Federal Reserve Bulletin, 1939-07

FKDERAL RESERVE BULLETIN JULY 1939 Recent Gold and Capital Movements Term Loans Made by Banks Summary of Business Conditions 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 gold and capital movements — 549-554 National summary of business conditions 555-556 Summary of financial and business statistics 558 Law Department: Ruling of the Board: Credit for obtaining new depositors as not constituting payment of interest. 559 Amendments to the law relating to loans to executive officers and membership in the Federal Reserve System of insured banks 559 Term loans by banks to commercial and industrial concerns 560-562 All banks in the United States, assets and liabilities 563-567 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 569 Federal Reserve bank statistics _' 570-574 Reserve position of member banks; deposits in larger and smaller centers : 575 Money in circulation _ 576 Gold stock and gold movements; bank suspensions; bank debits 577 All banks in the United States 578 All member-banks. _ - - - - 579-580 Condition of reporting member banks in leading cities 581-584 Acceptances, commercial paper, and brokers' balances 585 Federal Reserve bank discount rates 586 Money rates and bond yields 587 Security markets_ _ _ 588 Treasury finance 589-590 Governmental corporations and credit agencies; Postal Savings System 591-592 Production, employment, and trade _ _ 593-601 Wholesale prices _ • _ _ _ 602 Statistics for Federal Reserve chart book 603-604 International financial statistics: Gold reserves of central banks and governments 606 Gold production-__ _ 607 Gold movements 607-608 International capital transactions of the United States 609-611 Central banks _ _ -_ 612-615 Bank for International Settlements 616 Money rates 616 Discount rates of central banks •_ : 617 Commercial banks 617-618 Foreign exchange rates _ _ _ _ 619 Price movements: Wholesale prices " _ • 620 Retail food prices and cost of living 621 Security prices 621 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 624 Senior officers of Federal Reserve banks; managing directors of branches 625 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 JULY, 1939 No. 7 REVIEW OF THE MONTH in the United States began in 1936. A number of influences were at work—in some cases In the latter part of May imports of gold the need for funds to cover to the United States began to decline from Resources of specific financial operathe high levels of the precedforeign authorities ntry, in tions in this COU Recent gold ing two months. In the ten with Federal , molemenS1 Weeks frOm March 15 t0 M^ Reserve banks other cases the development of favorable balances 24 receipts of gold from abroad of international payments, and in general the had amounted to $1,250,000,000, an average desire, strengthened by the gold-bloc crises, to of $125,000,000 a week, while in the next have adequate resources available in this five weeks they totaled $250,000,000, an avermarket to meet sudden demands for dollars. age of $50,000,000 per week. Some of these influences were transient, but Up to the latter part of April, when the the prevailing movement was one of accumuatmosphere of crisis in Europe began to lift, lation. the shipment of gold to the United States RESOURCES OF FOREIGN MONETARY AUTHORITIES reflected largely the heavy transfer of pri- WITH FEDERAL RESERVE BANKS vately-owned short-term funds to this country that followed German occupation of Czecho-Slovakia in March. A decline in this 1.400 1.400 private movement toward the end of April, however, and its eventual reversal in May 1200 1.2OO were not immediately reflected in a decrease of gold imports because at that time foreign 1000 f 1,000 monetary authorities resumed building up 800 J J 800 their own holdings of dollar balances and I gold in the United States. It was not until 600 TOTAL RESOURCES J J 600 this accumulation by the authorities dimin- Jr ished somewhat and the private movement 400 400 turned outward that the rate of gold inflow i BALANCE to the United States was substantially re- 200 \ A 200 »A\, r ' duced. 0 O Since gold imports in May and June went 1934 1935 1936 1937 1938 1939 largely to swell the accounts of foreign mone- Gold and balances held in the name of foreign central banks for their own or Government account. Balances represent deposits, tary authorities at the Federal Reserve banks, acceptances, short-term securities, and, from October 1937, items for collection. Latest figures are for June 21, 1939. they had little effect on member bank reserves. Excess reserves of member banks, In the spring of 1937 rumors of a possible which reached a maximum of $4,300,000,000 reduction in the dollar price of gold introin the third week of May, were slightly below duced a new element into the situation. Certhis level during the following five weeks. tain foreign central banks, in common with private holders of gold throughout the world, The chart shows that the process of rebegan to acquire dollar balances in large building official reserves of gold and dollars 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN JULY 1939 amounts in preference to gold. The movement marked for foreign account in Canada, South of private funds to the United States largely Africa, and British India, most of which is ceased early in July 1937, but central bankbelieved to be official, amounted to $395,000,balances continued to increase through Sep- 000. On June 21, foreign monetary authoritember, when a sharp business recession de- ties held $360,000,000 of short-term balances veloped and rumors of an opposite character, with the Federal Reserve banks, compared namely of a contemplated further advance with $160,000,000 at the beginning of May in the price of gold and a consequent reduc- 1938, and their total resources in gold and tion in the exchange value of the dollar, balances with the Reserve banks amounted to brought to a halt the inflow of foreign funds. $1,460,000,000, an increase of nearly $1,000,- During the final quarter of 1937, there was 000,000 in fourteen months. some conversion of official dollar balances Notwithstanding the extensive and recurinto gold, and in the first four months of rent movements of gold to the United States 1938 total central bank resources in the to meet the private de- United States declined. Central gold mand for dollars, the reserves 1913-1939 The latest and most active phase of ac- total gold reserves of cumulation of official resources in the United foreign central banks and governments avail- States began in May 1938. < The movementable to meet a further demand for dollars was accelerated in connection with the first are still three or four times as large as Czech crisis in the summer of that year. The before the World War, and in the case of periods of most rapid expansion, however, members of the Tripartite Accord they are were the weeks immediately following the from four to twenty times as large. Central settlement at Munich in September and those gold reserves of the world at the end of preceding and following the second Czech 1913 (omitting Russia) amounted to about crisis which developed in March 1939. While $4,000,000,000. They were increased by rethe crises were in progress the private de- capture of gold coin from circulation during mand for dollars abroad delayed the accumu- the war, distribution of Russian gold to the lation of resources in this country by some rest of the world, and the steady flow of gold foreign monetary authorities, but these re- from the mines; and by the end of 1924 the sources have now risen to unprecedented United States alone had $4,000,000,000—a levels for the period for which reports are figure around which its reserves fluctuated available. Earmarking of gold has also been for the next nine years. Gold reserves of in progress in Canada and, more recently, in foreign countries grew from $5,000,000,000 South Africa and British India, as shown in at the end of 1924 to $8,000,000,000 at the the table below. end of 1933, mainly as a result of new production. Then came revaluation of the dol- EARMARKED GOLD lar in terms of gold in January 1934. The [Millions of dollars] reserves of this country were marked up to nearly $7,000,000,000, and foreign gold re- Gold earmarked for foreign account in— Date serves were increased in dollar value to $13,co F un o t u r r ies U S n ta i t t e e s d Canada A So fr u ic th a B I r n i d ti i s a h 500,000,000. Since January 1934 the United States has added $9,000,000,000 more to its April 30, 1938 397 316 81 monetary gold stock; but during the same September 30,1938 545 449 96 March 31,1939 1,047 652 155 204 36 period $6,000,000,000 of gold has been pro- June 21,1939 0) 1,095 0) 0) 0) duced at the new valuation by the world's i Information not yet available. mines and it seems probable, although com- At the end of March, the latest date for plete figures are not available, that an addiwhich complete data are available, gold ear- tional $500,000,000 has come on balance from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 551 other sources such as India, so that the net In view of the importance of a full statedraft on foreign gold reserves in favor of the ment of the gold reserves of leading coun- United States has amounted to but $2,500,- tries, a section is being added to the regular 000,000. It is probable that foreign central BULLETIN table showing gold reserves of gold reserves are currently in the neighbor- central banks and governments, published on hood of $11,000,000,000. At the end of 1913page 606 of the present issue. The regular they were less than $3,000,000,000. table shows all those reserves that are re- The situations of individual countries show ported monthly or have been so reported over yet wider differences. The table below pre- long periods in the past. The new section sents for three dates the gold reserves of for-appearing at the end of the table will show eign countries with free exchange markets those Government reserves that are reported that have adhered to the Tripartite Accord at infrequent intervals such as the holdings and of Germany and Italy, two leading coun- of the Belgian Government, the British Extries that have adopted exchange or trade change Equalization Account, the French control. Stabilization Fund, and the special account of the United States Stabilization Fund. CENTRAL GOLD RESERVES OF CERTAIN COUNTRIES Most of the great movement of gold to the [In millions of dollars] United States since 1933 reflects the inward flow of capital. Such was Country Dec. 1913 Dec. 192-9 Dec. 1938 The merchandise the case this spring during E Fr n a g n l c a e nd 6 1 7 6 9 5 1,6 7 3 1 3 0 3 2 , , 4 7 4 6 9 6 tWtSTstate*6 the second Czecho-Slovak Belgium 48 163 625 Netherlands 61 180 995 crisis, the effects of which Switzerland . ... 33 115 699 on the gold movement are now waning. For Total (5 countries) 986 2,801 8,534 the past two years, however, the export bal- Germany 279 544 29 Italy 267 273 193 ance in this country's foreign trade has Total (2 countries).. 546 817 222 played a part in the gold movement which at times has outweighed that of the capital flow. NOTE.—Gold is valued at the dollar parity effective on the given date: i. e., $20.67 an ounce in 1913 and 1929 and $35.00 an ounce in 1938. Gold While it is still an important factor in the of the British Exchange Equalization Account (as of Sept. 30, 1938) and of the French Stabilization Fund and the Belgian Government has been movement of gold to the United States, the made public and is included in the December 1938 figures. Gold of the Netherlands and Swiss Funds and possibly certain German gold is un- surplus of merchandise exports, as shown on reported in 1938. the chart, has been running in the current Since gold reserves are primarily needed in year at about half its rate in the period from international finance for the purpose of sta- October 1937 to May 1938. This situation bilizing currencies in free exchange markets, reflects a partial reversal of the conditions the concentration of gold today in the counthat led to the development of the export surtries that have such exchange markets is sigplus in 1937. In the second half of that year nificant. The heavy flow of gold to the United a sharp decline in the volume of industrial States this year, while it has diminished the production, and abundant harvests of certain reserves of England, the Netherlands, and agricultural commodities which it had been Switzerland, has been partly offset by new necessary to purchase abroad following the gold production and dishoarded gold, and has drought of 1936, led to reduced imports of not fundamentally altered the reserve picture industrial materials and grains. Exports, as shown in the table for the end of 1938. however, were well maintained to the end Foreign members of the Tripartite Accord of the year. The decline in business activity as well as many other foreign countries with abroad was for the most part limited as comfree exchange markets still have much larger pared with the American recession and forgold reserves available for meeting a demand eigners continued to purchase substantial for dollars than they had in 1913 or in 1929. quantities of manufactured goods in this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN JULY 1939 country. In addition short crops abroad led low levels reached during the second quarter. to the first substantial exports of American Purchases of raw silk increased throughout wheat in several years. The chart shows that most of 1938 but have since diminished. These four products alone account for nearly FOREIGN TRADE OF THE UNITED STATES half the increase in total imports from the MILLIONS OF DOLLARS MILLIONS OF DOLLARS econd quarter of 1938 to the first quarter 350 of 1939. 300 Exports of American manufactures have been rising generally since last summer, but 250 EXPORTS OF UNITED STATES MERCHANDISE MILLIONS OF DOLLARS MILLIONS OF DOLLARS 200 200 350 350 \ TOTAL EXPORTS A j SELECTED EXPORTS yOTAL 150 1937 1938 1939 General imports and exports, including reexports. in the final quarter of 1937 exports reached a high level, while imports were down sub- , AGRICULTURAL stantially from the peak established in the early part of the year. The merchandise ex- 1937 1938 1939 port surplus attained a volume of $100,000,- Industrial exports represented are: iron and steel, machinery, 000 a month. automobiles, and aircraft. Agricultural exports are: cotton, wheat, and corn. Tobacco and certain other agricultural exports, which are important factors in the autumn rises, are omitted This export surplus was maintained in the from selected exports because their significance appears to have been little more than seasonal in the period covered by the chart. first five months of 1938, during which period the country's foreign trade as a whole de- their increase during the current year has clined. Since the middle of 1938, however, been partly offset by a decline in agriculimports have expanded relative to exports, tural exports. The recent shift in the relative and the export balance has shrunk. This sit- importance of those agricultural and indusuation, which was temporarily obscured in trial exports which, aside from seasonal the final quarter of 1938 by seasonal develop- fluctuations, have shown the largest changes ments, is traceable in part to industrial re- over the past two years is shown on the chart. covery in the United States and in part to the Although agricultural exports as a whole weak export position of certain agricultural showed some seasonal increase in the final commodities. quarter of 1938, the rise was far less than that The recovery in imports has reflected which occurred in 1937. In the eight months largely increased purchases of crude mate- ending May 1939 exports of raw cotton, rials for use in American industry. Prices wheat, and corn, which make up the curve of of many of these materials have risen. Im- agricultural exports on the chart, were $185,ports of rubber increased sharply in the sec-000,000 less than in the corresponding period ond half of 1938, while imports of wool anda year before, and accounted for more than hides have risen steadily from the unusually half the decline in total exports over the inter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 553 val. Lower prices account in part for the de- has, in recent years, come to occupy the leadcrease in value of exports, but physical vol- ing position in the budget and to exercise an ume has also been reduced. Bales of cotton important influence on economic activity of exported declined 40 per cent. A generally the entire country. low level of cotton manufacturing in many The present program of large-scale reforeign countries, together with the fact that armament was initiated in the fiscal year there were record stocks of raw cotton in for- ending March 1938 when the Government eign countries at the beginning of the current announced a plan to spend a total of £1,500,shipping season, have been important factors 000,000 for defense over the ensuing five in this substantial fall in the volume of ex- years, of which £400,000,000 was to be met ports. In the case of wheat, better crops by borrowing. The amounts to be spent and in foreign countries have once again weak- borrowed have since been increased substanened the market for American exports. The tially. Defense expenditure has increased United States exported 40 per cent fewer more than five-fold since the early 'thirties, bushels of wheat in the final quarter of 1938 as shown in the table below. Expenditure on than in the corresponding period of 1937, but with the aid of the Federal Surplus Com- REVENUE AND EXPENDITURE OF THE BRITISH GOVERNMENT1 modities Corporation, which absorbed losses [In millions of pounds sterling] on wheat exports, volume was subsequently restored to the level of a year ago. Expenditure 2 Rev- Excess of In contrast to the position of leading agri- Fisc M al a y rc e h a r 3 1 e — nding enue De- re o v r e d n e u - e cultural products, exports of manufactured Total fense Other ficit (-) goods have been expanding since last summer. 1930 815 782 113 669 33 Automobiles, industrial machinery, and iron 1935 805 785 114 671 20 1936 845 829 137 692 16 and steel products have shown the largest in- 1937___ 897 889 186 703 8 1938 949 974 266 708 -25 creases since the summer, while exports of 1939 1,006 1,134 400 734 -128 1940 (budget estimate) 1,026 1,396 628 768 -370 agricultural implements and aircraft have been expanding since the first of this year. 1 Including Post Office and other "self-balancing" accounts. 2 Excluding expenditures for debt redemption, partly estimated in Exports of petroleum products, copper, and 1939-1940. cotton manufactures, which are not included the air force has expanded most sharply, risin the industrial curve on the chart, changed ing by some £200,000,000 since the fiscal year little from 1937 to 1938, and this year, with 1934-1935. Appropriations for the army and the exception of cotton manufactures, have navy show increases of the order of £150,000,been running somewhat below their levels of 000 and £100,000,000 respectively over the a year ago. same period, and in the current year over Foreign demand for the output of Amer- £50,000,000 has been allocated to civil deican industry has, on the whole, been well fense, which received no appropriation before maintained over the past year. An impor- 1937. tant factor has been the demand created by There has been an increasing tendency, foreign rearmament programs for many as indicated by the final column in the above types of industrial goods as well as for spe- table, to depend on borrowing to cover decific war materials. fense requirements. New taxation, however, Armament programs have become a lead- has been imposed in each of the last four ing factor in the economies of many coun- budgets. It is impossible to say precisely tries. In particular in how much of the revenue currently obtained Economic situation the United Kingdom, the is attributable to these new tax measures, but chief customer for Amer- on the basis of the official estimates made at ican commodities, ex- the time of their introduction it appears penditure on the national defense services probable that they will account for not less Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN JULY 1939 than 10 per cent of total revenues received in over 1,200,000 tons in May 1939. This reprethe fiscal year ending March 31, 1940. Half sents approximately the estimated capacity of this amount represents the estimated re- of the industry. In 1937, when steel producceipts attributable to successive advances in tion also approached the limits of output, and the standard rate of income tax from 22 y when steel prices were advancing, British 2 per cent to 27 V2 Per cent, and to increases inpurchases of iron and steel in the United surtax and estate tax rates. Another fifth States, particularly pig iron and steel scrap, represents the estimated receipts from a spe- increased sharply. Recent reports indicate cial tax on business profits—the so-called Na- that substantial British orders for steel scrap tional Defense Contribution, and the re- have again been placed in this country. mainder is derived from increases in various excise duties and higher registration fees for Appointment of First Vice President of the Federal automobiles. The Government has recently Reserve Bank of Dallas taken steps to tax at a high rate the excess On June 14, 1939, the Board of Governors profits derived from manufacture of arma- approved the appointment by the board of ments. directors of the Federal Reserve Bank of Changes in revenue, however, reflect not Dallas, effective June 16, 1939, of Mr. E. B. only the direct effects of new taxes but also Stroud as First Vice President of the bank the effects of changes in business activity. A for the unexpired portion of the five-year large part of the growth of revenue up to the term ending February 28, 1941. fiscal year 1938-1939 is attributable to business recovery while the estimates for the cur- Appointment of Class C Director at a Federal Reserve rent fiscal year take account of the subsequent Bank decline in economic activity. Income taxes On June 26, 1939, J. B. Cozzo, a partner paid in any year largely reflect income earned in the firm of Womack and Cozzo, Building in the previous year. Contractors, Dallas, Texas, was appointed a Production and employment in the United Class C director of the Federal Reserve Bank Kingdom, which increased steadily from 1932 of Dallas for the unexpired portion of the through 1937 and then declined until the sum- term ending December 31, 1940. mer of 1938, have shown a substantial recovery in recent months. The index of produc- Foreign Long-Term Investment in the United States, tion, which is not adjusted for seasonal vari- 1934, 1937, and 1938 Figures showing foreign long-term investation, reached a high of 136 in the final quarment in the United States at the end of 1938 ter of 1937. By the summer of 1938 it had were recently released by the Department of fallen to 117. The number of workers unem- Commerce. This material, with correspondployed was some 500,000 larger on the avering data for the years 1934 and 1937, is given age in the summer of 1938 than in the correbelow in substantially the same form as that sponding period of the previous year. The employed by the Department of Commerce. subsequent recovery, however, has been rapid, with the index of production rising to (In millions of dollars) 131 in the first quarter of 1939. Unemployment fell from 2,000,000 in January to 1,500,- End of year— Types of investment 000 in May, a reduction far greater than the 1934 1937 1938 usual seasonal decline. The iron and steel industry has led the up- C Pr o e m fe m rr o ed n s s t t o o c c k k s s ( ( m pa a r r k v e a t l u v e a ) lue) 1,2 3 0 5 2 1 1,8 4 5 3 0 0 2,2 4 5 2 0 5 turn in manufacturing. From an average B D o ir n e d c s t i ( n p v ar e s v t a m lu e e n ) ts (book value) 1,5 5 1 3 8 6 1,6 5 7 6 5 5 1,6 5 8 8 5 0 of 750,000 tons in the second half of 1938 Other investments (various bases of value)___ 750 750 750 output of steel increased to a record high of Total (various bases of value) 4,357 5,270 5,690 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

555 FEDERAL RESERVE BULLETIN JULY 1939 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 22 and released for publication June 24] Industrial production, which had been re- of May, and in the latter part of the month ceding on a seasonally adjusted basis during there was further curtailment partly as a the first four months of this year, showed result of a strike at a body plant which led little change in May and increased consider- to the closing of most assembly lines of one ably in the first three weeks of June. The major producer. In the early part of June advance reflected principally larger output of the strike was settled and by the middle of steel and coal, which had previously shown the month output had risen to a level higher considerable declines. than that prevailing during most of May. Production.—In May the Board's season- Lumber production increased further in May ally adjusted index of industrial production following less than the usual seasonal rise was at 92 per cent of the 1923-1925 average, during the first quarter of this year. the same as in April. Volume of manufac- Output of nondurable manufactures in the turing production declined somewhat fur- aggregate was at about the same rate in May ther, owing chiefly to reductions in output of as in April. At woolen mills activity increased steel and automobiles, but mineral production sharply, following a decline in April, and at increased as most bituminous coal mines were cotton and rayon mills output was mainreopened after the middle of the month. tained. Mill consumption of raw silk showed a further sharp decline. At meat-packing INDUSTRIAL PRODUCT \ ION establishments output increased more than 140 seasonally, and as in March and April was i 130 130 considerably larger than a year ago, reflect- J ing a sharp increase in the number of hogs 120 A 120 / KM slaughtered. Flour production continued in 110 110 larger volume than is usual at this season, i / \ / 100 while at sugar refineries there was a decrease 90 in output. \ / 80 Mineral production increased in May owing K/ chiefly to the reopening of most bituminous 70 coal mines. Anthracite production, which 1934 1935 1936 1937 1938 1939 had been in large volume in April, declined Index of physical volume of production, adjusted for seasonal in May, while output of crude petrobum invariation, 1923-1925 average = 100. creased somewhat further. Steel ingot production, w^hich had been at Value of residential building contracts, an average rate of 52 per cent of capacity which had shown a considerable decline in in April, declined to 45 per cent in the third April, increased in May, according to figures week of May. About this time prices of some of the F. W. Dodge Corporation. Public resitypes of steel were reduced considerably and dential awards were higher owing to a greater orders were placed in substantial volume. volume of United States Housing Authority Subsequently steel output increased and the projects; private awards also increased but current rate is about 55 per cent of capacity, on a seasonally adjusted basis were below the approximately the level maintained during high level reached in February and March. the first quarter of this year. Contracts for both public and private non- In the automobile industry output was re- residential construction declined in May, folduced by about one-fifth at the beginning lowing increases in the preceding two months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN JULY 1939 Employment.—Factory employment and middle of May to the third week of June. payrolls showed little change from the middle Wheat, silk, and coal prices declined early in of April to the middle of May, according to June, following increases in May, and there reports for a number of States. were further declines in prices of livestock Distribution.—Department store sales de- and meats. clined from April to May, while sales at Bank credit.—During the four weeks endvariety stores and by mail order houses ing June 14 total loans and investments at showed little change. In the first two weeks member banks in 101 leading cities increased of June department store sales increased. by $270,000,000, following a decline of $200,- 000,000 in the preceding four weeks. The FREIGHT-CAR LOADINGS major increase was in holdings of Treasury 110 notes and bonds at New York City banks. 100 100 Demand deposits increased sharply to new high levels both in New York and in the lead- 90 90 ing cities outside New York. y 80 80 70 \ 70 MEMBER BANKS IN 101 LEADING CITIES V \ BILLIONS OF DOLLARS ILLIONS OF DOLLARS 12 ~ 60 60 50 50 40 1935 1936 1937 1938 1939 Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. Freight-car loadings increased in the latter half of May, reflecting chiefly expansion in coal shipments. In the first half of June loadings of coal increased further and ship- 1935 1936 1937 1938 1939 ments of other classes of freight also were in larger volume. Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to June 14, 1939. Commercial loans, Commodity prices.—Prices of industrial which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then reported. materials, such as steel scrap, hides, wool, and During the first three weeks of June exprint cloths, advanced somewhat from the cess reserves of member banks showed little change from the new high level of $4,300,- WHOLESALE PRICES 000,000 reached on May 24. Continued gold 110 imports largely went into earmarked gold and into balances held for foreign account at the Federal Reserve banks. Money rates.—Prices of United States Government securities, which had advanced sharply from April 11 to June 5, reaching a new high level, eased slightly during the next two weeks. The yield on the longest-term 60 60 Treasury bond outstanding declined from 50 L 50 2.49 per cent on April 11 to 2.26 per cent on 1934 1935 1936 1937 1938 1939 June 5 and increased to 2.32 per cent on June Indexes compiled by United States Bureau of Labor Statistics 19. Other money rates showed little change. 1926 = 100. By weeks, January 6, 1934, to June 17, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 557 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS -~ 16 15 14 13 12 11 10 TREASURY DEPOSITS AT F. R. BANKS 1934 1935 1936 1937 1938 1939 Latest figures for June 21. See table on page 569. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN JULY 1939 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 Annual averages May Apr. Mar. May Apr. Mar 1938 1937 1936 1935 1933 1929 MEMBER BANK RESERVE, RESERVE BANK CREDIT, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,582 2,593 2,590 2,594 2,606 2,597 2,600 2,554 2,481 2,475 2,429 1,459 Bills discounted 4 3 3 8 11 10 9 14 6 283 952 Bills bought 1 1 1 1 1 1 1 3 4 5 83 241 U. S. Government securities 2,564 2,567 2,567 2,564 2,569 2,565 2,565 2,540 2,430 2,431 2,052 208 Gold stock 15, 878 15, 509 15,014 12, 891 12, 829 12, 778 13, 25012, 16210, 578 9,059 4,059 3,996 Treasury currency outstanding 2,856 2,844 2,832 2,697 2,685 2,673 2,711 2,567 2,503 2,478 2,271 2,015 Money in circulation_. 6,919 6,867 6,764 6,415 6,387 6,338 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings 2,663 2,703 2,720 2,227 2,769 3,558 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F. R. banks 926 1,001 1,155 1,315 900 221 653 158 446 128 55 22 Nonmember deposits and other F. R. accounts 812 751 775 637 594 605 658 595 551 507 497 406 Member bank reserve balances: Total 9,997 9,624 9,021 7,587 7,469 7,326 7,935 6,830 5,989 5,001 2,343 2,358 Excess 4,212 3,926 3,432 2,525 2,071 1,524 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, 693 21, 727 21, 705 20, 732 20, 819 21, 072 J21,023 22,198 22, 064 19, 997 17,505 22, 599 Loans—total 8,091 8,127 8,241 8,430 8,604 8,884 8,506 9,546 8,462 8,028 9,156 16, 887 Commercial, industrial and agricultural 3,839 3,848 3,792 4,085 4,229 4, 328 4,059 0) 0) 0) 0) 0) To brokers and dealers in securities 678 697 831 602 622 762 701 1,226 1,181 990 777 «2, 208 Other loans for purchasing or carrying securities-. 539 537 529 589 592 611 588 0) Q) (') 0) 0) All other loans 3,035 3,045 3,089 3,154 3,161 3,183 3,158 0) 0) 0) 0) (0 Investments—total 13, 602 13, 600 13, 464 12, 302 12,215 12,188 [12, 517 12, 652 13, 602 11,969 8,349 5,712 U. S. Government direct obligations 8,296 8,225 8,186 7,980 7,955 7,992 7,982 8,394 9,080 7,989 5,228 2,865 Obligations fully guaranteed by U. S. Govt 2,033 2,033 2,027 1,354 1,179 1, 159 1,451 1,164 1,250 928 Other securities 3,273 3,342 3,251 2,968 3,081 3,037 3,084 3,094 3,272 3,052 3,121 2,847 Reserve with Federal Reserve banks 8,361 7,973 7,427 6,070 5,885 5,724 6,400 5,307 4,799 4,024 1,822 1, 725 Cash in vault 423 424 410 384 342 302 382 337 383 326 240 248 Balances with domestic banks 2,644 2,596 2,580 2,296 2,107 1,992 2,289 1,884 2,358 2,112 1,322 1,142 Demand deposits—adjusted 16, 796 16, 455 16, 032 14, 579 14,437 14,360 15, 033 15,097 14, 619 12, 729 0) 0) Time deposits (excluding interbank)2 5,253 5,227 5,217 5,214 5,223 5,239 5,202 5,202 4,999 4,883 4.946 6,788 Deposits of domestic banks 3 6,648 6,589 6,511 5,706 5,407 5,280 1 5,770 5,298 5,810 4,938 2,822 2,787 Borrowings 2 1 1 1 3 7 3 12 5 6 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; per cent per annum Commercial paper .56 .56 .56 .88 .81 .95 .75 .76 1.72 5.85 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.16 7.61 U. S. Treasury bills (91 days) .03 .03 .03 .05 .09 .08 .07 .28 .17 .17 IT. S. Treasury bonds, long-term 4 2. 17 2.30 2.34 2.51 2.62 2.64 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 2.97 3.02 2.99 3.22 3.30 3.22 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 1,312 240 || 220 352 246 372 328 518 392 89 959 New 117 162 159 196 126 197 178 164 121 60 841 Refunding 1,195 213 78 61 156 120 175 150 354 270 29 118 Domestic corporate issues—total. 172 206 100 63 83 179 203 382 189 32 781 New ' 21 53 38 24 73 102 99 34 13 667 Refunding 151 129 47 59 107 101 282 155 18 115 Index numbers Common stocks (1926=100) 82 92 74 71 78 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities 76 77 78 79 80 79 86 81 80 66 95 Farm products 64 66 68 68 70 69 86 81 79 51 105 Foods 69 70 72 72 74 74 86 82 84 61 100 Other commodities 81 80 82 82 83 82 85 80 78 71 92 Retail food prices (1923-25=100) 77 76 79 79 79 79 85 82 81 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation 1923-21'=100 Industrial production ?92 92 98 76 77 79 86 110 105 90 76 119 Manufactures P91 92 96 73 73 75 84 109 105 90 75 119 Minerals P98 95 110 91 100 103 98 115 105 91 82 115 Construction contracts awarded—totaL. P61 67 69 51 52 46 64 59 55 37 25 117 Residential P55 58 55 37 37 33 45 41 37 21 11 87 Allother P66 74 80 62 65 56 80 74 70 50 37 142 Factory employment P90 91 91 84 85 87 87 106 98 91 73 106 Factory payrolls (unadjusted) P84 85 87 73 75 77 78 102 86 74 50 110 Freight-car loadings 62 60 66 58 57 60 62 78 75 64 58 107 Department store sales 85 88 88 78 83 86 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports - 257 274 275 258 279 205 190 140 437 General imports ^203 190 148 160 173 163 257 202 171 121 367 v 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 cr callable after 12 years. See BULLETIN fcr December K38, rP- 1045-1046. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 559 LAW DEPARTMENT Credit for Obtaining New Depositors as Not Amendments to the Law Relating to Loans to Execu- Constituting Payment of Interest tive Officers and Membership in Federal Reserve System of Insured Banks The Board was recently presented with the There is printed below the text of an Act question whether a certain practice is in con- of Congress approved by the President June flict with the Board's Regulation Q, regarding20, 1939, extending for five years from June the payment of interest on deposits. 16, 1939, the period within which loans made to executive officers of member banks prior It appeared that depositors who have speto June 16, 1933, may be renewed or excial checking accounts in a member bank are tended subject, of course, to the other conoffered a credit of $1 for the introduction to ditions stated in the law and in section 4 of the bank of depositors who open new special Regulation 0. This Act also repeals the rechecking accounts. This amount may be quirement that all State banks having average deposits of $1,000,000 or more during the given in the form of cash or in the form of calendar year 1941 or any succeeding calendar ten free checks, for which these depositors year must become members of the Federal would ordinarily pay ten cents each. Reserve System in order to have their de- The Federal Reserve Act forbids the direct posits insured by the Federal Deposit Insuror indirect payment of interest on demand ance Corporation. deposits and the Board's Regulation Q pro- [Public—No. 135—76th Congress] vides that "Within this regulation, any pay- [S. 1886] ment to or for the account of any depositor AN ACT as compensation for the use of funds con- To extend to June 16, 1942,* the period within which certain stituting a deposit shall be considered inter- loans to executive officers of member banks of the Federal Reserve System may be renewed or extended. est." The amount of $1, which is given by Be it enacted by the Senate and House of Reprethe bank to a depositor for bringing in a new sentatives of the United States of America in Congress assembled, That the first sentence of subsecdeposit account, is not compensation for the tion (g) of section 22 of the Federal Reserve Act, as amended (U. S. C, title 12, sec. 375a), is amended use of the funds constituting the deposit ac- to read as follows: " (g) No executive officer of any member bank count of such depositor but apparently is for shall borrow from or otherwise become indebted to the service which he renders in introducing any member bank of which he is an executive officer, and no member bank shall make any loan or extend the new depositor to the bank. Such a serv- credit in any other manner to any of its own executive officers: Provided, That loans made to any such ice conceivably might be rendered by any officer prior to June 16, 1933, may be renewed or extended for periods expiring not more than five person, whether or not a depositor. Likeyears from June 16, 1939, where the board of diwise, it does not appear that the payment is rectors of the member bank shall have satisfied themselves that such extension or renewal is in the one which should be regarded as compensa- best interest of the bank, and that the officer indebted has made reasonable effort to reduce his obligation, tion for the use of the funds constituting thethese findings to be evidenced by resolution of the board of directors spread upon the minute book of account of the new depositor, as it does not the bank: Provided further, That with the prior inure to his benefit but is made to the person approval of a majority of the entire board of directors, any member bank may extend credit to any who introduces him. executive officer thereof, and such officer may become indebted thereto, in an amount not exceed- Accordingly, on the basis of the informa- ing $2,500." SEC. 2. Paragraph (1) of subsection (y) of section presented, the Board expressed the view tion 12B of the Federal Reserve Act, as amended, is hereby repealed and paragraph (2) of said subthat the payment in question is not a paysection is amended by striking out "(2)" at the ment of interest within the meaning of the beginning of said paragraph. Approved, June 20, 1939. statute or the Board's Regulation Q. * So stated in the Act as enacted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN JULY 1939 TERM LOANS BY BANKS TO COMMERCIAL AND INDUSTRIAL CONCERNS Information as to the amount, type, size, 3. New York banks made half of the total dollar amount but less than 5 per cent of the and maturities of intermediate- and long- total number of such loans. term loans made to commercial and indus- 4. Of the approximately 400 reporting member banks, 66 reported no term loans of the type trial businesses was recently obtained by the covered by the survey and 77 reported 5 or less Board of Governors from member banks in of ^ such loans. About $1,000,000,000, or twothirds of the loans reported, were made by 16 101 leading cities that submit weekly con- banks, of which 10 were in New York City. dition statements. There are about 400 such 5. About 23,000 loans totaling $170,000,000 when originally made were for amounts less banks. They hold approximately 70 per cent than $100,000, nearly 1,700 totaling $460,000,000 of the commercial, industrial, and agricul- were for $100,000 or more but less than $1,000,- 000, and about 300 loans totaling $790,000,000 tural loans of all member banks. The weekly were for $1,000,000 or more. reporting banks reported on all business loans 6. Approximately 90 per cent of the total number and 67 per cent of the original dollar held on April 19, 1939, which, at the time amount were repayable on an installment basis. originally made, had maturities of one year 7. About 25 per cent of the total number and or more. The reports are summarized in the 70 per cent of the dollar amount of such loans had original maturities of three years or more. following table: Comparability of the reports.—Since the BUSINESS LOANS WITH MATURITIES OF ONE YEAR OR reports covered only loans with actual ma- MORE HELD ON APRIL 19, 1939 turities of one year or more, they did not By weekly reporting member banks in 101 leading cities include loans made for shorter periods or Original Unpaid payable on demand where the banks and the Number amount balance borrowers might have an understanding that, In millions of dollars in the absence of unforeseen developments, Total loans reported 24,900 1, 420 1,160 they would be extended for periods beyond a Classified according to: year. The figures, especially for number of Location of lending banks New York City _ __ . 1,100 710 590 loans, were also somewhat affected by differ- Other leading cities 23,800 710 570 ences in the interpretation of the question- Security Secured by real estate (0 0) 170 naire among reporting banks; for example, Not secured by real estate 0) (0 990 some apparently considered all notes dis- Size of loan Less than $100,000 22,900 170 0) counted under a single line of credit as one $100,000 to $999,000 1,700 460 0) $1,000,000 and over 300 790 (0 loan, while others considered each note dis- Method of repayment counted for a single borrower as a separate Installment loans - 22,100 960 760 Non-installment loans 2,800 460 400 loan. Some banks did not include small busi- Maturity ness loans made through their personal loan 1 to 3 years 18, 200 430 0) 3 years or more.. _ - - - 6,700 990 C1) departments, while other banks reported such 1 Not reported. loans. The survey shows that: Proportion of term loans to total loans.— 1. Of approximately $3,900,000,000 of com-As already stated, about one-fourth of total mercial, industrial, and agricultural loans, which commercial, industrial, and agricultural loans were outstanding at the 400 reporting banks on April 19, 1939, about $1,000,000,000, or 25 per of the 400 reporting banks, exclusive of loans cent, had a maturity when originally made of secured by real estate, were made for periods one year or more. In addition about $170,000,- 000 of loans secured by real estate were made of one year or more. The proportion of such by these banks to commercial and industrial loans for these banks in each Federal Reserve businesses for periods of one year or more. 2. The total number of such loans with ma- district and in New York City is shown in the turities of one year or more was about 25,000, following table. At banks in New York City and their total original or face amount was $1,420,000,000. the proportion was 39 per cent. Outside of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 561 New York City this proportion ranged from estate loans—17 per cent for all reporting less than 10 per cent in the other cities of thebanks—ranged from 5 per cent in the New New York Federal Reserve district and inYork Reserve district outside New York City the Philadelphia, Richmond, Atlanta, and St.to 27 per cent in the Dallas and Atlanta dis- Louis districts to over 25 per cent in thetricts. Nearly a third of these business loans Cleveland and Chicago districts. These varia- secured by real estate were made by banks tions doubtless reflected to some extent differ- in the San Francisco district, where real ences in lending practices, whereby some estate loans are a relatively large part of total banks make few longer-term loans but permit loans, and substantial amounts were also short-term loans to be renewed or demand made by New York City banks. notes to be outstanding for periods of a year Of all loans reported in the survey about or more. 15 per cent were secured by real estate. This proportion showed wide variation among the BUSINESS LOANS SECURED AND NOT SECURED BY REAL Federal Reserve districts. These variations ESTATE, WITH MATURITIES OF ONE YEAR OR MORE, reflect not only differences in the relative OUTSTANDING UNPAID BALANCES APRIL 19, 1939 amounts of term business loans reported in By weekly reporting member banks in 101 leading cities1 the loan portfolios of the banks in the various Not secured by Secured by districts but also the fact that real estate real estate real estate loans on non-residential properties are a Federal Reserve district Amount Per cent of Amount Per cent much more important part of the member in thou- total, com'l, in thou- of total sands of ind'l, and sands of real estate bank loan portfolios in some districts than in dollars agric'l loans i dollars loans i others. Boston _ _ 55, 657 21 15, 162 19 Size of loan.—About 23,000 or $170,000,000 New York: New York City___ 559, 556 39 26, 059 23 of the loans were made for amounts less than Other cities 8,463 8 4, 577 5 Philadelphia 12, 346 6 6, 520 11 $100,000. The average loan for this size Cleveland 60, 724 26 16, 115 10 group was approximately $7,000 and ranged Richmond 8,665 8 8,158 23 Atlanta 7,906 5 6,785 from $3,000 in the Richmond district and the Chicago- . - 142, 403 28 12, 429 13 St. Louis 14, 881 8 11,745 24 New York district outside New York City to Minneapolis 14, 478 19 1,241 18 $17,000 in New York City.1 This size group Kansas City 22, 490 15 4,544 20 Dallas 25, 131 15 5,439 97 accounted for over 90 per cent of the total San Francisco . 54,712 17 53. 893 20 number of loans covered by the survey. In Total 987, 412 25 172, 667 17 New York City the proportion was only 47 1 Figures are not precisely comparable with weekly condition state- per cent. The dollar amount of loans of this ments published regularly for banks in same cities: the reporting banks are not exactly the same; in some cases the term loans reported as secured size comprised only one per cent of the total by real estate include loans that are reported in the weekly condition statement as commercial and industrial loans, apparently being only amount of loans covered by the survey in incidentally or partly secured by real estate. Total real estate loans and total commercial loans used in computing the percentages are of the types New York City and 8 per cent in the Chicago reported in weekly statements. district, but in the Richmond, Kansas City, Loans secured by real estate.—The $170,- and Dallas districts this proportion was ap- 000,000 of loans reported in the survey as proximately 40 per cent. secured by real estate may be compared with Loans between $100,000 and $1,000,000 a total of $1,000,000,000 of real estate loans numbered 1,700, with original face amounts made by the reporting banks. As indicated totaling $460,000,000. The average size of in the footnote to the table these two figures these loans was about $275,000 at all reportwere not reported on exactly the same basis ing banks, with banks in the Dallas district by all banks, but they may be considered as showing the smallest average of $170,000. roughly comparable. The proportion of term 1 The number and average size of loans were affected somewhat loans secured by real estate to total real by variations in reporting previously mentioned in the section on "Comparability of reports." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN JULY 1939 The highest averages were $350,000 for New had longer maturities. This was true for York City and the Chicago district. each Federal Reserve district. The dollar Only about 300 loans were made for volume of loans with maturities of one to amounts of $1,000,000 and over, but they three years accounted for over 50 per cent of totaled $790,000,000, or somewhat more than total term loans in the Kansas City and Dalhalf of the total amount of loans covered by las districts, where a number of cattle loans the survey. The average size of these loans were reported, and for about 25 per cent or was about $2,500,000. New York City banks less of the total in New York City and in the made 208 of these large loans, totaling $580,- Cleveland, Richmond, Atlanta, and St. Louis 000,000 in amount, or about 75 per cent of districts. all loans of this size made by the reporting Interest rates charged on term loans.— banks and about 80 per cent of all term loans Separate reports received from a small group made by New York City banks. of banks in large cities indicate that the pre- Installment loans.—About 22,000 of the vailing interest rate charged on the larger loans covered by the survey, amounting at the commercial loans with maturities of a year time they were made to $960,000,000, were or more is about 3 per cent in New York City repayable in installments. This left 2,800, and 4 per cent in other large cities. These totaling $460,000,000, not requiring repayinterest rates were reported by selected banks ments at periodic intervals. Thus, ninein 19 leading cities on 177 loans, totaling tenths of the total number and two-thirds of $16,000,000, made in the second half of the dollar amount of such loans were on an March. These banks in 19 cities had made installment basis. about 90 per cent of the commercial loans The smallest proportion of the total numwith maturities of a year or more reported ber in the form of installment loans was at as outstanding on April 19 by banks in 101 New York City banks where it was 59 per cities. In New York City over three-fourths cent. Outside of New York City the proporof the term loans made in the latter half of tion was not lower than 74 per cent in any March, as measured by dollar amounts, bore district and was 90 per cent or more in seven interest rates of from 2 to 3 per cent, includistricts. Of the dollar volume of loans the sive, and a substantial volume of loans were smallest proportion repayable in installments made at similar rates by banks in other cities. was 53 per cent in the San Francisco district In dollar amount the bulk of the term loans and the highest was 90 per cent in the Southern districts of Atlanta and Dallas. made by banks in the cities outside New York Maturity of loans.—About 75 per cent of bore rates above 3 per cent and below 5 per the total number but only 30 per cent of the cent. In number of loans about half of those original dollar amount of the loans covered made by banks in 11 Southern and Western by the survey had maturities of from one to cities were at rates of 5 or 6 per cent, with a three years. On the average, the larger loans substantial number at above 6 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 563 ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 29, 1939, AND DECEMBER 31 AND MARCH 7, 1938, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures areavailable] Loans and investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total = Loans2 Investments2 Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. 1939 1938 1938 1939 1938 1938 1939 1938 1938 1939 1938 1938 1939 1938 1938 ALL BANKS1 Boston 5, 592 5,589 5.652 2,615 2, 606 2,71C 2,977 2, 983 2,933 5,892 5,898 5,844 881 881 883 New York... __. 18, 126 18,121 17, 957 7, 759 8,025 8,394 10, 367 10, 096 9, 563 19, 262 18, 999 18,199 1,232 1, 236 1, 237 Philadelphia 3,428 3,433 3, 380 1,220 1,219 1,257 2,208 2,214 2,122 3,672 3,690 3,536 930 935 942 Cleveland... . . 3,563 3,555 3,578 1,386 1,370 1,462 2,176 2, 185 2,116 3, 946 3,941 3,822 1,246 1,248 1, 253 Richmond 1,976 1,988 1, 92C 900 896 889 1,076 1,092 1, 031 2,289 2,287 2,176 1,065 1,069 1 080 Atlanta 1 386 1,383 1 302 727 740 686 659 643 615 1,664 1,629 1,541 1 039 1 041 1 044 Chicago 5,470 5,426 5,403 1, 953 1,885 1,904 3,517 3, 540 3,499 6, 274 6, 652 6,197 2,486 2, 499 2, 529 St. Louis 1,613 1, 610 1,488 769 775 717 844 835 771 1, 757 1,766 1,632 1,538 1,544 1, 573 Minneapolis 1,072 1,079 1,088 445 447 438 627 631 649 1,238 1, 256 1,218 1,319 1,323 1,347 Kansas City 1,369 1,378 1,348 653 653 631 715 725 716 1,643 1, 666 1,615 1,874 1,877 1,888 Dallas 1,033 1, 045 991 549 540 513 484 504 478 1, 350 1,352 1,294 96C 968 972 San Francisco 4,303 4, 322 4,213 2,177 2,197 2,166 2,126 2, 125 2,047 4,824 4,917 4,628 581 585 600 Total 48, 929 48, 929 48, 31P 21, 154 21,354 21, 779 27, 775 27, 574 26, 540 53, 812 54, 054 51, 703 15,151 15, 206 15, 348 MEMBER BANKS Boston 1,891 1,896 1,942 923 915 988 968 981 954 2,180 2,191 2,138 356 356 357 New York 10, 869 10, 804 10, 776 4,076 4,267 4,576 6, 793 6,537 6,200 11,929 11, 528 10, 927 771 772 776 Philadelphia 2 308 2 279 907 906 941 1,401 1,421 1,338 2, 513 2,527 2,384 652 655 656 Cleveland 2, 778 2,770 2 729 1,046 1,029 1,084 1,732 1,741 1,645 3,114 3,103 2,934 622 624 622 Richmond ... 1.266 1,265 1,191 568 566 556 698 699 636 1,465 1,454 1,376 407 406 405 Atlanta 1, 085 1,087 1. 008 544 560 514 541 527 493 1,265 1,242 1,172 317 320 323 Chicago 4, 369 4.346 4,272 1,390 1,346 1, 369 2,979 3, 001 2,903 4, 902 5,306 4,824 792 787 771 St. Louis 1, 149 1, 147 1,078 506 513 494 643 633 584 1,216 1 225 1,146 389 391 391 Minneapolis 742 751 757 294 298 296 448 453 461 862 885 846 460 461 468 Kansas City 1,088 1,098 1,071 482 483 467 606 615 604 1, 297 1,318 1,259 733 734 733 Dallas 889 901 849 463 456 427 427 446 421 1,166 1,160 1,111 545 544 546 San Francisco... 3. 661 3, 678 3, 566 1,850 1,869 1,833 1,811 1,810 1,736 4, 18C 4,273 4,000 287 288 289 Total 32, 095 32, 070 31, 521 13,047 13, 208 13, 546 19, 048 18, 863 17, 975 36, 089 36,211 34,118 6,331 6,338 6,335 NONMEMBER BANKS Boston . 3,701 3,693 3, 710 1,692 1,691 1,731 2, 009 2,002 1,979 3,712 3,707 3, 706 525 525 526 New York 7, 257 7,317 7,181 3, 683 3,758 3, 818 3, 574 3, 559 3,363 7,333 7,472 7,273 461 464 461 Philadelphia... ._ 1, 120 1,106 1, 100 314 313 316 806 793 785 1,159 1, 164 1,152 278 280 286 Cleveland 785 785 849 340 341 378 444 445 471 832 838 888 624 624 631 Richmond 710 723 728 332 330 334 377 393 395 824 833 800 658 663 675 Atlanta . . 301 296 294 183 180 172 117 116 122 400 386 369 722 721 721 Chicago 1 101 1 080 1 132 563 54C 536 538 539 596 1,372 1,346 1,373 1,694 1,712 1,758 St. Louis _ 464 463 411 263 262 223 201 202 187 542 541 486 1,149 1,153 1,182 Minneapolis. 330 328 331 151 14C 143 178 179 188 376 370 372 859 862 881 Kansas City 280 280 276 171 169 164 109 110 112 346 349 355 1,141 1, 143 1, 155 Dallas 144 143 142 86 85 85 58 59 57 184 193 183 415 424 426 San Francisco 642 644 645 327 328 334 314 316 311 643 645 628 294 297 311 Total 16, 834 16, 858 16, 798 8, 107 8, 147 8, 233 8,727 8,712 8, 565 17, 723 17, 844 17, 584 8,820 8,868 9,013 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 566. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN JULY 1939 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 29, 1939, AND DECEMBER 31 AND MARCH 7, 1938, BY STATES [Amounts in thousands of dollars] Loans2 Investments2 Deposit b s a , n e k x c d lu e s p i o v s e i t o s f inter- Nu b m an b k er s of State Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. 1939 1938 1938 1939 1938 1939 1938 1938 1938 New England: Maine 106, 370 105, 992 108, 354 206, 424 202, 753 208,654 320, 927 315, 823 316, 794 102 102 102 New Hampshire 100,32' 99, 207 98, 565 173,686 172, 168 173, 941 270,659 270, 288 268,157 108 108 109 Vermont 83, 276 82, 694 86, 612 73, 810 75, 097 77, 391 164,768 164, 397 166, 670 84 84 91 Massachusetts ,728,011 1, 722, 8221, 800, 6801, 791, 0521, 807, 5691, 778, 8553, 705,853 3,713,651 3, 685, 672 391 391 392 Rhode Island 166,315 166,017 174, 471 275, 066 279,421 271,156 465, 691 465, 436 462, 365 35 35 35 Connecticut 571, 485 569,946 589,704 594,259 581,191 558,441 1, 266,453 1, 268, 9071, 236, 409 208 208 196 Middle Atlantic: New York 7,057,' 7,311,056 7, 655,3199, 387, 7659,128,874 8,613,11117, 308, 90817,022,01116, 267, 057 894 896 902 New Jersey 671, 282 683, 249 713, 834 989, 451 976, 715 967, 998 1, 977, 292 2, 003,1821, 963,178 404 408 411 Pennsylvania .,491,412 1,486,610 1, 561, 2113,036, 6303,049,211 2, 896,141 4, 649, 391 4, 661, 7814, 475, 2471,106 1,109 1,114 East North Central: Ohio 818,198 807, 506 831, 761 1,012, 6271, 019, 639 2, 213, 219 2, 215, 0972,109, 491 707 709 Indiana 271, 42' 264, 070 263, 248 394,778 392, 452 392, 389 814, 965 813, 672 774, 499 513 518 524 Illinois. __ 914,816 884, 286 951, 933 1, 993, 3882,016, 9381, 972,1853,146,013 3, 603,1383, 201, 990 856 860 873 Michigan 387, 437 391, 589 364, 482 720, 439 715, 941 712, 677 1, 365, 305 1, 349, 2381, 331, 742 456 458 464 Wisconsin 251,043 244, 420 250, 669 450, 389 461, 908 463, 530 840,631 821, 528 818, 566 583 599 West North Central: Minnesota 305,016 307, 791 303, 263 424, 578 426, 473 433, 278 803, 569 819,133 791, 232 685 686 690 Iowa 311,077 282, 319 251, 825 208, 875 207,811 216, 739 621, 422 576, 567 568, 653 650 651 657 Missouri 433, 549 439, 456 446, 518 631,515 619, 073 566, 603 1, 081, 065 1,084, 7691,024, 854 643 643 659 North Dakota 24, 835 24,! 24,146 28, 324 29, 408 31, 624 64, 345 65,157 65,117 175 175 183 South Dakota 35, 502 34, 606 32, 598 33,744 31, 938 32, 444 83, 615 83,049 77, 408 167 169 177 Nebraska 117, 299 114,387 107, 792 113, 607 113,386 114,95" 255,590 251, 517 427 429 429 Kansas 143, 946 144, 950 136, 222 134, 547 137, 240 135, 455 347, 210 358, 492 350, 037 681 681 South Atlantic: Delaware 81, 063 77, 850 78,193 107, 046 105, 773 99, 540 204,016 204,824 182,373 47 48 Maryland 205,155 205, 546 212,319 495, Q09 496,045 446,756 767, 473 767, 776 717,920 191 193 196 District of Columbia 101,741 99, 813 100,531 135, 641 138,533 135, 489 312,189 313,264 307, 879 22 22 22 Virginia 281,656 278, 327 273,075 187, 868 189, 978 177,371 517,160 516,029 489,866 317 317 321 West Virginia 126, 424 128,100 124, 828 92,409 93, 726 98, 724 275, 993 266, 257 269, 529 181 183 184 North Carolina 159, 705 158,189 154, 413 145,671 153, 908 148, 341 344,948 346,139 320, 567 231 232 235 South Carolina 53, 629 54,094 52, 382 40,729 41,825 45, 921 134,198 137,025 131,418 151 150 150 Georgia 208, 322 211,053 209,652 114,707 99, 966 84, 878 357, 727 354,193 321, 602 283 284 284 Florida 85, 535 93, 316 80, 801 157,- 147, 444 148, 987 341, 834 301, 536 314,971 163 164 163 East South Central: Kentucky 206,092 212, 540 212, 990 152, 375 154, 443 153, 821 406, 977 411,175 402,311 417 418 425 Tennessee 234, 851 237, 947 215,801 138,910 146,825 137, 89' 418,185 434,082 404,021 301 301 304 Alabama 132, 352 127,171 118,255 93, 002 93, 029 90, 284 263, 225 265, 544 243, 689 216 216 217 Mississippi 75, 753 74,184 67, 289 73, 160 75, 022 79,153 195, 048 185, 429 199,691 205 205 207 West South Central: Arkansas 75,196 75, 793 62,136 51, 849 53,310 56, 530 154, 143 156, 206 149, 841 219 220 220 Louisiana 160, 850 166, 433 140, 491 184, 225 184, 044 176,184 406, 583 409,394 367,091 146 146 146 Oklahoma 145, 357 141,184 135, 813 153, 040 157, 521 152, 929 378,108 384, 528 368, 091 397 398 399 Texas 490, 314 483, 423 458, 626 438,148 458,641 437, 376 1, 209, 984 1, 206, 6531,157, 587 847 855 Mountain: Montana 31,621 31,867 30,011 57, 615 59,184 60, 901 123, 394 128, 948 121, 518 114 114 115 Idaho 28, 519 29, 222 26, 912 37, 628 38, 208 40, 350 89, 274 92, 738 89, 413 51 52 52 Wyoming 24,171 23,' 23,052 17, 503 17,794 18, 065 58,471 59, 764 54, 919 58 58 58 Colorado 81, 338 84, 932 85, 416 110,461 110,63' 114, 770 273,123 278, 621 270,968 144 144 145 New Mexico 19,974 19,241 17,: 19, 324 19, 943 17,918 55, 235 58, 262 52, 607 41 41 41 Arizona 30, 102 30,856 26, 835 31, 673 30, 972 32, 634 84, 997 86, 089 82, 739 12 12 Utah 56,123 57, 379 54, 511 50,449 50, 048 52, 314 134,200 136, 243 127,' 59 59 59 Nevada 10, 343 10,057 8,271 14,913 14, 946 14, 918 34, 803 34,136 33, 323 11 9 9 Pacific: Washington 186, 191 188, 266 188, 402 213, 508 202, 846 204, 940 482, 244 468, 373 452, 617 160 Oregon 90, 536 93,113 84, 464 132, 699 139, 032 133, 913 280, 460 274, 346 262, 677 77 California ., 780, 6311, 792, 6861, 782, 266 1, 652, 4201, 656, 0591, 575, 7553, 738, 045 3, 845, 6033, 599, 047 229 230 235 Total 21,153, 945 21, 354, 336 21, 778, 841 27, 774, 934 27, 574, 908 26, 540, 299 53, 812,146 54, 054, 083 51, 702, 696 15,151 15, 206 15, 348 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 566. 2 The March 1939 and the December 1938 figures of loans and investments of "all banks" exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States covering insured banks for December are shown in report No. 10 of "Assets and Liabilities of Insured Banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 565 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 29, 1939, AND DECEMBER 31 AND MARCH 7, 1938, BY STATES [Amounts in thousands of dollars] Loans1 Investments i Deposit b s a , n e k x c d lu e s p i o v s e i t o s f inter- Nu b m an b k er s of State Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. 1939 1938 1938 1939 1938 1938 1939 1938 1938 1939 1938 1938 New England: Maine 37, 469 36, 579 37, 975 61,142 62, 340 65, 092 111,173 108, 618 110,219 39 39 39 New Hampshire 30,424 29, 304 29, 224 32, 223 30, 705 30,312 64, 532 64,161 61, 662 52 52 52 Vermont _ __ _ 24, 860 24, 278 23, 863 24, 506 25, 793 25,130 54, 621 54, 250 51,187 42 42 42 Massachusetts. _ _ _. 491,411 488, 014 530, 062 448, 331 471,139 467, 867 1, 095, 201 1,101, 093 1,072, 401 126 126 127 Rhode Island 37, 778 36, 774 43, 014 32, 663 34, 465 33, 384 86, 979 87, 333 85, 570 12 12 12 Connecticut _ 95, 331 94, 548 111,286 123, 445 118,002 105, 237 265, 759 270,149 256, 091 54 54 54 Middle Atlantic: New York. 1, 449, 263 1, 499, 509 1, 633, 696 2, 776, 541 2, 792, 253 2, 498, 429 4, 549, 636 4, 233, 982 4,058, 264 438 439 443 New Jersey 233, 651 231,183 229, 872 393, 865 381,411 386, 677 763, 204 768,110 733, 802 227 229 229 Pennsylvania.. .__ _ _ 779, 856 775, 201 809, 316 1, 471, 397 1, 492, 001 1, 403, 628 2, 267, 231 2, 266, 383 2,172, 463 695 696 697 East North Central: Ohio _ 313,177 304, 235 314, 763 452, 757 462, 841 455, 694 927, 504 918, 049 893, 653 245 246 248 Indiana 117,513 111,701 112, 562 230,901 228, 278 218, 364 419, 684 416,079 384 981 126 127 127 Illinois . 639,025 620, 779 682, 416 1, 445, 764 1, 458, 540 1, 403, 686 2,133, 040 2, 534,177 2,194, 279 320 316 314 Michigan 170, 329 174,171 155, 858 399, 090 397, 329 390, 309 689, 958 681, 534 684 219 82 82 83 Wisconsin __ 96, 786 93, 276 103, 726 270, 404 277, 820 264, 708 447,083 436,131 426, 296 105 105 106 West North Central: Minnesota . 197, 560 202, 213 205,137 289, 815 292, 544 294, 616 535,164 554, 723 528, 249 192 193 195 Iowa 93, 642 82, 595 74, 874 87, 321 88, 329 86,193 207, 203 193,217 188 824 109 109 111 Missouri 178, 876 177, 559 182, 668 271, 516 260, 927 238, 889 454, 227 449, 494 425, 910 87 86 86 North Dakota 15, 049 15,197 14, 224 20, 875 21, 959 22, 885 43, 087 43, 899 43, 368 50 50 53 South'Dakota 20, 478 19, 787 18,097 22, 303 21, 358 21, 528 50, 477 50, 816 46,911 43 43 45 Nebraska 81,444 79, 398 75, 450 95,108 94, 633 94, 405 191,104 190, 016 183, 726 136 136 136 Kansas. 64, 424 64, 957 61, 289 84,134 86, 859 83, 036 190, 952 199, 904 192, 297 182 182 185 South Atlantic: Delaware 8,332 8,133 8,040 9,523 9, 877 10, 381 17, 062 17, 659 17, 694 15 16 16 Maryland _ 63,183 62, 790 64,164 197, 594 194, 884 153, 604 263, 551 261, 714 240, 539 63 63 63 District of Columbia 45, 901 44,810 46, 226 83, 021 81,286 80, 780 172, 734 172, 954 169, 566 9 9 9 Virginia.. _ 152, 195 151, 692 145, 899 126, 384 125, 913 117,884 310, 886 308, 654 291, 659 131 131 132 West Virginia 64, 072 65, 819 63, 367 52, 098 52, 635 53, 775 148, 960 143,926 143, 685 78 79 79 North Carolina 41, 676 40, 396 40,111 29, 574 29, 415 28, 349 92, 973 95, 940 88, 216 43 43 43 South Carolina 28, 431 29, 510 27, 492 18, 620 19, 920 22, 618 67, 503 71, 665 68, 306 20 20 20 Georgia __ 128, 961 131, 492 130, 741 84, 066 73,148 58, 543 226, 579 223,163 202, 394 52 53 53 Florida 59, 557 65, 196 56, 382 128, 317 118, 347 117, 534 252, 447 222, 559 232, 505 52 53 53 East South Central: Kentucky 93, 637 99, 281 96, 252 82, 424 85, 552 82, 024 202, 788 207, 703 198, 797 97 98 99 Tennessee _ _ _ 165, 643 168,007 148, 880 106, 571 114,171 106,115 290, 335 304, 633 282, 339 71 71 71 Alabama 89, 863 88, 617 79, 713 64, 285 64, 908 64, 282 177, 293 181,015 165, 631 66 66 66 Mississippi _ 21, 684 22, 041 20, 636 25, 282 27,177 25, 964 64, 385 62,010 70, 526 25 25 25 West South Central: Arkansas 38, 710 40, 223 33, 517 32, 525 34,235 35, 968 84, 967 86, 720 85,126 49 50 50 Louisiana _ _ _ 107, 765 113, 549 92, 968 126, 368 127,810 120,353 253, 681 252,121 235, 450 30 3C 30 Oklahoma 123, 961 121,138 116, 527 135, 359 139, 205 135, 735 327, 518 332, 662 317, 644 214 214 215 Texas.. 406, 986 404,483 379, 837 386, 518 405, 076 385, 295 1, 035, 301 1, 029, 048 987, 057 447 449 451 Mountain: Montana... _ _ 15, 199 15,712 13, 873 34, 112 35, 671 37,197 70, 607 73, 795 69, 294 43 43 43 Idaho._ 13,688 13,917 12, 515 19,870 20, 509 21, 905 44, 125 45, 930 44, 667 19 20 20 Wyoming 15, 738 15, 623 14, 780 14, 061 14, 275 14, 449 41, 616 42, 376 39, 206 26 26 26 Colorado. 62, 808 65, 691 65, 497 91, 706 91,135 96, 569 217, 959 222, 952 216, 356 78 78 77 New Mexico 15, 045 14,415 13, 605 15, 841 16, 569 14, 618 43, 333 45, 351 41, 043 22 22 22 Arizona 22, 241 23, 001 19, 579 20, 780 21,178 22,187 57, 945 59, 140 57,214 5 5 5 Utah 21, 980 22, 572 21, 605 21, 557 21, 360 25, 076 58, 592 59, 390 56, 694 13 13 13 Nevada 9,537 9,310 7,638 13, 715 13, 757 13,700 32, 361 31, 806 30, 932 6 5 5 Pacific: Washington _ 134, 052 134, 990 134,065 151, 825 141, 352 144, 978 355, 897 340,830 323, 612 47 48 49 Oregon. 74, 831 77, 245 69, 684 115, 568 121, 839 115,913 242,190 234, 920 225, 057 28 28 28 California 1, 254, 383 1, 258, 470 1, 241,156 1,109, 471 1,132, 770 1, 092, 542 2, 638, 868 2, 743, 795 2, 568, 619 101 102 103 Total 8, 448, 405 8, 469, 381 8, 614,12112, 331,13612, 433, 50011,788,40723, 340, 275 23, 496, 54922, 264, 200 5,212 5,224 5,250 i The March 1939 and the December 1938 figures of loans and investments exclude approximately $20,000,000 and $50,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States are shown in "Abstract of Condition Reports of National Banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN JULY 1939 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 29, 1939, AND DECEMBER 31 AND MARCH 7, 1938, BY STATES [Amounts in thousands of dollars] Loans 2 Investment; Deposit b s, a n e k x c d lu e s p i o v s e i t o s f inter- Nu b m a b nk er s of State Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. M£r. 1939 3 1938 3 1938 3 1939 3 1938 3 1938 3 1939 3 1938 3 1938 3 1939 3 19383 19383 New England: Maine 68, 901 69,413 70, 376 145, 282 140,413 143, 562 209, 754 207, 205 206, 575 63 63 63 New Hampshire _ 69, 903 69, 903 69, 341 141, 463 141. 463 143,629 206,127 206,127 206, 495 56 56 57 Vermont 58, 416 58,416 62, 749 49, 304 49, 304 52, 261 110,147 110, 147 115,483 42 42 49 Massachusetts __ 1,236,600 1,234,808 1, 270, 618 1, 342, 721 1,336,430 1, 310, 988 2,610.652 2, 612, 558 2, 613, 271 265 265 265 Rhode Island.. 128, 537 129,243 131, 457 242, 403 244, 956 237, 772 378,712 378, 103 376, 795 23 23 23 Connecticut4 476,154 475, 398 478,418 470, 814 463,189 453, 204 1, 000, 694 998, 758 980, 318 154 154 142 Middle Atlantic: New York 5, 608, 515 5,811,547 6,021,623 6,611,224 6. 336, 621 6.114,682 12, 759, 272 12, 788, 02912, 208, 793 456 457 459 New Jersey _ _ _ 437, 631 ' 452, 066 483, 962 595, 586 595, 304 581, 321 1,214,088 1, 235, 072 1, 229, 376 177 179 182 Pennsylvania 711, 556 711,409 751, 895 1, 565, 233 1, 557, 210 1,492,513 2, 382,160 2, 395, 398 2, 332, 784 411 413 417 East North Central: Ohio 505, 021 503, 271 516 998 559 870 556 798 530 372 1 285 715 1 297,048 1, 215, 838 462 462 4fil Indiana _. 153,914 152,369 150, 686 163, 877 164, 174 174, 025 395, 281 397, 593 389,518 387 391 397 Illinois 975 79] 263, 507 269, 517 547. 624 558, 398 568, 499 1,012,973 1, 068, 961 1,007,711 536 544 559 Michigan _. _. 217,108 217,418 208,624 321, 349 318,612 322, 368 675, 347 667, 704 647, 523 374 376 381 Wisconsin 154, 257 151, 144 146, 943 179, 985 184, 088 198, 822 393, 548 385, 397 392, 270 478 484 493 West North Central: Minnesota 107,456 105, 578 98,126 134, 763 133, 929 138.662 268, 405 264, 410 262, 983 493 493 495 Iowa 217,435 199, 724 176,951 121. 554 119,482 130,546 5 414,219 383, 350 & 379, 829 541 542 546 Missouri 254, 673 261,897 263 850 359 999 358 146 327 714 626 838 635, 275 598, 944 556 557 573 North Dakota _ 9,786 9, 786 9,922 7,449 7,449 8,739 21, 258 21,258 21,749 125 125 130 South Dakota 15, 024 14,819 14 501 11 441 10 580 10 916 33, 138 32, 233 30, 497 124 126 132 Nebraska _ 35, 855 34, 989 32, 342 18,499 18, 753 20, 552 67, 704 65, 574 67, 791 291 293 293 Kansas 79, 522 79, 993 74 933 50 413 50, 381 52 419 5 156, 258 5 158, 588 5 157, 740 499 49P 503 South Atlantic: Delaware 72 731 69, 717 70,153 97, 523 95, 896 89, 159 186,954 187,165 164, 679 32 32 32 Maryland 141,972 142. 756 148,155 297,415 301,161 293, 152 503, 922 506, 062 477, 381 128 130 133 District of Columbia 55, 840 55,003 54, 305 52, 620 57, 247 54, 709 139, 455 140,310 138,313 13 13 13 Virginia _ _ __ _. 129, 461 126,635 127,176 61,484 64, 065 59, 487 206, 274 207, 375 198, 207 186 186 189 West Virginia 62, 352 62, 281 61,461 40,311 41,091 44 949 127,033 122, 331 125, 844 103 104 105 North Carolina 118,029 117,793 114,302 116,097 124, 493 119,992 251,975 250, 199 232, 351 188 189 192 South Carolina... ._ _ . 25,198 24, 584 24, 890 22, 109 21,905 23, 303 66, 695 65, 36C 63, 112 131 130 130 Georgia . 79, 361 79, 561 78,911 30, 641 26, 818 26, 335 131,148 131,030 119,208 231 231 231 Florida 25, 978 28,120 24, 419 29, 681 29, 097 31, 453 89, 387 78, 977 82, 466 111 111 110 East South Central: Kentucky 112,455 113,259 116,738 69, 951 68, 891 71,802 204,189 203. 472 203, 514 320 320 326 Tennessee 69, 208 69, 940 66, 921 32, 339 32, 654 31, 782 127,850 129, 449 121,682 230 23C 233 Alabama __ - 42, 489 38, 554 38,542 28,717 28, 121 26, 002 85, 932 84, 529 78, 058 150 150 151 Mississippi 54, 069 52,143 46, 653 47, 878 47, 845 53,189 130, 663 123, 419 129, 165 180 180 182 West South Central: Arkansas 36, 486 35, 570 28, 619 19,324 19, 075 20, 562 69, 176 69, 486 64,715 170 170 170 Louisiana _ 53,085 52, 884 47. 523 57,857 56, 234 55, 831 152,902 157, 273 131,641 116 116 116 Oklahoma _ _ . 21,396 20, 046 19, 286 17,681 18,316 17, 194 50, 59C 51, 866 50, 447 183 184 184 Texas 83, 328 78,940 78, 789 51, 63C 53, 565 52, 081 174, 683 177, 605 170, 530 400 406 409 Mountain: Montana __ _ 16,422 16,155 16,138 23, 503 23, 513 23,704 52, 787 55,153 52, 224 71 71 72 Idaho 14,831 15,305 14,397 17, 758 17, 696 18.445 5 45,149 5 46, 808 5 44, 746 32 32 32 Wyoming _. 8,433 8,m 8,272 3,442 3,519 3,616 16, 855 17, 388 15,713 32 32 32 Colorado. ._ 18,530 19, 241 19,919 18, 755 19, 502 18, 201 55, 164 55, 669 54, 612 66 66 68 New Mexico 4,929 4, 826 4,294 3,483 3,374 3,300 11,902 12,911 11, 564 19 19 19 Arizona _ __ 7.861 7, 855 7,256 10, 893 9,794 10, 447 5 27, 052 s 26 949 s 25, 525 7 Utah 34, 143 34, 807 32, 906 28, 892 28, 688 27, 238 75, 608 76, 853 71, 072 46 46 46 Nevada . 8G6 747 633 1,198 1,189 1,218 s 2, 442 s 2, 330 5 2, 391 i. 4 Pacific: Washington _. 52,139 53, 276 54, 33' 61, 683 61,494 59, 962 126,347 127, 543 129, 005 100 102 111 Oregon 15, 705 15, 868 14, 780 17,131 17,193 18,00C 38, 270 39, 426 37, 620 48 49 49 California ___ 526, 248 534, 216 541,110 542, 949 523, 289 483, 213 1, 099,177 1,101,808 1,030, 428 128 128 132 Total 12, 705, 54012, 884, 95513,164, 72015, 443, 79815,141, 40814,751,89230,471,871 30, 557, 53429, 438, 49C 9,939 9,982 10,098 1 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), ana such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 The March 1939 and the December 1938 figures of loans and investments exclude approximately $40,000,000 and $50,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States covering insured State banks for December are shown in report No. 10 of "Assets and Liabilities of Insured Banks." 3 All figures in the March 1939 columns are as of March 29 except as follows: Maine, March 25; New Hampshire, June 30, 1938; Vermont, December 31; Rhode Island, trust companies, March 27, savings banks, December 31; Connecticut, sayings banks, March 31; Pennsylvania, March 25; North Dakota, December 31; Maryland, savings banks, December 31; Alabama. April 10; Louisiana, April 1; Georgia, Kentucky, Massachusetts, Missouri, New Jersey, Ohio, and Tennessee, December 31 as adjusted by the increase or decrease in the figures of State bank members between December 31, 1938 and March 29, 1939. For call dates of figures included in the December and March 1938 columns see footnotes on pages 385 and 581, respectively, of the May 1939 and July 1938 BULLETINS. 4 Beginning December 1938 the figures include 12 Industrial barks with total loans and investments of $6,940,000 and deposits of $4,189,000, not included heretofore. fi Including relatively small amounts of interbank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

567 JULY 1939 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 29, 1939, AND DECEMBER 31 AND MARCH 7, 1938, BY STATES [Figures in thistable are also included in the table on page 566 covering "State Banks". Amounts in thousandsof dollars] Loans Investments Deposit b s a , n e k x c d lu e s p i o v s e i ts of inter- Nu b m an b k e s r of State Mar.i Dec. Mar.1 Mar.1 Dec. Mar.1 Mar.1 Dec Mar.1 Mar.1 Dec. Mar.1 1939 1938 1938 1939 1938 1938 1939 1938 1938 1939 1938 1938 Connecticut: District No. 1 293 291 315 198 198 222 401 401 459 3 3 3 District No. 2 116 118 123 69 69 122 282 310 301 1 1 1 Indiana: District No. 7 1,419 1,397 1, 525 1,195 1,246 1,370 3,790 4,179 4,343 16 16 19 District No. 8 68 76 167 49 44 51 136 120 248 1 1 2 Iowa _ _ 233 213 175 38 38 285 365 306 509 1 1 2 Kansas 2 2 2 13 10 11 1 1 1 New Jersev (Dist. No. 2) 15 15 15 12 12 12 6 6 1 1 1 New York 60, 596 63, 463 82, 204 426, 963 390,015 315, 982 420, 798 429,116 352, 428 12 13 14 Ohio. _ ._ 2,115 2,115 2,144 582 582 572 2,898 2,898 2,965 13 13 13 Pennsylvania: District No. 3 6,772 6,604 9,386 44,922 37, 725 34, 569 66,042 61,101 56, 903 15 13 15 District No. 4 1,187 1,185 1,088 1,188 1,223 1,348 2,400 2,508 2,474 4 4 4 South Carolina . 616 674 678 6 50 50 570 487 748 1 1 1 Total.— 73,432 76,153 97, 822 475, 222 431, 202 354, 583 497, 701 501, 442 421, 396 69 70 76 1 All figures in the March 1&39 columns are as of March 29 except as follows: New Jersey and Ohio are as of December 31, 1938, and Pennsylvania March 25, K39. For call dates included in the March 1928 columns see footnote on page 582 of the July 1938 BULLETIN. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 29, 1939, AND DECEMBER 31 AND MARCH 7, 1938, BY STATES [Figures in this table are also included in the table on page 566 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d lu ep si o v s e i ts of inter- Nu b m an b k e s r of State Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. 1939 i 1938J 1938 i 1939 ! 1938 i 1938 i 1939 1 1938 i 1938 1 1939 i 19381 19381 California 35,189 34, 802 33, 680 58, 312 58, 307 59,537 87, 399 87, 228 86,744 1 1 1 Connecticut: District No. 1 263, 571 265, 709 272, 854 279, 459 275,176 273,456 560, 004 555,017 558, 805 59 59 59 District No. 2 81, 990 82, 147 81, 879 81, 990 81,471 83,312 165, 316 163, 969 163, 650 14 14 14 Delaware 13,004 12, 998 12, 653 29, 486 28,567 27, 906 38,144 37,667 36,560 2 2 2 Indiana: District No. 7 .. . . 6,653 7,678 7,874 3,683 4,352 4,191 11,299 12, 994 12, 993 3 4 4 District No. 8 4 445 4 502 4 545 2 548 3,374 2 930 7 897 8 111 8,068 1 1 1 Maine __ _ 29, 780 29, 824 30 362 104, 671 102, 683 104,745 128,038 127,196 127,061 32 32 32 Maryland ._. _ _ 39, 016 39,016 44,315 175,625 175, 625 173,128 222, 806 222, 806 222, 532 12 12 12 Massachusetts 1, 029, 562 1,029,562 1, 057, 893 1,096,504 1, 096, 504 1, 082, 790 2,131,957 2,131,957 2,145, 368 193 193 193 Minnesota ., 9,786 9, 944 9,837 54, 426 54, 540 53, 962 66, 256 65, 947 66, 587 1 1 1 New Hampshire 61,717 61,717 61, 273 132, 675 132, 675 134,637 190, 243 190, 243 190,546 44 44 44 New Jersev: District No. 2 126, 948 126, 948 131,920 174, 527 174,527 169,127 324, 240 324, 240 320, 749 22 22 22 District No. 3 4,681 4,681 4,970 7,086 7,086 8,088 13,876 13, 876 14, 485 2 2 3 New York 2, 986, 520 2, 986, 520 2, 997, 574 2, 377, 185 2, 377,185 2, 283, 517 5, 404, 624 5, 404, 624 5, 291, 876 134 134 134 Ohio. 40, 000 40, 000 43, 654 69,567 69, 567 67, 327 121,131 121,131 119, 483 3 3 3 Oregon ._ _ __ 1,205 1,152 1,067 834 783 731 2,041 1,954 1,763 1 1 1 Pennsylvania: District No. 3 74, 982 74, 968 74, 438 450, 644 445, 288 438, 798 541,138 537, 455 530,576 6 6 6 District No. 4 11,061 11,189 11,901 45,066 43,605 41, 737 54, 806 54, 532 54, 067 1 1 1 Rhode Island 50, 206 50, 206 52, 309 127, 795 127, 795 126, 096 176,174 176, 174 175,948 9 9 9 Vermont 27, 325 27 325 31 550 25 332 25,332 26, 683 57, 653 57, 653 63,138 8 8 14 Washington.. _ _ _ 26, 429 26,418 26,153 38, 898 38, 571 35, 844 66,189 65, 926 63, 461 3 3 3 Wisconsin: District No. 7 — 2,155 2, 157 2,177 2,112 2,124 2,128 4,345 4,414 4,381 3 3 3 District No. 9 .._ 86 61 65 34 69 59 114 116 109 1 1 1 Total 4,926,311 4, 929, 524 4, 994, 943 5, 338, 459 5, 325, 206 5, 200, 72910, 375, 69C 10, 365, 23010, 258, 950 5^5 556 533 1 All figures in the March 1939 columns are as of March 29 except as follows: Connecticut, Mar. 31; Maine, Mar. 25; Maryland, Massachusetts. New Jersey, New York, Ohio, Rhode Island and Vermont, Dec. 31; New Hampshire, June 30, 1938; Pennsylvania, Mar. 25. For call dates included in the December and March 1938 columns see footnotes on pages 386 and 582 of the May 1939 and July 1938 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Tables on the following pages include the principal The following is a list of current statements issued by the Board. available statistics of current significance relating DAILY to financial and business developments in the United Foreign Exchange Rates (for previous day) States. The data relating to the Federal Reserve WEEKLY banks and the member banks of the Federal Reserve Monday: System are derived from regular reports made to the Condition of Reporting Member Banks in 101 Leading Cities Board; index numbers of production are compiled Bank Debits by the Board on the basis of material collected by Tuesday: other agencies; figures for gold stock, money in Money Rates—Open-Market Rates in New circulation, Treasury finance, and operations of Gov- York City Thursday: ernment credit agencies are obtained principally from Condition of Federal Reserve Banks statements of the Treasury or of the agencies con- Condition of Reporting Member Banks in New cerned; data on money and security markets and York City and Chicago (Also a part of commodity prices and other series on business activ- statement of Condition of Reporting Member Banks in 101 Leading Cities released ity are obtained largely from other sources. on following Monday) Friday: Federal Reserve Chart Book.—The Board has avail- Department Store Sales able for sale to the general public copies of a chart MONTHLY Federal Reserve Bulletin—released about the book prepared for: use of Federal Reserve officials. 4th of the month (subscription price $2.00 The chart book, which is of brief-case size, contains per annum, single copies 20 cents; outside of about 30 charts on bank credit, money rates, security the United States, Canada, Mexico, and the markets, and business conditions. Many of the charts insular possessions, annual subscription $2.60; single copies 25 cents) cover the period since 1919 and all contain space for Federal Reserve Inter-District Collection System figures through 1940 with a lightly printed grid for (Par List)—including list of State bank mem- 1938-1940 to aid in keeping them up to date. A list bers. Semi-annual issues, January-July, and of sources for current and back figures is given. monthly supplements—released about 7th of the month The price of the book is 50 cents. National Summary of Business Conditions— released about the 25th of the month Description and back figures.—The tables on the Business Indexes—released about the 25th of the month following pages include figures for recent dates and, Department Store Sales—released about the 10th within the limitations of space, for significant earlier of the month dates. Other back figures may in most cases be Bank Debits—released between the 6th and 12th obtained from Annual Reports of the Board of Gov- of the month ernors or for figures compiled by other agencies from Foreign Exchange Rates—released about the 1st of the month the publications of those agencies. In some cases Money Rates—released about the 3rd of the description of the data and back figures have been month published in earlier issues of the BULLETIN and are QUARTERLY available as reprints, which will be supplied on Member Bank Call Report (3 or 4 times a year request. depending upon number of calls for condition reports) ANNUALLY Current figures.—Most of the Board's statistics Bank Debits—released ordinarily in February are issued in mimeographed form and released for Annual Report (covers calendar year) publication prior to publication of the BULLETIN. List of Stocks Registered on National Securities Exchanges—supplements issued each quarter These press statements may be obtained at the (subscription price 25 cents for the List and offices of the Board or will be mailed without charge three supplements; five or more copies on one to those wishing to obtain the figures regularly as order, 20 cents per copy; fifty or more copies soon as available. on one order, 15 cents per copy). 568 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

569 JULY 1939 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding Treas- reserve 3alances ury Treas- Treasury Other cur- Money ury deposits Non- Fed- Date U. S. Gold rency in cir- cash with mem- eral Gov- Other stock out- cula- hold- Federal ber de- Reserve Bills Bills ern- Reserve Total stand- tion ings Reserve posits ac- Excess dis- bought ment bank ing banks counts Total (esticounted securi- creditl mated) ties End of month figures: 1938—Apr. 30__- 9 1 2,564 21 2,594 12, 869 2,690 6,397 2,195 1,320 355 263 7,623 *2,548 May 31 9 1 2,564 9 2,582 12,919 2,702 6,467 2,263 1,157 390 261 7,665 2, 568 June 30 8 1 2,564 23 2,596 12, 963 2,713 6,461 2,303 860 363 261 8,024 2, 875 July 31.._. 7 1 2,564 18 2,589 13,017 2,721 6,452 2,348 721 384 257 8,164 3, 022 Aug. 31 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2, 941 Sept. 30.— 8 1 2,563 29 2,600 13, 760 2,739 6,622 2,810 853 356 260 8,198 2, 869 Oct. 31 7 1 2,564 14 2,586 14,065 2,751 6,700 2,770 535 424 260 8,713 3, 227 Nov. 30 7 1 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3, 383 Dec. 31 4 1 2,564 33 2,601 14, 512 2,798 6,856 2,706 923 441 260 8,724 3, 205 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 May 31___. 4 1 2,564 4 2,573 15, 957 2,862 6,967 2,636 920 586 253 10,029 4, 218 Wedresday figures: 1938—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 July 20 8 1 2,564 13 2,585 12, 989 2,717 6,433 2,321 724 353 259 8,202 3, 039 July 27_-__ 7 1 2,564 11 2,583 13,002 2,719 6,416 2,328 732 383 258 8,188 3, 036 Aug. 3 6 1 2,564 4 2,574 13, 025 2,721 6,465 2,357 775 392 257 8,074 2, 924 Aug. 10 7 1 2,564 11 2,582 13,033 2,723 6,466 2,367 839 365 256 8,046 2, 920 Aug. 3 7—. 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 2,564 29 2,600 14, 380 2, 784 6,858 2,651 413 551 258 9, 034 3,476 Dec. 21 __ 8 1 2,564 84 2,656 14, 454 2,788 6,943 2,677 1,025 514 267 8,472 2.979 Dec. 28 7 1 2,564 39 2,610 14, 508 2,790 6,912 2,707 941 505 265 8,577 3,072 1939—Jan. 4 4 1 2,564 35 2,604 14, 565 2,800 6,839 2,725 891 436 258 8,819 3,298 Jan. 11 5 1 2,564 23 2,592 14, 577 2,805 6,716 2,712 873 459 258 8,956 3,436 Jan.18 4 1 2,564 18 2,588 14,615 2,810 5,666 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 3,382 Mar. 8 3 1 2,564 -3 2,565 14, 923 2,829 6,751 2,716 1,102 510 253 8,985 3,407 Mar. 15 3 1 2,564 27 2,595 14, 983 2,832 6,751 2,712 1, 059 552 259 9, 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 May 24 4 1 2,564 8 2,576 15, 927 2,859 6,893 2,646 915 558 254 10, 097 4,304 May 31 4 1 2,564 4 2,573 15, 957 2,862 6,967 2,636 920 586 253 10,029 4,218 June 7 3 1 2,564 8 2,576 15, 987 2,864 6,986 2,571 935 630 253 10, 053 4,279 June 14 3 1 2,564 37 2,605 16, 027 2,868 6,936 2,570 928 714 253 10,101 4.264 June 21 5 1 2,564 15 2,584 16,0P0 2,873 6,934 2,566 941 714 263 10, 099 4, 227 * Reserve requirements reduced by approximately 1334 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. 558. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN JULY 1939 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1939 193$ June 21 June 14 Turn May 31 May 24 May 17 May 10 May April May ASSETS Gold certificates on hand and due from U S Treasury 13,465,718 13420 71913391 71913317,722 13282 71813,222,730 1319871S13317, 72213094, 7191063S900 Redemption fund—F. R. notes.. 8 721 9467 9273 8,547 9 372 9,372 907f 8,547 8, 345 8 930 Other cash 366, 966 375874 349876 346, 667 382078 365, 383 359 346, 667 372, 514 381 986 Total reserves.. 13, 8414051380606013750, 86813672, 93613674 16813, 597, 48513567 61913672, 93613475, 57811029 816 Bills discounted: For member banks ._ 4 79S 3 137 3467 4,058 4055 3,614 4 072 4,058 3,258 9040 For nonmember banks, etc Total bills discounted 4,793 3 137 3467 4, 058 4 055 3,614 4 072 4,058 3,258 9040 Bills bought: Payable in foreign currencies 556 561 561 531 561 562 5-'32 561 562 534 Industrial advances 12,377 12, 469 12429 12,487 12, 825 12, 7S6 12810 12, 487 13, 292 16,913 U. S. Government securities: Bonds - - 911,090 911,090 911090 911,030 911,090 911,090 911mv> 911 090 911 090 657 9*2 Treasury notes 1,176,109 1,176,109 1178109 1176,109 1,176,ioy 1,176, 109 1,176,10£ 1,176,109 1,176, 109 1,191,905 Treasury bills '476,sie 476816 476816 476, 816 476,816 476,816 476 8 If! 476,816 483. 46S 714,857 Total U. S. Government securities -- 2, 564,oi- 2,554,015 ?,564015 2,564,015 2564,01r, 2 564 015 o564 015 o 564 015 o570 668 o 564015 Other Reserve bank credit 2,718 25,300 -4 191 -8,291 K 197 -5, 151 -6, 495 -8, 291 6, 830 -8, 490 Total Reserve bank credit outstanding 2, 584,453 2,605, 482 2576 281 2,572, 830 2,576,259 2, 575, 836 2,574,964 2,572, 830 2,594,61C 2582,012 LIABILITIES F. R. notes in actual circulation 4, 429, 30€ 4,437,703 4,476,310 4,476, 764 4,446,379 4, 463,349 4,459,364 4,476,764 4,457, 868 4,157,204 Deposits: Member bank—reserve account_._ 10, 099,16.310,100, 92910,052,64310,029, 05410, 096,622.0, 005, 034 9,966,905 10, 029, 054 9,899,960 7,664,601 U. S. Treasurer—general account.. 941,004 927, 989 934,964 920, 325 915,385 926, 636 959. 289 920, 325 931, 062 1,157,181 Foreign bank 354,298 351, 029 309,600 284,806 281,541 272, 959 250,495 284, 806 224, 832 128,159 Other deposits 359,797 363, 444 320,441 301,130 276,227 269, 917 270, 220 301,130 319,721 261,728 Total deposits 11,754,26211,743,39111,617,64811,535,315 11,569,77511,474,546 11,446,90911,535, 31511,375, 575 9,211,669 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 85.5 85.3 85.4 85.4 85. 4 85.3 85.3 85.4 85.1 82.5 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 m 1 o t o n d t a 6 h y s s 6 1 m y t o o e n a t r hs 2 1 y y e t e o a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Mav 24 4,055 2,732 321 360 159 467 16 May 31 . _ . 4,058 2,938 107 320 129 550 14 June 7 3, 467 2, 492 161 275 111 422 6 June 14_ _ . _ -- _ 3,137 2,052 190 244 150 497 4 June 21 4,793 1,647 197 195 2, 182 571 ] Bills bought in open market: May 24 561 70 190 301 May31 561 28 308 225 June 7 . _ - - - 561 56 252 253 June 14 561 90 443 28 June 21 556 68 233 234 23 [ndustrial advances: May 24 _ _ 12, 825 1,629 147 743 985 1,475 4, 253 1,755 1 838 May 31 12, 487 1,367 528 359 900 1 594 4 151 1 750 1 840 June 7 12, 429 1,333 628 1,052 166 1, 538 4 148 1 746 1 818 . June 14 _____ _ _ _ 12, 469 1,352 621 1,032 198 1,514 4, 142 1 752 1 858 June 21 12, 377 1,739 145 1 028 233 1 599 3 932 1 851 1 850 U. S. Government securities: May 24 __ 2, 564. 015 75, 673 69, 529 138,060 150, 623 113,406 259, 116 349, 978 577, 294 830, 345 May 31 2, 584, 015 67, 450 82. 553 130, 468 154, 145 112,668 259. 116 349, 978 577, 294 830, 345 June 7 2, 564, 015 69, 693 63, 798 137, 405 170, 495 105,891 259, 116 349, 978 577, 294 830, 345 June 14 2,564,015 80, 428 54,413 155,360 161,415 95, 666 259, 116 349, 978 577, 294 830, 345 June 21 2, 564, 015 63, 798 72, 137 159, 573 145, 765 138, 219 296, 068 270, 250 587, 860 830, 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 571 JULY 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - l A a t n - ta Chicago Lo S u t i . s n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: May 24 13, 282, 718 739, 7316, 415, 549537, 756 345, 559 260, 3532, 250, 489316, 936 245, 444319,482 205,i, 921 757, 232 May 31 13,317,722 731,635 61.,413,056638, 75: 794,776 350, 442 260, 4182, 273,065 316, 818243, 986318, 422 204:,,638 771, 709 June 7 13,391,719 740,7056, 363,004673,115 818,114354, 769 268, 3802, 265, 599356,133 253, 673326, 489211,881 759,857 June 14 13, 420, 719 746, 6546, 355, 9106 6606,0 8,60 831, 626353,172272, 92: 2, 256, 503366,660 255, 689 320, 671225, 263 774, 784 June 21 13, 465, 718 743, 7546, 387, 560680,083 844, 680349, 763 266i,,0332, 280, 856353, 549 244', 367320, 932215,737 778, 404 Redemption fund—Federal Reserve notes: May 24 9, 372 731 1,863 382 982 950 643 586 616 456 277 561 1,325 May 31 8, 547| 689 1, 702 319 583 61 527 605 449 267 554 1,307 June 7 9, 273! 663 1,638 1,298 577 603 479 587 445 254 548 1,288 June 14 9, 467 623 1,473 1,234 843 1,231 575 421 575 438 244 540 1,270 June 21 8,721' 1,334 1,177 795 893 550 372 562 431 233 533 1,254 Other cash: May 24 382,078 29, 620 99, 890 32, 080 26, 625 23, 02' 19, 601 52,119 18, 330 9,721 17,711 16, 66' 36, 687 May 31 346,667 25,152 86, 069 29,008 26, 370 22, 905 18, 052 45, 720 17, 749 9,648 17,683 17, 003 31, 308 June 7 349, 876 24,516 85, 862 30,150 25, 939 22, 314 19,120 50,166 18, 755 9,127 17, 226 15, 890 30,811 June 14 375, 874 26,114 99, 233 28, 533 26, 861 23, 568 21, 746 50, 828 20,: 10,189 20,191 15, 549 32, 782 June 21 366, 966 25, 165 101, 728 28, 79J 26, 941 21,068 20, 332 48, 751 19, 782 9,276 18, 681 14, 982 31, 465 Total reserves: May 24 13, 674,168 770,0826, 517, 302670, 218 815, 873369, 536 280, 5972, 303,194335, 882255, 621337, 470223,149 795, 244 May 31 13, 672, 936 757, 4-76- 6\, 500, 827568,1 ' 822, 074373, 930 279,08^ 2, 319, 312335,172254, 083336, 372222,195 804, 324 June 7 13,750,868 765, 8846,450, 504'04, 563 844,946 660 288,103 2, 316, 244375, 475 263;;, 243543, 969228, 319 791, 956 June 14 13,806,060 773, 3916, 456, 616690, 627 859, 330377, 971295, 2482, 307, 752387, 515 266i,, 316341,106241, 352 808,836 June 21 13, 841, 405 769,5506 %1, 490, 622710,055 872, 416371, 724 286>,, 9152, 329, 979373, 893 254, 074339, 846231, 252 811,123 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: May 24 2,207 260 1,048 303 148 115 40 31 56 May 31 2,084 340 805 325 125 130 40 24 76 June 7 1, 808 320 538 388 86 15: 70 40 24 72 93 June 14 1,447 320 377 195 63 145 85 5: 24 85 93 June 21 1, 081 105 344 178 53 130 20 4' 24 8f 93 Other bills discounted: May 24 1,848 8' 280 25 43 204 22 35 25 445 239 417 May 31 1,974 174 296 25 43 219 22 34 122 433 163 407 June 7 1,659 89 238 55 42 210 20 34 25 406 128 382 June 14 1,690 87 234 25 42 210 20 33 25 414 219 353 June 21 3,712 3' 1,075 221 23C 307 76 274 84 465 280 595 Total bills discounted: May24 4,055 34' 1,328 328 116 352 13' 75 25 106 476 295 470 May31 4,058 514 1,101 350 129 344 152 74 122 101 457 239 475 June 7 3,467 409 776 443 128 367 90 74 25 50 430 200 475 June 14 3,137 407 611 220 105 355 105 90 25 31 438 304 446 June 21 4, 793 142 1,419 399 283 437 96 321 84 70 688 Bills bought in open market: May 24 581 42 218 57 52 24 20 2 16 16 41 May 31 561 42 218 57 52 24 20 71 2 16 16 41 June 7 561 42 218 57 52 24 20 71 2 16 16 41 June 14 561 42 218 5: 52 24 20 71 2 16 16 41 June 21 556 42 213 5; 52 24 20 71 16 If. 41 Industrial advances: May 24 12,825 1, 694 3, 208 2,568 364 1,172 793 456 798 218 599 950 May 31 12,487 1,682 2,886 2,570 370 1,172 789 456 789 222 596 950 June 7 12,4: 1,692 2,882 2,519 370 1,171 789 455 786 221 59J 944 June 14 12, 469 1,752 2,882 2,5.11 370 1,170 782 455 785 221 593 944 June 21 12,3' 1,728 2, 838 2, 507 367 1,168 77& 455 789 211 587 944 U. S. Government securities: Bonds: May 24 911,090 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 31 911,090 67, 984 256, 538 73, 522 90, 042 47, 696 41, 369 102,026 44,123 27, 660 46, 954 36, 346 76, 830 June 7 911,090 67, 984 256, 538 73,522 90, 042 47, 696 41, 369 102, 026 44,123 27, 660 46,954 36, 346 76, 830 June 14 911,090 67, 256, 538 73, 522 90,042 47,696 41, 369 102,026 44,123 27, 46, 954 36, 346 76, 830 June 21 911,090 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: May 24 1,176,109 87, 759 331,160 94,907 116,233 61, 570 53,40: 131, 706 56, 958 35, 708 60, 613 46,916 99,176 May 31 1,176,109 87, 75S 331,160 94, 907 116,233 61, 570 53, 403 131, 706 56, 958 35, 708 60, 613 46, 916 99,176 June 7 1,176,109 87, 759 331,160 94, 90: 116,233 61, 570 53, 403 131, 706 56, 958 35, 708 60, 613 46, 916 99,176 June 14 1,176,109 87, 759 331,160 94, 90: 116,233 61, 570 53, 403 131, 706 56, 958 35, 708 60,613 46, 916 99,176 June 21 1, 176, 109 87, 75S 331,160 94, 907 116, 233 61, 570 53, 403 131, 706 56, 958 35, 708 60, 613 46, 916 99,176 Treasury bills: May 24 476,816 35, 579 134, 259 38, 478 47,123 24,961 21, 650 53, 395 23,092 14, 476 24,573 19, 021 40, 209 May 31 476, 816 35, 5' 134. 259 38,478 47,123 24, 21, 650 53, 395 23,092 14, 476 24, 573 19,021 40, 209 June 7 476,816 35, 579 134, 259 38, 478 47,123 24, 961 21, 650 53,395 23, 092 14,476 24, 573 19, 021 40, 209 June 14 476, 816 35, 579 134,259 38, 478 47,123 24, 961 21, 650 53, 395 23, 092 14, 476 24,573 19,021 40, 209 June 21 476, 816 35, 579 134, 259 38, 478 47,123 24, 961 21, 650 53, 39; 23, 092 14, 476 24, 573 19, 021 40, 209 Total U.S. Government securities: May 24 2,564,015 191,322 721, 957 206. 253, 398134,227116,422 287,127124,1 77,844132,140 102,283 216,215 May 31 2, 564, 015 191,322 721, 957 206,, 253,398134, 22F116,422 287,127124,1 77, 844132,140102,283 216,215 June 7 2,564,015 191, 322 721,957 i,907 253, 398134,22' 116,422 287, 127124,1 77, 844132,14C 102,283 216,215 June 14 2,564,015 191, 322 721, 957206, 907 253. 398134,22' 116,422 287, 12'124,1 77, 844132,140102,283 216,215 June 21 2, 564, 01f 191, 3: 721,957206, 90' 253, 398134, 227116,422 287, 12'124, 1 77, 844132, 140102, 283 216,215 206, 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN JULY 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [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 la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - ASSETS—Continued Total bills and securities: May 24 2, 581, 456 193, 405 726, 711209, 860 253, 930.35, 775 17, 372 287, 729 24, 205 78, 750 32, 850103,193 217, 676 May 31 2, 581,121 193, 560 726,162209, 884 253, 949 35, 767 17, 383 287, 728.24, 302 78, 736 32, 835103,134 217, 681 June 7 2, 580,472 193, 465 725, 833209,926 253, 948.35, 789 17, 321 287, 727.24, 205 78, 682 32, 807103,094 217, 675 June 14 2, 580,182 193, 523 725, 668 2091,,695 253, 925.35, 776 17, 329 287, 743.24, 204 78, 662 32, 815103,196 217, 646 June 21 2, 581, 741 193, 234 726, 427 209•,,870 254,100 .35,856 17,317 287, 974.24, 263 78, 705 32, 856103, 251 217, 888 Due from foreign banks: May 24 161 12 61 16 15 5 20 2 5 5 11 May 31 161 12 61 16 15 5 20 2 5 5 11 June 7 161 12 60 16 15 5 20 2 5 5 12 June 14 162 12 61 16 15 6 20 2 5 5 11 June 21 167 12 66 16 15 6 20 2 5 5 11 Federal Reserve notes of other banks: May 24 19, 807 191 3,412 897 1,364 1,899 2,274 2,796 1,900 1,199 1,382 1,995 May 31 19, 494 148 3,029 659 1,37' 1, 23r 1,975 3,827 1,374 1,615 1,605 2,266 June 7 19, 612 200 3,340 1,1 1,499 1,949 1,601 2,730 1,872 1,311 1,314 510 2,218 June 14_ 21, 68'" 363 4,09r 656 1,426 1,560 2,023 3,120 2,320 1,268 1,147 527 3,175 June 21 20, 57' 316 4,56: 1,015 1,641 1,392 2,209 2,779 1,529 1,140 1,018 361 2,610 Uncollected items: May 24 593,886 56,891 148,13: 41, 260 69, 655 49,094 20, 280 86, 061 27,146 15,158 30,010 22,049 28,145 May 31 551, 229 52, 612 133,055 35,808 66,061 47, 730 22,800 80, 316 26, 499 15, 596 26, 540 20, 322 23, 890 June 7 579, 855 53, 319 136, 893 39, 876 64, 353 50, 344 25, 254 81, 75i 29, 979 16, 400 26, 678 26, 708 28, 300 June 14 762, 610 76, 218 201, 581 42, 043 90,186 59, 970 26, 485 111, 353 35, 095 20, 243 36, 221 25, 759 37, 456 June 21 641,188 64, 028 163, 722 45, 33: 71,051 54, 821 21, 194 91, 680 27, 416 17, 728 29, 921 23, 493 30, 797 Bank premises: May 24 42, 52; 2,926 8,975 4,65: 5,955 2,595 2,058 3,927 2,275 1,515 3,196 1,244 3,200 May 31 42, 464 2,922 8,959 4,646 5,955 2, 589 2,058 3,917 2,271 1,513 3,196 1,238 3,200 June 7 42, 453 2,922 8,959 4,646 5,955 2, 2,058 3,917 2,272 1,513 3,183 1,239 3,200 June 14 42, 452 2,922 8,959 4,646 5,955 2,589 2,058 3,917 2,273 1,512 3,183 1,238 3,200 June 21 42, 42' 2,922 8,959 4,646 5,943 2,589 2,055 3,917 2,272 1,512 3,183 1,238 3,191 Other assets: May 24 53, 092 3,451 15, 338 4,554 5,795 3,333 2,36: 5,321 1,618 2,485 2,023 4,519 May 31 54,138 3,500 15, 656 4,700 3,369 2,408 5,423 2,331 1,654 2,545 2,090 4,582 June 7 56,990 3,607 16,107 6,243 6,022 3,439 2,473 5,533 2,399 1,705 2,611 2,133 4,718 June 14 61,182 3,659 16, 492 9,533 6,093 3,512 2, 502 5,647 2,422 1,727 2,663 2,141 4,791 June 21 45, 723 2,887 13,330 3,930 5,04' 2,928 2,043 4,479 1,921 1,413 2,104 1,738 3,903 Total assets: May 24 16, 965, 0931, 026, 9587, 419, 936931, 4621,152, 587562, 239 424, 953 2, 689,048 493, 698353, 863507, 398 352,1611,050, 790 May 31 16, 921, 5431, 010, 2307, 387, 749923, 7971,155,311564, 629 425, 716 2, 700, 543 491, 953153,199503, 098 3491,,3661, 055, 954 June 7 17, 030, 4111, 019,409 7',, 341, 696 i,3381,176, 738571, 777 436, 815 2, 697, 922 536, 203462, 858510, 567362,0081,048,079 June 14 17, 274, 3321, 050, 0887, 413, 476957, 2161, 216, 930581, 385 445, 651 2, 719, 552 553, 833169, 730517, 140374, 2181,075,115 June 21 17,173, 2281, 032, 9057, 407, 693974, 8691, 210, 213569, 317 431, 739 2, 720, 828 531, 293654, 574508, 933361, 3381, 069, 523 LIABILITIES Federal Reserve notes in actual circulation: May 24 4, 446, 379 379, 8061, 097, 794 3160,05 415, 68'191, 500148, 753 988, 423180, 274135,182169, 835 75, 347, 253 May 31 4, 476, 764 382, 2381,113, 653317, 447 415, 281192,138149, 026 992,162181, 510135, 066170, 460 76, 285 351, 498 June 7 4, 476, 310 381, 6881,116, 319315, 680 414,086194, 836149, 040 988, 818180, 35'134, 560170, 349 76, 226 354, 351 June 14 4, 437, 703 380, 5271,091, 57:316, 760 414, 302193, 454147, 761 983, 254179, 44'133, 588170,054 75, 723 351, 261 June 21 4, 429, 306 380, 9411, 091, 545312, 984 412, 364191, 720147, 072 983, 091178, 775133, 429169,034 75, 845 352, 506 Deposits: Member bank—reserve account: May 24 10,096, 622 477, 8275, 517, 012463, 415 529, 213249, 484181, 55'1, 342,163219, 308131, 684 234,, 870183, 621 566, 468 May 31 10,029,054 467, 4325, 490, 520455, 777 531, 765245,112185, 5551, 326, 986215, 269134, 934 2322,, 694185, 211 557, 799 June 7 10,052, 643 478,1015, 387, 958 548, 640251, 259189, 5111, 331, 870249,959143, 374 2377, 185, 025 552, 619 June 14 10,100, 929 5,405,327 478,179 558,897247,91 189,7"" 1, 333,091258, 286142, 650239, 553190, 362 568,167 June 21 10, 099,163 479, 8155, 433, 932498, 854 552, 720242, 999185,1821,346, 971249, 315134, 707235,114177, 704 561, 850 U. S. Treasurer—general account: May 24 915, 385 62, 092 236, 755 46,123 71, 269 44, 316 44, 675 186, 349 42, 016 49, 427 44, 674 46, 370 41,319 May 31 920, 325 57, 821 208, 379 49, 334 69, 280 49, 458 39, 279 211, 900 45, 269 47,178 45, 213 43, 599 53, 615 June 7 934, 964 53, 382 230, 354 45, 575 77, 522 46, 390 42, 600 206, 023 49, 885 46, 932 47, 757 41, 661 June 14 927,989 52, 783 209, 580 43,112 80, 347 49, 558 48,082 198, 463 54, 327 49,192 41, 757 56, 701 44, 087 June 21 941,004 52,423 196, 903 45, 532 99,156 50, 735 44,980 205, 338 48, 434 45, 373 44,156 56, 403 51, 571 Foreign bank: May 24 281, 541 20, 275 100, 422 27, 315 26,188 12,108 9,856 34,073 8,166 6,476 8,166 8,166 20,330 May 31 284, 806 20, 539 101, 326 27, 671 26, 529 12, 266 9,984 34, 51 8,273 6,561 8,273 8,273 20, 594 June 7 309, 600 22, 268 110, " 30, 000 28, 763 13, 299 10, 825 37, 423 8,969 7,113 8,969 8,969 22, 322 June 14 351,029 25, 213 126, 570 33, 207 32, 567 15,058 12, 256 42, 372 10,155 8,054 10,155 10,155 25, 267 June 21 354, 298 25, 505 126, 457 34, 364 32, 947 15, 233 12, 399 42, 866 10, 274 8,148 10, 274 10, 274 25, 557 Other deposits: May 24 276, 227 4,879 200, 640 5,451 11,097 1,699 7,658 4,350 4,909 5,742 2,097 19,016 May 31 301,130 5,179 222,131 4,334 11, 272 1, "" 7,680 4,225 5,292 5,851 8,777 1,917 22, 519 June 7 320, 441 5,604 241,037 4,471 10, 893 2,043 8,629 4,818 5,535 6,231 8,739 2,148 20,293 June 14 363, 44< 6,462 275, 626 5,696 11,312 3,539 9,291 6,306 5,475 6,660 8,913 2,03" 22,127 June 21 _ 359, 79' 5,776 281,182 4,722 10, 650 1,566 8,599 4,737 5,053 8,626 3,108 19, 904 Total deposits: May 24 11, 569,77J 565,0736,054, 829 542, 304 637,767307, 607243, 7461, 566, 935274, 399 193, 329 296, 399 240, 254647,133 May 31 11, 535, 315 550,97 6,022, 356537,116 638, 846308,789 242, 4981, 577, 62! :, 103 194, 524 294, 957 239,000654, 527 June 7 11, 617,648 559, 3555,970,029576, 677 665,818 312,991 2"5~1", 5"6"5"1", 580,13'314, 348 203, 601 302, 336 243, 899636, 895 June 14 11, 743, 391 573,1936,017,103560,194 683,1231 316,072259, 3941, 580, 232328, 243 206, 556 300,378 259, 255 659, 648 June 21 11,754,262 563,5196,038, 47 583, 472 695, 473310,533251,1601, 599, 912313,076 194,102 298,170 247,489 658, 882 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

573 JULY 1939 FEDERAL RESERVE BULLETIN 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 la le n v d e- m Ri o c n h d - l A a t n - ta Chicago Lo S u t i . s n M o e l a i i n s p - - K C s a a it n s y - Dallas F c S i r s a a c n n o - LIABILITIES—Continued Deferred availability items: May 24 599, 244 57, 794 146, 532 40, 427 66, 206 48, 221 19, 700 88, 621 28, 410 16,126 30, 90' 24, 906 31, 394 May 31 559, 681 52, 667 130,874 36, 441 68, 269 48, 818 21, 438 85, 747 25, 730 14, 384 27, 424 22, 959 24, 930 June 7 584, 20' 53, 927 134,326 39, 657 63, 791 49,002 23, 396 83, 820 30,842 15, 434 27, 567 30, 715 31, 730 June 24 737, 472 71, 993 183, 634 42, 715 86, 404 56, 886 25, 666 110, 839 35,' 20, 309 36, 378 28, 053 39,126 June 21 638, 637 64, 061 156, 450 45, 587 69, 327 52,101 20,681 92, 610 28, 792 17, 779 31,410 33, 031 Other liabilities including accrued dividends: May 24 4,961 45' 1,771 508 465 138 472 123 139 281 142 286 May 31 5,325 526 1,850 623 480 152 200 502 131 148 287 147 279 June 7 6,827 563 1,812 2,067 499 155 207 503 133 152 293 151 292 June 14 10, 334 494 1,965 5,320 516 160 211 592 139 155 320 156 306 June 21 5,621 497 2,021 566 530 166 219 535 143 159 304 162 319 Total liabilities: May 24 16, 620, 3591, 003i,, 130 '7,, 300, 926 8i9,924,41,120,125 547, 466 412, 3962, 644, 451 483, 206 344, 776 497, 422 341,116,9 026,048 May 31 16, 577, 085 986, 4027, 268, 733 89,16271,122, 876 549, 897 " ~ " •"' •"•-•• 493,128 338. ' 1, 031, 234 June 7 16, 684, 992 995, 5337, 222, 486 934,0811,144,194 2, 653, 275 525, 680 353, 745700, 545 350, 9911, 023, 268 June 14 16, 928, 9001,026, 2077, 294, 274924, £ 1,184, 345 566, 572 433, 032\ 26,74, 917 507,130 363,1871, 050, 341 June 21 16,827, 8261, 009,018 7, 288, 490 942. 1,177, 694 554, 520 4191,32 2, 676,1"4 8' 520, 786 345,469 498, 918 350, 3014,044, 738 CAPITAL ACCOUNTS Capital paid in: May 24 134,948 9,397 50, 856 12,057 13, 652 5, 074 4,516 13, 679 3,983 2,913 4,247 4,010 10, 564 May 31 134, 945 9,397 50, 854 12, 057 13, 652 5,074 4,516 13, 679 3,983 2,912 4,247 4,010 10, 564 June 7 134, 953 9,397 50, 848 12, 057 13, 653 5,075 4,523 13, 683 3,984 2,912 4,251 4,006 10, 564 June 14 134, 969 9,397 50, 844 12, 057 13, 654 5,075 4,523 13, 696 3,984 2,912 4,255 4,006 10,566 June 21 135,011 9,401 50, 848 12,057 13, 657 5,075 4,527 13, 697 3,986 2,913 4,262 4,025 10, 563 Surplus (section 7): May 24 149,152 10, 083 52, 463 13, 696 14, 323 4,! 5,630 22, 666 4, 685 3,153 3,613 3,892 May 31 149,152 10, 083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3, 613 3 < 9,965 June 7 149, 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 June 14 149, 152 10, 083 52, 463 13, 696 14, 323 4,r"" 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Surp J l u u n s e ( s 2 e 1 ction 13b): 149,152 10,083 52, 463 13, 696 14, 323 4,! 5,630 22, 666 4,685 3,153 3,613 3,892 May 24 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 31 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 June 7 27, 264 2,874 7, 457 4,416 1,007 3,293 713 1,429 545 1,001 1, 142 1,266 2,121 June 14 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,21 2,121 June 21 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: May 24 33, 370 1,474 8,234 2,049 3,480 1,423 6,823 1, 279 2,020 974 1,824 2,092 May 31 33,097 1,474 8,242 2,001 3,453 1,382 1,695 6,730 1,264 2,011 968 1,807 2,070 June 7 34,050 1, 522 8,442 2,088 3,561 1,442 1,741 6,869 1,310 2,045 1,016 1,853 2,161 June 14 34, 047 1,527 8,438 2,058 3,601 1,462 1,753 6,844 1,319 2,056 1,000 1,867 2,122 June 21 33, 975 1,529 8,435 2,091 3,532 1,446 1,737 6,888 1,294 2,038 1,851 2,136 Total liabilities and capital accounts: M M a a y y 3 2 1 4 1 1 6 6, , 9 9 2 65 1 , , 0 5 9 4 3 3 1 1 , , 0 0 2 1 6 0 i,, , 9 5 2 8 3 0 7 7 ' ;, , 3 8 4 7 1 , 9 , 7 4 9 9 3 6 9 2 9 3 3 , 1 , 7 9 41 17 6, , 21 1 5 5 2 5 , , 3 5 1 8 1 7 5 5 6 6 4 2 t, , , 2 6 3 29 9 4 4 2 2 4 5 , , 9 7 5 1 3 6, 2 2 , , , 6 7 8 0 9 0, , 0 5 4 4 8 3 4 4 9 9 3 1 , , 6 93 9 55 8 31' ; 3 1 5 9 3 9 , 8 5 6 03 3 , 5 0 0 9 7 8 , 3 3 4 9 9 8 , 3 13 6 65 6 12,1 I , , 0 0 5 5 0 5 , , 7 9 9 5 0 4 J J u u n n e e 7 14 1 17 7 , , 0 2 3 7 0 4 , , 4 1 3 1 32 1 1 , , 0 0 1 5 9 0 , , 0 4 8 0 8 97 7, , 4 3 1 4 3 1 , , 4'67 957 i ,, , 2 3 1 3 6 81 1 , , 1 7 2 6 16 , , 7 9 3 3 8 0 .7518,1 ,7 7378 54 3464,5 ,8 16552 1,2 ,7 1699,7 ,5 59I22 25 5 1 53 6 3, , 6 2 8 0 ,3 4 213 0 6 4 9 , 3 6 7 2 3 , 0 8 5 5 1 8 7 , 5 1 1 4 0 0 , 3 37 6 4 2 , , 0 2 0 1 8 81 1 , , 0 0 4 7 8 5 , , 1 0 1 7 5 9 June 21 17,173, 2281,032, 905 '7, ,4 04707,, 693 974', 86,92 110,213 569,317431, 739 2, 720, 828 531, 29"6" '3 5"4~,' 557048, 933 361, 338 1, 069, 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN JULY 1939 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO JUNE 21, 1939 [Amounts in thousands of dollars] Applications approved to date by Federal Reserve banks (with and Applications without conditions) received by Applications under Federal Reserve consideration by Date ( e la a s c t h W m e o d n n th e ) sday of N d s b C u u i a d o s m n e t m r k r b i a s m a e t l i r o i a t f n t A t e e A e d b r s v m , y i c s o o n o u I n e r n n - y t - t N F u e m d b er e b a r a l n R k A s es m e o rv u e nt 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 r k - c v n a e e g l s ' 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 r k - t v n a s it e g l - A b p p u l c p e o t t r m e o n d v o - e 2 t d d o e R r x a a r c e p e p w a p w t p i c n a r n . l i e t i i t , d b d - h , y , - s i t F n p p a t g a u i a n o n t r t d u i i a i t o n i i o t n n c - n s n c i g t s - i - - s 1934—Dec. 26.. 4,386 146, 972 2,955 984 49, 634 13, 589 8,225 20, 966 5,558 1,296 1935—June 26. _ 6,325 237, 581 11,349 1,646 88,778 27, 518 20,579 11,248 24,900 4, 533 Dec. 314 7,437 293,084 2,823 1,993 124, 493 32, 493 27, 649 11, 548 44, 025 8,778 1936—June 24.. 8,006 314, 471 1,880 2,183 133, 343 30, 484 24, 454 9,381 61, 425 7,599 Dec. 30.. 8,247 328,998 1,245 2,280 139, 829 25, 526 20, 959 8,226 77, 910 7,208 1937—Mar. 31. 8,344 333,300 1,322 2,323 141, 545 23,059 18,611 7,898 85, 210 6,767 June 30.. 8,430 339, 509 1,263 2, 361 145, 758 23, 019 16, 331 1,470 97, 663 7,275 Sept. 29_ 8,474 341, 842 800 2,381 146, 724 21,415 14, 880 537 102, 588 7,304 Dec. 29_. 8,534 350, 551 550 2,406 150, 987 20, 216 12,780 3,369 107, 384 7, 238 1938—Mar. 30. 8,708 358, 936 1,299 2,464 154, 918 19, 371 13,110 3,419 111, 193 7,825 June 29. 8,976 369, 583 476 2,566 161,158 18, 444 13, 649 3,084 117, 555 8,426 Sept. 28.. 9, 102 378, 974 146 2,617 168,380 17, 567 13, 597 5,737 122, 447 9,032 Dec. 28__ 9,188 387, 490 247 2,653 175,013 17, 345 14,161 1,946 128, 839 12, 722 1939—Jan. 25. _ 9,203 389,176 999 2,660 175, 651 16,811 13, 004 1,293 132,009 12, 534 Feb. 21 ' 9, 221 389,554 964 2,671 175, 902 16, 474 12, 907 1,105 133, 001 12, 415 Mar. 29 9,249 392, 230 344 2,683 177, 895 15, 798 12, 647 1,975 135,004 12, 471 J A M u p a n r y e . 3 2 2 1 1 6 _ . 3 _ . 9 9 9, , , 2 2 3 7 9 0 0 6 4 3 3 3 9 9 9 5 4 4 , , , 0 9 4 7 5 0 0 5 4 4 4 9 0 5 0 2 2 2 , , , 7 7 6 1 1 9 8 3 7 1 1 1 7 7 7 9 9 8 , , , 3 6 7 3 3 1 2 9 3 1 1 1 5 5 5 , , , 1 3 8 9 0 1 5 5 7 1 1 1 1 1 1 , , , 7 3 5 4 3 3 9 8 0 2 2 2 , , , 4 1 0 9 3 1 6 4 0 1 1 1 3 3 3 7 6 9 , , ,1 9 6 1 2 9 9 2 6 1 1 1 2 2 2 , , , 0 0 2 7 5 4 3 1 9 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve banks. 2 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,621,379 on June 21, 1939. 4 Tuesday. 5 June 28 not yet available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i 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 c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S r a a n n- Federal Reserve notes: Issued to F. R. bank by F. R. agent: May 24 4, 746, 943402, 4521, 191,725 333,058 435, 446205, 108160, 2471, 020,188194, 767139, 564178, 716 82, 624403, 048 May 31 4, 738, 919402, 3611, 189,480 33i; 145 443355,, 557788 203, 221160, 2!,55 I,021,171194, 099139, 083177, 761 82, 262402, 503 June 7 4, 750, 019399, 9901,193,383 333, 622434, 214206, 190160, 0791, 021, 3411)93, 710 138;,,800 180, 003 82, 673406, 015 June 14 4, 727, 51 397, 58'1,187, 390331, 695 443322,, 002244 204, 827158, 7041, 018, 653192, 288 137',,750 178,914 82, 86G404, 819 June 21 4, 733, 260402,1231,186', 308 333', 228 432, 602C04, 197157, 9531, 016, 985192,008137, 536178, 892 83,311 408, 119 Held by Federal Reserve bank: May 24 300, 564 22, 646 93, 931 17, 053 19, 759 13, 608 11,494 31, 765 14, 493 4,382 6,757 55, 795 May 31 262, 155 20, 123 75, 827 13, 698 20, 297 11,083 11,226 29, 009 12, 589 4,017 7,301 5,977 51, 005 June 7 273, 709 18, 302 77,064 17, 942 20, 128 11,354 11,039 32, 522 13, 353 4,240 9,654 6,447 51, 664 June 14 289, 814 17, 060 95, 818 14, 935 17, 722 11,373 10, 943 35, 39S 12, 841 4,162 8,860 7,143 53, 558 June 21 303, 954 21,182 94, 763 20, 244 20, 236 12, 477 10, 881 33, 894 13, 233 4,10' 9,858 7, 466 55, 613 In actual circulation: l May 24 4, 446, 379379, 806 097, 794316,005415,687191, 500148, 753 988, 423 180,, 274135,182169, 835 75, 867347, 253 May31 4, 476, 764382, 238 113,653 317,44"415, 281192,138 149, 026 992,162181, 510135, 066170, 460 76, 285351, 498 June 7 4, 476, 310381,i 116,319315, 680 414, 086194, 836149, 040 988, 818180, 357134, 560170, 349 76, 226354, 351 June 14 4, 437, 703"" I, 527091, 5"7"-2" 316, 760 414, 302193, 454147. 761 983, 254179, 447133, 588170, 054 75, 723 351, 261 June 21 4, 429, 306380, 941 091, 545 312, 984412, 364191, 720147, 072 983, 091178, 775133, 429169,034 75,845352, 506 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: M M a a y y 3 2 1 4 _ 4 4 , , 8 8 7 7 2 2 , , 5 5 0 0 0 0 4 4 2 2 0 0 , , 0 0 0 0 0 01 1 , , 2 21 1 0 0 , , 0 0 0 0 0 03 3 4 4 5 5 , ^ 0 0 0 0 0 0 4 3 4 9 3 , 9 , 5 0 5 0 0 0 2 1 2 5 1 , 5 0 , 0 0 0 001 16 6 9 9 , , 0 0 0 0 0 0 1 1 , , 0 0 3 3 5 5 , , 0 0 0 0 00 1 1 9 9 6 6 , , 0 0 0 00 0 ; ! 1 1 4 4 3 3 , , 5 5 0 0 0 01 1 8 8 0 0, , 0 0 0 0 C 0 8 8 5 5 , , 5 5 0 0 0 0 4 4 3 3 4 4: , ,, 0 0 0 0 0 0 June 7 4, 869, 500420, 00C1, 210,000 345, 000 439, 500 210, 001069, 0001, 035, 000196, 0001143, 500182,000 85, 500 434:,,000 June 14 4, 865, 500420, 0001, 210, 000 345, 000 435, 500 210, 001069, 0001,035, 000196, 000143, 500182, 000 85, 500 434:,,000 June 21 .- 4,865, 500420,0001, 210,000 345,000 435, 500 210,000 16>,90,001,035,000196, 000143, 500182, 000 85, 500 434::,000 Eligible paper: May 24 3,941 332 1,285 303 116 352 132 75 25, 96 294 462 May 31 3,838 499 1,057 325 129 3441 147 74 25 81 453 238 466 June 7 3,36" 389 388 128 367 84 74 25' 36 429 201 470 June 14 3,064 38' 605 195 105 355, 99 90 25 j 19 438 304 442 June 21 2,701 122 545 178 340 23 75 19 431 306 542 Total collateral: 25i May 24 4, 876, 441420, 3321,211,285345, 303439, 616215, 352|169, 1321,035, 075196, 025143, 596180, 469i 85, 794 434:,,462 May 31 1, 876, 338420, 4991,211,057345,325 439,629 215i,.344169,1471, 035, 074196, 025143, 581180, 453 85»,,7 738 43:4,,466 June 7 4, 872, 86'420, 3891, 210, 776345, 388 4391,,628210, 367169, 0841,035, 074196,025143, 536182, 4291 85, 701434, 470 June 14 4, 868, 564420, 38'1, 210, 605345,195 435i,, 605210, 355•169,0991,035,090196,025!143, 519182, 4381 85, 804434, 442 June 21 4, 868, 201420,1221, 210, 545 3451,7178 4153,5 !595210,340 169, 0231.035, 075196, 025143, 51S182,431! 85, 806434, 542 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 575 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, MAY, 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 Cl a a n s d se s d i o s f t r b ic a t n s ks m G d d r a e e o n - - s d s m N d d a e e e n - - t d p T o d i s e m i - t e s Feder b a a l n R ks eserve b m a A b n e e m l k r l s - 1 N c e i w ty ban C k h s i- s b c R e a i r e t v n y - e ks b C a t o r n u y k n s - i posits posits i Re- Held Ex- York cago quired cess Total reserves held: All member banks. _ 33,047 27,163 11,666 5,785 9,997 1938—April 7,469 3,150 622 2,348 1,350 May 7,587 3,204 794 2,311 1,278 Central reserve city banks: June 7,878 3,341 899 2,359 1.280 New York 12, 059 11,403 705 2,629 5,094 2, 465 July 8,167 3,545 925 2,396 1,302 Chicago 2,489 2, 174 476 518 878 360 August 8,119 3,523 875 2,402 1,319 September 8,196 3,669 861 2,352 1,314 Reserve city banks: October 8.546 3,939 2,409 1,317 Boston district 1,099 983 100 177 320 143 November 8,727 4,075 2,426 1,338 New York district 186 147 149 33 38 5 December 8,745 4,139 2,387 1,322 Philadelphia district._ 1,180 967 246 181 316 134 1939—January 9,029 4,409 780 2,474 1,366 Cleveland district 1,546 1, 210 742 249 393 144 February 8,925 4,482 673 2,405 1, 364 Richmond district 707 552 212 107 157 49 March 9,021 4,472 681 2,475 1,393 Atlanta district 701 494 177 95 114 19 April 9,624 4,889 794 2,544 1.397 Chicago district 1,227 879 561 182 265 83 May 5,094 878 2,630 1,395 St. Louis district 784 612 174 116 151 35 Week ending (Friday): Minneapolis district._ 354 251 88 48 76 28 1939—May 5 9,878 5,005 2,582 1, 405 Kansas City district. _. 959 628 158 118 168 51 May 12 9, 922 5,042 860 2,628 1,392 Dallas district 681 429 128 82 113 32 May 19 10,011 5,108 2,645 1,393 San Francisco district. 2,059 1,633 1,959 384 518 134 May 26 10, 097 5,181 2,640 1,386 June 2 10, 068 5,132 2, 628 1,411 Total 11, 482 8,784 4, 694 1, 772 2,630 858 June 9 10,063 5,045 2,700 1,428 June 16 10, 125 5,053 2,758 1,425 Country banks: Excess reserves: Boston district 819 613 557 101 156 55 1938—April 2 2,071 146 609 432 New York district 1, 258 940 1,389 182 305 123 May 2,525 1,065 321 689 451 Philadelphia district.. 609 422 877 95 150 56 June 2,762 1,153 404 747 459 Cleveland district 576 399 662 81 129 48 July 3,026 1,352 424 767 483 Richmond district 500 318 345 55 93 37 August 2,955 1,320 379 762 495 Atlanta district 494 304 221 48 72 24 September 2,920 1,382 361 698 479 Chicago district 853 570 703 104 186 83 October 3,143 1,589 375 712 467 St. Louis district 351 231 241 40 62 22 November 3,276 1,712 374 710 480 Minneapolis district _. 290 193 270 37 55 18 December 3,226 1,734 376 658 457 Kansas City district.. 443 277 155 41 65 24 1939—January 3,484 1,996 260 734 495 Dallas district 502 327 103 44 71 February 3, 373 2,047 164 669 494 San Francisco district- 322 209 268 38 51 A M p a r r i c l h 3 3 , , 9 4 2 3 6 2 2 1 , ,9 3 8 0 6 2 2 1 9 7 9 9 7 7 4 9 1 4 5 53 2 1 6 Total 7,016 4, 803 5, 790 866 1,395 529 May 4,212 2,465 360 858 529 Week ending (Friday): 1 Gross demand deposits minus demand balances with domestic banks 1939— M M a a y y 1 5 2 . 4 4, , 1 1 0 5 0 9 2 2, , 4 3 3 6 2 7 3 34 7 6 4 8 8 2 5 1 5 5 5 3 2 8 6 c (e a x sh ce i p t t e m p s r i i v n a t p e r o b c a e n ss k s o f a c n o d l le A ct m io e n r . ican branches of foreign banks) and M M a a y y 2 1 6 9 4 4 , , 2 2 3 9 6 8 2 2 , , 4 5 9 4 3 2 3 3 4 6 6 8 8 8 6 6 9 7 5 5 2 2 1 8 to N b O e T h E e . l — d S a e s e re ta s b er le v e a s t . foot of p. 586 for percentages of deposits required J J u u n n e e 9 2 P P4 i , , 2 2 5 5 0 1 2 2 , , 4 4 7 0 3 1 3 3 7 6 3 7 8 9 5 1 9 8 P P5 5 6 4 3 6 June 16 Pi, 281 2,397 357 967 P560 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 p. 586 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 May April May April May April May April May April May April Boston _ 1,917 1,890 657 657 1, 795 1,768 529 529 122 122 128 128 New York 13 503 13 347 2 243 2 253 i 1 166 1 1,165 i 1, 053 i 1, 043 278 279 485 496 Philadelphia 1,788 1,764 1,123 1,123 1,573 1, 547 670 669 215 216 453 454 Cleveland 2 122 2,106 1,404 1,403 1, 901 1, 883 1,109 1,107 221 223 295 295 Richmond . 1,207 1,208 557 554 1,025 1,023 364 361 182 185 193 193 Atlanta 1,194 1 210 398 394 1, 032 1,041 311 308 163 169 87 86 Chicago 4,570 4,412 1,740 1,719 i 1, 761 i 1, 734 i 978 1966 320 321 286 285 St. Louis 1,135 1 136 415 414 928 929 298 297 207 207 117 117 Minneapolis 644 633 358 360 472 461 174 176 171 172 183 184 Kansas City _ .. _ 1, 402 . 1,387 313 312 1,076 1,064 199 198 325 323 114 113 Dallas 1, 183 1,178 231 230 906 899 183 184 277 279 49 46 San Francisco. 2,381 2,374 2,227 2,203 2, 269 2,260 2,131 2,107 112 114 96 97 Total ..._ 33,047 32, 645 11,666 11, 622 115, 904 115, 774 i 7, 997 i 7, 945 2,594 2,611 2,487 2,495 i 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

576 FEDERAL RESERVE BULLETIN JULY 1939 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a e 8 s 9 s - 0 S s u c i i a b l o v r s i y n e id r - M c i o n in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e - k a s l 1938—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 May 6,967 72 42 1,417 1 358 154 259 4,449 26 189 Back figures.—See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total (3oin and small denomination currency2 Large denomination currency 2 Un- End of month in cir- assortcula- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed 2 tion i 1938—May 6,467 4,856 526 487 32 877 1,512 1,422 1,616 389 727 152 307 17 24 June 6,461 4,837 527 481 31 875 1,503 1,420 1,627 391 732 152 309 17 25 July 6,452 4,836 526 481 31 879 1,508 1,410 1,618 388 727 152 307 17 27 August 6,504 4,885 530 488 32 891 1,528 1,416 1,622 389 727 152 308 17 29 September.. 6,622 4,970 536 501 32 912 1,556 1,434 1,656 396 744 156 317 17 25 October 6,700 5,021 540 505 32 923 1,572 1,450 1,683 400 754 157 321 18 33 November.. 6,787 5,096 548 511 33 936 1,599 1,469 1,696 404 761 158 323 17 32 December.. 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 1939—January 6,653 4,953 538 492 32 904 1,546 1,440 1,705 403 768 160 329 17 28 February... 6,731 5,011 541 498 33 919 1,574 1,446 1,721 406 774 161 335 17 28 March 6,817 5,049 544 503 33 928 1,594 1,448 1,770 411 799 165 349 17 28 April 6,905 5,069 548 505 32 929 1,602 1,453 1,838 418 829 170 370 18 33 May 6,967 5,109 554 513 33 937 1,614 1,458 1,861 422 836 172 380 17 33 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 Sub- Fed- End of month Total d s b o a il l u n v l d l a e - r r s s i i s a l i v r d y e - r M c i o n i o n r U S n t n o a i t t t e e e s s d s b e R e a r r n e a v l - k e t n b i N o o a n t a n e - k a s l Year or month m E S e u n h r t i o s p p - t e o R E e f u r c o r e o m i p p e ts m s N h e i e n p t t - s rec N e e ip t ts lion i coin notes 1936 34.8 26.2 8.6 1937 . . 21. 5 47 6 26 1 1938— M Ap ay ril 2 2 , , 6 7 9 0 0 2 1 1 , , 5 5 5 7 4 0 3 3 7 7 4 4 1 1 5 5 7 7 3 34 4 7 7 3 3 2 1 2 2 2 2 6 3 1938 33.1 34.4 1.3 June 2,713 1,584 374 157 347 31 221 1938—May .2 6.2 6.0 J A u u ly gust 2 2 , , 7 7 3 2 1 1 1 1 , , 6 59 0 6 8 3 3 7 7 4 5 1 1 5 5 7 7 3 3 4 4 7 7 3 3 0 0 2 21 1 4 7 J J u u n ly e . . 4 1 3 3 .8 5 3 3. 1 7 September . 2,739 1,618 376 158 347 29 212 August 1.1 2.3 1.2 October 2,751 1,634 376 158 347 29 208 September 14.7 1.0 13.7 November . 2,773 1,657 376 158 347 29 206 October _ 10.6 .6 10.0 December.. 2,798 1,685 376 159 347 28 203 November 3 4 1 0 2 4 1939—January 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 1939—January _ 6.7 2.0 4 7 March 2,839 1,733 377 160 347 27 196 February 3.0 1.0 2.0 April.. __ 2,849 1,746 376 160 347 27 193 March 27.3 .9 26 4 May 2,862 1,759 377 161 347 26 191 April _ 46.1 .3 45.8 May 3.8 .7 3.1 1 Includes silver held against silver certificates amounting to $1,656,- 000,000 on May 31, 1939 and $1,484,000,000 on May 31, 1938. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 577 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 o t n a l r d d l m o st f o o n y c i n c t k e a h c a c o r a t u t iv n e t c s t g r t o I e o o i n t n a c l a - d s k l e im g N o p e l o d t rt l m a t o g h t c r s a a r t e a s i o i r a o n n k u r ( n i s — - g o n s - h r g 2 ) m g d p t D t i u o r e i o o o c c l s n d - - - - From or to— Im- May Ex- Im- A 1 p 93 r 9 il Ex- I J m a - n.-May Exports ports ports ports ports ports 1934 i_ 8,238 4, 202. 51,133. 9 82.6 96.0 1 1 1 9 9 9 3 3 3 7 8 5 . . .. 1 1 1 1 2 1 4 0 , , , , 1 2 7 5 2 5 6 1 5 8 0 2 1, 2 2 2 6 7. .5 1 1 1 1 , , , , 1 7 5 8 3 5 0 8 2 2 1 7 . . . . 5 " 1 " I . , , , , 9 1 7 5 7 1 3 8 6 9 3 5 . . . . 6 0 6 5 - - - 2 3 8 0 3 5 0 3 . . . . 9 2 4 5 1 1 1 1 4 4 3 1 3 6 1 0 . . . . 9 4 6 7 N B G Fr e e e a l t r g h n m i e c u a r e m l n a . y . n . 2 d s _ 4 40 1 , , 6 4 5 4 3 1 9 1 17 6 5 3 5 , , , 6 1 0 7 2 4 9 0 9 5 1937—February 11,436 204.7 78.2 120.3 -8.0 8.3 S Sw pa e i d n en 3, 3 8 7 5 9 0 J A M A M J S O u u e p u c a a l p n r t g y y r e o t i u c e l b h s m e t r ber 1 1 1 1 1 1 1 1 1 2 2 2 1 1 2 2 , , , , , , , , 4 5 9 7 8 7 5 3 4 7 9 4 0 9 6 1 6 4 0 1 3 9 7 8 1 1 1 1 1 , , , , , 0 2 3 5 7 3 2 2 4 8 7 3 5 6 1 2 1 5 6 1 9 8 0 . . 4 . . . . . . 1 " 0 8 1 5 0 7 2 3 1 1 1 1 1 2 6 2 9 2 7 3 2 5 2 7 1 1 4 7 7 . . . . . . . . 1 3 6 3 9 0 8 6 2 2 1 1 1 1 1 9 1 0 4 7 6 5 5 0 4 5 5 5 5 4 2 . . . . . . . . 5 8 5 4 8 4 3 0 - - - 3 1 - 2 8 5 5 5 9 i 6 . . . . . 0 . 3 . 5 9 2 3 2 A 1 1 1 1 1 1 1 9 2 6 1 2 4 2 0 . . . . . . . . 7 9 2 2 9 4 8 2 A U M S C C C C w o h e a r n e g n n l i i i x o l t e t t a e i e z m r n c d d e a o t a b r l i l n i K a A a a n i m d ng er d ic o a m _ ._ _ . _ . _ .30 1 2 2 2 2 , ! , , , , 0 2 0 4 6 1 5 8 9 7 6 1 3 8 6 4 7 7 1 2 8 2 1 3 7 , 4 6 1 1 1 1 2 2 4 3 6 0 5 , , , , , , , 5 7 1 4 5 , 7 5 5 0 9 9 0 1 3 6 5 1 1 5 4 1 4 5 4 3 6 5 8 2 N D o ec v e e m m b b e er r. __ 1 12 2 , , 7 7 7 6 4 0 1 1 , , 2 22 4 7 2 . . 5 9 - - 2 1 9 4 . . 3 0 2 1 2 8 . . 1 0 - - 1 2 0 0 1 .1 .6 1 1 3 1 . . 8 9 E Pe c r u u ador 2 1 9 6 7 5 1 1, , 6 2 4 0 0 8 1938— M F A J J M A J u u a e p u a a b n n l r g y y r e u r i u c l u a h s r a t y ry 1 1 1 1 1 1 1 1 2 2 2 2 2 2 3 3 , , , , , , , , 7 8 9 0 1 7 7 9 7 6 6 1 3 5 9 1 6 9 3 7 6 6 5 9 1 1 1 , , , 1 2 2 8 2 0 3 0 3 . . . 0 2 6 - 1 2 7 4 4 1 5 4 1 0 9 4 4 8 4 8 .6 . . . . . . . 7 8 3 2 5 5 3 1 5 7 5 6 5 6 2 8 2 2 3 1 5 6 . . . . . . . . 9 8 8 0 1 1 0 3 - - - - - 1 2 1 - 2 5 - - 1 1 8 0 5 8 3 . . . . . . . . 6 1 2 2 5 9 8 9 1 1 1 1 1 1 9 9 0 0 1 0 4 4 . . . . . . . . 9 8 5 4 0 3 5 4 V A B J C A P a h r e h l u K p l i n i i s t a l o n o i e t i n s r t a p z n a h h u p g l e e i i I a r a n l n a n e c d d o i u a Is n H l t a r o n i n e d s g s 3 . . 1 5 3 2 1 0 , , , , , 3 2 3 5 9 4 9 1 9 9 3 7 0 5 5 4 5 1 5 2 , , 5 1 3 3 2 7 1 1 8 9 9 3 2 1 7 1 4 1 3 1 2 1 , , , ' , , , , 7 5 1 9 6 1 5 5 9 9 7 3 1 7 5 2 6 9 4 2 2 S O e c p t t o e b m er ber 1 1 3 4 , , 0 7 6 6 5 0 6 3 2 0 3 5 . . 8 0 5 5 2 6 0 2 . . 9 4 - - 1 1 1 3 0 .3 .2 1 1 3 3 . . 9 3 Total 429,440 36 606, 027 231 1, 780, 627 416 November 14,312 247.5 177.8 -7.4 15.3 December 14, 512 199. 240.5 -62.4 13.1 1 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. 1939—January 14, 682 170.0 156.3 14.1 12.2 2 Includes gold imports from Czecho-Slovakia previously reported in February 14,874 192.7 223.3 -48.6 10.4 all other countries. March _.. 15,258 383.8 365.4 10.7 11.0 3 Includes all movements of unreported origin or destination. April 15, 791 532.3 605.8 -114.8 13.1 Back figures.— See table, p. 607, and Annual Report for 1937 (tables May 15,957 166.2 429.4 -251.6 P12. 7 31 and 32). June 1-21 P. „ 16, 060 103.6 154.4 -76.2 p Preliminary. BANK DEBITS 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. [Debits to individual deposit accounts, at banks in principal cities.] i Gold held under earmark by Federal Reserve banks for foreign [In millions of dollars] account on May 31, 1939, in millions of dollars: 1,018.7. NOTE.—Figures for domestic production of gold are those published Total, 140 133 in table, p. 607, adjusted to exclude production in Philippines. Ad- all New other other j s m u e s e o t n m A th e n l n n y t u a i b m l a s p R e o e d r p ts o o r n o t f a fo g n r o n l u d 1 a 9 l 3 t o 7 f i g U (t u a . r b e S l s e . f r 2 r e o 9 p m ) o . r t P ed h il b ip y p i D ne ir s e . cto F r o r o f b a M ck i n fi t g u a r n e d s, Year and month c re e i p n n o t g e r r t- s Y C o it r y k c l i e i t n a i g e d s - i r c e i i p t n i o e g s rt 2 - BANK SUSPENSIONS1 1929 982, 531 603,089 331, 938 47,504 1935 402,718 184,006 190,165 28, 547 Member Nonmember 1936..._ ___ 461,889 208,936 219,670 33, 283 banks banks 1937. 469,463 197, 836 235, 206 36,421 Total, 1938 405, 929 168,778 204, 745 32,406 ba a n ll ks ti N on a a - l State su I r n e - d2 in N su o r t ed 1938— M Ap a r y il 3 3 3 1 , ,3 8 5 2 9 5 1 1 4 2 , , 5 82 7 8 2 1 1 6 6 , , 0 5 1 9 3 7 2 2 , , 6 5 5 1 6 8 June 35, 501 15, 637 17,160 2,704 July 33,133 13,828 16, 677 2,628 Num 1 1 1 1 9 9 9 9 b 3 3 3 3 e 5 4 7 6 r of banks suspended: 4 5 3 5 4 7 4 9 4 4 1 1 2 2 4 4 2 0 7 8 48 8 3 6 A N D S O e u o e c p c t v g o t e e u e b m m s m e t b r b b e e e r r r . . 3 3 4 3 3 0 2 2 3 6 , , , , , 1 2 1 7 2 9 0 3 9 2 2 9 0 8 4 1 1 1 1 12 2 3 8 5 , , , , , 0 8 1 2 4 8 7 4 4 2 5 9 0 7 5 1 2 1 1 1 1 6 6 8 7 , , , , , 0 4 0 0 0 2 4 9 3 8 3 0 6 9 7 2 2 2 2 3 , , , , , 6 5 8 2 7 6 2 9 4 6 6 8 5 3 0 1 19 9 3 3 8 9—Jan.-May 2 5 5 5 3 I 1 1 4 1 7 6 6 5 1939— F J e a b n r u u a a r r y y . .. . 3 29 5 , , 1 9 8 7 0 3 1 1 4 2 , , 5 3 3 8 3 0 1 15 7 , , 2 86 0 0 1 2 2 , , 7 3 8 9 6 2 Deposits of suspended banks March 37, 322 16, 274 18,211 2,837 (in thousands of dollars):3 April 32, 822 13,311 16, 832 2,679 1934 _ _ 36,937 40 1,912 34,985 May 34, 656 14,165 17, 763 1935 10,015 5,313 3,763 939 1936 11,306 507 10, 207 592 1 Comprises centers for which bank debit figures are available beginning 1937 19, 723 7,379 1,708 10 156 480 with 1919, except that one substitution was made in 1920 and one in 1928. 1938 - 13, 264 36 211 11,721 1,296 2 Cities (other than the 141 centers) for which bank debits are currently 1939—Jan.-May 28, 776 896 22, 774 3,724 1,382 reported. The number has changed very little since 1934 and has numbered 133 since 1936. i 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 J Federal deposit insurance became operative January 1, 1934. totals by Federal Reserve districts are available in mimeographed form. 8 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember were reported. Back figures.—See Annual Report for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN JULY 1939 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 Nonmember In millions of dollars] Member banks banks Member banks Nonmerriber banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u ks g al s m n b o e e m n r - - Call date ba A n l k l s Total ti N on a- al State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 1929—June 29 25,110 8,707 7,530 1,177 611 15, 792 1929—June 29,-- 53, 582 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 I, 051 565 8,687 Dec. 31_-_ 53, 701 35,893 23,107 12, 786 10,143 7,666 1937—June 30 15, 527 6, 357 5,293 1,064 564 8,606 1937—June 30-- 53, 287 35, 440 22, 926 12, 514 10, 213 7, 635 Dec. 31 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31— 52, 440 34,810 22, 655 12,155 10, 257 7,373 1938—Mar. 7 15, 348 6,335 5,250 1,085 563 8,450 1938—Mar. 7.... 51, 703 34,118 22, 264 11,854 10, 259 7,325 June 30 15, 287 6,338 5,242 1,096 563 8,386 June 30.-_ 52,195 34, 745 22, 553 12,193 10, 296 7,153 Dec. 31 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 1939—Mar. 29 15,151 6,331 5,212 1,119 555 8,265 1939—Mar. 29— 53, 812 36,089 23, 340 12, 749 10, 376 7,348 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1929—June 29. 58,474 41,531 16,943 35, 711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18, 342 25, 220 12,833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 42, 502 21, 278 21,224 27,175 12, 523 14, 652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31 43, 458 20, 473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935— June 29. _ 44, 416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45, 717 20, 329 25, 388 29, 985 12,175 17, 810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20, 679 27, 778 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30. 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 Dec. 312 . 48,929 21, 354 27, 575 32,070 13, 208 18, 863 10, 255 4,930 5,325 6,604 3,217 3,387 1939—Mar. 29 2 48, 929 21,154 27, 775 32,095 13,047 19,048 10, 265 4,926 5,338 6,569 3,180 3,389 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 and March 1939 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

JULY 1939 FEDERAL RESERVE BULLETIN 579 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loansi Investments * Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations loans cial, securities Direct of Call date and in- Open Real Loans Other states Other in- Total i dus- mar- estate to loans 4 Total and securvest- trial, ket To loans banks Guar- polit- ities1 ments and paper brok- an- ical agri- ers To Total Bills Notes Bonds teed subcul- and others3 divitural 2 deal- sions f> 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 61,113 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 «1, 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 10, 501 1,192 5,403 3,905 1,768 2,178 3,364 1936—Dec. 31..33, 000 13, 360 634 1,410 2,785 2,405 85 6,041 19, 640 11,639 1,053 4,527 6,060 1,906 2,226 3,868 1937—Dec. 31_. 31, 752 13, 958 643 950 2,752 2,547 70 6,996 17, 794 10, 574 662 4,277 5,635 1,797 2,047 3,376 1938—Mar. 7_._ 31, 521 13, 546 608 878 2,665 2,556 96 6,745 17, 975 10, 625 797 4,297 5,531 1,827 2,209 3,314 June 30 30, 721 12, 938 491 701 2,614 2,613 120 6,397 17, 783 10,215 316 3,653 6,246 2,128 2,143 3,297 Dec. 31.. 32, 070 13, 208 c 5, 448 C442 973 7 775 2,716 125 7 2, 728 18, 863 10, 882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29- 32, 095 13, 047 '• 5, 531 C427 838 733 2,749 99 2,671 19,048 10,691 303 2,604 7,783 2,660 2,555 3,142 NEW YORK CITY 8 1929-Dec. 31.. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1, 112 «58 166 889 222 758 1933—June 30.. 7.133 3,424 364 758 1,044 157 162 937 3,709 2,551 6 638 987 926 478 680 1934—Dec. 31 7,761 3, 159 396 716 820 139 63 1, 024 4,602 3,246 758 1,664 824 278 446 632 1935—Dec. 31.. 8,418 3,434 286 1,078 793 140 42 1,096 4,985 3,425 865 1,810 749 401 507 653 1936—Dec. 31.. 9,280 3,855 216 1,173 753 144 42 1,527 5,425 3,739 718 1,559 1,462 470 426 790 1937—Dec. 31.. 8,313 3,673 198 761 733 141 29 1,811 4,640 3,207 495 1,536 1,175 388 342 704 1938—Mar. 7... 8, 317 3,532 168 696 727 140 60 1,741 4,785 3,180 505 1,529 1,145 432 485 689 June 30 8,013 3,172 141 556 717 132 85 1,541 4,840 3,031 222 1,358 1,451 709 394 706 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 § 1929—Dec. 31.. 1,757 1,448 19 251 533 21 88 535 309 116 63 19 94 96 96 1933—June 30 1 287 677 70 61 251 30 30 237 610 384 e 206 82 97 87 138 1934—Dec. 31 1,581 532 77 55 170 18 11 202 1,049 743 164 299 279 78 129 100 1935—Dec. 31 . 1,868 476 28 29 149 15 6 249 1,392 1,061 213 604 243 88 141 103 1936—Dec. 31.. 2, 100 633 22 51 140 13 6 402 1,467 1,107 198 375 533 94 143 124 1937—Dec. 31 _ 1,901 635 25 41 129 12 1 426 1,266 916 32 366 518 94 135 121 1938—Mar. 7... 1,997 614 28 39 113 11 423 1,382 1,008 153 371 484 100 136 138 June 30_- 1,806 525 15 29 109 10 361 1,281 859 12 313 535 122 140 159 Dec. 31.. 1,969 539 336 16 43 70 12 1 62 1,430 1,005 59 291 655 109 141 176 1939—Mar. 29 1,965 545 361 14 32 70 12 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 8 205 681 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 C149 119 242 1,230 20 1,081 6,691 4,278 57 1,224 2,997 740 808 866 1939—Mar. 23-_ 11,624 4,936 "2* 116 115 228 1,249 17 1,066 6,688 4,181 100 977 3,105 823 823 860 COUNTRY BANKS 1929—Dec. 31.. 13, 375 8,936 201 291 2,231 1,462 45 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 38 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 27 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 17 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 14 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 13 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 11 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 9 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 5 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 6 1,121 5,618 2,578 15 585 1,978 643 1,001 1,397 c Corrected 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 December 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 beginning Dec. 31, 1938, are not comparable with earlier figures. 5 Includes obligations of territorial and insular possessions when reported separately. 6 Includes Treasury certificates of indebtedness. 7 For estimated figures for Dec. 31, 1938, on basis comparable with earlier figures see p. 332 of 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

580 FEDERAL RESERVE BULLETIN JULY 1939 CONDITION OF ALL MEMBER BANKS—Continued [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic with ances mand vid- States Certi- vid- States banks Cap- Call date b s F e R a e 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 i n o s t k - h ti s c 1j p u o s d a t s d e e i - - d ts 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 i o u i c o n v l a b n d i i l - t s - - ch e c o a f e t e i f n c e c f r i d . d k s - 3 ' s, m T G e T e r o n n v C - t ! - 4 s p u n h a c a a o e n i l r p r r d s t - - s - , , p s d s a i i o u i c o n v l a b n d i i l - t s - - P i s n o a g s v s t - * al 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 * 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 1933—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. 31 2 541 65 111 6,193 6,479 323 524 224 591 12 3 2,338 414 1,573 1936—Dec. 31 2 658 61 133 6,929 7,274 285 457 225 679 13 2,493 397 12 1,585 1937—Dec 31 2 738 56 120 6 111 6,507 189 404 382 696 49 2,108 423 1,606 1938—Mar. 7 2 941 59 95 6,336 6,429 185 327 360 694 67 2,173 335 12 1,596 June 30 3 517 65 119 6 698 6,900 273 367 123 694 32 2,514 291 1,587 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 6,743 111 192 256 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 1 1 9 9 2 3 9 3 — — D Ju e n c e . 3 3 1 0.... 4 6 5 2 2 7 3 2 2 03 1 9 7 0 02 8 3 5r , 0 7 5 1 4 1 5 2, , 5 0 7 9 6 1 7 5 4 55 2 1 7 6 2 9 1 3 16 9 3 6 , ,3 8 9 3 0 3 1 8 3 6 3 28 6 5 1 4 2 0 28 5 6 7 3 1 3 1 6 6 7 7 2 1 , ,5 2 1 5 7 8 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

JULY 1939 FEDERAL RESERVE BULLETIN 581 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments1 u. Loans for 3. Government obligations T lo a o a n t n d a s l C m c o i e a m r l - , - p o s u r e r c c c u a h r r a i r t s y i i i e n n s g g Direct Date or Month m v e i e n n s - t t - s Total1 t d a r i u i n n a s d - - l, p O m k a p a p e e r t e n - r br T o o k- e l R o st a e a n a t l s e b L a o t n o a k n s s O lo th an e s r Total1 G a u n a - r- r O s i e t t c i h e u e s - r » a c g ul r - i- a e n r d s ot T h o ers Total Bills* Notes2Bonds2 teed tural dealers TOTAL—101 CITIES 1938—May 20,732 8,430 4,085 380 602 589 1,154 115 1,505 12,302 7,980 1,354 2,968 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 May 21,693 8,091 3,839 303 678 539 1,151 58 1,523 13, 602 8,296 398 2,033 5,865 2,033 3,273 1939—Apr. 5... 21, 634 8,164 3,838 307 727 539 1,143 1,531 13, 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 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 1,518 13,684 8,273 357 2,015 5,901 2,030 3,381 Apr. 26.. 21, 775 8,100 3,844 304 685 535 1,147 1,528 13,675 8,270 357 2,025 5,888 2,030 3,375 May 3__. 21, 785 8,071 3,841 302 648 539 1,148 1,533 13, 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 1,529 13,634 8,334 430 2,031 5,873 2,010 3,290 May 17.. 21, 609 8,046 3,845 301 639 539 1,150 1,519 13, 563 8,304 412 2,030 5,862 2,031 3,228 May 24_. 21, 673 8,125 3,837 309 717 541 1,154 1,511 13, 548 8,264 394 2,032 5,838 2,046 3,238 May 31_. 21, 680 8,126 3,822 308 721 539 1,156 1,521 13, 554 8,237 333 2,053 5,851 2,055 3,262 June 7... 21, 795 8,116 3,833 309 699 540 1,155 1,528 13, 679 8,318 395 2,080 5,843 2,092 3,269 June 14.. 21, 878 8,097 3,831 307 674 540 1,160 1,531 13, 781 8,390 423 2,112 5,855 2,108 3,283 June 21.. 21,923 8,072 3,823 661 542 1,159 1,537 13,851 8,404 440 2,121 5,843 2,127 3,320 NEW YORK CITY 1938—May 7,614 3,007 1,565 139 473 205 118 420 4, 607 3,033 564 1,010 November.. 7,737 2, 957 1,422 138 573 201 119 90 414 4,780 2,895 800 1,085 December.. 7,845 3,056 1,399 133 688 199 119 100 418 4,789 2,858 835 1,096 1939—January 7,645 2,982 1,371 128 694 192 117 79 401 4,663 2,711 852 1,100 February. _. 7,676 2,901 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 May 7,958 2,759 1,372 120 529 198 111 44 385 5,199 3,024 170 727 2,127 1,034 1,141 1939—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 May 24,_ 7,940 2,795 1,372 123 565 199 111 42 383 5,145 3,013 165 727 2,121 1,030 1,102 May31__ 8,000 2,798 1,364 125 568 200 111 45 385 5,202 3,028 147 744 2,137 1,044 1,130 June 7 8,052 2,781 1,369 124 553 200 112 38 385 5,271 3,100 159 787 2,154 1,033 1,138 June 14__. 8,090 2,760 1,374 123 524 201 113 41 384 5,330 3,133 167 816 2,150 1,054 1,143 June 21__. 8,135 2,748 1,372 120 517 201 113 39 386 5,387 3,149 173 819 2,157 1,065 1,173 OUTSIDE NEW YORK CITY 1938—May 13,118 5,423 2,520 241 129 384 1,036 1,085 7,695 4,947 790 1,958 November- 13, 610 5,362 2,462 205 142 370 1,047 1,113 8,248 5,235 881 2,132 December.. 13,741 5,409 2,464 199 162 367 1,049 1,145 8,332 5,333 873 2,126 1939—January 13, 823 5,356 2,429 197 158 355 1,053 1,143 8,467 5,480 876 2,111 February... 13, 851 5,296 2,403 198 151 346 1,035 1,143 8,555 5,544 917 2,094 March 13, 801 5,309 2,428 190 156 339 1,028 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 1,144 8,385 5,279 196 1,270 3,813 988 2,118 May 13, 735 5,332 2,467 183 149 341 1,040 1,138 8,403 5,272 228 L,306 3,738 999 2,132 1939—Apr. 5. 13,715 5,336 2,466 188 148 344 1,032 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 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 1,140 8,411 5,277 187 L, 276 3,814 987 2,147 Apr. 26 13, 716 5,323 2,468 187 138 340 1,036 1,141 8,393 5,261 176 1,298 3,787 986 2,146 May 3. _. 13, 745 5,336 2,466 184 146 342 1,037 1,148 8,409 5,294 235 ,296 3,763 986 2,129 May 10 __13, 763 5,335 2,474 180 146 341 1,038 1,142 8,428 5,309 244 1,311 3,754 987 2,132 May 17 13, 752 5,326 2,476 181 144 340 1,039 1,133 8,426 5,295 244 1,308 3,743 999 2,132 May 24 13, 733 5,330 2,465 186 152 342 1,043 1,128 8,403 5,251 229 L, 305 3,717 1,016 2,136 May 31 13, 680 5,328 2,458 183 153 339 1,045 1,136 8,352 5,209 186 1,309 3,714 1,011 2,132 June 7 13, 743 5,335 2,464 185 146 340 1,043 1,143 8,408 5,218 236 L, 293 3,689 1,059 2,131 June 14 .3, 788 5,337 2,457 184 150 339 1,047 1,147 8,451 5,257 256 1,296 3,705 1,054 2,140 June 21 3, 788 5,324 2,451 178 144 341 1,046 1,151 8,464 5,255 267 1,302 3,686 1,062 2,147 NOTE.—For description of figures see BULLETIN for November 1935 (pages 711-738) or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for June 1937, (pages 530-531). For back figures see BULLETIN for November 1935 (pages 711-738) or reprint. BULLETIN for December 1935 (page 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 1 Beginning February, 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." 2 Not reported separately prior to Feb. 8, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN JULY 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month b s w F e R a e e r i n r e a t d v - k h l - e s v C a a i u s n l h t m a b w n d a e o i c n s t - e h t k s i s c m p u o a d s a e t d s e n - i - t d d s 1 s p p u n v h a c o a a o e i n i r d r p l r r d a t s - - - s - - , , S p s d s a i i t o u i c o a n v b l a n t d i - i l e t s - - s c C h c o a e f e e e i t f n c e c f r r . d i d s t k - i ' s - , m U G e . r e o n n v S - t - . 2 s p p u v n h c a o a a o i e n i r l d r p r r d s a t - - - s - , - , S p s d s a i t i o u i c o a n v b l a n t d i - i l e t s - - s P i s o n a s g v 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 a t u c p a - n - l ts tions tions TOTAL—101 CITIES 1938—May 6,070 384 2,296 14, 579 15,397 407 549 5,196 5,596 110 318 3,645 November 7,170 438 2,467 5,825 16,856 448 536 5,124 6,120 113 486 3,677 December. 7,219 483 2,452 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 5, 638 1,327 560 625 4,976 224 6,395 116 587 3,687 April 7,973 2,596 .6,455 .6,000 1,372 428 620 4,974 235 6,473 116 638 3,695 May 8,361 2,644 16, 796 .6, 259 1,452 441 581 4,984 251 6,530 118 639 3,712 1939—Apr. 5____ 7,668 412 2,615 16, 072 5, 619 1,338 427 621 4,977 228 6,499 116 625 Apr. 12 7,866 434 2,612 16, 388 .6,069 1,328 425 621 4,971 231 6,460 117 620 3,694 Apr. 19_ 8,100 417 2,585 16,619 6,159 1,366 421 620 4,971 232 6,460 116 670 3,696 Apr. 26. 8,257 434 2,571 16, 742 .6,152 1,456 440 616 4,975 250 6,473 117 639 3,700 May 3 8,190 410 2,575 .5,963 1,593 434 608 4,979 259 6,510 117 647 3,708 May 10 8,337 429 2,567 L6, 719 :6,189 1,380 419 597 4,981 258 6,483 117 642 3,711 M M a a y y 2 1 4 7... 8 8 , , 4 3 7 5 6 2 4 4 1 3 9 0 2 2, , 7 6 0 7 7 1 1 16 6 , , 6 9 8 5 1 5 L 6 6 , , 3 3 7 0 9 1 1 1 , ,4 3 3 5 4 5 4 47 0 5 2 5 5 8 6 1 7 4 4 , , 9 9 8 8 9 5 2 24 5 8 2 6 6, , 5 5 2 7 9 2 1 11 1 8 8 6 63 3 9 3 3 3, . 7 7 1 0 3 8 May 31 8,449 427 2,702 6, 965 L6, 464 1,498 478 551 4,987 238 6,556 119 635 3,719 June 7 8,417 456 2,670 17,057 :6, 390 1,496 473 544 4,985 237 6,570 121 623 3,726 June 14 8,470 448 2,735 17, 212 L6, 770 1,479 424 544 4,991 227 6,631 122 605 3,719 June 21 8,475 2,747 17, 238 6, 652 1,488 386 546 5,001 230 6,600 120 3,723 NEW YORK CITY 1938—May 3,010 70 5,005 6,302 256 150 2,354 278 1,488 November 3,910 75 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 2,743 517 1,483 April 4,651 82 7,287 7,348 257 268 110 583 2,785 561 1,483 May 4,895 77 7,467 7,495 304 274 85 578 2,814 560 1,488 1939—Apr. 5 4,503 101 7,132 7,193 238 112 588 2,751 548 1,480 Apr. 12 4,533 79 7,221 7,328 240 111 583 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 7,488 262 266 578 2,786 563 1,490 May 17 4,881 77 7,350 7,442 251 241 577 2,827 556 1,486 May 24 4,982 78 7,533 7,556 292 306 580 2,824 558 1,486 May 31 4,976 82 7,614 7,668 344 290 579 2,830 553 1,490 June 7 4,842 77 7,590 7,574 292 316 575 2,803 545 1,492 June 14 4,870 77 7,624 7,684 260 307 579 2,836 528 1,488 June 21 4,886 74 7,640 7,644 231 583 2,850 521 1,490 OUTSIDE NEW YORK CITY 1938—May 3,060 334 2,226 8,574 9,095 151 4,560 3,242 110 2,157 November.. 3,260 373 2,392 9,156 9,808 167 421 4,520 3,531 113 2,189 December.. 3,246 410 2,378 9,270 9,903 192 467 4,527 3,481 112 2,193 1939—January.... 3,229 382 2,488 9,324 9,935 178 515 4,548 3,555 111 2,196 February... 3,070 358 2,469 9,198 9,788 162 515 4,549 3,536 113 2,198 March 3,118 358 2,486 9,066 8,563 1,085 165 511 4,389 186 3,652 116 2,204 April 3,322 368 2,514 9,168 8,652 1,115 160 510 4,391 192 116 2,212 May 3,466 367 2,567 9,329 8,764 1,148 167 496 4,406 209 3,716 118 2,224 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 May 24.. 3,494 373 2,629 9,422 8,823 1,142 169 491 4,409 204 3,705 118 2,227 May 31.. 3,473 2,620 9,351 8,796 1,154 188 485 4,408 200 3,726 119 2,229 June 7... 3,575 2,593 9,467 8,816 1,204 157 483 4,410 196 3,767 121 2,234 June 14_. 3,600 385 2,658 9,588 9,086 1,219 117 484 4,412 186 3,795 122 2,231 June 21.. 3,589 373 2,673 9,598 9,008 1,189 155 486 4,418 190 3,750 120 2,233 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

583 FEDERAL RESERVE BULLETIN JULY 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Loans Investments Com- Loans for U. S5. 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 0939) vest- Total trial, ket estate to Other Total Guar- securments and paper To loans banks loans an- ities agri- brok- teed cul- ers To Total Bills Notes Bonds tural and others dealers BOSTON (6 cities) May 24 1,161 572 258 62 25 23 81 2 121 589 408 3 60 345 47 134 May 31 1,161 572 258 62 25 23 81 2 121 589 406 2 57 347 47 136 June 7 1,158 573 259 62 25 23 81 2 121 585 398 1 53 344 49 138 June 14 _ _____ 1,156 575 260 62 27 22 81 2 121 581 396 1 53 342 48 137 June 21 1,152 574 260 61 26 22 81 2 122 578 393 1 53 339 48 137 NEW YORK (8 cities)* May 24 8,769 3,152 1,475 130 576 260 199 42 470 5,617 3,271 165 785 2,321 1,088 1,258 May 31 _ 8,834 3, 154 1,468 132 577 260 199 45 473 5,680 3,286 147 802 2,337 1,105 1,289 June 7 8,890 3,134 1,473 131 559 260 199 38 474 5,756 3,349 159 839 2,351 1,111 1,296 June 14 8,924 3,113 1,477 131 530 261 200 41 473 5,811 3,381 167 864 2,350 1,130 1,300 June 21 8,967 3,102 1,476 127 523 261 201 39 475 5,865 3,394 173 867 2,354 1,139 1,332 PHILADELPHIA (4 cities) May 24 1,114 413 188 25 23 32 53 91 701 345 40 305 96 260 May 31 1,108 412 187 24 23 32 53 92 696 342 40 302 97 257 June 7 1, 114 415 188 24 25 32 53 92 699 340 39 301 101 258 June 14 1 117 414 188 24 23 32 53 93 703 341 39 302 102 260 June 21 1,118 411 188 24 20 32 53 93 707 340 40 300 103 264 CLEVELAND (10 cities) May 24 1,864 655 238 6 19 26 170 2 194 1,209 828 6 217 605 99 282 May 31 1,869 656 236 7 20 26 170 2 195 1,213 835 6 223 606 99 279 June 7 1,873 659 236 7 20 26 170 4 196 1,214 830 12 221 597 101 283 June 14 1,878 661 237 7 20 26 170 4 197 1,217 832 12 221 599 101 284 June 21 1,891 660 237 6 20 26 169 4 198 1,231 840 20 221 599 103 288 RICHMOND (12 cities) May 24 673 241 105 10 3 15 36 72 432 313 1 172 140 54 65 May 31 674 240 104 9 3 15 36 73 434 314 1 173 140 . 54 66 June 7 677 241 104 10 3 15 36 73 436 315 1 176 138 56 65 June 14 677 240 103 10 3 15 36 73 437 314 1 175 138 56 67 June 21 675 241 103 10 3 15 36 74 434 311 1 174 136 55 68 ATLANTA (8 cities) May 24 606 308 182 3 6 12 30 1 74 298 151 8 34 109 59 88 May 31 607 309 181 2 7 12 30 1 76 298 150 8 34 108 58 90 June 7 603 310 182 3 6 12 30 1 76 293 142 8 33 101 60 91 June 14 602 308 179 3 7 12 31 1 75 294 146 8 35 103 57 91 June 21 600 307 178 3 7 12 30 1 76 293 144 8 33 103 58 91 CHICAGO (12 cities)* May 24 3,073 862 496 32 41 79 101 3 110 2,211 1,450 134 396 920 271 490 May 31 3,070 866 495 32 44 80 102 3 110 2,204 1,453 131 396 926 264 487 June 7 3,099 863 500 31 37 79 102 1 113 2,236 1,480 165 404 911 269 487 June 14 3,141 864 498 31 38 80 102 1 114 2,277 1,516 191 412 913 269 492 June 21 3, 135 853 491 29 35 81 102 115 2,282 1,526 193 421 912 269 487 ST. LOUIS (5 cities) May 24 718 314 191 3 5 13 49 4 49 404 239 42 48 149 65 100 May 31 667 310 187 3 5 12 49 4 50 357 186 5 48 133 62 109 June 7 _ 678 309 186 3 5 12 49 4 50 369 208 14 47 147 61 100 June 14 679 308 184 3 6 12 50 3 50 371 208 8 48 152 63 100 June 21 __ 679 307 184 2 6 12 50 3 50 372 208 8 48 152 64 100 MINNEAPOLIS (8 cities) May 24 363 154 77 3 7 7 59 209 151 37 114 15 43 May 31 363 155 78 3 7 7 59 208 150 37 113 15 43 June 7 366 157 79 3 7 7 60 209 148 34 114 18 43 June 14 367 158 79 3 7 7 61 209 149 34 115 18 42 June 21 370 159 80 3 7 7 61 211 144 34 110 25 42 KANSAS CITY (12 cities) May 24 651 259 154 18 4 10 24 1 48 392 193 6 80 107 57 142 May 31 649 258 154 18 3 10 24 1 48 391 193 6 80 107 57 141 June 7 _ 649 259 154 18 4 10 24 1 48 390 193 6 77 110 57 140 June 14 649 260 154 17 4 10 25 1 49 389 191 5 77 109 59 139 June 21 647 261 155 17 4 10 25 1 49 386 190 4 77 109 57 139 DALLAS (9 cities) May 24 510 252 167 1 3 15 21 45 258 154 29 42 83 46 58 May 31 _ 509 252 167 1 3 14 21 46 257 153 27 42 84 50 54 June 7 512 252 165 1 4 15 21 46 260 160 28 49 83 42 58 June 14 ___ 512 253 166 1 4 15 21 46 259 159 28 49 82 42 58 June 21 511 253 165 1 5 15 21 46 258 158 28 50 80 43 57 SAN FRANCISCO (7 cities) May 24 2,171 943 306 16 11 49 383 178 1,228 761 121 640 149 318 May 31 2,169 942 307 15 10 48 384 178 1,227 769 121 648 147 311 June 7 2,176 944 307 16 10 49 383 179 1,232 755 1 108 646 167 310 June 14 2,176 943 306 15 11 48 384 179 1,233 757 2 105 650 163 313 June 21 2,178 944 306 15 11 49 384 1 178 1,234 756 4 103 649 163 315 CITY OF CHICAGO* May 24 1,985 535 352 18 36 68 13 48 1,450 964 128 212 624 145 341 May 31 ... 1,981 538 351 18 40 68 13 48 1,443 968 125 212 631 137 338 June 7 2,014 537 358 17 33 68 13 48 1,477 1,007 159 221 627 137 333 June 14 2,054 537 355 17 34 69 13 49 1,517 1,042 185 229 628 138 337 June 21 2,044 526 348 16 30 69 13 50 1,518 1,047 185 235 627 138 333 * 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

584 FEDERAL RESERVE BULLETIN JULY 1939 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 - k h l - e s v C a i a n u sh lt m a b w n d a e i o c n s t - e h t k s i s c j m p u o a d s a s e d t n e - i - t d d s 1 s p u v n h a a a i n e i d r p l r d t s - - s - . , S p d s a i t o u i c a n v l b a t d i - i e l t - - s c C h c a o f e e e i f n e c r l r d l d t s k - i ' s - , m U G e e . r o n n S v - t - . 2 s p u v h n a a a i n e i d r l p r d s t - - s - , , S p d s a i o t u i c a n v l b a t i d i - l e t - - 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) May 24 387 140 142 1,080 1,031 91 15 14 246 2 2 272 29 1 246 May 31 380 139 152 1,083 1,037 92 15 14 246 2 2 270 29 1 246 June 7 385 141 147 1,079 1,031 88 13 14 246 2 2 274 28 1 246 June 14 392 141 143 1,072 1,033 86 16 15 248 2 2 281 25 245 June 21 387 141 149 1,070 1,033 84 15 14 247 3 2 278 26 244 NEW YORK (8 cities)* May 24 5 107 74 175 8 084 7,984 433 320 95 952 53 2,884 17 560 1,609 May 31 5,103 77 190 8,190 8,102 515 302 85 950 46 2,892 17 555 1,613 June 7 4,977 99 178 8,182 8,009 463 329 79 946 49 2,868 17 546 1,616 June 14 5,005 81 184 8,222 8,133 474 278 78 950 48 2,904 17 530 1,612 June 21 5,018 75 174 8,240 8,090 473 246 79 955 48 2,915 16 522 1,613 PHILADELPHIA (4 cities) May 24 ___ 322 17 193 826 811 63 8 53 275 5 1 325 14 13 223 May 31 317 17 178 802 837 27 8 53 273 4 1 326 14 13 224 June 7 __ 348 17 179 838 818 71 8 53 273 5 1 325 15 13 225 June 14 338 18 186 829 827 65 8 53 274 5 1 334 15 13 224 June 21 359 18 191 854 820 86 10 53 274 5 1 334 15 13 224 CLEVELAND (10 cities) May 24 415 41 296 1,177 1,122 112 15 42 712 32 2 330 39 1 371 May 31 420 41 293 1 181 1,139 112 17 42 713 29 2 334 39 2 371 June 7 _ _ 436 42 286 1,190 1,131 120 17 42 713 29 2 339 40 2 370 June 14 436 44 289 1 193 1 166 109 18 42 711 28 2 347 40 2 370 June 21 _ 438 42 288 1,203 1, 160 103 17 44 712 27 2 343 40 2 371 RICHMOND (12 cities) May 24 159 20 167 448 425 53 10 28 198 5 246 6 1 96 May 31 154 18 166 442 427 55 11 28 198 5 246 6 1 96 June 7_ 159 19 167 445 424 53 11 28 198 5 255 6 1 96 June 14 159 20 168 450 437 49 12 28 198 4 253 6 96 June 21. 153 20 166 448 432 50 12 28 197 4 244 6 97 ATLANTA (8 cities) May 24 110 12 173 370 338 72 4 39 175 9 5 246 3 1 94 May 31 112 11 171 372 342 72 4 39 176 9 5 243 3 1 94 June 7 114 12 177 372 342 71 4 39 176 7 2 254 3 1 94 June 14 115 13 180 379 354 68 4 39 177 7 2 249 3 1 94 June 21 112 12 178 377 346 71 3 39 177 7 2 244 3 1 94 CHICAGO (12 cities)* May 24 1,113 60 509 2,399 2, 212 309 50 110 901 14 3 968 9 15 399 May 31 1 094 60 523 2,404 2,209 318 51 104 902 14 3 961 10 15 401 June 7 1,102 60 499 2,409 2,191 331 39 104 903 14 3 969 10 13 402 June 14 1, 103 62 490 2,435 2,258 330 35 104 903 14 3 980 10 13 401 June 21 1,121 58 486 2,432 2,249 325 31 104 905 19 3 972 9 14 402 ST. LOUIS (5 cities) May 24 _ 158 12 133 423 425 37 6 18 188 3 2 310 1 92 May 31 155 11 126 330 325 37 13 18 187 3 2 342 1 2 92 June 7 _ _ 185 12 138 413 419 37 7 18 187 3 2 314 1 93 June 14 193 12 141 439 450 38 5 18 187 3 2 300 1 93 June 21 187 11 146 443 447 37 5 20 187 3 2 291 1 93 MINNEAPOLIS (8 cities) May 24 85 7 108 274 235 59 7 2 118 120 2 1 57 May 31 91 111 284 242 61 8 2 118 120 2 1 57 June 7 93 7 116 279 236 64 2 118 134 2 1 57 June 14 __ 91 8 120 283 243 65 6 2 118 134 2 1 57 June 21 85 7 119 281 237 65 6 2 119 129 2 1 57 KANSAS CITY (12 cities) May 24,_ _ 163 15 284 498 474 70 10 22 140 4 1 360 7 100 May 31 164 13 272 490 467 71 12 23 140 4 1 354 7 100 June 7 _ 167 14 276 490 470 66 10 23 140 4 1 361 7 100 June 14 169 15 290 503 492 66 10 23 140 4 1 365 7 100 June 21 164 14 300 500 486 67 10 23 140 4 1 368 7 101 DALLAS (9 cities) May 24 114 11 242 442 426 40 11 34 128 1 205 85 May 31 115 10 243 444 428 45 12 34 128 1 203 85 June 7 114 11 237 433 421 43 9 34 128 7 1 211 85 June 14 121 11 251 451 440 43 11 33 129 7 1 213 85 June 21 110 11 251 442 429 39 10 32 129 7 1 211 85 SAN FRANCISCO (7 cities) May 24 343 21 285 934 896 95 19 110 956 114 1 263 20 18 341 May 31 344 23 277 943 909 93 25 109 956 115 1 265 20 18 340 June 7 ._ 337 22 270 927 898 89 19 108 957 112 1 266 20 18 342 June 14 ___ 348 23 293 956 937 86 21 109 956 105 1 271 21 20 342 June 21_ 341 22 299 948 923 88 21 108 959 103 1 271 21 20 342 CITY OF CHICAGO* May 24___ _ ... 899 28 259 1,641 1,540 179 34 66 472 12 736 14 263 May 31 884 29 272 1,649 1, 538 188 36 60 472 12 730 14 265 June 7 _ 879 29 240 1,639 1,509 201 24 60 473 12 736 12 265 June 14 876 30 228 1 654 1 548 204 20 60 473 12 748 12 265 June 21 899 28 229 1,654 1,549 197 17 60 474 18 748 12 265 * 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

JULY 1939 FEDERAL RESERVE BULLETIN 585 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i p e a r e l - r Total Held b b y a n a k 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 Based sto B re a d s e i d n o o n r s g h o i o p d p s ed out- out- on Based between points in stand- stand- For ac- Held im- on ex- Dollar ing i ing count of by ports ports ex- Own Bills For foreign others into from change Foreign Total bills bought own ac- corre- U. S. U. S. U. S. councount spond- tries ents 1938—May 251 268 218 139 80 2 48 81 65 1 57 64 June __ __.- 225 264 210 135 76 2 52 79 63 1 58 63 July 211 265 217 133 84 1 47 78 63 1 60 63 August 209 258 216 129 87 42 83 58 2 55 60 September _._ 212 261 221 129 92 40 89 57 2 56 57 October 213 270 223 130 93 46 94 57 3 59 56 November 206 273 222 124 98 (2) 51 94 59 3 59 57 December 187 270 212 121 91 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 May 188 247 192 124 68 55 82 51 19 36 59 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' 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 in n a p a d v l a c a e c r n s t t o c n r t u a m e e n s d r e t i s s n n i ' n t g a b in n a a d v l c a e c f n i s t o r c r t m u m a e n s d e t i s n n in t g C a b h a n a s a d n h n k d i o s n n r M o b w o o e n r d e - y 2 Free O (n th et e ) r p m i a n e r n v t I n n t e e s a t r n - s d ' m in e f v n i I r n t e m s a t n - d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1936—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 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 May__ _ _ 828 26 76 183 561 230 69 21 6 284 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

586 FEDERAL RESERVE BULLETIN JULY 1939 FEDER4L RESERVE BANK DISCOUNT RATES [Per cent per annum] Advances secured by direct obligations of Rediscounts and advances un- Advances under sec. the United States der sees. 13 and 13a of the Fed- 10(b) of the Federal (last paragraph of eral Reserve Act l Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act) Rate Pre- Rate Rate June In effect vious June In effect June In effect 30 beginning— rate 30 beginning- 30 beginning— Boston Sept. 2, 1937 2 2 Sept. 2, 1937 2lA April 29, 1938 New York 1 Aug. 27, 1937 IK 2 Oct. 10, 1935 3K Feb. 8, 1934 Philadelphia . ________ Sept. 4, 1937 2 2 Sept. 4, 1937 4 Oct. 20, 1933 Cleveland 1H May 11, 1935 2 2 Oct. 19, 1935 3K May 11, 1935 Richmond _ . . . . . .. Aug. 27, 1937 2 2 Sept. 10, 1937 4 Feb. 19, 1934 A Ch tl i a c n ag ta o i I % K A A u u g g . . 2 2 1 1 , , 1 1 9 9 3 3 7 7 2 2 2 2 A A u u g g . . 2 2 1 1 , , 1 19 9 3 3 7 7 W 4 2 A O p ct r . i l 2 1 3 6 , , 1 1 9 9 3 3 8 3 St Louis 1% Sept. 2, 1937 2 2 Sept. 2, 1937 4 Feb. 23, 1935 Minneapolis _ _ .-. _ - \y> Aug. 24, 1937 2 2 Aug. 24, 1937 3 Oct. 8, 1938 Kansas City W* Sept. 3, 1937 2 2 Sept. 3, 1937 2K Apr. 16, 1938 Dallas _ 11A Aug. 31, 1937 2 2 Aug. 31, 1937 2K Apr. 16, 1938 San Francisco Sept. 3, 1937 2 2 Sept. 17, 1937 4 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 Rates in effect, June 30, 1939, on advances and commitments under [Per cent )er annum] Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum except as otherwise specified] Rate in Maturity effect on In effect be- Previous Advances to financ- June 30 ginning— rate ing institutions— Advances direct to Commit- 1-15 days i 8 Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 16-30 days do 1 or com- tion for to make 31-45 days do 1 mercial or- which On re- advances 46-60 days do 1 ganizations institu- maining 61-90 days do 1 tion is portion 91-120 days 1 obligated 121 180 days.. ._ I do me i n T t h s, i s w r h a i t c e h a a ls g o r e a e p m pl e i n e t s s t a o r e a c a c l e w p a ta y n s c f e o s r b a o p u e g r h io t d u n o d f e 1 r 5 r d e a p y u s r c o h r a l s e e s s a . gree- N B Ph o ew i s l t a o Y d n e o l r p k hia.. 3^ 4 4 - - - 6 6 6 V 1 2 -2 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland V2-2 r N r a a e t t e e w s s a m Y p o p a r y l k y b t o e o n p c h u p a r r c i r m g h e a e d s e b s f a , o n r i f k o e a t r n h s y e ' r , a m c c c l a a e d s p e s t e a b s n y c o e o f s t h b p e il r a l y s F . a e b d l T e e h ra e i l n s R a d e m o s l e e l a rv r m s e ; i n b h i a i m n g k h u e s m . r A C R h t ic l i a c h n a m g ta o o nd 5 5 - - 6 6 6 4-6 5 4 5 - - 6 6 5 1 y - 2 2 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4-53^ 4 1-2 Minneapolis. . 6 43^-5 Kansas City__ 4-6 4 4 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 per cent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 2 Same as to borrower bat not less than 4 per cent. 3 Flat charge. [Per cent per annum] Back figures.—See Annual Report for 1937 (table 40). Feb. 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to beginning [Per cent of deposits] Dec. 31, 1935 Jan. 1, 1936 June 21, Au<*. 16, Mar. 1, May 1, Apr. 16, Savings deposits Classes of deposits 1917- 1936- 1937- 1937- 1938- Postal Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Other time deposits pay- 1936 1937 1937 1938 after able in: 6 months or more On net demand 90 days to 6 months 23^2 deposits: i Less than 90 days 2V Central reserve city _ 13 22% 26 22^ Reserve city 10 15 173^2 20 173^ NOTE.—Maximum rates that may be paid by insured nonmember Country . 7 ioy2 1234 14 12 banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board All member banks__ 3 ±y 2 6 5 and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on p. 575 for explanation of method of computlower maximum rates established by State authority. ing net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 587 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— 1929 1932 1933 1934 1935 1936 1937 1938 1939 Averu. 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 month, or Prime bank- ex- ex- U. S. February. 5.73 4.71 4.11 3.43 2.90 2.56 2.41 2.34 2.24 week com- ers' change change Treas- March 5.81 4.72 4.88 3.31 2.64 2.61 2.50 2.40 0) mercial accept- time call New 91- ury April. 5.58 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 within quo- August 6.05 4.45 3.97 3.33 2.67 2.42 2.41 2.16 period1 tation September 6 06 4 30 3 79 3 26 2 72 2 40 2 39 2 25 October 6.08 4.35 3.76 3.28 2.72 2.46 2.38 2.29----- 1936 average___ .75 .15 1.16 .91 .143 . 17 1.11 N De o c v e e m m b b e e r r. _ .. 5 5 . . 8 7 6 4 4 4 . . 2 1 2 2 3 3 . . 5 4 2 8 3 3. . 2 1 2 8 2 2. . 6 7 1 7 2 2 . . 4 4 3 3 2 2 . . 4 4 5 0 2 2 . . 3 3 3 3 1937 average.__ .95 .43 1.25 1.00 .447 .28 1.40 1938 average... .81 .44 1.25 1.00 .053 .07 .83 other northern and eastern cities: 1938—May H-i 7/16 Ik 1.00 ,027 .05 .77 January 5.87 5.07 4.89 4.65 4.08 3.62 3.36 3.37 3.41 J J A u u u l n g y e A 7 7 7 / / / 1 1 1 6 6 6 I V l k 'k 4 1 1 1 . . . 0 0 0 0 0 0 . . . 0 0 0 4 5 2 7 3 3 . . . 0 0 0 7 6 5 . . . 7 7 6 0 1 7 A F M e p a b r r i r c l u - h ary 6 5 5 . . . 9 0 8 1 0 6 5 5 5 . . . 1 1 1 4 0 3 4 5 5 . . . 3 0 8 9 9 4 4 4 4 . . . 4 5 5 9 2 2 4 3 4 . . . 9 0 0 9 2 5 3 3 3 . . . 6 4 6 0 7 3 3 3 3 . . . 3 3 4 4 6 3 3 3 3 . . . 2 2 2 9 6 5 3 0 . ) 33 S N O e o c p t v . t ._ bA-¥ 7 7 7 / / / 1 1 1 6 6 6 I I k k 1 1 L . . O 0 0 0 0 O . . . 0 0 0 2 9 2 4 6 3 . . . 0 0 0 4 8 5 . . . 7 8 6 1 2 8 • J M J u u a l n y y e 6 6 6 . . 0 0 0 2 9 8 5 5 5 . . 1 1 0 4 3 5 4 4 4 . . 9 9 8 9 7 2 4 4 4 . . 3 3 1 9 0 5 3 3 3 . . 8 7 8 8 8 7 3 3 3 . . 4 5 6 5 1 1 3 3 3 . . 4 3 3 5 2 2 3 3 3 . . 2 3 2 7 8 8 ----- Dec 7/16 Ik LOO .007 .03 .67 August 6.11 5.12 4.68 4.12 3.79 3.47 3.29 3.26 September 6.24 5.03 4.65 4.11 3.75 3.45 3.33 3.30 — 1939— F Ja e n b . Vr- 7/I16 I ik k L LO O O O . . 0 0 0 0 4 2 . . 0 0 3 3 . . 6 6 3 5 N O o ct v o e b m er ber 6 6 . . 1 2 2 5 4 4 . . 9 8 6 8 4 4 . . 5 5 4 1 4 4. . 0 1 8 3 3 3 . . 6 7 3 5 3 3 . . 4 5 7 0 3 3 . . 4 3 2 7 3 3 . . 2 3 8 7 — Mar Yz~ 7/1 Ik LOO .005 .03 .51 December 5.94 4.88 4.59 3.98 3.67 3.46 3.36 3.47 April 7/1 Wi LOO .019 .03 .50 May K-X 7/1 iH LOO .006 .03 .42 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 May 27..._ Vrx 71 ik 1.00 .004 .03 .40 February 5.96 5.61 5.56 5.39 4.84 4.51 4.15 4.09 4.09 June 3 X 7/1 ik 1.00 .004 .03 .37 March 6.04 5.64 5.66 5.40 4.85 4.44 4.15 4.15 0) June 10 Yi- 7/1 1.00 .004 .03 .36 April 6.07 5.63 5.68 5.34 4.80 4.40 4.21 4.13 June 17 X 7/1 ik 1.00 .003 .03 .39 May 6.10 5.64 5.66 5.28 4.79 4.43 4. 17 4.13 June 24 ' /'l6 1.00 .005 .03 .39 June 6 16 5 62 5 62 5 19 4 76 4 39 4 18 4.14 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 i 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 December 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 for 91-day Treasury bills available on request. 1 Series discontinued. 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—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. 2'1. 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 May _ _ . _. 2.17 2.66 3.78 2.97 3.16 3.92 5.07 3.30 4.60 3.45 Week ending: Mav 27 2. 13 2.67 3.78 2.96 3.16 3.91 5.05 3.28 4.60 3.43 June 3. . . . .. . 2. 10 2.64 3.73 2.95 3.14 3.86 4.96 3.26 4.51 3.41 June 10 2.09 2.64 3.71 2.93 3.14 3.84 4.91 3.24 4.47 3.41 June 17 2. 15 2.63 3.70 2.93 3. 13 3.87 4.89 3.23 4.46 3.42 June 24 2.16 2.62 3.71 2.92 3.12 3.87 4.90 3.21 4.47 3.43 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

588 FEDERAL RESERVE BULLETIN JULY 1939 BOND PRICES i STOCK MARKET Corporate 3 Stock prices i U. S. Munic- Year, month, or date Treas- ipal 3 Volury 2 Indus Rail- Year, month, or Common (index, 1926=100) ume of Total trial road Utility date Pre- tradferred 2 ing 3 Indus- Rail- Number of issues 2-6 60 20 20 Total trial road Utility 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... 20 420 348 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—May 104.0 113.6 76.5 80.4 55.1 94.0 1937 average 136.2 112 131 95 1,519 June 103.9 113.6 75.3 80.0 52.0 94.0 1938 average 135.6 83 73 1,100 July 103.8 114.2 80.8 85.0 60.2 97.3 August 104.0 115.2 81.3 85.7 60.0 98 1 1938—May 131.7 74 70 620 September 103.0 111.7 78.7 84.2 55.7 96 3 June 132.3 73 69 1,033 October 104.3 115.2 81.8 59.9 98.6 July 135.6 88 105 77 1,762 November 104.0 116.6 82.1 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 99.7 1939—January 141.7 92 109 81 1,114 May 108.3 118.1 80.2 84.8 54.8 101.0 February 141.8 90 106 708 March 142.3 92 108 999 Week ending: April 140.4 82 96 964 May 24 108.8 117.9 80.4 85.0 54.8 101.4 May 141.8 97 82 May 31 108.9 118.4 81.2 85.6 56.3 101.7 June 7 109.5 118.4 81.7 86.3 57.0 101.6 Week ending: June 14 109.0 118.6 81.5 86.3 56.4 101.7 May 24 142.3 717 June 21 109.0 118.8 81.6 86.5 56.5 101.7 May31 143.3 100 554 June 7 143.8 101 543 June 14 143.7 100 465 1 Monthly data are averages of daily figures except for municipal bonds, June 21 144.1 100 447 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 Back figures.—See Annual Report for 1937 (table 79); for U.S. Treasury Exchange, in thousands of shares. Weekly figures are averages for the bonds, see pp. 1045-1046 of BULLETIN for December 1938. week ending Saturday. 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 Year or and Total Total month re- (do- Corporate (do- Corporate fund- mestic State Fed- For- mestic State Fed- Foring) and and eral eign i and and eral eigni for- Total mu- agen- Bonds for- Total mu- agen- Bonds eign) nici- cies 2 Total and Stocks eign) nici- cies 2 Total and Stocks pal notes pal notes 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 _ _ . '4,461 2,359 2,323 971 481 872 807 65 35 r2,102 '2,075 129 665 1, 280 1, 249 31 28 1938—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 0 July 470 391 390 43 216 130 128 2 1 79 79 3 20 56 56 0 0 Aug 417 182 182 55 0 127 123 4 0 236 236 11 14 211 211 0 0 Sept 238 146 146 53 8 85 83 2 0 92 92 22 6 65 65 (3) 0 Oct '766 167 167 103 0 64 62 2 0 '599 '599 2 323 r274 ••274 1 0 Nov 386 226 196 152 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) 0 Feb 561 398 378 44 310 24 17 7 20 163 163 10 17 136 101 35 0 Mar 240 162 162 105 4 53 43 10 0 78 75 13 15 47 46 (3) 3 Apr '356 143 142 63 2 77 47 31 r(8) 213 161 11 21 129 106 23 53 May a, 312 117 117 94 2 21 18 3 0 n, 195 1,180 7 n, 021 151 131 20 16 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. 4 Includes $1,007,000,000 of Home Owners' Loan Corporation bonds issued only in exchange for bonds maturing in June or called for redemption in August 1939. 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

589 JULY 1939 FEDERAL RESERVE BULLETIN 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 other5 tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U. S. war ury2 savings 1932—June. 19,487 19,161 618,816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 621, 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—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 May 40, 282 39, 751 35, 680 79 25, 218 1,806 7,270 1,308 825 2,442 805 117 414 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. * Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i OBLIGATIONS, MAY 31, 1939 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- u. s. Date maturing Total Bonds i Notes Bills End of Total M F or a t r g m age O L w o n a e n rs' s F tr i u n c a t n i c o e n m C o re d d it i y t H i o n u g s- Month Corpora- Corpora- Corpora- Corpora- Author- 1939—Before July 1 _ _ ._ 430 27 403 tion tion 2 tion tion ity July 1 Sept. 30 1,332 427 905 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 5 1 3 0— J A O O J u a p c c l n t r y t . . 1 1 1 1 1 — — — — J S D D M u e e e n p a c c e r t . . 3 3 3 3 3 1 1 0 0 1_.._ 2 2 1 1 1 , , , , , 3 1 2 0 9 5 7 7 7 0 4 1 1 2 3 3 8 1 8 9 9 6 7 8 2,1 8 8 1 3 9 9 4 8 1 1 1 1 , , , , 3 0 3 0 5 7 7 5 7 8 0 2 3 3 0 8 5 1 6 8 7 1 1 1 1 9 9 9 9 3 3 3 3 6 7 4 5 — — — — D D D D J J J J u u e e e e u u n n c c c c n n e e . . . e . . e - . _ . . - . . . _ . 4 4 4 4 4 3 4 , , , , , , , 4 1 6 6 6 7 0 6 9 2 1 6 6 4 6 8 3 4 8 2 5 5 3 1 1 1 1 1 1 1 , , , , , , 2 4 4 4 4 3 9 3 1 2 2 2 2 8 8 1 0 6 2 2 2 7 0 2 2 2 3 2 2 2 1 , , , , , , , 8 6 9 0 8 9 9 1 3 4 3 4 5 8 8 3 4 7 7 4 5 8 7 4 2 2 2 2 2 2 2 2 5 5 4 9 5 5 3 5 0 2 9 7 2 2 5 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 5 4 5 6 4 5 5 4 6 5 5 4 5 6 4 9 9 0 8 6 2 6 3 1 5 7 3 1 . _ _ . _ 2 2 2 2 2 2 1 1 1 1 , , , , , , , , 2 8 0 4 6 8 1 4 9 9 7 7 6 2 4 0 3 6 2 1 8 7 8 5 5 8 1 3 5 4 9 9 6 3 2 5 7 5 0 1 6 2 2 2 2 2 1 1 2 1 1 , , , , , , , , , 7 2 8 4 6 6 0 8 4 9 9 1 7 8 2 4 3 1 6 0 2 8 1 8 7 5 5 6 3 5 1 6 3 4 9 9 2 5 7 0 5 1 1 9 9 3 3 9 8 — — N J J S D M A F O M A J M u u e a e e o u c p a l a n n p c b y a v t g r r . y t e . . y . . . . . . . _ . . . . . . . . . . . . . _ _ . . _ 4 4 4 4 4 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 9 4 9 0 9 4 4 0 8 0 8 4 0 1 0 1 1 8 9 9 0 6 5 5 0 1 0 1 0 0 7 2 3 9 4 3 2 9 5 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 4 3 3 3 4 4 3 3 3 4 4 3 3 1 0 1 8 8 8 8 8 1 9 1 7 8 0 4 0 8 8 3 0 1 0 5 0 9 1 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 8 8 9 9 8 8 8 8 8 9 8 8 8 8 8 3 3 8 8 8 8 8 3 8 8 8 8 8 7 7 8 8 8 8 8 7 8 8 8 2 5 8 8 2 5 5 5 5 8 8 5 5 9 1 1 1 1 9 0 1 2 1 1 0 1 9 0 1 9 9 9 9 9 0 1 1 9 1 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 6 6 6 6 6 6 6 6 1 1 1 1 1 1 1 1 4 4 4 4 1965 1,485 1,485 Total 35, 680 27,103 7,270 1,308 pa 1 l . Pri E n x c c ip lu a d l e a s m o o b u li n g t a o ti f o n o s b l h ig e a ld ti o b n y s U gu . a S ra . n T te re e a d s a u s r y to a i n n d t e r r e e f s l t e c a t n e d d p in ri n th ci e public debt. The total includes guaranteed debentures of the Federal 1 Issues classified as of date of final maturity; most issues callable at Housing Administrator, amounting to $2,416,000 on May 31, 1939. earlier dates; most of the U. S. savings bonds are redeemable at option 2 Excludes obligations guaranteed as to interest only. of holder. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN JULY 1939 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures i c T o a r u c u - n s t t s, I c n r c e r a e p s a e e s r e i d o u o d r r i n d g e- General Excess e e x tc c . e s 7 s of re- of re- Period Total c ta o I x n m e - e s t s S a e o i x c t c y e u i s a r - l 2 O i n r n e n u t t v a h e e e l e r 3 - - r o A th l e l r Total e I d n s e t t e b o r t n - t f V i a N e d o n n e e n a - d s t - a e - l o A th l e l r r c a e R e o n l r e i v y d - e - f ( f n v u R i e o n n e t l g d ) - v s - s T f a e t e c r t r r c u a c s . n t s t s 6 t s o . - p ( c t + e u ( e e n i - r x ) p e ) d o - t s i s r - p c ( t e + u ( e e n i - r x p e ) d o - t s i s r - b G a f e l u a n n n e d c ra e l 7 G de ro 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 11 months ending: May 1937 4,426 1,610 200 1,975 641 7,148 673 1,308 1,815 2,842 182 328 -2,722 +360 -928 +1, 434 May 1938 5,468 2,085 750 2,100 533 6,696 693 1,424 1,941 1,924 108 606 -1,228 +244 +13 +998 May 1939 5,055 1,827 715 2,045 468 8,259 668 1,487 2,537 2,853 84 629 -3, 203 +795 +708 +3,117 1938—May 375 40 131 169 35 568 9 134 201 206 16 2 -193 +158 -122 -88 June 774 550 5 185 34 930 233 132 238 314 12 1 -156 +63 -351 -258 July 311 47 32 186 47 763 13 137 256 216 5 135 -451 +325 -100 +27 August 487 32 131 283 42 683 17 142 227 236 13 48 -195 -63 +144 +402 September. _. 711 498 3 170 40 751 146 131 177 243 10 45 -40 -41 +719 +800 October _ 332 41 34 209 48 769 67 136 250 262 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 May 397 43 124 187 42 744 10 136 279 262 7 50 -348 +9 -119 +219 Details of trust accounts, etc. Details of general fund balance (end of period) Period c O e R i e l p d m - r t a - s a e il g n r e o t m v a r I a e e d e n c s n s - c t r e t - o e s r t v u i m e n r B e p t a e s - e f a n n i n y t d t e - s - ce R i e p - U ts n t e r m m u v I s e e p n t s n l - t o t f - s u y n m d d e S W r n a t b t a w i y t t h e a s - ls s C F t R r o i t u n e r G i c N c p c a o h o o t n o n e i e n v r c o t c a - e e n k - e r i x n n p m C g m e C o e C n a o t n r r d c o i p e d t o c i m d o i t n o a u t r i - y u t g a r n - e e n s ts c i o o i n e A t f s h l e l r d e ( o e c o i x + x e t A t f p h c u i ) p l e e e r o r l s t n e e r s s - r , s - Total a g c I o t n l i - d ve m g c I o r o e n e n l - n - d t i S o e r i a g g n e - W b o i a n l r - g k- 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 9112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 9 11 +87 2,216 142 446 1,628 11 months ending: May 1937... 225 225 250 245 1 9336 110 127 +37 1,754 758 141 354 501 May 1938 __. 533 445 681 513 152 1 9 102 9 32 +84 2,567 142 440 1,985 May 1939... 554 433 109 806 408 401 9 573 137 9 244 + 105 2,924 142 528 2,254 1938—May 2 •5 128 85 34 '• 140 +7 2,567 142 440 1,985 June 17 17 82 46 39 r9 10 r9 83 '22 +2 2,216 142 446 1,628 July 60 40 35 36 9 260 10 9 55 +10 2,116 142 451 1,523 August 48 35 131 82 53 10 31 26 +3 2,260 142 455 1,663 September,. 45 35 35 •4 40 24 27 97 +3 2,978 142 460 2,376 October 44 34 38 9 14 40 19 23 96 +19 2,569 142 467 1,960 November. _ 49 34 125 96 26 21 18 9 11 +13 2,447 142 478 1,828 December.. 49 34 37 32 19 18 16 94 +8 3,084 142 492 2,449 1939—January 39 34 51 10 33 9 15 10 9 20 +2 2,933 142 503 2,288 February. _. 50 50 148 111 36 9 326 (8) 9 112 -1 3,343 142 508 2,693 March 68 50 34 44 96 2 937 +14 3,389 142 515 2,732 April 55 50 34 9 13 41 9 60 5 927 +11 3,044 142 522 2,380 May 50 40 137 108 32 3 94 12 +23 2,924 142 528 2,254 1 Excludes debt retirements. r Revised. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 5 Includes revolving funds of Public Works Administration and Farm Credit Administration. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 7 Details given in lower section of table. 8 Less than $500,000. 9 Excess of credits. 10 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

591 JULY 1939 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, APRIL 30, 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 si m ng o r a tg g a e g n e c ie a s nd Farm credit agencies Ten- Total Finance nes- In- A C P W ra d u a o o t m n b r i r p d o l i k i o n n c s - - 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 s e e t - - r U S H n A t i o a n i u u t t g e e - s d s - m F a g c g a a o i e e r g r n m s e t - - a C n b A O F d a r a d t e n h r c m d m k e o i s . r t r- m C C r C a o r o t o e r i d m p d o i o n i - t t y - Other t V A h l i s e t e o a u y y e l r - - - a a s c g n u ie e c r s n - e - Other A 1 3 9 p 0 3 r , 9 . M 1 3 9 a 1 3 , r 9 . A 1 3 9 p 0 3 r , 8 . istration thority porations ASSETS Loans and preferred stock: Loans to financial institutions._ 227 157 (i) 45 430 420 488 Preferred stock, etc. 528 214 44 76 0) 862 858 870 Loans to railroads 478 30 509 505 447 Home and housing mortgage loans 2,106 171 47 2,323 2,324 2,385 Farm mortgage loans 2,683 2,683 2,694 2,849 Other agricultural loans . 24 281 378 94 776 762 630 All other loans 2 451 0) 3 243 913 960 833 Total loans and preferred stock 1,709 2,320 372 47 2,683 356 378 336 45 250 8,497 8,523 8,503 Cash -._ . 1 176 82 82 95 34 0) 23 7 43 17 559 511 329 U. S. Govt. direct obligations 48 42 1 73 162 376 4 705 742 654 Obligations of Government credit agencies: Fully guaranteed by U. S. 12 27 105 144 143 168 Other 5 3 56 37 46 44 43 Accounts and other receivables 24 12 5 1 200 5 15 0) 4 60 51 377 333 276 Business property. . 0) 6 (0 130 6 (0 (0 232 1 97 472 468 408 Property held for sale ._ ._ _ 34 554 0) 120 0) 2 1 712 712 685 Other assets. 2 5 (0 8 0) (0 5 4 151 175 220 66 Total assets other than interagency 6... ._ _ 1,821 3,073 514 261 3,190 622 394 365 242 636 571 11,68811, 69611,130 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States- 819 2,888 114 1,380 206 2 5,410 5,410 4,647 Other 5 0) 175 1,004 189 3 0) 7 1,379 1,374 1,391 Other liabilities (including reserves). 87 130 35 3 111 11 77 5 6 183 156 803 808 572 Total liabilities other than interagency 6. __ __ ___ __ 907 3,018 211 117 2,495 199 283 5 9 186 163 7,592 7,592 6,610 Excess of assets over liabilities, excluding interagency transactions.. 914 56 303 144 694 423 111 360 233 450 408 4,096 4,104 4,519 Privately owned interests 48 197 3 139 387 386 376 U. S. Government interests 914 56 255 144 498 419 111 360 233 311 408 3,709 3,718 4,144 1 Less than $500,000. 2 Includes $45,000,000 loans of Public Works Administration. ' Includes $241,000,000 loans of Farm Security Administration. * Includes $111,000,000 loans of Rural Electrification Administration. 8 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] May 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, 1938 1938 1939 1939 1939 1939 Loans to financial institutions 237, 588 212, 213 209, 625 205, 539 199,183 196, 679 193,967 i 190, 447 Loans on preferred stock of banks and insurance companies.. 37, 651 37,083 34, 616 34,116 33, 779 33, 626 33, 583 33, 494 Preferred stock, capital notes, and debentures 535, 934 520, 550 536, 590 532, 352 526,153 524,343 528,024 528, 573 Loans to railroads (including receivers) 390, 233 428, 041 436,094 437, 789 436,139 439, 560 443,840 436, 612 Loans for self-liquidating projects 243,885 194, 748 186,384 187, 588 187,301 186,978 111,391 113,450 Loans to industrial and commercial businesses 73, 741 103, 598 107, 747 109, 419 110, 664 112,048 112, 531 114, 498 Loans to drainage, levee, and irrigation districts 78, 993 80, 836 81,037 82, 396 82, 494 82, 757 82, 966 83,084 Other loans 4,284 19, 215 24,040 28, 952 27,067 27,129 28, 640 Securities purchased from Public Works Administration 144, 829 138, 607 140,194 140, 801 136, 725 131,090 130, 313 128, 865 Total loans and investments, other than interagency.- 1, 747,1391, 734, 8931, 756, 3271, 758, 9511, 739, 4271, 734,1481, 663, 7441, 657, 663 Loans to Federal land banks 6,584 Preferred stock of Export-Import bank 20,000 20, 000 45,000 45,000 45,000 45,000 45,000 45,000 Loans to Rural Electrification Administration 35,155 46, 498 46,498 47, 698 49, 848 53, 948 61,148 Capital stock of, and loans to R. F. C. Mortgage Co 48, 644 54,159 56, 548 51, 691 53,258 55,066 55, 625 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11,000 40, 868 49, 710 11, 000 17, 234 24, 215 29, 398 33, 796 Loans to Tennessee Valley Authority 2,000 3,000 3,000 3,000 3,000 3,000 3,000 Total loans and investments. 1,868,170 1,892, 902 1, 954, 693 1, 922,197 1, 906, 200 1, 913, 569 1, 852, 906 1,856, 232 i Includes $56,000,000 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

592 FEDERAL RESERVE BULLETIN JULY 1939 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byby- and discounts for— Regional Regional Emeragri- Produc- agricul- gency End of month cultural Other tion credit tural cred- crop and Federal Banks for Agricul- Land credit cor- financing associa- it corpo- drought inter- cooper- tural Federal Bank porations, institu- tions rations loans mediate atives, Marketland banks Commis- production tions, credit including ing Act sioner credit as- except banks Central revolvsociations, coopera- Bank ing fund and banks tives for cooperatives i 1934—December _ 1,915,792 616,825 99,675 55, 672 60,852 87,102 111, 182 33, 969 27, 851 54,863 1935—December 2,071,925 794, 726 104, 706 47,162 94,096 43,400 172,489 2,731 50,013 44,433 1936—D ecember 2,064,158 836, 779 129, 872 41,017 105, 212 25, 288 164, 887 1,641 69, 647 53, 754 1937 December 2,035, 307 812, 749 165,194 40, 464 138,169 15, 592 172,130 1,813 87, 633 30, 982 1938—May 2,019,930 790, 772 202,147 41,312 179, 790 14,834 184, 766 655 78, 417 25,332 June -_ . 2, 017, 696 786, 068 207, 988 42, 894 184, 327 14, 788 184, 532 19 81,190 24, 604 July 2,013, 645 781, 703 199, 288 42, 582 183, 891 14, 442 183, 289 118 75, 264 25, 028 August . . 2,008, 661 776, 982 197, 274 42, 984 181,154 14,003 181, 867 118 75, 961 26,119 September 2, 003, 810 771, 988 189, 937 40, 808 170, 806 13, 374 179, 398 256 82, 544 27, 370 October _ . ._ __ . 1,997, 561 766, 502 174,626 36,121 154, 560 12, 354 174, 574 744 86, 931 27,917 November 1, 990, 475 760, 326 166, 549 34, 537 148,430 11, 592 172,043 851 86, 221 25, 313 December __ _. _ 1, 982, 224 752, 851 168, 392 33, 545 148,037 11,081 170, 891 920 87, 496 23, 723 1939—January 1,973,179 745, 631 163, 815 33,077 148, 416 10, 863 169, 707 834 80, 266 23, 948 February _ ... 1, 968, 790 740,870 166,996 34,115 155, 409 10, 689 170, 400 1,152 73, 692 23, 631 March 1, 960, 357 733, 647 175, 362 35,318 167, 867 10, 399 175, 509 1,528 65, 783 23,305 April _ . 1, 954, 677 728,489 182, 643 36, 483 177, 792 10, 298 179,156 1,256 61, 363 23,190 May - . . 1, 947, 944 723,187 186, 588 38,124 183, 351 10,286 179, 834 596 60, 465 23. 061 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- Federal U. S. Government home Depos- securities Federal savings and loan End of month itors Cash Cash, End of month loan associations bank bal- in de- re- Home loans to ances1 Total posi- Di- Guar- serve Owners' member tory rect an- funds, Loan Cor- Number institu- banks Total obli- teed etc.2 poration of asso- Loansi tions 2 ga- obliciations tions gations 1934—December . 2, 379,491 639 81, 300 86, 651 1935—December. 2, 897,162 1,023 348,000 102, 791 1935—June 1,205 1,236 385 777 630 147 74 1936—December _ 2, 765,098 1,212 586, 700 145, 394 1936—June 1,232 1,265 203 967 800 167 95 1937—December. 2, 397, 647 1,328 853, 500 200,092 1937—June 1,268 1,307 136 1,100 933 167 71 1938—May 2, 281, 884 1,345 930,300 186, 507 1938—April 1,266 1,301 119 1,110 944 166 72 June 2, 265,153 1,346 947, 500 196,222 May 1,255 1,296 116 1,108 941 167 72 July 2, 248, 982 1,348 961, 300 191, 889 June ._ _ 1,252 1,290 115 1,103 936 167 72 August 2, 234, 899 1,354 976,074 189, 415 July 1,252 1,291 102 1,103 937 166 86 September.. 2, 221,417 1,365 994, 218 189,548 August 1, 252 1,291 99 1,113 947 166 79 October 2, 203, 896 1,370 1,011,087 189, 217 September 1,248 1, 287 98 1,118 952 166 71 November.. 2,186,170 1,374 1,020,873 189, 685 October 1,250 1,289 96 1,118 952 166 75 December.. 2,168,920 1,368 1,034,162 198, 840 November 1,250 1,291 87 1,128 961 167 76 1939—January ___, 2,149,038 1,370 1,040, 770 178, 852 December 1,252 1,291 86 1,132 965 167 73 February. _. 2,134, 261 1,375 1, 051,109 170, 614 1939—January 1,259 1,299 83 1,137 971 166 79 March 2,117, 598 1,375 1,067, 887 161, 614 February 1,263 1,304 81 1,144 978 166 79 April 2,105, 824 1,381 1,089,879 157,176 March 1,266 1, 309 80 1,153 986 167 76 May 2,091, 324 1,383 1,117, 228 157, 911 April Pl 264 May . Pl, 261 1 Federal Home Loan Bank Board estimates for all Federal savings and loan associations. P Preliminary. 2 Excludes loans to other than member institutions which are negli- 1 Outstanding principal, represented by certificates of deposit. Does gible in amount. not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with.the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 593 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 Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment 3 pay- loadings 4 * store sales * and tures rolls 3 (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadustedjusted justedjusted justedjusted justedjusted justed justed justedjusted justedjusted justedjustedjustedjustedjusted 1919.. 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922 85 86 74 79 68 88 91 81 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 .. . 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 102 104 107 106 1927 ._ 106 106 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 . 119 119 115 117 87 142 106 110 107 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 78 68 74 92 1932 64 63 71 28 13 40 66 47 55 69 1933 76 75 82 25 11 37 73 50 58 67 1934 79 78 86 32 12 48 86 65 62 75 1935 —. 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 55 37 70 98 86 75 88 1937 . _ 110 109 115 59 41 74 106 102 78 92 1938 86 84 98 64 45 80 87 78 62 85 1936 April... 101 104 100 105 106 96 47 53 30 35 60 67 94 95 82 71 68 84 85 May 101 105 101 105 103 101 46 56 32 38 57 70 96 95 84 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 97 96 84 73 73 87 84 July.... 108 105 109 105 102 102 59 65 44 45 71 82 98 97 83 76 77 90 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 99 100 87 76 77 87 68 Sept 109 108 110 107 102 110 59 60 47 47 69 70 100 102 87 75 84 88 94 Oct 110 111 110 110 105 115 57 54 43 41 69 65 101 103 93 77 86 90 100 Nov...., 114 115 114 115 112 115 58 51 40 39 72 62 103 103 94 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 105 104 99 83 77 92 161 1937 Jan.. ... 114 112 115 113 111 107 63 51 45 37 77 63 105 103 94 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 106 105 100 82 76 95 76 Mar 118 122 117 122 128 119 56 56 45 47 64 63 107 108 106 83 80 93 90 April 118 122 118 125 115 105 53 61 44 51 61 68 ]08 109 109 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 '100 99 113 123 52 49 36 35 65 61 105 107 105 76 84 93 102 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 93 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 102 100 100 99 110 105 86 70 55 45 111 90 92 90 83 69 63 88 69 Feb 99 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 95 92 96 95 88 67 76 58 68 74 83 91 91 85 60 58 88 88 May.... ?92 P94 P91 ^94 *98 *>98 P61 *>73 P55 ?65 P66 P80 P90 P90 P84 62 62 85 87 p Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 594-595; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931. 3 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. 596-599. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 601. 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

594 FEDERAL RESERVE BULLETIN JULY 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1939 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—Total. 82 87 95 103 104 100 97 96 92 Durable 58 64 83 94 92 89 83 80 76 P71 Nondurable2 102 108 106 110 114 110 109 110 105 P107 IRON AND STEEL_. 62 70 90 108 101 94 87 83 79 73 Pig iron 42 51 67 76 74 72 73 75 ••66 55 Steel ingots._. 64 72 92 112 104 97 84 81 74 TRANSPORTATION EQUIPMENT: Automobiles 105 73 Locomotives 13 NONFERROUS METALS: Tin deliveries i 102 Zinc 90 Lead CEMENT AND GLASS: Cement 82 80 90 75 Glass, plate 80 107 155 155 153 147 133 131 89 COKE: Byproduct.. 79 73 71 81 89 105 106 106 105 106 94 77 Beehive 5 5 5 6 6 5 5 2 2 TEXTILES 74 77 97 110 103 100 112 117 109 109 110 97 P104 Cotton consumption 77 81 101 115 108 104 112 120 110 111 114 106 110 Wool 50 60 87 106 93 91 107 116 107 111 105 85 Consumption 55 73 110 133 107 101 123 134 114 117 119 91 Machinery activity l 42 53 74 91 86 87 101 112 113 113 91 80 Carpet and rug loom activity J 47 36 42 55 66 67 72 77 87 84 78 P72 Silk deliveries 101 87 105 102 111 104 116 107 97 108 76 LEATHER AND PRODUCTS 104 105 91 103 109 103 101 107 124 124 121 Tanning 72 75 75 78 82 78 81 90 103 105 95 Cattle hide leathers 72 77 74 77 86 86 94 99 100 104 93 91 Calf and kip leathers.,. 72 68 76 80 77 72 89 109 119 118 103 101 Goat and kid leathers.. 74 74 74 76 75 65 70 77 85 97 97 95 106 Boots and shoes 125 125 101 119 126 119 114 118 138 137 137 138 126 P126 FOOD PRODUCTS: Slaughtering and meat packing. 84 81 83 89 95 87 83 89 90 94 Hogs 66 58 62 74 92 79 74 67 73 81 84 Cattle 105 103 108 107 103 106 94 96 89 97 100 106 99 104 Calves 111 110 110 112 115 118 108 112 106 111 108 110 105 108 Sheep 151 164 151 152 153 152 149 152 137 150 157 156 135 142 Wheat flour 90 98 98 87 88 91 86 92 92 94 97 100 95 Sugar meltings 77 78 85 106 103 100 108 106 70 78 94 TOBACCO PRODUCTS 163 154 154 161 160 150 164 179 165 162 164 164 170 Cigars 70 73 71 73 75 74 76 76 79 77 78 77 75 Cigarettes 230 237 219 219 232 229 211 233 258 237 231 236 236 246 Manufactured tobacco. 84 84 84 84 81 84 78 95 97 78 78 81 85 PAPER AND PRINTING: N N e e w w s s p p r r i i n n t t c p o ro n d su u m ct p io ti n o . n _ s _ 12 4 6 6 12 5 6 3 12 5 3 1 12 5 5 4 12 5 3 3 13 5 0 7 13 5 2 8 12 6 8 3 12 6 8 1 12 6 5 1 12 6 7 1 12 6 6 2 13 6 0 3 1 6 2 5 7 PETROLEUM REFINING.. 197 193 200 203 206 208 201 205 201 202 199 Gasoline] 250 253 248 258 264 265 269 269 259 262 256 256 249 Kerosene 114 118 117 106 104 109 102 104 107 112 113 122 122 Fuel oil1 137 133 126 132 134 141 143 140 142 145 138 140 143 Lubricating oilx 109 108 103 110 108 113 110 109 100 106 117 111 115 RUBBER TIRES AND TUBES I_. 64 70 81 90 95 99 100 112 110 109 114 104 Tires, pneumatic l 65 67 73 84 93 103 104 116 115 114 119 108 Inner tubes 1 41 43 50 56 72 75 79 76 71 76 73 Minerals—Total- 100 92 93 95 102 109 110 110 110 95 Bituminous coal.. 60 57 57 64 71 72 76 78 75 79 77 31 Anthracite 45 64 71 47 38 50 49 57 66 69 61 61 80 Petroleum, crude. 170 156 153 161 167 158 161 165 169 171 169 173 P174 P176 Iron ore 19 34 38 37 41 50 42 55 Zinc 79 70 69 74 75 80 88 87 91 Lead 60 64 54 46 50 50 66 73 71 Silver 92 91 99 105 102 102 51 100 101 1 Without seasonal adjustment. Preliminary. " Revised. 2 Revised figure Mar. 1937, 119. 3 Revised figures, 1937: Feb. 144, Mar. 143, June 146, Nov. 129. 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 lumbar, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 595 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1938 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—Total. 85 89 95 103 100 96 Durable 63 66 79 92 85 84 83 86 84 Nondurable 104 109 109 113 108 111 111 111 106 P107 IRON AND STEEL... 69 75 100 91 92 93 88 79 Pig iron 49 57 71 75 79 '70 56 Steel ingots... 71 76 93 93 94 81 TRANSPORTATION EQUIPMENT: Automobiles 26 26 115 117 105 105 106 Locomotives 5 4 13 11 12 12 NONFERROUS METALS: Tin deliveries 65 71 73 102 Zinc 69 71 90 Lead 44 48 CEMENT AND GLASS: Cement 87 87 86 91 83 64 42 48 65 Glass, plate 89 107 155 155 153 147 133 138 COKE: Byproduct.. 80 79 88 107 107 107 108 109 76 Beehive 7 4 5 6 7 7 6 2 TEXTILES 76 90 103 104 103 116 111 114 115 112 100 P104 Cotton consumption 82 92 103 104 107 117 110 116 119 119 113 113 Wool 49 81 101 96 96 113 117 109 116 106 84 z>102 Consumption 54 98 123 113 111 134 135 118 128 122 P113 Machinery activity 42 74 91 86 87 101 112 113 113 91 PIOO Carpet and rug loom activity. 47 42 55 66 67 69 72 77 87 84 P72 Silk deliveries 100 100 106 116 104 127 103 122 104 104 75 LEATHER AND PRODUCTS 102 97 102 121 119 102 104 115 126 125 112 P105 Tanning 71 71 78 84 84 95 108 94 94 Cattle hide leathers.-.. 72 73 75 85 90 92 96 111 '94 91 Calf and kip leathers._. 65 65 93 93 83 82 85 94 108 91 91 Goat and kid leathers,. 73 69 71 74 68 73 76 92 92 101 97 105 Boots and shoes 122 113 117 145 143 128 112 109 125 138 145 124 FOOD PRODUCTS: Slaughtering and meat packing. 76 77 90 94 104 101 101 83 84 81 92 Hogs 58 64 60 56 56 66 79 97 103 100 74 74 72 81 Cattle _ 93 100 101 106 101 118 110 111 94 98 88 92 87 101 Calves 121 125 114 109 106 113 113 114 100 104 100 111 114 122 Sheep 142 161 148 152 154 176 163 151 135 151 147 142 127 139 Wheat flour 81 81 86 95 94 104 102- 93 88 90 91 91 91 90 Sugar meltings 89 91 93 104 97 114 98 78 62 70 92 109 81 TOBACCO PRODUCTS 146 165 167 172 177 161 167 145 157 156 151 172 Cigars 65 72 74 76 86 90 90 57 61 71 72 78 Cigarettes 210 240 241 250 252 222 231 212 232 211 224 215 248 Manufactured tobacco. 84 84 84 91 81 92 79 79 79 81 78 85 PAPER AND PRINTING: Newsprint production.__ 47 54 52 53 52 57 58 63 61 61 61 64 Newsprint consumption 1 134 129 '122 111 110 '128 140 ••137 '132 '120 125 '131 '139 131 PETROLEUM REFINING. 196 197 192 199 203 206 209 208 202 205 202 201 199 Gasoline 250 253 248 258 264 265 269 269 259 262 256 256 249 Kerosene 113 114 109 98 99 111 107 113 115 115 115 119 121 Fuel oil 137 133 126 132 134 141 143 140 142 145 138 140 143 Lubricating oil 109 108 103 110 108 113 110 109 100 106 117 111 115 RUBBER TIRES AND TUBES. 62 64 70 81 90 95 100 112 110 109 114 104 Tires, pneumatic 65 67 73 84 93 98 103 104 116 115 114 119 108 Inner tubes 41 43 50 56 69 71 72 75 79 71 76 73 Minerals—Total _. 90 93 97 102 105 105 102 Bituminous coal - _ 50 49 51 55 62 76 79 82 83 77 Anthracite 47 64 62 39 38 50 63 58 65 74 66 50 83 Petroleum, crude. 170 158 156 165 170 163 163 163 164 164 166 171 174 Iron ore 28 67 78 76 78 86 35 82 Zinc 68 64 69 71 78 93 94 Lead 65 52 44 48 52 75 70 Silver 104 97 101 108 102 p Preliminary. ' Revised. i Revised figures, 1937: Jan. 136, May 152, June 145, Nov. 138, Dec. 139; 1938: Feb. 128, Mar. 132. 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 1639, 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

596 FEDERAL RESERVE BULLETIN JULY 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1938 1939 Industry and group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 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 90.4 Durable goods 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 82.2 Nondurable goods 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 98. 3 IRON, STEEL, PRODUCTS 81.6 80.2 77.8 77.3 79.4 83.1 86.2 87.7 87.6 87.7 87.6 Blast furnaces, steel works 87 85 83 83 84 85 90 92 92 91 91 91 91 Bolts, nuts, washers, rivets 79 80 77 78 79 83 90 92 91 91 92 89 Cast-iron pipe 63 63 62 60 61 64 65 67 67 66 67 68 67 Cutlery, edge tools 78 76 76 67 76 78 79 81 83 83 82 83 83 83 Forgings 44 43 40 40 42 44 46 48 49 48 47 49 48 Hardware 64 63 61 57 62 67 79 84 86 85 82 80 76 Plumbers' supplies 71 72 73 73 73 74 72 73 73 73 73 73 73 74 Stamped, enameled ware 122 120 113 108 118 123 127 134 134 131 131 135 131 129 Steam, hot-water heating 64 64 65 69 70 68 68 68 68 69 69 68 Stoves 70 71 70 71 75 74 74 77 78 79 79 80 Structural, ornamental 62 60 58 58 58 58 63 63 67 68 68 Tin cans, tinware 92 89 87 86 90 89 84 89 90 90 91 91 Tools 76 75 73 70 73 76 77 83 85 84 84 85 Wirework 128 126 114 112 111 132 145 163 172 163 161 160 156 150 MACHINERY 92.8 89.1 86.0 83.3 84.7 85.2 91.6 92.1 93.9 94.9 94.9 94.4 Agricultural implements 139 130 124 103 106 96 99 105 109 118 118 116 114 Cash registers, etc 141 139 137 138 135 136 136 135 136 134 134 133 129 128 E lectrical machinery 82 78 75 73 74 77 80 83 84 83 84 85 86 85 T T E M R Fo e y n a a x u d g p c t i i n e h i o n l w d i e s e n r , r s y e m i , p t , e t h t a u o r m o c s o r h n b a l i o s c i n n h g e e i r r n a s y e p , - h e s s t h c op products 1 1 8 9 8 5 1 2 3 3 8 8 4 9 1 1 8 8 8 1 5 2 7 6 0 5 8 3 1 1 8 8 7 5 1 1 3 2 7 4 6 5 1 1 8 8 7 5 1 1 2 1 6 4 7 2 1 1 8 8 7 1 5 1 2 3 7 9 8 2 1 1 8 8 6 7 2 1 1 3 1 8 2 4 1 1 8 8 6 7 2 1 9 6 2 8 5 5 1 1 1 8 6 2 0 7 1 8 5 6 6 9 7 1 1 1 8 8 6 1 2 1 8 2 7 1 6 9 1 1 1 8 9 6 2 2 1 2 7 3 6 1 4 1 1 1 8 9 6 2 1 2 3 2 9 7 6 4 1 1 1 8 9 7 2 1 2 4 2 0 8 8 7 1 1 1 8 9 7 1 2 3 4 2 1 3 8 1 1 1 1 8 9 7 2 0 3 4 3 3 5 8 3 TRANSPORTATION EQUIPMENT 68.3 65.1 61.1 56.9 55.9 74.2 81.5 93.9 93.3 92.0 90.4 90.4 86.2 Aircraft 857 823 790 787 759 779 810 823 854 885 950 952 1,057 1,171 Automobiles 69 65 60 55 55 79 89 99 104 102 98 97 96 89 L S C h o a i c r p s o b , m u e o i le l t d i c v i t n r e i g s c-, steam-railroad 3 3 9 1 0 2 2 9 2 7 6 6 2 2 4 5 2 2 0 3 9 2 1 1 4 8 2 1 8 6 9 2 1 1 6 6 2 9 1 7 7 7 1 3 0 1 0 0 7 1 3 2 0 2 0 3 1 3 1 0 5 8 9 1 3 0 1 3 7 7 1 3 0 1 1 9 9 1 3 2 1 1 2 4 NONFERROUS METALS, PRODUCTS 84.5 82.4 81.3 82.0 84.4 86.7 89.0 92.3 93.5 94.0 93.9 93.6 93.1 Aluminum 128 126 122 124 131 137 140 141 140 141 145 150 153 153 Brass, bronze, copper 88 86 86 87 90 93 95 101 100 99 99 98 97 98 Clocks, watches 83 81 78 78 80 79 81 79 79 84 84 84 85 84 Jewelry 85 82 84 85 87 88 87 90 94 93 95 96 96 93 Lighting equipment 70 68 65 66 72 76 83 87 91 92 89 86 82 81 Silverware, plated ware 60 59 58 57 59 59 62 63 64 65 66 66 66 66 Smelting, refining 69 67 65 64 64 65 66 70 72 72 72 72 72 72 LUMBER, PRODUCTS 61.9 60.9 59.9 60.2 61.9 63.2 62.9 64.5 65.3 66.3 65.6 63.7 64.6 65.0 Furniture 74 73 73 73 75 76 75 76 79 79 80 80 81 80 Lumber, millwork 50 48 49 50 52 53 53 55 55 56 55 54 54 53 Lumber, sawmills 50 50 48 49 50 51 51 53 53 54 53 50 51 52 STONE, CLAY, GLASS PRODUCTS 64.9 63.4 63.2 63.4 64.0 65.4 67.8 71.1 72.0 73.6 71.5 71.8 72.2 Brick, tile, terra cotta 47 46 45 46 46 48 49 52 53 57 55 54 54 51 Cement 65 62 63 64 64 63 67 68 67 64 65 66 67 62 Glass 81 80 78 76 79 82 87 92 93 94 90 89 91 90 Marble, granite, slate 41 42 42 42 40 40 41 42 44 44 42 47 47 46 Pottery 72 71 74 75 75 75 78 79 81 79 78 78 TEXTILES, PRODUCTS 89.4 87.6 87.4 92.1 96.4 97.0 95.6 96.7 98.4 98.5 97.7 96.4 96.6 Fabrics 78.9 78.6 79.3 83.4 87.2 87.1 86.3 88.6 90.3 90.0 89.8 89.2 88.3 89.0 Carpets, rugs 67 63 48 63 68 72 76 80 82 83 83 83 83 80 Cotton goods 78 77 78 81 85 85 84 85 85 85 86 85 85 85 Cotton small wares 68 70 70 71 75 78 79 83 85 84 84 82 80 83 Dyeing, finishing textiles 100 102 101 104 107 107 106 107 110 111 112 111 111 113 Hats, fur-felt 88 76 64 82 85 87 90 84 83 84 84 81 80 79 Knit goods 107 103 106 109 111 111 111 112 115 113 114 115 114 114 Hosiery 139 133 135 138 140 140 141 141 144 145 146 147 146 146 Knitted outerwear 68 68 70 72 76 76 77 76 82 68 73 75 72 73 Knitted underwear 63 63 65 70 70 69 69 70 71 72 72 71 71 73 Knitted cloth 140 132 137 139 150 147 152 157 162 151 151 151 149 145 Silk, rayon goods 60 64 58 57 61 61 60 61 62 61 62 63 62 63 Woolen, worsted goods 51 55 62 70 74 73 71 79 83 83 79 76 72 77 Wearing apparel 112.2 106.6 104.1 109.8 115.7 117.9 115.4 113.6 116.4 116.0 116. 6 115.5 112.8 112.2 Clothing, men's 95 85 81 91 101 103 102 102 103 101 102 102 100 100 Clothing, women's 165 161 158 163 166 170 164 161 166 165 166 165 158 156 Corsets, allied garments 96 97 98 96 97 97 98 99 101 101 101 101 103 105 Men's furnishings 125 125 126 132 136 142 143 138 140 132 137 132 129 126 Millinery 76 71 65 65 68 71 72 61 66 68 72 72 69 68 Shirts, collars 112 111 115 113 118 116 114 114 116 126 120 118 116 117 * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 597 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May LEATHER, MANUFACTURES... 89.8 87.1 84.4 88.4 89.6 91.3 90.8 91.4 92. 1 92.8 '92.9 93.2 91.7 87.8 Boots, shoes 92 89 85 90 91 92 91 92 92 93 93 93 92 87 Leather 73 73 73 75 78 79 81 84 84 86 85 85 84 83 FOOD, PRODUCTS . 120 4 120.0 121.2 122.2 123.0 122.2 119.2 122.8 124.2 124.2 121.3 ••122. 5 122. 3 123.6 Baking 143 142 143 144 144 143 142 143 144 143 144 144 143 146 Beverages .__ 240 237 232 232 236 234 234 245 244 245 244 240 241 242 Butter 107 105 102 101 103 100 99 99 100 100 98 98 99 100 Canning, preserving.__ . 120 126 131 136 140 131 111 128 129 129 122 136 134 137 Confectionery 79 76 78 78 79 79 79 79 82 80 79 79 77 77 Flour 75 76 77 77 77 75 75 77 78 78 76 78 76 79 Ice cream 81 79 77 77 78 77 78 80 80 80 80 79 80 79 Slaughtering, meat packing __ 94 93 94 95 95 96 97 99 99 96 95 94 95 97 Sugar, beet 98 91 91 92 89 109 101 101 142 199 '112 101 97 102 Sugar refining, cane . .. 80 91 89 85 88 92 89 88 87 89 86 89 94 81 TOBACCO MANUFACTURES 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 63.7 Tobacco, snuff 62 62 62 61 61 63 58 61 62 59 59 60 61 60 Cigars, cigarettes... 65 65 66 62 63 65 64 64 65 65 64 60 63 64 PAPER, PRINTING 105 0 103 7 103 0 103 0 103 7 104 0 104 3 105 4 106.0 106 0 105 9 106.3 106.3 106 2 Boxes, paper. . 95 95 95 95 96 96 97 100 101 102 102 103 102 102 Paper, pulp 104 103 102 102 103 104 105 106 106 106 106 106 106 107 Book, job printing 102 100 99 100 99 99 99 100 101 101 100 101 101 100 Newspaper, periodical printing... 106 105 105 104 105 105 105 106 106 105 106 106 106 106 CHEMICALS, PETROLEUM 110 9 110 2 108 4 108 3 111 0 111 4 111 2 111 8 112.3 112 4 111. 7 112.0 112.8 112 9 Petroleum refining . .. 122 122 120 121 121 120 119 118 118 118 118 117 117 118 Other than petroleum 108 2 107 5 105.5 105 2 108 4 109 4 109.3 110 2 110.9 111 1 110.3 110.7 111.9 111 8 Chemicals. . 112 110 110 106 110 111 113 117 117 117 118 118 115 115 Cottonseed oil, cake, meal 109 101 93 102 98 87 86 88 90 85 76 83 90 93 Druggists' preparations 108 111 112 113 110 108 107 107 107 108 106 106 108 110 Explosives 83 82 81 81 81 83 82 81 81 82 82 83 82 84 Fertilizers 85 93 93 91 96 92 88 91 89 94 89 89 100 105 Paints, varnishes 113 110 109 110 113 114 113 114 114 115 114 115 116 114 Rayon, allied products 289 290 274 272 292 312 313 310 310 310 314 '312 322 314 Soap 86 86 86 89 92 91 90 86 91 91 90 89 88 89 RUBBER PRODUCTS 72.2 71.3 71.3 69.5 73.4 76.0 76.8 81.7 83.2 81.3 81.3 82.3 81.4 81.1 Rubber boots, shoes 55 55 56 44 54 56 58 62 63 58 61 62 61 62 Rubber tires, inner tubes 61 60 60 61 61 62 64 66 67 67 66 67 67 67 Rubber goods, other 110 109 107 109 117 123 121 132 135 131 131 132 129 127 r Revised. NOTE.—Figures for May 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

598 FEDERAL RESERVE BULLETIN JULY 1939 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 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May Total 85.7 83.4 89.5 90.7 91.4 91.2 90.1 74.6 72.9 83.4 -85.4 86.9 84.9 84.4 Durable goods 77.0 75.0 81.6 82.6 83.5 84.1 83.2 65.6 64.2 76.6 -78.4 80.1 80.2 79.5 Nondurable goods 94.0 91.5 97.1 98.4 98.9 98.0 96.7 84.7 82.6 91.0 -93.1 94.6 90.2 89.9 IRON, STEEL, PRODUCTS 82.3 80.7 85.9 87.2 88.3 88.3 87.4 63.3 62.7 77.7 79.8 81.6 80.1 78.6 Blast furnaces, steel works 88 86 91 92 92 92 91 64 63 82 83 85 83 80 Bolts, nuts, washers, rivets 80 81 91 92 92 90 89 60 65 89 95 92 83 82 Cast-iron pipe - 63 63 66 66 67 67 68 51 51 53 55 55 59 64 Cutlery, edge tools 80 77 81 83 84 85 84 64 62 74 74 77 74 75 Forgings 44 43 48 49 48 49 48 33 32 46 47 46 46 46 Hardware 65 64 85 83 83 81 76 52 53 82 79 82 77 75 Plumbers' supplies 71 72 72 74 74 73 74 54 59 61 65 63 65 67 Stamped, enameled ware 126 123 129 131 137 135 132 116 109 127 129 137 132 129 Steam, hot-water heating 64 65 66 68 69 69 68 46 48 54 57 56 56 56 Stoves 72 73 65 75 78 81 82 56 58 50 62 67 68 68 Structural, ornamental 61 60 62 64 66 67 68 49 49 52 55 58 60 60 Tin cans, tinware 89 88 83 84 86 88 89 91 92 87 86 93 94 97 Tools 77 75 83 85 85 85 85 65 64 80 84 84 82 82 Wirework 131 129 163 161 161 159 154 119 114 162 164 170 163 153 MACHINERy 93.2 89.7 91.4 93.4 94.7 95.1 94.8 83.6 80.6 87.4 -91.7 -94.2 93.8 94.9 Agricultural implements 148 134 111 122 125 124 118 153 137 113 132 137 135 126 Cash registers, etc 142 140 133 134 133 130 130 121 122 117 120 120 120 122 Electrical machinery 82 78 82 84 85 86 86 72 68 81 84 87 86 87 Engines, turbines, etc 92 90 87 91 94 96 98 102 97 98 107 112 115 117 Foundry, machine-shop products 84 81 82 83 84 85 85 71 70 75 78 80 79 80 Machine tools 130 124 121 125 128 131 134 117 111 120 131 135 141 150 Radios, phonographs 78 76 108 103 99 95 95 66 67 97 88 85 81 83 Textile machinery 58 58 68 70 70 72 73 49 49 65 68 69 71 72 Typewriters 114 116 126 125 128 128 126 92 92 119 123 136 134 129 TRANSPORTATION EQUIPMENT 71.9 68.2 95.8 95.9 95.7 95.4 90.2 64.9 59.5 93.5 91.8 -92.0 94.4 87.3 Aircraft 875 848 876 941 962 1,078 1,206 804 797 908 961 989 1,064 1,184 Automobiles 73 69 106 104 104 102 93 63 57 101 97 97 100 88 Cars, electric-, steam-railroad 33 28 29 34 33 33 34 31 27 27 33 32 32 34 Locomotives 31 27 19 18 17 19 22 26 22 15 13 14 16 20 Shipbuilding 96 98 101 107 109 112 118 102 103 107 113 116 117 127 NONFERROUS METALS, PRODUCTS 84.2 81.8 92.2 93.6 94.3 93.4 92.4 69.0 69.0 84.6 88.3 89.5 86.2 87.1 Aluminum 129 126 139 145 153 155 153 119 119 143 152 160 161 158 Brass, bronze, copper 89 87 98 99 99 98 99 75 76 93 96 99 96 99 Clocks, watches 82 79 83 84 84 84 82 65 64 80 88 86 84 82 Jewelry 80 75 87 92 93 90 86 59 57 72 76 77 71 69 Lighting equipment 71 68 90 89 88 83 81 52 52 78 83 80 71 73 Silverware, plated ware 61 59 63 65 67 66 66 47 46 57 61 65 59 60 Smelting, refining 69 67 72 72 72 72 71 64 63 68 67 67 66 67 LUMBER, PRODUCTS.._ 61.6 61.0 61.9 62.6 62.6 64.3 65.1 50.1 50.5 52.0 53.0 53.9 55.7 58.3 Furniture 72 70 76 79 79 78 77 52 50 60 66 66 64 63 Lumber, millwork 50 49 53 53 53 54 54 39 40 43 44 44 44 45 Lumber, sawmills 51 51 49 49 49 52 53 44 45 42 41 42 46 50 STONE, CLAy, GLASS PRODUCTS 65.4 66.0 66.4 66.6 69.6 72.7 72.5 54.3 57.7 56.8 58.0 -61.7 62.6 63.8 Brick, tile, terra cotta 47 48 49 48 50 54 53 32 36 37 36 37 40 41 Cement 65 67 53 55 60 67 67 58 66 47 49 56 62 64 Glass 82 81 90 90 91 92 92 78 79 92 93 95 89 92 Marble, granite, slate 42 43 37 38 45 47 47 33 36 26 27 34 39 40 Pottery 74 73 79 80 81 82 81 64 66 66 72 74 72 71 TEXTILES, PRODUCTS 91.8 87.4 97.5 101.2 101.4 98.6 96.3 71.6 66.3 81.0 87.8 89.0 79.8 77.9 Fabrics 79.5 78.0 90.8 92.1 91.2 88.8 88.4 63.3 62.0 78.9 81.2 79.4 73.9 74.4 Carpets, rugs 68 63 81 83 85 84 80 46 42 68 72 75 71 65 Cotton goods 79 77 87 88 88 87 85 62 60 75 76 76 73 72 Cotton small wares 71 70 84 86 86 84 83 61 62 80 83 83 76 76 Dyeing, finishing textiles 104 102 113 117 116 114 113 86 83 97 102 101 97 95 Hats, fur-felt 89 74 84 86 83 81 77 63 56 80 82 71 56 66 Knit goods 108 103 110 114 116 115 114 107 102 112 119 119 112 109 Hosiery 140 132 144 146 149 147 146 151 142 157 164 165 154 147 Knitted outerwear 68 69 65 73 76 72 73 57 59 59 68 68 64 67 Knitted underwear 66 65 69 72 72 74 74 54 53 58 64 65 65 66 Knitted cloth 140 132 147 152 153 150 145 106 • 97 119 121 121 112 112 Silk, rayon goods 60 59 63 64 64 62 59 45 46 51 53 53 49 47 Woolen, worsted goods 49 54 84 83 77 69 75 35 39 71 70 62 52 61 Wearing apparel 118.5 107.2 111.0 -120.1 123.0 119.0 112.6 85.6 72.5 82.4 97.7 104.8 88.8 82.1 Clothing, men's 98 83 97 105 107 104 97 65 48 69 80 86 74 67 Clothing, women's 179 166 160 173 179 171 161 123 110 112 135 143 118 111 Corsets, allied garments 99 98 100 102 104 106 107 97 95 99 106 109 111 110 Men's furnishings 128 126 123 138 137 132 128 103 98 101 124 122 110 104 Millinery 85 73 67 78 83 78 70 74 56 55 71 90 64 52 Shirts, collars 115 112 114 120 122 119 118 89 87 93 103 107 103 102 • Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

599 JULY 1939 FEDERAL RESERVE BULLETIN 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 1939 1938 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May LEATHER, MANUFACTURES 92.1 6.0 92.9 97.6 94.0 86.6 70.6 77.5 83.3 74.5 63.8 Boots, shoes 95 93 95 86 70 58 73 80 70 57 Leather 73 87 85 82 90 81 FOOD, PRODUCTS 112.6 113. ( 113.7 111.0 112.0 114.0 116.7 114.1 117.3 115.3 112.1 113.9 114.0 120.7 Baking 142 142 140 142 142 142 146 138 140 136 137 138 136 143 B everages 235 242 223 224 228 236 246 278 291 254 255 265 284 303 Butter 104 107 93 91 92 102 86 93 81 79 82 87 Canning, preserving 83 85 79 72 79 93 76 80 71 74 81 86 Confectionery 74 69 78 77 78 72 70 67 64 76 75 67 69 Flour.. 74 74 77 76 77 75 77 72 73 75 71 74 73 74 Ice cream 77 87 68 68 70 76 87 67 74 60 59 61 66 75 Slaughtering, meat packing 92 92 100 95 93 92 95 101 104 111 101 101 100 107 Sugar, beet 44 44 85 '42 '39 44 49 48 48 73 47 '44 46 53 Sugar refining, cane 80 91 85 85 81 74 83 75 72 85 70 TOBACCO, MANUFACTURES 63. { 59.2 62.4 59.5 61.8 62.! 53.2 56.6 49.7 50.9 51.5 53.0 55.5 Tobacco, snuff 62 61 61 61 61 61 60 68 66 67 64 67 63 64 Cigars, cigarettes 64 59 63 59 62 63 51 55 48 49 50 52 54 PAPER, PRINTING 104.6 103.4 105.7 105.9 105.9 105.9 105.9 102. 2 102.3 104.2 103.3 103.8 Boxes, paper 94 93 98 100 102 100 100 92 100 104 107 104 104 Paper, pulp 104 103 106 106 106 106 107 97 103 105 106 105 106 Book, job printing 101 99 103 101 100 100 100 88 94 90 92 90 91 Newspaper, periodical printing.__ 106 106 105 105 106 107 107 107 106 105 106 108 109 109 CHEMICALS, PETROLEUM 112.4 108.8 112.0 112.1 114.4 114.9 114.3 115.7 119.8 119. 9 121.6 120.5 120.7 Petroleum refining 121 121 117 116 116 116 135 140 135 132 "132 129 132 Other than petroleum.-*. 110.2 105.9 110.7 111.1 114.0 114.6 110.2 108.0 108.3 115.3 116.0 118.6 118.0 117.1 Chemicals 111 110 116 116 117 115 115 117 117 128 130 131 128 129 Cottonseed oil, cake, meal 90 69 95 85 88 74 63 72 57 79 69 74 60 51 Druggists' preparations 108 108 108 108 108 108 107 114 114 119 118 119 119 118 E xplosives 81 80 82 81 81 81 82 84 83 91 93 92 90 92 Fertilizers 136 100 94 98 132 160 113 119 94 77 77 106 137 108 Paints, varnishes 114 115 112 113 115 118 118 114 120 113 116 120 123 127 Rayon, allied products 283 284 313 319 317 315 308 244 258 310 314 -313 304 298 Soap 87 85 90 91 87 91 91 93 91 90 RUBBER PRODUCTS 72.7 71.4 81.1 81.5 82.8 82.1 81.2 61.9 63.3 83.0 85.4 83.0 82.1 Rubber boots, shoes 54 53 58 61 62 60 42 44 57 60 59 59 57 Rubber tires, inner tubes 61 60 67 66 67 67 67 54 56 76 73 76 74 74 Rubber goods, other 113 110 130 132 134 132 129 125 128 130 127 124 r Revised. NOTE.—Figures for May 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

600 FEDERAL RESERVE BULLETIN JULY CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountain?, 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 e i n n ti g al P a u n b d l ic p u w b o li r c ks Month Factories Commercial Educational * 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 1 Not strictly comparable with data for earlier years due to changes in classification. NOTE.—Due to change in publication policy of the F . W. Dodge Corporation, data for May 1939 will be published in the BULLETIN for August 1939. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly-financed i Privately-financed i Month 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 January 186 100 215 243 192 252 157 55 149 112 118 148 29 45 66 130 75 104 February __ __ _ __ 97 75 140 188 119 220 65 38 79 69 51 111 31 37 62 119 68 109 March 178 123 199 231 227 301 126 68 96 66 95 128 52 55 103 165 132 173 April.. 131 124 235 270 222 330 78 53 105 74 99 160 53 71 130 195 123 170 May 134 127 216 244 283 308 72 47 94 93 144 135 63 80 122 151 139 174 June _ 127 148 233 318 251 73 64 116 137 108 54 84 116 180 143 July 120 159 295 322 240 52 67 153 131 98 67 93 141 191 142 August 120 169 275 281 313 69 92 153 104 171 51 76 122 178 142 September 110 167 234 207 301 69 97 116 80 160 41 70 119 127 141 October 135 201 226 202 358 79 114 101 78 203 57 87 125 124 154 November. _ _ 112 188 208 198 302 74 118 89 93 179 38 70 119 106 123 December 93 264 200 209 389 61 196 82 115 279 32 68 117 94 110 Year 1,543 1,845 2,675 2,913 3,197 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1939 1938 Federal Reserve district May Apr. May Fede d ra is l t r R ic e t serve 1939 1938 1939 1938 May Apr. May May Apr. May Boston 22,147 26, 549 26, 306 New York 64, 852 67, 406 82, 493 Philadelphia 20, 855 17, 326 9,881 Boston 86 84 111 1,245 1,246 1,262 Cleveland 31,043 38,015 20, 887 New York __ __ _ 302 310 362 4,567 4,924 6,629 Richmond 31,619 42,008 21,152 Philadelphia 103 90 52 1,021 1,269 1,117 Atlanta 29, 731 22,146 20,157 Cleveland 76 92 79 607 2,093 1,657 Chicago 51, 960 51,858 50,101 Richmond... 48 55 58 779 525 756 St. Louis 20, 420 21,069 17,318 Atlanta 62 66 36 715 948 320 Minneapolis 10, 557 10, 627 8,495 Chicago 176 199 171 2,692 2,393 3,389 D K a a l n l s a a s s City 1 9 5 , , 3 9 2 7 6 7 1 1 4 8 , , 7 2 3 9 5 1 1 13 2 , , 6 6 8 8 0 6 S M K t a . i n n L s n o a e u s a i p s C _ o _ i l t i y s 2 2 7 4 4 4 3 2 5 2 0 0 3 4 2 5 8 1 2 7 1 2 7 5 1 4 3 1,6 2 4 9 1 3 5 7 3 2 9 7 6 6 3 1 4 3 Total (11 districts) 308, 487 330,030 283,156 Dallas 26 31 21 370 414 414 San Francisco 121 111 129 1,613 1,335 1,637 Total 1,122 1,140 1,123 14, 757 17,492 19,139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

601 JULY 1939 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Month 1935 1936 1937 January 176 199 February 163 182 March 185 195 April 164 193 May - _ 165 201 June _ 170 186 July 173 180 August _ __ __ 172 179 September 199 221 October 221 265 November . 270 226 December 223 230 Year 2,283 2,456 ot ot ot ot Merchandise imports 2 Excess of exports 1938 1939 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 289 213 167 187 240 171 178 9 11 -18 118 35 262 219 152 193 278 163 158 11 -11 -45 99 61 275 268 177 199 307 173 190 8 —4 -51 102 77 274 231 171 203 287 160 186 —6 — 10 — 18 115 45 290 257 171 192 285 148 P203 -5 9 5 109 M7 265 233 157 191 286 146 13 -5 -21 87 268 228 177 195 265 141 -3 — 15 3 87 277 231 169 193 246 166 3 -14 31 65 297 246 162 216 233 168 37 5 63 79 333 278 189 213 224 178 32 52 108 100 315 252 169 196 223 176 100 30 92 76 323 269 187 245 209 171 37 -15 115 98 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. * General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1938 1939 Index of stocks (end of Index of sales 1 month) May Jan. Feb. Mar. Apr. May Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 58 69 67 66 60 1938 1939 1938 1939 1938 1938 1939 Coal 57 67 65 62 43 Coke 35 55 46 55 56 Grain and grain products, __ 77 79 70 73 76 January. _. 90 60 Livestock 42 41 38 40 40 February. 65 Forest products 35 42 36 36 38 March Ore 26 102 93 86 75 Miscellaneous 61 76 75 73 70 April. Merchandise ! 60 62 62 62 61 May.. 85 87 June._ Without seasonal adjustment July August September.. Total 57 63 62 63 58 62 Coal 49 76 76 66 36 44 October Coke 34 64 62 57 47 40 November.. Grain and grain products... 69 71 64 67 68 73 December. _ 156 62 Livestock 37 40 31 32 37 36 Forest products 36 37 35 36 39 41 Year.. 85 Ore 37 22 22 21 31 81 Miscellaneous 64 65 64 70 72 73 Merchandise l 60 59 60 62 62 61 r Revised. 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and 1 In less-than-carload lots. holidays. Adjustment for seasonal variation makes allowance in March NOTE.—For description and back data see pp. 522-529 of BULLETIN and April for the effects upon sales of changes in the date of Easter. for June 1937. Based on daily average loadings. Basic data compiled Back figures.—Department store sales, see BULLETINS for August by Association of American Railroads. Total index compiled by com- 1936, p. 631, and October 1938, p. 918; department store stocks, see BULbining indexes for classes with weights derived from revenue data of LETIN for March 1938, p. 232. the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 FEDERAL RESERVE BULLETIN JULY 1939 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 i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c r n ts d p T r e o x d t u il c e ts F m li u g a e t h l e t r a i i n 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 an s i d - in f H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931. 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.6 86.8 73.3 1938—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 May 76.2 63.7 68.2 80.6 91.6 67.5 73.9 93.5 89.5 75.9 85.5 74.2 Week ending— 1939-Mar. 4... 76.7 67.2 71.5 80.4 92.3 65.9 73.3 94.5 89.6 76.2 86.6 73.2 Mar. 11.. 77.0 68.0 71.4 80.6 92.5 66.0 73.6 94.5 90.2 76.3 86.6 73.4 Mar. 18- 76.7 67.1 70.7 80.7 92.6 66.1 73.7 94.4 90.2 76.2 86.6 73.9 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 86.8 74.3 May 13.. 76.4 64.4 68.5 81.0 92. 1 67.0 74.8 93.7 89.6 75.7 86.8 74.3 May 20. . 75.9 64.1 67.4 80.7 92.2 67.0 74.4 93.5 89.3 75.7 86.9 73.7 May 27__ 75.8 63.5 67.6 80.7 92.6 67. 1 74. 1 93.5 89.4 75.7 86.9 73.7 June 3_._ 75.7 63. 1 67.5 80.6 92.6 66.9 74.1 93.5 89.2 75.8 86.9 73.8 June 10. _ 75.6 62.7 67. 3 80.fi 92.8 66.9 73.9 93.5 89.8 75.6 8*5.9 73.6 June 17— 75.4 62.0 67.1 80.6 93.0 66.8 74.1 93.4 89.5 75.5 86.9 73.6 1938 1939 1938 1939 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 62.3 54.7 54.5 55.2 59.6 Agricultural implements 93.2 93.2 93.3 93.4 Livestock and poultry 77.9 79.2 78.2 75.5 73.2 Farm machinery 94.5 94.5 94.6 94.6 Other farm products 62.2 62.9 61.0 58.5 58.7 Iron and steel 96.1 96.1 96. 1 95.7 FOODS: Motor vehicles l 93.4 93.4 93.4 93.0 Dairy products 69.1 71.6 64.8 58.1 58.6 Nonferrous metals 76.5 76.6 74.7 73.1 Cereal products 78.4 72.7 72.3 72.2 73.8 Plumbing and heating 79.2 79.3 79.3 79.3 Fruits and vegetables 58.7 62. 1 63.2 64.3 63.8 BUILDING MATERIALS: Meats 82.1 83.2 82.5 81.0 78.6 Brick and tile 92.4 92.5 93.0 91.7 Other foods 65.4 61.7 61.9 61.6 61.4 Cement 91.2 91.5 91.5 91.5 HIDES AND LEATHER PRODUCTS: Lumber 92.6 92.1 91.5 91.2 Shoes 102.5 101.1 101.2 101.2 101.3 Paint and paint materials 80.5 81.5 81.3 81.6 Hides and skins 63.4 72.8 73.8 68.3 72.1 Plumbing and heating 79.2 79.3 79.3 79.3 Leather 82.1 84.2 82.7 82.8 83.1 Structural steel 107.3 107.3 107.3 107.3 Other leather products 102.4 95.3 95.6 95.6 95.6 Other building materials 89.3 89.7 89.6 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 82.2 81.5 81.5 81.6 81.7 Chemicals 79.4 79.3 79.4 Cotton goods 65.0 63.7 63.7 63.4 63.3 Drugs and Pharmaceuticals 72.7 71.9 71.9 Hosiery and underwear 60.5 58.8 59.9 60.2 60.2 Fertilizer materials 69.3 69.6 69.7 Silk and rayon 28.4 34.7 36. 1 37.8 40.7 Mixed fertilizers 73.7 73.8 71.8 Woolen and worsted goods 76.0 74.7 75.1 75.2 75.4 HOUSEFURNISHING GOODS: Other textile products . 65.3 64.5 64.3 64.9 65.3 Furnishings 89.8 89.7 89.6 89.8 FUEL AND LIGHTING MATERIALS: Furniture 83.6 80.5 80.5 81.0 81.0 Anthracite 73.8 79.9 79.4 74.7 75.3 MISCELLANEOUS: Bituminous coal 97.5 98.1 97.9 98.6 99.0 Auto tires and tubes 59.7 60.5 60.5 60.5 Coke 105. 5 104.2 104. 2 104.2 104.2 Cattle feed 78.2 84.1 92. 1 87.4 Electricity ... _.. 86.4 Paper and pulp 81.1 81.3 81.1 80.4 Gas 88.3 81.8 82.2 Rubber, crude 33.7 34. 1 33.3 34.2 Petroleum products 56.4 50. 7 51.9 52.5 Other miscellaneous 81.2 81.3 81.4 81.4 1 Preliminary revision. 2 Revised series. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 83); for indexes of subgroups, see Annual Report of 1937 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 603 STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart Chart 1939 book book page May May June June June page 24 31 7 14 21 Mar. Apr. May WEEKLY FIGURES Wednesday figures: in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices:4 Reserve bank credit—total._ 3, 5 2.58 2.57 2.58 2.61 2.58 United States: Bills discounted 5 0) 0) 0) 0) 0) All commodities 31, 32 76.7 76.2 76.2 T T E R G M M x r r e o o e e e c q l m n a a d e N R B u U C C s s s e i b i s e s u u h e . y o r l e t s w e r r i l u S o r r s c e y y d i e n c n . a r s b b k Y d v t g c r G e r c o a e e e a o o y r i n u o p s s v 2 r r c h e k g v o c k e b i r u h s ' s t a t v b y i C — l t n t e a a s s i s k b t e l t t i 6 a o s c a o y n 2 u n t n 2 c a r k e l i 2 s t s i 2 e s. 3 3 , , 7 7 6 7 6 5 7 3 5 7 9 3 3 1 1 0 2 6 5 4 2 2 5 0 . . . . . . . . . . ) . . 7 5 3 8 9 5 3 8 5 6 1 9 9 4 0 7 2 2 7 9 6 5 0 3 P 1 1 4. 2 0 2 6 2 5 P 5 0 . . . . . . . . . ) . . 4 8 8 3 9 9 6 5 9 0 2 5 7 1 6 7 7 2 4 6 6 3 5 5 P 1 10. 6 2 2 2 5 0 4 5 . . . . . . . . . ) . . 9 5 3 9 4 7 5 9 5 2 9 0 2 6 5 7 0 7 4 7 9 6 9 5 P 1 1 4. 2 5 p 2 6 2 0 6 0 . . . . . . . . . . . ) 8 4 9 3 9 5 9 5 1 0 5 2 4 0 6 7 3 7 4 6 0 3 6 8 1 1 5 2 2 6 0 6 0 . . . . . . . ) 8 9 5 9 5 1 0 7 4 7 3 6 0 6 I M F F F n a r a d a e c c n u i t t D N E T F G g o u o s h o n r t o u r f r e r y t y a a t g r n r - i a c m n a a l c O F F d p l e a t l b a c o a u u a a t m n r l h p e o r y r r n d e m i p a e l r d r . y 6 n - o r o o b l s g a o l d p l c l d e y u s r o i 6 m o c n m p d t g e i r m u s o n o ^ c t o n d t 5 d s u i c ti t e io s. n ._ s 3 3 4 3 3 3 4 3 3 3 3 4 3 . 2 3 1 1 5 7 3 7 2 7 2 5 1 9 3 6 8 9 9 9 8 6 7 7 5 7 9 1 6 8 0 8 5 0 6 7 6 8 9 . . . . . . . 4 9 3 4 3 0 8 2 9 6 8 9 9 3 9 6 7 5 6 7 8 1 0 7 3 9 8 8 2 0 4 2 5 6 . . . . . . . . 2 5 2 7 2 6 9 5 P P P P P P 9 8 3 5 9 6 8 9 9 6 6 7 0 4 3 8 1 0 8 8 8 3 2 . . 2 . . . . . 4 4 7 6 9 2 1 REPORTING MEMBER BANKS Department store sales6 47 88 88 85 Department store stocks s 47 68 -67 66 Total, 101 cities: Loans and investments 14 21.67 21. 68 21.80 21.88 21.92 In millions of dollars Investments 14 13. 55 13. 55 13.68 13.78 13.85 Loans 14 8. 13 8.13 8. 12 8.10 8.07 Construction contracts awarded:7 Adjusted demand Total 41 282 275 P250 deposits 15 16.96 16.97 17.06 17.21 17.24 Residential 41 101 106 P101 Time deposits 15 5.25 5.24 5.23 5.23 5.24 Other 41 181 168 P149 U. S. Gov't deposits.._ 15 .58 .56 .55 .55 .55 Exports and imports: Domestic bank balances 15 6.65 6.68 6.69 6.75 6.72 Exports (incl. re-exports).. 49 268 231 P249 Foreign bank balances.- 15 .64 .64 .62 .61 .60 General imports 49 190 186 P203 New York City: Excess of exports 49 77 45 U. S. Gov't obligations.. 16 4.04 4.07 4.13 4.19 4.21 Income payments: Other securities 16 1. 10 1.13 1. 14 1.14 1.17 Total adjusted 50 r5, 513 5409 P5, 382 Commercial loans 16 1.37 1.36 1.37 1.37 1.37 Total unadjusted 50 r5, 521 5438 P5, 178 Brokers' loans. _ 16 .57 .57 .55 .52 .52 Compensation of em- 100 cities outside New York: ployees 50 ••3, 624 3590 P3, 609 U.S. Gov't obligations-. 17 6.27 6.22 6.28 6.31 6.32 Other 50 1,897 1848 PI, 569 Other securities 17 2. 14 2.13 2. 13 2.14 2.15 Cash farm income: Commercial loans 17 2.47 2.46 2.46 2.46 2.45 Total 51 582 553 589 Crops 51 166 156 147 MONEY RATES AND SECURITY Averages of daily figures*; per cent Livestock and products._ 51 321 307 361 MARKETS per annum Government payments. _. 51 95 90 81 F.R. bank discount rate, N.Y. 19 1.00 1.00 1.00 1.00 1.00 Commercial paper 19 .56 .56 .56 .56 .56 OTHER In billions of dollars Bankers'acceptances 19 .44 .44 .44 .44 .44 U. S. Treasury bills 21 .03 .03 .03 .03 .03 Central gold reserves: U. S. Treasury notes 21 .40 .37 .36 .39 .39 United States 8 15.26 15.79 15.96 U. S. Treasury bonds 21, 25 2.13 2. 10 2.09 2.15 2.16 England 8 1.07 1.07 1.07 Corporate Aaa bonds 25 2.96 2.95 2.93 2.93 2.92 France 8 2.43 2.57 2.57 Corporate Baa bonds 25 5.05 4.96 4.91 4.89 4.90 Netherlands 8 .91 .83 P. 82 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total 20 39.44 39.53 39.75 Stock prices, total4 27, 29 85 86 87 86 N Bo o n te d s s 2 2 0 0 27 7 . .2 0 7 0 27 7 . . 0 2 5 7 27 7 . . 2 1 7 0 Industrial. 27 99 100 101 100 100 Bills 20 1.31 1.31 1.31 Railroads 27 26 26 26 26 25 Special issues 20 3.86 3.90 4.07 Public utilities 27 84 85 86 84 84 Volume of trading2 (mill, shares) 29 72 .55 .54 .47 .45 Per cent per annum Brokers' loans (mill, dollars) 29 717 721 699 674 661 Customers' rates: New York City 23 BUSINESS CONDITIONS Figures for week*; in unit indicated. 8 other Northern and Eastern cities 23 Wholesale commodity prices:4 27 Southern and Western All commodities 33 75.8 75.7 75.6 75.4 cities 23 Farm products 33 63.5 63.1 62.7 62.0 Foods 33 67.6 67.5 67.3 67.1 Other commodities 33 80.7 80.6 80.6 80.6 QUARTERLY FIGURES Sept. 30, Dec. 31, Mar.31, Steel plant operations 1938 1938 1939 (% of capacity) 38 48.5 52.2 54.2 53.1 55.0 Automobile production (thous. cars) 38 67.7 32.4 65.3 78.3 81.1 In millions of dollars Electric power production To ( t m al i ll f . r e k i w gh . t h -c r a s r . ) loadings 39 2,205 2, 114 2,257 2,265 Do is m su e e s s t , i c t o c t o a r l poration security 28 674 -799 276 (thous. cars) 39 627.7 557.7 634.6 637.9 N Re e f w unding 28 3 3 4 3 2 2 - 1 63 6 2 7 82 p 2 3 1 4 I F P A L n i r e v d g e s e e u l s r i x r a m e t g h n s i e a n u a s n a m r o r e $ b y f 5 s . e d h , r 0 a o s 0 i , w 0 ly 1 , n 0 r 9 0 f R 2 u 0 i 6 g n e . = u d v 1 r e i e 0 s r s e 0 , t d . h s . e e e W fo e • o d E t n n s e t o s i t m d e a 3 a . y t e d i ate included in the weekly period. 5 6 7 8 A T P Se o h d r i r j i n e u e t e s s s t - e m i i d n s o t n f d o o t i r t h s a s s c l e o m i a n n s o t d o i v e n n i x a u n l e g o d f v a . a v m r e i a N r a a n t e g i u o w e f n a a . c d s t e u ju r r i s i e n t s e g d o n p fo ro r s o d s m e u a c e s t w o io n h n a a . l t va d r i i f a fe ti r o en n t . basis to be substituted. NOTE.—Copies of this chart book can be obtained at a price of 51 cents, Bankicu 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

604 FEDERAL RESERVE BULLETIN JULY 1939 BANKING STATISTICS FOR CALL REPORT DATES—CHART BOOK SERIES [In billions of dollars] 1937 1938 1939 Chart book page June Dec. Mar. June Dec. Mar. June Sept. Dec. Mar. 30 30 30 31 29 All banks in the United States: Total deposits and currency.. 55.17 57.48 56.79 57.42 56.83 56.78 56.74 57.64 59.12 P59. 16 Time deposits 24.90 25.40 25.69 25.96 26.26 26.34 26.27 26.18 26.30 *>26. 45 Demand deposits adjusted... 23.86 25.53 25.23 25.26 24.05 24.13 24.39 25.19 26.10 P26. 14 Currency outside banks 5.26 5.55 5.42 5.53 5.69 5.50 5.47 5.49 5.82 Member banks: Demand deposits adjusted.. 11 20.28 21.65 21.35 21.40 20.39 20.51 20.89 21.60 22.29 22.36 Time deposits 11 10.79 10.99 11. 16 11.35 11.52 11.59 11.56 11.46 11.51 11.60 Interbank balances 11 C5. 99 <6.40 C5.75 c5.30 *5.44 C5.62 C6.10 c6.09 6.51 6.82 Loans and investments 11 32.26 33.00 32.53 32.74 31.75 31.52 30.72 31.63 32.07 32.10 Investments, total 11 19.72 19.64 18.83 18.45 17.79 17.98 17.78 18.69 18.86 19.05 U. S. Government obligations, total 12 13.67 13.55 12.72 12.69 12.37 12.45 12.34 13.01 13.22 13.35 Direct obligations 13 11.72 11.64 10.86 10.87 10.57 10.63 10.22 10.71 10.88 10.69 Guaranteed obligations 13 1.95 1.91 1.86 1.82 1.80 1.83 2.13 2.30 2.34 2.66 Other securities, total 12 6.05 6.10 6.11 5.77 5.42 5.52 5.44 5.68 5.64 5.70 State and local government securities. 13 2.26 2.21 2.33 2.13 2.03 2.19 2.13 2.30 2.45 2.56 Other domestic 13 3.53 3.65 3.53 3.40 3.21 3.15 3.13 3.19 3.01 2.96 Foreign securities 13 .25 .24 .25 .23 .18 .18 .18 .18 .18 .18 Loans, total 11 12.54 13.36 13.70 14.29 13.96 13.55 12.94 12.94 13.21 13.05 Security loans, total12 12 4.24 4.22 4.28 4.37 3.70 3.54 3.32 3.30 2 1.75 1.57 Brokers' loans 13 1.35 1.41 1.42 1.54 .95 .88 .70 .71 .97 .84 Loans on securities (excluding brokers' loans) 2 _. 13 2.86 2.79 2.82 2.83 2.75 2.67 2.61 2.59 2 .78 .73 Real estate loans 12,13 2.34 2.40 2.44 2.51 2.55 2.56 2.61 2.66 2.72 2.75 Other loans, total 12 12 5.97 6.73 6.97 7.41 7.71 7.45 7.01 6.97 2 8. 74 8.73 Commercial loans 2 13 5.36 6.04 6.22 6.66 7.00 6.75 6.40 6.36 2 5. 45 5.53 Open-market paper 13 .56 .63 .71 .64 .64 .61 .49 .48 .44 .42 Loans to banks 13 .10 .12 .07 .10 .12 .13 .12 .10 All other loanss 3 2.73 2.67 P Preliminary. c Corrected. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 2 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 3 Not originally plotted in chart book. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN JULY 1939 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord Other countries Total i Switzerland End of month c tr o ( i 5 u e 2 s n ) - U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu el m - N la e e n r t d - h s - ti N on a- al B.I .£. g t A e i r n n - - a Braz il I B n i r d s it i h - a g B a u r l i - a C a a d n a - Chile China Bank 1934—December. 21,051 8,238 1,584 590 573 624 403 275 19 134 7 1935—December. 21, 604 10,125 1,648 611 438 454 444 17 275 19 189 10 1936—December. 22, 630 11,258 2,584 632 490 655 501 25 275 20 188 1937—December. 23, 964 12, 760 2,689 597 930 648 469 32 274 24 184 1938—June 23,815 12, 963 2,690 481 1,008 679 439 33 274 24 185 16 July 23,803 13,017 2,690 501 1,008 674 435 33 274 24 189 16 August 23,966 13,136 2,690 517 1,008 435 34 274 24 190 17 September. 24, 648 13, 760 2,690 539 1,008 435 34 274 24 187 17 October 24,997 14,065 2,690 562 1,008 695 434 33 274 24 188 18 November. 25, 287 14, 312 2,690 584 1,008 699 434 33 274 24 186 18 December. 25, 468 14,512 2,690 581 995 699 431 32 274 24 192 18 1939—January 24,003 14, 682 1, 042 582 995 699 431 33 274 24 197 19 February.. P24, 176 14, 874 1,042 588 974 680 431 33 274 24 206 20 March '24, 393 15, 258 1,066 518 909 640 428 P33 274 24 210 21 April P24,967 15, 791 1,066 520 834 598 P428 P33 274 24 212 P21 May P25, 140 15, 957 1,066 524 P823 598 P428 P274 P24 P212 P21 Other Countries—Continued End of month lo C m o b - ia C v z s a e l k c o h - ia o- m D a e r n k - Egypt Ger- Greece H ga u r n y - Italy 2 Japan Java M ic e o x- N l Z a e e n a w d - N w o ay r- Peru l P a o n - d 1934—Dec.. 112 55 518 394 77 25 19 96 1935—Dec... 112 55 270 425 54 23 84 20 84 1936—Dec... 91 55 208 463 60 23 98 20 75 1937—Dec... 92 55 210 261 79 23 82 20 83 1938—June. . 93 55 210 261 80 23 90 19 85 July... 93 55 210 164 80 23 101 19 85 Aug... 93 55 210 164 80 23 101 19 85 Sept... 81 55 210 164 80 23 96 19 83 Oct.... 83 55 210 164 80 23 96 19 82 Nov... 83 55 210 164 80 23 96 19 84 Dec... 83 55 193 164 80 23 94 20 85 1939—Jan.... 83 55 193 164 80 23 96 19 85 Feb... 83 55 193 164 80 23 96 P19 85 Mar... 67 55 193 164 80 23 96 P19 85 April.. 55 193 164 80 23 107 P19 84 May.. P55 193 P164 P80 P23 107 84 Government Gold Reserves Other Countries—Continued not included in total 3 End of month 16 Po g r a t l u- Ru n m i a a - A S f o r u i t c h a Spain 4 S d w e e n - T k u e r y - g U u ru a - y Y sl u a g v o i - a t c o r o t i h u e e n s r - 5 Date U S n ta i t t e e s d U K d n i o i n m t g ed - France g B i e u l- m 1934—Dec. 68 104 184 740 159 22 82 53 154 Dec. 1934 31 1935—Dec. . 68 109 212 735 185 24 77 43 158 June 1935 63 1936—Dec. 68 114 203 718 240 26 77 48 175 Dec. 1935 53 1937—Dec. 69 120 189 718 244 29 74 51 169 June 1936 103 1938—June- 69 123 187 525 279 29 71 55 125 Dec. 1936 93 July. 69 123 190 525 280 29 71 55 124 March 1937 Aug.. 69 124 202 525 280 29 71 55 125 June 115 Sept. 69 129 220 525 310 29 71 56 125 Sept. 1,395 Oct. 69 132 219 525 321 29 69 56 127 Dec. "81 Nov. 69 132 220 525 321 29 69 57 125 March 1938 Dec!. 69 133 220 525 321 29 69 57 125 June ""62 1939—Jan.. 69 133 220 525 331 29 68 57 127 Sept. 759 Feb.. 69 134 219 525 331 30 68 57 126 Oct. e 103 Mar. 69 134 221 525 332 30 68 57 P129 Nov. 130 April P69 135 218 525 339 30 P68 57 P129 Dec. 331 May. ^69 136 P218 525 344 30 P68 57 P129 Jan. 1939 381 P Prelminary. 1 Data reported monthly incomplete. For additional data see section at end of table. 2 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. 3 Reported at infrequent or irregular intervals: United States—Exchange Stabilization Fund (Special Account No. 1); United Kingdom—Exchange Equalization Account; France—Exchange Stabilization Fund and, in October 1938, Fund for Support of Rentes; Belgium—Treasury. Gold in the stabilization funds of Switzerland and the Netherlands and certain other gold of central banks and governments is not reported at all. 4 Figure for August 1, 1936, carried forward through March 1938; April 1938 figure officially reported and carried forward. 5 These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, Danzig, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, Morocco, and Siam. 6 First date reported. 7 $1,648,000,000 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. On March 1, 1939, $26,000,000 was transferred back from Account to Bank of England. NOTE.—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 BULLETIN for August 1936, p. 667, and December 1937, p. 1262. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

607 JULY 1939 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside C.S.S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East U o . u S t . s S id .R e . Total A So fr u ic th a R de 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 p uQaTniaaHaaa Mexico C°*b°iaQ m Chile Au l s ia t ra- B I r n it d is ia h $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929. 382, 532 352, 237 215, 242 11, 607 4,297 2,390 45,651 39,862 13,463 2,823 683 8,712 7,508 1930. 401,088 365, 258 221, 526 11,476 4,995 2,699 47,248 43,454 13,813 3,281 428 9,553 6,785 426,424 386,293 224,863 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 6,782 469, 257 411, 208 227,673 13,335 6,623 3,631 52,842 60, 968 13,169 6,165 3,009 16,873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. ea.n, ounce of fine gold=$S5 1933.. 794,498 696, 218 385,474 22, 578 11,214 6,148 89,467 103,224 22, 297 10,438 5,094 28, 568 11,715 1934.. 823,003 707, 288 366, 795 24, 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11, 223 1935.. 882, 533 751, 979 377,090 25, 477 13,625 7,159 126, 325 114,971 23,858 11,515 9,251 31,240 11, 468 1936.. 971, 514 833,088 396, 768 28,053 16,295 7,386 152, 509 131,181 26,465 13, 632 9,018 40,118 11, 663 1937.. 1,041, 987 892. 535 410,710 28, 296 20, 784 8,018 168,159 143,367 29, 591 15, 478 9,544 46,982 11,607 1,116,983 c 955, 678 425, 649 28, 532 24, 670 8,470 176,971 165,055 32,306 18, 225 10,290 c 54, 264 11, 247 1938—February.. _ 82, 724 70,056 32, 524 2,246 1,887 642 11, 347 11,929 2,266 L, 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 L, 338 782 4,278 935 June 91, 242 77,950 35, 509 2,394 2,020 726 12,851 13, 674 3,024 L, 365 901 4,577 909 July 98, 492 84, 849 36, 222 2,410 2,067 716 16, 684 14, 727 4,241 L, 748 752 4,330 951 August 97, 845 83,896 36, 622 2,415 2,053 716 16, 492 14, 425 2,941 L515 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 c 84, 610 35, 842 2,381 2,204 728 18, 481 14, 351 2,353 1,628 930 «4, 782 930 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... 95,080 80,159 36,188 2,287 2,230 753 14,919 14. 396 1,762 1,953 655 4,076 940 February.. P90, 964 P76, 749 34, 505 2,069 2,221 P688 13,153 13, 684 3,421 1,562 568 4,016 863 March P97, 420 P82, 468 37, 558 2,202 P2, 330 P767 14, 364 14, 498 P2, 616 1,752 P953 4,492 938 April ?95, 586 *80, 818 35, 613 P2, 202 P2, 341 P729 15, 260 14, 238 P2, 616 p1,752 P778 H 387 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 S2G.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. c Corrected. 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 en e- S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s A tra u l s i - a Japan B I r n i d ti i s a h c o t o A r th i u e l e n l s r - 1934 i.. 1,131, 994 499,870 260,223 8,902 94,348 12, 402 86,829 30, 270 16,944 12,038 1,029 76,820 32, 316 1935... 1, 739,019 315, 727 934,243 3 227,185 968 95,171 13, 667 10,899 15, 3353,498 75, 268 47, 054 1936... 1,116, 584 174,093 573,671 3,351 71,006 2 7,511 72, 648 39,966 11,911 21, 513 23;,, 280 77, 892 39, 743 1937... 1, 585, 503 891, 531-13,710 90, 859 6,461 6 54,452 111,480 38, 482 18, 397 25,427 34., 713 246, 464 50, 762 30,179 1938... 1, 973, 5691, 208, 728 81,135 15, 488 163,049 60,146 1,363 76, 315 36, 472 10, 557 27, 880 '39 7,,162168, 740 16,159 > 68, 376 1938—March 52,927 31,395 39 4,220 717 2,758 2,102 2,240 458 4,484 2,979 1,536 April 71,091 35, 429 18 1,938 747 1,812 1 1,883 1,241 23, 311 2,359 2,353 May 52, 775 2,895 35 891 10, 221 630 5,650 2,108 2,285 3,582 21,950 2,530 June 55,307 20, 599 13 3,248 57111,520 226 726 715 1 3,232 2,984 5,782 2,252 3,438 July 63,815 4,976 898 7,685 962 11,123 1 2,422 3,434 28, 669 1,148 2,495 August 165,973 91, 227 4,721 3,213 15, 360 14, 333 3,183 2,113 1,772 2,748 23, 497 3,806 September.. 520,896 377,984 47,21911, 521 38,148 1,446 4 2,721 3,775 35,095 2,982 October 562,366 443,403 42, 959 41,832 3,840 1 10,810 2,236 4 2,720 3,294 5,740 760 4,768 November.. 177, 768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 7,'" 5,788 3,822 2 19,150 December.. 240, 526 101, 707 37, 395 1,979 46,185 731 2,550 2,107 2,655 6,788 14, 425 1,797 2 22, 207 1939—January 156, 345 52,050 1,438 1, e 33, 678 2 -67 10, 842 2,342 2,089 2,754 6,585 37, 819 1 5,124 February... 223, 281 165,377 1,400 29, 256 3,840 4,220 2,496 2,719 3,953 5,446 175 4,398 March 365, 384 250,042 816 37,179 27,098 8,227 6,852 3,822 4,234 3,326 4,303 11,410 3,685 4,391 April 605, 797 384, 925 21 84, 603 44, 564 55, 680 7,665 1,649 2,114 2,179 4,844 5,528 4,944 3 7, 073 May 429, 404 302, 667 41, 651 40, 449 2,284 12,066 2,050 2,117 2,594 5,295 10,931 3,390 3,909 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. 3 Includes $4,503,000 from Argentina. NOTE.—For gross import and export figures and for additional countries see table on p. 577. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL RESERVE BULLETIN JULY 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 n e o p x e r o p t o r n i t m r e s t t s - U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N la e n th d e s r- USSR Au li s a tra- A S d R f e o r h s u i o i c t a - a h , , B In ri d ti i s a h B O c r o t i u h ti n e s - r h S d w en e- e S r w la it n z d - c o t o r t A i u h e l n e s l r - West tries Africa 1934... 716, 269 -497,166 348,190 121,017 -13,585 32, 575 41, 790 335,253 62, 397 I -9,123 i 88, 228 1935 369, 722 -435, 502 142,137 -4, 726 -17,476 10, 796 37, 981 404, 295 181, 602 32, 754—50,66l| 53,465 14,126 1936 —- 1,169, 931 -276,830 756, 215 23, 292 -15,133 -21,215 26, 723 488, 814 128, 421 28,067-10,129j 3,998 37, 708 1937.... 420, 427 -834,009 541,187 46,147 -21, f"" -16,572 199, 965 24,165 464, 837 66, 330 22,079 -81-16,596 -55,032 1938 -285,648 -1,050,395 38, 899 33, 283 348, 000-46, 463 115, 540 27, 831 333, 750 55, 744 20, 761-89, 37l'-78,029 4,812 1938—Mar.—.... 79,037 -35, 535 -4, 276 49 55, 448 3,625 11, 273 3,620 50, 540 5,106 -7, 590 -6,000 -3 Apr 53,186 -18, 507 -3,r~ 86 15,039 -4,139 31,089 V 35,077 3,586 -10,088! 2,527 -6, 202 J J M A S O N D u u e u c e o a n l p t c y g v y e t . . - -2 2 - - - 9 7 6 1 6 8 9 2 6 6 3 0 1 9 7 , , 4 , , , , , , 1 1 1 1 5 7 5 4 3 7 4 0 2 1 8 7 2 1 3 8 6 9 0 8 - - - 3 3 1 - - - - 2 1 9 0 9 6 0 0 8 3 7 0 0 5 , 5 , , , , , , , 5 0 2 6 2 8 3 5 2 1 2 6 1 7 3 2 9 6 0 0 1 1 3 8 - - 6 6 5 9 , - - , 1 1 9 , - 7 6 6 7 6 3 1 9 2 0 8 5 6 7 9 7 6 4 5 8 14 6 4 6 2 , , , , , 1 0 0 3 1 1 o 7 7 5 4 6 3 5 o 9 7 7 7 8 8 8 r 1 - 2 4 5 2 3 2 0 6 8 3 3 - , , , , , 2 , 3 9 4 2 7 0 5 2 8 4 6 1 7 8 8 2 6 4 2 5 - - - - - - 1 1 5 6 7 5 2 0 , , , , , , 7 7 2 0 0 4 5 5 8 4 3 4 9 3 0 1 5 7 1 8 5 2 2 8 8 5 5 , , , , 1 0 6 6 0 8 6 4 4 3 5 9 8 2 2 2 2 2 , , , , ,4 4 1 0 8 7 1 5 0 6 2 9 3 0 5 2 2 7 4 9 0 5 5 8 3 4 3 3 1 5 6 1 6 2 0 7 1 , , , , , , , , 5 6 1 6 3 4 5 8 3 9 2 9 5 0 1 3 2 0 3 5 8 7 6 1 1 3 3 3 4 6 4 0 1 , , , , , , , , 8 0 4 7 2 2 3 8 1 2 2 2 5 0 6 1 8 4 3 6 5 5 4 0 -2 -4 0 3 6 , , , 7 , 7 0 6 5 5 5 9 3 1 3 8 0 2 8 5 1 1 i - - - - - - 1 1 1 2 7 4 1 1 3 2 , , , , , , 4 1 9 6 6 7 2 5 9 7 7 6 9 3 1 6 1 3 1 ; i ! - - - - - 2 1 1 5 2 1 0 6 , 2 1 1 , , , , , , , 5 8 4 2 0 5 9 4 0 6 2 3 1 8 1 9 7 3 1 1 0 8 7 1 -1 5 1 1 - 1 - , 9 3 , , , , 9 3 6 3 3 3 2 2 5 C 0 4 3 5 7 4 5 3 7 6 3 0 1939—Jan. -36, 514 -50, 814 -3 -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 88 23, 477 1,039 16,""" 5,559 1,417 -1,148 -32 -3,845 3,618 Apr -121, 188 -357, 518 -1,431 29 176,451 19, 1*54 12, 656 4,805 '-47, 875 -437! 73,394 -425 May.p -305, 559 -315, 829 -479 3,996 2,015 52, 873 5,631 57, 841 3,02431-44, 606 -3, 788 32, 930 695 Ger- Switzerland British India many Net imports from or net exports (—) to: Increase in India: Year or Total Total Total month n e o p e x r t p o n o r i t m r e s t t s - 4 i e m o x r n ( p p ) e n o o t e r r t t t s s U S n ta i t t e e s d U K d n i o i n m t g e - d France g B i e u l m - Italy N la e e n r t d - h s - m G a e n r- y4 c o t o A r th i u e l e l n s r - i e m o x r ( n p p ) e n o o t e r r t t t s s p t I i r G o n o n o d d l i u d i a n c- s d e I r I r i n e n a v - - n es ea f e o r g d r m I o e n f l i a d g o r n r k- p i h r n i o I v g n l a d s6 t - e account 1934 -90, 920 -46,065 -12,784 -45,955 -29,235 18, 397 19,431 2,580 -43 1,543 11,223 173 -219,670 1935 42, 969 -230, 788 647 -54,858 -181,725 -13,940 25, 542 342 -9,607 7 2, 812 11,468 -6 -150,398 1936 1J" 122, 278 -9,127 -1,714 39, 305 14, 531 51, 299 4,600 -2,990 B 26, 368 11, 663 -109,403 1937 -3, 718 -56, 946 -51, 608 11,940 -45, 061 27, 739 -657 6,553-16,461 10, 609 11, 607 -41 -50,075 1938 -35, 224 -1,245 -1,128 76, 620 -74,375 -1,067 11,314 25,125 -32, 745 11, 247 12,078 r- 55, 494 1938—Mar. . -27 -3,188 3,595 -9, 257 -943 1,763 1,421 -32 265 -2, 749 -1,810 Apr,__ 6,009 -7, 632 -2, 391 -6,084 -266 5,397 2,467 -9, 970 3,208 -4, 388 906 -3,482 May.- 18,058 -5,201 4,860 -2,943 -1,549 -2,009 2,396 -6,175 187 -3, 452 935 -2, 517 June.- 7, r - " 5,978 -220 5,256 -7,839 -484 5,814 5,657 -2, 487 282 -2, 327 909 -1,418 July.. 1,468 -8,837 -2 16,128 -14,071 -6,041 -142 3,962 -8,893 222 -10, f" 951 -10,037 Aug... -6,864 -1,338 -2 10, 464 -8, 382 -1,283 -37 3,824 -6, 267 342 -7,082 958 -6,124 S O e c p t. t . . . . - - 1 36 6 , ,1 6 3 2 4 6 9 1 , , 0 45 2 4 4 -1,1 - 4 7 0 15,9 9 4 0 0 7 -6 4 1 1 6 8 -1 1 5 1 8 7 - - 3 2 8 2,5 9 5 2 1 4 1, - 8 5 8 6 4 -10,251 3 -7, - 9 6 5 2 7 2 9 9 4 5 6 6 1,909 r-8, - 5 1 7 1 5 Nov. - -10,129 913 228 13 33 -117 -4 994 -265 31 -2, 283 930 "•5, 690 '-7,043 Dec... -3, 765 -5,690 -1,854 -139 -166 -2,884 -438 -209 211 995 4,479 -3, 273 1939—Jan... 33 -3, 786 549 -149 1 -2, 294 -1,274 -7 -125 940 11, 423 -10,608 Feb... -11,940 -2,112 -21 -763 24 -213 556 -1,581 -97 -15 -3, 288 863 7.749 -10,174 Mar. . ^9,999 -37, 332 -10,786 1,547 -1,990 -1,509 -576 -8, 327 -14,830 -860 -5,113 938 -3 4,812 Apr... 9,967 -162,645 -54,266-104, 650 -4,805 -864 10, 819 -3,876 -2,431 -2, 573 P-3, 437 Mayp. 8,005 -2, 287 -5, 489 -1,830 19, 668 -1,144 -915 p Preliminary. r Revised. c Corrected. 1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 2 Includes $67,655,000 exported to Central and South America. 3 Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. 4 Beginning April 1938 figures refer to Greater Germany. 6 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 8 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. 7 Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. s Includes net import of $26,555,000 from Czecho-Slovakia. NOTE.—Switzerland.—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

JULY 1939 FEDERAL RESERVE BULLETIN 609 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic inU. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Total C f b u e 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 s n 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 e n 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 1936—Dec. 30 2, 608. 4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410. 3 1,168. 5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Dec 28 3, 779. 2 1, 432. 7 216.3 c 1, 216. 5 478. 1 610.0 1, 210 9 47 6 1939—Jan. 25 3, 812. 6 1, 421. 4 187.3 1, 234. 2 500.9 644.7 1,188. 4 57.2 Feb. 22 3, 940. 7 1,517.8 239.6 1, 278. 2 535.0 637.5 1,190. 6 59.8 Mar. 1 3,986. 0 1, 544. 9 265.1 1, 279. 7 548.5 641.3 1,192 6 58 8 Mar. 8 . 3, 997. 4 1, 560. 5 281.1 1, 279. 3 543.3 644.5 1,190. 0 59.2 Mar. 15 4,015. 6 1, 568.1 287.3 1, 280. 8 553.4 643.6 1,189. 5 61.1 Mar. 22 4,083.1 1, 648. 3 247.2 1, 401.1 549.5 644.3 1,174. 5 66.5 Mar. 29 4,134. 7 1, 693. 0 256.8 1, 436. 2 550.5 646.7 1,180. 6 63. 9 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total 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 ar st ot A h l e l r 1935—Dec. 31. 1, 412. 5 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 0) 70.9 128.3 12.7 1936—Dec. 30. 2, 608. 4 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 201.2 184.0 21.4 1937—Dec. 29. 3, 410. 3 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 150.5 410.6 224.6 15.9 106.3 1938—Dec. 28. 3, 779. 2 339.5 324.6 554.0 140.7 33.0 463.8 3,041. 7 157.2 389.5 156.8 34.1 1939—Jan. 25.. 3, 812. 6 352.9 330.5 566.7 140.4 29.7 488.3 3,050. 6 164.0 390.5 168. 0 39.5 Feb. 22. 3, 940. 7 350.5 579.0 145.3 25.5 476.9 3,124.0 171.7 403.6 202.3 39.2 Mar. 1__ 3, 986. 0 363.5 363.1 577.2 146.8 24.2 490.0 3,162. 3 164.7 404.4 212. 0 42.6 Mar. 8.. 3,997. 4 368.5 360.7 575.2 146.4 24.8 496.4 3,171.7 165.9 409.8 207.0 43.2 Mar. 15. 4,015. 6 366.1 365.5 578.3 150.4 24.3 495.7 3,189. 3 173.0 413. 5 198.5 41.4 Mar. 22. 4,083.1 367.8 384.8 567.6 149.2 23.8 515.4 3, 212. 2 188.0 436.0 202.3 44.6 Mar. 29. 4,134. 7 366.8 383.6 587.6 150.2 24.7 536.8 3, 252. 9 185.1 443.5 206.4 46.8 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 m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica E F a ar st ot A h l e l r 1935—Dec. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76. 3 288.4 9.6 6.9 109.4 791. 7 76.3 166.3 126.2 8.0 1938—Dec. 28 1,432. 7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010. 6 135.1 134.0 132.7 20.4 1939—Jan. 25 1, 421. 4 347.0 167.8 89.5 213.1 -12.9 -.4 222.2 1,026. 4 105.2 129.1 136.2 24.5 Feb. 22 1, 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 Mar. 1 1, 544. 9 395.8 182.4 116.4 222.5 -12.0 -6.9 224.4 1,122. 7 112. 4 143.0 139.7 27. 1 Mar. 8 1, 560. 5 396.6 189.9 112.4 221.2 -12.8 -6.7 231.0 1,131.7 114.9 148.9 137.4 27.7 Mar. 15 1, 568.1 395.7 184.1 117.3 226.0 -9.8 -5.6 231.1 1,138. 8 121.6 150.7 130.7 26.2 Mar. 22 1, 648. 3 396.0 186.8 134.6 218.1 -11.1 -4.6 249.2 1,169. 0 139.4 171.4 139.4 29.1 Mar. 29 1, 693. 0 401.8 187.4 129.9 233.4 -10.9 -3.9 267.8 1, 205. 5 136.5 179.8 139.9 31.3 TABLE *•t.—UNITED STATES BANKING .FUNDS 1\BROAD 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 ar st ot A h l e l r 1935—Dec. 31 361.4 208.8 48.1 A 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -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—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 -52 3.6 142.6 12.9 35.9 453.3 43.9 70.2 -60.3 -6.3 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 Mar. 1 548.5 201.5 66.0 -3.7 4.0 147.7 13.5 31.2 460.1 51.3 67.9 -24. 9 -6.0 Mar. 8 543.3 203.6 63.4 -3.4 4.2 148.1 13.8 31.1 460.7 49.3 66.2 -26.6 -6.2 Mar. 15 553.4 211.6 67.1 -4.2 4.0 149.0 12.0 30.3 469.8 50.5 68.3 -28.6 -6.6 Mar. 22 549.5 214.5 65.7 -1.8 3.1 149.0 10.6 30.3 471.5 49.6 67.9 -33.3 -6.3 Mar. 29 550.5 209.2 64.9 -1.5 4.5 149.8 10.8 30.9 468.6 49.9 66.5 -28.1 -6.4 s Corrected. 1 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

610 FEDERAL RESERVE BULLETIN JULY 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 a i o 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 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 ti r n ica E F a a s r t o A th 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—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. 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 Mar. 1 641.3 128.5 25.8 28.1 38.5 34.4 22.8 172.1 450.2 -24.7 171.0 35.0 9.9 Mar. 8 644.5 128.7 26.0 28.4 38.2 34.6 22.9 172.3 451.0 -23.8 171.8 35.4 10.0 Mar. 15 643.6 128.7 25.8 28.4 37.7 34.7 23.0 172.5 450.8 -25.2 172. 1 35.9 10.0 Mar. 22 644.3 127.7 26.1 28.5 37.7 34.8 23.1 173.7 451. 6 -25.6 172.4 36.0 9.9 Mar. 29 646.7 127.6 26.3 28.7 38.4 34.9 23.1 174.9 453.8 -25.8 172.6 36.2 9.9 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 o A th 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—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. 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 Mar. 1 1,192.6 458.4 72.3 214.0 301.5 -23.1 -5.4 55.6 1, 073.1 23.1 23.3 61.8 11.3 Mar. 8 1,190.0 456.2 72.8 215.6 300.6 -23.3 -5.4 55.7 1,072.2 22.6 23.4 60.5 11.3 Mar. 15 1,189. 5 457.8 73.1 215.2 298.9 -23.3 -5.5 55.8 1,071.9 22.4 23.7 60.1 11.4 Mar. 22 1,174. 5 448.6 72.6 214.2 298.0 -23.3 -5.4 54.8 1,059. 5 20.2 24.1 59.2 11.5 Mar. 29 1,180. 6 448.3 72.3 217.7 301.7 -23.4 -5.5 56.5 1, 067. 6 18.8 24.6 57.9 11.7 TABLE 7.—BROKERAGE BALANCES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th ll er 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 (2) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 0) .1 5.0 44.0 3.5 -.5 .5 (2) 1938—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. 22 59.8 14.5 16.6 8.3 10.5 -.2 .3 6.4 56.4 2.7 -.4 .5 .6 Mar. 1 58.8 13.3 17.1 8.3 10.7 -.2 .3 6.7 56.1 2.6 -.8 .4 .4 Mar. 8 59.2 14.7 16.2 7.8 10.9 -.2 .3 6.3 56.0 2.9 -.5 .3 .5 Mar. 15 61.1 15.3 16.0 8.7 11.9 -.2 .3 6.1 57.9 3.7 -1.3 .4 .4 Mar. 22 66.5 16.6 16.6 9.3 10.7 _ 2 .2 7.3 60.5 4.5 .2 .9 .4 Mar. 29 63.9 16.3 16.0 8.8 9.6 -.2 .2 6.6 57.4 5.6 . 1 .6 .3 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

611 JULY 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 1 466. 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—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. 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 Mar. 1__ 2,116.1 467.9 214.6 130.4 236.2 17.7 11.8 271.3 1, 349. 9 212.6 263.9 250.7 39.0 Mar. 8__ 2,131. 7 468.7 222.0 126.3 234.9 16.9 12.1 277.9 1, 358. 8 215.0 269.8 248.4 39.6 Mar. 15_ 2,139. 3 467. 9 216. 3 131.3 239.6 19.8 13.2 278.0 1, 366.0 221.7 271.7 241.7 38.2 Mar. 22_ 2, 219. 5 468.1 218.9 148.5 231.8 18.5 14.2 296.1 1, 396. 2 239.5 292.3 250.4 41.1 Mar. 29 2, 264. 2 473.9 219. 5 143.9 247.1 18.7 14.8 314.7 1, 432. 7 236.6 300.7 250.9 43.3 TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n o i i n t m g ed - France N la e e n r t d - h s - e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r Reported by Banks in New York City 1931—Dec. 30_. 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28__ 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27__ 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 1934—Nov. 28 i 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 2. 1,137. 8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 1935—Jan. 2___ 1,139. 9 296.9 80.5 18.6 8.2 231. 7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31_. 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154. 5 80. 1 10. 1 1936—Dec. 30_. 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141. 1 67.2 12.9 1937—Dec. 29-. 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—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. 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 Mar. 1.. 555.6 90.6 12.8 22.4 4.1 83.5 13.7 48.6 275.6 45.0 98.0 122.5 14.5 Mar. 8__ 560.8 88.6 15.3 22.1 3.9 83.1 13.4 48.7 275.1 47.0 99.8 124.2 14.7 Mar. 15. 550.7 80.6 11.6 22.8 4.1 82.2 15.2 49.5 266.0 45.8 97.7 126.2 15.1 Mar. 22. 554.6 77.6 13.0 20.4 5.0 82.1 16.6 49.5 264.2 46.7 98.0 130.9 14.8 Mar. 29. 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 1 Last report date on old basis. 2 First report date on new basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN JULY 1939 CENTRAL BANKS Assets of issue dept. Assets of banking departrrlent Liabilities of banking department Bank of England Note (Figures in millions of Cash reserves Dis- circula- Deposits pounds sterling) Gold Other counts Securi- tion Other assets i and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71 0 8 8 15 8 17 9 1930—Dec 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132 4 6.6 18 0 1931—Dec. 30 - 120.7 275.0 .6 31.6 27.3 133.0 364.2 126 4 7.7 40 3 18.0 1932—Dec 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102 4 8.9 S3 8 18 0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101 2 18.0 1934—Dec 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89 1 9.9 S6 4 18 0 1935—Dec 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12 1 V 1 18.0 1936—Dec 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 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_june 29 _ 326.4 200.0 .9 41.2 7.3 140.6 485.2 1255 10.5 17.9 July 27 326.4 200.0 1.1 33.1 9.5 137.0 493.3 116 4 11 ?, 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 ? 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 .8 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 May 31 226.2 300.0 .6 26.4 8.0 140.7 499.8 82.4 38.3 37.1 17.8 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances Note Other (Figures in millions of francs) Goldi eign to Short- Other circula- liabiliex- Open Spe- Other Gov- term Other assets tion Govern- ties change market 5 cial 6 ern- Govern- securi- ment Other ment 7 ment se- ties 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 IQQO Deo 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—June 30 55,808 804 5,850 177 5,497 40,134 552 3,614 8,258 102,087 3,245 12, 769 2,592 July 28 55, 808 782 5,835 89 7,133 40,134 623 3,545 7,117 101,117 3,135 14, 207 2,608 Aug 25 55, 808 767 6,098 8,241 40,134 331 3,545 7,364 99,065 2,891 17, 684 2,649 Sept. 29 55, 808 764 6,781 642 20, 293 50,134 1,311 4,362 8,410 124, 428 2,825 18, 593 2,660 Oct. 27 55, 808 763 6,802 1,550 14, 694 48,134 1,600 3,865 7,427 110,446 3,642 23, 827 2,727 Nov. 24 87,264 888 7,032 1,611 11,021 20, 627 1,559 3,739 14,185 106, 798 6,169 31, 955 3,004 Dec 29 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14, 442 110,935 5,061 25, 595 2,718 1939—Jan. 26 _ _______ 87, 266 761 8,004 1,996 6,193 20, 627 136 3,389 14,099 109, 378 5,445 24, 935 2, 713 Feb. 23 87, 266 759 7,801 2,014 5,462 20,627 73 3,317 14, 308 111, 162 5,079 22, 556 2,830 Mar 30 87, 266 758 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 May 25 92, 266 754 8, 164 2,276 4,774 20, 577 78 3,401 14, 264 121, 391 4,573 17, 570 3,020 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 and about £5,500,000 transferred from Exchange Account to Bank. 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 6 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p. 452; Aug. 1938, p. 650, and Jan. 1939, p. 30). NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

613 JULY 1939 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Liabilities (Figu r r R e e e s ic ic h in h m s m b ar a i k l n l s k i ) ons of Gol R d eser e v F x e o c s r h e a i n g g n e Tre b a il s ls ury b c i O h ll e s t c h k ( e a s r n ) d Se lo c a u n r s ity E a c s li o g n v i S e o b e r t le e curiti O es ther a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec. 31. 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31, 2,216 469 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31. 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 386 9 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31. 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 82 5 53 4,498 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 71 6 119 6, 013 60 106 286 5,493 1,059 970 1938—June 30. 71 39 6,136 71 547 300 1,322 6,440 1,119 932 July 30_ 71 17 6,247 49 549 298 ,285 6,650 920 951 Aug. 31. 71 1 6,647 35 550 ,268 6,869 1,033 974 Sept. 30 71 2 8, 173 48 550 ,129 8,023 1,231 1,022 Oct. 31. 71 1 7,542 32 550 ,360 7, 754 1,040 1,064 Nov. 30 71 7,513 48 548 298 ,494 7,744 1, 141 1,093 Dec. 31. 71 8,123 45 557 298 ,621 8,223 1, 527 1,091 1939—Jan. 31.. 71 7,144 52 592 298 ,848 7,816 1,119 1,091 Feb. 28. 71 7,333 60 660 288 ,710 7,939 1,105 1,112 Mar. 31. 71 8, 137 58 677 292 ,489 8,311 1,249 1,212 Apr. 29- 71 7,722 55 668 476 1,928 8,519 1,122 1,289 May 31. 71 7,545 40 922 285 2,182 8,525 1,292 1,234 NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 1939 1938 1939 1938 Central bank Central bank [Figures as of last report [Figures as of last report date of month] May Apr. Mar. May date of month] May Apr. Mar. May National Bank of Albania (thou- National Bank oi Belgium—Cont. sands of francs): Gold ___ 7,573 7,567 Demand deposits—Treasury 20 7 23 14 Foreign assets 18,188 20, 876 Other 156 135 223 279 Loans and discounts.. 5,369 4,738 Other liabilities 122 122 122 118 Other assets 4,793 4,691 Central Bank of Bolivia (thousands Note circulation . _ 11, 940 10, 944 of bolivianos) : Other sight liabilities 11,348 14,839 Gold at home and abroad 54,158 Other liabilities 12, 636 12, 088 Foreign exchange 107, 076 Central Bank of the Argentine Loans and discounts 21, 701 Republic (millions of pesos): Securities—Government 402, 285 Gold reported separately _ _ 1,224 1,224 1,224 Other 4,366 Other gold and foreign exchange. 80 67 122 Other assets 20, 537 Negotiable Government bonds 279 288 107 Note circulation 265, 805 Other assets 196 185 169 Deposits 283, 228 Note circulation 1,126 1,129 1,100 Other liabilities 61,090 Deposits—Member bank 417 394 327 National Bank of Bulgaria (mil- Government 157 176 142 lions of leva): Other 3 2 2 Gold 2,006 2,006 1,994 Foreign exchange sold forward 31 17 11 Foreign exchange . . 855 921 815 Other liabilities 47 46 42 Loans and discounts 988 892 961 Commonwealth Bank of Australia Government debt 3,441 3,441 3,495 (thousands of pounds): Other assets . 1,310 1,283 1, 331 Issue department: Note circulation 3,166 2,958 2,350 Gold and English sterling 16,030 16, 007 Deposits 3,285 3,469 3,996 Securities 40, 505 40, 302 Other liabilities 2,149 2,117 2,250 Banking department: Bank of Canada (thousands of Ca- Coin, bullion, and cash 1,506 1,310 nadian dollars): London balances 19, 073 26, 718 Gold 205, 639 205, 993 202, 984 181, 705 Loans and discounts 16, 025 12, 780 Sterling and United States ex- Securities 54, 948 49, 857 change 34, 599 31, 586 33, 335 31,807 Deposits. 85, 494 86,106 Canadian Gov't. securities: Note circulation 47, 530 49, 034 2 years or less 114,032 135, 834 132, 718 122, 046 National Bank of Belgium (mil- Over 2 years 52, 714 29, 340 27,067 39,534 lions of belgas): Other securities 9,607 Gold reserve 3, 089 3, 066 3,059 2,693 Other assets. 4,674 7,521 8,224 5,494 Other gold and foreign exchange 559 445 681 748 Note circulation . _ 166, 227 165, 330 160,144 155,306 Discounts 538 589 335 490 Deposits-Chartered banks 205, 352 206,187 205, 642 189,131 Loans. _ . . .. 65 150 148 133 Dominion Government 24, 217 21, 246 20,494 27, 238 Other assets 471 471 468 464 Other 6, 373 8,635 6,609 3,071 Note circulation 4,425 4,459 4,324 4,116 Other liabilities 9,489 8,876 11,441 15, 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN JULY 1939 CENTRAL BANKS—Continued Central bank 1939 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] May Apr. Mar. May date of month] May Apr. Mar. May Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor (thousands of colones): Gold 145 145 144 Gold 13, 207 13, 207 13,172 Discounts for member banks 84 92 12 Foreign exchange 6,891 7,073 4,267 Loans to government 758 758 782 Loans and discounts 556 608 751 Other loans and discounts 246 216 128 Government debt and securities. _ 5,172 5,209 5,552 Other assets 53 53 50 Other assets 908 870 1, 752 Note circulation 877 852 731 Note circulation 15, 374 16,159 14,091 Deposits- Deposits 7,718 7,140 7, 035 Bank 181 181 185 Other liabilities 3,641 3,668 4,368 Other 71 77 59 Bank of Estonia (thousands of Other liabilities 157 153 142 krooni): Bank of the Republic of Colombia Gold 40,857 40, 845 34, 248 (thousands of pesos): Foreign exchange (net) 17,678 15,362 Gold 36, 416 37, 461 33,499 Loans and discounts 29,110 27, 336 23,127 Foreign exchange 6,187 5,952 6,839 Other assets 36,115 35, 657 29, 464 Loans and discounts 18, 828 18, 203 18,408 Note circulation 55, 530 53,917 48, 296 Government loans and securities. 37, 858 37, 889 46, 825 Demand deposits 39, 380 40,124 32, 951 Other assets 29, 962 30,802 26, 449 Other liabilities 28,850 20, 952 Note circulation 54, 368 54, 601 50,037 Bank of Finland (millions of mark- Deposits 39, 890 41,050 40, 528 kaa): Other liabilities 34, 993 34, 655 41, 455 Golds 1,128 1,128 1,128 620 National Bank of Czecho-Slovakia ' Foreign assets 2,517 2,490 2,522 2,384 (millions of koruny): Loans and discounts 1,293 1,258 1,226 1, 585 Gold 1,854 1,894 1,896 2,653 Domestic securities 327 329 330 272 Foreign exchange 812 856 982 363 Other assets 135 118 138 319 Discounts 2,140 2,073 2,392 2,289 Note circulation 2,226 2,306 2,283 2,184 Loans 901 866 1,260 Deposits—Treasury 68 90 122 292 Government debt 2,007 Other 959 773 746 1,050 Other assets 3,519 3,315 2,886 1,238 Other liabilities 2,147 2,152 2,194 1,655 Note circulation 6,291 6,295 6,038 7,937 Bank of Greece (millions of drach- Demand deposits 664 595 867 335 mas): Other liabilities 2,271 2,114 2,135 1,539 Gold and foreign exchange (net)__ 3,711 3,907 3,606 3,310 Bank of Danzig (thousands of Loans and discounts 10,141 8,584 9,028 6,510 gulden): Government obligations 4,256 4,235 4,229 4,355 Gold 25, 324 25, 262 25, 260 28, 377 Other assets 1,970 1,805 1,823 2,257 Foreign exchange of the reserve.. 2,318 3,773 596 4,525 Note circulation 8,195 8,255 6,846 6,481 Other foreign exchange 352 280 309 533 Deposits 10, 202 9,652 10,170 7,673 Loans and discounts 18, 699 22, 285 25, 503 16,117 Other liabilities 1,681 1,623 1,671 2,276 Other assets 3,090 2,875 2,931 3,570 National Bank of Hungary (mil- Note circulation 47, 672 48, 325 41,419 35, 538 lions of pengo): Demand deposits 16, 313 19,117 15, 364 15, 616 Gold 4 124 124 124 84 Other liabilities 19, 265 19,147 19, 270 19,016 Foreign exchange reserve 95 102 87 73 National Bank of Denmark (mil- Discounts 459 512 506 470 lions of kroner): Loans—To Treasury 299 296 280 120 Gold 118 118 118 118 Other 12 12 12 14 Foreign exchange 93 107 116 81 Other assets 357 333 370 316 Discounts 20 20 20 21 Note circulation 868 896 888 584 Loans—To Government agencies 69 55 65 122 Demand deposits 192 187 179 221 Other 147 148 126 103 Certificates of indebtedness 99 99 99 70 Securities 187 183 169 110 Other liabilities 187 198 213 203 C N e a s s n t a a i t N D n N n D F L L B O F O N O G D o O G O r d d n o o a o o e r o o e t t o o e t t o t G s s a h h i h r l h r h a a p p m l t t t l t e e l d e e e e e n e n e o e d i o o o o i i s r r r r a r s s v B g _ g s s f f c c c h n i n e i n - a l l B a a i a i i a a s , p t t i d i r _ r r r s s s s s n u a a n n a c o c c n e e s _ s — s b b c k n u u d d u d e x u e x e m E r i i k t l l t l e t c c n l l e G s g a s d d a s a e i i p h h o d s t t t t t i i y n o a o i i a i ) i f i s s s o o o e e p t : o n v n c c s ) s s f n n n t : i g o o g e s E i t e r e u e s u a c n c E n n n u ( m u , t t g a n s s r e y d i e t n p a o t i t ) e r n t2 s d (t ( o h th t o h o u e u - r - 4 1 1 1 3 0 0 9 5 8 3 4 4 1 1 9 4 9 0 2 8 4 4 2 2 3 6 3 5 1 1 5 8 0 3 0 2 4 5 3 6 4 2 6 3 , , , , , , , , , , , , , , 4 4 0 1 2 5 0 8 4 1 1 1 6 5 6 4 9 5 0 5 2 4 9 2 1 0 3 8 0 1 1 2 3 9 8 8 5 3 4 5 5 0 5 6 7 9 0 1 3 7 6 8 7 8 • • 3 1 6 3 3 1 1 5 7 4 9 8 4 7 3 6 0 1 7 7 5 3 , , , , , , , , , , , , , , 5 2 5 3 8 1 1 5 4 0 1 1 1 8 7 7 9 4 7 6 1 8 7 0 3 2 6 5 9 7 2 8 1 4 9 7 5 0 1 2 2 9 0 3 9 5 6 3 0 9 8 9 B R a e r n u se k L S D G p I B r s p e o o i a o v s e e s a f n u l e c s c d n e I k N N T D I B L O O S R G J ) i o n s n B : a i t a r o a u u e o t o t o — d n l e v d e a h h p l a p n t p l t g r e e a f i a n d e e e e a n l o O t G e o a p n s s s r i r s k n s e s n r n d t c u a c a t o e i m l a o h g i t t e e r r t o ( i c i v o r G s s f y t s e a g m p f o c e h s e m s r b n i a o u i n e G e o a r b i I s n i r l e t n l c v n t b m s l i s e l o a s t l i n u m u i ' r d m x l t t t o v e o r e s t i . i i c : e i e n e o a e a t a h s d s n s r n d d i n e n a e n t i ( e t s o c d n s m m : c p u f g o a i r e a e y l i u b n l r t e f i n i r t t o u n e o m t n s n ) e a : s d d e d n o t f ... 3 4 5 4 0 0 0 3 5 0 1 1 1, 3 2 4 5 5 8 4 3 6 1 1 1 0 4 2 9 6 0 9 8 2 7 6 1 4 1 8 3 0 5 3 9 7 9 1 3 5 4 3 0 0 7 4 7 5 1, 3 4 3 8 4 5 3 5 7 1 1 1 1 0 9 2 6 1 0 6 9 2 4 0 8 4 1 1 8 3 0 6 7 9 1 1 5 5 3 4 8 1 4 0 1, 3 3 8 4 7 3 4 8 5 1 0 2 4 0 2 6 6 8 5 5 0 9 4 9 3 1 2 4 4 0 7 6 2 8 8 2 7 9 4 2 Other 16, 997 18,140 Government bonds 1,668 1,677 1,573 1,237 Other liabilities 8,362 8,461 Other assets 334 333 381 174 Note circulation 2,137 2,413 2,232 1,881 Deposits—Government 610 388 524 445 Other 205 115 189 94 Other liabilities 300 367 319 r Revised. 1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939. 2 Items for issue and banking departments consolidated. 3 In accordance with law of December 22, 1938, gold revalued on December 31, 1938, at approximately .02 gram fine gold per mark. 4 In accordance with law XXV of 1938 gold revalued on January 15, 1939, at .1754 gram fine gold per pengo and resulting increment included in other assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1939 FEDERAL RESERVE BULLETIN 615 CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1938 [Figures as of last report [Figures as of last report date of month] May Apr. Mar. May date of month] May Apr. Mar. May Bank of Java (millions of guilders) : Bank of Portugal (millions of Gold 117 117 117 escudos): Foreign bills 10 8 2 Gold 919 917 Loans and discounts 64 63 63 Other reserves (net) 518 505 Other assets 114 106 92 Non-reserve exchange 187 174 Note circulation 193 185 185 Loans and discounts 448 358 Deposits 86 83 62 Government debt 1,036 1,040 Other liabilities 27 27 Other assets 1,247 1,229 Bank of Latvia (millions of lats): Note circulation 2,072 1,982 Gold - 93 93 93 78 Other sight liabilities 1,252 1,281 Foreign exchange reserve 40 46 44 42 Other liabilities 1,032 961 Loans and discounts 154 162 157 134 National Bank of Rumania (mil- Other assets 51 56 57 54 lions of lei): Note circulation 88 89 85 65 Gold 18, 662 18, 446 18, 351 16,777 Deposits 211 221 220 198 Special exchange accounts 4,174 4,027 4,168 5,088 Other liabilities 38 46 46 44 Loans and discounts 14,128 14, 990 14,849 6,685 Bank of Lithuania (millions of litu): Special loans 3 1,577 . 1,599 1,637 1,952 Gold 62 63 63 79 Government debt 10, 247 10, 249 10, 326 10, 483 Foreign exchange 6 8 7 5 Other assets 12, 786 12,036 12, 253 11,088 Loans and discounts 128 134 123 109 Note circulation 38, 948 39, 189 38, 270 30, 208 Other assets 36 34 33 32 Demand deposits 10, 614 10, 341 12, 491 11, 504 Note circulation 168 182 164 .126 Other liabilities 12,013 11,817 10, 823 10, 362 Deposits 35 31 40 78 South African Reserve Bank (thou- Other liabilities 29 27 22 21 sands of pounds): Netherlands Bank (millions of guil- Gold 26, 430 26, 813 22, 862 ders) : Foreign bills 7,545 7,592 6,245 Gold 1,226 1,335 1,481 Other bills and loans 18 144 3,829 Silver (including subsidiary coin) 20 25 20 Other assets 15, 347 16, 015 13,106 Foreign bills 3 3 5 Note circulation 18, 672 18, 577 17, 371 Discounts 13 10 9 Deposits 27, 264 27, 972 25, 401 Loans 213 201 331 Other liabilities 3,404 4,014 3,268 Other assets 69 69 67 Bank of Sweden (millions of Note circulation 1,037 978 944 kronor): Deposits—Government 8 41 136 Gold 759 747 731 600 Other 448 573 786 Foreign assets 659 690 729 875 Other liabilities 50 49 47 Discounts 13 13 13 13 Reserve Bank of New Zealand Loans 56 51 48 21 (thousands of pounds): Domestic securities 151 141 131 40 Gold 2,802 2,802 2,802 Other assets 504 495 491 334 Sterling exchange reserve 4,659 4,660 18, 279 Note circulation 1,012 1,041 1,054 931 Discounts Demand deposits 973 922 920 836 Advances to State or State un- Other liabilities 157 174 169 116 dertakings 19, 684 19, 431 3,776 Swiss National Bank (millions of Investments 3,771 3,661 2,736 francs): Other assets 868 520 296 Gold 2,471 2,471 2,645 2,837 Note circulation 15, 659 15, 334 13, 817 Foreign exchange 266 264 261 407 Demand deposits 13, 946 13, 888 12, 274 Discounts 65 203 190 44 Other liabilities 2,180 1,852 1, 797 Loans 33 34 28 21 Bank of Norway (millions of Other assets 682 684 704 700 kroner): Note circulation 1,737 1,773 1,765 1, 529 Gold 236 236 210 199 Other sight liabilities 1,137 1, 239 1,421 1, 845 Foreign assets 164 167 199 272 Other liabilities 643 644 642 635 Total domestic credits and Central Bank of the Republic of securities 270 259 235 174 Turkey (thousands of pounds) : Discounts 0) 101 89 76 Gold 36,884 36, 877 36,877 36,862 Loans 0) 38 37 29 Foreign exchange—Free 1 21 7 17 Securities (0 120 109 69 In clearing accounts 11,199 14, 557 9,377 15, 251 Other assets 0) 57 49 49 Loans and discounts 131, 223130,184 115, 268 61, 742 Cent D N O ra e o th l m t e e r a c R n l i i d e r a c s b u e d i r l l e a v i p t t e i i o e o s s n i B ts a — n O k G t o h v e o r e f rn P m e e r n u t. 0 4 1 ) 5 1 7 8 1 6 4 1 6 8 5 2 7 1 0 1 4 11 6 5 7 0 1 0 4 4 1 3 0 7 7 6 9 6 3 N S O D O e o e t t c h h p t u e e e o r r r s i c t i l a i i t i r e s s a c s s b u e i t l l s a it t i i e o s n 2 1 1 2 3 5 9 2 9 2 2 2 2 , , , , , 8 3 6 9 7 8 0 8 9 9 4 5 2 1 72 1 1 3 3 2 9 5 6 0 2 4 0 , , , , , 1 9 2 9 3 1 2 6 3 8 2 8 8 9 2 2 1 1 1 2 5 9 1 6 1 2 1 6 , , , , , 3 1 8 4 5 5 1 6 5 3 1 4 4 7 1 . . . 3 5 7 1 8 5 1 5 2 9 , , , , , 0 8 3 2 7 3 0 2 0 6 2 2 5 1 6 (thousands of soles): Bank of the Republic of Uruguay Gold and foreign exchange 45, 837 (thousands of pesos): D G O i t o s h v c e e o r r u n a n m s t s s e e n ts t loans 3 6 0 9 5 , , ,4 6 5 9 7 2 2 9 6 Issue N G o o d l t e d e p c a a i r n r t d c m u s e l i a n lv t t i : e o r n 8 9 6 5 , , 2 5 3 2 5 4 1 8 0 7 3 , , 5 9 8 8 5 0 Bank N D O e o o th f p t e e o P r s c o i l i l t i r s a a c n b u d i l l a i t t ( i i m e o s n illions of zlotys): 9 4 1 5 0 5 , , , 1 5 8 2 4 6 9 1 5 Bank L G O i o o t n h a l g d e n r s d e a p nd ar t d m is e c n o t u : nts 1 2 0 4 9 0 4 , . . 0 0 4 6 6 0 3 2 6 9 4 5 9 1 , , , 0 1 83 9 4 0 1 5 Gold 443 443 448 440 Other assets 73,105 72,186 Foreign exchange 14 13 13 20 Deposits 86, 486 82, 889 Loans and discounts 818 803 684 719 Other liabilities 160,150 135, 362 Securities 153 147 135 128 National Bank of the Kingdom of Special gov't. debts 515 515 515 (2) Yugoslavia (millions of dinars): Other assets 382 370 369 441 Gold 1,918 1,917 1,916 1,828 N O o th te e r c s ir ig cu ht l a l t i i a o b n ilities 1,8 1 4 6 1 0 L,8 1 0 6 8 2 1,6 1 6 7 9 8 1,1 2 2 7 3 8 L Fo o r a e n i s g n a n e d x c d h i a s n c g o e unts 1,8 5 3 2 5 5 1, 4 9 8 7 5 6 1, 4 6 3 7 8 6 1, 3 5 5 5 0 0 Other liabilities 325 320 316 347 Government debt 2,230 2,229 2,229 2,241 Other assets 3,160 3,137 3,095 3,321 Note circulation 7,298 7,423 6,806 5,985 Other sight liabilities 1,624 1,568 1,808 2,503 Other liabilities 747 752 739 801 1 Figures not yet available 2 Not reported separately on bank statement; included with loans and discounts. s Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN JULY 1939 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs 11 1939 1938 1939 1938 Assets Liabilities May 31 April 30 May 31 May 31 April 30 May 31 Gold in bars 64, 732 43, 747 32, 272 Demand deposits (gold) _. 13, 205 9,649 9,794 Cash on hand and on current account with banks 6, 756 18, 128 21,012 Short-term deposits (various curren- Sight funds at interest 16, 275 31,010 16, 473 cies) : Central banks for own account 109, 214 127, 269 183, 882 Rediscountable bills and acceptances Other 5,418 5, 112 4,736 (at cost) 219, 950 216, 247 240, 404 Time funds at interest 34, 464 29, 643 53, 248 Long-term deposits: Special accounts..._ 255,128 255,122 256, 461 Sundry bills and investments 232, 208 249, 533 282, 805 Other liabilities 193, 415 192, 672 193, 533 Other assets . . - 1, 995 1, 516 2,191 Total liabilities ... . .__ 576, 379 589, 823 648, 405 Total assets 576, 379 589, 823 648, 405 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 t n a e t r n h s c 1 s es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a n B l l a d o n e w k p a e o n r s c s i ' t e s d P is r r c i a v o t a u e 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 u e t n e t M 1 o m n o e n y t f h or 1929—May 5.21 5.21 4.67 7.49 9.65 9.32 5.37 5.88 1930—May 2.16 2.11 1.93 3.89 5.00 3.62 2.29 2.53 1931—May 2.24 2.21 1.87 4.65 5.83 5.38 1.39 1.55 1932—May 1.44 1. 10 1.29 4.87 5.96 5.91 .60 1.03 1933—May .50 .37 .58 3.87 5.50 5.24 2.11 1.69 1934—May ^__ .91 .85 .85 3.87 5.13 4.72 1.33 1.22 1935—May .59 .51 .75 3.09 3.10 3.17 3.78 2.96 1936—May .55 .54 .75 2.92 2.89 2.76 2.15 1.82 1937—May .55 .51 .75 2.88 2.63 2.69 .17 1.00 1938—May .53 .51 .75 2.88 2.66 .13 .50 1938—November .67 .75 2.88 2.88 2.58 .14 .50 December, .93 .80 2.88 2.88 2.86 .13 .50 1939—January .55 .53 .75 2.88 2.88 2.46 .13 .50 February .53 .51 .75 2.88 2.88 2.53 .13 .50 March .70 .75 2.88 2.88 2.70 .29 .50 April 1.40 1.36 .76 2.88 2.88 2.36 1.11 1.24 May... .73 .70 .75 2.77 2.53 2.46 .72 Sw la it n z d er- ( B B e r l u g 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 u e t n e t d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t c c i o a P m l r p i m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C r o n a n l i e l g y ht 1929—April 3.45 3.97 3.44 6.75 7-9 5. 48-5. 66 3.65 1 1 9 9 3 3 0 1 — — A A p p r r i i l l 2 1 . .0 61 6 3 2 . . 3 2 3 5 2 1 . .4 57 7 6 5. . 4 4 8 3 5-6^ A 3-5 5. 29- 5 5 . . 4 4 8 8 3 2 . . 6 9 5 2 1932—April 1.50 3.26 1.66 6.00 4-5 5-7 6. 20-6. 57 5.48 1933—April 1.50 2.50 1.87 4.00 5. 48-5. 84 2.37 1934—April 1.50 2.14 2.70 3.00 5.29 2.46 1935—April 1.80 2.38 2.14 3.50 5.11 2.54 1936—April 2.25 1.38 5.03 5.00 2% 4.97 3. 11 1937—April 1.00 1.00 4.00 4.50 2% 4.75 2.86 1938—April 1.00 1. 50 3.25 5.00 4.56 2.45 1938—October. _. 1.00 3.00 3.00 5.00 234-5 4.56 2.31 November 1.00 2.01 2.90 5.00 A 23^-5 4.56 2.50 December. 1.00 2.21 2.23 5.00 2^5 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 2^-5 4.47 2.56 March 1.00 3.28 1.94 5.00 234-5 4.47 2.54 April 1.00 4.28 1.88 5.00 23/2-5 4.47 2.47 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

JULY 1939 FEDERAL RESERVE BULLETIN 617 DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g ed - France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S l w a e n i r t d z- Japan b C an e k n tr o a f— l J R u 2 a n 4 t e e eff D ec a t t i e ve b C a e n n k t r o a f l — J R u 2 a n 4 t e e ef D fec a t t i e ve In effect June 30, Albania.. 6 April 1, 1937 Japan... ._ 3.29 Apr. 7, 1936 Ju 1 ly 93 7 6 2 4 4 2 3 2 3.29 A Be rg lg e i n u t m in a _ . _ 3 2 M M a a y r. 11 1 , , 1 1 9 9 3 3 9 6 J L a a v t a via 3 J J a a n n . . 1 1 4 , , 1 1 9 9 3 3 9 7 S J N J S O O O J O D J A S N M M M S a u u u e e e e c c c o c e u o n l a n a l a p p p p t t t t c y v y v g y y y . . e t t t t . 9 2 2 2 1 1 7 3 1 3 1 9 1 2 4 2 1 2 3 8 0 0 6 5 0 3 0 6 5 3 8 , 1 1 9 9 3 3 7 8 3 3 5 2 4 6 4 2 3 5 3 3 ^ 2 2 4 3 2 2 ^ 2 VA E E D D E F G H B B C C C F G I B C t i r l s c z o a h r u o r a a e u e S n a e t i u e l l n i l l n r n S n o t l n y l o e l i g c a m i z o a a e v n m a g c s c i h a d i n n d v i h l e e i g a a r o a o v a a d a b a i n r - r a a I r i k y y n a d k i . _ . d o a . _ _ _ . i . r . a _ . _ . . 4 6 4 4 2 4 4 4 4 3 3 6 6 2 J J J J A A J N D S M J A F O N D M a a a a u u e e u u e o c u e o n n n n a l a l p b c t g c y g y g v v . y . . . r . t . . . . . . . . . . 1 2 2 2 3 2 2 1 1 1 1 4 4 2 3 0 8 9 2 3 1 1 8 5 6 3 8 5 1 , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 2 5 3 5 2 5 9 7 7 4 6 9 6 5 6 5 5 U T Y S S S U P P S N R L M N N P w w o p o o u n i . u e u e o e d l e t u a l r a r w i e r t m g i o r h S x a t t k i h t t n w u d u e m o n i u h z . n e a d e c e d . g e s d a a S y n o r . n l r A a y n . l . K i a l a l Z a i a f v n a _ R i r n e n i i - d a c d a . g . s - _ a - - 4 2 4 5 3 4 3 6 5 7 2 3 4 2 2 J J J N J J D A M N D M F M D M M u u u u a e e o u e o e n l a n l l a a a a b c c y y y c g v v y y y . e y r . . . . . . . . 3 2 2 1 1 1 1 1 1 0 5 6 1 5 1 5 0 1 3 1 5 5 9 1 8 1 , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 6 6 7 8 9 2 5 8 8 5 6 3 8 7 7 3 Oct 27 23^ Nov 25 Changes since May 24: None. Jan 4 1939 2 2 Apr 17 4 May 11 3 In effect June 24, 1939 __ 2 2 4 3 2 3.29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities (Figures in U m n i i l t l e io d n s K o i f n p g o d u o n m ds sterling) re C se a r s v h es M ca n o s l o h n l t o e i a y c r n t e d at B co il u ls n t d e i d s- Se ti c e u s ri- L c o us a t n o s m t - o O as t s h e e ts r Total D D e e m po a s n i d ts i Time 1 lia O b t i h li e t r ies 10 London clearing banks 1930—December. 208 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 1938—December. 235 150 244 606 940 250 2,172 254 11 London clearing banks 2 1936—December. 244 195 322 660 890 249 2.315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—April. 246 150 249 638 998 240 2.268 1,228 1,040 252 May 231 146 280 631 986 246 2.263 1,220 1,043 256 June 247 154 289 630 985 251 2,299 1,245 1,054 256 July 244 159 302 633 985 242 2,309 1,254 1,055 255 August 241 153 305 642 974 239 2,298 1,248 1,050 256 September. 234 148 289 646 973 242 2,269 1,236 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 1,185 970 267 May 236 144 201 605 992 258 2,167 268 i Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. a 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

618 FEDERAL RESERVE BULLETIN JULY 1939 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (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 D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—D ecember _. 2,419 4,675 20,448 10,743 2,361 36, 681 35, 284 1,397 921 4,357 1931—December.. 11,311 2,168 18, 441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37, 759 36, 491 1,268 295 4,331 1933—December. 5,870 1,416 19, 848 8,309 1,827 32, 635 31,773 862 273 4,362 1934—December. 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—December. 3,100 2,975 17, 582 7,631 1,957 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—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 4,0(30 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 Februaryc. 3,433 3,824 23, 024 6,927 1,250 34, 243 33,619 624 538 3,677 March 3,604 3,519 23, 945 1,310 34, 793 34,127 667 541 3,697 Assets Liabilities Germany * (5 large B l e io rl n i s n o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n d te i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m o a si n t d s Time o C b b f r t a r e a o n d i m k n i s t e s d l O ia t t i b h e i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 983 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—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 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 7,334 3,619 3,716 414 1,436 February... 175 307 3,888 2, 798 1,145 7,377 3,576 3,801 410 1,427 Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada excl d u e d p in o g s its interbank (10 cha l r io te n r s e d o f b C a a n n k a s d . ian F ig d u o r ll e a s r s i ) n mil- Cash S l e o c a u n r s ity an O lo d t a h d n e i s r s- a f a o n f b d r r d r o e u o i m e n g a e n d t Se t c ie u s ri- Other ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b h e i s e li r counts banks 1930— December. 207 205 1,275 171 604 602 133 2,115 ,426 816 1931—December. 201 135 1,253 146 694 510 129 2,058 .,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—June 247 69 921 119 1,462 520 99 2,459 838 ,621 781 July 240 71 920 123 1,437 471 95 2,394 772 ,623 772 August 262 71 913 137 1,440 459 93 2,418 783 ,635 771 September. 270 60 965 150 1,421 481 99 2,447 814 ,633 802 October.._ 291 66 986 147 1,409 470 94 2,480 824 ,656 795 November. 277 64 970 192 1,426 471 92 2,499 844 ,655 December. 263 65 940 166 1,463 474 2,500 840 ,660 1939—January. __ 276 63 919 167 1,454 459 2,457 789 1,667 796 February.. 267 60 921 171 1,490 450 2,471 780 1,691 800 March 259 56 943 192 1,499 458 2,492 791 1,700 821 April 260 54 956 203 1,509 449 2,509 812 1,697 833 c Corrected. i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

619 JULY 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] Year or month A (p t r i e g n s e a o n ) - ( t p A r o a u u l s i n - a d) A ( l s u i c n s h t g r i ) l i - a ( g b B i e u e lg m l- a) (m B i r l a r z e i i l s) ( B I r r n i u d t p i i e s a e h ) g B ( a l u r e l i v - a ) C (d a o n ll a a d r a ) Off C ic h ia il l e (p E es x o p ) ort S ( C y h h h u a a i a n i n ) n g a - - C (p o b e l i o s a m o) - ( C pe u s b o a ) 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 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 i6.1806 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—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 October 31. 793 379. 89 16. 904 5. 8488 35. 617 1. 2324 99. 062 5.1771 4. 0000 16. 029 57.078 99. 916 November.. 31.382 375. 05 16. 908 5. 8595 35.151 1. 2325 99. 248 5.1777 4.0000 15. 796 57.136 99. 926 December.. . 31.135 372. 06 16. 843 5. 8646 34.860 1. 2326 99. 064 5.1758 4. 0000 16.110 57. 001 99. 931 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 99. 936 May 31.210 372. 89 17.016 34. 916 1.2101 99. 620 5. 1733 4. 0000 15. 987 57. 009 99. 942 Year or month s ( C k lo z o v e r a c u h k n o i a a - ) ( m D kr e a o n r n k - e) p E o g u y n p d t ) Fi ( k n m k la a a r ) n - d F ( r fr 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 m r e a a e c ) c h e - ( H d K o o o l n n l g a 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 u e 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 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 .8958 30. 457 19. 727 5. 2605 28. 451 22.122 55. 009 1938—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 .8586 29. 049 19. 613 5. 2601 27. 300 20. 026 53. 092 April 20. 891 479. 90 2. 0542 2. 6478 40. 081 . 8579 28. 659 19. 602 5. 2601 27. 274 20. 023 53. 132 May 20. 895 479.97 2. 0548 2.6487 40.115 .8570 28. 884 19.588 5. 2603 27. 277 20. 025 53. 601 Year or month Z (p e N a o e l u a w n n d d ) N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u do - ) R ( u n le m i u a ) a- (p S A o o fr u u i n t c h d a ) Spain ( S S m d t e o r e t l a t n l l i a t e t s r s - ) ( S k d 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 K p d n o i o i n u m t n g ed - d) ( g U p u r e a u s - y o) ( Y s d l u i a g n v o a i r - a ) 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—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. 653 470. 75 61.955 2. 2797 December... 373. 72 23.463 18. 865 4. 2406 .7315 462. 32 4.996 54. 302 24. 051 22. 612 467.03 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 May 374. 42 23. 519 18.812 4. 2460 .7056 463. 11 11.023 54.373 24.110 22. 480 80. 290 468.13 61. 598 2. 2675 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; Spain—quotations resumed on May 15; nominal. 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

620 FEDERAL RESERVE BULLETIN JULY 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n t i a t te e s d Canada K U i n n i g t d e o d m France Germany Italy (O J c a t p o a b n er Ne l t a h n e d r s - Sw l i a t 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—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 97 675 106 98 266 70 106 May 76 74 98 684 270 1 Approximate figure, derived from old index (1913=100). WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month 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 a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u l ct l s - P s r i o o v ns i- a p t f r n I i r i n n d o a i d l d s s h u u r e e a s c m d - w t s i- ' p tr I r i i n o s a d d h l u e u f d s c i - n ts - 1926 100 100 100 581 793 129 132 130 150 1929 100 92 579 669 130 125 132 157 1930 91 85 100 526 579 113 113 120 150 1931 75 75 87 542 464 104 103 136 1932 61 70 85 482 380 91 118 1933 61 71 83 87 420 380 87 113 1934 71 78 85 90 393 361 96 116 1935 84 78 87 90 327 348 102 119 1936 82 80 92 96 426 397 105 121 1937 86 85 102 112 562 598 105 125 1938 74 82 97 104 641 663 106 126 1938—April 72 82 100 104 633 651 106 126 May 72 82 100 103 650 657 106 126 June 73 81 101 657 663 106 126 July 74 81 102 630 671 106 126 August 73 81 102 625 670 107 126 September. 75 81 102 631 106 126 October 74 81 102 646 106 126 November. 74 81 103 662 685 107 126 December. 73 80 102 684 685 107 126 1939—January ... 72 80 100 688 108 126 February.. 72 100 673 694 108 126 March 70 100 671 694 108 126 April 69 100 650 697 107 126 May 68 101 652 712 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

JULY 1939 FEDERAL RESERVE BULLETIN 621 PRICE MOVEMENTS IN PR1N<CIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Eng- France Ger- Nether- Switz- United Year or States land July many lands erland Year or States month 1923- July 1914=100 1913- 1911- June month 1923- 1925=100 1914=100 1914=1001913=100 1914=100 1925=100 1926 109 161 554 146 161 160 1926 103 1929 105 154 611 156 162 156 1929 _ 100 1930 100 145 614 146 150 152 1930 97 1931 82 131 611 131 136 141 1931 89 1932 68 126 536 116 119 125 1932 80 1933 66 120 491 113 120 117 1933 76 1934 74 122 481 118 124 115 1934 79 1935 81 125 423 120 118 114 1935 81 1936 82 130 470 122 120 120 1936 82 1937 85 139 601 122 127 130 1937 84 1938 79 141 702 122 130 130 1938 83 1938-April 79 137 702 122 129 129 1938 April May 79 139 705 123 132 128 May June 80 138 698 123 134 130 June 83 July 80 146 671 124 130 129 July August 78 141 677 124 129 129 August September 79 140 697 121 130 130 September October _ 78 139 725 121 130 130 October. _ November 78 140 727 121 128 130 November December. 79 139 742 121 130 130 December. 1939-January _. 78 138 748 122 129 1939-January February. 77 138 744 122 129 February March 76 135 742 123 ^30 128 March April 77 135 734 122 129 April May 77 134 738 May GO CO Eng- France Ger- Nether- Switzland Jan.- many lands erland July June 1913- 1911- June 1914=1001914=1001914=100 1913=1001914=100 170 505 142 168 162 164 556 154 168 161 158 581 148 161 158 148 569 136 151 150 144 526 121 141 138 140 520 118 139 131 141 516 121 140 129 143 483 123 136 128 147 507 125 U32 130 154 619 125 137 137 156 '698 126 139 137 154 126 138 137 156 126 139 136 155 692 126 140 137 159 127 139 137 156 127 138 136 156 689 125 139 137 155 125 138 137 156 125 137 137 83 156 722 125 138 137 155 126 137 155 126 136 82 153 126 2138 136 153 126 136 153 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 g d 1 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 2 - 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 89.7 100.1 96 1938—April 73.8 124.2 75.6 100.1 106.3 70.7 81.*1 93.6 105.3 92.2 May 76.5 122.1 76.1 100.0 108.0 73.9 79.'r 92.7 103.4 92.7 June 75.3 121.9 77.2 100.0 107.0 73.1 78. I 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. ( 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. ( 94.0 95.3 94.3 February 82.1 115.8 86.5 99.0 102.1 90.1 77.1 100.0 96.1 92.4 March 83.1 113.6 86.0 99.0 100.9 91.7 77 A 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 May ._ ___ 80.2 113. 5 85.1 99.0 83.1 77. C 103.0 94.1 ) 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. * 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 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WTATT, 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 624 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Chai R rm es a e n rv a e n A d g F e e n d t eral President First Vice President Vice Presidents Boston F H Curtiss R. A. Young W. W. Paddock W. Willett 2 New York ... Owen D. Young __ __ G. L. Harrison. __ Allan Sproul.. _ _ L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia . T. B. McCabe.. _ J. S. Sinclair F. J. Drinnen C. A. Mcllhenny 3 W. J. Davis E. C. Hill Cleveland- G. C. Brainard.. . M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter _ Hugh Leach __ J. S. Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely R S. Parker W. S. McLarin. Jr. 3 H. F. Conniff M. H. Bryan Chicago R. E. Woodi G. J. Schaller H. P. Preston C. S. Young W. H. Snyder 3 J. H. Dillard St. Louis W. T. Nardin W. McC. Martin F. G. Hitt 0. M. Attebery C. M. Stewart 2 Minneapolis ._ W. C. Coffey i J N. Peyton 0. S. Powell H. I. Ziemer 3 E. W. Swanson Kansas City R. B. Caldwell G. H. Hamilton C. A. Worthington H. G. Leedy J. W. Helm 3 Dallas J. H. Merritt R. R. Gilbert _. E. B. Stroud R. B. Coleman W. J. Evans W. 0. Ford2 San Francisco._ . . St. George Holden *___ W. A. Day Ira Clerk W. M. Hale R. B. West 1 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. 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINN. MINNEAPOLIS S.DAK. _..-2 IOWA CH1CAG • MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS V. f-~^. ^ HO^Stonf .MM BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES^^ \SaT)AntOHio\ (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis