Federal Reserve Bulletin, 1939-06

FEDERAL RESERVE BULLETIN JUNE 1939 Recent Business Developments Operating Ratios of Member Banks Number of Banks and Branches BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent business developments 455-461 National summary of business conditions 462-463 Summary of financial and business statistics 465 Law Department: Recent amendment to Regulation T 466 Amendment No. 2 of Regulation T—effective May 22, 1939 466-467 An analysis of the timing of deposit reductions prior to suspension in a selected group of banks 468-476 Number of banks and branches 1933-1939; analysis of changes in number of banks and branches, January 1- March31, 1939 477-478 Number of banks operating branches and number of branch offices, by States, December 31, 1937 and 1938 479 Group banking, December 31,1938—Number, branches, and deposits, by States 480 Average operating ratios of member banks, 1938 481-486 Balance of international payments of the United States, 1937-1938 487 All member banks—Condition on March 29, 1939, by classes of banks 488 All member banks—Classification of loans, investments, real estate, and capital on March 29, 1939, by classes of banks 489 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 492 Federal Reserve bank statistics 493-497 Reserve position of member banks; deposits in larger and smaller centers 498 Money in circulation 499 Gold stock and gold movements; bank suspensions; bank debits 500 All banks in the United States 501 All member banks 502-503 Condition of reporting member banks in leading cities 504-507 Acceptances, commercial paper, and brokers' balances 508 Federal Reserve bank discount rates 509 Money rates and bond yields 510 Security markets 511 Treasury finance 512-513 Governmental corporations and credit agencies; Postal Savings System 514-515 Production, employment, and trade 516-524 Wholesale prices 525 Chart book series on bank credit, money rates, and business 526 International financial statistics: Gold reserves of central banks and governments 528 Gold production 529 Gold movements 529-530 International capital transactions of the United States 531-533 Central banks 534-537 Bank for International Settlements 538 Money rates 538 Discount rates of central banks 539 Commercial banks 539-540 Foreign exchange rates 541 Price movements: Wholesale prices 542 Retail food prices and cost of living 543 Security prices 543 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 546 Senior officers of Federal Reserve banks; managing directors of branches 547 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 JUNE, 1939 No. 6 REVIEW OF THE MONTH April reflected substantial decreases in prices of livestock and dairy products. In the se- Business activity, after a rapid growth in curity markets a period of sharp decline in the second half of 1938, has failed since the prices of stocks and lower-grade bonds durbeginning of this year to ing the latter part of March and the early Recent business J fine USUal Seasonal ad- S 1OW part of April was followed by a month and a developments . . vance and in many indus- half of little change, while prices of United tries, current levels of activity are below States Government and other bonds of the those reached toward the end of 1938. The highest grade continued to advance through- Board's seasonally adjusted index of indus- out the spring months, reflecting the abuntrial production, including mining and manu- dance of funds seeking investment in such facturing, declined from 104 in December to securities. a level of about 92 in April and May. In the NATIONAL INCOME PAYMENTS. bituminous coal industry, where output was ADJUSTED FOR SEASONAL VARIATION reduced about two-thirds in April and the T Y O E P J A E .I R R O NS ' OF DOLLARS" (ANNUAL RATE) BILLIONS OF DOLLARS Y P E E A R R first half of May, production subsequently 90 90 showed a sharp increase. Toward the end of 80 May there was a rise in steel production. On 70 > the railroads freight traffic was at a low level 60 \ s ^ , during April and the first half of May largely \ 50 as a result of the temporary shutdown at 40 bituminous coal mines and of a less than sea- 30 sonal increase this year in miscellaneous 20 freight. In the construction industry there has been a large volume of public work and a substantial volume of private residential 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 building this spring; a considerable decline Based on U. S. Department of Commerce monthly estimates of the amount of income payments to individuals. April 1939 figure in contracts for residential work during April estimated. was followed by some rise in the first half The heavy movement of private foreign of May. In the aggregate payrolls have not funds to the United States that followed shown the usual seasonal rise since the end German occupation of Czechoof last year but total income payments, in- Recent gold Slovakia in the middle of March cluding many items not affected directly or movements1 slackened considerably toward immediately by changes in industrial activity, the end of April and declined have not declined appreciably, as is shown on further during May. Gold imports, howthe chart. Distribution of commodities to ever, remained at a high level, reflecting consumers has shown about the usual sea- largely the accumulation of resources in this sonal fluctuations. country by foreign monetary authorities. Commodity prices generally have shown In the four weeks ending May 24 gold imlittle change since the latter part of 1938.ports amounted to $520,000,000 and in the A decline in the wholesale price index in preceding four weeks to $585,000,000. 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN JUNE 1939 Between April 26 and May 24 earmarked of bank loans and investments. The reducgold and foreign deposits at the Federal Re- tion was mainly in New York City where serve banks increased by $330,000,000. This oans to brokers and dealers in securities dedevelopment represents the resumption of a fined to near the lowest levels of recent movement that has been in progress for the years. Holdings of investments at New York past year and which was marked during the ity banks were also reduced during May, six weeks ending March 15. In that period largely as a result of repayment of maturing foreign official holdings of gold and balances obligations by the New York State and City at the Federal Reserve banks increased by governments. $195,000,000. During the succeeding six Following a rapid advance in the latter weeks foreign monetary authorities drew to half of 1938, industrial activity did not show some extent upon their accumulated resources the usual seasonal rise during in this country to meet the heavy private Industrial the first quarter of 1939 and dedemand for dollars, but between the middle o uction cline( j in April. The current of March and April 26 there was little net level, however, is considerably above that of decline in the volume of official balances and a year ago, as is indicated by the accompanygold holdings, and subsequent acquisitions ing chart which shows the course of the have raised these resources to new high Board's seasonally adjusted index and also of levels. On May 24 earmarked gold and for- component groups. The decline in the total eign deposits at the Federal Reserve banks index in April reflected chiefly the sharp reamounted to $1,265,000,000, compared with INDUSTRIAL PRODUCTION $530,000,000 on July 31, 1938. Bank reserves continued to increase during TO P T O A IN L T I S N I D N EX! 113d May but at a slower rate than in March and April, reflecting the fact that Banking a large part of the gold inflow developments went into foreign holdings and in May foreign deposits at the Reserve banks. Nevertheless, total excess reserves of banks had increased by May 24 to $4,300,- 000,000, a new high level. The increase continued to be principally at New York City banks, which receive most of the deposits arising out of the movement of capital from abroad. Deposits at reporting member banks in leading cities, which had increased by $750,- 000,000 in April, showed little change in the first half of May. On May 17 adjusted de- 1932 1933 1934 1935 1936 1937 1938 1939 mand deposits at these banks amounted Latest figures shown are for April 1939. to about $16,700,000,000, which was about duction in coal output, and decreases at tex- $1,000,000,000 above the record high level tile mills where earlier in the year output had that had been reached at the end of 1936 been in substantial volume. The effect of gold acquisitions in increasing In the durable goods industries recent dedeposits at member banks during May wai clines in activity have centered chiefly in the counterbalanced by a reduction in the amount steel and automobile industries. Output of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

457 JUNE 1939 FEDERAL RESERVE BULLETIN steel, which in the latter part of 1938 had Lumber production, the principal item in reached a level in excess of use at steel-con- the "other durable" line on the chart, showed suming establishments, declined in Decem- little change during the first three months of ber and showed little change during the first the year but in April and May new orders inthree months of 1939, although usually there creased and output also showed a rise. Outis an increase at that time of year. Opera- put this year has been above that of a year tions were sustained at a level of about ago, reflecting chiefly the sharply increased 54 per cent of capacity in this period by a volume of building. backlog of orders from the automobile in- In the cement industry recent developdustry, accumulated in October during a ments have been in contrast to those in most period of price concessions, by a substan- other durable goods lines, reflecting pritial volume of orders for rails and struc- marily the influence of the expanded public tural steel, and by continued demand from construction program. Cement production many other users of steel. By the end of has risen sharply since the early part of March, however, unfilled orders appear to 1938 and in recent months has been near the have been reduced considerably and subse- high rate reached in the spring of 1937. quently as new orders were in small volume In the nondurable goods lines, output of steel mill schedules were curtailed, ingot pro- tobacco products and petroleum products duction declining to about 45 per cent of during the first four months of this year capacity by the middle of May. About this continued close to the record levels reached time considerable weakness again developed in 1937. Textile production in the first quarin prices of types of steel used mainly by the ter of this year was maintained at a level automobile industry, and as previously in considerably higher than a year ago but about October substantial orders for steel were 15 per cent lower than in the corresponding placed during the period of price concessions. period of 1937. In April there were declines In the fourth week of May output of ingots in activity at textile mills, particularly at increased to 48 V2 per cent of capacity. woolen mills and in the silk goods industry Automobile production, which had inwhere output was curtailed partly as a result creased sharply in the autumn of 1938 and of recent high prices for raw silk. Shoe prohad been at a high level during the winter, duction continued at a high level until April showed somewhat less than the usual seawhen there was a decline. sonal increase in March and April. Do- Employment in nonagricultural lines inmestic retail sales in the first four months creased less than seasonally in the first quarof 1939 were about 40 per cent larger than ter of 1939 and declined somein the corresponding period of 1938 and Employment h t April, reflecting a sharp exports were also in substantial volume, but w a in conditions , . . , at the end of April dealers' stocks of new decrease at bituminous coal cars were larger than at the corresponding mines, offset in large part by seasonal indate in other recent years, and partly as a creases in construction and trade. At facresult of this, output was reduced in May. tories, employment has remained at about the In the machinery industries, where expanlevel reached by the end of 1938, as is shown sion in the latter part of 1938 was less proin the chart on the next page, although usually nounced than in the automobile and steel inthere is some increase in the spring. Declines dustries, activity, as measured by man-hours or less than seasonal increases were reported worked, continued to rise during the first at automobile plants, sawmills, woolen mills, quarter of 1939 and was largely maintained during April. and clothing establishments. With little change in average hours worked per week Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN JUNE 1939 and in average hourly earnings, payrolls have In April total contracts for privatelycontinued at about the level reached at the financed construction showed little change, end of 1938, not showing the usual spring a contraseasonal decline in resiing dential building being largely offset rise. by increases from earlier low levels in factory, commercial, and other private construc- FACTORY EMPLOYMENT, HOURS,AND EARNINGS tion. Awards for public projects, which PER CENT WITHOUT SEASONAL ADJUSTMENT 1923- 25 AVERAGE have fluctuated widely from month to month, 120 were in large volume and consequently the total of all construction contracts was at a relatively high level. Reports for the first half of May indicate an increase over April in both private and public residential building and a decline in nonresidential work, reflecting smaller awards for public projects. Figures for the principal types of construction are given through April in the following table: CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN STATES [Monthly averages and monthly totals; in millions of dollars] Privately financed Pub- Total licly financed Resi- Fac- All Total dential tories other 40 1936 223 111 112 60 17 35 1937 243 96 147 71 26 50 1938 266 142 124 75 10 39 1938 1st quarter 179 88 92 51 9 32 32 32 2nd quarter 252 117 135 80 10 44 3rd quarter 285 143 142 86 11 45 1934 1935 1936 1937 1938 1939 4th quarter 350 221 129 82 10 36 Bureau of Labor Statistics data with railway repair shops ex- 1939 cluded from all series. April 1939 figures estimated for average 1st quarter 258 129 129 86 10 33 hourly earnings and average hours worked. March 301 128 173 119 13 41 April 330 160 170 105 17 48 The decline in average hourly earnings Source: F. W. Dodge Corporation. The figures shown are not adduring the first part of 1938 and the subse- justed for seasonal variation. quent rise, shown on the chart, reflected The April decline in private residential mainly sharp changes in the proportion of building contracts, contrary to seasonal tenwage earners employed in the higher-wage dency, reflected for the most part a sharp industries, particularly automobile manu- reduction in awards for apartments, as is facturing. Wage rates in most individual shown in the chart. The reduction in apartindustries have been fairly stable since the ment awards occurred largely in the New middle of 1937. Increases brought about thus York metropolitan area, where they had been far by the Fair Labor Standards Act have in large volume in February and March. The been reflected in moderately higher average decline in such contracts was due in part to hourly earnings in a few industries but their a reduction, during consideration of amenddirect effect on the general average of hourly ments to the National Housing Act, in the earnings has not been appreciable. volume of insured loans closed on rental Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

459 JUNE 1939 FEDERAL RESERVE BULLETIN projects under the Federal Housing Adminis- awarded last year, cover 25 projects and reptration program. For one- and two-family resent 13,000 dwelling units. Some of the houses, the April volume of contracts was projects started last year are now n earing larger than that of any other month of the completion. The volume of contracts placed for pub- RESIDENTIAL BUILDING licly-financed nonresidential construction this CONTRACTS AWARDED IN 37 EASTERN STATES ADJUSTED FOR SEASONAL VARIATION year has been at a level above that in most MILLIONS OF DOLLARS MILLIONS OF DOLLARS periods during recent years, although sharply lower than in the closing months of 1938 just prior to the December 31 dead line for starting projects under the new Public Works Administration program. The recent volume has reflected in part the placing of additional contracts on Public Works Administration projects started last year, but there has also been a considerable volume of projects financed exclusively by local government agencies, including numerous water supply systems and street and highway improvements. Wholesale commodity prices, which had 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 been at 77 per cent of the 1926 average during Based on F. W. Dodge Corporation data. Latest figures shown are for April 1939. the first quarter of the year, acrecovery period but, on a seasonally adjusted Wholesale cording to the index of the Bureau commodity basis, as the chart shows, the level was lower of Labor Statistics, declined one prices than in other recent months. Home mort- point in the early part of April gages selected for appraisal by the Federal and have shown little change since that time. Housing Administration in April declined The principal changes affecting the index this somewhat from the advanced March level and year have been decreases in livestock and then showed little change in the first half of dairy prices, as is shown in the chart on the May. next page. Other farm and food products Rents have remained practically unchanged have generally shown little change except for for more than a year at the level reached late some rise in cotton and grain prices during in 1937, and such data as are available on recent weeks. Among industrial products vacancies indicate that they have continued there has been a sharp rise in silk, while steel at a low level. Building costs for residential scrap, some other industrial materials, and construction have also shown little change certain types of finished steel have declined. recently. As a result of the recent decline prices of Construction contracts for slum clearance livestock and products, as a group, are now projects under the United States Housing at the lowest level since 1934. Agricultural HJ f b $7.Q0 Authority program were awarded in increas- Hogg are se ng or a out commodities ing volume in the latter part of April and in per hundred pounds at Chicago, May, following a lull in the preceding two about $1.00 less than a year ago, and $4.00 months. During the first four and one-half less than in the corresponding period of 1937. months of this year contracts placed for such Dairy products are the lowest since 1933. projects amounted to about $15,000,000. Prices of all grades of cattle, however, are These contracts, together with $30,000,000 higher than a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN JUNE 1939 WHOLESALE PRICES tially higher than a year ago. Milk production has been at a record high level this spring T P O O T IN A T L S I N IN DEX 1926 AVERAGE FOR TOTAL = 100 90 90 and, with discontinuance of butter purchases by Federal agencies and the nullification of 85 85 ALL COM\I0DIT1ES / the New York milk marketing agreement, 80 V 80 prices of dairy products in central markets have declined sharply. Storage holdings of 75 75 butter on May 1 were much higher than a 70 70 year ago, with most of the stocks held by 55 55 Federal and State agencies; consumption, COMMC)D1TIES OTHER THAN FARM FRODUCTS A»1D FOODSy ^^ however, is also larger than last year, partly 50 . . .. — 50 as a result of the distribution of substantial quantities for relief purposes. 45 45 20 20 Prices of other farm products and foods LIVESTOCK( AND PRO!IUCTS^V have shown little change since the sharp 15 >^ 15 decline that occurred between the early part of 1937 and the middle of 1938. Beginning in 10 10 the latter part of April winter wheat prices 20 OTHER FARM PRODUCTS> 20 AND FOODS advanced 6 cents to around 75 cents per 15 15 bushel, following reports of reductions in crop prospects. From last July to the middle 10 10 of April domestic wheat prices had shown 1934 1935 1936 1937 1938 1939 little change, although foreign prices had de- Monthly figures ; Bureau of Labor Statistics data, with Federal Reserve classification of livestock and products and other clined about 40 cents per bushel, the maintefarm products and foods. May 1939 estimated. nance of domestic prices reflecting largely The recent decline in livestock and meat the operation of Government export subsidy prices has reflected larger marketings with and loan programs. Exports of wheat from little change in consumer demand, while the United States in the current season, enddeclines in prices of dairy products have ing July 1, are expected by the Department reflected in addition changes in marketing of Agriculture to total 100,000,000 bushels, arrangements. The current situation with 75,000,000 being assisted by the export proregard to supplies of livestock and dairy prod- gram. Subsidy payments since January 1, ucts reflects the marked influence of large 1939, have averaged about 30 cents per feed crops in 1937 and 1938. With feedstuffs bushel. Under the loan program approxicheap relative to prices of hogs, for example, mately 85,000,000 bushels of wheat were hog production has been increasing since the pledged this season by producers. Wheat spring of 1938 and hog slaughterings since which is not redeemed by the maturity dates last October have been about 12 per cent of the loans will be purchased by the Federal higher than in the preceding year. In the Surplus Commodities Corporation and becase of cattle, the short-time effects of low come part of stocks available for export. feed prices have been different; there has Domestic carry-over on July 1 is expected to been a tendency to increase herds to such an be about 275,000,000 bushels as compared extent that slaughterings have not increased. with 155,000,000 last year, but indications Prices of stocker and feeder steers this spring are that the crop this season will be considerhave been at the highest level for this season ably smaller than last year, so that total in nine years, and prices of other grades of domestic supplies will be somewhat less than cattle have generally been at levels substan- last season. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 461 Spot cotton prices advanced to over 9 prices of paper and petroleum products. cents per pound in the middle of May after Prices of agricultural implements and texfluctuating around S1^ cents during most of tile products, on the other hand, have been this season. Prices of contracts for delivery reduced somewhat, and in May, as noted in of cotton after July, in the new crop year, an earlier paragraph, there were substantial have been about 1*4 cents per pound lower. concessions in prices of several leading steel The recent increase in spot prices has re- products. flected chiefly reductions in supplies of cotton outside the Government loan stock. On May 1 total stocks of American cotton in the Publication of Book on Federal Reserve System United States amounted to about 15,000,000 The Board of Governors has just issued a bales, of which 3,700,000 bales were "free." booklet of 128 pages with charts and illus- Available supplies of American cotton in trations, entitled "The Federal Reserve Sysforeign countries were exceptionally small, tem—Its Purposes and Functions." This following a season of reduced exports. booklet is intended primarily for students, World stocks of other cotton, however, were bankers, business men, and others who desire quite large. an authoritative statement of the purposes Prices of commodities other than farm and functions of the Federal Reserve System. products and foods have shown little change It is neither a primer, nor is it an exhaustive this year and fluctuations withtreatise. The aim has been to have it cover Industrial j ^he g ral groups of indusn ene the middle ground between those extremes c o m m o d i t i es , . - , ,. i i ^ - ii trial materials and finished and to make it clear and readable without products have been relatively small. Prices neglect of essentials. The price of the book of a number of industrial raw and semi- is 50 cents. finished materials, which had advanced last year from June to November, have decreased somewhat since that time as the volume of Reprint of Board's Statements on Monetary Measures buying on the part of manufacturers has and Objectives been reduced. Prices of hides declined Three statements previously issued by the sharply in December and during the first Board of Governors in response to requests quarter of the year and there were smaller from committees of the Senate and House for decreases in prices of leather, cotton gray reports on bills dealing with proposals for goods, lead, and zinc. In April and the first overcoming the country's economic difficulhalf of May prices of wool, steel scrap, and ties by monetary action and published in the copper were reduced. Hides, tin, and cotton, FEDERAL RESERVE BULLETIN have been rehowever, advanced in price after the middle printed in a single pamphlet under the title of April and prices of bituminous coal showed MONETARY MEASURES AND OBJECTIVES. The a marked rise as supplies were reduced. Silk pamphlet includes the statement on "Objecprices have been increasing during most of tives of Monetary Policy," published in the this year as visible supplies of silk have de- September 1937 BULLETIN, that on "Proclined to the lowest level in many years. The posals to Maintain Prices at Fixed Levels price of silk reached $2.75 per pound in the Through Monetary Action," published in the middle of May as compared with $1.90 early April 1939 BULLETIN, and that on "Monetary in January and $1.60 a year ago. Measures and Objectives," published in the Among finished industrial products, auto- May 1939 BULLETIN. Copies of this reprint mobile tires were advanced early this year will be supplied on request. and there have also been small increases in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN JUNE 1939 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 24 and released for publication May 26] Volume of industrial production declined March, showed less than the usual increase. sharply in April reflecting chiefly shutdowns Textile production declined sharply in at bituminous coal mines and reduction in ac- April, particularly at woolen mills, where tivity at textile mills. Retail purchases by output had been at a high level, and in the consumers were maintained. silk goods industry where further curtail- Production.—In April the Board's season- ment reflected in part recent high prices for ally adjusted index of output at factories and raw silk. Output of shoes showed a decrease mines was at 92 per cent of the 1923-1925 from the high level maintained during the average, compared with 98 in March and 77first quarter of this year. At flour mills and a year ago. sugar refineries activity increased further, In the steel industry production declined while in most other nondurable goods lines in April and the first three weeks of May but changes in output were largely seasonal in in the fourth week ingot output increased to character. 48 V2 per cent of capacity, about the rate pre- Bituminous coal production was in small vailing a month earlier. Around the middle volume during April and the first half of May of May substantial concessions were made in as most mines were closed pending settlement prices of some types of steel and it is reported of contract negotiations between mine operathat a considerable volume of orders for steel tors and workers. After the middle of May was placed during this period. agreements were reached at most mines and output began to increase rapidly. Produc- INDUSTRIAL PRODUCTION 1 PE 4 R 0 CENT PER 140 tion of anthracite, which had been reduced in March, increased sharply in April and crude 130 130 petroleum production rose further. In the 120 120 first half of May anthracite production was / 110 110 r maintained but petroleum output declined 100 / / X 100 somewhat. 90 /\ I / \ J \ 90 Value of construction contracts awarded, 80 / V 80 according to the F. W. Dodge Corporation, 70 70 was larger in April than in March, owing 60 chiefly to a rise in awards for public projects. 1935 1936 1938 1939 Contracts for private construction showed Index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. little change in the aggregate as private resi- Automobile production in April was at dential contracts declined, contrary to seaabout the same rate as in March, although sonal tendency, while contracts for commerusually there is some increase, and in May cial, factory, and other private construction output declined owing in part to the fact that increased. In the first half of May awards stocks of new cars were larger than is usual for private work increased somewhat while at this time of the year. Plate glass produc- the volume of public contracts declined. tion decreased sharply in April following Employment.—Employment in nonagrismaller declines earlier in the year. cultural pursuits declined somewhat from In the lumber industry output increased the middle of March to the middle of April somewhat in April, while cement production, reflecting a sharp drop at bituminous coal which had risen sharply in February and mines offset in part by seasonal increases in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

463 JUNE 1939 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAYROLLS cotton advanced from the middle of April to PER CENT 120 the third week of May and there were also 110 110 increases in prices of silk, hides, and bituminous coal. Prices of copper and steel 100 100 scrap, on the other hand, were reduced and 90 90 substantial concessions were granted in prices of several leading steel products. 80 T KL 80 A Bank credit.—Total loans and investments 70 70 at reporting member banks in 101 leading VI 60 60 cities, which had increased in April, declined during the first half of May. The decline 50 L 50 1934 1937 was at New York City banks and reflected Indexes of number employed and payrolls at factories, without adjustment for seasonal variation, 1923-1925 average = 100. a reduction in loans to security brokers and dealers and redemption of obligations of construction and trade. At factories the New York State and City governments. number employed showed little change while After increasing substantially in April, depayrolls declined considerably because of mand deposits at banks in leading cities fewer hours of work. Distribution. — In April distribution of MONEY RATES IN NEW YORK CITY commodities to consumers showed about the usual seasonal increase. The Board's adjusted index of department store sales remained at 88 per cent of the 1923-1925 average, about the level that has prevailed since last autumn. DEPARTMENT STORE SALES AND STOCKS PER CENT PER CENT 110 100 100 SALES 90 90 1934 1935 1936 1937 1938 1939 \ AT Minimum rate on rediscounts for and advances to member 80 STOCKS __._XV 80 banks by Federal Reserve Bank ; weekly averages of daily yields 70 J Vv 1 * *- 70 o 1 n 2 y 3- e a to rs , 5 - a y n e d a r a v T e r r e a a g s e u r d y i sc n o o u te n s t a o n n d n T ew re a i s ss u u ry es b o o f n d 9 s 1 - c d a a l y la b T le re a a s f u te r r y s* bills offered within week. For weeks ending January 6, 1934, to May 20, 1939. 60 showed little change in the first half of May. Bank reserves increased further in May to 40 a new high level. 1934 1935 1936 1937 1938 1939 Indexes of value of sales and stocks, adjusted for seasonal varia- Money rates. — Prices of United States tion, 1923-1925 average = 100. Government bonds and notes increased Railroad freight-car loadings declined sharply during the last half of April and the sharply owing mainly to a reduction in ship- first three weeks of May to new high levels. ments of coal. Loadings of miscellaneous The average yield on long-term Treasury freight showed less than the usual seasonal bonds declined from 2.34 per cent on April rise. 11 to 2.13 per cent on May 22. Other money Commodity prices.—Prices of grains and rates showed little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN JUNE 1939 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 16 16 15 1934 1935 1936 1937 1938 1939 Latest figures for May 17. See table on page 492. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 465 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 1938 Annual averages Apr. Mar. Feb Apr. Mar. Feb 1938 1937 1936 1935 1933 1929 Averages of daily figures; in millions of dollars MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Reserve bank credit outstanding—total 2,593 2,590 2,594 2,606 2,597 2,598 2,600 2,554 2,481 2,475 2,429 1,459 Bills discounted ___ 3 3 5 11 10 11 9 14 6 7 283 952 Bills bought 1 1 1 1 1 1 1 3 4 5 83 241 U. S. Government securities 2,567 2,567 2,567 2,569 2,565 2,564 2,565 2,540 2,430 2,431 2,052 208 Gold stock 15, 509 15,014 14, 778 12,829 12, 778 12, 768 13,250 12,162 10,578 9,059 4,059 3,996 Treasury currency outstanding 2,844 2,832 2,820 2,685 2,673 2,662 2,711 2,567 2,503 2,478 2,271 2,01fi Money in circulation __ 6,867 6,764 6,697 6,387 6,338 6,319 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings 2,703 2,720 2,758 2,769 3,558 3,630 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F. R. banks 1,001 1,155 1,055 900 221 164 653 158 446 128 55 22 Nonmember deposits and other F. R. accounts 751 775 757 594 605 685 658 595 551 507 497 406 Member bank reserve balances: Total 9,624 9,021 8,925 7,469 7,326 7,230 7,935 6,830 5,989 5,001 2,343 2,358 Excess 3,926 3,432 3,373 2,071 1,524 1,406 2,522 1,220 2,512 2,469 528 43 REPORTING MEMBER BANKS IN 101 LEADING CITIES Averages of Wednesday figures; in millions of dollars Total loans and investments 21, 727 21, 705 21, 527 20, 819 21,072 21, 214 21,023 22,198 22,064 19,997 17, 505 22, 599 Loans—total 8,127 8,241 8,197 8,604 8,884 8,936 8,506 9,546 8,462 8,028 9,156 16,887 Commercial, industrial and agricultural 3,848 3,792 3,760 4,229 4,328 4,391 4,059 0) 0) 0) 0) C1) T O o th b e r r o l k o e a r n s s a fo n r d p d u e r a c l h e a rs s i i n n g s o e r c u c r a i r t r ie y s ing securities. 6 5 9 3 7 7 8 5 3 2 1 9 7 5 9 3 5 3 6 5 2 9 2 2 6 76 1 2 1 6 7 1 3 6 8 7 5 0 8 1 8 1, 88 226 1,181 990 0 7 ) 77 •2 0 ,2 ) 08 All other loans 3,045 3,089 3,109 3,161 3,183 3,191 3,158 0) 0) 0) Inve U O st . b m l S i e g . n a G t t s io o — n ve s to r f n t u a m l l ly en g t u d a i r r a e n c t t e o e b d l i b g y at i U on . s S. Govt 1 8 2 3 , , , 2 0 6 3 2 0 3 5 0 1 8 2 3 , , , 3 0 4 2 8 6 7 6 4 1 8 3 1 , , , 1 8 3 7 9 3 8 1 0 1 7 2 1 , , , 9 1 2 5 7 1 5 9 5 1 7 1 2 , , , 9 1 1 9 5 8 2 9 8 1 8 2 1 , , , 1 1 2 6 4 7 8 7 8 1 7 2 1 , , , 9 4 5 8 5 1 2 1 7 1 8 2 , , 3 6 9 5 4 2 1 9 1 3 , , , 0 2 6 8 5 0 0 0 2 11, 0 9 ) 69 8 5 , , 3 2 4 2 9 8 2 5 , , 8 7 6 1 6 2 Other securities 3,342 3,251 3,261 3,081 3,037 2,963 3,084 1,164 3,272 7,989 3,121 2,847 Reserve with Federal Reserve banks 7,973 7,427 7,358 5,885 5,724 5,646 6,400 3,094 4,799 928 1,822 1,725 B T C D B D i a a o e e m l s r p m a r h o e n o a s c w i n d i n e t d e i s s n p v g o d w o a s e f s u i p i t l d t h o t s o s m d i ( t e o s e x — m s c t l i e a u c s d d t b j i i _ u c n a _ s g n b t _ e k a i d s n n . t . k 3 e s rbank) 2 1 2 6 5 6 , , , , 5 5 2 4 4 9 8 2 2 5 6 9 7 4 1 5 1 2 5 6 6 , , , , 2 5 5 4 0 1 8 1 1 3 7 0 1 0 1 2 1 2 5 6 , , , 1 5 0 4 8 4 4 1 1 3 2 0 1 1 2 5 5 4 , , , , 1 4 2 4 3 0 0 2 3 4 7 7 7 3 3 2 1 5 5 4 1 , , , , 9 2 2 3 3 9 8 3 0 6 0 2 9 7 2 0 1 2 4 5 5 , , , , 0 2 2 2 5 1 8 3 9 0 6 6 7 3 4 9 1 2 5 5 5 , , , , 2 7 2 0 3 8 7 0 3 8 9 0 2 3 3 2 1 5 5 1 5 5 , , , , , 8 2 2 3 0 3 8 0 9 9 0 3 1 4 7 2 8 7 7 2 1 4 2 5 4 , , , , 9 8 3 6 3 1 9 5 1 8 0 9 8 9 5 3 1 4 2 4 4 3 2 , , , , , , 1 0 9 0 8 3 7 1 2 3 5 8 2 2 2 4 8 2 3 6 9 4 2 1 , , , 0 8 9 3 2 1 ) 2 4 2 4 1 2 6 2 0 5 6 2 1 0 , , , 7 1 7 ) 2 6 8 4 8 7 4 7 2 8 4 8 MONEY RATES AND BOND YIELDS Averages of daily figures; per cent per annum Commercial paper .56 .56 .56 1.00 .81 .95 .75 .76 1.72 5.86 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.16 7.61 U. S. Treasury bills (91 days) .03 .03 .09 .07 .28 .17 .17 U. S. Treasury bonds, long-term4 2.30 2.34 2.44 2.62 2.64 2.64 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa).. 3.02 2.99 3.00 3.30 3.22 3.20 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month:in millions of dollars All issues—total 355 240 561 352 '"246 201 '372 328 518 392 89 959 New 142 162 398 196 126 83 197 178 164 121 60 841 Refunding.. 213 78 163 156 120 117 175 150 354 270 29 118 Domestic corporate issues—total. 206 100 160 78 f-83 103 179 203 382 189 32 781 New 77 53 24 12 24 41 73 102 99 34 13 667 Refunding 129 47 136 67 r59 62 107 101 282 155 18 116 Index numbers Common stocks (1926=100) 92 90 71 78 81 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities 77 77 79 80 80 79 86 81 80 66 95 Farm products 66 67 68 70 70 69 86 81 79 51 106 Foods 70 72 72 74 74 74 86 82 84 61 100 Other commodities 80 80 82 83 83 82 85 80 78 71 92 Retail food prices (1923-25=100) 76 77 79 79 78 79 85 82 81 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production 98 '99 77 79 79 86 110 105 90 76 110 Manufactures 96 97 73 75 75 84 109 105 90 75 119 Minerals 110 110 100 103 103 98 115 105 91 82 118 Construction contracts awarded—total.. 69 73 52 46 51 64 59 55 37 25 117 Residential P56 55 58 37 33 32 45 41 37 21 11 87 Allother P79 80 85 65 56 66 80 74 70 50 37 142 Factory employment P91 91 91 85 87 89 87 106 98 91 73 106 Factory payrolls (unadjusted) P85 87 '86 75 77 77 78 102 86 74 50 110 Freight-car loadings 60 66 67 57 60 62 62 78 75 64 58 107 Department store sales 88 87 83 86 88 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. 268 219 274 275 262 258 279 205 190 140 437 General imports 190 158 160 173 163 163 257 202 171 121 367 p Preliminary. r Revised. e 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. 4 Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN JUNE 1939 LAW DEPARTMENT Recent Amendment to Regulation T | Cash transactions between brokers or The Board of Governors of the Federal dealers.—Cash transactions between one Reserve System has amended its Regulation broker or dealer and another, as distinguished T, entitled "Extension and Maintenance of from transactions and relations with the gen- Credit by Brokers, Dealers, and Members of eral public, are relieved from the 7-day limita- National Securities Exchanges," for the pur- tion, or any similar limitation, provided the pose of clarifying and liberalizing, with ap- transactions are in good faith for prompt propriate safeguards, provisions that relate settlement in accordance with the ordinary to bona fide cash transactions in securities usage of the trade. and to certain other classes of transactions Loans by one member of an exchange to that are not effected in margin accounts. The another.—A new provision has been added to amendment, in tentative form, was submitted the regulation to facilitate the making of a to securities exchanges and other organiza- loan by one member of a national securities tions for comment last November. It becomes exchange to another member for the purpose effective May 22, 1939, in the form attached. of enabling the borrower, in his capacity as a The principal changes made by the amend- partner in a member firm, to make a contriment may be summarized as follows: bution of capital to his firm. Unless the loan Cash sales for customers.—When a broker is by one partner in a firm to another partner sells a security for a customer in a special in the same firm, however, it must be apcash account, without first having obtained proved, in accordance with conditions specithe security from the customer, the broker fied in the amendment, by an appropriate will no longer be required by the regulation committee of the exchange, and one of these to get the security within a period of 7 days, conditions is that if the firm is one that does or within any other specified period. Such a any dealing in securities for its own account, sale cannot be a short sale, since the making the loan must not be for the purpose of of a short sale by a customer in a special cash enabling the firm to increase the amount of account is forbidden. such dealing. Cash purchases for customers on C. 0. D. The text of the amendment to the regulabasis.—When a broker buys a security for ation is printed below: customer in a special cash account and the transaction is of the type in which the custo- Amendment No. 2 of Regulation T—Effective mer arranges to have the security delivered May 22, 1939 to him promptly against payment, the broker 1. Section 4(c) of Regulation T is amended to read will no longer be required by the regulation as follows: to obtain payment (and consequently to make " (c) Special cash account.— (1) In a special cash delivery) within a period of 7 days. The account, a creditor may effect for or with any customer bona fide cash transactions in securities time limit is not altogether removed, but is in which the creditor may— fixed at 35 days. The broker is not permitted, (A) purchase any security for, or sell any security to, any customer, provided funds sufhowever, without the permission of an approficient for the purpose are already held in the priate committee of a national securities ex- account or the purchase or sale is in reliance upon an agreement accepted by the creditor in change, to give the customer more than 7 good faith that the customer will promptly make days if the customer, for any reason what- full cash payment for the security and that the customer does not contemplate selling the seever, has failed to settle with him promptly curity prior to making such payment; or in full on any cash transaction during the (B) sell any security for, or purchase any security from, any customer, provided the securpreceding three months. ity is held in the account or the creditor is in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 467 formed that the customer or his principal owns are acting in good faith and that circumstances the security and the purchase or sale is in reli- warrant such authorization. ance upon an agreement accepted by the creditor (6) If an appropriate committee of a national in good faith that the security is to be promptly securities exchange is satisfied that the creditor is deposited in the account. acting in good faith in making the application, that (2) In case a customer purchases a security the application relates to a bona fide cash transac- (other than an exempted security) in the special tion, and that exceptional circumstances warrant cash account and does not make full cash payment such action, such committee, on application of the for the security within 7 days after the date on creditor, may (A) extend any period specified in which the security is so purchased, the creditor subdivision (2), (3), (4) or (5) of this section 4 (c) shall, except as provided in the succeeding sub- for one or more limited periods commensurate with divisions of this section 4(c), promptly cancel or the circumstances, or (B), in case a security purotherwise liquidate the transaction or the unsettled chased by the customer in the special cash account portion thereof. is a registered or exempted security, authorize (3) If the security when so purchased is an transfer of the transaction to a general account or unissued security, the period applicable to the special omnibus account and completion of the transaction under subdivision (2) of this section transaction pursuant to the provisions of this regu- 4(c) shall be 7 days after the date on which the lation relating to such an account. security is made available by the issuer for delivery (7) The days specified in this section 4(c) are to purchasers. calendar days, but if the last day of any period (4) If any shipment of securities is incidental specified herein is a Saturday, Sunday, or holiday, to the consummation of the transaction, the period such period shall be considered to end on the next applicable to the transaction under subdivision (2) full business day. For the purposes of this section of this section 4(c) shall be deemed to be extended 4(c), a creditor may, at his option, disregard any by the number of days required for all such ship- sum due by the customer not exceeding $50." ments, but not by more than 7 days. 2. Section 4(f) of Regulation T is amended by in- (5) If the creditor, acting in good faith in ac- serting the following subdivisions after subdivision cordance with subdivision (1) of this section 4(c), (1) of said section and renumbering the succeeding purchases a security for a customer, or sells a subdivisions accordingly: security to a customer, with the understanding that he is to deliver the security promptly to the custo- "(2) Make loans, and may maintain loans, to or mer, and the full cash payment to be made promptly for any partner of a firm which is a member of a by the customer is to be made against such de- national securities exchange to enable such partner livery, the creditor may at his option treat the to make a contribution of capital to such firm protransaction as one to which the period applicable vided (A) the lender as well as the borrower is under subdivision (2) of this section 4(c) is not a partner in such firm, or (B) the lender as well the 7 days therein specified but 35 days after the as the borrower is a member of such exchange, the date of such purchase or sale: Provided, however, loan has the approval of an appropriate commit- That the creditor shall not so treat any purchase tee of the exchange, and the committee, in addiby a given customer if any security has been pur- tion to being satisfied that the loan is not in contrachased by such customer at any time during the vention of any rule of the exchange, is satisfied preceding 90 days in a special cash account with that the loan is outside the ordinary course of the lender's business, and that, if the borrower's firm the creditor, and then, for any reason whatever, does any dealing in securities for its own account, without having been previously paid for in fulJ the loan is not for the purpose of enabling the firm by the customer, the security has been sold in the to increase the amount of such dealing; account or delivered out to any broker or dealer: Provided, That an appropriate committee of a (3) Purchase any security from any customer national securities exchange, on application of the who is a broker or dealer, or sell any security to creditor, may authorize the creditor to disregard any such customer, provided the creditor acting in for the purposes of the preceding proviso any given good faith purchases or sells the security for deinstance of the type therein described if the com- livery, against full payment of the purchase price, mittee is satisfied that both creditor and customer as promptly as practicable in accordance with the ordinary usage of the trade." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN JUNE 1939 AN ANALYSIS OF THE TIMING OF DEPOSIT REDUCTIONS PRIOR TO SUSPENSION IN A SELECTED GROUP OF BANKS In earlier reports, summarized in the FED- In all business groups, however, large busi- ERAL RESERVE BULLETIN, analysis was made ness deposits were withdrawn more promptly of the comparative severity of the presus- than small ones. pension withdrawals of deposits of different 6. Personal deposits show earlier declines sizes and types. This article makes a similar the larger the size of the account. Deposits examination of the timing of reductions in in accounts of $2,500 and over fell off sooner deposit balances.1 than deposits of $500 to $2,499 and the de- The results of the investigation may be posits in this size group in turn were more summarized as follows: promptly withdrawn than those of less than 1. The timing of changes in the dollar $500. volume of demand and of time deposits in the 7. Changes revealed in the number of six months immediately preceding suspension open demand deposit accounts during the last was substantially similar. In the last month six months before closing were distinctly before closing the rate of decline of demand less sharp and varied than the changes which deposits was somewhat greater than that of occurred in demand deposit balances. Most time deposits. demand deposit drains apparently resulted 2. Minor variations in the timing of with- from a reduction of balances in accounts drawals appeared as between personal and which remained open rather than from the business demand deposits. Personal demand closing of accounts. deposits were reduced at a slightly more The Scope of the Data and Methods of rapid rate than business demand deposits Analysis.—As pointed out in earlier reports, until the third month before suspension. deposit movements discernible in a particular Business deposits then showed a somewhat group of suspended banks are not necessarily more pronounced decline than personal de- representative of movements in banks of difposits until the last month before closing ferent sizes or those suspended at differwhen both classes of deposits fell off sharply. ent times or under different circumstances. 3. There was a wide divergence between For this analysis the basic data were drawn the movements of large and of small business from a group of 124 banks of varying sizes. demand deposits. Large business deposits Measured on dates prior to severe deposit were reduced the sixth month preceding declines, the smallest bank included in this suspension and continued an uninterrupted sample had total deposits of less than $510,decline to date of suspension. Small business 000 and the largest slightly in excess of $325,deposits increased in the sixth month before 000,000. The bank suspensions discussed here suspension; remained stable until the fourth occurred between November 1930 and July month and showed no substantial contrac- 1933. Three of these banks were suspended tion until the last month before closing. in 1930; 34 in 1931; 28 in 1932; and 59 in 4. In general, the movements of local and 1933. The distribution by location and size nonlocal business deposits closely coincided. of the banks composing the sample is sum- 5. The changes in the deposits of different marized in Table 1. In general, the sample types of business showed wide variation. banks were much larger than the typical bank suspended at this time; and the pro- 1 The basic data for these reports were derived from an inves- portion of banks located in eastern and midtigation, financed by the Works Progress Administration, of the records of a group of banks suspended between 1930-1933. Pre- western industrial centers is higher in this vious reports were published in the FEDERAL RESERVE BULLETIN for March and April 1939. The present article was prepared by sample than in all bank suspensions. The R. C. Breithut. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

469 JUNE 1939 FEDERAL RESERVE BULLETIN MOVEMENT OF DEPOSITS IN SIX MONTHS PRIOR TO SUSPENSION INDEX NUMBERS: SIXTH MONTH PRIOR TO SUSPENSION = 100 PER CENT PER CENT 120 120 1 100 i~—, IIA<- 100 *» •• • • »*»»»•• gw, > Total Deposits^yv * 80 80 Demand C)eposjts\ N\ CHART 5 Loc 60 CHART 1 BUSINESS DEMAND DEPOSITS 60 TOTAL DEPOSITS OVER $10 000 120 120 ^Nonloca 100 "^ 100 \ Loca \ personal V 80 80 i CHART ( 60 CHART 2 BUSINESS DEMAND DEPOSITS 60 DEMAND DEPOSITS UNDER $10 000 120 120 ^ ««» ~ ^_ JJnder $IO,OOC 100 100 J 10,000 \ \ \ 80 \ \ 60 CHART 3 \ BUSINESS DEMAND DEPOSITS 120 100 — • ^ . N .^ onlocal 80 Lo 60 CHART 4 BUSINESS DEMAND DEPOSITS 5 4 3 J \ DATE 5 4 3 1 OF NUMBER OF MONTHS SUSPENSION NUMBER OF MONTHS PRECEDING SUSPENSION PRECEDING SUSPENSION Data for Chart 1 derived from 82 banks and for all other charts from 124 banks. Figures are for Wednesdays between the fifth and the twelfth of each month. For explanation see p. 470. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN JUNE 1939 TABLE 1 DISTRIBUTION OF BANKS SUPPLYING DATA ON TIMING OF DEPOSIT WITHDRAWALS Number of banks with total deposits of Number of banks situated in (millions of dollars) All Distribution by location and size sample banks Less 25, Places of Places Suburthan 1-1.9 2-4.9 5-9. 9 10-24. 9 and 100,000 under ban 1 i over 2 and over 100,000 areas Total 124 2 4 48 32 26 12 43 52 29 Distribution by area: New England 13 1 7 3 1 1 6 7 Middle Atlantic 33 10 12 8 3 16 7 10 East North Central- 43 2 19 7 11 4 12 20 11 West North Central 12 1 1 4 4 1 1 1 4 7 South Atlantic 11 4 5 2 2 9 East South Central- 4 1 1 2 3 1 West South Central 9 1 1 2 Mountain 1 1 1 Pacific 5 1 1 2 1 3 1 1 1 The smallest bank had total deposits less than $510,000. 2 The largest bank had total deposits of more than $325,000,000. combined deposits of all sample banks as of ally severe losses of deposits in the last date of suspension represented about 18% months before closing and in some banks of the total deposits of all banks suspended heavy withdrawals of deposits began more during this period. than a year before date of suspension. In- Certain technical obstacles, however, made vestigation indicates, however, that a preit impossible to classify all of the deposits ponderance of these banks experienced withof all of the banks included in the sample. drawals during the last six months which In making this analysis, therefore, it was carried total deposits well below previous necessary to adapt the method of measure- levels. ment to the statistical adequacy of the basic Deposits outstanding in different type and sources. For 82 banks a continuous monthly size classes are measured on selected dates record of total demand and total deposits in each of the six months immediately prefrom January 1928 to date of suspension ceding suspension. Dates were chosen which was available. This information was used appeared to yield figures most closely approxfor the purpose of comparing the timing of imating average monthly balances.1 The dedemand and time deposit withdrawals and posits in each class in the sixth month prefor certain other purposes. In examining ceding suspension are then used as a base for the movement of different types and sizes calculating the percentage of deposits in each of demand deposits, information was drawn class outstanding in each of the subsequent from the entire sample of 124 banks. months and on date of suspension. Thus for The present discussion deals with the tim-each class the deposits in each of the last five ing of the withdrawal of deposits of different months and on date of suspension are extypes and sizes in the six months immedi- pressed as percentages of the deposits outately preceding suspension. It is well to re- 1 After some experimentation, the date chosen for all banks call that the period in which these suspen- was the Wednesday between the fifth and the twelfth of each month. It should be noted that the interval between these dates sions occurred was one in which most banks may vary from twenty-eight to thirty-five days and is not, strictly speaking, "a month". The date referred to as "the first month experienced some reduction of deposits before suspension" is the Wednesday between the fifth and the twelfth of the month in which suspension occurred or, in cases whether or not the shrinkage was termi- where suspension took place on or before that date, the Wednesday between the fifth and the twelfth of the preceding month. nated by suspension. Moreover not all of the The last month before suspension is, therefore, for most banks a period of less than thirty days. Thus the true monthly rate of banks in this sample experienced exception- change in the last month preceding suspension is somewhat larger than would be indicated by the figures given. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 471 standing in the sixth month. This method rupted decline from the sixth month before makes it possible to compare the rates of suspension until date of suspension. During increase and decrease of different classes of the first five months of this period, however, deposits and the timing of deposit with- the rate of decline was distinctly less severe drawals. It should be noted, however, that than it was in the month immediately precedthe absolute figures for deposits in the sixth ing suspension. A comparison of time and month will be different for different classes of demand deposits indicates that the sharp deposits and that, on the basis of these fig-reduction in total deposits in the last month ures, it is impossible to draw conclusions con- before suspension can be traced to heavy cerning the dollar volume of the withdrawals withdrawals of demand deposits. The total allocable to different classes of deposits.1 decline of time deposits for the first five The Timing of Demand and Time Deposit months was somewhat less than seven per Withdrawals.—In Table 2 and Chart 1 thecent of total time deposits on the sixth month movements of total deposits and of time before suspension. In the last month the deand demand deposits are compared. The cline became more rapid, however, resulting basic information for this table was derived in a reduction of seven per cent for this from the 82 sample banks for which a con- month alone. The record of demand deposits tinuous monthly record of total deposits is is similar for the first five months but the available. Total deposits show an uninter- withdrawals of the last month were much more substantial and represented almost 20 1 The comparative magnitude of presuspension withdrawals of per cent of total demand deposits at the deposits of different types and sizes is discussed in reports published in the FEDERAL RESERVE BULLETIN for March and April 1939. TABLE 2 MOVEMENT OF DIFFERENT TYPES OF DEPOSITS1 IN THE SIX MONTHS PRIOR TO SUSPENSION [Deposit balances outstanding in sixth month prior to suspension=100] Deposit balances outstanding in Type of deposit 6th 5th 4th 3rd 2nd 1st Date of month month month month month month suspension Total deposits, exclusive of U. S. and interbank- 100.0 98.2 97.1 95.7 94.4 92.2 79.1 Total time deposits 100.0 99.0 97.2 96.1 95.1 93.4 85.7 Total demand deposits 100.0 97.2 97.0 95.2 93.5 90.7 70.8 1 Total deposits and total demand and time deposits in 82 banks, on selected dates in each of the six months immediately preceding suspension calculated as percentages of deposits in each class outstanding on the sixth month. For fuller explanation see pp. 470-471. TABLE 3 MOVEMENT OF DEMAND DEPOSITS IN THE SIX MONTHS PRIOR TO SUSPENSION1 [Deposit balances outstanding in sixth month prior to suspension=100] Deposit balances outstanding in Type of holder 6th 5th 4th 3rd 2nd 1st Date of month month month month month month suspension Total selected demand deposits 2 . . 100.0 99.2 96.8 94.1 88.0 80.7 65.2 Selected business demand deposits _ _ _ 100.0 99.6 97.3 94.5 87.4 78.4 63.7 Selected personal demand deposits . _ _ _ 1C0.0 97.7 95.4 92.7 90.0 87.6 69.9 1 Selected demand deposits of different classes outstanding in 124 banks in each of the six months immediately preceding suspension calculated as percentages of deposits outstanding in each class in the sixth month. 2 For explanation see p. 472. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN JUNE 1939 TABLE 4 MOVEMENT OF DIFFERENT CLASSES OF BUSINESS DEMAND DEPOSITS IN THE SIX MONTHS PRIOR TO SUSPENSION1 [Deposit balances outstanding in sixth month prior to suspension=100] Deposit balances outstanding in Type of holder 6th 5th 4th 3rd 2nd 1st Date of month month month month month month suspension Total selected business demand deposits.. 100.0 97.3 94.5 87.4 78.4 63.7 Business deposits under $10,000 100.0 107.0 107.1 101.3 97.7 92.0 77.8 Business deposits $10,000 and over.. 100.0 97.0 93.7 92.1 83.7 73.5 58.6 Local business deposits 100.0 97.3 93.4 77.3 64.3 Nonlocal business deposits.. 100.0 '9.2 97.2 98.1 81.8 61.7 Local business deposits under $10,000 100.0 106.9 106.6 100.0 96.8 90.9 76.8 Nonlocal business deposits under $10,000 100.0 107.7 111.1 110.6 103.6 99.4 84.7 Local business deposits $10,000 and over 100.0 96.7 90.6 85.2 71.4 58.8 Nonlocal business deposits $10,000 and over.. 100.0 97.7 94.1 96.0 79.7 78.8 57.8 1 Deposits of different classes outstanding in each of the six months immediately preceding suspension calculated as percentages of deposits outstanding in each class in the sixth month. opening of the period. Thus for both classes and second months before suspension, busiof deposits, withdrawals were comparatively ness deposits declined more sharply than perlight for the first five months and accele- sonal deposits with the result that a higher rated in the last month before suspension. proportion of business than personal deposits The sharper reductions of demand deposits had been withdrawn by a date one month bemay be attributable to differences in the fore suspension. The rate of reduction of size composition of the two classes of de- personal deposits increased markedly in the posits. last month, however, and the discrepancy Analysis of the Timing of Demand Deposit was smaller on date of suspension; than it Movements.—In order to make a detailed was a month earlier. analysis of the timing of the withdrawal of Table 4 presents a more detailed analysis demand deposits from accounts of different of the movement of business demand detypes and sizes, information was collected posits, and supplies the basic figures for from the 124 banks described above. For Charts 3, 4, 5, and 6. Chart 3 compares the various technical reasons, however, it was timing of the withdrawal of business deimpossible to include all demand deposit ac- posits under $10,000 and of deposits of $10,counts in all sample banks. Taking the sam- 000 and over, and reveals a marked contrast ple as a whole the deposits outstanding on in the behavior of these two groups of acdate of suspension in the accounts selected counts. Business deposits of $10,000 and represented 23.5 per cent of all demand de- over declined uninterruptedly throughout posits, and investigation indicates that the the period. The rate of decline was commovements of deposits in selected accounts paratively slow in the opening months; and approximate those of total demand deposits. became more severe between the third month The Movement of Business and Personal before suspension and date of suspension. Accounts.—In Table 3 and Chart 2 the tim- Business deposits under $10,000 increased ing of withdrawals from business and per- somewhat during the first two months of the sonal accounts is compared. During the early period and declined during the last four months of the period the movement of both months before closing. The rate of reduction classes of deposits was similar. In the third during the last three months, however, was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 473 slightly less rapid than it was in the case of posits was less regular. Charts 5 and 6 large business deposits. Chart 4 compares analyze the rate of reduction of large and the timing of withdrawals of local and non- small local and nonlocal business deposits inlocal business deposits. The two classes of dependently. The movements of large local accounts display strikingly similar movement, and nonlocal business deposits are similar and but local business deposits declined at an ap-exhibit characteristics resembling those obproximately consistent rate throughout the served in the comparison of all local and nonperiod and the shrinkage of nonlocal de- local business deposits. Such differences as TABLE 5 MOVEMENT OF DEMAND DEPOSITS OF DIFFERENT TYPES OF BUSINESS IN THE SIX MONTHS PRIOR TO SUSPENSION1 [Deposit balances outstanding in sixth month prior to suspensiori=100] Deposit balances outstanding in Type of business 6th 5th 4th 3rd 2nd 1st Date of month month month month month month suspension Total selected business demand deposits 100.0 101.2 98.9 97.7 90.7 80.8 65.6 Mining and manufacturing 100.0 98.8 96.5 93.5 81.6 78.4 62.9 Building and construction 100.0 91.8 95.9 92.5 109.6 47.3 69.0 Transportation, public utilities, etc 100.0 113.1 105.3 113.7 120.1 97.2 79.0 Automobile distribution and related services.. 100.0 98.3 91.7 95.7 88.7 78.2 67.4 Trade and service 100.0 95.5 92.5 85.8 78.3 70.8 58.1 Financial 100.0 100.4 102.0 97.4 86.0 83.0 60.1 i Deposits held by different types of business depositors outstanding in each of the six months immediately preceding suspension calculated a percentages of deposits held by each type in the sixth month. TABLE 6 ANALYSIS OF THE MOVEMENT OF DEMAND DEPOSITS OF CERTAIN TYPES OF BUSINESS IN THE SIX MONTHS PRIOR TO SUSPENSION [Deposit balances outstanding in sixth month prior to suspension—100] I Deposit balances outstanding in Type of business 6th 5th 4th 3rd 2nd 1st Date of month month month month month month suspension Building and construction: Local 100.0 93.0 97.4 93.9 111.3 46.5 69.5 Nonlocal 100.0 61.9 56.8 57.3 66.6 69.0 56.0 Less than $1,000. 100.0 160.1 170.4 146.6 138.5 130.6 111.1 $1,000-9,999 100.0 105.1 93.5 92.2 95.5 90.4 100.3 $10,000 and over. 100.0 78.0 88.5 86.4 112. 7 18.2 49.9 Transportation, public utilities, etc.: Local 100.0 113.4 102.7 112.2 125.9 95.8 80.3 Nonlocal 100.0 112.6 110.9 117.2 107.0 100.2 76.0 Less than $1,000.. 100.0 136.3 187.2 170.3 145.5 142.2 114. 5 $1,000-9,999 10C.0 120.7 117.5 121.0 131.3 108.4 92.8 $10,000 and over.. 100.0 112.3 103.6 112.7 118.9 95.9 77.5 Financial: Less than $10,000. 100.0 110.5 117.8 114.9 106.7 100.9 79.9 $10,000 and over.. 100.0 96.0 95.0 89.7 76.8 75.1 51.3 Local over $10,000 100.0 93.8 92.4 85.5 73.7 69.6 50.8 Nonlocal over $10,000. 100.0 103.1 103.5 103.5 87.1 93.2 52.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN JUNE 1939 TABLE 7 MOVEMENT OF PERSONAL DEMAND DEPOSITS OF DIFFERENT SIZES IN THE SIX MONTHS PRIOR TO SUSPENSION1 [Deposit balances outstanding in sixth month prior to suspension=100] Deposit balances outstanding in Size of account 6th 5th 4th 3rd 2nd 1st Date of month month month month month month suspension Total selected personal demand deposits.. 100.0 97.7 95.4 92.7 90.0 87.6 69.9 Less than $500__ 100.0 114.9 116.4 119.3 117.1 114.2 94.0 $500-2,499 100.0 94.9 90.7 87.6 86.5 84.2 68.6 $2,500-4,999 100.0 90.2 85.1 82.0 79.1 75.4 58.7 $5,000 and over. 100.0 91.1 88.9 82.7 78.3 76.7 58.6 1 Selected personal demand deposits of different sizes outstanding in each of the six months immediately preceding suspension calculated as percentages of total personal deposits in each size class outstanding in the sixth month. appear in the timing of the reductions of however, were withdrawn continuously from small local and nonlocal deposits indicate that the sixth month preceding suspension until small local deposits decline more promptly date of suspension. The deposits of busithan small nonlocal deposits. nesses engaged in Mining and Manufactur- The Movement of Business Demand De- ing, Automobile Distribution, and Trade posits Classified by Type of Business.—Table and Service show a similar discrepancy in 5 and Chart 7 present summaries of the timing the timing of the withdrawals of large and of withdrawals of business demand deposits small deposits. Seasonal and cyclical influclassified by type of business. The presus- ences may account in part for the erratic pension movements of the tabulated busi- movement of the deposits of Building and ness classes appear to be divisible into two Construction companies and Transportation groups. The variations in the deposits of and Public Utility enterprises. In any case businesses engaged in Mining and Manufac- a comparison of different sized deposits of turing, in Automobile Distribution, and in these business groups reveals that large de- Finance were substantially similar. The de- posits generally were withdrawn earlier than posits of Building and Construction and of small ones. Transportation and Public Utility enter- The Timing of Personal Demand Deposit prises, however, show violent fluctuations Withdrawals.—Table 7 and Chart 8 present differing markedly from those of the other summaries of the movement of personal debusiness groups. Table 6 analyzes the move- mand deposits of different sizes. Deposits in ment of some of these groups in detail. Com-accounts of less than $500 increased markedly parison of the rate of withdrawal of large in the sixth month before suspension, reand small deposits of financial enterprises mained comparatively stable for the next four reveals that pronounced reductions in large months and then fell off abruptly. Balances deposits occurred well in advance of any sub- in accounts of $500-$2,499 began a moderate stantial shrinkage in small deposits. If large but continuous decline in the sixth month financial deposits are further divided into before closing which concluded with sharp those held locally and nonlocally, it appears reductions in the last month of the period. that nonlocal deposits remained stable un- Accounts of $2,500-$4,999 showed presustil the third month before suspension and pension deposit changes closely resembling then began a sharp but interrupted decline. those of accounts of $5,000 and over, which Local financial deposits of $10,000 and over, maintained a rate of reduction in excess of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

475 JUNE 1939 FEDERAL RESERVE BULLETIN TABLE 8 DETAILED ANALYSIS OF MOVEMENT OF SELECTED DEMAND DEPOSITS IN THE SIX MONTHS PRIOR TO SUSPENSION BY LOCATION OF BANKS1 [Deposit balances outstanding in sixth month prior to suspension=100] Deposit balances outstanding in Type of holder and size of account 6th 5th 4th 3rd 2nd 1st Date of month month month month month month 43 banks in cities of over 100,000 Total selected demand deposits.. 100.0 100.1 98.4 96.4 89.0 80.9 Business deposits 100.0 100.7 98.9 97.2 88.6 78.1 Business deposits under $10,000 100.0 111.3 112.5 107.2 101.9 97.7 Business deposits $10,000 and over_. 100.0 98.1 95.5 94.8 85.3 73.2 Local business deposits 100.0 101.3 99.7 97.0 91.6 77.8 Nonlocal business deposits.. 100.0 99.1 96.5 97.9 79.7 78.7 Local business deposits under $10,000 100.0 111.3 112.4 106.1 100.8 96.5 Nonlocal business deposits under $10,000.. 100.0 111.4 113.5 115.9 110.7 106.6 Local business deposits over $10,000 100.0 98.3 95.8 94.2 88.8 72.1 Nonlocal business deposits over $10,000__. 100.0 97.9 94.8 96.1 76.5 75.9 Personal deposits 100.0 98.0 96.9 93.2 90.6 91.0 Less than $500. _ 100.0 118.4 124.2 126.5 124.7 123.7 $500-2,499 100.0 98.9 96.8 92.2 91.5 93.7 $2,500-4,999 100.0 90.8 87.7 86.6 83.6 81.8 $5,000 and over. 100.0 91.7 89.2 83.2 79.2 79.8 52 banks in cities of less than 100,000 Total selected demand deposits.. 100. 0 Business deposits 100. 0 Business deposits under $10,000 100.0 Business deposits $10,000 and over. 100.0 Local business deposits 100.0 Nonlocal business deposits.. 100.0 Local business deposits under $10,000 100.0 Nonlocal business deposits under $10,000.. 100.0 Local business deposits over $10,000 100. 0 Nonlocal business deposits over $10,000... 100.0 Personal deposits 100.0 Less than $500.- $500-2,499 $2,500-4,999 $5,000 and over. Total selected demand deposits.. Business deposits Business deposits under $10,000 Business deposits $10,000 and over. Local business deposits Nonlocal business deposits.. Local business deposits under $10,000 Nonlocal business deposits under $10,000.. Local business deposits over $10,000 Nonlocal business deposits over $10,000... Personal deposits Less than $500.. $500-2,499 $2,500-4,999 $5,000 and over. 8888 oooo 64.6 63.2 82.4 58.5 64.8 58.7 81.1 91.7 59.8 55.3 100.4 72.9 62.9 58.0 99.7 97.0 91.6 89.0 84.0 69.8 101.2 98.1 91.3 88.5 83.8 68.2 111.2 112.6 104.2 101.5 93.0 78.1 94.5 88.4 82.6 79.8 77.6 61.6 101.9 97.6 89.0 85.9 80.7 66.2 98.8 99.9 99.7 98.0 95.1 75.7 113.0 113.6 104.0 102.7 93.4 77.7 103.4 108.3 104.8 96.4 91.2 80.0 94.1 86.4 78.4 74.2 71.8 58.1 96.2 95.2 96.9 98.8 97.3 73.3 95.9 94.2 92.5 90.1 84.6 73.7 111.0 112.7 115.6 113.2 108.3 91.1 89.1 84.4 81.8 81.3 75.7 67.9 86.7 80.8 74.0 71.3 70.3 53.2 86.8 87.4 82.7 77.1 67.2 66.8 29 banks in suburban areas 100.0 90.0 83.5 81.7 78.4 71.7 59.8 100.0 83.1 77.5 74.8 71.5 66.5 55.4 100.0 83.7 77.6 74.9 75.2 70.2 60.9 100.0 82.1 77.5 74.7 65.9 61.0 47.2 100.0 81.2 75.3 73.3 69.8 64.6 54.8 100.0 104.1 102.7 92.3 91.0 87.6 61.9 100.0 82.5 75.8 73.1 74.1 68.7 60.9 100.0 107.6 111.8 107.8 95.9 97.7 60.1 100.0 79.1 74.5 73.4 62.6 57.9 44.9 100.0 102.1 97.4 83.2 88.1 81.7 63.0 100.0 99.2 91.5 90.8 87.4 78.6 65.6 100.0 113.9 107.1 111.0 108.2 104.9 86.1 100.0 91.1 81.9 82.2 79.5 68.7 57.8 100.0 92.6 81.9 76.7 74.1 60.2 51.4 100.0 90.8 87.4 77.3 69.8 57.2 49.6 i Deposits of different classes outstanding in 124 banks in each of the six months preceding suspension calculated as percentages of the deposits in each class outstanding in sixth month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN JUNE 1939 those of either of the smaller deposit groups the number of outstanding demand deposit throughout the period. accounts to which balances were credited. It Table 8 presents figures for sample banks is clear that the presuspension decreases in grouped by the size of the communities in the number of outstanding accounts were less which they are located. These figures are sharp and less varied than the changes found similar to the data for all sample banks dis- in demand deposit balances. It is noteworthy cussed above. In general, the changes in the also that the greatest declines took place in deposit balances in accounts of different the number of small personal accounts, a types and sizes resemble those observed in group in which the withdrawals of balances the earlier discussion. were comparatively tardy and least pro- Changes in the Number of Open Accounts. nounced. Thus it appears that the most —In this article attention has been primarily severe demand deposit drains were a result directed to the timing of reductions of de- of a reduction of balances rather than the posit balances. Table 9 analyzes changes in closing of accounts. TABLE 9 CHANGES IN THE NUMBER OF DEMAND DEPOSIT ACCOUNTS OUTSTANDING IN THE SIX MONTHS IMMEDIATELY PRECEDING SUSPENSION1 [Number of accounts outstanding in sixth month prior to suspension=100] Number of accounts outstandingin Type of account 6th 5th 4th 3rd 2nd 1st Date of month month month month month month suspension Total selected 2 accounts 100.0 98.9 97.7 96.9 94.9 93.0 90.1 Business accounts 100.0 98.8 97.8 96.9 93.2 91.6 92.2 Personal accounts 100.0 98.9 97.7 96.8 95.5 93.6 89.3 Personal accounts less than $500 100.0 98.7 97.3 96.4 94.9 92.8 88.0 1 Number of demand deposit accounts of different classes open in 124 banks in each of the six months before suspension calculated as percentages of the number of accounts in each class open the sixth month before suspension. 2 For explanation see p. 472. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

477 JUNE 1939 FEDERAL RESERVE BULLETIN NUMBER OF BANKS AND BRANCHES, 1933-1939 [Figures for 1939 are preliminary] Member banks Nonmember banks Other than mutual End of year figures savings and except where otherwise indicated Total private banks Mutual National State savings Private > Not Insured i insured Number of Banking Offices 1933 17, 940 6,275 1,817 9,041 704 103 1934 19,196 6,705 1,961 3 9, 579 705 246 1935 19,153 6,715 1,953 8,556 1,088 143 1936 19,066 6,723 2,032 8,436 1,043 139 1937 18, 927 6,745 2,075 8,340 997 79 1938 18, 774 6,723 '2,106 '8, 224 '958 '73 1939 (March 31) 18, 711 6,712 2,109 941 5 71 Number of Banks (Head Offices) 1933 15,029 5,154 857 8,341 579 1934 16,063 5,462 980 7,693 1,108 579 241 1935 15,869 5,386 1,001 7,728 1,046 570 138 1936 15, 667 5,325 1,051 7,588 1,004 565 134 1937 15, 387 5,260 1,081 7,449 ••960 563 74 1938 15,194 5,224 1,114 7,316 ••917 555 ••68 1939 (March 31) 15,122 5,212 1,119 7,270 900 555 66 Number of Branches 6 1933 2,911 1,121 960 •700 125 1934 3,133 1,243 981 ••778 126 1935 3,284 1,329 952 128 1936 .. 3,399 1,398 981 848 128 1937 3,540 1,485 994 891 128 1938 '3, 580 1,499 ••992 135 1939 (March 31) 3,589 1,500 990 135 r Revised. 1 Federal deposit insurance did not become operative until January 1, 1934. 2 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 3 Separate figures not available for branches of insured and not insured banks. 4 Comprises 50 insured banks with 20 branches and 505 uninsured banks with 115 branches. 5 Comprises 1 insured bank with no branches and 65 uninsured banks with 5 branches. 6 The number of branches in head-office cities and outside head-office cities, respectively, were as follows: In head-office cities Outside head-office cities 1933 1,784 1,127 1934 1,776 1,357 1935 1,754 1,530 1936 1,749 1,650 1937 1,757 1, 783 1938 1,743 1,837 1939 (March 31).. 1,739 1,850 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN JUNE 1939 ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES, JANUARY 1—MARCH 31, 1939 [Preliminary figures] Member banks Nonmember banks Other than mutual Total National State p s r a iv v a in te g s b a a n n d ks Mutual Private Not Insured insured Analysis of Bank Changes Number of banks on December 31, 1938 15,194 5,224 1,114 7,316 ••917 555 '68 Increases in number of banks: Primary organizations (new banks) l _ +6 +2 +1 +2 +1 Decreases in number of banks: Suspensions — 17 -2 — 1 — 12 — 2 Voluntary liquidations 2 _ _ _ _ _ __ -18 2 -2 — 7 -5 -2 Consolidations, absorptions, etc —43 —9 — 2 — 29 —3 Inter-class bank changes: Conversions- State into national +4 -3 — 1 National into State .__ -5 +1 +4 Federal Reserve membership—3 Admissions of State banks +14 — 14 Withdrawals of State banks _ . _ . _ _ -3 +3 Federal deposit insurance—4 Admissions of State banks ._ ___ +8 -8 Withdrawals of State banks _ _. Net increase or decrease in number of banks.. __ -72 -12 +5 -46 -17 -2 Number of banks on March 31, 1939 15,122 5,212 1,119 7,270 900 555 66 Analysis of Branch Changes Number of branches on December 31, 1938 '3. 580 1,499 ••992 '908 41 135 '5 Increases in number of branches: De novo branches +10 +2 +8 Banks converted into branches .__ +17 +4 +1 +12 Decreases in number of branches: Suspension of parent bank ._ _ -7 -5 -2 Otherwise discontinued __ — 11 -1 -6 —4 Inter-class branch changes: Branches of a National bank which became a State member bank4. -4 +4 Branches of nonmember banks which became branches of State member banks6 _ ._ +4 -4 Net increase or decrease in number of branches +9 +1 -2 +10 Number of branches on March 31, 1939 _._ 3,589 1,500 990 918 41 135 5 r Revised. 1 Exclusive of new banks organized to succeed operating banks. 2 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 3 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. * Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. 6 Includes 2 branches of an insured nonmember bank which was absorbed by a State member bank and 2 branches of an insured nonmember ban k which became a State member bank, Back figures.—See Annual Report for 1938 (tables 13 and 14), and BULLETIN for November 1937, pp. 1084-1122. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 479 NUMBER OF BANKS1 OPERATING BRANCHES OR ADDITIONAL OFFICES AND NUMBER OF BRANCHES OR ADDITIONAL OFFICES2 IN OPERATION, DECEMBER 31, 1937 AND 1938 Number of banks1 maintaining branches Number of branches or Location of branches or or additional offices2 additional offices2 additional offices2 December 31, 1938 December 31, 1938 December 31, 193* States Dec. 31, Outside head-office city t 1 o 9 t 3 a 7 l , Total ti N on a- al m S b t e a e m t r e - m N b e o e m n r - - D t 1 e o 9 c t 3 . a 7 3 l , 1, Total ti N on a- al m S b t e a e m t r e - m N b e o e m n r - - h o c f e I f i a n i t c y d e - h of e I f n a ic d e - I t c n ig o c u u o o n n u - - s I c c n u o o o n n u u t n i o g s n - - county ties ties Total, all states 903 917 194 161 562 3,407 '3, 440 1,499 '992 '949 1,630 729 441 640 Alabama 3 3 1 1 1 21 21 6 1 14 3 5 5 8 Arizona 4 4 2 2 25 26 21 5 1 7 12 6 Arkansas 14 14 1 13 15 15 1 14 10 4 1 California _ 35 34 10 7 17 853 849 683 129 37 233 79 112 425 Connecticut 6 6 3 1 2 12 13 4 1 8 4 4 5 Delaware. __ 6 6 2 4 12 12 2 10 2 4 6 District of Columbia. __ 11 11 5 2 4 30 30 17 5 8 30 Florida 1 1 1 2 2 2 1 1 Georgia 10 10 3 3 4 24 25 16 5 4 11 3 4 7 Idaho __ . 6 6 4 1 1 31 31 16 13 2 2 10 19 Indiana 34 37 6 2 29 55 59 8 13 38 24 35 Iowa___ 109 114 114 145 154 154 116 38 Kentucky 14 13 3 2 8 29 28 18 2 8 20 6 2 Louisiana.. 27 27 6 1 20 53 53 27 1 25 22 28 2 1 Maine 20 20 3 4 13 57 57 4 26 27 4 29 24 Maryland. _ 23 23 3 6 14 76 74 8 43 23 35 18 15 6 Massachusetts __ 41 41 18 14 9 114 113 62 37 14 91 21 1 Michigan. 46 45 12 12 21 160 158 54 62 42 128 23 5 2 Minnesota 2 2 2 6 6 6 6 Mississippi. 24 24 1 23 44 43 1 42 23 12 8 Nebraska 2 2 2 2 2 2 2 Nevada __ __ 2 2 2 10 10 10 1 2 4 3 New Hampshire 2 2 1 1 2 2 1 1 2 New Jersey, 51 50 16 23 11 120 119 32 65 22 90 27 1 1 New Mexico 4 4 4 6 6 6 4 1 1 New York.. 86 86 28 40 18 638 636 188 384 64 601 24 11 North Carolina 41 40 2 2 36 110 115 6 7 102 7 30 51 27 North Dakota 12 13 13 14 17 17 9 7 1 Ohio _ 37 38 8 14 16 175 171 35 113 23 126 41 4 Oregon _ 4 4 2 2 65 65 63 2 11 3 6 45 Pennsylvania 43 43 19 13 11 98 98 40 41 17 85 10 3 Rhode Island 11 11 3 2 6 38 38 8 19 11 17 14 4 3 South Carolina 7 6 1 1 4 23 22 15 1 6 3 1 2 16 South Dakota 9 12 4 8 22 27 19 8 5 11 11 Tennessee 20 21 4 1 16 51 51 17 10 24 17 18 7 9 Utah... __ 5 5 2 3 12 12 8 4 1 2 5 4 Vermont 8 8 2 6 12 12 2 10 9 3 Virginia 39 40 6 2 32 67 70 14 5 51 22 31 11 6 Washington 9 9 6 1 2 64 76 73 1 2 15 5 27 29 West Virginia 1 1 1 1 1 1 1 Wisconsin _ _ 74 79 3 4 72 113 121 14 6 101 18 80 23 NUMBER OF MUTUAL SAVINGS AND PRIVATE BANKS OPERATING BRANCHES OR ADDITIONAL OFFICES AND NUMBER OF SUCH OFFICES IN OPERATION, DECEMBER 31, 1937 AND 1938 Number of banks main- Number of branches or additional offices taining branches or additional offices December 31, 1938 State3 Outside head-office city Dec. 31, Dec. 31, Dec. 31, 1937 1938 1937 Total o I f n fi c h e e a c d it - y In head- In con- In nonconoffice tiguous tiguous county counties counties MUTUAL SAVINGS BANKS Total, all states 78 80 128 '135 113 13 9 California 1 1 4 4 4 Connecticut 1 1 1 1 1 Delaware 1 1 1 1 1 Maine 2 2 2 2 1 1 Maryland 2 2 16 16 14 2 Massachusetts 24 24 32 32 23 8 1 New Hampshire 1 1 1 1 1 New Jersey 3 3 4 4 4 New York 37 39 48 50 50 Pennsylvan ia 4 4 13 13 13 Rhode Island 1 1 2 2 2 Vermont 1 1 4 9 4 5 PRIVATE BANKS Total, all states 4 4 5 '5 3 2 Indiana 1 1 1 1 1 New York _ _ _____ 1 1 2 2 2 Pennsylvania.__ _ ._ _. 2 2 2 2 2 1 Exclusive of mutual savings and private banks. r Revised. 2 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S. which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." 3 No branches were reported in the States omitted. Back figures.—See BULLETIN for June 1938, p. 449, and for October 1938, pp. 876-881. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN JUNE 1939 GROUP BANKING,1 DECEMBER 31, 1938—NUMBER AND DEPOSITS OF BANKS IN 43 GROUPS, AND NUMBER OF BRANCHES OF GROUP BANKS, BY STATES AND GEOGRAPHIC DIVISIONS Number of banks in groups Number of branches of group banks Number Deposits State and geographic of group Outside head-office city of group division 2 banks banks State Non- oper- In head- (in Total National member member ating Total office Head Con- Noncon- thoubanks banks banks branches city office tiguous tiguous sands of county counties counties dollars) 3 New England: Maine 3 3 2 3 2 1 9,742 New Hampshire 4 4 9,221 Massachusetts 21 11 7 3 10 65 53 12 893, 657 Rhode Island 3 1 1 1 1 14 4 5 2 3 120,071 Total 31 16 8 7 13 82 57 19 3 3 1,032,691 Middle Atlantic: New York . 31 10 10 11 11 77 63 9 5 509, 897 New Jersey 3 3 16 535 Pennsylvania 42 28 8 6 7 13 10 3 1, 029, 575 Total ._. .... ... 76 38 18 20 18 90 73 12 5 1, 556, 007 East North Central: Ohio 17 13 3 1 1 13 11 2 108, 986 Michigan 1 1 1 3 2 1 6,476 Wisconsin _ _ 19 15 4 3 14 14 282, 392 Total 37 29 3 5 5 30 25 4 1 397, 854 West North Central: Minnesota 86 48 1 37 2 6 6 542, 874 Iowa... 5 4 1 52, 822 Missouri 6 1 2 3 177,187 North Dakota 26 16 10 30, 567 South Dakota 12 10 2 5 19 2 6 11 35, 306 Nebraska 10 7 1 2 76,157 Total 145 86 4 55 7 25 6 2 6 11 914, 913 South Atlantic: West Virginia 4 2 1 1 5,863 South Carolina 1 1 1 3 1 2 17, 268 Georgia 18 9 1 8 1 9 2 7 146, 610 Florida- 27 19 8 185,832 Total 50 30 2 18 2 12 3 9 355, 573 East South Central: Kentucky 6 3 3 1 8 8 52, 945 Tennessee __ 19 14 1 4 5 26 15 2 4 5 173, 205 Total ..__ 25 17 4 4 6 34 23 2 4 5 226,150 West South Central: Texas 7 3 4 125, 031 Total 7 3 4 125,031 Mountain: Montana 25 13 3 9 75, 002 Idaho - 1 1 1 13 3 10 27, 053 Wyoming 1 1 1,647 Arizona 2 1 1 1 3 1 1 1 21, 366 Utah 6 3 1 2 3 8 1 3 4 73, 855 Nevada 2 1 1 1 9 1 1 4 3 28, 932 Total _ 37 18 5 14 6 33 3 2 11 17 227, 855 Pacific: Washington 14 6 8 2 11 1 8 2 40, 011 Oregon 4 2 2 1 41 7 1 4 29 104,993 California 14 10 4 5 521 58 5 67 391 1, 691, 439 Total 32 18 14 8 573 65 7 79 422 1, 836, 443 Total United States. 440 255 44 141 65 879 255 48 108 468 6; 672,517 1 The statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933 as amended; (2) a holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred stock in the subsidiary banks; and (3) what is regarded generally as a bank group even though there is technically no "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933. For further discussion of group banking and for back figures, see FEDERAL RESERVE BULLETIN for February 1938, pp. 92-101, and June 1938, page 450. 2 Only those States are listed in which one or more group banks were reported. In some groups all of the banks were not in the same State. 3 Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $1,900,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 481 AVERAGE OPERATING RATIOS OF MEMBER BANKS, 1938 The following tables show operating ratios of each bank, regardless of its size, these data of member banks by size groups and geo- are not comparable with the ratios computed graphic divisions for the year 1938 as derived from aggregate dollar amounts, in which the from earnings and expense reports of these figures of large banks influence the results banks. Comparable figures for 1937 appeared more than the figures of small banks. Such in the FEDERAL RESERVE BULLETIN for August ratios, based on aggregate dollar figures, are 1938, pages 681-688. regularly published for all member banks. The 1938 earnings and expense data, includ- The ratios shown in the following tables ing these ratios, were published on pages are arithmetic averages of the operating ratios of individual member banks. Separate 372-379 of the May 1939 BULLETIN. averages were computed for all the banks in Additional tabulations showing the avereach size group, both for the country as a age operating ratios of member banks in whole and for each of the nine census areas. each size group, by Federal Reserve dis- The averages of individual bank ratios repre- tricts, and those of national and State memsent the experience of a "typical" bank in a ber banks separately, by size groups, are given area or size group rather than the being prepared. Copies of these tabulacombined experience of all the banks in- tions will be furnished without charge upon cluded. Since equal weight is given the ratios request. AVERAGE OPERATING RATIOS OF MEMBER BANKS, BY SIZE GROUPS AND GEOGRAPHIC DIVISIONS, YEAR 1938 All Member Banksx (Averages of individual bank ratios expressed as percentages) Size group—total deposits (inthousands of dollars) Ratio item All 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans 65.3 59.5 53.6 49.4 45.9 44.0 42.0 52.2 Interest and dividends on investments . 20.1 26.5 32.4 36.4 37.4 35.7 34.7 32.3 Service charges 2 _ _ _ 4.9 4.8 5.0 5.2 5.8 6.2 4.8 5.2 All other current earnings _ 9.7 9.2 9.0 9.0 10.9 14.1 ' 18.5 10.3 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages _ _ ._ 34.5 30.4 28.0 27.2 27.1 28.8 30.7 28.9 Interest on deposits 10.4 15.8 19.6 21.0 21.3 19.6 13.4 18.3 All other current expenses 27.2 25.1 24.1 23.2 23.8 25.5 28.0 24.6 Total current expenses 72.1 71.3 71.7 71.4 72.2 73.9 72.1 71.8 Net current earnings _. _._ 27.9 28.7 28.3 28.6 27.8 26.1 27.9 28.2 Net losses and depreciation, less profits on securities sold 3 -10.2 -9.9 -10.2 -9.6 -11.0 -8.6 -4.8 -9.7 Net profits _ 17.7 18.8 18.1 19.0 16.8 17.5 23. 1 18.5 Ratios to loans: Interest and discount on loans 7.8 7.1 6.4 6.0 5.6 5.1 4.3 6.2 Net losses (—) or recoveries (+) on loans -.5 -.3 -.3 -.3 -.4 -.3 -.3 Ratios to investments: Interest and dividends on investments 3 7 3.6 3.6 3 4 3.2 2.9 2.5 3.4 Profits on securities sold _ .6 .7 .8 .8 .9 .9 1.0 .8 Net losses (—) or recoveries (+) on investments _ _ _. -.6 -.9 -1.1 -1.0 -1.1 -1.0 -.7 -1.0 Ratios to total available funds: * Total current earnings... __ __ 5.0 4.5 4.1 3 8 3.6 3.4 2.8 4.0 Net current earnings _ ___ _ ... 1.4 1.3 1.2 1.1 1.0 .9 .8 1.1 Net profits __._ .9 .9 .8 .7 .6 .6 .6 .7 Ratios to total capital accounts:5 Net current earnings 7.2 9.0 9.1 9.0 8.4 8.1 7.8 8.6 Net profits ._ 4.7 5.9 5.8 6.0 5.0 5.4 6.3 5.6 Number of banks i_._ _ 512 1,171 1,499 1,271 995 399 409 6,256 For footnotes see page 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN JUNE 1939 AVERAGE OPERATING RATIOS OF MEMBER BANKS, BY SIZE GROUPS AND GEOGRAPHIC DIVISIONS, YEAR 1938— Continued New England States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (in thousands of dollars) Ratio item All 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans 57.4 51.8 51.6 46.7 49.6 47.9 44.1 49.2 Interest and dividends on investments . . . ________ 31.5 35.0 33.5 39.3 35.1 32.8 29.8 34.7 Service charges2 6.2 6.2 7.4 6.0 6.0 5.7 5.1 6 2 All other current earnings --..-_ _. _ _ _ 4.9 7.0 7.5 8.0 9.3 13.6 21.0 9.9 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 39.1 33.9 30.7 28.7 27.8 27. 1 33.1 30 1 Interest on deposits __ __ 2.4 11.9 14.5 19.7 22.1 21.7 10.3 17.1 All other current expenses 30.2 28.9 27.6 25.9 24.5 23.7 28.2 26.3 Total current expenses 71.7 74.7 72.8 74.3 74.4 72.5 71.6 73.5 Net current earnings 28.3 25.3 27.2 25.7 25.6 27.5 28.4 26.5 Net losses and depreciation, less profits on securities sold 3_ __ -10.5 -11.8 -14.2 -6.3 -7.8 -12.9 +.1 -9.1 Net profits 17.8 13.5 13.0 19.4 17.8 14.6 28.5 17.4 Ratios to loans: Interest and discount on loans 6.2 5.7 5.6 5.3 5.1 4.7 3.8 5.2 Net losses (—) or recoveries (+) on loans -.1 -.3 -.4 —.4 -.4 -.5 -.2 -.4 Ratios to investments: Interest and dividends on investments 3.9 3.8 3.7 3.5 3.2 3.0 2.3 3.3 Profits on securities sold .8 .8 .8 .9 1.2 1.2 1.2 1.0 Net losses (—) or recoveries (+) on investments -1.8 -1.4 -1.6 -1.0 -1.1 -1.5 -.7 -1.2 Ratios to total available funds:4 Total current earnings.__ __ _ 4.2 4.1 4.0 3.7 3.6 3.6 2.9 3.7 Net current earnings 1.2 1.0 1.1 1.0 .9 1.0 .8 1.0 Net profits .8 .6 .5 .7 .6 .5 .8 .6 Ratios to total capital accounts: '•> Net current earnings 3.5 4.5 5.8 6.6 7.0 7.6 6.5 6.3 Net profits 2.4 1.9 3.0 4.9 4.5 4.0 6.2 4.1 Number of banks 16 38 69 71 92 43 35 364 For footnotes see page 486. Middle Atlantic States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (inthousands of dollars) Ratio item All 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans 52.8 51.6 47.2 44.4 43.0 40.9 37.7 45.2 Interest and dividends on investments 37.8 39.7 42.2 43.6 42.3 40.2 37.9 41 6 Service charges 2 3.0 3.0 3.8 4.1 4.6 5.2 3.6 4.0 All other current earnings 6.4 5.7 6.8 7.9 10.1 13.7 20.8 9.2 Total current earnings _ 100.0 100.0 100. 0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.6 26.3 24.9 24.3 24.1 26.2 29.3 25.3 Interest on deposits.. _ . _. ... 22.2 25.0 26.1 26.6 26.5 23.5 15.1 25.1 All other current expenses ._. _. . .._ __ . 25.1 23.9 23.4 22.6 23.0 24.5 28.0 23.6 Total current expenses _ .. _ _. 75.9 75.2 74.4 73.5 73.6 74.2 72.4 74.0 Net current earnings _ _ 24.1 24.8 25.6 26.5 26.4 25.8 27.6 26.0 Net losses and depreciation, less profits on securities sold 3_ _ -18.6 -16.1 -19.3 -17.9 -20.2 -16.0 -13.8 -18.1 Net profits 5.5 8.7 6.3 8.6 6.2 9.8 13.8 7.9 Ratios to loans: Interest and discount on loans . 6.0 5.8 5.8 5.6 5.5 5. 1 4.0 5.5 Net losses (—) or recoveries (+) on loans ... __ _ __. ___ -.5 -.3 -.5 -.6 -.8 -.6 -.8 -.6 Ratios to investments: Interest and dividends on investments 4.1 3.9 3.8 3.6 3.4 3.1 2.7 3.6 Profits on securities sold .7 .9 .8 .9 1.0 .9 1.2 9 Net losses (—) or recoveries (+) on investments.. ... -1.8 -1.9 -2.0 -1.7 -1.6 -1.5 -1.1 -1.7 Ratios to total available funds: 4 Total current earnings 4.3 4.1 4.0 3.8 3.8 3.6 3.1 3.8 Net current earnings . 1.1 1.0 1.0 1.0 1.0 1.0 .8 1.0 Net profits .3 .4 .2 .3 .2 .3 .3 .3 Ratios to total capital accounts:5 Net current earnings 5.0 6.0 6.9 7.2 7.3 7.1 6.8 6.9 Net profits 1.2 2.1 1.5 2.0 1.2 2.6 2.9 1.8 Number of banks 49 211 369 385 352 125 112 1,603 For footnotes see page 486. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

483 JUNE 1939 FEDERAL RESERVE BULLETIN AVERAGE OPERATING RATIOS OF MEMBER BANKS, BY SIZE GROUPS AND GEOGRAPHIC DIVISIONS, YEAR 1938— Continued East North Central States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (inthousands of dollars) Ratio item 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans _____ 64.1 55.2 50.6 44.7 39.6 35.6 38.0 46.9 Interest and dividends on investments... _. 24.4 31.7 37.1 41.2 42.4 40.6 37.7 37.7 Service charges2 4.1 4.8 4.2 5.4 7.1 8.5 6.4 5.5 All other current earnings __ _ _ 7.4 8.3 8.1 8.7 10.9 15.3 17.9 9.9 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.2 27.6 26.3 26.8 27.3 29.9 31.3 27.6 Interest on deposits 15.6 18.7 23.4 21.7 21.7 19.8 16.3 20.8 All other current expenses. 25.6 24.4 23.4 23.1 24.2 26.1 26.5 24.1 Total current expenses 71.4 70.7 73.1 71.6 73.2 75.8 74. 1 72.5 Net current earnings 28.6 29.3 26.9 28.4 26.8 24.2 25.9 27.5 Net losses and depreciation, less profits on securities sold 3 -12.4 -12.6 -10. 1 -6.7 -7.6 -1.7 -2.6 -8.4 Net profits . 16.2 16.7 16.8 21.7 19.2 22.5 23.3 19.1 Ratios to loans: Interest and discount on loans __ _ __ _ ___ _ _ 6.6 6.2 5.9 5.7 5.3 5.0 4.3 5.7 Net losses (—) or recoveries (+) on loans -.3 -.3 -.2 -.1 -.2 -.1 -.2 -.2 Ratios to investments: Interest and dividends on investments 3.6 3.4 3.4 3.3 3.0 2.8 2.4 3.2 Profits on securities sold ______ .5 .8 1.0 .9 .9 .9 .8 .9 Net losses (—) or recoveries (+) on investments _ -1.8 -1.4 -1.4 -1.2 -1.1 -.9 -.7 -1.3 Ratios to total available funds: d Total current earnings 4.2 4.0 3.7 3.5 3.3 3.2 2.7 3.6 Net current earnings 1.2 1.2 1.0 1.0 .9 .8 .7 1.0 Net profits _ _ . .7 .7 .6 . 7 .6 .7 .6 .7 Ratios to total capital accounts: B Net current earnings 6.8 8.8 8.8 9.1 8.4 8.3 8.0 8.6 Net profits 3.9 4.9 5.1 6.7 5.8 7.2 6.8 5.8 Number of banks.__ _. 54 204 296 258 198 87 80 1,177 For footnotes see page 486. West North Central States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (in thousands of dollars) Ratio item All 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans 61.1 59.9 51.9 48.0 43.2 46.4 41.8 53.4 Interest and dividends on investments. _ 18.9 21.1 27.7 32.7 35.5 33.5 36.4 26.7 Service charges2 6.4 5.7 6.7 7.4 7.6 7.1 4.8 6.5 All other current earnings 13.6 13.3 13.7 11.9 13.7 13.0 17.0 13.4 Total current earnings _ _ _ ___ _ _ . 100.0 100.0 1100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 36.1 31.5 30.0 30.5 33.0 34.1 33.1 32.0 Interest on deposits _ _ .. _ _ 11.3 15.1 16.7 17.1 15.2 14.4 8.7 15.0 All other current expenses 26.7 24.4 24.3 23.3 25.6 29.1 31.3 25.1 Total current expenses _._ _ 74.1 71.0 71.0 70.9 73.8 77.6 73.1 72.1 Net current earnings _ _ _ _ _ 25.9 29.0 29.0 29.1 26.2 22.4 26.9 27.9 Net losses and depreciation, less profits on securities sold 3 -10.5 -10.0 -7.4 -7.1 -6.6 -5.9 +3.3 -8.0 Net profits_ ... _ _____.- . 15.4 19.0 21.6 22.0 19.6 16.5 30.2 19.9 Ratios to loans: Interest and discount on loans 7.2 6.9 6.3 5.8 5.4 4.7 3.9 6.3 Net losses (—) or recoveries (+) on loans -.8 -.2 -.3 -. 1 .4 -. 1 "-.4 Ratios to investments: Interest and dividends on investments 3.3 3.2 3.1 3.0 2.8 2.5 2.2 3.1 Profits on securities sold _ _ . .4 .6 .5 .7 .5 . 7 1. 1 .6 Net losses (—) or recoveries (+) on investments -.7 -.7 -.6 -.6 -.3 -.6 -.6 Ratios to total available funds:" Total current earnings 4.8 4.6 4.0 3.6 3.3 2.8 2.3 4.0 Net current earnings 1.3 1.4 1.2 1. 1 .9 .7 .6 1.2 Net profits._ . . _ .8 .9 .9 .8 .5 .7 .8 Ratios to total capital accounts: « Net current earnings. 6.9 10.1 10.6 10.5 8.7 7.3 7.6 9.5 Net profits 3.9 6.6 7.6 7.6 6.4 5.3 8.4 6.6 Number of banks 143 256 228 152 93 36 35 943 For footnotes see page 486. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN JUNE 1939 AVERAGE OPERATING RATIOS OF MEMBER BANKS, BY SIZE GROUPS AND GEOGRAPHIC DIVISIONS, YEAR 1938— Continued South Atlantic States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (in thousands of dollars) Ratio item 250 and 250- 500- 1,000- 2,000- 5,000- Over gr A ou ll ps under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans _._ . 67.3 65.3 61.8 57.2 57.3 56.4 43.0 59.0 Interest and dividends on investments 24.0 22.3 26.1 29.3 26.4 25.4 32.3 26.6 All other current earnings 5.7 9.0 7.5 9.1 10.9 12.5 19.7 9.9 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.4 28.3 25.8 26.7 28.2 29.6 31.1 27.6 Interest on deposits 19.0 20.4 22.9 23.2 18.7 18.7 10.4 20.5 All other current expenses _ _. ._ ._ 24.1 25.0 20.8 21.4 22.5 23.5 27.6 22.8 Total current expenses 72.5 73.7 69.5 71.3 69.4 71.8 69.1 70.9 Net current earnings _. - 27.5 26.3 30.5 28.7 30.6 28.2 30.9 29.1 Net losses and depreciation, less profits on securities sold 3 -4.8 -5.8 -5.8 -4.5 -2.0 -4.3 -4.8 -4.6 Net profits ~ 22.7 20.5 24.7 24.2 28.6 23.9 26.1 24.5 Ratios to loans: Interest and discount on loans 7.5 6.5 6. 3 6.0 5.6 5.2 4.4 6.0 Net losses (—) or recoveries (+) on loans _ - -.1 -.3 -.2 -.2 -.2 -.2 Ratios to investments: Interest and dividends on investments _ 3.9 3.6 3.7 3.5 3.2 2.8 2.6 3.4 Profits on securities sold .8 .7 .8 .8 .9 1.2 .7 .8 Net losses (—) or recoveries (+) on investments -1.1 -.5 -.7 -.5 -.7 -.6 -.6 -.6 Ratios to total available funds:4 Total current earnings 4.4 4.3 4.2 3.8 3.7 3.3 2.9 3.9 Net current earnings . 1. 3 Net profits 1.0 .9 1.0 .9 1.0 .8 .7 1.0 Ratios to total capital accounts: 5 Net current earnings ... . 6.3 7.4 9.2 8.3 8.8 8.3 8.4 8.4 Net profits. . __ _ 5.4 5.6 7.4 6.9 8.1 6.6 7.0 6.9 Number of banks ._ _ __ _ _ - 22 94 140 132 93 34 42 557 For footnotes see page 486. East South Central States (Averages of individual bank ratios expressed as percentages) Sizegroup—total deposits (inthousands of dollars) All Ratio item 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans 71.9 68.5 61.7 60.7 55.5 48.0 50.3 61 3 Interest and dividends on investments 19.3 21.6 27.7 27.9 29.8 33.9 26.6 26.4 Service charges 2 __ 1.9 2.9 2.9 3.5 4.2 3.1 3.9 3 2 All other current earnings 6.9 7.0 7.7 7.9 10.5 15.0 19.2 9.1 Total current earnings - 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 30.9 26.8 27.0 27.4 26.5 28.4 28 2 Interest on deposits 13.9 15.6 19.0 19.8 19.7 20.0 14.7 18 0 All other current expenses 26.0 25.9 24.4 23.0 22.7 27.4 28.2 24.6 Total current expenses .._ 72.0 72.4 70.2 69.8 69.8 73.9 71.3 70.8 Net current earnings 28.0 27.6 29.8 30.2 30.2 26.1 28.7 29 2 Net losses and depreciation, less profits on securities sold 3 -10.3 -4.3 -5.4 -8.0 -3.2 -4.2 -10.8 -6.2 Net profits _ 17.7 23.3 24.4 22.2 27.0 21.9 17.9 23.0 Ratios to loans: Interest and discount on loans 7.3 6.8 6.5 6.0 5.8 5.4 4.2 6.2 Net losses (—) or recoveries (+) on loans -.4 -.2 -.3 -.4 -.5 -. 1 -.4 Q Ratios to investments: Interest and dividends on investments 4.2 3.8 3.8 3.6 3.5 3.1 2.8 3 6 Profits on securities sold .8 .8 .9 1.0 .9 .9 1.1 9 Net losses (—) or recoveries (+) on investments... -.8 +.1 -.9 -.5 -.8 Q -.6 Ratios to total available funds:* Total current earnings . 4.8 4.3 4.3 3.8 3.7 3.3 3.0 4.0 Net current earnings __ 1.4 1.2 1.3 1.2 1.1 .8 .9 1.2 Net profits .9 1.0 1.1 .8 1.0 .7 .5 .9 Ratios to total capital accounts: 5 Net current earnings 6.7 7.9 9.7 8.6 9.0 8.2 8.1 8.6 Net profits --- 4.2 6.3 7.8 6.2 8.0 6.7 5.3 6.7 Number of banks. - 25 51 79 68 41 11 21 296 For footnotes see page 486. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 485 AVERAGE OPERATING RATIOS OF MEMBER BANKS, BY SIZE GROUPS AND GEOGRAPHIC DIVISIONS, YEAR 1938— Continued West South Central States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (in thousands of dollars) Ratio item All 250 and 250- 500- 1,000- 2,000- 5.000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans 73.8 65.8 60.4 57.8 52.2 50.6 48.0 62.3 Interest and dividends on investments 13.8 20.2 23.5 26.7 29.3 29.3 32.0 22.3 Service charges 2_ __ 4.4 5.2 5.7 6.2 6.3 6.6 4.9 5.4 All other current earnings,. _ _ _ 8.0 8.8 10.4 9.3 12.2 13.5 15.1 10.0 Total current earnings __._ __ 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 100.0 Salaries and wages _ __ 37.4 35.3 33.6 30.5 29.9 30.1 30.3 33.7 Interest on deposits 3 6 5.5 6.6 8.9 10.1 10.4 9.8 6.7 All other current expenses... 29.0 26.7 27.4 25.7 26.5 28.5 30.0 27.4 Total current expenses 70.0 67.5 67.6 65.1 66.5 69.0 70.1 67.8 Net current earnings _. _ _ __ . 30 0 32 5 32 4 34 9 33 5 31 0 29 9 32 2 Net losses and depreciation, less profits on securities sold 3 — 7.7 -5.3 -3.6 -4.4 — 7. 7 -4.3 +3.4 -5.0 Net profits . _ __ _ 29 3 27.2 28.8 30.5 25.8 26.7 33.3 27.2 Ratios to loans: Interest and discount on loans 9.7 9.4 8.5 7.8 7.1 5.9 4.8 8.5 Net losses (—) or recoveries (+) on loans 4 4 1 i 5 9 3 Ratios to investments: Interest and dividends on investments 4.0 4.0 3.8 3.6 3.5 3.1 2.5 3.7 Profits on securities sold .6 .5 .6 .6 .6 .8 .9 .6 Net losses (—) or recoveries (+) on investments -.1 2 -.2 -.3 -.3 -.4 -.3 9 Ratios to total available funds:4 Total current earnings 5.7 5.1 4.5 4.1 3.7 3.1 2.5 4.6 Net current earnings 1.8 1.7 1.5 1.5 1.2 1.0 .8 1.5 Net profits _ _ _ _ 1.3 1.4 1.3 1.3 .9 .8 .8 1.2 Ratios to total capital accounts:5 Net current earnings 8 2 11 3 11 6 13 1 12 1 10 2 9 0 10 9 Net profits _ ___ 6.2 9.2 10.1 11.4 9.2 8.5 9.8 9.1 Number of banks _ _ 159 215 178 113 72 33 41 811 For footnotes see page 486. Mountain States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (in thousands of dollars) All Ratio item 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans _ 60.4 63.8 58.9 56.2 46.8 45.6 41.2 56.6 Interest and dividends on investments 16.6 16.7 22.4 24.3 32.8 31.0 36.9 23.3 Service charges2 . . . ._._. 7.3 8.4 7.8 8.6 7.4 7.2 6.8 7.9 All other current earnings _ 15.7 11.1 10.9 10.9 13.0 16.2 15.1 12.2 Total current earnings.. . 100.0 100.0 100.0 100.0 100. 0; 100.0 100.0 100.0 Salaries and wages . _._ 33.0 31.1 30.6 29.4 29.0 31.1 31.8 30.7 Interest on deposits 8.5 10.3 13.2 12.8 12.5 12.4 13.5 11.8 All other current expenses _ 28.4 26.3 25.4 24.6 25.9 25.0 27.1 26.0 Total current expenses ._ 69.9 67.7 69. 2 66.8 67.4 68.5 72.4 68.5 Net current earnings _____ 30.1 32.3 30.8 33.2 32.6 31.5 27.6 31.5 Net losses and depreciation, less profits on securities sold 3 -9.6 -6.1 -4.7 -4.1 -3.2 -5.9 +4.2 -4.8 Net profits ... __ __ _ __ _._ . 20.5 26.2 26.1 29.1 29.4 25.6 31.8 26.7 Ratios to loans: Interest and discount on loans _ 8.2 8.3 7.7 7.5 6.4 5.6 5.7 7.5 Net losses (—) or recoveries (+) on loans .. -.1 -.3 -.2 +.1 +.2 +.5 -. 1 Ratios to investments: Interest and dividends on investments 3.3 3.6 3.4 3.3 3.0 2.7 2.6 3.3 Profits on securities sold .4 .5 .6 . 7 .6 .5 1.0 .6 Net losses (—) or recoveries (+) on investments -.5 -.3 -.3 -.9 —. 7 -.7 -.5 -.5 Ratios to total available funds: ' Total current earnings . ... 5.4 4.9 4.5 4.4 3.6 3.1 2.7 4.4 Net current earnings 1.7 1.7 1.4 1.5 1.2 1.0 .8 1.4 Net profits .. _ _ . - 1.1 1.3 1.2 1.3 1.0 .8 .9 1.2 Ratios to total capital accounts:5 Net current earnings 9.2 12.6 12.1 14.1 11.4 12.4 9.0 11.9 Net profits 6.3 10.3 10.1 12.4 11.8 9.8 9.7 10.2 Number of banks -- 35 65 79 49 32 14 19 293 For footnotes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN JUNE 1939 AVERAGE OPERATING RATIOS OF MEMBER BANKS, BY SIZE GROUPS AND GEOGRAPHIC DIVISIONS, YEAR 1938— Continued Pacific States (Averages of individual bank ratios expressed as percentages) Size group—total deposits (inthousands of dollars) Ratio item All 250 and 250- 500- 1,000- 2,000- 5,000- Over groups under 500 1,000 2,000 5,000 10,000 10,000 Ratios to total earnings: Interest and discount on loans . _ __ _ _ _ _ 68.7 61.9 60.1 60.2 56.5 52.4 53.2 59.1 Interest and dividends on investments 13.7 23.3 26.2 24.8 26.9 26.6 27.8 25.2 Service charges 2 _ _ 6.8 4.8 4.8 5.1 4.3 3.6 3.8 4.7 All other current earnings _. .. _ __ _ ___ 10.8 10.0 8.9 9.9 12.3 17.4 15.2 11.0 Total current earnings __ _ 100. 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 33.1 33.6 30.8 31.9 29.2 31.5 30.0 31.4 Interest on deposits __ 9.4 13.9 19.4 17.3 19.4 21.3 18.3 17.6 All other current expenses. _ _ _ __ _ 24.3 25.5 22.0 24.0 20.4 22.8 23.7 23.2 Total current expenses ____ __ __ _ _____ 66.8 73.0 72.2 73.2 69.0 75.6 72.0 72.2 Net current earnings 33.2 27.0 27.8 26.8 31.0 24.4 28.0 27.8 Net losses and depreciation, less profits on securities sold 3 -6.9 -7.1 -3.4 -6.4 -.6 -6.7 -5.1 -5.0 Net profits 26.3 19.9 24.4 20.4 30.4 17.7 22.9 22.8 Ratios to loans: Interest and discount on loans 8.0 7.3 6.7 6.3 6. 1 5.6 5.0 6.5 Net losses (—) or recoveries (+) on loans __ _ ._ _ _ _ —. 1 -.5 -.2 -.4 o -.2 -.3 -.3 Ratios to investments: Interest and dividends on investments .. 4.1 3.6 3.4 3.5 3.0 3.0 2.7 3.3 Profits on securities sold Q 5 1 0 5 5 6 9 Net losses (—) or recoveries (+) on investments +.3 -.4 -.5 -. 1 -.4 Ratios to total available funds:4 Total current earnings 5.8 4.6 4.3 4.1 3.9 3.9 3.4 4.2 Net current earnings 1.9 1.3 1.2 1.2 1.2 1.0 .9 1.2 Net profits _ _ __ 1.6 .9 1.0 .9 1.2 . 7 .8 1.0 Ratios to total capital accounts: Net current earnings 10.7 9.5 9.9 10.8 10.5 9.6 10.5 10.2 Net profits . _ _ _ 8.4 6.8 8.3 8.2 9.9 6.9 8.8 8.1 Number of banks 9 37 61 43 22 16 24 212 1 Figures for 82 of the member banks in operation at the end of 1938 were excluded from the compilations because of mergers or reorganizations, unusual types of business, certain accounting adjustments made during the year, or unavailability of data covering the complete year's operations. Banks were not omitted, however, because of large departures from the average experience with respect to earnings or profits. 2 Averages shown are for all banks, including those that reported no service charges. )rofits on securities sold and recoveries; plus figures, the opposite, otal capital accounts. _ _ . . -.-.._1 stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. NOTE.—Figures of earnings, expenses, losses, recoveries, profits on securities sold, and net profits used in computation of the ratios were totals for such items included in the two semiannual earnings and dividends reports submitted by member banks for 1938. Figures of loans, investments, deposits, borrowed money, and total capital accounts were averages of amounts shown in the banks' official condition reports for the four call dates in 1938, namely, March 7, June 30, September 28, and December 31. The States included in each geographic division are as follows: New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut. Middle Atlantic: New York, New Jersey, Pennsylvania. East North Central: Ohio, Indiana, Illinois, Michigan, Wisconsin. West North Central: Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Kansas. South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida. East South Central: Kentucky, Tennessee, Alabama, Mississippi. West South Central: Arkansas, Louisiana, Oklahoma, Texas. Mountain: Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada. Pacific: Washington, Oregon, California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

487 JUNE 1939 FEDERAL RESERVE BULLETIN BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES, 1937-1938 The Department of Commerce has released a preliminary summary of the international transactions of the United States in 1938 and a revised statement for 1937. These statements are given below in substantially the same form as that employed by the Department of Commerce. (In millions of dollars) 1937 (revised) 1938 (preliminary) Items Net Net Dollar Dollar receipts Dollar Dollar receipts re- pay- (+) or re- pay- (+) or ceipts ments payments ceipts ments payments (-) (-) 1. Trade and service: Merchandise 3,349 3,084 +265 3,094 1,961 +1,133 Freight and shipping __ 107 210 -103 88 128 -40 Travel expenditures 160 563 -403 159 512 -353 Personal remittances, contributions 25 205 -180 35 190 -155 Interest and dividends 608 278 +330 478 203 +275 Government transactions ___ 30 127 -97 34 100 -66 Miscellaneous services and adjustments 309 106 +203 275 104 +171 Trade and service transactions 4,588 4,573 +15 4,163 3,198 +965 2. Gold and silver: Gold exports and imports 46 1,632 -1,586 6 1,979 -1,973 Gold earmarking operations (net) +200 +333 Silver exports and imports __ _____ 9 92 -83 7 231 -224 Gold and silver movement (net) -1,469 -1,864 3. Capital (net): Reported long-term capital movement +52? + 124 Reported movement of short-term banking and brokerage funds +354 +295 Miscellaneous reported capital transactions +5 -4 Paper currency movement . . _ _ . __ + 15 Capital movement +881 +430 4. Residual +573 +469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CONDITION ON MARCH 29, 1939, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city All All All State member banks i Reserve Country member national member city member banks member banks member banksl banks New York Chicago banksl Loans (including overdrafts) 13, 047, 275 8, 448, 405 4, 598,870 3,086,297 545, 278 4, 936,149 4, 479, 551 United States Government direct obligations 10, 690, 610 6, 846, 367 3, 844, 243 2, 939, 097 992, 486 4,181, 447 2, 577, 580 Obligations guaranteed by United States Government—.. 2, 660,145 1, 712,153 947, 992 1, 086, 370 107,892 823, 303 642, 580 Obligations of Government corporations and agencies, not guaranteed by United States 370,438 261, 798 108, 640 133, 570 26,174 111,330 99, 364 Obligations of States and political subdivisions 2, 554, 651 1, 663, 482 891,169 581, 761 148,580 822, 959 1, 001, 351 Other bonds, notes, and debentures 2, 317, 535 1, 620, 962 696, 573 410,508 115, 503 592, 778 1,198, 746 Corporate stocks (including Federal Reserve bank stock). 454, 331 226, 374 227, 957 170,359 28, 932 156, 348 98, 692 Total loans and investments 32, 094, 985 20, 779, 541 11, 315, 444 8, 407, 962 1, 964, 845 11, 624, 314 10, 097, 864 Reserve with Federal Reserve banks 9,112, 434 5,145, 787 3, 966, 647 4, 581, 576 705, 383 2, 458, 548 1, 366, 927 Cash in vault 776, 978 570, 680 206, 298 63, 341 21,619 342,150 349,868 Demand balances with banks in United States (except private banks and American branches of foreign banks)-. 4, 280, 654 3, 266, 037 1, 014, 617 153, 689 166, 878 2, 050, 094 1, 909, 993 Other balances with banks in United States 122, 262 91,161 31,101 2,101 11, 090 56, 316 52. 755 Balances with banks in foreign countries 45, 917 24, 633 21, 284 28, 640 2,287 11,572 3, 418 Due from own foreign branches 3,551 2,798 753 753 2,798 Cash items in process of collection 1,481,467 903, 935 577, 532 604,456 99, 771 584,085 193,155 Bank premises owned and furniture and fixtures 941, 876 613, 410 328, 466 212,473 20,915 327, 657 380,831 Other real estate owned 314,835 144,922 169,913 30,034 5,204 118, 974 160,623 Investments and other assets indirectly representing bank premises or other real estate 146, 451 70, 388 76,063 20, 488 935 97, 407 27, 621 Customers' liability on acceptances 106, 764 56, 032 50, 732 78, 462 2,261 23, 994 2,047 Income accrued but not yet collected 105, 397 64, 786 40, 611 29, 926 9,701 45, 860 19, 910 Other assets 111,097 50, 244 60,853 29, 280 6,982 35, 023 39, 812 Total assets- 49, 644, 668 31, 784, 354 17, 860, 314 14, 243,181 3, 017, 871 17, 778, 792 14, 604, 824 LIABILITIES Demand deposits—Total 32, 051, 080 20, 051, 992 11, 999, 088 11, 620, 937 2,276, 908 11,200, 589 6, 952, 646 Individuals, partnerships, and corporations 20, 845,004 12,745,637 8,099, 367 7, 677, 380 1,182, 291 6, 898, 686 5,086, 647 United States Government2 774, 701 520,492 254,209 134,987 83, 337 419, 804 136, 573 States and political subdivisions 2, 466, 695 1, 824, 521 642,174 260, 064 141, 474 888, 827 1,176, 330 Banks in United States 6, 815, 969 4, 401, 853 2, 414,116 2, 731, 064 834, 071 2, 813, 082 437, 752 Banks in foreign countries 615, 226 269, 648 345, 578 545,815 10,052 57, 636 1,723 Certified and officers' checks, cash letters of credit and travelers' checks, etc 533, 485 289, 841 243, 644 271, 627 25, 683 122, 554 113,621 Time deposits—Total 11, 615, 416 8, 064, 811 3,550, 605 715, 967 463, 697 4, 655, 741 5, 780, 011 Individuals, partnerships, and corporations: Savings deposits 9, 592, 969 6, 696, 717 2, 896, 252 389,029 405, 627 3, 827, 421 4, 970, 892 Certificates of deposit 704, 324 549, 353 154,971 26, 410 14, 546 186,157 477, 211 Christmas savings and similar accounts 64, 759 44, 540 20, 219 3, 665 1,272 21, 599 38, 223 Open accounts 577, 495 268,155 309, 340 236,186 30,102 240, 497 70,710 Postal savings 2 56,151 12,125 22, 369 45, 907 States and political subdivisions 461.156 344, 868 116, 288 53, 005 12,150 243, 478 152, 523 Banks in United States 133.157 96, 827 36, 330 302 108,310 24, 545 Banks in foreign countries 13, 280 8,200 5,080 7,370 5, 910 Total deposits 43, 666, 496 28,116, 803 15, 549, 693 12, 336, 904 2, 740, 605 15, 856, 330 12,732,657 Due to own foreign branches 151,175 119,010 32,165 151,175 Bills payable, rediscounts, and other liabilities for borrowed money 7,455 5,980 1,475 2,153 5,302 Acceptances outstanding 120, 768 61, 290 59,478 90,013 2,440 26, 262 2,053 Dividends declared but not yet payable 30, 951 17,006 13, 945 12, 443 1,380 14, 470 2,658 Income collected but not yet earned 48,168 32,411 15, 757 8,639 1,800 24, 330 13, 399 Expenses accrued and unpaid 92, 205 56, 617 35, 588 18, 327 10, 430 41, 834 21,614 0 ther liabilities 60, 381 21, 525 38, 856 33, 390 193 18, 071 8,727 Total liabilities. 44,177, 599 28, 430, 642 15, 746, 957 12, 650, 891 2, 756, 848 15, 983, 450 12, 786, 410 CAPITAL ACCOUNTS Capital (see page 489) 2, 394,184 1, 561, 558 832, 626 548, 353 126, 500 795, 441 923, 890 Surplus 2, 096, 664 1,157, 676 938, 988 72, 305 653, 482 562, 794 Undivided profits 670,798 444,188 226, 610 171,034 31, 728 224, 640 243, 396 Reserves for contingencies.. 274, 471 165, 694 108,777 63, 525 30, 264 110, 951 69,731 Other capital accounts 30, 952 24, 596 6,356 1, 295 226 10, 828 18, 603 Total capital accounts 5, 487, 069 3, 353, 712 2,113, 357 1, 592,290 261, 023 1, 795 342 1, 818, 414 Total liabilities and capital accounts_ 49, 644, 668 31, 784,354 17, 860, 314 14,243,181 3, 017,871 17, 778, 792 14, 604, 824 Net demand deposits subject to reserve. 26, 301, 968 15,889,140 10, 412, 828 10, 862, 792 2,011, 671 8, 570, 362 4, 857,143 Demand deposits—adjusted 3 22, 363, 717 13, 956, 064 8, 407, 653 7, 604, 615 1, 249, 677 7, 325, 982 6,183, 443 Number of banks 6,331 5,212 1,119 36 13 347 5,935 1 Banks are classed according to the reserves which they are required to carry (see page 509). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as ''reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 3 Demand deposits other than interbank and United States Government, less cash items reported as in prc•ocess of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 489 ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON MARCH 29, 1939, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city All All member banks] Reserve All national State city Country member member member member member banks banks banks New Chicago 1 banks1 banks1 York Loans—Total 13, 047, 2758, 448, 405 4,598, 870 3, 086, 297 545, 278 4,936,149 4 479, 551 Commercial and industrial loans 4, 760, 3393,132, 497 1, 627, 842 1, 450, 715 339, 900 1, 888, 829i; 080, 895 Agricultural loans 770,""" 661,058 109, 74" 5, 22c 21, 503 227, 53c 516, 534 Commercial paper bought in open market - 254, 244 174, 884 79, 360 5.691 12, 566 97, 943 138,045 Bills, acceptances, etc., payable in foreign countries 9, 293 6,565 2,728 1,327 430 6.657 879 Acceptances of other banks, payable in United States 71, 099 33, 893 37, 206 61, 836 11 7,546 1,603 Reporting banks' own acceptances 91, 982 55,316 36, 666 57,044 1,003 32,515 1, 420 Loans to brokers and dealers in securities 838, 028 333, 763 504, 265 667, 753 31,616 114, 93' 23, 722 Other loans for purchasing or carrying securities 732, 980 443, 071 289, 909 208,754 69, 808 227, 928 226, 490 Real estate loans: On farm land 278, 784 224, 885 53, 899 278 222 93, 372 184, 912 On residential property 1, 726, 3581,103,185 623,173 56, 788 6,621 793, 253 869, 696 On other properties 743, 391 435, 090 308, 301 67,192 A," 362, 830 308, 678 Loans to banks 99, 389 44, 761 54, 628 77, 061 285 16, 512 5,531 All other loans 2, 653, 2191, 794, 472 858, 747 414, 837 56, 389 1, 063, 5161,118, 477 Overdrafts 17, 364 4,965 12, 399 11, 793 130 2,772 2,669 U. S. Government direct obligations Total 10, 690, 6106, 846, 367 3, 844, 243 2, 939, 097 992, 486 4,181, 447 2, 577, 580 Treasury bills 303, 361 181, 084 122, 27" 67, 808 120,910 100, 088 14, 555 Treasury notes 2, 604,124 1, 716, 435 887, 689 830, 856 211, 717 976, 795 584, 756 Bonds maturing in 1939-1943 713, 08" 477, 789 235, 298 317, 719 36, 666 233,152 125, 550 Bonds maturing in 1944-1948 2, 519, 5521, 460, 112 1. 059, 440 725, 496 125, 448 1, 048, 881 619, 727 Bonds maturing in 1949-1958 3,029,112 2, 052, 402 976, 710 649, 945 332, 619 1, 229, 713 816, 835 Bonds maturing in 1959 or later 1, 521, 374 958, 545 562, 829 347, 273 165, 126 592, 818 416,157 Obligations guaranteed by United States Government—Total 2, 660,145 1, 712,153 947, 992 1, 086, 370 107, 892 823, 303 642, 580 Total amount maturing in 1939-1943 1,143,817 641,610 502,207 599,024 95,336 260, 01, 189, 445 Reconstruction Finance Corporation 645, 334 386, 966 258,368 366, 290 81. 486 109, 241 88, 317 Home Owners' Loan Corporation 1, 315, 603 839, 999 475, 604 507, 536 6, 488 461, 204 340, 375 Federal Farm Mortgage Corporation 458, 845 335, 645 123, 200 125, 149 5,493 168, 979 159, 224 Other Government corporations and agencies 240, 363 149, 543 90, 820 87, 395 14, 425 83, 879 54, 664 Obligations of Government corporations and agencies, not guaranteed by United States—Total 370,438 261, 798 108, 640 133, 570 26,174 111,330 99, 364 Fede T r o a t l a l L a a n m d o u b n a t n k m s aturing in 1939-19Jt3 2 1 2 0 6 1, , 5 8 8 9 5 1 14 8 8 4 , , 2 8 5 4 4 9 7 1 8 7 , , 3 0 3 4 1 2 120 5 , , 2 2 9 2 3 7 1 15 1 , . 0 0 7 4 1 2 6 31 6 , , 6 6 0 2 3 9 2 49 8 , , 6 9 8 2 7 4 Federal Intermediate Credit banks 126, 65, 74,115 52, 540 75, 677 7, 713 36, 54C 6, 725 Other Government corporations and agencies 142,198 103, 429 38, 769 52, 666 3, 419 43,161 42,952 Obligations of States and political subdivisions—Total 2, 554, 6511, 663, 482 891,169 581, 761 148,580 822,959 1, 001,351 In default 8,917 6,399 2,518 975 271 3. 768 3,903 Without specific maturity 146,641 117,377 29, 264 3,007 40, 455 42, 265 60, 914 Maturing in 1939-1943 1. 572, 72" 930, 513 642, 214 508,040 87, 710 465, 188 511, 789 Maturing in 1944 or later '826, 366 609,193 217,173 69, 739 20,144 311,738 424, 745 Other bonds, notes, and debentures— Total 2, 317, 5351, 620, 962 696, 573 410,508 115,503 592,778 1,198, 746 Total amount in default 87, 869 50, 446 37, 4^3 24,138 2,146 29, 40C 32,182 Total amount maturing in 1939-1943 409, 345 237, 970 171,375 83, 848 45, 241 127, 649 152, 607 Railroads 772,618 553, 450 219,168 128, 491 21,682 184, 764 437, 681 Public utilities 712,786 493,173 219, 613 112,100 43, 964 168,242 388, 480 Industrials 553, 567 395, 824 157,743 100,628 34, 581 152, 63i 265, 725 Other domestic corporations 98,119 55,100 43,019 14,078 1,418 38, 463 44,160 Foreign—public and private 180, 445 123,415 57, 030 55, 211 13, 858 48, 676 62, 700 Corporate stocks—Total 454, 331 226, 374 227,957 170, 359 28, 932 156, 348 98, 692 Federal Reserve bank 134, 855 81, 719 53,13f: 40, 694 5,965 43, 32' 44, 869 Affiliates of reporting banks 104, 001 47, 568 56, 433 48. 303 276 48, 792 6,630 Other domestic banks 23, 039 9, 952 13, 087 2^888 11 11,005 9,135 Other domestic corporations 190,188 86, 231 103, 957 77, 713 22, 653 52,; 37, 424 Foreign corporations 2, 248 904 1,344 761 27 826 634 Bank premises, furniture and fixtures, and other real estate—Total 1, 256, 711 758, 332 498, 379 242, 507 26.119 446, 631 541, 454 Bank premises 861, 340 550, 503 310, 83" 210, 923 20^ 831 293, 226 336, 360 Furniture and fixtures 80, 536 62, 90' 17, 629 1, 550 84 34, 431 44, 471 Farm land (including improvements) 23, 571 17, 344 6,227 31 500 7,105 15, 935 Residential properties 130,916 53, 303 77, 613 10, 240 1, 524 42, 387 76, 765 Other real properties 160, 348 74, 275 86, 073 19, 763 3,180 69, 482 67, 923 Assets indirectly representing bank premises or other real estate—Total 146, 451 70, 388 76, 063 20, 488 935 97, 407 27, 621 Investments 96, 734 51, 573 45,161 18,147 878 59, 638 18, 071 Other assets 49, 717 18, 815 30, 902 2,341 37, 769 9, 550 Capital: Par or face value—Total 2,399,272 1, 565,380 833, 892 548, 353 126, 5001 795, 441 928,978 Capital notes and debentures 43, 666 43, 666 514 25,513 17, 609 First preferred stock 305, 420 233, 638 71, 782 9,445 25, 7001 107, 272 163, 003 Second preferred stock 24, 644 16, 844 7,800 8,150 16, 494 Common stock 2, 025, 542 1, 314, T"" 710, 644 538, 394 ~i66,~866 654. 476 731, 872 Retirable value of— First preferred stock 374, 991 264, 771 110,220 23, 311 25, 700 128. 449 197, 531 Second preferred stock 29, 996 18, 805 11,191 8. 550 21, 446 [ For footnote see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN JUNE 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- Treas- Treasury Other reserve balances Money deposits Non- Fed- Date B d i i l s l - s b B ou il g ls ht U m G e . r e o n n v S - t - . R O b e a t s h n e e k r r ve Total s G to o c ld k s r t e o c a n u u n c r t d - - y - in c t u i o l c a n ir - - h c i u o n a r l g s y d h s - R F b w e e a s d n i e e t k r h r v s a e l b p m e o r e s m d it e s - - c R o e e a u r s c a e n - l r t v s e Total E ( x e c st e i s - s counted securi- credit i ing mated) ties End of month figures: 1938—Mar. 31__._ 13 1 2,580 17 2,611 12,795 2,679 6,355 3,550 316 315 262 7,287 1,546 Apr. 30.... 9 1 2,564 21 2,594 12,869 2,690 6,397 2,195 1,320 355 263 7,623 *2, 548 May 31 9 1 2,564 9 2,582 12,919 2,702 6,467 2,263 1,157 390 261 7,665 2,568 June 30 8 1 2,564 23 2,596 12,963 2,713 6,461 2,303 860 363 261 8,024 2,875 Julv 31 ... 7 1 2,564 18 2,589 13,017 2,721 6,452 2,348 721 384 257 8.164 3,022 Aug. 31.... 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept, 30.... 8 1 2,563 29 2,600 13,760 2,739 6,622 2,810 853 356 260 8,198 2,869 Oct. 31.__. 7 1 2,564 14 2,586 14,065 2,751 6,700 2,770 535 424 260 8,713 3,227 Nov. 30 ___ 7 1 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec 31____ 4 1 2.564 33 2,601 14.512 •2,798 6, 856 2,706 923 441 260 8.724 3, 205 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 Apr. 30.... 3 1 2, 571 20 2,595 15, 791 2, 849 6,905 2,699 931 545 255 9,900 4,098 Wednesday figures: 1938-June 1 8 1 2,564 20 2,593 12,918 2,703 6,469 2,254 1,093 393 260 7,745 2,640 June 8 9 1 2,564 9 2,582 12, 940 2,703 6,437 2,277 1,005 399 261 7,848 2.711 June 15 9 1 2,564 24 2,598 12,950 2,707 6,420 2,289 935 438 267 7,904 2,726 June 22 10 1 2,564 17 2,591 12, 957 2,710 6,402 2,293 929 445 267 7,922 2,782 June 29 10 1 2,564 16 2,590 12, 962 2,712 6,428 2,299 864 366 266 8,041 2,900 July 6_ 8 1 2,564 30 2,603 12,967 2,715 6,514 2,303 770 363 261 8,074 2,985 July 13.... 9 1 2,564 22 2,596 12,979 2,716 6,444 2,315 628 372 261 8,273 3,153 Julv 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 2,564 11 2,583 13,002 2,719 6,416 2,328 732 383 258 8,188 3,036 Aug. 3 6 1 2,564 4 2,574 13,025 2,721 6,465 2,357 775 392 257 8,074 2,924 Aug. 10 7 1 2,564 11 2,582 13,033 2,723 6,466 2,367 839 365 256 8,046 2,920 Auc. 17 7 1 2,564 16 2,587 13,052 2,724 6,485 2,386 802 349 256 8, 085 2,927 Aug. 24____ 7 1 2,564 8 2,579 13,079 2,727 6,470 2,417 771 315 256 8,156 2,975 Aug. 31 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 7 7 1 2,564 21 2,592 13, 237 2,729 6,579 2,579 561 317 254 8,269 3,034 Sept. 14..._ 7 1 2,564 25 2,596 13, 421 2,733 6,550 2.759 346 416 254 8,425 3,131 Sept. 21_... 8 1 2,564 23 2,596 13, 588 2,735 6, 552 2,833 917 342 261 8.014 2,744 Sept. 28.... 9 1 2,564 24 2,597 13,714 2,738 6,574 2,816 864 337 261 8,197 2,889 Oct. 5 7 1 2,564 21 2, 593 13.812 2,741 6,640 2,809 770 346 261 8,321 3,019 Oct. 12. 9 1 2,564 32 2,605 13, 869 2,744 6, 667 2,812 703 376 260 8,400 3.045 Oct. 19. 6 1 2,564 17 2,589 14,008 2,746 6.668 2,770 609 342 261 8,693 3, 265 Oct. 26 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, 5C4 29 2,600 14, 380 2,784 6, 858 2, 651 413 551 258 9,034 3,476 Dec. 21 ... 8 1 2, 564 84 2,656 14, 454 2,788 6,943 2,677 1,025 514 267 8,472 2,979 Dec. 28.... 7 1 2,564 39 2,610 14, 508 2,790 6,912 2,707 941 505 265 8,577 3,072 1939—Jan. 4 4 1 2, 564 35 2,604 14, 565 2,800 6,839 2, 725 891 436 258 8,819 3,298 Jan. 11 5 1 2,564 23 2,592 14, 577 2,805 6, 716 2,712 873 459 258 8,956 3,436 Jan. 18 .... 4 1 2. 564 18 2,588 14,615 2.810 6,666 2,726 800 435 256 9,130 3,559 Jan. 25 5 1 2, 564 14 2,583 14, 640 2,812 6, 623 2,754 767 470 256 9,166 3,597 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, 298 Mar. 1 4 1 2,564 19 2,586 14, 888 2,827 6,739 2,716 1,168 484 253 8, 942 i 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 1 3,407 Mar. 15.... 3 1 2,564 27 2,595 14, 983 2,832 6,751 2,712 1, 059 552 259 9, 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 3,998 Apr. 26.... 3 1 2,564 12 2,580 15,714 2,849 6,860 2,693 913 516 256 9,903 4,124 May 3 3 1 2,564 4 2,572 15, 801 2,851 6,915 2,691 936 554 255 9,872 4,084 May 10.... 4 1 2,564 7 2,575 15,856 2,854 6,904 2, 678 959 521 255 9,967 4,186 May 17 4 1 2,564 8 2,576 15, 892 2,857 6,913 2,683 927 543 255 10, 005 4,244 * Reserve requirements reduced by approximately 13K 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. 465. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

493 JUNE 1939 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILTTIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1939 1938 May 17 May 10 May 3 April 26 April 19 April 12 April 5 April March April ASSETS Gold certificates on hand and due from U. S. Treasury 13, 222, 73013 198, 71813,119, 71813,030, 71612,876,71812, 716,71912, 572,71813,094,71912,543,71910,641,412 Redemption fund—F. R. notes 9,372 9,076 7,823 8, 346 8,785 9,444 9,603 8,345 9 603 8 839 Other cash 365, 383 359, 825 363, 506 381,893 381, 058 376, 246 360,682 372,514 397,829 440,839 Total reserves __13, 597, 48513567,61913,491,047 13, 420, 95513, 266, 56113, 102,40912, 943,00313, 475,57812, 951,15111,091,090 Bills discounted: For member banks... _ _ _ . 3,614 4,072 3,490 3,038 2,835 3,063 2,552 3,258 4,060 8,790 For nonmember banks, etc Total bills discounted 3,614 4,072 3,490 3,038 2,835 3,063 2,552 3.258 4,060 8,790 Bills bought: Payable in foreign currencies . . 562 562 562 562 560 561 561 562 561 550 Industrial advances 12 796 12, 810 12,811 13, 291 13 478 13,870 13,8Q4 13,9C)9 1401ri 16867 U. S. Government securities: Bonds 911,090 911,090 911,090 911,090 911, 090 911,090 911 090 911 090 911 090 657 ?.n% Treasury notes __ 1,176, 109 1 176, 109 1,176,109 1, 176, 109 1 176,109 1, 176,109 1,176 109 1,176 109 1 176 109 1 191,905 Treasury bills 476, 816 476, 816 476, 816 476, 816 476, 816 476,816 476 816 483,469 476 816 714,857 Total U. S. Government securities 2,564,015 2, 564. 015 2, 564, 015 2,564,015 9 564, 015 2, 564,015 2,564 015 2, 57066S 2. 564015 564 015 Other Reserve bank credit -5, 151 -6,495 -8, 878 -1,382 9,687 2,819 3 6 830 4 221 3,905 Total Reserve bank credit outstanding 2, 575, 836 2 574,964 2, 572, 000 2, 579, 524 2 590, 575 2, 584,337 2,584 251 2,594 610 2 586 872 2 594,127 LIABILITIES F. R. notes in actual circulation 4, 463, 349 4 459, 364 4, 465, 004 4, 433, 389 4 417, 822 4, 394,453 4, 398, 430 4,457 868 4 380 080 4 148 222 Deposits: Member bank—reserve account. __10, 005, 034 9 966, 905 9, 872, 140 9, 902, 809 9 742, 839 9, 527,804 9,317 830 9, 899, 960 9 156698 7623481 U. S. Treasurer—general account._ 926, 636 959,289 936,271 912,910 950, 876 1, 015,034 1,102897 931, 062 1228940 1319633 Foreign bank 272, 959 250, 495 225, 656 226, 956 222, 716 267,43? 23241f 224, 832 '?Q4304 1?3 108 Other deposits 269, 917 270, 220 328, 257 289, 458 285, 975 247,116 237 807 319 721 239 042 231 555 Total deposits 11, 474, 54C11446, 90911, 362, 32411,332,133 11202, 40611,057,38610,890 95011,375 57510 918 984 9 297 777 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 85.3 85.3 85.2 85.1 84.9 84.8 34.7 S5. 1 »4. 7 32.5 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 t y o s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a 6 th y s s 6 1 m y t o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y v t e e o a a r rs s 5 O y v e e a r rs Bills discounted: Apr. 26 3,038 1,916 138 382 280 282 40 May 3 3,490 2,280 163 343 355 320 29 Mav 10 4,072 2,858 212 399 230 336 37 May 17 3,614 2,364 263 283 255 436 13 Bills bought in open market: Apr. 26 562 203 206 47 106 May 3 . 562 180 202 28 152 May 10 562 207 47 23 285 May 17 562 242 106 214 Industrial advances: Apr. 26 13, 291 1,908 104 246 715 2,163 4,530 1,733 1,892 May 3 ... . . 12,811 1,670 96 725 1,042 1,285 4,489 1,779 1,725 Mav 10 12,810 1,685 99 748 1,028 1,333 4,422 1,769 1,726 May 17 12, 796 1,635 156 712 1,017 1,476 4,227 1,752 1,821 U. S. Government securities: Apr. 26 . . 2, 564,015 82,185 83, 440 146, 043 127, 630 107, 984 259,116 349, 978 577, 294 830, 345 May 3_ 2, 564,015 86,005 85, 813 152, 680 126, 468 96, 316 259,116 349, 978 577, 294 830,345 May 10 2, 564, 015 85, 440 75, 673 134, 293 137, 405 114, 471 259,116 349, 978 577, 294 830, 345 May 17 . 2, 564,015 85, 813 67, 450 136, 793 145, 910 111,316 259,116 349, 978 577, 294 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN JUNE 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n s p - - K C s a i a t n s y - Dallas F c S r is a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: Apr. 26 13030,716 740,8276, 254,011627,900 821,413336,072261,6612 167294307,704??4 440309,433201, 052 778,909 May 3 13,119,718 742,2236, 263, 318635, 423 820,184342, 708262,4932, 223,816306,803237,285311,064199, 029 775,372 May 10 13198718 748,3186, 276, 593646,811 805, 220357, 819269,6012, 233,453313,108245632325,037206, 323 770,803 May 17 13,222,730 746,2406, 316,723646, 144 805, 285352,198268,1302, 240,872315, 288241,750316, 965201, 813 771,322 Redemption fund—Federal Reserve notes: Apr. 26 8346 848 1,273 527 620 654 226 758 676 474 319 581 1,390 May 3 7,823 820 1,159 484 586 436 210 721 668 470 312 577 1,380 May 10 9 076 768 1,007 434 1,026 1 666 636 627 460 285 568 1,338 May 17 9,372 731 1,863 382 982 950 643 586 616 456 277 561 1,325 Other cash: Apr. 26 381,893 30, 350 99, 812 31, 873 25, 533 22,648 21,045 52,598 16,968 9,321 18, 213 17, 694 35,838 May 3 363,506 29, 671 91, 246 30, 973 24,940 24263 20958 48,557 15721 8,467 19, 394 15, 994 33,39? May 10 359, 825 29, 673 93, 886 30, 558 24, 948 21,705 19,624 48,347 16,431 8,721 17,081 16, 264 32,587 May 17 365, 383 29, 327 91, 383 30,430 25, 025 25,185 20,402 47,890 16,064 9,068 19, 747 15, 645 35,217 Total reserves: Apr. 26 13,420, 955 772,0256, 355,096660, 300 847, 566359,374282,9322, 220,650325,348234, 235327, 965219, 327 816,137 May 3 13491, 047 772, 7146, 355, 723666, 880 845, 710367,407283,6612, 273,094323,192246, 222330, 770215, 600 810,074 May 10 _ 13567 619 778 7596, 371,486677, 803 831,194380,785289 8912, 282, 436330 166254 813342, 403223, 155 804,728 May 17 13,597,485 776,2986, 409, 969676, 956 831, 292378,333289,1752, 289,348331,968251,274336, 989218, 019 807,864 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Apr 26 410 202 489 277 141 75 45 90 34 99 May 3 1773 77 972 274 96 60 5 45 50 42 99 53 May 10 . . . 2 114 87 1 267 343 46 85 5 78 50 56 69 98 May 17 1 668 125 748 288 46 135 55 83 55 31 74 98 Other bills discounted: Apr 26 1628 75 137 42 165 11 38 85 44 407 326 998 May 3 _ _ 1 717 78 175 41 175 10 33 85 32 366 330 399 May 10 1958 ?34 293 54 175 10 40 85 96 341 311 389 May 17 1,946 209 248 49 197 22 40 75 26 396 277 407 Total bills discounted: Apr 26 - 3038 277 626 277 183 240 11 83 85 64 441 425 396 May 3 3 490 155 1 147 274 137 235 15 78 85 89 408 429 445 May 10 4,072 1 560 343 100 260 15 118 85 76 397 380 417 May 17 3,614 334 996 288 95 332 77 75 81 427 351 435 Bills bought in open market: Apr 26 569 42 57 52 24 20 71 2 2 16 16 41 May 3 569 42 218 57 52 24 20 71 3 2 16 16 41 May 10 562 42 218 57 52 24 20 71 3 2 16 16 41 May 17 - __ 562 42 218 57 52 24 20 71 3 2 16 16 41 Industrial advances: Apr 26 13291 1771 3 460 2,629 365 1 175 816 458 841 213 606 959 May 3 12811 1717 3 122 2,596 362 1 175 816 457 792 213 604 952 May 10 12810 1717 3 2,598 364 1 174 807 457 801 213 603 951 May 17 _ _ ___ _ _. 12 796 1 709 3 208 2,528 359 1 172 797 457 800 211 599 951 U. S. Government securities: Bonds: Apr 26 911 090 67 984 256,538 73, 522 90, 042 47 696 41 369 102 026 44 123 27 660 46, 954 36, 346 76 830 May 3 911 090 67 984 256, 538 73, 522 90, 042 47 696 41 369 102 026 44,123 27, 660 46, 954 36, 346 76 830 May 10 911 090 67 984 256. 538 73, 522 90, 042 47, 696 41 369 102 026 44 1?3 27 660 46, 954 36, 346 76 830 May 17 911 090 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: Apr 26 1 176 109 87 759 331 160 94, 907 116, 233 61 570 53 403 131 706 56 958 35 708 60,613 46, 916 99,176 May 3 1 176 109 87 759 331 160 94, 907 116, 233 61 570 53 403 131 706 56 958 35 708 60, 613 46, 916 99,176 May 10 1 176 109 87 759 331 160 94, 907 116, 233 61 570 53 403 131 706 56 958 35 708 60, 613 46, 916 99.176 May 17 1 176 109 87 759 331 160 94, 907 116, 233 61 570 53 403 131 706 56 958 35 708 60, 613 46,916 99 176 Treasury bills: Apr 26 476 816 35 579 134 259 38,478 47,123 24, 961 21 650 53 395 23 09? 14476 24, 573 19, 021 40, 209 May 3 476 816 35, 579 134 259 38, 478 47,123 24 961 21 650 53, 395 23 09? 14476 24, 573 19,021 40. 209 May 10 476. 816 35. 579 134 259 38, 478 47,123 24 961 21 650 53, 395 23092 14476 24, 573 19,021 40 209 May 17 476 816 35,579 134, 259 38,478 47,123 24961 21650 53395 23092 14476 24, 573 19,021 40, 209 Total U. S. Government securities: Apr 26 564015 191322 721. 957206, 907 253, 398134227116422 287 127124 173 77844132,140102, 283 216. 215 May 3 9 564 015 191 322 721 957206, 907 253, 398134. 227116, 422 287 127124 173 77 844132,140102, 283 216 915 May 10 9,564 015 191 322 721,957206, 907 253, 398134 227116. 422 287 127124 173 77, 844132,140102, 283 216 915 May 17 - 2, 564, 015 191,322 721,957206, 907 253, 398134 227116 422 287 127124 173 77, 844132,140102, 283 216 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 495 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - lanta Chicago L S ou t. is n M o e l a i i n s p - - K C s a a it n s y - Dallas F c r is a c n o - ASSETS—Continued Total bills and securities: Apr. 26 2, 580, 906 193,412 726, i,870 253 ! .35, 666 17,: 287, 739.24, 265 78, 751 32,810 .03,330 217, 534 May 3 2, 580, 878 193, 236 726, 444 209, 834 253' 949 .35, 661 17, 273 287, 733 24, 266 78, 720 32, 777 .03, 332 217, 653 May 10 2, 581,459 193,402 726, 855 209, 905 253, 914 L35, 685 17, 264 287, 773.24, 266 78, 723 .32, 766 LO3, 282 217, 624 May 17 2, 580, 987 193, 407 726, 379 209, 780 253, 904 135, 755 17,316 287, 778.24, 256 78, 727 .32, 794 :03, 249 217, 642 Due from foreign banks: Apr. 26 160 12 15 7 5 20 5 5 11 May 3 160 12 15 7 5 20 5 5 11 May 10 161 12 15 7 20 5 5 11 May 17 161 12 15 20 5 5 11 Federal Reserve notes of other banks: Apr. 26 20,976 279 3,773 834 1,563 2,974 1,302 2,837 2,209 1,114 1,494 2,101 May 3 19, 638 66: 3,400 929 1,459 1,379 1,884 4,079 1,692 674 1,257 414 1,804 May 10 18, 991 306 3,556 931 1,343 1,663 1,620 3,054 1,806 1,150 1,516 445 1,601 May 17 19, 450 145 3,191 924 1,597 1,430 2,19; 2,842 2,359 1,547 1,956 Uncollected items: Apr. 26 580,517 56,917 139, 939 41, 691 64, 443 47, 419 25, 795 81, 532 25, 636 14,336 29, 508 24, 848 28, 453 May 3 609, 905 60, 556 152, 788 45, 581 68,061 49,051 22, 916 88, 413 27, 352 14, 884 32, 517 20, 880 26, 906 May 10 549, 526 51,177 131, 364 44, 242 59, 281 46, 932 21, 844 78, 217 25, 765 14, 348 28, 281 22, 450 25, 625 May 17 683, 343 65,184 172,194 50, 747 76, 07; 53,137 25, 602 102, 795 30,608 16, 614 33, 632 27,147 29, 608 Bank premises: Apr. 26 42, 599 2,931 8,988 4,657 5,968 2,595 2,062 3,936 2,279 1,515 3,209 1,250 3, 209 May3__ 42, 549 2,926 8,972 4,657 5, 971 2,595 2,062 3,927 2,275 1,515 3,196 1,244 3, 209 May 10 42, 549 2,926 8,972 4,657 5, 971 2,595 2,062 3,927 2,275 1,515 3,196 1,244 3, 209' May 17 42, 552 2,926 8,975 4,657 5,971 2,595 2,062 3,927 2,275 1, 515 3,196 1,244 3, 209' Other assets: Apr. 26 50, 398 3,298 14, 358 4,612 5,509 3,20; 2,211 5,018 2,186 1, 532 2,326 1,878 4,265 May 3 50, 694 3,267 14,702 4,279 5,561 3,205 2,255 5,072 2,175 1, 559 2,375 1,922 4, 322 May 10 51,619 3,320 15, 022 4,523 5,624 3,272 2,272 5,094 2,203 1,570 2,396 1,943 4, 380 May 17 52,171 3,386 15, 000 4,484 5,723 3,281 2,336 5,245 2,243 1,596 2,434 1, 4, 459< Total assets: Apr. 26 16, 696, 5111.028, 874 7',, 248, 476921, 179,062551, 240431, 5762, 601, 732481, 925331, 48, 497, 317351,134 1,071,71a May 3 16, 794, 8711, 033, 3787, 262,089932,176 180, 726559, 305430, 056' 662, 338 4801.,954343, 576502,897343,397 1,063, 979 May 10 16, 811, 9241.029, 9027, 257, 315942, 077 157, 342570,939434, 9592, 660, 521486, 483352,121510,563352, 5241,057,178 May 17 16, 976,1491,041, 358 "7, 335, 768947, 564 174, 577574, 538438, 6922, 691, 955493, 711350, 604510, 597352,0361, 064, 749 LIABILITIES Federal Reserve notes in actual circulation: Apr. 26 4, 433, 389 379, 3801, 087, 383314, 250 416, 909 195, 268148, 242 988, 340179, 286135, 238168, 905 75, 329 344, 859 May 3 4, 465, 004 381, 7721,099, 633314, 846 416, 446195,403149, 876 993, 315180, 566136, 772170,528 76, 668 349,179 May 10 4, 459, 364 381, 8681,095, 689316,115 417, 943194,251149, 452 991, 314180, 278136,059170, 517 76,092 349, 786 May 17 4, 463, 349 381, 4061,103, 963315, 373 415, 441193, 585149, 811 991, 286180, 636135, 892170, 713 76, 286 348, 957 Deposits: Member bank—reserve account: Apr. 26 9, 902, 80S 473, 0205, 390, 755463,419 523, 296249, 794189, 62£1,331, 204,144113, 702225, 239178, 2i: 559, 715 May 3 9, 872,140 471, 9725, 344, 861464,136 523, 226249, 497187, 47'1, 326, 204, 768123, 220230, 792181, 97: 563, 324 May 10 9, 966, 90; 479, 9755,419, 1"89 471, 837 519, 007251, 937188,0751, 308, 973"" 1, 181635, 023236, ~~~185,04^ 564, 774 May 17 10,005,034 476, 8995, 430, 617471, 498 516, 986252, 550185,1621, 328, 713211,066131, 301231, 649184, 30i 584, 288 U. S. Treasurer—general account: Apr. 26 912, 91C 72,016 222, 070 43, 740 112, 305 32, 075 38, 366 121, 665 48,784 47, 239 47,116 49, 053 78, 481 May 3 936, 27 72, 918 209, 397 46, 925 110,108 39, 926 41, 725 172, 660 45, 244 47, 452 42, 501 41, 239 66,176 May 10 959, 28 69,127 203, 960 44, 953 97, 843 49, 344 47, 208 200, 535 49, 730 45, 563 48, 355 46, 06£ 56, 606 May 17 926, 636 68, 397 215, 84, 47, 370 48, 013 49, 275 183, 464 45, 333 45, 067 45, 417 39, 889 39, 836 Foreign bank: Apr. 26 226, 956 16, 352 81,119 22, 029 21,121 9,766 7,756 27, 480 6,586 5,223 6,586 6,586 16, 352 May 3 225, 656 16,196 81,01- 21, 820 20, 920 9,673 7,873 27, 219 6,523 5,174 6,524 6,524 16,196 May 10 250, 495 18, 036 89, 364 24, 299 23, 297 10, 772 8,76 30, 311 7,265 5,761 7, ~~~ 7,265 18, 092 May 17 272, 95£ 19, 632 97, 578 26, 449 25, 358 11, 725 9,54 32, 993 7,908 6,271 7,907 7,907 19, 687 Other deposits: Apr. 26 289, 458 6,802 213,008 5,001 8,59f 3, 9,371 3,613 5,411 6,287 8,656 2,990 16,029 May 3 328, 25' 5,344 259, 676 4,762 8,67£ 1, 7, 3,096 4,999 6,209 8,683 2,372 14, 949 May 10 270, 22C 5,286 201, 351 5,316 8,003 2,295 7,872 2,793 5,742 6,043 8,737 2,261 14, 521 May 17 269, 91 5, " 197, 289 4,562 11, 021 1,600 7,54i 4,246 5, """ 5,926 8,861 2,081 15, 531 Total deposits: Apr. 26 11, 332,133 568,19C 5, 906, 952534,189 665, 31 295, 326245,1221,484,641264, 925172, 451287, 597236, 846 670,577 May 3 11,362,324 566, 4305, 894, 948537, 643 662, 929300, 905244, 7551, 529, 873261, 534182,055288, 500232,107 660,645 May 10 11,446,909 572, 4245, 913, 864546, 405 648,150314, 348251, 9231, 542, 612268, 623192, 390301, 243240, 634 653, 993 May 17 11,474,54 570, 194 51,, 941, 329549, 652, 095313, 888251, 5271, 549, 416270, 295188, 565293, 83' 234, 182 659, 342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN JUNE 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t- ta Chicago Lo S u t i . s n M o e l i a i n p s - - K C s a a i n t s y - Dallas F c S i r s a a c n n o - LIABILITIES— C ontinued Deferred availability items: Apr. 26 582,059 57,103 133, 580 40, 887 63, 956 45, 770 25, 505 83, 748 27,123 14, 56: 30, 567 27, 857 31,396 May 3... 618, 943 60, 989 147, C 47,064 68, 487 48,140 22,711 94,189 28,304 15, 518 33, 661 23, 536 29, 245 May 10 556,182 51,299 127,170 46, 699 58, 331 47, 448 20, r 81, 550 26, 698 14, 427 28, 569 24, 690 28,441 May 17 688, 655 65, 524 169, 831 49, 651 74,125 51, 736 24, 627 106, 27632, 201 16, 912 35, 836 30, 434 31, 502 Other liabilities including accrued dividends: Apr. 26 4,574 392 1,620 477 401 126 177 463 128 164 286 122 218 May3 4,519 415 1,488 470 420 134 194 492 108 166 269 131 232 May 10 5,051 525 1,662 432 136 189 510 113 169 271 133 243 May 17 5,285 434 1,680 496 448 592 187 456 118 172 277 169 256 Total liabilities: Apr. 26 16, 352,1551,005,065 77,,129,535 889, 8031,146, 583 536, 490 419, 046 2, 557,192 471, 462 322, 420 487, 353540,1541,047,050 May 3 16,450, 7901,009, •" \ 143,168 900, 0231,148, 282 544, 582 417, 536 2, 617,869 470,512 3"3"4 ,5"11492, 958 332, 4421, 039, 301 May 10 >, 467, 5061,006,116 7\. 138,385 909, 887;1,124,856 556,183 422, 424 2, 615, 986 476^ 012 343^ 045 500, 600 341,5491,032, 463 May 17 16, 631, 8351,017',, 558r ,7 ,216,803 915, 3991,142,109 559, 801 426,152 2, 647, 434483, 250 341, 541 500, 660 341,0711,040,057 CAPITAL ACCOUNTS Capital paid in: Apr. 26 134, 972 9,402 50, 890 12,060 13,683 5,075 4,515 13, 650 3,971 2,912 4,246 4,011 10, 557 May 3 134, r~~ 9,400 50, 888 12, 062 13, r " 5,075 4,515 13, 677 3,972 2,912 4,246 4,008 10, 557 May 10 134, 982 9,397 50, 876 12,062 13, 683 5,075 4,510 13, 678 3,978 2,912 4,246 4,008 10, 557 May 17 135,003 9,397 50, 875 12,062 13, 682 5,075 4,518 13, 678 3,983 2,912 4,247 4,010 10, 564 Surplus (section 7): Apr. 26 149,152 10, 083 52, 463 13,696 14,323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 May 3 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 May 10 149,152 10, 083 52, 463 13, 696 14,323 4,983 5,630 22, 666 4,685 3,153 3,613 O ( 9,965 May 17 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 4,685 3,153 3,613 3^892 9,965 Surplus (section 13b): Apr. 26 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 May 3 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 May 10 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 May 17 27, 264 2,874 7, 457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts: Apr. 26 32, 968 1,450 8,131 2,005 3,466 1,: 1,672 6,795 1,262 1,999 961 1,811 2,017 May 3 32, 667 1,415 8,113 1,979 3,428 1,372 1,662 6,697 1,240 1,999 938 1,789 2,035 May 10 33, 020 1,432 8,134 2,016 3,473 1,405 1,682 6,762 1,263 2,010 962 1,809 2,072 May 17 32, 895 1,446 8,170 1,991 3,456 1,386 1,679 6,748 1,248 1,997 935 1,797 2,042 Total liabilities and capital accounts: Apr. 26 16, 696, 5111, 028, 874 7', ,248, 476 921., 980 1,179, 062 551, 240 431, 5762, 601, 732 481, 925 331, 485 497, 317 351,1341,071,710 May 3 16, 794, 8711,033, 378 7',, 262,089 931:2,176 1180, 726559', 305 430,056 2, 662, 338 480, 954 343, 576 502, 897 343, 3917,063, 979 May 10 16,811,924 1,029, 902 7',. 257, 315 94"2),, 077 i;157, 342 5~7"0 ,939 434, 959 2, 660, 521 486,483 352,121 510, 563 352, 5241,057,178 May 17 16, 976,1491, 041, 358 7',; 335, 768 947',, 564 174, 577 574, 538 438, 6922, 691,955 493,711 350, 604 510, 597 352,0361, 064, 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 497 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO MAY 17, 1939 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e la ac st h W mo ed n n th e ) sday of N r u e m ce b iv e e r n d e t t A o m da o t u e n , t Nu o s t ( e m o w u e r t b i s y t c e h o r n a t d o C n A i d o ti m m o w d n o m i a s u t ) t i h n e t - - t , Numbe T r ota A l mount a s R F d ta b e e v o n a d s a u d e n e n t r - i k r c n v a e g e l s 5 s c R F t m o a b e e o m n a d s e u d e n n e m t r - i k r t n v a s it g e l - A b p p u l c p e o t r t m e o n d v - o e t d d o e R r x a r c a e e p p a w w p t p i n c r a i n l . t e t i i , h - d d b - , , y s i t F p n p a t g a i a u n o n t r d t u i i t a i i n o i t o n n - c s n n c g i t s - - i * - 1934—Dec. 26.. 5,053 187, 696 1,122 54, 531 984 49, 634 13, 589 8,225 20,966 5,558 1,296 1935—June 26.. 6,618 263,482 1,815 102, 331 1,646 88, 778 27, 518 20, 579 11, 248 24,900 4,533 Dec. 313. 7,615 306, 708 2,176 132,460 1,993 124, 493 32,493 27, 649 11, 548 44,025 8,778 1936—June 24. 8,158 331, 391 2,394 142,811 2,183 133, 343 '30, 484 24, 454 9,381 '61,425 7,599 Dec. 30.. 8,379 342, 699 2,500 149, 204 2,280 139, 829 '25, 526 20,959 8,226 '77,910 7,208 1937—Mar. 31- 8,483 346,911 2,543 150, 561 2,323 141,545 '23, 059 18,611 7,898 '85, 210 6,767 J S u e n p e t. 3 2 0 9 . . 8 8 , , 5 54 9 6 3 3 35 5 4 1 , , 4 4 2 2 6 0 2 2 , , 6 5 1 8 0 7 1 1 5 5 5 4 , , 9 9 0 6 2 0 2 2 , , 3 3 8 6 1 1 1 1 4 4 6 5 , , 7 7 5 2 8 4 ' ' 2 2 1 3 , , 4 0 1 1 5 9 1 16 4 , , 8 3 8 3 0 1 1,4 5 7 3 0 7 '1 '9 0 7 2 , , 6 5 6 8 3 8 7 7 , , 3 2 0 7 4 5 Dec. 29.. 8,677 363,292 2,640 158, 743 2,406 150, 987 '20, 216 12, 780 3,369 107, 384 7,238 1938—Mar. 30_. 8.906 373, 519 2,717 162, 648 2,464 154.918 '19, 371 13,110 3,419 '111,193 7,825 June 29. 9,152 383, 535 2,836 168,894 2,566 161,158 '18,444 13, 649 3,084 '117, 555 8,426 Sept. 28 9,262 393,532 2,897 176,006 2,617 168,380 '17, 567 13, 597 5,737 '122, 447 9,032 Dec. 28 _ 9,336 398,898 2,940 181, 956 2,653 175,013 '17, 345 14,161 1,946 '128, 839 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 3. 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. 26_. 9,416 403, 961 2,987 185, 732 2,697 178, 639 15,817 11, 749 2,134 136, 696 12, 243 May 17 * 9,424 404,105 2,997 186,198 2,705 179,066 15, 352 11, 688 2,441 137, 441 12,144 'Revised. 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,728,291 on May 17, 1939. s Tuesday. 4 May 31 not yet available. e 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 May 17, 1939, there were 22 applications amounting to $987,800 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] Phila- Min- Kan- Total Bos- New del- Cleve- Rich- At- Chi- St. neap- sas Dallas Franton York phia land mond lanta cago Louis olis City cisco Federal Reserve notes: Issued to F. R. bank by F. R. agent: Apr. 26 4, 740, 896 76 1., 193, 073 330, 214 436,054 207, 916711, 8841,020, 306192,7 139, 778176, 54883, 42'396, 679 May 3 4, 739,164 1,190, 638 328, 217 436, 547 207, 301262, 0581, 022, 950193, 055140, 240177,100 82, 476 394, 895 May 10 4, 750,139 1,191, 161, 339 1,020, 389194, 001140, 027178,711 83,191400,675 May 17 4, 750, 545 1,192, 680 330, 540 437, 222 205, 922 161, 302 1,021, 018973, 340 140, 363178, 71683,129 401, 693 Held by Federal Reserve bank: Apr. 26 307, 507 22, 796 105, 690 15, 964 19,145 12,703 13, 642 31, 966 13, 500 4,540 7,643 51, 820 May 3 274,160 21, 914 91,005 13, 371 20,101 11, 899 12,182 29, 635 12, 489 3,468 6,572 5,808 45, 716 May 10 290, 775 21, 432 96, 250 16, 440 19, 523 12, 295 11, 887 29, 075 13, 723 3,968 8,194 7,099 50, 889 May 17 287,196 23,145 88, 717 15,167 21, 781 12, 337 11,491 29, 801 12, 704 4,471 8,003 6,843 52, 736 In actual circulation: * Apr. 26 4, 433, 389379, 3801,087, 383 314, 250 416, 909195, 268 148, 242 988,340 179, 286135, 238 168, 90575, 329344, 859 May 3 4,465,004 381, 7721,099, 633 314, 846 416,446 195,403 149,876 993,315 180, 566136, 772170, 528 76, 668 34>9,, 179 May 10 4, 459, 364381, 8681, 095, 689 316,115 417, 943 194, 251 149, 452991, 314180, 278136,"-" '"'0,517 76,092 349i,,786 May 17 4, 463, 349381,4061,103, 963 315, 373 415, 441 193, 585 149,811991, 286180, 636135, 892 r0, 713 76, 286 34!8, ,957 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Apr. 26 4, 872, 500420,0001, 210,000 345,000 439, 500 215,000 169,0001,035,000 196,000 143, 500180,000 85, 500 434,000 May 3 4, 872, 500420,0001, 210,000 345,000 439, 500 215,000 169,0001,035,000196,000 143,500180,000 85, 500 434,000 May 10 4, 872, 500420,0001, 210,000 345,000 439, 500 215,000 169,0001,035, 000196,000143, 500180,000 85, 500 434,000 May 17 4, 872, 500420,0001, 210,000 345,000 439, 500 215,000 169,0001, 035,000 196,000143, 500180,000 85, 500 434, 000 Eligible paper: Apr. 26 2,893 267 613 277 183 240 83 37 436 403 314 May 3 3,360 146 1,134 274 137 225 78 403 418 434 May 10 3,846 306 1,462 343 100 250 118 373 377 406 May 17 3,491 319 976 95 322 123 71 420 350 431 Total collateral: Apr. 26 4, 875, 393420,2671, 210, 613 345, 277 439, 683 215, 240 169,005 1,035,083 196,013453, 537180, 436 85,903 434, 314 May 3 4, 875,860420,146 1, 211,134 345, 274 439, 637 215, 221569,010 1,035,078 196,035143, 566 180,40385, 918 434,434 May 10 4, 876, 346420,306 1,211,462 334455,, 334433^ 439, 600 215, 250 169, 010 1, 035,118 196,035 143, 566 180, 3857,3 877 434, 406 May 17 4, 875, 991420, 319 1, 210, 976 345, 288 439, 595 215, 13629,0711,035,123 196,025 143, 571180, 420 85, 850 434, 431 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN JUNE 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, APRIL, 1939 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banks' New Chi- banks banksi posits posits 1 Re- Held Ex- York cago quired cess Total reserves held: All member banks. _32,645 26, 769 11, 622 5,698 9,624 3,926 1938—March 7,326 3,039 574 2,349 1,365 April 7,469 3,150 622 2,348 1,350 Central reserve city banks: May 7,587 3,204 794 2,311 1,278 New York 11,903 11, 214 714 2,587 4,889 2,302 June _ . __ 7,878 3,341 899 2,359 1,280 Chicago 2,357 2,072 468 495 794 299 July 8,167 3,545 925 2,396 1,302 August 8,119 3,523 875 2,402 1,319 Reserve city banks: September 8,196 3,669 861 2,352 1,314 Boston district 1,070 955 100 172 294 122 October 8,546 3,939 884 2,409 1,317 New York district 189 149 151 34 38 4 November 8,727 4.075 2,426 1,338 Philadelphia district __ 1,156 951 245 179 295 116 December 8, 745 4,139 2,387 1,322 Cleveland district 1,530 1,191 741 245 394 148 1939—Janu ary 9,029 4,409 780 2,474 1,366 Richmond district 704 542 209 105 158 53 February 8,925 4,482 673 2,405 1,364 Atlanta district _ 703 496 175 96 115 20 March 9,021 4,472 681 2,475 1,393 Chicago district 1,217 875 557 181 259 78 April 9,624 4,889 794 2,544 1,397 St. Louis district 788 605 173 114 143 28 Week ending (Friday): Minneapolis district.- 343 253 89 49 63 14 1939—March 31 9,106 4,572 687 2.473 1,375 Kansas City districts. 948 622 157 117 166 49 April 7 9,276 4,725 671 2,477 1,404 Dallas district. _ _ _. 672 422 128 80 110 30 April 14 9,486 4,762 760 2, 546 1, 418 San Francisco district- 2,049 1,611 1,933 379 510 131 April 21 9,763 4,962 834 2,576 1,391 April 28 _ ._ 9,892 5, 057 882 2,579 1,374 Total 11,371 8,671 4,660 1,750 2,544 794 May 5 9,878 5, 005 886 2, 582 1,405 May 12 9,922 5,042 860 1,392 Country banks: Excess reserves: Boston district 820 612 557 101 161 60 1938—March 1,524 631 481 359 New York district 1,254 945 1,388 183 305 122 April 2 2,071 884 146 609 432 Philadelphia district __ 607 425 878 95 149 54 May 2, 525 1, 065 321 689 451 Cleveland district 575 399 662 81 129 48 June 2,762 1,153 404 747 459 Richmond district 504 322 345 56 92 36 July 3,026 1.352 424 767 483 Atlanta district 506 311 218 48 75 27 August 2,955 1,320 379 762 495 Chicago district. 838 560 694 102 184 82 September 2,920 1,382 361 698 479 St. Louis district 348 229 240 40 61 22 October 3, 143 1,589 375 712 467 Minneapolis district.- 291 192 271 37 55 18 November 3,276 1,712 374 710 480 Kansas City district __ 439 277 155 41 64 23 December 3,226 1, 734 376 658 457 Dallas district 506 332 102 45 71 26 1939—January 3,484 1,996 260 734 495 San Francisco district- 326 209 270 39 51 13 February 3, 373 2,047 164 669 494 March 3,432 1,986 179 741 526 Total 7,014 4,812 5,780 866 1,397 531 April 3,926 2,302 299 794 531 Week ending (Friday): 1 Gross demand deposits minus demand balances with domestic banks 1939— A M p a r r il c h 7 31 3 3 , , 5 6 1 7 7 7 2 2, , 1 0 8 6 5 7 2 1 0 9 9 9 7 7 4 4 3 6 5 53 0 6 8 (except private banks and American branches of foreign banks) and April 14 3,823 2,210 266 796 550 cash items in process of collection. April 21 4,030 2, 357 328 819 526 NOTE.—See table at foot of p. 509 for percentages of deposits required April 28 4,117 2,423 369 816 509 to be held as reserves. May 5 M, 102 2,367 374 821 P54O May 12 P4, 160 2,432 346 855 P527 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 509 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time April Mar. April Mar. April Mar. April Mar. April Mar. April Mar. Boston _ _ „ 1,890 1,844 657 653 1. 768 1, 725 529 527 122 119 128 126 New York 13, 347 12, 934 2,253 2,245 i 1,165 i 1, 161 i 1, 043 i 1, 043 279 282 496 496 Philadelphia _.- . . 1,764 1, 725 1,123 1, 121 1,547 1,508 669 668 216 217 454 453 Cleveland 2,106 2,071 1,403 1,402 1,883 1,849 1,107 1,108 223 223 295 294 Richmond 1,208 1,202 554 552 1,023 1,018 361 359 185 184 193 193 Atlanta _ 1, 210 1,198 394 390 1,041 1,033 308 305 169 165 86 85 Chicago 4,412 4,409 1,719 1,707 i 1, 734 i 1, 723 i 966 i 959 321 320 285 284 St. Louis 1,136 1,137 414 417 929 932 297 301 207 205 117 116 Minneapolis 633 647 360 360 461 475 176 176 172 172 184 184 Kansas City . _ 1,387 1,387 312 310 1,064 1,063 198 198 323 324 113 113 Dallas 1,178 1,182 230 229 899 901 184 184 279 281 46 45 San Francisco 2,374 2,296 2,203 2,200 2,260 2,184 2,107 2,104 114 113 97 97 Total _ 32,645 32, 033 11, 622 11, 586 15, 774 115, 572 7,945 i 7, 931 2,611 2,604 2,495 2,484 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 499 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—April 6,397 80 39 1,162 1 339 144 264 4,112 31 224 May 6,467 79 39 1,215 1 341 145 268 4,127 31 220 June _ _ _ _ 6,461 78 39 1,230 1 342 146 262 4,114 30 217 July 6,452 78 40 1,247 1 341 145 258 4,098 30 214 August __ _ _ 6,504 77 40 1,263 1 344 146 262 4,129 29 211 September 6,622 77 40 1,292 1 348 147 264 4,215 29 208 October 6,700 76 41 1,297 1 351 148 269 4,282 28 206 November __ 6,787 76 41 1,312 1 356 151 269 4,349 28 203 December 6,856 75 42 1,339 1 357 151 257 4,405 28 201 1939—January._ . . _ . .. 6,653 75 41 1,269 1 348 149 244 4, 301 27 198 February 6,731 74 41 1,327 1 350 150 246 4,320 27 195 March... 6,817 74 41 1,378 1 352 151 251 4,350 27 193 April . . _ _ 6, 905 73 42 1,385 1 354 152 255 4,426 26 191 Back figures—See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 Un- End of month t c i u o l n a i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 a e s d so 2 rt- L938—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 2 April 6,905 5,069 548 505 32 929 1,602 1,453 1,838 418 829 170 370 18 33 3 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 banks and in circulation. In millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars] Silver Feddollars Sub- eral Na- Ship- Receipts Net End of month Total and sid- Minor United Re- tional Year or month ments to from ship- Net silver iary coin States serve bank Europe Europe ments receipts bul- silver notes bank notes lion J notes 1936 34.8 26.2 8 6 1938— April 2,690 1,554 374 157 347 32 226 1 1 9 9 3 3 7 8 2 3 1 3 . 1 5 4 3 7 4 6 4 26 1 1 3 May _ 2,702 1,570 374 157 347 31 223 June 2,713 1,584 374 157 347 31 221 1938—April ___ ... .5 2.6 2.1 July 2,721 1,596 374 157 347 30 217 May 6.2 6.0 August 2,731 1,608 375 157 347 30 214 June 'A 3.5 3.1 September. 2,739 1,618 376 158 347 29 212 July .1 3.8 3.7 October 2,751 1,634 376 158 347 29 208 August 1.1 2 3 1 3 November. 2,773 1,657 376 158 347 29 206 September. _ 14.7 1.0 13 8 December.. 2,798 1,685 376 159 347 28 203 October 10 6 6 10 0 November. 3.4 1.0 2 4 I93P—Jamiflry 2,816 1,705 376 159 347 28 201 December. .7 2.2 1.5 February... 2.824 1,717 376 160 347 27 198 March 2,839 1, 733 377 160 347 27 196 1939—January '6.7 2.0 ri. 7 April 2,849 1,746 376 160 347 27 193 February '3.0 1.0 '2.0 March _ __ __ __ _ '27.3 .9 '26.4 1 Includes silver held against silver certificates amounting to $1,640,- April 46.1 .3 45.8 000,000 on Apr. 30, 1939 and $1,482,000,000 on Apr. 30, 1938. r Revised by the addition of reports from several banks and financial institutions which have occasional shipments or receipts. 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

500 FEDERAL RESERVE BULLETIN JUNE 1939 ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES UNITED STATES1 [In millions of dollars] [In thousands of dollars] Net Year or month T G o e o t o n a l r d d l m o st f o o I a n y c n c k e t a c h a c o r a t u t iv n e t c s t r t o I e o o i n n t a l c a - d s k l e l t m a g o h t c r a s a r e t a s i i o r a n o n k u r ( n s - i — g o n - s h r g 2 ) m d g p t D t i u o r e i o o o c c l s - n d - - - From or to— Im- April Ex- Im- M 1 a 9 r 3 c 9 h Ex- I J m an - .-Apr E il xports ports ports ports ports ports 1934 i 8,238 4, 202. 5 82.6 1 1 1 1 9 9 9 9 3 3 3 3 5 6 7 8 . . . - 1 1 1 1 1 2 0 4 , , , , 1 5 2 7 2 1 5 6 5 2 8 0 1, 2 2 2 6 7. . 5 9 1 1 1 1 , , , , 8 1 7 5 8 3 5 0 7 2 2 1 . . . . 5 5 - - 2 3 - 0 8 3 0 3 5 . . . . 9 2 5 4 N B F l r e e e a l t r g n h m i c e u a e r m n la y nds 4 8 4 4 , , 5 6 6 2 0 4 1 1 3 3 27 7 , , 1 0 8 7 9 1 9 8 6 1 13 2 4 3 3 , , , 6 5 4 7 9 7 5 6 5 0 1937— J A F A M M S N J D O J u u e e p u a o e c a l a n p b n y t r c g v y r e o t i r u e u c e l e u b m a h s m m e a r t r y b r b b y e e e r r r 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 2 1 1 2 2 1 2 1 2 , , , , , , , , , , , , 7 3 7 4 8 4 3 5 9 7 5 7 4 5 6 4 3 0 6 1 9 7 7 9 1 8 0 6 6 3 7 8 0 4 4 9 1 1 1 1 1 1 1 , , , , , , , 2 3 5 7 3 2 1 2 2 2 0 2 4 3 7 4 0 6 5 2 1 2 8 1 2 5 2 1 0 4 7 6 8 9 6 4 . . . . . . . . . . . . 7 0 5 1 1 5 7 9 5 0 8 9 - - 2 3 1 1 1 1 1 1 1 2 2 7 2 2 7 2 3 0 9 4 9 5 8 7 7 4 1 7 0 1 . . . . . . . . . . 0 . . 3 0 2 8 6 9 3 3 1 1 6 V A E U M C C P S S S C ' w w p e c h o e r a n e e r g u a n i l n n i e i x u l o i t e t a e e t a d i n e z m r n z c d d e d e a o u t o n a b l r i e r l n i K l a A a a a n i m d n e g r d ic o a m . . . . . . 38 5 4 4 2 5 7 1 , , , , , , 1 8 5 6 4 2 3 9 5 1 1 6 3 1 0 8 8 1 8 0 9 5 4 8 1 4 3 6 6 8 9 3 6 4 1 9 0 1 2 8 1 3 250 4 8 6 3 1 , , , , , , 4 2 8 2 8 4 2 3 3 0 5 3 6 2 4 2 4 4 9 6 6 4 1 7 2 6 4 5 1 5 20 85 6 2 1 2 3 9 0 3 4 8 2 3 1 1 1 , , , , , , , , , , , , 5 8 0 0 3 4 3 6 9 5 0 2 4 4 0 4 1 5 3 7 3 0 1 0 7 4 3 4 3 9 0 / 9 6 8 2 6 3 3 20 6 5 5 3 8 2 7 . . 1938— F A M M J J J u u e p a a a l n b n r y y r e i r u c l u a h a ry ry 1 1 1 1 1 1 1 2 2 2 2 2 2 3 , , , , , , , 0 9 7 7 8 7 9 1 6 7 6 9 5 1 7 3 6 9 5 6 9 1 1 1, , , 1 2 2 8 2 0 3 0 3 . . . 0 2 6 _ 2 7 4 4 1 5 4 0 4 9 4 8 4 . . . . . . 7 3 8 2 5 5 - - -2 - 5 1 1 0 3 5 . . . . 2 9 5 9 J A A B P a h r l h u K p l i i s i t a l o n o t i i n r s t a p n h a h g p l e i i r I a a n n n e c d d o i u a Is n H l t a r o i n e n d s g s 2. . 4 4 2 5 , , , , 8 1 9 5 3 3 4 7 4 2 1 1 4 9 4 8 3 9 1 4 3 3 1 1 , , , , , 2 3 6 4 3 2 9 2 1 8 0 3 5 0 6 5 5 3 6 1 1 0 9 0 8 6 1 , , , , , , 2 6 2 8 9 1 9 8 0 0 7 1 8 5 3 6 8 9 A Se u p g t u e s m t ber 1 1 3 3 , ,1 7 3 6 6 0 6 1 2 1 3 8 . .3 8 - - 2 1 8 3 . . 8 3 Total.. 606,027 231 365,436 53 1, 351,187 380- October 14,065 305. 0 -110.2 November. 14,31 247.5 -7.4 Figures represent customs valuations which, with some exceptions, December. 14, 512 199. -62.4 are at rate of $35 a fine ounce. 2 Includes all movements of unreported origin or destination. 1939— F J e a b n r u u a a r r y y... 1 1 4 4 , , 8 6 7 8 4 2 1 19 7 2 0 . .0 1 1 2 0 . . 2 4 31 B a a n c d k 3 f 2 ig ) u . res.— See table, p., 529 and Annual Report for 1937 (tables March 15, 258 383.8 11.0 April 15, 791 532.3 P12.2 May 1-24P_ 15, 927 136.1 BANK DEBITS v Preliminary. [Debits to individual deposit accounts, at banks in principal cities.]; 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 [In millions of dollars] a fine ounce thereafter. j i a m n u c s N o c 2 t t n o O G m a u t b T h o e n l E l l n t e d y t . , o — i n h p b m F . e a A i l p s d g 5 e o p u 2 d r r 9 r u i t e l s , o n s n 2 a d o 9 f d e f o , a j r r u g n 1 s o 9 n e d t 3 l a u e o d 9 d r a m m l t i o e n t a s f o ' r m i t U g k ic e u i . l x r l b e S p c i s y o . l r u o n f r d s d r F e e o u e p o m c d o f p t e r r i d r t P o o e o a n d h d l l u i l l a o c R i b r f p t y s e i p : o g s i n o 7 e D n 6 l r d e v i 7 i s r e . n . e 2 a c . r b P e to F a h r t o n i h r l k o i o s p b s f p e a f i c o M n k r p e i u s n f b . f t o i l g r i e u s a A i r h n g e d e d n s d - , Year and month r c T e e o p i n a n t o l t g a l e r l r t , - s Y N C o i e r t w k y c o l i e i t 1 t n i h a 4 e g d e 0 s r - i r c o e i p t 1 i t i n h 3 o e g e 3 s r r t 2 see Annual Report for 1937 (table 29). 1929.. 982, 531 603,089 331,938 47,504 BANK SUSPENSIONS1 1 1 9 9 3 3 5 6 _ _ . . 4 46 0 1 2 , , 8 7 8 1 9 8 2 1 0 8 8 4 , , 9 0 3 0 6 6 2 1 1 9 9 0 , , 6 1 7 6 0 5 2 3 8 3 , , 2 5 8 4 3 7 1937_. 469, 463 197,836 235, 206 36, 421? Member Nonmember 1938.. 405,834 168,778 204,651 32,406 T ba o a n t ll a k l s , ti N on a b - al anks State su I r n e - d b 2 an i k n s N su o r t ed 1938— J M A M u F p a a n e r y r e b i c l r h uary... 2 3 3 3 3 7 1 3 5 4 , , , , , 8 8 3 8 5 5 6 5 2 0 7 7 9 5 1 1 1 1 1 1 0 4 2 4 5 , , , , , 9 5 8 7 6 1 7 2 4 3 5 2 8 6 7 1 1 1 1 1 4 6 7 6 7 , , , , , 1 6 3 5 0 6 3 7 9 1 0 3 3 7 3 2 2 2 2 2 , , , , , 3 6 7 5 7 1 5 3 1 0 9 6 7 8 4 July 33,133 13,828 16, 677 2,628 Num 1 1 1 1 9 9 b 9 9 3 3 3 3 e 5 4 7 6 r of banks suspe _ nded: 48 A S N D O e u o e c p t g c v o t e u e e b m s m m e t r b b b e e e r r r . . . . . r ' 3 3 3 4 3 0 3 2 2 6 , , , , , 1 1 7 2 2 3 9 9 0 2 0 2 8 9 4 1 1 1 1 1 2 2 3 5 8 , , , , , 0 1 8 2 4 8 4 7 4 2 5 0 9 7 5 ' ' 1 1 1 2 6 6 7 1 , , , , 0 0 0 4 2 3 8 4 3 9 7 0 2 2 2 2 3 , , , , , 6 7 5 2 8 6 6 2 4 9 6 0 8 5 3 ^ 1 1 9 93 3 8 9—Jan.-April 1939— F J e a b n r u u a a ry ry .. _ . ' r2 3 9 5 , , 1 9 8 7 0 3 1 12 4 , , 3 5 8 3 0 3 ' ' 1 1 7 5 , , 8 2 6 0 0 1 2 2 , , 7 3 8 9 6 2 De ( p in o s t i h ts o u o s f a s n u d s s p e o n f d e d d o ll b a a r n s) k : s 3 A M p a r r i c l h r 3 3 2 7 , , 8 3 2 2 2 2 1 16 3 , , 3 2 1 7 1 4 ' 1 1 6 8 , , 2 8 1 3 1 2 2 2, , 8 6 3 7 ? 9' 1934... 36,937 40 1,912 34,985 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 6 5 7 8 9—Jan.-April 1 1 1 2 13 0 9 6 1 , , , , , 0 7 9 3 2 1 2 0 3 6 5 3 6 2 4 5 7 , , 3 3 5 7 1 7 0 3 1 3 9 4 7 6 22 1 , , 7 2 7 0 1 7 8 1 4 1 1 1 0 3 3 1 0 , , , , , 7 3 1 7 2 5 6 3 2 0 6 3 1 7 7 1,2 9 5 4 1 9 3 8 9 0 6 9 0 2 7 w re i 1 p 2 r t h o C C R r i o 1 t e t e 9 m i v d 1 e i p s 9 . s , r e ( i e d o T s x . e t h c h s e e e c p r n e t t n u h t t m h e an a r b s t e t f o r h o n e r h e w 1 a s 4 s h u 1 c i b c c h s h e a t n i n b t t g e a u r e n t s d i k ) o n v d fo e e w r r b y w a i t s l h f i m i i t g c tl h a u e d r e b e s s a i n i n n a c k r e e 1 d 9 a 1 2 e 9 v 0 b 3 a i 4 a i t l s n a a d b a n r d l o e e n h b c e a u e s i g n r r i n e 1 n u n 9 n 2 m t i l 8 n y - . g bered 133 since 1936. 1 Represents licensed banks suspended; does not include nonlicensed Back figures.—See Annual Report for 1937 (Table 71), which also gives, banks placed in liquidation or receivership. a definition of bank debits. Figures for individual reporting cities and 2 Federal deposit insurance became operative January 1, 1934. totals by Federal Reserve districts are available in mimeographed form.. 3 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Annual Report for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 501 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s al s m n b o e e m n r - - Call date ba A n ll ks Total ti N on a- al State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 1929-June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29_. 53, 852 32, 284 19,411 12,873 8,983 12, 584 Dec. 31 24, 630 8,522 7,403 1,119 609 15,499 Dec. 31___ 55, 289 33, 865 20,290 13, 575 8,916 12, 508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30___ 37, 998 23, 338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30__. 38, 505 23, 771 15, 386 8,385 9,708 5,026 1934—June 30 15, 835 6,375 5,417 958 578 8,882 1934— June 30__. 41,870 26, 615 17,097 9, 518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31— 44, 770 28, 943 18, 519 10, 424 9,828 6,000 1935—June 29 15,994 6,410 5,425 985 571 9,013 1935—June 29. _. 45, 766 29, 496 19,031 10, 465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31___ 48,964 32,159 20,886 11, 273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30_- 51, 335 34,098 21,986 12,112 10, 060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31___ 53, 701 35, 893 23,107 12, 786 10,143 7,666 1937- June 30 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 1,081 663 8,489 Dec. 31__. 52, 440 34,810 22, 655 12,155 10, 257 7,373 1938—Mar. 7 15, 348 6,335 5,250 1,085 563 8,450 1938—Mar. 7___. 51, 703 34,118 22, 264 11, 854 10, 259 7,325 June 30 15,287 6,338 5,242 1,096 563 8,38G 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 Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1929—June 29 58,474 41, 531 16,943 35, 711 25, 658 10, 052 9,556 5,892 3, 664 13,207 9,981 3,227 Dec. 31-__ 58, 417 41,918 16,499 35, 934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22, 203 17, 872 24, 786 12, 858 11, 928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30__ 40, 319 21,977 18,342 25, 220 12, 833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 42, 502 21, 278 21, 224 27,175 12, 523 14, 652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31 . _ 43, 458 20, 473 22,984 28,150 12, 028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—June 29 44, 416 20, 272 24,145 28, 785 11, 928 16, 857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45, 717 20, 329 25, 388 29, 985 12,175 17, 810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20, 679 27, 778 32, 259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 _ 49, 524 21, 449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 . 49,696 22, 514 27,182 32, 739 14, 285 18, 454 10,180 5,002 5,178 6,778 3,227 3, 550 Dec. 31 48, 566 22,198 26, 368 31, 752 13, 958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—Mar. 7 48, 319 21, 779 26, 540 31, 521 13, 546 17, 975 10,196 4,995 5,201 6,602 3,238 3,364 June 30 47, 381 21,130 26, 252 30, 721 12, 938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Sept. 28 48, 304 21,089 27,215 31, 627 12, 937 18, 689 10,198 4,951 5,247 6,479 3,200 3,279 Dec. 31 s. 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

502 FEDERAL RESERVE BULLETIN JUNE 1939 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loans i Investments J u. Com- Loans for S. Government obligations T lo o a t n a s l m ci e a r l, - p or u r c c a h r a ry si i n n g g g O at b io li n - s and in- Open securities Direct of Call date m v i e e n s n - t t - s Total t t u a d a c r g r u i u n a a r s l d i - l l - - , 2 p m k ap a e r t e - r b d a e T r e n o r a o s d k l- - oth T e o rs3 e l R o st a e a n a t l s e b L a o t n o a k n s s l O o t a h n e s r 4 Total Total Bills Notes Bonds G t a e u n e a - d r- s s p d s i a t i o o u a i c n v l n b a t d i e - i s l t - s - 5 O s i e ti t c e h u s e r r 1 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 6 249 520 3,094 1,393 4,528 1933—June 30._ 24, 786 12, 858 595 953 3,752 2,372 330 4,857 11,928 6,887 n, 113 2,049 3,725 1,744 3,297 1934—Dec. 31. _28,150 12,028 751 1,030 3,110 2,273 155 4,708 16,122 9, 906 61,030 4,217 4,659 989 1, 965 3,262 1935—Dec. 31. _29, 985 12,175 651 1,243 2,893 2,284 98 5,006 17,810 0,501 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 1,639 1,053 4,527 6,060 1,906 2,226 3,868 1937—Dec. 31 _ _31, 752 13, 958 643 950 2,752 2,547 70 6,996 17, 794 0,574 662 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 0,625 797 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 0,215 316 3,653 6,246 2,128 2,143 3,297 Dec. 31.. 32, 070 13, 208 5, 450 441 973 ?775 2,716 125 7 2, 72818, 863 0,882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29._ 32, 095 13, 047 5,533 424 838 733 2,749 99 2,671 19, 048 0,791 303 2,604 7,783 2,660 2, 555 3,142 NEW YORK CITY 8 1929—Dec. 31. _ 8,774 6,683 195 1,257 2,145 322 2,595 2,091 1,112 6 58 166 889 222 758 1933—June 30.. 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 6638 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 1,663 894 517 698 1939—Mar. 29.. 8,408 3,086 1,456 126 668 209 124 77 427 5,322 2,939 68 831 2,040 1,086 582 714 CITY OF CHICAGO 8 1929—Dec. 31 _.1,757 1,448 251 533 535 309 116 6 3 19 94 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 June30_. 1,806 525 29 109 361 1,281 859 12 313 535 122 140 159 Dec. 31. _ 1,969 539 336 43 70 62 1,430 1,005 59 291 655 109 141 176 1939—Mar. 29__ 1,965 545 361 32 70 57 1,420 992 121 212 660 108 149 171 RESERVE CITY BANKS 1929—Dec. 31 _.12,029 9,084 168 664 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 6,298 3,940 69 1,268 2,603 718 732 908 Dec. 31. _11, 654 4,963 •2,123 148 119 242 1,230 20 1,081 6,691 4,278 57 1,224 2,997 740 808 1939—Mar. 29..11, 624 4,936 2,119 142 115 228 1,249 17 1,066 4,181 100 977 3,105 823 823 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 1,149 5,669 2,636 11 732 1,893 597 982 1,453 1939—Mar. 29 10,098 4,480 1,597 142 24 226 1,363 1,121 5,618 2,578 15 585 1,978 643 1,001 1,397 r Revised figure. 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

503 JUNE 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 a R e e r n r 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 n i o s t k h - ti s c 1 j p u o d a s s e d te i - - t d s 2 s p u n a h c a a o e n i r l p r r d s t - - s - , , p s d s a i o i u i c o n v l a b d n i i l t - s - - ch e c a f o e t e i f n c e c f r . d i d s k - 3 ' s, m U G e . e r o n n v S - t - . 4 s p u n h a c a a o n e i r l p r r d s t - s - - , , p s d s a i i o u i c o n v l b a n i d i - l t s - - P i s n o a g s v s t - a 4 l m D a e n - d Time b F e a i o n g r k n - s r B i o n o w g r s - - co i a t u c a n - l ts 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 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 1939—Mar. 29 9,112 777 4,403 22, 364 20, 845 2,467 533 775 10, 940 461 68 6,816 133 629 7 5, 467 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 11*33—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 86 103 5,069 5,370 229 540 792 591 4 56 1,798 1 133 1,565 1935—Dec 3i 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 Dec. 31 4,104 68 109 7,168 7,273 280 195 139 652 36 2, 687 442 1,593 1939—Mar 29 4,582 63 156 7,605 7,677 260 272 135 655 53 2,731 553 1 592 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 Dec 31 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 1939—Mar. 29 705 22 178 1,250 1,182 141 26 83 452 12 834 10 261 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 31 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 Dec. 31 2, 354 321 1, 940 7.214 7,034 796 170 424 4,233 269 17 2,719 108 57 1.777 1939—Mar. 29 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,795 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 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 1939—Mar. 29 1,367 350 1, 963 6,183 5,087 1,176 114 137 5,557 153 46 438 25 2 5 1,818 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 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 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

504 FEDERAL RESERVE BULLETIN JUNE 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments1 Loans for U.S. Government obligations Com- purchasing T lo a o n a t n d a s l m ci e a r l - , o s r e c c a u r r r i y ti i e n s g Direct Date or Month m v e i e n n s - t t - s1 Total1 t d a r i u i n n a d s - l - , p O m k a p a p e e t r e - n r br T o 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 O lo t a h n e s r Total i G a u n a - r- s O i e t t c i h e u e s r r J a cu g l r - i- a e n r d s ot T h o ers Total Bills* Notes Bonds teed tural dealers TOTAL—101 CITIES 1938—April . 20, 819 8,604 4,229 403 622 592 1,147 104 1,507 12,215 7,955 1,179 3,081 October 21, 323 8,282 3,904 346 669 576 1,163 109 1,515 13, 041 8,084 1,682 3,275 November 21, 347 8,319 3,884 343 715 571 1,166 113 1,527 13.028 8,130 1,681 3,217 December 21, 586 8,465 3,863 332 850 566 1,168 123 1,563 13,121 8,191 1,708 3,222 1939—January 21, 468 8,338 3,800 325 852 547 1, 170 100 1,544 13,130 8,191 1,728 3,211 February 21, 527 8,197 3,760 323 795 533 1,145 102 1,539 13,330 8,178 1,891 3,261 March 21, 705 8,241 3,792 310 831 529 1,137 94 1,548 13, 464 8,186 410 2,201 5,575 2,027 3,251 April _ 21, 727 8,127 3,848 305 697 537 1,144 69 1,527 13, 600 8,225 342 2,011 5,872 2,033 3,342 1939—Mar. 1 21, 594 8,186 3,773 313 799 523 1,136 92 1,550 13, 408 8,143 416 2,531 5,196 2,019 3,246 Mar. 8 21, 788 8,338 3,773 313 923 532 1,135 111 1,551 13, 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 13, 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 Apr. 26 21, 775 8,100 3,844 304 685 535 1,147 57 1,528 3,675 8,270 357 2,025 5,888 2,030 3,375 May 3 21, 785 8,071 3,841 302 648 539 1,148 60 1,533 3,714 8,341 422 2,019 5,900 2,026 3,347 May 10 _21,719 8,085 3,852 295 663 537 1,149 60 1,529 3,634 8,334 430 2,031 5,873 2,010 3,290 May 17 21, 609 8,046 3,845 301 639 539 1,150 53 1,519 3,563 8,304 412 2,030 5,862 2,031 3,228 NEW YORK CITY 1938—ADril 7,647 3,078 1,628 147 489 201 118 77 418 4,569 2,995 443 1,131 October 7,809 2,935 1,447 142 528 197 119 89 413 4,874 2,902 803 1,169 Novpmbp.r 7,737 2, 957 1,422 138 573 201 119 90 414 4,780 2,895 800 1,085 7,845 3,056 1,399 133 688 199 119 100 418 4,789 2,858 835 1,096 1939—Januarv 7,645 2,982 1,371 128 694 192 117 79 401 4,663 2,711 852 1,100 February 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 April 8,010 2,795 1,379 117 555 195 110 56 383 5,215 2,946 146 741 2,059 1,045 1,224 1939—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 Apr. 26 . _ 8,059 2,777 1,376 117 547 195 111 44 387 5,282 3,009 181 727 2,101 1,044 1,229 May 3 8,040 2,735 1,375 118 502 197 111 47 385 5,305 3,047 187 723 2,137 1,040 1,218 May 10 . 7,956 2,750 1,378 115 517 196 111 46 387 5,206 3,025 186 720 2,119 1,023 1,158 May 17 7,857 2,720 1,369 120 495 199 111 40 386 5,137 3,009 168 722 2,119 1,032 1,096 OUTSIDE NEW YOEK CITY 1938—April 13,172 5,526 2,601 256 133 391 1,029 27 1,089 7,646 4,960 736 1,950 October 13, 514 5,347 2,457 204 141 379 1,044 20 1,102 8,167 5,182 879 2,106 November 13, 610 5,362 2,462 205 142 370 1,047 23 1,113 8,248 5,235 881 2,132 December 13,741 5,409 2,464 199 162 367 1,049 23 1,145 8,332 5,333 873 2,126 1939—January 13, 823 5,356 2,429 197 158 355 1,053 21 1,143 8,467 5,480 876 2,111 February 13, 851 5,296 2,403 198 151 346 1,035 20 1,143 8,555 5,544 917 2,094 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 April 13,717 5,332 2,469 188 142 342 1,034 13 1,144 8,385 5,279 196 1,270 3,813 988 2,118 1939—Mar. 1 3,839 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 2,428 193 160 339 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 Apr. 26 3,716 5,323 2,468 187 138 340 1,036 13 1,141 8,393 5,261 176 1,298 3,787 986 2,146 May 3 . 3,745 5,336 2,466 184 146 342 1,037 13 1,148 8,409 5,294 235 1,296 3,763 986 2,129 May 10 3,763 5,335 2,474 180 146 341 1,038 14 1,142 8,428 5,309 244 1,311 3,754 987 2,132 May 17 3,752 5,326 2,476 181 144 340 1,039 13 1,133 8,426 5,295 244 1,308 3,743 999 2,132 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. i Beginning February, 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 of certain loans theretofore erroneously classified as "Commercial, industrial, and agricultural" to "Other loans." * Not reported separately prior to Feb. 8, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1939 FEDERAL RESERVE BULLETIN 505 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month b s w F e R e a e r i r n e a t v d k - h l - e s v C a i a n u s l h t m b a w n d a e i c o n s t e - h k ti s s c j m p u o a s d a t e d s n e - i - t d d s 1 s p p u v n h a c o a a o i e i n r d r 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 b a n t i d i - e l t s - - s c C h c o a f e e e e i f t n e c f r c r d i d . t s k - i ' s - , U m G er . e o n n v S - t - . 2 s p p u v n h a c o a a i o e n i d l r r p r r d s a t - - - s - , - , S p s d s a i t i o u c i o a n v l b a n t d i i l - e t s - - s P s i o n a s v g t - s a 2 l m D a e n b - d ank T s ime b e F 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—April 5,885 2,107 14,437 15, 318 393 612 5,204 5,292 115 336 3,626 October 7,005 425 2,446 15, 688 16, 666 493 563 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, 224 6,395 116 587 3,687 April 7,973 2,596 16, 455 16,000 1,372 428 620 4,974 235 6,473 116 3,695 1939—Mar. 1 7,368 2,558 15, 965 15, 643 1,358 542 629 4,965 225 6,300 114 566 3,687 Mar. 8 7,409 420 2,532 16, 086 15, 605 1,296 629 627 4,981 231 6,403 115 569 3,693 Mar. 15 7,464 402 2,659 16,143 15, 927 1,299 752 626 4,976 212 6,540 117 573 3,685 Mar. 22__ 7,379 416 2,572 15, 976 15, 513 1,346 477 622 4,981 221 6,381 120 612 3,686 Mar. 29 7,515 424 2,579 15, 991 15, 502 1,335 402 621 4,978 229 6,351 115 613 3,684 Apr. 5 7,668 412 2,615 16, 072 15, 619 1,338 427 621 4,977 228 6,499 116 625 3,688 Apr. 12 7,866 434 2,612 16, 388 16, 069 1,328 425 621 4,971 231 6,460 117 620 3,694 Apr. 19 8,100 417 2,585 16, 619 16,159 1,366 421 620 4,971 232 6,460 116 670 3,696 Apr. 26 8,257 434 2,571 16, 742 16,152 1,456 440 616 4,975 250 6,473 117 639 3,700 May 3 8,190 410 2,575 16, 660 15, 963 1,593 434 608 4,979 259 6,510 117 647 3,708 May 10 8,337 429 2,567 16, 719 16,189 1, 380 419 597 4,981 258 6,483 117 642 3,711 May 17 8,352 419 2,671 16, 681 16, 301 1,355 402 581 4,985 252 6,572 118 633 3,708 NEW YORK CITY 1938—April 2,946 6,029 6,361 236 206 654 2,187 295 1,482 October 3,754 76 6,613 6,972 328 141 621 2,549 424 1,482 November 3,910 75 6,669 7,048 281 115 604 2,589 426 1,488 December 3,973 74 6,817 7,221 356 118 601 2,598 442 1,490 1939—January 4,208 73 6,730 7,085 285 116 613 2,661 469 1,479 February 4,288 74 6,844 7,209 299 116 621 2,639 495 1,484 March 4,309 94 6,966 7,075 242 395 114 587 38 2,743 517 1,483 April 4,651 82 7,287 7,348 257 268 110 583 43 2,785 561 1,483 1939—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 2,780 500 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 2,651 540 1,480 Apr. 5 4,503 101 7,132 7,193 238 263 112 588 2,751 548 1,480 Apr. 12_. 4,533 79 7,221 7,328 240 269 111 583 2,754 543 1,483 Apr. 19 4,737 74 7,368 7,420 269 258 112 581 2,790 593 1,484 Apr. 26 4,831 73 7,428 7,452 282 280 106 579 2,844 560 1,484 May 3 4,745 74 7,378 7,319 372 267 102 578 2,800 569 1,488 May 10 4,888 74 7,460 7,488 262 266 96 578 2,786 563 1,490 May 17 4,881 77 7,350 7,442 251 241 86 577 2,827 556 1,486 OUTSIDE NEW YORK CITY 1938—April 2,939 291 2,039 8,957 157 406 4,550 3,105 115 2,144 October 3,251 364 2,370 9,075 165 422 4,531 3,463 110 2,181 November 3,260 373 2,392 9,156 167 421 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 April 3,322 368 2,514 9,168 8, 652 1,115 160 510 4,391 192 3,688 116 2,212 1939—Mar. 1 3,053 340 2,480 9,122 1,088 180 513 4,383 181 3,571 114 67 2,200 Mar. 8 3,150 367 2,452 9,130 8,575 1,070 160 511 4,394 185 3,623 115 2,207 Mar. 15_. 3,163 352 2,569 9,205 8,798 1,065 178 510 4,388 185 3,708 117 2,203 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 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 Apr. 26 3,426 375 2,498 9,314 8,700 1,174 160 510 4,396 205 3,629 117 2,216 May 3 3,445 356 2,501 9,282 8,644 1,221 167 506 4,401 217 3,710 117 2,220 May 10 3,449 374 2,493 9,259 8,701 1,118 153 501 4,403 214 3,697 117 2,221 May 17 3,471 364 2,594 9,331 8,859 1,104 161 495 4,408 208 3,745 118 2,222 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with Postal savings (time) deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN JUNE : CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Loans Investments Com- Loans for u. 3. Government obligations Total mer- purchasing loans cial, or carrying Federal Reserve and in- Open securities Direct district and date in- dus- mar- Real Loans Other (1939) vest- Total trial, tei estate to Other Total Guar- securments and aper To loans banks loans an- ities agri- brok- teed cul- ers To Total Bills Notes Bonds tural and others dealers BOSTON (6 cities) Apr. 26 1,153 572 261 64 24 23 118 581 399 3 65 331 46 136 May 3 1,156 570 256 63 26 23 120 586 406 3 63 340 45 135 May 10 1,157 569 257 62 25 23 120 588 409 3 63 343 46 133 May 17 1,158 568 258 61 24 23 120 590 410 3 62 345 46 134 NEW YORK (8 cities)* Apr. 26 8,904 3, 124 1,477 124 552 255 198 474 5,780 3,287 181 786 2,320 1,105 1,388- May 3 8,877 3,082 1,476 125 507 257 198 472 5,795 3,322 187 782 2, 353 1,096 1,377 May 10 8,791 3, 099 1, 481 122 522 256 198 474 5,692 3,296 186 779 2,331 1,079 1,317 May 17 8,688 3,070 1,473 127 500 259 198 473 5,618 3,277 168 780 2,329 1,089 1, 252 PHILADELPHIA (4 Cities) Apr. 26 1,109 410 188 23 21 32 53 92 699 352 41 311 90 257 May 3 1,111 410 189 22 20 33 53 92 701 351 41 310 90 260 May 10 1,112 411 190 22 21 33 53 91 701 350 41 309 91 260 May 17 1,111 411 190 22 21 32 53 92 700 346 41 305 96 25a CLEVELAND (10 cities) Apr. 26 1,866 658 239 8 20 26 169 195 1.208 827 9 201 617 99 282 May 3 1,881 662 241 8 21 26 169 196 1.219 837 9 200 628 99 283 May 10 1, 880 659 240 6 20 26 169 196 1,221 840 8 217 615 98 283 May 17 1,880 659 241 7 19 26 169 195 1,221 842 8 217 617 97 282- RICHMOND (12 cities) Apr. 26 668 239 105 10 3 15 35 429 312 1 166 145 52 65 May 3 673 241 106 10 3 15 35 432 313 1 169 143 54 65 May 10 678 242 106 10 3 15 35 73 436 317 1 172 144 54 65 May 17 679 243 106 10 4 15 36 72 436 316 1 171 144 55 65- ATLANTA (8 cities) Apr. 26 605 308 172 2 6 13 29 85 297 150 8 34 108 60 May 3 605 308 171 2 6 13 30 85 297 149 8 34 107 61 May 10 605 308 173 2 6 13 30 83 297 149 8 34 107 61 87 May 17 605 308 182 3 6 12 30 74 297 150 8 34 108 60 87 CHICAGO (12 cities)* Apr. 26 3,022 859 503 29 35 79 110 2,163 1,412 64 393 955 254 497 May 3 3,048 858 500 29 37 79 111 2,190 1,446 131 393 922 255 489 May 10 3,077 865 504 29 40 79 100 110 2 212 1,463 144 393 926 258 491 May 17 3,076 863 501 30 39 101 110 2,213 1,459 144 392 923 263 491 ST. LOUIS (5 cities) Apr. 26 719 310 185 3 5 50 51 409 247 43 52 152 63 99 May 3 719 312 186 3 5 50 51 407 245 43 50 152 64 98- May 10 716 311 188 2 5 49 50 405 242 42 48 152 65 98 May 17 716 312 189 3 5 49 50 404 240 43 48 149 65 99 MINNEAPOLIS (8 cities) Apr. 26 384 158 79 3 1 61 226 162 9 36 117 18 46 May 3 370 157 78 3 1 61 213 152 1 36 115 18 43 May 10 367 157 78 3 1 61 210 152 1 36 115 15 43 May 17 360 155 77 3 1 60 205 147 36 111 15 43 KANSAS CITY (12 cities) Apr. 26. 658 257 153 19 4 24 47 401 208 6 86 116 56 137 May 3 661 261 155 19 4 24 48 400 206 6 85 115 57 137 May 10 _ 659 261 155 19 4 24 48 398 201 6 84 111 57 140 May 17 657 259 153 18 4 24 49 398 201 6 84 111 57 140 DALLAS (9 cities) Apr. 26 511 251 166 1 4 20 260 155 30 46 79 48 57 May 3 512 253 166 1 4 21 46 259 155 30 46 79 47 57 May 10 512 253 167 1 4 21 46 259 156 30 43 83 46 57 May 17 510 252 166 1 4 20 46 258 154 30 43 81 46 58 SAN FRANCISCO (7 cities^ Apr. 26 _ 2.176 954 316 18 10 382 178 1,222 759 3 119 637 139 324 May 3 2,172 957 317 17 14 382 179 1, 215 759 3 120 636 140 316 May 10 2,165 950 313 17 12 383 177 1,215 759 1 121 637 140 316 May 17 2,169 946 309 16 12 383 178 1,223 762 1 122 639 142 319 CITY OF CHICAGO* Apr. 26 1,941 532 358 15 31 13 47 1, 409 935 64 211 660 127 347 May 3 1,964 531 354 15 33 13 48 1,433 965 130 211 624 128 340 May 10 1,990 539 359 15 36 13 48 1,451 979 140 212 627 129 343 May 17 1,986 535 356 15 35 13 48 1,451 974 139 210 625 134 343. * 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

507 JUNE 1939 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F is e t d ri e c r t ( a 1 l 9 a 3 R n 9 e ) d s e d rv a e te b s w F e R e a e r i r n e a t d v - h k l - e s v C a i a n u s l h t m a b w n d a e i c o n s t - e h t k s i s c m p u o s d a a t d s e e n i - - d t d s s p u v n a h a a i n e i d r p l r d s t - - s - , , S p d s t a o i i u a l c n v t i a b d i t e - l - - s c C h c a f o e e e i f n e c f r r d i d t s k - i ' s - ,m U G e e . o r n n v t - S - 2 . s p u v n h a a a i e i n r l d r p d t s - - s - , , S p d s a t i o i u a c l n v a b i t d i t - l e - - s P i s n o a g s v s t - a 2 l De- banks 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 cor- sions etc. cor- sions mand Time pora- porations tions BOSTON (6 cities) Apr. 26 141 147 1,072 1,021 94 14 15 246 270 29 245 May 3 379 138 151 1,071 1,019 98 17 15 246 274 28 245 May 10 388 140 147 1,076 1, 025 92 15 15 247 275 29 245 May 17 385 139 142 1,074 1,030 90 16 15 246 273 27 245 NEW YORK (8 cities)* Apr. 26 4,946 76 160 8,014 7,875 463 295 124 948 2,903 562 1,607 May 3 4,874 70 165 7,997 7,749 588 285 121 947 2,863 570 1, 611 May 10 5,000 72 163 7,991 7,908 397 279 115 947 2,846 565 1,612 May 17 4, 998 71 172 7,868 386 257 105 949 2,888 558 1, 609 PHILADELPHIA (4 cities) Apr. 26 326 18 183 823 61 53 276 318 13 223 May 3 327 17 186 815 804 61 53 277 329 13 224 May 10 334 18 178 815 802 64 53 276 331 13 224 May 17 331 17 184 807 810 60 53 276 340 13 224 CLEVELAND (10 Cities) Apr. 26 408 43 294 1,179 1,134 105 42 712 322 1 369 May 3 406 40 285 1,168 1,114 116 42 713 332 1 370 May 10 406 41 280 1,171 1,113 113 42 713 325 1 369 May 17 405 41 290 1,181 1,139 108 42 712 325 1 369 RICHMOND (12 cities) Apr. 26 160 20 164 446 418 56 198 244 95 May 3 159 18 165 444 418 55 28 198 248 95 May 10 159 20 161 448 423 54 28 198 247 96 May 17 161 19 164 448 428 52 28 252 96 ATLANTA (8 cities) Apr. 26 112 13 176 373 339 73 40 173 249 93 May 3 111 12 173 367 337 71 39 174 252 92 May 10 113 12 179 370 341 69 39 175 255 93 May 17 111 12 175 367 344 68 39 175 252 93 CHICAGO (12 cities)* Apr. 26 1,110 59 475 2,318 2,149 128 895 956 394 May 3 1,100 57 2,292 2,130 293 123 897 981 398 May 10 1,082 61 2,308 2,143 289 118 975 398 May 17 1,099 58 2,337 2,187 296 113 986 399 ST. LOUIS (5 cities) Apr. 26 142 12 136 442 445 35 18 187 281 93 May 3 141 11 132 429 433 36 18 187 288 93 May 10 142 12 134 435 441 36 18 187 283 93 May 17 148 11 141 431 443 35 18 188 297 92 MINNEAPOLIS (8 cities) Apr. 26_.__ 67 7 64 233 197 56 2 118 120 57 May 3 78 6 90 256 216 57 2 118 119 57 May 10 7 229 59 118 122 57 May 17 233 58 118 120 57 KANSAS CITY (12 cities) Apr. 26 156 267 470 22 140 352 99 May 3 163 265 484 466 72 23 140 361 99 May 10 168 260 491 467 70 23 140 355 100 May 17 163 284 497 484 68 22 140 365 100 DALLAS (9 cities) Apr. 26 110 230 432 417 42 34 128 201 84 May 3 113 230 431 412 46 34 128 7 205 84 May 10 116 230 434 416 44 34 128 7 206 84 May 17 115 245 443 433 41 34 128 7 208 84 SAN FRANCISCO (7 cities Apr. 26 337 275 922 879 97 110 954 116 257 341 May 3 339 273 906 865 100 110 954 127 258 340 May 10 341 285 911 881 93 110 954 124 263 340 May 17 352 934 902 93 110 956 118 266 340 CITY OF CHICAGO* Apr. 26 1,554 1,480 154 83 471 12 723 259 May 3 875 228 1,551 1,473 158 78 472 12 742 263 May 10 858 221 1,560 1,479 160 73 472 12 740 263 May 17 874 239 1,580 1, 507 169 69 472 12 752 263 * 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 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN JUNE 1939 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i p e a r e l - r Total Heldb b y a n a k c s cepting H R e e ld se r b v 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 betweenpoints 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 r e n n r i t g e d o n - - f ot b h y ers p U i i n o m . r t S o t . s U p fr o o . r S m t . s ch e a x n - ge U.S. F c o o r u e n ig - n ents tries 1938—April 271 279 229 141 89 1 48 86 71 1 60 61 May 251 268 218 139 80 2 48 81 65 1 57 64 June 225 264 210 135 76 2 52 79 63 1 58 63 July 211 265 217 133 84 1 47 78 63 1 60 63 August 209 258 216 129 87 (2) 42 83 58 2 55 60 September 212 261 221 129 92 (2) 40 89 57 2 56 57 October 213 270 223 130 93 (2) 46 94 57 3 59 56 November 206 273 222 124 98 (2) 51 94 59 3 59 57 December 187 270 212 121 91 (2) 58 95 60 3 57 56 1939—January 195 255 204 122 82 52 89 57 2 52 55 February 195 248 198 122 76 50 87 57 2 48 54 March 191 245 191 117 74 54 87 58 2 42 56 April ___ 192 238 189 118 72 49 86 56 1 38 57 1 As reported by dealers; includes some finance company paper sold in open market. * Less than $500,000. Back figures.—Bee Annual Report for 1937 (table 70) CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances i Other credit balances End of month C b u ( a d s n l t e a e o b n t m ) i c t e i e s rs' a b i n n a p a d v l a c a e c r n s t t o c n r t u a e m e n s d r e t s i s n n ' in t g a b i n n a a d v l c a e c f n i s t o r c r t m u a m e n d s e t i s n n in t g C a b h a n a s a d h n n k d i s o n n r M o b w o o e n r d - e y 2 Free O (n t e h t e ) r m p i a n e r n v t I n n t e s e a t r n - s d ' m in e f n v i I r n t e m s a t n - d a c c a c p o In i u t n al ts trading trading (net) accounts accounts 1936—December 1,395 64 164 249 1,048 342 103 30 12 424 1937—March 1,549 61 175 223 1,172 346 115 29 18 419 June _ 1,489 55 161 214 1,217 266 92 25 13 397 September 1,363 48 128 239 1,088 256 96 26 12 385 December _._ 985 34 108 232 688 278 85 26 10 355 1938—March 831 29 95 215 576 239 81 25 9 315 April 763 26 97 203 485 248 88 24 9 309 May 760 25 85 208 482 243 92 22 8 301 June 774 27 88 215 495 258 89 22 11 298 July_. 843 28 80 209 528 284 82 22 10 303 August 864 29 84 200 571 272 77 20 9 301 September 823 29 76 213 559 257 68 20 7 300 October 905 32 85 196 617 270 73 20 8 304 November ______ _ 939 30 78 189 662 252 65 20 8 303 December 991 32 106 190 754 247 60 22 5 305 1939—January 971 34 75 192 713 235 60 22 12 298 February 967 29 83 168 709 222 62 20 5 294 March ___ _ 953 27 84 174 699 225 59 20 9 294 April 831 26 83 190 579 236 60 20 7 290 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

JUNE 1939 FEDERAL RESERVE BULLETIN 509 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der see e s r . a 1 l 3 R a e n s d e r 1 v 3 e a A o c f t t i he Fed- 10(b R ) e o s f e r t v h e e A Fe c d t eral t ( h la e s t U p n a i r t a ed g ra S p t h at e o s f sec. 13 of the Federal Federal Reserve Bank Reserve Act) M R 3 a a 1 t y e be I g n in ef n fe in ct g- v P r i a r o e t u e - s M R 3 a a 1 t y e be I g n in e n ff i e n c g t - R M 3 a a 1 t y e be I g n i n e n ff i e n c g t - Boston Sept. 2, 1937 Sept. 2, 1937 April 29, 1938 New York_.._ Aug. 27, 1937 Oct. 10, 1935 Feb. 8, 1934 Philadelphia.. Sept. 4, 1937 Sept. 4, 1937 Oct. 20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 May 11, 1935 Richmond Aug. 27, 1937 Sept.10, 1937 Feb. 19, 1934 Atlanta Aug. 21, 1937 Aug. 21, 1937 April 23,1938 Chicago Aug. 21, 1937 Aug. 21, 1937 Oct. 16, 1933 St. Louis Sept. 2, 1937 Sept. 2, 1937 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug.24, 1937 Oct. 8, 1938 Kansas City.. Sept. 3, 1937 Sept. 3, 1937 Apr 16, 1938 Dallas Aug. 31, 1937 Aug. 31, 1937 Apr 16, 1938 San Francisco Sept. 3, 1937 Sept.17, 1937 Oct. 19, 1933 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect, May 31, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum except as otherwise specified] Rate in [Maturity effect on In effect be- Previous Advances to financ- May 31 ginning— rate ing institutions— Advances direct to Commit- 1-15 days i__ Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 16-30 days... ...do or com- tion for to make 31-45 days... ___do mercial or- which On re- advances 46-60 days... ___do ganizations institu- maining 61-90 days... ___do tion is portion 91-120 days.. ___do obligated 121-180 days ___do Boston 1-1 i This rate also applies to acceptances bought under repurchase agree- New York 4-6 4-5 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 4 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 H Chicago 5-6 5-6 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4 Minneapolis 4^-5 4H-5 1-2 Kansas City 4-6 4 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 ¥r2 Maximum rates 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, Savings deposits 1917- 1936- 1937- 1937- 1938- Postal Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Other time deposits pay- 1936 1937 1937 1938 after able in: 6 months or more On net demand 90 days to 6 months deposits: i Less than 90 days Central reserve city. 22% Reserve city 17K2 Country 12 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for member All member banks.. banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by ower maximum rates established by State authority. i See footnote to table on p. 49 8 for explanation of method of computing net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN JUNE 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Per cent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; per cent per annum] Prevailing rate on- Average rate on— Aver- 1929 1932 1933 1934 1935 1936 1937 1938 1939 U. S. Treas- age New York City: Year, Prime Stock Stock ury bills yield on January 5.74 4.71 4.12 3.58 2.83 2.64 2.50 2.36 2.29 mo w n e t e h k , or P c r o i m m - e b e a r n s k ' - ch e a x n - ge ch e a x n - ge T U r . e a S s . - F M e a b r r c u h ary 5 5 . . 7 8 3 1 4 4. . 7 7 2 1 4 4 . . 8 1 8 1 3 3. . 3 4 1 3 2 2 . . 6 9 4 0 2 2 . . 6 5 1 6 2 2 . . 4 5 1 0 2 2 . . 4 3 0 4 2 0 .2 ) 4 mercialaccept- time call New 91- ury April 5.85 4.69 4.33 3.39 2.61 2.54 2.53 2.36 paper, ances, loans, loan issues day 3-to-5 May.... _. 5.88 4.55 4.24 3.42 2.69 2.51 2.44 2.40 4 to 6 90 90 re- of- deal- year June 5.93 4.61 4.10 3.30 2.66 2.44 2.34 2.36 months days days new- fered ers' notes July. __ __ 5.88 4.42 3.93 3.30 2.61 2.44 2.36 2.27 als p w e i r t i h o i d n 1 ta q t u i o o - n A Se u p g t u em st ber 6 6. . 0 0 6 5 4 4. . 3 4 0 5 3 3 . . 9 7 7 9 3 3. . 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 D o ec v e e m m b b e e r r _ 5 5. . 7 8 4 6 4 4 . . 1 2 2 2 3 3 . . 5 4 2 8 3 3 . . 1 2 8 2 2 2 . . 6 7 1 7 2 2 . . 4 4 3 3 2 2. . 4 4 0 5 2 2 . . 3 3 3 3 1937 average... 95 43 1 25 1 00 .447 28 1.40 1938 average.,_ .81 .44 1.25 1.00 .053 .07 .83 8 other northern and eastern cities: 1938— J J M A u u n l a p y y e ril _._ X X 54 - — l 1 7 7 7 7 / / / / 1 1 1 1 6 6 6 6 I I I K K K L L L L O O O O O O O O . . . . 0 0 0 0 2 5 8 2 7 3 3 3 . . . . 0 0 0 0 7 5 5 9 . . . . 9 6 7 7 4 7 0 7 J A M F a e p n a b r u r i r c l a u h r a y ry _ 6 5 5 5 . . . . 0 8 8 9 0 7 6 1 5 5 5 5 . . . 1 1 0 1 0 3 7 4 4 4 5 5 . . . . 0 8 3 8 9 4 9 9 4 4 4 4 . . . . 5 4 6 5 2 9 5 2 4 4 4 3 . . . . 0 9 0 0 . 9 r 2 8 > 3 3 3 3 . . . . 4 6 6 6 7 0 2 3 3 3 3 3 . . . 3 4 3 3 4 3 6 0 3 3 3 3 . . . 2 2 2 3 6 9 5 7 3 3 ( . i . 4 3 ) 1 3 S D O N A e e c u o p c t g v t 5 H % 7 7 7 7 7 / / / / / 1 1 1 1 1 6 6 6 6 6 I I I K K K L L L L L O O O O O O O O O O . . . . . 0 0 0 0 0 0 2 4 2 9 7 4 7 3 6 . . . . . 0 0 0 0 0 4 5 6 3 8 . . . . . 7 6 6 8 7 1 8 7 2 1 J J M A S u u e u n l a p y g y e t u em st ber 6 6 6 6 6 . . . . . 0 2 0 1 0 9 4 2 1 8 5 5 5 5 5 . . . . . 1 1 0 1 0 4 2 5 3 3 4 4 4 4 4 . . . . . 9 6 6 8 9 9 8 5 2 7 4 4 4 4 4 . .3 1 1 3 1 0 2 1 9 5 3 3 3 3 3 . . . . . 8 8 7 7 7 7 8 9 8 5 3 3 3 3 3 . . . . . 5 6 4 4 4 1 1 7 5 5 3 3 3 3 3 . . . . . 3 3 3 4 2 2 2 3 5 9 3 3 3 3 3 . . . . . 2 3 2 3 2 7 0 6 8 8 1939- M F Ja e a n b r .... Y2~V8 7 7 7 / / 1 1 /1 6 6 6 I I K K 1 L L . O 0 0 0 O 0 . . . 0 0 0 0 0 0 4 2 5 . . .0 0 0 3 3 3 . . . 6 5 6 5 1 3 N O o ct v o e b m er ber 6 6 5 . . . 1 9 2 2 4 5 4 4 4 . . 9 8 8 6 8 8 4 4 4 . . . 5 5 5 1 4 9 4 4 3 . . 1 9 0 3 8 8 3 3 3 . . . 7 6 6 5 7 3 3 3 3 . . 5 4 4 0 6 7 3 3 3. . . 3 4 3 7 2 6 3 3 3 . . . 3 2 4 7 8 7 April V2-Vs Vie \xX 1.00 .019 .03 .50 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 M M M p p a a a r r y y y . . 2 2 2 6 1 0 2 9 3 _ _ . . _ ._ _ y%-% 7 7 7 7 7 / / / / / 1 1 1 1 1 6 8 6 6 6 I I I I K K K K 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 0 0 0 0 0 1 0 0 0 1 2 9 5 5 6 . . . . . 0 0 0 0 0 3 3 3 3 3 . . . . . 5 4 4 4 4 0 0 7 8 5 J A F M M u e p a n a b y r r e i r c l u h ary _ 5 6 6 6 6 . . . . . 9 0 0 1 1 6 4 7 0 6 5 5 5 5 5 . . . . . 6 6 6 6 6 4 4 1 2 3 5 5 5 5 5 . . . . 5 6 6 6 6 6 6 6 2 8 5 5 5 5 5 . . . . . 3 4 3 1 2 4 0 9 9 8 4 4 4 4 4 . . . . . 8 8 7 7 8 4 0 6 9 5 4 4 4 4 4 . . . . 4 4 6 4 3 4 0 1 3 9 4 4 4 4 4 . . . . . 2 1 1 1 1 1 7 8 5 5 4 4 4 4 4 . . . . . 1 1 1 1 0 4 3 3 5 9 4 0 .0 ) 9 July 6.17 5.63 5.54 5.07 4.58 4.35 4.19 4.12 August _ __6.22 5 68 5.53 5.05 4.63 4.25 4.18 4.12 1 Series comprises 273-day bills to October 15, 1937, bills maturing September 6.27 5.63 5.55 5.04 4.51 4.29 4.18 4.07 — about March 16,1938, from October 22, to December 10,1937, and 91-day October 6.29 5.56 5.50 5.05 4.55 4.23 4.16 4.06 bills thereafter. November 6.29 5.55 5.42 4.93 4.51 4.24 4.17 4.05 — Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 for 91-day Treasury bills available on request. i Series to be discontinued after this issue of BULLETIN. New revised series on somewhat different basis to be substituted. BOND YIELDS1 [Per cent per annum] Corporate 4 U.S. Year, month, or week Treas- Munic- By ratings By groups ury 2 ipal 3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues 2-6 15 120 30 30 30 30 40 40 40 1936 average 2.65 3 07 3.87 3.24 3 46 4.02 4.77 3.50 4.24 3.88 1937 average 2.68 3.10 3.94 3.26 3.46 4.01 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—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 April 2.30 2.75 3.84 3.02 3.22 3.97 5.15 3.35 4.66 3.51 Week ending: Apr. 29 2.27 2.75 3.84 3.02 3.20 3.96 5.16 3.34 4.66 3.50 Mav 6 2.24 2.68 3.82 3.00 3.19 3.96 5.15 3.33 4.65 3.49 May 13 2.17 2.67 3.78 2.98 3.15 3.91 5.08 3.30 4.59 3.45 May 20 _ 2.14 2.63 3.79 2.99 3.16 3.92 5.08 3.31 4.61 3.45 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

JUNE 1939 FEDERAL RESERVE BULLETIN 511 BOND PRICES i STOCK MARKET Corporate 3 Stock prices ! N Y u e m ar b , e m r o o f n t is h s , u e o s r . _ d _ a _ t . e ._ T U u r r . e y a S 2 s . - M ip u a n l i 1 3 c 5 - Total In tr d ia u 2 l s 0 - R ro a a i 2 d l- 0 Utilit 2 y 0 Year, d m a o te nth, or fe P rr r e e d - 2 To C ta o l mm I o n t n r d ia u (i l s n - dex R , r o a 1 a i 9 d l 2 - 6=1 U 00 ti ) lity u t i m V r n a o g e d l - 3 - of 1936 average 103.7 110.8 97.5 92.2 94.7 105.4 1937 average 101.7 110.3 93.4 90.1 89.6 100.4 Number of issues. 20 420 32 40 1938 average 103.4 113.7 78.9 82.9 58.6 95.3 1936 average 138.9 111 127 104 1,824 1938—April 102.7 111.6 73.8 77.8 53.5 90.2 1937 average 136.2 112 131 95 1,519 May 104.0 113.6 76.5 80.4 55.1 94.0 1938 average 135.6 83 99 73 1,100 June__ 103.9 113.6 75.3 80.0 52.0 94.0 July 103.8 114 2 80.8 85.0 60.2 97.3 1938—April 127.9 71 84 64 778 August 104.0 115.2 81.3 85.7 60.0 98.1 May 131.7 74 87 70 620 September 103.0 111.7 78.7 84.2 55.7 96.3 June 132.3 73 86 69 1,033 October 104.3 115.2 81.8 86.8 59.9 98.6 July 135.6 88 105 77 1,762 November 104.0 116.6 82.1 86.9 60.2 99.3 August 138.1 90 108 75 843 December 104. 1 116.5 81.1 86.0 58.6 98.7 September. 137.9 86 104 72 1,054 1939—January 104.4 117.3 81.9 86.2 59.7 99.7 October 140.4 91 110 77 1,889 February 104.8 117.3 82.1 86.4 59.0 100.7 November. 142.3 95 114 81 1,355 March 106.0 117.9 83.1 87.1 60.9 101.3 December. 141.7 92 111 78 1,195 April 106.6 116.4 79.4 83.8 54.5 1939—January... 141.7 92 109 81 1,114 February. 141.8 90 106 84 708 Apr. 26 106.9 116.4 79.3 83.5 54.4 100.1 March 142.3 92 108 999 May 3 107.2 117.7 79.6 54.6 100.4 April 140.4 82 96 964 May 10 108.4 117.9 80.5 55.6 101.1 May 17 108.7 118.6 79.8 84.8 53.6 100.9 Apr. 26___. 140.0 81 95 529 May 3 140.2 83 97 489 May 10.__. 141. 5 98 492 1 Monthly data are averages of daily figures except for municipal bonds, May 17--.. 141.9 95 463 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department; see BULLETIN for 1 Standard Statistics Co. Monthly data are averages of Wednesday December 1938, pp. 1045-1046 for description. Prices expressed in figures. decimals. 2 Average prices of industrial high-grade preferred stocks, adjusted to a 3 Prices derived from average yields, as computed by Standard Sta- $7 annual dividend basis. tistics Co. 3 Average daily volume of trading in stocks on the New York Stock Exchange, in thousands of shares. Weekly figures are averages for the Back figures.—See Annual Report for 1937 (table 79); for U. S. 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 o h r 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 - Bonds F ei o g r n - ^ eign) n p i a c l i- a c g ie e s n 2 - Total n a o n t d es Stocks eign) n p i a c l i- cies 2 Total notes Stocks 1929 11,513 10,093 9,420 1,418 0 8,002 2,078 5,924 673 1,420 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 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4, 123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 r4, 460 ^2, 359 r2, 323 971 481 r872 '807 65 35 r2,101 r% 074 129 665 'I, 279 rl, 248 31 28 1938—Apr 352 196 196 45 140 12 11 1 0 156 156 5 84 67 67 0 0 May 220 159 159 88 33 '38 22 16 (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 c 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 r4 0 236 236 11 14 211 211 0 c 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 c Nov. ._ ^386 226 rl96 152 0 43 37 6 31 160 135 6 22 108 89 18 25 Dec »-529 241 241 126 55 '60 44 16 0 ••288 '286 15 20 '250 '240 11 3 1939—Jan 257 200 200 76 118 6 5 1 0 57 57 27 19 10 10 (3) C 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 Apr 355 142 142 63 2 77 47 31 0 213 161 11 21 129 106 23 53 r Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 3 Less than $500,000. Source.—For domestic issues, Commercial'and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN JUNE 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 i End of month gross debt Ad- Social Bonds justed se- All Ma- Total service curity others 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 22,158 621, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 626, 006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28, 701 27, 645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 32, 989 31, 297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—June — 36, 425 35,800 33, 734 79 19, 936 800 10, 617 2,303 926 579 560 119 506 1938—April- 37, 510 36,963 34,016 79 20, 927 1,181 10, 076 1,753 856 1,458 635 92 454 May 37, 422 36,871 33, 845 79 20, 927 1,210 10,076 1,553 852 1,538 637 101 450 June 37,165 36, 576 33, 463 79 21,846 1,238 9,147 1,154 868 1,601 644 141 447 July 37,191 36, 642 33, 400 79 21,846 1,275 9,147 1,054 864 1,641 738 106 443 August 37, 593 37, 052 33, 681 79 21, 846 1,305 9,147 1,304 859 1,757 754 102 440 September 38,393 37, 850 34, 493 79 22, 712 1,334 9,067 1,302 830 1,788 739 106 437 October. 38, 423 37, 897 34, 527 79 22, 712 1,367 9,067 1,302 826 1,807 736 94 433 November 38,603 38,068 34, 559 79 22, 712 1,399 9,067 1,303 827 1,937 745 105 431 December. _ _ _ 39, 427 38, 899 35, 327 79 24, 005 1,442 8,496 1,306 827 2,002 743 101 427 1939—January 39, 631 39, 097 35, 469 79 24, 005 1,580 8,496 1,309 826 2,046 756 109 425 February-- 39, 859 39, 326 35, 533 79 24, 005 1,643 8,496 1,310 825 2,207 761 112 421 March 39, 985 39, 442 35, 579 79 25, 218 1,701 7,270 1,311 827 2,257 779 125 419 April _ 40,063 39, 525 35, 627 79 25, 218 1,751 7,270 1,309 826 2,294 780 122 416 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation, e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES OBLIGATIONS, APRIL 30, 1939 [In millions of dollars] [In millions of dollars] Date maturing Total Bonds i Notes Bills F F ed ar e m ral O H w o n m er e s' st R ru e c co ti n o - n m C o o d m it - y H u o . u s s - . End of Total Mortgage Loan Finance Credit ing Month Corpora- Corpora- Corpora- Corpora- Author- 1939—Before July 1 935 27 908 tion tion 2 tion tion ity July 1—Sept. 30 82 S 427 401 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 2,119 2,119 1937—June. _ 4,665 1,422 2,987 255 1946 1,845 1,845 Dec... 4,645 1,410 2,937 297 1947 > 2,827 2,827 1 19 9 4 4 9 8 2 2 1 , , 0 0 1 6 17 2 1 2, , 0 1 0 1 6 7 1938— M A a p y r. . . . . 4 4 , , 6 8 4 5 7 2 1 1 , , 4 4 1 1 0 0 2 2 , , 9 9 3 3 7 7 2 2 9 9 9 9 206 1951._. 1,223 1, 223 June.. 4,853 1,410 2,937 299 206 1952 2,436 2,436 July.. 5,064 1,410 2,937 510 206 1953 1,786 1,786 Aug... 5,015 1,410 2, 888 511 206 1954.. 2,663 2,663 Sept. . 5,009 1,404 2,888 511 206 1955 _ 755 755 Oct... 5,001 1,395 2.888 511 206 1956 489 489 Nov. 4,993 1,388 2,888 511 206 1959 . 982 982 Dec. 4,992 1,388 2,888 509 206 1960 _ 2,611 2,611 1939—Jan. __ 4,987 1,383 2,888 509 206 1961 50 50 Feb... 5,410 1,381 2,888 819 206 114 1963 919 919 Mar... 5,410 1,381 2,888 819 206 114 1965 1,485 1,485 Apr... 5,410 1,380 2,888 819 206 114 Total 35, 627 27,048 7,270 1,309 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the 1 Issues classified as of date of final maturity; most issues callable at public debt. The total includes guaranteed debentures of the Federal earlier dates; most of the U. S. savings bonds are redeemable at option Housing Administrator, amounting to $2,170,000 on April. 30, 1939. of holder. 2 Excludes obligations guaranteed as to interest only. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

513 JUNE 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 Increase or de- Receipts Expenditures ! Trust crease during ac- period counts, Period Total c ta o I x n m e - s e s S ta e o i x c t c y u e i s r a - 2 l O i r n n e n u t t v a h e e e l e r 3 - - r o A th l e l r Total e I d n s e t t e b o r t n - G t f i V e N a e o d n n n e e n a e s d t - a - e - r l al o A th l e l r r c a e R e o l n r e i v y d e - - f f ( v u n R i o n n e e l g d t v - ) s - 5 T f a t e e c r r r t u a c s c n t s 6 t s t s o . - E p ( c t o + e u x e ( e f n i c - r ) x p r e ) o e d - e t s s i s r - s - p ( e c t o + e x u e ( e e f n c i - r ) x t p r e e ) o d c - e s t s . i s r - s 7 - b G a f e l u a n n n e d c ra e l 7 G d r e o b s t s erans' Adm.4 Fiscal year ending: June 1936 4,116 1,427 (8) 2,086 603 8,666 749 1,340 1,310 3,441 11 1,814 -4, 550 +312 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,442 866 1,436 1,994 3,073 204 868 -3,149 +374 -128 +2, 646 June 1938 6,242 2,635 755 2,285 567 7,626 926 1,556 2,178 2,238 121 607 -1,384 +306 -338 +740 10 months ending: Apr. 1937 4,091 1, 564 141 1,805 581 6, 590 663 1,190 1,646 2,637 171 283 -2, 498 +356 -980 + 1, 162 Apr. 1938 5,092 2,044 619 1,931 499 6,128 685 1,290 1,740 1,717 93 604 -1,035 +85 +135 + 1,085 Apr. 1939 4,659 1,784 591 1,858 426 7,514 658 1,351 2,258 2,591 77 579 -2, 856 +785 +828 +2, 898 1938-April 273 49 34 155 35 642 66 130 215 202 9 19 -369 -36 -451 -46 May._ 375 40 131 169 35 568 9 134 201 206 16 2 -193 +158 -122 -88 June. __ ___ 774 550 5 185 34 930 233 132 238 314 12 1 -156 +63 -351 -258 July 311 47 32 186 47 763 13 137 256 216 5 135 -451 +325 -100 + 27 August 487 32 131 283 42 683 17 142 227 236 13 48 -195 -63 +144 +402 September.._ 711 498 3 170 40 751 146 131 177 243 10 45 -40 -41 +719 4800 October 332 41 34 209 48 769 67 136 250 262 9 44 -437 -3 -409 +30 November,.. 382 36 129 175 41 678 9 137 228 249 7 49 -296 -6 -122 + 180 December 704 481 3 181 40 862 173 136 190 309 4 49 -157 -31 +636 + 824 1939—January 308 48 43 173 45 693 30 140 221 258 5 39 -385 +30 -151 + 204 February 417 56 182 143 37 662 17 122 209 254 10 50 -245 +428 +410 +227 March.. _ __ 737 506 4 183 45 870 120 136 243 297 6 68 -132 +52 +46 +127 April 268 40 30 156 42 785 66 133 258 266 8 55 -517 +93 -346 +78 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age reserve and Unemployment Net expenditures in railroad retire- trust fund checking accounts of All Period ment accounts Government agencies other, excess In- Workof re- In- cre- Seign- ing Bene- With- Recon- Com- ceipts Total active ment iorage bal- Re- In- fit Re- In- drawals struction modity All (+)or gold on ance ceipts vest- pay- ceipts vest- by Finance Credit other expen- gold ments ments ments States Corpora- Corpora- 10 ditures tion 10 tion 10 Fiscal year ending: June 1936 19 19 9 241 33 100 +204 2,682 140 316 2,225 June 1937.. 267 267 294 293 1 9 329 9 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 9 9 9 184 9 11 + 87 2,216 142 446 1,628 10 months ending: Apr. 1937 180 180 212 208 1 9 338 9 101 119 +32 1, 702 568 141 350 642 Apr. 1938 530 450 68 552 428 118 9 1 38 9 26 +77 2.689 142 433 2,114 Apr. 1939 504 393 98 669 300 369 9 575 141 9 255 +83 3,044 142 522 2,380 1938— M A a p y ril 1 2 9 95 I 1 9 4 1 2 2 4 8 9 8 1 5 7 4 3 1 4 3 6 4 9 7 1 9 1 r 4 8 9 • + 48 7 2 2 , , 6 5 8 6 9 7 1 1 4 4 2 2 4 44 3 0 3 2 1 , ,9 1 8 1 5 4 June. 17 17 9 82 46 39 9 14 9 96 38 +2 2,216 142 446 1.628 July 60 40 9 35 36 9 260 10 9 55 +10 2,116 142 451 1.523 August 48 35 9 131 82 53 10 31 26 43 2,260 142 455 1,663 September 45 35 9 35 94 40 24 27 97 + 3 2,978 142 460 2,376 October. 44 34 10 38 40 19 23 96 +19 2,569 142 467 1,960 November 49 34 10 125 96 26 21 18 9 11 +13 2,447 142 478 1,828 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 10 920 +2 2,933 142 503 2,288 F M e a b r r c u h ary 6 5 8 0 5 5 0 0 1 1 0 1 1 3 4 4 8 111 4 3 4 6 9 3 9 2 6 6 2 9 9 1 3 1 7 2 + - 1 1 4 3 3 , , 3 3 8 4 9 3 1 14 4 2 2 5 5 0 1 8 5 2 2 , , 7 6 3 9 2 3 April 55 50 10 34 9 13 41 9 60 5 9 27 +11 3,044 142 522 2,380 1 Excludes debt retirements. r Revised. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. * Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. 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. 10 Monthly figures for the fiscal year 1938 subject to revision. " Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN JUNE 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MARCH 31, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] st R ru ec c o ti n o - n Ho h m ou e s i m ng o r a tg g a e g n e c i a es nd Farm credit agencies Ten- Total Finance nesi A C P W s r t a d u a o r t o m n a r b i p r o t d l k i i o i n n o c s - - n O C r H L a w o o t o r i n m a p o e n o n e r - s' O m a g c g t a o i e h e g r n e s e t - - r U t S H h A n t o i o n a i r u u t t g i e e - s t s d y - m F a g c g a a o i e e r g r m n s e t - - a C n b O A F d a r a t d e n h r m d c m k e o i s r . t r- m C C r C a o r o o t e r i d m p d o i o n i - t t y - Other t V A h s l i e t e o a u y y e l r - - - a a s c I g n u i n e e c r - s - n e - Other M 1 3 9 1 a 3 , r 9 . F 1 2 9 e 8 3 b , 9 . M 1 3 9 1 a 3 , r 8 . porations ASSETS Loans and preferred stock: Loans to financial institutions. _ 230 162 28 420 431 475 Preferred stock, etc. 524 214 44 76 0) 858 860 867 Loans to railroads 474 30 505 508 446 Home and housing mortgage loans 2,118 164 43 2 324 2 327 2,405 Farm mortgage loans 2,694 2,694 2,710 2,856 Other agricultural loans 24 274 374 90 0) 762 750 609 All other loans 2 522 0) 3 227 4 211 960 923 827 Total loans and preferred stock 1,775 2,332 370 43 2,694 350 374 317 28 242 8,523 8,509 8,485 Cash 1 151 75 87 88 36 0) 29 5 21 18 511 486 328 U. S. Govt. direct obligations 48 43 1 71 162 413 4 742 731 652 Obligations of Government credit agencies: Fully guaranteed by U. S. 12 26 105 143 143 169 Other 6 3 5 5 36 44 42 38 Accounts and other receivables 25 12 5 I 195 5 19 0) 4 17 51 333 340 266 Business property _ 0) 6 0) 130 6 0) 0) 229 1 96 468 465 403 Property held for sale 556 0) 119 0) 2 1 712 708 668 Other assets 34 6 0) 7 0) 0) 5 0) 46 154 220 227 68 0) Total assets other than interagency6 1,887 3,063 505 261 3,185 615 393 351 238 633 565 11, 69611, 65011,078 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 819 2,888 114 1,381 206 2 5,410 5,410 4,646 Other 6 0) 175 51,006 183 3 0) 6 1,374 1,369 1,384 Other liabilities (including reserves). 99 128 34 3 104 11 76 4 6 180 163 808 809 587 Total liabilities other than interagency6 918 3,016 209 117 2,491 193 283 4 9 183 170 7,592 7,588 6,618 Excess of assets over liabilities, excluding interagency transactions.. 969 46 296 144 694 422 111 347 229 450 395 4,104 4,062 4,460 47 195 4 139 386 384 372 U. S. Government interests 969 46 248 144 499 419 111 347 229 311 395 3,718 3,678 4,088 1 Less than $500,000. 2 Includes $41,000,000 loans of Public Works Administration. »Includes $225,000,000 loans of Farm Security Administration. • Includes $105,000,000 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] Apr. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, 1938 1938 1938 1939 1939 1939 1939 Loans to financial institutions 241, 294 216,157 212. 213 209, 625 205, 539 199,183 196, 679 i 193, 967 Loans on preferred stock of banks and insurance companies. . 37, 679 37, 090 37, 083 34, 616 34,116 33, 779 33, 626 33, 583 Preferred stock, capital notes, and debentures 536, 63^ 521, 981 520, 550 536, 590 532, 352 526,153 524, 343 528, 024 Loans to railroads (including receivers)... 369, 379 426, 046 428, 041 436, 094 437, 789 436, 139 439, 560 443, 840 Loans for self-liquidating projects 240, 566 194, 606 194, 748 186, 384 187, 588 187, 301 186, 978 111,391 Loans to industrial and commercial businesses 73, 072 98, 224 103, 598 107, 747 109, 419 110,664 112,048 112, 531 Loans to drainage, levee, and irrigation districts 78, 740 79, 667 80, 836 81, 037 82, 396 82, 494 82, 757 82, 966 Other loans 4,173 19, 205 19, 215 24, 040 28, 952 26, 988 27, 067 27,129 Securities purchased from Public Works Administration 143, 378 138, 783 138, 607 140,194 140, 801 136, 725 131, 090 130, 313 Total loans and investments, other than interagency.. 1, 724, 919 1, 731, 760 1, 734, 8931, 756, 3271, 758, 9511, 739, 4271, 734,1481, 663, 744 Loans to Federal land banks 6,614 Loans to Commodity Credit Corporation 101, 273 Preferred stock of Export-Import bank 20, 000 20, 000 20. 000 45, 000 45, 000 45, 000 45, 000 45, 000 Loans to Rural Electrification Administration 33, 755 46, 498 46'. 498 46, 498 47,1 " 49, 848 53, 948 56, 698 Capital stock of, and loans to R. F. C. Mortgage Co 72,938 44, 996 48, 644 54,159 56, 548 51, 691 53, 258 55, 066 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11, 000 31, 975 40, 868 49, 710 11, 000 17, 234 24, 215 29, 398 Loans to Tennessee Valley Authority __ 2,000 2,000 3,000 3,000 3,000 3,000 3,000 Total loans and investments.. 1,970,499 1,877,228 1,892,902 1,954,693 1,922,197 1,906,200 1,913,569 1,852,906 i Includes $58,000,000 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

JUNE 1939 FEDERAL RESERVE BULLETIN 515 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by— by- and discounts for— End of month la F nd ed 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- f c i i e n o n O t t x i a o i s o t v c n p t h n i e c e e t e s p s i r u r n , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R i u a r t r e a g a c g t r l o i i i o c o r c p u n n r o e l s a - d - l - c d r E g r l o o o e m p a n u a e n c g r n s y h - d t m F b c i e e n r a d d e t n i e e d a k r r i t - s a t e l B in C c a a c B o t e n l i o a n u k v p n d t s e e r k i s f a r n , o - l g r i M A i n r n e g t g a g u v r r r o i f k A c a u l e u l v n c t - l t d - - 1934—December. 1,915,792 616,825 55,672 60,852 87,102 111, 182 33,969 27, 851 54,863 1935—December. 2,071,925 794, 726 47,162 94,096 43,400 172,489 2,731 50,013 44,433 1936—December. 2,064,158 836, 779 41,017 105, 212 25, 288 164, 887 1,641 69, 647 53, 754 1937—December. 2,035, 307 812, 749 40, 464 138,169 15, 592 172,130 1,813 87, 633 30,982 1938—April 2,022, 846 794,916 40, 650 173,113 15,060 183,467 793 79,926 26, 335 May 2,019, 930 790, 772 41,312 179, 790 14,834 184, 766 655 78, 417 25, 332 June 2,017, 696 786,068 42,894 184,327 14, 788 184, 532 19 81,190 24, 604 July 2,013, 645 781, 703 42, 582 183,891 14, 442 183, 289 118 75, 264 25,028 August 2,008, 664 776, 982 42,984 181,154 14,003 181, 867 118 75, 961 26,119 September. 2,003, 810 771,988 40, 808 170, 806 13, 374 179, 398 256 82, 544 27, 370 October 1, 997, 561 766, 502 36,121 154, 560 12, 354 174, 574 744 86,931 27, 917 November. 1,990, 475 760, 326 34, 537 148,430 11, 592 172, 043 851 86, 221 25, 313 December. 1, 982, 224 752,851 33, 545 148,037 11,081 170, 891 920 87, 496 23, 723 1939—January... 1, 973,179 745, 631 33,077 148, 416 10, 863 169, 707 834 80, 266 23, 948 February.. 1, 968, 790 740, 870 34,115 155, 409 10, 689 170, 400 1,152 73, 692 23, 631 March 1, 960, 357 733, 647 35,318 167, 867 10, 399 175, 509 1,528 65, 783 23, 305 April 1, 954, 677 728, 489 36, 483 177, 792 10, 298 179,156 1,256 61, 363 23,190 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- U. S. Government Federal Depos- securities 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 n an s d lo b a lo a n a n s n k to an ba c l e - s1 Total i p n to o r d s y i e - - r D e i c - t G a u n a - r- f s u e r n e rv - 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 - Loans1 i t n io st n i s tu a - ti g o a n - s o g b a l - iciations tions 1934—December. 2,379,491 639 81,300 86, 651 1935—June 1,205 1,236 385 777 630 147 74 1935—December. 2, 897,162 023 348,000 102, 791 1936—June 1,232 1,265 203 967 800 167 95 1936—December. 2, 765,098 212 586, 700 145, 394 1937—June 1,268 1,307 136 1,100 933 167 71 1937—December. 2, 397, 647 328 853. 500 200,092 1938—March 1,268 1,306 121 1,113 946 167 72 1938-A M p a r y il 2 2 , , 2 3 8 0 1 1 , , 8 8 8 9 4 4 3 34 4 5 2 9 93 1 0 9 , , 7 3 0 0 0 0 1 18 8 6 3 , , 7 5 4 0 7 7 M Ap a r y il 1 1 , , 2 2 6 5 6 5 1 1 , , 2 3 9 0 6 1 1 1 1 1 6 9 1 1 , , 1 1 1 0 0 8 9 94 4 4 1 1 1 6 6 6 7 7 7 2 2 June 2, 265,153 346 947, 500 196, 222 June 1,252 1,290 115 1,103 936 167 72 July 2, 248,982 348 961,300 191, 889 July 1,252 1,291 102 1,103 937 166 86 August 2, 234, 899 354 976,074 189,415 August 1,252 1,291 99 1,113 947 166 79 O Se c p to te b m er ber. 2 2 , , 2 2 0 2 3 1 , , 8 4 9 1 6 7 3 3 6 7 5 0 0 99 1 4 1 , , 0 2 8 1 7 8 1 1 8 8 9 9 , , 5 2 4 17 8 S O e c p t t o e b m e b r. e . r . _ 1 1 , , 2 2 4 5 8 0 1 1 , , 2 2 8 8 7 9 9 9 8 6 1 1 , , 1 1 1 1 8 8 9 9 5 5 2 2 1 1 6 6 6 6 7 7 5 1 November. 2,186,170 374 020, 873 189, 685 November 1,250 1,291 87 1,128 961 167 76 1939— D J e a c n e u m ar b y e . r .. . 2 2 , , 1 1 4 6 9 8 , , 9 0 2 3 0 8 3 3 7 6 0 8 0 0 4 3 0 4 , , 7 1 7 6 0 2 1 19 7 8 8 . , 8 8 5 4 2 0 1939— D Ja e n c u em ary b er _ 1 1 , , 2 2 5 5 9 2 1 1 , ,2 2 9 9 9 1 8 8 3 6 1 1 , , 1 1 3 3 7 2 9 9 7 6 1 5 1 1 6 6 7 6 7 7 3 9 February.. 2,134, 261 375 051,109 170, 614 February 1,263 1,304 81 1,144 978 166 79 March 2,117, 598 375 067, 887 161,614 March. PI, 266 April 2,105, 824 381 089,879 157,176 April PI, 264 1 Federal Home Loan Bank Board estimates for all Federal savings p Preliminary. and loan associations. 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Excludes loans to other than member institutions which are negli- 2 Includes working cash with postmasters, 5-percent reserve 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. Back figures.—Bee BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN JUNE 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value) 2 Fac- Factory em- tory Freigtit-car Department Y a e n a d r Total Ma t n u u r f e ac- Minerals Total Residential All other ployment 3 r p ol a l y s - 3 loadings * * sto ( r v e a l s u a e l ) es * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadustedjusted justedjusted ustedjusted ustedjusted justedjusted usted j usted usted justed justed ustedjusted ustedjusted 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 Mar 93 96 93 97 97 90 47 47 26 28 63 62 93 93 80 66 64 84 77 April. _. 101 104 100 105 106 96 47 53 30 35 60 67 94 95 82 71 68 84 85 May.__ 101 105 101 105 103 101 46 56 32 38 57 70 96 95 84 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 97 96 84 73 73 87 84 July.... 1U8 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 78 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 1938 Jan 80 79 76 75 108 103 52 42 26 22 73 59 90 88 75 65 59 90 70 Feb 79 79 75 76 103 98 51 44 32 28 66 56 89 88 77 62 57 88 70 Mar 79 80 75 77 103 95 46 46 33 35 56 55 87 88 77 60 57 86 77 April.... 77 78 73 76 '•100 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 ^3 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 90 91 89 89 97 102 78 79 56 56 96 97 87 89 81 64 71 86 91 Oct 96 97 95 95 '98 106 82 78 57 56 102 96 88 90 84 68 75 84 92 Nov..._ 103 104 103 103 102 105 96 85 56 54 128 111 90 91 84 69 70 89 99 Dec 104 98 104 98 109 103 96 77 57 48 128 100 92 91 87 69 64 89 156 1939 Jan. 101 r100 100 r99 110 105 86 70 55 45 111 90 92 90 83 69 63 88 69 Feb r99 99 97 98 110 105 73 63 58 51 85 72 91 91 '86 67 62 87 69 Mar 98 100 96 100 110 102 69 69 55 58 80 79 91 91 87 66 63 88 82 April ^92 P95 P92 ^96 P94 P88 P68 P78 P56 ?66 P79 P88 P91 P91 P85 60 58 88 88 p Preliminary. r Revised. * Average per working day. i For indexes of groups and separate industries see pp. 517-518; for description see BULLETIN for February and March 1927. J 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931. " The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pp. 835-837 of BULLETIN for October 1938. For current indexes of groups and separate industries see pp. 519-522. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 524. 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

517 JUNE 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1823-25 average = ICO] 1938 1939 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactures—Total 75 73 73 74 82 87 89 95 103 104 100 97 96 P92 Durable 54 53 51 50 58 64 69 '83 '94 92 '89 83 80 P7fi Nondurable 93 91 93 95 102 108 107 106 110 114 110 108 110 ^105 IRON AND STEEL 49 '49 47 46 62 70 '75 90 '1C8 '101 94 87 '83 79 Pig iron 45 44 40 36 42 51 59 67 76 74 72 73 75 65 Steel ingots 49 50 48 47 64 72 77 '92 112 104 '97 '89 '84 81 TRANSPORTATION EQUIPMENT: Automobiles 54 54 49 46 43 45 46 84 96 99 105 98 91 87 Locomotives 23 17 12 14 12 4 4 5 8 12 13 11 12 NONFERROUS METALS: Tin deliveries1 _ . 77 71 69 73 68 65 71 81 73 59 66 72 76 92 Zinc 87 80 79 70 69 74 75 80 88 94 89 87 • 90 91 Lead 64 74 60 64 54 46 50 50 66 57 70 73 69 71 CEMENT AND GLASS: Cement 65 67 69 69 71 67 69 80 84 82 69 80 90 81 Glass, plate 42 42 44 80 77 89 107 155 155 153 147 133 131 83 COKE: Byproduct 82 79 73 69 71 81 89 98 105 106 106 105 106 94 Beehive 7 6 5 5 5 5 6 6 6 6 6 5 5 P2 TEXTILES _ _ 81 74 77 87 97 110 103 100 112 117 109 109 110 P97 Cotton consumption 90 77 81 88 101 115 108 104 112 120 110 111 114 106 Wool 54 50 60 75 87 106 93 91 107 116 107 111 105 pg5 Consumption 57 55 73 92 110 133 107 101 123 134 114 117 119 P91 Machinery activitv1 _ _ __ 51 42 53 69 74 91 86 87 101 112 113 113 91 pfC Carpet and rug loom activity1 _ 49 47 36 38 42 55 66 67 69 72 77 87 84 P77 Silk deliveries 100 101 87 101 105 102 111 104 123 116 107 97 108 88 LEATHER AND PRODUCTS 105 104 105 91 103 109 103 101 107 123 124 124 '121 *114 Tanning 78 72 75 75 78 82 78 81 '90 98 103 105 95 Cattle hide leathers 77 72 77 74 77 86 86 89 94 99 100 104 93 Calf and kip leathers 87 72 68 76 80 77 '72 69 89 109 119 118 103 Goat and kid leathers 74 '74 74 74 76 75 65 70 77 85 97 97 95 Boots and shoes 123 125 125 101 119 126 119 114 118 138 137 '137 138 P127 FOOD PRODUCTS: Slaughtering and meat packing 83 84 84 81 83 89 98 95 94 86 87 83 89 90 Hogs . 59 66 66 58 62 74 88 92 88 79 74 67 73 81 Cattle 111 105 103 108 107 103 106 94 96 89 97 100 106 99 Calves 116 111 110 110 112 115 118 108 112 106 111 108 110 105 Sheep . 151 151 164 151 152 153 152 149 152 137 150 157 156 135 Wheat flour 90 90 86 98 98 87 88 91 86 92 92 94 97 100 Sugar meltings 63 77 81 78 85 86 106 103 100 108 106 70 78 94 TOBACCO PRODUCTS 160 159 163 154 154 161 160 150 164 179 165 162 164 164 Cigars 77 69 70 73 71 73 75 74 76 76 79 77 78 77 Cigarettes 227 230 237 219 219 232 229 211 233 258 237 231 236 236 Manufactured tobacco __ __ _ _ 83 84 84 84 84 81 84 78 95 97 78 78 80 81 PAPER AND PRINTING: Newsprint production 53 46 53 51 54 53 57 58 63 61 61 61 62 63 Newsprint consumption.-. . 126 125 125 122 124 123 130 131 127 127 121 123 122 126 PETROLEUM REFINING 191 197 198 193 200 203 206 208 208 201 205 201 202 Gasoline1 239 250 253 248 258 264 265 269 269 259 262 256 256 Kerosene 120 114 118 117 106 104 109 102 104 107 112 113 122 Fuel oil1 137 137 133 126 132 134 141 143 140 142 145 138 140 Lubricating oil1 113 109 108 103 110 108 113 110 109 100 106 117 111 RUBBER TIRES AND TUBES1 60 62 64 70 81 90 95 99 100 112 110 109 114 Tires, pneumatic1 62 65 67 73 84 93 98 103 104 116 115 114 119 Inner tubes1 _ _ 44 41 43 50 56 69 71 72 75 79 76 71 76 Minerals—Total 103 '100 91 92 93 95 97 102 109 110 110 110 P94 Bituminous coal _ 58 '60 57 57 60 64 71 72 '76 '78 75 79 77 P31 Anthracite 68 45 64 71 47 38 50 49 57 66 69 61 61 j>79 Petroleum, crude . 172 170 156 153 161 167 158 161 165 169 171 169 173 Iron ore... _ __ _ _ 19 34 38 37 41 50 42 Zinc _ 87 80 79 70 69 74 75 80 88 94 89 87 90 91 Lead . 64 74 60 64 54 46 50 50 66 57 70 73 69 71 Silver 98 96 92 91 99 105 102 102 51 85 86 100 86 1 Without seasonal adjustment. P Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, March 1937, p. 255, 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

518 FEDERAL RESERVE BULLETIN JUNE 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average—100] 1938 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactures—Total. 85 95 103 98 '99 100 Durable 63 '79 92 r85 84 83 86 Nondurable 104 109 109 113 108 111 111 111 P106 IRON AND STEEL.. 75 89 '91 Pig iron 57 77 73 71 69 Steel ingots.. r76 90 103 '90 '93 90 TRANSPORTATION EQUIPMENT: Automobiles 115 117 105 105 106 Locomotives 13 11 12 NONFERROUS METALS: Tin deliveries 69 73 59 92 Zinc 94 Lead 65 70 CEMENT AND GLASS: Cement 87 91 83 64 42 48 65 79 Glass, plate 72 107 155 155 153 147 133 138 91 COKE: Byproduct. 85 79 107 107 107 108 109 95 Beehive 4 6 7 7 7 TEXTILES 83 76 90 103 104 103 116 111 114 115 112 P100 Cotton consumption 94 82 92 103 104 107 117 110 116 119 119 113 Wool 54 49 81 101 96 113 117 109 116 '106 Consumption 58 54 98 123 113 111 134 135 118 128 122 M Ca a r c p h e i t n e a r n y d a r c u t g iv l i o t o y m activity. 4 5 9 1 4 4 2 7 4 7 2 4 9 5 1 5 87 1 6 0 9 1 1 7 1 2 2 1 7 1 7 3 1 8 1 7 3 8 9 4 1 P77 Silk deliveries 96 100 100 106 127 103 122 104 104 87 LEATHER AND PRODUCTS 108 102 102 121 102 104 115 126 -125 P112 Tanning 77 71 78 84 88 95 98 108 94 Cattle hide leathers 78 72 75 85 90 92 93 96 101 111 93 Calf and kip leathers 77 65 93 93 82 85 '94 98 108 91 Goat and kid leathers 76 73 71 '74 73 76 92 92 101 97 Boots and shoes 129 122 117 145 143 128 112 109 125 '138 145 P124 FOOD PRODUCTS: Slaughtering and meat packing. 78 76 82 79 77 90 94 104 101 101 83 81 Hogs 60 58 64 60 56 56 66 79 97 103 100 74 72 Cattle 97 93 100 101 106 101 118 110 111 94 98 88 87 Calves 117 121 125 114 109 106 113 113 114 100 104 100 111 114 Sheep 137 142 161 148 152 154 176 163 151 135 151 147 142 127 Wheat flour 84 81 81 86 95 94 104 102 90 91 91 91 Sugar meltings 74 91 93 104 97 114 70 69 92 109 TOBACCO PRODUCTS 152 146 165 169 167 161 167 145 157 147 156 151 Cigars 70 65 72 74 90 90 57 61 67 71 72 Cigarettes 216 210 240 241 250 252 222 231 212 232 211 224 215 Manufactured tobacco. 84 84 84 84 91 81 92 79 79 79 81 78 PAPER AND PRINTING: Newsprint production _ __ 52 47 54 52 53 52 57 58 63 61 62 61 61 64 Newsprint consumption. 131 134 129 121 111 110 127 139 136 131 116 122 127 135 PETROLEUM REFINING.. 191 196 197 192 199 203 206 209 202 205 202 201 Gasoline 239 250 253 248 258 264 265 269 259 262 256 256 Kerosene 117 113 114 109 98 99 111 107 113 115 115 115 119 Fuel oil 137 137 133 126 132 134 141 143 140 142 145 138 140 Lubricating oil 113 109 103 110 108 113 110 109 100 106 117 111 RUBBER TIRES AND TUBES. 60 62 70 81 90 95 100 112 110 109 114 Tires, pneumatic 62 65 73 84 93 103 104 116 115 114 119 Inner tubes 44 41 50 56 72 75 79 76 71 76 Minerals—Total. 95 '93 97 102 106 103 105 105 102 Bituminous coal.. 58 '50 49 51 55 79 86 82 83 83 77 P26 Anthracite 56 47 62 39 50 63 58 65 74 50 P82 Petroleum, crude. 170 170 156 165 170 163 163 163 164 164 171 P174 Iron ore 67 78 76 78 86 35 Zinc 92 68 64 71 78 88 93 Lead ... 65 65 52 44 48 52 69 75 Silver 106 89 84 104 97 101 55 108 p Preliminary. r Revised. c Corrected. 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

519 JUNE 1939 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) I Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1938 1939 Industry and group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total 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 90 9 Durable goods 79.0 76.2 74.1 71.9 70.7 72.0 75.7 77.9 81.3 83.2 83.6 83.4 83.0 83.2 Nondurable goods __ 95.4 94.1 92.9 92.4 94.5 97.2 97.6 96.7 98.3 99.5 99.5 98.7 98.6 98.2 IRON, STEEL, PRODUCTS 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 7 87 5 Blast furnaces, steel works 90 87 85 83 83 84 85 86 90 92 92 91 91 91 Bolts, nuts, washers, rivets.. 81 79 80 77 78 79 83 85 90 92 91 91 92 89 Cast-iron pipe 62 63 63 62 60 61 64 65 67 67 66 67 68 67 Cutlery, edge tools.__ . . 79 78 76 76 67 76 78 79 81 83 83 82 83 83 Forgings 45 44 43 40 40 42 44 46 48 49 48 48 47 49 Hardware ___ _ __ 70 64 63 61 57 62 67 79 84 86 85 83 82 80 Plumbers' supplies 70 71 72 73 73 73 74 72 73 73 73 73 73 73 Stamped, enameled ware 126 122 120 113 108 118 123 127 134 134 131 131 135 131 Steam, hot-water heating 64 64 64 65 69 70 68 69 68 68 68 69 69 69 Stoves 75 70 71 70 71 75 74 77 74 77 78 •79 80 79 Structural, ornamental 64 62 60 58 58 58 58 60 60 63 63 67 68 68 Tin cans, tinware 93 92 89 87 86 90 89 87 88 89 90 90 92 Tools 78 76 75 73 70 73 76 77 80 83 83 85 84 84 Wirework 133 128 126 114 112 111 132 145 163 172 163 161 160 156 MACHINERY 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 94.9 Agricultural implements. 142 139 130 124 103 106 96 99 99 105 109 118 118 116 Cash registers, etc. 142 141 139 137 138 135 136 136 135 136 134 134 133 129 Electrical machinery _ 87 82 78 75 73 74 77 80 83 84 83 84 85 86 Engines, turbines, etc. ... ._ 88 88 86 82 81 83 83 86 88 88 93 92 92 91 Foundry, machine-shop products. 87 83 80 77 76 77 78 78 79 82 82 83 84 84 Machine tools _ . __ _ 134 129 115 112 112 114 115 117 119 124 127 131 Radios, phonographs 91 93 87 83 82 82 81 89 106 111 114 116 118 112 Textile machinery.. . ._ . 61 58 58 54 54 58 61 62 65 67 67 69 70 71 Typewriters. 115 114 115 116 117 119 122 125 126 126 126 127 128 128 TRANSPORTATION EQUIPMENT 73.3 68.3 65.1 61.1 56.9 55.9 74.2 81.5 89.9 93.9 93.3 '92. 0 90.4 90.4 Aircraft 879 857 823 790 787 759 779 810 823 854 885 950 952 1,058 Automobiles. 74 69 65 60 55 55 79 89 99 104 102 '98 97 96 Cars, electric-, steam-railroad. _ 34 31 27 23 24 28 26 27 30 32 35 33 31 Locomotives 36 30 26 25 20 18 16 16 17 17 20 18 17 19 Shipbuilding __ __ 99 92 96 99 99 91 89 91 97 100 103 109 107 109 NONFERROUS METALS, PRODUCTS 86.5 84.5 82.4 81.3 82.0 84.4 86.7 89.0 92.3 93.5 93.7 94.0 93.9 93.6 Aluminum 131 128 122 124 131 137 140 141 140 141 145 150 153 Brass, bronze, copper . 90 88 86 86 87 90 93 95 101 100 99 99 98 97 Clocks, watches 86 83 81 78 78 80 79 81 79 79 84 84 84 84 Jewelry. 89 85 82 84 85 87 88 87 90 94 93 95 96 96 Lighting equipment 70 70 68 65 66 72 76 83 87 91 92 89 86 83 Silverware, plated ware- 61 60 59 58 57 59 59 62 63 64 65 66 66 66 Smelting, refining 71 69 67 65 64 64 65 66 70 72 72 72 72 72 LUMBER, PRODUCTS 63.4 61.9 60.9 59.9 60.2 61.9 63.2 62.9 64. 5 65.3 66.3 65.6 63.7 64.7 Furniture... . _ 76 74 73 73 73 75 76 75 76 79 79 80 80 81 Lumber, millwork 51 50 48 49 50 52 53 53 55 55 56 55 54 54 Lumber, sawmills... 52 50 50 48 49 50 51 51 53 53 51 53 50 51 STONE, CLAY, GLASS PRODUCTS 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 72.0 Brick, tile, terra cotta ___ 48 47 46 45 46 46 48 49 52 53 57 55 54 54 Cement 63 65 62 63 64 64 63 67 68 67 64 65 66 66 Glass.. . _ 82 81 80 78 76 79 82 87 92 93 94 90 89 91 Marble, granite, slate... . __ 43 41 42 42 42 40 40 41 42 44 44 42 47 47 Pottery 73 72 71 74 75 75 75 76 78 79 81 80 79 78 TEXTILES, PRODUCTS 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 96.4 Fabrics 80.3 78.9 78.6 79.3 83.4 87.2 87.1 86.3 88.6 90.3 90.0 89.8 89.2 88.2 Carpets, rugs _ 70 67 63 48 63 68 72 76 80 82 83 83 83 83 Cotton goods 80 78 77 78 81 85 85 84 85 85 85 86 85 86 Cotton small wares.. 69 68 70 70 71 75 78 79 83 85 84 84 82 80 Dyeing, finishing textiles 101 100 102 101 104 107 107 106 107 110 111 112 111 110 Hats, fur-felt 90 88 76 64 82 85 87 90 84 83 84 84 81 80 Knit goods. _ 107 107 103 106 109 111 111 111 112 115 113 114 115 114 Hosiery 138 139 133 135 138 140 140 141 141 144 145 146 147 146 Knitted outerwear 67 68 68 70 72 76 76 77 76 82 68 73 75 72 Knitted underwear 67 63 63 65 70 70 69 69 70 71 72 72 71 71 Knitted cloth 143 140 132 137 139 150 147 152 157 162 151 151 151 151 Silk, rayon goods 59 60 64 58 57 61 61 60 61 62 61 62 63 62 Woolen, worsted goods. _. 54 51 55 62 70 74 73 71 79 83 83 79 76 72 Wearing apparel 115.2 112.2 106.6 104.1 109.8 115.7 117.9 115.4 113.6 116.4 116.0 116.7 115.5 113.0 Clothing, men's 101 95 85 81 91 101 103 102 102 103 101 102 102 100 Clothing, women's. _ 168 165 161 158 163 166 170 164 161 166 165 166 165 159 Corsets, allied garments . 96 96 97 98 96 97 97 98 99 101 101 101 101 103 Men's furnishings ... 129 125 126 132 136 142 143 138 140 132 137 132 129 Millinery. 71 76 71 65 65 68 71 72 61 66 68 72 72 69 Shirts, collars. 114 112 111 115 113 118 116 114 114 116 126 120 118 116 - Revised; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN JUNE 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] 1938 1939 Industry and group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. LEATHER, MANUFACTURES 87.1 84 4 89.6 91.3 90.8 91.4 92.1 92.8 93.2 92.0 Boots, shoes 92 92 89 85 90 91 92 91 92 92 93 93 92 Leather 74 73 73 73 75 78 79 81 84 84 85 85 84 FOOD, PRODUCTS 122.4 120.4 120.0 121.2 122.2 123.0 122.2 119.2 122.8 124.2 124.2 121. 2 122.6 122.4 Baking.... 143 143 142 143 144 144 143 142 143 144 143 144 144 143 Beverages 243 240 237 232 232 236 234 234 245 244 245 244 240 241 Butter 106 107 105 102 101 103 100 99 99 100 100 98 98 98 Canning, preserving 134 120 126 131 136 140 131 111 128 129 129 122 136 135 Confectionery 78 79 76 78 78 79 79 79 79 82 80 79 79 Flour 76 75 76 77 77 77 75 75 77 78 78 76 78 Ice cream 79 81 79 77 77 78 77 78 80 80 79 80 Slaughtering, meat packing 95 94 93 94 95 95 96 97 99 '95 94 95 Sugar, beet ___ 99 98 91 91 92 89 109 101 101 142 199 108 105 101 Sugar refining, cane 82 80 91 85 88 92 87 89 89 94 TOBACCO MANUFACTURES 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 63.2 Tobacco, snuff 61 62 62 62 61 61 63 58 61 62 59 59 60 61 Cigars, cigarettes 65 65 65 66 62 63 65 64 65 64 60 63 PAPER, PRINTING 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. 3 106.4 Boxes, paper 96 95 95 95 95 96 96 97 100 101 102 102 103 103 Paper, pulp 105 104 103 102 102 103 104 105 106 106 106 106 106 106 Book, job printing 103 102 100 99 100 99 99 99 100 101 101 100 101 101 Newspaper, periodical printing. __ 106 106 105 105 104 105 105 105 106 106 105 106 106 106 CHEMICALS, PETROLEUM __ 112.7 110.9 110.2 108.4 108.3 111.0 111.4 111.2 111.8 112.3 "112.4 111.7 112.0 112. Petroleum refining 122 122 122 120 121 121 120 119 118 118 118 118 117 117 Other than petroleum 110.3 108.2 107. 5 105.5 105.2 108.4 109.4 109.3 110.2 110.9 •111.1 '110.3 110.7 111.8 Chemicals 115 112 110 110 106 110 111 113 117 117 117 118 118 115 Cottonseed oil, cake, meal 99 109 101 93 102 98 87 86 88 90 85 76 83 88 Druggists' preparations 107 108 111 112 113 110 108 107 107 107 108 106 106 108 Explosives 84 83 82 81 81 81 83 82 81 81 82 82 83 82 Fertilizers 87 85 93 93 91 96 92 88 91 89 94 89 89 100 Paints, varnishes 114 113 110 109 110 113 114 113 114 114 115 114 115 116 Rayon, allied products 307 289 290 274 272 292 312 313 310 310 310 314 313 322 Soap... __ 86 92 91 90 86 91 91 90 RUBBER PRODUCTS __. 72.4 72.2 71.3 71.3 69.5 73.4 76.0 76.8 81.7 83.2 81.3 '81.3 82.3 81.1 Rubber boots, shoes 55 55 55 66 44 54 56 58 62 63 58 61 62 59 Rubber tires, inner tubes 61 60 60 61 61 62 64 66 67 67 66 67 67 Rubber goods, other... 110 109 107 109 117 123 121 132 135 131 131 132 129 'Revised. NOTE —Figures for April 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

JUNE 1939 FEDERAL RESERVE BULLETIN 521 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 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. Total 87.7 85.7 91.2 89.5 90.7 91.4 91.3 77.1 74.6 86.5 '83.4 '85.5 86.9 85.0 Durable goods 79.3 77.0 83.1 81.6 82.6 83.5 84.1 67.4 65.6 80.3 '76.6 '78.5 80.1 80.1 Nondurable goods 95.8 94.0 98.8 97.1 98.4 98.9 98.0 87.9 84.7 93.4 '91.0 '93.3 94.6 90.5 IRON, STEEL, PRODUCTS . _ 84.4 82.3 87.4 85.9 87.2 88.3 88.3 64.3 63.3 80.8 77.7 '79.8 81.6 80.1 Blast furnaces, steel works 91 88 91 91 92 92 92 65 64 83 82 83 85 83 Bolts, nuts, washers, rivets 81 80 92 91 92 92 90 62 60 94 89 95 92 83 Cast-iron pipe.. __ .. 62 63 66 66 66 67 67 49 51 56 53 55 55 59 Cutlery, edge tools 80 80 83 81 83 84 85 67 64 79 74 74 77 74 Forgings 46 44 50 48 49 48 49 35 33 49 46 47 46 46 Hardware 71 65 86 85 83 83 81 56 52 90 82 79 82 77 Plumbers' supplies _ - 71 71 73 72 74 74 73 53 54 60 61 65 63 65 Stamped, enameled ware 128 126 134 129 131 137 135 119 116 136 127 129 137 132 Steam, hot-water heating.. . 65 64 68 66 68 69 69 47 46 56 54 57 56 56 Stoves 73 72 75 65 75 78 81 57 56 61 50 62 67 68 Structural ornamental 62 61 62 62 64 66 67 51 49 53 52 55 58 59 Tin cans, tinware _ .... 88 89 84 83 84 86 89 93 91 88 87 86 93 94 Tools 79 77 84 83 85 85 85 71 65 82 80 84 84 83 Wirework 135 131 172 163 161 161 159 123 119 186 '164 170 163 MACHINERY __ _ _ _._ 96.9 93.2 91.8 91.4 93.4 94.7 95.1 88.0 83.6 89.3 87.4 91.8 94.3 93.7 Agricultural implements 150 148 105 111 122 125 124 161 153 114 113 132 137 135 Cash registers, etc 142 142 135 133 134 133 130 130 121 119 117 120 120 120 Electrical machinery 87 82 84 82 84 85 86 77 72 83 81 84 87 86 Engines turbines, etc 89 92 85 87 91 94 96 101 102 98 98 107 112 114 Foundry, machine-shop products. 87 84 82 82 83 84 85 75 71 76 75 78 80 79 Machine tools __ _ 136 130 120 121 125 128 131 129 117 120 120 131 135 141 Radios, phonographs.._ 76 78 118 108 103 99 94 58 66 108 97 88 85 80 Textile machinery 62 58 67 68 70 70 72 51 49 67 65 68 69 72 Typewriters _ 115 114 128 126 125 128 128 94 92 130 119 123 136 134 TRANSPORTATION EQUIPMENT . 77.4 71.9 96.1 95.8 '95.9 95.7 95.4 65.1 64.9 97.9 '93.5 '91.8 92.1 94.2 Aircraft 888 875 845 876 941 962 1,080 816 804 880 908 961 989 1,065 Automobiles _ 79 73 107 106 104 102 62 63 107 101 97 97 99 Cars, electric-, steam-railroad 34 33 30 29 34 33 33 34 31 28 27 33 32 31 Locomotives _ __ __ 36 31 17 19 18 17 19 33 26 14 15 13 14 16 Shipbuilding 100 96 101 101 107 109 113 105 102 107 107 113 116 117 NONFERROUS METALS, PRODUCTS 86.9 84.2 95.0 92.2 93.6 94.3 93.4 74.3 69.0 90.3 84.6 88.3 89.5 86.3 Aluminum _ _ 134 129 140 139 145 153 155 130 119 144 143 152 160 161 Brass, bronze, copper 91 89 100 98 99 99 98 78 75 99 93 96 99 96 Clocks, watches 86 82 83 83 84 84 84 79 65 83 80 88 86 84 Jewelry.. ... . 87 80 97 87 92 93 90 68 59 85 72 76 77 72 Lighting equipment _ _ 72 71 94 90 89 88 83 56 52 85 78 83 80 72 Silverware, plated ware 62 61 67 63 65 67 66 51 47 68 57 61 65 59 Smelting, refining . 71 69 73 72 72 72 72 66 64 68 68 67 67 66 LUMBER, PRODUCTS _ _ ... _. 62.3 61.6 64.1 61.9 62.6 62.6 64.3 51.8 50.1 56.1 52.0 53.0 53.9 55.3 Furniture 75 72 80 76 79 79 78 57 52 68 60 66 66 63 Lumber, millwork 51 50 54 53 53 53 54 40 39 45 43 44 44 44 Lumber, sawmills... . _ 51 51 51 49 49 49 52 45 44 45 42 41 42 46 STONE, CLAY, GLASS PRODUCTS . _ 63.7 65.4 70.5 66.4 66.6 69.6 72.6 53.0 54.3 63.5 56.8 58.0 61.6 63.1 Brick, tile, terra cotta 44 47 51 49 48 50 54 29 32 39 37 36 37 40 Cement 58 65 63 53 55 60 66 50 58 57 47 49 56 62 Glass 84 82 93 90 90 91 92 81 78 99 92 93 95 91 Marble, granite, slate 41 42 42 37 38 45 47 32 33 31 26 27 34 40 Pottery 76 74 80 79 80 81 82 68 64 76 66 72 74 73 TEXTILES, PRODUCTS 95.0 91.8 98.6 97.5 101.2 101.4 98.6 78.0 71.6 83.3 '81.0 '87.8 89.0 80.0 Fabrics 82.2 79 5 91 8 90 8 92 1 91 2 88 7 67 6 63 3 81.1 '78.9 '81.2 79.4 73.9 Carpets, rugs 72 68 82 81 83 85 84 51 46 71 68 72 75 71 Cotton goods. 82 79 87 87 88 88 87 67 62 76 '75 76 76 73 Cotton small wares 73 71 85 84 86 86 84 67 61 82 80 83 83 78 Dyeing, finishing textiles 105 104 112 113 117 116 114 89 86 97 97 102 101 96 Hats, fur-felt 92 89 82 84 86 83 81 80 63 75 80 82 71 56 Knit goods 109 108 115 110 114 116 115 111 107 120 112 119 119 113 Hosiery ._ 140 140 146 144 146 149 147 157 151 164 157 164 165 155 Knitted outerwear 67 68 79 65 73 76 72 59 57 73 59 68 68 63 Knitted underwear 69 66 71 69 72 72 74 56 54 62 58 64 65 65 Knitted cloth 146 140 160 147 152 153 151 111 106 127 119 121 121 112 Silk, rayon goods 60 60 63 63 64 64 62 47 45 52 51 53 53 49 Woolen, worsted goods.. 54 49 85 84 83 77 69 41 35 73 71 70 62 52 Wearing apparel 122.7 118.5 112.2 111.0 120.2 123.0 119.2 95.8 85.6 84.6 82.4 97.7 104.8 89.4 Clothing, men's 106 98 97 97 105 107 104 76 65 68 69 80 86 74 Clothing, women's . _ 182 179 161 160 173 179 172 136 123 115 112 135 143 120 Corsets, allied garments 99 99 100 100 102 104 106 100 97 103 99 106 109 111 Men's furnishings . __ 133 128 149 123 138 137 133 115 103 143 101 124 122 109 Millinery. _ _ _ 83 85 58 67 78 83 78 81 74 43 55 71 90 65 Shirts, collars 117 115 116 114 120 122 119 94 89 105 93 103 107 103 ' Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN JUNE 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 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. LEATHER, MANUFACTURES 94.2 92.1 88.6 92.9 97. € 76.6 70.6 70.0 77.5 83.3 83.2 75.0 Boots, shoes 97 95 88 93 97 95 77 70 63 73 80 80 71 Leather 75 73 85 86 87 85 71 68 88 88 90 88 84 FOOD, PRODUCTS 112.0 112.6 120.1 113.7 •111.0 112.0 114.0 113.3 114.1 120.9 -115.3 -112.1 113.9 114.2 Baking 142 142 144 140 142 142 142 138 138 138 136 137 138 136 Beverages 231 235 223 223 224 228 236 271 278 257 -254 -255 265 283 Butter 100 104 95 93 91 92 95 83 86 80 81 79 79 82 Canning, preserving 78 83 85 79 72 79 93 70 76 77 71 70 74 81 Confectionery 77 74 91 78 77 78 72 74 67 92 76 76 75 68 Flour 76 74 78 77 76 77 75 74 72 73 75 71 74 73 Icecream 70 77 69 68 68 70 76 61 67 60 60 59 61 66 Slaughtering, meat packing 93 92 102 100 -95 93 92 101 101 113 111 101 101 100 Sugar, beet 39 44 231 85 40 41 45 44 48 222 73 47 46 47 Sugar refining, cane 82 84 85 85 94 68 74 73 75 72 86 85 TOBACCO, MANUFACTURES 63.8 65.2 59.2 62.4 59.5 61.7 54.7 53.2 59.6 49.7 50.9 51.5 53.0 Tobacco, snuff 62 62 62 61 61 61 61 67 68 73 67 64 67 63 Cigars, cigarettes 64 64 59 63 59 62 53 51 58 48 49 50 52 PAPER, PRINTING 105.3 104.6 108.0 105.9 105.9 106.1 101.3 99.4 107.3 102.2 102.3 104.2 103.5 Boxes, paper 95 94 104 100 102 101 94 92 109 100 104 107 104 Paper, pulp 105 104 106 106 106 106 106 102 98 103 103 105 106 105 Book, job printing 102 101 104 103 101 100 100 92 89 97 94 90 92 91 Newspaper, periodical printing 106 106 108 105 105 106 107 106 107 113 105 106 108 109 CHEMICALS, PETROLEUM 115.1 112.4 112.7 -112.0 112.1 114.4 114.8 117.3 114.3 120.1 '119.8 119.8 121.6 120.2 Petroleum refining 121 121 118 117 116 116 116 137 135 134 135 132 131 128 Other than petroleum 113. 6 110. 2 111.4 '110.7 111.1 114.0 114.5 111.3 108.0 115.8 -115.3 116.0 118.6 117.9 Chemicals 113 111 117 116 116 117 115 119 117 130 128 130 131 128 Cottonseed oil, cake, meal 105 90 114 95 88 72 87 72 96 79 69 74 59 Druggists' preparations 109 108 109 108 108 108 115 114 120 119 118 119 119 Explosives 83 81 83 -82 81 81 88 84 95 -91 -93 92 90 Fertilizers 130 136 82 94 132 159 109 119 70 77 77 106 134 Paints, varnishes 114 114 112 112 113 115 118 111 114 115 113 116 120 123 Rayon, allied products 312 283 311 313 319 317 316 282 244 302 310 314 314 305 Soap 87 90 91 90 87 90 91 91 93 91 RUBBER PRODUCTS 72.! 72.7 83.6 81.1 -81.5 82.8 81.7 60.9 61.9 89.0 83.9 -83.0 85.4 83.0 Rubber boots, shoes 55 54 65 58 61 62 59 44 42 66 57 60 59 58 Rubber tires, inner tubes 62 61 67 67 66 67 67 52 54 79 76 73 76 74 Rubber goods, other 112 113 135 130 132 134 132 99 99 134 125 128 130 127 r Revised. NOTE.—Figures for April 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

JUNE 1939 FEDERAL RESERVE BULLETIN 523 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Total R b es u i i d ld en in t g ial P a u n b d l ic p u w b o li r c ks Month Factories Commercial Educational i 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 March 226.9 300.7 79.4 125.2 15.7 13.0 20.2 17.4 21.0 27.6 31.0 39.8 59.7 77.7 April ... _ 222.0 330.0 74.6 114. 4 11.5 17.5 18.9 21.3 16.9 21.1 33.1 34.8 67.0 121.0 May 283.2 83.2 8 6 19 2 11 8 38 2 122 2 June 251.0 85 7 10 7 18.8 14.7 37 7 83.5 July 239.8 88.0 9.7 26 2 10 7 26 1 79 3 August 313 1 99 7 11.3 18.3 21 4 36.3 126.1 September 300.9 99 6 10 7 14 0 33.9 33 4 109 3 October 357 7 112 7 13 8 24 2 47 0 46 0 114 0 November 301.7 95 3 10 5 13 7 49 0 42 8 90 4 December __ __ _ 389.4 91.5 7.0 14.0 73.3 45.2 158.4 Year 3,196. 9 985.8 121.1 215.8 334.1 401.2 1,139. 0 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly-financed i Privately-financed 1 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 M!ay 134 127 216 244 283 72 47 94 93 144 63 80 122 151 139 June 127 148 233 318 251 73 64 116 137 108 54 84 116 180 143 July 120 159 295 322 240 52 67 153 131 98 67 93 141 191 142 August 120 169 275 281 313 69 92 153 104 171 51 76 122 178 142 September 110 167 234 207 301 69 97 116 80 160 41 70 119 127 141 October 135 201 226 202 358 79 114 101 78 203 57 87 125 124 154 November 112 188 208 198 302 74 118 89 93 179 38 70 119 106 123 December 93 264 200 209 389 61 196 82 115 279 32 68 117 94 110 Year 1,543 1,845 2,675 2,913 3,197 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 1 Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. NOTE.—Due to change in publication policy of the F . W. Dodge Corporation, data for April 1939 will be published in the BULLETIN for July 1939. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1939 1938 Federal Reserve district Federal Reserve 1939 1938 1939 1938 Apr. Mar. Apr. district Apr. Mar. Apr. Apr. Mar. Apr. Boston . __ 26, 549 19, 841 15, 961 N A P C R S D C M K t h l h i e t a a i e c l i w i n n l a l v c h L l a s n n a a e m o a d Y e g t l s s a u a e a o o . o . n i l p n s C p r d o d k h i l t . i i y a s. . . . . . _ . _ . - . . -. . - - -. _. 4 6 3 2 2 5 1 1 1 1 2 8 7 8 1 4 7 1 0 2 , , , , , , , , , , 1 0 0 0 4 8 2 7 3 6 4 1 0 6 0 5 9 3 2 2 6 5 8 9 6 8 1 5 6 7 3 2 4 7 2 1 1 1 4 7 8 2 7 8 6 9 7 8 , , , , , , , , , , 8 1 0 6 7 2 6 0 4 9 3 9 5 2 9 4 4 2 4 6 6 0 4 7 6 2 8 6 1 0 3 2 2 3 1 1 1 1 1 9 2 6 7 6 4 5 0 6 7 , , , , , , , , , , 1 5 8 9 3 0 3 3 2 2 1 1 7 0 8 8 7 9 0 0 4 6 6 6 0 4 0 7 7 5 N B P A C R C S M K h t o e i h l t a . i c e l i w s i n n a l h c v L t a s n n o a m e d o a Y e n g t l s a e u o a a o o l i p n n _ C p r s o d k d . h i l . t i . i y a s. . .. ... 3 1 1 8 9 9 5 6 3 2 5 9 0 4 0 2 5 6 2 0 0 9 2 1 9 7 9 7 4 4 5 5 9 1 4 4 1 6 7 4 9 9 8 7 3 1 1 4 4 3 9 2 5 5 9 5 1 2 6 0 2 3 9 0 7 7 2 2 4 2 1 1 1 , , , , , , 2 9 6 2 3 5 9 4 2 0 6 9 4 2 9 4 2 3 1 9 9 5 6 4 3 8 5 3 7 3 3 3 2 1 1 1 , , , , , , 6 1 9 1 7 7 3 5 4 1 5 1 4 2 9 5 7 6 1 0 8 8 3 1 6 6 7 0 2 8 6 4 1 1 1 , , , , , 0 6 8 5 5 8 6 7 6 6 2 3 4 7 4 0 7 6 8 8 0 9 5 0 8 4 8 1 3 5 Total (11 districts) 330,030 300, 661 222, 016 D Sa a n l l F as ra .. n cis _ c . o . 1 3 1 1 1 1 3 2 5 9 1 2 3 8 6 1,3 4 3 1 5 4 1,6 3 9 6 8 8 1,6 2 6 5 0 4 Total 1,140 1,123 1,172 17,492 17, 915 21,147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN JUNE 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 163 182 233 262 219 152 193 278 163 158 11 -11 -45 99 61 March _ ... _ _. 185 195 257 275 268 177 199 307 173 190 8 -4 -51 102 77 April 164 193 269 274 P231 171 203 287 160 P186 -6 -10 -18 115 May 165 201 290 257 171 192 285 148 5 9 5 109 June 170 186 265 233 157 191 286 146 13 — 5 —21 87 July 173 180 268 228 177 195 265 141 -3 -15 3 87 August 172 179 277 231 169 193 246 166 3 -14 31 65 September 199 221 297 246 162 216 233 168 37 5 63 79 October 221 265 333 278 189 213 224 178 32 52 108 100 November 270 226 315 252 169 196 223 176 100 30 92 76 December 223 230 323 269 187 245 209 171 37 -15 115 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. 1 Including both domestic and foreign merchandise. 8 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average—100] [Index numbers based on value figures; 1923-25 average=100] 1939 Index of sales 1 Index o m f s o to n c th k ) s (end of Apr. Dec. Jan. Feb. Mar. Apr, Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total __ 57 69 69 67 66 60 1938 1939 1938 1939 1938 1939 1938 Coal. 55 69 67 65 62 43 C L G Fo i o r v a r k e e i e n s s t t o a p c n k r d o d g u ra c i t n s products. __ 3 7 3 3 9 7 8 3 8 4 4 5 3 1 3 3 4 4 5 7 1 2 5 9 4 3 3 7 6 8 6 0 4 5 3 7 0 5 6 3 4 3 5 7 0 8 6 6 J M F a e n a b r u r c u a h a ry ry .. . . . 90 •7 7 7 0 0 7 82 6 6 5 0 M M Or i e e s r c c e h l a la n n d e i o se u s l 5 6 6 2 0 0 9 6 7 2 1 4 1 6 0 7 2 2 6 9 7 6 3 5 2 8 7 6 6 3 2 7 7 6 5 0 1 J M A u p n a r e y i . l . _ . . . 88 8 8 7 0 6 9 66 69 Without seasonal adjustment July August September.. 67 Tota C C l. o o _ k a e l _ 4 5 S 7 5 3 6 7 5 4 8 8 6 6 7 3 4 6 6 7 6 2 6 2 6 6 5 3 6 7 3 4 5 3 7 8 N O o ct v o e b m er ber.. Grain and grain products. _ 68 72 71 64 67 68 December.. 89 156 66 62 Livestock 35 40 40 31 32 37 Forest products 34 37 37 35 36 39 Year_. 85 Ore 21 23 22 22 21 31 Miscellaneous 63 67 65 64 70 72 Merchandise 1 61 59 59 60 62 62 mo 1 n B th a s t e o d m o o n n th d a i i n ly n u a m ve b r e a r g o e f s S a a l t e u s— rda w y i s th a n a d ll i o n w n a u n m ce b e f r o r o f c S h u a n ng d e a s y s f a r n om d holidays. Adjustment for seasonal variation makes allowance in March 1 In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETINS for August 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

JUNE 1939 FEDERAL RESERVE BULLETIN 525 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] 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 t n s d p T r e o x d t u il c e ts F m li u g a e h t l e t r i a n i n a g d ls a p n M r d o e d m t u a e c ls t t a s l B m u a i t l e d ri i a n l g s c C a d l h r s e u m g a s n i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.6 73.3 1938—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 86.0 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 April 76.2 63.7 68.6 80.5 90.9 66.9 73.4 94.0 89.6 76.0 85.4 74.4 Week ending— 1938-Feb. 4... 76.6 67.1 71.0 80.4 92.9 65.5 73.5 94.5 89.3 76.2 87.2 72.9 Feb. 11.. 76.6 66.7 71.1 80.4 92.7 65.6 73.7 94.5 89.1 76.1 86.7 72.8 Feb. 18__ 76.6 66.9 71.3 80.4 92.5 65.5 73.6 94.5 89.4 76.0 86.6 72.9 Feb. 25__ 76.8 67.7 71.4 80.4 92.4 65.6 73.4 94.5 90.0 76.0 73.0 Mar. 4... 76.7 67.2 71.5 80.4 92.3 65.9 73.3 94.5 89.6 76.2 73.2 Mar. 11- 77.0 68.0 71.4 80.6 92.5 66.0 73.6 94.5 90.2 76.3 73.4 Mar. 18_. 76.7 67.1 70.7 80.7 92.6 66.1 73.7 94.4 90.2 76.2 86.6 73.9 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 Apr. 22.. 76.0 63.9 68.7 80.7 91.3 66.7 73.7 94.1 89.8 75.8 86.5 74.2 Apr. 29_. 76.1 63.9 68.6 80.8 91.2 66.6 74.4 93.9 89.4 75.8 86.6 74.7 May 6___ 76.1 63.6 68.3 80.9 91.8 66.8 74.6 94.0 89.6 75.7 74.3 May 13.. 76.4 64.4 68.5 81.0 92.1 67.0 74.8 93.7 89.6 75.7 74.3 1938 193c 1938 1939 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Apr. Jan. Feb. Mar. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 66.0 56.3 54.7 54.5 55.2 Agricultural implements 96.3 93.4 93 2 93.2 93.3 Livestock and poultry 79.3 78.0 79.2 78.2 75.5 Farm machinery.. 97.8 94.6 94^5 94.5 94.6 Other farm products 62.0 63.2 62.9 61.0 58.5 Iron and steel 100.4 96.4 96.1 96.1 96.1 FOODS: Motor vehicles l 95.6 93.4 93.4 93.4 93.4 Dairy products 71.7 71.8 71.6 64.8 58.1 Nonferrous metals 70.7 76.7 76.5 76.6 74.7 Cereal products 798 73.2 72.7 72.3 72.2 Plumbing and heating 77.2 78.7 79.2 79.3 79.3 Fruits and vegetables 56.8 60.9 62.1 63.2 64.3 BUILDING MATERIALS: Meats 82.2 81.6 83.2 82.5 81.0 Brick and tile 90.4 92.4 92.4 92.5 93.0 Other foods 64.5 63.6 61.7 61.9 61.6 Cement 2 89.9 90.6 91.2 91.5 91.5 HIDES AND LEATHER PRODUCTS: Lumber __ 91.1 91.7 92.6 92.1 91.5 Shoes 1045 101.2 101.1 101.2 101.2 Paint and paint materials 81.4 81.0 80.5 81.5 81.3 Hides and skins 62.6 78.4 72.8 73.8 68.3 Plumbing and heating 77.2 78.7 79.2 79.3 79.3 Leather 82.2 85.0 84.2 82.7 82.8 Structural steel 114.9 107.3 107.3 107.3 107.3 Other leather products 102.2 95.3 95.3 95.6 95.6 Other building materials 94.8 89.6 89.3 89.8 89.7 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 846 81.5 81.5 81.5 81.6 Chemicals 81.9 79.7 79.4 79.9 79.3 Cotton goods 65.7 64.3 63.7 63.7 63.4 Drugs and Pharmaceuticals 73.8 73.0 72.7 72.2 71.9 Hosiery and underwear 60.6 59.1 58.8 59.9 60.2 Fertilizer materials 70.1 70.2 69.3 69.7 69.6 Silk and rayon 28.9 32.1 34.7 36.1 37.8 Mixed fertilizers 69.7 74.8 73.7 73.8 72.8 Woolen and worsted goods 77.1 74.5 74.7 75.1 75.2 HOUSEFURNISHING GOODS.* Other textile products 66.0 64.4 64.5 64.3 64.9 Furnishings _. 90.9 90.1 89.8 89.7 FUEL AND LIGHTING MATERIALS: Furniture 83.6 80.5 80.5 80.5 81.0 Anthracite 76.0 80.3 79.9 79.4 74.7 MISCELLANEOUS: Bituminous coal.. 975 98.3 98.1 97.9 98.6 Auto tires and tubes __ 57.4 58.8 59.7 60.5 60.5 Coke 1055 104.2 104. 2 104. 2 104.2 Cattle feed 79.0 79.9 78.2 84.1 92.1 Electricity 87.0 Paper and pulp__ 87.5 81.0 81.1 81.3 81.1 Gas 85 82 2 Rubber, crude 24.5 33.4 33.7 34.1 33.3 Petroleum products 57.5 50. 4 50.7 50.9 51.9 Other miscellaneous 81.8 81.1 81.2 81.3 81.4 1 Preliminary revision. 2 Eevised series. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 8 ); for indexes of subgroups, see Annual Report for 1937 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN JUNE 1939 STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart Chart 1939 book book A 1 p 9 r. A 2 p 6 r . M 3 a y M 1 a 0 y M 1 a 7 y page Feb. Mar. Apr. WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices:* Reserve bank credit—total.. 3, 5 2.59 2.58 2.57 2.58 2.58 United States: Bills discounted 5 0) C1) 0) 0) 0) All commodities 31, 32 76.9 76.7 76.2 Bills bought 5 0) 0) 0) 0) 0) Farm products 31 67.2 65.8 63.7 U. S. Gov't securities. 5 2.56 2.56 2.56 2.56 2.56 Foods 31 71.5 70.2 68.6 Gold stock 3 15.61 15. 71 15.80 15.86 15.89 Other commodities.._ 31 80.2 80.4 80.5 Money in circulation 3, 9 6.86 6.86 S. 92 6.90 6.91 England 32 78.1 78.0 78.5 Treasury cash 3 2.72 2.69 2.69 2.68 2.68 France... 32 98.6 98.3 P97. 2 T R E M x r e e e c q m a e N R u C s s i b e s u h e r e s w e i r r r c e y d e a r s b Y v d g r e a e e e o o r n s p v 2 r c e k k o e i r s s t v b y i C — e t a s s i b l t t * a a o y n n t 2 c a k e l2 s s 2 3, 7 7 6 3 7 7 6 4 9 5 2 . . . . . . . 0 7 7 3 3 8 9 3 4 5 6 3 2 5 4 9 2 5 . . . . . . . 9 1 4 7 9 3 8 0 2 2 8 1 7 2 P4 2 9 5 . . . . . . . 3 8 7 3 8 9 1 7 7 9 0 7 2 4 M 9 2 5 . . . . . . . 9 7 4 9 8 3 1 7 8 3 6 6 6 5 P 1 4 2 5 0 . . . . . . . 8 3 4 7 9 0 2 3 7 5 9 6 1 4 I M F n a a d c n u t D N T G o u s o t r o u f e r y a t n r r i a c m a a d l e t l b u u a m l p r r n e i p a r y 6 n o b l g o d l e y u 6 m c p t e i r o o n n t d u 5 ctio . n _ :5 _ . 3 4 3 3 3 3 5 3 7 7 7 2 9 7 0 9 ' ' 9 . 5 . 9 3 7 2 7 8 9 9 9 7 1 9 9 9 3 . . 5 4 3 8 6 7 9 P P7 9 9 P 1 . 5 . 7 3 2 REP C OR o T u I n N t G ry M b E a M nk B s E 2 R BANKS 7 .53 .51 P54 P. 53 P. 53 D D F F r a e e e c p p i t g a a o h r r r t t y t m m - c p e e a a r n n y t t l r o o s s a t t l o o l d s r r i e e n g s s s a to 5 l e c s k 5 s 5 4 4 4 4 7 7 3 5 85 8 6 . 6 5 7 8 7 86 8 . 6 6 9 8 6 8 P85. 6 8 0 0 8 Total, 101 cities: Loans and investments 14 21.81 21.78 21.79 21.72 21.61 In millions of dollars Investments 14 13.68 13.68 13.71 13.63 13.56 Loans 14 8.12 8.10 8.07 8.09 8.05 Construction contracts awarded:7 Adjusted demand Total 41 298 282 P281 deposits 15 16.62 16.74 16.66 16.72 16.68 Residential 41 107 101 P103 Time deposits 15 5.21 5.24 5.25 5.25 5.25 Other 41 191 181 P17S U. S. Gov't deposits 15 .63 .62 .62 .61 .59 Exports and imports: Domestic bank balances 15 6.58 6.59 6.63 6.60 6.69 Exports (incl. re-exports). 49 219 268 P231 Foreign bank balances. _ 15 .67 .64 .65 .64 .63 General imports 49 158 190 P186 New U Y . S or . k G o C v i ' t t y o : bligations.. 16 4.04 4.05 4.09 4.05 4.04 Inco E m x e c e p s a s y o m f e e n xp ts o : rts 49 61 77 P45 Other securities 16 1.23 1.23 1.22 1.16 1.10 Total adjusted 50 5,468 5,507 P5, 409 Commercial loans 16 1.38 1.38 1.38 1.38 1.37 Total unadjusted 50 5,093 5,516 P5, 435 Brokers'loans 16 .55 .55 .50 .52 .50 Compensation of em- 100 cities outside New York: ployees 50 3, 575 3,619 P3, 587 U. S. Gov't obligations.. 17 6.26 6.25 6.28 6.30 6.29 Other 50 1,518 1,897 pi, 848 Other securities 17 2.15 2.15 2.13 2. 13 2.13 Cash farm income: Commercial loans 17 2.48 2.47 2.47 2.47 2.48 Total 51 486 582 553 Crops 51 149 166 156 MONEY RATES AND SECURITY Averages of daily figures*; per cent Livestock and products._ 51 281 321 307 MARKETS per annum Government payments... 51 56 95 90 F.R.bank'discountrate,N.Y. 19 1.00 1.00 1.00 1.00 1.00 Commercial paper 19 .56 .56 .56 .56 .56 OTHER In billions of dollars Bankers'acceptances 19 .44 .44 .44 .44 .44 U. S. Treasury bills 21 .03 .03 .03 .03 .03 central gold reserves: U. S. Treasury notes 21 .50 .48 .47 .45 .40 United States 1487 15.26 15.79 U C C . o o r r S p p . o o T r r a a re t t e e a s A B u a a r a y a b b b o o o n n n d d d s s s _ .. . 21, 2 2 2 5 5 5 2 3 5 . . . 0 2 1 3 9 7 2 3 5 . . .1 2 0 6 7 2 2 3 5 . . . 2 0 1 4 0 5 2 2 5 . . . 1 9 0 7 8 8 2 2 5 . . . 1 9 0 4 9 8 E N Fr n e a g t n h l c a e e n r l d ands __„ 2 10 4 9 4 3 7 1 2 . . . 0 9 4 7 3 1 2 1 . . .0 8 5 7 3 7 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total . 20 39.33 39.44 39.53 Stoc I R P k n u a d p b i u r l l i r s i c o c t e a r s u i d , a t s l t i l o i t t a ie l4 s ..__ 27, 2 2 2 2 7 7 9 7 8 9 2 7 0 4 4 9 8 8 9 2 1 1 5 4 8 8 9 2 3 2 7 5 9 8 2 8 8 4 5 3 8 9 8 2 1 5 1 4 N B B Sp i o o l e n l t c s e d i s a s l issues 2 2 2 2 0 0 0 0 2 8 3 5 1 . 3 7 7 5 3 1 9 0 2 3 7 7 1 . . . . 3 8 2 0 1 6 7 0 2 7 3 1 7 . . . . 3 9 2 0 1 0 7 5 Volume of trading2 (mill, shares) 29 .46 .53 .49 .49 .46 Per cent per annum Brokers' loans (mill, dollars) 29 690 685 648 663 639 Customers' rates: New York City 23 2.24 BUSINESS CONDITIONS Figures for week3; in unit indicated 8 other Northern and Eastern cities 23 3.33 Wholesale commodity prices:4 27 Southern and Western All commodities 33 76.0 76.1 76.1 76.4 75.9 cities 23 4.09 Farm products 33 63.9 63.9 63.6 64.4 64.1 Foods 33 68.7 68. 6 68.3 68.5 67.4 Other commodities 33 80.7 80.8 80.9 81.0 QUARTERLY FIGURES Sept. 30, Dec. 31, Mar.31, Steel plant operations 1938 1938 (% of capacity) 38 50.9 48.6 47.8 47.0 45.4 Automobile production (thous. cars) 38 90.3 86.6 71.4 72.4 80.1 In millions of dollars E T l o ( e ( t m t c a h t l i o r l i l f u c . r s e k . p i g w c o h a w . r t h - s e c ) r r a s r . p ) r l o o d a u d c in ti g o s n 3 3 9 9 2 5 , 5 1 8 9 . 9 7 2 5 , 8 1 6 8 . 3 0 2 5 , 7 1 2 6 .9 4 2 5 , 5 1 5 7 . 1 4 2 6 , 1 1 6 7 . 0 0 Do is m s N R u e e e e s s f w t u i , c n t o d c t i o a n r l g p oration . _ securi . t _ y 28 6 3 3 7 4 3 4 2 2 ' » r6 1 7 3 6 9 1 7 8 '" 1 2 8 9 7 2 3 6 p 1 P L r e e s l s i m th i a n n a r $ y 5 . ,000, r 0 0 R 0 e . vised. e Estimated. 4 Index numbers, 1926=100. 2 3 A Fi v g e u r r a e g s e s a r o e f s d h a o i w ly n f u ig n u d r e 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 7 T P A o h d i r j n e u t e s s - t e m i d n o t n f o o t t h r a s s l e m i a n s o d o v e n i x a n l g o v f a a v m r e i a r a a n t g u io e f n a a . c d t j u u r s in te g d p fo ro r d se u a 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 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN JUNE 1939 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Eu- Latin Asia 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 o o i u e p s n e ) - A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i a r c o a i n e u e ( d a s n 8 n ) - - A c tr o f i ( r u e 5 ic s n ) a - U B n a E la n i n t n k g e d d - o f Ki A c n h g E c a c d x n ' o - t g . m 2 e France g B iu e m l- N la e n th d e s r- t B i S N o a w n a n - a i k t l zer B la .I n . d S. 1934—December 21,051 8,238 134 11,010 601 805 263 1,584 5,445 590 573 624 4 1935—December 21,604 10,125 189 9,517 666 816 291 1,648 4,395 611 438 454 8 1936—December _„_ 23, 564 11,258 188 10,241 736 858 283 2,584 934 2,995 632 490 655 11 1937—December 25,359 12, 760 184 10, 776 685 687 266 2,689 1,395 2,564 597 930 648 5 1938—May 25, 236 12,919 187 10, 521 656 687 266 2,690 1,489 2,428 456 1,008 686 11 June _ 25, 304 12,963 185 10, 546 658 687 265 2,690 1,489 2,428 481 1,008 679 10 July 25, 292 13,017 189 10, 572 656 589 268 2,660 1,489 2,428 501 1,008 674 9 August 25, 455 13,136 190 10. 603 656 591 280 2,690 1,489 2,428 517 1,008 686 10 September 25,407 13,760 187 9,916 656 591 298 2,690 759 2,428 539 1,008 690 6 October 25, 756 14,065 188 9,961 655 591 297 2,690 759 2,428 562 1,008 695 10 November 26,046 14, 312 186 0,000 659 591 298 2,690 759 2,435 584 1,008 699 11 December.__ . *>26, 244 14,512 192 9,994 P657 591 298 2,690 759 2,435 581 995 699 14 1939—January P24,779 14, 682 197 3>8, 350 P661 P591 298 31, 042 3 759 2,435 582 995 699 15 Februarv P24, 937 14, 874 206 3'8, 303 ^663 P593 297 3 1,042 3 759 2,435 588 974 680 17 March. ?25,130 15,258 210 1% 137 **656 .564 .276 » 1,066 P3 759 2,435 518 609 640 13 ApriL. 15, 791 212 ;8,181 s 1,066 P3 759 2,574 520 834 598 14 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 l e o k c - h ia o- m D a e r n k - m G a e n r y - Greece H ga u r n y - Italy * N w o a r y - l P an o- d Po g r a t l u- Ru n m ia a- Spain S d w en e- Y sl u av g i o a -I 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 50 32 40 23 518 61 96 68 104 740 159 53 106 403 8 1936—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 26 1937—Dec. _. 24 92 53 28 24 25 210 82 83 69 120 718 244 51 124 469 32 1938—May... 24 93 53 29 24 25 210 90 84 69 122 525 272 54 79 440 32 June- 24 93 53 29 25 25 210 90 85 69 123 525 279 55 79 439 33 July— 24 93 53 29 25 25 210 101 85 69 123 525 280 55 79 435 33 Aug. „ 24 93 53 29 25 25 210 101 85 69 124 525 280 55 79 435 34 Sept.__ 24 81 53 29 28 25 210 96 83 69 129 525 310 56 79 435 34 Oct.... 24 83 53 29 27 25 210 96 82 69 132 525 321 56 79 434 33 Nov... 24 83 53 29 27 28 210 96 84 69 132 525 321 57i 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 85 133 525 331 57 79 431 33 Feb.__ 24 83 53 29 27 24 193 96 85 134 525 331 57j 78 431 33 Mar.. _ 24 67 53 29 29 24 193 96 85 134 525 332 57 PS1 428 April.. 66 53 29 P29 24 193 107 84 P134 525 339 57: P81 1 Latin America—Continued Asia and Oceania Africa End of month Chile l C o b m o ia - - M ic e o x- Peru g U u r a u y - c o t o r th i 4 u e e n s r - I B n i r s d i h i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 e e n s r - Egypt A So fr u ic th a c o t o r th i 3 u e e n s r - 1934—Decem3er 29 19 23 19 82 18 275 7 394 77 25 22 6 55 184 24 1936—Deceml3er 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 33 26 4 55 203 25 1937—D ecember 30 16 24 20 74 20 274 16 261 79 73 29 3 55 189 22 1938—April 30 19 25 20 71 20 274 16 261 79 23 29 3 55 186 22 May - _ 30 19 26 19 71 20 274 16 261 80 33 29 3 55 188 23 June 30 26 19 71 20 274 16 261 80 33 29 3 55 187 23 July 30 21 28 19 71 20 274 16 164 80 23 29 3 55 190 23 August 30 ?0 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 ?A 27 19 69 22 274 18 164 80 23 29 3 55 220 23 DecemlDer 30 24 29 P19 22 274 18 164 80 23 29 3 55 220 23 1939—JanuarV 30 32 22 274 19 164 80 29 3 55 220 23 Februarv 30 24 34 Pig pgg 274 20 164 80 23 30 3 55 219 23 March. 30 21 34 .19 P69 P22 274 21 164 80 23 30 3 55 221 P23 v Preliminary. 1 Table is incomplete since certain central banks and governments, including certain stabilization funds such as those of France, Netherlands, and Switzerland, hold gold that is not reported. U. S. Stabilization Fund gold included in table to extent of $1,800,000,000. See also notes under United Kingdom, Italy and Spain. 2 Figures officially reported only for end of March and end of September, beginning with March 1937; carried forward for intervening date?. 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. * 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. & Figure for August 1, 1936, carried forward through March 1938; April 1938 figure officially reported and carried forward. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Austria through March 7, 1938, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and description of table see BULLETIN for June 1933, pp. 368-372, and July 1936, pp. 544-547; also see footnotes to table in BULLE- TIN for August 1936, p. 667, and December 1937, p. 1262 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

529 JUNE 1939 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world produc- Africa NTorth and South America Far East Year or month U o . u S ti t . o s S n 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 -8/10 grains of gold9/10fiiie; i. e., aii ounce offine gold-=$20.67 1929 382, 532 352, 237 215, 242 11,607 4,297 2,390 45, 651 39,862 lS, 463 2,823 683 8,712 7,508 1930 401,088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43, 454 13,813 3,281 428 9,553 6,785 1931 426, 424 386, 293 224,863 11,193 5,524 3,224 49, 527 55, 687 12, 866 4,016 442 12,134 6,815 1932 . _ 458,102 413,459 238, 931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 788 14, 563 6,782 1933 469, 257 | 411, 208 227, 673 13, 335 6,623 3,631 52, 842 60, 968 13,169 6,165 3,009 16, 873 6,919 15-5/21 grains of gold 9/10,fine; i. e.,an ounce cf fine gold=$S5 1933 . . 794,498 6C6, 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, 533 751,979 377,060 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, 041,887 892,535 410,710 28, 296 20, 784 8,018 168,159 143, 367 29, 591 15, 478 9,544 46, 982 11,607 1938 1, 116,883 955, 716 425, 649 28, 532 24,670 8,470 176,971 165,055 32, 3C6 18,225 10, 290 54, 302 11,247 1938—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 P95,239 P80, 494 36,188 2,287 2,230 753 14, 919 14,396 Pl, 755 1, 953 P998 4,076 940 February... P91, 763 P77, 079 34, 505 2,069 2,221 P578 13,153 13, 684 P3,430 1,562 P998 4,016 863 March P97, 004 P82, 040 37, 558 P2, 275 P2, 291 *>578 14, 364 P14, 175 P2, 625 Pl, 667 PI, 068 P4, 506 P932 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows— at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 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: net Year or month i e m o x r ( p p ) n o o e r r t t t s s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a Japan B I r n i d ti i s a h c o t o r A t i h u e l e n l s r - 1934 1,131, 994 499,870 260, 223 8,902 94, 348 12, 402 86, 829 30, 270 16, 944 12,038 1,029 76, 820 32, 316 1935 1, 739,019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10,899 15, 335 3,498 75, 268 47, 054 1936 1,116, 584 174,093 573, 671 3,351 71,006 7,511 72, 648 39, 966 11,911 21, 513 2~3;;,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, 049 60,,146 1,363 76,315 36, 472 10, 557 27, ~~~ 1,162 168, 740 16,159 » 68, 376 1938—February... 8,036 15 692 721 2,105 1,330 1,943 1,241 March 52, 927 31 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,536 April 71,091 35, 18 1,938 747 1,812 1 1,883 1,241 23,311 2,359 2,353 May 52, 775 2 35 891 10, 221 630 5,650 2,108 2,285 3,582 21, 950 2,530 June 55, 30^ 20 13 3,248 11, 520 726 715 1 3,232 2,984 5,782 2,252 3,438 July 63, 815 4 898 7, 685 962 11,123 1 2,422 3,434 28, 669 1,148 2,495 August 165,973 91 4,721 3,213 15, 360 14, 333 3,183 2,113 1,772 2,748 23,497 3,806 September.. 520, 896 377 47,219 11,521 38,148 1,446 4 2,721 3,775 35, 095 2,982 October 562, 366 443 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 17 27, 242 1,136 7,171 3,457 11 2,943 7,8 5,788 3,822 2 19,150 December. . 240, 526 101 37, 395 46,185 731 2,550 2,107 2,655 6,7 14,425 1,797 2 22, 207 1939—January 156, 345 52,050 1,438 33,678 2 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 4,398 March 365, 384 250,042 816 37,1? 27, 098 8,227 6,852 3,822 4,234 3,326 4,303 11,410 3, 4,391 April 605, 797 384, 925 21 84, 603 44,564 55, r 7/~ 1,649 2,114 2,179 4,844 5,528 4,944 3 7,073 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, s Includes $4,503,000 from Argentina. NOTE.—For gross import and export figures and for additional countries see table on p. 500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN JUNE 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 o n r e t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- M la o n th d e s r- U.S.S.R. Au li s a tra- d R e h si o a - , B I r n i d ti i s a h B c r o i u ti n s - h S d w en e- e S r w la i n tz d - c t o ri u e n s - West tries Africa 1934.. 716,269 -497,166 348,190 121,017 -13,585 32, 575 41, 790 335,253 206, 693 62, 397 I -9,123 1 88, 228 1935.. 369, 722 -435, 502 142, 137 -4, 726 -17,476 10, 796 931 37,981 404, 295 181, 6021 32, 754-50,661; 53,465 14,126 1936.. 1,169, 931 -276, 830 756, 215 23, 292 -15,133 -21,215 26, 723 488, 814 128,421 28, 067-10,129 3, 998 37, 708 1937.. 420, 427 -834,009 541,187 46,147 -21,993 -16.572 199,965 24.165 464, 837 66, 330 22, 079 - 81-16,596 -55,032 1938.. -285, 648 -1,050,395 33, 283 348. 000 -46,463 115,540 27,831 333.750 r55, 744i •20,7 f7i611 i-89 371-78.029 4,812 1938—Feb.._ 51, 387 3,528 -1,940 78 5 -3,067 5,1 2,958 43,092 5,002 7,036! -5-12,082 1,115 Mar... 79, 03" -35, 535 -4, 276 49 55, 448 3,625 11, 273 3,620 50, 540 r5,106 % 78l| -7,590 -6,000 -3 Apr... 53,186 -18, 507 -3,039 86 15,039 -4,139 31, 089 4,168 35,077 3,586 3, 590!-10,0881 2,527 -6, 202 May.. 97, 478 5,233 -119 168 48,446 -6,781 28,083 2,467 35, 407 3,824; 2,139-13, 996' -2,263 5,336 June.. 89, 580 -20,811 -6,137 138 56, 764-12,037 28,104 2,024 40, 623 3,725 9,929 -7,673 -5,407 340 July.. 24,119 -10,529 -997 47 23, 212 -5, 750 2,490 31, 516 6,418 6, 581! —11, 429—16, 521 -92C Aug.. -73,132 -93, 660 -5, 726 6,179 -258 -10,041 ~ 5^ 665 2,102 31,192 10,356 3,0351-11,151-10.498 -327 Sept.. -261, 143 -360, 016 685 14, 358 120, 07.' -7, 498 8 2,839 16,831 3,023 -4,750-22,763-21,980 -1,955 Oct... -210, 171 -308, 528 69, 604 4,077 33, 982 535 705 6,530 4,204 -20,7921 -4,671 2,831 1,353 Nov.. -96, 508 -105,220 6,005 -2, 328 -5,245 155 2,695 4,260, 618! 1,017 1,603 Dec... -66, 726 -97,371 758 2,057 9,990 5,649 528 7,358 1,815: 531| I 1,511 1,347 1939—Jan. . -36, 51 -50,814 -33 211 -253 5,672 681 5,671 304 1,374 -3,790 704 3,762 Feb.. -148,005 -160,218 -68 11 396 779 5,613 736 3,451 151 -1,101 -1 399 1,847 Mar. -259, 984 -306, 839 -183 23, 477 1,039 16, 866 5,559 1,417 -1,148 -32 -3,845 3,618 -121,18' -357, 544 -1,483 176, 452 19,180 12, 656 4, 844 3-45, 510 -434 73, 541 -2,891 Ger- Switzerland British India many Net imports from or net exports (—) to: Increase in India: Year or Total Total Total month n e o x p e r ( t p o ) o r n i t r m e s t t s - 4 i e m o x r ( n p p ) e o o n t r r e t t t s s U St n a 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 y - 4 c o t o A r th i u e l e n l s r - i e m o x r n p p e o o n t r e r t t t s s p t I i G r o n o n o d d l i u d a i c n s d e I r I r i e n n v a - - n es e f a e o r g d r m I o e n i l f a g d o r n r k- p i h r n i o I g v n l s d a t - 6 e account 1 1 9 9 3 3 4 5 -9 4 0 2 , , 9 9 2 6 0 9 - - 2 4 30 6 , ,0 7 6 8 5 8 -12,7 6 8 4 4 7 - -4 5 5 4 , , 9 8 5 5 f 8 t - - 1 2 8 9 1 , , 2 7 3 2. 5 r. 2 19 5 , , 5 4 4 3 2 1 2, 3 5 4 8 2 0 -9,6 - 0 43 7 2 1 , , 5 8 4 1 3 2 - - 1 2 6 3 1 0, , 8 7 7 2 2 0 1 1 1 1 , , 2 4 2 6 3 8 1 -6 73 - - 2 1 1 5 9 0 , ,3 6 9 7 8 0 1936 -1,868 122, 278 -9, 127 -1,714 39, 30.r 51, 29< 4,600 -2, 990 8 26,368-121,066 11,663 -109,403 1937 -3,718 -56,94fi -51, 608 11,940 -45,061 -65; 6, 553-16,461 10, 60P -fil. 7?3 11, 607 -50,075 1938 -35. 224 -1, 245 -1,128 76,620 -74,375 11,314 25,125 -32. 745 -4,989 r- 54, 661 11,247 12, 054 r- 55, 468 1938—Feb.. 5,359 2,448 —35| 11, 223 -11,518 -584 615 2,198 -10 558 '-7,425 872 r—6, 553 Mar. -27 -3, 188 -| 3,595 -9, 257 -943 1,763 1,421 -32 265 -2, 749 93P -1,810 Apr 6,009 -7, 632 -2,391 -6,084 -26f> 5,397 2,467 -9,970 3,208 -4,388 906 -3, 482 May- 18, 058 -5, 201 33 4, 860 -2, 94' -1,549 -2,001 2,396 -6,175 187 -3,452 93f -2,517 June_ 7, 626 5, 978 -220 5, 25f: -7, 83( -484 5, 814 5,657 -2, 487 282 -2, 327 -1,418 July_ 1,468 -8, 83' -2 16,128 -14,071 -6,041 3,962 -8, 893 222 -10,? 88 951 -10,037 Aug. -1,338 -2 10, 464 -8,38? -1,283 3,824 -6, 267 342 -7,(82 958 -6,124 Sept. -36, 626 9,024 -7 15, 940 418 117 -2 924 1.884 10,251 -957 946 -11 Oct.. -16,134 1, 454 -1,140 907 -158 -38 2, 551 -56 3 -7,622 956 -6, 666 Nov. -10,129 913 228 i 13 -11 — 4 994 -265 31 -2, 283 930 7,575 r-8, 928 -3, 765 -5,690 -1,854 -139 -166 -2, 884 -438 -209 211 995 4,479 r—3, 273 1939—Jan. _ 33 -3, 786 -6S0 549 -149 1 2,294 -1,274 -7 -125 940 11, 423 '-10,608 Feb._ -11,938 -2, 112 -21 -763 24 -213 556 -1,581 -97 -15 -3, 288 863 7,749 -10,174 Mar. 10,001 -37, 332 -10,786 1,547 -1,990 -1,509 -576 -8, 327 -14,830 -860 P-5, 325 *>933 -162,605 -54,202 104,973 -5,031 10, 749-3,r -2, 516 -2, 744 p Preliminary. r Revised. 1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 2 Includes $67,655,000 exported to Central and South America. 3 Includes $45,972,000 exported to Canada. 4 Beginning April iy38 figures refer to Greater Germany. 6i hrough March 1935 gold held by government: subsequently, gold held by Keserve Bank of India to which government gold was transferred. 6 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. i Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. s Includes net import of $26,555,000 from Czechoslovakia 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

JUNE 1939 FEDERAL RESERVE BULLETIN 531 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] TT ABLE 11.T— TOTALC CAPITALMMOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic inU. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Total C f b e u a n n n t d r k s al Other b a f a b u n r n k o d i a n s d " g o R f f u e n U tu d . r s n S. In f f o f u l r o n e w i d g s n of b b r a o l k a e n r c a e g s e in N. Y. 1935—Dec 31 - 1.412.5 603.3 9.8 593. 5 361.4 125.2 316 7 6 0 1 1 9 93 3 7 6 — — D j) e ec c . 3 2 0 9 - 2 3 , , 6 4 0 10 8 . . 4 3 1,1 93 6 0 8 . .5 5 2 8 4 1 3 . . 1 9 8 92 4 4 9 . . 4 6 4 4 4 3 9 1. . 5 1 3 5 1 8 6 3 . . 2 2 1,1 9 6 1 2 7 . . 4 0 4 1 7 2. . 9 5 1938—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— F j e an b 2 1 5 - . . . - .- 3 3 , , 8 8 5 1 2 2 .6 6 '• 1 1 , , 4 4 7 2 8 1 . . 2 4 1 1 9 8 7 7 . . 5 3 1 1 , , 2 2 8 3 0 4 . . 7 2 4 50 9 0 6 . . 5 9 6 6 3 4 4 4 . .7 6 1 1 , , 1 1 8 8 1 8 . . 4 4 6 5 1 7 . . 9 2 Feb 8 -_ - - 3, 876. 0 1, 507. 8 243.3 1, 264. 5 484.3 635.3 1,187. 0 61.7 Feb 15 3,912.9 1,512.9 278.1 1, 234. 8 514.7 634. 8 1,189. 0 61.4 Feb 22 ..- -_ 3, 940. 7 1,517.8 239.6 1, 278. 2 535. 0 637.5 1,190. 6 59.8 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n. g h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a a s r t ot A h l e l r 1935—Dec. 31 1, 412. 5 554. 9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 0) 70.9 128.3 12.7 1 1 9 9 3 3 7 6 — — D x) e e c c . 3 2 0 9 2 3, , 4 6 1 0 0 8 . . 4 3 8 9 2 9 9 3. . 7 3 2 1 9 8 3 1. . 7 5 2 3 2 1 9 1. . 9 7 6 3 0 3 7 5. . 5 5 1 8 2 3 3 . . 1 9 4 2 5 2 . . 6 1 3 2 1 2 2 8 . . 2 5 2 2, , 0 6 5 53 1 . . 3 0 1 1 5 0 0 6 . . 5 3 2 41 0 0 1 . . 6 2 2 1 2 8 4 4 . .0 6 2 1 1 5 . . 4 9 1938—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— F j e an b . 2 1 5 3 3 , , 8 8 5 1 2 2 . . 6 6 1 1, , 1 1 5 42 2 . . 9 1 3 3 4 5 3 2 . . 3 9 3 3 4 3 2 0 . . 0 5 5 5 6 7 6 3 . .0 7 1 1 4 4 0 0. . 6 4 2 2 9 8 . . 7 1 4 4 8 8 4 8 . . 7 3 3 3 , , 0 06 5 4 0 . . 5 6 1 1 7 6 1 4. . 0 3 3 3 9 9 0 4 . .8 5 1 1 8 6 2 8 . .0 1 3 39 9 .5 8 Feb. 8 3, 876. 0 1,158. 5 353.8 348.6 577.5 144.5 25.0 483.5 3,091.4 170.6 396.4 177.3 40 4 Feb 15 3, 912. 9 1,179.8 356.2 349. 7 574.8 146. 1 23.5 478.6 3,108. 8 171.0 395.5 199 1 38 6 Feb. 22 ___ 3, 940. 7 1,180. 5 366.3 350.5 579.0 145.3 25.5 476.9 3,124. 0 171.7 403.6 202.3 39.2 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 o i i n t m e g 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 he ll 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 L, 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—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 ,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 , 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. 25 , 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 Feb.1 , 478. 2 358.0 162.8 100.5 220.2 -13.8 -.9 221.4 1, 048. 2 125.5 133. 6 145. 8 25. 1 Feb. 8 , 507. 8 370.7 169.1 106.8 224.6 -13.0 -3.1 219.4 1, 074. 4 128.8 138.2 141.0 25.4 Feb. 15 , 512. 9 377. 5 177.3 105.6 222. 0 -13.7 -5.3 212.2 1, 075. 7 129. 7 138.0 145.6 23.8 Feb. 22 ],517.8 373.0 184.4 105.4 224.7 -13.0 -5.8 210.8 1,079. 6 123.1 143.7 147.5 23.9 TABLE 4.—UNITED STATES BANKING .FUNDS ABROAD, BY COUNTRIES From th J ro an u . 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 he ll r 1935—Dec. 31 361. 4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343. 7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449. 1 207.4 65.3 -4.4 2.6 105. 1 6.5 26.9 409.3 — 21. 7 51.6 18.7 -8.7 1938—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. 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 Feb 1 496. 5 200.5 64.8 -4.8 3.6 143.5 11.7 31.7 451.0 42.1 69.7 -59.8 -6.5 Feb. 8 484.3 189.6 67.7 -5.2 3.5 146.5 10.7 31.8 444.6 40.2 68.4 -60.6 -6.3 Feb. 15 514. 7 203. 3 63.1 -4.4 3.6 148.8 11.5 32. 1 458.1 41.0 65.7 -43.4 -6.6 Feb. 22 535.0 210.2 66.4 -3.7 3.8 147.2 13.9 31.7 469. 4 47.3 67.6 -42.8 -6.5 « Corrected. Corresponding corrected figures for Jan. 4,11, and 18,1939, respectively, are as follows in millions of dollars: 1,387.9; 1,386.5; and 1,411.1. i Inflow less than $50,000. NOTE —Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939 pp 284-296, April 1938, pp. 267-277, and May 1937, pp. 394-431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN JUNE 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—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 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939__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 Feb. 1 634.6 126.2 26.0 27.7 37.2 34.0 22.5 170.4 444.0 -22.3 168.8 34.4 9.6 Feb. 8 635.3 126.6 26.1 27.7 37.4 34.2 22.6 170.7 445. 2 -23.4 169.0 34.8 9.6 Feb. 15 634.8 126.7 26.2 27. 8 38.0 34.3 22.6 171. 6 447.3 -26.3 169.2 35.0 9.6 Feb. 22 637.5 126.7 26.3 27.9 38.5 34.4 22.6 172.0 448.4 -25.2 169.3 35.3 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 1938—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. 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 Feb.1 1,181.4 451.0 72.9 210.6 301.0 -23.0 -5.5 54.9 1,061. 9 23.5 23.4 61.3 11.2 Feb. 8 1,187.0 455.5 74.0 210.9 300.8 -23.0 -5.5 55.3 1,068. 0 22.3 23.5 61.9 11.3 Feb. 15 1,189. 0 456.3 72.6 211.8 300.8 -23.0 -5.5 56.0 1,069. 0 23.5 23.3 61.8 11.3 Feb. 22 1,190. 6 456.1 72.6 212.6 301.5 -23.1 -5.5 56.0 1, 070. 2 23.8 23.4 61.9 11.4 TABLE 7.—BROKERAGE BALANCES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r 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 C1) 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 .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 44.0 3.5 -.5 .5 (2) 1938—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 A .8 .5 Dec. 28 47.6 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2.6 -.9 -1.0 .2 1939—Jan 25 57.2 15.7 15.2 7.8 10.7 -.2 .2 6.3 55.9 2.1 -.7 -.6 .6 Feb 1 61.9 17.2 16.7 8.1 11.0 -.2 .3 6.3 59.4 2.5 — 7 4 4 Feb. 8 61.7 16.2 16.9 8.4 11.2 -.2 .2 6.4 59.1 2.6 -.8 .3 4 Feb. 15 61.4 15.8 17.0 8.7 10.4 -.2 .2 6.6 58.7 3.1 -.8 .1 .4 Feb. 22 59.8 14.5 16.6 8.3 10.5 -.2 .3 6.4 56.4 2.7 -.4 .5 .6 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

533 JUNE 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 i i n m t g ed - France N la e e n r t d - h s - S er w la it n z 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. 8 241.8 188.2 49.0 31.0 1930—Dec. 31_. 2, 335. 0 214.5 799.4 122.2 222 2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30__ 1,303.5 104.9 549.2 44.6 66*. 0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28_. 745. 6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27__ 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 28 i 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 2._ 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—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. 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 Feb. 1... 2, 049. 4 430.2 195.0 114.5 233.9 15.8 17.9 268.3 1, 275. 4 225.6 254.5 256.8 37.1 Feb. 8... 2,079. 0 442.8 201.2 120.7 238.3 16.6 15.7 266.3 1,301.6 229.0 259.1 252.0 37.3 Feb. 15.. 2, 084. 1 449.7 209.4 119.6 235.7 15.9 13.4 259.1 1, 302. 9 229.9 259.0 256.6 35.8 Feb. 22.. 2, 089. 0 445.2 216.5 119.4 238.4 16.7 13.0 257.7 1, 306. 8 223.2 264.6 258.5 35.9 TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n i o 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_. 1,1033 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.g 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 »__. 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-Eec. 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 19S8—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 46.3 322.7 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. 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 Feb. 1- 607.6 91.6 14.0 23.4 4.5 87.7 15.5 48.1 284.8 54.2 96.2 157.4 14.9 Feb. 8_. 619.8 102.6 11. 1 23.9 4.5 84.7 16.5 47.9 291.2 56.1 99.6 158.3 14.8 Feb. 15_ 589.4 88.8 15.7 23.0 4.5 82.4 15.7 47.7 277.7 55.3 100.3 141.0 15. 1 Feb. 22_ 569.1 82.0 12.4 22.4 4.2 84.0 13.3 48.0 266.3 49.0 98.3 140.4 15.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN JUNE 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 * Coin Notes a v n a d n c a e d s - ties Bankers' Public Other lia ti b e i s li- 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 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 ]20.1 371.2 102.4 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—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 April 26. 226.2 300.0 .9 37.1 6.2 129.5 489.1 91.4 27.0 37.6 17.7 Assets Liabilities Domestic bills on- Deposits Bank of France Ad- (Figures in millions of francs) Gold 4 ch e F e a i o g x n r n - g - e m O a p r e k n et5 c S i p a e l - 6 Other v m G a e e n t r o o n n c v t - e - 7 s m G S t e o e h n v r o t e m r r s t n - e - - s O e t c t i h e u s e ri r - O as t s h e e ts r c N i t r i c o o u n te la- G m ov e e n r t n- Other l O i t a i t b e h i s e li r curities 1929—Dec. 27 41, 668 25, 942 5,612 8,624 2,521 5,603 68, 571 11, 737 7,850 1,812 1930—Dec. 26 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12, 624 11,698 2,241 1931—Dec. 30 68, 863 21,111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29 77, 098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 3,211 8,288 83, 412 3,718 15, 359 1,907 1935—Dec. 27 66, 296 1,328 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—May 25 55, 808 813 5,575 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 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 8,631 2,054 5,733 20, 627 172 3,332 14, 558 119,748 3, 955 16,702 2,726 April 27 92, 266 756 8,609 2,165 6,012 20, 577 127 3,362 14, 452 124, 666 3,755 17, 255 2,649 1 Securities and silver coin held as cover for fiduciary issue. Currency and Bank Notes Act, 1939 (see 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 Populates (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

535 JUNE 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 Foreign Tr b e i a ll s s ury b c i O l h l e s t c h ( k e a r s n ) d Se lo c a u n ri s ty E a l s i g n i o b 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 li r exchange cover 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—x)ec 31 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—Dec. 31 71 6 119 6,013 60 106 286 861 5,493 1,059 970 1938—May 31 71 5 18 5,832 57 545 300 1,373 6,269 1,021 911 June 30 __ ._ 71 6 39 6,136 71 547 300 1,322 6,440 1,119 932 July 30 71 5 17 6,247 49 549 298 1,285 6,650 920 951 Aug. 31 71 5 1 6,647 35 550 298 1,268 6,869 1,033 974 Sept. 30 71 6 2 8,173 48 550 298 1,129 8,023 1,231 1,022 Oct 31 71 6 1 7,542 32 550 298 1,360 7, 754 1,040 1,064 Nov. 30 71 6 7,513 48 548 298 1,494 7,744 1,141 1,093 Dec. 31 ___ __. 71 6 121 8,123 45 557 298 1,621 8,223 1,527 1,091 1939—Jan. 31 71 6 16 7,144 52 592 298 1,848 7,816 1,119 1,091 Feb. 28 71 6 28 7,333 60 660 288 1,710 7,939 1,105 1,112 Mar. 31 71 6 43 8,137 58 677 292 1,489 8,311 1,249 1,212 Apr. 29 71 6 4 7,722 55 668 476 1,928 8,519 1,122 1,289 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] April Mar. Feb. April date of month] April Mar. Feb. April National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Gold 7,574 7,587 Demand deposits—Treasury 7 23 15 40 Foreign assets 17, 996 21, 222 Other 135 223 520 399 Loans and discounts 5, 198 4,616 Other Liabilities _ 122 122 122 118 Other assets 4,216 4, 408 Central Bank of Bolivia (thousands Note circulation 11,039 11,276 of bolivianos): Other sight liabilities 11,478 14, 493 Gold at home and abroad 60, 127 53, 635 Other liabilities 12, 467 11, 964 Foreign exchange 42,197 93, 612 Central Bank of the Argentine Loans and discounts 27, 900 20,154 Republic (millions of pesos): Securities- Government 402, 669 402, 790 Gold reported separately 1,224 1,224 1,224 Other 4, 558 4, 379 Other gold and foreign exchange- 67 69 115 Other assets 45,333 20, 339 Negotiable Government bonds.. 288 237 130 Note circulation 286, 583 262, 627 Other assets 185 257 182 Deposits 231, 795 271, 119 Note circulation 1,129 1,146 1,128 Other liabilities 64, 406 61, 163 Deposits—Member bank 394 436 355 National Bank of Bulgaria (mil- Government 176 138 113 lions of leva): Other 2 1 2 Gold 2,006 2, 006 1,994 Foreign exchange sold forward.. 17 19 12 Foreign exchange 921 1,036 858 Other liabilities 46 48 42 Loans and discounts 892 712 983 Commonwealth Bank of Australia Government debt 3,441 3,441 3, 495 (thousands of pounds): Other assets 1,283 1,269 1,258 Issue department: Note circulation 2,958 2, 577 2,441 Gold and English sterling... 16, 030 16, 030 16,007 Deposits 3,469 3,827 3,894 Securities 40, 505 40, 506 42, 296 Other liabilities 2,117 2,061 2, 252 Banking department: Bank of Canada (thousands of Ca- Coin, bullion, and cash 1, 506 1,479 1,322 nadian dollars): London balances 19, 073 18, 626 27, 189 Gold 205, 993 202, 984 200, 175 180, 678 Loans and discounts 16, 025 15, 655 12, 857 Sterling and United States ex- Securities 54, 948 54,138 49,193 change 31,586 33, 335 29. 668 17, 327 Deposits 85, 494 84, 049 85, 892 Canadian Gov't. securities: Note circulation 47, 530 47, 530 51, 034 2 years or less 135, 834 132,718 128, 475 119, 706 National Bank of Belgium (mil Over 2 years 29, 340 27, 067 33, 821 39, 981 lions of belgas): Other securities 12, 267 Gold reserve 3,066 3,059 3,471 3,123 Other assets 7,521 8,224 8,672 17, 541 Other gold and foreign exchange- 445 681 920 1, 135 Note circulation 165, 330 160,144 158, 488 155, 921 Discounts 589 335 175 194 Deposits-Chartered banks 206, 187 205, 642 210,536 1.95, 803 Loans 150 148 33 32 Dominion Government 21, 246 20. 494 19, 845 18, 242 Other assets 471 46S 467 462 Other 8,635 6,609 3,088 2,820 Note circulation. 4,459 4,324 4,409 4, 390 Other liabilities 8,876 11,441 8, 854 14, 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN JUNE 1939 CENTRAL BANKS—Continued Central bank 19 39 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] April Mar. Feb. April date of month] April Mar. Feb. April Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor (thousands of colones): Gold 145 145 144 Gold 13, 207 13,172 Discounts for member banks 92 81 63 Foreign exchange _. __ _. 6,260 4,895 Loans to government 758 758 782 Loans and discounts 531 933 Other loans and discounts 216 204 118 Government debt and securities 5,386 5,557 Other assets 53 53 49 Other assets 958 1,840 Note circulation 852 818 739 Note circulation _ ._ 16,079 14, 833 Deposits- Deposits 6,647 7,503 Bank 181 208 219 Other liabilities . 3,616 4,061 Other. 77 68 58 Bank of Estonia (thousands of Other liabilities 153 147 140 krooni): Fank of the Republic of Colombia Gold 40, 845 34, 311 34, 234 (thousands of pesos): Foreign exchange (net) 18, 889 16, 300 15, 948 Gold 37,461 41, 776 34, 896 Loans and discounts 27, 336 25, 516 24,163 Foreign exchange 5 952 4 089 6 693 Other assets 35 657 38 766 29 708 Loans and discounts 18, 203 19,124 16, 760 Note circulation 53, 917 52, 470 50, 618 Government loans and securities 37, 889 37, 955 46, 843 Demand deposits _ _ 40,124 33, 922 32, 807 Other assets 30, 802 31, 560 26, 803 Other liabilities 28, 686 28, 502 20,628 Note circulation 54, 601 54, 968 48, 544 Bank of Finland (millions of mark- Deposits 41,050 44, 992 42, 525 kaa): Other liabilities 34, 655 34,545 40, 924 Gold * 1,128 1,128 1,128 620 National Bank of Czecho-Slovakia1 Foreign assets. 2,490 2,522 2,507 2,588 (millions of koruny): Loans and discounts 1,258 1,226 1,167 1,527 Gold 2 1,894 1 896 2,362 2 658 Domestic securities 329 330 327 277 Foreign exchange 856 982 1,106 422 Other assets 118 138 173 362 Discounts 2,073 2,392 2,084 1,565 Note circulation 2,306 2,283 2,159 2,272 Loans 866 884 704 1,155 Deposits—Treasury. _ . __. 90 122 341 369 Government debt 2 007 Other 773 746 620 1 089 Other assets 3,315 2,886 2,485 1,114 Other liabilities.... 2,152 2,194 2,183 1,643 Note circulation 6,295 6,038 6,989 7,123 Bank of Greece (millions of drach- Demand deposits 595 867 367 245 mas): Other liabilities 2,114 2,135 1,384 1,552 Gold and foreign exchange (net) 3,606 3,655 3,452 Bank of Danzig (thousands of Loans and discounts _ 9,028 8,422 6,205 gulden): Government obligations 4,229 4,297 4, 342 Gold . . . 25, 262 25, 260 26,015 28, 376 Other assets _ 1,823 1 788 1,972 Foreign exchange of the reserve.. 3,773 596 610 2,734 Note circulation 6,846 6,592 6,795 Other foreign exchange 280 309 313 418 Deposits __ _. 10 170 9 762 7 050 Loans and discounts 22, 285 25, 503 25,033 15,836 Other liabilities 1,671 1,808 2,126 Other assets 2,875 2,931 3,237 3,298 National Bank of Hungary (mil- Note circulation _ 48, 325 41,419 39, 298 35,400 lions of pengo): Demand deposits 19,117 15, 364 15, 726 12, 501 Gold 6 124 124 124 84 Other liabilities 19,147 19, 270 19,012 19,017 Foreign exchange reserve 102 87 88 71 National Bank of Denmark (mil- Discounts 512 506 467 471 lions of kroner): Loans—To Treasury 296 280 269 119 Gold 118 118 118 118 Other 12 12 12 14 Foreign exchange 107 116 121 75 Other assets ._ 333 370 374 316 Discounts 20 20 20 21 Note circulation 896 888 816 585 Loans— To Government agencies 55 65 65 140 Demand deposits 187 179 191 214 Other 148 126 111 106 Certificates of indebtedness _ _ 99 99 99 70 Securities 183 169 166 106 Other liabilities 198 213 228 206 Other assets _. _ 104 111 109 76 Reserve Bank of India (millions of Note circulation 448 436 414 420 rupees): Deposits 92 100 110 64 Issue department: Other liabilities 194 189 186 159 Gold at home and abroad 444 444 444 Central Bank of Ecuador (thou- Sterling securities 595 595 788 sands of sucres): Indian Gov't. securities 323 323 324 Gold 35,960 Eupee coin 710 697 591 Foreign exchange (net) 9 417 Note circulation ._ 1 891 1 912 1 829 Loans and discounts.._ 54,443 Banking department: Other assets ._ 16, 428 Notes of issue department 181 147 318 Note circulation 61 078 Balances abroad __ 144 99 47 Demand deposits 40 492 Treasury Bills discounted._ 26 36 Other liabilities 14 679 Loans to Government 17 National Bank of Egypt 3 (thou- Investments... 67 69 71 sands of pounds): Other assets 8 7 9 Gold 6, 545 6,545 6 545 Deposits 319 269 338 Foreign exchange _ . ._ 2,220 2, 695 2 108 Other liabilities 108 106 107 Loans and discounts 6,124 6,902 4,728 Bank of Japan (millions of yen): British, Egyptian, and other Gold 501 501 801 Government securities 25, 613 25, 340 34,549 Special foreign exchange fund 300 300 Other assets _ 8,405 8,109 7 401 Discounts 411 424 478 Note circulation 20,095 19, 567 19 901 Loans—Government _. 3 3 3 Deposits—Government 3 453 4 446 8 124 Other.... 65 61 88 Other 16,987 17,110 19 039 Government bonds. 1 573 1 694 1 176 Other liabilities 8 362 8 469 8 267 Other assets. 381 368 208 Note circulation 2 232 2 292 1, 986 Deposits— Government 524 591 370 Other 189 127 90 Other liabilities 288 341 307 1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 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. 5 In accordance with law XXV of 1938 gold revalued on January 15, 1939, at .1754 gram fine gold per pengo and resulting increment eluded in other assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

537 JUNE 1939 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central bank 1939 Central bank [Figures as of last report [Figures as of last report date of month] April Mar. Feb, April date of month] April Mar. Feb. April Bank of Java (millions of guilders): Bank of Portugal (millions of Gold 117 117 escudos): Foreign bills 8 1 Gold 917 Loans and discounts 63 65 65 Other reserves (net) 508 Other assets 106 107 105 Non-reserve exchange 174 Note circulation 185 185 186 Loans and discounts 364 Deposits 83 85 74 Government debt 1,040 Other liabilities 27 27 27 Other assets 1,203 Bank of Latvia (millions of lats): Note circulation _ 2,004 Gold 93 93 93 78 Other sight liabilities 1, 243 Foreign exchange reserve 46 44 42 47 Other liabilities 958 Loans and discounts 162 157 151 131 National Bank of Rumania (mil- Other assets 56 57 63 56 lions of lei): Note circulation 89 85 79 66 Gold 18, 351 18, 309 16, 721 Deposits 221 220 219 197 Special exchange accounts 4,168 4,098 5,238 Bank O t o h f e L r i l t i h a u bi a l n it i i a e s (millions of litu): 46 46 51 48 L Sp o e a c n i s a l a l n o d an d s i s 3 counts 14 1 , , 6 8 3 4 7 9 1 1 2, , 1 6 7 9 6 5 6 1 , , 6 9 9 7 8 2 Gold 63 63 63 Government debt 10, 326 10, 320 10,467 Foreign exchange 8 8 6 Other assets 12, 253 11,672 10,610 Loans and discounts 134 123 116 109 Note circulation 38, 270 33,963 30,574 Other assets 34 33 33 32 Demand deposits 12, 491 13,814 11,052 Note circulation 182 164 142 129 Other liabilities 10, 823 10, 493 10, 081 Deposits 31 40 54 75 South African Reserve Bank Other liabilities 27 22 23 22 (thousands of pounds): Netherlands Bank (millions of guil- Gold 26, 813 26,568 22, 582 ders): Foreign bills 7,592 6, 830 5,415 Gold 1, 226 1,335 1,431 1,480 Other bills and loans 144 1, 548 2,729 Silver (including subsidiary coin) 20 25 27 18 Other assets 16,015 15,499 12, 747 Foreign bills 3 3 3 5 Note circulation 18,577 17,270 17, 700 Discounts 13 10 8 9 Deposits 27, 972 29, 699 22, 620 Loans 213 201 261 321 Other liabilities 4,014 3, 476 3,153 Other assets 69 69 69 67 Bank of Sweden (millions of Note circulation 1,037 978 992 901 kronor): Deposits—Government 8 41 140 106 Gold 747 731 731 576 Other 448 573 619 845 Foreign assets 690 729 763 900 Other liabilities 50 49 49 48 Discounts 13 13 12 13 Reserve Bank of New Zealand Loans 51 48 43 20 (thousands of pounds): Domestic securities 141 131 121 35 Gold 2,! 2,802 2,802 Other assets 495 491 488 315 Sterling exchange reserve 4,660 4,840 18, 327 Note circulation 1,041 1,054 991 948 Discounts Demand deposits 922 920 1,000 786 Advances to State or State un- Other liabilities 174 169 167 125 dertakings 19, 431 19,671 4,071 Swiss National Bank (millions of Investments 3,661 3,651 2,424 francs): Other assets 520 321 327 Gold 2,471 2, 645 2,813 2,882 Note circulation 15, 334 14, 906 14, 082 Foreign exchange 264 261 259 496 Demand deposits 13 i— 14, 567 11,789 Discounts 203 190 126 11 Other liabilities 1^ 852 1,812 2,079 Loans 34 28 25 21 Bank of Norway (millions of Other assets 684 704 701 713 kroner): Note circulation 1,773 1, 765 1,662 1,538 Gold 236 210 210 199 Other sight liabilities 1,239 1,421 1,619 1,952 Foreign assets 167 199 190 255 Other liabilities 644 642 643 634 Total domestic credits and Central Bank of the Republic of securities 259 219 172 Turkey (thousands of pounds): Discounts 0) 89 76 74 Gold ._ 36, 877 36, 877 36,875 36, 861 Loans 0) 37 35 30 Foreign exchange—Free 21 7 9 22 Securities 0) 109 108 69 In clearing accounts 14,557 9,377 10, 257 16, 839 Other assets (0 49 49 24 Loans and discounts 130,184 115,268 94, 851 53, 946 Note circulation 467 '461 439 444 Securities 192,382 191,864 190, 946 190, 500 Demand deposits—Government 50 50 33 70 Other assets 34,112 26, 531 24, 566 38,283 Other 121 110 117 77 Note circulation 236, 268 211,351 196, 351 176, 294 Other liabilities 74 60 Deposits 50,928 52,114 45, 432 47, 527 Central Reserve Bank of Peru Other liabilities 120,939 116,457 115,720 112,630 (thousands of soles): Bank of the Republic of Uruguay Gold and foreign exchange 48, 606 (thousands of pesos): Discounts 30,017 Issue department: Government loans 68,239 Gold and silver 103, 585 Other assets 7,235 Note circulation 88, 092 Note circulation 95, 982 Banking department: Deposits 41,417 Cash reserves 49, 822 Other liabilities 16, 6S8 Loans and discounts 95, 307 Bank of Poland (millions of zlotys) Other assets 71, 390 Gold 443 448 447 439 Deposits 81, 579 Foreign exchange 13 13 17 15 Other liabilities 134, 940 Loans and discounts 803 684 923 709 National Bank of the Kingdom of Securities 147 135 132 127 Yugoslavia (millions of dinars): Special gov't. debts 515 515 (2) Gold 1,917 1,916 1,913 1,824 Other assets 370 369 397 416 Foreign exchange 485 438 438 389 Note circulation 1,808 1,669 1,354 1,141 Loans and discounts 1,976 1,676 1,650 1,550 Other sight liabilities 162 178 233 224 Government debt 2,229 2,229 2,229 2,240 Other liabilities 320 316 328 342 Other assets 3,137 3,095 3,079 3,287 Note circulation 7,423 6,806 6,540 5, 898 Other sight liabilities 1,568 1,808 2,062 2,649 Other liabilities 752 739 709 744 r Revised. 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

538 FEDERAL RESERVE BULLETIN JUNE 1939 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs 1 ] 1939 1938 1939 1938 Assets Liabilities April 30 Mar. 31 April 30 April 30 Mar. 31 April 30 Gold in bars 43, 747 38, 746 21, 084 Demand deposits (gold) 9,649 9, 665 9,800 Cash on hand and on current account with banks ___ _ 18,128 23,612 20, 613 Short-term deposits (various curren- Sight funds at interest 31,010 32, 728 19, 607 cies): Central banks for own account _ _ 127, 269 143, 515 170, 834 Rediscountable bills and acceptances Other 5,112 6,261 4,248 (at cost) 216,247 216,917 222, 589 Time funds at interest 29, 643 32, 761 57, 634 Long-term deposits: Special accounts... 255,122 255,157 259, 495 Sundry bills and investments 249, 533 258, 734 293, 282 Other liabilities 192, 672 191, 925 191, 482 Other assets _. 1,516 3,026 1,050 Total liabilities 589,823 606, 523 635, 859 Total assets 589, 823 606, 523 635, 859 i 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 ta n e n t r h c s s e ' s T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—April 5.21 5.18 4.43 6.63 7.57 6.85 5.36 5.81 1930—April 2.48 2.49 2.28 4.46 5.57 4.40 2 52 3.08 1931—ApriJ 2.58 2.57 2.17 4.65 5.87 5.67 l'.5O 1.61 1932—April 2.19 2.07 1.91 5.12 6.31 6.17 1.02 .94 1933—April .59 .50 .61 3.87 5.25 5.05 .66 1.00 1934—April .96 .89 .88 3.87 5.11 4.76 2.07 1.85 1935—April .59 .51 .75 3.38 3.60 3.64 3.65 3.26 1936—April .55 .52 .75 3.00 3.04 2.83 1.07 1.27 1937—April .55 .53 .75 2.90 2.71 2.55 .19 1.00 1938—April .53 .51 .75 2.88 2.88 3.04 .13 .50 1938—October .70 .68 .75 2.88 2.88 2.70 .21 .50 November. . .66 .67 .75 2.88 2. 88 2.58 .14 .50 December .93 .80 2.88 2.88 2.86 .13 .50 1939—January .55 .53 .75 2.88 2.88 2.46 .13 .50 February .53 .51 .75 2.88 2.88 2.53 .13 .50 March .70 .75 2.88 2.88 2.70 .29 .50 April 1.36 .76 2.88 2.88 2.36 1.11 1.24 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t 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 r o n a n l i e l g y ht 1929—March 3.39 3.97 3.37 6.31 A 5. 66-5. 84 3.10 1930—March 2.60 3.31 2.70 6.57 y 4-6 5. 48 3.83 1931—March .99 2.25 1.57 5.50 2 3-5 5. 29-5. 48 2.74 1932—March 1.50 3.36 1.80 6.53 4K-5 r5-7 6. 20-6. 57 5. 84 1933—March 1.50 2.62 2.04 4.20 5. 48-5. 84 2.92 1934—March 1.50 2.07 2.75 3.00 5.29 2.57 1935—March 1.50 2.38 2. 12 3.89 5.11 2.70 1936—March 2.26 1.38 3.74 5.00 '214-5 5.11 2.87 1937—March 1.00 1.00 4.06 4.50 4.75 2.83 1938—March 1.00 n. 63 3.01 5.00 2Y2 4.56 2.51 1938—September 1.00 3.26 2.65 5.00 4.56 2.33 October 1.00 3 00 3.00 5.00 4.56 2.31 November 1.00 2 01 2.90 5.00 4.56 2.50 December. 1.00 2.21 2.23 5.00 lA 23^-5 4.56 2 37 1939—January... 1.00 2.00 1.88 5.00 4.47 2.34 February.. 1.00 1.98 1.96 5.00 4.47 2.56 March 1.00 3.28 1.94 5.00 4.47 2.54 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

539 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 e - d Trance 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 i r d t - - Tapan b C an e k n t o r f a — l M R 2 a a 4 t y e eff D ec a t t i e ve b C a e n n k t r o a f l — R M 2 a a 4 t y e ef D fe a ct t i e ve I J J S S n u u e e 1 l l p p y y e 9 t t f 3 f 7 1 6 e 9 2 0 c 5 t June 30, 2 4 3 5 4 2 3 2 3.29 A A B B B B C o e r l u r a b i g l l l n t g i a g i e v a i s n a n u d i h r i a t m a a i i a I n n a d . i a _ 6 3 6 6 3 2 A M M J N A M u p u o a a l a r y g v y r r i . . . . l 1 2 1 1 1 1 5 1 8 1 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 9 5 5 6 5 2 7 J J L L N N M a a a i e e v p e t t w t a x h a v h i n u i e c a a o r _ l n Z a _ i n e a d a . s - .. 3 3 7 3 2 . 2 2 9 A J J M M D a a p e n n a a c r . y . r . . . 1 1 5 1 7 3 4 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 7 9 6 9 6 7 O O J J O O N D J A S N a u u c e c c c o e u o n n l t t p t t c v y g v e t 2 9 1 2 7 2 3 1 2 4 1 6 0 3 8 5 6 3 ,1937 3 2 4 6 4 5 3 2 2 2 2 ^ IK2 C C C D D E E E F F G l i h z r c o s a e s e n a t e u i n l l n S r o l l n o c o a z e m a m a n h m c d v i n l g i e o a o v a a a d b - n r a k r ia d k y i — a o . . . . . r . . . 3-4 4 3 4 4 4 4 2 4 H 2 J J D J N A F D J O S u a a a e e e u o e c n n l n b p c y c t g v . . . . . . t . . . . 2 3 1 1 2 2 2 4 3 1 0 6 3 3 1 8 2 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 9 2 5 7 9 6 6 4 5 2 3 N U P P P R T S S S S o e o o w w u p u n o l r l u r a r a i m r i u a e t t k t t n w i u e n h d z a n e d d g d e a e n y . . A a r y . n i . K l l . a . a f . r i . n i n . c d . g . . a . - 6 5 4 2 2 N J M D A J M M J D N a u u o e u e o n a a a l l c c y v g y v y . y y . . . . . 2 1 1 1 2 1 1 0 5 5 9 1 6 5 8 1 1 5 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 7 2 8 8 6 8 7 3 3 8 5 M M M Se a a a p y y y t 1 3 1 2 3 0 0 8 1938 2 3 H 4 3 H I G ta r u e l n y e g ce ary 6 4 J A M a u n a g . y . 2 1 4 9 8 , , , 1 1 1 9 9 9 3 3 3 7 5 6 U Y . u d g o S m o . s S l . a v R ia .. . . . 2 4 5 J J F u u e n l b y e . 3 1 0 1, , , 1 1 1 9 9 9 3 3 3 5 6 2 Oct 27 2M Nov. 25 2M Changes since Apr. 30: Belgium—May 11, down from *t to 3 per cent Jan 4 1939 2 Lithuania—May 15, up from 5 to 7 per cent. Apr 17C 4 May 11 3 In effect May 24, 1939. 2 2 4 3 2 3.29 c Corrected. COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom Cash M ca o l n l e a y n d at Bills dis- Securi- L c o us a t n o s m to - Other Deposits Other (Figures in millions of pounds sterling) reserves n s o h t o ic rt e counted ties ers assets Total Demand 1 Time liabilities 10 London clearing banks 1930—December. ?m 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. ?36 187 316 630 864 238 2,238 232 1937—December. ?36 155 295 605 954 242 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 ],012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—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 L, 040 252 May 231 146 280 631 986 246 2,263 1,220 ,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 L,050 256 September. 234 148 289 646 973 242 2,269 1,236 1,033 262 October... 234 149 268 645 973 256 2,256 1,247 1,009 270 November. 233 149 272 642 966 255 2,249 1,244 1,004 269 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 1,186 966 264 April 229 145 184 611 997 256 2,155 1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. > 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

540 FEDERAL RESERVE BULLETIN JUNE 1939 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France Deposits Own (4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n d te i d s- Loans Other Total Demand Time accept- lia O b t i h li e t r ies 1930—December.. 2,419 4,675 20, 448 10, 743 2,361 36, 681 35, 284 1,397 921 4,357 1931—December.. 11,311 2,168 18, 441 9,274 2,130 38, 245 37,023 1,222 576 4,503 1932—December.. 9,007 1, 766 22,014 7,850 1,749 37, 759 36, 491 1,268 295 4, 331 1933—December.. 5,870 1,416 19, 848 1,827 32, 635 31, 773 862 273 4,362 1934—December.. 5,836 1,421 18, 304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December.. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—December.. 3,100 2,975 17, 582 7,631 1,957 28, 484 27, 955 529 473 4,289 1937—December.. 3,403 4,116 18, 249 7,624 2,134 30, 348 29, 748 600 661 4,517 1938—April 3,063 4,128 18,817 7,423 1,617 30, 454 29, 874 580 781 3,813 May 5,976 3,944 20, 271 7,153 1,573 34, 394 33,828 566 676 3,847 June 4,086 3,799 20, 443 7,083 1,538 32, 464 31, 938 527 534 3,950 July 3,297 3,962 21, 620 7,314 1,653 33,184 32, 701 483 566 4,096 August 3,270 4,708 19, 828 7,490 1,702 32, 293 31, 784 508 550 4,155 September- 4,410 4,237 14,080 8,072 1,921 27,869 27, 405 463 678 4,174 October 3,152 4,238 18, 940 7,613 2,088 30, 952 30,449 503 775 4, 304 November.. 3,357 4,318 18, 522 7,956 1,976 30, 971 30, 460 511 746 4,411 December.. 3,756 4,060 21, 435 7,592 1,940 33, 578 33, 042 537 721 4,484 1939—January.:.. 3,329 3,985 22,100 7,079 1,339 33,444 32, 863 581 643 3,745 February... 3,540 4,173 21,172 7, 290 1,325 33,179 32, 610 569 631 3,690 Assets Liabilities Germany i (5 large B l e i r o l n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n d te is d - 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 Time o C b b f r t a r e a o n d i m k n i s t e s d l O ia t t i b h e i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 880 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, 571) 938 991 6,161 2,958 3,203 1,146 1,550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—November.. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—May 167 260 3,328 2,604 1,094 826 6,509 3,050 3,459 444 1,327 June 208 271 3,270 2,704 1,107 811 6,635 3,159 3,476 433 1,303 July 178 263 3,464 2,729 1,100 809 6,788 3,194 3,594 420 1,334 August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September- 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October 179 261 3,620 2,743 1,183 895 7,031 3,373 3,658 422 1,427 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 (10 cha l r i t o e n r s e d o f b C a C a n a n k n a s a d . d ia a n F ig d u o r ll e a s r s i ) n mil- Ca E sh ntire S ly e c i u n r i C ty ana O l d o a t a h n e s r S a a n l e f b o d r d c r o a u u o m n D e r a s i d e ty t Se t c ie u s ri- Other ci N t r i c o o u n t l e a- a D d e a p o e s x it c s l d u p e d a p i y n o a g s b it l s e in i t n e rb C a a n n k - l O ia t t i b h e i s e li r loans and dis- foreign Total Demand Time counts banks 1930—December. 207 205 1,275 171 604 602 133 2,115 689 426 816 1931—December. 201 135 1,253 146 694 510 129 2,058 698 360 752 1932—December. 211 103 1,104 155 778 439 115 1,916 538 378 760 1933—December. 197 106 1,036 134 861 432 121 1,920 563 357 725 1934—December. 228 103 977 155 967 449 124 2,035 628 407 718 1935—December. 228 83 945 141 1,155 485 111 2,180 694 486 745 1936— December. 240 114 791 161 1,384 507 103 2,303 755 548 790 1937—December. 255 76 862 102 1,411 510 96 2,335 752 583 785 1938—May 247 900 129 1,449 479 91 2,403 777 626 777 June 247 921 119 1,462 520 99 2,459 838 621 781 July 240 920 123 1,437 471 95 2,394 772 623 772 August 262 913 137 1,440 459 93 2.418 783 635 771 September 270 965 150 1,421 481 99 2,447 814 633 802 October.._ 291 986 147 1,409 470 94 2.480 824 656 795 November 277 970 192 1,426 471 92 2,499 844' 655 December. 263 940 166 1,463 474 88 2,500 840 660 1939—January... 276 919 167 1, 454 459 85 2,457 789 1,667 796 February. 267 921 171 1,490 450 88 2.471 780 1,691 800 March 259 943 192 1,499 458 93 2,492 791 1,700 821 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 comparable with those shown for previous years due to changes in reporting practice (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

541 JUNE 1939 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] China Year or month 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 B I r n i d ti i s a h g B a u ri l a - Canada Chile (peso) S (y h u an an g - - Co b l i o a m- Cuba (peso) (pound) ling) (belga) (milreis) (rupee) (lev) (dollar) Official Export hai) (peso) (peso) 1929 95.127 480.83 14.058 13.912 11. 8072 36. 202 .7216 99. 247 12.0601 41. 901 96. 551 99. 965 1930 83. 505 458. 60 14.089 13. 952 10.7136 36.067 .7209 99. 842 12.0785 29. 917 96. 493 99. 952 1931 66. 738 351. 50 14.023 13. 929 7. 0290 33. 690 .7163 96. 326 12.0669 22. 437 96. 570 99. 930 1932 58. 443 279. 93 13. 960 13.914 7.1223 26. 347 .7193 88.090 7.9079 21. 736 95. 275 99. 941 1933 72. 801 337.07 15. 448 17. 900 7. 9630 31.816 1.0039 91. 959 7.6787 28. 598 81.697 99. 946 1934 33. 579 400. 95 18. 793 23. 287 8. 4268 37. 879 1. 2852 101. 006 10.1452 34. 094 61. 780 99. 936 1935 32. 659 388. 86 18. 831 18. 424 8. 2947 36. 964 1. 2951 99. 493 5.0833 36. 571 56. 011 99. 920 1936 33.137 395. 94 18. 792 16. 917 8. 5681 37. 523 1. 2958 99. 913 5. 1240 29. 751 57. 083 99. 909 1937 32. 959 393. 94 18.770 16.876 !6.1806 37. 326 1. 2846 100.004 5.1697 4. 0000 29. 606 56. 726 99.916 1938 32. 597 389. 55 18. 916 16.894 5. 8438 36. 592 1. 2424 99. 419 5.1716 4. 0000 21. 360 55. 953 99. 925 1938—August 32. 541 388. 90 16. 869 5. 8460 36. 390 1. 2349 99. 646 5.1744 4.0000 16.618 56. 564 99. 933 September- 32.032 382. 74 16. 877 5. 8563 35. 827 1. 2323 99. 365 5.1765 4. 0000 17.167 56. 704 99. 932 D N O e c o c t v o e e b m m e b r b e e r r . . . . . 3 3 3 1 1 1 . . . 3 1 7 8 3 9 2 5 3 3 3 3 7 7 7 9 2 5 . . . 8 0 0 9 6 5 1 1 1 6 6 6 . . . 9 9 8 0 0 4 8 4 3 5 5 5 . . . 8 8 8 6 5 4 4 9 8 6 5 8 3 3 3 5 4 5 . . . 1 6 8 5 1 6 1 7 0 1 1 1 . . . 2 2 2 3 3 3 2 2 2 5 4 6 9 9 9 9 9 9 . . . 0 0 2 6 4 6 2 8 4 5 5 5 . . . 1 1 1 7 7 7 7 5 7 1 8 7 4 4 4 . . . 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 5 6 6 . . . 1 0 7 1 9 2 0 6 9 5 5 5 7 7 7 . . . 1 0 0 3 0 7 P 1 8 9 9 9 9 9 9 . . . 9 9 9 2 3 1 6 1 6 1939—January 31.126 372. 06 16. 893 5. 8598 34. 881 1. 2156 99.194 5.1739 4.0000 16. 256 57. 055 99. 932 February... 31. 236 373. 33 16. 860 5. 8602 35.014 1. 2130 99. 502 5.1736 4. 0000 15. 885 56. 990 99. 933 March 31. 234 373. 27 16.823 5. 8647 35. 057 1. 2103 99. 583 5.1733 4.0000 16.016 56. 983 99. 932 April 31. 207 372. 86 16. 838 5. 8595 34. 962 1. 2089 99. 483 5.1735 4. 0000 16.015 56. 982 Year or month s ( C l k o z o v e r a c u h k n o i a a - ) ( m D kr e a o n r n k - e) p E o g u y n p d t ) Fi ( k n m k l a a a r ) n - d F (f r r a a n n c c e ) ( m m r G e a a i e c r n r k h - y ) s- G (d r r e a e c c h e - (d K K o o o ll n n a g g r) ( H p g e u a n r n g - y o) ( I l t i a r l a y ) J ( a y p e a n n ) M ( e p x e i so c ) o ( N g l e u a t i n l h d d e e s r r - ) 1929.. 2. 9609 26. 680 498.07 2. 5160 3. 9161 23. 809 1.2934 47.167 17. 441 5. 2334 46.100 48.183 40.162 1930.. 2. 9640 26. 765 498. 60 2. 5169 3.9249 23. 854 1. 2959 33. 853 17. 494 5. 2374 49. 390 47.133 40. 225 1931.. 2. 9619 25.058 465.11 2. 3875 3.9200 23.630 1. 2926 24. 331 17. 452 5. 2063 48. 851 35. 492 40. 230 1932.. 2. 9618 18. 832 359. 54 1. 5547 3. 9276 23.749 .8320 23.460 17.446 5.1253 28. Ill 31.850 40. 295 1933.. 3. 8232 19. 071 434. 39 1. 8708 5. 0313 30. 518 .7233 29. 452 22. 360 6. 7094 25. 646 28.103 51.721 1934_. 4. 2424 22. 500 516. 85 2. 2277 6.5688 39. 375 .9402 38. 716 29. 575 8. 5617 29.715 27. 742 67. 383 1935.. 4.1642 21. 883 502. 60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8. 2471 28. 707 27. 778 67. 715 1936.. 4.0078 22.189 509. 68 2.1903 6.1141 40.297 .9289 31.711 29. 558 7. 2916 29. 022 27. 760 64. 481 1937.. 3. 4930 22.069 506. 92 2.1811 4.0460 40.204 . 9055 30. 694 19.779 5. 2607 28. 791 27. 750 55. 045 1938_. 3.4674 21. 825 501. 30 2.1567 2. 8781 40.164 30. 457 19. 727 5. 2605 28. 451 22.122 55. 009 1938—August 3. 4518 21. 785 500.30 2.1510 2. 7331 40.090 .8950 30. 479 19. 663 5. 2604 28. 444 19. 732 54. 602 September.. 3. 4476 21. 441 492. 54 2.1171 2. 6924 39. 966 .8805 29. 989 19. 642 5. 2604 27. 996 19. 462 53. 940 October 3. 4401 21. 283 488. 92 2.1016 2. 6662 40.047 .8736 29. 668 19. 641 5. 2603 27. 787 19. 659 54. 390 November. 3. 4264 21.011 482. 66 2. 0750 2. 6343 40. 042 .8636 29. 325 19. 637 5. 2603 27. 430 19.971 54. 334 December.. 3. 4221 20. 844 478. 88 2.0554 2. 6323 40.080 .8559 29.174 19. 642 5. 2603 27. 213 19. 931 54. 356 1939—January 3.4258 20.841 478. 76 2. 0543 2. 6369 40.066 .8558 29.107 19. 632 5. 2603 27. 205 19. 483 54.187 February. __ 3. 4248 20. 912 480. 43 2. 0604 2. 6471 40.117 .8583 29. 078 19. 627 5. 2602 27. 297 19. 973 53. 626 March 3. 4245 20. 912 480. 40 2. 0597 2.6488 40.098 29. 049 19. 613 5. 2601 27. 300 20. 026 53. 092 April 20. 891 479. 90 2. 0542 2. 6478 40. 081 28. 659 19. 602 5. 2601 27. 274 20. 023 53.132 Year or month Z (p e N a o e l u a w n n d d ) N (k o r r o w n a e) y P (z o l l o a t n y d ) ( P e o s g r c a t u l u d - o) R ( u n l m i eu a a ) - (p S A o o fr u u i n t c h d a ) Spain ( S S m d e t o r e t l a t n l l i a t e t s r s - ) ( S k d r w e o n e n - a) e ( S f r w r l a a i n t n c z d ) - ' T po u u rk nd ey ) ( U p K d o n i o u i n m t n g e d - d ) ( U g p u e r a s u o y - ) ( Y s d l u i 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—August 391. 99 24. 523 18.832 4. 4228 .7317 483. 23 5. 747 56. 864 25.162 22. 885 79. 460 488.08 64. 239 2. 3133 September. _ 385. 81 24.136 18.815 4. 3492 .7305 475. 63 5.228 55. 794 24. 765 22. 603 79.624 480. 38 63. 231 2. 2895 October 382. 46 23. 957 18. 794 4. 3220 .7299 472. 05 5.092 55. 440 24. 563 22. 719 80.311 476. 85 62. 742 2. 2805 November... 376. 50 23. 652 18. 798 4.2683 . 7305 466. 01 5.054 54. 738 24. 251 22. 653 80. 289 470. 75 61. 955 2. 2797 December... 373.72 23. 463 18. 865 4. 2406 .7315 462. 32 4.996 54. 302 24. 051 22. 612 80.803 467. 03 61.471 2. 2776 1939—January 373. 59 23. 459 18. 901 4. 2384 .7311 462. 22 4.613 54. 246 24.041 22. 582 80.436 466. 94 61. 438 2. 2800 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 April 374. 41 23. 515 18.818 4. 2448 .7056 462. 80 54. 273 24.Ill 22. 431 80. 279 468. 05 61. 592 2. 2636 i Average for free market rate: average for 1936 is for official rate, which averaged 8.7190 cents in 1937. NOTE.—Developments affecting averages since January 1939 have been as follows: Brazil—quotations temporarily omitted beginning April 10; 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

542 FEDERAL RESERVE BULLETIN JUNE 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U St n a i t t e e s d Canada K U in n g i d te o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- Sw la it n z d er- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (1926-30= (July 1914 100) =100) 1926 _ 100 100 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 79 101 653 106 95 251 72 107 1938—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 97 683 107 98 265 70 105 April 76 73 97 P106 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 Kingdom United States (1926=100) France (1913=100) Germany (1913=100) (1930=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u u al s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l s cts p A r t g o u r d r i u c a u l ct l s - P s r i o o v ns i- a p t f r n i I r i n n o d a i d d l s s h u u e r e c s a m d - w ts i- p tr I r i i n o s a d d h l u u e f d s c i - n ts - 1926 .. 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 669 130 125 132 157 1930 _ . 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 . 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1938—March.. _ 70 74 83 101 106 620 647 106 90 94 126 April.. ._ 68 72 82 100 104 633 651 106 90 94 126 May 68 72 82 100 103 650 657 106 90 93 126 June 69 73 81 99 101 657 663 106 90 94 126 July 69 74 81 98 102 630 671 106 90 94 126 August 67 73 81 95 102 625 670 107 90 94 126 September. _ 68 75 81 92 102 631 669 106 91 94 126 October 67 74 81 93 102 646 680 106 92 94 126 November 68 74 81 91 103 662 685 107 95 94 126 December 68 73 80 92 102 684 685 107 95 94 126 1939—January 67 72 80 93 100 688 690 108 94 94 126 February 67 72 80 91 100 673 694 108 94 94 126 March 66 70 80 90 100 671 694 108 94 95 126 April 64 69 81 91 100 P697 P126 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

JUNE 1939 FEDERAL RESERVE BULLETIN 543 PRICE MOVEMENTS IN RETAIL FOOD PRICES [Index numbers] United Eng- France Ger- Year or States land July many month 1923- July 1914=100 1913- 1925=1001914=100 1914=100 1926 109 161 554 146 1929 105 154 611 156 1930 100 145 614 146 1931 82 131 611 131 1932 68 126 536 116 1933 66 120 491 113 1934 . 74 122 481 118 1935 81 125 423 120 1936 82 130 470 122 1937 85 139 601 1938 79 141 702 1938-March 79 140 698 April 79 137 702 May 79 139 705 June._ 80 138 698 July 80 146 671 August 78 141 677 September 79 140 697 October 78 139 725 November 78 140 727 December. 79 139 742 1939-January__ 78 138 748 February. 77 138 744 March _ _ 76 135 742 April 77 135 734 ot ot ot ot w PRIN<CIPAL COUNTRIES—Continued COST OF LIVING [Index numbers] 1 N 9 l 1 1 e a 9 3 t n 1 h = d 1 e 1 s - r 0 - 019 S J l 1 w a u e 4 n i r n = - t d e 1 z- 00 Y m e o a n r t o h r 19 U S 1 2 n t 9 5 a 2 i = t t 3 e e 1 - s d 0019 E l 1 J a u 4 n n = l g y d 1 - 001 F 9 J J 1 r a u a 4 n n n = . e 1 c - e 0019 m 1 G 1 9 4 a e 1 = n 3 r 1 - y - 001 N 9 l 1 e 1 a 9 t 3 n 1 h = d 1 e 1 s - r 0 - 0 19 S J 1 l w a u e 4 n i r n = t - d e 1 z- 00 161 160 1926 103 170 505 142 168 162 162 156 1929 100 164 556 154 168 161 150 152 1930 97 158 581 148 161 158 136 141 1931 89 148 569 136 151 150 119 125 1932 80 144 526 121 141 138 120 117 1933 76 140 520 118 139 131 124 115 1934 79 141 516 121 140 129 118 114 1935 81 143 483 123 136 128 120 120 1936 82 147 507 125 1 132 130 127 130 1937 84 154 619 125 137 137 130 130 1938 _ 83 156 *698 126 139 137 128 129 1938_ March 83 156 688 126 138 137 129 129 April 154 126 138 137 132 128 May 156 126 139 136 123 134 130 June 83 155 692 126 140 137 124 130 129 July 159 127 139 137 124 129 129 August 156 127 138 136 121 130 130 September 83 156 689 125 139 137 121 130 130 October 155 125 138 137 121 128 130 November 156 125 137 137 121 130 130 December. 83 156 722 125 138 137 122 129 1939-January 155 126 137 122 ••129 February 155 126 136 123 U30 128 March 82 153 126 2138 136 122 April 153 P126 r Revised. Preliminary. 1 Quarterly basis. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373) Sources.—See BULLETIN for April 1937, p. 373. 2 Quarterly basis. 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 ) s d g l e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r (19 F 1 r 3 a = n 1 ce 00) G (a e p v r r e i m c r e a a ) g n e y N la e n th ds e r » - U S n ta i t t e e s d Engla ( n 1 d 926=10 F 0 r ) ance Germany (1 N 9 l 3 e a 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 *78.0 70 1932 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 3 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55 1936 _ 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66 1937 93.4 124.6 75.1 98.7 * 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 H00.1 P96 1938—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 99.0 100.9 91.7 77.1 97.9 94.4 94.0 April 79.4 110.8 86.6 99.0 95.2 81.9 75.1 97.9 94.9 87.2 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 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLBS, Chairman RONALD RANSOM, Vice Chairman M. S. SZTMCZAK CHESTER C. DAVIS JOHN K. MCKEB ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LTSTON 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-President M. J. FLEMING GEORGE H. HAMILTON District No. 4 (CLEVELAND) T. J. DAVIS HUGH LEACH District No. 5 (RICHMOND) ROBERT M. HANES WM. MCC. MARTIN District No. 6 (ATLANTA) EDWARD BALL JOHN K. MCKEE District No. 7 (CHICAGO) EDWARD E. BROWN RONALD RANSOM District No. 8 (ST. LOUIS) WALTER W. SMITH M. S. SZYMCZAK President CHESTER MORRILL, Secretary District No. 9 (MINNEAPOLIS) JOHN CROSBY S. R. CARPENTER, Assistant Secretary District No. 10 (KANSAS CITY) JOHN EVANS WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) R. E. HARDING E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO).. .PAUL S. DICK JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ALLAN SPROUL, Manager of System Open Market Account 546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R irm es a e n rv a e n A d g F en ed 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. Round-s W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T. B. McCabe T S. Sinclair F. J. Drinnen 0. A. Mcllhenny 8 W. J. Davis E. C. Hill Cleveland. G. C. Brainard M J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond _ . Robert Lassiter Hueh Leach J. S. Walden, Jr. J. G. Fry G. H. Keesee 2 Atlanta.. . F. H. Neely R S. Parker . W. S. McLarin. Jr.» H. F. ConnifE M. H. Bryan Chicago R. E. Woodi G.J. Schaller... H P. Preston C. S. Young W. H. Snyder 3 J. H. Dillard St. Louis- W. T. Nardin W McC. Martin F. G. Hitt 0. M. Attebery 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 Tf 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 * R. B. West i Deputy chairman. a Cashier. 8 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. 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS TEXAS ) YTT>I -1 V I" v "Ti* —mmM BOUNDARIES OF FEDERAL RESERVE DISTRICTS .... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK QTIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis