76 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 76 64 106 105 100 82 76 95 76 Mar 118 122 117 122 128 119 56 66 45 47 64 63 107 108 106 83 80 93 90 April.- 118 122 118 125 115 105 63 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 HI 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 66 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 68 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 96 85 56 54 128 111 90 91 84 69 70 89 99 Dec 104 98 104 98 109 103 96 77 57 48 128 100 92 91 87 69 64 89 156 1939 Jan P101 ,99 P100 m Pill P106 ,86 m ,54 ,45 P112 ,91 P92 ^89 ,83 69 63 88 69 v Preliminary. * Average per working day. i For indexes of groups and separate industries see pp. 215-216 for description see BULLETIN for February and March 1927. * 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931. « 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. 217-220. Underlying figures are for payroll period ending nearest middle of month. < For indexes of groups see p. 222. 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

215 MARCH 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors;adjusted for seasonal variation. 1923-25 averige = 100] 1937 1938 Industry Dec. Jan. Feb. Manufactures—Total 79 76 75 j Durable 60 56 54 Nondurable 95 93 94 IRON AND STEEL 49 52 50 Pig iron __ 50 47 46 Steel ingots 49 52 51 TRANSPORTATION EQUIPMENT: Automobiles 78 65 62 Locomotives 16 14 19 NONFERROUS METALS: Tin deliveries1 _ 88 91 85 Zinc 107 98 90 Lead 87 69 67 CEMENT AND GLASS: Cement 71 59 57 Glass, plate 108 62 35 COKE: Byproduct 89 87 85 Beehive. 11 9 8 TEXTILES. 77 75 79 Cotton consumption 88 82 85 Wool 54 62 Consumption 64 52 61 Machinery activity1 __ 65 67 71 Carpet and rug loom activity1 . 43 40 49 Silk deliveries 69 80 88 LEATHER AND PRODUCTS 86 94 102 Tanning 75 78 81 Cattle hide leathers 76 72 79 Calf and kip leathers 73 80 89 Goat and kid leathers 74 91 81 Boots and shoes 93 105 FOOD PRODUCTS: Slaughtering and meat packing 86 92 Hogs 72 77 Cattle 101 106 Calves 114 113 Sheep 143 160 Wheat flour 88 86 Sugar TTIRItings 142 99 TOBACCO PRODUCTS 170 157 Cigars 74 75 Cigarettes 247 225 Manufactured tobacco .. 84 77 PAPER AND PRINTING: Newsprint production 63 57 Newsprint consumption _ 132 134 PETROLEUM REFINING 203 201 Gasoline1 255 253 Kerosene 108 111 Fuel oil1 148 146 Lubricating oil1 123 116 RUBBER TIRES AND TUBES1 66 67 Tires, pneumatic1 70 70 Inner tubes1 42 45 Minerals—Total 115 108 Bituminous coal __ _ 79 65 Anthracite 70 67 Petroleum, crude 176 177 Iron ore Zinc . 107 98 Lead 87 69 Silver 104 96 ^ShO SOOOSS33 1939 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 75 73 73 74 82 87 89 95 103 104 P100 54 53 51 50 58 64 69 84 95 92 #88 93 91 93 95 102 108 107 106 110 114 mo 49 50 47 46 62 70 76 90 109 ••102 94 45 44 40 36 42 51 59 67 76 74 72 49 50 48 47 64 72 77 93 112 104 96 54 54 49 46 43 45 46 84 96 99 105 23 17 12 14 12 4 4 5 rg 12 77 71 69 73 68 65 71 81 73 59 66 87 80 79 70 69 74 75 80 88 93 88 64 74 60 64 54 46 50 50 66 57 70 65 67 69 69 71 67 69 80 84 82 69 42 42 44 80 77 89 107 155 155 153 147 82 79 73 69 71 81 89 98 105 106 106 7 6 5 5 5 5 6 6 6 6 6 81 74 77 87 97 110 103 100 112 117 P108 90 77 81 88 101 115 108 104 112 120 110 54 50 60 75 87 106 93 91 107 116 P106 57 55 73 92 110 133 107 101 123 134 Pill 51 42 53 69 74 91 86 87 101 112 P115 49 47 36 38 42 55 66 67 69 72 P77 100 101 87 101 105 102 111 104 123 116 107 104 104 105 90 103 108 102 101 106 122 P122 78 72 75 75 78 82 78 81 89 98 77 72 77 74 77 86 86 89 94 99 87 72 68 76 80 77 69 69 89 108 74 73 74 74 76 75 65 70 77 85 121 124 124 101 119 125 118 114 117 138 P138 83 84 84 81 83 89 98 95 94 86 87 59 66 66 58 62 74 88 92 88 79 74 109 111 105 103 108 107 103 106 94 96 89 97 111 116 111 110 110 112 115 118 108 112 106 111 164 151 151 164 151 152 153 152 149 152 137 150 89 90 90 86 98 98 87 88 91 86 92 92 83 63 77 81 78 85 86 106 103 100 108 106 157 160 159 163 154 154 161 160 150 164 179 165 73 77 69 70 73 71 73 75 74 76 76 79 226 227 230 237 219 219 232 229 211 233 258 237 77 83 84 84 84 84 81 84 78 95 97 78 53 53 46 53 51 54 53 57 58 63 61 61 129 126 125 125 122 124 123 130 131 127 127 121 195 191 197 198 193 200 203 206 208 208 201 243 239 250 253 248 258 264 265 269 269 259 113 120 114 118 117 106 104 109 102 104 107 145 137 137 133 126 132 134 141 143 140 142 114 113 109 108 103 110 108 113 110 109 100 57 62 64 65 72 82 91 96 98 100 110 59 64 67 68 75 86 94 100 102 103 115 41 42 40 42 48 53 65 72 71 73 77 103 103 101 91 92 93 95 97 99 102 109 Pill 64 58 62 57 57 60 64 71 72 77 77 P75 53 68 45 64 71 47 38 50 49 57 66 171 172 170 156 153 161 167 158 161 165 169 P174 19 34 38 37 41 50 42 90 87 80 79 70 69 74 75 80 88 93 88 67 64 74 60 64 54 46 50 50 66 57 70 96 98 96 92 91 99 105 102 102 51 85 1 Without seasonal adjustment. P Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, 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

216 FEDERAL RESERVE BULLETIN MARCH 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] Annual index 1938 Industry 1937 1938 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 109 84 75 76 77 76 75 75 79 85 89 95 Durable.. 107 65 53 54 57 58 56 53 58 63 66 80 Nondurable 110 100 94 95 94 91 93 94 97 104 109 109 IRON AND STEEL 118 66 50 53 55 55 51 46 58 69 75 88 Pig iron _ 102 52 47 47 48 47 41 36 39 49 57 67 Steel ingots 119 67 50 53 56 56 52 47 59 71 77 90 TRANSPORTATION EQUIPMENT: Automobiles _ . .. 121 63 65 62 63 66 59 52 45 26 26 63 Locomotives 24 12 12 19 23 15 12 14 12 5 4 5 NONFERROUS METALS: Tin deliveries. 119 72 91 85 77 71 69 73 68 65 71 81 Zinc 106 82 103 97 92 83 80 68 64 69 71 78 Lead 78 60 70 69 65 73 59 65 52 44 48 52 CEMENT AND GLASS: Cement 78 71 36 34 46 65 82 86 87 87 86 91 Glass, plate _ _ . . 194 86 62 35 44 46 47 72 69 89 107 155 COKE: Byproduct 132 86 88 87 85 80 72 68 69 79 88 98 Beehive 23 6 10 10 8 7 5 5 4 4 5 6 TEXTILES.. 111 92 78 84 83 76 77 83 90 103 104 103 Cotton consumption 120 96 86 90 94 82 83 85 92 103 104 107 Wool 99 80 55 65 54 49 57 71 81 101 96 96 C onsumption 105 92 54 67 58 54 67 83 98 123 113 111 Machinery activity.. _ 101 75 67 71 51 42 53 69 74 91 86 Carpet and rug loom activity 80 53 40 49 49 47 36 38 42 55 66 Silk deliveries. ... 104 101 92 94 96 100 86 90 100 106 116 LEATHER AND PRODUCTS.. 113 103 87 104 107 102 96 87 101 120 119 Tanning 95 80 74 83 77 71 71 73 78 84 83 Cattle hide leathers 96 82 73 84 78 72 73 73 75 85 90 Calf and kip leathers.. 74 79 66 82 77 65 65 74 93 93 80 Goat and kid leathers._ 111 76 86 84 76 73 69 74 71 73 68 Boots and shoes 125 118 95 117 127 122 113 96 116 144 142 FOOD PRODUCTS: Slaughtering and meat packing _ _ 84 88 107 85 78 76 82 80 79 77 90 Hogs. 64 73 104 73 60 58 64 60 56 56 66 Cat'tle 106 103 107 96 97 93 100 101 106 101 118 Calves 127 111 105 104 117 121 125 114 109 106 113 Sheep . 146 153 161 154 137 142 161 148 152 154 176 Wheat flour 88 90 84 86 84 81 81 86 95 94 104 Sugar meltings. 93 87 66 81 74 89 91 93 104 97 114 TOBACCO PRODUCTS 159 159 150 143 152 146 165 169 167 172 177 Cigars * 76 73 58 63 70 65 72 80 74 76 86 Cigarettes 226 228 221 206 216 210 240 241 241 250 252 Manufactured tobacco 82 83 78 78 84 80 84 86 84 84 91 PAPER AND PRINTING: Newsprint production 63 55 58 53 52 47 54 52 53 52 57 Newsprint consumption.._ 142 127 127 127 131 134 129 121 111 110 127 PETROLEUM REFINING 204 200 201 195 191 196 197 192 199 203 206 Gasoline 257 255 253 243 239 250 253 248 258 264 265 Kerosene 112 110 113 115 117 113 114 109 98 99 111 Fuel oil 141 138 146 145 137 137 133 126 132 134 141 Lubricating oil 125 109 116 114 113 109 108 103 110 108 113 RUBBER TIRES AND TUBES... 109 80 67 57 62 64 65 72 82 91 96 Tires pneumatic 113 83 70 59 64 67 68 75 86 94 100 Inner tubes 79 56 45 41 42 40 42 48 53 65 72 Minerals—Total 115 98 103 98 95 91 90 91 92 97 102 Bituminous coal... _ 85 66 72 68 58 52 49 51 55 62 76 Anthracite. _ 64 56 72 57 56 47 64 62 39 38 50 Petroleum, crude 174 165 170 168 170 170 158 156 165 170 163 Iron ore 121 37 28 67 78 76 78 Zinc 106 82 103 97 92 83 80 68 64 69 71 Lead 78 60 70 69 65 73 59 65 52 44 48 Silver 109 92 97 104 106 96 89 89 84 104 97 OO CO Nov. 103 92 113 101 77 103 115 8 73 88 69 83 155 107 104 m 86 92 82 73 127 94 79 110 113 163 102 98 161 90 222 81 58 139 209 269 107 143 110 98 102 71 106 79 63 163 86 78 52 101 CO CO Dec. 98 86 108 89 '73 91 117 13 59 95 58 64 153 107 7 111 117 110 113 117 134 135 101 69 127 102 88 93 85 76 111 104 97 111 114 151 93 78 167 90 231 92 63 136 208 269 113 140 109 100 103 73 105 86 58 163 35 88 69 55 ot ot 1939 Jan. pill 90 71 92 105 66 94 71 42 147 107 7 116 P108 P115 P115 103 122 103 P113 94 96 92 92 109 P125 101 101 103 100 94 98 100 104 135 151 88 90 62 70 145 157 57 61 212 232 79 79 61 62 131 116 202 259 115 142 100 no 115 77 103 82 65 164 P167 95 94 58 71 86 p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, 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

217 MARCH 1939 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1937 1939 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 95. 1 90.0 88.9 87.4 85.4 83.7 82.4 82.9 84.9 90 0 91.6 91.5 Durable goods 91.9 83.7 81.0 79.0 76.2 74.1 71.9 70.7 72.0 75.7 '81.3 83.2 83.4 Nondurable goods 98.1 96.0 96.4 95.4 94.1 92.9 92.4 94.5 '97.2 97.6 '98.3 99.5 99.2 [RON, STEEL, PRODUCTS 97.0 88.2 85.7 83.8 81.6 80.2 77.8 '77.3 79.4 '86 2 88.1 87.6 Blast furnaces, steel works 105 95 92 90 87 85 83 83 84 90 92 92 Bolts, nuts, washers, rivets 97 83 82 81 79 80 77 78 79 90 92 91 Cast-iron pipe 68 62 62 62 63 63 62 60 61 67 67 66 Cutlery, edge tools 90 84 82 79 78 76 76 67 76 81 83 83 Forgings 51 47 45 44 43 40 40 42 48 48 Hardware 75 71 70 64 63 61 57 62 84 85 Plumbers' supplies... 73 71 71 70 71 72 73 73 73 74 73 73 73 Stamped, enameled ware 143 124 122 126 122 120 113 108 118 123 134 134 131 Steam, hot-water heating 71 67 64 64 64 64 65 69 70 68 68 68 Stoves 77 73 75 75 70 71 70 71 75 74 77 78 Structural, ornamental 73 68 66 64 62 58 58 58 60 63 63 Tin cans, tinware 97 95 93 93 92 87 86 90 87 88 88 Tools 87 81 79 78 76 75 73 70 73 80 83 83 Wirework .. 180 148 138 133 128 126 114 112 111 132 163 172 163 MACHINERY 112.8 104.8 100.0 92.8 89.1 86.0 83.3 84.7 85.2 89.1 91.6 92.2 Agricultural implements 168 156 148 142 139 130 124 103 106 96 99 105 109 Cash registers, etc 148 144 144 142 141 139 137 138 135 136 135 136 134 Electrical machinery 105 97 90 87 82 78 75 73 74 77 83 84 83 Engines, turbines, etc 100 98 92 88 88 86 82 81 83 83 88 88 93 Foundry, machine-shop products 100 93 89 87 83 80 77 76 77 78 79 82 Machine tools 157 148 142 134 129 123 115 112 112 114 117 119 82 Radios, phonographs 103 91 96 91 93 87 83 82 82 81 106 111 121 Textile machinery 71 66 63 61 58 58 54 54 58 61 65 67 112 Typewriters 129 120 118 115 114 115 116 117 119 122 126 126 67 126 TRANSPORTATION EQUIPMENT 101.2 80.9 77.0 73.3 68.3 65.1 61.1 56.9 55.9 74.2 93.9 93.2 Aircraft 897 886 892 879 857 823 790 787 759 779 823 854 868 Automobiles 107 81 77 74 69 65 60 55 55 79 99 104 102 C Lo a c rs o , m e o le t c iv tr e i s c-, steam-railroad 4 5 9 0 4 4 5 3 38 34 3 3 0 1 2 2 7 6 2 2 4 5 2 2 0 3 2 1 4 8 2 1 8 6 2 1 7 7 3 1 0 7 3 2 2 0 Shipbuilding 110 106 41 92 91 89 97 .100 102 103 NONFERROUS METALS, PRODUCTS 97.2 90.4 88.4 84.5 82.4 81.3 82.0 84.4 86.7 '92.3 93.3 93.4 Aluminum 152 140 134 131 128 126 122 124 131 137 141 140 140 Brass, bronze, copper 101 94 91 90 88 86 86 87 90 93 101 100 99 Clocks, watches 85 83 81 78 78 80 79 '79 79 82 Jewelry 89 85 82 84 85 87 88 90 93 Lighting equipment 90 75 74 70 70 68 65 66 '72 76 87 90 Silverware, plated ware 63 62 62 61 60 59 58 57 59 59 63 64 65 Smelting, refining 80 77 73 71 67 65 64 64 65 70 72 72 LUMBER, PRODUCTS 66.2 64.1 63.6 63.4 61.9 60.9 59.9 60.2 61.9 63.2 '64.5 65.3 65.8 Furniture 81 78 76 76 74 73 73 73 75 76 76 79 79 Lumber, millwork 53 51 52 51 50 48 49 50 52 53 55 55 56 Lumber, sawmills 54 52 52 52 50 50 48 49 50 51 53 53 53 STONE, CLAY, GLASS PRODUCTS 74.1 67.6 65.7 64.9 63.4 63.2 63.4 64.0 65.4 71.1 72.0 73. Brick, tile, terra cotta 52 50 49 48 47 46 45 46 46 48 52 53 57 4 Cement... 70 65 64 63 65 62 63 64 64 63 68 67 64 Glass 100 92 85 82 81 80 78 76 79 82 92 93 94 Marble, granite, slate 46 44 45 43 41 42 42 42 40 40 42 44 44 Potteryr 78 77 75 73 72 71 74 75 75 75 78 79 81 TEXTILES, PRODUCTS 93.4 90.6 92.2 91.4 89.4 87.6 87.4 92.1 96.4 97.0 96.7 98.9 Fabrics 83.9 81.4 81.1 80.3 78.9 78.6 79.3 83.4 87.2 87.1 90.3 89.3 Carpets, rugs 78 68 72 70 67 63 48 63 68 72 82 83 9 Cotton goods 83 81 80 80 78 77 78 81 85 85 85 85 85 Cotton small wares 77 72 71 69 68 70 70 71 '75 78 83 85 84 Dyeing, finishing textiles 104 102 101 101 100 102 101 104 107 107 107 110 112 Hats, fur-felt 93 91 91 90 88 76 64 82 85 87 84 83 85 Knit goods 107 106 108 107 107 103 106 109 111 111 112 115 113 Hosiery 135 136 138 138 139 133 135 138 140 140 141 144 145 Knitted outerwear 72 65 68 67 68 68 70 72 76 76 76 82 70 Knitted underwear 68 67 67 67 63 63 65 70 70 69 70 71 72 Knitted cloth 151 144 146 143 140 132 137 139 150 147 157 162 149 Silk, rayon goods 62 56 57 59 60 64 58 57 61 61 61 62 62 Woolen, worsted goods 62 61 60 54 51 55 62 70 74 73 79 83 83 Wearing apparel 113.6 109.8 116.2 115.2 112.2 106.6 104.1 109.8 115.7 117.9 113. ( 116.4 115. Clothing, men's 97 94 101 101 95 85 81 91 101 103 102 103 100 6 Clothing, women's 169 165 173 168 165 161 158 163 166 170 161 166 163 Corsets, allied garments 100 97 97 96 96 97 98 96 97 97 99 101 101 Men's furnishings 123 116 126 129 125 125 126 132 136 142 139 141 133 Millinery 70 71 72 71 76 71 65 65 68 71 61 66 69 Shirts, collars 111 103 110 114 112 111 115 113 118 116 114 116 127 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN MARCH 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 1939 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. LEATHER, MANUFACTURES 89.0 89.5 89.9 89.9 89.8 87.1 84.4 88.4 89.6 91.3 90 8 91.4 92 1 92.7 Boots, shoes 90 92 92 92 92 89 85 90 91 92 91 92 92 93 Leather 76 75 74 74 73 73 73 75 78 79 81 84 84 86 FOOD, PRODUCTS 124.5 124.7 124.2 122.4 120.4 120.0 121.2 122.2 123.0 122.2 119 2 '•122.8 124 2 124.0 Baking 144 145 144 143 143 142 143 144 144 143 142 143 144 143 Beverages 244 243 246 243 240 237 232 232 236 234 234 245 244 246 Butter 104 105 106 106 107 105 102 101 103 100 99 99 100 99 Canning, preserving 139 139 139 134 120 126 131 136 140 131 111 128 129 128 Confectionery. . 81 81 80 78 79 76 78 78 79 79 79 79 82 82 Flour 78 77 76 76 75 76 77 77 77 75 75 77 78 78 Ice cream _ _ 82 80 81 79 81 79 77 77 78 77 '78 80 80 80 Slaughtering, meat packing 97 99 97 95 94 93 94 95 95 96 97 99 99 97 Sugar, beet __ 103 88 95 99 98 91 91 92 89 109 '101 '101 142 176 Sugar refining, cane 92 82 86 82 80 91 89 85 88 92 '80 88 87 89 TOBACCO MANUFACTURES 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 65 4 Tobacco, snuff 62 62 62 61 62 62 62 61 61 63 58 61 62 59 Cigars, cigarettes 65 61 65 65 65 65 66 62 63 65 64 64 65 66 PAPER, PRINTING 107.4 106.4 106.1 105.6 105.0 103.7 103.0 103.0 103.7 104.0 104 3 105.4 106 0 105 6 Boxes, paper . 98 96 96 96 95 95 95 95 96 96 97 100 101 102 Paper, pulp 107 106 106 105 104 103 102 102 103 104 105 106 106 105 Book, job printing _ _ 105 104 103 103 102 100 99 100 99 99 99 100 101 101 Newspaper, periodical printing.__ 107 106 106 106 106 105 105 104 105 105 105 106 106 105 CHEMICALS, PETROLEUM 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 3 112 2 Petroleum refining 124 123 123 122 122 122 120 121 121 120 119 118 118 118 Other than petroleum 116.3 112.8 112.4 110.3 108.2 107.5 105.5 105.2 108.4 109.4 109.3 110.2 110.9 110 8 Chemicals 125 122 119 115 112 110 110 106 110 111 113 117 117 117 Cottonseed oil, cake, meal 104 112 107 99 109 101 93 102 98 87 86 88 90 85 Druggists' preparations. 112 110 108 107 108 111 112 113 110 108 107 107 107 108 Explosives 88 85 84 84 83 82 81 81 81 83 82 81 81 82 Fertilizers 98 92 95 87 85 93 93 91 96 92 88 91 89 92 Paints, varnishes. 119 115 113 114 113 no 109 110 113 114 113 114 114 115 Rayon, allied products 313 291 303 307 289 290 274 272 292 312 313 310 310 310 Soap _- . . 90 89 89 88 86 86 86 89 92 91 90 86 91 91 RUBBER PRODUCTS 85.1 78.0 74 1 72.4 72.2 71.3 71 3 69.5 73.4 76.0 76.8 81.7 83.2 81.2 Rubber boots, shoes 66 59 57 55 55 55 56 44 54 56 58 62 63 58 Rubber tires, inner tubes 74 69 63 62 61 60 60 61 61 62 64 66 67 67 Rubber goods, other . 125 113 112 110 no 109 107 109 117 123 121 132 135 131 r Revised. NOTE.—Figures for January 1939 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Underlying figures are for payroll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 219 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through1935. 1923-25 average=100] Factory employment Factory payrolls Industry and group Annual index 1938 1939 Annual index 1938 1939 1937 1938 Jan. Oct. Nov. Dec. Jan. 1937 1938 Jan. Oct. Nov. Dec. Jan. Total 105.8 86.8 87.8 89.5 90.5 91.2 89.3 102.0 77.5 75.0 83 8 84 1 86 6 83.2 Durable goods 104.0 77.3 81.7 79.0 '82.1 83. 1 81.4 103.5 68.2 67.1 75.2 78.3 80.4 76.6 Nondurable goods 107.6 96.0 93.7 99.4 98.8 96.8 100.4 88.0 84.0 93.4 '90. 6 93.5 90.6 IRON, STEEL, PRODUCTS 111.4 82.7 86 4 r83 9 87.4 85.8 109.8 66.6 60.9 r74 9 79 1 80 8 77.4 Blast furnaces, steel works 120.0 87.7 95 '86 90 91 91 120.5 66.9 61 74 82 83 82 Bolts, nuts, washers, rivets 113.6 82.4 83 85 90 92 91 114.6 69.2 57 81 91 94 90 Cast-iron pipe 73.7 63.3 61 65 66 66 66 65.2 51.0 45 54 55 56 53 Cutlery, edge tools 93.7 78.3 83 80 83 83 81 87.9 66.3 67 74 76 79 75 Forgings - » 69.4 44.9 52 46 48 50 48 68.4 36.6 37 42 49 46 Hardware 99.0 70.1 75 80 84 86 85 100.8 64.2 56 86 93 90 81 Plumbers' supplies. 82.6 72.7 71 73 73 73 72 72.0 56.5 53 62 55 60 58 Stamped, enameled ware 171.6 122.7 123 129 134 134 129 169.1 115.1 104 133 134 136 126 Steam, hot-water heating __ 86.1 66.7 65 71 69 68 66 77.7 51.2 48 59 53 56 54 Stoves 102.0 73 6 61 83 79 75 65 86.1 58 8 42 76 63 61 50 Structural, ornamental - 79.2 61.2 66 61 61 62 62 70.8 50.4 54 51 50 53 52 Tin cans, tinware 105.4 89.3 88 86 85 84 82 109.5 93.1 90 89 88 88 86 Tools .. 98.4 76.9 81 77 81 84 83 98.0 68.2 71 72 76 82 80 Wirework 194.8 135.3 148 147 165 172 163 194.7 128.9 125 156 180 186 158 MACHINERY 123.9 £0 9 104 0 87 2 89 5 91 8 91.5 126.9 83.1 95 1 81 9 83 9 89 2 87.5 Agricultural implements _. 167.4 121.2 159 94 97 105 111 185.2 124.0 169 92 95 114 114 Cash registers, etc 150.6 138 6 143 136 135 135 133 149 6 123 4 134 120 120 119 118 Electrical machinery 114. 9 81.6 96 81 83 84 82 115.9 74.9 87 78 80 82 81 Engines, turbines, etc 103.6 86.7 92 83 84 85 87 118.5 94.4 99 90 92 98 98 Foundry, machine-shop products- 110.5 81.6 92 78 79 82 82 110.6 71.2 80 69 71 76 75 Machine tools _ 158.7 123. 4 148 116 118 120 121 179.3 115.5 151 111 111 120 120 Radios, phonographs 154.3 90.9 86 108 119 118 107 134.4 78.9 73 98 107 108 95 Textile machinery 80.6 60.5 67 61 64 67 68 86.3 53.3 55 57 61 67 64 Typewriters 152.3 119.4 120 125 129 128 126 152.8 104.7 88 128 131 130 119 TRANSPORTATION EQUIPMENT __. 117.7 73.3 82.6 79.4 91.6 96.1 95.7 115.7 68.7 67.6 83.8 95.9 98.7 94.1 Aircraft 908.9 828.2 878 786 815 845 860 818.0 784.9 787 781 799 880 912 128.3 75.9 85 86 102 107 106 124.1 69.3 64 91 108 108 102 Cars, electric-, steam-railroad 60.0 29.5 39 25 26 30 29 61.4 27.6 38 24 23 28 27 Locomotives _. 47.9 25.5 43 16 17 17 19 47.5 21.0 38 11 13 14 15 Shipbuilding 111.0 66.8 105 92 97 101 101 113.2 100.7 110 95 94 107 106 NONFERROUS METALS, PRODUCTS 108.8 86.8 88.8 92.2 r95 4 94.8 91.7 105.1 76.6 74.9 88.5 '90.2 90.1 84.8 Aluminum 164.0 133.0 138 142 143 140 138 164.6 128.7 125 148 148 144 142 Brass, bronze, copper 122.4 91.8 93 96 101 100 99 123.4 83.2 77 96 100 99 93 Clocks, watches 106.4 81.3 85 84 84 83 81 113. 1 74.8 82 86 87 83 81 Jewelry, 94.1 87.5 84 100 101 97 87 79.9 71.1 68 92 83 85 72 Lighting equipment 101.6 74.9 74 85 92 93 89 94.2 61.8 54 78 83 83 80 Silverware, plated ware 64.9 60.5 60 64 67 67 63 59.8 51.9 46 62 66 68 58 Smelting, refining ._ 82.1 68.5 77 66 71 73 72 81.5 63.9 73 62 66 68 68 LUMBER, PRODUCTS 76.6 62.6 60 0 65. 7 65.2 64.1 61.5 67.2 53.0 45 1 60 0 56 2 56 1 51.4 Furniture 94.0 75.2 75 80 80 80 76 78 0 58.6 52 68 65 68 60 Lumber, millwork » _ 60.7 51.5 48 54 55 54 53 49.3 41.5 35 46 45 45 43 Lumber, sawmills 62.1 51.0 48 53 52 51 49 • 56.5 45.1 38 50 46 45 41 STONE, CLAY, GLASS PRODUCTS 80.6 66.5 63.1 70.1 71.6 70.5 66.3 72.5 56.6 47.9 63.0 r63. 8 63.5 56.5 Brick, tile, terra cotta 60.5 48.2 43 52 52 51 49 48.2 34.8 27 41 39 39 36 Cement _ 71.1 64. 5 54 70 68 63 54 65 9 59 0 44 65 64 57 47 Glass 107.4 83.9 88 88 92 93 89 112.5 82.9 78 93 99 99 91 Marble, granite, slate 49.1 42.1 37 42 43 42 37 37.9 31.5 25 30 31 31 26 Pottery 83.0 75.0 74 78 80 80 79 76.7 65.0 58 73 75 76 69 TEXTILES. PRODUCTS 108. 5 93.0 89 7 97 5 96 9 98 6 97.3 92 4 75.0 68 0 S3 1 r78 4 83 3 80.6 Fabrics . 99.0 83 6 82 1 87 2 r89 5 91 8 90.7 88 1 69 7 64 4 76 5 r77 3 81 1 78 4 Carpets, rugs 95. 7 69.1 66 77 80 82 81 77.5 52.3 41 66 67 71 67 Cotton goods _ 95.5 81.6 83 84 86 87 87 86.9 66.8 64 72 74 76 74 Cotton small wares 89.8 74.2 71 80 83 85 84 82 6 67.3 59 77 77 82 79 Dyeing, finishing textiles . 114.8 104.0 104 106 109 112 114 100.5 87.2 84 92 93 97 97 Hats, fur-felt 95.2 84.4 91 89 83 82 85 89.3 74.4 78 78 70 75 80 Knit goods. 122 3 108.7 103 115 114 115 110 123.1 108.9 94 122 119 120 111 Hosiery _. > _ 146.5 138.6 135 144 145 146 144 159.7 151.5 132 167 165 164 156 Knitted outerwear 90 0 72 3 63 83 78 79 68 80 6 63 0 52 77 69 73 59 Knitted underwear — 85.9 67.6 63 70 71 71 68 75.5 56.2 48 63 61 62 57 Knitted cloth.., 190.2 145.8 139 156 156 160 145 153. 3 114.1 100 131 120 127 117 Silk, rayon goods 78.0 59.6 58 61 62 63 63 64.6 46.5 40 50 49 52 51 Woolen, worsted goods 83.4 66.2 62 72 78 85 84 72.2 53.0 51 58 64 73 71 Wearing apparel 128 2 112 9 105 3 119.6 112 0 112 2 110.6 97 6 82.8 72.6 93 0 '78.0 84.7 82.2 Clothing, men's 115.4 96.7 91 105 98 97 96 85.3 65.2 58 75 63 68 69 Clothing, women's 184.2 165.2 160 171 159 161 158 129.2 116.1 103 129 102 115 111 Corsets, allied garments- 101.7 97.5 96 99 99 100 100 97.4 94.0 84 105 100 103 98 Men's furnishings 148. 1 131.6 108 149 150 149 124 127.7 114. 1 82 140 151 143 101 Millinery _ 73 6 69.5 70 74 55 58 68 64 6 59 4 55 63 40 43 55 Shirts, collars 124.2 113.0 93 119 118 116 115 106.5 90.8 72 99 104 105 94 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN MARCH 1939 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average = 100] Factory employment Factory payrolls Industry and group Annual index Annual index 1938 1939 1937 1938 Jan. Oct. Nov. Dec. Jan. 1937 1938 Jan. Oct. Nov. Dec. Jan. LEATHER, MANUFACTURES.. 97.7 89.5 89.6 89.6 84.8 88.6 92.8 81.7 69.5 69.0 .9.6 62.4 70.0 77.9 Boots, shoes 97.2 90.9 92 90 83 88 93 77.0 66.3 67 54 63 73 Leather 91.5 76.9 75 81 84 85 86 91.4 75.1 70 85 FOOD, PRODUCTS.. 128.7 122.3 114.7 128. 8 '123.4 120.1 113.6 125.4 122.0 116.6 127. 0 122.4 120.9 115.0 Baking _._ 146.7 143.4 142 144 145 144 140 140.5 139.5 136 140 140 138 136 Beverages 243.7 238.5 222 234 229 223 224 287.9 282.9 251 273 265 257 252 Butter 105. 7 102. 6 98 99 97 95 92 87.5 87.5 82 86 82 80 80 Canning, preserving 159.4 130. 4 85 147 103 85 78 144.8 114.0 75 130 86 77 71 Confectionery __ 82.2 79. 1 79 93 91 91 80 79.1 76.1 75 92 85 92 77 Flour__ 78.0 76.5 76 78 78 78 77 76.2 75.7 75 80 74 73 75 Ice cream . 81.5 78.9 68 74 70 69 68 68.0 67.6 58 64 61 60 59 Slaughtering, meat packing. 99.2 96.2 102 97 101 102 100 107.2 107.3 119 110 110 113 111 Sugar, beet 103. 6 104.2 38 r270 r275 231 76 96.0 101. 7 42 '228 r275 222 66 Sugar refining, cane 88.4 86.4 85 79.2 76.7 67 79 75 73 75 TOBACCO, MANUFACTURES . 65.3 63.8 55.7 66.3 65.2 60.0 59.0 56.8 48.0 60.7 59.8 59.6 50.3 Tobacco, snuff 62.1 61.4 63 58 62 61 68.8 68.6 69 63 69 73 66 Cigars, cigarettes 65.7 64.1 55 67 60 57.7 55.3 45 59 58 PAPER, PRINTING 111.7 104.7 106. 1 105. 5 107.0 108.0 107.9 100.5 100.3 103.7 103.3 107.3 101.8 Boxes, paper 106. 6 96.4 93 103 105 104 108.6 98.1 88 113 110 109 100 Paper, pulp. _ 114.3 104. 3 106 105 106 106 105 113.9 100.3 96 107 103 103 102 Book, job printing 107.0 100. 8 105 100 101 104 102 96.8 89.5 95 88 89 97 94 Newspaper, periodical printing 107.9 105.4 106 106 107 108 104 107.9 106. 1 105 109 110 113 104 CHEMICALS, PETROLEUM 125.3 111.4 114.6 113.4 113.0 112.7 111.8 130.2 116.6 115.7 120.1 119.1 120.1 119.8 Petroleum refining- 127.2 120.9 123 120 119 118 117 138.1 136.0 136 133 134 134 135 Other than petroleum 124.8 109.1 112.6 111.9 111.6 111.4 110.5 127.7 110.7 109.5 116.2 114.6 115.8 115.2 Chemicals 136.5 113.4 120 115 117 117 116 146.7 121.9 125 128 128 130 128 Cottonseed oil, cake, meal 96.2 96.6 125 116 114 95 79.0 81.3 107 104 100 96 77 Druggists' preparations 114.7 108.8 110 110 110 109 108 120.8 116.8 118 124 120 120 119 Explosives 88.2 82.4 85 84 83 83 81 99.1 89.2 80 97 92 95 90 Fertilizers 103. 1 90.5 92 80 79 82 92 92.6 80.3 79 70 65 70 75 Paints, varnishes 128.2 112.7 113 113 112 112 112 129.2 112.9 104 116 114 115 113 Rayon, allied products 356.0 297. 0 294 314 313 311 313 344.4 275.4 258 303 303 302 309 Soap 95.3 88.7 87 93 93.7 89.3 95 90 92 RUBBER PRODUCTS 96.8 75.0 77.7 82.4 83.6 96.9 69.9 79.7 85.2 89.0 84.4 Rubber boots, shoes 75.1 56.2 60 60 63 65 58 74.1 50.1 62 61 66 57 Rubber tires, inner tubes 84.0 63.0 69 64 66 67 67 87.9 61.6 60 69 75 79 77 Rubber goods, other 142.5 116.5 112 123 134 135 129 138.3 107.4 96 123 131 134 126 r Revised NOTE.—Figures for January 1939 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

MARCH 1939 FEDERAL RESERVE BULLETIN 221 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.] Nonresidential Building Public works Total Residential and public Month Building Factories Commercial Educational * Other i utilities l 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 18.8 19.0 19.0 16.4 68.0 98.6 February 188.3 118.9 63.0 40.0 12.6 4.9 22.3 13.0 10.9 15.4 19.4 15.1 60.1 30.5 March _ .__ 231.2 226. 9 90.2 79.4 22.2 15.7 30.0 20.2 9.1 21.0 27.9 31.0 51.9 59.7 April 269.5 222.0 107.8 74.6 30.1 11.5 28.5 18.9 13.7 16.9 24. 1 33.1 65.4 67.0 May 243. 7 283.2 83.9 83.2 18.5 8.6 25.6 19.2 21.4 11.8 28.4 38.2 65.8 122 2 June 317.7 251.0 93.0 85.7 36.8 10.7 24.5 18.8 36.9 14.7 27.7 37.7 98.9 83.5 July 321. 6 239.8 81.0 88.0 58.5 9.7 29. 1 26.2 14.8 10.7 36.7 26. 1 101.4 79.3 August 281.2 313.1 73.4 99.7 37.9 11.3 29.6 18.3 16.7 21.4 34.0 36.3 89.6 126.1 September 207.1 300. 9 65.6 99.6 12.9 10.7 25.3 14.0 15.3 33.9 22.6 33.4 65.3 109.3 October 202 1 357 7 65 5 112 7 12.6 13.8 25.2 24.2 10.1 47.0 27.3 46 0 61.3 114.0 November. .__ 198.4 301. 7 59. 9 95.3 13.5 10.5 18.9 13.7 18.5 49.0 28.4 42.8 59.2 90.4 December 209.5 389.4 43.5 91.5 20.9 7.0 16.5 14.0 37.0 73.3 26.8 45.2 64.8 158.4 Year 2,913.1 3, 196. 9 905. 3 985. 8 313.7 121.1 297.0 215.8 223.2 334.1 322.2 401.2 851.6 1,139. 0 i Not strictly comparable with data for earlier years due to changes in classification. NOTE.—Due to change in publication policy of the F. W. Dodge Corporation, data for January 1939 will bd published in the BULLETIN for April 1939. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly-financed l Privately-financed i Month 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 January. 186 100 215 243 192 252 157 55 149 112 118 148 29 45 66 130 75 104 February 97 75 140 188 119 65 38 79 69 51 31 37 62 119 68 March 178 123 199 231 227 126 68 96 66 95 52 55 103 165 132 April 131 124 235 270 222 78 53 105 74 99 53 71 130 195 123 May 134 127 216 244 283 72 47 94 93 144 63 80 122 151 139 June 127 148 233 318 251 73 64 116 137 108 54 84 116 180 143 July 120 159 295 322 240 52 67 153 131 98 67 93 141 191 142 August 120 169 275 281 313 69 92 153 104 171 51 76 122 178 142 September 110 167 234 207 301 69 97 116 80 160 41 70 119 127 141 October 135 201 226 202 358 79 114 101 78 203 57 87 125 124 154 November 112 188 208 198 302 74 118 89 93 179 38 70 119 106 123 December 93 264 200 209 389 61 196 82 115 279 32 68 117 94 110 Year 1, 543 1,845 2,675 2,913 3,197 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.l Number Liabilities 1939 1938 Federal Reserve district Fede d ra is l t r R ic e t serve 1939 1938 1939 1938 Jan. Dec. Jan. Jan. Dec. Jan. Jan. Dec. Jan. Boston___ 10,576 34, 844 9,249 N A S P R C C t h h i e l t . c e l i i w a l h v c L a n a m e o d Y g t l u a a e o o o n i l n s p r d d k h ia _ _ _ _ _ _ _ _ . _ _ _ 6 3 2 2 2 1 1 7 5 9 4 6 3 0 , , , , , , , 8 1 1 6 2 2 3 1 5 2 1 6 4 0 9 6 1 3 1 5 2 4 3 6 2 7 3 1 8 8 0 7 4 8 1 , , , , , , , 0 2 6 8 4 4 2 3 0 0 3 2 5 4 1 0 1 0 5 8 9 7 1 1 1 1 1 1 3 0 0 9 7 9 1 , , , , , , , 4 3 0 5 4 8 3 7 3 5 7 2 7 2 9 8 8 1 2 9 3 N A B C R Ph o l i e t e c l i s w a l v h t a n o e m d Y t l n a a e o o n l n p r d d k hia 3 1 9 0 6 9 6 7 6 0 9 2 8 5 2 8 6 4 4 5 5 6 2 8 9 7 2 3 1 8 9 8 9 6 4 7 4 7 9 0 1 6 1 1 1 , , , , 4 1 8 2 7 6 5 1 0 1 6 1 9 8 2 7 8 1 25 1 1 , , , 3 1 9 9 5 3 3 7 3 6 8 3 4 0 2 5 9 0 4 2 1 5 , , , , 0 0 4 5 8 9 2 5 3 3 9 5 6 7 5 6 0 5 Minneapolis 7,245 10,239 3,292 Chicago 174 113 209 3,309 3,443 3,567 K D a a n ll s a a s s City 1 9 8 , , 1 2 1 2 4 1 2 2 3 1, , 8 74 1 6 6 10 7 , , 0 5 7 4 4 6 S M K t a . i n n L n s o a e u s a i p C s o i l t i y s _ 2 6 3 6 3 2 3 3 1 0 3 8 7 5 1 1 1 9 5 7 1 8 3 9 4 6 2 4 2 1 9 7 8 9 3 3 5 2 4 8 9 7 5 8 8 Total (11 districts) 251, 673 389,439 192, 231 Dallas 35 16 25 754 95 217 San Francisco 133 111 134 1,572 1,715 1,371 Total 1,263 875 1,377 19,122 36, 528 21,415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN MARCH 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 January 176 199 223 289 P213 167 187 240 171 P178 9 11 -18 118 *>35 February 163 182 233 262 152 193 278 163 H 11 45 99 March 185 195 257 275 177 199 307 173 8 -4 -51 102 April 164 193 269 274 171 203 287 160 -6 -10 -18 115 May 165 201 290 257 171 192 285 148 5 9 5 109 June 170 186 265 233 157 191 286 146 13 -5 -21 87 July 173 180 268 228 177 195 265 141 -3 -15 3 87 August . . 172 179 277 231 169 193 246 166 3 — 14 31 65 September 199 221 297 246 162 216 233 168 37 5 63 79 October 221 265 333 278 189 213 224 178 32 52 108 100 November 270 226 315 252 169 196 223 176 100 30 92 76 December 223 230 323 269 187 245 209 171 37 -15 115 97 Year 2,283 2,456 3, 349 3,094 2,047 2,423 3,084 1,961 235 33 265 1,134 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] 1938 1939 Index of sales * Index of m s o to n c th k ) s (end of Jan. Sept. Oct. Nov. Dec. Jan. Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 65 64 68 69 69 69 1938 1939 1938 1939 1938 1939 1938 1939 Coal 62 68 69 70 69 67 Coke - . 46 51 50 58 53 55 Grain and grain products. _. 89 74 95 81 83 79 January 90 88 70 69 71 67 63 60 Livestock. __ _ 44 39 44 44 41 41 February 88 70 70 67 Forest products 40 40 42 40 43 42 March _ 86 77 70 71 Ore 82 41 48 74 92 102 Miscellaneous 69 69 72 74 74 76 April 83 86 69 71 Merchandise * 61 61 62 61 61 62 May 78 80 69 71 June 82 79 68 65 Without seasonal adjustment July 83 58 67 61 August 83 65 67 65 September 86 91 67 70 Total 59 71 75 70 64 63 Coal 71 71 76 76 78 76 October 84 92 67 74 Coke 54 49 50 58 58 64 November 89 99 67 78 Grain and grain products._ 80 83 95 76 72 71 December 89 156 66 62 Livestock 43 50 62 53 40 40 Forest products 35 43 43 39 37 37 Year 85 68 Ore 18 72 71 41 23 22 Miscellaneous ._ 59 78 82 76 67 65 Merchandise 1 58 64 65 62 59 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

223 MARCH 1939 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities An' Farm Year, month, or week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u 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 a r in 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 ri i a n l g s c C a d h l r s e u a m g n s i d - i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s - 1929. 95.3 104.9 99.9 91. t> 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 927 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.q 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 78.4I 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77. <) 89.6 70.9 73.5 86.4 85.3 80 5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77 8 1938 78.6 68.5 73. 6 81.r 92.8 66.7 76.5 95.7 90.3 77.6 86.8 73.3 1937—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. 73.1 June _ 78.3 68.7 73.1 81. [\ 90.1 65.5 76.4 96.1 89.7 76,3 87.1 72.9 July- 78.8 69.4 74.3 81.4[ 91.5 66.1 76.8 95.2 89.2 77.7 86.4 72.7 August 78.1 67.3 73.0 81.4I 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. t) 94.6 66.2 73.7 94.9 89.2 76.6 85.8 73.0 December.. 77.0 67.6 73.1 80. C\ 93.1 65.8 73.2 94.6 89.4 76.7 88.0 73.1 1939—January 76 9 67.2 71.5 80.2 93.1 65.9 72.8 94.4 89.5 76.7 85.4 73.2 Week ending— 1938—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. t) 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. £\ 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. t 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. £ 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. t> 93.9 65.3 73.8 94. 6 90.0 76.3 87.5 73.1 Jan. 14 ... 76.8 67.3 71.3 80.1 94.1 65.3 73.7 94.6 89.7 76.4 87. 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 Jan. 28 . 76.7 67.3 71.2 80.4 93.3 65.6 73.4 94.5 89.4 76. 1 87. 73.0 Feb. 4 76.6 67.1 71.0 80.4 92.9 65.5 73.5 94.5 89.3 76.2 87.2 72.9 Feb. 11 76.6 66. 7 71.1 80.4 92.7 65.6 73.7 94.5 89.1 76.1 86.7 72.8 Feb. 18 76.6 66.9 71.3 80.4 92.5 65.5 73.6 94.5 89.4 76.0 86.6 72.9 1938 1939 1938 1939 Subgroups Subgroups Jan. Oct. Nov. Dec. Jan. Jan. Oct. Nov. Dec. Jan. FARM PRODUCTS: METALS AND METAL PRODLJCTS: Grains 75.0 50.8 50.9 54.4 56.3 Agricultural huplements 96.2 95.4 93.7 93.5 93.4 Livestock and poultry 78.5 76.2 75.2 74.4 78.0 Farm machinery 97.7 96.8 95.0 94.8 94.6 Other farm products 66 1 65.0 67.4 66.5 63.2 Iron and steel 99 6 96 9 96.9 96 8 96 4 FOODS: Motor vehicles x Q5 6 95.0 93.6 93.4 93.4 Dairy products 83.3 71.6 72.5 73.9 71.8 Nonferrous metals 75 0 76.2 77.6 76.8 76.7 Cereal products 83n 75.1 74.0 74.8 73.2 Plumbing ancL heating 79 6 78 5 78 7 78 7 78 7 Fruits and vegetables 56.7 57.5 63.0 60.4 60.9 BUILDING MATERIALS: Meats. __ _ .. _ 82.6 83.3 81.9 79.9 81.6 Brick and tile 91.8 91.1 91.5 91.5 92.4 Other foods 69 70 4 71 0 69 2 63 6 Cement 95 5 95 5 95 5 95 5 95 5 HIDES AND LEATHER PRODUCTS: Lumber 92 6 90 3 90 2 90 9 91 7 Shoes 104.7 100.3 100.4 100.6 101.2 Paint and paint materia s 80.1 81.1 80.9 81.0 81.0 Hides and skins 8? 82.1 85 5 78.8 78.4 Plumbing and hfiatine1 79 6 78.5 78 7 78 7 78 7 Leather 86.6 84.6 86.9 85.9 85.0 Structural ste3l 114.9 107.3 107.3 107.3 107.3 Other leather products 102.4 96.9 96.6 95.8 95.3 Other building materials 95.8 91.7 89.7 89.7 89.6 TEXTILE PRODUCTS: CHEMICALS AND ;DRUGS: Clothing 863 81.6 81.6 81.6 81.5 Chemicals 84.1 80.5 80.2 80.0 79.7 Cotton goods 68 64.6 65.1 64.6 64.3 Drugs and pharmapp,utinals 74 0 74.9 73.6 73.5 73.0 Hosiery and underwear 63.0 59.9 59.9 59.3 59.1 Fertilizer materials__ 72. 1 67.5 67.7 68.6 70.2 Silk and rayon 98 q 30.9 30.3 30.8 32.1 Mixed fertilize 73 4 73.4 73.2 73.8 74 8 Woolen and worsted ^oods 83.8 76.3 76.4 74.8 74.5 HOUSEFURNISHING GOODS: Other textile product! 677 65.3 64.5 64.4 64.4 Furnishings 9? 8 89.3 89.7 90.3 90 1 FUEL AND LIGHTING MATERIALS Fu[•niture.-. 83.7 82.1 81.9 81.6 80.5 Anthracite .. 80.1 79.1 80.1 80.1 80.3 MlSCEILANEOUS: Bituminous coal 103.2 98.7 98.5 98.5 98.3 Auto tires ancL tubes 57.4 57.4 58.8 58.8 58.8 Coke 105. 5 104. 2 104.2 104.2 104.2 Cattle feed... 91 6 66.5 70.5 76.6 79.9 Electricity 8Q1 81.8 81.8 Paper and puln 00 0 81.7 81.5 80.9 81.0 Gas... 81.8 87.1 84.6 81.6 Rubber, crud( 30.5 35.3 34.3 33.9 33.4 Petroleum products.. 58.8 53.8 51.5 50.9 50.4 Other miscellEmeous 82.4 81.2 81.2 81.1 81.1 1 Preliminary revision. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for £7 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN MARCH 1939 STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart 1939 Chart 1938 1939 book book page page Jan. 18 Jan. 25 Feb. 1 Feb. 8 Feb. 15 Nov. Dec Jan. 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 2.59 2.58 2.58 2.58 2.59 United States: Bills discounted 5 0) .01 .01 .01 .01 All commodities 31, 32 77.5 77.0 76.9 Bills bought 5 0) 0) 0) 0) Farm products 31 67.8 67.6 67.2 U. S. Gov't securities.,. 5 2.56 2.56 2.56 2.56 0) Foods 31 74.1 73.1 71.5 Gold stock 3 14.62 14.64 14.69 14.73 2.56 Other commodities.._ 31 80.6 80.3 80.2 Money in circulation 3,9 6.67 6.62 6.66 6.67 14.77 England 32 79.4 79.3 78.5 Treasury cash 3 2.73 2.75 2 77 2.77 6.70 France 32 97.0 98.4 P99.2 Treasury deposits 3 .80 77 !89 .93 2.77 Germany 32 78.9 791 P79. 3 Member bank balances 3, 6 9.13 9! 17 9.05 9.02 1.25 [ndustrial production5 35 103 104 P101 Required reservese 6 5. 57 5.57 5.57 5.56 8.71 Manufacturing production:5 Excess reserves—total2 7 3.54 3.61 P3. 58 P3.45 5.54 Total 37 103 104 New York City2 7 2.05 2.13 2. 15 2.08 P3.35 Durable6 37 44 43 Chicago2 7 .24 .23 .21 .18 2.03 Nondurable6 37 59 61 Reserve city banks2 7 .75 . 75 .73 .69 .16 Factory employment 43 90.5 912 Country banks2 7 .50 .49 P. 48 P. 50 .66 Factory payrolls 43 84.1 866 P83.2 p. 50 Freight-car loadings5 45 69 69 69 REPORTINGMEMBER BANKS Department store sales5 47 89 89 88 Department store stocks5 47 67 66 67 Total, 101 cities: Loan In s v a e n s d tm i e n n v t e s s 8 tments8 1 1 4 4 2 13 1 . . 4 1 4 5 2 1 1 3 . . 4 1 3 5 2 1 1 3 . .2 4 1 4 2 1 1 3 . . 4 2 5 8 2 1 1 3 . . 6 4 1 0 In millions of dollars Loans8 14 8.29 8.28 8.23 8.17 8.21 Construction contracts awarded:7 Adjusted demand Total 41 394 394 deposits 15 16.12 16.15 16.05 16.08 15.95 Residential 41 104 105 P100 Time deposits 15 5.17 5.18 5.18 5.17 5.18 Other 41 290 289 ?254 U. S. Gov't deposits.-. 15 .63 .63 .63 .63 63 Exports and imports: Domestic bank balances 15 6.36 6.35 6.36 6.27 6^29 Exports (incl. re-exports). 49 252 269 Foreign bank balances.- 15 .54 .55 .58 .57 55 General imports 49 176 171 New York City: Excess of exports 49 76 97 U. S. Gov't obligations.. 16 3.54 3.53 3.55 3.56 3.65 Income payments: Other securities8 16 1.13 1.11 1.14 1.21 1.16 Total adjusted 50 5468 '5, 533 P5, 513 Commercial loans 16 1.37 1.35 1.36 1.35 1.36 Total unadjusted 50 5,297 '5, 956 P5, 532 Brokers' loans 16 .68 .68 .64 .64 .66 Compensation of em- 100 cities outside New York: ployees 50 3670 '3, 719 P3, 592 O U . t h S e . r G s o e v cu 't r o it b ie li s g 8 ations.. 1 1 7 7 6 2. . 1 3 1 8 6 2 . . 3 1 9 2 6 2 . .1 4 1 1 6 2. . 0 4 9 2 6 2 . . 5 0 1 9 ash O f t a h r e m r income: 50 1627 2,237 PI, 940 Commercial loans 17 2.42 2.41 2.41 2.39 2.40 Total 51 708 652 627 MONEY RATES AND SECURITY Averages of daily figures3; percent L C i r v o e p s s t ock and products.. 5 5 1 1 3 3 1 4 8 2 2 3 6 5 1 2 3 2 2 6 3 3 MARKETS per annum Government payments..- 51 48 39 41 F.R.bankdiscountrate,N.Y. 19 1.00 1.00 1.00 1.00 1.00 Commercial paper 19 r. 56 ".56 .56 .56 .56 OTHER In billions of dollars Bankers'acceptances 19 .44 .44 .44 .44 .44 U. S. Treasury bills 21 ,03 .03 .03 .03 .03 Central gold reserves: U U C C . . o o r r S S p p . . o o T T r r a a r r e e t t e e a a s s A B u u a a r r y y a a b b n b o o o o n n t n e d d d s s s s 21, 2 2 2 2 5 1 5 5 2 3 5 . . . . 4 6 0 0 5 0 8 3 3 2 5 . . . . 4 6 0 1 8 2 4 4 2 3 5 . . . 4 6 5 1 3 A 2 3 5 . . . . 4 0 0 6 4 0 7 4 2 3 5 . . . . 6 0 4 0 3 0 3 5 U E F N r n n e a g i t n t h l e c a e d e n r l d S a n ta d t s e s 8 8 8 8 1 2 2 4 1 . . . . 6 4 0 3 9 3 1 1 1 2 2 4 . . . . 6 4 5 9 1 9 3 9 1 2 1 4 . . . . 9 4 0 6 9 3 4 8 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total 20 38.07 38.90 39.10 Stoc I k n d p u ri s c t e r s i , a l t otal4 27, 2 2 7 9 1 9 1 3 0 1 8 0 7 4 1 8 0 9 5 1 9 0 1 7 1 9 0 1 7 N B B i o o l n l t s e d s s 2 2 2 0 0 0 2 9 4 1 . . . 1 3 0 9 0 7 2 8 5 1 . . . 5 3 5 0 2 1 2 8 5 1 . . . 5 6 3 0 6 1 Railroads 27 30 27 28 29 Special issues 20 3.51 3.57 3.63 Public utilities 27 83 81 82 85 olume of trading2 (mill. shares) 29 .82 1.42 .78 .66 .65 Percent per annum Brokers' loans (mill, dollars) 29 826 835 792 786 813 Customers' rates: New York City 23 2.33 2.33 2.29 BUSINESS CONDITIONS Figures for week3] in unit indicated 8 other Northern and Eastern cities 23 3.28 3.47 3.41 Wholesale commodity prices:4 27 Southern and Western All commodities 33 76.6 76.7 76.6 76.6 76.6 cities 23 4.05 4.04 4.10 Farm products 33 66.9 67.3 67.1 66.7 66.9 Foods 33 71.3 71.2 71.0 71.1 71.3 Other commodities 33 80.4 80.4 80.4 80.4 80.4 QUARTERLY FIGURES June 30, Sept. 30, Dec. 31, Steel plant operations 1938 1938 1938 (% of capacity) 38 52.7 51.2 52.8 53.4 54.8 Automobile production (thous. cars) 38 90.2 89.2 78.4 84.5 79.9 In millions of dollars Electric power production (mill. kw. hrs.) 39 2,290 2,293 2,287 2,268 2,249 Domestic corporation security Total freight-car loadings issues, total 28 442 672 726 (thous. cars) 39 590.4 594.4 576.8 579.9 580.1 New 28 251 340 153 Refunding 28 191 332 573 p 2 * 4 1 I P A F L n r i e v d g e s e e l u s r i x r a m t e g h n s i e a n u s a n a m r o r e $ y b f 5 s . e d , h 0 r a o s 0 i , w 0 l y , 1 e n 0 9 E 0 f u 2 i 0 s g 6 n . t u = i d m r 1 e e 0 r a s 0 , t t . e h s d e e . e W fo e o d t r n n e o R s t e e d v 3 a . i y s e d d a . te included in the weekly period 6 7 5 8 T A C P h o l d a r i j s n e u s e t s i s - t f e i m i c d n a o t t n f i o o o t t r n h a s s l c e m i h a n s a o d o n v e n g x i a e n l d g o f v a a a m s v r e o i a a r f n a t u i F g o f e e n a b a . c . d t u 8 ju r , i s 1 n t 9 e g 3 d 9 p ; f o r s o r e d e s e u n a c o s t t o i e o n n o a . l n v p a a r g i e a t 2 io 0 n 4 . . NOTE.—Copies of this chart book can be obtained at a price of 50 cents, Banking statistics for call report dates are published from time to time. The latest figures appear on page 111 of the February BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN MARCH 1939 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] 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 - <j t r E r o o ( i 2 u u e p 6 n s - e ) - A L c tr o m i ( a i c 1 u e t a e 1 i s n n r ) - - O c t A i r a o c a i n e s u e ( d i a s n a 8 n ) - - A c tr o f i ( r u e 5 i s n c ) a - B U E a n n n it g k e - d o f Ki c n h E g a x d n - o g m e France Eu \g B ro i e u l p - m e S l T an et d h s er- ti S N o w n a a - it l zer B la .I n . d S. land Acc't.2 Bank 1934—December 21,051 8 ?38 134 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 g 1936—December 23, 564 11,258 188 10, 241 736 858 283 2,584 934 2,995 632 490 655 11 1937—December 25,359 12, 760 184 10, 776 685 687 266 2,689 1 395 2,564 597 930 648 5 1938—February 25, 339 12,776 188 10, 746 681 686 261 2,689 1 395 2,428 593 977 699 5 March .. „_ 25, 417 1? 795 186 10,819 665 686 266 2,689 1489 2,428 531 998 698 7 April 25, 254 869 189 10, 589 658 686 263 2,689 1 489 2,428 529 1,007 697 7 May 25, 236 n 919 187 10, 521 656 687 266 2,690 1,489 2,428 456 1,008 686 11 June 25, 304 12963 185 10, 546 658 687 265 2,690 1 489 2,428 481 1,008 679 10 July 25, 292 13,017 189 10, 572 656 589 268 2,690 i; 489 2,428 501 1,008 674 9 August 25, 455 13,136 190 10. 603 656 591 280 2,690 1;489 2,428 517 1,008 686 10 September. . 25, 407 13,760 187 9,916 656 591 298 2,690 759 2,428 539 1,008 690 6 October 25, 756 14,065 188 9,961 655 591 297 2,690 759 2,428 562 1,008 695 10 November *>26, 046 14,31? 186 ]0.000 659 591 298 2,690 759 2,435 584 1,008 699 11 December P26, 244 14, 512 192 P9, 994 P657 2,690 759 2,435 581 995 699 14 1939—January 14, 682 197 i'8, 347 1,042 759 2, 435 582 995 699 15 E urope—C ontinued Latin America E m n o d n t o h f g B a u r l i - a C v z a ec k -i h ia • o -i i ! m j) a en r . k ! ; ' '. B ga u r n y - Italy 3 N w o a r y - l P a o n - 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 i 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 i 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—Feb... 24 93 : 53 29 24 25 210 81 83 69 121 718 253 51 124 458 30 Mar. _. 24 93 53 29 j 24 25 210 90 83 69 122 718 261 53 124 447 31 ApriL. 24 93 53 29 24 25 210 90 83 69 122 525 261 54 79 442 31 May... 24 93 ! 53 29 ! 24 25 210 90 84 69 122 525 272 54 79 440 32 June... 24 93 53 29 | 25 25 210 90 85 69 123 525 279 55 79 439 33 July... 24 93 ! 53 29 : 25 25 210 101 85 69 123 525 280 55 79 435 33 Aug. __ 24 93 I 53 29 ! 25 25 210 101 85 69 124 525 280 55 79 435 34 Sept.,. 24 81 i 53 29 28 25 210 96 83 69 129 525 310 56 79 435 34 Oct.__. 24 83 1 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 78 434 33 Dec.._ 24 83 I 53 29 ; 27 : 37 210 94 85 P69 p133 525 321 57 431 32 1939—Jan., _. *24 83 . 53 29 ; 27 24 210 96 85 *69 P133 525 331 57 P77 Latin America—Continued Asia and Oceania Africa End of month Chile l C b o i m o a - - M ic e o x- Peru g U u ru a - y c o t o r th i 4 u e e n s r - I B n is r d h i i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i 2 u e e n s r - Egypt A So fr u ic th a c o t o r th i 3 u e e n s r - 1934—December 29 19 23 19 82 18 275 7 394 77 25 22 6 55 184 24 1935—December 29 16 44 20 77 19 275 10 425 54 23 24 6 55 212 24 1936—December 29 19 46 20 77 19 275 8 463 60 23 26 4 55 203 25 1937—December 30 16 24 20 74 20 274 16 261 79 23 29 3 55 189 193g—January 30 18 32 21 74 20 274 261 79 23 29 3 55 189 22 February . _ 30 19 30 20 74 20 274 16 261 79 23 29 3 55 184 22 March 30 19 25 19 74 20 274 16 261 79 23 29 3 55 189 22 April 30 19 25 20 71 20 274 16 261 79 23 29 3 55 186 22 May . 30 19 26 19 71 20 274 16 261 80 23 29 3 55 188 23 June 30 20 26 19 71 20 274 16 261 80 23 29 3 55 187 23 July 30 21 28 19 71 20 274 16 164 80 23 29 3 55 190 23 August _ 30 20 27 19 71 20 274 17 164 80 23 29 3 55 202 23 September 30 23 24 19 71 20 274 17 164 80 23 29 3 55 220 23 October 30 24 24 19 69 22 274 18 164 80 23 29 3 55 219 23 November ._. 30 24 27 19 69 P22 274 18 164 80 23 29 3 55 220 23 December 24 29 P19 P22 274 *18 164 80 23 29 220 P23 p Preliminary. 1 Table is incomplete since certain central banks and governments, and certain stabilization funds such as those of France, Netherlands, and Switzerland, hold gold that is not reported. U. S. Stabilization Fund gold included in table to extent of $1,800,000,000. See also notes under United Kingdom, Italy and Spain. 2 Figures officially reported only for end of March and end of September, beginning with March 1937; carried forward for intervening dates. Figure for March 1937 also carried backward to December 1936. Exchange Equalization Account established in June 1932. s 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

MARCH 1939 FEDERAL RESERVE BULLETIN 227 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East outside Total South Rho- West Belgian United Colom- Austra-British U.S.S.R.i Africa desia Africa Congo States2 Canada Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929. 382,532 352,237 215, 242 11,607 4,297 2,390 45, 651 39, 862 13,463 2,823 683 8,712 7,508 1930. 401,088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43,454 13,813 3,281 428 9,553 6,785 1931. 426, 424 386,293 224, 863 11,193 5,524 3,224 49, 527 55, 687 12, 866 4,016 442 12,134 6,815 1932. 458,102 413, 459 238,931 12,000 5,992 3,642 50, 626 62,933 12,070 5,132 788 14, 563 6,782 1933. 469, 257 411, 208 227, 673 13, 335 6,623 3,631 52, 842 60,968 13,169 6,165 3,009 16,873 6,919 $1=15-5/91 grains of gold 9/10 fine; i. e., an ounce of fine gold=$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, 32f 114,971 23,858 11, 515 9,251 31, 240 11,468 1936. '971, 514 833,088 396, 768 28,053 16, 295 7,386 152, 50P 131,181 26, 465 13, 632 9,018 40,118 11, 663 1937. 1, 041, 987 892, 536 410.710 28. 296 20.784 8,018 168,159 143, 367 29. 591 15, 478 9,544 46, 982 11, 607 1938. 1, 116,102 954 945 425, 649 P28, 515 '24, 644 P8, 441 176, 971P164, 394 P32, 483 18,225 PIO, 292 '54,115 P11,216 1937—November.. '90, 251 '77,796 34, 279 2,352 1,854 16,023 12, 365 2,849 1,373 689 4,386 '941 December.. '88, 963 '76, 509 34, 696 2,341 1,957 729 14,083 12, 677 2,064 1,144 1,063 4,725 '1,031 1938—January r87, 587 '74, 960 34, 573 2,381 1,964 661 12, 758 12, 638 2,948 1,456 775 3,858 948 February- '82, 724 '70,056 32, 524 2,246 1,887 642 11,347 11,929 2,266 1,175 834 4,333 872 March '89, 646 m, 205 35, 519 2,387 2,002 673 '12, 991 13,161 3,253 1,403 673 4,204 939 April r87, 533 '74, 764 34, 351 2,374 2,024 702 '12, 480 12, 895 2,389 1,664 698 4,280 906 May '90, 444 r77, 273 35, 794 2,415 1,989 686 '13, 855 13, 338 1,863 1,338 782 4,278 935 June '91, 242 '77, 950 35, 509 2.394 2,020 726 '12, 851 13, 674 3,024 1,365 901 4,577 909 July '98, 492 r84, 849 36, 222 2,410 2,067 716 '16, 684 14, 727 4,241 1,748 752 4,330 951 August '97,845 '83,896 36, 622 2,415 2,053 716 '16, 492 14,425 2,941 1,515 986 4,771 958 September- '97, 386 '83, 223 36,237 2,365 2,048 743 '16, 839 14, 336 2,062 1,812 1,019 4,816 946 October 96,785 82, 801 36, 449 2,445 2,174 725 '16, 223 14, 394 2,265 1,622 906 4,642 956 D N e o c v e e m m b b e e r r .. P P9 9 7 8 , , 9 4 9 2 6 2 P P 8 8 5 2 , , 0 8 8 8 2 6 3 36 5 , , 0 8 0 4 7 2 P2 2 , , 3 3 8 0 1 1 P2 2 , , 2 2 0 1 4 3 P725 '1 1 8 5 , , 4 9 8 7 1 0P1 1 4 4 , , 3 5 5 2 1 5 P P2 2 , , 4 7 4 9 0 0 1 1 , , 6 49 2 9 8 P1, 9 03 3 5 0 P5 4 , ,8 2 2 0 0 5 ^ 9 9 3 6 0 5 Gold 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 $90.67 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. Monthly figures for United States for 1938 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $140,381 so that aggregate for 1938 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 1 Annual figures of estimated world production outside U.S.S.R. through 1937 represent estimates of U. S. Mint; figure for 1938 represents total of monthly figures. Monthly figures are derived by adding to total production for which monthly reports are received by Board of Governors an estimate of all other production (exclusive of U.S.S.R.) based on monthly statistics of American Bureau of Metal Statistics. 2 Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for February 1939, p. 151, 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 1836, pp. 1C8-1C9, 1937 pp. 104-105 and 1638, pp. 102-103. Figures for Canada beginning January 1S28 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 m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i a i n l n i e p d - s t A r u a s l - ia Japan B I r n i d ti i s a h c o t o r A t i h u e l e n l s r - 19341. 1,131,994 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 76,820 32,316 1935... 1, 739,019 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 75,268 47,054 1936._. 1,116, 584 573, 671 3,351 71,006 2 7,511 72, 648 39,966 11,911 21, 513 23,280 77,892 39, 743 1937... 1, 585, 503 -13,710 90,859 6,461 6 54, 452 111, 480 38, 482 18,397 25,427 34,713 246,464 50,762 30,179 1, 973, 569 81,135 IV" 163,049 60,,146 1,363 76, 315 36, 472 10, 557 27, 880 39,162 168, 740 16,159 2 68,376 1937—November.. 22,110 -5,046 -24,968 816 2,285 4,323 2,286 3,173 37,148 767 1,326 December. _ 17,982 -40 -14,987 2,767 3,404 16 2,292 3,786 18, 774 107 1,862 1938—January 2,088 -20 —4,974 649 819 1,676 1,025 1,043 1,870 February. __ -11 15 692 721 2,105 1,330 1,943 1,241 March 52,927 31,395 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,536 April 71,091 35,429 18 1,938 747 1,812 1 1,883 1,241 23, 311 2,359 2,353 May 52,775 2,895 35 891 10, 221 630 5,650 2,108 2,285 3,582 21,950 2,530 June 55,307 20,599 13 3,248 57111,520 726 715 1 3,232 2,984 5,782 2,252 3,438 July __ 63,815 4,976 898 7,685 962 11,123 1 2,422 3,434 1,148 2,495 August 165,973 91,227 4,721 3,213 15, 360 14, 333 3,183 2,113 1,772 2,748 23,497 3,806 September.. 520,896 377,984 47, 21911, 521 38,148 1,446 4 2,721 3,775 35,095 2,982 October 562,366 443,403 42,959 41,832 3,840 1 10,810 2,236 4 2,720 3,294 5,740 760 4,768 November.. 177, 768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 7,888 5,788 3,822 2 19,150 December.. 240, 526 101,707 37, 395 1,979 46,185 731 2,550 2,107 2,655 6,788 14, 425 1,797 2^22,207 1939—January I 156, 345 52,050 1,438 33, 678 -67 10, 842 2,342 2,089 2,754 6,585 37, 819 1 5,124 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively. NOTE.—For gross import and export figures and for additional countries see table on p. 198. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN MARCH 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- All ports 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 e m l- N la e n th d e s r- U.S.SR. Au li s a tra- B In ri d ti i s a h B c t r o r i i u t e i n s s - h S d w e e n - e S r w la it n z d - c t o ri u e n s - 1934 716, 269 -497,166 348,190 121,017-13,585 32, 575 41, 790 62,397 -9,123 1935 369, 722 -435, 502 142,13" -4, 726-17,476 10, 796 931 37, 981 181, 602 32, 754 -50,661 53, 465 1936____ 1,169, 931 -276, 830 756, 215 23, 292-15,133 -21,215 26, 723 128, 421 28,067 -10,129 3,998 1937 420, 427 -834,009 541,18' 46,147-21,993 -16,572 24,165 66, 330 22,079 -81 -16,596 1938 -285,648 -1,050,395 38,899 33,283 348,000 -46, 463 27, 831 55, 739 20, 766 -89, 371-78,029 1937—Nov.. 22,054 4,258 -2, 488 -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 2,379 36, 528 5,174 8,300 -6, 085 6,183 1938—Jan... 27, 245 1,487 41 -1,487 -6,055 3,775 32, 889 4,425 10, -5 -11,164 « 3, 125 Feb.. 51, 387 3,528 -1,940 78 5 -3,067 5,669 2,958 43,092 5,002 7, -5 -12,082 c 1,115 Mar.. 79, 037 -35, 535 -4, 276 49 55,448 3,625 11, 273 3,620 50,540 5,101 2, -7, 590 -6,000 <-3 Apr._ 53, 186 -18, «r -3, 039 86 15,039 -4,139 31,089 4,168 35,077 3,586 3, -10, r"- 2,527 -6, 202 May- 97, 478 -5,233 -119 168 48, 446 -6, 781 28,083 2,467 35, 407 3,824 2, -13,996 -2. 263 5,336 June. 89, 580 -20, 811 -6,13' 138 56, 764-12,037 28,104 2,024 40, 623 3,725 9, -7,673 -5, 407 340 July. 24,119 -10, 529 -99' 47 23, 212-5, 750 2,490 31, 516 6,418 6, -11,429 -16,521 -920 Aug.. -73,132 -93, 660 -5, 726 6,179 -258 -10,041 5,665 2,102 31,192 10, 356 3, -11,151 -10,498 -327 Sept.. -261,143 -360,016 685 14, 358120,075 -7, 498 2,839 16, 831 3,023 -4, -22,763 -21, 980 -1, 955 Oct.. -210, 171 -308,528 69, 604 4,077 33, 982 535 705 6,530 4,204-20, -4, 671 2,831 1,353 Nov. -96, 508 -105,220 -66 6,005 -2,328 -5,245 155 2,695 4, 260 1,017 1,603 Dec.- -66, 726 -97, 371 758 2,057 9,990 5,649 528 7,358 1,815 1,511 1,347 1939—Jan. P -29, 948 -43, 448 -9 -85 183 -1,298 5,672 513 2,755 630 4,012 Germany Switzerland British India Y m e o a n r t o h r n e o T e x p r ( t p o o ) n o r t im a t e r s t l t s - i e m o T x r ( n p p o ) 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 I t ta e l x y por N t l s a e e n ( r t — d - h s - ) to m : G a e n r y - 4 c o t o A r th i u e l e n l s r - i e m o T x r n p p o e n o o t t a e r r t l t t s s p t I i r G o n o n o d d l u i d i a c n - s in d e R I r i e n v a I - 5 n e c s - rea P i I s n h r n e g i o d v s i l i n d a a i : - t " n e 1934 -90,920 -46,065 -12,784 -45,955 -29, 235 18, 397 19, 431 2,580 -43 1,543 -230,720 11,223 173-219, 670 1935 42, 969 -230, 788 647-54,858 -181,725 -13,940 25, 542 342 -9, 607 7 2,812 -161,872 11, 468 -6 -150,398 1936 -I,""" 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 rll,607 -50,108 1938 -1,245 -1,128 76, 620 -74, 375 -1,067 11,314 25,125 -32, 745 -4, 989 1937—Nov.. -79 4,113 4,: -6, 276 -227 559 3,275 -20 1,934 -4, 200 *-941 -3, 262 Dec... -247 26,892 5,810 -5,828 24, 558 -559 2,553 -28 386 -5, 999 1,031 -4,970 1938—Jan... -200 10,826 12, 478 -13,978 10,409 -41 1,614 -38 373 -5,599 948 -4,651 Feb... 5,359 2,448 -35 11, 223 -11,518 -584 615 2,198 -10 <558 -7,423 872 -6,551 Mar.. -27 -3,188 3,595 -9, 257 -943 1,763 1,421 -32 265 -2, 749 939 -1,810 Apr... 6,009 -7,632 7 -2, 391 -6,084 -266 5,397 2,467 -9, 970 «3, 208 -4, 388 906 -3, 482 May.. 18, 058 -5, 201 33 4,860 -2, 943 -1,549 -2,009 2,396 -6,175 187 -3, 452 935 -2,517 June.. 7,626 5,978 -220 5,256 -7,839 -484 5,814 5,657 -2,487 282 -2, 327 909 -1,418 July.. V" -8,837 -2 16,128 -14,071 -6,041 -142 3,962 222 -10,988 951 -10,037 Aug... -6,864 -1,338 -2 10,464 -8, 382 -1, 283 -37 3,824 -6, 267 '342 -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 -6,666 Nov.. -10,129 913 228 13 33 -11 994 -265 31 -2, 283 930 -1,353 Dec... P-3, 764 -5, 690 -1,854 -139 -166 -2, 884 -438 -209 1939—Jan.P.. -3,8 -1,144 915 -2,287 -1,372 c Corrected. r Revised. * 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 Includes exports to Central and South America of $24,996,000. « Beginning April 1938 figures represent gold movements of Greater Germany. * Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 6 Figures derived from preceding columns; gold movement plus production minus increase in reserves in India. * Includes net import of $19,928,000 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.—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

229 MARCH 1939 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of m d i e s e p s n a u t r ) e t * - Cash reserves a c n o D d u i s n a - t d s - Se ti c e u s ri- ci N t r i c o o u n t l e a- Deposits l O ia t b h i e li r - Coin ]Sotes 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 _i 147.6 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120 7 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18 0 1932-Dec. 28 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933-Dec 27 190 7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18 0 1931-Dec. 26 . 192,3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935-Dec. 25 _ 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 .6 46.3 17.5 155.6 467 4 150. 6 12.1 39.2 18.0 1937—Dec. 29 326.4 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Mar. 30 326 4 .8 41 0 8.7 131.0 485.4 108.1 17.8 37.4 18 3 Apr. 27 . 326.4 .8 37.1 7.1 133.4 489.3 113.3 10.9 36.5 17.7 May 25 326 4 .8 46 2 9.5 115.1 480.2 91.2 26.5 36.1 17 8 June 29 326. 4 .9 41.2 7.3 140.6 485.2 125.5 10.5 36.1 17.9 July 27 326.4 1.1 33.1 9.5 137.0 493.3 116.4 11.2 35.1 18.1 Aug. 31 326.4 1.3 46.0 5.4 124.4 480.4 94.7 27.8 36.4 18.2 Sept. 28. 326 4 1.5 25.5 7.3 135 6 500.9 99.9 11.4 40.2 18.2 Oct. 26 326 4 1 4 43 9 4.2 129 2 482.5 100.4 25.0 35.5 17 7 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 8 51 7 28.5 90. 7 504.7 101.0 15.9 36.8 18 0 1939—Jan. 25 126 4 .7 62 6 18.8 103.9 463.8 118.2 12.9 36.7 18 1 Feb. 22P 126.4 1.0 53.7 17.5 100.6 472.7 103.1 16.3 35.1 18.2 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 x g n r - n g - e m O a p rk e e n t 3 c S i p a e- l4 Other v m G a e e n t r o o n n c v t - e - 5 s m G S t e o h e n v r o t e m r r s t n - e - - s O e t c t ie h u s e ri r - a O s t s h e e ts r c N i t r i c o o u n te la- G m ov e e n r t n- Other l O i t a i t b e h s i e li r curities 1929—Dec. 27 _ 41, 668 25, 942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930—Dec. 26 53, 578 26,179 5,304 8,429 2,901 6,609 76, 436 12,624 11, 698 2,241 1931—Dec. 30 _._ 68,863 21,111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29 _ 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 3, 211 8,288 83,412 3,718 15, 359 1,907 1935—Dec. 27 66, 296 1, 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 93, 837 3,461 19, 326 3,160 1938—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 78? 5,835 89 7,133 40,134 623 3,545 7,117 101,117 3,135 14, 207 2,608 Aug. 25__ _ __ _ 55, 808 767 6,098 8,241 40,134 331 3,545 7,364 99,065 2,891 17, 684 2,649 Sept. 29_ _ 55,808 764 6,781 642 20,293 50,134 1311 4,362 8,410 124,428 2,825 18, 593 2,660 Oct. 27 55, 808 763 6,802 1,550 14,694 48,134 1600 3,865 7,427 110,446 3,642 23, 827 2,727 Nov. 24. __ _ 87, 264 888 7,032 1,611 11, 021 20, 627 1559 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 1939—Jan. 26 _ 87, 266 761 8,004 1,996 6,193 20, 627 136 3,389 14, 099 109, 378 5,445 24, 935 2,713 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). * 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; Aug. 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

230 FEDERAL RESERVE BULLETIN MARCH 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 h re a i n g g n e Tr b e i a ll s s ury b c i O h ll e s t c h ( k e a s r n ) d Se 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 r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec. 31. 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31. 2,216 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31. 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 386 49 3,177 183 259 322 735 3,645 640 836 1934— Dec. 31. 79 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 82 53 4,498 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 66 62 5,448 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 71 119 6,013 106 861 5,493 1,059 970 1938—Feb. 28. 71 21 5,637 110 286 953 5,278 891 996 Mar. 31. 71 89 5,813 96 297 1,388 5,622 1,323 877 Apr. 30. 71 12 5,841 121 297 1,614 6,086 1,031 903 May 31. 71 18 5,832 545 300 1,373 1,021 911 June 30. 71 39 6,136 547 300 1,322 6,440 1,119 932 July 30. 71 17 6,247 549 1,285 6,650 920 951 Aug. 31. 71 1 6,647 550 1,268 6,869 1,033 974 Sept. 30. 71 2 8,173 550 1,129 8,023 1,231 1,022 Oct. 31_. 71 1 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 8,123 557 298 1,621 8,223 1,527 1,091 1939—Jan. 31 _. 16 7,144 592 298 1,848 7,816 1,119 1,091 NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Jan. Dec. Nov. Jan. date of month] Jan. Dec. Nov. Jan. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Gold.. 7,574 7,575 7,580 Demanddeposits—Treasury 108 114 136 33 Foreign assets 18, 320 19,161 22, 524 Other 439 440 447 813 Loans and discounts 5,320 5,491 4,047 Other" Liabilities 122 119 119 118 Other assets 4,401 4,494 3,783 Central Bank of Bolivia (thousands Note circulation 10, 529 10, 608 10, 818 of bolivianos): Other sight liabilities 12,155 13, 233 15,184 Gold at home and abroad 57, 593 51, 996 Other liabilities 12, 932 12, 880 11,931 Foreign exchange 37, 390 106,981 91,312 Central Bank of the Argentine Loans and discounts 26, 433 26, 227 34, 961 Republic (millions of pesos): Securities— Government 400, 848 401, 829 398, 926 Gold reported separately 1,224 1,224 1,345 Other 4,551 4,034 4,586 Other gold and foreign exchange. 71 94 47 Other assets 43, 545 47, 369 14, 738 Negotiable Government bonds.. 95 80 96 Note circulation 288, 090 280, 621 247, 342 Other assets 224 239 150 Deposits 218,128 300,876 292, 065 Note circulation.- 1,118 1,059 1,149 Other liabilities 65, 418 62, 536 57,110 Deposits—Member bank 321 363 333 National Bank of Bulgaria (mil- Government 110 125 114 lions of leva): Other 1 1 3 Gold 2,006 2,003 1,994 Foreign exchange sold forward.. 18 33 Foreign exchange 1,279 1,105 838 Other liabilities 47 55 38 Loans and discounts 977 1,083 1,061 Commonwealth Bank of Australia Government debt 3,441 3,468 3,495 (thousands of pounds): Other assets 1,136 1,171 1,188 Issue department: Note circulation 2,800 2,361 Gold and English sterling... 16,011 16,011 16, 006 Deposits 3,707 3,604 3,965 Bank S i e n c g u r d it e ie p s artment: 45, 999 37, 268 40,801 Bank O t o h f e r C l a ia n b a i d li a ti e ( s thousands of Ca- 2,332 2,287 2,250 Coin, bullion, and cash 1,124 1,317 1,317 nadian dollars): London balances 25, 665 21, 785 31, 384 Gold 192, 004 185, 912 181, 033179, 756 Loans and discounts 15,144 14, 843 12, 368 Sterling and United States ex- Securities 52,160 58,037 52, 653 change 24, 666 28, 354 45,157 16, 815 Deposits 87, 530 91,412 93, 718 Canadian Gov't. securities: Note circulation 53,030 48, 030 49, 534 2 years or less 138,316 144, 621 154, 875 76, 329 National Bank of Belgium (mil- Over 2 years 42, 364 40, 895 41,018 90, 753 lions of belgas): Other securities 12, 201 Gold reserve . 3,435 3,428 3,446 3,533 Other assets.. 6,849 5,153 5,425 8,514 Other gold and foreign exchange- 926 924 912 1,012 Note circulation 161, 360 175, 260 170, 724152, 896 Discounts 182 214 290 206 Deposits-Chartered banks 215,052 200, 646 215,195 198, 986 Loans __ 33 41 38 29 Dominion Government 14, 553 16, 673 29, 988 17,800 Other assets _ 469 464 466 466 Other 3,322 3,086 1,844 1,735 Note circulation 4,376 4,398 4,450 4,282 Other liabilities 9,912 9,271 9,759 12, 951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 231 CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1938 [Figures as of last report [Figures as of last report date of month] Jan. Dec. Nov. Jan. date of month] Jan. Dec. Nov. Jan. Central Bank of Chile (millions of Central Reserve Bank of El Salvador (thousands of colones): Gold 145 145 145 144 Gold _. 13, 207 13, 206 13,172 Discounts for member banks 67 73 18 5 Foreign exchange 3,204 3,153 4,183 Loans to government.__ 758 758 766 791 Loans and discounts 1,284 1,202 1,758 Other loans and discounts 192 182 172 115 Government debt and securities 5,469 5,686 5,867 Other assets 49 37 47 50 Other assets 876 930 1,769 Note circulation 787 795 742 701 Note circulation _ _ 14, 851 13, 901 15,894 Deposits- Deposits 5,580 6,575 6,673 Bank _ __. 205 198 202 196 Other liabilities.. 3,608 3,702 4,182 Other 65 61 52 76 Bank of Estonia (thousands of Other liabilities 155 141 151 133 krooni): Bank of the Republic of Colombia Gold _ ._. 34, 298 34, 295 34, 216 (thousands of pesos): Foreign exchange (net) ___ 17, 293 16, 386 15, 731 Gold..__ 42, 671 42, 223 42,000 32,134 Loans and discounts 29, 613 26, 516 24,833 Foreign exchange. 5,306 4,975 6,025 12, 696 Other assets 36, 575 36, 627 29, 781 Loans and discounts 17, 822 21,169 18, 526 16, 370 Note circulation 51, 691 51,903 48,770 Government loans and securities 38,010 39,067 38,167 45, 722 Demand deposits __ 37, 509 34, 454 34, 942 Other assets 28, 580 26, 767 27, 392 26, 287 Other liabilities 28, 578 27,467 20, 847 Note circulation 54, 311 58, 300 54,423 48, 863 Bank of Finland (millions of mark- Deposits 48, 367 45, 537 48, 318 43, 492 kaa): Other liabilities 29, 712 30, 363 29, 370 40, 855 Gold' _. 1,128 1,128 620 635 National Bank of Czecho-Slovakia Foreign assets 2,548 2,534 2,374 2,374 (millions of koruny): Loans and discounts _ 1,215 1,177 1,247 1,157 Gold* 2,696 2,694 2,641 Domestic securities 309 306 310 349 Foreign exchange. 1,173 1,248 1,308 523 Other assets.. 197 180 367 400 Discounts 2,227 2,741 2,310 1,004 Note circulation 1,975 2,086 2,042 2,015 Loans _- 731 835 993 Deposits—Treasury 384 244 152 472 Government debt _. 2,010 Other _ 862 850 1,039 828 Other assets _. 1,965 1,661 1,702 1,225 Other liabilities.. 2,176 2,146 1,684 1,600 Note circulation 6,985 6,950 6,870 6,099 Bank of Greece (millions of drach- Demand deposits 386 656 403 629 mas): Other liabilities 1,421 1,547 1,575 1,668 Gold and foreign exchange (net) 3,598 3,564 3,375 3,451 Bank of Danzig (thousands of Loans and discounts. ___ 8,616 8,841 8,209 5,616 gulden): Government obligations 4,296 4,292 4,315 4,381 Gold 26, 788 28, 341 28, 263 28, 370 Other assets 1,708 1,692 2,012 1,682 Foreign exchange of the reserve- 733 991 2,501 2,991 Note circulation 6,694 7,239 7,011 6,358 Other foreign exchange 343 373 368 397 Deposits 9,714 9,598 8,894 6,405 Loans and discounts _. 26, 813 26, 300 26, 014 16, 867 Other liabilities.... 1,811 1,553 2,006 2,367 Other assets 3,155 2,596 3,157 3,434 National Bank of Hungary (mil- Note circulation 38, 987 41,169 39,018 34, 735 lions of pengos): Demand deposits 14, 832 13,496 17, 783 13, 297 Gold 4 124 124 94 84 Other liabilities 19, 012 19, 012 19,012 19,012 Foreign exchange reserve 94 97 100 58 National Bank of Denmark (mil- Discounts 471 511 462 386 lions of kroner): Loans—To Treasury 269 268 267 117 Gold 118 118 118 118 Other _ __ 12 14 12 14 Foreign exchange 115 112 118 83 Other assets _ 359 296 293 287 Discounts 21 22 23 21 Note circulation 831 863 437 Loans—To Government agencies 65 134 151 140 Demand deposits... 179 196 219 Other 123 158 116 113 Certificates of indebtedness 99 70 Securities 162 148 148 69 Other liabilities 220 220 Other assets 108 107 112 65 Reserve Bank of India (millions of Note circulation 410 441 414 386 rupees): Deposits 111 170 192 73 Issue department: Other liabilities 190 179 150 Gold at home and abroad 444 444 444 Central Bank of Ecuador (thou- Sterling securities 595 622 788 sands of sucres): Indian Gov't. securities 323 324 274 Gold 35, 282 37, 375 Rupee coin ___ 702 714 629 Foreign exchange (net) 6, 354 11, 434 Note circulation 1,880 ,833 Loans and discounts 55, 279 55, 641 Banking department: Other assets 19, 808 16, 834 Notes of issue department... 184 314 303 Note circulation 68, 205 63, 896 Balances abroad 13 3 49 Demand deposits __. 32, 490 46, 967 Treasury Bills discounted __. 83 1 Other liabilities.. 16, 029 10, 421 Investments 56 59 National Bank of Egypt > (thou- Other assets 31 16 6 sands of pounds): Deposits 243 273 310 Gold 6,545 6, 545 Other liabilities. 125 120 107 Foreign exchange 2,039 2,593 Bank of Japan (millions of yen) : Loans and discounts 8,586 5,818 GoIldd.. 501 501 501 801 British, Egyptian, and other Special foreign exchange fund 300 300 300 Ot G he o r v e a r s n se m ts ent securities 28 6 , ,9 2 0 7 5 9 34 7 , ,2 8 3 7 1 3 D Lo is a c n o s u — nt G s overnment 40 3 4 45 3 7 44 3 2 L496 3 Note circulation 21, 087 19, 830 Other 46 82 49 161 Deposits—Government... 3,835 9,163 Government bonds 1,671 1,841 1,412 1,210 Other 18, 578 19, 685 Other assets 279 295 328 174 Other liabilities 8,854 8,381 Note circulation 2,311 2,755 2,132 2,051 Deposits—Government. 496 307 460 432 Other.. 100 131 161 88 Other liabilities 297 282 274 1 Includes 336 million shown separately as cover for liabilities in gold beginning September 1938. 2 Items for issue and banking departments consolidated. 3 In accordance with law of Dec. 22, 1938, gold revalued on Dec. 31, 1938, at .0208 gram fine gold per mark. 4 In accordance with law XXV of 1938 gold revalued on January 15, 1929, at .1754 gram fine gold per pengo and resulting increment included in other assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN MARCH 1939 CENTRAL BANKS—Continued Central bank Central bank 1939 [Figures as of last report [Figures as of last report date of month] Jan. Dec. Nov. Jan. date of month] Jan. Dec. Nov. Jan. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 117 117 Non-reserve exchange 178 163 Foreign bills 11 3 Loans and discounts 456 328 Loans and discounts 66 62 66 Government debt 1,039 1,041 Other assets 103 112 105 Other assets 1,366 1,298 Note circulation 188 186 185 Note circulation 2,224 2,102 Deposits 83 87 78 Other sight liabilities 1,108 1,142 Other liabilities 26 Other liabilities 1,150 1,070 Bank of Latvia (millions of lats): National Bank of Rumania (mil- Gold 92 83 83 78 lions of lei): Foreign exchange reserve 41 42 43 43 Gold 18,125 16, 504 Loans and discounts 147 162 150 130 Special exchange accounts 4,071 5,915 Other assets 66 60 60 66 Loans and discounts 12,121 6,175 Note circulation 77 83 83 62 Special loans 2 1,831 1,989 Deposits 217 213 205 198 Government debt 10,499 10, 549 Other liabilities 52 50 49 56 Other assets 11,009 9,174 Bank of Lithuania (millions of litu) : Note circulation 33, 676 30,102 Gold 65 66 79 Demand deposits 13,075 10, 642 Foreign exchange 5 4 4 Other liabilities 10, 905 9,561 Loans and discounts 117 121 117 114 South African Reserve Bank Other assets 33 34 35 zy (thousands of pounds): Note circulation 143 142 143 117 Gold 26, 725 26, 722 22,936 Deposits 56 62 54 88 Foreign bills 8,096 9,050 3,176 Other liabilities 23 21 25 20 Other bills and loans 1, 716 1,820 2,973 Netherlands Bank (millions of guil- Other assets 15,524 15,072 12, 932 ders) : Note circulation 19,101 16, 547 16,995 Gold 1,461 1,461 1,481 1,406 Deposits 29,140 33, 033 21, 757 Silver (including subsidiary coin) 29 27 25 18 Other liabilities 3,821 3,084 3,265 Foreign bills 3 4 4 5 Bank of Sweden (millions of Discounts 8 9 16 kronor) : Loans 307 309 321 Gold 729 707 707 540 Other assets 69 68 68 63 Foreign assets 782 834 874 1,030 Note circulation 999 992 1,005 Discounts 12 13 14 12 Deposits—Government 191 137 112 Loans 40 37 33 23 Other 638 702 750 606 Domestic securities 116 106 91 16 Other liabilities 47 47 47 Other assets 488 466 463 288 Reserve Bank of New Zealand Note circulation 979 1,061 982 906 (thousands of pounds): Demand deposits 1,024 933 1,029 879 Gold 2,802 2,802 2,802 Other liabilities 164 169 171 125 Sterling exchange reserve 4,678 4,828 16, 231 Swiss National Bank (millions of Discounts 500 francs): Advances to State or State un- Gold 2,890 2,890 2,890 2,842 dertakings 16, 457 13, 522 7,724 Foreign exchange 255 280 286 519 Investments 3,605 3,509 2,915 Discounts 152 159 115 15 Other assets 440 314 296 Loans 19 22 24 24 Note circulation 16, 641 14, 587 14, 240 Other assets 703 711 709 630 Demand deposits 10,114 8,696 14, 031 Note circulation 1,651 1,751 1,696 1,451 Other liabilities ._ 1,726 1,693 1,696 Other sight liabilities 1,725 1,663 1,686 1,947 Bank of Norway (millions of Other liabilities 643 647 643 635 kroner): Central Bank of the Republic of Gold 210 206 211 180 Turkey (thousands of pounds): Foreign assets 192 215 217 237 Gold 36,873 36,872 36,871 36, 753 Total domestic credits and Foreign exchange—Free 10 29 22 25 securities 218 228 212 166 In clearing accounts 10, 037 7,163 8,349 23, 857 Discounts 0) 0) 71 67 Loans and discounts 93,305 105,461 92,018 45, 502 Loans 0) 0) 32 32 Securities 190, 920 191, 899189, 861 .88, 405 Securities 0) 0) 108 67 Other assets 23, 660 23, 785 34, 092 38, 237 Other assets 0) 0) 53 15 Note circulation 198,463 204, 744196,611 .76, 376 Note circulation 446 C477 448 421 Deposits 44,534 i, 72751, 981 40,578 Demand deposits—Government 37 38 56 Other liabilities 111,808 113, 738112,622 .15,825 Other 103 92 62 Bank of the Republic of Uruguay Other liabilities 0) 60 (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 51,419 57, 605 Note circulation 87,593 90,826 Discounts 23, 683 40,806 Banking department: Government loans 84,987 46,964 Cash reserves 52,162 22,450 Other assets 6,135 11, 260 Loans and discounts 100,532 93, 857 Note circulation 106, 419 94,420 Other assets 68, 584 59, 979 Deposits 43,177 42, 260 Deposits 82,105 81,179 Other liabilities 16,629 19,955 Other liabilities 139,173 95,107 Bank of Poland (millions of zlotys): National Bank of the Kingdom of Gold 446 445 442 436 Yugoslavia (millions of dinars): Foreign exchange 18 18 12 32 Gold 1,911 1,910 1,906 1,719 Loans and discounts 908 1,025 975 622 Foreign exchange 527 644 512 461 Securities 133 131 127 128 Loans and discounts 1,685 1,771 1,781 1,623 Other assets 400 407 386 465 Government debt 2,228 2,228 2,244 2,239 Note circulation 1,348 1,406 1,373 1,014 Other assets 3,095 3,179 3,383 3,055 Other sight liabilities 226 251 195 327 Note circulation. 6,608 6,921 6,783 5,673 Other liabilities 332 369 375 343 Other sight liabilities 2,126 2,093 2,266 2,661 Bank of Portugal (millions of Other liabilities 712 717 778 762 escudos): Gold 918 917 Other reserves (net) 524 568 1 Figures not yet available. e Corrected. 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

233 MARCH 1939 FEDERAL RESERVE BULLETIN BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1939 1938 1939 1938 Assets Liabilities Jan. 31 Dec. 31 Jan. 31 Jan. 31 Dec. 31 Jan. 31 Gold in bars 44, 489 42,119 16,318 Demand deposits (gold) 9,659 9,462 9,435 Cash on hand and on current account with banks. _ _ _ __ _ 16, 647 17, 845 37, 604 Short-term deposits (various curren- Sight funds at interest 18, 545 16, 571 13, 346 cies) : Central banks for own account 136,287 132, 434 176, 952 Rediscountable bills and acceptances Other 7,306 7,130 8,729 (at cost) 218, 207 221,087 238, 213 Time funds at interest 30, 200 35, 592 44, 783 Long-term deposits: Special accounts._ 255,081 255,012 262, 320 Sundry bills and investments 271, 953 261, 779 298, 453 Other liabilities 192, 694 191, 869 192, 331 Other assets 984 913 1,051 Total liabilities 601, 026 595, 907 649, 767 Total assets 601, 026 595, 907 649, 767 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) 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 o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r i c a v o t a u e t 1 n e t M 1 o m ne o y n t f h or 1929—January.. 4.32 4.29 3.41 5.80 7.51 5.13 4.20 4.46 1930—January.. 4.07 4.04 3.62 6.33 7.71 6.03 2.99 2.85 1931—January.. 2.25 2.24 1.74 4.75 6.64 4.93 1.38 1.55 1932—January.. 5.52 4.94 4.20 6.94 7.58 7.86 2.24 2.37 1933—January.. .87 .76 .73 3.87 5.03 4.98 .37 1.00 1934—January.. 1.01 .90 .86 3.87 4.78 4.74 .50 1.00 1935—January.. .36 .26 .66 3.51 3.93 3.82 .59 1.00 1936—January.. .56 .53 .75 3.00 3.09 2.81 2.21 2.21 1937—January.. .56 .54 .75 3.00 2.88 2.54 .52 .52 1938—January.. .54 .51 .75 2.88 2.88 2.98 .13 .13 1938—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 .75 2.88 2.88 2.59 .32 .70 October .70 . 75 2.88 2.88 2.70 .21 .50 November.. .67 .75 2.88 2.88 2.58 .14 .50 December.. .93 2.88 2.88 2.86 .13 .50 1939—January .55 .53 .75 2.88 2.88 2.46 .13 .50 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o r a n n l i e l g y ht 1929—December.. 3.15 4.40 3.50 7.00 5.48 3.10 1930—December.. 1.18 2.34 2.03 5.50 5M7M 5.48-5. 66 3.65 1931—December.. 1.75 2.44 1.75 7.50 7^-10 5-6 5. 84-6. 57 6.57 1932—December.. 1.50 2.94 .91 5.00 5. 66-5.84 2.74 1933—December.. 1.50 2.25 2.26 3.00 5.11-5.48 2.56 1934—December.. 1.50 2.38 1.50 4.00 5.11 2.74 1935—December.. 2.50 1.88 5.89 5.00 5.11 2.69 1936—December.. 1.25 1.00 1.99 4.50 4.75 2.74 1937—December.. 1.00 1.72 3.00 5.00 2% 4.75 2.59 1938—June 1.00 3.25 2.40 5.00 4.56 2.37 July 1.00 3.12 2.50 5.00 4.56 2.48 August 1.00 2.89 2.50 5.00 4^-1 4.56 2.44 September- 1.00 3.26 2.65 5.00 4^-( 4.56 2.33 October 1.00 3.00 3.00 5.00 43^-6i/2 23^-5 4.56 2.31 November.. 1.00 2.01 2.90 5.00 23^-5 4.56 2.50 December.. 1.00 2.21 2.23 5.00 2^2-5 r Revised. i Owing to divergences between quotations for Netherlands private discount rate as published by Rotterdamsche Bankvereeniging and Frank furter Zeitung, quotations beginning January 1939 will be based on information furnished by Netherlands Bank. 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

234 FEDERAL RESERVE BULLETIN MARCH 1939 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective U K d n i o i n m t g e - d France m G C a e n r e - y ntra g l B i e u b l m - ank 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 Fe 2 a b 8 t . e ef D fec a t t i e ve b C a e n n k t r o a f— l R Fe 2 a b 8 t . e ef D fec a t t i e ve Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 J J I S n u u e 1 l l p y y e 9 t f 3 . f 7 1 6 e 9 0 ct June 30, „ 2 4 3 4 2 3 2 2 3.29 B B A B B u e o r r i l g l l t g i g i v e s i a u i n h r a m i t I a i n n d a i . a . 6 6 3 2 J N A M O u u o c a l g t y v . r . . . 2 2 1 8 5 5 1 7 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 5 6 8 2 N J L M L a a i e v e t t t h x a v h i u i e c a a r o l n a . i n a d . s .. 3 2 3 5 " J J J M D u a a e n a n l c y . . r . . 1 1 3 1 1 4 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 7 9 6 8 Sept. 25 Canada .__ Mar. 11, 1935 New Zea- Oct. 2 3 Chile 3-4*1 Dec. 16, 1936 land 4 Nov. 19, 1938 J J J N D A O O O u a u e u o c c c n n l c g y t t t v . . e . . . . . 2 9 7 2 1 3 1 4 8 2 0 6 , 5 6 . 1 . 9 . 3 - 7 . 2 4 6 4 5 1 2 A 1M E E D E F C D C i s c l z o a e S n t u e n S l n o l l o c a a o z a n m h m d i n l v i o g v o a d a a b - a r r k i d a k i o a - .. r . . . 4 4 4 4 3 4 J A J N D J O F a a u e u e c o n n b c l g t y v . . . . . . . 3 2 2 1 0 2 3 3 1 1 3 8 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 2 5 4 7 6 9 5 3 S S N P P R S S P w w p o o o e u o a u r l r m e r i a u t i t t w d u n n z h a e g e a d n n A r a y i l l a a fr n ic . d . a . 6 5 IA 2 J J A N D M M D M u a u e e o n l a a a c c g y v . . y y y . . . 2 2 1 1 1 1 6 5 5 0 1 5 1 5 8 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 6 7 8 2 7 8 3 5 N M S M M S e e o a a a p p v y y y t t . . . 3 1 1 1 2 3 0 0 3 3 8 , 1938 ! i 1 3 2 3 V 2 7 4 3 H I F G G t r a r e u a e l r n n y e m c c g e e a a n r y y . . . _ . . 2 4 6 4 J J A S M a a u e n n a g p . y . . t . 2 1 2 4 4 2 8 9 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 9 7 6 2 5 U T U Y u n u . d r i g o S t k o e m . e d s y S l a K . v i R i n a g . . . - . 4 2 4 5 J J J F u u u eb n l l y y . e 30 1 1 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 8 6 5 2 Oct. 27 1A Nov. 25 9.U Changes since Jan31: Denmark—Feb. 23,'down from 4 to 3lA per cent. Jan. 4, 1939 2 In effect Feb. 28, 1939 2 2 4 2A 2 3.29 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 t - o Other Deposits Other (Figures in millions of pounds sterling) reserves n s o h t o ic rt e I counted ties ers assets Total Demand i Time liabilities 10 London clearing banks 1930—December 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 2 1936—December. 244 195 322 249 2,315 1,012 1937—November. 235 161 634 991 245 2,311 1,238 1,025 252 December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—January... 251 154 331 636 970 240 2,329 1,290 1,039 252 February- 243 144 288 633 984 238 2,280 1,242 1,038 250 March 244 150 239 634 1,000 239 2,254 1,221 1,033 252 April 246 150 249 638 240 1,228 1,040 252 May 231 146 280 631 246 2,263 1,220 1,043 256 June 247 154 289 630 985 251 2,299 1,245 1,054 256 July 244 159 302 633 985 242 2,309 1,254 1,055 255 August 241 153 305 642 974 239 2,298 1,248 1,050 258 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. 233 149 272 642 255 2,249 1,244 1,004 269 December. 243 160 250 635 263 2,254 1,256 997 1939— January.. _ 248 143 256 624 972 253 2,230 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

235 MARCH 1939 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—December... 2,419 4,675 20,448 10, 743 2,361 36, 681 35,284 1,397 921 4,357 1931—December... 11,311 2,168 18,441 9,274 2,130 38, 245 37,023 1,222 576 4,503 1932—December.. 9,007 1,766 22,014 7,850 1,749 37, 759 36,491 1,268 295 4,331 1933—December. . 5,870 1,416 19,848 8,309 1,827 32, 635 31,773 862 273 4,362 1934—December.. 1,421 18, 304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December.. 3,739 2,484 16,141 8,025 1,900 27, 553 26, 859 694 337 4,399 1936—December.. 3,100 2,975 17, 582 7,631 1,957 28,484 27, 955 529 473 4,289 1937—December.. 3,403 4,116 18, 249 7,624 2,134 30,348 29,748 600 661 4,517 1938—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 November,. 3,357 4,318 18, 522 7,956 1,976 30, 971 30, 460 511 746 4,411 Assets Liabilities Germany i (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n d te i d s- Loans Se ti c e u s ri- Other Total D D e e p m o a si n t d s Time o C b b f r t a r e a o n d i m k n i s t e s d l O ia t t i b h e i s e li r - 1930—No vember.. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 '., 550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 ,481 1934—November.. 115 393 2,037 3,331 874 5,816 2,731 3,085 485 ,432 1935—No vember.. 139 316 2,162 2,884 1,027 5,376 2,435 2,941 686 ,449 1936—November.. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 ,334 1937—November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 ,335 1938—March _ 197 308 3,081 2,714 1,000 853 6,338 2,910 3,428 460 ,356 April 151 273 3,083 2,680 1,150 834 6,384 2,978 3,406 453 ,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, 658 422 1,427 November. _ 195 270 3,643 2,685 1,406 7,234 3,531 3,703 420 1,438 Assets Liabilities Security Deposits payablein Can- Canada Entirely in Canada loans ada excluding interbank (10 chartered banks. Figures in mil- a a n b d r o n a e d t Securi- Other Note deposits Other lions of Canadian dollars) Cash S l e o c a u n r s ity an O lo d t a h d n e i s r s- fo f d r r o e u i m e gn ties assets ci t r i c o u n la- Total Demand Time lia ti b e i s licounts 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—March 247 63 870 110 1,438 477 96 2,338 715 1,623 772 April 248 64 906 121 1,456 483 95 2,414 .783 1,631 769 May 247 66 900 129 1,449 479 91 2,403 111 1,626 777 June 247 69 921 119 1,462 520 99 2,459 838 1,621 781 July 240 71 920 123 1,437 471 95 2,394 772 1,623 772 August 262 71 913 137 1,440 459 93 2,418 783 1,635 771 September.. 270 60 965 150 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 December.. 263 65 940 166 1,463 474 2,500 840 1,660 782 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

236 FEDERAL RESERVE BULLETIN MARCH 1939 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] China Year or month Ar t g in e a n- t A ra u l s i - a A (s u c s h tr il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada Chile (peso) S (y h u an an g - - 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 hai) (peso) 1929. 95.127 480. 83 14. 058 13.912 36. 202 .7216 99. 247 12.0601 41. 901 96. 551 1930. 83. 505 458. 60 14. 089 13.952 36. 067 .7209 99. 842 12.0785 29. 917 96. 493 1931. 66. 738 351. 50 14.023 13. 929 33. 690 .7163 96. 326 12. 0669 22. 437 96. 570 1932. 58. 443 279.93 13. 960 13. 914 26. 347 .7193 88.090 7. 9079 21. 736 95. 275 1933. 72. 801 337. 07 15. 448 17. 900 31.816 1. 0039 91. 959 7. 6787 28. 598 81. 697 1934. 33. 579 400. 95 18. 793 23. 287 37. 879 1. 2852 101. 006 10.1452 34. 094 61. 780 1935. 32. 659 388. 86 18. 831 18.424 36. 964 1. 2951 99. 493 5.0833 36. 571 56. 011 1936. 33.137 395. 94 18.792 16.917 5. 8788 37. 523 1. 2958 99. 913 5.1240 29. 751 57. 083 1937. 32. 959 393. 94 18. 770 16. 876 6.1806 37. 326 1. 2846 100.004 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—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 1939—January. 31.126 372. 06 16. 893 5. 8598 34. 881 1.2156 99.194 5.1739 4. 0000 16. 256 57.055 Year or month ( C p u es b o a ) s ( C l k o z o v e r a c u h k n o i a a - ) ( m D kr e a o n r n - k e) (p E o g u y n p d t ) Fi ( k n m k la a a r n ) - d F (f r r a an n c c ) e ( m m r G e a a i e r c n r k h - y ) s- G (d m r r e a a e ) c c h e - ( H K do o o l n n la g g r) (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—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 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 1939—January 99. 932 3. 4258 20. 841 478. 76 2.0543 2. 6369 40. 066 .8558 29.107 19. 632 5. 2603 27. 205 19. 483 54.187 Year or month Z (p e N a o e l u a w n n d d ) N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u do - ) R ( u n le m i u a ) a- (p S A o o fr u u i n t c h d a ) (p S e p s a e i t n a) ( S S m d t e o r e t l a t n l l i a t e t s r s - ) ( S k d w r e o e n n - a) e ( S f r w r l a a i n t n c z d ) - ( T po u u rk nd ey ) ( U p K d o n i o u n i 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—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 1939—January 373. 59 23.459 18. 901 4. 2384 .7311 462. 22 4.613 54. 246 24. 041 22. 582 80.436 466. 94 61.438 2. 2800 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; Czechoslovakia— 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; Spain—no quotations available beginning January 25, 1939. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1939 FEDERAL RESERVE BULLETIN 237 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta i t te e d s Canada K U in n g it d e o d m France Germany Italy (O Ja c p to a b n er (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) 1926 100 100 U24 695 134 237 1929 95 96 627 137 95 220 1930 86 87 100 554 126 85 181 1931 73 72 88 500 111 76 153 1932 __ 65 67 86 427 97 70 161 1933 66 67 86 398 93 63 180 1934 75 72 88 376 98 62 178 1935 80 72 89 338 102 68 186 1936 81 75 94 411 104 76 198 1937 86 85 109 581 106 89 238 1938 79 101 106 P96 251 1937—December... 82 83 108 631 106 96 241 1938—January 81 84 108 636 106 95 245 February 80 84 106 631 106 94 249 March 80 83 104 634 106 94 252 April 79 82 103 643 106 95 247 May 78 80 102 654 105 96 249 June 78 80 101 660 106 96 254 July 79 79 101 652 106 95 254 August . 78 76 100 649 106 96 252 September _ 78 75 98 652 106 97 252 October 78 74 99 664 106 97 253 November 78 74 98 674 106 97 December.. __ 77 73 98 684 106 96 1939—January 77 73 97 P107 Ot 2s Nether- Switzer- lands land (1926-30= (July 1914 100) =100) 106 144 100 141 90 128 76 110 65 96 63 91 63 90 62 90 64 96 76 111 72 76 110 75 110 74 109 73 108 73 108 72 107 72 107 71 106 71 105 71 106 71 106 70 106 71 106 259 70 p Preliminary. i Approximate figure, derived from old index (1913=100). WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above! United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods pr In t o r d d ia u u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r io o n v s i- a t f r n I i i n n d a i d l s s h u r e e s a m d - w i- p tr I r i i n o s a d d h l u u e f d s c i - n ts products 1926 100 100 100 581 793 129 132 130 150 1929..__ _ _ 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 £6 103 138 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 _ 65 71 78 85 90 393 •361 96 76 91 116 1935 _ . 79 84 78 87 90 327 848 102 84 92 119 1936 81 82 80 92 96 426 S97 106 86 94 121 1Q37 86 85 102 112 562 598 105 96 96 1938 _ ... ... 69 74 82 97 104 P641 106 91 94 126 1937—December _ 73 80 84 104 109 636 626 105 94 94 126 1938—January 72 76 84 105 109 634 638 105 90 94 126 February 70 74 83 103 107 625 636 105 90 94 126 March 70 74 83 101 106 620 647 106 90 94 126 April 68 72 82 100 104 633 651 106 90 94 126 May 68 72 82 100 103 650 657 106 90 93 126 June . 69 73 81 99 101 657 663 106 90 94 126 July 69 74 81 98 102 630 671 106 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 92 102 684 685 107 95 94 126 1939—January _ 67 72 80 93 100 P690 108 94 94 126 v Preliminary. c Corrected. Source*.—See BULLETIN for March 1931, p. 153; March 1935, p. 189; 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

238 FEDERAL RESERVE BULLETIN MARCH 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o ar n t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 e 1 e - d s 0019 E l 1 J a u 4 n n = l g y d 1 - 001 F 91 r Ju 4 a = l n y 1 c 0 e 019 m G 1 1 9 4 a e 1 = r 3 n - - 1 y 00 N 19 l e 1 a 1 9 t 3 n 1 h = 1 d e - 1 s r 0 - 0 1 S 9 J l w 1 u a e 4 n r i n = t - e d 1 z- 00 Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a 2 i = t t 3 e e 1 - s d 0019 E l J 1 a u 4 n n = l g y d 1 - 001 F 9 J J r 1 a u 4 a n n = n . e 1 - c 0 e 019 m G 1 1 9 4 a e 1 = n r 3 1 - y - 00 N 19 l e 1 a 1 9 t 3 n 1 h = 1 d — e 1 s r 00 - 19 S l J 1 a w e u 4 n r n = i - d e t 1 z 0 - 0 1926 109 161 654 146 161 160 1926 103 170 505 142 168 162 1929 _ 105 154 611 156 162 156 1929 _„ 100 164 556 154 168 161 1930 100 145 614 146 150 152 1930 97 158 581 148 161 158 1931 82 131 611 131 136 141 1931 _„ 89 148 569 136 151 150 1932 68 126 636 116 119 125 1932 80 144 526 121 141 138 1933 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 79 141 516 121 140 129 1935 80 125 423 120 118 114 1935.. . 81 143 483 123 136 128 1936 82 130 470 122 120 120 1936 82 147 507 125 1 132 130 1937 139 ftOl 122 197 «130 1937 84 154 619 125 137 137 1938 79 141 P702 122 130 1938 83 156 126 139 1937—December 83 146 659 121 130 130 1937-December. 85 160 658 125 139 138 1938—January. _ 80 145 688 121 130 130 1938-January.__ 159 125 139 138 February 78 142 694 122 130 130 February 157 125 139 137 March 79 140 698 122 128 129 March 83 156 688 126 138 137 April 79 137 702 122 129 129 April 154 126 138 137 May 79 139 705 123 132 128 May 156 126 139 136 June ! 80 138 698 123 134 130 June 83 155 692 126 140 137 July 1 80 146 671 124 130 129 July 159 127 139 137 August .. i 78 141 677i 124 129 129 August 156 127 138 136 September! 79! 140 697j 121 130 130 September 83 156 689 125 139 137 October j 78 139 725! 121 130 130 October 155 125 138 137 Novemberi 78 140 727i 121 128 130 November 156 125 137 137 December 79 139 742 121 130 130 December. 83 156 722 125 138 137 1939—January .. 78 138 748 122 1939-January 155 126 p Preliminary. c Corrected. i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s England France Germany Nether- (1926=100) Nether- (a p v r e ic r e a ) g 1 e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands' U S n ta it t e e d s England France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues __ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 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 »67.1 94.8 48.6 67.9 105.2 3 50.3 46. 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52. 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55. 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55. 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91 6 66 1937 ... 124.6 •^ i 98 7 < 101. 8 111.8 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—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 76.1 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 84.6 104.2 97.5 March 76.0 121.0 73.2 100.1 104.3 77.9 78.9 82.0 104.5 95.1 April 73.8 124.2 75.6 100.1 106.3 70.7 81.7 93.6 105.3 92.2 May 76.5 122.1 76.1 100.0 108.0 73.9 79.7 92.7 103.4 92.7 June 75.3 121.9 77.2 100.0 107.0 73.1 78.5 91.4 101.4 91.6 July 80.8 123.4 76.5 100.0 107.0 88.0 82.1 88.8 99.0 97.2 August _ 81.3 122.4 76.6 99.9 106.3 89.5 81.1 87.6 93.8 97.1 September. _. 78.7 118.4 75.6 99.8 100.6 86.0 78.4 83.7 94.7 92.8 October. 81.8 118.2 78.3 99.8 105.6 91.1 79.6 88.0 98.6 98.0 November _. 82.1 118.0 80.6 99.7 105.3 94.7 80.4 91.8 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 1939—January 81.9 115.9 83.4 99.0 104.3 91.8 78.0 94.0 95.3 94.3 p Preliminary. * Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent. * Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. * 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 239 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 LATTCHLIN 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 M. J. FLEMING GEORGE H. HAMILTON District No. 4 (CLEVELAND) T. J. DAVIS HUGH LEACH District No. 5 (RICHMOND) ROBERT M. HANES WM. MCC. MARTIN District No. 6 (ATLANTA) EDWARD BALL JOHN K. MCKEE District No. 7 (CHICAGO) . ... EDWARD E. BROWN RONALD RANSOM District No. 8 (ST. LOUIS) WALTER W. SMITH M. S. SZYMCZAK President CHESTER MORRILL, Secretary District No. 9 (MINNEAPOLIS) JOHN CROSBY S. R. CARPENTER, Assistant Secretary District No. 10 (KANSAS CITY) JOHN EVANS WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) R. E. HARDING E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO).. .PAUL S. DICK JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ALLAN SPROUL, Manager of System Open Market Account 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B er a a n l k R o e f— serve Cha R ir e m s a e n rv a e n A d g F e e n d t eral President First Vice President Vice Presidents Boston _ F. H. Curtiss R. A. Young W. W. Paddock W. Willett2 New York Owen D. Young, _ G. L. Harrison __ _ Allan Sproul L. R. Rounds W. 8. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T. B. McCabe J. S. Sinclair F. J. Drinnen 0. A. Mcllhenny » w E . C T . H r\ ifllvl jn 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 R. 8. Parker W. 8. McLarin, Jr. » H. F. Conniff M. H. Bryan Chicago. R. E. Wood » G. J. Schaller H. P. Preston W. H. Snyder > 0. 8. Young J. H. Dillard St. Louis W. T. Nardin W. McC. Martin F. G. Hitt 0. M. Attebery C. M. Stewart2 Minneapolis W. C. Coffey1 J. N. Peyton. 0. 8. Powell H. I. Ziemer 8 E. W. Swanson Kansas City R. B. Caldwell G. H. Hamilton C. A. Worthington__- H. G. Leedy J. W. Helm s Dallas J. H. Merritt B A McKinney R R Gilbert R. B. Coleman 3 W. J. Evans San Francisco St. George Holden i___ W. A. Day Ira Clerk W. M. Hale C. E. Earhart 2 1 Deputy chairman. 2 Cashier. 3 Also cashier MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch R. M. O'Hara Helena Branch R. E. Towle Cleveland: Kansas City: Cincinnati Branch B. J. Lazar Denver Branch J. E. Olson Pittsburgh Branch.. P. A. Brown Oklahoma City Branch C. E. Daniel Richmond: Omaha Branch L. H. Earhart Baltimore Branch W. R. Milford Dallas: Charlotte Branch . W. T. Clements El Paso Branch J. L. Hermann Atlanta: Houston Branch W. D. Gentry Birmingham Branch P. L. T. Beavers San Antonio Branch M. Crump Jacksonville Branch G. 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 8eattle Branch _ C. R. Shaw St. Louis: Little Rock Branch _ A. F. Bailey Louisville Branch F. D. Rash Memphis Branch W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. One copy of the BULLETIN is sent to each member bank 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. 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS / J_ ! MMMI BOUNDARIES OF FEDERAL RESERVE DISTRICTS .«.«• BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CJTIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis