Federal Reserve Bulletin, 1939-05

FKDERAL RESERVE BULLETIN MAY -Recent Banking and Credit Developments Government Credit Agencies in 1938 Annual Reports of Foreign Central Banks— Switzerland and Canada 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 353—356 National summary of business conditions 357-358 Summary of financial and business statistics 360 Law Department: Repeal of Regulation G 361 Rulings of the Board: Credit union notes as basis for extension of credit by Federal Reserve banks 361 Loan to partnership as loan to partner under section 11 (m) of Federal Reserve Act 362 Statement on monetary measures and objectives 363-364 United States Government corporations and credit agencies in 1938 365-371 Earnings and expenses of member banks, 1937 and 1938 372-379 Condition of insured banks, last half of 1938 380-381 All banks in the United States, assets and liabilities 382-386 Annual Report of the Swiss National Bank 387-391 Annual Report of the Bank of Canada 392-395 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 398 Federal Reserve bank statistics 399-403 Reserve position of member banks; deposits in larger and smaller centers 404 Money in circulation 405 Gold stock and gold movements; bank suspensions; bank debits 406 All banks in the United States 407 All member banks 408-409 Condition of reporting member banks in leading cities 410-413 Acceptances, commercial paper, and brokers' balances 414 Federal Reserve bank discount rates 415 Money rates and bond yields 416 Security markets 417 Treasury finance 418-419 Governmental corporations and credit agencies; Postal Savings System 420-421 Production, employment, and trade 422-430 Wholesale prices 431 Chart book series on bank credit, money rates, and business 432 International financial statistics: Gold reserves of central banks and governments 434 Gold production 435 Gold movements 435-436 International capital transactions of the United States 437-439 Central banks 440-443 Bank for International Settlements 444 Money rates 444 Discount rates of central banks 445 Commercial banks 445-446 Foreign exchange rates 447 Price movements: Wholesale prices 448 Retail food prices and cost of living 449 Security prices 449 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 452 Senior officers of Federal Reserve banks; managing directors of branches 453 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 MAY, 1939 No. 5 REVIEW OF THE MONTH in recent months in marked contrast to the situation in 1938 when the pound and the As a result of a rapid inflow of gold and French franc declined sharply against the of disbursements by the Treasury from its dollar. deposits with the Federal Gold imports and Treasury disbursements, Gold movements Reserve banks, reserves of together with an increase in bank loans and funds3" mg banks have increased sharply investments, have also resulted in a growth in recent weeks. On April of deposits at banks in leading cities to a 26 excess reserves of member banks amounted new high record. A large part of the into $4,120,000,000, the largest ever reported. crease in deposits and reserves in recent Gold imports to the United States inmonths has been at banks in New York City, creased following the German occupation of where funds arising from gold and capital Czecho-Slovakia, and from March 15 to April movements are initially lodged. At the end 26 amounted to $700,000,000. The rate of of March there were substantial withdrawals gold inflow was as large as that during the of deposits from Chicago banks, but most of Czecho-Slovak crisis of six months ago. As this loss was regained in April. At banks in shown in the chart, however, exchange rates 99 other leading cities, deposits in April were of leading currencies have remained stable close to the high level reached at the end of January. Banks in these cities have likewise EXCHANGE QUOTATIONS FOR LEADING CURRENCIES shown increases in their reserve balances and 1938 - APRIL 1939 in their balances carried with correspondent banks. Changes in the principal items of the condition statement of reporting member CHANGES IN CONDITION OF BANKS IN 101 LEADING CITIES, FEBRUARY 8-APRIL 19, 1939 [In millions of dollars] Total 99 101 New Chi- other cities York cago cities Total loans and investments +358 +407 -170 + 121 U. S. Government obligations: Direct obligations: Bonds +723 +540 -5 +188 Notes -528 -226 -28 -274 Bills -96 +46 -172 +30 Guaranteed obligations +222 +120 +13 +89 Total +321 +480 -192 +33 Brokers' loans -96 -85 -6 -5 Loans to banks.. . . -35 -27 —8 Commercial loans . ... +113 +31 + 12 + 70 Balances with domestic banks +70 -2 +18 +54 Reserve with Federal Reserve banks. +648 +417 +168 +63 MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR. APRIL Adjusted demand deposits __ +543 +481 -40 + 102 Domestic interbank deposits +305 +164 +38 +103 Noon buying rates in New York for cable transfers ; latest date Deposits of foreign banks. _ +98 +91 +3 +4 shown, April 26, 1939. 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN MAY 1939 banks in New York, Chicago, and 99 other $110,000,000, about three-fourths of which leading cities from February 8 to April 19, was at banks in leading cities outside New 1939, are shown in the table. York. Following a moderate decline at the turn Preliminary call report figures for March of the year, total loans and investments at 29 indicate that at so-called country banks, reporting member banks in comprising principally banks outside leading Member bank 101 leading cities have in- cities, there was little change in total loans investmems creased since early February. and investments during the first quarter of As shown by the table, New 1939. Loans showed a small increase, while York City banks have recently added sub- investments in corporate securities declined stantial amounts to their holdings of United somewhat. Holdings of Government obligations showed little change. States Government securities. Their hold- Foreign developments, which resulted in ings of Treasury bonds and of Government the recent rapid movement of funds to this guaranteed securities increased considerably country, have also had th$ effect during the period while holdings of Treasury Increase in of increasing the foreign denotes declined. These changes reflected in ^r°cueiat^n mand for United States curpart the conversion of notes into bonds by rency. According to reports the Treasury during the refinancing period from large New York City banks, net shipin March. ments of United States currency to Europe At Chicago banks, holdings of Governduring March amounted to $22,000,000, the ment direct obligations declined as a result largest for any month since records were of purchases of Treasury bills by bank cusbegun in 1923, and preliminary reports inditomers prior to April 1, when a personal cate that in the first four weeks of April shipproperty tax is levied on bank deposits. ments were close to $40,000,000. The previous These banks had previously built up their record was in September 1938 when net shipbill holdings in order to have a supply for ments of United States currency totaled this purpose. At banks in 99 leading cities $14,000,000. A third of the shipments in outside New York City and Chicago, holdings March went to the Netherlands, although of Treasury notes declined, while holdings of Switzerland, Belgium, France, and England Treasury bonds and Government guaranteed were also large takers. It is likely that addisecurities showed a corresponding increase, tional currency was placed in safe deposit with little net change in total holdings. In boxes of domestic banks for the account of New York City and in leading cities outside foreigners, as has been reported at the time New York, total holdings of United States of previous crises. Government securities are now at about the As a result of this foreign demand for levels of the first quarter of 1937, before the United States currency added to the seasonal substantial declines of that year. domestic demand, money in circulation in- Total loans at banks in leading cities have creased in March by $90,000,000, compared shown little change in recent months. Loans with an increase of $20,000,000 in the same to brokers and dealers in securities have de- month last year. During the first four clined, accompanying the fall in stock prices weeks of April there was a further increase during March and April, and there has also of $80,000,000 to $6,900,000,000, over $500,been a decrease in loans to banks. Since the 000,000 more than on the corresponding date first week in February, commercial loans at a year ago. In the New York district alone reporting banks have shown an increase of the increase in currency was $60,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY FEDERAL RESERVE BULLETIN 355 during March of this year, as compared with savings in the form of currency, as reflected an increase of $10,000,000 in March 1938. in the increase in large-denomination notes; Of the total increase of $90,000,000 of (2) increased use of currency for consumer money in circulation during March, a little expenditures, due in part to some shift from more than half, or $50,000,000, was in cur- checks to cash as a means of current payrency of denominations of $50 and over. ments, in part to relief payments going to Practically all shipments of currency to persons not using checking accounts, and in Europe during the month were in these part to the growth of sales taxes, which aplarge-denomination bills. Changes in the pear to have increased the use of coins; (3) amount of currency of large and small de- growth in vault cash holdings of banks as nominations in circulation at the end of each a part of their redundant cash; and (4) from month since October 1930 are shown on the time to time substantial shipments of United chart. States currency to foreign countries during periods of unsettlement. MONEY IN CIRCULATION BY LARGE AND SMALL DENOMINATIONS The decline in prices of stocks and lower- BILLIONS OF DOLLARS grade corporate bonds, which began with the J V development Of new Euroi TDTAL MONEY */ Security markets pean difficulties in March, continued during the early part of April, while prices of the highesty grade bonds were relatively firm around the COINS AND BILLS OF UNDER$ 50 high levels reached in the early part of March. Yields on high-grade corporate bonds, as <JIS shown by Moody's average for Aaa bonds, have remained near 3 per cent, and the average yield on long-time United States Government bonds declined to 2.25 per cent, a new low level. ILLS OF Near the end of the first week of April $50 AND OV:R / « 111 -1 prices of industrial stocks reached the lowest level since June of last year and those of public utility and railroad stocks were about as low as during the latter part of Sep- 1931 1932 1933 1934 1935 1936 1937 1939 1939 tember. For lower-grade corporate bonds, End of month figures; latest figures for March 31, 1939. price declines during the latter part of As a result of this recent increase, arising March and the early part of April offset the largely from foreign demand, the amount of recovery in prices that had occurred since the United States money reported as in circula- beginning of the year. The decline was most tion, i.e., money outside the Treasury and the marked for railroad issues which had pre- Federal Reserve banks, has risen to a level viously shown the greatest improvement. that has been exceeded only for a few days Yields on these issues as shown by Moody's on two previous occasions. The principal average for Baa railroad bonds increased factors accounting for the large growth in from 5.70 per cent on March 11 to 6.60 per the demand for currency over the past decade cent in the early part of April. Prices of were discussed in the December BULLETIN. corporate securities, except high-grade bonds, They are briefly (1) increased holdings of were irregular during the latter part of April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN MAY 1939 The volume of corporate security issues until his election as President of the bank increased in April, following a period of for a term of five years beginning March 1, three months when total issues, new and re- 1936. He was a member of the Federal Adfunding, averaged about $90,000,000 a month. visory Council from January 1926 to October 1931. Death of President of Federal Reserve Bank of Dallas Appointment of President of Federal Reserve Bank B. A. McKinney, President of the Federal of Dallas Reserve Bank of Dallas, died on April 2,1939. On April 13, 1939, the Board of Governors Mr. McKinney was one of the original Class approved the appointment by the board of A directors of the Federal Reserve Bank of directors of the Federal Reserve Bank of Dallas serving from October 1914 to Decem- Dallas of R. R. Gilbert as President of that ber 1922, at which time he was elected Gov- bank for the unexpired portion of the fiveernor of the bank. He served in this capacity year term ending February 28, 1941, to sucuntil May 1925 when he resigned to reenter ceed B. A. McKinney. Mr. Gilbert served as the commercial banking business. He was First Vice President of the bank from March again elected Governor of the Dallas bank in 1, 1936, until the date of his appointment October 1931 and continued in that position as President. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 357 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 24 and released for publication April 26] In April manufacturing production was from the relatively low level of other recent maintained at about the same rate as inmonths. March but mineral production declined, re- Production of nondurable goods in March flecting a sharp reduction in output of bitumi-continued at about the level that has prevailed nous coal pending settlement of negotiations since last autumn. In the woolen textile inbetween operators and miners. In the first dustry activity showed a decrease from the quarter of this year industrial output, after high level of recent months, while at cotton a rapid rise in the latter half of 1938, in-mills and shoe factories output was maincreased less than is usual at this season. tained in large volume. At meat-packing Production.—Volume of industrial produc- establishments and sugar refineries increases tion showed little change in March and the in activity were reported, following earlier Board's seasonally adjusted index remained declines. at 98 per cent of the 1923-1925 average. The Value of construction contract awards increased in March, according to F. W. Dodge MANUFACTURING PRODUCTION Corporation figures, reflecting a seasonal rise POINTS IN TOTAL INDEX POINTS IN TOTAL INDEX in residential and other private building. Awards for public projects showed little change. In the first three weeks of April bituminous coal production declined to a low level as most mines were closed, pending the settlement of biennial contract negotiations between mine operators and workers. Steel ingot production was reduced somewhat, averaging about 52 per cent of capacity, and automobile pro- 1934 1935 1936 1937 1938 1939 duction showed little change from the rate Index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. Durable and nondurable reached in the latter part of March. series expressed in terms of points in the total index. By months, January 1934 to March 1939. Distribution.—Sales at department stores and mail order houses increased somewhat index for the first quarter averaged 99, commore than seasonally in March, while variety pared with 101 in the final quarter of last store sales showed about the usual rise. For year. Activity at steel mills in March was at the first quarter as a whole retail sales were 54 per cent of capacity, a slightly higher level in about the same volume as in the final quarthan in January and February. Automobile ter of 1938, after allowance for seasonal production increased less than seasonally; changes. retail sales of cars continued to fluctuate around a level considerably higher than last Freight-car loadings showed less than the year but lower than in 1936 and 1937. Deal- customary advance from February to March ers' stocks of new cars began to decline in as loadings of coal declined and shipments March, following an increase to a seasonally of miscellaneous freight increased less than high level. Activity in the machinery indus- seasonallly. In the first half of April there tries increased further in March, continuing was a marked decrease in freight traffic, rethe rise that began last summer. Lumber flecting in large part a sharp decline in coal production increased less than seasonally shipments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN MAY 1939 gold imports and Treasury disbursements WHOLESALE PRICES 110 — PE I R C ii E o NT from its balances at the Reserve banks, member bank reserves and deposits increased 100 sharply during the four weeks ending April LA. 19. Excess reserves rose to a record high 90 FOODS A M '\l\. A 90 level of $4,000,000,000. Total loans and in- 80 HER I, \ vestments at banks in 101 leading cities, vyV COMNODITIES J \ which had shown little change during March, 70 PRO FA D R U M C TS Mr/VV V iA S vA 70 increased somewhat during the first three I weeks of April, reflecting principally continued purchases of United States Govern- 50 50 ment obligations by New York City banks. 1935 1936 1937 1938 1939 Iadexes compiled by United States Bureau of Labor Statistics, 1926 = 100. By weeks, January 6, 1934, to April 15, 1939. MEMBER BANKS IN 101 LEADING CITIES Commodity prices.—Prices of steel scrap, BILLIONS OF DOLLARS BILLIONS OF DOLLARS 12 12 copper, hides, and some other industrial raw materials declined from the middle of March 10 10 to the third week of April, and there were U.S. GOVT OBLIGATIONS 8 decreases also in prices of livestock and dairy I 1 I products. Silk prices rose considerably. The 6 general level of wholesale prices, as measured COMMERCIAL LOANS by the index of the Bureau of Labor Statistics, 4 =C—U-s declined to 76 per cent of the 1926 average as OTHER SECURITIES 2 compared with 77 in the middle of March and i LOANS TO BROKERSV"" at the beginning of the year. 0 AND DEALERS '34 1935 1936 1937 1938 1939 Bank credit.—Reflecting continued heavy Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to April 19, 1939. Commercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then reported. EXCESS RESERVES OF MEMBER BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS 5 Loans to brokers and dealers in securities declined. Money rates and security prices.—Prices of Government bonds and of other bonds of highest grades continued firm at high levels during March and the first three weeks of April, while prices of the lower-grade corporate bonds and of corporate stocks declined. The average discount rate on new issues of 91-day Treasury bills continued at a low level 1934 1935 1936 1937 1938 1939 and other open-market rates remained un- Wednesday figures of estimated excess reserves for all member banks and for selected New York City banks, January 3, 1934,changed. to April 19, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 193S FEDERAL RESERVE BULLETIN 359 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 16 15 14 13 12 11 10 2 i TREASURY DEPOSITS AT F. R. BANKS 1 0 10 2 1 0 1934 1935 1936 1937 1938 1939 Latest figures for April 19. See table on page 398. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN MAY 1939 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 1938 Annual averages Mar. Feb. Jan. Mar. Feb. Jan. 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 _ 2,590 2,594 2,598 2,597 2,598 2,602 2,600 2,481 2,475 2,429 1,459 Bills discounted 3 5 5 10 11 11 9 14 6 7 283 952 Bills bought 1 1 1 1 1 1 1 3 4 6 83 241 U. S. Government securities.._ 2,567 2,567 2,568 2,565 2,564 2,564 2,565 2,540 2,430 2,431 2,052 208 Gold stock 15, 014 14, 778 14, 599 12,778 12, 768 12,756 13,250 12,162 10,578 9,059 4,059 3,996 Treasury currency outstanding. _ 2,832 2,820 2,807 2,673 2,662 2,643 2,711 2,567 2,503 2,478 2,271 2,015 Money in circulation 6,764 6,697 6,712 6,338 6,319 6,397 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings 2,720 2,758 2,726 3,558 3,630 3,630 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F. R. banks 1,155 1,055 827 221 164 127 653 158 446 128 55 22 Nonmember deposits and other F. R. accounts 775 757 711 605 685 664 658 595 551 507 497 406 Member bank reserve balances: Total 9,021 8,925 9,029 7,326 7,230 7,183 7,935 6,830 5,989 5,001 2,343 2,358 Excess _ _ 3,432 3,373 3,484 1,524 1,406 1,353 2,522 1,220 2,512 2,469 528 43 REPORTING MEMBER BANKS IN 101 LEADING CITIES Averages of Wednesday figures; in millioni of dollars Total loans and investments 21, 705 21, 527 21,468 21,072 21, 214 21,285 21,023 22,198 22,064 19,997 17,505 22, 599 Loans—total . _ 8,241 8,197 8,338 8,884 8,936 9,137 8,506 9,546 8,462 8,028 9,156 16,887 Commercial, industrial and agricultural 3,792 3,760 3,800 4,328 4,391 4,462 4,059 C1) 0) 0) 0) 0) To brokers and dealers in securities... 831 795 852 762 738 825 701 1,226 1,181 990 777 • 2, 208 Other loans for purchasing or carrying securities.. 529 533 547 611 616 623 588 0) 0) 0) 0) 0) All other loans 3,089 3,109 3,139 3,183 3,191 3,227 3,158 0) 0) 0) 0) 0) Investments—total __ 13,464 13, 330 13,130 12,188 12, 278 12,148 12, 517 12,652 13,602 11,969 8,349 5,712 U S Government direct obligations 8,186 8,178 8,191 7,992 8,168 8,118 7,982 8,394 9,080 7,989 5,228 2,865 Obligations fully guaranteed by U. S. Govt 2,027 1,891 1,728 1,159 1,147 1,131 1,451 1,164 1,250 928 Other securities 3,251 3,261 3,211 3,037 2,963 2,899 3,084 3,094 3,272 3,052 3,121 2,847 Reserve with Federal Reserve banks _ 7,427 7,358 7,437 5,724 5,646 5,614 6,400 5,307 4,799 4,024 1,822 1,725 Cash in vault 410 410 440 302 294 315 382 337 383 326 240 248 Balances with domestic banks 2,580 2,543 2,561 1,992 2,016 1,986 2,289 1,884 2,358 2,112 1,322 1,142 Demand deposits—adjusted.. 16,032 16, 042 16,054 14, 360 14, 509 14, 438 15,033 15,097 14,619 12, 729 C1) 0) Time deposits (excluding interbank)2 5,217 5,181 5,173 5,239 5,237 5,210 5,202 5,202 4,999 4,883 4,946 6,788 Deposits of domestic banks 3 ._ _ 6,511 6,288 6,327 5,280 5,286 5,286 5,770 5,298 5,810 4,938 2,822 2,787 Borrowings 1 1 7 3 4 3 12 5 6 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; per cent per annum Commercial paper .56 .56 56 .88 1.00 1.00 .81 .95 .75 .76 1.72 5.85 Stock exchange call loans _. 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.16 7.61 TT S Treasurv bills (91 davs) .03 .03 .03 .08 .08 .10 .07 .28 .17 .17 U S Treasury bonds, long-term4 .__ 2.34 2.44 2.47 2.64 2.64 2.65 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa) 2.99 3.00 3.01 3.22 3.20 3.17 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 240 561 '257 245 '201 '122 '367 328 518 392 89 959 New 162 398 200 126 '83 '92 '196 178 164 121 60 841 Refunding 78 163 57 119 117 29 171 150 354 270 29 118 Domestic corporate issues—total 100 160 16 82 103 51 175 203 382 189 32 781 New 53 24 '6 24 41 46 '73 102 99 34 13 66? Refunding._. 47 136 10 58 62 4 102 101 282 155 18 115 PRICES Index numbers Common stocks (1926=100) _ _ _ _. 92 90 92 78 81 82 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities 77 77 77 80 80 81 79 86 81 80 66 95 Farm products _ _ __ 66 67 67 70 70 72 69 86 81 79 51 105 Foods 70 72 72 74 74 76 74 86 82 84 61 100 Other commodities 80 80 80 83 83 84 82 85 80 78 71 92 Retail food prices (1923-25=100). ___• 76 77 78 79 78 80 79 85 82 81 66 105 BUSINESS INDEXES Index number?, adjusted for seasonalvariation, 1923-25—100 Industrial production 98 101 79 79 80 86 110 105 90 76 119 Manufactures pQQ 97 100 75 75 76 84 109 105 90 75 119 Minerals __ _. P110 110 110 103 103 108 98 115 105 91 82 115 Construction contracts awarded—total III 73 86 46 51 52 64 59 55 37 25 117 Residential __ _ ._ . .. 58 55 33 32 26 45 41 37 21 11 87 All other P76 85 111 56 66 73 80 74 70 50 37 142 Factory employment P91 91 92 87 89 90 87 106 98 91 73 106 Factory payrolls (unadjusted) _ _. P87 85 83 77 77 75 78 102 86 74 50 110 Freight-car loadings 66 67 69 60 62 65 62 78 75 64 58 107 Department store sales 88 87 88 86 88 90 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports _ P268 219 213 275 262 289 258 279 205 190 140 437 General imports 158 178 173 163 171 163 257 202 171 121 367 p Preliminary. ' Revised. 'Partly estimated. 1 Figures not available. 2 Includes time deposits of banks, domestic and foreign, 1929-1934. 3 Does not include time deposits 1929-1934. • Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

361 MAY 1939 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Repeal of Regulation G Section 10 (b) of the Federal Reserve Act, which section was first enacted in 1932 and On April 6, 1939, the Board of Governors has subsequently been amended, now aurepealed its Regulation G, Series of 1932, thorizes advances by a Federal Reserve bank relating to the rediscount by Federal Reserve to a member bank on the latter's promissory banks of notes secured by adjusted service note, for periods not exceeding four months certificates. and at rates not less than one-half of one per It appears from the records of the Board cent higher than the discount rate for eligible that the Federal Reserve banks do not hold paper, on any security which is satisfactory at this time any notes secured by adjusted to the Federal Reserve bank. If a note given service certificates and that no such notes by a credit union to a member bank as evihave been rediscounted with the Federal Redence of a loan made to it by the bank should serve banks in recent years. In addition, the be considered by the Federal Reserve bank law now provides for the payment of an as satisfactory collateral for an advance to adjusted service certificate by the Veterans the member bank, such a note could be used Administration at the option of the veteran as collateral security for an advance under holding the certificate, and also provides for section 10 (b), and this would be true regardthe Veterans Administration to make loans less of the use which the credit union made to veterans secured by such certificates. of the proceeds of the loan by the member While banks may still make loans on the bank. security of adjusted service certificates, it With reference to the question whether seems improbable, in all the circumstances, notes given by credit unions to member banks that the Federal Reserve banks will be called are eligible for discount with the Federal upon to rediscount notes so secured. Reserve banks, it is to be observed that the However, if an application for the redis- Federal Reserve banks are authorized by count of a note secured by an adjusted serv- law to discount for member banks, under ice certificate is received in the future, it will certain restrictions and limitations, commerbe handled under the pertinent provisions of cial, agricultural and industrial paper. The law in the same manner as if the provisions fact that loans by credit unions to their of Regulation G were still in effect. members were made for provident or productive purposes would not in itself make the paper evidencing such loans eligible for discount by a Federal Reserve bank. However, Credit Union Notes as Basis for Extension of Credit if the proceeds of a loan made by a member by Federal Reserve Banks bank to a credit union were actually used by The Board of Governors was recently asked the credit union to make loans for eligible whether notes given by credit unions to banks purposes it would be possible for a Federal as evidence of loans made to them can be dis- Reserve bank to discount for a member bank counted with Federal Reserve banks. In a note evidencing such a loan to the credit reply, the Board stated the following general union if the note complied in other respects principles regarding the methods by which with the law and the regulation and was such notes may be used as a basis for the acceptable from a credit standpoint. extension of credit by Federal Reserve banks Although it does not seem probable that to member banks: the usual credit union would be engaged in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN MAY 1939 a type of business which would cause its Loan to Partnership as Loan to Partner under Section notes to a member bank to be eligible for 11 (m) of Federal Reserve Act discount, there may possibly be cases where Section 11 (m) of the Federal Reserve Act the notes of the credit union would be eli- provides in part as follows: gible. In any particular case, of course, ". . . loans secured by stock or bond collateral the question whether paper offered for dis- made by member banks . . . , but no such loan shall be made by any such bank to any person in count meets the requirements as to eligibility an amount in excess of 10 per centum of the unand whether it is acceptable from a credit impaired capital and surplus of such bank . . ." standpoint is one for the consideration of the Although the Board of Governors has not Federal Reserve bank at the time the paper exercised the authority given it under other is offered, in the light of all of the circum- provisions of section 11 (m) to place certain stances of the case. limitations on the aggregate amount of member banks' loans secured by stock or bond As bearing upon the question whether the collateral, action by the Board to impose such notes of any particular credit union are an aggregate limitation is not a prerequisite eligible for discount, the Board invited atto the operation of the 10 per cent limitation tention to two of its prior rulings. At page quoted above. 1190 of the FEDERAL RESERVE BULLETIN for It is a settled principle of the law applicable December 1937, the Board published a ruling to partnerships that each general partner is to the effect that a borrowing for the purpose individually liable for the debts of the partof making a purchase of goods is a borrownership. Accordingly, in response to a recent ing for a commercial purpose, whether the inquiry the Board expressed the opinion that, borrower intends to use the goods himself or if a State member bank already has outstandto resell them. In this ruling the Board also ing to an unlimited partnership loans on stock stated that the note of a finance company or bond collateral in an amount equal to 10 given to a member bank, the proceeds of per cent of the bank's unimpaired capital and which are loaned to other borrowers who use surplus, the quoted provision forbids the the funds thus obtained to purchase goods for bank to make any additional loan on such use or consumption, will be eligible for discollateral to one of the general partners of count by a Federal Reserve bank if the note the firm. meets the applicable requirements of the reg- It was understood, of course, that the loans ulation as to maturity and in other respects. were not secured by Government obligations Another ruling on this subject appears at and hence did not get the benefit of the 25 page 86 of the February 1938 FEDERAL RE- per cent special loan limit specified in section SERVE BULLETIN. 11 (m) for loans on such securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

363 MAY 1939 FEDERAL RESERVE BULLETIN STATEMENT ON MONETARY MEASURES AND OBJECTIVES The following statement of the Board of Governors of currency uncertainties would restore conof the Federal Reserve System recommending Confidence and result in economic revival. There gressional study of monetary measures and objectives was transmitted on April 8, 1939, to the Chairmen are some who believe that the flow of capital of the Committees on Banking and Currency of the into enterprise is retarded by what they con- Senate and House. sider as an artificially low level of money During this session of Congress, as during rates and others who argue that the Governother recent sessions, the Board of Governors ment absorbs too large a part of the country's has been asked by Committees of the Senate savings through the sale of its own securiand House to report on a large number of ties. bills dealing with proposals for overcoming These opinions and proposals cover a wide the country's economic difficulties by mone- range, and seek legislative action on matters tary action. of vital importance to the welfare of the na- Among the proposals that are currently tion. before Congress, many are based on the be- The Board at different times in response to lief that our difficulty is in the lack of an ade- Committee requests has stated its position on quate supply and control of money. Some individual proposals. While it has expressed would remedy this situation by the issuance disagreement with some of the measures of currency, either directly by the Treasury which in its judgment would not accomplish or through the Federal Reserve banks, some the purposes for which they are intended, it would retire Government bonds by issuing recognizes the importance of making every paper money and thus not only increase the effort to achieve the underlying objective, supply of currency but also reduce or retire which, broadly speaking, is the fullest pracaltogether the interest-bearing public debt. ticable utilization of the country's human and Others believe that the remedy lies in mone- material resources. It has been the Board's tization of silver at a high price, and the is- view that, since the money supply, however suance of silver certificates to add to the sup- measured, is larger now than at any previous ply of money. Still others believe that what time, the difficulty must lie not in the scarcity is needed is a stimulus to the use of money but in the inadequate use of the existing supthrough some system of stamp scrip that ply. The Board would welcome a reexaminawould result in a penalty on money that is tion of its own conclusions and a study of the not promptly spent. Another group of meas- factors that obstruct the flow of money ures aims to correct conditions by changing through the channels of investment, producthe ownership and management of the Fed- tion, and distribution. eral Reserve System and by requiring 100 In earlier statements the Board has pointed per cent reserves against demand deposits. out that there are many phases of economic Another proposed remedy would establish a life that are not susceptible of control new system of banks to supply intermediate through monetary means alone; it has taken and long-time capital, particularly to small the position that stability in production and business. employment is a more satisfactory objective Still others think that the monetary sys- of public policy than price stability alone, and tem now in existence should be corrected by that concerted action by many agencies the elimination of silver purchases, by the within and outside the Government, which establishment of a fixed price for gold and have an influence on economic activity, is esby the reintroduction of gold coins into cir- sential for the achievement of recovery and culation. They contend that the elimination an adequate national income. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN MAY 1939 Notwithstanding the inherent limitations In brief, the effectiveness of our banking upon the influence of monetary and credit and monetary mechanism is weakened by the action on economic conditions, the Board is fact that there is no clear division of responconvinced of the importance of such action at sibility, no definite determination of authority certain times, and feels strongly the necessity over money and credit within the Federal of having the mechanism of monetary and Government itself, and that there is conflict banking control and supervision at all times of jurisdiction and supervision over the banks in condition to function effectively in the pub- through which, in the existing system, monelic interest. In its Annual Report for 1938 tary and credit powers must operate. the Board pointed out that our present sys- In view of these circumstances, the Board tem of regulation and supervision over money urges that Congress through appropriate and banking, notwithstanding many im- committees or a joint committee take steps provements made in recent years, is still de- to determine the objectives by which monefective in many respects. The 15,000 banks tary and banking authorities shall be guided, that exist today are subject to conflicting and the validity of different plans and views on overlapping laws and jurisdictions, which re- monetary and credit matters proposed or held sult in discriminations against certain groups by agencies within or outside the Governof banks and in a confusion of duties and ment, including the Board's own positions, responsibilities among different Federal and and the character of governmental machinery State authorities. Federal supervision of that would be best calculated to carry out the banking itself is distributed among several purposes of Congress in this important field. governmental agencies without clear delimi- Such a broad approach would enable Contation of the respective powers and respongress to consider all the proposals in relation sibilities of these agencies. to each other, and to other important prob- On the more strictly monetary side the lems of our economic system. Piecemeal powers over the supply of currency and bank consideration of various proposals is a slow, reserves are divided between the United cumbersome, and unsatisfactory process. States Treasury and the Federal Reserve Recognition by Congress of the limits System. While it appears to have been the within which monetary and credit action can intent of Congress that the Federal Reserve be effective and determination of the mecha- System have responsibility for regulating the nism and policies that would contribute most supply and cost of money, including currency to its effectiveness will clear the way for con* and bank deposits, the powers over this sup- sideration of broader aspects of a construcply possessed by the Treasury now outweigh tive program for further economic recovery those of the System. and stability. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 365 UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1938 Total outstanding loans and investments in Government corporations and credit agencies securities of financial institutions by Govern- based upon the compilation published by the ment corporations and credit agencies in- Treasury Department as part of the Daily creased slightly during 1938 to a total of Statement of the United States Treasury for $8,560,000,000, following decreases of close the last day of each month. The classification to $400,000,000 in each of the two preceding of assets and liabilities in this table follows years. Holdings by these agencies of Gov- the revised classification used in the regular ernment obligations, of cash, and of fixed BULLETIN table beginning with the October assets and other real estate increased some- 1938 issue and described on pages 882-884 what in 1938. The proprietary interest of of that issue. The occasion for this revision the United States Government on December 31, 1938 was $4,020,000,000, or $50,000,000 less than a year earlier, and there was a TABLE 1.—ASSETS AND LIABILITIES OF GOVERNMENT smaller increase during the year in the com- CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1937 AND 1938 bined equity of private stockholders in the agencies. Outstanding bonds, notes, and de- [In millions of dollars] bentures, however, increased by $300,000,000 to a total of $6,310,000,000, largely as a re- Dec. 31, Dec. 31, Change 19371 1938 in 1938 sult of sales in the open market of guaranteed notes of the Reconstruction Finance Corpora- ASSETS tion and the Commodity Credit Corporation. Loans and preferred stock: There were further repayments in 1938 of Loans to financial institutions 501 470 -31 Preferred stock, etc 886 874 -12 emergency loans made largely during the Loans to railroads 440 511 +71 period 1932 to 1935, but the decline in the out- H Fa o r m m e m an o d rt g h a o g u e s i l n o g a n m s ortgage loans i 2 2, , 4 8 7 4 5 8 2 2, , 3 7 3 3 5 5 - - 1 1 4 1 0 3 standing amount of these loans was offset by Other agricultural loans 561 751 +190 All other loans 886 +60 increases in other types of loans. Outstanding loans to and investments in securities of Cash Total loans and preferred stock i 8, 2 5 9 3 9 7 8, 3 5 7 6 0 2 + + 2 7 6 1 financial institutions, which consist largely of U. S. Government direct obligations 710 + 104 Obligations of Government credit agencies: emergency advances of the Reconstruction Fully guaranteed by U. S 180 145 -35 Other 2 32 35 +4 Finance Corporation to commercial banks, Accounts and other receivables i 298 328 +30 were reduced by $40,000,000 during 1938. Business property 388 456 +68 Property held for sale i 599 689 +90 The outstanding amount of farm mortgage Other assets 62 156 +94 loans and Home Owners' Loan Corporation Total"assets other than interagency"^3. 11, 000 11,451 +451 mortgage loans declined by $330,000,000 dur- LIABILITIES ing the year. These decreases were offset Bonds, notes, and debentures: largely by increases in loans of the Recon- Guaranteed by United States 4,645 4,992 +347 struction Finance Corporation other than to Other 2 1,363 1,317 -46 Other liabilities (including reserves) i 559 739 +180 financial institutions and in loans by the Com- Total liabilities other than intermodity Credit Corporation, the Farm Secu- agency 3 i 6, 566 7,048 +482 rity Administration, the Rural Electrification Excess of assets over liabilities, excluding Administration, the Export-Import Bank, interagency transactions 4,434 4,404 -31 Privately owned interests 361 381 +20 and the United States Housing Authority. The increases in loans for several of these U. S. Government interests 4,073 4,022 agencies resulted from legislation enacted during 1938 continuing and enlarging the 1 Previously published figures for December 31, 1937 have been adjusted as follows: (1) Federal land bank "loans called for foreclosure" scope of their activities. Moreover, a new and "matured extensions" and Federal Farm Mortgage Corporation "extensions" formerly included with "loans" are now included with agency, the Federal National Mortgage Asso- "Property held for sale"; (2) deposits with the Reconstruction Finance ciation which was organized in February Corporation by the Commodity Credit Corporation, Export-Import Bank, Disaster Loan Corporation, and R. F. C. Mortgage Company, 1938, had $80,000,000 invested in insured formerly eliminated as inter-agency assets and liabilities are now included as "accounts and other receivables" and as "other liabilities"; mortgages at the end of the year, some of and (3) "operating reserves" of agencies under the supervision of the which, however, were acquired by transfer Farm Credit Administration formerly shown as separate liability items are now offset against "Property held for sale." from the R. F. C. Mortgage Company. 2 Excludes $761,000,000 of Federal land bank bonds held by the Federal Farm Mortgage Corporation. Table 1 shows for December 31, 1937 and 3 Includes, however, investments in securities of agencies (other 1938, the combined assets and liabilities of than mentioned in footnote 2) and deposits of agencies with Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN MAY 1939 was the change in the underlying monthly United States Government obligations, as re- Treasury compilation beginning with July serves against possible future claims. Cer- 1938 which eliminated the former grouping tain other agencies are primarily operating of the agencies by two broad classes "Fi- agencies. The Government's proprietary nanced wholly from Government funds" and share in three of these, the Tennessee Valley "Financed partly from Government funds" Authority, the Panama Railroad Company, and which gave more details for agencies and the Inland Waterways Corporation, formerly included in an "Other" group. Data amounted to $290,000,000 on December 31, in the Treasury compilation and the BULLE- 1938. TIN tables differ from those in financial statements released by the various agencies themselves in that most interagency items are TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT excluded.1 As indicated in footnote 1 to the CORPORATIONS AND CREDIT AGENCIES AND PROPRIE- TARY INTEREST OF UNITED STATES, DECEMBER 31, table, certain adjustments have been made in 1938 previously published figures for December 31, [In millions of dollars] 1937 to take account of major changes during 1938 in the underlying Treasury compilation Outstanding loans,investand in the form of reports made to the Treas- ments in preury by various agencies. ferred stock, Proprietary capital notes interest In table 2 outstanding loans and invest- and debentures, of U. S. and shares of Government ments in securities of financial institutions Agency or group of agencies financial are arranged so as to show agencies which institutions are primarily lending agencies separately Dec. Change Dec. Change from other agencies. Out of the total of out- 31, in 31, in 1938 1938 1938 1938 standing loans and investments of $8,560,- 000,000 at the end of 1938, about $6,920,- Agencies engaged primarily in lending: 000,000 was held by three groups of lending Reconstruction Finance Corporation and Public Works Administration 1,797 -15 1,3182-231 agencies, namely: (1) the Reconstruction Home mortgage and housing agencies: Finance Corporation, together with the Pub- Home Owners' Loan Corporation 2,384 -220 61 -8 Other mortgage agencies ! .. .. 380 +65 278 2 +37 lic Works Administration; (2) the Home U S Housing Authority 32 +22 168 +20 Farm credit agencies: Owners' Loan Corporation; and (3) the farm Farm mortgage agencies 2,735 2 -113 496 +10 Federal intermediate credit banks and mortgage agencies, including the Federal banks for cooperatives 3 265 — 1 277 +9 Regional agricultural credit corporaland banks and the Federal Farm Mortgage tions and production credit cor- Corporation. Other agricultural loans and porations. _ _ _ _. 87 -5 140 i Congressional appropriations admininvestments amounted to $990,000,000, other istered by Farm Credit Administrahome mortgage and housing loans to $410,- Co ti m on m od _ i _ ty _ Credit Corporation.._ _ . 4 3 6 8 8 8 + - 1 1 8 0 5 1 1 1 0 0 0 2 - - 2 3 6 4 000,000, and miscellaneous loans of various Farm Security Administration.. 179 +56 179 +56 Other lending agencies: agencies to $250,000,000. U. S. Maritime Commission _ _ 52 -23 91 -12 Rural Electrification Administration.. 88 +55 89 +57 The Government's proprietary interest in Other lending agencies. _. . . 80 + 18 99 2 +32 agencies which are and have been engaged Total lending agencies 8,535 2 +14 3,405 -91 primarily in lending, also shown in table 2, Other agencies: was $3,400,000,000 at the end of 1938 orT In e s n u n r e a s n s c e e e a V g a e l n l c e i y e s A 5 uthority . ._. 27 +16 3 2 1 2 0 2 + +2 1 0 6 $90,000,000 less than at the end of 1937. The Other 1 — 5 86 +3 equity of the United States in the assets of Total, all agencies 8,562 2+26 4,022 -51 the four insurance agencies, the Federal Deposit Insurance Corporation, the Federal 1 Including Federal Home Loan banks, R.F.C. Mortgage Company, Federal National Mortgage Association, and investments in shares of Savings and Loan Insurance Corporation, the Federal savings and loan associations by the Treasury. Federal Housing Administration, and the 2 In computing these changes adjustments were made in previously published figures for December 31, 1937. See footnote 1 to table 1. Federal Crop Insurance Corporation, which 3 The difference between this figure and the sum of corresponding figures in the regular table on Farm Credit Administration loans is was organized in 1938, amounted to $310,- due to the exclusion from this figure of loans and discounts by the Fed- 000,000. These agencies do not extend credits eral intermediate credit banks to the banks for cooperatives. 4 The difference between this figure and the sum of corresponding except as an incident to their insurance func- items in the regular BULLETIN table on Farm Credit Administration loans is due chiefly to deduction in the Treasury figure of reserves for tions, but hold assets, primarily in the form of uncollectible items. 5 Including Federal Deposit Insurance "Corporation, Federal Savings and Loan Insurance Corporation, Federal Housing Administration, 1 See footnote 3 to Table 1. and Federal Crop Insurance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

367 MAY 1939 FEDERAL RESERVE BULLETIN Reconstruction Finance Corporation and year, largely as a result of sales of obligations Public Works Administration.—As shown in to private investors. The Reconstruction Fitable 3, total outstanding loans and invest- nance Corporation sold at a substantial prements of the Reconstruction Finance Cor- mium about $75,000,000 of bonds of the Metporation and the Public Works Administra- ropolitan Water District of Southern Califortion of $1,800,000,000 on December 31, 1938nia acquired in connection with advances for were about the same as at the end of the pre- the construction of a 240-mile aqueduct. The ceding year. This compares with reductions combined holdings of securities acquired by of $140,000,000 and $480,000,000 during the the Public Works Administration in conneccalendar years 1937 and 1936, much of which tion with its works programs were $30,000,resulted from large retirements by banks of 000 smaller at the end of 1938 than a year their preferred stock. During 1938 net re- earlier, reflecting a reduction in obligations tirements of investments by the Reconstruc- held by the Public Works Administration. The tion Finance Corporation in securities of Reconstruction Finance Corporation transbanks amounted to only $20,000,000 and ferred about $30,000,000 of such obligations there was a reduction of $35,000,000 in out- to private investors during the year, or standing loans to banks, which are almost slightly less than they took over from the entirely closed banks. Loans to railroads in- Public Works Administration. Only a small creased by about $80,000,000 and to indus- amount of securities under the new public trial and commercial businesses by $30,000,- works program enacted in June 1938 had 000 during the year, reflecting in part the been acquired by these agencies at the close resumption early in 1938 of lending opera- of the year. tions, which had been suspended by Executive The following summary gives a general order in October 1937. Loans for financing indication for the Reconstruction Finance the export of agricultural surpluses also in- Corporation of the sources and uses of funds creased. in 1938. Funds from the sale during the year of $210,000,000 of guaranteed notes were used largely to reduce the proprietary inter- TABLE 3.—LOANS AND INVESTMENTS OF THE RECON- STRUCTION FINANCE CORPORATION AND THE PUBLIC est of the United States in the agency. WORKS ADMINISTRATION DURING 1938 Changes in assets'and liabilities ijother'than fundedjdebt: [Tn millions )f dollars] Loans and investments '. _' +$26, 000, 000 Cash and United States securities +13,000,000 Out- Other net assets less miscellaneous liabilities +5,000,000 Dis- Re- Net standbursed paid change ing Aggregate net change +$44,000,000 in in in Dec. 1938 1938 1938 31, Changes in funded debt and net worth: 1938 Notes fully guaranteed by United States +$212,000,000 United States Government proprietary interests: Earned surplus +$32,000,000 Investment in preferred stock, etc., Net liability to other agencies —200,000,000 of banks l . ... 31 53 -22 544 Net change '_._. -168,000,000 Loans to banks 16 51 -35 144 Loans on commodities . . 20 +20 21 +$44, 000,000 Loans to railroads 8 +80 436 L L o o b a a u n n s s s i n t t e o o s s i e n d s r d a u i s n t a r g ia e l , a _ l n e _ d v _ ee c , o m an m d e r i c r i r a i- l 8 5 8 2 19 +33 108 to i T E a x b c l l e u s 1 iv . e of interagency items except as indicated in footnote 3 gation districts.-. . 1 +4 81 R. F. C. loans for self-liquidating 5 During 1938 the Secretary of the Treasury, P. p W ro . j e A ct . s advances (obligations . h _ e ld . 54 105 -51 186 acting under authority of an act approved by P. W. A. and R. F. C.) -33 3 181 February 24, 1938, cancelled the notes of the Miscellaneous loans 15 25 -10 96 Corporation which had been acquired by the Total -15 1,797 Treasury in connection with disbursements of the Corporation for relief and for alloca- 1 Including loans secured by preferred stock, etc., of banks. tions to other Governmental agencies. The 2 Less than $500,000. s Includes $41,000,000 obligations held by Public Works Administra- amount of notes cancelled amounted to $2,tion. 700,000,000 and on December 31, 1938 the Loans for self-liquidating projects and Treasury held $755,000,000 of notes as comholdings by the Reconstruction Finance Cor- pared with $3,600,000,000 at the end of 1937. poration and the Public Works Administra- BULLETIN tables were only slightly affected tion of securities representing Public Works by this action since they exclude most inter- Administration advances declined during the agency assets and liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN MAY 1939 Home mortgage and housing agencies.— result of increases in member deposits and The emergency Home Owners' Loan Corpo- further net sales of consolidated debentures ration made loans, to be amortized in 15 of which $90,000,000 were outstanding at the years, directly to home owners in a refinanc- end of the year. Notwithstanding the ining program which terminated on June 12, crease in available funds, outstanding ad- 1936. Since that date total outstanding loans vances of these banks to member institutions have declined by about $800,000,000 to $2,- failed to show an increase over the preceding 170,000,000 on December 31,1938. The prin- year for the first time since their organizacipal activities of the corporation are now the tion in 1932. The total outstanding on Deservicing of its loans and the management cember 31, 1938 of $199,000,000 was $1,000,and sale of properties acquired. 000 less than at the end of 1937. It has been During 1938 total outstanding loans de- estimated that new loans made by all memcreased by $230,000,000 as compared with ber associations during the year declined from $370,000,000 in 1937. The apparent slowing $687,000,000 in 1937 to $620,000,000 in 1938. up in the reduction of total outstanding loans About 77 per cent of advances by the Home was due in part to new loans of about $85,- Loan banks to members in 1938 were loans 000,000 in the form of purchase money mort- maturing in one to ten years, as compared gages and sales contracts made during 1938 with 73 per cent in 1937 and 57 per cent in in connection with sales of property pre- 1935. Most of these advances in 1938 were viously foreclosed, and in part to a smaller for the full ten-year period. volume of loan balances transferred during Federal agencies engaged in mortgage the year to property and other accounts as lending primarily through buying and selling foreclosures were authorized. Repayments mortgages insured by the Federal Housing of principal of about $160,000,000 made on Administration include the R.F.C. Mortgage the original loans in 1938 were about the Company and the Federal National Mortgage same as in 1937. Association, both of which are owned and Investments by the Home Owners' Loan operated by the Reconstruction Finance Cor- Corporation in shares of Federal and other poration. The R.F.C. Mortgage Company savings and loan associations increased by deals primarily in insured mortgages on old $8,000,000 during 1938 to a total of $215,000,-homes, whereas the Federal National Mort- 000. The Corporation is authorized to in- gage Association organized in February 1938 vest up to $300,000,000 in shares of these deals in insured mortgages on new homes associations. In addition, the Treasury held including large-size housing projects. Total $47,000,000 of shares of Federal savings and outstanding loans of the R.F.C. Mortgage loan associations which were acquired in Company declined by about $13,000,000 in 1934 and 1935. 1938 owing to the transfer of about $30,000,- The following summary gives major 000 of insured mortgages to the newly organchanges in the condition statement of the ized Federal National Mortgage Association. Home Owners' Loan Corporation during The latter agency held $80,000,000 in insured 1938: mortgages at the close of the year. Funds for its operations in 1938 were obtained Changes in assets and liabilitiesl other than funded debt: through the sale of $30,000,000 of its notes Loans -$229,000,000 Property held for sale +105,000,000 to the public, and from advances by the Re- Cash and United States direct obligations +68,000,000 construction Finance Corporation including Shares of Federal and other savings and loan associations +8,000,000 the subscription to its capital stock and sur- Other net assets less miscellaneous liabilities —10,000,000 plus amounting to $11,000,000. Aggregate net change -$58,000,000 The United States Housing Authority, Changes in funded debt and net worth: which was organized in 1937, is authorized Bonds fully guaranteed by United States -$50,000,000 United States Government proprietary interests: to make long-term loans up to $800,000,000, Paid-in capital less deficit -$18,000,000 under specified conditions, to local housing Net liability to other agencies +10,000,000 Net change -8,000,000 authorities for slum clearance and low-rent -$58,000,000 housing projects. Early in December 1938 1 Exclusive of interagency items except as indicated in footnote 3 when earmarkings reached a total of $650,to Table 1. 000,000, the Authority announced that, taking Total resources of the Federal Home Loan account of the limit in the law on the total banks increased by $27,000,000 in 1938 as the amount of annual contributions which the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 369 Authority may contract to give as an aid in during the year reflects largely increases in achieving low rents and of provision for con- assets of insurance funds which it administingencies, no additional funds could be ear- ters. At the end of the year total assets of marked. At the end of the year $29,000,000 the mutual mortgage insurance fund were of construction contracts had been approved; nearly $25,000,000. This fund has been in other words, only a small part of the pro- built up during the past four years through gram had reached the construction stage. an original allotment by Congress of $10,- Advances actually made by the United 000,000, and through the receipt of mortgage States Housing Authority increased by $22,- insurance premiums, appraisal fees, and in- 000,000 in 1938. Funds for these advances terest on investments; operating expenses were obtained temporarily from the Treas- have been covered in part from such receipts ury. In June 1938 the authorization to sell and in part from additional allotments by obligations guaranteed by the United States Congress. Total assets of the housing insurwas increased from $500,000,000 to $800,- ance fund which was established by the Feb- 000,000. No issues had been sold to the pub- ruary legislation and which applies to rental lic by the end of the year, but an issue of housing mortgages, amounted to $1,500,000 $114,000,000 was sold on February 1, 1939. at the end of 1938. Guaranteed debentures The Federal Housing Administration, issued in settlement of insurance claims and which is included in the BULLETIN tables outstanding at the end of the year amounted under "Insurance agencies," makes no mort- to $1,260,000 as compared with $220,000 at gage loans but insures approved lending in- the end of 1937, and property held for sale institutions against losses on home mortgages creased to about $950,000 at the end of 1938. and on housing-project mortgage loans that meet certain requirements. During 1938 the Farm Credit Agencies.—Outstanding loans Federal Housing Administration transacted of the permanent Federal land banks and the a larger volume of business than in the pre- emergency Federal Farm Mortgage Corporaceding year in large part as a result of the tion, both of which are under the supervision lowering of financing costs, particularly on of the Farm Credit Administration, declined small home mortgages, under amendments to during 1938. New loans made by these agenthe National Housing Act, enacted in Feb- cies have been declining for several years and ruary 1938. The amount of home mortgages amounted to only $80,000,000, during the insured during the year, as indicated by those year, as compared with $1,280,000,000 made that became premium-paying, was 12 per in the peak year 1934. The large decline in cent larger than in 1937 and the cumulative new loans has reflected a decrease in loans total of premium-paying mortgages reached for refinancing purposes; the amount of new $1,300,000,000 by the end of the year. Fur- loans for the purchase of farms was at about thermore, at the end of 1938 formal com- the same level in 1938 as during the years mitments for insurance (mortgages accepted 1933 to 1937. Repayments of loans and forefor insurance) and conditional commitments closures exceeded new loans in 1938 so that totaled about $300,000,000, an amount twice outstanding balances were reduced by $110,as large as a year earlier. During 1938 there 000,000 to a total of $2,735,000,000, of which was also an increase from $15,000,000 to $1,980,000,000 were first mortgage loans of $62,000,000 in premium-paying insured mort- the Federal land banks. gages on large scale rental housing projects. Many borrowers had taken advantage of the Authority of the Federal Housing Adminis- moratorium until July 11, 1938 on principal tration to insure loans made by approved in- payments of Federal land bank loans in good stitutions for property improvement, which standing on June 3, 1935. Owing in part to had expired on April 1, 1937, was granted the expiration of this moratorium there was again in the February 1938 amendments to a moderate increase in principal repayments the Housing Act for loans made up to July 1, during the year but there was also an in- 1939, and during the remainder of 1938 about crease in the number of loans with delinquent $170,000,000 of such loans were insured, in- installments and extensions so that the percreasing the total on December 31, 1938 to centage of land bank loans in good standing $730,000,000. declined from 79.4 per cent on December 31, The increase of about $6,000,000 in total 1937 to 77.1 per cent at the end of December assets of the Federal Housing Administration 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN MAY 1939 Principal payments on loans of the Fed- Short-term agricultural loans, together eral Farm Mortgage Corporation, which are with investments in agricultural lending inknown as "Land Bank Commissioner loans" stitutions, of agencies other than the Reconand may be made until February 1, 1940, are struction Finance Corporation and the Exnot required during the first three years of a port-Import Bank, amounted to $990,000,000 loan in the case of loans closed prior to the at the end of 1938, an increase of $225,000,enactment of the Farm Credit Act of 1937. 000 during the year as is shown in table 2. An additional number of these loans became All of this increase resulted from a large principal paying in 1938 and principal re- volume of loans made by the Commodity payments increased, but, as in the case of the Credit Corporation and the Farm Security Federal land banks, there were also increases Administration. Outstanding loans by the in delinquencies and the proportion of the banks and corporations under the supervision total number of loans with all matured install- of the Farm Credit Administration, including ments fully paid declined from 76.9 per cent the Federal intermediate credit banks, the at the close of 1937 to 70.2 per cent at the banks for cooperatives, the production credit end of 1938. corporations, and the regional agricultural In 1938, Congress extended until July 1, credit corporations, declined slightly to a total 1940 the period during which reductions in of about $275,000,000 at the end of the year; interest rates to 3V2 per cent (4 per cent for investments of production credit corporations direct loans, including Land Bank Commis- in class A stock of production credit assosioner loans) will be in effect on loans by the ciations remained unchanged at $76,000,000. Federal land banks and the Federal Farm Emergency crop and drought relief loans ad- Mortgage Corporation. Payments by the ministered by the Farm Credit Administra- Treasury to these agencies to reimburse them tion from funds appropriated by Congress for these interest reductions amounted to declined by about $10,000,000 during 1938 to about $40,000,000 in 1938. $88,000,000, after reserves for uncollectibles. The following table, derived from a con- Outstanding loans of the Commodity Credit solidation of Treasury statements for the Corporation increased by $185,000,000 to a Federal land banks and the Federal Farm total of $370,000,000 at the end of the year. Mortgage Corporation, indicates the sources In addition, about the same amount in loans and uses of funds of these agencies during was carried by banks and other lending agen- 1938: cies under purchase agreements of the Corporation. The largest part of these loans Changes in assets and liabilities] other than funded debt: Loans -$113,0C0,00C consists of cotton loans. The Corporation's Property held for sale -8,000,000 policy up to 1938 had been to lend only on Cash and United States Government direct obligations +21,000,000 such commodities as were recommended by Other assets less miscellaneous liabilities +76,000,000 the Secretary of Agriculture and approved Aggregate net change -$24,000,000 by the President. The Agricultural Adjust- Changes in funded debt and net worth: ment Act of 1938, however, makes loans F. F. M. C. bonds fully guaranteed by United States. —$22,000,000 Federal land bank bonds -26,000,000 on cotton, corn, and wheat mandatory, under P E r a i r v n a e t d e s c u a r p p it l a u l s s o to f c F k e deral land banks + — 15 1 . , 0 0 0 0 0 0 , ,0 0 0 0 0 0 certain conditions, if the indicated crop ex- United States Government proprietary interests: ceeds a normal year's domestic consumption Paid-in capital and surplus +$24,000,000 Net liability to other agencies -14,000,000 and exports or if prices on specified dates Net change +10,000,000 reach a certain percentage of a parity based -$24,000,000 upon a prior period. In the latter half of i Exclusive of interagency items except as indicated in footnote 3 1938 loans became mandatory on these comto Table 1. modities. As shown in this table, outstanding bonds Up to the beginning of 1938 Commodity were reduced by about $50,000,000 and cash Credit Corporation funds had been obtained and United States securities were increased principally through the Reconstruction Fiby $20,000,000. Funds for these purposes nance Corporation. In an act of March 8, were obtained from the repayments of loans, 1938, Congress authorized the Commodity by subscription to paid-in surplus from the Credit Corporation to secure funds up to United States Treasury, and from earnings. $500,000,000 through the sale of fully guar- The increase of $15,000,000 in earned surplus anteed obligations and the Act also authorwas after setting aside valuation reserves. ized the transfer of the capital stock of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 371 Commodity Credit Corporation to the Treas- year. The chief functions of this agency are ury and directed the Secretary of the Treas- to continue the rural rehabilitation program ury to appraise the assets of the Corporation of the Resettlement Administration and to at the end of March each year and to main- administer the farm purchase program of the tain its capital unimpaired at $100,000,000. Farm Tenant Act approved in July 1937 In May 1938 an issue of $206,000,000 of guar-under which tenants, sharecroppers, and anteed notes was sold to the public, of which farm laborers may receive loans for purchase $60,000,000 was used to retire the collateral and improvement of farms. An additional trust notes sold in the summer of 1937. In appropriation of $175,000,000 was provided June 1938 the Treasury made payments to for loans, grants, and other expenditures by the Corporation of $94,000,000 for impair- the Farm Security Administration under the ment of capital stock determined as of March Emergency Relief Appropriation Act of June 31 of that year. As of the end of 1938, $20,-21, 1938. 000,000 of this amount had been used to offset Other agencies.—A major part of loans not the operating deficit resulting from losses on discussed above consist of rural electrificaliquidated loans and $74,000,000 was carried tion loans, ship loans, loans by the Exportas a reserve against further losses on loans. Import Bank to aid in the exporting of com- The following summary shows principal modities, and war-time railroad loans. At changes in assets and liabilities of this agency the end of 1938 outstanding loans of the Rural during 1938: Electrification Administration, whose function is to facilitate the use of electricity in Changes in assets and liabilities1 other than funded debt: rural areas, amounted to $88,000,000, an in- Loans +$185,000,000 crease of $55,000,000 in the year. Funds Less operating reserves set up in 1938 -74,000,000 Other net assets less miscellaneous liabilities +1,000,000 were available for loans by this agency dur- Aggregate net change +$112,000,000 ing the year from appropriations by Congress and from allocations by the Reconstruction Changes in funded debt and net worth: Notes fully guaranteed by United States +$206,000,000 Finance Corporation as authorized by Con- Collateral trust notes —60,000,000 United States Government proprietary interests: gress. Outstanding loans of the Maritime Capital stock less deficit +$23,000,000 Commission were $23,000,000 smaller on Net liability to other agencies —57,000,000 Net change -34,000,000 December 31, 1938 than a year earlier; how- +$112,000,000 ever, contracts let during 1938 for the construction of ships amounted to about $130,- 1 Exclusive of interageney items except as indicated in footnote 3 to 000,000. Loans of the Export-Import Bank Table 1. showed an increase of about $10,000,000 dur- Farm Security Administration loans out- ing 1938 to a total of $25,000,000 outstanding standing amounted to $179,000,000 at the end at the end of the year. War-time railroad of 1938, an increase of $56,000,000 during the loans remained unchanged in amount. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN MAY 1939 EARNINGS AND EXPENSES OF MEMBER BANKS In 1938 the net profits of member banks member banks have been relatively stable for averaged $4.90 for each $100 of capital the past seven years. funds 1 in comparison with $6.30 for 1937. Recoveries on loans were considerably This decline was due chiefly to larger amounts smaller in 1938 than in 1937, while those on charged off as losses during 1938, and to a investments were slightly larger. Profits on lesser extent to a smaller volume of earning securities sold were substantially greater in assets held by banks in 1938 compared with 1938, with the consequence that total recov- 1937 and to lower rates of interest on invest- eries and profits were about 9 per cent above ments. 1937. Profits on securities sold were reported The 1938 total current earnings of member in each half of the year 1938 in approximately banks, at $1,274,000,000, were about 4 per equal amounts. cent less than those for 1937, largely as a Losses and depreciation were considerably larger in 1938 than in 1937. In each of these result of decreased interest receipts. The years gross losses and depreciation were smaller amount of interest received on loans smaller than in any of the years from 1931 to was wholly a reflection of the smaller volume 1936, but they continued to be at a materially of member bank loans, since the average rate higher level than during the late twenties. of gross interest continued at about 4 per This higher level reflected principally incent. On the other hand the smaller amount creased losses and charge-offs on investments, of interest received on investments reflected holdings of which have been much larger in mainly a decline in the rate earned on such recent years than in earlier periods. Amounts assets, but the average amount of investments charged off on loans during 1937 and 1938 held by member banks in 1938 also was less were approximately the same as in each of than in 1937. the years 1927-1929, notwithstanding the marked decrease in loans since 1929. EARNINGS AND EXPENSES OF MEMBER BANKS Net profits of member banks, amounting to [In millions of dollars] $265,000,000 in 1938, showed a further de- 1929 1933 1937 1938 cline from 1937 and an even greater decline from 1936, when recoveries and profits on Total current earnings 2,399 1,237 1,321 1,274 Total current expenses 1,684 859 902 890 securities sold were substantial. The decrease Net current earnings 715 378 419 as compared with 1937 resulted partly from Recoveries, profits on securities sold, etc. 137 124 256 the reduction in total current earnings and Losses and depreciation 295 858 partly from the greater excess of losses and Net losses and depreciation 158 734 82 119 depreciation over recoveries, profits on se- Net profits 557 1-356 337 265 curities sold, etc. Net profits currently are Cash dividends declared 409 201 198 about one-half of what they were in the late i Net deficit. twenties. Cash dividends declared were only slightly There was only a relatively small reduction less than in 1937, notwithstanding the somein member bank expenses in the past year what larger decreases in both net current over 1937, and net current earnings declined earnings and net profits. Net profits of memabout 8 per cent. Net current earnings of all ber banks as a group were sufficient to cover the cash dividends declared. The tables on 1 Capital funds include capital stock, common and preferred, capital notes and debentures, surplus, undivided profits, reserves the following pages show detailed informafor contingencies and other capital reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

373 MAY 1939 FEDERAL RESERVE BULLETIN tion relating to recent earnings, expenses, ments, and to a lesser extent it reflects the recoveries, losses, and profits of national and smaller volume of earning assets than was State member banks. held by banks a decade ago. Expenses of As shown in the accompanying chart, mem- banks were also less, one of the principal ber bank total current earnings and total cur- reasons being the substantial decline in the rent expenses have been reasonably stable amount of interest paid by banks on deposits. during the past six years at a level substanti- Variations in net profits, as shown in the ally lower than in earlier periods. The lower chart, reflected mainly changes in losses and level of earnings reflects mainly the lower recoveries, both of which tend to be reported rates of interest received by banks, particu- some time after the occurrence of market delarly on the growing proportion of invest- velopments responsible for them. EARNINGS AND EXPENSES OF MEMBER BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 3000 3000 TOTAL CURRENT EARNINGS 2500 LOSSES LESS RECOVERIES, ETC. 2500 TOTAL CURRENT EXPENSES 2000 -TT- 2000 1500 - 1500 1000 - 1000 500 - 500 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN MAY 1939 EARNINGS AND EXPENSES OF MEMBER BANKS ALL MEMBER BANKS BY CLASSES OF BANKS, YEARS ENDED DECEMBER 31, 1938 AND 1937 Amounts per $100 of loans and Amounts (in thousands of dollars) investments 12 All b m an e k m s ber Nation b a a l n k m s ember State b a m nk e s mber m b e a A m n ll k b s er N m b a e a t m i n o k b n s e a r l m b S e a t m n a k t b e s er 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 Earnings: Interest and discount on loans 543,705 552,563 372, 203 372,773 171,502 179, 790 $1.72 $1.70 $1.82 $1.79 $1.55 $1.53 Interest and dividends on investments 448,136 480, 810 304, 819 323, 573 143, 317 157, 237 1.42 1.48 1.49 1.56 1.29 1.34 Collection charges, commissions, fees, etc - - - - 30, 441 32, 451 20, 828 22,731 9,613 9,720 .10 .10 .10 .11 .09 .08 Foreign department 10,076 11,829 5,839 6,519 4,237 5,310 .03 .04 .03 .03 .04 .05 Trust department 89, 631 96, 302 32,107 34,976 57, 524 61, 326 .28 .30 .16 .17 .51 .52 Service charges on deposit accounts.. 50, 553 45,023 35,124 31, 555 15, 429 13, 468 .16 .14 .17 .15 .14 .11 Rent received ... ._. 83, 976 83, 274 52, 700 51,826 31, 276 31, 448 27 .26 .26 .25 .28 .27 Other current earnings 17,836 19, 013 11,911 12, 947 5,925 6,066 .06 .06 .06 .06 .05 .05 Total current earnings. 1,274, 354 1, 321, 265 835, 531 856, 900 438, 823 464, 365 4.04 4.05 4.08 4.12 3.96 3.96 Expenses: Interest on time and saving deposits. _ 171,046 176,186 121, 908 125, 778 49,138 50,408 .£4 .54 .60 .61 .44 .43 •Salaries, officers _ 146,491 142, 818 98,188 95, 354 48, 303 47, 464 .46 .44 .48 .46 .44 .40 Salaries and wages, employees (other than officers) _ _ 233, 415 229, 327 142,989 139, 839 90, 426 89, 488 .74 .71 .70 .67 .82 .76 Fees paid to directors and members of executive, discount, and advisory committees _ _ 7,234 6, 925 5,096 4,858 2, 138 2,067 .02 .02 .02 .02 .02 .02 Interest and discount on borrowed money 287 576 209 331 78 245 Real estate taxes ... 34, 601 34,162 21, 970 21, 887 12, 631 12, 275 .11 .11 .11 .11 .1] .10 Other taxes 47, 691 52,031 29,926 33, 694 17, 765 18, 337 .15 .16 .IE .16 .16 .16 Other expenses 249, 271 260, 390 155, 541 163,117 93, 730 97, 273 .79 .80 .76 .78 .85 .83 Total current expenses 890,036 902, 415 575, 827 584,858 314,209 317, 557 2.82 2.78 2.81 2.81 2.84 2.71 Net earnings . _-- . 384, 318 418,850 259,704 272,042 124, 614 146, 808 1.22 1.29 1.27 1.31 1.12 1.25 Recoveries, profits on securities, etc.: Recoveries on loans 44, 928 75, 503 32,126 50, 303 12, 802 25, 200 .14 .23 .16 .24 .12 .21 Recoveries on investments 53, 926 50, 326 33, 424 33,772 20, 502 16, 554 .17 .15 .16 .16 .19 . 14 Profits on securities sold... . ... ._ 152, 577 98, 950 98, 395 68,840 54,182 30,110 .48 .30 .48 .33 .49 .26 All other 27, 780 31, 389 17, 361 18, 445 10,419 12, 944 .09 .10 .08 .09 .09 . 11 Total 279, 211 256,168 181, 306 171, 360 97, 905 84, 808 .89 .79 .89 .82 .88 . 72 Losses and depreciation: On loans 121,903 104, 788 80, 236 71, 775 41, 667 33,013 .39 .32 .39 .35 .38 .28 On investments 181,982 147,958 114, 900 92,132 67,082 55,826 .58 .46 .56 .44 .61 .48 On banking house, furniture and fixtures 42,097 36, 868 26, 288 24,581 15, 809 12, 287 .13 .11 .13 .12 .14 . 10 Allother 52,083 48,844 21,798 27,495 30, 285 21, 349 .17 . 15 .11 .13 .27 .18 Total losses and depreciation_. ... 398, 065 338,458 243, 222 215, 983 154,843 122, 475 1.26 1.04 1.19 1.04 1.40 1.04 Net profits 265, 464 336, 560 197, 788 227, 419 67, 676 109,141 .84 1.04 .97 1.09 .61 .93 Cash dividends declared 3 198, 285 201, 001 122, 364 121,435 75, 921 79, 566 Loans 2 13, 317, 37313,825, 461 8,495, 214 8, 577, 339 4, 822,159 5, 248,122 Investments2 ._ __ . . _ 18, 220, 78918, 678, 28911,960,88312, 203,429 6, 259, 906 6, 474,860 Loans and investments 2 31, 538,16232, 503, 75020,456,09720, 780, 76811,082,06511, 722, 982 Time deposits 2 11, 528, 94111, 255, 552 8,027,179 7, 853, 297 3, 501, 762 3,402, 255 Total deposits2 . ... 41, 505,48241, 582,12726,895, 82326, 805, 93514, 609, 65914, 776,192 Capital funds 2 4 5, 384, 940 5, 327, 456 3, 274, 664 3,199, 666 2,110, 276 2,127, 790 Other ratios All National State member member member banks banks banks 1937 1938 1937 1938 1937 Net profits per $100 of capital funds $4.92 $6.32 $6.02 $7.11 $3.21 $5.13 Interest and discount on loans per $100 of loans 4. 4.00 4.38 4.35 3.56 3.43 Gross losses on loans per $100 of loans .92 .76 .94 .84 .86 .63 Interest and dividends on investments per $100 of investments 2.46 2.57 2.55 2.65 2.29 2.43 Gross losses on investments per $100 of investments 1.00 .79 .96 .75 1.07 .86 Interest on time deposits per $100 of time deposits 1. 1.55 1.52 1.59 1.40 1.47 Total deposits per $1 of capital funds 7.71 7.81 8.21 8.38 6.92 6.94 Loans and investments per $1 of capital funds 5.86 6.10 6.25 6.49 5.25 5.51 For footnotes see page 375. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 375 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DECEMBER 31, 1938 AND 1937 [In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1938 1937 1938 1937 1937 1938 1937 1937 1938 1937 Earnings Interest and_discount on loans____ 36, 355 38,699 131,625 145,026 41, 501 42, 790 48, 854 27, 612 27,162 24, 924 23, 241 Interest and dividends on investments 25,067 27, 073 130,576 143, 021 46,007 47, 680 47, 285 17, 685 14, 210 15, 491 Collection charges, commissions, fees, etc. 845 1,126 7, 226 7,646 1,019 1, 506 1,287 1,333 2,277 2,615 Foreign department 809 1,025 6, 837 7,796 314 492 285 31 46 193 242 Trust department 6,819 6,796 39, 880! 45, 646 9.168 8,943 7,154 2,678 2,454 1,775 1, 779 Service charges on deposit accounts 3,845 3,476 11,846! 10,356 2,317 2,034 3,850 2,327 2,121 2,427 1,981 Rent received 5,459 5.569 25, 435 25, 386 7,134 6,843 8,417 3,276 3,272 3,910 3,767 Other current earnings_ 1,307 1,722 6, 755 6,119 932 1,190 1,468 465 567 531 Total current earnings ,0, 506 85. 486 360,180 390, 996 108, 392 110, 955 118,819 123,450 55, 361 55, 836 50,247 49, 764 Expenses: Interest on time and savings deposits 10, 663 11, 759 28,167 30,869 18, 474 19, 883 23, 299 23, 773 L448 9,734 6,316 6,156 Salaries, officers 9,960 9,750 38, 852 39, 220 10, 732 10,491 11, 523 11, 455 6,512 6,269 6,054 Salaries and wages, employees, (other than officers) 14. Ill '6, 842 78, 485 16, 766 16, 716 19, 325 18, 470 1,644 8,272 7,999 7,643 Fees paid to directors and members of executive, discount and advisory committees. 696 1,751 1,724 1,147 1,148 611 567 391 369 312 289 Interest and discount on borrowed money.. 20 58 56 164 40 50 22 19 17 42 28 61 Real estate taxes 2.49: 2,449 12,148 11,293 2,738 2,737 2,700 2,817 1,154 1,130 1,670 1,611 Other taxes 2,680 3,180 10, 258 12, 216 4,754 6,166 6,940 7. 414 2,444 2,316 1,884 1,787 Other expenses 15,203 15, 759 81, 740 87, 509 18, 425 19, 218 20, 230 21, 398 9,439 9,653 10,153 10, 572 Total current expenses 55, 916 57, 752 249, 814 73,076 76, 409 84, 650 85, 913 38,431 38,028 34, 631 34,173 Net earnings 24, 590 27, 734 110,366 129, 516 35, 316 34,546 34,1 37, 53^ 16, 930 17, 808 15,616 15,591 Recoveries, profits on securities, etc.: Recoveries on loans 2,886 4, 736 16, 198 30, 500 1,449 3,139 2,564 4,389 1,513 2,537 1,030! 1,481 Recoveries on investments 2, 933 2. 8761 24,254 21,053 3,1 3,293 0,098 4,470 2,071 1,054 1,294 Profits on securities sold 9, 745j 7, 216 56. 433 32, 576 10,631 9,270 11, 685 8,610 5,197 5,066 4, 295 3, 784 Allother 1,69' 9,774 1,509 1,696 2,297 2,581 1,126 1,303 573 1,280 Total.. 17, 261 16,965 108, 229 '3, 903 16, 686 17, 398 !0, 374 20, 678 12, 306 10, 977 6, 952 7, 839 Losses and depreciation: On loans 6,430 53,055 40, 974 10, 625 10, 523 6,363 8,579 2,677 2, 935 3, 171 On investments 11, 375 63, 224 62, 096 22,067 11, 947 18,190 11, 90' 8,949 7,053 3, 280 3, 387 On banking house, furniture and fixtures 2,239 16, 722 11,004 2,705 3,127 3,404 1,778 1,413 1, 8251 1.738 All other 2,693 21, 730 15. 81 6,631 2,995 3,564 3,165 1, 3, 0431 1,068 1J678 Total losses and depreciation 22, 737 22, 304t 129, 891 42, 028 28, 446 31, 244 27, 055 15, 233 14, 396 9,108 j 9, 974 Net profits 19,114 22, 395 63, 864 93, 528 9,974 23, 498 23, 299 31,160 14,003 14, 389 13,460 13, 456 Cash dividends declared 3__ 12,787 13, 776 79, 563 82, 894 17, 982 19, 597 12, 970 13, 547 7,382 7,217 6,133! 6,265 Loans 2 _ 961, 825 1, 020, 893 4. 395, 584 5,025,080 924, 961 949,0201, 062, 8991, 052, 469 561,069 538,285 527, 466 i 483, 298 Investments 2 950,613 6, 336. 600 6, 448, 7051, 383, 3551,415,3411, 673, 9701, 750,070 656, 234 684, 489 501, 1981 533, 995 Loans and investments 2 1, 912, 438 2, 006, 33610, 732,18411, 473, 7852, 308, 316 2, 364, 3612, 736,869 2, 802, 5391, 217, 3031, 222, 7741,028, 66411,017, 293 Time deposits 2 665, 230 688, 412 2, 291, 386 2, 281, 697 1,117,0141,085, 6581, 392, 5921, 340, 940 537, 656 532, 313 386, 094 370, 652 Total deposits 2 ,431,3382.451.186'H, 073, 868 14, 304, 730 2, 761, 5762, 844,183 31,, 352,638 33, ,407,062 1,640, 7821, 643,193 ,433, 5021, 412, 859 Capital funds 2, * 386,175 381, 706 j 2,000,619 2,022, 033 492, 296 496, 612 532, 489 518,858 205, 626 199,238 176, 505 170, 891 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 Figures for loans, investments, deposits, and capita] funds are averages of amounts from reports of condition for 4 call dates for 1937 and 5 call dates for 1938 (December to December.). 3 Includes interest on capital notes and debentures. 4 By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. Back figures.—See BULLETIN for June 1938, pp. 442-5. For summary figures for the country as a whole, see Annual Report for 1937 (table 64). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN MAY 1939 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DECEMBER 31, 1938 AND 1937—Continued [In thousands of dollars] Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 Earnings: Interest and discount on loans.. 52,525 52, 874 20, 870 20, 445 14,184 13,930 26,112 25, 650 25, 594 24, 762 93, 549 89, 032 Interest and dividends on investments 67,141 68, 433 15,176 17, 041 12, 650 13, 493 15, 279 16, 525 11, 253 12, 031 45, 807 49, 298 Collection charges, commissions, fees, etc. 5,238 5,429 1,774 1,763 2,795 2,901 1,376 1,595 1,281 1,543 3,817 3,955 Foreign department 597 773 37 51 57 55 12 17 37 35 867 909 Trust department 11,141 12,160 1,286 1,319 1,036 1,123 1,508 1,582 555 545 6,631 6,610 Service charges on deposit accounts. 7,734 7,197 1,722 1,624 1,424 1,290 3,631 3,458 2,410 2,248 7,020 6,016 Rent received 9,760 9, 065 2,216 2,150 1,702 1,682 4,037 4,000 3,916 3,808 8,714 9,136 Other current earnings... 1,513 1,770 1,062 1,097 767 803 788 937 375 426 1,873 2,192 Total current earnings.. 155, 649 157, 701 44,143 45,490 34, 615 35, 277 52, 743 53, 764 45, 421 45, 398 168, 278 167,148 Expenses: Interest on time and savings deposits . 21, 566 20, 599 6,364 6,176 5,452 5, 727 4,293 4,423 3,242 3,059 33, 762 34, 028 Salaries, officers._ 17, 245 16, 281 6,009 5,825 5, 575 5,418 8,414 8,060 7,219 6, 913 17, 799 16, 839 Salaries and wages, employees, (other than officers) 30,095 28, 878 7,094 6,863 5,319 5,166 8,143 7,930 6,598 6,277 32, 393 30, 516 Fees paid to directors and members of executive, discount and advisory committees... 579 538 290 277 445 410 300 278 263 221 449 418 Interest and discount on borrowed money 27 48 16 77 2 5 13 13 26 24 20 15 Real estate taxes 2,936 2,956 1,192 1,290 882 836 1,179 1,236 1,945 1,876 3,560 3,931 Other taxes 5,554 5,508 1,611 1,752 1,690 1,762 2,107 2,266 2,045 2,061 5,724 5,603 Other expenses 30, 449 29,957 8,660 8,922 6,708 7,011 11,079 11, 694 8,963 9,191 28, 222 29, 506 Total current expenses.. 108,451 104, 765 31, 236 31,182 26,073 26,335 35, 528 35,900 30, 301 29, 622 121,929 120, 856 Net earnings 47,198 52, 936 12, 907 14, 308 8,542 8,942 17, 215 17, 864 15,120 15, 776 46, 349 46, 292 Recoveries, profits on securities, etc.: Recoveries on loans 6,207 9,582 1,491 2,623 2,060 2,401 3,162 4,054 2,687 4,312 3,681 5,749 Recoveries on investments 4,676 4,202 1,849 2,455 1,430 2,103 2,458 2,489 2,128 1,198 1,749 2,194 Profits on securities sold 21, 671 10, 707 4,094 3,550 2,735 2, 335 5,445 2,794 3,199 2,429 17,447 10, 613 All other 3,332 4,046 633 1,092 715 1,014 951 1,113 759 889 2,844 4,464 Total 35, 886 28, 537 8,067 9,720 6,940 7,853 12, 016 10, 450 8,773 8,828 25, 721 23, 020 Losses and depreciation: On loans 6,332 7,021 2,609 2,735 2,334 2,531 3,204 3,483 3,768 3,702 21, 571 13, 517 On investments 22, 232 14,155 6,605 6,290 4,883 5,130 5,574 4,253 3,582 2,711 12, 021 7,907 On banking house, furniture and fixtures 3,282 3,155 1,203 1,477 1,312 1,178 2,219 2,192 1,433 1,579 4,252 4,504 All other 4,598 5,757 1,275 1,888 672 1,073 918 1,665 1,725 1,305 5,380 7,184 Total losses and depreciation 36, 444 30,088 11, 692 12, 390 9,201 9,912 11,915 11, 593 10,508 9,297 43, 224 33,112 Net profits 46,640 51,385 9,282 11, 638 6,281 6,883 17, 316 16, 721 13, 385 15, 307 28, 846 36, 200 Cash dividends declared * 14,066 13, 239 5,838 5,874 3,846 3,677 6,516 6,092 6,924 6,337 24, 278 22, 486 Loans 2 1, 338, 9071, 374, 694 492, 664 468,059 297, 787 295,161 470, 700 456, 780 436, 991 402, 8201, 846, 5201, 758, 902 Investments 2 2, 868, 8202, 837, 032 593, 838 613, 587 446, 642 472, 910 600,821 650, 205 426,076 431, 7691, 782, 6221, 854, 743 Loans and investments24, 207, 7274, 211, 7261,086, 5021,081, 646 744, 429 768,0711,071, 5211,106, 985 863, 067 834, 5893, 629,1423, 613, 645 Time deposits 2 . 1, 643,9001, 554,787 406,629 388, 552 364,236 367,171 311,892 315,845 220, 580 204,7452,191, 7322,124, 780 Total deposits 2 5,885,108 5, 663,3241, 469,4101,436, 6871,004,2681,018,9101,667,1161,697,9571,342,2121, 285,7844,443, 6644,416, 252 Capital funds 2,4 557,187 529, 426 161,801 157, 557 112,815 111,710 172,948 165, 365 158,857 152, 828 427, 622 421, 232 For footnotes see page 375. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

377 MAY 1939 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DECEMBER 31, 1938 AND 1937—Continued Fed(jral Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 Amounts per $100 of loans and investments: i 2 Interest earned $3 21 $3 28 $2.44 $2.51 $3.79 $3.83 $3.51 $3.60 $3.72 $3.77 $3.80 $3.81 Other earnings 1.00 .98 .91 .90 .90 .86 .83 .80 .83 .80 1.08 1.08 Total current earnings.._ . 4.21 4.26 3.36 3.41 4.70 4.69 4.34 4.40 4.55 4.57 4.88 4.89 Interest on time and savings deposits .56 .59 .26 .28 .80 .86 .85 .86 .78 .81 .61 .64 Salaries, officers _ . . 52 .49 .36 .34 .46 .44 .42 .41 .57 .53 .61 .60 Salaries, employees _ 74 .70 .72 .68 .73 .71 .71 .66 .71 .68 .78 .75 Fees paid to directors, etc_ 04 .03 .02 .02 .05 .05 .02 .02 .03 .03 .03 .03 Interest and discount on borrowed money _ _ .01 Real estate taxes 13 12 . 11 .10 .12 .12 . 10 .10 .09 .09 .16 .16 Other taxes _ 14 . 16 .10 . 11 .21 .26 .25 .26 .20 .19 .18 .18 All other expenses.. _ _ .79 .78 .76 .75 .80 .79 .74 .75 .78 .78 .99 1.01 Total current expenses 2.92 2.88 2.33 2.28 3.17 3.23 3.09 3.07 3.16 3.11 3.37 3.36 Net earnings _ 1 29 1 38 1 03 1 13 1.53 1.46 1.25 1.34 1.39 1.46 1.52 1.53 Recoveries, profits on securities, etc. 90 85 1 01 82 .72 .74 .74 .74 1.01 .90 .68 .77 Losses and depreciation. _ . 1.19 1.11 1.44 1.13 1.82 1.20 1.14 .97 1.25 1.18 .89 .98 Net profits 1.00 1.12 .60 .82 .43 .99 .85 1.11 1.15 1.18 1.31 1.32 Other ratios:1 2 Net profits per $100 of capital funds 4 4 95 5 87 3.19 4.63 2.03 4.73 4.38 6.01 6.81 7.22 7.63 7.87 Interest and discount on loans per $100 of loans. __ 3.78 3.79 2.99 2.89 4.49 4.51 4.60 4.65 4.92 5.05 4.73 4.81 Gross losses on loans per $100 of loans 67 55 1 21 82 1 15 1 11 .60 .82 .48 .54 .56 .66 Interest and dividends on investments per $100 of investments 2 64 2.75 2 06 2.22 3.33 3.37 2.82 2.96 2.69 2.76 2.84 2.90 Gross losses on investments per $100 of investments 1.20 1.13 1.00 .96 1.60 .84 1.09 .68 1.36 1.03 .65 .63 Interest on time deposits per $100 of time deposits. 1.60 1.69 1.23 1.34 1.65 1.80 1.67 1.75 1.76 1.81 1.64 1.63 Loans and investments per $1 of capital funds 4 4.95 5.26 5.36 5.67 4.69 4.76 5. 14 5.40 5.92 6.14 5.83 5.95 Total deposits per $1 of capital funds 4 6.30 6.42 7.03 7.07 5.61 5.73 6.30 6.57 7.98 8.25 8.12 8.27 Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 1938 1937 Amounts per $100 of loans and investments: 1 2 Interest earned $2.84 $2.88 $3.32 $3.47 $3.60 $3.58 $3.86 $3.82 $4.27 $4.41 $3.84 $3.83 Other earnings .86 .86 .75 .74 1.05 1.01 1.06 1.04 .99 1.03 .80 .79 Total current earnings 3.70 3.74 4.06 4.21 4.65 4.59 4.92 4.86 5.26 5.44 4.64 4.63 Interest on time and savings deposits._. .51 .50 .59 .58 .73 .76 .40 .43 .38 .40 .93 .96 Salaries, officers 41 39 . 55 .54 .75 .71 .79 .73 .84 .83 .49 .47 Salaries, employees .72 .69 .65 .63 .71 .67 .76 .72 .76 .75 .89 .84 Fees paid to directors, etc .01 .01 .03 .03 .06 .05 .03 .03 .03 .03 .01 .01 Interest and discount on borrowed money 01 Real estate taxes _ 07 .07 . 11 . 12 .12 .11 .11 .11 .23 .22 .16 .11 Other taxes .. . 13 .13 .15 . 16 .23 .23 .20 .20 .24 .25 .16 .16 All other expenses . .72 .70 .80 .81 .90 .90 1.03 1.03 1.04 1.07 .78 .80 TotaFcurrent expenses 2.58 2.49 2.87 2.88 3.50 3.43 3.32 3.24 3.51 3.55 3.36 3.34 Net earnings 1 12 1.26 1.19 1.32 1.15 1.16 1.61 1.61 1.75 1.89 1.28 1.28 Recoveries, profit on securities, etc .85 .68 .74 .90 .93 1.02 1.12 .94 1.02 1.06 .71 .64 Losses and depreciation. _ .87 .71 1.08 1.15 1.24 1.29 1.11 1.05 1.22 1.11 1.19 .92 Net profits 1.11 1.22 .85 1.08 .84 .90 1.62 1.51 1.55 1.83 .79 1.00 Other ratios: *2 Net profits per $100 of capital funds 4 8 37 9 71 5.74 7.39 5.57 6.16 10.01 10.11 8.43 10.02 6.75 8.59 Interest and discount on loans per $100 of foans. 3.92 3.85 4.24 4.37 4.76 4.72 5.55 5.62 5.86 6.15 5.07 5.06 Gross losses on loans per $100 of loans 47 51 .53 .58 .78 .86 .68 .76 .86 .92 1.17 .77 Interest and dividends on investments per $100 of investments 2 34 2 41 2 56 2.78 2.83 2.85 2.54 2.54 2.64 2.79 2.57 2.66 Gross losses on investments per $100 of investments .77 .50 1.11 1.03 1.09 1.08 .93 .65 .84 .63 .67 .43 Interest on time deposits per $100 of time deposits. 1.31 1.32 1.57 1.57 1.50 1.53 1.38 1.38 1.47 1.49 1.54 1.59 Loans and investments per $1 of capital funds i 7.55 7.96 6.72 6.87 6.60 6.88 6.20 6.69 5.43 5.46 8.49 8.58 Total deposits per $1 of capital funds 4 . 10.56 10.70 9.08 9.12 8 90 9.12 9.64 10.27 8.45 8.41 10.39 10.48 For footnotes see p. 375. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN MAY 1939 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued NATIONAL AND STATE MEMBER BANKS, BY SIX-MONTH PERIODS DURING 1938 [Dollar amounts in thousands] All member banks I National member banks State member banks First half Second half First half Second half First half Second half 1938 1938 1938 1938 Earnings: Interest and discount on loans. 269,166 274, 539 183, 959 188, 244 85, 207 86, 295 Interest and dividends on investments 223,450 224, 686 152,089 152, 730 71, 361 71, 956 Collection charges, commissions, fees, etc. 14, 632 15, 809 10,008 10, 820 4,624 4,989 Foreign department 4,681 5,395 2,650 3,189 2,031 2,206 Trust department ._ 42,956 46, 675 15, 250 16, 857 27, 706 29,818 Service charges on deposit accounts 24, 708 25,845 17,191 17, 933 7,517 7,912 Rent received _ 41,912 42,064 26,401 26, 299 15, 511 15, 765 Other current earnings. 9,010 8,826 6,109 5,802 2,901 3,024 Total current earnings.. 630,515 643,839 413,657 421, 874 216,858 221,965 Expenses: Interest on time and savings deposits 87, 700 83, 346 62, 738 59,170 24, 962 24,176 Salaries, officers _ 72, 286 74, 205 48, 294 49,894 23, 992 24,311 Salaries and wages, employees (other than officers) 114,856 118, 559 73,123 44, 990 45, 436 Fees paid to directors and members of executive, discount and advisory committees _ 3,537 3,697 2,462 2,634 1,075 1,063 Interest and discount on borrowed money 162 125 124 85 38 40 Real estate taxes 17,061 17,540 10, 781 11,189 6,280 6,351 Other taxes. 24, 340 23, 351 15, 652 14, 274 9,077 Other expenses 127, 578 121, 693 '79, 749 75, 792 '47, 829 45,901 Total current expenses.. 447,520 442, 516 289, 666 286,161 157, 854 156, 355 Net earnings 182, 995 201,323 123, 991 135, 713 59,004 65,610 Recoveries, profits on securities, etc.: Recoveries on loans.. 21,074 23, 854 15,758 16, 368 5,316 7,486 Recoveries on investments 23,981 29, 945 16,075 17, 349 7,906 12, 596 Profits on securities sold 77, 542 75,035 53,147 45, 248 24, 395 29, 787 All other 14,647 13,133 8,473 6,174 4,245 Total.. 137,244 141, 967 93, 453 87, 853 43, 791 54,114 Losses and depreciation: On loans _ 44,856 77,047 26,893 53, 343 17, 963 23, 704 On investments _ 94, 504 87,478 57, 760 57,140 36, 744 30, 338 On banking house, furniture and fixtures.. 16,082 26,015 10, 549 15, 739 5,533 10, 276 All other _._ _ 19, 917 32,166 10, 447 11,351 9,470 20,815 Total losses and depreciation- 175,359 222, 706 105, 649 137, 573 19,710 85,133 Net profits 144,880 120, 584 111,795 85, 993 33,085 34, 591 Cash dividends declared J_ 99,399 '61,174 61,190 '37, 712 38, 209 Loans 2 _ _ 13,480, 556 13,027, 598 8, 575, 566 8, 355, 247 4, 904,990 4, 672, 351 Investments 2 _ _ 17,850, 588 18,445,031 11,714, 701 12,092, 654 6,135,887 6,352, 377 Total deposits 2 40, 797,884 42,147, 358 26, 478,484 27, 268, 820 14, 319,400 14, .878, 538 Capital funds 2 3._ _ 5, 363, 524 5,400, 560 3, 251, 396 3, 295, 234 2,112,128 2,105, 326 Number of officers at end of period __ _. 33, 527 33,176 25,457 24, 969 8,070 8,207 Number of employees (full and part-time) at end of period.. 154, 564 154,039 96,959 96, 721 57,605 57, 318 Number of banks at end of period._ 6,338 6,338 5,242 5,224 1,096 1,114 r Revised. 1 Includes interest on capital notes and debentures. 2 For the first half of 1938 these are averages of figures reported on December 31, 1937, March 7, 1938 and June 30, 1938; for the last half of 1938 they are average of figures reported on June 30, 1938, September 28, 1938, and December 31, 1938. 3 The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserve for contingencies, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

379 MAY 1939 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued EARNINGS, EXPENSES, AND DIVIDENDS OF STATE BANK MEMBERS DURING 1938, BY SIZE OF BANKS1 [Dollar amounts in thousands] Total, Banks operating throughout entire year, with deposits on Dec. 31, 1938 of Banks all oper- State ating Bank $100,000$100,001$250,001$500,001 $750,001 $1,000,001$2,000, 001 $5,000,001 less members2 and to to to to to to to $50, 000, 001 than under $250,000$500,000$750,000$1,000,000$2,000, 000$5,000,000$50, 000,000 and over 1 year 3 Earnings: Interest and discount on loans.. 171, 522 30 495 2,177 2,185 2,047 6,050 11,743 47, 480 98, 648 667 Interest and dividends on investments 143, 292 2 123 706 942 1,008 3,223 7,639 32,139 96, 964 546 Collection charges, commissions, fees, etc 9,634 2 43 176 154 121 388 611 2,502 5,597 40 Foreign department 4,225 1 2 61 174 3,987 Trust department 57, 524 1 5 15 187 727 9,483 45,017 2,089 Service charges on deposit accounts 15, 419 2 47 186 190 149 556 1,538 5,631 7,050 70 Rent received 31. 301 1 17 119 141 171 432 1,490 9,740 19,118 72 Other current earnings ._. 5,914 6 44 53 35 216 357 2,196 2,990 17 Total current earnings._. 438,831 37 731 3,410 3,670 3,546 11,054 24,166 109, 345 279, 371 3,501 Expenses: Interest on time and savings deposits ___ _ _ 49 140 76 510 685 755 2, 166 5,204 18, 386 21,161 197 Salaries—officers.__ _ 48, 312 13 202 820 755 642 1,806 3,137 12, 521 27, 863 553 Salaries and wages—employees (other than officers) 90, 426 1 40 229 284 318 1,224 3,329 20, 342 63, 911 748 Fees paid to directors and members of executive, discount, and advisory committees 2,142 8 41 38 40 115 224 664 988 24 Interest and discount on borrowed monev 71 6 4 3 13 13 24 8 Real estate taxes . . _ 12, 600 1 16 75 74 90 271 709 4,116 7,223 25 Other taxes 17, 753 4 34 143 148 142 437 833 3,831 11,931 250 Other expenses. _ - 93, 775 6 136 600 654 603 1,751 4,534 22,105 62, 746 640 Total current expenses... 314, 219 25 512 2,424 2,642 2,593 7,783 17, 983 81, 989 195, 831 2,437 Net earnings 124, 612 12 219 986 1,028 953 3,271 6,183 27, 356 83, 540 1,064 Recoveries, profits on securities, e tc.: Recoveries on loans 12, 804 3 34 104 148 104 369 757 3,275 7,958 52 Recoveries on investments .. 20, 502 8 28 59 134 368 683 4,404 14, 791 27 Profits on securities sold 54, 175 1 19 159 148 243 809 2,420 10, 876 39, 376 124 All other 10, 418 8 60 56 50 218 344 2,584 7,051 47 Total 97, 899 4 69 351 411 531 1,764 4,204 21,139 69,176 250 Losses and depreciation: On loans 41, 672 3 72 225 248 197 701 1,978 10, 229 27, 908 111 On investments. .... . __ 67,079 27 210 393 641 1 569 4 343 17, 951 41, 834 111 On banking house, furniture and fixture^ 15 814 1 27 103 103 92 281 620 3 320 11 234 33 All other _.. 30,284 2 18 82 105 94 414 1,132 7,951 20, 351 135 Total losses and depreciation ... 154, 849 6 144 620 849 1, 024 2, 965 8,073 39,451 101, 327 390 Net profits 67, 662 10 144 717 590 460 2,070 2,314 9,044 51, 389 924 Cash dividends declared 4 75,943 8 67 360 321 284 1.038 2,098 10,958 60,081 728 Total deposits on Dec. 31, 1938 15, 367, 417 367 12, 159 66, 343 78, 782 79.832 254, 858 577, 587 2, 902, 424 11, 352, 907 42, 158 Number of officers on Dec. 31, 1938. 8,207 9 139 465 370 297 659 873 2,967 172 Number of employees (full and 2,256 part time) on Dec. 31, 1938 57, 318 2 71 326 337 334 1,072 2,536 37, 484 720 Number of banks reporting during 14, 436 the year ended Dec. 31, 1938 1, 123 5 66 178 128 92 177 186 205 47 30 1 Corresponding figures for 1937 appear in the June 1938 BULLETIN, p. 447. 2 Figures differ slightly from those shown on p. 374 of this BULLETIN, due to minor adjustments 3 Includes 4 banks having no deposits, 3 of which reported for the entire year. 4 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN MAY 1939 CONDITION OF INSURED BANKS IN THE LAST HALF OF 1938 According to the consolidated statement of maturity distribution of Government obligacondition of all insured banks in the United tions was similar. Distribution of member States as of December 31, 1938, which has bank holdings according to maturities was just been published by the Federal Deposit shown on page 261 of the April BULLETIN. Insurance Corporation, total loans and in- Following a decline during the first half vestments and total deposits at insured banks of 1938, adjusted demand deposits at nonnot members of the Federal Reserve System, member insured banks increased during the which had declined during the first half of last six months. Correspondent balances of 1938, increased in the six months ending De- country member banks and nonmember incember 31, 1938. A discussion of the member sured banks also increased. bank figures was given in the last issue of the BULLETIN. AS shown in the following table, CHANGES IN CONDITION OF INSURED COMMERCIAL developments at nonmember insured banks BANKS, LAST HALF OF 1938 were similar to those at country member [In millions of dollars] banks. A detailed statement of condition ap- Member banks of pears on the following page. the Federal Reserve System Total loans at nonmember insured and Non- All member country member banks increased somewhat insured Central insured banks reserve banks during the last six months of 1938, represent- and Country reserve banks ing a growth in real estate loans. Investment city banks holdings increased by about $95,000,000 at nonmember insured banks during the period Total loans and investments^ + 1,477 +989 +361 +127 and by over $300,000,000 at country member Loans +305 +214 +56 +35 U. S. Government secubanks. These increases were in holdings of rities +982 +610 +269 +102 Other securities + 190 + 165 +35 -10 United States Government direct obligations Due from banks +270 +6 +150 +114 and in obligations of States and political sub- Deposits: Adjusted demand dedivisions. A comparison of the breakdown posits i + 1, 585 +915 +486 +185 Time deposits -8 -47 +5 +34 of security holdings according to maturity U. S. Government deposits +278 + 172 +75 +31 show that nonmember insured banks held a Interbank deposits: Banks in United somewhat smaller proportion of Treasury States +423 +344 +67 + 12 Banks in foreign notes and a correspondingly larger proportion countries +180 + 180 of bonds maturing after 20 years than did 1 Demand deposits other than interbank and U. S. Government, less country member banks. Otherwise, their cash items in process of collection. 2 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

381 MAY 1939 FEDERAL RESERVE BULLETIN CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 31, 1938 AND JUNE 30, 1938 [Amounts in thousands of dollars] December 31, 1938 June 30, 1938 National State Banks National State Banks banks banks not banks banks not All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks.. 13, 659 5,224 1,114 7,321 13, 723 5,242 7,385 Loans, discounts, and overdrafts (including rediscounts) i 16, 024, 318 8, 469, 381 4, 738, 379 2, 816, 558 15, 719, 380 8, 316, 371 4, 621, 229 2, 781, 780 United States Government obligations, direct and fully guaranteed 14, 506, 807 8, 690, 779 4, 531, 752 1, 284, 276 13, 525,194 7, 972, 777 4, 370,194 1,182, 223 Other bonds, stocks and securities i 6, 943, 861 3, 742, 721 1, 897, 478 1, 303, 662 6, 753, 371 3, 644, 870 1, 795, 068 1, 313, 433 Total loans and securities i 37, 474, 986 20, 902, 881 11,167, 609 5, 404, 496 35, 997, 945 19, 934,018 10, 786, 491 5, 277, 436 Customers' liability on account of acceptances 122, 371 64, 394 56, 328 1,649 111,499 54, 610 54, 473 2,416 Total bank premises, furniture and fixtures, and other real estate i 1, 769, 062 832, 225 582, 954 353, 883 1, 662, 519 781, 627 522, 170 358, 722 Reserves with Federal Reserve banks 8, 694, 388 4, 775, 236 3, 919,152 8, 004, 090 4, 618,177 3, 385, 913 Coin and currency 950, 394 551,158 194, 492 204,744 909, 727 524, 513 187, 517 197, 697 Balances with other banks 5, 717, 600 3, 264, 420 1, 025, 652 1, 427, 528 5, 511, 377 3,188, 086 1,011,821 1, 311, 470 Cash items in process of collection 1, 813, 703 1,100, 827 657, 882 54, 994 1, 945, 536 1,107,071 792, 300 46,165 Income accrued but not yet collected 108, 497 60, 424 40, 214 7,859 Repaid expenses 8,648 3,646 3,499 1, 503 • 220,369 109,032 85, 753 25, 584 Other assets 140, 605 48, 716 78, 126 13, 763 Total assets.. 56, 800, 254 31, 603, 927 17, 725, S 7, 470, 419 54, 363,062 10, 317,134 16, 826, 438 7, 219, 490 LIABILITIES Demand deposits of individuals, partnerships, or corporations 23, 476, 863 12, 942, 704 8,176, 484 2, 357, 675 21, 986, 370 12,120, 304 7, 695, 892 2,170,174 Time deposits of individuals, partnerships, or corporations 14, 012, 540 7, 495, 818 3, 350,044 3,166, 678 14, 021,180 7, 524, 902 3, 349, 081 3,147,197 Public funds of states and political subdivisions 3, 516, 769 2,132, 572 714, 629 669, 568 3, 420, 500 2,100, 406 667,145 652, 949 IT. S. Gov't and postal savings deposits 924, 062 581, 551 269, 553 570, 562 463, 997 161, 714 44, 851 Deposits of other banks; cash letters of credit; certified, officers, and travelers' 72, 958 checks outstanding 7, 848, 442 4, 843, 076 2, 856, 707 7, 354, 507 4, 553,190 2, 671, 687 129, 630 Bills payable, rediscounts, and other liabili- 148, 659 ties for borrowing money 17, 584 5,608 601 26, 929 9,586 2,228 15,115 Acceptances executed by or for account of reporting banks and outstanding 140, 404 71, 775 11,375 122, 601 60, 944 59, 216 2,441 Dividends declared but not yet payable 35, 254 18, 707 13, 957 1,667 44, 640 27, 778 15, 231 1,631 Income collected but not yet earned 54, 499 29, 288 14, 361 2,590 Expenses accrued and unpaid 77, 641 40, 877 28, 806 10, 850 . 323,280 189, 459 103, 263 30, 558 Other liabilities 260, 942 120, 998 130, 510 7,958 9,434 Total liabilities, excluding capital account 50, 365, 000 28, 282, 974 15, 622, 614 6,459, 412 47, 970, 569 27, 050, 566 14, 725, 457 6,194, 546 Capital stock, notes, and debentures 2, 981, 666 1, 566, 847 836, 251 578, 568 3,018, 570 1, 569,125 860, 281 589,164 Surplus 2, 346, 708 1,146, 800 935, 926 263, 982 2, 292,137 1,116, 291 918, 782 257, 064 Undivided profits 741, 674 419,426 216, 122 106,126 723, 885 403, 297 207,168 113, 420 Reserves for contingencies 310, 453 158, 318 107, 027 45,108 317, 722 158, 234 109, 980 49, 508 All other capital accounts 54, 753 29, 562 7,968 17, 223 40,179 19, 621 4,770 15, 788 Total liabilities, including capital account 56, 800, 254 31, 603, 927 17, 725, 908 7,470, 419 54, 363, 062 30, 317,134 16, 826, 438 7, 219, 490 i Classifications were revised as of December 31, 1938; for exolanation see BULLETIN for January 1939, pages 22 and 23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN MAY 1939 ALL BANKS IN THE UNITED STATES ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 28, 1938, AND DECEMBER 31, 1937, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are availab e.J ]-.oans and investments2 Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total 2 Loans2 Investments2 Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 1938 2 1938 1937 1938 2 1938 1937 19382 1938 1937 1938 1938 1937 1938 1938 1937 ALL BANKS 1 Boston 5,589 5,585 5,659 2,606 2,637 2,734 2,983 2,948 2,925 5,898 5,876 5,868 881 882 883 New York 18,121 18,006 18,011 8,025 7,943 8,578 10, 096 10,063 9,433 18,999 18, 621 18, 352 1,236 1,233 1,237 Philadelphia 3,433 3,433 3,409 1,219 1,221 1,274 2,214 2,212 2,135 3,690 3,590 3,608 935 940 943 Cleveland _ . 3,555 3,519 3,625 1,370 1,386 1,473 2,185 2,133 2,152 3,941 3,839 3,926 1,248 1,253 1,254 Richmond 1,988 1,952 1,957 896 897 903 1,092 1,055 1,054 2,287 2,217 2,194 1,069 1,071 1,083 Atlanta 1,383 1,331 1,304 740 701 700 643 631 604 1,629 1,518 1,516 1,041 1,042 1,046 Chicago. 5,426 5,262 5,333 1,885 1,813 1,952 3,540 3,449 3,380 6,652 6,362 6,325 2,499 2,513 2,533 St. Louis 1,610 1,535 1,497 775 733 735 835 802 762 1,766 1,687 1,655 1,544 1,560 1,578 Minneapolis. - 1,079 1,064 1,093 447 442 454 631 622 638 1,256 1,225 1,241 1,323 1,329 1,356 Kansas City 1,378 1,338 1,379 653 628 658 725 710 722 1,666 1,630 1,656 1,877 1,884 1,898 Dallas 1,045 1,004 1,008 540 518 525 504 486 483 1,352 1,289 1,295 968 969 980 San Francisco. 4,322 4,275 4,292 2,197 2,169 2,212 2,125 2,106 2,080 4,917 4, 757 4,802 585 589 602 Total 48,929 48,304 48, 566 21,354 21,089 22,198 27, 574 27, 215 26,368 54,054 52, 611 52, 440 15, 206 15, 265 15, 393 MEMBER BANKS Boston 1,896 1,890 1,949 915 939 1,006 981 951 943 2,191 2,173 2,158 356 357 357 New York .. __ 10,804 10, 828 10, 829 4,267 4,174 4,760 6,337 6,654 6,069 11,528 11,309 11,086 772 774 776 Philadelphia 2,327 2,333 2,311 906 908 957 1,421 1,425 1,355 2,527 2,441 2,462 655 656 655 Cleveland. 2,770 2,739 2,772 1,029 1,042 1,091 1,741 1,696 1,681 3,103 3,006 3,023 624 624 622 Richmond 1,265 1,217 1,226 566 558 571 699 659 655 1,454 1,409 1,385 406 404 405 Atlanta 1,087 1,039 1,015 560 522 530 527 517 485 1,242 1,165 1,153 320 319 324 Chicago 4,346 4,192 4,196 1,346 1,287 1,415 3,001 2,905 2,780 5,306 5,040 4,954 787 781 769 St. Louis 1,147 1,085 1,086 513 480 512 633 605 573 1,225 1.174 1,166 391 390 392 Minneapolis 751 735 758 298 295 310 453 440 448 885 861 870 461 467 469 Kansas City 1,098 1,063 1,101 483 459 491 615 604 610 1,318 1,285 1,290 734 735 733 Dallas _ _ _. 901 865 868 456 433 443 446 432 425 1,160 1,110 1,106 544 544 547 San Francisco. 3,678 3,641 3,640 1,869 1,841 1,871 1,810 1,800 1,769 4,273 4,113 4,157 288 290 292 Total 32,070 31, 627 31, 752 13, 208 12, 937 13,958 18, 863 18, 689 17, 794 36, 211 35,086 34, 810 6,338 6,341 6,341 NONMEMBER BANKS Boston- 3,693 3,695 3,710 1,691 1,698 1,729 2,002 1,997 1,981 3,707 3,703 3,711 525 525 526 New York 7,317 7, 178 7,182 3, 758 3,769 3,818 3,559 3,409 3,364 7,472 7,312 7,266 464 459 461 Philadelphia 1,106 1 100 1 098 313 313 317 793 787 781 1 164 1,149 1,146 280 284 288 Cleveland . 785 780 852 341 344 381 445 436 471 838 833 904 624 629 632 Richmond 723 735 731 330 339 332 393 396 399 833 808 809 663 667 678 Atlanta . 296 293 289 180 179 171 116 114 119 386 353 363 721 723 722 Chicago 1,080 1,070 1.137 540 526 537 539 544 600 1,346 1,322 1,371 1,712 1,732 1,764 St. Louis 463 450 411 262 253 223 202 197 189 541 513 489 1,153 1,170 1,186 Minneapolis 328 329 334 149 147 144 179 182 190 370 364 371 862 862 887 Kansas City 280 275 278 169 170 166 110 105 112 349 346 366 1,143 1, 149 1,165 Dallas 143 138 139 85 85 82 59 53 58 193 179 189 424 425 433 San Francisco _. 644 634 652 328 328 342 316 306 311 645 644 645 297 299 310 Total . 16,858 16,677 16,814 8,147 8,151 8,241 8,712 8,526 8,574 17, 844 17, 525 17, 630 8,868 8,924 9,052 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 385. 2 The December 1938 figures of loans and investments of "all banks" exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by districts covering member banks are shown in "Member Bank Call Report" No. 78. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

383 MAY 1939 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued ALL BANKS 1—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 28, 1938, AND DECEMBER 31, 1937, BY STATES [Amounts in thousands of dollars] Loans2 Investments 2 Deposit b s a , n e k x c d lu e s p i o v s e i ts of inter- Nu b m a b n e k r s of State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 19382 1938 1937 19382 1938 1937 1938 1938 1937 1938 1938 1937 New England: Maine. 105, 992 108,492 109,201 202, 753 208, 524 208,044 315, 823 318,479 319,351 102 102 102 New Hampshire 99, 207 99, 608 99, 226 172,168 172,006 174,001 270, 288 272, 522 268, 572 108 108 109 Vermont 82, 694 87, 741 86, 705 75, 097 72,120 78,074 164, 397 167, 950 167, 526 84 91 91 Massachusetts , 722, 8221, 736,0051, 814,045 1, 807, 5691, 789,0941, 758, 7623, 713, 651 3, 704, 6903, 696, 724 391 392 392 Rhode Island 166,017 169, 567 175,478 279, 421 275, 977 280, 574 465,436 465, 023 465,437 35 35 35 Connecticut 569, 946 575, 621 588,148 581,191 565,651 560, 355 1, 268,907 1, 244, 5551, 246,050 208 196 196 Middle Atlantic: New York ', 311,0567, 215, 5987, 827,447 9,128, 8749,094, 7338,473,1 .7,022,011 16, 683, 34416, 382, 548 896 902 New Jersey 683, 249 697, 530 728,387 976, 715 984,065 981, 333 2,003,182 1, 960,1372,006,002 408 410 411 Pennsylvania , 486, 6101, 506, 6511, 565,9383, 049, 2113, 035, 4832, 909, 6694, 661, 781 4, 565, 3584, 557, 9161,109 1,112 1,115 East North Central: Ohio _ 807, 506 809, 947 847,961 1, 019, 639 980, 314 1,012,651 2, 215,097 2,142, 3342,178, 347 708 709 710 Indiana 264,070 256, 687 266, 655 392, 452 385,825 393, 987 813, 672 782,426 787, 488 518 521 524 Illinois 884, 286 866, 485 981, 643 2, 016, 9381, 939, 8361, 859, 2383, 603,138 3,418,891 3, 322, 024 860 • 863 876 Michigan 391, 589 361, 487 376,295 715, 941 707, 912 718,056 1, 349, 238 1, 310, 9541, 364, 776 458 462 464 Wisconsin 244,420 246, 306 254, 978 461, 908 457, 234 456, 774 821, 528 793,527 806,810 589 594 602 West North Central: Minnesota 307, 791 305, 326 316,434 426, 473 415, 526 420,: 819,133 801, 613 805, 978 686 690 Iowa 282, 319 260,669 254, 350 207, 811 211, 845 213,517 576, 567 565,470 551, 203 651 653 659 Missouri 439, 456 425,093 459, 450 619,073 584, 978 560, 405 1,084, 769 1,050,182 1,041, 744 643 651 659 North Dakota 24,983 24, 325 24,328 29,408 30, 888 32, 332 65,157 65, 597 66, 850 175 179 185 South Dakota 34, 606 33,537 34,132 31,938 31, 622 32, 844 83,049 78,464 80,059 169 169 181 Nebraska 114, 387 108,437 113,616 113,386 113,359 114,489 255, 590 250,020 256, 569 429 427 432 Kansas 144,950 141,035 142, 389 137, 240 136,109 137, 362 358, 492 344, 504 363, 221 681 687 692 South Atlantic: Delaware. 77, 850 76, 335 80,627 105, 773 100,049 105,035 204, 824 199,047 48 48 Maryland 205, 546 206,136 215, 768 496,045 487, 500 454, 303 767, 776 720, 919 193 194 196 District of Columbia 99,813 99, 616 103, 831 138, 533 135, 814 135, 867 313, 264 299, 613 22 22 22 Virginia 278, 327 277, 524 276,199 189,978 177, 716 187, 305 516, 029 492, 725 317 317 322 West Virginia 128,100 129,050 126,466 93, 726 93, 713 99, 529 266, 257 270, 701 183 184 184 North Carolina 158,189 159, 738 153,42, 153, 908 141, 914 152, 244 346,139 332,130 232 232 236 South Carolina 54,094 52, 963 55, 216 41, 825 40, 473 47,141 137, 025 138, 637 150 150 151 Georgia 211,053 206, 308 210,260 99,966 99,67 84, 810 354,193 320, 212 284 281 285 Florida 93, 316 83, 471 84, 333 147, 444 141, 824 142, 716 301, 536 285, 934 164 164 162 East South Central: Kentucky 212, 540 204, 399 218, 784 154, 443 150,685 148, 871 411,175 405, 377 418 428 425 Tennessee 237, 947 221,484 221, 573 146, 825 140,481 137, 993 434, 082 408, 454 301 303 305 Alabama 127,171 123, 939 121,791 93, 029 89,157 91, 569 265, 544 248, 804 216 218 217 Mississippi 74,184 71, 640 65, 657 75, 022 74, 435 74, 654 185, 429 182, 565 205 206 West South Central: Arkansas 75, 793 64,917 63,114 53,310 53,119 55, 390 156, 206 151,161 220 220 223 Louisiana 166,433 147,189 144, 805 184,044 187, 844 173,456 409, 394 379, 797 146 146 147 Oklahoma __ 141,184 135, 781 140, 565 157, 521 148, 054 149,052 384, 528 375, f" 398 400 400 Texas 483, 423 462, 281 470,135 458, 641 441, 785 443, 428 1, 206, 653 1,154,180 855 856 Mountain: Montana 31, 867 30,942 30, 386 59,184 60, 376 61, 893 128, 948 126,861 114 114 115 Idaho 29, 222 29, 629 28, 385 38, 208 37, 473 40, 746 92, 738 93, 715 52 52 52 Wyoming 23, r - 24, 333 22, 843 17, 794 16,: 18, 442 59, 764 58,700 58 58 58 Colorado 84, 932 80, 397 90, 624 110,63' 109,177 121, 63' 278, 621 276,448 144 145 147 New Mexico 19, 241 19, 677 17, ~ 19, 943 18,617 18, 24' 58, 262 54, 807 41 41 41 Arizona 30, 856 27, 904 28, 512 30,972 30,129 32, 459 86, 089 82, 398 12 12 12 Utah 57, 379 55, 536 57, 178 50, 048 52,' 54, 440 136, 243 131, 292 59 59 Nevada 10, 05' 9,545 8,295 14, 946 15, 575 15, 027 34,136 33, 607 Pacific: Washington 188, 266 196,152 200,386 202, 846 202, 756 202, 731 468, 373 466, 003 152 162 Oregon 93 113 92, 804 87, 309 139, 032 135, 565 134, 260 274, 346 270, 366 77 77 California , 792', 6861, 762, 7871, 807, 4541,656,059 1, 638,1331,607, ~~ 3, 845, 603 3, 744, 280 230 232 235 Total. 21,354,336 21,088,62422,198, 423 27, 574, 908 27, 215,009 26, 367, 547 54, 054,08532, 611, 232 52, 439, 916 15, 2105,6 265 15, 393 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 385. 2 The December 1938 figures of loans and investments of "all banks" exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, wThich indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States covering insured banks are shown in report No. 10 of "Assets and Liabilities of Insured Banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN MAY 1939 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 28, 1938, AND DECEMBER 31, 1937, BY STATES [Amounts in thousands of dollars] Loans x Investments l Deposits, exclusive of inter- Number "of bank deposits banks State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 19381 1938 1937 19381 1938 1937 1938 1938 1937 1938 1938 1937 New England: Maine 36,579 38,087 38,614 62, 340 64, 749 66,516 108, 618 110, 493 112,043 39 39 39 New Hampshire 29, 304 29,705 29, 885 30,705 30, 543 30,372 64,161 66,395 62,077 52 52 52 Vermont . 24,278 25,134 23, 956 25, 793 24,111 25, 813 54, 250 54, 672 52,043 42 42 42 Massachusetts 488,014 490,870 546, 493 471,139 448,837 447,168 1,101,093 1,094, 372 1,082, 987 126 127 127 Rhode Island._ 36, 774 38,900 44, 614 34, 465 33, 323 38, 545 87, 333 83, 375 88, 776 12 12 12 Connecticut 94, 548 103,126 108,024 118,002 111,859 106,347 270,149 262, 856 261, 684 54 54 54 Middle Atlantic: New York 1,499, 509 1, 458, 714 1, 623, 553 2, 792, 253 2,808, 277 2, 506, 279 4, 233, 982 4, 256, 535 4,045, 681 439 441 443 New Jersey 231,183 231, 937 234, 351 381,411 396, 567 396, 793 768,110 739, 227 755, 888 229 229 229 P ennsy 1 v ania 775, 201 780, 288 810, 467 1, 492, 001 1, 472, 284 1,408, 678 2, 266,383 2, 214, 656 2, 223, 556 696 697 697 East North Central: Ohio - . . 304, 235 302, 737 315, 488 462, 841 442, 298 472, 944 918,049 892, 314 923, 986 246 247 248 Indiana 111,701 107,163 115,171 228, 278 225, 898 218, 405 416,079 395, 831 393, 752 127 127 126 Illinois 620, 779 608,668 706, 352 1,458, 540 1,390,969 1, 298, 293 2, 534,177 2, 387, 468 2, 288, 695 316 315 314 Michigan 174,171 152, 569 165,137 397, 329 392, 334 393, 854 681, 534 667, 337 701, 214 82 83 83 Wisconsin 93, 276 96, 618 107, 701 277, 820 271, 022 255,170 436,131 419,084 415, 500 105 106 105 West North Central: Minnesota 202, 213 202, 238 217, 853 292, 544 280, 368 281,122 554, 723 541,041 545, 415 193 195 195 Iowa _ _ . 82, 595 76,714 75, 522 88, 329 89,018 84, 742 193, 217 186, 999 184,066 109 109 111 Missouri _ _ 177, 559 171, 750 190, 943 260, 927 250, 379 234, 280 449, 494 437, 020 433, 335 86 86 86 North Dakota 15,197 14,414 14,406 21,959 21, 798 23,593 43,899 44,086 45,101 50 51 55 South Dakota- 19, 787 18, 740 18, 801 21, 358 21, 073 22, 029 50, 816 48, 238 49,173 43 45 47 Nebraska 79,398 73, 939 80, 581 94, 633 94,476 93, 890 190,016 185, 323 187, 308 136 136 136 Kansas 64, 957 61, 752 65, 849 86, 859 85, 654 84, 527 199, 904 188,064 199, 316 182 184 186 South Atlantic: Delaware 8,133 8,085 7.965 9,877 9,923 10, 667 17, 659 17, 236 18, 416 16 16 16 Maryland. _ _ 62, 790 62, 811 66, 473 194, 884 181,098 162, 777 261, 714 252, 385 238, 262 63 63 63 District of Columbia 44, 810 45, 291 49,180 81, 286 76, 623 83, 437 172, 954 166, 898 166, 079 9 9 9 Virginia.. 151, 692 149, 449 147, 882 125, 913 114,167 127, 965 308, 654 309, 462 295, 390 131 131 132 West Virginia 65, 819 66,874 64, 390 52, 635 50, 866 54, 552 143, 926 144, 074 144, 074 79 79 79 North Carolina, . 40, 396 40, 525 39, 721 29, 415 27,112 29, 226 95, 940 90, 537 92, 211 43 43 43 South Carolina 29, 510 28, 321 29, 847 19, 920 19,158 23, 491 71, 665 64, 903 72, 638 20 20 20 Georgia __ __ 131, 492 126,138 131, 349 73,148 71, 627 58, 475 223,163 213, 659 201, 004 53 53 54 Florida 65,196 57,117 59, 272 118,347 112,892 112, 648 222, 559 198, 458 211,013 53 53 53 East South Central: Kentucky.. 99, 281 92,. 625 102, 046 85, 552 82, 530 77,069 207, 703 192,909 201,863 98 98 99 Tennessee 168, 007 153, 916 154, 652 114,171 109, 600 106,211 304, 633 287, 740 286, 772 71 71 72 Alabama 88, 617 84, 262 83, 249 64, 908 63, 180 65,567 181,015 166, 597 170,746 66 66 66 Mississippi... 22, 041 21, 710 21,190 27,177 26, 045 25, 497 62, 010 59, 063 60, 755 25 25 25 West South Central: Arkansas 40, 223 34, 498 33, 928 34, 235 33, 321 34, 776 86, 720 81, 271 84, 749 50 50 50 Louisiana... _ 113,549 96,128 95, 661 127, 810 132,168 119, 514 252,121 242, 420 238, 973 30 30 30 Oklahoma 121,138 115,966 122, 043 139, 205 131, 830 132, 381 332, 662 330, 941 325,108 214 215 216 Texas ._ 404,483 384,164 395,047 405,076 394, 290 389, 407 1, 029, 048 990, 509 980, 990 449 449 453 Mountain: Montana 15, 712 14, 013 14, 236 35, 671 36, 827 37, 982 73, 795 70,140 72,154 43 43 43 Idaho 13, 917 14, 040 12, 991 20, 509 20,411 22,089 45, 930 43, 851 46, 907 20 20 20 Wyoming 15, 623 15, 525 14, 601 14, 275 14,125 14, 789 42, 376 40, 019 41, 847 26 26 26 Colorado. _ _ 65, 691 61, 722 69, 933 91, 135 91, 096 103, 264 222, 952 217, 837 220,035 78 78 78 New Mexico.. 14,415 14, 960 13,432 16, 569 15, 283 15, 111 45, 351 42,156 42, 671 22 22 22 Arizona 23, 001 20, 230 21, 299 21, 178 20, 094 21, 989 59,140 51, 496 56, 552 5 5 Utah 22, 572 22, 081 22, 071 21, 360 24, 143 26, 927 59, 390 54 567 58 828 13 13 13 Nevada 9,310 8,841 7,643 13, 757 14, 385 13, 847 31, 806 31, 336 31, 256 5 Pacific: Washington... _ _ __ 134, 990 140, 547 143,118 141, 352 142, 740 143, 612 340, 830 328, 527 334, 768 48 48 50 Oregon 77, 245 76, 470 71, 981 121, 839 118, 554 116,759 234, 920 231, 466 231, 379 28 28 28 California 1, 258, 470 1, 239, 619 1, 267, 246 1,132, 770 1,136, 888 1,118, 662 2, 743, 795 2, 642, 434 2,678,293 102 103 103 Total 8, 469, 381 8, 279, 991 8, 796, 20712, 433, 50012, 226,81311,738,05123,496, 549 22, 838, 27722, 655, 329 5,224 5,239 5,260 i The December 1938 figures of loans and investments exclude approximately $16,000,000 and $53,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States are shown in "Abstract of Condition Reports of National Banks" No. 197. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 385 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS —PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 28, 1938, AND DECEMBER 31, 1937, BY STATES [Amounts in thousands of dollars] Loans 2 Investments 2 Deposit b s a , n e k x c d lu ep si o v s e i ts of inter- Nu b m an b k e s r of State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 19383 1938 s 1937 3 19383 19383 1937 3 19383 19383 1937 3 1938 3 19383 1937 3 New England: Maine. .. . 69, 413 70,405 70, 587 140,413 143, 775 141, 528 207, 205 207, 986 207, 308 63 63 63 New Hampshire 69, 903 69, 903 69,341 141, 463 141,463 143,629 206,127 206,127 206, 495 56 56 57 Vermont 58,416 62,607 62, 749 49, 304 48,009 52, 261 110,147 113,278 115, 483 42 49 49 M assachusetts 1, 234, 808 1, 245,135 1, 267, 552 1, 336, 430 1,340, 257 1,311,594 2, 612, 558 2,610,318 2, 613, 737 265 265 265 Rhode Island _ _ 129, 243 130,667 130, 864 244, 956 242, 654 242, 029 378, 103 381, 648 376, 661 23 23 23 Connecticut- __ 4 475, 398 472, 495 480,124 4 463, 189 453, 792 454, 008 4 998, 758 981, 699 984, 366 4 154 142 142 Middle Atlantic: New York 5,811,547 5, 756, 884 6, 203, 894 6, 336, 621 6, 286,456 5, 966, 72712, 788, 029 12, 426, 80912, 336, 867 457 457 459 New Jersey 452, 066 465, 593 494,036 595, 304 587, 498 584, 540 1, 235, 072 1, 220, 910 1, 250,114 179 181 182 Pennsylvania .__ _ 711,409 726, 363 755, 471 1, 557, 210 1, 563,199 1, 500, 991 2, 395, 398 2, 350, 702 2, 334, 360 413 415 418 East North Central: Ohio... 503, 271 507, 210 532, 473 556, 798 538,016 539, 707 1, 297,048 1, 250,020 1, 254, 361 462 462 462 Indiana 152, 369 149, 524 151, 484 164,174 159, 927 175, 582 397, 593 386, 595 393,736 391 394 398 Illinois 263 507 257 817 275 291 558 398 548, 867 560, 945 1,068, 961 1, 031, 423 1,033, 329 544 548 562 Michigan 217, 418 208, 918 211,158 318,612 315, 578 324, 202 667, 704 643, 617 663, 562 376 379 381 Wisconsin 151,144 149, 688 147, 277 184, 088 186, 212 201, 604 385, 397 374, 443 391, 310 484 488 497 West North Central: Minnesota 105,578 103, 088 98, 581 133, 929 135,158 139, 727 264, 410 260, 572 260, 563 493 491 495 Iowa ... ._ 199, 724 183, 955 178, 828 119, 482 122,827 128, 775 383, 350 5 378,471 367,137 542 544 548 Missouri 261,897 253,343 268,507 358,146 334, 599 326,125 635, 275 613,162 608, 409 557 565 573 North Dakota . 9,786 9,911 9,922 7,449 9,090 8,739 21, 258 21, 511 21, 749 125 128 130 South Dakota 14, 819 14, 797 15, 331 10, 580 10, 549 10,815 32, 233 30, 226 30, 886 126 124 134 Nebraska 34, 989 34, 498 33,035 18,753 18,883 20, 599 65, 574 64,697 69, 261 293 291 296 Kansas.. ._ . 79,993 79, 283 76, 540 50, 381 50, 455 52, 835 s 158, 588 s 156, 440 s 163, 905 499 503 506 South Atlantic: Delaware . .. 69, 717 68, 250 72, 662 95, 896 90,126 94, 368 187,165 172, 586 180,631 32 32 32 Maryland 142, 756 143, 325 149, 295 301,161 306,402 291, 526 506,062 482, 407 482, 657 130 131 133 District of Columbia 55,003 54, 325 54, 651 57, 247 59,191 52, 430 140, 310 134, 242 133,534 13 13 13 Virginia.. . 126, 635 128,075 128,317 64,065 63, 549 59, 340 207, 375 204, 305 197, 335 186 186 190 West Virginia 62, 281 62,176 62,076 41,091 42, 847 44, 977 122, 331 123,116 126, 627 104 105 105 North Carolina 117, 793 119,213 113,704 124, 493 114,802 123,018 250,199 242, 771 239, 919 189 189 193 South Carolina .__ 24, 584 24, 642 25, 369 21, 905 21,315 23, 650 65, 360 62, 085 65, 999 130 130 131 Georgia 79, 561 80,170 78, 911 26, 818 28, 051 26, 335 131,030 117, 709 119, 208 231 228 231 Florida 28,120 26, 354 25, 061 29, 097 28, 932 30,068 78, 977 70, 596 74, 921 111 111 109 East South Central: Kentucky 113, 259 111,774 116, 738 68, 891 68,155 71,802 203, 472 191, 526 203, 514 320 330 326 Tennessee 69, 940 67, 568 66, 921 32, 654 30,881 31, 782 129, 449 120, 445 121, 682 230 232 233 Alabama 38, 554 39, 677 38, 542 28,121 25, 977 26, 002 84, 529 73, 831 78,058 150 152 151 Mississippi 52,143 49,930 44, 467 47, 845 48, 390 49,157 123, 419 119,044 121,810 180 181 183 West South Central: Arkansas 35, 570 30,419 29,186 19,075 19,798 20,614 69, 486 66, 301 66,412 170 170 173 Louisiana... 52, 884 51, 061 49,144 56, 234 55, 676 53, 942 157, 273 143, 814 140, 824 116 116 117 Oklahoma 20, 046 19, 815 18, 522 18, 316 16, 224 16, 671 51, 866 50, 131 50, 880 184 185 184 Texas 78, 940 78,117 75, 088 53, 565 47, 495 54, 021 177, 605 165, 742 173,190 406 407 415 Mountain: Montana 16, 155 16, 929 16,150 23, 513 23, 549 23, 911 55, 153 50, 764 54, 707 71 71 72 Idaho 15, 305 15, 589 15, 394 17,699 17, 062 18, 657 5 46,808 5 43, 883 s 46, 808 32 32 32 Wyoming. 8,175 8,808 8,242 3,519 2,754 3,653 17, 388 15, 529 16, 853 32 32 32 Colorado 19,241 18, 675 20, 691 19, 502 18, 081 18, 373 55, 669 51, 100 56,413 66 67 69 New Mexico 4,826 4,717 4,264 3,374 3,334 3,136 12,911 11, 564 12, 136 19 19 19 Arizona 7,855 7,674 7,213 9,794 10, 035 10, 470 5 26, 949 5 24, 864 s 25, 846 i / 7 Utah 34, 807 33, 455 35,107 28, 688 28, 844 27, 513 76, 853 70, 484 72, 464 46 46 46 Nevada 747 704 652 1,189 1,190 1,180 2,330 2,300 2,351 4 4 4 Pacific: Washington 53, 276 55, 605 57, 268 61, 494 60, 016 59, 119 127, 543 127, 477 131, 235 102 104 112 Oregon... _ 15, 868 16, 334 15, 328 17,193 17,011 17, 501 39, 426 38, 360 38, 987 49 49 49 California 534, 216 523, 168 540, 208 523, 289 501, 245 489, 318 1, 101, 808 1, 085, 325 1,065,987 128 129 132 Total 12, 884, 95512, 808, 63313, 402, 21615,141, 40814, 988, 19614, 629, 49630, 557, 534 29, 772, 95529, 784, 587 9,982 10,026 10,133 i Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 The December 1938 figures of loans and investments exclude approximately $41,000,000 and $49,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States covering insured State banks are shown in report No. 10 of "Assets and Liabilities of Insured Banks." 3 All figures in the December 31, 1938 columns are as of December 31 except for New Hampshire, which are as of June 30, 1938. For call dates included in the September 1938 and December 1937 columns see footnotes at bottom of pages 27 and 581, respectively, of the January 1939 and July 1938 BULLETINS. 4 Beginning December 1938 the figures include 12 Industrial banks with total loans and investments of $6,940,000 and deposits of $4,189,000, not included heretofore. 5 Including relatively small amounts of interbank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN MAY 1939 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31, AND SEPTEMBER 28, 1938 AND DECEMBER 31, 1937, BY STATES [Figures in this table are also included in the table on page 385 covering "State Banks". Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Dec. Sept.i Dec. Dec. Sept.i Dec. Dec. Sept.i Dec. Dec. Sept.i Dec. 1938 1938 1937 1938 1938 1937 1938 1938 1937 1938 1938 1937 Connecticut: District No. 1 291 292 314 198 205 215 401 415 453 3 3 3 District No. 2 118 120 133 69 69 122 310 298 370 1 1 1 Indiana: District No. 7 1,397 1,378 1,525 1,246 1,343 1,370 4,179 4,082 4,343 16 17 19 District No. 8 76 169 167 44 52 51 120 256 248 1 2 2 Iowa _ __ _ _ _ 213 182 170 38 38 267 306 282 502 1 1 2 Kansas 2 2 2 10 8 16 1 1 1 New Jersey (Dist. No. 2).._. 15 15 15 12 13 12 6 6 1 1 1 New York 63, 463 66, 775 83, 356 390, 015 321, 456 319, 839 429,116 367, 457 346, 469 13 13 14 Ohio 2,115 2,148 2,141 582 566 570 2,898 2,803 3,030 13 13 13 Pennsylvania: District No. 3 6,604 7,267 7,422 37, 725 40,087 35, 462 61,101 55, 539 52, 808 15 15 16 District No. 4 1,185 1,121 1,137 1,223 1,127 1,416 2,508 2,640 2,644 4 4 4 South Carolina 674 645 679 50 50 237 487 517 944 1 1 1 Total 76,153 80, 114 97, 061 431, 202 365, 006 359, 561 501, 442 434, 303 411, 834 70 72 77 i For call dates included in the September 1938 columns see footnote on page 28 of the January 1939 BULLETIN. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31, AND SEPTEMBER 28, 1938 AND DECEMBER 31, 1937, BY STATES [Figures in this table are also included in the table en rage 385 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 1938 1 1938' 1937 1 1938 1 1938 i 1937 1 1938 1 1938 1 1937 i 19381 19381 19371 California 34, 802 34, 525 33 364 58, 307 58, 313 59, 603 87, 228 86, 311 87, 259 1 1 1 Connecticut: District No. 1 265, 709 267,156 273, 001 275,176 271, 752 271, 635 555, 017 553, 986 558, 440 59 59 59 District No. 2 82, 147 82, 227 81, 489 81,471 81, 899 82, 554 163, 969 163, 379 163, 521 14 14 14 Delaware _. 12, 998 13,010 12, 636 28, 567 26, 044 27, 142 37, 667 36, 780 36, 230 2 2 2 Indiana: District No. 7 7,678 7,654 7,874 4,352 3,818 4,191 12, 994 12, 890 12, 993 4 4 4 District No. 8 4,502 4,320 4,545 3,374 3,300 2,930 8,111 8,103 8,068 1 1 1 Maine 29, 824 30,140 30,504 102,683 104, 044 102,721 127,196 127, 446 126, 902 32 32 32 Maryland . 39,016 42,154 44, 315 175, 625 176,067 173,128 222, 806 223, 285 222, 532 12 12 12 Massachusetts 1, 029, 562 1, 036, 313 1,057,893 1, 096, 504 1,100, 318 1, 082, 790 2,131, 957 2,137, 047 2,145, 368 193 193 193 Minnesota 9 944 9,856 9 984 54 540 53 758 54, 749 65, 947 65, 251 66, 378 1 1 1 New Hampshire 61,717 61,717 61, 273 132,675 132, 675 134,637 190, 243 190, 243 190, 546 44 44 44 New Jersey: District No. 2_._ __. 126, 948 128, 799 131, 920 174,527 172, 518 169, 127 324, 240 322,218 320,749 22 22 22 District No. 3 4,681 4,972 4,970 7,086 8,036 8,088 13, 876 14, 453 14, 485 2 3 3 New York __ 2, 986, 520 2, 989, 944 2, 997, 574 2, 377,185 2, 313, 928 2, 283, 517 5,404, 624 5, 336, 851 5, 291, 876 134 134 134 Ohio 40 000 40 405 44 102 69 567 65 469 67 273 121,131 121,016 119, 543 3 3 3 Oregon 1 152 1,134 993 783 765 727 1,954 1,853 1,691 1 1 1 Pennsylvania: District No. 3 _ 74, 968 74, 674 75,027 445, 288 442, 329 434,094 537,455 523, 789 529, 594 6 6 6 District No 4 11,189 11, 279 12, 042 43, 605 42, 997 41, 777 54, 532 54, 422 53, 894 1 1 1 Rhode Island 50, 206 51,031 52, 309 127, 795 124, 395 126,096 176,174 176, 023 175, 948 9 9 9 Vermont _ 27, 325 30, 709 31, 550 25, 332 25, 404 26, 683 57, 653 61, 748 63,138 8 14 14 Washington . _ 26, 418 26, 504 26, 876 38, 571 37, 006 34, 993 65, 926 64, 293 63, 240 3 3 Wisconsin: District No. 7 2,157 2,176 2,155 2,124 2,101 2,087 4,414 4,403 4,450 3 3 3 District No. 9 61 60 65 69 59 57 116 113 109 1 1 1 Total 4, 929, 524 4, 950, 759 4, 996, 461 5, 325, 206 5, 246, 995 5,190, 59910, 365, 230 10, 285, 90310, 256, 954 556 563 563 i All figures in the December 1938 and 1937 columns are as of Dec. 31 except for New Hampshire, which are as of June 30, 1938 and 1937. For call dates included in the September 1938 columns see footnote on page 28 of the January 1939 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

387 MAY 1939 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE SWISS NATIONAL BANK The annual report of the Swiss National ceeds of foreign loans floated on the Swiss Bank for the year ending December 31, 1938, market made it necessary to draw to some was presented to the annual meeting of share- extent on the reserves of gold and foreign holders by the President of the Bank, Dr. G. exchange. Bachmann, on February 15, 1939. Sections In the second half year the National Bank of the report are given herewith: x had fc> make some important decisions. The The economic structure of Switzerland is continued decline of the pound sterling led such that this country cannot live in isola- not only speculators but also merchants and tion. It is dependent upon and reflects con- manufacturers to liquidate their sterling balditions in the international market. In 1938 ances and to convert them into gold, dollars, economic conditions throughout the world or Swiss francs. The trend of British exwere affected by political events and tensions change caused considerable anxiety among in Europe and the economic development in exporters and those catering to tourists; first, the United States. The repeated danger of it increased the difficulties of Swiss exports war checked the initiative of capitalists who, destined for the United Kingdom and other generally speaking, refrained from investing countries of the sterling group; it also weaktheir funds. The policy of rearmament and ened the competitive position of Swiss industhe desire to influence the labor market often tries on the world market. In order to lessen led governments to assume the functions of the effects on Switzerland of the decline of private enterprise. In the first half year, the pound sterling, the National Bank tried governments which pursued a relatively lib- to check the decline. But as the political situeral economic policy were unfavorably in- ation became worse and the pound continued fluenced by the business decline in the United to fall, it was no longer possible—without States. The trend toward recovery, which modifying the instructions of the Federal got under way in that country about the mid- Council of September 27, 1936—to let the dle of the year, first appeared in other coun- Swiss franc follow the course of sterling. tries only as a slowing down or checking of These instructions required the National the business recession. Figures for the sec- Bank to maintain the gold value of the Swiss ond half year, however, indicate that a period franc at a level corresponding to a devaluaof recovery has begun in various countries. tion of about 30 per cent from the legal It is true that this upward movement was the parity. The word "about" indicates that the result of the domestic rather than of the in- rate of devaluation was not rigidly fixed at ternational economic situation. Aside from 30 per cent, but that the value of the Swiss the accelerated activity created by rearma- franc could vary around this new gold value. ment, it was chiefly the opportunities for The average rate of devaluation, that is, 30 employment provided by governments which per cent, corresponds to a gold price of 4,helped to stimulate business. In addition, 920.63 francs per kilogram of fine gold. several governments devoted greater atten- Immediately after devaluation, the Nation to increasing their exports. tional Bank fixed the buying price of gold at Gold and foreign exchange.—Conditions 4,869.80 francs per kilogram fine, which repprevailing in the international exchange mar- resented a devaluation of 29*4 per cent as kets had their influence upon Swiss gold and compared with the former legal parity. The foreign exchange policy. Up to the middle of price was modified for the first time at the February, Switzerland had an influx of for- beginning of 1938 when it was slightly reeign capital. After the annexation of Austria duced. But in the second half of 1938, the by Germany the capital movement was re- National Bank bought large amounts of sterversed, but the outflow of gold and foreign ling for the purpose of checking the decline exchange was maintained within narrow of the British currency, and began to convert limits. A somewhat larger outflow of capital these funds into gold because of the instatook place in May, as a result of the devalua- bility of British exchange; thereupon the buytion of the French franc. The withdrawal of ing price of gold stood for a brief period foreign balances and the transfer of the pro- above the former rate of 4,869.80 francs. On the basis of the gold price as quoted in Lon- 1 The report, available in French, contains in addition sections don and the rate of the pound sterling in dealing with the international situation, agriculture, labor conditions, Federal finance, personnel, etc., together with a number of Switzerland, the maximum gold price in tables showing the operations of the Bank in detail. For earlier reports see BULLETIN for May 1938, April 1937, May 1936, April Switzerland was theoretically 4,973.15 francs. 1932, 1931, May 1930, April 1929, 1928, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN MAY 1939 As compared with gold, the depreciation of the gold increment. In return, the National the Swiss franc amounted to 30.74 per cent, Bank was to grant two credits of 75,000,000 and so it has been held within the limits pro- francs each, one to be allocated to the Convided in the instructions of the Federal federation and the other to the Cantons. Council. These credits were either to bear no interest The gold increment—The bookkeeping in- or to pay a rate of interest lower than the crement accruing from revaluation of the official discount rate, as the case might be. gold of the National Bank was still a matter Later on, they were to be set off against the of great interest to the public during the past shares of the Confederation and of the Canyear. The Federal authorities and the au- tons in the revaluation increment. thorities of the National Bank also gave it The authorities of the Bank approved this their consideration on several occasions. In plan providing that the credits in question the session of February 22, 1938, the Com-should be repaid if they were not offset in the mission appointed to examine the proposal of manner provided. In principle, the counter National Councillor Grimm offered a resolu- proposal presented by the National Bank diftion that the Federal Council, in collaboration fered from the plan of the National Council with the National Bank, should study the on only one point, namely, it did not consider various questions raised by the existence of the possibility of granting interest-free credthis gold increment. On May 20, 1938, the its. The National Bank insisted upon the Federal Council issued a supplementary re- payment of interest for the reason that, acport in which it maintained the principle cording to circumstances, the situation of the previously adopted and opposed the spending money market or the requirements of moneof the revaluation increment. The National tary policy might oblige the Bank to sell the Bank stated its willingness to grant the Con- rescriptions on the open market. In the Defederation a rescriptions x credit to be used in cember session the National Council adopted carrying out a program of work creation. an amendment to the Constitution in con- The Federal Chambers have not yet discussed formity with the proposal of the National the Grimm proposal. Bank. As the National Bank declared its The plan of the Federal Council for willingness to grant a credit of 75,000,000 strengthening national defense and combat- francs to the Confederation and a credit of ing unemployment proposed to cover these equal amount to the Cantons, by discounting expenditures out of tax receipts and not outtheir rescriptions at a rate lower than the offiof the gold revaluation increment of the Na-cial discount rate, its earlier concessions betional Bank. The Commission of the National came obsolete. In other words, credits in Council, however, which had been appointed excess of these amounts will be granted to to study the question, proposed, among other public bodies only at the official discount rate measures, in the session of August 25, to (at present IV2 per cent) and against the finance the creation of employment by ad- issue of promissory notes of three months' vancing a sum of 75,000,000 francs out of this maturity, renewable for a fixed period. In increment. An equal amount, also taken from the course of the year the Cantons and Comthis reserve, was to be allocated to the Can-munes had recourse to the credit of the bank tons. In agreement with the Federal Council of issue through the intermediary of the priand firm in its own conviction, the National vate banks, to obtain funds required for the Bank continued to point out the unfavorable execution of large-scale works, such as the monetary consequences which would result improvement of waterways, and the construcfrom parcelling out the assets of the Ex- tion of harbors and roads. For all such bills change Equalization Fund. On the other rediscounted and for advances against colhand, it declared that "within the limits of lateral to the Cantons and Communes, the Nadiscount fixed in each case by the authorities tional Bank, in conformity with the regulaof the Bank, it was prepared to place its tions adopted by the Bank authorities, recredit at the disposal of the Confederation quired the competent bodies to submit their and the Cantons in large measure and under plans for the proposed work and for the the most favorable conditions." Recognizing amortization of the loans requested. the good sense of the reasons given by the Note circulation.—During the first half of National Bank, the Commission of the Na- 1938 the note circulation, as shown on the tional Council abandoned the idea of using balance sheet of the National Bank, stood at a much higher level than in 1937. In March, 1 "Rescriptions"—Bills of public bodies such as the Federal, political events which made it more impera- Cantonal, and municipal governments, and the State Railway. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

389 MAY 1939 FEDERAL RESERVE BULLETIN tive to maintain liquid positions, brought an If the public, in its desire to hoard notes, increase in the fiduciary circulation. In Sep- draws out the balances which it has deposited tember the National Bank had to meet alto- with the banks or the savings institutions, it gether extraordinary demands for notes. In prejudices not only the institutions concerned the space of three weeks (from September 7 but, in the circumstances, it imperils the to 30) it was obliged to pay out 387,000,000 strength of the credit system as a whole and francs in bank notes. At the end of Septem- thus does injury to the entire business comber the fiduciary circulation was 1,933,000,- munity. Therefore, such bank notes as are 000 francs. In order to realize the significance not required for making payments should be of these figures, it should be recalled that, in returned to the banks and to the bank of the last week of July 1914, the note circula- issue. So long as the international political tion rose by 141,000,000 francs to 409,000,000 situation remains uncertain, it is hardly posfrancs. To the notes in circulation must be sible that unemployed capital will be invested added the balances in transfer and deposit ac- in industry and commerce. Moreover, the counts with the National Bank, balances hoarding of Swiss bank notes is to be attribwhich could be withdrawn at any time in the uted in large measure to the inflow of foreign form of bank notes; from 39,000,000 francs capital. at the end of June 1913 they rose to 1,763,- Gentlemen's Agreement.—The Gentlemen's 000,000 francs at the end of August 1938. In Agreement, concluded between the National September 1938, the percentage increase in Bank and the banks on November 15, 1937, the fiduciary circulation was greater in Swit- for the purpose of reducing the excessive volzerland than in any other country. In this ume of foreign deposits in Swiss francs with connection it is worth noting that, even before the banks and of discouraging hoarding, was September 1938, Switzerland had the highest renewed to the end of 1939. Unfortunately, circulation figure, at 257 former gold francs it has not had the anticipated effects, because per capita. After September 30, the return the inflow of foreign capital has continued, flow of notes to the Bank began immediately. and the reduction of foreign balances existing At the end of 1938, the total volume of notes before the agreement was made has not issued by the Bank was 220,000,000 francs reached the desired proportions. So long as higher than at the end of 1937. international monetary uncertainty persists, During the September crisis the banks took Switzerland will probably continue to be a the precaution of increasing their reserves of refuge for flight capital. Although the Nabank notes. As the political tension grew tional Bank holds a large reserve of gold in worse, increased withdrawals were made by readiness for the eventual transfer of these the public from savings accounts and deposits funds, their sudden exodus might have disin current account at the banks, for the pur- astrous consequences for the stock exchange chase of commodities or for hoarding. Re- and for Swiss business as a whole. Moreover, membering the measures taken in 1914, when Switzerland assumes the risk involved in the war broke out, industrial and commercial safeguarding the value of foreign capital investments in this country. A further potenenterprises were chiefly concerned to obtain tial source of danger to this country consists the money needed to pay wages due at the end in the foreign balances denominated in Swiss of September. Although the banks were able francs, among which it is necessary to count to meet these demands for notes by drawing those in the custody of holding companies on their balances in transfer accounts—that founded for the purpose of administering is, without recourse to the credit of the cenfunds of this character. tral bank—the liquidity of a number of establishments, as shown by their condition Balance of payments.—For some years statements, was considerably reduced. In past the National Bank has tried to make a general, the public remained calm; unfortu- tabulation of the Swiss balance of payments. nately, too many people continued to regard When negotiations looking toward the conbank notes as a form of investment. clusion of trade agreements and clearing ac- The National Bank, having learned by ex- cords are in progress, it is always a disadperience that in critical periods the public vantage not to have reliable statistics on the prefers bank notes to bank balances, had ac- Swiss balance of payments. The trade figcumulated large supplies of bank notes of all ures, of course, show merchandise imports denominations against a war emergency. and exports; but there are not even any indi- Good management, therefore, did not require cations on which to base an estimate of the the storing up of large reserves of currency. value of such important items in the balance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN MAY 1939 of payments as the amounts of Swiss capital tion in the capital market. The fears thus abroad and foreign capital invested in Swit- aroused led, on the one hand, to offers of sezerland. Whereas formerly it was the export urities and, on the other hand, caused great of capital which was fraught with danger, reserve on the part of buyers. Allowing for today it is the consequences of the influx of maturity dates, the yield of the loans of the funds which impresses upon the National onfederation and the Federal railways, Bank the urgent necessity of having accurate which are taken as the basis for calculating data as to the movement of capital between the Swiss bond index, rose from 2.86 per cent Switzerland and other countries. at the end of July to 3.69 per cent at the end A tabulation of the Swiss balance of pay- of September. On September 29, after the ments is essential from the point of view of Munich conference, the bond market recoveconomic policy and above all from that of red somewhat, and the yield of the abovebanking and financial policy. Its value would mentioned loans declined to 3.12 per cent. consist not so much in the particulars which The decline of quotations in September was it would give as to the profits accruing from chiefly the result of the sale of Swiss securi- Swiss business operations with foreign coun- ties by foreign holders. It was proved once tries as in regular, up-to-date information re- more that the effects of international compligarding each of the current items in the bal- cations on the Swiss capital market became ance of payments. Even if it is impossible to more severe as the volume of foreign-owned obtain exact figures when the foreign ex- Swiss securities increased. From the point of change market is free, and even if all in- view of the Swiss balance of payments, it is quiries and estimates having to do with the no longer desirable that large quantities of balance of payments are incomplete, in the Swiss securities should be in the hands of long run, nevertheless, an idea can be had of foreigners. the development and of the changes which Interest rates.—During the year the banks take place in the structure of foreign capital again reduced their rates of interest. Under investments in Switzerland and investments the pressure of circumstances, the rate on of Swiss capital in foreign countries. savings deposits, which had been held around Money market.—About the middle of Feb- 3 per cent for the benefit of small savers, was ruary demand liabilities of the National lowered. By applying a descending scale of Bank, which reflect the situation of the Swiss rates, the banks took into account so far as money market, exceeded 2,000,000,000 francs, possible the character of the deposit. Moreor almost twenty times the average shown beover, in order to check the influx of savings fore 1930. As a result of withdrawals made deposits, the banks limited the total sum in May and especially in September, the balwhich they would accept on any one savings ances of the market with the National Bank account, or restricted the amount of monthly declined by more than 500,000,000 francs, deposits. Interest rates on cash debentures and were 1,663,000,000 francs at the end of (obligations de caisse) were also reduced the year. The official rates (discount rate, here and there at the beginning of the year. li/2 per cent and the rate on advances against As there was little opportunity to borrow collateral, 2!/2 per cent) adopted on Novemfunds, some establishments temporarily susber 26, 1936, were unchanged during 1938. pended the issue of cash debentures; others Capital market.—At the beginning of the permitted conversions only. The banks tried year gilt-edged government issues continued to prolong the maturity of their security isto be sought in the capital market. In March sues. In the summer the decline in interest quotations declined somewhat, especially rates was temporarily checked. In order to when the collection of taxes at the source was have the use of funds for a somewhat longer under discussion as part of the plan for reperiod, some banks raised the interest rates forming the Federal finances; and again, on their cash debentures; moreover, certain after the annexation of Austria by Germany, measures restraining the issue of these seas a result of the sale of Swiss securities in curities were abolished and the maturity was possession of Austrian refugees. The Angloshortened. Under article 10, paragraph 1, of Italian agreement, concluded in April, the banking law, the National Bank gave its brought about some strengthening of quotaapproval to eight increases of the interest tions. The transfer of funds from the money rate on cash debentures. The rate of the market into the capital market led to a congreater part of first-class new mortgages is siderable advance in quotations. In the 3% per cent; a rate of 3% per cent is someautumn, political events caused a sharp reac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

391 MAY 1939 FEDERAL RESERVE BULLETIN times applied. The Swiss National Accident but was the natural result of abundant funds Insurance Company at Lucerne in December on the money and capital markets. The dis- 1938 reduced the rate for first-class mort- hoarding of gold, the liquidation of foreign gages, guaranteed by good rental properties, exchange balances, the influx of foreign to 31/2 Per cent, while the Cantonal Bank at funds, and the repatriation of Swiss capital Lucerne had applied this rate to new mort- have increased the volume of funds offered gage loans since the end of March 1938. since devaluation and thus exerted pressure Switzerland is among the countries having upon interest rates. The continued lack of the benefit of low interest rates. If it is sur-opportunities for investment had the same prising that the yield of Government loans effect. The heavy demand for Swiss securities has declined from 5.01 to 3.12 per cent from on the part of foreigners has also helped to the end of 1935 to the end of 1938, it shouldcreate a dearth of investment outlets. Withbe remembered that in Sweden, for example, out stopping to examine the effect of modthe decline has been equally great; between erate interest rates upon the economy it may the end of 1931 and the end of 1938 the yieldbe asserted that an abundance of capital and of Swedish State loans declined from 4.80 tolow rates of interest have not sufficed, in 2.89 per cent. In Switzerland, the decline in themselves, to create or maintain a favorable rates was not brought about by official action economic situation in any country. BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DECEMBER 31, 1938, AND DECEMBER 31, 1937 [In thousands of francs] Assets 1938 1937 Liabilities 1938 1937 Swiss and foreign gold coin. 248, 354 573, 415 Notes in circulation 1,751,018 1, 530, 516 Gold bars 1 2, 641, 253 1,459,731 Giro accounts 1, 592, 641 1, 602, 631 Federal accounts 8,221 12, 474 Total gold in vault. 2, 889, 607 2,033, 146 Other deposits 31,187 35, 351 Gold earmarked abroad 646,104 Foreign clearing accounts 39, 939 71, 935 Drafts and checks in circulation.. 1,692 1,244 Total gold. !, 889, 607 2, 679, 250 Rediscounts 422 70 Capital 50,000 50,000 Increment from gold calculation. H3,978 i 30, 375 Surplus 13, 500 13, 000 Other cash items 9, 120 6,301 Net profits 5,253 5, 253 Foreign exchange: Dividend unpaid 13 15 E O l t i h g e i r ble as note cover 276 3 , , 0 7 0 0 1 3 | 490,797 R R e e s s e e r r v v e e f f o o r r u p n ri i n n t s i u n r g e d b a r n is k k s note;. 1 1 , , 0 0 0 0 0 0 1 1 , , 0 0 0 0 0 0 Exchange Equalization Fund 538, 584 538, 584 279, 704 490, 797 Miscellaneous liabilities 46, 548 39, 274 Swiss portfolio: Swiss bills 52, 528 5, 254 Rescriptions 101,500 1, 750 Other discounts- 1,049 1, 946 155, 077 8, 950 Securities of the Loan Office of the Swiss Confederation 3,850 10, 300 Advances on security: On call at 10 days' notice 21, 824 34, 764 Other 29 40 21, 853 34, 804 Government securities 90, 945 30, 742 Due from postal check offices.. 1,476 2,337 Due from correspondents: Swiss 9,609 11,409 Foreign 22, 338 9,609 33, 747 Items for collection 2,219 1,235 Coupons 87 667 Interest accrued on securities. _ 592 294 Unpaid capital 25, 000 25,000 Bank premises 3,000 3,000 Furniture and fixtures (2) (2) Exchange Equalization Fund. 538,584 538, 584 Miscellaneous assets 6, 316 5,965 Total assets.. 4,081,018 3, 902, 347 Total liabilities j 4,081.018 |3,902, 347 1 From Sept. 28, 1936, to Dec. 31, 1937, the buying price of a kilogram of fine gold was maintained at 4,889.83 francs, which corresponds to a gold value of 203 milligrams fine per franc. In 1938 the National Bank bought gold for a time at a price in excess of 4,869.80 francs per kilogram fine; consequently the average buying price of a kilogram of fine gold was 4,882 francs in 1938. The difference, resulting from the fact that gold bought at a price of 4,869.80 francs in 1937 and at an average price of 4,882 francs in 1938 has been carried on the condition statement at the price of 4,639.13 francs per kilogram fine, amounted in 1937 to 30,374,583.80 francs and in 1938 to 43,977,882.03 francs, wThich is shown on the balance sheet as "Increment from gold calculation." 2 Carried at 1 franc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN MAY 1939 ANNUAL REPORT OF THE BANK OF CANADA The fourth annual report of the Bank of $12,212,000 in "Other securities" during 1938 Canada, for the year ending December 31, is a little more than offset by an increase of 1938, was submitted to the general annual $13,470,000 in the item entitled "Sterling and meeting of shareholders by Mr. Graham F. U. S. A. dollars." Towers, Governor of the Bank, on February Investments.—Our holdings of Dominion 6, 1939. Sections of the report are given and Provincial Government securities, valued herewith:1 at $185,516,000, show an increase of $11,607,- Reserves.—Our holdings of gold coin and 000 on the year. The substantial increase in bullion on December 31, 1938 were valued at short term obligations, and decrease in in- $185,912,000, an increase of $6,148,000 dur- vestments having a maturity in excess of two ing the year. Of this increase, $4,325,000 is years, is largely due to the fact that the Doattributable to the addition of 122,890 ounces minion Government issue of 3 per cent bonds, to our stock of gold, and the balance is largely due March 1, 1940, fell in the short term accounted for by the fact that the premium classification on March 1 last. This issue of on the U. S. dollar as at December 31 last was $115,013,636 was initially held in its entirety 3% of 1 per cent, compared with % of 1 perby the Bank of Canada, which received it 2 2 cent on December 31, 1937. The Exchange from the Dominion Government in part set- Fund Act provides that all gold held as re- tlement of the liability assumed by the Bank serve by the Bank of Canada shall be valued for redemption of Dominion notes outstandat the current market price, namely, the ing on March 11, 1935, the date on which we amount realizable from the sale of gold in commenced our operations. London or New York converted into Cana- Capital.—In accordance with the prodian dollars at the current rate of exchange. visions of the Bank of Canada Act Amend- Silver bullion, valued at $2,993,000 in ourment Act, 1938, $5,100,00 par value of the balance sheet of December 31, 1937, was sold capital stock of the Bank was redeemed on during the year. August 15, 1938. Our capital is now rep- The growth of approximately $95,000,000 resented by 100,000 shares of the par value in our note and deposit liabilities since De- of $50 each, all of which are held by the Mincember 31, 1935, and some increase in Cana- ister of Finance on behalf of the Dominion of dian dollar deposits in chartered banks, Canada. owned by persons resident elsewhere than in Notes in circulation.—At the end of De- Canada, have made it desirable to add to ourcember, 1938, our note issue stood at $175,reserves from time to time. We have felt it 260,000, up $9,929,000 on the year. An inessential that such reserves should be main- crease of $6,992,000 in the amount of our tained in a form which would ensure their notes in the hands of the public was more immediate availability in case of need, and than offset by a reduction of $7,696,000 in which would not (so far as could be judged) the note issues of the chartered banks. Thus expose the Bank to risk of loss. The increase the net active circulation at the end of the in our gold holdings during 1938, to an extent year was $704,000 less than at the end of that more than offset the sale of our silver 1937. Using annual daily averages, there bullion, is in line with the policy to which I was an increase in 1938 of $5,200,000, or 2.6 have just referred. per cent, as compared with 10 per cent be- In comparing our holdings of pounds ster- tween 1936 and 1937, and 7.2 per cent between ling and U. S. A. dollars with those of Decem- 1935 and 1936. The increase in active note ber 31, 1937, account must be taken of the circulation in 1938, when industrial activity change in the item "Other securities." These was reduced, may be explained in part by the "Other securities" may consist of obligations lag in the decline of payrolls and retail trade, of the United Kingdom, any British Domin- and by the increased demand for notes in the ion, the United States of America or France, West during the marketing of the much larger 1938 wheat crop. subject to the restrictions in respect to dates of maturity set forth in paragraphs (e) and Deposits.—The main item under this head- (f), sub-section 1, section 21 of the Bank of ing, namely, "Deposits of chartered banks," Canada Act as amended. A decrease of increased $4,606,000 on the year. Notes of the Bank of Canada held by the chartered 1 In addition, the report contains sections dealing with profit banks as at December 31 last were $2,937,000 and loss, personnel, etc. For previous reports see BULLETIN for higher than the year before, so that the total June 1938, April 1937 and 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

393 MAY 1939 FEDERAL RESERVE BULLETIN increase in the cash reserves of the chartered ernment Treasury bills, and an increase in our banks was $7,543,000. This change can be investment in these obligations. We estimate accounted for as follows: that between the end of July and the end of November the holdings of the banks were [In millions of dollars] reduced by approximately $21,000,000. During that period our investments in all forms Changes Changes producing producing of Dominion and Provincial Government sea decrease an increase in in curities increased by some $27,000,000. chartered chartered The desire of the banks to build up their banks' banks' cash cash cash reserves during the closing months of each year is based on demands in connection Increase in gold coin and bullion 6.1 with the movement of crops, and the practice Decrease in silver bullion__ __ ._ 3.6 Increase in sterling and U. S. A. dollars. ._ 13.5 of showing a strong cash position at fiscal Decrease in "Other securities" 12.2 Net decrease in capital and rest fund, 4.5 year-ends. It is probable that last year the Increase in investments in Dominion and disturbed conditions which prevailed in Sep- Provincial Government securities . .. 11.6 Increase in active circulation 7.0 tember were also a factor in the situation. Increase in Dominion Government balances. _ 5.6 Other net changes .4 Security markets.—It will be recalled that the prices of high grade bonds suffered a Total. 28.2 35.7 Deduct 28 2 sharp fall in the early months of 1937. At Increase in chartered banks' cash reserves that time, the market evidently anticipated (notes of and deposits with Bank of Canada) 7.5 that interest rates would rise as a result of the enlarged demand for credit which in- Public Debt Division.—Acting under creasing business activity and buoyant compowers conferred by section 23 (2) of the modity prices could be expected to produce. Bank of Canada Act, the Bank was required The subsequent recession in business caused as from April 1, 1938, to act as agent for the the market to amend its views in respect to Government in the payment of interest and the outlook for gilt-edged securities; and the principal and generally in respect to the man- rise in prices of Government obligations agement of the public debt of Canada. The which was initiated in the second quarter of public Debt Division of the Bank was con- 1937 continued in 1938. Thus, the average stituted for this purpose, and on April 1 last price of two typical long term issues in Canthe staff of the Loans and Interest Branch ada moved from 104.34 in January, 1938. of the Department of Finance entered our to 106.08 in December last. I should add that service. In view of the fact that so much of the recovery was interrupted by a very sharp the work of the former Loans and Interest fall in prices at the time of the European Branch had been interwoven with work per- crisis, exemplified in the case of the two issues formed by the Bank in its capacity as fiscal mentioned above by a low price of 98.94 in agent of the Dominion Government, we be- September. The net decrease in the yield of lieve that the amalgamation will be in the high grade long term bonds over the year was interests of efficiency and economical oper- about one-fifth of one per cent. Approxiation. mately the same change took place in the Bank rate.—Bank rate has remained un- United States, while in the United Kingdom changed throughout the year at 2y per cent. yields rose by about one-fifth of one per cent. 2 As in previous years, there has been very Apart from the influence exerted on the little need for banks to borrow. bond market by changed business conditions, Chartered banks9 cash reserves.—The ratio there was the further factor that the total of cash held by the chartered banks to their amount of new issues in Canada by Governdeposits in Canadian dollars averaged 10.5 ments and corporations in 1937 and 1938 per cent in 1938. An increase in the banks' remained very much below the level of any cash reserves usually takes place in the last other year since 1930. The ability of the high few months of each year. Thus, in 1937, the grade market to absorb new offerings has, ratio of cash to deposits in Canadian dollars therefore, not been exposed to any severe test rose from 9.9 per cent in September to 11.4 during the last two years. per cent in November. In 1938 the rise was The year 1938 witnessed a further reduc- # from 10 per cent in July to 11.2 per cent in tion in borrowings of members of the Toronto November. The increase in the cash base and Montreal Stock Exchanges. Borrowings takes place mainly through a reduction in the on Canadian collateral were approximately chartered banks' holdings of Dominion Gov- $39,000,000 at December 31 last, compared Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN MAY 1939 with $45,000,000 a year earlier. And during V2 of 1 per cent in the preceding year. Using the twelve months ended October 31, 1938, noon rates, which eliminate the major fluctu- Canadian bank loans to individuals against ations on September 28th, the range is only stocks and bonds were reduced by about $22,- 2.19 per cent, between 0.06 per cent premium 000,000. The market value of all listed stocks and 2.13 per cent discount. increased some nine per cent during the It will be seen that the decline of the Canatwelve months. Thus the decline in member dian dollar in New York during 1938 was borrowings and in bank loans to individuals small in comparison with that of the pound must reflect a further curtailment in specu- sterling. The main cause of the drop in sterlative activities, and an increase in the pro- ling, namely, a heavy movement of funds out portion of securities which have been paid for of the United Kingdom, found no counterpart in cash. in Canada. On the contrary, there was an In my address to shareholders at the last increase in foreign purchases of Canadian annual general meeting, I referred to the fact securities and an inward movement (probthat the Dominion Government was allowing ably of relatively moderate proportions) of a longer period to elapse between the an- funds for deposit in Canadian banks. These nouncement of the offering of its loans, either factors, and the continued strength of our direct or guaranteed, and the opening of the balance of international payments on current books for receipt of subscriptions. I believe account—to which I refer in the next section that, as anticipated, the procedure now being of this report—make the relative strength of followed has given small investors, particu- the Canadian dollar during 1938 easily underlarly those who are distant from the large standable. centers, a better chance of participating in Balance of international payments.—Prenew issues. Other changes in procedure were liminary estimates of Canada's balance of adopted recently in an effort to promote a international payments for 1938 indicate that more orderly distribution of such issues. the reduction in our net surplus on current Before these changes were decided upon, rep- account, consequent upon unfavorable develresentatives of banks and dealers who par- opments abroad, was relatively small. Exticipate in the distribution of Dominion Gov- ports of merchandise other than gold were ernment direct and guaranteed loans were down by $160,000,000, or 16 per cent from asked to make suggestions, and I wish to re- 1937; including gold, they were $150,000,000 cord the fact that we received very helpful lower. Net tourist receipts declined by about cooperation from those concerned. $25,000,000, or 15 per cent; there was virtu- The foreign exchange situation.—Fluctua- ally no decrease in net interest and dividend tions in the relationship between sterling and payments abroad; and reductions in other the U. S. dollar were more extensive in 1938 invisible debits were small. The sharp conthan in any year since 1933. After irregular traction in net available foreign income thus weakness earlier in the year, sterling com- indicated was, however, largely offset by an menced a major decline in July which con- unusually rapid adjustment of merchandise tinued until December. On a monthly aver- imports. These fell by $130,000,000 or 16 age basis, it moved from a premium over the per cent, leaving the net active balance on U. S. dollar of 1.88 per cent in June to a dis- current account at $185,000,000, as compared count of 4.03 per cent in December. During with $218,000,000 in 1937. the year the daily rate ranged between a pre- The balances of the last three years have, mium of 3.52 per cent and a discount of 5.27 in fact, averaged more than double those of per cent. the 1926-28 period, but have taken place on The Canadian dollar was naturally influ- a substantially lower volume of turnover. enced to some extent by the uncertainties of Total Canadian exports during 1936, 1937 the European situation during the spring and and 1938 averaged 17 per cent, or $220,000,autumn. After remaining near par until 000 a year less than in the earlier period. A early in March, it declined to an average dis- direct effect of this decline was, of course, to count in terms of U. S. funds of 1.09 per cent reduce the aggregate national income, of in June. It rose somewhat during July and which export receipts are a part, by a corre- August, but during the last four months of sponding absolute amount. Its indirect effect the year fell again to an average discount of upon national income, that is, the influence of 0.82 per cent. The range for the year of the the reduction of exporters' purchasing power Canadian dollar in New York was about SVo upon the activity of those engaged in secondper cent as compared with a little more than ary industries and in the provision of serv- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

395 MAY 1939 FEDERAL RESERVE BULLETIN ices, is more difficult to trace. In point of chandise imports fell much more than either fact, the national income as a whole, in terms exports or national income, averaging in the of money, fell by about the same percentage years 1936-38 36 per cent or $400,000,000 a as exports. This is also roughly true of na- year less than they had in the earlier period. tional income per capita in terms of goods In other words, the proportion of available and services, the correction for their lower income being devoted to the import of conprices in the second period being approxi- sumption and capital goods was substantially mately offset by the 15 per cent increase in curtailed. And this had the effect of leaving population which had taken place. unusually large credit balances on current National income.—It would appear that account to be devoted to the repayment of this substantial decline in average "real" in- foreign debt. come per capita was not accompanied by any To an important degree the changes which net improvement in its distribution, at any were noted at the beginning of the last pararate in relation to the present structure of graph have had as their proximate, or perour economy. For instance, according to the haps even as their ultimate, cause the premost complete estimates yet made—those of vailing low level of investment in capital the Dominion Bureau of Statistics—the aver- goods. One has only to recall the magnitude age number of employed wage-earners dur- of the expansion which took place in the latter ing the years 1936-38 was, in round figures, twenties in Canada's productive, distributive only 110,000 more than it had been a decade and housing equipment to realize how differbefore, while the average number unem- ent is the present situation in this regard. ployed was about 320,000 greater. Again, There are some grounds for expecting an foods and foodstuffs, which constituted half increase in residential construction in 1939, our total exports during the years 1926-28, but at best it could do little to close the very were, over the last three years, in spite of large gap which still exists, in the case of liquidation of surplus wheat stocks, only 29 industries connected with the production and per cent of the reduced total; while non- installation of durable goods, between presferrous metal exports (including non-mone- ent levels of activity and those of ten years tary gold), rose from 7 per cent to 30 per cent ago. Whatever may be the basic causes of of the whole. It is possible that this change this situation (and it is common to many in the distribution of export income has in countries), it seems safe to say that, in the itself had appreciable repercussions upon the present state of international relationships, other components of our aggregate national broad recovery in the section of the economy income. to which I have referred is unlikely to be Changes in the volume and the character rapid. It, therefore, seems obvious that unemor distribution of national income have been ployment in its existing proportions cannot reflected on the import side of our balance of be regarded as entirely, or even chiefly, a international payments. Proportionally, mer- short-term problem. BALANCE SHEET OF THE BANK OF CANADA AS OF DECEMBER 31, 1938, AND DECEMBER 31, 1937 |Tn thousands of dollars] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Assets 1938 1937 Liabilities 1938 1937 Reserve—at market value: Capital: Gold coin and bullion 185, 912 179,764 Authorized, issued, and paid up: Silver bullion 2,993 100,000 Class A shares, par value $50 each__ 000 Sterling and U SA dollars 28, 354 14, 885 102,000 Class B shares, par value $50 each 100 Funds of other countries on a gold standard 2 0) 10 100 214, 268 197, 642 Subsidiarv coin 220 43 Authorized, 100,000 shares, par value $50 each 5000 Rest fund 1,903 1,348 Investments—at not exceeding market values: Notes in circulation 175,260 165, 330 Dominion and Provincial Government shortterm securities _ ___ __.___. 144,621 82, 344 Other Dominion and Provincial Government Deposits: securities 40, 895 91, 565 Dominion Government 17,783 12292 Other securities 12, 212 Chartered banks 200646 196040 Other 3086 3457 185, 516 186,121 Bank premises (land, buildings and equipment) at 221515 211 789 cost less amounts written off 1,648 1,168 Dividend declared—pavable Jan 3 85 228 Other assets ... _._._-_ 3,284 5,457 Other liabilities _ _. 1 1634 Total assets _-__._ 404, 936 390,430 Total liabilities 404936 390,430 i $382.08. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN MAY 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank T u re r a y s- Money Treas- T d r e e p a o s s u i r ts y Non- O F t e h d e - r reserve balances U.S. Gold cur- in cir- ury with mem- eral Date B d i i l s l - s b B ou il g ls ht m G er o e n n v - - t R O b e a s th e n r e k v r e Total stock s r t o e a u n n t c d - y - c t u io la n - h c in o a l g s d h s - R F b e e a d s n e e r k r v a s e l b p e o r s i d t e s - R co e a s u c e n - r t v s e Total E ( x es c t e i s - s counted securi- credit i ing mated) ties End of month figures: 1938-Feb. 28..__ 10 1 2,564 15 2,590 12,776 2,668 6,334 3,594 180 423 257 7,248 1,415 Mar. 31. 13 1 2,580 17 2,611 12,795 2,679 6,355 3,550 316 315 262 7,287 1,546 Apr. 3O..._ 9 1 2,564 21 2,594 12,869 2,690 6,397 2,195 1,320 355 263 7,623 *2,548 May 31___. 9 1 2,564 9 2,582 12,919 2,702 6,467 2,263 1,157 390 261 7,665 2,568 June 30 8 1 2,564 23 2,596 12, 963 2,713 6,461 2,303 860 363 261 8,024 2,875 July 31.— 7 1 2,564 18 2,689 13,017 2,721 6,452 2,348 721 384 257 8,164 3,022 Aug. 31 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 30— 8 1 2,563 29 2,600 13,760 2,739 6,622 2,810 853 356 260 8,198 2,869 Oct. 31 7 1 2,564 14 2,586 14,065 2,751 6,700 2,770 535 424 260 8,713 3,227 Nov. 30 7 1 2,564 13 2,584 14, 312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec. 31____ 4 1 2,564 33 2,601 14. 512 2,798 6,856 2,706 923 441 260 8,724 3, 205 1939—Jan. 31 5 1 2,574 28 2,607 14, 682 2,816 6,653 2,776 747 458 255 9,215 3,644 Feb. 28—_ 4 1 2,564 30 2,598 14, 874 2,824 6,731 2,740 1,148 488 254 8,936 3,387 Mar. 31— 4 1 2,564 18 2,587 15, 258 2,839 6,817 2,691 1,229 533 257 9,157 3,559 Wednesday figures: 1938—May 4 8 1 2,564 16 2,589 12,870 2,693 6,407 2,196 1,429 353 263 7,504 2,442 May 11— 8 1 2,564 16 2,589 12,880 2,695 6,396 2,215 1,361 370 262 7,560 2,483 May 18. 8 1 2,564 17 2,589 12,892 2,697 6,402 2,226 1,283 383 261 7,622 2,555 May 25.._- 9 1 2,564 10 2,583 12,905 2,701 6,393 2,248 1,183 387 261 7,716 2,632 June 1 8 1 2,564 20 2,593 12,918 2,703 6,469 2,254 1,093 393 260 7,745 2,640 June 8 9 1 2,564 9 2,682 12,940 2,703 6,437 2,277 1,005 399 261 7,848 2,711 June 15 9 1 2,664 24 2,598 12,950 2,707 6,420 2,289 935 438 267 7,904 2,72<J June 22 10 1 2,664 17 2,591 12,957 2,710 6,402 2,293 929 445 267 7,922 2,782 June 29 10 1 2,564 16 2,590 12,962 2,712 6,428 2,299 864 366 266 8,041 2,900 July 6 8 1 2,664 30 2,603 12,967 2,715 6,514 2,303 770 363 261 8,074 2,986 July 13.___ 9 1 2,564 22 2,596 12,979 2,716 6,444 2,315 628 372 261 8,273 3,153 July 20 8 1 2,564 13 2,585 12,989 2,717 6,433 2,321 724 353 259 8,202 3,039 July 27____ 7 1 2,664 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 2,92a Aug. 17.._. 7 1 2,564 16 2,587 13,052 2,724 6,485 2,386 802 349 256 8,085 2,927 Aug. 24 7 1 2,564 8 2,579 13,079 2,727 6,470 2,417 771 315 256 8,156 2,975 Aug. 31— 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 7 7 1 2,564 21 2,592 13, 237 2,729 6,579 2,579 561 317 254 8,269 3,034 Sept. 14— 7 1 2,564 25 2,596 13, 421 2,733 6,550 2,759 346 416 254 8,425 3,131 Sept. 21—. 8 1 2,564 23 2,596 13, 588 2,735 6,552 2,833 917 342 261 8,014 2,744 Sept. 28—. 9 1 2,564 24 2,597 13,714 2,738 6,574 2,816 864 337 261 8,197 2,889- Oct. 5 . _ 7 1 2,564 21 2,593 13,812 2,741 6,640 is, 809 770 346 261 8,321 3,019 Oct. 12. _„ 9 1 2,564 32 2,605 13, 869 2,744 6,667 2,812 703 376 260 8,400 3,045- Oct. 19 6 1 2,564 17 2,589 14,008 2,746 6,668 2,770 609 342 261 8,693 3,265 Oct. 26 7 1 2,564 8 2,580 14,051 2,749 6,654 2,767 584 374 261 8,740 3, 275 Nov. 2 8 1 2,564 9 2,582 14, 071 2,752 6,706 2,751 576 426 260 8,686 3,217 Nov. 9 8 1 2,564 -3 2,569 14,091 2,755 6,764 2,737 578 531 259 8,546 3,132 Nov. 16—_ 7 1 2,564 18 2,590 14,162 2,756 6,732 2,721 544 525 259 8,727 3, 262 Nov. 23_. . 7 1 2,564 16 2,587 14, 240 2,767 6,763 2,717 474 563 258 8,818 3,353 Nov. 30— 7 1 2,564 13 2,584 14, 312 2,773 6,787 2,689 484 574 259 8,876 3, 383 Dec. 7 6 1 2,564 20 2,591 14, 367 2,775 6,844 2,681 407 576 258 8,966 3,442' Dec. 14.. _. 7 1 2,564 29 2,600 14, 380 2,784 6,858 2,651 413 551 258 9,034 3, 476' Dec. 21..._ 8 1 2,564 84 2,656 14, 454 2,788 6,943 2,677 1,025 514 267 8,472 2,979 Dec. 28—. 7 1 2,564 39 2,610 14, 508 2,790 6,912 2,707 941 505 265 8,577 3,072 1939—Jan. 4 4 1 2,564 35 2,604 14, 565 2,800 6,839 2,725 891 436 258 8,819 3,298 Jan.11 5 1 2,564 23 2,592 14, 577 2,805 6,716 2,712 873 459 258 8,956 3, 43(v Jan. 18 4 1 2,564 18 2,588 14,615 2,810 6,666 2,726 800 435 256 9,130 3,559 Jan. 25 5 1 2,564 14 2,583 14, 640 2,812 6,623 2,754 767 470 256 9,166 3,597 Feb 1 _ _. 5 1 2,564 13 2,582 14, 694 2,817 6, 663 2,770 887 469 256 9,047 3,478 Feb. 8 7 1 2,564 12 2,584 14, 732 2,818 6,673 2,768 931 488 255 9,018 3,459 Feb. 15— 5 1 2,564 17 2, 587 14, 772 2,819 6,695 2,771 1,250 500 254 8,707 3,166 Feb. 21 4 1 2,564 23 2.592 14,818 2,821 6,708 2,752 1,181 495 254 8,841 3,29$ 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 r9, 077 3,443 Mar. 22.... 3 1 2,564 5 2,573 15, 075 2,834 6,758 2,743 1,222 511 258 8,989 3,364 Mar. 29____ 3 1 2,564 10 2,578 15,160 2, 837 6,765 2,722 1,201 505 257 9,125 3,519> Apr. 5 3 1 2,564 17 2,584 15, 292 2,838 6,855 2,712 1,103 470 257 9,318 3,708 Apr. 12 3 1 2,564 17 2,584 15, 430 2,842 6,835 2,707 1,015 515 256 9, 528 3,879 Apr. 19 3 1 2,564 23 2,591 15, 605 2,844 6,858 2,723 951 509 256 9,743 3,998r Revised. * Reserve requirements reduced by approximately 13M per cent effective April 16, 1938. 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. 360. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1939 FEDERAL RESERVE BULLETIN 399 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1939 1938 April 19 April 12 April 5 Mar.29 Mar.22 Mar.15 Mar.8 ' Mar Feb •Vlar ASSETS Gold certificates on hand and due from U. S. Treasury 1?876,718 ?,716, 71912, 572,718 4?3 718 12,317,721 ?,253 76?12,183,71912,543,719 ? 114,7?? 9 ?18 708 Redemption fund—F. R. notes 8,785 9,444 9,603 9,602 10,163 9,295 10,130 9,603 10, 260 9,874 Other cash _ 381,058 376, 246 360, 682 403,630 395, 551 403,401 415, 243 397,829 436,263 467,018 Total reserves 13,266, 56113,102,409 12, 943,00312,836,95012, 723, 43512,666,45812, 609,09212, 951,15112,561,245 9,689,600 Bills discounted: For member banks .. __ 2,835 3,063 2,552 3,322 3 439 3 457 3,345 4,060 4,201 13,300 For nonmember banks, etc - Total bills discounted 2,835 3,063 2,552 3,322 3439 3,457 3,345 4,060 4,201 13, 300 Bills bought: Payable in foreign currencies 560 561 561 561 554 554 553 561 553 550 Industrial advances _„ . 13, 478 13, 879 13894 14005 14091 14059 14 12? 14015 14,606 17,176 U. S. Government securities: Bonds _ _ 911,090 911,090 911090 911 090 911090 911090 840, 893 911090 840, 893 749,093 Treasury notes 1 176,109 1176,109 1,176 109 1 176 109 1,176.109 1145269 1,215 466 1,176 109 1215, 466 1165,691 Treasury bills 476, 816 476, 816 476,816 476,816 476 816 507 656 507 656 476 816 507,656 665,004 Total U. S. Government securities ? 564,015 2. 564.015 2,564 015 ? 564015 2,564 015 ? 564015 2,564 015 2,564 015 ? 564015 579788 Other Reserve bank credit 9,687 2,819 3 229 -4 383 -9 178 12783 -17,241 4 221 14,513 156 Total Reserve bank credit outstanding 2,590, 575 2 584,337 2,584 251 2 577 520 2, 572, 921 2 594868 2,564 794 2,586 872 2 597888 2610, 658 LIABILITIES F. R. notes in actual circulation 4 417, 822 4 394, 453 4,398 430 4 345 363 4,335,416 4 335 313 4,343 566 4, 380,080 4 353 291 4 142 186 Deposits: Member bank—reserve account.._ 9 742, 839 9 527, 804 9,317 830 9 124,860 8,989,181 9077, 284 8,984 989 9,156, 698 8 935, 923 7286 524 U. S. Treasurer—general account._ 950, 876 1015, 034 1,102 897 1201, 387 1,222,206 1058, 714 1,101 562 1, 228, 940 1 147, 566 315 714 Foreign bank 222, 716 267, 432 232 416 242, 286 234 761 269. 292 255 935 294. 304 245, 647 961 Other deposits 285, 975 247,116 237807 262, 461 276,336 282,759 254 113 239042 241976 193 159 Total deposits 11202, 40611057, 38610,890 95010830 99410, 722,484 10, 688,049 10, 59659910, 918, 98410,571 112 7917358 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 84.9 84.8 84. 7 :84.6 84.5 84.3 84.4 84." 84. L 80.3 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a t y o s 60 61 d a to y s 90 9 m 1 t o o d n a t 6 h ys 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 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Mar. 22 . . 3,439 2,399 222 228 265 301 24 Mar. 29 3,322 2,368 165 187 233 328 41 Apr. 5 2,552 1,549 166 251 246 301 39 Apr. 12 3,063 2,007 104 295 301 318 38 Apr. 19 2,835 1,561 286 363 265 319 41 Bills bought in open market: Mar. 22 554 97 128 59 270 Mar. 29 561 69 83 335 74 Apr. 5 561 151 69 267 74 Apr. 12 561 83 129 206 143 Apr. 19 560 129 203 159 69 Industrial advances: Mar. 22 14, 091 2,410 233 280 232 1,986 4,744 2^162 2,044 Mar. 29 14, 005 2, 405 160 267 229 2,026 4, 718 2,266 1,934 Apr. 5 13,894 2,359 182 200 721 1,870 4,594 2,077 1,891 Apr. 12 13,879 2,358 174 204 721 2,109 4,604 1,817 1,892 Apr. 19 13, 478 2,044 109 249 704 2,176 4,583 1, 729 1,884 U. S. Government securities: Mar. 22 2, 564, 015 52, 010 26,500 179, 703 181, 733 107,336 259,116 349, 978 577. 294 830, 345 Mar. 29 2,564,015 72, 518 185,125 167,163 122,476 259,116 349, 978 577, 294 830,345 Apr. 5 2, 564,015 26, 500 89, 348 192,168 158, 680 80, 586 259,116 349,978 577, 294 830, 345 Apr. 12 2, 564, 015 72, 518 91, 685 186,113 121, 500 75, 466 259,116 349, 978 577, 294 830,345 Apr. 19 2, 564, 015 85, 848 84,355 153,613 123, 000 100, 466 259,116 349, 978 577, 294 830, 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN MAY 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- 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: Mar. 22 12, 317, 72 748, 3515, 564,848 609, 036 830, 297343, 774267, 8842,140, 42,321,578 245i,, 679304, 224 215i,,037 726, 588 Mar. 29 12,423,71* 744,1055, 678, 286607, 028 828, 372342, 838259, 3962,145, 740319, 675243, 980298, 807213, 371 742,120 Apr. 5 12, 572, 735, 7585, 880, 406614, 297 837, 714353, 91 271, 2,070, 815307, 890238, 557301,092210, 861 749, 426 Apr. 12 12, 716, 719 750, 6895, 927, 382620, 703 849, 730351,102277, 0652,109, 512317, 248237,157307, 508210, 288 758, 335 Apr. 19 12,876, 718 740,7316,145, 223622, 996 825, 545323, 94' 264, 4022,117,""" 311, 736213, 760300, 203200,030 810,261 Redemption fund—Federal Reserve notes: Mar. 22 10,163 996 1,853 734 824 766 322 996 726 500 363 618 1,465 Mar. 29 9,602 970 1,745 691 789 512 303 957 718 494 356 612 1, 455 Apr. 5 9,603 970 1,745 691 789 512 304 957 718 49' 356 612 1,455 Apr. 12 9,444 905 1, 503 606 693 1,138 260 828 483 335 590 1,411 Apr. 19 871 1,376 558 648 833 240 788 477 326 585 1,400 Other cash: Mar. 22 395, 551 31,066 109,91 31,226 26, 283 21, 259 21, 925 54, 200 16,168 8,978 20,084 16, 472 37, 973 Mar. 29 403,630 31,384 109, 010 32, 301 27, 210 19, 516 21, 641 58,014 17, 62' 9,272 19, 426 18,371 39, 858 Apr. 5 360, 682 28, 781 97, 523 27, 236 26,077 18, 967 17, 806 48, 818 15, 86. 8,727 18, 312 17, 509 35,061 Apr. 12.. 376, 246 30, 243 101, 434 29, 854 26, 368 19, 58£ 20, 596 51, 920 16, 632 9,296 17, 395 18, 542 34, 381 Apr. 19 381, 058 28, 723 98, 812 31, 570 26,159 23, 518 23,181 50, 645 16, 809 9,135 19, 255 17, 615 35, 636 Total reserves: Mar. 22 12, 723, 43^ 780, 4135, 676. 618 640, 857, 404365, 799290, 131 , 195, 621338, 472255, 157324, 671232,12' 766, 026 Mar. 29 12, 836, 950 776, 4595, 789, 041640, 020 856, 371362, 866281,340 , 204, 711338, 020253, 746318, 589232, 354 783, 433 Apr. 5 12, 943, 003 765, 5095, 979, 674642, 224 864, 580373, 393290, 098 , 120, 590324, 473247, 778319, 760228, 982 785, 942 Apr. 12 13,102,409 781, 83'6, 030, 319651,163 876, 791371, 825297, 921 , 162, 260334, 572246, 936325, 238229, 420 794,127 Apr. 19 13, 266, 561 770,3256,245,411 655,124 852, 352348, 295287,823 , 169, 320329, 228223, 372319, 784218, 230 847, 297 Bills discounted: Secured by U. S. Government obligations,direct or fully guaranteed: Mar. 22 1.871 1 229 210 26 49 101 55 Mar. 29 1, 834 1,029 155 26 49 101 68 Apr. 5 1,062 395 165 21 49 102 53 Apr. 12 1, 537 476 179 31 459 107 Apr. 19 1, 228 47 223 141 34 79 Other bills discounted: Mar. 22 1,568 102 133 66 50 140 109 100 336 201 Mar. 29 1,488 42 81 25 49 169 101 100 384 271 192 Apr. 5 1, 490 56 90 49 169 63 20 100 369 322 192 Apr. 12 1, 526 61 120 55 140 56 40 100 367 303 227 Apr. 19 1, 606 71 120 60 150 1 39 85 390 303 304 Total bills discounted: Mar. 22 3,439 184 1,362 276 190 109 74 100 385 356 256 Mar. 29 3,322 319 1,110 180 75 229 101 72 100 433 372 260 Apr. 5 2, 552 193 485 165 70 239 63 70 100 418 424 245 Apr. 12 3,063 178 596 179 86 210 56 90 100 826 410 255 Apr. 19 2, 83f 158 597 223 201 225 1 104 85 424 332 Bills bought in open market: Mar. 22 554 42 216 56 51 24 19 70 16 16 40 Mar. 29 561 42 223 56 51 24 19 70 16 16 40 Apr. 5 561 42 218 57 52 24 20 71 16 16 41 Apr. 12 561 42 218 57 52 24 20 71 16 16 41 Apr. 19 560 42 217 57 52 24 20 71 16 16 41 Industrial advances: Mar. 22 14,091 1, 865 3, 834 2,888 396 1,189 820 459 857 215 617 945 Mar. 29 14, 005 1,797 3,834 2,882 385 1,189 819 459 85' 215 617 945 Apr. 5 13, 894 1, 795 3,830 2,802 361 1,184 818 458 855 215 617 953 Apr. 12 13, 879 1,797 3, 82!' 2,799 361 1,177 818 458 851 215 616 953 Apr. 19 13, 478 1,785 3,473 2,784 359 1,176 81' 458 843 214 612 952 U.S. Government securities: Bonds: Mar. 22 911,090 66, 806 257, 500 73,149 91, 650 47, 446 42, 073 99, 779 42, 577 ;,588 46, 939 37, 815 76, 768 Mar. 29 911,090 66,1 257, 500 73,149 91, 650 47, 446 42, 073 99, 779 42, 577 .,588 46, 939 37, 815 76, 768 Apr. 5 911, 090 67, 984 256, 538 73, 522 90, 042 47, 696 41, 639 102,026 44,123 27, 660 46, 954 36, 346 76, 830 Apr. 12 911,090 67, 984 256, 538 73, 522 90, 042 47, 696 41, 369 102,026 44,123 27, 660 46, 954 36, 346 76, 830 Apr. 19 911, 090 67, 984 256, 538 73, 522 90,042 47, 696 41, 369 102, 026 44,123 27, 660 46, 954 36, 346 76, 830 Treasury notes: Mar. 22 1,176,109 86, 238 332, 401 94, 427 118, 310 61, 247 54, 312 128, 802 54, 962 36, 906 60, 592 48, 813 99, 099 Mar. 29 1,176,109 86, 238 332, 401 94, 427 118,310 61, 247 54, 312 128, 802 54, 962 36, 906 60, 592 48, 813 99, 099 Apr. 5 1,176,109 87, 759 331,160 94, 907 116,233 61, 570 53, 403 131,706 56, 958 35, 708 ),613 i,916 99,176 Apr. 12 1,176,109 87, 759 331,160 94, 90: 116,233 61, 570 53, 403 131, 706 56, 958 35, 708 60, 613 46, 916 99,176 Apr 19 1,176,109 87, 759 331,160 94, 907 116, 233 61, 570 53, 403 131, 706 56, 958 35, 708 60,613 i,916 99,176 Treasury bills: Mar. 22 476, 816 34, 962 134,762 38, 283 47, 964 24, 831 22, 019 52, 219 22,283 14, 961 24, 566 19, 790 40,176 Mar. 29 476, 816 34, 962 134, 762 38, 283 47, 964 24, 831 22, 019 52, 219 22,283 14, 961 24, 566 19, 790 40,176 Apr. 5 476, 816 35, 579 134, 259 38, 478 47,123 24, 961 21, 650 53, 395 23, 092 14, 476 24, 573 19, 021 40, 209 Apr. 12 476, 816 35, 579 134, 259 38, 478 47,123 24, 961 21, 650 53,395 23, 092 14, 47" 24, 573 19,021 40, 209 Apr. 19 476, 816 35, 579 134, 259 38, 478 47,123 24, 961 21, 650 53, 395 23, 092 14, 476 24, 573 19, 021 40, 209 Total U. S. Government securities: Mar. 22 2, 564, 015 188,006 724, ( i,859 257, 924 33, 524 18, 404 280, 800 19,822 1,455 32,097 06, 418 216,043 Mar. 29 2, 564, 015 188, 006 724, 663 205i,,859 257, 924 33, 524 18, 404 280, 80019, 822 1,455 32, 097.06, 418 216, 043 Apr. 5 2, 564, 015 191, 322 721, 957 206i,,907 253, 398 34, 227 16, 422 287,127 .24,173 77, 844 32,140 L02, 283 216,215 Apr. 12 2, 564, 015 191, 322 721, 957 206i,,907 253, 398 34, 227 16, 422 287,127 24,173 77, 844 .32,140 02, 283 216,215 Apr. 19 2, 564,015 191, 322 721, 957 206»,,907 253, 398.34, 227 16, 422 287,127 24,173 77, 844 32,140 02, 283 216, 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

401 MAY 1939 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- At- Chicago St. neap- sas Dallas Franton York phia land mond lanta Louis olis City ASSETS—Continued Total bills and securities: Mar. 22 2, 582,099 190,097 730, 075 209, 079 258, 447134,927119,352 281, 403119,930 81, 385132, 713107, 407 217, 284 Mar. 29 2, 581, 903 190,164 729, 830 208, 977 258, 435 134, 966119,343 281, 401119, 93081, 385 132, 761107, 423 217, 288 Apr. 5 . 2, 581, 022 193, 352 726,490 209, ~" 253, 881135, 674117, 323 287, 726124, 281 78, 781 1"3"2, 789 103, 340 217, 454 Apr. 12 2, 581, 518 193, 339 726, 600 209, 253, 897135, 638 11"73!1 287, 746124, 280 78, 7741'"3 3,"1~9 7103,325 217, 464 Apr. 19 2, 580, T "' 193, 307 726,: 254, 010135, 652 117, 276 287, 760124, 26578, 776132, 794103, 293 217, 540 Due from foreign banks: Mar. 22. 168 12 21 3 12 Mar. 29 161 12 21 3 12 Apr. 5____ 161 12 20 2 12 Apr. 12 161 12 20 2 12 Apr. 19 162 12 20 2 11 Federal Reserve notes of other banks: Mar. 22___ 19, 444 527 2,782 1,195 979 2,118 3,609 2,188 1,37 518 2,415 Mar. 29 19, 498 542 3,069 909 1,360 1,516 2,570 3,113 1,914 1,191 1,460 508 1,346 Apr. 5 18, 868 525 2,528 764 983 1,496 2,334 2, 859 2,019 1,452 1,812 544 1,552 Apr. 12 21, 334 607 3,274 1,120 1,256 1,549 2,516 3,416 1,826 978 2,015 479 2,298 Apr. 19 19, 613 710 3, r • • 860 1,194 1,753 1,805 3,332 1,543 1,133 1,289 575 1,773 Uncollected items: Mar. 22 _ 592, 833 56, 281 143, 969 44, 995 66, 282 52,004 25, 514 78, 746 26, 280 14,754 28, 070 24, 810 31,128 Mar. 29._ 581, 828 55, 997 156, 060 49, 973 64, 975 47, 991 20, 242 76,022 26, 475 14, 044 26, 570 19, 601 23, 878 Apr. 5 577,00" 56, 440 141, 831 44, 845 60, 790 46, 966 22, 732 85, 264 26, 928 14, 549 28, 842 21,173 26, 647 Apr. 12_.._ 648, 928 63,178 155, 499 48, 087 77, 871 51, 58424, 391 94, 910 30, 426 16, 528 30, 395 24, 563 31, 496 Apr. 19 672, 694 61, 281 177, 061 52, 225 74, 64753, 893 24, 748 89, 202 31,027 16, 701 33, 836 25, 849 32, 224 Bank premises: Mar. 22.. 42, 723 2,936 9,005 4, 678 5,992 2,608 2,06' 3,945 2,284 1,517 3,222 1,252 3,217 Mar. 29. 42, 682 2,931 9,005 4,' 5,t 2,602 2,066 3,936 2,283 1,517 3,222 1,255 3,217 Apr. 5 42, 642 2,931 8,988 4,667 5,t 2,602 2,066 3,936 2,280 1,517 3,209 1,249 3,217 Apr. 12 42, 640 2,931 8,988 4,667 5, £ 2,602 2,066 3,936 2,2: 1,515 3,209 1,250 3,217 Apr. 19 42, 633 2,931 8,988 4,667 5,£ 2,602 2,065 3,936 2,280 1,515 3,209 1,250 3,209 Other assets: Mar. 22. 47, 384 3,058 13,143 4,227 5,413 3,047 2,139 4,668 2,00' 1,50: 2,219 1,871 4,085 Mar. 29 48,130 3,091 13, 481 4,252 5, 445 3,123 2,166 4,763 2,040 1,518 2,249 1,887 4,115 Apr. 5 48, 733 3,185 13, 516 4,316 5,456 3,156 2,179 4,905 2,147 1,514 2,292 1,864 4,203 Apr. 12.. 50, 162 3,235 13, 849 5,016 5, 510 3,225 2,210 4,956 2,174 1,523 2,331 1,860 4,273 Apr. 19 49,104 3,162 13, 976 4,311 5,433 3,158 2,181 4,911 2,137 1,505 2,289 1,843 4,198 Total assets: Mar. 22 16,008, 0861, 033, 324 >6,. 575, 659404, 8701,194, 19, 371441, 3272, 568, 013 491, 164 355,181492, 276 367, 9901, 024,167 Mar. 29 _ 16, 111, 1521, 029, », 700, 541 910,8 ,8161.192, 582 51533,^ 071427, 7332,573,96r 490,665 353, •4"03 484, 856 363, 0313,033, 289 Apr. 5 16,211,436 1, 021, 954 »6,, 873, 087 9067,631, 191, 685 563, 294 436,'3'2, 505,300 448822,,130 345, 593 488, 709 357,1571, 039, 027 Apr. 12__ 16, 447, 1521,045,139 66, 938, 589 921,00,111,221,320566, 430 446, 425 "!2,, 557, 244449955,, 559 346, 256 496, 390 360, 9012, 052, 887 Apr. 19 16, 631, 6551,031,728 ', 175, 388 79,2177,41.193, 632 545, 360 435, 903 !2,. 558, 484190,482323,004 493, 206 351, 0451, 106, 252 LIABILITIES Federal Reserve notes in actual circulation: Mar. 22 4, 335, 416 376, 0091, 001, 652 312, 196 418, 422194, 814147, 839 980, 228178, 967 134, 468168, 439 76, 568 345, 814 Mar. 29 4, 345, 363 376, 4491, 017, 788 312, 135 415, 951194, 663147, 718 979, 674178, 940 134, 235168, 027 75, 697 344, 086 Apr. 5___ 4, 398, 430 379, 3731, 042,110 313, 950 419, 185195, 972149,192 987, 433179, 567135,927169, 707 76, 789 349, 225 Apr. 12 ... 4, 394, 453 378, 8181, 046, 244 314, 050 418, 354195, 571148, 412 985, 255179, 393135, 523168, 746 75, 984 348,103 Apr. 19 4, 417, 822 379,862 1,072,573 312,!, 642 416, 892 193i,, 586148, 851 987, 567179, 221135,173 1"618,,509 76, 049 346, 897 Deposits: Member bank—reserve account: Mar. 22 8, 989, 187 437',, 288: ,4. 825, 440 4.21, 430 505,131237, 785188, 337 1, 116, 829 194, 875 122, 536 235, 213705, 903 537, 397 Mar. 29 9, 124, 860 432, 820 4[,, 921, 364313, 029 509, 929 i,302189, 203 1,144, 515 195, 743 123, 680 230, 931581, 050 547, 291 Apr. 5 9, 317, 830 429, 6515, 073, 8'424, 882 510, 899253,"" 191, 296 1,155, 616 193, 608 121, 077 232, 761081, 233 549, 132 Apr. 12 9, 527, 804 450, 6615, 102, 803 44"0i,; 247 526, 13' 254, 359195, 405 1, 243, 540 207, 685 124, 489 234, 651084, 556 563,272 Apr. 19 9, 742, 839 460,110 5", "2"877,,267458, 406 529, 62' 241, 473186, 417 1, 297, 551 210, 789 108, 867 226, 561708, 830 556, 942 U.S. Treasurer—general account: Mar. 22 1, 222, 206 115,025 194, 819 75,186 143,326 49, 201 50, 061 311, 339 67, 035 62, 41240, 944 65,186 47, 672 Mar. 29 1, 201, 387 116,343 200, 92473, 914 138, 91649, 05240, 531 292, 050 68, 041 60, 00241, 320 62, 848 57, 446 Apr. 5 1, 102, 897 108, 644 246, 57564, 559 136, 72841, 27643, 637 201, 409 59, 464 53, 55838, 695 55, 018 53, 334 Apr. 12 1,015.034 102, 231 242, 205 55, 350 134,035 38, 509 46, 645 151, 59153,246 48,141 42, 775 52,392 47, 914 Apr. 19 950, 876 82, 596 234, 971 44, 405 115, 60930, 56346, 640 105, 80246,087 41, 545 46, 383 45, 916 110,359 Foreign bank: Mar. 22 234,761 16,879 84,027 22, 739 21, 801 10,080 8,205 28, 365 6,798 5, 392 6,798 6,798 16, 879 Mar. 29 242, 286 17,452 86,434 23, 511 22, 542 10, 422 8,483 29,328 7,029 5,575 7,029 7,029 17, 452 Apr. 5 232,416 16, 700 83, 279 22, 498 21, 570 9,973 8,118 28,065 6,726 5,335 6,726 6,726 16, 700 Apr. 12 267, 432 19, 290 95,158 25, 988 24, 917 11,521 9,377 32,419 7,770 6,162 7,770 7,770 19, 290 Apr. 19 222, 716 15, 955 80, 232 21, 494 20, 608 9,528 7,756 26, 813 6,426 5, 097 6,426 6,426 15, 955 Other deposits: Mar. 22 276, 336 6,490 207, 095 4,932 7,916 2,371 9,535 5,945 4,599 6,550 797 3,871 16, 235 Mar. 29 262,461 5,797 195, 329 4,914 2,166 9,343 5,526 4,430 6,379 747 3,556 16, 286 Apr. 5 237, 807 6,900 171, 323 4,877 8', 333 1,886 9,971 3,001 4,815 6,254 773 2,857 16, 817 Apr. 12 247,116 7,161 182,057 5,083 8,053 1,7/7 10, 221 2,440 4,879 6,379 727 2,433 15,906 Apr. 19 285, 975 7,596 213, 006 6,249 9,037 2,336 10, 252 5,083 5,060 6, 330 1,037 2,809 17,180 Total deposits: Mar. 22 10, 722,484 575, 6825,311,381515, 287 678,174 299, 437 256i., 1381, 462, 478 273, 30: 196, 890 283, 769 251, 758 618,183 Mar. 29 10, 830, 994 572, 4125, 404,050 515i,, i368 679,375 296,942247, 5601, 471, 419 275, 243 1•9"-5 , 636 280,031254,483 638, 475 Apr. 5 10,890, 950 561, 8955, 575, 054 516, 816 677, 530 306, 934 25;3,^ 0221,388,091 2•6•4", 613 186, 224 278, 954 245, 834 635, 983 Apr. 12 11,057,386 579, 3435, 622,2 2223c 526,668 693,142 306,166 261,6481, 429, 990 2733,, 580185,171285,922 247,151 646, 382 Apr. 19 11,202,406 566, 2575,815,476 530, 554 674, 881283, 900 251, 0651, 435, 249 26188,, 362161,8"3"9 280,406 233, 981 700, 436 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN MAY 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: Mar. 22 602,179 57, 512 142, 208 44, 924 65, 353 50, 263 24, 689 80, 436 28, 352 14, 627 29, 869 35, 340 Mar. 29 586, 372 56,189 158,167 48, 825 64, 434 46, 586 19, 765 77, 937 25, 912 14, 322 26, 566 21, 765 25, 904 Apr. 5 573, 939 56, 416 135, 71343, 523 62,163 45, 536 21, 840 84, 906 27, 398 14, 232 29, 833 23, 420 28, 959 Apr. 12 646, 270 62, 829 149, 786 46, 124 76, 969 49, 814 23, 666 97, 067 32, 015 16, 344 31, 488 26, 678 33, 490 Apr. 19 663,169 61, 447 166, 992 51, 474 69, 015 53,012 23, 296 90, 740 32, 347 16, 7f 34,081 29, 941 34,038 Other liabilities including accrued dividends: Mar. 22 3,665 324 1,340 294 301 92 149 393 100 140 264 172 Mar. 29 3,929 355 1, 454 310 319 100 156 421 109 143 270 102 190 Apr. 5 4,017 491 1,274 323 348 106 161 422 114 147 278 158 195 Apr. 12 363 1,411 980 365 112 163 438 118 156 275 113 192 Apr. 19 4^ 153 376 1,424 350 381 11 168 454 123 160 278 117 205 Total liabilities: Mar. 22 15, 663, 7441, 009, 456, 581872, 701 162,250 544, 606 428, 815 2, 523, 535 480, 726 346, 124582, 341357, 028 999, 509 Mar. 29 15, 766, 6581, 005;,, 405 568,1.,, 45"97 68,; 638 160, 079 538, 291415, 199 2, 529, 451 4802,04 344, 336 474, 894 352, 0471,008, 655 Apr. 5 15, 867, 336 998,1 75 6.,7 54,,151 874, 612 159, 226 548, 548 '4"2"4 ," '2"1 52, 460, 852 471, 692 33563,0 478, 772 346»,,2 0"11, 014, 362 Apr. 12 16,102, 7951,021, 353 6,8 81199,, 664 88,7, 822 1188,830 551 6"6"3" 433, 889 2, 512, 750 485,106 337,194486, 431349, 992216" 1, 028,167 Apr. 19 16, 287, 5501,007',, 942 075,6, 465 895, 020 161,169 530',615 423, 380 2, 514, 010 4800,53 313, 958 483, 274 340, 088 1, 081, 576 CAPITAL ACCOUNTS Capital paid in: Mar. 22 135,006 9,405 50, 989 12,046 13, 687 5,075 4,51 13, 622 3,968 2,912 4,241 4,007 10, 537 Mar. 29 135, 031 9,405 50, 990 12, 048 13, 682 5,075 4,517 13, 651 3,966 2,912 4,241 4,007 10, 537 Apr. 5 134, 9,405 50,: 12, 048 13, 682 5,075 4,516 13, 646 3,970 2,912 4,241 4,007 10, 537 Apr. 12 134, 956 9,405 50, 888 12, 049 13, 682 5,075 4,516 13, 646 3,970 2,912 4,241 4,011 10, 561 Apr. 19 134, 971 9,405 50, 895 12, 049 13, 683 5,075 4,516 13, 649 3,970 2,912 4,245 4,011 10, 561 Surplus (section 7): Mar. 22 . ... 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. 29 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4, 685 3,153 3,613 3,892 9,965 Apr. 5 149,152 10, 083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Apr. 12 149,152 10, 083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4, 685 3,153 3,613 3,892 9, 965 Apr. 19 149,152 10,083 52, 463 13, 696 14, 323 4,1 5,630 22, 666 4, 685 3,153 3,613 3,892 9,965 Surplus (section 13b): Mar. 22 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. 29 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1, r" " 2,121 Apr. 5 27, 264 2,874 7, 45' 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2, 121 Apr. 12 27, 264 2,874 7,457 4, 416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Apr. 19 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,:' 2,121 Other capital accounts: Mar. 22___ 32, 920 1,435 8,164 2,011 3,482 1,414 1,652 6,761 1,240 1,990 939 1,797 2,035 Mar. 29 33, 047 1,429 8,172 2,018 3,491 1,429 1,674 6,770 1,265 2,001 966 1,821 2,011 Apr. 5 32, 758 1,41' 8,129 1,991 3,447 1,395 1, 663 6,707 1,238 1,997 941 1,791 2,042 Apr. 12 32, 985 1,424 8,117 2,028 3,478 1,416 1,6: 6, 753 1, 253 1,996 963 1, 807 2,073 Apr. 19 32, 718 1,424 8,108 1,993 3,450 1,394 1,664 6,727 1,229 1,' " 1,788 2,029 Total liabilities and capital accounts: Mar. 22 1, 033i,, 324 6,, 575, 654 T0 1, 194, 749559, 371441, 3272, 568, 013 491, 163455, 181492, 276367, 9901, 024, 167 Mar. 29 111, 1521, 029,196 6,700,541908, 8161, 192, 582 553; 071 427, 733 2, 573, 967 490, 665 353, 40:3, 4 8845,3663, 0331, 033, 289 Apr. 5 211, 4361, 021, 954 6, "87'33!,087906, 7631,191, 685 563, 294 436, 737 !2,, 550055,, 3 30000 4. 284,281,23 ,"0~3 4"5, 593 4"8 8',~ 7~09357,1571, 039, 027 Apr. 12 447,1521, 045,139 6, 938^ 589 "9"2"01|,0111, 221, 320 566, 430 446, 42!5 ,2 ,5 5575,7, 244i ,459559,346, 256 496, 390 360, 9021, 052, 887 Apr. 19 631, 6551, 031, 728 7,175, 388 92!r7,1741,193, 632 545, 360 435, 9032, 558, 481490, 482323, 004 493, 206 351, 0451, 106, 252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

403 MAY 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO APRIL 19, 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- Date ( e la a s c t h W m e o d n n th es ) day of N r u ec m A e p b iv p e e l r n i d c e a t t A t o i o m d n a o s t u e n , t Nu o d s t ( e m o w u u e r t s i b s y t t c e h r i o r a n a t l o d n C A i d o ti m m o A w d n o m d a s i u t v t ) i h n e i 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 e n d e n t r i k r - c v n a e e g l s ' s c R F t o m a b e e o m n a d s e u e d n e n m t r i k r - t v n a i s t e g l - A b p p l u c p e o t t r m e o n d v o - e t i d d e o R r x a r a c e p e p w a w p t p i c n r a n i . l e t t i i , h d d - b - , , y s i t F n p p a t g a u a i n o n t r t d u i i t i a o n i i o t n n c - n s n c i g t s - i - 2 - 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. 313_. 7,615 306, 708 2,176 132,460 1,993 124,493 32,493 27, 649 11, 548 44,025 8,778 1936-June 24._. 8,158 331, 391 2,394 142,811 2,183 133,343 30,487 24, 454 9,381 61,422 7,599 Dec. 30._. 8,379 342,699 2,500 149, 204 2,280 139,829 25, 533 20,959 8,226 77,903 7,208 1937—Mar. 31__. 8,483 346,911 2,543 150, 561 2,323 141, 545 23,054 18, 611 7,898 85, 215 6,767 June 30... 8,546 351, 420 2,587 154,960 2,361 145, 758 23,014 16, 331 1,470 97,668 7,275 Sept. 29... 8,593 354,426 2,610 155,902 2,381 146, 724 21, 395 14, 880 537 102,608 7,304 Dec. 29. _. 8,677 363, 292 2,640 158, 743 2,406 150, 987 20,200 12,780 3,369 107,400 7,238 1938-Jan. 26.... 8,711 364, 487 2,660 159,370 2,419 151, 587 19,861 13, 388 1,563 109,002 7,773 Feb. 23... 8,766 367, 754 2,683 160, 603 2,433 152, 543 19,659 13,078 2,059 109,992 7,755 Mar. 30... 8,906 373,519 2,717 162,648 2,464 154,918 19, 366 13,110 3,419 111, 198 7,825 Apr. 27... 9,012 377,778 2,760 165,921 2,497 156,933 19, 357 12, 735 3,957 113,126 7,758 May 25.. 9,096 380, 648 2,813 167,695 2,536 158,962 18, 583 13, 260 3,522 115, 628 7,969 June 29... 9,152 383, 535 2,836 168,894 2,566 161,158 18,439 13,649 3,084 117, 560 8,426 July 27__. 9,182 388,350 2,861 173, 759 2,592 166,498 18,189 13, 731 6,703 119, 391 8,484 Aug. 31.. 9,226 390,783 2,884 174, 544 2,606 166,835 17, 784 13, 543 5,203 121,291 9,014 Sept. 28 . 9,262 393, 532 2,897 176,006 2,617 168,380 17, 562 13, 597 5,737 122, 452 9,032 Oct. 26-. 9,292 396, 209 2,909 180,060 2,628 172, 738 17, 233 14, 541 7,811 123, 723 9,430 Nov. 30- 9,320 397, 759 2,931 181,144 2,644 174, 091 17, 391 14, 328 3,085 126,844 12,443 Dec. 28 ._ 9,336 398, 898 2,940 181, 956 2,653 175,013 17, 250 14,161 1,946 128, 934 12, 722 1939—Jan. 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. 29 .. 9,391 402,800 2,971 184, 757 2,683 177, 895 15, 798 12, 647 1,975 135,004 12,471 Apr. 19 *__ 9,408 403, 848 2,984 185, 626 2,694 178, 560 15, 852 11,659 2,354 136, 553 12,142 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,752,496 on April 19, 1939. 3 Tuesday. 4 April 26 not yet available. 5 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 April 19, 1939, there were 25 applications amounting to $1,756,400 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 t o o s n - Y N o e r w k P p d h h e i l l i - a a- C la le n v d e- m Ri o c n h d - l A a t n - t a ] C h c i ag - o Lo S u t. is n M o e l a i i n p s - - K C s a i a n t s - y Dallas F c S r is a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Mar. 22 4, G31, 875395, 098 096, 841 326, 542 438, 448 205, 845 159, 6212, 0115,39' 194,111138,125176, 26883, 739 401,,839 Mar. 29 4, 631, 078396, 711 102, 202 324, 545 436, 780 205, 548 159, 4912, 0117,32! 145138,104176, 233 83,054 397',,«936 A A A p p p r r r . . . 5 1 1 2 9 4 4 , , 6 6 7 7 8 2 6 5 3 , , , 2 9 4 8 9 0 4 3 1 3 3 1 9 9 0 7 7 3 , , , 8 3 2 9 8 1 8 1 4 1 1 1 3 4 7 7 1 8 , , , 5 0 4 6 8 2 6 5 9 3 3 3 32 3 3 28 1 8 2 , , , , 9 3 9 8 2 6 8 24 2 1 4 4 4 4 3 3 3 6 6 5 , , , 1 8 9 6 0 0 7 3 9 2 2 0 2 0 6 0 5 , 4 , , 2 1 2 6 6 2 0 7 1 1 1 6 1 6 1 5 1 , 8 , , 7 3 2 9 3 7 2 2 1 1 2 1 , , , 1 0 0 1 0 2 1 1 0 9 9 , , , 3 7 1 6 5 3 2 98 1 1 9 9 1 3 4 9! , , 2 ,! 1 3 1 2 4 3 6 42 1 1 1 3 3 3 9 9 9 , , , ' 6 0 0 4 4 4 1 1 ' 7 7 " 6 7 \ , , 3 1 4 8 3 4 7 2 3 8 8 8 2 2 3 , , , 6 9 2 6 1 8 0 9 1 3 3 3 9 9 9 5 7 8 , , , 8 9 6 6 0 9 4 1 6 Held by Federal Reserve bank: Mar. 22 • 296, 459 19, 089 95,189 14, 346 20, 026 11,031 11, 783 35, 169 15,144 3,657 7,829 7,171 56, 025 Mar. 29 285, 715 20,262 84,414 12,410 20, 829 10,885 11, 774 37, 654 14, 205 3,869 8,206 7,357 53, 850 Apr. 5 277, 869 18, 008 94, 975 18,931 16, 724 8,629 9,730 32, 880 13, 759 3,677 7,425 6,492 46, 639 Apr. 12 290, 950 19, 080 95, 322 17,312 17, 813 10, 651 13,315 34, 343 13, 049 3,945 8,641 6,676 50, 803 Apr. 19 306, 019 23, 352 105, 856 16, 282 19,911 11, 581 12, 481 32,195 14, 892 3,871 7,934 6,870 50, 794 In actual circulation: 1 Mar. 22 4. 335, 416 7367,6, 009, 0101,652312,196 418, 422194, 814147, 839 980,228178, 967134, 468168, 439 76, 568345, 814 Mar. 29 4,345,363 37'6i, 4491,017,788 312,135 415•.,951194, 663147, 718 979, 674178,' 235168,027 75, ~ ' 1,086 Apr. 5 4, 398, 430379, 3731,042,110 313, 9'5"0" 419,185195, 972149, 192 987, 433179, 567135; 927169, 707 76, 789349, 225 Apr. 12 4, 394, 453378, 8181, 046, 244 314.050 418, 354195, 571148, 412 985, 255179, 393135,523 16"8 '\, 74675, 984348,103 Apr. 19 4, 417, 822379, 8621,072,573 312,642' 416, 892193, 586148, 851 987, 567179, 221135,173168, 509 76, 049346, 897 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Mar. 22 4, 764, 500 420,000 1,105, 000 345,000 439, 500 210i,,000169, 0001, 035,000196,000143, 500180,000 87, 500 434, 000 Mar. 29 4,774,500 420,000• 1",•1"15,000 345,000 439, 500 210,000169,0001, 035,000196,000143, 500180,000 87, 500 434:;,000 Apr. 5 4, 802, 500420,000 1 000 345,000 439, 500 210,000169,0001,035,000196,000 14"31!,500180,000 85, 500 434:,,000 Apr. 12 4, 812, 500420,000 1, 210,000169,0001, 035, 000196,000 1431^,500180,000 85, 500 434:,,000 Apr. 19 4, 847, 500420, 000 000 345, 000 439, 500 210, 000169, 0001, 035, 000196,000143, 500180, 000 85, 500 434,, 000 Eligible paper: Mar. 22 3,193 179 1,362 210 76 190 76 74 35 31 371 350 239 Mar. 29 3,102 309 1,110 155 75 229 69 72 35 31 416 366 235 Apr. 5 2,360 183 485 165 70 239 31 70 35 40 40; 416 221 Apr. 12 2,862 163 586 179 86 210 24 90 35 37 820 402 221 Apr. 19 143 590 223 201 225 3 104 35 37 419 37J 312 Total collateral: Mar. 22 4, 767, 693420,179 1,106,362 345, 210 439, 576 210,190 169, 076 1,035, 074196,035 143, 531180, 371 87, 8£50 434, 239 Mar. 29 4, 777, 602420, 309 1,116,110 345,155 439, 575210,229 169,069 1,035,072196,035 143, 531180, 416 87, 8£66 434, 235 Apr. 5 4, 804, 860420,183 1,145, 485 345,1•6"5 439, 570 210, 239 169,031 1,035,070196,035143, 540180,405 85, 9£16 434, 221 Apr. 12 4, 815, 362420,163 1,155, 5"8~6" 345,179 439, 586210,210 169,024 1,035,090196, 035143, 537180, 820 85| 902 434, 230 Apr. 19 4, 850, 16:420,1431,190; 590 345; 223 439, 701210, 225 169, 003 1, 035,104196, 035143, 537180,419 85, 875 434, 312 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN MAY 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, MARCH, 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 Oounand districts mand mand de- ber city de- de- posits banksi New Chi- banks banksi posits posits i qu R ir e e - d Held c E e x s - s York cago Total reserves held: All member banks. _32, 033 26, 279 11,586 5, 588 9, 021 3,432 1938—February 7,230 2,906 598 2,350 1,377 March 7,326 3,039 574 2,349 1,365 Central reserve city banks: April 7,469 3,150 622 2,348 1,350 New York _ 11.490 10,769 706 2,485 4,472 1,986 May 7,587 3,204 794 2,311 1,278 Chicago 2,367 2, 102 464 502 681 179 June 7,878 3,341 899 2,359 1,280 July 8,167 3, 545 925 2,396 1,302 Reserve city banks: August 8,119 3, 523 875 2,402 1,319 Boston district 1,038 926 100 167 277 10S September 8,196 3,669 861 2,352 1,314 New York district 188 149 152 34 42 8 October 8, 546 3,939 884 2,409 1,317 Philadelphia district. 1,125 932 245 175 261 86 November 8,727 4,075 2,426 1,338 Cleveland district 1,502 1, 161 742 240 381 141 December 8,745 4,139 2,387 1,322 Richmond district 700 544 208 106 156 50 1939—January 9,029 4,409 780 2,474 1,366 Atlanta district 694 493 173 95 114 20 February 8,925 4,482 673 2,405 1,364 Chicago district 1,214 875 555 181 259 79 March 9,021 4,472 681 2,475 1,393 St. Louis district. 793 613 177 116 149 33 Week ending (Friday) Minneapolis district. 354 260 90 50 70 20 1939—March 3 '._. 8,925 4,485 665 2,403 1,371 Kansas City district. _ 947 627 156 118 169 52 March 10 8, 995 4,447 676 2,456 1,416 Dallas district 673 414 128 79 111 32 March 17 9,031 4,415 690 2,521 1,405 San Francisco district. 1,976 1,586 1,930 374 485 111 March 24 8,986 4,451 678 2,474 1,383 March 31 9,106 4,572 687 2,473 1,375 Total 11,204 8,580 4, 658 1,734 2,475 741 April 7— 9,276 4,725 671 2,477 1,404 April 14 9,486 4,762 760 2,546 1,418 Country banks: Excess reserves: Boston district 807 606 553 100 158 57 1938—February 1,406 499 468 361 New York district 1, 255 960 1,387 185 315 130 March 1,524 631 52 481 359 Philadelphia district _. 600 429 876 95 149 53 April 2 2,071 884 146 609 432 Cleveland district. . 569 396 660 80 127 47 May 2,525 1,065 321 689 451 Richmond district 502 321 344 56 81 25 June 2,762 1,153 404 747 459 Atlanta district 504 316 217 49 75 26 July 3,026 1,352 424 767 483 Chicago district 829 555 687 101 186 85 August 2,955 1,320 379 762 495 St. Louis district 343 228 239 39 60 21 September 2,920 1,382 361 698 479 Minneapolis district- 293 191 270 36 55 19 October 3,143 1, 589 375 712 467 Kansas City district. _ 440 280 154 41 64 23 November 3,276 1,712 374 710 480 Dallas district 509 336 100 45 73 27 December__ 3,226 1,734 376 658 457 San Francisco district. 321 209 270 39 51 13 1939—January 3,484 1.996 260 734 495 February 3,373 2,047 164 669 494 Total 6,972 4,828 5,758 867 1,393 526 March 3,432 1,986 179 741 526 Week ending (Friday) 1939—March 3 3,367 2,040 160 666 501 1 Gross demand deposits minus demand balances with domestic banks March 10 3,420 1,979 173 720 548 (except private banks and American branches of foreign banks) and March 17 3,416 1,921 180 778 537 cash items in process of collection. March 24 3, 399 1,965 173 744 516 NOTE.—See table at foot of p. 415 for percentages of deposits required March 31 3,517 2, 067 199 743 508 to be held as reserves. April 7 P3, 678 2,185 209 746 ?537 April 14__ ._ P3, 824 2,210 266 796 P551 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements decreased April 16, 1938; see table at foot of page 415 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Membe ( r p l b ac a e n s k s o v i e n r l 1 a 5 rg ,0 e 0 r 0 ) centers Memb ( e p r la b c a e n s k u s n i d n e s r m 1 a 5 l , l 0 e 0 r 0 ) centers Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Boston . . 1,844 1,842 653 653 1,725 1,721 527 528 119 120 126 125 New York 12, 934 12, 696 2,245 2,236 i 1,161 i 1,193 > 1,043 1 1,039 282 288 496 494 Philadelphia 1,725 1,726 1,121 1,118 1,508 1,509 668 666 217 217 453 452 Cleveland 2,071 2,044 1,402 1,397 1,849 1,825 1,108 1,103 223 219 294 294 Richmond 1,202 1, 186 552 547 1,018 1,002 359 356 184 184 193 190 Atlanta 1,198 1,178 390 386 1,033 1,014 305 302 165 165 85 85 Chicago ___ - - ... 4,409 4,421 1,707 1,692 i 1, 723 i 1, 699 1 959 ] 949 320 314 284 280 St. Louis __. 1,137 1,133 417 415 932 929 301 300 205 204 116 116 Minneapolis 647 642 360 360 475 469 176 176 172 173 184 184 Kansas City 1,387 1,384 310 310 1,063 1,063 198 197 324 321 113 113 Dallas ... ... 1,182 1,193 229 225 901 904 184 180 281 289 45 45 San Francisco. 2,296 2,376 2,200 2,185 2,184 2,262 2,104 2,088 113 114 97 97 Total 32, 033 31, 820 11,586 11, 525 115, 572 115, 589 i 7, 931 i 7, 884 2,604 2,609 2,484 2,474 * Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 405 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—March 6,355 1,125 338 144 263 4,106 227 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. - 6,856 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 March 6,817 1,378 352 151 251 4,350 193 Back figures.—See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency 2 Un- End of month i t cn i u o cl n ai 1 r- Total Coin $1 3 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 a e ss d o 2 rt- 1938—March 6,355 4,784 521 473 31 860 1,487 1,412 1,573 385 718 144 300 9 18 3 April 6,397 4,807 522 476 31 866 1,498 1,414 1,593 388 725 146 304 12 18 3 May 6,467 4,856 526 487 32 877 1,512 1,422 1, 616 389 727 152 307 17 24 4 June 6,461 4,837 527 481 31 875 1,503 1,420 1,627 391 732 152 309 17 25 2 July 6, 452 4,836 526 481 31 879 1,508 1,410 1,618 388 727 152 307 17 27 2 August 6,504 4,885 530 488 32 891 1,528 1,416 1,622 389 727 152 308 17 29 3 September 6,622 4,970 536 501 32 912 1, 556 1,434 1,656 396 744 156 317 17 25 4 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 6,731 5,011 541 498 33 919 1,574 1, 446 1,721 406 774 161 335 17 28 1 March 6,817 5,049 544 503 33 928 1, 594 1,448 1,770 411 799 165 349 17 28 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY Held by Treasury and Federal Reserve banksimd 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 i notes 1936 _. 34, 774 26, 216 8,558 1937 21, 500 47, 550 26, 050 1938 33,105 34, 373 1,268 1938—March 2,679 1,540 374 157 347 32 230 April 2,690 1,554 374 157 347 32 226 1938—March 1 212 2 728 1,516 J J M u u a l n y y e ... 2 2 2 , , , 7 7 7 0 1 2 2 3 1 1 1 1 , , , 5 5 5 8 7 9 4 0 6 3 3 3 7 7 7 4 4 4 1 1 1 5 5 5 7 7 7 3 3 3 4 4 4 7 7 7 3 3 3 1 1 0 2 2 21 2 2 7 3 1 J A M u p a n y r e il 3 5 1 0 7 5 3 9 5 2 6 3 , , 4 1 6 8 7 1 6 9 8 2 6 3, , 1 0 1 0 2 1 7 4 5 August 2,731 1,608 375 157 347 30 214 July 85 3,753 3,668 September. 2,739 1,618 376 158 347 29 212 August 1,052 2,348 1,296 October 2,751 1,634 376 158 347 29 208 September 14, 740 978 13, 762 November _ 2,773 1,657 376 158 347 29 206 October 10,593 591 10,002 December.. 2,798 1,685 376 159 347 28 203 November 3,430 982 2,448 1939—January 2,816 1,705 376 159 347 28 201 December 739 2,228 1,489 February... 2,824 1,717 376 160 347 27 198 1939—January 6,505 2,024 4,481 March 2,839 1,733 377 160 347 27 196 February 2,781 985 1,796 March 22, 582 914 21, 668 i Includes silver held against silver certificates amounting to $1,651,- 000,000 on Mar. 31,1939 and $1,468,000,000 on Mar. 31, 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

406 FEDERAL RESERVE BULLETIN MAY 1939 ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES UNITED STATES1 [In millions of dollars] fin thousands of dollars] Net G e o o n l r d d m o st f o o n y c t e k h a r at cr I e i n n a - se Net l t o g h s a r s o in u ( — g o h r ) m D t e i o c s - - 1939 Year or month total gold ear- gold March February Jan.-Mar. Total a In c a c c o t u iv n e t s g to ol c d k import m a t c r a t a i r o n k n i s n - s g 2 d p ti u r o o c n - - From or to— Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 i 202. 51,133. 9 82.6 96.0 1 1 1 9 9 9 3 3 3 5 6 7 . . . 1 1 1 1 1 0 4 2 , , , , 1 5 7 2 2 1 6 5 5 2 0 8 1, 2 2 2 6 7 . . 5 5 7 8 1 5 8 0 3 1 7 2 2 . . . .5 5 2 1 1 1 . , , , , 9 5 1 7 7 8 1 3 3 5 6 9 . . . . 6 0 6 5 - - - 3 2 8 3 0 5 3 0 . . . . 9 2 5 4 1 1 1 1 4 3 4 1 6 1 3 0 . . . . 4 6 9 7 N B G Fr e e e a l t r g n h m i c e u a e r m l n a y nds 3 27 7 , , 8 0 1 1 9 7 6 8 9 29 1 , , 4 2 0 5 0 4 6 9 38 3 0 , , , 0 6 8 3 5 6 1 4 7 5 1936— N D O e o c c v to e e b m m e b r b e e r r 1 1 11 1 1 , , , 2 0 1 5 4 8 8 5 4 26.5 1 1 7 3 9 3 9 9 . . . 3 6 7 2 5 7 1 7 5 8 . . . 0 8 8 -1 - 1 3 . . 7 . 3 0 1 1 1 0 1 3 . . . 9 8 8 U S S S w w p n a i e i i t t d n e z e d e n r l K an i d ngdom... 25 8 0, , 2 0 2 6 7 5 165 3 , , 8 3 4 7 0 8 467 8 3 , , , 2 8 2 4 4 2 3 9 2 8 0 4 6 2 8 5 1937— J A A N S D M M J F O J u u e e p u o e a c a l a n p b n c t y r g v y r e o t i r e u u c e l e b u m a h m s m e a r t y b r r b b y e e e r r r 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 2 2 2 1 1 2 1 2 , , , , , , , , , , , , 4 8 9 4 5 3 3 7 7 7 5 7 4 0 9 3 6 5 1 4 7 7 6 9 6 3 0 6 7 8 8 1 4 4 9 0 1 1 1 1 1 1 1 , , , , , , , 2 3 5 7 2 2 1 2 2 3 2 0 4 4 2 2 6 0 5 7 3 8 1 1 2 2 6 7 5 8 6 1 4 9 0 4 . . . . . . . . . . . . 0 7 1 1 5 5 5 9 9 7 0 8 - - 2 3 1 1 2 1 1 1 1 1 2 6 9 2 7 2 7 3 2 0 4 9 5 1 1 2 8 7 4 7 7 0 . . . . . . 0 . . . 3 . . . 0 8 2 9 3 3 1 6 1 2 2 1 1 1 1 1 1 1 9 2 6 1 0 4 1 5 7 2 5 2 0 2 2 5 4 5 5 8 5 0 4 1 . . . . . . . . . . . . 5 1 0 4 8 8 5 4 0 3 3 3 - - - 1 - 1 4 - - - 0 2 3 2 - 8 8 5 5 8 1 0 9 7 5 6 . . . . . . 4 . . . 0 0 . . . 9 3 3 6 1 3 2 5 2 1 1 1 1 1 1 1 1 1 8 9 9 3 2 2 2 6 4 1 1 0 . . . . . . . . . . . . 2 3 3 8 7 4 2 9 9 9 2 8 A A V B C C C C E M P C e c r h o h e e u r a K e i r g u n n i l n i s t x u l o n o e i a t e t a e i s r m r a n n z d c d a h a u o g t o a l b l i e i r n I i a a l a n A a a n d d m i a e H ri o c n a g ... 4 6 3 4 3 1 1 , , , , , , , 2 8 2 8 4 3 3 3 6 2 4 9 6 3 4 2 4 9 4 0 8 5 5 1 4 2 6 5 1 4 3 5 6 4 3 2 2 , , , , 4 2 4 4 3 3 5 1 1 1 3 9 9 0 4 1 6 7 9 1 5 4 2 6 3 3 0 5 7 3 2 1 1 8 4 6 3 2 1 5 1 1 , , , , , , , , , , 5 5 6 8 0 0 9 9 3 m 1 8 1 8 6 8 2 5 8 2 3 4 7 0 1 0 o 0 4 5 3 1 3 2 6 0 1938— F M J e a a b n r r u c u a h a ry ry 1 1 1 2 2 2 , , , 7 7 7 7 9 5 6 6 5 1 1 1, , , 1 2 2 8 2 0 3 3 0 . . . 0 2 - 2 1 4 0 8 .6 . . 7 5 5 8 2 2 . . . 0 9 1 -1 -1 8 . . . 1 2 6 1 1 9 0 0 . . . 8 5 9 J A P a h l p l i a l o i n t p h p e i r n c e o u Is n l t a ri n e d s s 2. . 1 3 1 , , 4 2 3 1 3 2 0 5 6 5 2 , , 7 1 4 1 6 4 9 7 6 54 8 , , 7 6 9 7 9 5 A M p a r y il 1 12 2 , , 8 9 6 1 9 9 7 4 4 9 . . 3 8 7 5 1 2 . . 1 8 -5 -1 3 . . 2 9 1 1 0 1 . . 4 3 Total 365,436 I 53 223, 296 15 745,160 149 June 12, 963 44.2 55.3 -15.5 9.4 July 13,017 54.5 63.8 -20.9 14.0 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. N D O o e c c t v o e e b m m e b r b e e r r 1 1 1 4 4 4 , , , 3 0 5 1 6 1 2 5 2 3 2 1 0 4 9 5 7 9 . . . 0 6 5 5 2 1 6 4 7 2 0 7 . . . 5 8 4 - - 1 6 - 1 7 2 0 . . . 4 4 2 1 1 1 3 5 3 . . . 3 3 1 31 B a a n c d k 3 f 2 ig ). ures.—See table, p., 435 and Annual Report for 1937 (tables 1939—January 14, 682 170.0 156.3 14.1 12.2 BANK DEBITS February 14, 874 192.7 223.3 -48. 6 10.4 March 15, 258 383.8 365.4 10.7 P9. 8 [Debits to individual deposit accounts, at banks in principal cities.] [In millions of dollars] p Preliminary. a m a c f 1 i 2 c i l n l o F G i e o u i o g n n o l u s d t u r n e a o h c s t f e e e b ld d n a th o d s e e l u l r d o n a e f r d a o s e f e : n t r a e c J r r h a e . a n a te m r . , m o o f 6 a n 1 r t $ k 4 h 2 . 0 5 i b . ; n 6 y 7 F f i e a F r b s e f t . i d , n q e e 6 r u 6 a o a l 3 r u . t 0 n e R ; c r e e M s o e i f n a r v r 1 J c e 9 a h 3 n , 9 B u w a 6 a n 5 r a 2 k y s . s 3 a 1 . s 9 f o 3 f F r 4 o o ll a f r o o n w r d b e s a i g $ c i 3 n k n 5 Year and month r T e o i p a t n o l a r g l l t , - Y N C o i e r t w y k o l t i e 1 h n a 4 d e g 0 - r r o e i p 1 t n h 3 o g e 3 r r tfigures see BULLETIN for March 1939, p. 198. centers cities i cities 2 NOTE.—Figures for domestic production of gold are those published j i m n u s o t n t m a t b h e l l n e y t , i p b m . a s p 4 e o 3 d r 5 ts , o n a o d f a ju g n s o n t l u e d d a l t o t f o i U g e u . x re S c s l . u f r d r e o e p m o p r r t P o e d h d u i l c b ip t y i p o i n D n e i i s r n e . c P to F h r o i l r i o p b f p a i c M n k e i s n f . i t g u A a r n e d s d - , 1 1 9 9 2 3 9 5 9 4 8 0 2 2 , , 5 7 3 1 1 8 6 1 0 8 3 4 , , 0 0 8 0 9 6 3 1 3 9 1 0 , , 9 16 3 5 8 4 2 7 8 , , 5 5 0 4 4 7 see Annual Report for 1937 (table 29). 1936 461,889 208, 936 219, 670 33, 283 1937 469, 463 197, 836 235, 206 36, 421 BANK SUSPENSIONS1 1938 405, 834 168,778 204, 651 32, 406 1938—February.. 27, 867 10, 915 14,633 2,319 Member Nonmember March 34, 857 14, 746 17, 373 2,737 banks banks April 33, 825 14, 572 16, 597 2,656 Total, May 31, 359 12, 828 16,013 2,518 all June 35, 501 15, 637 17,160 2,704 banks ti N on a- al State su I r n e - d2 in N su o r t ed J A u u ly gust 3 3 0 3 , , 1 7 3 9 3 8 1 1 2 3 , , 8 2 2 4 8 7 1 1 6 6 , , 0 6 2 7 3 7 2 2 , , 6 5 2 2 8 8 September 32,192 13, 085 16, 440 2,666 October 36,130 15,140 18,096 2,895 Number of banks suspended: November. 32,166 12, 425 16, 981 2,760 1934 December. 43,172 18, 879 21, 050 3,243 1935 1936 1939—Januarys- 35,127 14, 533 17, 807 2,786 1937 February . 29, 882 12, 380 15,110 2,392 1938 March 37, 274 16, 274 18,163 2,837 1939—Jan.-Mar 1 Comprises centers for which bank debit figures are available beginning Deposits of suspended banks with 1919, except that one substitution was made in 1920 and one in 1928. (in thousands of dollars):3 2 Cities (other than the 141 centers) for which bank debits are currently 1934 36,937 40 1,912 34, 985 reported. The number has changed very little since 1934 and has num- 1935 10, 015 5,313 3,763 939 bered 133 since 1936. 1 1 1 1 9 9 9 9 3 3 3 3 7 8 6 9—Jan.-Mar._ _ 2 1 1 1 5 3 9 1 , , , , 3 9 2 7 0 9 6 2 6 8 4 3 7,3 5 7 7 0 1 3 9 7 4 6 22 1 , , 7 2 7 0 1 7 8 1 4 1 1 1 2 1 0 0 , , , , 4 7 2 1 0 5 2 6 7 6 1 9 1,2 4 5 9 8 4 9 6 0 1 2 a to t d B a e a l f s c i k n b i y f t i i g o F u n e r d e o e s f . r — a b l a S n R e k e e s A d er e n v b n e i u ts d a . i l s t R r F i e i c p g t o u s r r a t e r s f e o f r o a v r 1 a 9 i i 3 n l 7 a d b i ( v l T e i a d i b u n l a e l m 7 r i 1 e m ) p , e o w o r g t h i r i n a c g p h h c a e i l d t s i o es f o g a r iv m n e d . s 1 Represents licensed banks suspended; does not include nonlicensed banks placed in liquidation or receivership. 2 Federal deposit insurance became operative January 1, 1934. 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

MAY 1939 FEDERAL RESERVE BULLETIN 407 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks Nonmember [In millions of dollars] banks Member banks Nonmeniber banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s al s b m n a b o e n e m n r k - s - Call date ba A n ll ks Total ti N on a- al State M s b a a v u n i t n u k g s a s l b n e o O r n t b m h a e e n r m ks - 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 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30 __ 53,287 35, 440 22,926 12, 514 10, 213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31___ 52,440 34, 810 22, 655 12,155 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. 312 15, 206 6,338 5,224 1,114 556 8,312 Dec. 31.._ 54, 054 36, 211 23, 497 12, 714 10, 365 7,478 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 Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 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 . 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. 313 __ 48, 929 21,354 27, 575 32, 070 13, 208 18, 863 10, 255 4,930 5,325 6,604 3,217 3,387 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 The December 1938 figures include 12 industrial banks in Connecticut with total loans and investments of $6,940,000 and deposits of $4,189,000, not included heretofore. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. 3 The December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Back figures.—See Annual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN MAY 1939 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loans J Investments i Com- Loans for U. S. Government obligations Total mer- purchasing Obliloans cial, or carrying ations and in- Open securities Direct of Call date m v i e e n s n - t t - s Total t d a a r g u i n a r s d i - l - , p m k a a p et r e - r b T ro o k- e l R o st a e a n a t s l 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 t a i o a c n l t a d i e l t s - O s i e t t i c h e u s e r r ] tu c r u a l- l 2 d a e e n r a s d l- oth T e o rs; Total Bills Notes Bonds teed s d s io u iv n b i s - - ft ers TOTAL—ALL MEMBER BANKS 1929—Dec. 31..35, 934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 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 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 \ 122 9,906 H, 030 4,217 4,659 1,965 3,262 1935—Dec. 31 __29, 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 17, 794 10, 574 662 4,277 5,635 1,797 2,047 3,376 1938—Mar. 7___31, 521 13, 546 608 878 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 12,938 491 701 2,614 2,613 120 6,397 17, 783 10, 215 316 3,653 6,246 2.128 2,143 3,297 Dec. 31._32, 070 13, 208 5, 449 441 973 7 775 2,716 125 7 2, 72918, 863 10,882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29P_32, 092 13, 044 19, 048 2, 554 3,143 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 58 166 222 758 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 Dec. 31.. 8,335 3,262 1,461 138 787 220 121 99 436 5,072 2,963 158 1,142 1,663 517 1939—Mar. 29P_ 8,406 3,084 5,322 582 CITY OF CHICAGO 8 1929—Dec. 31. 1,757 1,448 251 533 535 116 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 Dec. 31 _. 1,969 539 336 70 62 1,430 1,005 59 291 655 109 141 176 1939—Mar. 29*>. 1,965 545 1,420 149 171 RESERVE CITY BANKS 1929—Dec. 31 12,029 168 664 2,775 1,538 258 3,679 2,944 1,368 6 91 165 1,112 448 1,128 1933—June 30-. 8,492 4,482 126 108 1,340 1,131 99 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 55 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 34 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 23 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 27 2,610 6,211 3,961 106 1,589 2,267 637 691 921 1938—Mar. 7...11, 250 5,031 198 118 1,020 1,173 25 2,498 6,219 3,962 115 1,610 2,236 648 708 902 June 30.. 11,150 4,853 163 96 998 1,201 26 2,369 3,940 69 1,268 2,603 718 732 908 Dec. 31.. 11, 654 4,963 2,121 148 119 242 1,230 20 1,083 6,691 4,278 57 1,224 2,997 740 808 866 1939—Mar. 29P. 11, 624 4,936 823 861 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 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 1936— Mar. 29*> 10, 097 4,479 5,618 1,001 1,397 p Preliminary figures. 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pages 22-23, and the April 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. 6 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 the April 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

409 MAY 1939 FEDERAL RESERVE BULLETIN 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 b s F e R a e r e r n e a v d k - l e - s v C a i a n u s l h t m b w a d e i n o s t - k h ti s c ' j p u o d a st s d e e i - - t d s 2 s p u n h a a a e n i r l p r d s t - s - , , p d s a i o u i c n v l a b d i i l - t - - ch c a o f e e i f n e c f r d i d s k - ' s, U m G e . r e o n n v S - t - . s p u h n a a a e i n l r p r d s t - s - , , p d s a i o u i c n l v a b i d i l t - - - P i s n o a g s v s t - a 4 l De- Time b e F a i o n g r n k - s r B i o n o w g r s - - co i a t u c a n - l ts cor- sions etc.3 cor- sions mand 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 95 698 879 6,709 1933—June 30 2,235 405 2,008 12, 089 11, 830 1,087 657 806 7,803 300 788 3,057 89 146 191 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 95 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 90 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 83 6,096 135 331 11 5,368 Sept. 28 8,193 775 3,937 21, 596 20,439 2,080 538 707 10, 789 464 70 6,088 130 467 12 5,410 Dec. 31. __ .. 8,694 746 4,240 22, 293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 NEW YORK CITY 5 1929—Dec. 31. 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1, 198 40 597 179 2,105 1W33—June 30 846 46 101 4,358 4,676 96 461 332 671 4 110 1, 255 22 128 8 1,582 1934—Dec. 31 1,576 88 103 5,069 5,370 229 540 792 591 4 56 1, 798 1 133 1,565 1935—Dec. 31 2 541 65 111 6,193 6,479 323 524 224 591 12 3 2,338 '414 1,573 1936—Dec. 31 2,658 61 133 6,929 7,274 285 457 225 679 13 2,493 397 12 1,585 1937—Dec. 31 2 738 56 120 6 111 6,507 189 404 382 696 49 2 108 423 1,606 1938— Mar. 7 2,941 59 95 6,336 6,429 185 327 360 694 67 2,173 335 12 1,596 June 30 3 517 65 119 6 698 6,900 273 367 123 694 32 2 514 291 1,587 Sept. 28 3,743 70 91 7,026 7,128 196 280 181 653 64 2, 498 411 2 1,589 Dec 31 4,104 68 109 7,168 7,273 280 195 139 652 36 2, 687 442 1,593 CITY OF CHICAGO 5 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1933—June 30 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1934—Dec. 31. .. _. 415 40 207 1,189 1,073 182 23 46 381 1 445 2 226 1935—Dec. 31 511 39 209 1,401 1,301 208 27 98 413 522 4 229 1936—Dec. 31 558 32 188 1,554 1,495 191 27 72 449 599 5 244 1937—Dec. 31 596 27 179 1,438 1,354 207 23 64 445 8 528 6 255 1938—Mar. 7 566 22 135 1,372 1,270 170 17 92 445 16 576 7 245 June 30 936 31 208 1,523 1, 386 221 23 86 443 16 688 6 249 Sept. 28 856 32 198 1,585 1, 455 204 24 62 439 21 636 10 256 Dec. 31 884 35 235 1 688 1,597 181 29 83 452 9 658 9 257 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1933—June 30 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 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 18 1,614 1935—Dec. 3k 1,594 256 1,779 6,161 6,001 707 204 385 3,796 266 79 2,422 134 29 1,657 1936—Dec. 31 2,108 285 1,816 7,126 7,023 843 230 407 4,026 203 35 2,826 137 34 1,697 1937—Dec. 31 2, 310 200 1.470 6,870 6,743 777 192 256 4, 161 266 34 2, 389 107 34 1,735 1938—Mar. 7. 2,376 213 1,632 6,848 6,455 809 121 234 4,198 269 33 2,461 116 34 5 1,736 June 30 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 32 1,753 Sept. 28 ... _ 2,311 322 1,862 7,078 6,843 711 120 356 4,209 233 23 2,557 107 43 1,764 Dec. 31 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 COUNTRY BANKS 1929—Dec. 31 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1933—June 30... 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1934—Dec. 31 822 275 1,296 4,292 3,589 804 106 178 4,554 84 210 342 16 2 13 1,650 1935—Dec. 31 927 305 1,676 5,047 4, 254 901 127 137 4,879 83 136 415 16 1 6 1,687 1936—Dec. 31 .. 1,247 319 1,929 6,039 5,177 1,011 167 178 5,275 80 69 483 16 2 3 1,750 1937—Dec. 31 1,361 307 1,645 5,968 5,143 959 149 78 5,504 158 61 412 21 1 12 1,775 1938—Mar. 7. 1,366 310 1,700 5,957 4,963 1,073 101 66 5,508 159 56 403 20 1 11 1,774 June 30 1, 263 316 1,806 5,738 4,863 1,008 126 68 5.499 144 52 380 22 2 11 1,778 Sept. 28 1,282 351 1, 786 5,908 5,013 969 114 108 5,488 147 46 398 23 2 11 1,801 Dec 31 1 353 322 1,956 6,224 5, 215 1,128 154 143 5, 509 147 44 446 23 2 6 1,798 c Corrected figure. 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

410 FEDERAL RESERVE BULLETIN MAY 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * [nvestments i Loans for U. S. Government obligations Total Com- purchasing loans mer- or carrying and cial, securities Direct Date or Month m v e i e n n s - t t - s1 Total t d a r i u i n n a s d - - l, p O m k a p p a e e r t e n - r br T o o k- e l R o st a e a n a t l s e ^ b o a t n a o n k s s O lo t a h n e s r Total1 G a u n a - r- 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 BO. N otes-Bonds2 teed tural dealers TOTAL—101 CITIES 1938—March 21,072 8,884 4,328 426 762 611 1,153 86 1,518 2,188 7,992 1,159 3,037 September 21, 078 8,268 3,893 338 675 578 1,161 114 1.509 2,810 7,957 1,668 3,185 October 21, 323 8,282 3,904 346 669 576 1,163 109 1,515 3,041 8,084 1,682 3,275 November 21, 347 8,319 3,884 343 715 571 1,166 113 1,527 3.028 8,130 1,681 3,217 December 21, 586 8,465 3,863 332 850 566 1,168 123 1,563 3,121 8,191 1,708 3,222 1939—January 21, 468 8,338 3,800 325 852 547 1,170 100 1,544 3,130 8,191 1,728 3,211 February 21, 527 8.197 3,760 323 795 533 1,145 102 1,539 3,330 8,178 1,891 3,261 March 21, 705 8,241 3, 792 310 831 529 1,137 94 1,548 3,464 8,186 410 2,201 5,575 2,027 3,251 1939_Feb. l 21, 442 8,233 3,767 324 792 535 1,174 99 1,542 3,209 8,173 1,789 3,247 Feb. 8* 21, 450 8,168 3,745 324 786 534 1,137 106 1,536 3,282 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 3,403 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 3,426 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 3,408 8,143 416 2,531 5,196 2,019 3,246 Mar. 8 21, 788 8,338 3,773 313 923 532 1,135 111 1, 551 3,450 8,176 442 2,427 5,307 2,030. 3,244 Mar. 15 21, 822 8,281 3,794 310 875 531 1,136 83 1,552 3,541 8,280 473 2,052 5,755 2,023 3,238 Mar. 22 21, 742 8,209 3,805 310 794 530 1,136 90 1,544 3,533 8,238 434 1,999 5,805 2,036 3,259 Mar. 29 21, 579 8,191 3,814 305 764 531 1,140 94 1,543 3,388 8,096 286 1,997 5,813 2,026 3,266 Apr. 5 21, 634 8,164 3,838 307 727 539 1,143 79 1,531 3,470 8,145 313 1,995 5,837 2,035 3,290 Apr. 12 21, 691 8.120 3.852 303 685 539 1,143 68 1,530 3,571 8. 213 342 2,008 5,863 2,038 3,320 Apr. 19 21, 808 8,124 3, 858 305 690 537 1,145 71 1,518 3,684 8,273 357 2,015 5,901 2,030 3,381 NEW YORK CITY 1938—March 7,717 3,247 1, 670 155 606 212 123 56 425 4,470 2,954 426 1,090 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 Februarv 7,676 2,901 1,357 125 644 187 110 82 396 4,775 2 634 974 1,167 March 7,904 2,932 1,364 120 675 190 109 77 397 4,972 2,743 91 802 1, 850 1,053 1,176 1939_Feb 1 7 587 2 901 1,356 125 642 187 116 78 397 4,686 2,648 903 1,135 Feb. 81 7,658 2,890 1,351 125 636 187 108 86 397 4,768 2,636 124 965 1,547 923 1,209 Feb. 15 . 7,725 2,917 1,358 125 660 187 108 83 396 4,808 2,621 133 938 1,550 1,028 1,159 Feb. 21 7,733 2,895 1,361 124 640 188 108 79 395 4,838 2,629 126 914 1,589 1,044 1,165 Mar. 1 7,755 2,899 1, 363 122 647 186 108 74 399 4,856 2,613 108 889 1,616 1,063 1,180 Mar. 8 7,974 3,038 1,365 122 758 192 108 94 399 4,936 2,704 100 863 1,741 1,061 1,171 Mar. 15 7, 957 2,963 1,366 117 715 192 108 67 398 4,994 2,795 91 766 1,938 1,037 1,162 Mar. 22 __ _ 7,942 2,896 1,366 119 644 190 108 75 394 5,046 2,812 88 749 1,975 1,052 1,182 Mar. 29 7,895 2,864 1,360 118 611 190 112 77 396 5,031 2,791 68 743 1,980 1,054 1,186 Apr. 5 _. 7,919 2,828 1,372 119 579 195 111 65 387 5,091 2,835 95 743 1,997 1,045 1,211 Apr. 12 . 7,997 2,783 1,386 114 541 196 110 55 381 5,214 2,943 138 754 2,051 1,050 1,221 Apr. 19 8,065 2,792 1,382 117 551 195 110 59 378 5,273 2,996 170 739 2,087 1,043 1,234 OUTSTDE NEW YORK CITY 1938—M arch 13, 355 5,637 2,658 271 156 399 1,030 30 1,093 7,718 5,038 733 1,947 September 13,281 5,299 2,438 200 132 383 1,042 24 1,080 7,982 5,026 868 2,088 October 13, 514 5,347 2,457 2C4 141 379 1,044 20 1,102 8,167 5,182 879 2,106 Novemhpr 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 March 13, 801 5,309 2,428 190 156 339 1,028 17 1,151 8,492 5,443 319 1,399 3,725 974 2,075 1939—Feb. 1 13, 855 5,332 2,411 199 150 348 1,058 21 1,145 8,523 5, 525 886 2,112 Feb. 81 . 13, 792 5,278 2,394 199 150 347 1,029 20 1,139 8,514 5,538 329 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 5,561 327 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 5,555 327 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 5,530 308 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 5,472 342 1,564 3,566 969 2,073 Mar. 15 _ 13, 865 5,318 2,428 193 L60 339 1,028 16 1,154 8,547 5,485 382 1,286 3,817 986 2,076 Mar. 22 13,800 5,313 2,439 191 150 340 1,028 15 1,150 8,487 5, 426 346 1,250 3,830 984 2,077 Mar. 29 13, 684 5,327 2, 454 187 153 341 1,028 17 1, 147 8,357 5,305 218 1,254 3,833 972 2,080 Apr. 5 13, 715 5,336 2, 466 188 148 344 1,032 14 1,144 8, 379 5,310 218 1,252 3,840 990 2,079 Apr. 12 . _ 13, 694 5, 337 2, 466 189 144 343 1, 033 13 1,149 8, 357 5,270 204 1,254 3,812 988 2,099 Apr. 19 13, 743 5, 332 2, 476 188 139 342 1,035 12 1,140 8,411 5,277 187 1,276 3,814 987 2,147 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

411 MAY 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 a e 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 b a w n d a e i c o n s t e - h k t s i s c j m p u o s d a a t s d e e n i - - t d d s 1 s p p u v n h a c o a a o i n e i r r d p l r r d a t s - - - s - - , , S p s d s a i i t o u c i o a n v l a b n d t i i l - t e s - - s c C h c a o f e e e e i t f n e c c f r r d i . d s t k - i ' s - U m G e . r e o n n v S - t - . s p u p v n h a c o a a o i n e i r l d r p r r d s a t - - - s - , - , S p s d s a i t i o u i c o a n v l a b n t d i i l t - e s - - s P s i o n av g s - t s a ? 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—March 5,724 302 1,992 14,360 15, 227 433 700 5,220 5,164 116 357 3,626 September.. 6,712 416 2,413 15,377 16,275 409 491 5,200 5,863 111 419 3,661 October 7,005 425 2,446 15, 688 493 563 5,152 6,012 110 479 3,663 November.. 7,170 438 2,467 15,825 16, 856 448 536 5,124 6,120 113 486 3,677 December.. 7,219 483 2,452 16,087 17,124 548 585 5,128 6,079 112 505 3,683 1939—January 7, 437 440 2,561 16, 054 17,020 463 631 5,161 6,216 111 531 3,675 February... 7,358 410 2,543 16, 042 16, 997 461 631 5,170 6,175 113 563 3,682 March 7,427 410 2,580 16,032 15, 638 1, 327 560 625 4,976 224 6,395 116 587 3,687 1939—Feb. 1_ 7,521 394 2,593 16,048 16,993 515 631 5,172 6,248 111 576 3,681 Feb. 8... 7,452 423 2,515 16,076 15,463 1.435 438 630 237 6,156 115 572 3,682 Feb. 15.. 7,171 410 2,522 15,951 15,723 1,365 510 629 232 6,173 112 547 3,681 Feb. 21.. 7,289 412 2,542 16, 094 15,625 1,383 380 628 230 6,122 116 557 3,684 Mar. 1... 7,368 389 2,558 15, 965 15, 643 1,358 542 629 225 6,300 114 566 3,687 Mar. 8... 7,409 420 2,532 16,086 15, 605 1,296 629 627 231 6,403 115 569 3,693 Mar. 15_. 7,464 402 2,659 16,143 15, 927 1,299 752 626 212 6,540 117 573 3,685 Mar. 22_. 7,379 416 2,572 15,976 15,513 1,346 477 622 221 6,381 120 612 3,686 Mar. 29.. 7,515 424 2,579 15, 991 15, 502 1,335 402 621 229 6,351 115 613 .3, 684 Apr. 5__. 7,668 412 2,615 16, 072 15,619 1,338 427 621 228 6,499 116 625 3,688 Apr. 12.. 7,866 434 2,612 16, 388 16, 069 1,328 425 621 231 6,460 117 620 3,694 Apr. 19.. 8,100 417 2,585 16, 619 16,159 1, 366 421 620 232 6,460 116 670 3,696 NEW YORK CITY 1938—March 2, .844 5,931 6,264 280 325 656 2,086 317 1,482 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 2,549 424 1,482 November. . 3,910 6,669 7,048 281 115 604 2,589 426 1,488 December.. 3,973 6,817 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 March 4,309 7,075 242 395 114 587 38 2,743 517 1,483 1939—Feb. 4,395 73 6,777 7,142 339 116 1,483 Feb. 8... 4,320 76 6,887 6,901 314 284 116 571 2,626 502 1,485 Feb. 15.. 4,161 73 6,809 6,933 313 349 116 579 2, 615 481 1,484 Feb. 21_. 4,274 74 6,903 6,936 296 225 115 580 2,609 492 1,485 Mar. 1... 4,315 78 6,843 6,979 270 362 116 582 2,729 499 1,487 Mar. 8__. 4,259 80 6,956 7,030 226 469 116 587 780 500 1,486 Mar. 15_. 4,301 90 6,938 7,129 234 574 116 588 2,832 504 1,482 Mar. 22 4,282 92 6,958 7,027 237 327 113 587 2,724 544 1,482 Mar. 29.. 4,390 128 7, 135 7,211 240 244 111 589 ~ 651 540 1,480 Apr. 5___ 4,503 101 7,132 7,193 238 263 112 588 2,751 548 1,480 Apr. 12__ 4,533 7,221 7,328 240 269 111 583 2,754 543 1,483 Apr. 19__ 4,737 7,368 7,420 269 258 112 581 2,790 593 1,484 OUTSIDE NEW YORK CITY 1938—March 2,880 252 1,922 8,429 8,963 153 375 4,564 3,078 116 2,144 September.. 3,207 357 2,340 8,924 9,494 158 363 4,538 13 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 March 3,118 358 2,486 9,066 8, 563 1,085 165 511 4,389 186 3,652 116 2,204 1939—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 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 1,065 178 510 4,388 185 3,708 117 2,203 Mar. 22.. 3,097 363 2,480 9,018 8,486 1,109 150 509 4,394 188 3,657 120 2,204 Mar. 29_. 3,125 369 2,451 8,856 8,291 1,095 158 510 4,389 189 3,700 115 73 2,204 Apr. 5___ 3,165 358 2,514 8,940 8,426 1,100 164 509 4,389 187 3,748 116 2,208 Apr. 12__ 3,333 377 2,533 9,167 8, 741 1,088 156 510 4,388 189 3,706 117 2,211 Apr. 19.. 3,363 363 2,511 9, 251 8,739 1, 097 163 508 4,390 189 3,670 116 2, 212 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. •Includes U. S. Treasurer's time deposits, open account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN MAY 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Total mer- purchasing loans cial, or canying 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) Mar. 22 1 129 572 251 64 30 24 80 3 120 557 378 5 70 303 46 133 Mar. 29 . _ 1,135 572 252 63 30 24 80 3 120 563 385 9 71 305 49 129 Apr. 5 1 154 573 254 63 29 23 81 3 120 581 404 3 70 331 46 131 Apr. 12 1,159 577 255 64 29 23 81 2 123 582 403 3 70 330 46 133 Apr. 19 1, 161 575 262 64 26 23 81 2 117 586 405 3 68 334 46 135 NEW YORK (8 cities)* Mar. 22 8,788 3,248 1,467 126 650 247 196 75 487 5,540 3,084 88 805 2,191 1,115 1,341 Mar. 29 8 745 3,215 1 461 125 617 246 199 78 489 5,530 3,069 68 803 2,198 1,116 1,345 Apr. 5 8,761 3,180 1, 473 127 585 255 199 65 476 5,581 3,106 95 801 2,210 1,107 1,368 Apr 12 8 837 3 135 1 488 122 547 256 198 55 469 5,702 3,212 138 812 2,262 1,111 1, 379 Apr. 19 8 905 3,141 1 484 124 557 255 198 59 464 5,764 3,266 170 797 2,299 1,104 1,394 PHILADELPHIV (4 cities) Mar. 22 1 133 412 184 23 23 32 52 1 97 721 365 42 323 94 262 Mar 29 1 129 408 184 22 22 32 52 1 95 721 365 41 324 94 262 Apr. 5 1 130 411 187 22 23 32 52 1 94 719 365 41 324 93 261 Apr 12 1 120 413 189 23 23 32 52 1 93 707 355 41 314 93 259 Apr. 19 1,114 412 191 23 21 32 52 1 92 702 352 41 311 92 258 CLEVELAND (10 cities) Mar. 22 1 845 652 234 9 20 26 168 1 194 1,193 807 14 203 590 106 280 Mar 29 1 849 652 234 9 20 26 169 1 193 1,197 811 11 203 597 106 280 Apr. 5 1 850 652 234 8 20 26 169 1 194 1,198 810 9 202 599 107 281 Apr. 12 1 855 655 236 8 20 26 169 1 195 1,200 812 9 201 602 107 281 Apr. 19 1 859 656 238 8 19 27 169 1 194 1,203 815 9 201 605 106 282 RICHMOND (12 cities) Mar. 22 677 233 100 9 3 17 34 70 444 331 152 179 49 64 Mar 29 671 236 101 9 4 17 34 71 435 323 156 167 49 63 Apr. 5 668 23 6 102 10 3 17 34 70 432 316 163 153 52 64 Apr. 12 666 238 103 10 3 17 34 71 428 311 160 151 52 65 Apr. 19 675 240 105 10 3 16 35 71 435 319 1 166 152 51 65 ATLANTA (8 cities) Mar. 22 601 307 171 3 7 13 27 1 85 294 152 8 32 112 58 84 Mar. 29. 605 307 171 3 6 13 27 1 86 298 153 8 32 113 60 85 Apr. 5 604 307 171 3 6 13 28 1 85 297 152 8 33 111 61 84 Apr. 12. _ . 604 309 172 3 6 13 28 1 86 295 150 8 33 109 60 85 Apr. 19. 604 307 171 3 6 13 29 1 84 297 151 8 33 110 60 86 CHICAGO (12 cities)* Mar. 22 3 164 856 498 29 35 79 99 3 113 2,308 1,587 244 342 1,001 252 469 Mar. 29 3 050 875 514 29 37 81 99 4 111 2,175 1,467 123 345 999 236 472 Apr. 5 3 081 872 513 29 36 80 99 3 112 2,209 1,487 134 345 1,008 251 471 Apr. 12_ 3 058 863 508 28 33 79 99 3 113 2,195 1,465 110 355 1,000 252 478 Apr. 19 3 042 861 508 28 33 79 99 3 111 2,181 1,434 76 372 986 253 494 ST. LOUIS (5 cities) Mar. 22 727 309 183 3 5 11 50 5 52 418 255 31 60 164 63 100 Mar. 29 716 308 182 3 5 11 50 5 52 408 245 59 162 63 100 Apr. 5 _ 716 308 184 3 5 12 49 4 51 408 246 26 57 163 63 99 Apr. 12 707 309 184 3 5 12 50 4 51 398 237 27 54 156 62 99 Apr. 19 714 310 185 3 5 12 50 4 51 404 243 33 54 156 62 99 MINNEAPOLIS (8 cities) Mar. 22 372 155 77 4 1 7 59 217 159 35 117 17 41 Mar. 29_ 372 155 78 3 2 - 58 217 159 6' 36 117 17 41 Apr. 5 369 155 79 3 1 58 214 154 2 37 115 17 43 Apr. 12 383 156 79 3 1 1 58 227 162 9 37 116 17 48 Apr. 19 399 156 79 3 1 59 243 173 18 38 117 17 53 KANSAS CITY (12 cities) Mar. 22. 652 256 153 19 5 10 23 46 396 206 5 85 116 56 134 Mar. 29 653 257 154 19 5 10 23 46 396 I 205 5 84 116 56 135 Apr. 5 654 258 153 19 5 10 24 47 396 205 5 84 116 57 134 Apr. 12 653 257 153 19 4 10 24 47 396 205 5 84 116 56 135 Apr. 19 654 256 153 18 4 10 24 47 398 206 6 84 116 57 135 DALLAS (9 cities) Mar. 22 507 246 162 1 3 14 20 46 261 159 29 50 80 49 53 Mar. 29 504 245 161 1 3 14 20 46 259 158 29 50 79 48 53 Apr. 5 503 248 164 1 3 14 20 46 255 153 28 47 78 48 54 Apr. 12 503 247 164 1 3 14 20 45 256 154 30 47 77 48 54 Apr. 19 511 250 164 2 4 14 20 46 261 156 30 46 80 48 57 SAN FRANCISCO (7cities) Mar. 22 2 147 963 325 20 12 50 380 1 175 1,184 755 3 123 629 131 298 Mar. 29 2,150 961 322 19 13 50 380 1 176 1,189 756 3 117 636 132 301 Apr. 5 2,144 964 324 19 11 50 381 1 178 1,180 747 3 115 629 133 300 Apr. 12 2,146 961 321 19 11 50 381 179 1,185 747 3 114 630 134 304 Apr. 19 2,170 960 318 19 11 49 381 182 1,210 753 3 115 635 134 323 CITY OF CHICAGO* Mar. 22 2,091 529 355 16 30 68 13 47 1,562 1,114 240 210 664 124 324 Mar. 29 _ 1,974 541 363 15 32 70 13 48 1,433 999 123 212 664 109 325 Apr. 5 1,994 538 362 16 30 69 13 48 1,456 1,008 134 212 662 124 324 Apr. 12 1,973 531 358 15 28 69 13 48 1,442 986 110 213 663 125 331 Apr. 19 1,957 530 359 15 28 68 13 47 1,427 956 76 212 668 126 345 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table, The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 413 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollarsl Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Federal Reserve w Fe it d h - Cash a w n i c t e h s m d a e n - d u v a id ls - , S a ta n t d es C f e ie r d ti- u v a id ls - , S a ta n t d es banks Bor- C i a ta p l - (1939) b s e R e a r r n e a v k - l e s va in ult m b d a e o n s - k ti s c j p u o a st d s e i - t d s 1 s p n a h a n e i r p r d t - s - , p d s i o u i c v l b a i i l - t - - ch c a o e e f n c f r i d s k - ' s, U m G e . r e o n S n v - t - . s p n h a a n e i r p r d t - s - , p d s i o u i c v l b a i i l - t - - P i s n o a g s v s t - a 2 l De- b F e a i o n g r k n - s r i o n w gs - co a u c- nts cor- sions etc. cor- sions mand Time pora- porations tions BOSTON (6 cities) Mar 22 349 139 143 1 025 973 97 15 14 246 3 2 259 24 1 244 Mar 29 343 140 141 1,019 970 93 15 15 246 3 2 261 27 1 244 Apr. 5 337 139 154 1,040 992 92 16 14 246 3 2 267 1 25 1 244 Apr 12 358 140 146 1,047 1 003 93 18 14 246 3 2 277 28 1 244 Apr 19 368 139 146 1,058 1,017 89 19 14 247 3 2 276 28 244 NEW YORK (8 cities)* Mar 22 4 404 70 178 7,521 7 456 396 342 132 961 43 2,783 16 545 1,604 Mar 29 4 506 72 221 7 696 7 646 389 257 129 963 50 2,711 16 542 1,602 Apr 5 4 628 71 194 7,699 7 630 390 280 131 961 50 2,813 16 550 1,602 Apr. 12 4,655 74 174 7,787 7,763 389 286 130 955 52 2,815 17 545 1,605 Apr 19 4,846 71 167 7,930 7,848 422 273 131 951 51 2,850 17 595 1,606 PHILADELPHIA (4 Cities) Mar. 22 275 17 162 789 808 41 9 53 276 6 1 306 13 10 222 Mar 29 273 18 170 793 803 43 8 53 276 6 1 305 13 11 222 Apr. 5. 283 18 171 800 797 56 8 53 276 5 1 309 13 13 222 Apr 12 301 19 170 807 818 47 8 53 276 5 1 309 13 13 223 Apr. 19 322 17 176 817 811 58 10 53 277 6 1 318 13 12 222 CLEVELAND (10 cities) Mar. 22 392 42 291 1,133 1 102 89 15 42 713 35 2 326 39 1 367 Mar. 29 394 42 294 1,147 1,112 94 16 42 710 36 2 324 38 1 367 Apr. 5 398 42 288 1 141 1 106 95 16 42 710 34 2 332 38 1 369 Apr 12 411 43 288 1,158 1,135 98 16 42 710 34 2 333 38 1 369 Apr. 19 416 43 290 1,170 1,131 101 15 42 711 33 2 329 39 2 369 RICHMOND (12 cities) Mar. 22 151 19 164 443 414 55 11 28 196 3 247 6 95 Mar. 29 145 20 164 436 407 56 11 28 197 3 241 6 95 Apr. 5_ 161 19 163 437 412 56 10 28 197 3 251 6 1 95 Apr. 12 163 21 166 445 423 55 10 28 198 3 249 6 95 Apr. 19 151 19 164 440 418 53 11 28 198 3 248 6 95 ATLANTA (8 cities) Mar. 22 111 12 168 365 331 76 4 39 171 9 5 250 3 1 92 Mar. 29 113 13 165 366 329 74 4 40 172 9 5 249 3 1 92 Apr. 5 114 12 169 363 330 74 4 39 172 9 5 257 3 1 92 Apr. 12 118 13 174 372 346 72 4 39 173 9 5 257 3 1 92 Apr. 19 110 12 180 371 344 70 4 39 174 9 5 253 3 1 93 CHICAGO (12 cities)* Mar. 22 . 897 55 433 2,185 2,014 291 33 128 884 14 3 987 9 11 390 Mar. 29 931 56 390 2,005 1,839 284 40 128 883 14 3 1, 046 9 11 391 Apr. 5. _. 938 53 418 2,079 1,940 278 45 128 884 14 3 1,032 9 13 393 Apr. 12 1,019 59 445 2,220 2,085 286 35 128 884 14 3 983 9 13 393 Apr. 19 1,075 55 448 2,285 2,130 289 33 128 885 14 3 953 9 13 393 ST. LOUIS (5 cities) Mar. 22_ _ 132 11 139 436 443 38 4 18 187 3 2 283 6 92 Mar. 29 131 11 151 441 442 37 5 18 186 3 2 281 1 2 92 Apr. 5. 129 11 154 436 440 36 4 18 187 3 2 286 1 2 92 Apr. 12 143 12 152 442 456 36 4 18 187 3 2 285 1 93 Apr. 19 146 11 143 442 451 34 5 18 187 3 2 285 1 93 MINNEAPOLIS (8 cities) Mar. 22 75 7 101 257 222 54 5 2 119 126 3 1 56 Mar. 29 76 7 99 261 223 56 7 119 123 3 1 56 Apr. 5 75 6 109 261 226 55 5 2 119 128 3 1 56 Apr. 12 77 8 84 258 228 54 6 2 119 124 3 1 56 Apr. 19 63 69 248 213 54 6 2 119 120 2 1 57 KANSAS CITY (12 cities) Mar. 22 166 12 269 492 468 73 11 22 140 4 1 353 99 Mar. 29 164 12 267 490 463 69 11 22 140 4 1 352 7 99 Apr. 5. 165 11 265 482 463 67 10 22 140 4 1 359 99 Apr. 12 167 12 274 497 484 65 10 23 140 4 1 355 7 99 Apr. 19 160 12 274 492 476 68 10 22 140 4 1 354 7 99 DALLAS (9 cities) Mar. 22 107 11 233 428 412 44 10 34 128 8 1 199 1 83 Mar. 29 112 11 232 432 405 49 (8 34 128 8 1 197 83 Apr. 5 113 10 236 428 405 51 8 34 128 8 1 203 1 83 Apr. 12 117 11 239 436 422 45 8 34 128 1 205 84 Apr. 19 111 10 238 435 421 41 10 33 128 7 1 206 84 SAN FRANCISCO (7 cities) Mar. 22 320 21 291 902 870 92 18 110 960 93 1 26° 18 18 342 Mar. 29 327 22 285 905 863 91 20 110 958 93 1 261 19 19 341 Apr. 5 327 20 294 906 878 88 21 110 957 95 I 262 19 19 341 Apr. 12 337 22 300 919 906 88 20 110 955 97 1 268 20 18 341 Apr. 19 332 21 290 931 899 87 25 110 954 99 1 268 19 18 341 CITY OF CHICAGO* Mar. 22 672 25 193 1,439 1,371 142 19 83 460 12 754 10 257 Mar. 29 . 708 24 154 1,265 1 198 142 26 83 459 12 806 10 258 Apr. 5 724 23 194 1,357 1,303 143 28 83 460 12 787 12 259 Apr. 12 800 26 211 1,475 1,420 150 21 83 460 12 745 11 258 Apr. 19 854 26 211 1,536 1,473 148 19 83 461 12 719 12 259 * 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

414 FEDERAL RESERVE BULLETIN MAY 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 c s cepting H R e e ld se b rv y e F b e a d n e k r s al sto B r a 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 ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p o u r o e r n n i r t g e d o n - - f ot b h y ers p U i o n . r t S o t . s p U fr o o . r S m t . s ch e a x n - ge U.S. F c o t o r r i e u e i n s g - n ents 1938-March 297 293 236 143 93 57 91 75 2 63 62 April 271 279 229 141 89 1 48 86 71 1 60 61 May 251 268 218 139 80 2 48 81 65 1 57 64 June 225 264 210 135 76 2 52 79 63 1 58 63 July 211 265 217 133 84 1 47 78 63 1 60 63 August 209 258 216 129 87 42 83 58 2 55 60 September ___ 212 261 221 129 92 40 89 57 2 56 57 October 213 270 223 130 93 46 94 57 3 59 56 November 206 273 222 124 98 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 March _ _ 191 245 191 117 74 54 87 58 2 42 56 1 As reported by dealers; includes some finance company paper sold in open market * Less than $500,000. Back figures.—See Annual Report for 1937 (table 70) CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Debit End of month Customers' balances in debit partners' balances investment (net) i and trading accounts 1936—September 1 317 72 December 1,395 64 1937—March 1,549 61 June . 1,489 55 September 1,363 48 December 985 34 1938—Februarv 937 31 March-- _ 831 29 April 763 26 May 760 25 June _ 774 27 July 843 28 August _ 864 29 September 823 29 October 905 32 November 939 December 991 1939—January 971 Februarv 967 March 953 CO CO CO CM Debit balances in Cash on firm hand investment and in and trading banks accounts 141 227 164 249 175 223 161 214 128 239 108 232 104 207 95 215 97 203 85 208 88 215 80 209 84 76 85 78 106 75 83 27 84 CM C< Credit balances Customers' credit balances 1 Other credit balances Money In In ro b w o e r d - 2 Other p i a n r v tn e e s r t- s' in f v ir e m st- Free (net) ment and ment and trading trading accounts accounts 995 289 99 24 14 1,048 342 103 30 1,172 346 115 29 1,217 266 92 25 1,088 256 96 26 688 278 85 26 628 280 80 26 576 239 81 25 485 248 88 24 482 243 92 22 495 258 89 22 528 284 82 22 571 272 77 20 559 257 68 20 196 617 270 73 20 189 662 252 65 20 190 754 247 60 22 192 713 235 60 22 168 709 222 62 20 174 699 225 59 20 CM OO CC In capital accounts (net) 423 424 419 397 12 385 10 355 10 324 9 315 9 309 8 301 11 298 10 303 9 301 7 300 8 304 8 303 5 305 12 298 5 294 9 294 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

415 MAY 1939 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Advances secured by d R e e r d s i e s e c e s o r . u a 1 l n 3 t R s a e n a s n d e d r v 1 e 3 a d a A v o a c f n t t c h » e e s F u e n d - - A lO d ( v b a R ) n e o c s f e e s r t v h u e e n A d F e e c r d t e se ra c l se d c t ( i . h l r a e e s 1 c t t 3 U p o o n a b f i r t l t a e i h g d g e a r t a S i F p o t e h a n d t s e o e s o f r f al Federal Reserve Bank Reserve Act) A R 3 p a 0 r te il be In g in ef n fe in ct g- v P r i a r o e t u - e s A R 3 p a 0 r t i e l be I g n in e n ff i e n c g t - A R 3 p a 0 r te il be I g n i n e n ff i e n c g t - Boston Sept. 2, 1937 Sept. 2, 1937 April 29. 1938 New York Aug. 27, 1937 Oct. 10, 1935 Feb. 8, 1934 Philadelphia.. Sept. 4, 1937 Sept. 4, 1937 Oct. 20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 3^ May 11, 1935 Richmond Aug. 27, 1937 Sept.10, 1937 Feb. 19, 1934 Atlanta Aug. 21, 1937 Aug.21, 1937 2^ April 23,1938 Chicago Aug. 21, 1937 Aug.21, 1937 Oct. 16, 1933 St. Louis Sept. 2, 1937 Sept. 2, 1937 4 Feb. 23, 1935 Minneapqlis.. Aug. 24, 1937 Aug.24, 1937 3 Oct. 8, 1938 Kansas City__ Sept. 3, 1937 Sept. 3, 1937 2\i Apr. 16, 1938 D Sa a n ll a F s rancisco A Se u p g t . . 31 3 , , 1 1 9 9 3 3 7 7 S A e u p g t . . 3 1 1 7 , , 1 1 9 9 3 3 7 7 2 4 V2 O A c pr t. 1 1 9 6 , , 1 1 9 9 3 3 3 8 1 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 Rates in effect, April 30, 1939, on advances and commitments under [Per cent per annum] 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- April 30 ginning— rate ing institutions— Advances 1-15 days 1. Yi Oct. 20, 1933 1 Federal Reserve Bank i d n i d r u ec st t r t i o al On por- C m om en m ts it- 16-30 days do 1 or com- tion for to make 31-45 days do 1 mercial or- which On re- advances 46-60 days ....do 1 ganizations institu- maining 61-90 days do 1 tion is portion 91 120 days do 1 obligated 121-180 days 1 do IX Boston.. _ _ _ 3 1 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 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland... 4H-6 3j| 4 1 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 Chicago 5-6 5-6 1-2 Back figures—See Annual Report for 1937 (table 41). St. Louis 4-53^ 3H 4 3 k£ Minneapolis . __ _ _ _ 6 1 Kansas City 4-6 4 4 Dallas 5-6 4 5-6 1 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 Maximum rate 5 that may be paid by member banks as established by 1 Authorized rate 1 per cent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 2 Same as to borrower but not less than 4 per cent. 3 Flat charge. [Per cent per annum] Back figures—See Annual Report for 1937 (table 40). Nov. 1, 1933 Feb. 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to to beginning [Per cent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, S P a o v st i a n l g s S a d v e i p n o g s s i t d s eposits 2 2V V2 Clas a s n e d s o b f a d n e k p s osits Au 19 g 1 . 7- 15, Fe 1 b 9 . 3 6- 28, Ap 19 r. 3 7- 30, Ap 19 r. 3 7- 15, 1 a 9 n 3 d 8- Other time deposits pay- 1936 1937 1937 1938 after able in: 6 months or more On net demand 90 days to 6 months deposits: 1 Less than 90 days Central reserve city.. 13 193^ 22M 26 22*4 Reserve city 10 15 17^ 20 17V6 NOTE. -Maximum rates that may be paid by insured nonmember Country 7 10H 12tf 14 12 banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for member All member banks. _, 3 43^ 5^ 6 banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on p. 404 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

416 FEDERAL RESERVE BULLETIN MAY 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES I]>f NEW YORK CITY 1RATES CHARGED CUSTOMERS BY BANKS IN [Per cent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; per cent per annum] Prevailing rate on- Average rate on- 1929 1932 1933 1934 1935 1936 1937 1938 1939 Aver- U. S. Treas- 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 m P c r e o i r m m ci - e al a b c e a c r n e s k p ' - t- ch ti e a m x n - g e e ch c e a a x n l - l ge New 91- T U u r . e r y a S s . - A F M e p a b r r i r c l u h ary 5 5 5 . . . 7 8 8 3 1 5 4 4 4 . . . 7 6 7 2 9 1 4 4 4 . . . 3 8 1 3 8 1 3 3 3 . . . 3 3 4 1 9 3 2 2 2 . . . 9 6 6 0 1 4 2 2 2 . . . 5 6 5 4 1 6 2 2 2 . . . 5 4 5 0 1 3 2 2 2 . . . 3 4 3 6 0 4 2 C . 1 2 ) 4 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 m 4 o t n o th 6 s da 90 ys da 90 ys n r e e w - - fe o r f e - d d e e r a s l ' - n y o e t a e r s J J u u n ly e 5 5 . . 9 8 3 8 4 4 . . 6 4 1 2 4 3 . . 1 9 0 3 3 3 . . 3 3 0 0 2 2 . . 6 6 6 1 2 2 . . 4 4 4 4 2 2 . . 3 3 4 6 2 2. . 2 3 7 6 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 6. . 0 0 6 5 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 . .4 3 1 9 2 2 . . 1 2 6 5 October 6.08 4.35 3.76 3.28 2.72 2.46 2.38 2.29 1936 average... .75 .15 1.16 .91 .143 .17 1.11 N De o c v e e m m b b e e r r. 5 5 . . 8 7 6 4 4 4 . . 1 2 2 2 3 3 . . 4 5 8 2 3 3 . . 2 1 2 8 2 2 . . 7 6 7 1 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 1938— J J S D A M O N A M u u e p e c u o a n l p a c r y t g v y r e t il Vs X X X X X X -H - - - - l l l l 7 7 7 7 7 7 7 7 7 7 / / / / / / / / / / 1 1 1 1 1 1 1 1 1 1 8 6 6 6 6 6 6 6 6 6 I I I I I I I I K K K K K K X S 1 L L L L L L L . . . O O O O O O O 0 0 0 0 0 0 O O O O O O O . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 7 2 2 4 0 8 2 2 9 5 4 4 7 7 7 3 3 3 6 3 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 4 9 5 5 6 5 8 8 3 7 1 . . . . . . . . . . 9 7 6 6 7 7 7 6 0 8 4 7 7 8 1 1 0 7 2 1 ea J J J M A A F M S O s a u u t e e e u c p n n a l a p b r t y g r u r y e o n t r c i u e a u b l h s m c r . a e t . y i r r . t b . . y i . e e _ s r : _ 5 5 6 5 6 6 6 6 6 6 . . . . . . . . . . 8 8 0 0 2 9 0 1 0 2 7 6 0 2 4 1 9 1 8 5 5 5 5 5 5 5 4 5 5 5 . . . . . . . . . . 1 0 1 1 1 1 1 0 0 9 4 7 4 3 0 2 3 5 3 6 4 4 5 4 4 4 5 4 4 4 . . . . . . . . . . 8 3 8 0 9 9 5 8 6 6 4 9 9 9 9 7 1 2 5 8 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . 4 5 5 6 1 3 3 1 1 1 9 2 2 5 1 0 9 2 5 3 4 4 3 4 3 3 3 3 3 3 . . . . . . . . . . 9 8 0 7 0 8 7 7 0 7 9 7 2 9 8 8 8 5 5 5 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . 4 6 6 6 4 5 6 5 4 4 7 0 2 3 7 1 1 0 5 5 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . 3 3 3 4 3 3 2 4 3 3 4 6 6 3 2 2 9 5 3 7 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . 2 2 2 2 3 3 2 2 3 3 7 4 6 9 7 0 8 6 8 7 3 3 0 . . 3 4 ) 3 1 1939- J F a e n b V V2 r - - % V* 7 7 / 1 /1 6 6 I l^ K i L . . 0 0 00 . .0 0 0 0 4 2 . . 0 0 3 3 . .6 6 3 5 N D o ec v e e m m b b e e r r 6 5 . . 1 9 2 4 4 4. . 8 8 8 8 4 4 . . 5 5 4 9 4 3. . 9 0 8 8 3 3 . . 6 6 7 3 3 3 . . 4 4 7 6 3 3. . 4 3 2 6 3 3 . . 2 4 8 7 Mar 7/16 IX LOO .005 .03 .51 27 southern and western cities: Week ending: January 5.94 5.61 5.60 5.40 4.95 4.47 4.16 4.16 4.10 A A A M A M M p p p p a a a r r r r r r r . . . . . . . 8 1 1 2 2 1 1 5 5 1 8 2 _ _ _ _ . _ _ _ _ . _ _ . _ . _ _ _ . . V l } V ^ A / / 2 2 2 2 - - ~ ~ % % - % % % > V 7 7 7 7 7 7 / / / / / / 1 1 1 1 1 1 i 6 6 6 6 6 6 e I I I I I I I X X X X X X X 1 1 1 L L L L . . . O O O . 0 0 0 0 0 0 0 O O O 0 . . . . 0 0 0 0 ( ( ( 2 2 2 1 2 2 1 ) ) ) 6 3 5 6 . . . . . . . 0 0 0 0 0 0 0 3 3 3 3 3 3 3 . . . . . . . 5 5 5 4 4 4 5 0 1 2 9 9 9 3 J J A A M M F u u e u p n l a a b y g r y r e r i u c u L h s a t . r .. y 6 6 6 6 6 5 6 . . . . . . . 2 0 1 1 1 0 9 2 7 7 0 6 4 6 5 5 5 5 5 5 5 . . . . . . . 6 6 6 6 6 6 6 4 8 2 3 4 3 1 5 5 5 5 5 5 5 . . . . . . . 5 5 6 6 5 6 6 4 3 2 6 6 6 8 5 5 5 5 5 5 5 . . . . . . . 0 1 3 4 2 3 0 7 9 4 0 8 9 5 4 4 4 4 4 4 4 . . . . . . . 6 7 5 7 8 8 8 3 6 8 9 0 4 5 4 4 4 4 4 4 4 . . . . . . . 2 3 3 4 4 4 5 5 9 5 0 3 4 1 4 4 4 4 4 4 4 . . . . . . . 1 1 1 1 2 1 1 8 8 9 7 1 5 5 4 4 4 4 4 4 4 . . . . . . . 1 1 1 1 1 1 0 4 2 2 3 3 5 1 4 0 .0 ) 9 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 i Series comprises 273-day bills to October 15, 1937,bills maturing November 6.29 5.55 5.42 4.93 4.51 4.24 4.17 4.05 about March 16, 1938, from October 22, to December 10, ]L937, and 91-day December 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 2 Rate negligible. Back figures.—See Annual Report 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 i U. S. Year, month, or week Treas- Munic- By ratings By groups ury 2 ipal 3 Total Indus- Rail- Public Aaa Aa A Baa trial road utility Number of issues . ... 2-6 15 120 30 30 30 30 40 40 40 1936 average 2.65 3.07 3 87 3 24 3 46 4 02 4 77 3.50 4 24 3.88 1937 average 2.68 3.10 3.94 3.26 3.46 4.01 5.03 3.55 4.34 3.93 1938 average _ 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1938—March 2.64 2.99 4.36 3.22 3.56 4.34 6.30 3.58 5.44 4.05 April __ _. 2.62 3.03 4.50 3.30 3.73 4.49 6.47 3.64 5.75 4.11 May 2.51 2.91 4.28 3 22 3 56 4.28 6 06 3.51 5 44 3.90 June 2.52 2.91 4.40 3.26 3.68 4.41 6.25 3.55 5.75 3.90 July 2.52 2.87 4.17 3.22 3.62 4.21 5.63 3.48 5.25 3.79 August 2.51 2.82 4 09 3 18 3.57 4.13 5 49 3.43 5 09 3.76 September 2.58 3.02 4.17 3.21 3.60 4.20 5.65 3.50 5.18 3.82 October _ __ 2.48 2.82 4.03 3.15 3.53 4.08 5.36 3.43 4.94 3.73 November 2.50 2.74 3.95 3.10 3.46 4.02 5.23 3.39 4.83 3.65 December 2.49 2.75 3.95 3.08 3.42 4.02 5.27 3.40 4.82 3.63 1939—January.. 2.47 2.70 3.86 3.01 3 32 3.97 5.12 3.31 4.70 3.57 February . 2.44 2.70 3.81 3.00 3.26 3.94 5 05 3.29 4.63 3.52 March 2 34 2 67 3 74 2 99 3 22 3 87 4 89 3 29 4 46 3 48 Week ending: Mar. 25 2.34 2.68 3.76 3.00 3.22 3.89 4.92 3.31 4.48 3.49 Apr. 1 2.31 2.67 3.75 3.00 3.21 3.88 4.92 3.31 4.47 3.49 Apr. 8 _. _ 2.31 2.70 3.81 3.02 3.22 3.93 5.06 3.33 4.58 3.51 Apr. 15 2.32 2.80 3.88 3.04 3.24 3.99 5.22 3.38 4.71 3.53 Apr. 22 2.29 2.76 3.85 3.03 3.23 3.98 5.17 3.35 4.69 3.51 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. 1045-1046 of BULLETIN for December 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

417 MAY 1939 FEDERAL RESERVE BULLETIN BOND PRICES * STOCK MARKET Corporate 3 Stock prices i Year, month, or date T U u r r . e y a S s . 2 - M ip u a n l ic- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or fe P rr r e e- d 2 Common (index, 1926=100) u t m i V r n a e o g d l 3 - - of Total In tr d ia u l s- R ro a a i d l- Utility Number of issues «._ 2-6 60 20 20 1936 average 103.7 110.8 97.5 92.2 94.7 105.4 Number of issues... 20 420 348 32 40 1937 average 101.7 110.3 93.4 90.1 89.6 100.4 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— A M p a r r i c l h .... 1 1 0 0 2 2 . . 5 7 1 1 1 1 2 1 . . 2 6 7 7 6 3 . . 0 8 7 7 9 7 . . 5 8 5 5 7 3 . . 3 5 9 9 1 0 . . 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 1 3 3 6 5 . . 2 6 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 May 104.0 113.6 76.5 80.4 55.1 94.0 1938—March 132.2 78 93 26 69 922 June 103.9 113.6 75.3 80.0 52.0 94.0 April.. _ _ 127.9 71 84 21 64 778 July 103.8 114 2 80.8 85.0 60.2 97.3 May 131.7 74 87 22 70 620 1939— N A D S M O F J e e o u e a c a p b n c t v g r o t e u r e u c e b u m a h m s m e a r t y b r b r b y e e e r r r 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 4 3 4 4 4 4 6 4 . . . . . . . . 0 0 0 4 3 1 0 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 6 5 6 7 7 7 . . . . . . . . 7 6 2 2 5 3 9 3 8 8 7 8 8 8 8 8 1 1 8 1 1 2 2 3 . . . . . . . . 7 8 3 9 1 1 1 1 8 8 8 8 8 8 8 8 5 6 4 6 6 6 6 7 . . . . . . . . 7 4 8 2 9 0 2 1 6 6 5 5 5 6 5 5 0 0 5 8 9 0 9 9 . . . . . . . . 0 2 7 6 9 7 9 0 1 1 9 9 9 9 9 9 0 0 6 9 8 8 8 9 0 1 . . . . . . . . 6 3 3 1 7 7 7 3 1939— J J A O S N D J u u e c u e o a l n p t y n c g v o e t u e u e . e b m a m s m e r t r y b . b _ b e _ e e r r r _ . . _ _ _ _ - _ _ - 1 1 1 1 1 1 1 1 3 3 4 3 3 4 4 4 5 7 0 2 8 2 1 1 . . . . . . . . 6 9 4 3 1 3 7 7 8 9 9 7 8 9 9 9 8 0 1 3 6 5 2 2 1 1 1 1 1 1 1 8 1 0 0 1 0 0 1 6 0 8 4 4 5 9 1 2 2 2 2 2 3 2 3 1 7 8 6 8 0 9 0 6 8 7 7 7 7 8 7 9 1 7 5 2 7 1 8 1 1 1 1 1 1 1 , , , , , , , 0 0 3 7 8 1 1 8 5 6 8 3 5 9 1 4 4 2 9 3 5 5 4 3 M Ma a r r . . 2 2 2 9 1 10 0 6 5 . . 6 8 1 11 1 7 7 . . 9 7 8 8 2 2 . . 3 1 86.6 5 59 9 . . 4 0 1 10 0 0 0 . . 9 4 M Fe a b r r c u h ary 1 1 4 4 1 2 . . 8 3 9 9 0 2 1 1 0 0 6 8 2 3 8 0 8 8 4 6 7 9 0 9 8 9 Apr. 5 106.6 117.3 80.2 85.0 55.8 99.9 Mar. 22 142.5 87 102 27 82 925 Apr. 12 106.2 115.5 78.7 83.2 53.4 99.3 Mar. 29 142.4 88 103 28 83 1,322 Apr. 19 106.7 116.2 79.2 83.5 54.3 Apr. 5 . _ 141.2 82 96 25 80 1,555 Apr. 12 140.4 79 93 24 78 1,208 1 Monthly data are averages of daily figures except for municipal bonds, Apr. 19 140.1 80 94 24 79 456 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, 1 Standard Statistics Co. Monthly data are averages of Wednesday based on quotations from Treasury Department; see BULLETIN for figures. December 1938, pp. 1045-1046 for description. Prices expressed in 2 Average prices of industrial high-grade preferred stocks, adjusted to a decimals. $7 annual dividend basis. 3 Prices derived from average yields, as computed by Standard Sta- 3 Average daily volume 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. bonds, see pp. 1045-1046 of BULLETIN for December 1938. Back figures.—For stock prices, see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Y m e o a n r t h or and T ( o do ta - l Corporate T ( o do ta - l Corporate f i u n n g d ) - m a f e o n s r d - tic Total S m a t n a u d t - e F e e ra d l - Bonds e F ig o n r - i m a f e o n s r d - tic Total S m a t n a u d t - e F e e ra d l - B a o n n d ds e F i o g r n - * eign) n p ic al i- cies 2 Total n a o n t d es Stocks eign) n p ic al i- a c g ie e s n 2 - Total notes Stocks 1929 11,513 -10, 093 9,420 1,418 0 8,002 2,078 5,924 -673 -1 42C 1,387 13 0 1,374 542 833 -33 1930 7,619 -6, 912 6,004 1, 434 87 4,483 2,980 1 503 -908 -706 527 53 0 474 451 23 -179 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, 197 1,165 762 77 325 305 20 -32 -554 498 87 93 319 315 4 -56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1 386 1,386 803 405 178 144 35 o 774 765 136 317 312 312 o 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3 242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1 192 839 352 23 4 242 4 123 382 353 3 387 3 187 200 119 1937 -3, 937 -2,138 -2, 094 712 157 -1, 225 -817 408 44 1 799 1 680 191 281 1,209 856 352 119 1938 -4, 408 -2, 357 -2, 322 -971 481 -871 -806 -65 -35 -2, 050 -2, 023 -129 665 -1, 228 -1,197 31 28 1938—Mar 245 126 126 -93 9 24 23 1 0 119 119 16 45 58 58 0 0 Apr 352 -196 -196 45 140 12 11 1 0 -156 -156 -5 84 67 67 0 0 May____ '•220 -159 -159 88 33 37 22 16 r(3) -61 -61 -5 31 26 26 0 0 June ••513 -349 -346 130 14 -202 -193 10 3 164 164 14 52 99 99 0 0 July 470 -391 390 -43 216 130 128 2 1 79 79 3 20 56 56 0 0 Aug -417 -182 -182 55 0 -127 -123 3 -0 -236 -236 11 14 211 211 0 0 Sept '238 -146 -146 -53 8 85 83 2 0 92 92 22 6 65 65 (3) 0 Oct. _ -765 -167 -167 -103 0 64 62 2 0 598 598 2 323 273 273 1 0 Nov -385 -226 -195 -152 0 43 37 6 31 -160 -135 6 22 -108 -89 18 25 Dec -479 -24] -241 -126 55 -59 -44 -16 0 -238 -236 15 20 -200 -190 11 3 1939—Jan -257 200 200 76 118 -6 5 1 0 57 57 27 19 10 10 (3) 0 Feb. 561 398 378 44 310 24 17 7 20 163 163 10 17 136 101 35 0 Mar. __. 240 162 162 105 4 53 43 10 0 78 75 13 15 47 46 (3) 3 - Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN MAY 1939 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury, In millions of dollars] Noninterest- Interest-bearing bearing Total Publicly-offered l End of month gross debt Ad- Social Bonds justed se- All Ma- Total service curity other5 tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U. S. war 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 •21, 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—J urn e 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— March 37 556 37, 001 34, 032 79 20, 927 1,148 10,076 1, 803 860 1,460 648 98 458 A pril 37, 510 36, 963 34,016 79 20,927 1,181 10,076 1, 753 856 1,458 635 92 454 Mav— .. .. ... 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 Julv 37,191 36,642 33,400 79 21,846 1, 275 9,147 3,054 864 1,641 738 106 443 August 37 593 37 052 33 681 79 21 846 1 F.05 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, 7S8 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, 303 827 745 105 431 December 39, 427 38,899 35. 327 79 24, 005 1,442 8, 496 1,306 827 2^002 743 101 427 1939—J anu ary 39, 631 39,097 35, 469 79 24, 005 l,58n 8, 496 1, 309 826 2, 046 756 109 425 February i 39, 859 30, 326 135, 533 79 24, 005 1, 643 8. 49(3 1,310 825 2, 207 761 112 421 March 39 985 39,442 35; 579 ! 79 25,218 1,701 7, 270 Mil 827 779 125 419 i 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. & Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation, e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES' OBLIGATIONS, MARCH 31, 1939 [In millions of dollars] [In millions of dollars] Date maturing Total Bonds 1 Notes Bills F F ed ar 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 Month Corpora- Corpora- Corpora- Corpora- Author- 1939—Before July 1 1, 338 27 1,311 tion tion 2 tion tion ity July 1—Sept 30 427 427 Oct 1—Dec 31 526 526 1940—.jan 1—Mar. 31 1,378 1, 378 1934—June_. 681 312 134 235 Apr 1—June 30 738 738 Dec.__ 3,063 980 1,834 249 July 1—Dec. 31 737 737 1935— June... 4,123 1, 226 2,647 250 1941 2,219 834 1,385 Dec. 4,494 1,387 2,855 252 1942 1 001 1, 001 1936—June. . 4, 718 1,422 3,044 252 1943 1,948 898 1,050 Dec.__ 4,662 1,422 2,988 252 1945 2, 120 2,120 1937—June_. 4,665 1,422 2,987 255 1946 _ _ 1, 846 1,846 Dec... 4, 645 1,410 2,937 297 1947 2,828 2,828 1948 2, 009 2,009 1938—Mar. . 4,646 1,410 2,937 299 1949 2 1,063 2 1, 063 Apr. 4,647 1,410 2,937 299 1951 1,223 1,223 May.. 4, 852 1,410 2,937 299 206 1952 2, 436 2,436 June._ 4,853 1, 410 2,937 299 208 1 1 9 9 5 5 4 3 2 1 , , 7 6 8 6 6 3 2 1, , 7 6 8 6 6 3 J A u u l g y . . .. 5 5, , 0 0 1 6 5 4 1 1 , , 4 4 1 1 0 0 2 2, , 9 8 3 8 7 8 5 5 1 1 0 1 2 2 0 0 6 6 1955 755 755 Sept. . 5,009 1,404 2,888 511 206 1956 . ._ 489 489 Oct... 5,001 1,395 2.888 511 206 1959 982 982 Nov. _ 4,993 1,388 2,888 511 206 1960 2,611 2.611 Dec... 4,992 1,388 2,888 509 206 1961 50 50 1939—Jan. __4,987 1,383 2,888 509 206 1963 919 919 Feb.__ 5,410 1,381 2,888 819 206 114 1965 1,485 1, 485 Mar... 5,410 1,381 2,888 819 206 114 Total.. _ 35, 579 26, 998 7,270 1,311 1 Principal amount of obligations guaranteed as to interest and princi- 1 Issues classified as of date of final maturity; most issues callable at p p a u l b . lic E d x e c b lu t. d es T o h b e l i t g o a t t a i l o n in s c h lu e d ld e s b y g u U ar . a n S t . e T ed re a d s e u b r e y n t a u n r d e s re o f f l e t c h t e e d F e in d e t r h a e l earlier dates; most of the U. S. savings bonds are redeemable at option Housing Administrator, amounting to $1,946,000 on March 31, 1939. of 2 h I o n l c d l e u r d . es unclassified U. S. savings bonds. 2 Excludes obligations guaranteed as to interest only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

419 MAY 1939 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures l c T o a r u c u n - s t t s, I c n r c e r a e p s a e e s r e i d o u o d r r i n d g e- General E o x f c r e e s - s ex e c tc e . s s i Period Total c ta o x m es e S s ta e o i x c t c y u e ia s r l - - O in t t h e e r- r Total e I d n st e t e b o r t n - t f i V N a e o d n n e e n a s d t - - a e - l o A th l e l r r c a e R e o l n r e i v y e d - - f ( f v n u R i o e n n e l t g d v - ) s - 3 T f a t e e c r r r t a u c s c n t s . t s 6 t s o . - p ( c t + e e u e ) n i r x p e d - o t s i s r - p ( c o t + e e u f e ) n i r x p r e d o - e t s i s - r - b G a f e l u a n n n e d c ra e l 7 G d r e o b s t s erans' A dm. ^ Fiscal year ending: June 1936 4,116 1,427 749 1,340 1.310 3, 441 11 1,814 - 4, 550 4 312 +840 +5,078 June 1937 5, 294 2,158 253 866 1, 436 1,994 3, 073 204 868 -\ 149 4 374 -128 -2, 646 June 1938 6, 242 2, 635 765 926 1, 550 2,178 2,238 121 607 - L 384 •4-300 -338 +740 9 months end ins: M M a a r r . . 1 1 9 0 3 3 7 8 3 1 , 8 7 ^ 2 0 8 1 1 ,5 9 0 9 7 5 58 0 5 4 6 5 1 9 8 6 1 1 , , 0 1 0 0 0 0 1 1, , 5 4 2 1 4 7 ! 2 1 , , 3 5 9 1 1 5 1 8 4 4 8 2 58 3 4 8 ! - , 6 1 0 2 6 1 + + 3 1 1 2 0 2 i - + s. 5 -. 8 5t 7 , + 1 + , 9 1 5 3 0 2 Mar. 1939 4, 390 1, 745 501 592 1, 219 2', 001 2.325 09 524 !, 339 +f><>2 1 + 1,174 f 2, 820 "938 March 959 ! 723 3 153 138 1S5 ! 196 18 58 4-213 + 31 —166 70 April 273 49 34 66 130 ! 202 9 19 -3G9 • 30 -451 46 May 375 40 131 9 134 206 16 2 • \m 4-J58 -122 8S June 774 550 5 233 132 238 314 12 1 •156 -351 --258 July.,,. 311 47 32 13 137 250 216 5 135 -- 451 — mo • 27 A up. ust 487 32 131 17 142 227 236 13 48 -195 -63 4-144 +402 September. _. 711 498 3 146 131 177 243 10 45 -40 -41 + 719 +800 October 332 41 34 67 130 250 262 9 44 -437 i zl—409 +30 N D o ec v e e m m b b e e r r . - . . , . . 3 70 8 4 2 48 3 1 6 12 3 9 17 9 3 1 lo 3 o 7 2 1 2 9 8 0 309 4 7 4 4 9 9 - - 2 1 9 5 6 7 + — 6 1 3 ? 6 "> + 4- 1 8 8 2 0 4 1939—January 308 48 43 30 140 221 258 5 39 -385 -31 — 151 +204 February 417 182 17 122 209 10 50 -245 +30 +410 +227 March 7:;7 506 4 120 130 243 G 08 -132 +428 +40 + 127 Details of trust accounts, etc. Details of general f md balince (en of per<>d) Old-age reserve and Unemployment Net expenditures in railroad retire- trust fund checking accounts of All Period ment accounts Government agencies other, excess In- Wor*of re- In- cre- SeigD in? 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 1" tion i° (-•) n Fiscal year ending: J J u u n n e e 1 1 9 9 3 3 7 6. 267 267 29 1 4 9 29 1 3 9 i 9 9 3 2 2 4 9 1 9 1 3 12 3 1 12 0 7 0 + + 20 6 4 0 2 2 , , 6 5 8 5 2 3 ~ 1,087 1 14 4 1 0 3 3 1 5 6 6 ?, 9 2 7 2 0 5 June 1938 550 461 85 763 560 191 9 9 9184 9 11 +87 2,216 142 446 1,628 9 months ending: Mar. 1937 135 135 178 • 168 1 9 331 9 76 128 +27 1, 826 343 141 348 995 Mar. 1938 511 449 54 528 445 9 35 31 9 34 +09 3,140 1, 183 142 427 1,389 Mar. 1939 449 343 88 635 313 328 9 516 136 9 228 +72 3,389 142 515 2,732 1938—March 58 51 8 r57 36 6 9 28 +15 3,140 1,183 142 427 1,389 April 19 1 14 r 9 17 41 31 7 48 2,689 142 433 2,114 May 2 95 9 128 85 34 6 9 1 9 149 47 2,567 142 440 1,985 J J A u u u l n y g e u . st _ 4 1 6 8 7 0 4 1 3 0 7 5 9 9 9 1 8 3 3 2 1 5 4 8 6 2 3 3 5 9 6 3 9 9 2 6 1 1 0 0 4 9 9 3 1 6 1 0 9 3 2 5 8 6 5 + + 4 1 3 2 0 2 2 2 , , , 2 1 2 1 1 6 6 6 0 1 1 1 4 4 4 2 2 2 4 4 4 4 5 5 6 5 1 1 1 1 , , , 6 5 6 2 2 6 8 3 3 September- 45 35 9 35 94 40 24 27 9 7 43 2,978 142 460 2,376 October 44 34 10 38 914 40 19 23 9 6 +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 December 49 34 10 37 32 19 18 16 94 +8 3,084 142 492 2,449 1939—January 39 34 10 51 10 33 9 15 10 9 20 +2 2,933 142 503 2,288 February 50 50 10 148 111 36 9 326 9 112 -1 3, 343 142 508 2,693 March 68 50 11 34 44 9 6 + 14 3,389 142 515 2,732 1 Excludes debt retirements. r Revised. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. 8 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 7 Details given in lower section of table. 8 Less than $500,000. *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

420 FEDERAL RESERVE BULLETIN MAY 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Recon- Ho h m ou e s i m ng o r a tg g a e g n e c i a es nd Farm credit agencies Total struction Ten- Finance nes- Ini A C P W s r t a d u a o r t o m n a b r i r p d o t l i k i i o n n o c s - - n O C H r L a w o o t o r i n m a p o e n o n e r - s' O m a g c g t a o i e h e g r n e s e t - - r U t H S h A n t i o o a n i r u u t t g i e e - s t s d y - m F a g c g a a o i e e r g r m n s e t- - p a C o b n A O F r d a r a a d t e n h r t c m d m k i e o o i s r . t r n - s m C C r C a o r o t o e r i d m p o d i o n i t - t y - Other t V A h l i s e t e o a u y y e l r - - - a a s c g n u ie e c r s n - e - Other F 1 2 e 9 8 3 b , . 9 J 1 3 a 9 1 3 n , 9 . F 1 2 e 9 8 3 b , . 8 ASSETS Loans and preferred stock: Loans to financial institutions._ 233 171 0) 28 431 445 481 Preferred stock, etc 526 214 45 75 0) 860 869 869 Loans to railroads 478 30 508 512 440 Home and housing mortgage loans... _____ 2,134 155 38 2,327 2,329 2,429 Farm mortgage loans 2,710 2,710 2,719 2,863 Other agricultural loans 24 269 371 85 0) 750 750 586 All other loans 2 517 0) 3 204 4 202 923 902 810 Total loans and preferred stock 1,778 2,348 370 38 2,710 344 371 289 28 233 8,509 8,527 8,477 Cash.. 1 133 65 92 82 37 0) 33 3 20 19 486 421 311 U. S. Govt. direct obligations 48 1 39 1 68 157 413 4 731 728 649 Obligations of Government credit agencies: Fully guaranteed by U S 12 26 104 143 140 171 Other 5 3 54 35 42 39 37 Accounts and other receivables 24 13 5 1 197 5 21 0) 3 17 53 340 343 277 Business property 1 6 0) 129 6 0) 0) 226 1 95 465 460 398 Property held for sale 34 554 0) 117 0) 2 1 708 698 655 Other assets _ _ 0) 5 0) 0) 0) 5 1 63 145 227 158 64 Total assets other than interagency6 1,888 3,061 492 261 3,191 605 393 327 234 648 550 11, 65011,51511, 039 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States___ 819 2,888 114 1,381 206 2 5,410 4,987 4,646 Other 5 175 5 1,011 173 3 0) 6 1,369 1,372 1,374 Other liabilities (including reserves). 91 30 2 106 10 76 6 6 197 160 809 757 592 Total liabilities other than inter agency5 _ 910 3,013 206 117 2,498 183 283 6 9 199 166 7,588 7,117 6,613 Excess of assets over liabilities, excluding interagency transactions. _ 978 48 287 144 693 422 110 322 225 449 384 4,062 4,398 4,427 Privately owned interests 47 194 4 139 384 383 367 U. S. Government interests 978 48 240 144 499 418 110 322 225 309 384 3,678 4,015 4,059 1 Less than $500,000. 2 Includes $38,000,000 loans of Public Works Administration. » Includes $202,000,000 loans of Farm Security Administration 4 Includes $99,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance 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] Mar. 31, Sept. 3C Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, 1938 1938 1938 1938 1938 1939 1939 1939 Loans to financial institutions 241, 428 216, 859 216,157 212,213 209, 625 205, 539 199,183 i 196, 679 Loans on preferred stock of banks and insurance companies.. 37, 778 37,154 37,090 37, 083 34, 616 34, 116 33.779 33, 626 Preferred stock, capital notes, and debentures 534, 363 523, 605 521, 981 520, 550 536, 590 532, 352 526,153 524, 343 Loans to railroads (including receivers) 368, 471 419,364 426,046 428,041 436,094 437, 789 436,139 439, 560 Loans for self-liquidating projects 237,170 193, 078 194, 606 194, 748 186, 384 187, 588 187, 301 186, 978 Loans to industrial and commercial businesses 72, 688 92,137 98, 224 103, 598 107, 747 109,419 110, 664 112, 048 Loans to drainage, levee, and irrigation districts 77, 522 79,601 79, 667 80, 836 81,037 82, 396 82, 494 82, 757 Other loans 4,067 14, 456 19, 205 19, 215 24, 040 28. 952 26, 988 27,067 Securities purchased from Public Works Administration 140, 997 137, 697 138, 783 138, 607 140,194 140. 801 136, 725 131, 090 Total loans and investments, other than interagency._ 1,714,481 1,713.950 1. 731, 7601, 734, 8931, 756, 3271, 758, 9511, 739, 4271, 734,148 Loans to Federal land banks 7,521 Loans to Commodity Credit Corporation 95, 049 Preferred stock of Export-Import bank 20, 000 20,000 20,000 20,000 45,000 45, 000 45,000 45,000 Loans tu Rural Electrification Administration 31, 755 46,498 46,498 46, 498 46, 498 47, 698 49, 848 53, 948 Capital stock of, and loans to R. F. C. Mortgage Co 71,352 42. 595 44,996 48, 644 54,159 56, 548 51, 691 53, 258 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11,000 23,185 31, 975 40, 868 49,710 11, 000 17, 234 24, 215 Loans to Tennessee Valley Authority ._. 2,000 2,000 2,000 3,000 3,000 3,000 3,000 Total loans and investments. 1, 951,157 1, 848, 2281, 877, 2281,892, 9021, 954, 6931, 922,1971, 906, 2001, 913, 569 i Includes $60,000,000 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

421 MAY 1939 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by— by- and discounts for— Regional Regional Emeragri- Produc- agricul- gency End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p s c p c r o r c o r o e c u r e d d i a l d a u i t t i t t u i t c i o o r c t a n a i n o s o l s s r - , n , - f c i i n e o n O t a x i o s o n t c p t h n c i e e t i e s p r n u r , a t g - - ti a o s t n s i o o c n c r i s e a d - it t i u t r r a a c t l o i o r c p n r o s e - d- c d r r l o o o p a u n a g s n h d t m F b c i e e n r a d d e t n i e e d a k r r i t s - a t e l B in C c a a c B o t e n l i o a n u k v p n t s d e e r k s i a f r n , o - l g r i M A i n r n e g t g g a v u r r o i r f A k c a u l u e v l c n l - t t d - and banks tives for cooperatives l 1934—December 1,915,792 616,825 99, 675 55,672 60,852 87,102 111,182 33, 969 27, 851 54,863 1935—December.. . __ 2,071, 925 794. 726 104,706 47,162 94,096 43, 400 172,489 2,731 50,013 44, 433 1936—December 2,064,158 836, 779 129,872 41,017 105, 212 25, 288 164, 887 1,641 69, 647 53, 754 1937—December . 2,035, 307 812, 749 165,194 40, 464 138,169 15, 592 172,130 1,813 87, 633 30, 982 1938—March . . 2,025, 707 798, 776 186,137 39. 526 162, 600 15,164 175, 800 1,420 82, 323 27, 304 April 2,022,846 794,916 195, 899 40, 650 173,113 15,060 183, 467 793 79, 926 26, 335 May 2,019, 930 790, 772 202,147 41,312 179,790 14, 834 184, 766 655 78,417 25, 332 June 2,017, 696 786, 068 207, 988 42, 894 184, 327 14, 788 184,532 19 81,190 24, 604 July 2,013,645 781, 703 199, 288 42, 582 183,891 14, 442 183, 289 118 75, 264 25,028 August 2,008, 663. 776,982 197, 274 42, 984 181,154 14,003 181, 867 118 75, 961 26,119 September 2,003, 810 771, 988 189, 937 40, 808 170,806 13, 374 179, 398 256 82, 544 27, 370 October.. 1, 997, 561 766, 502 174, 626 36,121 154, 560 12, 354 174, 574 744 86, 931 27, 917 November 1, 990. 475 760, 326 166,549 34, 537 148, 430 11,592 172, 043 851 86, 221 25,313 December 1, 982, 224 752, 851 168, 392 33, 545 148,037 11,081 170,891 920 87, 496 23, 723 1939—January 1, 973,179 745, 631 163,815 33, 077 148,416 10, 863 169, 707 834 80, 266 23, 948 February _ __ 1, 968, 790 740, 870 166,996 34,115 155, 409 10, 689 170, 400 1,152 73, 692 23, 631 March 1, 96o, 357 733, 647 175, 362 35, 318 167, 867 10, 399 175, 509 1,528 65, 783 23, 305 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 i p n 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 e r - v d e s, Owners' member banks Total obli- teed etc.2 L p o o a r n a t C io o n r- N of u m as b s e o r - Loans 1 i t n io st n i s t u a - 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 90 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—February 1,271 1,311 124 1,112 946 167 75 1938 -March 2, 323, 995 1,338 895, 300 183,105 March 1,268 1,306 121 1,113 946 167 72 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 June 2, 265,153 1,346 947, 500 196, 222 June 1,252 1,290 115 1,103 936 167 72 July 2, 248, 982 1.348 961, 300 191, 889 July 1,252 1,291 102 1,103 937 166 86 August 2, 234, 899 1,354 976,074 189, 415 August 1,252 1,291 99 1,113 947 166 79 September.. 2, 221, 417 1,365 994, 218 189, 548 September 1,248 1,287 98 1,118 952 166 71 October 2, 203, 896 1,370 1,011,087 189, 217 October... 1,250 1,289 96 1,118 952 166 75 November.. 2,186,170 1,374 1, 020, 873 189, 685 November 1,250 1, 291 87 1,128 961 167 76 December.. 2,168.920 1.368 ,034,162 198.840 December 1,252 n, 291 86 1,132 965 167 -73 1939—January 2,149, 038 1,370 1,040, 770 178,852 1939—January _. ._ 1,259 1,299 83 1,137 971 166 79 February... 2.134,261 1, 375 l,0ol,109 170, 614 February p\, 263 March 2,117, 598 1,375 1, 067, 887 161, 614 March P\, 266 1 Federal Home Loan Bank Board estimates for all Federal savings p Preliminary. rRevised. and loan associations. 1 Outstanding priccipal, represented by certificates of deposit. Does 2 Excludes loans to other than member institutions which are negli- no 2 t I i n n c c l l u u d d e e s a w c o cr r u k e in d g in ca te sh re s w t i n th o r p o os u t t m st a a s n t d e i r n s, g 5 s - a p v e i r n c g e s n t s r t e a s m e p rv s e . fund and gible in amount. miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Bark figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN MAY 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variationj Industrial production i * Construction contracts awarded (value) 2 Fac- -= Factory em- tory Frei§;ht-car Department Y a e n a d r Total Manufac- Minerals Total Residential All other ployment 3 r p o a l y l - s 3 loadings * * sto ( r v e a l s u a e le ) s * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjusted 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 Keb 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 Vpril._. 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 114 115 114 115 112 115 58 51 40 39 72 62 103 103 94 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 105 104 99 83 77 92 161 1937 Jan 114 112 115 113 111 107 63 51 45 37 77 63 105 103 94 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 106 105 100 82 76 95 76 Mar 118 122 117 122 128 119 56 56 45 47 64 63 107 108 106 83 80 93 90 April... 118 122 118 125 115 105 53 61 44 51 61 68 108 109 109 84 79 93 89 May.. 118 122 118 123 117 118 56 68 44 52 66 81 109 109 110 80 80 93 95 June- 114 115 114 114 115 118 61 72 42 47 77 92 108 108 107 78 79 93 90 July.... 114 111 114 110 112 115 67 75 44 45 86 99 109 108 105 80 82 92 65 Aug 117 115 117 114 113 121 62 66 40 40 81 87 109 109 108 79 81 93 72 Sept 111 109 110 106 116 125 56 56 37 37 71 72 107 109 104 78 87 94 100 Oct.. _. 102 102 101 99 113 123 52 49 36 35 65 61 105 107 105 76 84 93 103 Nov.__ . 88 90 85 86 109 112 56 50 32 31 76 65 101 101 93 71 72 91 101 Dec 84 80 79 75 115 108 61 49 30 25 87 68 95 95 84 67 62 89 156 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 10'/ 105 96 85 • 56 54 128 111 90 91 84 69 70 S9 99 Dec 104 98 104 98 109 103 ye 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 eo 92 90 83 69 63 88 69 Feb 98 97 98 110 105 73 63 58 51 85 72 91 91 85 67 62 87 69 Mar P98 PIOO P96 P99 P110 P102 P69 P5S P61 P76 ^75 P91 P91 P87 66 63 88 82 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 423-424; 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. 35S of BULLETIN for July 1931. 8 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. 425-428. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 430. Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

423 MAY 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors;adjusted for seasonal variation 1923-25 average = 100] 1938 1939 Industry j Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total _ 75 75 73 73 74 82 87 89 95 103 104 100 . 97 *96 Durable ! 54 54 53 51 50 58 64 69 84 95 92 88 83 P80 Nondurable- i 94 93 91 93 95 102 108 107 106 110 114 110 108 piio IRON AND STEEL _ 50 49 50 47 46 62 70 76 90 109 102 94 ' 87 82 Pig iron 46 45 44 40 36 42 51 59 67 76 74 72 ' 73 75 Steel ingots 51 49 50 48 47 64 72 77 93 112 104 96 88 S3 TRANSPORTATION EQUIPMENT: Automobiles .. __ 62 54 54 49 46 43 45 46 84 96 99 105 98 91 Locomotives : 19 23 17 12 14 12 4 4 5 8 12 13 11 NONFERROUS METALS: Tin deliveries1 _ 85 77 71 69 73 68 65 71 81 73 59 66 72 76 Zinc - . i 90 87 80 79 70 69 74 75 80 88 '94 r89 87 90 Lead ___ ... 67 64 74 60 64 54 46 50 50 66 57 70 73 611 CEMENT AND GLASS: Cement 57 65 67 69 69 71 67 69 80 84 82 69 80 90 Glass, plate . _. 35 42 42 44 80 77 89 107 155 155 153 147 133 131 COKE: Byproduct 85 82 79 73 69 71 81 89 98 105 106 106 105 10G Beehive _ _ ._ 8 7 6 5 5 5 5 6 6 6 6 6 5 5 TEXTILES. _ . 79 81 74 77 87 97 110 103 100 112 117 109 109 P109 Cotton consumption 85 90 77 81 88 101 115 108 104 112 120 110 111 114 Wool... 62 54 50 60 75 87 106 93 91 107 116 107 111 Pi 04 C onsumption 61 57 55 73 92 110 133 107 101 123 134 114 117 P120 Machinery activity1 71 51 42 53 69 74 91 86 87 101 112 113 113 Carpet and rug loom activity1 _ 49 49 47 36 38 42 55 66 67 69 72 77 87 Silk deliveries . _ 88 100 101 87 101 105 102 111 104 123 116 107 97 108 LEATHER AND PRODUCTS 103 105 104 105 91 103 109 103 101 107 123 124 124 P125 Tanning 81 78 72 75 75 78 82 78 81 89 98 103 105 Cattle hide leathers 79 77 72 77 74 77 86 86 89 94 99 100 104 Calf and kip leathers 89 87 72 68 76 80 77 69 69 89 109 119 118 Goat and kid leathers 81 74 73 74 74 76 75 65 70 77 85 97 97 Boots and shoes 117 123 125 125 101 119 126 119 114 118 138 137 136 Pl'37 FOOD PRODUCTS: Slaughtering and meat packing 86 83 84 84 81 83 89 98 95 94 86 87 83 89 Hogs 66 59 66 66 58 62 74 88 92 88 79 74 67 73 Cattle 109 111 105 103 108 107 103 106 94 96 89 97 100 106 Calves 111 116 111 110 110 112 115 118 108 112 106 111 108 110 Sheep 164 151 151 164 151 152 153 152 149 152 137 150 157 156 Wheat flour.. _ 89 90 90 86 98 98 87 88 91 86 92 92 94 97 Sugar meltings 83 63 77 81 78 85 86 106 103 100 108 106 70 78 TOBACCO PRODUCTS 157 160 159 163 154 154 161 160 150 164 179 165 162 164 Cigars.. _ __ . 73 77 69 70 73 71 73 75 74 76 76 79 77 78 Cigarettes 226 227 230 237 219 219 232 229 211 233 258 237 231 236 Manufactured tobacco 77 83 84 84 84 84 81 84 78 95 97 78 78 80 PAPER AND PRINTING: Newsprint production 53 53 46 53 51 54 53 57 58 63 61 61 61 62 Newsprint consumption 129 126 125 125 122 124 123 130 131 127 127 121 123 122 PETROLEUM REFINING 195 191 197 198 193 200 203 206 208 208 201 205 201 Gasoline1 243 239 250 253 248 258 264 265 269 269 259 262 256 Kerosene 113 120 114 118 117 106 104 109 102 104 107 112 113 Fuel oil1 145 137 137 133 126 132 134 141 143 140 142 145 : 138 Lubricating oil1 „ 114 113 109 108 103 110 108 113 110 109 100 106 117 RUBBER TIRES AND TUBES1- 55 60 62 64 70 81 90 95 99 100 112 110 109 114 Tires, pneumatic1' 57 62 65 67 73 84 93 98 103 104 116 115 114 119 Inner tubes1' . _ 43 44 41 43 50 56 69 71 72 75 79 76 71 76 Minerals—Total 103 103 101 91 92 93 95 97 99 102 109 110 \ 110 P110 Bituminous coal.. _ . . .. 64 58 62 57 57 60 64 71 72 77 77 75 79 Anthracite 53 68 45 64 71 47 38 50 49 57 66 69 61 P61 Petroleum, crude ... . . _. 171 172 170 156 153 161 167 158 161 165 169 171 169 /'173 Iron ore . 19 34 38 37 41 50 42 Zinc 90 87 80 79 70 69 74 75 80 88 '89 87 90 Lead . i 67 64 74 60 64 54 46 50 50 66 57 70 73 69 Silver ! 96 98 96 92 91 99 105 102 102 51 85 86 100 1 Without seasonal adjustment. p Preliminary. • Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-195, 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

424 FEDERAL RESERVE BULLETIN MAY 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1938 1939 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total _ 95 103 Durable 63 66 80 92 86 84 83 Nondurable 104 109 109 113 108 111 111 IRON AND STEEL. 75 101 91 92 Pig iron 57 77 75 79 Steel ingots _ _ 77 103 92 94 TRANSPORTATION EQUIPMENT: Automobiles 117 105 105 Locomotives 13 11 NONFERROUS METALS: Tin deliveries 76 Zinc 96 Lead 59 70 CEMENT AND GLASS: Cement 87 91 83 42 48 65 Glass, plate 72 69 107 155 155 147 133 138 COKE: Byproduct.. 79 107 107 107 108 109 Beehive 4 6 7 7 7 TEXTILES 76 90 103 104 103 116 111 114 115 P112 Cotton consumption 82 92 103 104 107 117 110 116 119 119 Wool 49 81 101 96 96 113 117 109 116 P105 Consumption 54 98 123 113 111 134 135 118 128 P122 Machinery activity 42 74 91 86 87 101 112 113 113 Carpet and rug loom activity. 47 42 55 66 67 69 72 77 87 Silk deliveries 100 100 106 116 104 127 103 122 104 104 LEATHER AND PRODUCTS 104 108 102 97 102 121 119 111 102 104 115 126 P128 Tanning 83 77 71 71 78 84 83 86 88 95 98 108 Cattle hide leathers 78 72 73 75 85 90 92 93 96 101 111 Calf and kip leathers-. 77 65 65 93 93 80 82 85 93 98 108 Goat and kid leathers.. 84 76 73 69 71 73 68 73 76 92 92 101 Boots and shoes 118 129 122 113 117 145 143 128 112 109 125 137 FOOD PRODUCTS: Slaughtering and meat packing. 85 78 76 82 80 79 77 90 94 104 101 101 84 Hogs 73 60 58 64 60 56 56 66 79 97 103 100 74 74 Cattle 96 97 93 100 101 106 101 118 110 111 94 98 88 91 Calves 104 117 121 125 114 109 106 113 113 114 100 104 100 111 Sheep 154 137 142 161 148 152 154 176 163 151 135 151 147 142 Wheat flour 86 84 81 81 86 95 94 104 102 93 88 90 91 91 Sugar meltings 81 74 91 93 104 97 114 78 62 70 92 TOBACCO PRODUCTS 143 152 146 165 167 172 161 167 145 157 147 156 Cigars 63 70 65 72 74 76 90 90 57 61 67 71 Cigarettes 206 216 210 240 241 250 252 222 231 212 232 211 224 Manufactured tobacco. 78 84 84 91 81 92 79 79 81 PAPER AND PRINTING: Newsprint production 53 52 47 54 52 53 52 57 58 63 61 62 61 61 Newsprint consumption. 127 131 134 129 121 111 110 127 139 136 131 116 122 127 PETROLEUM REFINING. 195 191 196 197 192 199 203 206 202 205 202 Gasoline 243 239 250 253 248 258 264 265 259 262 256 Kerosene 115 117 113 114 109 98 99 111 107 113 115 115 115 Fuel oil 145 137 137 133 126 132 134 141 143 140 142 145 138 Lubricating oil 114 113 109 108 103 110 108 113 110 109 100 106 117 RUBBER TIRES AND TUBES.. 55 60 62 64 70 81 90 95 100 112 110 109 114 Tires, pneumatic 57 62 65 67 73 84 93 103 104 116 115 114 119 Inner tubes 43 44 41 43 50 56 72 75 79 76 71 76 Minerals—Total. 102 106 105 103 105 105 P102 Bituminous coal.. 58 52 49 51 76 79 86 82 83 83 P77 Anthracite 57 56 47 64 62 50 63 58 65 74 66 P50 Petroleum, crude. 168 170 170 158 156 165 170 163 163 163 164 164 166 P172 Iron ore 28 67 76 78 86 35 Zinc 97 92 71 78 96 Lead 69 65 44 48 52 75 70 Silver 104 106 104 97 101 108 p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, 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

425 MAY 1939 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1938 1939 Industry and group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 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 91.0 Durable goods . . 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 82.9 Nondurable goods 96.4 95.4 94.1 92.9 92.4 94.5 97.2 97.6 96.7 98.3 99.5 98.7 98.6 IRON, STEEL, PRODUCTS _ __ 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 87.6 Blast furnaces, steel works 92 90 87 85 83 83 84 85 86 90 92 92 91 91 Bolts, nuts, washers, rivets. _ 82 81 79 80 77 78 79 83 85 90 92 91 91 92 Cast-iron pipe 62 62 63 63 62 60 61 64 65 67 67 66 67 67 Cutlery, edge tools _ 82 79 78 76 76 67 76 78 79 81 83 83 82 83 Forgings 47 45 44 43 40 40 42 44 46 48 49 48 48 47 Hardware 71 70 64 63 61 57 62 67 79 84 86 85 83 82 Plumbers' supplies _ .. _.- 71 70 71 72 73 73 73 74 72 73 73 73 73 73 Stamped, enameled ware 122 126 122 120 113 108 118 123 127 134 134 131 131 135 Steam, hot-water heating.. 64 64 64 64 65 69 70 68 69 68 68 68 69 69 Stoves 75 75 70 71 70 71 75 74 77 74 77 78 80 80 Structural, ornamental... _ 66 64 62 60 58 58 58 58 60 60 63 63 67 68 Tin cans, tinware. _ 93 93 92 89 87 86 90 89 84 87 88 89 90 90 Tools 79 78 76 75 73 70 73 76 77 80 83 83 85 84 Wirework _ _ _ ... 138 133 128 126 114 112 111 132 145 163 172 163 161 160 MACHINERY. ... _ .. _._ 100.0 96.9 92.8 89.1 86.0 83.3 84.7 85.2 86.8 89.1 91.6 ^92. 1 93.9 94.9 Agricultural implements 148 142 139 130 124 103 106 96 99 99 105 109 118 118 Cash registers, etc 144 142 141 139 137 138 135 136 136 135 136 134 134 133 Electrical machinery 90 87 82 78 75 73 74 77 80 83 84 83 84 85 Engines, turbines, etc 92 88 88 86 82 81 83 83 86 88 88 93 92 92 Foundry, machine-shop products- 89 87 83 80 77 76 77 78 78 79 82 82 83 84 Machine tools 142 134 129 123 115 112 112 114 115 117 119 121 124 127 Radios, phonographs 96 91 93 87 83 82 82 81 89 106 111 114 116 117 Textile machinery 63 61 58 58 54 54 58 61 62 65 67 67 69 70 Typewriters 118 115 114 115 116 117 119 122 125 126 126 126 127 128 TRANSPORTATION EQUIPMENT.. 77.0 73.3 68.3 65.1 61.1 56.9 55.9 74.2 81.5 89.9 93 9 93.3 92.1 90.5 Aircraft 892 879 857 823 790 787 759 779 810 823 854 885 950 985 Automobiles 77 74 69 65 60 55 55 79 89 99 104 102 99 97 Cars, electric-, steam-railroad. 38 34 31 27 24 23 24 28 26 27 30 32 35 33 Locomotives. ... 41 36 30 26 25 20 18 16 16 17 17 20 18 17 Shipbuilding 103 99 92 96 99 99 91 89 91 97 100 103 109 109 NONFERROUS METALS, PRODUCTS 88.4 86.5 84.5 82.4 81.3 82.0 84.4 86.7 89.0 92.3 93. 5 94.0 93.9 Aluminum 134 131 128 126 122 124 131 137 140 141 140 141 145 150 Brass, bronze, copper 91 90 88 86 86 87 90 93 95 101 100 99 99 98 Clocks, watches 88 86 83 81 78 78 80 79 81 79 79 '84 84 83 Jewelry 88 89 85 82 84 85 87 88 87 90 94 93 95 95 Lighting equipment . 74 70 70 68 65 66 72 76 83 87 SI 92 89 87 Silverware, plated ware 62 61 60 59 58 57 59 59 62 63 64 65 66 66 Smelting, refining... _. 73 71 69 67 65 64 64 65 66 70 72 72 72 72 LUMBER, PRODUCTS. 63.6 63.4 61.9 60.9 59.9 60.2 61.9 63.2 62.9 64.5 65.3 66.3 65.6 63.2 Furniture . 76 76 74 73 73 73 75 76 75 76 79 79 80 80 Lumber, millwork ___. __ 52 51 50 48 49 50 52 53 53 55 55 56 55 54 Lumber, sawmills 52 52 50 50 48 49 50 51 51 53 53 51 53 49 STONE, CLAY, GLASS PRODUCTS 67.6 65.7 64.9 63.4 63.2 63.4 64.0 65.4 67.8 71.1 72.0 73.6 71.5 71.8 Brick, tile, terra cotta . 49 48 47 46 45 46 46 48 49 52 53 57 55 54 Cement 64 63 65 62 63 64 64 63 67 68 67 64 65 66 Glass 85 82 81 80 78 76 79 82 87 92 93 94 90 90 Marble, granite, slate 45 43 41 42 42 42 40 40 . 41 42 44 44 42 47 Pottery 75 73 72 71 74 75 75 75 76 78 79 81 80 79 TEXTILES, PRODUCTS 92.2 91.4 89.4 87.6 87.4 92.1 96.4 97.0 95.6 96.7 98.9 98.4 98.5 97.7 Fabrics 81.1 80.3 78.9 78.6 79.3 83.4 87.2 87.1 86.3 88.6 90.3 90.0 89.8 89.1 Carpets, rugs . ... 72 70 67 63 48 63 68 72 76 80 82 83 83 83 Cotton goods 80 80 78 77 78 81 85 85 84 85 85 85 86 85 Cotton small wares.. 71 69 68 70 70 71 75 78 79 83 85 84 84 82 Dyeing, finishing textiles 101 101 100 102 101 104 107 107 106 107 110 111 112 112 Hats, fur-felt 91 90 88 76 64 82 85 87 90 84 83 84 84 80 Knit goods... 108 107 107 103 106 109 111 111 111 112 115 113 114 115 Hosiery 138 138 139 133 135 138 140 140 141 141 144 145 146 147 Knitted outerwear 68 67 68 68 70 72 76 76 77 76 82 68 73 76 Knitted underwear _ 67 67 63 63 65 70 70 69 69 70 71 72 72 71 Knitted cloth 146 143 140 132 137 139 150 147 152 157 162 151 151 150 Silk, rayon goods ._ 57 59 60 64 58 57 61 61 60 61 62 61 62 63 Woolen, worsted goods 60 54 51 55 62 70 74 73 71 79 83 83 79 76 Wearing apparel 116.2 115.2 112.2 106.6 104.1 109.8 115.7 117.9 115.4 113.6 116.4 116.0 116.7 115.5 Clothing, men's 101 101 95 85 81 91 101 103 102 102 103 101 102 102 Clothing, women's 173 168 165 161 158 163 166 170 164 161 166 165 166 164 Corsets, allied garments 97 96 96 97 98 96 97 97 98 99 101 101 101 101 Men's furnishings _ 126 129 125 125 126 132 136 142 143 138 140 132 137 133 Millinery 72 71 76 71 65 65 68 71 72 61 66 68 72 72 Shirts, collars, _. _ 110 114 112 111 115 113 118 116 114 114 116 126 120 118 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN MAY 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued (Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] i 1938 1939 Industry and group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. LEATHER, MANUFACTURES 89 9 89.9 89.8 87,1 84^4 88.4 89.6 91.3 90.8 91.4 92.1 92.8 92.8 93.2 Boots, shoes 92 92 92 89 85 90 91 92 91 92 92 93 93 93 Leather 74 74 73 73 73 75 78 79 81 84 84 86 85 85 FOOD, PRODUCTS 124.2 122.4 120.4 120.0 121.2 122.2 123.0 122.2 119.2 122.8 124.2 124. 2 121.1 122.2 Baking - _ 144 143 143 142 143 144 144 143 142 143 144 143 144 144 Beverages ._ 246 243 240 237 232 232 236 234 234 245 244 245 244 239 Butter - 106 106 107 105 102 101 103 100 99 99 100 100 98 98 Canning preserving 139 134 120 126 131 136 140 131 111 128 129 129 122 133 Confectionery 80 78 79 76 78 78 79 79 79 79 82 80 79 78 Flour 76 76 75 76 77 77 77 75 75 77 78 78 76 Ice cream 81 79 81 79 77 77 78 77 78 80 80 80 80 79 Slaughtering, meat packing. _ _ 97 95 94 93 94 95 95 96 97 99 99 96 94 94 Sugar beet 95 99 98 91 91 92 89 109 101 101 142 199 108 105 Sugar refining, cane 86 82 80 91 89 85 88 92 89 88 87 89 SG 89 TOBACCO MANUFACTURES __ _ 64.2 64.6 64 9 64 8 65 2 61.9 62.9 64.3 63.2 63.7 64.2 64.5 63. 5 60.3 Tobacco snuff 62 61 62 62 62 61 61 63 58 61 62 59 59 60 Cigars cigarettes 65 65 65 65 66 62 63 65 64 64 65 65 64 60 PAPER PRINTING 106.1 105.6 105.0 103 7 103 0 103.0 103.7 104.0 104 3 105.4 106.0 106. 0 105. 9 106.4 Boxes, paper _ 96 96 95 95 95 95 96 96 97 100 101 102 102 103 Paper pulp 106 105 104 103 102 102 103 104 105 106 106 106 106 106 Book, job printing _ 103 103 102 100 99 100 99 99 99 100 101 101 100 101 Newspaper, periodical printing... 106 106 106 105 105 104 105 105 105 106 106 105 106 106 CHEMICALS PETROLEUM 114 4 112.7 110.9 110.2 108.4 108 3 111.0 111.4 111.2 111.8 112.3 112.3 111.7 111.9 Petroleum refining ___ ._ 123 122 122 122 120 121 121 120 119 118 118 118 118 117 Other than petroleum 112.4 110.3 108.2 107.5 105.5 105.2 108.4 109.4 109.3 110.2 110.9 111.0 110.2 110. 6 Chemicals 119 115 112 110 110 106 110 111 113 117 117 117 118 117 Cottonseed oil, cake, meal 107 99 109 101 93 102 98 87 86 88 90 85 76 84 Druggists' preparations._ 108 107 108 111 112 113 110 108 107 107 107 108 106 106 Explosives 84 84 83 82 81 81 81 83 82 81 81 82 82 82 Fertilizers ._ _ 95 87 85 93 93 91 96 92 88 91 89 94 89 88 Paints, varnishes 113 114 113 110 109 110 113 114 113 114 114 115 114 116 Rayon, allied products.. 303 307 289 290 274 272 292 312 313 310 310 310 314 313 Soap 89 88 86 86 86 89 92 91 90 86 91 91 90 89 RUBBER PRODUCTS 74.1 72.4 72.2 71.3 71.3 69.5 73.4 76.0 76.8 81.7 83.2 81.3 81.2 82.2 Rubber boots, shoes 57 55 55 55 56 44 54 56 58 62 63 58 61 62 Rubber tires, inner tubes 63 62 61 60 60 61 61 62 64 66 67 67 66 67 Rubber goods, other ... _ ._ _ 112 110 110 109 107 109 117 123 121 132 135 131 131 132 NOTE .—Figures for March 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

427 MAY 1939 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Total . 88.2 87.7 90.5 91.2 89.5 90.7 91.3 76.9 77.1 84.1 86.5 83.2 85.4 86.8 Durable goods 80 1 79 3 82 1 83.1 81.6 82.6 83.4 67.2 67.4 78.3 80.3 76.4 78.4 79.9 Nondurable goods 95.9 95.8 98.4 98.8 '•97.1 98.4 98.9 87.8 87.9 90.6 93.4 90.9 93.2 94.5 [RON, STEEL, PRODUCTS 85.3 84.4 86.5 87.4 85.9 87.2 88.3 63.2 64.3 79.1 80.8 79.7 81.6 Blast furnaces, steel works 93 91 90 91 91 92 92 64 65 82 83 82 ' 83 85 Bolts nuts washers rivets 83 81 90 92 91 92 92 62 62 91 94 ^89 95 92 Cast-iron pipe 61 62 66 66 66 66 66 44 49 55 56 53 55 55 Cutlery, edge tools 83 80 83 83 81 83 85 67 67 76 79 74 74 77 H Fo a r r g d i w ng a s re _ ... 4 7 8 2 4 7 6 1 4 8 8 4 8 5 6 0 4 8 8 5 4 8 9 3 4 8 8 3 3 5 5 9 3 5 5 6 4 9 4 3 4 9 9 0 4 8 6 2 4 7 7 9 8 4 2 6 Plumbers' supplies 71 71 73 73 72 74 74 52 53 55 60 '61 65 63 Stamped, enameled ware 123 128 134 134 129 131 137 109 119 134 136 127 129 137 Steam, hot-water heating 64 65 69 68 66 68 69 47 47 53 56 54 57 56 Stoves. _ 71 73 79 75 65 75 79 54 63 61 50 62 67 Structural, ornamental 64 62 61 62 62 64 66 52 51 50 53 52 55 58 Tin cans, tinware 87 88 85 84 83 84 86 90 93 88 88 87 86 93 Tools 79 79 81 84 83 85 86 68 71 76 82 80 84 85 Wirework 138 135 165 172 163 161 161 118 123 180 186 158 158 170 MACHINERY 99. 7 96. 9 89.5 91.8 93.4 94.7 91.1 88.0 83.9 89.3 87.4 91.8 94 2 Agricultural implements 153 150 97 105 111 122 125 162 161 95 114 113 132 137 Cash registers, etc. 144 142 135 135 133 134 133 129 130 120 119 117 120 120 Electrical machinery. __ 90 87 83 84 82 84 85 81 77 80 83 81 84 87 Engines, turbines, etc. 91 89 84 85 87 91 94 99 101 92 98 98 107 112 Foundry, machine-shop products- 89 87 79 82 82 83 84 78 75 71 76 75 78 80 Machine tools 142 136 118 120 121 125 128 138 129 111 120 120 131 135 Radios phonographs 84 76 119 118 108 103 99 68 58 107 108 97 88 84 Textile machinery. 64 62 64 67 68 70 71 53 51 61 67 65 68 70 Typewriters 117 115 129 128 126 125 128 102 94 131 130 119 123 136 TRANSPORTATION EQUIPMENT 79.9 77.4 91.6 96.1 95.8 96.0 95.8 65.9 65. 1 95.9 97.9 91.9 91.4 91.6 Aircraft 883 888 815 845 876 941 995 815 816 799 880 908 961 1, 014 Automobiles 82 79 102 107 106 105 103 63 62 108 107 101 97 96 Cars, electric-, steam-railroad 37 34 26 30 29 34 33 37 34 23 28 27 33 32 Locomotives _ 39 36 17 17 19 18 17 37 33 13 14 15 13 14 Shipbuilding 101 100 97 101 101 107 111 105 105 94 107 107 113 119 NONFERROUS METALS, PRODUCTS 88.0 86.9 95.4 95.0 r92 2 93.6 94.3 74.4 74.3 90.2 90.3 '84. 6 88.3 89. 1 Aluminum _ _ _ 135 134 143 140 139* 145 153 125 130 148 144 143 152 160 Brass, bronze, copper 91 91 101 100 98 99 99 76 78 100 99 93 96 99 Clocks, watches _ _ _ _ 88 86 84 83 '83 84 83 84 79 87 83 '80 88 85 Jewelry 86 87 101 97 87 92 93 69 68 83 85 72 76 77 Lighting equipment 74 72 92 94 90 89 88 56 56 83 85 78 S3 78 Silverware, plated ware 61 62 67 67 63 65 67 49 51 66 68 57 61 65 Smelting, refining _. 73 71 71 73 72 72 72 69 66 66 68 68 67 67 LUMBER, PRODUCTS. _ 60.6 62.3 65.2 64.1 61.9 62.6 62.1 48.0 51.8 56.2 56.1 52.0 53.0 53.6 Furniture _ 75 75 80 80 76 79 79 56 57 65 68 60 66 66 Lumber, millwork 51 51 55 54 53 53 53 38 40 45 45 43 44 44 Lumber, sawmills _ ______ 48 51 52 51 49 49 49 39 45 46 45 42 41 42 STONE, CLAY, GLASS PRODUCTS 63.0 63.7 71.6 70. 5 66.4 66.6 69.6 51.3 53.0 63.8 63.5 56.8 58.0 61.7 Brick, tile, terra cotta 43 44 52 51 49 48 50 28 29 39 39 37 36 37 Cement 53 58 68 63 53 55 60 44 50 64 57 47 49 55 Glass 85 84 92 93 90 90 91 81 81 99 99 92 93 96 Marble, granite, slate _ _. 40 41 43 42 37 38 45 30 32 31 31 26 27 34 Pottery 75 76 80 80 79 80 81 66 68 75 76 66 74 TEXTILES, PRODUCTS _ 94.7 95.0 96.9 98.6 97.5 101.2 101.4 77.9 78.0 78.4 83.3 80.8 87.7 88. 7 Fabrics 83.1 82.2 89.5 91.8 90.8 92.1 91.2 69.0 67.6 77.3 81.1 78.7 81.1 79.3 Carpets, rugs_. 72 72 80 82 81 83 85 49 51 67 71 68 72 76 Cotton goods 82 82 86 87 87 88 88 65 67 74 76 74 76 75 Cotton small wares 73 73 83 85 84 86 86 66 67 77 82 80 83 82 Dyeing finishing textiles 105 105 109 112 113 117 117 90 89 93 97 97 102 101 Hats, fur-felt 92 62 83 82 84 86 82 86 80 70 75 80 82 70 Knit goods 108 109 114 115 110 114 116 108 111 119 120 112 119 120 Hosiery 139 140 145 146 144 146 149 153 157 165 164 157 164 166 Knitted outerwear 67 67 78 79 65 73 76 60 59 69 73 59 68 69 Knitted underwear 67 €9 71 71 69 72 73 54 56 61 62 58 64 65 Knitted cloth - 147 146 156 160 147 152 153 113 111 120 127 119 121 119 Silk, rayon goods __ 59 60 62 63 63 64 64 45 47 49 52 51 53 52 Woolen, worsted goods 63 54 78 85 84 . 83 77 53 41 64 73 71 70 62 Wearing apparel 119.8 122.7 112.0 112.2 111.0 120. 2 123.0 92.8 95.8 78.0 84.6 82.4 97.7 104. 4 Clothing, men's 104 106 98 97 97 105 107 74 76 63 68 69 80 8ti Clothing, women's 180 182 159 161 160 173 178 135 136 102 115 112 135 142 Corsets allied garments 98 99 99 100 100 102 104 94 100 100 103 99 106 109 Men's furnishings 127 133 150 149 123 138 137 108 115 150 143 101 124 122 Millinery 78 83 55 58 67 78 84 69 81 40 43 00 71 90 Shirts collars 110 117 118 116 114 120 122 87 94 104 105 93 103 107 • Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN MAY 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 1938 1939 1938 1939 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. LEATHER, MANUFACTURES 93.5 94.2 84.8 88.6 92.9 96.6 97.6 77.0 76.6 62.4 70.0 77.5 83.3 83.2 Boots, shoes 96 97 83 88 93 97 98 77 77 54 63 73 80 80 Leather 76 75 84 85 86 87 86 73 71 85 88 88 90 88 FOOD, PRODUCTS 113.3 112.0 123.4 120.1 113.7 110.9 111.8 114.2 113.3 122.4 120.9 115.2 111.9 113.6 Baking 142 142 145 144 140 142 142 137 138 140 138 136 137 138 Beverages 225 231 229 223 223 224 227 261 271 265 257 252 253 262 Butter 98 100 97 95 93 91 92 83 83 82 80 81 79 80 Canning, preserving 82 78 103 85 79 72 77 73 70 86 77 71 70 73 Confectionery 78 77 91 91 78 77 77 75 74 85 92 76 76 74 Flour 76 76 78 78 77 76 77 74 74 74 73 75 71 75 Ice cream 68 70 70 69 68 68 70 58 61 61 60 60 59 61 Slaughtering, meat packing 97 93 101 102 100 94 93 105 101 110 113 111 101 100 Sugar, beet 35 39 275 231 85 40 41 43 44 275 222 73 47 46 Sugar refining, cane 85 82 87 84 85 85 88 73 68 75 73 75 72 86 TOBACCO, MANUFACTURES 63.2 63.8 66.9 65.2 59.2 62.4 59.5 52.6 54.7 59.8 59.6 49.7 50.9 51.4 Tobacco, snuff 64 62 62 62 61 61 61 70 67 69 73 '"67 64 66 Cigars, cigarettes 63 64 68 66 59 63 59 50 53 59 58 48 49 50 PAPER, PRINTING 106.1 105.3 107.0 108.0 105.7 105.9 106.0 101.2 101.3 103.3 107.3 102.2 102.3 104.2 Boxes, paper 94 95 105 104 98 100 102 92 94 110 109 100 104 107 Paper, pulp 106 105 106 106 106 106 106 101 102 103 103 103 105 106 Book, job printing 105 102 101 104 103 101 100 93 92 89 97 94 90 92 Newspaper, periodical printing 106 106 107 108 105 105 106 105 106 110 113 105 106 108 CHEMICALS, PETROLEUM 115.1 115.1 113.0 112.7 111.9 112.1 114.3 117.3 117.3 119.1 120.1 119.7 119.8 121.5 Petroleum refining 122 121 119 118 117 116 116 138 137 134 134 135 132 131 Other than petroleum 113.4 113.6 111.6 111.4 110.6 111.1 113.8 110.8 111.3 114.6 115.8 115.2 116.0 118.5 Chemicals 117 113 117 117 116 116 116 124 119 128 130 128 130 131 Cottonseed oil, cake, meal 120 105 116 114 95 85 89 100 87 100 96 79 69 74 Druggists' preparations 110 109 110 109 108 108 108 116 115 120 120 119 118 119 Explosives 82 83 83 83 81 80 81 90 88 92 95 90 92 91 Fertilizers 104 130 79 82 94 98 131 87 109 65 70 77 77 105 Paints, varnishes 112 114 112 112 112 113 115 108 111 114 115 113 116 121 Rayon, allied products 307 312 313 311 313 319 317 266 282 303 302 310 314 314 Soap 89 89 89 89 89 90 91 89 90 88 90 91 91 93 RUBBER PRODUCTS 74.1 72.9 82.4 83.6 81.1 81.3 82.7 58.9 60.9 85.2 89.0 83.9 82.8 85.3 Rubber boots, shoes 56 55 63 65 58 61 62 44 44 61 66 57 60 60 Rubber tires, inner tubes 63 62 66 67 67 66 67 49 52 75 79 76 73 76 Rubber goods, other 113 112 134 135 130 132 134 98 99 131 134 125 128 130 NOTE.—Figures for March 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

429 MAY 1939 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dcdge Corporation. Value of contracts in millions of dollars.] Nonresidential Building Public works Total Residential and public Month Building Factories Commercial Educational1 Other i utilities i 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 April 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 69.7 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 i Not strictly comparable with data for earlier years due to changes in classification. NOTE.—Due to change in publication policy of the F. W. Dodge Corporation, data for March 1939 will be published in the BULLETIN for June 1939. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.l Total Publicly-financed i Privately-financed i Month 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 January . _____ 186 100 215 243 192 252 157 55 149 112 118 148 29 45 66 130 75 104 February __ __ _ 97 75 140 188 119 220 65 38 79 69 51 111 31 37 62 119 68 109 March _ _ 178 123 199 231 227 301 126 68 96 66 95 128 52 55 103 165 132 173 April 131 124 235 270 222 78 53 105 74 99 53 71 130 195 123 May _ _ 134 127 216 244 283 72 47 94 93 144 63 80 122 151 139 June 127 148 233 318 251 73 64 116 137 108 54 84 116 180 143 July 120 159 295 322 240 52 67 153 131 98 67 93 141 191 142 August 120 169 275 281 313 69 92 153 104 171 51 76 122 178 142 September no 167 234 207 301 69 97 116 80 160 41 70 119 127 141 October 135 201 226 202 358 79 114 101 78 203 57 87 125 124 154 November. __ _ 112 188 208 198 302 74 118 89 93 179 38 70 119 106 123 December 93 264 200 209 389 61 196 82 115 279 32 68 117 94 110 Year __ 1, 543 1,845 2,675 2,913 3,197 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1939 1938 Federal Reserve district Federal Reserve 1939 1938 1939 1938 Mar. Feb. Mar. district Mar. Feb. Mar. Mar. Feb. Mar. Boston 19,841 15, 776 11,675 New York ____ 72, 648 47, 049 53, 419 Philadelphia 18,136 8,564 13,173 Boston 91 81 100 1,943 1,468 1,890 Cleveland . _ _ 27, 227 22, 734 25, 725 New York 274 264 364 3,796 3,661 22, 668 Richmond _______ __ 38, 946 19, 053 24, 070 Philadelphia 94 63 65 3,121 1,103 3,271 Atlanta 27, 742 19, 665 15, 795 Cleveland 76 60 83 1,658 779 1,997 Chicago _ _ _ 44, 054 38,138 33, 683 Richmond ._ __ _ 59 65 53 560 469 1,131 St. Louis 18,696 17, 324 12, 587 Atlanta _ _ 47 69 56 377 679 504 Minneapolis _ _ _ _ 7,890 4,838 6,014 Chicago 198 134 186 2,756 1,943 4,849 Kansas City 9,460 12, 034 11,014 St. Louis 44 37 49 412 615 403 Dallas 16, 021 15, 022 19, 763 Minneapolis 17 18 17 108 172 241 Kansas City 59 41 40 1,118 235 352 Total (11 districts) 300, 661 220,197 226, 918 Dallas _ 35 34 19 368 333 305 San Francisco 129 97 135 1,698 1,331 2, 714 Total 1,123 963 1,167 17,915 12, 788 40, 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN MAY 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * 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 . . . . 163 182 233 262 219 152 193 278 163 15S 11 -11 -45 99 61 March 185 195 257 275 "268 177 199 307 173 ^190 8 -51 102 \pril 164 193 269 274 171 203 287 160 -6 -10 — 18 115 Alay 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 — 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 ^98 Year 2,283 2,456 3,349 3,094 2,047 2,423 3,084 1,960 235 33 265 1,134 P Preliminary. r 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 [Index numbers; 1923-25 average=100] 1938 1939 Mar. Nov. Dec. Jan. Feb. Mar. Adjusted for seasonal variation Total 60 69 69 69 67 66 Coal 49 70 69 67 65 62 Coke 38 58 53 55 46 55 Grain and grain products-__ 77 81 83 79 70 73 Livestock _ __ 41 44 41 41 38 40 Forest products 36 40 43 42 36 36 Ore 76 74 92 102 93 86 Miscellaneous 67 74 74 76 75 73 Merchandise J 61 61 61 62 62 62 Without seasonal adjustment Total 57 70 64 63 62 63 Coal 52 76 78 76 76 66 Coke . 39 58 58 64 62 57 Grain and grain products. _ 71 76 72 71 64 Livestock 32 53 40 40 31 Forest products 37 39 37 37 35 Ore 19 41 23 22 22 M iscellaneous 64 76 67 65 64 Merchandise 1 61 62 59 59 60 CD CC DEPARTMENT STORES—SALES, STOCKS [Index numbers based on value figures; 1923-25 average=100J Index of sales J Index of stocks (end of month) Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment 1938 1939 1938 1939 1938 1939 1938 1939 January 90 88 70 69 71 67 63 60 February 88 87 70 69 70 68 67 65 March 86 88 77 82 70 68 71 69 April ..._ __ 83 86 69 71 M ay _ 78 80 69 71 June 82 79 68 65 July 83 58 67 61 August 83 65 67 65 September. _ 86 91 67 70 October 84 92 67 74 November 89 99 67 78 December 89 156 66 62 36 Year 85 68 21 70 62 i Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March i In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETINS for August for June 1937. Based on daily average loadings. Basic data compiled 1936, p. 631, and October 1938, p. 918; department store stocks, see BULby Association of American 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

MAY 1939 FEDERAL RESERVE BULLETIN 431 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] 1 Other commodities All Farm Year, month, or week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e c a r n ts d p T r e o x d t u il c e ts F m li u g a e t h l e t a r i i n n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d ri i a n l g s c C a d l h s r e u a m g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s 1929 _ 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94 ?, 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 fi 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 7?, 6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75 9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 m 5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 SO 4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 K3 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—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 80.6 94. 6 66.2 73. 7 94.9 89.2 76 6 85.8 73.0 December 77.0 67.6 73.1 80.3 93.1 65.8 73.2 94.6 89.4 76.7 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 March 76.7 65.8 70.2 80.4 91.8 66.6 73.1 94.3 89.8 76.5 85.2 74.1 Week ending— 1938—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 ?, 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 ?, 86.6 73.9 Mar. 25 76.6 66.7 70.8 80.6 92.3 66.1 73.6 94.4 89.9 76 0 86.5 73.9 Apr. 1 76.5 66.6 70.5 80.7 92.0 66.0 73.7 94.4 90.0 76.0 86.5 73.9 Apr. 8 75.9 63.8 68.4 80.6 91.8 66.1 73.6 94.4 89.9 75 9 86.5 73.9 Apr. 15 75.8 63.8 68.2 80.5 91.4 66.2 73.6 94.2 89.7 75.9 86.5 74.0 1938 1939 1938 1939 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 69.0 54.4 56.3 54.7 54.5 Agricultural implements 96.2 93.5 93.4 93.2 93.2 Livestock and poultry 82.7 74.4 78.0 79.2 78.2 Farm machinery 97.7 94.8 94.6 94.5 94.5 Other farm products. 62.8 66.5 63.2 62.9 61.0 Iron and steel 99.4 96.8 96.4 96.1 96.1 FOODS: Motor vehicles l 95.6 93.4 93.4 93.4 93.4 Dairy products 76.7 73.9 71.8 71.6 64.8 Nonferrous metals 71.6 76.8 76.7 76.5 76.6 Cereal products.. _ 80.9 74.8 73.2 72.7 72.3 Plumbing and heating 78.9 78.7 78.7 79.2 79.3 Fruits and vegetables 56.5 60.4 60.9 62.1 63.2 BUILDING MATERIALS: Meats 81.6 79.9 81.6 83.2 82.5 Brick and tile 91.1 91.5 92.4 92.4 92.5 Other foods 65.9 69.2 63.6 61.7 61.9 Cement2 89.9 90.6 90.6 91.2 91.5 HIDES AND LEATHER PRODUCTS: Lumber 91.3 90.9 91.7 92.6 92.1 Shoes 104.6 100.6 101.2 101.1 101.2 Paint and paint materials 82.2 81.0 81.0 80.5 81.5 Hides and skins _____ 69.5 78.8 78.4 72.8 73.8 Plumbing and heating 78 9 78 7 78 7 79.2 79.3 Leather 83.3 85.9 85.0 84.2 82.7 Structural steel L14 9 107 3 107 3 107 3 107.3 Other leather products... 102.2 95.8 95.3 95.3 95.6 Other building materials 94 8 89 7 89 6 89.3 89.8 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 84.6 81.6 81.5 81.5 81.5 Chemicals 83 2 80 0 79 7 79 4 79.9 Cotton goods 67.5 64.6 64.3 63.7 63.7 Drugs and Pharmaceuticals _ _ 73.8 73.5 73.0 72.7 72.2 Hosiery and underwear 60.3 59.3 59.1 58.8 59.9 Fertilizer materials 71 8 68 6 70.2 69.3 69.7 Silk and rayon 28.8 30.8 32.1 34.7 36.1 Mixed fertilizers 71 6 73 8 74 8 73 7 73.8 Woolen and worstedgoods 80.2 74.8 74.5 74.7 75.1 HOUSEFURNISHING GOODS.' Other textile product3 67.0 64.4 64.4 64.5 64.3 Furnishings 91 6 90 3 90 1 89 8 89. 7 FUEL AND LIGHTING MATERIALS Furniture 83.7 81.6 80.5 80.5 80.5 Anthracite 79.3 80.1 80.3 79.9 79.4 MISCELLANEOUS: Bituminous coal 99.5 98.5 98.3 98.1 97.9 Auto tires and tubes 57 4 58 8 58 8 59 7 60.5 Coke 105.5 104.2 104.2 104 2 104 2 Cattle feed 85 1 76 6 79 9 78 2 84 1 Electricity 86.8 82 7 PaDer and DIIID 88* 8 80 9 81 0 81 1 81 3 Gas. _ _ 83.4 81.6 82 2 Rubber crude 28 4 33 9 33 4 33 7 34 1 Petroleum products.. 57.9 50.9 50.4 50.7 50.9 Other miscell.meous 82.1 81.2 81.3 1 Preliminary revision. 2 Revised series. Back figure s— For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1837 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN MAY 1939 STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart 1939 Chart 1939 book book page M 2 a 2 r. M 2 a 9 r. Ap 5 r. A 1 p 2 r. A 1 p 9 r. page Jan. Feb. Mar. 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 2.57 2.58 2.58 2.58 2.59 United States: Bills discounted 5 0) 0) 0) 0) 0) All commodities 31, 32 76.9 76.9 76.7 Bills bought 5 0) 0) (0 (0 (') Farm products 31 67.2 67.2 65.8 U. S. Gov't securities. . 5 2.56 2.56 2.56 2.56 2.56 Foods 31 71.5 71.5 70.2 Gold stock 3 15.08 15.16 15.29 15. 43 15.61 Other commodities.._ 31 80.2 80.2 80.4 Money in circulation 3, 9 6.76 6.77 6.86 6.84 6.86 England 32 78.5 78.1 78.0 Treasury cash 3 2.74 2.72 2.71 2.71 2.72 France... 32 99.2 98.6 ^98.3 T R M r e e e q m a u s b i u r e e r r y d b d r a e e n s p e k o r s v b i e t a s s l * a nces 3, 6 6 3 8 5 1 . . . 9 6 2 9 3 2 9 5 1 . . . 6 2 1 1 0 3 9 5 1 . . . 6 1 3 1 0 2 9 5 1 . . . 6 5 0 5 2 3 9 5 . . . 7 7 9 4 5 5 I M n a d n u G u st f e r a r i c m a t l u a p r n i r y n o g d uc p ti r o o n d 5 u ction:5 3 3 5 2 79 10 .2 1 79 9 .2 8 Exce N C ss h e w i r c e a s Y g e o o rv 2 r k e s C — i t t o y t 2 a l2 7 7 7 3 1 . . . 4 9 1 0 7 7 3 2 . . . 5 0 2 2 7 0 *3 2 . . . 1 2 6 9 8 1 P 2 3 . . . 2 8 2 1 2 7 M 2 . . . 0 3 3 3 3 6 T D N o u o t r n a a d l b u l r e a 6 ble6 .___ 3 3 3 7 7 7 1 4 0 5 1 0 9 9 3 5 7 8 8 Reserve city banks2 7 .74 .74 .75 .80 .82 Factory employment 43 89.5 90.7 2*91.3 Country banks2 7 .52 .51 P. 54 p. 55 P. 52 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 83 6 .2 9 85 6 .4 7 REPORTING MEMBER BANKS Department store sales5 47 88 87 Department store stocks5 47 67 68 68 Total, 101 cities: Loans and investments 14 21.74 21.58 21. 63 21.69 21.81 In millions of dollars Investments 14 13.53 13.39 13.47 13.57 13.68 Loans 14 8.21 8.19 8.16 8.12 8.12 Construction contracts awarded:7 Adjusted demand Total 41 352 298 ^280 derosits 15 15.98 15.99 16.07 16.39 16.62 Residential 41 101 107 P108 Time deposits 15 5.21 5.22 5.22 5.21 5.21 Other 41 251 191 P172 U. S. Gov't deposits.__ 15 .63 .63 .63 .63 .63 Exports and imports: Domestic bank balances 15 6.50 6.47 6.62 6.58 6.58 Exports (incl. re-exports). 49 213 219 Foreign bank balances.. 15 .61 .61 .63 .62 .67 General imports 49 178 158 New York City: Excess of exports 49 35 61 U. S. Gov't obligations.. 16 3.86 3.85 3.88 3.99 4.04 Income payments: Other securities 16 1.18 1.19 1.21 1.22 1.23 Total adjusted 50 5,481 5,468 P5, 494 Commercial loans 16 1.37 1.36 1.37 1.39 1.38 Total unadjusted 50 5,507 5,093 P5, 505 Brokers' loans.. 16 .64 .61 .58 .54 .55 Compensation of em- 100 cities outside New York: ployees 50 3,580 3,577 P3, 615 U.S. Gov't obligations-. 17 6.41 6.28 6.30 6.26 6.26 Other 50 1,927 1516 Pl, 890 Other securities 17 2.08 2.08 2.08 2.10 2.15 ash farm income: Commercial loans 17 2.44 2.45 2.47 2.47 2.48 Total 51 619 486 582 Crops 51 251 149 166 MONEY RATES AND SECURITY Averages of daily figures3: per cent Livestock and products.. 51 327 281 321 MARKETS per annum Government payments... 51 41 56 95 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 In billions of dollars Bankers' acceptances 19 .44 .44 .44 .44 .44 U. S. Treasury bills 21 .03 .03 .03 .03 .03 entral gold reserves: U. S. Treasury notes 21 .52 .49 .49 .51 .50 United States 8 14.68 14.87 15.26 U. S. Treasury bonds 21, 25 2.34 2.31 2.31 2.32 2.29 England . 8 1.04 1.04 1.07 C orporate A aa bonds 25 3.00 3.00 3.02 3.04 3.03 France 8 2.43 2.43 2.43 Corporate Baa bonds 25 4.92 4.92 5.06 5.22 5.17 Netherlands 8 .99 .97 .91 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total 20 39.10 39.33 39.44 Bonds 20 25.66 25.73 27.00 Stock prices, total4 27, 29 87 88 82 79 Notes „__ 20 8.50 8.50 7.27 Industrial 27 102 103 96 93 Bills 20 1.31 1.31 1.31 Railroads 27 27 28 25 24 Special issues, 20 3.63 3.79 3.86 Public utilities 27 82 83 80 78 Volume of trading2 (mill, shares) 29 93 1.32 1.56 1.21 Per cent per annum Brokers' loans (mill, dollars) 29 794 764 727 685 690 Customers' rates: New York City 23 2.29 2.24 BUSINESS CONDITIONS Figures for week3; in unit indicated 8 other Northern and Eastern cities 23 3.41 3.33 Wholesale commodity prices:4 27 Southern and Western All commodities 33 76.6 76.5 75.9 75.8 76.0 cities 23 4.10 4.09 Farm products 33 66.7 66.6 63.8 63.8 63.9 Foods 33 70.8 70.5 68.4 68.2 68.7 Other commodities 33 80.6 80.7 80.6 80.5 80.7 QUARTERLY FIGURES Sept. 30, Dec. 31, Mar. 31, Steel plant operations 1938 1938 1939 (% of capacity) 38 55.4 56.1 54.7 52.1 50.9 Automobile production (thous. cars) 38 89.4 86.0 87.0 88.1 90.3 In millions of dollars Electric power production Domestic corporation security To ( ( t m t a h l i o ll u f . r s e k . i w g c h a . r t h - s c ) r a s r .) loadings 3 3 9 9 2 6 , 0 1 5 9 . 9 4 2 6 , 0 2 4 1 . 0 2 2 5 , 3 1 5 7 . 4 4 2 5 , 4 1 7 7 . 1 8 2 5 , 5 1 8 9 . 9 7 iss N R u e e ew s f , u n to d t i a n l g 2 2 2 8 8 8 6 3 3 7 4 3 4 2 2 r • ' 7 • 5 1 4 8 6 7 1 6 2 1 8 7 9 2 5 3 p Preliminary. r Revised. • Estimated.] 4 Index numbers, 1926=100. 1 2 3 A F L i e v g s e u s r r a t e g h s e a s a n r o e $ f 5 s d , h 0 a o 0 i w 0 ly , n 0 0 f u 0 ig n . u d r e e r s , t h se e e W fo e o d t n n e o s te d 3 a . y date included in the weekly period 6 6 7 A T Po h d i r j n u e t e s s t - e m i d n o t f n o o t r t h a s s l e m i a n s o d o v e n i x a n l g o f v a a v m r e i a r a n a t g i u o e f n a a . c d tu ju r s in te g d p fo ro r d s u ea c s t o io n n a . l variation. 8 Series is discontinued. New series on somewhat different basis to be substituted. 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 appeared on page 332 of the_April BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN MAY 1939 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month T c t o r o ( i t 5 u e a 2 s n l ) - i U S n ta i t t e e s d C a a d n a - c t r r E o o ( i 2 u u e p 6 s n e ) - A L c tr o m i a ( i c 1 u e t a e i 1 s n n r ) - - O c t A i a r c o a i n e s u e d i a ( s n a 8 n ) - - A c tr o f i ( r u e 5 ic s n ) a - U B n E a la n i n t n k e g d d - o f Ki c A n h g E c a c d x n ' o - t g . m 2 e France Eu g r B i o u e p l m - e N la e n th d e s r- t B i S N o a w n a n - a i k t l zer B la . n I. d S. J934—December 21,051 I*. 238 134 11,010 601 805 263 1,584 i. 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—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 1489 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 1489 2,428 501 1,008 674 9 Augusi 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 1,312 186 10,000 659 591 298 2.690 759 2,435 5«4 1,008 699 11 December... P26, 244 14,512 192 P9,994 P591 P298 2,690 759 2,435 581 995 699 14 1939—January P24,779 14,682 197 P8, 350 P661 P591 31,042 3759 2,435 582 995 699 15 February.. . P24, 937 )4,874 206 P8, 303 P593 P297 31,042 3759 2,435 588 974 080 17 March . 11,258 210 P8, 133 3 1, 066 3 759 2,435 518 909 640 13 Europe—Continued Latin America E m n o d n t o h f g B a u ri l a - C v z S a e lo k c - h ia o- m D a e r n k - m G a e n r y - Greece H g u a n ry - Italy * N w o a r y - l P a o n - d Po g r a t l u- Ru ni m a a Spain5 S d w en e- Y sl u av g i o a 7 c t o o ri u t e h n s e - r g t A i e n r n a - - Brazil 1934—Dec. __ 19 112 60 32 40 23 518 61 96 68 104 740 159 53 106 403 8 1935—Dec. ._ 19 112 54 33 34 23 270 84 84 ; 68 109 735 185 43 109 444 17 1936—Dec. __ 20 91 54 27 26 25 208 98 75 68 114 718 240 48 127 501 25 1937—Dec. __ 24 92 53 28 24 25 210 82 83 69 120 718 244 51 124 469 32 1938—ApriL _ 24 93 53 29 24 25 210 90 83 69 122 525 i 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 ?4 Oct._._ 24 83 53 29 27 25 210 96 82 69 132 525 321 56 79 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 37 193 94 85 69 133 525 321 57 77 431 32 1939— Jan... _ 24 83 53 29 27 24 193 96 85 P69 133 525 331 57 431 33 Feb.._ 24 83 53 29 27 24 193 96 85 P69 134 525 ! 331 57 78 431 33 Mar... 67 53 29 ' 29 24 193 96 85 P69 525 I 332 i 57 P78 Latin America—Continued Asia and Oceania Africa End of month Chile l C b om o ia - - 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 h i i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 e e n s r - Egypt A So fr u ic th a c o t o r th i u 3 e e n s r - 1934—December 29 19 23 19 82 18 275 7 394 77 25 22 6 55 184 24 1935—December 29 16 44 20 77 19 275 10 425 54 23 24 6 55 212 24 1936—December 29 19 46 20 77 19 275 8 463 60 23 26 4 55 203 25 1937—December . .. 30 16 24 20 74 20 274 16 261 79 23 29 3 55 189 22 1938—March. 30 19 25 19 74 20 274 16 261 79 23 29 3 55 189 22 April 30 19 25 20 71 20 274 16 261 79 23 29 3 55 186 22 May 30 19 26 19 71 20 274 16 80 23 29 3 55 188 23 June 30 20 26 19 71 20 274 16 261 80 23 29 3 55 187 23 July 30 21 28 19 71 20 274 16 164 80 23 29 3 55 190 23 August _. 30 20 27 19 71 20 274 17 164 80 23 29 3 55 202 23 September 30 23 24 19 71 20 274 17 164 80 23 29 3 55 220 23 October 30 24 24 19 69 22 274 18 164 80 23 29 3 55 219 23 November 30 24 27 19 69 22 274 18 164 80 23 29 3 55 220 23 December 30 24 29 P19 P69 22 274 18 164 80 23 29 3 55 220 23 1939—January 30 24 32 P19 P69 P22 274 19 164 80 23 29 3 55 220 P23 February__ 30 24 34 P19 P69 P22 274 20 164 80 23 30 3 55 219 P23 p Preliminary. r Revised. 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. ? 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 through November 1938. Figure for December 1938 officially reported and carried forward for subsequent months. s Figure for August 1, 1936, carried forward through March 1938; April 1938 figure officially reported and carried forward. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Austria through March 7, 1938, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and description of table see BULLETIN for June 1933, pp. 368-372, and July 1936, pp. 544-547; also see footnotes to table in BTJLLE TIN for August 1936, p. 667, and December 1937, p. 1262. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

435 MAY 1939 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Year or month produc- Africa North and South America Far East U o . u S t . s S id .R e . Total A So fr u ic th a d R e h s o i - a A W fr e i s c t a B C e o l n g g ia o n U St n a i t t e e s d 1 Canada Mexico Co b l i o a m- Chile Au l s ia tra- B I r n it d i i s a h $1=2,5-8/10 grcins of goId 9/10 fine; i. e., an ounce offine gold=$20.67 1929 __ 382, 532 352, 237 215,242 11,607 4,297 2,390 45, 651 39, 862 13,463 2,823 683 8,712 7 50R 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 (o,ld 9/10fine; 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 1,116,983 P955, 716 425, 649 28, 532 24, 670 8, 470 176, 971 165,055 32, 306 I 18,225 10, 290 54, 302 11,247 1938—January 87, 587 74, 960 34, 573 2, 381 1. 964 661 12, 758 12, 638 2,948 1, 456 775 3, 858 948 February 82, 724 70, 056 32, 524 2, 246 1,887 642 11,347 11, 929 2, 266 1, 175 834 4, 333 872 March ._ . _. 89, 646 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 November 98,596 84, 648 35, 842 2, 381 2,204 728 18.481 14,351 2, 353 1. 628 930 4, 820 930 December 98, 702 84,091 36, 007 2, 318 2,240 751 15, 970 15, 186 2.700 1,499 1,033 5, 393 995 1939—January P95 458 »80, 477 36, 188 P2, 281 P2,218 753 14,919 14,396 Pl, 755 1,953 4, 076 940 Februarv P90, 316 J'75, 686 P34. 505 P2, 069 P2, 214 P578 13, 153 Pi3, 836 P2, 105 1,562 P998 P3, 796 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—a* $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; 1938 (preliminary), $184. p Preliminary. 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: Year or month i e m o x r p p o n o r r e t t t s s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s A tr u a s li - a Japan B I r n i d ti i s a h c o t o A r th i u e l e n l 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 4 76, 820 32,316 1935.. 1, 739,019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10, 899 15, 335 3,498 75, 268 47,054 1936 1 116 584 174, 093 573, 671 3,351 71, 006 2 7,511 72, 648 39, 966 11,911 21, 51323, 280 77, 892 39, 743 1937 1, 585, 503 891, 531-13,710 90, 859 6,461 6 54, 452 111,480 38, 482 18, 397 25, 42734, 713 246, 464 50, 762 30, 179 1938 1, 973, 5691, 208, 728 81,135 15, 488 163, 04960,146 1,363 76, 315 36, 472 10, 557 27, 88039,162 168, 740 16,159 2 68, 376 1938—January 2,088 -20 -4,974 649 819 1,676 1,025 1,043 1,870 February,.. 8,036 -11 15 692 721 2,105 1,330 1,943 1,241 March 52, 927 31, 395 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,536 April 71,091 35, 429 18 1,938 747 1,812 1 1,883 1,241 23,311 2,359 2,353 May 52 775 2,895 35 891 10, 221 630 5,650 2,108 2,285 3,582 21, 950 2,530 June 55, 307 20, 599 13 3,248 57111,520 226 726 715 1 3,232 2,984 5,782 2,252 3,438 July 63, 815 4, 976 898 7, 685 962 11,123 1 2,422 3,434 28, 669 1,148 2,495 August 165, 973 91, 227 4,721 3,213 15 360 14, 333 3,183 2,113 1,772 2,748 23, 497 3,806 September 520 896 377,984 47 21911,521 38,148 1,446 4 2,721 3,775 35,095 2,982 October 562, 366 443, 403 42, 959 41, 832 3,840 1 10, 810 2,236 4 2,720 3,294 5,740 760 4,768 November 177, 768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 7,888 5,788 3,822 2 19,150 December 240, 526 101, 707 37, 395 1,979 46,185 731 2,550 2,107 2,655 6,788 14, 425 1,797 2 22, 207 1939—January 156, 345 59, 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. 446 175 4, 3S8 March 365, 384i 250, 042 816 37, 179 27, 098 8,227 6,852 3,822 4,234 3, 326 4,303 11,410 3,685 4,391 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. 406. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN MAY 1939 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Year or Total month net im- South All ports Africa, Other other e o x r p n or e t t s U S n ta i t t e e s d France m G a e n r y - g B iu el m - N la e n th d e s r- U.S.S.R. Au li s a tra- d R e h s o ia - , B I r n i d ti i s a h B c r o i u ti n s - h S d w e e n - e S r w la i n tz d - c t o ri u e n s - West tries Africa 1934 716, 269 -497,166 348,190 -13,585 32, 575 41, 790 335, 253 206, 693 62, 397 -9,123 i 88, 228 L935 369,722 -435, 502 142,137 -17,476 10, 796 931 37,981 404, 295 181, 602 32, 754 -50, 661 53, 465 14,126 1936 1,169, 931 -276, 830 756, 215 -15,133 -21,215 26, 723 488, 814 128, 421 28,067 -10,129 3,998 37, 708 1937 420, 427 -834,009 541,187 -21,993 -16,572 24,165 464, 837 22,079 -81 -16,596 -55,032 1938 -285,648 -1,050,395 38, 899 348, 000 -46, 463 27, 831 333, 750 55, 739 20, 766 -89, 371 -78,029 4,812 1938—Jan.... 27, 245 1,487 -9,848 -1,487 -6,055 3,775 32, 889 4,425 10,063 -5 -11,164 3,125 Feb... 51, 387 3,528 -1,940 5 -3,067 5,669 2,958 43,092 5,002 7,036 -5 -12,082 1,115 Mar._. 79,037 -35, 535 -4,276 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 15,039 -4,139 31,089 4,168 35,077 3,586 3,590 2,527 -6,202 May.. 97, 478 5,233 -119 48, 446 -6,781 28,083 2,467 35,407 3,824 2,139 -13,996 -2, 263 5,336 June- 89, 580 -20,811 -6,137 56, 764 -12,037 28,104 2,024 40, 623 3,725 9,929 -7, 673 -5,407 340 July.- 24,119 -10,529 -997 23, 212 -5,750 2,490 31, 516 6,418 6,581 -11,429 -16,521 -92C Aug._. -73,132 -5, 726 -258 -10,041 5,6 2,102 31,192 10, 356 3,035 -11,151 -10,498 -327 Sept... -261,143 -360, 016 685 120,075 -7, 498 2,839 16,831 3,023 -4, 750 -22, 763 -21,980 -1,955 Oct... -210,171 -308, 528 69,604 33,982 535 705 6,530 4,204 -20, 792 -4, 671 2,831 1,353 Nov.. -96, 508 -105,220 -66 -2,328 -5,245 155 2,695 4,260 618 1,017 1,603 Dec... -66,726 -97,371 758 9,990 5,649 528 7,358 1,815 531 1,511 1,347 1939—Jan. .. -36, 514 -50,814 -3 211 -253 5,672 5,671 304 1,374 -3, 790 704 3,762 Feb. „ -148,005 -160,218 -68 396 779 5,613 736 3,451 151 -1,101 -1 399 1,847 Mar.p -234, 857 -281,161 -238 23, 418 1,469 16, 866 4,801 1,417 -1,428 -3. 724 3,635 Ger- Switzerland British India many 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 p x e r ( t p o ) o r n 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- ys c o t o A r th i u e l e l n 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 in d e R r i e a v I - * n e - s P i I n h r n g i o d v s l i d a a i - t n 3 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 6 2,812-161,872 11,468 -6 -150,398 1936.. -1,868 122, 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 -50,075 1938_ -35, 224 -1,245 -1,128 76, 620 -74,375 -1,067 11,314 25,125 -32, 745 4f~~ —54, " 11, 247 -43,412 1938—Jan... -200 10,826 12, 478 -13,978 10, 409 -41 1,614 -38 373 -5,599 -4,651 Feb... 5,359 2,448 -35 11, 223 -11,518 -584 615 2,198 -10 558 -7,423 872 -6, 551 Mar.. -27 -3,188 3,595 -9, 257 -943 1,763 1,421 -32 265 -2, 749 939 -1,810 Apr... 6,009 -7, 632 7 -2, 391 -6,084 -266 5,397 2,467 -9,970 3,208 -4, 388 906 -3, 482 May.. 18,058 -5,201 33 4,860 -2, 943 -1,549 -2,009 2,396 -6,175 187 -3, 452 935 -2,517 June.. 7,626 5,978 -220 5,256 -7,839 -484 5,814 5,657 -2,487 282 -2, 327 909 -1,418 July.. 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 3,824 342 -7,082 958 -6,124 Sept._ -36, 626 9,024 -7 15,940 418 117 -2 924 -10,251 -957 946 —11 Oct... -16,134 1,454 -1,140 907 -616 -158 -38 2,551 -56 3 -7,622 956 -6,666 Nov.. -10,129 913 228 13 33 -117 -4 994 -265 31 -2, 283 930 -1,353 Dec... -3, 765 -5,690 -1,854 -139 -166 2,884 -438 -209 211 995 1. 206 1939—Jan.... 33 -3, 786 549 -149 1 2, 294 -1,274 -7 -125 940 815 Feb.— -11,940 -2,112 -21 -763 24 -213 556 1,581 -97 -1 P-3,405 ^875 P-2, 530 Mar.p_ -37, 278 -10,749 1,601 -2, 058 -1,601 8, 462-14,866 -458 p Preliminary. 1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 2 Includes $67,655,000 exported to Central and South America, s Beginning April 1938 figures refer to Greater Germany. 4 Through March 1935 gold 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 Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. 7 Includes net import of $26,555,000 from Czecho-Slovakia. NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 437 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Central ba fu n n k d in s g o R f e U tu . r n S. In fo fl r o e w ig n of b b r a o l k a e n r c a e g s e Total bank Other abroad funds funds funds in N. Y. 1935—Dec. 31 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 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—Mar. 30 3, 207. 2 949.8 149.9 799.9 434.4 618.5 1,150. 4 54.2 June 29 _ 3,045. 8 786.2 125.9 660.3 403. 3 643.1 1, 155. 3 57.8 Sept. 28 3, 452. 9 1,161.2 168.0 993.2 477.2 625.0 1, 125. 4 64.1 Dec 28 3, 779. 2 1, 432. 7 216.3 1, 216. 4 478.1 610.0 1, 210. 9 47.6 1939—Jan. 4 _ _ _ __ 3, 798. 7 1, 897. 9 201.0 1,186. 9 510.1 641.8 1,211.4 47.6 Jan 11 3, 788. 6 1,880 8 193 6 1,192 9 494 3 645.1 1, 213. 3 49.4 Jan.18 _ _ _ __ 3, 813. 5 1,914.4 180.5 1, 230. 6 503.3 641.8 1, 204. 8 52.5 Jan. 25 3, 812. 6 1,922. 3 187.3 1, 234. 2 500.9 644.7 1,188. 4 57.2 TABLE 2—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ica E F a a s r t ot A he ll r 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 1936—Dec. 30 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29 3, 410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Mar. 30 3, 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 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 Sept. 28 3, 452. 9 983.2 308.7 298.2 504.3 131.5 20.6 434.5 2, 681.1 124.8 442.9 167.1 37.1 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 1939—Jan. 4 3, 798. 7 1,183. 8 339.6 328.6 557.5 140.5 32.2 472.0 3,054. 2 155.3 384.6 168.4 36.2 Jan. 11 3, 788. 6 1,160. 7 348.8 327.3 552.6 139.8 30.3 479.5 3,039.0 161.1 389.2 159.2 40.0 Jan. 18 3, 813. 5 1,162. 5 349.7 330.1 542.1 141.3 30.4 486.1 3,042. 3 167.8 389.0 174.8 39.6 Jan. 25 3, 812. 6 1,142.1 352.9 330.5 566.7 140.4 29.7 488.3 3,050. 6 164.0 390.5 168.0 39.5 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ica E F a a s r t ot A h l e l r 1935—Dec. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1, 168. 5 189.3 111.8 76. 3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Mar. 30 949.8 175.9 94.1 34.6 223.0 -3.9 -3.9 88.8 608.6 86.3 137.0 108.5 9.3 June 29 786.2 145.2 70.1 34.7 160.1 -2.3 -.5 75.0 482.2 73.4 140.8 83.4 6.5 Sept. 28 1,161.2 236.3 133.5 68.3 177.3 -12.0 -1.5 185.9 787.8 90.7 164.1 96.9 21.7 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 1939—Jan. 4 1, 387. 9 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 125.8 22.2 Jan.11 1, 386. 5 340.4 165.0 85.4 198.8 -12.4 .8 214.1 992.0 105.3 130.7 133.2 25.1 Jan.18 1,411.1 347.9 165.5 87.9 189.2 -11.8 .5 221.0 1,000. 2 115.2 129.5 141.3 24.9 Jan. 25 1,421.4 347.0 167.8 89.5 213.1 -12.9 -.4 222.2 1,026. 4 105.2 129.1 136.2 24.5 TABLE *•1.—UNITED STATES BANKING ]FUNDS ABROAD BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ica E F a a s r t ot A h l e l r 1935—Dec. 31 361.4 208.8 48.1 A 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 -i. 3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Mar. 30 434.4 171.5 67.4 -4.9 3.3 119.2 9.1 28.7 394.4 2.9 52.5 -6.5 -8.9 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 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 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 1939—Jan. 4 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 Jan. 11 494.3 205.0 68.2 -6.1 2.9 141.5 12.5 35.5 459.6 37.9 67.7 -64.6 -6.3 Jan. 18 503.3 201.8 69.7 -5.5 3.6 142.5 12.8 34.8 459.6 39.9 68.5 -58.1 -6.6 Jan. 25 500.9 193.6 70.0 -5.2 3. 6 142.6 12.9 35.9 453.3 43.9 70.2 -60.3 -6.3 NOTE.—For back figures and description of statistics, see BULLETIN for April 1939, pp. 284-296, April 1938, pp. 267-277, and May 1937, pp. 394-431. i Inflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN MAY 1939 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t ot A h l e l r 1935—Dec. 31 125. 2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13. 5 115. 2 366. 4 10.5 175.0 24.5 6.8 1938—Mar. 30 618.5 135.9 23.7 21.5 29.5 28. 6 15.1 134.6 388.9 3.1 191.3 27.5 7. 7 June 29__ .-_ 643.1 137.9 23.7 22.5 30.3 30.5 15.6 147. 3 407.8 -2. 1 200. 8 28.6 8.0 Sept. 28 625. 0 129.3 24.2 23.8 30. 5 31.9 17.0 155.2 411.9 -11.2 184.7 30.9 8.7 Dec. 28 610.0 129.1 26.2 27.3 37.1 33. 1 20.5 1C5. 9 439.1 -38. 9 166.3 33.8 9. 7 1939—Jan. 4 641.8 127. 7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 Jan. 11 645. 1 127.9 26.0 27.6 36.6 33.6 22.3 168.0 442.0 -8.1 167.6 33.9 9.7 Jan. 18 641.8 127. 9 26.0 27.6 36.9 33.7 22.4 168.6 443.1 -13.1 168.1 34.1 9.7 Jan. 25 644.7 126.2 26.0 27.6 37.1 33.8 22.5 169.0 442.2 -9.8 168.3 34.3 9.7 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners. From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t ot A h l e l r 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1, 041. 6 37.6 18.2 54.7 9.8 193g—Mar 30 1,150. 4 441.9 67.7 202.4 279.7 -18.2 -4.9 58.1 1,026. 7 36.8 20.7 55.6 10.5 June 29 1,155.3 440.2 67.1 208.6 283.1 -19.0 -5.0 54.2 1,029. 2 40.1 21.1 54.7 10.2 Sept 28 1,125. 4 430.5 67.8 203.3 282. 2 -20.4 -5.3 53.0 1,011.2 27.7 21.9 54.5 10.1 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 1939—Jan. 4 • ._ 1,211.4 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 56.9 11.1 Jan 11 1,213.3 473.0 75.6 213.6 304.2 -22.8 -5.5 56.8 1, 094. 9 25.8 24.0 57.5 11.1 Jan. 18 1, 204. 8 470.0 74.6 212.8 301.7 -22.9 -5.5 56.2 1, 086. 8 24.5 23.8 58.4 11.3 Jan. 25 1,188. 4 459.5 73.8 210.8 302.2 -22.9 -5.5 54.9 1, 072. 8 22.7 23.5 58.3 11. 1 TABLE 7.—BROKERAGE BALANCES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, 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 w a e n r it - d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th ll er 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 (2) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 0) .1 5.0 3.5 .5 (2) 44.0 1938—Mar. 30 54.2 13.0 13.4 6.6 8.7 0) .2 5.2 47.2 5.5 -1.2 2.6 . 1 June 29 57.8 15.7 13.9 6.8 8.4 -.1 .2 6.2 51.2 4.0 -.1 2.6 . 1 Sept. 28 64.1 16.8 15.9 6.8 10.7 -.1 .2 6.9 57.2 5.3 .4 .8 . 5 Dec. 28 47.6 13.2 12.6 6.8 8.8 .2 5.3 46.7 2.6 -.9 -1.0 .2 -.2 1939— J J a a n n . . 1 4 1 4 49 7 . . 4 6 1 1 3 4 . . 4 4 1 1 2 4 . . 9 0 6 6. . 9 8 1 9 0 . . 6 1 -.2 2 . .3 2 5 5. . 1 2 4 5 7 0 . . 9 5 1 . . 3 8 -.9 q - - 1 . . 9 5 . . 3 4 Jan. 18 52.5 14.9 13.9 7.4 10.8 -.2 .3 5. 5 52.5 1.4 -.9 -.9 .4 Jan. 25 57.2 15.7 15.2 7.8 10.7 -.2 .2 6.3 55.9 2.1 —. 7 -.6 .6 1 Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

439 MAY 1939 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n o in i m t g ed - France N la e e n r t d - h s - S er w la i n tz d - 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 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. 28 1 466. 7 59.1 32. i 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—Mar. 30__ 1,521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257. 9 219. 5 21.3 June 29__ 1,357.4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261. 7 194.4 18.4 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 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 1939—Jan. 4___. 1, 959. 1 436.1 187.4 101.8 218.8 17.8 20.4 255. 5 1, 237. 8 201.8 248. 5 236.8 34.1 Jan. 11.. 1,957. 7 412.5 197. 1 99.3 212.5 17.2 19.6 261.0 1,219.2 205.5 251. 7 244.2 37.1 Jan. 18__ 1, 982. 3 420.1 197.6 101.8 202.9 17.8 19.3 267.9 1, 227. 4 215.3 250.5 252. 3 36.9 Jan. 25__ 1, 992. 6 419. 2 199.9 103.4 226.8 16.8 18.4 269. 1 1, 253. 6 205.3 250. 0 247.2 36.4 TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES 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 - e S r w la i n tz d - 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 1931—Dec. 30.. 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864. 3 58.1 136.5 41.8 2.6 1932—Dec. 28_. 937. 9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27__ 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32. 3 159.7 49.7 6.2 1934—Nov. 28 827.1 201. 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 2__. 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—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 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 Sept. 28_. 626. 9 121. 9 11.4 22.6 4.4 99.1 17.0 46.3 84.0 94.2 113. 6 12.4 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 1939—Jan. 4 594. 0 86. 0 10. 3 24.2 5. 5 89. 4 13.5 45.9 274.9 60.4 99.1 144. 1 15. 5 Jan. 11... 609. 8 87. 1 10. 5 24. 7 5.2 89.7 14.7 44.3 276.2 58.4 98.2 162. 2 14.8 Jan. 18... 600. 8 90.3 9. 0 24.1 4.5 88.7 14.4 45.0 276. 2 56.4 97.5 155. 7 15.1 Jan. 25.._ 603. 2 98.5 8. 7 23. 8 4.5 88.6 14.4 43.9 282.4 52. 4 95. 7 157. 9 14.8 1 Last report date on old basis. - First report date on new basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN MAT 1939 CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (Figures in millions of Cash reserves Dis- circula- Deposits pounds sterling) Gold Other counts Securi- tion Other assets i and ad- ties liabili- Coin Notes Bankers' Public Other ties 1929—Dec. 25. 145.8 260.0 .2 26.3 22 3 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132. 4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47. 1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 _ 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41. 1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Apr. 27. 326.4 200.0 37.1 7.1 133.4 489.3 113.3 10.9 36.5 17.7 May 25. 326.4 200.0 46.2 9.5 115.1 480.2 91.2 26.5 36.1 17.8 June 29. 326.4 200.0 .9 41.2 7.3 140.6 485.2 125.5 10.5 36.1 17.9 July 27.. 326.4 200.0 1.1 33.1 9.5 137.0 493.3 116.4 11.2 35.1 18.1 Aug. 31. 326.4 200.0 1.3 46.0 5.4 124.4 480.4 94.7 27.8 36.4 18.2 Sept. 28. 326.4 200.0 1.5 25.5 7.3 135. 6 500.9 99.9 11.4 40.2 18.2 Oct. 26.. 326.4 200.0 1.4 43.9 4.2 129.2 482.5 100.4 25.0 35.5 17.7 Nov. 30. 326.4 200.0 1.2 45.6 17.6 110.8 480.8 97.1 23. 1 37.2 17.8 Dec. 28. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Jan. 25.. 2 126. 4 400.0 .7 62.6 18.8 103.9 463.8 118.2 12.9 36.7 18.1 Feb. 22. 126.4 400.0 1.0 53.7 17.5 100.6 472.7 103. 1 16.3 35.1 18.2 Mar. 29. 3 226. 2 300.0 1.1 44.2 4.8 124.8 482.0 98.5 21.8 36.3 18.2 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold ^ ch e e a i x g n - n ge m O a p r e k n et5 c S i p al e e - Other m G e e r t o n o n v t - - 7 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 i u h es r e i r - O as t s h e e ts r c N i t r i o c o u t n e la- G m ov e e n r t n- Other l O i t a t i b h es i e l r icurities 1929—Dec. 27. 41,668 25, 942 5,612 8,624 2,521 5,603 68,571 11, 737 7,850 1,812 1930—Dec. 26_ 53, 578 26,179 5,304 8,429 2,901 6,609 76, 436 12, 624 11,698 2,241 1931—Dec. 30_ 68,863 21,111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30. 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29_ 77, 098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28_ 82,124 963 5,837 3,971 3,211 8,288 83, 412 3,718 15, 359 1,907 1935—Dec. 27_ 66,296 1,328 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—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 5,575 586 9,024 40,134 113 3,454 7,334 98, 923 3,248 17, 525 3,155 June 30. 55, 808 804 5,850 177 5,497 40,134 552 3,614 8,258 102, 087 3,245 12, 769 2,592 July 28. 55,808 782 5,835 89 7,133 40,134 623 3,545 7,117 101,117 3,135 14, 207 2,608 Aug. 25. 55, 808 767 6,098 8,241 40,134 331 3,545 7,364 99,065 2,891 17, 684 2,649 Sept. 29. 55,808 764 6,781 642 20, 293 50,134 1,311 4,362 8,410 124,428 2,825 18, 593 2,660 Oct. 27. 55, 808 763 6,802 1,550 14, 694 48,134 1,600 3,865 7,427 110,446 3,642 23,827 2,727 Nov. 24. 87, 264 888 7,032 1,611 11,021 20, 627 1,559 3,739 14,185 106,798 6,169 31, 955 3,004 Dec. 29. 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14,442 110,935 5,061 25, 595 2,718 1939—Jan. 26. 87, 266 761 8,004 1,996 6,193 20, 627 136 3,389 14, 099 109, 378 5,445 24,935 2,713 Feb. 23. 87, 266 759 7, 801 2,014 5,462 20, 627 73 3,317 14, 308 111, 162 5,079 22, 556 2,830 Mar. 30. 87, 266 758 2,054 5,733 20, 627 172 3,332 14, 558 119, 748 3,955 16, 702 2,726 1 Securities and silver coins held as cover for fiduciary issue. Currency and Bank Notes Act, 1939 (s83 BULLETIN for April 1939, p. 271), fixed fiduciary issue at £300,000,000 and provided for valuation of gold at current prices instead of legal parity, effective March 1, 1939. For previous status of fiduciary issue see BULLETIN for April 1939, p. 339. 2 On Jan. 6, 1939, £200,000,000 of gold was transferred to British Exchange Equalization Account. 3 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity. See note 1. 4 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. 5 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). 6 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). 7 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

441 MAY 1939 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu r r e e i s c h in m m ar i k ll s i ) ons of Gold e F x o c r h e a i n g g n e Tr b e i a ll s s ury b c i O h ll e s t c h k ( e a s r n ) d Se lo c a u n ri s ty E a c s li o g n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e l r i- 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 L, 012 953 1937—Dec. 31 71 6 119 6,013 60 106 286 861 5,493 L.059 970 1938—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 L, 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 ,129 8,023 L, 231 1,022 Oct. 31 71 6 1 7,542 32 550 298 L, 360 7,754 L,040 1,064 Nov 30 71 6 7,513 48 548 298 ,494 7,744 L, 141 1,093 Dec. 31 71 6 121 8,123 45 557 298 L, 621 8,223 1.527 1,091 1939—Jan. 3i 71 6 16 7,144 52 592 298 ,848 7,816 1,119 1,091 Feb. 28 .. 71 6 28 7,333 60 660 288 .710 7,939 1,105 1,112 Mar. 31 71 6 43 8,137 58 677 292 1,489 8,311 1,249 1,212 NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Mar. Feb. Jan. Mar. date of month] Mar. Feb. Jan. Mar. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Gold 7,574 7,574 7,575 Demand deposits—Treasury 23 15 108 37 Foreign assets 17 996 18 049 21, 241 Other 223 520 439 379 Loans and discounts 5,198 5 246 4,428 Other Liabilities 122 122 122 118 Other assets . 4,216 3,909 4,350 Central Bank of Bolivia (thousands Note circulation 11 039 10 729 11,152 of bolivianos): Other sight liabilities 11,478 11,937 14, 325 Gold at home and abroad 60,127 59, 368 52, 810 Other liabilities 12 467 12 111 12 117 Foreign exchange 42,197 45, 703 97, 310 Central Bank of the Argentine Loans and discounts 27, 900 27,153 30, 235 Republic (millions of pesos): Securities— Government 402, 669 402, 392 402, 395 Gold reported separately 1,224 1,224 1,224 Other _ _ 4, 558 4,561 4, 500 Other gold and foreign exchange 69 74 128 Other assets __ ..... _ 45, 333 46, 767 20,374 Negotiable Government bonds 237 171 92 Note circulation 286, 583 280, 603 255, 659 Other assets. 257 252 193 Deposits 231, 795 242, 011 291, 723 Note circulation 1 146 1 125 1 138 Other liabilities 64 406 63, 330 60 243 Deposits—Member bank. ___ _ 436 '393 331 National Bank of Bulgaria (mil- Government 138 133 108 lions of leva): Other 1 2 3 Gold 2,006 2,006 1,994 Foreign exchange sold forward 19 23 16 Foreign exchange _ 1,036 1,248 919 Other liabilities __.. 48 47 42 Loans and discounts 712 752 977 Commonwealth Bank of Australia Government debt ._ __ 3,441 3,441 3,495 (thousands of pounds): Other assets 1,269 1, 162 1 254 Issue department: Note circulation _ _ _ _ 2,577 2,636 2,356 Gold and English sterling 16,030 16, 030 16,031 16, 006 Deposits. 3,827 3,775 3,962 Securities 40 505 40 506 41 006 40 301 Other liabilities 2 061 2 198 2 320 Banking department: Bank of Canada (thousands of Ca- Coin, bullion, and cash 1,506 1,479 1,485 1,273 nadian dollars): London balances 19 073 18 626 19 185 26 699 Gold 202 984 200 175 192 004 180 865 Loans and discounts 16, 025 15,655 16,152 11,966 Sterling and United States ex- Securities 54, 948 54,138 56, 707 51, 098 change 33, 335 29, 668 24, 666 22, 205 Deposits 85, 494 84, 049 87, 660 86, 294 Canadian Gov't. securities: Note circulation 47, 530 47, 530 48, 030 49, 034 2 years or less 132, 718 128, 475 138, 316 120, 012 National Bank of Belgium (mil- Over 2 years ._ _ _ 27,067 33, 821 42,364 41, 457 lions of belgas): Other securities 12 287 Gold reserve 3,059 3,471 3, 435 3,132 Other assets 8,224 8,672 6,849 8,616 Other gold and foreign exchange 681 920 926 1,093 Note circulation 160,144 158, 488 161, 360 148, 645 Discounts 335 175 182 210 Deposits-Chartered banks 205, 642 210, 536 215, 052 194, 860 Loans. __ _ 148 33 33 54 Dominion Government 20, 494 19, 845 14, 553 25, 928 Other assets __._. 468 467 469 464 Other 6 609 3 088 3 322 2 303 Note circulation._ 4, 324 4,409 4,376 4,419 Other liabilities 11,441 8,854 9,912 13, 705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN MAY 1939 CENTRAL BANKS—Continued Central bank 1938 Central bank [Figures as of last report [Figures as of last report date of month] Mar. Feb. Jan Mar. date of month] Mar. Feb. Jan. Mar. 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.._ 81 67 23 Foreign exchange 6, 260 4,132 5, 549 Loans to government 758 758 782 Loans and discounts 531 1,097 1,162 Other loans and discounts 204 192 112 Government debt and securities 5,380 5, 441 5, 620 Other assets 53 49 54 Other assets 958 901 2, 137 Note circulation 818 787 711 Note circulation 16, 079 15, 652 15, 733 Deposits- Deposits 6, 647 5, 528 7, 981 B O a th n e k r 20 6 8 8 2 6 0 5 5 2 6 9 9 1 Bank O th o e f r li E ab s i t l o i n ti i e a s (thousands of 3, 616 3, 657 3;926 Other liabilities 147 155 13S krooni): Bank of the Republic of Colombia Gold 40, 845 34.311 34. 300 34, 222 (thousands of pesos): Foreign exchange (net) 18,889 16, 300 16, 100 17, 271 Gold 37.461 41, 77f> 42,671 34,242 i Loans and discounts 27, 336 25, 516 25, 620 25. 092 Foreign exchange 5, 952 4, 083 5,300 6,475 Other assets 35.657 38, 760 39. 405 3°, 003 Loans and discounts ] 8. 203 19, 124 17,822 17,342 j Note circulation I 53,917 52, 470 50,600 50, 528 Government loans and securities 37, 88:.» 37, 955 38,01) 40. 585 ! Demand deposits 40, 124 33. 922 36. 981 35, 528 Other assets 30, 802 31.500 28580 20. 2S2 i Other liabilities 28, 686 28, 502 27, 851 21,192 Note circulation 54,601 54, 968 54,311 47, 70s :Bank of Finland (millions of mark- Deposits __ 41, 050 -44, 992 43,367 42. 30S ! kaa): Other liabilities 34, 655 •34, 545 34712 40,851 : Gold i 1, 128 1, 128 1, 128 National Bank of Czecho-SlovakJa Foreign assets 2, 522 2, 518 2, 535 (millions of koruny): Loans and discounts 1,226 I,' 167 1,215 1, 450 Gold 2 1,896 2 695 | 2. 001 Domestic securities 330 327 309 299 Foreign exchange 982 1,100 1, 173 I 508 Other assets 138 173 197 300 Discounts J 2.392. 2. 084 1. INS Note circulation 2, 283 2, 159 1,975 2 202 Loans ! 884 701 Deposits—Treasury 122 341 384 '*42S Government debt \ Other 746 620 802 885 Other assets 2, 880 1. 179 Other liabilities 2, 194 2, 183 2, 170 1, 080 Note circulation 6, 038 6. 089 6 9'.)7 !Bank of Greece (millions of drach- Demand deposits . 867 307 38'i 157 mas): Other liabilities 2, 135 1, 384 1, 421 1, 5 U I Gold and foreign exchange (net) 3, 606 3598 3, 400 Bank of Danzig (thousands of Loans and discounts 9, 028 8,422 86! 6 6, 140 gulden): Government obligations 4,229 4, 297 4290 4, 342 Gold . 25, 260 20, 015 Other assets 1, 78S 1708 1, 707 Foreign exchange of the reserve- 596 733 2, 3 V) I Note circulation 6, 846 6, 592 6cm Other foreign exchange 309 313 343 3S5 ! Deposits 10,170 9, 702 9714 Loans and discounts 25, 503 25,033 26. 813 15,8>2 I Other liabilities 1, 671 1,898 1811 Other assets 2, 931 3,237 3,155 3.545 ! National Bank of Hungary (mil- Note circulation 41.419 39, 298 38, 987 34. 181 I lions of pengo): Demand deposits 15, 364 15, 726 14,832 12,835 ! Gld 124 124 124 81 Other liabilities 19. 270 19, 012 19,012 19,031 ! Foreign exchange reserve 87 88 94 60 National Bank of Denmark (mil- Discounts 506 407 471 457 lions of kroner): Loans—To Treasury 280 269 269 119 Gold 118 118 118 Other 12 12 12 19 Foreign exchange 116 121 115 Other assets 370 374 359 311 Discounts 20 20 21 21 Note circulation 888 816 831 547 Loans—To Government agencies 65 65 65 123 Demand deposits 179 191 179 235 Other 126 111 123 99 Certificates of indebtedness 99 99 99 70 Securities 169 166 162 90 Other liabilities 213 228 220 204 Other assets 111 109 108 83 Reserve Bank of India (millions of Note circulation 436 414 410 399 rupees): Deposits _ 100 110 111 58 Issue department: Other liabilities 189 186 190 159 Gold at home and abroad... 444 444 444 Central Bank of Ecuador (thou- Sterling securities 595 508 788 sands of sucres): Indian Gov't. securities 323 323 274 Gold j 37, 947 39. 527 Rupee coin 697 697 634 Foreign exchange (net) 2,156 4, 937 Note circulation 1,912 1,889 1, 861 Loans and discounts 53, 470 54, 365 Banking department: Other assets 15, 323 15, 919 Notes of issue department.. 147 143 279 Note circulation 64, 596 60, 219 Balances abroad 99 58 94 Demand deposits 29, 855 42, 844 Treasury Bills discounted.. 36 65 10 Other liabilities 14, 444 11,684 Loans to Government 17 43 National Bank of Egypt 3 (thou- Investments 69 63 71 sands of pounds): Other assets 8 Gold 6,545 6,545 6,545 Deposits 269 272 354 Foreign exchange 2, 695 2,939 2,688 Other liabilities 106 108 108 Loans and discounts 6,902 7,832 4,874 Bank of Japan (millions of yen): British, Egyptian, and other Gold 501 501 501 801 Government securities 25, 340 26,177 34, 875 Special foreign exchange fund... 300 300 300 Other assets 8,109 7,138 7,419 Discounts 411 424 404 459 Note circulation 19, 567 19, 854 19, 935 Loans—Government 3 3 3 3 Deposits—Government 4,446 4,429 7,867 Other 65 61 46 61 Other 17,110 18, 060 20, 215 Government bonds 1,573 1,694 1,671 1,032 Other liabilities 8,469 8,287 8,384 Other assets 381 368 279 241 Note circulation 2,232 2,292 2,311 1,824 Deposits—Government 524 591 496 366 Other 189 127 100 127 Other liabilities 341 297 280 r Revised. 1 Name changed to National Bank, Prague, beginning March 15, 1939. 2 Includes 336 million shown separately as cover for liabilities in gold from September 1938 through January 1939. 3 Items for issue and banking departments consolidated. 4 In accordance with law of Dec. 22, 1938, gold revalued on Dec. 31, 1938, at approximately .02 gram fine gold per mark. s In accordance with law XXV of 1938 gold revalued on January 15, 1939, at .1754 gram fine gold per pengo and resulting increment included in other assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 443 CENTRAL BANKS—Continued Central bank Central bank 1938 [Figures as of last report [Figures as of last report date of month] date of month] Mar. Feb. Jan. Mar. Bank of Portugal (millions of Bank of Java (millions of guilders): escudos): G Fo o r l e d ign bills G O o th ld er reserves (net) 9 4 1 9 7 3 L N O D O o o t e t h h a p te e n e o r r s s c i a l i a t i r s s n a c s d b u e i l t l s a d i t t i i i s o e c s n ounts N N L G O o o o t o h a n t v e e n - e r s r r c e n a i a s r m s e n c s r d u e e v t l n e s d a t t i e i s d o x c e n c o b h u t a n n ts ge 2 1 1 , , ,0 0 3 1 2 4 3 5 7 1 1 3 7 7 0 Bank of Latvia (millions of lats): Other sight liabilities 1. 201 Gold Other liabilities ' 962 Foreign exchange reserve National Bank of Rumania (mil- Loans and discounts lions of lei): Bank N D O O G F L N O o o o o e t t o o t h h r h p a l f t t d e e e e e e n o i L r r r s s g c c i i n l a i t a t i a i r s h r s s a n c c s e u s b d u e u e x a i t l l t c l n s a s a d i h i t t t i a i i a i s e o o n c s n n g o (m e un il t l s ions of litu) Sout N L S G S G O D O h p p o o o o t e t e e h h a l t m v c d c e n e e e A i i r r s a a a r c f n l n l a r l i a d i r m i s l n e a c c o s x d a b u e e d a c n i t l n n e l h s d a i t p s t a t i i o i s 3 n d o e R c s g e s n o i e e b t u s s t n e a r c ts v c e o un B ts ank 1 3 1 1 1 1 1 8 4 3 1 0 2 0 1 3 , , , . . , , , , 6 3 1 8 0 9 3 0 4 9 2 7 1 7 0 6 9 0 5 0 6 4 2 9 3 8 3 1 1 1 3 1 1 4 8 4 2 0 1 1 0 , , , . . , ' . 2 5 2 2 2 2 1 7 9 2 8 7 0 1 7 5 0 7 7 0 3 5 1 3 1 3 1 1 1 6 0 9 0 5 0 0 1 0 , , , , , , , , , 9 5 7 6 9 3 2 7 5 8 5 3 8 8 9 0 6 8 2 8 5 8 0 9 0 0 4 Deposits . (thousands of pounds): I Ne d t e h r O G S L F D e s i o o ) r o t i l h s r l v a l : a e d c e n e i n r o r s g d u n l ( s n i i a t n b s b B c i i l l l a l u i s n t d i k i e n s g ( m s i u ll b i s o i n d s i a o ry f g c u o i i l n - ) Bank N D F O O O G o e o o t t t h h h r p l t e d e e e e o o i r r r f g s c i n l b a i t i r s s i a c l b s S b l u e i s w i l t l l l s a a i s e t t n d i i e o d e s n n l oan ( s millions of 2 2 1 1 0 6 3 5 9 7 1 . , , , , , , 5 2 4 4 5 8 0 4 7 9 7 0 3 9 8 0 9 0 8 0 9 j 2 1 1 2 0 5 3 0 8 7 , ' , , , . 3 7 9 5 0 4 3 3 3 7 4 7 3 4 5 8 9 0 2 2 1 1 . 2 3 3 2 5 6 , , , , , , 1 3 0 8 5 0 4 7 2 4 0 9 0 4 0 4 9 7 2 9 0 Other assets kronor): Note circulation Gold 731 731 729 Deposits—Government Foreign assets 729 703 782 914 Other Discounts 13 13 Re ( s t e h A S D G O r o t v d i o t e u e s h v l r s c d e l a a o i r n n n u B c g d l n i e s a a t s s e n b x o k i f l t c o i h t p i a o e S n o f s t g u a e n t e N d r s e e o ) w s : r e r S ve t Z at e e a la u n n d - Swis L N D D O O s o o o t t e h h a m m t N e e e n r r e a s a c s n t l a i i t i d r o s i a c c s n b u d e a i s t l e l l s e a i p t c t i o i u B e o s r s n a i i t t n s ie k s (millions of 1, 4 9 1 1 0 9 2 4 0 3 5 0 1 8 9 1 4 1,0 4 9 1 1 0 8 4 0 9 2 0 8 3 7 ! 1 1,0 4 9 1 1 2 7 8 0 4 4 9 8 ! 4 0 0 3 9 7 1 1 5 0 3 2 2 4 8 5 8 1 5 dertakings francs): Ba k n r k o I N D F O O G n n o o e t o t v e h h r l m t r e e d e e e o ) i s r r a f : g t c n n m l a i d i r s a e c a s N b n u e d s i o l t t s e l s s a e r i p t t w t i i o s e o a s s n y it s (millions of 2 1 1 9 0 9 2 1 1 9 0 0 2 1 1 9 0 2 2 1 3 9 5 9 Cent N D L G F O O O r o o a o o i t t t s h h h r l a l t e c d e e e n e i o r r r s g B c u n a i l s a n r i i s n a g c t e s s b k u h e x i t l t c l s a i h o l t t a i i i f a o e n s n b g t e i h l e it ie R s e .. p . ublic of 2 1 1 , , , 4 6 7 2 6 7 1 2 4 6 4 6 0 2 9 1 5 5 2 1 4 8 0 2 1 1 , , , 8 6 2 7 1 6 6 1 4 5 2 2 0 1 6 3 3 9 5 0 1 9 2 1 1 ! , , , 6 7 1 0 7 8 4 0 5 1 2 5 9 3 3 2 9 5 1 0 2 1 1 , , , 8 6 6 5 5 8 8 3 4 0 2 1 3 9 4 5 2 5 3 4 9 6 Total domestic credits and Turkey (thousands of pounds): N D O O t o e t s h h m t e e e e c D L S r r a u e c o i n r l c a s i a d i i r u s c t a n c i s o r b s e u e i u s i t l t d l i s n a i e e t t t s s i i p e o o s n sits— O G t o h v er ernment 0 ( ( 0 ( 4 2 1 0 0 0 6 1 3 5 ) ) 4 0 0 0 4 2 1 1 3 1 1 7 3 4 3 0 7 9 3 7 9 9 5 9 8 6 4 2 1 1 4 8 1 0 3 3 0 5 7 5 7 8 3 4 7 9 2 5 4 1 8 2 6 2 3 5 7 5 6 3 9 8 9 0 9 2 9 9 N F L D S O G O e o o o e t t o c h h r a p t l u e d e e e n I o i r r r n s g s c i i t n l a i a t c i i r e s s a n l c e e s s b d u x e a i t c l r l a s d h i in t t i a i i s g o e n c s n g o a e u c — n co t F s u r n e t e s 2 1 1 1 3 2 5 1 9 1 1 6 9 6 1 5 2 1 6 , , , , , , , , 1 3 4 3 8 8 5 2 1 5 5 7 6 7 3 6 4 7 1 7 7 4 7 1 8 1 1 1 3 2 4 9 1 9 9 1 6 4 5 5 4 6 0 0 , , , , , , , , 4 8 8 5 7 3 2 9 3 5 7 6 2 5 5 4 9 2 1 5 6 0 7 1 6 1 1 1 3 9 4 2 9 9 1 1 6 4 3 3 8 0 0 1 , , , , , . , , 8 3 6 4 8 0 5 9 0 0 6 1 7 3 6 3 2 8 5 0 0 3 4 3 7 0 1 1 1 3 2 3 4 5 7 9 1 2 6 6 2 6 9 0 2 , , , , , , , , 8 6 8 8 3 2 7 2 0 9 0 7 4 0 4 8 4 8 4 0 4 2 0 8 4 Central Reserve Bank of Peru Bank of the Republic of Uruguay (th N D O D G O G o e o t t o o i u h h s p t l v s e d c e e o e a r r o s r n c a u i n l a d i t n i n r s m s s a d c s t b u e s e o i . f n l t l o f s a t i r t t s e i i e o l o i o g s n l n e a s n ) s e : xchange __ 9 4 6 5 2 1 4 2 7 6 0 7 7 , , , , , , , 4 3 8 5 9 7 6 8 9 0 1 2 9 2 1 3 8 5 6 8 3 (th B Is o a s u u n s e k N L C O G a i n o a o t d o n h a d s t l e g d e h e n s p r s d a c r o a i a r e e a n f r t s p s n d c p m e s a d u e r e r s e t l v s i a t s d n o e l m t v i t s s i s : e ) o e c : r n n o t u : nts 1 9 4 9 0 7 5 7 3 3 2 , , , , , 6 6 9 5 8 8 2 7 8 4 4 7 6 5 8 Ban O k N O S L S O G F e p o o t t o t o h c o h h e r a t l u f e e d e c e e n r i r r i r s g a P i c t l n l s a i o i a i r i e s a l n g g c s s a e b d o u h e x n i t v l t l c d s a d i t h l t . t i i i i a s a e o ( d n c s b m n e o g i b i e l u l i t n l t s i i t o e s s ns of zlotys): 1 ' . 6 3 3 4 6 5 1 1 6 1 6 1 8 4 3 7 1 9 6 9 5 4 8 5 8 3 1,3 2 3 3 4 9 1 ( 5 2 3 9 2 4 2 3 1 4 ) 8 3 7 7 3 2 7 1,3 4 2 3 9 4 1 ( 4 0 2 3 2 0 4 3 1 8 ) 0 6 2 3 8 6 8 1, 2 4 4 3 1 6 1 ( 3 2 4 7 3 0 2 1 2 0 4 2 1 8 7 7 8 ) Na Y ti u N L F G O G o g n o o o t o o o h a r a t l v s d e e l e n l D e O i a r s r g c v e t B n n i a h a i p r a m a s n e c o e s n r d u e s x e ( k i n l t c m l t a d s i h t s a o t i i a i b s l f d o l n c i i e n l o o g t i b h u n e t t i e n s e t s o s K f i d n i g n d a o r m s) : of . . . . . 2 1 1 3 6 , , , , , 9 6 2 0 8 4 1 7 2 0 9 3 6 6 9 8 6 5 1 2 3 6 1 , , , , , 9 2 5 0 4 6 1 2 4 7 3 5 3 9 0 9 8 0 2 1 3 1 6 , , , , , 9 2 6 5 0 6 1 2 0 2 9 8 1 8 8 7 5 5 1 8 3 0 3 1 1 2 3 5 , , , , , , , 7 2 2 8 3 5 9 6 8 6 4 6 8 1 9 1 2 0 0 5 1 7 1 3 Other sight liabilities 1,808 2,062 2,126 2,607 Other liabilities . 739 709 712 804 1 Figures not yet available. 2 Not reported separately on bank statement; included with loans and discounts. 3 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN MAY 1939 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs 1 ] 1939 1938 1939 1938 Assets Liabilities Mar. 31 Feb. 28 Mar. 31 Mar. 31 Feb. 28 Mar. 31 Gold in bars 38, 746 51,060 20,907 Demand deposits (gold) 9,665 9,807 9,623 Cash on hand and on current account with banks 23, 612 11,938 22,174 Short-term deposits (various curren- Sight funds at interest _ 32, 728 12, 462 15, 795 cies): Central banks for own account 143,515 130,957 179,187 Rediscountable bills and acceptances Other 6,261 6,332 5,500 TSui ( mn a d t e r c fy o u s nb t) di _ ls _ l s _ aat nidn tienrvesetstments 2 25 1 3 8 6 2 , , , 7 7 9 3 1 6 4 7 1 2 2 2 7 1 9 1 8 , , , 5 2 2 2 6 8 5 1 8 2 3 5 0 2 0 3 9 , , , 6 8 4 1 9 9 0 1 3 Long-term deposits: Special accounts.__ 255,157 255,137 259, 236 Other liabilities 191,925 193, 944 190,484 Other assets 3,026 1,644 1,161 Total liabilities 606, 523 596,177 644, 031 TotaJ assets 606, 523 596,177 644, 031 1 See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month a 3 c B c a m e n p o k t n a e n t r h c s s ' es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—March 5.33 5.30 4.51 6.31 7.30 6.97 4.64 5.05 1930—March 2.78 2.55 3.20 5.12 6.35 5.57 2.50 2.61 1931—March 2.60 2.56 2.20 4.76 6.17 5.00 1.09 1.04 1932—March 2.59 2.28 2.40 6.10 7.10 7.76 1.22 1.06 1933—March .62 .46 .64 3.87 5.00 4.97 .64 1.11 1934—March .95 .84 .88 3.87 5.00 4.89 1.24 1.07 1935—March .57 .50 .72 3.38 3.60 3.94 .60 1.00 1936—March .56 .52 .75 3.00 3.07 2.99 1.11 1.68 1937—March .55 .51 .75 3.00 2.86 3.10 .19 1.00 1938—March .53 .50 .75 2.88 2.88 2.86 .13 .50 1938—September. .91 .75 2.88 2.88 2.59 .32 .70 October. __ .70 .75 2.88 2.88 2.70 .21 .50 November. .67 .75 2.88 2.88 2.58 .14 .50 December. .93 2.88 2.88 2.86 .13 .50 1939—January... .55 .53 .75 2.88 2.88 2.46 .13 .50 February., .53 .51 .75 2. 88 2.88 2.53 .13 .50 March .63 .70 .75 2.88 2.88 2.70 .29 .50 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d ck e ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P m l 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 t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929— February.. 3.31 3.97 3.39 6.00 5. 66-5. 84 2.92 1930—February.. 2.71 3.41 2.91 6.95 7-9^ A 5.48 3.83 1931—February.. 1.00 2.31 1.77 5.50 414-5 3-5 5.48 2.92 1932—February. _ 1.52 3.31 1.75 6.92 ^5 H-7 5. 84-6. 57 6.39 1933—February.. 1.50 2.78 1.89 4.25 A-^ 5. 48-5. 84 2.92 1934—February.. 1.50 2.05 2.59 3.00 '214-5 5.29 2.56 1935—February __ 1.50 2.38 2. 12 4.00 A 2V4 5.11 2 62 1936—February.. 2.37 1.45 3.81 5.00 5.11 2.56 1 1 9 9 3 3 7 8 — — F F e e b b r r u u a a r r y y _ . _ _ 1 1. . 0 1 0 8 1 1 . .0 5 0 2 4 3 . .0 0 0 1 4 5 . . 5 0 0 0 2 V % A '23 V 4 2 -5 4 4 . . 7 5 5 6 2 2 . . 6 5 7 3 1938—August 1.00 2.89 2.50 5.00 4.56 2.44 September. .00 3.26 2.65 5.00 4.56 2.33 October .00 3.00 3.00 5.00 4.56 2.31 November .00 2.01 2.90 5.00 4.56 2.50 December. .00 2.21 2.23 5.00 4.56 2.37 1939—January.... .00 2.00 1.88 5.00 4.47 2.34 February.. .00 1.98 1.96 5.00 4.47 2.56 r Revised. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May 1930, p. 318; and September 1938, p. 757, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

445 MAY 1939 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g ed - France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S l z a w e n r i d t - - Japan b C an e k n t o r f a — l R A 3 a p 0 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 — A R 3 a p 0 t r e . eff D ec a t t i e ve In effect June 30, Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 J J S J J S J O N D O O O A N M M S S M u u a u u e e e e c c c c e u o o 1 n l l n l a a a p p n p t t t t c y y 9 y g v v y y y e t t t t 3 . . 1 2 7 9 1 2 7 2 6 1 3 4 2 9 2 3 1 1 2 1 3 0 0 6 8 5 0 3 6 5 0 3 8 , 1 1 9 9 3 3 7 8 2 4 3 5 3 2 4 6 5 4 2 3 S 3 V H 2 4 2 4 3 3 2 2 3.29 A B B B B C D C C C D E E H I E F F G G t r l i c o e z u s r h a a o a r r e u e S n a i t e u e l g l n l i l n l n r t S n o g l n i y l l g e c o i a m z a e o e v a m a n g i s c c h a d m i d n u n i v h l e e i g r o a a a o v a a a m d t a i b - r n a I r i a r k y n n i y d k a i . d a o a . . . . i . . . r . . a . _ . . 3-4 4 4 4 4 2 S 4 6 3 6 3 4 4 6 4 } V J 2 2 2 J J J J A J N A J M N A D A M D F S M O u a a a u a e e p u e u u o e o c n n n n a l a l a p b c c y t y r g g g v v . . . y . r r . . t i . . . . . . . . . . l 2 3 2 2 1 2 2 1 1 1 1 1 2 4 4 0 3 5 3 8 1 1 9 8 1 6 2 8 1 3 5 7 , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 9 9 7 7 2 5 6 4 6 6 9 6 5 5 5 5 2 3 2 J U N N N P T L L M P P S Y R S S S U a o o p w o e w a i u n u e u o e . l d v e t r a l u r a t w t r i g m r x h i o a S e u a v t h t i n t t w k o u i n m e u n d h z . i e a c d e s a d g e a d a e r o S n l y A y r a l n n a Z K i . l a . l a v i a f . n R e . a i r i n n i a a d . c d . _ g - s a . _ _ - . 4 3 2 6 5 4 2 3 5 4 5 2 J N A J J M J J J J D M D M N J M D F a u u u u u a a e u o e e e o n n n a a l a a l n l l b c c c y y y y g v v y y . y . . r e . . . . . . . . 3 2 2 1 1 1 1 1 1 5 1 5 0 3 5 6 1 1 1 1 1 1 9 1 0 4 8 5 , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 7 6 3 6 2 8 8 9 7 7 7 8 5 3 5 6 8 8 2 Oct 27 VA Nov 25 2K Changes since Mar. 28: Belgium--Apr.'17, up from 2J^ o 4 per cent. Jan 4 1939 2 Apr 30 4 In effect Apr. 30, 1939 2 2 4 4 2 IK 3.29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures Assets Liabilities (Figures in U m n i i l t l e io d n s K o i f n p g o d u o n m ds sterling) re C se a r s v h es M c n a o s l o h n l t o e a i y c r n t e d at B co il u ls n t d e i d s- Se ti c e u s ri- L c o us a e t n r o s s m to - a O s t s h e e ts r Total D D e e m po a s n i d t s i Time lia O b t i h li e t r ies 10 London clearing banks 1930—December. 208 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 1938—December. 235 150 244 606 940 250 2,172 254 11 London clearing banks 2 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—February.. 243 144 288 633 984 238 2,280 1,242 1,038 250 March 244 150 239 634 1,000 239 2,254 1,221 1,033 252 April 246 150 249 638 998 240 2,268 1,228 1,040 252 May 231 146 280 631 986 246 2,263 1,220 1,043 256 June 247 154 289 630 985 251 2,299 1,245 1,054 256 July 244 159 302 633 985 242 2,309 1,254 1,055 255 August 241 153 305 642 974 239 2,298 1,248 1,050 256 September. 234 148 289 646 973 242 2,269 1,236 I", 033 262 October. __ 234 149 268 645 973 256 2,256 1,247 1,009 270 November. 233 149 272 642 966 255 2,249 1,244 1,004 269 December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—January... 248 143 256 625 972 252 2,230 1,260 970 267 February.. 243 138 212 617 982 253 2,176 1,213 964 268 March 232 141 190 611 992 249 2,152 264 5 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

446 FEDERAL RESERVE BULLETIN MAY 1939 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France Deposits (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b u a e n fr k o s iL B co il u ls n t d e i d s- Loans O as t s h e e ts r Total Demand Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930— December 2,419 4,675 20, 448 10,743 2361 36,681 35, 284 1,397 921 4,357 1931—December . _ 11,311 2,168 18, 441 9,274 2 130 38, 245 37,023 1,222 576 4,503 1932— December 9,007 1,766 22. 014 7,850 \ 749 37, 759 36, 491 1,268 295 4,331 1933—December 5,870 1,416 19,848 8, 309 18?,7 32,635 31,773 862 273 4,362 1934—December 5,836 1,421 18,304 8,159 717 30, 943 30, 039 904 193 4,301 1935—December 3,739 2,484 16,141 8,025 900 27, 553 26,859 694 337 4,399 1936—December - .. 3,100 2,975 17,582 7,631 957 28, 484 27, 955 529 473 4,289 1937—December 3,403 4,116 18, 249 7,624 2 134 30, 348 29, 748 600 661 4,517 1938—March 3,025 4,302 17, 533 7,331 546 29, 234 28,620 614 780 3 722 April . 3,063 4,128 18,817 7,423 617 30,454 29,874 580 781 3,813 May 5,976 3,944 20,271 7,153 1573 34, 394 33, 828 566 676 3,847 June . . 4,086 3,799 20, 443 7,(83 1538 32, 464 31,938 527 534 3,950 July 3,297 3,962 21, 620 7,314 1653 33, 184 32, 701 483 566 4,096 August _. 3,270 4, 708 19,828 7,490 1702 32, 293 31. 784 508 550 4,155 September _. _ _ 4,410 4,237 14,080 8,072 1921 27,869 27,405 463 678 4,174 October 3.152 4,238 18. 940 7,613 2088 30,952 30,449 503 775 4,304 November 3, 357 4,318 18, 522 7,956 1976 30, 971 30, 460 511 746 4,411 December 3, 756 4,060 21, 435 7,592 1940 33, 578 33, 042 537 721 4,484 1939—January 3,329 3,985 22, 100 7,079 1339 33, 444 32, 863 581 643 3,745 Assets Liabilities Germany ' (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m o a s n it d s Tnie o C b b f r t a r a e o n i d m n k i e s ts d l O ia t t i b h e i s e li r - 1930—November __ 191 1,483 2,453 7,416 482 880 9,091 3,857 5,233 1,986 1,828 1931—November 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November _ _ 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1.432 1935—No vem ber 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—November 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 ,334 1937—November 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 33/) 1938— April 151 273 3,083 2,680 1,150 834 6,384 2,978 3,406 453 , 334 May __ __ 167 260 3,328 2,604 1,094 826 6,509 3,050 3,459 444 3?7 June 208 271 3,270 2,704 1,107 811 6,635 3,159 3,476 433 ,303 July 178 263 3,4(4 2,729 1,100 809 6,788 3,194 3,594 420 , 334 August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 ,368 September . _ __ _. 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October ' 179 261 3,620 2,743 1,183 7,031 3,373 3,658 422 1 4?7 November 195 270 3,643 2,685 1,406 893 7,234 3,531 3,703 420 1,438 1939—January _ _ 184 285 3,934 2,708 1,178 895 7,334 3,619 3,716 414 1,436 February 175 307 3, 888 2,798 1, 145 902 7,377 3,576 3,801 410 1,427 Assets Liabilities Canada Entirely in Canada S a l e b o c r a u o n r a s i d ty D ad e a p o e s x it c s l u d p d e a p i y n o a g s b it l s e in i t n e r C ba a n n k - {10 cha l r io te n r s e d o f b C a a n n k a s d . ian F ig d u o r ll e a s r s i ) n mil- re C se a r s v h es S l e o c a u n r s ity an O lo d t a h d n e i s r s- a f n o f d r d r o e u i m n e g e n t Se t c ie u s ri- O as t s h e e ts r ci N t r i c o o u n t l e a- Total Demand Time l O ia t t i b h e i s e li r counts banks 1930—December _ ______ 207 205 1,275 171 604 602 133 2,115 689 1,426 816 1931—December 201 135 1, 253 146 694 510 129 2,058 698 1,360 752 1932—December 211 103 1, 104 155 778 439 115 1,916 538 1,378 760 1933—December 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December __ 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—December" 255 76 862 102 1,411 510 96 2,335 752 1, 583 785 1938—April 248 64 906 121 1,456 483 95 2,414 783 1,631 769 May _ __ 247 66 900 129 1,449 479 91 2,403 777 1,626 777 June 247 69 921 119 1,462 520 99 2,459 838 1.621 781 July 240 71 920 123 1,437 471 95 2,394 772 ,623 772 August 262 71 913 137 1,440 459 93 2,418 783 .635 771 September _ _ . 270 60 965 150 1,421 481 99 2,447 814 ,633 802 October.. _. - .. 291 66 986 147 1,409 470 94 2,480 824 ,656 795 November 277 64 970 192 1,426 471 92 2, 499 844 . 655 808 December 263 65 940 166 1,463 474 88 2,500 840 ,660 782 1939—January ._ __ f.3 919 167 1,454 459 85 2, 457 789 .667 766 February 267 GO 921 171 1, 490 450 88 2,471 780 691 SCO 1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks, Beginning in 1935 figures are not entirely cun^taiable with those shown for previous years due to changes in reporting practice (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935. pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 447 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A ra u l s i - a A (s u c s h tr il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h i B ga u r l i - a Canada Chile (peso) S ( C y h h u a i n a n n g a - - Co b l i o a m- (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) Official Export hai) (peso) 1929 95.127 480.83 14.058 13.912 11.8072 36. 202 .7216 99. 247 12.0601 41.901 96. 551 1930.___ 83. 505 458. 60 14.089 13.952 10. 7136 36.067 .7209 99.842 12.0785 29.917 96. 493 1931 66. 738 351. 50 14.023 13.929 7.0290 33. 690 .7163 96.326 12.0669 22. 437 96. 570 1932 58. 443 279.93 13.960 13.914 7.1223 26. 347 .7193 88.090 7.9079 21. 736 95. 275 1933 72. 801 337.07 15. 448 17.900 7.9630 31. 816 1.0039 91.959 7. 6787 28.598 81. 697 1934 ... 33. 579 400.95 18. 793 23. 287 8.4268 37.879 L.2852 101.006 10. 1452 34.094 61. 780 1935 32. 659 388.86 18.831 18. 424 8.2947 36.964 L. 2951 99.493 5.0833 36. 571 56.011 1936 33.137 395. 94 18. 792 16. 917 8. 5681 5. 8788 37. 523 L. 2958 99. 913 5. 1240 29.751 57.083 1937._ 32. 959 393. 94 18. 770 16. 876 8. 7190 6.1806 37. 326 L. 2846 100.004 5. 1697 4.0000 29.606 56. 726 1938 32. 597 389. 55 18. 916 16. 894 5. 8438 36. 592 L. 2424 99.419 5. 1716 4.0000 21. 360 55. 953 1938—July 32. 862 392. 77 16.919 5. 8528 36. 762 L. 2370 99. 437 5.1694 4. 0000 18. 205 56. 223 August 32. 541 388.90 16.869 5. 8460 36.390 L 2349 99.646 5.1744 4.0000 16.618 56. 564 September . 32.032 382. 74 16.877 5. 8563 35. 827 L. 2323 99. 365 5.1765 4.0000 17.167 56. 704 October 31. 793 379.89 16. 904 5.8488 35.617 L. 2324 99.062 5.1771 4.0000 16.029 57. 078 November. 31.382 375. 05 16. 908 5. 8595 35.151 L. 2325 99.248 5.1777 4.0000 15. 796 57.136 December.. 31.135 372.06 16. 843 5.8646 34.860 L. 2326 99.064 5.1758 4.0000 16.110 57.001 1939—January. __ 31.126 372.06 16. 893 5. 8598 34.881 L. 2156 99.194 5.1739 4.0000 16. 256 57. 055 February.. 31. 236 373. 33 16 860 5. 8602 35. 014 L. 2130 99. 502 5.1736 4.0000 15. 885 56. 990 March 31. 234 373. 27 16. 823 5. 8647 35.057 L. 2103 99. 583 5.1733 4.0000 16. 016 56. 983 Ger- Year or month ( C p u es b o a ) ( m D kr e a o n r n - k e) (p E o g u y n p d t ) Fi ( k n m k la a a n r ) - d F (f r r a an n c c ) e ( m m re a a i r c n k h y ) s- G ( r d m e r a e a ) c c h e - ( H K do o o l n n la g g r) (p H g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ' N g l u e a i t n l h d d e e s r r - ) 1929 .... 99. 965 26.680 498.07 2. 5160 3.9161 23.809 1. 2934 47.167 17.441 5. 2334 46.100 48.183 40.162 1930..... 99.952 26.765 498. 60 2. 5169 3.9249 23.854 1. 2959 33.853 17. 494 5. 2374 49.390 47.133 40. 225 1931 99.930 25.058 465.11 2.3875 3.9200 23. 630 1. 2926 24.331 17. 452 5.2063 48. 851 35. 492 40. 230 1932 99.941 18.832 359. 54 1. 5547 3.9276 23. 749 .8320 23. 460 17. 446 5.1253 28. Ill 31. 850 40. 295 1933.... 99.946 19.071 434.39 1.8708 5.0313 30. 518 .7233 29.452 22. 360 6. 7094 25. 646 28.103 51. 721 1934 ... 99.936 22. 500 516. 85 2. 2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29. 715 27. 742 67. 383 1935 .... 99. 920 21. 883 502. 60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8. 2471 28. 707 27. 778 67.715 1936 99. 909 22.189 509. 68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29.022 27. 760 64. 481 1937 99.916 22. 069 506. 92 2.1811 4.0460 40. 204 .9055 30. 694 19. 779 5.2607 28. 791 27. 750 55. 045 1938.... 99.925 21. 825 501. 30 2.1567 2. 8781 40.164 .8958 30. 457 19. 727 5. 2605 28. 451 22.122 55. 009 1938—July 99. 935 22.004 505.39 2.1751 2. 7663 40.188 .9031 30. 755 19. 701 5. 2604 28. 722 20.104 55.040 August 99. 933 21. 785 500.30 2.1510 2. 7331 40.090 .8950 30.479 19.663 5. 2604 28.444 19. 732 54. 602 Sentember.. 99. 932 21. 441 492. 54 2.1171 2. 6924 39. 966 .8805 29.989 19.642 5. 2604 27. 996 19. 462 53.940 October 99. 916 21. 283 488. 92 2.1016 2. 6662 40. 047 8736 29. 668 19. 641 5. 2603 27. 787 19.659 54.390 November. 99. 926 21.011 482. 66 2. 0750 2 6343 40.042 ?636 29. 325 19. 637 5. 2603 27. 430 19. 971 54. 334 December... 99. 931 20. 844 478. 88 2. 0554 2. 6323 40. 080 .8559 29.174 19.642 5. 2603 27. 213 19.931 54. 356 1939—January 99 932 20. 841 478. 76 2. 0543 2. 6369 40.066 .8558 29.107 19. 632 5. 2603 27. 205 19. 483 54.187 February 99.933 20.912 480. 43 2.0604 2. 6471 40.117 .8583 29.078 19. 627 5. 2602 27. 297 19.973 53. 626 March 99. 932 20. 912 480. 40 2.0597 2. 6488 40.098 .8586 29.049 19.613 5. 2601 27. 300 20.026 53. 092 Year or month Z (p e N o a e l u a w n n d d ) N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( u n le m i u a ) a- (p S A o o f u r u i n t c h d a ; (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) (k S d r w o e e n n - a; e ( S r f w r la a it n n z c d - ) ( T p u o r u k n e d y ) ( U p K d o n i o u i n m t n g e d - d ) ( g U p u e r a s u o y - ) ( Y s d l i u a n v g a i o a r - ) 1929 483.21 26. 683 11.194 4.4714 .5961 483.27 14. 683 56.012 26. 784 19. 279 48.411 485. 69 98.629 1. 7591 1930 468. 22 26. 760 11.205 4.4940 .5953 483. 79 11. 667 55.964 26.854 19. 382 47.061 486. 21 85. 865 1. 7681 1931 415.29 25.055 11.197 4. 2435 .5946 480. 76 9.545 52. 445 25. 254 19. 401 47.181 453.50 55. 357 1. 7680 1932 320.19 18.004 11.182 3.1960 .5968 476. 56 8.044 40. 397 18. 471 19. 405 47. 285 350. 61 47.064 1. 6411 1933 340.00 21. 429 14. 414 3. 9165 .7795 414. 98 10. 719 49. 232 22.032 24. 836 60. 440 423. 68 60. 336 1. 7607 1934 402. 46 25. 316 18.846 4. 6089 1.0006 498. 29 13. 615 59.005 25. 982 32. 366 79.047 503.93 79.956 2. 2719 1935.... 391. 26 24. 627 18. 882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80. 312 490.18 80. 251 2. 2837 1936 398. 92 24.974 18. 875 4. 5130 .7382 491. 65 12.314 58. 258 25. 626 30.189 80. 357 497.09 79. 874 2. 2965 1937 396.91 24.840 18.923 4. 4792 .7294 489. 62 6.053 57.973 25. 487 22. 938 80.130 494. 40 79.072 2. 3060 1938 392. 35 24. 566 18.860 4. 4267 .7325 484.16 5.600 56.917 25.197 22. 871 80.109 488. 94 64.370 2.3115 1938—July 395. 86 24. 767 18. 839 4. 4713 .7318 488. 07 5.666 57. 452 25. 412 22. 885 79. 620 492.91 64.864 2. 3241 August 391. 99 24. 523 18. 832 4. 4228 .7317 483. 23 5.747 56. 864 25.162 22. 885 79. 460 488.08 64. 239 2. 3133 September. 385. 81 24.136 18. 815 4. 3492 .7305 475. 63 5.228 55. 794 24. 765 22. 603 79. 624 480. 38 63. 231 2. 2895 October.... 382. 46 23. 957 18. 794 4. 3220 .7299 472.05 5.092 55. 440 24. 563 22. 719 80.311 476. 85 62. 742 2. 2805 Novemb er. 376. 50 23. 652 18. 798 4. 2683 .7305 466. 01 5.054 54. 738 24. 251 22. 653 80. 289 470. 75 61. 955 2. 2797 December _. 373. 72 23. 463 18.865 4. 2406 .7315 462. 32 4.996 54. 302 24. 051 22. 612 80. 803 467. 03 61. 471 2. 2776 1939—January 373. 59 23. 459 18. 901 4. 2384 .7311 462. 22 4.613 54.246 24.041 22. 582 80. 436 466.94 61.438 2. 2800 February... 374. 84 23. 539 18.898 4. 2508 .7272 463. 83 54.416 24.133 22. 672 80. 385 468.57 61. 646 2. 2820 March 374. 78 23. 539 18. 860 4. 2502 .7140 463. 74 54. 394 24.130 22. 614 80. 361 468. 54 61. 650 2. 2781 NOTE.—Developments affecting averages since January 1939 have been as follows: Czecho-Slovakia—no quotations available beginning March 15. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETIN for March 1938, p. 244, and March 1939, p. 236. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN MAY 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month v 1 U S 9 t n 2 a 6 i t t = e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) ( K 19 U i 3 n n 0 g i = d t 1 e o d 0 m 0) (1 F 91 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 1 n 00 y ) (192 It 8 a = ly 100) 1 ( 9 O J 0 a c 0 t p = o a 1 b n 0 e 0 r ) (1 N 9 l e a 2 t n 6 h d - e 3 s r 0 - = ( S Ju w l l a i y t n z 1 d e 9 r 1 - 4 100) =100) 1926 100 100 i 124 695 134 237 106 144 1929 . 95 96 627 137 95 220 100 141 1930 . - - - 86 87 100 554 125 85 181 90 126 1931 73 72 88 500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 . . 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 _____ _ 81 75 94 411 104 76 198 64 96 1937 86 85 109 581 106 89 238 76 111 1938 - - - 79 P79 101 653 106 95 251 72 107 1938 -February 80 84 106 631 106 94 249 74 109 March 80 83 104 634 106 94 252 73 108 April . . . 79 82 103 643 106 95 247 73 108 May 78 80 102 654 105 96 249 72 107 June 78 80 101 660 106 96 254 72 107 July - - - 79 79 101 652 106 95 254 71 106 August 78 76 100 649 106 96 252 71 105 September, _ 78 75 98 652 106 97 252 71 106 October 78 74 99 664 106 97 253 71 106 November 78 74 98 674 106 97 254 70 106 December 77 73 98 684 106 96 255 71 106 1939—January 77 73 97 689 107 97 259 70 106 February . ._ _ _ _ 77 73 97 685 107 97 264 70 105 March 77 73 97 P683 265 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) Uni ( t 1 e 9 d 3 0 K =1 in 0 g 0 d ) om France (1913=100) Germany (1913=100) Year or month Induspr F o a d r u m cts Foods co O i m t t i h m e e s o r d Foods p I r n o tr d d i u u al 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 o v ns i- a t f r n i i n d a i l s s h r e e a m d w i- tr I i i n s a d h l u e f d s in - products products 1926 100 793 132 1929 100 92 579 130 125 132 157 1930 91 85 100 100 526 579 113 113 120 150 1931 75 75 87 542 464 104 103 136 1932 61 70 85 482 380 91 118 1933 61 71 83 87 420 380 87 113 1934 71 78 85 90 393 361 96 116 1935 84 78 87 90 327 348 102 119 1936 82 80 92 96 426 397 105 121 1937 86 85 102 112 562 598 105 125 1938 74 82 97 104 641 663 106 126 1938—February 74 83 103 107 625 105 126 March 74 83 101 106 620 647 106 126 April 72 82 100 104 633 651 106 126 May 72 82 100 103 650 657 106 126 June 73 81 99 101 657 663 106 126 July 74 81 98 102 630 671 106 126 August _ 73 81 95 102 625 670 107 126 September. _ 75 81 92 102 631 669 106 126 October 74 81 93 102 646 680 106 126 November 74 81 91 103 662 685 107 126 December 73 80 92 102 685 107 126 1939—January 72 80 93 100 690 108 126 February 72 80 91 100 673 694 108 126 March 70 80 90 100 P671 P Preliminary. Sources.—See BULLETIN for March 1931, p. 159; March 1935, p, 180; October 1935, p, 678; March 1937, p, 276; and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1939 FEDERAL RESERVE BULLETIN 449 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Switz- Y m e o a n r t o h r U S 1 t n 9 a i 2 t t 3 e e - s d ; [ ! E l J a u n n l g y d - l j 1 9 F 1 J r 4 u a = l n y 1 c 0 e 0 1 ! j m 1 G 9 a e 1 n r 3 y - - ! N l 1 e a 9 t n 1 h d 1 e s - r- J la u e n r n - d e Y m e o a n r th o r | j i U S 1 t n 9 a 2 i t t 3 e e - s d j I j l J E a u n n ly g d - j F J J r u a a n n n e .- c e ! I 1 m G 9 a 1 e n 3 r y - - N l 1 e a 9 t n 1 h d 1 e s - r - | I | l e a r n - d 1925=1001914=100 :i914=1001913=100 il925=100|1914=1001914=100; 1914=1001913=100! 1926 ! 109 161 | 554 ! 146 | 161 160 L926 103 170 505 142 ! 168 ! ! 1929 105 154 611 156 162 156 1929 _ _ 100 164 556 154 j 168 161 1930 ! 100 I 145 614 146 150 152 1930 97 158 581- 148 161 158 1931 I 131 611 131 136 141 1931 _ 89 148 136 151 150 1932 j 126 | 536 116 119 125 1932 80 144 121 141 138 1933 i 66 120 ! 491 113 120 117 1933 76 140 520 S 118 139 131 1934 ! 74 122 i 481 118 124 115 1934 _ .__ 79 141 516 | 121 I 140 129 1935 ; 81 125 i 423 120 118 114 1935 81 143 483 ! 123 136 128 1936 i 82 130 I 470 122 120 120 1936 82 147 507 ! 125 i 132 130 1937 I 85 139 | 601 122 127 130 1937 84 154 619 ! 125 137 137 1938 79 141 j 702 122 130 130 1938 ___ 83 156 126 139 137 1938-February. 78 142 I 694 122 130 130 1938 .February. 157 - 125 139 137 March 79 ! 140 I 698 122 128 129 March 83 156 : 126 138 137 April 79 137 ! 702 122 129 129 ApriL_ _ 154 L. 126 138 137 May I 79 139 ! 705 123 132 128 May 156 !-. 126 139 136 June.__ 80 138 i 698 123 134 130 June 83 155 692 | 126 140 137 July i 80 146 | 671 124 130 129 July _ 159 - 127 139 137 August 78 141 ! 677 124 129 129 August . 156 - 127 138 136 September! 79 ] 140 j 697 121 130 130 September 83 156 ; 125 139 137 October___i 78 139 725 121 130 ! 130 October 155 - 125 138 137 November 78 140 ! 727 121 128 i 130 November 156 - 125 I 137 137 December. 79 i 139 i 742 121 130 ! 130 December. 83 156 722 125 | 138 137 1939-January... 78 138 ! 748 i 122 . _ 129 1939-January. _ 165 I- 126 | 137 February.. 77 138 744 122 128 February 155 - 126 ! 136 March 76 135 742 •__ March 153 L p Preliminary. 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 i e ( 1 D E 9 e 2 n c 1 g e = la m 1 n 0 b d 0 e ) r (19 F 1 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 2 - U St n a i t t e e s d Engla ( n 1 d 926=10 F 0) rance Germany (1 N 9 l 3 e a 0 t 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 J78.0 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 • 101. 8 111.8 96.3 97.4 102.6 104 1938 78 9 121 3 77 3 99.9 105.9 83.3 80.8 89.7 "100.1 P96 1938—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 86.5 99.0 102.1 90.1 77.5 100.0 96.1 92.4 March 83.1 113.6 86.0 99.0 91.7 77.1 97.9 94.4 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 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3. 39 per cent. 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 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans ' O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) ....... LEON FRASER CHESTER C. DAVIS District No. 3 (PHILADELPHIA) . . . .HOWARD A. LOEB, ERNEST G. DRAPER Vice-Preside ut M. J. FLEMING GEORGE H. HAMILTON District No. 4 (CLEVELAND) T. J. DAVIS HUGH LEACH District No. 5 (RICHMOND) ROBERT M. HANES WM. MCC. MARTIN District No. 6 (ATLANTA) EDWARD BALL JOHN K. MCKEE District No. 7 (CHICAGO) EDWARD E. BROWN RONALD RANSOM District No. 8 (ST. LOUIS) WALTER W. SMITH M. S. SZYMCZAK President CHESTER MORRILL, Secretary District No. 9 (MINNEAPOLIS) JOHN CROSBY S. R. CARPENTER, Assistant Secretary District No. 10 (KANSAS CITY) .... JOHN EVANS WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) R. E. HARDING E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO).. .PAUL S. DICK JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ALLAN SPROUL, Manager of System Open Market Account 452 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 Curtiss R A Young W W Paddock W Willett 2 New York . Owen D. Young G. L. Harrison __ _ Allan Sproul L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T. B. McCabe J. S. 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 Taylors 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. Wood i 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 C. M. Stewart2 Minneapolis W. C. Coffey i J. 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 R. R. Gilbert R. B Coleman 3 W. J. Evans San Francisco St. George Holden i W. A. Day Ira Clerk W. M. Hale C. E. Earhart 2 R. B. West 1 Deputy chairman. 2 Cashier. J 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 an official publication of the Board of Governors of the Federal Reserve System. The BULLETIN is issued monthly and is sent to member banks without charge. To others the subscription price, which covers the cost of paper and printing, is as follows: in the United States, Canada, Mexico, and insular possessions, $2.00 per year and 20 cents per single copy; elsewhere, $2.60 per year and 25 cents per single copy. 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ATLANTA ALA" T' I. Savanna • HM BOUNDARIES OF FEDERAL RESERVE DISTRICTS ..._ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis