Federal Reserve Bulletin, 1939-04

FEDERAL RESERVE BULLETIN APRIL 1939 °$ Recent Banking and Credit Developments Statement on Proposals to Maintain Prices Annual Reports of Foreign Central Banks— France, Belgium ********** 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 banking and credit developments 243-248 National summary of business conditions 249-250 Summary of financial and business statistics 252 Law Department 253 Ruling of the Board: Extension of time by committee of exchange after original period has expired 253 Continuation of the^Reconstruction Finance Corporation and rel ated agencies 253-254 Proposals to maintain prices at fixed levels through monetary action 255-259 Analysis of member bank assets by classes of banks 259-262 Condition of all member banks on December 31, 1938 (from Member Bank Call Report No. 78) 263-264 Behavior of deposits prior to suspension in a selected group of banks—analysis by type of deposit holder 265-270 British currency and bank notes act, 1939 271 Annual Report of the Bank of France 272-278 Annual Report of the National Bank of Belgium 279-283 Statistics of international capital transactions, United States j 284-296 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 298 Federal Reserve bank statistics 299-303 Reserve position of member banks; deposits in larger and smaller centers 304 Money in circulation 305 Gold stock and gold movements; bank suspensions; bank debits 306 All banks in the United States 307 All member banks. 308-309 Reporting member banks in leading cities 310-313 Acceptances, commercial paper, and brokers' balances 314 Federal Reserve bank discount rates 315 Money rates and bond yields 316 Security markets 317 Treasury finance 318-319 Governmental corporations and credit agencies; Postal Savings System 320-321 Production, employment, and trade 322-330 Wholesale prices 331 Chart book series on bank credit, money rates, and business 332-333 International financial statistics: Gold reserves of central banks and governments 336 Gold production 337 Gold movements 337-338 Central banks 339-342 Bank for International Settlements 343 Money rates 343 Discount rates of central banks 344 Commercial banks „ 344-345 Foreign exchange rates 346 Price movements: Wholesale prices 347 Retail food prices and cost of living. 348 Security prices 348 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 350 Senior officers of Federal Reserve banks; managing directors of branches 351 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 APRIL, 1939 No. 4 REVIEW OF THE MONTH ing, resulted in a lengthening of the average maturity of the public debt, as have other Investment holdings of member banks have Treasury debt operations during recent years. been increasing since last summer and are Changes in the structure of the United States now almost as large as they Government debt were discussed in the Jan- Recent banking were late in 1936 and early developments *n '1937. Bank deposits and uary BULLETIN. Treasury receipts from income taxes and reserves, both of which inother sources around the middle of the month creased to new high levels late in 1938 and exceeded its expenditures, including interest again in January of this year, have shown no payments due at that time, and consequently further growth during recent weeks. Gold the Treasury's balance at the Federal Reimports have continued in large volume, but serve banks was somewhat increased. In their effect in increasing bank reserves and February there had been an addition to this deposits has been largely offset by substanbalance from sales of guaranteed obligations tial increases in Treasury balances at the in the form of notes of two of the Govern- Federal Reserve banks. These balances were ment agencies. The Treasury's balance with increased in December and again in Febthe Reserve banks on March 22 was about ruary by proceeds from sales of direct and $1,200,000,000. In addition the Treasury has guaranteed obligations of the United States about $600,000,000 of unpledged gold in its Government, and were also increased in the working balance and $900,000,000 of deposits third week of March by income tax receipts. at commercial banks. These three items con- Treasury financing in March took the form stitute the Treasury's cash balance, and as of offering additional amounts of three outthe Treasury makes disbursements out of its standing Treasury issues, holdings in vault and with the Federal Rereasury nancmg ^ exchange for Treasury serve banks to meet the expected current exnotes maturing June 15, 1939. Holders of the cess of expenditures over receipts, bank dematuring notes were offered the choice of exposits and reserves will increase. changing them for the 1% per cent notes Following the announcement by the Treasmaturing December 15, 1943, with a premium ury on February 27 that no new cash would of one point, the 2i/ per cent Treasury bonds 2 be raised in the March of 1950-1952 with a premium of 2!/2 points, or Security markets . finandng> there wag a CQn the 2% per cent Treasury bonds of 1960-1965 siderable rise in Government security prices. with a 2%-point premium. The maturing From February 27 to March 10 the average notes totaled $1,290,000,000 and all but about yield on long-term Treasury bonds declined $30,000,000 were exchanged for the issues from 2.42 per cent to a new record low level offered by the Treasury. The exchanges conof 2.32 per cent. This compares with an sisted of $890,000,000 of the longer bonds, average of 2.52 per cent early in December. $320,000,000 of the 2i/ per cent bonds, and 2 The longer-term Treasury notes showed a $50,000,000 of the notes. These operations, similar change, with the yield on the Decemby increasing the amount of Treasury bonds ber 1943 issue declining from 0.85 per cent and reducing the volume of notes outstand- on February 27 to 0.70 per cent on March 10. 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN APRIL 1939 Treasury bills have been selling on practi- holdings at New York City banks, as shown cally a no-yield basis for the past three by the chart, and increases at Chicago banks, months. representing principally shifts in Treasury Prices of the highest-grade bonds of utility bill holdings between these two groups of and industrial corporations rose to new high banks. During the five weeks ending March levels in the first half of March and those of 22 reporting member banks in New York lower-grade corporate bonds advanced to the City increased their holdings of direct oblihighest prices since early in 1937. With the gations by $190,000,000; their bond holdings development of international difficulties in increased by $425,000,000, while holdings of Europe around the middle of March, there notes and bills declined by $235,000,000. It were sharp declines in stock prices, but the appears that about $100,000,000 of these decline in bond prices was not as large as thechanges represented conversions of notes into advance in recent weeks. bonds at the March financing. New York City The principal demand for Government se- banks also purchased additional amounts of curities during the recent sharp rise in prices Government guaranteed obligations in Febcame from banks and other ruary. Chicago banks have recently shown Changes in financial institutions, reflecting little further change in Government security i^cTtyTanks th^ abundant supply of funds holdings. in the market seeking invest- At banks in the 99 other reporting cities ment outlets. In the early weeks of the year holdings of guaranteed obligations have inthere were declines in Government security creased somewhat, while those of direct obli- MEMBER BANKS IN LEADING CITIES WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 1935 1936 1937 1938 Banks in 101 leading cities ; latest figures for March 15. U. S. Government obligations include direct and fully guaranteed. Commercial loans based on new classification beginning May 19, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

245 FEDERAL RESERVE BULLETIN APRIL 1939 gations have declined slightly. The decline peak levels. In addition, country banks conin direct obligations occurred principally in tinued to add moderate amounts to their real holdings of bonds until the time of the new state loans, while commercial and agricul- Treasury financing on March 15, when there tural loans showed little change and holdings was a substantial shift of some $250,000,000 of corporate securities were further reduced. from notes to bonds. The chart shows that Reserves of country banks carried with Fedthe combined holdings of direct and guar- eral Reserve banks have increased slightly anteed Government obligations at banks in since the middle of last year, while their bal- 100 leading cities outside New York have in ances with other banks have been built up to recent weeks been at approximately the pre- new high levels. vious maximum reached at the end of 1936. Changes in security holdings of country Holdings of securities other than those banks are shown in the chart. After declinof the United States Government increased ing in the first half of the year, countrysomewhat at New York City banks during bank holdings of United States Government the early weeks of the year but showed little securities increased considerably in the latter change at banks in other cities. More de- half of 1938 to a total of $3,200,000,000, an tailed call report figures show that all classes amount more than twice as large as in June of banks have steadily increased holdings of 1933. Since that time holdings of State and State and local government obligations in re- local government securities at country banks cent years, but that holdings of corporate have shown a gradual growth. securities, which increased somewhat in 1936, declined substantially in 1937 and slightly INVESTMENTS OF COUNTRY MEMBER BANKS further in 1938 to about the 1934 level. Bank loans have shown little change of importance in recent months. Loans to brokers and dealers in securities rose somewhat in the latter part of 1938 and also showed a temporary increase early in March to finance dealers' commitments in connection with Treasury debt operations. Commercial loans at city banks increased slightly 2,000 2,000 in March, following a slow decline since the middle of last year. Developments at banks outside of leading 1,500 1,500 cities are shown by the call report figures for member banks other than re- 1,000 1,000 Loans and serve city and central reserve f city banks, the so-called country banks. The latest complete re- 500 500 port of condition for these banks, that of December 31, 1938, has just become available. In the latter half of 1938 the principal de- 1930 1932 1934 1936 1938 velopments at country banks were similar to While country bank holdings of obligations those at banks in leading cities outside New of various governmental bodies have been York. Demand deposits and holdings of rising, corporate security holdings of these United States Government and of State and banks have fallen rapidly over the past two local government obligations increased to years to the low level of 1933-1934. Declines Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN APRIL 1939 have occurred in holdings of securities of those of foreign and domestic banks, inrailroads, public utilities, and other domestic creased at reserve city banks and at country corporations. As compared with holdings in banks by about the same amounts as at New the 1928-1929 period immediately preceding York banks. the depression, holdings of domestic corpo- It appears from the following table that the rate securities at country member banks have additional funds received by country banks been cut by one third, while at city member were used in large part to increase their inbanks they have shown little net change. vestments, that a smaller part was placed Commercial, industrial, and agricultural on deposit with correspondent banks, and a loans at country banks were maintained at a small amount was added to their reserves. rather stable level in 1938. Holdings of At reserve city banks, including Chicago open-market paper declined for the first time banks, most of the funds received were loaned since 1933, the decline for the year 1938 or invested, the amount added to reserve amounting to about $75,000,000, which was balances being less than the increase in resomewhat less than the decline in the volume quired reserves. This was due in part, howof open-market commercial paper outstand- ever, to a temporary decline in reserves over ing. the end-of-year period. New York City Real estate loans at country banks in- banks showed a smaller increase in loans and creased by about $135,000,000 in 1938, con- investments than other banks and, as pretinuing the steady advance that began in the viously indicated, a larger growth in their spring of 1936. Since March 1936 the in- reserves. crease has amounted to $310,000,000, a growth of about 30 per cent, with increases occurring at country banks in each Federal PRINCIPAL CHANGES IN CONDITION OF MEMBER BANKS BY CLASSES OF BANKS, JUNE 30-DECEMBER 31, 1938 Reserve district. The growth in these loans [In millions of dollars] has been on real estate other than farm land. At the end of 1938 about 13 per cent of their All New Other mem- York reserve Countotal real estate loans was on farm land, ber City city try banks banks 1 banks2 banks while 65 per cent was on residential property, excluding farm residences, and 22 per Deposits: Adjusted demand and time 3__ +1,358 +433 +435 +490 cent was on other properties, principally U. S. Government +247 +17 + 155 +75 Domestic banks +410 +174 +170 +67 commercial and industrial. Foreign banks __ +180 +151 +28 Further analysis of the call report figures Total deposits 3 +2, 195 +775 +788 +632 for all classes of banks with special reference Reserves with F. R. banks: Required _ _____ +387 +186 +144 +57 to new information obtained in the latest Excess. . _-____-__ +303 +401 -130 +32 report is given in an article on pages 259-264 Total reserves +690 +587 +14 +90 Balances with domestic banks +156 -11 +17 +150 of this BULLETIN. Loans +270 +90 + 124 +56 Since last spring, when substantial growth Investments + 1,080 +232 +543 +305 of bank reserves was resumed, most of the Total loans and investments4 + 1,350 +322 +667 +361 increase in reserves has been 1 Central reserve city banks only. Shifts in f j ount of New York 2 Includes central reserve city banks in Chicago. or tle acC 3 Adjusted to exclude cash items reported as in process of collection. bank reserves 4 The increases shown are reduced by the separate reporting on December 31 of $145,000,000 of investments and other assets (principally loans) City banks. Fluctuations m indirectly representing real estate. these reserves at banks in New York and in other leading cities are shown on the chart. In the early weeks of 1939 New York City The growth in deposits in that period, how- banks continued to gain large amounts of reever, was not concentrated in New York. serves, while Chicago banks lost reserves, In the latter half of 1938 deposits, other than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 247 reflecting in part the previously mentioned ket. The following table shows changes in shift in Treasury bill holdings. In the first the exchange quotations for these currencies half of February city banks generally lost re- from January 31 to March 13, before the serves owing to payments for the guaranteed exchange markets were unsettled by developobligations sold by the Treasury. In the first ments in Europe. three weeks of March, which included the income tax collection period, banks outside New York showed some gain in reserves, while EXCHANGE QUOTATIONS FOR LEADING CURRENCIES [Cents per unit] New York City banks showed little change. New York banks continued to obtain reserves Jan. March Per- Unit 31, 13, centage from gold imports, but they lost funds as a 1939 1939 change result of income tax payments and also be- Pound sterling 467. 750 469.125 +.3 cause of their own increased purchases of French franc - - - 2. 643 2.651 +.3 Swiss franc 22. 584 22. 740 +.7 Treasury bonds and purchases of June Treas- Netherlands guilder 53. 806 53.100 -1.3 Belgian belga _ __ _ _ _ . _. _ 16. 904 16. 824 -.5 ury notes by dealers and others in New York, who acquired them largely from out-of-town Noon buying rates in New York for cable transfers. banks to exchange for the issues offered in the March Treasury financing. With the reduction in net foreign purchases Between the first of February and the of dollars to cover commercial requirements middle of March gold imports to the United and private capital transactions, foreign cen- States amounted to $320,- tral banks and governments began to expand Recent gold and 000,000, compared with their holdings of gold and dollar balances in capital movements . this country. Between the first of February $290,000,000 m the pre-and the middle of March gold under earmark ceding six-week period. The continuance of for foreign account in the United States ingold imports at a high level, however, re- creased by $111,000,000 and deposits of forflected to a smaller extent than in previous eign central banks at the Federal Reserve months the excess of merchandise exports banks increased by $83,000,000. This infrom the United States and the continued crease of $195,000,000 in official foreign gold transfer of private short-term balances to holdings and balances in the United States this country from abroad. For the most part compares with a decrease of about $10,000,the movement was attributable to the opera- 000 from the middle of December to the first tions of foreign monetary authorities. of February. The United States export surplus declined In the latter half of March the recurrence from $175,000,000 in the last two months ofof war fears in Europe led not only to some 1938 to $95,000,000 in the first two months liquidation of foreign holdings of American of 1939. In view of the usual delays in settle-securities, but to a renewed flight of foreign ment for foreign trade transactions it is short-term funds to the United States on probable that the foreign commercial demand private account. Some of the official refor dollars diminished in February and sources recently accumulated in this market March. The inflow of private short-term were employed to meet the private demand funds, which reached substantial proportions for dollars. Deposits of foreign central banks during the week ending January 30, largely at the Federal Reserve banks declined $35,subsided in succeeding weeks. There was 000,000 in the week ending March 22. continued pressure on the guilder and the In view of the importance of official operabelga but the pound sterling and the French tions from time to time in the movement of and Swiss francs rose on the exchange mar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN APRIL 1939 funds between the United States and foreign Appointment of Class C Director at Federal Reserve Bank of Philadelphia countries the statistics of international capital transactions of the United States, which On March 2, 1939, Alfred H. Williams, appear on pp. 284-296 of the current issue, Dean of the Wharton School of Finance and will henceforth show the movement of cen- Commerce of the University of Pennsylvania, tral bank funds in New York separately from Philadelphia, Pennsylvania, was appointed a that of other foreign short-term funds in the Class C director of the Federal Reserve Bank United States. Beginning with this issue the of Philadelphia for the unexpired portion of statistics of international capital transac- the three-year term ending December 31, tions will be published every month. 1941. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 249 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 23 and released for publication March 26] In February industrial activity continued Textile production in February was at at the January rate, without showing the about the same rate as in January. At cotton usual rise, and retail trade increased less and woolen mills activity increased somewhat than seasonally. In the first three weeks of but at silk mills there was a marked decline. March, however, industrial activity and trade Output of shoes and tobacco products conshowed seasonal increases. Commodity prices tinued at high levels. In the meat-packing continued to show little change. industry activity declined further and there Production.—Volume of industrial produc- was also a decrease in activity at sugar retion was at about the same rate in February fineries. as in the two previous months, although Bituminous coal production was mainusually there is an increase, and the Board's tained in February, and crude petroleum outseasonally adjusted index declined further to put likewise continued in substantial volume. Anthracite output declined in February, and in March was reduced further as mine owners INDUSTRIAL PRODUCTION and workers agreed on a curtailment pro- 140 140 gram. 130 Value of construction contracts awarded j 120 declined in February, according to F. W. 110 Dodge Corporation figures, owing principally 100 J f\ 1 90 CONSTRUCTION CONTRACTS AWARDED MILLIONS OF DOLLARS MILLIONS OF DOLLARS 80 / V 80 500 500 70 60 L 60 1934 1935 1936 300 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. 98 per cent of the 1923-1925 average. In the 200 steel industry activity did not show the usual seasonal advance. Pig iron production increased, but new orders for steel were in limited volume and ingot production re- 1934 1935 1936 1937 1938 1939 mained at about 54 per cent of capacity Three-month moving averages of F. W. Dodge data for value of contracts awarded in 37 Eastern States, adjusted for seasonal throughout the month. There was some de- variation. Latest figures based on data for January and February and estimate for March. cline in automobile assemblies, following a period of considerable increase. Output of to a further decrease in awards for publiclylumber and plate glass continued to decrease financed work. Contracts for privatelyin February, while cement production, which financed residential building increased furhad been curtailed in January, increased con- ther, while awards for private nonresidential siderably. In the first three weeks of March building remained at the low level of other steel production increased to about 56 per recent months. cent of capacity and automobile output was Employment. — Factory employment and also in somewhat larger volume. payrolls increased somewhat less than is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN APRIL 1939 usual between the middle of January and the Bank credit.—Investments in United States middle of February. Changes in nonmanu- Government obligations by New York City facturing lines were largely of a seasonal banks increased considerably in February nature. and the first half of March. In this period member banks reduced their holdings of Treasury notes and increased their bonds, re- FACTORY EMPLOYMENT PER CENT PER CENT flecting in part exchanges of notes for new 1^0 1ZU bond issues on March 15. Excess reserves of 110 110 member banks continued somewhat below the / \ high level of $3,600,000,000 reached at the 100 100 s \ end of January, fluctuating largely in accord- 90 90 ance with changes in Treasury balances at /\ J 1 V \/ the Federal Reserve banks. 80 80 MONEY RATES IN NEW YORK CITY 60 60 1934 1935 1936 1938 Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average = 100. Distribution.—Department store sales were in about the same volume in February as in January, although some increase is usual, and sales at variety stores increased less than seasonally, while mail order sales rose by slightly more than the seasonal amount. In the early part of March department store 1934 1935 1936 1937 1938 1939 sales increased. Minimum rate on rediscounts for and advances to member banks by Federal Reserve Bank; weekly averages of daily yields Freight-car loadings declined somewhat on 3- to 5-year Treasury notes and Treasury bonds callable after 12 years, and average discount on new issues of 91-day Treasury from January to February, reflecting for the bills offered within week. For weeks ending January 6, 1934, to March 18, 1939. most part reduced shipments of grains, forest products, and miscellaneous freight. Money rates.—Average yields on United Commodity prices.—Wholesale commodity States Government securities declined to new prices were generally maintained with little record low levels from February 27 to March change during February and the first three 10, following the announcement by the Treasweeks of March. As is usual at this season ury that no cash would be raised in the March prices of livestock and meats increased while financing. Yields rose slightly after the middairy products declined. Silk prices advanced dle of March accompanying renewed tension considerably in this period. In the early part in Europe. New issues of 91-day Treasury of March current prices of pig iron and of bills continued to sell on practically a no-yield semifinished and finished steel were reaf- basis during March. Other open-market firmed for the second quarter of this year. rates continued unchanged. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 251 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 16 16 TREASURY DEPOSITS AT F. R. BANKS 1934 1935 1936 1937 1938 1939 Latest figures for March 15. See table on page 298. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 1938 1937 Annual averages Feb. Jan. Dec. Feb. Jan. Dec. 1938 1937 1936 1935 1933 1929 MEMBER BANK RESERVES, RESERVE BANK CREDIT, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,594 2,598 2,618 2,598 2,602 2,628 2,600 2,554 2,481 2,475 2,429 1,459 Bills discounted. _ _ _ 5 5 11 11 16 9 14 6 7 283 952 Bills bought 1 1 1 1 1 3 1 3 4 5 83 241 U S Government securities.. _ 2,567 2,568 2,564 2,564 2,564 2,565 2,565 2,540 2,430 2,431 2,052 208 Gold stock 14, 778 14, 599 14,416 12, 768 12,756 12,765 13,250 12,162 10,578 9,059 4,059 3,996 Treasury currency outstanding _ __ 2,820 2,807 2,783 2,662 2,643 2,627 2,711 2,567 2,503 2,478 2,271 2,015 Money in circulation __ _ 6,697 6,712 6,888 6,319 6,397 6,618 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings 2,758 2,726 2,673 3,630 3,630 3,622 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F. R banks 1,055 827 723 164 127 188 653 158 446 128 55 22 Nonmember deposits and other accounts .. 757 711 788 685 664 713 658 595 551 507 497 406 Member bank reserve balances: Total 8,925 9,029 8,745 7,230 7,183 6,879 7,935 6,830 5,989 5,001 2,343 2,358 Excess. _ ... _- I 3, 373 3,484 3,226 1,406 1,353 1,071 2,522 1,220 2,512 2,469 528 43 REPORTING MEMBER BANKS IN 101 LEADING CITIES Averages of Wednesday figures; in millions of dollars Total loans and investments |21, 52721,468 21,586 21, 214 21,285 21,484 21,023 22,198 22,064 19,997 17,505 22,599 Loans-total I 8,197 8,338 8,465 8,936 9,137 9,451 8,506 9,546 8,462 8,028 9,156 16,887 Commercial, industrial and agricultural | 3, 760 3,800 3,863 4,391 4,462 4,626 4,059 (0 0) 0) 0) 0) To brokers and dealers in securities 795 852 850 738 825 903 701 1,226 1,181 990 777 •2,208 Other loans for purch- asi•n g or carryi•n g secur•i•t•i es.. 533 547 566 616 623 648 588 8 (0 0) (0 0) Inve A st l m l o e t n h t e s r — lo to a t n a s l 1 3 3 , , 1 3 0 3 9 0 1 3 3 , , 1 1 3 3 9 0 1 3 3 , , 1 1 8 2 6 1 1 3 2 , , 1 2 9 7 1 8 1 3 2 , , 2 1 2 4 7 8 1 3 2 , , 2 0 7 3 4 3 1 3 2 , , 1 5 5 1 8 7 13, 0 6 ) 02 11, 0 9 ) 69 8, 0 3 ) 49 5 0 , ) 712 U. S. GGovernment direct obligations 8,178 8,191 8,191 8,168 8,118 8,046 7,982 12,652 9,080 7,989 5,228 2,865 O O b th li e g r a s ti e o c n u s r i f t u i l e l s y - guaranteed by U. S. Govt 3 1 , ,8 2 9 6 1 1 3 1 , ,7 2 2 1 8 1 3 1 , ,7 2 0 2 8 2 2 1 , ,1 9 4 6 7 3 2 1 , ,1 8 3 9 1 9 2 1 , , 8 11 7 3 4 3 1 , , 0 45 8 1 4 8 1 , ,1 3 6 9 4 4 3 1, , 2 2 5 7 0 2 3,0 9 5 28 2 3,121 2,847 Reserve with Federal Reserve banks.. 7,358 7,437 7,219 5,646 5,614 5,358 6,400 3,004 4,799 4,024 1,822 1,725 Cash in vault 410 440 483 294 315 341 382 5,307 383 326 240 248 Balances with domestic banks 2,543 2, 561 2,452 2,016 1,986 1,850 2,289 337 2,358 2,112 1,322 1,142 Demand deposits—adjusted.._ 16, 042 16,054 16,087 14, 509 14,438 14, 570 15,033 1,884 14,619 12,729 0) 0) Time deposits (excluding interbank)8.. 5,181 5,173 5,140 5,237 5,210 5,203 5,202 15,097 4,999 4,883 4,946 6,788 Deposits of domestic banks 3 6,327 6,191 5,286 5,286 5,053 5,770 5,202 5,810 4,938 2,822 2,787 Borrowings _-. -. 1 1 3 4 10 3 5,298 5 6 115 674 12 MONEY RATES AND BOND YIELDS Averages of daily figures; per cent per annum Commercial paper .56 56 63 1.00 1.00 1.00 .81 .95 .75 .76 1.72 6.85 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. 8. Treasury bills (91 days).. .03 .10 .11 .07 .28 .17 .17 U.S. Treasury bonds, long-term4.. 2.44 2.47 2.49 2.64 2.65 2.67 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa) j 3.00 3.01 3.08 3.20 3.17 3.21 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 561 256 453 199 123 164 ' 365 328 518 392 89 950 New - 398 200 218 82 93 122 194 178 164 121 60 841 Refunding 163 57 234 117 29 42 170 150 354 270 29 118 Domestic corporate issues—total.. 160 16 244 103 51 57 173 203 382 189 32 781 New 24 5 47 41 46 43 71 102 99 34 13 667 Refunding 136 10 197 62 4 14 102 101 282 155 18 110 Index numbers Common stocks (1926=100) 92 92 81 82 82 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities 77 77 80 81 82 79 86 81 80 66 95 Farm products 67 68 70 72 73 69 86 81 79 51 105 Foods 72 73 74 76 80 74 86 82 84 61 100 Other commodities 80 80 83 84 84 82 85 80 78 71 92 Retail food prices (1923-25=100) 78 79 78 80 83 79 85 82 '81 66 108 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25—100 Industrial production 101 104 79 80 84 86 110 105 90 76 119 Manufactures p97 100 104 75 76 79 84 109 105 90 75 119 Minerals p109 110 109 103 108 115 98 115 105 91 82 115 Construction contracts awarded—total 86 96 51 52 61 64 59 55 37 25 117 Residential 55 57 32 26 30 45 41 37 21 11 87 All other 111 128 66 73 87 80 74 70 50 37 142 FFaaccttoorryy eemmppllooyymmeenntt p91 92 92 89 90 95 87 106 98 91 73 106 FFta ctory payrollll s ((unadjusted) p85 83 87 77 75 84 78 102 86 74 50 110 FFrreeiigghhtt-ccaarr llooadaidnggs 67 69 69 62 65 67 62 78 75 64 58 107 DDepatrt tmentt store sales 87 88 89 88 90 89 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. 213 262 323 258 279 205 190 140 437 General imports P158 178 171 163 171 209 163 257 202 171 121 367 p Preliminary. r Revised. 'Partly estimated. * Figures not available. a 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

FEDERAL RESERVE BULLETIN 253 LAW DEPARTMENT Extension of Time by Committee of Exchange after the customer in the account, authorize the trans- Original Period Has Expired fer of the transaction to a general account or special omnibus account and the completion of Section 3 (b) of Regulation T provides that the transaction pursuant to the provisions of this when a customer effects certain transactions regulation relating to such accounts." in a general account the creditor must obtain The Board has recently been asked whether the deposit of certain cash or securities in the an application for such an extension of time account, and must obtain such cash or securi- pursuant to section 3(f), or for an extension ties before the expiration of three full busi- of time or transfer of a transaction pursuant ness days following the date of the transac- to section 4(c), may be approved by a busition. Section 3(e) provides that if such cash ness conduct committee after the expiration or securities are not obtained within the speci- of the period originally applicable to the fied period, certain liquidations must be ef- transaction. fected in the account during the period. Sec- It is the view of the Board that such an tion 3(f) provides, however, as follows: application may not be granted after such period has expired. "Extensions of time.—In exceptional cases, the three-day period specified in section 3 (b) may, on Thus an application for an extension of the application of the creditor, be extended for one or three-day period applicable to a transaction more limited periods commensurate with the circumstances by any regularly constituted commit- in the general account could not be approved tee of a national securities exchange having juris- by the committee after midnight of the third diction over the business conduct of its members, of which exchange the creditor is a member or full business day following the date of the through which his transactions are effected, pro- transaction. Similarly, in the case of a transvided such committee is satisfied that the creditor is acting in good faith in making the application action in the special cash account to which the and that the circumstances are in fact exceptional standard seven-day period is applicable, an and warrant such action." application for an extension of time or for a Section 4(c) relating to the special cash transfer of the transaction should be passed account provides that, in general, if a cus- upon by the committee not later than midtomer does not make full cash payment for a night of the seventh calendar day after the security purchased by him in the account date of the transaction. In case an extension within seven days after the date on which of time has been granted for a particular the security was purchased, the creditor shall transaction, any application for a further expromptly cancel or otherwise liquidate the tension or for a transfer of the transaction transaction. Another paragraph of the sec- should be received and acted upon before the tion specifies different periods of time for expiration of the prior extension. certain special types of transactions, and the In order to facilitate its consideration of section then provides: the applications, each business conduct com- "If any regularly constituted committee of a mittee may, of course, further limit the period national securities exchange having jurisdiction following a transaction within which it will over the business conduct of its members, of which exchange the creditor is a member or receive any such application. through which his transactions are effected, is satisfied that the creditor is acting in good faith in making the application, that the application Continuation of the Reconstruction Finance Corporarelates to a bona fide cash transaction, and that tion and Related Agencies exceptional circumstances warrant such action, such committee, on application of the creditor, There is set forth below the text of two Acts may (A) extend any period specified in the two of Congress, each approved March 4, 1939, preceding paragraphs for one or more limited periods commensurate with the circumstances, under which (1) the period within which the or (B) in the case of the purchase of a registered Reconstruction Finance Corporation, the or exempted security which has been effected by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN APRIL 1939 Electric Home and Farm Authority, the Com- amended, is hereby further amended by inserting after the second sentence thereof the following senmodity Credit Corporation, and the Exporttence: "Such obligations may mature subsequent to Import Bank of Washington are authorized the period of succession of the Corporation as proto continue to perform their respective func- vided by section 4 hereof."; and (d) the Act approved February 11, 1937 (50 Stat. 19), as amended, is tions is extended until the close of business on amended by striking from the first sentence "$20,000,- June 30, 1941, (2) the capital stock of the000" and inserting in lieu thereof, $40,000,000"; and by striking from the second paragraph "or 1938" and Disaster Loan Corporation is increased from inserting in lieu thereof "1938, 1939, or 1940". $20,000,000 to $40,000,000, (3) the authority Approved, March 4, 1939. of the latter corporation to make loans be- [PUBLIC—No. 3—76TH CONGRESS] cause of floods or other catastrophies is con- [CHAPTER 5—1ST SESSION] tinued for the years 1939 and 1940, (4) the [H. R. 4011] aggregate amount of loans that the Export- AN ACT Import Bank of Washington may have out- To continue the functions of the Commodity Credit Corporation standing at any one time is limited to $100,- and the Export-Import Bank of Washington, and for other purposes. 000,000, and (5) the amount of bonds, notes, Be it enacted by the Senate and House of Repredebentures and similar obligations, guaran- sentatives of the United States of America in Conteed by the United States, which the Com-gress assembled, That (a) section 7 of the Act approved January 31, 1935 (49 Stat. 4), as amended, is modity Credit Corporation may have out- hereby further amended by striking from the first standing at any one time is increased from sentence thereof "June 30, 1939" and inserting in lieu thereof "June 30, 1941"; (b) section 9 of the Act ap- $500,000,000 to $900,000,000. proved January 31, 1935 (49 Stat. 4), as amended, is hereby further amended by striking from the first sentence thereof "June 30, 1939" and inserting in lieu [PUBLIC—No. 2—76TH CONGRESS] thereof "June 30, 1941"; (c) section 9 of the Act [CHAPTER 4—1ST SESSION] approved January 31, 1935 (49 Stat. 4), as amended, [S. 1102] is hereby further amended by inserting before the period at the end of the last sentence thereof a colon AN ACT and the following: "Provided further, That the Ex- To continue the functions of the Reconstruction Finance Corpora- port-Import Bank of Washington shall not have outtion, and for other purposes. standing at any one time loans or other obligations Be it enacted by the Senate and House of Represen- to it in excess of $100,000,000, the capital for which tatives of the United States of America in Congress the Reconstruction Finance Corporation, when reassembled, That (a) section 1 of the Act approved quested by the Secretary of the Treasury with the January 26, 1937 (50 Stat. 5), is hereby amended by approval of the President, may continue to supply striking therefrom "June 30, 1939" and inserting in from time to time through loans or by subscription lieu thereof "June 30, 1941"; (b) section 1 of the Act to preferred stock"; and (d) section 4 of the Act approved March 31,1936 (49 Stat. 1186), as amended, approved March 8, 1938 (52 Stat. 108), is hereby is hereby further amended by striking from the first amended by striking from the first sentence thereof sentence thereof "June 30, 1939" and inserting in lieu "$500,000,000" and inserting in lieu thereof $900,000,thereof "June 30, 1941"; (c) section 9 of the Recon- 000". struction Finance Corporation Act (47 Stat. 9), as Approved, March 4, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

255 APRIL 1939 FEDERAL RESERVE BULLETIN PROPOSALS TO MAINTAIN PRICES AT FIXED LEVELS THROUGH MONETARY ACTION In response to requests for comments on proposals affected by many factors beyond the control having as their objective the stabilization of prices of the Federal Reserve System. through monetary action, the Board of Governors prepared the following statement, which was released 1. Prices do not depend on money alone.— to the press on March 13, 1939. Experience in recent years has shown that From time to time the Board of Governors prices are not controlled by the amount or of the Federal Reserve System is asked to cost of money. give its opinion about proposals to require If currency alone is considered as money, some agency of the Government to raise the the facts are clear and simple. There was general level of prices and then to keep it $3,600,000,000 of currency in the hands of the constant. Some would make it the duty of public, outside the banks, in the middle of the Board to do this and some would create 1926 and about the same amount in the mida new agency for the purpose. All would dle of 1929, while at the end of 1938 the require that prices be controlled by regu- amount of currency had increased to $5,lating the amount and cost of money. 700,000,000. If prices were governed by the Those who favor such proposals believe amount of currency, prices would have been that prices can be raised by increasing the about the same in 1929 as in 1926 and would supply of money, that prices can be lowered have increased sharply by the end of 1938. by reducing the supply of money, and that The facts are that the average of wholesale prices can be kept fairly steady by changing prices, expressed in an index number, was the supply of money in the right direction 100 in 1926, 95 in 1929, and 77 in 1938. From at the right time. They believe that, if prices 1926 to 1929, there was no change in the were kept fairly steady, we would not have amount of currency but there was a drop of booms, depressions, and panics, business 5 per cent in prices. From 1929 through would run along on an even keel, and much 1938, there was an increase of 60 per cent suffering and hardship would be prevented. in currency while there was a decrease of The Board of Governors is in complete 20 per cent in prices. Evidently cash and sympathy with the desire to prevent booms prices do not move together. and depressions, and has always considered It is easy to understand why the amount it its duty to do what it could to help accom- of currency does not control prices. Curplish these results. rency is not the principal means used by Experience has shown, however, that (1) people in paying for what they buy. In fact, prices cannot be controlled by changes in the it is the small change of business. Most peoamount and cost of money; (2) the Board's ple keep only as much money in their pockets control of the amount of money is not com-as they require for their day-to-day needs, plete and cannot be made complete; (3) a such as car-fares, lunches, gasoline, and other steady average of prices does not necessarily items, and what they do not need they deposit result in lasting prosperity; and (4) a steady at the banks. Business firms require curlevel of average prices is not nearly as im- rency to meet payrolls, stores to make change. portant to the people as a fair relationship Banks keep on hand only a reasonable supply between the prices of the commodities which to meet the demands of their customers and they produce and those which they must buy. send the rest to the Federal Reserve banks. Steady prices and lasting prosperity can- Because of the way we have come to use not be brought about by action of the Fed- our currency, chiefly for small payments, we eral Reserve System alone, because they are cannot expect to raise prices or increase pros- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN APRIL 1939 perity by the issuance of more currency either and buy as little as possible. The demand for by the Treasury or by the Federal Reserve goods declines and prices fall. Usually other banks. Any surplus above the amount needed things have a greater influence on prices than would only come back to the Reserve banks. has the amount of money. People can always get all the currency they Neither do prices depend on the cost of need so long as they have deposits to draw on. money. This also has been shown by the ex- But more than nine-tenths of the bills in perience of the last 10 years. The cost of this country are paid by checks drawn on money now is lower than it has ever been at bank deposits. Therefore the deposits that any time for which we have a record. This the public holds in banks and can use as a is true not only of the rate at which the Govmeans of paying for what it buys, as well as ernment can borrow, and of the rate at which the currency outside of banks, need to be con- large corporations can get money in the sidered as money. Again the facts show money market, but also of the rate charged clearly that the volume of money does not by banks to their regular customers. The control the price level. average rate charged by banks in 36 cities on The amount of demand deposits was $22,- their business loans was around 5 per cent 000,000,000 in June 1926, $23,000,000,000 in in 1926; it rose to over 6 per cent in 1929, June 1929, and $26,000,000,000 at the end of and fell to 314 per cent in 1938. Federal 1938. As already stated, currency outside of Reserve discount rates in 1926 were 3^ to 4 banks was $3,600,000,000 in 1926 and in 1929, per cent; in 1929, 4*/ to 6 per cent. In 1938 2 and $5,700,000,000 in 1938. The amount of rates were 1 to IV2 per cent. During this money, therefore, was larger in 1929 than in period when the cost of money was so drasti- 1926 and larger in 1938 than in 1929. But cally cut, prices went down by about onewhat happened to prices? In 1929 they were fourth. 5 per cent lower than in 1926; and in 1938 In view of these facts the Board finds it they were 23 per cent lower than in 1926. impossible to believe that prices can be con- This proves that factors quite apart from the trolled by changes in the volume and cost of volume of money, i.e., of currency and de- moneyposits together were influencing the price 2. Federal Reserve cannot completely conlevel. trol amount of money.—The Federal Reserve There have been times when the amount of System, furthermore, does not and cannot money and prices have changed together; but have complete control of the amount of money usually they have not. When they have moved and its use. It has an influence on the amount together this may have been due to the fact and when other things are favorable this inthat it takes more money to do the same fluence can become effective, but there are amount of business when prices are high than many occasions when the System's powers when they are low. are limited. Whether prices and the volume of money As already explained, currency is not the do or do not move together depends on many most important item in our business life, and other conditions, such as weather and the size the Federal Reserve System supplies at all of harvests, inventions, foreign trade, Gov- times the currency that the public demands. ernment spending, taxes, wages, and the gen- If the Reserve System should engage in soeral attitude of business. When people are called open-market operations, that is, if it venturesome and expect good times, they lay should buy Government bonds, and if it in supplies and this tends to raise prices. should pay out Federal Reserve notes for When people are discouraged and expect them, as has been proposed in some of the things to go badly, they tighten their belts bills before Congress, this currency would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

257 APRIL FEDERAL RESERVE BULLETIN come right back to the Reserve banks and thing like the same proportion; because the would serve no useful purpose. banks have not found it possible to use all the The Federal Reserve System has more in- reserves they held. At this time they have fluence on the amount of deposits than it hasabout $3,500,000,000 more reserves than the on the amount of currency, but there are law requires and are not finding any way to limits to the System's influence. The System use these reserves. has power to give the banks more reserves The Federal Reserve System can see to it by buying Government bonds. The sellers that banks have enough reserves to make would receive checks which they would de- money available to commerce, industry, and posit in their banks. The banks in turn would agriculture at low rates; but it cannot make deposit these checks in the Federal Reserve the commercial banks use these reserves, it banks, thus increasing their balances which cannot make the people borrow, and it cannot under the law are the member banks' legal make the public spend the deposits that rereserves. sult when the banks do make loans and in- At a time when things are going well and vestments. there is a demand for as much bank credit as 3. Steady prices do not assure prosperity. the banks can supply, increasing the reserves —Even if the amount of money did determine of the banks will usually increase the amount prices and even if the Federal Reserve Systhat they are willing and able to lend or in- tem could determine the amount of money, vest. As the banks lend or invest the money experience shows that steady prices would they can pass on to the public not only the not necessarily mean prosperity. amount of unused reserves that they have, It is true that violent changes in prices are but all the banks together can pass on several harmful. A very rapid rise in prices results times the amount of these reserves. This is in speculation, in accumulation of inventories because the banks are required to keep as re- and in unsound undertakings, which later reserves only a portion of their deposits. The sult in a collapse with falling prices, failing proportions are different for different classes business, and general distress. of banks; but, at the present time, all the But that does not mean that lasting prosbanks together can lend or invest about six perity is assured when prices are steady. We times as much as their reserves. (A detailed had fairly steady prices from 1921 to 1929; explanation of the way this works was given but during that period there was developing in the Board's Annual Report for 1936.) a speculative situation which led to the col- When conditions are such that banks lend lapse in 1929. It was during this period that or invest all the money they can, the Reserve billions of unsound foreign loans were made; banks by buying $1,000,000 of Government that expensive and unsoundly financed apartsecurities can enable the banks to increase ment houses and office buildings were erected deposits held by the public by $6,000,000. far beyond the needs of the people; that stock Conditions, however, are not always such as prices rose to fantastic levels. It was during to bring this about. They have not been so this period that the ground was prepared for for a number of years. The Federal Reserve the depression which began in 1929 and from banks have bought more than $2,500,000,000 which we have not yet completely emerged. of Government securities. There has been a An unchanged average of wholesale prices large inflow of gold from abroad, and the alone, therefore, does not assure the people reserves of our banks have increased from of lasting prosperity. While prices are stable, about $2,700,000,000 in December 1933 to destructive forces may be at work that lead $9,000,000,000 in January 1939. Deposits of to panic and disaster. To require the Board banks, however, have not increased in any- to be guided in its policies entirely or prin- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN APRIL 1939 cipally by changes in the level of prices would forced up by drought, armament demand, or prevent it at times from doing its best to other things beyond the control of the moneserve the public interest. tary authority. When prices of industrial 4. Relations of prices more important than materials advanced in 1936-1937, a steady average prices.—One reason why steady aver- average of prices could have been maintained age prices do not assure prosperity is that only if prices of finished products had dethe average can be steady while prices of clined, and if that had occurred, it would some of the commodities that make it up have made it unprofitable to buy materials change violently. People are more interested on a rising market with the prospect of sellin the relation between the prices of what ing finished products on a falling market. they produce and sell and the prices of what This would have resulted in a slowing down they buy and use than in the general price of industrial and building activity. Differlevel. A farmer is interested not only in what ences between price movements of raw mahe can get for his products over and above terials and finished products were, in fact, an the cost of production but also in what he has important reason of the turn down in busito pay for the things that he needs to buy— ness in 1937. how many bushels of wheat or pounds of cot- Summary.—To summarize, the Board of ton it takes to get a suit of clothes or a new Governors is in complete sympathy with the plow. For the industrial producer the cost real purpose of the price-stabilizing bills, of his raw materials and labor compared with which is to prevent booms and depressions the prices that his products will fetch is what and have business always on an even keel. counts. To a wage earner or salaried man But experience has shown that prices do not the important thing is the relation between depend primarily on the volume or the cost his income and the cost of living. Even the of money; that the Board's control over the ability of people to pay their debts does not volume of money is not and cannot be made depend so much on the average level of prices complete; and that steady average prices, as upon the amount by which their net income even if obtainable by official action, would not exceeds their living expenses. assure lasting prosperity. The Board exerts A steady average of prices, furthermore, all its powers to provide a constant and ample may cover up sharp movements in prices of flow of money at reasonable rates to meet the important commodities upon which large sec- needs of commerce, industry, and agriculture. tions of the country depend. For example, In order to maintain a lasting prosperity from March to September 1937, while the many other agencies of the Government, as average of wholesale prices was steady, grains well as many groups in the general public, declined by 19 per cent and cotton by 38 per must cooperate, since policies in respect to cent. Many people are misled by averages. taxation, expenditures, lending, foreign trade, At the present time, with the average of all agriculture, and labor all influence business wholesale prices at 77 per cent of the 1926 conditions. level, prices of farm products are at only 67 The Board believes that an order by Conper cent, while industrial commodities are at gress to the Board or to any other agency 80 per cent. Even prices of different farm of Congress to bring about and maintain a products differ widely. Cotton and grain given average of prices would not assist but prices are 50 per cent of the 1926 level, while would hinder efforts to stabilize business conlivestock prices are 80 per cent. ditions. It would hinder, because the price An attempt to maintain a steady average average frequently would indicate a policy of prices would run into serious difficulty in that would work against rather than for stayears when prices of some commodities were bility. Such an order would also raise in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 259 public mind hopes and expectations that Federal Reserve System or any other agency could not be realized. of the Government can control the volume Conclusion.—In view of all these considera- of money and credit and thereby raise the tions the Board does not favor the enactment price level to a prescribed point and mainof any bill based on the assumption that the tain it there. ANALYSIS OF MEMBER BANK ASSETS BY CLASSES OF BANKS Revisions in bank reports.—Improvements deposits of States and local governments are have recently been made in the forms of con- reported separately; and assets indirectly dition reports that are submitted by member representing bank premises or other real esbanks. These changes provide additional in- tate owned are classified as in the new call formation and also bring into agreement the report form and included under "other" items shown in the call report, which is sub- assets. mitted three or four times a year by all Distribution of bank loans by borrowers member banks, and in the weekly condition and by classes of banks.—Classification of report, which is submitted by a selected group loans according to purpose, now included in of reporting member banks in 101 leading the call report form, was adopted in the cities. The tables regularly published in the weekly reports in May 1937. This revision BULLETIN giving data from these reports of the call report eliminates the classificaare revised in this issue of the BULLETIN to tion of loans on securities to others than take account of the changes in reported data. security brokers and dealers and provides The changes also affect some of the charts for all member banks information as to comshown in the Federal Reserve Chart Book. mercial loans, agricultural loans, and loans See pages 332 and 333 of this BULLETIN. for the purpose of purchasing or carrying Revisions in the statistical sections of the securities made to others than brokers and call report form, effective as of December dealers. The distribution by classes of mem- 31, 1938, were described in the January issue ber banks of the various types of loans of the BULLETIN, pages 22-23. Briefly, the reported on the new basis as of the end of new call report form redefines the loan classi- 1938 is given in the table. fications largely in terms of the purposes for About 10 per cent of member bank loans which credit is extended; shows real estate may be called open-market loans and the loans made on residential property separately rest are customers' loans, i. e., loans made from those made on other non-farm real es- largely on the basis of a customer relationtate, which comprises mostly commercial ship between the bank and the borrower. and industrial properties; adds a breakdown Most of the open-market loans are made by of security holdings according to maturity New York City banks and represent loans to groups; and also classifies separately cer- New York brokers and dealers in securities. tain assets indirectly representing real estate Almost one quarter of the loans of New York owned by the bank, which with some excep- banks are of this sort. In addition, New tions were heretofore reported among loans York banks hold a moderate amount of and investments. Approximately $150,000,- bankers' acceptances. Reserve city banks 000 of such assets were reported on December have a few brokers' loans and hold some ac- 31, 1938. ceptances and commercial paper, while the In the weekly report beginning February open-market loans of country banks are 8 United States Government direct obliga- practically all in commercial paper, including tions are divided into bills, notes, and bonds; short-term paper of finance companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN APRIL 1939 So-called "other" loans, which are made LOANS OF MEMBER BANKS, DECEMBER 31, 1938 up of loans not separately classified, are Per cent distribution of amounts by types and by classes of banks relatively largest at country banks, amount- All New Other ing to 26 per cent of total loans at these mem- York reserve Counber City city try banks, 16 per cent at New York banks, and banks banks * banks2 banks 21 per cent at other city banks. These dif- Brokers' loans 7 24 3 1 ferences may be an indication either that a Open-market paper _ _ 3 4 3 3 larger share of country bank loans is per- Commercial and industrial loans 36 45 41 24 Agricultural loans 5 4 11 sonal loans, etc., or that country banks, which Real estate loans: Total _ 21 4 22 30 have not previously reported loans on the On farm land 2 (3) 2 4 On residential properties 13 2 14 19 basis of the new classification, have found On other properties 6 2 6 7 greater difficulties in properly classifying a Loans for purchasing or carrying securities 6 7 6 5 larger part of their loans. Other loans _. 22 16 21 26 Total loans. _ _ 100 100 100 100 Maturity distribution of bank investments. —In view of the increased importance in 2 i I C n e c n lu tr d a e l s re c s e e n rv tr e a l c it r y e s b er a v n e k s c . ity banks in Chicago, also out-of-town recent years of security holdings of banks, branches of reserve city banks. the data in the new call report as to maturi- 3 Less than 0.5 per cent. ties of investment holdings are of importance About 95 per cent in amount of the loans for the purpose of analyzing both the condiof both country and city member banks out-tion of banks and developments in security side of New York are in customer loans. Inmarkets. For each of the principal classes of New York City the proportion is 72 per cent. securities information is given as to amounts City banks make between 40 and 45 per cent maturing in 5 years or less and for direct of their loans to commercial and industrial obligations of the United States Government borrowers, while at country banks the pro-a more detailed classification of maturities is portion is only about half as large. This dif- reported. The maturity distribution of holdings of various types of securities held by ference is partly made up by the greater the different classes of member banks is volume of agricultural loans at country banks, given in the accompanying table. which amount to about one-tenth of their For member banks taken as a whole about total loans. 40 per cent of their Government securities, Country banks also have a larger proporincluding both direct and guaranteed obligation of their loans made against real estate, tions, have a maturity of five years or less: 30 per cent as against 4 per cent for New about 2 per cent are in Treasury bills, all of York City banks and 22 per cent for other which mature within 90 days; 26 per cent in reserve city banks. A large portion of the notes, all of which mature within 5 years; real estate loans reported by reserve city 5 per cent in Treasury bonds maturing in banks is in the San Francisco district. Some 5 years or less; and 7 per cent in the shorterof the reserve city banks in that district have term guaranteed obligations. Of the longermany out-of-town branches, the loans of term Treasury bonds the amounts held are which are reported in the banks' consolidated fairly equal in the 5-10 and 10-20 year macondition reports. Country member banks turities, with some holdings maturing after as well as city banks extend relatively small 20 years. Two-thirds of the banks' holdings amounts of loans on the basis of farm land. of obligations of Government agencies not About two-thirds of their real estate loans are guaranteed by the Government are of shorter on residential properties and nearly a fourth maturities, including debentures of the Fedis on commercial and industrial properties. eral Intermediate Credit banks and Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 261 Home Loan banks and notes of the Federal corporate stocks. This low percentage prob- National Mortgage Association. ably reflects in part the type of securities Of the total direct obligations publicly- available for bank purchase, since corporaoffered by the Government, member banks tions raise a relatively small amount of their hold a relatively larger share of the notes funds through notes or other short-term seand shorter-term bonds outstanding than curities and since they have taken advanthey do of the bills and longer-term bonds. tage in recent years of the low yields on the At the end of 1938 they held about 40 per centbond market to refund, whenever possible, of the notes and about 42 per cent of the through longer-term issues. Also, many corpublicly-offered bonds maturing within five porate obligations with relatively long mayears. For the bills and longer-term bonds turities contain provisions which permit their the proportions ranged from 22 to 29 per being called at much earlier dates under cercent. The relatively small amount of Treasury tain conditions. In the case of corporate oblibills held by member banks is due mainly to gations as well as of Government obligations, the large holdings of bills by the Federal Re- there is a larger proportion of holdings of serve banks, which on December 31, 1938,shorter-term maturities at New York City comprised 43 per cent of the total outstand- banks and at reserve city banks than at ing. country banks. A striking fact brought out by the table is the relatively larger proportion of shorterterm obligations that New York City banks INVESTMENTS OF MEMBER BANKS, DECEMBER 31, 1938 hold as compared with reserve city banks and Per cent distribution by maturities and by classes of banks that reserve city banks hold as compared All New Other with country banks. Taking direct and fully m b e e m r - Y C o it r y k re c s i e t r y ve C t o r u y nguaranteed obligations together, the propor- banks banks! banks2 banks tion of those with maturities of five years or U. S. Government direct and guarless to the total is 56 per cent at New York anteed—total __ _. 103% 100% 100% 100% Direct obligations: City banks, 36 per cent at reserve city banks, Bills 2 4 2 0 including Chicago, and 32 per cent at country N Bo o n te d s s 3 maturing in 5 years or less. 2 5 6 3 9 0 2 4 5 2 4 3 banks. B B o o n n d d s s m m a a t t u ur r i i n n g g i i n n 5 10 -1 -2 0 0 y y e e a a rs rs__ 2 1 2 9 1 1 5 4 2 2 0 5 2 1 5 9 State and local government securities held Bonds maturing after 20 years 9 5 10 10 Fully guaranteed obligations: by member banks are in general of much Maturing in 5 years or less 7 13 5 5 After 5 years _ _ _ . 10 10 9 14 shorter term than their holdings of Federal U. S. Government agencies, not Government securities. The proportion of guaranteed—total __ ___ _. 100% 100% 100% 100% State and local government securities with Maturing in 5 years or less_ 67 99 59 34 Maturing after 5 years 33 1 41 66 maturities of five years or less is about 60 State and local government securiper cent of the total. This high proportion is ties—total 100% 100% 100% 100% due in part to holdings at banks in New York In default4 (5) Without specific maturity 6 1 9 7 City, but at other classes of banks as well Maturing in 5 years or less 61 85 56 52 Maturing after 5 years 33 14 35 41 over 50 per cent of the holdings of such se- Other securities 6—total _ _ 103% 100% 100% 100% curities are in the shorter maturities. In default 4_ _ 4 6 5 3 For securities other than Federal, State, Maturing in 5 years or less_ ___. 18 20 25 13 Maturing after 5 years 78 74 70 84 and local government obligations, representing mostly corporate bonds, notes, and de- 1 Central reserve city banks only. 2 Includes central reserve city banks in Chicago, also out-of-town bentures, the proportion with maturities of branches of reserve city banks. 3 Some of these notes have a maturity up to 5 years but none longer. five years or less was relatively small, amount- 4 Excludes securities in default to the extent they have been written off the books. ing to 18 per cent of the total, excluding 5 Less than 0.5 per cent. fi Excludes ho Idirjgs of stocks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN APRIL 1939 Measures of liquidity.—Information re- LIQUID ASSETS OF MEMBER BANKS, BY CLASSES OF garding the maturity distribution of banks' BANKS, DECEMBER 31, 1938 investments makes it possible to obtain from Per cent of gross deposits the new condition reports better measures of Central reserve the liquid position of individual banks than All city banks Remem- serve Counhave heretofore been available in published ber city try banks New Chi- banks banks data. From the standpoint of an individual York cago bank liquid assets or secondary reserves in- Gross deposits 100 100 100 100 100 clude balances payable on demand, loans that Reserve balances 20 35 29 15 11 may be readily called or sold in the open mar- Required reserves 13 20 17 11 7 ket without involving customer relations, and Excess reserves . . 7 15 12 4 4 securities that may be sold without risk of B C a a l s a h n c in e s v w au it l h t- other domes- 2 1 1 2 3 tic banks .. _ 10 1 7 12 15 material loss of principal. In general, such Cash items in process of collection 4 5 4 5 2 assets include most of the following: brokers' Open-market paper and loans, bankers' acceptances, open-market loans. . 3 8 2 2 1 Securities maturing in 5 commercial paper, and short-term high-grade years or less 17 24 21 15 13 securities, as well as cash and balances with Total 56 73 65 50 45 other banks. The following table shows, by classes of banks and in terms of percentages of total deposits, holdings of reported assets average ability of the individual banks within corresponding approximately to these various each group to meet, without borrowing, shifts classes. of deposits and reserves among banks; they The table shows that central reserve city do not measure the ability of the banking banks in New York and Chicago hold rela- system as a whole, or even each group of tively larger proportions of their assets in thebanks as a whole, to meet widespread losses form of short-term securities and open-mar- of reserves. Banks may also borrow from the ket loans and also have much larger amounts Federal Reserve banks on any sound assets. of excess reserves relative to their deposits From the standpoint of the banking system than do banks in other places. Other banks as a whole liquidity depends upon the amount depend for liquidity to a greater extent upon of excess reserves held, the ability of banks balances with city correspondents. to borrow at the Federal Reserve banks, and Although these figures are shown as totals open-market operations by the Reserve Sysby classes of banks, they indicate in effect the tem. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 263 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, DECEMBER 30, 1933, TO DECEMBER 31, 1938 [Amounts in thousands of dollars] 1933 1934 1935 1936 1937 1938 Dec. 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Sept. 28 Dec. 31 ASSETS Loans (including overdrafts)1 12, 833, 483 12, 028,103 12,175,102 13, 359, 853 13, 957, 823 12, 937, 437 13, 207, 760 United States Government direct obligations 7, 254, 234 9, 905, 692 10, 500, 527 11, 639, 486 10, 574,143 10, 712, 818 10, 882, 288 Obligations guaranteed by United States Government--. 1, 767, 864 1, 905, 718 1, 797,407 2, 298, 477 2, 340, 243 Obligations of Government corporations and agencies, not guaranteed by United States1 364, 452 272, 990 295, 628 276, 671 330,879 Obligations of States and political subdivisions 1, 788, 686 1, 964, 736 2,177, 515 2, 226, 412 2, 046, 611 2, 317, 492 2, 447, 792 Other bonds, notes, and debentures1 2, 747,199 2, 380, 764 2, 581, 404 3, 031, 028 2, 566,080 2, 545, 618 2,401, 538 Corporate stocks (including Federal Reserve bank stock)1 596, 041 517, 323 509, 472 541, 559 529, 411 538, 376 459, 990 Total loans and investments1 25, 219, 643 28,150, 278 29, 984, 874 32,999,684 31, 751, 755 31, 626,889 32, 070, 490 Reserve with Federal Reserve banks 2, 677, 693 4, 081, 565 5, 573, 212 6, 571, 694 7, 005, 209 8,192, 978 8, 694, 388 Cash in vault 471,006 608,602 664, 778 697,380 589,457 774, 887 745, 650 Demand balances with banks in United States (except i private banks and American branches of foreign banks). 1,969,141 3,035,834 3, 621,009 3, 918, 620 3,319, 785 3, 817, 382 4,119, 695 Other balances with banks in United States e 61, 868 e 113,139 154, 870 147, 837 94, 605 119, 644 119, 824 Balances with banks in foreign countries 158, 683 184, 515 50, 788 55, 480 69, 723 73, 374 50, 553 Due from own foreign branches 143, 816 92, 536 5,572 14, 209 3,578 1,261 4,196 Cash items in process of collection 7 1,132, 338 7 1, 903, 307 2, 254, 755 2, 533, 275 2, 259, 351 1,460, 367 1, 758, 709 Bank premises owned and furniture and fixtures 981, 206 1, 001, 087 991, 684 981, 975 971, 465 968, 380 945, 037 Other real estate owned 274, 966 313, 556 366, 979 367, 486 342, 694 335, 567 325, 634 Investments and other assets indirectly representing real estate1 144, 508 Customers' liability on acceptances 459, 264 241, 951 179, 071 179, 414 154, 504 112, 965 120, 722 I O n t c h o e m r e a s a s c e c ts rued but not yet collected 280, 353 349, 060 263, 306 240, 701 182,160 207, 832 / \ 1 1 0 2 0 9 , , 6 7 3 9 8 1 Total assets.. 2 33,839,977 2 40,075,430 44,110, 898 2 48, 707, 755 46, 744, 286 2 47, 691, 526 49,329, 835 LIABILITIES Demand deposits—Total 18, 041, 733 23,940, 477 28,040, 086 31,896,215 29,317,024 30,368,394 31, 852, 795 Individuals, partnerships, and corporations 12,108, 621 14, 951,169 18, 035, 082 20, 970, 304 19, 747, 450 20, 438, 710 21,119,188 United States Government 967,167 1, 635, 516 844,041 881, 961 781,034 707, 267 789, 816 States and political subdivisions 1, 319, 689 1, 799, 435 2,139, 464 2, 329,180 2,131, 984 2, 079, 830 2, 385, 689 Banks in United States 3,138, 755 4, 569, 264 5, 695, 795 6, 401, 831 5, 436, 442 6,088,093 6, 510, 303 Banks in foreign countries 129, 248 146, 838 443, 998 431, 808 452, 772 456, 517 500, 641 Certified and officers' checks, cash letters of credit and travelers' checks, etc 378, 253 838, 255 881, 706 881,131 767, 342 537, 887 547,158 Time deposits—Total 9,125,241 9,907, 928 10, 414, 097 10, 989, 111 11, 521, 632 11, 462,315 11,510, 343 Individuals, partnerships, and corporations: Savings deposits 6, 428, 536 7, 599, 028 8, 293, 860 8, 991, 216 9, 461,126 9, 398, 613 Certificates of deposit 900, 043 881, 978 815, 901 765, 315 740, 327 724, 377 702, 077 Christmas savings and similar accounts 18,061 19, 347 21, 503 25, 319 28, 761 121, 292 20, 971 Open accounts s 610,402 520,089 548, 372 647, 498 575, 832 544, 378 566,116 Postal savings 778, 205 451, 988 217, 564 104, 369 94, 653 69, 605 3 61, 288 States and political subdivisions 300, 559 294, 452 361, 346 296, 229 481, 721 464, 427 461, 512 Banks in United States 82, 793 133, 552 150, 775 153, 372 128, 641 130,009 131, 637 Banks in foreign countries 6,642 7,494 4,776 5,793 10, 571 9,614 10,044 Total deposits 27,166, 974 33, 848, 405 38, 454,183 42, 885, 326 40, 838, 656 41, 77f, 619 43, 363,138 Due to own foreign branches 13, 748 51, 379 63,968 117, 510 117,432 143, 425 Bills payable, rediscounts, and other liabilities for borrowed money 155,009 19,128 14,199 17,135 14,621 14,001 Acceptances outstanding 491, 694 262, 767 197, 571 201, 487 173, 611 121,414 138, 737 Dividends declared but not yet payable 4 40, 312 41,019 45, 431 43, 423 35, 817 32, 664 Income collected but not yet earned 43, 649 Expenses accrued and unpaid 1,040,190 850,323 207, 375 219, 229 185, 290 222, 359 69, 683 Other liabilities 108, 083 Total liabilities 2 28,867,615 35,020,935 38, 965, 726 43,432,576 41,373,111 42,281,642 43, 905, 588 CAPITAL ACCOUNTS Capital 2, 415, 629 2, 664,086 2, 633, 740 2, 453, 840 2, 430, 606 2, 425, 628 2, 403,098 Surplus 1, 749, 935 1, 661, 656 1, 710, 599 1, 936, 370 2, 010, 421 2, 046, 844 2, 082, 726 Undivided profits4 355, 386 391,013 458, 292 560, 324 602, 430 645, 543 635, 548 Reserves for contingencies.. 441, 412 335, 218 336, 375 309, 817 311, 355 274, 395 265, 345 Other capital accounts4 2,522 6,166 14, 828 16, 363 17, 474 37, 530 Total capital accounts4 4, 962, 362 5, 054, 495 5,145,172 5, 275,179 5, 371,175 5, 409, 884 5, 424,247 Total liabilities and capital accounts.. 33,829,977 2 40, 075, 430 44,110,898 48, 707, 755 46,744,286 47,691,526 49,329,835 Net demand deposits subject to reserve. 14, 821,139 18, 850, 646 22,169, 397 25,449,917 23, 740, 652 25,038, 348 25, 982, 672 Demand deposits—adjusted 5 12, 674, 225 15, 685, 552 18, 801, 497 21, 647, 340 20, 387, 425 21, 596, 060 22, 293, 326 Number of banks 6,011 6,442 6,387 6,376 6,341 6,341 6,338 1 Figures of loans and investments beginning December 31, 1938 are not entirely comparable with prior call dates because investments and other assets (principally loans) indirectly representing bank premises and other real estate are now reported separately. Such investments and other assets amounted to $94,569,000 and $49,939,000, respectively, on December 31, 1938. Federal Home Loan bank debentures, now reported as "Obligations of Government corporations and agencies, not guaranteed by United States," were heretofore included in "Other bonds, notes, and debentures." 2 Revised to exclude acceptances of other banks and bills sold with endorsement, now reported as contingent liabilities. 3 Includes United States Treasurer's time deposits, open account. 4 Reserves for dividends payable in common stock, $5,544,000 on December 31, 1938, were heretofore published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938, were.heretofore reported in combination with dividends declared but not yet payable. Beginning Dec. 31, 1938 these two reserves are included in "Other capital accounts." 5 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 6 Balances with private banks and American branches of foreign banks, not reported separately, are included in "Other assets." 7 Includes some cash items not in process of collection. 8 Includes $27,288,000 reported separately as deposits the payment of which was deferred by agreement or otherwise. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN APRIL 193S ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1938, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city All All All State member banks l Reserve Country member national member city member banks member banks member banks 1 banks New York Chicago banksl ASSETS Loans (including overdrafts) 13, 207, 760 8,469,381 4, 738, 379 3, 262, 309 538, 602 4, 962, 906 4, 443, 943 United States Government direct obligations 10, 882, 288 7,157, 338 3, 724, 950 2, 962, 971 1,004,937 4, 278. 074 2, 636, 306 Obligations guaranteed by United States Government. __ 2, 340, 243 1, 533, 441 894, 302 108,909 739, 905 597,127 Obligations of Government corporations and agencies, not guaranteed by United States 330, 879 227,185 103, 694 121, 082 27, 393 100,174 82, 230 Obligations of States and political subdivisions 2. 447, 792 1, 604, 446 843, 346 517, 209 140, 748 807, 504 982, 331 Other bonds, notes, and debentures 2, 401, 538 1, 683, 698 717, 840 404,626 118, 603 610,753 1, 267, 556 Corporate stocks (including Federal Reserve bank stock) _ 459, 990 227, 392 232, 598 172, 283 29, 709 154, 644 103, 354 Total loans and investments 32. 070, 490 20, 902, 881 11,167, 609 8, 334, 782 1, 968,901 11, 653, 960 10,112, 847 Reserve with Federal Reserve banks 8, 694, 388 4, 775, 236 3,919,152 4,103. 767 883, 775 2, 354,176 1, 352, 670 Cash in vault. 745, 650 551,158 194, 492 68, 247 34, 572 320, 553 322, 278 Demand balances with banks in United States (except private banks and American branches of foreign banks). 4,119, 695 3.144, 921 974, 774 106, 771 222, 527 1, 885, 687 1. 904, 710 Other balances with banks in United States 119, 824 89,775 30, 049 1,776 12, 764 54, 398 50,886 Balances with banks in foreign countries 50, 553 29, 724 20, 829 34, 076 1.992 11, 289 3,196 Due from own foreign branches 4,196 4,196 192 4,004 Cash items in process of collection 1, 758, 709 1, 100, 827 657, 882 579, 743 119,728 786, 776 272, 462 Bank premises owned and furniture and fixtures 945, 037 615, 923 329,114 213, 474 21,097 329, 265 381, 201 Other real estate owned . 325, 634 146, 780 178, 854 33, 791 5,502 118,816 167, 525 Investments and other assets indirectly representing real estate 144,508 69, 522 74, 986 16, 906 985 97, 551 29, 066 Customers' liability on acceptances 120, 722 64, 394 56. 328 89, 523 2,431 27,147 1,621 Income accrued but not yet collected 100, 638 60, 424 40, 214 30, 896 8,391 41, 580 19, 771 Other assets 129, 791 48,166 81, 625 43. 076 6,621 34, 984 45,110 Total assets 49,329, 835 31, 603, 927 17, 725, 908 13, 657, 020 3,289, 286 17, 720,186 14, 663, 343 LIABILITIES Demand deposits—Total 31, 852, 795 19,981, 091 11, 871, 704 11, 011, 639 2. 558, 360 11,196, 531 7, 086,265 Individuals, partnerships, and corporations 21.119,188 12, 942. 704 8,176, 484 7, 273, 337 1, 596, 974 7,034, 292 5, 214. 585 United States Government 789,816 530,183 259, 633 139, 413 83, 419 424, 317 142, 667 States and political subdivisions 2. 385. 689 1, 769, 791 615. 898 280,100 181, 490 796, 320 1,127, 779 Banks in United States 6, 510. 303 4,167, 506 2, 342, 797 2, 687, 377 657, 821 2, 719, 227 445, 878 Banks in foreign countries 500, 641 227,003 273, 638 436, 776 9,493 52, 673 1,699 Certified and officers' checks, cash letters of credit and travelers' checks, etc 547,158 343, 904 203, 254 194, 636 29,163 169, 702 153, 657 Time deposits—Total 11, 510, 343 8, 014, 630 3, 495, 713 694,113 461, 111 4, 632,174 5, 722, 945 Individuals, partnerships, and corporations: Savings deposits 9, 556, 698 6. 676, 490 2, 880, 208 387, 611 404, 785 3, 809, 606 4, 954, 696 Certificates of deposit 702,077 544, 528 157, 549 28, 075 14, 718 183, 946 475, 338 Christmas savings and similar accounts 20, 971 14, 594 6, 377 876 143 7,541 12,411 Open accounts 566,116 260, 206 305, 910 235. 366 32, 115 232, 401 66.234 Postal savings 2 61, 288 51, 368 9.920 17,284 44,004 States and political subdivisions 461, 512 362, 781 98, 731 36, 239 9, 350 268, 744 147, 179 Banks in United States 131,637 97, 299 34, 338 302 108, 252 23, 083 Banks in foreign countries 10, 044 7,364 2,680 5,644 4,400 Total deposits 43, 363,138 27, 995, 721 15, 367, 417 11, 705, 752 3, 019, 471 15, 828, 705 12, 809, 210 Due to own foreign branches 143,425 97, 829 45, 596 143, 425 Bills payable, rediscounts, and other liabilities for borrowed money _. 6, 209 5,608 601 378 5, 831 Acceptances outstanding 138, 737 71, 775 66, 962 104, 228 2,666 30,173 1,670 Dividends declared but not yet payable 32, 664 18, 707 13, 957 12, 654 800 11, 839 7,371 Income collected but not yet earned 43, 649 29, 288 14, 361 8,560 1,486 21, 731 11,872 Expenses accrued and unpaid 69, 683 40, 877 28, 806 15, 864 7,760 29, 506 16, 553 Other liabilities 108, 083 23,169 84, 914 73, 981 252 20, 606 13, 244 Total liabilities 43, 905, 588 28,282, 974 15, 622, 614 12, 064, 464 3, 032, 435 15, 942, 938 12, 865, 751 CAPITAL ACCOUNTS Capital 2, 403, 098 1, 566, 847 836, 251 548, 395 126, 500 796, 435 931, 768 Surplus 2, 082, 726 1,146, 800 935, 926 807, 960 72, 280 643, 532 558, 954 Undivided profits 635, 548 419, 426 216,122 169, 635 28, 747 219, 812 217, 354 Reserves for contingencies.. 265, 345 158,318 107, 027 63, 350 28, 951 105, 671 67, 373 Other capital accounts 37, 530 29, 562 7,968 3,216 373 11, 798 22,143 Total capital accounts _. 5, 424,247 3, 320, 953 2,103, 294 1; 592, 556 256, 851 1, 777,248 1, 797, 592 Total liabilities and capital accounts. 49, 329, 835 31, 603, 927 17, 725, 908 13, 657, 020 3, 289,286 17, 720,186 14, 663, 343 Net demand deposits subject to reserve. 25, 982, 672 15, 738, 373 10, 244, 299 10, 325,125 2, 216, 925 8, 527,008 4, 913, 614 Demand deposits—adjusted 3 22, 293, 326 13, 955, 572 8, 337. 754 7,168, 330 1, 687, 899 7, 213, 538 6, 223, 559 Number of banks 6,338 5,224 i; 114 13 344 5, 945 * Banks are classed according to the reserves which they are required to carry (see p. 315). Some banks classed as "country banks'' are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures, for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Includes United States Treasurer's time deposits, open account. * Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

265 APRIL 1939 FEDERAL RESERVE BULLETIN BEHAVIOR OF DEPOSITS PRIOR TO SUSPENSION IN A SELECTED GROUP OF BANKS ANALYSIS BY TYPE OF DEPOSIT HOLDER The March 1939 FEDERAL RESERVE BULLE- ing for 42 per cent of the total. The contribu- TIN presented a preliminary analysis of data tion of business balances to presuspension recently made available by a Works Progress deposit reductions was somewhat greater Administration study1 of the records of a se-than their "normal" contribution to the comlected group of banks suspended in the period position of total deposits (38.4 per cent). 1930-1933. The data introduced there sug- The presuspension reduction of business degest the inference that large demand deposits posits represented 48 per cent of "normal" not only exhibited a greater instability than business balances. small ones, but also that the percentage re- 2. Interbank withdrawals were second in duction of balances in the period prior to importance, comprising 25.9 per cent of the suspension became progressively greater the total presuspension decline in demand degreater the size of the account. posits. The substantial contribution of inter- The present discussion classifies similar bank withdrawals to deposit losses can be statistical material by type of holder. This explained by the volatility of this class of acclassification has a twofold purpose. The firstcounts. Interbank deposits decreased 59.6 is to discover whether or not significant vari- per cent of their "normal" level, a percentage ations exist in the presuspension behavior of decline considerably in excess of those shown the deposits of different types of holders. by personal demand deposits, business de- The second objective is to explore the possi- mand deposits, or public funds as a whole, and bility that these variations may explain the corresponding to the rate of withdrawal charvariations observed in the behavior of de- acteristic of deposits of large size. Although posits of different sizes. no analysis was made of interbank deposits Deposit reductions are measured from a by size of account, such accounts are known base date to the date of suspension. The base to be large. dates selected were dates on which banks sus- 3. Personal deposits contributed 12.9 per pended at different times had not experienced cent of the total decrease in demand deposits, serious deposit withdrawals. For the nine slightly less than their share (13.3 per cent) banks suspended before June 30, 1931, thein the composition of total demand deposits. base date is June 30, 1928. For the 58 banks The presuspension reduction of personal desuspended thereafter, the base date is June posits represented 42.6 per cent of "normal" 30, 1931. In the following pages, deposit personal balances. Personal accounts are less balances on the base date are referred to stable than business accounts of comparable as "normal" balances and the composition of size but because personal balances are pretotal deposits on the base date is referred dominantly small balances, personal accounts to as the "normal" composition. In this as a whole are more stable than business acarticle, interbank deposits are treated as a counts as a whole. part of total demand deposits. 4. In general, variations distinguishable in The results of the investigation may be the behavior of deposits of different holders summarized as follows: are distinctly less pronounced than those dis- 1. Withdrawals from business accounts covered in deposits of different sizes. The comprised the largest single item in presus- same general differences in the behavior of pension demand deposit reductions, account- accounts of different sizes appear in the data classified by type of holder as in the data for 1 This report was prepared by R. C. Breithut and Martin Krost. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN all types of holders. As stated, no analysis business deposits (42 per cent). The major was made of the behavior of interbank de- part of business withdrawals in turn is atposits of different sizes. tributable to the larger accounts, those in ex- 5. Comparisons of the presuspension be- cess of $5,000 being responsible for 37 per havior of deposits owned by holders engaged cent of the total deposit reduction. Interbank in different types of business show relatively withdrawals represent 25.9 per cent of the minor differences. There appears to be no total decline, a share considerably greater consistent tendency for withdrawals of certain types of business demand deposits to TABLE 1 exceed others. ALLOCATION OF THE DECREASE IN TOTAL DEPOSITS BETWEEN BASE DATE1 AND DATE OF SUSPENSION Limitations of the Data.—The figures pre- BY TYPE OF HOLDER sented in this discussion have been drawn 14 banks from a group of 67 medium-sized banks, sus- 9 banks sus- 44 banks sus- pended suspended during the period November 1930 to 67 pended between pended Type of holder sample before June 30 after March 1933. The size and location of these banks June 30, and Dec. 31, 1931 Dec. 31, 1931 banks are described in the March 1939 FED- 1931 ERAL RESERVE BULLETIN, page 179. As the Total decrease in demand depresent analysis consists of a reclassification posits, inclusive of interbank.. 100.0 100.0 100.0 100.0 of the same basic data, it is subject to similar Public funds.. _ _ _ 4.3 (2) (2) 8.6 Interbank deposits 25.9 13.6 42.9 25.2 statistical qualifications. It should be noted Miscellaneous demand deposits 3 14 9 31 9 9 2 12 8 that the figures for the percentage composi- Personal and business 54.9 69.4 48.4 53.4 tion of deposits in this article are based on Personal -_ 12.9 16.6 10.7 12.6 Business 42 0 52 8 37 7 40 8 "Total demand deposits, inclusive of inter- Less than $5,000: bank." The category "Miscellaneous demand Personal __ _ 7.1 9.1 3.9 7.3 Business 5 0 1 9 2 9 6 0 deposits" includes fraternal, charitable, inac- $5,000 and over: tive, unlisted, unidentified and other nonper- Personal 5.8 7.5 6.8 5.2 Business .... 37.0 50.9 34.8 34.8 sonal deposits as well as certificates of deposit. The largest component of miscellane- 1 June 30, 1931 for banks suspended after that date; June 30, 1928 for those suspended earlier. For a fuller explanation see p. 265. ous demand deposits is unidentified deposits, 2 Increase. 3 Fraternal, charitable, other non personal, inactive, unlisted, unidenthat is, deposits whose ownership could not tified, and certificates of deposit. be definitely assigned either to a business than that of all personal accounts. Business concern or to a person using the account pri- and interbank deposits together account for marily for nonbusiness transactions. It is about two-thirds of the total reduction of probable that the bulk of these deposits are deposits. personal balances. The contribution of a class of deposits to The Allocation of the Presuspension De- the total deposit decline depends on two faccrease in Deposits.—The figures shown in tors. The first is the importance of the Table 1 indicate the extent to which the with- class in the original composition of total drawal of different classes of deposit holders deposits. Clearly any class representing a contributed to the total decrease in deposits. very large share of a bank's total deposits While the contribution of public funds to themay be responsible for substantial deposit total withdrawal is not large in any group of reductions even though the accounts in this banks, the behavior of these deposits is some- class are less heavily drawn upon than other what irregular. Personal and business de- accounts. The second factor is the stability posit reductions are responsible for more of the accounts in the class. A group of acthan half (54.9 per cent) of all deposit losses, counts showing exceptional instability in and the bulk of these are withdrawals of times of stress may exercise an influence on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

267 APRIL 1939 FEDERAL RESERVE BULLETIN deposit losses of substantially greater impor- share of total deposit losses than their origtance than its contribution to the original inal contribution to total deposits. Large composition of total deposits. business accounts represent 29.1 per cent In Table 2, the composition of total deposits of total deposits, but had a substantially is compared with the composition of the de- greater share in deposit reduction (37 per posit decline. Interbank deposits constitute cent). Large personal accounts constitute about one-fifth of all deposits, but account only 4 per cent of all deposits, but are refor about one-fourth of deposit reduction. sponsible for 5.8 per cent of all deposit losses. Personal deposits account for slightly less Table 3 measures directly the presuspenthan their proportionate share of the deposit sion instability of deposits owned by different decline. The reverse is true of business de- types of holders. The decrease in deposits beposits. If personal and business deposits are tween base date and date of suspension is divided into comparable size groups, it be- measured as a percentage of the deposits in comes clear that size is a factor of sufficient each class on the base date. Considering all importance in deposit reduction to obscure sample banks, total demand deposits, incluthe variations between groups of deposits sive of interbank, decreased 43.9 per cent. having different size compositions. With- Over the entire period, interbank deposits drawals from business accounts under $5,000 exhibit considerably greater percentage rerepresented only 5 per cent of the total de- ductions than personal or business deposits or public funds; in the case of banks suspending during the last six months of 1931, more TABLE 2 than five-sixths of the normal balances in this ALLOCATION OF THE DECREASE IN DEMAND DEPOSITS BETWEEN BASE DATE AND DATE OF SUSPENSION class of accounts were withdrawn before sus- IN ALL SAMPLE BANKS pension. Personal accounts are consistently Percentage Percentage composition composition of the of total Type of holder decrease in demand TABLE 3 demand deposits on deposits base date PERCENTAGE CHANGES IN DEMAND DEPOSIT BALANCES BETWEEN BASE DATE AND DATE OF SUSPENSION Total demand deposits, inclusive of inter- BY TYPE OF HOLDER bank 100.0 100.0 Public funds 4.3 10.5 Interbank deposits 25.9 19.1 14 banks Miscellaneous 1 demand deposits 14.9 18.7 9 banks sus- 44 banks Personal and business 54.9 51.7 sus- pended sus- 67 pended between pended Personal.. 12.9 13.3 Type of holder sample before June 30 after Business. 42.0 38.4 banks June 30, and Dec. 31, 1931 Dec. 31, 1931 Less than $5,000: 1931 Personal 7.1 9.3 Business 5.0 9.3 $5,000 and over: Total demand deposits, inclu- Personal 5.8 4.0 sive of interbank -43.9 -38. c -47.0 Business 37.0 29.1 Public funds -17.8 +80.4 +2.2 -34.5 Interbank deposits -59.6 -21.1 -84.5 -60.9 1 Fraternal, charitable, other non-personal, inactive, unlisted, uniden- Miscellaneous demand detified, and certificates of deposit. posits i -35.0 -56.3 -17.5 -33.4 Personal and business -46.6 -44.2 -37.1 -49.3 posit reduction, although these accounts con- Personal 42.6 -40.7 -31.8 -45.5 stitute 9.3 per cent of total deposits on the Business 48.0 -45.4 -38.9 -50.6 Less than $5,000: base date. Corresponding figures for per- Personal 33.4 -30.3 -18.0 -37. 3 sonal accounts are 7.1 per cent and 9.3 per Business 23.8 -8.7 -10.9 -29.8 $5,000 and over: cent. In the case of accounts of $5,000 and Personal -64.5 -69.7 -57.2 65.0 Business -55. 7 -54.0 -49.4 -57.6 over, both business and personal accounts show withdrawals representing a larger 1 Fraternal, charitable, other non-personal, inactive, unlisted, unidentified, and certificates of deposit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN less stable than business accounts of compara- small business deposits may reflect the widenble size, but business balances are predomi- ing spread of apprehension from the middle nantly large balances and thus business ac- of 1931 until the Banking Holiday. counts as a whole are less stable than per- Behavior of Business Demand Deposits sonal accounts as a whole. The percentage Classified by Type of Business.—In Table 5, reductions in personal accounts exceed those business demand deposits are grouped acof business accounts in the case of accounts cording to the type of business in which their under $5,000 as well as in the case of accounts holders are engaged. The differences in the of $5,000 and over. percentage reductions shown appear to be Table 4 presents a more detailed comparison of the behavior of business and personal deposits of different sizes. The presuspen- TABLE 5 sion decrease in personal deposits exceeds PERCENTAGE CHANGES IN DEMAND DEPOSIT BALANCES the decline in business deposits in each size BETWEEN BASE DATE AND DATE OF SUSPENSION BY TYPE OF BUSINESS class shown, but the excess is clearly of a different order of magnitude than the differ- 14 banks ence in variation of large and small deposits. 9 banks sus- 44 banks sus- pended sus- 67 pended between pended Type of business sample before June 30 after banks June 30, and Dec. 31 1931 Dec. 31, 1931 TABLE 4 1931 PERCENTAGE CHANGES IN BUSINESS AND PERSONAL DEMAND DEPOSITS BETWEEN BASE DATE AND Accounts of all sizes SUSPENSION BY SIZE OF ACCOUNT All business demand deposits.... -48.0 -45.4 -38.9 -50. G Manufacturing and mining.. -51.1 -47.2 -37.4 -54.9 67 sample banks Building and construction... -57.8 -58.8 -53.3 -59.2 Size of deposit on base date Transportation, public utilities, etc -49.7 -43. 4 Business Personal Automobile distribution and related services -53.6 -54.3 -23.0 -57.4 Trade and service -40.9 -34.0 -31.6 -44.9 Less than $500.__ +11.1 — 13.4 Financial -50.3 -44.8 -55.6 -50.1 500- 999 — 19.9 -38.9 Other, including agriculture. -51.9 -54. 5 -55.3 1,000- 2,499 _. -27.6 -46.4 2, 500- 4, 999 -36.6 -53.8 Accounts oi less than $5,000 5,000- 9,999 -40.3 -59.2 10,000-24,999 _ _ -50.0 -62. 5 All business demand deposits. _. -23.8 -8.7 -10.9 25,000-49, 999.. _. _ . _ -53.0 1 50,000-99,999 -60.4 >-70.8 Manufacturing and mining... -14.0 +54.1 -7.9 -28.0 100,000 and over -66.7 Building and construction. __ -29.7 -60.4 +18.7 -31.5 Transportation, public utili- Total -48.0 -42.6 ties, etc +15. 6 +30.9 -6.0 +17.3 Automobile distribution and related services -39.4 -21.8 -8.8 -47.8 Trade and service -28.8 -15.4 -16.0 -34.7 Certain classes of accounts show signifi- Financial -15.2 -30.0 -2.1 -14.5 Other, including agriculture. -30.8 -20.2 -20.5 -35. 3 cant variations of behavior in banks sus- Accounts of $5,000 and over pended during different periods. Both public All business demand deposits -55. 7 -54.0 -49.4 -57.5 funds and small business deposits exhibit a Manufacturing and mining. _ -57.0 — 57. 5 -43. 7 -59.5 tendency toward increasingly heavy with- Building and construction.__ -68.7 -57.6 -67.4 -70.8 Transportation, public utilidrawals over the period. Although the con- ties, etc —48 2 — 51.7 —31 6 -48.1 Automobile distribution and trast between the behavior of small business related services -66. 1 -76.1 -46.8 -65.7 Trade and service __ _ -49.4 -45. 2 -42.5 -52.2 accounts and large business accounts is Financial -59.0 -49. 1 -66.9 -59.1 Other, including agriculture. -65. 3 -76.8 -34.6 -66.7 marked throughout the period, the rate of reduction in accounts of less than $5,000 more closely approaches the rate of reduction in too small to justify a statement that some larger business accounts in banks suspended types of business accounts are more unstable after the end of 1931 than in banks suspended than others. Such differences as exist beearlier. Increasingly heavy withdrawals of come less as the number of banks considered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

269 APRIL 1939 FEDERAL RESERVE BULLETIN is enlarged. Moreover, no single business right are plotted from the figures presented class consistently outranks other classes in in Table 5 of this article for accounts of all the percentage of its "normal" balance with- sizes. The bars on the right have been ranked drawn prior to suspension. in accordance with the severity of the deposit In the chart the variations in pre-suspen- reductions of different types of business holdsion reductions of deposits of different sizes ers when all banks and sizes of accounts are are compared with those of different types included. The summary bar preceding the of business. The data plotted in the bar dia- size of account diagrams is based on the pergrams on the left of this chart were presented centage reductions in total demand deposits; in Table 6, p. 181, in the March 1939 FEDERAL the bar preceding the type of business dia- RESERVE BULLETIN. The diagrams on the grams is based on total business demand PERCENTAGE REDUCTIONS IN DEMAND DEPOSITS, CLASSIFIED BY SIZE OF ACCOUNT BY TYPE OF BUSINESS 60 60 40 67 40 SAMPLE • • n il BANKS 20 20 0 0 60 60 • - I III 9 BANKS • • • I II 40 - 1 iiill1l 1l 1l 1l 1 SUSPENDED 1 ll 1 l 1 l 1 l 1 l 1 l 1 " 40 BEFORE 1 20 JUNE 30,19311 20 0 0 60 60 • 14 BANKS • 1 1 SUSPENDED 1 1 40 • 1 1 BETWEEN • 1 • 1 40 II III 20 1 . . • i ll • 1 JUNE A N 3 D 0 ,19311 1 i i 20 1 DEC. 31,1931 1 0 0 60 60 1 Hill H llllllll 40 SUSPENDED! l l l l l ll ' 40 20 20 0 0 TOTAL ALL DEMAND BUSINESS I I DEPOSITS DEMAND 5 i DEPOSITS § s ft co o i £ g g U H J UgJ 2< CKO 8 8' I 3 Z < 2 6 £ " Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN APRIL 1939 deposits; both sets of basic figures exclude of business, show no such distinct variation. interbank deposits. There is a comparatively small difference The chart illustrates the marked contrast between the largest and smallest percentage both in the extent and the consistency of reductions shown in the data derived from all the banks in the sample. This reflects the variation in deposit behavior. The diagrams relative importance of the data derived from measuring variations in presuspension rethe 44 banks suspended after December 31, ductions in deposits by size of account exhibit 1931 in the data for all sample banks. It is a clearly discernible trend of the percentage noteworthy that in the largest group of banks reduction to increase as the size of the account the divergence is less marked than in the two becomes greater.1 This trend becomes more smaller groups of banks. regular as the number of banks considered is increased. 1 The figures for classes of accounts where increases in balances are shown because of technical reasons are not charted. For a Business deposits, when classified by types fuller explanation see March 1939 FEDERAL RESERVE BULLETIN, p. 182. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

271 APRIL 1939 FEDERAL RESERVE BULLETIN BRITISH CURRENCY AND BANK NOTES ACT, 1939 The Currency and Bank Notes Act, 1939, Provided that adjustments may, if the Treasury so direct, be made in respect of interest affecting the which received Royal assent on February 28 current price of any securities and, in the case of and became effective March 1, makes impor- securities standing at a premium, in respect of that premium. tant amendments to the laws governing the (3) If, as the result of any such valuation, the operations of the Bank of England. It provalue of the assets then held in the Department differs vides for valuing gold in the Issue Depart- from the total amount of the Bank of England notes then outstanding, there shall be paid to the Department each week at current prices instead of ment from the Exchange Equalisation Account (in at the legal gold parity of the pound sterling, this Act referred to as "the Account") or to the Account from the Department such sum as will counteras formerly. Securities held in the Issue Deact that difference, and separate payments may be partment as cover for the fiduciary issue are made in respect of differences arising from changes in the value of gold and differences arising from also to be valued at current prices. The standchanges in the value of other assets. ard fiduciary issue, by amendment to the Cur- Any payment required by this subsection may be rency and Bank Notes Act, 1928,1 is raised effected in cash or, by agreement between the Treasury and the Bank of England, by a transfer of gold from £260,000,000 to £300,000,000. The or securities (whichever is appropriate), or partly Treasury's powers to authorize changes in in cash and partly by such a transfer. the amount of the fiduciary issue for various 3.— (1) Gold held in the Department may be sold to the Account and gold may be bought for the Deperiods remain unaltered. Section four of partment from the Account, in each case at the price the Bank Charter Act, 1844, requiring the at which gold was valued for the purposes of the last valuation under the last preceding section. Bank to buy gold at a fixed price, is repealed. (2) The Treasury shall pay into the Account all The full text of the new Act is given below. sums received by them after the commencement of this Act in respect of the profits of the Department An Act to amend the law with respect to the Issue under section six of the Currency and Bank Notes Department of the Bank of England, the Exchange Act, 1928. Equalisation Account and the issue and place of payment of Bank of England notes. [28th February, 4.— (1) Notwithstanding anything in any enact- 1939] ment, bank notes for five pounds and upwards may be issued by the Bank of England otherwise than at Be it enacted by the King's most Excellent Majesty, their head office without being made payable at the by and with the advice and consent of the Lords place of issue, and all bank notes for five pounds and Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of upwards issued by the Bank shall, wherever issued, the same, as follows:— be payable only at the head office of the Bank unless expressly made payable also at some other place. 1. The fiduciary note issue shall, unless and until, after the commencement of this Act, it is reduced (2) Section four of the Bank Charter Act, 1844 under subsection (2) of section two of the Currency (which requires the Department to issue notes in and Bank Notes Act, 1928, or increased under sub- return for gold), shall cease to have effect. section (1) of section eight of that Act, be three 5.— (1) This Act may be cited as the Currency and hundred million pounds and accordingly— Bank Notes Act, 1939. (a) in subsection (1) of the said section two and (2) This Act shall come into operation on the first subsection (1) of the said section eight, for the Wednesday after the day on which the Royal Assent words "two hundred and sixty million pounds" is given thereto. there shall be substituted the words "three hundred million pounds"; and (3) The enactments set out in the Schedule to this (6) any Treasury Minute in force at the com- Act are hereby repealed to the extent mentioned in mencement of this Act under the said section the third column of that Schedule. eight shall cease to have effect. 2.— (1) The assets held in the Issue Department of SCHEDULE—ENACTMENTS REPEALED the Bank of England (in this Act referred to as "the Department") shall be valued on the day on which this Act comes into operation and thereafter once in Session and each week. Chapter Short Title Extent of Repeal (2) For the purposes of every such valuation, the assets shall be valued at such prices as may be cer-7 Geo. 4. c.46. The Country Bankers The final proviso to sec- Act, 1826. tion fifteen. tified by the Bank of England to be the current prices 3 & 4 Will. 4. c.98. The Bank of England Section four. of those assets respectively on the day of the valua- Act, 1833. tion, ascertained in such manner as may be agreed 7 & 8 Viet. c.32. Th 1 e 8 4 B 4. ank Charter Act, Section four. between the Treasury and the Bank: 22&23Geo.5.c.25. The Finance Act, 1932. Subsections (2) to (6) of section twenty-five. 1 BULLETIN for August 1928, pp. 567-569. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN APRIL 1939 ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France jdollar, after being quoted at 147.30 and 29.45 for the year ending December 22, 1938, wasfrancs respectively on January 3, moved up submitted to the general meeting of stock- to 154.90 and 30.98 francs on the 27th of the holders on January 27, 1939. The main text same month and then rose by successive steps of the address of the Governor of the Bank, to 165.65 and 33.50 francs on March 15. M. Pierre Fournier, is given herewith:1 Thereafter quotations were relatively stable Throughout 1938 France continued her ef- until the end of the first half of April. But forts to adapt the economic structure to the the latter weeks of that month were marked new monetary and social conditions which by new tension, which led the authorities to it had to meet; but developments abroad dur- let foreign currencies reach a level at which ing this period made the necessary adjust- the franc could more easily be held. On May 5 ments more difficult. the pound sterling stood at slightly less than International tension on various occasions 179 francs, the rate which the President of led to movements of capital throughout the the Council in a broadcast statement on May 4 world, an increase in gold hoarding, and other had announced as the future minimum level economic difficulties which could not fail to for the franc. have their effect on France. Furthermore, This decision caused an immediate reversal the increase in rearmament expenditure of the trend. Substantial repatriations of forced the majority of governments to resort capital took place; the rate of interest on to repeated borrowing, which upset the equi- various short-term issues of the Treasury librium of the capital and money markets. was lowered on several occasions; and the In addition, the economic depression, which Bank was able to reduce the discount rate followed the rapid rise of raw material prices to 2V2 per cent. in the spring of 1937, lasted until the begin- At the same time a series of decrees was ning of 1938. The partial improvement issued by the Government in execution of the which took place in the United States during law of April 13, 1938, for the purpose of the second half year had little effect in meeting national defense expenditures and France, because of the troubles in which this reorganizing the country's financial and ecocountry found itself involved. In these par- nomic structure. ticularly difficult circumstances the Bank of Beginning with July, however, the foreign France made continuous efforts to adjust its exchange market was again subjected to policy to the needs of the moment and to strain. It is true that the value of the franc give its full cooperation in the work of do- in terms of sterling did not change to any mestic recovery. notable extent; the pledge made by the Pres- The franc and the exchanges.—During the ident of the Council was fully kept even durlast three months of 1937, fluctuations in the ing this period. But, in relation to the dollar value of the franc in relation to the principal and to gold, the franc suffered a depreciation foreign exchanges were kept within very nar- corresponding to that of the British currow limits. From the beginning of 1938, rency, the rate of which, expressed in dollars, however, the currency was subject to con- declined below $4.61 on September 28, 1938. stant pressure. The pound sterling and the The September crisis.—During the grave events which marked the month of Septem- 1 The report, available in French, contains in addition a summary of the legislation of November 12, 1938, affecting the Bank ber, the banking and monetary mechanism of of France and the Treasury, which was published in THE BULLETIN for January 1939, pages 29-30; a section on personnel; and tables the country showed a strength worthy of a showing the operations of the Bank in detail. For earlier reports see BULLETIN for April 1938, 1937, March 1936, 1935, 1934, 1933, nation whose traditional qualities of calmness 1932, 1931, 1930, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

273 FEDERAL RESERVE BULLETIN and courage always prove equal to any time from Parliament, for the second time in the of difficulty. course of the year, extensive powers enabling No flight of capital took place during this it to pass a series of decrees during Novemcrisis. Withdrawals by depositors from ber, looking toward reestablishment of equibanks and savings institutions were made librium in the ordinary budget, more flexible chiefly in order that consumers and producers application of the law providing for the 40might have on hand—in case the situation hour week, and revaluation of the gold reshould become worse—the cash required for serve of the Bank of France. current expenses during the first weeks of A renewed inflow of capital then began military and economic mobilization. and, after a temporary slowing up toward Since the Government had decided that no the end of November, continued steadily to moratorium measures should be taken, no the end of the year. The monthly average matter what turn events might take, it was rate of the pound sterling declined from the duty of the Bank to afford the greatest 178.81 francs in October to 178.66 francs in possible facilities to savings institutions and November and to 177.44 francs in December, private banks which had to meet deposit while the corresponding averages for the withdrawals, and to industrialists and mer- dollar varied between 37.51 and 37.99 francs. chants who needed to strengthen their cash In the forward exchange market the 3reserves. We wish to emphasize the thor- months' premium on British and United oughly sound character of the securities of- States currencies declined from a maximum fered to the Bank at that time. of 18.4 per cent for the pound and 19.2 per The portfolio of the Bank expanded dur- cent for the dollar on October 4, to less than ing September by 13,000,000,000 francs, of 2.3 and 3.4 per cent respectively beginning which 8,000,000,000 francs were received with December 1. Several times during Deduring the most critical week. By December cember forward operations in sterling were 15 this increase had been practically wiped effected at par or even at a slight discount. out by the normal incidence of maturities. The Stabilization Fund.—In cooperation At the same time, in order to meet expendi- with similar organizations of the powers adtures of exceptional character, and especially hering to the Tri-partite Agreement, the Exthe cash disbursements of Government de- change Stabilization Fund endeavored as it partments, the Treasury also had to borrow had done in the past to safeguard the franc from the Bank; between September 8 and 29, so far as possible from exchange fluctuations advances by the Bank of France to the State due to artificial and temporary influences of increased by 10,000,000,000 francs. purely speculative origin. In February, the Similarly, the note circulation rose from Fund had to ask for the return of the 3,127,- 101,760,000,000 francs on September 1 to 000,000 francs in gold which it had turned 124,428,000,000 francs on September 29. As over to the Bank on November 10, 1937. soon as the crisis had passed, however, the After this strengthening of its gold reserves circulation declined rapidly, and on Decem- the Fund had no further need to call upon the ber 15 last it had gone down to approximately reserves of the Bank. The scope of its activi- 108,000,000,000 francs. At the end of the ties was further increased by the authorizayear it stood at 110,935,000,000 francs, as tion conferred upon the Treasury to make compared with 93,837,000,000 francs on the non-interest bearing advances in francs to corresponding date of 1937. the Fund, and by the permission given to the The subsequent recovery.—Beginning with Fund for the Support of Rentes to utilize its September 29 the international tension re- available balances temporarily for the purlaxed. On October 5 the Government receivedchase of gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN Balance of payments.—While movements afforded them by the existing rates of exof capital during the past year appear to have change. been approximately in balance, other ele- Economic activity.—Domestic trade was ments in the French balance of payments well sustained during the first part of 1938 showed a more favorable development than but declined sharply during the summer. in recent years. Since October it has shown a marked trend The unfavorable balance of 17,000,000,000 toward recovery, and the Bank has received francs incurred by France as a result of the confirmation of this trend from its offices trade of the mother country and the colonies and from the enterprises which make up its with foreign countries in 1937 was reduced clientele. to no more than 13,000,000,000 francs in Agricultural production of all kinds was 1938. French exports to foreign countries abundant, not to say exceptional. rose in value by 5,000,000,000 francs; this Industry, with some lag, experienced the increase applies particularly to finished proddepressing effects of the worldwide decline ucts, the volume of which increased by 10 in the prices of raw materials; but with a per cent during the first 11 months, whereas calmer international situation most entersales of certain raw materials, such as iron prises have benefited from an improved busiore, declined appreciably. Imports, on the ness trend as compared with figures at the other hand, rose by 1,500,000,000 francs in beginning of the year. value, but were sharply contracted in volume Coal production reached almost 48,000,000 both as to raw materials and manufactured tons in 1938 as compared with 45,000,000 products; this was owing especially to the tons the year before. The production of increased output of French coal mines, which steel, which declined to less than 450,000 made it possible to reduce purchases abroad tons per month during the summer, amounted by a considerable amount. to 580,000 tons in December. For the year as Another development, the importance of a whole it was about 1,740,000 tons below which should be emphasized, was the considthe production of 1937. Activity in the texerable growth of the trade of the mother tile industry has increased during recent country with the colonies and protectorates. months. Exports to the colonies increased in value The index of wholesale prices compiled by by 1,500,000,000 francs for a tonnage apthe Statistique Generale de la France, which proximately equal to that of 1937; they were maintained an average level of 645 until Auchiefly manufactured products, the sales of gust, rose to 684 at the end of December, which rose by 6 per cent in volume during that is, a rise of about 8 per cent in comthe first 11 months. Imports from the coloparison with the year before. The check to nies, representing almost altogether fooddepreciation of the prices of the principal stuffs or raw materials belonging to the vegeraw materials in the great international martable kingdom, increased by 2,000,000,000 kets resulted in the disappearance of a modfrancs for a tonnage slightly larger than that erating influence which had contributed to of 1937. the stability of French wholesale prices dur- There are today further opportunities for ing the first half of last year. On the other business between the mother country on the hand, the index of retail prices, reflecting one hand and the colonies and protectorates on the other, in which French industrialists the recovery of wholesale prices of foodstuffs, and merchants should participate to a greater reached 754 in December 1938, a rise of 11 extent, with the aid of the authorities, per cent as compared with the corresponding through taking advantage of the protection month of 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 275 The trend of domestic prices still leaves value, and even to 95 per cent in the case of French industries with a marked advantage certain securities, the amount that would be in foreign markets: although the effect of advanced against Government securities mathis advantage is lessened by the many ob- turing in not more than 2 years. stacles to international trade, the situation By the terms of Article 3 of the Convenought nevertheless, to stimulate and facili- tion of June 23, 1928, between the Caisse tate the indispensable recovery of French Autonome d'Amortissement and the Bank of economy. France, the Bank was authorized—for the The money market.—The Bank did its part purpose of regulating the volume of credit in contributing to the rise in production by and exercising control over the circulation— maintaining very easy credit conditions. The to sell on the open market and to repurchase discount rate did not go above 2V2 per cent before maturity the bills of the Caisse Autofor a period of almost six months, nor above nome d'Amortissement appearing on the bal- 3 per cent during the remainder of the year. ance sheet of the Bank. At the time of the September crisis, the Moreover, Article 9 of the Convention en- Bank was compelled to raise the official dis- tered into on June 23, 1928, between the count rate by one-half of a point. It reduced Treasury and the Bank, authorized the Bank the rate to 2^2 per cent again on November to purchase bills and short-term securities 24; at the beginning of the present year the for account of foreign banks of issue and to discount rate was further lowered to 2 per rediscount, if requested to do so by these cent, a level which had not been reached institutions, the bills and securities in quessince January 27, 1937. tion for which the Bank is accustomed to In accordance with a tradition from which give its guarantee of final payment. the Bank has never departed in previous The operating facilities made available years except under pressure of absolute ne- along these lines were made more flexible and cessity, it succeeded—in spite of all the diffi- were extended by a decree law of June 17, culties experienced—in maintaining great 1938, which authorized the Bank to buy and stability in money rates. Only three changes sell, without endorsement, on the open marof rates were made in 1938, whereas six were ket, short-term Government securities and necessary in 1937, eleven in 1936, and eleven private bills eligible for discount. in 1935. These operations, which in no circum- The rate on 30-day advances followed the stances could be a source of profit to the same modifications as that of the discount Treasury or to the departments issuing such rates. bills, reached the sum of 1,892,000,000 francs The rate for advances on securities, which on the weekly balance sheet of December 29 had stood at 4 per cent since the beginning last. They were of effective assistance in of the year, was reduced to 314 per cent on easing interest rates in the money market May 12, raised to 4 per cent on September and facilitated the lowering of the Bank's 27, and finally reduced again to 3% per cent discount rates and rates on advances. As on November 24. At the beginning of the in the past, the Bank continued to give the current year it was reduced to 3 per cent. most liberal support to all legitimate demands As from June 30, on the other hand, the for credit on the part of commerce and in- General Council, anxious to broaden the co- dustry. operation of the Bank with the money mar- It assisted agriculturists by greatly inket and to increase the marketability of bills creased accommodation; financing operations and obligations issued by the Government, for wheat crops had amounted to 1,797,000,raised from 80 to 90 per cent of their par 000 francs by December 29 as compared with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN 651,000,000 francs by the corresponding date amount of temporary advances to the Govof the previous year. ernment provided for in the Convention of The Bank likewise continued its aid to for- June 30, 1937. The Convention of April 14, eign commerce and cooperated in mobilizing 1938, sanctioned by the decree-law of June acceptance credits opened by the private 17, 1938, increased this maximum to 30,000,banks for exporters, as well as in mobilizing 000,000 francs. overdue credits of the clearing offices, not- The total advances thus utilized, plus adably the Franco-Italian office. vances granted by virtue of the Convention All these measures have been dominated of June 18, 1936, amounted to 52,083,000,000 by the desire to secure to the money market francs on November 14, the date on which the benefit of abundant funds and moderate the revaluation operations as provided for by rates of interest. the Convention of November 12, 1938, were The Bank in the September crisis.—During carried out. the September crisis, and as a result of the In meeting the demands made upon it by sudden great increase in its various opera- the Government, the General Council of the tions, the physical tasks which devolved upon Bank felt morally bound in these serious cirthe services of the Bank showed a very con- cumstances to insure the regularity of Govsiderable expansion within a few days. Fol- ernment disbursements, to aid in the effort lowing are some figures which give an idea being made for economic recovery, and to of the exceptional effort demanded of the put at the disposal of successive Governments personnel. the resources of the Treasury required for Between September 20 and October 10, the the execution of the financial programs which increase in discounts required the head office had received the majority approval of Parof the Bank to handle 2,700,000 bills. More liament. than 1,200,000 securities, representing 74,- On each occasion, however, the Bank called 850 separate deposits, were received at the attention to the effects which repeated calls Paris and provincial offices during the same for advances from the Bank of issue would period; this movement is equal to approxi- have on French currency. A continued unmately 75 per cent of the deposits accepted balance of Government finances inevitably in the course of one entire normal year. A causes a depreciation of the currency, the number of safety-deposit vaults and storage consequences of which are felt in every rooms were rented in Paris and in areas re- branch of a nation's activity. Undoubtedly, mote from the frontiers. monetary stability demands rigid financial Deliveries of bank notes—which on Sep- management and often even heavy sacrifices; tember 26 alone exceeded 1,900,000,000 but at whatever price it may be achieved one francs at Paris and an aggregate of 1,990,- must not forget that thsre can be neither 000,000, francs at the branches—increased prosperity nor social progress while there is to such an extent that the Bank was obliged continued uncertainty as to securities and to give out even 5,000 franc notes, which it constant fear that savings may become had held in reserve. worthless. Advances to the Government.—The condi- The Bank has always endeavored to limit tion of the capital and money market forced the amount of its advances to the State and the Treasury to borrow once again from the to make sure of their subsequent redemp- Bank, which agreed in the Convention of tion. March 22, 1938, approved by the law of This concern is reflected particularly in the March 25, 1938, to raise from 15,000,000,- law of April 13, 1938, by the terms of which 000 to 20,000,000,000 francs the maximum the proceeds of the liquidation of the Ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

277 APRIL 1939 FEDERAL RESERVE BULLETIN change Stabilization Fund and the cash bal- manent advance of the Bank to the Governance of the Fund for the Support of Rentes ment was increased from 3,200,000,000 to are to be applied in toto to the definitive re- 10,000,000,000 francs. payment of a corresponding amount of the Recovery.—In recalling the principal events temporary advances granted to the Treasury of the past year, the results achieved by way by the Bank. of economic recovery and better financial The revaluation of gold.—This arrange- conditions deserve to be emphasized. ment was renewed and extended by the Con- The effort demanded of the country made vention of November 12, 1938, approved by it possible to reduce the requirements of the a decree law of the same day, which made Treasury; and the public authorities have the same allocation of the increment result- declared their intention to find, through noring from the revaluation of our gold reserve mal appeal to a market well supplied with and foreign exchange holdings, as well as of repatriated capital, the resources which they any further increment which may eventually will need in future to cover Government outresult from a subsequent revaluation. lays without asking further advances from The gold and the foreign exchange holdthe Bank. ings convertible into gold were revalued on Since May, the fluctuations of the currency the basis of a weight of 271/2 milligrams of on the exchange market have been held within gold 0.900 fine per franc; foreign exchange narrow limits. The improvement in the balholdings not linked to gold were revalued on ance sheet of the Bank, brought about by the basis of their average quotations on the the Convention of November 12, 1938, is Paris Stock Exchange. absolutely assured on the basis of current Accordingly the gold reserve was entered exchange rates. on the weekly balance sheet as of Novem- The ordeal of September gave proof of the ber 17 at 87,264,000,000 francs, showing a soundness of the financial organization. The bookkeeping profit of 31,456,000,000 francs, modification of working hours, the lowering which was applied in its entirety to the definof interest rates, and the advantages of the itive repayment of a corresponding amount existing price level to French exports, are all of the temporary advances granted to the favorable economic factors. In continuing Treasury by the Bank since 1936. This its self-imposed effort, France can depend operation reduced the advances granted to upon the energy and patriotism of its people. the Government from 52,083,000,000 to 20,- The virtues, of which it has given so many 627,000,000 francs. On the other hand, under the terms of Article 9 of the Convention of proofs throughout its history, justify our November 12, and in consideration of the looking forward with confidence to the future increased outlays of the Treasury, the per- destiny of our country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN APRIL 1939 BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 23,1938 AND DECEMBER 23,1937 [In thousands of francs] Dec. 22, Dec. 23, Dec. 22, Dec. 23, Assets 1938 1937 Liabilities 1938 1937 Gold reserve (coin and bullion) 87, 264, 778 58, 932, 539 Demand liabilities: Silver and copper coins 540, 236 378, 299 Notes in circulation 108, 531, 713 91, 263,046 Funds available on demand abroad 16, 450 29, 445 Current account of the Treasury 3, 669, 388 32, 274 Foreign bills: Current account of the Caisse Autonome Negotiable 781, 381 d'Amortissement 2, 241, 047 2, 391, 067 Other 22.158 19, 769 Other current accounts and deposits 26,163, 055 16, 548, 443 Domestic bills: Other demand liabilities 126, 052 109, 687 Negotiable. 307, 387 Capital 182, 500 182, 500 Negotiable (decree of June 17, 1938) 1,909.067 Surplus (laws of June 9, 1857, and Nov. 17, Other 7, 442. 274 8, 744,174 1897 303, 231 303, 231 Agricultural bills and warehouse receipts Reserve invested in legal securities (law of guaranteed by the National Wheat Board May 17, 1834; decree of Apr. 27 and May (law of Aug. 15, 1936) 1, 793, 577 673, 857 2, 1848; law of June 9, 1857) 22,106 22,106 Bills rediscounted at the Central Coordin- Depreciation reserve (real estate) 4,000 4,000 ating Committee for the Banques Popu- Profit and loss: laires (law of Aug. 19, 1936) 579 Special reserve 25,000 Advances against securities 3, 639, 626 3, 692, 506 Provision against risk on foreign ex- Advances for 30 days against Government change 40, 000 securities having a maturity of not more Provision for payment to the Governthan 2 years 447, 526 529. 504 ment of an amount equal to part of Postal current accounts 641, 281 625, 959 annual dividend in excess of 240 Negotiable bills of the Caisse Autonome francs net 1,792 1,100 d'Amortissement (convention of June 23, Gross dividends 1602 francs 29, 200 27, 375 1928, and Dec. 7, 1931) 5, 530, 254 5, 637, 303 Carried forward 13, 760 25, 454 Loans to the Government without interest Miscellaneous liabilities 2, 300,112 2, 703, 958 (law of June 9, 1857; convention of Mar. 29, 1878; law of June 13, 1878, extended; Total liabilities- 143, 587, 956 113, 679, 242 laws of Nov. 17, 1897, Dec. 29, 1911, Dec. 20,1918, and June 25,1928) 3, 200,000 Total demand liabilities 140, 731, 255 110, 344, 517 Loans to the Government without interest Ratio of gold reserve to demand liabilities (law of June 9, 1857; convention of Mar. (per cent) 62.01 53.41 29, 1878; law of June 13, 1878, extended; laws of Nov. 17, 1897, Dec. 29, 1911, Dec. 20, 1918, and June 25, 1928; convention of Nov. 12, 1938; decree of Nov. 12, 1938) 10, 000, 000 Temporary noninterest bearing advances to the Government: Convention of June 18, 1936 (approved by law of June 23, 1936): Articles 1 and 2 12,088, 806 Article 3 10,000,000 Convention of June 30, 1937 (decree of June 30, 1937) 4, 820,000 Temporary noninterest bearing advances to the Government, redeemable in accordance with Art. 8 of the convention of Nov. 12, 1938 (decree of Nov. 12, 1938) 20,627,441 Rentes earmarked for special purposes 112,981 112, 981 Bank buildings and equipment 4,000 4,000 Miscellaneous assets 2, 814, 925 3, 012, 246 Total assets.. 143, 587, 956 113, 679, 242 1 For the second half year 1938. Gross dividend for first half year 1938, 160 francs. In accordance with the decree-laws of May 2 and Nov. 12, 1938, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares of the bank of France was 235 20 francs for the year for shares subject to a tax of 26 per cent for the first half year and to a tax of 27 per cent for the second half year; and 265.28 francs for the year for shares subject to a tax of 16.20 per cent for the first half year and to a tax of 18 per cent for the second half year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

279 APRIL 1939 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM The annual report of the National Bank of A remarkable fact during these events was Belgium for the year ending December 25, that not only did the gold reserves of the 1938, was presented to the general meeting of Bank continue to pile up, but the Bank had shareholders on February 27, 1939. Sections no demand made upon it for gold on the part from the address of the Governor of the of the domestic market. Bank, M. Georges Janssen, are given here- The fiduciary circulation was afterwards with:1 gradually reabsorbed; it remains, however, Monetary development.—In 1938 there was somewhat higher than at the end of the previa steady flight of capital from Belgium until ous year. the month of May. This was partly the re- During the last three months of the year, sult, first, of domestic political factors, such neither the weakness of the pound, notwithas heated discussions regarding the public standing its potential ability to create disfinances; and then of international political turbances in international trade, nor the dofactors, such as the fear of war in central mestic political uncertainty during the month Europe. It was also the result of fears for of December, had any appreciable effect on the stability of Belgian currency in view of the money market. the trend shown by some of the leading inter- The above summary of events may be illusnational foreign exchanges. Two events in trated by a few comparative figures. particular, the Anschluss in March and the In the first two months of 1938 the Bank depreciation of the French franc in May, sold gold to the market in only negligible greatly aggravated the capital movements. amounts. The sales increased in March and The violence and magnitude of the crisis in then slowed down in the weeks following but May was without precedent. It compelled the did not entirely cease. From December 25, Bank to use all its technical means of defense, 1937 to April 28, 1938, 1,966,000,000 francs from the traditional tactic of raising the dis- of gold were sold. count rate to supervising—with the coopera- During these four months withdrawals of tion of all the banks—the use of credit. funds were made almost exclusively at the Within a few days the crisis was over and expense of bank reserves. This was reflected the outflow of capital was checked. Soon in the stability of the Bank's portfolios of disafterwards a flow of capital from foreign counts and advances as well as in the trend of countries into Belgium got under way andits deposits in general current account, which continued practically without interruption to declined from 3,652,000,000 francs on Dethe end of the year. cember 25, 1937, to 1,994,000,000 francs on In September, the turn of the international April 28, 1938. The monthly average of the political situation brought about a new devel- fiduciary circulation rose from 21,578,000,000 opment; the concern of business houses and francs in January to 22,077,000,000 francs in of people generally to make certain of having April. enough cash on hand led to an increase in the From April 28 to June 1, sales of gold fiduciary circulation. At the time of the totalled 4,542,000,000 francs. In connection Munich accord the volume of notes in circuwith these considerable withdrawals of capilation reached the highest level in the monetal, deposits in general current account detary history of Belgium. clined from 1,994,000,000 to 1,067,000,000 1 The report, available in French, contains in addition sections francs; the fiduciary circulation declined and dealing with the capital market, the position of the commercial reached its minimum, 20,453,000,000 francs banks, the general economic situation, industry, trade and agriculture, as well as tables showing the operations of the Bank in on June 23, that is, a decline of 1,496,000,000 detail. For earlier reports, see BULLETIN for April 1938, March 1937, April 1936, 1932, 1931, May 1930, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN APRIL 1939 francs as compared with April 28; the Bank the Bank were recorded at the beginning of was called upon to supply credit, so that dis- December. counts and advances rose respectively from The fiduciary circulation was reduced from 971,000,000 to 2,508,000,000 francs and from a maximum of 25,498,000,000 francs on Sep- 160,000,000 to 672,000,000 francs. tember 29 to 21,905,000,000 francs on De- From the beginning of June a recovery cember 21, while deposits in general current began to be evident. From June 1 to August account between the same dates rose from 25 the market yielded gold in an amount of 826,000,000 to 2,233,000,000 francs. Aggre- 1,814,000,000 francs and the cash position of gate demand liabilities of the Bank declined the banks improved. Resort to the Bank for from 26,357,000,000 to 24,726,000,000 francs. credit was likewise reduced. At the end of Gold movements.—At the end of the year August the advances on public funds at 214,- the assets of the Bank in the form of gold, 000,000 francs and the portfolio of Belgian foreign exchange, discounts and advances, securities at 1,127,000,000 francs had re- stood as follows as compared with December turned approximately to their level at the be- 25, 1937: ginning of the year. In millions of francs From August 25 to September 29 the fiduciary circulation increased from 21,115,000,000 O g t o h ld er co D un is ts - — Dis- va A n d c - es to 25,498,000,000 francs, that is, by 4,383,- Position on re G se o r ld ve fo a re n i d gn m d e o st - ic c f o o u re n i t g s n — o m n e s d t o ic - Total ex- securi- securi- securi- 000,000 francs. Up to September 22 the change ties ties ties banking system met withdrawals of deposits Dec. 25,1937- 17,612 4,748 1,107 24 192 23, 683 almost without any recourse to the credit of Dec. 25,1938- 17,128 4,586 1,021 10 194 22, 939 the Bank. During the following week the dis- Differences... -484 -162 -86 -14 +2 -744 count portfolio rose to 2,740,000,000 francs, advances on public securities to 896,000,000 The above comparison shows that the derepresenting increases of 1,613,000,000 cline in gold holdings is the principal element francs and 682,000,000 francs respectively of changes in the situation of the Bank over from August 25 to September 29. During the the year. This decline, however, is relatively same period deposits in general current ac- unimportant if one considers the extent of count were reduced from 1,720,000,000 to the gold and exchange movements in 1938. 826,000,000 francs, while the market brought In order to have a proper understanding to the Bank 665,000,000 francs of gold. of the receipts and withdrawals of gold re- From the beginning of October the im- flected in the comparative statement, one provement of the international political situa- should take into consideration the outflow of tion was reflected in a steady return of bank foreign capital, the extraordinary repaydeposits and by a corresponding decline in the ments of foreign debt, the recourse to foreign fiduciary circulation. Developments in both markets by private enterprises, and the transthe spot and forward exchange markets as- fers of gold effected between the Treasury sisted the return flow of gold. The demand and the Bank. for credit at the Bank of Belgium was rapidly The Treasury delivered to the Bank 3,606,reduced. At the end of November such bor- 000,000 francs and received 1,126,000,000 rowings amounted to little more than at the francs in the course of the year. The net end of August and at the beginning of the c elivery, therefore, amounted to 2,480,000,000 year. francs. On December 25, 1938, the gold Between September 29 and December 1 the holdings of the Treasury were thus reduced Bank acquired from the market 1,559,000,000 to 1,286,000,000 francs as compared with francs of gold. A few unimportant losses by 2,381,000,000 francs on December 25, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 281 The resort to foreign markets by the Treas- exchanges rose to about their end-of-August ury in 1938 was limited to the issue in June and beginning-of-September levels, and conof 35,000,000 Netherlands guilders of 3- tinued approximately at these levels throughmonths Treasury bills renewable three times; out the last quarter, the pound sterling and of 25,000,000 Swiss francs of 6-months showed a marked decline, particularly in Treasury bills renewable once. At the be- November. ginning of the year the Treasury also cashed The French franc, which was quoted at 20 the greater part of the yield of the loan of belgas for 100 French francs at the beginning £5,000,000 issued in December 1937. of the year, depreciated steadily to about 18 The repayment of foreign loans by private belgas at the beginning of May. At that enterprises in Belgium and the Congo time a realignment of the French franc was amounted to 396,283,000 francs. Private effected on the basis of a maximum rate of borrowings in foreign markets were limited 179 francs to the pound sterling, a rate to two loans, representing 10,000,000 Swiss equivalent to about 16.8 belgas. At the end francs and 1,500,000 Netherlands guilders, of the year the French exchange showed inrespectively. creased strength in relation to the pound The exchange market.—The international sterling. position of the Belgian currency was weak On the forward market the trend was during the first five months of the year. favorable to the belga until the beginning of After that it showed great firmness, which March, when the rates began to rise, reachwas not broken for a moment by the inter- ing a maximum in May. The subsequent national political events of September. Up easing of tension progressed rapidly until until the beginning of March the pound ster- July but was slowed down by the internaling, the guilder, and the Swiss franc re- tional events of September; it again became mained relatively stable around the respec- very marked in the period from October to tive rates of 29.55 belgas, 329.38 and 136.72 December, when the rates went back to about belgas. A temporary recession of these ex- the levels prevailing at the beginning of the changes at the time of the Anschluss was year. succeeded by a period of recovery which, The Bank aided this improvement by interexcept for the Swiss franc, brought the rates vening in the market from time to time in up to a maximum level during the second half order to enlarge and regularize it. To the of April. In May these exchanges showed a extent to which market operations satisfied downward trend. While the Swiss franc ex- the demands for normal exchange requireperienced a partial recovery during July and ments, such intervention was justified be- August, the decline of the pound sterling cause of the close relations existing between and the guilder was accentuated during the this market and the short-term money marthird quarter, carrying the Swiss franc with ket. them at the end of August. These intervention operations, which were The violent disturbances which the foreign facilitated by the continued firmness of spot exchange markets suffered during the second quotations for the belga in the closing months half of September and the early days of of the year, were effected by means of spot October, in the course of which the guilder purchases of foreign exchange against forand the Swiss franc reached their lowest ward sales at one month or three months. levels for the year, marked the beginning of Discounts and advances.—Transactions in a divergent course for the pound sterling on discounts and advances increased in importhe one hand, and of the guilder and the Swiss tance during 1938, but for exceptional and franc on the other. Whereas these latter temporary reasons. This proves, if indeed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APRIL 1939 proof were necessary, that the market nor- which the official discount rate on acceptances mally keeps out of the Bank, and that the was reduced to 2^2 per cent. Bank, in order to be able to discharge its This latter reduction was limited to only regulatory functions at all times, should be one category of bills. The Bank endeavored in a position to adapt its technique at any in this way to encourage the use of accepttime to the trend of the money and credit ances and to improve the quality and the demarkets. gree of security of commercial credit. Our official rates, which had stood un- During the closing months of the year the changed at an extremely low level since May Bank envisaged the possibility of applying a preferential rate to the discount of bills 16, 1935, were raised on May 10, 1938, for representing sales for export of products reasons which have been stated elsewhere. manufactured in Belgium. The discount rates on acceptances and on Fiduciary circulation and demand liabilipromissory notes were raised from 2 to 4 ties.—Over the year the demand liabilities of per cent and from 2*/£ to 4*/2 per cent, rethe bank declined from 25,399,000,000 to spectively. The rate on advances was raised 24,665,000,000 francs, that is, by 734,000,000 from 3 to 5 per cent. francs. The decline in the current accounts Having thus shown its determination to of the banks with the Central Bank constidefend the currency against the attacks to tuted the determining factor in the decline of which it was being subjected, the Bank took the aggregate demand liabilities of the Bank. cognizance of the easing of tension to the This was partly offset by the increase in the extent to which it was effectively realized in fiduciary circulation. Aside from the fact the market. By May 30, improvement was that this phenomenon is of comparatively resufficiently evident to justify lowering the cent date and appears to be associated in part discount rate on acceptances and that on at least with the events of September, it promissory notes respectively to 3 and 314 should not be forgotten that to a certain exper cent, while the rate on advances was re- tent this supplementary bank note circuladuced to 4 per cent. These rates remained tion has been substituted for other means of unchanged until October 27, the date on payment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

283 APRIL 1939 FEDERAL RESERVE BULLETIN BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM AS OF DECEMBER 25, 1938 AND 1937 [In thousands of francs] Assets 1938 1937 Liabilities 1938 1937 Gold reserve 17,128,114 17, 612, 425 Bank notes in circulation 22,017, 822 21, 460,065 Foreign exchange 4, 585,913 4, 747, 959 Current accounts: Belgian bills 1,021, 477 1,107,045 Treasury 572, 618 287, 780 Foreign bills 10, 431 24,093 Organizations created by a special law__. 902, S95 933, 387 Subsidiary coin 276, 407 254, 486 Banks 906, 972 2, 367, 989 Advances on Belgian public securities 194, 541 191,911 Clearing 115, 332 209, 457 Government debt: Private 149, 914 140, 857 Treasury bonds (law of Dec. 27, 1930) 500,000 500,000 Treasury certificates (law of July 19,1932) _ 222, 037 248,042 !, 647, 832 3, 939, 470 Public securities: Representing capital, reserve, and amor- Bills deposited for collection in current actization accounts 579, 803 count 80, 743 Purchased under the convention of July Capital 200,000 200,000 27, 1932, implementing the law of July Reserves: 19, 1932 549, 990 549, 990 Statutory 103, 727 102, 369 Purchased under the statutes 602, 257 Special 303, 247 225, 824 To be liquidated 21,184 Bills deposited for collection in current ac- 406, 974 328,193 count 80, 743 Bank premises, furniture and fixtures 160,000 160, 486 Amortization account for bank premises, Provision for the manufacture of bank notes, _ 3,496 furniture and fixtures 60, 202 Interest earned on public securities 21, 889 Treasury reserve 504 Temporary accounts "51," 600" Rediscount 2,695 Taxes payable to the Government: Yield of discount and loan operations exceeding 3^ per cent 105 Tax on fiduciary circulation 15, 836 Share of the Government in profits 5,843 21, 784 Temporary accounts 8,126 Unpaid dividends for second half year.. 22,011 Total assets,. 25, 302, 765 26,103, 551 Total liabilities. 25, 302, 765 26,103, 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN APRIL 1939 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES FOR 1938 Weekly statistics of international capital outflow during periods of business decline or transactions of the United States for the year uncertainty with regard to the dollar—al- 1938 are published in the tables on the follow- though recently European war fears have ing pages. These statistics are collected by been the occasion of some liquidation of forthe Federal Reserve banks from banks, bank- eign positions here. ers, brokers, and dealers in the United States In this first table the three columns followin accordance with the Treasury Regulation ing the grand total record the inflow of forof November 12, 1934. Hereafter they will eign short-term funds, most of which are be published monthly in the International deposited in American banks; the next two Financial Statistics section of the FEDERAL columns record the return flow of American RESERVE BULLETIN. capital, both short and long-term, from As on previous occasions when these fig- abroad; the next column records the moveures were published in the BULLETIN the data ment of foreign funds into American securiare presented in a series of related tables, ties. The final column records the movement the first of which shows the total capital in brokerage balances, which largely reflects movement and the major forms which this the shifting net debit of foreigners to Amermovement has taken. Each of the eight col- ican brokers and is associated to a considerumns of this table, with the exception of two able extent with foreign operations in Amercolumns for which such treatment is not feasi- ican securities. ble, is then made the subject of a succeeding While this grouping keeps together all the table in which the data are classified accord- movements in short-term banking funds, foring to leading countries and areas. Tables eign and American, the total of these funds 8 and 9 show the outstanding foreign liabili- is no longer given. Whether it is more useful ties and assets reported by banks. to combine the movement of American short- While the general method is the same as term funds with foreign funds or with Amerbefore, several changes have been made in ican capital invested in foreign securities is the arrangement of Table 1, and new statis- a question of the problem in hand. In the tics on central bank funds have been intro- analysis in the February BULLETIN, for induced. The new arrangement is designed to stance, when the entire inward movement of bring together those forms of capital move- capital since January 1934 was being conment which appear to be most closely related sidered from the standpoint of possible rein their response to the influences that play versal of the movement, a combination of the upon the flow of international capital. The return flow of American short-term funds same grouping has been employed as that from abroad with the liquidation of American which underlay the analysis of capital inflow holdings of foreign securities seemed to be to the United States in the FEDERAL RESERVE more illuminating than a combination of BULLETIN for February 1939, pp. 92-96. This American with foreign short-term funds. analysis distinguished three main types of The larger part of this return flow of Amercapital movement: 1) the movement of foreign ican short-term funds represented liquidation short-term funds, which has been sharply in- of blocked balances abroad similar to the ward as financial or political crises developed liquidation of foreign securities, although a abroad and outward at other times, partic- substantial amount represented the return ularly when depression in the United States flow of balances accumulated in England in created uncertainties with regard to the dol- 1933 when the dollar was falling on the exlar; 2) the return of American capital from changes. American funds withdrawn from abroad, which has been persistent since the London after dollar stabilization have tended breakdown of the international gold standard in some measure to go back at those periods and the spread of foreign bond defaults, with when interest rates in conjunction with forlittle tendency for these repatriated Amer- ward exchange rates have offered a substanican funds to go abroad again; 3) the flow of tially better yield in London than in New foreign funds into American securities, York. This movement of American funds bewhich has been concentrated at times of stock tween London and New York is similar to market booms, but which has not turned to an that of foreign funds under the same in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

285 APRIL 1939 FEDERAL RESERVE BULLETIN fluences; and while the accumulation of are drawn down, central banks may buy the American funds abroad is undoubtedly sub- dollars offered on the exchange market and ject to more limitations than the return home add them to their own balances here. These of foreign funds, nevertheless that portion of opposite movements in central bank and prithe flow of American balances which is in vate balances are likely to occur, however, for response to net yields appears to have rather brief periods only. Over longer periods the more in common with foreign balances than considerations that make New York attracwith American investments in foreign securi- tive or unattractive to private foreign funds ties. The arrangement of the table permits also tend to govern the placement of central either combination to be made. The move- bank funds; and through gold transfers cenment of American short-term funds abroad tral banks can maintain whatever volume of is not totaled either with that of foreign dollar balances they desire. short-term funds here or American funds in The figures shown in the third column of foreign securities. It is placed between them the table for short-term funds of foreign cenwhere it may be considered in relation to tral banks include all such funds held with either. the Federal Reserve banks, most of which are For similar reasons the total of security reported in the weekly condition statement transactions formerly published in the BUL- of those banks either as a deposit of foreign LETIN has been dropped. The factors govern- banks or as a contingent liability on bills puring the repatriation of American capital in- chased for foreign correspondents. These vested in foreign bpnds or American pur- funds are all handled by the Federal Reserve chases of new foreign issues differ widely Bank of New York. Beginning with Septemfrom those that determine the timing and ber 28, 1938, the figures also include shortthe amounts of the flow of foreign funds into term funds held in commercial banking insti- American stocks, which appear to constitute tutions in New York City by those central the largest element in foreign purchases of banks that maintain accounts at the Federal American securities. A total of these two Reserve Bank of New York. They omit a differing security movements would make it negligible amount of short-term funds held more difficult to associate together in the by these central banks outside New York table the return flows of short-term and long- City and also any funds held in this market term American capital from abroad, which, by foreign central banks that do not have acalthough far from identical, seem to have counts at the Federal Reserve Bank of New more in common from the standpoint of be- York. A portion of the funds held in the havior. The two security columns are, how-names of foreign central banks belongs not to ever, side by side should the reader wish to those banks, but to the governments of their study together the movement of foreign and respective countries. American funds in securities. The movement of other foreign short-term Aside from the rearrangement of columns funds, shown in the fourth column, consists and the omission of two of the subtotals pre- largely of private funds, but includes also viously given, the only change in the table is those official funds not covered in the third the subdivision of the movement of foreign column. banking funds into "central bank" and It is not feasible to show the split between "other". This split is significant partly be- central bank and other foreign short-term cause the accumulation of central bank funds funds in the United States according to the here reflects the building up of dollar reserves country of the holders. To do so would tend rather than exchange pressures with which to disclose the accounts of individual central the foreign monetary authorities must deal, banks abroad. The two columns are therefore and partly because the movement of foreign totaled and the totals are shown subdivided central bank funds is often contrary to that by countries in table 3. of private funds. When dollars are in demand Back figures and revisions.—Similar tables by those who wish to acquire balances in the covering the year 1937 were published in the United States, foreign central banks may BULLETIN for April 1938, pp. 267-277. draw down their accounts here in order to Monthly and weekly data for the period from prevent or steady a decline in the exchange May 1929 to the end of 1936 and a detailed rates of their currencies. Conversely, when description of the statistics were published private foreign balances in the United States in the BULLETIN for May 1937, pp. 394-431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN APRIL 1939 These tables for the years preceding 1937 credit balances with U. S. brokers; 4) foreign should be revised on the basis of certain fig-exchange transactions, forward exchange ures on short-term foreign assets that have contracts, and the net position in foreign cursubsequently been reported. The following rencies of banks and bankers in the United list of revisions shows the amounts that States. should be added to the figures in Table 1, Statistics for the period preceding the Total Capital Movement; Table 2, Total Cap- Treasury regulation are available from two ital Movement, by Countries; Table 3, Total sources—the Federal Reserve Bank of New Banking Funds, by Countries; and Table 5, York and the Department of Commerce. Fig- United States Banking Funds Abroad, by ures of short-term foreign liabilities for the Countries. In Table 1, the amounts indicated period May 1929-November 1934 and of shortshould be added to the grand total, to the term foreign assets for the period March total in banking funds, and to the decrease in 1931-November 1934 were collected by the U. S. funds abroad. In Tables 2, 3, and 5 they Federal Reserve Bank of New York in coshould be added to the total and to the figures operation with a group of leading New York for Latin America. City banks and bankers. These figures were published by countries on a monthly basis REVISIONS IN TABLES 1, 2, 3, AND 5 until July 15, 1931, and on a weekly basis thereafter, in the FEDERAL RESERVE BULLETIN Amount for May 1937, pp. 420-423 and 426-429. to be added Date (millions More comprehensive figures for all forms of dollars) of capital movement (not, however, subdivided by countries) are available on a yearly Feb. 6, 1935, to July 31, 1935, inclusive. Aug. 7, 1935, to July 29, 1936, inclusive, 1.1 basis in the annual studies by the Department Aug. 5, 1936, to Dec. 30, 1936, inclusive 1.7 of Commerce on "The Balance of International Payments of the United States." These The following table shows the revisions figures are for substantially the same catethat should be made in Table 9, Outstanding gories of capital movement as the figures now Short-term Foreign Assets, by Countries: being collected by the Federal Reserve banks. As regards short-term banking funds the REVISIONS IN TABLE 9.—OUTSTANDING SHORT-TERM basis employed in these earlier years was FOREIGN ASSETS almost as comprehensive as that now em- Amounts to be Amounts to be ployed. As regards the movement of funds added subtracted in securities the reported data for the years Date _ preceding 1935 were more limited and less Latin United Total Amer- King- Total reliable than those subsequently available. ica dom Europe The figures, representing transactions throughout the year, were obtained by ques- (Millions of dollars) tionnaire at the year-end from leading banks, Aug 2t, 1931. to Feb. 3 1932 inc 1.0 1.0 Feb. 10, 1932, to July 26, 1933 inc 19.7 24.9 5.2 5.2 brokers, and dealers, and had to be adjusted Aug. 2, 1933, to Dec. 27 1933 inc 19.0 24.2 5.2 5.2 for those who did not report. The figures Jan. 3, 1934, to June 27, 1934, inc 18.3 23.5 5.2 5.2 July 3, 1934, to Jan. 30, 1935, inc 17.6 22.8 5.2 5.2 now being gathered are all reported weekly Feb. 6,1935, to July 31, 1935, inc 16.8 22.0 5.2 5.2 Aug 7,1935, to July 29, 1936, inc 16.5 21.7 5.2 5.2 on a comprehensive basis. Aug 5,1936, to Dec. 30 1937 inc 15.9 21.1 5.2 5.2 While due allowance must be made for the less satisfactory character of the figures pre- Additional capital movement statistics.— vious to 1935, it appears desirable for the Additional selections from the statistics col- sake of perspective to show annual figures for lected by the Federal Reserve banks under the period 1930-1938 under the same classifithe Treasury Regulation of November 12, cations as those now employed in the regular 1934, are available monthly in the BULLETIN BULLETIN tables. This has been done in the OF THE TREASURY DEPARTMENT. This bulletin table below. The figures previous to 1935 are contains figures by countries for 1) various Department of Commerce figures with the types of foreign short-term assets and lia- exception of the division between central bilities; 2) purchases and sales of securities bank funds at the Federal Reserve Bank of with separation of foreign, domestic, and New York and other foreign banking funds joint arbitrage accounts; 3) foreign debit and in the United States. This division was made Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 287 possible by the use of Federal Reserve data. TIN tables except that data of the Depart- Certain Commerce figures which do not fit ment of Commerce with regard to certain dithe classifications are omitted. These are 1) rect investments and other transactions not currency movements, 2) commercial short- handled by banks or brokers are included in term funds not reported by banks or brokers, the figures for security operations. The figand 3) international credit operations of gov- ures are shown on an annual basis, however, ernment lending agencies. rather than on a cumulative basis from Jan- Beginning with 1935 the same figures are uary 2, 1935, as in the regular BULLETIN used as those published in the regular BULLE- tables. NET CAPITAL MOVEMENT TO UNITED STATES [Annual figures in millions of dollars. Minus sign indicates net movei•nent from United States] Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in Year Total Central banking Return Inflow of brokerage bank funds of U. S. foreign balances Total funds at Other abroad funds 1 funds i Federal Reserve Banks 1930 -752 -300 -79 -221 -185 -328 61 (2) 1931 -490 -1,272 -152 -1,120 563 166 53 (2) 1932 -192 -595 -295 -300 186 273 -56 (2) 1933 _ _ _ . _ . s-363 -383 -47 -336 -29 -48 137 (2) 1934 3 404 86 11 75 106 185 -13 (2) 1935 . 1,433 603 10 593 361 118 341 6 1936 1,177 327 71 256 70 177 596 7 1937 813 238 153 85 18 271 251 35 1938 P381 264 4-27 291 29 P48 P50 (5) p Preliminary. 1 Includes direct investments, some of which do not involve security transactions. Differences between figures in this column and those published under same caption on subsequent pages for period 1935-38 are due to certain direct investments and other transactions not handled by reporting banks and brokers. 2 No figures available. 3 Includes capital movement resulting from arbitrage transactions not shown in following columns. 4 From September 28 through December 28, 1938, includes, with some exceptions, changes in central bank accounts with commercial banking institutions in New York. 5 Inflow less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 1.—TOTAL CAPITAL MOVEMENT Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Totalr Central banking Return Inflow of brokerage Total f b u a n n d k s Other a f b u r n o d a s dr o f f u U nd . s S. f f o u r n ei d g s n balances in N. Y. 1935—Dec. 31.. 1,412. 5 603.3 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30.. 2, 608. 4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29.. 3, 410. 3 1,168. 5 243.9 924.6 449.1 583.2 1.162. 0 47.5 1938—Jan. 5... 3, 389. 5 1,157. 7 248.7 909.0 426.3 1.163. 9 51.9 Jan. 12.. 3, 394. 5 1,129. 2 249.9 879.3 462.3 588.0 1.164. 9 50.5 Jan. 19.. 3, 372. 2 1,102. 6 242.7 859.9 461.3 590.8 1, 168. 0 49.5 Jan. 26__ 3, 367. 7 1,092. 7 233.8 858.9 465.2 591.8 1,167. 9 50.1 Feb. 2___ 3, 339. 2 1,059. 7 225 A 834.3 465.1 592.4 1,170. 2 51.9 Feb. 9— 3, 310. 7 1,025.4 221.1 804.3 475.8 591.1 1.165. 2 53.3 Feb. 16.. 3, 289.1 1,010.6 216.9 793.7 468.6 595.9 1,160. 6 53.4 Feb. 23._ 3, 284. 3 1,009. 7 212.2 797.5 466.7 597.1 1,159. 8 51.1 Mar. 2__. 3, 233. 9 974.4 186.6 787.8 457.4 601.1 1,150.1 51.0 Mar. 9... 3,218.1 962.4 179.8 782.6 449.7 604.1 1,150. 7 51.2 Mar. 16.. 3,205.1 948.0 169.0 779.0 452.1 605.9 1.147. 9 51.2 Mar. 23.. 3, 221. 3 949.6 154.2 795.4 458.8 612.6 1.148. 7 51.6 Mar. 30.. 3, 207. 2 149.9 799.9 434.4 618.5 1,150. 4 54.2 Apr. 6... 3,179. 5 899.1 147.7 751.4 445.1 625.5 1,150. 3 59.5 Apr. 13._ 3.184.1 894.8 145.0 749.8 449.0 626.7 1,152. 3 61.2 Apr. 20.. 3,194. 0 892.7 159.8 732.9 454.5 627.5 1.159. 2 60.1 Apr. 27- 3.206.2 897.6 150.9 746.7 459.6 628.7 1.160. 8 59.5 May 4___ 3,168.1 863.9 142.2 721.7 446.9 639.0 1.159. 4 58.8 May 11_. 3,123. 8 831.4 153.2 678.2 437.8 639.6 1,156.9 58.1 May 18- 3,109. 8 817.3 150.4 666.9 434.4 643.4 1,156. 5 58.2 May 25.. 3,110.6 824.6 142.7 681.9 427.3 643.4 1,156. 0 59.3 June 1... 3,084. 6 804.4 137.6 666.8 419.3 643.2 1.156. 4 60.8 June 8— 3,077. 4 790.5 138.1 652.4 425.7 644.1 1,155. 7 61.4 June 15.. 3,070. 3 787.6 139.4 648.2 426.1 642.4 1,152. 8 61.4 June 22.. 3,059. 0 793.2 143.4 649.8 411.1 640.7 1.154. 9 59.1 June 29.. 3.045. 8 786.2 125.9 660.3 403.3 643.1 1.155. 3 57.8 July6.._ 3, 038.1 765.9 121.8 644.1 426.1 625.5 1,161.3 59.3 July 13.. 3,015. 6 737.6 116.7 620.9 429.8 626.9 1.160. 8 60.4 July 20.. 3, 020. 2 740.2 114.1 626. 1 435.1 625.3 1.157. 6 62.1 July 27.. 3,000. 2 735.8 115.2 620.6 438.1 618.9 1.149. 7 57.7 Aug. 3— 3.005. 2 739.2 110.5 628.7 445.2 618.2 1,143.0 Aug. 10.. 3,003.1 743.4 105.7 637.7 447.9 616.9 1,136. 8 58.1 Aug. 17.. 3.006. 2 752.6 104.0 648.6 445.7 615.6 1,131.8 60.5 Aug. 24.. 3,044. 4 771.6 105.4 666.2 461.6 618.0 1.128. 4 59.2 Aug. 31.. 3, 067. 3 803.2 111.6 691.6 460.6 617.6 1,125. 3 Sept. 7— 3,128. 4 862.0 124.7 737.3 462.7 621.4 1,123. 6 58.8 Sept. 14.. 3, 280. 0 1,006. 7 152.6 854.1 469.1 622.5 1,120. 6 61.1 Sept. 21.. 3, 417.1 1,127. 4 181.8 945.6 472.9 625.1 1.129. 3 62.5 Sept. 28.. 3, 452. 9 1,161.2 168.0 993.2 477.2 625.0 1,125. 4 64.1 Oct. 5__. 3, 521. 3 1, 208.1 188.7 1,019.4 472.4 635.5 1,142. 6 62.6 Oct. 12.. 3, 548.1 1, 204. 6 190.6 1,014. 0 488.0 637.0 1.161. 1 57.4 Oct. 19. 3, 650. 2 1,296.0 212.5 1, 083. 5 486.7 640.1 1,170. 2 57.2 Oct. 26. 3, 672. 2 1, 298. 9 205.3 1,093. 6 496.3 638.4 1,182. 4 56.2 Nov. 2... 3, 650. 4 1, 270. 5 192.6 1,077.9 492.3 643.6 1,190. 7 53.4 Nov. 9... 3, 643.1 1, 282. 2 225.6 1,056. 6 489.6 627.1 1,192. 4 51.8 Nov. 16 . 3, 666. 2 1, 305. 5 203.9 ,101.6 485.3 629.2 1,196. 9 49.4 Nov. 23.. 3, 710. 8 1, 375. 7 234.2 , 141. 5 489.4 596.2 1,198. 5 51.1 Nov. 30. 3. 709. 2 1, 392.1 220.0 , 172.1 472.7 598.4 1,194. 4 51.5 Dec. 7... 3, 720. 4 1, 409. 5 238.9 , 170.6 453.5 604.6 1, 201. 0 51.7 Dec. 14.. 3, 687. 6 1, 395.4 188.1 ., 207. 3 442.7 605. 3 1,192. 5 51.7 Dec. 21.. 3, 750.1 1, 409. 2 204.1 , 205.1 482.1 608.7 1, 202. 2 48.0 Dec. 28_. 3, 779. 2 1, 432. 7 216.3 ,216.4 478.1 610.0 1,210.9 47.6 • Revised. Previously published figures for 1938 have been increased by $10,000,000 on the basis of later reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

289 APRIL 1939 FEDERAL RESERVE BULLETIN TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada' A L m a e t r i i n ca E F a a s r t O A th ll er 1935—Dec 31 1, 412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 0) 70.9 128.3 12.7 1 1 9 9 3 3 6 7 — — D D e e c c . . 2 3 9 0 2 3 , , 6 4 0 1 8 0 . . 4 3 8 99 2 3 9 . . 7 3 2 2 8 9 1 9 . . 7 5 3 2 1 2 1 9 . . 9 7 3 6 3 0 5 7 . . 5 5 1 8 2 3 3 . . 1 9 4 2 5 2 . . 6 1 3 2 1 2 2 8 . . 2 5 2 2, , 6 0 5 5 3 1 . . 0 3 150.5 4 2 1 0 0 1 . . 6 2 2 1 2 8 4 4. . 0 6 2 1 1 5 . . 4 9 106.3 1938—Jan. 5 3, 389. 5 975.3 275.4 310.9 611.1 128. 3 21.1 313.7 2, 635. 9 114.6 406.5 216.7 15.8 Jan.12 3, 394. 9 988.4 276.2 307.7 609.9 126.9 21.5 315.6 2, 646. 2 144.0 380.1 206.3 18.3 Jan.19 3, 372. 2 990.2 275. 7 303.8 591.2 127.8 20.0 318.0 2, 626. 7 136.2 382.8 210.8 15.8 Jan. 26 3, 367. 7 991.0 271.3 302.4 589.6 129.1 18.1 320.2 2, 621. 8 140.3 383.3 206.2 16.1 Feb. 2 3, 339. 2 977.1 271.6 294.1 578.3 126.8 17.4 323.9 2, 589. 3 143.9 385.5 205.3 15.1 Feb. 9 3, 310. 7 972.0 268.7 284.9 568.8 121.9 17.2 325.6 2, 559.1 141.4 388.0 206.8 15.4 Feb. 16 3, 289.1 954.6 268.2 280.8 572.5 124.9 17.7 325.0 2, 543. 6 139.3 389.7 201.3 15.1 Feb. 23 3, 284. 3 964.5 265.1 272.7 567.6 123.3 20.9 322.1 2, 536.1 141.8 389.4 201.7 15.2 Mar. 2.... 3, 233. 9 965.9 267.7 256.5 545.8 124.6 17.6 320.6 2, 498. 7 133.9 393.2 194.1 14.1 Mar. 9_._. 3, 218.1 961.1 261.9 256.7 542.8 128.0 16.7 316.8 2, 484.0 139.7 391.0 188.4 14.9 Mar. 16 3, 205.1 952.1 263.7 255.9 540.9 126.6 16.1 313.5 2, 468. 8 135.5 395.3 189.5 16.1 Mar. 23 3, 221. 3 947.2 268.7 259.0 546.7 126.0 15.1 312.6 2, 475. 2 143.7 393.9 191.6 16.9 Mar. 30— 3, 207. 2 938.2 266.4 260.2 544.1 125.8 15.7 315.3 2, 465. 8 134.7 400.3 187.7 18.8 Apr. 6_._ 3,179. 5 934.7 271.7 258.7 540.6 127.4 16.5 311.7 2, 461. 2 134.1 399.0 166.6 18.5 Apr. 13.. 3,184.1 939.8 269.8 258.2 537.9 128.2 17.8 309.2 2, 461. 0 132.3 407.5 166.2 17.1 Apr. 20__ 3.194.0 944.6 261.4 257.8 537.6 129.9 17.2 305.4 2, 453. 9 141.9 407.0 172.7 18.5 Apr. 27__ 3, 206. 2 950.6 259.4 264.7 529.9 129.0 17.7 307.3 2, 458. 6 140.7 409.6 179.2 18.1 May 4... 3.168.1 930.0 266.7 264.2 522.1 130.5 18.5 302.0 2, 433. 9 135.1 407.2 173.3 18.6 May 11- 3,123. 8 923.5 245.4 260.9 503.8 131.8 19.2 306.0 2, 390. 6 141.0 406.7 166.7 18.9 May 18.. 3.109. 8 919.9 242.1 259.1 494.5 131.3 17.4 310.2 2, 374. 5 140.3 406.4 168.5 20.1 May 25.. 3.110. 6 900.3 245.1 262.6 493.1 135.2 18.9 321.1 2, 376. 3 140.0 407.9 165.2 21.2 June 1__. 3,084.1 879.5 238.7 262.7 485.7 133.6 23.7 321.9 2, 345. 9 143.2 416.1 158.0 20.9 June 8— 3,077. 4 886.5 239.5 261.0 486.9 135.5 24.7 317.9 2, 352. 2 137.5 416.7 152.3 18.7 June 15.. 3, 070. 3 886.8 239.8 261.0 486.8 135.9 24.6 314.5 2, 349. 4 137.6 413.0 150.8 19.5 June 22.. 3, 059. 0 884.1 239.4 261.8 485.6 135.6 24.5 312.6 2, 343. 6 136.5 414.2 146.6 18.1 June 29.. 3, 045. 8 889.7 237.4 266.0 484.1 137.7 21.4 313.4 2, 349. 7 124.1 412.0 140.5 19.5 July 6 3, 038.1 877.2 238.0 269.3 485.8 139.9 22.8 312.7 2, 345. 7 122.9 411.7 137. 9 19.9 July 13.... 3, 015. 6 879.9 239.9 269.0 478.7 137.8 22.1 305.4 2,332. 9 117.6 402.8 141.6 20.6 July 20—. 3,020. 2 883.6 242.1 265.7 477.6 137.3 21.4 302.6 2, 330. 3 126.4 401.3 140.1 22.1 July 27 3,000. 2 881.2 238.6 262.9 475.9 137.3 21.5 300.9 2, 318. 3 110.6 403.7 144.5 23.0 Aug. 3... 3.005. 2 883.1 239.6 262.1 477.7 135.5 20.8 301.5 2, 320. 4 121.1 403.9 138.3 21.5 Aug. 10 3,003.1 890.0 243.3 260.6 476.7 133.6 22.6 302.1 2, 328. 8 122.1 402.8 127.1 22.3 Aug. 17 3.006. 2 891.4 247.2 261.2 477.7 134.5 25.1 298.6 2, 335. 8 119.6 404.1 123.2 23.5 Aug. 24 3, 044. 4 895.9 259.4 254.8 481.1 135.3 23.0 305.1 2, 354. 7 126.5 403.9 133.6 25.7 Aug. 31 3,067. 3 896.7 264.6 255.2 484.8 136.2 23.9 306.3 2, 367. 5 126.2 409.8 135.4 28.3 Sept. 7___ 3,128. 4 937.0 275.4 257.0 485.5 136.1 24.9 320.6 2, 436. 3 124.5 408.1 130.4 29.0 Sept. 14 3, 280. 0 959.2 286.5 274.9 493.6 133.9 28.9 364.9 2, 541. 8 125.7 423.6 158.2 30.7 Sept. 21 3, 417.1 1,010. 9 292.9 283.2 495.4 131.5 26.9 412.0 2, 652. 9 134.1 429.9 165.9 34.3 Sept. 28 3, 452. 9 308.7 298.2 504.3 131.5 20.6 434.5 2, 681.1 124.8 442.9 167.1 37.1 Oct. 5 3, 521. 3 1,002. 0 310.0 293.2 523.0 132.3 26.4 440.0 2, 727.1 149.8 443.6 163.0 37.8 Oct. 12 3, 548.1 1,015.3 321.7 302.3 535.3 132.6 26.9 442.6 2, 776. 8 150.5 425.6 157.0 38.2 Oct. 19 3, 650. 2 1,065. 8 338.1 310.4 541.6 132.7 28.0 451.6 2, 868.1 151.6 427.0 167.4 36.1 Oct. 26 3, 672. 2 1,081. 8 335.2 311.2 546.1 132.7 27.4 445.4 2, 879. 8 165. 5 422.3 168.1 36.4 Nov. 2.... 3, 650. 4 1,080. 4 336.2 310.5 545.2 134.6 26.1 443.9 2, 876. 9 167.7 414.3 156.3 35.3 Nov. 9___. 3, 643.1 1, 094. 3 335.9 301.9 546.0 138.9 27.3 441.2 2,885. 5 163.8 401.1 154.5 38.1 Nov. 16 3, 666. 2 1,102. 8 347.0 307.6 553.2 134.6 25.6 443.1 2, 913. 9 161.0 394.1 160.8 36.3 Nov. 23 3, 710. 8 1,111.0 345.8 314.9 558.9 132.7 27.1 455.6 2, 945. 8 168.8 397.4 162.9 35.9 Nov. 30 3, 709. 2 1,114. 6 346.7 325.4 545.7 136.4 26.2 444.6 2, 939. 5 189.9 389.6 152.8 37.3 Dec. 7 3, 720. 4 1,156.1 324.0 326.8 546.2 135.2 28.8 449.4 2, 966. 5 177.7 387.6 151.7 Dec. 14 3, 687. 6 1,133. 2 330.3 313.4 547.1 136.2 29.6 455.4 2, 945.1 174.5 388.0 143.1 36.8 Dec. 21 3, 750.1 1,172. 0 333.9 322.5 554.9 139.9 32.8 454.2 3,010. 2 166.5 389.2 148.8 35.4 Dec. 28 3, 779. 2 1,186.1 339.5 324.6 554.0 140.7 33.0 463.8 3,041. 7 157.2 389.5 156.8 34.1 i Inflow less than $50,000. r Revised. See footnote, page 288. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o 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 _ 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—Jan. 5 1,157. 7 183.7 104.4 73.8 289.0 12.7 5.7 108.7 777.9 81.0 157.2 133.2 • 8.4 Jan. 12 1,129. 2 189.2 104.0 69.5 288.0 11. 1 5.4 108.4 775.7 86.6 130.0 125.5 11.4 Jan 19 1,102. 6 190.6 103.8 66.6 268.3 10.0 3.6 110.7 753.5 78.9 130.5 130. 4 9.4 Jan. 26 1,092. 7 188.7 99.8 66.0 267.7 10.5 1.1 112.9 746.9 81. 1 130.8 124.4 9.6 Feb. 2 1, 059. 7 177.7 99.1 59.2 256.3 8.0 114. 1 714.3 86.5 130.4 120.5 8.0 Feb. 9 1, 025. 4 171.9 95.8 50.0 248.7 1.1 -1.4 115.4 681.4 85.4 131.3 119.0 8.2 Feb 16 1,010.6 160.5 96.5 48.7 253.4 2.1 -1.9 110.0 669.3 83.1 131.8 119.2 7.3 Feb. 23 1, 009. 7 177.9 92.6 40.0 249.9 -.5 1.1 106.0 667.0 85.6 131.7 117.9 7.5 Mar. 2 974.4 185.1 94.6 35.2 227.6 -1.5 -1.8 102.1 641 3 80 5 133.5 113.0 6.0 Mar 9 962.4 184.4 88.8 35.3 223.4 -1.5 -3.2 97.4 624.7 83.5 134.3 113.1 6.8 Mar. 16 • 948.0 172.0 92.6 34.5 223.0 -2.6 -3.4 92.0 608.2 83.7 134.3 114.6 7.3 Mar. 23 . _ 949.6 170.7 95.8 36.1 227.1 -4.2 -4.4 88.3 609 4 89. 5 132.8 109.9 8.0 Mar. 30 949.8 175.9 94.1 34.6 223.0 -3.9 -3.9 88.8 608.6 86.3 137.0 108.5 9.3 Apr. 6 899.1 156.9 98.8 32.4 218. 1 -3.2 -3.2 83.8 583.5 S3. 2 133.2 91.5 7.7 Apr. 13 894.8 157.5 97.0 31.0 214.9 -2.9 -2.6 79.4 574.4 80.9 142.0 90.7 6.8 Apr 20 892.7 162.2 89.8 28.8 216.5 -1.9 -3.6 76.0 567.9 85.7 139.6 92.5 6.9 Apr. 27 897.6 168.0 86.0 33.3 210.6 -2.8 -3.6 76.8 568.4 86.4 141.4 95.2 6.2 May 4 863.9 160.9 92.8 33.0 203.9 -2.8 -2.6 63.2 548.4 79.4 138.5 91.3 6.4 May 11 ___ 831.4 149.2 79.8 32.3 185.7 -2.0 -2.4 66.2 508 8 85.7 140.2 90.8 5.8 May 18 817.3 153.1 75.4 30.4 176.6 -2.6 -2.9 67.9 497.9 83.3 138.3 91.0 6.8 May 25 824.6 141.0 76.6 34.4 175.1 .6 -1.7 79.4 505.5 83.4 139.1 88.8 7.8 June 1 804.4 127 A 74.6 33.2 167.4 -2.8 1.0 79.3 480 0 86.4 146.0 84.3 7.7 June 8. _ 790.5 132.7 73.6 30.5 167.3 -2.1 2.3 75.1 479.4 81.8 147.4 76.8 5.0 June 15 787.6 134.3 72.9 30.0 165.8 -2.6 2.2 74.0 476.7 83.6 143.0 78.4 5.9 June 22 793.2 139.0 73.1 30.8 164.9 -4.2 1.6 71.4 476.6 85.8 143.2 81.6 6.1 June 29 786.2 145.2 70.1 34.7 160.1 -2.3 -.5 75.0 482.2 73.4 140.8 83.4 6.5 July 6 765.9 137.9 69.5 34.7 161.0 -1.5 -.7 72.6 473.7 69.0 141.0 74.7 7.6 July 13 .. 737.6 136.7 71.3 32.9 152.6 -2.9 -1.9 65.4 454.2 66.3 132.8 75.9 8.5 July 20 740.2 146.2 71.6 29.8 153.3 -4.4 -2.8 61.0 454.8 75.7 128.6 71.1 10.0 July 27 735.8 149.1 69.7 31.1 152.2 -5.8 -2.9 59.4 452.9 73.5 130.4 68.5 10.4 Aug. 3 739.2 152.5 71.9 32.3 154.2 -6.8 -2.9 59.5 460.7 74.9 128.3 66.4 8.9 Aug. 10 743.4 155.7 73.9 33.1 153.5 -9.6 -1.9 59.2 463.8 75.8 129.0 65.5 9.2 Aug 17 752.6 155.2 83.5 35.8 155.8 -9.2 0) 55.3 476.5 75.9 128.9 61.5 9.7 Aug. 24 777.1 157.2 93.4 29.6 158.6 -8.9 61.0 489.8 83.1 127.2 65.2 11.9 Aug. 31 803.2 166.0 94.5 30.7 162.5 -8.0 --11..02 62.5 507.3 84.5 133.3 64.0 14.2 Sept. 7 862.0 201.0 104.2 30.7 163.5 -8.2 -1.5 74.7 564.4 85.0 132.2 65.7 14.7 Sept. 14 1, 006. 7 218.7 114.1 48.6 170.8 -10.2 1.7 117.9 661.6 88.3 147.7 92.6 16.6 Sept. 21 ... 1,127. 4 263.3 119.3 54.0 168.8 -11.5 1.3 164.4 759.6 93.8 152.8 101.8 19.4 Sept. 28 1,161.2 236.3 133.5 68.3 177.3 -12.0 -1.5 185. 9 787.8 90.7 164.1 96.9 21.7 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 Dec 7 1, 409. 5 341.7 155.6 81.6 201.2 -12.8 .8 191.5 959.6 170.6 134.5 121.7 23.0 Dec. 14 1, 395. 4 328.6 154.4 76.4 202.2 -12.1 .9 196.6 947.1' 169.1 134.4 120.9 23.8 Dec. 21 1, 409. 2 351.1 154. 9 82.5 206.4 -10.3 3.8 194.4 982.8 143.0 135.3 126.4 21.8 Dec. 28 1, 432. 7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010.6 135.1 134.0 132.7 20.4 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

APRIL 1939 FEDERAL RESERVE BULLETIN 291 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] From th r J o a u n g . h 2 — , 1935, Total' U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e 1 E T u o ro ta p l e Canada7" 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 31 361.4 208.8 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—Jan. 5 426.3 195.9 66. 3 -3.9 2.4 106.4 6.5 25.9 399.4 -18.0 50.7 3.3 -9.2 Jan.12 462.2 208.6 66.8 -4.3 2.8 106.5 7.0 27.6 415.1 7.0 49.9 .2 -9.9 Jan.19 461.3 206.1 66.1 -5.7 3.0 108.4 6.8 27.4 412.1 9.2 51.3 -.8 -10.4 Jan. 26 465.2 205.8 66.2 -7.0 3.2 109.3 7.2 27.5 412.2 12.7 50.5 .1 -10.3 Feb. 2 465.1 201.7 66.6 -7.0 2.8 109.5 7.4 27.9 408.9 11.9 52.1 2.3 -10.2 Feb. 9 475.8 206.1 66.6 -5.4 2.1 111.3 8.5 27.0 416.2 12.2 52.7 4.9 -10.1 Feb. 16 468.6 203.8 65.9 -6.9 2.0 113.2 9.5 27.5 415.1 11.5 52.8 -.9 -9.9 Feb. 23 466.7 199.1 66.5 -6.3 1.6 114.0 9.7 28.1 412.6 12.1 51.6 .5 -10.1 Mar. 2 457 4 193.4 66.5 -6.8 1.7 116.3 9.2 26.4 406.7 9.4 53.5 -2.3 -9.9 Mar. 9 449.7 189.9 66.5 -7.4 2.3 119.5 9.5 26.5 406.8 11.8 49.4 -8.4 -9.9 Mar. 16 452.1 193.8 66.0 -7.9 2.3 119.1 9.0 28.0 410.4 8.0 52.0 -9.2 -9.1 Mar 23 458.8 188.5 67.3 -7.5 2.7 119.7 9.1 28.0 407.8 11.5 51.9 -3.2 -9.1 Mar. 30 434.4 171.5 67.4 -4.9 3.3 119.2 9.1 28.7 394.4 2.9 52.5 -6.5 -8.9 Apr. 6 445.1 185.3 67.4 -4.5 3.2 119.8 9.2 28.8 409.1 3.1 51.5 -11.0 -7.7 Apr. 13 449.0 189.5 67.9 -5.4 3.4 120.4 9.9 29.7 415.4 3.2 50.0 -11.1 -8.4 Apr. 20 454.5 187.3 67.1 -5.2 3.0 120.9 10.4 28.9 412.4 5.2 51.2 -7.1 -7.3 Apr. 27 459.6 186.2 68.2 -3.3 2.8 120.8 10.8 29.9 415.4 3.6 51.2 -3.6 -7.0 May 4 _ _ _ 446 9 171.5 68.1 -3.1 3.5 122.2 10.5 30.6 403.3 3.9 51.1 -4.7 -6.8 May 11 437.8 178.5 61.5 -5.8 3.4 122.6 11.0 31.0 402.2 4.4 48.3 -11.3 -5.9 May 18 _ 434 4 170.1 62.5 -6.4 3.3 122.6 9.6 32.1 393.8 6.3 50.0 -10.0 -5.6 May 25 427.3 163.1 64.0 -6.9 3.3 123.2 9.9 31.9 388.6 5.7 49.9 -11.2 -5.7 June 1 419 3 156.4 59.6 -6.3 3.0 125. 3 12.0 32.0 382.0 5.4 50.3 -12.5 -5.9 June 8 425.7 158.4 61.9 -5.5 3.0 126.1 11.7 31.7 387.4 6.5 48.9 -11.7 -5.5 June 15 426.1 157.1 62.6 -5.3 2.9 127.1 11.7 32.2 388.2 8.6 49.2 -14.4 -5.5 June 22 411.1 151.0 61.1 -6.0 2.6 128.3 12.2 32.5 381.7 7.8 49.9 -21.9 -6.5 June 29 403.3 150.7 62.6 -6.6 2.2 128.6 11.1 30.8 379.3 8.7 49.4 -28.8 -5.3 July 6 426 1 145.6 62.9 -6.7 2.8 130.0 12.0 31.5 378. 1 8.4 68.3 -22.8 -5.9 July 13 429.8 148.4 63.5 -7.1 2.9 129.2 12.4 31.7 380.9 7.6 67.0 -19.8 -6.0 July 20 435 1 144.7 64.0 -8.1 3.4 130.1 12.4 32.1 378.6 10.4 69.0 -17.0 -5.9 July 27 438.1 146.7 61.9 -7.2 3.5 131.3 12.5 32.3 380.9 3. 6 69.4 -10.4 -5.4 Aug. 3 445.2 146.6 61.8 -7.0 3.7 130.6 11.9 32.0 379.5 14.3 71.1 -14.3 -5.5 Aug. 10 .- 447 9 154.9 63.1 -6.6 3.6 131.3 12.7 32.8 391.8 16. 2 69.5 -24.4 -5.2 Aug. 17 445.7 156.6 57.1 -5.8 3.5 131.9 13.4 32.4 389.1 15.2 70.1 -24.2 -4.5 Aug. 24 461 6 161.4 59.4 -6. 1 3.7 132.6 12.4 32.9 396. 3 16. 2 71.5 -17.8 -4.5 Aug. 31 460.6 154.8 63.6 -7.1 3.3 132.6 13.1 32.5 392.8 16.3 71.1 -15.3 -4.3 Sept. 7 462.7 158.1 64.7 -5.9 2.9 132.8 14.4 34.0 401.0 17.2 70.2 -21.8 -4.0 Sept. 14 469 1 163.1 65.0 -5.4 3.4 132.7 15.2 34.1 408.0 16.5 69.5 -20.7 -4.3 Sept. 21 472.9 168.0 65.7 -4.1 3.9 131.6 13.7 34.0 412.7 15.2 70.7 -21.8 -3.9 Sept. 28 477.2 170.3 67.4 -4.0 3.7 132.1 10.2 33.4 413.1 12.3 71.8 -16.0 -3.9 Oct. 5 472.4 174.6 63.6 -5.8 3.2 133.3 10.9 31.4 411.2 12.0 73.2 -20.2 -3.8 Oct. 12 488.0 182.3 69.2 -3.5 3.8 133. 5 12.4 32.1 429.8 12.3 74.2 -23.6 -4.7 Oct. 19 486.7 181.4 66.1 -2.9 4.0 133.9 13.3 32.3 428.2 13.2 74.6 -23.9 -5.4 Oct. 26 496.3 192.2 64.9 -1.9 4.2 134.5 11.5 32.4 437.7 10.5 73.1 -19.8 -5.2 Nov. 2 492.3 197.0 68.4 3.1 3.9 134.7 11.0 32.5 444.4 12.8 72.5 -32.0 -5.4 Nov. 9 489.6 203.2 68.0 -6.3 3.8 134.7 11.3 31.7 446.3 13.0 71.3 -35.2 -5.8 Nov. 16 485.3 205.5 65.7 -6.6 3.9 135.0 9.9 31. 1 444.5 12.8 71.8 -37.5 -6.3 Nov. 23 489.4 203.0 68.0 -6.1 3.8 135.8 12.9 31.5 448.9 12.7 69.9 -35.9 -6.2 Nov. 30. 472.7 201.2 65.9 -8.0 2.6 137.4 12.1 32.0 443.2 18.2 68.1 -50.1 -6.8 Dec. 7 453.5 204.0 54.1 -8.6 2.1 138.2 13.0 32.1 435.0 17.0 66.4 -58.4 -6.5 Dec. 14 442.7 195.5 60.4 -8.5 2.3 138.4 13.5 32.5 434.2 15.9 66.3 -66.3 -7.4 Dec. 21 482.1 210.6 64.2 -7.6 3.3 140.2 13.8 32.7 457.2 32.6 65.5 -66.3 -7.0 Dec. 28 478.1 204.5 65.5 -6.9 2.6 140.3 13.9 33.0 453.0 30.6 66.8 -65.0 -7.2 • Revised. See footnote, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net purchases by foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners] United Neth- From th r J o a u n g . h 2 — , 1935, Total K d i o n m g- France la e n r d - s Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e 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—Jan. 5_.._ 589.8 135.8 22.8 21.2 30.0 26.8 13.6 117.6 367.8 10.1 180.6 24.6 Jan. 12... 588.0 134.0 22.7 21.1 29.4 26.9 13.7 117.6 365.4 8.7 182.3 24.7 Jan. 19... 590.8 134.8 22.7 21.1 29.9 27.0 14.3 118.1 367.8 7.8 183.4 25.0 Jan. 26_._ 591.8 135.3 22.9 21.4 30.1 27.1 14.3 118.3 369.3 6.4 184.1 25.1 Feb. 2... 592.4 135.8 23.1 21.2 30.1 27.1 14.6 119.1 371.1 3.8 185.0 25.4 7. 1 Feb. 9... 591.1 134.7 23.5 21.0 29.5 27.4 14.7 119.7 370.6 1.8 186.0 25.5 7.2 Feb. 16__ 595.9 133.6 23.3 20.9 29.2 27.5 14.7 124.6 373.9 2.2 186.9 25.7 7.2 Feb. 23.. 597.1 133.1 23.4 20.9 29.3 27.7 14.7 125.2 374.3 2.0 187.7 25.8 7.3 Mar. 2... 601.1 132.4 23.5 21.0 28.9 27.8 14.9 129.1 377.6 1.9 187.9 26.3 7.4 Mar. 9__. 604.1 132.4 23.6 21.1 29.0 27.9 15.0 130.1 379.1 2.2 188.7 26.8 7.3 Mar. 16_. 605.9 132.6 23.6 21.1 29.1 28.0 15.1 130.4 379.9 1.9 189.6 27.2 7.3 Mar. 23.. 612.6 134.2 23.7 21.5 29.3 28.4 15.1 133.6 385.7 1.4 190.5 27.4 7.6 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 Apr. 6___ 625. 5 136.4 23.8 21.6 30.0 29.0 15.1 135.7 391.6 4.2 194.1 27.7 8.0 Apr. 13__ 626.7 136.5 23.8 21.8 30.1 29.1 15.1 136.3 392.7 3.4 194.7 27.8 8.1 Apr. 20__ 627.5 136.5 23.8 21.9 29.7 29.3 15.1 136.6 392.9 3.3 195. 3 27.8 8.1 Apr. 27_. 628.7 136.8 23.8 22.0 29.8 29.4 15.1 136.8 393.7 3.0 195.9 28.0 8.2 May 4... 639.0 138. 6 23.8 22.1 28.2 29.5 15.1 144.4 401.7 4.4 196.6 28.0 8.2 May 11.. 639.6 138.6 23.8 22.2 28.2 29.6 15.1 145.0 402.6 3.7 197.0 28.1 8.3 May 18.. 643.4 140.0 23.7 22.1 28.5 29.9 15.3 145.7 405.3 3.7 197.8 28.3 8.3 May 25.. 643.4 139.9 23.6 22.0 28.7 30.0 15.3 146.0 405.4 2.6 198.5 28.5 8.4 June 1__. 643.2 138.4 23.7 22.1 28.7 30.0 15.3 146.4 404.6 2.9 199.2 27.9 8.5 June 8__. 644.1 138.5 23.8 22.1 28.8 30.2 15.4 146.7 405.5 2.5 199.6 28.1 8.5 June 15_. 642.4 137. 8 23.8 22.2 29.4 30.3 15.4 146.8 405.6 -.1 200.0 28.3 8.5 June 22_. 640.7 137.1 23.8 22.3 29.8 30.4 15.4 147.2 406.0 -2.1 200.4 28.4 8.0 June 29.. 643.1 137.9 23.7 22.5 30.3 30.5 15.6 147.3 407.8 -2.1 200.8 28.6 8.0 July 6... 625.5 137.4 23.7 23.4 29.8 30.5 16.3 147.8 408.9 -.5 180.3 28.7 8.0 July 13.. 626.9 138.6 23.6 23.8 . 29.8 30.6 16.4 148.0 410.8 -1.6 180.8 28.8 8.1 July 20.. 625.3 137.1 23.6 23.8 29.6 30.7 16.5 148.1 409.5 -2.7 181.5 29.1 7.9 July 27._ 618.9 134.0 23.6 23.8 29.8 31.0 16.6 148.3 407.1 -7.3 181.9 29.2 8.0 Aug. 3.... 618.2 132.9 23.5 23.8 29.8 31.1 16.7 149.6 407.3 -9.0 182.6 29.3 8.0 Aug. 1()__ 616.9 132.6 23.6 23.7 29.7 31.2 16.7 149.8 407.2 -10.7 182.9 29.4 8.1 Aug. 17- 615.6 131.6 23.7 23.7 29.7 31.3 16.8 150.3 407.0 -12.4 183.2 29.6 8.2 Aug. 24... 618.0 130.9 23.8 23.6 29.9 31.4 16.8 150.6 406.9 -10.4 183.4 29.9 8.2 Aug. 31__. 617.6 130.8 23.8 23.7 29.9 31.5 16.8 150.7 407.2 -11.8 183.7 30.2 8.3 Sept. 7... 621.4 130.7 23.8 23.7 29.8 31.6 16.9 153.1 409.7 -10.6 183.9 30.3 Sept. 14.. 622.5 130.7 23.9 23.5 29.9 31.7 17.0 153.9 410.6 -11.0 184.2 30.4 8.3 Sept. 21.. 625.1 130.1 24.1 23.7 30.0 31.8 17.0 154.5 411.2 -9.8 184.5 30.7 8.6 Sept. 28.. 625.0 129.3 24.2 23.8 30.5 31.9 17.0 155.2 411.9 -11.2 184.7 30.9 8.7 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 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 Dec. 7— 604.6 130.2 25.8 26.7 36.7 32.5 20.2 164.6 436.7 -39.7 165.2 33.3 9.2 Dec. 14_. 605.3 129.4 25.8 26.8 36.9 32.6 20.4 165.1 437.0 -40.3 165.8 33.5 9.3 Dec. 21_. 608.7 129. 1 25.9 27.1 37.0 32.9 20.4 165.5 437.7 -38.3 166.1 33.6 9.5 Dec. 28_. 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

293 APRIL 1939 FEDERAL RESERVE BULLETIN TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net purchases by foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners] [From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca 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 3.7 21.4 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—Jan. 5___. 1.163. 9 447.1 70.7 214.6 277.1 -17.5 -4.8 55.9 1,043.1 37.5 19.0 54.4 9.9 Jan. 12... 1.164. 9 444.4 70.9 216.5 277.7 -17.6 -4.8 56.3 1, 043. 3 38.2 18.9 54.5 9.9 Jan. 19... 1,168. 0 446.6 71.0 216.6 278.6 -17.6 -4.8 56.2 1,046. 6 37.5 18.7 55.2 10.1 Jan. 26... 1,167. 9 449.1 69.0 216.9 279.6 -17.7 -4.7 55.5 1, 047. 6 36.5 18.8 55.0 10.0 Feb. 2__. 1,170. 2 450.4 215.4 279.6 -17.8 -4.8 56.7 1,048. 6 37.0 19.4 55.1 10.0 Feb. 9__. 1.165. 2 447.1 213.6 278.7 -17.8 -4.8 57.4 1, 043. 3 37.8 19.5 54.5 10.1 Feb. 16... 1,160. 6 444.5 212.5 278.4 -17.9 -4.8 56.9 1,038. 7 37.5 19.5 54.7 10.1 Feb. 23_. 1,159.8 443.3 212.5 277.8 -17.9 -4.7 56.9 1,037. 6 37.5 19.5 55.0 10.1 Mar. 2... 1,150.1 443.9 70.2 210.3 278.8 -18.0 -4.8 57.2 1,028. 6 36.8 19.5 55.0 10.1 Mar. 9... 1,150.7 442.8 70.3 202.0 278.7 -18.0 -4.8 57.4 1,028. 4 37.4 19.8 54.9 10.2 Mar. 16. 1,147.9 442.3 68.1 202.7 278.4 -18.0 -4.9 57.6 1, 026. 2 36.7 20.0 54.7 10.1 Mar. 23. 1.148. 7 441.5 68.3 203.2 279.1 -18.0 -4.9 57.9 1,027. 2 35.6 20.2 55.4 10.3 Mar. 30_ 1,150. 4 441.9 67.7 202.4 279.7 -18.2 -4.9 58.1 1.026. 7 36.8 20.7 55.6 10.5 Apr. 6 1,150.3 441.4 67.0 202.2 280.2 -18.2 -4.9 57.8 1.025. 5 37.6 21.2 55.4 10.5 Apr. 13.. 1,152. 3 442.5 66.8 203.6 280.1 -18.4 -4.9 57.8 1.027. 5 37.1 21.3 55.9 10.5 Apr. 20__ 1,159. 2 444.9 67.2 205.0 278.6 -18.5 -4.9 58.1 1,030. 4 39.7 21.3 57.2 10.6 Apr. 27__ 1.160.8 445.7 67.1 205.5 277.8 -18.5 -4.9 57.9 1, 030. 7 40.4 21.6 57.4 10.7 May 4... 1.159. 4 445.1 67.4 205.1 277.9 -18.6 -4.9 58.0 1,030.1 40.3 21.9 56.4 10.7 May 11.. 1,156. 9 443.4 67.1 205.2 277.9 -18.6 -4.9 57.9 1,027. 9 40.0 21.6 56.7 10.7 May 18_. 1,156. 5 443.3 67.0 206.0 277.0 -18.6 -4.9 58.0 1,027. 9 39.5 21.2 57.4 10.6 May 25.. 1,156. 0 442.5 66.7 206.1 277.5 -18.6 -4.9 58.2 1.027. 4 40.1 21.1 56.8 10.7 June 1__. 1.156. 4 443.1 66.0 206.6 277.7 -18.7 -4.9 58.4 1, 028.1 40.6 21.2 55.8 10.7 June 8... 1,155. 7 441.8 65.2 207.0 279.2 -18.8 -4.9 58.5 1,028.1 39.7 21.2 56.2 10.5 June 15.. 1,152.8 442.3 65.7 207.3 279.0 -18.9 -4.9 55.6 1.026. 2 38.8 21.3 56.0 10.5 June 22.. 1.154.9 442.2 67.4 208.0 279.5 -18.9 -5.0 55.5 1.028. 7 38.7 21.3 55.8 10.4 June 29.. 1,155. 3 440.2 67.1 208.6 283.1 -19.0 -5.0 54.2 1.029. 2 40.1 21.1 54.7 10.2 July 6... 1,161.3 441. 2 68.2 212.0 282.7 -19.1 -5.0 54.8 1,034. 9 40.5 22.1 53.9 10.0 July 13. _ 1.160. 8 439.8 66.0 213.8 283.7 -19.2 -4.9 53.8 1,033.0 41.9 21.9 54.2 9.9 July 20.. 1.157. 6 441.1 67.1 214.6 281.2 -19.2 -5.0 53.3 1,033.1 39.0 21.9 53.7 9.8 July 27_. 1.149. 7 437.7 69.1 209.6 280.0 -19.2 -5.0 52.8 1, 024. 9 38.0 21.8 55.2 Aug. 3.... 1.143.0 436.6 67.5 207.6 279.8 -19.3 -5.0 52.2 1,019.4 37.8 21.7 54.3 9.8 Aug. 10... 1,136.8 433.0 67.8 205.3 279.5 -19.4 -5.1 52.1 1,013.2 38.3 21.5 54.1 9.7 Aug. 17... 1,131.8 433.3 67.5 202.7 278.6 -19.5 -5.2 51.5 1, 009. 0 37.6 21.6 53.8 9.7 Aug. 24... 1.128. 4 430.7 67.8 202.7 278.4 -19.7 -5.2 51.7 1,006. 3 36.6 21.8 54.0 9.7 Aug. 31... 1,125. 3 430.2 67.8 202.8 278.5 -19.9 -5.2 51.8 1,006. 2 33.5 21.7 54.2 Sept. 7— 1,123. 6 432.4 68.1 203.1 278.7 -20.0 -5.2 51.9 1,008. 9 29.1 21.7 54.1 Sept. 14._ 1,120. 6 431.1 67.8 202.4 278.7 -20.2 -5.1 52.4 1,007.1 27.4 21.9 54.5 9.8 Sept. 21_. 1.129. 3 433.7 68.7 203.5 281.2 -20.3 -5.3 52.7 1,014.2 29.4 21.7 53.9 10.0 Sept. 28._ 1,125. 4 430.5 203.3 282.2 -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 Dec. 7___. 1, 201. 0 465.8 76.0 219.3 296.6 -22.5 -5.4 55.5 1,085. 2 26.8 23.0 55.2 10.8 Dec. 14.. 1,192. 5 465.5 76.7 211.4 295.8 -22.6 -5.4 55.5 1,076. 8 26.5 23.1 55.3 10.9 Dec. 21_. 1, 202. 2 467.7 76.6 213.3 298.5 -22.6 -5.4 56.1 1,084. 2 27.8 23.3 56.0 10.8 Dec. 28_. 1, 210. 9 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1, 092. 3 27.8 23.4 56.4 11.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 7.—BROKERAGE BALANCES, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935—Dec. 31.. 6.0 () 2.4 1.3 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30.. 12.9 4.0 10.4 -.9 9.1 —. 7 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29.. 47.5 11.5 11.5 5.0 10.8 0) 5.0 44.0 3.5 -.5 .5 1938—Jan. 5— 51.9 12.8 11.3 5.2 12.7 -.1 5.7 47.7 4.0 -1.1 1.2 () Jan. 12_. 50.5 12.3 11.7 5.0 12.0 -.1 5.7 46.7 3.5 -1.0 1.4 0) Jan. 19- 49.5 12.3 12.0 5.2 11.4 5.6 46.7 2.9 -1.0 1.0 Jan. 26. _ 50.1 12.1 13.5 5.2 9.0 5.9 45.7 3.6 1.7 Feb. 2... 51.9 11.5 13.9 5.3 9.5 6.0 46.4 4.7 -1.3 2.0 .1 Feb. 9__. 53.3 12.2 13.8 5.6 9.8 6.1 47.6 4.3 -1.5 2.9 .1 Feb. 16_. 53.4 12.1 13.3 5.5 9.5 6.1 46.6 5.0 -1.3 2.7 .4 Feb. 23_. 51.1 11.0 12.8 5.6 9.0 6.0 44.6 4.6 -1.1 2.6 .4 Mar. 2__. 51.0 11.1 12.8 5.8 () 5.7 44.5 5.3 -1.3 2.1 .4 M M a a r r . . 1 9_ 6 _ . . 5 5 1 1 . . 2 2 1 11 1 . . 4 6 1 1 2 3 . . 7 3 5 5 . . 6 6 8 9. . 5 2 0) 5 5. . 4 3 4 44 5 . . 2 1 4 5. . 2 8 - - 1 . . 7 2 2 2. . 2 1 . . 5 4 Mar. 23. 51.6 12.4 13.6 5.8 8.4 4.7 45.1 5.6 -1.4 2.1 .2 Mar. 30_ 54.2 13.0 13.4 6.6 8.7 0) 5.2 47.2 5.5 — 1.2 2.6 .1 Apr. 6__. 59.5 14.6 14.7 7.1 9.2 5.7 51.5 6.0 -1.0 3.0 0) Apr. 13,. 61.2 13.9 14.3 7.3 9.4 5.9 51.0 7.8 -.5 2.8 Apr. 20_. 60.1 13.7 13.5 7.4 9.8 5.7 50.3 7.9 -.5 2.3 Apr. 27.. 59.5 13.9 14.3 7.2 8.9 5.8 50.4 7.4 -.5 2.2 0) May 4__. 58.8 13.9 14.5 7.2 8.7 5.8 50.4 7.1 2.2 0) May 11- 58.1 13.8 13.3 7.0 8.5 5.9 49.0 7.3 2.3 0) M M a a y y 2 1 5 8 _ .. . 5 5 9 8 . . 3 2 1 13 3 . . 8 3 1 14 3 . . 2 5 6 7 . . 9 0 9 8 . . 1 5 0) 6 5 . . 5 6 4 4 9 9 . . 4 6 8 7. . 5 3 2 1 . . 4 9 (2) 0) June 1__. 60.8 14.3 14.8 8.9 -.2 5.9 51.2 7.8 2.4 June8-_. 61.4 15.1 15.0 8.6 (0 6.0 51.8 7.0 -.4 2.9 June 15- 61.4 15.4 14.7 9.7 5.8 52.7 6.7 -.5 2.4 June 22-. 59.1 14.8 14.0 8.8 6.0 50.6 6.3 -.6 2.7 June 29- 57.8 15.7 13.9 8.4 6.2 51.2 4.0 -.1 2.6 July 6.__. 59.3 15.1 13.6 5.8 () 6.0 50.2 5.5 -.1 3.5 July 13- 60.4 16.5 15.5 5.7 9.6 0) 6.5 54.0 3.5 .3 2.6 July 20- 62.1 14.5 15.8 5.5 10.1 0) 8.2 54.3 3.9 .3 3.3 July 27... 57.7 13.8 14.5 5.5 10.3 0) 8.1 52.5 2.7 .2 2.0 Aug. 3___ 59.6 14.6 14.9 5.4 10.1 C1) 8.2 53.4 3.1 .2 2.6 Aug. 10- 58.1 13.8 15.0 5.1 10.4 8.2 52.7 2.6 2.5 Aug. 17-. 60.5 14.6 15.4 4.8 10.1 }) 9.0 54.2 3.3 2.6 A A u u g g . . 2 31 4 - . . . 5 6 9 0 . . 2 6 1 1 5 4 . . 7 9 1 14 5 . . 8 1 5 5 . . 1 1 1 1 0 0 . . 5 5 -.1 9.0 5 5 5 4 . . 4 1 3 1 . . 7 2 0) 2 2 . . 3 3 -.1 Sept. 7. 58.8 14.8 14.7 5.4 10.5 6.8 52.3 3.9 .2 2.1 Sept. 14 61.1 15.7 15.6 5.7 10.8 6.6 54.4 4.6 .4 1.4 Sept. 21 62.5 15.9 15.2 6.0 11.6 6.4 55.2 5.6 .2 1.3 Sept. 28 64.1 16.8 15.9 6.8 10.7 6.9 57.2 5.3 .4 Oct. 5.. 62.6 15.6 15.3 6.4 11.4 5.8 54.6 5.8 .4 1.6 Oct. 12. 57.4 14.0 14.9 5.8 10.8 5.9 51.3 4.0 .2 1.7 Oct. 19- 57.2 13.5 15.3 6.7 11.1 5.6 52.3 3.2 .1 1.4 Oct. 26.. 56.2 14. 1 14.7 6.4 10.7 5.9 51.9 2.8 -. 1 1.3 Nov. 2- 53.4 14.0 14.2 6.9 10.6 6.1 51.7 1.3 -.3 .6 Nov. 9- 51.8 13.4 13.8 6.6 11.0 5.5 50.4 1.2 -.5 .3 Nov. 16. 49.4 13.8 13.0 6.9 10.5 4.7 49.0 .4 -.5 .2 Nov 23- 51.1 13.7 13.4 7.7 9.2 5.4 49.5 1.8 -.7 .1 Nov. 30- 51.5 13.9 13.6 7.4 9.2 5.9 50.0 1.7 -.3 Dec. 7— 51.7 14.3 12.6 7.8 9.6 5.7 50. 1 2.9 -1.5 -. 1 Dec. 14_- 51.7 14.2 12.9 7.4 9.8 5.6 50.0 3.3 -1.6 -.3 Dec. 21.. 48.0 13.6 12.2 7.2 9.7 5.5 48.3 1.3 -1.0 -.9 Dec. 28__ 47.6 13.2 12.6 6.8 8.8 5.3 46.7 2.6 -1.0 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

295 APRIL 1939 FEDERAL RESERVE BULLETIN TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES [Outstanding amounts in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - land m G a e n r- y , Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er Reported by Banks in New York City 1929—Dec. 31. _. 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162. 8 241.8 188.2 49.0 31.0 1930—Dec. 31___ 2, 335. 0 214.5 799.4 122.2 222. 2 • 161.0 111.2 ' 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30__. 1, 303. 5 104.9 549.2 44.6 66.0' 41.1 33.2 122.2 961. 2 148.3 103.3 69.0 21.6 1932—Dec. 28___ 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27_ — 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155. 7 86.1 96.7 42.7 10.9 1934—Nov. 28L. 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec 52.._ 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 1935—Jan. 2____ 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 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—Jan. 53. 1,718.8 255.8 136.5 6.7 302.7 42.0 24.4 155.2 1,003. 3 180.3 271.8 243.1 20.3 Jan. 5 1, 728. 9 255.8 136.5 87.8 302.7 42.3 24.4 155.6 1, 005.1 181. 1 278.1 244.2 20.3 Jan. 12___. 1, 700. 4 261.4 136.1 83.4 301.7 40.7 24.2 155.3 1, 002. 9 186.7 250. 9 236.5 23.3 Jan. 19... 1, 673. 8 262.7 135.9 80.5 281.9 39.7 22.4 157.6 980.7 179.0 251.4 241.4 21.3 Jan. 26... 1, 663. 9 260.9 131.9 80.0 281.4 40.2 19.9 159.8 974.1 181.2 251.7 235.3 21.5 Feb. 2___ 1, 630. 9 249.9 131.2 73. 1 269.9 37.6 18.7 161.0 941.5 186.6 251.4 231.5 20.0 Feb. 9__. 1, 596. 6 244.0 127.9 63.9 262.4 30.7 17.3 162.3 908.6 185.6 252.2 229.9 20.2 Feb. 16 . 1, 581. 8 232.6 128.6 62.7 267.1 31.8 16.8 156.9 896.5 183.3 252.7 230.2 19.2 Feb. 23_. 1, 580. 9 250.0 124.7 54.0 263.6 29.2 19.8 152.9 894.2 185.7 252.6 228.9 19.5 Mar. 2.... 1, 545. 6 257. 2 126.7 49.2 241.3 28.1 17.0 149.0 868.5 180.6 254.4 224.0 18.0 Mar. 9_._. 1, 533. 6 256.6 121.0 49.3 237.0 28.2 15.6 144.3 851. 9 183.6 255. 2 224.1 18.8 Mar. 16__ 1,519.3 244.2 124.7 48.4 236.7 27.0 15.4 138.9 835.4 183.8 255.2 225.6 19.3 Mar. 23__ 1, 520. 8 242.8 127.9 50.1 240.8 25.4 14.4 135. 2 836.6 189.7 253.7 220.9 19.9 Mar. 30 1,521.0 248. 1 126.3 48.5 236.7 25.7 14.9 135.7 835. 8 186.4 257.9 219.5 21.3 Apr. 6__. 1, 470. 3 229.0 130.9 46.3 231.7 26.5 15.5 130.7 810.7 183.4 254.1 202.5 19.6 Apr. 13.. 1, 466. 0 229.7 129.1 44.9 228.6 26.7 16.2 126.3 801.5 181.0 263.0 201.7 18.8 Apr. 20.. 1,463.9 234.4 121.9 42.8 230.2 27.8 15.2 122.9 795.1 185.9 260.5 203.5 18.9 Apr. 27_. 1, 468.8 240.1 118.1 47.3 224. 3 26.9 15.2 123.7 795.6 186.5 262.3 206.2 18.2 May 4__. 1, 435.1 233.0 124.9 46.9 217. 5 26.9 16.2 110.1 775.5 179.5 259.4 202.3 18.4 May 11.. 1, 402. 6 221.3 111.9 46.2 199.4 27.7 16.4 113.1 736.0 185.8 261.1 201.8 17.8 May 18 1, 388. 5 225.2 107.5 44.3 190.3 27.1 15.9 114.8 725.1 183.4 259.2 202.0 18.7 May 25.. 1, 395. 8 213.2 108. 7 48.4 188.8 30.2 17.1 126.3 732.7 183. 5 260.0 199.8 19.8 June 1__. 1, 375. 6 199.5 106.7 47. 1 181. 1 26.9 19.8 126.2 707.2 186.6 266.9 195. 2 19.6 June8._. 1,361.7 204. 9 105. 7 44.5 180.9 27.6 21.1 122.0 706.6 182.0 268. 3 187.8 17.0 June 15.. 1, 358. 8 206.5 105.0 44.0 179.5 27. 1 20.9 120.9 703.9 183.8 263.9 189.4 17.8 June 22_. 1, 364. 4 211.2 105.2 44.7 178.5 25.5 20.4 118.3 703.8 185.9 264.1 192.6 18.1 June 29.. 1, 357. 4 217.4 102.2 48.6 173. 8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 July 6... 1, 337. 1 210.1 101.6 48.6 174.7 28.2 18.1 119.5 700.9 169.1 262.0 185.6 19.5 July 13... 1, 308. 8 208.9 103.4 46.9 166.3 26.7 16.9 112.3 681.4 166.4 253.7 186. 9 20.5 July 20.. 1,311.4 218.4 103.7 43.8 167.0 25.3 16.0 107.9 682.0 175.9 249.5 182.0 21.9 July 27._. 1, 307. 0 221.3 101.8 45. 1 165. 9 23.9 15.9 106.3 680.1 173.7 251.4 179. 5 22.4 Aug. 3___ 1,310.4 224. 6 104.0 46.3 167.8 22.8 15.9 106.4 687.8 175. 0 249.3 177.4 20.9 Aug. 10._ 1,314.6 227.9 106.0 47.0 167.2 20.0 16.9 106.1 691.0 175.9 249.9 176.5 21.2 Aug. 17__ 1,323.8 227.4 115.6 49.8 169. 5 20.5 18.8 102.2 703.7 176.1 249.8 172.5 21.7 Aug. 24__ 1, 348. 3 229.4 125. 5 43.5 172.3 20.8 17.6 107.9 717.0 183. 2 248.1 176.2 23.9 Aug. 31.. 1, 374. 4 238. 1 126.6 44.6 176.2 21.7 17.8 109.4 734.5 184.6 254.2 175.0 26.2 Sept. 7... 1, 433. 2 273.2 136.3 44. 6 177.2 21.5 17.3 121.6 791.6 185.1 253.1 176.7 26.6 Sept. 14__ 1, 577. 9 290.9 146.2 62. 5 184.4 19.5 20.4 164.8 188.4 268.6 203.6 28.6 Sept. 2l__ 1, 698. 6 335.4 151.4 68.0 182. 5 18.1 20. 1 211.3 193.9 273. 7 212.8 31.4 Sept. 28__ 1, 732. 4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 207.9 33.7 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 Dec. 7__. 1, 980. 7 413.9 187.7 95.6 214.8 16.9 19.6 238.4 1,186. 8 270.8 255.4 232.7 35.0 Dec. 14__ 1,966.6 400.7 186.5 90.3 215.9 17.6 19.7 243. 5 1,174. 3 269.3 255. 3 231.9 35.8 Dec. 21_. 1,980.4 423.2 187.0 96.5 220. 1 19.3 22.6 241.3 1, 210. 0 243.2 256.2 237.4 33.7 Dec. 28.. 2, 003. 9 438. 8 190.9 98.4 217.4 19.9 22.6 249.9 1,237.8 235.2 254.9 243.7 32.4 1 Last report date on old basis. 2 First report date on new basis. 3 Figures adjusted to the basis employed in previous weeks. Certain of the figures for Jan. 5, 1938, and succeeding weeks are not precisely comparable with the corresponding figures for weeks preceding Jan. 5, owing to a revision in the instructions to reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES [Outstanding amounts in millions of dollars] Date Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l z a w e n r i d - t- 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 Canada7 A L m a e t r i i n ca E F a a s r t O A th ll er Reported by Banks in New York City 1 j 1931—Dec. 30 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 884.3 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 1934—Nov. 28i 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 K. 1, 137.8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118. 1 8.3 1935—Jan. 2.... 1,139. 9 296.9 80.5 18.6 8.2 231. 7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31- 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10. 1 1936—Dec. 30.. 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392. 1 59.4 141.1 67.2 12.9 1937—Dec. 29.. 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Jan. 5___ 677.8 96.2 12.5 22.5 5.7 124.8 20.7 53.9 336.4 114.2 115.2 94.3 17.7 Jan. 12.. 641.9 83.6 11.9 22.9 5.2 124.6 20.2 52.2 320.7 89.3 116.1 97.4 18.4 Jan. 19- 642.8 86.0 12.6 24.4 5.1 122.8 20.4 52.4 323.7 87.1 114.7 98.4 18.9 Jan. 26.. 638.9 86.3 12.5 25.7 4.9 121.9 20.0 52.2 323.5 83.6 115. 5 97.5 18.8 Feb. 2.. 639.0 90.5 12.1 25.6 5.3 121.7 19.8 51.9 326.8 84.3 113.9 95.3 18.7 Feb. 9__ 628.3 86.1 12.2 24.0 6.0 119.9 18.7 52.7 319.6 84.1 113.3 92.7 18.6 Feb. 16. 635.5 88.3 12.8 25.5 6.1 118.0 17.7 52.3 320.7 84.8 113.2 98.5 18.4 Feb. 23. 637.4 93.0 12.3 24.9 6.5 117.2 17.5 51.7 323.2 84.1 114.4 97.1 18.6 Mar. 2__ 646.7 98.7 12.2 25.5 6.3 114.9 18.1 53.4 329.1 86.8 112.4 99.9 18.4 Mar. 9.. 654.4 102.3 12.2 26.0 5.8 111.7 17.8 53.2 329.0 84.4 116.6 106.0 18.3 Mar. 16. 652.0 98.3 12.8 26.6 5.8 112.1 18.2 51.7 325.4 88.3 113.9 106.8 17.6 Mar. 23. 645.3 103.6 11.4 26.2 5.4 111.5 18.1 51.8 328.0 84.7 114.1 100.8 17.6 Mar. 30. 669.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 93.3 113.5 104.1 17.4 Apr. 6___ 659.0 106.9 11.4 23.1 4.9 111.4 18.0 51.0 326.6 93.2 114.5 108.6 16.2 Apr. 13. . 655.0 102.7 10.9 24.0 4.7 110.8 17.4 50.0 320. 4 93. 1 116.0 108.7 16.9 Apr. 20. _ 649.6 104.9 11.6 23.9 5.1 110.3 16.8 50.9 323.4 91.1 114.7 104.7 15.5 Apr. 27.. 644.5 106.0 10.5 22.0 5.3 110.3 16.4 49.9 320.4 92.7 114.7 101.2 15.7 May 4... 657.2 120.6 10.7 21.7 4.6 109.0 16.7 49.2 332.5 92.4 114.9 102.3 15.2 May 11.. 666.3 113.7 17.3 24.4 4.6 108.6 16.2 48.8 333.5 91.9 117.6 108.9 14.4 May 18- 669.7 122.0 16.3 25.0 4.8 108.6 17.6 47.7 342.0 90.0 116.0 107.6 14.1 May 25.. 676.8 129.1 14.7 25.6 4.7 108.0 17.3 47.8 347.2 90.6 116.0 108.8 14.2 June 1__. 684.8 135.7 19.2 24.9 5.0 105.8 15.2 47.8 353.7 90.9 115.7 110.1 14.4 June 8... 678.4 133.7 16.8 24.1 5.0 105.1 15.5 48.1 348.4 89.8 117.0 109.3 14.0 June 15_. 677.9 135.1 16.1 24.0 5.1 104.1 15.5 47.6 347.5 87.7 116.8 112.0 14.0 June 22_. 693.0 141.2 17.7 24.6 5.4 102.9 15.0 47.3 354.1 88.5 116.0 119.5 15.0 June 29_. 700.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 87.6 116.6 126.4 13.8 July 6... 678.0 146.6 15.8 25.3 5.2 101.2 15.2 48.3 357.7 87.9 97.6 120.4 14.4 July 13.. 674.3 143.8 15.3 25.8 5.2 101.9 14.8 48.1 354.8 88.7 98.9 117.4 14.5 July 20.- 669.0 147.4 14.8 26.7 4.7 101.1 14.8 47.7 357.2 85.8 97.0 114.6 14.3 July27_. 666.0 145.5 16.9 25.8 4.6 99.9 14.7 47.5 354. 8 92.6 96.6 108.0 13.9 Aug. 3.... 658.9 145.6 16.9 25.6 4.3 100.6 15.4 47.8 356.2 82.0 94.8 111.9 14.0 Aug. 10__. 656.2 137.3 15.7 25.2 4.5 99.8 14.5 47.0 344.0 80.1 96.5 122.0 13.7 Aug. 17... 658.4 135.6 21.7 24.4 4.6 99.3 13.8 47.3 346.7 81.1 95.8 121.8 13.0 Aug. 24._. 642.5 130.8 19.4 24.7 4.3 98.6 14.8 46.9 339.5 80. 1 94.4 115.4 13.0 Aug. 31... 643.5 137.4 15.2 25.7 4.8 98.6 14.1 47.3 343.0 80.0 94.8 112.9 12.8 Sept. 7... 641.4 134.0 14.0 24.5 5.2 98.4 12.8 45.8 334.7 79.1 95.8 119.4 12.4 Sept. 14.. 635.0 129.1 13.7 24.0 4.6 98.5 12.0 45.7 327.7 79.8 98.5 118.3 12.8 Sept. 21.. 631.2 124.2 13.1 22.7 4.2 99.6 13.5 45.8 323.0 81.1 95.3 119.4 12.4 Sept. 28.. 626.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 84.0 94.2 113.6 12.4 Oct. 5.__ 631.7 117.6 15.1 24.4 4.9 97.9 16.3 48.4 324.6 84.3 92.7 117.8 12.3 Oct. 12. _ 616.1 109.8 9.6 22.2 4.3 97.7 14.8 47.7 305.9 84.0 91.8 121.2 13.2 Oct. 19. _ 617.4 110.7 12.7 21.5 4.1 97.3 13.9 47.4 307.6 83.1 91.4 121.5 13.9 Oct. 26.. 607.8 100.0 13.9 20.5 3.9 96.7 15.7 47.4 298.1 85.8 92.9 117.4 13.7 Nov. 2__. 611.8 95.1 10.4 21.8 4.1 96.5 16.2 47.3 291.3 83.5 93.4 129.6 13.9 Nov. 9__. 614.5 89.0 10.8 24.9 4.3 96.5 15.9 48.1 289.5 83.3 94.6 132.8 14.3 Nov. 16_. 618.8 86.6 13.1 25.2 4.1 96.2 17.3 48.7 291.3 83.5 94.2 135. 1 14.8 Nov. 23.. 614.7 89.1 10.8 24.8 4.2 95.4 14.3 48.3 286.9 83.6 96.1 133. 5 14.7 Nov. 30.. 631.4 90.9 12.9 26.6 5.5 93.8 15.1 47.8 292.6 78.0 97.8 147.7 15.3 Dec. 7... 650.6 88.1 24.7 27.3 5.9 93.0 14.2 47.7 300.8 79.2 99.6 156.0 14.9 Dec. 14-. 661.3 96.6 18.3 27.1 5.7 92.7 13.7 47.3 301.5 80.4 99.7 163.9 15.9 Dec. 21.. 622.0 81.6 14.5 26.2 4.8 91.0 13.4 47. 1 278.5 63.7 100.4 163.9 15.5 Dec. 28. _ 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15. 7 r Revised. Previously published figures for 1938 have been decreased by $10,000,000 on the basis of later reports. 1 Last report date on old basis. 2 First report date on new basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN APRIL 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treas- reserve balances ury Money Treas- T d r e e p a o s s u it r s y Non- O F t e h d e - r U.S. Gold cur- in cir- ury with mem- eral Date co B d u i i n l s l t - s ed bo B u il g ls ht s m G e e c r o e u n v n r - - t i- R c O b r e e a s t d h e n i r e k t v r » e Total stock s r t o e i a n n u n c g t d - y - c t u io la n - h c i o n a g l s d h s - R F b e e a d s n e e k r r v a s e l b p e o r s d it e s - R c e o a s u c e n - r t v s e Total E m ( x e a c s t t e e i s d - s ) ties End of month figures: 1937—Dec. 31 10 1 2,564 38 2,612 12,760 2,637 6,550 3,619 142 407 263 7,027 1,212 1938—Jan. 31 12 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 Feb. 28____ 4 2,564 30 2,598 14, 874 2,824 6,731 2,740 1,148 488 254 8,936 3,387 Wednesday figures: 1938—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 2,583 12,905 2,701 6,393 2,248 1,183 387 261 7,716 2,632 June 1 8 ] 2,564 20 2,593 12,918 2,703 6,469 2,254 1,093 393 260 7,745 2,640 June 8 9 ] 2,564 9 2,582 12,940 2,703 6,437 2,277 1,005 399 261 7,848 2,711 June 15 9 2,564 24 2,598 12, 950 2,707 6,420 2,289 935 438 267 7,904 2,726 June 22 10 2,564 17 2,591 12,957 2,710 6,402 2,293 929 445 267 7,922 2,782 June 29 10 ] 2,564 16 2,590 12, 962 2,712 6,428 2,299 864 366 266 8,041 2,900 July 6 8 2,564 30 2,603 12, 967 2,715 6,514 2,303 770 363 261 8,074 2,985 July 13. _ 9 2,564 22 2,596 12, 979 2,716 6,444 2,315 628 372 261 8,273 3,153 July20.__. 8 2,564 13 2,585 12, 989 2,717 6,433 2,321 724 353 259 8,202 3,039 July 27 7 2,564 11 2,583 13,002 2,719 6,416 2,328 732 383 258 8,188 3,036 Aug. 3 6 1 2.564 4 2,574 13,025 2,721 6,465 2,357 775 392 257 8,074 2,924 Aug. 10—_ 7 1 2,564 11 2,582 13,033 2,723 6,466 2,367 839 365 256 8,046 2,920 Aug. 17— 7 1 2,564 16 2,587 13,052 2,724 6,485 2,386 802 349 256 8,085 2,927 Aug. 24 7 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 2,564 39 2,610 14, 508 2,790 6,912 2,707 941 505 265 8,577 3,072 1939—Jan. 4 4 2,564 35 2,604 14, 565 2,800 6,839 2, 725 891 436 258 8,819 3,298 Jan. 11 5 2,564 23 2,592 14, 577 2,805 6,716 2,712 873 459 258 8,956 3,436 Jan.18 4 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 Feb. 21 4 1 2,564 23 2.502 14, 818 2,821 6,708 2,752 1,181 495 254 8,841 3,298 Mar. 1 4 1 2,564 19 2,586 14, 888 2,827 6,739 2,716 1,168 484 253 8,942 3,382 Mar. 8 3 1 2,564 -3 2,565 14, 923 2,829 6,751 2,716 1,102 510 253 8,985 3,407 Mar. 15—. 3 1 2,564 27 2,595 14, 983 2,832 6,751 2,712 1,059 552 259 9,097 3,443 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. 252. * Reserve requirements reduced by approximately 13H percent effective April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

299 APRIL- 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 Mar. 15 Mar. 8 Mar. 1 Feb. 21 Feb. 15 Feb. 8 Feb. 1 Feb. Jan. Feb. ASSETS Gold certificates on hand and due from U. S. Treasury 12, 253, 76212,183, 71912,154, 71912, 049, 71912,006,21811,979,22311,947, 21812,114, 72211, 937, 219 9,173, 602 Redemption fund—F. R. notes. _. 9,295 10,130 9,904 10, 259 8,856 9,908 10, 441 10, 260 10, 440 9,309 Other cash _ _ _ 403, 401 415, 243 432,094 445, 875 438, 850 441, 936 440,142 436, 263 434, 587 453, 853 Total reserves ._ 12, 666, 45812, 609, 09212, 596, 71712, 505, 85312, 453, 92412, 431, 06712, 397, 80112, 561, 24512, 382, 246 9, 636, 764 Bills discounted: For member banks 3,457 3,345 3,698 4,417 5,059 7,394 4,873 4,201 4,598 10,048 For nonmember banks, etc Total bills discounted _ 3,457 3,345 3,698 4,417 5,059 7,394 4,873 4,201 4,598 10,048 Bills bought: Payable in foreign currencies 554 553 553 553 553 556 556 553 556 550 Industrial advances 14, 059 14,122 14, 586 14, 647 14, 662 14, 738 14, 811 14, 606 14, 823 17, 459 U. S. Government securities: Bonds. . 911, 090 840, 893 840, 893 840, 893 840, 893 840, 893 840,893 840, 893 840, 893 714, 683 Treasury notes 1,145, 269 1, 215, 466 1, 215, 466 1, 215, 466 1, 215, 466 1, 209, 931 1, 209, 931 1, 215,466 1, 209, 931 1,175,103 Treasury bills 507, 656 507, 656 507, 656 507, 656 507, 656 513,191 513,191 507, 656 523,191 674, 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, 564,015 2, 574, 015 2, 564,015 Other Reserve bank credit _ 12, 783 -17,241 3,566 7,949 2,440 -2, 976 -2, 053 14, 513 13, 094 -1,829 Total Reserve bank credit outstanding 2, 594, 868 2, 564, 794 2, 586, 418 2, 591, 581 2, 586, 729 2, 583, 727 2, 582, 202 2, 597,888 2, 607, 086 2, 590, 243 LIABILITIES F. R. notes in actual circulation 4, 335, 313 4, 343, 566 4, 355, 946 4, 344, 462 4, 349, 836 4, 344, 753 4, 347, 209 4, 353, 291 4, 338, 726 4,139,017 Deposits: Member bank—reserve account „ 9,077, 284 8, 984, 989 8, 941, 650 8, 840, 548 8, 707,191 9.017, 844 9, 046, 811 8, 935, 923 9, 214, 921 7, 247, 546 U. S. Treasurer—general account. _ 1, 058, 714 1,101, 562 1,167, 818 1,180, 791 1, 250, 417 931, 295 887, 021 1,147, 566 747,040 179, 838 Foreign bank 269, 292 255, 935 246, 296 225, 974 266, 340 208, 215 185, 766 245, 647 167, 268 125, 769 Other deposits 282, 759 254,113 237, 344 268, 904 233, 476 279, 377 283,161 241, 976 290,850 296, 963 Total deposits 10, 688, 04910, 596, 59910, 593, 10810, 516, 21710, 457, 42410, 436, 73110, 402, 75910, 571,11210, 420, 079 7, 850,116 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) 84 3 84 4 84 3 84 2 84 1 84 1 84 1 84 2 83 9 80 4 Contingent liability on bills purchased for foreign correspondents __ _ _ _. 750 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a 6 th y s s 6 1 m y t o o e n a t r hs 2 1 y y t e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Feb. 21 4,417 3,316 138 381 258 287 37 Mar. 1 3,698 2,688 140 387 179 277 27 Mar. 8 3,345 2,269 176 346 247 276 31 Mar. 15 . ... 3,457 2,394 236 262 251 290 24 Bills bought in open market: Feb. 21 553 304 226 23 Mar. 1 . .. . _ 553 256 74 151 72 i Mar. 8 553 97 152 304 Mar. 15 554 74 68 142 270 Industrial advances: Feb. 21 14, 647 2,143 147 648 266 1,949 3,387 3,924 2,183 Mar. 1 14, 586 2,428 145 566 243 2,022 3,335 3,794 2,053 Mar. 8 14,122 2,231 419 342 202 1 934 3,213 3,732 2,049 Mar. 15 _ _ . 14, 059 2,123 430 337 205 2,050 3,187 3,692 2,035 U. S. Government securities: Feb. 21 _ . _ 2, 564, 015 147, 733 101, 710 78, 510 179,703 85,197 173,142 390,654 647, 218 760,148 Mar. 1 2, 564,015 74, 745 124, 720 72, 518 185,125 135, 745 173,142 390, 654 647, 218 760,148 Mar. 8 2, 564,015 101, 710 52,010 115, 848 193,788 129, 497 173,142 390,654 647, 218 760, ] 48 Mar. 15 2, 564, 015 124, 720 164, 203 198, 233 90, 966 259,116 349, 978 546, 454 830, 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [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 Gold certificates on hand and due from U.S. Treasury: Feb. 21 12, 049, 719 702,169 5, 627, 500 582,183 779,152 329,031256, 863 2,028, 690 309, 329 247, 022389, 442 186,103 712, 234 Mar. 1 12,154, 719 708,801 55,, 675, 364 589,013 786, 664 333, 968 261, 292 2,041, 654 319, 923 247, 457 293, 734 199,916196, 938 Mar. 8 12,183, 719 735, 944 5»,, 543, 245 5819,,540 817, 221 328,189 263, 282 2,099,446 332, 348 253,457 302,969 198,000720,078 Mar. 15 12, 253, 762 728, 761 5", 547, 950 615i,, 260 829,471331, 534 272, 716 2,115, 574 325,347 250, 524 306,312 212,785717, 528 Redemption fund—Federal Reserve notes: Feb. 21.... 10, 259 1,105 1,293 912 534 1,168 764 518 407 1,525 Mar. 1 9,904 1,068 1,149 912 917 534 404 1,110 752 512 397 639 1,510 Mar. 8 10,130 1,051 1,064 804 888 1,174 348 1,064 741 507 379 627 1,483 Mar. 15 9,295 1,005 883 804 828 766 323 1,001 727 500 364 627 1,467 Other cash: Feb. 21 445,875 40, 243 129, 497 38, 865 28,950 24, 802 20, 272 63, 578 17, 843 10, 200 18,151 15,432 38, 042 Mar. 1 432,094 37,196 120, 410 36, 956 29, 272 21,195 21, 573 64, 940 16, 564 10,090 18, 763 15, 561 39, 574 Mar. 8 415, 243 35, 455 120, 654 33,085 25, 816 21, 507 21, 709 58, 617 15, 986 9,142 19, 653 15, 804 37, 815 Tota M l r a e r s . e 1 rv 5 es: 403, 401 33, 394 112, 251 32, 377 26, 983 18, 79720, 545 58,174 16,042 9,836 18, 617 17, 514 38, 871 Feb. 21 12, 505, 853 743, 517 5, 758, 290 621,,960 809,070 354,367 277, 5612,093, 436 327, 936 257, 743108, 000 202,174 751, 801 Mar. 1 12, 596, 717 747,065 5., 796,, 923 626,,881 816,853 355, 697 2833,, 2"69 2,107, 704 337, 239 258,059 312, 894 216, 111738,022 Mar. 8 12, 609,092 772, 450 5, 664,963 623, 429 843| 925 350; 870 285, 339 2,159,127 349,075 263,106 323, 001 214,431 759,376 Mar. 15 12, 666,458 763,160 5, 661,084 648, 441 857,282 351,097 293, 584 2,174, 749 342,116 260,860 325, 293 230,926 757,866 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Feb. 21 2,289 12 1,081 623 161 180 55 32 60 Mar. 1 1,954 212 552 653 56 125 75 51 150 Mar. 8 1, """ 182 654 548 41 30 40 81 40 Mar. 15 1,932 167 1,034 390 21 30 49 101 40 Other bills discounted: Feb. 21 2,128 10 443 540 64 115 138 90 394 164 91 Mar. 1 -.. 1,744 5 374 249 56 140 160 90 354 163 90 Mar. 8 1,649 5 234 171 53 140 115 29 90 347 200 208 Mar. 15 1,525 10 211 91 53 140 112 25 100 304 218 206 Total bills discounted: Feb. 21 4,417 22 1,524 1,163 225 140 318 43 90 196 151 Mar. 1 3,698 217 926 902 112 165 285 41 90 77 429 214 240 Mar. 8 3,345 187 888 719 94 165 145 64 90 77 387 281 248 Mar. 15 3,457 177 1,245 481 74 170 142 75 100 75 353 319 246 Bills bought in open market: Feb. 21 553 42 213 56 52 24 20 70 2 2 16 16 40 Mar. 1 553 42 215 56 51 24 19 70 2 2 16 16 40 Mar. 8 553 42 215 56 51 24 19 70 2 2 16 16 40 Mar. 15 554 42 266 56 51 24 19 70 2 2 16 40 Industrial advances: Feb. 21 14, 647 3,847 2, 919 464 1,248 822 453 870 231 1,297 Mar. 1 14, 586 1, i 3,846 2,916 465 1,227 821 451 864 217 1,297 Mar. 8 14,122 3,851 2,851 418 1,226 821 451 862 217 610 946 Mar. 15 14,059 1,' 872 3,835 2,844 396 1,204 821 459 859 216 601 946 U.S. Government securities: Bonds: Feb. 21 840,893 61, 659 237,660 67, 514 43, 790 38, 832 92,091 39, 296 26, 386 43, 323 34, 901 70, 853 Mar. 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 Mar. 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 Mar. 15 911,090 66,806 257, 500 73,149 91, 650 47, 446 42,073 99, 779 42, 577 28, 588 46, 93937, 815 76, 768 Treasury notes: Feb. 21 1, 215,466 89,123 343, 525 97, 586 122, 269 63, 297 56,129 133,113 56, 802 38,140 62, 620 50, 447 102, 415 Mar. 1 1, 215, 466 89,123 343, 525 97, 586 122, 269 63, 297 56,129 133,113 56, 802 38,140 62, 620 50, 447 102, 415 Mar. 8 1, 215,466 89,123 343, 525 97, 586 122, 269 63, 297 56,129 133,113 56, 802 38,140 62, 62050, 447 102, 415 Mar. 15 1,145, 269 83,976 323, 685 91,951 115, 207 59, 641 52, 888 125, 425 53, 521 35, 938 59,004 47, 533 96, 500 Treasury bills: Feb. 21..._ 507, 656 37, 224 143, 478 40, 759 51,067 26, 437 23, 443 55, 596 23, 724 15, 929 26,154 21, 070 42, 775 Mar. 1 507, 656 37, 224 143, 478 40, 759 51,067 26, 437 23, 443 55, 596 23, 724 15, 929 26,154 21, 070 42, 775 Mar. 8 507, 656 37, 224 143, 478 40, 759 51,067 26, 437 23, 443 55, 596 23, 724 15, 929 26,154 21,070 42, 775 Mar. 15 507, 656 37, 224 143, 478 40, 759 51, 067 26, 437 23, 443 55, 596 23, 724 15,929 26,154 21,070 42, 775 Total U. S. Government securities: Feb. 21 2, 564,015 188,006 724, 663 205, 859 257,924 133, 524118,404 280,800119,822 80,455132,097106,418 216,043 Mar. 1... 2, 564,015 188,006 724, 663 205,859 257,924133', 524 118,404 280,800119, 822 80,45J 132,097106, 418 216,043 Mar. 8 2, 564,015 188,006 724, 663 205,859 257,924 133,524118,404 280,800119,822 80, 455132,097106, 418 216, 043 Mar. 15 _ 2, 564,015 188,006 724,663 205,859 257,924 133, 524118,404 280, 800119, 822 80, 455132,097106, 418 216,043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 301 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. 21 2, 583, 632 189, 938 730, 247 209, 997 258, 665 134, 936119, 564 281, 366119, 922 81, 423 132, 793107, 250 217, 531 Mar. 1 2, 582, 852 190,129 729, 650 209, 733 258, 552 134, 940119, 529 281, 362 119, 92281,398132, 759107, 258 217, 620 Mar. 8 2, 582, 035 190,097 729, 617 209, 485 258, 487 134, 939119, 389 281, 385 119, 92181, 396 132, 717 107, 325217, 277 Mar. 15 2, 582,085 190, 097 729,959 209, 240 258, 445 134, 922119, 386 281, 404119, 93081, 391132, 682107, 354 217, 275 Due from foreign banks: Feb. 21 12 20 3 2 5 5 12 Mar. 1 169 12 21 3 2 5 5 12 Mar. 8 169 12 21 3 2 5 5 12 Mar. 15 12 21 2 5 5 12 Federal Reserve notes of other banks: Feb. 21 17, 480 558 3,216 747 892 1,137 2,641 2,248 724 1,100 536 1,645 Mar. 1 19,058 583 3,651 903 1,133 1,412 2,216 2,848 1,587 992 1,106 593 2,034 Mar. 8 19, 382 590 2,911 857 1,160 1,298 2,797 3,057 2,200 757 1,144 688 1,923 Mar. 15 20, 825 535 3,632 865 1,366 1,472 2,397 3,132 2,240 1,053 1,386 610 2,137 Uncollected items: Feb. 21 588, 753 52, 869 154,135 38, 502 66, 724 49, 714 26, 767 74, 051 26,126 14, 258 27, 886 24, 485 33, 236 Mar. 1 634,023 64, 263 167, 383 49, 312 78, 511 48,003 22, 499 83,147 24, 563 14,098 29, 752 22, 837 29, 655 Mar. 8 535, 646 50, 053 143, 405 37, 389 59, 821 43, 369 20, 680 71, 788 22,148 12, 906 24,959 21, 844 27, 284 Mar. 15 718,097 64, 918 183, 523 50, 798 86, 586 59, 51731, 908 94, 506 33, 647 14, 927 33, 076 28, 692 35, 999 Bank premises: Feb. 21 42, 804 2,940 9,021 4,' 5,992 2,614 2,070 3,955 2,287 1,520 3,235 1,255 3,226 Mar. 1 42, 735 2,936 9,005 4,678 5,992 2, f"" 2,069 3,945 2,284 1,520 3,222 1,250 3,226 Mar. 8 42, 735 2,936 9,005 4, i"" 5,992 2,608 2,069 3,945 2,283 1,520 3,222 1,251 3,226 Mar. 15 42, 732 2,936 9,005 4,678 5,992 2,608 2, 3,945 2,T~~ 1,517 3,222 1,251 3,226 Other assets: Feb. 21 50,181 3,: 13, 923 4,467 5, 652 3,210 2,292 4,975 2,148 1,584 2,367 1,970 4,324 Mar. 1 51,150 3,321 14,194 4,491 5,762 3, 246 2,339 5,f" 2,189 1,625 2,428 2,040 4,419 M M a a r r . . 8 15 4 51 6 , , 0 " 8 ~ 1 3 2 , , 3 9 7 4 2 2 1 1 2 4 , , 8 3 7 7 4 2 4 4, , 1 6 1 3 1 0 5 5, , 2 8 3 1 6 7 3V,278 2 2 , , 0 3 7 2 2 3 4 5 , , 5 11 4 6 4 2 1 , ,9 2 4 1 5 2 1 1 , , 6 4 3 5 6 2 2 2 , , 4 1 4 4 6 7 2 1, , 7 0 9 2 9 9 4 3 , , 4 9 5 6 6 5 Total assets: Feb. 21 15, 788, 872 993,103 6, 668, 898 880, 378 1,147, 010 5459,85 430, 296 2, 460, 444 480, 670 357, 252 475, 386 337, 675 1, Oil, 775 Mar. 1 15,926, 7041,008, 309 6, 720, 869 896,015 1,166, 819 5459,13 431,927 2,4 48844,,123 487, 787 357, 694 482,166 350,094 994,8 " Mar. 8 15, 840, 7461,019, 510 6, 564, 336 880, 485 1,175, 218 536, 369 432, 603 522,4 5,24, 439 497, 842 361, 323 487, 494 347, 517,3 013, 554 Mar. 15 16,076, 4461,024,600 6,600,139 918,150 1,214,9 23 552; 617 45"1,' 422 2, 562, 301 502; 164 36l| 202 497; 811 370,1 ,6 30270, 480 LIABILITIES Federal Reserve notes in actual circulation: Feb. 21 4, 344, 462 378, 752 993,198 317, 041 419, 662195, 148, 818 982, 844178, 854134,119167, 681 76, 732 350, 975 Mar. 1 4, 355, 946 377,1831,000,190 316, 916 418', 335 198, 489148, 775 984,517179, 378 113344,; 748168, 937 77, 615 350, 863 Mar. 8 4, 343, 566 376, 353 993, 062 3133, 737 420,,368 196, 910148, 506 982, 761178, 944134, 847169,035 77,119 351, 924 Mar. 15 4, 335, 313 375, 322 997, 249 3144, 320 416, 991195, 961147, 96' 981, 217178, 918134, 516168, 719 76, 206 347, 927 Deposits: Member bank—reserve account: Feb. 21 8, 840, 548 406,065 4, 805, 703 395i,, 130 475, 467 232!., 156184, 7621,079,158 217',,971117, 302 228, 690179,190 518, 954 Mar. 1 8, 941, 650 414,121 4', 867,132 399, 853 490, 359 236i;, 524183, 9991, 092, 400 217',,851 118, 897 222, 342182, 921 515, 251 Mar. 8 8, 984, 989 439I,, 2 21155 14,; 786,653 401,142 510, 646 236i,,332190, 8201,131, 29' 215, 927 7, 354234, 170 181, 287 530,146 Mar. 15 9,077, 284 437',, 624t ,4 ,825,938 431,143 527, 923233, 510193, 5411,139,136 205; 128, 332237,165183,096 533, 967 U.S. Treasurer—general account: Feb. 21 1,180, 791 110, 354 317, 061 66, 515 127, 040 42, 345 43, 567 244, 920 34, 511 72, 661 33, 439 33, 244 55,134 Mar. 1 1,167, 818 106, 093 304, 475 68, 505 123, 503 36, 56548, 653 241,056 42, 551 69, 79443, 990 43, 071 39, 562 Mar. 8 1,101, 562 102, 520 241,174 64,595 124, 098 30, 565 41, 202 254, 713 54, 684 64, 497 38, 744 43, 036 41, 734 Mar. 15 1,058, 714 97, 646 170,074 61, 050 125, 048 35, 419 45, 809 261, 506 60, 387 62, 460 40, 200 57, 530 41, 585 Foreign bank: Feb. 21 225, 974 16, 267 80, 704 21,915 21,011 9,715 7,907 27, 337 6,552 5,196 6, 552 6,552 16, 266 Mar. 1 246, 296 17, 744 87, 830 23, 905 22, 920 10, 597 29, 820 7,147 5,669 7,147 7,147 17, 744 Mar. 8 255, 935 18, 419 91, 440 24, 815 23, 792 11, 000 8,954 30, 955 7,419 5,884 7,419 7,419 18, 419 Mar. 15 269, 292 19, 340 96, 577 26, 055 24, r 11, 550 9,401 32, 501 7,790 6,178 7,790 7,790 19, 340 Other deposits: Feb. 21 . 268, 904 5,584 208, 318 7,350 5,132 1,980 6,955 5,090 5,183 5,051 4,410 13,025 Mar. 1 237, 344 5,065 177, 991 4,723 4,994 1,537 7,246 4,734 4,634 5,108 872 3,190 17, 250 Mar. 8 254,113 6,004 189, 250 4,576 6,192 1,659 8,466 5,339 4,631 6,510 814 3,120 17, 552 Mar. 15 282, 759 6,062 213, 709 4,524 4,752 4,212 11, 042 5,f~~ 4,821 5,640 846 4,2 16, 816 Total deposits: Feb. 21 10, 516, 217 538, 270 5, 411, 786 490, 910 628, 650 286,196 243,1911, 356, 505 264, 217 200, 210 269, 507 223, 396 603, 379 Mar. 1 10, 593,108 5"4"3,,023 5,437,428 496,986 6"4"1 ,776 285,223 248,524 1, 368, 010 272,183 199,468 274, 351 236, 329 589, 807 Mar. 8 10, 596, 599 566,1585, 308,,5117 495,128 664,728 279, 556 249, 4421, 422, 304 282, 661 204, 245 281,147 234,862 607, 851 Mar. 15 10, 560, 672 "5>,, 330066,;2 298 522, 772682, 703 284, 691259, 7931, 439,109 278, 907 202, 610 286, 001 252. 785 611, 708 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN APRIL 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. 21 580,973 52, 028 143, 783 40,007 66, 005 49,161 25, 675 76, 306 27, 083 13, 744 27, < 26, 554 32, 847 Mar. 1 630, 626 64,038 163,167 49, 720 74, 027 47, 391 22, 014 86, 846 25, 723 14, 298 28, 709 25,135 29, 558 Mar. 8 553,056 52, 920 142,612 39,133 57, 380 45,052 22,005 74, 559 25, 712 13,040 27,116 24, 557 28,970 Mar. 15 705, 482 64, 525 176,153 48, 640 82, 499 57,142 31, 022 97,179 33, 833 14, 900 32, 912 30, 619 36, 058 Other liabilities including accrued dividends: Feb. 21 2,955 257 1,056 237 232 121 326 81 122 277 112 Mar. 1 3,044 28^ 1,011 253 252 134 358 126 250 132 Mar. 8 3,336 299 1,135 323 273 139 373 128 255 146 Mar. 15 3,658 305 1,424 280 139 391 96 137 266 157 Total liabilities: Feb. 21 15, 444, 607 307 6, 549, 823 848,1951,114, 549531, 204 417r,,805 ,415,981 470., 235 348,195 465, 445 326, 755987,113 Mar. 1 15, 582, 724 984, 5316, 601, 796863, 8751,134, 390531,175 4191,,4472, 439, 731 477, 370 348, 640 472, 234739,162 970, 360 Mar. 8 15, 496, 557 995, 730 "61,,444455,,332266 8418,,3211,142, 749521, 605 4201,,0921,479,997 487,408 352, 260 477, 553336,625 988,891 Mar. 15 15,732,5021, 000I, , "8 •2"4 i"6,, 481,124 8816,;0121,182, 479 537, 879 4318,,9212,517,896 491,754;3 52,163 4"87 , 89*8 359, 702 995, 850 CAPITAL ACCOUNTS Capital paid in: Feb. 21 134,930 9,405 50,980 12,049 13,679 5,079 4,522 13,601 3,967 2,912 4,240 3, 962 10, 534 Mar. 1 135,016 9,405 51, 025 12, 049 13, 679 5,078 4,515 13, 617 3,967 2,910 4,241 3.' 10, 534 Mar. 8 134, 948 9,405 50, 956 12, 049 13, 679 5,078 4,515 13, 616 3,965 2,912 4,241 3,996 10, 536 Mar. 15.. 134,956 9,405 50, 95' 12,049 13, 683 5,075 4,516 13, 617 3,966 2,912 4, 242 3,998 10, 536 Surplus (section 7): Feb. 21 149,152 10, 083 52, 463 13, 696 14, 323 4, 5,630 22, 666 4,685 3,153 3,613 3,892 9, 965 Mar. 1 149,152 10,083 52, 463 13, 696 14, 323 4, 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Mar. 8 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Mar. 15 149,152 10, 083 52, 463 13, 696 14, 323 4,983 5,630 4,685 3,153 3, 613 3, 9,965 Surplus (section 13b): Feb. 21 27, 264 2,874 7,457 4, 416 1,007 3,293 713 1,429 545 1,001 1,142 1, 2,121 Mar. 1 27, 263 2,874 7,457 4, 416 1,007 3,293 712 1,429 545 1,001 1,142 1,266 2,121 Mar. 8 27, 264 2,874 7,457 4, 416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Mar. 15 27, 264 2,874 7, 457 4,416 1,007 3, 293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts: Feb. 21 32, 919 1,434 8,175 2,022 3, 452 1, 426 1,626 6,767 1, 238 1,991 946 1,800 2,042 Mar. 1 32, 549 1,416 8,128 1,979 3,420 1, 384 1,623 6, """ 1,220 1,990 923 1,778 2,008 Mar. 8 32, 825 1,418 8,134 2,003 3,460 1,410 1,653 6,731 1, 239 1,997 94; 1,794 2,041 Mar. 15 32, 572 1, 414 8,138 1,977 3,431 1,38^ 1,642 1,214 1,973 916 1,779 2,008 Total liabilities and capital accounts: Feb. 21 15, 788, 871 993,103 , , 3781,147, 010545, 985430, 296 2,460,444 480, 670 357, 252475, 386 337, 6751,011,775 Mar. l..__ . _ . 15, 926, 7041, 008, 309 6, 720, 869 89061, 1,166,819545, 913431, 92"2, 484,123 487, 787 357, 6"9 4' 482,166 350, 094 994, 98$ Mar. 8 15, 840, 7461,019,5106., 564. , 336 88.0 ,4851,175,218536,369432,60: 2, 524,439 497,842 361,323 487,494 347, 5731,013, 554 Mar. 15 16, 076, 4461, 024, 6006, 600,139 918,150 1, 214, 923552, 6r 451, 422 2, 562, 301502,164 361, 202497, 811370, 6371,020, 480 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 303 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO MARCH 15, 1939 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e la a s c t h W m e o d n n th es ) day of N r u e m ce b iv e e r n d e t t A o m da o t u e n , t Nu o s t ( e m o w u e r t b i s y t e h c r o n a to d n C A i d t o i m m o w d n o m a i s u t ) t i h n e t - - t , Numbe T r o ta A l mount a s R F d ta b e e v o n a d s a u d e n e n t r i k - r c n v a e e g l s 5 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 p b p l u c p e o t r t m e o n d v - o e * t 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 t e i i t , d - d h b , , - y s i t F p n p a t g a n a i u o n t r d t u i i t a i i o n i o t n n c - n s n g c i t s - 2 - i- 1934—Dec. 26. _. 5,053 187,696 1,122 54,531 49,634 13, 589 8,225 20,966 5,558 1,296 1935—June 26._. 6,618 263,482 1,815 102, 331 1,646 88,778 27, 518 20, 579 11, 248 24,900 4,533 Dec. 31»_. 7,615 306, 708 2,176 132, 460 1,993 124, 493 32, 493 27, 649 11, 548 44,025 8,778 1936—June 24... 8,158 331,391 2,394 142,811 2,183 133, 343 30,487 24, 454 9,381 61, 422 7,599 Dec. 30._. 8,379 342, 699 2,500 149,204 2,280 139,829 25, 533 20, 959 8,226 77, 903 7,208 1937—Mar. 31._. 8,483 346,911 2,543 150, 561 2,323 141, 545 23,054 18, 611 7,898 85, 215 6,767 June 30... 8,546 351, 420 2,587 154,960 2,361 145, 758 23,014 16, 331 1,470 97, 668 7,275 Sept. 29_.. 8,593 354, 426 2,610 155,902 2,381 146, 724 21, 395 14,880 537 102, 608 7,304 Dec. 29... 8,677 363, 292 2,640 158,743 2,406 150,987 20, 200 12, 780 3,369 107,400 7,238 1938—Jan. 26.._. 8,711 364,487 2,660 159, 370 2,419 151, 587 19, 861 13, 388 1,563 109,002 7,773 Feb. 23._. 8,766 367,754 2,683 160,603 2,433 152, 543 19, 659 13,078 2,059 109,992 7,755 Mar. 30... 8,906 373, 519 2,717 162, 648 2,464 154, 918 19,366 13,110 3,419 111, 198 7,825 Apr. 27.- 9,012 377, 778 2,760 165, 921 2,497 156, 933 19, 357 12, 735 3,957 113,126 7,758 May25._. 9,096 380, 648 2,813 167, 695 2,536 158,962 18, 583 13, 260 3,522 115, 628 7,969 June 29... 9,152 383, 535 2,836 168, 894 2,566 161,158 18, 439 13, 649 3,084 117, 560 8,426 July 27— 9,182 388, 350 2,861 173, 759 2,592 166,498 18,189 13, 731 6,703 119, 391 8,484 Aug. 31... 9,226 390, 783 2,884 174, 544 2,606 166,835 17, 784 13, 543 5,203 121, 291 9,014 Sept. 28 . 9,262 393, 532 2,897 176,006 2,617 168,380 17, 562 13, 597 5,737 122, 452 9,032 Oct. 26__. 9,292 396, 209 2,909 180,060 2,628 172, 738 17,233 14, 541 7,811 123, 723 9,430 Nov. 30._. 9,320 397, 759 2,931 181,144 2,644 174. 091 17, 391 14, 328 3,085 126, 844 12,443 Dec. 28 ... 9,336 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. 21 s_ 9,362 400, 685 2,958 182, 879 2,671 175, 902 16, 474 12, 907 1,105 133,001 12, 415 Mar. 15 *_. 9,379 401, 766 2,966 184, 564 2,680 177, 715 15, 861 12, 545 2,216 134, 709 12, 384 i Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 1 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,813,000 on March 15, 1939. a Tuesday 4 March 29 not yet available. 6 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in the weekly statement of Condition of the Federal Reserve banks. NOTE.—On March 15, 1939, there were 26 applications amounting to $1,436,000 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Feb. 21 4, 645, 819398, 749 .1., 092, 133132, 725 439, 475 205, 352 116,06,441,016,014 194,121138, 837175,042 84, 260 408, 469 Mar. 1 4, 637, 302398,1211,0'8"4', 76"2 330, 310 437, 724 216 160, 2501, 016, 482 192, 855138, 578 "1"7»6,,456 84, 806 408, 742 Mar. 8 4, 624,142396,0041, 085, 482328,134 439, 809 159, 6491, 012, 449 193, 290138,029 176i,, 19684,114 403,117 Mar. 15 4, 615, 432394[, ,— 07'2. ,1081,225"9" 328^ 536 438,172 206, 338 159, 790 1, 012, 401192, 525 138, 255 176, 34984, 276 403, 459 Held by Federal Reserve bank: Feb. 21 301, 357 19, 997 98, 933 15, 684 19, 813 9,566 11,1 33,170 15, 267 4,718 7,361 7,528 57, 494 Mar. 1 . 281, 356 20, 938 84, 572 13, 394 19, 389 9,727 11, 475 31, 965 13, 477 3,830 7,519 7,191 57, 879 Mar. 8 280, 576 19, 651 92, 420 14, 397 19, 501 10, 899 11, 143 29, 688 14, 346 3,182 7,161 6,995 51,193 Mar. 15 280,119 18, 750 84, 010 14, 216 21,181 10,371 11, 823 31, 18413, f~~ 3,739 7,630 8,070 55, 532 In actual circulation.! Feb. 21 4, 344, 462378, 752 993,198 317,041419, € 195, 786 148, 818 982, 844178, 854134,119167, 681 76,7! 1,975 Mar. 1 4, 355, 946377,1831,000,190 316, 916 418, 335 ,489 148, 775 984, 517179, 378~ 1~3-4,,748168, 937 77, 615350, 863 Mar. 8 4, 343, 566376, 353 993, 062 ' 196, 910 148, 506982, 761178, 944134, 847 "1,035 77, ,924 Mar. 15 4, 335, 313375, 322 997, 249 314', 320 416, 991195, 961 147, 967 981, 217178,918134, 516168, 719 76, 206 347'',,927 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 21 4, 771,000420,000 1, 105,000 345,000 443,000 210,000169,0001,035,000199, 000143, 500180, 000 87, 500 434,,000 Mar. 1— 4, 771,000420,000 i,; 105,000 345,000 443,000 21i0,, 0~0"0" 169,0001,035, 000' 1"919,,000143, 500180,000 87, 500 434:,,000 Mar. 8 4, 768,000420, ,105,000345; 000 443; 000 210,000 169,000 ,1035,000196,000 1431!,500180,000 17, 500 434, 000 Mar. 15 4, 768,000420,000 1,. 105,000 345, 000 443, 000 "211,000,0 169,0001, 035,000' 1"96 1,, 001043, 500180, 000 500 434,000 Eligible paper: Feb. 21 3,656 12 1,507 672 217 140 251 43 25 429 191 123 Mar. 1_ 3,284 212 919 678 112 165 253 41 25 415 209 218 Mar. 8 2,977 182 880 548 94 165 112 64 25 367 276 227 Mar. 15 3,181 172 1,237 390 74 170 110 76 35 339 315 228 Total collateral: Feb. 21 4, 774, 656420, 0121,106, 507345, 672 443, 217 210,140169, 2511, 035, 043 199, 025 143, 546 180, 42987, 691434,123 Mar. 1___. ... 4, 774, 284420, 2121,105, 919 345, 678 443,112 210,165169, 2531, 035,041 199, 025 143, 537 180, 41587, 709'" :, 218 Mar. 8 4, 770, 977420,1821.105, 880 345, 548 443, 094 210,161569,1121,035, 064 196,025 143, 537 180, 367 87,7''6 434:,,227 Mar. 15. . _ 4, 771,181420,1721.106, 237 345, 390 443, 074 210,171069,1101, 035, 076 196, 035 143, 535 180, 33987, 815 434:,,228 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. 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304 FEDERAL RESERVE BULLETIN APRIL 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, FEBRUARY, 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 banks i New Chi- banks banks 1 posits posits 1 Re- Ex- York cago quired Held cess Total reserves held: All member banks.. 31, 820 26,151 11, 525 5,552 8,925 3,373 1938—January 7,183 2,856 2,345 1,378 February 7,230 2,906 2,350 1,377 Central reserve city banks: March 7,326 3,039 574 2,349 1,365 New York 11,215 10, 552 703 2,436 4,482 2,047 April 7,469 3,150 622 2,348 1,350 Chicago 2,408 2,139 463 510 673 164 May 7,587 3,204 794 2, 311 1,278 June 7,878 3,341 899 2,359 1,280 Reserve city banks: July 8,167 3, 545 925 2,396 1,302 Boston district 1,032 922 100 166 276 109 August 8,119 3, 523 875 2,402 1,319 New York district 188 149 151 34 39 September 8.196 3,669 861 2,352 1,314 Philadelphia district.. 1,131 935 244 176 255 October 8,546 3,939 2,409 1,317 Cleveland district 1,481 1,153 735 239 351 112 November 8,727 4, 075 2,426 1, 338 Richmond district 685 529 207 103 150 47 December 8.745 4,139 898 2,387 1,322 Atlanta district __ 681 485 171 93 113 20 1939—January 9; 029 4,409 780 2,474 1,366 Chicago district 1,193 879 549 181 256 75 February 8,925 4,482 673 2,405 1,364 St. Louis district 789 609 177 115 160 45 Week ending (Friday): Minneapolis district _. 348 263 89 50 63 12 1939—February 3 9,133 4,588 726 2,469 1,350 Kansas City district... 942 626 156 117 164 47 February 10 8,991 4,509 690 2, 423 1,369 Dallas district 675 414 125 79 107 28 February 17 8,901 4,466 673 2,398 1,364 San Francisco district. 2,051 1,636 1,915 382 471 February 24 4,430 653 2,387 1,367 March 3 8,925 4,485 665 2,403 1,371 Total 11,199 8,600 4,619 1,736 2,405 March 10 8,995 4,447 676 2,456 1,416 Excess reserves: Country banks: 1938—January 1,353 461 86 451 355 Boston district 607 553 101 146 46 February 1,406 499 78 468 361 New York district 1,293 969 1,382 185 322 136 March 1,524 631 52 481 359 Philadelphia district.. 596 428 874 95 146 50 April? 2,071 884 146 432 Cleveland district 563 395 662 81 121 41 May 2,525 1,065 321 451 Richmond district 501 323 340 56 85 29 June 2,762 1,153 404 747 459 Atlanta district _ 497 319 215 49 72 23 July 3,026 1,352 424 767 483 Chicago district 819 556 680 101 175 75 August 2,955 1,320 379 762 495 St. Louis district 344 231 239 40 57 18 September 2,920 1,382 361 698 479 Minneapolis district.. 293 192 271 37 53 16 October 3,143 1,589 375 712 467 Kansas City district.. 442 284 154 42 64 22 November 3,276 1,712 374 710 480 Dallas district 518 341 100 46 72 26 December 3,226 1,734 376 658 457 325 215 270 51 11 1939—January 3,484 1,996 260 734 495 San Francisco district- February 3,373 2,047 164 494 6,S 4,861 5,740 870 1,364 494 Week ending (Friday): Total.. 1939— February 3 3,574 2,152 731 482 February 10 3,445 2,077 176 691 500 1 Gross demand deposits minus demand balances with domestic banks February 17 3,345 2,027 162 662 494 (except private banks and American branches of foreign banks) and February 24 3,289 1,993 149 650 496 cash items in process of collection. March 3 *3, 366 2,040 160 666 P500 NOTE.—See table at foot of p. 315 for percentages of deposits required March 10 P3, 417 1,979 173 720 P545 to be held as reserves. p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. » Reserve requirements decreased April 16, 1938; see table at foot of page 315 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Boston 1,842 '1,872 653 651 1,721 rl, 751 528 526 120 121 125 125 New York 12, 696 12, 662 2,236 2,243 i 1,193 i 1, 214 i 1,039 i 1,049 288 284 494 493 Philadelphia . 1,726 1,736 1,118 1,108 1,509 1,518 666 658 217 218 452 450 Cleveland 2,044 2,065 1,397 1,378 1,825 1,844 1,103 1,082 219 221 294 295 Richmond 1,186 1,196 547 544 1,002 1,010 356 352 184 186 190 192 Atlanta 1,178 1,156 386 385 1,014 998 302 301 165 158 85 84 Chicago 4,421 4,495 1,692 1,683 i 1, 699 i 1, 699 i 949 i 943 314 311 280 279 St. Louis 1,133 1,145 415 412 929 935 300 297 204 210 116 115 Minneapolis 642 660 360 360 469 484 176 176 173 176 184 184 Kansas City 1,384 1,408 310 310 1,063 1,077 197 197 321 330 113 113 Dallas ... 1,193 1,192 225 224 904 904 180 179 289 288 45 45 San Francisco. 2,376 2,390 2,185 2,197 2,262 2,273 2,088 2,101 114 117 97 96 Total 31, 820 '31, 977 11, 525 11, 494 115, 589 '115,707 i 7, 884 i 7, 861 2,609 2,621 2,474 2,471 r Revised. 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 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305 APRIL 1839 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Treas- Federal Na- Gold Silver Silver ury Subsid- Minor United Federal Reserve tional End of month Total certifi- dollars certifi- notes iary coin States Reserve bank bank cates cates of 1890 silver notes notes notes notes 1938— February __. 6,334 1,097 338 144 267 4,104 231 March 6, 355 1,125 338 144 263 4,103 227 April 6,397 1,162 339 144 264 4,112 224 May 6,467 1,215 341 145 268 4,127 220 June___ __. 6,461 1,230 342 146 262 4,114 217 July 6,452 1,247 341 145 258 4,098 214 August 6,504 1,263 344 146 262 4,129 211 September.. 6,622 1,292 348 147 264 4,215 208 October 6,700 1,297 351 148 269 4,282 206 November,. 6,787 1,312 356 151 269 4,349 203 December,. 6,855 1,339 357 151 257 4,405 201 1939—January... 6,653 1,269 348 149 244 4,301 198 February. 6,731 1,327 350 150 246 4,320 195 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] End of month i T t c n io u o n c l t a i ^ a r - l - Total Co C in o i a n nd s $ m 1 a 3 ll den $ o 2 minati $ o 5 n curr $ e 1 n 0 cy 2 $20 Total $5 L 0 arge $ d 1 e 0 n 0 omi $ n 5 a 0 t 0 ion $ c 1 u ,0 rr 0 e 0 ncy $5 2 ,000 $10, 000 as U e s d n o - 2 rt- 1938—Februarv 6,334 4,798 520 473 32 863 1,489 1,421 1,538 382 708 138 291 13 2 March 6,355 4,784 521 473 31 860 1,487 1,412 1,573 385 718 144 300 9 18 3 April _ .__ . 6,397 4,807 522 476 31 866 1,498 1,414 1,593 388 725 146 304 12 18 3 Mav 6,467 4,856 526 487 32 877 1,512 1,422 1,616 389 727 152 307 17 24 4 June 6,461 4,837 481 31 875 1,503 1,420 1,627 391 732 152 309 17 25 2 July . .. . 6,452 4,836 526 481 31 879 1,508 1,410 1,618 388 727 152 307 17 27 2 August 6,504 4,885 530 488 32 891 1,528 1,416 1,622 389 727 152 308 17 29 3 September 6,622 4,970 536 501 32 912 1,556 1,434 1,656 396 744 156 317 17 25 4 October _ 6,700 5,021 540 505 32 923 1,572 1,450 1,683 400 754 157 321 18 33 4 November 6,787 5,096 548 511 33 936 1,599 1, 469 1,696 404 761 158 323 17 32 5 December 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939—January 6,653 4,953 538 492 32 904 1,546 1,440 1,705 403 768 160 329 17 28 6 February . 1 6,731 5,011 541 498 33 919 1,574 1,446 1,721 406 774 161 335 17 28 1 1 Total of amounts of coin and paper currency shown by dsnominations less unassorted currency in Treasury and Federal Reserve banks. w 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 STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] [By selected banks in New York City. In thousands of dollars] Silver Fed- Ship- Receipts Net dollars Sub- eral Na- Year or month ments to from ship- Net End of month Total and sid- Minor United Re- tional Europe Europe ments receipts silver iary coin States serve bank bul- silver notes bank notes lion J notes 1935 10,628 19, 966 9. 33S 1936 34 774 26 216 8, 558 1937 21, 500 47, 550 2fi. 050 1938—February.. 2,668 1,526 373 156 347 33 233 1938 33,105 34,373 1,268 March 2 679 1, 540 374 157 347 32 230 April 2,690 1,554 374 157 347 32 226 1938—February 28 3,824 3. 796 Mav 2,702 1,570 374 157 347 31 223 March 1 212 2 728 1, 516 June . 2, 713 1, 584 374 157 347 31 221 April 503 2,618 2. 115 July 2,721 1, 596 374 157 347 30 217 Mav 155 6,179 6. 024 \ugust 2,731 1, 608 375 157 347 30 214 June 379 3 48 S 3. 107 September . 2,739 1,618 376 158 347 29 212 July 85 3, 753 3. 668 October 2, 751 1,634 376 158 347 29 208 August 1,052 2 348 1.296 November. 2,773 1, 657 376 158 347 29 206 September 14,740 978 13,762 December__ 2,798 1,685 376 159 347 28 203 October 10,593 591 10,002 November 3,430 982 2, 448 1939—January 2, 816 1, 705 376 159 347 28 201 December 739 2,228 1.453 February... 2,824 1,717 376 160 347 27 198 1939 January 6,505 2,024 4.481 1 Includes silver held against silver certificates amounting to $1,632,- February 2,781 985 1, 796 000,000 on Feb. 28, 1939 and $1,433,000,000 on Feb. 28, 1938. ! Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN APRIL 1939 ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES UNITED STATES1 [In millions of dollars] [In thousands of dollars] Net Year or month G e o o n l r d d m o st f o o n y c t k e h a r at c t r o I e i n t n a a - s l e g N o e ld t l t o g h s a r e s o i a n u r ( - g o - h r ) m g D t o e i o c l s - d - February Ja 1 n 9 u 3 a 9 ry Jan.-Feb. gold import marking pro- From or to— Total I a n c a c c o t u iv n e t stock a tr c a ti n o s n - s d ti u o c n - Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 i 8,238 4, 202. 51,133.9 82.6 96.0 1935 10,125 1, 887. 21,739.0 .2 110.7 Belgium 1,688 1,688 1936 11, 258 26.5 1,132. 51,116.6 -85.9 131.6 France 1,400 1,438 2,839 1937 12,760 1, 227. 9 1, 502. 51, 585. 5 -200.4 143.9 Germany 4 1 5 1938 14,512 1,751.51, 973. 6 -333. 5 146.4 Netherlands 29. 256 33, 678 62, 933 1936—October 11,045 199.7 218.8 -11.3 13.8 S S w pa e i d n e . n 3, 840 230 2 3,8 2 4 3 2 0 November. _. 11, 184 139. 6 75.8 3.0 11.8 Switzerland 1 1 December 11,258 ~~~~26~5 73. 3 57.0 10.9 United Kingdom... 165, 378 52, 051 217, 429 Canada 4,234 10, 856 13 15, 089 27 1937—January 11, 358 126. 5 100.1 121.3 -48.3 9.3 Mexico.. 2,496 2,342 4, 838 February 11,436 204.7 78.2 120.3 -8.0 8.3 Central America_._ 443 579 1,022 March . _ 11, 574 342. 5 137. 9 154.3 — .4 10.8 Argentina April. 11, 799 568.0 225. 6 215.8 9.2 Chile 502 558 1,061 Mav 11, 990 759. 1 191. 1 155.4 26.'2 12.4 Colombia 2,089 2,089 June 12,318 1, 086. 8 327. 8 262. 0 -15.9 11.2 Ecuador 197 318 516 July. . _ _ 12, 446 1, 214.1 127.3 175.4 -35.5 12.7 Peru 313 366 679 August _ _ 12, 567 1, 335. 7 121.6 104.8 -5.3 16.9 Venezuela 360 394 754 September 12, 741 1, 210. 0 174.3 145.5 9.3 12.2 Australia 3,953 6,585 10, 538 October 12,803 1, 271. 9 62.0 90.5 -8.0 14.9 British India 175 1 176 November 12,774 1, 242. 5 -29.3 22.1 -20.1 13.8 China and Hong December 12, 760 1, 227. 9 -14.0 18.0 -101.6 11.9 Kong 2,411 2, 279 4.690 Japan 5, 446 37, 819 43,265 1938—January 12, 756 1,223. 2 -4.6 2.1 -1.1 10.9 Philippine Islands 2,719 2,754 5,473 February 12, 776 1, 200. 6 20.7 8.0 -18.2 9.8 All other countries*. 167 399 565 March 12, 795 1,183. 0 18.5 52,9 -.6 10.5 A M p a r y il 1 12 2 , , 9 8 1 6 9 9 7 49 4 . . 8 3 7 5 1 2 . . 1 8 -5 -1 3 . . 2 0 1 1 0 1 . . 4 3 Total 223, 296 15 156, 427 81 379, 723 J J u u l n y e _,T _ 1 12 3 , , 0 9 1 6 7 3 4 5 4 4 . . 2 5 5 63 5 . . 8 3 - - 1 2 5 0 . . 5 9 1 9 4. . 0 4 Figures represent customs valuations which, with some exceptions, August 13,136 118.3 166.0 -28.8 14.5 are at rate of $35 a fine ounce. September.... 13, 760 623.8 520.9 -13.3 13.9 2 Includes all movements of unreported origin or destination. October. _ 14,065 305.0 562.4 -110.2 13.3 Back figures.— See table, p. 337, and Annual Report for 1937 (tables November 14, 312 247.5 177.8 -7.4 15.3 31 and 32). December. 14, 512 199.6 240.5 -62.4 13.1 1939—January 14, 682 170. 0 156.3 14.1 12.2 BANK DEBITS February 14,874 192.7 223.3 -48.6 P12.2 [Debits to individual deposit accounts, at banks in principal cities.] Preliminary. [In millions of dollars] 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. Total, 140 133 NOTE.—Figures for domestic production of gold are those published all New other other in table, p. 367, adjusted to exclude production in Philippines. Ad- Year and month report- York lead- reportjustment based on annual figures reported by Director of Mint and ing City ing ing monthly imports of gold to U. S. from Philippines. For back figures, centers cities i cities 2 see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 1929 982, 531 603,089 331,938 47,504 1935 402, 718 184,006 190,165 28, 547 1936 461, 889 208, 936 219, 670 33, 283 Member Nonmember 1937 469, 463 197, 836 235, 206 36, 421 banks banks 1938 405,834 168, 778 204, 651 32, 406 Total, ba a n ll ks ti N on a- al State su I r n e - d2 in N su o r t ed 1938— F M J e a a b n r r c u u h a a r r y y .. . . . 2 3 3 7 4 4 , , , 8 8 8 6 5 3 7 7 3 1 1 14 4 0 , , , 9 4 7 1 4 7 5 6 7 1 1 1 7 4 7 , , , 6 3 6 3 7 0 3 3 7 2 2 2 , , , 3 7 7 3 1 4 7 9 9 April 33, 825 14, 572 16, 597 2,656 Num 19 b 3 e 4 r of banks suspended: 57 1 8 48 J J M u u n a ly y e 3 3 3 1 5 3 , , , 1 3 5 3 5 0 3 9 1 1 1 1 2 5 3 , , , 8 8 6 2 2 3 8 8 7 1 1 16 6 7 , , , 0 1 6 1 6 7 3 0 7 2 2 2 , , , 5 6 7 1 2 0 8 8 4 1 1 1 1 9 9 9 9 3 3 3 3 5 7 6 8 . 3 4 5 5 4 4 5 9 4 4 1 1 2 1 4 2 4 4 7 2 0 7 6 8 6 3 A N S O e u o c p g t v o t u e e b m s m e t b r b . e e _ r r _ . 3 3 3 3 0 2 2 6 , , , , 1 1 1 7 6 9 3 9 6 2 0 8 1 1 1 1 2 2 3 5 , , , , 0 1 2 4 8 4 4 2 5 0 7 5 1 1 1 1 6 6 6 8 , , , , 4 0 0 9 4 9 2 8 0 6 3 1 2 2 2 2 , , , , 6 5 7 8 6 2 6 9 6 8 0 5 1939—Jan.-Feb. _._ 11 1 1 7 2 December. 43,172 18, 879 21,050 3,243 De ( p in o 1 9 s t 3 i h 4 ts o u of s a su n _ s d p s e o n f d d ed o l b la a r n s) k : s 3 36, 937 40 1,912 34, 985 1939— F J e a b n r u u a a r r y y .. _ . 2 3 9 5 , , 1 8 2 8 7 2 1 12 4 , , 5 3 3 80 3 1 1 7 5 , , 1 8 1 0 0 7 2 2 , , 7 3 8 9 6 2 1935 10,015 5,313 3,763 939 1936 11,306 507 10, 207 592 1 Comprises centers for which bank debit figures are available beginning 1937_ 19, 723 7,379 l~708~ 10,156 480 with 1919, except that one substitution was made in 1920 and one in 1928. 1938 13,264 36 211 11, 721 1,296 2 Cities (other than the 141 centers) for which bank debits are currently 1939—Jan. -Feb 24, 792 304 22, 774 1,673 41 reported. The number has changed very little since 1934 and has numbered 133 since 1936. 1 Represents licensed banks suspended; does not include nonlicensed Back figures.—See Annual Report for 1937 (Table 71), which also gives banks placed in liquidation or receivership. a definition of bank debits. Figures for individual reporting cities and 2 Federal deposit insurance became operative January 1, 1934. totals by Federal Reserve districts are available in mimeographed form. 3 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.See Annual Report for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

307 APRIL 1931* FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks Nonmember [In millions of dollars] banks Member banks Nonmeniber banks Call date Total Other Total ti N on a- al State M s b a a u v n 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- al State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 1929—June 29 25,110 8,707 7,530 1,177 611 15, 792 1929—June 29— 53,852 32, 284 19,411 12, 873 8,983 12, 584 Dec. 31 24, 630 8,522 7,403 1,119 609 15, 499 Dec. 31— 55,289 33, 865 20, 290 13, 575 8,916 12, 508 1933—June 30 14, 519 5,606 4,897 709 576 8,337 1933—June 30— 37,998 23, 338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38,505 23, 771 15, 386 8,385 9,708 5,026 1934—June 30 15, 835 6,375 5,417 958 578 8,882 1934—June 30. _ 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31 16, 039 6,442 5,462 980 579 9,018 Dec. 31— 44, 770 28, 943 18, 519 10, 424 9,828 6,000 1935—June 29 15, 994 6,410 5,425 985 571 9,013 1935—June 29. __ 45, 766 29, 496 19,031 10, 465 9,920 6,350 Dec. 31 15, 837 6,387 5,386 1,001 570 8,880 Dec. 31— 48,964 32,159 20, 886 11, 273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30— 51, 335 34,098 21,986 12,112 10,060 7,178 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—June 30 2 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30 2__ 53, 287 35, 440 22, 926 12, 514 10, 213 7,635 Dec. 31 15, 393 6,341 5,260 1,081 663 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 Dec. 313 6,338 5,224 1,114 Dec. 31 K 36, 211 23, 497 12, 714 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—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 Dec. 31 s. 32, 070 13, 208 18, 863 1 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. 2 Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30, 1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. 3 Nonmember bank figures not available. Back figures. —See Annual Report for 1937 (tables 48 -49) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN APRIL 1939 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loansi Investments i T lo a o n a t d n a s l C m c i o i n e a m - r l, - - Open o p s L r u e o r c c c a u a h n r r a s r it y s i f i i e o n n s r g g u.3. Go D v i e re rn ct ment obligations g O at o b io f li n - s Call date m v i e e n s n - t t - s Total i t a d a r g u i n a s r d - i l - , p m k ap a e r t e - r b T ro o k- e l R o st a e a n a t l s e b L a o t n o a k n s s l O o t a h n e s r 4 Total G a u n a - r- s p a t i o a c n l t a d i e l t- s s O i e t t i c e h u s e r r i tu c r u a l- l 2 d a e e n r a s d l- ot T he o rs3 Total Bills Notes Bonds teed s d s io u iv n b- i s - 5 ers TOTAL—ALL MEMBER BANKS 1929—Dec. 31..35, 934 26,150 583 2,463 7,685 3,191 714 11,515 1,784 3,863 e 249 520 3,094 1,393 4,528 1933—June 30. _24,786 12, 858 595 953 3,752 2,372 330 4,857 11, 928 6,887 «1,113 2,049 3,725 1,744 3,297 1934—Dec. 31._ 28,150 12, 028 751 1,030 3,110 2,273 155 4,708 16,122 9,906 61,030 4,217 4,659 989 1,965 3,262 1935—Dec. 31. _ 1,985 12,175 651 1,243 2,893 2,284 98 5,006 17, 810 10, 501 1,192 5,403 3,905 1,768 2,178 3,364 1936—Dec. 31. _33,000 13, 360 634 1,410 2,785 2,405 85 6,041 19, 640 11, 639 1,053 4,527 6,060 1,906 2,226 3,868 1937—Dec. 31._31, 752 13, 958 643 950 2, 752 2,547 70 6,996 17, 794 10, 574 662 4,277 5,635 1,797 2,047 3,376 1938—Mar. 7_._ 31, 521 13, 546 878 2,665 2,556 96 6,745 17, 975 10, 625 797 4,297 5,531 1,827 2,209 3, 314 June 30._ 30, 721 12, 938 701 2,614 2,613 120 6,397 17, 783 10, 215 316 3,653 6,246 2,128 2,143 3, 297 Sept. 28..31, 627 12, 937 712 2,590 2,661 126 6,364 18, 689 10, 713 313 3,707 6,693 2,298 2,317 3,361 Dec. 31.. 32, 070 13, 208 5,449 441 973 7 775 2,716 125 2,729 18, 863 10,882 286 3,389 7,208 2,340 2,448 3,192 NEW YORK CITY 8 1929—Dec. 31. _ 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 6 58 166 889 222 758 1933—June 30 _ 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 6 638 987 926 478 680 1934—Dec. 31 __ 7,761 3,159 396 716 820 139 63 1,024 4,602 3,246 758 1,664 824 278 446 632 1935—Dec. 31.. 8,418 3,434 286 1,078 793 140 42 1,096 4,985 3,425 865 1,810 749 401 507 653 1936—Dec. 31._ 9,280 3,855 216 1,173 753 144 42 1,527 5,425 3,739 718 1,559 1,462 470 426 790 1937—Dec. 31. _ 8,313 3,673 198 761 733 141 29 1,811 4,640 3,207 495 1,536 1,175 388 342 704 1938—Mar. 7___ 8,317 3,532 168 696 727 140 60 1,741 4,785 3,180 505 1,529 1,145 432 485 689 June 30. 8,013 3,172 141 556 717 132 85 1,541 4,840 3,031 222 1,358 1,451 709 394 706 Sept. 28.. 8,355 3,146 154 564 702 132 95 1,499 5,209 3,153 251 1,342 1,560 834 495 727 Dec. 31. _ 8,335 3,262 1,461 138 787 220 121 99 436 5,072 2,963 158 1,142 1,663 894 517 CITY OF CHICAGO 8 1929—Dec. 31.. 1,757 1,448 251 533 535 309 116 63 19 94 96 96 1933—June 30. 1,287 677 61 251 237 610 384 6 206 82 97 87 138 1934—Dec. 31. _ 1,581 532 55 170 202 1,049 743 164 299 279 78 129 100 1935—Dec. 31 1,868 476 29 149 249 1,392 1,061 213 604 243 88 141 103 1936—Dec. 31 __ 2, 100 633 51 140 402 1,467 1,107 198 375 533 94 143 124 1937—Dec. 31. _ 1,901 635 41 129 426 1,266 916 32 366 518 94 135 121 1938—Mar. 7__ 1,997 614 39 113 423 1,382 1,008 153 371 484 100 136 138 June 30.. 1,806 525 29 109 361 1,281 859 12 313 535 122 140 159 Sept. 28.. 1,889 522 31 111 351 1,367 921 1 310 611 126 144 175 Dec. 31.. 1,969 539 336 43 70 62 1,430 1,005 59 291 655 109 141 176 RESERVE CITY BANKS 1929—Dec. 31. _1.2, 029 9,084 168 664 2,775 1,538 3,679 2,944 1,368 « 91 165 1,112 448 1,128 1933—June 30 8,492 4,482 126 108 1,340 1,131 1,678 4,011 2,483 6 205 681 1, 597 598 930 1934—Dec. 31. _10, 028 4,312 179 195 1,124 1,090 1,671 5,715 3,809 95 1,692 2,022 279 649 978 1935—Dec. 31. 10, 780 4,347 195 117 1,057 1,094 1,851 6,432 4,076 85 2,267 1, 724 656 723 977 1936—Dec. 31. _11, 795 4,794 209 159 1,048 1,124 2,231 7,000 4,426 120 1,904 2,403 697 774 1,102 1937—Dec. 31 11,414 5,203 201 123 1,066 1,176 2,610 6,211 3,961 106 1,589 2,267 637 691 921 193S—Mar. 7__.11, 250 5,031 198 118 1,020 1,173 2,498 6,219 3,962 115 1,610 2,236 648 708 902 June 30..11,150 4,853 163 998 1,201 2,369 6,298 3,940 69 1,268 2,603 718 732 908 Sept. 28..11, 426 4,870 156 992 1,217 2,387 6,556 4,088 47 1,290 2,752 743 775 949 Dec. 31..11, 654 4,963 2,121 148 119 242 1,230 1,083 6,691 4,278 57 1,224 2,997 740 808 COUNTRY BANKS 1929—Dec. 31. _13, 375 8,936 201 291 2,231 1,462 4,705 4,439 1,267 6 97 171 999 627 2,546 1933—June 30.. 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 6 64 299 1,106 581 1,549 1934—Dec. 31. 8,780 4,025 101 64 996 1,026 1,810 4,756 2,108 6 13 562 1, 533 355 741 1,552 1935— Dec. 31. _ 8,919 3,918 142 20 894 1,035 1,810 5,002 1,940 28 722 1,189 623 807 1,633 1936—Dec. 31 9,825 4,078 187 29 843 1,123 1,881 5,747 2,368 17 689 1,662 645 883 1,851 1937—Dec. 31. 10,124 4,446 216 25 824 1,219 2,149 5,677 2,490 29 786 1,675 678 879 1,630 1938—Mar. 7_._ 9,958 4,369 215 24 804 1,233 2,083 5,589 2,477 24 787 1,665 647 880 1,586 June 30. _ 9,752 4,388 173 20 790 1,269 2,126 5,364 2, 385 13 715 1,657 579 878 1,522 Sept. 28.. 9,958 4,399 156 21 784 1,303 2,127 5,558 2,550 15 766 1,770 596 903 1,508 Dec. 31.. 10,113 4,444 1,531 138 25 243 1,353 1,148 5,669 2,636 11 732 1,893 597 982 1,453 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pages 22-23, and this BULLETIN, pp. 259-264. 2 Not reported separately prior to Dec. except for weekly reporting banks in leading cities. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and because of the revised loan classifications figures for Dec. 31, 1938, are not comparable with earlier figures. 5 Includes obligations of territorial and insular possessions when reported separately. 6 Includes Treasury certificates of indebtedness. 7 For estimated figures for Dec. 31, 1938, on basis comparable with earlier figures see p. 332 of this BULLETIN. 8 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 309 CONDITION OF ALL MEMBER BANKS—Continued [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic with ances mand vid- States Certi- vid- States banks Cap- Call date F e e ra d l - C i a n sh w d i o t - h po d s e- its p u a al r s t- , p a o n l d it- f a i n e d d U G . o S v- . p ua a l r s t- , p a o n l d it- Postal r B o o w r- - i a t c a - l s R er e v - e vault m ba e n s k ti s c 1 ju a st d e - d2 s n h e ip r- s, s i u c b a - l c o e ff r i s - ' m er e n n - t s n h e ip r- s, s i u c b a - l i s n a g v s - 4 F ei o g r n - ings counts banks a co n r d - s d i i o v n i- s ?h e e tc c . k 3 s, a co n r d - divi- m D a e n - d Time banks pora- porations tions TOTAL ALL MEMBER BANKS 1929—Dec. 31 2, 374 558 2,168 16, 647 17, 526 1, 335 1,681 143 12, 267 595 122 3,517 879 6,709 1933—June 30 2,235 405 2,008 12, 089 11, 830 1,087 657 806 7,803 300 788 3,057 146 191 4,837 1934—Dec. 31 4,082 609 3,149 15, 686 14, 951 1,799 838 1, 636 9,020 294 452 4,569 134 154 13 5,054 1935—Dec. 31 5, 573 665 3,776 18, 801 18, 035 2,139 882 844 9,680 361 218 5,696 151 449 6 5,145 1936—Dec. 31 6, 572 697 4,066 21, 647 20, 970 2. 329 881 882 10, 429 296 104 6,402 153 438 15 5,275 1937—Dec. 31 7,005 589 3,414 20, 387 19, 747 2,132 767 781 10, 806 482 5,436 129 464 12 5,371 1938—Mar. 7 7,249 604 3,561 20, 513 19,116 2,237 566 752 10, 845 512 5,615 137 377 28 5,352 June 30 8,004 712 4,084 20, 893 19,816 2, 314 662 543 10,874 454 135 331 11 5,368 Sept. 28 8, 193 775 3,937 21, 596 20, 439 2,080 538 707 10, 789 464 130 467 12 5,410 Dec. 31 8,694 746 4, 24022, 293 21, 119 547 790 10, 846 462 6,510 132 511 6 5,424 NEW YORK CITY : 1929—Dec. 31 179 4,750 5,847 128 1,180 20 1,112 18 1,198 597 179 2,105 1913—June 30 846 101 4, 358 4,676 96 461 332 671 110 1, 255 128 1,582 1934—Dec. 31 1,576 103 5,069 5,370 229 540 792 591 56 1,798 133 1,565 1935—Dec. 31 2,541 111 6,193 6,479 323 524 224 591 3 2,338 410 1,573 1936—Dec. 31 2,658 133 6,929 7,274 285 457 225 679 2,493 397 1,585 1937—Dec. 31 2,738 120 6,111 6,507 189 404 382 696 2,108 423 1,606 1938—Mar. 7 2,941 95 6,336 6,429 185 327 360 694 2, 173 335 1,596 June 30 3, 517 119 6,698 6,900 273 367 123 694 2, 514 291 1, 587 Sept. 28 3,743 91 7,026 7,128 196 280 181 653 2,498 411 1,589 Dec. 31 4,104 109 7,168 7,273 280 195 139 652 442 1,593 CITY OF CHICAGO 5 1929—Dec. 31 _. 169 133 957 1,041 42 332 310 19 33 316 1933—June 30_ 232 203 912 870 87 358 259 204 1934—Dec. 31 __ 415 207 1,189 1, 073 182 381 445 226 1935—Dec. 31 _ 511 209 1,401 1,301 208 413 522 229 1936—Dec. 3.1 _. 558 188 1,554 1,495 191 449 599 244 1937—Dec. 31 _ 596 179 1,438 1,354 207 445 528 255 1938—Mar. 7_._ 135 1,372 1,270 170 445 576 245 June 30. _ 208 1,523 1, 386 221 443 688 249 Sept. 28_. 856 198 1,585 1, 455 204 439 636 256 Dec. 31 884 235 1,688 1, 597 181 452 658 257 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 5,229 5,547 423 300 76 4, 433 371 41 1,604 292 2,029 1933—June 30 705 122 1,002 3, 764 3,708 349 108 312 2,941 208 388 1,315 59 16 1, 533 1934—Dec. 31 1,268 207 1,543 5,136 4,919 585 169 620 3, 494 206 186 1,984 117 1,614 1935—Dec. 31 1,594 256 1,779 6,161 6,001 707 204 385 3,796 266 79 2,422 134 1,657 1936—Dec. 31 2,108 285 1,816 7,126 7.023 843 230 407 4,026 203 35 2,826 137 1,697 1937—Dec. 31 2,310 200 1.470 6,870 6,743 777 192 256 4, 161 266 34 2,389 107 1,735 1938—Mar. 7 2,376 213 1,632 6, 848 6,455 809 121 234 4, 198 269 33 2,461 116 1,736 June 30 __. 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 1,753 Sept. 28 2,311 322 1,862 7,078 6,843 711 120 356 4,209 233 23 2,557 107 1,764 Dec. 31 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 1,777 COUNTRY BANKS 1929—Dec. 31 627 321 5,711 5,091 742 169 39 6,390 133 61 405 367 2,258 1933—June 30 452 203 702 3,054 2, 576 555 72 116 3,833 86 285 228 167 1,517 1934—Dec. 31 822 275 1,296 4,292 3,589 804 106 4,554 84 210 342 13 1,650 1935—Dec. 31 927 305 1,676 5,047 4, 254 901 127 4,879 83 136 415 6 1,687 1936—Dec. 31 1,247 319 1,929 6,039 5,177 1,011 167 178 5,275 80 69 483 3 1,750 1937—Dec. 31 1,361 307 1,645 5,968 5,143 959 149 78 5,504 158 61 412 12 1, 775 1938—Mar. 7 1,366 310 1,700 5,957 4,963 1,073 101 5,508 159 56 403 11 1,774 June 30 1,263 316 1,806 5,738 4,863 1, 008 126 5,499 144 52 380 11 1,778 Sept. 28 1,282 351 1,786 5,908 5,013 969 114 108 5,488 147 46 398 11 1, 801 Dec. 31 1, 353 322 1,956 6,224 5, 215 1,128 154 143 5,509 147 44 446 6 1,798 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933' includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 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. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. 4 Includes U. S. Treasurer's time deposits, open account. 5 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Investments l Loaiis for U. S. Government obligations Date or Month m T l v o a e i o e n n a n s d t - n t a t- s s l 1 Total C t m d c a r i u o i i n n e a a s m d r - l - l , - , - p O m k a p a e p r t e - e n r b p o r T s o r u o e k r c c c - u a h r r a r it s y i i i e n n s g g e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total1 Direct G a u n a - r- s O i e ti t c e h u s e r r - i a cu g l r - i- a e n r d s ot T h o ers Total Notes2 Bonds2 teed tural dealers TOTAL—101 CITIES 1938—February,.. 21, 214 4,391 446 738 616 1,160 67 1,518 12, 278 8,168 1,147 2,963 August 20, 675 8,215 337 636 577 1,160 111 1,508 12, 460 7,702 1,646 3,112 1939— N S D F O J e e a o c e p b n t c v o t u r e e e b u a m m m e r a y r r b b b y e e e . r r r _ . . . . . . . 2 2 2 2 2 2 1 1 1 1 1 1 , , , , , , 4 3 3 0 5 5 6 2 7 8 4 2 8 3 8 6 7 7 8 8 8 8 8 8 , , , , , , 3 1 2 4 2 1 9 3 8 6 6 9 7 3 2 5 8 8 3 3 3 3 3 3 , , , , , , 8 8 7 9 8 8 9 8 6 0 6 0 3 4 0 4 3 0 3 3 3 3 3 3 4 3 4 2 2 3 6 2 3 5 3 8 8 8 6 6 7 7 5 5 6 7 1 9 0 2 9 5 5 5 5 5 5 5 5 5 7 6 4 7 3 7 6 6 7 1 3 8 1 1 1 1 1 1 , , , , , , 1 1 1 1 1 1 6 7 6 4 6 6 6 0 8 5 3 1 1 1 1 1 1 1 0 2 0 1 0 1 0 3 2 3 9 4 1 1 1 1 1 1 , , , . , , 5 5 5 5 5 5 6 2 0 3 1 4 3 7 9 9 5 4 1 1 1 1 1 1 2 3 3 3 3 3 , . , , , , 1 3 1 0 0 8 3 3 2 4 2 1 0 0 1 1 8 0 8 8 8 8 8 7 , , , , , , 1 1 1 1 0 9 3 9 9 7 8 5 0 1 1 8 7 4 1 1 1 1 1 1 , , , , , , 6 7 7 6 6 8 6 0 2 8 9 8 8 8 8 2 1 1 3 3 3 3 3 3 , , , , , , 2 2 1 2 2 2 1 8 1 6 2 7 7 5 1 1 2 5 1938—Dec. 28. . 21, 649 8,430 3, 843 328 848 560 1,169 115 1,567 13, 219 8,266 1,732 3,221 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 Jan. 11... 21, 477 8,367 3, 818 323 864 546 1,169 107 1,540 13,110 8,206 1,715 3,189 Jan. 18___ 21, 439 8,290 3,789 325 826 543 1,170 95 1,542 13,149 8,182 1,732 3,235 Jan. 25___ 21, 428 8,281 3, 765 327 835 540 1,173 101 1,540 13,147 8,186 1,733 3,228 Feb. ]„_ 21, 442 8, 233 3,767 324 792 535 1,174 99 1,542 13, 209 8,173 1,789 3,247 Feb. 8i __ 21, 450 8,168 3, 745 324 786 534 1,137 106 1,536 13, 282 8,174 453 2,543 5,178 1,808 3,300 Feb. 15. 21, 608 8, 205 3,761 321 813 533 1,134 104 1,539 13, 403 8,182 460 2,543 5,179 1,975 3,246 Feb. 21_. 21, 606 8,180 3,766 321 790 529 1,135 99 1, 540 13, 426 8,184 453 2,536 5,195 1,993 3,249 Mar. 1. 21,594 8,186 3,773 313 799 523 1,136 92 1,550 13, 408 8,143 416 2,531 5,196 2,019 3,246 M M a a r r . . 8 1 _ 5 _ . _ . 2 2 1 1 , , 8 7 2 8 2 8 8 8 , , 3 2 3 8 8 1 3 3 , , 7 7 7 9 3 4 3 31 1 0 3 8 9 7 2 5 3 5 5 3 3 1 2 1 1, , 1 1 3 3 6 5 1 8 1 3 1 1 1 , , 5 5 5 5 2 1 1 1 3 3 , , 4 5 5 4 0 1 8 8, , 1 2 7 8 6 0 4 4 7 4 3 2 2 2, , 0 4 5 2 2 7 5 5, , 7 3 5 0 5 7 2 2 ; , 0 0 3 2 0 3 .3 3 , , 2 2 3 4 8 4 NEW YORK CITY 1938—February... 7,826 3,260 1,704 169 587 212 126 40 422 4,566 3,131 404 1,034 August 7,584 2,938 1,466 133 510 195 118 84 432 4,646 2, 806 786 1,051 September.. 7,797 2,969 1, 455 138 543 195 119 90 429 4, 828 2,931 800 1,097 October 7,809 2, 935 1,447 142 528 197 119 89 413 4,874 2,902 803 1,169 November.. 7, 737 2, 957 1,422 138 573 201 119 90 414 4,780 2,895 800 1,085 December.. 7, 845 3,056 1,399 133 688 199 119 100 418 4,789 2, 858 835 1,096 1939—January 7,645 2,982 1. 371 128 694 192 117 79 401 4,663 2,711 852 1,100 February... 7,676 2,901 l', 357 125 644 187 110 82 396 4,775 2,634 974 1,167 1938—Dec. 28.. 3,016 1,377 132 681 199 119 94 414 4,785 2,826 860 1,099 1939—Jan. 4___. 3,023 1,377 128 717 201 118 78 404 4, 684 2,748 856 1,080 Jan. 11... 3,008 1, 381 129 704 190 117 86 401 4,661 2,742 836 1,083 Jan. 18... 2,952 1,371 127 675 189 116 73 401 4, 663 2,685 853 1,125 Jan. 25. 2,946 1, 354 127 681 190 116 79 399 4,643 2,670 863 1,110 Feb. l._. 2,901 1,356 125 642 187 116 78 397 4,686 2,648 903 1,135 Feb. 8i _. 2,890 1,351 125 636 187 108 86 397 4,768 2,636 124 965 1,547 923 1,209 Feb. 15_. 2,917 1,358 125 660 187 108 83 396 4,808 2,621 133 938 1,550 1,028 1,159 Feb. 21_. ',733 2, 895 1,361 124 640 188 108 79 395 4,838 2,629 126 914 1,589 1,044 1,165 Mar. 1 ',755 2,899 1, 363 122 647 186 108 74 399 4,856 2,613 108 889 1,616 1,063 1,180 Mar. 8__. ',974 3,038 1,365 122 758 192 108 94 399 4,936 2,704 100 863 1,741 1,061 1,171 Mar. 15_. ', 9572,963 1,366 117 715 192 108 67 398 4,994 2,795 91 766 1,938 1,037 1,162 OUTSTDE NEW YORK CITY 1938—February 13, 388 5, 676 2,687 277 151 404 1,034 27 1,096 7,712 5, 037 1,932 August 13, 091 5,277 2, 420 204 126 382 1,042 27 1,076 7,814 4,896 2,058 September 13,281 5,299 2,438 200 132 383 1,042 24 1,080 7,982 5,026 2,088 October 13. 514 5, 347 2,457 2C4 141 379 1,044 20 1,102 8,167 5,182 2,106 November 13, 610 5,362 2,462 205 142 370 1, 047 23 1,113 8,248 5, 235 881 2,132 December 13,741 5,409 2,464 199 162 367 1,049 23 1,145 8,332 5,333 873 2,126 1939— January 13, 823 5,356 2,429 197 158 355 1,053 21 1,143 8,467 5,480 876 2,111 February 13, 851 5,296 2,403 198 151 346 1,035 20 1,143 8,555 5,544 917 2,094 1938—Dec. 28 13, 848 5,414 2,466 196 167 361 1,050 21 1,153 8,434 872 2,122 1939—Jan. 4 13,819 5,389 2,449 196 167 358 1,048 21 1,150 8,430 876 2,112 Jan. 11 13, 808 5,359 2,437 194 160 356 1,052 21 1,139 8,449 879 2,103 Jan.18 13,824 5,338 2,418 198 151 354 1,054 22 1,141 8,486 879 2,116 Jan. 25 _ 13, 839 5, 335 2,411 200 154 350 1,057 22 1,141 8,504 870 2,110 Feb. 1 13, 855 5,332 2,411 199 150 348 1, 058 21 1,145 8,523 886 2,118 Feb. 81.. 13, 792 5,278 2,394 199 150 347 1,029 20 1,139 8,514 329 1,578 3,631 885 2,091 Feb. 15 13,883 5,288 2,403 196 153 346 1,026 21 1,143 8,595 327 1,605 3,629 947 2,087 Feb. 21 13, 873 5,285 2, 405 197 150 341 1,027 20 1, 145 8,588 327 1,622 3,606 949 2,084 Mar. 1 13, 839 5.287 2,410 191 152 337 1, 028 18 1,151 8,552 308 1,642 3,580 956 2,066 Mar. 8 13, 814 5, 300 2,408 191 165 340 1,027 17 1,152 8,514 342 1,564 3, 566 969 2,073 Mar. 15 13, 865 5, 318 2,428 193 160 339 1,028 16 1,154 8,547 382 1,286 3,817 2,076 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, BULLETIN for December 1935 (page 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 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." 2 Not reported separately prior to Feb. 8, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

311 APRIL 1939 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month b s w F e R e a e r i r n e a t d v k h - l - e s v C a a i u s n l h t m a b w n d a e i o c n s t - e h t k s i s c m p u o s a d a t s d e e n i - - t d d s 1 s p p u v h n a c o a a i i o e n p r d r l r r d a t s s - - - - , - , S p s d s a i t i o u i c o a n v l b a t d n i i - l e t s - - s c C h c a o f e e e e i f n t e c f r r c d i d k s t . - i ' s - , U m G e . r e o n n v S - t - . s p p u h v n c a o a a o i i e n l r p d r r r d s a t - s - - , - - , S p s d s a i t i o u i c a o n v l b a t n d i i - e l t s - - s P s i o n a s g v t s - a 2 l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p n - l - ts tions tions TOTAL—101 CITIES 1938— February 5,646 294 2,016 4,509 15, 348 367 638 5,218 5,172 114 392 3,623 August 6,602 387 2,416 .5,118 15,917 368 425 5,193 5,808 112 320 3,657 September 6,712 416 2,413 5,377 16,275 409 491 5,200 5,863 111 419 3,661 October 7,005 425 2,446 .5, 688 16, 666 493 563 5,152 6,012 110 479 3,663 November 7,170 438 2,467 5,825 16, 856 448 536 5,124 6,120 113 486 3,677 December 7,219 483 2,452 6,087 17,124 548 585 5,128 6,079 112 505 3,683 1939—January 7, 437 440 2,561 6, 054 17, 020 463 631 5,161 6,216 111 531 3,675 February 7,358 410 2,543 6, 042 16, 997 461 631 5,170 6,175 113 563 3,682 1938—Dec. 28 7,057 489 2,410 5, 986 17,166 564 637 5,148 5,949 112 519 3,686 1939—Jan. 4 7,237 452 2, 559 .5, 888 16, 989 521 630 5,150 6,245 112 519 3,673 Jan. 11 7,371 456 2,522 6, 050 17, 020 433 632 5,165 6,138 111 520 3,676 Jan.18 7, 545 424 2, 584 .6,124 17, 078 453 630 5,162 6,245 110 541 3,673 Jan. 25 7,596 427 2,580 6,152 16, 992 446 630 5,167 6,236 111 545 3,678 Feb. 1 7,521 394 2,593 6, 048 16,993 515 631 5,172 6,248 111 576 3,681 Feb. 8 7, 452 423 2,515 6, 076 .5, 463 1, 435 438 630 4,925 237 6,156 115 572 3,682 Feb. 15 7,171 410 2,522 5, 951 5, 723 1, 365 510 629 4,937 232 6,173 112 547 3,681 Feb. 21 7,289 412 2, 542 6, 094 5, 625 1,383 380 628 4,947 230 6,122 116 557 3,684 Mar. 1 7,368 389 2,558 5, 965 5, 643 1,358 542 629 4,965 225 6,300 114 566 3,687 Mar. 8 7,409 420 2,532 6, 086 5, 605 1, 296 629 627 4,981 231 6,403 115 569 3,693 Mar. 15 7,464 402 2,659 6, 143 5,927 1, 299 752 4,976 212 6,540 117 573 3,685 NEW YORK CITY 1938—February 2,719 5, 859 6,143 222 343 660 2, 095 354 1,486 August 3,351 6,286 6,567 218 103 650 2,447 279 1,483 September 3,505 6, 453 6,781 251 128 662 2,494 370 1,481 October 3,754 6,613 6,972 328 141 621 549 424 1,482 November 3,910 6, 669 7,048 281 115 604 2, 426 1,488 December 3,973 6,8L7 7, 221 356 118 601 2,598 442 1,490 1939—January 4,208 6,730 7,085 285 116 613 2,661 469 1,479 February 4,288 6,844 7,209 299 116 621 2,639 495 1,484 1938—Dec. 28 3,911 6,770 7, 260 362 120 601 2,520 455 1,491 Jan. 4 4,037 6, 617 7,018 309 117 609 2,670 458 1,477 Jan.11 4, 119 6, 714 7,068 270 116 613 2,618 457 1,480 Jan.18 4,308 6, 793 7,146 279 117 613 2,668 478 1,480 Jan. 25___ 4,368 6, 797 7,106 284 116 617 2,689 480 1,480 Feb. 1 4,395 6,777 7. 142 339 116 617 2,706 507 1,483 Feb. 8 4,320 6,887 6, 901 314 284 116 571 2,626 502 1, 485 Feb. 15 4,161 6, 809 6, 933 313 349 116 579 2, 615 481 1,484 Feb. 21. 4,274 6, 903 6,936 296 225 115 580 " 609 492 1,485 Mar. 1 4,315 6,843 6,979 270 362 116 582 2,729 499 1,487 Mar. 8 4, 259 6, 956 7, 030 226 469 116 587 2,780 500 1,486 Mar. 15 4,301 6, 938 7, 129 234 574 116 2, 832 504 1,482 OUTSIDE NEW YORK CITY 1938—February 2,927 243 1,951 8,650 9,205 145 295 4,558 3,077 114 2,137 August 3,251 337 2, 347 8, 832 9,350 150 322 4,543 3,361 112 2,174 September 3,207 357 2,340 8, 924 9,494 158 363 4,538 3,369 111 2,180 October 3,251 364 2, 370 9, 075 9,694 165 422 4,531 3,463 110 2,181 November 3,260 373 2,392 9,156 9,808 167 421 4,520 3,531 113 2,189 December 3,246 410 2,378 9,270 9,903 192 467 4,527 3,481 112 2,193 1939—January 3,229 382 2,488 9, 324 9,935 178 515 4,548 3,555 111 2,196 February 3,070 358 2, 469 9,198 9,788 162 515 4,549 3,536 113 2,198 1938—Dec. 28 3,146 419 2,337 9, 216 9,906 202 517 4,547 3,429 112 2,195 1939—Jan. 4 3,200 390 2, 486 9,271 9,971 212 513 4,541 3,575 112 2,196 Jan. 11 3, 252 395 2,450 9,336 9, 952 163 516 4,552 3,520 111 2,196 Jan.18 3,237 370 2,510 9, 331 9, 932 174 513 4, 549 3,577 110 2,193 Jan. 25 . „ 3,228 373 2, 506 9,355 9,886 162 514 4,550 3,547 111 2,198 Feb.1 3,126 344 2, 520 9,271 9,851 176 515 4, 555 3,542 111 2,198 Feb. 8 3,132 369 2,439 9,189 8, 562 1,121 154 514 4,354 191 3,530 115 2,197 Feb. 15 3,010 357 2,449 9,142 8,790 1,052 161 513 4,358 187 3,558 112 2,197 Feb. 21 3,015 359 2, 468 9,191 8, 689 1,087 155 513 4, 367 185 3,513 116 2,199 Mar. 1 3,053 340 2, 480 9,122 8, 664 1,088 180 513 4,383 181 3, 571 114 2,200 Mar. 8 3, 150 367 2,452 9,130 8, 575 1,070 160 511 4,394 185 3, 623 115 2,207 Mar. 15 3,163 352 2,569 9,205 8, 798 1,065 178 510 4,388 185 3,708 117 2,203 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Includes U. S. Treasurer's time deposits, open account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN APRIL 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Loans Investments Com- Loans for U. £. Government obligations Total mer- purchasing loans cial, or carrying 1 Federal Reserve and in- Open securities Direct district and date in- dus- mar- Real Loans Other (1939) vest- Total trial, ket estate to Other Total Guar- securments and paper To loans banks loans an- ities agri- brok- teed cul- ers To Total Bills Notes Bonds tural and others dealers BOSTON (6 cities) Feb. 21.. _ .. 1,146 570 250 68 29 24 80 2 119 576 404 5 94 305 40 132 Mar. 1 1,149 570 250 65 30 24 80 2 119 579 404 5 94 305 43 132 Mar. 8 . 1,135 571 248 64 34 24 80 2 119 564 387 5 88 294 43 134 Mar. 15 1,142 575 250 66 33 24 80 2 120 567 387 5 76 306 45 135 NEW YORK (8 cities)* Feb. 21 _. 8,563 3,244 1, 458 131 646 245 196 80 488 5,319 2,893 126 984 1. 783 1,102 1,324 Mar. 1 8,585 3, 247 1,461 129 652 242 196 75 492 5,338 2,873 108 961 1,804 1,125 1,340 Mar. 8 ... _ 8,823 3,390 1, 463 129 767 248 196 95 492 5,433 2,970 100 940 1,930 1,133 1, 330 Mar. 15 8,808 3,313 1,466 124 721 248 196 67 491 5,495 3,068 91 825 2,152 1,106 1, 321 PHILADELPHIA (4 cities Feb. 21 1,136 409 179 23 20 32 53 1 101 727 364 49 315 93 270 Mar. 1 1,128 410 180 22 21 32 53 2 100 718 360 64 296 91 287 Mar 8 1,135 411 181 25 21 32 52 1 99 724 366 67 299 90 268 Mar. 15. 1,124 414 184 23 23 32 52 2 98 710 358 42 316 89 263 CLEVELAND (10 cities) Feb. 21 1,860 642 229 9 22 26 169 2 185 1,218 832 22 260 550 110 276 Mar. 1 1,847 642 228 9 21 26 169 1 188 1,205 818 16 254 548 110 277 Mar. 8 1,829 644 228 9 21 26 169 1 190 1,185 802 16 237 549 106 277 Mar. 15 1,831 649 232 9 20 26 169 1 192 1,182 796 16 206 574 108 278 RICHMOND (12 cities) Feb. 21 685 231 98 9 3 16 35 70 434 322 197 125 48 64 Mar. 1 672 231 99 9 3 16 34 70 441 329 199 130 48 64 Mar 8 675 232 99 9 4 16 34 70 4-13 331 198 133 48 64 Mar. 15 679 232 99 9 3 17 34 70 447 335 153 182 48 64 ATLANTA (8 cities) Fob. 21 596 306 171 7 13 27 1 84 290 154 1 39 114 49 87 Mar. 1 594 306 171 3 13 27 1 84 288 154 2 41 111 50 84 Mar. 8 597 304 170 3 6 13 27 1 84 293 157 8 37 112 52 84 Mar. 15 603 306 171 3 6 13 27 1 85 297 155 8 33 114 58 84 CHICAGO (12 cities)* Feb. 21 3,202 847 484 31 36 78 98 4 116 2, 355 1,647 253 462 932 247 461 Mar. 1 3, 182 842 482 29 36 78 99 3 115 2,340 1,626 236 461 929 248 466 Mar. 8 3,159 846 486 28 38 78 99 3 116 2,313 1,596 251 421 924 250 467 Mar. 15 3,206 858 495 29 40 77 99 3 115 2,348 1,628 284 343 1,001 253 467 ST. LOUIS (5 cities) Feb. 21 702 309 177 4 6 12 48 7 55 393 229 3 78 150 63 101 Mar. 1 700 31C 179 3 6 12 49 6 55 390 225 3 73 149 63 102 Mar. 8 719 309 178 3 6 12 49 6 55 410 245 21 72 152 64 101 Mar. 15 725 308 178 3 6 12 49 5 55 417 252 28 Go 159 64 101 MINNEAPOLIS (8 cities) Feb 21 391 153 75 4 1 7 7 59 238 182 23 48 111 16 40 Mar. 1 392 154 76 4 1 7 59 238 182 23 49 110 16 40 Mar 8 391 153 76 3 1 7 59 238 181 23 48 110 16 41 Mar. 15 379 156 76 4 2 7 7 60 223 166 36 123 17 40 KANSAS CITY (12 cities) Feb. 21 661 258 155 18 5 12 23 1 44 403 216 2 101 113 54 133 Mar. 1 661 257 153 18 5 10 23 1 47 404 217 2 102 113 53 134 Mar. 8 654 257 153 18 5 10 23 1 47 397 208 3 98 107 55 134 Mar. 15 655 257 154 18 5 10 23 1 46 398 207 5 85 117 56 135 DALLAS (9 cities) Feb. 21 503 244 160 1 3 15 20 45 259 161 11 70 78 43 55 Mar. 1 506 247 163 1 3 14 20 46 259 163 11 74 78 42 54 Mar. 8 . . . 501 246 162 1 3 15 20 45 258 161 11 70 80 44 53 Mar. 15 506 246 162 1 3 14 20 46 260 160 28 55 77 48 52 S F A e N b. F 2 R 1 ANCISCO (7 cities 2,181 987 330 12 49 379 1 174 1.214 780 _ 154 619 128 306 Mar. 1 "._ 2,178 970 331 21 14 49 379 1 175 1,208 792 10 159 623 130 286 Mar 8 2,167 975 329 21 19 51 379 1 175 1, 192 772 4 151 617 129 291 Mar. 15 _ 2,164 967 327 21 13 51 380 1 174 1,197 768 1 133 634 131 298 CITY OF CHICAGO* Feb. 21 2,121 524 347 16 33 66 13 49 1,597 1,154 243 239 672 125 318 Mar. 1 . 2,106 520 345 15 32 66 13 49 1, 588 1, 139 230 237 672 125 322 Mar. 8___. 2,096 524 348 15 32 66 13 50 1,572 1,123 245 215 663 125 324 Mar. 15 2,132 531 352 15 38 66 13 49 1, 601 1,153 279 208 666 125 323 * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

313 APRIL 1939 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F is e t d ri e c r t ( a 1 l 9 a 3 R n 9 e ) d s e d rv a e te w F e R e r i e a t d - h l - v C a i a n u s l h t m a w n d e i o c s t - e h t s ic m po a d a s d e n - i - t d s p u v n a a i e d r r l - - s t- , S p a i t o c a n l a t d i l e t- s C a o f e i f n e f r d i d t - i- U G . o S v- . p u v n a a i e d l r r s t - - - , S p a i t o c a n l a t d i l e t- s P s o a s v t - al banks For- r B i o n o w g r s - - c C o i a t a u c a p - n l - ts serve banks justed1 ships, sub- cers' ern- ships, sub- ings2 eign banks and divi- checks, ment and divi- De- banks cor- sions etc. cor- sions mand Time pora- porations tions ROSTON (6 cities) Feb. 21 321 139 146 1,036 983 246 246 243 Mar. 1 328 138 147 1,029 990 245 261 243 Mar. 8 350 140 147 1,037 981 245 260 244 Mar. 15 345 138 156 1,038 991 245 270 244 NEW YORK (8 cities)* F M e a b. r . 2 1 1... ._ 4 4 ? ,4 4 5 0 6 9 2 1 2 9 7 2 7 7, , 4 5 1 1 5 4 7 7 , , 3 4 6 2 9 2 4 4 9 2 2 5 3 2 7 4 7 1 1 1 3 3 4 4 9 95 5 5 1 2 2, ,6 79 6 1 9 4 5 9 0 3 1 1 1, , 6 6 1 0 9 7 Mar. 8 4,389 175 7,522 7,461 374 482 134 962 2,842 502 1,6)9 Mar. 15 4,424 186 7,511 7,576 385 588 134 963 506 1,6)5 PHILADELPHIA (4 Cities) Feb. 21 . . 263 170 782 811 277 313 221 M Ma a r r . . 8 1 2 2 6 6 6 5 1 1 7 6 5 3 778 8 8 1 1 3 9 2 2 7 7 6 7 3 3 0 1 5 4 2 2 2 2 2 2 Mar. 15 287 165 837 276 314 222 CLEVELAND (10 cities) Feb. 21 367 272 1,130 1,109 711 310 367 Mar. 1 380 285 1,126 1,115 712 323 367 Mar. 8 396 298 1, 126 1, 096 713 337 367 Mar. 15 412 301 1,136 1,128 712 339 367 RICHMOND (12 cities) Feb. 21 148 162 437 417 195 238 95 Mar. 1 148 167 440 414 196 245 94 Mar. 8 151 167 448 416 196 246 94 Mar. 15 146 166 439 418 196 249 95 ATLANTA (8 cities) Feb. 21 110 159 360 331 170 240 91 Mar. 1 109 167 363 329 170 243 91 Mar. 8 115 168 362 328 171 253 92 Mar. 15 113 173 368 340 171 256 92 CHICAGO (12 cities)* Feb. 21 867 410 2,275 2,131 285 128 881 387 Mar. 1 879 437 2,268 2,106 295 128 919 388 Mar. 8 ;._ 436 2,271 2,097 291 128 931 389 Mar. 15 .. 448 2,274 2,126 129 882 970 389 ST. LOUIS (5 cities) Feb. 21 158 141 441 441 185 284 91 Mar. 1 159 143 441 444 186 283 92 Mar. 8 155 139 445 442 290 Mar. 15 147 143 443 452 186 295 MINNEAPOLIS (8 cities) Feb. 21 259 230 119 122 56 Mar. 1 266 231 119 124 56 Mar. 8 264 224 119 127 56 Mar. 15 80 267 231 119 126 56 KANSAS CITY (12 cities) Feb. 21 1. 160 259 494 472 139 344 Mar. 1 155 256 489 466 139 341 98 Mar. 8 169 261 496 466 139 347 98 Mar. 15 168 276 503 484 139 354 99 DALLAS (9 cities) Feb. 21 109 249 434 414 128 83 Mar. 1 111 236 429 412 129 203 83 Mar. 8 110 239 430 411 128 204 84 Mar. 15 111 249 439 427 128 208 83 SAN FRANCISCO (7 cities) Feb. 21 305 264 932 917 111 945 101 251 345 Mar. 1 304 265 921 895 111 955 95 253 344 Mar. 8 320 255 897 870 111 963 261 346 Mar. 15 323 298 936 917 110 959 265 341 CITY OF CHICAGO* Feb. 21 655 196 1,545 1,476 149 458 672 255 Mar. 1 658 207 1,530 1,459 153 459 686 256 Mar. 8 209 1,529 1,455 147 460 257 Mar. 15 194 1,515 1,459 141 460 256 * See note on preceding page. 1 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection. 2 Includes U. S. Treasurer's time deposits, open account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN APRIL 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 r s al sto B r a e s d e d in o o n r g s o h o ip d p s ed st o a u n t d - - st o a u n t d - - For ac- Held on B on a s e e x d - Dollar between points in ing* ing Total O bi w lls n bo B u il g ls ht o c w o F n u o r n a t c- c f s o c o p o u r o r e n n r i t g e d n - o - f ot b h y ers p U i i n o m .S r to t . s U p fr o . o S r m t . s ch e a x n - ge U.S. F c o o r u e n ig - n ents tries 1938 February 293 307 246 140 106 1 61 96 78 2 70 61 March 297 293 236 143 93 («) 57 91 75 2 63 62 April 271 279 229 141 89 1 48 86 71 1 60 61 May 251 268 218 139 80 2 48 81 65 1 57 64 June 225 264 210 135 76 2 52 79 63 1 58 63 July 211 265 217 133 84 1 47 78 63 1 60 63 August 209 258 216 129 87 (2) 42 83 58 2 55 60 September 212 261 221 129 92 (2) 40 89 57 2 56 57 October 213 270 223 130 93 (2) 46 94 57 3 59 56 November 206 273 222 124 98 (2) 51 94 59 3 59 57 December 187 270 212 121 91 (2) 58 95 60 3 57 56 1939—January 195 255 204 122 82 52 '89 57 2 52 55 February 195 248 198 122 76 50 87 57 2 48 54 r Revised. 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70) CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances 1 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 s rs' a b in n a p a d v l c a a e c r n t s t o r c n t a u m e e d n s r i e t s n s i n ' g n t - a b i n n a a d v l c a e c f n i s t o r c r t m u a m e n s d e t i s i n n n t g C a b h a n a s a d n h n k d i o s n n r M o b w o o e n r d - e y 2 Free 193g—September 1,317 72 141 227 995 289 December 1,395 64 164 249 1,048 342 1937—March 1,549 61 175 223 1,172 346 June 1,489 55 161 214 1,217 266 September 1,363 48 128 239 1,088 256 December 985 34 108 232 688 193g—February 937 31 104 207 628 March 831 29 95 215 576 April 763 26 97 203 485 May 760 25 85 208 482 June 774 27 88 215 495 July 843 28 80 209 528 August 864 29 84 200 571 September 823 29 76 213 559 October 905 32 85 196 617 November 939 30 78 189 662 December 991 32 106 190 754 1939—January 971 34 75 192 713 February 967 29 83 168 709 ot ot OO O Other credit balances In In partners' firm In Other invest- invest- capital (net) ment and ment and accounts trading trading (net) accounts accounts 99 24 14 423 103 30 12 424 115 29 18 419 92 25 13 397 96 26 12 385 85 26 10 355 80 26 10 324 239 81 25 9 315 248 88 24 9 309 243 92 22 8 301 258 89 22 11 298 284 82 22 10 303 272 77 20 9 301 257 68 20 7 300 270 73 20 8 304 252 65 20 8 303 247 60 22 5 305 235 60 22 12 298 222 62 20 5 294 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 315 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der sees. 13 and 13a of the Fed- 10 (b) of the Federal the United States eral Reserve Act i Reserve Act (last paragraph of sec. 13 of the Federal Federal Reserve Bank Reserve Act) M R a 3 a r 1 t c e h be I g n in ef n fe in ct g- v P r i a r o e t u - e s M R a 3 a r 1 t c e h be I g n i n e n ff i e n c g t - begin ef n f i e n c g t - Boston Sept. 2, 1937 2 Sept. 2, 1937 April 29, 1938 New York Aug. 27, 1937 I* Oct. 10, 1935 Feb. 8, 1934 Philadelphia- Sept. 4, 1937 Sept. 4, 1937 Oct. 20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 May 11, 1935 Richmond Aug. 27, 1937 Sept.10, 1937 Feb. 19, 1934 Atlanta Aug. 21, 1937 2 Aug.21, 1937 April 23,1938 Chicago Aug. 21, 1937 2 Aug.21, 1937 Oct. 16, 1933 St. Louis Sept. 2, 1937 2 Sept. 2, 1937 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 2 Aug.24, 1937 Oct. 8, 1938 Kansas City.. Sept. 3, 1937 2 Sept. 3, 1937 Apr. 16, 1938 Dallas Aug. 31, 1937 2 Aug.31, 1937 Apr. 16, 1938 San Francisco Sept. 3, 1937 2 Sept.17, 1937 Oct. 19, 1933 2 2 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 [Per cent per annum] Rates in effect, March 31, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum except as otherwise specified] Rate in Maturity effect on In effect be- Previous Advances to financ- March 31 ing institutions— Advances direct to Commit- 1-15 days i.. Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 16-30 days... ___do or com- tion for to make 31-45 days... __.do mercial or- which On re- advances 46-60 days___ ___do ganizations institu- maining 61-90 days... ___do tion is portion 91-120 days.. ___do obligated 121-180 days. ___do Boston 3 3H 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 H-2 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland v/2 4 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 Chicago 5-6 1 23^ 5-6 1-2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 33^ 4 Minneapolis.. 4^-5 43^-5 Kansas City.. 4-6 4 4 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. [Per cent per annum] Back figures—Qee Annual Report for 1937 (table 40). Nov. 1, 1933 Feb. 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to to beginning [Per cent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 I 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: l Less than 90 days Central reserve city.. 13 193^ 22% 26 22M Reserve city.. 10 15 20 NOTE.—Maximum rates that may be paid by insured nonmember Country _ _ 7 14 12 banks as established by the Federal Deposit Insurance Corporation, On time deposits: e b f a f n ec k t s iv . e In F e s b o r m ua e r y S ta 1 t , e s 1 93 th 6 e , a m re a x th im e u s m am r e a t a e s s t e h s o t s a e b li i s n h e e d ff ec b t y f t o h r e m B e o m a b rd er All member banks.__ 3 6 5 and the Federal Deposit Insurance Corporation are superseded by See footnote to table on p. 304 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

316 FEDERAL RESERVE BULLETIN APRIL 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Per cent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; per cent per annum] Prevailing rate on- Aversige rate on— 1929 1932 1933 1934 1935 1936 1937 19S8 Aver- U. S. Treas- 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 mo w n e t e h k , or P c r o i m m - e b e a r n s k ' - ch e a x n - ge ch e a x n - ge T U r . e a S s . - F M e a b r r c u h ary 5 5 . . 7 8 3 1 4 4 . . 7 7 2 1 4 4 . . 8 1 8 1 3 3 . .3 4 1 3 2 2 . . 6 9 4 0 2 2 . . 6 5 1 6 2 2 . . 5 4 0 1 2 2 . . 4 3 0 4 2 0 .2 ) 4 mercial accept- time call New 91- ury April..__ 5.85 4.69 4.33 3.39 2.61 2.54 2.53 2.36 paper, ances, loans, loan issues day 3-to-5 May 5.88 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. 2.61 2.44 2.36 2.27 als p w e i r t i h o i d n 1 ta qu ti o o - n A Se u p g t u e s m t ber 6.05 4 4. . 3 4 0 5 3 3 . . 9 7 7 9 3 3. . 2 3 6 3 2 2 . . 6 7 7 2 2 2. . 4 4 0 2 2 2 . . 3 4 9 1 2 2 . . 1 2 6 5 October 4.35 3.76 3.28 2.72 2.46 2.38 2.29 1336 average .„ .75 .15 1.16 .91 .143 .17 1.11 N D o ec v e e m m b b e e r r 5.74 4 4 . . 1 2 2 2 3 3 . . 5 4 2 8 3 3 . 1 2 8 2 2 2. . 6 7 ! 7 2 2 . . 4 4 3 3 2 2 . . 4 4 5 0 2 2 . . 3 3 3 3 1937 average... .95 .43 1 25 1.00 .447 .28 1.40 1938 average—_ .81 .44 1.25 1.00 .053 .07 .83 8 other northern and eastern cities: 1938— J S D J M A A O N M F u u e e p e c u o a l a n p b r c t g y v y r i t e l____ % * % A H H X K H - K M % z - - - A % - l - i l l 1 7 7 7 7 7 7 7 7 r 7 7 / / / / / ^ / / / / / 1 1 1 1 1 1 1 1 1 1 i 6 6 6 6 6 8 6 6 6 6 a I I I I I I I I I I I X K K K K K K K K K K 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 2 9 4 0 2 7 2 8 5 2 8 4 6 7 7 3 4 7 4 3 3 3 . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 4 6 8 8 3 5 8 9 7 5 5 1 1 . . . . . . . . . . 9 7 8 6 6 7 7 7 6 0 0 4 1 2 7 7 0 1 7 8 1 9 J J J A F M A N M S O a u u e e u o c p n a n l a p b t y g v y r r e u o t r u c e i e u b a l h m s m — e a r t y r r b b y . e e . r r _ 5 5 6 5 6 6 6 6 6 6 6 . . . . . . . . . . . 8 9 0 0 0 1 2 1 0 2 1 2 9 0 2 7 4 1 8 5 5 5 5 5 4 4 5 5 5 5 5 . . . . . . . . . . . 0 1 1 1 1 0 1 1 8 0 7 4 3 4 2 5 0 3 8 3 4 4 4 4 4 4 5 4 4 5 4 . . . . . . . . . . . 8 8 3 5 5 0 9 8 9 6 4 9 9 1 4 9 9 2 7 5 4 4 4 4 4 4 4 4 4 4 4. . . . . . . . . . . 4 1 1 6 3 5 5 3 1 1 9 1 2 5 0 2 2 9 5 3 4 4 4 3 3 3 3 3 3 3 3 . . . . . . . . . . . 8 0 9 7 6 7 7 8 7 0 7 2 9 9 3 5 5 8 8 5 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 6 4 4 6 6 4 5 5 6 4 4 2 7 7 0 3 7 0 1 1 5 5 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 4 3 3 4 2 3 3 3 3 3 4 3 6 4 5 9 3 2 6 2 7 2 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 2 3 2 3 2 2 3 2 2 2 < 1 7 8 8 6 7 8 ! C 3 3 0 . . 3 4 ) 3 1 1939—Jan lA-% 7/16 IK 1.00 .002 .03 .65 December 5.94 4. 4.59 3.67 3.46 3.36 3.4: Feb V2-H 7/16 IK 1.00 .004 .03 .63 27 southern and western cities: Week ending: January... 5.94 5.61 5.60 5.40 4.95 4.47 4.16 4. If 4.10 F F F e e e b b b . . . 4 1 ll 8 .___ V Y lA 2 i - - - % % % V 7 7 / / 1 IS 6 w I I IK X K 1 1 1 . . . 0 0 0 0 0 0 . . .0 0 0 0 0 0 4 4 5 . . . 0 0 0 3 3 3 . . . 6 6 6 4 3 3 A M Fe p a b r r i r c l u h ary _ 6 6 5 . . . 0 0 9 7 4 6 5 5 5 . . . 6 6 6 3 1 4 5 5 5. . . 5 6 6 6 5 5 5 . . . 3 4 3 4 0 9 4 4 4 . . . 8 8 8 0 4 5 4 4 4 . . . 4 4 5 4 0 1 4 4 4 . . . 2 1 1 1 5 5 4 4 4 . . . 1 1 O 1 c S 4 0 .0 ) 9 Feb. 25.. __ V2~% 7/16 1.00 .004 .03 .63 May 6.10 5.64 5. 5.28 4.79 4.43 4.17 4. IS Mar. 4 7/16 IK 1.00 (2) .03 .56 June 6.16 5.62 5.62 5.19 4.76 4.39 4.18 4.14 Mar. 11___. V2-% 7/16 IK 1.00 (2) .03 .49 July 6.1 5.63 5.54 5.07 4.58 4.35 4.19 4.1 Mar. 18__... V2-H 7/16 IK 1.00 (2) .03 .53 August . 6.22 5.68 5.53 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 October 6.29 5.56 5.50 5.05 4.55 4.23 4.16 4.06 1 Series comprises 273-day bills to October 15, 1937, bills maturing November 6.29 5.55 5.42 4. 4.51 4.24 4.17 4.05 about March 16, 1938, from October 22, to December 10, 1937, and 91-day December 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 bills thereafter. 2 Rate negligible. Back figures.—See Annual Keport for 1937 (tables 43 and 44). Figures for 91-day Treasury bills available on request. 1 Series to be discontinued after this issue of BULLETIN. New revised series on somewhat different basis to be substituted. BOND YIELDS1 [Per cent per annum] Corporate 4 Year, month, or week Number of issues.. 1936 average.. 1937 average.. 1938 average.. 1938—February. _. 3.20 4.24 March 3.22 4.34 April 3.30 4.49 May 3.22 4.28 June 3.26 4.41 July 3.22 4.21 August 3.18 4.13 September. 3.21 4.20 October 3.15 4.08 November. 3.10 4.02 December.. 3.08 4.02 1939—January 3.01 3.97 February... 3.00 3.94 Week ending: February 25.. 2.43 3.51 March 4 2.39 3.49 March 11 2.35 3. 47 March 18 2.34 3.47 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9. Back figures—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1015-1046 of BULLETIN for December 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 FEDERAL RESERVE BULLETIN APRIL 1939 BOND PRICES 1 STOCK MARKET Corporate 3 Stock prices * Year, month, or date T U u r r . e y S a . s 2 - M ip u a n l i 3 c- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or Pre- Common (index, 1926=100) u t m V ra o e d l- - of ferred 2 Indus- Rail- ings Total trial road Utility Number of issues. 2-6 15 60 20 20 20 1 1 9 9 3 3 6 7 a a v v e e r r a ag g e e . . . . 1 1 0 0 3 1 . . 7 7 1 11 1 0 0 . . 3 8 9 9 3 7 . . 4 5 9 9 2 0 . . 2 1 8 9 9 4 . . 6 7 1 1 0 0 5 0 . . 4 4 Number of issues. - _ 20 420 348 32 40 1938 average.. 103.4 113.7 78.9 82.9 58.6 95.3 1936 average ..__ 138.9 111 127 51 104 1,824 1938— M F a e r t c r h uiry... 1 1 0 0 2 2 . . 4 5 1 1 1 1 2 2 . . 2 2 7 76 9 . . 0 3 79.5 6 5 5 7 . . 0 3 9 9 2 1 . . 2 2 1 1 9 9 3 3 7 8 a a v v e e r r a a g g e e _ 1 13 3 5 6 . . 6 2 1 8 1 3 2 1 9 3 9 1 4 2 9 6 9 7 5 3 1 1 , , 5 1 1 0 9 0 1939— N A J M J D A F S O J u u e e p o u c e a a l n p b n r t y v c g y e o i t u e r e u l e b u a m m s m e r t a y r b b b r e e y 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 3 4 3 2 4 3 4 4 4 4 . . . . . . . . . . . 0 0 0 9 7 0 8 4 3 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 1 3 1 6 4 5 7 6 7 . . . . . . . . . . . 6 6 6 7 2 6 2 2 3 5 3 7 7 8 8 8 7 7 8 8 8 8 0 5 1 1 6 8 3 2 1 2 1 . . . . . . . . . . . 8 3 7 8 3 5 8 1 9 1 1 8 8 8 8 8 8 7 8 8 6 0 0 5 4 5 7 6 6 . . . . . . . . . 4 0 0 2 7 8 0 2 4 5 5 6 6 5 5 5 6 5 5 5 0 0 3 5 2 5 0 9 9 8 9 . . . . . . . . . . . 0 0 2 5 1 7 0 2 9 6 7 1 9 9 9 9 9 9 9 9 9 9 0 4 4 0 8 7 8 8 6 9 9 0 . . . . . . . . . . . 0 0 2 6 3 7 1 3 7 3 7 1938— A J J M M D A N S O F u u e p e c o u e a a n l p c t y r v b g y r e o i e t c e r l u b e m u h m _ s e m a t _ b r r b . b y e e e r r r _ . _ .. 1 1 1 1 1 1 1 1 1 1 1 3 2 3 3 3 3 3 3 4 4 4 7 7 1 5 3 2 0 2 1 8 2 . . . . . . . . . . . 9 9 7 6 2 4 3 7 3 1 3 8 9 7 7 7 8 8 9 9 7 9 1 0 8 1 4 8 6 1 5 3 2 1 1 1 1 1 1 8 9 9 8 8 0 1 1 0 0 1 7 6 3 4 6 4 0 4 8 5 1 2 2 2 2 2 2 2 2 2 3 2 8 6 8 6 1 2 1 7 8 0 9 7 6 6 7 6 7 7 8 7 7 7 1 9 4 0 9 5 2 1 7 7 8 1 1 1 1 1 1 , , , , , , 1 0 7 0 3 8 9 7 6 7 8 9 5 6 3 5 8 2 1 2 7 4 5 4 2 3 5 9 2 9 0 8 3 F M e a b r r c u h a r 1 y 21 1 1 0 04 5 . . 3 8 1 1 1 1 7 7 . . 3 3 8 83 2 . . 0 1 8 8 f 6 > . . 9 3 5 6 8 0 . . 7 7 1 10 0 1 0 . . 6 9 1939— F J e a b nu ru ar a y ry 1 1 4 4 1 1 . . 7 8 9 9 2 0 1 10 0 6 9 3 2 0 8 8 8 1 4 1,1 7 1 0 4 8 March 8 105.8 118.0 84.1 87.6 63.0 101.7 February 21. 142.0 90 106 28 84 765 March 15 10(3.2 118.4 83.7 87.6 61.9 101.6 March 1 142. 2 93 109 30 87 859 March 8 141.8 95 112 32 88 1, 030 1 Monthly data are averages of daily figures except for municipal bonds, March 15 142.5 93 109 30 86 1,036 which are averages of Wednesday figures. 1 Average prices of all outstanding bonds due or callable after 12 years, 1 Standard Statistics Co. Monthly data are averages of Wednesday based on quotations from Treasury Department; see BULLETIN for figures. December 1938, pp. 1045-1045 for description. Prices expressed in 2 Average prices of industrial high-grade preferred stocks, adjusted to a de 3 c i P m ri a c l e s. s derived from average yields, as computed by Standard Sta- $7 3 a A n v n e u r a a l g e d 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 tistics Co. Exchange, in thousands of shares. Weekly figures are averages for the Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury week ending Saturday. onds, 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 d t o a - 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 f e o n s r d - tic Total S m a t n a u d t - e F e e r d al - B a o n n d ds e F i o g r n - 1 eign) n p i a c l i- cies 2 Total n a o n t d es Stocks eign) n p i a c l i- cies 2 Total notes Stocks 1929 .__. 11, 513 10,091 9,420 1,418 0 8,002 ' 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 35 1930 ._ 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1, 239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1 194 1 165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933..-. 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1, 782 81 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 1,209 855 352 119 1938 4,375 2,333 2,297 962 481 854 790 64 35 2,042 2,014 128 685 1. 221 1,190 31 28 1938—Feb 199 82 81 40 0 41 41 1 117 117 22 32 62 62 0 0 Mar 245 126 126 94 9 24 23 1 0 119 119 16 45 58 58 0 0 Apr 352 197 197 45 140 12 11 1 0 155 155 4 84 67 67 0 0 May 218 158 158 88 33 37 22 16 0 60 60 4 31 26 26 0 0 June 511 347 344 130 14 201 191 10 3 164 164 14 52 99 99 0 0 July.... 470 390 390 44 216 130 12S 2 1 79 79 3 20 56 58 0 0 Aug 415 180 180 55 0 125 121 3 235 235 11 14 211 211 0 0 Sept.... 237 144 144 51 8 85 83 2 0 92 92 22 6 65 65 (3) 0 Oct 763 165 165 101 0 64 62 2 0 598 598 2 323 273 273 1 c Nov...,.- 379 225 194 151 0 43 37 6 31 155 130 6 22 102 84 18 25 Dec 453 218 218 116 55 47 32 15 0 234 232 15 20 197 186 11 3 1939—Jan 256 200 200 76 118 5 5 1 0 57 57 27 19 10 10 (3) 0 Feb 561 398 378 44 310 24 17 7 20 163 163 10 17 135 101 35 0 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U, S. Treasury., s 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

318 FEDERAL RESERVE BULLETIN TREASURY FliNAINCE 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 i End of month gross debt Ad- Social Bonds justed se- All Ma- Total service curity other5 tured Other interest Total u. s. Notes Bills issues3 issues4 debt bearing Pre- Treaswar ury2 savings 1932—June 19, 487 19,161 618,816 753 13, 460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 621, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27, 053 26, 480 626, 006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28, 701 27, 645 26, 910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33,779 32, 989 31, 297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—June 36, 425 35,800 33, 734 79 19,936 800 10, 617 2,303 926 579 560 119 506 1938—February _ _- 37, 633 37,080 34,144 79 20,476 1,106 10,531 1,952 867 1,399 669 91 462 March _ __ _ 37, 556 37, 001 34, 032 79 20, 927 1,148 10,076 1,803 860 1,460 648 98 458 April 37, 510 36, 963 b4,016 79 20, 927 1,181 10,076 1,753 856 1,458 635 92 454 May 37, 422 36, 871 33, 845 79 20, 927 1,210 10,076 1,553 852 1 538 637 101 450 June ^ _ - . _--- 37,165 36, 576 33, 463 79 21, 846 1,238 9,147 1,154 868 1,601 644 141 447 July 37,191 36, 642 33, 400 79 21,846 1,275 9,147 1,054 864 1 641 738 106 443 August _ __ - 37, 593 37, 052 33, 681 79 21, 846 1,305 9,147 1,304 859 1,757 754 102 440 September 38, 393 37, 850 34, 493 79 22, 712 1,334 9,067 1,302 830 1 788 739 106 437 October _ __ __ _ 38, 423 37, 897 34, 527 79 22, 712 1,367 9,067 1,302 826 1,807 736 94 433 November 38, 603 38, 068 34, 559 79 22, 712 1,399 9,067 1,303 827 1 937 745 105 431 December 39, 427 38, 899 35, 327 79 24, 005 1,442 8,496 1,306 827 2.002 743 101 427 1939—January 39, 631 39, 097 35, 469 79 24, 005 1,580 8,496 1,309 826 2,046 756 109 425 February 39, 859 39, 326 35, 533 79 24, 005 1, 643 8, 496 1, 310 825 2,207 761 112 421 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 ani of notes to Qovernaisat Life Insurance Fund series and of certificates to the adjusted service fund. ^ Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. s Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES OBLIGATIONS, FEBRUARY 28, 1939 [In millions of dollars] [In millions of dollars] Date maturing Total Bonds! Notes Bills F F e a d r e m ral O H w o n m e e rs' st R ru ec c o ti n o - n m C o o d m it - y H u o . u s s- . End of Total Mortgage Loan Finance Credit ing 1939— A B p ef r o . re 1 — A J p u r n . e 1 3 . 0 . 2, 5 1 1 0 7 0 1. 2 1 9 3 4 8 5 0 0 7 4 Month Co t r i p o o n ra- Co ti r o p n o 2 ra- Co t r i p o o n ra- Co t r i p o o n ra- Au i t t h y orjuly i—Sept 30 427 427 Oct 1—Dec 31 526 526 1934—June__ 681 312 134 235 1940— A Ja p n r . 1 1 — — M Ju a n r e . 3 3 0 1 1,3 7 7 3 8 8 1, 7 3 3 7 8 S 1935— D J e u c n ._ e _ ., 3 4 , , 0 1 6 2 3 3 1. 9 2 8 2 0 6 2 1 , , 6 8 4 3 7 4 2 25 4 0 9 July 1—Dec 31 737 737 Dec.^ 4,494 1,387 2, 855 252 1941 2 219 834 1,385 1936—June._ 4,718 1,422 3,044 252 1942 _ 1,001 1,001 Dec. _ 4, 662 1,422 2,988 252 1943 1. 895 898 997 1937—June 4, 665 1, 422 2,987 255 1945 2,120 2, 120 Dec.__ 4,645 1,410 2,937 297 1946 1,847 1,847 1947 2 830 2 830 1938—Feb.._ 4.646 1,410 2,937 299 1948 2. 011 2.011 Mar. . 4, 646 1, 410 2,937 299 1949 2 1, 000 2 1, 000 Apr.._ 4,647 1, 410 2,937 299 1 1 9 95 5 2 1 2 1 , , 1 2 1 2 7 3 2 1 , 1 2 1 2 7 3 J M un a e v - - - 4 4 , , 8 8 5 5 2 3 1 1 , , 4 4 1 1 0 0 2 2 , , 9 9 3 3 7 7 2 2 9 99 9 2 20 0 8 6 1953 1 786 1 786 Julv.. 5, 064 1,410 2, 937 510 2J6 1954 2, 663 2,663 Aug. 5,015 1,410 2,888 511 206 1955 755 755 Sept. . 5. 009 1, 404 2 8«8 511 200 1956 489 489 Oct... 5,001 1, 395 2. 888 511 206 1959 982 982 Nov. „ 4,993 1,388 2,888 511 208 1 1 1 9 9 9 6 6 6 0 1 3 _. 2,6 9 1 1 5 1 9 0 2,6 9 1 1 5 1 9 0 1939— D F Ja e e n b c . . . _. 4 4 5 , , , 9 9 4 8 9 1 7 2 0 1 1 1 , , , 3 3 3 8 8 8 8 1 3 2 2 2 . , , 8 8 8 8 8 8 8 8 8 8 5 5 1 0 0 9 9 9 2 2 2 0 0 0 6 6 6 114 1965 591 591 Total 35, 533 1 25, 726 8, 496 1, 310 Principal amount of obligations guaranteed as to interest and princi- 1 Issues classified as of date of final maturity; most issues callable at earlier dates; most of the U. S. savings bonds are redeemable at option Excludes obligations guaranteed as to interest only. of holder. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1939 FEDERAL RESERVE BULLETIN 319 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures i T a r c u - st I c n r c e r a e s a e s e d u o r r i n d g ecounts, period General Excess etc. 7 of re- excess Period ceipts of re- Total c ta I o x n m e - s e s S ta e o i x c t c y u e ia s r- 9 l O i r n n e n u t t v h a e e e l e r 3 - - r ot Al h l er Total e I d n s e t t e b o r t n - t f i V N a e o d 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 e i v y d - e - f f ( v u n R i o e n n e l t g d - v ) s - s T f a t e e r c r r t a u c s c n s t . t s 6 t s o . - p ( t + e u e ) n x r - e d o s i- r ( p c t + e e u e ) n i r x p e d - o t s i s - r b G a f e l u a n n n e d c r e a 7 l G d r e o b s t s erans' Adm.4 Fiscal year ending: June 1936 4,116 1,427 () 2,086 603 749 1,340 1, 310 3,441 11 1,814 -4, 550 +312 +840 +5,078 J J u u n n e e 1 1 9 9 3 3 8 7 5 6 , , 2 2 9 4 4 2 2 2 , , 1 6 5 3 8 5 2 7 5 5 3 5 2 2 , , 1 2 8 8 7 5 6 5 9 6 7 7 8 7 , , 4 62 4 6 2 866 1 1 , , 4 5 3 5 6 6 2 1 , ,9 1 9 7 4 8 2 3 , , 2 07 3 3 8 2 1 0 2 4 1 8 6 6 0 8 7 - - 1 3 , ,1 38 4 4 9 + + 3 3 7 0 4 6 - - 1 3 2 3 8 8 +2 + , 7 6 4 4 0 6 8 months ending; Feb. 1937 2, 717 807 1, 450 447 5,039 437 940 1,192 2,144 133 193 -2,322 +357 -1, 143 +822 Feb. 1938 3, 860 1,272 581 1,583 424 4, 738 465 1,022 1, 339 1,320 66 526 -878 +91 +421 + 1, 208 Feb. 1939 3, 653 1,239 557 1,519 472 1,082 1,758 2, 028 63 456 -2, 207 +640 +1, 128 +2, 694 1938—February 62 110 141 515 17 123 150 153 17 56 -166 +11 +25 +180 March 723 3 193 748 153 138 185 196 18 58 -1-211 +31 +166 -76 April 273 49 34 155 642 130 215 202 9 19 -369 -36 -451 -46 May 375 40 131 169 568 134 201 206 16 2 -193 +158 -122 -88 June 774 550 5 185 930 233 132 238 314 12 1 -156 +63 -351 -258 July 311 47 32 186 763 13 137 256 216 5 135 -451 +325 -100 +27 August 487 32 131 283 683 17 142 227 236 13 48 -195 -63 +144 +402 September. _. 711 498 3 170 751 146 131 177 243 10 45 -40 -41 +719 +800 October 332 41 34 209 769 67 136 250 262 * 9 44 -437 -3 -409 +30 1939— N F D J e a o e b n v c r u e e u a m m a ry b r b y e e r r . . _ . . . 3 3 4 7 8 0 1 0 2 8 7 4 48 3 4 5 1 6 8 6 1 1 2 4 8 9 3 2 3 1 1 1 1 7 8 7 4 5 1 3 3 6 8 6 G 7 6 9 6 8 2 3 2 1 3 7 1 9 0 3 7 1 1 1 1 3 4 3 2 6 0 7 2 2 2 2 1 2 0 2 9 8 9 1 0 r ' 3 2 2 2 4 0 5 5 9 4 9 8 r r 1 4 0 5 7 4 4 3 5 9 9 9 0 - - - - 2 1 2 3 9 5 4 8 6 7 5 5 + + - 4 - 3 3 2 6 1 0 8 + + - - 1 1 6 4 2 5 3 1 2 1 6 0 + + + 1 2 8 8 0 2 0 4 4 Details oftrust 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 10 tion 10 Fiscal year ending: June 1936 19 19 9 241 33 100 +204 2,682 140 316 2,225 June 1937 267 267 294 293 1 9 329 9 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 9 9 9 11 +87 2,216 142 446 1,628 8 months ending: 9184 Feb. 1937 90 90 96 95 9 319 17 +22 1, 539 205 141 344 849 Feb. 1938 453 398 46 471 422 41 9 37 24 9 6 +54 2,975 1,201 142 421 1,212 Feb. 1939 381 293 77 601 313 2S4 9 510 91 3343 9 191 +58 3,343 142 508 2,693 U38—February .„___ 56 51 7 95 85 6 r 9 16 9 1 +3 2,975 1,201 142 421 1,212 A M p a r r i c l h _ . 5 1 8 9 51 1 14 8 4 3 3 7 9 1 3 0 3 4 6 1 3 3 4 6 7 9 2 7 8 + + 1 8 5 3 2 , , 1 6 4 8 0 9 1,183 1 1 4 4 2 2 4 4 2 3 7 3 2 1 , , 1 38 1 9 4 May 2 9 5 9 128 85 34 6 9 149 +7 2,567 142 440 1,985 J J S A u u e u l n p y g e t u e s m t ber. _ 4 4 1 6 8 5 7 0 1 4 3 3 7 0 5 5 9 9 9 9 13 8 3 3 1 2 5 5 9 8 4 4 2 6 3 4 3 5 9 0 6 3 9 9 2 21 1 6 40 4 0 9 32 1 1 17 0 9 9 3 2 5 8 6 7 5 + + + + 1 3 2 3 0 2 2 2 2 , , , , 1 2 2 9 1 6 1 7 6 6 0 8 1 1 1 1 4 4 4 4 2 2 2 2 4 4 4 4 6 5 5 4 0 5 1 6 1 2 1 1 , , , , 6 6 5 3 6 2 2 7 3 8 3 6 October 44 34 10 38 9 14 40 19 23 96 +19 2,569 142 467 1,960 November 49 34 10 125 96 26 21 18 9 11 +13 2, 447 142 478 1,828 1939— D Ja e n c u em ary ber 3 4 9 9 3 3 4 4 1 1 0 0 3 5 7 1 3 1 2 0 3 1 3 9 9 1 1 5 8 1 1 6 0 9 9 2 4 0 + + 2 8 2 3 , , 9 08 33 4 1 1 4 4 2 2 4 5 9 0 2 3 2 2 ,4 2 4 8 9 8 February,- _ 50 50 10 148 111 36 9 326 9 112 -1 3,343 142 508 2,693 1 Excludes debt retirements. r Revised. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. < Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. • 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." » Details given in lower section of table. 8 Less than $500,000. ^Excess of credits. i° Monthly figures for the fiscal year 1938 subject to revision. 11 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] st R ru ec c o ti n o - n Ho h m ou e s i m ng o r a tg g a e g n e c i a e n s d Farm credit agencies Ten- Total F i A C W P s r i t a d a n u o r o t m n a r a b i r p d t o n l i k i o i n c n o c s - e - n O C r H L a w o o o t r i n m a p o e n o n e r - s' O m a g c g t a o i e h e g r n s e e t - - r U t H S h A n t o i o n a i u r u t g t i e e - s t d s y - m F a g c g a a o i e r e g r m n s e t- - p a C n o b O A F d r a r a d a t e n h r m t c d k m i e o o i . s r t r n - s m C C r C a o r o t o e r i d m p o d i o n i t - t y - Other t V n A h l s i e e t e 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 J 1 3 a 9 1 n 3 , . 9 D 1 3 9 e 1 3 c , 8 . J 1 3 a 9 1 n 3 , . 8 ASSETS Loans and preferred stock: Loans to financial institutions... 240 179 0) 26 445 470 486 Preferred stock, etc. 532 215 47 75 (i) 869 874 882 Loans to railroads 482 30 512 511 437 Home and housing mortgage loans 2,149 146 34 2 329 2 335 2 450 Farm mortgage loans 2,719 2,719 2,735 2,868 Other agricultural loans 26 268 371 85 (0 750 751 573 All other loans 2 516 0) 3 188 i 198 902 886 808 Total loans and preferred stock 1,796 2,364 372 34 2,719 343 371 273 26 228 8,527 8,562 8,503 Cash 6 142 58 7 71 41 0) 32 7 40 19 421 370 350 U S Govt direct obligations 48 1 39 1 67 156 413 4 728 710 617 Obligations of Government credit agencies: Fully guaranteed by U S 8 27 104 140 145 171 Other 5 3 63 33 39 35 36 Accounts and other receivables 30 13 12 0) 192 4 20 1 4 16 52 343 328 280 Business property 0) 6 0) 129 6 0) 0) 224 1 94 460 456 393 Property held for sale 30 549 0) 115 0) 1 1 698 689 637 Other assets 0) 7 (0 7 0) 0) 5 1 24 113 158 156 62 Total assets other than interagency 1,913 3,082 490 172 3,180 604 392 311 235 626 510 11,51511,45111,050 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 509 2,888 1,383 206 1 4,987 4,992 4,646 Other 6 (i) 175 51,014 173 3 0) 6 1,372 1,317 1,367 Other liabilities (including reserves). 100 130 27 2 97 10 76 6 6 175 130 757 739 597 Total liabilities other than interagency 609 3,018 202 2 2,494 183 282 6 9 176 136 7,117 7,048 6,611 Excess of assets over liabilities, excluding interagency transactions.- 1,304 64 288 169 686 422 110 305 226 450 374 4,398 4,404 4,439 Privately owned interests 46 193 4 139 383 381 364 U. S. Government interests 1,304 64 241 169 493 418 110 305 226 310 374 4,015 4,022 4,075 1 Less than $500,000. 2 Includes $37,000,000 loans of Public Works Administration. 3 Includes $186,000,000 loans of Farm Security Administration. * Includes $94,000,000 loans of Rural Electrification Administration. s 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] Feb. 28, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, 1938 1938 1938 1938 1938 1938 1939 1939 Loans to financial institutions 245, 303 219, 999 216, 859 216,157 212, 213 209,625 205,539 i 199,183 Loans on preferred stock of banks and insurance companies. _ 37, 854 37, 220 37,154 37,090 37,083 34, 616 34,116 33, 779 Preferred stock, capital notes, and debentures 537,199 525,160 523, 605 521, 981 520, 550 536, 590 532, 352 526,153 Loans to railroads (including receivers) ... 361,951 414, 928 419, 364 426,046 428, 041 436,094 437, 789 436,139 Loans for self-liquidating projects 233, 782 191, 551 193,078 194,606 194, 748 186,384 187, 588 187, 301 Loans to industrial and commercial businesses 73,196 85,049 92,137 98, 224 103, 598 107, 747 109,419 110, 664 Loans to drainage, levee, and irrigation districts 77, 802 79, 391 79,601 79,667 80, 836 81,037 82, 396 82, 494 Other loans 3,962 14, 365 14,456 19, 205 19, 215 24,040 28, 952 26, 988 Securities purchased from Public Works Administration 140, 659 138,509 137, 697 138,783 138,607 140,194 140,801 136, 725 Total loans and investments, other than interagency. _ 1, 711, 7081, 706,1721, 713,9501, 731, 7601, 734, 8931, 756, 3271, 758, 9511, 739, 427 Loans to Federal land banks 7,829 Loans to Commodity Credit Corporation 5,016 Capital Stock of Commodity Credit Corporation 97, 000 Preferred stock of Export-Import bank 20, 000 20,000 20, 000 20, 000 20, 000 45, 000 45, 000 45, 000 Capital stock of Disaster Loan Corporation 10,000 Loans to Rural Electrification Administration 29, 505 46, 498 46, 498 46, 498 46, 498 47, ( 49, 848 Capital stock of, and loans to R. F. C. Mortgage Co 69, 888 41, 755 42, 595 44, 996 48, 644 54,159 56, 548 51,691 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11, 000 16, 403 23,185 31, 975 40, 868 49,710 11, 000 17, 234 Loans to Tennessee Valley Authority 2,000 2,000 2,000 3,000 3,000 3,000 Total loans and investments. 2,044, 9451,830,844 1, 848, 2281, 877, 2281, 892, 9021, 954, 6931, 922,1971, 906, 200 i Includes $61,000,000 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

321 APRIL 1939 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by— by- and discounts for— End of month la F nd e d b e a ra n l ks Co B L m a a n n m d k is- p c p c R r r c o r o e u e e r a d d g a l d g i u t i t t i u r o i t c i o r c n - t a a n i o a s l o s r l - n , - fi i n e n O t a x i s o n t c t h c n i e i t e s p n u r , t g - ti P a o s r t n s i o o o d c c n u r i s e a c d - - it t R i u a t r r e g a a c g r t l o i i i c o o r c u p n n r o l s e a - - d l - c d r E g r l o o o e m p a n u e a n c g r s y n h - d t m F c i e e n r d d e t i e e d a r r i t - a t e l B in c a a c o t n l i o u k v p s d e e i s f r n , o - g r M A in t g a g u r r r i A k c a e u l c t l t - sociations, coopera- banks Central revolvand banks tives Bank ing fund for cooperatives i 1934—December.. 1,915, 792 616,825 99,675 55,672 60,852 33,969 27, 851 54,863 1935—December.. 2,071,925 794, 726 104, 706 47,162 94,096 2,731 50,013 44,433 1936—December.. 2,064,158 836, 779 129,872 41,017 105, 212 1,641 69,647 53, 754 1937—December.. 2,035, 307 812, 749 165,194 40, 464 138,169 1,813 87, 633 30, 982 1938—February... 2,029, 517 804, 212 173, 384 38, 852 147,983 15,198 1,502 87,113 27,875 March 2,025, 707 798, 776 186,137 39, 526 162, 600 15,164 1,420 82, 323 27, 304 April 2,022,846 794,916 195, 899 40, 650 173,113 15,060 793 79, 926 26, 335 May 2,019,930 790,772 202,147 41,312 179, 790 14, 834 655 78, 417 25, 332 June 2,017, 696 786,068 207, 988 42,894 184, 327 14, 788 19 81,190 24, 604 July 2,013, 645 781, 703 199, 288 42, 582 183,891 14,442 118 75, 264 25,028 August 2,008, 664 77.6,982 197, 274 42, 984 181,154 14,003 118 75, 961 26,119 September.. 2, 003,810 771, 988 189, 937 40, 808 170, 806 13, 374 256 82, 544 27, 370 October 1, 997, 361 766, 502 174, 626 36,121 154, 560 12, 354 744 27, 917 November.. 1, 990, 475 760, 326 166, 549 34, 537 148, 430 11, 592 851 86, 221 25, 313 December.. 1, 982, 224 752, 851 168, 392 33, 545 148, 037 11,081 920 87, 496 23, 723 1939—January 1, 973,179 745,631 163, 815 33, 077 148,416 10, 863 834 80, 266 23, 948 February... 1, 968, 790 740, 870 166, 996 34, 115 155, 409 10, 689 1,152 73, 692 23, 631 1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars} Assets Home mortgage loans by— Federal Depos- U. S. s e G cu o r v it e i r e n s ment home End of month itors Cash Cash, End of month Home Fe lo d a e n r a a l s s s a o v c i i n a g ti s o a n n s d lo b a lo a n a n s n k to an b c a e l- s1 Total in p to o d r s y i e - - r D ec i- t G a u n a - r- f s u e r n r e 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 - Loansi i t n io st n i s t u J - ti g o a n - s o g b a l - iciations tions 1934—December.. 2, 379, 491 81,300 86, 651 1935—June 1,205 1, 236 385 777 630 147 74 1935—December.. 2, 897,162 1,023 348, 000 102, 791 1936—June 1,232 1,265 203 967 800 167 95 1936—December.. 2, 765, 098 1,212 586, 700 145,394 1937—June 1,268 1,307 136 1,100 933 167 71 1937—December.. 2, 397, 647 1,328 853, 500 200,092 1938—January 1,272 1,311 125 1,097 930 167 80 1938— M Fe a b rc ru h ary 2 2 , , 3 32 4 3 8 , , 0 9 2 9 5 5 1 1 , , 3 3 3 3 4 8 8 8 7 9 4 5 , , 3 8 0 0 0 0 1 1 8 8 3 7 , , 1 4 0 9 5 8 M Fe a b r r c u h ary 1 1 , , 2 26 7 8 1 1 1 , , 3 3 0 1 6 1 1 1 2 2 4 1 1 1 , , 1 1 1 1 2 3 9 94 4 6 6 1 1 6 6 7 7 7 7 5 2 April 2, 301,894 1,342 919, 700 183,747 April 1,266 1,301 119 1,110 944 166 72 May 2,281,884 1,345 930, 300 186, 507 May.__ 1,255 1,296 116 1,108 941 167 72 A J J O S N D u u e u c o e l n p g t y c v e o t u e e e b s m m m e t r b b b e e e r r r 2 2 2 2 2 2 2 , , , , , , , 2 2 2 2 2 1 1 0 2 3 6 4 6 8 3 1 4 5 8 8 6 , , , , , . , 1 9 9 1 8 8 4 5 8 2 7 9 9 1 3 2 0 0 9 6 7 1 1 1 1 1 1 1 , , , , , . , 3 3 3 3 3 3 3 4 5 7 4 7 6 6 6 4 0 8 4 8 5 1 1 1 , , , ( 0 9 9 9 9 0 W 4 1 9 7 6 2 7 6 1 4 1 0 4 , , , , , , , 0 0 3 5 2 8 1 8 7 0 0 1 7 0 7 0 0 4 8 3 2 1 1 1 1 1 1 1 9 8 8 9 8 8 9 1 9 9 6 9 9 8 , , , , , , , 8 8 4 2 5 2 6 4 8 1 4 2 1 8 0 9 5 8 2 7 5 A J N J S O D u u e u o c e l n p t g y c v e o t e u e e b m s m m e t r b b b e e e r r r _ 1 1 1 1 1 1 1 , . , , , , . 2 2 2 2 2 2 2 5 5 4 5 5 5 5 0 2 8 2 2 0 2 1 1 1 1 1 1 1, , , , . . , 2 2 2 2 2 2 2 9 9 8 8 9 9 9 0 4 9 7 1 1 1 1 1 9 9 9 8 1 0 8 9 8 6 6 5 2 7 1 1 1 1 1 1 1 , , , , , , , 1 1 1 1 1 1 1 0 0 1 1 3 2 1 3 3 3 8 2 8 8 9 9 9 9 9 9 9 3 3 4 6 5 5 0 6 7 7 1 2 2 5 1 1 1 1 1 1 1 6 6 6 6 6 6 6 7 6 6 6 6 7 7 8 7 7 7 7 7 7 6 9 5 2 1 6 6 1939—January 2,149,038 1, 370 1, 040, 770 178.852 1939—January Pl,259 February 2,134, 261 1,375 1, 051,109 170,614 February Pl 263 an 1 d F l e o d an e ra a l s s H oc o i m at e io n L s o . an Bank Board estimates for all Federal savings p 1 O Pr u e t l s i t m an in d a in ry g . principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Excludes loans to other than member institutions which are neglig- 2 Includes working cash with postmasters, 5-percent reserve fund and ible in amount. miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN APRIL 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average—100. The terms "adjusted'and "unadjusted" refer to adjustment for seasonaI variation] Industrial production i * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment 3 r p ol a l y s - 3 loadings 4 * (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted juster!justedjustedjusted justedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922 85 86 74 79 68 88 91 81 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 102 104 107 106 1927 106 106 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 119 119 115 117 87 142 106 110 107 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 78 68 74 92 1932 64 63 71 28 13 40 66 47 55 69 1933 76 75 82 25 11 37 73 50 58 67 1934 79 78 86 32 12 48 86 65 62 75 1935 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 55 37 70 98 86 75 88 1937 110 109 115 59 41 74 106 102 78 92 1938 86 84 98 64 45 80 87 78 62 85 1936 Jan. 97 '95 96 95 104 100 62 50 25 21 92 75 94 92 77 70 65 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 93 92 77 71 68 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 93 93 80 66 64 84 77 April. __ 101 104 100 105 106 96 47 53 30 35 60 67 94 95 82 71 68 84 85 May.. 101 105 101 105 103 101 46 56 32 38 57 70 96 95 84 72 71 87 89 June. _ 104 104 105 105 100 101 52 60 36 39 65 78 97 96 84 73 73 87 84 July..._ 108 105 109 105 102 102 59 65 44 45 71 82 98 97 83 76 77 90 63 Aug. _ 108 106 110 106 99 104 62 65 46 46 75 81 99 100 87 76 77 87 68 Sept 109 108 110 107 102 110 59 60 47 47 69 70 100 102 87 75 84 88 94 Oct 110 111 '"110 110 105 115 57 54 43 41 69 65 101 103 93 77 86 90 100 Nov 114 115 nu 115 112 115 58 51 40 39 72 62 103 103 94 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 105 104 99 83 77 92 161 1937 Jan. 114 112 115 113 111 107 63 51 45 37 77 63 105 103 94 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 106 105 100 82 76 95 76 Mar..... 118 122 117 122 128 119 56 56 45 47 64 63 107 108 106 83 80 93 90 April. __ 118 122 118 125 115 105 63 61 44 51 61 68 108 109 109 84 79 93 89 May..__ 118 122 118 123 117 118 66 68 44 52 66 81 109 109 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 108 108 107 78 79 93 90 July..__ 114 111 114 110 112 115 67 75 44 45 86 99 109 108 105 80 82 92 65 Aug... 117 115 '117 114 113 121 62 66 40 40 81 87 109 109 108 79 81 93 72 Sept 111 109 110 106 116 125 56 56 37 37 71 72 107 109 104 78 87 94 100 Oct.. _ 102 102 101 99 113 123 52 49 36 35 65 61 105 107 105 76 84 93 103 Nov 88 90 85 86 109 112 56 50 32 31 76 65 101 101 93 71 72 91 101 Dec 84 80 79 75 115 108 61 49 30 25 87 68 95 95 84 67 62 89 156 1QOQ Jan 80 79 76 75 108 103 52 42 26 22 73 59 90 88 75 65 59 90 70 Feb 79 79 75 76 103 98 51 44 32 28 66 56 89 88 77 62 57 88 70 Mar..... 79 80 75 77 103 95 46 46 33 35 56 55 87 88 77 60 57 86 77 April. _ 77 78 73 76 101 91 52 59 37 43 65 73 85 86 75 57 55 83 86 May_.__ 76 77 73 75 91 90 51 61 37 44 62 76 84 83 73 58 57 78 80 June 77 77 74 75 92 91 54 63 42 46 64 76 82 82 71 58 58 82 79 July.... 83 81 82 79 93 92 59 65 49 49 68 78 83 82 71 61 62 83 58 Aug 88 87 87 85 95 97 66 69 53 52 77 84 85 86 77 62 63 83 65 Sept 91 91 89 89 97 102 78 79 56 56 96 97 87 89 81 64 71 86 91 Oct 96 97 95 95 99 106 82 78 57 56 102 96 88 90 84 68 75 84 92 Nov 103 104 103 103 102 105 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 101 99 100 98 110 105 86 70 55 45 111 90 92 90 83 69 63 88 69 Feb..- .98 .99 .97 .109 .104 .71 .62 .55 .49 .85 .72 .91 .91 .85 67 62 87 69 p Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 323-324; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931. » 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. 325-328. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 330. Back figures.—Se& Annual Report for 1937 (table 81). For department store sales see BULLETIN for Octobar 1933, p. 91S; 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

FEDERAL RESERVE BULLETIN 323 APRIL 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors;adjusted for seasonal variation. 1923-25 average = 100] 1938 1939 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ]VI an ufactures—Total 76 75 75 73 73 74 82 87 89 95 103 104 100 J>97 Durable . _ - 56 54 54 53 51 50 58 64 69 84 95 92 88 ^83 Nondurable 93 94 93 91 93 95 102 108 107 106 110 114 110 P108 IRON AND STEEL 52 50 49 50 47 46 62 70 76 90 109 102 94 87 Pig iron 47 46 45 44 40 36 42 51 59 67 76 74 72 Steel ingots 52 51 49 50 48 47 64 72 77 93 112 104 96 88 TRANSPORTATION EQUIPMENT: Automobiles _ __ 65 62 54 54 49 46 43 45 46 84 96 99 105 98 Locomotives 14 19 23 17 12 14 12 4 4 5 8 12 13 NONFERROUS METALS: Tin deliveries1 _ ___ _ 91 85 77 71 69 73 68 65 71 81 73 59 66 72 Zinc 98 90 87 80 79 70 69 74 75 80 88 93 88 Lead.-- _ __ _ 69 67 64 74 60 64 54 46 50 50 66 57 70 CEMENT AND GLASS: Cement 59 57 65 67 69 69 71 67 69 80 84 82 69 80 Glass, plate 62 35 42 42 44 80 77 89 107 155 155 153 147 133 COKE: Byproduct 87 85 82 79 73 69 71 81 89 98 105 106 106 Beehive 9 8 7 6 5 5 5 5 6 6 6 6 6 5 TEXTII ES 75 79 81 74 77 87 97 110 103 100 112 117 109 Cotton consumption- 82 85 90 77 81 88 101 115 108 104 112 120 110 111 Wool 54 62 54 50 60 75 87 106 93 91 107 116 107 Pill Consumption. . _____ 52 61 57 55 73 92 110 133 107 101 123 134 114 P118 Machinery activity1 67 71 51 42 53 69 74 91 86 87 101 112 113 P114 Carpet and rug loom activity1 _ 40 49 49 4.7 36 38 42 55 66 67 69 72 77 Silk deliveries 80 88 100 101 87 101 105 102 111 104 123 116 107 97 LEATHER AND PRODUCTS 94 -103 -105 104 105 -91 103 -109 -103 101 -107 123 124 P122 Tanning 78 81 78 72 75 75 78 82 78 81 89 98 103 Cattle hide leathers 72 79 77 72 77 74 77 86 86 89 94 99 100 Calf and kip leathers 80 89 87 72 68 76 80 77 69 69 89 -109 118 Goat and kid leathers 91 81 74 73 74 74 76 75 65 70 • 77 85 97 Boots and shoes 105 -117 -123 -125 -125 101 119 -126 -119 114 -118 138 137 P135 FOOD PRODUCTS: Slaughtering and meat packing 92 86 83 84 84 81 83 89 98 95 94 86 87 83 Hogs ___ _ 77 66 59 66 66 58 62 74 88 92 88 79 74 67 Cattle 106 109 111 105 103 108 107 103 106 94 96 89 97 100 Calves 113 111 116 111 110 110 112 115 118 108 112 106 111 108 Sheep . 160 164 151 151 164 151 152 153 152 149 152 137 150 157 Wheat flour 86 89 90 90 86 98 98 87 88 91 86 92 92 94 Sugar meltings 99 83 63 77 81 78 85 86 106 103 100 108 106 70 TOBACCO PRODUCTS 157 157 160 159 163 154 154 161 160 150 164 179 165 162 Cigars 75 73 77 69 70 73 71 73 75 74 76 76 79 77 Cigarettes..- _ 225 226 227 230 237 219 219 232 229 211 233 258 237 231 Manufactured tobacco 77 77 83 84 84 84 84 81 84 78 95 97 78 78 PAPER AND PRINTING: Newsprint production. ... 57 53 53 46 53 51 54 53 57 58 63 61 61 61 Newsprint consumption 132 129 126 125 125 122 124 123 130 131 127 127 121 123 PETROLEUM REFINING 201 195 191 197 198 193 200 203 206 208 208 201 205 Gasoline1 253 243 239 250 253 248 258 264 265 269 269 259 262 Kerosene __ _ 111 113 120 114 118 117 106 104 109 102 104 107 112 L Fu u e b l r i o c i a l1 ting oil1 1 1 4 1 6 6 1 11 4 4 5 1 11 3 3 7 1 1 0 3 9 7 1 10 3 8 3 1 1 2 0 6 3 1 11 3 0 2 1 1 3 0 4 8 1 11 4 3 1 1 1 1 4 0 3 1 1 4 0 0 9 1 10 4 0 2 1 10 4 6 5 RUBBER TIRES AND TUBES1- 2 -65 -55 -60 -62 -64 -70 -90 -95 -99 100 -112 110 109 Tires, pneumatic1- 2 ... ._ -68 -57 -65 -67 -73 -84 -93 -98 -103 -104 -116 115 114 Inner tubes1' 2 -43 -44 -43 -50 -56 -69 -71 -75 -79 76 71 Minerals—Total . _ 108 103 103 101 91 92 93 95 97 99 102 109 110 P109 Bituminous coal 65 64 58 62 57 57 60 64 71 72 77 77 75 Anthracite 67 53 68 45 64 71 47 38 50 49 57 66 69 P61 Petroleum, crude 177 171 172 170 156 153 161 167 158 161 165 169 171 P168 Iron ore 19 34 38 37 41 50 42 Zinc ___ 98 90 87 80 79 70 69 74 75 80 88 93 88 87 Lead 69 67 64 74 60 64 54 46 50 50 66 57 70 Silver 96 96 98 96 92 91 99 105 102 102 51 85 86 1 Without seasonal adjustment. P Preliminary. r Revised. 2 Revised January 1936 to date. Indexes for 1936 and 1937 may be obtained from Division of Research and Statistics. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, March 1937, p. 255, October 1938, p. 911, and January 1939, pp. 20-21. 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

324 FEDERAL RESERVE BULLETIN APRIL 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1938 1939 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb Manufactures—Total . 85 95 Durable 63 80 Nondurable 104 109 109 108 Pill IRON AND STEEL. 69 75 Pig iron 49 57 Steel ingots... 71 77 TRANSPORTATION EQUIPMENT: Automobiles Locomotives NONFERROUS METALS: Tin deliveries 91 Zinc 103 Lead 70 CEMENT AND GLASS: Cement 91 Glass, plate 155 COKE: Byproduct. 87 85 72 79 Beehive 10 5 4 TEXTILES 84 76 77 103 104 103 Cotton consumption 90 82 83 103 104 107 Wool 65 49 57 101 96 96 Consumption 67 54 67 123 113 111 Machinery activity 71 42 53 91 87 Carpet and rug loom activity 49 47 36 42 55 66 Silk deliveries 94 100 86 100 106 116 LEATHER AND PRODUCTS 104 108 102 '97 102 121 119 111 102 Tanning 83 77 71 71 78 84 83 86 Cattle hide leathers._. 84 78 72 73 75 85 90 92 101 Calf and kip leathers.. 82 77 65 65 93 93 80 82 Goat and kid leathers.. 84 76 73 69 71 73 68 73 Boots and shoes 118 r129 122 113 117 145 143 128 FOOD PRODUCTS: Slaughtering and meat packing. 107 78 76 82 80 77 90 94 Hogs 104 60 58 64 60 56 66 79 Cattle 107 97 93 100 101 106 101 118 110 Calves 105 104 117 121 125 114 109 106 113 113 Sheep 161 154 137 142 161 148 152 154 176 163 Wheat flour 84 84 81 81 86 95 94 104 102 Sugar meltings 66 74 91 93 104 97 114 TOBACCO PRODUCTS 150 143 152 146 169 167 172 177 161 Cigars 58 63 70 65 80 74 76 86 90 C igarettes 221 206 216 210 240 241 241 250 252 222 Manufactured tobacco._. 78 84 84 86 84 84 91 81 PAPER AND PRINTING: Newsprint production 58 53 52 47 54 52 53 52 57 58 Newsprint consumption.. 127 127 131 134 129 121 111 110 127 139 PETROLEUM REFINING. 201 195 191 196 197 192 199 203 206 209 Gasoline 253 243 239 250 253 248 258 264 265 269 Kerosene 113 115 117 113 114 109 98 99 111 107 Fuel oil 140 145 137 137 133 126 132 134 141 143 Lubricating oil 116 114 113 109 108 103 110 108 113 110 RUBBER TIRES AND TUBES1 . »f)0 '62 '70 Tires, pneumatic1 »T>2 '65 '67 »73 '93 103 Inner tubes1 '43 '44 '43 '56 '69 r12 Minerals—Total . 91 90 97 106 103 no 4 Bituminous coal... 72 68 53 52 49 51 55 62 76 79 Anthracite 72 57 56 47 64 62 39 38 50 63 Petroleum, crude.. 170 158 170 170 158 156 165 170 163 163 Iron ore 28 67 78 76 78 86 Zinc 103 97 92 80 68 64 69 71 78 Lead 70 69 65 59 65 52 44 48 52 Silver. 97 104 106 89 89 84 104 97 101 i p Preliminary. r Revised. 1 Revised January 1936 to date. Indexes for 1936 and 1937 may be obtained from Division of Research and Statistics. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, October 1938, p. 912, and January 1939, pp. 20-21. 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

325 FEDERAL RESERVE BULLETIN APRIL 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted tc Census of Manufactures through 1935. 1923-25 average=100] 1938 1939 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 90.0 88.9 87.4 85.4 83.7 82.4 82.9 84.9 86.9 87.5 90.0 91.6 91.7 91.3 Durable goods... _ 83.7 81.0 79.0 76.2 74.1 71.9 70.7 72.0 75.7 77.9 81.3 83.2 83.6 83.4 Nondurable goods 96.0 96.4 95.4 94.1 92.9 92.4 94.5 97.2 97.6 96.7 98.3 99.5 99.4 98.8 IRON, STEEL, PRODUCTS 88.2 85.7 83.8 81.6 80.2 77.8 77.3 79.4 80.9 83.1 86.2 88.1 87.7 87.6 Blast furnaces, steel works._ 95 92 90 87 85 83 83 84 85 86 90 92 92 91 Bolts, nuts, washers, rivets 83 82 81 79 80 77 78 79 83 85 90 92 91 91 Cast-iron pipe._ _ _ __ 62 62 62 63 63 62 60 61 64 65 67 67 66 69 Cutlery, edge tools 84 82 79 78 76 76 67 76 78 79 81 83 83 82 Forgings _ 51 47 45 44 43 40 40 42 44 46 48 49 48 48 Hardware 75 71 70 64 63 61 57 62 67 79 84 86 85 82 Plumbers' supplies _ 71 71 70 71 72 73 73 73 74 72 73 73 73 73 Stamped, enameled ware 124 122 126 122 120 113 108 118 123 127 134 134 131 131 Steam, hot-water heating.. 67 64 64 64 64 65 69 70 68 69 68 68 68 69 Stoves 73 75 75 70 71 70 71 75 74 77 74 77 78 80 Structural, ornamental 68 66 64 62 60 58 58 58 58 60 60 63 63 66 Tin cans, tinware 95 93 93 92 89 87 86 90 89 84 87 88 89 90 Tools 81 79 78 76 75 73 70 73 76 77 80 83 83 85 Wire work 148 138 133 128 126 114 112 111 132 145 163 172 163 160 MACHINERY. 104. 8 100.0 96.9 92.8 89.1 86.0 83.3 84.7 85.2 86.8 89.1 91. 6 92.2 93.9 Agricultural implements. ... _. 156 148 142 139 130 124 103 106 96 99 99 105 109 116 Cash registers, etc.— __ 144 144 142 141 139 137 138 135 136 136 135 136 134 134 Electrical machinery _. 97 90 87 82 78 75 73 74 77 80 83 84 83 84 Engines, turbines, etc. _ 98 92 88 88 86 82 81 83 83 86 88 88 93 92 Foundry, machine-shop products. 93 89 87 83 80 77 76 77 78 78 79 82 82 83 Machine tools. __ 148 142 134 129 123 115 112 112 114 115 117 119 121 124 Radios, phonographs 91 96 91 93 87 83 82 82 81 89 106 111 114 117 Textile machinery.. 66 63 61 58 58 54 54 58 61 62 65 67 07 70 Typewriters 118 115 114 115 116 117 119 122 125 126 126 126 127 TRANSPORTATION EQUIPMENT 80.9 77.0 73.3 68.3 65.1 61.1 56.9 55.9 74.2 81.5 89.9 1)3. 9 93. 3 92.5 Aircraft . _ _ 886 892 879 857 823 790 787 759 779 810 823 854 885 933 Automobiles. 81 77 74 69 65 60 55 55 79 89 99 104 102 99 Cars, electric-, steam-railroad. 43 38 34 31 27 24 23 24 28 26 27 30 32 35 Locomotives 45 41 36 30 26 25 20 18 16 16 17 17 20 18 Shipbuilding 106 103 99 92 96 99 99 91 89 91 97 100 103 110 XONFERROUS METALS, PRODUCTS 90.4 88.4 86.5 84.5 82.4 81.3 82.0 84.4 86.7 89.0 92.3 '93. 5 94. 0 933 Aluminum _ _ 140 134 131 128 126 122 124 131 137 140 141 140 141 145 Brass, bronze, copper 94 91 90 88 86 86 87 90 93 95 101 100 99 99 Clocks, watches 85 88 86 83 81 78 78 80 79 81 79 79 86 84 Jewelry 89 88 89 85 82 84 85 87 88 87 90 94 93 94 Lighting equipment. _ 75 74 70 70 68 65 66 72 76 83 87 92 89 Silverware, plated ware 62 62 61 60 59 58 57 59 59 62 63 64 05 0G Smelting, refining ... 77 73 71 69 67 65 64 64 65 66 70 72 72 72 LUMBER, PRODUCTS.. _ _ 64. 1 63.6 63.4 61.9 60.9 59.9 60.2 61.9 63.2 62.9 64.5 65. 3 66. 3 05.3 Furniture 78 76 76 74 73 73 73 75 76 75 76 79 79 80 Lumber, millwork 51 52 51 50 48 49 50 52 53 53 55 55 56 55 Lumber, sawmills... 52 52 52 50 50 48 49 50 51 51 53 53 54 52 STONE, CLAY, GLASS PRODUCTS . 69.8 67.6 65.7 64.9 63.4 63.2 63.4 64.0 65.4 67.8 71. 1 72.0 73. 6 71.4 49 Cement . _ _ 65 64 63 65 62 63 64 64 63 67 68 67 04 05 Glass 92 85 82 81 80 78 76 79 82 87 92 93 94 90 Marble, granite, slate 44 45 43 41 42 42 42 40 40 41 42 44 44 41 Pottery _ 77 75 73 72 71 74 75 75 75 76 78 79 81 80 TEXTILES, PRODUCTS. _ 90. 6 92.2 91.4 89.4 87.6 87.4 92.1 96.4 97.0 95. 6 96.7 98. 9 98.4 98.2 Fabrics.. 81. 4 81.1 80.3 78.9 78.6 79.3 83.4 87.2 87.1 86.3 88.6 90. 3 90. 0 89. 6 Carpets, rugs 68 72 70 67 63 48 63 68 72 76 80 82 83 83 Cotton goods. _ _ 81 80 80 78 77 78 81 85 85 84 85 85 85 86 Cotton small wares 72 71 69 68 70 70 71 75 78 79 83 85 84 . 84 Dyeing, finishing textiles 102 101 101 100 102 101 104 107 107 106 107 110 111 111 Hats, fur-felt 91 91 90 88 76 64 82 85 87 90 84 83 81 84 Knit goods 106 108 107 107 103 106 109 111 111 111 112 115 113 114 Hosiery.. _ 136 138 138 139 133 135 138 140 140 141 141 144 145 146 Knitted outerwear 65 68 67 68 68 70 72 76 76 77 76 82 68 74 Knitted underwear 67 67 67 63 63 65 70 70 69 69 70 71 72 72 Knitted cloth ._ 144 146 143 140 132 137 139 150 147 152 157 162 151 150 Silk, rayon goods 56 57 59 60 64 58 57 61 61 60 61 02 61 02 Woolen, worsted goods 61 60 54 51 55 62 70 74 73 71 79 83 83 78 Wearing apparel 109. 8 116.2 115.2 112.2 106.6 104.1 109.8 115.7 117.9 115,4 113.0 110.4 116.0 Clothing, men's 94 101 101 95 85 81 91 101 103 102 102 103 101 101 Clothing, women's 165 173 168 165 161 158 163 166 170 164 161 100 165 105 Corsets, allied garments 97 97 96 96 97 98 96 97 97 98 99 101 101 101 Men's furnishings . 116 126 129 125 126 132 136 142 143 '138 -140 132 137 Millinery. _ 71 72 71 76 71 65 65 68 71 72 61 00 08 71 Shirts, collars 103 110 114 112 111 115 113 118 116 114 114 110 120 120 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN APRIL 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued ITndex numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100l 1938 Industry and group Jan. Feb. LEATHER, MANUFACTURES 89.5 Boots, shoes. __ 92 Leather 75 FOOD, PRODUCTS.. __ .. 124.7 Baking 145 Beverages 243 Butter 105 Canning, preserving.. _ 139 C onf ectionery 81 Flour __ __ _ 77 Ice cream 80 Slaughtering, meat packing 99 Sugar, beet 88 Sugar refining, cane _ - 82 TOBACCO MANUFACTURES 60.7 Tobacco, snuff 62 Cigars, cigarettes 61 PAPER, PRINTING 106.4 Boxes, paper ______ __ _ 96 Paper, pulp 106 Book, job printing __ _ 104 Newspaper, periodical printing___ 106 CHEMICALS, PETROLEUM 114.8 Petroleum refining __ _ 123 Other than petroleum. _ 112.8 Chemicals 122 Cottonseed oil, cake, meal 112 Druggists' preparations 110 Explosives 85 Fertilizers... 92 Paints, varnishes 115 Rayon, allied products - 291 Soap 89 RUBBER PRODUCTS 78.0 Rubber boots, shoes. _ __ 59 Rubber tires, inner tubes 69 Rubber goods, other 113 00 OC ocot OC Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 89.9 89.8 87.1 84.4 88.4 89.6 91.3 90.8 91.4 92 92 89 85 90 91 92 91 92 74 74 73 73 73 75 78 79 81 84 124.2 122.4 120.4 120.0 121.2 122.2 123.0 122.2 119.2 122.8 144 143 143 142 143 144 144 143 142 143 246 243 240 237 232 232 236 234 234 245 106 106 107 105 102 101 103 100 99 99 139 134 120 126 131 136 140 131 111 128 80 78 79 76 78 78 79 79 79 79 76 76 75 76 77 77 77 75 75 77 81 79 81 79 77 77 78 77 78 80 97 95 94 93 94 95 95 96 97 99 95 99 98 91 91 92 89 109 101 101 86 82 80 91 89 85 88 92 89 88 64.2 64.6 64.9 64.8 65.2 61.9 62.9 64.3 63.2 63.7 62 61 62 62 62 61 61 63 58 61 65 65 65 65 66 62 63 65 64 64 106.1 105.6 105.0 103.7 103 0 103.0 103.7 104.0 104 3 105 4 96 96 95 95 95 95 96 96 97 100 106 105 104 103 102 102 103 104 105 106 103 103 102 100 99 100 99 99 99 100 106 106 106 105 105 104 105 105 105 106 114.4 112.7 110.9 110.2 108.4 108.3 111.0 111.4 111 2 111.8 123 122 122 122 120 121 121 120 119 118 112.4 110.3 108.2 107.5 105.5 105.2 108.4 109.4 109.3 110.2 119 115 112 110 110 106 110 111 113 117 107 99 109 101 93 102 98 87 86 88 108 107 108 111 112 113 110 108 107 107 84 84 83 82 81 81 81 83 82 81 95 87 85 93 93 91 96 92 88 91 113 114 113 110 109 110 113 114 113 114 303 307 289 290 274 272 292 312 313 310 89 88 86 86 86 89 92 91 90 86 74.1 72.4 72.2 71.3 71.3 69.5 73.4 76.0 76 8 81.7 57 55 55 55 56 44 54 56 58 62 63 62 61 60 60 61 61 62 64 66 112 110 110 109 107 109 117 123 121 132 oOCt OoCt 1939 Jan. Feb. 92.8 92.8 93 93 84 86 85 124.2 124. 2 121.8 144 143 144 244 245 245 100 100 98 129 129 125 82 80 79 78 76 80 80 80 99 96 94 142 199 127 87 89 88 64.2 64.5 63.9 62 59 59 65 65 65 106 0 106 0 10a. 9 101 102 102 106 106 106 101 101 100 106 105 106 112 3 112. 3 111.7 118 118 118 110.9 111.0 110.3 117 117 118 90 85 76 107 108 106 81 82 82 89 94 90 114 115 113 310 310 314 91 91 90 83 2 81. 3 81.2 63 58 61 67 67 66 135 131 131 NOTE. —Figures for February 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

FEDERAL RESERVE BULLETIN 327 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Total 87.8 88. 2 89.5 90.5 91.2 89.5 90.7 750 76.9 83.8 85.3 Durable goods 81.7 80. 1 79.0 82. 1 83.1 81.6 82.6 671 67.2 75.2 78.3 Nondurable goods _ 93.7 95.9 99.4 98.4 97.0 98.4 840 87.8 93.4 93.1 IRON, STEEL, PRODUCTS 86.4 85.3 83.9 86.5 87.4 85.9 87.2 609 63.2 74.9 79.1 80.8 79.8 Blast furnaces, steel works. _ 95 93 86 90 91 91 92 61 64 74 82 83 83 Bolts, nuts, washers, rivets.. 83 83 85 90 92 91 92 57 62 81 91 94 97 Cast-iron pipe 61 61 65 66 66 66 67 45 44 54 55 56 53 56 Cutlery, edge tools 83 83 80 83 83 81 83 67 67 74 76 79 74 76 Forgings 52 48 46 48 50 48 48 37 35 42 44 49 46 47 Hardware 75 72 80 84 86 85 83 56 59 86 93 90 82 78 Plumbers' supplies 71 71 73 73 73 72 74 53 52 62 55 60 60 64 Stamped, enameled ware 123 123 129 134 134 129 132 104 109 133 134 136 129 Steam, hot-water heating.._ 65 64 71 69 68 66 68 48 47 59 53 56 54 57 Stoves 61 71 83 79 75 65 75 42 54 76 63 61 50 62 Structural, ornamental 66 64 61 61 62 62 64 54 52 51 50 53 52 55 Tin cans, tinware 88 87 86 85 84 83 84 90 90 89 88 88 87 86 Tools 81 79 77 81 84 83 85 71 68 72 76 82 80 84 Wirework 148 138 147 165 172 163 160 125 118 156 180 158 157 MACHINERY 104. 0 99.7 87.2 89.5 91.8 91.5 93.4 951 91.1 81.9 83.9 87.4 91.6 Agricultural implements 159 153 94 97 105 111 120 169 162 92 95 114 112 129 Cash registers, etc 143 144 136 135 135 133 134 134 129 120 120 119 117 120 Electrical machinery 96 90 81 83 84 82 84 87 81 78 80 r83 81 84 Engines, turbines, etc 92 91 83 84 85 87 91 99 99 90 92 98 98 107 Foundry, machine-shop products 92 89 78 79 82 82 83 80 78 69 71 76 75 78 Machine tools 148 142 116 118 120 121 125 151 138 111 111 120 120 131 Radios, phonographs 86 84 108 119 118 108 103 73 68 98 107 108 97 89 Textile machinery 67 64 61 64 67 68 70 55 53 57 61 67 65 68 Typewriters 120 117 125 129 128 126 125 88 102 128 131 130 119 123 TRANSPORTATION EQUIPMENT 82.6 79.9 79.4 91.6 96. 1 95.8 96.5 67.6 65.9 83.8 95.9 r97. 9 91.9 91.6 Aircraft 878 883 786 815 845 876 923 787 815 781 799 880 908 946 Automobiles 85 82 86 102 107 106 105 64 63 91 108 r107 101 97 Cars, electric-, steam-railroad __ 39 37 25 26 30 29 34 38 37 24 23 28 27 32 Locomotives 43 39 16 17 17 19 18 38 37 11 13 14 15 13 Shipbuilding 105 101 92 97 101 101 108 110 105 95 94 107 107 114 NONFERROUS METALS, PRODUCTS.. 88.8 88.0 92.2 95.4 r95. 0 92.4 93.5 749 74.4 88.5 90.2 r90. 3 84.7 Aluminum 138 135 142 143 140 139 145 125 125 148 148 144 143 152 Brass, bronze, copper 93 91 96 101 100 98 99 77 76 96 100 99 93 96 Clocks, watches 85 88 84 84 83 85 84 82 84 86 87 83 81 84 Jewelry 84 86 100 101 97 87 92 68 69 92 83 85 75 Lighting equipment 74 74 85 92 '94 90 54 56 78 83 r85 82 Silverware, plated ware 60 61 64 67 67 63 46 49 62 66 68 61 Smelting, refining 77 73 66 71 73 73 69 62 66 68 67 LUMBER, PRODUCTS.__ 60. 0 60. 6 65.7 65.2 64. 1 61.9 62. 3 45.1 48.0 60.0 56.2 56.1 52. 0 52.8 Furniture 75 75 80 80 80 76 79 52 56 68 65 68 60 66 Lumber, millwork. 48 51 54 55 54 53 53 35 38 46 45 45 43 43 Lumber, sawmills__ 48 48 53 52 51 49 49 38 39 50 46 45 42 41 STONE, CLAY, GLASS PRODUCTS.. 63.1 63.0 70. 1 71.6 70.5 66.4 66.5 479 51.3 63.0 63.8 63.5 56. 8 57.7 Brick, tile, terra cotta 43 43 52 52 51 49 48 27 28 41 39 39 37 36 Cement 54 53 70 68 63 53 54 44 44 65 64 57 47 48 Glass 88 85 88 92 93 90 90 78 81 93 99 99 92 93 Marble, granite, slate 37 40 42 43 42 37 37 25 30 30 31 31 26 26 Pottery 74 75 78 80 80 79 80 58 66 73 75 76 66 TEXTILES, PRODUCTS 89.7 94.7 97.5 96.9 98.6 97.5 100.9 68.0 77.9 83.1 78.4 83. 3 80.8 87.2 Fabrics 82.1 83.1 87.2 89.5 91.8 90.8 91.8 64.4 69.0 76. 5 77.3 81. 1 78.7 80.9 Carpets, rugs 66 72 80 82 81 41 49 66 67 71 68 71 Cotton goods 83 82 84 87 87 64 65 72 74 76 74 76 Cotton small wares 71 73 80 83 85 84 86 59 66 77 77 82 80 84 Dyeing, finishing textiles.. 104 105 106 109 112 113 117 84 90 92 93 97 97 103 Hats, fur-felt 91 92 89 83 82 84 86 78 86 78 70 75 80 82 Knit goods 103 108 115 114 115 111 114 94 108 122 119 120 112 119 Hosiery 135 139 144 145 146 144 147 132 153 167 165 164 157 164 Knitted outerwear 63 67 83 78 79 65 74 52 60 77 69 73 59 69 Knitted underwear 63 67 70 71 71 69 72 48 54 63 61 62 58 64 Knitted cloth 139 147 156 156 160 147 151 100 113 131 120 127 119 119 Silk, rayon goods 58 59 61 62 63 63 64 40 45 50 49 52 51 53 Woolen, worsted goods 62 63 78 85 84 82 51 53 58 64 73 71 69 Wearing apparel 105. 3 119.8 119.6 112.0 112.2 111.0 119.4 72.6 92.8 93.0 78.0 r84.6 82.4 96.6 Clothing, men's 91 104 105 98 97 97 104 58 74 75 63 68 69 80 Clothing, women's 160 180 171 159 161 160 171 103 135 129 102 115 112 133 Corsets, allied garments 96 98 99 99 100 100 102 84 94 105 100 103 99 107 Men's furnishings 108 127 149 150 149 123 138 82 108 140 150 143 101 124 Millinery 70 78 74 55 58 67 77 55 69 63 40 43 55 69 Shirts, collars 93 110 119 118 116 114 120 72 87 99 104 105 93 104 • Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN APRIL 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 ]938 1939 1938 1939 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. LEATHER, MANUFACTURES 89.6 93.5 89.6 84.8 88.6 92.9 96.6 69.0 77.0 69.6 62.4 70.0 77.5 83. 1 Boots, shoes 92 96 90 83 88 93 97 67 77 65 54 63 73 79 Leather 75 76 81 84 85 86 87 70 73 82 85 88 88 90 FOOD, PRODUCTS 114.7 113.3 128.8 123.4 120. 1 113.7 111.3 116.6 114.2 127. 0 122.4 120.9 115. 2 112.2 Baking 142 142 144 145 144 140 142 136 137 140 140 138 136 137 Beverages 222 225 234 229 223 223 224 251 261 273 265 257 252 253 Butter 98 98 99 97 95 93 90 82 83 86 82 80 81 79 Canning, preserving 85 82 147 103 85 79 74 75 73 130 86 77 71 71 Confectionery 79 78 93 91 91 78 77 75 75 92 85 92 76 75 Flour 76 76 78 78 78 77 76 75 74 80 74 73 75 72 Ice cream 68 68 74 70 69 68 68 58 58 64 61 60 60 59 Slaughtering, meat packing 102 97 97 101 102 100 94 119 105 110 110 113 111 101 Sugar, beet 38 35 270 275 231 85 47 42 43 228 275 222 73 54 Sugar refining, cane 78 85 89 87 84 85 87 67 73 79 75 73 75 73 TOBACCO, MANUFACTURES 55.7 63.2 66.3 66. 9 65.2 59.2 62.7 48.0 52.6 60.7 59.8 59.6 49.7 51. '< Tobacco, snuff 63 64 58 62 62 61 61 69 70 63 69 73 66 64 Cigars, cigarettes 55 63 67 68 66 59 63 45 50 60 59 58 48 50 PAPER, PRINTING 106.1 106.1 105.5 107.0 108.0 105. 7 105.9 100.3 101.2 103.7 103.3 107.3 102.2 102 5 Boxes, paper 93 94 103 105 104 98 100 88 92 113 110 109 100 103 Paper, pulp 106 106 105 106 106 106 106 96 101 107 103 103 103 106 Book, job printing 105 105 100 101 104 103 101 95 93 88 89 97 94 90 Newspaper, periodical printing. __ 106 106 106 107 108 105 106 105 105 109 110 113 105 106 CHEMICALS, PETROLEUM 114. 6 115. 1 113.4 113.0 112.7 111.9 112.2 115.7 117.3 120.1 119.1 120.1 119.7 119.9 Petroleum refining 123 122 120 119 118 117 116 136 138 133 134 134 135 132 Other than petroleum 112.6 113.4 111.9 111.6 111.4 110.6 111.1 109.5 110.8 116.2 114. 6 115.8 115.2 116. 1 Chemicals 120 117 115 117 117 116 116 125 124 128 128 130 128 130 Cottonseed oil, cake, meal 125 120 122 116 114 95 85 107 100 104 100 96 79 69 Druggists' preparations 110 110 110 110 109 108 108 118 116 124 120 120 119 118 Explosives 85 82 84 83 83 81 80 80 90 97 92 95 90 92 Fertilizers 92 104 80 79 82 94 99 79 87 70 65 70 77 78 Paints, varnishes 113 112 113 112 112 112 112 104 108 116 114 115 113 116 Rayon, allied products 294 307 314 313 311 313 319 258 266 303 303 302 310 314 Soap 87 89 93 89 89 89 90 88 89 95 88 90 91 91 RUBBER PRODUCTS 77.9 74.1 77.7 82.4 83.6 81.1 81.3 66.1 58.9 79.7 85.2 89.0 83.9 82.4 Rubber boots, shoes 60 56 60 63 65 58 61 49 44 62 61 66 57 60 Rubber tires, inner tubes 69 63 64 66 67 67 66 60 49 69 75 79 76 Rubber goods, other 112 113 123 134 135 130 132 96 98 123 131 134 125 127 NOTE.—Figures for February 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

329 APRIL 1939 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION IFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Bodge Corporation. Value of contracts in millions of dollars.] Nonresidential Building Total R B es u i i d ld en in t g ial P a u n b d l ic p u w b o li r c ks Month Factories Commercial Educational * Other i utilities * 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 January 192.2 251.7 36.2 80.2 6.6 7.1 15.4 17.3 19.0 31.7 16.4 28.9 98.6 86.5 February.. . 118.9 220.2 40.0 79.0 4.9 9.5 13.0 13.5 15.4 21.8 15.1 24. 7 30.5 71.6 M^arch 226 9 79 4 15 7 20 2 21 0 31 0 59 7 222.0 74.6 11.5 18 9 16.9 33. 1 67.0 May 283.2 83.2 8.6 19.2 11.8 38.2 122.2 June 251.0 85.7 10.7 18 8 14 7 37.7 83. 5 July 239.8 88.0 9.7 26.2 10.7 26.1 79.3 August 313.1 99 7 11 3 18 3 21 4 36 3 126 1 September 300.9 99.6 10. 7 14 0 33.9 33.4 109.3 October 357 7 112 7 13 8 24 2 47 0 46 0 114 0 November 301.7 95.3 10.5 13.7 49.0 42.8 90.4 December._ 389.4 91.5 7.0 14.0 73.3 45.2 158.4 Year 3, 196. 9 985.8 121.1 215.8 334.1 401.2 1,139. 0 1 Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Month 1934 1935 1936 1937 January 186 100 215 243 February _ _ 97 75 140 188 March 178 123 199 231 April.. 131 124 235 270 May 134 127 216 244 June 127 148 233 318 July 120 159 295 322 August 120 169 275 281 September 110 167 234 207 October 135 201 226 202 November 112 188 208 December 93 264 200 Year 1, 543 1,845 2,675 OO OC Publicly-financed * 1938 1939 1934 1935 1936 1937 1938 192 252 157 55 149 112 118 119 65 38 79 69 51 227 126 68 96 66 95 222 78 53 105 74 99 283 72 47 94 93 144 251 73 64 116 137 108 240 52 67 153 131 98 313 69 92 153 104 171 301 69 97 116 80 160 358 79 114 101 78 203 302 74 118 89 93 389 61 196 82 115 2,913 3,197 975 1,007 1,334 1,152 DC DC Privately-financed i 1939 1934 1935 1936 1937 1938 1939 148 29 45 66 130 75 104 31 37 62 119 68 52 55 103 165 132 53 71 130 195 123 63 80 122 151 139 54 84 116 180 143 67 93 141 191 142 51 76 122 178 142 41 70 119 127 141 57 87 125 124 154 38 70 119 106 123 32 68 117 94 110 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. NOTE.—Due to change in publication policy of the F. W. Dodge Corporation, data for February 1939 will be published in the BULLETIN for May 1939 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number 1939 1938 Federal Reserve district Fede d ra is l tr R ic e t serve 1939 Feb. Jan. Feb. Feb. Jan. Boston 15,776 10, 576 7,492 New York., _ 47, 049 69, 819 20, 007 Philadelphia 8, 564 14, 245 8, 926 Boston 81 100 Cleveland 22 734 27, 302 14, 304 New York 264 396 Richmond . .__ 19, 053 25, 613 14, 741 Philadelphia 63 69 Atlanta 19, 665 20,156 10, 828 Cleveland 60 92 Chicago _ _ _ . 38,138 36,121 17, 289 Richmond. _ 65 68 St. Louis 17, 324 13,261 6,683 Atlanta 69 75 Minneapolis _ . 4.838 7,245 5,394 Chicago 134 174 Kansas City 12, 034 9,114 5,342 St. Louis 37 Dallas 15, 022 18, 221 7, 939 Minneapolis 18 Kansas City. 41 Total (11 districts) 220,197 251, 673 118,945 D alias 34 San Francisco 97 Total 963 CO CM CO C" Liabilities 1938 1939 1938 Feb. Feb. Jan. Feb. 105 1,468 1.211 2,008 300 3,661 6, 808 6,378 90 1,103 767 1,403 97 779 1,459 2 798 47 469 618 548 63 679 1,112 826 168 1,943 3, 309 2,371 55 615 536 524 24 172 1,039 49 235 784 445 25 333 754 245 133 126 1,331 1,572 2,443 1,263 1,149 12, 788 19, 122 21,028 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN APRIL 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 176 199 223 289 213 167 187 240 171 178 9 11 — 18 118 35 February 163 182 233 262 152 193 278 163 11 -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 ?, Oil 2,423 3,084 rl, 960 235 33 265 1,134 p Preliminary. T Revised. 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 1 Index of stocks (end of month) Feb. Oct. Nov. Dec. Jan. Feb. Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 62 68 m 69 69 67 1938 1939 1938 1939 1938 1939 1938 1939 Coal. 54 69 70 69 67 65 Coke 35 50 58 53 55 46 Grain and grain products _ 76 95 81 83 79 70 January 90 88 70 69 71 67 63 60 Livestock 41 44 44 41 41 38 February 88 87 70 69 70 68 67 65 Forest products 38 42 40 43 42 36 March 86 77 70 71 Ore 78 48 74 92 102 93 M iscellaneous 69 72 74 74 76 75 April 83 86 69 71 Merchandise 1 62 62 61 61 62 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 57 75 70 64 63 62 Coal 63 76 76 78 76 76 October... __ 84 92 67 74 Coke 47 50 58 58 64 62 November _ _ 89 99 67 78 Grain and grain products 69 95 76 72 71 64 December 89 156 66 62 34 62 53 40 40 31 Forest products 37 43 39 37 37 35 Year 85 68 Ore 19 71 41 23 22 22 Miscellaneous 59 82 76 67 65 64 Merchandise * 60 65 62 59 59 60 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 1 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 tor 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

331 APRIL 1939 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c r n ts d p T r e o x d t u il c e ts F m li u g a e h t l e t r i a n i n a g d ls a p n M r d o e d m t u a e c ls t t a s l B m u a i t l e d ri i a n l g s c C a d l h r s e u m a g n s i- d i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 :L09.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86 4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64 8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74 9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.8 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 81.7 92.8 66.7 76.5 95.7 90.3 77.6 86.8 73.3 1938—January 80.9 71.6 76.3 83.5 96.7 69.7 78.3 96.6 91.8 79 6 88.3 75.2 February 79.8 69.8 73.5 83.0 94.7 68.6 78.5 96.0 91.1 79 1 88.0 74.8 March 79.7 70.3 73.5 82.6 93.6 68.2 77.7 96.0 91.5 78.7 87.7 74.4 April _ _. 78.7 68.4 72.3 82.0 92.1 67.2 76.8 96.3 91.2 77.5 87.3 73.4 May 78 1 67.5 72.1 81.6 91.3 66.1 76.2 96.7 90.4 76.8 87.2 73.1 June ._ 78.3 68.7 73.1 81.3 90.1 65.5 76.4 96.1 89.7 76.3 87.1 72.9 July 78 8 69 4 74.3 81.4 91.5 66.1 76.8 95.2 89.2 77.7 86.4 72.7 August 78.1 67. 3 73.0 81.4 91.9 65.9 76.8 95.4 89.4 77.7 86.4 72.4 September 78.3 68.1 74.5 81.3 92.0 65.8 76.6 95.5 89.5 77 3 86.2 72.4 October 77 6 66.8 73.5 81.1 93.4 66.2 75.4 95.3 89.8 77.1 85.7 72.6 November 77.5 67.8 74.1 80. e 94.6 66.2 73.7 94.9 89.2 76.6 85.8 73.0 December 77.0 67.6 73.1 80.3 93.1 65.8 73.2 94.6 89.4 76.7 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 February... ... 76.9 67.2 71.5 80.2 91.9 66.1 73.0 94.3 89.6 76.3 85.2 73.5 Week ending— 1938—Dec. 3 _ 77.4 69.1 74.3 80.7 94.4 65.6 74.3 95.0 89.3 76.3 87.7 72.4 Dec. 10 77,1 67.8 73.7 80.7 93.4 65.4 74.4 94.8 89.1 76,3 87.6 72.8 Dec. 17 76 7 67.4 72.6 80.6 93.8 65.2 74.1 94 8 89.2 76 3 87.6 72.9 Dec. 24 76 6 67.2 72.2 80.5 93.8 65.2 73.8 94 8 89.3 76 4 87.6 72.9 Dec. 31 76.9 68.3 72.5 80.5 93.6 65.3 73.7 94.8 89.2 76 3 87.6 73.0 Jan. 7 77. 0 67.6 72.6 80.6 93.9 65.3 73.8 94.6 90.0 76.3 87.5 73.1 Jan. 14 76.8 67.3 71.3 80.5 94.1 65.3 73.7 94.6 89.7 76,4 87.2 73.1 Jan. 21 76 6 66.9 71.3 80.4 93.8 65.4 73.6 94.5 89.1 76.3 87.2 73.0 Jan. 28 76.7 67.3 71.2 80.4 93.3 65.6 73.4 94.5 89.4 76.1 87.2 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 Feb. 25 76.8 67.7 71.4 80.4 92.4 65.6 73.4 94.5 90.0 76.0 86.6 73.0 Mar. 4 76 7 67.2 71.5 80.4 92.3 65.9 73.3 94. 5 89.6 76 ?, 86.6 73.2 Mar. 11.. 77.0 68.0 71.4 80.6 92.5 66.0 73.6 94.5 90.2 76.3 86.6 73.4 Mar. 18 76.7 67.1 70.7 80.7 92.6 66. 1 73.7 94.4 90.2 76.2 86.6 73.9 1938 1939 1938 1939 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 73.0 50.9 54.4 56.3 54.7 Agricultural implements 96 ?, 93 7 93. 5 93.4 93. 2 Livestock and poultry 78.1 75.2 74.4 78.0 79.2 Farm machinery „ . _ _ 47.7 95. 0 94. 8 94.6 94.5 Other farm products. 63.5 67.4 66.5 63.2 62.9 Iron and steel _ 99. 3 96 9 96.8 96.4 96. 1 FOODS: Motor vehicles l 95 6 93.6 93.4 93.4 93.4 Dairy products 78.3 72.5 73.9 71.8 71.6 Nonferrous metals 72 1 77.6 76.8 76.7 76.5 Cereal products 83.2 74.0 74.8 73.2 72.7 Plumbing and heating tV 6 78. 7 78.7 78.7 79.2 Fruits and vegetables 56.8 63.0 60. 4 60.9 62.1 BUILDING MATERIALS: Meats 78.4 81.9 79.9 81.6 83.2 Brick and tile 91 5 91.5 91. 5 92.4 92.4 Other foods 66.7 71.0 69. 2 63 6 61.7 Cement 95. 5 95. 5 95.5 95. 5 95.5 HIDES AND LEATHER PRODUCTS: Lumber 91 0 90.2 90.9 91.7 92.6 Shoes. __ 104.6 100.4 100. 6 101. 2 101. 1 Paint and paint materials 7Q 9 80.9 81.0 81.0 80. 5 Hides and skins 74.6 85. 5 78.8 78.4 72.8 Plumbing and heating.. .. . 79.6 78 7 78. 7 78.7 79.2 Leather.. 84.4 86.9 85 9 85 0 84.2 Structural steel 114 9 107 3 107.3 107.3 107.3 Other leather products 102.4 96.6 95.8 95.3 95.3 Other building materials 95.3 89. 7 89.7 89.6 89.3 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 85.8 81.6 81.6 81 5 81.5 Chemicals 80 2 80.0 79. 7 79.4 Cotton goods 67.6 65. 1 64. 6 64.3 63.7 Drugs and Pharmaceuticals 73.9 73.6 73.5 73.0 72.7 Hosiery and underwear 60.9 59.9 59.3 59. 1 58.8 Fertilizer materials... n 3 67.7 68.6 70.2 69. 3 Silk and rayon 30.3 30.8 32 1 34.7 Mixed fertilizers 72.3 73 2 73.8 74.8 73.7 Woolen and worsted goods 81.0 76.4 74.8 74.5 74.7 HOUSEFURNISHING GOODS: Other textile products 67.0 64. 5 64 4 64 4 64. 5 Furnishings 32. 2 89 7 90.3 90. 1 89.8 FUEL AND LIGHTING MATERIALS: Furniture _ 81.9 81. 6 80.5 80.5 Anthracite 79 8 80.1 80 1 80 3 79.9 MISCELLANEOUS: Bituminous coal 103 2 98 5 98 5 98 3 98 1 Auto tires and tubes 57 4 58 8 58 8 58 8 59 7 Coke 105 5 104 2 104 2 104 2 104 2 Cattle feed 86 7 70 5 76 6 79 9 78 2 Electricity 89 6 81 8 82 7 Paper and pulp 89 7 81 5 80 9 81 0 81 1 Gas 82 9 84 6 81 6 82 2 Rubber, crude 30 2 34 3 33 9 33 4 33 7 Petroleum products 58.0 51.5 50.9 50.4 50.7 Other miscellsneous 82 2 81.2 81.1 81.1 81.2 i Preliminary revision. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN APRIL 1939 CHANGES IN MEMBER BANK SERIES IN CHART BOOK With the new classification of loans adopted in securities" and "Other loans for purchasin the revised call report form (see pages ing and carrying securities", thus excluding 259-264 of this BULLETIN), it will not be pos- all loans on securities reported as "Commersible to continue series of figures comparable cial and industrial" or as "All other" loans. with those for loans on securities for "Other" The series for "Other loans (largely commerloans, or for "Commercial" loans, heretofore cial)" will be the total of "Commercial and published, in the BULLETIN and shown in the industrial loans", "Agricultural loans", Federal Reserve Chart Book. This is because "Open-market paper", "Loans to banks", and the new series of "Commercial and indus- "All other loans"; it will be larger than the trial" loans and "Other" loans include but dofigure previously shown by the amount of not show separately both loans on securities loans on securities reported in these classes and loans otherwise secured and unsecured. of loans. On the basis of a breakdown that was avail- For December 31, 1938, figures comparable able for weekly reporting banks in 101 lead- with past data and figures compiled on the ing cities, it was possible to make approxi- basis that will be used in the future are as mate estimates of the old series for all mem- follows: ber banks as of December 31, 1938, and these [Inbillions of dollars] f e i s g t u im re a s t e g s i v a e re n s b h e o lo w w n . in the table of chart book C b p o h a o g a k e rt r p a F c b a o s i l g e t m u d p w r a e a i s - t t a h S p i e n u w r b i i e f l l s u i l s t b h t u h e e re d at Hereafter the chart on page 13 of the chart Loans, total 11 13. 21 13.21 book will show the new series "Other loans Security loans, total, ._ 12 e 3. 52 1.75 for purchasing and carrying securities" in Brokers' loans 13 .97 .97 Loans on securities (excl.brokers' place of "Loans on securities (excluding brok- loans) _._ . 13 e2.55 .78 ers' loans)" and a total of the new series for Heal estate loans 12, 13 2.72 2.72 Other loans, total 12 e6. 97 18.74 "Commercial and industrial" and for "Agri- Commercial loans 13 e6. 41 5.45 cultural" loans in place of that for "Commer- Open-market paper 13 .44 .44 Loans to banks 13 .12 .12 cial" loans heretofore shown. In the chart on All other loans 2 2.73 page 12 the figure for "Security loans" will e Estimated. 1 Includes loans on securities reported as "Commercial" loans and as be the total of "Loans to brokers and dealers 'All other" loans. 2 Not heretofore plotted in chart book. BANKING STATISTICS FOR CALL REPORT DATES [In billions of dollars] Chart 1938 book page Mar. June Dec. Mar. June Dec. Mar. June Sept. Dec. 4 30 31 31 30 31 7 30 31 All banks in the United States: Total deposits and currency 10 52.55 55.17 57. 48 56.79 57.42 56.83 56.78 56.74 P57. 64 P59. 16 Time deposits 10 24.40 24.90 25.40 25.69 25.96 26.26 26.34 26. 27 P26. 13 P26. 29 Demand deposits adjusted 10 22.55 23. 86 25.53 25.23 25. 26 24. 05 24.13 24.39 25. 24 P26. 14 Currency outside banks 10 4.98 5.26 5.55 5.42 5.53 5.69 5.50 5.47 P5. 49 P5. 83 Member banks: Demand deposits adjusted 11 19. 16 20.28 21.65 21. 35 21.40 20.39 20. 51 21.60 22.29 Time deposits 11 10.45 10.79 10.99 11. 16 11.35 11.52 11. 59 11.56 11.46 11.51 Interbank balances 11 C6.15 '5.99 «6. 40 C5. 75 C5. 30 c 5. 44 c 5. 62 C6.10 "6. 09 6.51 Loans and investments 11 30.29 32.26 33.00 32.53 32.74 31.75 31.52 30. 72 31.63 32.07 Investments, total 11 18.19 19.72 19.64 18.83 18.45 17.79 17.98 17.78 18. 69 18.86 U. S. Government obligations, total 12 12.44 13.67 13.55 12.72 12.69 12.37 12. 45 12. 34 13.01 13. 22 Direct obligations 13 10.56 11.72 11.64 10.86 10.87 10.57 10.63 10.22 10.71 10.88 Guaranteed obligations 13 1.88 1.95 1.91 1.86 1.82 1.80 1.83 2.13 2.30 2.34 Other securities, total 12 5.75 6.05 6.10 6.11 5.77 5.42 5.52 5.44 5.68 5.64 State and local government securities 13 2.25 2.26 2.21 2.33 2.13 2.03 2.19 2.13 2.30 2.45 Other domestic 13 3.23 3.53 3.65 3.53 3.40 3.21 3.15 3.13 3.19 3.01 Foreign securities 13 .26 .25 .24 .25 .23 .18 . 18 .18 .18 .18 Loan S s e , c t u o L B r t o i r a t o a y l k n l s e o r o a s' n n l s o s , e a t c n o u s t r a i l t i * es (excluding brokers' loans) 1 1 1 1 2 1 3 3 1 4 2 1 2 . . . . 3 1 8 1 0 6 3 0 12 4 2 1 . . . .3 2 8 5 5 4 6 4 1 2 4 1 3 . . . . 4 7 2 3 1 9 2 6 13 4 2 1 . . . . 4 8 2 7 2 2 8 0 1 4 2 1 4 . . . . 5 3 8 2 4 7 3 9 1 3 2 3 . . . . 7 9 7 9 0 5 5 6 1 3 2 3 . . . . 5 6 8 5 4 7 8 5 1 3 2 2 . . . . 7 3 6 9 0 2 1 4 12 2 3 . . . . 5 3 7 9 9 0 1 4 2 2 1 2 3 3 . . . 9 . 2 5 5 7 1 5 2 Real estate loans 12, 13 2.30 2.34 2.40 2.44 2.51 2.55 2.56 2.61 2.66 2.72 Other loans, total* 12 5.64 5.97 6.73 6.97 7.41 7.71 7.45 7.01 6.97 2 6.97 Commercial loans 13 4.96 5.36 6.04 6.22 6.66 7.00 6.75 6.40 6.36 2 6.41 Open-market paper 13 .63 .56 .63 .71 .64 .64 .61 .49 .48 .44 Loans to banks 13 .08 .10 .12 .07 .10 .12 .13 .12 p Preliminary. « Corrected. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 2 Figures, which are now reported on different basis and will be so published in future, are partly estimated for this date to make them comparable with corresponding figures for previous dates; see above text. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

333 FEDERAL RESERVE BULLETIN STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart 1939 Chart 1938 1939 book book page Feb. 15 Feb. 21 Mar. 1 Mar. 8 Mar. 15 Dec. Jan. Feb. 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 2.59 2.59 2.57 2.60 United States: Bills discounted 5 .01 0) 0) 0) 0) All commodities 31, 32 77.0 76.9 76.9 Bills bought 5 (0 0) 0) (0 0) Farm products 31 67.6 • 67.2 67.2 U. S. Gov't securities- . 5 2.56 2.56 2.56 2.56 2.56 Foods 31 73.1 71.5 71.5 Gold stock ._. 3 14.77 14.82 14.89 14.92 14.98 Other commodities.._ 31 80.3 80.2 80.2 Money in circulation 3, 9 6.70 6.71 6.74 6.75 6.75 England 32 79.3 78.5 78.1 Treasury cash 3 2.77 2.75 2.72 2.72 2.71 France 32 98.4 P99.2 T M r e e m as b u e r r y b d a e n p k o s b it a s l ances 3, 6 3 8 1 . . 7 2 1 5 8 1 . . 8 1 4 8 8 1 . . 9 1 4 7 8 1 . . 9 1 9 0 9 1 . .0 0 6 8 Indu G st e r r i m al a p n r y o duction5 3 3 5 2 1 7 0 9 4 .1 79 10 .2 1 ~P79.~2~ Required reservese 6 5.54 5.54 5.56 5.58 5.63 Manufacturing production: s Excess reserves—total2 7 3.34 3.29 P3.37 P3.42 P3.41 Total 37 104 100 New York City2 7 2.03 1.99 2.04 1.98 1.92 Durable6 37 43 41 Chicago2 7 .16 .15 .16 .17 .18 Nondurable6 37 61 59 Reserve city banks2 7 .66 .65 .67 .72 .78 Factory employment 43 91.2 89.5 P90. 7 Country banks2 7 .49 .50 P. 50 P. 54 P. 53 F Fr a e c i t g o h ry t- c p a a r y l r o o a ll d s i ngs5 4 4 3 5 ' 6 8 9 6.5 83 6 .2 9 P85. 6 3 7 REPORTING MEMBER BANKS Department store sales5 47 89 88 Department store stocks5 47 66 67 Total, 101 cities: Loans and investments 14 21.61 21.61 21.59 21.79 21.82 In millions of dollars Investments 14 13.40 13.43 13.41 13.45 13.54 Loans 14 8.21 8.18 8.19 8.34 8.28 Construction contracts awarded:7 Adjusted demand Total 41 394 352 P292 deposits 15 15.95 16.09 15.97 16.09 16.14 Residential 41 105 101 PIOI Time deposits 15 5.18 5.19 5.20 5.22 5.20 Other 41 289 251 P191 U. S. Gov't deposits 15 .63 .63 .63 .63 .63 Exports and imports: Domestic bank balances 15 6.29 6.24 6.41 6.52 6.66 Exports (incl. re-exports)- 49 269 213 P219 Foreign bank balances. _ 15 .55 .56 .57 .57 .57 General imports 49 171 178 New York City: Excess of exports 49 97 35 U. S. Gov't obligations.. 16 3.65 3.67 3.68 3.77 3.83 Income payments: Other securities 16 1.16 1.17 1.18 1.17 1.16 Total adjusted 50 5,527 5,513 P5, 494 Commercial loans 16 1.36 1.36 1.36 1.37 1.37 Total unadjusted 50 5,953 5,509 P5, 090 Brokers'loans.. 16 .66 .64 .65 .76 .72 Compensation of em- 100 cities outside New York: ployees 50 3,716 3,582 P3, 574 U. S. Gov't obligations.- 17 6.51 6.50 6.49 6.44 6.47 Other 50 2,237 1,927 v 1,516 Other securities 17 2.09 2.08 2.07 2.07 2.08 'ash farm income: Commercial loans 17 2.40 2.41 2.41 2.41 2.43 Total 51 652 r619 486 Crops 51 261 -251 149 MONEY RATES AND SECURITY Averages of daily figures3: percent Livestock and products._ 51 352 '•327 281 MARKETS per annum Government payments,.. 51 39 41 56 F.R.bank discount rate.N.Y. 19 1.00 1.00 1.00 1.00 1.00 Commercial paper 19 .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. S. Treasury notes 21 .63 .63 .56 .49 .53 United States 8 14.51 14.68 14.87 U. S. Treasury bonds 21, 25 2.43 2.43 2.39 2.35 2.34 England 8 2.69 1.04 1.04 Corporate Aaa bonds 25 3.00 3.00 2.99 2.97 2.97 France 8 2.43 2.43 2.43 Corporate Baa bonds 25 5.05 5.03 4.97 4.87 4.84 Netherlands 8 .99 .99 .97 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total 20 38.90 39.10 39.33 Bonds .__ 20 25. 52 25.66 25. 73 Stock prices, total4 27, 29 91 90 93 95 93 Notes .__ 20 8.50 8.50 8.50 Industrial 27 107 106 109 112 109 Bills 20 1.31 1.31 1.31 Railroads 27 28 28 30 32 30 Special issues 20 3.57 3.63 3.79 Public utilities 27 84 84 87 88 8G Vo sh lu a m re e s ) of trading 2 (mill, 29 .65 .77 .86 1.03 1.04 Percent per annum Brokers' loans (mill, dollars) 29 813 790 799 923 875 ustomers' rates: New York City 23 2.33 2.29 2.24 BUSINESS CONDITIONS Figures for week3; in unit indicated 8 other Northern and Eastern cities 23 3.47 3.41 3.33 Wholesale commodity prices:4 27 Southern and Western All commodities 33 76.6 76.8 77.0 76.7 cities 23 4.04 4.10 4.09 Farm products 33 66.9 67.7 67.2 68.0 67.1 Foods 33 71.3 71.4 71.5 71.4 70.7 Other commodities 33 80.4 80.4 80.4 80.6 80.7 QUARTERLY FIGURES June 30, Sept. 30, Dec. 31, Steel plant operations 1938 1938 1938 (% of capacity) 38 54.8 53.7 55.8 55.1 55.7 Automobile production (thous. cars) 38 79.9 75.7 78.7 84. 1 86.7 In millions of dollars Electric power production Domestic corporation security (mill. kw. hrs.) 39 2,249 2,226 2,244 2,238 2,225 issues, total 442 672 726 Total freight-car loadings New 28 251 340 153 (thous. cars) 39 580.1 560.6 598.7 591.7 594.6 Refunding 191 332 573 v Preliminary. e Estimated. »• Revised. 4 Index numbers, 1926=100. 1 Less than $5,000,000. 5 Adjusted for seasonal variation. 3 2 F A i v g e u r r a e g s e s a r o e f s d h a o i w ly n f u ig n u d r e es r , t s h e e e W fo e o d tn n o e t s e d 3. ay date included in the weekly period 6 7 T Po h i r n e t e s - m in o n to th ta s l m in o d v e i x n g o f a v m e a ra n g u e f a a c d tu ju ri s n te g d p fo r r o d se u a c s t o io n n al . variation. 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 332 of this BULLETIN . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Eu- Latin Asia Europe End of month T c tr o o ( i t 5 u e a 2 s n l ) - i U S n ta i t t e e s d C a a d n a - c t r r o m o i u e p a s n e ) - A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i r a c o a i n e u e d a ( s n 8 n ) - - A c tr o f i ( r u e 5 i s n c ) a - U B n E a la n i n t n k e g d d - o f Ki c A n h c E g a c d x n ' o t - g . m 2 e France g B iu e m l- N l e a t n h d e s r- t B i S N o a w n a n a - i k t l zer B la . n I. d S. 1934—December 21,051 8,238 134 11.010 601 805 263 1 584 5 445 590 573 624 4 1935—December 21,604 10,125 189 9.517 666 816 291 1,648 4,395 611 438 454 8 1936—December „_ 23, 564 11, 258 188 10, 241 736 858 283 2,584 934 2,995 632 490 655 11 1937—December 25, 359 12, 760 184 10, 776 685 687 266 2,689 1,395 2,564 597 930 648 5 1938—March ... 25, 417 12, 795 186 10,819 665 686 266 2,689 1,489 2,428 531 998 698 7 April 25, 254 12,869 189 10, 589 658 686 263 2,689 1,489 2,428 529 1,007 697 7 May 25, 236 12, 919 187 10, 521 656 687 266 2,690 1,489 2,428 456 1,008 686 11 June 25, 304 12,963 185 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 1,489 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 14,312 186 10. 000 659 591 298 2,690 759 2,435 584 1,008 699 11 December ?26, 244 14, 512 192 %9,994 P591 P298 2,690 759 2,435 581 995 699 14 1939—January 3 24, 778 14, 682 197 38,319 P661 P298 s 1,042 759 2,435 582 995 699 15 February.. ._ 14, 874 206 38,319 31, 042 759 2,435 588 974 680 17 Europe—Continued Latin America E m n o d n t o h f g B a u r l i - a C v z s a e lo k c - h ia o- m D a e r n k - m G a e n r- y Greece H ga u r n y - Italy * N w o a r y - l P a o n - d Po g r a t l u- Ru n m ia a- Spain5 S d w en e- Y 7 other g t A i e n r n a - - Brazil 1934—Dec. _. 19 112 32 40 23 518 61 96 i 68 104 740 159 53 106 403 8 1935—Dec. .. 19 112 54 33 34 23 270 84 84 68 109 735 185 43 109 444 17 1936—Dec. _. 20 91 54 27 26 25 208 98 75 68 114 718 240 48 127 501 25 1937—Dec. __ 24 92 53 28 24 25 210 82 83 69 120 718 244 51 124 469 32 1938—Mar. 24 93 53 29 24 25 210 90 83 69 122 718 261 53 124 447 31 April.. 24 93 53 29 24 25 210 90 83 69 122 525 261 54 79 442 31 May... 24 93 53 29 24 25 210 90 84 69 122 525 272 54 79 440 32 June.. 24 93 53 29 25 25 210 90 85 69 123 525 279 55 79 439 33 July... 24 93 53 29 25 25 210 101 85 69 123 525 280 55 79 435 33 Aug. ._ 24 93 53 29 25 25 210 101 85 69 124 525 280 55 : 79 435 34 Sept... 24 81 53 29 28 25 210 96 83 69 129 525 310 56 79 435 34 Oct.... 24 83 53 29 27 25 210 96 82 69 132 525 321 56 79 434 33 Nov.. 24 83 53 29 27 28 210 96 84 ! 69 132 525 321 ! 57 78 434 33 Dec... 24 83 53 29 27 37 210 94 85 ; P69 133 525 321 i 57 77 431 32 1939—Jan. 24 83 53 29 27 24 210 96 85 i P69 133 525 331 57 77 431 33 Feb... P24 83 53 29 27 24 210 96 85 P69 134 525 331 57 P77 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o r th i u 4 e e n s r - I B n i r s d i h i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i 2 u e e n s r - Egypt A So fr u ic th a c o t o r th i 3 u e e n s r - 1934—December 29 19 23 19 82 18 275 7 394 77 ?5 22 6 55 184 24 1935—December 29 16 44 20 77 19 275 10 425 54 ?3 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 22 1938—February 30 19 30 20 74 20 274 16 261 79 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 29 3 55 186 22 May 30 19 26 19 71 20 274 16 261 80 ?3 29 3 55 188 23 June __ __ 30 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 29 3 55 190 23 August _ 30 20 27 19 71 20 274 17 164 80 ?3 29 3 55 202 23 September 30 23 24 19 71 20 274 17 164 80 29 3 55 220 23 October 30 94 24 19 69 22 274 18 164 80 23 29 3 55 219 23 November 30 27 19 69 22 274 18 164 80 33 29 3 55 220 23 December.. _. 30 ?A 29 22 274 164 80 23 29 3 P55 220 23 1939—January 30 24 32 »19 ^69 P22 274 P18 164 80 23 29 3 220 P23 P Preliminary. 1 Table is incomplete since certain central banks and governments, including certain stabilization funds such as those of France, Netherlands, and Switzerland, hold gold that is not reported. U. S. Stabilization Fund gold included in table to extent of $1,800,000,000. See also notes under United Kingdom, Italy and Spain. 2 Figures officially reported only for end of March and end of September, beginning with March 1937; carried forward for intervening dates. Figure for March 1937 also carried backward to December 1936. Exchange Equalization Account established in June 1932. 3 $1,648,000,000 of gold transferred on Jan. 6, 1939, from Bank of England to Exchange Equalization Account for which next official report, that for March 31, will not be available until June 30. 4 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. 5 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. 544-517; 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

FEDERAL RESERVE BULLETIN 337 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East outside Total South Rho- West Belgian United Colom- Austra-British U.S.S.R. Africa desia Africa Congo States1 Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i. e., announce of fine gold^=f20.67 1929 382,532 352, 237 215, 242 11, 607 4,297 2,390 45, 651 39,862 13, 463 2,823 683 8,712 7,508 1930 401, 088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43, 454 13, 813 3,281 428 9,553 6,785 1931 426,424 386, 293 224, 863 11,193 5,524 3,224 49, 527 55, 687 12, 866 4,016 442 12,134 6,815 1932 458,102 413,459 238,931 12,000 5,992 3,642 50, 626 62, 933 12, 070 5,132 788 14,563 6,782 1933 469, 257 411, 208 227, 673 13, 335 6,623 3,631 52, 842 60,968 13,169 6,165 3,009 16, 873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35 1933 794,498 696, 218 385, 474 22, 578 11,214 6,148 89, 467 103, 224 22, 297 10,438 5,094 28, 568 11,715 1934 .._ . 823,003 707, 288 366, 795 24, 264 12,153 6,549 108,191 104,023 23,135 12, 045 8,350 30,559 11,223 1935 882, 533 751, 979 377,090 25, 477 13, 625 7,159 126, 325 114, 971 23, 858 11,515 9,251 31, 240 11, 468 1936 971, 514 833,088 396, 768 28,053 16, 295 7,386 152, 509 131,181 26, 465 13, 632 9,018 40,118 11, 663 1937 1, 041, 987 892, 535 410, 710 28, 296 20, 784 8,018 168,159 143, 367 29, 591 15, 478 9,544 46,982 11, 607 1938 PI, 116, 673P955, 377 425, 649 28, 532 24, 670 P8, 441 176, 971 165,055 P32, 064 18, 225 P10, 222 54,302 11, 247 1937—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 ._. 87, 587 74,960 34, 573 2,381 1,964 661 12, 758 12, 638 2,948 1,456 775 3,858 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 77, 205 35, 519 2,387 2,002 673 12, 991 13,161 3,253 1,403 673 4,204 939 April 87, 533 74, 764 34, 351 2,374 2,024 702 12, 480 12, 895 2,389 1,664 698 4,280 906 May * 90, 445 77, 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 84, 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 N De o c v e e m m b b e e r r , P P 9 9 8 8 , , 3 5 9 9 1 6 P P 8 84 3 , , 6 7 4 5 5 5 3 3 5 6 , , 0 8 0 4 7 2 2 2 , . 3 31 8 8 1 2 2 , , 2 24 0 0 4 P P 7 7 2 2 5 5 1 15 8 , , 4 9 8 7 1 0 1 1 4 5 , , 1 3 8 5 6 1 P2 2 , , 3 4 5 5 3 8 1 1 , , 6 49 2 9 8 930 4 5 , , 8 3 2 9 0 3 9 99 3 5 0 1939—January. _. P96, 261 P81, 646 36,188 P2. 318 J>2,135 P725 14, 919 P14, 696 P2, 283 1, 953 P930 P4, 540 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 $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180. p Preliminary. c Corrected. 1 Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, 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 1936, pp. 108-109, 1937 pp. 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1938 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: net Year or month i e m o x r ( p p ) o n o r e r t t t s s U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- C a a d n a - M i e c x o - Co b l i o a m- P Is p h l i i a n l n i e p d - s A tra u l s i - a Japan B In ri d ti i s a h c o t o A r th i u l e e l n s r - 1934 i 1,131, 994 499, 870 260, 223 8,902 94, 348 12, 402 86, 829 30, 270 16,944 12,038 1,029 76,820 32, 316 1935_ 1, 739,019 315, 727 934, 243 3 227,185 968 95,171 13,667 10, 899 15, 335 3,498 75, 268 47,054 1936. 1,116, 584 174,093 573, 671 3,351 71,006 2 7,511 72, 648 39,966 11,911 21, "~ ;,280 77, 892 39, 743 1937. 1, 585, 503 891, 531-13,710 90,859 6,461 6 54, 452 111,480 38, 482 18, 397 25, 427 34,,713 246, 464 50, 762 30,179 1938. 1,973, 5691, 208, 728 81,135 15, 488 163, 049 0,146 1,363 76, 315 36, 472 10,557 27,880 391,,162 168, 740 16,159 2 68, 376 1937—December.. 17, 982 -40 -14,987 2,767 3,404 16 2,292 3,786 18, 774 107 1,862 1938—January 2,088 -20 -4, 974 649 819 1,676 1,025 1,043 1,870 February... 8,036 -11 15 692 721 2,105 1,330 1,943 1,241 March 52,927 31, 395 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,536 April 71,091 35, 429 18 1,938 747 1,812 1 1,883 1,241 23,311 2,359 2,353 May 52, 775 2,895 35 891 10, 221 630 5,650 2,108 2,285 3,582 21, 950 2,530 June 55, 307 20, 599 13 3,248 11, 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 28, 669 1,148 2,495 August 165,973 91, 227 4,721 3,213 15, 360 14, 333 3,183 2,113 1,772 2,748 23,497 3,806 September. _ 520, 896 377, 984 47, 21911, 521 38,148 1,446 4 2,721 3,775 35,095 2,982 October 562, 366 443,403 42,959 41,832 3,840 1 10,810 2,236 4 2,720 3,294 5,740 760 4,768 November. _ 177, 768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 7,888 5,788 3,822 2 19,150 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, 207 939—January 156, 345 52,050 1, 438 1, 688 33, 678 2 -67 10,842 2,342 2,089 2,754 6,585 37, 819 1 5,124 February ___ 223, 281 165, 377 1,400 29,256 3,840 4, 220 2,496 2,719 3,953 5,446 17.c 4,398 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. 306. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN APRIL 1939 GOLD MOVEMENTS—Continued fin thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Year or Total month n e o p e x r ( t o p ) n o r i t m e r s t t s - U S n ta i t t e e s d France m G a e n r- y g B iu el m - N la et n h d e s r- U.S.S.R. Au li s a tra- A S d W R f o e r h s u e i o c i s t a a - h t , , B In ri d ti i s a h B O c t r o r t i i u h t e i n e s s r - h S d w en e- z S er w la it n - d c o t o r t A i u h e l n e s l r - Africa 1934 716,269 -497,166 348,190 121,017-13,585 32, 575 41,790 335, 253 62, 397 -9,123 1935 369, 722 -435, 502 142,137 -4, 726 -17,476 10, 796 931 37,981 404, 295 32, 754 -50,661 53,465 1936 1,169, 931 -276,830 756, 215 23, 292-15,133 -21,215 26, 723488,814 28,067 -10,129 1937 420, 427 -834,009 541,187 46,147 21, 993 -16,572 24,165 464, 837 22,079 -81 -16,596 1938 -285, 648 -1,050,395 33, 283 348,000 -46, 463 27, 831 333, 750 20, 766 -89,371-78,029 1937—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 -9,848 41 -1,487 -6,055 3,775 32,889 4,425 10,063 -5 -11,164 3,125 Feb... 51, 387 3,528 -1,940 78 5 -3,067 2,958 43,092 5,002 7,036 -5 -12,082 1,115 Mar.. 79,037 -35, 535 -4, 276 49 55,448 3,625 11, 273 3,620 50, 540 5,101 2,786 -7,590 -6,000 -3 Apr.. 53,186 -18, 507 -3,039 86 15,039 -4,139 31,089 4,168 35,077 3,590-10,088 2,527 -6, 202 May. 97, 478 -5,233 -119 168 48, 446 -6,781 28,083 2,467 35,407 3,824 2,139-13,996 -2,263 5,336 June. 89, 580 -20,811 -6,137 138 56, 764 -12,037 28,104 2,024 40,623 3,725 9,929 -7, 673 -5,407 340 July.. 24,119 -10,529 -997 47 23, 212 -5, 750 2,490 31, 516 6,418 6,581-11,429 -16,521 -92C Aug.. -73,132 -5, 726 6,179 -258 -10,041 5,665 2,102 31,192 10,356 3,035-11,151 -10,498 -327 Sept.. -261,143 -360,016 685 14, 358 120,075 -7,498 2,839 16,831 3,023 -4,750 -22,763 -21, 980 -1,955 Oct... -210,171 -308, 528 69,604 4,077 33,982 535 705 4,204-20,792 -4, 671 2,831 1,353 Nov.. -96, 508 -105,220 -66 6,005 -2, 328 -5, 245 155 2,695 4,260 618 1,017 1,603 Dec. -66, 726 -97,371 758 2,057 9,990 5,649 528 7,358 1,815 531 1,511 1,347 1939—Jan. _ -36, 514 -50,814 -3 -33 211 -253 5,672 681 5,671 304 1,374 -3, 790 704 3,762 Feb.? -152,154 -160,951 -193 -17 5,613 736 2,424 151 -1,333 100 1,000 m G a e n r- y Switzerland British India Total Total Net imports from or net exports (—) to: Total Increase in: Y m e o a n r t o h r n e o x e p r t p o o n r i t m r e s t t s - 3 i e m o x r n p p e n o o t e r r t t t s s U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu e m l- Italy N la e e n r t d - h s - m G a e n r- y3 c o t o A t r h i u l e e n l s r - i e m o x r ( n p p ) e n o o t e r r t t t s s p t I i r G o n o n o d d l i u d i a n c- s i e d n R r i v e a I - e n 4 s - P i I n h r n g o i d s v l i d a a - i t 5 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 e 2,812 -161,872 11,468 -6 -150,398 1936_. — 1,;"" 122,278 -9,127 -1,714 39,305 14,531 51,299 4,600 -2,990 ' 26,368 -121,066 11,663 -109,403 1937_. -3, 718 -56,946 -51, 608 11,940 -45,061 27, 739 -657 6,553-16,461 10,609 -61, 723 11, 607 "-41 o -50, 075 - 35, 224 -1,245 -1,128 76, 620 -74, 375 -1,067 11,314 25,125 -32, 745 -4, 989 -54, 659 11, 247 -43, 412 1P37—Dec... -247 26,892 5,810 -5,8 24, 558 -559 2,553 -28 -5,999 1,031 o -4, 968 1938—Jan... -200 10,826 12,478 -13,978 10,409 -41 1,614 -38 373 -5, i -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 -7,63f 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.. 1,468 -8,837 -2 16,128 -14,071 -6,041 -142 3,962 -8,893 222 -10,988 951 -10,037 Aug.. 6,864 -1,338 -2 10, 464 -8, 382 -1,283 -37 3,824 -6, 267 342 -7,082 958 -6,124 Sept.. -36, 62fi 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 N D o e v c. .. .. - - 1 3 0 , , 7 1 6 2 5 9 -5,6 9 9 1 0 3 228 -1,85 1 4 3 -13 3 9 3 - - 1 1 6 1 6 7 -4 2, 9 8 9 8 4 4 -265 -20 3 9 1 -2, 2 2 8 1 3 1 9 9 3 9 0 5 -1 1 ,3 .2 5 0 3 6 1939—Jan.... -3, 786 -6S0 549 -149 1 2, 294 -1,274 -7 p-159 Feb.p.. -2, 059 457 1,830 p Preliminary. c Corrected. 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 Beginning April 1938 figures refer to Greater Germany. 4 Through March 1935 goid held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 5 Figures derived from preceding columns: gold movement plus production minus increase in reserves in India. 6 Lncludes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. 7 Includes net import of $28,555,003 from Czecho-Slovakia. NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as aa . wTehho nleip,. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

339 APRIL 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 i s n s m ter il l l i i n o g n ) s of m d i e e s p s n a u t r ) e t- i Cash reserves a c n o D d u is n a - t d s - Se t c ie u s ri- ci N t r i c o o u t n l e a- Deposits l O ia t b h il e i r - Coin Notes Bankers' Public Other ties 1929—Dec. 25.. 145.8 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31.. 147.6 38.8 49.0 104.7 132.4 6.6 36.2 18.0 1931—Dec. 30_. 120.7 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28.. 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27_. 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1 1 9 9 3 3 5 4 - — D D e e c c . . 2 2 6 5 _ _ . . 2 1 0 9 0 2 . . 1 3 .5 4 35 7 . . 5 1 8 7 . . 5 6 9 9 8 4 . . 2 7 4 4 0 2 5 4 . . 2 5 8 7 9 2 . . 1 1 1 9 2 . . 9 1 3 37 6 .4 1 1 1 8 8 . . 0 0 1936—Dec. 30_. 313.7 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29_. 326.4 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Mar. 30. 326.4 41.0 8.7 131.0 485 4 108.1 17.8 37 4 18.3 Apr. 27_. 326.4 37.1 7.1 133.4 489 3 113.3 10.9 36 5 17.7 May 25.. 326-4 46.2 9.5 115.1 480 2 91.2 26.5 36 1 17.8 June 29_. 326.4 41.2 7.3 140.6 485 2 125.5 10.5 36 1 17.9 July 27.. 326.4 1.1 33.1 9.5 137.0 493 3 116.4 11.2 35 1 18.1 Aug. 31-. 326.4 1.3 46.0 5 4 124.4 480 4 94.7 27 8 36.4 18.2 Sept. 28. 326.4 1.5 25.5 7.3 135 6 500.9 99.9 11.4 40.2 18.2 Oct. 26.. 326.4 1.4 43.9 4.2 129 2 482.5 100.4 25 0 35.5 17 7 Nov. 30 326.4 1.2 45 6 17.6 110 8 480.8 97.1 23 1 37.2 17.8 Dec. 28_ 326.4 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18 0 1939—Jan. 25_. 126.4 .7 62.6 18.8 103.9 463.8 118.2 12.9 36.7 18.1 Feb. 22 _ 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) Golds ch F e e a i o x g n r - n g - e m O a p rk en et4 c S i p a e l - * Other v m G a e e n t r o o n n c v - t e - 6 s m G S t e o h e n v r o t e m r r t s n - e - - s O e t c t ie h u s r e i r - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O ia t b h i e l r icurities 1929—Dec. 27 41,668 25,942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930—Dec. 26__ 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12,624 11, 698 2,241 1931—Dec. 30 21,111 7,157 7, 2,730 8,545 85, 725 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29 77, 098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13, 414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 3,211 8,288 83,412 3,718 15, 359 1,907 1935—Dec. 27 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30 60, 359 1,460 5,640 1,379 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937—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—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 9,024 40,134 113 3,454 7,334 3,248 17, 525 3,155 June 30 55, 808 804 5,850 5,497 40,134 552 3,614 8,258 .02,087 3,245 12, 769 2,592 July 28 55.808 782 5,835 7,133 40,134 623 3,545 7,117 .01,117 3,135 14.207 2,608 Aug. 25 55,808 767 6,098 8,241 40,134 331 3,545 7,364 99,065 2,891 17, 684 2,649 Sept. 29 55, 808 764 6,781 642 20, 293 50,134 1,311 4,362 8,410 .24, 428 2,825 18, 593 2,660 Oct. 27 55, 808 763 6,802 1,550 14,694 48,134 1,600 3,865 7,427 .10, 446 3,642 23,827 2,727 Nov. 24 87, 264 888 7,032 1,611 11,021 20, 627 1,559 3,739 14,185 .06, 798 31, 955 3,004 Dec. 29 87, 265 821 7,422 1,797 7,880 20,627 443 3,612 14,442 .10,935 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 .09, 378 5,445 24, 935 2,713 Feb. 23 87, 266 759 7,801 2,014 5,462 20, 627 73 3,317 14, 308 .11,162 5, 079 22, 556 2,830 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; Jan. 11, 1939, to Feb. 28, 1939, £140,000,000. 2 On Jan. 6, 1939, L200,000,000 of gold was transferred to British Exchange Equalization Account. 3 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; on Nov. 14 increment of nearly 31,500,000,000 francs was applied to partial reimbursement of advances to Government, which stood at authorized maximum of 52,000,000,000 francs on that date. Permanent debt of Government to Bank, included above in Other Assets, was simultaneously increased by 6,800,000,000 francs. For details of revaluations in October 1936 and July 1937 see BULLETIN for Dec. 1938, p. 1091. 4 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). 5 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 6 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p. 452; 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

340 FEDERAL RESERVE BULLETIN APRIL 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 o b t r 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. 2,216 469 206 2.366 256 102 638 4,778 652 822 1931—Dec. 31. 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933-Dec. 30. 386 9 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31. 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 82 5 53 4,498 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 71 6 119 6,013 60 106 286 861 5,493 1,059 970 1988—Mar. 31. 71 5 89 5,813 63 96 297 1,388 5,622 1,323 877 Apr. 30. 71 5 12 5,841 59 121 297 1,614 6,086 1,031 903 May 31. 71 5 18 5,832 57 545 300 1,373 6,269 1,021 911 June 30. 71 6 39 6,136 71 547 300 1,322 6,440 1,119 932 July 30. 71 5 17 6,247 49 549 298 1,285 6,650 920 951 Aug. 31. 71 5 1 6,647 35 550 298 1,268 6,869 1,033 974 Sept. 30. 71 6 2 8,173 48 550 298 1,129 8,023 1,231 1,022 Oct. 31- 71 1 7,542 32 550 298 1,360 7,754 1,040 1,064 Nov. 30. 71 7,513 48 548 298 1,494 7,744 1,141 1,093 Dec. 31. 71 121 8,123 45 557 298 1,621 8,223 1,527 1,091 1939—Jan. 31.. 71 7,144 52 592 298 1,848 7,816 1,119 1,091 Feb. 28. 71 7,333 60 660 288 1,710 7,939 1,105 1,112 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 [Figures as of last report [Figures as of last report date of month] Feb. Jan Dec. Feb. date of month] Feb. Jan, Dec. Feb National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Gold 7,574 7,574 7,575 Demand deposits—Treasury 15 108 114 10 Foreign assets 18,049 18, 320 22, 320 Other 520 439 440 832 Loans and discounts 5,246 5,320 4,195 Other Liabilities _ 122 122 119 118 Other assets 3,909 4,401 3,849 Central Bank of Bolivia (thousands Note circulation 10, 729 10, 529 10, 861 of bolivianos): Other sight liabilities 11, 937 12,155 15,191 Gold at home and abroad __ 52, 412 Other liabilities 12, 111 12, 932 11, 887 Foreign exchange 37, 390 91, 717 Central Bank of the Argentine Loans and discounts 26, 433 28, 997 Republic (millions of pesos): Securities—Government 400, 848 398, 895 Gold reported separately 1,224 1,224 1,224 Other 4,551 4,499 Other gold and foreign exchange- 74 71 175 Other assets 43, 545 14, 053 Negotiable Government bonds. . 171 95 115 Note circulation 288, 090 254,109 Other assets 252 224 209 Deposits 218,128 277, 764 Note circulation 1,125 1,118 1,166 Other liabilities 65, 418 Deposits—Member bank 393 321 360 National Bank of Bulgaria (mil- Government 133 110 125 lions of leva): Other 2 1 5 Gold 2,006 2,006 1,994 Foreign exchange sold forward -_ 23 18 29 Foreign exchange 1,248 1,279 825 Other liabilities 47 47 39 Loans and discounts 752 977 1,079 Commonwealth Bank of Australia Government debt 3,441 3,441 3,495 (thousands of pounds): Other assets 1,162 1,136 1,234 Issue department: Note circulation 2,636 2,800 2,262 Gold and English sterling.__ 16,031 16,011 16,006 Deposits 3,775 3,707 4,106 Securities 41,006 45, 999 40, 302 Other liabilities 2,198 2,332 2,258 Banking department: Bank of Canada (thousands of Ca- Coin, bullion, and cash 1,485 1,124 1,307 nadian dollars): London balances 19,185 25, 665 25, 688 Gold 200,175 192,004 185, 912 180,144 Loans and discounts 16,152 15,144 12, 533 Sterling and United States ex- Securities 56, 707 52,160 51,718 change 29, 668 24, 666 28, 354 19,079 Deposits 87, 660 87, 530 87, 291 Canadian Gov't. securities: Note circulation 48, 030 53, 030 49,034 2 years or less 128, 475 138, 316 144, 621 68, 783 National Bank of Belgium (mil- Over 2 years 33, 821 42, 364 40, 895 86, 497 lions of belgas): Other securities 12, 203 Gold reserve 3,471 3,435 3,428 3,498 Other assets 8,672 6,849 5,153 8,395 Other gold and foreign exchange- 920 926 924 1,092 Note circulation 158, 488 161, 360 175, 260 149,108 Discounts 175 182 214 201 Deposits-Chartered banks _. 210, 536 215, 052 200, 646 188, 750 Loans _. 33 33 41 30 Dominion Government 19, 845 14, 553 16, 673 20,572 Other assets __.. .... 467 469 464 464 Other 3,088 3,322 3,086 3,665 Note circulation 4,409 4,376 4,398 4,325 Other liabilities 8,854 9,912 9,271 13, 005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

341 APRIL 1939 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Feb. Jan Dec. Feb. date of month] Feb. Jan. Dec. Feb. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor (thousands of colones): Gold 145 145 144 Gold 13, 207 13, 207 13,172 Discounts for member banks 67 73 18 Foreign exchange.._ _ 4,132 3,204 5,287 Loans to government 758 758 791 Loans and discounts 1,097 1,284 1,450 Other loans and discounts 192 182 120 Government debt and securities 5,441 5,469 5,788 Other assets 49 37 35 Other assets 961 876 2,047 Note circulation 787 795 704 Note circulation 15, 652 14, 851 16,137 Deposits— Deposits 5,528 5,580 7,528 Bank 205 198 211 Other liabilities 3,657 3,608 4,079 Other .... 65 61 54 Bank of Estonia (thousands of Other liabilities 155 141 138 krooni): Bank of the Republic of Colombia Gold.. 34, 306 34, 298 34, 217 (thousands of pesos): Foreign exchange (net) 16,100 17, 293 17,311 Gold 41, 776 42, 671 42, 223 34, 914 Loans and discounts 25, 620 29, 613 25,008 Foreign exchange 4,089 5,306 4,975 9,248 Other assets 39, 405 36, 575 30, 876 Loans and discounts 19,124 17, 822 21,169 16, 839 Note circulation 50, 600 51, 691 50, 774 Government loans and securities 37, 955 38,010 39, 067 46, 099 Demand deposits 36, 981 37, 509 34, 741 Other assets 31, 560 28, 580 26, 767 26,146 Other liabilities 27, 851 28, 578 21, 896 Note circulation 54, 968 54,311 58, 300 48, 574 Bank of Finland (millions of mark- Deposits 49, 392 48, 367 45, 537 43, 516 kaa): Other liabilities 30,145 29, 712 30, 363 41,157 Gold 3 1,128 1,128 1,128 635 National Bank of Czecho-Slovakia Foreign assets 2,507 2,548 2,534 2, 476 (millions of koruny): Loans and discounts 1,167 1,215 1,177 1,332 Gold' 2,362 2,696 2,694 2,649 Domestic securities 327 309 306 297 Foreign exchange 1,106 1,173 1,248 528 Other assets 173 197 180 361 Discounts 2,084 2,227 2,741 875 Note circulation... 2,159 1,975 2,086 2,189 Loans 704 731 730 Deposits—Treasury 341 384 244 612 Government debt 2,008 Other.. 620 862 850 659 Other assets 2,485 1,965 1,661 1,177 Other liabilities 2,183 2,176 2,146 1,642 Note circulation 6,989 6,985 6,950 6,078 Bank of Greece (millions of drach- Demand deposits 367 386 656 347 mas): Other liabilities 1, 384 1,421 1,547 1,544 Gold and foreign exchange (net) 3,655 3.598 3,564 3,382 Bank of Danzig (thousands of Loans and discounts 8,422 8,616 8,841 5,800 gulden): Government obligations 4,297 4,296 4,292 4,384 Gold 26,015 26, 788 28, 341 28, 374 Other assets 1,788 1,708 1,692 1,675 Foreign exchange of the reserve- 610 733 991 2,215 Note circulation 6,592 6,694 7,239 6,357 Other foreign exchange 313 343 373 417 Deposits __ 9,762 9,714 9,598 6,551 Loans and discounts 25, 033 26, 813 26, 300 16, 228 Other liabilities 1,808 1,811 1,553 2, 332 Other assets 3,237 3, 155 2,598 3,533 National Bank of Hungary (mil- Note circulation 39, 298 38, 987 41, 169 33, 617 lions of pengo): Demand deposits 15, 726 14, 832 13, 496 13, 296 Gold* 124 124 84 Other liabilities 19, 012 19, 012 19,012 19, 012 Foreign exchange reserve 94 97 61 National Bank of Denmark (mil- Discounts 467 471 511 385 lions of kroner): Loans—To Treasury 269 269 268 119 Gold 118 118 118 Other 12 12 14 14 Foreign exchange. 121 115 112 Other assets 374 359 296 302 Discounts 20 21 22 20 Note circulation 816 831 863 444 Loans—To Government agencies 65 65 134 123 Demand deposits 191 179 196 237 Other 111 123 158 104 Certificates of indebtedness 99 99 66 70 Securities 166 162 148 76 Other liabilities 228 220 185 214 Other assets 109 108 107 69 Reserve Bank of India (millions of Note circulation 414 410 441 391 rupees): Deposits 110 111 170 54 Issue department: Other liabilities 186 190 153 Gold at home and abroad 444 444 444 Central Bank of Ecuador (thou- Sterling securities 568 595 788 sands of sucres): Indian Gov't. securities 323 323 274 Gold 36, 444 38, 646 Rupee coin 697 702 632 Foreign exchange (net) 4,340 9,530 Note circulation 1,859 Loans and discounts 58, 205 56, 381 Banking department: Other assets 18,695 16,131 Notes of issue department... 143 184 279 Note circulation 69, 061 62, 946 Balances abroad 58 13 72 Demand deposits 34, 466 44, 426 Treasury Bills discounted __. 65 83 Other liabilities 14, 159 13, 317 Loans to Government 43 11 National Bank of Egypt» (thou- Investments 63 56 64 sands of pounds): Other assets 8 20 7 Gold 6,545 Deposits 272 243 315 Foreign exchange 2,825 Other liabilities 108 125 107 Loans and discounts 5,361 Bank of Japan (millions of yen): British, Egyptian, and other Gold 501 501 501 801 Government securities 34, 752 Special foreign exchange fund 300 300 300 Other assets 7,255 Discounts 424 404 457 463 Note circulation 20,159 Loans—Government 3 3 3 3 Deposits—Government 8,783 Other 61 46 82 107 Other... 19, 262 Government bonds 1,694 1,671 1,841 1,175 Other liabilities 8,534 Other assets 368 279 295 222 Note circulation 2,292 2,311 2,755 1,907 Deposits—Government 591 496 307 519 Other 127 100 131 71 Other liabilities 341 297 286 273 i Includes 336 million shown separately as cover for liabilities in gold from September 1938 through January 1939. * Items for issue and banking departments consolidated. 3 In accordance with law of Dec. 22, 1938, gold revalued on Dec. 31, 1938, at approximately .02 gram fine gold per mark * In accordance with law XXV of 1938 gold revalued on January 15, 1939, at .1754 gram fine gold per pengo and rresulting increment ineluddeedd in other assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Feb. Jan. Dec. Feb. date of month] Feb. Jan. Dec. Feb. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 117 117 117 Non-reserve exchange 174 Foreign bills 9 11 3 Loans and discounts 339 Loans and discounts 67 66 67 Government debt 1,041 Other assets 105 103 107 Other assets 1,254 Note circulation 187 188 183 Note circulation 2,025 Deposits 84 83 81 Other sight liabilities 1,232 Other liabilities 27 26 28 Other liabilities 1,026 Bank of Latvia (millions of lats): National Bank of Rumania (mil- Gold 93 92 83 78 lions of lei): Foreign exchange reserve 42 41 42 44 Gold 18,309 18, 270 18,190 16, 602 Loans and discounts___ 151 147 162 128 Special exchange accounts 4,098 4,203 4,611 5,307 Other assets 63 66 60 61 Loans and discounts 12,176 12, 527 13,088 6,441 Note circulation 79 77 83 66 Special loans 2__ _ 1,695 1,753 1,776 1,989 Deposits 219 217 213 191 Government debt _ 10, 320 10, 287 10, 282 10, 553 Other liabilities 51 52 50 53 Other assets ._ _ 11, 672 11, 290 11, 338 9,769 Bank of Lithuania (millions of litu): Note circulation 33, 963 34,115 34, 902 30, 731 Gold 63 63 65 79 Demand deposits 13. 814 13, 945 13, 728 10, 570 Foreign exchange 8 8 5 4 Other liabilities 10, 493 10, 271 10, 656 9,360 Loans and discounts __ 116 117 121 114 South African Reserve Bank Other assets. 33 33 34 32 (thousands of pounds): Note circulation 142 143 142 118 Gold . „_ 26, 734 26, 725 22, 298 Deposits 54 56 62 90 Foreign bills 5,935 8,096 5,535 Other liabilities 23 23 21 20 Other bills and loans 663 1,716 3,620 Netherlands Bank (millions of guil- Other assets 16, 049 15, 524 12, 436 ders) * Note circulation 17, 333 19,101 16, 897 Gold 1 431 1 461 1 461 1 436 Deposits _ 28, 470 29,140 23, 504 Silver (including subsidiary coin) 27 29 27 16 Other liabilities 3,578 3,821 3,489 Foreign bills 3 3 4 5 Bank of Sweden (millions of Discounts 8 8 9 9 kronor): Loans 261 307 309 271 Gold 731 729 707 557 Other assets 69 69 68 65 Foreign assets 763 782 834 968 Note circulation 992 999 992 902 Discounts 12 12 13 12 Dftposits—Gnvftrnmorit 140 191 137 109 Loans __ 43 40 37 21 Other 619 638 702 744 Domestic securities 121 116 106 21 Other liabilities 49 49 47 47 Other assets 488 488 466 304 Reserve Bank of New Zealand Note circulation 991 979 1,061 921 (thousands of pounds): Demand deposits 1,000 1,024 933 829 Gold 2,802 2,802 2,802 Other liabilities 167 164 169 134 Sterling exchange reserve 4,134 4,678 17, 249 Swiss National Bank (millions of Discounts __ 500 500 francs): Advances to State or State un- Gold 2,813 2,890 2,890 2,890 dertakings 17 258 16 457 7 274 Foreign exchange __ 259 255 280 515 Investments 3,634 3 605 2,971 Discounts 126 152 159 13 Other assets 291 440 540 Loans 25 19 22 23 Note circulation 15 366 16 641 13,772 Other assets 701 703 711 635 T)ftmftnd dftnosits 11 473 10 114 15 369 Note circulation 1,662 1,651 1,751 1,471 Other liabilities 1,779 1 726 1,694 Other sight liabilities 1,619 1,725 1,663 1,969 Bank of Norway (millions of Other liabilities 643 643 647 637 kroner): Central Bank of the Republic of Gold 210 210 206 179 Turkey (thousands of pounds): Forsiffn assets 190 192 r217 241 Gold . 36,875 36, 873 36, 872 36, 837 Total domestic credits and Foreign exchange—Free 9 10 29 3 securities 219 218 228 166 In clearing accounts 10, 257 10, 037 7,163 26, 781 Discounts (i) 75 84 68 Loans and discounts 94,851 93, 305 105, 461 49, 783 Loans (i) 34 34 29 Securities 190,946 190, 920 191, 899 188, 378 Securities (i) 109 111 69 Other assets _ 24, 566 23, 660 23, 785 41, 238 Other assets (I) 52 57 24 Note circulation 196,351 198, 463 204, 744 176, 376 Note circulation 439 r445 477 418 Deposits 45, 432 44, 534 46, 727 44,195 Demand deposits—Government 33 37 38 56 Other liabilities. _ 115, 720 111, 808 113, 738 122, 449 Other 117 103 92 77 Bank of the Republic of Uruguay Other liabilities (i) 87 99 58 (thousands of pesos): Central Reserve Bank of Peru Issue department: (thousands of soles): Gold and silver 8 42, 087 Gold and foreign exchange 55, 900 Note circulation 96, 666 Discounts __ __ 27, 612 Banking department: Government loans 65 512 Cash reserves 24, 220 Other assets 9,013 Loans and discounts 97, 212 Note circulation 94 976 Other assets 56, 214 Deposits 45 048 Deposits 82, 269 Other liabilities 18 012 Other liabilities 95, 377 Bank of Poland (millions of zlotys) National Bank of the Kingdom of Gold _ 447 446 445 437 Yugoslavia (millions of dinars): For6i£fii Gxchane1© 17 18 18 26 Gold 1,913 1,911 1,910 1,725 Loans and discounts 923 908 1 025 610 Foreign exchange 438 527 644 448 Securities 132 133 131 126 Loans and discounts 1, 650 1,685 1,771 1,598 Other assets 397 400 407 459 Government debt 2,229 2,228 2,228 2,240 Note circulation 1 354 1 348 1 406 1 016 Other assets 3,079 3,095 3,179 3,192 Other sieht liabilities 233 226 251 307 Note circulation 6,540 6,608 6,921 5,697 Other liabilities 328 332 369 336 Other sight liabilities 2,062 2,126 2,093 2,725 Bank of Portugal (millions of Other liabilities 709 712 717 780 escudos): Gold _ _- 917 Other reserves (net) 557 1 Figures not yet available. r Revised. 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

APRIL FEDERAL RESERVE BULLETIN 343 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 1939 1938 1939 1938 Assets Liabilities Feb. 28 Jan. 31 Feb. 28 Feb. 28 Jan. 31 Feb. 28 Gold in bars _ 51,060 44, 489 16, 316 Demand deposits (gold) 9,807 9,659 9,441 Cash on hand and on current account with banks 11, 938 16, 647 30, 787 Short-term deposits (various curren Sight funds at interest— _ 12, 462 18, 545 13,917 cies): Central banks for own account 130, 957 136, 287 173. 850 Rediscountable bills and acceptances Other 6,332 7,306 7,029 (at cost) 218, 288 218, 207 228,357 Time funds at interest 29,261 30, 200 55, 665 Long-term deposits: Special accounts.. 255,137 255, 081 262, 931 Sundry bills and investments 271,525 271, 953 300, 776 Other liabilities 193, 944 192,694 193,598 Other assets.. 1,644 984 1,031 Total liabilities 596,177 601, 026 646, 850 Total assets.. 596,177 601,026 646, 850 1 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 c i a v o t a e u t n e t M 1 o m ne o y n t f h o 1 r 1929—February.. 5.05 4.96 4.33 5.80 7.07 6.33 4.39 4.78 1930—February.. 3.82 3.72 3. 76 5.53 6.72 6.01 2.80 2.94 1931—February.. 2.56 2.37 2.29 4.88 6.31 5.49 1.12 1.05 1932—February.. 4.63 4.08 3.84 4-3 6.67 7.98 7.81 1.87 1.69 1933—February. .83 .78 .73 3.87 5.00 4.86 .37 1.00 1934—February.. .95 .86 .88 3.87 4.91 4.78 .78 1.00 1935—February.. .38 .28 .63 3.41 3.77 3.83 .58 1.00 1936—February.. .55 .53 .75 3.00 2.97 2.77 1.19 1.63 1937—February.. .55 .53 .75 3.00 2.86 2.47 .28 1.00 1938—February.. .53 .50 .75 2.88 2.88 2.73 .13 .50 1938—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 .80 2.88 2.88 2.86 .13 .50 1939—January,.. .55 .53 .75 2.88 2.88 2.46 .13 .50 February. _ .53 .51 .75 2.88 2.88 2.53 .13 .50 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r 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 c i a v o t a e u t n e t c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1929—January... 3.28 3.97 3.50 5.83 5. 84-6. 21 2.37 1930—January,.. 2.97 3.40 3.38 7.00 73/6-10 5.48 2.74 1931—January.__ 1. 17 2.38 1.89 5.50 5. 48-5. 66 3. 10 1932—January, __ 1.68 2.91 1.75 7.50 6i|-104 5. 84-6. 57 6.02 1933—January... .50 2.88 1.12 4.42 5. 48-5. 84 3.10 1934—January,.. .50 2.14 2. 12 3.00 '23/3-5 5.29 2.42 1935—January. __ .50 2.38 1.79 4.00 3^ 23/ 5.11 2.59 1936—January,.. 2.48 1.52 4.26 5.00 2% 5. 11 2.64 1937—January,.. .25 1.00 2.22 4.50 4-63^ 2% 4.75 2.63 1938—January. __ .00 1.57 3.00 5.00 4-63^ 4.75 2.38 1938—July .00 3.12 2.50 5.00 2V2 4.56 2.48 August 00 2.89 2.50 5.00 23^-5 4.56 2.44 O Se c p t t o e b m e b r. e . r . . . 0 0 0 0 3 3. . 0 2 0 6 2 3. . 0 6 0 5 5 5 . . 0 0 0 0 2V2 2 2^ ^-5 4 4 . . 5 5 6 6 2 2 . . 3 3 3 1 November .00 2.01 2.90 5.00 4M-6H 2V 4.56 2.50 December. .00 2.21 2.23 5.00 4.56 2.37 1939—January,,. 1.00 P2. 04 1.88 5. 00 p Preliminary. r Revised. 1 Correction:—Rates published in March BULLETIN for Jan. 1936, 1937, and 1938 should have been 2.29, 1.01, and .50, respectively, instead of 2.21, .52, and .13. 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

344 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective U K n i i n t g ed - France m G C a e n e r n y - tra g l B i b u e a m l- nk N of e — e r t - h- Sw er i - tz- Japan b C an e k n tr of a — l M R 2 a a 8 t r e . eff D ec a t t i e ve b C a e n n k t r o a f l — M R 2 a a 8 t r e . ef D fec a t t i e ve dom lands land I J J S S J J J O N O O N D O A S M M M S n u u u a u e e e e c c c c e o o u 1 n l l n l a a p p a p t p t t y e c y t v v y g 9 y y y e . t t t f t 3 f 7 2 6 2 9 1 e 7 1 2 3 1 4 3 1 1 9 2 2 8 1 c 0 3 6 0 2 5 0 0 3 t 6 5 , 3 8 1 J 1 9 u 9 3 n 3 7 e 8 30, 2 4 3 3 5 2 4 6 5 4 3 V 3 A 2 4 2 4 3 3 W 2 2 L i Z a 2 Wi x 3.29 A A B B B B C C D E C C D E E H I F F G G t r c i e o s u z r a h l a l r o a r e u S e n a b i g t e u l e n l l l i n l n S t o r g n n l i l g l y a e c o e i a a v o z a m e m s i a n c g c n h a n d m u d i n i v h l i e r e o g i a a t v o a m a a a d i a a i b r I - a a n n r r k n y i d k y a i a d . o a . . . _ i _ . . . . r a . . . . _ _ 6 4 V 6 3 6 4 4 4 3 4 2 4 6 4 A 2 2 J J J N A M N A J A J J O M D F D A O S M u a u a a a e e p u o u c u e e o c a n n n n a l a l p b t t y c c y r g g g v v . y . . . r r . . . t i . . . . . . . . . . l 3 2 2 2 1 1 2 2 2 1 1 1 2 4 4 0 1 3 5 8 6 8 3 7 9 8 1 1 1 5 2 3 1 , , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 7 9 9 6 7 2 2 3 5 4 5 6 7 6 8 6 5 5 2 5 5 J J U L L N N N T M P P P R S Y S S S U a a w o o p w o e a u i e u n e o u l . v d p e t r u a t l r a r w t m i r g e h o x i a a a S v u t h t k i w t t n d u o e i n n m n z u h i . e c a e e a g d d s e a d a r n o y S n l A r a y l . n a i K l a . Z . l a a v f i n . r e i n a R . i i n d a . a c _ . d . g . s . - . _ a _ . _ . - _ 3 3 3 5 2 \ W 4 5 2 4 5 - . 2 \ 2 2 y 2 9 2 . J J A J N J M D A M J J M D M D N J F J u a a a u u u u e p o e u e e o n n a n l a a a l l n l y c b c y c y r v g v y . . y y . y r e . . . . . . . . . 2 1 2 1 3 1 1 1 1 0 5 3 1 1 5 7 4 1 9 6 5 0 8 1 1 5 1 1 1 , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 6 2 8 7 8 7 7 8 8 7 6 3 9 6 5 2 3 8 5 6 Oct 27 2Y Nov 25 2i/ Changes since Fet. 28: None. Jan 4 1939 2 In effect Mar. 28, 1939 2 2 4 24 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 to - Other Deposits Other (Figures in millions of pounds sterling) reserves n s o h t o ic rt e counted ers assets Total Demand 1 Time 1 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. 235 150 244 608 940 250 2,172 254 11 London clearing banks » 1936—December . 244 195 322 660 249 2.315 1.288 1,012 245 1937—December. 244 163 300 635 256 2,330 1,284 1,026 252 1938—January.._ 251 154 331 970 240 2,329 1,290 1,039 252 February.. 243 144 633 984 238 2, 280 1,242 1,038 250 March 244 150 239 634 1,000 239 2,254 1,221 1,033 252 April 246 150 249 638 240 2.268 1,228 1,040 252 May 231 146 631 246 2.263 1,220 1,043 256 June _ 247 154 630 985 251 2.299 1,215 1,054 256 July 244 159 302 633 985 242 2, 309 1,254 1,055 255 August 241 153 305 642 974 239 2,298 1,248 1,050 256 September. 234 148 289 646 973 242 2.289 1.236 1,033 262 October.-. 234 149 268 645 973 256 2.256 1.247 1,009 270 November. 233 149 272 642 906 255 2. 249 1,244 1,004 269 December. 243 160 250 635 971 283 2,251 1,256 269 1939—January... 248 143 256 '•625 972 2.230 1,260 970 267 February.. 243 212 617 982 253 2.176 268 r Revised. 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

347 APRIL 1939 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Year or month States Canada Kingdom (1926=100) (1926=100) (1930=100) 1926 100 100 1 124 1929 95 96 1930 86 87 100 1931 73 72 88 1932 65 67 86 1933 - - 66 67 8fi 1934 75 72 1935 80 72 1936 _ _ 81 75 1937 86 85 1938 79 193g—January . 81 84 February 80 84 March __ 80 83 April 79 82 May___ 78 80 June_ 78 80 July 79 79 August 78 76 September 78 75 October.. _ 78 74 November. 78 74 December 77 73 1939—January 77 73 February 77 73 OOOO O OCO ^ O4 Japan France Germany Italy (October (1913=100) (1913=100) (1928=100) 1900=100) 695 134 237 627 137 95 220 554 125 85 181 500 111 75 153 427 97 70 161 398 93 63 180 376 98 62 178 338 102 68 186 411 104 76 198 109 581 106 89 101 106 95 108 636 106 95 106 631 106 94 104 634 106 94 103 643 106 95 102 654 105 96 101 660 106 96 101 652 106 95 100 649 106 96 98 652 106 97 99 664 106 97 98 674 106 97 98 684 106 96 97 107 97 97 ot ot ot Nether- Switzerlands land (1926-30= (July 1914 100) =100) 106 144 100 141 90 126 76 110 65 96 63 91 63 90 62 90 64 96 76 111 72 107 75 110 249 74 109 252 73 108 247 73 108 249 72 107 254 72 107 254 71 106 252 71 105 252 71 106 253 71 106 254 70 106 255 71 106 259 70 106 264 70 p Preliminary. 1 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 Indus- Induspr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u a u l s c - ts a p n r F o d a d r f u m o c o t d s p I r n o tr d d 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 i o on v s i- a t f r n i i n d a i l s s h r e e a m d w i- p tr r i i o s a d h l e u f d c in 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 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 .-- 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 P641 ?663 106 91 94 126 1938—January 72 76 84 105 109 634 638 105 90 94 126 February 70 74 83 103 107 625 636 105 90 94 126 March 70 74 83 101 106 620 647 106 90 94 126 April 68 72 82 100 104 633 651 106 90 94 126 May 68 72 82 100 103 650 657 106 90 93 126 June _ 69 73 81 99 101 657 663 106 90 94 126 July., . 69 74 81 98 102 630 671 106 90 94 126 August __ _ 67 73 81 95 102 625 670 107 90 94 126 September _ 68 75 81 92 102 631 669 106 91 94 126 October 67 74 81 93 102 646 680 106 92 94 126 November- . 68 74 81 91 103 662 685 107 95 94 126 December 68 73 80 92 102 684 685 107 95 94 126 1939—January 67 72 80 93 100 P688 P690 108 94 94 126 February 67 72 80 91 100 P108 P94 P94 P126 p Preliminary. Sources.—See BULLETIN for March 1931, p. 159; March 1935, p. 180; October 1935, p. ( 8; March 1937, p. 276; and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN APRIL 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Eng- France Ger- Nether- Switz" United Eng- France Ger- Nether- Switz- Year or States land July many lands ,er" Year or States land Jan.- many lands ermonth 1923- July 1914=100 1913- 1911- J™ month 1923- July June 1913- 1911- land 1925=1001914=100 1925=1001914=1001914=1001914=1001913=100 June 1914=100 1926 109 161 554 146 161 ! 160 1926 103 170 505 142 168 162 1929 ._ 105 154 611 156 162 1 156 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 j 141 1931 89 148 569 136 151 150 1932 68 126 536 116 119 | 125 1932 80 144 526 121 141 138 1933 66 120 491 113 120 1 117 1933 76 140 520 118 139 131 1934.__ _ 74 122 481 118 124 ! 115 1934 79 141 516 121 140 129 1935 '81 125 423 120 118 1 114 1935 _ _ 81 143 483 123 136 128 1936 82 130 470 122 120 •! 120 1936 82 147 507 125 1 132 130 1937 _ 85 139 601 122 127 • 130 1937 84 154 619 125 137 137 1938 79 141 P702 122 130 130 1938 83 156 *>698 126 139 137 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 i 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 i 130 June 83 155 692 126 140 137 July 80 146 671 124 130 ! 129 July 159 127 139 137 August 78 141 677 124 129 : 129 August 156 127 138i 136 September 79 140 697 121! 130 \ 130 September 83 156 689 125 139 137 October.. 78 139 725 121 130 ; 130 October 155 125 138 137 November 78 140i 727 121 128 i 130 November 156 125 137 137 December, 79 139i 742 121 130 ; 130 December, 83 156 722 125 138 137 1939-January. . 78 138 748! 122 129 1939-January 155 i 126 137 February..i 77 138 122 February 155 126 I p Preliminary. T Revised. 1 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 ( p U a S r v n t i e a c i r e t t a e e ) g d s l e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r (1 F 91 r 3 a = n 1 c 0 e 0) G (a p e v r r e i m c r e a a ) g n e y N la e n th d e s r ^ - U St n a i t t e e s d Engla ( n 1 d 926=10 F 0 r ) ance Germany (1 N 9 l 3 e a t 0 n h = d e 1 s r 0 - 0) Number of issues. _ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1929 98.1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 . 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100 1931 90.9 108.4 96.9 3 83. 4 104.1 94.7 78.9 132.2 3 78.0 70 1932. 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 3 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934. 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935 88.6 129. 9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55 1936 97.5 131. 2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66 1937 93.4 124.6 75.1 98.7 4 101. 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 1938—January 80.6 124. 7 75.1 99.8 106.3 81.6 86.5 85.0 104.4 98.3 February 79.3 125.1 74.7 99.9 107.2 80.7 83.8 84.5 104.2 97.5 March 76.0 121.0 73.2 100.1 104.3 77.9 78.9 82.0 104.5 95.1 April. _ 73.8 124.2 75.6 100.1 106.3 70.7 81.7 93.6 105.3 92.2 May. 76.5 122.1 76. 1 " 100.0 108.0 73.9 79.7 92.7 103.4 92.7 June 75.3 121.9 77.2 100.0 107.0 73.1 78.5 91.4 101.4 91.6 July 80.8 123.4 76.5 100.0 107.0 88.0 82.1 88.8 99.0 97.2 August 81.3 122.4 76.6 99.9 106.3 89.5 81.1 87.6 93.8 97.1 September... 78.7 118.4 75.6 99.8 100.6 86.0 78.4 83.7 94.7 92.8 October 81.8 118.2 78.3 99.8 105.6 91.1 79.6 88.0 98.6 98.0 November. _ 82.1 118.0 80.6 99.7 105.3 94.7 80.4 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 February... 82.1 115.8 P99. 0 90.1 77.5 P96.1 p Preliminary. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4. 57 percent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3. 39 percent. 3 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 New index. See note 2. Sources.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELB GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) LEON FRASER CHESTER C. DAVIS District No. 3 (PHILADELPHIA) ... .HOWARD A. LOEB, ERNEST G. DRAPER V ice-President M. J. FLEMING GEORGE H. HAMILTON District No. 4 (CLEVELAND) T. J. DAVIS HUGH LEACH District No. 5 (RICHMOND) ROBERT M. HANEB 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 350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Chai R rm es a e n rv a e n A d g F e e n d t eral President First Vice President Vice Presidents Boston F. H fJnrfciss R.A. Young W. W. Paddock W Willett 2 New York Owen D. Young G.L. Harrison Allan Sproul L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T B. McCabe J. 3. Sinclair F. J. Drinnen C. A. Mcllhenny 3 W. J. Davis E. C. Hill Cleveland G C Brainard M J Fleming F J Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely R. S Parker W. S McLarin. Jr 3 H. F. Conniff M. H. Bryan Chicago _ _ . R. E. Woodi G.J. Schaller H. P. Preston C. S. Young W. H. Snyder 3 J. H. Dillard St Louis W T. Nardin W McC Martin F G Hitt 0. M. Attebery CM. Stewart 2 Minneapolis W C Coffey l T N" Peyton 0 S Powell H I Ziemer 3 E. W. Swanson Kansas City R. B. Caldwell ._ G.H. Hamilton C. A. Worthington _ H. G. Leedy J. W. Helm 3 Dallas J. H. Merritt.....' B. A. McKinney R. R. Gilbert R. B. Coleman 3 W. J. Evans San Francisco St George Holden 1 W A. Day Ira Clerk W. M. Hale C. E. Earhart 2 R. B. West 1 Deputy chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch R. M. O'Hara Helena Branch R. E. Towle Cleveland: Kansas City: Cincinnati Branch B. J. Lazar Denver Branch _ _. J. E. Olson Pittsburgh Branch P. A. Brown Oklahoma City Branch C. E. Daniel Richmond: Omaha Branch L. H. Earhart Baltimore Branch. W. R. Milford Dallas: Charlotte Branch W. T. Clements El Paso Branch _ J. L. Hermann Atlanta: Houston Branch W. D. Gentry Birmingham Branch P. L. T. Beavers San Antonio Branch. _ .. M. Crump Jacksonville Branch G. S. Vardeman, Jr. San Francisco: Nashville Branch J. B. Fort, Jr. Los Angeles Branch W. N. Ambrose New Orleans Branch L. M. Clark Portland Branch D. L. Davis Chicago: Salt Lake City Branch W. L. Partner Detroit Branch R. H. Buss Seattle Branch C. R. Shaw St. Louis: Little Rock Branch A. F. Bailey Louisville Branch F. D. Rash Memphis Branch _._ W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. 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. 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS *>>i<* "a«d --'. . «ONT. Hei , f*~~H en L. ^fCCj >\\ °»c . 7 \ MINN. sto^ e ^""MINNEAPOLIS^ ">AHo /MlCHf S.DAK. j WYO. \ IOWA CH£AG( NEBR — L % NEBR- Omaha* f ^nver ^Of # COLO. KANSAS CITYi S J^ VA. GU. KANS. j I g LOUIS f. ; V " i L . T . ; ,^ % ARIZ. Oklahoma City I? ARK' ^ /.—-lw_ j/HAJuttl/Rock/ N.MEX. ^^^Vst.^. J / r DALLAS® T MISS. ALA. WPadb""1 -A. -i. TEXAS ^} *" J^ x ; —I - Jacksonville \ •KB BOUNDARIES OF FEDERAL RESERVE DISTRICTS .MM BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES nAntonfo^ FLA* (APPROXIMATE IN THE ST. LOUIS DISTRICT) <y @ FEDERAL RESERVE BANK OTIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis